Exhibit 99.2

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2011

BASIS OF PRESENTATION

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.  Where references are made to “RPI”, this refers to Rouse Properties, Inc.  RPI, which as described below, was spun off to holders of the Corporation’s common stock on January 12, 2012.  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 the Corporation’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 retail assets, results in these assets being classified as discontinued operations. 

RPI INFORMATION

In December 2011, the Board of Directors approved the spin-off to holders of the Corporation’s common stock, in the form of a special taxable dividend, shares of the newly-formed RPI. The spin-off was consummated on January 12, 2012.  For every share of the Corporation’s common stock, such holder received approximately 0.0375 shares of RPI common stock.  As the spin-off transaction did not occur until 2012, the assets, liabilities and results of operations of RPI are included in the consolidated financial statements of GGP as of December 31, 2011.

This Supplemental includes certain financial information with and without RPI for the three and twelve months ended December 31, 2011. The Company has provided this information in order to illustrate the impact that the spin-off would have had on the Company’s 2011 results and to provide more meaningful information about the Company’s ongoing operations.  Any RPI information included in this Supplemental (i) is derived solely from the consolidating financial information included in the Company’s consolidated financial results, (ii) has not been audited by RPI’s auditors and (iii) has not been reviewed or adopted by RPI.  Accordingly, the RPI information included herein may differ from the information that is publicly reported by RPI following completion of its audit for the year ended December 31, 2011.

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 impairment write-downs on depreciable real estate, 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.  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 to consolidated operating income, EBITDA, and FFO to net income (loss) 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 Balance Sheets	1
Consolidated Statements of Income	2
Proportionate Financial Schedules:
Proportionate Balance Sheet	3
Overview	4
Reconciliation of Core NOI, Core EBITDA, and Core FFO	5
QTD Portfolio Results and Funds From Operations (FFO)	6
YTD Portfolio Results and Funds From Operations (FFO)	7
Core and Comparable Core NOI Summary	8
Mortgages, Notes, and Loans Payable
Summary	9
Detail	10-14
Asset Transactions
Summary of Acquisitions and Dispositions	15
Discontinued Operations	16-17
Reconciliations
Non-Cash Revenue and Expenses Reflected in FFO	18
Reconciliation of Non-GAAP to GAAP Financial Measures	19
Portfolio Operating Metrics
Key Operating Performance Indicators	20
Signed Leases - All Except Anchors	21
Lease Expiration Schedule & Top Ten Tenants	22
Property Schedule	23-28
Miscellaneous
Capital Information	29
Change in Total Common and Equivalent Shares	30
Development Summary	31
Corporate Information	32
Glossary of Terms	33

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.  Except to the extent required by law, the Company disclaims any obligation to update any forward-looking statements.

SELECT SCHEDULE DEFINITIONS

Page	Schedule	Description
Proportionate Financial Schedules:
3	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.
5	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.
6-7	Portfolio Results and Funds From Operations (FFO)	Proportionate detail of Portfolio Results and FFO for the three and twelve months ended December 30, 2011 and 2010.
Portfolio Operating Metrics:
20	Key Operating Performance Indicators	Certain mall operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
23-28	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.

GAAP Financial Schedules

FINANCIAL OVERVIEW

Consolidated Balance Sheets (1)

Includes RPI

(in thousands)

	December 31, 2011			December 31, 2010
Assets:
Investment in real estate:
Land	$	4,608,021		$	4,722,674
Buildings and equipment	19,813,510			20,300,355
Less accumulated depreciation	(973,027		)	(129,794		)
Developments in progress	135,807			117,137
Net property and equipment	23,584,311			25,010,372
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,052,973			3,153,698
Net investment in real estate	26,637,284			28,164,070
Cash and cash equivalents	572,872			1,021,311
Accounts and notes receivable, net	218,455			114,099
Deferred expenses, net	169,545			175,669
Prepaid expenses and other assets	1,803,796			2,300,452
Assets held for disposition	116,199			591,778
Total Assets	$	29,518,151		$	32,367,379
Liabilities:
Mortgages, notes and loans payable	$	17,129,506		$	17,841,757
Accounts payable and accrued expenses	1,444,280			1,893,571
Distribution payable	526,332			38,399
Deferred tax liabilities	29,220			36,463
Tax indemnification liability	303,750			303,750
Junior Subordinated Notes	206,200			206,200
Warrant liability	985,962			1,041,004
Liabilities held for disposition	89,761			592,122
Total Liabilities	20,715,011			21,953,266
Redeemable noncontrolling interests:
Preferred	120,756			120,756
Common	103,039			111,608
Total Redeemable Noncontrolling Interests	223,795			232,364
Equity:
Total stockholders’ equity	8,483,329			10,079,102
Noncontrolling interests in consolidated real estate affiliates	96,016			102,647
Total Equity	8,579,345			10,181,749
Total Liabilities and Equity	$	29,518,151		$	32,367,379

(1)   Presented in accordance with GAAP.

1

FINANCIAL OVERVIEW

Consolidated Statements of Income (1)

Includes RPI

(in thousands, except per share)

	Three Months Ended												Year Ended
	Successor			Successor			Predecessor			Combined			Successor			Successor			Predecessor			Combined
	December 31, 2011			November 10, 2010 - December 31, 2010			October 1, 2010 - November 9, 2010			December 31, 2010			December 31, 2011			November 10, 2010 - December 31, 2010			January 1, 2010 - November 9, 2010			December 31, 2010
Revenues:
Minimum rents	$	446,509		$	255,599		$	196,381		$	451,980		$	1,738,246		$	255,599		$	1,522,703		$	1,778,302
Tenant recoveries	190,020			108,994			84,495			193,489			794,378			108,994			690,292			799,286
Overage rents	35,417			19,691			9,217			28,908			67,309			19,691			34,540			54,231
Management fees and other corporate revenues	17,398			8,887			6,288			15,175			61,173			8,887			54,351			63,238
Other	30,248			15,946			7,885			23,831			81,836			15,946			61,069			77,015
Total revenues	719,592			409,117			304,266			713,383			2,742,942			409,117			2,362,955			2,772,072
Expenses:
Real estate taxes	59,535			35,712			25,893			61,605			254,253			35,712			217,270			252,982
Property maintenance costs	27,048			20,030			11,571			31,601			110,052			20,030			89,551			109,581
Marketing	15,937			12,300			3,411			15,711			38,447			12,300			24,185			36,485
Other property operating costs	113,479			67,135			53,221			120,356			455,611			67,135			385,325			452,460
Provision for doubtful accounts	2,572			471			2,137			2,608			6,223			471			15,603			16,074
Property management and other costs	62,186			29,837			12,473			42,310			205,759			29,837			136,787			166,624
General and administrative (2)	15,558			22,262			2,206			24,468			36,003			22,262			24,895			47,157
Provisions for impairment	64,337			—			—			—			64,337			—			4,516			4,516
Depreciation and amortization	235,098			136,207			70,444			206,651			979,328			136,207			561,861			698,068
Total expenses	595,750			323,954			181,356			505,310			2,150,013			323,954			1,459,993			1,783,947
Operating income	123,842			85,163			122,910			208,073			592,929			85,163			902,962			988,125
Interest income	537			723			562			1,285			2,464			723			1,524			2,247
Interest expense	(232,013		)	(139,171		)	(203,163		)	(342,334		)	(958,612		)	(139,171		)	(1,259,275		)	(1,398,446		)
Warrant adjustment	(264,418		)	(205,252		)	—			(205,252		)	55,042			(205,252		)	—			(205,252		)
Loss before income taxes, equity in income (loss) / of Unconsolidated Real Estate Affiliates, reorganization items and noncontrolling interests	(372,052		)	(258,537		)	(79,691		)	(338,228		)	(308,177		)	(258,537		)	(354,789		)	(613,326		)
(Provision for) benefit from income taxes	(989		)	8,909			61,900			70,809			(9,256		)	8,909			60,456			69,365
Equity in income (loss) of Unconsolidated Real Estate Affiliates	5,432			(504		)	(32,190		)	(32,694		)	2,898			(504		)	21,857			21,353
Reorganization items	—			—			(227,987		)	(227,987		)	—			—			(339,314		)	(339,314		)
Loss from continuing operations	(367,609		)	(250,132		)	(277,968		)	(528,100		)	(314,535		)	(250,132		)	(611,790		)	(861,922		)
Discontinued operations (3)	(656		)	(5,952		)	(638,863		)	(644,815		)	7,654			(5,952		)	(600,618		)	(606,570		)
Net loss	(368,265		)	(256,084		)	(916,831		)	(1,172,915		)	(306,881		)	(256,084		)	(1,212,408		)	(1,468,492		)
Allocation to noncontrolling interests	427			1,868			28,129			29,997			(6,291		)	1,868			26,650			28,518
Net loss attributable to common stockholders	$	(367,838	)	$	(254,216	)	$	(888,702	)	$	(1,142,918	)	$	(313,172	)	$	(254,216	)	$	(1,185,758	)	$	(1,439,974	)
Basic Loss Per Share:
Continuing operations	$	(0.39	)	$	(0.26	)	$	(0.83	)				$	(0.34	)	$	(0.26	)	$	(1.89	)
Discontinued operations	—			(0.01		)	(1.97		)				0.01			(0.01		)	(1.85		)
Total basic loss per share	$	(0.39	)	$	(0.27	)	$	(2.80	)				$	(0.33	)	$	(0.27	)	$	(3.74	)
Diluted Loss Per Share:
Continuing operations	$	(0.39	)	$	(0.26	)	$	(0.83	)				$	(0.38	)	$	(0.26	)	$	(1.89	)
Discontinued operations	—			(0.01		)	(1.97		)				0.01			(0.01		)	(1.85		)
Total diluted loss per share	$	(0.39	)	$	(0.27	)	$	(2.80	)				$	(0.37	)	$	(0.27	)	$	(3.74	)

(1)Amounts presented in accordance with GAAP.

(2)The three and twelve months ended December 31, 2011 and 2010 includes post-emergence bankruptcy related items, including the reversal of previously accrued bankruptcy costs, other gains on settlements, legal fees and professional fees.

(3)Refer to Pages 16 and 17 (Discontinued Operations).

2

Proportionate Financial Schedules

FINANCIAL OVERVIEW

Proportionate Balance Sheet, at share

Includes RPI

(In thousands)

	As of December 31, 2011
	Consolidated (1)			Non-Controlling Interests			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
Assets:
Investment in real estate:
Land	$	4,608,021		$	(24,241	)	$	4,583,780		$	678,731		$	5,262,511
Buildings and equipment	19,813,510			(158,509		)	19,655,001			5,020,731			24,675,732
Less accumulated depreciation	(973,027		)	22,786			(950,241		)	(181,741		)	(1,131,982		)
Developments in progress	135,807			(779		)	135,028			37,391			172,419
Net property and equipment	23,584,311			(160,743		)	23,423,568			5,555,112			28,978,680
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,052,973			—			3,052,973			(3,052,973		)	—
Net investment in real estate	26,637,284			(160,743		)	26,476,541			2,502,139			28,978,680
Cash and cash equivalents	572,872			(1,999		)	570,873			174,097			744,970
Accounts and notes receivable, net	218,455			(3,198		)	215,257			76,428			291,685
Deferred expenses, net	169,545			(8,927		)	160,618			63,746			224,364
Prepaid expenses and other assets	1,803,796			(6,298		)	1,797,498			233,003			2,030,501
Assets held for disposition	116,199			—			116,199			—			116,199
Total assets	$	29,518,151		$	(181,165	)	$	29,336,986		$	3,049,413		$	32,386,399
Liabilities:
Mortgages, notes and loans payable	$	17,129,506		$	(81,057	)	$	17,048,449		$	2,780,423		$	19,828,872
Accounts payable and accrued expenses	1,444,280			—			1,444,280			—			1,444,280
Distribution payable	526,332			—			526,332			—			526,332
Deferred tax liabilities	29,220			(4,092		)	25,128			268,990			294,118
Tax indemnification liability	303,750			—			303,750			—			303,750
Junior Subordinated Notes	206,200			—			206,200			—			206,200
Warrant liability	985,962			—			985,962			—			985,962
Liabilities held for disposition	89,761			—			89,761			—			89,761
Total liabilities	20,715,011			(85,149		)	20,629,862			3,049,413			23,679,275
Redeemable noncontrolling interests:
Preferred	120,756			—			120,756			—			120,756
Common	103,039			—			103,039			—			103,039
Total redeemable noncontrolling interests	223,795			—			223,795			—			223,795
Equity:
Common stock	9,353			—			9,353			—			9,353
Additional paid-in capital	10,405,318			—			10,405,318			—			10,405,318
Retained earnings (accumulated deficit)	(1,883,569		)	—			(1,883,569		)	—			(1,883,569		)
Accumulated other comprehensive income	(47,773		)	—			(47,773		)	—			(47,773		)
Total stockholders’ equity	8,483,329			—			8,483,329			—			8,483,329
Noncontrolling interests in consolidated real estate affiliates	96,016			(96,016		)	—			—			—
Total equity	8,579,345			(96,016		)	8,483,329			—			8,483,329
Total liabilities and equity	$	29,518,151		$	(181,165	)	$	29,336,986		$	3,049,413		$	32,386,399

(1) Presented in accordance with GAAP.

3

FINANCIAL OVERVIEW

Overview, at share

(in thousands, except per share)

	Three Months Ended					Twelve Months Ended
	December 31, 2011			December 31, 2010		December 31, 2011		December 31, 2010
Core FFO excluding RPI	$	253,956		$	207,670	$	847,847	$	784,677
Core FFO RPI (1)	25,853			22,457		89,161		84,517
Core FFO (2)	$	279,809		$	230,127	$	937,008	$	869,194
Core FFO per share - diluted	$	0.29		$	0.23	$	0.95	$	0.87
Core FFO from Discontinued Operations	$	480		$	8,197	$	20,448	$	115,386
Discontinued Core FFO per share - diluted	$	0.00		$	0.01	$	0.02	$	0.12
FFO excluding RPI (3)	$	(48,568	)	$	229,855	$	846,470	$	531,902
FFO RPI (1)	17,753			730		61,683		80,775
FFO (2)	$	(30,815	)	$	230,585	$	908,153	$	612,677
FFO per share - diluted	$	(0.03	)	$	0.23	$	0.90	$	0.62
Core EBITDA excluding RPI	$	513,957		$	466,707	$	1,884,083	$	1,842,617
Core EBITDA RPI (1)	39,808			39,597		148,800		152,869
Core EBITDA (2)	$	553,765		$	506,304	$	2,032,883	$	1,995,486
Core NOI excluding RPI	$	569,263		$	529,290	$	2,078,153	$	2,019,078
Core NOI RPI (1)	42,367			42,136		155,448		161,489
Core NOI (2)	$	611,630		$	571,426	$	2,233,601	$	2,180,567
Dividends declared per common share (4)	$	0.10		$	0.38	$	0.40	$	0.38
RPI dividend declared per common share (7)	$	0.43		$	—	$	0.43	$	—
Weighted average diluted common shares outstanding as of December 31st (5)(6)	974,707			993,999		988,736		993,999

(1)	See “Basis of Presentation - RPI Information”
(2)	Refer to Page 5 (Reconciliation of Core NOI, Core EBITDA, and Core FFO).
(3)	FFO per share excludes the effects of the warrant adjustment to FFO as the income has an anti-dilutive effect.
(4)	1st quarter declared dividend paid April 29, 2011, to shareholders of record on April 15, 2011.
	2nd quarter declared dividend paid July 29, 2011, to shareholders of record on July 15, 2011.
	3rd quarter declared dividend paid October 31, 2011, to shareholders of record on October 14, 2011.
	4th quarter declared dividend paid January 13, 2012, to shareholders of record on December 30, 2011.
(5)	Refer to Page 30 (Change in Total Common and Equivalent Shares).
(6)	Core FFO and FFO per share amounts for the three and twelve months ended December 31, 2010 were 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.
(7)	Represents distribution of shares in RPI to shareholders of record on December 30, 2011.

