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GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

Debtors Monthly Operating Report as of and for the Month Ended February 28, 2010

Index


Combining Condensed Statements of Income and Comprehensive Income for the Month Ended February 28, 2010 and Cumulative Post-Petition Period Ended February 28, 2010			3

Combining Condensed Balance Sheet			4

Notes to Unaudited Combined Condensed Financial Statements			5
Note 1: Chapter 11 Cases and Proceedings			5
Note 2: Basis of Presentation			6
Note 3: Summary of Significant Accounting Policies			7
Note 4: Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders			7
Note 5: Certain Other Assets and Liabilities and Liabilities Subject to Compromise			8
Note 6: Rejected Contracts and Related Matters			9
Note 7: General and Administrative Expenses and Reorganization Items			10

Schedules:

Schedule I Schedule of Combined Condensed Statement of Income and Comprehensive Income for the Month Ended February 28, 2010			11
Schedule II Schedule of Combined Condensed Balance Sheet as of February 28, 2010			12
Schedule III Schedule of Payroll and Payroll Taxes			13
Schedule IV Schedule of Federal, State and Local Taxes			13
Schedule V Schedule of Total Disbursements by Debtor			22
Schedule VI Schedule of Debtors’ Operating Property Aged Tenant Accounts Receivable			32
Schedule VII Status of Mortgages Payable For Debtors			33
Schedule VIII Chapter 11 Retained Professionals Detail			36
Schedule IX Schedule of Non-Noticed and De Minimis Asset Sales			37
Schedule X Debtors Questionnaire			38

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

COMBINING CONDENSED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)


	Unconfirmed Entities			Post-Confirmation Entities			Total for All Debtors			Cumulative All Debtors
	Month Ended			Month Ended			Month Ended			Post-Petition Period
	February 28, 2010			February 28, 2010			February 28, 2010			Ended February 28, 2010
	(In thousands, except for
	per share amounts)
Revenues:
Minimum rents	$	36,625		$	99,949		$	136,574		$	1,462,825
Tenant recoveries		13,580			47,017			60,597			652,161
Overage rents		270			1,029			1,299			44,018
Land sales		492			—			492			6,582
Other		2,141			3,381			5,522			65,482

Total revenues		53,108			151,376			204,484			2,231,068

Expenses:
Real estate taxes		5,228			15,197			20,425			208,487
Repairs and maintenance		5,795			12,793			18,588			175,428
Marketing		604			1,846			2,450			27,352
Ground and other rents		251			676			927			11,216
Other property operating costs		18,617			18,254			36,871			297,876
Land sales operations		1,513			—			1,513			16,722
Provision for doubtful accounts		4			48			52			18,442
Property management and other costs		1,277			218			1,495			82,730
General and administrative		987			—			987			47,692
Provisions for impairment		—			—			—			854,977
Depreciation and amortization		13,217			37,847			51,064			529,829

Total expenses		47,493			86,879			134,372			2,270,751

Operating income (loss)		5,615			64,497			70,112			(39,683	)

Interest (expense) income, net		(41,701	)		(49,994	)		(91,695	)		(1,008,243	)

Income (loss) before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items		(36,086	)		14,503			(21,583	)		(1,047,926	)
Benefit (provision) from income taxes		521			(161	)		360			(5,979	)
Equity in income of Real Estate Affiliates		5,867			—			5,867			71,012
Reorganization items		59,038			163,889			222,927			271,585

Net income (loss)		29,340			178,231			207,571			(711,308	)
Allocation to noncontrolling interests		(5,767	)		—			(5,767	)		6,145

Net income (loss) attributable to common stockholders	$	23,573		$	178,231			201,804		$	(705,163	)


Basic and Diluted Income (Loss) Per Share:	$	0.08		$	0.57		$	0.65		$	(2.24	)
Dividends declared per share	$	—		$	—		$	—		$	0.19

Comprehensive Income (Loss), Net:
Net income (loss) attributable to common stockholders	$	23,573		$	178,231		$	201,804		$	(705,163	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments		1,190			—			1,190			17,973
Accrued pension adjustment		355			—			355			906
Foreign currency translation		5,287			—			5,287			39,733
Unrealized gains on available-for-sale securities		—			—			—			82

Other comprehensive income, net		6,832			—			6,832			58,694

Comprehensive income (loss) attributable to common stockholders	$	30,405		$	178,231		$	208,636		$	(646,469	)

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

COMBINING CONDENSED
BALANCE SHEET
(UNAUDITED)


	Unconfirmed			Post-Confirmation			Combined
	Entities as of			Entities as of			All Debtors as of
	February 28, 2010			February 28, 2010			February 28, 2010
	(Dollars in thousands)			(Dollars in thousands)			(Dollars in thousands)
Assets:
Investment in real estate:
Land	$	1,051,902		$	1,850,678		$	2,902,580
Buildings and equipment		4,762,588			14,147,559			18,910,147
Less accumulated depreciation		(925,645	)		(2,928,525	)		(3,854,170	)
Developments in progress		233,776			127,496			361,272

Net property and equipment		5,122,621			13,197,208			18,319,829
Investment in and loans to/from Unconsolidated Real Estate Affiliates		380,522			6,403			386,925
Investment property and property held for development and sale		1,196,180			—			1,196,180
Investment in controlled non-debtor entities		3,922,540			58,889			3,981,429

Net investment in real estate		10,621,863			13,262,500			23,884,363
Cash and cash equivalents		509,075			4,785			513,860
Accounts and notes receivable, net		102,861			238,771			341,632
Goodwill		199,664			—			199,664
Deferred expenses, net		93,798			127,609			221,407
Prepaid expenses and other assets		306,568			271,057			577,625

Total assets	$	11,833,829		$	13,904,722		$	25,738,551


Liabilities and Equity:
Mortgages, notes and loans payable	$	400,000		$	9,920,536		$	10,320,536
Investment in and loans to/from Unconsolidated Real Estate Affiliates		32,830			—			32,830
Deferred tax liabilities		910,847			—			910,847
Accounts payable and accrued expenses		608,371			335,643			944,014

Liabilities not subject to compromise		1,952,048			10,256,179			12,208,227
Liabilities subject to compromise		10,833,885			944,399			11,778,284

Total liabilities		12,785,933			11,200,578			23,986,511


Redeemable noncontrolling interests:
Preferred		120,756			—			120,756
Common		95,241			—			95,241

Total redeemable noncontrolling interests		215,997			—			215,997


Commitments and Contingencies		—			—			—

Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding		—			—			—

Equity:
Common stock: $.01 par value; 875,000,000 shares authorized, 318,754,091 shares issued as of February 28, 2010		3,188			—			3,188
Additional paid-in capital		1,132,495			2,644,148			3,776,643
Retained earnings (accumulated deficit)		(2,235,197	)		59,984			(2,175,213	)
Accumulated other comprehensive loss		(6,140	)		12			(6,128	)
Less common stock in treasury, at cost, 1,449,939 shares as of February 28, 2010		(76,752	)		—			(76,752	)

Total stockholder’s equity		(1,182,406	)		2,704,144			1,521,738
Noncontrolling interests in consolidated real estate affiliates		14,305			—			14,305

Total equity		(1,168,101	)		2,704,144			1,536,043

Total liabilities and equity	$	11,833,829		$	13,904,722		$	25,738,551

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

NOTE 1 Chapter 11 Cases and Proceedings

As previously disclosed pursuant to the Monthly Operating Report filed on June 15, 2009, for the period ended April 30, 2009 (the “April MOR”), on April 16, 2009 (“the Petition Date”), General Growth Properties, Inc. (the “Company”), GGP Limited Partnership (“GGPLP”) and certain of the Company’s domestic subsidiaries (collectively, the “April 16 Debtors”) each filed voluntary petitions for relief pursuant to Chapter 11 (“Chapter 11”) of Title 11 of the United States Code (the “Bankruptcy Code”). On April 23, 2009, an additional 28 of the Company’s domestic subsidiaries (the “April 22 Debtors”) also filed voluntary petitions for Chapter 11 relief. The 388 Debtors’ cases (collectively, the “Chapter 11 Cases”) are pending in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) and are jointly administered. The April 16 Debtors and April 22 Debtors are collectively referred to in this report as the “Debtors”. As provided by the rules and regulations governing the Chapter 11 Cases, the Company, on behalf of the Debtors, has agreed to supply to the Bankruptcy Court a monthly report detailing the combined operations for the Debtors as of and for the previous month as well as cumulatively from the Petition Date. Such reports for each month are collectively referred to as the “Monthly Operating Reports”.

The Debtors own and operate approximately 166 regional shopping centers. A list of the Debtors and the properties affected by these Chapter 11 Cases (each an “Operating Property” and, collectively, the “Operating Properties”) is included as Annex A to the Monthly Operating Report filed on June 30, 2009 for the period ended May 31, 2009 (the “May MOR”). As many of the parties affected by, or interested in, the Chapter 11 Cases identify a Debtor by the Operating Property that it owns and/or manages, rather than by such Debtor’s legal name, where appropriate, the Company has reported information either on a by Debtor or on an Operating Property basis. For information regarding the Chapter 11 Cases preceding the filing of this monthly operating report, please see Note 1 of each of the respective previously filed Monthly Operating Reports.

Since the Petition Date, the Bankruptcy Court has granted various motions that allow the Company to continue to operate its business in the ordinary course without interruption during the Chapter 11 Cases covering, among other things, employee obligations and incentive compensation, critical service providers, tax matters, insurance matters, tenant and contractor obligations, claim settlements, ordinary course property sales, cash management and cash collateral. In addition, on March 3, 2010, the Bankruptcy Court approved an extension of the exclusivity period during which we have the right to file a plan through July 15, 2010, and an extension of the period to solicit acceptances of a plan through September 15, 2010. If we do not file a plan of reorganization for the 2010 Track Debtors prior to the lapse of the exclusivity period, any party in interest would be able to file a plan of reorganization for any of the 2010 Track Debtors.

Through March 31, 2010, Debtors (the “Track 1 Debtors”) owning 143 properties with $13.84 billion of secured mortgage loans filed consensual plans of reorganization (the “Track 1 Plans”). As of December 31, 2009, 113 Debtors owning 50 properties with approximately $4.65 billion secured debt emerged from bankruptcy (the “Track 1A Debtors”). Effectiveness of the plans of reorganization and emergence from bankruptcy of the remaining Track 1 Debtors (the “Track 1B Debtors”) continued through March 2010 and is expected to be completed in April 2010. In such regard, through March 30, 2010, an additional 98 Debtors owning 60 properties with approximately $6.65 billion of secured mortgage debt emerged from bankruptcy. The Chapter 11 Cases for the remaining Debtors (generally, GGP, GGPLP and other holding company or investment subsidiaries (the “TopCo Debtors”) which own certain individual or groups of properties but also certain operating property Debtors, (collectively, the “2010 Track Debtors”)) will continue until their respective plans of reorganization are filed with the Bankruptcy Court, approved by the applicable classes of creditors and confirmed by the Bankruptcy Court. (See Note 2 for the impact of the confirmation of the Track 1 Debtor plans on the financial statements included in this February 2010 Monthly Operating Report).

