exv99w1

EXHIBIT 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the three months ended March 31, 2006

This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of our indebtedness and interest rates, market conditions and land sales in our Master Planned Communities segment and our ability to manage our growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent reports on Form 10-K which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in supplemental financial information. The Company disclaims any obligation to update any forward-looking statements.

Supplemental Financial/Operational Data
March 31, 2006
Table of Contents


All information included in this supplemental package is unaudited, unless otherwise indicated.

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 March 31, 2006		2
Total Market Capitalization		2
Research Coverage		3

First Quarter 2006 Earnings Announcement		4 - 13

Supplemental Financial Data*		14 - 30
Summary Retained FFO		14
Trailing Twelve Month EBITDA and Coverage Ratios		15
Computation of Comparable Property NOI Growth		16
Retail Recovery Summary		17
Master Planned Communities		18
Capital Information		19
Changes in Total Common & Equivalent Shares		20
Common Dividend History		21
Debt Maturity and Current Average Interest Rate Summary		22
Summary of Outstanding Debt		23-30

Supplemental Operational Data		31 - 34
Operating Statistics & Certain Financial Information		31
Retail Portfolio GLA, Occupancy, Sales & Rent Data		32
Real Estate Net Operating Income by Geographic Area		33
Lease Expiration Schedule and Lease Termination Income at Share		34

New Developments, Expansions & Re-Developments		35 - 36
Projects over $10 million		35 - 36

Selected December 31, 2005 Supplemental Financial Information		37 - 38


*		The supplemental financial information should be read in conjunction with the company’s first quarter 2006 earnings announcement (included as pages 4-13 of this supplemental report) as certain disclosures and reconciliations in such announcement have not been included in the supplemental financial information.

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 U.S.-based publicly traded Real Estate Investment Trust (REIT) in the United States. GGP owns, develops, operates and/or manages shopping malls in 44 states. GGP has ownership interests in, or management responsibility for, more than 200 regional shopping malls totaling over 175 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. With a total market capitalization of approximately $38.1 billion, GGP has delivered consistent FFO growth and dividend increases. Average occupancy at March 31, 2006 was 91.1% and sales per square foot were $444. The Bucksbaum family, which founded GGP, is still engaged in the operation of the company’s day-to-day business activities. The senior management owns approximately 24% 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 philosophy 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. GGP is 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.

GGP’s vision is People Creating Special Places and Experiences.

Stock Listing

Common Stock
NYSE: GGP


Calendar of Events

Quarter End — Second Quarter 2006		June 30, 2006
Earnings Release — After the Market Close		August 7, 2006
Quarterly Conference Call — 8:00 am CST		August 8, 2006

Current Dividend

General Growth Properties, Inc. declared its second dividend for 2006 in the amount of $0.41 per share, payable to common stockholders of record on April 13, 2006, with payment on April 28, 2006. The current dividend represents an increase of 13.9% over the dividend of $0.36 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 increase its dividend at a compound annual growth rate of 10.0% since going public. GGP dividend increases have averaged 18.5% over the last five years.


Investor Relations	Transfer Agent

Tim Goebel	Mellon Investor Services, LLC
Director, Investor Relations	Shareholder Relations
General Growth Properties	P.O. Box 3315
110 North Wacker Drive	South Hackensack, NJ 07606
Chicago, IL 60606		(888) 395-8037
Phone (312) 960-5199		(201) 329-8660
Fax (312) 960-5475 timothy.goebel@generalgrowth.com


Debt Ratings

Standard & Poors — Corporate Rating		BBB -
Standard & Poors — Senior Debt Rating		BB +
Standard & Poors — TRCLP Bonds Rating		BB +
Moody’s — Senior Debt Rating		Ba2
Moody’s — TRCLP Bonds Rating		Ba1

Please visit the GGP web site for additional information:		www.generalgrowth.com

Ownership Structure as of March 31, 2006


Total Market Capitalization — As Measured by Stock Price (dollars in thousands)				3/31/2006

Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)				$	23,503,612

Perpetual Preferred Units	Issuer’s Earliest Redemption Date
Perpetual Preferred Units at 8.25%	N/A	$	5,000
Perpetual Preferred Units at 8.95%	4/23/2007		60,000

			65,000

Convertible Preferred Units
Convertible Preferred Units at 6.50%	N/A		26,637
Convertible Preferred Units at 7.00%	N/A		45,335
Convertible Preferred Units at 8.50%	N/A		64,777

			136,749

Other Preferred Stock			361

Total Preferred Securities				$	202,110

Common Stock and Common Operating Partnership Units
Stock market value of 241.0 million shares of common stock and 52.7 million shares of operating partnership common units (which are convertible into an equal number of shares of common stock) — outstanding at end of period				$	14,355,271


Total Market Capitalization at end of period				$	38,060,993


(a)		Excludes special improvement districts liability of $63.1 million, minority interest adjustment of $67.6 million and purchase accounting mark-to-market adjustment of $137.0 million.

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.


A.G. Edwards & Sons, Inc.	David L. AuBuchon		(314)955-5452
	Mark Hoffmeister		(314)955-5784

Banc of America Securities	Ross Nussbaum		(212) 847-5668
	Christy McElroy		(212) 847-5658

Bear, Stearns & Co., Inc.	Amy Young		(212) 272-3523
	Ross Smotrich		(212) 272-8046

Citigroup	Jonathan Litt		(212) 816-0231
	Michael Bilerman		(212) 816-1383

Credit Suisse First Boston	Andrew Rosivach		(61)2 8205 4362
		(Australia)

Deutsche Bank	Louis Taylor		(212) 250-4912
	Christeen Kim		(212) 250-6771

Friedman Billings Ramsey	Paul Morgan		(703) 469-1255
	Michael Blank		(703) 469-1115

Goldman, Sachs & Co.	Dennis Maloney		(212) 902-1970
	Christina Fok		(212) 902-0862

Green Street Advisors	Greg Andrews		(949) 640-8780
	Ben Yang		(949) 640-8780

J.P. Morgan Securities Inc.	Michael Mueller		(212) 622-6689
	Joseph Dazio		(212) 622-6416

Lehman Brothers	David B. Harris		(212) 526-1790
	David Toti		(212) 526-2002

Merrill Lynch	Steve Sakwa		(212) 449-0335
	Craig Schmidt		(212) 449-1944

Morgan Stanley Dean Witter	Matt Ostrower		(212) 761-6284
	Mickey Chiang		(212) 761-6385

RBC Capital Markets	Richard C. Moore		(216) 378-7625

UBS	Scott Crowe		(212) 713-1419

Wachovia Capital Markets, LLC	Jeff Donnelly		(617) 603-4262
	Eric Rothman		(617) 603-4263


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. Announces First Quarter Results

Chicago, Illinois, May 8, 2006 — General Growth Properties, Inc. (NYSE: GGP) announced today its results for the first quarter of 2006. Earnings per share – diluted (EPS) were $.10 for the first quarter of 2006 as compared to $.06 in the first quarter of 2005. Fully diluted Funds From Operations per share (FFO) were $.77 for the first quarter of 2006, a 6.9% increase over the $.72 reported in the comparable period of 2005.

“We are pleased with the strong net operating income (NOI) gains shown across our properties. This increase in NOI reflects strong results from GGP operations, as well as the continued robust retail environment,” stated John Bucksbaum, Chief Executive Officer of General Growth Properties.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

§		EPS in the first quarter of 2006 were $.10 per share versus $.06 in the comparable period of 2005. Income tax expense (primarily deferred) in 2006 was $26.0 million or $.11 per share versus a $1.3 million benefit in 2005.

§		Fully diluted FFO per share increased to $.77 in the first quarter of 2006, 6.9% above the $.72 reported in the first quarter of 2005. Total FFO for the quarter increased 8.4% to $227.3 million, from $209.7 million in the first quarter of 2005. The effects of non-cash rental revenue recognized pursuant to SFAS No. 141 and 142 resulted in approximately $11.6 million or $.04 of FFO per fully diluted share in the first quarter of 2006 as compared to $8.5 million or $.03 in the comparable period of 2005. Straight-line rent resulted in approximately $15.2 million or $.05 of FFO per fully diluted share in the first quarter of 2006, versus $21.4 million or $.07 in the same period of 2005. Minimum rent in the first quarter of 2006 includes approximately $19.4 million of lease termination income or approximately $.07 of FFO per fully diluted share in excess of the amount in the first quarter of 2005. In addition, FFO in the first quarter of 2006 includes interest expense of approximately $4.3 million or

May 8, 2006

approximately $.01 of FFO per fully diluted share of deferred finance fees written-off in excess of the amount in the first quarter of 2005.

FFO Guidance for 2006 currently remains estimated to be in the range of $3.27 to $3.37 per share, or approximately 7% to 10% greater than the actual 2005 FFO of $3.06 per share.

SEGMENT RESULTS

The Company presents its operations in two business segments, Retail and Other and Master Planned Communities. As certain properties were sold and we completed a complete general ledger system migration for the former Rouse Company properties in late 2005, we have reflected the NOI of net discontinued operations in other income and made certain other reclassifications to conform the 2005 results to the 2006 presentation.

Retail and Other Segment

Real estate property net operating income (NOI) for the first quarter of 2006 increased to $561.6 million, 9.2% above the $514.1 million reported in the first quarter of 2005.

Revenues from consolidated properties were $659.5 million for the quarter, an increase of 4.9% compared to $628.6 million for the same period in 2005.

Revenues from unconsolidated properties at the Company’s ownership share increased 12.5% to $176.4 million, compared to $156.8 million in the first quarter of 2005.

Total tenant sales increased 5.8% in 2006 and comparable tenant sales increased 2.6% compared to the same period last year.

Comparable NOI from consolidated properties in the first quarter of 2006 increased by 8.5% compared to the same period last year.

Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 7.6% compared to the first quarter of 2005.

Retail Center occupancy increased to 91.1% at March 31, 2006, compared to 90.0% at March 31, 2005.

Sales per square foot for first quarter 2006 were $444 versus $416 in the first quarter of 2005.

Average rent

For consolidated properties, average rent per square foot for new/renewal leases signed during the first quarter of 2006 was $35.17 versus $33.23 for 2005. For

May 8, 2006

unconsolidated properties, average rent per square foot for new/renewal leases signed in the first quarter of 2006 was $36.19 versus $37.35 for 2005. Average rent for consolidated properties leases expiring in 2006 was $30.16 versus $29.63 in 2005. For unconsolidated properties, average rent for leases expiring in 2006 was $33.59 compared to $32.31 in 2005.

Master Planned Communities Segment

NOI in 2006 for the Master Planned Communities segment was $38.6 million for consolidated properties and $6.2 million for unconsolidated properties as compared to $7.4 million and $2.9 million, respectively, in 2005.

Land sale revenues in 2006 were approximately $137.2 million for consolidated properties and approximately $18.5 million for unconsolidated properties, compared to $61.3 million and $8.6 million, respectively, for revenues in 2005.

CONFERENCE CALL/WEBCAST

General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our website, www.generalgrowth.com. This Webcast will take place on Tuesday, May 9, 2006, at 9:00 a.m. Eastern Time (8:00 a.m. CT, 6:00 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 in, or management responsibility for, over 200 regional shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The Company portfolio totals over 175 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 website 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.

May 8, 2006

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.

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 (rental income, land sales, tenant recoveries and other income) less property and related expenses (real estate taxes, land sales operating costs, 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, minority interest in consolidated joint ventures, 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, land values 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.

May 8, 2006

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

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements, including our FFO guidance. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of the Company’s indebtedness and interest rates and the Company’s ability to successfully manage its growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

###

May 8, 2006

GENERAL GROWTH PROPERTIES, INC.
OVERVIEW
(In thousands, except per share amounts)


	Three Months Ended
	March 31,
	2006			2005
Funds From Operations (“FFO”) *
Company stockholders	$	186,269		$	170,089
Operating Partnership unitholders		41,000			39,589

Operating Partnership	$	227,269		$	209,678


FFO per share:
Company stockholders — basic	$	0.77		$	0.72
Operating Partnership — basic		0.77			0.72
Operating Partnership — diluted		0.77			0.72
Increase in diluted FFO over comparable prior year period		6.9	%		15.8	%

Dividends
Dividends paid per share	$	0.41		$	0.36
Payout ratio (% of diluted FFO paid out)		53.2	%		50.0	%

Portfolio Results *
Real estate property net operating income:
Retail and Other:
Consolidated	$	452,373		$	415,879
Unconsolidated		109,247			98,269
Master Planned Communities:
Consolidated		38,622			7,439
Unconsolidated		6,155			2,908

Real estate property net operating income		606,397			524,495
Net property management fees and costs		4,869			(2,143	)
Headquarters/regional costs, general and administrative and depreciation on non-income producing assets		(29,757	)		(20,594	)
Net interest expense		(275,571	)		(244,234	)
Income taxes		(25,974	)		1,307
Equity in other FFO of Unconsolidated Properties		(49,147	)		(40,501	)
Preferred unit distributions		(4,315	)		(8,534	)
FFO from minority interest		767			(118	)

FFO — Operating Partnership	$	227,269		$	209,678


*		Certain amounts within categories of real estate property net operating income and other items included in or excluded from FFO for prior periods in 2005 have been reclassified to conform to the current period presentation.


Weighted average number of Company shares outstanding:

Basic	240,621	235,812
Diluted	241,588	236,588
Assuming full conversion of Operating Partnership units:
Basic	293,584	290,719
Diluted	294,551	291,495


	March 31,		December 31,
Selected Balance Sheet Information	2006		2005
Cash and cash equivalents	$	65,233	$	102,791
Investment in real estate:
Net land, buildings and equipment		19,358,716		19,461,255
Developments in progress		406,734		366,262
Investment in and loans to/from Unconsolidated Real Estate Affiliates		1,785,286		1,818,097
Investment land and land held for development and sale		1,644,734		1,651,063

Net investment in real estate	$	23,195,470	$	23,296,677

Total assets	$	25,221,431	$	25,307,019


Mortgage and other property debt payable	$	20,448,048	$	20,418,875
Minority interest — Preferred		202,110		205,944
Minority interest — Common		420,537		430,292
Stockholders’ equity		1,913,520		1,932,918

Total capitalization (at cost)	$	22,984,215	$	22,988,029


	Consolidated Properties						Unconsolidated Properties (a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
Summarized Debt Information	Balance			Rate		(d)	Balance		Rate		(d)
Fixed rate (c)	$	14,913,036			5.45	%	$	2,804,577		5.41	%
Variable rate (c)		5,267,365			6.06			518,634		6.23

Totals	$	20,180,401	(b)		5.61	%	$	3,323,211		5.54	%


(a)		Reflects the Company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.

(b)		Excludes special improvement districts liability of $63.1 million, minority interest adjustment of $67.6 million and purchase accounting mark-to-market adjustment of $137.0 million.

(c)		Includes the effects of swaps.

(d)		Excludes the effect of deferred finance costs.

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


	Three Months Ended
	March 31,
	2006			2005
Revenues:
Minimum rents	$	437,731		$	405,834
Tenant recoveries		185,442			185,057
Overage rents		14,227			13,607
Land sales		137,220			61,250
Management and other fees		28,713			18,356
Other		25,286			22,353

Total revenues		828,619			706,457

Expenses:
Real estate taxes		54,964			53,190
Repairs and maintenance		47,054			48,435
Marketing		12,030			13,952
Other property operating costs		86,833			92,937
Land sales operations		98,598			53,811
Provision for doubtful accounts		6,213			4,197
Property management and other costs		46,707			34,964
General and administrative		3,558			2,811
Depreciation and amortization		165,346			161,725

Total expenses		521,303			466,022

Operating income		307,316			240,435

Interest income		3,222			1,040
Interest expense		(278,794	)		(245,274	)

Income (loss) before income taxes and allocations to minority interests and from unconsolidated affiliates		31,744			(3,799	)
Benefit (provision) for income taxes		(25,974	)		1,307
Income allocated to minority interests		(11,224	)		(12,664	)
Equity in income of unconsolidated affiliates		28,468			26,691

Income from continuing operations		23,014			11,535
Income from discontinued operations, net of minority interest		—			1,530

Net income available to common stockholders	$	23,014		$	13,065


Basic Earnings Per Share:
Continuing operations	$	0.10		$	0.05
Discontinued operations		—			0.01

Total basic earnings per share	$	0.10		$	0.06


Diluted Earnings Per Share:
Continuing operations	$	0.10		$	0.05
Discontinued operations		—			0.01

Total diluted earnings per share	$	0.10		$	0.06

GENERAL GROWTH PROPERTIES, INC.
PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS (“FFO”)
(In thousands)


	Three Months Ended March 31, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	437,731		$	105,367		$	543,098
Tenant recoveries		185,442			46,566			232,008
Overage rents		14,227			2,350			16,577
Other, including minority interest		22,067			22,106			44,173

Total property revenues		659,467			176,389			835,856

Property operating expenses:
Real estate taxes		54,964			14,868			69,832
Repairs and maintenance		47,054			10,556			57,610
Marketing		12,030			3,507			15,537
Other property operating costs		86,833			38,074			124,907
Provision for doubtful accounts		6,213			137			6,350

Total property operating expenses		207,094			67,142			274,236

Retail and other net operating income		452,373			109,247			561,620


Master Planned Communities
Land sales		137,220			18,549			155,769
Land sales operations		(98,598	)		(12,394	)		(110,992	)

Master Planned Communities net operating income		38,622			6,155			44,777


Real estate property net operating income		490,995			115,402		$	606,397


Management and other fees		28,713			—
Property management and other costs		(23,844	)		—
Headquarters/regional costs		(22,863	)		(8,007	) (a)
General and administrative		(3,558	)		(956	)
Depreciation on non-income producing assets, including headquarters building		(3,336	)		—
Interest income		3,222			2,977
Interest expense		(278,793	)		(43,080	)
Income taxes		(25,974	)		(81	)
Preferred unit distributions		(4,315	)		—
FFO from minority interest		767			—

FFO	$	161,014		$	66,255
Equity in FFO of Unconsolidated Properties		66,255			(66,255	)

Operating Partnership FFO	$	227,269		$	—


	Three Months Ended March 31, 2005
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	405,834		$	96,250		$	502,084
Tenant recoveries		185,057			43,237			228,294
Overage rents		13,607			1,722			15,329
Other, including NOI from discontinued operations and minority interest		24,092			15,612			39,704

Total property revenues		628,590			156,821			785,411

Property operating expenses:
Real estate taxes		53,190			13,570			66,760
Repairs and maintenance		48,435			10,632			59,067
Marketing		13,952			3,447			17,399
Other property operating costs		92,937			29,856			122,793
Provision for doubtful accounts		4,197			1,047			5,244

Total property operating expenses		212,711			58,552			271,263

Retail and other net operating income		415,879			98,269			514,148


Master Planned Communities
Land sales		61,250			8,567			69,817
Land sales operations		(53,811	)		(5,659	)		(59,470	)

Master Planned Communities net operating income		7,439			2,908			10,347


Real estate property net operating income		423,318			101,177		$	524,495

Management and other fees		18,356			—
Property management and other costs		(20,499	)		—
Headquarters/regional costs		(14,465	)		(6,963	) (a)
General and administrative		(2,811	)		(241	)
Depreciation on non-income producing assets, including headquarters building		(3,318	)		—
Interest income		1,040			766
Interest expense		(245,274	)		(34,063	)
Income taxes		1,307			—
Preferred unit distributions		(8,534	)		—
FFO from discontinued operations and minority interest		(118	)		—

FFO		149,002			60,676
Equity in FFO of Unconsolidated Properties		60,676			(60,676	)

Operating Partnership FFO	$	209,678		$	—


(a)		Includes property management and other fees to General Growth Management, Inc. and Rouse Property Management, Inc.

