investor presentation - ggp investor...

23
INVESTOR PRESENTATION SEPTEMBER 2016 A RETAIL REAL ESTATE COMPANY

Upload: doantuyen

Post on 30-Jun-2018

215 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

I N V E S T O R P R E S E N T A T I O NS E P T E M B E R 2 0 1 6

A R E T A I L R E A L E S T A T E C O M P A N Y

Page 2: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

2

GGP OVERVIEW

S&P 500 REAL ESTATE INVESTMENT TRUST (a)

NYSE Ticker GGP

Headquarters Chicago

Employees 1,700

Retail Properties 128

States 40

Total Retail GLA 121 million

Enterprise Value $46.0 billion

THE WOODLANDS MALL, HOUSTON, TX

NATICK MALL, NATICK, MA

a) As of June 30, 2016.

Page 3: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

3

Own and operate Best-in-Class retail properties that provide an

outstanding environment and experience for our Communities, Retailers,

Employees, Consumers and Shareholders.

GGP MISSION & VALUES

OPERATING HIGHLIGHTS(a)

Tenant Sales Growth(b) 2.8%

Occupancy Cost 13.9%

Leased 96.1%

Lease Spreads(c) 13.7%

RIDGEDALE CENTER, MINNETONKA, MN

Nordstrom Grand Opening – October 2015

SHOPS AT MERRICK PARK, CORAL GABLES, FLH – Humility

A – Attitude

D – Do The Right Thing

T – Together

O – Own It

a) All Same Store operating metrics as of June 30, 2016.

b) All tenant sales less anchors on a rolling 12 months ended June 30, 2016, excluding Christiana Mall. Tenant sales increased 0.8% including Christiana Mall.

c) Lease spreads are suite-to-suite and represent trailing 12 month commencements.

Page 4: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

GGP OWNS IRREPLACEABLE RETAIL REAL ESTATE IN THE U.S .

• GGP owns 100 of the top 500 regional shopping centers in the U.S.

• GGP outpaces U.S. retail growth nearly 2-to-1 with “A” centers driving the majority of growth

4

Regional Shopping Center Sales and NOI Percentage

by Rank(a)

Top Retail Properties Sales PSF(b) % of Company NOI(c)

Top 10 $792 23%

Top 30 $727 48%

Top 50 $677 67%

Top 100 $598 96%

Total Retail Properties $583 100%

78 Class A Retail Properties $686 78%

a) Retail properties ranked by 2016 YTD NOI ending June 30, 2016.

b) Sales per square foot for trailing 12 months ended June 30, 2016 for comparable tenants occupying space less than 10,000 square feet.

c) For 2016 YTD ending June 30, 2016.

d) Source: U.S. Census Nov. 2015 and GGP. GAFO stands for General Merchandise, Apparel and Accessories, Furniture and Other Sales.

Regional

Shopping

Centers

Urban

Retail

Assets

GAFO Sales Growth 2010 to 2015;

Excluding Department Stores (d)

Sales Volume Growth

Total United States

(From U.S. Census)13%

GGP Portfolio (Inline, Comp, <10k)

23%

Page 5: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

SUSTAINABIL I TY

2 0 1 5 I M P A C T A T A G L A N C E

Diverted over 54,300 tons of wastefrom landfills; enough waste to fillover 4,500 garbage trucks.

Reduced our water consumptionby 64 million gallons; enough waterto fill almost 100 Olympic-sizeswimming pools.

GGP will rank among the Top 10U.S. companies by solar capacityonce projects are completed,according to the 2015 SEIARanking.

Reduced our carbon footprint by23,200 metric tons of carbondioxide equivalents, which is theequivalent of taking 4,700 cars offU.S. roads.

Completed lighting and HVACupgrades with an expectedsavings of 44.5 million kilowatthours annually; equal to remo-ving 4,200 homes from theelectrical grid.

Since 2011, GGP has reducedelectricity consumption by 215.8million kilowatt hours; enoughelectricity to power all the homesin Coral Gables, FL for one year.

