General Growth Properties Inc. (GGP)

[justthefactsmam]

zell: prime mall will do fine!

zell discussed commercial r/e this morning on cnbc. while he felt that the 80% of commercial r/e held by regional banks would be severly stressed he followed by stating that institutional r/e (like those held by ggp and simon, my words) would not be severely impacted. zell described the commercial r/e which would be severely impacted as sub-standard malls and strip centers. this is NOT what institutional real estate is. when zell spoke about dilution and wiping out equity holders, he was speaking about those who have invested in sub-standard malls and strip centers. like the kind we have all driven by lately which are empty, losing tenants, were never completed, or were never leased. remember, ggp's occupancy is in excess of 90%.