8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

Date of Report (Date of Earliest Event Reported)

February 28, 2011

General Growth Properties, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-34948	27-2963337
(State or other	(Commission	(I.R.S. Employer
jurisdiction of	File Number)	Identification
incorporation)		Number)

110 N. Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices)  (Zip Code)

(312) 960-5000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02             RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 28, 2011, General Growth Properties, Inc. (“GGP”) issued a press release describing its results of operations for the fourth quarter and full year ended December 31, 2010.  A copy of the press release is being furnished as Exhibit 99.1 to this report.  This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On February 28, 2011, General Growth Properties, Inc. made available on its website the press release described in Item 2.02 above as well as certain supplemental financial information regarding its operations for the quarter and full year ended December 31, 2010. A copy of such supplemental financial information is being furnished as Exhibit 99.2 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01             FINANCIAL STATEMENTS AND EXHIBITS.

(d)  Exhibits

Exhibit No.	Description
99.1	Press release titled “General Growth Properties, Inc. Reports Q4 and Full Year 2010 Financial Results” dated February 28, 2011 (furnished herewith).
99.2	Certain GGP supplemental financial information regarding its operations for the quarter and full year ended December 31, 2010 (furnished herewith).

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GENERAL GROWTH PROPERTIES, INC.
		/s/ Steven J. Douglas
		Steven J. Douglas
		Chief Financial Officer
Date: February 28, 2011

3

EXHIBIT INDEX

Exhibit Number	Name
99.1	Press release titled “General Growth Properties, Inc. Reports Q4 and Full Year 2010 Financial Results” dated February 28, 2011 (furnished herewith).
99.2	Certain GGP supplemental financial information regarding its operations for the quarter and full year ended December 31, 2010 (furnished herewith).

4

EX-99.1

Exhibit 99.1

NEWS RELEASE
FOR IMMEDIATE RELEASE

GENERAL GROWTH PROPERTIES REPORTS

Q4 AND FULL YEAR 2010 FINANCIAL RESULTS

Chicago, Illinois, February 28, 2011 -- General Growth Properties,Inc. (NYSE: GGP) (“GGP” or the “Company”) today announced its financial results under GAAP for the three and twelve months ended December 31, 2010.

GAAP OPERATING RESULTS AND EARNINGS PER SHARE (“EPS”)

	Q4			ANNUAL
	Nov 10 - Dec 31, 2010	Oct 1 - Nov 9, 2010	Three Months Ended Dec 31, 2009	Nov 10 - Dec 31, 2010	Jan 1 - Nov 9, 2010	Twelve Months Ended Dec 31, 2009
[ $THOUSANDS EXCEPT PER SHARE ]	Successor	Predecessor	Predecessor	Successor	Predecessor	Predecessor
TOTAL REVENUES	$416,542	$309,602	$734,205	$416,542	$2,406,944	$2,881,387
OPERATING INCOME	$86,099	$124,281	$83,169	$86,099	$909,364	$537,414
NET LOSS	($254,216)	($888,702)	($612,359)	($254,216)	($1,185,758)	($1,284,689)
TOTAL BASIC AND DILUTED (LOSS) EPS	($0.27)	($2.80)		($0.27)	($3.74)

GGP’s emergence resulted in the application of the acquisition method of accounting as of November 9, 2010, and, therefore, financial results subsequent to that date are required to be presented separately for accounting purposes (the “Successor”). To facilitate comparisons with our fourth quarter and annual 2009 results, we have combined such 2010 Predecessor and Successor financial results in schedules included within this release and described as “combined.”  The Company considers this combined presentation as complementary to the GAAP results as it facilitates an understanding of the operating results for the period, but should not be considered a substitute for the GAAP financial presentation.  Also, concurrent with this release, the Company has made available on its website its quarterly package of supplemental financial and operational information (the “Supplemental 8;) which provides additional result detail.

2010 AND 2009 CORE NOI, CORE EBITDA, CORE FFO AND FFO

The following discussion is At Share, refer to the Supplemental for details

	Combined Three Months Ended December 31		Combined Twelve Months Ended December 31
[ $THOUSANDS EXCEPT PER SHARE AND NUMBER OF SHARES ]	2010	2009	2010	2009
CORE NOI1	$588,373	$582,889	$2,231,181	$2,263,223
CORE EBITDA1	$535,531	$532,475	$2,060,819	$2,093,208
CORE FFO1	$249,752	$231,868	$901,064	$881,073
FFO	$254,877	($413,897)	$600,482	($421,384)
CORE FFO PER SHARE2	$0.25	$0.73	$0.91	$2.76
FFO PER SHARE2	$0.26	($1.29)	$0.60	($1.32)
COMMON SHARES OUTSTANDING			993,998,837	319,646,263

For analytical and comparison purposes, in certain schedules the operations of the Predecessor and Successor are combined to present totals for the period.

(1)In order to present GGP’s operations in a manner most relevant to its future operations, CORE EBITDA, CORE FFO and CORE NOI (all as defined below) have been presented to exclude certain non-comparable and non-recurring revenues and expenses.

(2)Per share amounts calculated using December 31 diluted common shares outstanding and reflected as if those shares were outstanding during the entire period shown, which is different than how total basic and diluted EPS is computed under GAAP, which is based on the weighted average shares outstanding during the period. We have presented FFO and CORE FFO per share based on diluted amounts outstanding at the end of the period as we believe such information is more meaningful and reflects the significant capital changes that occured due to the Company’s emergence.

(3)        See definitions under “Non-GAAP Supplemental Financial Measures and Definitions”.

CONTACT: David Keating, vice president of corporate communications, (312) 960-6325, david.keating@ggp.com

QUARTERLY AND YEARLY HIGHLIGHTS

·Comparable Tenant Sales on a trailing 12 month basis increased to $446 per square foot or 6.4% compared to the same period last year.  We have had tenant sales increases every month since December 2009.

·Regional Mall Occupancy remained stable at 92.9% compared to the prior year; while rental spread on permanent tenant occupancy was 2.9% in 2010.

·During 2010, we executed 2,400 new and renewal leases totaling 7.3 million square feet.

·2010 Core NOI was $2.23 billion and remained relatively unchanged year-over-year.

·On January 17, 2011, Sandeep Mathrani assumed the role of chief executive officer.

·Recent additions to our senior management team in the areas of leasing and anchor store relationships are expected to further drive our progress in 2011.

“The fourth quarter 2010 was a defining moment for GGP and it set the stage for us to build the best retail real estate company in the country.  With a new management team in place, a team that has tremendous experience and expertise, we anticipate a long-term positive impact on our properties and the company.  We now have focus and commitment to drive revenue and invest capital with discipline to create value for our shareholders,” said Sandeep Mathrani, chief executive officer of General Growth Properties.

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009

·Revenues remained consistent with the same period in 2009 after adjusting for the results of acquisition accounting applied upon emergence.

·G&A was higher in 2010 by $17.8 million due to incurrence after emergence of legal, consultant and other emergence related costs (not classified as reorganization costs), partially offset by the sale of our Third Party Management Company.

·Based on the results of Old GGP’s evaluations for impairment, impairment charges of approximately $197.3 million were recognized for the quarter ended December 31, 2009.

·Permanent Warrant expense of  $205.3 million in the quarter ended December 31, 2010, was due to the non-cash, mark-to-market expense related to the Permanent Warrant liability as of such date, primarily due to the increase in price of GGP’s common stock since the Effective Date.

FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2010 and 2009

·Total revenues decreased $59.3 million primarily as a result of acquisition accounting applied upon emergence totaling $20 million, as well as a decrease in Specialty Leasing by $15 million.

·Other property operating costs decreased $13.8 million due to an $8 million settlement with a utility provider and lower energy rates, driving energy expense down.

·Improvement in provision for doubtful accounts due to better overall general economic conditions.

CAPITAL TRANSACTIONS AND LIQUIDITY

·On February 25, 2011, GGP announced an amendment to its existing $300 million three-year senior secured revolving credit facility (the “Revolver”).   The amendment increases the Revolver commitment amount up to approximately $720 million and adds a provision that, subject to satisfaction of certain conditions, allows the Company to further increase the commitment amounts up to $1 billion.  The amendment also provides a step-down in interest rates and collateral requirements as the overall leverage of the Company improves.  The Revolver remains undrawn at close and will provide additional financial flexibility.

·Since July 2010, GGP has closed in excess of $2.5 billion, at share, of new mortgage financing.  We anticipate pursuing an additional $1 billion of financing in the second quarter of 2011 to further extend the debt maturity profile in this low interest rate environment and reduce near-term amortization.

·In December we sold four properties (Gateway Overlook, Plaza 9400, Division Crossing and Halsey Crossing) and the substantial portion of another property (Lockport Mall), generating $84.6 million in cash.  GGP is under contract to sell Arizona Center, an urban mixed-use property located in downtown Phoenix, Arizona. The sale is anticipated to close (subject only to customary closing conditions) on or prior to March 15, 2011, and is expected to generate approximately $128 million in pre-tax net proceeds.

CONTACT: David Keating, vice president of corporate communications, (312) 960-6325, david.keating@ggp.com

·Reflective of our focus on our high-quality properties, we have transferred five of our Special Consideration Properties to their respective lenders (two in November 2010 and three in February 2011) pursuant to agreements negotiated in conjunction with our secured property debt restructuring. The remaining eight Special Consideration Properties are expected to be sold or transferred to the applicable lenders by the summer of 2011.  All Special Consideration Properties have been classified as discontinued operations for financial reporting purposes.

STOCK OFFERING TRANSACTIONS

On November 9, 2010, GGP emerged through the contribution of approximately $6.8 billion from Brookfield, Pershing Square, Fairholme, Blackstone and Texas Teachers (the “New Investors”); the spin-off to GGP’s former stockholders of the Master Planned Communities and certain other properties; and the agreement to repay in full the remaining allowed bankruptcy claims of the debtors that remained in bankruptcy.  On November 15 (and November 23 with respect to the underwriters’ option to purchase additional shares), we sold approximately 154.9 million shares of our common stock to the public, at $14.75 per share (before underwriting discounts), and bought back approximately 179.3 million shares of our common stock from the New Investors as permitted by the respective agreements.  This resulted in proceeds of an additional $700 million over and above the initial contributions from t he New Investors.  As a result of the HHC spin-off, the operations of the properties distributed, including all of the operations of the Master Planned Communities, have been reclassified to discontinued operations and excluded from our real estate property net operating income (“NOI”) and other performance metrics for all periods presented.

FOURTH QUARTER 2010 AND YEAR-END EARNINGS CALL

An earnings call is scheduled on March 1, 2011, at 9:00 a.m. Eastern time with Chief Executive Officer Sandeep Mathrani and Chief Financial Officer Steve Douglas.   To participate, log on to www.GGP.com 10 minutes prior to the start time.  Participants wanting to ask questions of Messrs Mathrani and Douglas must participate by phone by dialing one of the following numbers:  Operator Assisted Toll-Free Dial-In Number: (877) 845-1018; Operator Assisted International Dial-In Number: (707) 287-9345.

“Sales figures are starting to bounce back for our retailers.  Unemployment is seeing small, but steady decreases.  Consumer confidence is returning.  These are all positive indicators that our industry is moving in the right direction.   With our best-in-class assets, our leadership team, and financial flexibility, we believe we are well-positioned for short-term and long-term success,” said Mr. Mathrani.

# # #

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

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

The Company believes that NOI is a useful supplemental measure of the Company’s operating performance.  The Company defines NOI as operating revenues (rental income, tenant recoveries and other income) less property and related expenses (real estate taxes, property maintenance costs, marketing and other property expenses).  NOI has been reflected on a proportionate basis (at the Company’s ownership share).  Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.  Because NOI excludes general and administrative expenses, interest expense, retail investment property impairment or other non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to non-controlling interests, reorganization items, strategic initiatives, provision for income taxes, d iscontinued operations and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.  This measure thereby provides an operating perspective not immediately apparent from GAAP operating or net income (loss) attributable to common stockholders. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns.

In addition, management believes that NOI provides useful information to the investment community about the Company’s operating performance.  However, due to the exclusions noted above, NOI should only be used as an alternative measure of the Company’s financial performance.

CORE NOI excludes from both years the NOI impacts of non-cash and certain non-comparable items such as straight-line rent and intangible asset and liability amortization resulting from acquisition accounting.  We present Core NOI, and Core EBITDA and Core FFO as below, as we believe certain investors and other users of our financial information use them as measures of the Company’s historical operating performance.

CONTACT: David Keating, vice president of corporate communications, (312) 960-6325, david.keating@ggp.com

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AS AMORTIZATION

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is defined as net income (loss) attributable to common stockholders, adjusted to exclude interest expense net of interest income, Permanent Warrant expense, income tax provision (benefit), discontinued operations, allocations to non-controlling interests, depreciation and amortization.  “Core EBITDA” comprises EBITDA as defined immediately above and excludes certain non-cash and certain non-recurring items such as our Core NOI adjustments described above, provisions for impairment, emergence reorganization items, strategic initiatives and certain management and administration costs.

FUNDS FROM OPERATIONS (“FFO”) AND CORE FFO

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

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties.  FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life.  Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.   As with our presentation of Core NOI and Core EBITDA, Core FFO excludes from FFO certain items that are non-cash and certain non-comparable items such as our Core NOI adjustments, Core EBITDA adjustments, and FFO items such as FFO from discontinued operations, Permanent Warrant expense, and interest expense on debt repaid or settled, all as a result of our emergence, acquisition accounting and other capital contribution or restructuring events.

RECONCILIATIONS OF NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

In order to provide a better understanding of the relationship between our non-GAAP Supplemental Financial measures of NOI, Core NOI, EBITDA, Core EBITDA, FFO and Core FFO, reconciliations have been provided as follows: a reconciliation of NOI and Core NOI to GAAP Operating Income (loss); a reconciliation of EBITDA and Core EBITDA to GAAP net income, a reconciliation of Core FFO and FFO to GAAP net income (loss) attributable to common stockholders has been provided.  None of our non-GAAP Supplemental Financial measures represent cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to common stockholders and none are necessarily indicative of cash available to fund cash needs.  In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s owner ship share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements.  Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our ability to refinance, extend, restructure or repay our remaining debt (including that of our Unconsolidated Real Estate Affiliates) with maturities in the short to intermediate term, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors that could cause actual results to differ materially from the forward-looking statements in this release.  The Company disclaims any obliga tion to update any forward-looking statements.

ABOUT GGP

GGP is one of the nation’s largest shopping center owners. GGP has ownership and management interest in 169 regional and super regional shopping malls in 43 states. The company portfolio totals 174 million square feet of retail space. A publicly-traded real estate investment trust (REIT), GGP is listed on the New York Stock Exchange under the symbol GGP.

# # #

CONTACT: David Keating, vice president of corporate communications, (312) 960-6325, david.keating@ggp.com

FINANCIAL OVERVIEW
Consolidated Statements of Income (1)
(In thousands, except per share)

	Three Months Ended												Twelve Months Ended
	Nov 10 -			Oct 1 -			Oct 1 -						Nov 10 -			Jan 1 -			Jan 1 -
	Dec 31, 2010			Nov 9, 2010			Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Nov 9, 2010			Dec 31, 2010			Dec 31, 2009
	Successor			Predecessor			Combined (2)			Predecessor			Successor			Predecessor			Combined (2)			Predecessor
Revenues:
Minimum rents	$	261,316		$	200,749		$	462,065		$	468,334		$	261,316		$	1,558,069		$	1,819,385		$	1,845,844
Tenant recoveries	109,757			85,062			194,819			196,265			109,757			694,360			804,117			829,249
Overage rents	19,804			9,074			28,878			24,188			19,804			34,776			54,580			48,447
Management fees and other corporate revenues	8,894			6,288			15,182			18,244			8,894			54,351			63,245			75,304
Other	16,771			8,429			25,200			27,174			16,771			65,388			82,159			82,543
Total revenues	416,542			309,602			726,144			734,205			416,542			2,406,944			2,823,486			2,881,387
Expenses:
Real estate taxes	36,585			26,595			63,180			63,906			36,585			222,459			259,044			255,869
Property maintenance costs	20,901			12,195			33,096			37,185			20,901			92,212			113,113			104,644
Marketing	12,245			3,426			15,671			11,743			12,245			24,271			36,516			32,153
Other property operating costs	68,692			54,692			123,384			119,517			68,692			396,320			465,012			471,810
Provision for doubtful accounts	480			1,956			2,436			3,802			480			15,870			16,350			26,944
Property management and other costs	29,821			12,763			42,584			45,281			29,821			137,834			167,655			173,425
General and administrative	22,262			2,058			24,320			8,728			22,262			24,735			46,997			32,299
Strategic initiatives	—			—			—			—			—			—			—			61,961
Provisions for impairment	—			148			148			190,855			—			15,733			15,733			475,607
Depreciation and amortization	139,457			71,488			210,945			170,019			139,457			568,146			707,603			709,261
Total expenses	330,443			185,321			515,764			651,036			330,443			1,497,580			1,828,023			2,343,973
Operating income		86,099			124,281			210,380			83,169			86,099			909,364			995,463			537,414
Interest income	723			562			1,285			363			723			1,524			2,247			1,618
Interest expense	(139,130		)	(187,467		)	(326,597		)	(319,097		)	(139,130		)	(1,249,444		)	(1,388,574		)	(1,290,176		)
Permanent Warrant expense	(205,252		)	—			(205,252		)	—			(205,252		)	—			(205,252		)	—
Loss before income taxes, noncontrolling interests, equity in income of Unconsolidated Real Estate Affiliates and reorganization items		(257,560	)		(62,624	)		(320,184	)		(235,565	)		(257,560	)		(338,556	)		(596,116	)		(751,144	)
(Provision for) benefit from income taxes	8,929			61,915			70,844			10,870			8,929			60,573			69,502			(6,469		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	(504		)	(32,190		)	(32,694		)	(3,285		)	(504		)	21,857			21,353			32,843
Reorganization items	—			(228,040		)	(228,040		)	148,989			—			(339,874		)	(339,874		)	104,976
Loss from continuing operations	(249,135		)	(260,939		)	(510,074		)	(78,991		)	(249,135		)	(596,000		)	(845,135		)	(619,794		)
Discontinued operations	(6,949		)	(655,891		)	(662,840		)	(545,325		)	(6,949		)	(616,362		)	(623,311		)	(684,829		)
Net loss	(256,084		)	(916,830		)	(1,172,914		)	(624,316		)	(256,084		)	(1,212,362		)	(1,468,446		)	(1,304,623		)
Allocation to noncontrolling interests	1,868			28,128			29,996			11,957			1,868			26,604			28,472			19,934
Net loss attributable to common stockholders	$	(254,216	)	$	(888,702	)	$	(1,142,918	)	$	(612,359	)	$	(254,216	)	$	(1,185,758	)	$	(1,439,974	)	$	(1,284,689	)
Basic and Diluted (Loss) Earnings Per Share:
Continuing operations	$	(0.26	)	$	(0.77	)				$	(0.21	)	$	(0.26	)	$	(1.84	)				$	(1.92	)
Discontinued operations	(0.01		)	(2.03		)				(1.75		)	(0.01		)	(1.90		)				(2.19		)
Total basic and diluted (loss) earnings per share	$	(0.27	)	$	(2.80	)				$	(1.96	)	$	(0.27	)	$	(3.74	)				$	(4.11	)

(1)Successor and Predecessor amounts presented in accordance with GAAP.

(2)For analytical and comparison purposes, the operations of the Predecessor and Successor are Combined to present totals for the period.