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

NOTE 2 Basis of Presentation

The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Office of the United States Trustee (the “U.S. Trustee”) and the Bankruptcy Court. As a result, only relevant financial information for the Debtors has been included in the information presented in the Monthly Operating Report. Accordingly, a significant number of legal entities owned and controlled by GGP, and the related assets, liabilities and operating results of such entities, have been excluded from this Monthly Operating Report as such entities are operating outside of the provisions of Chapter 11. The Debtors’ ownership interest in such excluded entities (the “Non-Debtors”) has been reflected as investment in controlled Non-Debtors at the Debtors’ ownership share (typically 100%). In addition, the applicable earnings/loss of such controlled Non-Debtor entities, along with the Debtors’ share of the applicable income/loss of Unconsolidated Real Estate Affiliates, has been included in the equity in income of Real Estate Affiliates. Further, in the Combined Condensed Statement of Income and Comprehensive Income, the operations for the Debtors are presented from each of their respective Petition Dates forward. As a result, the unaudited financial statements contained in this Monthly Operating Report are not and will not be consistent with the Company’s financial statement filings submitted to the United States Securities and Exchange Commission (the “SEC”) for this or any previous or future period.

The accompanying combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities of the Debtors in the normal course of business. In particular, as each of the Debtors is currently operating as a debtor-in-possession under the provisions of Chapter 11, these combined condensed financial statements have been prepared in accordance with the specialized accounting guidance for entities in reorganization under the Bankruptcy Code. Accordingly, the Debtors’ combined financial statements do not reflect any adjustments related to the recoverability of assets and satisfaction of liabilities that might be necessary should they be unable to continue as a going concern. However, such specialized guidance provides that all pre-petition liabilities subject to compromise (“LSTC” — see Note 5) have been segregated from liabilities not subject to compromise in the combined balance sheet and have been classified as LSTC, at the estimated amount of allowed claims. Liabilities not subject to compromise include: (1) liabilities held by Non-Debtor and Track 1A Debtor entities; (2) liabilities incurred after the Petition Date; (3) pre-Petition Date liabilities that the Track 1B Debtors and the 2010 Track Debtors expect to pay in full, even though certain of these amounts may not be paid until after the applicable Debtor’s plan of reorganization is effective; and (4) liabilities related to pre-petition contracts that affirmatively have not been rejected. Interest expense related to pre-petition LSTC has been reported only to the extent that it is (i) estimated to be paid during the pendency of the Chapter 11 Cases, (ii) permitted by the Bankruptcy Court, or (iii) expected to be an allowed claim and may be paid or settled for less than the amount reported. In addition, to the extent any interest expense is unpaid; such accrued amounts may be paid or settled, in full or partially, in the form of equity and/or cash or any combination thereof. Expenses, provisions for losses resulting from the reorganization and certain other items directly related to the Chapter 11 Cases are reported separately in our combined condensed statement of operations as reorganization items (Note 7).

Unsecured liabilities not subject to compromise as of February 28, 2010 with respect to the Track 1 Debtors are reflected at the current estimate of the probable amounts to be paid. However, the amounts of such unsecured liabilities related to the associated liabilities not subject to compromise resolved or allowed by the Bankruptcy Court (and therefore paid at 100% pursuant to the Track 1 Plans) has not yet been determined. In such regard, during February 2010, payments commenced on the Track 1 Debtor claims, a process expected to continue for several months as the amounts to be allowed are confirmed by the Bankruptcy Court. With respect to secured liabilities, GAAP bankruptcy guidance provides that Track 1A Debtor mortgage loans should be recorded at their estimated Fair Value upon emergence. A cumulative discount of approximately $342.2 million was recorded on such $4.65 billion of secured debt, with the resulting gain classified as a reorganization item. Additional gains will be recorded in the first and second quarters of 2010 with respect to the $9.19 billion of mortgage loans related to the remaining Track 1 Debtors that have emerged or will emerge from bankruptcy in 2010.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

Combining condensed income statement and balance sheets have been presented as of February 28, 2010 with separate columns for the segregation of entities for which plans of reorganization have been formally confirmed (“Post-Confirmation Entities”) by the Bankruptcy Court versus those that have yet to file consensual or non-consensual plans of reorganization (“Unconfirmed Entities”). This presentation does not affect the presentation of other schedules as all original Debtors are included in the presentation where denoted. As of February 28, 2010, the Post-Confirmation Entities include 216 Debtors while the Unconfirmed Entities include 172 Debtors.

The unaudited financial statements for the Debtors contained in this Monthly Operating Report have been derived from the books and records of the Company. All significant intercompany balances and transactions between the Debtors have been eliminated. All intercompany balances with Non-Debtors are non-interest bearing (except to the extent such balances are between taxable and non-taxable entities), unsecured, payable on demand and have been reflected as a component of equity. In addition, the financial information contained in such financial statements for the Debtors is preliminary and unaudited and does not purport to show the results of operations or statements of position in accordance with GAAP as, primarily, only normal recurring adjustments are made for the routine monthly closing of our books. Accordingly, certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have been made for such purposes of this Monthly Operating Report. If this information had been subject to the procedures performed to prepare our quarterly and annual financial information in accordance with GAAP and the rules and regulations of the SEC, we believe that the financial information could be subject to changes and such changes could be material. Therefore, there can be no assurance that the financial information contained in this Monthly Operating Report for the Debtors is complete and readers are strongly cautioned not to place undue reliance upon this or any previously submitted Monthly Operating Report.

Readers of this Monthly Operating Report should refer to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2009, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the “Annual Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our 2009 Annual Report.

NOTE 3 Summary of Significant Accounting Policies

See Note 1 “Organization” and Note 2 “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in our 2009 Annual Report for a summary of the accounting policies that we consider to be significant.

NOTE 4 Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders

In general, each of the Operating Properties collects cash receipts in a property-specific lockbox and such receipts are transferred daily to a centralized GGPLP cash management account from which cash disbursements are funded. Accordingly, none of the Debtors that directly or indirectly own specific Operating Properties disburse funds to outside parties; all such disbursements are made by GGPLP on behalf of such Debtors. Therefore, at any and all points in time, GGPLP maintains, for each Debtor, an individual net balance of all such cash transfers and disbursements made that pertain to such Debtor. This intercompany account between GGPLP and the respective Debtor is reconciled monthly. As described in Note 1, the Bankruptcy Court has approved the continuation of this centralized cash management system. In addition, the centralized cash management system was incorporated for the Track 1A Debtors (and the Track 1B Debtors that have subsequently emerged from bankruptcy as of March 2, 2010) into their plans of reorganization and secured mortgage loan modifications. Mortgage lenders to the Operating Properties were granted a lien on the centralized GGPLP cash management account. Finally, the Debtors agreed to maintain a cash reserve in such account equal to the net cash transferred from the Operating Properties subject to liens since the Petition Date.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

On February 28, 2010, the aggregate cumulative post-petition intercompany amounts due (to) from GGPLP with respect to Debtors that own Operating Properties with mortgage lenders possessing the lien rights on the centralized GGPLP cash management account described above, were $160.1 million. In addition, as of February 26, 2010, the aggregate cash balance held by the Debtors upon which the first-lien holders have such lien rights was approximately $187.3 million.

All bank accounts, both property specific and centralized, are reconciled monthly. Highly-liquid investments with maturities at dates of purchase of three months or less are classified as cash equivalents. As part of the adequate protection being provided to lenders of the Operating Properties, the Debtors will continue to provide reporting information to those lenders as required by their individual loan agreements. The Debtors have agreed to provide such information to the Office of the United States Trustee on a confidential basis upon reasonable request.

NOTE 5 Certain Other Assets and Liabilities and Liabilities Subject to Compromise

The following table summarizes the significant components of prepaid expenses and other assets of the Debtors:


	All Debtors as of
	February 28, 2010
	(In thousands)
Below-market ground leases	$	181,999
Prepaid expenses		82,916
Security and escrow deposits		72,415
Real estate tax stabilization agreement		70,953
Receivables — finance leases and bonds		69,003
Special Improvement District receivable		48,667
Above-market tenant leases		22,237
Deferred tax, net of valuation allowances		18,329
Other		11,106

Total prepaid expenses and other assets	$	577,625

The components of combined security and escrow deposits of the Debtors are summarized as follows:


	All Debtors as of
	February 28, 2010
	(In thousands)
Utility and other security deposits	$	36,663
Operating funds — restricted		19,821
Real estate tax escrows		6,366
Construction/major maintenance reserves		4,666
Other miscellaneous escrows		2,990
Collateralized letters of credit and other credit support		1,909

Total security and escrow deposits	$	72,415

The following table summarizes the significant components of accounts payable and accrued expenses of the Debtors. Substantially all amounts included in the unpaid or accrued balances listed below that are considered LTSC are past due at February 28, 2010, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)


	All Debtors as of
	February 28, 2010
	(In thousands)
Accrued interest	$	414,136
Accounts payable and accrued expenses		363,423
Accrued payroll and other employee liabilities		138,278
Uncertain tax position liabilities		129,413
Construction payable		128,306
Accrued real estate taxes		68,054
Hughes accrued participation		66,797
Deferred gains/income		55,539
Below-market tenant leases		51,824
Unapplied cash receipts		29,327
Accounts payable to affiliates		(87,402	)
Other		184,583

Total accounts payable and accrued expenses		1,542,278
Less: amounts not subject to compromise		(944,014	)

Total accounts payable and accrued expenses subject to compromise	$	598,264

The following table summarizes the amounts of LSTC (see Note 2) at February 28, 2010:


	(In thousands)
Mortgages and secured notes	$	5,168,666
Unsecured notes		6,011,354
Accounts payable and accrued expenses		598,264

Total liabilities subject to compromise	$	11,778,284

NOTE 6 Rejected Contracts and Related Matters

In addition to our mortgage and other debt, current liabilities and liens, the Debtors are subject to certain executory contracts. The Debtors, subject to the approval of the Bankruptcy Court, may assume or reject these contracts. Although the Debtors are considering the rejection of certain of such contracts (except for our operating property tenant leases), no contracts have been rejected relating to the Track 1 Plan. Additional claims related to executory contracts have been recorded by the Debtors based on analysis relating to the emergence of Debtors and compliance with applicable accounting guidance.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

NOTE 7 General and Administrative Expenses and Reorganization Items

General and Administrative expenses consist of the centralized costs of managing the portfolio of assets owned by the Company, which includes the Debtors. Significant subcategories of such overhead costs are listed in the following schedule:


	All Debtors
				Cumulative Post-
	Month Ended			Petition Period Ended
General and Administrative Expenses	February 28, 2010			February 28, 2010
	(In thousands)
Insider compensation	$	520		$	11,302
Public Company expense (1)		502			7,009
Travel, entertainment, insurance and other		(35	)		29,381

Total general and administrative	$	987		$	47,692


(1)		This amount includes routine operating professional fees, including any fees incurred for “retained professionals”. Professional fees related to the Chapter 11 Cases are reported separately within reorganization items.

