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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 September 30, 2010


	Index

Combining Condensed Statements of Income (loss) and Comprehensive Income (loss) for the Month Ended September 30, 2010 and Cumulative Post-Petition Period Ended September 30, 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	8
Note 4:	Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders	8
Note 5:	Certain Other Assets and Liabilities and Liabilities Subject to Compromise	9
Note 6:	Rejected Contracts and Related Matters	10
Note 7:	General and Administrative Expenses and Reorganization Items	11

Schedules:
Schedule I	Schedule of Combined Condensed Statement of Income (loss) and Comprehensive Income (loss) for the Month Ended September 30, 2010	12
Schedule II	Schedule of Combined Condensed Balance Sheet as of September 30, 2010	13
Schedule III	Schedule of Payroll and Payroll Taxes	14
Schedule IV	Schedule of Federal, State and Local Taxes	14
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
	September 30, 2010			September 30, 2010			September 30, 2010			Ended September 30, 2010
	(In thousands, except for
	per share amounts)

Revenues:
Minimum rents	$	8,376		$	125,853		$	134,229		$	2,411,705
Tenant recoveries		2,132			58,432			60,564			1,082,733
Overage rents		313			3,319			3,632			62,174
Land and condominium sales		3,799			—			3,799			75,081
Management fees and other corporate revenues		937			—			937			14,808
Other		379			4,235			4,614			94,724

Total revenues		15,936			191,839			207,775			3,741,225

Expenses:
Real estate taxes		2,032			17,936			19,968			347,637
Property maintenance costs		666			6,763			7,429			146,576
Marketing		135			1,927			2,062			42,758
Ground and other rents		567			811			1,378			20,785
Other property operating costs		(277	)		34,618			34,341			628,563
Land and condominium sales operations		4,124			—			4,124			145,859
Provision for doubtful accounts		288			1,279			1,567			32,443
Property management and other costs		2,989			6,726			9,715			145,208
General and administrative		2,343			(34	)		2,309			69,421
Provisions for impairment		4,516			—			4,516			834,936
Depreciation and amortization		3,631			44,649			48,280			870,274

Total expenses		21,014			114,675			135,689			3,284,460

Operating (loss) income		(5,078	)		77,164			72,086			456,765

Interest (expense) income, net		(107,752	)		(69,078	)		(176,830	)		(1,755,583	)

Income (loss) before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items		(112,830	)		8,086			(104,744	)		(1,298,818	)
Provision for income taxes		(6,682	)		(174	)		(6,856	)		(28,982	)
Equity in income of Real Estate Affiliates		13,457			—			13,457			143,806
Reorganization items		(36,849	)		(6,066	)		(42,915	)		52,974

Net (loss) income		(142,904	)		1,846			(141,058	)		(1,131,020	)
Allocation to noncontrolling interests		1,543			—			1,543			6,578


Net (loss) income attributable to common stockholders	$	(141,361	)	$	1,846		$	(139,515	)	$	(1,124,442	)


Basic and Diluted (Loss) Income Per Share:	$	(0.45	)	$	0.01		$	(0.44	)	$	(3.58	)
Dividends declared per share	$	—		$	—		$	—		$	0.19

Comprehensive (Loss) Income, Net:
Net (loss) income attributable to common stockholders	$	(141,361	)	$	1,846		$	(139,515	)	$	(1,124,442	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments		840			—			840			23,443
Accrued pension adjustment		17			—			17			830
Foreign currency translation		9,497			—			9,497			55,588
Unrealized gains on available-for-sale securities		4			—			4			87

Other comprehensive income, net		10,358			—			10,358			79,948

Comprehensive (loss) income attributable to common stockholders	$	(131,003	)	$	1,846		$	(129,157	)	$	(1,044,494	)

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 All
	Entities as of			Entities as of			Debtors as of
	September 30, 2010			September 30, 2010			September 30, 2010
				(Dollars in thousands)
Assets:
Investment in real estate:
Land	$	219,201		$	2,684,069		$	2,903,270
Buildings and equipment		1,089,012			17,817,461			18,906,473
Less accumulated depreciation		(281,855	)		(3,829,149	)		(4,111,004	)
Developments in progress		253,499			114,333			367,832

Net property and equipment		1,279,857			16,786,714			18,066,571
Investment in and loans to/from Unconsolidated Real Estate Affiliates		375,827			6,403			382,230
Investment property and property held for development and sale		1,331,019			—			1,331,019
Investment in controlled non-debtor entities		4,078,691			58,889			4,137,580

Net investment in real estate		7,065,394			16,852,006			23,917,400
Cash and cash equivalents		567,975			5,786			573,761
Accounts and notes receivable, net		18,964			288,782			307,746
Goodwill		199,664			—			199,664
Deferred expenses, net		25,048			168,628			193,676
Prepaid expenses and other assets		283,668			303,954			587,622

Total assets	$	8,160,713		$	17,619,156		$	25,779,869


Liabilities and Equity:
Mortgages, notes and loans payable	$	404,591		$	13,939,751		$	14,344,342
Investment in and loans to/from Unconsolidated Real Estate Affiliates		33,303			—			33,303
Deferred tax liabilities		835,965			—			835,965
Accounts payable and accrued expenses		677,360			444,977			1,122,337

Liabilities not subject to compromise		1,951,219			14,384,728			16,335,947
Liabilities subject to compromise		7,836,856			—			7,836,856

Total liabilities		9,788,075			14,384,728			24,172,803


Redeemable noncontrolling interests:
Preferred		120,756			—			120,756
Common		115,117			—			115,117

Total redeemable noncontrolling interests		235,873			—			235,873


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, 381,842,071 shares issued as of September 30, 2010		3,188			—			3,188
Additional paid-in capital		4,390,906			(640,546	)		3,750,360
Retained earnings (accumulated deficit)		(6,213,416	)		3,874,962			(2,338,454	)
Accumulated other comprehensive income		15,114			12			15,126
Less common stock in treasury, at cost, 1,449,939 shares as of September 30, 2010		(76,752	)		—			(76,752	)

Total stockholder’s equity		(1,880,960	)		3,234,428			1,353,468
Noncontrolling interests in consolidated real estate affiliates		17,725			—			17,725

Total (deficit) equity		(1,863,235	)		3,234,428			1,371,193

Total liabilities and equity	$	8,160,713		$	17,619,156		$	25,779,869

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 2009 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”. On October 21, 2010, the Bankruptcy Court confirmed, with an anticipated emergence from bankruptcy in November 2010, the plans of reorganization for all Debtors that had not previously had their respective plans of reorganization confirmed. 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 2009 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; and 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, cash collateral, alternative dispute resolution, settlement of pre-petition mechanics liens and department store transactions.

On May 14, 2009, the Bankruptcy Court issued an order authorizing certain of the Debtors to enter into a Senior Secured Debtor in Possession Credit, Security and Guaranty Agreement among the Company, as co-borrower, GGP Limited Partnership, as co-borrower, certain of their subsidiaries, as guarantors, UBS AG, Stamford Branch, as agent, and the lenders party thereto (the “DIP Facility”). The DIP Facility closed on May 15, 2009, provided for an aggregate commitment of $400.0 million (the “DIP Term Loan”) and was used to repay $215.0 million of short-term secured debt and to provide additional liquidity to the Debtors during the pendency of their Chapter 11 Cases. The DIP Facility provided that principal outstanding on the DIP Term Loan bear interest at an annual rate equal to LIBOR (subject to a minimum LIBOR floor of 1.5%) plus 12%.

The New DIP Facility, which closed on July 23, 2010, provides for an aggregate commitment of $400.0 million (the “New DIP Term Loan”), which was used to refinance the DIP Term Loan. The New DIP Facility provides that principal outstanding on the New DIP Term Loan bears interest at an annual rate equal to 5.5% and matures at the earlier of May 16, 2011 or the Effective Date (as defined below) of a plan of reorganization of the remaining debtors.

On August 17, 2010, GGP filed with the Bankruptcy Court its third amended and restated disclosure statement and the plan of reorganization, as supplemented by the plan of reorganization supplement filed September 30, 2010 (the “Plan”) for the 126 Debtors currently remaining in the Chapter 11 Cases (the “TopCo Debtors”). As indicated above, on October 21, 2010, the Bankruptcy Court entered an order

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

confirming the Plan. Pursuant to the Plan, GGP will reorganize into a new company (“New GGP”) at the date of GGP’s emergence from bankruptcy (the “Effective Date”), which is currently expected to be on November 8, 2010. The Plan provides that, in general, prepetition creditors will be satisfied in full and equity holders will receive equity in New GGP and a distribution of equity in The Howard Hughes Corporation (“THHC”), a newly formed real estate company continuing certain assets and liabilities of the company that will be distributed to THHC pursuant to the Plan.