GENERAL GROWTH PROPERTIES, INC.
SUPPLEMENTAL DISCLOSURE OF CERTAIN REVENUES AND EXPENSES
REFLECTED IN FFO
(In thousands)


	Three Months Ended						Three Months Ended
	March 31, 2006						March 31, 2005
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	9,104		$	2,486		$	7,726		$	799
Straight-line rent		12,531			2,706			15,023			6,409
Other property operating costs:
Above- and below-market ground leases, net		(1,720	)		(140	)		(1,896	)		(154	)
Real estate taxes:
Real estate tax stabilization agreement		(843	)		—			(1,072	)		—
Interest expense:
Mark-to-market adjustments on debt		7,939			853			8,335			178
Amortization of deferred finance costs		(2,708	)		(619	)		(2,101	)		(768	)
Debt extinguishment costs
Write-off of mark-to-market adjustments		3,143			—			—			—
Write-off of deferred finance costs		(4,898	)		—			(632	)		—

All amounts exclude discontinued operations.

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


	Three Months Ended
	March 31,
	2006			2005
Reconciliation of Real Estate Property Net Operating
Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	606,397		$	524,495
Unconsolidated Properties		(115,402	)		(101,177	)

Consolidated Properties		490,995			423,318
Management and other fees		28,713			18,356
Property management and other costs		(23,844	)		(20,499	)
Headquarters/regional costs		(22,863	)		(14,465	)
General and administrative		(3,558	)		(2,811	)
Depreciation and amortization		(165,346	)		(161,725	)
Discontinued operations and minority interest in NOI of Consolidated Properties		3,219			(1,739	)

Operating Income	$	307,316		$	240,435


Reconciliation of Funds From Operations (“FFO”) to GAAP Net Income
FFO:
Company stockholders	$	186,269		$	170,089
Operating Partnership unitholders		41,000			39,589

Operating Partnership		227,269			209,678
Depreciation and amortization of capitalized real estate costs		(199,011	)		(192,118	)
FFO of discontinued operations and minority interest		1,486			(2,035	)
Allocations to Operating Partnership unitholders		(6,730	)		(3,990	)

Income from continuing operations		23,014			11,535
Income from discontinued operations, net of minority interest		—			1,530

Net income	$	23,014		$	13,065


Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	115,402		$	101,177
Net interest expense		(40,103	)		(33,297	)
Headquarters, general and administrative and income taxes		(9,044	)		(7,204	)

FFO		66,255			60,676

Depreciation and amortization of capitalized real estate costs		(37,787	)		(33,985	)

Equity in income of unconsolidated affiliates	$	28,468		$	26,691


Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		293,584			290,719
Conversion of Operating Partnership units		(52,963	)		(54,907	)

Weighted average number of Company shares outstanding — GAAP EPS		240,621			235,812


Diluted:
Weighted average number of shares outstanding — FFO per share		294,551			291,495
Conversion of Operating Partnership units		(52,963	)		(54,907	)

Weighted average number of Company shares outstanding — GAAP EPS		241,588			236,588

GENERAL GROWTH PROPERTIES, INC.
SUMMARY RETAINED FFO
(dollars in thousands)


	Three Months
	Ended
	03/31/06
Cash From Recurring Operations

FFO — Operating Partnership	$	227,269
Plus (Less):
Excess non-FFO cash from Master Planned Communities		20,600
Deferred income taxes		23,562
Tenant allowances and capitalized leasing costs (a)		(37,149	)

Straight line rents adjustment (b)		(15,237	)
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		(11,590	)
Non-cash ground rent expense recognized pursuant to SFAS #141 and #142		1,860

Mark-to-market adjustments on debt		(8,792	)
Amortization of deferred finance costs		3,327
Debt extinguishment costs
Write-off mark-to-market adjustments		(3,143	)
Write-off deferred finance costs		4,898


Cash From Recurring Operations — Operating Partnership	$	205,605


Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (From Above)	$	205,605
Plus (Less):
Common dividends/distributions paid		(119,844	)


Retained Funds From Recurring Operations — Operating Partnership	$	85,761


(a)		To reflect only recurring tenant allowances, new development and redevelopment costs have been excluded.

(b)		Adjusted to reflect discontinued operations.

(c)		Includes impact of changes in the third and fourth quarter 2005 recognition of straight-line rent attributable to tenants with leases of less than one year.

GENERAL GROWTH PROPERTIES, INC.
TRAILING TWELVE MONTH EBITDA AND COVERAGE RATIOS (a)
(dollars in thousands)


	Twelve Months Ended
	3/31/2006			12/31/2005			9/30/2005			6/30/2005
Pro Rata EBITDA
GAAP Net Income	$	85,501		$	75,553		$	102,492		$	173,300
Income from Discontinued Operations, net		(10,158	)		(11,687	)		(17,281	)		(16,594	)
Income Allocated to Minority Interests		42,549			43,989			56,237			77,313
Interest Expense		1,197,150			1,164,019			1,061,238			878,192
Income Taxes		78,138			50,729			29,882			14,691
Amortization of Deferred Finance Costs		12,090			11,634			11,235			12,360
Debt Extinguishment Costs		8,076			6,952			15,955			14,672
Interest Income (b)		(22,042	)		(17,651	)		(13,916	)		(9,685	)
Depreciation (b)		820,879			813,397			772,383			655,923

Pro Rata EBITDA (a)	$	2,212,183		$	2,136,935		$	2,018,225		$	1,800,172

Net Interest (a)
Amortization of Deferred Finance Costs		(12,090	)		(11,634	)		(11,235	)		(12,360	)
Debt Extinguishment Costs		(8,076	)		(6,952	)		(15,955	)		(14,672	)
Interest Expense		(1,197,150	)		(1,164,019	)		(1,061,238	)		(878,192	)
Interest Income (b)		22,042			17,651			13,916			9,685

Net Interest	$	(1,195,274	)	$	(1,164,954	)	$	(1,074,512	)	$	(895,539	)


Interest Coverage Ratio		1.85			1.83			1.88			2.01


Fixed Charges (c)
Net Interest	$	(1,195,274	)	$	(1,164,954	)	$	(1,074,512	)	$	(895,539	)
Preferred Unit Distributions		(19,899	)		(23,942	)		(27,805	)		(31,687	)

Fixed Charges	$	(1,215,173	)	$	(1,188,896	)	$	(1,102,317	)	$	(927,226	)


Ratio of Fixed Charges to Pro Rata EBITDA		1.82			1.80			1.83			1.94


Fixed Charges & Common Dividend
Fixed Charges	$	(1,215,173	)	$	(1,188,896	)	$	(1,102,317	)	$	(927,226	)
Common Dividend/Distributions		(449,049	)		(434,515	)		(413,489	)		(390,715	)

Fixed Charges + Dividend	$	(1,664,222	)	$	(1,623,411	)	$	(1,515,806	)	$	(1,317,941	)


Ratio of Fixed Charges + Common Dividend to Pro Rata EBITDA		1.33			1.32			1.33			1.37


(a)		Includes operations of the Unconsolidated Real Estate Affiliates at the Company’s share.

(b)		2005 has been adjusted to reflect discontinued operations.

(c)		Excludes principal amortization payments.

GENERAL GROWTH PROPERTIES, INC.
COMPUTATION OF COMPARABLE PROPERTY NOI GROWTH
(dollars in thousands)


	Three Months Ended
	3/31/2006			3/31/2005

Retail and other NOI (a)	$	561,620		$	514,148
NOI from noncomparable properties		(44,212	)		(38,242	)
NOI from Corporate and other		(5,890	)		(3,751	)


Comparable NOI (b)	$	511,518		$	472,155


Increase in Comparable NOI from prior period		8.3	%


(a)		Includes real estate property net operating income from consolidated properties and unconsolidated properties at share net of Master Planned Community NOI.

(b)		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.

GENERAL GROWTH PROPERTIES, INC.
RETAIL RECOVERY SUMMARY
(dollars in thousands)


	Three Months Ended
	3/31/2005			6/30/2005			9/30/2005			12/31/2005			3/31/2006
Consolidated Properties

Tenant recoveries (a)	$	182,562		$	180,306		$	182,617		$	198,426		$	182,767
Recoverable operating expenses:
Real estate taxes		50,145			49,587			46,436			48,731			51,969
Repairs and maintenance		44,210			40,949			41,469			48,043			42,794
Marketing		14,054			14,461			14,947			20,282			12,187
Other property operating costs		74,106			72,629			81,148			78,150			77,260

Total recoverable operating expenses (b)		182,515			177,626			184,000			195,206			184,210

Recovery Ratio		100.0	%		101.5	%		99.2	%		101.6	%		99.2	%

Unconsolidated Properties

Tenant recoveries (a)	$	43,055		$	43,479		$	44,439		$	49,299		$	46,209
Recoverable operating expenses:
Real estate taxes		13,201			13,290			13,428			13,786			14,333
Repairs and maintenance		9,969			9,281			9,446			11,856			9,646
Marketing		3,447			3,548			3,145			4,565			3,469
Other property operating costs		16,080			15,642			19,867			17,272			17,141

Total recoverable operating expenses (b)		42,697			41,761			45,886			47,479			44,589

Recovery Ratio		100.8	%		104.1	%		96.8	%		103.8	%		103.6	%


(a)		Excludes office tenant recoveries.

(b)		Excludes office property expenses, as well as other nonrecoverable operating expenses such as ground rent, parking, storage and other non-direct property related expenses.

