EXHIBIT 99.1

Genreal Growth Properties, Inc.

Supplemental Financial Information

For the Three and Six Months Ended June 30, 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 report on Form 10-K, which further identifies 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
June 30, 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 June 30, 2006	2
Total Market Capitalization	2
Research Coverage	3
Second Quarter 2006 Earnings Announcement	4-14
Supplemental Financial Data*	15-31
Summary Retained FFO	15
Trailing Twelve Month EBITDA and Coverage Ratios	16
Computation of Comparable Retail and Other Property NOI Growth	17
Retail Recovery Summary	18
Master Planned Communities	19
Capital Information	20
Changes in Total Common & Equivalent Shares	21
Common Dividend History	22
Debt Maturity and Current Average Interest Rate Summary	23
Summary of Outstanding Debt	24-31
Supplemental Operational Data	32-35
Operating Statistics & Certain Financial Information	32
Retail Portfolio GLA, Occupancy, Sales & Rent Data	33
Real Estate Net Operating Income by Geographic Area at Share	34
Lease Expiration Schedule and Lease Termination Income at Share	35
New Developments, Expansions & Re-Developments	36-37
Projects over $10 million	36-37

* The supplemental financial information should be read in conjunction with the company’s second quarter 2006 earnings announcement (included as pages 4-14 of this supplemental report) as certain disclosures and reconciliations in such announcement have not been included in the supplemental financial information.

Corporate Overview

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 based upon market capitalization. GGP currently has an ownership interest in or management responsibility for a portfolio of 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. GGP’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide.

Since going public in 1993, GGP has reported the highest per share funds from operations (FFO) growth in the regional mall sector at 15% on a compounded annualized basis. With a total market capitalization of approximately $37.2 billion, GGP has delivered consistent FFO growth and dividend increases. Average occupancy at June 30, 2006 was 91.2% and sales per square foot were $448. The Bucksbaum family, which founded GGP, is still engaged in the operation of the company’s day-to-day business activities. 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.

Stock Listing

Common Stock
NYSE: GGP

Calendar of Events

Quarter End – Third Quarter 2006	September 30, 2006
Earnings Release – After the Market Close	November 6, 2006
Quarterly Conference Call – 8:00 am CST	November 7, 2006

Current Dividend

General Growth Properties, Inc. declared its third dividend for 2006 in the amount of $0.41 per share, payable to common stockholders of record on July 17, 2006, with payment on July 31, 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

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Ownership Structure as of June 30, 2006

Total Market Capitalization - As Measured by Stock Price (dollars in thousands)					6/30/2006
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)					$	23,828,646
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				481
Total Preferred Securities					$	202,230
Common Stock and Common Operating Partnership Units
Stock market value of 240.0 million shares (b) 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					$	13,190,045
Total Market Capitalization at end of period					$	37,220,921

(a)	Excludes special improvement districts liability of $62.1 million, minority interest adjustment of $67.3 million and purchase accounting mark-to-market adjustments of $128.6 million.
(b)	Net of 1.2 million in Treasury Stock.

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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
	Amika Goel	(212) 816-6981
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
	Ron She	(703) 312-9683
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
	Joshua Bederman	(212) 622-6530
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
	Jeff Spector	(212) 713-6144
Wachovia Capital Markets, LLC	Jeff Donnelly	(617) 603-4262
	Eric Rothman	(617) 603-4263

3

Second Quarter Earnings Announcement
August 7, 2006

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. Releases Operating Results for the
Second Quarter 2006

Chicago, Illinois, August 7, 2006 — General Growth Properties, Inc. (NYSE: GGP) reported today second quarter 2006 results. Earnings per share – diluted (EPS) were a loss of $.11 for the second quarter of 2006, as compared to $.01 of earnings in the second quarter of 2005. Fully diluted Funds From Operations per share (FFO) were $.62 for the second quarter of 2006, as compared to $.71 reported in the equivalent period of 2005.

“While uneven timing of land sales and continued increases in short term interest rates caused a year over year drop in earnings and funds from operations, our core operating property performance was very strong,” stated John Bucksbaum, Chief Executive Officer of General Growth. “We purchased The Rouse Company primarily to create a more desirable national platform of retail properties that would generate superior long term growth. The substantial comparable net operating income increase we produced in the first half of the year is clear evidence that we achieved our most important objective.”