4

FINANCIAL OVERVIEW

Reconciliation of Core NOI, Core EBITDA, and Core FFO

Includes RPI

	Three Months Ended December 31, 2011									Three Months Ended December 31, 2010									Twelve Months Ended December 31, 2011									Twelve Months Ended December 31, 2010
	Pro Rata Basis			Core Adjustments			Pro Rata Basis Core NOI/EBITDA/FFO			Pro Rata  Basis			Core  Adjustments			Pro Rata Basis Core NOI/EBITDA/FFO			Pro Rata  Basis			Core  Adjustments			Pro Rata Basis Core NOI/EBITDA/FFO			Pro Rata  Basis			Core  Adjustments			Pro Rata Basis Core NOI/EBITDA/FFO
Property revenues:
Minimum rents (3)(4)	$	540,495		$	29,541		$	570,036		$	541,370		$	11,383		$	552,753		$	2,092,791		$	49,579		$	2,142,370		$	2,134,891		$	(26,546	)	$	2,108,345
Tenant recoveries	228,003			—			228,003			225,782			—			225,782			937,146			—			937,146			938,343			—			938,343
Overage rents	42,790			—			42,790			33,004			—			33,004			80,193			—			80,193			61,431			—			61,431
Other, including noncontrolling interests	31,285			—			31,285			25,971			—			25,971			85,054			—			85,054			79,733			—			79,733
Total property revenues	842,573			29,541			872,114			826,127			11,383			837,510			3,195,184			49,579			3,244,763			3,214,398			(26,546		)	3,187,852
Property operating expenses:
Real estate taxes	74,904			(1,578		)	73,326			69,814			(1,324		)	68,490			302,268			(6,312		)	295,956			294,028			(4,267		)	289,761
Property maintenance costs	32,359			—			32,359			37,065			—			37,065			129,280			—			129,280			128,140			—			128,140
Marketing	19,417			—			19,417			18,947			—			18,947			46,983			—			46,983			44,086			—			44,086
Other property operating costs	134,310			(1,643		)	132,667			140,669			(1,596		)	139,073			536,256			(6,621		)	529,635			532,626			(6,290		)	526,336
Provision for doubtful accounts	2,715			—			2,715			2,509			—			2,509			9,308			—			9,308			18,962			—			18,962
Total property operating expenses	263,705			(3,221		)	260,484			269,004			(2,920		)	266,084			1,024,095			(12,933		)	1,011,162			1,017,842			(10,557		)	1,007,285
Core NOI	$	578,868		$	32,762		$	611,630		$	557,123		$	14,303		$	571,426		$	2,171,089		$	62,512		$	2,233,601		$	2,196,556		$	(15,989	)	$	2,180,567
Management fees and other corporate revenues	18,629			(9		)	18,620			16,908			(1,005		)	15,903			66,312			(421		)	65,891			79,196			(13,083		)	66,113
Property management and other costs (5)	(68,538		)	14,317			(54,221		)	(48,770		)	(562		)	(49,332		)	(228,507		)	31,395			(197,112		)	(199,227		)	16,814			(182,413		)
General and administrative (6)	(19,704		)	88			(19,616		)	(33,402		)	4,547			(28,855		)	(46,626		)	(13,217		)	(59,843		)	(61,365		)	2,428			(58,937		)
Preferred unit distributions	(2,648		)	—			(2,648		)	(2,838		)	—			(2,838		)	(9,654		)	—			(9,654		)	(9,844		)	—			(9,844		)
EBITDA before provisions for impairment and reorganization items	$	506,607		$	47,158		$	553,765		$	489,021		$	17,283		$	506,304		$	1,952,614		$	80,269		$	2,032,883		$	2,005,316		$	(9,830	)	$	1,995,486
Provisions for impairment	(916		)	916			—			—			—			—			(916		)	916			—			—			—			—
Reorganization items	—			—			—			(227,987		)	227,987			—			—			—			—			(339,319		)	339,319			—
Core EBITDA	$	505,691		$	48,074		$	553,765		$	261,034		$	245,270		$	506,304		$	1,951,698		$	81,185		$	2,032,883		$	1,665,997		$	329,489		$	1,995,486
Depreciation on non-income producing assets	(1,978		)	—			(1,978		)	(1,743		)	—			(1,743		)	(6,561		)	—			(6,561		)	(8,168		)	—			(8,168		)
Interest income	1,479			—			1,479			3,785			—			3,785			8,534			—			8,534			9,084			—			9,084
Interest expense:																																		—
Default interest	(1,132		)	1,132			—			(48,006		)	48,006			—			(62,089		)	62,089			—			(131,745		)	131,745			—
Interest expense relating to extinguished debt	—			—			—			(33,527		)	33,527			—			(11,045		)	11,045			—			(234,162		)	234,162			—
Mark-to-market adjustments on debt	3,420			(3,420		)	—			(19,913		)	19,913			—			15,725			(15,725		)	—			(54,984		)	54,984			—
Write-off of mark-to-market adjustments on extinguished debt	148			(148		)	—			—			—			—			47,614			(47,614		)	—			—			—			—
Debt extinguishment expenses	36			(36		)	—			(1		)	1			—			(1,565		)	1,565			—			(99		)	99			—
Interest on existing debt	(273,031		)	—			(273,031		)	(279,390		)	—			(279,390		)	(1,103,096		)	—			(1,103,096		)	(1,131,305		)	—			(1,131,305		)
Warrant adjustment	(264,418		)	264,418			—			(205,252		)	205,252			—			55,042			(55,042		)	—			(205,252		)	205,252			—
(Provision for) benefit from income taxes	(1,082		)	1,082			—			70,693			(70,693		)	—			(9,630		)	9,630			—			69,332			(69,332		)	—
Other FFO from noncontrolling interests	(426		)	—			(426		)	1,171			—			1,171			5,248			—			5,248			4,097			—			4,097
FFO from discontinued operations (1)	478			(478		)	—			481,734			(481,734		)	—			18,278			(18,278		)	—			629,882			(629,882		)	—
	(30,815		)	310,624			279,809			230,585			(458		)	230,127			908,153			28,855			937,008			612,677			256,517			869,194
Equity in FFO of Unconsolidated Properties	—			—			—			—			—			—			—			—			—			—			—			—
Core FFO (2)	$	(30,815	)	$	310,624		$	279,809		$	230,585		$	(458	)	$	230,127		$	908,153		$	28,855		$	937,008		$	612,677		$	256,517		$	869,194

(1)  Refer to Pages 16 and 17 (Discontinued Operations).

(2)  Refer to Page 18 (Non-Cash Revenue and Expenses Reflected in FFO).

(3)  Core adjustments include amounts for straight-line rent of ($10,655) and ($6,594) and above/below market lease amortization of $40,196 and $17,977 for the three months ended December 31, 2011 and 2010, respectively.

(4)  Core adjustments include amounts for straight-line rent of ($103,847) and ($39,419) and above/below market lease amortization of $153,426 and $12,873 for the twelve months ended December 31, 2011 and 2010, respectively.

(5)  Core adjustments primarily include revenues and expenses from our interest in the Turkey joint venture which was sold in the third quarter of 2010, 110 N. Wacker Dr. above market lease amortization, post-emergence bankruptcy-related items, severance costs and costs related to the RPI spin-off.

(6)  Non-comparable general and administrative costs include bankruptcy-related items such as the reversal of previously accrued bankruptcy costs and gains on settlements, partially offset by legal and professional fees.

5

FINANCIAL OVERVIEW

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

For the Three Months Ended December 31, 2011 and 2010

Includes RPI

(in thousands)

	Three Months Ended December 31, 2011									Three Months Ended December 31, 2010
	Successor			Successor			Successor			Successor			Predecessor			Combined			Successor			Predecessor			Combined			Combined
	Consolidated  Properties			Unconsolidated  Properties			Pro  Rata Basis			Consolidated  Properties			Consolidated  Properties			Consolidated  Properties			Unconsolidated  Properties			Unconsolidated  Properties			Unconsolidated  Properties			Pro  Rata Basis
	Dec 31, 2011			Dec 31, 2011			Dec 31, 2011			Nov 10, 2010 - Dec 31, 2010			Oct 1, 2010 - Nov 9, 2010			Dec 31, 2010			Nov 10, 2010 - Dec 31, 2010			Oct 1, 2010 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2010
Property revenues:
Minimum rents	$	446,509		$	93,986		$	540,495		$	255,599		$	196,381		$	451,980		$	50,744		$	38,646		$	89,390		$	541,370
Tenant recoveries	190,020			37,983			228,003			108,994			84,495			193,489			19,789			12,504			32,293			225,782
Overage rents	35,417			7,373			42,790			19,691			9,217			28,908			3,043			1,053			4,096			33,004
Other, including noncontrolling interests	25,016			6,269			31,285			14,724			6,438			21,162			3,347			1,462			4,809			25,971
Total property revenues	696,962			145,611			842,573			399,008			296,531			695,539			76,923			53,665			130,588			826,127
Property operating expenses:
Real estate taxes	59,535			15,369			74,904			35,712			25,893			61,605			5,715			2,494			8,209			69,814
Property maintenance costs	27,048			5,311			32,359			20,030			11,571			31,601			3,461			2,003			5,464			37,065
Marketing	15,937			3,480			19,417			12,300			3,411			15,711			2,478			758			3,236			18,947
Other property operating costs	113,479			20,831			134,310			67,135			53,221			120,356			11,477			8,836			20,313			140,669
Provision for doubtful accounts	2,572			143			2,715			471			2,137			2,608			(166		)	67			(99		)	2,509
Total property operating expenses	218,571			45,134			263,705			135,648			96,233			231,881			22,965			14,158			37,123			269,004
NOI	$	478,391		$	100,477		$	578,868		$	263,360		$	200,298		$	463,658		$	53,958		$	39,507		$	93,465		$	557,123
Management fees and other corporate revenues	17,398			1,231			18,629			8,887			6,288			15,175			383			1,350			1,733			16,908
Property management and other costs	(62,186		)	(6,352		)	(68,538		)	(29,837		)	(12,473		)	(42,310		)	(3,659		)	(2,801		)	(6,460		)	(48,770		)
General and administrative	(15,558		)	(4,146		)	(19,704		)	(22,262		)	(2,206		)	(24,468		)	(820		)	(8,114		)	(8,934		)	(33,402		)
Preferred unit distributions	(2,648		)	—			(2,648		)	(1,641		)	(1,197		)	(2,838		)	—			—			—			(2,838		)
EBITDA before reorganization items	$	415,397		$	91,210		$	506,607		$	218,507		$	190,710		$	409,217		$	49,862		$	29,942		$	79,804		$	489,021
Provisions for impairment	(916		)	—			(916		)	—			—			—			—			—			—			—
Reorganization items	—			—			—			—			(227,987		)	(227,987		)	—			—			—			(227,987		)
EBITDA	$	414,481		$	91,210		$	505,691		$	218,507		$	(37,277	)	$	181,230		$	49,862		$	29,942		$	79,804		$	261,034
Depreciation on non-income producing assets	(1,978		)	—			(1,978		)	(948		)	(795		)	(1,743		)	—			—			—			(1,743		)
Interest income	537			942			1,479			723			562			1,285			758			1,742			2,500			3,785
Interest expense:
Default interest	(1,237		)	105			(1,132		)	—			(47,612		)	(47,612		)	(394		)	—			(394		)	(48,006		)
Interest expense relating to extinguished debt	—			—			—			(4,163		)	(29,364		)	(33,527		)	—			—			—			(33,527		)
Mark-to-market adjustments on debt	2,889			531			3,420			2,632			(22,610		)	(19,978		)	55			10			65			(19,913		)
Write-off of mark-to-market adjustments on extinguished debt	148			—			148			—			—			—			—			—			—			—
Debt extinguishment expenses	39			(3		)	36			—			—			—			(1		)	—			(1		)	(1		)
Interest on existing debt	(233,852		)	(39,179		)	(273,031		)	(137,640		)	(103,577		)	(241,217		)	(21,692		)	(16,481		)	(38,173		)	(279,390		)
Warrant adjustment	(264,418		)	—			(264,418		)	(205,252		)	—			(205,252		)	—			—			—			(205,252		)
(Provision for) benefit from income taxes	(989		)	(93		)	(1,082		)	8,909			61,900			70,809			(80		)	(36		)	(116		)	70,693
Other FFO from noncontrolling interests	(442		)	16			(426		)	562			587			1,149			13			9			22			1,171
FFO from discontinued operations (1)	1,251			(773		)	478			5,836			477,598			483,434			563			(2,263		)	(1,700		)	481,734
	(83,571		)	52,756			(30,815		)	(110,834		)	299,412			188,578			29,084			12,923			42,007			230,585
Equity in FFO of Unconsolidated Properties	52,756			(52,756		)	—			29,084			12,923			42,007			(29,084		)	(12,923		)	(42,007		)	—
FFO (2)	$	(30,815	)	$	—		$	(30,815	)	$	(81,750	)	$	312,335		$	230,585		$	—		$	—		$	—		$	230,585

(1)  Refer to Pages 16 and 17 (Discontinued Operations).

(2)  Refer to Page 18 (Non-Cash Revenue and Expenses Reflected in FFO).

6

FINANCIAL OVERVIEW

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

For the Twelve Months Ended December 31, 2011 and 2010

Includes RPI

(in thousands)

	Twelve Months Ended December 31, 2011									Twelve Months Ended December 31, 2010
	Successor			Successor			Successor			Successor			Predecessor			Combined			Successor			Predecessor			Combined			Combined
	Consolidated  Properties			Unconsolidated  Properties			Pro  Rata Basis			Consolidated  Properties			Consolidated  Properties			Consolidated  Properties			Unconsolidated  Properties			Unconsolidated  Properties			Unconsolidated  Properties			Pro  Rata Basis
	Dec 31, 2011			Dec 31, 2011			Dec 31, 2011			Nov 10, 2010 - Dec 31,  2010			Jan 1, 2010 - Nov 9,  2010			Dec 31, 2010			Nov 10, 2010 - Dec 31,  2010			Jan 1, 2010 - Nov 9,  2010			Dec 31, 2010			Dec 31, 2010
Property revenues:
Minimum rents	$	1,738,246		$	354,545		$	2,092,791		$	255,599		$	1,522,703		$	1,778,302		$	50,744		$	305,845		$	356,589		$	2,134,891
Tenant recoveries	794,378			142,768			937,146			108,994			690,292			799,286			19,789			119,268			139,057			938,343
Overage rents	67,309			12,884			80,193			19,691			34,540			54,231			3,043			4,157			7,200			61,431
Other, including noncontrolling interests	66,894			18,160			85,054			14,724			50,508			65,232			3,347			11,154			14,501			79,733
Total property revenues	2,666,827			528,357			3,195,184			399,008			2,298,043			2,697,051			76,923			440,424			517,347			3,214,398
Property operating expenses:
Real estate taxes	254,253			48,015			302,268			35,712			217,270			252,982			5,715			35,331			41,046			294,028
Property maintenance costs	110,052			19,228			129,280			20,030			89,551			109,581			3,461			15,098			18,559			128,140
Marketing	38,447			8,536			46,983			12,300			24,185			36,485			2,478			5,123			7,601			44,086
Other property operating costs	455,611			80,645			536,256			67,135			385,325			452,460			11,477			68,689			80,166			532,626
Provision for doubtful accounts	6,223			3,085			9,308			471			15,603			16,074			(166		)	3,054			2,888			18,962
Total property operating expenses	864,586			159,509			1,024,095			135,648			731,934			867,582			22,965			127,295			150,260			1,017,842
NOI	$	1,802,241		$	368,848		$	2,171,089		$	263,360		$	1,566,109		$	1,829,469		$	53,958		$	313,129		$	367,087		$	2,196,556
Management fees and other corporate revenues	61,173			5,139			66,312			8,887			54,351			63,238			383			15,575			15,958			79,196
Property management and other costs	(205,759		)	(22,748		)	(228,507		)	(29,837		)	(136,787		)	(166,624		)	(3,659		)	(28,944		)	(32,603		)	(199,227		)
General and administrative	(36,003		)	(10,623		)	(46,626		)	(22,262		)	(24,895		)	(47,157		)	(820		)	(13,388		)	(14,208		)	(61,365		)
Preferred unit distributions	(9,654		)	—			(9,654		)	(1,641		)	(8,203		)	(9,844		)	—			—			—			(9,844		)
EBITDA before reorganization items	$	1,611,998		$	340,616		$	1,952,614		$	218,507		$	1,450,575		$	1,669,082		$	49,862		$	286,372		$	336,234		$	2,005,316
Provisions for impairment	(916		)	—			(916		)	—			—			—			—			—			—			—
Reorganization items	—			—			—			—			(339,314		)	(339,314		)	—			(5		)	(5		)	(339,319		)
EBITDA	$	1,611,082		$	340,616		$	1,951,698		$	218,507		$	1,111,261		$	1,329,768		$	49,862		$	286,367		$	336,229		$	1,665,997
Depreciation on non-income producing assets	(6,561		)	—			(6,561		)	(948		)	(7,220		)	(8,168		)	—			—			—			(8,168		)
Interest income	2,464			6,070			8,534			723			1,524			2,247			758			6,079			6,837			9,084
Interest expense:
Default interest	(61,160		)	(929		)	(62,089		)	—			(131,351		)	(131,351		)	(394		)	—			(394		)	(131,745		)
Interest expense relating to extinguished debt	(11,045		)	—			(11,045		)	(4,163		)	(229,999		)	(234,162		)	—			—			—			(234,162		)
Mark-to-market adjustments on debt	12,479			3,246			15,725			2,632			(59,868		)	(57,236		)	55			2,197			2,252			(54,984		)
Write-off of mark-to-market adjustments on extinguished debt	47,614			—			47,614			—			—			—			—			—			—			—
Debt extinguishment expenses	(1,551		)	(14		)	(1,565		)	—			(67		)	(67		)	(1		)	(31		)	(32		)	(99		)
Interest on existing debt	(944,949		)	(158,147		)	(1,103,096		)	(137,640		)	(837,990		)	(975,630		)	(21,692		)	(133,983		)	(155,675		)	(1,131,305		)
Warrant adjustment	55,042			—			55,042			(205,252		)	—			(205,252		)	—			—			—			(205,252		)
(Provision for) benefit from income taxes	(9,256		)	(374		)	(9,630		)	8,909			60,456			69,365			(80		)	47			(33		)	69,332
Other FFO from noncontrolling interests	5,168			80			5,248			562			3,452			4,014			13			70			83			4,097
FFO from discontinued operations (1)	19,481			(1,203		)	18,278			5,836			582,434			588,270			563			41,049			41,612			629,882
	718,808			189,345			908,153			(110,834		)	492,632			381,798			29,084			201,795			230,879			612,677
Equity in FFO of Unconsolidated Properties	189,345			(189,345		)	—			29,084			201,795			230,879			(29,084		)	(201,795		)	(230,879		)	—
FFO (2)	$	908,153		$	—		$	908,153		$	(81,750	)	$	694,427		$	612,677		$	—		$	—		$	—		$	612,677

(1) Refer to Pages 16 and 17 (Discontinued Operations).

