CHICAGO, Dec. 13 /PRNewswire/ -- General Growth Properties, Inc.
(NYSE: GGP) announced the sale of 8 million common shares pursuant to an
effective registration statement. The shares were sold based on the NYSE
closing price of $39.43 and the net proceeds to the company will be
approximately $300 million after underwriter's discounts and expenses.
Members of senior management purchased approximately 1.3 million of the
offered shares. Lehman Brothers Inc. served as the underwriter. General
Growth also granted Lehman Brothers Inc. an option for 30 days to purchase up
to an additional 1.2 million shares to cover over-allotments.
General Growth Properties, Inc. is one of the oldest and most experienced
shopping center owners, developers and managers in the United States. It
currently owns interests in and/or manages 145 shopping malls in 39 states,
comprising approximately 125 million square feet of retail space.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any state in which such offer, solicitation or sale would be unlawful prior
to registration or qualification.
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 by the Company 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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CONTACT:
Bernard Freibaum of General Growth
Properties, Inc., +1-312-960-5252
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