General Growth Properties Announces Common Stock Dividend
December 20 2010 - 4:45PM
Business Wire
General Growth Properties, Inc. (“GGP”) today announced
its Board of Directors has declared a common stock dividend of
$0.38 per share, payable in a combination of cash and common stock.
The dividend is payable on January 27, 2011, to stockholders of
record on December 30, 2010. The cash component of the dividend
will be limited to 10% in the aggregate.
In accordance with Internal Revenue Service procedure,
stockholders may elect to receive payment of the dividend all in
cash or all in common stock. To the extent that stockholders elect,
in the aggregate, to receive more than 10% of the dividend in cash,
the cash portion of the dividend payable to each stockholder who
elects to receive cash will be prorated. Stockholders who do not
make an election will receive 100% in common stock. The number of
shares of common stock issued as a result of the dividend will be
calculated based on the volume weighted average trading prices of
GGP’s common stock on January 19, 20 and 21, 2011. Cash will be
issued in lieu of any fractional shares. GGP expects the dividend
to be taxable to its stockholders, without regard to whether a
particular stockholder receives the dividend in the form of cash or
common stock.
An information letter and election form will be mailed to
stockholders of record promptly after December 30, 2010. The
properly completed election form to receive cash or shares of
common stock must be received by GGP’s transfer agent prior to 5:00
p.m. (EST) on January 21, 2011. Registered stockholders with
questions regarding the dividend election may call BNY Mellon
Shareowner Services, GGP’s transfer agent, at (201) 680-6578. If
your shares of common stock are held through a bank, broker or
nominee, and you have questions regarding the dividend election,
please contact such bank, broker or nominee, who will also be
responsible for distributing to you the letter and election form
and submitting the election form on your behalf.
ABOUT GGP
GGP has been in the shopping center business for more than 50
years. One of the nation's largest real estate investment trusts,
GGP owns, operates and manages shopping malls in 43 states. GGP has
ownership and management interests in more than 180 regional
shopping malls totaling approximately 200 million square feet of
retail space. Headquartered in Chicago, Illinois, GGP has
approximately 3,200 employees nationwide. GGP malls feature more
than 24,000 retail stores, as well as theaters, sit-down
restaurants, ice-skating rinks and other forms of family
entertainment. GGP is traded on the New York Stock Exchange under
the symbol GGP. For more information on GGP, go to www.GGP.com.
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 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 General Growth Properties, Inc. with the
Securities and Exchange Commission, which further identify the
important risk factors that could cause actual results to differ
materially from the forward-looking statements in this release. GGP
disclaims any obligation to update any forward-looking
statements.
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