General Growth approves spinoff of 30 malls in Rouse subsidiary

Posted 12/22/11

NEW YORK - General Growth Properties Inc., the second-biggest U.S. mall owner and the parent company of Providence Place, said its board approved the spinoff of its Rouse Properties Inc. subsidiary, to consist of 30 regional shopping centers in 19 states.

The separation will be completed through a pro rata taxable dividend on Jan. 12, to stockholders of record as of the close of U.S. exchanges on Dec. 30, Chicago-based General Growth said in a statement.

Under the plan, General Growth stockholders will receive about 0.0375 shares of Rouse Properties common stock, the real estate investment trust said. Rouse should have about 35.5 million common shares following the spinoff.

General Growth, which left bankruptcy protection last year, has been refinancing debt and selling properties, including Boston’s Faneuil Hall Marketplace, to boost growth. The REIT, second to Simon Property Group Inc. in size, has stakes in 167 malls in 42 states totaling 169 million square feet (15.7 square meters).

If conditions of the spinoff are not satisfied by the distribution date, General Growth will instead pay a special cash dividend on Jan. 17 to stockholders of record as of Dec. 30, according to the statement.

PBN Hosted

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News