| FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES This presentation contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results, levels of activity, or performance to differ from those achievements expressed or implied by these forward-looking statements. The words “possible,” “propose,” “might,” “could,” “would,” “projects,” “plan,” “forecasts,” “anticipates,” “expect,” “intend,” “believe,” “seek,” or “may,” the negative of these terms and other comparable terminology, are intended to identify forward-looking statements, but are not the exclusive means of identifying them. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our ability to refinance, extend, restructure or repay near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. Readers are referred to the documents filed by General Growth Properties, Inc. (GGP) with the Securities and Exchange Commission (SEC), which further identify important risk factors that could cause actual results to differ materially from the forward-looking statements in this presentation. Except as may be required by law, we disclaim any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise. This presentation also makes reference to real estate property net operating income (NOI). NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. NOI is presented in this presentation on a proportionate basis, which includes GGP’s share from consolidated and unconsolidated properties. In order to present GGP’s operations in a manner most relevant to its future operations, NOI has been presented to exclude certain non-cash and non-recurring revenue and expenses. A reconciliation of NOI to its most comparable GAAP measure is included in the Supplemental Information for the three months ended September 30, 2012, as furnished with the SEC. NOI is not an alternative to GAAP operating income (loss) or net income (loss) available to common stockholders. 14 |
