SCHEDULE 14A INFORMATION
                  Proxy Statement Pursuant to Section 14(a) of
                       the Securities Exchange Act of 1934


Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[X]  Preliminary Proxy Statement
[_]  Confidential, for Use of the Commission Only (as permitted by Rule
     14a-6(e)(2))
[_]  Definitive Proxy Statement
[_]  Definitive Additional Materials
[_]  Soliciting Material Pursuant to Section 240.14a-12

                                 JP REALTY, INC.
                (Name of Registrant as Specified In Its Charter)
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

         Payment of Filing Fee (Check the appropriate box):

[_]  No fee required.

[X]  Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

     (1)  Title of each class of securities to which transaction applies:

          Common Stock, $.0001 par value and Price Group Stock, $.0001 par value

     (2)  Aggregate number of securities to which transaction applies:

          16,474,833 shares of Common Stock and 200,000 shares of Price Group
          Stock

     (3)  Per unit price or other underlying value of transaction computed
          pursuant to Exchange Act Section 14(g)(1)(A) (set forth the amount on
          which the filing fee is calculated and state how it was determined):

          In accordance with Exchange Act Section 14(g)(1)(A) and Rule 0-11, the
          fee is equal to $92 per $1,000,000 of the proposed cash payment to be
          distributed to the stockholders of JP Realty, Inc, which is $26.10
          cash per share.

     (4)  Proposed maximum aggregate value of transaction: $429,993,141.30

     (5)  Total fee paid: $39,559.37

[_]  Fee paid previously with preliminary materials.

[_]  Check box if any part of the fee is offset as provided by Exchange Act Rule
     0-11(a)(2) and identify the filing for which the offsetting fee was paid
     previously. Identify the previous filing by registration statement number,
     or the Form or Schedule and the date of its filing.

     (1)  Amount Previously Paid:

          ______________________________________________________________________

     (2)  Form, Schedule or Registration Statement No.:

          ______________________________________________________________________

     (3)  Filing Party:

          ______________________________________________________________________

     (4)  Date Filed:

          ______________________________________________________________________





                                 JP REALTY, INC.
                               35 Century Park-Way
                            Salt Lake City, UT 84115

                    NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
                          To Be Held [April __ ], 2002


To our Stockholders:

     A special meeting of our stockholders will be held at the [_____________]
on [April__], 2002, beginning at 10:00 a.m., local time. At the meeting,
stockholders will act on the following matters:

     (1)  To consider and vote upon a proposal to approve the merger of JP
          Realty, Inc. with and into GGP Acquisition, L.L.C., a Delaware limited
          liability company and an indirect subsidiary of General Growth
          Properties, Inc., substantially on the terms set forth in the
          Agreement and Plan of Merger, dated as of March 3, 2002, among General
          Growth Properties, Inc., GGP Limited Partnership, GGP Acquisition,
          L.L.C., GGP Acquisition II, L.L.C., JP Realty, Inc., and Price
          Development Company, Limited Partnership; and

     (2)  To consider and vote upon any other matters that properly come before
          the meeting and any adjournments or postponements of that meeting.

     All holders of record of shares at the close of business on [____], 2002
are entitled to notice of, and to vote at, the meeting or any postponements or
adjournments of the meeting.

     We encourage you to read this proxy statement carefully. In addition, you
may obtain information about us from the documents that we have filed with the
SEC.

     This notice and proxy statement was first mailed to stockholders on or
about April [__], 2002.

                                          By order of the Board of Directors,



                                          Paul K. Mendenhall
                                          Secretary


April [__], 2002
Salt Lake City, Utah


- --------------------------------------------------------------------------------

YOUR VOTE IS IMPORTANT. PLEASE PROMPTLY MARK, DATE, SIGN AND RETURN YOUR PROXY
IN THE ENCLOSED ENVELOPE, WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING.

- --------------------------------------------------------------------------------




                                TABLE OF CONTENTS

                                                                            Page

PROXY STATEMENT................................................................1

SUMMARY TERM SHEET.............................................................1

SUMMARY OF THE PROXY STATEMENT.................................................4

THE PARTIES....................................................................4

THE MEETING....................................................................5

THE MERGER AND THE MERGER AGREEMENT............................................7

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION...................10

THE PARTIES...................................................................11

     JP Realty, Inc...........................................................11

     Price Development Company, Limited Partnership...........................11

     General Growth Properties, Inc...........................................11

     GGP Limited Partnership..................................................11

     GGP Acquisition, L.L.C...................................................11

     GGP Acquisition II, L.L.C................................................11

ABOUT THE MEETING.............................................................12

PROPOSAL TO APPROVE THE MERGER................................................14

     General  ................................................................14

     Background of the Merger.................................................15

     Recommendation of our Board of Directors and Reasons for the Merger......22

     Opinion of UBS Warburg...................................................24

     Interests of Directors and Officers in the Merger........................29

     The Merger Agreement.....................................................31

FEDERAL INCOME TAX CONSIDERATIONS.............................................42

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT................45

2002 ANNUAL MEETING...........................................................46

OTHER MATTERS.................................................................46

WHERE YOU CAN FIND MORE INFORMATION...........................................47


EXHIBITS

     Exhibit A - Agreement and Plan of Merger
     Exhibit B - Opinion of UBS Warburg


                                      -i-


                                                              PRELIMINARY COPIES

                                 JP REALTY, INC.
                               35 Century Park-Way
                           Salt Lake City, Utah 84115

                                 PROXY STATEMENT

     This proxy statement contains information related to the special meeting of
stockholders of JP Realty, Inc., to be held on [April __], 2002, beginning at
10:00 a.m., local time at [_______________], and any postponements or
adjournments thereof.

                               SUMMARY TERM SHEET

     The following is a summary of the material terms of the merger which is
described in this proxy statement. You should carefully read this entire
document as well as the additional documents to which it refers, including the
merger agreement attached to this proxy as Exhibit A, for a more complete
description of the merger.

o    The Meeting

     o    General -- This proxy statement is being furnished to holders of
          shares of our common stock and Price Group stock for use at the
          special meeting, and at any adjournments or postponements thereof, in
          connection with the approval of the merger of JP Realty, Inc. with and
          into GGP Acquisition, L.L.C., an indirect subsidiary of General Growth
          Properties, Inc., substantially on the terms set forth in the
          Agreement and Plan of Merger, dated as of March 3, 2002, among General
          Growth Properties, Inc., GGP Limited Partnership, GGP Acquisition,
          L.L.C., GGP Acquisition II, L.L.C., JP Realty, Inc., and Price
          Development Company, Limited Partnership. The special meeting will be
          held at the [___________] on [April __], 2002 at 10:00 a.m. local
          time. See pages 12 - 13.

     o    Vote required -- The proposal for the approval of the merger
          substantially on the terms set forth in the merger agreement requires
          the affirmative vote of the holders of a majority of the outstanding
          shares of our common stock and Price Group stock, voting together as a
          single class. If you do not vote your shares, the effect will be a
          vote against the approval of the merger. See page 13.

          The "Price Group stock" refers to a class of 200,000 shares of capital
          stock held by Fairfax Holding, L.L.C., a limited liability company in
          which Mr. John Price, our former Chairman and Chief Executive Officer,
          holds an approximate 85% direct and indirect interest. The Price Group
          stock is voted together with our common stock as a single class on all
          matters submitted for a vote of our stockholders, but has certain
          special voting rights relating to the election of directors.

     o    Record date -- We have set the close of business on [_______], 2002 as
          the record date for determining those stockholders who are entitled to
          notice of and to vote at the special meeting. See page 12.

o    The Merger

     At the special meeting, our stockholders will be asked to approve the
merger substantially on the terms set forth in the merger agreement.



o    The Parties -- See page 11.

     o    JP Realty, Inc. -- We are a real estate investment trust or REIT. We
          conduct substantially all of our business operations through and hold
          a controlling interest in Price Development Company, Limited
          Partnership, our operating partnership. Our headquarters is located at
          35 Century Park-Way, Salt Lake City, Utah 84115 and our telephone
          number is (801) 486-3911.

     o    Price Development Company, Limited Partnership -- Price Development
          Company, Limited Partnership is a Maryland limited partnership, of
          which we are the sole general partner. Price Development Company owns
          or has an interest in 50 properties, consisting of 18 enclosed
          regional malls, 25 anchored community centers, one free-standing
          retail property and six mixed-use commercial/business properties,
          containing an aggregate of over 15.1 million square feet of gross
          leasable area in ten western states.

     o    General Growth Properties, Inc. -- General Growth Properties, Inc. is
          a REIT and the second largest regional shopping mall owner in the
          United States. It conducts substantially all of its business
          operations through and holds a controlling interest in GGP Limited
          Partnership, its operating partnership. Its headquarters is located at
          110 North Wacker Drive, Chicago, IL 60606 and its telephone number is
          (312) 960-5000.

     o    GGP Limited Partnership -- GGP Limited Partnership is a Delaware
          limited partnership, in which General Growth Properties owns an
          approximate 76% general partnership interest, with the remaining
          approximate 24% interest being held by limited partners which include
          a partnership, the partners of which are various trusts for the
          benefit of the Bucksbaum family, and others who have contributed
          properties to GGP Limited Partnership. GGP Limited Partnership
          presently owns interests in and/or manages 141 regional malls,
          containing an aggregate of over 87.2 million square feet of gross
          leasable area in 39 states.

     o    GGP Acquisition, L.L.C. -- GGP Acquisition, L.L.C. is a Delaware
          limited liability company and a wholly-owned subsidiary of GGP Limited
          Partnership. GGP Acquisition was formed solely for the purposes of the
          merger and has carried on no independent business activities to date.

     o    GGP Acquisition II, L.L.C.-- GGP Acquisition II, L.L.C. is a Maryland
          limited liability company and a wholly-owned subsidiary of GGP Limited
          Partnership. GGP Acquisition II was formed solely for the purposes of
          the partnership merger described below and has carried on no
          independent business activities to date.

o    What you will receive in the merger -- Each share of our common stock and
     Price Group stock will be converted into the right to receive $26.10 in
     cash without interest. In addition, the merger agreement authorizes the
     payment of regular quarterly dividends to our common and Price Group
     stockholders, pro rated up to the closing date of the merger. The merger
     consideration is fixed and will not be adjusted based on fluctuations in
     the price of our common stock prior to the closing date of the merger. See
     page 31.

o    Conditions to the merger -- The merger is subject to our stockholder
     approval, as well as other customary conditions. However, the merger is not
     subject to any financing contingency and is not conditional on General
     Growth Properties obtaining financing for the merger. See page 36.

o    Interests of directors and officers -- Some of our officers and directors
     have interests and arrangements that may be different from, or in addition
     to, your interests as our stockholders. See page 29.


                                       2



o    Our board of directors recommends that you vote for the merger -- After an
     evaluation of a variety of business, financial and other factors and
     consultation with our legal and financial advisors, at a meeting on March
     3, 2002, our board of directors determined that the merger was advisable,
     fair to, and in the best interests of, JP Realty, Inc. and our
     stockholders, unanimously approved the merger and the merger agreement, and
     unanimously voted to recommend that our stockholders approve the merger.
     See page 13.

o    The merger will have tax consequences for you -- The receipt of cash in
     exchange for your shares of our common stock will have tax consequences.
     See pages 42-44.



                                       3



                         SUMMARY OF THE PROXY STATEMENT

     The following is a summary of the terms of the proposed merger and other
information relating to the special meeting.

     This summary may not contain all of the information that is important to
you. For a more complete understanding of the merger and the other information
contained in this proxy statement, you should read this entire proxy statement
carefully, as well as the additional documents to which it refers. For
instructions on obtaining more information, see "Where You Can Find More
Information" on page 47.

                                   THE PARTIES

JP Realty, Inc.                         We are a real estate investment trust or
                                        REIT. We conduct substantially all of
                                        our business operations through and hold
                                        a controlling interest in Price
                                        Development Company, Limited
                                        Partnership, our operating partnership.

                                        We are headquartered in Salt Lake City,
                                        Utah. Our address and telephone number
                                        are:

                                        JP Realty, Inc.
                                        35 Century Park-Way
                                        Salt Lake City, UT
                                        84115
                                        (801) 486-3911

Price Development Company, Limited      Price Development Company, Limited
Partnership                             Partnership is a Maryland limited
                                        partnership, of which we are the sole
                                        general partner. Price Development
                                        Company owns or has an interest in 50
                                        properties, consisting of 18 enclosed
                                        regional malls, 25 anchored community
                                        centers, one free-standing retail
                                        property and six mixed-use
                                        commercial/business properties,
                                        containing an aggregate of over 15.1
                                        million square feet of gross leasable
                                        area in ten western states.

General Growth Properties, Inc.         General Growth Properties, Inc. is a
                                        REIT and the second largest regional
                                        shopping mall owner in the United
                                        States. It conducts substantially all of
                                        its business operations through and
                                        holds a controlling interest in GGP
                                        Limited Partnership, its operating
                                        partnership.

                                        Its headquarters are located in Chicago,
                                        Illinois. Its address and telephone
                                        number are:

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


                                       4


GGP Limited Partnership                 GGP Limited Partnership is a Delaware
                                        limited partnership, in which owns an
                                        approximate 76% general partnership
                                        interest, with the remaining approximate
                                        24% interest being held by limited
                                        partners which include a partnership,
                                        the partners of which are various trusts
                                        for the benefit of the Bucksbaum family,
                                        and others who have contributed
                                        properties to GGP Limited Partnership.
                                        GGP Limited Partnership currently owns
                                        interests in and/or manages 141 shopping
                                        malls, containing an aggregate of over
                                        87.2 million square feet of gross
                                        leasable area in 39 states.

GGP Acquisition, L.L.C.                 GGP Acquisition, L.L.C. is a Delaware
                                        limited liability company and a
                                        wholly-owned subsidiary of GGP Limited
                                        Partnership. GGP Acquisition was formed
                                        solely for the purposes of the merger
                                        and has carried on no independent
                                        business activities to date.

GGP Acquisition II, L.L.C.              GGP Acquisition II, L.L.C. is a Maryland
                                        limited liability company and a
                                        wholly-owned subsidiary of GGP Limited
                                        Partnership. GGP Acquisition II was
                                        formed solely for the purposes of the
                                        partnership merger described below and
                                        has carried on no independent business
                                        activities to date.

                                   THE MEETING

General                                 This proxy statement is being furnished
                                        to holders of shares of our common stock
                                        and Price Group stock for use at the
                                        special meeting, and at any adjournments
                                        and postponements thereof, in connection
                                        with the approval of the merger
                                        substantially on the terms set forth in
                                        the merger agreement. The special
                                        meeting will be held at the [_________]
                                        on [April __], 2002 at 10:00 a.m. local
                                        time.

Vote Required to Approve the Merger     The proposal for the approval of the
                                        merger requires the affirmative vote of
                                        the holders of a majority of the
                                        outstanding shares of our common stock
                                        and Price Group stock, voting together
                                        as a single class. If you do not vote
                                        your shares, the effect will be a vote
                                        against the approval of the merger.

                                        Pursuant to a separate voting agreement
                                        among General Growth Properties, GGP
                                        Limited Partnership, GGP Acquisition,
                                        GGP Acquisition II,


                                       5


                                        Mr. John Price, our former Chairman and
                                        Chief Executive Officer, and certain of
                                        his named affiliates, Mr. Price and such
                                        affiliates agreed to vote all shares of
                                        common stock and Price Group stock which
                                        he or such affiliates own as of the
                                        record date in favor of the merger and
                                        granted GGP Limited Partnership a proxy
                                        to vote all such shares. As of the
                                        record date, Mr. Price and such
                                        affiliates owned in the aggregate
                                        299,000 shares of common and Price Group
                                        stock, representing approximately 1.8%
                                        of the combined issued and outstanding
                                        shares of these classes. The voting
                                        agreement terminates on the earlier to
                                        occur of the termination of the merger
                                        agreement in accordance with its terms
                                        or the consummation of the merger and
                                        the partnership merger.

Record Date and Quorum                  We have set the close of business on
Requirement                             [______], 2002 as the record date for
                                        determining those stockholders who are
                                        entitled to notice of and to vote at the
                                        special meeting.

                                        The presence at the meeting, in person
                                        or by proxy, of the holders of a
                                        majority of the aggregate number of
                                        shares of our common stock and Price
                                        Group stock outstanding on the record
                                        date will constitute a quorum, allowing
                                        us to conduct the business of the
                                        meeting.

Revocation of Proxies                   Even after you have submitted your proxy
                                        card, you may change your vote at any
                                        time before the proxy is exercised by
                                        delivering to our Secretary either a
                                        notice of revocation, or a duly executed
                                        proxy bearing a later date. The powers
                                        of the proxy holders will be suspended
                                        with respect to your proxy if you attend
                                        the meeting in person and so request,
                                        although attendance at the meeting will
                                        not by itself revoke a previously
                                        granted proxy.

Who Can Help Answer Other Questions     If you have more questions about the
                                        merger or would like additional copies
                                        of this proxy statement, you should
                                        contact our proxy solicitor:

                                        Mellon Investor Services LLC
                                        44 Wall Street, 7th Floor
                                        New York, New York  10005
                                        (888) 468-9726


                                       6


                       THE MERGER AND THE MERGER AGREEMENT

The Merger Agreement                    On March 3, 2002, we entered into an
                                        Agreement and Plan of Merger by and
                                        among General Growth Properties, Inc.,
                                        GGP Limited Partnership, GGP
                                        Acquisition, L.L.C., GGP Acquisition II,
                                        L.L.C., JP Realty, Inc., and Price
                                        Development Company, Limited
                                        Partnership, attached to this proxy
                                        statement as Exhibit A.

                                        At the special meeting, our stockholders
                                        will be asked to approve the merger
                                        substantially on the terms set forth in
                                        the merger agreement.

What You Will Receive in                Under the merger agreement, JP Realty,
the Merger                              Inc. will be merged with and into GGP
                                        Acquisition, L.L.C. In the merger, each
                                        share of our common stock and Price
                                        Group stock will be converted into the
                                        right to receive $26.10 in cash without
                                        interest. In addition, the merger
                                        agreement authorizes the payment of
                                        regular quarterly dividends to our
                                        common and Price Group stockholders, pro
                                        rated up to the closing date of the
                                        merger.

                                        If our stockholders do not approve the
                                        merger or the merger is otherwise
                                        abandoned, then the proposed merger will
                                        not occur. If our stockholders approve
                                        the merger and the conditions to the
                                        merger agreement are satisfied or
                                        waived, then we intend to consummate the
                                        merger as soon as practicable following
                                        the special meeting.

Our Board of Directors Recommends       After an evaluation of a variety of
That You Vote For the Approval of       business, financial and other factors
the Merger                              and consultation with our legal and
                                        financial advisors, at a meeting on
                                        March 3, 2002, our board of directors
                                        unanimously determined that the merger
                                        was advisable, fair to, and in the best
                                        interests of, our company and our
                                        stockholders, unanimously approved the
                                        merger and the merger agreement, and
                                        unanimously voted to recommend that our
                                        stockholders approve the merger.

Interest of Directors and Officers      Certain of our directors and executive
in the Merger                           officers have interests in the merger
                                        that differ from your interests as a
                                        stockholder. Our board of directors was
                                        aware of these interests and considered
                                        them, among other matters, in approving
                                        the merger and the merger agreement.


                                       7


Reasons for the Merger                  Our board has proposed the merger
                                        because it believes that the merger
                                        represents the alternative that is in
                                        the best interest of our stockholders
                                        and the unitholders of Price Development
                                        Company. The merger consideration
                                        represents a significant premium to the
                                        historical and recent market price of
                                        our common stock. Our board determined
                                        that no other alternative, including
                                        continuing to operate as an independent
                                        company, would be as favorable as the
                                        merger.

Opinion of Financial Advisor            In deciding to approve the merger and
                                        adopt the merger agreement, our board of
                                        directors considered the opinion of UBS
                                        Warburg LLC that, as of the date of the
                                        opinion, and subject to and based on the
                                        assumptions made, procedures followed,
                                        matters considered and limitations of
                                        the review undertaken in its opinion,
                                        the per share cash consideration to be
                                        received by holders of our outstanding
                                        common stock (other than by holders of
                                        Price Group stock) pursuant to the
                                        merger agreement was fair from a
                                        financial point of view to such holders.
                                        The UBS Warburg opinion, which sets
                                        forth the assumptions made, procedures
                                        followed, matters considered and
                                        limitations on the review undertaken by
                                        UBS Warburg in connection with its
                                        opinion, is attached as Exhibit B to the
                                        proxy statement. We encourage you to
                                        read this opinion carefully.

Dissenters' Rights                      Under Maryland law, because our common
                                        stock is listed on the New York Stock
                                        Exchange, dissenters' rights are not
                                        available to holders of our common stock
                                        in connection with the merger.

Federal Income Tax Considerations       Cash consideration you receive in the
                                        merger should first be applied against
                                        and reduce the adjusted tax basis in
                                        your shares, and any amount in excess of
                                        your basis in your shares should be
                                        treated as capital gain if you hold your
                                        shares as capital assets. If the
                                        aggregate cash consideration you receive
                                        in the merger is less than your basis in
                                        your shares, the difference should
                                        constitute a capital loss if you hold
                                        your shares as capital assets.


                                       8


Merger of Price Development Company     Immediately prior to, and as a condition
                                        to the consummation of, the merger,
                                        Price Development Company will merge
                                        with GGP Acquisition II, L.L.C., a
                                        wholly-owned subsidiary of GGP Limited
                                        Partnership. Price Development Company
                                        will survive the merger and all of its
                                        subsidiaries will remain unchanged. In
                                        connection with the partnership merger,
                                        the holders of common operating
                                        partnership units will exchange their
                                        common operating partnership units for
                                        $26.10 in cash without interest per
                                        common operating partnership unit.
                                        Alternatively, because many holders of
                                        common operating partnership units face
                                        substantial tax recapture in the event
                                        that their units were converted into
                                        cash, the merger agreement provides
                                        those holders who are "accredited
                                        investors" under the Securities Act of
                                        1933 with an option to defer their
                                        substantial tax liabilities by
                                        exchanging their units for preferred
                                        operating partnership units in GGP
                                        Limited Partnership. Specifically, they
                                        can elect to receive for each common
                                        operating partnership unit they hold
                                        .522 8.5% Series B Cumulative
                                        Convertible Preferred Units of GGP
                                        Limited Partnership (referred to in this
                                        proxy statement as Series B Preferred
                                        Units).

Partner Vote Requirement                The consent of the holders of a majority
                                        of the outstanding common operating
                                        partnership units in Price Development
                                        Company is required to approve certain
                                        amendments to the partnership agreement
                                        of Price Development Company and to
                                        approve the partnership merger. As of
                                        the date of this proxy statement, Mr.
                                        Price and such affiliates own in the
                                        aggregate [2,867,918] common operating
                                        partnership units of Price Development
                                        Company, representing approximately
                                        [78.8]% of the issued and outstanding
                                        common operating partnership units. They
                                        thus control sufficient votes to ensure
                                        the approval of the amendments and the
                                        partnership merger. In addition, they
                                        have agreed in the voting agreement to
                                        vote their common operating partnership
                                        units in favor of such amendments and
                                        the partnership merger and granted GGP
                                        Limited Partnership a proxy covering all
                                        such common operating partnership units.


                                       9



                         CAUTIONARY STATEMENT CONCERNING
                           FORWARD-LOOKING INFORMATION

     This proxy statement contains certain forward-looking statements. Those
statements include statements regarding the intent, belief or current
expectations of us and General Growth Properties and members of our respective
management teams, as well as the assumptions on which those statements are
based. Those forward-looking statements are not guarantees of future performance
and involve certain risks and uncertainties, and actual events and results may
differ materially from those contemplated by the forward-looking statements. We
and General Growth Properties undertake no obligation to update or revise
forward-looking statements in this proxy statement to reflect changes in
assumptions, the occurrence of unanticipated events, or changes in future
operating results over time.



                                       10



                                   THE PARTIES

JP Realty, Inc.

     JP Realty, Inc., a Maryland corporation is a fully integrated,
self-administered and self-managed real estate investment trust or REIT. We
conduct substantially all of our business operations through and hold a
controlling interest in Price Development Company, Limited Partnership, our
operating partnership. We were formed on September 8, 1993 to continue and
expand the business, commenced in 1957, of certain companies affiliated with Mr.
John Price, our former Chairman and Chief Executive Officer.

Price Development Company, Limited Partnership

     Price Development Company, Limited Partnership is a Maryland limited
partnership, of which we are the sole general partner. Price Development Company
owns or has an interest in 50 properties, consisting of 18 enclosed regional
malls, 25 anchored community centers, one free-standing retail property and six
mixed-use commercial/business properties, containing an aggregate of over 15.1
million square feet of gross leasable area in ten western states. Since 1976,
Price Development Company has been responsible for developing more retail malls
in the region covered by Utah, Idaho, Colorado, Nevada, New Mexico and Wyoming
than any other developer, having constructed, developed or redeveloped 12 malls
in this region (as well as four other malls in Arizona, Oregon and Washington).

General Growth Properties, Inc.

     General Growth Properties, Inc., a Delaware corporation, is a
self-administered and self-managed real estate investment trust or REIT. It
conducts substantially all of its business operations through and holds a
controlling interest in GGP Limited Partnership, its operating partnership.
General Growth Properties was organized in 1986 to continue expanding the
Bucksbaum family business, which has been engaged in the shopping center
business since 1954.

GGP Limited Partnership

     GGP Limited Partnership is a Delaware limited partnership, in which General
Growth Properties owns an approximate 76% general partnership interest, with the
remaining approximate 24% interest being held by limited partners which include
a partnership, the partners of which are various trusts for the benefit of the
Bucksbaum family, and others who have contributed properties to GGP Limited
Partnership. GGP Limited Partnership currently owns interests in and/or manages
141 regional malls, which have approximately 87.2 million square feet of gross
leasable area in 39 states.

GGP Acquisition, L.L.C.

     GGP Acquisition, L.L.C. is a Delaware limited liability company and a
wholly-owned subsidiary of GGP Limited Partnership. GGP Acquisition was formed
solely for the purposes of this merger and has carried on no independent
business activities to date.

GGP Acquisition II, L.L.C.

     GGP Acquisition II, L.L.C. is a Maryland limited liability company and a
wholly-owned subsidiary of GGP Limited Partnership. GGP Acquisition II was
formed solely for the purposes of the partnership merger and has carried on no
independent business activities to date.


                                       11


                                ABOUT THE MEETING

What is the purpose of the special meeting?

     At our special meeting, stockholders will act upon the matters outlined in
the notice of meeting on the cover page of this proxy statement, specifically,
the approval of the merger substantially on the terms set forth in the merger
agreement.

How should I send in my stock certificates?

     Do not send your stock certificates with your proxy card. You must keep
your stock certificates until after the closing, when you will receive a letter
of transmittal describing how you may exchange your certificates for the merger
consideration. At that time, you must send in your stock certificates with your
completed letter of transmittal to the paying agent.

What do I need to do now?

     After you read and consider the information in this proxy statement, just
mail your signed proxy card in the enclosed return envelope as soon as possible,
so that your shares may be represented at the special meeting. You should return
your proxy card whether or not you plan to attend the special meeting. If you
attend the special meeting, you may revoke your proxy at any time before it is
voted and vote in person if you wish.

Who is entitled to vote at the meeting?

     Only stockholders of record at the close of business on the record date,
[_______], 2002, are entitled to receive notice of the special meeting and to
vote the shares of common stock and Price Group stock that they held on that
date at the meeting, and any postponements or adjournments of the meeting. Each
outstanding share of common stock and Price Group stock is entitled to one vote
on each matter to be presented at the meeting.

Who can attend the meeting?

     All stockholders of record on the record date, or their duly appointed
proxies, may attend the meeting. Registration will begin at 9:30 a.m., and the
meeting will begin at 10:00 a.m. Please note that if you hold your shares in
"street name" (that is, through a broker or other nominee), you will need to
bring a copy of a brokerage statement reflecting your stock ownership as of the
record date and check in at the registration desk at the meeting.

What constitutes a quorum?

     The presence at the meeting, in person or by proxy, of the holders of a
majority of the aggregate number of shares of common stock and Price Group stock
outstanding on the record date, meaning at least [________] shares, will
constitute a quorum, allowing us to conduct the business of the meeting. As of
the record date, [________] shares of our common stock and 200,000 shares of
Price Group stock were outstanding. Proxies received but marked as abstentions
will be included in the calculation of the number of shares considered to be
present at the meeting.

How do I vote?

     If you complete and properly sign the accompanying proxy card and return it
to us, it will be voted as you direct. If you are a registered stockholder and
attend the meeting, you may deliver your completed proxy card in person. "Street
name" stockholders who wish to vote at the meeting will need to obtain a proxy
form from the institution that holds their shares.


                                       12


Can I change my vote after I return my proxy card?

     Yes. Even after you have submitted your proxy card, you may change your
vote at any time before the proxy is exercised by delivering to our Secretary
either a notice of revocation or a duly executed proxy bearing a later date. The
powers of the proxy holders will be suspended with respect to your proxy if you
attend the meeting in person and so request, although attendance at the meeting
will not by itself revoke a previously granted proxy.

What is the board's recommendation?

     Our board's recommendation is set forth together with the description of
the proposal in this proxy statement. In summary, our board recommends a vote:

     o    For the approval of the merger (see page 22).

     Unless you give other instructions on your proxy card, the persons named as
proxy holders on the proxy card will vote in accordance with the recommendations
of our board of directors. With respect to any other matter that properly comes
before the meeting, the proxy holders will, in their discretion, vote thereon in
accordance with their best judgment.

What vote is required to approve the proposal?

     The proposal for approval of the merger requires the affirmative vote of
the holders of a majority of the outstanding shares of our common stock and
Price Group stock, voting together as a single class. A properly executed proxy
marked "ABSTAIN" with respect to such matter will not be voted, although it will
be counted for purposes of determining whether there is a quorum. Accordingly,
an abstention will have the effect of a vote against the merger.

     If you hold your shares in "street name" through a broker or other nominee,
your broker or nominee may not be permitted to exercise voting discretion with
respect to the proposal. Your broker will not vote your shares of common stock
unless you provide instructions on how to vote. You should instruct your broker
how to vote your shares of common stock by following the directions your broker
provides. If you do not provide instructions to your broker, your shares of
common stock will not be voted and this will have the same effect as a vote
against the proposal to approve the merger.

     We will bear the cost of soliciting proxies. In addition to solicitation by
mail, and without additional compensation for such services, proxies may be
solicited personally, or by telephone or telecopy, by our officers or employees.
In addition, we will pay approximately $12,500 to our proxy solicitor mentioned
below. We will also request that banking institutions, brokerage firms,
custodians, trustees, nominees, fiduciaries and other like parties forward the
solicitation materials to the beneficial owners of common stock held of record
by such persons, and we will upon request of such record holders reimburse
forwarding charges and expenses.

Whom can I call with questions?

     We have selected Mellon Investor Services as our proxy solicitor. They may
be contacted as follows:

     Mellon Investor Services LLC
     44 Wall Street, 7th Floor
     New York, New York  10005
     (888) 468-9726


                                       13



                         PROPOSAL TO APPROVE THE MERGER

General

     The merger agreement provides for our merger with and into GGP Acquisition,
L.L.C., with GGP Acquisition being the surviving company in the merger. The
merger will be completed when the articles of merger have been accepted for
record by the State Department of Assessments and Taxation of the State of
Maryland in accordance with the Maryland General Corporation Law, and the
certificate of merger is accepted for record by the Secretary of State of the
State of Delaware in accordance with the Delaware Limited Liability Company Act,
which is expected to occur as soon as practicable after the stockholder approval
of the merger and the satisfaction or waiver of all other conditions to closing
under the merger agreement.

     As of the effective time of the merger, holders of shares of our common
stock and Price Group stock will have no further ownership interest in the
surviving company. Instead, each holder of our common stock and Price Group
stock outstanding immediately prior to the effective time of the merger will be
entitled to receive $26.10 in cash without interest per share. In addition, the
merger agreement authorizes the payment of regular quarterly dividends to our
common and Price Group stockholders, pro rated up to the closing date of the
merger. Upon completion of the merger, all of our outstanding stock options will
be canceled and, in full settlement of these options, General Growth Properties
will pay each option holder an amount of cash equal to $26.10 less the exercise
price per share multiplied by the number of shares of common stock underlying
those options which remain subject to exercise. All payments will be made net of
any taxes required to be withheld by us or General Growth Properties.

     Immediately prior to, and as a condition to the consummation of, the
merger, Price Development Company will merge with GGP Acquisition II, L.L.C., a
wholly-owned subsidiary of GGP Limited Partnership. Price Development Company
will be the surviving entity.

     In connection with the partnership merger, the holders of common operating
partnership units in our operating partnership will exchange their common
operating partnership units for $26.10 in cash without interest per common
operating partnership unit. Alternatively, because many holders of common
operating partnership units face substantial tax recapture in the event that
their units were converted into cash, the merger agreement provides those
holders who are "accredited investors" under the Securities Act of 1933 with an
option to defer their substantial tax liabilities by exchanging their units for
preferred operating partnership units in GGP Limited Partnership. Specifically,
they can elect to receive for each common operating partnership unit they hold
 .522 Series B Preferred Units of GGP Limited Partnership. The Series B Preferred
Units will be issued in a private placement and have not or will not be
registered under the Securities Act of 1933 and may not be offered or sold in
the United States absent registration or an applicable exception from
registration requirements. The Series B Preferred Units have, in part, the
following terms:

     o    each Series B Preferred Unit carries a liquidation preference of $50
          per unit plus accrued and unpaid distributions;

     o    each Series B Preferred Unit will be convertible, until the 15th
          anniversary of the closing of the merger, into GGP Limited Partnership
          common operating partnership units based on an initial conversion
          price of $50 per unit;

     o    each Series B Preferred Unit will be exchangeable for cash or shares
          of General Growth Properties 8.5% Series C Cumulative Preferred Stock,
          which is a class of preferred stock having substantially the same
          rights, preferences and privileges as the Series B Preferred Units;


                                       14


     o    each Series B Preferred Unit is entitled to a preferential quarterly
          distribution in an amount equal to the greater of (i) $1.0625, which
          is 8.5% of $50 divided by four and (ii) the regular quarterly cash
          distribution upon the number of GGP Limited Partnership common
          operating partnership units into which such Series B Preferred Unit is
          then convertible, with the amount under clause (ii) being potentially
          payable until the 15th anniversary of the closing of the merger; and

     o    each Series B Preferred Unit will be subject to redemption at its
          liquidation preference on or after the 15th anniversary of its
          issuance, subject to the right of the holder of such unit to, before
          the redemption, convert the unit into GGP Limited Partnership common
          operating partnership units at the conversion price.

     The consent of the holders of a majority of the outstanding common
operating partnership units in Price Development Company is required to approve
certain amendments to the partnership agreement of Price Development Company and
to approve the partnership merger. As of the date of this proxy statement, Mr.
Price and such affiliates own in the aggregate [2,867,918] common operating
partnership units of Price Development Company, representing approximately
[78.8]% of the issued and outstanding common operating partnership units. They
thus control sufficient votes to ensure the approval of the amendments and the
partnership merger. In addition, they have agreed in the voting agreement to
vote their common operating partnership units in favor of such amendments and
the partnership merger and granted GGP Limited Partnership a proxy covering all
such common operating partnership units. For a more complete description of the
voting agreement, see "The Merger Agreement -- Voting Agreement" on page 40.

Background of the Merger

     On January 8, 2002, Mr. John Bucksbaum, the Chief Executive Officer of
General Growth Properties, contacted Mr. John Price, our former Chairman and
Chief Executive Officer, to discuss whether our company would be interested in a
business combination transaction with General Growth Properties. At the time of
this telephone call, our board of directors had not authorized and our company
was not pursuing any sale or other business combination transaction. Since our
initial public offering in January of 1994, our company has been one of the most
successful REITs dedicated to the ownership and operation of retail properties,
delivering a compound annual return to our stockholders (including dividends) of
approximately 12.5% through January 8, 2002. Our management team was actively
focused on building on this performance by pursuing our strategic business plan
intended to deliver further sustainable growth in funds from operations and
enhanced value for our stockholders over time.

     Soon thereafter, Mr. Price contacted Mr. Warren P. ("Pat") King, who was
then Vice Chairman and is now Chairman of our Board of Directors, to discuss Mr.
Bucksbaum's telephone call. Even though our company was not then seeking a
business combination transaction, Messrs. Price and King determined that it
might be desirable for our company to engage in preliminary discussions with
General Growth Properties. This determination was based in part on their
awareness that in December of 2001, General Growth Properties had raised
approximately $345 million through a common stock offering in order to finance a
potential acquisition for which General Growth Properties was not the successful
bidder. Although this was not stated by General Growth Properties, they surmised
that General Growth Properties was thus highly motivated to apply these proceeds
to an alternative transaction, which could be attractive to our stockholders.

     On January 10, 2002, Mr. Bucksbaum and Mr. Bernard Freibaum, the Executive
Vice President and Chief Financial Officer of General Growth Properties,
contacted our company and spoke with Messrs. Price and King to reiterate their
interest in pursuing a business combination transaction with our company. They
indicated that our company's portfolio represents an excellent strategic fit for
General Growth Properties and while they were not then in a position to discuss
financial terms for a transaction,


                                       15


they stated that they thought General Growth Properties was in a position to
offer a substantial premium to the current market price of our common stock,
which closed at $22.77 per share on that day. They then requested, and Messrs.
Price and King agreed, to meet in person on January 14, 2002 to continue
discussions. At their request, our company provided General Growth Properties
with summary budget information and organizational data.

     On January 14, 2002, Messrs. Bucksbaum and Freibaum traveled to Salt Lake
City, Utah, to meet with Messrs. Price and King. At this meeting, Mr. Bucksbaum
indicated that General Growth Properties was prepared, subject to completion of
confirmatory due diligence, to make a cash offer for the shares of our common
stock and common operating partnership units in our operating partnership. In
addition, in recognition that many of the holders of our common operating
partnership units likely faced substantial tax recapture in the event that their
units were converted into cash, Mr. Bucksbaum indicated that General Growth
Properties would be willing to offer to allow these holders the option to
participate in a tax deferred transaction by converting their existing common
operating partnership units into partnership interests in GGP Limited
Partnership. Mr. Bucksbaum further indicated that General Growth Properties
preferred not to issue its common operating partnership units in the proposed
transaction at their then current value of approximately $39.50 per unit, based
on the closing price of General Growth Properties' common stock on the New York
Stock Exchange as of the previous closing date.

     Over the next two days, several conversations took place between Messrs.
Freibaum and King. During these conversations, Mr. Freibaum indicated that
General Growth Properties was prepared to offer two alternative transactions for
the purchase of our company. In the first alternative, General Growth Properties
would offer to purchase our company for $25.25 in cash per share and per common
operating partnership unit, assuming the holders of our common operating
partnership units desiring tax deferral would receive common limited partnership
units in GGP Limited Partnership at an exchange ratio determined by dividing
$25.25 by $40.00, which was the approximate market price of its common stock at
that time. In the second alternative, General Growth Properties would be willing
to increase the cash offer to $25.80 per share and per common operating
partnership unit, but only if the holders of our common operating partnership
units desiring tax deferral would receive, in lieu of common operating
partnership units in GGP Limited Partnership, convertible preferred partnership
units on substantially the same terms as the Series B Preferred Units described
elsewhere in this proxy statement, which will be convertible, until the 15th
anniversary of the closing of the merger, into GGP Limited Partnership common
operating partnership units based on an initial conversion price of $50 per
unit. The $50 conversion price was more than 25% above the then-market price for
General Growth Properties common stock. Mr. Freibaum indicated that General
Growth Properties would expect to hold this conversion price regardless of
whether the value of the related common stock went up or down, and that the
inclusion in the transaction of convertible preferred partnership units on
substantially the same terms as the Series B Preferred Units described elsewhere
in this proxy statement would allow General Growth Properties to pay the maximum
possible price to our common stockholders. He also stated that, in view of the
substantial cash General Growth Properties held from its December 2001 public
offering, the offer would not be subject to any financing contingencies. He
further stated that the offer was conditioned upon General Growth Properties
being able to negotiate exclusively with our company and that General Growth
Properties would withdraw its offer if our company entered into negotiations
with other parties relating to a possible sale or business combination
transaction.

     Over the course of these discussions on January 15 and 16, General Growth
Properties first raised its offer to either $25.45 in cash per share and per
common operating partnership unit, provided the security offered to holders of
our common operating partnership units desiring tax deferral would be common
operating partnership units in GGP Limited Partnership, or $26.00 in cash per
share and per common operating partnership unit, provided the security offered
to the holders of our common operating partnership units desiring tax deferral
would have the same basic terms as the Series B Preferred Units described
herein. Through additional discussions, General Growth Properties finally
expressed as its best


                                       16


and final offer a proposal to offer either $25.55 in cash per share and per
common operating partnership unit, provided the security offered to holders of
our common operating partnership units desiring tax deferral would be common
operating partnership units in GGP Limited Partnership, or $26.10 in cash per
share and per common operating partnership unit, provided the security offered
to the holders of our common operating partnership units desiring tax deferral
would have the same basic terms as the Series B Preferred Units described
elsewhere in this proxy statement. General Growth Properties also agreed to
allow the payment of our regular quarterly dividends to our common stockholders
and common operating partnership unitholders up to the closing date of the
transaction. This last offer from General Growth Properties represented an 11.5%
premium to the closing price of our common stock on January 15, 2002, before
factoring in the value of the final dividend payment.

