Last week, GGP closed on another phase of its $1.7-billionsecured portfolio facility, increasing its outstanding debt underthat facility to $1.5 billion. Because this level exceeds theamount necessary to eliminate the reserve requirement, the companyincreased its initial repayment guaranty to 50% of the outstandingfacility. The company currently anticipates that it will be in aposition to offer a long-term fixed-rate portfolio mortgagefinancing to lenders in mid-to-late November, and in the interimwill actively pursue several sources of financing for its near-termmaturing obligations.


General Growth has ownership interest in or managementresponsibility for more than 200 regional malls, as well asmaster-planned communities and office buildings. Occupancy, thecompany said, reached a record high of 93.2% in the second quarterof 2008 and comparable net operating income continued toincrease.

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