General Growth Properties, Inc. Amends Existing $300 Million Secured Revolving Credit Facility

General Growth Properties, Inc. (NYSE: GGP) (the "Company") announced today an amendment to its existing $300 million three-year senior secured revolving credit facility (the "Revolver"). The amendment increases the Revolver commitment amount to approximately $720 million and adds an "accordion" feature that, subject to satisfaction of certain conditions, allows the Company to further increase the commitment amounts up to $1 billion. The amendment also provides a step-down in interest rates and collateral requirements as the overall leverage of the Company improves. The commitments under the Revolver will be undrawn at close and will provide additional liquidity for the Company.

"The credit facility amendment gives us continued financial flexibility and allows us to successfully carry out our growth strategy. It’s a testament that confidence is increasing, not only in GGP, but also in the industry. We are committed to reinvesting in our properties,” said Sandeep Mathrani, chief executive officer of General Growth Properties.

ABOUT GGP

GGP is one of the nation’s largest shopping center owners. GGP has ownership and management interest in 180 regional and super regional shopping malls in 43 states. The company portfolio totals 174 million square feet of retail space. A publicly-traded real estate investment trust (REIT), GGP is listed on the New York Stock Exchange under the symbol GGP. For more information on GGP, visit the company website at 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.

GGP Inc. (NYSE:GGP)
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