(2) Refer to Page 18 (Non-Cash Revenue and Expenses Reflected in FFO).

7

FINANCIAL OVERVIEW

Core NOI Summary, at share

(in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2011		December 31, 2010		Percentage Change		December 31, 2011		December 31, 2010		Percentage Change
GGP Malls (1)	$	545,020	$	507,020	7.5	%	$	1,987,677	$	1,943,816	3.3	%
RPI (2)	42,367		42,136		0.5	%	155,448		161,489		(3.7	)%
GGP Malls & RPI	587,387		549,156		7.0	%	2,143,125		2,105,305		2.8	%
Office, Strip Centers, International	24,243		22,270		8.9	%	90,476		75,262		(5.5	)%
Core NOI	$	611,630	$	571,426	7.0	%	$	2,233,601	$	2,180,567	2.4	%
Core NOI excluding RPI	$	569,263	$	529,290	7.6	%	$	2,078,153	$	2,019,078	2.9	%

(1)  Total termination fees were $10.0 million ($9.1 million for GGP Malls) for the three months ended December 31, 2011; $4.9 million ($4.7 million for GGP Malls) for the three months ended December 31, 2010; $20.5 million ($18.4 million for GGP Malls) for the twelve months ended December 31 ,2011; and $26.0 million ($24.6 million for GGP Malls) for the twelve months ended December 31, 2010.

(2) RPI Core NOI does not include certain allocations necessary to represent RPI on a stand-alone basis as presented in other filings. See “Basis of Presentation - RPI Information.”

8

Mortgages, Notes, and Loans Payable

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1)

As of December 31, 2011

Includes RPI

(in thousands)

			Proportionate		Average Remaining	Maturities
	Coupon Rate		Balance		Term (Years)	2012		2013		2014		2015		2016		Subsequent		Total
Fixed Rate
Property Level Consolidated	5.44	%	$	13,032,809	5.1	$	848,284	$	336,222	$	2,365,250	$	1,104,554	$	1,881,491	$	4,917,128	$	11,452,929
Property Level Unconsolidated	5.19	%	2,677,848		5.5	578,666		146,426		68,211		215,234		—		1,458,805		2,467,342
Corporate Consolidated (2)	6.73	%	1,675,248		2.0	349,472		691,840		—		609,261		—		—		1,650,573
Total Fixed Rate	5.52	%	$	17,385,905	4.8	$	1,776,422	$	1,174,488	$	2,433,461	$	1,929,049	$	1,881,491	$	6,375,933	$	15,570,844
Variable Rate
Property Level Consolidated	3.41	%	$	2,349,481	4.8	$	—	$	—	$	45,057	$	—	$	1,276,627	$	746,424	$	2,068,108
Junior Subordinated Notes Due 2041	1.88	%	206,200		29.4	—		—		—		—		—		206,200		206,200
Total Variable Rate	3.29	%	$	2,555,681	6.8	$	—	$	—	$	45,057	$	—	$	1,276,627	$	952,624	$	2,274,308
Total	5.24	%	$	19,941,586	5.1	$	1,776,422	$	1,174,488	$	2,478,518	$	1,929,049	$	3,158,118	$	7,328,557	$	17,845,152
			Total Amortization			$	327,414	$	369,404	$	318,084	$	295,926	$	278,771	$	506,835	$	2,096,434
								Total Maturities and Amortization (3), (4)										$	19,941,586

(1) Excludes 70 Columbia Corporate Center as this asset will be transferred to the lender.

(2) Comprised primarily of the Rouse Notes of $1.65B.

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

Total Mortgages, Notes, and Other Payables, from above	$	19,941,586
Special improvement districts	386
Market rate adjustments, net	(38,883		)
Junior Subordinated Notes Due 2041	(206,200		)
Shopping Leblon / Aliansce (Brazil)	112,817
70 Columbia Corporate Center	19,166
Total	$	19,828,872

(4) Reflects maturities and amortization for periods subsequent to December 31, 2011.

9

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1),(2)

As of December 31, 2011

Includes RPI

(in thousands)

	Own		Proportionate		Maturity	Balloon Pmt at		Coupon		Parent Recourse as of	Amortization
Property	%		Balance		Year (3)	Maturity		Rate		12/31/2011 (4)	2012		2013		2014		2015		2016		Subsequent
Fixed Rate
Consolidated Property Level
Provo Towne Center	75	%	$	39,282	2012	$	39,130	5.75	%	No	$	152	$	—	$	—	$	—	$	—	$	—
Spokane Valley Mall	75	%	39,282		2012	39,130		5.75	%	No	152		—		—		—		—		—
The Mall In Columbia	100	%	400,000		2012	400,000		5.83	%	No	—		—		—		—		—		—
The Shoppes at Buckland Hills	100	%	156,643		2012	154,958		4.92	%	No	1,685		—		—		—		—		—
The Streets at Southpoint	94	%	216,179		2012	215,066		5.36	%	No	1,113		—		—		—		—		—
Lakeland Square	100	%	51,877		2013	49,647		5.12	%	No	1,247		983		—		—		—		—
Meadows Mall	100	%	97,282		2013	93,631		5.45	%	No	2,255		1,396		—		—		—		—
Pembroke Lakes Mall	100	%	122,418		2013	118,449		4.94	%	No	3,136		833		—		—		—		—
Senate Plaza	100	%	11,345		2013	10,956		5.71	%	No	254		135		—		—		—		—
West Oaks	100	%	66,043		2013	63,539		5.25	%	No	1,548		956		—		—		—		—
Bayside Marketplace	100	%	76,714		2014	74,832		7.50	%	No	906		976		—		—		—		—
Bayside Marketplace (Bond)	100	%	3,575		2014	1,255		5.75	%	No	1,130		1,190		—		—		—		—
Crossroads Center (MN)	100	%	79,621		2014	74,943		4.73	%	No	2,111		2,567		—		—		—		—
Cumberland Mall	100	%	101,714		2014	99,219		7.50	%	No	1,201		1,294		—		—		—		—
Eden Prairie Mall	100	%	75,251		2014	69,893		4.67	%	No	1,863		1,963		1,532		—		—		—
Fashion Place	100	%	137,736		2014	130,124		5.30	%	No	2,774		3,825		1,013		—		—		—
Fort Union	100	%	2,446		2014	2,180		4.40	%	No	130		136		—		—		—		—
Governor’s Square	100	%	72,830		2014	71,043		7.50	%	No	860		927		—		—		—		—
Jordan Creek Town Center	100	%	175,309		2014	164,537		4.57	%	Yes - Partial	4,206		5,628		938		—		—		—
Lansing Mall	100	%	20,796		2014	16,593		9.35	%	No	1,482		1,770		951		—		—		—
Mall St. Matthews	100	%	136,845		2014	129,452		4.81	%	No	3,149		4,244		—		—		—		—
Newgate Mall	100	%	38,621		2014	36,028		4.84	%	No	968		1,288		337		—		—		—
Newpark Mall	100	%	64,943		2014	60,487		7.45	%	No	1,391		1,886		1,179		—		—		—
North Point Mall	100	%	206,221		2014	195,971		5.48	%	No	3,905		5,444		901		—		—		—
Oak View Mall	100	%	81,569		2014	79,569		7.50	%	No	963		1,037		—		—		—		—
Oakwood Center	100	%	46,777		2014	45,057		4.38	%	Yes - Full	608		653		459		—		—		—
Pecanland Mall	100	%	52,779		2014	48,586		4.28	%	No	2,048		2,145		—		—		—		—
Prince Kuhio Plaza	100	%	35,162		2014	32,793		3.45	%	Yes - Partial	1,140		1,229		—		—		—		—
Rogue Valley Mall	100	%	25,171		2014	23,607		7.85	%	No	505		690		369		—		—		—
Southland (CA)	100	%	75,706		2014	70,709		3.62	%	No	2,172		2,825		—		—		—		—
Steeplegate Mall	100	%	73,699		2014	68,272		4.94	%	Yes - Partial	1,714		2,306		1,407		—		—		—
The Gallery at Harborplace	100	%	61,712		2014	58,024		7.89	%	No	1,237		1,692		759		—		—		—
The Grand Canal Shoppes	100	%	371,808		2014	346,723		4.78	%	No	8,951		11,980		4,154		—		—		—
Town East Mall	100	%	97,981		2014	91,387		3.46	%	No	2,872		3,722		—		—		—		—
Tucson Mall	100	%	113,630		2014	106,556		4.26	%	No	3,055		4,019		—		—		—		—
Visalia Mall	100	%	37,566		2014	34,264		3.78	%	No	1,617		1,685		—		—		—		—
West Valley Mall	100	%	50,770		2014	46,164		3.43	%	No	2,260		2,346		—		—		—		—
Woodbridge Center	100	%	195,752		2014	181,464		4.24	%	No	4,923		6,535		2,830		—		—		—
Woodlands Village	100	%	6,190		2014	5,518		4.40	%	No	329		343		—		—		—		—

10

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1),(2)

As of December 31, 2011

Includes RPI

(in thousands)

	Own		Proportionate	Maturity	Balloon Pmt at	Coupon		Parent Recourse as of	Amortization
Property	%		Balance	Year (3)	Maturity	Rate		12/31/2011 (4)	2012	2013	2014	2015	2016	Subsequent
10000 West Charleston	100	%	20,667	2015	19,016	7.88	%	No	478	517	559	97	—	—
Boise Towne Plaza	100	%	10,266	2015	9,082	4.70	%	No	267	354	371	192	—	—
Burlington Town Center	100	%	25,255	2015	23,360	5.03	%	No	398	575	605	317	—	—
Coastland Center	100	%	114,586	2015	110,204	7.50	%	No	1,353	1,458	1,571	—	—	—
Coral Ridge Mall	100	%	86,425	2015	83,120	7.50	%	No	1,020	1,100	1,185	—	—	—
Hulen Mall	100	%	107,168	2015	96,621	5.03	%	No	2,396	3,246	3,415	1,490	—	—
Lynnhaven Mall	100	%	225,246	2015	203,367	5.05	%	No	4,809	6,562	6,906	3,602	—	—
North Star Mall	100	%	219,329	2015	199,315	4.43	%	No	5,368	7,159	7,487	—	—	—
Paramus Park	100	%	98,860	2015	90,242	4.86	%	No	2,312	2,267	2,381	1,658	—	—
Peachtree Mall	100	%	85,146	2015	77,085	5.08	%	No	1,821	2,484	2,615	1,141	—	—
Regency Square Mall	100	%	87,195	2015	75,797	3.59	%	No	2,637	3,408	3,534	1,819	—	—
The Shops at La Cantera	75	%	123,760	2015	117,345	5.95	%	No	1,699	1,803	1,913	1,000	—	—
Baybrook Mall	100	%	165,081	2016	156,329	7.50	%	No	1,949	2,100	2,263	2,440	—	—
Bayshore Mall	100	%	29,355	2016	24,704	7.13	%	No	704	931	999	1,073	944	—
Brass Mill Center	100	%	113,171	2016	93,347	4.55	%	No	4,240	4,454	4,664	4,884	1,582	—
Collin Creek	100	%	63,586	2016	54,423	6.78	%	No	1,439	1,941	2,079	2,226	1,478	—
Coronado Center	100	%	160,419	2016	135,704	5.08	%	No	3,433	4,683	4,930	5,189	6,480	—
Eastridge (WY)	100	%	37,150	2016	31,252	5.08	%	No	824	1,118	1,177	1,239	1,540	—
Glenbrook Square	100	%	168,254	2016	141,325	4.91	%	No	3,670	4,989	5,243	5,510	7,517	—
Harborplace	100	%	48,769	2016	44,547	5.79	%	No	664	992	1,052	1,115	399	—
Lakeside Mall	100	%	169,797	2016	144,451	4.28	%	No	4,248	5,644	5,894	6,155	3,405	—
Lincolnshire Commons	100	%	27,363	2016	24,629	5.98	%	No	356	538	572	607	661	—
Pine Ridge Mall	100	%	25,048	2016	21,071	5.08	%	No	556	754	794	835	1,038	—
Red Cliffs Mall	100	%	23,806	2016	20,026	5.08	%	No	528	716	754	794	988	—
Ridgedale Center	100	%	168,929	2016	149,112	4.86	%	No	3,783	3,997	4,199	4,410	3,428	—
The Maine Mall	100	%	205,128	2016	172,630	4.84	%	No	4,557	6,176	6,486	6,811	8,468	—
The Parks At Arlington	100	%	170,908	2016	161,847	7.50	%	No	2,018	2,174	2,343	2,526	—	—
Three Rivers Mall	100	%	20,393	2016	17,155	5.08	%	No	453	614	646	680	845	—
Valley Hills Mall	100	%	53,603	2016	46,302	4.73	%	No	1,324	1,765	1,851	1,942	419	—
Valley Plaza Mall	100	%	88,849	2016	75,790	3.90	%	No	2,580	3,356	3,491	3,632	—	—
Vista Ridge Mall	100	%	75,768	2016	64,660	6.87	%	No	1,947	2,552	2,733	2,926	950	—
Washington Park Mall	100	%	11,476	2016	9,988	5.35	%	No	257	348	367	387	129	—
White Marsh Mall	100	%	182,595	2016	163,196	5.62	%	No	3,038	3,951	4,179	4,557	3,674	—
Willowbrook Mall	100	%	150,575	2016	129,003	6.82	%	No	3,384	4,567	4,894	5,243	3,484	—
Augusta Mall	100	%	170,419	2017	145,438	5.49	%	No	2,461	3,627	3,834	4,053	5,851	5,155
Beachwood Place	100	%	229,909	2017	190,177	5.60	%	No	4,243	5,944	6,290	6,656	9,274	7,325
Columbia Mall	100	%	87,982	2017	77,540	6.05	%	No	1,130	1,713	1,821	1,935	2,843	1,000
Eastridge (CA)	100	%	165,806	2017	143,626	5.79	%	Yes - Partial	2,079	3,364	3,566	3,781	5,509	3,881
Four Seasons Town Centre	100	%	92,882	2017	72,532	5.60	%	No	3,126	3,324	3,517	3,722	4,940	1,721
Knollwood Mall	100	%	38,093	2017	31,113	5.35	%	No	761	1,051	1,109	1,171	1,615	1,273
Mall of Louisiana	100	%	225,321	2017	191,409	5.81	%	No	3,450	5,023	5,326	5,647	8,074	6,392
Market Place Shopping Center	100	%	103,623	2017	91,325	6.05	%	No	1,331	2,017	2,144	2,279	3,348	1,179
Oglethorpe Mall	100	%	134,184	2017	115,990	4.89	%	No	2,937	3,105	3,262	3,428	3,585	1,877

11

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1),(2)

As of December 31, 2011

Includes RPI

(in thousands)