     On January 17, 2002, Messrs. Price, King and G. Rex Frazier, our
then-President and Chief Operating Officer and now our Chief Executive Officer,
held additional discussions with Mr. Freibaum, who reiterated that we had
received General Growth Properties' best and final proposal the previous day.
Mr. Freibaum also indicated that since General Growth Properties viewed the
value of the convertible preferred security which would be offered in exchange
for each of our common operating partnership units as equivalent to $26.10 in
cash, no further price concessions would be available even if the convertible
preferred securities were eliminated from the terms of the proposal. Following
this conversation, Messrs. Price, King and Frazier indicated to Mr. Freibaum
that they would be willing to bring the $26.10/convertible preferred unit
proposal to our board of directors at its next meeting, which was then scheduled
for January 30, 2002. They requested that General Growth Properties submit to
them a written proposal outlining the terms of its offer in advance of that next
meeting. At this time, Mr. Freibaum requested that General Growth Properties be
given access to confidential information concerning our company and its
properties to enable General Growth Properties to continue its due diligence
investigation of our company. Messrs. Price, King and Frazier agreed to discuss
that request with our board of directors at the January 30th meeting.

     On January 18, 2002, a telephone discussion took place involving Messrs.
Freibaum, King and Frazier, as well as Mr. Paul Mendenhall, our Vice President
and Chief Investment Officer. During that telephone discussion, Messrs. King,
Frazier and Mendenhall authorized limited visits by representatives of General
Growth Properties to several of our properties. These visits were then completed
from January 22 through January 26, 2002.

     On January 29, 2002, Mr. Bucksbaum sent a letter to Mr. Price setting forth
the terms of General Growth Properties' proposal. The January 29, 2002 letter
outlined the following terms:

     o    The acquisition of our company in a merger transaction in which each
          outstanding share of our common stock and Price Group stock would be
          converted into the right to receive $26.10 per share in cash;

     o    The acquisition of the common operating partnership units not held by
          our company for $26.10 per unit in cash (up to a maximum 1,200,000
          units) with the remaining common units being converted into the Series
          B Preferred Units of GGP Limited Partnership;

     o    The redemption for cash of all of our options outstanding at the
          closing for $26.10 per share less the exercise price per share;

     o    A target closing date of March 31, 2002;

     o    A commitment by our company to agree to a customary "no-shop" clause
          to be set forth in the definitive agreements;


                                       17


     o    A commitment by General Growth Properties to proceed with the closing
          of the transaction unless following the execution of the definitive
          agreements our company experienced a material adverse change in its
          business;

     o    The payment to General Growth Properties of a reasonable break-up fee
          in certain circumstances should we fail to close the transaction;

     o    Reasonable tax protection arrangements for the holders of our common
          operating partnership units;

     o    Fair and reasonable severance payments for employees not offered
          positions with General Growth Properties following the merger; and

     o    Provision for the payment of our regular dividends to our common
          stockholders and common operating partnership unitholders for the
          first quarter of 2002 and a pro rated dividend for the second quarter
          of 2002.

     At the regular meeting of our board on January 30, 2002, Messrs. Price,
King and Frazier informed the board of the proposal received from General Growth
Properties. All of our directors were present at this meeting. Also present was
a representative of Clifford Chance Rogers & Wells LLP, our outside legal
counsel. At this meeting, the representative from Clifford Chance Rogers & Wells
LLP discussed with our board the nature and scope of its fiduciary duties in
considering a transaction of the type proposed by General Growth Properties. The
board then discussed the strategic alternatives available to our company,
including remaining as an independent company, and whether to pursue the
proposed transaction offered by General Growth Properties. Messrs. Price, King
and Frazier pointed out that the offer represented an attractive premium for our
common stockholders and common operating partnership unitholders. Although this
was not stated by General Growth Properties, they also stated that they believed
that General Growth Properties was able to make such an attractive offer because
it wanted to apply the proceeds from its December 2001 common stock offering.
They expressed a concern that if circumstances were different, we would not have
received any proposal from General Growth Properties or if such a proposal had
been received, the pricing offered by General Growth Properties would have been
less attractive for our company. The board next discussed the advantages and
disadvantages in the current environment of remaining an independent company. At
this meeting, our board decided to continue discussions with General Growth
Properties, but believed it needed more information before reaching any decision
with respect to its proposal. The board also determined that it would not be in
the best interests of our company to pursue alternative sale transactions at the
current time due to the position of General Growth Properties that its offer was
conditioned upon it being able to negotiate exclusively with our company and
that General Growth Properties would withdraw its offer if our company entered
into negotiations with other parties relating to a possible sale or business
combination transaction. Our board also determined that entering into
alternative discussions with other parties was unlikely to lead to a superior
transaction for our company. At the same time, our board determined that,
because it had not yet determined whether to proceed with the proposed
transaction or whether to seek any sale or other business combination
transaction for the company, entering into such discussions with third parties
posed serious risks for our company by potentially disrupting relationships with
our tenants, financial and strategic partners and employees if it became
generally known that the company was seeking a sale or other business
combination transaction. The board then determined to authorize Messrs. Price,
King, Frazier and Mendenhall to provide confidential information concerning our
company to General Growth Properties, subject to the execution by General Growth
Properties of a customary confidentiality and standstill agreement, and,
further, to seek to engage a financial advisor to assist our board with its
analysis of and in the negotiations concerning the proposal submitted by General
Growth Properties.

     Over the next 48 hours, we completed the negotiation of a confidentiality
and standstill agreement with General Growth Properties. This agreement, which
is dated January 31, 2002, obligates


                                       18


General Growth Properties to keep the proprietary information we provide to it
confidential and to use that information only for purposes of considering a
transaction between our companies. The agreement also obligates General Growth
Properties to refrain for a period of 18 months following the date of the
agreement from purchasing our common stock or from pursuing or encouraging any
business combination or change of control transaction involving our company
other than discussions regarding the proposed transaction or transactions
approved by our board of directors. Following the execution of this agreement,
we provided General Growth Properties with confidential information concerning
our company. Prior to receiving this information, Mr. Freibaum contacted Mr.
Frazier to indicate that he expected that his company would be able to complete
its due diligence over the next one to two weeks, at which time he would be in a
position to reconfirm General Growth Properties' offer for our company.

     General Growth Properties' legal counsel, Neal, Gerber & Eisenberg,
distributed a draft of the merger agreement on January 31, 2002. Throughout
February, we continued to provide General Growth Properties with additional
information and materials.

     On February 6, 2002, our board again met to discuss the proposal from
General Growth Properties. At this meeting, our board again considered the
advantages and disadvantages of the proposal. The board then authorized Messrs.
Price, King, Frazier and Mendenhall to continue discussions with General Growth
Properties, but again reserved taking any formal action on the proposal. At this
meeting, our board met with representatives of UBS Warburg and discussed UBS
Warburg's qualifications and experience. After these discussions, our board
authorized our outside legal counsel to negotiate the scope and terms of UBS
Warburg's engagement. Over the next nine days, Messrs. King and Frazier,
assisted by our outside legal counsel, negotiated the terms of our board's
engagement of UBS Warburg. This engagement was subsequently confirmed in writing
by an engagement letter dated February 19, 2002.

     On February 11, 2002, our board met again to consider the General Growth
Properties proposal. At this meeting, representatives from our legal counsel
informed our board of the status of the negotiations and the issues raised by
the draft agreements distributed to us by General Growth Properties' legal
counsel on January 31, 2002. At this meeting, our board also discussed the fact
that certain members of our board of directors (Messrs. Price, King, Frazier and
Souvall) beneficially owned common operating partnership units in our operating
partnership and faced substantial tax liabilities if their interests in our
operating partnership were converted to cash in the proposed transaction. It was
thus determined by our board of directors at this meeting that it would be
appropriate for a committee of directors who did not hold operating partnership
units to review separately the aspects of the proposal relating to the holders
of our common operating partnership units. This committee, consisting of Messrs.
Martindale, Huntsman and Anderson, was thereafter constituted.

     On or about February 14, 2002, Mr. Freibaum informed Mr. King that, based
on the diligence investigation and document review conducted by General Growth
Properties to date, General Growth Properties was in a position to reconfirm its
proposal to acquire the company on substantially the same terms outlined in the
January 29, 2002 letter.

     Our legal advisors submitted their initial proposed changes to the draft
agreements to General Growth Properties' legal counsel on February 15, 2002.
Over the next week, the parties held various discussions concerning the terms of
the proposed transaction.

     On February 23, 2002, our negotiating team, consisting of Messrs. King and
Frazier and representatives of our outside legal counsel, traveled to Chicago,
Illinois to meet with Mr. Freibaum, Mr. Joel Bayer, General Growth Properties'
Senior Vice President and Chief Investment Officer, and representatives of
General Growth Properties' outside legal counsel. At this meeting, the parties
discussed the open issues raised in the draft response to the definitive
agreements submitted by our counsel. The issues included the scope of the
representations and warranties, the terms of the "no-shop" clause, the
pre-closing covenants and the size of the break-up fee and the circumstances
under which it


                                       19


would be payable. The parties also discussed the terms of the tax protection
agreements for our common operating partnership unitholders described in the
proxy statement under "Interests of Directors and Officers in the Merger" below.

     On February 26, 2002, a representative of another publicly traded real
estate investment trust ("Company B") placed an unsolicited telephone call to
Mr. King. In July of 2001, we had held preliminary discussions relating to a
possible strategic combination involving our two companies. The July 2001
discussions did not go beyond the preliminary stages. This February 26, 2002
call was placed to follow-up on an earlier unsolicited call placed by this
representative of Company B to Mr. King on February 14, 2002, during which this
representative indicated that if our two companies would consider engaging in
discussions relating to a business combination between our two companies,
Company B might be able to increase its value estimates for our company to near
the valuation levels that we were suggesting as part of our earlier preliminary
discussions. Because these levels were materially below the consideration being
proposed by General Growth Properties in the merger transaction, we did not
solicit and Company B did not make or deliver any proposal for a business
combination transaction with our company. Since February 26, 2002, none of our
representatives has had any further discussions with Company B.

     From February 28, 2002 through March 2, 2002, the two negotiating teams and
their legal counsel met to finalize the terms of the definitive agreements
relating to the proposed transaction.

     On March 2, 2002, our board of directors, joined by representatives of our
outside legal counsel, met in Chicago to discuss the status and to review the
history of the negotiations of the proposed transaction. At this meeting our
board also discussed the strategic rationale for the proposed transaction. In
addition, Mr. King informed our board of, and our board considered and
discussed, the unsolicited telephone call placed by the representative of
Company B.

     On March 3, 2002, our board of directors met again in Chicago. Joining our
board at this meeting were representatives of our outside legal counsel and
representatives of UBS Warburg. At this meeting, our legal counsel again
addressed the board on the nature and scope of its fiduciary duties in
considering the proposal offered by General Growth Properties. Our legal counsel
also summarized the definitive agreements that had been negotiated by the
parties. This summary covered the structure of the proposed transaction, the
consideration offered to our stockholders and our common operating partnership
unitholders, including the terms of the Series B Preferred Units of GGP Limited
Partnership, the conversion of options to cash net of their exercise price in
the merger, the severance arrangements offered to our employees, the pre-closing
covenants applicable to the two companies, the scope of the representations and
warranties, the conditions to the merger, the tax consequences of the merger,
the "no-shop" clause, the nature and scope of the break-up fee and expense
reimbursement obligations, the termination rights of the parties, that the
definitive agreements do not contain any financing contingency and that General
Growth Properties and GGP Limited Partnership would be liable to our company for
damages in the event that they fail or refuse to proceed with the closing of the
transaction in circumstances in which they are otherwise obligated to do so. Our
board then held a lengthy discussion, which was joined by its legal and
financial advisors, relating to the terms of the proposed transaction. Messrs.
Price, King and Frazier then reiterated that they believed that our company is
the beneficiary of a confluence of events that led General Growth Properties to
approach our company with its unsolicited bid in the first place. Although this
was not stated by General Growth Properties, they mentioned that they believed
that General Growth Properties is in a position to make such an attractive offer
because it wanted to apply the proceeds from its December 2001 common stock
offering. If circumstances were different or if we delay in accepting or moving
ahead with General Growth Properties' proposal, the pricing of any offer in the
future would not likely be as attractive as the current proposal. Our board then
discussed other strategic rationales for pursuing the proposed transaction with
General Growth Properties, the alternatives available for our company and the
positive and negative factors in the proposed transaction. The factors
considered are discussed below under "Recommendation of Our Board of Directors
and Reasons for the Merger."


                                       20


     UBS Warburg discussed with our board the amount of the break-up fee in the
proposed transaction in comparison with break-up fees in other comparable
transactions. In addition, our board discussed with UBS Warburg the financial
ability of General Growth Properties to consummate the proposed transaction.

     UBS Warburg then made a presentation to our board with respect to the
financial terms of the proposed merger. This presentation included a discussion
of our company's position in the industry, its current net asset value,
financial performance and the current state of the retail real estate market,
and a comparison of the financial terms of the proposed transaction with other
relevant mergers and acquisitions. At the conclusion of this presentation, UBS
Warburg delivered its oral opinion that, as of the date of the opinion, and
subject to and based on the assumptions made, procedures followed, matters
considered and limitations of the review undertaken in its opinion, the per
share cash consideration to be received by holders of our outstanding common
stock (other than by holders of Price Group stock) pursuant to the proposed
merger agreement was fair from a financial point of view to such holders. The
written opinion of UBS Warburg, dated as of March 3, 2002, and attached as
Exhibit B to this proxy statement, subsequently confirmed its oral opinion of
the same date.

     Our board next considered the terms of the partnership merger. During this
discussion, Messrs. Price, King, Frazier and Souvall (our board members who own
common operating partnership units) described the number of units each of them
holds and their intentions with respect to the consideration offered in the
partnership merger. Each of these persons indicated that he, depending upon his
individual exposure to tax liabilities, expects to take a mix of cash and Series
B Preferred Units in the partnership merger, other than Mr. Frazier, who
indicated that he expects to elect to receive Series B Preferred Units in
exchange for substantially all of his common operating partnership units.

     Following this discussion, the committee of directors consisting of those
directors who do not own any of our operating partnership units met separately
to review the terms of the transaction relating to the partnership merger. Our
legal counsel and UBS Warburg were present during the committee's deliberations.
At this meeting, the committee discussed the terms of the partnership merger,
including the consideration offered to the holders of our common operating
partnership units. The committee also reviewed the history of the negotiations
relating to the partnership merger and discussed the fact that the transaction
proposed by General Growth Properties requires, under the partnership agreement
of our operating partnership, the separate approval of the holders of our common
operating partnership units and that unitholders representing enough units to
approve the partnership merger had entered into the voting agreement, thereby
ensuring its approval. The committee also considered the terms of the tax
protection agreements described below under "Interests of Directors and Officers
in the Merger." Based on these discussions, the committee determined to
recommend that our company, as general partner of our operating partnership,
approve the partnership merger and the other terms of the partnership merger
transaction.

     This committee then reported to our full board its findings and
recommendations. Thereafter, our board of directors unanimously declared the
merger and the partnership merger advisable and unanimously voted to approve the
merger and to adopt the merger agreement on the terms presented to the board, to
cause our company as general partner of our operating partnership to approve the
partnership merger and to recommend that our stockholders and common operating
partnership unitholders approve the merger and the partnership merger,
respectively, substantially on the terms set forth in the merger agreement.

     We entered into the merger agreement on the evening of March 3, 2002.


                                       21


Recommendation of our Board of Directors and Reasons for the Merger

     As described above in the section entitled "Background of the Merger," our
board declared the merger advisable and unanimously voted to approve the merger
and the partnership merger at a meeting held on March 3, 2002. Our board
believes that the terms of the merger, the partnership merger, the merger
agreement and the other transactions contemplated by that agreement are
advisable, fair to, and in the best interests of, our company and our
stockholders and common operating partnership unitholders. Accordingly, our
board recommends approval of the merger substantially on the terms set forth in
the merger agreement by our stockholders. In reaching its conclusions, our board
consulted with members of our management team who are also directors, as well as
our legal counsel and accountants, and was advised by UBS Warburg, its financial
advisor in this transaction. The board considered our short-term and long-term
interests and those of our stockholders and unitholders. In particular, our
board considered the following factors, which in the aggregate it deemed
favorable, in reaching its decision to approve the merger and the merger
agreement:

     Value of Merger Consideration. The consideration to be received by holders
of our common stock and Price Group stock in the merger represents a premium to
our common stock of approximately:

     o    6.8% over the closing price of our common stock of $24.43 on March 1,
          2002, which was the last trading day prior to the public announcement
          of the merger;

     o    13.1% over the closing price of our common stock of $23.07 on February
          1, 2002, which was one month before the announcement of the merger;

     o    15.5% over the closing price of our common stock of $22.60 on
          September 4, 2001, which was six months before the announcement of the
          merger; and

     o    37.6% over the closing price of our common stock of $18.97 on March 2,
          2001, which was one year before the announcement of the merger.

     Our Prospects. Our board believes that the merger represents a more
desirable alternative for our stockholders than continuing to operate as an
independent public company under our current business plan. Although our company
maintains a strong balance sheet and has been one of the most successful REITs
dedicated to the ownership and operation of retail properties since its initial
public offering in January of 1994, in the view of our board, our company faces
serious challenges in the future, including:

     o    During 2001, retail sales at our malls and community centers were flat
          compared with prior year revenues, making rental rate increases more
          difficult;

     o    Our company is faced with rising costs fueled by substantially higher
          insurance costs and the possibility of higher interest rates on its
          credit facilities in the future;

     o    Some of our properties are struggling with modestly declining
          occupancy rates;

     o    Major bankruptcies have affected the retail industry with the
          potential to adversely affect our company in the future;

     o    The proposed transaction settles management succession issues at our
          company in view of the recent announcement by Mr. Price, our former
          Chairman and Chief Executive Officer, of his retirement from our
          company, effective March 14, 2002, in order to accept an appointment
          as United States Ambassador to the three African island nations of
          Mauritius, Seychelles and the Comoros; and

     o    We are a smaller company than some of our competitors in the mall
          sector, giving us less leverage in negotiating leases with national
          tenants and making us potentially less


                                       22


          attractive to institutional investors who prefer to invest in
          companies with larger market capitalizations that offer greater
          liquidity to stockholders.

     Other Available Strategic Alternatives We Could Pursue. Our board also
considered other strategic alternatives to the merger that might be available to
us, including:

     o    diversifying our business into new geographical markets or property
          types;

     o    pursuing other business combination transactions such as a
          merger-of-equals or a large acquisition in which we would be the
          surviving entity; and

     o    pursuing business combination transactions with other bidders in which
          we would not be the surviving entity.

     After considering the potential benefits and risks to us and our
stockholders and our common operating partnership unitholders associated with
each of these alternatives, our board determined that the transactions described
in the merger agreement represented the alternative that is in the best
interests of our common stockholders and unitholders.

     UBS Warburg Analysis and Fairness Opinion. Our board considered as
favorable to its determination the opinion, analyses and presentations of UBS
Warburg described in "Opinion of UBS Warburg" below, including the opinion of
UBS Warburg to the effect that, as of the date of its opinion, and subject to
and based on the assumptions made, procedures followed, matters considered and
limitations of the review undertaken in its opinion, the per share cash
consideration to be received by holders of our outstanding common stock (other
than by holders of Price Group stock) pursuant to the proposed merger agreement
was fair from a financial point of view to such holders. A copy of the fairness
opinion is attached as Exhibit B to this proxy statement.

     The High Probability of Transaction Completion. Our board considered as
favorable that in its judgment there is a high probability of completing the
proposed transaction with General Growth Properties. In particular, the merger
agreement does not contain any financing contingency and General Growth
Properties and GGP Limited Partnership would be liable to our company for
damages in the event that they fail or refuse to proceed with the closing of the
transaction in circumstances in which they are otherwise obligated to do so. In
addition, based on our discussions with and analysis of General Growth
Properties and discussions with our financial advisor, our board has concluded
that General Growth Properties has the financial capacity to complete the
proposed transaction.

     Our Termination Rights in the Event of a Superior Competing Transaction and
Break-Up Fee. The merger agreement permits our board to receive unsolicited
inquiries and proposals regarding other potential business combinations and, to
the extent required by its fiduciary obligations, to negotiate and provide
information to third parties with respect to any such proposals that a majority
of our entire board determines after consultation with its financial advisor, in
good faith, taking into account financial considerations and other relevant
factors, including relevant legal, financial, tax, regulatory and other aspects
of such proposal, and the conditions, prospects and time required for completion
of such proposal, to be more favorable than the merger and the partnership
merger to our stockholders and unitholders and, subject to the satisfaction of
certain conditions, to enter into an agreement with respect to a superior
competing transaction with a third party, subject to the payment of a $19
million break-up fee to General Growth Properties.

     Our board also considered the following potentially negative factors in its
deliberations concerning the merger and the merger agreement:


                                       23


     o    Holders of Our Common Stock Unable to Share in Future Growth. Our
          board acknowledged that the merger would preclude the holders of our
          common stock from having the opportunity to participate in the future
          growth of our assets.

     o    The Tax Consequences to Our Stockholders. Our board acknowledged that
          the merger is a taxable transaction and, as a result, holders of our
          common stock will be required to pay taxes on gains that result from
          their receipt of the cash consideration in the merger.

     o    Significant Costs Involved. Our board considered the significant costs
          involved in connection with completing the merger, the substantial
          management time and effort required to effectuate the merger and
          integrate our business with General Growth Properties' business and
          the related disruption to our operations.

     Our board also considered the potential benefits to certain directors and
officers discussed in the section entitled "Interests of Directors and Officers
in the Merger," including the acceleration of the vesting of stock options, the
additional severance payments to be received by our executive officers under
certain circumstances, and including the tax protection agreements provided to
holders of common operating partnership units who elect to exchange their common
operating partnership units for the Series B Preferred Units of GGP Limited
Partnership.

     In the opinion of our board, the above factors represent the material
potential adverse consequences which could occur as a result of the merger. In
considering the merger, our board considered the impact of these factors on our
stockholders.

     In view of the wide variety of factors considered by our board, our board
did not find it practicable to, and did not, quantify or otherwise attempt to
assign relative weights to the specific factors considered. Our board viewed its
position and recommendation as being based on the totality of the information
presented to, and considered by, it. After taking into consideration all the
factors set forth above, the board determined that the potential benefits of the
merger substantially outweighed the potential detriments associated with the
merger.

     In the event the merger is not completed for any reason, we will continue
to pursue our strategic business plan intended to deliver further sustainable
growth in funds from operations and enhanced value for our stockholders over
time. In addition, we may seek to enter into other acquisition or business
combination opportunities or to issue additional debt or equity financing.

Opinion of UBS Warburg

     Our board retained UBS Warburg to act as its financial advisor in
connection with the merger. The board selected UBS Warburg to act as financial
advisor based on UBS Warburg's qualifications, expertise and reputation and its
knowledge of our business and affairs. At the meeting of our board on March 3,
2002, UBS Warburg rendered its oral opinion, subsequently confirmed in writing
as of that date, that as of March 3, 2002, and subject to and based on the
assumptions made, procedures followed, matters considered and limitations of the
review undertaken in its opinion, the per share cash consideration to be
received by holders of our outstanding common stock (other than by holders of
Price Group stock) pursuant to the merger agreement was fair from a financial
point of view to such holders.

     The full text of UBS Warburg's opinion, dated as of March 3, 2002, which
sets forth, among other things, the assumptions made, procedures followed,
matters considered and limitations on the review undertaken by UBS Warburg, is
attached as Exhibit B to this proxy statement. We urge you to read this opinion
carefully and in its entirety. This summary is qualified in its entirety by
reference to the full text of the opinion.


                                       24


     UBS Warburg's opinion, which was directed to our board, addressed only the
fairness, as of the date of the opinion, and subject to and based on the
assumptions made, procedures followed, matters considered and limitations of the
review undertaken in its opinion, from a financial point of view to holders of
our outstanding common stock (other than to holders of Price Group stock) of the
per share cash consideration to be received by such holders in the merger, and
did not address any other aspect of the merger. The board did not request, and
the opinion of UBS Warburg does not in any manner address, (1) the fairness of
the merger to the holders of Price Group stock, (2) the fairness of the merger
to the holders of common operating partnership units of Price Development
Company, or (3) the value of the per share cash consideration to be received by
the common stockholders relative to the value available to the holders of common
operating partnership units of Price Development Company.

     At our board's direction, UBS Warburg's opinion did not address our
underlying business decision to proceed with or effect the merger, nor did it
constitute a recommendation to any stockholder of our common stock as to how
such stockholder should vote with respect to the merger. UBS Warburg was neither
asked to, nor did it, offer any opinion as to any term of the merger agreement
or the form of the merger, other than as to the fairness, from a financial point
of view, as of the date of the opinion, and subject to and based on the
assumptions made, procedures followed, matters considered and limitations of the
review undertaken in its opinion, of the per share cash consideration to be
received by holders of our outstanding common stock (other than by holders of
Price Group stock), to such holders. In rendering its opinion, UBS Warburg
assumed, with our board's consent, that each party to the merger agreement would
comply with all the material terms of the merger agreement. UBS Warburg was not
authorized to and did not solicit indications of interest in or engage in any
discussions with any party with respect to an alternative business combination
with us.

     In arriving at its opinion, UBS Warburg, among other things:

o    reviewed certain publicly available business and historical financial
     information relating to us;

o    reviewed certain internal financial information and other data relating to
     our business, operations and financial prospects, including estimates and
     financial forecasts prepared by our management, that were provided to UBS
     Warburg by us and were not publicly available;

o    conducted discussions with members of our senior management concerning our
     business, operations and financial prospects;

o    reviewed publicly available financial and stock market data with respect to
     us and certain other companies in lines of business UBS Warburg believed to
     be generally comparable to ours;

o    compared the financial terms of the merger with the publicly available
     financial terms of certain other transactions which UBS Warburg believed to
     be generally relevant;

o    reviewed the merger agreement; and

o    conducted such other financial studies, site visits, analyses and
     investigations, and considered such other information, as UBS Warburg
     deemed necessary or appropriate.

     In connection with its review, with our board's consent, UBS Warburg did
not assume any responsibility for independent verification of any of the
information reviewed by UBS Warburg for the purpose of this opinion and has,
with our board's consent, relied on such information being complete and accurate
in all material respects. UBS Warburg further relied upon assurances of our
management that management was not aware of any facts or circumstances that
would make such information inaccurate or misleading. In addition, at our
direction, UBS Warburg did not make any independent evaluation or appraisal of
any of our assets or liabilities (contingent or otherwise), nor was UBS Warburg
furnished with any such evaluation or appraisal. With respect to the financial
forecasts and estimates referred to


                                       25


above, UBS Warburg assumed, at our board's direction, that they had been
reasonably prepared on a basis reflecting the best currently available estimates
and judgments of our management as to our future financial performance. UBS
Warburg assumed that all governmental, regulatory or other consents and
approvals necessary for the consummation of the merger would be obtained without
any material adverse effect on us or the merger. UBS Warburg's opinion was
necessarily based on economic, monetary, market and other conditions as in
effect on, and the information made available to UBS Warburg as of, March 3,
2002.

     The following summaries of UBS Warburg's financial analyses present some
information in tabular format. In order to fully understand the financial
analyses used by UBS Warburg, the tables must be read together with the text of
each summary. The tables alone do not constitute a complete description of the
financial analyses. Accordingly, the analyses listed in the tables and described
below must be considered as a whole. Considering any portion of such analyses
and the factors considered, without considering all analyses and factors, could
create a misleading or incomplete view of the process underlying UBS Warburg's
opinion.

     In connection with the preparation and delivery of its opinion, UBS Warburg
performed a variety of financial and comparative analyses. All material analyses
performed by UBS Warburg are described below.

     In arriving at its opinion, UBS Warburg did not ascribe a specific range of
value to us, but rather made its determination as to the fairness, from a
financial point of view, as of the date of the opinion, and subject to and based
on the assumptions made, procedures followed, matters considered and limitations
of the review undertaken in its opinion, of the per share cash consideration to
be received by holders of our outstanding common stock (other than by holders of
Price Group stock) pursuant to the merger agreement, to such holders, on the
basis of the multiple financial and comparative analysis described below.

     Historical Stock Price Analysis. UBS Warburg reviewed the performance of
the per share market price and trading volume of our common stock for the period
from January 17, 1994 (the initial public offering date) to February 27, 2002.
The analysis indicated that during the 52-week period ended February 27, 2002,
the highest closing market price per share was $24.50, the average closing
market price per share was $21.87 and the lowest closing market price per share
was $18.20. As of March 3, 2002, our stock had not traded at or above the
offered price per share of $26.10 since December 31, 1997. The offered price per
share of $26.10 represents a 7.0% premium over the price of our common stock as
of the closing price on February 27, 2002.

     Net Asset Valuation Analysis. Using information provided by us, UBS Warburg
calculated our net asset value. For this calculation, UBS Warburg applied a
range of capitalization rates from 9.25% to 10.75%, which resulted in an implied
blended capitalization rate range of 9.46% to 9.96%, to our in-place net
operating income.

     The resulting gross real estate value was added to the gross value of our
other assets, including developments in progress, land, cash, and certain other
assets, less our outstanding debt, adjustments for insurance recoveries and
management fees and certain other liabilities, to arrive at an equity net asset
value. This analysis indicated a net asset value range as of February 27, 2002
of between $450.6 million and $503.6 million, or $22.45 and $25.09 per share.

     Comparable Companies Analysis. UBS Warburg compared selected publicly
available information of us with the corresponding data of certain publicly
traded companies that UBS Warburg considered to be comparable to us. These
companies included:

         Crown American Realty Trust           CBL & Associates Properties, Inc.
         General Growth Properties, Inc.       Glimcher Realty Trust
         The Macerich Company                  The Rouse Company
         Simon Property Group, Inc.


                                       26


     The comparable company trading analysis provided a market valuation
benchmark based on the common stock trading multiples of the above selected
comparable companies. UBS Warburg calculated and analyzed each company's trading
premium/discount to consensus net asset value ("NAV"); 2001, 2002 and 2003 funds
from operations ("FFO") multiples; and enterprise value to prior four quarters
reported EBITDA multiples, all as of February 27, 2002. This information is
summarized in the table below:



                                                          Comparable Companies                   JP Realty, Inc.
                                                ----------------------------------------   ----------------------------
                                                                                           Feb. 27, 2002    Transaction
                                                  High      Mean      Median       Low     Market Price        Price
                                                --------  --------  ----------   -------   -------------    -----------
                                                                                             
Premium/(Discount) to NAV(1) (%)                  17.4       2.3        2.9       (10.7)        2.4             9.6
2001 FFO multiple (x)(2)                           9.2       8.0        8.5         6.4         8.6             9.2
Multiple of 2002 estimated FFO (x)(3)              8.7       7.5        7.7         6.2         8.1             8.7
Multiple of 2003 estimated FFO (x)(3)              8.2       7.1        7.2         6.1         7.7             8.2
Prior four quarters EBITDA multiple(x)(4)         14.4      11.9       12.2         9.9        10.7            11.1


- ----------
(1)  Consensus NAV obtained from Realty Stock Review as of November 28, 2001.

(2)  Derived by dividing a company's share price (as of the close on February
     27, 2002) by its reported per share FFO for 2001 (defined by the National
     Association of Real Estate Investment Trusts as "net income" computed in
     accordance with GAAP, excluding gains or losses from debt restructuring and
     sales of property, plus depreciation of real property, and after
     adjustments for unconsolidated entities in which the subject REIT holds an
     interest).

(3)  The 2002 and 2003 FFO multiples were derived by dividing a company's share
     price (as of the close on February 27, 2002) by its respective 2002 and
     2003 consensus per share FFO estimates, as provided by First Call
     Corporation as of February 27, 2002.

(4)  EBITDA multiple was calculated by dividing a company's enterprise value
     ("Enterprise Value"), defined as total market equity value as of February
     27, 2002, assuming the conversion of all of the operating partnership's
     common units, plus total debt, preferred units and preferred stock, if any,
     less cash on hand, by its reported EBITDA (earnings before interest, taxes,
     depreciation and amortization) for the period from fourth quarter 2000
     through third quarter 2001.

     Because of the inherent differences between the businesses, operations and
prospects of us and the businesses, operations and prospects of the selected
comparable companies, UBS Warburg believed that it was inappropriate to, and
therefore did not, rely solely on the quantitative results of the analysis.
Accordingly, UBS Warburg also made qualitative judgments concerning differences
between our financial and operating characteristics and those of the selected
comparable companies that would affect our public trading values and such
comparable companies.

     Comparable Transactions Analysis. UBS Warburg reviewed transactions
involving REITs announced from January 1, 2000 to the date of its opinion. Six
transactions with equity values in excess of $200 million that were somewhat
comparable were selected. All of the comparable transactions have closed except
the Rodamco transaction with Westfield, Simon & Rouse announced on January 13,
2002, which is pending. These transactions included:



Target                                    Acquirer
- ------------------------------------      ----------------------------------------------------------
                                       
Bradley Real Estate, Inc.                 Heritage Properties Investment Trust, Inc.
Western Properties Trust                  Pan Pacific Retail Properties, Inc.
First Washington Realty Trust Inc.        California Public Employees' Retirement System ("CalPERS")
Urban Shopping Centers                    Rodamco North America NV
Westfield America, Inc.                   Westfield America Trust
Rodamco North America NV                  Westfield America Trust, Simon Property Group, Inc. and
                                          The Rouse Company



                                       27



     For each comparable transaction, UBS Warburg calculated the funds from
operations multiple and EBITDA multiple of the respective transaction at the
time of announcement of each transaction. This information is summarized in the
table below:



                                                          Comparable Transactions                   JP Realty, Inc.
                                             -------------------------------------------------     -----------------
                                               High          Mean         Median         Low       Transaction Price
                                             ---------   -----------   -----------    --------     -----------------
                                                                                          
Transaction FFO multiple (x)(1)                11.4           8.0           8.7          5.9              9.4
Transaction EBITDA multiple (x)(2)             15.3          11.7          11.1         10.0             11.1


- ----------
(1)  Derived by dividing the Target Company's total market equity value, based
     on the offer price per share for the Target Company and assuming the
     conversion of all of the operating partnership's common units, by the
     reported funds from operations for the four quarters immediately preceding
     the announcement of the transaction. Our Transaction FFO multiple was based
     on a price of $26.10 for our common stock pursuant to the terms of the
     merger agreement over reported funds from operations per share for the
     period from fourth quarter 2000 through third quarter 2001.

(2)  Calculated by dividing the Enterprise Value at the offer price by EBITDA
     reported by the Target Company over the four quarters immediately preceding
     the announcement of the transaction. Our Transaction EBITDA multiple was
     calculated by dividing Enterprise Value based on a price of $26.10 for our
     common stock pursuant to the terms of the merger agreement by our reported
     EBITDA for the period from fourth quarter 2000 through third quarter 2001.

     Because the market conditions, rationale and circumstances surrounding each
of the transactions analyzed were specific to each transaction and because of
the inherent differences between our businesses, operations and prospects and
those of the comparable acquired companies, UBS Warburg believed that it was
inappropriate to, and therefore did not, rely solely on the quantitative results
of the analysis. Accordingly, UBS Warburg also made qualitative judgments
concerning differences between the characteristics of these transactions and the
proposed merger that would affect our acquisition values and those of such
acquired companies.

     Premiums Paid Analysis. UBS Warburg reviewed 18 selected transactions
involving REITs from January 1, 2000, to the date of its opinion. For each
transaction, premiums paid over market price of the acquired company's common
shares one day, one week and four weeks prior to the announcement of the
respective transaction were analyzed, and were found to range from a 2.0%
discount to a 39.4% premium (with a mean of 11.9% and median of 8.6%), a 3.2%
discount to a 38.9% premium (with a mean of 14.2% and a median of 12.0%), and a
1.7% discount to a 38.4% premium (with a mean of 13.1% and a median of 10.6%)
for each of the time periods, respectively. As of February 27, 2002, and using
$26.10 per common share, pursuant to the terms of the merger agreement, the
premiums paid to our common stockholders would be 8.5%, 11.2% and 14.8% to the
closing prices of our common stock one day, one week and four weeks prior to
that date, respectively.

     The preparation of a fairness opinion is a complex process and is not
necessarily susceptible to a partial analysis or summary description. In
arriving at its opinion, UBS Warburg considered the results of all of its
analyses as a whole and did not attribute any particular weight to any analysis
or factor considered by it. UBS Warburg believes that the summary provided and
the analyses described above must be considered as a whole and that selecting
portions of these analyses, without considering all of them, would create an
incomplete view of the process underlying its analyses and opinion.

     In performing its analyses, UBS Warburg made numerous assumptions with
respect to industry performance, general business and economic conditions and
other matters, many of which are beyond our control. No company, transaction or
business used in the analyses described above is identical to us or the proposed
merger. Any estimates contained in UBS Warburg's analysis are not necessarily
indicative of future results or actual values, which may be significantly more
or less favorable than those suggested by these estimates. The analyses
performed were prepared solely as a part of UBS Warburg's analysis of the
fairness from a financial point of view as of the date of the opinion, and
subject to and based on the assumptions made, procedures followed, matters
considered and limitations of the review undertaken in


                                       28


its opinion, of the per share cash consideration to be received by holders of
our outstanding common stock (other than holders of Price Group stock) pursuant
to the merger agreement to such holders and were conducted in connection with
the delivery by UBS Warburg of its opinion dated March 3, 2002, to our board.
UBS Warburg's analyses do not purport to be appraisals or to reflect the prices
at which shares of our common stock might actually trade. The consideration to
be paid to holders of our common stock in the merger agreement was determined
through negotiations between us and General Growth Properties and was approved
by our board. UBS Warburg did not recommend any specific consideration to us or
that any given consideration constituted the only appropriate consideration for
the merger.

     UBS Warburg's opinion was one of the many factors taken into consideration
by our board in making its determination to approve the merger. UBS Warburg's
analyses summarized above should not be viewed as determinative of the opinion
of our board with respect to our value or of whether the board would have been
willing to agree to a different form of consideration.

     UBS Warburg is an internationally recognized investment banking and
advisory firm. UBS Warburg, as part of its investment banking and financial
advisory business, is continuously engaged in the valuation of businesses and
their securities in connection with mergers and acquisitions, negotiated
underwritings, competitive biddings, secondary distributions of listed and
unlisted securities, private placements and valuations for corporate and other
purposes. In the past, UBS Warburg and its affiliates have provided financial
advisory and financing services to us and our affiliates and have received
customary fees for the rendering of these services. In the ordinary course of
business, UBS Warburg has and may from time to time trade in our securities or
our indebtedness or those of General Growth Properties for its own account, the
accounts of investment funds and other clients under the management of UBS
Warburg and for the accounts of its customers and, accordingly, may at any time
hold a long or short position in these securities or indebtedness.

     We have agreed to pay UBS Warburg aggregate fees of $1,500,000 in
connection with the issuance of its opinion and for its financial advisory
services. We have also agreed to reimburse UBS Warburg for its expenses incurred
in performing its services and to indemnify UBS Warburg and its affiliates,
their respective directors, officers, agents and employees and each person, if
any, controlling UBS Warburg or any of its affiliates against certain
liabilities and expenses, including certain liabilities under federal securities
laws, related to or arising out of UBS Warburg's engagement and any related
transactions.

Interests of Directors and Officers in the Merger

     In considering the recommendation of our board of directors in connection
with the merger, stockholders should be aware that, as described below, some of
our directors and executive officers have interests in, and will receive
benefits from, the mergers that differ from, or are in addition to, and
therefore may conflict with, the interests of our stockholders generally.

     Indemnification and Insurance. The merger agreement provides that General
Growth Properties and GGP Limited Partnership will provide indemnification for
each person who has been or who becomes before the completion of the mergers, a
director or officer of our company or its subsidiaries to the maximum extent
permitted by applicable law. In addition, General Growth Properties and GGP
Limited Partnership will indemnify and hold harmless those persons against any
losses, claims, damages, liabilities, costs, expenses, judgments, fines and
amounts paid in settlement arising out of the fact that the person is or was an
officer or director of our company or any of its subsidiaries or out of the
merger agreement or the transactions contemplated by the merger agreement to the
fullest extent permitted by law. Further, General Growth Properties has agreed
to purchase directors' and officers' liability insurance coverage for the
benefit of those individuals currently covered by our insurance for a period of
six years following the mergers. For a more complete discussion of these
provisions of the merger agreement, see "The Merger Agreement --
Indemnification" on page 39.


                                       29


     Acceleration of Stock Options. Under the terms of our employee stock option
award agreements, all outstanding, unvested stock options will vest and become
immediately exercisable upon the delivery of a written notice to our
stockholders of a stockholders' meeting at which the stockholders will consider
a proposed acquisition of our company by merger. Accordingly, the outstanding,
unvested stock options held by our directors and officers will become fully
vested and exercisable as of the date of this proxy statement. In accordance
with the terms of the merger agreement, these unexercised options and the vested
options held by the directors and officers will be exchanged for cash and the
directors and officers will receive a single-sum payment in an amount equal to
(i) the excess of the merger consideration payable with respect to a share of
our common stock ($26.10) over the stock option exercise price multiplied by
(ii) the number of shares subject to the stock options owned by the director or
officer which remain subject to exercise. As a result, our directors and
officers will be entitled to receive the following amounts with respect to all
of their existing stock options, including those whose vesting has accelerated
as of the date of this proxy statement: James Anderson, $83,397; Terry Bybee,
$850; M. Scott Collins, $4,250; Greg Curtis, $1,275; G. Rex Frazier, $550,079;
Blaine Huntsman, $12,870; Pat King, $250,192; Allen Martindale, $21,857; Paul K.
Mendenhall, $1,700; Martin Peterson, $850; John Price, $1,905,600; David Sabey,
$166,880; and Sam Souvall, $83,397.

     Severance Arrangements. We do not currently have any severance arrangements
with our directors or officers. Pursuant to the merger agreement, all of our
directors and officers, as well as the directors and officers of our
subsidiaries, will submit their resignations (as officers and directors) as of
the effective time of the mergers.

