General Growth Properties set to emerge from bankruptcy with new CEO
As it prepares to emerge from bankruptcy, General Growth Properties (GGP) named Sandeep Mathrani chief executive. Mathrani will move into his new post early next year, the company said in a press release. He joins Bruce Flatt, who is chairman elect, in trying to right the ship for the company's more than 200 shopping malls, as well as planned communities and commercial buildings. The company expects to exit from bankruptcy protection Nov. 8. Mathrani had been president of the retail unit of Vornado Realty Trust (VNO) since March 2002, and was executive vice president of a unit of Forest City Enterprises (FCEA) prior to that. "Sandeep is an exceptionally talented individual who has a proven track record as one of the best retail executives in America," Flatt said. "Sandeep helped build two of the highest quality retail portfolios over the past 15 years and has been responsible for retail at both Vornado and Forest City. His knowledge and expertise of the shopping center industry will undoubtedly help GGP retain its reputation as a premier shopping center REIT." Also last week, the mall owner and operator reported a wider third-quarter loss due to increased costs associated with its reorganization and exit from bankruptcy. The company said core funds from operations, excluding items, fell to a loss of $29.3 million, or 9 cents a share, from earnings of $88.9 million, or 28 cents a share, a year earlier. Revenue for the three months ended Sept. 30, rose to $769.7 million from nearly $761 million a year ago. Write to Jason Philyaw.