The owner of Park City Center might sell some malls or take other steps to prop up its tumbling stock price and meet its debt obligations.

General Growth Properties said Monday it's "pursuing a comprehensive evaluation of its alternatives, both financial and strategic."

Among those options are selling assets outright, selling a stake in a select group of assets, raising capital at the corporate level and exploring business combinations.

General Growth did not identify which malls might be sold.

The news comes as General Growth tries to refinance and pay down $27 billion in debt — much resulting from its 2004 acquisition of Rouse Co. for $12 billion — amid a tightening credit market.

Investors have noticed. General Growth's stock has slid about $27 a share since mid May, closing at $16.08 on Monday, then recovering slightly to $17.00 on Tuesday.

As General Growth weighs those alternatives, it's "business as usual" at Park City, said general manager Rachel Gallagher today. Park City is the county's biggest mall, with about 170 stores.

Chicago-based General Growth is the nation's second largest U.S. shopping mall operator, owning and/or managing more than 200 regional malls in 44 states, plus other properties.

In its announcement Monday, GGP described its portfolio as "stable" and "high quality," noting its holdings had a record occupancy rate of 93.2 percent in the second quarter and generated higher comparable operating profits, "even in a challenging consumer sales environment."

Staff writer Tim Mekeel can be reached at tmekeel@LNPnews.com or 481-6030.