     A severance payment will, however, be offered by General Growth Properties
to all full-time employees in our Salt Lake City, Utah, corporate office in
accordance with the terms of an agreed-upon severance plan. Each employee's
severance payment will be an amount based on that employee's current base salary
plus the 2001 incentive bonus included in the annual salary computation
proportional to his or her length of employment with our company. General Growth
Properties will notify each employee within six months of the closing date of
the merger whether he or she will receive an offer of full-time regular
employment with General Growth Properties or one of its subsidiaries. A
severance payment will be available to each employee who is terminated within
one year of the consummation of the mergers under certain conditions or who is
not offered continued employment following the mergers at substantially the same
salary as that being paid currently to the employee.

     In addition to the severance plan payments described above, certain
executive officers will be offered supplemental severance pay. General Growth
Properties will offer an additional severance amount equal to 26 weeks of
current base salary plus the 2001 incentive bonus included in the annual salary
computation to each of those officers, as an incentive to stay through and
assist with any requested transition period.

     Tax Deferral Option for Unitholders. In connection with the partnership
merger, the holders of common operating partnership units in our operating
partnership will exchange their common operating partnership units for $26.10 in
cash without interest per common operating partnership unit. Alternatively,
because many holders of common operating partnership units face substantial tax
recapture in the event that their units were converted into cash, the merger
agreement provides those holders who are "accredited investors" under the
Securities Act of 1933 with an option to defer their substantial tax liabilities
by exchanging their units for Series B Preferred Units in GGP Limited
Partnership. This aspect of the transaction allows Messrs. Price, King, Frazier
and Souvall (as well as other holders of our common operating partnership units)
the opportunity to defer the otherwise substantial taxable gain they would face
in an all cash transaction.

     Tax Related Undertakings of GGP Limited Partnership. Under the tax matters
agreement contemplated by the merger agreement, General Growth Properties and
GGP Limited Partnership have agreed not to voluntarily sell, exchange or
otherwise dispose of, except in wholly tax-free transactions,


                                       30


certain specified properties for specified periods of time. These provisions are
intended to ensure that Messrs. Price, King, Frazier and Souvall, as well as
other holders of our common operating partnership units who elect to receive
Series B Preferred Units, who originally contributed such properties to our
operating partnership in exchange for common operating partnership units in our
operating partnership, will be able to continue to defer for specified periods
of time the otherwise substantial gain that would be recognized by them for tax
purposes upon a taxable sale, exchange or other disposition of any one or more
of such properties. The tax matters agreement also provides, as part of its tax
deferral undertakings, for minimum levels of liabilities to be allocated to
these holders. See "The Merger Agreement -- Tax Related Undertakings of GGP
Limited Partnership" on page 39.

     Non-competition Agreement. Our former Chairman and Chief Executive Officer,
Mr. John Price, will not enter into a severance agreement, and instead will
enter into a standard, five-year, non-competition agreement with General Growth
Properties. As partial consideration for entering into this non-competition
agreement, Mr. Price will be granted an option to purchase, for an aggregate
purchase price of $300,000, two small buildings, one housing Mr. Price's
automotive memorabilia and the other being a small office building which Mr.
Price will use as an office, each consisting of approximately 6,000 square feet,
located in the Price Business Center - South Main in Salt Lake City, Utah.

The Merger Agreement

     This is a description of the terms of the merger agreement that we believe
are important. However, the description does not contain all the terms of the
merger agreement. A copy of the merger agreement is attached as Exhibit A to
this proxy statement and is incorporated herein by reference. We encourage you
to read the entire merger agreement.

     Closing. Under the merger agreement, we will merge with and into GGP
Acquisition, L.L.C., with GGP Acquisition, L.L.C. as the surviving entity. The
closing date of the merger will be no later than the third business day after
the mutual closing conditions to the merger are satisfied or waived by us and
General Growth Properties. The merger shall become effective on the later (i) of
the date and time at which the articles of merger have been duly filed with and
accepted for record by the State Department of Assessments and Taxation of the
State of Maryland and the certificate of merger has been duly filed with the
Secretary of State of the State of Delaware; or (ii) at such other date and time
as is agreed between the parties and specified in the articles and certificate
of merger.

     Merger of our Operating Partnership with Another Subsidiary of General
Growth Properties. Immediately prior to, and as a condition to the consummation
of, the merger, our operating partnership will merge with an indirect,
wholly-owned subsidiary of General Growth Properties, GGP Acquisition II, L.L.C.
Our operating partnership will survive the merger and all of its subsidiaries
will remain unchanged.

     Consideration to be Received for Our Common Stock and Price Group Stock in
the Merger. At the effective time, each share of our common stock and Price
Group stock will be converted into the right to receive a cash payment of $26.10
without interest. The merger consideration is fixed and will not be adjusted
based on fluctuations in the price of our common stock or that of General Growth
Properties prior to the closing date of the merger. In addition, the merger
agreement authorizes the payment of regular quarterly dividends to our common
stockholders, pro rated up to the closing date of the merger.

     Treatment of Stock Options. The merger agreement provides that each stock
option under our 1993 Stock Option Plan which is outstanding immediately prior
to the effective time of the merger and which has not been exercised or canceled
prior to that time, will be treated as follows: At the effective time of the
merger, in full settlement of all remaining outstanding options, General Growth
Properties will pay to each holder of an option $26.10 less the exercise price
per share of common stock provided for in that stock option multiplied by the
number of common shares underlying that option which remain


                                       31


subject to exercise. The cash payment will be net of any applicable withholding
tax. If, however, the exercise price of any stock option equals or exceeds
$26.10, no cash will be paid to the holder. Following the effective time of the
merger, all outstanding options to purchase our common stock will automatically
be redeemed and canceled.

     Procedures for Exchange of Our Common Stock. General Growth Properties will
deposit with the paying agent cash in the amount of the aggregate merger
consideration. Each letter of transmittal which will be sent to our stockholders
following closing will include detailed instructions on how our stockholders may
exchange their JP Realty, Inc. common stock for the cash consideration they will
receive in the merger. The paying agent will send to our former stockholders who
submit their duly completed letters of transmittal and their JP Realty, Inc.
share certificates a check for payment of the merger consideration the
stockholder is entitled to receive, net of any applicable withholding tax. No
interest will be paid on any cash paid pursuant to the merger.

     Representations and Warranties. We and Price Development Company have made
certain customary representations and warranties to General Growth Properties,
GGP Limited Partnership, GGP Acquisition, L.L.C. and GGP Acquisition II, L.L.C.,
including representations that:

     o    we are a validly existing corporation and have the requisite power to
          carry on our business;

     o    we have the requisite corporate authority to enter into the
          contemplated transactions;

     o    the consummation of these transactions will not place us in material
          violation of any laws or material contracts which, individually or in
          the aggregate, would have a material adverse effect;

     o    our capitalization is as disclosed to General Growth Properties;

     o    our corporate structure is as disclosed to General Growth Properties;

     o    we have filed all required reports with the SEC and complied in all
          material respects with the applicable requirements of the securities
          laws;

     o    there is no litigation or legal proceeding pending that is,
          individually or in the aggregate, would be reasonably expected to have
          a material adverse effect on our business or prevent the consummation
          of the mergers;

     o    we have conducted our business only in the ordinary course, and there
          are no undisclosed changes in material liabilities;

     o    we qualify for tax treatment as a REIT and have paid all taxes which
          are due and payable and filed all necessary tax returns;

     o    our real properties are not subject to undisclosed liens; and no
          properties are in material violation of the law;

     o    we have complied with environmental matters, except to the extent that
          any failure to comply would not have a material adverse effect;

     o    our employee benefit plans are in material compliance with the law;

     o    we are not a party to any agreements with labor unions, and there are
          no labor proceedings against us;

     o    we have received a fairness opinion from our financial advisor;


                                       32


     o    we have disclosed certain contracts and arrangements and are in
          material compliance with such contracts;

     o    we are not an investment company for purposes of the securities laws;
          and

     o    we have taken all necessary actions to exempt the contemplated
          transactions from state takeover statutes, certain limitations in our
          articles of incorporation and the operation of our rights plan.

     General Growth Properties, together with GGP Limited Partnership, GGP
Acquisition, L.L.C. and GGP Acquisition II, L.L.C., has made certain customary
representations and warranties to us, including representations that:

     o    it is a validly existing corporation and has the requisite power to
          carry on its business;

     o    it has the requisite corporate authority to enter into the
          contemplated transactions;

     o    its capitalization is as disclosed to us;

     o    the consummation of these transactions will not place it in material
          violation of any laws or material contracts which, individually or in
          the aggregate, would have a material adverse effect;

     o    there is no litigation or legal proceeding pending to which it is a
          party that would be reasonably likely to prevent the consummation of
          the mergers;

     o    it has filed all required reports with the SEC and has complied in all
          material respects with the applicable requirements of the securities
          laws;

     o    it qualifies for tax treatment as a REIT; and

     o    it will have the necessary financing to consummate the contemplated
          transactions.

     The representations and warranties contained in the merger agreement will
not survive beyond the effective time of the merger.

     Covenants Regarding General Matters. We and General Growth Properties have
agreed to perform various covenants regarding general matters. Some of these
covenants are mutual while others have been made by only one of the parties.

o    The mutual covenants regarding general matters include:

     o    using commercially reasonable efforts to satisfy conditions for
          effecting the merger;

     o    consulting with each other on publicity regarding the merger;

     o    agreeing to the tax treatment of the mergers and to making certain tax
          filings;

     o    each agreeing to notify the other party of any breach of covenants,
          representations or warranties;

     o    cooperating in the preparation of the partner solicitation materials
          to the common operating partnership unitholders of Price Development
          Company; and

     o    at closing, our assigning and General Growth Properties' assuming the
          registration rights agreements granted to holders of the preferred
          units of Price Development Company.

o    The covenants regarding general matters that we have made include:


                                       33


     o    preparing and filing with the SEC this proxy statement and holding a
          meeting of our stockholders to vote on the merger;

     o    seeking, subject to our fiduciary duties under applicable law, the
          approval of the holders of common operating partnership units of Price
          Development Company to the partnership merger and amendment of the
          partnership agreement;

     o    causing our officers and directors to resign at the closing of the
          merger agreement; and

     o    refraining from making any dividends or distributions to stockholders
          or unitholders without General Growth Properties' written consent,
          except for regular quarterly dividends to common stockholders (and
          corresponding distributions to common and preferred operating
          partnership unitholders) and regular distributions to holders of Price
          Group stock for the quarter ending March 31, 2002, and for each full
          and pro rated quarter thereafter up to the closing date of the merger,
          and any other distributions contemplated by the merger agreement.

o    The covenants regarding general matters that General Growth Properties has
     made include:

     o    maintaining the provisions of our corporate governance documents that
          pertain to rights to indemnification of certain former and current
          officers and directors after the merger;

     o    maintaining a directors and officers liability insurance policy
          covering, for six years after the merger, our directors and officers
          who were covered by our policy on March 3, 2002; and

     o    entering into severance arrangements with certain employees.

     Covenants Regarding Conduct of Our Business Before the Merger. We have
agreed to conduct our business and that of our subsidiaries from March 3, 2002
to the effective time of the merger in the ordinary course of business
consistent with past practice and use our commercially reasonable efforts to
preserve intact our current business organizations and to keep available the
services of our present officers and employees. In particular, we have agreed,
subject to enumerated exceptions:

     o    to not acquire additional real property, encumber existing real
          property assets or enter into any agreement to develop or construct
          real estate projects, except in accordance with our current year
          operating budget;

     o    to not amend our charter or bylaws and to not amend any material
          contracts or commitments;

     o    to keep General Growth Properties informed as to material operational
          matters and as to any change in circumstances affecting our business
          that would have a material adverse effect on us or our subsidiaries;

     o    to not make any change in the number of issued and outstanding shares
          of our capital stock;

     o    to not grant any rights to acquire any shares of our capital stock;

     o    to not increase or amend any compensation or severance benefits with
          employees earning more than $50,000 annually;

     o    to not adopt any new or amend any existing employee benefit plan;


                                       34


     o    to not change the ownership of any subsidiary (other than pursuant to
          the Price Development Company partnership agreement), and to not sell,
          lease, mortgage or otherwise encumber or otherwise dispose of any real
          property or other assets;

     o    to not incur, discharge or satisfy certain indebtedness; or make any
          loans, advances or capital contributions to, or investments in, any
          other person;

     o    to make all required tax and other governmental filings, and not make
          or rescind any tax elections;

     o    to not materially change any of our methods, principles or practices
          of accounting; or settle any claims arising out of or in connection
          with the transactions contemplated by the merger agreement;

     o    to provide General Growth Properties with copies of any SEC filings we
          make; and

     o    to preserve our status as a REIT.

     Covenants Regarding Conduct of General Growth Properties' Business Before
the Merger. General Growth Properties has for the period from March 3, 2002 to
the effective time of the merger, subject to enumerated exceptions:

     o    not to take any action that would materially delay the closing of the
          transactions contemplated by the merger agreement;

     o    to provide us with copies of any SEC filings General Growth Properties
          makes; and

     o    not to amend any charter or organizational document of General Growth
          Properties or GGP Limited Partnership in a manner which would require
          the consent of the contributing holders of our common operating
          partnership units (i.e., those duly electing to receive Series B
          Preferred Units of GGP Limited Partnership) if the amendment were
          effected after the closing of the merger.

     Covenant Regarding No Solicitation; Covenant to Recommend. The merger
agreement prevents us from soliciting, negotiating or otherwise engaging in
discussions with, or furnishing information to, a third party regarding a
merger, consolidation, business combination transaction or sale of 20% or more
of either the assets or outstanding equity securities of our company, Price
Development Company, or any of our other subsidiaries, unless:

     o    we receive an unsolicited bona fide proposal from that third party;
          and

     o    our board determines in good faith (after consulting with its outside
          counsel and its financial advisor) that the proposal is reasonably
          likely to lead to a superior competing transaction, which the merger
          agreement defines as a competing transaction which a majority of our
          entire board determines after consultation with its financial advisor,
          in good faith, taking into account financial considerations and other
          relevant factors, including relevant legal, financial, tax, regulatory
          and other aspects of such proposal, and the conditions, prospects and
          time required for completion of such proposal, to be more favorable
          than the merger and the partnership merger to our stockholders and
          common operating partnership unitholders.

     Subject to fiduciary duties under applicable law, our board of directors
has agreed to recommend to our stockholders the approval of the merger
substantially on the terms set forth in the merger agreement. However, if the
board determines that an unsolicited bona fide proposal is a superior competing
transaction, the board can modify or withdraw its recommendation of the merger
with General Growth Properties and instead approve or recommend to our
stockholders the superior competing


                                       35


transaction, subject to paying the break-up fee described below under the
heading "Break-up Fees and Expenses."

     Conditions to the Completion of the Merger. We will complete the merger
with General Growth Properties only if the conditions specified in the merger
agreement are either satisfied or waived. Some of the conditions are mutual,
meaning that if the condition is not satisfied, neither party would be obligated
to close the merger. Most of the conditions are in favor of only one of the
parties, meaning that if the condition is not satisfied that party could waive
the condition and the other party would remain obligated to close.

o    The mutual conditions include:

     o    approval of the merger by our stockholders and the approval of the
          partnership merger and the amendment to the Price Development Company
          partnership agreement by our common unitholders; and

     o    there being no court order preventing consummation of the transactions
          contemplated by the merger agreement.

     o    We will not be obligated to close the merger if the following
          conditions are not satisfied or waived:

     o    General Growth Properties performing, in all material respects, its
          agreements in the merger agreement that are to be performed as of
          closing;

     o    General Growth Properties' representations and warranties being true
          and correct, in all material respects, as of the closing (we have
          agreed with General Growth Properties that this condition will be
          satisfied in full as long as the aggregate of any and all breaches of
          their representations do not result in a material adverse effect on
          General Growth Properties);

     o    General Growth Properties delivering certificates as to the
          satisfaction of the two conditions above; and

     o    General Growth Properties delivering to contributing holders of Price
          Development Company common units a favorable legal opinion from its
          legal counsel with respect to (i) its REIT status and (ii) GGP Limited
          Partnership's tax status.

o    General Growth Properties will not be obligated to close the merger if the
     following conditions are not satisfied or waived:

     o    our performing, in all material respects, our agreements in the merger
          agreement that are to be performed as of closing;

     o    our representations and warranties being true and correct, in all
          material respects, as of the closing (we have agreed with General
          Growth Properties that this condition will be satisfied in full as
          long as the aggregate of any and all breaches of our representations
          do not result in a material adverse effect on us);

     o    our delivering certificates as to the satisfaction of the two
          conditions above;

     o    the absence of a material adverse effect occurring with respect to us,
          from the date of the merger agreement to the closing; and

     o    receipt of required third party consents by us; and


                                       36


     o    receipt of a favorable legal opinion from our legal counsel with
          respect to (i) our REIT status and (ii) Price Development Company's
          tax status as a partnership.

     Certain of the above conditions, such as the requirement for stockholder
and unitholder approvals and the absence of a court order preventing
consummation of the transactions contemplated by the merger agreement cannot be
waived under applicable law. We or General Growth Properties reserve the right
to waive any of our or their respective other conditions to the merger
agreement. However, if we intend to waive one or more conditions to the closing
of the merger in a manner or under circumstances that would make the information
set forth in this proxy statement materially misleading or inaccurate, we would
distribute to our stockholders an updated proxy statement and re-solicit the
approval of our stockholders.

     Termination of the Merger Agreement. The merger agreement may be terminated
under the following circumstances:

     o    by mutual written consent;

     o    by either General Growth Properties or us (i) if the merger has not
          been consummated by July 31, 2002 (or such later mutually agreed upon
          date) and the party seeking termination has not materially breached
          its obligations under the merger agreement, (ii) if stockholder or
          common operating partnership unitholder approvals are not obtained,
          (iii) if a governmental entity shall have issued a final and
          non-appealable order, decree or ruling or taken any other action
          restraining, enjoining or otherwise preventing the consummation of the
          transactions contemplated by the merger agreement and the party
          seeking termination has not materially breached its obligations under
          the merger agreement, or (iv) if the other party to the merger
          agreement breaches any representation, warranty, covenant, obligation,
          or agreement set forth in the merger agreement or the representations
          and warranties of such other party become untrue such that the
          conditions to the terminating party's obligation to close would be
          incapable of being satisfied by July 31, 2002 (or such later mutually
          agreed upon date).

     o    by us if our board has withdrawn, modified, amended or qualified in
          any manner adverse to General Growth Properties or GGP Limited
          Partnership its approval or recommendation of either of the mergers or
          the merger agreement in connection with, or approved or recommended,
          any superior competing transaction.

     o    by General Growth Properties if (i) prior to our special meeting of
          stockholders, our board or any committee thereof shall have failed to
          recommend or withdrawn, modified, amended or qualified in any manner
          adverse to General Growth Properties or GGP Limited Partnership its
          approval or recommendation of the mergers or the merger agreement, or
          approved or recommended any superior competing transaction, (ii) we or
          Price Development Company shall have entered into any agreement with
          respect to any competing transaction or (iii) our board or any
          committee thereof shall have resolved or publicly disclosed its intent
          to do any of the foregoing.

     Break-up Fees and Expenses. We have agreed to pay General Growth Properties
a break-up fee of $19 million, less any break-up expenses paid, if:

     o    either (1) either party terminates the merger agreement because of
          failure to obtain the necessary stockholder or common operating
          partnership unitholder approvals; or (2) we terminate the merger
          agreement because the merger has not been consummated by July 31, 2002
          (or such later mutually agreed upon date), and within one year of
          either of such terminations, we consummate, or execute a definitive
          agreement to consummate, a transaction based on a proposal for a
          competing transaction received by us at any time from January 31, 2002
          until such termination;


                                       37


     o    General Growth Properties terminates the merger agreement because of
          our breach of any representation, warranty, covenant, obligation, or
          agreement set forth in the merger agreement, or our representations
          and warranties become untrue such that the conditions to General
          Growth Properties' obligations are incapable of being satisfied by
          July 31, 2002 (or such later mutually agreed upon date), and within
          one year of either of such termination, we consummate, or execute a
          definitive agreement to consummate, a transaction based on a proposal
          for a competing transaction received by us at any time from January
          31, 2002 until such termination;

     o    we terminate the merger agreement because our board has withdrawn,
          modified, amended or qualified in any manner adverse to General Growth
          Properties or GGP Limited Partnership its approval or recommendation
          of either of the mergers or the merger agreement in connection with,
          or approved or recommended, any superior competing transaction; or

     o    General Growth Properties terminates the merger agreement because (i)
          prior to our special meeting of stockholders, our board or any
          committee thereof shall have failed to recommend or withdrawn,
          modified, amended or qualified in any manner adverse to General Growth
          Properties or GGP Limited Partnership its approval or recommendation
          of the mergers or the merger agreement, or approved or recommended any
          superior competing transaction, (ii) we or Price Development Company
          shall have entered into any agreement with respect to any competing
          transaction or (iii) our board or any committee thereof shall have
          resolved or publicly disclosed its intent to do any of the foregoing.

     We have agreed to reimburse break-up expenses to General Growth Properties
for its out-of-pocket fees and expenses incurred in connection with the merger
agreement in an amount not to exceed $2,000,000 if General Growth Properties
terminates the merger agreement because the representations and warranties made
by us in the merger agreement become untrue, or we have breached our
representations, warranties, covenants, obligations or agreements under the
merger agreement such that the conditions to General Growth Properties'
obligations are incapable of being satisfied by July 31, 2002 (or such later
mutually agreed upon date). In addition, we will be liable to General Growth
Properties for damages if we or Price Development Company willfully breached our
representations, warranties, covenants, obligations or agreements, or if we are
obligated to consummate the transactions contemplated by the merger agreement
but fail or refuse to do so.

     General Growth Properties has agreed to pay break-up expenses to us for our
out-of-pocket fees and expenses incurred in connection with the merger agreement
in an amount not to exceed $2,000,000 if we terminate the merger agreement
because the representations and warranties made by General Growth Properties in
the merger agreement become untrue, or General Growth Properties has breached
its representations, warranties, covenants, obligations or agreements under the
merger agreement such that the conditions to our obligations are incapable of
being satisfied by July 31, 2002 (or such later mutually agreed upon date). In
addition, General Growth Properties will be liable to us for damages if General
Growth Properties or GGP Limited Partnership has willfully breached its
representations, warranties, covenants, obligations or agreements, or they are
obligated to consummate the transactions contemplated by the merger agreement
but fail or refuse to do so.

     Amendment or Waiver of the Merger Agreement. The parties may amend the
merger agreement or waive its terms and conditions before the effective time,
but, after our stockholders have approved the merger and adopted the merger
agreement and the holders of Price Development Company common operating
partnership units have approved the partnership merger and the amendment to the
Price Development Company partnership agreement, no such amendment shall be made
except as allowed under applicable law.


                                       38


     Tax Related Undertakings of GGP Limited Partnership. Pursuant to the tax
matters agreement which will be entered into upon closing, a form of which is
attached as an exhibit to the merger agreement, General Growth Properties and
GGP Limited Partnership have agreed, for the benefit of certain holders of
common operating partnership units, including certain officers and directors,
and in certain circumstances (generally excluding transfers as a result of
either death or taxable sales of their partnership units in GGP Limited
Partnership) their transferees, not to voluntarily sell, exchange or otherwise
dispose of, except in wholly tax-free transactions, certain specified
properties. These restrictions generally will have a minimum duration of nine
years, subject to extension for up to an additional six years if the holders
retain at least 51% of the units issued in the partnership merger. In addition,
General Growth Properties and GGP Limited Partnership have agreed for tax
purposes to make available to certain holders of common operating partnership
units, and in certain circumstances (generally excluding transfers as a result
of either death or taxable sales of Series B Preferred Units of GGP Limited
Partnership) their transferees, the opportunity to enter into certain
arrangements with GGP Limited Partnership to allow minimum levels of liabilities
to be allocated to these holders and has made certain other undertakings. These
provisions are intended to enable these holders of our common operating
partnership units, who originally contributed properties to us in exchange for
our common operating partnership units, to be able to continue to defer the
otherwise substantial gain that would be recognized by them for tax purposes
upon a sale of one or more of our operating partnership's specified properties
or of GGP Limited Partnership's interest in Price Development Company after
consummation of the merger, or upon a reduction of the liabilities of GGP
Limited Partnership (either directly or through Price Development Company) that
are allocated to such holders for tax purposes. To the extent that General
Growth Properties or GGP Limited Partnership breaches an obligation under this
agreement, a protected holder will be entitled to an indemnification payment
that is designed generally to equal the amount of additional taxes that will be
owed by that protected holder as a result of such breach.

     Employee Severance Plan. A severance payment will be offered by General
Growth Properties to all full-time employees in our Salt Lake City, Utah,
corporate office in accordance with the terms of an agreed upon severance plan.
Each employee's severance payment will be an amount based on that employee's
current base salary plus the 2001 incentive bonus included in the annual salary
computation proportional to his or her length of employment with our company.
General Growth Properties will notify each employee within six months of the
closing date of the merger whether he or she will receive an offer of full-time
regular employment with General Growth Properties or one of its subsidiaries. A
severance payment will be available to each employee who is terminated within
one year of the consummation of the mergers under certain conditions or who is
not offered continued employment following the mergers at substantially the same
salary as that being paid currently to the employee. In addition to the
severance plan payments described above, certain executive officers will be
offered supplemental severance pay. General Growth Properties will offer this
additional severance amount equal to 26 weeks of current base salary plus the
2001 incentive bonus included in the annual salary computation to each of those
officers, as an incentive to stay through and assist with any requested
transition period.

     Non-competition Agreement. Our former Chairman and Chief Executive Officer,
Mr. John Price, will not enter into a severance agreement, and instead will
enter into a standard, five-year, non-competition agreement with General Growth
Properties. As partial consideration for entering into this non-competition
agreement, Mr. Price will be granted an option to purchase, for an aggregate
purchase price of $300,000, two small buildings, one housing Mr. Price's
automotive memorabilia and the other being a small office building which Mr.
Price will use as an office, each consisting of approximately 6,000 square feet,
located in the Price Business Center - South Main in Salt Lake City, Utah.

     Indemnification. The merger agreement provides that, in the event of any
threatened or actual claim or proceeding, whether civil, criminal or
administrative, in which any person who is or has been a director or officer of
us or any of our subsidiaries is, or is threatened to be, made a party
pertaining to the


                                       39


fact that the person was a director or officer of us or any of our subsidiaries,
or pertaining to the negotiation, execution or performance of the merger
agreement or the transactions contemplated by that agreement, General Growth
Properties will indemnify and hold harmless that person to the full extent
permitted by applicable law against any liability or expense incurred in
connection with any of these claims or proceedings. The merger agreement further
provides that General Growth Properties will cause the persons serving as our
officers and directors on March 3, 2002 to be covered for a period of six years
following the closing by our directors' and officers' liability insurance
policy, or any substitute for that policy with terms that are no less favorable
subject to certain limitations.

     Financing Arrangements. The merger is not subject to any financing
contingency and is not conditional on General Growth Properties obtaining
financing of the merger. General Growth Properties has advised us that it
intends to fund the merger consideration through a combination of available
cash, unsecured short-term loans from commercial banks and mortgage indebtedness
on certain unencumbered assets.

     Delisting and Deregistration of Our Common Stock. Our common stock is
currently listed on the New York Stock Exchange under the symbol "JPR." If the
merger is completed, holders of shares of our common stock will not have an
opportunity to continue their equity interest in the surviving corporation as an
ongoing corporation and, therefore, will not have the opportunity to share in
our future earnings, dividends or growth, if any. In addition, upon completion
of the merger, our common stock will no longer be listed on the New York Stock
Exchange and will cease to be registered with the Securities and Exchange
Commission, and we will no longer be a reporting company under Sections 13 and
15(d) of the Securities and Exchange Act of 1934.

     Regulatory and Other Approvals. There are no federal or state regulatory
requirements which remain to be complied with in order to consummate the merger,
other than the filing and acceptance for record of the Articles of Merger and
Articles of Partnership Merger with the State Department of Assessments and
Taxation of the State of Maryland and the filing of the certificate of merger
with the Secretary of State of the State of Delaware.

     State Takeover Statutes; Rights Plan; Ownership Limits. Our board has taken
all actions necessary to exempt the merger and the other transactions
contemplated by the merger agreement from the operation of any anti-takeover
statute enacted under the laws of the State of Maryland, the State of Delaware
or the federal laws of the United States. The board has approved the exemption
of General Growth Properties and its affiliates from the applicable ownership
and control share limits in our charter. Our board has also resolved to render
the rights issued and outstanding under the terms of our January 13, 2001
Amended and Restated Rights Agreement inapplicable to the merger and the other
transactions contemplated by the merger agreement.

     Method of Accounting. The merger will be accounted for using the purchase
method of accounting.

     Dissenters' Rights. The merger agreement is governed by Maryland law. Under
Maryland law, because our common stock is listed on the New York Stock Exchange,
dissenters' rights are not available to holders of our common stock in
connection with the merger.

     Voting Agreement. General Growth Properties, GGP Limited Partnership, GGP
Acquisition and GGP Acquisition II have entered into a separate agreement with
Mr. John Price, our former Chairman and Chief Executive Officer, and certain of
his affiliates. As of the record date, Mr. Price and such affiliates owned in
the aggregate 299,000 shares of common stock and Price Group stock, representing
approximately 1.8% of the combined issued and outstanding shares of these
classes.

     Pursuant to the voting agreement, Mr. Price and such affiliates agreed to
vote all shares of common stock and Price Group stock which he or such
affiliates own (i) in favor of the merger at any


                                       40


annual or special meeting of our stockholders, (ii) against any action or
agreement that would result in a breach of any covenant, representation or
warranty or any other obligation of ours under the merger agreement and (iii)
against any action or agreement (other than the merger agreement) that would
impede, interfere with, delay, postpone, adversely affect or attempt to
discourage the merger. In furtherance of the voting agreement, Mr. Price and
such affiliates appointed GGP Limited Partnership as their attorney and proxy to
vote all of their beneficially owned shares on matters as to which such shares
are entitled to (i) vote at a meeting of our stockholders or (ii) express
consent or dissent to corporate action in writing without a meeting, in each
case, in GGP Limited Partnership's discretion as to the matters described in the
voting agreement. In respect of the matters described above, Mr. Price and such
affiliates agreed to refrain from (a) voting at any annual or special meeting of
our stockholders, (b) executing any written consent in lieu of any such
meetings, and (c) granting any proxy or authorization to any person with respect
to voting his beneficially owned shares, except pursuant to the voting
agreement. Mr. Price and such affiliates also agreed that they will not dispose
of, permit any lien to attach to, or grant any options, proxies, powers of
attorney or other rights with respect to their beneficially owned shares.
Further, Mr. Price and such affiliates agreed not to take any action which would
have the effect of preventing then from performing their respective obligations
under the voting agreement.

     The voting agreement extends the same rights and privileges to GGP Limited
Partnership with respect to the common operating partnership units of Price
Development Company beneficially owned by Mr. Price and such affiliates. As of
the date of this proxy statement, Mr. Price and such affiliates own in the
aggregate [2,867,918] common operating partnership units of Price Development
Company, representing approximately [78.8]% of the issued and outstanding common
operating partnership units of Price Development Company, which represents
sufficient votes to ensure the approval of the partnership merger and the
amendment of the Price Development Company partnership agreement.

     The voting agreement terminates on the earlier to occur of (i) the
termination of the merger agreement in accordance with its terms and (ii)
consummation of the merger and the partnership merger.


                                       41



                        FEDERAL INCOME TAX CONSIDERATIONS

     The following is a general summary of the material federal income tax
considerations that you should take into account in determining whether to vote
for or against the proposal. This summary is based upon interpretations of the
Internal Revenue Code, Treasury regulations promulgated under the Internal
Revenue Code, judicial decisions and administrative rulings as of the date of
this proxy statement, all of which are subject to change or differing
interpretations, including changes and interpretations with retroactive effect.
The discussion below does not address all federal income tax considerations, or
any state, local or foreign tax consequences of the merger. Your tax treatment
may vary depending upon your particular situation. Also, the discussion does not
address various tax rules that may apply if you are a stockholder subject to
special treatment under the Internal Revenue Code, such as a dealer, financial
institution, insurance company, tax-exempt entity, non-U.S. stockholder (except
as discussed below), a person who holds common shares as part of a "straddle", a
"hedge", a "constructive sale" transaction or a "conversion" transaction, a
person that has a functional currency other than the U.S. dollar, a person who
is subject to the alternative minimum tax, an investor in a pass-through entity,
or if you do not hold our common shares as a capital asset.

     A U.S. stockholder is a U.S. citizen or resident as it is defined in the
Internal Revenue Code, a domestic corporation, an estate the income from which
is includable in its gross income for federal income tax purposes without regard
to its source, or a trust if a U.S. court is able to exercise primary
supervision over the administration of the trust, and one or more U.S. persons
have the authority to control all of the substantial decisions of the trust. A
non-U.S. stockholder is any stockholder that is not a U.S. stockholder.

     THIS FEDERAL INCOME TAX DISCUSSION IS FOR GENERAL INFORMATION PURPOSES ONLY
AND MAY NOT ADDRESS ALL TAX CONSIDERATIONS THAT MAY BE SIGNIFICANT TO YOU. YOU
ARE URGED TO CONSULT YOUR TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX
CONSEQUENCES TO YOU OF THE MERGER, INCLUDING THE APPLICABILITY AND EFFECT OF ANY
STATE, LOCAL OR FOREIGN LAWS.

     Consequences to Us of the Merger. We will treat the merger as if we had
sold all of our assets to General Growth Properties in exchange for the merger
consideration and then made a liquidating distribution of the merger
consideration to our stockholders in exchange for our common shares, which we
refer to as our shares. Since we anticipate that our deemed liquidating
distribution will exceed our taxable income recognized as a result of the
merger, we anticipate that we will not be subject to federal income tax on any
gain recognized in connection with the merger.

     Consequences to You of the Merger - U.S. Stockholders. The merger will be
treated as a taxable sale by you of your shares in exchange for the merger
consideration. As a result, if you are a U.S. stockholder, you will recognize
capital gain or loss with respect to your shares, measured by the difference
between your tax basis in the shares exchanged and the amount of cash received
for those shares. Your gain or loss will constitute long-term capital gain or
loss if you held your shares for more than one year as of the effective time of
the merger. If you hold blocks of shares which were acquired separately at
different times and/or prices, you must calculate separately your gain or loss
and its character for each block of shares.

     If you are an individual, your net long-term capital gain generally will be
subject to a preferential tax rate of 20% (10% if you are an individual in the
10% or 15% tax bracket, and 8% if you are an individual in the 10% or 15% tax
bracket and have held your shares for more than 5 years).

     Consequences to You of the Merger - Non-U.S. Stockholders. If you are a
non-U.S. stockholder, generally you will recognize capital gain or loss with
respect to your shares calculated in the same manner as for U.S. stockholders
above. The manner in which you will be subject to tax on your


                                       42


capital gain or loss will depend on various factors, including the treatment of
the merger for purposes of the Foreign Investment in Real Property Act of 1980,
or FIRPTA.

     Taxable Sale of Shares

     Subject to the discussion of backup withholding below, if the merger is
treated as a taxable sale of shares, then you should not be subject to federal
income taxation on any gain or loss from the merger unless, (a) the gain is
effectively connected with a trade or business that you conduct in the United
States, (b) you are an individual who has been present in the United States for
183 days or more during the taxable year of the merger and certain other
conditions are satisfied, or (c) your shares constitute a "U.S. real property
interest" under FIRPTA.

     If your gain is effectively connected with a U.S. trade or business, then
you will be subject to federal income tax on your gain on a net basis in the
same manner as U.S. stockholders. In addition, if you are a non-U.S.
corporation, you will be subject to the 30% branch profits tax.

     If you are a non-U.S. stockholder who is an individual and has been present
in the United States for 183 days or more during the taxable year of the merger
and certain other conditions are satisfied, you will be subject to a 30% tax on
the gross amount of your capital gains.

     If your shares constitute a "U.S. real property interest" under FIRPTA, you
will be subject to federal income tax on your gain on a net basis in the same
manner as U.S. stockholders. In addition, if you are a non-U.S. corporation, you
may be subject to the 30% branch profits tax. Your shares generally will
constitute a "U.S. real property interest" if either (a) we are not a
"domestically-controlled REIT" at the effective time of the merger, or (b) you
hold more than 5% of the total fair market value of our shares at any time
during the shorter of (x) the five-year period ending with the effective date of
the merger or (y) your holding period for your shares. We will be a
"domestically-controlled REIT" at the effective time of the merger if non-U.S.
stockholders held less than 50% of the value of our stock at all times during
the five-year period ending with the effective time of the merger. Based on the
record ownership of our shares, we believe we are a domestically-controlled
REIT, but no assurances can be given that the actual ownership of our shares has
been or will be sufficient for us to qualify as a domestically-controlled REIT
at the effective time of the merger.

     Distribution of Gain from the Disposition of U.S. Real Property Interests

     The tax treatment described above assumes that the receipt of the merger
consideration in the deemed liquidating distribution will be treated as a sale
of our shares for purposes of FIRPTA, which is consistent with the general
treatment of the merger for other federal income tax purposes. It is possible,
however, that the Internal Revenue Service (or IRS) may assert that the merger
consideration you receive is subject to tax as a distribution from us, and not
as a sale of our shares. If the IRS were successful in making this assertion,
you generally would be subject to federal income tax on your gain on a net basis
in the same manner as U.S. stockholders, to the extent your merger consideration
is attributable to gain from the deemed sale by us to General Growth Properties
of "U.S. real property interests."

     Income Tax Treaties

     If you are eligible for treaty benefits under an income tax treaty with the
United States, you may be able to reduce or eliminate certain of the federal
income tax consequences discussed above. You should consult your tax advisor
regarding possible relief under an applicable income tax treaty.

     U.S. Withholding Tax Under FIRPTA

     You will be subject to withholding tax if the merger consideration you
receive is considered attributable to the sale of "U.S. real property
interests." As discussed above, because of the uncertainty regarding the
treatment of your shares under FIRPTA, we may be required to withhold either (1)
at a rate


                                       43


of 10% of the merger consideration received by you or (2) at a rate of 35% of
our deemed liquidating distribution to you that is attributable to gains from
the deemed sale of our U.S. real property interests. Accordingly, non-U.S.
stockholders should expect withholding at the higher of the amounts set forth in
(1) and (2) of the preceding sentence. You may be entitled to a refund or credit
against your U.S. tax liability, if any, with respect to the amount withheld,
provided that the required information is furnished to the IRS on a timely
basis. You should consult your tax advisor regarding withholding tax
considerations.

     Information Reporting and Backup Withholding. Under certain circumstances
you may be subject to information reporting and backup withholding at a 30%
rate, with respect to your merger consideration. Backup withholding generally
will not apply if you are a corporation or other exempt entity, or you furnish a
correct taxpayer identification number and certify that you are not subject to
backup withholding on IRS Form W-9 if you are a U.S. stockholder, or on the
applicable Form(s) W-8 if you are a non-U.S. stockholder, or an appropriate
substitute form. If you are subject to backup withholding, the amount withheld
is not an additional tax, but rather is credited against your federal income tax
liability. You should consult your tax advisor to ensure compliance with the
procedures for exemption from backup withholding.


                                       44



                    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                              OWNERS AND MANAGEMENT

     The following table sets forth certain information as of March 21, 2002,
regarding the beneficial ownership of our common stock and Price Group stock
with respect to (i) each person known to us to be the beneficial owner of 5% or
more of our outstanding shares of common stock and Price Group stock; (ii) the
named executive officers; (iii) our directors; and (iv) all of our directors and
executive officers as a group.

BENEFICIAL OWNERSHIP TABLE(1)


                                                                       Shares Beneficially
Name and Address of Beneficial Owner(2)                                       Owned            Percent of Shares
- -------------------------------------------------------------------    -------------------     -----------------
                                                                                               
John Price(3)                                                              3,287,468                 16.89%
Warren P. King(4)                                                            207,982                  1.25%
G. Rex Frazier(5)                                                            117,365                   *
Paul K. Mendenhall(6)                                                         11,017                   *
David R. Sabey(7)                                                             27,761                   *
Sam W. Souvall(8)                                                             55,351                   *
Allen P. Martindale(9)                                                        32,000                   *
A. Blaine Huntsman(10)                                                        27,010                   *
M. Scott Collins(11)                                                          27,000                   *
James A. Anderson(12)                                                          5,000                   *
All of our directors and executive officers as a group (13 Persons)        3,810,533                 19.17%
Fairfax Realty, Inc.(13)
   35 Century Park-Way Salt Lake City, UT 84115                            2,966,313                 15.46%
Fairfax Holding, L.L.C.(14)
   35 Century Park-Way Salt Lake City, UT 84115                            2,966,313                 15.46%
T. Rowe Price Associates, Inc.(15)
   100 E. Pratt Street Baltimore, Maryland 21202                           1,633,050                  9.91%
Cohen & Steers Capital Management, Inc.(16)
   757 Third Avenue New York, NY 10017                                     1,119,335                  6.79%


* An asterisk indicates ownership of less than 1%.