FINANCIAL OVERVIEW
Consolidated Balance Sheets (1)
(in thousands)

	As of December 31,			As of December 31,
	2010 (2)			2009
Assets:
Investment in real estate:
Land	$	4,644,712		$	3,327,447
Buildings and equipment	20,300,355			22,851,511
Less accumulated depreciation	(129,794		)	(4,494,297		)
Developments in progress	117,137			417,969
Net property and equipment	24,932,410			22,102,630
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,231,660			1,979,313
Investment property and property held for development and sale	—			1,753,175
Net investment in real estate	28,164,070			25,835,118
Cash and cash equivalents	1,021,311			654,396
Accounts and notes receivable, net	114,099			404,041
Goodwill	—			199,664
Deferred expenses, net	175,669			301,808
Prepaid expenses and other assets	2,300,452			754,747
Assets held for disposition	591,778			—
Total Assets	$	32,367,379		$	28,149,774
Liabilities:
Mortgages, notes and loans payable	$	18,047,957		$	7,300,772
Investment in and loans to/from Unconsolidated Real Estate Affiliates	—			38,289
Deferred tax liabilities	36,463			866,400
Permanent warrant liability	1,041,004			—
Tax indemnification liability	303,750			—
Accounts payable and accrued expenses	1,931,970			1,122,888
Liabilities held for disposition	592,122			—
Liabilities not subject to compromise	21,953,266			9,328,349
Liabilities subject to compromise	—			17,767,253
Total Liabilities	$	21,953,266		$	27,095,602
Redeemable noncontrolling interests:
Preferred	120,756			120,756
Common	111,608			86,077
Total Redeemable Noncontrolling Interests	$	232,364		$	206,833
Equity:
Total stockholders’ equity	10,079,102			822,963
Noncontrolling interests in consolidated real estate affiliates	102,647			24,376
Total Equity	10,181,749			847,339
Total Liabilities and Equity	$	32,367,379		$	28,149,774

(1)Presented in accordance with GAAP

(2)Effected for the application of Acquisition Accounting on the Effective Date.

FINANCIAL OVERVIEW - Proportionate Schedules
Reconciliation of Core NOI, Core EBITDA, and Core FFO, at share
(in thousands, except per share)

	Three Months Ended						Twelve Months Ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
	Combined			Predecessor			Combined			Predecessor
NOI	$	569,302		$	578,611		$	2,246,036		$	2,293,204
Core NOI adjustments:
Straight-line rent (1)	(7,265		)	(408		)	(40,988		)	(33,911		)
Above- and below-market tenant leases, net (1)	18,531			(1,950		)	14,313			(11,215		)
Above- and below-market ground rent expense, net (1)	(39		)	—			(39		)	—
Above- and below-market building rent, net (1)	242			—			242			—
Other	7,602			6,636			11,617			15,145
Total Core NOI adjustments	19,071			4,278			(14,855		)	(29,981		)
Core NOI	$	588,373		$	582,889		$	2,231,181		$	2,263,223
EBITDA	$	251,558		$	479,169		$	1,676,272		$	1,675,634
Core NOI adjustments	19,071			4,278			(14,855		)	(29,981		)
Provisions for impairment	21,222			197,304			37,248			485,260
Reorganization items (2)	228,040			(148,989		)	339,874			(104,976		)
Strategic initiatives	—			—			—			61,961
Management and administrative costs, net (3)	15,640			713			22,280			5,310
Total Core EBITDA adjustments	283,973			53,306			384,547			417,574
Core EBITDA	$	535,531		$	532,475		$	2,060,819		$	2,093,208
FFO	$	254,877		$	(413,897	)	$	600,482		$	(421,384	)
Core EBITDA adjustments	283,973			53,306			384,547			417,574
FFO from discontinued operations	(506,490		)	541,481			(613,146		)	641,245
Mark to market adjustments on debt	4,523			(3,308		)	44,094			(14,194		)
Default interest	50,010			903			135,473			903
Interest expense relating to extinguished debt	28,335			64,006			213,831			249,658
Permanent warrant liability expense	205,252			—			205,252			—
Provision for (benefit from) income taxes	(70,728		)	(10,623		)	(69,469		)	7,271
Total FFO adjustments	(5,125		)	645,765			300,582			1,302,457
Core FFO	$	249,752		$	231,868		$	901,064		$	881,073
Core FFO per share diluted (4)	$	0.25		$	0.73		$	0.91		$	2.76

(1)	These items were impacted by the effects of acquisition accounting as of November 9, 2010.
(2)	Reorganization items reflect bankruptcy- related activity, including gains/losses on liabilities subject to compromise, interest income, U.S. Trustee fees, and other restructuring costs, incurred during the Chapter 11 cases from April 16, 2009 to November 9, 2010.
(3)	Refer to Page 11 (Management and Administrative Costs, net).
(4)	Core FFO and FFO per share amounts determined using December 31 diluted common shares outstanding and calculated assuming the shares were outstanding for the entire period.

FINANCIAL OVERVIEW - Proportionate Schedules
Non-Cash Revenue and Expenses Reflected In FFO, at share
(In thousands)

	Consolidated Properties									Unconsolidated Properties									Consolidated Properties			Unconsolidated Properties
	Successor			Predecessor			Combined			Successor			Predecessor			Combined			Predecessor
Three Months Ended	Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2009
Minimum rents:
Above- and below-market tenant leases, net	$	(16,269	)	$	496		$	(15,773	)	$	(2,689	)	$	(69	)	$	(2,758	)	$	2,339		$	(389	)
Straight-line rent	3,204			3,383			6,587			406			273			679			135			273
Real estate taxes:
Real estate tax stabilization agreement	(899		)	(425		)	(1,324		)	—			—			—			(981		)	—
Other property operating costs:
Non-cash ground rent expense	(960		)	(707		)	(1,667		)	(100		)	(93		)	(193		)	(1,666		)	(247		)
Property management and other costs:
Above -and below-market building rent, net	(242		)	—			(242		)	—			—			—			—			—
Provisions for impairment	—			(148		)	(148		)	—			(21,074		)	(21,074		)	(190,855		)	(6,449		)
Interest expense:
Mark-to-market adjustments on debt	2,898			(6,731		)	(3,833		)	(700		)	10			(690		)	3,171			137
Amortization of deferred finance costs	(44		)	(1,067		)	(1,111		)	(21		)	(232		)	(253		)	(9,582		)	(370		)
Amortization of discount on exchangeable notes	—			(3,158		)	(3,158		)	—			—			—			(7,041		)	—
Termination of interest rate swaps	—			—			—			—			—			—			(4,520		)	—
Debt extinguishment costs	—			—			—			(1		)	—			(1		)	—			—
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			—			—			—			—
Non-cash reorganization items	—			(134,870		)	(134,870		)	—			—			—			230,201			—
Totals	$	(217,564	)	$	(143,227	)	$	(360,791	)	$	(3,105	)	$	(21,185	)	$	(24,291	)	$	21,201		$	(7,045	)
Twelve Months Ended	Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2009
Minimum rents:
Above -and below-market tenant leases, net	$	(16,269	)	$	4,755		$	(11,514	)	$	(2,689	)	$	(110	)	$	(2,799	)	$	8,471		$	2,744
Straight-line rent	3,204			29,107			32,311			406			8,271			8,677			25,640			8,271
Real estate taxes:
Real estate tax stabilization agreement	(899		)	(3,368		)	(4,267		)	—			—			—			(3,924		)	—
Other property operating costs:
Non-cash ground rent expense	(960		)	(5,681		)	(6,641		)	(100		)	(735		)	(835		)	(6,676		)	(1,175		)
Property management and other costs:
Above -and below-market building rent, net	(242		)	—			(242		)	—			—			—			—			—
Provisions for impairment	—			(15,733		)	(15,733		)	—			(21,515		)	(21,515		)	(475,605		)	(9,655		)
Interest expense:
Mark-to-market adjustments on debt	2,898			(48,586		)	(45,688		)	(700		)	2,294			1,594			12,571			1,623
Amortization of deferred finance costs	(44		)	(19,482		)	(19,526		)	(21		)	(1,535		)	(1,556		)	(44,344		)	(1,534		)
Amortization of discount on exchangeable notes	—			(24,777		)	(24,777		)	—			—			—			(27,388		)	—
Termination of interest rate swaps	—			(9,636		)	(9,636		)	—			—			—			9,636			—
Debt extinguishment costs	—			(9,007		)	(9,007		)	(1		)	(31		)	(32		)	(567		)	—
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			—			—			—			—
Non-cash reorganization items	—			(33,422		)	(33,422		)	—			—			—			208,779			—
Totals	$	(217,564	)	$	(135,830	)	$	(353,394	)	$	(3,105	)	$	(13,361	)	$	(16,466	)	$	(293,407	)	$	274

EX-99.2

Exhibit 99.2

FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2010

BASIS OF PRESENTATION AND SELECT DEFINITIONS

GENERAL INFORMATION

Unless the context indicates otherwise, references in the accompanying financial information (the “Supplemental”) to the “Corporation” refer to General Growth Properties, Inc. and references to “GGP” or the “Company” refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities.  Additionally, where reference is made to “GAAP”, this refers to accounting principles generally accepted in the United States.

GGP emerged from bankruptcy, pursuant to a plan of reorganization (the “Plan”), on November 9, 2010 (the “Effective Date”).  The Plan provided for a $6.8 billion equity infusion (“Plan Recapitalization”); the repayment, reinstatement or replacement of certain debt; the repayment in full of allowed bankruptcy claims and the separation of GGP into two public companies, The Howard Hughes Corporation (“HHC”), a spin-off to focus on the master planned communities and other development opportunities, with the assets remaining in GGP consisting primarily of a high-quality retail property portfolio.

The structure of the Plan triggered the application of the acquisition method of accounting (“Acquisition Accounting”) as of the Effective Date as New GGP (“Successor”) acquired control of the existing Company (“Predecessor”).  Acquisition Accounting results in an adjustment to the carrying value of the assets and liabilities of the Successor with a resultant impact on GGP’s operations due to changes in recognized depreciation, amortization of intangible assets and liabilities, and interest expense adjusted for current market rates.  The Plan also resulted in significant expenditures, primarily professional fees and settlement costs, which impact current operations.  In addition, the creation of HHC, and GGP’s intent to sell or dispose of certain underperforming retail assets, results in these assets being classified as discontinued operations.  F urther, GAAP requires that the financial information of the Predecessor and Successor be presented separately.

For analytical and comparison purposes, in certain schedules, the operations of the Predecessor and Successor are combined to present totals for the period (“Combined”).  To assist in further understanding the impact of Acquisition Accounting on the Successor, refer to the schedule “Non-Cash Revenues and Expenses Reflected in FFO”.

PROPERTY INFORMATION

The Company has presented information on its consolidated and unconsolidated properties (“Proportionate” or “at share”) in certain schedules included within this Supplemental.  This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company’s unconsolidated property operations that are owned through investments accounted for under the equity method.

NON-GAAP MEASURES

This Supplemental makes reference to real estate property net operating income (“NOI”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), and funds from operations (“FFO”).  NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses.  EBITDA is defined as NOI less certain property management, administrative expenses and preferred unit distributions, net of management fees and other operational items.  FFO is defined as net income (loss) attributable to common stockholder in accordance with GAAP, excluding gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, plus real estate related depreciation and amortization and including adjustments for unconsolidated partnerships and jo int ventures.  NOI, EBITDA and FFO are presented in the Supplemental on a proportionate basis, which includes GGP’s share from consolidated and unconsolidated properties.  As we conduct substantially all of our business through GGP Limited Partnership (the “Operating Partnership”, which is 99% owned by GGP) and we include the conversion of non-GGP limited common units of the Operating Partnership in the total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnership.

In order to present GGP’s operations in a manner most relevant to its future operations, Core EBITDA, Core FFO and Core NOI have been presented to exclude certain non-cash and non-recurring revenue and expenses.  A reconciliation of NOI to Core NOI, EBITDA to Core EBITDA, and FFO to Core FFO has been included in the “Reconciliation of Core NOI, Core EBITDA, and Core FFO” schedule  included within.

NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) available to common stockholders.  For reference, as an aid in understanding management’s computation of NOI, EBITDA, and FFO, a reconciliation of NOI and EBITDA to consolidated operating income, and FFO to net income in accordance with GAAP has been included in the “Reconciliation of Non-GAAP to GAAP Financial Measures” schedule.

TABLE OF CONTENTS

	Page
Financial Overview
GAAP Financial Schedules:
Consolidated Statements of Income	1
Consolidated Balance Sheets	2
Proportionate Financial Schedules:
Overview	3
Summary Portfolio Results	4
Portfolio Results and FFO	5-6
Prior Year Portfolio Results and FFO	7
Reconciliation of Core NOI, Core EBITDA, and Core FFO	8
Non-Cash Revenue and Expenses Reflected in FFO	9
Reconciliation of Non-GAAP to GAAP Financial Measures	10
Management and Administrative Costs, Net	11
Proportionate Balance Sheet	12
Mortgages, Notes, and Loans Payable
Summary	13
Detail	14-18
Portfolio Operating Metrics
Property Schedule	19-25
Key Operating Performance Indicators	26
Leasing Statistics	27
Lease Expiration Schedule	28
Miscellaneous
Capital Information and Debt Ratios	29
Change in Total Common and Equivalent Shares	30
Discontinued Operations	31
Expansions, Redevelopments, and Capital Expenditures	32
Corporate Information	33
Glossary of Terms	34

This presentation contains forward-looking statements.  Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons.  Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release.  The Company disclaims any obligation to update any forward-looking statements.

SELECT SCHEDULE DEFINITIONS

Page	Schedule	Description
GAAP Financial Schedules:
1	Consolidated Statements of Income	In accordance with GAAP, where the Successor Company results are effected for Acquisition Accounting. Successor and Predecessor 2010 results are Combined for analytical and comparison purposes only.
2	Consolidated Balance Sheets	Consolidated GAAP balance sheets. 2010 Balance Sheet reflects the application of Acquisition Accounting on the Effective date.
Proportionate Financial Schedules:
4	Summary Portfolio Results	Summary of the Portfolio Results and FFO, details of which are presented in the succeeding three pages of Portfolio Results and Funds From Operations. Presentation Combines Predecessor and Successor results for NOI, EBITDA and FFO for the three and twelve months ended Dec 31, 2010 and 2009.
5-6	Portfolio Results and FFO	Proportionate detail of Portfolio Results and FFO, presenting Successor and Predecessor results for the three and twelve months ended December 31, 2010 and 2009.
8	Reconciliation of Core NOI, Core EBITDA, and Core FFO	Reconciliation of NOI to Core NOI, EBITDA to Core EBITDA, and FFO to Core FFO, where “Core” figures exclude certain non-cash and non-recurring revenue and expenses that are not indicative of future operations.
11	Management and Administrative Costs, Net	Comparative information related to GGP’s corporate and certain property-related costs, including presentation of non-recurring items, net of GGP’s third party share of asset and property management fees.
12	Proportionate Balance Sheet	The proportionate balance sheet, adjusts GGP’s GAAP balance sheet for non-controlling interests and adds the Company’s proportionate share of assets and liabilities related to investments in Unconsolidated Properties, accounted for under the equity method.
Portfolio Operating Metrics:
19-25	Property Schedule	By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions.
26	Key Operating Performance Indicators	Certain mall operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
Miscellaneous:
32	Expansions, Redevelopments, and Capital Expenditures	Summary of current development pipeline and capital expenditures, including: Details on material projects Summary of other projects Project expenditures to date Future spend Cash paid or payable for non-development property capital

GAAP Financial Schedules

FINANCIAL OVERVIEW
Consolidated Statements of Income (1)
(In thousands, except per share)

	Three Months Ended												Twelve Months Ended
	Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Oct 1 - Dec 31, 2010			Dec 31, 2009			Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Jan 1 - Dec 31, 2010			Dec 31, 2009
	Successor			Predecessor			Combined (2)			Predecessor			Successor			Predecessor			Combined (2)			Predecessor
Revenues:
Minimum rents	$	261,316		$	200,749		$	462,065		$	468,334		$	261,316		$	1,558,069		$	1,819,385		$	1,845,844
Tenant recoveries	109,757			85,062			194,819			196,265			109,757			694,360			804,117			829,249
Overage rents	19,804			9,074			28,878			24,188			19,804			34,776			54,580			48,447
Management fees and other corporate revenues	8,894			6,288			15,182			18,244			8,894			54,351			63,245			75,304
Other	16,771			8,429			25,200			27,174			16,771			65,388			82,159			82,543
Total revenues	416,542			309,602			726,144			734,205			416,542			2,406,944			2,823,486			2,881,387
Expenses:
Real estate taxes	36,585			26,595			63,180			63,906			36,585			222,459			259,044			255,869
Property maintenance costs	20,901			12,195			33,096			37,185			20,901			92,212			113,113			104,644
Marketing	12,245			3,426			15,671			11,743			12,245			24,271			36,516			32,153
Other property operating costs	68,692			54,692			123,384			119,517			68,692			396,320			465,012			471,810
Provision for doubtful accounts	480			1,956			2,436			3,802			480			15,870			16,350			26,944
Property management and other costs	29,821			12,763			42,584			45,281			29,821			137,834			167,655			173,425
General and administrative	22,262			2,058			24,320			8,728			22,262			24,735			46,997			32,299
Strategic initiatives	—			—			—			—			—			—			—			61,961
Provisions for impairment	—			148			148			190,855			—			15,733			15,733			475,607
Depreciation and amortization	139,457			71,488			210,945			170,019			139,457			568,146			707,603			709,261
Total expenses	330,443			185,321			515,764			651,036			330,443			1,497,580			1,828,023			2,343,973
Operating income	$	86,099		$	124,281		$	210,380		$	83,169		$	86,099		$	909,364		$	995,463		$	537,414
Interest income	723			562			1,285			363			723			1,524			2,247			1,618
Interest expense	(139,130		)	(187,467		)	(326,597		)	(319,097		)	(139,130		)	(1,249,444		)	(1,388,574		)	(1,290,176		)
Permanent Warrant expense	(205,252		)	—			(205,252		)	—			(205,252		)	—			(205,252		)	—
Loss before income taxes, noncontrolling interests, equity in income of Unconsolidated Real Estate Affiliates and reorganization items	$	(257,560	)	$	(62,624	)	$	(320,184	)	$	(235,565	)	$	(257,560	)	$	(338,556	)	$	(596,116	)	$	(751,144	)
(Provision for) benefit from income taxes	8,929			61,915			70,844			10,870			8,929			60,573			69,502			(6,469		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	(504		)	(32,190		)	(32,694		)	(3,285		)	(504		)	21,857			21,353			32,843
Reorganization items	—			(228,040		)	(228,040		)	148,989			—			(339,874		)	(339,874		)	104,976
Loss from continuing operations	(249,135		)	(260,939		)	(510,074		)	(78,991		)	(249,135		)	(596,000		)	(845,135		)	(619,794		)
Discontinued operations (3)	(6,949		)	(655,891		)	(662,840		)	(545,325		)	(6,949		)	(616,362		)	(623,311		)	(684,829		)
Net loss	(256,084		)	(916,830		)	(1,172,914		)	(624,316		)	(256,084		)	(1,212,362		)	(1,468,446		)	(1,304,623		)
Allocation to noncontrolling interests	1868			28,128			29,996			11,957			1868			26,604			28,472			19,934
Net loss attributable to common stockholders	$	(254,216	)	$	(888,702	)	$	(1,142,918	)	$	(612,359	)	$	(254,216	)	$	(1,185,758	)	$	(1,439,974	)	$	(1,284,689	)
Basic and Diluted (Loss) Earnings Per Share:
Continuing operations	$	(0.26	)	$	(0.77	)				$	(0.21	)	$	(0.26	)	$	(1.84	)				$	(1.92	)
Discontinued operations (3)	(0.01		)	(2.03		)				(1.75		)	(0.01		)	(1.90		)				(2.19		)
Total basic and diluted (loss) earnings per share	$	(0.27	)	$	(2.80	)				$	(1.96	)	$	(0.27	)	$	(3.74	)				$	(4.11	)

(1)   Successor and Predecessor amounts presented in accordance with GAAP.

(2)   For analytical and comparison purposes, the operations of the Predecessor and Successor are Combined to present totals for the period.

(3)   Refer to Page 31 (Discontinued Operations).