			Proportionate				Balloon Pmt					Parent Recourse	Amortization
Property	Own %		Balance			Maturity Year (3)	at Maturity			Coupon Rate		as of 12/31/2011 (4)	2012		2013			2014		2015		2016		Subsequent
Sikes Senter	100	%	58,397			2017	48,194			5.20	%	No	1,225		1,677			1,768		1,863		2,554		1,116
Stonestown Galleria	100	%	211,249			2017	183,227			5.79	%	No	2,801		4,213			4,467		4,736		6,925		4,880
Tysons Galleria	100	%	248,636			2017	214,755			5.72	%	No	3,428		5,107			5,411		5,734		8,334		5,867
Ala Moana Center	100	%	1,300,157			2018	1,091,485			5.59	%	Yes - Partial	27,177		28,966			30,650		32,432		34,127		55,320
Fallbrook Center	100	%	83,129			2018	71,473			6.14	%	No	1,049		1,596			1,698		1,807		2,661		2,845
River Hills Mall	100	%	78,239			2018	67,269			6.14	%	No	987		1,502			1,598		1,700		2,504		2,679
Sooner Mall	100	%	58,679			2018	50,452			6.14	%	No	740		1,127			1,199		1,275		1,878		2,008
The Boulevard Mall	100	%	100,754			2018	72,881			4.27	%	No	2,781		3,647			3,808		3,977		5,279		8,381
The Gallery at Harborplace - Other	100	%	12,288			2018	190			6.05	%	No	1,592		1,691			1,796		1,907		2,026		3,086
10450 West Charleston Blvd	100	%	3,603			2019	53			6.84	%	No	409		438			469		502		538		1,194
Bellis Fair	100	%	93,882			2019	82,395			5.23	%	No	1,287		1,371			1,446		1,524		1,594		4,265
Park City Center	100	%	195,740			2019	172,224			5.34	%	No	2,624		2,800			2,955		3,119		3,264		8,754
Southlake Mall	100	%	97,935			2019	77,877			6.44	%	No	1,160		1,792			1,913		2,042		3,035		10,116
Deerbrook Mall	100	%	152,656			2021	127,934			5.25	%	No	2,108		2,246			2,368		2,497		2,612		12,891
Fashion Show - Other	100	%	5,537			2021	1,577			6.06	%	Yes - Full	302		322			342		364		386		2,244
Fox River Mall	100	%	185,835			2021	156,373			5.46	%	No	2,430		2,597			2,745		2,901		3,038		15,751
Northridge Fashion Center	100	%	248,738			2021	207,503			5.10	%	No	3,542		3,766			3,965		4,175		4,362		21,425
Oxmoor Center	100	%	94,396			2021	79,217			5.37	%	No	1,258		1,342			1,417		1,497		1,566		8,099
Park Place	100	%	198,468			2021	165,815			5.18	%	No	2,763		2,941			3,099		3,266		3,414		17,170
Providence Place	100	%	378,364			2021	320,526			5.65	%	No	4,782		5,125			5,426		5,745		6,025		30,735
Rivertown Crossings	100	%	167,829			2021	141,356			5.52	%	No	2,177		2,329			2,462		2,604		2,728		14,173
Westlake Center - Land	99	%	2,413			2021	2,413			12.06	%	No	—		—			—		—		—		—
Boise Towne Square	100	%	139,650			2023	106,372			4.79	%	No	2,162		2,268			2,379		2,495		2,618		21,356
Staten Island Mall	100	%	271,541			2023	206,942			4.77	%	No	4,241		4,448			4,665		4,892		5,131		41,222
The Woodlands	100	%	268,047			2023	207,057			5.04	%	No	4,056		4,265			4,485		4,716		4,959		38,509
Providence Place - Other	100	%	43,007			2028	2,381			7.75	%	No	1,371		1,480			1,597		1,724		1,861		32,593
Provo Towne Center - Other	75	%	2,250			2095	37			10.00	%	Yes - Full	—		—			—		—		—		2,213
Consolidated Property Level			$		13,032,809		$	11,452,929		5.44	%		$	242,492	$	288,165		$	235,978	$	208,663	$	205,887	$	398,695
Unconsolidated Property Level
Clackamas Town Center	50	%	$	100,000		2012	$		100,000	6.05	%	No	$	—	$		—	$	—	$	—	$	—	$		—
Florence Mall	71	%	64,700			2012	63,783			4.95	%	No	917		—			—		—		—		—
Glendale Galleria	50	%	179,986			2012	177,133			4.93	%	No	2,853		—			—		—		—		—
Oakbrook Center	47	%	95,376			2012	93,427			5.12	%	No	1,949		—			—		—		—		—
Pinnacle Hills Promenade	50	%	70,000			2012	70,000			5.57	%	No	—		—			—		—		—		—
Stonebriar Centre	50	%	78,595			2012	76,785			5.23	%	No	1,810		—			—		—		—		—
The Oaks Mall	51	%	52,020			2012	52,020			5.74	%	No	—		—			—		—		—		—
Westroads Mall	51	%	45,518			2012	45,518			5.74	%	No	—		—			—		—		—		—
Altamonte Mall	50	%	75,000			2013	75,000			5.05	%	No	—		—			—		—		—		—
Bridgewater Commons	35	%	44,323			2013	43,143			5.27	%	No	1,180		—			—		—		—		—
Plaza Frontenac	55	%	28,967			2013	28,283			7.00	%	No	346		338			—		—		—		—
Carolina Place	50	%	73,126			2014	68,211			4.60	%	No	2,396		2,519			—		—		—		—

12

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1),(2)

As of December 31, 2011

Includes RPI

(in thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance		Maturity Year (3)	at Maturity		Coupon Rate		as of 12/31/2011 (4)	2012		2013		2014		2015		2016		Subsequent
Alderwood	50	%	127,700		2015	120,409		6.65	%	No	1,864		1,991		2,128		1,308		—		—
Quail Springs Mall	50	%	35,806		2015	33,432		6.74	%	No	632		684		732		326		—		—
Towson Town Center	35	%	62,289		2015	61,393		3.86	%	No	585		311		—		—		—		—
Center Pointe Plaza	50	%	6,428		2017	5,570		6.31	%	No	150		161		171		183		193		—
Riverchase Galleria	50	%	152,500		2017	152,500		5.65	%	No	—		—		—		—		—		—
Saint Louis Galleria	74	%	165,814		2017	139,096		4.86	%	No	3,650		4,954		5,203		5,465		7,446		—
First Colony Mall	50	%	92,500		2019	84,473		4.50	%	No	—		—		122		1,498		1,567		4,840
Natick Mall	50	%	225,000		2019	209,699		4.60	%	No	—		—		—		583		3,593		11,125
Christiana Mall	50	%	117,495		2020	108,697		5.10	%	No	—		—		—		401		1,622		6,775
Kenwood Towne Centre	70	%	162,331		2020	137,191		5.37	%	No	2,232		2,383		2,517		2,659		2,784		12,565
Water Tower Place	52	%	101,466		2020	83,850		4.85	%	No	1,657		1,739		1,825		1,916		2,011		8,468
Northbrook Court	50	%	65,500		2021	56,811		4.25	%	No	—		—		90		1,108		1,156		6,335
Village of Merrick Park	40	%	73,417		2021	62,398		5.73	%	No	917		984		1,043		1,105		1,160		5,810
Whaler’s Village	50	%	40,000		2021	40,000		5.42	%	No	—		—		—		—		—		—
Willowbrook Mall (TX)	50	%	106,538		2021	88,965		5.13	%	No	1,507		1,603		1,688		1,778		1,858		9,139
Galleria at Tyler	50	%	99,881		2023	76,716		5.05	%	No	1,468		1,544		1,624		1,708		1,796		15,025
Lake Mead and Buffalo	50	%	2,539		2023	27		7.20	%	No	146		157		168		181		194		1,666
Park Meadows	35	%	126,000		2023	112,734		4.60	%	No	—		—		—		—		—		13,266
The Trails Village Center	50	%	7,033		2023	78		8.21	%	No	380		412		447		485		527		4,704
Unconsolidated Property Level			$	2,677,848		$	2,467,342	5.19	%		$	26,639	$	19,780	$	17,758	$	20,704	$	25,907	$	99,718
Total Fixed - Property Level			$	15,710,657		$	13,920,271	5.39	%		$	269,131	$	307,945	$	253,736	$	229,367	$	231,794	$	498,413
Consolidated Corporate
Rouse Bonds - 1995 Indenture	100	%	$	349,472	2012	$	349,472	7.20	%	No (5)	$	—	$	—	$	—	$	—	$	—	$	—
Rouse Bonds - 1995 Indenture	100	%	91,786		2013	91,786		5.38	%	No (5)	—		—		—		—		—		—
Rouse Bonds - 2006 Indenture	100	%	600,054		2013	600,054		6.75	%	No (5)	—		—		—		—		—		—
Arizona Two (HHC)	100	%	25,248		2015	573		4.41	%	Yes - Full	5,902		6,167		6,445		6,161		—		—
Rouse Bonds - 2010 Indenture	100	%	608,688		2015	608,688		6.75	%	No (5)	—		—		—		—		—		—
Consolidated Corporate			$	1,675,248		$	1,650,573	6.73	%		$	5,902	$	6,167	$	6,445	$	6,161	$	—	$	—
Total Fixed Rate Debt			$	17,385,905		$	15,570,844	5.52	%		$	275,033	$	314,112	$	260,181	$	235,528	$	231,794	$	498,413
Variable Rate
Consolidated Property Level
Oakwood Center	100	%	$	46,777	2014	$	45,057	Libor + 225 bps		Yes - Full	$	608	$	653	$	459	$	—	$	—	$	—
Animas Valley Mall	100	%	43,451		2016	38,604		Libor + 325 bps		Yes - Partial	960		1,015		1,068		1,123		681		—
Birchwood Mall	100	%	46,924		2016	41,689		Libor + 325 bps		Yes - Partial	1,036		1,097		1,153		1,213		736		—
Cache Valley Mall	100	%	28,623		2016	25,430		Libor + 325 bps		Yes - Partial	632		669		703		740		449		—
Colony Square Mall	100	%	28,212		2016	25,065		Libor + 325 bps		Yes - Partial	623		659		693		729		443		—
Columbiana Centre	100	%	103,800		2016	92,220		Libor + 325 bps		Yes - Partial	2,293		2,426		2,551		2,683		1,627		—
Foothills Mall	100	%	38,682		2016	34,367		Libor + 325 bps		Yes - Partial	854		904		951		1,000		606		—

13

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1),(2)

As of December 31, 2011

Includes RPI

(in thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance		Maturity Year (3)	at Maturity		Coupon Rate		as of 12/31/2011 (4)	2012		2013		2014		2015		2016		Subsequent
Grand Teton Mall	100	%	50,733		2016	45,074		Libor + 325 bps		Yes - Partial	1,120		1,186		1,247		1,311		795		—
Mall At Sierra Vista	100	%	23,335		2016	20,732		Libor + 325 bps		Yes - Partial	515		545		573		603		367		—
Mall Of The Bluffs	100	%	25,909		2016	23,018		Libor + 325 bps		Yes - Partial	572		605		637		670		407		—
Mayfair	100	%	297,065		2016	263,926		Libor + 325 bps		Yes - Partial	6,561		6,942		7,301		7,678		4,657		—
Mondawmin Mall	100	%	72,556		2016	64,462		Libor + 325 bps		Yes - Partial	1,602		1,696		1,783		1,875		1,138		—
North Plains Mall	100	%	13,160		2016	11,692		Libor + 325 bps		Yes - Partial	291		308		323		340		206		—
North Town Mall	100	%	89,565		2016	79,573		Libor + 325 bps		Yes - Partial	1,978		2,093		2,201		2,315		1,405		—
Oakwood	100	%	81,591		2016	72,490		Libor + 325 bps		Yes - Partial	1,802		1,907		2,005		2,109		1,278		—
Pierre Bossier	100	%	41,439		2016	36,817		Libor + 325 bps		Yes - Partial	915		968		1,018		1,071		650		—
Pioneer Place	100	%	157,792		2016	140,189		Libor + 325 bps		Yes - Partial	3,485		3,688		3,878		4,078		2,474		—
Salem Center	100	%	37,416		2016	33,242		Libor + 325 bps		Yes - Partial	826		874		920		967		587		—
Silver Lake Mall	100	%	13,078		2016	11,619		Libor + 325 bps		Yes - Partial	289		306		321		338		205		—
Southwest Plaza	100	%	106,375		2016	94,508		Libor + 325 bps		Yes - Partial	2,349		2,486		2,614		2,749		1,669		—
Spring Hill Mall	100	%	52,611		2016	46,742		Libor + 325 bps		Yes - Partial	1,162		1,229		1,293		1,360		825		—
The Shops at Fallen Timbers	100	%	46,992		2016	41,749		Libor + 325 bps		Yes - Partial	1,038		1,098		1,155		1,215		737		—
Westwood Mall	100	%	27,019		2016	24,005		Libor + 325 bps		Yes - Partial	597		631		664		698		424		—
White Mountain Mall	100	%	10,596		2016	9,414		Libor + 325 bps		Yes - Partial	234		248		260		274		166		—
Fashion Show	100	%	624,453		2017	538,366		Libor + 300 bps		Yes - Full	14,453		15,189		15,963		16,776		17,631		6,075
The Shoppes At The Palazzo	100	%	241,327		2017	208,058		Libor + 300 bps		Yes - Full	5,586		5,870		6,169		6,483		6,814		2,347
Consolidated Property Level			$	2,349,481		$	2,068,108	3.41	%		$	52,381	$	55,292	$	57,903	$	60,398	$	46,977	$	8,422
Consolidated Corporate
Junior Subordinated Notes Due 2041	100	%	$	206,200	2041	$	206,200	Libor + 145 bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate			$	206,200		$	206,200	1.88	%		$	—	$	—	$	—	$	—	$	—	$	—
Total Variable Rate Debt			$	2,555,681		$	2,274,308	3.29	%		$	52,381	$	55,292	$	57,903	$	60,398	$	46,977	$	8,422
Total (6),(7)			$	19,941,586		$	17,845,152	5.24	%		$	327,414	$	369,404	$	318,084	$	295,926	$	278,771	$	506,835

(1)                    Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.

(2)                    Excludes Discontinued Operations.

(3)                    Assumes that all maturity extension options are exercised.

(4)                    Total recourse to GGP or its subsidiaries of approximately $2.49B.

(5)                    Total recourse to The Rouse Company, LLC of $1.65B.

(6)                    Excludes the $750M corporate revolver.  As of December 31, 2011, the corporate revolver was undrawn.

(7)                    Reflects amortization for the period subsequent to December 31, 2011.

14

Asset Transactions

ASSET TRANSACTIONS

Acquisitions Dispotsitions

For the Twelve Months Ended December 31, 2011

(in thousands, except GLA)

	Property	Property	GGP		Total	Gross Purchase		Debt		Net Purchase
Date	Name	Location	Own %		GLA	Price @ Share		@ Share		Price
Acquisitions
June 2011	Newgate Mall Anchor Pad	Ogden, UT	100.0	%	77,337	$	3,991	$	—	$	3,991
June 2011	Southland Mall Anchor Pad	Hayward, CA	100.0	%	98,864	5,422		—		5,422
June 2011	Fallbrook Center Anchor Pad	Northridge, CA	100.0	%	80,000	5,572		—		5,572
June 2011	Chula Vista Center Anchor Pad	Chula Vista, CA	100.0	%	81,600	6,526		—		6,526
June 2011	Tucson Mall Anchor Pad	Tucson, AZ	100.0	%	81,806	13,142		—		13,142
June 2011	Oakbrook Center Anchor Pad	Oak Brook, IL	50.0	%	20,000	5,227		—		5,227
August 2011	The Boulevard Mall Anchor Pad	Las Vegas, NV	100.0	%	198,577	5,000		—		5,000
August 2011	Woodbridge Center Anchor Pad	Woodbridge, NJ	100.0	%	150,000	6,100		—		6,100
September 2011	Plaza Frontenac (1)	St. Louis, MO	55.0	%	482,066	74,843		29,050		45,793
September 2011	Fashion Show Anchor Pad	Las Vegas, NV	100.0	%	160,000	30,000		5,681		24,319
October 2011	Marley Station Anchor Pad	Baltimore, MD	100.0	%	274,050	2,500		—		2,500
October 2011	Owings Mills Anchor Pad	Owings Mills, MD	50.0	%	293,060	3,500		—		3,500
October 2011	White Marsh Anchor Pad	Baltimore, MD	100.0	%	197,345	5,750		—		5,750
December 2011	Westlake 1031 Boxes	Seattle, WA	100.0	%	631,395	375		—		375
December 2011	Westlake Retail	Seattle, WA	1.0	%	110,878	450		—		450
	Total				2,936,978	$	168,398	$	34,731	$	133,667

	Property	Property	GGP		Total	Gross		Debt
Date	Name	Location	Ownership %		GLA	Proceeds @ Share		@ Share		Net Proceeds
Dispositions
January 2011	Vista Commons	Las Vegas, NV	100.0	%	98,730	$	24,250	$	—	$	24,250
January 2011	Riverlands	LaPlace, LA	100.0	%	181,059	8,200		—		8,200
February 2011	Yellowstone Square	Idaho Falls, ID	100.0	%	220,137	4,000		—		4,000
February 2011	Anaheim Crossing	Anaheim, CA	50.0	%	92,170	3,856		—		3,856
March 2011	Canyon Point	Las Vegas, NV	100.0	%	57,229	12,000		—		12,000
March 2011	Arizona Center	Phoenix, AZ	100.0	%	1,062,171	136,500		—		136,500
May 2011	Gateway Crossing	Bountiful, UT	100.0	%	177,526	22,500		20,220		2,280
June 2011	Arrowhead Towne Center	Glendale, AZ	33.0	%	1,197,432	118,757		24,713		94,044
June 2011	Superstition Springs	Mesa, AZ	33.0	%	1,081,784	49,356		23,400		25,956
June 2011	Twin Falls Crossing	Twin Falls, ID	100.0	%	37,680	2,700		—		2,700
July 2011	Bailey Hills	Eugene, OR	100.0	%	11,907	800		—		800
August 2011	Riverside Plaza	Provo, UT	100.0	%	176,143	20,775		4,197		16,578
August 2011	Westlake Office & Garage	Seattle, WA	100.0	%	352,907	119,400		—		119,400
September 2011	Saint Louis Galleria (1)	Saint Louis, MO	26.4	%	1,192,000	105,565		59,771		45,794
October 2011	Faneuil Hall	Boston, MA	100.0	%	347,822	140,000		90,344		49,656
November 2011	Owings Mills Mall (2)	Owings Mills, MD	50.0	%	1,090,660	32,450		12,204		20,246
November 2011	Pinnacle Hills South	Rogers, AR	50.0	%	11.9 acres	2,500		—		2,500
December 2011	The Pines	Pine Bluff, AR	100.0	%	601,061	1,250		—		1,250
December 2011	River Falls	Clarkesville, IN	100.0	%	827,794	11,050		—		11,050
	Total				8,806,212	$	815,909	$	234,849	$	581,060
Properties Transferred to Lender
February 2011	Lakeview Square Mall	Battle Creek, MI	100.0	%	554,334	$	—	$	40,512	$	—
February 2011	Bay City Mall	Bay City, MI	100.0	%	526,314	—		23,341		—
March 2011	Montclair Plaza	Montclair, CA	50.0	%	1,345,293	—		132,500		—
June 2011	Chapel Hills Mall	Colorado Springs, CO	100.0	%	1,207,675	—		111,874		—
July 2011	Chico Mall	Chico, CA	100.0	%	506,035	—		54,565		—
July 2011	Country Hills Plaza	Ogden, UT	100.0	%	137,897	—		13,257		—
September 2011	Northgate Mall	Chattanooga, TN	100.0	%	823,314	—		44,172		—
September 2011	Piedmont Mall	Danville, VA	100.0	%	731,525	—		33,242		—
November 2011	Silver City Galleria	Taunton, MA	50.0	%	1,005,403	63,780		63,780		—
	Total				6,837,790	$	63,780	$	517,243	$	—

(1)During the third quarter of 2011, GGP entered into a newly formed joint venture with the Canada Pension Plan Investment Board (“CPPIB”) that acquired Plaza Frontenac , a 482,000 square foot high-end luxury center in St. Louis, MO, for $136 million.  In exchange for the Company’s contribution of St. Louis Galleria into the new joint venture, GGP received a 55% interest in Plaza Frontenac and a 74% interest in St. Louis Galleria.

