General Growth Properties Announces Results of Dividend Elections; Details of Common Stock Dividend Payable on January 27, 20...
January 25 2011 - 4:29PM
Business Wire
General Growth Properties, Inc. (“GGP”) today announced
its common stock dividend in the amount of $0.38 per share to be
paid on January 27, 2011, to common stockholders of record on
December 30, 2010, will consist of approximately $35.8 million in
cash (excluding cash in lieu of fractional shares) and
approximately 22.26 million shares of GGP common stock.
Results of the stockholder elections are as follows:
- Holders of 379.1 million shares elected
to receive the dividend all in shares.
- Holders of 510 million shares elected
to receive the dividend all in cash and will receive $0.07018 per
share in cash (18.5%) and $0.30982 per share in stock (81.5%).
- Holders of 52.8 million shares made no
election and will receive the dividend all in shares.
- The Company will pay fractional shares
in cash.
The total number of shares of common stock outstanding as of
December 30, 2010, was 941,880,014. The number of shares to be
issued in the dividend was based on the volume weighted average
trading prices of the Company's common stock on January 19, 20 and
21, 2011, which was $14.4725 per share.
The dividend to be paid on January 27, 2011, is a 2010 dividend
and is the sole 2010 distribution on GGP common stock. The federal
income tax character of the 2010 dividend paid with respect to GGP
common stock is shown below. Qualified dividend amounts represent
distributions from taxable REIT subsidiaries and will be taxed at
the 15% maximum dividend tax rate for those shareholders who
qualify, generally non-corporate taxpayers meeting certain holding
period requirements.
COMMON STOCK-CUSIP #370023103 CHARACTER OF ITEMS
OF INCOME INCLUDED IN DISTRIBUTIONS PER SHARE
PAYMENTDATE
QUALIFIEDDIVIDENDS
CAPITALGAINDISTRIBUTIONS
DISTRIBUTIONSPER SHARE
1/27/11 $0.244042 $0.135958 $0.380000
Stockholders should refer to their Federal Form 1099, which will
be mailed no later than March 2, 2011, and contact BNY Mellon
Shareowner Services at 888-395-8037 for further information. The
tax character of the 2010 common stock distributions is not
indicative of the tax character of future distributions.
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 interest in more than 180 regional
shopping malls in 43 states. 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.
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