\

EXHIBIT 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the three and twelve months ended December 31, 2004

Supplemental Financial/Operational Data
December 31, 2004
Table of Contents

Corporate Overview	1 - 3
Corporate Profile	1
Corporate Overview	1
Stock Listing	1
Calendar of Events	1
Current Dividend	1
Investor Relations	1
Transfer Agent	1
Debt Ratings	1
Ownership Structure as of December 31, 2004	2
Total Market Capitalization	2
Research Coverage	3
Fourth Quarter 2004 Earnings Announcement	4 - 16
Supplemental Financial Data	17 - 31
Summary Financial Information, Earnings Measures and Retained FFO	17
Trailing Twelve Month EBITDA and Coverage Ratios	18
Community Development Net Operating Income	19
Capital Information	20
Changes in Common Share and Unit Ownership	21
Common Dividend History	22
Debt Maturity and Current Average Interest Rate Summary	23
Summary of Outstanding Debt	24 -31
Supplemental Operational Data	32 - 37
Operating Statistics & Certain Financial Information	32
Portfolio GLA, Occupancy, Sales & Rent Data	33
Occupancy, Straight Line Rent, SFAS #141 & 142 and Tenant Allowances	34
Real Estate Net Operating Income by Geographic Area	35
Real Estate Net Operating Income by Categorization	36
Lease Expiration Schedule and Lease Termination Income at Share	37
Major Developments, Expansions & Acquisitions	38 - 41
Development in Progress	38
Developments and Expansions over $10 million	39 - 40
Acquisitions	41

Corporate Overview

Certain information included in this supplemental package is unaudited.

This report may contain forward-looking statements that involve risks and
uncertainties. All statements other than statements of historical fact are
statements that may be deemed forward-looking statements, which are subject to
a number of risks, uncertainties and assumptions. Readers are referred to the
documents filed by the company with the SEC, specifically the most recent
reports on Forms 10-K and 10-Q, which identify important risk factors and
estimates which could cause actual results to differ from those contained in
the forward-looking statements.

Corporate Profile

General Growth Properties (GGP) and its predecessor companies have been in the shopping center business for fifty years. It is the second largest US based publicly traded Real Estate Investment Trust (REIT) in the United States. GGP owns, develops, operates and/or manages shopping malls in 44 states. As of February 8, 2005, GGP has ownership interests in, or management responsibility for 209 regional shopping malls totaling approximately 200 million square feet of retail space, as well as ownership in planned community developments and commercial office buildings. Since going public in 1993, GGP has reported the highest per share funds from operations (FFO) growth in the regional mall sector at 16% on a compounded annualized basis. A predecessor company was also publicly held from 1970 to 1985 and generated a 22% internal rate of return for shareholders from inception through liquidation. With a capitalization of $33.9 billion, GGP delivers consistent earnings growth and dividend increases. Average occupancy at December 31, 2004 was 92.1% and sales per square foot were $410. The Bucksbaum family, which founded GGP, is still engaged in the operation of the company’s day-to-day business activities. The senior management together with a majority of its nearly 6,000 employees own approximately 30% of the company.

Corporate Overview

The corporate mission of GGP is to create shareholder value and return by acquiring, developing, renovating, and managing primarily retail properties and by generating cash flow from land sales in master planned communities. The company provides investors an opportunity to participate in the ownership of high quality income producing real estate while, at the same time, maintaining liquidity. The company’s primary objective is to provide consistently increasing dividends and capital appreciation for its shareholders.

The corporate vision of GGP is to be a CUSTOMer built company, giving our C.O.R.E customers what they want, when they want it and where they want it. We are custom-built and customer-focused on our key audiences:

C Consumer

O Owners

R Retailers

E Employees

Whether you’re a shopper, shareholder, a retailer or an employee, GGP is CUSTOMer built for you.

Stock Listing

Common Stock
NYSE: GGP

Calendar of Events
Quarter End — First Quarter 2005	March 31, 2005
Earnings Release — After the Market Close	April 25, 2005
Quarterly Conference Call — 9:00 am CST	April 26, 2005

Current Dividend

General Growth Properties, Inc. declared its first dividend for 2005 in the amount of $0.36 per share, payable to common stock shareholders of record on January 17, 2005, with payment on January 31, 2005. The current dividend represents an increase of 20% over the dividend of $0.30 per share paid for the same period last year. The company reviews its dividend policy annually, usually prior to the fourth quarter dividend announcement, which is typically made in early October. The company has, as a result of this review, raised its dividend every year since going public in April of 1993 when the (split-adjusted) initial quarterly dividend was approximately $0.12 per share. These annual increases have allowed GGP to grow its dividend at a compound annual growth rate of 9.5% since going public for a second time. GGP has increased its dividend an average of 20% per year for the last four years.

Investor Relations	Transfer Agent
Tim Lordan	Mellon Investor Services, LLC
VP of Investor Relations	Shareholder Relations
General Growth Properties	P.O. Box 3315
10275 Little Patuxent Pkwy	South Hackensack, NJ 07606
Columbia, MD 21044	(888) 395-8037
(410) 992-6059	(201) 329-8660
(410) 964-3412
tlordan@generalgrowth.com

Debt Ratings
Standard & Poors - Corporate Rating	BBB -
Standard & Poors - Senior Debt Rating	BB +
Standard & Poors - Rouse Bonds Rating	BB +
Moody’s - Senior Debt Rating	Ba2
Moody’s - Rouse Bonds Rating	Ba1
Please visit the GGP web site for additional information:	www.generalgrowth.com

1

Ownership Structure as of December 31, 2004

Total Market Capitalization - As Measured by Stock Price (dollars in thousands) 12/31/2004

Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a) $ 22,981,134

	Issuer’s Earliest Redemption Date
Perpetual Preferred Units
Perpetual Preferred Units at 8.25%	N/A	$	5,000
Perpetual Preferred Units at 8.75%	5/1/2005		8,000
Perpetual Preferred Units at 8.95%	5/25/2005		175,000
Perpetual Preferred Units at 8.95%	4/23/2007		60,000
			248,000
Convertible Preferred Units
Convertible Preferred Units at 6.50%			26,637
Convertible Preferred Units at 7.00%			57,308
Convertible Preferred Units at 8.50%			70,975
			154,920
Other Preferred Stock			241
Total Preferred Securities				$	403,161
Common Stock and Common Operating Partnership Units
Stock market value of 234.8 million shares of common stock and 55.5 million shares of operating partnership common units (which are convertible into an equal number of shares of common stock) — outstanding at end of period				$	10,495,669
Total Market Capitalization at end of period				$	33,879,964

(a)   The total loan balance on this report excludes purchase accounting mark-to-market adjustments on consolidated debt of approximately $141.6 million and unconsolidated debt of approximately $4.6 million. In addition, debt collateralized by Provo Mall & Spokane Mall is reflected at 75% of the total loan balance resulting in a $23.5 million minority interest adjustment to the consolidated debt balance.

2

Research Coverage

The following list of research coverage and contact information is included for informational purposes only. The company does not review any third party advice or investment or research report and therefore expressly does not adopt or endorse any such advice or report.

Banc of America Securities	Ross Nussbaum	(212) 847-5668
	Amy deLone	(617) 856-8820
Deutsche Bank	Louis Taylor	(212) 250-4912
Friedman Billings Ramsey	Paul Morgan	(415) 874-3412
Goldman Sachs	Carey Callaghan	(212) 902-4351
Greenstreet Advisors	Greg Andrews	(949) 640-8780
J.P. Morgan	Michael Mueller	(212) 622-6689
	Joshua Bederman	(212) 622-6530
Lehman Brothers	David Shulman	(212) 526-3413
McDonald Investments	Richard C. Moore	(216) 443-2815
Merrill Lynch	Steve Sakwa	(212) 449-0335
	Craig Schmidt	(212) 449-1944
Morgan Stanley Dean Witter	Matt Ostrower	(212) 761-6284
Prudential Securities	James Sullivan	(212) 778-2515
	Robert Belzer	(212) 778-1441
RBC Capital	Jay Leupp	(415) 633-8588
SalomonSmithBarney	Jonathan Litt	(212) 816-0231
	Michael Bilerman	(212) 816-1383
UBS Warburg	Ian Weissman	(212) 713-8602

3

Fourth Quarter Earnings Announcement
February 8, 2004

News Release	General Growth Properties, Inc.
	110 North Wacker Drive
	Chicago, IL 60606
	(312) 960-5000
	FAX (312) 960-5475

FOR IMMEDIATE RELEASE	CONTACT:	John Bucksbaum
		312/960-5005
		Bernie Freibaum
		312/960-5252

General Growth Properties, Inc. Reports Results

Chicago, Illinois, February 7, 2005 — General Growth Properties, Inc. (NYSE: GGP) today announced the release of 2004’s fourth quarter and year - end results. Earnings per share – diluted (EPS) were $.41 for the fourth quarter of 2004 as compared to $.46 in the fourth quarter of 2003. For the full year, EPS was $1.21 in 2004 as compared to $1.22 in 2003. Fully diluted Funds from Operations per share (FFO) were $.90 for the fourth quarter of 2004, a 20.0% increase over $.75 reported in the comparable period of 2003. For the full year, FFO per fully diluted share was $2.77, up 19.9% from $2.31 reported in 2003.

“2004 was an historic year for our Company, filled with great accomplishment,” said John Bucksbaum, chief executive officer, General Growth Properties. “We closed the merger with The Rouse Company in November - adding some of the highest quality retail properties in America. The addition of the Rouse assets and its talented people to General Growth will allow us to generate industry leading growth and deliver recurring profitability to our shareholders for many years to come.”

FINANCIAL AND OPERATIONAL HIGHLIGHTS

§   EPS in the fourth quarter of 2004 was $.41 per share, versus $.46 in the comparable period of 2003. For the full year, EPS was $1.21 as compared to $1.22 in 2003.

§   Fully diluted FFO per share increased to $.90 in the fourth quarter of 2004, 20.0% above $.75 reported in the fourth quarter of 2003. FFO per fully diluted share for 2004 was a record $2.77, up 19.9% from $2.31 in 2003. Total FFO for the quarter increased 23.7% to $254.6 million, from $205.9 million in 2003’s fourth quarter. The effects of non-cash rental revenue recognized pursuant to SFAS No. 141 and 142 resulted in approximately $9.8 million or $.03 of FFO per fully diluted share in the fourth quarter of 2004 as compared to $4.5 million or $.02 in the comparable period of 2003. Straight line rent resulted in approximately $7.3 million or $.03 of FFO per

February 8, 2005

4

fully diluted share in the fourth quarter of 2004, versus $3.4 million or $.01 in the same period of 2003.

§   FFO Guidance for 2005 is currently estimated to be $3.13 per share. The Company expects to update this estimate in conjunction with its quarterly earnings releases in 2005.

§   Real estate property net operating income (NOI) for the fourth quarter of 2004 increased to $501.4 million, 50.4% above the $333.4 million reported in the fourth quarter of 2003. For the full year, NOI increased 28.8% to $1.43 billion, up from $1.11 billion in 2003.

§	Revenues from consolidated properties were $645.4 million for the quarter, an increase of 78.8%, compared to $361.0 million for the same period in 2003. For the twelve months ended December 31, 2004, revenues from consolidated properties were $1.72 billion, up 45.8% from $1.18 billion in 2003.
	Revenues from unconsolidated properties at share increased 71.4% to $195.1 million, compared to $113.8 million in the fourth quarter of 2003. For the full year, revenues from unconsolidated properties at share were $495.6 million, up 11.7% from $443.5 million in 2003.

