Press Releases

General Growth Properties, Inc. Announces Results of Dividend Elections, Details of Common Stock Dividend Payable on Jan. 28, 2010 and Tax Reporting Information for 2009 Common Stock Distributions

1/26/2010
Jim Graham
Corporate Communications
(312) 960-2955

CHICAGO, Jan. 26, 2010 – General Growth Properties, Inc. (“GGP”) announced today that its quarterly common stock dividend in the amount of $0.19 per share to be paid on Jan. 28, 2010, to common stockholders of record on Dec. 28, 2009, will consist of approximately $5.9 million in cash (excluding cash in lieu of fractional shares) and approximately 4.9 million shares of GGP common stock.

Results of the stockholder elections are as follows:

  • Holders of 147.3 million shares elected to receive the dividend all in shares.
  • Holders of 164.1 million shares elected to receive the dividend all in cash and will receive $0.03616 per share in cash (19%) and $0.15384 per share in stock (81%).
  • Holders of 0.9 million shares made no election and will receive the dividend all in shares.
  • The Company will pay fractional shares in cash.

    The number of shares to be issued in the dividend was based on the volume weighted average trading prices of the Company's common stock on January 20, 21 and 22, 2010, or $10.8455 per share.

    The dividend to be paid on January 28, 2010 is a 2009 dividend and is the sole 2009 distribution on GGP common stock. The federal income tax character of the 2009 dividend paid with respect to GGP common stock is shown below.

    COMMON STOCK-CUSIP #370021107-Ticker Symbol GGWPQ

    Character of Items of Income Included in Distributions per Share

    Payment Date: 1/28/2010

    Ordinary Income Dividends: $0.102508

    Capital Gain Distributions: $0.087492

    Distributions per Share: $0.190000

    Participants should refer to their Federal Form 1099 which will be mailed no later than March 2, 2010, and contact BNY Mellon Shareowner Services at 888-395-8037 for further information. Taxability of the 2009 common stock distributions is not indicative of the taxability of future distributions.

    ABOUT GGP
    GGP currently has ownership interest in, or management responsibility for, more than 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 more than 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.



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