GGP 8K Results of Operations and Financial Condition | GGP 31 Jul 07

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Six Months Ended June 30, 2007

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, the retail market, tenant occupancy and tenant bankruptcies, the level of our indebtedness and interest rates, market conditions and land sales in our Master Planned Communities segment and our ability to manage our growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, which further identifies the important risk factors which could cause actual results to differ materially from the forward-looking statements in supplemental financial information. The Company disclaims any obligation to update any forward-looking statements.

Supplemental Financial/Operational Data
June 30, 2007
Table of Contents

All information included in this supplemental package is unaudited and is as of June 30, 2007, unless otherwise indicated.


Corporate Overview			1 - 3
Corporate Profile			1
Corporate Overview			1
Stock Listing			1
Calendar of Events			1
Current Dividend			1
Investor Relations			1
Transfer Agent			1
Debt Ratings			1
Ownership Structure			2
Total Market Capitalization			2
Research Coverage			3

Second Quarter 2007 Earnings Announcement			4 - 15

Supplemental Financial Data*			16 - 35
Summary Retained FFO & Core FFO			16
Straight Line Rent, SFAS #141 & #142 & Tenant Allowances			17
Trailing Twelve Month EBITDA and Coverage Ratios			18
Comparable NOI Growth			19
Retail Recovery Summary			20
Master Planned Communities			21 - 23
Capital Information			24
Changes in Total Common & Equivalent Shares			25
Common Dividend History			26
Debt Maturity and Current Average Interest Rate Summary			27
Summary of Outstanding Debt			28 - 35

Supplemental Operational Data			36 - 39
Operating Statistics, Certain Financial Information & Top Tenants			36
Retail Portfolio GLA, Occupancy, Sales & Rent Data			37
Real Estate Net Operating Income by Geographic Area at Share			38
Lease Expiration Schedule and Lease Termination Income at Share			39

Expansions, Re-developments & New Developments			40 - 42


*		The supplemental financial data should be read in conjunction with the company’s second quarter 2007 earnings announcement (included as pages 4-15 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

General Growth Properties, Inc. (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 Trust (REIT) based upon market capitalization. GGP currently has an ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership in master planned community developments and commercial office buildings. GGP’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide.

Since going public in 1993, GGP has reported the highest per share Funds From Operations (FFO) growth in the regional mall sector at 14.5% on a compounded annualized basis through 2006. With a total market capitalization of approximately $40.6 billion, GGP has delivered strong FFO performance and dividend increases. Average occupancy at June 30, 2007 was 92.9% and sales per square foot were $458. The Bucksbaum family, which founded GGP, is still engaged in the operation of the company’s day-to-day business activities. Assuming conversion of the Operating Partnership units, the Bucksbaum family and senior management own approximately 25% of the Company.

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. The Company provides investors an opportunity to participate in the ownership of high quality income producing real estate while maintaining liquidity. The Company’s primary objective is to provide increasing dividends and capital appreciation for its shareholders.

Stock Listing

Common Stock
NYSE: GGP

Calendar of Events



Quarter End — Third Quarter 2007		September 30, 2007
Earnings Release — After the Market Close		October 31, 2007
Quarterly Conference Call — 8:00 am CST		November 1, 2007

Current Dividend

GGP declared its third dividend for 2007 in the amount of $0.45 per share, payable to common stockholders of record on July 17, 2007, with payment on July 31, 2007. The current dividend represents an increase of 9.8% over the dividend of $0.41 per share paid for the same period last year. The Company reviews its dividend policy annually, usually prior to the fourth quarter dividend announcement, which is typically made in early October. The Company has, as a result of this review, raised its dividend every year since going public in April of 1993 when the (split-adjusted) initial quarterly dividend was approximately $0.12 per share. These annual increases have allowed GGP to increase its dividend at a compound annual growth rate of 10% since going public. GGP dividend increases have averaged 16% over the last five years.



Investor Relations		Transfer Agent

Tim Goebel		Mellon Investor Services, LLC
Director, Investor Relations		Shareholder Relations
General Growth Properties		P.O. Box 3315
110 North Wacker Drive		South Hackensack, NJ 07606
Chicago, IL 60606		(888) 395-8037
Phone (312) 960-5199		(201) 329-8660
Fax (312) 960-5475
timothy.goebel@ggp.com

Debt Ratings



Standard & Poors — Corporate Rating		BBB -
Standard & Poors — Senior Debt Rating		BB +
Standard & Poors — TRCLP Bonds Rating		BB +
Moody’s — Senior Debt Rating		Ba2
Moody’s — TRCLP Bonds Rating		Ba1


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

Ownership Structure as of June 30, 2007


*		Share count includes common shares and common operating partnership units


Total Market Capitalization - As Measured by Stock Price (dollars in thousands)			June 30, 2007
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)			$	24,854,154

Perpetual Preferred Units
Perpetual Preferred Units at 8.25%	$	5,000

Convertible Preferred Units
Convertible Preferred Units at 6.50%		26,637
Convertible Preferred Units at 7.00%		25,133
Convertible Preferred Units at 8.50%		64,305

		116,075

Other Preferred Stock		361

Total Preferred Securities			$	121,436

Common Stock and Common Operating Partnership Units
Stock market value of 243.7 million shares of common stock and 51.9 million shares of operating partnership units (which are redeemable for an equal number of shares of common stock) — outstanding at end of period (b)			$	15,653,461


Total Market Capitalization at end of period			$	40,629,051


(a)		Excludes special improvement districts liability of $57.5 million, minority interest adjustment of $66.0 million and purchase accounting mark-to-market adjustments of $95.6 million.

(b)		Net of 1.8 Million Treasury Shares.

Research Coverage

The following alphabetical list of research coverage by company and related contact information is included for informational purposes only. The company does not review any third party advice or investment or research report and therefore expressly does not adopt or endorse any such advice or report.


A.G. Edwards & Sons, Inc.	Mark Hoffmeister	(314) 955-5452
	David L. AuBuchon	(314) 955-5784

Banc of America Securities	Christy McElroy	(212) 847-5658

Bear, Stearns & Co., Inc.	Amy Young	(212) 272-3523
	Ross Smotrich	(212) 272-8046

Citigroup	Jonathan Litt	(212) 816-0231
	Ambika Goel	(212) 816-6981

Credit Suisse First Boston	John Stewart	(212) 538-3183
	Andrew Rosivach (Australia)	(61)282054362

Deutsche Bank	Louis Taylor	(212) 250-4912
	Christeen Kim	(212) 250-6771

Friedman Billings Ramsey	Paul Morgan	(703) 469-1255
	Ron She	(703) 312-9683

Goldman, Sachs & Co.	Jay Habermann	(917) 343-4260
	Thomas Baldwin	(212) 902-4736

Green Street Advisors	Jim Sullivan	(949) 640-8780
	Ben Yang	(949) 640-8780

J.P. Morgan Securities Inc.	Michael Mueller	(212) 622-6689
	Joseph Dazio	(212) 622-6416

Lehman Brothers	David B. Harris	(212) 526-1790
	David Toti	(212) 526-2002

Merrill Lynch	Steve Sakwa	(212) 449-0335
	Craig Schmidt	(212) 449-1944

Morgan Stanley Dean Witter	Matt Ostrower	(212) 761-6284
	Mickey Chiang	(212) 761-6385

RBC Capital Markets	Richard C. Moore	(216) 378-7625

UBS	Jeff Spector	(212) 713-6144

Wachovia Capital Markets, LLC	Jeff Donnelly	(617) 603-4262
	Rob Laquaglia	(617) 603-4263

Second Quarter Earnings Announcement

July 31, 2007


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

FOR IMMEDIATE RELEASE	CONTACT:	John Bucksbaum 312/960-5005

		Bernie Freibaum 312/960-5252

General Growth Properties, Inc. Reports Operating Results for the

Second Quarter 2007

Chicago, Illinois, July 31, 2007— General Growth Properties, Inc. (NYSE: GGP) announced today second quarter 2007 operating results. For the second quarter of 2007, Core Funds From Operations (Core FFO) per fully diluted share were $0.73. Core FFO per fully diluted share for the comparable period in 2006 was $0.62. Funds From Operations (FFO) per fully diluted share were $0.71 for the second quarter of 2007, as compared to $0.62 of FFO per fully diluted share reported in the comparable period of 2006. Earnings per share – diluted (EPS) were $0.03 and a loss of $0.11, respectively, for the second quarters of 2007 and 2006.

“Our double-digit Core FFO growth was driven by the excellent operating metrics of our core real estate business, “ said John Bucksbaum, the Chief Executive Officer of GGP. “With many very exciting projects in our pipeline, I am confident in a bright future for our Company.”

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Core FFOis defined as Funds From Operations excluding the Real Estate Property Net Operating Income (NOI) from the Master Planned Communities segment and the provision for income taxes. Core FFO for the second quarter of 2007 was $216.6 million or $0.73 per fully diluted share as compared to $184.1 million or $0.62 per fully diluted share in the second quarter of 2006. Straight-line rent resulted in approximately $10.9 million or $0.04 of Core FFO per fully diluted share in the second quarter of 2007, versus $14.4 million or $0.05 of Core FFO in the same period of 2006. Core FFO for the second quarter of 2007 also includes approximately $2.3 million of additional costs related to debt extinguishment yielding approximately $0.01 less of Core FFO per fully diluted share as compared to second quarter of 2006.

FFOper fully diluted share increased to $0.71 in the second quarter of 2007 from $0.62 in the second quarter of 2006. FFO for the quarter was $210.3 million, an increase of approximately $28.3 million, or approximately 15.5%, from $182.0 million in the second quarter of 2006, primarily as a result of higher operating income in 2007 in both our operating segments as detailed below in our segment results.

EPSin the second quarter of 2007 were $0.03, a $0.14 increase from the comparable 2006 quarter. The higher operating income as described above and in the segment results below was partially offset by a higher provision for income taxes in 2007.

§		Core FFO per share guidance

		As indicated in previous public communications, FFO guidance per share for the full year 2007 and beyond will be solely for Core FFO per share, which is defined as FFO per share excluding 100% of the Real Estate Property Net Operating Income from the Master Planned Communities segment and 100% of the Company provision for income taxes. Operating results for our Master Planned Communities segment, and our income tax expense that is largely a function of such operations, are very difficult to estimate in advance. In addition, we believe that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of our business because it does not facilitate an understanding of the operating performance of this business as our primary strategy in this segment is to develop and sell land in a manner that increases the value of the remaining land. Actual EPS, FFO (including these excluded items), NOI and Core FFO will be provided each quarter. Full year per share guidance will also be provided on a quarterly basis; however, such guidance will only be given for Core FFO. We currently project 2007 Core FFO per share to be in the range of $3.25 to $3.27 per share, approximately 10% above the Core FFO per share amount of $2.96 for 2006.

