GGP Finances $1.2 Billion Of Property-Level Debt

CHICAGO, Nov. 14, 2012 /PRNewswire/ -- General Growth Properties, Inc. (NYSE:GGP) ("GGP" or the "Company") today announced $1.2 billion of property-level financings. The new loans have a weighted average interest rate and term of 3.65% and 8.4 years, respectively, as compared to a rate of 4.62% and a remaining term-to-maturity of approximately one year for the prior loans. The transactions generated approximately $545 million of net proceeds. Information regarding each transaction is provided below:

During 2012, the Company has completed 32 financings totaling approximately $7.9 billion ($7.0 billion at share) of property-level financings generating approximately $1.4 billion of net proceeds. As a result of these transactions, the average interest rate decreased 110 basis points from 5.30% to 4.20%. The Company has no further property-level debt maturing in 2012.

As previously disclosed, the Company has called for early redemption of its 6.75% unsecured notes due May 2013 (approximately $600 million). The redemption will occur on December 3, 2012, at the "Make Whole Price", as defined in the applicable indenture.

General Growth Properties, Inc.

General Growth Properties, Inc. 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. GGP currently owns or has an interest in, 144 regional shopping malls comprising approximately 136 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 www.ggp.com .

SOURCE General Growth Properties, Inc.