- ----------
(1)  For purposes of this table, a person is deemed to be the beneficial owner
     of shares of common stock if that person has the right to acquire such
     shares within 60 days of the Record Date, by the exercise of any stock
     option or any other right to convert or exchange outstanding securities. We
     are the sole general partner of, and own the controlling general partner
     interest in, Price Development Company. Units of limited partner interests
     in Price Development Company are exchangeable, at the option of the holders
     thereof, for shares of common stock on a one-for-one basis (subject to
     adjustment in the event of stock splits, dividends, combinations or
     reclassifications). Operating partnerships units and stock options held by
     a person are deemed to have been exchanged or exercised for the purpose of
     computing the percentage of outstanding shares of common stock beneficially
     owned by such person, but shall not be deemed to have been exchanged or
     exercised for the purpose of computing the percentage of outstanding shares
     of common stock beneficially owned by any other person. We have the right
     to convert any outstanding shares of Price Group stock on a one-for-one
     basis into shares of common stock, in the event that the combined direct or
     indirect economic interest held by the holders of Price Group stock in
     Price Development Company falls below 10%. Even though such economic
     interest held by the holders of Price Group stock is not below the 10%
     level, for purposes of this table, shares of Price Group stock are deemed
     to be converted into an equivalent number of shares of common stock.
     Additionally, for the purposes of this table, a person or entity shall be
     deemed to be a beneficial owner of shares of common stock if such person or
     entity has or shares either investment or voting power with respect to such
     shares.

(2)  The business address of each officer and director named herein is JP
     Realty, Inc., 35 Century Park-Way, Salt Lake City, UT 84115.

(3)  Includes (i) 13,841 common operating partnership units held by Mr. Price,
     (ii) 2,713,313 common operating partnership units, 53,000 shares of common
     stock and 200,000 shares of Price Group stock held by Fairfax Holding,
     L.L.C., a limited liability company in which Mr. Price holds an approximate
     85% direct and indirect interest, (iii) 27,814 common operating partnership
     units held by JPET II, and (iv) options to purchase 233,500 shares of
     common stock. Mr. Price, through his control of Fairfax Holding and JPET
     II, exercises sole investment and voting power over the common operating
     partnership units, shares of common stock and shares of Price Group stock
     held by such entities and disclaims beneficial ownership of the common
     operating partnership units, shares of common stock and shares of Price
     Group stock held by Fairfax Holding and JPET II, except to the extent of
     his approximate 85% interest in Fairfax Holding and his approximate 1%
     interest in JPET II. In connection with the execution of the merger
     agreement, Mr. Price and certain of his affiliates have entered into a
     voting agreement, as discussed under the section


                                       45


     entitled "Voting Agreement Stock" on page 43, pursuant to which General
     Growth Properties has voting control over the shares of common stock, Price
     Group stock and common operating partnership units which Mr. Price and
     certain of his affiliates beneficially own as of the record date.

(4)  Includes (i) 81,176 common operating partnership units held by Mr. King
     either directly or through other partnership interests, (ii) 16,218 common
     operating partnership units held by Mr. King's wife, Florence K. King
     through another partnership interest, (iii) 12,685 common operating
     partnership units held by Mr. King's son, Michael T. King through a
     partnership interest of which Mr. King disclaims an ownership interest,
     (iv) 28,903 common operating partnership units held by W. P. King and
     Company, a family partnership, through ownership of other partnership
     interests, for the benefit of Mr. and Mrs. King's children and
     grandchildren of which Mr. and Mrs. King have a 2.34% ownership interest
     and (v) options to purchase 39,000 shares of our common stock.

(5)  Includes (i) 31,831 common operating partnership units and (ii) options to
     purchase 79,515 shares of common stock.

(6)  Includes (i) 7,187 common operating partnership units and (ii) options to
     purchase 2,000 shares of common stock.

(7)  Includes (i) 1,595 common operating partnership units and (ii) options to
     purchase 25,800 shares of common stock.

(8)  Includes (i) 23,371 common operating partnership units held by S.W. Souvall
     Trust and (ii) options to purchase 13,000 shares of common stock. Of the
     shares of common stock reported in the table, 2,300 shares are owned of
     record by S.W. Souvall Co., a partnership in which Mr. Souvall and his wife
     each hold 2% general partner interests, and 2,300 shares are owned of
     record by Sary Enterprises, a partnership of which Mr. Souvall and his wife
     are 11% and 3% owners, respectively. Mr. Souvall disclaims beneficial
     ownership of the shares of common stock held by S.W. Souvall Co. and Sary
     Enterprises, except to the extent of Mr. and Mrs. Souvall's ownership
     interests therein.

(9)  Includes options to purchase 5,000 shares of common stock.

(10) Includes (i) 25,010 shares of common stock held by certain retirement plans
     beneficially owned by Mr. Huntsman and (ii) options to purchase 2,000
     shares of common stock.

(11) Includes options to purchase 5,000 shares of common stock.

(12) Includes options to purchase 13,000 shares of common stock.

(13) Includes 2,713,313 common operating partnership units, 53,000 shares of
     common stock and 200,000 shares of Price Group stock held by Fairfax
     Holding. Fairfax Holding exercises shared investment and voting power with
     respect to the common operating partnership units, shares of common stock
     and shares of Price Group stock held by Fairfax Holding and disclaims
     beneficial ownership of such common operating partnership units, shares of
     common stock and shares of Price Group stock, except to the extent of its
     approximate 44% interest in Fairfax Holding. All securities beneficially
     owned by Fairfax Holding are additionally identified as being beneficially
     owned by Mr. Price and Fairfax Holding and, further, are subject to the
     terms of the Voting Agreement described on p. 40.

(14) Includes 2,713,313 common operating partnership units, 53,000 shares of
     common stock and 200,000 shares of Price Group stock. All securities
     beneficially owned by Fairfax Holding are additionally identified as being
     beneficially owned by Mr. Price and Fairfax Holding and, further, are
     subject to the terms of the Voting Agreement described on p. 40.

(15) On its Schedule 13G filed with the SEC on March 7, 2002, T. Rowe Price
     Associates, Inc. (Price Associates) reported sole voting power with respect
     to 517,850 shares of common stock beneficially owned by them and sole
     dispositive power with respect to 1,633,050 shares of common stock
     beneficially owned by them. These securities are owned by various
     individual and institutional investors including T. Rowe Price Small-Cap
     Stock Fund, Inc. (which owns 834,300 shares, representing 5.1% of the
     shares outstanding), for which Price Associates serves as investment
     adviser with power to direct investments and/or sole power to vote the
     securities. For purposes of the reporting requirements of the Securities
     Exchange Act of 1934, Price Associates is deemed to be a beneficial owner
     of such securities; however, Price Associates expressly disclaims that it
     is, in fact, the beneficial owner of such securities.

(16) On its Schedule 13G filed with the SEC on February 13, 2002, Cohen & Steers
     Capital Management, Inc. reported sole voting power with respect to
     1,503,235 shares of common Stock beneficially owned by them and sole
     dispositive power with respect to 1,119,335 shares of common stock
     beneficially owned by them.

                               2002 ANNUAL MEETING

     WE WILL HAVE AN ANNUAL MEETING IN 2002 ONLY IF THE MERGER IS NOT COMPLETED.

                                  OTHER MATTERS

     We are not aware of any business or matter other than those indicated
above, which may be properly presented at the special meeting. If, however, any
other matter properly comes before the special meeting, proxy holders will, in
their discretion, vote thereon in accordance with their best judgment.


                                       46


                       WHERE YOU CAN FIND MORE INFORMATION

     We file reports, proxy statements and other information with the SEC under
the Securities Exchange Act. You may obtain copies of this information in person
or by mail from the Public Reference Section of the SEC, 450 Fifth Street, N.W.,
Room 1024, Washington, DC 20549, at prescribed rates. You may obtain information
on the operation of the public reference room by calling the SEC at (800)
SEC-0330.

     The SEC also maintains an Internet web site that contains reports, proxy
statements and other information about issuers like JP Realty, Inc., which file
electronically with the SEC. The address of that site is http://www.sec.gov.

     The SEC allows us to "incorporate by reference" information into this proxy
statement, which means that important information may be disclosed to you by
referring you to another document filed separately with the SEC. Our information
incorporated by reference is deemed to be part of this proxy statement, except
for information superseded by information in, or incorporated by reference in,
this proxy statement. This proxy statement incorporates by reference the
documents set forth below that have been previously filed with the SEC. The
following documents contain important information about us and our financial
condition and operating results, and are hereby incorporated by reference:

     o    Current Report on Form 8-K, dated March 4, 2002; and

     o    Annual Report on Form 10-K for the year ended December 31, 2001.

     We are also incorporating by reference additional documents that we may
file with the SEC under the Exchange Act, between the date of this proxy
statement and the date of our special meeting of stockholders.

     You may have been sent some of the documents incorporated by reference, but
you can obtain any of them through us or the SEC. A copy of any and all of the
information that has been incorporated by reference is available from us,
excluding any exhibits which are not specifically incorporated by reference as
exhibits to this proxy statement, without charge to each person to whom a proxy
statement is delivered, upon written or oral request of such person, and by
first class mail or other equally prompt means within one business day of
receipt of such request, at the following address:

            JP Realty, Inc.
            35 Century Park-Way,
            Salt Lake City, UT  84115
            (801) 486-3911
            Attention:  Paul Mendenhall, Secretary

     If you would like to request documents from us, please do so immediately to
receive them before the special meeting.

     You should rely only on the information in this document or to which we
have referred you. We have not authorized anyone to provide you with information
that is different. The information contained in this document speaks only as of
the date of this document, unless the information specifically indicates that
another date applies.

                                        By order of the Board of Directors,

                                        Paul K. Mendenhall
                                        Secretary

April [__], 2002
Salt Lake City, UT


                                       47



                                      PROXY

                                 JP REALTY, INC.
                               35 Century Park-Way
                           Salt Lake City, Utah 84115

      PROXY SOLICITED BY THE BOARD OF DIRECTORS OF JP REALTY, INC. FOR THE
   SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON [day of week, April __, 2002]

     The undersigned stockholder of JP Realty, Inc., a Maryland corporation,
acting under the laws of the State of Maryland, hereby constitutes and appoints
Warren "Pat" King and G. Rex Frazier, and each of them, the attorneys and
proxies of the undersigned, each with the power of substitution, to attend and
act for the undersigned at the Special Meeting of Stockholders of JP Realty,
Inc. to be held on [April __, 2002], at 10:00 a.m., local time, at [_____] and
at any adjournments or postponements thereof, and in connection therewith to
vote all of the shares of JP Realty Inc.'s common stock which the undersigned
would be entitled to vote, as follows on the reverse side of this proxy.

     When properly executed, this proxy will be voted in the manner directed
herein by the undersigned stockholder and will have all the powers which the
undersigned stockholder would have if acting in person. The undersigned
stockholder hereby revokes any other proxy to vote at the special meeting. If no
direction is given, this proxy will be voted FOR the proposal of merger set
forth on the reverse side hereof. Said attorneys and proxies, and each of them,
are authorized to vote upon such other business as may properly come before the
special meeting and any adjournment or postponement thereof or matters
incidental thereto in accordance with their best judgment. Stockholders who plan
to attend the special meeting may revoke their proxy by casting their vote at
the special meeting in person.

     The undersigned stockholder hereby acknowledges receipt of a copy of the
accompanying Notice of Special Meeting of Stockholders and the proxy statement
with respect thereto and hereby revokes any proxy or proxies heretofore given.

                (Continued and to be signed on the reverse side)

                            > FOLD AND DETACH HERE >


THIS PROXY CARD IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF JP REALTY,
INC. FOR USE ONLY AT THE [APRIL__], 2002 SPECIAL MEETING OF STOCKHOLDERS AND AT
ANY ADJOURNMENT OR POSTPONEMENT.

  THE BOARD OF DIRECTORS RECOMMENDS A VOTE         Please mark your vote as  [X]
 FOR THE PROPOSAL OF MERGER SET FORTH BELOW        indicated in the example

PROPOSAL:  TO  APPROVE  THE  MERGER  OF  JP       FOR       AGAINST     ABSTAIN
REALTY, INC. WITH AND INTO GGP ACQUISITION,
L.L.C.,  AN INDIRECT  SUBSIDIARY OF GENERAL
GROWTH PROPERTIES,  INC.,  SUBSTANTIALLY ON       [_]         [_]         [_]
THE TERMS SET FORTH IN THE MERGER AGREEMENT
DATED AS OF MARCH 3, 2002, ATTACHED TO THE
PROXY STATEMENT AS EXHIBIT A.

Each of the above-named proxies present at the special meeting either in person
or by substitute shall have and exercise all the powers of said proxies
hereunder. This proxy shall be voted in accordance with the choices specified by
the undersigned on this proxy. IF NO INSTRUCTIONS TO THE CONTRARY ARE INDICATED
HEREON, THIS PROXY WILL BE TREATED AS A GRANT OF AUTHORITY TO VOTE FOR THE
PROPOSAL OF MERGER REFENCED ABOVE AND AS A GRANT OF AUTHORITY TO VOTE ON ANY
OTHER MATTER TO BE VOTED UPON AT SAID MEETING.

The undersigned acknowledges receipt of the Notice of Special Meeting and Proxy
Statement relating to the [April ___], 2002 Special Meeting of Stockholders.

                             PLEASE SIGN, DATE AND RETURN YOUR PROXY PROMPTLY IN
                             THE POSTAGE PREPAID ENVELOPE PROVIDED.

Signature(s)_____________________________________      Date:____________________

IMPORTANT: In signing this proxy, please sign your name or names on the
signature line in the same manner as it appears on your stock certificate. When
signing as an attorney, executor, administrator, trustee or guardian, please
give your full title as such. EACH JOINT TENANT SHOULD SIGN.

                            > FOLD AND DETACH HERE >





                                                                       Exhibit A


                          AGREEMENT AND PLAN OF MERGER

                                      AMONG

                         GENERAL GROWTH PROPERTIES, INC.

                             GGP LIMITED PARTNERSHIP

                             GGP ACQUISITION, L.L.C.

                           GGP ACQUISITION II, L.L.C.

                                 JP REALTY, INC.

                                       AND

                 PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP

                            DATED AS OF MARCH 3, 2002







                                TABLE OF CONTENTS

                                                                            Page


ARTICLE 1      THE MERGERS...................................................2

      1.1   The Merger.......................................................2

      1.2   The Partnership Merger...........................................2

      1.3   Closing..........................................................2

      1.4   Effective Time...................................................2

      1.5   Effect on Acquisition Operating Agreement and Certificate
            of Formation.....................................................3

      1.6   Effect of Partnership Merger on Agreement of Limited
            Partnership and Certificate of Limited Partnership...............3

      1.7   Conversion of Equity Securities in the Merger; Creation of
            New Series of GGP Preferred Stock................................3

      1.8   Surrender of Certificates........................................4

      1.9   Conversion of Equity Securities in the Partnership Merger........7

      1.10  Procedures for Exchange of PDC Common OP Units in the
            Partnership Merger...............................................8

ARTICLE 2      REPRESENTATIONS AND WARRANTIES OF JP..........................9

      2.1   Organization, Standing and Power.................................9

      2.2   JP Subsidiaries..................................................9

      2.3   Capital Structure...............................................10

      2.4   Other Interests.................................................12

      2.5   Authority; Noncontravention; Consents...........................12

      2.6   SEC Documents; Financial Statements; Undisclosed Liabilities....13

      2.7   Absence of Certain Changes or Events............................14

      2.8   Litigation......................................................14

      2.9   Properties......................................................15

      2.10  Environmental Matters...........................................17

      2.11  Related Party Transactions......................................18

      2.12  Employee Benefits...............................................18

      2.13  Employees; Employee Policies....................................20

      2.14  Taxes...........................................................20

      2.15  No Payments to Employees, Officers or Directors.................22

      2.16  Broker..........................................................22

      2.17  Compliance with Laws............................................22

      2.18  Contracts; Debt Instruments.....................................22

      2.19  Opinion of Financial Advisor....................................24


                                       -i-


                                TABLE OF CONTENTS
                                   (continued)

                                                                            Page

      2.20  State Takeover Statutes; JP Rights Plan; Ownership Limits.......24

      2.21  Investment Company Act of 1940..................................24

      2.22  Definition of Knowledge of JP...................................24

      2.23  Required Stockholder Approvals and Partner Approvals............24

      2.24  Intellectual Property...........................................25

ARTICLE 3      REPRESENTATIONS AND WARRANTIES OF GGP,  GGP PARTNERSHIP
               AND ACQUISITION..............................................25

      3.1   Organization, Standing and Power of GGP, GGP Partnership,
            Acquisition and Partnership Acquisition.........................25

      3.2   Capital Stock...................................................26

      3.3   Authority; Noncontravention; Consents...........................27

      3.4   Litigation......................................................28

      3.5   Interim Operations of Acquisition and Partnership
            Acquisition.....................................................28

      3.6   Capital Resources...............................................28

      3.7   GGP SEC Documents; Information Supplied.........................29

      3.8   Taxes...........................................................29

      3.9   Definition of Knowledge of GGP..................................30

      3.10  Broker..........................................................30

ARTICLE 4      COVENANTS....................................................30

      4.1   Conduct of JP's and PDC LP's Business Pending Mergers...........30

      4.2   No Solicitation.................................................33

      4.3   Board Actions...................................................34

      4.4   Conduct of GGP's and GGP Partnership's Business Pending
            Mergers.........................................................34

      4.5   Other Actions...................................................34

ARTICLE 5      ADDITIONAL COVENANTS.........................................35

      5.1   Preparation of the Proxy Statement; Stockholders Meeting;
            Partner Solicitation; Partner Approvals.........................35

      5.2   Access to Information; Confidentiality..........................37

      5.3   Commercially Reasonable Efforts; Notification...................37

      5.4   Tax Matters.....................................................38

      5.5   Public Announcements............................................38

      5.6   Transfer and Gains Taxes........................................39

      5.7   Benefit Plans and Other Employee Arrangements...................39


                                      -ii-


                                TABLE OF CONTENTS
                                   (continued)

                                                                            Page

      5.8   Indemnification; Exculpation; Insurance.........................40

      5.9   Declaration of Dividends and Distributions......................42

      5.10  Resignations....................................................42

      5.11  Registration Rights Agreements..................................42

      5.12  Information Supplied............................................43

      5.13  The JP Rights Plan..............................................43

      5.14  Noncompetition Agreements.......................................43

ARTICLE 6      CONDITIONS...................................................43

      6.1   Conditions to Each Party's Obligation to Effect the Merger......43

      6.2   Conditions to Obligations of GGP, GGP Partnership,
            Acquisition and Partnership Acquisition.........................43

      6.3   Conditions to Obligations of JP and PDC LP......................44

ARTICLE 7      TERMINATION, AMENDMENT AND WAIVER; BOARD ACTIONS.............45

      7.1   Termination.....................................................45

      7.2   Certain Fees, Expenses and Rights...............................46

      7.3   Effect of Termination...........................................48

      7.4   Amendment.......................................................48

      7.5   Extension; Waiver...............................................48

ARTICLE 8      GENERAL PROVISIONS...........................................49

      8.1   Nonsurvival of Representations and Warranties...................49

      8.2   Notices.........................................................49

      8.3   Interpretation..................................................49

      8.4   Counterparts....................................................50

      8.5   Entire Agreement; No Third-Party Beneficiaries..................50

      8.6   Governing Law...................................................50

      8.7   Assignment......................................................50

      8.8   Enforcement.....................................................50

      8.9   Severability....................................................51

      8.10  Exculpation.....................................................51

      8.11  Joint and Several Obligations...................................51

      8.12  Waiver of Jury Trial............................................51

      8.13  Knowledge of GGP................................................51


                                      -iii-



                                    EXHIBITS

Exhibit A -.Form of Maryland Articles of Merger

Exhibit B -.Form of Delaware Certificate of Merger

Exhibit C - Form of Maryland Articles of Partnership Merger

Exhibit D - Form of Voting Agreement

Exhibit     E - Form of Amendment to GGP Partnership Agreement providing for the
            creation of the GGP Series B Preferred OP Units

Exhibit     F - Form of Redemption Rights Agreement relating to the GGP Series B
            Preferred OP Units

Exhibit     G - Form of Redemption Rights Agreement relating to the GGP Common
            OP Units

Exhibit     H - Form of Certificate of Designations providing for the creation
            of GGP Series C Preferred Stock

Exhibit I - Tax Matters Agreement

Exhibit J - Severance Matters

Exhibit K - Form of Noncompetition and Confidentiality Agreement


                                      -iv-



                             INDEX OF DEFINED TERMS

1940 Act..................................................................2.21
Acquisition...........................................................Preamble
Affiliate.................................................................2.11
Agreement.............................................................Preamble
Allocable Consideration.................................................5.4(a)
Base Amount................................................................7.2
CERCLA.................................................................2.10(a)
Certificate.........................................................1.7(c)(iv)
Closing....................................................................1.3
Closing Date...............................................................1.3
Code...................................................................2.12(a)
Commitment..............................................................4.1(j)
Competing Transaction...................................................4.2(c)
Confidentiality Agreement..............................................2.18(i)
Contributing Holders of PDC Common OP Units .........................Recital B
Controlled Group Member...................................................2.12
Delaware Certificate of Merger.......................................Recital D
Department.................................................................1.4
DGCL................................................................1.7(c)(ii)
DLLCA......................................................................1.1
Effective Time.............................................................1.4
Employee Plan.............................................................2.12
Encumbrances............................................................2.9(a)
Environmental Law......................................................2.10(a)
Environmental Permits..............................................2.10(b)(iv)
ERISA.....................................................................2.12
ERISA Affiliate........................................................2.12(d)
Excess Stock............................................................2.3(a)
Exchange Act...............................................................2.6
Exchange Fund...........................................................1.8(a)
Existing Title Policies.................................................2.9(b)
Final JP Dividend....................................................1.8(d)(i)
Final PDC LP Distribution............................................1.8(d)(i)
Form of Election....................................................5.1(c)(iv)
Former JP Properties...............................................2.10(b)(ii)
GAAP.......................................................................2.6
GGP...................................................................Preamble
GGP Break-Up Expenses......................................................7.2
GGP Break-Up Expenses Tax Opinion..........................................7.2
GGP Break-Up Fee...........................................................7.2
GGP Break-Up Fee Tax Opinion...............................................7.2
GGP By-Laws.............................................................3.1(a)
GGP Charter.............................................................3.1(a)
GGP Common OP Units.....................................................3.2(b)
GGP Common OP Units Redemption Agreement............................1.9(b)(ii)
GGP Common Stock........................................................3.2(a)
GGP Disclosure Letter..................................................Art.  3
GGP Material Adverse Effect.............................................3.1(b)
GGP OP Units............................................................3.2(b)


                                       -v-


GGP Partnership.......................................................Preamble
GGP Partnership Agreement...............................................3.1(b)
GGP Preferred Stock.....................................................3.2(a)
GGP SEC Documents.......................................................3.7(a)
GGP Series A Junior Preferred Stock.....................................3.2(a)
GGP Series A Preferred OP Units.........................................3.2(b)
GGP Series A Preferred Stock............................................3.2(a)
GGP Series B Preferred OP Units......................................1.9(b)(i)
GGP Series B Preferred OP Units Redemption Agreement................1.9(b)(ii)
GGP Series B Preferred Stock............................................3.2(a)
GGP Series C Preferred Stock........................................1.9(b)(ii)
GGP Series D Preferred Stock........................................1.7(c)(ii)
GGP Series E Preferred Stock........................................1.7(c)(ii)
GGP Series F Preferred Stock........................................1.7(c)(ii)
GGP Stockholders Meeting................................................5.1(b)
GGP Subsidiaries........................................................3.1(b)
Governmental Entity.....................................................2.2(a)
Ground Lease............................................................2.9(f)
Hazardous Materials....................................................2.10(a)
HSR Act.................................................................2.5(b)
Indebtedness...........................................................2.18(a)
Indemnified Parties..................................................5.8(a)(i)
Indemnifying Parties.................................................5.8(a)(i)
IRS GGP Break-Up Expenses Ruling...........................................7.2
IRS GGP Partnership Break-Up Fee Ruling....................................7.2
JP....................................................................Preamble
JP Acquisition Agreement...................................................7.2
JP Articles................................................................2.1
JP Break-Up Expenses.......................................................7.2
JP Budget...............................................................4.1(j)
JP Bylaws..................................................................2.1
JP Common Stock.........................................................2.3(a)
JP Disclosure Letter...................................................Art.  2
JP Financial Statement Date................................................2.7
JP Junior Preferred Stock...............................................2.3(a)
JP Material Adverse Effect.................................................2.1
JP Other Interests.........................................................2.4
JP Partner Approvals....................................................2.5(a)
JP Preferred Stock......................................................1.7(b)
JP Properties...........................................................2.9(a)
JP Rent Roll............................................................2.9(e)
JP Representative.......................................................4.2(a)
JP Rights.................................................................2.20
JP Rights Agreement.......................................................2.20
JP SEC Documents...........................................................2.6
JP Series A Preferred Stock.............................................2.3(a)
JP Series B Preferred Stock.............................................2.3(a)
JP Series C Preferred Stock.............................................2.3(a)
JP Space Lease..........................................................2.9(e)
JP Stock Options........................................................2.3(b)
JP Stock Rights.........................................................2.3(b)


                                      -vi-


JP Stockholder Approval.................................................2.5(a)
JP Stockholders Meeting.................................................5.1(b)
JP Subsidiaries.........................................................2.2(a)
Knowledge of GGP...........................................................3.9
Knowledge of JP...........................................................2.22
Laws....................................................................2.5(b)
Liens...................................................................2.2(b)
Maryland Articles of Merger..........................................Recital C
Maryland Articles of Partnership Merger..............................Recital E
Material Contract......................................................2.18(a)
Maximum Amount.............................................................7.2
Merger...............................................................Recital A
Merger Consideration....................................................1.7(c)
Mergers..............................................................Recital I
MRULPA.....................................................................1.2
Partner Solicitation Materials.......................................5.1(c)(i)
Partnership Acquisition...............................................Preamble
Partnership Merger...................................................Recital B
Partnership Merger Consideration........................................1.9(b)
Paying Agent............................................................1.8(a)
PDC Common OP Units.....................................................2.3(d)
PDC LP................................................................Preamble
PDC LP Agreement...........................................................1.6
PDC LP Amendment..........................................................1.11
PDC OP Units............................................................2.3(e)
PDC Preferred OP Units..................................................2.3(d)
PDC Series A OP Units...................................................2.3(d)
PDC Series B OP Units...................................................2.3(d)
PDC Series C OP Units...................................................2.3(d)
Pension Plan..............................................................2.12
Permitted Title Exceptions..............................................2.9(a)
Person..................................................................2.2(a)
Price Group Stock.......................................................2.3(a)
Property Permits........................................................2.9(h)
Property Restrictions...................................................2.9(a)
Proxy Statement.........................................................5.1(a)
Qualified Pension Plan.................................................2.12(b)
Qualifying Income..........................................................7.2
REA.....................................................................2.9(g)
REIT...................................................................2.14(b)
REIT Requirements..........................................................7.2
Related Agreements..................................................5.1(c)(iv)
Release................................................................2.10(a)
Required Funding...........................................................3.6
SEC.....................................................................2.5(b)
Secretary of State.........................................................1.4
Securities Act..........................................................2.3(g)
Selling Holders of PDC Common OP Units...............................Recital B
Subsidiary..............................................................2.2(a)
Superior Competing Transaction..........................................4.2(d)
Surviving Company..........................................................1.1


                                      -vii-


Surviving Partnership......................................................1.2
Takeover Statute..........................................................2.20
Taxes..................................................................2.14(a)
Tax Protection Agreement...............................................2.18(h)
Title 3....................................................................1.1
Transfer and Gains Taxes...................................................5.6
Voting Agreement.....................................................Recital J
Welfare Plan..............................................................2.12



                                     -viii-



                          AGREEMENT AND PLAN OF MERGER

     THIS AGREEMENT AND PLAN OF MERGER (this "Agreement"), dated as of March 3,
2002, by and among GENERAL GROWTH PROPERTIES, INC., a Delaware corporation
("GGP"), GGP LIMITED PARTNERSHIP, a Delaware limited partnership ("GGP
Partnership"), GGP ACQUISITION, L.L.C., a Delaware limited liability company and
a wholly-owned subsidiary of GGP Partnership ("Acquisition"), GGP ACQUISITION
II, L.L.C., a Maryland limited liability company and a wholly-owned subsidiary
of GGP Partnership ("Partnership Acquisition"), JP REALTY, INC., a Maryland
corporation ("JP"), and PRICE DEVELOPMENT COMPANY, LIMITED PARTNERSHIP, a
Maryland limited partnership ("PDC LP").


                                    RECITALS:

     A. The Board of Directors of GGP and the Board of Directors of JP deem it
advisable and in the best interests of their respective stockholders, upon the
terms and subject to the conditions contained herein, that JP shall merge with
and into Acquisition (the "Merger"), with each issued and outstanding share of
JP Common Stock and Price Group Stock, each as defined herein, to be converted
into the right to receive $26.10 in cash without interest.

     B. GGP Partnership, as the sole member of Partnership Acquisition, and JP,
as the sole general partner of PDC LP, deem it advisable and in the best
interests of their respective member and limited partners, upon the terms and
subject to the conditions contained herein, that, immediately prior to the
Merger, Partnership Acquisition shall merge with and into PDC LP (the
"Partnership Merger"), with the holders of PDC Common OP Units (as defined
herein) in PDC LP at the time of the Partnership Merger receiving (except as
otherwise provided herein) GGP Series B Preferred OP Units (as defined herein)
(such holders being the "Contributing Holders of PDC Common OP Units"), as set
forth herein, or $26.10 cash without interest (such holders being the "Selling
Holders of PDC Common OP Units").

     C. Upon the terms and subject to the conditions set forth herein,
Acquisition and JP shall execute Articles of Merger (the "Maryland Articles of
Merger") in substantially the form attached hereto as Exhibit A and shall file
such Maryland Articles of Merger in accordance with Maryland law to effectuate
the Merger.

     D. Upon the terms and subject to the conditions set forth herein,
Acquisition and JP shall execute a Certificate of Merger (the "Delaware
Certificate of Merger") in substantially the form attached hereto as Exhibit B
and, concurrently with the filing of the Maryland Articles of Merger, shall file
such Delaware Certificate of Merger in accordance with Delaware law to
effectuate the Merger.

     E. Upon the terms and subject to the conditions set forth herein,
immediately prior to the Merger, PDC LP and Partnership Acquisition shall
execute Articles of Merger (the "Maryland Articles of Partnership Merger") in
substantially the form attached hereto as Exhibit C and shall file such Maryland
Articles of Partnership Merger in accordance with Maryland law to effectuate the
Partnership Merger.

     F. JP has received a fairness opinion  relating to the Merger  contemplated
hereby as more fully described herein.

     G. For federal income tax purposes, it is intended that the Merger will be
treated as a taxable sale of assets by JP in exchange for cash and the
assumption of liabilities and a distribution of such cash to the JP stockholders
in liquidation of JP.



     H. For federal income tax purposes, it is intended that the Partnership
Merger, regardless of form, be treated as a tax-free contribution by the
Contributing Holders of PDC Common OP Units of their PDC Common OP Units to GGP
Partnership in exchange for GGP Series B Preferred OP Units, under Section 721
of the Code, and a sale by the Selling Holders of PDC Common OP Units of their
PDC Common OP Units to GGP Partnership in exchange for cash.

     I. GGP, GGP Partnership, Acquisition, Partnership Acquisition, JP and PDC
LP desire to make certain representations, warranties and agreements in
connection with the Merger and the Partnership Merger (collectively, the
"Mergers").

     J. As an inducement to GGP and GGP Partnership to enter into this
Agreement, certain stockholders of JP and certain holders of PDC Common OP Units
have entered into a voting agreement (the "Voting Agreement"), in substantially
the form attached hereto as Exhibit D, pursuant to which each such Person (as
defined herein) has agreed, among other things, to vote his or its shares of JP
Common Stock, Price Group Stock and PDC Common OP Units to approve, as
applicable, this Agreement, the Mergers, the PDC LP Amendment (as defined
herein) and any other matter which requires his or its vote in connection with
the transactions contemplated by this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants and agreements contained herein, the
parties hereto hereby agree as follows:


                                   ARTICLE 1.

                                   THE MERGERS

     1.1 The Merger. Upon the terms and subject to the conditions set forth in
this Agreement, and in accordance with Title 3 of the Corporations and
Associations Article of the Annotated Code of Maryland, as amended ("Title 3"),
and the Delaware Limited Liability Company Act, as amended (the "DLLCA"), JP
shall be merged with and into Acquisition, with Acquisition being the surviving
entity (the "Surviving Company").

     1.2 The Partnership Merger. Upon the terms and subject to the conditions
set forth in this Agreement, and in accordance with Title 10 of the Annotated
Code of Maryland, as amended (the "MRULPA"), immediately prior to the
consummation of the Merger, Partnership Acquisition shall be merged with and
into PDC LP, with PDC LP being the surviving limited partnership (the "Surviving
Partnership").

     1.3 Closing. The closing of the Mergers (the "Closing") will take place
commencing at 9:00 a.m., local time, on the date to be specified by the parties,
which (subject to satisfaction or waiver of the conditions set forth in Article
6) shall be no later than the third business day after satisfaction or waiver of
the conditions set forth in Section 6.1 (the "Closing Date"), at the offices of
Neal, Gerber & Eisenberg, Two North LaSalle Street, Suite 2200, Chicago, IL
60602, unless another date or place is agreed to in writing by the parties.

     1.4 Effective Time. As soon as practicable following the satisfaction or
waiver of the conditions set forth in Article 6, (a) Acquisition and/or JP, as
applicable, shall execute and file the Maryland Articles of Merger, executed in
accordance with Title 3, with the State Department of Assessments and Taxation
of Maryland (the "Department"), and the Delaware Certificate of Merger, executed
in accordance with the DLLCA, with the Secretary of State of the State of
Delaware (the "Secretary of State"), and shall make all other filings and
recordings required, with respect to the Merger, under such statutes, and (b)
Partnership Acquisition and/or PDC LP, as applicable, shall execute and file


                                        2


the Maryland Articles of Partnership Merger, executed in accordance with Title
10 of the MRULPA, with the Department, and shall make all other filings and
recordings required, with respect to the Partnership Merger, under such
statutes. The Mergers shall become effective (each, an "Effective Time," and
collectively, the "Effective Times") at such times as (i) Acquisition and JP
shall agree should be specified in the Maryland Articles of Merger and the
Delaware Certificate of Merger and (ii) Partnership Acquisition and PDC LP shall
agree should be specified in the Maryland Articles of Partnership Merger. Unless
otherwise agreed, the parties shall cause the Effective Times to occur on the
Closing Date with the Effective Time of the Partnership Merger occurring before
the Effective Time of the Merger.

     1.5 Effect on Acquisition Operating Agreement and Certificate of Formation.
The Operating Agreement of Acquisition, as in effect immediately prior to the
Effective Time of the Merger, shall continue in full force and effect after the
Merger as the Operating Agreement of the Surviving Company, until further
amended in accordance with the terms of such Operating Agreement and Delaware
law. Except as contemplated by the Certificate of Merger, the Certificate of
Formation of Acquisition, as in effect immediately prior to the Effective Time,
shall continue in full force and effect after the Merger as the Certificate of
Formation of the Surviving Company, until further amended in accordance with
Delaware law.

     1.6 Effect of Partnership Merger on Agreement of Limited Partnership and
Certificate of Limited Partnership. The Certificate of Limited Partnership of
PDC LP and the Second Amended and Restated Partnership Agreement of PDC LP, as
amended (the "PDC LP Agreement"), as in effect as of the Effective Time of the
Partnership Merger, shall continue in full force and effect after the
Partnership Merger as the Certificate of Limited Partnership and the Partnership
Agreement, respectively, of the Surviving Partnership until further amended in
accordance with applicable Maryland law.

     1.7 Conversion of Equity Securities in the Merger; Creation of New Series
of GGP Preferred Stock. At the Effective Time, by virtue of the Merger and
without any action on the part of the holder of any shares of capital stock or
limited liability company interests of JP or Acquisition:

     (a) Ownership Interests of Acquisition. The issued and outstanding
ownership interests in Acquisition immediately prior to the Effective Time shall
remain outstanding as the issued and outstanding ownership interests of the
Surviving Company.

     (b) Cancellation of Treasury Stock and GGP Partnership-Owned Stock. Each
share of JP Common Stock, Price Group Stock, JP Series A Preferred Stock, JP
Series B Preferred Stock or JP Series C Preferred Stock (collectively with the
JP Series A Preferred Stock and the JP Series B Preferred Stock, the "JP
Preferred Stock") that is owned by JP, as treasury stock, or by GGP, GGP
Partnership, Acquisition or Partnership Acquisition immediately prior to the
Effective Time shall automatically be canceled and shall cease to exist and no
consideration shall be delivered or deliverable in exchange therefor.

     (c) Merger  Consideration.  The  consideration to be paid to the holders of
capital stock of JP in the Merger (collectively,  the "Merger Consideration") is
as follows:

          (i) Each share of JP Common Stock and Price Group Stock issued and
     outstanding immediately prior to the Effective Time (other than shares to
     be canceled in accordance with Section 1.7(b)), shall be converted into the
     right to receive $26.10 in cash without interest.

          (ii) Each share, if any, of JP Series A Preferred Stock, JP Series B
     Preferred Stock and JP Series C Preferred Stock issued and outstanding
     immediately prior to the Effective


                                        3


     Time (other than shares to be canceled in accordance with Section 1.7(b))
     shall be converted into the right to receive 0.025 shares of GGP Series D
     Preferred Stock, $100 par value per share ("GGP Series D Preferred Stock"),
     GGP Series E Preferred Stock, $100 par value per share ("GGP Series E
     Preferred Stock") and GGP Series F Preferred Stock, $100 par value per
     share ("GGP Series F Preferred Stock"), respectively. Prior to or as of the
     Effective Time, the GGP Charter shall be amended in accordance with the
     Delaware General Corporation Law, as amended (the "DGCL") in order to
     create the GGP Series D Preferred Stock, GGP Series E Preferred Stock and
     the GGP Series F Preferred Stock, each series of which will have
     substantially the same terms and rights as the JP Series A Preferred Stock,
     JP Series B Preferred Stock and JP Series C Preferred Stock, respectively,
     including with respect to distribution, voting rights and rights upon
     liquidation, dissolution or winding-up.

          (iii) Each share, if any, of Excess Stock (as defined herein) which is
     not redeemed by JP prior to the Effective Time and remains issued and
     outstanding immediately prior to the Effective Time shall be converted into
     the right to receive $26.10 in cash without interest.

          (iv) At the Effective Time all such shares shall no longer be
     outstanding and shall automatically be canceled and shall cease to exist,
     and each holder of a certificate that immediately prior to the Effective
     Time represented any such shares (a "Certificate"), shall cease to have any
     rights with respect thereto, except the right to receive the applicable
     Merger Consideration described above and any dividends declared and unpaid
     thereon payable to holders of record thereof as of a record date preceding
     the Effective Time. Following the Effective Time, upon surrender of
     Certificates representing shares of JP Common Stock, Price Group Stock or
     JP Preferred Stock in accordance with Section 1.8, the Surviving Company
     shall pay to the holders of such Certificates as of the Effective Time any
     unpaid dividends declared in respect of the JP Common Stock, the Price
     Group Stock and JP Preferred Stock with a record date prior to the
     Effective Time and which remain unpaid at the Effective Time.

     (d) Stock Options. Each JP Stock Option outstanding immediately prior to
the Effective Time (whether vested or unvested) shall be converted at the
Effective Time into the right to receive an amount of cash equal to (i) the
excess, if any, of $26.10 over the exercise price of such JP Stock Option,
multiplied by (ii) the number of shares of JP Common Stock subject thereto which
have not theretofore been exercised.

     (e) No Appraisal Rights. The holders of JP Common Stock, Price Group Stock
and JP Preferred Stock are not entitled under applicable law to appraisal,
dissenters' or similar rights as a result of the Mergers.

     (f) Adjustments to Merger Consideration. The Merger Consideration payable
upon the conversion of JP Common Stock, Price Group Stock or JP Preferred Stock,
as applicable, shall be adjusted to reflect fully the effect of any
reclassification, combination, subdivision, stock split, reverse split, stock
dividend (including any stock dividend or distribution of securities convertible
into JP Common Stock, Price Group Stock or JP Preferred Stock, as applicable),
reorganization, recapitalization or other like change with respect to JP Common
Stock, Price Group Stock or JP Preferred Stock, as applicable, occurring (or for
which a record date is established) after the date hereof and prior to the
Effective Time.

     1.8 Surrender of Certificates.

     (a) Paying Agent.  Prior to the Effective  Time, GGP shall designate a bank
or trust company reasonably  acceptable to JP to act as agent for the payment of
the Merger Consideration upon


                                        4


surrender of Certificates evidencing JP Common Stock and Price Group Stock (the
"Paying Agent"). GGP shall take all steps necessary to enable, and shall cause,
the Surviving Company to provide to the Paying Agent immediately following the
Effective Time the Merger Consideration issuable in exchange for the shares of
JP Common Stock and Price Group Stock pursuant to Section 1.7(c), plus any
amounts payable in respect of unpaid dividends declared in respect of the JP
Common Stock and Price Group Stock with a record date prior to the Effective
Time and which remain unpaid at the Effective Time (such consideration being
hereinafter referred to as the "Exchange Fund").

     (b) Exchange Procedure. As soon as reasonably practicable after the
Effective Time, the Paying Agent shall mail to each holder of record of a
Certificate (i) a form of letter of transmittal (which shall specify that
delivery shall be effected, and risk of loss and title to the Certificates held
by such Person shall pass, only upon proper delivery of the Certificates to the
Paying Agent and shall be in customary form and have such other provisions as
GGP may reasonably specify) and (ii) instructions for use in effecting the
surrender of the Certificates in exchange for the Merger Consideration. Upon
surrender of a Certificate for cancellation to the Paying Agent or to such other
agent or agents as may be appointed by GGP, together with such letter of
transmittal, duly completed and validly executed, and such other documents as
may reasonably be required by the Paying Agent, the holder of such Certificate
shall be entitled to receive in exchange therefor the applicable Merger
Consideration in respect of the shares formerly represented by such Certificate
pursuant to Section 1.7(c), and the Certificate so surrendered shall forthwith
be canceled. In the event of a transfer of ownership of JP Common Stock or Price
Group Stock that is not registered in the stock transfer books of JP, payment
may be paid in exchange therefor to a Person other than the Person in whose name
the Certificate so surrendered is registered, if such Certificate shall be
properly endorsed or otherwise be in proper form for transfer, and the Person
requesting such payment shall pay any transfer or other Taxes required by reason
of the payment to a Person other than the registered holder of such Certificate
or establish to the satisfaction of GGP that such Tax has been paid or is not
applicable. No interest shall be paid or shall accrue on the Merger
Consideration, or unpaid dividends declared in respect of the JP Common Stock or
Price Group Stock with a record date prior to the Effective Time and which
remain unpaid at the Effective Time, payable upon surrender of any Certificate.