FINANCIAL AND OPERATIONAL HIGHLIGHTS

§

EPS in the second quarter of 2006 were a loss of $.11 per share versus income of $.01 in the comparable period of 2005. Interest expense (consolidated) in 2006 was $278.6 million or $1.15 per share versus $244.5 million or $1.02 per share in 2005.

§

FFO decreased to $.62 in the second quarter of 2006 from the $.71 reported in the second quarter of 2005. Total Funds From Operations for the quarter declined 12.2% to $182.0 million, from $207.2 million in the second quarter of 2005. In addition to the impact of consolidated interest expense detailed directly above, our share of interest expense for the unconsolidated properties was $45.9 million in the second quarter of 2006 as compared to $35.3 million for the equivalent period in 2005.

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§ FFO Guidance for 2006 is currently estimated to be in the range of $3.15 to $3.25 per share, which is approximately 3% to 6% higher than actual 2005 FFO of $3.06 per share.

SEGMENT RESULTS

General Growth Properties, Inc. (the “Company”) presents its operations in two business segments, Retail and Other and Master Planned Communities. As certain properties were sold, we have reflected the NOI of net discontinued operations in other income and we have additionally 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 second quarter of 2006 increased to $541.9 million, 6.3% above the $509.7 million reported in the second quarter of 2005.
§	Revenues from consolidated properties were $647.7 million for the second quarter of 2006, an increase of 3.9% compared to $623.3 million for the same period in 2005. Revenues from unconsolidated properties, at the Company’s ownership share, for the quarter increased 9.0% to $171.4 million, compared to $157.3 million in the second quarter of 2005.
§	Comparable NOI from consolidated properties in the second quarter of 2006 increased by 8.3% compared to the same period last year. Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 9.3% compared to the second quarter of 2005.
§	Total tenant sales and comparable tenant sales, both on a trailing 12 month basis at June 30, 2006, increased 6.0% and 2.7%, respectively, compared to the same period last year.
§	Retail Center occupancy was 91.2% at June 30, 2006 as compared to 90.7% at June 30, 2005.
§	Sales per square foot for second quarter 2006 (on a trailing 12 month basis) were $448 versus $421 in the second quarter of 2005.
§	Average rent
	For consolidated properties, average rent per square foot for new/renewal leases signed during the second quarter was $35.43 versus $36.75 for 2005. For unconsolidated properties, average rent per square foot for new/renewal leases signed in the second quarter of 2006 was $39.10 versus $39.32 for 2005. Average

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rent for consolidated properties leases expiring in 2006 was $29.64 versus $29.63 in 2005. For unconsolidated properties, average rent for leases expiring in 2006 was $36.64 compared to $32.31 in 2005.

Master Planned Communities Segment

§

NOI for the second quarter of 2006 for the properties in the Master Planned Communities segment was $7.9 million for consolidated properties and $4.7 million for unconsolidated properties as compared to $20.0 million and $9.7 million, respectively, in 2005.

§

Land sale revenues for the second quarter of 2006 were approximately $33.0 million for consolidated properties and approximately $20.3 million for unconsolidated properties, compared to $114.2 million and $28.7 million, respectively, in 2005. Although land sale revenues and the sales pace declined in the second quarter of 2006 as compared to 2005, year-to-date 2006 land sale revenues are comparable to the prior year and we expect full year land sale revenues to exceed the 2005 level based on anticipated sales and executed, but not yet closed, contracts.

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, August 8, 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.

The Company is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT) based upon market capitalization. The Company currently has ownership interest in, or management responsibility for, a portfolio of over 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. The Company 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)

The Company, consistent with real estate industry and investment community preferences, uses FFO as a supplemental measure of operating performance for a 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

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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 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 flows 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

The Company 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

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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 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.

