GGP (GGP) 8-K Results of Operations and Financial Condition

Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Six Months Ended June 30, 2010

This presentation contains forward-looking statements. 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 successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our 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. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

Supplemental Financial/Operational Data
June 30, 2010
Table of Contents

All information included in this supplemental package is unaudited and is as of June 30, 2010, unless otherwise indicated.

Corporate Overview	1 - 2
Corporate Profile	1
Bankruptcy	1
Corporate Overview	1
Stock Listing	1
Common Stock Dividend	1
Investor Relations	1
Transfer Agent	1
Debt Ratings	1
Ownership Structure	2
Total Market Capitalization	2
Second Quarter Earnings Announcement	3-19
Supplemental Financial Data*	20-28
Summary Retained FFO & Core FFO	20
Tenant Allowances, Above- and Below-Market Tenant Leases & Straight Line Rent	21
Master Planned Communities	22-23
Capital Information	24
Changes in Total Common & Equivalent Shares	25
Common Dividend History	26
Summary of Outstanding Debt	27
Second Quarter 2010 Financing Activity	28
Supplemental Operational Data	29-32
Operating Statistics, Certain Financial Information & Top Tenants	29
Retail Portfolio GLA, Occupancy, Sales & Rent Data	30
Retail and Other Net Operating Income by Geographic Area at Share	31
Lease Expiration Schedule, Lease Termination Income at Share	32
Expansions, Redevelopments & New Developments	33

* The supplemental financial data should be read in conjunction with the Company’s second quarter earnings information (included as pages 3-19 of this supplemental report) as certain disclosures and reconciliations in such announcement have not been included in the supplemental financial data.

Corporate Overview

Corporate Profile

GGP and its predecessor companies have been in the shopping center business for over fifty years. GGP is one of the largest U.S.-based publicly traded real estate investment trusts (REIT). At June 30, 2010, the Company has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 43 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. Average occupancy at June 30, 2010 was 91.1% and tenant sales per square foot were $418.

Bankruptcy

On April 16, 2009 and April 22, 2009, GGP, approximately 166 regional shopping centers and certain subsidiaries voluntarily sought relief under Chapter 11 of the United States Bankruptcy Code. Certain other subsidiaries, and GGP’s joint ventures, did not file for such bankruptcy protection. As of July 30, 2010, 260 of the 388 subsidiaries which filed for bankruptcy, including 147 regional shopping centers, had emerged from bankruptcy.

Corporate Overview

The corporate mission of GGP is to create value and profit by acquiring, developing, renovating, and managing regional malls in major and middle markets throughout the United States.

Stock Listing

Common Stock
NYSE: GGP

Common Stock Dividend

The Company paid a common stock dividend for 2009 of $0.19 consisting of approximately $5.9 million in cash and approximately 4.9 million shares of common stock on January 28, 2010.

Investor Relations	Transfer Agent
Jim Graham	BNY Mellon
Senior Director, Public Affairs	Shareowner Services
General Growth Properties	480 Washington Blvd
110 North Wacker Drive	Jersey City, NJ 07310
Chicago, IL 60606	(888) 395-8037
Phone (312) 960-2955	Foreign Stockholders:
Fax (312) 994-6747	+1 201 680-6578
james.graham@ggp.com

Debt Ratings
Standard & Poors — Corporate Rating	D
Standard & Poors — Senior Debt Rating	D
Standard & Poors — TRCLP Bonds Rating	NR
Moody’s — Senior Debt Rating	C
Moody’s — TRCLP Bonds Rating	C

Please visit the GGP web site for additional information: www.ggp.com

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Summary Ownership Structure as of June 30, 2010

Total Market Capitalization (dollars in thousands)			June 30, 2010
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a) (b) (c)			$	27,340,942
Perpetual Preferred Units (d)
Perpetual Preferred Units at 8.25%	$	5,000
Convertible Preferred Units (d)
Convertible Preferred Units at 6.50%		26,637
Convertible Preferred Units at 7.00%		25,133
Convertible Preferred Units at 8.50%		63,986
		115,756
Total Preferred Securities			$	120,756
Other Preferred Stock				476
Common Operating Partnership Units (e)
7.4 million Operating Partnership Units based on an exchange rate of one for 1.0158 per share of common stock as adjusted as a result of common stock issued as a dividend				97,846
Common Stock
317.4 million shares of common stock - outstanding at end of period (e) (f)			$	4,208,630
Total Market Capitalization at end of period			$	31,768,650

(a)	Reflected at carrying value at June 30, 2010 and excludes liabilities to special improvement districts of $65.2 million, noncontrolling interest adjustment of $69.5 million, mark-to-market adjustments of ($599.3 million) and senior notes discount of ($55.1 million).
(b)	Company consolidated debt at June 30, 2010 includes approximately $7.1 billion of mortgage and other notes payable which are currently subject to compromise as certain of our operating entities are operating under chapter 11 protection. Accordingly, the carrying value for such loans may not reflect the amount which ultimately may be allowed and paid as a result of our Chapter 11 cases.
(c)	Due to the Aliansce IPO in Brazil, the GGP share of Aliansce debt - $104.1 million as of Q2 2010 - is excluded. The GGP investment is now in the form of common stock with no obligations for further contributions.
(d)	Reflected at carrying value at June 30, 2010 as the Company adopted accounting principles related to noncontrolling interests in consolidated financial statements and related guidance in the first quarter of 2009 as required.
(e)	Reflects the closing price per share on June 30, 2010 of $13.26.
(f)	Net of 1.4 million treasury shares.

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Second Quarter Earnings Announcement

August 9, 2010

News Release	General Growth Properties, Inc.
	110 North Wacker Drive
	Chicago, IL 60606
	(312) 960-5000
	FAX (312) 960-5475

FOR IMMEDIATE RELEASE	CONTACT:	Jim Graham
		Senior Director of Public Affairs
		(312) 960-2955

General Growth Properties Announces
Results for Second Quarter 2010

Chicago, Illinois, August 9, 2010— General Growth Properties, Inc. (the Company or GGP) (NYSE: GGP) today reported its operating results for the three months ending June 30, 2010.

Funds from operations was $93.6 million in the second quarter of 2010 compared to $58.2 million in the second quarter of 2009, an increase of approximately $35.4 million. Core FFO for the second quarter of 2010 was $102.9 million, or $0.32 per fully diluted share, compared to $124.6 million, or $0.39 per fully diluted share, for the second quarter of 2009. Earnings per share were a loss of $0.37 in the second quarter of 2010 compared to a loss of $0.51 in the second quarter of 2009.

“Our financial and operating performance during the second quarter demonstrated continued progress in meeting our strategic priorities,” said Adam Metz, chief executive officer of GGP. “GGP’s earnings were characterized by increased leasing activity, sales and traffic at properties compared to the same period last year. Our properties in the Northeast and Florida performed particularly well. Our leasing pipeline today is much stronger than it was a year ago. Our NOI for the quarter reflects in part the leasing environment from last year, when GGP faced its greatest challenges, but our leasing

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results have been considerably stronger since then, and I expect our NOI to reflect that improvement in future quarters.”

“During the second quarter, we signed 2.8 million square feet of in-line and outparcel tenant leasing deals. We actively manage our assets to attract the nation’s leading retailers, including Forever 21, which opened its largest store to date (126,000 square feet) at Fashion Show Mall in Las Vegas, and Microsoft, which opened a store in our Park Meadows Mall in Colorado and signed a lease for a new store in Oakbrook Center. In addition, Nordstrom remains on track to open at Christiana Mall in Delaware and at the St. Louis Galleria in 2011.”

During the quarter, tenant sales at comparable properties increased by 7.8%, which further builds on the 7.5% year-over-year growth in the first quarter of 2010. Mr. Metz continued, “Strong tenant sales demonstrate the success of our property strategy. Tenant sales lead to increased tenant demand, which results in higher occupancy and rental rates. Tenant sales at our properties have increased over the comparable 2009 month every month so far this year from their low point in December 2009. To that end, we remain focused on continuing to improve our properties’ shopping experience so that we create a long-term, sustainable franchise in our markets.

“As we have been improving our leasing and operating performance, we have been successfully managing our financial restructuring,” concluded Mr. Metz. “We are extremely pleased with our progress in the restructuring to date, and we look forward to continuing to work productively with all of our stakeholders to finish building the strong capital structure that will sustain GGP in the future. GGP will emerge from Chapter 11 with a strengthened financial foundation to enable us to execute on our clear strategy to build value for all stakeholders.”

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Second Quarter 2010 and 2009 Comparable Retail and other Segment NOI

	Three Months Ended
	June 30,
	2010			2009
	(In thousands)
Retail and other segment NOI	$	593,495		$	612,875
Adjustments		(22,026	)		(21,446	)
Comparable Retail and other segment NOI	$	571,469		$	591,429
Decrease in Comparable Retail and other segment NOI		(3.4	%)

A schedule showing adjustments and non-comparable income and expense items and their impact on 2010 and 2009 Net Operating Income (“NOI”) from our Retail and other segment is provided with this release. Concurrent with this release, the Company has also made available on its website its quarterly package of supplemental financial information, which provides additional operational result detail.