Through October 29, 2010, of the total 388 Debtors with approximately $21.83 billion of debt that filed for Chapter 11 protection, 262 Debtors owning 146 properties with $14.89 billion of secured mortgage loans filed consensual plans of reorganization and emerged from bankruptcy (the “Emerged Debtors”). During the nine months ended September 30, 2010, 149 Debtors owning 96 properties with $10.23 billion of secured mortgage debt emerged from bankruptcy, while 113 Debtors owning 50 properties with $4.66 billion secured debt had emerged from bankruptcy as of December 31, 2009.

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 or registration statement filings submitted to the United States Securities and Exchange Commission (the “SEC”) for this or any previous or future period.

Until the Plan is executed, there will continue to be substantial doubts about the ability of the combined Debtors to continue as a going concern. 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 was, or continues to be, 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 1 Debtor entities that have emerged from bankruptcy protection; (2) liabilities incurred after the Petition Date; (3) pre-Petition Date liabilities that the Track 1 Debtors and the remaining 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

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

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 September 30, 2010 with respect to the Emerged 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 plans of reorganization of the Emerged Debtors) has not yet been determined. In such regard, during February 2010, payments commenced on the Emerged 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 Emerged Debtor mortgage loans should be recorded at their estimated Fair Value upon emergence. A cumulative discount of approximately $323.3 million was recorded on such $10.23 billion of secured debt that emerged in the first three quarters of 2010, with the resulting gain classified as a reorganization item.

Of the Emerged Debtors, as of September 30, 2010 we have identified 13 properties (the “Special Consideration Properties”) as underperforming retail assets. Pursuant to the terms of the agreements with the lenders for these properties, the Debtors have until two days following emergence of the TopCo Debtors to determine whether the collateral property for these loans should be deeded to the respective lender or the property should be retained with further modified loan terms. Prior to emergence of the TopCo Debtors, all cash produced by the property is under the control of respective lenders and we are required to pay any operating expense shortfall. In addition, prior to emergence of the TopCo Debtors, the respective lender can change the manager of the property or put the property in receivership and GGP has the right to deed the property to the lender. We have entered into Deed in Lieu Agreements dated September 9, 2010 with respect to Eagle Ridge Mall and Oviedo Marketplace which provide that the respective deed transfers will occur by November 1, 2010. However, such transfers are subject to a number of conditions and therefore, there can be no assurance that such transfer will occur, and the dates of deed transfer for the remaining properties cannot be currently estimated. We also agree to cooperate with the respective lenders of five of the Special Consideration Properties to jointly market such properties for sale.

Of the Special Consideration Properties, five of the properties had emerged as of December 31, 2009 for which we recorded a gain in reorganization items of $54.2 million for the year ended December 31, 2009, while the remaining eight properties emerged during 2010 for which we recorded a gain in reorganization items of $69.3 million. Any subsequent changes in the Fair Value of the mortgages related these properties will be recorded in interest expense as these entities have emerged from Chapter 11 bankruptcy protection.

Combining condensed income statement and balance sheets have been presented as of September 30, 2010 with separate columns for the segregation of Debtors for which plans of reorganization have been approved (“Post-Confirmation Entities”) by the Bankruptcy Court versus those that have yet to file consensual or non-consensual plans of reorganization (“Unconfirmed Entities”). With respect to the Unconfirmed Entities, property management and other costs reflect reimbursements of costs allocated to the Post-Confirmation Entities. This presentation does not affect the presentation of other schedules as all original Debtors are included in this separate presentation where denoted. As of September 30, 2010, the Post-Confirmation Entities include 262 Debtors while the Unconfirmed Entities include 126 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. Although the September 30, 2010 information contained in this Monthly Operating Report has been prepared in conjunction with procedures performed to prepare the Company’s third quarter financial information in accordance with GAAP and the rules and regulations of the SEC, such information is unaudited and the financial information contained in this Monthly Operating Report could be subject to changes and such changes could be material. With respect to the presentation of cumulative post-petition period activity,

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

only normal recurring adjustments were made for the routine monthly closing of the Debtors’ books in the prior periods and certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have made for such purposes of this Monthly Operating Report. 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”) and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2010 (the “2010 Interim Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report and such 2010 Interim 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 Annual Report or in the 2010 Interim 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 and Note 1 “Organization” in the Notes to Consolidated Financial Statements included in our 2010 Interim 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, for the Debtors that have emerged from bankruptcy, the centralized cash management system was incorporated 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.

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.

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

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
	September 30, 2010
	(In thousands)
Below-market ground leases	$	180,149
Security and escrow deposits		105,670
Prepaid expenses		97,246
Real estate tax stabilization agreement		68,664
Receivables — finance leases and bonds		54,891
Special Improvement District receivable		48,584
Above-market tenant leases		18,259
Deferred tax, net of valuation allowances		8,106
Other		6,053

Total prepaid expenses and other assets	$	587,622

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


	All Debtors as of
	September 30, 2010
	(In thousands)
Utility and other security deposits	$	37,899
Operating funds — restricted		20,243
Real estate tax escrows		11,809
Construction/major maintenance reserves		2,546
Collateralized letters of credit and other credit support		1,909
Other miscellaneous escrows		31,264

Total security and escrow deposits	$	105,670

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

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 September 30, 2010, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).


	All Debtors as of
	September 30, 2010
	(In thousands)
Accrued interest	$	643,222
Accounts payable and accrued expenses		383,400
Contingent purchase price liability		230,000
Uncertain tax position liabilities		218,863
Accrued payroll and other employee liabilities		216,579
Accrued real estate taxes		91,213
Deferred gains/income		72,007
Construction payable		46,336
Below-market tenant leases		43,996
Unapplied cash receipts		24,463
Accounts payable to affiliates		(106,369	)
Other		163,348

Total accounts payable and accrued expenses		2,027,058
Less: amounts not subject to compromise		(1,122,337	)

Total accounts payable and accrued expenses subject to compromise	$	904,721

The following table summarizes the amounts of LSTC (see Note 2) at September 30, 2010:


	(In thousands)
Mortgages and secured notes	$	403,292
Unsecured notes		6,528,843
Accounts payable and accrued expenses		904,721

Total liabilities subject to compromise	$	7,836,856

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 may consider the rejection of certain of such contracts (except for our operating property tenant leases), no contracts have been rejected relating to the plans of reorganization of the Emerged Debtors. 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	September 30, 2010		September 30, 2010
	(In thousands)
Insider compensation	$	804	$	17,757
Public Company expense ⁽¹⁾		100		10,713
Travel, entertainment, insurance and other		1,405		40,951

Total general and administrative	$	2,309	$	69,421


⁽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)	September 30, 2010			September 30, 2010
	(In thousands)
Gains on liabilities subject to compromise — vendors ⁽¹⁾	$	742		$	15,215
Gains on liabilities subject to compromise — mortgage debt ⁽²⁾		4,309			665,483
Interest income ⁽³⁾		25			197
U.S. Trustee fees ⁽⁴⁾		(275	)		(8,252	)
Restructuring costs — Chapter 11 Retained Professionals ⁽⁵⁾		(14,129	)		(198,692	)
Restructuring costs — including other professional fees ⁽⁶⁾		(33,587	)		(420,977	)

Total reorganization items	$	(42,915	)	$	52,974


⁽¹⁾		This amount includes gains from repudiation, rejection or termination of contracts or guarantee of obligations. Such gains reflect agreements reached with certain critical vendors, which were authorized by the Bankruptcy Court and for which payments on an installment basis began in July 2009.

⁽²⁾		Such cumulative gains include $38.3 million resulting from the write off of existing Fair Value of debt adjustments for the entities that emerged from bankruptcy for the post-petition period ended September 30, 2010.

⁽³⁾		Interest income primarily reflects amounts earned on cash accumulated as a result of our Chapter 11 cases.

⁽⁴⁾		Estimate of fees due remain subject to confirmation and review by the Office of the United States Trustee (“U.S. Trustee”).