(2)In November 2011, GGP and Kimco Realty announced a joint venture partnership in which both companies would own a 50 percent interest of Owings Mills Mall in Owings Mills, Maryland (Baltimore County).   As part of the joint venture, GGP and Kimco will co-lead a redevelopment of the 25 year old, 1 million-square-foot regional mall in northwest Baltimore County.

15

ASSET TRANSACTIONS

FFO from Discontinued Operations

As of December 31, 2011 and December 31, 2010

Excludes RPI

										Three Months Ended December 31, 2010
	Three Months Ended December 31, 2011
	Successor			Successor			Successor			Successor			Predecessor			Combined			Successor			Predecessor			Combined
	Consolidated Properties			Unconsolidated Properties			Pro Rata Basis			Consolidated Properties			Consolidated Properties			Consolidated Properties			Unconsolidated Properties			Unconsolidated Properties			Unconsolidated Properties			Pro Rata Basis
	Dec 31, 2011			Dec 31, 2011			Dec 31, 2011			Nov 10, 2010 - Dec 31, 2010			Oct 1, 2010 - Nov 9, 2010			Dec 31, 2010			Nov 10, 2010 - Dec 31, 2010			Oct 1, 2010 - Nov 9, 2010			Dec 31, 2010			Dec 31, 2010
Discontinued Operations
Retail and other revenues	$	4,045		$	246		$	4,291		$	20,437		$	27,121		$	47,558		$	5,057		$	8,184		$	13,241		$	60,799
Land and condominium sales	—			—			—			—			11,651			11,651			—			2,614			2,614			14,265
Total revenues	4,045			246			4,291			20,437			38,772			59,209			5,057			10,798			15,855			75,064
Retail and other operating expenses	2,493			578			3,071			15,394			19,527			34,921			2,864			7,180			10,044			44,965
Land and condominium sales operations	—			—			—			—			10,477			10,477			—			2,263			2,263			12,740
Provisions for impairment	4,045			—			4,045			—			11			11			—			31,856			31,856			31,867
Total expenses	6,538			578			7,116			15,394			30,015			45,409			2,864			41,299			44,163			89,572
Operating income	$	(2,493	)	$	(332	)	$	(2,825	)	$	5,043		$	8,757		$	13,800		$	2,193		$	(30,501	)	$	(28,308	)	$	(14,508	)
Interest expense, net	(688		)	(845		)	(1,533		)	(5,993		)	(18,391		)	(24,384		)	(3,784		)	(4,693		)	(8,477		)	(32,861		)
Other expenses	—			—			—			(8		)	(9,075		)	(9,083		)	—			(1		)	(1		)	(9,084		)
Net income (loss) from operations	(3,181		)	(1,177		)	(4,358		)	(958		)	(18,709		)	(19,667		)	(1,591		)	(35,195		)	(36,786		)	(56,453		)
Provision for income taxes	16			—			16			(18		)	491,028			491,010			—			(314		)	(314		)	490,696
Noncontrolling interest	(2		)	—			(2		)	—			95			95			7			15			22			117
Gain (loss) on disposition of properties	2,511			3,223			5,734			(4,976		)	(1,111,277		)	(1,116,253		)	—			—			—			(1,116,253		)
Net income (loss) from discontinued operations	$	(656	)	$	2,046		$	1,390		$	(5,952	)	$	(638,863	)	$	(644,815	)	$	(1,584	)	$	(35,494	)	$	(37,078	)	$	(681,893	)
Reconciliation of Net income (loss) from discontinued operations to FFO from discontinued operations
Net (loss) income from discontinued operations	$	(656	)	$	2,046		$	1,390		$	(5,952	)	$	(638,863	)	$	(644,815	)	$	(1,584	)	$	(35,494	)	$	(37,078	)	$	(681,893	)
(Gain) loss on disposition of properties	(2,511		)	(3,223		)	(5,734		)	4,976			1,111,277			1,116,253			—			—			—			1,116,253
Provisions for impairment excluded from FFO	4,045			—			4,045			—			11			11			—			31,856			31,856			31,867
Depreciation and amortization of discontinued operations	373			9			382			6,772			6,126			12,898			2,147			1,266			3,413			16,311
Noncontrolling interests in depreciation of discontinued operations and other	—			395			395			40			(953		)	(913		)	—			109			109			(804		)
FFO from discontinued operations	$	1,251		$	(773	)	$	478		$	5,836		$	477,598		$	483,434		$	563		$	(2,263	)	$	(1,700	)	$	481,734
Core FFO adjustments	(19		)	21			2			1,276			(476,103		)	(474,827		)	1,100			190			1,290			(473,537		)
Core FFO from discontinued operations	$	1,232		$	(752	)	$	480		$	7,112		$	1,495		$	8,607		$	1,663		$	(2,073	)	$	(410	)	$	8,197
										Twelve Months Ended December 31, 2010
	Twelve Months Ended December 31, 2011
	Successor			Successor			Successor			Successor			Predecessor			Combined			Successor			Predecessor			Combined
	Consolidated Properties			Unconsolidated Properties			Pro Rata Basis			Consolidated  Properties			Consolidated Properties			Consolidated Properties			Unconsolidated Properties			Unconsolidated Properties			Unconsolidated Properties			Pro Rata Basis
	December 31, 2011			December 31, 2011			December 31, 2011			Nov 10, 2010 - Dec 31, 2010			Jan 1, 2010 - Nov 9, 2010			Dec 31, 2010			Nov 10, 2010 - Dec 31, 2010			Jan 1, 2010 - Nov 9, 2010			Dec 31,  2010			Dec 31, 2010
Discontinued Operations
Retail and other revenues	$	66,984		$	14,465		$	81,449		$	20,437		$	219,588		$	240,025		$	5,057		$	60,154		$	65,211		$	305,236
Land and condominium sales	—			—			—			—			96,976			96,976			—			39,410			39,410			136,386
Total revenues	66,984			14,465			81,449			20,437			316,564			337,001			5,057			99,564			104,621			441,622
Retail and other operating expenses	43,790			9,701			53,491			15,394			136,243			151,637			2,864			52,229			55,093			206,730
Land and condominium sales operations	—			—			—			—			99,449			99,449			—			31,052			31,052			130,501
Provisions for impairment	4,045			—			4,045			—			30,784			30,784			—			31,856			31,856			62,640
Total expenses	47,835			9,701			57,536			15,394			266,476			281,870			2,864			115,137			118,001			399,871
Operating income	$	19,149		$	4,764		$	23,913		$	5,043		$	50,088		$	55,131		$	2,193		$	(15,573	)	$	(13,380	)	$	41,751
Interest expense, net	(15,743		)	(8,770		)	(24,513		)	(5,993		)	(21,068		)	(27,061		)	(3,784		)	(19,992		)	(23,776		)	(50,837		)
Other expenses	—			—			—			(8		)	9,027			9,019			—			31,295			31,295			40,314
Net income (loss) from operations	3,406			(4,006		)	(600		)	(958		)	38,047			37,089			(1,591		)	(4,270		)	(5,861		)	31,228
Provision for income taxes	(101		)	—			(101		)	(18		)	472,676			472,658			—			(671		)	(671		)	471,987
Noncontrolling interest	17			(261		)	(244		)	—			(64		)	(64		)	7			29			36			(28		)
Gain (loss) on disposition of properties	4,332			6,392			10,724			(4,976		)	(1,111,277		)	(1,116,253		)	—			(1,624		)	(1,624		)	(1,117,877		)
Net income (loss) from discontinued operations	$	7,654		$	2,125		$	9,779		$	(5,952	)	$	(600,618	)	$	(606,570	)	$	(1,584	)	$	(6,536	)	$	(8,120	)	$	(614,690	)
Reconciliation of Net income (loss) from discontinued operations to FFO from discontinued operations
Net income (loss) from discontinued operations	$	7,654		$	2,125		$	9,779		$	(5,952	)	$	(600,618	)	$	(606,570	)	$	(1,584	)	$	(6,536	)	$	(8,120	)	$	(614,690	)
(Gain) loss on disposition of properties	(4,332		)	(6,392		)	(10,724		)	4,976			1,111,277			1,116,253			—			1,624			1,624			1,117,877
Provisions for impairment excluded from FFO	4,045			—			4,045			—			30,784			30,784			—			31,856			31,856			62,640
Depreciation and amortization of discontinued operations	13,074			3,286			16,360			6,772			41,925			48,697			2,147			10,842			12,989			61,686
Noncontrolling interests in depreciation of discontinued operations and other	(960		)	(222		)	(1,182		)	40			(934		)	(894		)	—			3,263			3,263			2,369
FFO from discontinued operations	$	19,481		$	(1,203	)	$	18,278		$	5,836		$	582,434		$	588,270		$	563		$	41,049		$	41,612		$	629,882
Core FFO adjustments	1,049			1,121			2,170			1,276			(485,871		)	(484,595		)	1,100			(31,001		)	(29,901		)	(514,496		)
Core FFO from discontinued operations	$	20,530		$	(82	)	$	20,448		$	7,112		$	96,563		$	103,675		$	1,663		$	10,048		$	11,711		$	115,386

16

ASSET TRANSACTIONS

Properties Included in Dispositions

Consolidated Properties	Method of Disposition		Date of Disposition
The Pines		Sold		December 2011
River Falls		Sold		December 2011
Faneuil Hall Marketplace		Sold		October 2011
Northgate Mall		Sold		September 2011
Riverside Plaza		Sold		August 2011
Westlake Office and Garage		Sold		August 2011
Bailey Hills Village		Sold		July 2011
Chico Mall		Sold		July 2011
Twin Falls Crossing		Sold		June 2011
Chapel Hills Mall		Sold		June 2011
Gateway Crossing		Sold		May 2011
Arizona Center		Sold		March 2011
Canyon Point		Sold		March 2011
Anaheim Crossing		Sold		February 2011
Yellowstone Square		Sold		February 2011
Riverlands		Sold		January 2011
Vista Commons		Sold		January 2011
Gateway Overlook		Sold		December 2010
Division Crossing		Sold		December 2010
Halsey Crossing		Sold		December 2010
Plaza 9400		Sold		December 2010
Piedmont Mall		Transferred to lender		September 2011
Country Hills Plaza		Transferred to lender		July 2011
Bay City Mall		Transferred to lender		February 2011
Lakeview Square		Transferred to lender		February 2011
Moreno Valley Mall		Transferred to lender		February 2011
Eagle Ridge Mall		Transferred to lender		November 2010
Oviedo Marketplace		Transferred to lender		November 2010
HHC Properties		Transferred to HHC		November 2010
University Crossing		Held for Sale
Orem Plaza		Held for Sale
River Pointe Plaza		Held for Sale
Austin Bluffs Plaza		Held for Sale
Grand Traverse Mall		Special Consideration
Unconsolidated Properties
Arrowhead Towne Center		Sold		June 2011
Superstition Springs Center		Sold		June 2011
Silver City Galleria		Transferred to lender		December 2011
Montclair		Transferred to lender		November 2010
HHC Properties		Transferred to HHC		November 2010
Highland Mall		Transferred to lender		May 2010

17

Reconciliations

FINANCIAL OVERVIEW

Non-Cash Revenue and Expenses Reflected in FFO, at share
Includes RPI

(in thousands)

	Consolidated			Unconsolidated			Consolidated Properties									Unconsolidated Properties
	Properties			Properties			Successor			Predecessor			Combined			Successor			Predecessor			Combined
	Successor			Successor			Three Months Ended									Three Months Ended
	Three Months Ended December 31, 2011						Nov 10, 2010 - Dec 31, 2010			Oct 1, 2010 - Nov 9, 2010			Dec 31, 2010			Nov 10, 2010 - Dec 31, 2010			Oct 1, 2010 - Nov 9, 2010			Dec 31, 2010
Minimum rents:
Above- and below-market tenant leases, net	$	(35,523	)	$	(4,673	)	$	(16,105	)	$	617		$	(15,488	)	$	(2,420	)	$	(69	)	$	(2,489	)
Straight-line rent	10,722			(67		)	2,910			3,369			6,279			112			203			315
Real estate taxes:													—									—
Real estate tax stabilization agreement	(1,578		)	—			(899		)	(425		)	(1,324		)	—			—			—
Other property operating costs:													—									—
Non-cash ground rent expense	(1,485		)	(158		)	(829		)	(574		)	(1,403		)	(100		)	(93		)	(193		)
Property management and other costs:													—									—
Above- and below-market building rent, net	424			—			(242		)	—			(242		)	—			—			—
Non-cash stock compensation expense	(1,446		)	—			(824		)	(827		)	(1,651		)	—			—			—
General and administrative:													—									—
Non-cash stock compensation expense	(3,843		)	—			(674		)	(132		)	(806		)	—			—			—
Provisions for impairment	(916		)	—			—			—			—			—			—			—
Interest expense:													—									—
Mark-to-market adjustments on debt	2,889			531			2,632			(22,610		)	(19,978		)	55			10			65
Amortization of deferred finance costs	(780		)	(341		)	(44		)	(498		)	(542		)	(19		)	(228		)	(247		)
Amortization of discount on exchangeable notes	—			—			—			—			—			—			—			—
Termination of interest rate swaps	—			—			—			—			—			—			—			—
Debt extinguishment costs	39			(3		)	—			—			—			(1		)	—			(1		)
Write-off of mark-to-market adjustments on extinguished debt	148			—			—			—			—			—			—			—
Warrant adjustment	(264,418		)	—			(205,252		)	—			(205,252		)	—			—			—
Non-cash reorganization items	—			—			—			(133,311		)	(133,311		)	—			—			—
Totals	$	(295,767	)	$	(4,711	)	$	(219,327	)	$	(154,391	)	$	(373,718	)	$	(2,373	)	$	(177	)	$	(2,550	)

							Twelve Months Ended									Twelve Months Ended
	Twelve Months Ended December 31, 2011						Nov 10, 2010 - Dec 31, 2010			Jan 1, 2010 - Nov 9, 2010			Dec 31, 2010			Nov 10, 2010 - Dec 31, 2010			Jan 1, 2010 - Nov 9, 2010			Dec 31, 2010
Minimum rents:
Above- and below-market tenant leases, net	$	(133,119	)	$	(20,307	)	$	(16,105	)	$	5,797		$	(10,308	)	$	(2,420	)	$	(145	)	$	(2,565	)
Straight-line rent	86,255			17,592			2,910			28,320			31,230			112			8,077			8,189
Real estate taxes:													—									—
Real estate tax stabilization agreement	(6,312		)	—			(899		)	(3,368		)	(4,267		)	—			—			—
Other property operating costs:													—									—
Non-cash ground rent expense	(5,983		)	(638		)	(829		)	(4,626		)	(5,455		)	(100		)	(735		)	(835		)
Property management and other costs:													—									—
Above- and below-market building rent, net	1,696			—			(242		)	—			(242		)	—			—			—
Non-cash stock compensation expense	(5,818		)	—			(824		)	(8,470		)	(9,294		)	—			—			—
General and administrative:													—									—
Non-cash stock compensation expense	(14,241		)	—			(674		)	(595		)	(1,269		)	—			—			—
Provisions for impairment	(916		)	—			—			—			—			—			—			—
Interest expense:													—									—
Mark-to-market adjustments on debt	12,479			3,246			2,632			(59,868		)	(57,236		)	55			2,197			2,252
Amortization of deferred finance costs	(2,705		)	(1,003		)	(44		)	(8,863		)	(8,907		)	(19		)	(1,501		)	(1,520		)
Amortization of discount on exchangeable notes	—			—			—			—			—			—			—			—
Termination of interest rate swaps	—			—			—			(9,636		)	(9,636		)	—			—			—
Debt extinguishment costs	(1,551		)	(14		)	—			(67		)	(67		)	(1		)	(31		)	(32		)
Write-off of mark-to-market adjustments on extinguished debt	47,614			—			—			—			—			—			—			—
Warrant adjustment	55,042			—			(205,252		)	—			(205,252		)	—			—			—
Non-cash reorganization items	—			—			—			(31,357		)	(31,357		)	—			—			—
Totals	$	32,441		$	(1,124	)	$	(219,327	)	$	(92,733	)	$	(312,060	)	$	(2,373	)	$	7,862		$	5,489

18

FINANCIAL OVERVIEW

Reconciliation of Non-GAAP to GAAP Financial Measures
Includes RPI

(in thousands)

