CHICAGO, July 1 /PRNewswire-FirstCall/ -- General Growth Properties, Inc.
(NYSE: GGP) reported that it has now closed the acquisitions announced on
May 30, 2003 of a 100% interest in both Saint Louis Galleria in St. Louis,
Missouri and Coronado Center in Albuquerque, New Mexico and the 49% ownership
interest in GGP Ivanhoe III previously held by joint venture partner Ivanhoe
Cambridge, bringing ownership to 100%. Saint Louis Galleria and Coronado
Center closed on June 11 and 12, respectively, and GGP Ivanhoe III closed
today.
The company also announced that in the last three weeks it has closed on
$816 million of new fixed rate nonrecourse mortgage loans and assumed
$39 million of nonrecourse fixed rate debt in connection with the Ivanhoe
transaction. Of the $816 million, $600 million is from new loans on
properties previously encumbered with floating rate debt. Excess proceeds
generated through these transactions totaled $143 million. The other
$216 million of new fixed rate nonrecourse mortgage loans was placed on
previously unencumbered properties. The blended rate on the $855 million of
new fixed rate debt is 3.89% and the loans have a weighted average maturity of
6.5 years, with individual loan terms ranging from five to ten years.
General Growth Properties is the country's second largest shopping center
owner, developer and manager of regional shopping malls. General Growth
currently has ownership interest in, or management responsibility for, a
portfolio of 162 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 .
This release may contain forward-looking statements that involve risks and
uncertainties. All statements other than statements of historical fact are
statements that may be deemed forward-looking statements, which are subject to
a number of risks, uncertainties and assumptions. Representative examples of
these risks, uncertainties and assumptions include (without limitation)
general industry and economic conditions, interest rate trends, cost of
capital and capital requirements, availability of real estate properties,
competition from other companies and venues for the sale/distribution of goods
and services, changes in retail rental rates in the company's markets, shifts
in customer demands, tenant bankruptcies or store closures, changes in vacancy
rates at the company's properties, changes in operating expenses, including
employee wages, benefits and training, governmental and public policy changes,
changes in applicable laws, rules and regulations (including changes in tax
laws), the ability to obtain suitable equity and/or debt financing, and the
continued availability of financing in the amounts and on the terms necessary
to support the company's future business. Readers are referred to the
documents filed with the SEC, specifically the most recent reports on Forms
10-K and 10-Q, which identify important risk factors which could cause actual
results to differ from those contained in the forward-looking statements.
SOURCE General Growth Properties, Inc.
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Related links:
http://www.generalgrowth.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990208/CGM015
PR Newswire Photo Desk, +1-888-776-6555 or +1-212-782-2840
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/110740.html
CONTACT:
Bernard Freibaum, +1-312-960-5252, or Beth
Coronelli, +1-312-960-2750, both of General Growth Properties,
Inc.
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