SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of Earliest Event Reported)
August 26, 2002
General Growth Properties, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-11656 42-1283895
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) Number)
110 N. Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
(312) 960-5000
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(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On August 26, 2002, General Growth Properties, Inc. ("General Growth")
formed a new 50/50 joint venture with Teachers' Retirement System of the State
of Illinois ("Illinois Teachers'"). Upon formation of the new joint venture,
GGP-TRS L.L.C., Clackamas Town Center in Portland, Oregon, which was 100% owned
by Illinois Teachers', was contributed to the new joint venture. In addition,
concurrent with its formation, GGP-TRS L.L.C. acquired Galleria at Tyler in
Riverside, California, Kenwood Towne Centre in Cincinnati, Ohio, and Silver City
Galleria in Taunton, Massachusetts from an institutional investor.
The four enclosed regional malls are valued at approximately $634 million
and are encumbered by approximately $412 million of nonrecourse mortgage loans.
An existing $75 million fixed rate loan on Silver City Galleria bearing interest
at 7.41% was assumed and three new acquisition loans totaling approximately $337
million were obtained. The new loans bear interest at a weighted average rate of
LIBOR plus 76 basis points. General Growth's share (approximately $111 million)
of the equity of GGP-TRS L.L.C. was funded by cash on hand plus a portion of new
unsecured loans that will total $150 million and bear interest at LIBOR plus 100
basis points. The four enclosed regional malls represent approximately 4.4
million square feet of gross leaseable area and have an average current
occupancy of approximately 86%.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a), (b), (c) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL GROWTH PROPERTIES, INC.
By: /s/ Bernard Freibaum
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Bernard Freibaum
Executive Vice President and
Chief Financial Officer
Date: September 10, 2002