GGP PLANS 30-MALL SPIN-OFF AND RETURN OF ROUSE NAME

Chicago — General Growth Properties has approved a plan to spin-off 30 malls to a newly formed entity, Rouse Properties, Inc. Rouse is expected to qualify as a real estate investment trust and be listed on the New York Stock Exchange. The new Rouse portfolio will consists of 21.1 million square feet, and the portfolio is currently 87.7 percent leased. The portfolio includes centers in a mix of primary and secondary markets, such as The Boulevard Mall in Las Vegas; Collin Creek in Plano, Texas; Chula Vista Center in San Diego; Cache Valley Mall in Logan, Utah; Birchwood Mall in Port Huron, Mich.; and Bayshore Mall in Eureka, Calif. The company said in a statement that while other divestiture options were considered, the spin-off best enables shareholders to participate in the upside potential of these centers. Shareholders of GGP common stock will receive a taxable special divided, expected to be comprised of common stock in Rouse Properties.