SEGMENT RESULTS

Retail and Other Segment

Real estate property net operating income (NOI)for the Retail and Other Segment increased to $580.3 million for the second quarter of 2007, 7.1% above the $541.9 million reported for the second quarter of 2006. Included in 2007 NOI is approximately $12.0 million of business interruption insurance coverage recovery (reflected primarily in minimum rents and as an offset to bad debt expense as substantially all of the amount paid was for tenant rents lost in previous periods)

which was recognized as a result of a final settlement received for the September 2005 damage to our Riverwalk (New Orleans, Louisiana) property.

§		Revenues from consolidated propertieswere $674.6 million for the second quarter of 2007, an increase of 4.2% compared to $647.7 million for the same period in 2006.
		Revenues from unconsolidated properties,at the Company’s ownership share, for the quarter increased 8.5% to $184.4 million, compared to $170.0 million in the second quarter of 2006.

§		Comparable NOI from consolidated propertiesin the second quarter of 2007 increased by 3.3% compared to the same period last year.
		Comparable NOI from unconsolidated propertiesat the Company’s ownership share for the quarter increased by approximately 5.1% compared to the second quarter of 2006.

Retail Center occupancywas 92.9% at June 30, 2007 as compared to 91.2% at June 30,2006.

Sales per square footfor second quarter 2007 (on a trailing 12 month basis) were $458 versus $448 in the second quarter of 2006.

Master Planned Communities Segment

NOIfor the second quarter of 2007 for the Master Planned Communities segment was $6.6 million for consolidated properties and $7.9 million for unconsolidated properties at the Company’s ownership share as compared to $7.9 million and $4.7 million, respectively, in 2006.

Land sale revenuesfor the second quarter of 2007 were $36.1 million for consolidated properties and $22.7 million for unconsolidated properties at the Company’s ownership share, compared to $33.0 million and $20.3 million, respectively, for the second quarter of 2006. Although land sale revenues for second quarter 2007 exceeded the 2006 amounts, the sales pace of land for standard residential lots has declined in recent months (as reflected in a comparison of the six month total revenue amounts), a trend expected to continue for the balance of 2007.

CONFERENCE CALL/WEBCAST

General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our website,www.ggp.com. This Webcast will take place on Wednesday, August 1, 2007, at 9:00 a.m. Eastern Time (8:00 a.m. CT, 6:00 a.m. PT). The Webcast can be accessed by selecting the conference call icon on the GGP home page.

General Growth Properties, Inc. is one of the largest U.S.-based publicly traded Real Estate Investment Trusts (REIT) based upon market capitalization. General Growth currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 45 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. The Company is listed 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 (FFO) 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 REIT. The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (loss) (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 after 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, we believe that Funds From Operations is a less meaningful supplemental measure for the Master Planned Communities segment of our business. Funds From Operations does not facilitate an understanding of the operating performance of the Master Planned Communities segment of our business as our 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 our business is operated within taxable REIT subsidiaries and therefore our 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 Funds From Operations is a relevant measure of operating performance, the Company also uses Core FFO as an operating measure. Core FFO is defined as Funds From Operations excluding the Real Estate Property Net Operating Income from the Master Planned Communities segment and the provision for income taxes.

In order to provide a better understanding of the relationship between Core FFO, Funds From Operations and GAAP net income, a reconciliation of Core FFO and Funds from Operations to GAAP net income has been provided. Neither Core FFO nor Funds From

Operations represent cash flow from operating activities in accordance with GAAP, neither should be considered as an alternative to GAAP net income and neither is necessarily indicative of cash available to fund cash needs. In addition, the Company has presented Funds From Operations on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that 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 Funds From Operations produced by such investments for the Company as a whole.

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

The Company believes that Real Estate Property Net Operating Income (NOI) is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues (rental income, land sales, tenant recoveries and other income) less property and related expenses (real estate taxes, land sales operating costs, repairs and maintenance, marketing and other property expenses). As with Funds From Operations 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, depreciation and amortization, gains and losses from property dispositions, minority interest in consolidated joint ventures, 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 and operating costs. This measure thereby provides an operating perspective not immediately apparent from GAAP operating or net income. 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 as computed in accordance with GAAP has been presented.

Comparable 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.

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 an additional representation of the relative size and significance of the elements of the Company’s overall operations.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements, including our 2007 Core FFO per fully diluted share guidance. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of indebtedness and interest rates, market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, 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.

###

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Funds From Operations (“FFO”)

Company stockholders	$	173,359		$	149,477		$	577,890		$	335,956
Operating Partnership unitholders		36,917			32,528			124,053			73,318

Operating Partnership	$	210,276		$	182,005		$	701,943		$	409,274


Increase (decrease) in FFO over comparable prior year period		15.5	%		(12.2	)%		71.5	%		(1.9	)%


FFO per share:
Company stockholders — basic	$	0.71		$	0.62		$	2.37		$	1.39
Operating Partnership — basic		0.71			0.62			2.37			1.39
Operating Partnership — diluted		0.71			0.62			2.36			1.39
Increase (decrease) in diluted FFO over comparable prior year period		14.5	%		(12.7	)%		69.8	%		(2.8	)%

Core Funds From Operations (“Core FFO”)
Core FFO	$	216,562		$	184,071		$	408,975		$	393,148
Core FFO per share — diluted		0.73			0.62			1.38			1.33
Increase (decrease) in Core FFO over comparable prior year period		17.7	%		(4.6	)%		4.0	%		0.5	%

Dividends
Dividends paid per share	$	0.45		$	0.41		$	0.90		$	0.82
Payout ratio (% of diluted FFO paid out)		63.4	%		66.1	%		38.1	%		59.0	%

Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	464,980		$	435,200		$	913,664		$	887,257
Unconsolidated		115,302			106,661			225,333			215,945

Total Retail and Other		580,282			541,861			1,138,997			1,103,202

Master Planned Communities:
Consolidated		6,588			7,933			10,237			46,556
Unconsolidated		7,895			4,719			13,561			10,849

Total Master Planned Communities		14,483			12,652			23,798			57,405

Total Real estate property net operating income	$	594,765		$	554,513		$	1,162,795		$	1,160,607


	June 30,		December 31,
Selected Balance Sheet Information	2007		2006
Cash and cash equivalents	$	65,199	$	97,139
Investment in real estate:
Net land, buildings and equipment	$	19,431,743	$	19,564,992
Developments in progress		888,535		673,900	��
Investment in and loans to/from Unconsolidated Real Estate Affiliates		1,657,103		1,499,036
Investment land and land held for development and sale		1,711,291		1,655,838

Net investment in real estate	$	23,688,672	$	23,393,766

Total assets	$	25,502,598	$	25,241,445


Mortgage and other property debt payable	$	21,223,153	$	20,521,967
Minority interest — Preferred		121,436		182,828
Minority interest — Common		386,599		347,753
Stockholders’ equity		1,614,283		1,664,079

Total capitalization (at cost)	$	23,345,471	$	22,716,627


	Consolidated Properties						Unconsolidated Properties(a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
Summarized Debt Information	Balance			Rate(d)			Balance		Rate(d)
Fixed rate (c)	$	18,716,206			5.54	%	$	3,554,158		5.61	%
Variable rate (c)		2,287,787			7.01			296,003		7.35

Totals	$	21,003,993	(b)		5.70	%	$	3,850,161		5.75	%


(a)		Reflects the Company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.

(b)		Excludes special improvement districts liability of $57.5 million, minority interest adjustment of $66.0 million and purchase accounting mark-to-market adjustments of $95.6 million.

(c)		Includes the effects of interest rate swaps.

(d)		Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006
Revenues:
Minimum rents	$	443,432		$	425,052		$	879,474		$	862,784
Tenant recoveries		195,403			190,733			394,858			376,176
Overage rents		10,876			8,603			26,456			22,829
Land sales		36,130			33,035			59,923			170,255
Management and other fees		26,348			24,650			53,920			53,362
Other		27,893			27,736			52,244			53,022

Total revenues		740,082			709,809			1,468,875			1,538,428

Expenses:
Real estate taxes		55,089			54,551			111,949			109,515
Repairs and maintenance		47,918			48,762			98,891			95,817
Marketing		10,713			11,639			23,294			23,669
Other property operating costs		97,609			90,412			197,645			176,860
Land sales operations		29,542			25,102			49,686			123,699
Provision for doubtful accounts		(1,701	)		7,106			3,791			13,319
Property management and other costs		56,447			44,569			109,589			89,629
General and administrative		4,030			3,848			16,299			9,007
Depreciation and amortization		163,289			178,372			338,408			343,718

Total expenses		462,936			464,361			949,552			985,233

Operating income		277,146			245,448			519,323			553,195

Interest income		2,944			1,469			4,977			4,690
Interest expense		(275,547	)		(278,611	)		(543,896	)		(557,404	)

Income (loss) before income taxes and minority interest and equity in income of unconsolidated affiliates		4,543			(31,694	)		(19,596	)		481
Benefit (provision) for income taxes		(17,647	)		(14,490	)		270,744			(40,894	)
Minority interest		(5,085	)		(638	)		(59,502	)		(11,862	)
Equity in income of unconsolidated real estate affiliates		26,581			21,009			46,940			49,476

Net income (loss)	$	8,392		$	(25,813	)	$	238,586		$	(2,799	)


Basic Earnings Per Share	$	0.03		$	(0.11	)	$	0.98		$	(0.01	)
Diluted Earnings Per Share		0.03			(0.11	)		0.97			(0.01	)

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


	Three Months Ended June 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	443,432		$	112,053		$	555,485
Tenant recoveries		195,403			47,684			243,087
Overage rents		10,876			1,467			12,343
Other, including minority interest		24,897			23,197			48,094

Total property revenues		674,608			184,401			859,009

Property operating expenses:
Real estate taxes		55,089			14,392			69,481
Repairs and maintenance		47,918			10,640			58,558
Marketing		10,713			2,874			13,587
Other property operating costs		97,609			40,796			138,405
Provision for doubtful accounts		(1,701	)		397			(1,304	)