	Three Months Ended						Twelve Months Ended
	December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
Reconciliation of NOI to GAAP Operating Income
NOI:
Pro Rata basis	$	578,868		$	557,123		$	2,171,089		$	2,196,556
Unconsolidated Properties	(100,477		)	(93,465		)	(368,848		)	(367,087		)
Consolidated Properties	478,391			463,658			1,802,241			1,829,469
Management fees and other corporate revenues	17,398			15,175			61,173			63,238
Property management and other costs	(62,186		)	(42,310		)	(205,759		)	(166,624		)
General and administrative	(15,558		)	(24,468		)	(36,003		)	(47,157		)
Provisions for impairment	(64,337		)	—			(64,337		)	(4,516		)
Depreciation and amortization	(235,098		)	(206,651		)	(979,328		)	(698,068		)
Noncontrolling interest in NOI of Consolidated Properties	5,232			2,669			14,942			11,783
Operating income	$	123,842		$	208,073		$	592,929		$	988,125
Reconciliation of EBITDA to GAAP Net Loss Attributable to Common Stockholders
EBITDA:
Pro Rata basis	$	505,691		$	261,034		$	1,951,698		$	1,665,997
Unconsolidated Properties	(91,210		)	(79,804		)	(340,616		)	(336,229		)
Consolidated Properties	414,481			181,230			1,611,082			1,329,768
Preferred unit distributions	2,648			2,838			9,654			9,844
Depreciation and amortization	(235,098		)	(206,651		)	(979,328		)	(698,068		)
Noncontrolling interest in NOI of Consolidated Properties	5,232			2,669			14,942			11,783
Interest income	537			1,285			2,464			2,247
Interest expense	(232,013		)	(342,334		)	(958,612		)	(1,398,446		)
Warrant adjustment	(264,418		)	(205,252		)	55,042			(205,252		)
Provision for income taxes	(989		)	70,809			(9,256		)	69,365
Provision for impairment excluded from FFO	(63,421		)	—			(63,421		)	(4,516		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	5,432			(32,694		)	2,898			21,353
Discontinued operations	(656		)	(644,815		)	7,654			(606,570		)
Allocation to noncontrolling interests	427			29,997			(6,291		)	28,518
Net loss attributable to common stockholders	$	(367,838	)	$	(1,142,918	)	$	(313,172	)	$	(1,439,974	)
Reconciliation of FFO to GAAP Net Loss Attributable to Common Stockholders
FFO:
Pro Rata basis	$	(30,815	)	$	230,585		$	908,153		$	612,677
Unconsolidated Properties	—			—			—			—
Consolidated Properties	(30,815		)	230,585			908,153			612,677
Depreciation and amortization of capitalized real estate costs	(283,652		)	(245,701		)	(1,167,799		)	(835,630		)
Gains (losses) on sales of investment properties	8,136			(1,116,011		)	16,559			(1,134,687		)
Noncontrolling interests in depreciation of Consolidated Properties	3,764			815			9,339			4,511
Provision for impairment excluded from FFO	(63,421		)	—			(63,421		)	(4,516		)
Provision for impairment excluded from FFO of discontinued operations	(4,045		)	(31,867		)	(4,045		)	(62,640		)
Redeemable noncontrolling interests	2,598			33,560			2,212			40,396
Depreciation and amortization of discontinued operations	(403		)	(14,299		)	(14,170		)	(60,085		)
Net loss attributable to common stockholders	$	(367,838	)	$	(1,142,918	)	$	(313,172	)	$	(1,439,974	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income (Loss) of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	100,477		$	93,465		$	368,848		$	367,087
Net property management fees and costs	(5,121		)	(4,727		)	(17,609		)	(16,645		)
Net interest expense	(37,604		)	(36,003		)	(149,774		)	(147,012		)
General and administrative, provisions for impairment, income taxes and noncontrolling interest in FFO	(4,223		)	(9,028		)	(10,917		)	(14,163		)
FFO of discontinued Unconsolidated Properties	(773		)	(1,700		)	(1,203		)	41,612
FFO of Unconsolidated Properties	52,756			42,007			189,345			230,879
Depreciation and amortization of capitalized real estate costs	(50,562		)	(43,113		)	(196,344		)	(158,017		)
Provision for impairment excluded from FFO	—			—			—			—
Provision for impairment excluded from FFO of discontinued operations	—			(31,856		)	—			(31,856		)
Other, including gain on sales of investment properties	3,238			268			9,897			(19,653		)
Equity in income (loss) of Unconsolidated Real Estate Affiliates	$	5,432		$	(32,694	)	$	2,898		$	21,353

19

Portfolio Operating Metrics

Excludes RPI

PORTFOLIO HIGHLIGHTS 

Key Operating Performance Indicators (1)

As of and for the Twelve Months Ended December 31, 2011
Excludes RPI

(GLA in thousands)

GLA Summary (2)

	Number of Properties	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Total Mall	Strip Center GLA	Office GLA	Total Area	Total Area at Share (3)	% Leased
Consolidated Malls	101	41,148	14,059	39,574	94,781	1,342	1,914	98,037	58,031	94.3	%
Unconsolidated Malls	35	16,136	3,344	17,151	36,631	452	1,160	38,244	10,317	95.4	%
Regional U.S. Malls	136	57,284	17,404	56,724	131,412	1,794	3,075	136,281	68,348	94.6	%
International	17	5,524	—	—	5,524	—	—	5,524	1,004	98.4	%
Total U.S. Malls and International	153	62,808	17,404	56,724	136,936	1,794	3,075	141,805	69,352	94.9	%
Office Properties	26	40	—	—	40	—	2,234	2,273	2,273	64.1	%
Strip Centers	13	135	—	—	135	1,785	—	1,920	1,655	91.2	%
Total Real Estate	192	62,983	17,404	56,724	137,111	3,579	5,308	145,999	73,280	94.0	%

Operating Metrics (4)

					In-Place Rent (7)
December 31, 2011	% Leased (5)		% Occupied (6)		<10K SF		All Less Anchors		Tenant sales (8)		Occupancy Cost (9)
Consolidated Malls	94.3	%	91.8	%	65.12		57.27		492		13.4	%
Unconsolidated Malls	95.4	%	93.1	%	70.14		61.75		537		13.4	%
Total Malls	94.6	%	92.1	%	$	66.58	$	58.60	$	505	13.4	%

					In-Place Rent (7)
December 31, 2010	% Leased (5)		% Occupied (6)		<10K SF		All Less Anchors		Tenant sales (8)		Occupancy Cost (9)
Consolidated Malls	93.1	%	91.6	%	63.63		55.93		458		14.0	%
Unconsolidated Malls	94.7	%	93.1	%	69.31		60.71		493		14.3	%
Total Malls	93.5	%	92.0	%	$	65.24	$	57.32	$	468	14.1	%

(1)	For comparability purposes, prior period operating metric statistics have been restated to exclude properties classified as discontinued operations. All operating metrics are presented excluding RPI.
(2)	See Property Schedule on pages 23-28 for individual property details.
(3)	Total Area at Share includes assets at their respective ownership percentages and excludes tenant owned area.
(4)	Reflects results for Regional U.S. malls.
(5)	Represents contractual obligations for space in regional malls or predominantly retail centers and excludes traditional anchor stores.
(6)	Represents tenants’ physical and/or economic presence in regional malls or predominantly retail centers and excludes traditional anchor stores.
(7)	Weighted average rent of mall stores as of December 31, 2011. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes.
(8)	Comparative rolling twelve month tenant sales for mall stores less than 10,000 square feet.
(9)	Represents tenants less than 10,000 square feet utilizing comparative tenant sales.

20

PORTFOLIO HIGHLIGHTS

Signed Leases as of December 31, 2011
All Tenants Except Anchors
Excludes RPI

	All Leases - Lease Spread (1)
	Commencement 2011							Commencement 2012
	# of Leases	SF	Term	Initial Rent PSF (2)		Average  Rent PSF (3)		# of Leases	SF	Term	Initial Rent PSF (2)		Average  Rent PSF (3)
New Leases
Prior to January 1, 2011	562	2,506,697	9.9	$	44.83	$	50.87	53	412,206	8.9	$	42.49	$	47.84
Post January 1, 2011	372	1,039,119	8.1	57.71		64.60		379	1,653,615	9.5	54.96		61.70
Total	934	3,545,816	9.3	$	48.60	$	54.89	432	2,065,821	9.4	$	52.48	$	58.94
Renewal Leases
Prior to January 1, 2011	581	2,155,481	5.4	$	50.28	$	53.36	91	477,974	5.7	$	50.35	$	53.72
Post January 1, 2011	234	503,499	4.6	64.69		68.23		287	885,774	4.8	58.24		61.58
Total	815	2,658,980	5.2	$	53.01	$	56.18	378	1,363,748	5.1	$	55.48	$	58.82
Total New/Renewal Leases
Prior to January 1, 2011	1,143	4,662,178	7.8	$	47.35	$	52.02	144	890,180	7.2	$	46.71	$	51.00
Post January 1, 2011	606	1,542,618	6.9	59.99		65.78		666	2,539,389	7.9	56.11		61.66
Sub Total	1,749	6,204,796	7.6	$	50.49	$	55.44	810	3,429,569	7.7	$	53.67	$	58.89
Perecent in Lieu	401	1,551,908	N/A	N/A		N/A		69	229,434	N/A	N/A		N/A
Total New/Renewal Leases	2,150	7,756,704	7.6	$	50.49	$	55.44	879	3,659,003	7.7	$	53.67	$	58.89

	SUITE TO SUITE - Lease Spread (5), (7)
	Commencement 2011																		Commencement 2012
	# of Leases	SF	Term	Initial Rent PSF (2)		Average Rent PSF (3)		Expiring Rent PSF (4)		Initial Rent Spread					Average Rent Spread				# of Leases	SF	Term	Initial Rent PSF (2)		Average Rent PSF (3)		Expiring Rent PSF (4)		Initial Rent Spread				Average Rent Spread
New Leases (6)
Prior to January 1, 2011	202	743,264	8.3	$	61.47	$	68.82	$	61.33	$	0.14		0.2	%	$	7.49	12.2	%	28	178,647	7.5	$	49.55	$	55.61	$	46.75	$	2.80	6.0	%	$	8.85	18.9	%
Post January 1, 2011	139	321,216	8.5	78.48		87.25		69.76		8.72			12.5	%	17.48		25.1	%	154	515,163	8.5	67.54		75.62		56.48		11.06		19.6	%	19.13		33.9	%
Total	341	1,064,480	8.3	$	66.60	$	74.38	$	63.91	$	2.69		4.2	%	$	10.47	16.4	%	182	693,810	8.2	$	62.91	$	70.46	$	54.23	$	8.68	16.0	%	$	16.23	29.9	%
Renewal Leases
Prior to January 1, 2011	562	2,079,355	5.4	$	51.00	$	54.14	$	52.94	$	(1.94	)	(3.7	)%	$	1.21	2.3	%	87	437,856	5.8	$	51.18	$	54.83	$	51.13	$	0.05	0.1	%	$	3.70	7.2	%
Post January 1, 2011	227	488,282	4.6	65.21		69.15		62.60		2.61			4.2	%	6.55		10.5	%	278	841,535	4.9	59.90		63.51		58.53		1.37		2.3	%	4.98		8.5	%
Total	789	2,567,637	5.2	$	53.70	$	57.00	$	54.77	$	(1.07	)	(2.0	)%	$	2.22	4.1	%	365	1,279,391	5.2	$	56.91	$	60.54	$	56.00	$	0.92	1.6	%	$	4.54	8.1	%
New/Renewal Leases
Prior to January 1, 2011	764	2,822,619	6.1	$	53.76	$	58.01	$	55.15	$	(1.39	)	(2.5	)%	$	2.86	5.2	%	115	616,503	6.3	$	50.71	$	55.05	$	49.86	$	0.85	1.7	%	$	5.19	10.4	%
Post January 1, 2011	366	809,498	6.2	70.47		76.33		65.44		5.03			7.7	%	10.89		16.6	%	432	1,356,698	6.3	62.80		68.11		57.75		5.05		8.7	%	10.35		17.9	%
Total	1,130	3,632,117	6.1	$	57.48	$	62.09	$	57.44	$	0.04		0.1	%	$	4.65	8.1	%	547	1,973,201	6.3	$	59.02	$	64.03	$	55.29	$	3.73	6.8	%	$	8.74	15.8	%

	Total 2011/2012
	# of  Leases	SF	Term	Initial  Rent  PSF (2)		Average  Rent  PSF (3)		Expiring  Rent  PSF (4)		Initial Rent Spread					Average Rent Spread
New Leases (6)
Prior to January 1, 2011	230	921,911	8.1	$	59.16	$	66.26	$	58.50	$	0.66		1.1	%	$	7.75	13.3	%
Post January 1, 2011	293	836,379	8.5	71.74		80.08		61.58		10.16			16.5	%	18.50		30.0	%
Total	523	1,758,290	8.3	$	65.15	$	72.83	$	60.09	$	5.05		8.4	%	$	12.74	21.2	%
Renewal Leases
Prior to January 1, 2011	649	2,517,211	5.4	$	51.03	$	54.26	$	52.62	$	(1.59	)	(3.0	)%	$	1.64	3.1	%
Post January 1, 2011	505	1,329,817	4.8	61.85		65.58		60.02		1.82			3.0	%	5.56		9.3	%
Total	1,154	3,847,028	5.2	$	54.77	$	58.18	$	55.18	$	(0.41	)	(0.7	)%	$	3.00	5.4	%
New/Renewal Leases
Prior to January 1, 2011	879	3,439,122	6.2	$	53.21	$	57.48	$	54.20	$	(0.99	)	(1.8	)%	$	3.28	6.1	%
Post January 1, 2011	798	2,166,196	6.2	65.67		71.18		60.63		5.04			8.3	%	10.55		17.4	%
Total	1,677	5,605,318	6.2	$	58.02	$	62.77	$	56.68	$	1.34		2.4	%	$	6.09	10.7	%

(1) Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for tenants that closed or expired during the respective period.  Excluding anchors, % in lieu, and specialty leasing.

(2) Represents initial rent at time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes.

(3) Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.

(4) Represents expiring rent at end of lease consisting of base minimum rent, common area costs, and real estate taxes.

(5) Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for the prior tenant in the same suite.

(6) Represents new leases where downtime between the new and old tenant in the suite was less than 9 months.

21

PORTFOLIO HIGHLIGHTS

Lease Expiration Schedule and Top Ten Tenants

Excludes RPI

Year	Number of Expiring Leases	Expiring GLA at 100%	Percent of Total		Expiring Rent ($)		Expiring Rent ($psf)
Specialty Leasing	1,557	3,538,130	6.5	%	$	64,172,962	$	19.82
2012	1,934	5,607,890	10.3	%	207,019,118		$	59.67
2013	1,912	5,138,535	9.5	%	274,006,750		$	59.42
2014	1,572	4,827,534	8.9	%	262,333,526		$	59.01
2015	1,485	4,733,342	8.7	%	295,621,126		$	65.03
2016	1,533	5,085,898	9.4	%	337,867,119		$	67.96
2017	1,266	4,642,813	8.6	%	305,238,407		$	68.25
2018	1,201	4,692,631	8.7	%	350,066,199		$	75.44
2019	774	4,014,208	7.4	%	262,101,527		$	66.00
2020	663	2,866,522	5.3	%	195,468,848		$	69.83
Subsequent	1,250	9,041,559	16.7	%	438,809,800		$	51.85
Total	15,147	54,189,062	100.0	%	$	2,992,705,381	$	60.30

Top Ten Largest Tenants (Retail Portfolio)	Primary DBA	Percent of Minimum Rents, Tenant Recoveries and Other		Square Footage (000’s)	Number of Locations
Limited Brands, Inc	Victoria’s Secret, Bath & Body Works	2.8	%	1,559	258
The Gap, Inc.	Gap, Banana Repubic, Old Navy	2.8	%	2,277	225
Abercrombie & Fitch Stores, Inc	Abercrombie, Abercrombie & Fitch, Hollister	2.2	%	1,451	205
Foot Locker, Inc	Footlocker, Champs Sports, Footaction USA	2.0	%	1,235	320
Golden Gate Capital	Express, J. Jill, Eddie Bauer	1.6	%	1,149	139
Forever 21, Inc	Forever 21, Gadzooks	1.6	%	2,031	105
American Eagle Outfitters, Inc	American Eagle, Aerie, Martin + Osa	1.4	%	814	143
Macy’s Inc.	Macy’s, Bloomingdale’s	1.3	%	19,193	121
Luxottica Retail North America Inc	Lenscrafters, Sunglass Hut, Pearle Vision	1.2	%	522	260
Genesco Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.1	%	475	309
Totals		18.0	%	30,706	2,085

