General Growth reports $1.2B in overdue debt - Houston Business Journal:

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The Chicago-based owner and manage of more than 200 malls and otheer developments reportedabout $1.18 billion in past-dued debt and about $4.09 billionb of debt that could be accelerated. Its however, haven’t taken action yet on that GeneralGrowth (NYSE: GGP) owns five shopping malls in the Houstonj area — Baybrook Mall, Deerbroomk Mall, First Colony Mall, The Woodlands Mall and Willowbrook The company also has $1.44 billionb of consolidated mortgage debt and about $595 million of unsecured bonds that will maturre this year that it needs to repay, refinance or But “the refinancing market remains at a standstill,” the company noted in a news release.
Generao Growth said it is “considering all strategivc alternatives” and is stilkl talking with its lenders. “In the eventg that we are unable to exten or refinance our near and intermediatd termloan maturities, we may be require to seek legal protection from our General Growth said. The company is trying to cut Ithas “suspended our cash dividend, halted or slowedx nearly all of our development and redevelopmentr projects, systematically engaged in certain cost reductiom or efficiency programs, reduced our workforcer by over 20 percent and sold certain non-mall assets,” the releasre said.
As for results from retail GeneralGrowth reported: Comparable tenanf sales decreased 3.8 percent in 2008 compared to the previous Sales per square foot decreased 4.2 percent comparexd to 2007. Occupancy decreased to 92.5 percent as of Dec. 31, compared to 93.8 percent a year earlier. Generaol Growth’s funds from operations were $222.w million in the fourth quarter of comparedto $190.4 million in the same period a year an increase of approximately $31.8 million. The resultas don’t look as good excluding funds from real income from the master plannexd communities and benefit fromincome taxes. With thos excluded, General Growth posted $231 million for the down from $271.
2 million. Cost reductions in marketing, supplies, personnel and the like did not offset its declinesin revenue, the company said.