     (c) No Further Ownership Rights. All cash and securities paid upon the
surrender of a Certificate in accordance with the terms of this Article I shall
be deemed to have been paid in full satisfaction of all rights pertaining to the
shares of JP Common Stock or Price Group Stock formerly represented by such
Certificate. At the close of business on the day on which the Effective Time
occurs the stock transfer books of JP shall be closed, and there shall be no
further registration of transfers on the stock transfer books of the Surviving
Company of the shares of JP Common Stock or Price Group Stock that were
outstanding, immediately prior to the Effective Time. If, after the Effective
Time, Certificates are presented to the Surviving Company or the Paying Agent
for transfer or any other reason, they shall be canceled and exchanged as
provided in this Article I.

     (d)  Record  Dates for  Final  Dividends;  Distributions  with  Respect  to
Unexchanged Shares.

          (i) If and to the extent necessary for JP to satisfy the requirements
     of Section 857(a)(1) of the Code (as defined herein) for the taxable year
     of JP ending at the Effective Time of the Merger (and to avoid the payment
     of any tax with respect to undistributed income or gain), JP shall declare
     a dividend (the "Final JP Dividend") to holders of shares of JP Common
     Stock and Price Group Stock, if and to the extent required by the terms
     thereof the record date for which shall be the close of business on the
     last business day prior to the Effective Time of the Merger, in an amount
     equal to the minimum dividend sufficient to permit JP to satisfy such
     requirements. Any dividends payable hereunder to holders of JP Common Stock
     or


                                        5


     Price Group Stock shall be paid on the last business day immediately
     preceding the Closing Date. In the event that JP is required to declare a
     Final JP Dividend with respect to the JP Common Stock and/or Price Group
     Stock, PDC LP shall simultaneously declare a distribution (the "Final PDC
     LP Distribution") to holders of PDC OP Units in an amount per JP Common OP
     Unit equal to the Final JP Dividend payable on each share of JP Common
     Stock. The record date for the payment of the Final PDC LP Distribution
     shall be the close of business on the last business day prior to the
     Effective Time of the Partnership Merger. The distribution payable
     hereunder to holders of PDC Common OP Units shall be paid on the last
     business day immediately preceding the Closing Date.

          (ii) If JP determines that it is necessary to declare the Final JP
     Dividend, JP shall notify GGP at least 20 days prior to the date for the JP
     Stockholders Meeting.

     (e) Termination of Exchange Fund. Any portion of the Exchange Fund that
remains undistributed to the holders of JP Common Stock and Price Group Stock
for one year after the Effective Time shall be delivered to the Surviving
Company, upon demand, and any holder of JP Common Stock or Price Group Stock who
has not theretofore complied with this Article I shall thereafter look only to
the Surviving Company for payment of its claim for Merger Consideration.

     (f) No Liability. None of GGP, GGP Partnership, the Surviving Company or
the Paying Agent shall be liable to any Person in respect of any cash delivered
to a public official pursuant to any applicable abandoned property, escheat, or
similar law. If any Certificates shall not have been surrendered prior to three
years after the Effective Time (or immediately prior to such earlier date on
which any Merger Consideration would otherwise escheat to or become the property
of any Governmental Entity(as defined herein)), any such Merger Consideration in
respect thereof shall, to the extent permitted by applicable law, become the
property of the Surviving Company, free and clear of all claims or interest of
any Person previously entitled thereto.

     (g) Investment of Exchange Fund. The Paying Agent shall invest any cash
included in the Exchange Fund, as directed by GGP, on a daily basis; provided,
however, that such investments shall be in (i) obligations of or guaranteed by
the United States of America and backed by the full faith and credit of the
United States of America, (ii) commercial paper obligations rated A-1 or P-1 or
better by Moody's Investors Service, Inc. or Standard & Poor's Corporation,
respectively, (iii) certificates of deposit maturing not more than 180 days
after the date of purchase issued by a bank organized under the laws of the
United States or any state thereof having a combined capital and surplus of at
least $500,000,000 or (iv) a money market fund having assets of at least
$3,000,000,000. Any interest and other income resulting from such investments
shall be paid to GGP Partnership.

     (h) Lost Certificates. If any Certificate shall have been lost, stolen,
defaced or destroyed, upon the making of an affidavit of that fact by the Person
claiming such Certificate to be lost, stolen, defaced or destroyed and, if
required by the Surviving Company, the posting by such Person of a bond in such
reasonable amount as the Surviving Company may direct as indemnity against any
claim that may be made against it with respect to such Certificate, the Paying
Agent shall pay in respect of such lost, stolen, defaced or destroyed
Certificate the Merger Consideration.

     (i) Withholding Rights. GGP, GGP Partnership, the Surviving Company or the
Paying Agent, as applicable, shall be entitled to deduct and withhold from the
consideration otherwise payable pursuant to this Agreement to any holder of
shares of JP Common Stock, Price Group Stock and JP Preferred Stock such amounts
as it is required to withhold with respect to such payments under the Code or
any other provision of state, local or foreign tax law.


                                        6


     (j) JP Preferred Stock. In the event that any Shares of JP Preferred Stock
are outstanding prior to the Effective Time of the Merger, GGP and JP shall
mutually agree upon and establish procedures to be applicable to the exchange of
certificates evidencing JP Preferred Stock for the applicable Merger
Consideration.

     1.9 Conversion of Equity Securities in the Partnership Merger. At the
Effective Time, by virtue of the Partnership Merger and without any action on
the part of any holder of partnership interests or limited liability company
interests of PDC LP or Partnership Acquisition:

     (a) Ownership Interests of Partnership Acquisition. The issued and
outstanding ownership interests in Partnership Acquisition immediately prior to
the Effective Time shall be converted into the number of PDC Common OP Units
held by holders of PDC Common OP Units other than JP as of such time.

     (b)  Partnership  Merger  Consideration.  The  consideration  to be paid to
holders  of  partnership   interests  in  PDC  LP  in  the  Partnership   Merger
(collectively, the "Partnership Merger Consideration") is as follows:

          (i) Each JP Common OP Unit outstanding immediately prior to the
     Effective Time of the Partnership Merger (other than PDC Common OP Units
     held by JP) shall be exchanged for $26.10 per JP Common OP Unit in cash
     without interest, provided that if the holder of a JP Common OP Unit is an
     "accredited investor" (as defined in Rule 501, promulgated under the
     Securities Act (as defined herein)), and submits to GGP Partnership a Form
     of Election (as defined herein) in accordance with the procedures and time
     periods specified in Section 5.1(c) hereof, such holder shall have the
     right to receive for each JP Common OP Unit then held by it .522 8.5%
     Series B Cumulative Preferred Units of limited partnership of GGP
     Partnership (the "GGP Series B Preferred OP Units").

          (ii) Prior to or as of the Effective Time, the GGP Partnership
     Agreement shall be amended by the adoption of an amendment in substantially
     the form attached hereto as Exhibit E providing for the creation of the GGP
     Series B Preferred OP Units. The holders of the GGP Series B Preferred OP
     Units issued in the Partnership Merger shall be entitled to the redemption
     rights provided for in the redemption rights agreement, substantially in
     the form attached hereto as Exhibit F (the "GGP Series B Preferred OP Units
     Redemption Agreement") or, if they convert such GGP Series B Preferred OP
     Units into GGP Common OP Units pursuant to the GGP Partnership Agreement
     amendment described above, the redemption rights provided for in the
     redemption rights agreement, substantially in the form attached hereto as
     Exhibit G (the "GGP Common OP Units Redemption Agreement"). Pursuant to the
     terms of the GGP Series B Preferred OP Units Redemption Agreement, each GGP
     Series B Preferred OP Unit will be redeemable by the holder thereof, for,
     at the option of GGP, cash or 0.025 shares of GGP Series C Preferred Stock,
     $100 par value per share ("GGP Series C Preferred Stock"). Prior to or as
     of the Effective Time, the GGP Charter shall be amended in accordance with
     the DGCL by the adoption by the Board of Directors of GGP of a Certificate
     of Designations, in substantially the form of Exhibit H hereto, providing
     for the creation of the GGP Series C Preferred Stock.

          (iii) Holders of PDC Common OP Units may elect to receive GGP Series B
     Preferred Units in accordance with the provisions of Section 5.1(c) hereof.
     If a holder of PDC Common OP Units fails to comply with the provisions of
     Section 5.1(c) hereof with respect to some or all of its PDC Common OP
     Units, such holder shall receive cash pursuant to this Section 1.9(b) upon
     the conversion of such PDC Common OP Units into GGP Series B Preferred OP
     Units in the Partnership Merger.


                                        7


          (iv) The PDC Series A OP Units (as defined herein) outstanding
     immediately prior to the Effective Time of the Partnership Merger shall
     remain outstanding, except that, immediately following the Effective Time,
     each such Series A OP Unit, shall, in accordance with the terms of the PDC
     LP Agreement, become exchangeable into the right to receive .025 shares of
     GGP Series D Preferred Stock.

          (v) The PDC Series B OP Units (as defined herein) outstanding
     immediately prior to the Effective Time of the Partnership Merger shall
     remain outstanding, except that, immediately following the Effective Time,
     each such Series B OP Unit, shall, in accordance with the terms of the PDC
     LP Agreement, become exchangeable into the right to receive .025 shares of
     GGP Series E Preferred Stock.

          (vi) The PDC Series C OP Units (as defined herein) outstanding
     immediately prior to the Effective Time of the Partnership Merger shall
     remain outstanding, except that, immediately following the Effective Time,
     each such Series C OP Unit, shall, in accordance with the terms of the PDC
     LP Agreement, become exchangeable into the right to receive .025 shares of
     GGP Series F Preferred Stock.

          (vii) Any PDC OP Units (as defined herein) outstanding and held by JP
     immediately prior to the Effective Time of the Partnership Merger shall
     remain outstanding.

          (viii) At the Effective Time of the Partnership Merger, each holder of
     a JP Common OP Unit outstanding immediately prior to the Effective Time
     shall cease to have any rights with respect thereto except the right to
     receive the applicable Partnership Merger Consideration described above and
     any dividends declared and unpaid thereon payable to holders of record
     thereof as of a record date preceding the Effective Time. Following the
     Effective Time, upon delivery to the Paying Agent of such duly executed
     documents, including a Form of Election, as may be required by the Paying
     Agent or GGP Partnership, the Surviving Partnership shall pay to such
     former holders any unpaid dividends declared in respect of the PDC Common
     OP Units with a record date prior to the Effective Time and which remain
     unpaid at the Effective Time.

     (c) Appraisal Rights. The holders of PDC Common OP Units are entitled to
appraisal rights in accordance with the MRULPA as a result of the Partnership
Merger, but are not entitled to any other similar rights as a result of the
Mergers. The holders of PDC Preferred OP Units are not entitled under applicable
law to appraisal, dissenters' or similar rights as a result of the Mergers.

     (d) Adjustments to Partnership Merger Consideration. The Partnership Merger
Consideration shall be adjusted to reflect fully the effect of any
reclassification, combination, subdivision, split, reverse split, distribution
of securities convertible into PDC Common OP Units, reorganization,
recapitalization or other like change with respect to PDC Common OP Units
occurring (or for which a record date is established) after the date hereof and
prior to the Effective Time.

     1.10 Procedures for Exchange of PDC Common OP Units in the Partnership
Merger. Except for the provisions relating to the Certificates, all other
provisions of Section 1.8 shall apply to PDC LP, GGP Partnership and the PDC
Common OP Units with respect to the Partnership Merger, except as otherwise
provided in Section 1.9 and Section 5.1(c).


                                        8


                                    ARTICLE 2

                      REPRESENTATIONS AND WARRANTIES OF JP

     Except as set forth in the JP SEC Documents (as defined herein) or in the
letter of even date herewith signed by the Chairman and Chief Executive Officer
or the President and Chief Operating Officer of JP and delivered to GGP and GGP
Partnership prior to the execution hereof (the "JP Disclosure Letter"), JP and
PDC LP jointly and severally represent and warrant to GGP, GGP Partnership,
Acquisition and Partnership Acquisition as follows:

     2.1 Organization, Standing and Power. JP has been duly organized and is
validly existing and in good standing under the laws of the State of Maryland.
JP has all requisite corporate power and authority to own, operate, lease and
encumber its properties and carry on its business as now being conducted. The JP
Amended and Restated Articles of Incorporation, as amended (the "JP Articles"),
are in effect, and no dissolution, revocation or forfeiture proceedings
regarding JP have been commenced. JP is duly qualified or licensed to do
business as a foreign corporation and is in good standing in each jurisdiction
in which the nature of its business or the ownership or leasing of its
properties makes such qualification or licensing necessary, other than in such
jurisdictions where the failure to be so qualified or licensed, individually or
in the aggregate, would not have a JP Material Adverse Effect (as herein
defined). As used in this Agreement, a "JP Material Adverse Effect" means any
circumstance, event, occurrence, change or effect that is materially adverse to
the business, properties, assets (tangible or intangible), financial condition
or results of operations of JP and PDC LP, taken as a whole, except, in each
case, as a result of (i) changes in general economic conditions nationally or
regionally, (ii) changes affecting the real estate industry generally which do
not affect JP or PDC LP, as the case may be, materially disproportionately
relative to other participants in the real estate industry similarly situated,
or (iii) in and of itself and without the occurrence of any other JP Material
Adverse Effect, changes in the trading prices of JP Common Stock. JP has
delivered to GGP and GGP Partnership true, complete and correct copies of the JP
Articles and JP's Amended and Restated Bylaws, as amended (the "JP Bylaws"), in
each case, as amended or supplemented to the date of this Agreement.

     2.2 JP Subsidiaries.

     (a) Schedule 2.2 to the JP Disclosure Letter sets forth (i) each Subsidiary
(as defined herein) of JP, including PDC LP (the "JP Subsidiaries"), (ii) the
ownership interest therein of JP, (iii) if not directly wholly owned by JP, the
identity and ownership interest of each of the other owners of such JP
Subsidiary, (iv) each regional mall, community center, free-standing retail
property, mixed-use commercial property and other commercial property in which
such JP Subsidiary owns a fee or leasehold interest, and (v) if not wholly owned
in fee by JP or a JP Subsidiary, the identity and ownership interest of each of
the other Persons having a fee ownership interest in such property. As used in
this Agreement, "Subsidiary" of any Person means any corporation, partnership,
limited liability company, joint venture, trust or other legal entity of which
such Person owns (either directly or through or together with another Subsidiary
of such Person) either (i) a general partner, managing member or other similar
interest or (ii) 10% or more of the voting stock or other equity securities or
value of equity interests (voting or non-voting) of such corporation,
partnership, limited liability company, joint venture, trust or other legal
entity. As used herein, "Person" means an individual, corporation, partnership,
limited liability company, joint venture, association, trust, unincorporated
organization, or any federal, state or local government or any court,
administrative or regulatory agency or commission or other governmental
authority or agency, domestic or foreign (a "Governmental Entity"), or any other
entity. Schedule 2.2 of the JP Disclosure Letter sets forth a true, complete and
correct list of the equity securities owned by JP, directly or indirectly, in
any corporation, partnership, limited liability company, joint venture, trust or
other legal entity, excluding JP Subsidiaries.


                                        9


     (b) Except as set forth in Schedule 2.2 to the JP Disclosure Letter, (i)
all of the outstanding shares of capital stock of each JP Subsidiary that is a
corporation have been duly authorized, validly issued and are (A) fully paid and
nonassessable and not subject to preemptive rights, (B) owned by JP or by
another JP Subsidiary and (C) owned free and clear of all pledges, claims,
liens, charges, encumbrances and security interests of any kind or nature
whatsoever (collectively, "Liens") and (ii) all equity interests in each JP
Subsidiary that is a partnership, joint venture, limited liability company or
trust which are owned by JP, by another JP Subsidiary or by JP and another JP
Subsidiary are owned free and clear of all Liens other than pledges, if any,
contained in organizational documents of such JP Subsidiary and given to secure
performance thereunder or Liens granted to secure outstanding indebtedness of JP
or any JP Subsidiary and which indebtedness is disclosed in the JP Disclosure
Letter. Each JP Subsidiary that is a corporation is duly incorporated, validly
existing and in good standing under the laws of its jurisdiction of
incorporation and has the requisite corporate power and authority to own,
operate, lease and encumber its properties and carry on its business as now
being conducted, and each JP Subsidiary that is a partnership, joint venture,
limited liability company or trust is duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization and has the
requisite power and authority to own, operate, lease and encumber its properties
and carry on its business as now being conducted. Except as set forth in
Schedule 2.2 to the JP Disclosure Letter, each JP Subsidiary is duly qualified
or licensed to do business and is in good standing in each jurisdiction in which
the nature of its business or the ownership or leasing of its properties makes
such qualification or licensing necessary, other than in such jurisdictions
where the failure to be so qualified or licensed, individually or in the
aggregate, would not reasonably be expected to have a JP Material Adverse
Effect. True, complete and correct copies of the articles or certificate of
incorporation, bylaws, other organizational documents and partnership, joint
venture and operating agreements of each JP Subsidiary, as amended to the date
of this Agreement, have been previously delivered or made available to GGP
Partnership, and all of such documents are listed in Schedule 2.2 to the JP
Disclosure Letter.

     2.3 Capital Structure.

     (a) The authorized shares of capital stock of JP consist of: (i) 7,690,000
shares of preferred stock, of which (A) 510,000 shares have been designated
8.75% Series A Cumulative Redeemable Preferred Stock, $.0001 par value per share
(the "JP Series A Preferred Stock"), none of which are outstanding, (B)
3,800,000 shares have been designated 8.95% Series B Cumulative Redeemable
Preferred Stock, $.0001 par value per share (the "JP Series B Preferred Stock"),
none of which are outstanding, (C) 320,000 shares have been designated 8.75%
Series C Cumulative Redeemable Preferred Stock, $.0001 par value per share (the
"JP Series C Preferred Stock"), none of which are outstanding, and (D) 3,060,000
shares have been designated Series A Junior Participating Preferred Stock,
$.0001 par value per share (the "JP Junior Preferred Stock"), none of which are
outstanding, (ii) 117,110,000 shares of Common Stock, par value $.0001 per share
("JP Common Stock"), of which 16,151,769 are outstanding on the date of this
Agreement, (iii) 200,000 shares of Price Group Stock, par value $.0001 per share
("Price Group Stock"), of which 200,000 shares are issued and outstanding on the
date of this Agreement and (iv) 75,000,000 shares of Excess Stock, par value
$.0001 per share ("Excess Stock"), none of which are outstanding.

     (b) Set forth in Schedule 2.3(b) to the JP Disclosure Letter is a true,
complete and correct list of the following: (i) each qualified or nonqualified
option to purchase shares of JP Common Stock granted under JP's 1993 Stock
Option Plan or any other formal or informal arrangement to purchase shares of JP
Common Stock, Price Group Stock, JP Preferred Stock or any other equity
securities of JP (collectively, the "JP Stock Options"); and (ii) all other
warrants or other rights to acquire JP Common Stock, Price Group Stock, JP
Preferred Stock or any other equity securities of JP, stock appreciation rights,
restricted stock, dividend equivalents, deferred compensation accounts,
performance awards, restricted stock unit awards and other awards which are
outstanding on the date of this


                                       10


Agreement ("JP Stock Rights"). Schedule 2.3(b) to the JP Disclosure Letter sets
forth, as applicable, for each JP Stock Option and JP Stock Right the name of
the grantee, the date of the grant, the number of shares of JP Common Stock,
Price Group Stock or other equity securities of JP subject to each option or
other award, and the exercise price per share. On the date of this Agreement,
except as set forth in this Section 2.3 or in Schedule 2.3(b) to the JP
Disclosure Letter, no shares of JP Common Stock, Price Group Stock, preferred
stock of JP or Excess Stock were outstanding or reserved for issuance.

     (c) Except as set forth in Schedule 2.3(c) to the JP Disclosure Letter, all
outstanding shares of JP Common Stock and Price Group Stock are duly authorized,
validly issued, fully paid and nonassessable and not subject to preemptive or
similar rights under law or the JP Articles or JP By-Laws or any contract or
instrument to which JP is a party or by which it is bound. There are no bonds,
debentures, notes or other indebtedness of JP or any JP Subsidiary having the
right to vote (or convertible into, or exchangeable for, securities having the
right to vote) on any matters on which stockholders of JP may vote.

     (d) Other than (i) as set forth in this Section 2.3 or in Schedule 2.3(b),
2.3(c) or 2.3(d) to the JP Disclosure Letter, (ii) non-preferred units of
limited partnership in PDC LP ("PDC Common OP Units"), which may be exchanged
for cash or, at the option of JP, JP Common Stock at a rate of one share of JP
Common Stock for each JP Common OP Unit, (iii) the 8.75% Series A Cumulative
Redeemable Preferred Units of limited partnership interest (the "PDC Series A OP
Units") of PDC LP, which are exchangeable in accordance with their terms, for
shares of JP Series A Preferred Stock, (iv) the 8.95% Series B Cumulative
Preferred Units of limited partnership interest of PDC LP (the "PDC Series B OP
Units"), which are exchangeable in accordance with their terms, for shares of JP
Series B Preferred Stock, (v) the 8.75% Series C Cumulative Preferred Units of
limited partnership interest of PDC LP (the "PDC Series C OP Units," and
collectively with the PDC Series A OP Units and PDC Series B OP Units, the "PDC
Preferred OP Units"), which are exchangeable in accordance with their terms, for
shares of JP Series C Preferred Stock, (vi) the JP Rights (as defined herein),
which entitle the holders of shares of JP Common Stock to purchase units of JP
Junior Preferred Stock upon the terms and conditions specified therein or, upon
the occurrence of certain events, shares of JP Common Stock, or (vii) the Price
Group Stock, which is convertible at the option of JP into an equal number of
shares of JP Common Stock, there are no outstanding securities, options,
warrants, calls, rights, commitments, agreements, arrangements or undertakings
of any kind to which JP or any JP Subsidiary is a party or by which such entity
is bound, obligating JP or any JP Subsidiary to issue, deliver or sell, or cause
to be issued, delivered or sold, additional shares of capital stock, voting
securities or other ownership interests of JP or any JP Subsidiary or obligating
JP or any JP Subsidiary to issue, grant, extend or enter into any such security,
option, warrant, call, right, commitment, agreement, arrangement or undertaking
(other than to JP or a JP Subsidiary).

     (e) As of the date of this Agreement, 510,000 PDC Series A OP Units,
3,800,000 PDC Series B OP Units, 320,000 PDC Series C OP Units and 19,990,331
PDC Common OP Units are validly issued and outstanding, fully paid and
nonassessable and not subject to preemptive or similar rights under law or the
PDC LP Agreement or any contract or instrument to which JP or PDC LP is a party
or by which either is bound, of which 16,351,769 are owned by JP. The PDC Common
OP Units and the PDC Preferred OP Units are collectively referred to as the "PDC
OP Units." The above-described PDC OP Units are the only authorized and
outstanding partnership interests in PDC LP as of the date of this Agreement.
Schedule 2.3(e) to the JP Disclosure Schedule sets forth the name of each holder
of PDC OP Units and the number and type of PDC OP Units owned by each such
holder as of the date of this Agreement. Except as provided in the PDC LP
Agreement, or as set forth on Schedule 2.3(d) to the JP Disclosure Letter, PDC
LP has not issued or granted and is not a party to any outstanding commitments
of any kind relating to, or any presently effective agreements or understandings
with respect to, the issuance


                                       11


or sale of interests in PDC LP, whether issued or unissued, or securities
convertible or exchangeable into interests in PDC LP.

     (f) All dividends on JP Common Stock and Price Group Stock and all
distributions on PDC OP Units, which have been declared prior to the date of
this Agreement, have been paid in full. Neither JP nor PDC LP is in arrears with
respect to dividends or other distributions on any of its outstanding shares of
capital stock or partnership interests.

     (g) Set forth on Schedule 2.3(g) to the JP Disclosure Letter is a list of
each registration rights agreement or other agreement between JP and/or PDC LP,
on the one hand, and one or more other parties, on the other hand, which sets
forth the obligations of JP and/or PDC LP with respect to the registration of
any securities of JP, PDC LP and/or any other JP Subsidiary pursuant to the
Securities Act of 1933, as amended (the "Securities Act").

     2.4 Other Interests. Except for interests in the JP Subsidiaries, interests
valued at less than $100,000 and certain other entities as set forth in Schedule
2.4 to the JP Disclosure Letter (the "JP Other Interests"), none of JP, PDC LP
or any other JP Subsidiary owns directly or indirectly any interest or
investment (whether equity or debt) in any Person (other than investments in
short-term investment securities and notes receivable from tenants). With
respect to the JP Other Interests, PDC LP owns such interests free and clear of
all Liens other than pledges, if any, contained in organizational documents of
such JP Other Interests and given to secure performance thereunder. Other than
any breach which, individually or in the aggregate, would not have a JP Material
Adverse Effect, none of JP, PDC LP or any other JP Subsidiary is in breach of
any provision of any agreement, document or contract relating to the JP Other
Interests, all of which agreements, documents and contracts are (a) listed in
Schedule 2.4 to the JP Disclosure Letter, (b) unmodified except as described
therein and (c) in full force and effect. To the Knowledge of JP, the other
parties to any such agreement, document or contract which is of a material
nature are not in material breach of any of their respective obligations under
such agreements, documents or contracts.

     2.5 Authority; Noncontravention; Consents.

     (a) JP has the requisite corporate power and authority to enter into this
Agreement and, subject to (i) the requisite JP stockholder approval of this
Agreement and the Merger (the "JP Stockholder Approval"), and (ii) the requisite
approval of the holders of PDC OP Units, as specified in Schedule 2.5(a) to the
JP Disclosure Letter, of this Agreement, the PDC LP Amendment described in
Schedule 2.5(a) to the JP Disclosure Letter (the "PDC LP Amendment") and the
Partnership Merger (collectively, the "JP Partner Approvals"), to consummate the
transactions contemplated by this Agreement to which JP is a party. PDC LP has
the requisite power and authority to enter into this Agreement and, subject to
the requisite JP Partner Approvals, to consummate the transactions contemplated
by this Agreement to which PDC LP is a party. The execution and delivery of this
Agreement by JP and PDC LP and the consummation by JP and PDC LP of the
transactions contemplated by this Agreement to which they are parties have been
duly authorized by all necessary action on the part of JP and PDC LP, except for
and subject to the JP Stockholder Approval and the JP Partner Approvals. This
Agreement has been duly executed and delivered by JP and PDC LP and constitutes
a valid and binding obligation of each of JP and PDC LP, enforceable against
each of them in accordance with and subject to its terms, subject to applicable
bankruptcy, insolvency, moratorium or other similar laws relating to creditors'
rights and general principles of equity.

     (b) Except as set forth in Schedule 2.5(b)(1) to the JP Disclosure Letter
and subject to obtaining the JP Stockholder Approval and the JP Partner
Approvals, the execution and delivery of this Agreement by JP and PDC LP do not,
and the consummation of the transactions contemplated by this


                                       12


Agreement to which either of JP or PDC LP is a party and compliance by JP and
PDC LP with the provisions of this Agreement will not, conflict with, or result
in any violation of, or default (with or without notice or lapse of time, or
both) under, or give rise to a right of termination, cancellation or
acceleration of any material obligation or to material loss of a benefit under,
or give rise to a right of purchase under, or result in the creation of any Lien
upon any of the properties or assets of JP or any JP Subsidiary under, (i) the
JP Articles or JP Bylaws or the comparable charter or organizational documents
or partnership, operating, or similar agreement (as the case may be) of any JP
Subsidiary, each as amended or supplemented, (ii) any Material Contract (as
defined herein) applicable to JP or any JP Subsidiary or the respective
properties or assets of JP or any JP Subsidiary or (iii) subject to the
governmental filings and other matters referred to in the following sentence,
any judgment, order, decree, statute, law, ordinance, rule or regulation
(collectively, "Laws") applicable to JP or any JP Subsidiary, or their
respective properties or assets, other than, in the case of clause (ii) or
(iii), any such conflicts, violations, defaults, rights, loss or Liens that,
individually or in the aggregate, would not (x) have a JP Material Adverse
Effect or (y) prevent or delay the consummation of the transactions contemplated
by this Agreement. No consent, approval, order or authorization of, or
registration, declaration or filing with any Governmental Entity is required by
or with respect to JP or any JP Subsidiary in connection with the execution and
delivery of this Agreement by JP or the consummation by JP of the transactions
contemplated by this Agreement, except for (i) the filing with the Securities
and Exchange Commission (the "SEC") of the Proxy Statement (as defined herein),
(ii) the filing and acceptance for record of the Maryland Articles of Merger by
the Department, (iii) the filing and acceptance for record of the Delaware
Certificate of Merger with the Secretary of State, (iv) the filing and
acceptance for record of the Maryland Articles of Partnership Merger by the
Department or (v) such other consents, approvals, orders, authorizations,
registrations, declarations and filings (A) as are set forth in Schedule
2.5(b)(2) to the JP Disclosure Letter, (B) as may be required under (w) the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR
Act"), (x) laws requiring transfer, recordation or gains tax filings, (y)
federal, state or local environmental laws or (z) the blue sky laws of various
states, to the extent applicable, or (C) which, if not obtained or made, would
not prevent or delay in any material respect the consummation of any of the
transactions contemplated by this Agreement or otherwise prevent JP or PDC LP
from performing their obligations under this Agreement in any material respect
or reasonably be expected to have, individually or in the aggregate, a JP
Material Adverse Effect.

     2.6 SEC Documents; Financial Statements; Undisclosed Liabilities. Each of
JP and PDC LP has filed all required reports, schedules, forms, statements and
other documents with the SEC since January 1, 1997 through the date hereof
(collectively, the "JP SEC Documents"). Schedule 2.6(a) to the JP Disclosure
Letter contains a true, complete and correct list of all JP SEC Documents filed
by JP or PDC LP with the SEC under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), between January 1, 1997 and the date of this
Agreement. All of the JP SEC Documents (other than preliminary material), as of
their respective filing dates, complied in all material respects with all
applicable requirements of the Securities Act and the Exchange Act and, in each
case, the rules and regulations promulgated thereunder applicable to such JP SEC
Documents. None of the JP SEC Documents at the time of filing contained any
untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading, except to the extent such statements have been modified or
superseded by later JP SEC Documents filed and publicly available prior to the
date of this Agreement. The consolidated financial statements of JP and PDC LP,
respectively, included in the JP SEC Documents complied as to form in all
material respects with applicable accounting requirements and the published
rules and regulations of the SEC with respect thereto, have been prepared in
accordance with generally accepted accounting principles ("GAAP") (except, in
the case of unaudited statements, as permitted by the applicable rules and
regulations of the SEC) applied on a consistent basis during the periods
involved (except as may be indicated in the notes thereto) and fairly presented
in all material respects, in accordance with the applicable requirements of GAAP
and the applicable rules and


                                       13



regulations of the SEC, the consolidated financial position of (a) in the case
of JP, JP and the consolidated JP Subsidiaries taken as a whole, and (b) in the
case of PDC LP, PDC LP and its consolidated JP Subsidiaries taken as a whole, in
each case, as of the dates thereof, and the consolidated results of operations
and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments). Except as set forth in
Schedule 2.6(b) to the JP Disclosure Letter, JP has no Subsidiaries which are
not consolidated for accounting purposes. Except for liabilities and obligations
set forth in the JP SEC Documents or in Schedule 2.6(c) to the JP Disclosure
Letter or incurred by JP or any JP Subsidiary in the ordinary course of business
since December 31, 2001, none of JP or any JP Subsidiary has any liabilities or
obligations of any nature (whether accrued, absolute, contingent or otherwise)
required by GAAP to be set forth on a consolidated balance sheet of JP or in the
notes thereto and which, individually or in the aggregate, would have a JP
Material Adverse Effect.

     2.7 Absence of Certain Changes or Events. Except as disclosed in the JP SEC
Documents or in Schedule 2.7 to the JP Disclosure Letter, since the date of the
most recent audited financial statements included in the JP SEC Documents (the
"JP Financial Statement Date"), JP and the JP Subsidiaries have conducted their
business only in the ordinary course (taking into account prior practices,
including the acquisition and disposition of properties and issuance of
securities) and there has not been (a) a JP Material Adverse Effect through the
date hereof, (b) except for regular quarterly distributions not in excess of
$0.51 per share of JP Common Stock or JP Common OP Unit, $0.408 per share of
Price Group Stock, $0.546875 per JP Series A OP Unit, $0.559375 per JP Series B
OP Unit and $0.546875 per JP Series C OP Unit (or, in each case, with respect to
the period commencing on the date hereof and ending on the Closing Date,
distributions as necessary to maintain REIT (as defined herein) status), in each
case, with customary record and payment dates (subject to Section 5.9), any
authorization, declaration, setting aside or payment of any dividend or other
distribution (whether in cash, stock or property) with respect to the JP Common
Stock, Price Group Stock or the PDC OP Units or any other equity security of JP
or PDC LP, (c) any split, combination or reclassification of the JP Common
Stock, the Price Group Stock or the PDC OP Units or any issuance or the
authorization of any issuance of any other securities in respect of, in lieu of
or in substitution for, or giving the right to acquire by exchange or exercise,
shares of stock of JP or partnership interests in PDC LP, or any issuance of an
ownership interest in any other JP Subsidiary, (d) any damage, destruction or
loss through the date hereof, whether or not covered by insurance, that,
individually or in the aggregate, has or would have a JP Material Adverse
Effect, (e) any change in accounting methods, principles or practices by JP or
any JP Subsidiary materially affecting its assets, liabilities or business,
except insofar as may have been disclosed in JP SEC Documents or required by a
change in GAAP, or (f) except as expressly contemplated by this Agreement, any
amendment of any employment, consulting, severance, retention or any other
agreement between JP or any JP Subsidiary and any of their respective officers,
directors or managers.

     2.8 Litigation. Except as disclosed in the JP SEC Documents or in Schedule
2.8 to the JP Disclosure Letter, and other than personal injury and other
routine tort litigation arising from the ordinary course of operations of JP and
the JP Subsidiaries (a) which are covered by adequate insurance subject to a
reasonable deductible or retention limit or (b) for which all material costs and
liabilities arising therefrom are reimbursable pursuant to common area
maintenance or similar agreements, there is no suit, action or proceeding
pending (in which service of process has been received by an employee of JP or a
JP Subsidiary) or, to the Knowledge of JP, threatened against or affecting JP or
any JP Subsidiary that, individually or in the aggregate, would reasonably be
expected to (i) have a JP Material Adverse Effect or (ii) prevent the
consummation of any of the transactions contemplated by this Agreement, nor is
there any judgment, decree, injunction, rule or order of any court or
Governmental Entity or arbitrator outstanding against JP, any JP Subsidiary
having, or which, insofar as reasonably can be foreseen, in the future would
reasonably be expected to have, any such effect. Notwithstanding the foregoing,
no claim has been made under any directors' and officers' liability insurance
policy maintained at any time by JP or any of the JP Subsidiaries.


                                       14


     2.9 Properties.

     (a) Except as provided in Schedule 2.2 to the JP Disclosure Letter, JP or
the JP Subsidiary set forth on Schedule 2.2 to the JP Disclosure Letter owns fee
simple title to or holds a leasehold interest in each of the real properties
identified in Schedule 2.2 to the JP Disclosure Letter (the "JP Properties"),
which are all of the real estate properties owned by them, in each case (except
for the Permitted Title Exceptions (as defined herein) free and clear of Liens
or other encumbrances on title ("Encumbrances"). Schedule 2.2 to the JP
Disclosure Letter further identifies which of the JP Properties are owned in fee
simple by JP or a JP Subsidiary, and which of the JP Properties are subject to a
ground lease. Except as set forth in Schedule 2.2 to the JP Disclosure Letter,
no other Person has any ownership interest in any of the JP Properties, and any
such ownership interest so scheduled does not materially detract from the value
of the JP Subsidiary's interest in, or materially interfere with the present use
of, any of the JP Properties subject thereto or affected thereby. Except as set
forth in Schedule 2.9(a) to the JP Disclosure Letter, none of the JP Properties
is subject to any restriction on the sale or other disposition thereof
(including, without limitation, rights of first refusal) or on the financing or
release of financing thereon. The JP Properties are not subject to any rights of
way, written agreements, laws, ordinances and regulations affecting building,
development, use or occupancy, or reservations of an interest in title
(collectively, "Property Restrictions") or Encumbrances, except for the
following (collectively, the "Permitted Title Exceptions"): (i) Property
Restrictions and Encumbrances set forth in Schedule 2.9(a) to the JP Disclosure
Letter or those that will not have a JP Material Adverse Effect, (ii) Property
Restrictions imposed or promulgated by law or any Governmental Entity with
respect to real property, including zoning regulations, which, to the knowledge
of JP, are not violated by the current use of the Properties, (iii) the JP Space
Leases, the Ground Leases, other leases and the REAs, (iv) Property Restrictions
and Encumbrances disclosed on the Existing Title Policies (as defined herein),
the title reports listed in Schedule 2.9(a) to the JP Disclosure Letter or
existing surveys (true, complete and correct copies of which surveys have been
delivered to GGP and GGP Partnership) (provided, however, that ground leases and
mortgage indebtedness shall not be Permitted Title Exceptions unless
specifically noted on Schedules 2.9(f) and 2.5(b)(i) to the JP Disclosure
Letter), and (v) Liens for real estate Taxes not yet due and payable,
mechanics', carriers', workmen's, and repairmen's liens, if any, which,
individually or in the aggregate, do not materially detract from the value of or
materially interfere with the present use of any of the JP Properties subject
thereto or affected thereby. Schedule 2.9(a) to the JP Disclosure Letter lists
each of the JP Properties which are under development or substantial renovation
as of the date of this Agreement and describes generally the status of such
development or renovation as of the date hereof.

     (b) Schedule 2.9(b) to the JP Disclosure Letter sets forth a list of
policies of title insurance (the "Existing Title Policies") that have been
issued insuring the applicable JP Subsidiary's fee simple title or leasehold
estate, as the case may be, to the JP Properties owned by it. True, complete and
correct copies of such policies have been provided or made available to GGP.
Such policies are, at the date hereof, in full force and effect. Except as
provided in Schedule 2.9(b) to the JP Disclosure Letter, no claim has been made
against any such policy.

     (c) Except as provided in Schedule 2.9(c) to the JP Disclosure Letter, JP
has received no written notice and otherwise has no Knowledge (i) that any
certificate, permit or license from any Governmental Entity having jurisdiction
over any of the JP Properties, or any agreement, easement or other right, which
is in either case necessary, in any material respect, to permit the lawful use
and operation of the buildings and improvements on any of the JP Properties or
which is necessary, in any material respect, to permit the lawful use and
operation of all driveways, roads and other means of egress and ingress to and
from any of the JP Properties, has not been obtained or is not in full force and
effect, or of any pending threat of modification or cancellation of any of the
same which would have a material adverse effect on such JP Property, or (ii) of
any violation of any federal, state or municipal law,


                                       15


ordinance, order, regulation or requirement affecting any of the JP Properties
issued by any Governmental Entity which would have a material adverse effect on
such JP Property.

     (d) Neither JP nor any JP Subsidiary has received any written or published
notice to the effect that (i) any condemnation or rezoning proceedings are
pending or threatened with respect to any of the JP Properties or (ii) any
zoning, building or similar law, code, ordinance, order or regulation is or will
be violated by the continued maintenance, operation or use of any buildings or
other improvements on any of the JP Properties or by the continued maintenance,
operation or use of the parking areas which would have a material adverse effect
on such Property.

     (e) Schedule 2.9(e) sets forth the rent rolls for each JP Property, which
rent rolls are not dated earlier than December 31, 2001 (the "JP Rent Roll"). JP
has made available to GGP and GGP Partnership true, complete and correct copies
of all JP Space Leases as defined herein, including all amendments,
modifications, supplements, renewals, extensions and guarantees related thereto,
as of the date hereof. "JP Space Lease" means each lease or other right of
occupancy affecting or relating to a property in which JP, PDC LP or any other
JP Subsidiary (or an entity in which any of the foregoing directly or indirectly
has an interest) is the landlord, either pursuant to the terms of the lease
agreement or as successor to any prior landlord, but excluding any Ground Lease
(as defined herein) and excluding any lease, license or occupancy agreement with
a term of less than 6 months and/or terminable upon not more than 30 days
notice. Except for discrepancies that, either individually or in the aggregate,
would not have a material adverse effect on the applicable JP Property, all
information set forth in the JP Rent Roll is true, complete and correct as of
the date thereof. Except as set forth in a delinquency report made available to
GGP and GGP Partnership, none of JP or any JP Subsidiary, on the one hand, nor,
to the Knowledge of JP, any other party, on the other hand, is in default
(whether monetary or non-monetary) under any JP Space Lease, except for such
defaults that individually or in the aggregate, would not have a JP Material
Adverse Effect.

