General Growth Properties (GGP)

General Growth Properties, Inc. (GGP) is the second largest shopping center owner, manager, and developer in the US. Currently, the company owns and manages a portfolio of more than 200 regional shopping malls in 44 states. The aggregate portfolio amounts to 200 million square feet of retail space including over 24,000 retailers nationwide. The company's contribution of net operating income (NOI) by geographic region in the US is as follows: West (35.9% of year-till-date NOI), Northeast (26.6%), Southeast (13.3%), South Central (11.7%), and North Central (11.3%). International operations and other items contributed 1.2% of total NOI in the first six months of 2008. GGP also has ownership interests in planned unit developments and commercial office buildings. GGP usually enters into long-term leases with its tenants, which are structured as triple-net leases. A triple-net lease includes a minimum rent on a recurring basis (usually known as base rent), a pre-fixed percentage of revenue of the retail outlets in the event of sales exceeding a pre-decided level (overage rent), and a pro-rata share of expenses incurred for maintenance of the property.

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