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES
(dollars in thousands)


												Company
												Portfolio
										Consolidated		Total Master
	Consolidated Properties									Property @ share		Planned
	Columbia		Summerlin		Houston			Total		Woodlands		Communities
	Operations		Operations		Operations			Consolidated		Operations		Segment
For the Three Months Ended March 31, 2006
Land Sales	$	27,426	$	107,170	$	2,624		$	137,220	$	18,549	$	155,769
Land Sales Operations		22,070		74,727		1,801			98,598		12,394		110,992


Net Operating Income	$	5,356	$	32,443	$	823		$	38,622	$	6,155	$	44,777


For the Three Months Ended March 31, 2005
Land Sales	$	19,686	$	41,564	$	—		$	61,250	$	8,567	$	69,817
Land Sales Operations		17,792		35,813		206			53,811		5,659		59,470


Net Operating Income	$	1,894	$	5,751	$	(206	)	$	7,439	$	2,908	$	10,347

Valuation


Investment land and land held for development and sale:
Net Book Value — Balance Sheet as of March 31, 2006 (a)	$	1,644,734
Estimated Value of Assets as of December 31, 2005 (b)		3,886,035


(a)		The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements excluding our share of the Woodlands Operations.

(b)		The estimated value reflects management’s valuation of the gross assets based upon a number of assumptions including historical sales rates and historical price appreciation. The estimated value is not based on any third party purchase offers and does not reflect any reduction for the value of stock that may be issued (rather than repurchased in the open market) pursuant to the Contingent Stock Agreement relating to Summerlin.

Net Cash Flow Generated


	Year to			Year to
	Date			Date
	3/31/2006			3/31/2005
Net Operating Income	$	44,777		$	10,347
Cost of Land Sales		53,525			28,506
Woodlands Operations		(6,155	)		(2,908	)
Other Non-Cash Adjustments (a)		8,841			21,164


Total Cash Generated		100,988			57,109

Land Development Expenditures, net of related financing		(35,611	)		(39,915	)


Estimated Net Cash Flow Generated by Master Planned Communities Segment (b)	$	65,377		$	17,194


(a)		Includes collections of builder notes receivable, conversion of accrual basis expenses, such as builders price participation, to a cash basis and other miscellaneous items.

(b)		Excludes amounts to be paid pursuant to the Contingent Stock Agreement and income taxes on the earnings of taxable REIT subsidiaries (“TRS’s”) in the Master Planned Communities segment. GGP’s taxes are based on the results of the company as a whole, including taxable income/losses of these and other TRS’s.

GENERAL GROWTH PROPERTIES, INC.
CAPITAL INFORMATION
(dollars in thousands except per share data)


	Period Ending
	3/31/2006			12/31/2005			12/31/2004			12/31/2003
Capital Information

Closing common stock price per share	$	48.87		$	46.99		$	36.16		$	27.75
52 Week High (a)	$	52.32		$	48.27		$	36.90		$	27.89
52 Week Low (a)	$	33.40		$	31.38		$	24.31		$	16.09
Total Return — Trailing Twelve Months (share appreciation and dividend)		4.9	%		34.1	%		34.8	%		66.0	%

Common Shares and Common Units outstanding at end of period		293,744,038			292,258,544			290,256,345			273,006,226

Portfolio Capitalization Data
Total Portfolio Debt (b)
Fixed	$	17,717,613		$	17,293,150		$	13,807,734		$	5,720,545
Variable		5,785,999			6,085,638			9,173,400			2,806,803
Total Preferred Securities		202,110			205,944			403,161			495,211
Stock market value of common stock and Operating Partnership units outstanding at end of period		14,355,271			13,733,229			10,495,669			7,575,923

Total Market Capitalization at end of period	$	38,060,993		$	37,317,961		$	33,879,964		$	16,598,482


Leverage Ratio (%)		61.8	%		62.6	%		67.8	%		51.4	%


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

(b)		Excludes special improvement districts liabilities, minority interest adjustments and purchase accounting mark-to-market djustments.

GENERAL GROWTH PROPERTIES, INC.
CHANGES IN TOTAL COMMON & EQUIVALENT SHARES


	Operating			Company					Total Common
	Partnership			Common		Treasury			& Equivalent
	Units			Shares		Stock			Shares
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2005		53,061,895			239,865,045		(668,396	)		292,258,544

Direct Stock Purchase and Dividend Reinvestment Plan		—			14,531		—			14,531

Conversion of Preferred Units to OP Units and then to Common Shares		—			224,546		—			224,546

Conversion of OP Units into Common Shares		(333,063	)		333,063		—			—

Issuance of Stock, including from Treasury, for Stock Option Exercises and Restricted Stock Grants		—			490,526		63			490,589

Issuance of Stock, including from Treasury, pursuant to the Contingent Stock Agreement		—			87,495		668,333			755,828


Common Shares and OP Units Outstanding at March 31, 2006		52,728,832			241,015,206		—			293,744,038


Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at March 31, 2006										945,336


Diluted Common Shares and OP Units Outstanding at March 31, 2006										294,689,374


Weighted Average Common Shares and OP Units Outstanding for the three months ended March 31, 2006 (Basic)										293,583,902

Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options										967,021


Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the three months ended March 31, 2006										294,550,923

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF MARCH 31, 2006
(dollars in thousands)


	Consolidated						Unconsolidated					Company
	Properties						Properties (b)					Portfolio
				Current					Current					Current
				Average					Average					Average
	Maturing			Interest			Maturing		Interest			Maturing		Interest
Year	Amount (a)			Rate (c)			Amount (a)		Rate (c)			Amount (a)		Rate (c)
2006	$	2,341,590			5.89	%	$	278,681		5.39	%	$	2,620,271		5.83	%
2007		1,083,733			5.40	%		496,757		6.23	%		1,580,490		5.66	%
2008		1,907,922			5.47	%		247,506		5.85	%		2,155,428		5.52	%
2009		3,561,407			5.38	%		369,730		5.70	%		3,931,137		5.41	%
2010		3,794,739			5.01	%		654,817		5.05	%		4,449,556		5.02	%
2011		4,633,606			6.15	%		424,262		6.20	%		5,057,868		6.15	%
2012		1,120,006			5.79	%		560,189		5.02	%		1,680,195		5.53	%
2013		960,594			5.41	%		197,328		5.13	%		1,157,922		5.36	%
2014		69,368			4.89	%		73,425		4.62	%		142,793		4.75	%
2015		200,827			5.10	%		—		0.00	%		200,827		5.10	%
Subsequent		506,609			6.76	%		20,516		7.15	%		527,125		6.77	%


Totals	$	20,180,401	(d)		5.61	%	$	3,323,211		5.54	%	$	23,503,612		5.60	%


Fixed Rate (e)		14,913,036			5.45	%		2,804,577		5.41	%		17,717,613		5.44	%
Variable Rate (e)		5,267,365			6.06	%		518,634		6.23	%		5,785,999		6.07	%


Totals	$	20,180,401	(d)		5.61	% (f)	$	3,323,211		5.54	% (f)	$	23,503,612		5.60%	(f)

Average Years to Maturity

Fixed Rate Debt

4.88 years

5.11 years

4.91 years

Variable Rate Debt

5.42 years

2.81 years

5.19 years

All GGP Debt

5.02 years

4.75 years

4.98 years


(a)		Excludes principal amortization.

(b)		Reflects the company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.

(c)		Reflects the current variable contract rate as of March 31, 2006 for all variable rate loans.

(d)		Reconciliation to GGP Consolidated GAAP debt.


	Consolidated
Consolidated debt, from above	$	20,180,401
Other liabilities — Special Improvement Districts		63,052
Minority interest ownership adjustment		67,565
Purchase accounting mark-to-market adjustment		137,030

GGP Consolidated GAAP debt	$	20,448,048


(e)		Includes the effects of swaps.

(f)		Excludes the effect of deferred finance costs (See debt detail, in which rates reflect finance costs).

GENERAL GROWTH PROPERTIES, INC.
FIRST QUARTER 2006 FINANCING ACTIVITY
(dollars in thousands)


	Fixed Rate			Floating Rate			Total Debt
December 31, 2005 Debt (a)	$	17,293,149		$	6,085,639		$	23,378,788

New Funding:
Property Related		193,000			23,930			216,930
Non-Property Related		—			4,956,200			4,956,200

Refinancings:
Property Related		347,306			(225,700	)		121,606
Non-Property Related		—			(5,270,090	)		(5,270,090	)

Interest rate SWAP		(30,275	)		30,275			—

Revolver Borrowings		—			185,752			185,752
Other Property Related		(85,567	)		(7	)		(85,574	)


Net Change		424,464			(299,640	)		124,824



March 31, 2006 Debt (a)	$	17,717,613		$	5,785,999		$	23,503,612


(a)		Includes Company’s share of debt of Unconsolidated Real Estate Affiliates. Excludes special improvement districts liabilites, minority interest adjustments and purchase accounting mark-to-market adjustments.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF MARCH 31, 2006
(dollars in thousands)


FIXED RATE
Loan	Maturity Date		Rate			Total Debt Balance
CMBS
GGP-MP Trust (a)		11/15/06		5.52	%	$	311,731
13 Affiliates (b)		11/15/07		5.48	%		868,765

