CHICAGO, Dec. 15, 2009 — GENERAL GROWTH PROPERTIES, INC. ("GGP") today announced Bankruptcy Court confirmation of the plans of reorganization for 194 debtors owning 85 regional shopping centers, including Ala Moana in Honolulu and St. Louis Galleria in St. Louis, 15 office properties and 3 community centers associated with approximately $10.25 billion of secured mortgage loans. The Plans allow for the restructuring of these 87 secured mortgage loans and the payment in full of all undisputed claims of creditors. Key provisions of the plans include maturity date extensions resulting in an average loan duration of approximately 6.4 years from Jan. 1, 2010, with no loan maturing prior to January 2014, and continuation of interest on the loans at the current non-default rate. The weighted average contract interest rate for the loans covered by these plans is 5.33%. The all-in-interest rate after amortization of fees to be paid in connection with these plans is 5.51%. These debtors will emerge from bankruptcy as soon as practicable. Confirmation of the plans of reorganization for 26 additional debtors owning 10 properties associated with an additional $1.7 billion of secured mortgage loans has been adjourned pending satisfaction of various conditions, including receipt of the approval of the Class B holders or mezzanine holders of such secured mortgage loans. Discussions with the Class B note holders and mezzanine holders are ongoing.
“Confirmation of these plans of reorganization is a monumental step towards completion of GGP’s overall corporate restructuring,” said Thomas H. Nolan, Jr., President and Chief Operating Officer of GGP. “As a result of these plans, completed just eight months after our chapter 11 filing, we have created the foundation for the long term capital structure for GGP and the basis for emerging our remaining debtors from bankruptcy. We are hopeful that we will reach agreements with our remaining secured mortgage lenders expeditiously.”
ABOUT GGP
GGP currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Company’s common stock is currently traded in the over-the-counter securities market operated by Pink OTC Markets Inc. using the symbol GGWPQ.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, effectiveness of the plans of reorganization, the bankruptcy filings of the other 193 debtors not currently emerging from bankruptcy, our ability to refinance, extend or repay our near and intermediate term debt, our substantial level of indebtedness, changes in interest rates, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our liquidity demands. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors that could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.
The following is a list of debtor entities and properties covered by plans confirmed by the court on Dec. 15th.
Debtor Entities (Properties)
GGP Ala Moana Holdings L.L.C. (Ala Moana Center)
GGP Ala Moana L.L.C. (Ala Moana Center)
GGP Kapiolani Development L.L.C. (Ala Moana Center)
Kapiolani Condominium Development, LLC (Ala Moana Center)
Kapiolani Retail, LLC (Ala Moana Center)
Augusta Mall Anchor Acquisition, LLC (Augusta Mall)
Augusta Mall Anchor Holding, LLC (Augusta Mall)
Augusta Mall Holding, LLC (Augusta Mall)
Augusta Mall, LLC (Augusta Mall)
PDC Community Centers L.L.C. (Austin Bluffs, Division Crossing, Fort Union, Halsey Crossing, Orem Plaza Center & State Street, Riverpointe Plaza, Riverside Plaza, Woodlands Village)
Bay City Mall Associates L.L.C. (Bay City Mall)
GGP-Bay City One, Inc. (Bay City Mall)
Bay Shore Mall II L.L.C. (Bayshore Mall)
Bay Shore Mall Partners (Bayshore Mall)
Bay Shore Mall, Inc. (Bayshore Mall)
Bellis Fair Partners (Bellis Fair)
Boise Towne Plaza L.L.C. (Boise Towne Plaza)
BTS Properties L.L.C. (Boise Towne Plaza)
Boise Mall, LLC (Boise Towne Square)
TV Investment, LLC (Boise Towne Square)
GGP-Brass Mill, Inc. (Brass Mill Center & Commons)