###

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Funds From Operations (“FFO”) *
Company stockholders	$	149,477		$	169,368		$	335,956		$	339,811
Operating Partnership unitholders		32,528			37,858			73,318			77,273
Operating Partnership	$	182,005		$	207,226		$	409,274		$	417,084
FFO per share:
Company stockholders — basic	$	0.62		$	0.71		$	1.39		$	1.43
Operating Partnership — basic		0.62			0.71			1.39			1.43
Operating Partnership — diluted		0.62			0.71			1.39			1.43
Increase (decrease) in diluted FFO over comparable prior year period		(12.7	)%		16.4	%		(2.8	)%		18.2	%
Dividends
Dividends paid per share	$	0.41		$	0.36		$	0.82		$	0.72
Payout ratio (% of diluted FFO paid out)		66.1	%		50.7	%		59.0	%		50.3	%
Portfolio Results *
Real estate property net operating income:
Retail and Other:
Consolidated	$	435,200		$	413,221		$	887,257		$	829,087
Unconsolidated		106,661			96,486			215,945			194,759
Master Planned Communities:
Consolidated		7,933			19,976			46,556			27,416
Unconsolidated		4,719			9,725			10,849			12,633
Real estate property net operating income		554,513			539,408			1,160,607			1,063,895
Net property management fees and costs		4,653			502			9,522			(1,643	)
Headquarters/regional costs, general and administrative and depreciation on non-income producing assets		(31,817	)		(27,713	)		(61,527	)		(48,276	)
Net interest expense		(277,142	)		(241,126	)		(552,714	)		(485,360	)
Provision for income taxes		(14,490	)		(15,359	)		(40,894	)		(14,093	)
Equity in other FFO of Unconsolidated Properties		(51,094	)		(42,030	)		(100,253	)		(82,538	)
Preferred unit distributions		(4,315	)		(6,711	)		(8,630	)		(15,244	)
FFO from minority interest		1,697			255			3,163			343
FFO — Operating Partnership	$	182,005		$	207,226		$	409,274		$	417,084
*   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		241,330			237,854			240,978			236,838
Diluted		241,330			238,922			240,978			237,703
Assuming full conversion of Operating Partnership units:
Basic		294,016			291,550			293,755			291,235
Diluted		294,799			292,618			294,611			292,100

	June 30,		December 31,
Selected Balance Sheet Information (Unaudited)	2006		2005
Cash and cash equivalents	$	75,403	$	102,791
Investment in real estate:
Net land, buildings and equipment		19,559,134		19,461,255
Developments in progress		518,188		366,262
Investment in and loans to/from Unconsolidated Real Estate Affiliates		1,688,312		1,818,097
Investment land and land held for development and sale		1,683,569		1,651,063
Net investment in real estate	$	23,449,203	$	23,296,677
Total assets	$	25,299,328	$	25,307,019
Mortgage and other property debt payable	$	20,695,136	$	20,418,875
Minority interest — Preferred		202,230		205,944
Minority interest — Common		385,514		430,292
Stockholders’ equity		1,764,382		1,932,918
Total capitalization (at cost)	$	23,047,262	$	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)	$	15,518,636			5.54	%	$	2,847,571		5.41	%
Variable rate (c)		4,918,487			6.53			543,952		6.84
Totals	$	20,437,123	(b)		5.78	%	$	3,391,523		5.64	%

(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 $62.1 million, minority interest adjustment of $67.3 million
	and purchase accounting mark-to-market adjustment of $128.6 million.
(c)	Includes the effects of swaps.
(d)	Excludes the effect of deferred finance costs.