FINANCIAL OVERVIEW
Consolidated Balance Sheets (1)
(in thousands)

	As of December 31, 2010 (2)			As of December 31, 2009
Assets:
Investment in real estate:
Land	$	4,644,712		$	3,327,447
Buildings and equipment	20,300,355			22,851,511
Less accumulated depreciation	(129,794		)	(4,494,297		)
Developments in progress	117,137			417,969
Net property and equipment	24,932,410			22,102,630
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,231,660			1,979,313
Investment property and property held for development and sale	—			1,753,175
Net investment in real estate	28,164,070			25,835,118
Cash and cash equivalents	1,021,311			654,396
Accounts and notes receivable, net	114,099			404,041
Goodwill	—			199,664
Deferred expenses, net	175,669			301,808
Prepaid expenses and other assets	2,300,452			754,747
Assets held for disposition	591,778			—
Total Assets	$	32,367,379		$	28,149,774
Liabilities:
Mortgages, notes and loans payable	$	18,047,957		$	7,300,772
Investment in and loans to/from Unconsolidated Real Estate Affiliates	—			38,289
Deferred tax liabilities	36,463			866,400
Permanent warrant liability	1,041,004			—
Tax indemnification liability	303,750			—
Accounts payable and accrued expenses	1,931,970			1,122,888
Liabilities held for disposition	592,122			—
Liabilities not subject to compromise	21,953,266			9,328,349
Liabilities subject to compromise	—			17,767,253
Total Liabilities	$	21,953,266		$	27,095,602
Redeemable noncontrolling interests:
Preferred	120,756			120,756
Common	111,608			86,077
Total Redeemable Noncontrolling Interests	$	232,364		$	206,833
Equity:
Total stockholders’ equity	10,079,102			822,963
Noncontrolling interests in consolidated real estate affiliates	102,647			24,376
Total Equity	10,181,749			847,339
Total Liabilities and Equity	$	32,367,379		$	28,149,774

(1)   Presented in accordance with GAAP

(2)   Effected for the application of Acquisition Accounting on the Effective Date.

Proportionate Financial Schedules

FINANCIAL OVERVIEW - Proportionate Schedules

Overview, at share (1), (2), (3)

(In thousands, except per share)

	Three Months Ended					Twelve Months Ended
	Dec 31, 2010		Dec 31, 2009			Dec 31, 2010		Dec 31, 2009
Core FFO (4)	$	249,752	$	231,868		$	901,064	$	881,073
Core FFO per share - diluted	$	0.25	$	0.73		$	0.91	$	2.76
FFO	$	254,877	$	(413,897	)	$	600,482	$	(421,384	)
FFO per share - diluted	$	0.26	$	(1.29	)	$	0.60	$	(1.32	)
Core EBITDA (4)	$	535,531	$	532,475		$	2,060,819	$	2,093,208
Core NOI (4)	$	588,373	$	582,889		$	2,231,181	$	2,263,223
Dividends declared per share	$	0.38	$	0.19		$	0.38	$	0.19
Diluted common shares outstanding as of December 31 (5)						993,998,837		319,646,263

(1)   Presented on a proportionate basis except for Dividends.

(2)   Results have been Combined for Core FFO, FFO, Core EBITDA, and Core NOI.

(3)   Core FFO and FFO per share amounts determined using December 31 diluted common shares outstanding and calculated assuming the shares were outstanding for the entire period as management believes this presentation to be more meaningful.

(4)   Refer to Page 14 (Reconciliation of Core NOI, Core EBITDA, and Core FFO).

(5)   Refer to Page 39 (Change in Total Common and Equivalent Shares).

FINANCIAL OVERVIEW - Proportionate Schedules

Summary Portfolio Results, at share (1), (2)

(In thousands)

	Three Months Ended						Twelve Months Ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Retail and Other
Total property revenues	$	846,358		$	861,759		$	3,294,763		$	3,354,031
Total property operating expenses	277,056			283,148			1,048,727			1,060,827
NOI	$	569,302		$	578,611		$	2,246,036		$	2,293,204
Management fees and other corporate revenues	16,915			21,204			79,203			90,459
Property management and other costs	(49,291		)	(54,393		)	(201,220		)	(209,340		)
General and administrative	(33,268		)	(15,511		)	(60,781		)	(47,010		)
Strategic initiatives	—			—			—			(61,961		)
Preferred unit distributions	(2,838		)	(2,427		)	(9,844		)	(9,434		)
EBITDA before impairments and reorganization items	$	500,820		$	527,484		$	2,053,394		$	2,055,918
Provisions for impairment	(21,222		)	(197,304		)	(37,248		)	(485,260		)
Reorganization items	(228,040		)	148,989			(339,874		)	104,976
EBITDA	$	251,558		$	479,169		$	1,676,272		$	1,675,634
Depreciation on non-income producing assets	(1,857		)	(2,398		)	(9,078		)	(9,725		)
Interest income	3,787			1,302			9,096			5,288
Interest expense:
Default interest	(50,010		)	(903		)	(135,473		)	(903		)
Interest expense relating to extinguished debt	(28,335		)	(64,006		)	(213,831		)	(249,658		)
Mark-to-market adjustments on debt	(4,523		)	3,308			(44,094		)	14,194
Interest on existing debt	(288,906		)	(300,966		)	(1,163,932		)	(1,213,147		)
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—
(Provision for) benefit from income taxes	70,728			10,623			69,469			(7,271		)
Other FFO from noncontrolling interests	1,197			1,455			4,160			5,449
FFO from discontinued operations	506,490			(541,481		)	613,146			(641,245		)
FFO (3)	$	254,877		$	(413,897	)	$	600,482		$	(421,384	)

(1)   Results have been Combined for the 2010 periods presented above.

(2)   Refer to Pages 11-12 (Portfolio Results and Funds From Operations) for more detail.

(3)   Refer to Page 15 (Non-Cash Revenue and Expenses Reflected in FFO).

FINANCIAL OVERVIEW - Proportionate Schedules

Portfolio Results and Funds From Operations (FFO), at share

For the Three Months Ended Dec 31, 2010

(In thousands)

	Consolidated Properties									Unconsolidated Properties									Total Share
	Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010
	Successor			Predecessor			Combined			Successor			Predecessor			Combined			Successor			Predecessor			Combined
Retail and Other
Property revenues:
Minimum rents	$	261,316		$	200,749		$	462,065		$	53,598		$	40,730		$	94,328		$	314,914		$	241,479		$	556,393
Tenant recoveries	109,757			85,062			194,819			21,135			13,503			34,638			130,892			98,565			229,457
Overage rents	19,804			9,074			28,878			3,131			1,091			4,222			22,935			10,165			33,100
Other, including noncontrolling interests	15,309			6,985			22,294			3,649			1,465			5,114			18,958			8,450			27,408
Total property revenues	406,186			301,870			708,056			81,513			56,789			138,302			487,699			358,659			846,358
Property operating expenses:
Real estate taxes	36,585			26,595			63,180			5,956			2,710			8,666			42,541			29,305			71,846
Property maintenance costs	20,901			12,195			33,096			3,732			2,241			5,973			24,633			14,436			39,069
Marketing	12,245			3,426			15,671			2,560			791			3,351			14,805			4,217			19,022
Other property operating costs	68,692			54,692			123,384			12,177			9,250			21,427			80,869			63,942			144,811
Provision for doubtful accounts	480			1,956			2,436			(284		)	156			(128		)	196			2,112			2,308
Total property operating expenses	138,903			98,864			237,767			24,141			15,148			39,289			163,044			114,012			277,056
NOI	$	267,283		$	203,006		$	470,289		$	57,372		$	41,641		$	99,013		$	324,655		$	244,647		$	569,302
Management fees and other corporate revenues	8,894			6,288			15,182			383			1,350			1,733			9,277			7,638			16,915
Property management and other costs	(29,821		)	(12,763		)	(42,584		)	(3,808		)	(2,899		)	(6,707		)	(33,629		)	(15,662		)	(49,291		)
General and administrative	(22,262		)	(2,058		)	(24,320		)	(834		)	(8,114		)	(8,948		)	(23,096		)	(10,172		)	(33,268		)
Preferred unit distributions	(1,641		)	(1,197		)	(2,838		)	—			—			—			(1,641		)	(1,197		)	(2,838		)
EBITDA before impairments and reorganization items	$	222,453		$	193,276		$	415,729		$	53,113		$	31,978		$	85,091		$	275,566		$	225,254		$	500,820
Provisions for impairment	—			(148		)	(148		)	—			(21,074		)	(21,074		)	—			(21,222		)	(21,222		)
Reorganization items	—			(228,040		)	(228,040		)	—			—			—			—			(228,040		)	(228,040		)
EBITDA	$	222,453		$	(34,912	)	$	187,541		$	53,113		$	10,904		$	64,017		$	275,566		$	(24,008	)	$	251,558
Depreciation on non-income producing assets	(952		)	(905		)	(1,857		)	—			—			—			(952		)	(905		)	(1,857		)
Interest income	723			562			1,285			759			1,743			2,502			1,482			2,305			3,787
Interest expense:
Default interest	(92		)	(47,612		)	(47,704		)	(532		)	(1,774		)	(2,306		)	(624		)	(49,386		)	(50,010		)
Interest expense relating to extinguished debt	—			(28,335		)	(28,335		)	—			—			—			—			(28,335		)	(28,335		)
Mark to market adjustments on debt	2,898			(6,731		)	(3,833		)	(700		)	10			(690		)	2,198			(6,721		)	(4,523		)
Interest on existing debt	(141,936		)	(104,789		)	(246,725		)	(23,872		)	(18,309		)	(42,181		)	(165,808		)	(123,098		)	(288,906		)
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			—			—			(205,252		)	—			(205,252		)
(Provision for) benefit from income taxes	8,929			61,915			70,844			(80		)	(36		)	(116		)	8,849			61,879			70,728
Other FFO from noncontrolling interests	562			587			1,149			22			26			48			584			613			1,197
FFO from discontinued operations	1,589			516,770			518,358			(300		)	(11,569		)	(11,869		)	1,289			505,201			506,490
	(111,078		)	356,550			245,472			28,410			(19,005		)	9,405			(82,668		)	337,545			254,877
Equity in FFO of Unconsolidated Properties	28,410			(19,005		)	9,405			(28,410		)	19,005			(9,405		)	—			—			—
FFO (1)	$	(82,668	)	$	337,545		$	254,877		$	—		$	—		$	—		$	(82,668	)	$	337,545		$	254,877

(1)  Refer to Page 15 (Non-Cash Revenue and Expenses Reflected in FFO).

FINANCIAL OVERVIEW - Proportionate Schedules

Portfolio Results and Funds From Operations (FFO), at share

For the Twelve Months Ended Dec 31, 2010

(In thousands)

	Consolidated Properties									Unconsolidated Properties									Total Share
	Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010
	Successor			Predecessor			Combined			Successor			Predecessor			Combined			Successor			Predecessor			Combined
Retail and Other
Property revenues:
Minimum rents	$	261,316		$	1,558,069		$	1,819,385		$	53,598		$	322,021		$	375,619		$	314,914		$	1,880,090		$	2,195,004
Tenant recoveries	109,757			694,360			804,117			21,135			127,051			148,186			130,892			821,411			952,303
Overage rents	19,804			34,776			54,580			3,131			4,318			7,449			22,935			39,094			62,029
Other, including noncontrolling interests	15,309			54,828			70,137			3,649			11,641			15,290			18,958			66,469			85,427
Total property revenues	406,186			2,342,033			2,748,219			81,513			465,031			546,544			487,699			2,807,064			3,294,763
Property operating expenses:
Real estate taxes	36,585			222,459			259,044			5,956			36,988			42,944			42,541			259,447			301,988
Property maintenance costs	20,901			92,212			113,113			3,732			16,268			20,000			24,633			108,480			133,113
Marketing	12,245			24,271			36,516			2,560			5,354			7,914			14,805			29,625			44,430
Other property operating costs	68,692			396,320			465,012			12,177			72,737			84,914			80,869			469,057			549,926
Provision for doubtful accounts	480			15,870			16,350			(284		)	3,204			2,920			196			19,074			19,270
Total property operating expenses	138,903			751,132			890,035			24,141			134,551			158,692			163,044			885,683			1,048,727
NOI	$	267,283		$	1,590,901		$	1,858,184		$	57,372		$	330,480		$	387,852		$	324,655		$	1,921,381		$	2,246,036
Management fees and other corporate revenues	8,894			54,351			63,245			383			15,575			15,958			9,277			69,926			79,203
Property management and other costs	(29,821		)	(137,834		)	(167,655		)	(3,808		)	(29,757		)	(33,565		)	(33,629		)	(167,591		)	(201,220		)
General and administrative	(22,262		)	(24,735		)	(46,997		)	(834		)	(12,950		)	(13,784		)	(23,096		)	(37,685		)	(60,781		)
Preferred unit distributions	(1,641		)	(8,203		)	(9,844		)	—			—			—			(1,641		)	(8,203		)	(9,844		)
EBITDA before impairments and reorganization items	$	222,453		$	1,474,480		$	1,696,933		$	53,113		$	303,348		$	356,461		$	275,566		$	1,777,828		$	2,053,394
Provisions for impairment	—			(15,733		)	(15,733		)	—			(21,515		)	(21,515		)	—			(37,248		)	(37,248		)
Reorganization items	—			(339,874		)	(339,874		)	—			—			—			—			(339,874		)	(339,874		)
EBITDA	$	222,453		$	1,118,873		$	1,341,326		$	53,113		$	281,833		$	334,946		$	275,566		$	1,400,706		$	1,676,272
Depreciation on non-income producing assets	(952		)	(8,126		)	(9,078		)	—			—			—			(952		)	(8,126		)	(9,078		)
Interest income	723			1,524			2,247			759			6,090			6,849			1,482			7,614			9,096
Interest expense:
Default interest	(92		)	(131,351		)	(131,443		)	(532		)	(3,498		)	(4,030		)	(624		)	(134,849		)	(135,473		)
Interest expense relating to extinguished debt	—			(213,831		)	(213,831		)	—			—			—			—			(213,831		)	(213,831		)
Mark-to-market adjustments on debt	2,898			(48,586		)	(45,688		)	(700		)	2,294			1,594			2,198			(46,292		)	(44,094		)
Interest on existing debt	(141,936		)	(855,676		)	(997,612		)	(23,872		)	(142,448		)	(166,320		)	(165,808		)	(998,123		)	(1,163,932		)
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			—			—			(205,252		)	—			(205,252		)
(Provision for) benefit from income taxes	8,929			60,573			69,502			(80		)	47			(33		)	8,849			60,620			69,469
Other FFO from noncontrolling interests	562			3,452			4,014			22			124			146			584			3,576			4,160
FFO from discontinued operations	1,589			587,005			588,594			(300		)	24,852			24,552			1,289			611,857			613,146
	(111,079		)	513,857			402,778			28,410			169,294			197,704			(82,669		)	683,151			600,482
Equity in FFO of Unconsolidated Properties	28,410			169,294			197,704			(28,410		)	(169,294		)	(197,704		)	—			—			—
FFO (1)	$	(82,669	)	$	683,151		$	600,482		$	—		$	—		$	—		$	(82,669	)	$	683,151		$	600,482

(1)  Refer to Page 15 (Non-Cash Revenue and Expenses Reflected in FFO).

FINANCIAL OVERVIEW - Proportionate Schedules

Prior Year Portfolio Results and Funds From Operations (FFO), at share

For the Three and Twelve Months Ended Dec 31, 2009

(In thousands)

	Three Months Ended Dec 31, 2009									Twelve Months Ended Dec 31, 2009
	Consolidated Properties			Unconsolidated Properties						Consolidated Properties			Unconsolidated Properties
	Predecessor			Predecessor			Combined			Predecessor			Predecessor			Combined
Retail and Other
Property revenues:
Minimum rents	$	468,334		$	96,086		$	564,420		$	1,845,844		$	372,095		$	2,217,939
Tenant recoveries	196,265			38,400			234,665			829,249			155,471			984,720
Overage rents	24,188			4,128			28,316			48,447			7,753			56,200
Other, including noncontrolling interests	24,417			9,941			34,358			71,650			23,522			95,172
Total property revenues	713,204			148,555			861,759			2,795,190			558,841			3,354,031
Property operating expenses:
Real estate taxes	63,906			10,631			74,537			255,869			45,756			301,625
Property maintenance costs	37,185			6,049			43,234			104,644			18,522			123,166
Marketing	11,743			2,952			14,695			32,153			7,100			39,253
Other property operating costs	119,517			25,835			145,352			471,810			91,922			563,732
Provision for doubtful accounts	3,802			1,528			5,330			26,944			6,107			33,051
Total property operating expenses	236,153			46,995			283,148			891,420			169,407			1,060,827
NOI	$	477,051		$	101,560		$	578,611		$	1,903,770		$	389,434		$	2,293,204
Management fees and other corporate revenues	18,244			2,960			21,204			75,304			15,155			90,459
Property management and other costs	(45,281		)	(9,112		)	(54,393		)	(173,425		)	(35,915		)	(209,340		)
General and administrative	(8,728		)	(6,783		)	(15,511		)	(32,300		)	(14,710		)	(47,010		)
Strategic initiatives	—			—			—			(61,961		)	—			(61,961		)
Preferred unit distributions	(2,427		)	—			(2,427		)	(9,434		)	—			(9,434		)
EBITDA before impairments and reorganization items	$	438,859		$	88,625		$	527,484		$	1,701,954		$	353,964		$	2,055,918
Provisions for impairment	(190,855		)	(6,449		)	(197,304		)	(475,605		)	(9,655		)	(485,260		)
Reorganization items	148,989			—			148,989			104,976			—			104,976
EBITDA	$	396,993		$	82,176		$	479,169		$	1,331,325		$	344,309		$	1,675,634
Depreciation on non-income producing assets	(2,398		)	—			(2,398		)	(9,725		)	—			(9,725		)
Interest income	363			939			1,302			1,618			3,670			5,288
Interest expense:
Default interest	—			(903		)	(903		)	—			(903		)	(903		)
Interest expense relating to extinguished debt	(64,006		)	—			(64,006		)	(249,658		)	—			(249,658		)
Mark to market adjustments on debt	3,171			137			3,308			12,571			1,623			14,194
Interest on existing debt	(258,262		)	(42,704		)	(300,966		)	(1,053,089		)	(160,058		)	(1,213,147		)
(Provision for) benefit from income taxes	10,870			(247		)	10,623			(6,469		)	(802		)	(7,271		)
Other FFO from noncontrolling interests	1,423			32			1,455			5,328			121			5,449
FFO from discontinued operations	(535,534		)	(5,947		)	(541,481		)	(638,813		)	(2,432		)	(641,245		)
	(447,380		)	33,483			(413,897		)	(606,912		)	185,528			(421,384		)
Equity in FFO of Unconsolidated Properties	33,483			(33,483		)	—			185,528			(185,528		)	—
FFO (1)	$	(413,897	)	$	—		$	(413,897	)	$	(421,384	)	$	—		$	(421,384	)

(1)  Refer to Page 9 (Non-Cash Revenue and Expenses Reflected in FFO).

FINANCIAL OVERVIEW - Proportionate Schedules

Reconciliation of Core NOI, Core EBITDA, and Core FFO, at share

(in thousands, except per share)

	Three Months Ended						Twelve Months Ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
	Combined			Predecessor			Combined			Predecessor
NOI	$	569,302		$	578,611		$	2,246,036		$	2,293,204
Core NOI adjustments:
Straight-line rent (1)	(7,265		)	(408		)	(40,988		)	(33,911		)
Above- and below-market tenant leases, net (1)	18,531			(1,950		)	14,313			(11,215		)
Above- and below-market ground rent expense, net (1)	(39		)	—			(39		)	—
Above- and below-market building rent, net (1)	242			—			242			—
Other	7,602			6,636			11,617			15,145
Total Core NOI adjustments	19,071			4,278			(14,855		)	(29,981		)
Core NOI	$	588,373		$	582,889		$	2,231,181		$	2,263,223
EBITDA	$	251,558		$	479,169		$	1,676,272		$	1,675,634
Core NOI adjustments	19,071			4,278			(14,855		)	(29,981		)
Provisions for impairment	21,222			197,304			37,248			485,260
Reorganization items (2)	228,040			(148,989		)	339,874			(104,976		)
Strategic initiatives	—			—			—			61,961
Management and administrative costs, net (3)	15,640			713			22,280			5,310
Total Core EBITDA adjustments	283,973			53,306			384,547			417,574
Core EBITDA	$	535,531		$	532,475		$	2,060,819		$	2,093,208
FFO	$	254,877		$	(413,897	)	$	600,482		$	(421,384	)
Core EBITDA adjustments	283,973			53,306			384,547			417,574
FFO from discontinued operations	(506,490		)	541,481			(613,146		)	641,245
Mark to market adjustments on debt	4,523			(3,308		)	44,094			(14,194		)
Default interest	50,010			903			135,473			903
Interest expense relating to extinguished debt	28,335			64,006			213,831			249,658
Permanent warrant liability expense	205,252			—			205,252			—
Provision for (benefit from) income taxes	(70,728		)	(10,623		)	(69,469		)	7,271
Total FFO adjustments	(5,125		)	645,765			300,582			1,302,457
Core FFO	$	249,752		$	231,868		$	901,064		$	881,073
Core FFO per share - diluted (4)	$	0.25		$	0.73		$	0.91		$	2.76

(1)	These items were impacted by the effects of acquisition accounting as of November 9, 2010.
(2)	Reorganization items reflect bankruptcy-related activity, including gains/losses on liabilities subject to compromise, interest income, U.S. Trustee fees, and other restructuring costs, incurred during the Chapter 11 cases from April 16, 2009 to November 9, 2010.
(3)	Refer to Page 11 (Management and Administrative Costs, net).
(4)	Core FFO and FFO per share amounts determined using December 31 diluted common shares outstanding and calculated assuming the shares were outstanding for the entire period as management believes this presentation to be more meaningful.