OPERATIONAL HIGHLIGHTS

GGP remains focused on three interrelated strategies to thrive in the future:

§	Restructuring its balance sheet to create a solid foundation for future growth
§	Realigning the Company’s property portfolio to focus on core strengths
§	Reengineering operations to be more efficient and effective

Among GGP’s recent highlights with respect to these strategies are:

On July 13, 2010, as amended August 2, 2010, GGP filed with the Bankruptcy Court its Amended Plan of Reorganization and Disclosure Statement (“the Plan”), continuing its progress toward expected emergence from bankruptcy in October 2010. Under the Plan, which is subject to Bankruptcy Court approval, GGP will emerge with a significantly improved balance sheet and substantially less debt than when the Company filed for bankruptcy protection, providing it with a strong financial foundation to execute its growth strategy going forward. GGP will

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	satisfy debt and other claims in full, provide a substantial recovery for stockholders and implement a recapitalization with a minimum of $7.0 billion of new equity capital.
§	GGP has successfully and consensually restructured all of approximately $15 billion of the project-level debt included in the bankruptcy, and has closed on all but $95 million of that debt. These plans provide for the payment of all allowed creditor claims in full and the extension of the secured mortgage loans so that GGP has a range of maturities of such filed debt, with no restructured loan maturing before January 1, 2014. Certain debt associated with non-filed joint venture properties matures prior to 2014.
§	The Company has named four new executives to assume the roles of chief financial officer and department heads for asset management, leasing and marketing/communications. Drawn from experienced talent from both within and outside the organization, the Company believes these individuals strengthen the management team and will help the Company effectively execute its growth strategy.

SEGMENT RESULTS

Retail and Other Segment

§ NOIin this segment decreased to $593.5 million for the second quarter of 2010 from the $612.9 million reported for the second quarter of 2009. Excluding the items detailed in the attached schedule of significant items that impact comparability, NOI for the second quarter of 2010 declined 3.4% year-over-year. Comparable NOI was primarily affected by reduced revenue and occupancy as a result of continuing weak economic conditions, which are triggering rental concessions, bankruptcy claim settlements and other reductions in rents and collections. See table below.

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Comparable Property NOI Bridge

	Three Months Ended
	June 30,
	2010			2009			Y-o-Y Change
	(In thousands)
Total Retail and other NOI	$	593,495		$	612,875			(3.2	%)
Adjustments:
NOI from noncomparable properties		(14,576	)		(10,201	)
Termination income		(8,161	)		(11,077	)
Corporate and other		711			(168	)
Comparable Retail and other NOI	$	571,469		$	591,429			(3.4	%)

§	Revenues from consolidated propertiesdeclined $20.8 million, or approximately 2.8%, for the second quarter of 2010 to $727.2 million, primarily due to declines in minimum rents and tenant recoveries as a result of declines in specialty leasing occupancy and sales volumes, the disruptive effect of the bankruptcy process and the continued weak economic conditions.
§	Revenues from unconsolidated propertiesat the Company’s ownership share were $147.6 million for the second quarter of 2010, roughly comparable to the $149.8 million in the second quarter of 2009.
§	Comparable tenant saleson a trailing 12 month basis increased 0.2% compared to the same period last year. However, on a quarterly basis, comparable tenant sales rose a healthy 7.8% year-over-year, with first quarter momentum continuing into second quarter. June 2010 comparable sales increased 9.2% year-over-year, with April and May showing increases of 7.2% and 6.8%, respectively.
§	Retail leasing activitycontinued to increase during the second quarter of 2010, with retailers now willing, in general, to commit to longer lease terms than in the prior year. Total in-line and outparcel tenant leasing deals were signed covering

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	2.8 million square feet, an increase of 23% over the same period of last year. In addition to renewals, this total includes new deal square footage of approximately 433 thousand square feet. Given that tenant sales continue to increase, GGP believes that it is well positioned for future lease rate increases.
§	Retail Center occupancyincreased to 91.1% at June 30, 2010 from 91.0% at June 30, 2009.

Master Planned Communities Segment

GGP’s premier master planned community segment includes The Woodlands and Bridgeland, both in the Houston metropolitan area, Summerlin in Las Vegas and Columbia and Emerson in Maryland. This segment also includes the Nouvelle at Natick condominium project.

§

During the quarter,GGP sold 27 units at its Nouvelle Natick condominium project and entered into agreements to sell an additional 15 units. As cumulative unit sales (128 units) exceed the threshold for revenue recognition under the percentage of completion method of accounting, previously deferred revenues of approximately $52.9 million were recognized in the second quarter of 2010.

§

Land sale revenuesfor the second quarter of 2010 were $7.1 million for consolidated master planned communities and $13.3 million for unconsolidated communities, compared to $22.4 million and $13.4 million, respectively, for the second quarter of 2009. Decreases in land sale revenues for the consolidated master planned communities, particularly Columbia, reflect continued weak overall demand for individual lots. These decreases where partially offset by sales of lots in the Houston communities, which continued their first quarter 2010 improvements compared to 2009.

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§ NOIfrom the Master Planned Communities segment for the second quarter of 2010 was $0.9 million for consolidated properties and $4.6 million for the unconsolidated properties, continuing the first quarter 2010 results where margins from lot sales did not significantly exceed selling and community-specific general and administrative costs, which are largely fixed.

CORE FFO, FFO AND EPS HIGHLIGHTS

§

Core FFOfor the second quarter of 2010 was $102.9 million, or $0.32 per fully diluted share, compared to $124.6 million, or $0.39 per fully diluted share, for the second quarter of 2009. Core FFO excludes results from the Master Planned Communities segment and the (provision for) benefit from income taxes.FFOwas $93.6 million in the second quarter of 2010 compared to $58.2 million in the second quarter of 2009, an increase of approximately $35.4 million. The primary driver for this quarterly increase was a decrease in aggregate provisions for impairment of $62.5 million compared to second quarter 2009. Partially offsetting this increase were $80.1 million, net, of reorganization items incurred in the second quarter of 2010 arising from the Company’s bankruptcy proceedings as detailed in the supplemental schedule of items that impact comparability. Similar items incurred in the second quarter of 2009 were $50.6 million (recorded either as reorganization items or as strategic initiative costs if such costs were incurred prior to GGP’s bankruptcy filing in April 2009).

§

EPSwere a loss of $0.37 in the second quarter of 2010 compared to a loss of $0.51 in the second quarter of 2009. A substantial majority of the improvement in EPS was due to the items listed in the attached supplemental comparative schedule of matters affecting NOI, Core FFO and FFO described above.

GGP INFORMATION/WEBSITE

The Company currently has ownership interest in more than 200 regional shopping malls in 43 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200

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million square feet of retail space and includes over 24,000 retail stores nationwide. The Company’s common stock is currently traded on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com.

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

FUNDS FROM OPERATIONS AND CORE FFO

The Company, consistent with real estate industry and investment community preferences, uses FFO as a supplemental measure of operating performance for a Real Estate Investment Trust (REIT). The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (loss) attributable to common stockholders (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, plus real estate related depreciation and amortization and including adjustments for unconsolidated partnerships and joint ventures.

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance. However, the Company believes that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of its business. FFO does not facilitate an understanding of the operating performance of the Master Planned Communities segment of its business as its primary strategy in this segment is to develop and sell land in a manner that increases the value of the remaining land. In addition, the Master Planned Communities segment of the Company’s business is operated within taxable REIT subsidiaries and therefore its (provision for) benefit from income tax expense is largely attributable to this segment of the business. To isolate these parts of the Company from the Retail and Other segment, for which FFO is a relevant measure of operating performance, the Company also uses Core FFO as an operating measure. Core FFO is defined as FFO excluding the NOI from the Master Planned Communities segment and the (provision for) benefit from income taxes.

In order to provide a better understanding of the relationship between Core FFO, FFO and GAAP net income (loss), a reconciliation of Core FFO and FFO to GAAP net income (loss) attributable to common stockholders has been provided. Neither Core FFO nor FFO represent cash flow from operating activities in accordance with GAAP, neither should be considered as an alternative to GAAP net income (loss) attributable to common stockholders and neither is necessarily indicative of cash available to fund cash needs. In addition, the Company has presented FFO on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that

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given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

REAL ESTATE PROPERTY NET OPERATING INCOME (NOI) AND COMPARABLE NOI

The Company believes that NOI is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues (rental income, land and condominium sales, tenant recoveries and other income) less property and related expenses (real estate taxes, land and condominium sales operating costs, property maintenance costs, marketing and other property expenses). As with FFO described above, NOI has been reflected on a consolidated and unconsolidated basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.

Because NOI excludes general and administrative expenses, interest expense, retail investment property impairment or other non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to non-controlling interests, reorganization items, strategic initiatives and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates, land values (with respect to the Master Planned Communities) and operating costs. This measure thereby provides an operating perspective not immediately apparent from GAAP operating or net income (loss) attributable to common stockholders. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns.