     (f) With regard to any JP Property where JP or any JP Subsidiary holds a
leasehold estate or is the lessor under any ground lease (a "Ground Lease"),
each such Ground Lease (and whether JP or such JP Subsidiary is lessor or lessee
with respect thereto) is identified on Schedule 2.9(f) to the JP Disclosure
Letter and JP has provided to GGP and GGP Partnership true, complete and correct
copies of all Ground Leases, including all amendments, modifications,
supplements, renewals, extensions and guaranties related thereto, as of the date
hereof. Each Ground Lease is a valid and subsisting lease and none of JP or any
JP Subsidiary, on the one hand, nor, to the Knowledge of JP, none of the other
parties under the Ground Lease, on the other hand, is in default under any terms
thereunder, except for such defaults that, individually or in the aggregate,
would not have a JP Material Adverse Effect.

     (g) With regard to any JP Property where JP or any JP Subsidiary is a party
to a reciprocal easement agreement, operating agreement or similar agreement
imposing obligations on, and granting rights to, a JP Property and an adjacent
property owned by a third party (any such agreement, a "REA"), each such REA is
identified on Schedule 2.9(g) to the JP Disclosure Letter and JP has provided to
GGP and GGP Partnership true, complete and correct copies of all REAs, including
all amendments, modifications, supplements, renewals, extensions and guaranties
related thereto, as of the date hereof. Each REA is a valid agreement and none
of JP or any JP Subsidiary, on the one hand, nor, to the Knowledge of JP, any
other party to a REA, on the other hand, is in default under any terms
thereunder, except for such defaults that, individually or in the aggregate,
would not have a JP Material Adverse Effect.

     (h) To the Knowledge of JP, there are no pending threats of modification or
cancellation of any Property Permits that, individually or in the aggregate,
would have a material adverse effect on the JP Property for which such Property
Permits are required, and no Property Permit for any JP


                                       16


Property will cease to be effective as a result of the consummation of
transactions contemplated by this Agreement which would have a material adverse
effect on such JP Property.

     (i) Schedule 2.9(i) to the JP Disclosure Letter contains a true, complete
and correct list, by type of insurance, carrier, coverages (including limits)
and term, of all material policies of casualty, liability and other types of
insurance (except title insurance) carried by JP or any JP Subsidiary, as
applicable, with respect to the JP Properties. All such policies are in full
force and effect and none of JP or any JP Subsidiary, as applicable, has
received from any insurance company notice of any material defects or
deficiencies affecting the insurability of JP or any JP Subsidiary, as
applicable, or any of their respective assets thereunder, including the JP
Properties.

     2.10 Environmental Matters.

     (a) "Environmental Law" shall mean all applicable Laws, including any
plans, other criteria, or guidelines promulgated pursuant to such Laws, relating
to the protection of human health, safety and natural resources, animal health
or welfare or the environment, including, without limitation, Laws relating to
the use, manufacturing, production, generation, installation, recycling, reuse,
sale, storage, handling, transport, treatment, release, threatened release or
disposal of any Hazardous Materials (including the Comprehensive Environmental
Response, Compensation, and Liability Act, as amended, 42 U.S.C. ss.ss. 9601 et
seq. ("CERCLA")). "Hazardous Materials" shall mean substances, wastes, radiation
or materials (whether solids, liquids or gases) (i) which are hazardous, toxic,
infectious, explosive, radioactive, carcinogenic, or mutagenic, (ii) which are
listed, regulated or defined under any Environmental Law, and shall include
"hazardous wastes," "hazardous substances," "hazardous materials," "pollutants,"
"contaminants," "toxic substances," "radioactive materials" or "solid wastes,"
(iii) which contain without limitation polychlorinated biphenyls (PCBs),
asbestos or asbestos-containing materials, lead-based paints, urea-formaldehyde
foam insulation, or petroleum or petroleum products (including, without
limitation, crude oil or any fraction thereof) or (v) which pose a hazard to
human health, safety, natural resources, industrial hygiene, or the environment.
"Release" shall have the meaning set forth in Section 101 of CERCLA, without
regard to the exclusions set forth therein.

     (b) Except as disclosed in the JP SEC Documents or in Schedule 2.10(b) to
the JP Disclosure Letter or in the environmental audits or reports listed
thereon,

          (i) none of JP, any of the JP Subsidiaries or, to JP's Knowledge, any
     other Person has caused or permitted the presence of any Hazardous
     Materials at, on or under any of the JP Properties and JP does not have any
     Knowledge of the presence of any Hazardous Materials at, on or under any of
     the JP Properties, such that the presence of such Hazardous Materials
     (including the presence of asbestos in any buildings or improvements at the
     JP Properties) would, individually or in the aggregate, reasonably be
     expected to have a JP Material Adverse Effect;

          (ii) except in accordance with the Environmental Permits (as defined
     herein), to the Knowledge of JP, there have been no Releases of Hazardous
     Materials at, on, under or from (A) the JP Properties or (B) any real
     property previously owned, operated or leased by JP or the JP Subsidiaries
     (the "Former JP Properties"), in the case of (B), during the period of JP's
     or a JP Subsidiary's ownership, operation or tenancy, which with respect to
     any such Releases as described in this clause (ii) would, individually or
     in the aggregate, reasonably be expected to have a JP Material Adverse
     Effect;

          (iii) JP and the JP Subsidiaries have not received any written notice
     that any of them has failed to comply with Environmental Laws, or has any
     liability under the


                                       17


     Environmental Laws, except to the extent that such failures to comply and
     liabilities, individually or in the aggregate, would not reasonably be
     expected to have a JP Material Adverse Effect; and

          (iv) JP and the JP Subsidiaries have been duly issued, and currently
     have and will maintain through the Closing Date, all permits, licenses,
     certificates and approvals required under any Environmental Law
     (collectively, the "Environmental Permits") to operate their businesses as
     currently operated except where the failure to obtain and maintain such
     Environmental Permits would not, individually or in the aggregate,
     reasonably be expected to have a JP Material Adverse Effect. JP and the JP
     Subsidiaries have timely filed applications for all Environmental Permits,
     except where failure to do so would not have a JP Material Adverse Effect.

     (c) JP has previously delivered or made available to GGP true, complete and
correct copies of all material third party reports, including, without
limitation, environmental site assessment reports and environmental
investigations and testing or analysis that are dated within 5 years of the date
of this Agreement and are, to the Knowledge of JP, in the possession or control
of JP or any of the JP Subsidiaries and which relate to the presence or release
of Hazardous Materials, or any non-compliance with Environmental Laws by any of
them.

     2.11 Related Party Transactions. Set forth in Schedule 2.11 to the JP
Disclosure Letter is a list of all material arrangements, agreements and
contracts entered into by JP or any JP Subsidiary with (a) any investment banker
or financial advisor, or (b) any Person who is an officer, director or Affiliate
(as defined herein) of JP, any JP Subsidiary, any relative of any of the
foregoing, or any entity of which any of the foregoing is an Affiliate or (c)
any Person who acquired JP Common Stock, Price Group Stock or PDC OP Units, in
each case, which remain in effect. True, complete and correct copies of all of
such documents have previously been delivered or made available to JP, and are
listed in Schedule 2.11 to the JP Disclosure Letter. As used in this Agreement,
the term "Affiliate" shall have the same meaning as such term is defined in Rule
405 promulgated under the Securities Act.

     2.12 Employee Benefits. As used herein, the term "Employee Plan" includes
any pension, retirement, savings, disability, medical, dental, health, life,
death benefit, group insurance, fringe benefit, profit sharing, deferred
compensation, stock option or grant, bonus, incentive, vacation pay, tuition
reimbursement, severance pay, or other employee benefit plan, trust, agreement,
contract, policy or commitment (including, without limitation, any pension plan,
as defined in Section 3(2) of the Employee Retirement Income Security Act of
1974, as amended, and the rules and regulations promulgated thereunder ("ERISA")
("Pension Plan"), and any welfare plan as defined in Section 3(1) of ERISA
("Welfare Plan")), whether any of the foregoing is funded, insured or
self-funded, written or oral, (i) sponsored or maintained by JP, any JP
Subsidiary or any entity that presently would be deemed to be a single employer
with JP or any JP Subsidiary under Section 414(b), (c), (m) or (o) of the Code
(each, a "Controlled Group Member") and covering any Controlled Group Member's
active or former employees (or their beneficiaries), (ii) to which any
Controlled Group Member is a party or by which any Controlled Group Member (or
any of the rights, properties or assets thereof) is bound or (iii) with respect
to which any Controlled Group Member may otherwise have any material liability
(whether or not such Controlled Group Member still maintains such Employee
Plan). Each Employee Plan is listed on Schedule 2.12 to the JP Disclosure
Letter. Except as disclosed in Schedule 2.12 to the JP Disclosure Letter, with
respect to the Employee Plans:

     (a) No Controlled Group Member has any liability under any Welfare Plan or
otherwise for continuing benefits or coverage for any participant or any spouse
or beneficiary of a participant after such participant's termination of
employment, except as may be required by Section


                                       18


4980B of the Internal Revenue Code of 1986, as amended (the "Code"),  or Section
601 (et seq.) of ERISA, or under any applicable state law.

     (b) Each Employee Plan complies in all material respects with the
applicable requirements of ERISA and any other applicable law governing such
Employee Plan, and each Employee Plan has at all times been properly
administered in all material respects in accordance with all such requirements
of law, and in accordance with its terms and the terms of any applicable
collective bargaining agreement to the extent consistent with all such
requirements of law. Each Pension Plan which is intended to be qualified under
Section 401(a) of the Code ("Qualified Pension Plan") has received a favorable
determination letter from the IRS stating that such Plan meets the requirements
of Section 401(a) of the Code and that the trust associated with such Plan, if
any, is tax-exempt under Section 501(a) of the Code and no event has occurred
which would reasonably be expected to jeopardize the qualified status of any
such plan or the tax exempt status of any such trust under Sections 401(a) and
Section 501(a) of the Code, respectively. Each Qualified Pension Plan has been
or will be timely amended for the requirements of the tax legislation commonly
known as "GUST" and will be submitted to the Internal Revenue Service for a
favorable determination letter within the remedial amendment period prescribed
by "GUST." None of the Employee Plans is a multiple employer plan subject to
Section 413(c) of the Code or a multiple employer welfare arrangement as defined
in Section 3(40) of ERISA. None of the Employee Plans is currently subject to an
audit, investigation or review by a Governmental Entity pursuant to a voluntary
compliance program or otherwise. No lawsuits, claims (other than routine claims
for benefits) or complaints to, or by, any Person or Governmental Entity have
been filed, are pending or, to the Knowledge of JP, are threatened with respect
to any Employee Plan and, to the Knowledge of JP, there is no fact or
contemplated event which would reasonably be expected to give rise to any such
lawsuit, claim (other than routine claims for benefits) or complaint with
respect to any Employee Plan. Without limiting the foregoing, the following are
true with respect to each Employee Plan:

          (i) all Controlled Group Members have complied in all material
     respects with the reporting and disclosure requirements of ERISA, the Code,
     or both, with respect to each Employee Plan and no Controlled Group Member
     has incurred any material liability in connection with such reporting or
     disclosure;

          (ii) all contributions and payments with respect to Employee Plans
     that are required to be made by a Controlled Group Member with respect to
     periods ending on or before the Closing Date (including periods from the
     first day of the current plan or policy year to the Closing Date) have
     been, or will be, made or accrued before the Closing Date in accordance
     with the appropriate plan document, actuarial report, collective bargaining
     agreements or insurance contracts or arrangements or as otherwise required
     by ERISA or the Code; and

          (iii) to the extent applicable, JP has delivered to GGP and GGP
     Partnership true, complete and correct copies of (A) plan documents, or any
     and all other documents that establish the existence of the plan, trust,
     arrangement, contract, policy or commitment and all amendments thereto, (B)
     the most recent determination letter, if any, received from the Internal
     Revenue Service, (C) the three most recent Form 5500 Annual Reports (and
     all schedules and reports relating thereto) and actuarial reports and (D)
     all related trust agreements, insurance contracts or other funding
     agreements that implement each such Employee Plan.

     (c) With respect to each Employee Plan there has not occurred, and no
Person is contractually bound to enter into, any prohibited transaction within
the meaning of Section 4975(c) of the Code or Section 406 of ERISA, which
transaction is not exempt under Section 4975(d) of the Code or Section 408 of
ERISA and which could subject JP or any Controlled Group Member to material
liability.


                                       19


     (d) No Controlled Group Member has ever maintained, participated in or been
obligated to contribute to any Pension Plan subject to Code Section 412 or Title
IV of ERISA, including without limitation, to a multiemployer plan as defined in
Section 3(37) of ERISA. No Controlled Group Member or any trade or business
which is or has been for the last six years under common control with a
Controlled Group Member under Section 414 of the Code or Section 4001(b) of
ERISA ("ERISA Affiliate") has (while under common control) incurred any
liability under Title IV of ERISA or Section 412 of the Code and no event or
condition exists with respect to a Pension Plan, including, without limitation,
a multiemployer plan as defined in Section 3(37) of ERISA which could give rise
to a lien on any of the assets of a Controlled Group Member or an ERISA
Affiliate.

     (e) With respect to each Welfare Plan maintained by any Controlled Group
Member, such Plan provides the Plan Sponsor the authority to amend or terminate
such Welfare Plan at any time, without liability after such amendment or
termination for continuation of benefits provided prior to such amendment or
termination.

     (f) Except as provided in Section 5.7(c), Section 5.7(e) or as disclosed in
Schedule 2.12 of the JP Disclosure Letter, no employee of a Controlled Group
Member will become entitled to any retirement, severance or similar benefit or
enhanced or accelerated benefit solely as a result of the transactions
contemplated hereby. Except as disclosed in Schedule 2.12 of the JP Disclosure
Letter, without limiting the generality of the foregoing, no amount required to
be paid or payable to or with respect to any employee of a Controlled Group
Member in connection with the transactions contemplated hereby (either solely as
a result thereof or as a result of such transactions in conjunction with any
other event) will be an "excess parachute payment" within the meaning of Section
280G of the Code.

     2.13 Employees; Employee Policies. A true, complete and correct list of (a)
the names, job titles, annual salaries and all bonuses of all salaried employees
of JP and the JP Subsidiaries, and (b) the wage rates for all non-salaried
employees of JP and the JP Subsidiaries as of the date hereof, and true,
complete and correct copies of all employee handbooks of JP and the JP
Subsidiaries currently in effect, have been provided to GGP and GGP Partnership
separately. None of JP or any of the JP Subsidiaries is subject to a union
organizing effort or a party to a union contract or collective bargaining
agreement. None of JP or any of the JP Subsidiaries is a party to any pending,
or to the Knowledge of JP, threatened labor dispute. JP and the JP Subsidiaries
are in material compliance with employment and labor laws. There are no claims
pending, or to the Knowledge of JP, threatened to be brought, in any court or
administrative agency or before any arbitrator by any former or current
employees of JP or the JP Subsidiaries (i) for compensation, severance benefits,
vacation pay or pension benefits or (ii) arising out of the status of JP or any
of the JP Subsidiaries as an employer, whether in the form of claims for
employment discrimination, harassment, unfair labor practices, grievances,
wrongful discharge or otherwise.

     2.14 Taxes.

     (a) Each of JP and the JP Subsidiaries (i) has filed all Tax returns and
reports required to be filed by it (after giving effect to any filing extension
properly granted by a Governmental Entity having authority to do so) and all
such returns and reports are accurate and complete in all material respects,
(ii) has paid (or JP has paid on its behalf) all Taxes (as defined herein) shown
on such returns and reports as required to be paid by it, and (iii) has complied
in all material respects with all applicable laws, rules and regulations
relating to the payment and withholding of Taxes (including, without limitation,
withholding of Taxes pursuant to Sections 1441, 1442, 1445, 3121, and 3402 of
the Code or similar provisions under any foreign laws) and has, within the time
period prescribed by law, withheld and paid over to the proper Governmental
Entities all amounts required to be so withheld and paid over under applicable
laws and regulations, except, with respect to all of the foregoing clauses
(a)(i), (a)(ii) and


                                       20


(a)(iii), where the failure to file such Tax returns and reports or failure to
pay such Taxes or failure to comply with such withholding requirements would
not, individually or in the aggregate, reasonably be expected to have a JP
Material Adverse Effect. The most recent audited financial statements contained
in the JP SEC Documents reflect an adequate reserve for all material Taxes
payable by JP and the JP Subsidiaries for all taxable periods and portions
thereof through the JP Financial Statement Date. Since the JP Financial
Statement Date, JP has incurred no liability for material Taxes under Sections
857(b), 860(c) or 4981 of the Code, including without limitation, any Tax
arising from a prohibited transaction described in Section 857(b)(6) of the
Code, and none of JP or any JP Subsidiary has incurred any material liability
for Taxes other than in the ordinary course of its trade or business and other
than transfer or similar Taxes arising in connection with the sales of property.
No event has occurred, and no condition or circumstance exists, which could
reasonably be expected to result in any Tax described in the preceding sentence
being imposed upon JP or any JP Subsidiary. None of JP or any JP Subsidiary is
the subject of any audit, examination, or other proceeding in respect of federal
income Taxes, and to JP's Knowledge, no audit, examination or other proceeding
in respect of federal income Taxes involving any of JP or any JP Subsidiary is
being considered by any Tax authority. To the Knowledge of JP, no deficiencies
for any Taxes have been proposed, asserted or assessed against JP or any JP
Subsidiary, and no requests for waivers of the time to assess any such Taxes are
pending. Except as set forth in Schedule 2.14 of the JP Disclosure Letter, none
of JP or any JP Subsidiary has made any payments, is obligated to make any
payments, or is a party to any agreement that could obligate it to make any
payments that are not fully deductible under Sections 162(m) or 280G of the
Code. None of the assets of JP or any JP Subsidiary is subject to any Lien
arising in connection with any failure or alleged failure to pay any Tax. As
used in this Agreement, "Taxes" shall include all taxes, charges, fees, levies
and other assessments, including, without limitation, income, gross receipts,
excise, property, sales, withholding (including, without limitation, dividend
withholding and withholding required pursuant to Sections 1445 and 1446 of the
Code), social security, occupation, use, service, license, payroll, franchise,
transfer and recording taxes, fees and charges, including estimated taxes,
imposed by the United States or any taxing authority (domestic or foreign),
whether computed on a separate, consolidated, unitary, combined or any other
basis, and any interest, fines, penalties or additional amounts attributable to,
or imposed upon, or with respect to any such taxes, charges, fees, levies or
other assessments.

     (b) JP (i) for all taxable years for which the Internal Revenue Service
could assert a tax liability, has been subject to taxation as a real estate
investment trust (a "REIT") within the meaning of Section 856 of the Code and
has satisfied all requirements to qualify as a REIT for all such years, (ii) has
operated since December 31, 2001 to the date of this representation, and will
continue to operate, in such a manner as to qualify as a REIT for the taxable
year ending on the earlier of December 31, 2002 or the Closing Date and, if
later, for the taxable year of JP ending on the Closing Date (provided that, for
purposes of applying Section 857 of the Code for the taxable year of JP ending
on the Closing Date, the earnings and profits of JP for such taxable year shall
be computed assuming that (A) Section 562(e) of the Code applies to the deemed
sale of JP's assets pursuant to the Merger and (B) that the Merger will be
treated for federal income tax purposes in the manner described in paragraph G
of the Recitals hereof), and (iii) has not taken or omitted to take any action
which would reasonably be expected to result in a challenge to its status as a
REIT and, to JP's Knowledge, no such challenge has been proposed, is pending or
threatened. Each JP Subsidiary which is a partnership, joint venture or limited
liability company has been since its formation and continues to be treated for
federal income tax purposes as a partnership or disregarded entity and not as a
corporation or an association taxable as a corporation. PDC LP is not a
publicly-traded partnership within the meaning of Section 7704(b) of the Code
that is taxable as a corporation pursuant to Section 7704(a) of the Code. Each
JP Subsidiary which is a corporation has been since its formation a qualified
REIT subsidiary under Section 856(i) of the Code. Neither JP nor any JP
Subsidiary holds any asset (x) the disposition of which would be subject to
rules similar to Section 1374 of the Code as a result of an election under IRS
Notice 88-19 or Temporary Treas. Reg. Sec. 1.337(d)-5T or (y) which is subject
to a consent filed pursuant to Section 341(f) of the Code and the regulations




                                       21


thereunder. JP does not own, directly or indirectly, any interest in any
"taxable REIT subsidiary," as that term is defined by Section 856(l) of the
Code.

     2.15 No Payments to Employees, Officers or Directors. Schedule 2.15 to the
JP Disclosure Letter contains a true, complete and correct list of all
arrangements, agreements or plans pursuant to which cash and non-cash payments
will become payable, and the maximum aggregate amount which may be payable
thereunder to each employee, officer or director of JP or any JP Subsidiary as a
result of the Mergers or a termination of service subsequent to the consummation
of the Mergers. Except as described in Schedule 2.15 to the JP Disclosure
Letter, or as otherwise provided for in this Agreement, there is no employment
or severance contract, or other agreement requiring payments, cancellation of
indebtedness or other obligation to be made on a change of control or otherwise
as a result of the consummation of any of the transactions contemplated by this
Agreement or as a result of a termination of service subsequent to the
consummation of any of the transactions contemplated by this Agreement, with
respect to any employee, officer or director of JP or any JP Subsidiary. There
is no agreement or arrangement with any employee, officer or other service
provider under which JP or any JP Subsidiary has agreed to pay any Tax that
might be owed under Section 4999 of the Code with respect to payments to such
individuals. Schedule 2.15 to the JP Disclosure Letter contains a true, complete
and correct list of each indemnification or similar agreement under which JP or
any JP Subsidiary has agreed to indemnify any current or former director,
officer, manager, trustee or employee of any such entity.

     2.16 Broker. Except as set forth in Schedule 2.16 to the JP Disclosure
Letter, no broker, investment banker, financial advisor or other Person is
entitled to any broker's, finder's, financial advisor's or other similar fee or
commission in connection with the transactions contemplated hereby based upon
arrangements made by or on behalf of JP or any JP Subsidiary.

     2.17 Compliance with Laws. Except as set forth on Schedule 2.17 to the JP
Disclosure Letter, none of JP or any JP Subsidiary has violated or failed to
comply with any Laws applicable to its business, properties or operations,
except to the extent that such violations and failures would not, individually
or in the aggregate, reasonably be expected to have a JP Material Adverse
Effect.

     2.18 Contracts; Debt Instruments.

     (a) None of JP or any JP Subsidiary has received a written notice that it
is in violation of or in default under any Material Contract, as defined herein,
to which it is a party or by which it or any of its properties or assets is
bound, nor to the Knowledge of JP does such a violation or default exist, except
to the extent that such violation or default, individually or in the aggregate,
would not reasonably be expected to have a JP Material Adverse Effect. For
purposes of this Agreement, "Material Contract" shall mean (i) any loan
agreement, indenture, note, bond, debenture or any other document or agreement
evidencing a capitalized lease obligation or other Indebtedness (as defined
herein) to any Person, (ii) each material instrument, contract or agreement
(exclusive of any JP Space Lease) entered into by JP or any JP Subsidiary which
may result in total payments by or liability of JP or any JP Subsidiary in
excess of $500,000, and (iii) any other agreements filed or required to be filed
as exhibits to the JP SEC Documents pursuant to Item 601(b)(10) of Regulation
S-K under the Securities Act and the Exchange Act. For purposes of this Section
2.18, "Indebtedness" shall mean (A) indebtedness for borrowed money, whether
secured or unsecured, (B) obligations under conditional sale or other title
retention agreements relating to property purchased by such Person, (C)
capitalized lease obligations, (D) obligations under interest rate cap, swap,
collar or similar transaction or currency hedging transactions (valued at the
termination value thereof) and (E) guarantees of any such indebtedness of any
other Person. Schedule 2.18(a) to the JP Disclosure Schedule sets forth a list
of each such Material Contract, which is not listed in any other subpart to the
JP Disclosure Schedule, and the outstanding principal balance of each component
of Indebtedness of JP, PDC LP and each other JP Subsidiary as of the date
specified in


                                       22


the schedule. JP and PDC LP, have not received any notice and otherwise do not
have Knowledge that any other party to any Material Contract is in default
(whether monetary or non-monetary) thereunder, other than such defaults that
individually or in the aggregate would not result in a JP Material Adverse
Effect.

     (b) To the extent not set forth in response to the requirements of Section
2.18(a), Schedule 2.18(b) to the JP Disclosure Letter sets forth each interest
rate cap, interest rate collar, interest rate swap, currency hedging
transaction, and any other agreement relating to a similar transaction to which
JP or any JP Subsidiary is a party or an obligor with respect thereto, true,
complete and correct copies of which have been previously delivered or made
available to GGP and GGP Partnership. There are no loans by JP or a JP
Subsidiary to any non wholly-owned JP Subsidiary except as set forth on Schedule
2.18(b) to the JP Disclosure Letter (which Schedule indicates the outstanding
amount of Indebtedness as of the date hereof).

     (c) Except as set forth in Schedule 2.18(c) to the JP Disclosure Letter,
none of JP or any JP Subsidiary is a party to any agreement relating to the
management of any JP Property by any Person other than JP or a JP Subsidiary.

     (d) None of JP or any JP Subsidiary is a party to any agreement pursuant to
which JP or any JP Subsidiary manages or provides services with respect to any
real properties other than JP Properties, except for the agreements described in
Schedule 2.18(d) to the JP Disclosure Letter, true, complete and correct copies
of which have been delivered to GGP.

     (e) JP has delivered to GGP and GGP Partnership prior to the date of this
Agreement a true, complete and correct capital budget for the year 2002 relating
to budgeted capital improvements and development. Schedule 2.18(e) to the JP
Disclosure Letter lists all material agreements entered into by JP or each of
the JP Subsidiaries relating to the development or construction of, or additions
or expansions to, any JP Properties (or any properties with respect to which JP
has executed as of the date of this Agreement a purchase agreement or other
similar agreement) which are currently in effect and under which JP or any of
the JP Subsidiaries currently has, or expects to incur, an obligation in excess
of $250,000 in the aggregate. True, complete and correct copies of such
agreements have previously been delivered or made available to GGP and GGP
Partnership.

     (f) Schedule 2.18(f) to the JP Disclosure Letter lists all agreements
entered into by JP or any JP Subsidiary providing for the sale of, or option to
sell, any JP Properties or the purchase of, or option to purchase, by JP or any
JP Subsidiary, on the one hand, or the other party thereto, on the other hand,
any real estate which are currently in effect.

     (g) Except as set forth in Schedule 2.18(g) to the JP Disclosure Letter,
none of JP or any JP Subsidiary has any material continuing contractual
liability (A) for indemnification or otherwise under any agreement relating to
the sale of real estate previously owned, whether directly or indirectly, by JP
or any JP Subsidiary or (B) to pay any additional purchase price for any of the
JP Properties.

     (h) Except as set forth in Schedule 2.18(h) to the JP Disclosure Letter,
none of JP or any JP Subsidiary has entered into or is subject, directly or
indirectly, to any Tax Protection Agreements. As used herein, a "Tax Protection
Agreement" is an agreement, oral or written, (i) that has as one of its purposes
to permit a Person to take the position that such Person could defer federal
taxable income that otherwise might have been recognized upon a transfer of
property to PDC LP or any other JP Subsidiary that is treated as a partnership
for federal income tax purposes, and that (A) prohibits or restricts in any
manner the disposition of any assets of JP or any JP Subsidiary, (B) requires
that JP or any JP Subsidiary maintain, or put in place, or replace,
indebtedness, whether or not secured by one or more of the JP


                                       23


Properties, or (C) requires that JP or any JP Subsidiary offer to any Person at
any time the opportunity to guarantee or otherwise assume, directly or
indirectly (including, without limitation, through a deficit restoration
obligation, indemnification agreement or other similar arrangement), the risk of
loss for federal income tax purposes for indebtedness or other liabilities of JP
or any JP Subsidiary, (ii) that specifies or relates to a method of taking into
account book-tax disparities under Section 704(c) of the Code with respect to
one or more assets of JP or a JP Subsidiary, or (iii) that requires a particular
method for allocating one or more liabilities of JP or a JP Subsidiary under
Section 752 of the Code. None of JP or any JP Subsidiary is in violation of or
in default under any Tax Protection Agreement.

     (i) Except as set forth in Schedule 2.18(i) to the JP Disclosure Letter and
except for the Nondisclosure Agreement, dated January 31, 2002, between JP and
GGP (the "Confidentiality Agreement"), and other confidentiality agreements
entered into in the ordinary course of business, neither JP nor any JP
Subsidiary is a party to any confidentiality, standstill, lock-up or voting
agreement.

     (j) Other than any breach which, individually or in the aggregate, would
not have a JP Material Adverse Effect, none of JP, PDC LP or any other JP
Subsidiary is in breach of any provision of any agreement, document or contract
relating to the capital stock or other equity interests of a non-wholly-owned JP
Subsidiary, all of which agreements, documents and contracts are (a) listed in
Schedule 2.18(j) to the JP Disclosure Letter, (b) unmodified except as described
therein and (c) in full force and effect. To the Knowledge of JP, the other
parties to any such agreement, document or contract which is of a material
nature are not in material breach of any of their respective obligations under
such agreements, documents or contracts.

     2.19 Opinion of Financial Advisor. JP has received the written opinion of
UBS Warburg LLC, JP's financial advisor, to the effect that the proposed
consideration to be received by the holders of JP Common Stock is fair to such
holders from a financial point of view.

     2.20 State Takeover Statutes; JP Rights Plan; Ownership Limits. JP has
taken all action necessary to exempt the transactions contemplated by this
Agreement (including the actions and transactions contemplated by the Voting
Agreement) from the operation of any "fair price," "moratorium," "control share
acquisition" or any other anti-takeover statute or similar statute enacted under
the laws of the State of Maryland, the State of Delaware or federal laws of the
United States or similar statute or regulation (a "Takeover Statute") and the
limitations imposed by Article IX of the JP Articles. The Board of Directors of
JP has resolved to, and prior to the Closing, JP shall, take all action
necessary to render the rights (the "JP Rights") issued and/or outstanding under
or pursuant to the terms of the Amended and Restated Rights Agreement, dated as
of January 13, 2001, as amended, between JP and Mellon Investor Services LLC, as
rights agent (the "JP Rights Agreement"), inapplicable to the Mergers, this
Agreement and the other transactions contemplated hereby (including the actions
and transactions contemplated by the Voting Agreement).

     2.21 Investment Company Act of 1940. None of JP or any JP Subsidiary is, or
at the Effective Time will be, required to be registered under the Investment
Company Act of 1940, as amended (the "1940 Act").

     2.22 Definition of Knowledge of JP. As used in this Agreement, the phrase
"Knowledge of JP" (or words of similar import) means the actual (and not
constructive or imputed) knowledge of those individuals identified in Schedule
2.22 to the JP Disclosure Letter.

     2.23 Required Stockholder Approvals and Partner Approvals. The affirmative
vote of the holders of at least a majority of the outstanding shares of JP
Common Stock and Price Group Stock, voting together as a single class with
respect to the Merger, is the only vote or consent of the holders of


                                       24


any class or series of JP capital stock necessary or required under this
Agreement, the JP Articles, JP Bylaws or applicable law to approve the Mergers,
this Agreement and the transactions contemplated hereby. The affirmative vote or
consent of JP, in its capacity as the general partner of PDC LP, and the holders
of PDC OP Units as described on Schedule 2.5 to the JP Disclosure Letter are the
only votes or consents of the holders of any class or series of PDC LP's
partnership interests necessary or required under this Agreement, the PDC LP
Agreement, any other agreement or applicable law to approve the Mergers, this
Agreement, the PDC LP Amendment and the transactions contemplated hereby. By
virtue of executing this Agreement, JP, in its capacity as general partner,
shall be deemed to have approved the matters described in the second sentence of
this Section 2.23.

     2.24 Intellectual Property. JP and each JP Subsidiary, as applicable own,
or are licensees of or otherwise possess legally enforceable rights to use, all
material patents, trademarks, trade names, domain names, service marks and
copyrights, any applications for and registrations of such patents, trademarks,
trade names, domain names, service marks and copyrights, and all processes,
formulae, methods, schematics, technology, know-how, computer software programs
or applications and tangible or intangible proprietary information or material
that are used or necessary to conduct their business as currently conducted,
except where the failure to own, be so licensed or otherwise possess,
individually or in the aggregate, would not have a JP Material Adverse Effect.

                                    ARTICLE 3

                     REPRESENTATIONS AND WARRANTIES OF GGP,
                         GGP PARTNERSHIP AND ACQUISITION

     Except as set forth in the GGP SEC Documents (as defined herein) or in the
letter of even date herewith signed by a duly authorized representative of GGP
and delivered to JP prior to the execution hereof (the "GGP Disclosure Letter"),
GGP, GGP Partnership and Acquisition jointly and severally represent and warrant
to JP as follows:

     3.1 Organization,  Standing and Power of GGP, GGP Partnership,  Acquisition
and Partnership Acquisition.

     (a) GGP is a Delaware corporation duly organized, validly existing and in
good standing under the laws of Delaware and has the requisite power and
authority to own, operate, lease and encumber its properties and carry on its
business as now being conducted. GGP is duly qualified or licensed to do
business as a foreign corporation and is in good standing in each jurisdiction
in which the nature of its business or the ownership or leasing of its
properties makes such qualification or licensing necessary, other than in such
jurisdictions where the failure to be so qualified or licensed, individually or
in the aggregate, would not reasonably be expected to have an GGP Material
Adverse Effect, as defined herein. GGP has made available to JP complete and
correct copies of the charter and by-laws of GGP, in each case, as amended or
supplemented to the date of this Agreement (respectively, the "GGP Charter" and
"GGP Bylaws").

     (b) GGP Partnership is a limited partnership duly organized, validly
existing and in good standing under the laws of Delaware and has the requisite
power and authority to own, operate, lease and encumber its properties and carry
on its business as now being conducted. GGP Partnership is duly qualified or
licensed to do business as a foreign limited partnership and is in good standing
in each jurisdiction in which the nature of its business or the ownership or
leasing of its properties makes such qualification or licensing necessary, other
than in such jurisdictions where the failure to be so qualified or licensed,
individually or in the aggregate, would not reasonably be expected to have a GGP
Material Adverse Effect, as defined herein. As used in this Agreement, a "GGP
Material Adverse Effect" means


                                       25


any circumstance, event, occurrence, change or effect that is materially adverse
to the business, properties, assets (tangible or intangible), financial
condition or results of operations of GGP, GGP Partnership and any Subsidiary of
GGP or GGP Partnership (collectively, "GGP Subsidiaries"), taken as a whole,
except, in each case, as a result of (i) changes in general economic conditions
nationally or regionally, (ii) changes affecting the real estate industry
generally which do not affect GGP or GGP Partnership, as the case may be,
materially disproportionately relative to other participants in the real estate
industry similarly situated, or (iii) in and of itself and without the
occurrence of any other GGP Material Adverse Effect, changes in the trading
prices of GGP Common Stock or GGP Preferred Stock (as defined herein). All
partnership interests in GGP Partnership have been duly authorized and are
validly issued and outstanding. GGP Partnership has made available to JP
complete and correct copies of its Second Amended and Restated Agreement of
Limited Partnership of GGP Partnership, as amended to the date of this Agreement
(the "GGP Partnership Agreement"), which is the partnership agreement of GGP
Partnership in effect as of the date hereof.

     (c) Acquisition is a Delaware limited liability company duly organized,
validly existing and in good standing under the laws of Delaware and has the
requisite power and authority to own, operate, lease and encumber its properties
and carry on its business as now being conducted. Acquisition is duly qualified
or licensed to do business as a foreign limited liability company and is in good
standing in each jurisdiction in which the nature of its business or the
ownership or leasing of its properties makes such qualification or licensing
necessary, other than in such jurisdictions where the failure to be so qualified
or licensed, individually or in the aggregate, would not reasonably be expected
to have a GGP Material Adverse Effect. GGP and GGP Partnership have made
available to JP complete and correct copies of the organizational documents of
Acquisition.

     (d) Partnership Acquisition is a Maryland limited liability company duly
organized, validly existing and in good standing under the laws of Maryland and
has the requisite power and authority to own, operate, lease and encumber its
properties and carry on its business as now being conducted. Partnership
Acquisition is duly qualified or licensed to do business as a foreign limited
liability company and is in good standing in each jurisdiction in which the
nature of its business or the ownership or leasing of its properties makes such
qualification or licensing necessary, other than in such jurisdictions where the
failure to be so qualified or licensed, individually or in the aggregate, would
not reasonably be expected to have an GGP Material Adverse Effect. GGP and GGP
Partnership have made available to JP complete and correct copies of the
organizational documents of Partnership Acquisition.

     3.2 Capital Stock.

     (a) As of February 22, 2002, the authorized shares of capital stock of GGP
consist of: (i) 5,000,000 shares of preferred stock, $100 par value per share,
of which (A) 345,000 shares have been designated 7.25% Preferred Income Equity
Redeemable Stock (the "GGP Series A Preferred Stock"), 337,500 of which are
outstanding, (B) 175,000 shares have been designated 8.95% Cumulative Redeemable
Preferred Stock, Series B (the "GGP Series B Preferred Stock"), none of which
are outstanding, and (C) 100,000 shares have been designated Series A Junior
Participating Preferred Stock (the "GGP Series A Junior Preferred Stock"), none
of which are outstanding, and (ii) 210,000,000 shares of Common Stock, par value
$.10 per share ("GGP Common Stock"), of which 61,989,803 are outstanding. The
GGP Series A Preferred Stock, the GGP Series B Preferred Stock and GGP Series A
Junior Preferred Stock are referred to herein collectively as the "GGP Preferred
Stock").

     (b) As of December 31, 2001, 81,327,739.0515 non-preferred units of limited
partnership in GGP Partnership (the "GGP Common OP Units") and 337,500 7.25%
Series A Cumulative Redeemable Preferred Units in GGP Partnership (the "GGP
Series A Preferred OP Units" and, together with the GGP Common OP Units and the
GGP Series B Preferred OP Units described in clause (c), the


                                       26


"GGP OP Units") are issued and outstanding, fully paid and non-assessable and
not subject to preemptive or similar rights under law or the GGP Partnership
Agreement or any contract or instrument to which GGP or GGP Partnership is a
party or by which either is bound, of which 61,755,246.1942 GGP Partnership
Common OP Units and all of the GGP Partnership Series A Preferred Units are
owned by GGP.

     (c) As of the date of this Agreement, except as set forth above in Section
3.2(a) and 3.2(b) or in the GGP SEC Documents, no GGP OP Units, GGP Common
Stock, shares of any series of GGP Preferred Stock or other voting securities of
GGP Partnership or GGP were issued, reserved for issuance or outstanding. All
outstanding GGP Partnership OP Units, shares of GGP Common Stock, and shares of
GGP Preferred Stock are duly authorized, validly issued, fully paid and
nonassessable and not subject to preemptive rights. The GGP Series B Preferred
OP Units to be issued in the Partnership Merger and the securities to be issued
upon conversion or exchange of such units have been or will be, as the case may
be, when issued, duly authorized by all necessary corporate or partnership
action and upon issuance of such GGP Series B Preferred OP Units or such
securities to be issued upon conversion or exchange of such GGP Series B
Preferred OP Units, the relevant security will be duly authorized, validly
issued, fully paid and nonassessable and not subject to preemptive rights, and
the holders will be entitled to the full rights associated with such securities
as holders under the applicable organizational documents.

     3.3 Authority; Noncontravention; Consents.

     (a) Each of GGP, GGP Partnership, Acquisition and Partnership Acquisition
has the requisite power and authority to enter into this Agreement and the
Related Agreements (as herein defined) and to consummate the transactions
contemplated hereby and thereby. The execution and delivery of this Agreement
and the Related Agreements by GGP, GGP Partnership, Acquisition and Partnership
Acquisition and the consummation by GGP, GGP Partnership, Acquisition and
Partnership Acquisition of the transactions contemplated by this Agreement and
the Related Agreements to which any of GGP, GGP Partnership, Acquisition or
Partnership Acquisition is a party have been (or, in the case of the
Certificates of Designation relating to the GGP Series C Preferred Stock, GGP
Series D Preferred Stock, GGP Series E Preferred Stock, GGP Series F Preferred
Stock and GGP Series G Preferred Stock and the Amendment to the GGP Partnership
Agreement creating the GGP Series B Preferred Units, will be, prior to the
Closing) duly authorized by all necessary action on the part of GGP, GGP
Partnership, Acquisition and Partnership Acquisition. This Agreement has been,
and at the Effective Time each Related Agreement will be, duly executed and
delivered by each of the foregoing which is a party thereto and constitute or
will constitute valid and binding obligations of GGP, GGP Partnership,
Acquisition and Partnership Acquisition, as applicable, enforceable against GGP,
GGP Partnership, Acquisition and Partnership Acquisition, as applicable, in
accordance with and subject to their respective terms, subject to applicable
bankruptcy, insolvency, moratorium or other similar laws relating to creditors'
rights and general principles of equity. GGP Partnership will obtain prior to
the Closing the requisite approval of the holders of GGP OP Units to the
amendment of the GGP Partnership Agreement for the purpose of creating the new
GGP Series B Preferred OP Units to the extent such approval is required. No
other consent of any holder of capital stock of GGP or partner interest in GGP
Partnership is required in connection with the Mergers or any of the
transactions contemplated by this Agreement.