Secured Asset Loans
Beachwood Place Swap		04/01/06		3.69	%		110,000
Columbia Mall SWAP		06/01/06		5.40	%		185,000
Venture Tech IV		06/01/06		7.00	%		1,627
10000 Covington Crossing		12/01/06		8.45	%		3,052
10190 Covington Crossing		12/01/06		8.45	%		5,819
1201/41 Town Center		12/01/06		8.45	%		6,206
1251/81 Town Center and 1251 Center Crossing		12/01/06		8.45	%		6,316
1635 Village Center Circle		12/01/06		8.45	%		3,552
9950/80 Covington Cross CA		12/01/06		8.45	%		5,074
Augusta Mall		02/01/07		8.13	%		46,832
Columbia Development		04/01/07		6.76	%		13,033
Columbia Development		04/01/07		7.56	%		31,475
Columbia Mall		04/01/07		7.95	%		8,906
Mondawmin		04/01/07		7.95	%		16,608
White Marsh		12/01/07		7.91	%		71,114
Mall St Vincent		01/01/08		7.11	%		17,478
Columbia Mall		01/01/08		7.46	%		49,483
Columbia Mall		01/01/08		7.34	%		107,707
Fashion Show		01/01/08		3.83	%		371,494
Harborplace		01/01/08		8.16	%		28,805
Provo Mall		02/01/08		4.42	%		36,246
Riverlands		02/01/08		9.01	%		2,282
Spokane Valley Mall		02/01/08		4.42	%		29,973
1450 Center Crossing		02/01/08		9.00	%		4,785
1451 Center Cross and Riverspark I ABC		02/01/08		9.00	%		7,651
1551 Hillshire Dr		02/01/08		9.00	%		6,359
1645 Village Center		02/01/08		9.00	%		3,679
Riverspark II		02/01/08		9.00	%		2,630
The Pines		02/01/08		9.00	%		8,352
Triangle I-IV		02/01/08		9.00	%		1,556
JP Realty/ PDC SWAP		02/09/08		6.16	%		100,000
Oakwood Center SWAP		02/09/08		6.06	%		95,000
Two Owings Mills		04/01/08		6.93	%		14,020
Three & Four Owings Mills		04/01/08		8.88	%		12,783
Phoenix Theatre		04/01/08		8.39	%		2,821
Animas Valley		07/11/08		3.56	%		26,097
Grand Teton		07/11/08		3.56	%		27,961
Mayfair		07/11/08		3.13	%		189,023
Salem Center		07/11/08		3.56	%		27,029
Pioneer Place 1 Garage		08/01/08		7.10	%		7,409
Pioneer Place 2		08/01/08		7.11	%		17,104
Pioneer Place 3		08/01/08		7.11	%		13,445
Pioneer Place 4		08/01/08		7.61	%		12,482
Pioneer Place 5		08/01/08		7.11	%		45,174
Pioneer Place 6		08/01/08		5.66	%		48,000
Pioneer Place Office		08/01/08		7.15	%		27,105
Foothills I		09/01/08		6.57	%		21,967
Foothills II		09/01/08		6.68	%		22,010
Northtown Mall		09/01/08		6.68	%		76,658
Spring Hill		10/01/08		6.61	%		82,667
Pierre Bossier		10/11/08		6.54	%		37,693


(a)		The “GGP-MP Trust” CMBS pool is comprised of Ala Moana Center, Piedmont Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall and Northgate Mall.

(b)		The “13 Affiliates” CMBS pool is comprised of Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Plaza, Fox River Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall and Westroads Mall.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF MARCH 31, 2006
(dollars in thousands)


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate			Balance
Secured Asset Loans Cont.
Tucson Mall		10/11/08		4.29	%	$	124,742
Southwest Plaza		11/01/08		6.54	%		77,305
Bayside		11/01/08		5.92	%		56,364
Birchwood		11/11/08		6.72	%		40,569
Mall of the Bluffs		11/11/08		6.72	%		40,569
Oakwood		11/11/08		6.72	%		54,093
Chico Mall		02/11/09		4.82	%		60,000
Jordan Creek		03/01/09		4.60	%		196,120
Southland		03/01/09		3.65	%		86,785
Prince Kuhio		04/01/09		3.51	%		40,455
JP Comm Sr. Austin Bluffs		04/09/09		4.78	%		2,499
JP Comm Sr. Division Crossing		04/09/09		4.78	%		5,760
JP Comm Sr. Fort Union		04/09/09		4.78	%		3,007
JP Comm Sr. Halsey Crossing		04/09/09		4.78	%		2,819
JP Comm Sr. Orem Plaza Center St		04/09/09		4.78	%		2,687
JP Comm Sr. Orem Plaza State St		04/09/09		4.78	%		1,663
JP Comm Sr. Riverpointe Plaza		04/09/09		4.78	%		4,162
JP Comm Sr. Riverside Plaza		04/09/09		4.78	%		5,957
JP Comm Sr. Woodlands Village		04/09/09		4.78	%		7,611
Town East		04/11/09		3.51	%		112,703
Grand Canal Shoppes		05/01/09		4.79	%		415,793
Coastland		06/01/09		7.16	%		79,643
Coastland II		06/01/09		5.16	%		22,602
The Crossroads (MI)		06/01/09		7.43	%		41,846
Woodbridge Corporation		06/01/09		4.29	%		220,364
Apache		08/01/09		7.05	%		52,328
Village of Cross Keys		08/01/09		7.04	%		12,131
Cumberland		08/10/09		7.88	%		92,875
Oakview		10/01/09		7.82	%		77,141
Baybrook		11/01/09		7.71	%		88,404
Baybrook II		11/01/09		5.27	%		66,825
Coral Ridge		11/01/09		6.59	%		73,697
Coral Ridge II		11/01/09		5.07	%		30,464
Governor’s Square		12/01/09		7.66	%		62,549
Lakeside Mall		12/01/09		4.31	%		191,009
Ward Centre & Ward Entertainment		01/01/10		4.33	%		61,723
Mall St Matthews		01/01/10		4.83	%		152,310
North Star		01/01/10		4.47	%		246,005
Park Place		01/11/10		5.17	%		185,601
Visalia		01/11/10		3.78	%		45,766
Lansing I		01/15/10		9.73	%		27,106
Pecanland		03/01/10		4.32	%		62,997
Southland		03/05/10		5.09	%		114,363
Providence Place 2		03/11/10		5.03	%		271,351
Providence Place 3		03/11/10		5.12	%		62,482
Providence Place 4		03/11/10		5.94	%		40,981
West Valley		04/01/10		3.47	%		62,361
Ridgedale		04/01/10		4.89	%		187,476
Pioneer Place		04/27/10		10.00	%		1,490
Peachtree		06/01/10		5.12	%		94,012
Coronado		06/06/10		5.11	%		177,136
La Cantera		06/06/10		5.24	%		134,227
Maine		06/11/10		4.85	%		227,490
Burlington		07/01/10		5.26	%		26,000
Burlington 2		07/01/10		6.53	%		5,500
Glenbrook		07/01/10		4.94	%		186,216
Regency Square		07/01/10		3.63	%		100,651
St. Louis Galleria		07/05/10		4.87	%		249,581
Lynnhaven		07/06/10		5.11	%		248,683
Boise Towne Plaza		07/09/10		5.08	%		11,581
JP Comm Jr. Gateway Crossing		07/09/10		5.08	%		16,155
JP Comm Jr. Univ. Crossing		07/09/10		5.08	%		12,061
Crossroads Center (MN)		08/01/10		4.80	%		89,018

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF MARCH 31, 2006
(dollars in thousands)


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate			Balance
Secured Asset Loans Cont.
Park City Note A		10/01/10		4.76	%		127,114
Park City Note B		10/01/10		7.12	%		30,294
70 Columbia Corporate Center		10/01/10		10.15	%		20,209
Staten Island		10/01/10		5.09	%		85,000
Staten Island		10/01/10		8.15	%		76,153
Fashion Place		10/05/10		5.33	%		151,152
110 North Wacker		10/11/10		5.00	%		47,716
Chapel Hills		10/11/10		5.07	%		121,283
Rogue Valley		01/11/11		7.85	%		27,424
Westlake Center		02/01/11		7.89	%		67,755
Boise Towne Square		02/10/11		6.64	%		74,375
10000 West Charleston		03/01/11		7.88	%		22,791
Beachwood Place		03/07/11		5.70	%		250,000
Capital		04/01/11		7.42	%		21,198
Eden Prairie		04/01/11		4.73	%		84,439
Gateway		04/01/11		7.38	%		41,545
Greenwood		04/01/11		7.36	%		46,643
Mall of Louisiana Mezz		04/01/11		6.45	%		63,000
Mall of Louisiana Note A		04/01/11		5.51	%		120,000
Mall of Louisiana Note B		04/01/11		5.96	%		55,000
Northridge Fashion		07/01/11		7.31	%		132,582
RiverTown Junior Loan		07/01/11		9.19	%		16,374
RiverTown Senior Loan		07/01/11		7.33	%		107,187
Willowbrook Mall		07/01/11		6.82	%		166,161
Collin Creek Mall		07/10/11		6.78	%		70,226
Bayshore		09/01/11		7.25	%		32,561
One Owings Mills		12/01/11		8.40	%		6,599
Eastridge (WY )		12/05/11		5.08	%		41,164
Pine Ridge		12/05/11		5.08	%		27,754
Red Cliffs		12/05/11		5.08	%		26,378
Three Rivers		12/05/11		5.08	%		22,596
Hulen Mall		12/07/11		5.07	%		118,854
Streets at Southpoint — Note B		04/06/12		5.88	%		84,078
Streets at Southpoint — Senior		04/06/12		5.12	%		167,847
Oviedo		05/05/12		5.17	%		54,373
Sikes Senter		06/01/12		5.25	%		64,340
Oglethorpe		07/01/12		4.96	%		148,571
Valley Plaza		07/11/12		3.93	%		101,886
Corporate Pointe 2		09/11/12		6.83	%		4,721
Corporate Pointe 3		09/11/12		6.83	%		4,721
Grand Traverse		10/01/12		5.04	%		89,469
Faneuil Hall		04/01/13		5.57	%		98,000
The Meadows		05/01/13		5.49	%		108,128
Oxmoor		06/01/13		6.85	%		59,217
The Boulevard		07/01/13		4.30	%		114,640
Senate Plaza		07/01/13		5.71	%		12,560
1160/80 Town Center		07/15/13		6.99	%		10,218
Four Seasons		12/11/13		5.60	%		107,831
Valley Hills		03/05/14		4.75	%		60,118
Bayside Bond		07/01/14		5.92	%		9,250
Paramus Park		10/01/15		4.90	%		109,332
Eagle Ridge		10/11/15		5.46	%		49,727
Knollwood		10/11/15		5.39	%		41,768
Bellis Fair		02/15/16		7.34	%		66,711
Lakeview Square		03/01/16		5.83	%		43,000
New Orleans Riverwalk		01/01/17		9.96	%		8,413
New Orleans Riverwalk		01/01/17		9.96	%		3,193
Houston		12/01/17		5.30	%		5,268
Baltimore Center Garage		06/01/18		6.05	%		19,791
10450 West Charleston		01/01/19		6.84	%		5,485
Country Hills		05/01/21		7.38	%		5,073
Houston		12/01/21		5.30	%		942
New Orleans Riverwalk		12/01/22		11.40	%		11,000
New Orleans Riverwalk		12/01/22		11.40	%		30,000