In addition, management believes that NOI provides useful information to the investment community about the Company’s operating performance. However, due to the exclusions noted above, NOI should only be used as an alternative measure of the Company’s financial performance. For reference, and as an aid in understanding management’s computation of NOI, a reconciliation of NOI to consolidated operating income (loss) as computed in accordance with GAAP has been presented.

Comparable retail and other segment NOI excludes from both years the NOI of properties with significant physical or merchandising changes and those properties acquired or opened during the relevant comparative accounting periods.

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PROPERTY INFORMATION

The Company has presented information on its consolidated and unconsolidated properties separately in the accompanying financial schedules. As a significant portion of the Company’s total operations are structured as joint venture arrangements which are unconsolidated, management of the Company believes that operating data with respect to all properties owned provides important insights into the income produced by such investments for the Company as a whole. In addition, the individual items of revenue and expense for the unconsolidated properties have been presented at the Company’s ownership share of such unconsolidated ventures. As substantially all of the management operating philosophies and strategies are the same regardless of ownership structure, an aggregate presentation of NOI and other operating statistics yields a more accurate representation of the relative size and significance of such elements of the Company’s overall operations.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. 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 successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our 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. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

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GENERAL GROWTH PROPERTIES, INC.
OVERVIEW
(In thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Funds From Operations (“FFO”)
Company stockholders	$	91,512		$	56,863		$	334,104		$	(105,038	)
Operating Partnership unit holders		2,095			1,322			7,667			(2,693	)
Operating Partnership	$	93,607		$	58,185		$	341,771		$	(107,731	)
Increase (decrease) in FFO over comparable prior year period		60.9	%		(73.8	)%		417.2	%		(124.6	)%
FFO per share:
Company stockholders — basic	$	0.29		$	0.18		$	1.06		$	(0.34	)
Operating Partnership — basic		0.29			0.18			1.06			(0.34	)
Operating Partnership — diluted		0.29			0.18			1.05			(0.34	)
Increase (decrease) in diluted FFO per share over comparable prior year periods		61.1	%		(73.9	)%		408.8	%		(123.9	)%
Core Funds From Operations (“Core FFO”)
Core FFO	$	102,918		$	124,552		$	357,037		$	1,664
Increase (decrease) in Core FFO over comparable prior year period		(17.4	)%		(43.9	)%		21,356.6	%		(99.6	)%
Core FFO per share — diluted		0.32			0.39			1.10			0.01
Increase (decrease) in diluted Core FFO per share over comparable prior year periods		(17.9	)%		(44.3	)%		10,900.0	%		(99.3	)%
Dividends
Dividends paid per share (a)	$	—		$	—		$	0.19		$	—
Payout ratio (% of diluted FFO paid out)		—	%		—	%		18.1	%		—	%
Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	491,919		$	514,699		$	977,659		$	1,021,122
Unconsolidated		101,576			98,176			202,113			197,670
Total Retail and Other		593,495			612,875			1,179,772			1,218,792
							��
Master Planned Communities:
Consolidated		900			(55,325	)		(4,197	)		(109,720	)
Unconsolidated		4,567			4,687			7,231			5,020
Total Master Planned Communities		5,467			(50,638	)		3,034			(104,700	)
Total Real estate property net operating income	$	598,962		$	562,237		$	1,182,806		$	1,114,092

	June 30,		December 31,
Selected Balance Sheet Information	2010		2009
Cash and cash equivalents	$	548,265	$	654,396
Investment in real estate:
Net land, buildings and equipment	$	21,381,958	$	21,684,661
Developments in progress		425,864		417,969
Net investment in and loans to/from
Unconsolidated Real Estate Affiliates		1,951,246		1,941,024
Investment property and property held for development and sale		1,913,655		1,753,175
Net investment in real estate	$	25,672,723	$	25,796,829
Total assets	$	27,837,384	$	28,149,774
Mortgages, notes and loans payable not subject to compromise	$	16,809,002	$	7,300,772
Mortgages, notes and loans payable subject to compromise (b)		7,856,257		17,767,253
Redeemable noncontrolling interests — Preferred		120,756		120,756
Redeemable noncontrolling interests — Common		97,851		86,077
Total equity		822,515		847,339
Total capitalization (at cost)	$	25,706,381	$	26,122,197

(a)	Represents 2009 dividend declared in December 2009 that was paid in January 2010 ($6.0 million in cash and 4.9 million shares of common stock).
(b)	Mortgages, notes and loans payable subject to compromise are for obligations of the Debtors which do not have effective plans of reorganization as of June 30, 2010. The principal amounts of such mortgages, notes and loans payable may change in the future depending on the outcome of their respective Chapter 11 cases.

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GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Revenues:
Minimum rents	$	484,459		$	498,708		$	977,217		$	997,816
Tenant recoveries		215,587			224,691			429,838			457,710
Overage rents		7,447			5,782			17,793			15,806
Land and condominium sales		59,965			22,448			65,035			31,435
Management fees and other corporate revenues		15,902			18,860			33,988			40,719
Other		21,957			21,606			42,683			37,249
Total revenues		805,317			792,095			1,566,554			1,580,735
Expenses:
Real estate taxes		71,062			68,959			143,157			140,518
Property maintenance costs		26,188			22,100			62,032			49,459
Marketing		6,250			6,906			13,331			14,482
Other property operating costs		128,201			126,479			255,272			258,178
Land and condominium sales operations		59,065			21,850			69,232			32,464
Provision for doubtful accounts		3,619			8,847			9,946			19,179
Property management and other costs		48,517			42,200			83,949			85,609
General and administrative		5,668			6,591			13,306			14,112
Strategic Initiatives		—			25,713			—			64,013
Provisions for impairment		19,923			82,388			31,273			413,480
Depreciation and amortization		175,318			186,472			352,621			391,087
Total expenses		543,811			598,505			1,034,119			1,482,581
Operating income (loss)		261,506			193,590			532,435			98,154
Interest income		137			501			813			1,231
Interest expense		(301,726	)		(328,351	)		(637,004	)		(656,841	)
Loss before income taxes, noncontrolling interests, reorganization items, and equity in income of Unconsolidated Real Estate Affiliates		(40,083	)		(134,260	)		(103,756	)		(557,456	)
Provision for income taxes		(14,234	)		(15,742	)		(17,884	)		(4,228	)
Equity in income of Unconsolidated Real Estate Affiliates		16,901			16,339			50,652			23,877
Reorganization items		(80,111	)		(24,918	)		9,301			(24,918	)
Income (loss) from continuing operations		(117,527	)		(158,581	)		(61,687	)		(562,725	)
Discontinued operations — loss on dispositions		—			—			—			(55	)
Net income (loss)		(117,527	)		(158,581	)		(61,687	)		(562,780	)
Allocation to noncontrolling interests		1			179			(4,184	)		8,299
Net income (loss) attributable to common stockholders	$	(117,526	)	$	(158,402	)	$	(65,871	)	$	(554,481	)
Basic and Diluted Earnings (Loss) Per Share:
Continuing operations	$	(0.37	)	$	(0.51	)	$	(0.21	)	$	(1.78	)
Discontinued operations		—			—			—			—
Total basic and diluted earnings (loss) per share	$	(0.37	)	$	(0.51	)	$	(0.21	)	$	(1.78	)

14

GENERAL GROWTH PROPERTIES, INC.
PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS (“FFO”)
(In thousands)

