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GGP Posts Q3 Improvements

CHICAGO-Just ahead of its multibillion-dollar acquisition of the Rouse Co., GGP also posts increased FFO and higher sales per sf.

By Dees Stribling | Updated on October 26, 2004

CHICAGO-General Growth Properties CEO John Bucksbaum expressed enthusiasm for the upcoming acquisition of the Rouse Co. and its malls, but in this week’s third quarter 2004 GGP earnings call he didn’t have any updated figures for investors about the special dividend Rouse is expected to pay when the deal is finalized in mid-November.

“Our financing is proceeding as planned,” he said of the merger, “and the lending community has shown great interest in participating in this transaction.”

In August, Chicago-based GGP and Maryland-based Rouse agreed to a megadeal of a retail REIT merger, the terms of which have GGP paying about $12.6 billion in cash for Rouse, or about $67.50 per share, as well as assuming $5.4 billion of the REIT’s debt. Currently, according to the Rouse Co., the extraordinary dividend will be between $2.30 and $3.40 per share.

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