"In this low interest rate environment, more investors arelooking for current yield in addition to capital appreciation,"says General Growth Properties chief executive officer JohnBucksbaum in a statement. "Compound growth in funds from operationshas averaged over 15% during the last nine years, so double-digitdividend growth is warranted. While providing our shareholders asubstantial dividend increase, we currently expect the ratio of ourdividends paid to funds from operations in 2003 to remain under50%."
Bucksbaum adds General Growth, which last week paid $72 millionfor Pecanland Mall in Monroe, LA, and recently joined with theIllinois Teachers' Retirement System to spend $634 million on fourmalls, expects to generate $250 million next year for additionalbuys and working capital.
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