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General Growth Properties' Management Presents At Barclays 2012 Global Finance Conference - Special Call Transcript

One of the things that a new management team likes to do is come up with it’s mission statement for it’s various constituencies, and we probably spent three, four months going back and forth in terms of the wording, and I think we ended up with one that we’re quite proud and we have now put all over our headquarters building and various offices around the country, and I just want to take a moment to read it. Our mission is to own and operate best-in-class malls that provide an outstanding environment and experience for our communities, retailers, employees, consumers and shareholders. And hopefully you’ll see some of those things in the presentation as we move along.

I’m going to cover three things today – a little bit of a GGP overview, kind of a GGP 101 as I would refer to it; going to the regional mall sector for those of you that might not necessarily be familiar with real estate, and in particular the regional mall sector of the business; and then tying it all back together by focusing on the specific fundamentals of GGP itself.

So we have narrowed our strategic focus – one, we want to own and really just want to focus on high-quality regional malls. We get a lot of questions about whether or not we want to own outlets. We say no. We get a lot of questions about whether or not we’re going to be aggressive in terms of acquisition activity. We say if it’s a class A mall and it’s reasonably priced, we’ll take a look at it; but we’re very focused on our current portfolio. Lease, lease, lease is a term that we use a lot in the shop. We have an opportunity to lease millions of square feet of space, and leasing drives the business. The mantra lease, lease, lease, you’ll see some of the activity that we’ve done over the last couple of years is really quite impressive.

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