Post Reorg GGP Declares Cash/Stock Dividend

CHICAGO--(BUSINESS WIRE)-- General Growth Properties, Inc. today announced its Board of Directors has declared a common stock dividend of $0.38 per share, payable in a combination of cash and common stock.

The dividend is payable on January 27, 2011, to stockholders of record on December 30, 2010. The cash component of the dividend will be limited to 10% in the aggregate.

In accordance with Internal Revenue Service procedure, stockholders may elect to receive payment of the dividend all in cash or all in common stock. To the extent that stockholders elect, in the aggregate, to receive more than 10% of the dividend in cash, the cash portion of the dividend payable to each stockholder who elects to receive cash will be prorated.

Stockholders who do not make an election will receive 100% in common stock. The number of shares of common stock issued as a result of the dividend will be calculated based on the volume weighted average trading prices of GGP’s common stock on January 19, 20 and 21, 2011. Cash will be issued in lieu of any fractional shares. GGP expects the dividend to be taxable to its stockholders, without regard to whether a particular stockholder receives the dividend in the form of cash or common stock.