DOW JONES NEWSWIRES General Growth Properties Inc. (GGP) expects to complete its planned spinoff of Rouse Properties Inc. on Jan. 12 and has set the distribution rate. For each General Growth share, shareholders will receive 0.0375 of a Rouse Properties share. Mall landlord General Growth originally had said last month it was on track to complete its spinoff of a portfolio of 30 lower-quality malls into Rouse Properties by the end of the year and expected to name a chief executive for the new real estate investment trust soon. About 35.5 million Rouse Properties shares should be outstanding immediately following the spinoff, and Rouse Properties intends to trade on the New York Stock Exchange under the symbol RSE. The spinoff, announced in early August, comes as General Growth continues to prune its portfolio after emerging from 19 months of bankruptcy protection in November 2010. The Chicago company is the country's second-largest mall owner behind Simon Property Group Inc. (SPG) and owns or has management interest in 167 malls in 42 states. General Growth in November 2011 reported it swung to a third-quarter profit of $252.1 million, compared with a year-earlier loss of $231.2 million. Shares recently traded at $14.64, up 2%. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