     (b) The execution and delivery of this Agreement and/or the Related
Agreements by GGP, GGP Partnership, Acquisition and Partnership Acquisition do
not, and the consummation of the transactions contemplated by this Agreement
and/or the Related Agreements to which any of GGP, GGP Partnership, Acquisition
or Partnership Acquisition is a party and compliance by GGP, GGP Partnership,
Acquisition or Partnership Acquisition with the provisions of this Agreement
and/or the Related Agreements will not, conflict with, or result in any
violation of or default (with or without notice or lapse of time, or both)
under, or give rise to a right of termination, cancellation or acceleration of
any material


                                       27


obligation or to loss of a material benefit under, or give rise to a right of
purchase under, or result in the creation of any Lien upon any of the properties
or assets of GGP, GGP Partnership or any GGP Subsidiary under, require the
consent or approval of any third party lender or otherwise result in a material
detriment to GGP, GGP Partnership, Acquisition, Partnership Acquisition or any
other GGP Subsidiary under, any provision of (i) the GGP Charter or Bylaws, the
GGP Partnership Agreement or the comparable charter or organizational documents
or partnership, operating or similar agreement (as the case may be) of GGP or
any GGP Subsidiary, each as amended or supplemented to the date of this
Agreement, (ii) any Material Contract applicable to GGP, GGP Partnership,
Acquisition, Partnership Acquisition or any other GGP Subsidiary, the respective
properties or assets of GGP Partnership, or (iii) subject to the governmental
filings and other matters referred to in the following sentence, any Laws
applicable to GGP, GGP Partnership or any GGP Subsidiary or their respective
properties or assets, other than, in the case of clause (ii) or (iii), any such
conflicts, violations, defaults, rights, losses or Liens that, individually or
in the aggregate, would not (x) reasonably be expected to have a GGP Material
Adverse Effect or (y) prevent or delay the consummation of the transactions
contemplated by this Agreement. No consent, approval, order or authorization of,
or registration, declaration or filing with, any Governmental Entity is required
by or with respect to GGP, GGP Partnership or any GGP Subsidiary in connection
with the execution and delivery of this Agreement or the consummation by GGP or
GGP Partnership of any of the transactions contemplated by this Agreement,
except for (i) the filing and acceptance for record of the Maryland Articles of
Merger by the Department, (ii) the filing and acceptance for record of the
Delaware Certificate of Merger with the Secretary of State, (iii) the filing and
acceptance for record of the Maryland Articles of Partnership Merger by the
Department, (iv) such filings as may be required in connection with the payment
of any Transfer and Gains Taxes, (v) such filings as may be required pursuant to
the Exchange Act with respect to the Voting Agreement, (vi) the filing of the
Form D relating to the private placement of the GGP Series B Preferred OP Units
with the SEC, (vii) the filing and acceptance for record of the Certificates of
Designation contemplated by Exhibits I, J, K and L with the Secretary of State,
and (viii) such other consents, approvals, orders, authorizations,
registrations, declarations and filings (A) as are set forth in Schedule 3.3(b)
to the GGP Disclosure Letter or (B) as may be required under (x) federal, state
or local environmental laws or (y) the blue sky laws of various states, to the
extent applicable, or (C) which, if not obtained or made, individually or in the
aggregate, would not prevent or delay in any material respect the consummation
of any of the transactions contemplated by this Agreement or otherwise prevent
GGP and GGP Partnership from performing their obligations under this Agreement
in any material respect or reasonably be expected to have, individually or in
the aggregate, a GGP Material Adverse Effect.

     3.4 Litigation. There is no suit, action or proceeding pending (in which
service of process has been received by an employee of GGP or an GGP
Subsidiary), or, to the Knowledge of GGP, GGP Partnership, Acquisition or
Partnership Acquisition, threatened against or affecting GGP, GGP Partnership,
Acquisition, Partnership Acquisition or any other GGP Subsidiary that would be
reasonably likely to prevent the consummation of the transactions contemplated
by this Agreement.

     3.5 Interim Operations of Acquisition and Partnership Acquisition. Each of
Acquisition and Partnership Acquisition was formed solely for the purpose of
engaging in the transactions contemplated hereby and, as of the Closing Date and
as of the Effective Time, except for obligations or liabilities incurred in
connection with its incorporation or organization and the transactions,
agreements and arrangements contemplated by this Agreement, has engaged in no
business or activities, has incurred no other obligations or liabilities, and
has no assets other than in connection with the transactions, agreements and
arrangements contemplated by this Agreement.

     3.6  Capital  Resources.  GGP and GGP  Partnership  will have  prior to the
Closing  amounts  available  under  credit  facilities,   which,  together  with
available cash and marketable securities, will be


                                       28


sufficient to fully fund the cash consideration requirement for the Merger, the
Partnership Merger, and the other transactions contemplated by this Agreement
(the "Required Funding").

     3.7 GGP SEC Documents; Information Supplied.

     (a) GGP has filed all required reports, schedules, forms, statements and
other documents with the SEC since January 1, 1997 through the date hereof
(collectively, the "GGP SEC Documents"). All of the GGP SEC Documents (other
than preliminary material), as of their respective filing dates, complied in all
material respects with all applicable requirements of the Securities Act and the
Exchange Act and, in each case, the rules and regulations promulgated thereunder
applicable to such GGP SEC Documents. None of the GGP SEC Documents at the time
of filing contained any untrue statement of a material fact or omitted to state
any material fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which they were
made, not misleading, except to the extent such statements have been modified or
superseded by later GGP SEC Documents filed and publicly available prior to the
date of this Agreement. The consolidated financial statements of GGP included in
the GGP SEC Documents complied as to form in all material respects with
applicable accounting requirements and the published rules and regulations of
the SEC with respect thereto, have been prepared in accordance with GAAP
(except, in the case of unaudited statements, as permitted by the applicable
rules and regulations of the SEC) applied on a consistent basis during the
periods involved (except as may be indicated in the notes thereto) and fairly
presented in all material respects, in accordance with the applicable
requirements of GAAP and the applicable rules and regulations of the SEC, the
consolidated financial position of GGP and the consolidated GGP Subsidiaries
taken as a whole as of the dates thereof, and the consolidated results of
operations and cash flows for the periods then ended (subject, in the case of
unaudited statements, to normal year-end audit adjustments). Except for
liabilities and obligations set forth in the GGP SEC Documents or in Schedule
3.7(a) to the GGP Disclosure Letter or incurred by GGP, GGP Partnership or any
GGP Subsidiary in the ordinary course of business since December 31, 2001, none
of GGP, GGP Partnership, or any GGP Subsidiary has any liabilities or
obligations of any nature (whether accrued, absolute, contingent or otherwise)
required by GAAP to be set forth on a consolidated balance sheet of GGP or in
the notes thereto and which, individually or in the aggregate, would have a GGP
Material Adverse Effect.

     (b) None of the information supplied or to be supplied by GGP, GGP
Partnership, Acquisition or Partnership Acquisition specifically for inclusion
in the Proxy Statement or the Partner Solicitation Materials (as herein defined)
will, at the date the Proxy Statement is filed with the SEC or mailed to JP's
stockholders or at the time of the JP Stockholders Meeting, or at the time of
any amendment or supplement thereof, contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances
under which they are made, not misleading.

     3.8 Taxes. GGP (i) for all taxable years for which the Internal Revenue
Service could assert a tax liability, has been subject to taxation as a REIT
within the meaning of Section 856 of the Code and has satisfied all requirements
to qualify as a REIT for all such years, (ii) has operated since December 31,
2001 to the date of this representation, and intends to continue to operate, in
such a manner as to qualify as a REIT for the taxable year ending on December
31, 2002 and thereafter, and (iii) has not taken or omitted to take any action
which would reasonably be expected to result in a challenge to its status as a
REIT and, to the Knowledge of GGP (as defined below), no such challenge has been
proposed, is pending or threatened. Each Subsidiary of GGP which is a
partnership, joint venture or limited liability company has been since its
formation and continues to be treated for federal income tax purposes as a
partnership or a disregarded entity and not as a corporation or an association
taxable as a corporation. GGP Partnership is not a publicly-traded partnership
within the meaning of Section 7704(b) of the Code that is taxable as a
corporation pursuant to Section 7704(a) of the Code. Each Subsidiary of GGP
which is a


                                       29



corporation has been since its formation (i) a corporation subject to taxation
as a REIT within the meaning of Section 856 of the Code and has for all such
years satisfied all requirements for qualification and taxation as a REIT within
the meaning of Section 856 of the Code and intends to continue to operate in
such a manner as to qualify as a REIT, (ii) a qualified REIT subsidiary under
Section 856(i) of the Code or (iii) a "taxable REIT subsidiary," as that term is
defined by Section 856(i) of the Code. Neither GGP nor any of its Subsidiaries
holds any asset (x) the disposition of which would be subject to rules similar
to Section 1374 of the Code as a result of an election under IRS Notice 88-19 or
Temporary Treas. Reg. Sec. 1.337(d)-5T or (y) which is subject to a consent
filed pursuant to Section 341(f) of the Code and the regulations thereunder.
Except as set forth in Schedule 3.8 to the GGP Disclosure Letter, GGP does not
own, directly or indirectly, any interest in any "taxable REIT subsidiary," as
that term is defined by Section 856(l) of the Code.

     3.9 Definition of Knowledge of GGP. As used in this Agreement, the phrase
"Knowledge of GGP" (or words of similar import) means the actual (and not
constructive or imputed) knowledge of those individuals identified in Schedule
3.9 to the GGP Disclosure Letter.

     3.10 Broker. Except as set forth in Schedule 3.10 to the GGP Disclosure
Letter, no broker, investment banker, financial advisor or other Person is
entitled to any broker's, finder's, financial advisor's or other similar fee or
commission in connection with the transactions contemplated hereby based upon
arrangements made by or on behalf of GGP, GGP Partnership or any GGP Subsidiary.

                                    ARTICLE 4

                                    COVENANTS

     4.1 Conduct of JP's and PDC LP's Business Pending Mergers. During the
period from the date of this Agreement to the Effective Times, except as
consented to in writing by GGP and GGP Partnership or as expressly provided for
in this Agreement, each of JP and PDC LP shall, and shall cause (or, in the case
of JP Subsidiaries that JP or PDC LP do not control, shall use commercially
reasonable efforts to cause) each of the JP Subsidiaries to:

     (a) conduct its business only in the usual, regular and ordinary course and
in substantially the same manner as heretofore conducted;

     (b) use  commercially  reasonable  efforts to preserve  intact its business
organizations  and goodwill and keep  available the services of its officers and
employees;

     (c) report on a regular  basis to one or more  representatives  of GGP with
respect to operational matters of materiality;

     (d) promptly notify GGP and GGP Partnership of any change in the condition
(financial or otherwise), business, properties, assets, liabilities or the
normal course of its businesses or in the operation of its properties, or of any
material governmental complaints, investigations or hearings (or communications
indicating that the same may be contemplated) that, individually or in the
aggregate, has had or would reasonably be expected to have a JP Material Adverse
Effect;

     (e) promptly deliver to GGP and GGP Partnership true and correct copies of
any report, statement or schedule filed with the SEC subsequent to the date of
this Agreement;

     (f) preserve JP's qualification as a REIT within the meaning of Section 856
of the Code;


                                       30


     (g) maintain its books and records in accordance with GAAP consistently
applied and not change in any material manner any of its methods, principles or
practices of accounting in effect at the JP Financial Statement Date, except as
may be required by the SEC, applicable law or GAAP;

     (h) duly and timely file all reports, tax returns and other documents
required to be filed with federal, state, local and other authorities, subject
to extensions permitted by law, provided JP notifies GGP and GGP Partnership
that it is availing itself of any such extensions and provided such extensions
do not adversely affect JP's status as a qualified REIT under the Code;

     (i) not make or rescind any election relating to Taxes (unless required by
law or necessary to preserve JP's status as a REIT or the status of any JP
Subsidiary as a partnership or disregarded entity for federal income tax
purposes or as a qualified REIT subsidiary under Section 856(i) of the Code, as
the case may be) provided, that nothing in this Agreement shall preclude JP from
designating dividends paid by it as "capital gain dividends" within the meaning
of Section 857 of the Code, subject to the reasonable consent of GGP;

     (j) not (i) acquire, enter into any option to acquire, or exercise an
option or other right or election or enter into any other commitment or
contractual obligation (each, a "Commitment") for the acquisition of any real
property other than the acquisition of the real properties described on Schedule
4.1(j) of the JP Disclosure Letter in accordance with the terms thereof, (ii)
enter into any Commitment to develop or construct other real estate projects,
except in accordance with the 2002 JP Operating Budget, a copy of which
previously was delivered to GGP (the "JP Budget"), (iii) incur or enter into any
Commitment to incur additional Indebtedness (secured or unsecured) except under
its existing revolving line(s) of credit and Commitments for Indebtedness
described in Schedule 4.1(j) to the JP Disclosure Letter or in furtherance of
the completion of the transactions contemplated by this Agreement or (iv)
modify, amend or terminate, or enter into any Commitment to modify, amend or
terminate, any Indebtedness (secured or unsecured) in existence as of the date
hereof;

     (k) not amend the JP Articles or the JP Bylaws, or the articles or
certificate of incorporation, bylaws, code of regulations, partnership agreement
(including, without limitation, the PDC LP Agreement), operating agreement or
joint venture agreement or other charter or organizational document of any JP
Subsidiary;

     (l) make no change in the number of issued and outstanding shares of
capital stock, units of limited partnership interest, or other equity interests
in JP, PDC LP or any other JP Subsidiary (including by way of redemption or
repurchase), other than pursuant to (i) the exercise of options disclosed in
Schedule 2.3 to the JP Disclosure Letter, (ii) the exchange of PDC OP Units by
the holders thereof or the issuance of other securities in exchange for
convertible or exchangeable stock described in Schedule 2.3 to the JP Disclosure
Letter, (iii) the exercise of any other convertible securities described in
Schedule 2.3 to the JP Disclosure Letter or (iv) the exchange of JP Common Stock
for Excess Stock or Excess Stock for Common Stock, or repurchase of Excess Stock
in accordance with Article Ninth of the JP Articles;

     (m) grant no option or other right or commitment relating to its shares of
capital stock, units of limited partnership interest or other equity interests
or any security convertible into its shares of capital stock, units of limited
partnership interest or other equity interests, or any security the value of
which is measured by shares of stock, or any security subordinated to the claim
of its general creditors and, other than pursuant to Section 5.7(c) of this
Agreement, not amend or waive any rights under any of the JP Stock Options or JP
Stock Rights;


                                       31


     (n) not sell, lease, mortgage, subject to Lien or otherwise dispose of any
of the JP Properties, except that JP may lease the JP Properties in accordance
with the 2002 JP leasing plan, a copy of which previously was delivered to GGP;

     (o) not sell, lease, mortgage, subject to Lien or otherwise dispose of any
of its personal property or intangible property, except for any such transaction
which is in the ordinary course of business consistent with past practice and is
not material, individually or in the aggregate;

     (p) not make any loans, advances or capital contributions to, or
investments in, any other Person, other than loans, advances and capital
contributions to JP Subsidiaries in existence on the date hereof and expense
advances to employees which, in each case, are made in the ordinary course of
business consistent with past practice and except in connection with a
transaction permitted by Section 4.1(j);

     (q) not incur, pay, discharge or satisfy (i) any of the Indebtedness
described on Schedule 2.18(a) other than the payment of regularly scheduled
principal and interest payments or (ii) any other claims, liabilities or
obligations (absolute, accrued, asserted or unasserted, contingent or
otherwise), other than the payment, discharge or satisfaction, in the ordinary
course of business consistent with past practice or in accordance with their
terms, of liabilities prudently incurred or otherwise reflected or reserved
against in, or contemplated by, the most recent consolidated financial
statements (or the notes thereto) furnished to GGP and GGP Partnership or
incurred in the ordinary course of business consistent with past practice or in
furthermore of the transactions contemplated by this Agreement;

     (r) not enter into any guarantee relating to the Indebtedness of another
Person, enter into any keep well or other agreement to maintain any financial
statement condition of another Person or enter into any arrangement having the
economic effect of any of the foregoing;

     (s) except as disclosed in Schedule 4.1(s) to the JP Disclosure Letter, not
enter into or modify or amend any Commitment with any officer, director or
Affiliate of JP or any of the JP Subsidiaries;

     (t) except as disclosed in Schedule 4.1(t) to the JP Disclosure Letter, not
increase any compensation of, or enter into or amend any employment agreement
with, any of its officers, directors or employees earning more than $50,000 per
annum, other than as required by any contract or Plan or in accordance with
waivers by employees of benefits under such agreements;

     (u) other than as permitted by Section  5.7(e),  not adopt any new employee
benefit plan or amend any existing plans or rights;

     (v) not settle any  stockholder  derivative or class action claims  arising
out of or in  connection  with  any of the  transactions  contemplated  by  this
Agreement;

     (w) not change the ownership of any of the JP Subsidiaries, except changes
which arise as a result of the acquisition of PDC OP Units pursuant to the PDC
LP Agreement;

     (x) not accept a promissory note in payment of the exercise price payable
under any option to purchase shares of JP Common Stock;

     (y) not enter into any Tax Protection Agreement;


                                       32


     (z) not settle or compromise any material federal,  state, local or foreign
Tax liability; and

     (aa) not authorize, recommend, propose or announce an intention to do any
of the foregoing prohibited actions, or enter into any contract, agreement,
commitment or arrangement to do any of the foregoing prohibited actions.

     4.2 No Solicitation.

     (a) Subject to Section 4.3, JP for itself and in its capacity as the sole
general partner of PDC LP (i) shall not, and shall not authorize or permit,
directly or indirectly, any officer, director, employee, Affiliate, agent,
investment banker, financial advisor, attorney, accountant, broker, finder,
consultant or other representative of JP, PDC LP or any other JP Subsidiary
(each, a "JP Representative") to invite, initiate, solicit, encourage or
facilitate (including by way of furnishing nonpublic information or assistance
or by amending or granting any waiver under the JP Rights Agreement), directly
or indirectly, any inquiries or the making of any proposal (including, without
limitation, any proposal or offer to its stockholders, the partners of PDC LP or
other holders of equity securities of JP, PDC LP or any other JP Subsidiary) or
other action that constitutes, or may reasonably be expected to lead to, any
Competing Transaction (as herein defined), or enter into, maintain, or continue
discussions or negotiate with any Person in furtherance of such inquiries or in
order to obtain a Competing Transaction or publicly propose to do any of the
foregoing and (ii) will take the reasonable steps necessary to inform JP
Representatives of the obligations undertaken in this Section 4.2 and to cause
them to comply with all such obligations.

     (b) JP shall notify GGP and GGP Partnership orally and in writing (as
promptly as practicable but in any event within 48 hours) of its receipt of any
inquiries and proposals (including the identity of the parties, price and all
other material terms thereof) and shall provide GGP a copy of all written
inquiries, proposals or requests which it, PDC LP, any other JP Subsidiary, or
any JP Representative may receive relating to any of such matters and shall
promptly (but in any event within 48 hours) inform GGP and GGP Partnership
orally and in writing with respect to any such inquiry or proposal that becomes
reasonably likely to lead to a Superior Competing Transaction (as defined
herein).

     (c) For purposes of this Agreement, a "Competing Transaction" shall mean
any of the following, whether occurring directly or indirectly (other than the
transactions expressly provided for in this Agreement): (i) any merger,
consolidation, share exchange, business combination, recapitalization,
liquidation, dissolution or similar transaction involving JP (or any of the JP
Subsidiaries, including PDC LP); (ii) any sale, lease, exchange, mortgage,
pledge, transfer or other disposition of 20% or more of the assets or equity
securities of JP, PDC LP or any other JP Subsidiary in a single transaction or
series of related transactions, excluding any bona fide financing transactions
which do not, individually or in the aggregate, have as a purpose or effect the
sale or transfer of control of such assets; (iii) any tender offer or exchange
offer for 20% or more of the outstanding equity securities of JP, PDC LP or any
other JP Subsidiary or any transaction resulting in the issuance of such amount
of securities; or (iv) any public announcement of a proposal, plan or intention
to do any of the foregoing or any agreement to engage in any of the foregoing.

     (d) For purposes of this Agreement, a "Superior Competing Transaction"
means a bona fide written proposal that was not invited, initiated, solicited or
encouraged, directly or indirectly, by JP, PDC LP, any other JP Subsidiary or
any JP Representative for a Competing Transaction made by a third party which a
majority of the entire Board of Directors of JP determines after consultation
with its financial advisor, in good faith, taking into account financial
considerations and other relevant factors, including relevant legal, financial,
tax, regulatory and other aspects of such proposal, and the conditions,


                                       33


prospects and time required for completion of such proposal, to be more
favorable than the Mergers to the JP stockholders and the holders of PDC Common
OP Units.

     4.3 Board Actions. Notwithstanding Section 4.2 or any other provision of
this Agreement to the contrary, to the extent required by the fiduciary
obligations of the Board of Directors of JP as determined by a majority of such
board in good faith after consultation with outside counsel, JP may:

     (a) disclose to its stockholders or holders of PDC OP Units any information
required to be disclosed under applicable Law;

     (b) to the extent applicable, comply with Rule 14e-2(a) promulgated under
the Exchange Act with respect to a Competing Transaction; provided, however,
that neither JP nor its Board of Directors shall be permitted to approve or
recommend a Competing Transaction which is not a Superior Competing Transaction;

     (c) if it receives a proposal for a Competing Transaction that was
unsolicited and its Board of Directors determines in good faith (after
consulting with its outside counsel and its financial advisor) that such
proposal is reasonably likely to lead to a Superior Competing Transaction and
provided further that JP provides prompt oral and written notice to GGP and GGP
Partnership to the effect that it is furnishing information to such Person, (x)
furnish non-public information with respect to JP, PDC LP or any JP Subsidiary
to the Person who made such proposal (provided that JP shall furnish such
information pursuant to a confidentiality agreement which is no more favorable
to such Person than the Confidentiality Agreement) and (y) participate in
negotiations regarding such proposal, provided that JP provides prompt oral and
written notice to GGP and GGP Partnership to the effect that it is entering into
discussions with such Person; and

     (d) approve or recommend (and in connection therewith withdraw or modify
its approval or recommendation of this Agreement and the Mergers) a Superior
Competing Transaction or enter into an agreement with respect to such Superior
Competing Transaction.

     4.4 Conduct of GGP's and GGP Partnership's Business Pending Mergers. During
the period from the date of this Agreement to the Effective Times, except as
consented to in writing by JP or as expressly contemplated in this Agreement,
GGP, GGP Partnership, Acquisition and Partnership Acquisition shall, and shall
cause each of the GGP Subsidiaries to:

     (a) take no action that would prevent or materially  delay the consummation
of the transactions contemplated by this Agreement;

     (b) promptly deliver to JP true and correct copies of any report,
statement, schedule or other document filed with the SEC by GGP subsequent to
the date of this Agreement; and

     (c) not amend the articles or certificate of incorporation, bylaws,
partnership agreement, operating agreement or other charter or organizational
document of GGP or GGP Partnership, in a manner which would require the consent
of the Contributing Holders of PDC Common OP Units if such amendment were
effected following the Closing;

     4.5 Other Actions. Each of JP and PDC LP, on the one hand, and GGP, GGP
Partnership, Acquisition and Partnership Acquisition, on the other hand, shall
not take, and shall cause their respective Subsidiaries not to take, any action
that would result in (a) any of the representations and warranties of such party
(without giving effect to any knowledge qualification) set forth in this
Agreement that are qualified as to materiality becoming untrue, (b) any of such
representations and warranties (without


                                       34



giving effect to any knowledge qualification) that are not so qualified becoming
untrue in any material respect or (c) except as contemplated by Section 4.2 or
4.3, any of the conditions to the Mergers set forth in Article 6 not being
satisfied.

                                    ARTICLE 5

                              ADDITIONAL COVENANTS

     5.1  Preparation  of the Proxy  Statement;  Stockholders  Meeting;  Partner
Solicitation; Partner Approvals.

     (a) As promptly as reasonably practicable following the date of this
Agreement, JP shall prepare and file with the SEC under the Exchange Act a proxy
statement and form of proxy (such proxy statement and proxy together with any
amendments and supplements thereto, the "Proxy Statement") and JP shall use its
commercially reasonable efforts to respond as promptly as practicable to any
comments of the SEC with respect thereto and to cause the Proxy Statement to be
mailed to JP's stockholders as promptly as practicable following the date of
this Agreement. JP shall promptly notify GGP and GGP Partnership upon the
receipt of any comments from the SEC or its staff or any request from the SEC or
its staff for amendments or supplements to the Proxy Statement and shall provide
GGP and GGP Partnership with copies of all correspondence between JP and its
representatives, on the one hand, and the SEC and its staff, on the other hand.
GGP and GGP Partnership shall promptly provide any information or responses to
comments, or other assistance, reasonably requested in connection with any of
the foregoing. Prior to filing or mailing the Proxy Statement or responding to
any comments of the SEC with respect thereto, JP (i) shall provide GGP and GGP
Partnership an opportunity to review and comment on such document or response
and (ii) shall give reasonable consideration to all comments proposed by GGP and
GGP Partnership. Each of JP, PDC LP, GGP and GGP Partnership shall promptly
correct any information provided by it for use in the Proxy Statement if and to
the extent that such information shall have become false or misleading in any
material respect, and JP shall cause such corrected information to be included
in the Proxy Statement.

     (b) JP shall, as promptly as reasonably practicable following the date of
this Agreement, establish a record date for, duly call, give notice of, convene
and hold a meeting of its stockholders (the "JP Stockholders Meeting") for the
purpose of obtaining the JP Stockholder Approval. Subject to Section 4.3, JP
shall, through its Board of Directors, recommend to its stockholders approval of
this Agreement, the Merger and the transactions contemplated by this Agreement,
and shall include such recommendation in the Proxy Statement.

     (c) The Holders of PDC Common OP Units.

          (i) As promptly as reasonably practicable following the date of this
     Agreement, JP, PDC LP, GGP and GGP Partnership shall prepare certain
     solicitation materials (the "Partner Solicitation Materials"), which will
     be used by GGP Partnership as a private placement memorandum to offer the
     GGP Series B Preferred OP Units to the holders of the PDC Common OP Units
     and by JP and PDC LP to solicit the JP Partner Approvals. Such Partner
     Solicitation Materials shall include or incorporate by reference
     information about GGP and GGP Partnership, a description of the
     transaction, the position of JP as the general partner of PDC LP with
     respect to such transaction, available appraisal rights for holders of PDC
     Common OP Units, the impact of the Voting Agreement and other matters that
     the parties reasonably determine are to be specified therein. The parties
     shall reasonably cooperate with each other in the preparation of the
     Partner Solicitation Materials.


                                       35


          (ii) JP and PDC LP, on the one hand, and GGP and GGP Partnership, on
     the other hand, agree that none of the information supplied or to be
     supplied by them for inclusion or incorporation by reference in the Partner
     Solicitation Materials will contain any untrue statement of a material fact
     or omit to state any material fact required to be stated therein or
     necessary to make the statements therein, in light of the circumstances
     under which they are made, not misleading. Each party agrees that if it
     shall become aware prior to the Partnership Merger Effective Time of any
     information that would cause any of the statements in the Partner
     Solicitation Materials to be false or misleading with respect to any
     material fact, or to omit to state any material fact necessary to make the
     statements therein, in light of the circumstances under which they are
     made, not false or misleading, it shall promptly inform the other parties
     thereof and shall take the necessary steps, in cooperation with the other
     parties, to correct such information and to disseminate updated
     information.

          (iii) Subject to the fiduciary duties of JP, as the general partner of
     PDC LP, JP (A) agrees to seek the written consents and approvals of the
     holders of PDC Common OP Units on each of the matters specified in the
     definition of JP Partner Approvals and recommend to the holders of PDC
     Common OP Units approval of such matters, and include such recommendation
     in the Partnership Solicitation Materials and (B) hereby approves and
     consents to each of the matters specified in the definition of JP Partner
     Approvals and agrees to vote all of its PDC OP Units in favor of such
     matters (or to provide its consent with respect thereto).

          (iv) As promptly as reasonably practicable following the date of this
     Agreement, GGP and GGP Partnership shall prepare a form of election in form
     and substance reasonably acceptable to JP and PDC LP (the "Form of
     Election"), pursuant to which each holder of PDC Common OP Units will
     specify (A) the number of PDC Common OP Units which it desires to have
     converted into the right to receive GGP Series B Preferred OP Units and (B)
     the number of PDC Common OP Units which it desires to have converted into
     the right to receive cash in the Partnership Merger. Any holder electing
     option (A) must also agree to become a party to the GGP Partnership
     Agreement, the GGP Series B OP Units Redemption Agreement, the GGP Common
     OP Units Redemption Agreement and the Tax Matters Agreement in
     substantially the form of Exhibit I attached hereto (together, the "Related
     Agreements"). In order to be eligible to elect to receive GGP Series B
     Preferred OP Units in the Partnership Merger, a holder of PDC Common OP
     Units must qualify as an "accredited investor" under the Securities Act.

          (v) Concurrently with the mailing of the Proxy Statement to JP
     Shareholders, GGP Partnership shall mail Forms of Election to holders of
     record of PDC Common OP Units, together with the Partner Solicitation
     Materials. An election to subscribe for the GGP Series B Preferred Units
     shall be effective only if a properly executed Form of Election is received
     by GGP Partnership prior to 5:00 p.m., Eastern Standard Time, on the second
     business day preceding the JP Stockholders Meeting. If a holder of PDC
     Common OP Units fails to return a duly completed Form of Election within
     the time period specified above and does not duly perfect its appraisal
     rights pursuant to the MRULPA, such holder shall be deemed to have elected
     to receive cash upon the conversion of its PDC Common OP Units in the
     Partnership Merger. GGP Partnership and PDC LP by mutual agreement shall
     have the right to make rules, not inconsistent with the terms of this
     Agreement, governing the validity of Forms of Election and the issuance and
     delivery of GGP Series B Preferred OP Units in the Partnership Merger.

          (vi) JP shall not exercise any appraisal, dissenters' or other similar
     rights with respect to any of its PDC OP Units, including, without
     limitation, any rights under Section 10-208(f) of the MRULPA.


                                       36


          (vii) The parties shall reasonable cooperate with each other with
     respect to the matters set forth in this Section 5.1(c), and intend that
     the offer of the GGP Series B Preferred Units shall be conducted as a
     private placement, exempt from the registration requirements of the
     Securities Act.

     (d) GGP and GGP Partnership covenant and agree that, concurrently with the
Closing, they will each enter into, with each holder of PDC Common OP Units who
validly elects to receive GGP Series B Preferred OP Units in the Partnership
Merger, the Related Agreements to which they are parties, and will reasonably
cooperate with such holders so that such holders become limited partners of GGP
Partnership and enjoy the full rights and benefits of the GGP Series B Preferred
OP Units.

     5.2 Access to Information; Confidentiality. Subject to the requirements of
confidentiality agreements with third parties in existence on the date hereof,
JP and PDC LP shall, and shall cause each of the JP Subsidiaries to, afford to
GGP and GGP Partnership and to the officers, employees, accountants, counsel,
financial advisors and other representatives of GGP and GGP Partnership,
reasonable access during normal business hours prior to the Effective Times to
all their respective properties, books, contracts, commitments, personnel and
records and, during such period, JP and PDC LP shall, and shall cause each of
the JP Subsidiaries to, furnish promptly to GGP and GGP Partnership (a) a copy
of each report, schedule, registration statement and other document filed by it
during such period pursuant to the requirements of federal or state securities
laws and (b) all other information concerning its business, properties and
personnel as GGP and GGP Partnership may reasonably request.

     5.3 Commercially Reasonable Efforts; Notification.

     (a) Subject to the terms and conditions herein provided, (i) each of the
parties shall use commercially reasonable efforts to cooperate with one another
in (A) determining which filings are required to be made prior to the Effective
Times with, and which consents, approvals, permits or authorizations are
required to be obtained prior to the Effective Times from, Governmental Entities
and any third parties in connection with the execution and delivery of this
Agreement, and the consummation of the transactions contemplated hereby, and (B)
timely making all such filings and timely seeking all such consents, approvals,
permits and authorizations; (ii) JP and PDC LP shall use commercially reasonable
efforts to obtain in writing any consents required from third parties to
effectuate the Mergers and the other transactions contemplated hereby, such
consents to be in form reasonably satisfactory to GGP and GGP Partnership; and
(iii) each of the parties shall use commercially reasonable efforts to take, or
cause to be taken, all other action and do, or cause to be done, all other
things necessary, proper or appropriate to consummate and make effective the
transactions contemplated by this Agreement. If at any time after the Effective
Times any further action is necessary or desirable to carry out the purpose of
this Agreement, each party shall take all such necessary action.

     (b) JP and PDC LP shall use commercially reasonable efforts to obtain from
PricewaterhouseCoopers LLP access to all work papers relating to audits of JP
and PDC LP performed by PricewaterhouseCoopers LLP, and the continued
cooperation of PricewaterhouseCoopers LLP with regard to the preparation of
consolidated financial statements for the Surviving Company.

     (c) JP and PDC LP shall give prompt notice to GGP and GGP Partnership, and
GGP and GGP Partnership shall give prompt notice to JP, (i) if any
representation or warranty made by it or them contained in this Agreement that
is qualified as to materiality becomes untrue or inaccurate in any respect or
any such representation or warranty that is not so qualified becomes untrue or
inaccurate in any material respect or (ii) of the failure by it or them to
comply with or satisfy in any material respect any covenant, condition or
agreement to be complied with or satisfied by it under this Agreement; provided,


                                       37


however, that no such notification shall affect the representations, warranties,
covenants or agreements of the parties or the conditions to the obligations of
the parties under this Agreement.

     5.4 Tax Matters.

     (a) Purchase Price Allocation. On or prior to the Closing Date, GGP, GGP
Partnership, JP and PDC LP shall reach agreement as to the manner in which the
consideration to be paid pursuant to this Agreement, together with any assumed
liabilities (the "Allocable Consideration"), shall be allocated among the assets
of JP and, to the extent applicable, the JP Subsidiaries. Such allocation shall
be made in the manner required by Section 1060 of the Code and the regulations
promulgated thereunder. In making such allocation, the fair market values as
reasonably determined by the parties shall apply. GGP, GGP Partnership, JP and
PDC LP hereby agree that IRS Form 8594 will be timely filed based on such fair
market values.

     (b) Tax Treatment of Merger. The parties shall treat the Merger for all
income tax purposes as a taxable purchase of assets by GGP Partnership in
exchange for the Allocable Consideration and a liquidating distribution of the
Merger Consideration by JP to the JP shareholders within the meaning of Section
562(b)(1) of the Code including, without limitation, filing JP final Tax returns
consistent with such treatment, and no party shall take any position
inconsistent with such treatment.

     (c) Tax Treatment of Partnership Merger. The parties shall treat the
Partnership Merger, for all tax purposes, as a tax-free contribution by the
Contributing Holders of PDC Common OP Units of their limited partnership
interests in PDC LP to GGP Partnership in exchange for GGP Series B Preferred OP
Units under Section 721 of the Code and a sale by the Selling Holders of PDC
Common OP Units of their limited partnership interests in PDC LP to GGP
Partnership in exchange for cash, including without limitation, filing PDC LP
and GGP Partnership Tax returns consistent with such treatment, and no party
shall take any position inconsistent with such treatment.

     (d) Payroll Records. GGP, GGP Partnership and JP agree that, for federal
income tax purposes, GGP Partnership will have purchased substantially all of
the property used in the business of JP as a result of the transactions
contemplated by this Agreement, and that, in connection therewith, GGP and/or
GGP Partnership will employ individuals who immediately before the Closing Date
were employed in such business by JP. Accordingly, pursuant to Rev. Proc. 96-60,
1996-2 C.B. 399, JP shall make available to GGP and GGP Partnership all
necessary payroll records for the calendar year that includes the Closing Date,
with the result that GGP or GGP Partnership will furnish a Form W-2 to each
employee employed by GGP or GGP Partnership who had been employed by JP,
disclosing all wages and other compensation paid for such calendar year and
Taxes withheld therefrom, and JP will be relieved of the responsibility to do
so.

     5.5 Public Announcements. Each party will consult with each other party
before issuing, and provide each other the opportunity to review and comment
upon, any press release or other written public statements, including, without
limitation, any press release or other written public statement which addresses
in any manner the transactions contemplated by this Agreement, and shall not
issue any such press release or make any such written public statement prior to
such consultation, except as may be required by applicable Law, court process or
by obligations pursuant to any listing agreement with any national securities
exchange, in which case the disclosing party will use its reasonable efforts to
advise the other parties prior to making the relevant disclosure. The parties
agree that the initial press release to be issued with respect to the
transactions contemplated by this Agreement will be in the form agreed to by the
parties prior to the execution of this Agreement.


                                       38


     5.6 Transfer and Gains Taxes. Each party shall cooperate in the
preparation, execution and filing of all returns, questionnaires, applications
or other documents regarding any real property transfer or gains, sales, use,
transfer, value added, stock transfer and stamp Taxes, any transfer, recording,
registration and other fees and any similar Taxes which become payable in
connection with the transactions contemplated by this Agreement (together with
any related interest, penalties or additions to Tax, "Transfer and Gains
Taxes"). On, from and after the Effective Time, GGP and GGP Partnership shall
pay or cause to be paid all Transfer and Gains Taxes (which term shall include
any transfer taxes resulting from or relating to the Mergers, but shall not in
any event be construed to include for these purposes any Tax imposed under the
Code or state income taxes) without deduction or withholding from any amounts
payable to the holders of JP shares or limited partnership interests of PDC LP.

     5.7 Benefit Plans and Other Employee Arrangements.

     (a) Benefit Plans. After the Effective Time, all employees of JP who are
employed by the Surviving Company shall, at the option of the Surviving Company,
either continue to be eligible to participate in an employee benefit plan, as
defined in Section 3(3) of ERISA, of JP which is, at the option of the Surviving
Company, continued by the Surviving Company, or alternatively shall be eligible
to participate in the same manner as other similarly situated employees of GGP
Partnership in any employee benefit plan, as defined in Section 3(3) of ERISA,
sponsored or maintained by GGP and GGP Partnership after the Effective Time.
With respect to each such employee benefit plan, service with JP or any JP
Subsidiary (as applicable) and the predecessor of any of them shall be included
for purposes of determining eligibility to participate and vesting (if
applicable) under such employee benefit plan. GGP and GGP Partnership shall, or
shall cause the Surviving Company and its Subsidiaries to, (i) waive all
limitations as to preexisting conditions exclusions and waiting periods with
respect to participation and coverage requirements applicable to all employees
of JP who are employed by the Surviving Company under any Welfare Plan that such
employees may be eligible to participate in after the Effective Time, other than
limitations or waiting periods that are already in effect with respect to such
employees and that have not been satisfied as of the Effective Time under any
Welfare Plan maintained for such employees immediately prior to the Effective
Time, and (ii) provide each such employee of JP who is employed by the Surviving
Company with credit for any co-payments and deductibles paid prior to the
Effective Time in satisfying any applicable deductible or out-of-pocket
requirements under any Welfare Plans that such employees are eligible to
participate in after the Effective Time.

     (b) Stock Option and  Restricted  Stock Plans.  At the Effective  Time, the
stock option plans or programs of JP and the restricted  stock plans or programs
of JP shall be discontinued.

     (c) JP Stock Options. As soon as practicable following the date of this
Agreement, JP shall ensure that the Board of Directors of JP (or, if
appropriate, any committee administering the JP Stock Option plans) shall adopt
such resolutions or take such other actions (if any) to provide that each JP
Stock Option outstanding immediately prior to the Effective Time (whether vested
or unvested) shall be converted at the Effective Time in the manner contemplated
by Section 1.7(d). All amounts payable pursuant to this Section 5.7(c) shall be
subject to any required withholding of Taxes and shall be paid as soon as
practicable following the Effective Time, without interest. JP shall take all
actions determined to be necessary to effectuate the provisions of this Section
5.7(c) as mutually agreed by GGP and GGP Partnership and JP. Prior to the
Effective Time, JP shall ensure that the Board of Directors of JP (or, if
appropriate, any committee administering the JP Stock Option plans) shall take
or cause to be taken such actions as are required to cause the JP Stock Option
plans to terminate as of the Effective Time.

     (d) Withholding. To the extent required by applicable law, JP shall require
each employee who exercises a JP Stock Option or who receives JP Common Stock or
Price Group Stock pursuant to any existing commitment to pay to JP in cash or JP
Common Stock an amount sufficient to


                                       39


satisfy in full JP's obligation to withhold Taxes incurred by reason of such
exercise or issuance (unless and to the extent such withholding is satisfied
pursuant to the provision regarding withholding in Section 1.8(i)).

     (e) JP Severance Agreements. No later than the Closing Date, GGP or GGP
Partnership shall negotiate and enter into severance agreements, which shall not
be subject to amendment or modification for the one-year period beginning on the
Closing Date without the mutual consent of the parties, with the JP and PDC LP
employees identified on Exhibit J attached hereto upon substantially the
economic terms set forth on such Exhibit J.

     5.8 Indemnification; Exculpation; Insurance.

          (a) (i) In the event of any threatened or actual claim, action, suit,
     demand, proceeding or investigation, whether civil, criminal or
     administrative, including, without limitation, any such claim, action,
     suit, demand, proceeding or investigation in which any person who is now,
     or has been at any time prior to the date hereof, or who becomes prior to
     the Effective Time, a director or officer of JP, PDC LP or any other JP
     Subsidiary (the "Indemnified Parties") is, or is threatened to be, made a
     party based in whole or in part on, or arising in whole or in part out of,
     or pertaining to (i) the fact that he is or was a director or officer of
     JP, PDC LP or any other JP Subsidiary, or is or was serving at the request
     of JP, PDC LP or any other JP Subsidiary as a director or officer of
     another corporation, partnership, joint venture, trust or other enterprise,
     or (ii) the negotiation, execution or performance of this Agreement or any
     of the transactions contemplated hereby, whether in any case asserted or
     arising before or after the Effective Time, the parties hereto agree to
     cooperate and use their commercially reasonable efforts to defend against
     and respond thereto. It is understood and agreed that JP shall indemnify,
     and hold harmless, and after the Effective Time GGP and GGP Partnership
     (JP, or GGP and GGP Partnership, as applicable, being the "Indemnifying
     Parties") shall jointly and severally indemnify, and hold harmless, as and
     to the full extent permitted by applicable law, each Indemnified Party
     against any losses, claims, damages, liabilities, costs, expenses
     (including reasonable attorneys' fees and expenses (to the extent permitted
     below)), judgments, fines and amounts paid in settlement in connection with
     any such threatened or actual claim, action, suit, demand, proceeding or
     investigation, and in the event of any such threatened or actual claim,
     action, suit, demand, proceeding or investigation (whether asserted or
     arising before or after the Effective Time), JP, and GGP and GGP
     Partnership after the Effective Time, shall promptly pay reasonable
     expenses in advance of the final disposition of any claim, suit, proceeding
     or investigation to each Indemnified Party upon the submission of
     appropriate invoices and to the full extent permitted by law, and subject
     to the limitations described below and the provision by such Indemnified
     Party of an undertaking to reimburse the amounts so advanced in the event
     of a final non-appealable determination by a court of competent
     jurisdiction that such Indemnified Party is not entitled to such amounts.
     Notwithstanding the foregoing, the Indemnifying Parties shall have no
     obligation hereunder to any Indemnified Party when and if a court of
     competent jurisdiction shall ultimately determine, and such determination
     shall have become final and non-appealable, that indemnification of such
     Indemnified Party in the manner contemplated hereby is prohibited by
     applicable law.