FINANCIAL OVERVIEW - Proportionate Schedules

Non-Cash Revenue and Expenses Reflected In FFO, at share

(In thousands)

	Consolidated Properties									Unconsolidated Properties									Consolidated Properties			Unconsolidated Properties
	Successor			Predecessor			Combined			Successor			Predecessor			Combined			Predecessor
Three Months Ended	Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2009
Minimum rents:
Above- and below-market tenant leases, net	$	(16,269	)	$	496		$	(15,773	)	$	(2,689	)	$	(69	)	$	(2,758	)	$	2,339		$	(389	)
Straight-line rent	3,204			3,383			6,587			406			273			678			135			273
Real estate taxes:
Real estate tax stabilization agreement	(899		)	(425		)	(1,324		)	—			—			—			(981		)	—
Other property operating costs:
Non-cash ground rent expense	(960		)	(707		)	(1,667		)	(100		)	(93		)	(193		)	(1,666		)	(247		)
Property management and other costs:
Above- and below-market building rent, net	(242		)	—			(242		)	—			—			—			—			—
Provisions for impairment	—			(148		)	(148		)	—			(21,074		)	(21,074		)	(190,855		)	(6,449		)
Interest expense:
Mark-to-market adjustments on debt	2,898			(6,731		)	(3,833		)	(700		)	10			(690		)	3,171			137
Amortization of deferred finance costs	(44		)	(1,067		)	(1,111		)	(21		)	(232		)	(253		)	(9,582		)	(370		)
Amortization of discount on exchangeable notes	—			(3,158		)	(3,158		)	—			—			—			(7,041		)	—
Termination of interest rate swaps	—			—			—			—			—			—			(4,520		)	—
Debt extinguishment costs	—			—			—			(1		)	—			(1		)	—			—
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			—			—			—			—
Non-cash reorganization items	—			(134,870		)	(134,870		)	—			—			—			230,201			—
Totals	$	(217,564	)	$	(143,227	)	$	(360,791	)	$	(3,106	)	$	(21,185	)	$	(24,291	)	$	21,201		$	(7,045	)

Twelve Months Ended	Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2009
Minimum rents:
Above- and below-market tenant leases, net	$	(16,269	)	$	4,755		$	(11,514	)	$	(2,689	)	$	(110	)	$	(2,799	)	$	8,471		$	2,744
Straight-line rent	3,204			29,107			32,311			406			8,271			8,677			25,640			8,271
Real estate taxes:
Real estate tax stabilization agreement	(899		)	(3,368		)	(4,267		)	—			—			—			(3,924		)	—
Other property operating costs:
Non-cash ground rent expense	(960		)	(5,681		)	(6,641		)	(100		)	(735		)	(835		)	(6,676		)	(1,175		)
Property management and other costs:
Above- and below-market building rent, net	(242		)	—			(242		)	—			—			—			—			—
Provisions for impairment	—			(15,733		)	(15,733		)	—			(21,515		)	(21,515		)	(475,605		)	(9,655		)
Interest expense:
Mark-to-market adjustments on debt	2,898			(48,586		)	(45,688		)	(700		)	2,294			1,594			12,571			1,623
Amortization of deferred finance costs	(44		)	(19,482		)	(19,526		)	(21		)	(1,535		)	(1,556		)	(44,344		)	(1,534		)
Amortization of discount on exchangeable notes	—			(24,777		)	(24,777		)	—			—			—			(27,388		)	—
Termination of interest rate swaps	—			(9,636		)	(9,636		)	—			—			—			9,636			—
Debt extinguishment costs	—			(9,007		)	(9,007		)	(1		)	(31		)	(32		)	(567		)	—
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			—			—			—			—
Non-cash reorganization items	—			(33,422		)	(33,422		)	—			—			—			208,779			—
Totals	$	(217,564	)	$	(135,830	)	$	(353,394	)	$	(3,105	)	$	(13,361	)	$	(16,466	)	$	(293,407	)	$	274

FINANCIAL OVERVIEW - Proportionate Schedules

Reconciliation of Non-GAAP to GAAP Financial Measures

(in thousands)

	Three Months Ended												Twelve Months Ended
	Nov 10 - Dec 31, 2010			Oct 1 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2009			Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2009
	Successor			Predecessor			Combined (1)			Predecessor			Successor			Predecessor			Combined (1)			Predecessor
Reconciliation of NOI to GAAP Operating Income (Loss)
NOI:
Segment basis	$	324,655		$	244,647		$	569,302		$	578,611		$	324,655		$	1,921,381		$	2,246,036		$	2,293,204
Unconsolidated Properties	(57,372		)	(41,641		)	(99,013		)	(101,560		)	(57,372		)	(330,480		)	(387,852		)	(389,434		)
Consolidated Properties	267,283			203,006			470,289			477,051			267,283			1,590,901			1,858,184			1,903,770
Management fees and other corporate revenues	8,894			6,288			15,182			18,244			8,894			54,351			63,245			75,304
Property management and other costs	(29,821		)	(12,763		)	(42,584		)	(45,281		)	(29,821		)	(137,834		)	(167,655		)	(173,425		)
General and administrative	(22,262		)	(2,058		)	(24,320		)	(8,728		)	(22,262		)	(24,735		)	(46,997		)	(32,300		)
Strategic Inititaives	—			—			—			—			—			—			—			(61,961		)
Provisions for impairment	—			(148		)	(148		)	(190,855		)	—			(15,733		)	(15,733		)	(475,605		)
Depreciation and amortization	(139,457		)	(71,488		)	(210,945		)	(170,019		)	(139,457		)	(568,146		)	(707,603		)	(709,261		)
Noncontrolling interest in NOI of Consolidated Properties and other	1,462			1,444			2,906			2,757			1,462			10,560			12,022			10,892
Operating income	$	86,099		$	124,281		$	210,380		$	83,169		$	86,099		$	909,364		$	995,463		$	537,414
Reconciliation of EBITDA to GAAP Net Income (Loss) Attributable to Common Stockholders
EBITDA:
Segment basis	$	275,566		$	(24,008	)	$	251,558		$	479,169		$	275,565		$	1,400,706		$	1,676,271		$	1,675,634
Unconsolidated Properties	(53,113		)	(10,904		)	(64,017		)	(82,176		)	(53,113		)	(281,833		)	(334,946		)	(344,309		)
Consolidated Properties	222,453			(34,912		)	187,541			396,993			222,452			1,118,873			1,341,325			1,331,325
Preferred unit distributions	1,641			1,197			2,838			2,427			1,641			8,203			9,844			9,434
Depreciation and amortization	(139,457		)	(71,488		)	(210,945		)	(170,019		)	(139,457		)	(568,146		)	(707,603		)	(709,261		)
Noncontrolling interest in NOI of Consolidated Properties and other	1,462			1,444			2,906			2,757			1,463			10,560			12,023			10,892
Interest income	723			562			1,285			363			723			1,524			2,247			1,618
Interest expense	(139,130		)	(187,467		)	(326,597		)	(319,097		)	(139,130		)	(1,249,444		)	(1,388,574		)	(1,290,176		)
Permanent warrant liability expense	(205,252		)	—			(205,252		)	—			(205,252		)	—			(205,252		)	—
(Provision for) benefit from income taxes	8,929			61,915			70,844			10,870			8,929			60,573			69,502			(6,469		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	(504		)	(32,190		)	(32,694		)	(3,285		)	(504		)	21,857			21,353			32,843
Discontinued operations - loss on dispositions	(6,949		)	(655,891		)	(662,840		)	(545,325		)	(6,949		)	(616,362		)	(623,311		)	(684,829		)
Allocation to noncontrolling interests	1,868			28,128			29,996			11,957			1,868			26,604			28,472			19,934
Net loss attributable to common stockholders	$	(254,216	)	$	(888,702	)	$	(1,142,918	)	$	(612,359	)	$	(254,216	)	$	(1,185,758	)	$	(1,439,974	)	$	(1,284,689	)
Reconciliation of FFO to GAAP Net Income (Loss) Attributable to Common Stockholders
FFO:
Segment basis	$	(82,668	)	$	337,545		$	254,877		$	(413,897	)	$	(82,669	)	$	683,151		$	600,482		$	(421,384	)
Unconsolidated Properties	—			—			—			—			—			—			—			—
Consolidated Properties	(82,668		)	337,545			254,877			(413,897		)	(82,669		)	683,151			600,482			(421,384		)
Depreciation and amortization of capitalized real estate costs	(167,403		)	(83,299		)	(250,702		)	(203,717		)	(167,402		)	(683,007		)	(850,409		)	(846,772		)
Losses on sales of investment properties	(4,951		)	(1,155,272		)	(1,160,223		)	970			(4,951		)	(1,173,944		)	(1,178,895		)	957
Noncontrolling interests in depreciation of Consolidated Properties and other	382			432			814			1,016			382			4,038			4,420			3,601
Redeemable noncontrolling interests	4,019			16,485			20,504			14,674			4,019			23,321			27,340			31,370
Depreciation and amortization of discontinued operations	(3,595		)	(4,593		)	(8,188		)	(11,405		)	(3,595		)	(39,317		)	(42,912		)	(52,461		)
Net loss attributable to common stockholders	$	(254,216	)	$	(888,702	)	$	(1,142,918	)	$	(612,359	)	$	(254,216	)	$	(1,185,758	)	$	(1,439,974	)	$	(1,284,689	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	57,372		$	41,641		$	99,013		$	101,560		$	57,372		$	330,480		$	387,852		$	389,434
Net property management fees and costs	(3,425		)	(1,549		)	(4,974		)	(6,152		)	(3,425		)	(14,182		)	(17,607		)	(20,760		)
Net interest expense	(24,345		)	(18,330		)	(42,675		)	(42,531		)	(24,345		)	(137,562		)	(161,907		)	(155,668		)
General and administrative, provisions for impairment, income taxes and noncontrolling interest in FFO	(892		)	(29,198		)	(30,090		)	(13,447		)	(892		)	(34,294		)	(35,186		)	(25,046		)
FFO of discontinued unconsolidated properties	(300		)	(11,569		)	(11,869		)	(5,947		)	(300		)	24,852			24,552			(2,432		)
FFO of unconsolidated properties	28,410			(19,005		)	9,405			33,483			28,410			169,294			197,704			185,528
Depreciation and amortization of capitalized real estate costs	(28,929		)	(13,195		)	(42,124		)	(38,673		)	(28,929		)	(127,525		)	(156,454		)	(154,645		)
Other, including gains on sales of investment properties	15			10			25			1,905			15			(19,912		)	(19,897		)	1,960
Equity in income of Unconsolidated Real Estate Affiliates	$	(504	)	$	(32,190	)	$	(32,694	)	$	(3,285	)	$	(504	)	$	21,857		$	21,353		$	32,843

(1) For analytical and comparison purposes, the operations of the Predecessor and Successor are Combined to present totals for the period.

FINANCIAL OVERVIEW - Proportionate Schedules

Management and Administrative Costs, Net, at share

(In thousands)

	Three Months Ended						Twelve Months Ended
	Dec 31, 2010			Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Management and Administrative Costs, net
Management fees and other corporate revenues, net (1)	$	(10,645	)	$	(14,858	)	$	(55,867	)	$	(66,905	)
Property management and other costs	43,021			48,047			177,884			185,786
General and administrative	33,268			15,511			60,781			47,010
Total management and administrative costs, net	$	65,644		$	48,700		$	182,798		$	165,891
Non-comparable Activity
Management fees and other corporate revenues, net (1), (2)	$	—		$	—		$	—		$	—
Property management and other costs (2)	(1,695		)	(713		)	(8,335		)	(5,310		)
General and administrative (3)	(13,945		)	—			(13,945		)	—
Total management and administrative costs, net	$	(15,640	)	$	(713	)	$	(22,280	)	$	(5,310	)
Comparable Management and Administrative Costs, net
Management fees and other corporate revenues, net (1)	$	(10,645	)	$	(14,858	)	$	(55,867	)	$	(66,905	)
Property management and other costs	41,326			47,334			169,549			180,476
General and administrative	19,323			15,511			46,836			47,010
Total management and administrative costs, net	$	50,004		$	47,987		$	160,518		$	160,581

(1)	Management and other fees are net of property management fee expense incurred by the unconsolidated properties, at our ownership share, which are reflected as a component of property management and other costs in unconsolidated properties.
(2)	Non-comparable Management fees and other coprorate revenues, net and Property management and other costs include revenues and expenses from GGP’s third party management division and its interest in a Turkish joint venture. GGP sold its third party management division and its interest in the Turkish joint venture during the second and third quarters of 2010, respectively.
(3)	Non-comparable General and Administrative costs include post-emergence separation costs related to two former senior officers.

FINANCIAL OVERVIEW

Proportionate Balance Sheet, at share

(in thousands)

	As of December 31, 2010
	Consolidated (1)			Non-Controlling Interests			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
Assets:
Investment in real estate:
Land	$	4,644,712		$	(11,914	)	$	4,632,798		$	716,206		$	5,349,004
Buildings and equipment	20,300,355			(162,365		)	20,137,990			5,165,152			25,303,142
Less accumulated depreciation	(129,794		)	17,611			(112,183		)	(37,550		)	(149,733		)
Developments in progress	117,137			(1,574		)	115,563			26,830			142,393
Net property and equipment	24,932,410			(158,242		)	24,774,168			5,870,638			30,644,806
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,231,660			—			3,231,660			(3,231,660		)	—
Net investment in real estate	28,164,070			(158,242		)	28,005,828			2,638,978			30,644,806
Cash and cash equivalents	1,021,311			(3,410		)	1,017,901			163,796			1,181,697
Accounts and notes receivable, net	114,099			(3,689		)	110,410			68,273			178,683
Deferred expenses, net	175,669			(9,050		)	166,619			18,968			185,587
Prepaid expenses and other assets	2,300,452			(1,026		)	2,299,426			294,477			2,593,903
Assets held for disposition	591,778			—			591,778			47,168			638,946
Total assets	$	32,367,379		$	(175,417	)	$	32,191,962		$	3,231,660		$	35,423,622
Liabilities:
Mortgages, notes and loans payable	$	18,047,957		$	(69,112	)	$	17,978,845		$	2,668,255		$	20,647,100
Deferred tax liabilities	36,463			—			36,463			—			36,463
Permanent warrant liability	1,041,004			—			1,041,004			—			1,041,004
Tax indemnification liability	303,750			—			303,750			—			303,750
Accounts payable and accrued expenses	1,931,970			(3,658		)	1,928,312			491,647			2,419,959
Liabilities held for disposition	592,122			—			592,122			71,759			663,881
Total liabilities	$	21,953,266		$	(72,770	)	$	21,880,496		$	3,231,660		$	25,112,156
Redeemable noncontrolling interests:
Preferred	120,756			—			120,756			—			120,756
Common	111,608			—			111,608			—			111,608
Total redeemable noncontrolling interests	$	232,364		$	—		$	232,364		$	—		$	232,364
Equity:
Common stock	9,419			—			9,419			—			9,419
Additional paid-in capital	10,359,463			—			10,359,463			—			10,359,463
Retained earnings (accumulated deficit)	(289,952		)	—			(289,952		)	—			(289,952		)
Accumulated other comprehensive income (loss)	172			—			172			—			172
Total stockholders’ equity	10,079,102			—			10,079,102			—			10,079,102
Noncontrolling interests in consolidated real estate affiliates	102,647			(102,647		)	—			—			—
Total equity	10,181,749			(102,647		)	10,079,102			—			10,079,102
Total liabilities and equity	$	32,367,379		$	(175,417	)	$	32,191,962		$	3,231,660		$	35,423,622

(1) Presented in accordance with GAAP.

Mortgages, Notes, and Loans Payable

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1)

As of December 31, 2010 (in thousands)

			Proportionate		Average Remaining	Maturities
	Coupon Rate		Balance		Term (Years)	2011		2012		2013		2014		2015		Subsequent		Total
Fixed Rate
Property Level Consolidated	5.56	%	$	13,233,248	4.8	$	63,422	$	861,043	$	336,223	$	2,698,147	$	1,905,470	$	5,594,128	$	11,458,432
Property Level Unconsolidated	5.66	%	2,642,476		2.9	999,110		734,666		118,143		68,211		214,049		400,384		2,534,564
Corporate Consolidated	6.53	%	2,019,723		2.8	—		443,185		936,955		—		624,725		—		2,004,865
Total Fixed Rate	5.69	%	$	17,895,448	4.3	$	1,062,532	$	2,038,893	$	1,391,321	$	2,766,358	$	2,744,244	$	5,994,512	$	15,997,860
Variable Rate
Property Level Consolidated	3.38	%	$	2,474,982	5.6	$	—	$	—	$	—	$	90,113	$	—	$	2,050,847	$	2,140,960
Property Level Unconsolidated	2.85	%	26,911		0.7	22,498		4,413		—		—		—		—		26,911
Corporate Consolidated	1.74	%	206,200		25.2	—		—		—		—		—		206,200		206,200
Total Variable Rate	3.25	%	$	2,708,093	7.0	$	22,498	$	4,413	$	—	$	90,113	$	—	$	2,257,047	$	2,374,072
Total (2)	5.37	%	$	20,603,541	4.6	$	1,085,030	$	2,043,306	$	1,391,321	$	2,856,471	$	2,744,244	$	8,251,559	$	18,371,932
			Total Amortization (1)			$	346,451	$	352,973	$	411,242	$	353,763	$	295,998	$	471,183	$	2,231,609
												Total Maturities and Amortization						$	20,603,541

(1) Excludes 70 Columbia Corporate Center as a decision was made subsequent to year end 2010 to transfer this asset to the lender.