22

PORTFOLIO OPERATING METRICS

Property Schedule

Excludes RPI

As of December 31, 2011

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	964,285	829,114	200,000	14,042	364,993	2,372,434	98.5	%
Apache Mall	Herberger’s, JCPenney, Macy’s, Sears	100	%	Rochester, MN	269,931	320,202	162,790	—	—	752,923	99.8	%
Augusta Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Augusta, GA	490,928	—	597,223	—	—	1,088,151	98.9	%
Baybrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Friendswood (Houston), TX	424,346	97,906	720,931	—	—	1,243,183	100.0	%
Bayside Marketplace		100	%	Miami, FL	218,258	—	—	—	—	218,258	94.5	%
Beachwood Place	Dillard’s, Nordstrom, Saks Fifth Avenue	100	%	Beachwood, OH	334,149	332,580	247,000	—	—	913,729	96.8	%
Bellis Fair	JCPenney, Kohl’s, Macy’s, Macy’s Home Store, Sears, Target	100	%	Bellingham (Seattle), WA	338,464	200,414	237,910	—	—	776,788	98.2	%
Boise Towne Square	Dillard’s, JCPenney, Macy’s, Sears, Kohl’s	100	%	Boise, ID	423,418	425,556	247,714	116,678	—	1,213,366	89.6	%
Brass Mill Center	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Waterbury, CT	396,066	267,471	319,391	197,033	—	1,179,961	93.6	%
Burlington Town Center	Macy’s	100	%	Burlington, VT	153,024	—	146,753	—	54,617	354,394	89.6	%
Capital Mall	Dillard’s, JCPenney, Sears	100	%	Jefferson City, MO	317,266	97,537	135,540	—	—	550,343	79.1	%
Coastland Center	Dillard’s, JCPenney, Macy’s, Sears	100	%	Naples, FL	333,096	123,921	466,469	—	—	923,486	90.1	%
Columbia Mall	Dillard’s, JCPenney, Sears, Target	100	%	Columbia, MO	315,747	85,972	335,088	—	—	736,807	95.5	%
Columbiana Centre	Belk, Dillard’s, JCPenney, Sears	100	%	Columbia, SC	267,007	198,334	360,643	—	—	825,984	98.1	%
Coral Ridge Mall	Dillard’s, JCPenney, Sears, Target, Younkers	100	%	Coralville (Iowa City), IA	524,890	—	551,165	—	—	1,076,055	96.0	%
Coronado Center	JCPenney, Kohl’s, Macy’s, Sears, Target	100	%	Albuquerque, NM	403,246	118,272	627,753	—	—	1,149,271	97.7	%
Crossroads Center	JCPenney, Macy’s, Sears, Target	100	%	St. Cloud, MN	367,360	394,167	129,275	—	—	890,802	99.0	%
Cumberland Mall	Costco, Macy’s, Sears	100	%	Atlanta, GA	384,126	147,409	500,575	—	—	1,032,110	94.3	%
Deerbrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Humble (Houston), TX	554,254	—	653,540	—	—	1,207,794	98.1	%
Eastridge Mall WY	JCPenney, Macy’s, Sears, Target	100	%	Casper, WY	277,698	213,913	75,883	—	—	567,494	76.5	%
Eastridge Mall CA	JCPenney, Macy’s, Sears	100	%	San Jose, CA	628,311	246,261	426,000	—	—	1,300,572	98.2	%
Eden Prairie Center	Kohl’s, Sears, Target, Von Maur, JCPenney	100	%	Eden Prairie (Minneapolis), MN	404,046	279,422	452,081	—	—	1,135,549	98.5	%
Fashion Place	Dillard’s, Nordstrom, Sears	100	%	Murray, UT	435,201	—	600,778	47,756	—	1,083,735	97.7	%
Fashion Show	Bloomingdale’s Home, Dillard’s, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100	%	Las Vegas, NV	665,110	167,001	1,059,614	—	—	1,891,725	99.5	%
Foothills Mall	Macy’s, Sears	100	%	Fort Collins, CO	287,753	75,337	202,760	181,829	—	747,679	65.9	%
Four Seasons Town Centre	Belk, Dillard’s, JCPenney	100	%	Greensboro, NC	445,363	429,969	212,047	—	—	1,087,379	91.4	%
Fox River Mall	JCPenney, Macy’s, Sears, Target, Younkers	100	%	Appleton, WI	618,728	30,000	564,914	—	—	1,213,642	92.7	%
Glenbrook Square	JCPenney, Macy’s, Sears	100	%	Fort Wayne, IN	449,758	555,870	221,000	—	—	1,226,628	95.9	%
Governor’s Square	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tallahassee, FL	330,240	—	691,605	—	—	1,021,845	96.2	%
Grand Teton Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Idaho Falls, ID	209,947	323,925	—	93,274	—	627,146	99.8	%
Greenwood Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Bowling Green, KY	415,943	156,096	272,957	—	—	844,996	92.1	%
Harborplace		100	%	Baltimore, MD	149,066	—	—	—	—	149,066	90.9	%
Hulen Mall	Dillard’s, Macy’s, Sears	100	%	Ft. Worth, TX	367,588	—	596,570	—	—	964,158	99.6	%
Jordan Creek Town Center	Dillard’s, Younkers	100	%	West Des Moines, IA	724,314	—	349,760	233,167	—	1,307,241	99.4	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy’s, Macy’s Mens & Home, Sears	100	%	Sterling Heights, MI	487,149	115,300	905,418	—	—	1,507,867	81.1	%
Lynnhaven Mall	Dillard’s, JCPenney, Macy’s	100	%	Virginia Beach, VA	640,053	150,434	500,958	—	—	1,291,445	98.9	%
Mall Of Louisiana	Dillard’s, JCPenney, Macy’s, Sears	100	%	Baton Rouge, LA	615,632	—	805,630	143,619	—	1,564,881	99.2	%
Mall Of The Bluffs	Dillard’s, Sears	100	%	Council Bluffs (Omaha, NE), IA	375,133	—	326,222	—	—	701,355	72.6	%
Mall St. Matthews	Dillard’s, Dillard’s Men’s & Home, JCPenney	100	%	Louisville, KY	501,313	120,000	395,705	—	—	1,017,018	98.1	%
Market Place Shopping Center	Bergner’s, JCPenney, Macy’s, Sears	100	%	Champaign, IL	416,303	385,766	149,980	—	—	952,049	96.7	%
Mayfair	Boston Store, Macy’s	100	%	Wauwatosa (Milwaukee), WI	615,230	288,596	210,714	—	402,589	1,517,129	99.1	%
Meadows Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Las Vegas, NV	308,665	—	636,853	—	—	945,518	98.5	%

23

PORTFOLIO OPERATING METRICS

Property Schedule

Excludes RPI

As of December 31, 2011

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)
Mondawmin Mall		99	%	Baltimore, MD	371,125	—	—	—	65,317	436,442	92.1	%
Newgate Mall	Dillard’s, Sears	100	%	Ogden (Salt Lake City), UT	377,795	226,961	118,919	—	—	723,675	84.4	%
North Point Mall	Dillard’s, JCPenney, Macy’s, Sears, Von Maur	100	%	Alpharetta (Atlanta), GA	385,349	627,257	363,151	—	—	1,375,757	97.6	%
North Star Mall	Dillard’s, Macy’s, Saks Fifth Avenue, JCPenney	100	%	San Antonio, TX	516,391	207,196	522,126	—	—	1,245,713	99.5	%
Northridge Fashion Center	JCPenney, Macy’s, Sears	100	%	Northridge (Los Angeles), CA	641,072	45,369	824,443	—	—	1,510,884	96.3	%
Northtown Mall	JCPenney, Kohl’s, Macy’s, Red Fox, Sears	100	%	Spokane, WA	490,936	310,859	242,392	—	—	1,044,187	84.3	%
Oak View Mall	Dillard’s, JCPenney, Sears, Younkers	100	%	Omaha, NE	258,088	149,400	454,860	—	—	862,348	93.8	%
Oakwood Center	Dillard’s, JCPenney, Sears	100	%	Gretna, LA	277,408	—	514,028	—	—	791,436	98.0	%
Oakwood Mall	JCPenney, Macy’s, Sears, Younkers	100	%	Eau Claire, WI	397,744	116,620	298,224	—	—	812,588	93.2	%
Oglethorpe Mall	Belk, JCPenney, Macy’s, Sears	100	%	Savannah, GA	406,980	220,824	315,760	—	—	943,564	95.6	%
Oxmoor Center	Macy’s, Sears, Von Maur	100	%	Louisville, KY	357,592	156,000	411,210	—	—	924,802	95.8	%
Paramus Park	Macy’s, Sears	100	%	Paramus, NJ	295,978	—	459,057	—	—	755,035	94.7	%
Park City Center	Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears	100	%	Lancaster (Philadelphia), PA	541,272	514,917	384,980	—	—	1,441,169	93.0	%
Park Place	Dillard’s, Macy’s, Sears	100	%	Tucson, AZ	477,083	—	581,457	—	—	1,058,540	94.1	%
Peachtree Mall	Dillard’s, JCPenney, Macy’s	100	%	Columbus, GA	309,377	—	508,615	—	—	817,992	93.9	%
Pecanland Mall	Belk, Dillard’s, JCPenney, Sears, Burlington Coat Factory	100	%	Monroe, LA	328,884	83,398	532,038	—	—	944,320	98.0	%
Pembroke Lakes Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Pembroke Pines (Fort Lauderdale), FL	350,798	395,219	386,056	—	—	1,132,073	93.4	%
Pine Ridge Mall	JCPenney, Sears, Shopko	100	%	Pocatello, ID	198,226	437,987	—	—	—	636,213	74.8	%
Pioneer Place		100	%	Portland, OR	315,495	—	49,379	—	287,526	652,400	91.3	%
Prince Kuhio Plaza	Macy’s, Sears	100	%	Hilo, HI	317,416	124,547	61,873	—	—	503,836	96.9	%
Providence Place	JCPenney, Macy’s, Nordstrom	100	%	Providence, RI	749,721	—	513,691	—	—	1,263,412	96.3	%
Provo Towne Centre	Dillard’s, JCPenney, Sears	75	%	Provo, UT	300,337	151,090	340,629	—	—	792,056	88.4	%
Red Cliffs Mall	Dillard’s, JCPenney, Sears	100	%	St. George, UT	148,041	235,031	—	57,304	—	440,376	92.9	%
Regency Square Mall	Belk, Dillard’s, JCPenney, Sears	100	%	Jacksonville, FL	556,443	479,846	399,155	—	—	1,435,444	74.1	%
Ridgedale Center	JCPenney, Macy’s, Sears	100	%	Minnetonka, MN	325,741	—	702,380	—	—	1,028,121	91.7	%
River Hills Mall	Herberger’s, JCPenney, Sears, Target	100	%	Mankato, MN	353,008	189,559	174,383	—	—	716,950	95.5	%
Rivertown Crossings	JCPenney, Kohl’s, Macy’s, Sears, Younkers	100	%	Grandville (Grand Rapids), MI	544,323	—	635,625	—	—	1,179,948	92.5	%
Rogue Valley Mall	JCPenney, Kohl’s, Macy’s, Macy’s Home Store	100	%	Medford (Portland), OR	281,412	170,625	186,359	—	—	638,396	90.8	%
Salem Center	JCPenney, Kohl’s, Macy’s, Nordstrom	100	%	Salem, OR	193,824	—	438,000	—	—	631,824	83.5	%
Sooner Mall	Dillard’s, JCPenney, Sears	100	%	Norman, OK	205,816	129,823	137,082	—	—	472,721	100.0	%
Southlake Mall	Macy’s, Sears	100	%	Morrow (Atlanta), GA	272,254	—	740,252	—	—	1,012,506	91.6	%
Southshore Mall	JCPenney, Sears	100	%	Aberdeen, WA	139,514	68,979	64,796	—	—	273,289	62.6	%
Southwest Plaza	Dillard’s, JCPenney, Macy’s, Sears	100	%	Littleton (Denver), CO	636,949	93,630	541,851	—	90,067	1,362,497	90.1	%
Spokane Valley Mall	JCPenney, Macy’s, Sears	75	%	Spokane, WA	346,758	126,243	252,841	132,048	—	857,890	93.5	%
Staten Island Mall	Macy’s, Sears, JCPenney	100	%	Staten Island, NY	523,186	13,726	657,363	83,092	—	1,277,367	96.6	%
Stonestown Galleria	Macy’s, Nordstrom	100	%	San Francisco, CA	425,771	160,505	267,788	—	54,314	908,378	99.1	%
The Crossroads	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Portage (Kalamazoo), MI	267,603	—	502,960	—	—	770,563	96.2	%
The Gallery At Harborplace		100	%	Baltimore, MD	131,904	—	—	—	266,115	398,019	95.2	%
The Grand Canal Shoppes		100	%	Las Vegas, NV	463,844	—	—	—	34,414	498,258	98.2	%
The Maine Mall	JCPenney, Macy’s, Sears	100	%	South Portland, ME	507,277	120,844	377,662	—	—	1,005,783	96.0	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy’s, Nordstrom, Sears	100	%	Columbia, MD	600,741	212,847	587,321	—	—	1,400,909	98.3	%
The Parks At Arlington	Dillard’s, Jcpenney, Macy’s, Sears	100	%	Arlington (Dallas), TX	697,564	63,857	748,945	—	—	1,510,366	100.0	%
The Shoppes At Buckland Hills	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100	%	Manchester, CT	525,540	—	512,611	—	—	1,038,151	92.0	%
The Shoppes At The Palazzo	Barneys New York	100	%	Las Vegas, NV	185,075	84,743	—	—	—	269,818	97.9	%

24

PORTFOLIO OPERATING METRICS

Property Schedule

Excludes RPI

As of December 31, 2011

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 Fallen Timbers	Dillard’s, JCPenney	100	%	Maumee, OH	328,778	—	261,502	—	—	590,280	96.3	%
The Shops at La Cantera	Dillard’s, Macy’s, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	582,386	—	627,597	—	69,073	1,279,056	98.1	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy’s, Nordstrom, Sears	100	%	Durham, NC	606,078	—	726,347	—	—	1,332,425	99.2	%
The Village of Cross Keys		100	%	Baltimore, MD	74,172	—	—	30,292	185,677	290,141	93.2	%
The Woodlands Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Woodlands (Houston), TX	572,662	—	742,918	—	39,471	1,355,051	99.6	%
Town East Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Mesquite (Dallas), TX	416,222	—	809,386	—	—	1,225,608	99.2	%
Tucson Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tucson, AZ	605,014	—	641,458	12,000	—	1,258,472	94.9	%
Tysons Galleria	Macy’s, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	300,682	—	511,933	—	—	812,615	91.5	%
Valley Plaza Mall	JCPenney, Macy’s, Sears, Target	100	%	Bakersfield, CA	518,153	147,792	509,176	—	—	1,175,121	98.8	%
Visalia Mall	JCPenney, Macy’s	100	%	Visalia, CA	180,840	257,000	—	—	—	437,840	89.1	%
West Oaks Mall	Dillard’s, JCPenney, Sears	100	%	Ocoee (Orlando), FL	411,345	223,813	430,976	—	—	1,066,134	73.6	%
Westlake Center		99	%	Seattle, WA	102,859	—	—	—	—	102,859	90.4	%
White Marsh Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Baltimore, MD	439,740	60,000	466,010	—	—	965,750	95.3	%
Willowbrook	Bloomingdale’s, Lord & Taylor, Macy’s, Sears	100	%	Wayne, NJ	493,021	2,060	1,028,000	—	—	1,523,081	98.7	%
Woodbridge Center	JCPenney, Lord & Taylor, Macy’s, Sears	100	%	Woodbridge, NJ	669,886	274,100	710,935	—	—	1,654,921	95.7	%
Total Consolidated Regional Malls				Count: 101	41,147,898	14,059,412	39,573,709	1,342,134	1,914,173	98,037,326	94.3	%
Unconsolidated Regional Malls
Alderwood	JCPenney, Macy’s, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	577,598	—	705,898	—	—	1,283,496	98.1	%
Altamonte Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Altamonte Springs (Orlando), FL	474,008	158,658	519,890	—	—	1,152,556	94.9	%
Bridgewater Commons	Bloomingdale’s, Lord & Taylor, Macy’s	35	%	Bridgewater, NJ	396,038	150,525	352,351	93,796	—	992,710	98.0	%
Carolina Place	Belk, Dillard’s, JCPenney, Macy’s, Sears	50	%	Pineville (Charlotte), NC	382,519	277,404	496,098	—	—	1,156,021	98.4	%
Christiana Mall	JCPenney, Macy’s, Nordstrom, Target	50	%	Newark, DE	467,018	—	641,312	—	—	1,108,330	99.5	%
Clackamas Town Center	JCPenney, Macy’s, Macy’s Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	592,213	—	774,842	—	—	1,367,055	97.9	%
First Colony Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s	50	%	Sugar Land, TX	502,075	—	619,048	—	—	1,121,123	98.1	%
Florence Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	405,036	—	552,407	—	—	957,443	93.8	%
Galleria At Tyler	JCPenney, Macy’s, Nordstrom	50	%	Riverside, CA	557,211	—	468,208	—	—	1,025,419	96.7	%
Glendale Galleria	JCPenney, Macy’s, Nordstrom, Target	50	%	Glendale, CA	515,430	90,000	715,000	—	142,791	1,463,221	95.3	%
Kenwood Towne Centre	Dillard’s, Macy’s, Nordstrom	50	%	Cincinnati, OH	515,816	240,656	400,665	—	—	1,157,137	97.2	%
Mizner Park		50	%	Boca Raton, FL	177,330	79,822	—	—	262,141	519,293	85.1	%
Natick Mall	JCPenney, Lord & Taylor, Macy’s, Sears	50	%	Natick (Boston), MA	477,027	194,558	516,662	—	—	1,188,247	95.7	%
Natick West	Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	265,517	—	236,430	—	—	501,947	96.5	%
Neshaminy Mall	Boscov’s, Macy’s, Sears	50	%	Bensalem, PA	412,295	188,394	418,595	—	—	1,019,284	94.3	%
Northbrook Court	Lord & Taylor, Macy’s, Neiman Marcus	50	%	Northbrook (Chicago), IL	476,317	126,000	410,277	—	—	1,012,594	98.1	%
Oakbrook Center	Bloomingdale’s Home, Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Sears	48	%	Oak Brook (Chicago), IL	790,956	413,667	771,911	—	239,292	2,215,826	97.2	%
Otay Ranch Town Center	Macy’s	50	%	Chula Vista (San Diego), CA	512,164	—	140,000	—	—	652,164	97.9	%
Owings Mills Mall(2)	JCPenney, Macy’s	50	%	Owings Mills, MD	438,017	340,000	307,037	—	326,063	1,411,117	52.8	%
Park Meadows	Dillard’s, JCPenney, Macy’s, Nordstrom	35	%	Lone Tree, CO	753,098	—	823,000	—	—	1,576,098	99.0	%
Perimeter Mall	Bloomingdale’s, Dillard’s, Macy’s, Nordstrom	50	%	Atlanta, GA	515,377	—	1,053,274	—	—	1,568,651	91.8	%
Pinnacle Hills Promenade	Dillard’s, JCPenney, Target	50	%	Rogers, AR	360,344	98,540	162,140	358,195	—	979,219	98.0	%
Plaza Frontenac	Neiman Marcus, Saks Fifth Avenue,	55	%	St. Louis, MO	222,130	125,669	135,044			482,843	97.5	%
Quail Springs Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Oklahoma City, OK	450,949	—	687,853	—	—	1,138,802	99.3	%
Riverchase Galleria	Belk, Belk Home Store, JCPenney, Macy’s, Sears	50	%	Hoover (Birmingham), AL	509,318	331,000	742,920	—	—	1,583,238	92.8	%
Saint Louis Galleria	Dillard’s, Macy’s, Nordstrom	74	%	St. Louis, MO	464,648	—	714,052	—	—	1,178,700	96.1	%