§   Total tenant sales increased 6.1% in 2004, and comparable tenant sales increased 4.3% versus 2003.

§	Comparable NOI from consolidated properties in the fourth quarter of 2004 increased by 8.0% compared to the same period last year.
	Comparable NOI from unconsolidated properties at share for the quarter increased by approximately 3.5% compared to the fourth quarter of 2003.

§   Mall shop occupancy increased to 92.1% at December 31, 2004, compared to 91.3% at December 31, 2003.

§   Sales per square foot for 2004 were $410 versus $351 in 2003.

§

Average rent

For consolidated properties, average rent per square foot for new/renewal leases signed during 2004 was $33.53 versus $31.83 for 2003. For unconsolidated properties, average rent per square foot for new/renewal leases signed in 2004 was $36.45 versus $34.71 for 2003. Average rent for consolidated properties leases expiring in 2004 was $25.69 versus $22.16 in 2003. For unconsolidated properties, average rent for leases expiring in 2004 was $32.35 compared to $31.29 in 2003.

§	The Rouse Company
	The Company completed the merger with The Rouse Company on November 12, 2004. The financial and operational highlights, with the exception of average rent and comparable NOI, include the effect of this transaction. The financial information

February 8, 2005

5

included is based on management’s current determination of the required purchase accounting adjustments arising from the Rouse transaction. These adjustments are subject to change. As the operations of the master-planned communities acquired in the Rouse transaction are managed separately and now represent a different line of business for General Growth Properties, the Company has presented for 2004 and will continue to present its operations in two business segments, Retail and Other, and Community Development.

§

Discontinued operations

In early November 2004, the Company sold a group of non-retail assets that were obtained in the July 2002 acquisition of JP Realty, Inc. for a sales price of approximately $67 million. As required by generally accepted accounting principles, the operations of these assets have been classified as discontinued operations. Certain amounts for 2003 have been reclassified to conform to this presentation.

CONFERENCE CALL/WEBCAST

General Growth will host a live webcast of its conference call regarding this announcement on the company’s web site, www.generalgrowth.com. This webcast will take place on Tuesday, February 8, 2005 at 10:00 a.m., Eastern Time (9:00 a.m. CT, 7:00 a.m. PT). The webcast can be accessed by selecting the conference call icon on the GGP home page.

General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has ownership interest and management responsibility for a portfolio of 209 regional shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The company portfolio totals approximately 200 million square feet of retail space and includes over 18,000 retailers nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the company web site at http://www.generalgrowth.com.

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS
FUNDS FROM OPERATIONS (FFO)

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

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating

February 8, 2005

6

performance of the company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the company believes that FFO provides investors with a clearer view of the Company’s operating performance.

In order to provide a better understanding of the relationship between FFO and GAAP net income, a reconciliation of FFO to GAAP net income has been provided. FFO does not represent cash flow from operating activities in accordance with GAAP, should not be considered as an alternative to GAAP net income and is not necessarily indicative of cash available to fund cash needs. In addition, the Company has presented FFO on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the company as a whole.

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

General Growth believes that Real Estate Property Net Operating Income (NOI) is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues from continuing operations (rental income, tenant recoveries and other income) less property and related expenses from continuing operations (real estate taxes, repairs and maintenance, marketing and other property expenses). As with FFO described above, NOI has been reflected on a consolidated and unconsolidated basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.

Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, gains and losses from property dispositions, discontinued operations, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs. This measure thereby provides an operating perspective not immediately apparent from GAAP operating or net income. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns.

In addition, management believes that NOI provides useful information to the investment community about the company’s operating performance. However, due to the

February 8, 2005

7

exclusions noted above, NOI should only be used as an alternative measure of the Company’s financial performance. For reference and as an aid in understanding of management’s computation of NOI, a reconciliation of NOI to consolidated operating income as computed in accordance with GAAP has been presented.

Comparable NOI excludes from both years the NOI of properties with significant physical or merchandising changes and those properties acquired or opened during the relevant comparative accounting periods.

PROPERTY INFORMATION

The Company has presented information on its consolidated and unconsolidated properties separately in the accompanying financial schedules. As a significant portion of the Company’s total operations are structured as joint venture arrangements which are unconsolidated, management of the Company believes that operating data with respect to all properties owned provides important insights into the income produced by such investments for the Company as a whole. In addition, the individual items of revenue and expense for the unconsolidated properties have been presented at the Company’s ownership share of such unconsolidated ventures. As the management operating philosophies and strategies are the same regardless of ownership structure, an aggregate presentation of NOI and other operating statistics yields a more accurate representation of the relative size and significance of the elements of the Company’s overall operations.

RISKS AND UNCERTAINTIES

This release contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical fact are statements that may be deemed forward-looking statements, which are subject to a number of risks, uncertainties and assumptions. Representative examples of these risks, uncertainties and critical accounting or other assumptions which could cause actual results to differ materially from those contained in the forward-looking statements include (without limitation) general industry and economic conditions, acts of terrorism, interest rate trends, cost of capital and capital requirements, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, changes in retail rental rates in the Company’s markets, shifts in customer demands, tenant bankruptcies or store closures, changes in vacancy rates at the Company’s properties, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, changes in applicable laws, rules and regulations (including changes in tax laws), the ability to obtain suitable equity and/or debt financing, and the continued availability of financing in the amounts and on the terms necessary to support the Company’s future business. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent reports on Form 10-Q and 10-K, which identify important factors which could affect the forward-looking statements in this release.

February 8, 2005

8

###

February 8, 2005

9

GENERAL GROWTH PROPERTIES, INC.
PORTFOLIO RESULTS
(In thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2004			2003			2004			2003
Funds From Operations (FFO)
Operating Partnership	$	254,607		$	205,925		$	765,562		$	618,561
Less: Allocations to Operating Partnership unitholders		50,166			43,067			154,347			138,568
Company stockholders	$	204,441		$	162,858		$	611,215		$	479,993
FFO per share:
Company stockholders — basic	$	0.90		$	0.75		$	2.78		$	2.39
Operating Partnership — basic		0.90			0.75			2.78			2.39
Operating Partnership — diluted		0.90			0.75			2.77			2.31
Weighted average number of Company shares outstanding:
Basic		226,312			215,785			220,149			200,875
Basic (assuming full conversion of Operating Partnership units)		281,845			272,848			275,742			258,865
Diluted (assuming full conversion of Operating Partnership units and, for the twelve months ended December 31, 2003, convertible preferred stock)		282,733			273,853			276,422			273,069
Portfolio Results
Total property revenues	$	645,418		$	361,027		$	1,722,629		$	1,183,763
Total property operating expenses		(238,561	)		(105,303	)		(585,263	)		(365,917	)
Equity in real estate property net operating income of Unconsolidated Properties		94,506			77,633			294,933			293,104
Real estate property net operating income		501,363			333,357			1,432,299			1,110,950
Net property management fees and costs		7,242			695			8,853			4,828
Headquarters/regional costs, general and administrative and depreciation on non-income producing assets		(16,959	)		(11,614	)		(48,253	)		(50,150	)
Net interest expense		(191,513	)		(78,264	)		(468,958	)		(276,235	)
Income tax expense, primarily deferred		(2,343	)		—			(2,383	)		(98	)
Equity in other FFO of Unconsolidated Properties		(34,703	)		(27,947	)		(118,419	)		(117,154	)
Preferred stock dividends and preferred unit distributions		(8,480	)		(10,302	)		(37,577	)		(53,580	)
FFO — Operating Partnership	$	254,607		$	205,925		$	765,562		$	618,561

Summarized Balance Sheet Information	December 31,		December 31,
(In thousands)	2004		2003
Cash and cash equivalents	$	48,365	$	10,677
Investment in real estate:
Net land, buildings and equipment	$	19,656,969	$	8,405,092
Developments in progress		552,359		168,521
Investment in and loans to/from Unconsolidated Real Estate Affiliates		1,945,541		630,613
Investment land and land held for development and sale		1,638,013		—
Net investment in real estate	$	23,792,882	$	9,204,226
Total assets	$	25,602,793	$	9,582,897
Mortgage and other debt payable	$	20,310,947	$	6,649,490
Minority interest — Preferred		403,161		495,211
Minority interest — Common		551,202		408,613
Stockholders’ equity		2,142,813		1,670,409
Total capitalization (at cost)	$	23,408,123	$	9,223,723

February 8, 2005

10

GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2004			2003			2004			2003
Revenues:
Minimum rents	$	362,731		$	231,926		$	1,060,963		$	775,320
Tenant recoveries		154,164			94,742			473,428			332,137
Overage rents		30,937			18,842			54,105			34,928
Land sales		68,643			—			68,643			—
Management and other fees		25,633			22,466			82,896			84,138
Other		29,032			14,696			62,810			36,268
Total revenues		671,140			382,672			1,802,845			1,262,791
Expenses:
Real estate taxes		41,196			24,320			128,320			88,276
Repairs and maintenance		46,719			24,876			123,984			81,433
Marketing		14,895			10,503			48,220			35,797
Other property operating costs		67,209			44,252			208,257			153,370
Land sales operations		66,100			—			66,100			—
Provision for doubtful accounts		2,442			1,352			10,382			7,041
Property management and other costs		29,834			28,424			100,788			109,746
General and administrative		2,419			2,054			9,499			8,533
Depreciation and amortization		124,935			65,092			365,622			230,195
Total expenses		395,749			200,873			1,061,172			714,391
Operating income		275,391			181,799			741,673			548,400
Interest income		2,108			641			3,227			2,308
Interest expense		(193,621	)		(78,905	)		(472,185	)		(278,543	)
Income allocated to minority interests		(31,860	)		(37,695	)		(104,871	)		(110,984	)
Income taxes, primarily deferred		(2,343	)		—			(2,383	)		(98	)
Equity in income of unconsolidated affiliates		32,421			32,500			88,191			94,480
Income from continuing operations		82,096			98,340			253,652			255,563
Discontinued operations, net of minority interest:
Income from operations		341			1,047			3,028			4,128
Gain on disposition		11,172			—			11,172			3,720
		11,513			1,047			14,200			7,848
Net income	$	93,609		$	99,387		$	267,852		$	263,411
Convertible preferred stock dividends		—			—			—			(13,030	)
Net income available to common stockholders	$	93,609		$	99,387		$	267,852		$	250,381
Basic earnings per share:
Continuing operations	$	0.36		$	0.45		$	1.16		$	1.21
Discontinued operations		0.05			0.01			0.06			0.04
Total basic earnings per share	$	0.41		$	0.46		$	1.22		$	1.25
Diluted earnings per share:
Continuing operations	$	0.36		$	0.45		$	1.15		$	1.19
Discontinued operations		0.05			0.01			0.06			0.03
Total diluted earnings per share	$	0.41		$	0.46		$	1.21		$	1.22

February 8, 2005

11

GENERAL GROWTH PROPERTIES, INC.
BREAKDOWN OF COMPANY PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS
(In thousands)

