CHICAGO, May 16 /PRNewswire-FirstCall/ -- General Growth Properties, Inc.
(NYSE: GGP) today announced that it has called all of its 334,991 outstanding
shares of 7.25% Preferred Income Equity Redeemable Stock, Series A (PIERS),
and the 13,399,670 Depositary Shares (NYSE: GGPPrA) representing such PIERS,
for redemption on July 15, 2003.
The PIERS and the Depositary Shares will be redeemed and exchanged for
shares of Common Stock of General Growth Properties at the rate equivalent to
0.6297 shares of Common Stock per Depositary Share. In lieu of issuing
fractional shares of Common Stock, the Company will pay cash (computed to the
nearest cent) based upon the closing price of the Common Stock on the trading
day immediately preceding the redemption date.
The Company also declared the final cash dividend on the PIERS, equivalent
to $0.5252 per Depositary Share, for the period from April 1, 2003 to July 14,
2003. The dividend will be paid on July 15, 2003, to each holder of record of
the issued and outstanding Depositary Shares at the close of business on July
10, 2003. From the redemption date forward, dividends will no longer accrue,
and holders of Depositary Shares will have no rights other than the right to
receive shares of Common Stock in exchange for Depositary Shares and cash in
lieu of fractional shares of Common Stock.
The Notice of Redemption will be mailed today and additional redemption
materials, including the letter of transmittal, will be mailed on or about
June 16, 2003, to holders of record of Depositary Shares. Questions relating
to the Notice of Redemption and related materials should be directed to the
redemption agent, Mellon Investor Services, LLC, 85 Challenger Road,
Ridgefield Park, NJ 07661, by phone at 1-800-777-3674.
The holders of PIERS and Depositary Shares will continue to have the right
to voluntarily convert shares until the close of business on July 11, 2003, at
the rate equivalent to 0.6297 shares of Common Stock per Depositary Share. If
any dividend declared (or accrued) on or before the date of the redemption
remains unpaid on the Common Stock, shares of Common Stock issued upon
conversion will be entitled to receive such dividend if issued on or before
the record date for such dividend. The conversion agent is Mellon Investor
Services, LLC and its address is as set forth above.
General Growth Properties is the country's second largest shopping center
owner, manager and developer. General Growth Properties currently has
ownership interests in, or management responsibility for, a portfolio of 160
regional shopping malls in 39 states. The company portfolio totals
approximately 140-million square feet of retail space and includes over 16,000
retailers nationwide. A publicly traded Real Estate Investment Trust (REIT),
General Growth Properties is listed on the New York Stock Exchange under the
symbol GGP. For more information on General Growth Properties and its
portfolio of malls, please visit the company web site at
http://www.generalgrowth.com .
SOURCE General Growth Properties, Inc.
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Related links:
http://www.generalgrowth.com
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CONTACT:
Beth Coronelli of General Growth Properties,
+1-312-960-2750
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