(2) Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:

Total Mortgages, Notes, and Other Payables, from above	$	20,603,541
Special improvement districts	968
Market rate adjustments, net	20,725
Notes payable to affiliates	2,700
70 Columbia Corporate Center	19,166
Total	$	20,647,100

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate Balance	Maturity	Balloon Payment at	Coupon			Amortization
Property	Own %		(2)	Year	Maturity	Rate		Recourse	2011		2012		2013		2014		2015		Subsequent
Fixed Rate
Consolidated Property Level
Westlake Center	100	%	63,387	2011	63,302	7.89	%	No	$	85	$	—	$	—	$	—	$	—	$	—
Owings Mills Mall	100	%	1,390	2011	120	8.50	%	No	1,270		—		—		—		—		—
Provo Towne Center	75	%	39,862	2012	39,130	5.75	%	No	580		152		—		—		—		—
Spokane Valley Mall	75	%	39,862	2012	39,130	5.75	%	No	580		152		—		—		—		—
The Streets at Southpoint	100	%	233,533	2012	227,824	5.36	%	No	4,530		1,179		—		—		—		—
The Shoppes At Buckland Hills	100	%	159,911	2012	154,958	4.92	%	No	3,268		1,685		—		—		—		—
The Mall in Columbia	100	%	400,000	2012	400,000	5.83	%	No	—		—		—		—		—		—
Pembroke Lakes Mall	100	%	125,418	2013	118,449	4.94	%	No	3,000		3,136		833		—		—		—
Senate Plaza	100	%	11,587	2013	10,956	5.71	%	No	242		254		135		—		—		—
Meadows Mall	100	%	99,430	2013	93,631	5.45	%	No	2,148		2,255		1,396		—		—		—
West Oaks	100	%	67,521	2013	63,539	5.25	%	No	1,478		1,548		956		—		—		—
Lakeland Square	100	%	53,068	2013	49,647	5.12	%	No	1,191		1,247		983		—		—		—
Deerbrook Mall	100	%	69,247	2014	60,867	3.46	%	No	2,698		2,788		2,894		—		—		—
Lansing Mall	100	%	22,151	2014	17,544	9.35	%	No	1,355		1,482		1,770		—		—		—
Mall St. Matthews	100	%	139,863	2014	129,452	4.81	%	Yes - Partial	3,018		3,149		4,244		—		—		—
Pecanland Mall	100	%	54,747	2014	48,586	4.28	%	No	1,967		2,048		2,145		—		—		—
Prince Kuhio Plaza	100	%	36,162	2014	32,793	3.45	%	Yes - Partial	1,000		1,032		1,337		—		—		—
Southland (CA)	100	%	77,808	2014	70,709	3.62	%	No	2,102		2,172		2,825		—		—		—
The Crossroads (MI)	100	%	38,464	2014	35,388	7.40	%	No	883		944		1,249		—		—		—
Town East Mall	100	%	100,763	2014	91,387	3.46	%	No	2,782		2,872		3,721		—		—		—
Tucson Mall	100	%	116,569	2014	106,556	4.26	%	No	2,939		3,055		4,019		—		—		—
The Village of Cross Keys	100	%	9,009	2014	5,698	7.04	%	No	1,027		1,102		1,182		—		—		—
Visalia Mall	100	%	39,126	2014	34,264	3.78	%	No	1,561		1,617		1,685		—		—		—
West Valley Mall	100	%	52,958	2014	46,164	3.43	%	No	2,188		2,260		2,345		—		—		—
Austin Bluffs Plaza	100	%	2,161	2014	1,908	4.40	%	No	81		84		88		—		—		—
Fort Union	100	%	2,600	2014	2,295	4.40	%	No	97		101		106		—		—		—
Orem Plaza Center Street	100	%	2,324	2014	2,051	4.40	%	No	87		91		95		—		—		—
Orem Plaza State Street	100	%	1,438	2014	1,270	4.40	%	No	54		56		59		—		—		—
River Pointe Plaza	100	%	3,600	2014	3,177	4.40	%	No	135		140		147		—		—		—
Riverside Plaza	100	%	5,151	2014	4,547	4.40	%	No	193		201		211		—		—		—
Woodlands Village	100	%	6,582	2014	5,810	4.40	%	No	246		257		269		—		—		—
Bayside Marketplace	100	%	77,555	2014	74,832	7.50	%	No	840		906		976		—		—		—
Governor’s Square	100	%	73,628	2014	71,043	7.50	%	No	798		860		927		—		—		—
Oak View Mall	100	%	82,463	2014	79,569	7.50	%	No	894		963		1,038		—		—		—
Gateway Crossing Shopping Center	100	%	14,677	2014	13,454	4.70	%	No	357		373		493		—		—		—
University Crossing	100	%	10,957	2014	10,044	4.70	%	No	267		278		368		—		—		—
Cumberland Mall	100	%	102,828	2014	99,219	7.50	%	No	1,114		1,201		1,294		—		—		—
Crossroads Center (MN)	100	%	81,451	2014	75,156	4.73	%	No	1,830		1,909		2,556		—		—		—
Jordan Creek Town Center	100	%	179,347	2014	164,537	4.57	%	Yes - Partial	4,038		4,206		5,628		939		—		—
Newgate Mall	100	%	39,548	2014	36,028	4.84	%	No	926		968		1,288		338		—		—
Park City Center	100	%	144,243	2014	131,970	5.20	%	No	3,216		3,364		4,506		1,187		—		—
Fashion Place	100	%	140,385	2014	130,124	5.30	%	No	2,649		2,774		3,825		1,012		—		—
The Grand Canal Shoppes	100	%	380,385	2014	346,723	4.78	%	No	8,577		8,951		11,980		4,154		—		—
The Gallery at Harborplace	100	%	62,868	2014	58,024	7.89	%	No	1,156		1,237		1,692		759		—		—
Woodbridge Center	100	%	200,491	2014	181,464	4.24	%	No	4,739		4,923		6,535		2,830		—		—

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate Balance	Maturity	Balloon Payment at	Coupon			Amortization
Property	Own %		(2)	Year	Maturity	Rate		Recourse	2011	2012	2013	2014	2015	Subsequent
Rogue Valley Mall	100	%	25,643	2014	23,607	7.85	%	No	472	505	690	369	—	—
Bayside Marketplace (Bond)	100	%	4,650	2014	—	5.92	%	No	1,075	1,130	1,190	1,255	—	—
Steeplegate Mall	100	%	75,212	2014	68,271	4.94	%	Yes - Partial	1,513	1,714	2,306	1,408	—	—
Newpark Mall	100	%	66,246	2014	60,487	7.45	%	No	1,303	1,391	1,886	1,179	—	—
Eden Prairie Center	100	%	77,038	2014	69,181	4.67	%	No	1,787	1,863	2,483	1,725	—	—
Capital Mall	100	%	19,707	2014	17,895	7.28	%	No	388	414	562	448	—	—
Gateway Mall	100	%	38,623	2014	35,072	7.28	%	No	761	811	1,101	879	—	—
Greenwood Mall	100	%	43,362	2014	39,375	7.28	%	Yes - Partial	854	910	1,236	986	—	—
Northridge Fashion Center	100	%	122,346	2014	109,252	7.24	%	No	2,679	2,880	3,801	3,734	—	—
Rivertown Crossings	100	%	114,243	2014	102,354	7.43	%	No	2,424	2,610	3,456	3,400	—	—
North Star Mall	100	%	224,488	2015	199,315	4.43	%	No	5,159	5,368	7,159	7,487	—	—
Coastland Center	100	%	115,841	2015	110,204	7.50	%	No	1,255	1,353	1,458	1,571	—	—
Coral Ridge Mall	100	%	87,372	2015	83,120	7.50	%	No	947	1,020	1,100	1,185	—	—
Park Place	100	%	170,838	2015	152,932	5.15	%	No	3,615	3,784	5,116	5,390	—	—
10000 West Charleston	100	%	21,109	2015	19,016	7.88	%	No	442	478	517	559	97	—
Providence Place	100	%	331,485	2015	286,194	5.13	%	No	9,326	9,782	11,929	12,569	1,686	—
Peachtree Mall	100	%	86,888	2015	77,085	5.08	%	No	1,741	1,821	2,484	2,615	1,142	—
Hulen Mall	100	%	109,460	2015	96,621	5.03	%	No	2,292	2,396	3,246	3,415	1,490	—
Burlington Town Center	100	%	25,637	2015	23,360	5.03	%	No	382	398	575	605	316	—
Regency Square Mall	100	%	89,746	2015	75,797	3.59	%	No	2,551	2,637	3,408	3,534	1,820	—
Oglethorpe Mall	100	%	136,997	2015	120,880	4.89	%	No	2,813	2,937	3,990	4,193	2,184	—
The Shops at La Cantera	75	%	125,360	2015	117,345	5.95	%	No	1,601	1,699	1,803	1,913	1,000	—
Lynnhaven Mall	100	%	229,846	2015	203,367	5.05	%	No	4,600	4,809	6,562	6,906	3,602	—
Boise Towne Plaza	100	%	10,522	2015	9,082	4.70	%	No	256	267	354	371	193	—
Staten Island Mall	100	%	274,863	2015	240,908	6.07	%	Yes - Partial	5,428	5,772	7,807	8,334	6,613	—
Paramus Park	100	%	100,907	2015	90,242	4.86	%	No	2,047	2,136	2,258	2,371	1,854	—
Baybrook Mall	100	%	166,890	2016	156,329	7.50	%	No	1,809	1,949	2,100	2,263	2,439	—
The Parks at Arlington	100	%	172,780	2016	161,847	7.50	%	No	1,872	2,018	2,174	2,343	2,525	—
Valley Plaza Mall	100	%	91,338	2016	75,790	3.90	%	No	2,489	2,580	3,356	3,491	3,632	—
North Point Mall	100	%	209,946	2016	184,364	5.48	%	No	3,725	3,905	5,444	5,754	6,082	672
Valley Hills Mall	100	%	54,872	2016	46,302	4.73	%	No	1,269	1,324	1,765	1,851	1,942	420
Corporate Pointe 2	100	%	4,401	2016	3,815	6.83	%	No	82	87	120	129	138	30
Corporate Pointe 3	100	%	4,401	2016	3,815	6.83	%	No	82	87	120	129	138	30
Washington Park Mall	100	%	11,721	2016	10,033	5.35	%	No	245	257	348	367	387	84
Harborplace	100	%	49,402	2016	44,547	5.79	%	No	634	664	992	1,052	1,115	401
Brass Mill Center	100	%	117,234	2016	93,347	4.55	%	No	4,063	4,240	4,454	4,664	4,884	1,582
Vista Ridge Mall	100	%	77,585	2016	64,660	6.87	%	No	1,818	1,947	2,552	2,733	2,926	951
Lakeside Mall	100	%	173,884	2016	144,451	4.28	%	No	4,088	4,248	5,644	5,894	6,155	3,405
The Woodlands	100	%	237,206	2016	213,059	5.91	%	No	2,966	3,109	4,674	4,962	5,267	3,169
Willowbrook Mall	100	%	153,521	2016	129,580	6.82	%	No	2,946	3,384	4,567	4,894	5,243	2,907
Collin Creek	100	%	64,942	2016	54,423	6.78	%	No	1,356	1,439	1,941	2,079	2,226	1,478
Bayshore Mall	100	%	30,011	2016	24,820	7.13	%	No	656	704	931	999	1,073	828
Fox River Mall	100	%	191,938	2016	162,026	5.96	%	No	3,517	3,703	5,705	6,059	6,436	4,492
Faneuil Hall Marketplace	100	%	91,669	2016	78,568	5.57	%	No	1,593	1,671	2,338	2,474	2,617	2,407
Lincolnshire Commons	100	%	27,703	2016	24,702	5.98	%	No	340	356	538	572	607	588
Ridgedale Center	100	%	172,553	2016	143,918	4.86	%	No	3,624	3,783	5,121	5,379	5,650	5,079
Oxmoor Center	100	%	55,458	2016	46,799	6.85	%	No	968	1,026	1,427	1,530	1,639	2,069

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate Balance		Maturity	Balloon Payment at		Coupon			Amortization
Property	Own %		(2)		Year	Maturity		Rate		Recourse	2011		2012		2013		2014		2015		Subsequent
Eastridge (WY)	100	%	37,939		2016	31,252		5.08	%	No	788		824		1,118		1,177		1,239		1,540
Pine Ridge Mall	100	%	25,579		2016	21,071		5.08	%	No	531		556		754		794		835		1,039
Red Cliffs Mall	100	%	24,312		2016	20,026		5.08	%	No	505		528		716		754		794		987
Three Rivers Mall	100	%	20,826		2016	17,155		5.08	%	No	433		453		614		646		680		846
Coronado Center	100	%	163,702		2016	135,704		5.08	%	No	3,283		3,433		4,683		4,930		5,189		6,480
The Maine Mall	100	%	209,494		2016	172,630		4.84	%	No	4,367		4,557		6,176		6,486		6,811		8,467
Glenbrook Square	100	%	171,768		2016	141,976		4.91	%	No	3,514		3,670		4,989		5,243		5,510		6,866
Saint Louis Galleria	100	%	230,015		2017	188,966		4.86	%	No	4,751		4,959		6,730		7,069		7,425		10,116
1160-1180 Town Center Drive	100	%	7,902		2017	1,251		6.99	%	No	593		636		1,181		1,266		1,358		1,617
Columbia Mall	100	%	89,059		2017	77,540		6.05	%	No	1,078		1,130		1,713		1,821		1,935		3,843
Market Place Shopping Center	100	%	104,892		2017	91,325		6.05	%	No	1,269		1,331		2,017		2,144		2,279		4,526
Sikes Senter	100	%	59,567		2017	48,194		5.20	%	No	1,171		1,225		1,677		1,768		1,863		3,669
Four Seasons Town Centre	100	%	95,851		2017	72,094		5.60	%	No	2,968		3,126		3,324		3,517		3,722		7,100
Boise Towne Square	100	%	68,430		2017	59,845		6.64	%	No	1,519		1,612		2,154		1,538		648		1,114
Eastridge (CA)	100	%	168,123		2017	144,105		5.79	%	Yes - Partial	2,147		2,249		3,364		3,566		3,781		8,911
Stonestown Galleria	100	%	213,924		2017	183,227		5.79	%	No	2,676		2,801		4,213		4,467		4,736		11,805
White Marsh Mall	100	%	185,165		2017	161,529		5.62	%	No	2,570		2,718		3,933		4,159		4,399		5,857
Tysons Galleria	100	%	251,910		2017	214,755		5.72	%	No	3,274		3,428		5,107		5,411		5,734		14,201
Mall of Louisiana	100	%	228,611		2017	192,116		5.81	%	No	3,290		3,450		5,023		5,326		5,647		13,760
Beachwood Place	100	%	233,953		2017	190,177		5.60	%	No	4,044		4,243		5,944		6,290		6,656		16,599
Knollwood Mall	100	%	38,819		2017	31,113		5.35	%	No	727		761		1,051		1,109		1,171		2,887
Augusta Mall	100	%	172,773		2017	145,438		5.49	%	No	2,354		2,461		3,627		3,834		4,053		11,005
Fallbrook Center	100	%	84,128		2018	71,473		6.14	%	No	1,000		1,049		1,596		1,698		1,807		5,506
Sooner Mall	100	%	59,385		2018	50,452		6.14	%	No	706		740		1,127		1,199		1,275		3,886
River Hills Mall	100	%	79,179		2018	67,269		6.14	%	No	941		987		1,502		1,598		1,700		5,182
Bellis Fair	100	%	58,295		2018	37,506		7.34	%	No	2,176		2,341		2,519		2,710		2,916		8,127
The Gallery at Harborplace - Other	100	%	13,787		2018	3,374		6.05	%	No	1,498		1,592		1,099		1,167		1,239		3,818
Ala Moana Center	100	%	1,326,039		2018	999,819		5.59	%	Yes - Partial	37,628		41,721		42,972		44,088		45,259		114,552
The Boulevard Mall	100	%	103,429		2018	72,881		4.27	%	No	2,675		2,781		3,647		3,808		3,977		13,659
10450 West Charleston Blvd	100	%	3,985		2018	106		6.84	%	No	382		409		438		469		502		1,677
Southlake Mall	100	%	99,039		2019	77,877		6.44	%	No	1,104		1,160		1,792		1,913		2,042		13,151
Westlake Center - Other	100	%	2,437		2021	2,437		12.08	%	No	—		—		—		—		—		—
Providence Place - Other	100	%	44,277		2028	—		7.75	%	No	1,270		1,371		1,480		1,597		1,724		36,834
Provo Towne Centre - Other	75	%	2,250		2095	2,249		10.00	%	No	—		—		—		—		—		—
Consolidated Property Level			$	13,233,248		$	11,458,432	5.56	%		$	269,272	$	277,639	$	340,862	$	282,799	$	224,026	$	380,218
Unconsolidated Property Level
Willowbrook Mall	50	%	$	44,011	2011	$	43,761	6.94	%	No	$	250	$	—	$	—	$	—	$	—	$	—
Village Of Merrick Park	40	%	73,594		2011	72,897		5.84	%	No	697		—		—		—		—		—
Northbrook Court	50	%	42,890		2011	42,274		7.15	%	No	616		—		—		—		—		—
Arrowhead Towne Center	33	%	24,710		2011	24,300		6.90	%	No	410		—		—		—		—		—
First Colony Mall	50	%	92,011		2011	90,877		5.63	%	No	1,134		—		—		—		—		—
Riverchase Galleria	50	%	152,500		2011	152,500		5.65	%	No	—		—		—		—		—		—
Natick Mall	50	%	175,000		2011	175,000		5.65	%	No	—		—		—		—		—		—
Natick West	50	%	70,000		2011	70,000		5.45	%	No	—		—		—		—		—		—
Galleria at Tyler	50	%	125,000		2011	125,000		5.31	%	No	—		—		—		—		—		—
Pinnacle Hills Promenade	50	%	70,000		2011	70,000		5.57	%	No	—		—		—		—		—		—

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate			Balloon Payment at					Amortization
Property	Own %		Balance (2)		Maturity Year	Maturity		Coupon Rate		Recourse	2011		2012		2013		2014		2015		Subsequent
Montclair Plaza	50	%	132,500		2011	132,500		8.79	%	No	—		—		—		—		—		—
Park Meadows	35	%	126,000		2012	126,000		5.96	%	No	—		—		—		—		—		—
Florence Mall	71	%	66,028		2012	63,783		4.95	%	No	1,328		917		—		—		—		—
Glendale Galleria	50	%	183,667		2012	177,133		4.93	%	No	3,682		2,853		—		—		—		—
Oakbrook Center	47	%	97,862		2012	93,427		5.12	%	No	2,485		1,949		—		—		—		—
Clackamas Town Center	50	%	100,000		2012	100,000		6.05	%	No	—		—		—		—		—		—
The Oaks Mall	51	%	52,020		2012	52,020		5.74	%	No	—		—		—		—		—		—
Westroads Mall	51	%	45,518		2012	45,518		5.74	%	No	—		—		—		—		—		—
Stonebriar Centre	50	%	80,489		2012	76,785		5.23	%	No	1,894		1,810		—		—		—		—
Bridgewater Commons	35	%	45,441		2013	43,143		5.27	%	No	1,119		1,179		—		—		—		—
Altamonte Mall	50	%	75,000		2013	75,000		5.05	%	No	—		—		—		—		—		—
Carolina Place	50	%	75,422		2014	68,211		4.60	%	No	2,296		2,396		2,520		—		—		—
Quail Springs Mall	50	%	36,403		2015	33,432		6.74	%	No	597		632		684		732		327		—
Alderwood	50	%	129,444		2015	120,599		6.65	%	No	1,744		1,864		1,991		2,128		1,118		—
Towson Town Center	35	%	62,829		2015	60,019		3.86	%	No	540		585		634		687		364		—
Center Point Plaza	50	%	6,569		2017	5,570		6.31	%	No	142		150		161		171		183		194
Christiana Mall	50	%	117,500		2020	108,390		5.10	%	No	—		—		—		—		524		8,586
Kenwood Towne Centre	70	%	164,468		2020	136,149		5.14	%	No	2,248		2,344		2,493		2,626		2,766		15,842
Water Tower Place	52	%	103,034		2020	83,830		4.85	%	No	1,578		1,657		1,739		1,825		1,915		10,491
Whaler’s Village	50	%	62,507		2021	62,507		5.39	%	No	—		—		—		—		—		—
The Trails Village Center	50	%	7,383		2023	2,919		8.21	%	No	350		380		412		447		485		2,391
Lake Mead & Buffalo	50	%	2,675		2023	1,020		7.20	%	No	136		146		157		168		181		868
Unconsolidated Property Level			$	2,642,476		$	2,534,564	5.66	%		$	23,245	$	18,860	$	10,789	$	8,784	$	7,863	$	38,371
Total - Fixed Property Level			$	15,875,725		$	13,992,995	5.58	%		$	292,517	$	296,499	$	351,651	$	291,583	$	231,890	$	418,589
Consolidated Corporate
Rouse Bonds - 1995 Indenture	100	%	$	349,472	2012	$	349,472	7.20	%	Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Ivanhoe Capital	100	%	93,713		2012	93,713		5.74	%	Yes - Full	—		—		—		—		—		—
Homart I	100	%	245,115		2013	245,115		5.52	%	Yes - Full	—		—		—		—		—		—
Rouse Bonds - 2006 Indenture	100	%	600,054		2013	600,054		6.75	%	Yes - Full	—		—		—		—		—		—
Rouse Bonds - 1995 Indenture	100	%	91,786		2013	91,786		5.38	%	Yes - Full	—		—		—		—		—		—
Rouse Bonds - 2010 Indenture	100	%	608,688		2015	608,688		6.75	%	Yes - Full	—		—		—		—		—		—
Arizona Two (HHC)	100	%	30,896		2015	16,037		4.41	%	Yes - Full	2,767		2,892		3,022		3,158		3,019		—
Consolidated Corporate			$	2,019,723		$	2,004,865	6.53	%		$	2,767	$	2,892	$	3,022	$	3,158	$	3,019	$	—
Total Fixed Rate			$	17,895,448		$	15,997,860	5.69	%		$	295,284	$	299,391	$	354,673	$	294,741	$	234,909	$	418,589
Variable Rate
Consolidated Property Level
Oakwood Center	100	%	$	94,716	2014	$	90,113	Libor + 225bps		Yes - Full	$	1,163	$	1,217	$	1,305	$	918	$	—	$	—
Animas Valley Mall	100	%	44,471		2016	38,798		Libor + 325bps		Yes - Partial	919		960		1,016		1,068		1,124		586
Birchwood Mall	100	%	48,024		2016	41,893		Libor + 325bps		Yes - Partial	993		1,038		1,098		1,155		1,214		633
Cache Valley Mall	100	%	29,294		2016	25,551		Libor + 325bps		Yes - Partial	606		634		670		705		741		387
Colony Square Mall	100	%	28,874		2016	25,187		Libor + 325bps		Yes - Partial	597		624		660		694		730		381
Columbiana Centre	100	%	106,235		2016	92,674		Libor + 325bps		Yes - Partial	2,196		2,295		2,429		2,554		2,686		1,401