	Three Months Ended
	December 31, 2004
	Consolidated			Unconsolidated
	Properties			Properties (a)
Property revenues:
Minimum rents (b)	$	362,731		$	94,713
Tenant recoveries		154,164			42,085
Overage rents		30,937			7,534
Land sales		68,643			37,170
Other (c)		28,943			13,589
Total property revenues		645,418			195,091
Property operating expenses
Real estate taxes		41,196			12,463
Repairs and maintenance		46,719			11,381
Marketing		14,895			3,619
Other property operating costs		67,209			35,051
Land sales operations		66,100			37,225
Provision for doubtful accounts		2,442			846
Total property operating expenses		238,561			100,585
Real estate property net operating income		406,857			94,506
Management and other fees		25,633			—
Property management and other costs		(18,391	)		—
Headquarters/regional costs (d)		(11,443	)		(6,458	)
General and administrative		(2,419	)		(715	)
Depreciation on non-income producing assets, including headquarters buildings		(3,097	)		—
Interest income		2,108			827
Interest expense (e)		(182,080	)		(27,667	)
Amortization of deferred finance costs		(1,829	)		(575	)
Debt extinguishment costs (e)		(9,712	)		(115	)
Income taxes, primarily deferred		(2,343	)		—
Preferred unit distributions		(8,480	)		—
Funds From Operations	$	194,804		$	59,803		$	254,607
Equity in Funds from Operations of Unconsolidated Properties		59,803			(59,803	)		—
Operating Partnership Funds From Operations	$	254,607		$	—		$	254,607

	Three Months Ended
	December 31, 2003
	Consolidated			Unconsolidated
	Properties			Properties (a)
Property revenues:
Minimum rents (b)	$	231,926		$	72,280
Tenant recoveries		94,742			32,561
Overage rents		18,842			5,214
Other		15,517			3,790
Total property revenues		361,027			113,845
Property operating expenses:
Real estate taxes		24,320			9,226
Repairs and maintenance		24,876			8,957
Marketing		10,503			3,211
Other property operating costs		44,252			14,636
Provision for doubtful accounts		1,352			182
Total property operating expenses		105,303			36,212
Real estate property net operating income		255,724			77,633
Management and other fees		22,466			—
Property management and other costs		(21,771	)		—
Headquarters/regional costs (d)		(6,653	)		(6,404	)
General and administrative		(2,054	)		(235	)
Depreciation on non-income producing assets, including headquarters buildings		(2,907	)		—
Interest income		641			440
Interest expense		(76,909	)		(20,766	)
Amortization of deferred finance costs		(1,996	)		(969	)
Debt extinguishment costs		—			(13	)
Income taxes, primarily deferred		—			—
Preferred unit distributions		(10,302	)		—
Funds From Operations		156,239			49,686		$	205,925
Equity in Funds From Operations of Unconsolidated Properties		49,686			(49,686	)		—
Operating Partnership Funds From Operations	$	205,925		$	—		$	205,925

(a)   Reflect revenues and expenses of Unconsolidated Properties at Operating Partnership’s ownership share of such items.

(b)   Minimum rents includes the following for the three months ended December 31:

	Consolidated		Unconsolidated
	Properties		Properties
2004
Straight-line rent	$	6,010	$	1,292
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		8,512		1,324
2003
Straight-line rent	$	2,546	$	842
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		4,236		292

(c)	Includes net FFO of investment property sold of $429 and $1,348, respectively, for the three months ended December 31, 2004 and 2003.
(d)	Headquarters/regional costs for the Unconsolidated Properties include property management and other fees to General Growth Management, Inc. and the Rouse Management Company, Inc.
(e)	Reflects the reclassification of $9,712 of debt extinguishment costs which were reported as Interest expense in the Company’s February 8, 2005 earnings release.

February 8, 2005

12

GENERAL GROWTH PROPERTIES, INC.
BREAKDOWN OF COMPANY PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS
(In thousands)

	Twelve Months Ended
	December 31, 2004
	Consolidated			Unconsolidated
	Properties			Properties (a)
Property revenues:
Minimum rents (b)	$	1,060,963		$	293,175
Tenant recoveries		473,428			135,561
Overage rents		54,105			10,960
Land sales		68,643			37,170
Other (c)		65,490			18,694
Total property revenues		1,722,629			495,560
Property operating expenses:
Real estate taxes		128,320			39,546
Repairs and maintenance		123,984			33,150
Marketing		48,220			13,351
Other property operating costs		208,257			74,589
Land sales operations		66,100			37,225
Provision for doubtful accounts		10,382			2,766
Total property operating expenses		585,263			200,627
Real estate property net operating income		1,137,366			294,933
Management and other fees		82,896			—
Property management and other costs		(74,043	)		—
Headquarters/regional costs (d)		(26,745	)		(23,126	)
General and administrative		(9,499	)		(3,704	)
Depreciation on non-income producing assets, including headquarters buildings		(12,009	)		—
Interest income		3,227			2,043
Interest expense (e)		(445,547	)		(90,355	)
Amortization of deferred finance costs		(10,739	)		(2,655	)
Debt extinguishment costs (e)		(15,899	)		(622	)
Income taxes, primarily deferred		(2,383	)		—
Preferred unit distributions		(37,577	)		—
Funds From Operations		589,048			176,514		$	765,562
Equity in Funds from Operations of Unconsolidated Properties		176,514			(176,514	)		—
Operating Partnership Funds From Operations	$	765,562		$	—		$	765,562

	Twelve Months Ended
	December 31, 2003
	Consolidated			Unconsolidated
	Properties			Properties (a)
Property revenues:
Minimum rents (b)	$	775,320		$	286,452
Tenant recoveries		332,137			140,334
Overage rents		34,928			8,624
Other (c)		41,378			8,078
Total property revenues		1,183,763			443,488
Property operating expenses:
Real estate taxes		88,276			40,056
Repairs and maintenance		81,433			33,716
Marketing		35,797			14,137
Other property operating costs		153,370			60,811
Provision for doubtful accounts		7,041			1,664
Total property operating expenses		365,917			150,384
Real estate property net operating income		817,846			293,104
Management and other fees		84,138			—
Property management and other costs		(79,310	)		—
Headquarters/regional costs (d)		(30,436	)		(24,760	)
General and administrative		(8,533	)		(1,052	)
Depreciation on non-income producing assets, including headquarters buildings		(11,181	)		—
Interest income		2,308			1,721
Interest expense		(268,974	)		(87,399	)
Amortization of deferred finance costs		(7,072	)		(4,994	)
Debt extinguishment costs		(2,497	)		(670	)
Income taxes, primarily deferred		(98	)		—
Preferred stock dividends		(13,030	)		—
Preferred unit distributions		(40,550	)		—
Funds From Operations		442,611			175,950		$	618,561
Equity in Funds From Operations of Unconsolidated Properties		175,950			(175,950	)		—
Operating Partnership Funds From Operations	$	618,561		$	—		$	618,561

(a)	Reflect revenues and expenses of Unconsolidated Properties at Operating Partnership’s ownership share of such items.
(b)	Minimum rents includes the following for the twelve months ended December 31:

	Consolidated		Unconsolidated
	Properties		Properties
2004
Straight-line rent	$	14,810	$	4,296
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		27,591		6,939
2003
Straight-line rent	$	11,655	$	4,405
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		16,551		6,953

(c)	Includes net FFO of investment property sold of $4,483 and $6,299, respectively, for the twelve months ended December 31, 2004 and 2003.
(d)	Headquarters/regional costs for the Unconsolidated Properties include property management and other fees to General Growth Management, Inc. and the Rouse Management Company, Inc.
(e)	Reflects the reclassification of $9,712 of debt extinguishment costs which were reported as Interest expense in the Company’s February 8, 2005 earnings release.

February 8, 2005

13

GENERAL GROWTH PROPERTIES, INC.
SEGMENT RESULTS
(In thousands)

	Three Months Ended							Three Months Ended
	December 31, 2004							December 31, 2003
	Retail		Community					Retail
	and Other		Development			Total		and Other
Segment Basis (a)
Property revenues:
Minimum rents	$	457,444	$	—		$	457,444	$	304,206
Tenant recoveries		196,249		—			196,249		127,303
Overage rents		38,471		—			38,471		24,056
Land sales		—		105,813			105,813		—
Other		42,532		—			42,532		19,307
Total property revenues		734,696		105,813			840,509		474,872
Property operating expenses
Real estate taxes		53,659		—			53,659		33,546
Repairs and maintenance		58,100		—			58,100		33,833
Marketing		18,514		—			18,514		13,714
Other property operating costs		102,260		—			102,260		—
Land sales operations		125		103,200			103,325		58,888
Provision for doubtful accounts		3,288		—			3,288		1,534
Total property operating expenses		235,946		103,200			339,146		141,515
Real estate property net operating income	$	498,750	$	2,613		$	501,363	$	333,357
Unconsolidated Properties
Property revenues:
Minimum rents	$	94,713	$	—		$	94,713	$	72,280
Tenant recoveries		42,085		—			42,085		32,561
Overage rents		7,534		—			7,534		5,214
Land sales		—		37,170			37,170		—
Other		13,589		—			13,589		3,790
Total property revenues		157,921		37,170			195,091		113,845
Property operating expenses
Real estate taxes		12,463		—			12,463		9,226
Repairs and maintenance		11,381		—			11,381		8,957
Marketing		3,619		—			3,619		3,211
Other property operating costs		35,051		—			35,051		—
Land sales operations		—		37,225			37,225		14,636
Provision for doubtful accounts		846		—			846		182
Total property operating expenses		63,360		37,225			100,585		36,212
Real estate property net operating income	$	94,561	$	(55	)	$	94,506	$	77,633
Consolidated Properties
Property revenues:
Minimum rents	$	362,731	$	—		$	362,731	$	231,926
Tenant recoveries		154,164		—			154,164		94,742
Overage rents		30,937		—			30,937		18,842
Land sales		—		68,643			68,643		—
Other		28,943		—			28,943		15,517
Total property revenues		576,775		68,643			645,418		361,027
Property operating expenses
Real estate taxes		41,196	$	—		$	41,196	$	24,320
Repairs and maintenance		46,719		—			46,719		24,876
Marketing		14,895		—			14,895		10,503
Other property operating costs		67,209		—			67,209		—
Land sales operations		125		65,975			66,100		44,252
Provision for doubtful accounts		2,442		—			2,442		1,352
Total property operating expenses		172,586		65,975			238,561		105,303
Real estate property net operating income	$	404,189	$	2,668		$	406,857	$	255,724

(a)   Segment basis results include both Consolidated Properties and the Operating Partnership’s ownership share of the results of operations of Unconsolidated Properties.