Total property operating expenses		209,628			69,099			278,727

Retail and other net operating income		464,980			115,302			580,282


Master Planned Communities
Land sales		36,130			22,661			58,791
Land sales operations		(29,542	)		(14,766	)		(44,308	)

Master Planned Communities net operating income		6,588			7,895			14,483


Real estate property net operating income		471,568			123,197		$	594,765


Management and other fees		26,348			4,074
Property management and other costs		(18,714	)		(779	)
Headquarters/regional costs		(37,733	)		(10,865	)
General and administrative		(4,030	)		(1,423	)
Depreciation on non-income producing assets, including headquarters building		(3,076	)		—
Interest income		2,944			8,046
Interest expense		(275,547	)		(51,304	)
Provision for income taxes		(17,647	)		(3,122	)
Preferred unit distributions		(3,055	)		—
Other FFO from minority interest		1,394			—

FFO		142,452			67,824
Equity in FFO of Unconsolidated Properties		67,824			(67,824	)

Operating Partnership FFO	$	210,276		$	—


	Three Months Ended June 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	425,052		$	103,691		$	528,743
Tenant recoveries		190,733			45,886			236,619
Overage rents		8,603			1,387			9,990
Other, including minority interest		23,282			19,065			42,347

Total property revenues		647,670			170,029			817,699

Property operating expenses:
Real estate taxes		54,551			14,643			69,194
Repairs and maintenance		48,762			10,441			59,203
Marketing		11,639			2,958			14,597
Other property operating costs		90,412			34,509			124,921
Provision for doubtful accounts		7,106			817			7,923

Total property operating expenses		212,470			63,368			275,838

Retail and other net operating income		435,200			106,661			541,861


Master Planned Communities
Land sales		33,035			20,250			53,285
Land sales operations		(25,102	)		(15,531	)		(40,633	)

Master Planned Communities net operating income		7,933			4,719			12,652


Real estate property net operating income		443,133			111,380		$	554,513


Management and other fees		24,650			942
Property management and other costs		(19,997	)		—
Headquarters/regional costs		(24,572	)		(8,278	)
General and administrative		(3,848	)		(540	)
Depreciation on non-income producing assets, including headquarters building		(3,397	)		—
Interest income		1,469			2,883
Interest expense		(278,611	)		(45,873	)
Provision for income taxes		(14,490	)		(228	)
Preferred unit distributions		(4,315	)		—
Other FFO from minority interest		1,697			—

FFO		121,719			60,286
Equity in FFO of Unconsolidated Properties		60,286			(60,286	)

Operating Partnership FFO	$	182,005		$	—

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


	Six Months Ended June 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	879,474		$	221,219		$	1,100,693
Tenant recoveries		394,858			95,944			490,802
Overage rents		26,456			3,934			30,390
Other, including minority interest		48,446			44,655			93,101

Total property revenues		1,349,234			365,752			1,714,986

Property operating expenses:
Real estate taxes		111,949			29,521			141,470
Repairs and maintenance		98,891			21,761			120,652
Marketing		23,294			6,246			29,540
Other property operating costs		197,645			81,643			279,288
Provision for doubtful accounts		3,791			1,248			5,039

Total property operating expenses		435,570			140,419			575,989

Retail and other net operating income		913,664			225,333			1,138,997


Master Planned Communities
Land sales		59,923			36,022			95,945
Land sales operations		(49,686	)		(22,461	)		(72,147	)

Master Planned Communities net operating income		10,237			13,561			23,798


Real estate property net operating income		923,901			238,894		$	1,162,795


Management and other fees		53,920			8,162
Property management and other costs		(45,273	)		(1,578	)
Headquarters/regional costs		(64,316	)		(21,992	)
General and administrative		(16,299	)		(1,558	)
Depreciation on non-income producing assets, including headquarters building		(6,191	)		—
Interest income		4,977			11,723
Interest expense		(543,896	)		(103,388	)
Benefit (provision) for income taxes		270,744			(1,574	)
Preferred unit distributions		(7,113	)		—
Other FFO from minority interest		2,800			—

FFO		573,254			128,689
Equity in FFO of Unconsolidated Properties		128,689			(128,689	)

Operating Partnership FFO	$	701,943		$	—


	Six Months Ended June 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	862,784		$	209,020		$	1,071,804
Tenant recoveries		376,176			92,453			468,629
Overage rents		22,829			3,735			26,564
Other, including minority interest		44,648			41,095			85,743

Total property revenues		1,306,437			346,303			1,652,740

Property operating expenses:
Real estate taxes		109,515			29,509			139,024
Repairs and maintenance		95,817			20,998			116,815
Marketing		23,669			6,464			30,133
Other property operating costs		176,860			72,479			249,339
Provision for doubtful accounts		13,319			908			14,227

Total property operating expenses		419,180			130,358			549,538

Retail and other net operating income		887,257			215,945			1,103,202


Master Planned Communities
Land sales		170,255			38,799			209,054
Land sales operations		(123,699	)		(27,950	)		(151,649	)

Master Planned Communities net operating income		46,556			10,849			57,405


Real estate property net operating income		933,813			226,794		$	1,160,607


Management and other fees		53,362			942
Property management and other costs		(43,840	)		—
Headquarters/regional costs		(45,789	)		(16,284	)
General and administrative		(9,007	)		(1,425	)
Depreciation on non-income producing assets, including headquarters building		(6,731	)		—
Interest income		4,690			5,860
Interest expense		(557,404	)		(88,961	)
Provision for income taxes		(40,894	)		(385	)
Preferred unit distributions		(8,630	)		—
Other FFO from minority interest and discontinued operations		3,163			—

FFO		282,733			126,541
Equity in FFO of Unconsolidated Properties		126,541			(126,541	)

Operating Partnership FFO	$	409,274		$	—

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


	Three Months Ended						Three Months Ended
	June 30, 2007						June 30, 2006
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	8,517		$	2,367		$	10,742		$	2,418
Straight-line rent		8,347			2,507			11,736			2,661
Other property operating costs:
Non-cash ground rent expense		(1,589	)		(193	)		(948	)		(289	)
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(1,297	)		—
Interest expense:
Mark-to-market adjustments on debt		7,531			1,076			8,519			1,055
Amortization of deferred finance costs		(4,539	)		(461	)		(4,874	)		(354	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		112			—			—			—
Write-off of deferred finance costs		(2,387	)		—			(5	)		(10	)

Totals	$	15,011		$	5,296		$	23,873		$	5,481


	Six Months Ended						Six Months Ended
	June 30, 2007						June 30, 2006
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	18,057		$	4,734		$	19,846		$	4,905
Straight-line rent		17,755			5,486			24,267			5,368
Other property operating costs:
Non-cash ground rent expense		(3,178	)		(385	)		(2,668	)		(429	)
Real estate taxes:
Real estate tax stabilization agreement		(1,962	)		—			(2,140	)		—
Interest expense:
Mark-to-market adjustments on debt		18,037			2,070			16,458			1,908
Amortization of deferred finance costs		(8,070	)		(913	)		(7,580	)		(975	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		112			—			3,143			—
Write-off of deferred finance costs		(2,387	)		—			(4,903	)		(10	)

Totals	$	38,364		$	10,992		$	46,423		$	10,767

WEIGHTED AVERAGE SHARES
(In thousands)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Basic		244,960		241,330		244,165		240,978
Diluted		245,627		241,330		244,850		240,978
Assuming full conversion of Operating Partnership units:
Basic		297,125		294,016		296,579		293,755
Diluted		297,792		294,799		297,264		294,611

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,
	2007			2006			2007			2006
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	594,765		$	554,513		$	1,162,795		$	1,160,607
Unconsolidated Properties		(123,197	)		(111,380	)		(238,894	)		(226,794	)

Consolidated Properties		471,568			443,133			923,901			933,813
Management and other fees		26,348			24,650			53,920			53,362
Property management and other costs		(18,714	)		(19,997	)		(45,273	)		(43,840	)
Headquarters/regional costs		(37,733	)		(24,572	)		(64,316	)		(45,789	)
General and administrative		(4,030	)		(3,848	)		(16,299	)		(9,007	)
Depreciation and amortization		(163,289	)		(178,372	)		(338,408	)		(343,718	)
Minority interest in NOI of Consolidated Properties and other		2,996			4,454			5,798			8,374

Operating income	$	277,146		$	245,448		$	519,323		$	553,195


Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income
Core FFO	$	216,562		$	184,071		$	408,975		$	393,148
Master Planned Communities net operating income		14,483			12,652			23,798			57,405
Benefit (provision) for income taxes		(20,769	)		(14,718	)		269,170			(41,279	)

Funds From Operations — Operating Partnership		210,276			182,005			701,943			409,274
Depreciation and amortization of capitalized real estate costs		(200,471	)		(214,613	)		(412,983	)		(414,415	)
Minority interest in depreciation of Consolidated Properties and other		47			938			842			1,729
Minority interest to Operating Partnership unitholders		(1,460	)		5,857			(51,216	)		613

Net income (loss)	$	8,392		$	(25,813	)	$	238,586		$	(2,799	)


Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	123,197		$	111,380		$	238,894		$	226,794
Net property management fees and costs		3,295			942			6,584			942
Net interest expense		(43,258	)		(42,990	)		(91,665	)		(83,101	)
Headquarters, general and administrative and income taxes		(15,410	)		(9,046	)		(25,124	)		(18,094	)

FFO of unconsolidated properties		67,824			60,286			128,689			126,541
Depreciation and amortization of capitalized real estate costs		(40,258	)		(39,643	)		(80,766	)		(77,431	)
Other, including gain (loss) on sales of investment properties		(985	)		366			(983	)		366

Equity in income of unconsolidated real estate affiliates	$	26,581		$	21,009		$	46,940		$	49,476


Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		297,125			294,016			296,579			293,755
Conversion of Operating Partnership units		(52,165	)		(52,686	)		(52,414	)		(52,777	)

Weighted average number of Company shares outstanding — GAAP EPS		244,960			241,330			244,165			240,978


Diluted:
Weighted average number of shares outstanding — FFO per share		297,792			294,799			297,264			294,611
Conversion of Operating Partnership units		(52,165	)		(52,686	)		(52,414	)		(52,777	)
Anti-dilutive common stock equivalents for GAAP EPS		—			(783	)		—			(856	)

Weighted average number of Company shares outstanding — GAAP EPS		245,627			241,330			244,850			240,978