⁽⁵⁾		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.

⁽⁶⁾		Restructuring costs primarily include professional fees incurred related to the bankruptcy filings and; finance costs incurred by and the write off of unamortized deferred finance costs related to the Emerged Debtors.

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 September 30, 2010
							Combined
	Debtors			Eliminations			All Debtors
	(In thousands, except for per share amounts)
Revenues:
Minimum rents	$	134,235		$	(6	)		134,229
Tenant recoveries		60,574			(10	)		60,564
Overage rents		3,632			—			3,632
Land and condominium sales		3,799			—			3,799
Management fees and other corporate revenues		937			—			937
Other		4,614			—			4,614

Total revenues		207,791			(16	)		207,775

Expenses:
Real estate taxes		19,968			—			19,968
Property maintenance costs		7,429			—			7,429
Marketing		2,062			—			2,062
Ground and other rents		1,378			—			1,378
Other property operating costs		35,798			(1,457	)		34,341
Land and condominium sales operations		4,124			—			4,124
Provision for doubtful accounts		1,567			—			1,567
Property management and other costs		8,264			1,451			9,715
General and administrative		2,309			—			2,309
Provisions for impairment		4,516			—			4,516
Depreciation and amortization		48,280			—			48,280

Total expenses		135,695			(6	)		135,689

Operating income (loss)		72,096			(10	)		72,086

Interest (expense) income, net		(176,830	)		—			(176,830	)

Loss before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items		(104,734	)		(10	)		(104,744	)
Provision for income taxes		(6,856	)		—			(6,856	)
Equity in income of Real Estate Affiliates		1,577			11,880			13,457
Reorganization items		(42,915	)		—			(42,915	)

Net (loss) income		(152,928	)		11,870			(141,058	)
Allocation to noncontrolling interests		(1,485	)		3,028			1,543

Net (loss) income attributable to common stockholders	$	(154,413	)	$	14,898		$	(139,515	)


Basic and Diluted Earnings Per Share:	$	(0.48	)	$	0.05		$	(0.44	)

Comprehensive (Loss) Income, Net:
Net (loss) income attributable to common stockholders	$	(154,413	)	$	14,898		$	(139,515	)
Other comprehensive income (loss), net:
Unrealized gains, net of unrealized losses, on financial instruments		859			(19	)		840
Accrued pension adjustment		17			—			17
Foreign currency translation		9,714			(217	)		9,497
Unrealized losses on available-for-sale securities		4			—			4

Other comprehensive income (loss), net		10,594			(236	)		10,358

Comprehensive (loss) income attributable to common stockholders	$	(143,819	)	$	14,662		$	(129,157	)

The accompanying notes are an integral part of these combined consolidated 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 September 30, 2010
							Combined All
	Debtors			Eliminations			Debtors
	(In thousands)
Assets:
Investment in real estate:
Land	$	2,903,270		$	—		$	2,903,270
Buildings and equipment		18,906,473			—			18,906,473
Less accumulated depreciation		(4,111,004	)		—			(4,111,004	)
Developments in progress		387,780			(19,948	)		367,832

Net property and equipment		18,086,519			(19,948	)		18,066,571
Investment in and loans to/from Unconsolidated Real Estate Affiliates		602,347			(220,117	)		382,230
Investment property and property held for development and sale		1,311,336			19,683			1,331,019
Investment in controlled non-debtor entities		15,593,643			(11,456,063	)		4,137,580

Net investment in real estate		35,593,845			(11,676,445	)		23,917,400
Cash and cash equivalents		564,770			8,991			573,761
Accounts and notes receivable, net		307,789			(43	)		307,746
Goodwill		199,664			—			199,664
Deferred expenses, net		193,676			—			193,676
Prepaid expenses and other assets		919,661			(332,039	)		587,622

Total assets	$	37,779,405		$	(11,999,536	)	$	25,779,869


Liabilities and Equity:
Mortgages, notes and loans payable	$	14,344,342		$	—		$	14,344,342
Investment in and loans to/from Unconsolidated Real Estate Affiliates		33,303			—			33,303
Deferred tax liabilities		835,965			—			835,965
Accounts payable and accrued expenses		1,147,381			(25,044	)		1,122,337

Total liabilities not subject to compromise		16,360,991			(25,044	)		16,335,947
Liabilities subject to compromise		8,191,602			(354,746	)		7,836,856

Total liabilities		24,552,593			(379,790	)		24,172,803


Redeemable noncontrolling interests:
Preferred		120,756			—			120,756
Common		213,961			(98,844	)		115,117

Total redeemable noncontrolling interests		334,717			(98,844	)		235,873


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, 381,842,071 shares issued as of September 30, 2010		3,188			—			3,188
Additional paid-in capital		14,238,056			(10,487,696	)		3,750,360
Retained earnings (accumulated deficit)		(1,305,598	)		(1,032,856	)		(2,338,454	)
Accumulated other comprehensive income (loss)		15,476			(350	)		15,126
Less common stock in treasury, at cost, 1,449,939 shares as of September 30, 2010		(76,752	)		—			(76,752	)

Total stockholder’s equity		12,874,370			(11,520,902	)		1,353,468
Noncontrolling interests in consolidated real estate affiliates		17,725			—			17,725

Total equity		12,892,095			(11,520,902	)		1,371,193

Total liabilities and equity	$	37,779,405		$	(11,999,536	)	$	25,779,869

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 September 30, 2010


Gross Wage		Employee Payroll		Employer Payroll
Expense		Taxes Withheld (a)		Taxes Remitted (b)
(In thousands)
$	15,708	$	3,517	$	859


(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 September 24, 2010.

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


			Amounts Paid
	Amount Accrued		Month Ended
	September 30, 2010		September 30, 2010
	(In thousands)
Federal and state income taxes	$	23,888	$	299

State and local taxes:
Property *		91,213		9,675
Sales and use		1,418		1,343
Franchise		1,237		107
Other		1,108		33

Total state and local taxes		94,976		11,158

Total taxes	$	118,864	$	11,457


*		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	September 30, 2010		September 30, 2010
	(In thousands)
10 Columbia Corp Ctr	$	—	$	—
10000 Covington Cross		—		15
10000 W Charleston		—		—
10190 Covington Cross		—		40
1120/40 Twon Ctr Dr		—		—
1160/80 Town Ctr Dr		—		50
1201/41 Tn Ctr Dr 2nd U3		—		—
1201/41 Town Ctr Dr		—		38
1201/41 Twn Ctr Dr FS U2		—		—
1240 Ala Moana Blvd		—		—
1251/81 Town Ctr Dr		—		10
1551 Hillshire Drive		—		39
1635 Village Ctr Circle		—		19
1645 Village Ctr Circle		—		24
9901/21 Covington Cross		—		—
9950/80 Covington Cross		—		24
Ahui Building		—		—
Ala Moana Bldg		—		—
Ala Moana Ctr		2,068		—
Ala Moana Pacific		—		—
Ala Moana Plaza		—		—
Ala Moana Tower		—		—
Alameda Plaza		141		—
Animas Valley		176		—
Apache Mall		426		—
Arizona Center		102		—
Arizona Center Cinem		27		—
Arizona Center Off		53		—
Arizona Center One		336		—
Arizona Center Other		—		—
Arizona Center Parki		106		—
Arizona Center Two		437		—
Arizona Ctr Garden Off		27		—
Arizona Ctr W Prkng Lot		—		—
Augusta Anchor Acq		267		—
Augusta Mall		541		—
Austin Bluffs		41		—
Austin Mall Ltd Part.		—		—
Bailey Hills Village		5		—
Baltimore Center Associates LP		—		—