	Three Months Ended June 30, 2010
	Consolidated			Unconsolidated			Segment
Retail and Other	Properties			Properties			Basis
Property revenues:
Minimum rents	$	484,459		$	97,466		$	581,925
Tenant recoveries		215,587			37,500			253,087
Overage rents		7,447			951			8,398
Other, including noncontrolling interests		19,746			11,667			31,413
Total property revenues		727,239			147,584			874,823
Property operating expenses:
Real estate taxes		71,062			12,078			83,140
Property maintenance costs		26,188			4,599			30,787
Marketing		6,250			1,107			7,357
Other property operating costs		128,201			27,509			155,710
Provision for doubtful accounts		3,619			715			4,334
Total property operating expenses		235,320			46,008			281,328
Retail and other net operating income		491,919			101,576			593,495
Master Planned Communities
Land and condominium sales		59,965			13,337			73,302
Land and condominium sales operations		(59,065	)		(8,770	)		(67,835	)
Master Planned Communities net operating income		900			4,567			5,467
Real estate property net operating income		492,819			106,143		$	598,962
Management fees and other corporate revenues		15,902			5,960
Property management and other costs		(48,517	)		(9,661	)
General and administrative		(5,668	)		682
Provisions for impairment		(19,923	)		(421	)
Depreciation on non-income producing assets, including headquarters building		(2,451	)		—
Interest income		137			2,506
Interest expense		(301,726	)		(46,030	)
Provision for income taxes		(14,234	)		(544	)
Preferred unit distributions		(2,335	)		—
Other FFO from noncontrolling interests		1,051			28
Reorganization items		(80,111	)		—
FFO		34,944			58,663
Equity in FFO of Unconsolidated Properties		58,663			(58,663	)
Operating Partnership FFO	$	93,607		$	—
	Three Months Ended June 30, 2009
	Consolidated			Unconsolidated			Segment
Retail and Other	Properties			Properties			Basis
Property revenues:
Minimum rents	$	498,708		$	97,043		$	595,751
Tenant recoveries		224,691			38,722			263,413
Overage rents		5,782			975			6,757
Other, including noncontrolling interests *		18,809			13,013			31,822
Total property revenues		747,990			149,753			897,743
Property operating expenses:
Real estate taxes		68,959			12,263			81,222
Property maintenance costs *		22,100			4,165			26,265
Marketing		6,906			1,275			8,181
Other property operating costs *		126,479			32,068			158,547
Provision for doubtful accounts		8,847			1,806			10,653
Total property operating expenses		233,291			51,577			284,868
Retail and other net operating income		514,699			98,176			612,875
Master Planned Communities
Land and condominium sales		22,448			13,419			35,867
Land and condominium sales operations		(21,850	)		(8,732	)		(30,582	)
Master Planned Communities net operating income		598			4,687			5,285
Provision for impairment		(55,923	)		—			(55,923	)
Master Planned Communities net operating (loss) income		(55,325	)		4,687			(50,638	)
Real estate property net operating income		459,374			102,863		$	562,237
Management fees and other corporate revenues		18,861			4,396
Property management and other costs		(42,200	)		(9,254	)
General and administrative		(6,591	)		(2,482	)
Strategic initiatives		(25,713	)		—
Provisions for impairment		(26,465	)		(1,761	)
Depreciation on non-income producing assets, including headquarters building		(2,395	)		—
Interest income		501			1,015
Interest expense		(328,351	)		(41,991	)
(Provision for) benefit from income taxes		(15,742	)		13
Preferred unit distributions		(2,336	)		—
Other FFO from noncontrolling interests		1,330			31
Reorganization items		(24,918	)		—
FFO		5,355			52,830
Equity in FFO of Unconsolidated Properties		52,830			(52,830	)
Operating Partnership FFO	$	58,185		$	—

* Approximately $2.9 million of fee revenue and $31.8 million of operating costs, primarily cleaning and janitorial costs, were reclassified to conform to the 2010 presentation.

15

GENERAL GROWTH PROPERTIES, INC.
PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS (“FFO”)
(In thousands)

	Six Months Ended June 30, 2010
	Consolidated			Unconsolidated			Segment
Retail and Other	Properties			Properties			Basis
Property revenues:
Minimum rents	$	977,217		$	197,345		$	1,174,562
Tenant recoveries		429,838			76,771			506,609
Overage rents		17,793			2,190			19,983
Other, including noncontrolling interests		36,549			22,355			58,904
Total property revenues		1,461,397			298,661			1,760,058
Property operating expenses:
Real estate taxes		143,157			24,663			167,820
Property maintenance costs		62,032			9,881			71,913
Marketing		13,331			2,628			15,959
Other property operating costs		255,272			57,231			312,503
Provision for doubtful accounts		9,946			2,145			12,091
Total property operating expenses		483,738			96,548			580,286
Retail and other net operating income		977,659			202,113			1,179,772
Master Planned Communities
Land and condominium sales		65,035			25,972			91,007
Land and condominium sales operations		(69,232	)		(18,741	)		(87,973	)
Master Planned Communities net operating (loss) income		(4,197	)		7,231			3,034
Real estate property net operating income		973,462			209,344		$	1,182,806
Management fees and other corporate revenues		33,988			9,850
Property management and other costs		(83,949	)		(18,887	)
General and administrative		(13,306	)		260
Provisions for impairment		(31,273	)		(421	)
Depreciation on non-income producing assets, including headquarters building		(4,793	)		—
Interest income		813			3,178
Interest expense		(637,004	)		(88,215	)
Provision for income taxes		(17,884	)		(416	)
Preferred unit distributions		(4,671	)		—
Other FFO from noncontrolling interests		2,337			57
Reorganization items		9,301			—
FFO		227,021			114,750
Equity in FFO of Unconsolidated Properties		114,750			(114,750	)
Operating Partnership FFO	$	341,771		$	—
	Six Months Ended June 30, 2009
	Consolidated			Unconsolidated			Segment
Retail and Other	Properties			Properties			Basis
Property revenues:
Minimum rents	$	997,816		$	194,434		$	1,192,250
Tenant recoveries		457,710			79,541			537,251
Overage rents		15,806			2,191			17,997
Other, including noncontrolling interests *		31,606			25,641			57,247
Total property revenues		1,502,938			301,807			1,804,745
Property operating expenses:
Real estate taxes		140,518			24,844			165,362
Property maintenance costs *		49,459			8,999			58,458
Marketing		14,482			2,750			17,232
Other property operating costs *		258,178			64,490			322,668
Provision for doubtful accounts		19,179			3,054			22,233
Total property operating expenses		481,816			104,137			585,953
Retail and other net operating income		1,021,122			197,670			1,218,792
Master Planned Communities
Land and condominium sales		31,435			18,520			49,955
Land and condominium sales operations		(32,464	)		(13,500	)		(45,964	)
Master Planned Communities net operating (loss) income		(1,029	)		5,020			3,991
Provision for impairment		(108,691	)		—			(108,691	)
Master Planned Communities net operating (loss) income		(109,720	)		5,020			(104,700	)
Real estate property net operating income		911,402			202,690		$	1,114,092
Management fees and other corporate revenues		40,719			7,929
Property management and other costs		(85,609	)		(18,300	)
General and administrative		(14,112	)		(6,743	)
Strategic initiatives		(64,013	)		—
Provisions for impairment		(304,789	)		(3,207	)
Depreciation on non-income producing assets, including headquarters building		(4,877	)		—
Interest income		1,231			1,932
Interest expense		(656,841	)		(83,584	)
Provision for income taxes		(4,228	)		(467	)
Preferred unit distributions		(4,671	)		—
Other FFO from noncontrolling interests		2,666			59
Reorganization items		(24,918	)		—
FFO		(208,040	)		100,309
Equity in FFO of Unconsolidated Properties		100,309			(100,309	)
Operating Partnership FFO	$	(107,731	)	$	—

* Approximately $5.6 million of fee revenue and $63.7 million of operating costs, primarily cleaning and janitorial costs, were reclassified to conform to the 2010 presentation.

16

GENERAL GROWTH PROPERTIES, INC.
SUPPLEMENTAL SCHEDULE OF SIGNIFICANT ITEMS THAT IMPACT COMPARABILITY (a)
(In thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Retail and other net operating income	$	593,495		$	612,875		$	1,179,772		$	1,218,792
Retail and other net operating income adjustments:
Net operating income from noncomparable properties		(14,576	)		(10,201	)		(28,935	)		(17,623	)
Corporate and other		711			(168	)		(2,070	)		(1,607	)
Termination income		(8,161	)		(11,077	)		(20,832	)		(20,194	)
Total Retail and other net operating income adjustments		(22,026	)		(21,446	)		(51,837	)		(39,424	)
Comparable retail and other net operating income	$	571,469		$	591,429		$	1,127,935		$	1,179,368
Core FFO	$	102,918		$	124,552		$	357,037		$	1,664
Core FFO adjustments:
Retail and other net operating income adjustments		(22,026	)		(21,446	)		(51,837	)		(39,424	)
Provisions for impairment:
Operating properties		19,716			—			30,773			121,422
Non-recoverable development and pre-development costs		628			8,865			921			57,824
Goodwill		—			19,361			—			128,750
Core FFO provisions for impairment		20,344			28,226			31,694			307,996
Reorganization items (b)
Gains on liabilities subject to compromise — other		(5,672	)		(2,379	)		(6,876	)		(2,379	)
Gains on liabilities subject to compromise — mortgage debt		(35,938	)		—			(319,009	)		—
Restructuring costs		120,388			26,207			313,837			26,207
Interest income		(80	)		(7	)		(90	)		(7	)
U.S. Trustee fees		1,413			1,097			2,837			1,097
Total reorganization items		80,111			24,918			(9,301	)		24,918
Strategic initiatives (c)		—			25,713			—			64,013
Termination of interest rate swaps		—			34,813			—			34,813
Total Core FFO adjustments		78,429			92,224			(29,444	)		392,316
Comparable Core FFO	$	181,347		$	216,776		$	327,593		$	393,980
Comparable Core FFO per share — diluted	$	0.56		$	0.68		$	1.01		$	1.23

(a)	Includes consolidated and unconsolidated properties.
(b)	Reorganization items reflect bankruptcy-related activity, including gains on liabilities subject to compromise, interest income, U.S. Trustee fees, and other restructuring costs, incurred after filing for Chapter 11 protection on April 16, 2009.
(c)	Strategic initiatives include fees and expenses incurred for various consultants and advisors that assisted in the development of strategic alternatives relating to our liquidity and financing situation prior to filing for Chapter 11 protection.

