General Growth

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Howard Hughes reports narrower quarterly loss

From Bloomberg News | Howard Hughes Corp., the U.S. property company spun off last year from General Growth Properties Inc., reported a narrower fourth-quarter loss after recording a tax benefit.

General Growth to sell malls, raise rents, CEO says

The new chief executive of General Growth Properties Inc. said the company plans to sell some malls, cut debt and expenses and raise occupancy rates and some rents to boost income and put its bankruptcy behind it.

Sandeep Mathrani, who has been the CEO of the No. 2 U.S. mall owner for about 40 days, said Tuesday that he expects to reduce the number of malls the company owns to 150 from 169. It plans to sell the 19 other malls, which contribute a minimal amount to its income. The company had more than 200 malls before it filed for bankruptcy in April 2009. Get the full story »

New General Growth CEO shuffling executives

General Growth Properties Inc.’s incoming chief executive is beginning to shuffle the mall owner’s executive ranks in advance of his arrival.

Sandeep Mathrani, the Vornado Realty Trust veteran who officially will join General Growth as CEO on Jan. 17, disclosed in an email sent to General Growth employees late Tuesday that long-time executives Robert Michaels and Ron Gern will leave the mall owner. Get the full story »

Fans of Bill Ackman boost Howard Hughes shares

Since U.S. mall owner General Growth exited bankruptcy last month, its stock has gotten a nice lift. But shares of its less noticed spin-off, Howard Hughes Corp, have really soared.

Since General Growth issued about $2 billion worth of shares at $14.75 in mid-November, the mall owner’s stock price has grown more than 6 percent — trading around $15.70 on Thursday afternoon. Meanwhile, Howard Hughes’ thinly traded shares have gained nearly a third, or 32.8 percent, in roughly the same period, now trading around $54.45. Get the full story »

General Growth top execs to step down next week

General Growth Properties Inc. Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan will leave the company Dec. 22, sources familiar with the matter said on Friday.

The moves had been expected. Get the full story »

General Growth to take charge for Hughes spinoff

General Growth Properties Inc., which emerged from bankruptcy last week, said it expects to take a $537 million noncash charge in connection with the spinoff of the Howard Hughes Corp. Get the full story »

General Growth shares price at $14.75 each

General Growth Properties Inc. priced 135 million shares at $14.75 per share on Monday, as part of a plan to raise $1.99 billion to repay investors who helped finance the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »

General Growth eyes dividend; Hughes trades

General Growth Properties plans to resume paying dividends early next year, after the second-largest U.S. mall operator emerged from bankruptcy and spun off a new company, Howard Hughes Corp.

Citing a higher-than-expected cash stake, General Growth also said it expects to retire $570 million of obligations by paying cash, avoiding the potential issuance of more than 50 million common shares. Get the full story »

General Growth exits bankruptcy

General Growth Properties Inc , the second-largest U.S. mall operator, said it has emerged from bankruptcy, one and a half years after becoming the biggest U.S. real estate company to seek Chapter 11 protection.

The Chicago-based operator of 183 shopping malls in 43 U.S. states said Tuesday it emerged from under protection from creditors after obtaining $6.8 billion of new capital and restructuring about $15 billion of debt.

General Growth operates properties, including the Ala Maona Center in Hawaii, Faneuil Hall Marketplace in Boston, Harborplace in Baltimore and Water Tower Place in Chicago. Get the full story »

General Growth hurt by reorganization expenses

General Growth Properties, the U.S. mall owner expected to emerge from bankruptcy in early November, reported negative third-quarter funds from operations, taking a hit from reorganization expenses.

Funds from operations for its core mall properties were losses of $29.3 million, or 9 cents a share, compared with a positive $88.9 million, or 28 cents a share a year earlier. Get the full story »

General Growth taps former Vornado exec as CEO

General Growth Properties Inc. named Sandeep Mathrani, Vornado Realty Trust’s  former president of its retail unit, to become the No. 2 U.S. mall owner’s new chief executive after it emerges from bankruptcy next month, the company said on Thursday. Get the full story »

General Growth reportedly courting Vornado exec

Bankrupt mall owner General Growth Properties Inc. is in talks to hire Vornado Realty Trust executive Sandeep Mathrani as its next chief executive, The Wall Street Journal reported Sunday.
Get the full story »

General Growth cleared to exit bankruptcy

General Growth Properties’ reorganization plan was approved on Thursday, paving the way for the mall operator to exit bankruptcy a year and a half after it was brought to its knees under billions in debt it could not refinance.

General Growth said it expected to emerge from bankruptcy around Nov. 8. It then would turn its attention to a $2.25 billion share sale to raise capital. Get the full story »

General Growth to reach end of bankruptcy

General Growth Properties Inc., the No. 2 U.S. mall owner, is slated to clear its final bankruptcy hurdle on Thursday, ending the largest U.S. real estate Chapter 11 filing.

While bankruptcy could soon be behind it, the company has a lot of challenges ahead, as investors and Wall Street will be looking at how it regains credibility as one of the largest U.S. real estate investment trusts. Get the full story »

General Growth names Ackman spinoff chairman

General Growth Properties Inc. on Friday named the board of its future spin-off company and appointed hedge fund manager William Ackman to become its chairman when the mall owner and property developer emerges from bankruptcy. Get the full story »