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF MARCH 31, 2006
(dollars in thousands)


FIXED RATE
Loan	Maturity Date		Rate			Total Debt Balance
Secured Asset Loans Cont.
Two Willow		12/01/22		9.94	%	$	(39,800	)
Providence Place Pilot		07/01/28		7.75	%		49,355
Gallery at Harborplace 1		12/01/30		7.89	%		52,022
Gallery at Harborplace 2		12/01/30		7.03	%		3,200
Gallery at Harborplace 3		12/01/30		7.49	%		5,100
Gallery at Harborplace 4		12/01/30		7.93	%		2,200
Gallery at Harborplace 5		12/01/30		8.89	%		4,705
Houston		05/01/31		5.30	%		20,048
Provo Land Loan		08/01/95		10.00	%		2,250

Corporate Debt
New Orleans Riverwalk		04/27/06		11.46	%	$	3
JP Realty Public Notes Series C		03/11/07		7.29	%		25,000
Public Indenture		03/13/07		8.78	%		1,000
Public Indenture		03/22/07		8.44	%		1,000
JP Realty Public Notes Series D		03/11/08		7.29	%		25,000
Mall St Matthews		05/01/08		9.03	%		397
Houston		05/05/08		4.75	%		19,956
Princeton Land		07/01/08		3.00	%		10,710
Princeton Land East		07/01/08		3.00	%		10,290
Rouse Teachers Property Note		11/30/08		6.94	%		58,000
Three & Four Owings Mills		01/01/09		12.50	%		2,500
Public Indenture — Senior Bond		03/15/09		3.63	%		400,000
Public Indenture Senior Note		04/30/09		8.00	%		200,000
Public Indenture		09/15/12		7.20	%		400,000
Public Indenture		11/26/13		5.38	%		100,000
Public Indenture		11/26/13		5.38	%		350,000

Swaps (a)
GGPLP/GGPLPLLC Term Swap		01/31/07		4.68	%		350,000
GGP-MP SWAP		02/15/07		4.59	%		25,000


Total Consolidated Fixed Rate Debt						$	14,913,036


VARIABLE RATE
Loan	Maturity Date		Rate (b)				Total Debt Balance
CMBS
GGP-MP Trust (c)		02/15/09		5.89	%			280,219

Secured Asset Loans
Beachwood Place Swap		04/01/06		4.82	%			(110,000	)
Stonestown		08/09/09		5.63	%			220,000
Arizona Retail		03/01/10		6.65	%			7,200
Crossroads Center (MN) Mezzanine		08/01/10		6.55	%			28,296
Houston		06/01/33		8.25	%			2,450

Corporate Debt
GGPLP/GGPLPLLC Revolver		01/01/11		5.93	%			141,000
GGPLP/GGPLPLLC Senior Term		01/01/11		6.12	%			2,850,000
GGPLP/GGPLPLLC Short-term Term Loan		12/15/06		6.12	%			1,400,000
GGPLP/GGPLPLLC Term Swap		01/31/07		6.06	%			(350,000	)
TRUPS		04/30/36		6.23	%			206,200
Victoria Ward Limited		11/10/06		6.12	%			92,000
Lehman Bridge to Rouse		08/01/06		6.11	%			500,000


Total Consolidated Variable Rate Debt							$	5,267,365



Total Consolidated Debt & Swaps				6.12	%	(d)	$	20,180,401


(a)		Variable rate debt converted to fixed rate debt through use of interest rate swaps.

(b)		Reflects the variable contract rate as of March 31, 2006.

(c)		The “GGP-MP Trust” CMBS pool is comprised of Ala Moana Center, Piedmont Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall and Northgate Mall.

(d)		Rates include the effects of deferred finance costs and interest rate swaps.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF MARCH 31, 2006
(dollars in thousands)


FIXED RATE
								Company ProRata
Loan	Maturity Date		Rate			Total Debt		Share
CMBS
GGP-MP Trust (a)		11/15/06		5.48	%	$	232,224	$	117,934
13 Affiliates (b)		11/15/07		5.94	%		70,704		70,704

Secured Asset Loans
The Woodlands		12/01/06		8.04	%		59,401		29,701
Woodlands Community		01/10/07		3.75	%		1,001		526
Woodlands Community		06/01/07		7.75	%		2,245		1,179
Park Meadows		10/01/07		7.93	%		112,835		39,492
Park Meadows		10/01/07		6.66	%		22,265		7,793
Columbiana		05/11/08		4.21	%		68,484		34,242
Quail Springs		06/01/08		6.88	%		40,769		20,384
Neshaminy		07/01/08		6.76	%		60,000		15,000
Woodlands Community		07/19/08		6.50	%		2,100		1,103
Woodlands Community		07/25/08		7.75	%		3,688		1,936
Altamonte		09/01/08		6.55	%		112,039		56,019
Chula Vista		10/01/08		4.18	%		62,303		31,151
Towson Town Center		11/10/08		6.75	%		134,612		47,114
Woodlands Community		02/28/09		3.75	%		300		158
Deerbrook		03/01/09		3.53	%		80,834		40,417
Perimeter Shopping Center		05/01/09		6.77	%		122,984		61,492
Mizner Park Note A		07/01/09		5.02	%		51,861		25,930
Mizner Park Note B		07/01/09		5.02	%		8,614		4,307
Steeplegate		08/01/09		5.01	%		82,072		41,036
The Parks at Arlington		09/01/09		5.64	%		38,313		19,156
The Parks at Arlington		09/01/09		7.55	%		106,455		53,227
Carolina Place		01/11/10		4.63	%		165,950		82,975
Alderwood Mezz		07/06/10		6.23	%		34,670		17,335
Alderwood Note A		07/06/10		4.71	%		210,990		105,495
Alderwood Note B		07/06/10		5.10	%		54,481		27,240
Christiana Mall		08/01/10		4.61	%		118,744		59,372
Water Tower Place		09/01/10		4.97	%		181,088		99,599
Newgate		10/01/10		4.89	%		43,366		21,683
Whalers		11/06/10		5.55	%		109,505		67,196
Kenwood Towne Centre Mezz		12/01/10		6.00	%		39,876		28,058
Kenwood Towne Centre Note A		12/01/10		5.29	%		146,493		103,077
Kenwood Towne Centre Note B		12/01/10		5.69	%		60,808		42,787
Newpark		02/01/11		7.48	%		71,225		35,613
Northpoint		04/01/11		5.49	%		225,000		112,500
Willowbrook Junior Loan		04/01/11		7.74	%		33,174		16,587
Willowbrook Senior Loan		04/01/11		6.60	%		62,748		31,374
Vista Ridge		04/11/11		6.89	%		84,706		42,353
Silver City Galleria		06/10/11		4.88	%		136,473		68,236
Austin Mall (Highland)		07/10/11		6.83	%		67,420		33,710
Northbrook Court		09/01/11		7.17	%		93,050		46,525
Arrowhead		10/01/11		6.93	%		80,612		13,434
Buckland Hills		07/01/12		4.94	%		173,342		86,671
Florence		09/10/12		4.97	%		101,265		71,481
Glendale Galleria Mezz		10/01/12		6.01	%		29,851		14,926
Glendale Galleria Note A1		10/01/12		4.65	%		153,054		76,527
Glendale Galleria Note A2		10/01/12		4.65	%		125,226		62,613
Glendale Galleria Note B		10/01/12		5.81	%		39,754		19,877
Glendale Galleria Note C		10/01/12		5.23	%		49,717		24,859
Oakbrook		10/01/12		5.12	%		227,727		115,025
Stonebriar		12/11/12		5.26	%		176,420		88,210
Bridgewater Commons I		01/01/13		5.77	%		31,094		10,883
Bridgewater Commons II		01/01/13		5.13	%		44,731		15,656
Bridgewater Commons III		01/01/13		5.13	%		67,096		23,484
Pembroke Note A		04/11/13		4.98	%		107,135		53,568


(a)		The “GGP-MP Trust” CMBS pool is comprised of Ala Moana Center, Piedmont Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall and Northgate Mall.

(b)		The “13 Affiliates” CMBS pool is comprised of Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Plaza, Fox River Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall and Westroads Mall.