Reorganization items under the bankruptcy filings are expense and income items that were incurred or realized by the Debtors as a result of the Chapter 11 Cases and are presented separately in the unaudited condensed combined statement of operations of the Debtors. These items include professional fees and similar types of expenses directly related to the bankruptcy filings, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors. Reorganization items are as follows:


	All Debtors
				Cumulative Post-
	Month Ended			Petition Period Ended
Reorganization Items (income) expense	February 28, 2010			February 28, 2010
	(In thousands)
Gains on liabilities subject to compromise ⁽¹⁾	$	(255,236	)	$	(606,394	)
Interest income ⁽²⁾		(9	)		(45	)
U.S. Trustee fees ⁽³⁾		319			5,166
Restructuring costs — Chapter 11 Retained Professionals ⁽⁴⁾		14,147			97,049
Restructuring costs — including other professional fees ⁽⁵⁾		17,852			232,639

Total reorganization items	$	(222,927	)	$	(271,585	)


(1)		This cumulative amount primarily relates to a $596.9 million gain that resulted from the required Fair Value of debt adjustment for the entities that emerged from bankruptcy since December 2009. Such gains reflect agreements reached with certain critical vendors (as defined), which were authorized by the Bankruptcy Court and for which payments on an installment basis began in July 2009.

(2)		Interest income primarily reflects amounts earned on cash accumulated as a result of the Chapter 11 Cases.

(3)		Estimate of fees due remain subject to confirmation and review by the U.S. Trustee.

(4)		See Schedule VIII which sets forth those professionals whose retention was approved by separate order of the Bankruptcy Court. Certain of the retained professionals have agreements that provide for success or completion fees that are payable upon the consummation of specified restructuring or sale transactions.

(5)		These costs relate to amounts incurred by the Debtors for services rendered by non-attorney, non-core Chapter 11 professionals, including certain costs incurred to obtain the Track 1 secured mortgage loan modifications; finance costs incurred by and the write off of unamortized deferred financing costs related to the properties that emerged from bankruptcy.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE I
COMBINED CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)


	Month Ended February 28, 2010
							Combined
	Debtors			Eliminations			All Debtors
	(In thousands, except for per share amounts)
Revenues:
Minimum rents	$	136,578		$	(4	)	$	136,574
Tenant recoveries		60,597			—			60,597
Overage rents		1,299			—			1,299
Land sales		492			—			492
Other		5,522			—			5,522

Total revenues		204,488			(4	)		204,484

Expenses:
Real estate taxes		20,425			—			20,425
Repairs and maintenance		18,588			—			18,588
Marketing		2,450			—			2,450
Ground and other rents		923			4			927
Other property operating costs		36,902			(31	)		36,871
Land sales operations		1,513			—			1,513
Provision for doubtful accounts		52			—			52
Property management and other costs		1,463			32			1,495
General and administrative		995			(8	)		987
Provisions for impairment		—			—			—
Depreciation and amortization		51,064			—			51,064

Total expenses		134,375			(3	)		134,372

Operating income		70,113			(1	)		70,112

Interest (expense) income, net		(91,695	)		—			(91,695	)

(Loss) income before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items		(21,582	)		(1	)		(21,583	)
Provision for income taxes		360			—			360
Equity in income of Real Estate Affiliates		436			5,431			5,867
Reorganization items		222,927			—			222,927

Net income		202,141			5,430			207,571
Allocation to noncontrolling interests		(1,012	)		(4,755	)		(5,767	)

Net income attributable to common stockholders	$	201,129		$	675		$	201,804


Basic and Diluted Earnings Per Share:	$	0.64		$	0.00		$	0.65

Comprehensive Income (Loss), Net:
Net income attributable to common stockholders	$	201,129		$	675		$	201,804
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments		1,218			(28	)		1,190
Accrued pension adjustment		363			(8	)		355

Foreign currency translation		5,411			(124	)		5,287

Other comprehensive income (loss), net		6,992			(160	)		6,832

Comprehensive loss attributable to common stockholders	$	208,121		$	515		$	208,636

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)


	Month Ended February 28, 2010
							Combined All
	Debtors			Eliminations			Debtors
	(In thousands)
Assets:
Investment in real estate:
Land	$	2,902,580		$	—		$	2,902,580
Buildings and equipment		18,910,147			—			18,910,147
Less accumulated depreciation		(3,854,170	)		—			(3,854,170	)
Developments in progress		432,115			(70,843	)		361,272

Net property and equipment		18,390,672			(70,843	)		18,319,829
Investment in and loans to/from Unconsolidated Real Estate Affiliates		607,042			(220,117	)		386,925
Investment property and property held for development and sale		1,125,599			70,581			1,196,180
Investment in controlled non-debtor entities		15,939,254			(11,957,825	)		3,981,429

Net investment in real estate		36,062,567			(12,178,204	)		23,884,363
Cash and cash equivalents		497,591			16,269			513,860
Accounts and notes receivable, net		341,632			—			341,632
Goodwill		199,664			—			199,664
Deferred expenses, net		221,407			—			221,407
Prepaid expenses and other assets		600,612			(22,987	)		577,625

Total assets	$	37,923,473		$	(12,184,922	)	$	25,738,551


Liabilities and Equity:
Mortgages, notes and loans payable	$	10,320,536		$	—		$	10,320,536
Investment in and loans to/from Unconsolidated Real Estate Affiliates		32,830			—			32,830
Deferred tax liabilities		910,847			—			910,847
Accounts payable and accrued expenses		958,133			(14,119	)		944,014

Total liabilities not subject to compromise		12,222,346			(14,119	)		12,208,227
Liabilities subject to compromise		12,180,173			(401,889	)		11,778,284

Total liabilities		24,402,519			(416,008	)		23,986,511


Redeemable noncontrolling interests:
Preferred		120,756			—			120,756
Common		166,544			(71,303	)		95,241

Total redeemable noncontrolling interests		287,300			(71,303	)		215,997


Commitments and Contingencies		—			—			—

Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding		—			—			—

Equity:
Common stock: $.01 par value; 875,000,000 shares authorized, 318,754,091 shares issued as of February 28, 2010		3,188			—			3,188
Additional paid-in capital		9,488,451			(5,711,808	)		3,776,643
Retained earnings (accumulated deficit)		3,810,726			(5,985,939	)		(2,175,213	)
Accumulated other comprehensive loss		(6,264	)		136			(6,128	)
Less common stock in treasury, at cost, 1,449,939 shares as of February 28, 2010		(76,752	)		—			(76,752	)

Total stockholder’s equity		13,219,349			(11,697,611	)		1,521,738
Noncontrolling interests in consolidated real estate affiliates		14,305			—			14,305

Total equity		13,233,654			(11,697,611	)		1,536,043

Total liabilities and equity	$	37,923,473		$	(12,184,922	)	$	25,738,551

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE III
SCHEDULE OF PAYROLL AND PAYROLL TAXES
(UNAUDITED)

as of and for the month ended February 28, 2010


Gross Wage	Employee Payroll	Employer Payroll
Expense	Taxes Withheld (a)	Taxes Remitted (b)
(In thousands)
$17,308	$4,053	$1,649


(a)		Employee Payroll Taxes are withheld each pay period and remitted by the Company, together with the Employer Payroll Taxes, to the appropriate tax authorities.

(b)		Gross Wages are generally paid by the Company on behalf of the Debtors every two weeks, and were last paid in this period, including withholding amounts, on February 26, 2010.

SCHEDULE IV
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES
(UNAUDITED)


			Amounts Paid
	Amount Accrued		Month Ended
	February 28, 2010		February 28, 2010
	(In thousands)
Federal and state income taxes	$	1,535	$	1

State and local taxes:
Property *		68,054		19,856
Sales and use		1,562		1,499
Franchise		2,084		37
Other		753		122

Total state and local taxes		72,453		21,514

Total taxes	$	73,988	$	21,515


*		Additional detail on the property taxes by Operating Property is listed below.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
10 COLUMBIA CORPORATE CENTER	$	—	$	—
10000 COVINGTON CROSS		—		20
10000 WEST CHARLESTON		—		45
10190 COVINGTON CROSS		—		51
1120/40 TOWN CENTER DRIVE		—		57
1160/80 TOWN CENTER DRIVE		—		56
1201/41 TOWN CENTER DRIVE		—		52
1240 ALA MOANA BLVD		—		81
1251/81 TOWN CENTER DRIVE		—		10
1551 HILLSHIRE DRIVE		—		41
1635 VILLAGE CENTER CIRCLE		—		20
1645 VILLAGE CENTER CIRCLE		—		25
20 COLUMBIA CORPORATE CENTER		—		—
30 COLUMBIA CORPORATE CENTER		—		—
306 KAMANI STREET		—		7
324 KAMAUNI STREET		—		8
330 KAMANI STREET		—		8
40 COLUMBIA CORPORATE CENTER		—		—
404 WARD AVENUE		—		17
420 WARD AVENUE		—		37
4848 OUTPARCEL		30		—
50 COLUMBIA CORPORATE CENTER		—		—
506 AHUI STREET		8		7
532 AHUI STREET BUILDING		—		25
60 COLUMBIA CORPORATE CENTER		—		—
801 HALEKAUWILA STREET		—		6
834 POHUKAINA ST.		—		12
837 HALEKAUWILA STREET		—		9
849/863 HALEKAUWILA STREET		—		31
900 HALEKAUWILA STREET		—		19
955 KAWAIAHAO STREET		—		12
955 WAIMANU STREET		—		—
956 KAWAIAAHAO (PARK LOT)		—		—
956 QUEEN STREET		9		14
9901/21 COVINGTON CROSS		—		27
9950/80 COVINGTON CROSS		—		27
AAA HAWAII, INC.		—		—
AHUI BUILDING		—		31
ALA MOANA BUILDING		—		258
ALA MOANA CENTER		2,872		5,352

