[NOTE: This interview was conducted just days before Bucksbaumsteppeddown as General Growth Properties' CEO.]

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Even as it looks at alternatives to relieve massive, $27-billiondebt obligations, Chicago-based General Growth Properties also hasanother concern: operating its 200-plus retail centers in adifficult retail environment. General Growth CEO John Bucksbaumspoke briefly with GlobeSt.com about the state of the company andhow it continues to maintain normal operations. He wasn't able toreveal much, but the company's earnings results come out on Oct.31, when more light might be shed on General Growth's status.

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GlobeSt.com: With all that's going on, how is thecompany doing operationally?

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Bucksbaum: We continue to operate normally, in thesame manner as always. Our problem is not at the property level,but the debt maturities and the credit markets.

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GlobeSt.com: How did we get to this?

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Bucksbaum: Because of the frozen creditmarkets.

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GlobeSt.com: Are you now in negotiations to sellall or part of GGP?

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Bucksbaum: As we've stated in the press releaseand then on numerous occasions, we look at the various alternativesthat are available to us, which run the gamut from joint venturingassets to selling noncore assets to selling shopping center assets,raising equity at the property level, raising equity at thecorporate level.

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GlobeSt.com: Would certain properties be offlimits?

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Bucksbaum: Again, we look at the alternatives thatare available to us.

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GlobeSt.com: What are your other options? At thislow share price, have you considered taking the companyprivate?

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Bucksbaum: I can only go back to, we look at allalternatives.

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GlobeSt.com: Reports are that financing isimproving in the last few days. Are you finding that to be thecase?

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Bucksbaum: We're hopeful that's the case.

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GlobeSt.com: Are the international ventures alsoaffected?

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Bucksbaum: Again it goes back to that we look atall alternatives.

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GlobeSt.com: Everyone agrees that your stock(which closed yesterday at $4.84) is grossly unfair given the valueof your porfolio. What do you consider a fair valuation of yourstock?

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Bucksbaum: There's a wide range of estimates, andI won't comment on that.

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GlobeSt.com: How do you keep morale going?

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Bucksbaum: By looking at the wonderful group ofassets that we have. We have a great group of people and wecontinue to operate those properties on a daily basis.

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GlobeSt.com: Are there regulations with thestaff?

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Bucksbaum: We do communicate.

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GlobeSt.com: What are some things the company isdoing to reassure customers, tenants?

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Bucksbaum: We continue to lease space, to workwith our retailers, in the same fashion we always do.

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GlobeSt.com: There's been no slowdown as tenantswatch what's going on?

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Bucksbaum: As far as the economy [goes], ourleasing has been quite strong, given the environment.

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GlobeSt.com: How do you anticipate the holidays?Will the centers be more promotional to get shoppers in thedoors?

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Bucksbaum: It's the retailers who get the[shoppers in the doors]. All of the reports are that this will be achallenged holiday season. One would be hard-pressed [to see majorgrowth] with what you see out there.

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[Note: GGP is repeating a number of programs, including theGiving Spree, which allows shoppers to donate to Habit for Humanityor local charities, "Get Your Gift On", which offers prizes onBlack Friday; and Rockin Shopping Eve, which offers promotions atselected centers at 12:01 a.m. on Black Friday.]

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GlobeSt.com: And so in that respect, it's businessas usual?

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Bucksbaum: We continue to operate the centers,leasing continues.

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