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate			Balloon Payment at					Amortization
Property	Own %		Balance (2)		Maturity Year	Maturity		Coupon Rate		Recourse	2011		2012		2013		2014		2015		Subsequent
The Shops at Fallen Timbers	100	%	48,093		2016	41,943		Libor + 325bps		Yes - Partial	996		1,041		1,101		1,158		1,218		635
Foothills Mall	100	%	39,589		2016	34,527		Libor + 325bps		Yes - Partial	820		857		906		953		1,002		523
Grand Teton Mall	100	%	51,923		2016	45,296		Libor + 325bps		Yes - Partial	1,073		1,122		1,187		1,248		1,313		685
Mall at Sierra Vista	100	%	23,882		2016	20,826		Libor + 325bps		Yes - Partial	495		517		547		576		605		316
Mall of the Bluffs	100	%	26,517		2016	23,136		Libor + 325bps		Yes - Partial	548		572		605		637		670		349
Mayfair	100	%	304,034		2016	265,224		Libor + 325bps		Yes - Partial	6,286		6,569		6,950		7,309		7,687		4,009
Mondawmin Mall	100	%	74,257		2016	64,764		Libor + 325bps		Yes - Partial	1,538		1,607		1,700		1,788		1,880		980
North Plains Mall	100	%	13,469		2016	11,750		Libor + 325bps		Yes - Partial	278		291		308		324		340		178
Northtown Mall	100	%	91,665		2016	79,957		Libor + 325bps		Yes - Partial	1,896		1,982		2,097		2,205		2,319		1,209
Oakwood	100	%	83,506		2016	72,848		Libor + 325bps		Yes - Partial	1,726		1,804		1,909		2,007		2,111		1,101
Owings Mills Mall	100	%	24,793		2016	21,622		Libor + 325bps		Yes - Partial	514		537		568		597		628		327
Pierre Bossier	100	%	42,411		2016	36,987		Libor + 325bps		Yes - Partial	879		918		971		1,022		1,074		560
Pioneer Place	100	%	161,493		2016	140,865		Libor + 325bps		Yes - Partial	3,341		3,491		3,694		3,885		4,086		2,131
Salem Center	100	%	38,294		2016	33,404		Libor + 325bps		Yes - Partial	792		828		876		921		968		505
Silver Lake Mall	100	%	13,384		2016	11,665		Libor + 325bps		Yes - Partial	278		291		308		324		340		178
Southwest Plaza	100	%	108,870		2016	94,965		Libor + 325bps		Yes - Partial	2,252		2,353		2,490		2,619		2,754		1,436
Spring Hill Mall	100	%	53,845		2016	46,969		Libor + 325bps		Yes - Partial	1,114		1,164		1,231		1,295		1,362		710
Westwood Mall	100	%	27,653		2016	24,119		Libor + 325bps		Yes - Partial	572		598		633		665		700		365
White Mountain Mall	100	%	10,844		2016	9,449		Libor + 325bps		Yes - Partial	226		236		250		263		276		144
Fashion Show	100	%	638,205		2017	538,366		Libor + 300bps		Yes - Full	13,753		14,453		15,189		15,963		16,776		23,705
The Shoppes At The Palazzo	100	%	246,642		2017	208,058		Libor + 300bps		Yes - Full	5,315		5,586		5,870		6,169		6,483		9,161
Consolidated Property Level			$	2,474,982		$	2,140,960	3.38	%		$	51,167	$	53,582	$	56,569	$	59,022	$	61,089	$	52,594
Unconsolidated Property Level
Superstition Springs Center	33	%	$	22,498	2011	$	22,498	Libor + 37bps		No	$	—	$	—	$	—	$	—	$	—	$	—
Shopping Leblon (Brazil)	49	%	4,413		2012	4,413		various		No	—		—		—		—		—		—
Unconsolidated Property Level			$	26,911		$	26,911	2.85	%		$	—	$	—	$	—	$	—	$	—	$	—
Total - Variable Property Level			$	2,501,893		$	2,167,872	3.37	%		$	51,167	$	53,582	$	56,569	$	59,022	$	61,089	$	52,594
Consolidated Corporate
TRUPS	100	%	$	206,200	2036	$	206,200	Libor + 145bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate			$	206,200		$	206,200	1.74	%		$	—	$	—	$	—	$	—	$	—	$	—
Total Variable Rate			$	2,708,093		$	2,374,072	3.25	%		$	51,167	$	53,582	$	56,569	$	59,022	$	61,089	$	52,594
Total (3)			$	20,603,541		$	18,371,932	5.37	%		$	346,451	$	352,973	$	411,242	$	353,762	$	295,998	$	471,183

(1)	Excludes 70 Columbia Corporate Center as a decision was made in 2011 to transfer this asset to the lender.
(2)	Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.
(3)	Excludes the corporate revolver that was undrawn as of 12/31/10. Subsequent to year end the revolver was upsized from $300 million to $720 million.