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	September 30, 2010		September 30, 2010
	(In thousands)
Baskin Robbins		5		—
Bay City		—		388
Bayshore		104		—
Beachwood Place		2,971		—
Bellis Fair		138		—
Birchwood		—		607
Boise Towne Plaza		177		—
Boise Towne Square		1,516		—
Boise Twne Squ Anch Acq		64		—
Brass Mill Center		—		—
Brass Mill Commons		—		—
Burlington Town Ctr		—		5
Burlington Town Offi		—		—
Cache Valley Mall		192		—
Cache Valley Marktpl		84		—
Calendonian Holding		—		—
Canyon Point		—		42
Capital		223		—
Century		71		—
Chapel Hills		912		—
Chico Mall		155		—
Chula Vista		201		—
Collin Creek		1,328		—
Collin Creek-Dillards		—		—
Colony Square		293		—
Columbia Bank Dr Thru		—		—
Columbia Ctr-C.A. Bldg		—		—
Columbia Ctr-Exhibit		—		—
Columbia Dev Corp		—		—
Columbia Mall (MO)		403		—
Columbiana		1,129		—
Coronado Center		593		—
Corporate Pointe #2		—		—
Corporate Pointe #3		—		—
Cottonwood Mall		219		—
Cottonwood Square		32		—
Country Hills Plaza		103		—
Crossing Bus Ctr #6		—		28
Crossing Bus Ctr #7		—		39
Crossroads Ctr (MN)		750		—

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	September 30, 2010		September 30, 2010
	(In thousands)
Deerbrook		961		—
Deerbrook Mall Anchor Acq		53		—
Division Crossing		60		—
Eagle Ridge		406		—
Eastridge (CA)		385		—
Eastridge Mall (WY)		197		—
Eastridge Shopping Center LLC		—		—
Eden Prairie		1,004		—
Eden Prairie Ctr Anch		56		—
Elk Grove Promenade		350		—
Fairwood Dev Corp Share		—		—
Fallbrook Center		390		—
Faneuil Hall Marketplace LLC		—		—
Faneuil Hall Marketplc		—		—
Fashion Place		652		—
Fashion Place Anchor Acq		43		—
Fashion Show		—		710
Foothills Mall		—		—
Foothills Mall		696		—
Fort Union		51		—
Four Seasons Town Ctr		—		—
Four State/TRC of Nev		—		—
Fox River		1,116		—
Fremont Plaza		—		27
Gateway		244		—
Gateway Crossing		179		—
Gateway Overlook		—		—
GGP Jordan Creek LLC		—		2,596
GGPLP-Headquarters		—		—
GGPLP-Shared		1,406		—
Glenbrook Sq Anchor Acq		231		—
Glenbrook Square		5,799		—
Grand Teton Mall		632		—
Grand Teton Plaza		140		—
Grand Traverse		—		502
Greengate Mall, Inc		—		—
Greenwood		367		—
Halekauwila Bldg		—		—
Halsey Crossing		19		—
Harborplace		—		—

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	September 30, 2010		September 30, 2010
	(In thousands)
Hughes Summerlin Other		—		—
Hulen Mall		1,580		—
Jordan Creek Town Ctr		3,142		—
Kendall Town Center		664		—
Knollwood		155		—
Lakeview Square		37		—
Landmark		132		—
Lansing Mall		190		718
Lincolnshire Commons		345		—
Lockport		—		—
Lynnhaven Mall		616		—
Mall Bluffs		962		658
Mall of Louisiana		925		—
Mall of Louisiana Pwr Ctr		115		—
Mall St Vincent		469		—
Mall St. Matthews		588		—
Market Place		1,317		—
Mayfair		3,466		—
Mayfair Bank		240		—
Mayfair Mall LLC		—		—
Mayfair North		251		—
Mayfair Prof		96		—
Mayfair-Aurora Hlth CtrSht		228		—
Mondawmin Mall		206		—
Mondawmin Mall-Office		—		—
Moreno		163		—
Newgate		577		—
Newgate Mall Land		—		—
Newpark		206		—
NewPark Mall Anchor Acq		30		—
North Plains Mall		47		—
North Point		1,841		—
North Star Mall		2,922		—
North Star Mall Anch Acq		264		—
North Town Mall		292		—
Northgate		495		—
Northridge		629		—
Oakwood Center (LA)		343		—
Oakwood Mall (WI)		931		—
Oglethorpe		379		—

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	September 30, 2010		September 30, 2010
	(In thousands)
Orem Plaza Ctr St		55		—
Orem Plaza State St		27		—
Other Hughes Properties		—		—
Oviedo Marketplace		506		—
Oxmoor Center		563		—
Park City		—		—
Park Meadows		—		—
Park Place		878		—
Park West		865		—
Parking Lot-932		—		—
PDC Holding LLC		—		—
Peachtree Mall		518		461
Pecanland Mall		484		—
Pecanland Mall Anchor Acq		38		—
Piedmont		57		—
Pierre Bossier		176		—
Pine Ridge Mall		267		—
Pioneer Place		160		—
Pioneer Place Exp		169		—
Pioneer Tower		205		—
Pioneer Tower Garage		27		—
Plaza 800		—		29
Plaza 9400		114		—
Providence Place		50		—
Provo Plaza		33		—
Rascap Realty, Ltd		—		—
Red Cliffs Mall		160		—
Red Cliffs Plaza		45		—
Redlands Promenade		24		—
Regency		1,021		—
Ridgedale Center		925		—
Ridgely Building		—		—
Rio West		159		—
River Falls		998		—
River Hills		1,883		—
River Pointe Plaza		74		—
Riverlands		45		—
Riverside Plaza		117		—
Rivertown		—		—
Riverwalk Marketplace-		—		—

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	September 30, 2010		September 30, 2010
	(In thousands)
Rogue Valley Mall		200		—
S St. Marketplace Theater		170		—
Saint Louis Galleria		2,989		—
Saint Louis Galleria Anch		60		—
Salem Center		140		—
Seaport Marketplace, Inc		—		—
Sikes Senter		878		—
Silver Lake Mall		158		—
Sooner		309		—
South Street Seaport		—		—
South Street Seaport LP		—		—
Southlake		794		—
Southland Center		469		—
Southland Mall		414		—
SouthShore		19		—
Southwest Off l		131		—
Southwest Off ll		40		—
Southwest Plaza		1,758		—
Southwest Plaza LLC		—		—
Spring Hill		1,650		—
Steeplegate		—		410
Stonestown Galleria		782		—
Stonestown Land		—		—
Stonestown Medical		55		—
The Bridges @ Mint Hill		15		—
The Commons Foothills		24		—
The Crossroads (MI)		—		1,218
The Gallery Harbor Off		—		—
The Gallery Harbor-Gar		548		123
The Gallery Harborplace		—		—
The Grand Canal		—		408
The Hughes Corp		—		—
The Maine Mall		13		—
The Mall @ Sierra Vista		336		—
The Pines		75		90
The Plaza Foothills		57		—
The Shoppes @ Palazzo		99		—
The Shoppes at Detroit Gwy		—		—
The Shops @ Summerlin Ctre		132		116
The Shops Fallen Timbers		1,388		—

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	September 30, 2010		September 30, 2010
	(In thousands)
The Shops Foothills		92		—
The Village Cross Keys		—		—
The Village of Redlands		51		—
The Woodlands Anch Acq		78		—
Three Rivers Mall		48		—
Toshiba Hawaii, Inc		—		—
Town East		2,483		—
Tucson 4646 Outparcel		24		—
Tucson 4848 Outparcel		32		—
Tucson Anc Acq		49		—
Tucson Mall		685		—
Twin Falls Crossing		26		—
Tysons Galleria		620		—
University Crossing		188		—
Valley Hills		850		—
Valley Plaza Anchor Acq		—		—
Valley Plaza Mall		296		—
Victoria Ward		—		—
Victoria Ward Limited		49		—
Victoria Ward Shr Op		—		—
Village-Jordan Creek		830		—
Visalia Mall		115		—
Vista Commons		—		33
Vista Ridge		1,412		—
Ward Gateway-Industrial-Villag		212		—
Ward Industrial Ctr		—		—
Washington Park		126		—
West Valley		232		—
Westwood		—		208
White Marsh LP Share		—		—
White Marsh Mall		—		—
White Mountain Mall		83		—
Willowbrook (NJ)		176		—
Woodbridge Center		—		—
Woodlands		1,153		—
Woodlands		97		—
Woodlands Village		82		—
Yellowstone Square		82		—