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF MARCH 31, 2006
(dollars in thousands)


FIXED RATE
								Company ProRata
Loan	Maturity Date		Rate			Total Debt		Share
Secured Asset Loans cont.
Pembroke Note B		04/11/13		5.05	%		30,610		15,305
West Oaks		08/01/13		5.29	%		73,539		36,769
Lakeland		10/01/13		5.17	%		57,938		28,969
Bay City		12/01/13		5.37	%		25,389		12,694
Washington Park		04/01/14		5.48	%		12,714		6,357
Brass Mill		04/11/14		4.57	%		134,136		67,067
CenterPointe Village		01/01/17		6.64	%		14,241		7,121
Trails Village Center		07/10/23		8.34	%		17,408		8,704
Lake Meade Blvd & Buffalo		07/15/23		7.66	%		6,403		3,201

Unsecured Debt
Park Meadows		07/15/06		5.00	%		5,600		1,960

Swaps (a)
Homart-MP SWAP		02/15/07		4.65	%		50,000		25,000
Woodlands SWAP		07/03/06		3.99	%		100,000		52,500
Riverchase Swap		10/15/06		5.03	%		200,000		100,000


Total Unconsolidated Fixed Rate Debt								$	2,804,577


VARIABLE RATE
									Company ProRata
Loan	Maturity Date		Rate (b)			Total Debt			Share
CMBS
GGP-MP Trust (c)		02/15/09		5.72	%	$	58,030		$	24,007

Secured Asset Loans
Woodlands Community		02/28/06		7.57	%		60,000			31,500
Woodlands Community		03/01/06		7.57	%		37,969			19,934
Woodlands Community		04/27/06		7.50	%		101			53
Village of Merrick Park		10/29/06		6.51	%		194,000			77,600
Natick Mall		01/10/07		5.37	%		155,664			121,784
Homart-MP SWAP		02/15/07		4.75	%		(50,000	)		(25,000	)
Galleria at Tyler		09/02/07		5.79	%		94,500			49,490
Clackamas		09/09/07		6.05	%		95,000			49,752
Woodlands Community		11/01/07		6.50	%		3,217			1,689
Woodlands Community		11/30/07		7.07	%		60,000			31,500
Woodlands Community		11/30/07		7.07	%		84,000			44,100
Woodlands Community		11/30/07		9.07	%		50,000			26,250
Woodlands Community		01/01/08		6.50	%		766			402
Woodlands Community		01/01/08		6.75	%		6,808			3,572
First Colony		01/09/08		5.73	%		67,000			33,500
Woodlands Community		07/01/08		6.25	%		961			505
Woodlands Community		12/19/08		6.17	%		4,905			2,575
Pinnacle Hills		01/11/11		6.08	%		47,859			23,930
Woodlands Community		08/01/17		4.80	%		2,840			1,491


Total Unconsolidated Variable Rate Debt									$	518,634



Total Unconsolidated Debt & Swaps				5.61%	(d)				$	3,323,211



Total Debt & Swaps				5.65%	(d)				$	23,503,612


(a)		Variable rate debt converted to fixed rate debt through use of interest rate swaps.

(b)		Reflects the variable contract rate as of March 31, 2006.

(c)		The “GGP-MP Trust” CMBS pool is comprised of Ala Moana Center, Piedmont Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall and Northgate Mall.

(d)		Rates include the effects of deferred finance costs and interest rate swaps.

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS & CERTAIN FINANCIAL INFORMATION
AS OF MARCH 31, 2006



	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
	Properties			Properties			Portfolio (b)
OPERATING STATISTICS (a)
Occupancy		90.6	%		92.2	%		91.1	%
Trailing 12 month total tenant sales per sq. ft. (c)	$	434		$	463		$	444
% change in total sales (c)		5.7	%		5.9	%		5.8	%
% change in comparable sales (c)		2.6	%		2.5	%		2.6	%
Mall and freestanding GLA excluding space under redevelopment (in sq. ft.)		40,696,778			18,850,713			59,547,491

CERTAIN FINANCIAL INFORMATION
Average annualized in place rent per sq. ft.	$	33.39		$	36.14
Average rent per sq. ft. for new/renewal leases	$	35.17		$	36.19
Average rent per sq. ft. for leases expiring in 2006	$	30.16		$	33.59
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (d)		8.5	%		7.6	%


(a)		Data is for 100% of the Mall GLA in each portfolio, including those properties that are owned in part by Unconsolidated Real Estate Affiliates. Data excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties.

(b)		Data presented in the column “Company Retail Portfolio” are weighted average amounts.

(c)		Due to tenant sales reporting timelines, data presented is as of February.

(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.

GENERAL GROWTH PROPERTIES, INC.
RETAIL PORTFOLIO GLA, OCCUPANCY, SALES & RENT DATA (EXCLUDES COMMUNITY CENTERS)


GLA as of March 31, 2006
						Total			Avg. Mall/Outparcel
	Total Anchor GLA			Avg. Anchor GLA		Mall/Outparcel GLA			GLA		Total GLA
Consolidated		64,727,346			509,664		43,764,666			344,604		108,492,012
Unconsolidated		35,842,536			663,751		20,520,346			380,006		56,362,882

Company		100,569,882			555,635		64,285,012			355,166		164,854,894
% of Total		61.0	%				39.0	%				100	%

Occupancy History

	Consolidated					Unconsolidated					Company

03/31/2006		90.6	%				92.2	%				91.1	%
03/31/2005		89.9	%				90.4	%				90.0	%
12/31/2005		92.1	%				93.5	%				92.5	%
12/31/2004		92.1	%				91.9	%				92.1	%
12/31/2003 (a)		91.2	%				91.4	%				91.3	%
12/31/2002 (a)		90.5	%				91.5	%				91.0	%

Trailing 12 Month Total Sales per Square Foot in Dollars

	Consolidated					Unconsolidated					Company

03/31/2006	$	434				$	463				$	444
03/31/2005		407					434					416
12/31/2005		428					455					437
12/31/2004		402					427					410
12/31/2003 (a)		337					376					351
12/31/2002 (a)		329					379					355

Base Rental Rates in Dollars

	New/Renewals					Expirations					Releasing
	During Period					During Period					Spread

Consolidated
03/31/2006	$	35.17				$	30.16				$	5.01
03/31/2005		33.23					29.63					3.60
12/31/2005		37.72					29.63					8.09
12/31/2004		33.53					25.69					7.84
12/31/2003 (a)		31.83					22.16					9.67
12/31/2002 (a)		34.11					27.35					6.76

Unconsolidated
03/31/2006	$	36.19				$	33.59				$	2.60
03/31/2005		37.35					32.31					5.04
12/31/2005		40.48					32.31					8.17
12/31/2004		36.45					32.35					4.10
12/31/2003 (a)		34.71					31.29					3.42
12/31/2002 (a)		37.80					32.03					5.77

Average in Place Base Minimum Rent in Dollars

	Consolidated					Unconsolidated

03/31/2006	$	33.39				$	36.14
03/31/2005		32.49					35.47
12/31/2005		33.29					36.25
12/31/2004		32.71					35.67
12/31/2003 (a)		28.37					32.63

Occupancy Cost as a % of Sales

	Consolidated					Unconsolidated					Company

03/31/2006		12.4	%				12.4	%				12.4	%
03/31/2005		10.5	%				12.3	%				11.0	%
12/31/2005		12.1	%				11.7	%				12.0	%
12/31/2004		12.5	%				13.0	%				12.7	%
12/31/2003 (a)		11.4	%				12.4	%				11.8	%


(a)		Data excludes the TRCLP portfolio, acquired November 12, 2004.

GENERAL GROWTH PROPERTIES, INC.
REAL ESTATE NET OPERATING INCOME BY GEOGRAPHIC AREA AT SHARE
(dollars in thousands)


	March 31, 2006					March 31, 2005
	YTD		% of Total			YTD		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	185,464		33.0	%	$	168,640		32.8	%

North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		71,204		12.7	%		63,240		12.3	%

South Central
Arkansas, Louisiana, Oklahoma, Texas		64,627		11.5	%		56,556		11.0	%

Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		160,586		28.6	%		149,618		29.1	%

Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		79,739		14.2	%		76,094		14.8	%


TOTAL (a)	$	561,620		100.0	%	$	514,148		100.0	%

(a) Excludes Master Planned Communities

GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF MARCH 31, 2006
(in thousands)

Lease Expiration Schedule (a) (b)


	Consolidated						Unconsolidated at share (c)
	Base Rent		Square Footage		Rent/Sq. Ft.		Base Rent		Square Footage		Rent/Sq. Ft.
2006	$	65,027		2,182	$	29.80	$	20,610		590	$	34.93
2007		101,284		3,334		30.38		24,694		720		34.30
2008		105,036		3,243		32.39		24,777		680		36.44
2009		116,207		3,024		38.43		22,715		567		40.06
2010		125,030		3,466		36.07		26,987		638		42.30
2011		88,260		2,457		35.92		27,441		672		40.83
2012		104,813		2,714		38.62		24,253		573		42.33
2013		76,175		1,932		39.43		22,663		585		38.74
2014		77,730		2,116		36.73		22,300		605		36.86
2015		88,412		2,352		37.59		30,841		784		39.34
Subsequent		57,202		1,619		35.33		22,462		665		33.78


Total at share (b)	$	1,005,176		28,439	$	35.34	$	269,743		7,079	$	38.10


All Expirations	$	1,005,176		28,439	$	35.34	$	552,394		14,443	$	38.25

(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)		Includes retail properties except for community centers.

(c)		Expirations at share reflect the company’s direct or indirect ownership interest in a joint venture.

