Full Description

General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate investment trust (REIT). GGP is the owner or manager of over 200 regional shopping malls in 44 states and the owner of five master planned communities. The Company operates in two segments: Retail and Other, and Master Planned Communities. Retail and Other includes the operation, development and management of retail and other rental property, primarily shopping centers. Master Planned Communities includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada; Houston, Texas, and its one residential condominium project located in Natick (Boston), Massachusetts. On February 29, 2008, GGP acquired The Shoppes at The Palazzo in Las Vegas, Nevada. In April 2009, the Company filed for filed for Chapter 11 bankruptcy protection from its creditors. The Company filed for bankruptcy protection in United States Bankruptcy Court in Manhattan.

Retail and Other Segment

The Retail and Other segment consist of retail centers, office and industrial buildings, and mixed-use and other properties. The segment’s primary business is owning, managing, leasing and developing retail rental property, primarily shopping centers. The majority of the Company’s properties is located in the United States, but also has retail rental property operations and property management activities (through unconsolidated joint ventures) in Brazil and Turkey. The Company provides on-site management and other services to substantially all of its properties, including properties, which it owns through joint venture arrangements.

The Retail portfolio consists of primarily of regional shopping centers, but also includes festival market places, urban mixed-use centers and strip/community centers. It also owns non-controlling interests in various international joint ventures in Brazil, Turkey and Costa Rica. GGP’s office and other properties are primarily components of large-scale mixed-use properties (which include retail, parking and other uses) located in urban markets. In addition, the Company has certain free-standing office or industrial properties in office parks in the Baltimore/Washington, District of Columbia and Las Vegas markets. GGP owns approximately seven million square feet of leasable office and industrial space, including properties adjacent to its retail centers.

Master Planned Communities Segment

The Master Planned Communities business consists of the development and sale of residential and commercial land, primarily in large-scale projects in and around Columbia, Maryland; Houston, Texas, and Summerlin, Nevada. Residential sales include standard, custom and high density (condominium, town homes and apartments) parcels. Standard residential lots are designated for detached and attached single and multi-family homes, ranging from entry-level to luxury homes. Commercial sales include parcels designated for retail, office, services and other for-profit activities, as well as those parcels designated for use by government, schools and other not-for-profit entities.

The Company develops and sells land in its communities to builders and other developers for residential, commercial and other uses. Additionally, certain saleable land within these properties may be transferred to its Retail and Other segment to be developed as commercial properties for either its own use or to be operated as investment rental property. This segment also comprises its 215 unit residential condominium project (Nouvelle at Natick in Natick (Boston), Massachusetts).