CHICAGO, Oct. 1 /PRNewswire-FirstCall/ -- General Growth Properties
(NYSE: GGP) announced today that its Board of Directors has approved a
three-for-one split of the company's common stock, subject to stockholder
approval of the stock split and an increase in the number of authorized shares
of common stock under the company's charter from 210 million to 875 million.
The company also today declared a dividend of $0.90 per share, payable to
common stock shareholders of record on October 15, 2003, with payment on
October 31, 2003. The current dividend represents an increase of 25% over the
previous quarterly dividend of $0.72 per share.
The company will hold a special meeting of stockholders on November 20,
2003, to vote on the increase in the number of authorized shares and the stock
split. The record date for the special meeting will be October 20, 2003.
Subject to receiving such stockholder approval, the record date for the stock
split will be November 20, 2003, with a distribution date of December 5, 2003.
As proposed, the stock split will increase the number of outstanding shares
from approximately 71.5 million to 214.5 million shares.
General Growth Properties, Inc. is the sole general partner of GGP Limited
Partnership. The partnership currently has more than 20 million common units
outstanding that may be exchanged by their holders, under certain
circumstances, for shares of GGP common stock on a one-for-one basis, thereby
increasing the company's percentage ownership of GGP Limited Partnership.
These common units would also be split on a three-for-one basis so that they
would continue to be exchangeable on a one-for-one basis into shares of common
stock.
General Growth Properties is the country's second largest shopping center
owner, developer and manager of regional shopping malls. General Growth
currently has ownership interests in, or management responsibility for, a
portfolio of 163 regional shopping malls in 39 states. The company portfolio
totals more than 142 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
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
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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/comp/110740.html
CONTACT:
Bernie Freibaum, +1-312-960-5252, or Beth
Coronelli, +1-312-960-2750, both of General Growth Properties,
Inc.
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