Shares of General Growth Properties Inc (GGP) are up .19 to 23.53 today.? GGP is near the top of the 52 week range.

Today paper traded the GGP May 23 calls over the GGP 6260 Jun 24 calls for .26? The ADV is 1646 contracts.? The OI is 6904 in May and 143 in Jun.

The volume went up in two blocks with one marked spread.? The trade looks like a call over writer rolling out to the Jun cycle. The trade grabbed the May calls back before GGP ran up today.? Not a big expectation of movement here, just incremental cash from the call sale.

?30-day implied volatility is 14%. ? 10-day implied volatility is 12%.? 30 day implied volatility is trading above the 10 Day Historical volatility.

General Growth Properties, Inc. is a real estate investment trust (REIT). The Company owns or with joint venture partners 144 regional malls (126 domestic and 18 in Brazil) consists of approximately 135 million square feet.