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
ALA MOANA PACIFIC CENTER		—		334
ALA MOANA PLAZA		—		53
ALA MOANA TOWER		—		—
ALA MOANA-KAPIOLANI PROPERTIES		—		434
ALA MOANA-KONA STREET		—		12
ALAMEDA PLAZA		118		—
ANIMAS VALLEY MALL		152		—
APACHE MALL		286		—
ARIZONA CENTER		35		—
ARIZONA CENTER ARIZONA CENTER ONE		98		—
ARIZONA CENTER ARIZONA CENTER TWO		116		—
ARIZONA CENTER CINEMA		26		—
ARIZONA CENTER GARDEN OFFICE		11		—
ARIZONA CENTER OFFICE		24		—
ARIZONA CENTER PARKING		39		—
AUGUSTA MALL		119		—
AUGUSTA MALL ANCHOR ACQ		59		—
AUSTIN BLUFFS PLAZA		36		26
BAILEY HILL		—		—
BASKIN ROBBINS		4		—
BAY CITY MALL		—		84
BAYSHORE MALL		80		—
BEACHWOOD PLACE		2,565		—
BELLIS FAIR		86		—
BIRCHWOOD MALL		127		142
BOISE TOWN SQUARE ANCHOR ACQ		56		—
BOISE TOWNE PLAZA		154		—
BOISE TOWNE SQUARE		1,318		—
BRASS MILL CENTER		—		—
BRASS MILL COMMONS		—		—
BURLINGTON TOWN CENTER		—		5
BURLINGTON TOWN CENTER OFFICE		—		—
CACHE VALLEY MALL		43		—
CACHE VALLEY MARKETPLACE		19		—
CANYON POINT		—		67
CAPITAL MALL		53		—
CENTURY PLAZA		30		—
CHAPEL HILLS MALL		794		595
CHICO MALL		95		—
CHULA VISTA CENTER		134		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
COLLIN CREEK		313		—
COLONY SQUARE MALL		447		—
COLUMBIA CENTER-C.A. BUILDING		—		—
COLUMBIA CENTER-EXHIBIT BLDG		—		—
COLUMBIA MALL		90		—
COLUMBIANA CENTER		249		—
CORONADO MALL		513		—
CORPORATE POINTE #2		—		—
CORPORATE POINTE #3		—		—
COTTONWOOD MALL		49		—
COTTONWOOD SQUARE		7		—
COUNTRY HILL PLAZA		23		—
CROSSING BUSINESS CENTER #6		—		30
CROSSING BUSINESS CENTER #7		—		61
CROSSROADS CENTER (MN)		510		—
DEERBROOK MALL		255		—
DEERBROOK MALL ANCHOR ACQ		12		—
DIVISION CROSSING		—		—
EAGLE RIDGE MALL		90		—
EASTRIDGE MALL (CA)		322		—
EASTRIDGE MALL (WY)		180		—
EDEN PRAIRIE CENTER		656		—
EDEN PRAIRIE CENTER ANCHOR ACQ		38		—
ELK GROVE PROMENADE		977		—
FALLBROOK CENTER		250		—
FANEUIL HALL MARKETPLACE		—		—
FASHION PLACE		206		5
FASHION PLACE ANCHOR ACQ		15		—
FASHION SHOW		—		782
FOOTHILLS MALL		610		455
FORT UNION		11		—
FOUR SEASONS TOWN CENTRE MALL		288		—
FOX RIVER MALL		963		—
FREMONT VILLAGE		—		35
GATEWAY CROSSING SHOPPING CTR		33		—
GATEWAY MALL		—		—
GGP-FEASIBILITY COMPANY		—		—
GGPLP-SHARED		815		486
GGPLP-VICTORIA WARD		—		—
GLENBROOK SQUARE		5,437		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
GLENBROOK SQUARE ANCHOR ACQ		152		—
GRAND TETON MALL		550		—
GRAND TETON PLAZA		118		—
GRAND TRAVERSE MALL		104		119
GREENGATE MALL, INC.		—		—
GREENWOOD MALL		81		—
HALEKAUWILA BUILDING		13		19
HALSEY CROSSING		—		—
HARBORPLACE		—		—
COLUMBIA HRD BENSON LEASES		—		—
HULEN MALL		351		—
JORDAN CREEK TOWN CENTER		4,975		308
KAMANI BUILDING		—		23
KENDALL TOWN CENTER		—		—
KLING TRUST (CLIFFORD ET AL)		—		—
KNOLLWOOD MALL		103		—
LAKEMOOR		—		—
LAKESIDE MALL		—		369
LAKEVIEW SQUARE		144		242
LANDMARK MALL		81		—
LANSING MALL		188		478
LINCOLNSHIRE COMMONS		493		—
LOCKPORT MALL		—		—
LYNNHAVEN MALL		436		—
MALL AT SIERRA VISTA		292		—
MALL OF LOUISIANA		206		—
MALL OF LOUSIANA POWER CENTER		26		—
MALL OF THE BLUFFS		2,459		—
MALL ST. MATHEWS		131		—
MALL ST. VINCENT		104		—
MARKET PLACE SHOPPING CENTER		1,965		—
MAYFAIR BANK TOWER		260		—
MAYFAIR MALL		3,760		—
MAYFAIR NORTH TOWER		272		—
MAYFAIR PROFESSIONAL		104		—
MAYFAIR-AURORA HEALTH CENTER		247		—
MCKELLAR, DAVID GARTH		—		8
MORENO VALLEY MALL		125		—
NATICK-NOUVELLE AT NATICK		—		—
NEIGHBORHOOD STORES		—		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
NEWGATE MALL		124		—
NEWPARK MALL		134		40
NEWPARK MALL ANCHOR ACQ		26		—
NORTH PLAINS MALL		40		—
NORTH POINT MALL		409		—
NORTH STAR MALL		2,347		—
NORTH STAR MALL ANCHOR ACQ		268		—
NORTH TOWN MALL		189		—
NORTHGATE MALL		110		355
NORTHRIDGE FASHION CENTER		420		—
OAKWOOD CENTER		76		—
OAKWOOD MALL		807		—
OGLETHORPE MALL		230		—
OREM PLAZA CENTER STREET		12		—
OREM PLAZA STATE STREET		6		—
OVIEDO MARKETPLACE		112		—
OWINGS MALL		—		—
OXMOOR MALL		125		10
PARK CITY CENTER		282		—
PARK PLACE		775		—
PARK WEST		642		—
PEACHTREE MALL		247		—
PECANLAND MALL		108		—
PECANLAND MALL ANCHOR ACQ		9		—
PIEDMONT MALL		38		—
PIERRE BOSSIER MALL		39		—
PINE RIDGE MALL		295		—
PIONEER PLACE		—		—
PIONEER PLACE LP EXPANSION		—		—
PIONEER TOWER		—		—
PIONEER TOWER GARAGE		—		—
PLAZA 800		—		30
PLAZA 9400		25		—
POHUKAINA CENTER		—		152
POHUKAINA COURT		—		22
PRICE NT CORP		—		—
PRINCE KUHIO PLAZA		—		251
PROVIDENCE PLACE		—		—
PROVO PLAZA		7		—
RED CLIFFS MALL		36		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
RED CLIFFS PLAZA		10		—
REDLANDS PROMENADE		116		—
REGENCY SQUARE MALL		227		—
RIDGEDALE CENTER		618		—
RIDGLEY BUILDING		—		—
RIO WEST MALL		141		—
RIVER FALLS		917		—
RIVER HILLS MALL		1,638		—
RIVER POINTE PLAZA		16		—
RIVERLANDS SHOPPING CENTER		10		—
RIVERSIDE PLAZA		26		—
RIVERTOWN CROSSINGS		446		77
RIVERWALK MARKETPLACE		—		—
ROGUE VALLEY MALL		—		—
SAINT LOUIS GALLERIA		664		—
SALEM CENTER		—		—
SEAPORT MARKETPLACE, INC.		—		—
SIKES SENTER		221		—
SILVER LAKE MALL		140		—
SOONER MALL		269		—
SOUTH STREET MARKETPLACE THEAT		165		—
SOUTHLAKE MALL		187		—
SOUTHLAND CENTER (MI)		—		339
SOUTHLAND MALL (CA)		276		—
SOUTHSHORE MALL		22		—
SOUTHWEST OFF CTR I		112		84
SOUTHWEST OFF CTR II		35		26
SOUTHWEST PLAZA		1,522		1,137
SPRING HILL MALL		2,692		—
ST LOUIS GALLERIA ANCH ACQ		13		—
STONESTOWN GALLERIA		606		—
STONESTOWN MEDICAL BUILDING		36		—
TESORO CORPORATION		—		15
THE BOULEVARD MALL		—		181
THE BRIDGES AT MINT HILL		3		—
THE COMMONS AT FOOTHILLS MALL		21		15
THE CROSSROADS (MI)		218		73
THE GALLERY AT HARBORPLACE		—		—
THE GALLERY AT HARBORPLACE-GARAGE		1,169		—
THE GALLERY AT HARBORPLACE-OFFICE		—		—
THE GRAND CANAL SHOPPES		—		464
THE MAINE MALL		8		925

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)


	Property Tax
			Amount Paid
	Amount Accrued		Month Ended
Operating Property	February 28, 2010		February 28, 2010
	(In thousands)
THE PINES		115		—
THE PLAZA AT FOOTHILLS MALL		50		37
THE SHOPPES AT THE PALAZZO		—		250
THE SHOPS AT FALLEN TIMBERS		1,203		906
THE SHOPS AT FOOTHILLS MALL		81		59
THE SHOPS AT SUMMERLIN CENTRE		—		188
THE VILLAGE AT REDLANDS		33		—
THE VILLAGE OF CROSS KEYS		—		—
THE WOODLANDS MALL		279		—
THE WOODLANDS MALL ANCHOR ACQ		15		—
THHC LAND (WOBU)		—		—
THREE RIVERS MALL		35		—
TOWN EAST MALL		612		—
TRCLP		—		—
TUCSON ANCHOR ACQ		43		—
TUCSON ENTERTAINMENT PAVILION		26		—
TUCSON MALL		627		—
TWINS FALLS CROSSINGS		22		—
TYSONS GALLERIA		418		—
UNIVERSITY CROSSING		42		—
VALLEY HILLS MALL		567		—
VALLEY PLAZA MALL		197		—
VICTORIA WARD SHARED OPERATION		—		9
VILLAGE AT JORDAN CREEK		1,307		—
VISALIA MALL		74		—
VISTA COMMONS		—		51
VISTA RIDGE MALL		363		—
VML MAINT SHOP		—		—
VWL-GROUND LEASE PROP.		2		81
WARD CENTERS		—		281
WARD ENTERTAINMENT CENTER		—		535
WARD GATEWAY CENTER		163		274
WARD INDUSTRIAL CENTER		—		568
WARD PLAZA		—		126
WARD VILLAGE		131		—
WARD VILLAGE SHOPS		35		356
WARD WAREHOUSE		—		350
WASHINGTON PARK MALL		28		—
WEST VALLEY MALL		132		—
WESTWOOD MALL		43		52