Supplemental Financial Data

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


	Three Months			Six Months
	Ended			Ended
	June 30, 2007			June 30, 2007

Cash From Recurring Operations
FFO — Operating Partnership	$	210,276		$	701,943
Plus (Less):
Non-FFO cash from Master Planned Communities		(18,197	)		(29,978	)
Deferred income taxes		(1,485	)		(328,800	)
Tenant allowances and capitalized leasing costs (a)		(40,676	)		(62,735	)

Above- and below-market tenant leases, net		(10,884	)		(22,791	)
Straight line rent adjustment		(10,854	)		(23,241	)
Non-cash ground rent expense		1,782			3,563
Real estate tax stabilization agreement		981			1,962

Mark-to-market adjustments on debt		(8,607	)		(20,107	)
Amortization of deferred finance costs		5,000			8,983
Debt extinguishment costs:
Write-off of mark-to-market adjustments		(112	)		(112	)
Write-off of deferred finance costs		2,387			2,387

Cash From Recurring Operations — Operating Partnership	$	129,611		$	231,074


Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	129,611		$	231,074
Less common dividends/distributions paid		(133,823	)		(266,738	)

Retained Funds From Recurring Operations — Operating Partnership	$	(4,212	)	$	(35,664	)


(a)		Reflects only recurring tenant allowances; allowances that relate to new and redevelopment projects are excluded.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006

Core FFO
Operating Partnership FFO	$	210,276		$	182,005		$	701,943		$	409,274
Exclusions, at the Company’s share:
Master Planned Communities net operating income		(14,483	)		(12,652	)		(23,798	)		(57,405	)
Provision (benefit) for income taxes		20,769			14,718			(269,170	)		41,279

Core FFO	$	216,562		$	184,071		$	408,975		$	393,148

Weighted average shares assuming full conversion of Operating Partnership units — Diluted		297,792			294,799			297,264			294,611

Core FFO — per share	$	0.73		$	0.62		$	1.38		$	1.33

GENERAL GROWTH PROPERTIES, INC.
STRAIGHT LINE RENT, SFAS #141 & #142 & TENANT ALLOWANCES
(dollars in thousands)


(a)		Reflects only recurring tenant allowances; allowances that relate to new and redevelopment projects are excluded.

GENERAL GROWTH PROPERTIES, INC.
TRAILING TWELVE MONTH EBITDA AND COVERAGE RATIOS (a)
(dollars in thousands)


	Twelve Months Ended
	6/30/07			3/31/2007			12/31/2006			9/30/2006
Pro Rata EBITDA (a)
GAAP Net Income	$	300,658		$	266,453		$	59,273		$	55,709
Loss(Income) from Discontinued Operations, net of Minority Interest		823			823			823			(6,703	)
Income Allocated to Minority Interest		85,401			80,954			37,761			36,058
Interest Expense		1,281,319			1,280,986			1,281,331			1,266,063
Income Taxes		(210,884	)		(216,937	)		97,666			75,274
Amortization of Deferred Finance Costs		18,314			18,543			17,887			16,842
Debt Extinguishment Costs		4,162			1,903			3,657			3,931
Interest Income		(29,483	)		(26,136	)		(26,762	)		(25,887	)
Depreciation		846,788			861,252			848,759			818,964

Pro Rata EBITDA	$	2,297,098		$	2,267,841		$	2,320,395		$	2,240,251

Net Interest(a)
Amortization of Deferred Finance Costs		(18,314	)		(18,543	)		(17,887	)		(16,842	)
Debt Extinguishment Costs		(4,162	)		(1,903	)		(3,657	)		(3,931	)
Interest Expense		(1,281,319	)		(1,280,986	)		(1,281,331	)		(1,266,063	)
Interest Income		29,483			26,136			26,762			25,887

Net Interest	$	(1,274,312	)	$	(1,275,296	)	$	(1,276,113	)	$	(1,260,949	)


Interest Coverage Ratio		1.80			1.78			1.82			1.78


Fixed Charges(b)
Net Interest	$	(1,274,312	)	$	(1,275,296	)	$	(1,276,113	)	$	(1,260,949	)
Preferred Unit Distributions		(15,748	)		(17,008	)		(17,265	)		(17,582	)

Fixed Charges	$	(1,290,060	)	$	(1,292,304	)	$	(1,293,378	)	$	(1,278,531	)


Ratio of Fixed Charges to Pro Rata EBITDA		1.78			1.75			1.79			1.75


Fixed Charges & Common Dividend
Fixed Charges	$	(1,290,060	)	$	(1,292,304	)	$	(1,293,378	)	$	(1,278,531	)
Common Dividend/Distributions		(519,077	)		(505,849	)		(492,778	)		(480,404	)

Fixed Charges + Dividend	$	(1,809,137	)	$	(1,798,153	)	$	(1,786,156	)	$	(1,758,935	)


Ratio of Fixed Charges + Common Dividend to Pro Rata EBITDA		1.27			1.26			1.30			1.27

Certain amounts have been reclassified to conform to the current period presentation.


(a)		Includes operations of the Unconsolidated Real Estate Affiliates at the Company’s share.

(b)		Excludes principal amortization payments.

GENERAL GROWTH PROPERTIES, INC.
COMPARABLE NOI GROWTH
(dollars in thousands)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Comparable NOI Growth	2007			2006			2007			2006

Total Retail and Other NOI	$	580,282		$	541,861		$	1,138,997		$	1,103,202
NOI from noncomparable properties		(28,646	)		(11,474	)		(51,528	)		(36,409	)
Corporate and other (a)		(5,078	)		(3,191	)		(11,645	)		(11,623	)

Comparable NOI (b)	$	546,558		$	527,196		$	1,075,824		$	1,055,170


Increase in Comparable NOI		3.7	%*					2.0	%*

Certain amounts have been reclassified to conform to the current period presentation.


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

(b)		Comparable properties are those properties that have been owned and operated for the entire time during the compared accounting periods, and excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

*		Excluding termination income from both three and six month periods, the change in comparable NOI was 3.4% and 3.6%, respectively.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2007			2006			2007			2006

Comparable NOI (from above)	$	546,558		$	527,196		$	1,075,824		$	1,055,170
Comparable termination income		(3,473	)		(1,898	)		(6,910	)		(23,652	)
Comparable NOI excluding termination income	$	543,085		$	525,298		$	1,068,914		$	1,031,518
Increase in Comparable NOI excluding termination income		3.4	%					3.6	%

GENERAL GROWTH PROPERTIES, INC.
RETAIL RECOVERY SUMMARY*
(dollars in thousands)


	Three Months Ended
	6/30/2007			3/31/2007			12/31/2006			9/30/2006			6/30/2006

Consolidated Properties

Tenant recoveries*	$	192,432		$	195,688		$	194,138		$	196,376		$	188,082
Recoverable operating expenses:
Real estate taxes		52,444			53,524			48,639			54,135			51,258
Repairs and maintenance		42,662			45,866			48,230			42,699			43,541
Marketing		10,824			12,740			14,142			10,863			11,683
Other property operating costs		79,086			82,243			80,246			85,977			77,005

Total recoverable operating expenses*		185,016			194,373			191,257			193,674			183,487

Recovery Ratio		104.0	%		100.7	%		101.5	%		101.4	%		102.5	%

Unconsolidated Properties

Tenant recoveries*	$	47,259		$	47,829		$	47,285		$	47,041		$	45,505
Recoverable operating expenses:
Real estate taxes		13,786			14,275			13,628			13,702			14,037
Repairs and maintenance		9,658			10,067			11,170			9,276			9,421
Marketing		2,877			3,373			3,934			2,810			2,975
Other property operating costs		17,815			18,088			18,602			18,786			16,622

Total recoverable operating expenses*		44,136			45,803			47,334			44,574			43,055

Recovery Ratio		107.1	%		104.4	%		99.9	%		105.5	%		105.7	%


*		Excludes office tenant recoveries and office property expenses, as well as other nonrecoverable operating expenses such as ground rent, parking, storage and other non-direct property related expenses.

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


										Unconsolidated		Company
	Consolidated Properties									Property @ Share		Portfolio
	Maryland							Total				Total MPC
	Properties (a)			Summerlin		Bridgeland		Consolidated		Woodlands		Segment
Three Months Ended
June 30, 2007
Land Sales	$	6,416		$	23,610	$	6,104	$	36,130	$	22,661	$	58,791
Land Sales Operations (b)		7,160			17,850		4,532		29,542		14,766		44,308

Net Operating Income	$	(744	)	$	5,760	$	1,572	$	6,588	$	7,895	$	14,483


June 30, 2006
Land Sales	$	4,383		$	25,351	$	3,301	$	33,035	$	20,250	$	53,285
Land Sales Operations (b)		3,212			19,462		2,428		25,102		15,531		40,633

Net Operating Income	$	1,171		$	5,889	$	873	$	7,933	$	4,719	$	12,652


Six Months Ended
June 30, 2007
Land Sales	$	9,937		$	38,722	$	11,264	$	59,923	$	36,022	$	95,945
Land Sales Operations (b)		10,718			30,961		8,007		49,686		22,461		72,147

Net Operating Income	$	(781	)	$	7,761	$	3,257	$	10,237	$	13,561	$	23,798


June 30, 2006
Land Sales	$	31,811		$	132,519	$	5,925	$	170,255	$	38,799	$	209,054
Land Sales Operations (b)		25,283			94,188		4,228		123,699		27,950		151,649

Net Operating Income	$	6,528		$	38,331	$	1,697	$	46,556	$	10,849	$	57,405


(a)		Maryland Properties include Columbia and Fairwood.

(b)		Land Sales Operations expense for Summerlin includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — VALUATION AND NET CASH FLOW GENERATED
(dollars in thousands)

VALUATION


Investment Land and Land Held for Development and Sale:
Net Book Value — Balance Sheet as of June 30, 2007 (a)	$	1,711,291
Estimated Value of Assets as of December 31, 2006 (b)		3,272,531

NET CASH FLOW GENERATED


	Six Months Ended June 30,
	2007			2006
Net Operating Income	$	23,798		$	57,405
Cost of Land Sales		21,031			61,630
Woodlands Operations (c)		(13,561	)		(10,849	)
Woodlands Cash Distribution for 2006 (c)		5,250			—
Other Adjustments to Derive Cash Generated (d)		17,826			49,022


Total Cash Generated		54,344			157,208

Land Development Expenditures, Net of Related Financing		(60,524	)		(95,281	)


Estimated Net Cash Flow generated by (used in) Master Planned Communities Segment (e)	$	(6,180	)	$	61,927


(a)		The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements excluding the Company’s share of the Woodlands Operations.

