General Growth Properties Completes Spinoff of The Howard Hughes Corporation
Howard Hughes Becomes a Standalone Preeminent Developer and Operator
of Master Planned Communities and Long-term Mixed-Use Properties
Company Trades On The New York Stock Exchange with the Ticker "HHC"
CHICAGO--(BUSINESS WIRE)--
General Growth Properties, Inc. (NYSE: GGP) today announced it has
completed the spin-off of The Howard Hughes Corporation (NYSE: HHC)
("Howard Hughes") through the distribution of shares of Howard Hughes
common stock to holders of GGP common stock. The Howard Hughes
Corporation is now a standalone preeminent developer and operator of a
diversified portfolio of master planned communities and long-term
mixed-use properties. The company, which is traded on The New York Stock
Exchange under the ticker "HHC," has substantial near-, medium- and
long-term development value creation opportunities and a strong balance
sheet. GGP remains the second-largest shopping mall owner and operator
in the country, with more than 183 regional malls in 43 states.
The Howard Hughes Corporation consists of a diverse portfolio of real
estate assets located in premier locations across the United States.
These assets include award-winning master planned communities with
strong growth potential; mixed-use development opportunities in
attractive geographic locations; operating properties with long-term
value potential; and land inventory with significant upside. Howard
Hughes development projects include, among others, marquee properties
such as Summerlin in Las Vegas, Bridgeland as well as a partial
ownership in The Woodlands in Houston, Columbia Town Center in Maryland,
Ward Centers in Honolulu and South Street Seaport in Manhattan.
"Today marks a promising beginning of a new era of creating inspiring
developments and driving sustainable, long-term value for all of our
stakeholders," said William Ackman, chairman of the Board of The Howard
Hughes Corporation. "In the spirit of Howard Hughes, an icon of American
business, we will build upon our world-class portfolio of real estate
assets and establish a successful and entrepreneurial company that is
the preeminent developer and operator of master planned communities and
long-term mixed-used properties nationwide. I am excited for the future
of our company, and I look forward to working together with my fellow
board members and management to fully realize the inherent value of our
company's assets."
Under the terms of the spin-off, GGP stockholders received 0.098344
shares of The Howard Hughes Corporation common stock for every 1 share
of GGP common stock as of the record date of November 1, 2010. The
common stock of The Howard Hughes Corporation is expected to commence
regular trading on The New York Stock Exchange on November 10, 2010
under the symbol "HHC." GGP common stock will continue to trade on the
New York Stock Exchange under the symbol "GGP."
The Howard Hughes Corporation Board, announced on October 8, 2010,
consists of eight directors: William Ackman, founder, Pershing Square
Capital Management; David Arthur, managing partner, Real Estate
Investments, North America for Brookfield Asset Management; Adam Flatto,
president, The Georgetown Company; Jeff Furber, chief executive officer,
AEW Capital Management; Gary Krow, president and CEO,
GiftCertificates.com; Alan Model, co-founder, treasurer and managing
director, Overseas Strategic Consulting, Ltd.; Scot Sellers, chief
executive officer, Archstone; and Steve Shepsman, executive managing
director and founder of New World Realty Advisors.
One seat on the Board of Directors of The Howard Hughes Corporation will
be reserved for the company's chief executive officer, who is expected
to be announced shortly.
ABOUT "New" GGP
"New" GGP will have ownership and management interest in 183 regional
shopping malls in 43 states as well as ownership interests in other
rental properties.
About The Howard Hughes Corporation
The Howard Hughes Corporation is a preeminent developer and operator of
master planned communities and long-term mixed use properties in the
United States. We own a diverse portfolio of real estate assets located
in premier locations. These assets include award winning master planned
communities; mixed use development opportunities in attractive
geographic locations; operating properties with long-term value
potential; and land inventory with significant upside. Howard Hughes
development projects include, among others, marquee properties such as
Summerlin in Las Vegas; Bridgeland as well as a partial ownership in The
Woodlands in Houston; Columbia Town Center in Maryland; Ward Centers in
Honolulu; and South Street Seaport in Manhattan.
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, the success of our equity offering, our ability to
refinance, extend, restructure or repay our near and intermediate term
debt, our substantial level of indebtedness, our ability to raise
capital through equity issuances, asset sales or the incurrence of new
debt, retail and credit market conditions, impairments, our liquidity
demands and retail and economic conditions. Readers are referred to the
documents filed by The Howard Hughes Corporation. with the Securities
and Exchange Commission, which further identify the important risk
factors which 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 Howard Hughes Corporation
Kay Weinmann
Kay.Weinmann@howardhughes.com
(214)
741-7744
Source: General Growth Properties, Inc.
News Provided by Acquire Media
Close window | Back to top
Delicious
Digg
Facebook
LinkedIn
Twitter
Mixx
Yahoo! Buzz