Committed to being an environmentally responsible business

Concentrated on investments that increase environmental performance

Awarded the 2015 GreenStar and recognized as the North American leader in the Retail – Large Cap Sector by GRESB in 2014(a)

a) GRESB stands for Global Real Estate Sustainability Benchmark. 5

Page 6: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

GGP invests in solving for customer pain

points

INVEST ING IN THE CUSTOMER EXPERIENCE: PARKING

• GGP customers reported parking as the biggest pain point during the shopping experience

• An upgraded parking availability notification system and spot identifiers reduce time customers spend parking, and enable more time spent shopping

• A recently released upgrade to GGP’s app includes a new pilot feature now at Ridgedale Center, Alderwood Mall, Stonestown Galleria, and Oakbrook Center, which allows customers to glean how busy certain blocks of parking are at any given time

6

Page 7: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

7

INVEST ING IN THE CUSTOMER EXPERIENCE:

WAYFINDING

Goal is to have customers start a product search on Google, find

that product at a GGP retail property, and digitally guide them to

an open parking space at the property, and then to the store to

find the desired product

GGP is putting resources towards preparing for the future of retail

USING DIGITAL TO AID IN

BRICK AND MORTAR SALES

Page 8: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

CHANGING THE VOCABULARY: RETAIL REAL ESTATE

RETAIL REAL

ESTATE

As lines continue to blur between where certain retail tenants would traditionally

choose to reside, there is less segmentation by property type and the industry

can now be defined simply as Retail Real Estate

High quality locations with high quality customer experiences will win

Restaurants Entertainment

Sources of

Demand

Services

Grocery

8

Page 9: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

THE U.S . IS OVER RETAILED

9Source: ICSC, Knight Frank Research

U.S. has the highest GLA per capita by far among all developed

countries

U.S. also leads the world in retail sales per capita, but the margin is likely

not wide enough to support the excessive GLA

24

10

5 42 2

$11,687

$8,560$8,014 $8,056

$7,167

$2,238

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

0

5

10

15

20

25

30

U.S. Australia U.K. France Germany China

RETAIL REAL ESTATE GLA AND SALES PER CAPITA

RET

AIL

SF

PER

CA

PIT

A

RET

AIL

SA

LES

PER

CA

PIT

A

Retail SF per Capita Retail Sales per Capita

Page 10: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

1”High Quality” has been defined as a regional shopping center rated B+ or better by Green Street Advisors.2 “High Quality “ has been defined as a Trade Area Power score of 75-100 for strip centers, as rated by Green Street Advisors. The 11% of high quality Strip Centers was extrapolated to project

High Quality GLA for the entire 6.4B sf classified by ICSC as Open-Air Centers.

GLA (in millions)

SF Per Capita% of Total

High Quality GLA

High Quality1 Regional Shopping Center GLA 495 1.6 40%

High Quality2 Open-Air Center GLA 732 2.3 60%

Total High Quality Retail Real Estate 1,227 3.9 100%

By Type By Quality

3.9 SF PER CAPITA OF

U.S . RETAIL REAL ESTATE IS HIGH QUALITY TOTAL U.S. RETAIL REAL ESTATE GLA

LOOKING AT U.S. RETAIL REAL ESTATE GLA BY QUALITY RATHER THAN TYPE

vs.

GGP owns 8.2% of

all High Quality

Retail Real Estate

Mid to Low Quality

Retail Real Estate

6.3 billion sf

19.7 sf per capita

High Quality

Retail Real Estate

1.2 billion sf

3.9 sf per capita

High QualityOpen-Air Centers

High Quality

Regional

Shopping

Centers

Open-Air Centers6.4 billion sf

20.2 sf per capita

Regional Shopping Centers

1.1 billion sf3.4 sf per capita

10

Page 11: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

BRICK AND MORTAR REMAINS AT THE CENTER OF RETAIL ING

11

Physical stores account for 90% of

all retail activity 1

― Catalog sales at its peak in

1995 was 10% of all retail

sales

― Today catalog sales and

online sales combined are

10% of all retail sales

Omni-channel shoppers spend

twice as much as individuals who

just shop in one channel

― The Multiplier Effect:

customers who browse

both channels shop more

frequently

Source: Kurt Salmon Review 2013 / Wharton Report1 In 2014, Pure Play E-Commerce accounted for just 3.3% of all retail sales based on the 2014 U.S. Census Retail Trade Sales Annual Report, and Omni-channel retailer e-

commerce sales from ICSC report “Deconstructing the Census Bureau’s Retail Trade E-Commerce Figures” in Retail Property Insights Vol. 23, No. 1, 2016

Page 12: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

CURATION IS KEY TO PERFORMANCE

12

RESTAURANTS PERSONAL CARE

HOME FURNISHINGS

APPAREL

ENTERTAINMENT

ELECTRONICS

BIG BOX

GROCERY

Page 13: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

TRAFF IC IS DRIVEN BY INL INE TENANTS

13

ESTIMATED TOTAL VISITS

TO GGP CENTERS (a)

Year-Over-Year Traffic Growth

2012 2013 2014 2015

4% 3% - 2%

Tra

ffic

(in

millio

ns)

–B

ar

Gra

ph

Sa

les

Pe

r Sq

ua

re F

oo

t –

Lin

e G

rap

h

a) Source: GGP

b) All tenant sales less anchors on a rolling 12 months ended June 30, 2016, excluding Christiana Mall. Tenant sales increased 0.8% including Christiana Mall.

c) Sources: U.S. Census Bureau, FactSet, and GGP.

Inline tenants with strong brands and unique products drive consumer spending and continuous traffic

Total Sales in GGP Portfolio 2005-2015 %Change

Total Non-Anchor GAFO Sales, Comp Basis

+33%

Sales-Reporting Anchor/Department Stores

-10%

Total Industry Sales 2005-2015 % Change

GAFO Sales excluding DepartmentStores

+30%

Department Stores excluding Leased Departments

-23%

Over the past decade, department store performance has lagged that of inline shops within the GGP portfolio

On a rolling 12 month basis as of June 2016, anchor sales are down 1.9% while total inline sales are up 2.8%(b)

Lines form at Oakbrook Center in Oak Brook, IL for the Tesla Model 3 release

DEPARTMENT STORES vs. GGP INLINE SHOPS(c)

2005-2015

Page 14: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

Sources: GGP Strategy & Analytics, Nielsen Local, 2014-2015. 400,489 respondents.

Metlife Investment Management, U.S. Census Bureau, BLS

REGIONAL SHOPPING CENTER VISITATION BY GENERATION

PROPENSITY TO SHOP AT LEAST ONCE EVERY THREE MONTHS, 100 = AVG SHOPPER

116107

9283

0

20

40

60

80

100

120

140

Millennials Gen Xers Baby

Boomers

Silents

UNDERSTANDING THE MILLENNIAL CONSUMER

14

1.001.01

1.14

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1989 2007 2014

U.S. EXPERIENCE TO STUFF RATIO AGE 25-34Millennials have the highest “experience-to-stuff

ratio,” meaning they spend a majority of their disposable income on experiences, and do so at a higher rate than generations past did at the same age.

The regional shopping center is the retail format best positioned to capitalize on the shift towards experienced-based retail spending, with an emphasis on apparel, personal care, and electronics retailers with high levels of customer service and unique product offerings, as well as dining and entertainment options.

Millennials have the highest propensity of any generation to visit regional shopping centers on a regular basis.

MillennialsGen XBaby Boomers

Page 15: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

Overall, inline regional shopping center retailers are outperforming the

department stores given how well they are attracting millennial consumers,

who have the highest propensity to spend on retail.

Sources: GGP Strategy & Analytics, Nielsen Local, 2014-2015. 400,489 respondents.