	$	91,213	$	9,675

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		September 30, 2010
			(In thousands)
South Street Seaport Limited Partnership		09-11963	$	1,144
Seaport Marketplace, LLC		09-11964		—
Seaport Marketplace Theatre, LLC		09-11965		4
Lockport L.L.C.		09-11966		11
RASCAP Realty, Ltd.		09-11967		—
Bellis Fair Partners		09-11968		740
GGP-Mint Hill L.L.C.		09-11969		—
Pines Mall Partners		09-11970		202
GGP-Grandville L.L.C.		09-11971		1,509
GGP-Grandville II L.L.C.		09-11972		—
GGP-Redlands Mall, L.P.		09-11973		53
La Place Shopping, L.P.		09-11974		66
GGP-Tucson Land L.L.C.		09-11975		3
Tucson Anchor Acquisition, LLC		09-11976		843
General Growth Properties, Inc.		09-11977		—
GGP Limited Partnership		09-11978		42,341
Rouse LLC		09-11979		—
GGP American Properties Inc.		09-11980		—
Caledonian Holding Company, Inc.		09-11981		—
GGPLP L.L.C.		09-11982		7
Rouse Company LP, The		09-11983		999
TRC Co-Issuer, Inc.		09-11984		—
Oakwood Shopping Center Limited Partnership		09-11985		363
Alameda Mall Associates		09-11986		929
Bay Shore Mall Partners		09-11987		416
Chico Mall, L.P.		09-11988		87
Lansing Mall Limited Partnership		09-11989		1,198
GGP-Pecanland, L.P.		09-11990		555
GGP-Pecanland II, L.P.		09-11991		—
Southland Mall, L.P.		09-11992		685
South Shore Partners, L.P.		09-11993		54
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		464
New Orleans Riverwalk Associates		09-11998		252
New Orleans Riverwalk Limited Partnership		09-11999		—
White Marsh General Partnership		09-12000		521
White Marsh Mall Associates		09-12001		521
White Marsh Phase II Associates		09-12002		521

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		September 30, 2010
			(In thousands)
Parke West, LLC		09-12003		140
GGP-Newpark L.L.C.		09-12004		—
Elk Grove Town Center, L.P.		09-12005		20,964
Baltimore Center Associates Limited Partnership		09-12006		1,175
Baltimore Center Garage Limited Partnership		09-12007		438
Century Plaza L.L.C.		09-12008		189
Harbor Place Associates Limited Partnership		09-12009		708
Price Development Company, Limited Partnership		09-12010		137
Rouse-Phoenix Theatre Limited Partnership		09-12011		2
Rouse-Arizona Retail Center Limited Partnership		09-12012		288
Rouse-Phoenix Master Limited Partnership		09-12013		—
Saint Louis Land L.L.C.		09-12014		—
Southland Center, LLC		09-12015		175
GGP-North Point Land L.L.C.		09-12016		—
Majestic Partners-Provo, LLC		09-12017		1
GGP-Mall of Louisiana, L.P.		09-12018		1,972
NewPark Anchor Acquisition, LLC		09-12019		11
Parkview Office Building Limited Partnership		09-12020		43
Parkside Limited Partnership		09-12021		35
Park Square Limited Partnership		09-12022		31
Rouse SI Shopping Center, LLC		09-12023		2,595
Augusta Mall, LLC		09-12024		1,614
Burlington Town Center LLC, The		09-12025		363
Fashion Show Mall LLC		09-12026		4,881
GGP Ala Moana L.L.C.		09-12027		13,064
GGP Jordan Creek L.L.C.		09-12028		3,995
GGP Village at Jordan Creek L.L.C.		09-12029		13
GGP-Four Seasons L.L.C.		09-12030		1,102
Lincolnshire Commons, LLC		09-12031		170
Phase II Mall Subsidiary, LLC		09-12032		875
St. Cloud Mall L.L.C.		09-12033		649
Valley Hills Mall L.L.C.		09-12034		529
GGP Holding, Inc.		09-12035		—
The Rouse Company BT, LLC		09-12036		—
Rouse Company Operating Partnership LP, The		09-12037		—
10000 West Charleston Boulevard, LLC		09-12040		330
10190 Covington Cross, LLC		09-12041		90
1120/1140 Town Center Drive, LLC		09-12042		62
1160/1180 Town Center Drive, LLC		09-12043		186
1201-1281 Town Center Drive, LLC		09-12044		155

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		September 30, 2010
			(In thousands)
1251 Center Crossing, LLC		09-12045		—
1450 Center Crossing Drive, LLC		09-12046		35
1451 Center Crossing Drive, LLC		09-12047		47
1551 Hillshire Drive, LLC		09-12048		157
1635 Village Centre Circle, LLC		09-12049		35
1645 Village Center Circle, LLC		09-12050		40
9901-9921 Covington Cross, LLC		09-12051		9
9950-9980 Covington Cross, LLC		09-12052		38
Alameda Mall, L.L.C.		09-12053		—
Apache Mall, LLC		09-12054		398
Arizona Center Parking, LLC		09-12055		51
Augusta Mall Anchor Acquisition, LLC		09-12056		11
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		1,047
Baltimore Center, LLC		09-12063		—
Bay City Mall Associates L.L.C.		09-12064		545
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		1,726
Benson Park Business Trust		09-12069		—
Birchwood Mall, LLC		09-12070		691
Boise Mall, LLC		09-12071		177
Boise Town Square Anchor Acquisition, LLC		09-12072		—
Boise Towne Plaza L.L.C.		09-12073		111
Boulevard Associates		09-12074		1,272
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		68
Century Plaza, Inc.		09-12080		—
Champaign Market Place L.L.C.		09-12081		817
Chapel Hills Mall L.L.C.		09-12082		261
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		September 30, 2010
			(In thousands)
Chula Vista Center, LLC		09-12085		174
Collin Creek Anchor Acquisition, LLC		09-12086		—
Collin Creek Mall, LLC		09-12087		1,006
Colony Square Mall L.L.C.		09-12088		136
Columbia Mall L.L.C.		09-12089		852
Coronado Center L.L.C.		09-12090		1,362
Coronado Center Holding L.L.C.		09-12091		—
Cottonwood Mall, LLC		09-12092		4
Country Hills Plaza, LLC		09-12093		24
Deerbrook Mall, LLC		09-12094		711
DK Burlington Town Center LLC		09-12095		—
Eagle Ridge Mall, Inc.		09-12096		—
Eagle Ridge Mall, L.P.		09-12097		170
Eastridge Shopping Center L.L.C.		09-12098		1,291
Eden Prairie Anchor Building L.L.C.		09-12099		—
Eden Prairie Mall, Inc.		09-12100		—
Eden Prairie Mall L.L.C.		09-12101		943
Elk Grove Town Center L.L.C.		09-12102		—
ER Land Acquisition L.L.C.		09-12103		—
Fallbrook Square Partners Limited Partnership		09-12104		735
Fallbrook Square Partners L.L.C.		09-12105		—
Fallen Timbers Shops, LLC		09-12106		196
Fallen Timbers Shops II, LLC		09-12107		—
Faneuil Hall Marketplace, LLC		09-12108		1,601
Fashion Place, LLC		09-12109		1,158
Fashion Place Anchor Acquisition, LLC		09-12110		—
Fifty Columbia Corporate Center, LLC		09-12111		—
Forty Columbia Corporate Center, LLC		09-12112		—
Fox River Shopping Center, LLC		09-12113		1,581
Franklin Park Mall, LLC		09-12114		—
Franklin Park Mall Company, LLC		09-12115		—
Gateway Crossing L.L.C.		09-12116		97
Gateway Overlook Business Trust		09-12117		609
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		—
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		September 30, 2010
			(In thousands)
GGP Ivanhoe II, Inc.		09-12125		—
GGP Ivanhoe IV Services, Inc.		09-12126		8
GGP Kapiolani Development L.L.C.		09-12127		55
GGP Knollwood Mall, LP		09-12128		300
GGP Natick Residence LLC		09-12129		133
GGP Savannah L.L.C.		09-12130		—
GGP/Homart, Inc.		09-12131		400
GGP/Homart Services, Inc.		09-12132		—
GGP-Bay City One, Inc.		09-12133		—
GGP-Brass Mill, Inc.		09-12134		1,216
GGP-Burlington L.L.C.		09-12135		—
GGP-Canal Shoppes L.L.C.		09-12136		—
GGP-Foothills L.L.C.		09-12137		169
GGP-Glenbrook L.L.C.		09-12138		1,122
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		1,696
GGP-Maine Mall Holding L.L.C.		09-12145		—
GGP-Maine Mall Land L.L.C.		09-12146		—
GGP-Moreno Valley, Inc.		09-12147		461
GGP-Newgate Mall, LLC		09-12148		351
GGP-Newpark, Inc.		09-12149		—
GGP-North Point, Inc.		09-12150		1,727
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		996
GGP-Tucson Mall L.L.C.		09-12155		1,425
GGP-UC L.L.C.		09-12156		95
Grand Canal Shops II, LLC		09-12157		4,247
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		September 30, 2010
			(In thousands)
Ho Retail Properties II Limited Partnership		09-12165		153
Hocker Oxmoor, LLC		09-12166		658
Hocker Oxmoor Partners, LLC		09-12167		—
Howard Hughes Canyon Pointe Q4, LLC		09-12168		106
Howard Hughes Corporation, The		09-12169		1,815
Howard Hughes Properties, Inc.		09-12170		935
Howard Hughes Properties, Limited Partnership		09-12171		35
Howard Hughes Properties IV, LLC		09-12172		61
Howard Hughes Properties V, LLC		09-12173		58
HRD Parking, Inc.		09-12174		3
HRD Remainder, Inc.		09-12175		—
Hulen Mall, LLC		09-12176		962
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		1,417
Lakeview Square Limited Partnership		09-12183		112
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		166
Lynnhaven Holding L.L.C.		09-12189		—
Lynnhaven Mall L.L.C.		09-12190		1,904
Mall of Louisiana Holding, Inc.		09-12191		—
Mall of Louisiana Land, LP		09-12192		7
Mall of Louisiana Land Holding, LLC		09-12193		—
Mall of the Bluffs, LLC		09-12194		769
Mall St. Matthews Company, LLC		09-12195		—
Mall St. Vincent, Inc.		09-12196		—
Mall St. Vincent, L.P.		09-12197		111
Mayfair Mall, LLC		09-12198		765
MSAB Holdings, Inc.		09-12199		—
MSAB Holdings L.L.C.		09-12200		—
MSM Property L.L.C.		09-12201		1,040
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		September 30, 2010
			(In thousands)
North Plains Mall, LLC		09-12205		17
North Star Anchor Acquisition, LLC		09-12206		—
North Star Mall, LLC		09-12207		1,901
North Town Mall, LLC		09-12208		302
Northgate Mall L.L.C.		09-12209		44
NSMJV, LLC		09-12210		—
Oakwood Hills Mall, LLC		09-12211		227
Oglethorpe Mall L.L.C.		09-12212		1,039
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		260
Park Mall, Inc.		09-12218		—
Park Mall L.L.C.		09-12219		1,350
PDC Community Centers L.L.C.		09-12220		348
PDC-Eastridge Mall L.L.C.		09-12221		398
PDC-Red Cliffs Mall L.L.C.		09-12222		171
Peachtree Mall L.L.C.		09-12223		1,082
Pecanland Anchor Acquisition, LLC		09-12224		—
Piedmont Mall, LLC		09-12225		187
Pierre Bossier Mall, LLC		09-12226		178
Pine Ridge Mall L.L.C.		09-12227		205
Pioneer Office Limited Partnership		09-12228		136
Pioneer Place Limited Partnership		09-12229		483
Price Development TRS, Inc.		09-12230		—
Price-ASG L.L.C.		09-12231		297
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		1,288
Rio West L.L.C.		09-12238		82
River Falls Mall, LLC		09-12239		28
River Hills Land, LLC		09-12240		—
River Hills Mall, LLC		09-12241		637
Rogue Valley Mall L.L.C.		09-12242		589
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		September 30, 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		2,969
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		2
Rouse-New Orleans, LLC		09-12258		—
Rouse-Oakwood Shopping Center, LLC		09-12259		—
Rouse-Orlando, LLC		09-12260		146
Rouse-Phoenix Cinema, LLC		09-12261		—
Rouse-Phoenix Corporate Center Limited Partnership		09-12262		124
Rouse-Phoenix Development Company, LLC		09-12263		7
Rouse-Portland, LLC		09-12264		—
RS Properties Inc.		09-12265		1,022
Saint Louis Galleria L.L.C.		09-12266		1,758
Saint Louis Galleria Anchor Acquisition, LLC		09-12267		1,798
Saint Louis Galleria Holding L.L.C.		09-12268		—
Sierra Vista Mall, LLC		09-12269		66
Sikes Senter, LLC		09-12270		667
Silver Lake Mall, LLC		09-12271		172
Sixty Columbia Corporate Center, LLC		09-12272		—
Sooner Fashion Mall L.L.C.		09-12273		454
Southlake Mall L.L.C.		09-12274		1,100
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		308
Spring Hill Mall L.L.C.		09-12279		296
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		1,515
Summerlin Centre, LLC		09-12284		3,971

