General Growth Properties Inc. (GGP)

[justthefactsmam]

ggp announces property loan extensions:

General Growth Properties Announces Extension on Carolina Place Loan and Provides Update on Loan Closings and Subsidiary Emergences


Press Release Source: General Growth Properties, Inc. On Monday January 25, 2010, 6:30 am EST
CHICAGO--(BUSINESS WIRE)--General Growth Properties, Inc. (“GGP” or the “Company”) today announced its joint venture subsidiary, Carolina Place L.L.C., has closed on an extension of its $155 million mortgage loan originally scheduled to mature this month. The four year extension is at the current contract rate of interest, 4.5975%. The all-in-interest rate after amortization of fees to be paid in connection with this loan is 5.11%. Carolina Place is a 1.3 million square foot regional shopping center located in Pineville, North Carolina. This joint venture subsidiary was not one of the GGP entities that sought bankruptcy court protection.

GGP also announced completion of the restructuring of 74 secured mortgage loans aggregating approximately $9.4 billion. As a result, 180 GGP subsidiary debtors owning 96 properties are no longer in bankruptcy. This final step follows the December 2009 Bankruptcy Court approval (also called confirmation) of the plans of reorganization that permitted the restructuring of these loans and the emergence from bankruptcy for the associated subsidiaries and properties.

Restructuring of the remaining 16 loans aggregating approximately $2.1 billion approved by the Bankruptcy Court in December 2009 and January 2010 is expected to be completed in the ordinary course during the next few weeks. When these restructured loans are complete, all of the plans of reorganization previously approved by the Bankruptcy Court will also be fully implemented. As a result, when complete, 36 additional subsidiary debtors associated with 16 properties will no longer be in bankruptcy.

A complete list of subsidiary debtors and properties is found at:
http://www.ggp.com/company/Default.aspx?id=111
http://www.ggp.com/company/Default.aspx?id=112

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.

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 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.