February 8, 2005

14

GENERAL GROWTH PROPERTIES, INC.
SEGMENT RESULTS
(In thousands)

	Twelve Months Ended							Twelve Months Ended
	December 31, 2004							December 31, 2003
	Retail		Community					Retail
	and Other		Development			Total		and Other
Segment Basis (a)
Property revenues:
Minimum rents	$	1,354,138	$	—		$	1,354,138	$	1,061,772
Tenant recoveries		608,989		—			608,989		472,471
Overage rents		65,065		—			65,065		43,552
Land sales		—		105,813			105,813		—
Other		84,184		—			84,184		49,456
Total property revenues		2,112,376		105,813			2,218,189		1,627,251
Property operating expenses
Real estate taxes		167,866		—			167,866		128,332
Repairs and maintenance		157,134		—			157,134		115,149
Marketing		61,571		—			61,571		49,934
Other property operating costs		252,846		—			282,846		—
Land sales operations		125		103,200			103,325		214,181
Provision for doubtful accounts		13,148		—			13,148		8,705
Total property operating expenses		682,690		103,200			785,890		516,301
Real estate property net operating income	$	1,429,686	$	2,613		$	1,432,299	$	1,110,950
Unconsolidated Properties
Property revenues:
Minimum rents	$	293,175	$	—		$	293,175	$	286,452
Tenant recoveries		135,561		—			135,561		140,334
Overage rents		10,960		—			10,960		8,624
Land sales		—		37,170			37,170		—
Other		18,694		—			18,694		8,078
Total property revenues		458,390		37,170			495,560		443,488
Property operating expenses
Real estate taxes		39,546		—			39,546		40,056
Repairs and maintenance		33,150		—			33,150		33,716
Marketing		13,351		—			13,351		14,137
Other property operating costs		74,589		—			74,589		—
Land sales operations		—		37,225			37,225		60,811
Provision for doubtful accounts		2,766		—			2,766		1,664
Total property operating expenses		163,402		37,225			200,627		150,384
Real estate property net operating income	$	294,988	$	(55	)	$	294,933	$	293,104
Consolidated Properties
Property revenues:
Minimum rents	$	1,060,963	$	—		$	1,060,963	$	775,320
Tenant recoveries		473,428		—			473,428		332,137
Overage rents		54,105		—			54,105		34,928
Land sales		—		68,643			68,643		—
Other		65,490		—			65,490		41,378
Total property revenues		1,653,986		68,643			1,722,629		1,183,763
Property operating expenses
Real estate taxes	$	128,320		—			128,320		88,276
Repairs and maintenance		123,984		—			123,984		81,433
Marketing		48,220		—			48,220		35,797
Other property operating costs		208,257		—			208,257		—
Land sales operations		125		65,975			66,100		153,370
Provision for doubtful accounts		10,382		—			10,382		7,041
Total property operating expenses		519,288		65,975			585,263		365,917
Real estate property net operating income	$	1,134,698	$	2,668		$	1,137,366	$	817,846

(a)   Segment basis results include both Consolidated Properties and the Operating Partnership’s ownership share of the results of operations of Unconsolidated Properties.

February 8, 2005

15

GENERAL GROWTH PROPERTIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
(In thousands)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2004			2003			2004			2003
Reconciliation of Real Estate Property Net Operating Income to GAAP Operating Income
Real estate property net operating income including Unconsolidated Properties	$	501,363		$	333,357		$	1,432,299		$	1,110,950
Unconsolidated Properties		(94,506	)		(77,633	)		(294,933	)		(293,104	)
Consolidated Properties		406,857			255,724			1,137,366			817,846
Management and other fees		25,633			22,466			82,896			84,138
Property management and other costs		(18,391	)		(21,771	)		(74,043	)		(79,310	)
Headquarters/regional costs		(11,443	)		(6,653	)		(26,745	)		(30,436	)
General and administrative		(2,419	)		(2,054	)		(9,499	)		(8,533	)
Depreciation and amortization		(124,935	)		(65,092	)		(365,622	)		(230,195	)
Other (a)		89			(821	)		(2,680	)		(5,110	)
GAAP Operating income - Consolidated GGPI	$	275,391		$	181,799		$	741,673		$	548,400
(a) Reflects discontinued operations and minority interest in Consolidated Properties real estate property net operating income.
Reconciliation of Funds From Operations (FFO) to GAAP Net Income Available to Common Stockholders
FFO:
Company stockholders	$	204,441		$	162,858		$	611,215		$	479,993
Operating Partnership unitholders		50,166			43,067			154,347			138,568
Operating Partnership		254,607			205,925			765,562			618,561
Depreciation and amortization of capitalized real estate costs (including SFAS #141 and #142 in-place lease costs) other than amortization of financing costs		(148,944	)		(79,102	)		(440,876	)		(299,711	)
FFO of discontinued operations		(429	)		(1,348	)		(4,484	)		(6,299	)
Allocations to Operating Partnership unitholders (a)		(23,138	)		(27,135	)		(66,550	)		(70,018	)
Income from continuing operations		82,096			98,340			253,652			242,533
Income from discontinued operations, net of minority interest		11,513			1,047			14,200			7,848
Net income available to common stockholders	$	93,609		$	99,387		$	267,852		$	250,381
Reconciliation of Equity in Real Estate Property Net Operating Income of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Real Estate Property Net Operating Income of Unconsolidated Properties	$	94,506		$	77,633		$	294,933		$	293,104
Equity in net interest expense of Unconsolidated Properties		(27,530	)		(21,308	)		(91,589	)		(91,342	)
Equity in headquarters and general and administrative expenses of Unconsolidated Properties		(7,173	)		(6,639	)		(26,830	)		(25,812	)
Operating Partnership Equity in FFO from Unconsolidated Properties		59,803			49,686			176,514			175,950
Depreciation and amortization of capitalized real estate costs (including SFAS #141 and #142 in-place lease costs) other than amortization of financing costs		(27,382	)		(17,186	)		(88,323	)		(81,470	)
Equity in income of unconsolidated affiliates	$	32,421		$	32,500		$	88,191		$	94,480
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding - FFO per share		281,845			272,848			275,742			258,865
Full conversion of Operating Partnership units		(55,533	)		(57,063	)		(55,593	)		(57,990	)
Weighted average number of Company shares outstanding - GAAP EPS		226,312			215,785			220,149			200,875
Diluted:
Weighted average number of shares outstanding - FFO per share		282,733			273,853			276,422			273,069
Full conversion of Operating Partnership units		(55,533	)		(57,063	)		(55,593	)		(57,990	)
Weighted average number of Company shares outstanding - GAAP EPS (a)		227,200			216,790			220,829			215,079

(a)   For the twelve months ended December 31, 2003, the PIERS were dilutive for the computation of EPS and are therefore included in the total weighted average outstanding shares for diluted EPS purposes.

February 8, 2005

16

Supplemental Financial Data

The following supplemental financial data should be read in conjunction with the company’s
fourth quarter 2004 earnings announcement (included as pages 4-16 of this supplemental report) as
certain disclosures and reconciliations required in these reports have not been included in the attached supplemental data.

General Growth Properties, Inc.
Summary Financial Information, Earnings Measures and Retained FFO
For the Three and Twelve Months ended December 31, 2004

	Three Months
	Ended			Year to Date
	12/31/2004			12/31/2004
Funds from Operations (FFO)
FFO per share — Basic	$	0.90		$	2.78
FFO per share — Diluted	$	0.90		$	2.77
Diluted FFO per share growth rate		20.0	%		19.9	%
Net Income available to common stockholders
EPS — Basic	$	0.41		$	1.22
EPS — Diluted	$	0.41		$	1.21
Dividends paid per share and per unit
FFO per share — Diluted	$	0.90		$	2.77
Dividend paid per share	$	0.36		$	1.26
Payout ratio (% of diluted FFO paid out)		40.0	%		45.5	%
Cash From Recurring Operations
FFO — Operating Partnership (From Earnings Release Dated February 8, 2005)	$	254,607		$	765,562
Plus (Less):
Excess cash from community development land sales		60,818			60,818
Deferred Taxes		(3,932	)		(3,932	)
Straight line rents adjustment		(7,302	)		(19,106	)
Tenant allowances and capitalized leasing costs (a)		(23,379	)		(100,442	)
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		(9,836	)		(34,530	)
Cash From Recurring Operations — Operating Partnership	$	270,976		$	668,370
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (From Above)	$	277,467		$	674,861
Plus (Less):
Common dividends/distributions paid (b)		(98,818	)		(345,263	)
Retained Funds From Recurring Operations — Operating Partnership	$	178,649		$	329,598

(a)	Adjusted to exclude new development and redevelopment tenant allowances.
(b)	FFO has already been reduced by distributions on preferred partnership units.

17

General Growth Properties, Inc.
Trailing Twelve Month EBITDA and Coverage Ratios (a)
For the Twelve Month Periods Ending
December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004
(dollars in thousands except per share data)

	12/31/2004			9/30/2004			6/30/2004			3/31/2004
Pro Rata EBITDA
GAAP Net Income		267,852			273,630			271,091			270,946
Income: Discontinued Operations, net		3,028			3,734			3,461			3,594
Income Allocated to Minority Interests		104,871			111,182			114,983			115,071
Interest expense		535,902			423,830			397,645			373,665
Income Taxes, primarily deferred		2,383			1			2			59
Amortization of Deferred Financing Fees		13,394			13,955			12,861			12,396
Debt Extinguishment Costs		16,521			6,707			7,921			8,677
Interest income		(5,270	)		(3,416	)		(3,603	)		(3,780	)
Depreciation		452,890			371,033			348,786			318,070
Pro Rata EBITDA (a)		1,391,571			1,200,656			1,153,147			1,098,698
Net Interest (a)
Amortization of Deferred Financing Fees		(13,394	)		(13,955	)		(12,861	)		(12,396	)
Debt Extinguishment Costs		(16,521	)		(6,707	)		(7,921	)		(8,677	)
Interest expense		(535,902	)		(423,830	)		(397,645	)		(373,665	)
Interest income		5,270			3,416			3,603			3,780
Net Interest		(560,547	)		(441,076	)		(414,824	)		(390,958	)
Interest Coverage Ratio		2.48			2.72			2.78			2.81
Fixed Charges (b)
Net Interest		(560,547	)		(441,076	)		(414,824	)		(390,958	)
Preferred Unit Distributions		(37,577	)		(39,399	)		(41,088	)		(41,090	)
Preferred Stock Distributions		—			—			—			(6,953	)
Fixed Charges		(598,124	)		(480,475	)		(455,912	)		(439,001	)
Ratio of Fixed Charges to Pro Rata EBITDA		2.33			2.50			2.53			2.50
Fixed Charges & Common Dividend
Fixed Charges		(598,124	)		(480,475	)		(455,912	)		(439,001	)
Common Dividend/Distributions		(345,263	)		(328,397	)		(305,542	)		(282,693	)
Fixed Charges + Dividend		(943,387	)		(808,872	)		(761,454	)		(721,694	)
Ratio of Fixed Charges + Common Dividend to Pro Rata EBITDA		1.48			1.48			1.51			1.52

(a)	Includes operations of the Unconsolidated Real Estate Affiliates at the Company’s Share
(b)	Excludes principal amortization payments

18

General Growth Properties, Inc.
Community Development Net Operating Income
For the Period Ended December 31, 2004
(dollars in thousands)

	Consolidated Properties									Unconsolidated Property			Company Portfolio
	Columbia		Summerlin		Houston			Total					Total Community
	Operations		Operations		Operations			Consolidated		Woodlands Operations			Development
For the period ended December 31, 2004
Revenues	$	43,806	$	24,837	$	—		$	68,643	$	37,170		$	105,813
Operating costs and expenses		41,930		24,033		137			66,100		37,225			103,325
Net Operating Income	$	1,876	$	804	$	(137	)	$	2,543	$	(55	)	$	2,488

Note — Reflects activity from acquisition date (November 12, 2004) through December 31, 2004.