Retail Lease Termination Income at Share


	Three Months Ended
	March 31,
	2006		2005
Consolidated	$	17,240	$	2,527
Unconsolidated		5,157		503


Total Termination Income at Share	$	22,397	$	3,030

GENERAL GROWTH PROPERTIES, INC.
DEVELOPMENTS & EXPANSIONS

Approved Redevelopment/Expansion Projects (over $10 million)


					Forecasted
					Cost ($millions		Projected
Property	Description	Ownership %			at share)		Opening
Ala Moana Honolulu, HI	Nordstrom at Kapiolani and residential condominiums		100	%		103.9	Q2 2008

Beachwood Mall Beachwood, OH	Relocate food court to second level and provide retail in existing food court		100	%		23.9	Q1 2007

Boise Towne Square Boise, ID	Main entrance renovation and streetscape expansion, Borders, 4 retail tenants and a restaurant		100	%		13.7	Q4 2006

Bridgewater Commons Bridgewater, NJ	Development of a 94,000 sf life style center		35	%		14.2	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		50	%		14.8	Q4 2006

Clackamas Town Center Portland, OR	Lifestyle addition including interior renovation and parking structure		50	%		58.5	Q4 2007

Coastland Center Naples, FL	Streetscape and interior renovation		100	%		40.7	Q4 2006

Cumberland Mall Atlanta, GA	Demolish old JCPenney along with a portion of parking lot and replace with Costco, buy vacant Macy’s space and convert to a one-level lifestyle center and mall renovation		100	%		66.2	Q4 2006

First Colony Sugarland, TX	Lifestyle addition with 19 retailers and 4 restaurants		50	%		31.3	Q4 2006

Galleria at Tyler Riverside, CA	Addition of retail, restaurants, theater and parking structure		50	%		23.9	Q4 2007

Lynnhaven Mall Virginia Beach, VA	Demolish Lord & Taylor building and develop new streetscape		100	%		27.4	Q4 2007

Maine Mall South Portland, ME	Relocate Best Buy and David’s Bridal to the other side of the street and replace with a Crate & Barrel and additional retail		100	%		32.8	Q4 2007

Mall of Louisiana Baton Rouge, LA	Rave Theater		100	%		27.8	Q3 2006

North Star Mall San Antonio, TX	Renovation of mall interior and food court, including reconfiguration of the main court, new signage and exterior canopies		100	%		22.6	Q3 2006

Park City Center Lancaster, PA	Interior renovation, including center court facades, addition of new facades at 4 major entrances, new flooring, lighting and graphics		100	%		13.1	Q4 2006

Red Cliffs Mall St. George, UT	Sell Wal-Mart building to Dillard’s and construct a bookstore and outparcel buildings for a lifestyle center		100	%		10.5	Q3 2007

Ridgedale Center Minnetonka, MN	Interior mall renovation		100	%		11.8	Q4 2006

River Falls Mall Clarksville, IN	Purchase Wal-Mart and Dillard’s buildings, and add Bass Pro Shop, five big boxes and a theater		100	%		76.8	Q2 2006

River Hills Mall Mankato, MN	Relocate Scheel’s All Sports and add Barnes & Noble		100	%		16.7	Q4 2006

Southwest Plaza Littleton, CO	Redevelop Dillard’s building creating two big box spaces for Steve and Barry’s and Dick’s Sporting Goods		100	%		16.5	Q4 2007

Towson Town Center Towson, MD	Remerchandising and build-out of second floor		35	%		21.3	Q3 2008

Victoria Ward Centers Honolulu, HI	Multi-use project that will include a significant residential component		100	%		170.1	Q4 2007

GENERAL GROWTH PROPERTIES, INC.
DEVELOPMENTS & EXPANSIONS

New Projects Under Construction


		Forecasted Cost
		($millions at		Projected
Property	Description	share)		Opening
Gateway Overlook Benson, MD	New development which includes shops, big box, and restaurants		59.7	Q1 2007

Lincolnshire Commons Lincolnshire, IL	Specialty center with restaurants		41.7	Q1 2007

Natick West Natick, MA	Expansion of existing Natick Mall to include two new anchors and 328,197 sf of mall shop		194.0	Q3 2007

	Natick residential (initial phase)		35.5	Q3 2007

Otay Ranch Chula Vista (San Diego), CA	800,000 sf open air lifestyle center		106.8	Q4 2006

Pinnacle Hills Promenade Rogers, AK	An open air hybrid center featuring Dillard’s and JCPenney department stores		76.2	Q4 2006

The Shops at Fallen Timbers Maumee (Toledo), OH	750,000 sf open air lifestyle center featuring Dillard’s, one additional department store and a cinema		140.5	Q3 2007

The Shoppes at Palazzo (a) Las Vegas, NV	Expansion of Venetian		600.0	Q4 2007

Vista Commons Las Vegas, NV	99,000 sf neighborhood shopping center in Summerlin		19.2	Q1 2007

(a) GGP is not responsible for the construction costs and will purchase the property upon opening. The purchase price is based on a formula described in our SEC filings on Forms 10-K and 10-Q. The $600 million is the current estimate of initial purchase at closing.

New Projects in Pre-Development


					Possible
Property	Description	Ownership %			Opening
Allen Center Allen, TX	Develop an open air center on a 238 acre site with 1.1 million sf and 175 condos for sale		100	%	Q3 2008

Bridges at Mint Hill Charlotte, NC	Development anchored by Belks and two other department stores		100	%	Q3 2008

Circle T Westlake, TX	Development of a 1.3 million sf center		50	%	Q2 2009

Circle T Power Center Westlake, TX	Develop a lifestyle center on a 150 acre site west of Circle T Ranch		50	%	Q2 2008

Elk Grove Promenade Elk Grove, CA	1.3 million sf open air lifestyle center with retail, entertainment and big box components		100	%	Q2 2008

Shops at La Cantera San Antonio, TX	Phase ll of the La Cantera project including the addition of Barnes & Noble, REI, 5 restaurants and a theater		75	%	Q2 2008

Summerlin Center Las Vegas, NV	1 million sf center located in the center of the Summerlin community that will include four department stores and a strong mix of upscale retailers		100	%	Q3 2008

West Kendall Center West Kendall, FL	600,000 sf center that will include a Dillard’s and a wide range of retailers in an open-air configuration		100	%	Q3 2008

Developments In Progress (dollars in thousands)


Consolidated	$	406,734
Unconsolidated		244,505


Total Developments In Progress at March 31, 2006	$	651,239

GENERAL GROWTH PROPERTIES, INC.
SELECTED DECEMBER 31, 2005 SUPPLEMENTAL FINANCIAL INFORMATION
(dollars in thousands)


	Three Months Ended December 31, 2005
	Final			Original
Cash From Recurring Operations
FFO — Operating Partnership	$	266,794		$	266,794
Plus (Less):
Excess non-FFO cash from Master Planned Communities		37,378			37,378
Deferred income taxes		7,747			8,482
Tenant allowances and capitalized leasing costs (a)		(50,037	)		(50,037	)

Straight line rents adjustment (b)		9,816			9,816
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		(11,192	)		(11,192	)
Non-cash ground rent expense recognized pursuant to SFAS #141 and #142		1,498			1,498

Mark-to-market adjustments on debt		(11,702	)		(11,702	)
Amortization of deferred finance costs		2,850			2,850


Cash From Recurring Operations — Operating Partnership	$	253,152		$	253,887


Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (From Above)	$	253,152		$	253,887
Less Common dividends/distributions paid (c)		(119,845	)		(119,845	)


Retained Funds From Recurring Operations — Operating Partnership	$	133,307		$	134,042


	Twelve Months Ended December 31, 2005
	Final			Original
Cash From Recurring Operations
FFO — Operating Partnership	$	896,005		$	896,005
Plus (Less):
Excess non-FFO cash from Master Planned Communities		57,432			57,432
Deferred income taxes		28,596			35,346
Tenant allowances and capitalized leasing costs (a)		(148,805	)		(148,805	)

Straight line rents adjustment (b)		(43,245	)		(43,245	)
Non-cash rental revenue recognized pursuant to SFAS #141 and #142		(41,756	)		(41,756	)
Non-cash ground rent expense recognized pursuant to SFAS #141 and #142		7,008			7,008

Mark-to-market adjustments on debt		(51,499	)		(51,499	)
Amortization of deferred finance costs		11,633			11,633


Cash From Recurring Operations — Operating Partnership	$	715,369		$	722,119


Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (From Above)	$	715,369		$	722,119
Less Common dividends/distributions paid (c)		(434,515	)		(434,515	)

Retained Funds From Recurring Operations — Operating Partnership	$	280,854		$	287,604

(a)		To reflect only recurring tenant allowances, new development and redevelopment costs have been excluded.

(b)		Includes impact of changes in the third and fourth quarter 2005 recognition of straight-line rent attributable to tenants with leases of less than one year and increases recognized in 2004 due to the significant acquisitions, including The Rouse Company.

(c)		FFO has already been reduced by distributions on preferred partnership units.

GENERAL GROWTH PROPERTIES, INC.
SELECTED DECEMBER 31, 2005 SUPPLEMENTAL FINANCIAL INFORMATION
(dollars in thousands)

MASTER PLANNED COMMUNITIES


	Final		Original
Investment land and land held for development and sale:
Net Book Value — Balance Sheet as of December 31, 2005 (a)	$	1,651,063	$	1,636,684
Estimated Value of Assets as of December 31, 2004 (b)		3,182,395		3,182,395

(a) The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements excluding our share of the Woodlands Operations.

(b) The estimated value reflects management’s valuation of the gross assets based upon a number of assumptions including historical sales rates and historical price appreciation. The estimated value is not based on any third party purchase offers and does not reflect any reduction for the value of stock that may be issued (rather than repurchased in the open market) pursuant to the contingent stock agreement relating to Summerlin.

DEBT INFORMATION


	December 31, 2005
	Final		Original
Consolidated Properties Debt
Consolidated debt	$	20,135,919	$	20,135,919
Other liabilities — Special Improvement Districts		68,167		68,167
Minority interest ownership adjustment		67,872		67,872
Purchase accounting mark-to-market adjustment		146,917		142,820

GGP Consolidated GAAP debt	$	20,418,875	$	20,414,778

DEVELOPMENTS & EXPANSIONS


	December 31, 2005
	Final		Original
Developments in Progress
Consolidated	$	366,262	$	362,172
Unconsolidated		191,905		190,050

Total Developments In Progress at December 31, 2005	$	558,167	$	552,222