17

GENERAL GROWTH PROPERTIES, INC.
SUPPLEMENTAL DISCLOSURE OF CERTAIN NON-CASH REVENUES AND EXPENSES REFLECTED IN FFO
(In thousands)

	Three Months Ended						Three Months Ended
	June 30, 2010						June 30, 2009
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	1,802		$	81		$	2,502		$	1,214
Straight-line rent		8,571			2,674			10,058			2,747
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(981	)		—
Other property operating costs:
Non-cash ground rent expense		(1,569	)		(248	)		(1,576	)		(481	)
Provisions for impairment		(19,923	)		(421	)		(82,388	)		(1,761	)
Interest expense:
Mark-to-market adjustments on debt		21,212			138			3,816			944
Amortization of deferred finance costs		(7,495	)		(424	)		(5,843	)		(400	)
Amortization of discount on exchangeable notes		(7,180	)		—			(6,757	)		—
Termination of interest rate swaps		(4,520	)		—			10,061			—
Debt extinguishment costs		(157	)		—			—			—
Non-cash reorganization items		(5,047	)		—			(31,176	)		—
Totals	$	(15,287	)	$	1,800		$	(102,284	)	$	2,263
	Six Months Ended						Six Months Ended
	June 30, 2010						June 30, 2009
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	3,085		$	85		$	3,356		$	2,932
Straight-line rent		19,117			5,046			18,694			6,525
Real estate taxes:
Real estate tax stabilization agreement		(1,962	)		—			(1,962	)		—
Other property operating costs:
Non-cash ground rent expense		(3,133	)		(393	)		(3,163	)		(681	)
Provisions for impairment		(31,273	)		(421	)		(413,480	)		(3,207	)
Interest expense:
Mark-to-market adjustments on debt		8,822			214			6,063			1,331
Amortization of deferred finance costs		(16,352	)		(837	)		(25,974	)		(825	)
Amortization of discount on exchangeable notes		(14,290	)		—			(13,450	)		—
Termination of interest rate swaps		(9,040	)		—			18,675			—
Debt extinguishment costs		(157	)		—			—			—
Non-cash reorganization items		198,533			—			(31,176	)		—
Totals	$	153,350		$	3,694		$	(442,417	)	$	6,075

SUPPLEMENTAL SCHEDULE OF MANAGEMENT AND ADMINISTRATIVE COSTS, NET
(In thousands)

	Three Months Ended						Three Months Ended
	June 30, 2010						June 30, 2009
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Management fees and other corporate revenues, net *	$	10,088		$	5,960		$	12,974		$	4,396
Property management and other costs		(48,517	)		(3,847	)		(42,200	)		(3,367	)
General and administrative		(5,668	)		682			(6,591	)		(2,482	)
Total management and administrative costs, net	$	(44,097	)	$	2,795		$	(35,817	)	$	(1,453	)
	Six Months Ended						Six Months Ended
	June 30, 2010						June 30, 2009
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Management and other fees, net (a)	$	22,303		$	9,850		$	28,867		$	7,929
Property management and other costs		(83,949	)		(7,202	)		(85,609	)		(6,448	)
General and administrative		(13,306	)		260			(14,112	)		(6,743	)
Total management and administrative costs, net	$	(74,952	)	$	2,908		$	(70,854	)	$	(5,262	)

* Management and other fees are net of property management fee expense incurred by the unconsolidated properties, at our ownership share, which are reflected as a component of property management and other costs in unconsolidated properties. Such amounts are $5.8 million for the three months ended June 30, 2010, $5.9 million for the three months ended June 30, 2009, $11.7 million for the six months ended June 30, 2010, and $11.9 million for the six months ended June 30, 2009.

18

GENERAL GROWTH PROPERTIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
(In thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income (Loss)
Real estate property net operating income:
Segment basis	$	598,962		$	562,237		$	1,182,806		$	1,114,092
Unconsolidated Properties		(106,143	)		(102,863	)		(209,344	)		(202,690	)
Consolidated Properties		492,819			459,374			973,462			911,402
Management fees and other corporate revenues		15,902			18,861			33,988			40,719
Property management and other costs		(48,517	)		(42,200	)		(83,949	)		(85,609	)
General and administrative		(5,668	)		(6,591	)		(13,306	)		(14,112	)
Strategic Inititaives		—			(25,713	)		—			(64,013	)
Provisions for impairment		(19,923	)		(26,465	)		(31,273	)		(304,789	)
Depreciation and amortization		(175,318	)		(186,472	)		(352,621	)		(391,087	)
Noncontrolling interest in NOI of Consolidated Properties and other		2,211			2,796			6,134			5,643
Operating income (loss)	$	261,506		$	193,590		$	532,435		$	98,154
Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income (Loss) Attributable to Common Stockholders
Core FFO	$	102,918		$	124,552		$	357,037		$	1,664
Master Planned Communities net operating loss		5,467			(50,638	)		3,034			(104,700	)
Provision for income taxes		(14,778	)		(15,729	)		(18,300	)		(4,695	)
Funds From Operations — Operating Partnership		93,607			58,185			341,771			(107,731	)
Depreciation and amortization of capitalized real estate costs		(210,458	)		(220,584	)		(423,042	)		(462,679	)
Gains (losses) on sales of investment properties *		(4,194	)		—			11,926			(55	)
Noncontrolling interests in depreciation of Consolidated Properties and other		819			893			1,962			1,768
Redeemable noncontrolling interests		2,700			3,104			1,512			14,216
Net income (loss) attributable to common stockholders	$	(117,526	)	$	(158,402	)	$	(65,871	)	$	(554,481	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	106,143		$	102,863		$	209,344		$	202,690
Net property management fees and costs		(3,701	)		(4,858	)		(9,037	)		(10,371	)
Net interest expense		(43,524	)		(40,976	)		(85,037	)		(81,652	)
General and administrative, provisions for impairment, income taxes and noncontrolling interest in FFO		(255	)		(4,199	)		(520	)		(10,358	)
FFO of unconsolidated properties		58,663			52,830			114,750			100,309
Depreciation and amortization of capitalized real estate costs		(37,591	)		(36,507	)		(75,214	)		(76,469	)
Other, including gains on sales of investment properties *		(4,171	)		16			11,116			37
Equity in income of Unconsolidated Real Estate Affiliates	$	16,901		$	16,339		$	50,652		$	23,877
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		324,628			319,601			323,837			319,596
Conversion of Operating Partnership units		(7,265	)		(7,264	)		(7,265	)		(7,990	)
Weighted average number of Company shares outstanding — GAAP EPS		317,363			312,337			316,572			311,606
Diluted:
Weighted average number of shares outstanding — FFO per share		326,127			319,601			325,277			319,596
Conversion of Operating Partnership units		(7,265	)		(7,264	)		(7,265	)		(7,990	)
Effect of dilutive securities — options		(1,499	)		—			(1,440	)		—
Weighted average number of Company shares outstanding — GAAP EPS		317,363			312,337			316,572			311,606

* Included in such amounts for the six months ended June 30, 2010 is $9.3 million of gain, which, according to current GAAP guidance, is recognized due to our Brazilian joint venture issuing common stock with an issue price in excess of our carrying value per share of our investment in such venture.

19

Supplemental Financial Data

GENERAL GROWTH PROPERTIES, INC.
SUMMARY RETAINED FFO & CORE FFO
(dollars in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Cash From Recurring Operations
FFO — Operating Partnership	$	93,607		$	58,185		$	341,771		$	(107,731	)
Plus (Less):
Master Planned Communities non-cash adjustment		53			(41,724	)		(5,264	)		10,501
Land development expenditures, net of related financing		(10,719	)		(9,346	)		(14,831	)		(16,192	)
Deferred income taxes		2,260			8,362			3,895			(9,842	)
Tenant allowances and capitalized leasing costs (a) (b) (c)		(17,645	)		(22,854	)		(38,386	)		(55,556	)
Capital expenditures (d)		(11,347	)		(3,600	)		(26,655	)		(6,634	)
Above- and below-market tenant leases, net		(1,883	)		(3,716	)		(3,170	)		(6,288	)
Straight-line rent adjustment		(11,245	)		(12,805	)		(24,163	)		(25,219	)
Real estate tax stabilization agreement		981			981			1,962			1,962
Non-cash ground rent expense		1,817			2,057			3,526			3,844
Provisions for impairment		20,344			84,149			31,694			416,687
Mark-to-market adjustments on debt		(21,350	)		(4,760	)		(9,036	)		(7,394	)
Amortization of deferred finance costs		7,919			6,243			17,189			26,799
Amortization of discount on exchangeable notes		7,180			6,757			14,290			13,450
Termination of interest rate swaps		4,520			(10,061	)		9,040			(18,675	)
Debt extinguishment costs		157			—			157			—
Non-cash reorganization items		5,047			31,176			(198,533	)		31,176
Cash From Recurring Operations — Operating Partnership	$	69,696		$	89,044		$	103,486		$	250,888
											��
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	69,696		$	89,044		$	103,486		$	250,888
Less common and preferred dividends/distributions paid (e)		(146	)		(102	)		(59,787	)		(307,723	)
Retained Funds From Recurring Operations — Operating Partnership	$	69,550		$	88,942		$	43,699		$	(56,835	)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2010			2009		2010			2009
Core FFO
Operating Partnership FFO	$	93,607		$	58,185	$	341,771		$	(107,731	)
Exclusions, at the Company’s share:
Master Planned Communities net operating loss (income)		(5,467	)		50,638		(3,034	)		104,700
Provision for (benefit from) income taxes		14,779			15,729		18,300			4,695
Core FFO	$	102,918		$	124,552	$	357,037		$	1,664
Weighted average shares assuming full conversion of Operating Partnership Units — diluted		326,127			319,601		325,277			319,596
Core FFO — per share	$	0.32		$	0.39	$	1.10		$	0.01

(a)	Certain prior period amounts have been reclassified to conform to the current period presentation.
(b)	Reflects only tenant allowances on currently operating properties or projects; allowances that relate to new and redevelopment projects are excluded (see Expansions, Redevelopments and New Developments Section).
(c)	Prior period tenant allowances and leasing costs have been restated to cash basis from accrual
(d)	Reflects only non-tenant operating capital expenditures; tenant allowances (per (b) above) and capital expenditures that relate to new and redevelopment/renovation projects are excluded. Certain prior period amounts have been reclassified to conform to the current period presentation.
(e)	Includes common stock issued as a dividend.

