CHICAGO, Oct. 17, 2011 /PRNewswire/ -- General Growth
Properties, Inc. (NYSE: GGP) ("GGP") today announced the
refinancing of four shopping malls representing $966 million of new mortgages. These four new
fixed-rate mortgages have a weighted average term of 9.1 years and
a weighted average interest rate of 4.63%, as compared to the 5.66%
rate on the prior maturing loans. After adjusting for GGP's
ownership interest, the Company's pro-rata share of the new four
non-recourse mortgages totals $483
million.
The four newly refinanced malls have the following terms:
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Natick Mall
(Natick, MA—Boston):
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$450 million at 4.60% due
2019
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Galleria at Tyler
(Riverside, CA—Los
Angeles):
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$200 million at 5.05% due
2023
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First Colony Mall
(Sugar Land,
TX—Houston):
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$185 million at 4.50% due
2019
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Northbrook Court
(Northbrook,
IL—Chicago):
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$131 million at 4.25% due
2021
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Year-to-date, GGP has completed nearly $3.9 billion ($3.1
billion at GGP's pro-rata share) of new property level
non-recourse financings with a weighted average term of 9.9 years
and an interest rate of 5.1%. These mortgages successfully conclude
GGP's 2011 financing plan and replace $3.2
billion ($2.5 billion at GGP's
pro-rata share) that had a weighted average term of 2.4 years and
an interest rate of 5.81%.
"At the start of 2011, one of GGP's stated goals was to
strengthen the Company's balance sheet and liquidity while also
reducing interest rates and extending the average debt maturity
profile," said Sandeep Mathrani,
chief executive officer of General Growth Properties. "We have
accomplished our 2011 goals and are now focused on 2012 financing
opportunities."
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 166 regional and super regional shopping malls in 43 states. The
Company portfolio totals 169 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.
SOURCE General Growth Properties, Inc.