General Growth (GGP) Aimes to Reinstate Dividend in Q111; Repay $570M in Debts; A $90.05M Sale of Non-Core Assets

General Growth Properties Inc. (NYSE: GGP) announced that they expect to pay a regular quarterly cash dividend estimated at approximately $0.10 per share ($0.40 cents annually) beginning in the first quarter of 2011. They also announced that a one-time dividend, consisting of 90% cash and 10% stock, will be paid in Q111. The company also announced today it has made a final determination to pay the $220 million settlement owing to Hughes Heirs in cash. The company also intends to repay the $350 million Pershing Square note in cash, and to cancel its option to put 35 million shares to Pershing Square at $10.00 per share, upon closing of the company’s previously announced equity offering. As part of its continuing initiative to sell non-core assets, the Board of Directors has approved an agreement to sell the Gateway Overlook Shopping Center in Columbia, Maryland, for a gross sales price of $90,050,000. Upon closing, which remains subject to certain limited conditions, the company expects to reduce its debt by approximately $55,000,000 and generate excess proceeds of approximately $35,000,000.... Read more

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