Last week, GGP closed on another phase of its $1.7-billion secured portfolio facility, increasing its outstanding debt under that facility to $1.5 billion. Because this level exceeds the amount necessary to eliminate the reserve requirement, the company increased its initial repayment guaranty to 50% of the outstanding facility. The company currently anticipates that it will be in a position to offer a long-term fixed-rate portfolio mortgage financing to lenders in mid-to-late November, and in the interim will actively pursue several sources of financing for its near-term maturing obligations.
General Growth has ownership interest in or management responsibility for more than 200 regional malls, as well as master-planned communities and office buildings. Occupancy, the company said, reached a record high of 93.2% in the second quarter of 2008 and comparable net operating income continued to increase.
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