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
South Street Seaport Limited Partnership		09-11963	$	1,254
Seaport Marketplace, LLC		09-11964		—
Seaport Marketplace Theatre, LLC		09-11965		2
Lockport L.L.C.		09-11966		53
RASCAP Realty, Ltd.		09-11967		—
Bellis Fair Partners		09-11968		714
GGP-Mint Hill L.L.C.		09-11969		113
Pines Mall Partners		09-11970		70
GGP-Grandville L.L.C.		09-11971		1,630
GGP-Grandville II L.L.C.		09-11972		—
GGP-Redlands Mall, L.P.		09-11973		33
La Place Shopping, L.P.		09-11974		48
GGP-Tucson Land L.L.C.		09-11975		12
Tucson Anchor Acquisition, LLC		09-11976		3,390
General Growth Properties, Inc.		09-11977		—
GGP Limited Partnership		09-11978		39,917
Rouse LLC		09-11979		—
GGP American Properties Inc.		09-11980		—
Caledonian Holding Company, Inc.		09-11981		—
GGPLP L.L.C.		09-11982		—
Rouse Company LP, The		09-11983		2,366
TRC Co-Issuer, Inc.		09-11984		—
Oakwood Shopping Center Limited Partnership		09-11985		319
Alameda Mall Associates		09-11986		346
Bay Shore Mall Partners		09-11987		371
Chico Mall, L.P.		09-11988		444
Lansing Mall Limited Partnership		09-11989		648
GGP-Pecanland, L.P.		09-11990		614
GGP-Pecanland II, L.P.		09-11991		—
Southland Mall, L.P.		09-11992		752
South Shore Partners, L.P.		09-11993		25
Price Financing Partnership, L.P.		09-11994		—
Price GP L.L.C.		09-11995		—
HHP Government Services, Limited Partnership		09-11996		—
Ho Retail Properties I Limited Partnership		09-11997		545
New Orleans Riverwalk Associates		09-11998		887
New Orleans Riverwalk Limited Partnership		09-11999		—
White Marsh General Partnership		09-12000		415
White Marsh Mall Associates		09-12001		415
White Marsh Phase II Associates		09-12002		415

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
Parke West, LLC		09-12003		137
GGP-Newpark L.L.C.		09-12004		346
Elk Grove Town Center, L.P.		09-12005		49
Baltimore Center Associates Limited Partnership		09-12006		2,310
Baltimore Center Garage Limited Partnership		09-12007		100
Century Plaza L.L.C.		09-12008		53
Harbor Place Associates Limited Partnership		09-12009		683
Price Development Company, Limited Partnership		09-12010		145
Rouse-Phoenix Theatre Limited Partnership		09-12011		4
Rouse-Arizona Retail Center Limited Partnership		09-12012		235
Rouse-Phoenix Master Limited Partnership		09-12013		—
Saint Louis Land L.L.C.		09-12014		—
Southland Center, LLC		09-12015		1,356
GGP-North Point Land L.L.C.		09-12016		—
Majestic Partners-Provo, LLC		09-12017		1
GGP-Mall of Louisiana, L.P.		09-12018		1,679
NewPark Anchor Acquisition, LLC		09-12019		—
Parkview Office Building Limited Partnership		09-12020		83
Parkside Limited Partnership		09-12021		168
Park Square Limited Partnership		09-12022		41
Rouse SI Shopping Center, LLC		09-12023		2,034
Augusta Mall, LLC		09-12024		1,608
Burlington Town Center LLC, The		09-12025		343
Fashion Show Mall LLC		09-12026		4,474
GGP Ala Moana L.L.C.		09-12027		18,628
GGP Jordan Creek L.L.C.		09-12028		1,655
GGP Village at Jordan Creek L.L.C.		09-12029		21
GGP-Four Seasons L.L.C.		09-12030		986
Lincolnshire Commons, LLC		09-12031		211
Phase II Mall Subsidiary, LLC		09-12032		2,473
St. Cloud Mall L.L.C.		09-12033		662
Valley Hills Mall L.L.C.		09-12034		535
GGP Holding, Inc.		09-12035		187
The Rouse Company BT, LLC		09-12036		—
Rouse Company Operating Partnership LP, The		09-12037		—
10000 West Charleston Boulevard, LLC		09-12040		214
10190 Covington Cross, LLC		09-12041		91
1120/1140 Town Center Drive, LLC		09-12042		96
1160/1180 Town Center Drive, LLC		09-12043		94
1201-1281 Town Center Drive, LLC		09-12044		79