RETAIL ORIENTATION BY GENERATIONPROPENSITY TO SHOP AT LEAST ONCE EVERY THREE MONTHS, 100 = AVG SHOPPER

MAINSTREAM RETAILERS

Including Fashion Department Stores

MAINSTREAM RETAILERS

Excluding Fashion Department Stores

INL INE STORES ATTRACT MILLENNIAL SHOPPERS

15

114 117

107

9283

145136

118

78

43

0

20

40

60

80

100

120

140

160

Yo

un

ge

r

Mille

nn

ials

Old

er

Mille

nn

ials

Ge

n X

ers

Ba

by

Bo

om

ers

Sile

nts

Yo

un

ge

r

Mille

nn

ials

Old

er

Mille

nn

ials

Ge

n X

ers

Ba

by

Bo

om

ers

Sile

nts

Page 16: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

RETAILER DEMAND IS STRONG

16

Significant retail demand exists from new or expanding retailers, dining concepts,

and brand extensions

RETAILERS DINING BRAND EXTENSIONS

A'Gaci Kendra Scott Restoration Hardware Bar Louie Athleta (Gap)

Alex and Ani Kiehl's Rue 21 Blaze Pizza Box Lunch (Hot Topic)

Allen Edmonds Kiko Cosmetics Serena & Lily Buffalo Wild Wings COS (H&M)

Altar'd States Kipling Skechers California Pizza Kitchen Dry Goods (Von Maur)

Anthropologie LL Bean Splendid Cheesecake Factory Dynamite (Garage)

Apricot Lane Lolli & Pops Soft Surroundings Chipotle Ivivva (lululemon)

Arc'teryx Lush Sur la Table Doc B's Lou & Grey (Ann Taylor)

Asics MAC Tempur-Pedic Earl’s Love Sick (Hot Topic)

Capital Teas Marbles Tervis Five Guys Massimo Dutti (Zara)

Charming Charlie's Massage Envy Tesla Kona Grill Mercantile (J. Crew)

Crayola Mitchell Gold + Bob Williams Tumi Lyfe Kitchen Oliver Peoples (Luxottica)

David's Tea Nespresso Ulta Matchbox Other Stories (H&M)

Dyptique The North Face Under Armour MOD Pizza Pink (L Brands)

Francesca's NYX Urban Outfitters Nando's Red (Forever 21)

Frontgate Oakley Vans Red Robin Six:02 (Foot Locker)

Frye Boots Pandora Vineyard Vines Shake Shack Torrid (Hot Topic)

Hammermade Peloton Bike Walking Company Smashburger Tory Burch Sport (Tory Burch)

Hanna Andersson Pirch West Elm Sweetgreen Typo (Cotton On)

Joie Pressed Juicery Z Gallerie Zinburger Under 10 (Forever 21)

Juice Generation Rebecca Minkoff White Barn Candles (L Brands)

Page 17: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

RETAILER DEMAND IS STRONG (cont ’d)

17

International, and luxury retailers are also looking for a stronger brick and mortar

presence

LUXURY

Agent Provocateur Hugo Boss

Bally John Hardy

Bottega Veneta Longchamp

Burberry Loro Piana

Bulgari Louis Vuitton

Cartier Marc Jacobs

Celine MCM

CH Carolina Herrera Paul & Shark

Chanel Phillip Plein

Christian Louboutin Polo

David Yurman Prada

Dior Rebecca Taylor

Djula Jewelry Saint Laurent

Escada The Webster

Fendi Tiffany

Givenchy Valentino

Gucci Zegna

INTERNATIONAL

Aritzia (Canada) Marc Cain (Germany)

Ardene (Canada) Melissa Shoes (Brazil)

Baldinini (Italy) Muji (Japan)

Camper (Spain) Ondademar (Colombia)

Colette (Australia) Pret A Manger (UK)

Cotton On (Australia) Primark (UK)

Flying Tiger (Denmark) Rabeanco (China)

Garage (Canada) Seafolly (Australia)

Grom (Italy) Sephora (France)

H&M (Sweden) Suit Supply (Netherlands)

Hackett London (UK) Superdry (UK)

