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Press release from PR Newswire

General Growth Properties Purchases Warrants Held By Blackstone And Fairholme

Monday, January 28, 2013

General Growth Properties Purchases Warrants Held By Blackstone And Fairholme16:12 EST Monday, January 28, 2013CHICAGO, Jan. 28, 2013 /PRNewswire/ -- General Growth Properties, Inc. (NYSE: GGP, the "Company") announced today the purchase of warrants held by affiliates of The Blackstone Group ("Blackstone") and Fairholme Funds, Inc. ("Fairholme") for approximately $633 million. The Company will fund the transactions using its available cash resources. The warrants were exercisable into approximately 52 million common shares of the Company at a weighted average exercise price of approximately $9.37 per share. The warrants were scheduled to expire in November 2017. Effective with these transactions, Blackstone and Fairholme no longer hold any warrants to acquire the Company's common shares.In addition, pursuant to an offer previously made by Brookfield Asset Management Inc. ("Brookfield") to the Company, the independent members of the Company's Board of Directors decided not to purchase the warrants recently acquired by Brookfield from affiliates of Pershing Square Capital Management, L.P. ("Pershing Square"). Brookfield is now the sole holder of the Company's remaining outstanding warrants which are currently exercisable into approximately 83 million common shares of the Company at a weighted average exercise price of approximately $9.53 per share. ABOUT GGPGeneral Growth Properties is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing, and redeveloping high-quality regional malls throughout the United States and Brazil. GGP's portfolio is comprised of 126 regional malls in the United States and 18 malls in Brazil comprising approximately 135 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.  Contact Information:  Investors: Media:Kevin Berry, VP Investor Relations David Keating, VP Corporate Communicationskevin.berry@ggp.com david.keating@ggp.com(312) 960-5529  (312) 960-6325 SOURCE General Growth Properties, Inc.