General Growth Properties, Inc. Completes $743 Million Refinancing of Five Malls

General Growth Properties, Inc. (NYSE: GGP) (“GGP”) today announced the refinancing of five shopping malls representing $743 million of new mortgages. These five new fixed-rate mortgages have a weighted average term of 9.2 years and generated cash proceeds in excess of in-place financing of approximately $180 million to GGP. GGP has also been able to lower the weighted average interest rate of these five mortgages from 6.29% to 5.40%, while lengthening the term by approximately five years over that in place.

GGP used $139 million of the excess proceeds to pay down mortgage loans on four assets with a weighted average interest rate of 7.31% and weighted average term of 3.1 years.

“We continue to execute on our goal of lengthening maturities, reducing our carrying cost and improving our capital structure,” said Sandeep Mathrani, chief executive officer of General Growth Properties.

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 remaining debt (including that of our Unconsolidated Real Estate Affiliates) with maturities in the short to intermediate term, 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. The Company disclaims any obligation to update any forward-looking statements.

ABOUT GGP

General Growth Properties has ownership and management interest in 169 regional and super regional shopping malls in 43 states. The Company portfolio totals 172 million square feet of space. A publicly-traded real estate investment trust (REIT), GGP is listed on the New York Stock Exchange under the symbol GGP.

GGP Inc. (NYSE:GGP)
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