Portfolio Operating Metrics

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %	Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Consolidated Regional Malls
Ala Moana Center	Macy’s, Neiman Marcus, Sears, Nordstrom	100%	Honolulu, HI	965,378	829,114	200,000	18,662	355,944	2,369,098	98.7	%
Animas Valley Mall	Dillard’s, JCPenney, Sears	100%	Farmington, NM	274,008	188,817	—	—	—	462,825	95.1	%
Apache Mall	Herberger’s, JCPenney, Macy’s, Sears	100%	Rochester, MN	269,867	320,202	162,790	—	—	752,859	99.8	%
Arizona Center		100%	Phoenix, AZ	165,479	—	—	—	889,425	1,054,904	98.6	%
Augusta Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Augusta, GA	490,512	—	597,223	—	—	1,087,735	97.3	%
Baybrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Friendswood (Houston), TX	423,970	97,906	720,931	—	—	1,242,807	96.9	%
Bayshore Mall	Kohl’s, Sears	100%	Eureka, CA	392,740	87,939	132,319	—	—	612,998	83.5	%
Bayside Marketplace		100%	Miami, FL	218,056	—	—	—	—	218,056	91.4	%
Beachwood Place	Dillard’s, Nordstrom, Saks Fifth Avenue	100%	Beachwood, OH	334,210	332,580	247,000	—	—	913,790	92.2	%
Bellis Fair	JCPenney, Kohl’s, Macy’s, Macy’s Home Store, Sears, Target	100%	Bellingham (Seattle), WA	335,387	200,414	237,910	—	—	773,711	94.0	%
Birchwood Mall	JCPenney, Macy’s, Sears, Target, Younkers	100%	Port Huron (Detroit), MI	298,913	161,216	264,918	—	—	725,047	82.1	%
Boise Towne Square	Dillard’s, JCPenney, Macy’s, Sears, Kohl’s	100%	Boise, ID	421,580	425,556	247,714	116,677	—	1,211,527	94.2	%
Brass Mill Center	Burlington Coat Factory, JCPenney, Macy’s, Sears	100%	Waterbury, CT	396,874	267,471	319,391	197,033	—	1,180,769	93.0	%
Burlington Town Center	Macy’s	100%	Burlington, VT	153,040	—	146,753	—	54,617	354,410	88.0	%
Cache Valley Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney	100%	Logan, UT	170,747	145,832	—	180,956	—	497,535	84.2	%
Capital Mall	Dillard’s, JCPenney, Sears	100%	Jefferson City, MO	317,266	97,537	135,540	—	—	550,343	79.8	%
Chula Vista Center	Burlington Coat Factory, JCPenney, Macy’s, Sears	100%	Chula Vista (San Diego), CA	320,199	—	554,100	—	—	874,299	94.8	%
Coastland Center	Dillard’s, JCPenney, Macy’s, Sears	100%	Naples, FL	333,096	123,921	466,469	—	—	923,486	88.3	%
Collin Creek	Dillard’s, JCPenney, Macy’s, Sears	100%	Plano, TX	425,803	176,259	515,992	—	—	1,118,054	94.6	%
Colony Square Mall	Elder-Beerman, JCPenney, Sears	100%	Zanesville, OH	284,147	148,881	58,997	—	—	492,025	80.6	%
Columbia Mall	Dillard’s, JCPenney, Sears, Target	100%	Columbia, MO	314,729	85,972	335,088	—	—	735,789	98.1	%
Columbiana Centre	Belk, Dillard’s, JCPenney, Sears	100%	Columbia, SC	267,135	198,334	360,643	—	—	826,112	94.7	%
Coral Ridge Mall	Dillard’s, JCPenney, Sears, Target, Younkers	100%	Coralville (Iowa City), IA	524,730	—	551,165	—	—	1,075,895	97.6	%
Coronado Center	JCPenney, Kohl’s, Macy’s, Sears, Target	100%	Albuquerque, NM	406,605	118,272	627,753	—	—	1,152,630	98.2	%
Crossroads Center	JCPenney, Macy’s, Sears, Target	100%	St. Cloud, MN	367,373	394,167	129,275	—	—	890,815	98.5	%
Cumberland Mall	Costco, Macy’s, Sears	100%	Atlanta, GA	389,500	147,409	500,575	—	—	1,037,484	93.4	%
Deerbrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Humble (Houston), TX	494,694	43,479	653,540	—	—	1,191,713	99.3	%
Eastridge Mall	JCPenney, Macy’s, Sears, Target	100%	Casper, WY	285,544	213,913	75,883	—	—	575,340	79.6	%
Eastridge Mall	JCPenney, Macy’s, Sears	100%	San Jose, CA	636,591	246,261	426,000	—	—	1,308,852	97.0	%
Eden Prairie Center	Kohl’s, Sears, Target, Von Maur, JCPenney	100%	Eden Prairie (Minneapolis), MN	404,046	279,422	452,081	—	—	1,135,549	98.1	%
Faneuil Hall Marketplace		100%	Boston, MA	191,396	—	—	—	156,426	347,822	94.3	%
Fashion Place	Dillard’s, Nordstrom, Sears	100%	Murray, UT	354,801	—	600,778	29,341	—	984,920	98.0	%
Fashion Show	Bloomingdale’s Home, Dillard’s, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100%	Las Vegas, NV	656,382	167,000	1,059,614	—	—	1,882,996	98.2	%
Foothills Mall	Macy’s, Sears	100%	Fort Collins, CO	283,753	137,337	202,760	—	—	623,850	71.5	%
Four Seasons Town Centre	Belk, Dillard’s, JCPenney	100%	Greensboro, NC	473,002	429,969	212,047	—	—	1,115,018	88.7	%
Fox River Mall	JCPenney, Macy’s, Sears	100%	Appleton, WI	618,754	30,000	564,914	—	—	1,213,668	91.7	%
Gateway Mall	Kohl’s, Sears, Target	100%	Springfield, OR	487,559	218,055	113,613	—	—	819,227	80.1	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %	Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Glenbrook Square	JCPenney, Macy’s, Sears	100%	Fort Wayne, IN	573,390	433,870	221,000	—	—	1,228,260	97.0	%
Governor’s Square	Dillard’s, JCPenney, Macy’s, Sears	100%	Tallahassee, FL	330,121	—	691,605	—	—	1,021,726	90.5	%
Grand Teton Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Idaho Falls, ID	211,706	323,925	—	93,274	—	628,905	95.4	%
Greenwood Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Bowling Green, KY	415,731	156,096	272,957	—	—	844,784	89.5	%
Harborplace		100%	Baltimore, MD	160,262	—	—	—	—	160,262	85.7	%
Hulen Mall	Dillard’s, Macy’s, Sears	100%	Ft. Worth, TX	351,446	—	596,570	—	—	948,016	98.9	%
Jordan Creek Town Center	Dillard’s, Younkers	100%	West Des Moines, IA	721,066	—	349,760	260,354	—	1,331,180	100.0	%
Knollwood Mall	Kohl’s	100%	St. Louis Park (Minneapolis), MN	381,765	80,684	—	—	—	462,449	97.2	%
Lakeland Square	Burlington Coat Factory, Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Sears	100%	Lakeland (Orlando), FL	274,061	104,113	505,925	—	—	884,099	80.8	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy’s, Macy’s Mens & Home, Sears	100%	Sterling Heights, MI	497,812	115,300	905,418	—	—	1,518,530	75.6	%
Lansing Mall	JCPenney, Macy’s, Younkers	100%	Lansing, MI	443,757	288,170	103,000	—	—	834,927	91.0	%
Lynnhaven Mall	Dillard’s, JCPenney, Macy’s	100%	Virginia Beach, VA	636,179	150,434	500,958	—	—	1,287,571	99.9	%
Mall at Sierra Vista	Dillard’s, Sears	100%	Sierra Vista, AZ	169,361	—	196,492	—	—	365,853	94.7	%
Mall Of Louisiana	Dillard’s, JCPenney, Macy’s, Sears	100%	Baton Rouge, LA	578,650	—	805,630	170,652	—	1,554,932	96.6	%
Mall Of The Bluffs	Dillard’s, Sears	100%	Council Bluffs (Omaha, NE), IA	375,133	—	326,222	—	—	701,355	74.6	%
Mall St. Matthews	Dillard’s, Dillard’s Men’s & Home, JCPenney	100%	Louisville, KY	459,939	230,874	395,705	—	—	1,086,518	97.3	%
Market Place Shopping Center	Bergner’s, JCPenney, Macy’s, Sears	100%	Champaign, IL	508,716	385,766	149,980	—	—	1,044,462	94.7	%
Mayfair	Boston Store, Macy’s	100%	Wauwatosa (Milwaukee), WI	615,612	288,596	210,714	—	402,589	1,517,511	98.3	%
Meadows Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Las Vegas, NV	308,325	—	636,853	—	—	945,178	93.8	%
Mondawmin Mall		100%	Baltimore, MD	369,850	—	—	—	65,317	435,167	96.1	%
Newgate Mall	Dillard’s, Sears	100%	Ogden (Salt Lake City), UT	378,993	149,624	196,256	—	—	724,873	97.1	%
Newpark Mall	JCPenney, Macy’s, Sears, Target, Burlington Coat Factory	100%	Newark (San Francisco), CA	373,448	207,372	533,502	—	—	1,114,322	92.8	%
North Plains Mall	Beall’s, Dillard’s, JCPenney, Sears	100%	Clovis, NM	109,107	194,081	—	—	—	303,188	92.8	%
North Point Mall	Dillard’s, JCPenney, Macy’s, Sears	100%	Alpharetta (Atlanta), GA	408,721	603,136	363,151	—	—	1,375,008	94.0	%
North Star Mall	Dillard’s, Macy’s, Saks Fifth Avenue, JCPenney	100%	San Antonio, TX	514,141	207,196	522,126	—	—	1,243,463	97.4	%
Northridge Fashion Center	JCPenney, Macy’s, Sears	100%	Northridge (Los Angeles), CA	609,658	230,569	639,243	—	—	1,479,470	89.2	%
Northtown Mall	JCPenney, Kohl’s, Macy’s, Sears	100%	Spokane, WA	489,708	310,859	242,392	—	—	1,042,959	81.2	%
Oak View Mall	Dillard’s, JCPenney, Sears, Younkers	100%	Omaha, NE	259,506	149,400	454,860	—	—	863,766	86.9	%
Oakwood Center	Dillard’s, JCPenney, Sears	100%	Gretna, LA	240,781	—	517,394	—	—	758,175	89.7	%
Oakwood Mall	JCPenney, Macy’s, Sears, Younkers	100%	Eau Claire, WI	397,744	116,620	298,224	—	—	812,588	91.5	%
Oglethorpe Mall	Belk, JCPenney, Macy’s, Sears	100%	Savannah, GA	407,110	220,824	315,760	—	—	943,694	93.5	%
Owings Mills Mall	JCPenney, Macy’s	100%	Owings Mills, MD	438,017	120,000	527,037	—	320,304	1,405,358	53.1	%
Oxmoor Center	Macy’s, Sears, Von Maur	100%	Louisville, KY	357,222	156,000	411,210	—	—	924,432	95.4	%
Paramus Park	Macy’s, Sears	100%	Paramus, NJ	307,217	—	459,057	—	—	766,274	96.2	%
Park City Center	Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears	100%	Lancaster (Philadelphia), PA	542,043	514,917	384,980	—	—	1,441,940	91.7	%
Park Place	Dillard’s, Macy’s, Sears	100%	Tucson, AZ	473,382	—	581,457	—	—	1,054,839	100.0	%
Peachtree Mall	Dillard’s, JCPenney, Macy’s	100%	Columbus, GA	309,260	—	508,615	—	—	817,875	93.4	%
Pecanland Mall	Belk, Dillard’s, JCPenney, Sears, Burlington Coat Factory	100%	Monroe, LA	328,884	83,398	532,038	—	—	944,320	96.2	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %	Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Pembroke Lakes Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Macy’s Home Store, Sears	100%	Pembroke Pines (Fort Lauderdale), FL	350,649	395,219	386,056	—	—	1,131,924	96.6	%
Pierre Bossier Mall	Dillard’s, JCPenney, Sears, Stage	100%	Bossier City (Shreveport), LA	212,976	46,406	346,892	—	—	606,274	91.2	%
Pine Ridge Mall	JCPenney, Sears, Shopko	100%	Pocatello, ID	198,458	437,987	—	—	—	636,445	72.2	%
Pioneer Place		100%	Portland, OR	301,376	—	60,000	—	287,435	648,811	83.3	%
Prince Kuhio Plaza	Macy’s, Sears	100%	Hilo, HI	267,370	174,247	61,873	—	—	503,490	95.8	%
Providence Place	JCPenney, Macy’s, Nordstrom	100%	Providence, RI	762,521	—	513,691	—	—	1,276,212	96.4	%
Provo Towne Centre	Dillard’s, JCPenney, Sears	75%	Provo, UT	300,841	151,090	340,629	—	—	792,560	90.2	%
Red Cliffs Mall	Dillard’s, JCPenney, Sears	100%	St. George, UT	149,962	235,031	—	57,304	—	442,297	97.6	%
Regency Square Mall	Belk, Dillard’s, JCPenney, Sears	100%	Jacksonville, FL	557,027	479,846	399,155	—	—	1,436,028	79.0	%
Ridgedale Center	JCPenney, Macy’s, Sears	100%	Minnetonka, MN	327,180	—	702,380	—	—	1,029,560	96.1	%
River Hills Mall	Herberger’s, JCPenney, Sears, Target	100%	Mankato, MN	352,935	189,559	174,383	—	—	716,877	92.2	%
Rivertown Crossings	JCPenney, Kohl’s, Macy’s, Sears, Younkers	100%	Grandville (Grand Rapids), MI	636,970	—	635,625	—	—	1,272,595	95.6	%
Rogue Valley Mall	JCPenney, Kohl’s, Macy’s, Macy’s Home Store	100%	Medford (Portland), OR	281,412	170,625	186,359	—	—	638,396	90.5	%
Saint Louis Galleria	Dillard’s, Macy’s	100%	St. Louis, MO	465,843	—	576,052	—	—	1,041,895	97.1	%
Salem Center	JCPenney, Kohl’s, Macy’s, Nordstrom	100%	Salem, OR	194,042	—	438,000	—	—	632,042	84.4	%
Sikes Senter	Dillard’s, JCPenney, Sears	100%	Wichita Falls, TX	292,748	374,690	—	—	—	667,438	95.5	%
Silver Lake Mall	JCPenney, Macy’s, Sears	100%	Coeur D’ Alene, ID	152,793	172,253	—	—	—	325,046	77.8	%
Sooner Mall	Dillard’s, JCPenney, Sears	100%	Norman, OK	242,018	129,823	137,082	—	—	508,923	90.7	%
Southlake Mall	JCPenney, Macy’s, Sears	100%	Morrow (Atlanta), GA	272,331	—	740,252	—	—	1,012,583	91.1	%
Southland Mall	JCPenney, Kohl’s, Macy’s, Sears	100%	Hayward, CA	524,704	349,400	390,864	—	—	1,264,968	82.7	%
Southshore Mall	JCPenney, Sears	100%	Aberdeen, WA	139,566	68,979	64,796	—	—	273,341	58.4	%
Southwest Plaza	Dillard’s, JCPenney, Macy’s, Sears	100%	Littleton (Denver), CO	700,748	93,630	541,851	—	90,067	1,426,296	92.5	%
Spokane Valley Mall	JCPenney, Macy’s, Sears	100%	Spokane, WA	346,701	126,243	252,841	132,048	—	857,833	92.9	%
Spring Hill Mall	Carson Pirie Scott, JCPenney, Kohl’s, Macy’s, Sears	100%	West Dundee (Chicago), IL	485,960	—	681,580	—	—	1,167,540	87.2	%
Staten Island Mall	Macy’s, Sears, JCPenney	100%	Staten Island, NY	521,446	13,726	657,363	83,092	—	1,275,627	96.6	%
Steeplegate Mall	Bon Ton, JCPenney, Sears	100%	Concord, NH	222,740	256,347	—	—	—	479,087	71.9	%
Stonestown Galleria	Macy’s, Nordstrom	100%	San Francisco, CA	428,083	160,505	267,788	—	54,342	910,718	85.3	%
The Boulevard Mall	JCPenney, Macy’s, Sears	100%	Las Vegas, NV	390,481	—	788,036	—	—	1,178,517	77.0	%
The Crossroads	Burlington Coat Factory, JCPenney, Macy’s, Sears	100%	Portage (Kalamazoo), MI	267,591	—	502,960	—	—	770,551	97.3	%
The Gallery At Harborplace		100%	Baltimore, MD	132,669	—	—	—	262,083	394,752	88.6	%
The Grand Canal Shoppes		100%	Las Vegas, NV	450,610	—	—	—	34,414	485,024	96.3	%
The Maine Mall	JCPenney, Macy’s, Sears	100%	South Portland, ME	510,890	—	498,506	—	—	1,009,396	93.8	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy’s, Nordstrom, Sears	100%	Columbia, MD	600,664	212,847	587,321	—	—	1,400,832	97.8	%
The Parks At Arlington	Dillard’s, JCPenney, Macy’s	100%	Arlington (Dallas), TX	761,210	—	748,945	—	—	1,510,155	99.6	%
The Pines	Dillard’s, JCPenney, Sears	100%	Pine Bluff, AR	285,075	69,190	270,519	—	—	624,784	41.5	%
The Shoppes At Buckland Hills	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100%	Manchester, CT	525,893	—	512,611	—	—	1,038,504	92.4	%
The Shoppes At The Palazzo	Barneys New York	100%	Las Vegas, NV	172,317	84,743	—	—	—	257,060	96.8	%
The Shops At Fallen Timbers	Dillard’s, JCPenney	100%	Maumee, OH	314,655	—	261,502	—	—	576,157	95.1	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
The Shops at La Cantera	Dillard’s, Macy’s, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	561,256	—	627,597	—	70,162	1,259,015	95.8	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy’s, Nordstrom, Sears	100	%	Durham, NC	569,867	—	726,347	—	—	1,296,214	97.9	%
The Village of Cross Keys		100	%	Baltimore, MD	74,172	—	—	30,292	182,314	286,778	95.0	%
The Woodlands Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Woodlands (Houston), TX	573,227	—	742,918	—	39,471	1,355,616	99.0	%
Three Rivers Mall	JCPenney, Macy’s, Sears	100	%	Kelso, WA	226,244	193,233	—	—	—	419,477	83.5	%
Town East Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Mesquite (Dallas), TX	431,204	—	809,386	—	—	1,240,590	94.5	%
Tucson Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tucson, AZ	596,323	—	641,458	20,600	—	1,258,381	96.9	%
Tysons Galleria	Macy’s, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	300,212	—	511,933	—	—	812,145	93.7	%
Valley Hills Mall	Belk, Dillard’s, JCPenney, Sears	100	%	Hickory, NC	322,517	—	611,516	—	—	934,033	95.5	%
Valley Plaza Mall	JCPenney, Macy’s, Sears, Target	100	%	Bakersfield, CA	522,965	147,792	509,176	—	—	1,179,933	97.4	%
Visalia Mall	JCPenney, Macy’s	100	%	Visalia, CA	179,852	257,000	—	—	—	436,852	91.3	%
Vista Ridge Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Lewisville (Dallas), TX	393,197	—	670,210	—	—	1,063,407	88.8	%
Washington Park Mall	Dillard’s, JCPenney, Sears	100	%	Bartlesville, OK	162,395	122,894	71,402	—	—	356,691	95.9	%
West Oaks Mall	Dillard’s, JCPenney, Sears	100	%	Ocoee (Orlando), FL	411,202	223,813	430,976	—	—	1,065,991	78.2	%
West Valley Mall	JCPenney, Macy’s, Sears, Target	100	%	Tracy (San Francisco), CA	535,359	236,454	111,836	—	—	883,649	87.1	%
Westlake Center		100	%	Seattle, WA	96,553	—	—	—	348,715	445,268	82.4	%
Westwood Mall	Elder-Beerman, JCPenney, Wal-Mart	100	%	Jackson, MI	136,171	70,500	301,188	—	—	507,859	88.5	%
White Marsh Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Baltimore, MD	439,808	60,000	666,010	—	—	1,165,818	91.9	%
White Mountain Mall	Herberger’s, JCPenney	100	%	Rock Springs, WY	207,637	94,482	—	—	—	302,119	95.4	%
Willowbrook	Bloomingdale’s, Lord & Taylor, Macy’s, Sears	100	%	Wayne, NJ	484,318	2,060	1,028,000	—	—	1,514,378	97.8	%
Woodbridge Center	JCPenney, Lord & Taylor, Macy’s, Sears	100	%	Woodbridge, NJ	662,160	424,100	560,935	—	—	1,647,195	95.5	%
Total Consolidated Regional Malls				Count: 134	51,463,784	18,359,773	47,976,667	1,390,285	3,613,625	122,804,134	91.9	%
Unconsolidated Regional Malls
Alderwood	JCPenney, Macy’s, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	578,803	—	705,898	—	—	1,284,701	97.0	%
Altamonte Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Altamonte Springs (Orlando), FL	465,061	158,658	519,890	—	—	1,143,609	94.4	%
Bridgewater Commons	Bloomingdale’s, Lord & Taylor, Macy’s	35	%	Bridgewater, NJ	396,381	150,525	352,351	93,796	—	993,053	98.7	%
Carolina Place	Belk, Dillard’s, JCPenney, Macy’s, Sears	50	%	Pineville (Charlotte), NC	382,519	277,404	496,098	—	—	1,156,021	98.8	%
Christiana Mall	JCPenney, Macy’s, Nordstrom, Target	50	%	Newark, DE	456,058	—	641,312	—	—	1,097,370	99.2	%
Clackamas Town Center	JCPenney, Macy’s, Macy’s Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	584,898	—	774,842	—	—	1,359,740	96.6	%
First Colony Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s	50	%	Sugar Land, TX	494,801	—	619,048	—	—	1,113,849	99.2	%
Florence Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	405,812	—	552,407	—	—	958,219	92.0	%
Galleria At Tyler	JCPenney, Macy’s, Nordstrom	50	%	Riverside, CA	710,726	—	468,208	—	—	1,178,934	98.4	%
Glendale Galleria	JCPenney, Macy’s, Nordstrom, Target	50	%	Glendale, CA	513,962	90,000	715,000	—	136,675	1,455,637	95.1	%
Kenwood Towne Centre	Dillard’s, Macy’s, Nordstrom	50	%	Cincinnati, OH	508,620	240,656	400,665	—	—	1,149,941	96.7	%
Mizner Park		50	%	Boca Raton, FL	216,112	31,000	—	—	262,141	509,253	91.9	%
Montclair Plaza	JCPenney, Macy’s, Nordstrom, Sears	50	%	Montclair (San Bernadino), CA	407,513	320,090	477,487	140,203	—	1,345,293	95.6	%
Natick Mall	JCPenney, Lord & Taylor, Macy’s, Sears	50	%	Natick (Boston), MA	468,010	194,558	516,662	—	—	1,179,230	99.0	%
Natick West	Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	259,720	—	236,430	—	—	496,150	95.7	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Neshaminy Mall	Boscov’s, Macy’s, Sears	50	%	Bensalem, PA	412,530	188,394	418,595	—	—	1,019,519	98.2	%
Northbrook Court	Lord & Taylor, Macy’s, Neiman Marcus	50	%	Northbrook (Chicago), IL	465,108	126,000	410,277	—	—	1,001,385	94.9	%
Oakbrook Center	Bloomingdale’s Home, Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Sears	48	%	Oak Brook (Chicago), IL	904,726	525,766	659,812	—	239,270	2,329,574	96.6	%
Otay Ranch Town Center	Macy’s	50	%	Chula Vista (San Diego), CA	511,939	—	140,000	—	—	651,939	97.6	%
Park Meadows	Dillard’s, JCPenney, Macy’s, Nordstrom	35	%	Lone Tree, CO	749,239	—	823,000	—	—	1,572,239	98.0	%
Perimeter Mall	Bloomingdale’s, Dillard’s, Macy’s, Nordstrom	50	%	Atlanta, GA	515,230	—	1,053,274	—	—	1,568,504	87.4	%
Pinnacle Hills Promenade	Dillard’s, JCPenney, Target	50	%	Rogers, AR	354,680	98,540	162,140	427,996	5,835	1,049,191	92.1	%
Quail Springs Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Oklahoma City, OK	451,081	—	687,853	—	—	1,138,934	97.9	%
Riverchase Galleria	Belk, Belk Home Store, JCPenney, Macy’s, Sears	50	%	Hoover (Birmingham), AL	679,438	137,867	742,920	—	—	1,560,225	92.1	%
Stonebriar Centre	Dillard’s, JCPenney, Macy’s, Nordstrom, Sears	50	%	Frisco (Dallas), TX	785,486	—	865,192	—	—	1,650,678	98.0	%
The Oaks Mall	Belk, Dillard’s, JCPenney, Macy’s, Sears	51	%	Gainesville, FL	339,971	233,367	324,500	—	—	897,838	98.1	%
The Shoppes At River Crossing	Belk, Dillard’s	50	%	Macon, GA	343,711	—	333,219	—	—	676,930	99.3	%
Towson Town Center	Macy’s, Nordstrom	35	%	Towson, MD	581,156	—	419,129	—	—	1,000,285	95.3	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	40	%	Coral Gables, FL	404,810	—	330,000	—	101,263	836,073	90.3	%
Water Tower Place	Macy’s	52	%	Chicago, IL	378,350	296,128	—	—	88,809	763,287	93.2	%
Westroads Mall	JCPenney, Von Maur, Younkers	51	%	Omaha, NE	539,968	—	529,402	—	—	1,069,370	96.7	%
Whaler’s Village		50	%	Lahaina, HI	106,123	—	—	—	—	106,123	98.7	%
Willowbrook Mall	Dillard’s, JCPenney, Macy’s, Macy’s Mens, Sears	50	%	Houston, TX	400,466	—	984,372	—	—	1,384,838	97.8	%
Total Unconsolidated Regional Malls				Count: 33	15,773,008	3,068,953	16,359,983	661,995	833,993	36,697,932	95.9	%
Total Regional Malls (excluding Third Party Managed) (2)				Count: 167	67,236,792	21,428,726	64,336,650	2,052,280	4,447,618	159,502,066	92.9	%
Third Party Managed Regional Malls
Arrowhead Towne Center	Dillard’s, JCPenney, Macy’s, Sears	33	%	Glendale, AZ	541,038	—	656,414	—	—	1,197,452	98.9	%
Superstition Springs Center	Dillard’s, JCPenney, Macy’s, Sears	33	%	East Mesa (Phoenix), AZ	387,792	—	693,992	—	—	1,081,784	98.5	%
Total Third Party Managed Regional Malls				Count: 2	928,830	—	1,350,406	—	—	2,279,236	98.8	%
Total Regional Malls				Count: 169	68,165,622	21,428,726	65,687,056	2,052,280	4,447,618	161,781,302	92.9	%
International Properties (3)
Bangu Shopping		31	%	Rio de Janeiro, Rio de Janeiro (Brazil)	558,964	—	—	—	—	558,964	99.8	%
Boulevard Brasilia		16	%	Brasilia, Brazil	182,181	—	—	—	—	182,181	83.5	%
Boulevard Shopping Belem		24	%	Belem, Brazil	365,847	—	—	—	—	365,847	98.6	%
Boulevard Shopping Belo Horizonte		22	%	Belo Horizonte, Minas Gerais (Brazil)	463,541	—	—	—	—	463,541	87.7	%
Boulevard Shopping Campina Grande		11	%	Campina Grande, Paraiba (Brazil)	186,594	—	—	—	—	186,594	99.4	%
Carioca Shopping		13	%	Rio de Janeiro, Rio de Janeiro (Brazil)	252,534	—	—	—	—	252,534	99.6	%
Caxias Shopping		13	%	Rio de Janeiro, Rio de Janeiro (Brazil)	275,117	—	—	—	—	275,117	98.2	%
Santana Parque Shopping		16	%	Sao Paulo, Sao Paulo (Brazil)	285,698	—	—	—	—	285,698	98.4	%
Shopping Grande Rio		8	%	Rio de Janeiro, Rio de Janeiro (Brazil)	385,620	—	—	—	—	385,620	98.8	%
Shopping Iguatemi Salvador		14	%	Salvador, Bahia (Brazil)	647,778	—	—	—	—	647,778	99.2	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Shopping Leblon		35	%	Rio de Janeiro, Rio de Janeiro (Brazil)	246,786	—	—	—	—	246,786	100.0	%
Shopping Santa Ursula		12	%	Ribeirao Preto, Brazil	248,519	—	—	—	—	248,519	89.8	%
Shopping Taboao		12	%	Taboao da Serra, Sao Paulo (Brazil)	383,209	—	—	—	—	383,209	99.6	%
SuperShopping Osasco		11	%	Sao Paulo, Sao Paulo (Brazil)	189,888	—	—	—	—	189,888	94.6	%
Via Parque Shopping		22	%	Rio de Janeiro, Rio de Janeiro (Brazil)	580,578	—	—	—	—	580,578	99.3	%
International Properties (3)				Count:  15	5,252,854	—	—	—	—	5,252,854	97.1	%
Stand Alone Offices and Strip Centers
10 Columbia Corporate Center		100	%	Towson (Baltimore), MD	6,500	—	—	—	87,235	93,735	100.0	%
10000 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	35,867	35,867	100.0	%
10000 West Charleston		100	%	Las Vegas, NV	—	—	—	—	71,388	71,388	77.2	%
10190 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	74,895	74,895	88.2	%
10450 West Charleston Blvd		100	%	Las Vegas, NV	—	—	—	—	71,607	71,607	100.0	%
1120-1140 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	104,220	104,220	61.6	%
1160-1180 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	104,567	104,567	10.0	%
1201-1241 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	75,831	75,831	2.4	%
1251-1281 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	54,168	54,168	0.0	%
1551 Hillshire Drive		100	%	Las Vegas, NV	—	—	—	—	69,500	69,500	100.0	%
1635 Village Center Circle		100	%	Las Vegas, NV	—	—	—	—	38,539	38,539	50.8	%
1645 Village Center Circle		100	%	Las Vegas, NV	—	—	—	—	49,411	49,411	60.2	%
20 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	106,372	106,372	84.5	%
30 Columbia Corporate Center		100	%	Towson (Baltimore), MD	14,166	—	—	—	129,725	143,891	63.3	%
40 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	136,090	136,090	75.6	%
50 Columbia Corporate Center		100	%	Towson (Baltimore), MD	7,750	—	—	—	111,200	118,950	87.7	%
60 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	101,880	101,880	89.7	%
70 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	169,590	169,590	28.4	%
9901-9921 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	57,110	57,110	35.3	%
9950-9980 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	81,712	81,712	0.0	%
Anaheim Crossing		50	%	Anaheim, CA	—	—	—	92,170	—	92,170	100.0	%
Austin Bluffs Plaza		100	%	Colorado Springs, CO	—	—	—	109,402	—	109,402	46.7	%
Bailey Hills Village		100	%	Eugene, OR	—	—	—	11,907	—	11,907	49.7	%
Baskin Robbins		100	%	Idaho Falls, ID	—	—	—	1,814	—	1,814	100.0	%
Boise Plaza		73	%	Boise, ID	—	—	—	114,404	—	114,404	100.0	%
Canyon Point Village Center		100	%	Las Vegas, NV	—	—	—	57,229	—	57,229	100.0	%
Center Point Plaza (4)		50	%	Las Vegas, NV	70,299	—	—	74,336	—	144,635	96.8	%
Corporate Pointe 2		100	%	Las Vegas, NV	—	—	—	—	41,390	41,390	50.1	%
Corporate Pointe 3		100	%	Las Vegas, NV	—	—	—	—	68,346	68,346	100.0	%
Crossing Business Center 6		100	%	Las Vegas, NV	—	—	—	—	52,975	52,975	0.0	%
Crossing Business Center 7		100	%	Las Vegas, NV	—	—	—	—	58,950	58,950	100.0	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of December 31, 2010

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Columbia Bank Drive Thru		100	%	Towson (Baltimore), MD	—	—	—	17,000	—	17,000	100.0	%
Fallbrook Center		100	%	West Hills (Los Angeles), CA	—	—	—	876,426	—	876,426	97.7	%
Fort Union		100	%	Midvale (Salt Lake City), UT	—	—	—	32,968	—	32,968	100.0	%
Fremont Plaza		100	%	Las Vegas, NV	—	—	—	115,895	—	115,895	76.3	%
Gateway Crossing Shopping Center		100	%	Ogden (Salt Lake City), UT	—	—	—	177,526	—	177,526	100.0	%
HHP Government Service		100	%	Las Vegas, NV	—	—	—	—	56,022	56,022	100.0	%
Lake Mead & Buffalo (4)		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	90.8	%
Lincolnshire Commons		100	%	Lincolnshire (Chicago), IL	—	—	—	122,232	—	122,232	100.0	%
Lockport Mall		100	%	Lockport, NY	—	—	—	90,734	—	90,734	100.0	%
Orem Plaza Center Street		100	%	Orem, UT	—	—	—	90,218	—	90,218	100.0	%
Orem Plaza State Street		100	%	Orem, UT	—	—	—	27,240	—	27,240	52.5	%
Plaza 800		100	%	Sparks (Reno), NV	—	—	—	72,431	—	72,431	81.5	%
River Falls Mall		100	%	Clarksville, IN	—	—	—	885,744	—	885,744	76.5	%
River Pointe Plaza		100	%	West Jordan (Salt Lake City), UT	—	—	—	224,250	—	224,250	97.3	%
Riverlands Shopping Center		100	%	Laplace (New Orleans), LA	—	—	—	181,044	—	181,044	89.1	%
Riverside Plaza		100	%	Provo, UT	—	—	—	176,143	—	176,143	100.0	%
Senate Plaza		100	%	Harrisburg-Carlisle, PA	11,186	—	—	—	230,760	241,946	96.9	%
The Trails Village Center (4)		50	%	Las Vegas, NV	92,129	—	—	82,515	—	174,644	96.5	%
Twin Falls Crossing		100	%	Twin Falls, ID	—	—	—	37,680	—	37,680	100.0	%
University Crossing		100	%	Orem, UT	—	—	—	209,329	—	209,329	99.5	%
Vista Commons		100	%	Las Vegas, NV	—	—	—	98,730	—	98,730	86.0	%
Woodlands Village		100	%	Flagstaff, AZ	—	—	—	91,810	—	91,810	88.6	%
Yellowstone Square		100	%	Idaho Falls, ID	—	—	—	220,137	—	220,137	81.5	%
Total Stand Alone Offices and Strip Centers				Office Count:  26 Strip Center Count:  28	267,021	—	—	4,377,271	2,239,350	6,883,642	Office:  65.7 Strip:  89.2	% %

(1) For stand alone offices, office occupancy is presented.

