General Growth Properties (GGP) has identified 28 properties classified as “Discontinued Operations” of which 17 were previously sold or returned to the lender in its latest earnings report.

The 11 remaining properties are currently marketed for sale or will be returned to the lender in the future. These properties are encumbered by $490 million of CMBS debt exposing the trusts to prepayment risk, Royal Bank of Scotland analysts said.

GGP recently announced the refinancing of seven shopping malls representing $1.7 billion of new mortgages ($1.4 billion is GGP’s share) in early April.  

Six of these properties closed at the time GGP made its announcement and the seventh property was expected to close in May. Since July 2010, the firm has closed more than $2.5 billion of new mortgage financing.

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