(b)		The estimated value reflects management’s valuation of the gross assets, including the Company’s share of the Woodlands, based upon a number of assumptions including historical sales rates and historical price appreciation. The estimated value is not based on any third party purchase offers and does not reflect any reduction for the final Summerlin distribution to be made in 2009 pursuant to the CSA.

(c)		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. A partnership cash distribution occurs at the end of each year, based on final cash earned by the Woodlands.

(d)		Includes 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, builder price participation and other miscellaneous items.

(e)		Estimated net cash flow generated is net of (i.e. excludes) the estimated semi-annual distributions to be paid pursuant to the CSA. It does not, however, include any provision for income taxes on the earnings of the Master Planned Communities Segment which is operated through taxable REIT subsidiaries (“TRS’s”). Income taxes are based on the results of the Company as a whole, including taxable income/losses of these and other TRS’s.

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


		Lot Sales and Pricing (a)					Acreage (b)
		Six Months Ended					Total		Remaining
		June 30,					Gross		Saleable
		2007		2006			Acres		Acres
Maryland Properties (c)
Residential	- Acres Sold		0.7		25.1					227
	- Average Price/Acre	$	589	$	1,006
Commercial	- Acres Sold		19.0		6.7					349
	- Average Price/Acre	$	405	$	443
Maryland Properties Acreage								19,100		576

Summerlin (d)
Residential	- Acres Sold		17.2		112.2					5,506
	- Average Price/Acre	$	1,263	$	976
Commercial	- Acres Sold		4.9		20.0					883
	- Average Price/Acre	$	1,055	$	142	(e)
Summerlin Acreage								22,500		6,389

Bridgeland
Residential	- Acres Sold		41.5		27.80					5,266
	- Average Price/Acre	$	247	$	212
Commercial	- Acres Sold		—		—					1,211
	- Average Price/Acre	$	—	$	—
Bridgeland Acreage								10,200		6,477

Woodlands (f)
Residential	- Acres Sold		143.6		156.6					1,660
	- Average Price/Acre	$	374	$	353
Commercial	- Acres Sold		12.1		18.0					1,187
	- Average Price/Acre	$	387	$	425
Woodlands Acreage								28,400		2,847


(a)		Average Price per Acre — 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 we 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 page 22 of this supplemental financial information for a discussion of the valuation of this segment of our business.

(b)		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 condos.

		Commercial- Designated for retail, office, services, and other for-profit activities, as well as those parcels allocated for use by government, schools, and 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 amount of remaining saleable acres is likely to change over time as the Master Plan is refined.

(c)		Maryland Properties include Columbia and Fairwood.

(d)		Summerlin — Does not reflect impact of CSA — please refer to most recent Form 10-K for more information. Average price per acre includes assumption of Special Improvement District financing.

(e)		In 2006, Summerlin Commercial includes the effect of a single sale of a 19.1 acre parcel to a school at a price of $25,013 per acre.

(f)		Woodlands — Shown at 100% for context — GGP Share of The Woodlands is 52.5%.

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


	6/30/2007			12/31/2006			12/31/2005			12/31/2004

Capital Information
Closing common stock price per share	$	52.95		$	52.23		$	46.99		$	36.16
52 Week High (a)	$	67.43		$	55.70		$	48.27		$	36.90
52 Week Low (a)	$	43.49		$	42.36		$	31.38		$	24.31
Total Return — Trailing Twelve Months (share appreciation and dividend)		21.4	%		14.7	%		34.1	%		34.8	%

Common Shares and Common Units outstanding at end of period		295,627,219	(b)		294,957,220			292,258,544			290,256,345

Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	22,270,364		$	21,172,774		$	17,293,150		$	13,807,734
Variable		2,583,790			2,980,055			6,085,638			9,173,400
Total Preferred Securities		121,436			182,828			205,944			403,161
Stock market value of common stock and Operating Partnership units outstanding at end of period		15,653,461			15,405,616			13,733,229			10,495,669

Total Market Capitalization at end of period	$	40,629,051	(d)	$	39,741,273		$	37,317,961		$	33,879,964


Leverage Ratio (%)		61.2	%		60.8	%		62.6	%		67.8	%


(a)		52-week pricing information includes intra-day highs and lows.

(b)		Net of 1.8 Million Treasury Shares.

(c)		Excludes special improvement districts liability, minority interest adjustment and purchase accounting mark-to-market adjustments.

(d)		Excludes shares of common stock issued on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of period ended June 30,2007.

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, 2006		52,890,591			242,357,416		(290,787	)		294,957,220

Direct Stock Purchase and Dividend Reinvestment Plan		—			23,923		—			23,923

Employee Stock Purchase Plan		—			100,612		—			100,612

Conversion of Preferred Units to OP Units		47,356			—		—			47,356

Conversion of Preferred Units to OP Units and redemption to Common Shares		—			25,154		—			25,154

Redemption of OP Units into Common Shares		(1,024,346	)		1,024,346		—			—

Issuance of Stock for Stock Option Exercises and Restricted Stock Grants, including Stock Option exercises satisfied from Treasury		—			1,437,435		143,818			1,581,253

Issuance of Stock, including from Treasury, pursuant to the Contingent Stock Agreement		—			551,632		146,969			698,601

Purchase of Common Shares to be held in Treasury Stock		—			—		(1,806,900	)		(1,806,900	)


Common Shares and OP Units Outstanding at June 30, 2007		51,913,601			245,520,518		(1,806,900	)		295,627,219


Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at June 30, 2007										498,583


Diluted Common Shares and OP Units Outstanding at June 30, 2007										296,125,802


Weighted Average Common Shares and OP Units Outstanding for the six months ended June 30, 2007 (Basic)										296,579,241

Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options										684,628


Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the six months ended June 30, 2007 *										297,263,869


*		Excludes shares of common stock issued on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of period ended June 30,2007.

GENERAL GROWTH PROPERTIES, INC.
COMMON DIVIDEND HISTORY


(a)		1993 annualized


(a)		Based on FFO definitions that existed during the specified reporting period.

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF JUNE 30, 2007
(dollars in thousands)


	Consolidated						Unconsolidated					Company
	Properties						Properties (a)					Portfolio
				Current					Current					Current
				Average					Average					Average
	Maturing			Interest			Maturing		Interest			Maturing		Interest
Year	Amount (b)			Rate (c)			Amount (b)		Rate (c)			Amount (b)		Rate (c)
2007	$	937,197			5.68	%	$	167,879		6.43	%	$	1,105,076		5.79	%
2008		1,819,700			5.49	%		247,869		6.26	%		2,067,569		5.58	%
2009		3,005,990			5.49	%		397,032		6.46	%		3,403,022		5.60	%
2010		3,908,371			5.18	%		655,470		5.22	%		4,563,841		5.19	%
2011		6,054,333			6.33	%		1,469,648		5.93	%		7,523,981		6.25	%
2012		1,190,367			5.84	%		575,421		5.19	%		1,765,788		5.63	%
2013		1,747,800			6.12	%		237,203		5.38	%		1,985,003		6.03	%
2014		67,277			4.97	%		71,261		4.71	%		138,538		4.83	%
2015		197,270			5.21	%		—		0.00	%		197,270		5.21	%
2016		231,848			6.62	%		—		0.00	%		231,848		6.62	%
Subsequent		1,843,840			4.75	%		28,378		7.15	%		1,872,218		4.79	%


Totals	$	21,003,993	(d)		5.70	%	$	3,850,161		5.75	%	$	24,854,154		5.71	%


Fixed Rate (e)		18,716,206			5.54	%		3,554,158		5.61	%		22,270,364		5.55	%
Variable Rate (e)		2,287,787			7.01	%		296,003		7.35	%		2,583,790		7.05	%


Totals	$	21,003,993	(d)		5.70	%(f)	$	3,850,161		5.75	% (f)	$	24,854,154		5.71	% (f)

Average Years to Maturity

Fixed Rate Debt

5.69 years

4.78 years

5.55 years

Variable Rate Debt

7.62 years

3.05 years

7.10 years

All GGP Debt

5.89 years

4.65 years

5.70 years


(a)		Reflects the Company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.

(b)		Excludes principal amortization.

(c)		Reflects the current variable contract rate as of June 30, 2007 for all variable rate loans.

(d)		Reconciliation to GGP Consolidated GAAP debt.


	Consolidated
Consolidated debt, from above	$	21,003,993
Other liabilities — Special Improvement Districts		57,502
Minority interest ownership adjustment		66,042
Purchase accounting mark-to-market adjustments		95,616

GGP Consolidated GAAP debt	$	21,223,153


(e)		Includes the effects of interest rate swaps.

(f)		Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

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


(a)		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.