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		September 30, 2010
			(In thousands)
Summerlin Corporation		09-12285		—
Three Rivers Mall L.L.C.		09-12286		252
Three Willow Company, LLC		09-12287		—
Town East Mall, LLC		09-12288		847
Tracy Mall, Inc.		09-12289		—
Tracy Mall Partners, L.P.		09-12290		606
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		92
Two Willow Company, LLC		09-12296		—
Tysons Galleria L.L.C.		09-12297		2,070
U.K.-American Properties, Inc.		09-12298		1,634
Valley Hills Mall, Inc.		09-12299		—
Valley Plaza Anchor Acquisition, LLC		09-12300		31
VCK Business Trust		09-12301		362
Victoria Ward Center L.L.C.		09-12302		197
Victoria Ward Entertainment Center L.L.C.		09-12303		145
Victoria Ward, Limited		09-12304		3,534
Victoria Ward Services, Inc.		09-12305		—
Village of Cross Keys, LLC, The		09-12306		37
Visalia Mall L.L.C.		09-12307		—
Vista Commons, LLC		09-12308		70
Visalia Mall, L.P.		09-12309		390
Vista Ridge Mall, LLC		09-12310		1,103
VW Condominium Development, LLC		09-12311		—
Ward Gateway-Industrial-Village, LLC		09-12312		196
Ward Plaza-Warehouse, LLC		09-12313		242
Weeping Willow RNA, LLC		09-12314		—
West Kendall Holdings, LLC		09-12315		654
Westwood Mall, LLC		09-12316		299
White Marsh Mall, LLC		09-12317		—
White Mountain Mall, LLC		09-12318		63
Willow SPE, LLC		09-12319		—
Willowbrook II, LLC		09-12320		—
Willowbrook Mall, LLC		09-12321		2,455
Woodbridge Center Property, LLC		09-12322		2,908
Woodlands Mall Associates, LLC, The		09-12323		1,807
10000 Covington Cross, LLC		09-12324		16

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		September 30, 2010
			(In thousands)
10 CCC Business Trust		09-12457		51
20 CCC Business Trust		09-12458		29
30 CCC Business Trust		09-12459		25
Capital Mall L.L.C.		09-12462		280
GGP-Columbiana Trust		09-12464		267
GGP-Gateway Mall L.L.C.		09-12467		711
Grand Traverse Mall Partners, LP		09-12469		678
Greenwood Mall L.L.C.		09-12471		601
Kalamazoo Mall L.L.C.		09-12472		1,685
Lancaster Trust		09-12473		1,159
Mondawmin Business Trust		09-12474		532
Running Brook Business Trust		09-12475		—
Town Center East Business Trust		09-12476		23
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		—

			$	210,810

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

SCHEDULE VII
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)