DK Burlington Town Center LLC (Burlington Town Center)
GGP-Burlington L.L.C. (Burlington Town Center)
The Burlington Town Center LLC (Burlington Town Center)
Capital Mall L.L.C. (Capital Mall)
Capital Mall, Inc. (Capital Mall)
Chapel Hills Mall L.L.C. (Chapel Hills Mall)
Collin Creek Mall, LLC (Collin Creek Mall)
Columbia Mall L.L.C. (Columbia Mall, MO)
Coronado Center Holding L.L.C. (Coronado Center)
Coronado Center L.L.C. (Coronado Center)
Howard Hughes Properties IV, LLC (Corporate Pointe #2)
Howard Hughes Properties V, LLC (Corporate Pointe #3)
Country Hills Plaza, LLC (Country Hills Plaza)
St. Cloud Land L.L.C. (Crossroads Center)
St. Cloud Mall Holding L.L.C. (Crossroads Center)
St. Cloud Mall L.L.C. (Crossroads Center)
Deerbrook Mall, LLC (Deerbrook Mall)
Eagle Ridge Mall, Inc. (Eagle Ridge Mall)
Eagle Ridge Mall, L.P. (Eagle Ridge Mall)
ER Land Acquisition L.L.C. (Eagle Ridge Mall)
PDC-Eastridge Mall L.L.C. (Eastridge Mall, WY)
Eastridge Shopping Center L.L.C. (Eastridge Shopping Center, CA)
Eden Prairie Mall L.L.C. (Eden Prairie Mall)
Eden Prairie Mall, Inc. (Eden Prairie Mall)
Fallbrook Square Partners L.L.C. (Fallbrook)
Fallbrook Square Partners Limited Partnership (Fallbrook)
Faneuil Hall Marketplace, LLC (Faneuil Hall Marketplace)
Fashion Place Anchor Acquisition, LLC (Fashion Place Mall)
Fashion Place, LLC (Fashion Place Mall)
GGP-Four Seasons L.L.C. (Four Seasons Town Center)
Gateway Crossing L.L.C. (Gateway Crossing)
GGP-Gateway Mall L.L.C. (Gateway Mall)
GGP-Gateway Mall, Inc. (Gateway Mall)
Gateway Overlook Business Trust (Gateway Overlook)
Gateway Overlook II Business Trust (Gateway Overlook)
GGP-Glenbrook Holding L.L.C. (Glenbrook Square)
GGP-Glenbrook L.L.C. (Glenbrook Square)
Grand Traverse Mall Holding, Inc. (Grand Traverse Mall)
Grand Traverse Mall Partners, LP (Grand Traverse Mall)
Greenwood Mall L.L.C. (Greenwood Mall)
Greenwood Mall Land, LLC (Greenwood Mall)
Greenwood Mall, Inc. (Greenwood Mall)
Harbor Place Associates Limited Partnership (Harborplace)
Harborplace Borrower, LLC (Harborplace)
HMF Properties, LLC (Hulen Mall)
Hulen Mall, LLC (Hulen Mall)
GGP Knollwood Mall, LP (Knollwood Mall)
Knollwood Mall, Inc. (Knollwood Mall)
Hickory Ridge Village Center, Inc. (Lakeside Mall)
Lakeside Mall Holding, LLC (Lakeside Mall)
Lakeside Mall Property LLC (Lakeside Mall)
GGP-Lakeview Square, Inc. (Lakeview Square Mall)
Lakeview Square Limited Partnership (Lakeview Square Mall)
GGP-Lansing Mall, Inc. (Lansing Mall)
Lansing Mall Limited Partnership (Lansing Mall)
Lincolnshire Commons, LLC (Lincolnshire Commons)
Lynnhaven Holding L.L.C. (Lynnhaven Mall)
Lynnhaven Mall L.L.C. (Lynnhaven Mall)
Mall St. Matthews Company, LLC (Mall St. Matthews)
MSM Property L.L.C. (Mall St. Matthews)
Mall St. Vincent, Inc. (Mall St. Vincent)
Mall St. Vincent, L.P. (Mall St. Vincent)
Champaign Market Place L.L.C. (Market Place)
GGP-Moreno Valley, Inc. (Moreno Valley)
GGP-Newgate Mall, LLC (Newgate Mall)
Alameda Mall Associates (NewPark Mall)
Alameda Mall L.L.C. (NewPark Mall)
GGP-NewPark L.L.C. (NewPark Mall)
GGP-NewPark, Inc. (NewPark Mall)
NewPark Mall L.L.C. (NewPark Mall)
GGP-North Point Land L.L.C. (North Point)
GGP-North Point, Inc. (North Point)
North Star Mall, LLC (North Star Mall)
NSMJV, LLC (North Star Mall)
Chattanooga Mall, Inc. (Northgate Mall)
Northgate Mall L.L.C. (Northgate Mall)
U.K.-American Properties, Inc. (Northridge Fashion Center)
Oglethorpe Mall L.L.C. (Oglethorpe Mall)
Orem Plaza Center Street, LLC (Orem Plaza)
Rouse-Orlando, LLC (Oviedo Marketplace)
Hocker Oxmoor Partners, LLC (Oxmoor Center)
Hocker Oxmoor, LLC (Oxmoor Center)
Park Mall L.L.C. (Park Place)
Park Mall, Inc. (Park Place)
Peachtree Mall L.L.C. (Peachtree Mall)
GGP-Pecanland II, L.P. (Pecanland Mall)
GGP-Pecanland, Inc. (Pecanland Mall)
GGP-Pecanland, L.P. (Pecanland Mall)
Piedmont Mall, LLC (Piedmont Mall)
Pine Ridge Mall L.L.C. (Pine Ridge Mall)