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
1251 Center Crossing, LLC		09-12045		—
1450 Center Crossing Drive, LLC		09-12046		36
1451 Center Crossing Drive, LLC		09-12047		62
1551 Hillshire Drive, LLC		09-12048		158
1635 Village Centre Circle, LLC		09-12049		29
1645 Village Center Circle, LLC		09-12050		43
9901-9921 Covington Cross, LLC		09-12051		38
9950-9980 Covington Cross, LLC		09-12052		34
Alameda Mall, L.L.C.		09-12053		—
Apache Mall, LLC		09-12054		319
Arizona Center Parking, LLC		09-12055		24
Augusta Mall Anchor Acquisition, LLC		09-12056		18
Augusta Mall Anchor Holding, LLC		09-12057		—
Augusta Mall Holding, LLC		09-12058		—
Austin Mall Limited Partnership		09-12059		—
Austin Mall, LLC		09-12060		—
Bakersfield Mall, Inc.		09-12061		—
Bakersfield Mall LLC		09-12062		726
Baltimore Center, LLC		09-12063		—
Bay City Mall Associates L.L.C.		09-12064		307
Bay Shore Mall II L.L.C.		09-12065		—
Bay Shore Mall, Inc.		09-12066		—
Beachwood Place Holding, LLC		09-12067		—
Beachwood Place Mall, LLC		09-12068		1,483
Benson Park Business Trust		09-12069		—
Birchwood Mall, LLC		09-12070		313
Boise Mall, LLC		09-12071		750
Boise Town Square Anchor Acquisition, LLC		09-12072		6
Boise Towne Plaza L.L.C.		09-12073		70
Boulevard Associates		09-12074		1,068
Boulevard Mall, Inc.		09-12075		—
Boulevard Mall I LLC		09-12076		—
Boulevard Mall II LLC		09-12077		—
BTS Properties L.L.C.		09-12078		—
Cache Valley, LLC		09-12079		60
Century Plaza, Inc.		09-12080		—
Champaign Market Place L.L.C.		09-12081		790
Chapel Hills Mall L.L.C.		09-12082		1,455
Chattanooga Mall, Inc.		09-12083		—
Chico Mall L.L.C.		09-12084		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
Chula Vista Center, LLC		09-12085		149
Collin Creek Anchor Acquisition, LLC		09-12086		—
Collin Creek Mall, LLC		09-12087		1,037
Colony Square Mall L.L.C.		09-12088		74
Columbia Mall L.L.C.		09-12089		667
Coronado Center L.L.C.		09-12090		1,529
Coronado Center Holding L.L.C.		09-12091		—
Cottonwood Mall, LLC		09-12092		11
Country Hills Plaza, LLC		09-12093		99
Deerbrook Mall, LLC		09-12094		660
DK Burlington Town Center LLC		09-12095		—
Eagle Ridge Mall, Inc.		09-12096		—
Eagle Ridge Mall, L.P.		09-12097		437
Eastridge Shopping Center L.L.C.		09-12098		1,354
Eden Prairie Anchor Building L.L.C.		09-12099		—
Eden Prairie Mall, Inc.		09-12100		—
Eden Prairie Mall L.L.C.		09-12101		627
Elk Grove Town Center L.L.C.		09-12102		—
ER Land Acquisition L.L.C.		09-12103		—
Fallbrook Square Partners Limited Partnership		09-12104		569
Fallbrook Square Partners L.L.C.		09-12105		—
Fallen Timbers Shops, LLC		09-12106		1,117
Fallen Timbers Shops II, LLC		09-12107		—
Faneuil Hall Marketplace, LLC		09-12108		1,479
Fashion Place, LLC		09-12109		2,268
Fashion Place Anchor Acquisition, LLC		09-12110		6
Fifty Columbia Corporate Center, LLC		09-12111		—
Forty Columbia Corporate Center, LLC		09-12112		—
Fox River Shopping Center, LLC		09-12113		1,482
Franklin Park Mall, LLC		09-12114		—
Franklin Park Mall Company, LLC		09-12115		—
Gateway Crossing L.L.C.		09-12116		94
Gateway Overlook Business Trust		09-12117		506
Gateway Overlook II Business Trust		09-12118		—
GGP Acquisition, L.L.C.		09-12119		—
GGP Ala Moana Holdings L.L.C.		09-12120		—
GGP American Holdings Inc.		09-12121		—
GGP General II, Inc.		09-12122		—
GGP Holding II, Inc.		09-12123		2
GGP Holding Services, Inc.		09-12124		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
GGP Ivanhoe II, Inc.		09-12125		—
GGP Ivanhoe IV Services, Inc.		09-12126		—
GGP Kapiolani Development L.L.C.		09-12127		459
GGP Knollwood Mall, LP		09-12128		297
GGP Natick Residence LLC		09-12129		2
GGP Savannah L.L.C.		09-12130		—
GGP/Homart, Inc.		09-12131		11
GGP/Homart Services, Inc.		09-12132		—
GGP-Bay City One, Inc.		09-12133		—
GGP-Brass Mill, Inc.		09-12134		1,251
GGP-Burlington L.L.C.		09-12135		—
GGP-Canal Shoppes L.L.C.		09-12136		—
GGP-Foothills L.L.C.		09-12137		792
GGP-Glenbrook L.L.C.		09-12138		1,240
GGP-Glenbrook Holding L.L.C.		09-12139		(1	)
GGP-Grandville Land L.L.C.		09-12140		—
GGP-La Place, Inc.		09-12141		—
GGP-Lakeview Square, Inc.		09-12142		—
GGP-Lansing Mall, Inc.		09-12143		—
GGP-Maine Mall L.L.C.		09-12144		2,427
GGP-Maine Mall Holding L.L.C.		09-12145		—
GGP-Maine Mall Land L.L.C.		09-12146		—
GGP-Moreno Valley, Inc.		09-12147		639
GGP-Newgate Mall, LLC		09-12148		417
GGP-Newpark, Inc.		09-12149		—
GGP-North Point, Inc.		09-12150		251
GGP-Pecanland, Inc.		09-12151		—
GGP-Redlands Mall L.L.C.		09-12152		—
GGP-South Shore Partners, Inc.		09-12153		—
GGP-Steeplegate, Inc.		09-12154		603
GGP-Tucson Mall L.L.C.		09-12155		1,308
GGP-UC L.L.C.		09-12156		101
Grand Canal Shops II, LLC		09-12157		4,625
Grandville Mall II, Inc.		09-12158		—
Grandville Mall, Inc.		09-12159		—
Greengate Mall, Inc.		09-12160		—
Greenwood Mall Land, LLC		09-12161		—
Harborplace Borrower, LLC		09-12162		—
Hickory Ridge Village Center, Inc.		09-12163		—
HMF Properties, LLC		09-12164		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
Ho Retail Properties II Limited Partnership		09-12165		185
Hocker Oxmoor, LLC		09-12166		696
Hocker Oxmoor Partners, LLC		09-12167		—
Howard Hughes Canyon Pointe Q4, LLC		09-12168		100
Howard Hughes Corporation, The		09-12169		286
Howard Hughes Properties, Inc.		09-12170		789
Howard Hughes Properties, Limited Partnership		09-12171		11
Howard Hughes Properties IV, LLC		09-12172		8
Howard Hughes Properties V, LLC		09-12173		11
HRD Parking, Inc.		09-12174		8
HRD Remainder, Inc.		09-12175		3
Hulen Mall, LLC		09-12176		767
Hughes Corporation, The		09-12177		—
Kapiolani Condominium Development, LLC		09-12178		—
Kapiolani Retail, LLC		09-12179		—
Knollwood Mall, Inc.		09-12180		—
Lakeside Mall Holding, LLC		09-12181		—
Lakeside Mall Property LLC		09-12182		1,741
Lakeview Square Limited Partnership		09-12183		607
Land Trust No. 89433		09-12184		—
Land Trust No. 89434		09-12185		—
Land Trust No. FHB-TRES 200601		09-12186		—
Land Trust No. FHB-TRES 200602		09-12187		—
Landmark Mall L.L.C.		09-12188		130
Lynnhaven Holding L.L.C.		09-12189		—
Lynnhaven Mall L.L.C.		09-12190		1,690
Mall of Louisiana Holding, Inc.		09-12191		—
Mall of Louisiana Land, LP		09-12192		5
Mall of Louisiana Land Holding, LLC		09-12193		—
Mall of the Bluffs, LLC		09-12194		332
Mall St. Matthews Company, LLC		09-12195		—
Mall St. Vincent, Inc.		09-12196		—
Mall St. Vincent, L.P.		09-12197		368
Mayfair Mall, LLC		09-12198		683
MSAB Holdings, Inc.		09-12199		—
MSAB Holdings L.L.C.		09-12200		—
MSM Property L.L.C.		09-12201		990
Natick Retail, LLC		09-12202		—
Newgate Mall Land Acquisition, LLC		09-12203		—
NewPark Mall L.L.C.		09-12204		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
North Plains Mall, LLC		09-12205		16
North Star Anchor Acquisition, LLC		09-12206		—
North Star Mall, LLC		09-12207		1,653
North Town Mall, LLC		09-12208		202
Northgate Mall L.L.C.		09-12209		714
NSMJV, LLC		09-12210		—
Oakwood Hills Mall, LLC		09-12211		169
Oglethorpe Mall L.L.C.		09-12212		1,007
Oklahoma Mall L.L.C.		09-12213		—
OM Borrower, LLC		09-12214		—
One Willow Company, LLC		09-12215		—
Orem Plaza Center Street, LLC		09-12216		—
Owings Mills Limited Partnership		09-12217		228
Park Mall, Inc.		09-12218		—
Park Mall L.L.C.		09-12219		1,368
PDC Community Centers L.L.C.		09-12220		363
PDC-Eastridge Mall L.L.C.		09-12221		416
PDC-Red Cliffs Mall L.L.C.		09-12222		191
Peachtree Mall L.L.C.		09-12223		666
Pecanland Anchor Acquisition, LLC		09-12224		—
Piedmont Mall, LLC		09-12225		318
Pierre Bossier Mall, LLC		09-12226		106
Pine Ridge Mall L.L.C.		09-12227		228
Pioneer Office Limited Partnership		09-12228		313
Pioneer Place Limited Partnership		09-12229		158
Price Development TRS, Inc.		09-12230		—
Price-ASG L.L.C.		09-12231		233
Prince Kuhio Plaza, Inc.		09-12232		—
Providence Place Holdings, LLC		09-12233		—
Redlands Land Acquisition Company L.L.C.		09-12234		—
Redlands Land Acquisition Company, L.P.		09-12235		—
Redlands Land Holding L.L.C.		09-12236		—
Ridgedale Center, LLC		09-12237		1,401
Rio West L.L.C.		09-12238		109
River Falls Mall, LLC		09-12239		53
River Hills Land, LLC		09-12240		—
River Hills Mall, LLC		09-12241		605
Rogue Valley Mall L.L.C.		09-12242		297
Rogue Valley Mall Holding L.L.C.		09-12243		—
The Rouse Company at Owings Mills, LLC		09-12244		—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
Rouse Company of Florida, LLC, The		09-12245		—
The Rouse Company of Louisiana, LLC		09-12246		—
The Rouse Company of Michigan, LLC		09-12247		—
The Rouse Company of Minnesota, LLC		09-12248		—
The Rouse Company of Ohio, LLC		09-12249		—
Rouse F.S., LLC		09-12250		—
Rouse Office Management of Arizona, LLC		09-12251		—
Rouse Providence LLC		09-12252		2,129
Rouse Ridgedale, LLC		09-12253		—
Rouse Ridgedale Holding, LLC		09-12254		—
Rouse Southland, LLC		09-12255		—
Rouse-Arizona Center, LLC		09-12256		—
Rouse-Fairwood Development Corporation		09-12257		—
Rouse-New Orleans, LLC		09-12258		—
Rouse-Oakwood Shopping Center, LLC		09-12259		—
Rouse-Orlando, LLC		09-12260		478
Rouse-Phoenix Cinema, LLC		09-12261		—
Rouse-Phoenix Corporate Center Limited Partnership		09-12262		210
Rouse-Phoenix Development Company, LLC		09-12263		—
Rouse-Portland, LLC		09-12264		—
RS Properties Inc.		09-12265		972
Saint Louis Galleria L.L.C.		09-12266		1,897
Saint Louis Galleria Anchor Acquisition, LLC		09-12267		67
Saint Louis Galleria Holding L.L.C.		09-12268		—
Sierra Vista Mall, LLC		09-12269		63
Sikes Senter, LLC		09-12270		531
Silver Lake Mall, LLC		09-12271		40
Sixty Columbia Corporate Center, LLC		09-12272		—
Sooner Fashion Mall L.L.C.		09-12273		462
Southlake Mall L.L.C.		09-12274		788
Southland Center Holding, LLC		09-12275		—
Southland Mall, Inc.		09-12276		—
Southwest Denver Land L.L.C.		09-12277		—
Southwest Plaza L.L.C.		09-12278		1,473
Spring Hill Mall L.L.C.		09-12279		149
St. Cloud Land L.L.C.		09-12280		—
St. Cloud Mall Holding L.L.C.		09-12281		—
Stonestown Shopping Center L.L.C.		09-12282		—
Stonestown Shopping Center, L.P.		09-12283		1,565
Summerlin Centre, LLC		09-12284		1,755

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
Summerlin Corporation		09-12285		—
Three Rivers Mall L.L.C.		09-12286		181
Three Willow Company, LLC		09-12287		—
Town East Mall, LLC		09-12288		978
Tracy Mall, Inc.		09-12289		—
Tracy Mall Partners, L.P.		09-12290		1,303
Tracy Mall Partners I L.L.C.		09-12291		—
Tracy Mall Partners II, L.P.		09-12292		—
TRC Willow, LLC		09-12293		—
TV Investment, LLC		09-12294		—
Two Arizona Center, LLC		09-12295		63
Two Willow Company, LLC		09-12296		—
Tysons Galleria L.L.C.		09-12297		1,742
U.K.-American Properties, Inc.		09-12298		1,469
Valley Hills Mall, Inc.		09-12299		—
Valley Plaza Anchor Acquisition, LLC		09-12300		14
VCK Business Trust		09-12301		159
Victoria Ward Center L.L.C.		09-12302		449
Victoria Ward Entertainment Center L.L.C.		09-12303		672
Victoria Ward, Limited		09-12304		2,526
Victoria Ward Services, Inc.		09-12305		—
Village of Cross Keys, LLC, The		09-12306		33
Visalia Mall L.L.C.		09-12307		—
Vista Commons, LLC		09-12308		67
Visalia Mall, L.P.		09-12309		348
Vista Ridge Mall, LLC		09-12310		3,020
VW Condominium Development, LLC		09-12311		—
Ward Gateway-Industrial-Village, LLC		09-12312		962
Ward Plaza-Warehouse, LLC		09-12313		689
Weeping Willow RNA, LLC		09-12314		—
West Kendall Holdings, LLC		09-12315		606
Westwood Mall, LLC		09-12316		136
White Marsh Mall, LLC		09-12317		—
White Mountain Mall, LLC		09-12318		47
Willow SPE, LLC		09-12319		—
Willowbrook II, LLC		09-12320		—
Willowbrook Mall, LLC		09-12321		1,634
Woodbridge Center Property, LLC		09-12322		1,228
Woodlands Mall Associates, LLC, The		09-12323		1,834
10000 Covington Cross, LLC		09-12324		20

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)