20

GENERAL GROWTH PROPERTIES, INC.
TENANT ALLOWANCES, ABOVE- AND BELOW-MARKET TENANT LEASES & STRAIGHT LINE RENT
(dollars in thousands)

(a)	Reflects only tenant allowances on currently operating properties or projects; allowances that relate to new and redevelopment projects are excluded (see Expansions, Redevelopments and New Developments Section).
(b)	Prior period tenant allowances and leasing costs have been restated to cash basis from accrual.

21

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — NET OPERATING INCOME BY COMMUNITY
(dollars in thousands)

													Unconsolidated
	Consolidated Properties												Property @ Share		Company Portfolio
	Maryland							Nouvelle at		Total					Total MPC
	Properties		Summerlin			Bridgeland		Natick		Consolidated			The Woodlands		Segment
Three Months Ended
June 30, 2010
Land and Condominium Sales (a) (b)	$	1,567	$	1,721		$	3,748	$	52,929	$	59,965		$	13,337	$	73,302
Land and Condominium Sales Operations (b) (c) (d)		1,355		6,967			2,479		48,264		59,065			8,770		67,835
Net Operating Income (Loss)	$	212	$	(5,246	)	$	1,269	$	4,665	$	900		$	4,567	$	5,467
June 30, 2009
Land and Condominium Sales (a)	$	18,608	$	1,428		$	2,412	$	—	$	22,448		$	13,419	$	35,867
Land Sales Operations (c) (d)		16,137		3,780			1,933		—		21,850			8,732		30,582
Net Operating Income (Loss) before provision for impairment	$	2,471	$	(2,352	)	$	479	$	—	$	598		$	4,687	$	5,285
Six Months Ended
June 30, 2010
Land and Condominium Sales (a) (b)	$	2,365	$	3,006		$	6,735	$	52,929	$	65,035		$	25,972	$	91,007
Land and Condominium Sales Operations (b) (c) (d)		2,322		13,718			4,572		48,620		69,232			18,741		87,973
Net Operating Income (Loss) before provision for impairment (f)	$	43	$	(10,712	)	$	2,163	$	4,309	$	(4,197	)	$	7,231	$	3,034
June 30, 2009
Land and Condominium Sales (a)	$	19,173	$	7,387		$	4,875	$	—	$	31,435		$	18,520	$	49,955
Land and Condominium Sales Operations (c) (d)		16,987		11,449			4,028		—		32,464			13,500		45,964
Net Operating Income (Loss) before provision for impairment	$	2,186	$	(4,062	)	$	847	$	—	$	(1,029	)	$	5,020	$	3,991

Net Cash Flow Generated (e)

	Six Months ended June 30,
	2010			2009
Net Operating Income	$	(1,275	)	$	3,991
Cost of Land Sales		3,250			18,668
The Woodlands NOI (f)		(7,231	)		(5,020	)
Other Adjustments to Derive Cash Generated (g)		(1,283	)		(3,147	)
Non-cash Adjustments		(5,264	)		10,501
Total Cash Generated		(6,539	)		14,492
Land Development Expenditures, Net of Related Financing		(14,831	)		(16,192	)
Estimated Net Cash Flow from Master Planned Communities (h)	$	(21,370	)	$	(1,700	)

(a)	Includes builder price participation.
(b)	The increase in land sales operations in 2010 was primarily the result of the recognition of $52.9 million of deferred revenue and $48.3 million of associated costs of sales related to condominium unit sales at the Nouvelle at Natick that surpassed the threshold of sold units in order to recognize revenue under the percentage of completion method.
(c)	Land Sales Operations includes selling and general and administrative expenses.
(d)	Land Sales Operations for Summerlin for 2009 includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).
(e)	Excludes Nouvelle at Natick.
(f)	Since The Woodlands partnership retains all funds until the end of the year, The Woodlands NOI is excluded from the Estimated Net Cash Flow generated by Master Planned Communities segment. The Woodlands partnership did not distribute any cash during 2010.
(g)	Includes a collections of builder notes receivable, deposits on future sales, conversion of accrual basis expenses to a cash basis including semi-annual distributions pursuant to the CSA in 2009, builder price participation and other miscellaneous items.
(h)	For 2009, estimated net cash flow used excludes any additional payments under the CSA. It also excludes any provision for income taxes on the earnings of the Master Planned Communities segment which is operated through taxable REIT subsidiaries.

22

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — LOT SALES, PRICING AND ACREAGE BY COMMUNITY (a)
(dollars in thousands)

		Lot Sales and Pricing (b)				Acreage (c)
		Six Months Ended				Total			Remaining
		June 30th				Gross			Saleable
		2010		2009		Acres			Acres
Maryland Properties (d)
Residential	- Acres Sold		—		247.4					12
	- Average Price/Acre	$	—	$	73
Commercial	- Acres Sold		—		—					291
	- Average Price/Acre	$	—	$	—
Maryland Properties Acreage							16,450	(e)		303
Summerlin (f)
Residential	- Acres Sold		—		—					6,559
	- Average Price/Acre	$	—	$	—
Commercial	- Acres Sold		—		4.4					625
	- Average Price/Acre	$	—	$	999
Summerlin Acreage							22,500			7,184
Bridgeland
Residential	- Acres Sold		24.3		13.2					3,981
	- Average Price/Acre	$	255	$	305
Commercial	- Acres Sold		—		14.80					1,246
	- Average Price/Acre	$	—	$	50
Bridgeland Acreage							11,400			5,227	(e)
The Woodlands (g)
Residential	- Acres Sold		114.6		61.6					1,063
	- Average Price/Acre	$	346	$	423
Commercial	- Acres Sold		24.70		15.3					1,018
	- Average Price/Acre	$	328	$	370
The Woodlands Acreage							28,400			2,081

(a)	Excludes operations from our residential condominium project, although Nouvelle has 97 remaining unites to be sold.
(b)	Lot Sales and Pricing — This is the aggregate contract price paid for all parcels sold in that community of that property type, divided by the relevant acres sold in that period and is based on sales closed. This average price can fluctuate widely, depending on location of the parcels within a community and the unit price and density of what is sold. Note also that the price indicated does not include payments received under builders’ price participation agreements, where the Company may receive additional proceeds post-sale and record those revenues at that later date, based on the final selling price of the home. In some cases, these payments have been significant with respect to the initial lot price. In addition, there will be other timing differences between lot sales and reported revenue, due to financial statement revenue recognition limitations. The above pricing data also does not reflect the impact of income tax and the CSA, which can have a material impact on valuation. Due to the possibility of wide fluctuations in any given period, drawing broad conclusions based on any given quarter’s data is not recommended.
	Reference is made to other disclosures in our filings on Forms 10-Q and 10-K, as well as in this supplemental financial information for a discussion of the valuation of this segment of our business.
(c)	Acreage:
	Residential- This includes standard, custom, and high density residential land parcels. Standard residential lots are designated for detached and attached single- and multi-family homes, of a broad range, from entry-level to luxury homes. At Summerlin, we have designated certain residential parcels as custom lots as their premium price reflects their larger size and other distinguishing features — such as being within a gated community, having golf course access, or being located at higher elevations. High density residential includes townhomes, apartments, and condominiums.
	Commercial- Designated for retail, office, services, and other for-profit activities, as well as those parcels allocated for use by government, schools, houses of worship, and other not-for-profit entities.
	Gross Acres- Encompasses all of the land located within the borders of the master planned community, including parcels already sold, saleable parcels, and non-saleable areas, such as roads, parks, and recreation and conservation areas.
	Remaining Saleable Acres- Includes only parcels that are intended for sale. Excludes non-saleable acres as defined above. The mix of intended use, as well as the amount of remaining saleable acres, are primarily based on assumptions regarding entitlements and zoning of the remaining project and are likely to change over time as the master plan is refined.
(d)	Maryland Properties include Columbia, Gateway, Emerson and Fairwood.
(e)	Amount has been adjusted for current estimates of Total Gross Acres and Remaining Saleable Acres
(f)	Summerlin — Average price per acre includes assumption of special improvement district financing.
(g)	The Woodlands — Shown at 100% for context. GGP’s Share of The Woodlands is 52.5%.

