CHICAGO, Sept. 17 /PRNewswire-FirstCall/ -- General Growth Properties,
Inc. (NYSE: GGP) today declared its fourth dividend for 2002 in the amount of
$0.72 per share, payable to common stock shareholders of record on October 4,
2002, with payment on October 31, 2002. The current dividend represents an
increase of approximately 11% over the previous quarterly dividend of $0.65
per share. The company currently expects to maintain an annualized dividend
of at least $2.88 per share throughout 2003, with consideration of a potential
further increase at this time next year.
"In this low interest rate environment, more investors are looking for
current yield in addition to capital appreciation. We are pleased to be able
to significantly increase our dividend and reward those shareholders that
regard it as a key element of their return," said John Bucksbaum, CEO of
General Growth Properties.
"Compound growth in funds from operations has averaged over 15% during the
last nine years, so double digit dividend growth is warranted. While
providing our shareholders a substantial dividend increase, we currently
expect the ratio of our dividends paid to funds from operations in 2003 to
remain under 50%. We still expect to generate at least $250 million of
undistributed funds from operations in 2003 to use for growth and working
capital," said Bernard Freibaum, CFO of General Growth Properties.
Also declared today was the fourth dividend for 2002 for the Preferred
Income Equity Redeemable Stock, Series A ("PIERS") Depositary Shares, in the
amount of $0.4531 per share, payable to preferred stock (depositary shares)
shareholders of record on October 4, 2002, with payment on October 15, 2002.
General Growth Properties, Inc. is one of the oldest and most experienced
shopping center owners, developers and managers in the United States. The
company currently has ownership interests in, or management responsibilities
for, 168 malls in 41 states, encompassing approximately 146 million square
feet. For more information, visit the General Growth Properties website at
http://www.generalgrowth.com .
This release may contain forward-looking statements that involve risks and
uncertainties. All statements other than those of historical fact may be
deemed forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions. Representative examples 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 documents filed with the SEC, specifically
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
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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:
John Bucksbaum, +1-312-960-5005, or Bernard
Freibaum, +1-312-960-5252, both of General Growth Properties,
Inc.
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