CHICAGO--()--General Growth Properties, Inc. (NYSE: GGP) today named the individuals that will comprise the nine-member Board of Directors for the spin-off company that will consist of GGP’s portfolio of master planned communities and other real estate assets with long-term potential. GGP also announced today the spin-off company will be named The Howard Hughes Corporation.
“I also believe the Howard Hughes name -- which reflects the success and vision of one of our country’s greatest entrepreneurs -- is a fitting brand for this world-class portfolio of real estate assets. We look forward to working to create long-term value for our shareholders.”
The Howard Hughes Corporation Board of Directors will assume its responsibilities following the spin-off, which is expected to occur upon GGP’s emergence from bankruptcy in early November. The Company intends to name William A. Ackman Chairman at that time.
“I am extremely pleased that we have assembled such an experienced, talented and dynamic group of individuals to serve as directors of The Howard Hughes Corporation,” said Bill Ackman, Chairman Designee of the Board of The Howard Hughes Corporation. “I also believe the Howard Hughes name -- which reflects the success and vision of one of our country’s greatest entrepreneurs -- is a fitting brand for this world-class portfolio of real estate assets. We look forward to working to create long-term value for our shareholders.”
The following eight individuals will be members of The Howard Hughes Corporation Board of Directors. One seat on the Board of Directors will be reserved for the company’s Chief Executive Officer, who is expected to be announced after the spin-off is completed.
- Bill Ackman -- Founder and Chief Executive Officer of Pershing Square Capital Management, L.P. and a director of General Growth Properties, Inc. from June 2009 to March 2010. Mr. Ackman will serve as the Chairman of the Board of The Howard Hughes Corporation.
- David Arthur -- Managing Partner, Real Estate Investments -- North America, for Brookfield Asset Management
- Adam Flatto – President, The Georgetown Company, a privately held real estate investment and development company based in New York City
- Jeff Furber -- Chief Executive Officer of AEW Capital Management, L.P., which provides real estate investment management services to investors worldwide
- Gary Krow -- President, CEO and a director of GiftCertificates.com, a leading eCommerce provider of B2B incentive management solutions. Formerly, President of Comdata Corporation, a subsidiary of Ceridian Corporation.
- Allen Model -- Co-Founder, Treasurer and Managing Director of Overseas Strategic Consulting, Ltd., an international consulting firm that provides public information services to clients worldwide
- Scot Sellers -- Chief Executive Officer of Archstone, one of the world’s largest apartment companies, and former Chairman of the National Association of Real Estate Investment Trusts (NAREIT)
- Steve Shepsman -- Executive Managing Director and Founder of New World Realty Advisors, a real estate advisory firm with expertise in real estate restructuring, development and finance, and Chair of the Official Committee of Equity Holders in the Chapter 11 proceedings of General Growth Properties, Inc.
Messrs. Ackman, Model and Krow are designees of Pershing Square Capital Management, L.P. whose investment agreement with The Howard Hughes Corporation allows it to name three members of the Board. Mr. Arthur is a designee of Brookfield Asset Management, whose investment agreement with The Howard Hughes Corporation allows it to name one member of the Board.
GGP currently has ownership and management interest for more than 200 regional shopping malls in 43 states, as well as ownership in planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. The Company’s common stock is traded on the New York Stock Exchange under the symbol GGP.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our ability to successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.