          (ii) Any Indemnified Party wishing to claim indemnification under this
     Section 5.8, upon learning of any such claim, action, suit, demand,
     proceeding or investigation, shall promptly notify JP and, after the
     Effective Time, GGP and GGP Partnership, thereof; provided that the failure
     to so notify shall not affect the obligations of JP, GGP and GGP
     Partnership except to the extent such failure to notify


                                       40


     materially prejudices such party. If any such action is brought against any
     of the Indemnified Parties and such Indemnified Parties notify the
     Indemnifying Parties of its commencement, the Indemnifying Parties will be
     entitled to participate in and, to the extent that they elect by delivering
     written notice to such Indemnified Parties promptly after receiving notice
     of the commencement of the action from the Indemnified Parties, to assume
     and control the defense of the action and after notice from the
     Indemnifying Parties to the Indemnified Parties of their election to assume
     the defense, the Indemnifying Parties will not be liable to the Indemnified
     Parties for any legal or other expenses except as provided below and except
     for the reasonable costs of investigation subsequently incurred by the
     Indemnified Parties in connection with the defense. If the Indemnifying
     Parties assume the defense, the Indemnifying Parties shall have the right
     to settle such action without the consent of the Indemnified Parties;
     provided, however, that the Indemnifying Parties shall be required to
     obtain such consent (which consent shall not be unreasonably withheld) if
     the settlement includes any admission of wrongdoing on the part of the
     Indemnified Parties or any decree or restriction on the Indemnified
     Parties; provided, further, that no Indemnifying Party, in the defense of
     any such action shall, except with the consent of the Indemnified Parties
     (which consent shall not be unreasonably withheld), consent to entry of any
     judgment or enter into any settlement that does not include as an
     unconditional term thereof the giving by the claimant or plaintiff to such
     Indemnified Parties of a release from all liability with respect to such
     action. The Indemnified Parties will have the right to employ their own
     counsel in any such action, but the fees, expenses and other charges of
     such counsel will be at the expense of such Indemnified Parties unless (i)
     the employment of counsel by the Indemnified Parties has been authorized in
     writing by the Indemnifying Parties, (ii) a conflict or potential conflict
     exists (based on advice of counsel to the Indemnified Parties) between the
     Indemnified Parties and the Indemnifying Parties (in which event counsel
     for the Indemnified Partner may participate in the defense of such action)
     or (iii) the Indemnifying Parties have not in fact employed counsel to
     assume the defense of such action within a reasonable time after receiving
     notice of the commencement of the action, in each of which cases the
     reasonable fees, disbursements and other charges of counsel will be at the
     expense of the Indemnifying Parties.

          (iii) It is understood that the Indemnifying Parties shall not, in
     connection with any proceeding or related proceedings, be liable for the
     reasonable fees, disbursements and other charges of more than one separate
     firm at any one time for all such Indemnified Parties.

          (iv) The Indemnifying Parties will not be liable for any settlement of
     any action or claim effected without their written consent (which consent
     shall not be unreasonably withheld).

     (b) For six years after the Effective Time, GGP and GGP Partnership shall
maintain in effect JP's current directors' and officers' liability insurance
covering each person currently covered by JP's directors' and officers'
liability insurance policy for acts or omissions occurring prior to the
Effective Time on terms with respect to such coverage and amounts no less
favorable in the aggregate to such directors and officers than those of such
policy as in effect on the date of this Agreement; provided that GGP and GGP
Partnership may substitute therefor policies of a reputable insurance company
the terms of which, including coverage and amount, are no less favorable in the
aggregate to such directors and officers than the insurance coverage otherwise
required under this Section 5.8(b); provided, however, that in no event shall
GGP or GGP Partnership be required to pay aggregate annual premiums for
insurance under this Section 5.8(b) in excess of $200,000.00, provided that GGP
and GGP Partnership shall nevertheless be obligated to provide such a policy
with the best coverage reasonably available as may be obtained for such amount.

     (c) In the event that GGP, GGP Partnership or any of their successors or
assigns (i) consolidates with or merges into any other Person and is not the
continuing or surviving entity of such


                                       41


consolidation or merger or (ii) transfers or conveys all or substantially all
its properties and assets to any Person, then, and in each such case, GGP and
GGP Partnership shall cause proper provision to be made so that the successors
and assigns of GGP and GGP Partnership assume the obligations set forth in this
Section 5.8.

     (d) To the fullest extent permitted by law, from and after the Effective
Time, all rights to indemnification as of the date hereof in favor of the
directors and officers of JP and the JP Subsidiaries with respect to their
activities as such prior to the Effective Time, as provided in, with respect to
JP, the JP Articles and the JP Bylaws, or, with respect to the JP Subsidiaries,
their respective certificates of incorporation and by-laws (or similar
organizational documents) in effect on the date hereof, or otherwise in effect
on the date hereof, shall survive the Mergers and shall continue in full force
indefinitely.

     (e) The provisions of this Section 5.8 are intended to be for the
irrevocable benefit of, and will be enforceable by, each Indemnified Party, his
or her heirs and his or her representatives. Each Indemnified Party shall be
entitled to enforce the covenants under this Section 5.8(e).

     5.9 Declaration of Dividends and Distributions. From and after the date of
this Agreement, JP shall not make any dividend or distribution to its
stockholders without the prior written consent of GGP and GGP Partnership;
provided, however, the written consent of GGP and GGP Partnership shall not be
required for the authorization and payment of (a) quarterly distributions with
respect to the JP Common Stock of up to $0.51 per share for the quarter ending
March 31, 2002 and, if the Closing occurs after March 31, 2002, up to $0.51 per
share for each full quarter thereafter, with the dividend for the quarter in
which the Closing occurs to be prorated for the number of days in such quarter
elapsed prior to the Closing and (b) quarterly distributions with respect to the
Price Group Stock of up to $0.408 per share for the quarter ending March 31,
2002 and, if the Closing occurs after March 31, 2002, up to $0.408 per share for
each full quarter thereafter, with the dividend for the quarter in which the
Closing occurs to be prorated for the number of days in such quarter elapsed
prior to the Closing (each such per share amount in (b) being 80% of the
corresponding per share amount in (a)), provided that JP shall notify GGP and
GGP Partnership of the proposed record date for any such distribution prior to
such date. From and after the date of this Agreement, PDC LP shall not make any
distribution to the holders of PDC OP Units except (a) a distribution per JP
Common OP Unit in the same amount as a dividend per share of JP Common Stock
permitted pursuant to this Section 5.9, with the same record and payment dates
as such dividend on JP Common Stock and (b) quarterly dividends with respect to
the PDC Preferred OP Units which are required by the terms of the PDC LP
Agreement. The foregoing restrictions shall not apply, however, to the extent a
distribution (or an increase in a distribution) by JP is permitted under Section
1.8(d), or is necessary for JP to maintain REIT status, avoid the incurrence of
any Taxes under Section 857 of the Code, avoid the imposition of any excise
Taxes under Section 4981 of the Code, or avoid the need to make one or more
extraordinary or disproportionately larger distributions to meet any of the
three preceding objectives.

     5.10 Resignations. On the Closing Date, JP shall cause the directors and
officers of JP and of each of the JP Subsidiaries to submit their resignations
from such positions, effective as of the Effective Time.

     5.11 Registration Rights Agreements. At the Closing, JP shall assign and
GGP shall assume by appropriate instrument the Registration Rights Agreements
described in Schedule 5.11 to the JP Disclosure Letter relating to the
registration rights granted to the holders of PDC Series A OP Units, PDC Series
B OP Units and PDC Series C OP Units.


                                       42


     5.12 Information Supplied. None of JP, PDC LP, GGP or GGP Partnership shall
supply information for inclusion or incorporation by reference in the Proxy
Statement or in the Partner Solicitation Materials that will, at the date mailed
to JP stockholders, at the time of the JP Stockholders Meeting or at the
Effective Time, contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which they are made,
not misleading.

     5.13 The JP Rights Plan. JP shall either (i) redeem, effective immediately,
prior to the Effective Time, all of the then outstanding Rights (as defined in
the Rights Agreement) for cash pursuant to and in compliance with Section 23 of
the Rights Agreement or (ii) take such other action to terminate the Rights
Agreement as of that time, as JP and GGP may mutually agree. JP shall not redeem
the Rights issued under the Rights Agreement, or terminate the Rights Agreement,
prior to the Effective Time of the Merger (other than in accordance with the
preceding sentence) unless required to do so by a court of competent
jurisdiction; provided, however, that JP may take any of the foregoing actions
if the Board of Directors of JP shall have accepted a proposal for a Superior
Competing Transaction in accordance with the terms of Section 4.2.

     5.14 Noncompetition Agreements. At or prior to Closing, JP shall cause John
Price and the individuals identified in Schedule 5.14 to the JP Disclosure
Schedule to enter into noncompetition and confidentiality agreements
substantially in the form attached hereto as Exhibit K.

                                    ARTICLE 6

                                   CONDITIONS

     6.1 Conditions to Each Party's Obligation to Effect the Merger. The
obligations of each party to effect the Mergers and to consummate the other
transactions contemplated by this Agreement to occur on the Closing Date shall
be subject to the fulfillment at or prior to the Closing Date of the following
conditions:

     (a) JP Stockholder and Partner Approvals. The JP Stockholder Approval and
JP Partner Approvals shall have been obtained.

     (b) No Injunctions or Restraints. No temporary restraining order,
preliminary or permanent injunction or other order issued by any court of
competent jurisdiction or other legal restraint or prohibition preventing the
consummation of the Mergers or any of the other transactions contemplated hereby
shall be in effect.

     6.2 Conditions to Obligations of GGP, GGP Partnership, Acquisition and
Partnership Acquisition. The obligations of GGP, GGP Partnership, Acquisition
and Acquisition Partnership Acquisition to effect the Mergers and to consummate
the other transactions contemplated by this Agreement to occur on the Closing
Date are further subject to the following conditions, any one or more of which
may be waived by GGP and GGP Partnership:

     (a) Representations and Warranties. Each of the representations and
warranties of JP and PDC LP set forth in this Agreement which is qualified by
materiality shall be true and correct, and each of the representations and
warranties of JP and PDC LP set forth in this Agreement which is not so
qualified shall be true and correct in all material respects, in each case, as
of the date of this Agreement and as of the Closing Date as though made on and
as of the Closing Date (except to the extent that such representations and
warranties are expressly limited by their terms to another date, in which case
such representations and warranties shall be true and correct as of such other
date). This condition shall be


                                       43


deemed to have been satisfied unless all breaches of the representations and
warranties of JP and PDC LP in this Agreement (without giving effect to any
materiality, any JP Material Adverse Effect or any similar qualification or
limitation) would, in the aggregate, reasonably be expected to have a JP
Material Adverse Effect. GGP and GGP Partnership shall have received a
certificate (which certificate may be qualified by knowledge to the same extent
as such representations and warranties are so qualified) signed on behalf of JP
by the chief executive officer and the chief financial officer of JP, in such
capacities, to such effect.

     (b) Performance of Obligations of JP and PDC LP. JP and PDC LP shall have
performed in all material respects all obligations required to be performed by
them under this Agreement at or prior to the Effective Time, and GGP and GGP
Partnership shall have received a certificate signed on behalf of JP by the
chief executive officer and the chief financial officer of JP, in such
capacities, to such effect.

     (c) Material Adverse Change. Since the date of this Agreement, there shall
have been no JP Material Adverse Effect, and GGP shall have received a
certificate of the chief executive officer and chief financial officer of JP, in
such capacities, certifying to such effect.

     (d) Tax Opinions Relating to REIT Status and Partnership Status. GGP and
GGP Partnership shall have received an opinion of Clifford Chance Rogers & Wells
LLP or other counsel to JP reasonably satisfactory to GGP and GGP Partnership,
dated as of the Closing Date, to the effect that, (i) for all taxable years for
which the Internal Revenue Service could assert a Tax liability with respect to
JP, JP was organized and has operated in conformity with the requirements for
qualification and taxation as a REIT under the Code, and (ii) for all taxable
years for which the Internal Revenue Service could assert a Tax liability with
respect to PDC LP, PDC LP has been, and continues to be, treated for federal
income tax purposes as a partnership and not as a corporation or association
taxable as a corporation (with customary exceptions, assumptions and
qualifications and based upon customary representations). For purposes of such
opinion, Clifford Chance Rogers & Wells LLP may rely on (in addition to
customary assumptions and representations for opinions of this type) assumptions
to the effect that (A) Code Section 562(e) applies to the deemed sale of assets
by JP pursuant to the Merger in computing the earnings and profits of JP for the
taxable year ending on the Closing Date, (B) that the Merger will be treated for
federal income tax purposes in the manner described in paragraph G of the
Recitals hereof, and (C) no action will be taken following the Mergers that is
inconsistent with JP's status as a REIT for any period prior to the Mergers.

     (e) Consents. The consents (or waivers of such consents) from third
parties, specified in Schedule 6.2(e) of the JP Disclosure Letter shall have
been obtained and remain in full force and effect.

     6.3 Conditions to Obligations of JP and PDC LP. The obligations of JP and
PDC LP to effect the Mergers and to consummate the other transactions
contemplated to occur on the Closing Date is further subject to the following
conditions, any one or more of which may be waived by JP and PDC LP:

     (a) Representations and Warranties. Each of the representations and
warranties of GGP, GGP Partnership, Acquisition and Partnership Acquisition set
forth in this Agreement which is qualified by materiality shall be true and
correct, and each of the representations and warranties of GGP, GGP Partnership,
Acquisition and Partnership Acquisition set forth in this Agreement which is not
so qualified shall be true and correct in all material respects, in each case,
as of the date of this Agreement and as of the Closing Date as though made on
and as of the Closing Date (except to the extent that such representations and
warranties are expressly limited by their terms to another date, in which case
such representations and warranties shall be true and correct as of such other
date). This condition shall be deemed to have been satisfied unless all breaches
of the representations and warranties of GGP and GGP


                                       44


Partnership in this Agreement (without giving effect to any materiality, JP
Material Adverse Effect or any similar qualification or limitation) would, in
the aggregate, reasonably be expected to have a GGP Material Adverse Effect. JP
shall have received a certificate (which certificate may be qualified by
knowledge to the same extent as such representations and warranties are so
qualified) signed on behalf of GGP by a duly authorized representative of GGP,
in such capacity, to such effect.

     (b) Performance of Obligations of GGP, GGP Partnership, Acquisition and
Partnership Acquisition. GGP, GGP Partnership, Acquisition and Partnership
Acquisition shall have performed in all material respects all obligations
required to be performed by them under this Agreement at or prior to the
Effective Time, and JP shall have received a certificate signed on behalf of GGP
by a duly authorized representative of GGP, in such capacity, to such effect.

     (c) Tax Opinions Relating to REIT Status and Partnership Status.
Contributing Holders of PDC Common OP Units shall have received an opinion of
Neal, Gerber & Eisenberg or other counsel to GGP reasonably satisfactory to
Contributing Holders of PDC Common OP Units, dated as of the Closing Date, to
the effect that, (i) for all taxable years for which the Internal Revenue
Service could assert a Tax liability with respect to GGP, GGP was organized and
operated in conformity with the requirements for qualification and taxation as a
REIT under the Code, and (ii) for all taxable years for which the Internal
Revenue Service could assert a Tax liability with respect to GGP Partnership,
GGP Partnership has been, and continues to be, treated for federal income tax
purposes as a partnership and not as a corporation or association taxable as a
corporation (with customary exceptions, assumptions and qualifications and based
upon customary representations).

                                    ARTICLE 7

                TERMINATION, AMENDMENT AND WAIVER; BOARD ACTIONS

     7.1 Termination. This Agreement may be terminated at any time prior to the
Effective Time of the Partnership Merger, whether such action occurs before or
after any of the JP Stockholder Approval or JP Partner Approvals are obtained:

     (a) by mutual written  consent duly authorized by the Board of Directors of
JP and GGP;

     (b) by GGP and GGP Partnership, or upon a breach of or failure to perform
any representation, warranty, covenant, obligation or agreement on the part of
JP or PDC LP set forth in this Agreement, or if any representation or warranty
of JP or PDC LP shall become untrue, in either case such that the conditions set
forth in Section 6.2(a) or Section 6.2(b), as the case may be, would be
incapable of being satisfied by July 31, 2002 (or as otherwise extended by
mutual agreement of the parties hereto);

     (c) by JP upon a breach of any representation, warranty, covenant,
obligation or agreement on the part of GGP, GGP Partnership, Acquisition or
Partnership Acquisition set forth in this Agreement, or if any representation or
warranty of GGP, GGP Partnership, Acquisition or Partnership Acquisition shall
become untrue, in either case such that the conditions set forth in Section
6.3(a) or Section 6.3(b), as the case may be, would be incapable of being
satisfied by July 31, 2002 (or as otherwise extended by mutual agreement of the
parties hereto);

     (d) by either GGP, GGP Partnership or JP, if any judgment, injunction,
order, decree or action by any Governmental Entity of competent authority
preventing the consummation of the Mergers shall have become final and
non-appealable; provided, however, that a party may not terminate


                                       45


pursuant  to this  clause (d) if the  terminating  party  shall have  materially
breached its obligations under this Agreement;

     (e) by either GGP, GGP Partnership or JP, if the Mergers shall not have
been consummated before July 31, 2002; provided, however, that a party may not
terminate pursuant to this clause (e) if the terminating party shall have
materially breached its obligations under this Agreement;

     (f) by either GGP, GGP Partnership or JP, if, upon a vote at a duly held JP
Stockholders Meeting or any adjournment thereof, the JP Stockholder Approval
shall not have been obtained as contemplated by Section 5.1 or the JP Partner
Approvals shall not have been obtained as contemplated by Section 5.1;

     (g) by JP, if the Board of Directors of JP shall have withdrawn, modified,
amended or qualified in any manner adverse to GGP or GGP Partnership its
approval or recommendation of either of the Mergers or this Agreement in
connection with, or approved or recommended, any Superior Competing Transaction
in compliance with the provisions of Sections 4.2 and 4.3; and

     (h) by GGP or GGP Partnership, if (i) prior to the JP Stockholder Meeting,
the Board of Directors of JP or any committee thereof shall have failed to
recommend or withdrawn, modified, amended or qualified in any manner adverse to
GGP or GGP Partnership its approval or recommendation of the Mergers or this
Agreement, or approved or recommended any Superior Competing Transaction, (ii)
JP or PDC LP shall have entered into any agreement with respect to any Competing
Transaction or (iii) the Board of Directors of JP or any committee thereof shall
have resolved or publicly disclosed its intent to do any of the foregoing.

     7.2 Certain Fees, Expenses and Rights. If this Agreement is terminated
pursuant to Section 7.1(b), then JP and PDC LP shall be jointly liable to pay to
GGP Partnership an amount equal to the GGP Break-Up Expenses (as defined
herein). If this Agreement shall be (i) terminated pursuant to Section 7.1(b),
7.1(e) (if JP shall have exercised such termination right) or 7.1(f), and (A) on
or after January 31, 2002 and prior to such termination a Person has made a
proposal relating to a Competing Transaction and (B) within one year of any such
termination JP shall consummate a Competing Transaction or execute a definitive
agreement providing for a transaction or series of transactions which would
otherwise constitute a Competing Transaction (a "JP Acquisition Agreement") with
such Person or its Affiliates or associates or Persons acting in concert with
such Person (whether or not any JP Acquisition Agreement relates to the same
Competing Transaction which had been received at the time of the termination of
this Agreement) or (ii) terminated pursuant to Section 7.1(g) or 7.1(h), then JP
and PDC LP shall be jointly liable to pay to GGP Partnership an amount equal to
the GGP Break-Up Fee (as defined below) less any GGP Break-Up Expenses otherwise
to be paid hereunder.

     The payment of the GGP Break-Up Fee or GGP Break-Up Expenses shall be
compensation for the loss suffered by GGP, GGP Partnership and their Affiliates
as a result of the failure of the Mergers to be consummated (including, without
limitation, opportunity costs and out-of-pocket costs and expenses) and to avoid
the difficulty of determining damages under the circumstances. The GGP Break-Up
Fee shall be paid by JP to GGP Partnership, or the GGP Break-Up Expenses shall
be paid by JP to GGP Partnership, in immediately available funds within two (2)
business days after the date the event giving rise to the obligation to make
such payment occurred. JP and PDC LP acknowledge that the agreements contained
in this Section 7.2 are integral parts of this Agreement; accordingly, if JP
fails to promptly pay the GGP Break-Up Fee or GGP Break-Up Expenses due pursuant
to this Section 7.2 and, in order to obtain payment, GGP or GGP Partnership
commences a suit which results in a judgment against JP or PDC LP for any
amounts owed pursuant to this Section 7.2, JP and PDC LP shall pay to GGP
Partnership its costs and expenses (including reasonable attorneys' fees and
expenses) in connection with such suit.


                                       46


As used in this Agreement, "GGP Break-Up Fee" shall be an amount equal to the
lesser of (i) $19,000,000 (the "Base Amount") and (ii) the sum of (A) the
maximum amount that can be paid to GGP Partnership without causing GGP to fail
to meet the requirements of Sections 856(c)(2) and (3) of the Code determined as
if the payment of such amount did not constitute income described in Sections
856(c)(2)(A)-(H) and 856(c)(3)(A)-(I) of the Code ("Qualifying Income"), as
determined by independent accountants to GGP, and (B) in the event GGP or GGP
Partnership receives a letter from its outside counsel (the "GGP Break-Up Fee
Tax Opinion") or a private letter ruling from the Internal Revenue Service ("IRS
GGP Break-Up Fee Ruling") stating that GGP Partnership's receipt of the Base
Amount would either constitute Qualifying Income or would be excluded from gross
income of GGP within the meaning of Sections 856(c)(2) and (3) of the Code (the
"REIT Requirements") or that the receipt by GGP Partnership of the remaining
balance of the Base Amount following the receipt of and pursuant to such GGP
Break-Up Fee Tax Opinion or IRS GGP Break-Up Fee Ruling would not cause GGP to
be deemed to have constructively received such remaining balance prior thereto,
the Base Amount less the amount payable under clause (A) above. In the event
that GGP Partnership is not able to receive the full Base Amount, JP shall place
the unpaid amount in escrow and shall not release any portion thereof to GGP
Partnership unless and until JP receives one of the following: (i) a letter from
GGP's or GGP Partnership's independent accountants indicating the maximum amount
that can be paid at that time to GGP Partnership without causing GGP to fail to
meet the REIT Requirements, (ii) a GGP Break-Up Fee Tax Opinion or (iii) a copy
of the IRS GGP Break-Up Fee Ruling, in any of which events JP shall pay to GGP
Partnership the lesser of the unpaid Base Amount or the maximum amount stated in
the letter referred to in (i) above. JP's obligation to pay any unpaid portion
of the GGP Break-Up Fee shall terminate three years from the date of this
Agreement (and any amounts still held in escrow shall be released to JP).
Subject to satisfaction of the conditions set forth in the penultimate sentence
of this paragraph, there is no limitation on the number of distributions that
can be made from the escrow prior to the third anniversary of this Agreement.

     The "GGP Break-Up Expenses" payable to GGP Partnership shall be an amount
equal to the lesser of (i) $2,000,000 and (ii) GGP's and GGP Partnership's
out-of-pocket expenses incurred in connection with this Agreement and the
transactions contemplated hereby (including, without limitation, all attorneys',
accountants' and investment bankers' fees and expenses). If the GGP Break-Up
Expenses payable to GGP Partnership exceed the maximum amount that can be paid
to GGP Partnership without causing GGP to fail to meet the requirements of
Sections 856(c)(2) and (3) of the Code determined as if the payment of such
amount did not constitute Qualifying Income, as determined by independent
accountants to GGP (the "Maximum Amount"), the amount initially payable to GGP
Partnership shall be limited to the Maximum Amount. If, however, within the
three-year period commencing on the date of this Agreement, GGP or GGP
Partnership receives a letter from its outside counsel ("GGP Break-Up Expenses
Tax Opinion") or a private letter ruling from the Internal Revenue Service ("IRS
GGP Break-Up Expenses Ruling") stating that GGP Partnership's receipt of the GGP
Break-Up Expenses would either constitute Qualifying Income or would be excluded
from GGP's gross income within the meaning of the REIT Requirements or that
receipt by GGP Partnership of the remaining balance of the GGP Break-Up Expenses
above the Maximum Amount following the receipt of and pursuant to such GGP
Break-Up Expenses Tax Opinion or IRS GGP Break-Up Expenses Ruling would not
cause GGP to be deemed to have constructively received such remaining balance
prior thereto, GGP Partnership shall be entitled to have payable to it the full
amount of the GGP Break-Up Expenses. In the event that GGP Partnership is not
able to receive the full GGP Break-Up Expenses, JP shall place the unpaid amount
in escrow and shall not release any portion thereof to GGP Partnership unless
and until JP receives one of the following: (i) a letter from the independent
accountants of GGP or GGP Partnership indicating the maximum amount that can be
paid at that time to GGP Partnership without causing GGP to fail to meet the
REIT Requirements, (ii) a GGP Break-Up Expenses Tax Opinion or (iii) a copy of
the IRS GGP Break-Up Expenses Ruling, in any of which events JP shall pay to GGP
Partnership the lesser of the unpaid GGP Break-Up Expenses or the maximum amount
stated in the letter referred to in (i) above. The


                                       47


obligation of JP to pay any unpaid portion of the GGP Break-Up Expenses shall
terminate three years from the date of this Agreement. Subject to satisfaction
of the conditions set forth in the penultimate sentence of this paragraph, there
is no limitation on the number of distributions that can be made from the escrow
prior to the third anniversary of this Agreement.

     If this Agreement shall be terminated pursuant to Section 7.1(c), then GGP
and GGP Partnership thereupon shall be jointly liable to pay to JP an amount
equal to the lesser of (i) $2,000,000 and (ii) JP's out-of-pocket expenses
incurred in connection with this Agreement and the transactions contemplated
hereby (including, without limitation, all attorneys', accountants' and
investment bankers' fees and expenses) (the "JP Break-Up Expenses"). GGP
acknowledges that if JP commences a suit which results in a judgment against GGP
or GGP Partnership for any amounts owed pursuant to this Section 7.2, GGP and
GGP Partnership shall be jointly and severally liable to JP for JP's costs and
expenses (including reasonable attorneys' fees and expenses) in connection with
such suit.

     The foregoing provisions of this Section 7.2 have been agreed to by each of
the parties hereto in order to induce the other parties to enter into this
Agreement and to consummate the Mergers and the other transactions contemplated
by this Agreement, it being agreed and acknowledged by each of them that the
execution of this Agreement by them constitutes full and reasonable
consideration for such provisions.

     7.3 Effect of Termination. In the event of termination of this Agreement by
either JP, GGP or GGP Partnership as provided in Section 7.1, this Agreement
shall forthwith become void and have no effect, without any liability or
obligation on the part of JP, PDC LP, GGP, GGP Partnership, Acquisition or
Partnership Acquisition, other than Section 7.2, this Section 7.3 and Article 8,
and except to the extent that such termination results from a willful breach by
any party of any of its representations, warranties, covenants or agreements set
forth in this Agreement or a failure or refusal by such party to consummate the
transactions contemplated hereby when such party was obligated to do so in
accordance with the terms hereof.

     7.4 Amendment. This Agreement may be amended by the parties in writing by
the Board of Directors of JP (on behalf of itself and PDC LP) or GGP (on behalf
of itself, GGP Partnership, Acquisition and Partnership Acquisition) at any time
before or after any JP Partners Approvals or JP Stockholder Approval are
obtained and prior to the filing of the Maryland Articles of Merger and/or the
Maryland Articles of Partnership Merger with the Department and/or the Delaware
Certificate of Merger with the Secretary of State; provided, however, that,
after the JP Partner Approvals and JP Stockholder Approval are obtained, no such
amendment, modification or supplement shall be made which by law requires the
further approval of stockholders or partners without obtaining such further
approval. The parties agree to amend this Agreement in the manner provided in
the immediately preceding sentence to the extent required to continue the status
of each of JP and GGP as a REIT. Acquisition and Partnership Acquisition hereby
agree that any consent or waiver of compliance given by GGP and GGP Partnership
hereunder shall be conclusively binding on each of them, whether given expressly
or on its behalf.

     7.5 Extension; Waiver. At any time prior to the Effective Time, the parties
may (a) extend the time for the performance of any of the obligations or other
acts of the other party or parties, (b) waive any inaccuracies in the
representations and warranties of the other party or parties contained in this
Agreement or in any document delivered pursuant to this Agreement or (c) subject
to the proviso of Section 7.4, waive compliance with any of the agreements or
conditions of the other party or parties contained in this Agreement. Any
agreement on the part of a party to any such extension or waiver shall be valid
only if set forth in an instrument in writing signed on behalf of such party.
The failure of any party to this Agreement to assert any of its rights under
this Agreement or otherwise shall not constitute a waiver of those rights.


                                       48


                                    ARTICLE 8

                               GENERAL PROVISIONS

     8.1 Nonsurvival of Representations and Warranties. None of the
representations and warranties in this Agreement or in any instrument delivered
pursuant to this Agreement confirming the representations and warranties in this
Agreement shall survive the Effective Time. This Section 8.1 shall not limit any
covenant or agreement of the parties which by its terms contemplates performance
after the Effective Time.

     8.2 Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be deemed
given if delivered personally, sent by overnight courier (providing proof of
delivery) or sent by telecopy (providing confirmation of transmission) to the
parties at the following addresses or telecopy numbers (or at such other address
or telecopy number for a party as shall be specified by like notice):

     (a) if to GGP, GGP Partnership, Acquisition or Partnership Acquisition, to:

                  General Growth Properties, Inc.
                  110 North Wacker Drive
                  Chicago, Illinois 60606
                  Attention:  Bernard Freibaum
                  Fax No.:  (312)  960-5463

                  with a copy to:

                  Neal, Gerber & Eisenberg
                  Two North LaSalle Street
                  Suite 2200
                  Chicago, Illinois  60602
                  Attention:  Marshall E. Eisenberg, Esq.
                  Fax No.:  (312) 269-1747

     (b) if to JP or PDC LP, to:

                  JP Realty, Inc.
                  35 Century Park-Way
                  Salt Lake City, Utah  84115
                  Attention:  Paul K. Mendenhall
                  Fax No.:  (801) 486-7653

                  with a copy to:

                  Clifford Chance Rogers & Wells LLP
                  200 Park Avenue
                  New York, NY  10166
                  Attention:  Jay L. Bernstein, Esq.
                  Fax No.:  (212) 878-8375

     8.3  Interpretation.  When a  reference  is  made in  this  Agreement  to a
Section, such reference shall be to a Section of this Agreement unless otherwise
indicated.  The table of contents and headings


                                       49


contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. Whenever the words
"include," "includes" or "including" are used in this Agreement, they shall be
deemed to be followed by the words "without limitation." The parties have
participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Agreement.

     8.4 Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other party.

     8.5 Entire Agreement; No Third-Party Beneficiaries. This Agreement, the JP
Disclosure Letter, the GGP Disclosure Letter, the Schedules, the Confidentiality
Agreement, the Voting Agreement, and the other agreements entered into in
connection with the Merger and the Partnership Merger (a) constitute the entire
agreement and supersede all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter of this Agreement
and (b) except as provided in Sections 5.7 and 5.8, are not intended to confer
upon any Person other than the parties hereto any rights or remedies.

     8.6 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND (AND SOLELY WITH RESPECT TO
THE CONSUMMATION OF THE MERGER, THE APPLICABLE LAWS OF THE STATE OF DELAWARE AND
THE STATE OF MARYLAND), REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS THEREOF.

     8.7 Assignment. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement shall be assigned or delegated, in whole or in
part, by operation of law or otherwise by any of the parties without the prior
written consent of the other parties. Notwithstanding the foregoing, each of
Acquisition and Partnership Acquisition may assign, in its sole discretion, any
of or all its respective rights, interests and obligations under this Agreement
to any direct or indirect wholly owned subsidiary of GGP and GGP Partnership
with written notice to JP, but no such assignment shall relieve GGP or GGP
Partnership of any of their obligations hereunder. Subject to the preceding
sentences, this Agreement will be binding upon, inure to the benefit of, and be
enforceable by, the parties and their respective successors and permitted
assigns.

     8.8 Enforcement. The parties agree that irreparable damage would occur in
the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or
injunctions (without any requirement for posting bond) to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this
Agreement in any federal court located in Maryland or, to the extent such courts
do not have subject matter jurisdiction, in any state court located in Maryland,
this being in addition to any other remedy to which they are entitled at law or
in equity. In addition, each of the parties hereto (a) consents to submit itself
(without making such submission exclusive) to the personal jurisdiction of any
federal court located in Maryland or to the extent such courts do not have
subject matter jurisdiction, or any state court located in Maryland in the event
any dispute arises out of this Agreement or any of the transactions contemplated
by this Agreement and (b) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court.


                                       50


     8.9 Severability. Any term or provision of this Agreement which is invalid
or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this
Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

     8.10 Exculpation. This Agreement shall not impose any personal liability on
any stockholder, trustee, trust manager, manager, director, officer, employee or
agent of JP, PDC LP, GGP, GGP Partnership, Acquisition or Partnership
Acquisition, and all Persons shall look solely to the property of JP, PDC LP,
GGP or GGP Partnership for the payment of any claim hereunder or for the
performance of this Agreement.

     8.11 Joint and Several Obligations.  GGP, GGP Partnership,  Acquisition and
Partnership  Acquisition shall be jointly and severally liable hereunder. JP and
PDC LP shall be jointly and severally liable hereunder.

     8.12 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FOR ITSELF AND FOR THE THIRD
PARTY BENEFICIARIES HEREUNDER, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

     8.13 Knowledge of GGP. If, to the Knowledge of GGP on the date hereof,
there is a matter which should be set forth on any JP Disclosure Schedule, such
matter shall be deemed to be set forth thereon to the extent of such Knowledge.


                                       51



     IN WITNESS WHEREOF, GGP, GGP Partnership, Acquisition, Partnership
Acquisition, JP and PDC LP have caused this Agreement to be signed by their
respective officers, general partners or members thereunto duly authorized all
as of the date first written above.

                                          GENERAL GROWTH PROPERTIES, INC.



                                          By: ________________________________
                                              Name:
                                              Title


                                          GGP LIMITED PARTNERSHIP

                                          By: General Growth Properties, Inc.,
                                              General Partner


                                              By:_____________________________
                                                 Name:
                                                 Title:


                                          GGP ACQUISITION, L.L.C.

                                          By:  GGP Limited Partnership, Member

                                              By:  General Growth Properties,
                                                   Inc., General Partner


                                              By:_____________________________
                                                 Name:
                                                 Title:


                                          GGP ACQUISITION II, L.L.C.

                                          By: GGP Limited Partnership, Member

                                              By:  General Growth Properties,
                                                   Inc., General Partner


                                              By:_____________________________
                                                 Name:
                                                 Title:



                                       52



                                          JP REALTY, INC.


                                          By: ________________________________
                                              Name:
                                              Title:


                                          PRICE DEVELOPMENT COMPANY, LIMITED
                                              PARTNERSHIP

                                          By:  JP Realty, Inc., General
                                              Partner


                                              By:_____________________________
                                                 Name:
                                                 Title:



                                       53


                                                                       EXHIBIT B



                                                                   March 3, 2002


The Board of Directors
JP Realty, Inc.
35 Century Park-Way
Salt Lake City, UT  84155


Dear Members of the Board:

We understand that JP Realty, Inc., a Maryland corporation ("JP Realty" or the
"Company"), is considering a transaction whereby General Growth Properties,
Inc., a Delaware corporation ("General Growth"), will undertake a series of
transactions whereby the Company will become an indirect subsidiary of General
Growth (the "Merger"). Pursuant to the terms of an Agreement and Plan of Merger
(the "Agreement"), (a) each outstanding share of common stock, par value $.0001
per share of the Company (the "Common Stock"), other than Price Group Stock,
will be converted into the right to receive $26.10 in cash without interest (the
"Consideration"), and (b) each outstanding share of Price Group Stock, par value
$.0001 per share (the "Price Group Stock") will be converted into the right to
receive $26.10 in cash without interest (the "Group Stock Consideration"), and
(c) an indirect subsidiary of General Growth will merge with and into Price
Development Company, Limited Partnership, a Maryland limited partnership (the
"Operating Partnership"), and the holders of limited partnership interests in
the Operating Partnership will be entitled to receive partnership interests in
GGP Limited Partnership or cash in exchange for the cancellation of their
limited partnership interests (the "Unit Consideration"). The terms and
conditions of the Merger are more fully set forth in the Agreement.

You have requested our opinion as to the fairness from a financial point of view
to the holders of the Common Stock of the Company of the Consideration to be
received by such holders in the Merger. You have not requested, and our opinion
does not in any manner address, (1) the fairness of the Merger to the holders of
the Price Group Stock of the Group Stock Consideration, (2) the fairness of the
Merger to the limited partners of the Operating Partnership, or (3) the value of
the Consideration relative to the value available to the



limited partners of the Operating Partnership. UBS Warburg LLC ("UBS Warburg")
has acted as financial advisor to the Board of Directors of the Company in
connection with the Merger and will receive a fee for its services. UBS Warburg
will also receive a fee upon delivery of this opinion. In addition, the Company
has agreed to indemnify UBS Warburg for certain liabilities that may arise out
of the rendering of this opinion. In the past, UBS Warburg and its predecessors
have provided investment banking services to the Company and received customary
compensation for the rendering of such services. In the ordinary course of
business, UBS Warburg, its successors and affiliates have and may trade
securities of the Company for their own accounts and the accounts of their
customers and, accordingly, may at any time hold a long or short position in
such securities.

Our opinion does not address the Company's underlying business decision to
proceed with or effect the Merger or constitute a recommendation to any
shareholder of the Company as to how such shareholder should vote with respect
to the Merger. We have not been asked to, nor do we, offer any opinion as to any
terms of the Agreement or the form of the Merger, other than as to the fairness
from a financial point of view, as of the date hereof, to the holders of the
Common Stock (other than holders of Price Group Stock) of the Company of the
Consideration to be received by such holders in the Merger. In rendering this
opinion, we have assumed, with your consent, that the final executed form of the
Agreement does not differ in any material respect from the draft that we have
examined, and that General Growth and the Company will comply with all the
material terms of the Agreement. We have not been authorized to and have not
solicited indications of interest in a business combination with the Company
from any party.

In arriving at our opinion, we have, among other things: (i) reviewed certain
publicly available business and historical financial information relating to the
Company; (ii) reviewed certain internal financial information and other data
relating to the business, operations and financial prospects of the Company,
including estimates and financial forecasts prepared by management of the
Company, that were provided to us by the Company and were not publicly
available; (iii) conducted discussions with members of the senior management of
the Company concerning the business, operations and financial prospects of the
Company; (iv) reviewed publicly available financial and stock market data with
respect to the Company and certain other companies in lines of business we
believe to be generally comparable to those of the Company; (v) compared the
financial terms of the Merger with the publicly available financial terms of
certain other transactions which we believe to be generally relevant, (vii)
reviewed the Agreement; and (viii) conducted such other financial studies, site
visits, analyses, and investigations, and considered such other information as
we deemed necessary or appropriate.



In connection with our review, with your consent, we have not assumed any
responsibility for independent verification of any of the information reviewed
by us for the purpose of this opinion and have, with your consent, relied on
such information being complete and accurate in all material respects. We have
further relied upon assurances of management of the Company that they are not
aware of any facts or circumstances that would make such information inaccurate
or misleading. In addition, at your direction, we have not made any independent
evaluation or appraisal of any of the assets or liabilities (contingent or
otherwise) of the Company, nor have we been furnished with any such evaluation
or appraisal. With respect to the financial forecasts and estimates referred to
above, we have assumed, at your direction, that they have been reasonably
prepared on a basis reflecting the best currently available estimates and
judgments of the management of the Company as to the future financial
performance of the Company. We have assumed that all governmental, regulatory or
other consents and approvals necessary for the consummation of the Merger will
be obtained without any material adverse effect on the Company or the Merger.
Our opinion is necessarily based on economic, monetary, market and other
conditions as in effect on, and the information made available to us as of the
date hereof.

Based upon and subject to the foregoing, it is our opinion that, as of the date
hereof, the Consideration to be received by the holders of the Common Stock of
the Company, other than holders of Price Group Stock, in the Merger is fair,
from a financial point of view, to such holders.


                                Very truly yours,


                                 UBS WARBURG LLC



By:  _____________________________          By:  ______________________________
     Howard J. Margolis                          Russell H. Bates
     Executive Director                          Director