Havianas (Brazil) TopShop (UK)

Jack Wills (UK) Tous (Spain)

Jins (Japan) Track & Field (Brazil)

Kneipp (Germany) Urban Planet (Canada)

L.K. Bennett (UK) V1969 (Italy)

Lego (Denmark) White Company (UK)

L’Occitane (France) Zara (Spain)

lululemon (Canada)

Page 18: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

18

eCOMMERCE RETAILERS OPENING BRICK AND MORTAR

ELECTRONICS APPAREL ACCESSORIES

Apple Trunk Club Warby Parker

Microsoft ModCloth Just Fab

Dyson NastyGal Shinola

SPORTSWEAR Rent the Runway Classic Specs

Athleta Combatant Gentlemen Adore Me

Fabletics Duluth Trading Co. The Tie Bar

BEAUTY Refinery29 Raden

Birchbox 1701 Bespoke Jewelry

The Honest Company Weddington Way Baublebar

FOOD/CANDY Frank & Oak Blue Nile

Vosges Haut-Chocolat Untuckit OTHER

Try the World Chubbies Amazon

CHILDREN’S APPAREL Everlane

Monica & Andy Indochino

FURNITURE/HOME Bonobos

Essentia

eCOMMERCE RETAILERS OPENING BR ICK AND MORTAR

Page 19: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

OMNICHANNEL GENERATES HIGHER PROFITS

Source: L2

19

Page 20: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

REDEVELOPMENT: A WIN-WIN FOR LANDLORDS AND TENANTS

ADVANTAGES OF REPLACING UNDERPERFORMING ANCHOR SPACE

WITH TYPICAL STRIP TENANTS

Landlord Advantages Tenant Advantages

Increased traffic and in some cases (e.g., grocery) makes the regional

shopping center a part of consumer habit

Necessary capital to upgrade stores, with rent similar to strip center rent

Further regional shopping center curation to include non-traditional regional

shopping center tenants

A wider trade area (5-25 miles) than strip centers (1-6 miles) is accessible

Substantial ROI compared to a space formerly earning just $3-4 psf on average

Generation of greater, and more diverse traffic than strip centers

20

Page 21: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

OAKBROOK CENTER

Former Store

Sears

Bloomingdale's

Neiman Marcus

(Lower Level)

Sales psf

2010 2015 Change

Inline Retail $668 $911 +36%

Anchors $233 $271 +17%

New Stores

Dining/Entertainment

Pirch, Aritzia, Boss, lululemon,

Tommy Bahama

Perry's Steakhouse,

Old Town Pour House

21

Page 22: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

NATICK MALL

Former Store

JCPenney

Sears

Sales psf

2010 2015 Change

Inline Retail $552 $671 +22%

Anchors $181 $201 +11%

New Stores

Wegmans

Entertainment

22

Page 23: INVESTOR PRESENTATION - GGP Investor Centerinvestor.ggp.com/.../file/Investor_Presentation_Sept_2016_final.pdf · INVESTOR PRESENTATION S E P T E M B E R 2 0 1 6 A R E T A I L R E

FORWARD-LOOKING STATEMENTS

Certain statements made in this presentation may be deemed "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in anyforward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will beattained, and it is possible that actual results may differ materially from those indicated by these forward-lookingstatements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, theCompany's ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, itsability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit marketconditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risksand uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. TheCompany may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update orrevise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Investors and others should note that the Company posts this Investor Presentation on the Investors page of its websiteat www.ggp.com. From time to time, the Company updates the Investor Presentation and when it does, it will beposted on the Investors section of its website at www.ggp.com. It is possible that the updates could include informationdeemed to be material information. Therefore, the Company encourages investors, the media and others interested inthe Company to review the information posted on the Investors section of its website at www.ggp.com from time totime.

Michael Berman

Executive Vice President and

Chief Financial Officer

[email protected]

(312) 960-5044

Kevin Berry

Senior Vice President

Investor & Public Relations

[email protected]

(312) 960-5529

23

Contact Information: