General Growth Properties Inc. (GGP) expects to complete its
planned spinoff of Rouse Properties Inc. on Jan. 12 and has set the
distribution rate.
For each General Growth share, shareholders will receive 0.0375
of a Rouse Properties share.
Mall landlord General Growth originally had said last month it
was on track to complete its spinoff of a portfolio of 30
lower-quality malls into Rouse Properties by the end of the year
and expected to name a chief executive for the new real estate
investment trust soon.
About 35.5 million Rouse Properties shares should be outstanding
immediately following the spinoff, and Rouse Properties intends to
trade on the New York Stock Exchange under the symbol RSE.
The spinoff, announced in early August, comes as General Growth
continues to prune its portfolio after emerging from 19 months of
bankruptcy protection in November 2010. The Chicago company is the
country's second-largest mall owner behind Simon Property Group
Inc. (SPG) and owns or has management interest in 167 malls in 42
states.
General Growth in November 2011 reported it swung to a
third-quarter profit of $252.1 million, compared with a
year-earlier loss of $231.2 million.
Shares recently traded at $14.64, up 2%.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com