General Growth acquires 27.6M shares from Pershing Square for $556M General Growth Properties announced the acquisition of 27,624,282 of its common shares from affiliates of Pershing Square Capital Management at $20.12 per share for total consideration of approximately $556M. The company used available liquidity to fund the repurchase transaction. Pershing Square no longer holds any common shares of the company. The transaction reduces the company's total diluted common shares outstanding to approximately 937M shares. Assuming the transaction occurred at the beginning of 2014, the pro forma positive impact on 2014 company Funds From Operations per diluted common share would have been approximately 2c annualized and the impact on GAAP net income per diluted common share is de minimis. The common share repurchase transaction was not included in the company's earnings guidance for 2014.