General Growth Properties Completes Spinoff of The Howard Hughes Corporation
November 09 2010 - 7:30PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced it
has completed the spin-off of The Howard Hughes Corporation (NYSE:
HHC) (“Howard Hughes”) through the distribution of shares of Howard
Hughes common stock to holders of GGP common stock. The Howard
Hughes Corporation is now a standalone preeminent developer and
operator of a diversified portfolio of master planned communities
and long-term mixed-use properties. The company, which is traded on
The New York Stock Exchange under the ticker “HHC,” has substantial
near-, medium- and long-term development value creation
opportunities and a strong balance sheet. GGP remains the
second-largest shopping mall owner and operator in the country,
with more than 183 regional malls in 43 states.
The Howard Hughes Corporation consists of a diverse portfolio of
real estate assets located in premier locations across the United
States. These assets include award-winning master planned
communities with strong growth potential; mixed-use development
opportunities in attractive geographic locations; operating
properties with long-term value potential; and land inventory with
significant upside. Howard Hughes development projects include,
among others, marquee properties such as Summerlin in Las Vegas,
Bridgeland as well as a partial ownership in The Woodlands in
Houston, Columbia Town Center in Maryland, Ward Centers in Honolulu
and South Street Seaport in Manhattan.
“Today marks a promising beginning of a new era of creating
inspiring developments and driving sustainable, long-term value for
all of our stakeholders,” said William Ackman, chairman of the
Board of The Howard Hughes Corporation. “In the spirit of Howard
Hughes, an icon of American business, we will build upon our
world-class portfolio of real estate assets and establish a
successful and entrepreneurial company that is the preeminent
developer and operator of master planned communities and long-term
mixed-used properties nationwide. I am excited for the future of
our company, and I look forward to working together with my fellow
board members and management to fully realize the inherent value of
our company’s assets.”
Under the terms of the spin-off, GGP stockholders received
0.098344 shares of The Howard Hughes Corporation common stock for
every 1 share of GGP common stock as of the record date of November
1, 2010. The common stock of The Howard Hughes Corporation is
expected to commence regular trading on The New York Stock Exchange
on November 10, 2010 under the symbol “HHC.” GGP common stock will
continue to trade on the New York Stock Exchange under the symbol
“GGP.”
The Howard Hughes Corporation Board, announced on October 8,
2010, consists of eight directors: William Ackman, founder,
Pershing Square Capital Management; David Arthur, managing partner,
Real Estate Investments, North America for Brookfield Asset
Management; Adam Flatto, president, The Georgetown Company; Jeff
Furber, chief executive officer, AEW Capital Management; Gary Krow,
president and CEO, GiftCertificates.com; Alan Model, co-founder,
treasurer and managing director, Overseas Strategic Consulting,
Ltd.; Scot Sellers, chief executive officer, Archstone; and Steve
Shepsman, executive managing director and founder of New World
Realty Advisors.
One seat on the Board of Directors of The Howard Hughes
Corporation will be reserved for the company’s chief executive
officer, who is expected to be announced shortly.
ABOUT “New” GGP
“New” GGP will have ownership and management interest in 183
regional shopping malls in 43 states as well as ownership interests
in other rental properties.
About The Howard Hughes Corporation
The Howard Hughes Corporation is a preeminent developer and
operator of master planned communities and long-term mixed use
properties in the United States. We own a diverse portfolio of real
estate assets located in premier locations. These assets include
award winning master planned communities; mixed use development
opportunities in attractive geographic locations; operating
properties with long-term value potential; and land inventory with
significant upside. Howard Hughes development projects include,
among others, marquee properties such as Summerlin in Las Vegas;
Bridgeland as well as a partial ownership in The Woodlands in
Houston; Columbia Town Center in Maryland; Ward Centers in
Honolulu; and South Street Seaport in Manhattan.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual
results may differ materially from the results suggested by these
forward-looking statements, for a number of reasons, including, but
not limited to, the success of our equity offering, our ability to
refinance, extend, restructure or repay our near and intermediate
term debt, our substantial level of indebtedness, our ability to
raise capital through equity issuances, asset sales or the
incurrence of new debt, retail and credit market conditions,
impairments, our liquidity demands and retail and economic
conditions. Readers are referred to the documents filed by The
Howard Hughes Corporation. with the Securities and Exchange
Commission, which further identify the important risk factors which
could cause actual results to differ materially from the
forward-looking statements in this release. The Company disclaims
any obligation to update any forward-looking statements.
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jun 2024 to Jul 2024
GGP Inc. (NYSE:GGP)
Historical Stock Chart
From Jul 2023 to Jul 2024