GENERAL GROWTH PROPERTIES, INC.
SECOND QUARTER 2007 FINANCING ACTIVITY
(dollars in thousands)


	Fixed Rate			Floating Rate			Total Debt
March 31, 2007 (a)	$	20,658,602		$	3,701,663		$	24,360,265

New Funding:
Non-Property Related		1,550,000			(850,000	)		700,000

Refinancings:
Property Related		133,842			(88,025	)		45,817

Revolver Borrowings		—			(179,000	)		(179,000	)
Other Property Related		(72,080	)		(848	)		(72,928	)


Net Change		1,611,762			(1,117,873	)		493,889


June 30, 2007 (a)	$	22,270,364		$	2,583,790		$	24,854,154


(a)		Includes Company’s share of debt of Unconsolidated Real Estate Affiliates. Excludes special improvement district liability, minority interest adjustment and purchase accounting mark-to-market adjustments.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2007
(dollars in thousands)


FIXED RATE
							Total Debt
Loan	Maturity Date		Rate (a)				Balance
CMBS
13 Affiliates (b)		11/15/07		5.55	%		$	868,765

Secured Asset Loans
White Marsh		12/03/07		7.91	%	*		68,432
Harborplace		12/01/07		8.16	%	*		26,879
Columbia Mall		01/01/08		7.38	%			153,388
Fashion Show		01/01/08		3.88	%			362,649
Mall St Vincent		01/01/08		7.21	%			17,090
1450 Center Crossing		02/01/08		9.00	%	*		4,625
1451 Center Cross and Riverspark		02/01/08		9.00	%	*		7,396
1551 Hillshire Dr		02/01/08		9.25	%	*		6,147
1645 Village Center		02/01/08		9.25	%	*		3,557
Provo Mall		02/01/08		4.52	%	*		35,023
Riverlands		02/01/08		9.25	%	*		2,206
Riverspark II		02/01/08		9.25	%	*		2,542
Spokane Valley Mall		02/01/08		4.57	%			28,962
The Pines		02/01/08		9.25	%	*		8,074
Triangle I-IV		02/01/08		9.00	%	*		1,504
Oakwood Center		02/11/08		6.60	%			95,000
Two Owings Mills		04/01/08		7.03	%	*		13,056
Phoenix Theatre		04/01/08		8.39	%	*		1,188
Animas Valley		07/11/08		3.70	%			25,140
Grand Teton		07/11/08		3.69	%			26,936
Mayfair		07/11/08		3.17	%			183,558
Salem Center		07/11/08		3.69	%			26,038
Pioneer Place		08/01/08		6.76	%	*		167,802
Foothills		09/01/08		6.63	%	*		42,794
Northtown Mall		09/01/08		6.77	%			74,930
Pierre Bossier		10/01/08		6.54	%	*		36,739
Spring Hill		10/01/08		6.61	%	*		80,595
Tucson Mall		10/13/08		4.35	%			121,811
Bayside		11/01/08		6.00	%			54,934
Oakwood		11/03/08		6.72	%	*		52,764
Southwest Plaza		11/03/08		6.54	%	*		75,363
Birchwood		11/11/08		6.72	%	*		39,573
Mall of the Bluffs		11/11/08		6.72	%	*		39,573
Chico Mall		02/11/09		4.88	%			58,809
Jordan Creek		03/01/09		4.66	%			192,061
Southland		03/02/09		3.70	%			84,574
Prince Kuhio		04/01/09		3.56	%			39,394
JP Comm Sr. Austin Bluffs		04/09/09		4.67	%			2,417
JP Comm Sr. Division Crossing		04/09/09		4.51	%			5,570
JP Comm Sr. Fort Union		04/09/09		4.59	%			2,908
JP Comm Sr. Halsey Crossing		04/09/09		4.61	%			2,726
JP Comm Sr. Orem Plaza Center St		04/09/09		4.60	%			2,599
JP Comm Sr. Orem Plaza State St		04/09/09		4.72	%			1,608
JP Comm Sr. Riverpointe Plaza		04/09/09		4.55	%			4,026
JP Comm Sr. Riverside Plaza		04/09/09		4.52	%			5,761
JP Comm Sr. Woodlands Village		04/09/09		4.50	%			7,361
Town East		04/13/09		3.56	%			109,753
Grand Canal Shoppes		05/01/09		4.86	%			407,259
Coastland		06/01/09		6.72	%	*		100,008
The Crossroads (MI)		06/01/09		7.53	%			41,071
Woodbridge Corporation		06/01/09		4.35	%			215,525
Village of Cross Keys		07/31/09		7.04	%	*		11,420
Apache		08/03/09		7.05	%	*		51,172
Cumberland		08/10/09		7.15	%			161,057
Baybrook		10/01/09		6.66	%	*		152,165
Oakview		10/01/09		7.19	%			117,623
Coral Ridge		11/02/09		6.15	%	*		101,697
Governor’s Square		12/01/09		7.66	%	*		60,583


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		The “13 Affiliates” CMBS pool is comprised of Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Plaza, Fox River Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall and Westroads Mall.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2007
(dollars in thousands)


FIXED RATE
								Total Debt
Loan		Maturity Date		Rate (a)				Balance
Secured Asset Loans Cont.
Lakeside Mall			12/01/09		4.37	%	*	$	186,842
Mall St Matthews			01/01/10		4.90	%	*		149,312
North Star			01/01/10		4.53	%			240,785
Ward Centre & Ward Entertainment			01/01/10		4.44	%			60,389
Park Place			01/11/10		5.24	%			182,067
Visalia			01/11/10		3.88	%			44,135
Lansing I			01/15/10		9.35	%	*		26,010
Pecanland			03/01/10		4.39	%			60,989
Southland			03/05/10		5.16	%			112,208
Providence Place			03/11/10		5.22	%			367,978
Ridgedale			04/01/10		4.96	%			183,885
West Valley			04/01/10		3.52	%			60,036
Pioneer Place			04/27/10		10.01	%	*		910
Peachtree			06/01/10		5.19	%			92,305
La Cantera			06/06/10		5.31	%			131,885
Coronado			06/07/10		5.18	%			173,917
Maine			06/11/10		4.92	%			223,157
Burlington			07/01/10		5.50	%			31,500
Glenbrook			07/01/10		5.01	%			182,743
Regency Square			07/01/10		3.68	%			97,963
St. Louis Galleria			07/05/10		4.94	%			244,873
Lynnhaven			07/06/10		5.18	%			244,166
Boise Towne Plaza			07/09/10		4.88	%			11,326
JP Comm Jr. Gateway Crossing			07/09/10		4.80	%			15,798
JP Comm Jr. Univ. Crossing			07/09/10		4.81	%			11,794
Crossroads Center (MN)			07/30/10		4.87	%			87,193
70 Columbia Corporate Center			10/01/10		10.15	%	*		19,959
Park City			10/01/10		5.29	%			154,251
Staten Island			10/01/10		6.12	%	*		284,083
Fashion Place			10/05/10		5.41	%			148,583
110 North Wacker			10/11/10		5.14	%			46,855
Chapel Hills			10/11/10		5.15	%			119,109
Gallery at Harborplace			12/01/10		8.00	%			66,238
Rogue Valley			12/31/10		7.96	%			27,019
Westlake Center	��		02/01/11		8.00	%			66,763
Boise Towne Square			02/10/11		6.74	%			72,992
10000 West Charleston			03/01/11		7.88	%	*		22,408
Capital			04/01/11		7.52	%			20,856
Eden Prairie			04/01/11		4.79	%			82,651
Gateway			04/01/11		7.48	%			40,873
Greenwood			04/01/11		7.47	%			45,889
Mall of Louisiana			04/01/11		5.92	%			238,000
Beachwood Place			04/07/11		5.73	%			246,363
Northridge Fashion			07/01/11		7.24	%	*		130,169
RiverTown			07/01/11		7.57	%	*		121,422
Willowbrook Mall			07/01/11		6.92	%			163,072
Collin Creek Mall			07/11/11		6.87	%			69,000
Ala Moana			09/01/11		5.67	%			1,500,000
Bayshore			09/01/11		7.22	%	*		31,971
Eastridge (CA)			09/01/11		5.89	%			170,000
Stonestown			09/01/11		5.89	%			273,000
Victoria Ward			10/06/11		5.69	%			157,000
Augusta Mall			11/11/11		5.50	%	*		175,000
One Owings Mills			12/01/11		8.50	%	*		5,425
Eastridge (WY )			12/05/11		5.20	%			40,391
Pine Ridge			12/05/11		5.22	%			27,233
Red Cliffs			12/05/11		5.25	%			25,883
Three Rivers			12/05/11		5.23	%			22,172
Hulen Mall			12/07/11		5.14	%			116,600
Three Owings Mills			04/01/12		5.58	%			58,400
Four Owings Mills			04/01/12		5.62	%			25,600


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2007
(dollars in thousands)


FIXED RATE
							Total Debt
Loan	Maturity Date		Rate (a)				Balance
Secured Asset Loans Cont.
Streets at Southpoint		04/06/12		5.45	%		$	247,541
Oviedo		05/07/12		5.24	%			53,387
Sikes Senter		06/01/12		5.32	%			63,199
Oglethorpe		07/02/12		4.99	%			145,787
Valley Plaza		07/11/12		3.98	%			99,301
Corporate Pointe		09/11/12		6.83	%	*		9,294
Grand Traverse		10/01/12		5.11	%			87,859
Faneuil Hall		04/01/13		5.66	%			96,566
Oxmoor		06/03/13		6.95	%			58,346
Senate Plaza		07/01/13		5.79	%			12,329
The Boulevard		07/01/13		4.36	%			111,912
1160/80 Town Center		07/15/13		6.99	%	*		9,681
The Meadows		08/01/13		5.57	%			106,058
Four Seasons		12/11/13		5.68	%			104,987
Valley Hills		03/05/14		4.82	%			58,852
Bayside Bond		07/01/14		6.00	%			8,425
Paramus Park		10/01/15		4.97	%			107,305
Eagle Ridge		10/12/15		5.53	%			48,900
Knollwood		10/12/15		5.47	%			41,065
Bellis Fair		02/15/16		7.34	%	*		64,771
Lakeview Square		03/01/16		5.93	%			42,362
Country Hills		06/01/16		6.21	%			13,841
Providence Place		07/01/16		7.76	%			30,089
Northgate		09/01/16		6.00	%			46,089
Piedmont		09/05/16		6.10	%			34,697
New Orleans Riverwalk		01/02/17		10.06	%	*		12,051
Baltimore Center Garage		06/01/18		6.05	%	*		18,373
10450 West Charleston		01/01/19		6.84	%	*		5,136
New Orleans Riverwalk		12/01/22		11.64	%			41,000
Two Willow		12/01/22		10.08	%			(39,800	)
Providence Place		07/01/28		7.76	%	*		18,401
Houston Land Notes		2017-2033		6.50	%	*		27,793
Provo Land Loan		08/01/95		10.10	%	*		2,250

Corporate Debt
Mall St Matthews		05/01/08		9.03	%	*		135
Houston Land		05/05/08		4.82	%			6,728
Princeton Land		07/29/08		3.04	%			3,570
Princeton Land East		07/29/08		3.00	%	*		3,430
JP Realty Public Notes Series D		03/11/08		7.29	%			25,000
TRCLP Property Note		11/30/08		6.94	%	*		58,000
TRCLP Public Indenture		03/16/09		3.63	%	*		400,000
TRCLP Public Indenture		04/30/09		8.00	%	*		200,000
TRCLP Public Indenture		09/17/12		7.20	%	*		400,000
TRCLP Senior Notes		05/01/13		6.91	%	*		797,920
TRCLP Public Indenture		11/26/13		5.38	%	*		450,000
Exchangable Senior Notes		04/15/27		4.24	%			1,550,000

Swaps (b)
Credit Agreement Swaps		11/15/07		6.45	%			200,000
Credit Agreement Swaps		02/08/08		6.32	%			100,000