						Total Debt Balance		Interest Expense
						Month Ended		Month Ended
Property	Maturity Date		Rate (a)			September 30		September 30
						(Dollars in thousands)
Fixed Rate Loans
Secured Asset Loans:
10000 West Charleston		3/3/2015		7.88	%	$	21,214	$	139
1160/80 Town Center		1/13/2017		6.99	%		8,044		47
Ala Moana A1		6/30/2018		5.60	%		1,172,781		5,476
Ala Moana A2		6/30/2018		5.52	%		296,321		1,363
Augusta Mall		11/10/2017		5.49	%		173,348		793
Baltimore Center Garage Ltd Partnership		6/1/2018		6.05	%		14,147		71
Bay City		12/31/2010		5.30	%		23,464		104
Bayshore		8/31/2016		7.13	%		30,167		179
Beachwood Place		10/7/2017		5.60	%		234,938		1,096
Bellis Fair		2/14/2018		7.34	%		58,815		360
Boise Towne Plaza		7/9/2015		4.70	%		10,584		41
Boise Towne Square		8/11/2017		6.64	%		68,798		381
Brass Mill		4/10/2016		4.55	%		118,225		448
Burlington		7/1/2015		5.03	%		25,730		108
Burlington 2 (*)		7/1/2010		6.30	%		5,500		29
Capital		10/1/2014		7.28	%		19,801		120
Chapel Hills		12/31/2010		5.04	%		112,757		473
Chico Mall		12/31/2010		4.74	%		55,355		218
Collin Creek Mall		7/9/2016		6.78	%		65,270		369
Columbia Mall (MO)		5/3/2017		6.05	%		89,322		450
Coronado		12/6/2016		5.08	%		164,503		696
Corporate Pointe 2 (10650 W. Charleston)		3/12/2016		6.83	%		4,421		25
Corporate Pointe 3 (10750 W. Charleston)		3/12/2016		6.83	%		4,421		25
Country Hills		12/31/2010		6.04	%		13,257		67
Crossroads Center (MN)		1/30/2014		4.73	%		81,898		323
Deerbrook		1/1/2014		3.46	%		69,909		202
Eagle Ridge		10/12/2015		5.41	%		46,726		218
Eastridge (CA) Note A		8/31/2017		5.92	%		132,467		653
Eastridge (CA) Note B		8/31/2017		5.32	%		36,180		160
Eastridge (WY )		12/4/2016		5.08	%		38,131		161
Eden Prairie		9/30/2014		4.67	%		77,474		302
Fallbrook		1/3/2018		6.14	%		84,372		431
Faneuil Hall		9/30/2016		5.57	%		92,056		427
Fashion Place		4/5/2014		5.30	%		141,031		623
Four Seasons		6/11/2017		5.60	%		96,571		451
Fox River		9/3/2016		5.96	%		192,792		958
Gallery at Harborplace 1 (Baltimore Center Land, Garage & Office)		6/1/2014		7.89	%		63,146		434
Gateway		10/1/2014		7.28	%		38,806		235
Gateway Overlook		8/30/2016		5.78	%		54,562		263
Glenbrook		12/30/2016		4.91	%		172,626		707
Grand Canal Shoppes		5/1/2014		4.78	%		382,478		1,524
Grand Traverse		3/31/2011		5.02	%		83,158		348
Greenwood		10/1/2014		7.28	%		43,568		264
Harborplace		4/5/2016		5.79	%		49,557		239
Homart I (*)		2/28/2013		5.95	%		245,115		1,215
Hulen Mall		6/7/2015		5.03	%		110,019		461
Ivanhoe Capital (*)		12/3/2012		5.74	%		93,713		448
Jordan Creek		3/2/2014		4.57	%		180,333		686
JP Comm Jr. Gateway Crossing		1/7/2014		4.70	%		14,764		58
JP Comm Jr. Univ. Crossing		1/7/2014		4.70	%		11,022		43
JP Comm Sr. Austin Bluffs		1/1/2014		4.40	%		2,181		8
JP Comm Sr. Division Crossing		1/1/2014		4.40	%		5,026		18
JP Comm Sr. Fort Union		1/1/2014		4.40	%		2,624		10
JP Comm Sr. Halsey Crossing		1/1/2014		4.40	%		2,460		9
JP Comm Sr. Orem Plaza Center St		1/1/2014		4.40	%		2,345		9
JP Comm Sr. Orem Plaza State St		1/1/2014		4.40	%		1,451		5
JP Comm Sr. Riverpointe Plaza		1/1/2014		4.40	%		3,632		13
JP Comm Sr. Riverside Plaza		1/1/2014		4.40	%		5,199		19
JP Comm Sr. Woodlands Village		1/1/2014		4.40	%		6,642		24
Knollwood		10/10/2017		5.35	%		38,996		174
Lakeside Mall		6/1/2016		4.28	%		174,884		624
Lakeview Square		3/1/2016		5.81	%		40,512		203
Lansing I		1/1/2014		9.35	%		22,472		173
Lincolnshire Commons		9/30/2016		5.98	%		27,786		138
Lynnhaven		7/6/2015		5.05	%		230,968		972
Maine		12/10/2016		4.84	%		210,560		848
Mall of Louisiana Mezz (*)		9/30/2017		6.40	%		59,848		319

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)


						Total Debt Balance		Interest Expense
						Month Ended		Month Ended
Property	Maturity Date		Rate (a)			September 30		September 30
						(Dollars in thousands)
Mall of Louisiana Note A		9/30/2017		5.46	%		116,166		529
Mall of Louisiana Note B		9/30/2017		5.92	%		53,398		263
Mall St Matthews Ltd Partnership		1/1/2014		4.81	%		140,599		563
Mall St Vincent		12/31/2010		6.30	%		49,000		257
Market Place		5/3/2017		6.05	%		105,202		530
Moreno Valley		9/11/2013		5.96	%		85,990		441
Newgate		4/1/2014		4.84	%		39,774		160
Newpark		8/2/2014		7.45	%		66,560		413
North Point		2/29/2016		5.48	%		210,853		963
North Star		1/4/2015		4.43	%		225,749		833
Northgate		9/1/2016		5.88	%		44,172		224
Northridge Fashion		12/30/2014		7.24	%		122,986		742
Oglethorpe		7/2/2015		4.89	%		137,684		561
Oviedo		5/7/2012		5.12	%		50,813		224
Oxmoor		12/2/2016		6.85	%		55,692		318
Park City Note A		4/1/2014		4.74	%		116,407		459
Park City Note B		4/1/2014		7.10	%		28,620		169
Park Place		1/11/2015		5.15	%		171,718		737
Peachtree		6/1/2015		5.08	%		87,312		370
Pecanland		1/1/2014		4.28	%		55,227		197
Piedmont		12/31/2010		5.98	%		33,242		166
Pine Ridge		12/4/2016		5.08	%		25,709		109
Prince Kuhio		1/1/2014		3.45	%		36,407		105
Providence Place 2		3/11/2015		5.03	%		246,977		1,034
Providence Place 3 (*)		3/11/2015		5.12	%		51,996		222
Providence Place 4 (*)		3/11/2015		5.93	%		34,148		169
Providence Place Pilot A1		7/1/2016		7.75	%		20,863		135
Providence Place Pilot A2		6/30/2028		7.75	%		24,011		155
Red Cliffs		12/4/2016		5.08	%		24,435		103
Regency Square		7/1/2015		3.59	%		90,372		271
Ridgedale		9/30/2016		4.86	%		173,437		702
River Hills		1/3/2018		6.14	%		79,409		406
RiverTown Junior Loan (*)		12/30/2014		8.36	%		15,452		108
RiverTown Senior Loan		12/30/2014		7.29	%		99,369		604
Rogue Valley		7/1/2014		7.85	%		25,756		168
Sikes Senter		6/1/2017		5.20	%		59,853		259
Sooner Fashion		1/3/2018		6.14	%		59,557		305
Southlake		12/1/2019		6.44	%		99,308		533
Southland		1/1/2014		3.62	%		78,324		236
Southland (RSE)		3/5/2010		4.97	%		106,089		454
St. Louis Galleria		1/3/2017		4.86	%		231,175		935
Staten Island 1		10/1/2015		5.09	%		84,409		353
Staten Island 2		10/1/2015		8.15	%		67,576		453
Staten Island 3		10/1/2015		5.61	%		124,186		581
Steeplegate Note A		8/1/2014		4.75	%		61,523		243
Steeplegate Note B		8/1/2014		5.78	%		14,217		69
Stonestown Note A		9/1/2017		5.85	%		154,871		755
Stonestown Note B		9/1/2017		5.65	%		59,706		281
The Boulevard		7/1/2018		4.27	%		104,083		371
The Crossroads (MI)		1/1/2014		7.40	%		38,676		239
The Woodlands Note A		6/12/2016		5.91	%		183,404		904
The Woodlands Note B		6/12/2016		5.91	%		54,526		269
Three Rivers		12/4/2016		5.08	%		20,931		89
Town East		1/1/2014		3.46	%		101,446		293
Tucson Mall		1/1/2014		4.26	%		113,402		403
Tucson Mall — Hyper Am		1/1/2014		4.26	%		3,885		14
Tysons Galleria — Note A		9/11/2017		5.69	%		221,476		1,049
Tysons Galleria — Note B		9/11/2017		6.00	%		31,233		156
Valley Hills		3/4/2016		4.73	%		55,181		217
Valley Plaza		1/10/2016		3.90	%		91,948		299
Victoria Ward (Village/Industrial/Gateway)		9/30/2016		5.61	%		87,686		410
Victoria Ward (Warehouse/Plaza)		10/6/2016		3.50	%		68,393		199
Village of Cross Keys		1/1/2014		7.04	%		9,255		54
Visalia		1/1/2014		3.78	%		39,508		124
Vista Ridge		4/10/2016		6.87	%		78,021		447
Ward Centre & Ward Entertainment		1/1/2014		4.33	%		56,557		204
Washington Park		3/31/2016		5.35	%		11,780		53
West Valley		1/1/2014		3.43	%		53,494		153
White Marsh		9/1/2017		5.62	%		185,785		870

