GGP Inc. Sets Record Date for Pre-Closing Dividend in Connection with Transaction with Brookfield Property Partners L.P.

CHICAGO--(BUSINESS WIRE)--As previously announced, on March 26, 2018, GGP Inc. (“GGP”) (NYSE: GGP) and Brookfield Property Partners L.P. (“BPY”) entered into a definitive agreement pursuant to which BPY will acquire all of the shares of GGP common stock, par value $0.01 per share, that BPY and its affiliates do not already own, through a series of transactions (collectively, the “Transactions”), including the declaration of a special dividend. As more fully described in the Merger Agreement (as defined below), the special dividend is payable to the holders of record of shares of GGP common stock (not including restricted shares of GGP common stock) as of the end of trading on the New York Stock Exchange (the “NYSE”) on the first business day following receipt of the requisite stockholder approval of the Transactions and following the exchange of all shares of GGP common stock held by certain affiliates of BPY for series B preferred stock to be authorized and issued by GGP pursuant to the terms of the Merger Agreement (the “Pre-Closing Dividend”). GGP today announced that its board of directors (the “Board”), upon the recommendation of the special committee of the Board, comprised entirely of non-management independent directors who are not affiliated with BPY (the “Special Committee”), fixed the end of trading on the NYSE on July 27, 2018 as the record date for, and declared, the Pre-Closing Dividend. The payment of the Pre-Closing Dividend is conditioned upon, among other things, the Transactions having been approved by the holders of GGP common stock at the Special Meeting (as defined below) and the satisfaction of other customary closing conditions.