General Growth exits bankruptcy with more than 183 regional malls in 43 states — a retail portfolio second only to Indianapolis-based Simon Property Group Inc., which failed in its bid to scoop up its rival earlier this year.
Simon Property Group Inc., the largest U.S. shopping-mall owner, said third-quarter profit declined from a year ago after the company recorded an expense to buy back debt.
U.S. real estate investment trusts, including Indianapolis-based Duke Realty Corp., are selling shares to fund property acquisitions after using record cash from equity offerings last year to reduce debt and cover dividends.
Simon Property Group Inc. said retailers
leasing space in its malls have managed to weather the economic downturn and are already eyeing recovery plans for when the
economy improves.
Indianapolis-based developer said the loss reflected slower construction activity and lower profit on land and outlet sales.
Occupancy at its retail centers increased, however, to 91 percent.
Indianapolis-based real estate investment trust reports bigger quarterly loss, even though revenue, occupancy and tenant-retention
rates rise.
General Growth Properties Inc. rejected Simon Property Group Inc.’s “best and final” offer.
Developer’s $1.1 million loss in the first quarter reflected lower construction activity and lower gains on land and outlet
sales.
General Growth said the hearing before U.S. Bankruptcy Judge Allan Gropper has been moved from Wednesday to Friday.
The latest proposal is the Indianapolis-based company’s third attempt to buy or gain a piece of the No. 2 mall owner.
Funds from operations fell to $325.6 million, or 94 cents a share, from $476.8 million, or $1.61 a year earlier, the Indianapolis-based
shopping mall giant said Friday morning.
Duke Realty Corp. handled more leasing activity last quarter than it has in any first quarter in five years, the locally based
real estate
investment trust said on Wednesday.
Simon Property Group and Blackstone Group LP are in “ongoing discussions” for an investment in General Growth after the mall
operator turned down a $10 billion takeover bid from Simon in February, CEO David Simon said.
Bid to invest in General Growth Properties would give Simon too much control over its biggest competitor, said
fund manager Bruce Berkowitz, who’s backing a rival plan.
General Growth Properties Inc. is seeking a higher price, fewer stock warrants or both from Brookfield Asset Management Inc.
after its bankruptcy exit plan was matched by Simon Property Group Inc.
Simon Property Group upped its offer for rival General Growth Properties Inc., pledging to invest $2.5 billion in a reorganization
and match the terms of a bankruptcy exit plan led by Brookfield Asset Management Inc.
John A. Kite’s total compensation fell to $689,074 last year while the rest of his management team also took deep pay cuts.
Affiliates of Lauth’s largest financial backer, Inland American Real Estate Trust in Chicago, agree to dismiss their suit
against
the Indianapolis-based
developer, and also withdraw a request to have a Chapter 11 trustee appointed.
General Growth is weighing options to exit Chapter 11 protection, with competing bids from Indianapolis-based Simon Property
Group Inc. and Brookfield Asset Management Inc.
Elliott Associates LP and Paulson & Co. are said to be discussing a plan to team with Brookfield Asset Management Inc. to
bring mall owner General Growth Properties Inc. out of bankruptcy, competing with Simon Property Group.