23

GENERAL GROWTH PROPERTIES, INC.
CAPITAL INFORMATION
(dollars in thousands except per share data)

	6/30/2010			12/31/2009			12/31/2008			12/31/2007
Capital Information
Closing common stock price per share	$	13.26		$	11.56		$	1.29		$	41.18
52 Week High (a)		18.15			13.24			44.23			67.43
52 Week Low (a)		1.33			0.32			0.24			39.31
Total Return — Trailing Twelve Months (share depreciation/appreciation and dividend)		635.0	%		-16.8	%		-93.2	%		-17.6	%
Common Shares and Common Units outstanding at end of period		324,657,681	(b)		319,646,263	(b)		319,576,582	(b)		295,749,082
Portfolio Capitalization Data
Total Portfolio Debt (d)
Fixed	$	21,431,579		$	21,738,116		$	23,070,699		$	23,580,449
Variable		5,909,363			6,076,744			4,755,927			3,546,063
Total Preferred Securities		121,232			121,232			121,232			121,482
Common stock and Operating Partnership units outstanding at end of period (e)		4,306,476			3,695,111			412,254			12,178,947
Total Market Capitalization at end of period (f)	$	31,768,650		$	31,631,203		$	28,360,112		$	39,426,941
Leverage Ratio (%)		86.1	%		87.9	%		98.1	%		68.8	%

(a)	52-week pricing information includes intra-day highs and lows.
(b)	Net of 1.4 million treasury shares; assumes conversion of Operating Partnership units.
(c)	Excludes liabilities to special improvement districts, noncontrolling interest adjustment and mark-to-market adjustments and includes the effect of interest rate swaps.
(d)	Company consolidated debt at June 30, 2010 includes approximately $7.1 billion of mortgage and other notes payable which are currently subject to compromise as certain of our operating entities are operating under chapter 11 protection. Accordingly, the carrying value for such loans may not reflect the amount which ultimately may be allowed and paid as a result of our chapter 11 cases.
(e)	Reflects the closing price per share on June 30, 2010 of $13.26.
(f)	Excludes shares of common stock issuable on any exchange of the 3.98% Exchangeable Notes due 2027, as such notes are not currently exchangeable as of the period presented.

24

GENERAL GROWTH PROPERTIES, INC.
CHANGES IN TOTAL COMMON & EQUIVALENT SHARES

	Operating		Company					Total Common
	Partnership		Common		Treasury			& Equivalent
	Units		Shares		Stock			Shares
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2009		7,264,791		313,831,411		(1,449,939	)		319,646,263
Common Stock Issued as a dividend		—		4,923,287		—			4,923,287
Issuance of stock for restricted stock grants, net of forfeitures		—		88,131		—			88,131
Common Shares and OP Units Outstanding at June 30, 2010		7,264,791		318,842,829		(1,449,939	)		324,657,681
Net number of common shares issuable assuming exercise of dilutive stock options at June 30, 2010									1,431,672
Diluted Common Shares and OP Units Outstanding at June 30, 2010									326,089,353
Weighted average common shares and OP Units outstanding for the six months ended June 30, 2010 (Basic)									323,836,944
Weighted average net number of common shares issuable assuming exercise of dilutive stock options and exchange of operating partnership units									1,440,031
Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the six months ended June 30, 2010 (a)									325,276,975

(a) Excludes shares of common stock issuable on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as such notes are not currently exchangeable due to our bankruptcy filing as of the period ended June 30, 2010.

25

GENERAL GROWTH PROPERTIES, INC.
COMMON DIVIDEND HISTORY

(a)	1993 annualized.
(b)	Dividend was suspended October 2008.
(c)	In December 2009, the Company declared a common stock dividend of $0.19 (payable 10% in cash and 90% in stock), paid in January 2010, as approved by the Bankruptcy Court to allow GGP to satisfy its 2009 REIT distribution requirements.

(d) Based on FFO definitions that existed during the specified reporting period. As noted above, the Company paid a dividend for the fourth quarter of 2009, 10% in cash and 90% in stock, to satisfy its 2009 REIT distribution requirements.

26

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT
(dollars in thousands)

(a) Rates, in the case of Debtors currently operating under chapter 11 protection, are non-default contract rates and all rates include the effects of deferred finance costs, interest rate swaps and the effect of a 360 day rate applied over a 365 day period.

27

GENERAL GROWTH PROPERTIES, INC.
SECOND QUARTER 2010 FINANCING ACTIVITY
(dollars in thousands)

	Fixed Rate			Floating Rate			Total Debt
March 31, 2010 (a)	$	21,594,312		$	5,912,010		$	27,506,322
New Funding:
Non-Property Related		8,075			—			8,075
Refinancings:
Property Related		317			—			317
Other Property Related (b)		(171,125	)		(2,647	)		(173,772	)
Net Change		(162,734	)		(2,647	)		(165,381	)
June 30, 2010 (a)	$	21,431,579		$	5,909,363		$	27,340,942

(a)

Includes Company’s share of debt Unconsolidated Real Estate Affiliates. Excludes special improvement districts liability of $65.2 million, minority interest adjustment of $69.5 million, purchase accounting mark-to-market adjustments of ($599.3 million) and the discount on senior notes of ($55.1 million)

(b)

Includes approximately $65.1 million of previously deferred principal amounts and other loan paydowns that were paid in conjunction with the approximately $3.2 billion of secured debt modifications and extensions that were obtained concurrently with the April-June 2010 emergence from bankruptcy of certain Debtors. Includes the reduction in debt due to the deed transfer of Highland Mall to the lender in satisfaction of the loan.

28

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)
AS OF JUNE 30, 2010

	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
OPERATING STATISTICS (a)	Properties			Properties			Portfolio (b)
Occupancy		90.1	%		94.7	%		91.1	%
Trailing 12 month total tenant sales per sq. ft.	$	403		$	467		$	418
% change in total sales		-0.3	%		1.2	%		0.1	%
% change in comparable sales		0.7	%		-2.1	%		0.2	%
Mall and freestanding GLA (in sq. ft.)		50,694,334			14,271,788			64,966,122
CERTAIN FINANCIAL INFORMATION
Average annualized in place sum of rent and recoverable common area costs per sq. ft. (c) (d)	$	46.93		$	54.92
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (excludes current year acquisitions) (c) (d)	$	30.96		$	37.96
Average sum of rent and recoverable common area costs per sq. ft. for leases expiring in current year (excludes current year acquisitions) (c) (d)	$	34.35		$	43.46

	Percent of Minimum
	Rents, Tenant
	Recoveries and
TOP TEN LARGEST TENANTS (COMPANY RETAIL PORTFOLIO)	Other
LIMITED BRANDS, INC		2.9	%
THE GAP, INC.		2.8
ABERCROMBIE & FITCH STORES, INC		2.3
FOOT LOCKER, INC		2.3
GOLDEN GATE CAPITAL		1.7
AMERICAN EAGLE OUTFITTERS, INC		1.5
MACY’S INC.		1.3
FOREVER 21, INC		1.3
LUXOTTICA RETAIL NORTH AMERICA INC		1.3
AMERICAN MULTI-CINEMA, INC		1.2

(a)	Data is for 100% of the mall and freestanding GLA in each portfolio, including those properties that are owned by Unconsolidated Real Estate Affiliates. Data excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.
(b)	Data presented in the column “Company Retail Portfolio” are weighted average amounts.
(c)	Represents the sum of rent and recoverable common area costs.
(d)	Data includes a significant proportion of short-term leases on inline spaces that are leased for one year or less. Rents and recoverable common area costs related to these short-term leases are typically much lower than those related to long-term leases. Excluding such leases, the Consolidated year to date for new and renewal leases is $44.67 per square foot and the full year rate of expirations is $48.12 per square foot. For Unconsolidated properties, such rates are $51.66 per square foot and $59.74 per square foot respectively.