(2) Refer to page 34 (Key Operating Performance Indicators).

(3) GGP’s investment in Brazil is through an ownership interest in Aliansce.  For these properties, only Mall and Freestanding GLA is presented.

(4) Third party managed strip center.

PORTFOLIO OPERATING METRICS

Key Operating Performance Indicators (1), (2)

As of and for the twelve months ended December 31

	Number of Properties	Mall and Freestanding GLA	Occupancy (3)	Sales (4)		Average Rent & Common Area Costs (5)		Occupancy Cost (6)		YTD New / Renewals		Expirations		Rental Spread $ (7)		Rental Spread %
Regional Malls - 2010	169	67,236,792	92.9%	$	446	$	55.09	14.2	%	$	52.24	$	50.78	$	1.46	2.9	%
Regional Malls - 2009	169	66,342,742	92.9%	$	419	$	54.11	15.0	%	$	55.50	$	50.41	$	5.09	10.1	%

Top Ten Largest Tenants (Retail Portfolio)	Primary DBA	Percent of Minimum Rents, Tenant Recoveries and Other		Square Footage (in thousands)	Number of Locations
The Gap, Inc.	Gap, Banana Repubic, Old Navy	2.9	%	2,470	237
Limited Brands, Inc.	Victoria’s Secret, Bath & Body Works	2.9		1,831	315
Abercrombie & Fitch Stores, Inc.	Abercrombie, Abercrombie & Fitch, Hollister	2.3		1,591	226
Foot Locker, Inc.	Footlocker, Champs Sports, Footaction USA	2.3		1,516	384
Golden Gate Capital	Express, J. Jill, Eddie Bauer	1.7		1,336	178
American Eagle Outfitters, Inc.	American Eagle, Aerie, Martin + Osa	1.6		922	161
Forever 21, Inc.	Forever 21, Gadzooks	1.4		1,600	100
Macy’s Inc.	Macy’s, Bloomingdale’s	1.4		22,665	145
Luxottica Retail North America, Inc.	Lenscrafters, Sunglass Hut, Pearle Vision	1.3		639	321
Genesco, Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.2		552	372

(1)For comparability purposes, prior period operating metric statistics have been restated to exclude properties classified as discontinued operations.

(2)International properties are excluded.  Key Operating Performance Indicators for third party managed regional malls are excluded except for number of properties.

(3)Represents contractual obligations for space in regional malls or predominantly retail centers and excludes traditional anchors stores.

(4)Comparative rolling twelve month sales for mall stores less than 10,000 square feet.

(5)Weighted average rent of mall stores less than 10,000 square feet.

(6)Represents tenants less than 10,000 square feet utilizing comparative sales.

(7)Represents average rent for tenants less than 10,000 square feet that opened or renewed during the period compared to the average rent for tenants less than 10,000 square feet that closed or expired during the period.

PORTFOLIO OPERATING METRICS

Leasing Statistics (1)

As of and for the twelve months ended December 31

Signed Leasing - 2010	GLA		Initial Rent / Square Foot			Tenant Allowance / Square Foot
Regional Malls
New Leases	1,822,134		$	51.15		$	35.34
Renewals	5,450,571		$	44.89		$	1.91
Total Regional Malls - 2010	7,272,705		$	46.46		$	10.29
	Three Months Ended					Twelve Months Ended
Tenant Capital Expenditures - at Share	Dec 31, 2010		Dec 31, 2009			Dec 31, 2010			Dec 31, 2009
Tenant Allowances and Capitalized Leasing Costs (2), (3), (4)	$	24,630	$		15,036	$		81,678	$	72,424
Total	$	24,630	$		15,036	$		81,678	$	72,424

(1)	Excludes short term leases on in-line space.
(2)	Certain prior period amounts have been reclassified to conform to the current period presentation.
(3)	Reflects only tenant allowances on currently operating properties or projects; allowances that relate to new and redevelopment projects are excluded (see Expansions, Redevelopments and Capital Expenditures).
(4)	Prior period tenant allowances and leasing costs have been restated to cash basis from accrual.

PORTFOLIO OPERATING METRICS

Lease Expiration Schedule (1), (2)

(in thousands, except per foot amounts)

Segment	Specialty Leasing (4)	2011	2012	2013	2014	2015	2016	2017	2018	2019	Subsequent	Total Expirations at Share		Total Expirations at 100%
Consolidated at 100% (3)
Sum of Rent and Common Area Recoverable Costs	53,108	142,965	201,118	172,359	181,289	193,421	180,696	175,240	194,112	125,312	146,020	$	1,764,130	$	1,765,640
Square Footage	2,978	2,727	3,541	3,022	2,866	2,950	2,489	2,322	2,272	1,405	1,913	28,445		28,485
Sum of Rent and Common Area Recoverable Costs per Square Foot	17.83	52.43	56.80	57.03	63.26	65.57	72.60	75.47	85.44	89.19	76.33	$	62.02	$	61.98
Unconsolidated at Share (5)
Sum of Rent and Common Area Recoverable Costs	7,398	23,213	27,399	26,896	24,431	35,447	43,768	47,664	47,536	34,134	36,921	$	354,807	$	730,833
Square Footage	333	369	409	388	345	503	595	572	565	377	470	4,926		10,036
Sum of Rent and Common Area Recoverable Costs per Square Foot	22.22	62.91	66.99	69.32	70.81	70.47	73.56	83.33	84.13	90.54	78.56	$	72.03	$	72.82
Proportionate Total Rent and Common Area Recoverable Costs (4)	60,506	166,178	228,517	199,255	205,720	228,868	224,465	222,904	241,648	159,446	182,941	$	2,118,937	$	2,496,473
Proportionate Total Square Footage	3,311	3,096	3,950	3,410	3,211	3,453	3,084	2,894	2,837	1,782	2,383	33,371		38,521

(1)	Excludes leases on tenants over 10,000 square feet and tenants paying percentage rent in lieu of base minimum rent.
(2)	Data presented for Regional Malls only.  Excludes international operations and third-party managed centers.
(3)	Consolidated at 100% includes joint ventures.
(4)	Specialty Leasing license agreements with terms in excess of 12 months are presented.
(5)	Unconsolidated at Share reflects the Company’s interest in the properties owned by the Unconsolidated Real Estate Affiliates.

Miscellaneous

CAPITAL INFORMATION AND DEBT RATIOS

(in thousands, except per share)

	Dec 31, 2010
Capital Information (6)
Closing common stock price per share	$	15.48
52 Week High (1), (2)	16.50
52 Week Low (1), (2)	13.30
Portfolio Net Debt
Portfolio Debt
Fixed	$	17,895,448
Variable	2,708,093
Total Portfolio Debt	20,603,541
Less: Cash and Cash Equivalents	(1,181,697		)
Portfolio Net Debt	$	19,421,844
Portfolio Capitalization Data
Total Portfolio Debt	$	20,603,541
Preferred Securities:
Perpetual Preferred Units at 8.25%	5,000
Convertible Preferred Units at 6.50%	26,637
Convertible Preferred Units at 7.00%	25,133
Convertible Preferred Units at 8.50%	63,986
Preferred redeemable noncontrolling interests	120,756
Other Preferred Stock	360
Total Preferred Securities	121,116
Common stock and Operating Partnership units outstanding at end of period (3)	14,691,911
Total Market Capitalization at end of period	$	35,416,568
Debt Ratios
Leverage Ratio (Portfolio Net Debt : Total Market Capitalization)	54.8		%
Interest Coverage Ratio (Core EBITDA : Interest on existing debt)	1.77
Portfolio Net Debt : Core EBITDA	9.4x

(1)   Does not include information prior to Effective Date.

(2)   52-week pricing information includes intra-day highs and lows.

(3)   Reflects the closing price per share on December 31, 2010 of $15.48.

CHANGE IN TOTAL COMMON AND EQUIVALENT SHARES

	Operating Partnership Units		Company Common Shares		Treasury Stock		Total Common & Equivalent Shares
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2009	7,264,791		313,831,411		(1,449,939	)	319,646,263
Conversion of OP Units to Common Shares	(226,684	)	230,255		—		3,571
Treasury Stock	—		(1,449,939	)	1,449,939		—
Common Stock Issued as a dividend	—		4,923,287		—		4,923,287
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		1,812,059		—		1,812,059
New Common Shares Issued	—		643,780,488		—		643,780,488
Common Shares retired	—		(1,264	)	—		(1,264	)
Common Shares and OP Units Outstanding at November 9, 2010	7,038,107		963,126,297		—		970,164,404
New Common Shares Issued, net of Greenshoe and Clawback of New Common Shares Issued under the Plan	—		(24,390,244	)	—		(24,390,244	)
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		3,143,961		—		3,143,961
Common Unit Cash Conversion	(103,977	)	—		—		(103,977	)
Common Shares and OP Units Outstanding at December 31, 2010	6,934,130		941,880,014		—		948,814,144
Common Shares issuable assuming exercise of permanent warrants (1)			40,781,905
Common Shares issuable assuming exercise of in-the-money stock options			4,127,070
Common Shares issuable assuming exchange of OP Units			7,209,848
Diluted Common Shares and OP Units Outstanding at December 31, 2010			993,998,837

	Three Months Ended			Twelve Months Ended
	Nov 10 - Dec 31, 2010	Oct 1 - Nov 9, 2010	Dec 31, 2009	Nov 10 - Dec 31, 2010	Oct 1 - Nov 9, 2010	Dec 31, 2009
	Successor	Predecessor	Predecessor	Successor	Predecessor	Predecessor
Weighted average number of Company shares outstanding (in thousands) - GAAP EPS	945,248	317,393	312,382	952,248	317,393	312,382

(1)   GGP has 120 million warrants outstanding (the “Permanent Warrants”) with a weighted average exercise price of $10.63 per warrant, with a scheduled expiration of November 9, 2017.  57.5 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.

Pursuant to the Plan, Permanent Warrants to purchase equity were issued to the Plan Sponsors on the Effective Date.  The Permanent Warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration.  For example, when GGP declares a dividend in cash or other property, the per share warrant price decreases.  In the event of a distribution in shares of Common Stock, the per share warrant price decreases and the number of shares per warrant outstanding will increase.  Under certain circumstances, holders of the warrants may elect to require GGP to redeem the warrants in cash (“Cash Settlement”), based on a defined formula related to GGP’s common stock.  The existence of the Cash Settlement feature, howe ver remote, results in the warrants to be classified as a liability for GAAP, carried at fair value with changes in fair value accounted for in net income.

Shares Subject to Warrants	Weighted Average Exercise Price		Expiration Date	Impact of Dividend declared Dec 31, 2010 (2)		Impact of settling warrants via net share settlement
60,000,000	$	10.75	Nov 9, 2017	Reduces exercise price to $10.4752	Increases number of Common shares per warrant to 1.0262	Net share: [60,000,000 x 1.0262] x [15.48 - 10.4752] / 15.48 = 19,906,690 shares delivered
60,000,000	$	10.50	Nov 9, 2017	Reduces exercise price to $10.2317	Increases number of Common shares per warrant to 1.0262	Net share: [60,000,000 x 1.0262] x [15.48 - 10.2317] / 15.48 = 20,875,215 shares delivered
120,000,000	$	10.63

(2)   Based on dividend of $35.8 million in cash and 22,256,121 million shares issued to stockholders of record on 12/31/10; common stock price of $15.48 on 12/30/10; and 941.88 million shares outstanding as of 12/30/10.

DISCONTINUED OPERATIONS

(In thousands)

	Nov 10 - Dec 31, 2010			Jan 1 - Nov 9, 2010			Jan 1 - Dec 31, 2009
Discontinued Operations	Successor			Predecessor			Predecessor
Retail and other revenue	$	13,114		$	175,518		$	208,585
Land and condominium sales	—			96,976			45,997
Total Revenues	$	13,114		$	272,494		$	254,582
Retail and other operating expenses	9,215			124,908			154,361
Land and condominium sales operations	—			99,449			159,462
Impairment loss, net	—			20,498			639,513
Total Expenses	$	9,215		$	244,855		$	953,336
Operating Income (loss)	3,899			27,639			(698,754		)
Interest Expense, net	(5,829		)	(20,956		)	(19,398		)
Other expenses	(5		)	15,803			13,006
Net loss from operations	(1,935		)	22,486			(705,146		)
(Provision for) benefit from income taxes	(38		)	529,825			21,080
Noncontrolling interest	—			(129		)	203
Gain (loss) on disposition of properties	(4,976		)	(1,168,544		)	(966		)
Net loss from discontinued operations	$	(6,949	)	$	(616,362	)	$	(684,829	)

Properties included in Discontinued Operations

Consolidated Properties	Method of Disposition	Debt (1)
Plaza 9400	Sold	$	—
Gateway Overlook	Sold	54,502
Division Crossing	Sold	4,996
Halsey Crossing	Sold	2,445
Eagle Ridge Mall	Transferred to lender	46,726
Oviedo Marketplace	Transferred to lender	50,813
HHC Properties	Transferred to HHC	262,939
Subtotal - Dispositions		$	422,421
Bay City Mall	Special Consideration	23,341
Chapel Hills Mall	Special Consideration	112,217
Chico Mall	Special Consideration	55,063
Country Hills Plaza	Special Consideration	13,224
Grand Traverse Mall	Special Consideration	82,759
Lakeview Square	Special Consideration	40,512
Mall St. Vincent	Special Consideration	49,000
Moreno Valley Mall	Special Consideration	85,623
Northgate Mall	Special Consideration	43,950
Piedmont Mall	Special Consideration	33,198
Southland Center	Special Consideration	105,390
Subtotal - Special Consideration (2)		$	644,277
Total Consolidated Properties		$	1,066,698
Unconsolidated Properties at Share
Highland Mall	Transferred to lender	$	31,990
HHC Properties	Transferred to HHC	195,462
Subtotal - Dispositions		$	227,452
Silver City Galleria	To be transferred to lender	64,236
Total Unconsolidated Properties at Share		$	291,688

(1)The debt balance is as of the date of disposition for the properties that were sold or transferred and as of December 31, 2010 for the Special Consideration Properties, excluding mark-to-market adjustments on debt.

(2)Excludes market rate and other adjustments of $52,155 resulting in a net carrying amount of $592,122, classified on the December 31, 2010 balance sheet as “Liabilities held for disposition”.

EXPANSIONS, REDEVELOPMENTS, AND CAPITAL EXPENDITURES
(In millions, at share unless otherwise noted)

Expansions and Redevelopments (1)

Property	Description	Ownership %	Forecasted Cost Total		Expenditures through 12/31/10		Forecasted Cost to Complete		Projected Opening
Christiana Mall Newark, DE	Addition of Nordstrom and Target, interior mall renovation, and lifestyle center expansion	50%	$	94.4	$	88.2	$	6.2	Q2 2011	(2)
Fashion Place Murray, UT	Addition of Nordstrom, mall shop and streetscape GLA expansion, and interior mall renovation	100%	110.7		69.6		41.1		Q4 2012	(3)
Saint Louis Galleria St. Louis, MO	Addition of Nordstrom and mallshop GLA	100%	55.8		39.4		16.4		Q4 2011
Current forecasted cost of other expansion and redevelopment projects not yet open (4)			31.7		12.8		18.9
Total expansion and redevelopment projects not yet open			$	292.6	$	210.0	$	82.6
Current forecasted additional costs to be incurred on recently opened projects (5)							9.0
Grand Total Forecasted Cost to Complete on Expansions and Redevelopment Projects (6)							$	91.6

Capital Expenditures ($000) (7), (8)

	Three Months Ended				Twelve Months Ended
	Dec 31, 2010		Dec 31, 2009		Dec 31, 2010		Dec 31, 2009
Capital Expenditures	$	52,789	$	37,502	$	102,765	$	50,157
Total	$	52,789	$	37,502	$	102,765	$	50,157

(1)Excludes international projects and all projects that are now part of HHC.

(2)Interior mall renovation and lifestyle expansion were completed Q4 2009.  Target opened Q4 2010.  Nordstrom expected to open Q2 2011.

(3)Nordstrom and interior mall renovation completed Q1 2009.  Remainder of project expected to be completed in phases by Q4 2012.

(4)Additional costs to be incurred on other redevelopment and new development projects are primarily construction related.

(5)Additional costs to be incurred on recently opened projects are primarily tenant related.

(6)Inactive projects have been excluded.  As of December 31, 2010, we had incurred $1.5M of development costs associated with inactive redevelopments.  Any decision to abandon these projects would potentially result in a write off of a substantial portion of the costs incurred to date. 

(7)Reflects only non-tenant operating capital expenditures; tenant allowances and capital expenditures that relate to new and redevelopment/renovation projects are excluded.  Certain prior period amounts have been reclassified to conform to the current period presentation.

(8)Restated from prior filings to exclude HHC and discontinued operations.

CORPORATE INFORMATION

Stock Listing

Common Stock

NYSE:  GGP

Common Stock Dividend

The Company paid a common stock dividend for 2010 of $0.38 per share consisting of approximately $35.8 million in cash and 22,256,121 shares of common stock on January 27, 2011 to stockholders of record on December 30, 2010. We anticipate that, commencing with the first quarter of 2011, we will pay a regular quarterly dividend of approximately $0.10 per share. In addition, we intend to implement a dividend reinvestment plan (“DRP”) in which all stockholders may participate.  Certain investors involved in the Equity Recapitalization have agreed that (subject to tax, applicable regulatory and other legal requirements), for 2011 and 2012, they will participate in the DRP and have dividends paid on shares they hold largely re-invested in shares of GGP common stock. Notwithstanding such participation, there can be no assurance that we will not determine to pay a portion of our 2011 or 2012 d ividends in shares of our common stock, as permitted by REIT distribution requirements.  GGP may suspend, terminate or amend the DRP at any time.

Investor Relations	Transfer Agent
David Keating	BNY Mellon
Vice President, Corporate Communications	Shareowner Services
General Growth Properties	480 Washington Blvd
110 North Wacker Drive	Jersey City, NJ 07310
Chicago, IL 60606	(888) 395-8037
Phone (312) 960-6325	Foreign Stockholders:
Fax (312) 342-4459	+1 201 680-6578
david.keating@ggp.com

GLOSSARY OF TERMS

Terms	Description
Gross Leaseable Area (GLA)	Total gross leaseable space at 100%.
Mall and Freestanding	Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores.
Anchor	Department stores whose merchandise appeals to a broad range of shoppers.  Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants.
Strip Center	An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores.
Office	Leaseable office space, either peripheral to a retail center or a stand-alone office building without a retail component.
Specialty Leasing	Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice.

Operating Metrics	Description
Occupancy	Represents Gross Leasable Occupied Area (“GLOA”) divided by GLA (mall shop and freestanding retail). Includes inline and outparcel tenants and excludes anchors. GLOA is the sum of: (1) tenant occupied space under lease, (2) all leases signed, whether or not the space is occupied by a tenant and (3) tenants no longer occupying space, but still paying rent.
Sales	Comparative rolling twelve month sales for mall stores less than 10,000 square feet.
Average Rent	Weighted average in-place rent of mall stores less than 10,000 square feet.
Common Area Costs	Recovery of common area maintenance costs, excluding taxes and utilities.
Occupancy Cost	Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet.
YTD New / Renewals	Represents average rent for tenants less than 10,000 square feet that opened or renewed during the period.
Expirations	Represents average rent for tenants less than 10,000 square feet that closed or expired during the period.
Rental Spread ($)	Dollar spread between “YTD New / Renewals” and “Expirations”.
Rental Spread (%)	Percentage spread between “YTD New / Renewals” and “Expirations”.
Initial Rent	Base Rent plus Common Area Costs at the time the lease commences.