			Disbursements
			Month Ended
Legal Entity	Case Number		February 28, 2010
			(In thousands)
10 CCC Business Trust		09-12457		124
20 CCC Business Trust		09-12458		55
30 CCC Business Trust		09-12459		38
Capital Mall L.L.C.		09-12462		236
GGP-Columbiana Trust		09-12464		144
GGP-Gateway Mall L.L.C.		09-12467		431
Grand Traverse Mall Partners, LP		09-12469		765
Greenwood Mall L.L.C.		09-12471		494
Kalamazoo Mall L.L.C.		09-12472		571
Lancaster Trust		09-12473		916
Mondawmin Business Trust		09-12474		455
Running Brook Business Trust		09-12475		2
Town Center East Business Trust		09-12476		47
Burlington Town Center II LLC		09-12477		—
GGP-Mall of Louisiana, Inc.		09-12478		—
Stonestown Shopping Center Holding L.L.C.		09-12479		—
Capital Mall, Inc.		09-12480		—
GGP-Gateway Mall, Inc.		09-12481		—
GGP-Mall of Louisiana II, L.P.		09-12482		—
Grand Traverse Mall Holding, Inc.		09-12483		—
Greenwood Mall, Inc.		09-12484		—
Kalamazoo Mall, Inc.		09-12485		—
Parcit-IIP Lancaster Venture		09-12486		—
Parcity L.L.C.		09-12487		—
Parcity Trust		09-12488		—
Park City Holding, Inc.		09-12489		—
PC Lancaster L.L.C.		09-12490		—
PC Lancaster Trust		09-12491		—

			$	191,218

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE VII
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)


								Interest Expense
						Total Debt Balance		Month Ended
Property	Maturity Date		Rate (a)			February 28, 2010		February 28 (b)
						(Dollars in thousands)
Fixed Rate Loans
Secured Asset Loans:
10000 West Charleston		3/1/2011		7.88	%	$	21,772	$	143
1160/80 Town Center		7/15/2013		6.99	%		8,366		49
Ala Moana A1		6/30/2018		5.60	%		1,185,395		5,166
Ala Moana A2		6/30/2018		5.52	%		299,550		1,286
Augusta Mall		11/10/2017		5.49	%		174,669		746
Baltimore Center Garage Ltd Partnership		6/1/2018		6.05	%		14,968		75
Bay City		12/2/2013		5.30	%		23,745		98
Bayshore		8/31/2016		7.13	%		30,523		181
Beachwood Place		4/7/2011		5.60	%		240,164		1,046
Bellis Fair		2/14/2018		7.34	%		59,991		367
Boise Towne Plaza		7/9/2015		4.70	%		10,728		39
Boise Towne Square		8/11/2017		6.64	%		69,636		360
Brass Mill		4/10/2016		4.55	%		120,498		426
Burlington		7/1/2015		5.03	%		25,945		101
Burlington 2 (*)		7/1/2010		6.30	%		5,500		27
Capital		10/1/2014		7.28	%		20,014		113
Chapel Hills		10/11/2010		5.04	%		113,996		446
Chico Mall		2/11/2009		4.74	%		56,024		206
Collin Creek Mall		7/9/2016		6.78	%		66,018		348
Columbia Mall (MO)		5/3/2017		6.05	%		89,926		423
Coronado		12/6/2016		5.08	%		166,340		657
Corporate Pointe 2 (10650 W. Charleston)		3/12/2016		6.83	%		4,466		24
Corporate Pointe 3 (10750 W. Charleston)		3/12/2016		6.83	%		4,466		24
Country Hills		6/1/2016		6.04	%		13,374		63
Crossroads Center (MN)		1/30/2014		4.73	%		82,924		305
Deerbrook		1/1/2014		3.46	%		71,433		192
Eagle Ridge		10/12/2015		5.41	%		46,942		198
Eastridge (CA)		8/31/2017		5.79	%		169,851		765
Eastridge (WY )		12/4/2016		5.08	%		38,572		152
Eden Prairie		9/30/2014		4.67	%		78,476		285
Fallbrook		1/3/2018		6.14	%		84,932		405
Faneuil Hall		9/30/2016		5.57	%		92,946		403
Fashion Place		4/5/2014		5.30	%		142,512		588
Four Seasons		6/11/2017		5.60	%		98,217		428
Fox River		9/3/2016		5.96	%		194,749		903
Gallery at Harborplace 1 (Baltimore Center Land, Garage & Office)		6/1/2014		7.89	%		63,780		434
Gateway		10/1/2014		7.28	%		39,225		222
Gateway Overlook		8/30/2016		5.78	%		54,952		247
Glenbrook		12/30/2016		4.91	%		174,594		667
Grand Canal Shoppes		5/1/2014		4.78	%		387,282		1,440
Grand Traverse		10/1/2012		5.02	%		84,075		328
Greenwood		10/1/2014		7.28	%		44,038		249
Harborplace		4/5/2016		5.79	%		49,912		225
Homart I (*)		2/28/2013		5.95	%		245,115		1,134
Hulen Mall		6/7/2015		5.03	%		111,302		435
Ivanhoe Capital (*)		12/3/2012		5.74	%		93,713		418
Jordan Creek		3/2/2014		4.57	%		182,599		648
JP Comm Jr. Gateway Crossing		1/7/2014		4.70	%		14,964		55
JP Comm Jr. Univ. Crossing		1/7/2014		4.70	%		11,172		41
JP Comm Sr. Austin Bluffs		1/1/2014		4.40	%		2,226		8
JP Comm Sr. Division Crossing		1/1/2014		4.40	%		5,131		18
JP Comm Sr. Fort Union		1/1/2014		4.40	%		2,678		9
JP Comm Sr. Halsey Crossing		1/1/2014		4.40	%		2,511		9
JP Comm Sr. Orem Plaza Center St		1/1/2014		4.40	%		2,394		8
JP Comm Sr. Orem Plaza State St		1/1/2014		4.40	%		1,481		5
JP Comm Sr. Riverpointe Plaza		1/1/2014		4.40	%		3,708		13
JP Comm Sr. Riverside Plaza		1/1/2014		4.40	%		5,306		18
JP Comm Sr. Woodlands Village		1/1/2014		4.40	%		6,780		23
Knollwood		10/10/2017		5.35	%		39,402		164
Lakeside Mall		6/1/2016		4.28	%		177,183		590
Lakeview Square		3/1/2016		5.81	%		40,839		185
Lansing I		1/1/2014		9.35	%		24,144		173
Lincolnshire Commons		9/30/2016		5.98	%		27,977		130
Lynnhaven		7/6/2015		5.05	%		233,543		917
Maine		12/10/2016		4.84	%		213,007		801
Mall of Louisiana Mezz (*)		4/1/2011		6.40	%		62,343		310
Mall of Louisiana Note A		4/1/2011		5.46	%		118,469		503
Mall of Louisiana Note B		4/1/2011		5.92	%		54,362		250

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE VII — Continued
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)


								Interest Expense
						Total Debt Balance		Month Ended
Property	Maturity Date		Rate (a)			February 28, 2010		February 28 (b)
						(Dollars in thousands)
Mall St Matthews Ltd Partnership		1/1/2014		4.81	%		142,290		532
Mall St Vincent		7/7/2014		6.30	%		49,000		240
Market Place		5/3/2017		6.05	%		105,913		498
Moreno Valley		9/11/2013		5.96	%		86,556		401
Newgate		4/1/2014		4.84	%		40,292		152
Newpark		8/2/2014		7.45	%		67,275		390
North Point		2/29/2016		5.48	%		212,934		908
North Star		1/4/2015		4.43	%		228,647		788
Northgate		9/1/2016		5.88	%		44,512		204
Northridge Fashion		12/30/2014		7.24	%		124,436		751
Oglethorpe		7/2/2015		4.89	%		139,260		530
Oviedo		5/7/2012		5.12	%		51,066		203
Oxmoor		12/2/2016		6.85	%		56,227		300
Park City Note A		4/1/2014		4.74	%		117,948		435
Park City Note B		4/1/2014		7.10	%		28,876		159
Park Place		1/11/2015		5.15	%		173,739		696
Peachtree		6/1/2015		5.08	%		88,287		349
Pecanland		1/1/2014		4.28	%		56,330		187
Piedmont		9/6/2016		5.98	%		33,532		156
Pine Ridge		12/4/2016		5.08	%		26,006		103
Pioneer Place Limited Partners Land		4/27/2010		10.00	%		355		3
Prince Kuhio		1/1/2014		3.45	%		36,973		99
Providence Place 2		3/11/2010		5.03	%		258,525		1,010
Providence Place 3 (*)		3/11/2010		5.03	%		59,529		237
Providence Place 4 (*)		3/11/2010		5.12	%		39,044		180
Providence Place Pilot A1		7/1/2016		7.75	%		22,338		144
Providence Place Pilot A2		6/30/2028		7.75	%		23,116		149
Red Cliffs		12/4/2016		5.08	%		24,717		98
Regency Square		7/1/2015		3.59	%		91,813		257
Ridgedale		9/30/2016		4.86	%		175,467		663
River Hills		1/3/2018		6.14	%		79,936		381
RiverTown Junior Loan (*)		12/30/2014		9.15	%		15,599		119
RiverTown Senior Loan		12/30/2014		7.29	%		100,533		611
Rogue Valley		7/1/2014		7.85	%		26,015		159
Sikes Senter		6/1/2017		5.20	%		60,507		245
Sooner Fashion		1/3/2018		6.14	%		59,952		286
Southlake		12/1/2019		6.44	%		99,926		500
Southland		1/1/2014		3.62	%		79,511		224
Southland (RSE)		3/5/2010		4.97	%		107,147		414
St. Louis Galleria		1/3/2017		4.86	%		233,837		883
Staten Island 1		10/1/2010		5.09	%		85,000		332
Staten Island 2		10/1/2010		8.15	%		70,616		441
Staten Island 3		10/1/2010		5.61	%		125,000		584
Steeplegate		8/1/2014		4.94	%		76,658		295
Stonestown Note A		9/1/2011		5.85	%		155,600		708
Stonestown Note B		9/1/2011		5.65	%		60,000		264
Stonestown Mezz (*)		9/1/2011		5.79	%		57,400		258
The Boulevard		7/1/2018		4.27	%		105,586		351
The Crossroads (MI)		1/1/2014		7.40	%		39,160		225
The Woodlands Note A		6/12/2016		5.91	%		184,686		850
The Woodlands Note B		6/12/2016		5.91	%		54,907		253
Three Rivers		12/4/2016		5.08	%		21,173		84
Town East		1/1/2014		3.46	%		103,020		277
Tucson Mall		1/1/2014		4.26	%		115,017		381
Tucson Mall-Hyper AM		1/1/2014		4.26	%		3,923		13
Tysons Galleria		9/11/2017		5.72	%		254,545		1,133
Valley Hills		3/4/2016		4.73	%		55,892		206
Valley Plaza		1/10/2016		3.90	%		93,351		283
Victoria Ward (Village/Industrial/Gateway)		9/30/2016		5.61	%		88,338		386
Victoria Ward (Warehouse/Plaza)		10/6/2011		5.52	%		68,500		294
Village of Cross Keys		7/31/2009		7.04	%		10,257		60
Visalia		1/1/2014		3.78	%		40,387		119
Vista Ridge		4/10/2016		6.87	%		79,008		452
Ward Centre & Ward Entertainment		1/1/2014		4.33	%		57,295		193
Washington Park		3/31/2016		5.35	%		11,917		50
West Valley		1/1/2014		3.43	%		54,730		146
White Marsh		9/1/2012		5.62	%		187,000		876
Willowbrook Mall		6/30/2016		6.82	%		156,289		829
Woodbridge Corporation		6/1/2014		4.24	%		204,316		674
Unsecured Asset Loans:
GGPLP/GGPLPLLC Exchangable Debt (*)		4/15/2012		3.98	%		1,550,000		5,141
Public Indenture — Company Debt (*)		9/17/2012		7.20	%		400,000		2,400
Public Indenture — Senior Bond (*)		3/16/2009		3.63	%		395,000		1,193
Public Indenture 100 (*)		11/26/2013		5.38	%		100,000		448
Public Indenture 350 (*)		11/26/2013		5.38	%		350,000		1,568

