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.
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.