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)


						Total Debt Balance			Interest Expense
						Month Ended			Month Ended
Property	Maturity Date		Rate (a)			September 30			September 30
						(Dollars in thousands)
Willowbrook Mall		6/30/2016		6.82	%		154,531			879
Woodbridge Corporation		6/1/2014		4.24	%		201,650			713
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
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							16,169,393			72,337

Secured Asset Loans:
Bank Note — Animas Valley		7/11/2016		3.51	%		44,689			131
Bank Note — Birchwood Mall		7/11/2016		3.51	%		48,260			141
Bank Note — Cache Valley		7/11/2016		3.51	%		29,438			86
Bank Note — Colony Square		7/11/2016		3.51	%		29,015			85
Bank Note — Columbiana		7/11/2016		3.51	%		106,756			313
Bank Note — Fallen Timbers		7/11/2016		3.51	%		48,329			142
Bank Note — Foothills		7/11/2016		3.51	%		39,783			116
Bank Note — Grand Teton		7/11/2016		3.51	%		52,178			153
Bank Note — Mall at Sierra Vista		7/11/2016		3.51	%		23,999			70
Bank Note — Mall of the Bluffs		7/11/2016		3.51	%		26,647			78
Bank Note — Mayfair		7/11/2016		3.51	%		305,525			895
Bank Note — Mondawmin		7/11/2016		3.51	%		74,622			219
Bank Note — North Plains		7/11/2016		3.51	%		13,535			40
Bank Note — North Town Mall		7/11/2016		3.51	%		92,115			270
Bank Note — Oakwood		7/11/2016		3.51	%		83,915			246
Bank Note — Owings Mills		7/11/2016		3.51	%		24,915			73
Bank Note — Pierre Bossiere		7/11/2016		3.51	%		42,619			125
Bank Note — Pioneer Place		7/11/2016		3.51	%		162,285			475
Bank Note — Salem Center		7/11/2016		3.51	%		38,482			113
Bank Note — Silver Lake Mall		7/11/2016		3.51	%		13,450			39
Bank Note — Southwest Plaza		7/11/2016		3.51	%		109,404			320
Bank Note — Spring Hill		7/11/2016		3.51	%		54,109			158
Bank Note — Westwood Mall		7/11/2016		3.51	%		27,788			81
Bank Note — White Mountain		7/11/2016		3.51	%		10,897			32
Fashion Show		5/5/2017		3.26	%		641,538			1,745
Oakwood Center		9/1/2014		4.38	%		95,000			278
Palazzo		5/5/2017		3.26	%		247,930			674
Unsecured Asset Loans:
DIP (c)		3/16/2011		5.50	%		400,000			1,833
GGPLP/GGPLPLLC Revolver (*)		2/24/2010		1.51	%		590,000			744
GGPLP/GGPLPLLC Senior Term (*)		2/24/2010		1.51	%		1,987,500			2,507
TRUPS (*)(d)		4/30/2036		1.93	%		206,200			331

Variable Rate Debt							5,670,923			12,513

Total Debt — All Debtors						$	21,840,316	(e)	$	84,850


(a)		Reflects the variable contract rate as of September 30, 2010.

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

(c)		Loan refinanced in July 2010.

(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 September		Period Ended September
Name	September 30, 2010			September 30, 2010		30, 2010		30, 2010
	(In thousands)
Akin Gump Strauss Hauer & Feld, LLP	$	701		$	330	$	15,863	$	11,463
AlixPartners, LLP		3,903			—		28,590		16,681
Assessment Technologies		—			30		29		90
Baker & Daniels LLP		—			—		—		—
Bracewell Giuliani		(172	)		7		1,840		1,472
Calvo & Clark LLP		—			—		—		—
Cantor Fitzgerald		292			124		1,667		520
Cushman & Wakefield		(382	)		165		3,417		2,714
Deloitte & Touche LLP		1,575			1,818		7,743		5,037
Deloitte Tax LLP		340			4		1,270		468
Epiq Solutions		—			6		18		22
Ernst & Young LLP		63			53		1,284		860
FTI Consulting		(176	)		25		3,308		2,565
Grant Thornton		3			—		29		17
Halperin Battaglia Raicht LLP		—			15		269		201
Hewitt Associates		219			53		805		131
Houlihan Lokey		906			220		15,014		3,287
Hughes Hubbard & Reed LLP		(14	)		13		368		214
Jenner & Block		248			42		1,950		1,277
Kirkland & Ellis LLP⁽¹⁾		(903	)		524		26,991		19,796
KPMG LLP		—			—		70		60
Kurtzman Carson Consultants LLC		1,573			424		7,277		5,362
Miller Buckfire & Co LLC⁽¹⁾		1,376			285		23,158		6,800
PricewaterhouseCoopers		(28	)		—		301		205
Saul Ewing LLP		1,063			273		5,062		2,673
Silverstein & Pomerantz LLP		—			—		—		—
UBS Securities		1,060			—		15,652		—
Weil, Gotshal & Manges LLP⁽¹⁾		3,992			3,094		53,244		33,471
Weitzman Group		17			—		151		71

Total	$	15,656		$	7,505	$	215,370	$	115,457


Professional Fees Summary (See Note 7)

Restructuring costs	$	14,129		$	7,043	$	198,692	$	107,179
General & administrative		1,215			33		13,841		3,208
Other⁽²⁾		312			429		2,837		5,070

Total	$	15,656		$	7,505	$	215,370	$	115,457


⁽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 million, $0.6 million, 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)

SCHEDULE IX
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED SEPTEMBER 30, 2010


Debtor	Property	Date and Transaction Description	Counterparty	Consideration
				(In thousands)
GGP Natick Residence LLC	Condominium Unit #507 Natick, MA	Condominium Unit Sale 9/03/10	Kom Byung and Sue Kyung Chae	$	398
GGP Natick Residence LLC	Condominium Unit #711 Natick, MA	Condominium Unit Sale 9/07/10	James Conner	$	372
GGP Natick Residence LLC	Condominium Unit #1007 Natick, MA	Condominium Unit Sale 9/14/10	Konstentinos Katikakis	$	423
GGP Natick Residence LLC	Condominium Unit #143 Natick, MA	Condominium Unit Sale 9/16/10	Gilson Santizo	$	300
GGP Natick Residence LLC	Parking Space No. 14 Natick, MA	Condominium Parking Space Sale 9/28/10	Bernardine Antonucci	$	25
GGP Natick Residence LLC	Condominium Unit #249 Natick, MA	Condominium Unit Sale 9/28/10	Petra Kacer and Timothy Johnson	$	350
GGP Natick Residence LLC	Condominium Unit #828 Natick, MA	Condominium Unit Sale 9/30/10	Sai Jonnavitthula and Bhanu Thota	$	399
Summerlin South Community Assn.	Village 19, Parcel I	Landscape Easement Agreement 9/16/10	Clark County School District		None

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

Reporting Period: September 30, 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 $28.3 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 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 $6.5 million.

(3)		As previously described in Note 6 of the May 2009 MOR, which description is incorporated into this response by reference, the DIP Term Loan of $400 million was funded on May 15, 2009. On July 23, 2010, GGP, pursuant to an authorizing order from the Bankruptcy Court, entered into the New DIP Facility to refinance the DIP Term Loan.


	GENERAL GROWTH PROPERTIES, INC.
Date: October 29, 2010	by:	/s/ Edmund Hoyt
		Edmund Hoyt
		Chief Accounting Officer


	September 30, 2010
	(In thousands)
Current	$	(13,194	)*
31 - 60 days		5,528
61 - 90 days		1,155
91 - 120 days		3,961
Over 120 days		39,288

Gross Amount	$	36,738