25

PORTFOLIO OPERATING METRICS

Property Schedule

Excludes RPI

As of December 31, 2011

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)
Stonebriar Centre	Dillard’s, JCPenney, Macy’s, Nordstrom, Sears	50	%	Frisco (Dallas), TX	786,503	—	865,192	—	—	1,651,695	99.3	%
The Oaks Mall	Belk, Dillard’s, JCPenney, Macy’s, Sears	51	%	Gainesville, FL	339,892	233,367	324,500	—	—	897,759	97.2	%
The Shoppes At River Crossing	Belk, Dillard’s	50	%	Macon, GA	361,376	—	333,219	—	—	694,595	99.4	%
Towson Town Center	Macy’s, Nordstrom	35	%	Towson, MD	579,957	—	419,129	—	—	999,086	95.9	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	40	%	Coral Gables, FL	406,756	—	330,000	—	101,263	838,019	87.3	%
Water Tower Place	Macy’s	52	%	Chicago, IL	389,875	296,128	—	—	88,809	774,812	97.3	%
Westroads Mall	JCPenney, Von Maur, Younkers	51	%	Omaha, NE	540,851	—	529,402	—	—	1,070,253	97.0	%
Whaler’s Village		50	%	Lahaina, HI	105,627	—	—	—	—	105,627	97.1	%
Willowbrook Mall	Dillard’s, JCPenney, Macy’s, Macy’s Mens, Sears	50	%	Houston, TX	415,067	—	984,372	—	—	1,399,439	97.2	%
Total Unconsolidated Regional Malls				Count: 35	16,136,353	3,344,388	17,150,728	451,991	1,160,359	38,243,819	95.4	%
Total Regional Malls (5)				Count: 136	57,284,251	17,403,800	56,724,437	1,794,125	3,074,532	136,281,145	94.6	%

26

PORTFOLIO OPERATING METRICS

Property Schedule
Excludes RPI
As of December 31, 2011

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)
International Properties (3)
Bangu Shopping		31	%	Rio de Janeiro, Rio de Janeiro (Brazil)	562,264	—	—	—	—	562,264	99.9	%
Shopping Nacoes		8	%	Bauru, Brazil	—	—	—	—	—	—	0.0	%
Boulevard Brasilia		16	%	Brasilia, Brazil	182,179	—	—	—	—	182,179	95.0	%
Boulevard Shopping Belem		24	%	Belem, Brazil	369,902	—	—	—	—	369,902	99.2	%
Boulevard Shopping Belo Horizonte		22	%	Belo Horizonte, Minas Gerais (Brazil)	463,020	—	—	—	—	463,020	92.2	%
Boulevard Shopping Campina Grande		11	%	Campina Grande, Paraiba (Brazil)	186,119	—	—	—	—	186,119	100.0	%
Boulevard Shopping Campos		16	%	Campose dos Goytacazes (Brazil)	204,514					204,514	99.2	%
Carioca Shopping		13	%	Rio de Janeiro, Rio de Janeiro (Brazil)	256,235	—	—	—	—	256,235	99.7	%
Caxias Shopping		13	%	Rio de Janeiro, Rio de Janeiro (Brazil)	275,115	—	—	—	—	275,115	98.7	%
Santana Parque Shopping		16	%	Sao Paulo, Sao Paulo (Brazil)	285,233	—	—	—	—	285,233	98.1	%
Shopping Grande Rio		8	%	Rio de Janeiro, Rio de Janeiro (Brazil)	395,789	—	—	—	—	395,789	99.4	%
Shopping Iguatemi Salvador		14	%	Salvador, Bahia (Brazil)	671,033	—	—	—	—	671,033	99.6	%
Shopping Leblon		35	%	Rio de Janeiro, Rio de Janeiro (Brazil)	247,594	—	—	—	—	247,594	99.0	%
Shopping Santa Ursula		12	%	Ribeirao Preto, Brazil	240,337	—	—	—	—	240,337	95.5	%
Shopping Taboao		12	%	Taboao da Serra, Sao Paulo (Brazil)	383,206	—	—	—	—	383,206	99.9	%
SuperShopping Osasco		12	%	Sao Paulo, Sao Paulo (Brazil)	189,703	—	—	—	—	189,703	95.6	%
Via Parque Shopping		22	%	Rio de Janeiro, Rio de Janeiro (Brazil)	611,412	—	—	—	—	611,412	99.4	%
International Properties (3)				Count: 17	5,523,654	—	—	—	—	5,523,654	98.4	%
Stand Alone Offices and Strip Centers
10 Columbia Corporate Center		100	%	Towson (Baltimore), MD	6,500	—	—	—	87,235	93,735	63.7	%
20 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	100,247	100,247	80.0	%
30 Columbia Corporate Center		100	%	Towson (Baltimore), MD	14,165	—	—	—	130,184	144,349	62.9	%
40 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	136,141	136,141	85.8	%
50 Columbia Corporate Center		100	%	Towson (Baltimore), MD	7,750	—	—	—	111,200	118,950	76.8	%
60 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	101,799	101,799	90.5	%
70 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	169,639	169,639	29.0	%
10000 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	35,867	35,867	100.0	%
10000 West Charleston		100	%	Las Vegas, NV	—	—	—	—	71,388	71,388	81.1	%
10190 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	74,895	74,895	84.9	%
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	60.6	%
1160-1180 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	104,567	104,567	17.5	%
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	0.0	%
1635 Village Center Circle		100	%	Las Vegas, NV	—	—	—	—	38,539	38,539	39.4	%
1645 Village Center Circle		100	%	Las Vegas, NV	—	—	—	—	49,411	49,411	77.9	%
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	%
Corporate Pointe 2		100	%	Las Vegas, NV	—	—	—	—	41,390	41,390	100.0	%
Corporate Pointe 3		100	%	Las Vegas, NV	—	—	—	—	68,346	68,346	100.0	%

27

PORTFOLIO OPERATING METRICS

Property Schedule
Excludes RPI
As of December 31, 2011

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)
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	%
Senate Plaza		100	%	Harrisburg-Carlisle, PA	11,186	—	—	—	230,760	241,946	88.6	%
HHP Government Service		100	%	Las Vegas, NV	—	—	—	—	56,022	56,022	100.0	%
Baskin Robbins		100	%	Idaho Falls, ID	—	—	—	1,814	—	1,814	100.0	%
Boise Plaza		73	%	Boise, ID	—	—	—	114,404	—	114,404	100.0	%
Center Point Plaza (4)		50	%	Las Vegas, NV	70,299	—	—	74,336	—	144,635	98.2	%
Columbia Bank Drive Thru		100	%	Towson (Baltimore), MD	—	—	—	17,000	—	17,000	100.0	%
Fallbrook Center		100	%	West Hills (Los Angeles), CA	—	—	—	856,387	—	856,387	88.2	%
Fort Union		100	%	Midvale (Salt Lake City), UT	—	—	—	32,968	—	32,968	56.2	%
Fremont Plaza		100	%	Las Vegas, NV	—	—	—	54,076	—	54,076	73.7	%
Lake Mead & Buffalo (4)		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	96.6	%
Lincolnshire Commons		100	%	Lincolnshire (Chicago), IL	—	—	—	118,562	—	118,562	100.0	%
Lockport Mall		100	%	Lockport, NY	—	—	—	90,734	—	90,734	100.0	%
Plaza 800		100	%	Sparks (Reno), NV	—	—	—	72,431	—	72,431	83.9	%
The Trails Village Center (4)		50	%	Las Vegas, NV	—	—	—	174,644	—	174,644	95.4	%
Woodlands Village		100	%	Flagstaff, AZ	—	—	—	91,810	—	91,810	87.4	%
Total Stand Alone Offices and Strip Centers				Office Count: 26 Strip Center Count: 13	174,891	—	—	1,785,123	2,233,703	4,193,717	Office: 64.1 Strip: 91.2	% %

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

(2)  For the 320K s.f. of office area at Owings Mills Mall, GGP owns 65% of One Corporate Center and 55% of Two Corporate Center.

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

(4)  Third party managed strip center.

(5)  Refer to page 23 (Key Operating Performance Indicators).

28

Miscellaneous

MISCELLANEOUS Capital Information
Includes RPI

(in thousands, except per share amounts)

	12/31/11
Closing common stock price per share (1)	$	15.02
Volume Weighted Average Price (2)	12.45
52 Week High (3), (4)	17.43
52 Week Low (3), (4)	10.68
Portfolio Net Debt
Portfolio Debt
Fixed	$	17,385,905
Variable (5)	2,668,498
Total Portfolio Debt	20,054,403
Less: Cash and Cash Equivalents	(744,970		)
Portfolio Net Debt	$	19,309,433
Portfolio Capitalization Data
Total Portfolio Debt	$	19,309,433
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 (1)	$	14,850,815
Total Market Capitalization at end of period	$	34,281,364
Debt Ratios
Leverage Ratio (Portfolio Net Debt/Total Market Capitalization)	56.3		%
Interest Coverage Ratio (TTM Core EBITDA/Interest on existing debt)	1.84 x
Portfolio Net Debt/TTM Core EBITDA	9.5 x

(1)Reflects the closing price per share on December 31, 2011 of $15.02. Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of 1.0397624  multiplied by the closing share price.

(2)Source: Bloomberg.

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

(4)52-week pricing information includes the intra-day highs and lows.

(5)Includes Shopping Leblon / Aliansce (Brazil) debt of approximately $113 million.

29

MISCELLANEOUS Change In Total Common and Equivalent Shares Excludes RPI

	Operating Partnership Units		Company Common Shares		Total Common & Operating Partnership Units
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2010	6,934,130		941,880,014		948,814,144
Common Unit Cash Conversion	(336,382	)	—		(336,382	)
Common Stock Issued as a dividend	—		22,256,121		22,256,121
DRIP			7,225,345		7,225,345
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		(220,456	)	(220,456	)
Common Shares retired	—		(35,833,537	)	(35,833,537	)
Common Shares and OP Units Outstanding at December 31, 2011	6,597,748		935,307,487		941,905,235
Common Shares issuable assuming exercise of Permanent Warrants (1)			46,837,067
Common Shares issuable assuming exercise of in-the-money stock options			4,910,983
Common Shares issuable assuming exchange of OP Units			6,860,090
Diluted Common Shares and OP Units Outstanding at December 31, 2011			993,915,627

	Three Months Ended		Twelve Months Ended
	December 31, 2011	December 31, 2010	December 31, 2011	December 31, 2010
Diluted weighted average number of Company shares outstanding (in thousands) - GAAP EPS	934,544	945,248	943,669	945,248
Diluted weighted average number of Company shares outstanding (in thousands) - FFO/Core FFO (3)	974,707	993,999	988,736	993,999

(1)GGP has 120 million warrants outstanding (the “Permanent Warrants”) convertible to 1.0977 Common Shares with a weighted average exercise price of $9.68, 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.  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, however 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 issued to stockholders of record as of December 30, 2011 (2)			Impact of settling warrants via net share settlement
65,862,000	$	9.79	Nov 9, 2017	Reduces exercise price to $9.7932	Increases number of Common shares per warrant to 1.0977	Net share: 65,862,000 x [15.02 - 9.7932] /15.02 = 22,919,223 shares delivered
65,862,000	$	9.57	Nov 9, 2017	Reduces exercise price to $9.5655	Increases number of Common shares per warrant to 1.0977	Net share: 65,862,000 x [15.02 - 9.5655] / 15.02 = 23,917,844 shares delivered
131,724,000	$	9.68

(2)       Based on dividend of $60 million in cash and 2,294,864 shares issued to stockholders of record on December 30, 2011.  Common stock price of $15.02 on December 30, 2011.

(3)       Diluted weighted average number of Company shares outstanding used to calculate FFO/Core FFO per share includes the impact of the warrants, on an if converted method.

30

MISCELLANEOUS

Expansions, Redevelopments, and Capital Expenditures
Excludes RPI
(in millions, at share unless otherwise noted)

Selected Expansions and Redevelopments (1)

Property	Description	Ownership %		GGP’s Total Projected Share of Cost		GGP’s Investment to Date		Expected Return on Investment (2)		Estimated Construction Start	Expected Construction Completion	Percentage Leased
Major Redevelopment Summary
Glendale Galleria Glendale, CA	G-1 and G-2 renovation, Bloomingdale’s, Remerchandising, Business Development	50	%	$	57.5	$	1.0	10.0	%	Q1 2012	Q3 2013	0	%
North Point Alpharetta, GA	Demolish vacant Parisian store and construct new theater	100	%	10.1		—		12.4	%	Q2 2012	Q4 2013	0	%
				$	67.6	$	1.0	10.4	%

Capital Expenditures (in thousands)

	Total 2011		Total 2010
Capital Expenditures (3), (4), (7)	$	76,636	$	96,374
Tenant Allowances and Capitalized Leasing Costs (5), (6), (7)	112,636		59,080
Total	$	189,272	$	155,454

(1)      Excludes international projects.

(2)      Return on Investment represents first year stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary.

(3)      Reflects only non-tenant operating capital expenditures. Certain prior period amounts have been reclassified to conform to the current period presentation.

(4)      Restated from prior filings to exclude HHC, discontinued operations, and RPI.

(5)      Reflects tenant allowances on current operating properties.

(6)      Prior period tenant allowances and leasing costs have been restated to cash basis from accrual.

(7)      Certain prior period amounts have been reclassified to conform to the current period presentation.

31

MISCELLANEOUS

Corporate Information

Stock Listing

Common Stock

NYSE:  GGP

Common Stock Dividend

The Company declared a Cash Dividend for the fourth quarter 2011 of $0.10 per share on November 7, 2011, paid on January 13, 2012, to Common shareholders of record on December 30, 2011.  GGP declared a common share dividend for the third quarter 2011 of $0.10 per share, paid on October 31, 2011, to shareholders of record on October 14, 2011.  In addition, we maintain a Dividend Reinvestment Plan (“DRIP”) in which all eligible stockholders may participate.  There can be no assurance that we will not determine to pay a portion of our 2011 or 2012 dividends in shares of our common stock, as permitted by REIT distribution requirements.  GGP may suspend, terminate or amend the DRIP at any time.

On December 20, 2011, the Company announced the spin-off of Rouse Properties, Inc. (“RPI”) through a pro rata taxable dividend of voting common stock of RPI held by GGP stockholders on January 12, 2012 (the “Distribution Date”) to GGP stockholders of record as of the close of business on the New York Stock Exchange (“NYSE”) on Friday, December 30, 2011 (the “Record Date”). On the Distribution Date, for every share of GGP common stock owned as of the Record Date, GGP stockholders received approximately 0.0375 shares of Rouse Properties’ common stock representing a distribution ratio of 1:26.66.

Investor Relations	Transfer Agent
Kevin Berry	American Stock Transfer & Trust Company, LLC
Vice President, Investor Relations	6201 15th Avenue
General Growth Properties	Brooklyn, NY 11219
110 North Wacker Drive	Phone: (866) 627-2643
Chicago, IL 60606	Foreign Investor Line:
Phone (312) 960-5529	+1 718 921-8124
Fax (312) 342-4459
kevin.berry@ggp.com

Media Contact

David Keating

Vice President, Corporate Communications

General Growth Properties

110 North Wacker Drive

Chicago, IL 60606

Phone (312) 960-6325

Fax (312) 342-4459

david.keating@ggp.com

32

MISCELLANEOUS

Glossary of Terms

Terms	Description
Gross Leasable Area (GLA)	Total gross leasable 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/Traditional 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	Leasable 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
Leased	Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area.
Occupied	Occupied area represents the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area.
Tenant Sales	Comparative rolling twelve month sales for mall stores less than 10,000 square feet.
Occupancy Cost	Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet.
In-Place Rent	Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes.
Expiring Rent	Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent	Represents initial rent at the time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes.
Average Rent	Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent Spread	Dollar spread between Initial Rent and Expiring Rent.
Average Rent Spread	Dollar spread between Average Rent and Expiring Rent.

33