Total Consolidated Fixed Rate Debt							$	18,716,206


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Variable rate debt converted to fixed rate debt through use of interest rate swaps.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2007
(dollars in thousands)


VARIABLE RATE
							Total Debt
Loan	Maturity Date		Rate (a)(b)				Balance
Secured Asset Loans
Columbia Mall Mezzanine		06/01/09		7.11	%	*	$	185,000
Arizona Retail		03/01/10		7.11	%			4,950
Westlake Land		11/02/21		7.11	%			2,437

Unsecured Asset Loans
Credit Agreement Term Loan		02/24/11		6.96	%			1,687,500
Credit Agreement Revolver		02/24/11		6.94	%			201,700
Trust Prefered Shares		04/30/36		7.16	%			206,200


Total Consolidated Variable Rate Debt							$	2,287,787



Total Consolidated Debt & Swaps				5.70	%		$	21,003,993


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Reflects the variable contract rate as of June 30, 2007.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF JUNE 30, 2007
(dollars in thousands)


FIXED RATE
									Company
Loan	Maturity Date		Rate (a)				Total Debt		ProRata Share
CMBS
13 Affiliates		11/15/07		5.42	%		$	138,637	$	70,706

Secured Asset Loans
Park Meadows		10/01/07		7.72	%	*		131,896		46,164
Columbiana		05/12/08		4.27	%			66,797		33,399
Quail Springs		06/02/08		6.98	%			39,853		19,927
Neshaminy		07/01/08		6.76	%	*		60,000		15,000
Woodlands Community		07/25/08		4.81	%			3,858		2,025
Altamonte		09/01/08		6.55	%	*		109,192		54,596
Chula Vista		10/01/08		4.24	%			60,803		30,401
Towson Town Center		11/10/08		6.84	%			131,381		45,983
Woodlands Community		02/23/09		3.80	%			867		455
Deerbrook		03/02/09		3.59	%			77,970		38,985
Perimeter Shopping Center		05/01/09		6.77	%	*		120,138		60,069
Mizner Park		07/01/09		5.09	%			59,254		29,627
Steeplegate		07/31/09		5.08	%			80,338		40,169
The Parks at Arlington		09/01/09		7.04	%	*		141,422		70,711
Carolina Place		01/11/10		4.70	%			162,553		81,276
Alderwood		07/06/10		5.03	%			294,571		147,285
Christiana Mall		08/02/10		4.61	%	*		116,283		58,141
Water Tower Place		09/01/10		5.04	%			177,318		97,525
Woodlands Community		09/01/10		7.22	%			14,400		7,560
Newgate		10/01/10		4.96	%			42,447		21,224
Whalers		11/08/10		5.63	%			107,685		66,079
Kenwood Towne Centre		12/01/10		5.58	%			243,164		171,097
Newpark		02/01/11		7.58	%			70,085		35,042
North Point		03/01/11		5.58	%			221,421		110,710
Willowbrook		04/01/11		7.00	%	*		94,048		47,024
Vista Ridge		04/11/11		6.89	%	*		83,050		41,525
Silver City Galleria		06/10/11		4.94	%			133,838		66,919
The Woodlands		06/13/11		6.02	%			240,000		120,000
Austin Mall (Highland)		07/08/11		6.92	%			66,256		33,128
Village of Merrick Park		08/08/11		5.94	%			193,082		77,233
Northbrook Court		09/01/11		7.17	%	*		91,369		45,684
Montclair		09/12/11		5.88	%			265,000		132,500
Tysons Galleria		09/12/11		5.84	%	*		255,000		127,500
Riverchase		10/03/11		5.78	%			305,000		152,500
First Colony		10/03/11		5.68	%	*		193,398		96,699
Arrowhead		10/03/11		6.92	%	*		79,108		13,183
Natick Mall		10/07/11		5.74	%			350,000		175,000
Galleria at Tyler		10/11/11		5.46	%	*		250,000		125,000
Pinnacle Hills		12/08/11		5.84	%			140,000		70,000
Buckland Hills		07/02/12		5.01	%			170,114		85,057
Florence		09/10/12		5.04	%			99,409		70,171
Oakbrook		10/01/12		5.12	%	*		222,559		112,414
Glendale Galleria		10/01/12		5.01	%			390,326		195,163
Stonebriar		12/11/12		5.33	%			172,729		86,365
Bridgewater Commons		01/01/13		5.27	%	*		139,786		48,925
Pembroke Note		04/11/13		5.06	%			134,783		67,392
West Oaks		08/01/13		5.36	%			72,101		36,051
Moreno Valley		09/11/13		6.07	%			88,000		44,000
Lakeland		10/01/13		5.24	%			56,772		28,386
Bay City		12/02/13		5.44	%			24,900		12,450
Washington Park		04/01/14		5.56	%			12,477		6,238
Brass Mill		04/11/14		4.63	%			130,044		65,022
CenterPointe Village		01/02/17		6.38	%	*		13,975		6,988
Trails Village Center		07/10/23		8.28	%	*		16,809		8,405
Lake Meade Blvd & Buffalo		07/15/23		7.63	%	*		6,160		3,080


Total Unconsolidated Fixed Rate Debt									$	3,554,158


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		The “13 Affiliates” CMBS pool is comprised of Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Plaza, Fox River Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall and Westroads Mall.

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF JUNE 30, 2007
(dollars in thousands)


VARIABLE RATE
									Company
Loan	Maturity Date		Rate (a)(c)				Total Debt		ProRata Share
Secured Asset Loans
Brazil — Aliansce		2007-2010		10.89	%		$	15,153	$	7,049
Woodlands Community		07/17/07		8.36	%			101		53
Clackamas		09/07/07		6.62	%	*		95,000		49,752
Woodlands Community		11/01/07		8.25	%	*		2,282		1,198
Woodlands Community		01/01/08		8.25	%	*		7,136		3,746
Woodlands Community		02/28/08		8.18	%			59,360		31,164
Woodlands Marriott Hotel		03/11/12		7.32	%			50,000		26,250
Woodlands Community		07/01/08		7.75	%	*		718		377
Superstition Springs		09/09/08		6.18	%			67,500		11,250
Woodlands Community		07/01/09		6.67	%	*		4,189		2,199
Woodlands Credit Agreement		08/29/09		7.37	%			291,539		153,058
Turkey — AAREAL		05/01/17		6.60	%			20,219		9,907

Total Unconsolidated Variable Rate Debt									$	296,003


Total Unconsolidated Debt				5.75	%				$	3,850,161



Total Debt & Swaps				5.71	%				$	24,854,154


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Variable rate debt converted to fixed rate debt through use of interest rate swaps.

(c)		Reflects the variable contract rate as of June 30, 2007.

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)
AS OF JUNE 30, 2007


	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
	Properties			Properties			Portfolio (c)
OPERATING STATISTICS (b)

Occupancy		92.6	%		93.8	%		92.9	%
Trailing 12 month total tenant sales per sq. ft. (d)	$	444		$	488		$	458
% change in total sales (d)		3.2	%		7.2	%		4.5	%
% change in comparable sales (d)		1.0	%		2.8	%		1.6	%
Mall and freestanding GLA (in sq. ft.)		42,303,444			19,375,735			61,679,179

CERTAIN FINANCIAL INFORMATION

Average annualized in place sum of rent and recoverable common area costs per sq. ft. (e)	$	43.87		$	49.67
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (e)	$	39.02		$	45.45
Average sum of rent and recoverable common area cost per sq. ft. for leases expiring in 2007 (e)	$	31.38		$	37.95
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (f)		3.3	%		5.1	%


	Percent of Minimum
	Rents, Tenant
	Recoveries and
TOP TEN LARGEST TENANTS (COMPANY RETAIL PORTFOLIO)	Other

Tenant (including subsidiaries)
Limited Brands, Inc.		4.1	%
Gap, Inc.		2.9
Foot Locker, Inc.		2.2
Abercrombie & Fitch Co.		2.0
Federated Department Stores, Inc.		1.4
American Eagle Outfitters, Inc.		1.2
Zale Corporation		1.2
The Children’s Place Retail Stores, Inc.		1.1
Luxottica Group S.P.A.		1.0
Sears Holding Corporation		1.0


(a)		Excludes all International operations which combined represent less than 1% of segment basis real estate property net operating income.

(b)		Data is for 100% of the mall and freestanding GLA in each portfolio, including those properties that are owned in part by Unconsolidated Real Estate Affiliates. Data excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

(c)		Data presented in the column “Company Retail Portfolio” are weighted average amounts.

(d)		Due to tenant sales reporting timelines, data presented is one month behind reporting date.

(e)		New format, sum of rent and recoverable common area costs.

(f)		Comparable properties are those properties that have been owned and operated for the entire time during the comparable accounting periods, and excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

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

GLA as of June 30, 2007


						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		66,386,699			499,148		45,048,995			338,714		111,435,694
Unconsolidated		35,298,077			653,668		20,391,432			377,619		55,689,509

Company		101,684,776			543,769		65,440,427			349,949		167,125,203
% of Total		60.8	%				39.2	%				100	%

Occupancy History


	Consolidated			Unconsolidated			Company
6/30/2007		92.6	%		93.8	%		92.9	%
6/30/2006		91.1	%		91.6	%		91.2	%
12/31/2006		93.4	%		94.2	%		93.6	%
12/31/2005		92.1	%		93.5	%		92.5	%
12/31/2004		92.1	%		91.9	%		92.1	%
12/31/2003 (d)		91.2	%		91.4	%		91.3	%

Trailing 12 Month Total Sales per Square Foot


	Consolidated		Unconsolidated		Company
6/30/2007	$	444	$	488	$	458
6/30/2006		438		469		448
12/31/2006		443		473		453
12/31/2005		428		455		437
12/31/2004		402		427		410
12/31/2003 (d)		337		376		351

Average in Place Sum of Rent and Recoverable Common Area Costs (at 100%) (c)


	Consolidated		Unconsolidated
6/30/2007	$	43.87	$	49.67

Sum of Rent and Recoverable Common Area Cost Rates (at 100%) (c)


	Year to Date		Full Year		Rent
	New/Renewals		Expirations		Spread
Consolidated
6/30/2007	$	39.02	$	31.38	$	7.64

Unconsolidated
6/30/2007	$	45.45	$	37.95	$	7.50

Occupancy Cost as a % of Sales


	Consolidated			Unconsolidated			Company
6/30/2007 (b)		12.6	%		12.3	%		12.5	%
6/30/2006		12.5	%		12.3	%		12.5	%
12/31/2006		12.6	%		12.4	%		12.5	%
12/31/2005		12.1	%		11.7	%		12.0	%
12/31/2004		12.5	%		13.0	%		12.7	%
12/31/2003 (d)		11.4	%		12.4	%		11.8	%


(a)		Excludes all International operations which combined represent less than 1% of segment basis real estate property net operating income. Also excludes community centers.