19

General Growth Properties, Inc.
Capital Information
For December 31, 2004 and the Three Years Ended December 31, 2003
(dollars in thousands except per share data)

Capital Information	2004			2003			2002			2001
Closing common stock price per share	$	36.16		$	27.75		$	17.33		$	12.93
52 Week High (a)	$	36.90		$	27.89		$	17.43		$	13.50
52 Week Low (a)	$	24.31		$	16.09		$	12.67		$	10.93
Total Return — Trailing Twelve Months (share appreciation and dividend)		34.8	%		66.0	%		41.4	%		13.9	%
Common Shares and Common Units Outstanding at end of period		291,313,310			274,075,356			272,105,865			270,177,309
Portfolio Capitalization Data
Total Portfolio Debt (b)	$	22,981,134		$	8,527,348		$	6,739,727		$	5,008,780
Convertible preferred stock (greater of market or par)		—			—			449,415			356,400
Total Preferred Minority Interest		403,161			495,211			468,201			175,000
Stock market value of common stock and Operating Partnership units outstanding at end of period		10,495,669			7,575,923			4,261,573			3,162,061
Total Market Capitalization at end of period	$	33,879,964		$	16,598,482		$	11,918,916		$	8,702,241
Leverage Ratio (%)		67.8	%		51.4	%		56.5	%		57.6	%

(a)	52-week pricing information includes intra-day highs and lows.
(b)	Excludes Spokane Mall and Provo Mall minority interest and purchase accounting mark-to-market adjustments.

20

General Growth Properties, Inc.
Changes in Common Shares and Unit Ownership
For the Period from December 31, 2003 through December 31, 2004

	Operating			Company		Total Common
	Partnership			Common		& Equivalent
	Units			Shares		Shares
Number Outstanding at December 31, 2003		55,712,250			217,293,976		273,006,226
Warrant Offering		—			15,906,394		15,906,394
Direct Stock Purchase and Dividend Reinvestment Plan		—			87,424		87,424
Employee Stock Purchase Plan		—			167,721		167,721
Conversion of OP Units into Common Shares		(636,450	)		636,450		—
Redemption of Preferred Units		456,463			—		456,463
Issuance of Stock for Stock Option Exercises & Restricted Stock Grants		—			632,117		632,117
Number Outstanding at December 31, 2004		55,532,263			234,724,082		290,256,345

Total Common Shares and Units Outstanding at December 31, 2004:
290,256,345

	Total Common
	& Equivalent
Details for Diluted Common Shares and Units Outstanding:	Shares
Common Shares and Units Outstanding at December 31, 2004		290,256,345
Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at December 31, 2004		1,056,965
Diluted Common Shares at December 31, 2004		291,313,310

Fully Diluted Common Shares and Units Outstanding at December 31, 2004:
291,313,310

	Total Common
	& Equivalent
Details for Weighted Average Diluted Common Shares and Units Outstanding:	Shares
Weighted Average Common Shares and Units Outstanding for the twelve months ended December 31, 2004 (Basic)		275,741,568
Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options		680,432
Fully Diluted Weighted Average Common Shares for the twelve months ended December 31, 2004		276,422,000

Weighted Average Fully Diluted Common Shares and Units Outstanding for the Twelve Months Ended December 31, 2004:
276,422,000

21

General Growth Properties, Inc.
Common Dividend History

22

General Growth Properties, Inc.
Debt Maturity and Current Average Interest Rate Summary
As of December 31, 2004
(dollars in thousands)

	Wholly Owned						Unconsolidated					Company
	Properties						Properties (b)					Portfolio
				Current					Current						Current
				Average					Average						Average			% of
	Maturing			Interest			Maturing		Interest			Maturing			Interest			Total
Year	Amount (a)			Rate (c)			Amount (a)		Rate (c)			Amount (a)			Rate (c)			Debt
2005	$	1,576,645			4.47	%	$	177,550		5.10	%	$	1,754,195			4.53	%		7.63	%
2006		783,677			7.21	%		225,653		6.61	%		1,009,330			7.07	%		4.39	%
2007		5,252,170			4.82	%		735,723		4.22	%		5,987,893			4.75	%		26.06	%
2008		4,582,381			4.76	%		332,197		4.91	%		4,914,578			4.77	%		21.39	%
2009		3,499,564			4.84	%		368,597		5.10	%		3,868,161			4.87	%		16.83	%
2010		1,481,260			4.96	%		268,194		4.76	%		1,749,454			4.93	%		7.61	%
2011		1,174,619			6.58	%		223,348		7.03	%		1,397,967			6.65	%		6.08	%
2012		515,636			6.52	%		207,436		5.17	%		723,072			6.13	%		3.15	%
2013		880,784			5.42	%		201,234		5.13	%		1,082,018			5.36	%		4.71	%
2014		83,684			5.50	%		75,824		4.62	%		159,508			5.08	%		0.69	%
Subsequent		315,427			7.32	%		19,531		7.34	%		334,958			7.32	%		1.46	%
Totals	$	20,145,847	(d)		5.10	%	$	2,835,287		5.10	%	$	22,981,134	(d)		5.10	%		100.00	%
Fixed Rate (e)		11,695,317			5.60	%		2,112,417		5.45	%		13,807,734			5.58	%		60.08	%
Variable Rate (e)		8,450,530			4.41	%		722,870		4.08	%		9,173,400			4.38	%		39.92	%
Totals	$	20,145,847	(d)		5.10	%	$	2,835,287		5.10	%	$	22,981,134	(d)		5.10	%		100.00	%
Average Years to Maturity
Fixed Rate Debt	5.43 years						5.26 years					5.40 years
Variable Rate Debt	3.26 years						3.64 years					3.29 years
All GGP Debt	4.52 years						4.78 years					4.56 years

(a) Excludes principal amortization.
(b) Unconsolidated Properties debt reflects the company’s share of debt relating to the properties owned by the Unconsolidated Properties.
(c) For the variable rate loans, the interest rate reflected is the current variable contract rate as of December 31, 2004.
(d) Reconciliation to GGP Consolidated GAAP debt	Consolidated
Wholly Owned debt, from above	$	20,145,847
Spokane Mall & Provo Mall minority interest ownership adjustment		23,532
Purchase accounting mark-to-market adjustment		141,568
GGP Consolidated GAAP debt		20,310,947
(e) Includes the effect of swaps.

23

General Growth Properties, Inc.
Summary of Outstanding Debt
As of December 31, 2004
(dollars in thousands)

24

General Growth Properties, Inc.
Incremental Loan Proceeds and Summary of Outstanding Debt
As of December 31, 2004
(dollars in thousands)

Fourth Quarter 2004 Financing Activity

						Net Incremental
	New Loans		Old Loans			Proceeds
Property Related Total	$	3,314,639	$	(730,070	)	$	2,584,569
Non-Property Related Total		7,045,000		(2,981,629	)		4,063,371
Assumed Debt  -  Rouse		5,826,306		—			5,826,306

Summary of Activity

September 30, 2004 Debt	$	10,506,889
Quarterly Property Activity		2,584,569
Quarterly Non-Property Activity		4,063,371
Assumed Debt  -  Rouse		5,826,306
December 31, 2004 Debt	$	22,981,134

*Includes Pro-Rata share of Joint Ventures

25

General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Wholly Owned Properties
As of December 31, 2004
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt		Balance
CMBS
GGP-MP Trust (b)		11/15/06		5.37	%	$	332,526	$	332,526
13 Affiliates (a)		11/15/07		5.40	%		868,765		868,765
Secured Asset Loans
Chico Mall		03/11/05		7.00	%		30,600		30,600
New Orleans Riverwalk		11/01/05		9.94	%		1,200		1,200
Arizona Center		01/01/06		9.22	%		15,602		15,602
Fashion Place		01/01/06		7.27	%		64,870		64,870
Oakwood Shopping Center		01/01/06		8.41	%		49,615		49,615
Chapel Hills		02/15/06		6.88	%		34,324		34,324
Grand Traverse		02/15/06		6.88	%		48,101		48,101
The Pines		02/15/06		6.88	%		24,984		24,984
Country Hills		05/01/06		7.38	%		5,290		5,290
Woodlands		06/01/06		7.00	%		1,715		1,715
Lakeview Square		06/15/06		10.00	%		23,132		23,132
Beachwood		07/01/06		8.05	%		96,310		96,310
10190 Covington Cross Drive		12/01/06		8.45	%		6,090		6,090
Covington Ctr, Village Ctr, Town Ctr, Ctr Crossing		12/01/06		8.45	%		25,456		25,456
Augusta Mall		02/01/07		8.13	%		50,006		50,006
Columbia		04/01/07		7.43	%		55,169		55,169
Gwynn Falls		04/01/07		7.95	%		16,835		16,835
White Marsh		12/01/07		7.91	%		73,545		73,545
Columbia Development		01/01/08		7.38	%		160,657		160,657
Fashion Show		01/01/08		3.79	%		380,000		380,000
Harborplace		01/01/08		8.16	%		30,545		30,545
Mall St Vincent		01/01/08		7.11	%		17,840		17,840
Corporate Asset Debt		02/01/08		9.00	%		41,468		41,468
Provo Mall		02/01/08		4.42	%		49,785		37,339
Spokane Valley Mall		02/01/08		4.42	%		41,168		30,876
Owings Mills Land		04/01/08		8.88	%		19,487		19,487
Phoenix Theatre		04/01/08		8.39	%		4,293		4,293
Two Owings Mills		04/01/08		7.03	%		14,902		14,902
Mall St Matthews		05/01/08		9.00	%		498		498
Mayfair		06/11/08		3.11	%		194,309		194,309
Animas Valley		07/01/08		3.56	%		27,016		27,016
Grand Teton		07/01/08		3.56	%		28,946		28,946
Salem Center		07/01/08		3.56	%		27,981		27,981
Tucson Mall		07/11/08		4.26	%		127,548		127,548
Pioneer Place		08/01/08		7.20	%		66,467		66,467
Foothills		09/01/08		6.63	%		44,997		44,997
Northtown Mall		09/01/08		6.68	%		78,274		78,274
Pierre Bossier		10/01/08		6.53	%		38,572		38,572
Spring Hill		10/01/08		6.60	%		84,576		84,576
Bayside		11/01/08		5.92	%		57,709		57,709
Birchwood		11/01/08		6.70	%		41,486		41,486
Mall of the Bluffs		11/01/08		6.70	%		41,486		41,486
Oakwood		11/01/08		6.70	%		55,315		55,315
Southwest Plaza		11/01/08		6.53	%		79,095		79,095
Jordan Creek		03/01/09		4.57	%		200,000		200,000
Southland		03/01/09		3.62	%		88,915		88,915
Austin Bluffs		04/01/09		4.40	%		2,577		2,577
Division Crossing		04/01/09		4.40	%		5,940		5,940
Fort Union		04/01/09		4.40	%		3,101		3,101
Halsey Crossing		04/01/09		4.40	%		2,907		2,907
Center Street		04/01/09		4.40	%		2,771		2,771
State Street		04/01/09		4.40	%		1,715		1,715
Riverpointe		04/01/09		4.40	%		4,293		4,293
Riverside		04/01/09		4.40	%		6,143		6,143

(a)	The “13 Affiliates” CMBS pool is comprised of the following GGP properties: Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Mall, Fox River Plaza Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall, and Westroads Mall.
(b)	The “GGP-MP Trust” CMBS pool is currently comprised of the following GGP properties: 110 N. Wacker Drive, Ala Moana Center, Piedmont Mall, Alderwood Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall, Northgate Mall, and Oglethorpe Mall.