Ho Retail Properties I Limited Partnership (Prince Kuhio Plaza)
Prince Kuhio Plaza, Inc. (Prince Kuhio Plaza)
PDC-Red Cliffs Mall L.L.C. (Red Cliffs Mall)
RS Properties Inc. (Regency Square Mall)
Ridgedale Center, LLC (Ridgedale Mall)
Rouse Ridgedale Holding, LLC (Ridgedale Mall)
Rouse Ridgedale, LLC (Ridgedale Mall)
The Rouse Company of Minnesota, LLC (Ridgedale Mall)
River Hills Land, LLC (River Hills)
River Hills Mall, LLC (River Hills)
GGP-Grandville II L.L.C. (Rivertown Crossings)
GGP-Grandville L.L.C. (Rivertown Crossings)
Grandville Mall II, Inc. (Rivertown Crossings)
Grandville Mall, Inc. (Rivertown Crossings)
MSAB Holdings L.L.C. (Rivertown Crossings)
MSAB Holdings, Inc. (Rivertown Crossings)
Rogue Valley Mall Holding L.L.C. (Rogue Valley Mall)
Rogue Valley Mall L.L.C. (Rogue Valley Mall)
Saint Louis Galleria Holding L.L.C. (Saint Louis Galleria)
Saint Louis Galleria L.L.C. (Saint Louis Galleria)
Sikes Senter, LLC (Sikes Senter)
Sooner Fashion Mall L.L.C. (Sooner Mall)
Southlake Mall L.L.C. (Southlake Mall)
Rouse Southland, LLC (Southland Center, MI)
Southland Center Holding, LLC (Southland Center, MI)
Southland Center, LLC (Southland Center, MI)
The Rouse Company of Michigan, LLC (Southland Center, MI)
Southland Mall, Inc. (Southland Mall, CA)
Southland Mall, L.P. (Southland Mall, CA)
Rouse SI Shopping Center, LLC (Staten Island Mall)
GGP-Steeplegate, Inc. (Steeplegate Mall)
Boulevard Associates (The Boulevard Mall)
Boulevard Mall I LLC (The Boulevard Mall)
Boulevard Mall II LLC (The Boulevard Mall)
Boulevard Mall, Inc. (The Boulevard Mall)
1160/1180 Town Center Drive, LLC (The Crossing Business Center - 1160/1180)
Kalamazoo Mall L.L.C. (The Crossroads Mall, MI)
Kalamazoo Mall, Inc. (The Crossroads Mall, MI)
GGP-Canal Shoppes L.L.C. (The Grand Canal Shoppes at the Venetian)
Grand Canal Shops II, LLC (The Grand Canal Shoppes at the Venetian)
GGP-Maine Mall Holding L.L.C. (The Maine Mall)
GGP-Maine Mall L.L.C. (The Maine Mall)
GGP-Maine Mall Land L.L.C. (The Maine Mall)
Three Rivers Mall L.L.C. (Three Rivers Mall)
Town East Mall, LLC (Town East Mall)
GGP-Tucson Mall L.L.C. (Tucson Mall)
Tucson Anchor Acquisition, LLC (Tucson Mall)
Tysons Galleria L.L.C. (Tysons Galleria)
GGP-UC L.L.C. (University Crossing)
Valley Hills Mall L.L.C. (Valley Hills Mall)
Valley Hills Mall, Inc. (Valley Hills Mall)
Bakersfield Mall LLC (Valley Plaza Mall)
Bakersfield Mall, Inc. (Valley Plaza Mall)
RASCAP Realty, Ltd. (Valley Plaza Mall)
Valley Plaza Anchor Acquisition, LLC (Valley Plaza Mall)
Victoria Ward Services, Inc. (Victoria Ward Centers)
VW Condominium Development, LLC (Victoria Ward Centers)
GGP Jordan Creek L.L.C. (Village at Jordan Creek)
GGP Village at Jordan Creek L.L.C. (Village at Jordan Creek)
Visalia Mall L.L.C. (Visalia Mall)
Visalia Mall, L.P. (Visalia Mall)
Vista Ridge Mall, LLC (Vista Ridge Mall)
Land Trust No. 89433 (Ward Center & Entertainment Center)
Land Trust No. 89434 (Ward Center & Entertainment Center)
Victoria Ward Center L.L.C. (Ward Center & Entertainment Center)
Victoria Ward Entertainment Center L.L.C. (Ward Center & Entertainment Center)
Land Trust No. FHB-TRES 200602 (Ward Gateway Industrial Village)
Ward Gateway-Industrial-Village, LLC (Ward Gateway Industrial Village)
GGP General II, Inc. (Washington Park Mall)
Ho Retail Properties II Limited Partnership (Washington Park Mall)
Tracy Mall Partners I L.L.C. (West Valley)
Tracy Mall Partners II, L.P. (West Valley)
Tracy Mall Partners, L.P. (West Valley)
Tracy Mall, Inc. (West Valley)
Franklin Park Mall Company, LLC (Willowbrook Mall)
Franklin Park Mall, LLC (Willowbrook Mall)
Three Willow Company, LLC (Willowbrook Mall)
TRC Willow, LLC (Willowbrook Mall)
Weeping Willow RNA, LLC (Willowbrook Mall)
Willow SPE, LLC (Willowbrook Mall)
Willowbrook II, LLC (Willowbrook Mall)
Willowbrook Mall, LLC (Willowbrook Mall)
Woodbridge Center Property, LLC (Woodbridge Center)