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE VII — Continued
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)


									Interest Expense
						Total Debt Balance			Month Ended
Property	Maturity Date		Rate (a)			February 28, 2010			February 28 (b)
						(Dollars in thousands)
Public Indenture Senior Note (*)		4/30/2009		8.00	%		200,000			1,333
Rouse Senior Notes (*)		5/1/2013		6.75	%		800,000			4,500

Fixed Rate Debt							16,390,372			69,959

Variable Rate Loans
Secured Asset Loans:
Bank Note — Animas Valley		7/11/2013		2.48	%		35,054			68
Bank Note — Birchwood Mall		7/11/2013		2.48	%		44,308			85
Bank Note — Cache Valley		7/11/2013		2.48	%		28,043			54
Bank Note — Colony Square		7/11/2013		2.48	%		25,239			49
Bank Note — Columbiana		7/11/2013		2.48	%		105,441			203
Bank Note — Fallen Timbers		7/11/2013		2.48	%		42,401			82
Bank Note — Foothills		7/11/2013		2.48	%		50,758			98
Bank Note — Grand Teton		7/11/2013		2.48	%		48,795			94
Bank Note — Mall at Sierra Vista		7/11/2013		2.48	%		23,556			45
Bank Note — Mall of the Bluffs		7/11/2013		2.48	%		35,951			69
Bank Note — Mayfair		7/11/2013		2.48	%		274,932			530
Bank Note — Mondawmin		7/11/2013		2.48	%		84,689			163
Bank Note — North Plains		7/11/2013		2.48	%		10,656			21
Bank Note — North Town Mall		7/11/2013		2.48	%		114,976			222
Bank Note — Oakwood		7/11/2013		2.48	%		75,772			146
Bank Note — Owings Mills		7/11/2013		2.48	%		53,281			103
Bank Note — Pierre Bossiere		7/11/2013		2.48	%		40,382			78
Bank Note — Pioneer Place		7/11/2013		2.48	%		156,764			302
Bank Note — Salem Center		7/11/2013		2.48	%		41,728			80
Bank Note — Silver Lake Mall		7/11/2013		2.48	%		18,228			35
Bank Note — Southwest Plaza		7/11/2013		2.48	%		96,187			185
Bank Note — Spring Hill		7/11/2013		2.48	%		68,088			131
Bank Note — Westwood Mall		7/11/2013		2.48	%		24,117			46
Bank Note — White Mountain		7/11/2013		2.48	%		10,656			21
Fashion Show		3/15/2009		6.23	%		645,918			3,129
Oakwood Center		3/16/2009		1.73	%		95,000			128
Palazzo		3/15/2009		6.23	%		249,623			1,209
Unsecured Asset Loans:
DIP (c)		3/16/2011		13.50	%		400,000			4,200
GGPLP/GGPLPLLC Revolver (*)		2/24/2010		1.48	%		590,000			679
GGPLP/GGPLPLLC Senior Term (*)		2/24/2010		1.48	%		1,987,500			2,288
TRUPS (*)(d)		4/30/2036		1.75	%		206,200			280

Variable Rate Debt							5,684,243			14,823



Total Debt — All Debtors						$	22,074,615	(e)	$	84,782


(a)		Reflects the variable contract rate as of February 28, 2010

(b)		All amounts for current period were paid as scheduled, except where noted (*).

(c)		Loan obtained in May 2009.

(d)		Junior subordinated notes of GGPLP purchased by GGP Capital Trust I, a Non-Debtor Delaware statutory trust and wholly-owned subsidiary of GGPLP, with proceeds from the sale of trust preferred securities.

(e)		Excludes liabilities to special improvement districts, discount on GGPLP Exchangeable Debt, adjustments related to emergence from bankruptcy and purchase accounting mark-to-market adjustments.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE VIII
CHAPTER 11 RETAINED PROFESSIONALS DETAIL
(UNAUDITED)


					Expense		Cash Paid
	Period Expense		Cash Paid		Cumulative Post-Petition		Cumulative Post-Petition
	Month Ended		Month Ended		Period Ended		Period Ended
Name	February 28, 2010		February 28, 2010		February 28, 2010		February 28, 2010
					(In thousands)
Akin Gump Strauss Hauer & Feld, LLP	$	1,026	$	—	$	11,315	$	6,631
AlixPartners, LLP		2,057		1,374		14,573		8,011
Assessment Technologies		—		—		29		25
Baker & Daniels LLP		—		—		—		—
Bracewell Giuliani		142		265		1,614		902
Calvo & Clark LLP		—		—		—		—
Cushman & Wakefield		13		291		1,478		1,357
Deloitte & Touche LLP		330		361		4,191		1,543
Deloitte Tax LLP		42		79		584		265
Epiq Solutions		—		—		17		14
Ernst & Young LLP		66		84		842		522
FTI Consulting		278		237		2,856		1,763
Grant Thornton		2		3		21		12
Halperin Battaglia Raicht LLP		24		18		127		72
Hewitt Associates		—		—		586		—
Houlihan Lokey		1,911		227		8,223		1,685
Jenner & Block		180		118		1,595		928
Kirkland & Ellis LLP⁽¹⁾		2,065		1,963		20,301		9,617
Kurtzman Carson Consultants LLC		216		—		3,955		2,494
Miller Buckfire & Co LLC⁽¹⁾		2,845		291		11,085		4,763
PricewaterhouseCoopers		34		—		130		—
Saul Ewing LLP		1,356		—		1,356		—
Weil, Gotshal & Manges LLP⁽¹⁾		2,356		1,459		21,928		12,052

Total	$	14,943	$	6,770	$	106,806	$	52,656

Professional Fees Summary (See Note 7)
Restructuring costs	$	14,147	$	5,940	$	97,049	$	47,584
General & administrative		754		14		7,578		2,745
Other⁽²⁾		42		816		2,179		2,327

Total	$	14,943	$	6,770	$	106,806	$	52,656


⁽¹⁾		The amount paid to Miller Buckfire & Co LLC (“Miller Buckfire”) includes $4.0 million related to financing fees for the DIP Facility (see Note 1) which were capitalized. Additionally, the return of a retainer fee from Miller Buckfire, Kirkland & Ellis, and Weil to GGP of $1.3, $0.6, and $0.6 million from each Firm, respectively, is also included in cash payments as a refund in the cash paid cumulative post-petition amounts.

⁽²⁾		The amounts included in Other Professional Fees relate to expenses incurred for Retained Professionals not classified as restructuring or general & administrative costs.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

Reporting Period: February 2010

SCHEDULE X
DEBTORS QUESTIONNAIRE*


		Yes	No
1	Have any assets been sold or transferred outside the normal course of business this reporting period?		X
2	Have any funds been disbursed from any account other than a debtor in possession account this reporting period?		X
3	Is the Debtor delinquent in the timely filing of any post-petition tax returns?		X
4	Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?		X
5	Is the Debtor delinquent in paying any insurance premium payment?		X
6	Have any payments been made on pre-petition liabilities this reporting period?	X ⁽¹⁾
7	Are any post petition receivables (accounts, notes or loans) due from related parties?	X ⁽²⁾
8	Are any post petition payroll taxes past due?		X
9	Are any post petition State or Federal income taxes past due?		X
10	Are any post petition real estate taxes past due?		X
11	Are any other post petition taxes past due?		X
12	Have any pre-petition taxes been paid during this reporting period?		X
13	Are any amounts owed to post petition creditors delinquent?		X
14	Are any wage payments past due?		X
15	Have any post petition loans been received by the Debtor from any party?	X ⁽³⁾
16	Is the Debtor delinquent in paying any U.S. Trustee fees?		X
17	Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?		X
18	Have the owners or shareholders received any compensation outside of the normal course of business?		X


*		Unless otherwise indicated, answer is for the combined group of Debtors (see Note 1).

(1)		An aggregate of $1.6 million has been paid in the reporting period by or on behalf of the Debtors with respect to pre-petition liabilities as approved by the Bankruptcy Court. Such disbursements have been for employee salaries, commissions and reimbursements, taxes to government entities and for other services rendered pre-petition.

(2)		The net change in the aggregate Debtors intercompany accounts with affiliated non-debtors for the period was an increase in the amounts due to Non-Debtors of $10.7 million.

(3)		As previously described in Note 6 of the May MOR, which description is incorporated into this response by reference, the DIP Term Loan of $400 million was funded on May 15, 2009.


	GENERAL GROWTH PROPERTIES, INC.
Date: March 31, 2010	by:	/s/ Edmund Hoyt
		Edmund Hoyt
		Chief Financial Officer


	February 28, 2010
	(In thousands)
Current	$	(2,257)	*
31 - 60 days		8,727
61 - 90 days		6,386
91 - 120 days		3,098
Over 120 days		47,849

Gross Amount	$	63,803


Debtor	Property	Date and Transaction Description	Counterparty	Consideration
				(In thousands)
GGP Natick Residence LLC	Condominium Unit #901 Natick, MA	02/01/2010 Condominium Unit Sale	Nita A. Shah Revocable Trust	$	335
GGP Natick Residence LLC	Condominium Unit #605 Natick, MA	02/02/2010 Condominium Unit Sale	Tai-Na and Chien-Kuo Chang	$	484
GGP Natick Residence LLC	Condominium Unit #1201 Natick, MA	02/19/2010 Condominium Unit Sale	Ren Y. and Cleo L. Cheng	$	554
GGP Natick Residence LLC	Condominium Unit #1101 Natick, MA	02/26/2010 Condominium Unit Sale	Michael and Elaine Robinson	$	544