26

General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Wholly Owned Properties
As of December 31, 2004
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt		Balance
Secured Asset Loans Cont.
Woodlands Village		04/01/09		4.40	%	$	7,849	$	7,849
Prince Kuhio		04/01/09		3.45	%		41,478		41,478
Town East		04/10/09		3.46	%		115,547		115,547
Grand Canal Shoppes		05/01/09		4.78	%		423,934		423,934
Coastland		06/01/09		6.56	%		104,279		104,279
The Crossroads (MI)		06/01/09		7.40	%		42,569		42,569
Woodbridge		06/01/09		4.24	%		225,000		225,000
Pioneer Place		07/10/09		7.10	%		58,919		58,919
Apache		08/01/09		7.00	%		53,388		53,388
Corporate Asset Debt		08/01/09		7.04	%		12,782		12,782
Cumberland		08/10/09		7.85	%		94,524		94,524
Oakview		10/01/09		7.71	%		78,519		78,519
Baybrook		11/01/09		6.54	%		157,972		157,972
Coral Ridge		11/01/09		6.08	%		106,406		106,406
Governor’s Square		12/01/09		7.66	%		64,336		64,336
Lakeside Mall		12/01/09		4.28	%		195,000		195,000
Mall St Matthews		01/01/10		4.81	%		155,000		155,000
North Star		01/01/10		4.43	%		251,000		251,000
Ward Centre & Ward Entertainment		01/01/10		4.33	%		63,000		63,000
Park Place		01/11/10		5.15	%		188,963		188,963
Visalia		01/11/10		3.78	%		47,331		47,331
Lansing		01/15/10		9.35	%		28,095		28,095
Pecanland		03/01/10		4.28	%		64,914		64,914
West Valley		04/01/10		3.43	%		64,598		64,598
Pioneer Place		04/27/10		10.00	%		1,672		1,672
Regency Square		07/01/10		3.59	%		103,239		103,239
Boise Towne Plaza		07/09/10		4.70	%		11,825		11,825
Gateway Crossing		07/09/10		4.70	%		16,495		16,495
University Crossing		07/09/10		4.70	%		12,315		12,315
Crossroads Center (MN)		08/01/10		4.73	%		90,760		90,760
70 Columbia Corporate Center		10/01/10		10.15	%		20,429		20,429
Park City		10/01/10		5.19	%		160,414		160,414
Staten Island		10/01/10		6.55	%		163,058		163,058
Westlake Center		01/01/11		7.89	%		68,680		68,680
Rogue Valley		01/11/11		7.85	%		27,802		27,802
Boise Mall		02/09/11		6.64	%		75,674		75,674
10000 West Charleston		03/01/11		7.88	%		23,139		23,139
Capital		04/01/11		7.28	%		21,519		21,519
Eden Prairie		04/01/11		4.67	%		86,145		86,145
Gateway		04/01/11		7.28	%		42,173		42,173
Greenwood		04/01/11		7.28	%		47,348		47,348
Northridge Fashion		07/01/11		7.24	%		134,787		134,787
Rivertown		07/01/11		7.54	%		125,511		125,511
Willowbrook Mall		07/01/11		6.82	%		168,707		168,707
Collin Creek Mall		07/10/11		6.78	%		71,376		71,376
Bayshore		09/01/11		7.13	%		33,101		33,101
One Owings Mills		12/01/11		8.50	%		7,656		7,656
Eastridge (WY )		12/05/11		5.08	%		41,900		41,900
Pine Ridge		12/05/11		5.08	%		28,250		28,250
Red Cliffs		12/05/11		5.08	%		26,850		26,850
Three Rivers		12/05/11		5.08	%		23,000		23,000
Hulen Mall		12/07/11		5.03	%		121,000		121,000
Valley Plaza		07/11/12		3.90	%		104,368		104,368
Corporate Point		09/11/12		6.83	%		9,582		9,582
Oxmoor		06/01/13		6.85	%		60,037		60,037
One Bank Plaza		06/30/13		10.00	%		5,045		5,045
Senate Plaza		06/30/13		5.71	%		12,778		12,778
1180 Town Center Drive		07/15/13		6.99	%		10,710		10,710
The Boulevard		08/01/13		4.27	%		117,251		117,251
The Meadows		08/01/13		5.45	%		110,092		110,092
Four Seasons		12/11/13		5.60	%		110,513		110,513
Valley Hills		03/05/14		4.73	%		61,325		61,325
Beachwood Place		06/01/14		9.00	%		12,324		12,324
Bayside		07/01/14		5.92	%		10,035		10,035
Bellis Fair		02/15/16		7.34	%		68,481		68,481
New Orleans Riverwalk		01/01/17		6.55	%		11,197		11,197
Houston Land		12/01/17		5.30	%		5,659		5,659

27

General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Wholly Owned Properties
As of December 31, 2004
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt		Balance
Secured Asset Loans Cont.
Baltimore Center Garage		06/01/18		6.05	%	$	21,105	$	21,105
10450 W. Charleston		01/01/19		6.84	%		5,805		5,805
Rouse Transportation		03/01/19		7.92	%		3,550		3,550
Houston Land		12/01/21		5.30	%		988		988
Providence Place		07/01/28		7.75	%		50,536		50,536
Baltimore Center		12/01/30		7.89	%		68,152		68,152
Houston Land		05/01/31		5.30	%		20,617		20,617
Provo Land		08/01/95		10.00	%		3,000		3,000
Corporate Unsecured Debt
Rouse Corporate Debt		01/08/05		8.76	%		26,639		26,639
Mall St Matthews		01/31/05		5.80	%		398		398
JP Realty Public Notes Series A		03/11/05		7.29	%		25,000		25,000
Rouse Public Indenture		03/28/05		8.55	%		8,500		8,500
Rouse Public Indenture		04/27/05		8.43	%		15,000		15,000
Rouse Public Indenture		05/16/05		8.09	%		20,000		20,000
Houston Land		09/26/05		3.75	%		2,462		2,462
JP Realty Public Notes Series B		03/11/06		7.29	%		25,000		25,000
JP Realty Public Notes Series C		03/11/07		7.29	%		25,000		25,000
Rouse Public Indenture		03/13/07		8.78	%		1,000		1,000
Rouse Public Indenture		03/22/07		8.44	%		1,000		1,000
JP Realty Public Notes Series D		03/11/08		7.29	%		25,000		25,000
Houston Land		05/05/08		4.75	%		25,703		25,703
Princeton Land		07/01/08		3.00	%		28,000		28,000
Rouse Corporate Debt		11/30/08		6.94	%		58,000		58,000
Owings Mills Land		01/01/09		12.50	%		2,500		2,500
Rouse Public Indenture		03/15/09		3.63	%		398,950		398,950
Rouse Public Indenture		04/30/09		8.00	%		200,000		200,000
Rouse Public Indenture		09/15/12		7.20	%		399,604		399,604
Rouse Public Indenture		11/26/13		5.38	%		453,658		453,658
New Orleans Riverwalk				10.00	%		3		3
Swaps
CMBS Swap		02/15/05		4.10	%		250,000		250,000
CMBS Swap		02/15/06		4.59	%		100,000		100,000
South Street Seaport Swap		12/11/06		4.71	%		15,350		15,350
Swapped Term Loan		01/31/07		3.43	%		350,000		350,000
CMBS Swap		02/15/07		4.59	%		25,000		25,000
Special Improvement Districts
Other SID’s		09/23/12		5.44	%		2,147		2,147
SID (Summerlin)		02/01/17		7.63	%		2,986		2,986
SID (Summerlin)		02/01/20		8.25	%		1,203		1,203
SID (Summerlin)		02/01/20		8.25	%		6,093		6,093
SID (Summerlin)		05/01/21		7.88	%		11,971		11,971
SID (Summerlin)		05/01/21		7.75	%		13,661		13,661
SID (Summerlin)		06/01/21		7.75	%		14,278		14,278
SID (Summerlin)		06/01/23		6.65	%		3,654		3,654
Total Wholly Owned Fixed Rate Debt								$	11,695,317

VARIABLE RATE
Loan	Maturity Date		Rate (a)			Total Debt		Balance
Secured Asset Loans
Providence Place		03/09/05		4.35	%	$	240,000	$	240,000
The Streets at Southpoint		04/14/05		3.38	%		134,592		134,592
Oviedo		04/26/05		4.31	%		53,656		53,656
Rouse Corporate Debt		12/01/05		3.51	%		18,715		18,715
La Cantera		06/20/06		4.32	%		27,007		27,007
Lansing		07/21/06		3.74	%		40,000		40,000
Paramus Park		08/01/07		3.96	%		98,349		98,349
Century Plaza		10/01/07		3.43	%		30,800		30,800
Eagle Ridge		10/01/07		3.43	%		26,800		26,800
Knollwood		10/01/07		3.43	%		18,400		18,400
Southland Mall		11/08/07		3.35	%		56,500		56,500

(a) For the variable rate loans, the interest rate reflected is the current variable contract rate as of December 31, 2004.

28

General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Wholly Owned Properties
As of December 31, 2004
(dollars in thousands)

VARIABLE RATE
Loan	Maturity Date		Rate (a)			Total Debt		Balance
Secured Asset Loans Cont.
Ridgedale		11/09/07		3.24	%	$	105,000	$	105,000
Peachtree		05/09/08		3.25	%		53,000		53,000
Lynnhaven		09/10/08		3.65	%		180,000		180,000
St. Louis Galleria		10/09/08		4.05	%		176,250		176,250
Coronado		10/11/08		3.37	%		101,250		101,250
Sikes Senter		11/09/08		3.10	%		41,500		41,500
Maine		11/14/08		3.66	%		162,000		162,000
Glenbrook		04/10/09		3.75	%		164,250		164,250
Stonestown		08/09/09		3.00	%		220,000		220,000
Mall of Louisianna		11/10/09		2.98	%		185,000		185,000
Arizona Center		03/01/10		4.28	%		9,450		9,450
Crossroads Center (MN) Mezzanine		08/01/10		5.24	%		28,701		28,701
Houston Land		06/01/33		5.75	%		2,489		2,489
Corporate Unsecured Debt
GGPLP/GGPLPLLC Bridge Loan		11/12/05		4.28	%		749,882		749,882
Victoria Ward Limited		12/15/06		3.62	%		90,000		90,000
GGPLP/GGPLPLLC Revolver		11/12/07		4.53	%		136,239		136,239
GGPLP/GGPLPLLC Term A		11/12/07		4.53	%		3,300,000		3,300,000
GGPLP/GGPLPLLC Term B		11/12/08		4.53	%		2,000,000		2,000,000
Seaport Marketplace Theater		11/30/13		3.92	%		700		700
Total Wholly Owned Variable Rate Debt								$	8,450,530
Total Wholly Owned Debt & Swaps				5.10	% (b)			$	20,145,847

(a)	For the variable rate loans, the interest rate reflected is the current variable contract rate as of December 31, 2004.
(b)	After the effect of interest rate swaps