29

GENERAL GROWTH PROPERTIES, INC.
RETAIL PORTFOLIO GLA, OCCUPANCY, SALES & RENT DATA (a)

GLA as of June 30, 2010

						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		78,727,475			521,374		50,694,334			335,724		129,421,809
Unconsolidated		21,931,118			626,603		14,271,788			407,765		36,202,906
Company		100,658,593			535,418		64,966,122			345,564		165,624,715
% of Total		60.8	%				39.2	%				100.0	%

Occupancy History

	Consolidated			Unconsolidated			Company
6/30/2010		90.1	%		94.7	%		91.1	%
6/30/2009		90.3	%		93.3	%		91.0	%
12/31/2009		91.0	%		93.8	%		91.6	%
12/31/2008		92.1	%		93.9	%		92.5	%
12/31/2007		93.4	%		94.9	%		93.8	%
12/31/2006		93.4	%		94.2	%		93.6	%
Trailing 12 Month Total Tenant Sales per Square Foot
	Consolidated			Unconsolidated			Company
6/30/2010	$	403		$	467		$	418
6/30/2009		404			459			417
12/31/2009		393			447			406
12/31/2008		423			489			438
12/31/2007 (b)		444			521			462
12/31/2006 (b)		443			473			453
Average in Place Sum of Rent and Recoverable Common Area Costs (at 100%) (c)
	Consolidated			Unconsolidated
6/30/2010	$	46.93		$	54.92
6/30/2009		46.46			54.94
12/31/2009		47.09			54.98
12/31/2008		46.31			56.44
12/31/2007		44.90			53.35
Sum of Rent and Recoverable Common Area Cost Rates (at 100%) (c)
	Year to Date			Full Year			Rent
	New/Renewals			Expirations			Spread
Consolidated
6/30/2010	$	30.96		$	34.35			-$3.39
6/30/2009		30.57			35.43			-4.86
12/31/2009		32.02			35.43			-3.41
12/31/2008		38.92			33.68			5.24
12/31/2007		39.64			31.38			8.26
Unconsolidated
6/30/2010	$	37.96		$	43.46			-$5.50
6/30/2009		44.28			47.05			-2.77
12/31/2009		43.31			47.05			-3.74
12/31/2008		56.02			47.51			8.51
12/31/2007		50.17			37.95			12.22

Occupancy Cost as a % of Sales

	Consolidated			Unconsolidated			Company
6/30/2010		14.2	%		14.7	%		14.3	%
6/30/2009		13.8	%		14.0	%		13.8	%
12/31/2009		14.6	%		14.8	%		14.7	%
12/31/2008 (b)		13.3	%		13.1	%		13.3	%
12/31/2007 (b)		12.5	%		12.5	%		12.5	%
12/31/2006 (b)		12.6	%		12.4	%		12.5	%

(a)	Excludes all international operations which combined represent approximately 2% of segment basis real estate property net operating income. Also excludes community centers.
(b)	As reported, due to tenant sales reporting timelines, data is presented one month behind reporting date.
(d)	Data includes a significant proportion of short-term leases on inline spaces that are leased for one year or less. Rents and recoverable common area costs related to these short-term leases are typically much lower than those related to long-term leases. Excluding such leases, the Consolidated year to date for new and renewal leases is $44.67 per square foot and the full year rate of expirations is $48.12 per square foot. For Unconsolidated properties, such rates are $51.66 per square foot and $59.74 per square foot respectively.

30

GENERAL GROWTH PROPERTIES, INC.
RETAIL AND OTHER NET OPERATING INCOME BY GEOGRAPHIC AREA AT SHARE
(dollars in thousands)

	Six Months Ended				Six Months Ended
	June 30,				June 30,
	2010	% of Total			2009			% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$   414,218		35.1	%	$	431,363			35.4	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin	138,336		11.7	%		143,786			11.8	%
South Central
Arkansas, Louisiana, Oklahoma, Texas	152,950		12.9	%		156,801			12.9	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia	309,752		26.3	%		324,520			26.6	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee	141,259		12.0	%		146,834			12.0	%
International	22,187		1.9	%		16,046			1.3	%
Corporate and Other (a)	2,070		0.2	%		(559	)		0.0	%
TOTAL	$1,179,772		100.0	%	$	1,218,792			100.0	%

(a) Represents miscellaneous items that are included in the Total Retail and Other NOI line item that are not specifically related to retail property operations.

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GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF JUNE 30, 2010
(in thousands)

Lease Expiration Schedule (a) (b)

	Consolidated						Unconsolidated at Share (c)
							Sum of Rent
	Sum of Rent and				Sum of Rent and		and				Sum of Rent and
	Recoverable				Recoverable		Recoverable				Recoverable
	Common Area		Square		Common Area		Common Area		Square		Common Area
	Costs		Footage		Costs/Sq. Ft.		Costs		Footage		Costs/Sq. Ft.
2010		80,158		1,583		50.64		11,229		166		67.64
2011		190,033		4,197		45.28		27,630		488		56.62
2012		238,557		4,582		52.06		29,730		488		60.92
2013		192,417		3,739		51.46		29,045		457		63.56
2014		209,324		3,795		55.16		27,425		403		68.05
2015		208,191		3,485		59.74		39,686		584		67.96
2016		198,644		2,918		68.08		47,408		667		71.08
2017		202,465		2,952		68.59		54,545		696		78.37
2018		229,469		3,135		73.20		55,913		705		79.31
2019		166,838		2,167		76.99		41,185		507		81.23
Subsequent		143,506		2,239		64.09		38,953		599		65.03
Specialty Leasing w/ terms in excess of 12 months		60,937		3,745		16.27		7,766		344		22.58
Total at Share	$	2,120,539		38,537	$	55.03	$	410,515		6,104	$	67.25
All Expirations	$	2,120,539		38,537	$	55.03	$	846,540		12,468	$	67.90

(a)	Excludes leases on anchors of 30,000 square feet or more and tenants paying percentage rent in lieu of base minimum rent.
(b)	Excludes all international operations which combined represent approximately 2% of segment basis real estate property net operating income. Also excludes community centers.
(c)	Unconsolidated at Share reflect the Company’s interest in the properties owned by the Unconsolidated Real Estate Affiliates.

Retail Lease Termination Income at Share

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2010		2009		2010		2009
Consolidated	$	6,634	$	9,268	$	16,163	$	16,632
Unconsolidated		1,552		2,018		4,846		3,921
Total Termination Income at Share	$	8,186	$	11,286	$	21,009	$	20,553

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Expansions, Redevelopments & New Developments

GENERAL GROWTH PROPERTIES, INC.
FORECASTED DEVELOPMENT COST SUMMARY (a)
AS OF JUNE 30, 2010
(in millions at share)

As a result of our Chapter 11 filings, GGP has substantially halted or reduced all development and redevelopment activity, other than projects substantially complete, joint venture projects and projects with commitments we are obligated to fulfill.

EXPANSIONS AND REDEVELOPMENTS

					Forecasted Total		Expenditures		Forecasted Cost
Property	Description	Ownership %			Cost		through 6/30/2010		to Complete		Projected Opening
Christiana Mall Newark, DE	Addition of Nordstrom and Target, interior mall renovation, and lifestyle center expansion		50	%	$	94.7	$	79.1	$	15.6	Q1 2011 (b)
Fashion Place Murray, UT	Nordstrom, mall shop and streetscape GLA expansion, and interior mall renovation		100	%		125.0		65.2		59.8	Q4 2012 (c)
Saint Louis Galleria Saint Louis, MO	Addition of Nordstrom and mall shop GLA		100	%		56.4		26.8		29.6	Q4 2011
Ward Centers Honolulu, HI	Addition of a two level 65,000 sf retail space, parking structure and other retail space		100	%		165.3		110.0		55.3	Deferred (d)
Current forecasted cost of other expansion and redevelopment projects not yet open (e)						32.3		19.3		13.0
Total expansion and redevelopment projects not yet open					$	473.7	$	300.4	$	173.3
Current forecasted additional costs to be incurred on recently opened projects (f)										22.0
Grand Total Forecasted Cost to Complete on Expansions and Redevelopment Projects									$	195.3

NEW DEVELOPMENTS

					Forecasted Total			Expenditures		Forecasted Cost
Property	Description	Ownership %			Cost			through 6/30/2010		to Complete		Projected Opening
Natick Natick, MA	Nouvelle at Natick - luxury condominiums		100	%	$	177.3	(g)	$	174.7	$	2.6		(h	)
Current forecasted cost of other new retail development projects not yet open (e)						57.6			52.5		5.1
Total new development projects not yet open					$	234.9		$	227.2	$	7.7
Current forecasted additional costs to be incurred on recently opened projects (f)											13.6
Grand Total Forecasted Cost to Complete on New Development Projects										$	21.3

GRAND TOTAL FUTURE DEVELOPMENT SPENDING

	2010	2011		Beyond		Total
Grand Total Future Development Spending (i)	$  88.39	$	83.79	$	44.41	$	216.59

(a)	Excludes international projects.
(b)	Interior mall renovation and lifestyle expansion were completed Q4 2009. Target expected to open Q4 2010. Nordstrom expected to open Q1 2011.
(c)	Nordstrom and interior mall renovation completed Q1 2009. Remainder of project expected to be completed in phases by Q4 2012.
(d)	Construction of the parking garage component of the project resumed in 2010. Construction of the garage is now anticipated to be fully complete Q1 2011.
(e)	Additional costs to be incurred on other redevelopment and new development projects are primarily construction related.
(f)	Additional costs to be incurred on recently opened projects are primarily tenant related.
(g)	Excludes all provisions for impairment and residential sales.
(h)	Sales period began Q2 2007.
(i)	Inactive projects have been excluded. As of June 30, 2010, we had incurred $3.2M of development costs associated with inactive redevelopments. Any decision to abandon these projects would potentially result in a write off of a substantial portion of the costs incurred to date. Our inactive new developments have a carrying value net of impairments of $112.0M. There can be no assurance that these projects will not create additional impairment provisions.

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