GGP Finances $1.2 Billion of Property-Level Debt

CHICAGO, Aug. 6, 2012 /PRNewswire/ -- General Growth Properties, Inc. (NYSE:GGP) ("GGP" or the "Company") today announced $1.2 billion of property-level financings subsequent to June 30, 2012. The new loans have a weighted average interest rate and term of 5.15% and 10 years, respectively, as compared to a rate of 6.82% and a remaining term-to-maturity of 2.5 years. The transactions generated approximately $224 million of net proceeds after repayment of existing mortgage notes. Each property is wholly-owned by the Company. Information regarding each financing is provided below:

On a year-to-date basis, the Company has completed approximately $4.4 billion ($4.1 billion at share) of property-level financings generating net proceeds of approximately $527 million. As a result of these transactions, the average interest rate decreased 115 basis points from 5.64% to 4.49%.

ABOUT GGP
General Growth Properties is a fully integrated, self-managed and self-administered real estate investment trust focused on owning, managing, leasing, and redeveloping regional malls throughout the United States and Brazil. The Company currently owns, or has an interest in, 150 regional shopping malls comprising approximately 141.4 million square feet of gross leasable area. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.  For further information please visit the GGP website at www.ggp.com.

SOURCE General Growth Properties