29

General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Unconsolidated Properties
As of December 31, 2004
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt		Balance
CMBS
GGP-MP Trust (b)		11/15/06		5.37	%	$	226,049	$	115,898
13 Affiliates (a)		11/15/07		5.13	%		138,635		70,704
Secured Asset Loans
Silver City		08/15/05		7.41	%		72,358		37,894
Northpoint		06/01/06		7.58	%		99,640		49,820
The Woodlands		12/01/06		7.90	%		60,751		30,376
Park Meadows		10/01/07		7.72	%		138,011		48,304
Columbiana		05/11/08		4.13	%		70,099		35,050
Quail Springs		06/01/08		6.82	%		41,624		20,812
Neshaminy		07/01/08		6.66	%		60,000		15,000
Altamonte		09/01/08		6.55	%		114,663		57,331
Chula Vista		10/01/08		4.12	%		63,740		31,870
Towson Town Center		11/10/08		6.75	%		137,627		48,169
Deerbrook		03/01/09		3.46	%		83,589		41,795
Perimeter Shopping Center		05/01/09		6.77	%		125,645		62,823
Mizner Park		07/01/09		4.84	%		61,638		30,819
Steeplegate		08/01/09		4.94	%		83,613		41,806
The Parks at Arlington		09/01/09		6.99	%		147,840		73,920
Carolina Place		01/11/10		4.60	%		169,000		84,500
Christiana Mall		08/01/10		4.61	%		120,000		60,000
Water Tower Place		09/01/10		4.97	%		184,677		101,573
Newgate		10/01/10		4.84	%		44,243		22,121
Newpark		02/01/11		7.45	%		72,291		36,146
Willowbrook		04/01/11		6.93	%		97,752		48,876
Vista Ridge		04/11/11		6.87	%		86,225		43,113
Highland Mall		07/10/11		6.83	%		68,513		34,256
Northbrook Court		09/01/11		7.15	%		94,588		47,294
Arrowhead		10/01/11		6.90	%		81,992		13,664
Oakbrook		10/01/12		5.12	%		232,576		117,474
Stonebriar		12/11/12		5.23	%		179,924		89,962
Bridgewater Commons		01/01/13		5.27	%		145,856		51,050
Pembroke		04/11/13		4.94	%		140,565		70,283
West Oaks		08/01/13		5.25	%		74,905		37,452
Lakeland		10/01/13		5.12	%		59,047		29,523
Bay City		12/01/13		5.30	%		25,853		12,926
Washington Park		04/01/14		5.35	%		12,939		6,469
Brass Mill		04/11/14		4.55	%		138,034		69,017
CenterPointe Village		01/01/17		6.31	%		14,489		7,244
Trails Village Center		07/10/23		8.21	%		17,949		8,974
Lake Meade		07/15/23		7.20	%		6,625		3,313
Corporate Unsecured Debt
Park Meadows		07/15/06		5.00	%		5,600		1,960
Swaps
CMBS Swap		02/15/05		4.10	%		175,000		87,500
Riverchase Swap		08/15/05		2.38	%		200,000		100,000
CMBS Swap		02/15/06		4.65	%		75,000		37,500
CMBS Swap		02/15/07		4.65	%		50,000		25,000
Woodlands Swap		11/30/07		4.74	%		100,000		52,500
Special Improvement Districts
Other SID’s		08/05/14		5.86	%		675		336
Total Unconsolidated Fixed Rate Debt								$	2,112,417

(a)	The “13 Affiliates” CMBS pool is comprised of the following GGP properties: Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Mall, Fox River Plaza Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall, and Westroads Mall.
(b)	The “GGP-MP Trust” CMBS pool is currently comprised of the following GGP properties: 110 N. Wacker Drive, Ala Moana Center, Piedmont Mall, Alderwood Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall, Northgate Mall, and Oglethorpe Mall.

30

General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Unconsolidated Properties
As of December 31, 2004
(dollars in thousands)

VARIABLE RATE
Loan	Maturity Date		Rate (a)					Total Debt			Balance
Secured Asset Loans
Woodlands		07/01/05		3.75	%			$	1,085		$	570
Woodlands		08/30/05		6.00	%				60,000			31,500
Woodlands		12/31/05		3.87	%				38,159			20,033
Village of Merrick Park		10/29/06		3.58	%				194,000			77,600
Natick Mall		01/10/07		2.96	%				160,497			125,565
Galleria at Tyler		09/02/07		3.10	%				94,500			49,490
Clackamas		09/09/07		3.33	%				95,000			49,752
Kenwood Towne Centre		09/10/07		3.10	%				144,722			75,791
Woodlands		11/01/07		6.00	%				3,489			1,832
Glendale Galleria		11/09/07		3.16	%				226,823			113,411
Woodlands		11/30/07		4.70	%				335,000			175,875
Woodlands		01/01/08		6.22	%				8,027			4,214
Florence		01/13/08		3.29	%				60,000			30,000
First Colony		06/01/08		3.20	%				67,000			33,500
Buckland Hills		10/12/08		3.20	%				112,500			56,250
The Woodlands				4.50	%				101			53
Swaps
Swap Adjustment									(235,115	)		(122,566	)
Total Unconsolidated Variable Rate Debt											$	722,870
Total Unconsolidated Debt & Swaps				5.10	%						$	2,835,287
Total Debt & Swaps				5.10	%	(b	)(c)				$	22,981,134

(a)	For the variable rate loans, the interest rate reflected is the current variable contract rate as of December 31, 2004.
(b)	Before the effect of deferred financing fees. The inclusion of these fees in interest expense increases the effective interest rate by 6 basis points to 5.16%
(c)	After the effect of interest rate swaps

31

Supplemental Operational Data

General Growth Properties, Inc.
Operating Statistics & Certain Financial Information
As of December 31, 2004
(dollars in thousands)

	Consolidated			Unconsolidated			Company
	Properties			Properties			Portfolio (b)
OPERATING STATISTICS (a)
Space leased at properties not under redevelopment (as a %)		92.1	%		91.9	%		92.1	%
Trailing 12 month total tenant sales per sq. ft. (c)	$	402		$	427		$	410
% change in total sales (c)		5.8	%		6.7	%		6.1	%
% change in comparable sales (c)		4.2	%		4.3	%		4.3	%
Mall and freestanding GLA excluding space under redevelopment (in sq. ft.)		42,682,894			18,833,379			61,516,273
CERTAIN FINANCIAL INFORMATION
Average annualized in place rent per sq. ft.	$	32.71		$	35.67
Average rent per sq. ft. for new/renewal leases (excludes 2004 acquisitions) (e)	$	33.53		$	36.45
Average rent per sq. ft. for leases expiring in 2004 (excludes 2004 acquisitions) (e)	$	25.69		$	32.35
Percentage change in comparable real estate property net operating income (versus prior year comparable period) (d) (e)		8.0	%		3.5	%

(a)	Data is for 100% of the Mall GLA in each portfolio, including those properties that are owned in part by unconsolidated affiliates. Data excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties.
(b)	Data presented in the column “Company Portfolio” are weighted average amounts.
(c)	Due to tenant sales reporting timelines, data presented is as of November.
(d)	Comparable properties are those properties that have been owned and operated for the entire time during the compared accounting periods, and at which no significant physical or merchandising changes have been made in the last twelve months.
(e)	Excludes the Rouse portfolio.

32

General Growth Properties, Inc.
Portfolio GLA, Occupancy, Sales & Rent Data
As of December 31, 2004

GLA

	Total Anchor GLA			Avg. Anchor GLA		Total Mall GLA			Avg. Mall GLA		Total GLA
Wholly Owned (a)		67,636,864			386,496		49,195,262			281,116		116,832,126
Unconsolidated (a)		36,195,804			613,488		20,939,914			371,597		57,135,718
Grand Total		103,832,668			443,729		70,135,176			299,723		173,967,844
% of Total		59.7	%				40.3	%				100	%

Occupancy History

As of	Wholly-Owned			Unconsolidated			Weighted Average
12/31/2004 (a)		92.1	%		91.9	%		92.1	%
12/31/2003		91.2	%		91.4	%		91.3	%
12/31/2002		90.5	%		91.5	%		91.0	%
12/31/2001		90.6	%		91.4	%		91.0	%

Trailing 12 Month Total Sales per Square Foot in Dollars

As of	Wholly Owned		Unconsolidated		Weighted Average
12/31/2004 (a)	$	402	$	427	$	410
12/31/2003		337		376		351
12/31/2002		329		379		355
12/31/2001		348		362		355

Rental Rates in Dollars

	Base Rent
	New/Renewals		Expirations		Releasing
Year	During Period		During Period		Spread
Wholly Owned
12/31/2004	$	33.53	$	25.69	$	7.84
12/31/2003		31.83		22.16		9.67
12/31/2002		34.11		27.35		6.76
12/31/2001		31.54		26.30		5.24
Unconsolidated
12/31/2004	$	36.45	$	32.35	$	4.10
12/31/2003		34.71		31.29		3.42
12/31/2002		37.80		32.03		5.77
12/31/2001		35.04		28.42		6.62

Average in Place Base Minimum Rent in Dollars

As of	Wholly Owned		Unconsolidated
12/31/2004 (a)	$	32.71	$	35.67
12/31/2003		28.37		32.63

Occupancy Cost as a % of Sales

As of	Wholly Owned			Unconsolidated			Weighted Average
12/31/2004 (a)		12.5	%		13.0	%		12.7	%
12/31/2003		11.4	%		12.4	%		11.8	%

(a) 12/31/2004 data includes the Rouse portfolio, acquired November 12, 2004.

33

General Growth Properties, Inc.
Occupancy, Straight Line Rent, SFAS #141 & #142 and Tenant Allowances
(dollars in thousands)
As of December 31, 2004

(a)	Dollars at share; To reflect only recurring tenant allowances, new development costs have been excluded.
(b)	Includes results from the Rouse portfolio.
(c)	Excludes discontinued operations.

34

General Growth Properties, Inc.
Real Estate Net Operating Income by Geographic Area at Share
For the Twelve Months Ended December 31, 2004 and December 31, 2003
(dollars in thousands)

	12/31/2004					12/31/2003
	YTD		% of Total			YTD		% of Total
(in thousands)
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	560,921		39.2	%	$	467,309		42.1	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		211,733		14.7	%		171,942		15.4	%
South Central
Arkansas, Louisiana, Oklahoma, Texas		155,723		10.9	%		116,420		10.5	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		297,345		20.8	%		188,955		17.0	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		206,577		14.4	%		166,324		15.0	%
TOTAL	$	1,432,299		100.0	%	$	1,110,950		100.0	%

35

General Growth Properties, Inc.
Real Estate Property Net Operating Income Categorization at Share
For the Twelve Months Ended December 31, 2004

(a)	Includes a partial year of NOI and a full year of sales and occupancy for the Rouse portfolio
(b)	Includes office buildings that are adjacent to malls but excludes community centers
(c)	Excludes in-line spaces that are leased for periods of less than one year

36

General Growth Properties, Inc.
Lease Expiration Schedule and Lease Termination Income at Share
As of December 31, 2004

Lease Expiration Schedule (a)

	All Expirations						Expirations at Share
	Base Rent		Footage		Rent/Sq. Ft.		Base Rent		Footage		Rent/Sq. Ft.
Wholly Owned
2005		105,170,711		3,549,424		29.63		105,170,711		3,549,424		29.63
2006		97,713,101		3,270,496		29.88		97,713,101		3,270,496		29.88
2007		103,936,259		3,333,710		31.18		103,936,259		3,333,710		31.18
2008		100,544,849		3,179,066		31.63		100,544,849		3,179,066		31.63
2009		118,280,807		3,128,659		37.81		118,280,807		3,128,659		37.81
2010		113,410,003		3,051,462		37.17		113,410,003		3,051,462		37.17
2011		88,453,437		2,431,307		36.38		88,453,437		2,431,307		36.38
2012		108,020,795		2,763,689		39.09		108,020,795		2,763,689		39.09
2013		81,136,371		2,100,380		38.63		81,136,371		2,100,380		38.63
2014		79,513,938		2,211,953		35.95		79,513,938		2,211,953		35.95
Subsequent		64,265,957		1,969,210		32.64		64,265,957		1,969,210		32.64
Total	$	1,060,446,228		30,989,356	$	34.22	$	1,060,446,228		30,989,356	$	34.22

	All Expirations						Expirations at Share (b)
	Base Rent		Footage		Rent/Sq. Ft.		Base Rent		Footage		Rent/Sq. Ft.
Unconsolidated
2005		48,051,582		1,487,008		32.31		22,303,429		690,071		32.32
2006		61,971,587		1,781,544		34.79		29,975,328		826,518		36.27
2007		50,345,137		1,442,519		34.90		25,257,575		671,992		37.59
2008		53,175,929		1,556,995		34.15		24,665,122		722,060		34.16
2009		47,748,056		1,215,881		39.27		21,676,713		561,713		38.59
2010		50,384,747		1,244,357		40.49		23,899,809		578,257		41.33
2011		53,612,031		1,337,787		40.08		25,312,532		626,372		40.41
2012		55,352,068		1,308,865		42.29		26,103,622		574,662		45.42
2013		51,838,043		1,351,212		38.36		22,869,890		601,897		38.00
2014		47,899,602		1,254,049		38.20		22,658,023		593,315		38.19
Subsequent		34,870,399		1,035,192		33.68		15,605,424		461,512		33.81
Total	$	555,249,181		15,015,409	$	36.98	$	260,327,467		6,908,369	$	37.68
Grand Total	$	1,615,695,409		46,004,765	$	35.12	$	1,320,773,695		37,897,725	$	34.85

(a)	Excludes leases on Mall Stores of 30,000 square feet or more and tenants paying percentage rent in lieu of base minimum rent.
(b)	Expirations at share reflect the company’s direct or indirect ownership interest in a joint venture.

Lease Termination Income at Share (d)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2004 (c)		2003		2004 (c)		2003
Wholly Owned	$	964,916	$	1,750,650	$	7,924,692	$	9,693,938
Unconsolidated		506,654		639,837		2,871,391		2,820,329
Total Termination Income at Share	$	1,471,570	$	2,390,487	$	10,796,083	$	12,514,267

(c)	12/31/2004 data includes results from the Rouse portfolio, acquired November 12, 2004.
(d)	Includes retail only.

37

Developments, Expansions, & Acquisitions

General Growth Properties, Inc.
Major Developments in Progress *
(New and Redevelopment Projects)
As of December 31, 2004

			Unconsolidated
	Wholly Owned		Centers
	Centers		@ GGP Share		Total
Ala Moana Center (Honolulu, HI)	$	61,676,145			$	61,676,145
Alderwood Mall (Lynnwood (Seattle), WA)			$	13,508,093		13,508,093
Arizona Center (Phoenix, AZ)		9,400,000				9,400,000
Bridgewater Commons ( Bridgewater, NJ)				6,853,300		6,853,300
Circle T (Westlake (Dallas), TX)				12,811,805		12,811,805
Eastridge Mall (San Jose, CA)				26,974,886		26,974,886
Elk Grove Promenade (Elk Grove (Sacramento), CA)		15,291,683				15,291,683
Jordan Creek Town Center (West Des Moines, IA)		12,597,627				12,597,627
Kenwood Towne Center (Cincinnati, OH)				7,399,183		7,399,183
La Cantera (San Antonio, TX)		235,827,000				235,827,000
Lincolnshire Commons (Lincolnshire, IL)		10,889,835				10,889,835
Natick West (Natick (Boston), MA)				15,402,346		15,402,346
Princeton (Princeton, NJ)		40,068,000				40,068,000
Redlands Mall (Redlands, CA)		15,403,295				15,403,295
River Falls (Clarksville, IN)		6,290,152				6,290,152
Summerlin (Las Vegas, NV)		49,072,000				49,072,000
The Shops at Fallen Timbers (Maumee (Toledo), OH)		21,111,641				21,111,641
West Kendall (West Kendall, FL)		30,170,000				30,170,000
Woodlands (The Woodlands, TX)				10,883,775		10,883,775
All other projects (of $5 million or less each)		44,561,905		17,176,934		61,738,839
Total Construction in Progress	$	552,359,283	$	111,010,322	$	663,369,605

* Includes land held for redevelopment

38

General Growth Properties, Inc.
Developments & Expansions

Approved Redevelopment Projects (over $10 million)

		Forecasted Cost
		($millions at
Property	Description	share)	Projected Opening
Ala Moana Center Honolulu, HI	Remerchandising of 180,000 sf former JCPenney department store into approximately 40 specialty and restaurant uses	52.8	Q4 2004 / Q3 2005
Ala Moana Center	Nordstrom addition	63.7	Q4 2005
Honolulu, HI
Boise Towne Square Boise, ID	Food court renovation with addition of square footage, family restrooms and new restaurants	13.7	Q3 2005
Bridgewater Commons Bridgewater, NJ	Development of a 94,000 sf life style center (*Forecasted cost is before purchase price allocation adjustment)	16.8	Q4 2006
Carolina Place Pineville, NC	Lifestyle addition with an REI, Linens ’N Things, Barnes & Noble and two restaurant outparcels; renovation of food court and restrooms; refurbishing of mall interior	14.8	Q3 2006
Clackamas Town Center Portland, OR	Lifestyle addition in two phases including interior renovation and parking structure	45.4	Q2 2007
Cumberland Mall Atlanta, GA	Demolish old JCPenney along with a portion of parking lot and replace with Costco	17.9	Q3 2005
Cumberland Mall Atlanta, GA	Buy Vacant Macy’s space and convert to a one-level lifestyle center	35.0	Q1 2006
Cumberland Mall Atlanta, GA	Mall renovation	10.4	Q3 2005
Eastridge Mall San Jose, CA	Renovation and remerchandising of interior including the repositioning of the food court and the addition of a streetscape and an AMC theater	57.2	Q3 2005
First Colony Sugarland, TX	Lifestyle addition with 15 retailers and 4 restaurants	26.4	Q4 2005
Galleria at Tyler Riverside, CA	Addition of retail, restaurants, theater and parking structure	23.8	Q4 2006
Kenwood Towne Centre Cincinatti, OH	Development of a streetscape consisting of 81,000 sf of additional GLA, parking lot renovation and reconfiguration, common area enhancements and new graphics	17.1	Q4 2005
Maine Mall South Portland, ME	Regal theater addition on vacant land	25.5	Q2 2006
Mayfair Wauwautosa, WI	Addition of Cheesecake Factory, Crate & Barrel, Wild Fire and a parking deck	26.3	Q3 2005
NewPark Mall Newark, CA	Addition of a theater, 3 parking decks, 3 restaurant pads and a big box bump-out	31.6	Q2 2006
NewPark Mall Newark, CA	Interior and exterior mall renovation	11.1	Q1 2006
North Star Mall San Antonio, TX	Renovation of mall interior, including reconfiguration of the main court, new signage and exterior canopies (*Forecasted cost is before purchase price allocation adjustment.)	17.0	Q2 2006
River Falls Mall Clarksville, IN	Purchase of Wal-Mart and Dillard’s building, and an addition of Bass Pro Shop, five big boxes and a theater	67.5	Q3 2005
River Hills Mall Mankato, MN	Relocate Scheel’s All Sports and add Barnes & Noble	14.5	Q4 2006
Town East Mesquite, TX	Interior renovation including new flooring, lighting upgrades, skylight installation, and new family restrooms	15.3	Q4 2005
Victoria Ward Honolulu, HI	Village shops	108.8	Q2 2007

39

General Growth Properties, Inc.
Developments & Expansions

New Development Projects Under Construction

		Forecasted
		Cost ($ millions
Property	Description	at share)	Opening
Shops at La Cantera	New Open Air Center anchored by Nieman's, Nordstrom, Dillard's, and Foley's (*Forecasted cost is before purchase price allocation adjustment)	205.6	Q3 2005
San Antonio, TX
Lincolnshire Commons	Acquire land and build restaurant Pavilion with Big Box tenants	38.4	Q3 2006
Lincolnshire, IL

Potential Retail New Development Projects

			Possible
Property	Description	Ownership %	Opening
Allen Center	New Mixed-Use Center that will incorporate retail,	100%	Q3 2007
Allen, TX	entertainment, residential and light office
Bridges At Mint Hill	New Development anchored by Belk and 2 other department stores	100%	Q4 2007
Charlotte, NC
Circle T	New Development of a 1.3 million sf center	50%	Q2 2007
Westlake, TX
Elk Grove Promenade	New 1.3 million sf Open Air Lifestyle Center	100%	Q4 2006
Elk Grove, CA
North Haven, CT	New center that will include 3 department stores, a strong mix of retailers, lifestyle tenants and a cinema	100%	Q4 2008
North Haven, CT
Otay Ranch	New 800,000 sf Open Air Lifestyle Center	50%	Q4 2006
Chula Vista (San Diego), CA
Pinnacle Hills Promenade	New Open Air Hybrid Center featuring Dillard's Department Store	50%	Q3 2006
Rogers, AK
Princeton, NJ	New 800,000 sf center that will include 2 department stores, a strong mix of retailers, multi-family	100%	Q2 2008
Princeton, NJ	and a full service hotel residential
Southwest Center Mall	Mall purchase and redevelopment	100%	Q3 2006
Dallas, TX
Summerlin Town Center	New 800,000 sf center located in the center of the Summerlin Community that will include Macy’s, Dillard’s and a strong mix of lifestyle retailers	100%	Q2 2008
Las Vegas, NV
The Shops at Fallen Timbers	750,000 sf Open Air Lifestyle Center featuring 2 anchors and a cinema	100%	Q3 2006
Maumee (Toledo), OH
West Kendall Center	New 600,000 sf center that will include a Dillard’s, a cinema and a wide range of retailers in an open-air configuration	100%	Q2 2007
West Kendall, FL

40

General Growth Properties, Inc.
Acquisitions
Through December 31, 2004

2004 # of properties does not include Rouse Community Centers/Office Properties/Planned Communities

2002 # of properties does not include JP Realty Community Center/Industrial Parks

2004 YTD Acquisitions

			Total					Purchase
Property	Location	Purchase Date	Retail GLA		Ownership			Price *
Burlington Town Center	Burlington, Vermont	1/7/2004		414,000		50	%	$ 20.5 million
Redlands Mall	Redlands, California	1/15/2004		175,000		100	%	$ 14.25 million
Town East Mall (additional 50% ownership interest)	Mesquite, Texas	3/1/2004		1,400,000		100	%	$ 89.0 million
Four Seasons Town Centre	Greensboro, North Carolina	3/5/2004		1,200,000		100	%	$ 161.0 million
Riverchase Galleria	Birmingham, Alabama	5/11/2004		1,500,000		50	%	$ 332.0 million
Mall of Louisiana	Baton Rouge, Louisiana	5/12/2004		1,200,000		100	%	$ 265.0 million
The Grand Canal Shoppes	Las Vegas, Nevada	5/17/2004		445,000		100	%	$ 766.0 million
Stonestown	San Francisco, California	8/13/2004		915,000		100	%	$ 312.0 million
The Rouse Company	Columbia, Maryland	11/12/2004		69,186,565		100	%	$14.2 billion

* Acquisition purchase prices are reflected at 100%

41