(b)		Due to tenant sales reporting timelines, data presented is one month behind reporting date.

(c)		Due to combining rent and recoverable common area costs, historical information is not comparable.

(d)		Data excludes the TRCLP portfolio, acquired November 12, 2004.

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,
	2007		% of Total			2006		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	418,119		36.7	%	$	396,939		36.0	%

North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		138,250		12.1	%		136,681		12.4	%

South Central
Arkansas, Louisiana, Oklahoma, Texas		133,664		11.7	%		127,266		11.5	%

Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		306,701		26.9	%		298,875		27.1	%

Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		130,618		11.5	%		131,818		11.9	%

Corporate and Other (a)		11,645		1.1	%		11,623		1.1	%


TOTAL	$	1,138,997		100.0	%	$	1,103,202		100.0	%


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

GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF JUNE 30, 2007
(in thousands)

Lease Expiration Schedule (a) (b)


	Consolidated						Unconsolidated at Share (c)
	Sum of Rent and				Sum of Rent and		Sum of Rent 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.
2007	$	83,397		2,472	$	33.74	$	23,561		565	$	41.70
2008		163,779		4,851		33.76		37,850		982		38.54
2009		164,265		3,624		45.33		29,267		582		50.29
2010		181,102		4,022		45.03		35,669		686		52.00
2011		144,900		3,038		47.70		38,204		698		54.73
2012		167,647		3,247		51.63		39,116		677		57.78
2013		123,795		2,241		55.24		36,620		623		58.78
2014		131,789		2,395		55.03		36,484		614		59.42
2015		156,144		2,627		59.44		50,386		801		62.90
2016		170,453		2,737		62.28		60,824		878		69.28
Subsequent		190,432		3,335		57.10		78,858		1,287		61.27

Total at Share	$	1,677,703		34,589	$	48.50	$	466,839		8,393	$	55.62



All Expirations	$	1,677,703		34,589	$	48.50	$	956,161		17,101	$	55.91

Retail Lease Termination Income at Share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2007		2006		2007		2006
Consolidated	$	3,048	$	1,515	$	5,353	$	18,755
Unconsolidated		469		528		1,900		5,685

Total Termination Income at Share (d)	$	3,517	$	2,043	$	7,253	$	24,440


(a)		Excludes leases on Mall Stores of 30,000 square feet or more and tenants paying percentage rent in lieu of base minimum rent.

(b)		Includes retail properties except for community centers and International operations.

(c)		Expirations at share reflect the Company’s direct or indirect ownership interest in a joint venture.

(d)		The termination income difference from page 19 is from non-comparable properties, $44 and $145 for three months ended June 30, 2007 and 2006, $343 and $788 for the six months ended June 30, 2007 and 2006.

Expansions, Re-developments & New Developments

GENERAL GROWTH PROPERTIES, INC.
DEVELOPMENT SUMMARY
($millions at share)


Development Summary
Expansion & re-development projects	$	960.3
Ground-up projects		2,097.0

Total expansion, re-development & ground up projects		3,057.3

Less developments in progress per balance sheet at June 30, 2007:
Consolidated		888.5
Unconsolidated		378.2

Total developments in progress		1,266.7



Future development spending (a)	$	1,790.6


(a)		Future development spending is currently expected to occur between Q3 2007 and Q2 2010.

GENERAL GROWTH PROPERTIES, INC.
EXPANSIONS & RE-DEVELOPMENTS

Expansion & Re-development Projects Under Construction

Forecasted Cost

($millions at

Projected

Property

Description

Ownership %

share)

Opening

Ala Moana

Nordstrom at Kapiolani and residential condominiums

100

175.1

Q1 2008

Honolulu, HI

Augusta Mall

Lifestyle addition and mall renovation

100

82.6

Q4 2007

August, GA

Clackamas Town Center

Two lifestyle villages including interior renovation, parking structure and theater

58.5

Q4 2007

Portland, OR

Galleria at Tyler

Addition of retail, restaurants, theater and parking structure

35.1

Q4 2007

Riverside, CA

Mall of Louisiana

Lifestyle addition and power center

100

96.3

Q1 2008

Baton Rouge, LA

The Parks at Arlington

Re-development of the former Mervyn's space

100

28.1

Q2 2008

Arlington, TX

Ward Village Shops

Addition of Whole Foods and other retail space as well as a parking structure

100

131.8

Q4 2008

Honolulu, HI

Water Tower Place

American Girl and mall shop re-development

35.8

Q4 2008

Chicago, IL

Various other planned expansion & re-development projects including amounts related to the projects listed below

317.0

Total expansion & re-development projects

960.3

Other Planned Expansion & Re-development Projects


Property	Description	Ownership %

Chico Mall	Big Box expansion		100	%
Chico, CA

Christiana Mall	Nordstrom and lifestyle center expansion		50	%
Newark, DE

Fashion Place	Nordstrom, mall shop and streetscape GLA expansion, and interior mall renovation		100	%
Murray, UT

Maine Mall	Theater, anchor, restaurant pads and mall shop expansion		100	%
South Portland, ME

Montclair Plaza	Nordstrom and Interior mall renovation		50	%
Montclair, CA

Paramus Park	Lifestyle expansion		100	%
Paramus, NJ

Redlands	Strip Center Retail		100	%
Redlands, CA

Saint Louis Galleria	Nordstom		100	%
Saint Louis, MO

Tucson	Lifestyle expansion		100	%
Tucson, AZ

Cottonwood	Replace enclosed mall with a mixed-use development		100	%
�� Holladay, UT

GENERAL GROWTH PROPERTIES, INC.
NEW DEVELOPMENTS

Ground-up Projects Under Construction


		Forecasted Cost
		($millions at		Projected
Property	Description	share)		Opening

Bangu	420 thousand sf regional shopping center with anchors, mall shop and restaurants	$	13.0	Q4 2007
Rio de Janeiro, Brazil

Boulevard	315 thousand sf regional shopping center with anchors, mall shop, multiplex cinema and restaurants		17.1	Q4 2008
Belo Horizonte, Brazil

Caxias	275 thousand sf regional shopping center with anchors, mall shop, multiplex cinema and restaurants		24.4	Q4 2008
Rio de Janeiro, Brazil

Echelon	300 thousand sf retail promenade as part of an 87-acre resort master plan development on the Las Vegas Strip		255.0	Q3 2010
Las Vegas, NV

Espark	430 thousand sf vertical four-story shopping center with more than 150 shops and restaurants, a multiplex cinema and anchors		54.9	Q4 2007
Eskisehir, Turkey

Gateway Overlook	New shopping center which includes big boxes, restaurant pads and a strip retail center		59.7	Q4 2007
Columbia, MD

Natick Natick, MA	Expansion of existing Natick Mall to include two new anchors and 284 thousand sf of mall shop		163.9	Q3 2007
	Replace Macy’s with a 64 thousand sf streetscape and parking deck		50.8	Q4 2008
	Nouvelle at Natick — luxury condominiums		171.6	Q3 2008

Parke West	350 thousand sf open air shopping center with a theater and restaurants		104.5	Q4 2007
Peoria, AZ

Pinnacle Hills Power Center	Power Center including Bed, Bath & Beyond and other big box tenants		15.0	Q4 2007
Rogers, AR

RiverCrossing	750 thousand sf center which includes anchors, mall shop, restaurants and power center		53.0	Q1 2008
Macon, GA

Santana Parque	260 thousand sf regional shopping center with anchors, mall shop and restaurants		12.4	Q4 2007
Santana (Sao Paulo), Brazil

The Shops at Fallen Timbers	870 thousand sf open air lifestyle center featuring Dillard’s, JCPenney, restaurants, a cinema and a hotel		146.4	Q4 2007
Maumee (Toledo), OH

The Shops at La Cantera	Phase II of The Shops at La Cantera including a Barnes and Noble, restaurants, mall shop and office space		90.5	Q4 2008
San Antonio, TX

The Shoppes at Palazzo *	Expansion of Venetian		600.0	Q1 2008
Las Vegas, NV

Vista Commons	99 thousand sf neighborhood shopping center in Summerlin		19.3	Q1 2008
Las Vegas, NV

Various other planned ground-up projects including amounts related to the projects listed below			245.5


Total ground-up projects under construction		$	2,097.0


*		GGP is not responsible for the construction costs and will purchase the property upon opening. The purchase price is based on a formula described in our SEC filings on Forms 10-K and 10-Q. The $600 million is the current estimate of initial purchase at closing.

Other Planned Ground-up Projects


					Potential
Property	Description	Ownership %			Opening

Allentowne	Mixed use development on a 238 acre site		100	%	Q2 2010
Allen, TX

Bridges at Mint Hill	Shopping Center anchored by Belks and two other department stores		100	%	Q4 2009
Charlotte, NC

Cannery	Urban retail development including mall shop, community center and grocery store		100	%	Q3 2009
Chicago, IL

Circle T	1.2 million sf shopping center		50	%	Q4 2009
Westlake, TX

Circle T Power Center	Develop a lifestyle center on a 150 acre site west of Circle T		50	%	Q4 2009
Westlake, TX

Detroit Gateway	Urban retail development including anchors, mall shop and restaurants		100	%	Q3 2009
Detroit, Michigan

Elk Grove Promenade	1.1 million sf open air lifestyle center with retail, entertainment and big box components		100	%	Q4 2008
Elk Grove, CA

Pinnacle Hills South	Target, restaurants and hotel development		50	%	Q3 2008
Rogers, AR

Summerlin Centre	Phase I includes a new retail development of 106 acres in the Summerlin community; project could be expanded in subsequent years		100	%	Q4 2009
Las Vegas, NV

Tatilya	785 thousand sf vertical two-story shopping center with anchors, mall shop, multiplex cinema and restaurants		50	%	Q4 2009
Beylikduzu (Istanbul), Turkey

GGP (GGP) Inactive 8-KResults of Operations and Financial Condition