GENERAL GROWTH PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

(In thousands, except per share amounts)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Revenues:
Minimum rents	$	425,052		$	404,663		$	862,784		$	810,497
Tenant recoveries		190,733			183,045			376,176			368,102
Overage rents		8,603			9,706			22,829			23,312
Land sales		33,035			114,157			170,255			175,407
Management and other fees		24,650			22,780			53,362			41,135
Other		27,736			23,879			53,022			46,234
Total revenues		709,809			758,230			1,538,428			1,464,687
Expenses:
Real estate taxes		54,551			52,424			109,515			105,614
Repairs and maintenance		48,762			45,813			95,817			94,249
Marketing		11,639			14,399			23,669			28,350
Other property operating costs		90,412			93,319			176,860			186,242
Land sales operations		25,102			94,181			123,699			147,991
Provision for doubtful accounts		7,106			4,165			13,319			8,361
Property management and other costs		45,285			42,956			91,945			77,892
General and administrative		3,132			3,635			6,691			6,446
Depreciation and amortization		178,372			171,902			343,718			333,626
Total expenses		464,361			522,794			985,233			988,771
Operating income		245,448			235,436			553,195			475,916
Interest income		1,469			3,403			4,690			4,443
Interest expense		(278,611	)		(244,529	)		(557,404	)		(489,803	)
Income (loss) before income taxes and minority interest and from unconsolidated affiliates		(31,694	)		(5,690	)		481			(9,444	)
Provision for income taxes		(14,490	)		(15,359	)		(40,894	)		(14,093	)
Minority interest		(638	)		(7,714	)		(11,862	)		(20,378	)
Equity in income of unconsolidated affiliates		21,009			29,647			49,476			56,336
Income (loss) from continuing operations		(25,813	)		884			(2,799	)		12,421
Income from discontinued operations, net of minority interest		—			1,768			—			3,296
Net income (loss) available to common stockholders	$	(25,813	)	$	2,652		$	(2,799	)	$	15,717
Basic Earnings Per Share:
Continuing operations	$	(0.11	)	$	—		$	(0.01	)	$	0.05
Discontinued operations		—			0.01			—			0.02
Total basic earnings (loss) per share	$	(0.11	)	$	0.01		$	(0.01	)	$	0.07
Diluted Earnings Per Share:
Continuing operations	$	(0.11	)	$	—		$	(0.01	)	$	0.05
Discontinued operations		—			0.01			—			0.02
Total diluted earnings (loss) per share	$	(0.11	)	$	0.01		$	(0.01	)	$	0.07

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

	Three Months Ended June 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	425,052		$	103,851		$	528,903
Tenant recoveries		190,733			45,886			236,619
Overage rents		8,603			1,387			9,990
Other, including minority interest		23,282			20,312			43,594
Total property revenues		647,670			171,436			819,106
Property operating expenses:
Real estate taxes		54,551			14,643			69,194
Repairs and maintenance		48,762			11,536			60,298
Marketing		11,639			2,958			14,597
Other property operating costs		90,412			34,821			125,233
Provision for doubtful accounts		7,106			817			7,923
Total property operating expenses		212,470			64,775			277,245
Retail and other net operating income		435,200			106,661			541,861
Master Planned Communities
Land sales		33,035			20,250			53,285
Land sales operations		(25,102	)		(15,531	)		(40,633	)
Master Planned Communities net operating income		7,933			4,719			12,652
Real estate property net operating income		443,133			111,380		$	554,513
Management and other fees		24,650			—
Property management and other costs		(19,997	)		—
Headquarters/regional costs		(25,288	)		(7,668	) (a)
General and administrative		(3,132	)		(208	)
Depreciation on non-income producing assets, including headquarters building		(3,397	)		—
Interest income		1,469			2,883
Interest expense		(278,611	)		(45,873	)
Provision for income taxes		(14,490	)		(228	)
Preferred unit distributions		(4,315	)		—
FFO from minority interest		1,697			—
FFO	$	121,719		$	60,286
Equity in FFO of Unconsolidated Properties		60,286			(60,286	)
Operating Partnership FFO	$	182,005		$	—

	Three Months Ended June 30, 2005
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	404,663		$	93,046		$	497,709
Tenant recoveries		183,045			43,688			226,733
Overage rents		9,706			1,127			10,833
Other, including NOI from discontinued operations and minority interest		25,927			19,484			45,411
Total property revenues		623,341			157,345			780,686
Property operating expenses:
Real estate taxes		52,424			13,627			66,051
Repairs and maintenance		45,813			9,935			55,748
Marketing		14,399			3,547			17,946
Other property operating costs		93,319			33,078			126,397
Provision for doubtful accounts		4,165			672			4,837
Total property operating expenses		210,120			60,859			270,979
Retail and other net operating income		413,221			96,486			509,707
Master Planned Communities
Land sales		114,157			28,655			142,812
Land sales operations		(94,181	)		(18,930	)		(113,111	)
Master Planned Communities net operating income		19,976			9,725			29,701
Real estate property net operating income		433,197			106,211		$	539,408
Management and other fees		22,780			—
Property management and other costs		(22,278	)		—
Headquarters/regional costs		(20,678	)		(7,092	) (a)
General and administrative		(3,635	)		(446	)
Depreciation on non-income producing assets, including headquarters building		(3,400	)		—
Interest income		3,403			928
Interest expense		(244,529	)		(35,290	)
Provision for income taxes		(15,359	)		(130	)
Preferred unit distributions		(6,711	)		—
FFO from discontinued operations and minority interest		255			—
FFO		143,045			64,181
Equity in FFO of Unconsolidated Properties		64,181			(64,181	)
Operating Partnership FFO	$	207,226		$	—

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

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

	Six Months Ended June 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	862,784		$	209,182		$	1,071,966
Tenant recoveries		376,176			92,453			468,629
Overage rents		22,829			3,735			26,564
Other, including discontinued operations		44,648			42,476			87,124
Total property revenues		1,306,437			347,846			1,654,283
Property operating expenses:
Real estate taxes		109,515			29,509			139,024
Repairs and maintenance		95,817			22,091			117,908
Marketing		23,669			6,464			30,133
Other property operating costs		176,860			72,885			249,745
Provision for doubtful accounts		13,319			952			14,271
Total property operating expenses		419,180			131,901			551,081
Retail and other net operating income		887,257			215,945			1,103,202
Master Planned Communities
Land sales		170,255			38,799			209,054
Land sales operations		(123,699	)		(27,950	)		(151,649	)
Master Planned Communities net operating income		46,556			10,849			57,405
Real estate property net operating income		933,813			226,794		$	1,160,607
Management and other fees		53,362			—
		(43,840	)		—
Headquarters/regional costs		(48,105	)		(15,674	) (a)
General and administrative		(6,691	)		(1,093	)
Depreciation on non-income producing assets, including headquarters building		(6,731	)		—
Interest income		4,690			5,860
Interest expense		(557,404	)		(88,961	)
Provision for income taxes		(40,894	)		(385	)
Preferred unit distributions		(8,630	)		—
Other FFO from discontinued operations and minority interest		3,163			—
FFO	$	282,733		$	126,541
Equity in FFO of Unconsolidated Properties		126,541			(126,541	)
Operating Partnership FFO	$	409,274		$	—

	Six Months Ended June 30, 2005
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	810,497		$	189,341		$	999,838
Tenant recoveries		368,102			86,924			455,026
Overage rents		23,312			2,849			26,161
Other, including discontinued operations		49,992			35,050			85,042
Total property revenues		1,251,903			314,164			1,566,067
Property operating expenses:
Real estate taxes		105,614			27,196			132,810
Repairs and maintenance		94,249			20,567			114,816
Marketing		28,350			6,995			35,345
Other property operating costs		186,242			62,928			249,170
Provision for doubtful accounts		8,361			1,719			10,080
Total property operating expenses		422,816			119,405			542,221
Retail and other net operating income		829,087			194,759			1,023,846
Master Planned Communities
Land sales		175,407			37,223			212,630
Land sales operations		(147,991	)		(24,590	)		(172,581	)
Master Planned Communities net operating income		27,416			12,633			40,049
Real estate property net operating income		856,503			207,392		$	1,063,895
Management and other fees		41,135			—
Property management and other costs		(42,778	)		—
Headquarters/regional costs		(35,114	)		(14,054	) (a)
General and administrative		(6,446	)		(611	)
Depreciation on non-income producing assets, including headquarters building		(6,716	)		—
Interest income		4,443			1,693
Interest expense		(489,803	)		(69,354	)
Provision for income taxes		(14,093	)		(212	)
Preferred unit distributions		(15,244	)		—
Other FFO from discontinued operations and minority interest		343			—
FFO		292,230			124,854
Equity in FFO of Unconsolidated Properties		124,854			(124,854	)
Operating Partnership FFO	$	417,084		$	—

(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
	June 30, 2006						June 30, 2005
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	10,742		$	2,418		$	6,801		$	770
Straight-line rent		11,736			2,661			7,950			2,136
Other property operating costs:
Non-cash ground rent expense		(948	)		(289	)		(1,896	)		(154	)
Real estate taxes:
Real estate tax stabilization agreement		(1,297	)		—			(955	)		—
Interest expense:
Mark-to-market adjustments on debt		8,519			1,055			18,064			407
Amortization of deferred finance costs		(4,874	)		(354	)		(2,636	)		(536	)
Debt extinguishment costs		(5	)		(10	)		(3,981	)		(232	)

	Six Months Ended						Six Months Ended
	June 30, 2006						June 30, 2005
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	19,846		$	4,905		$	14,527		$	1,569
Straight-line rent		24,267			5,368			22,975			8,514
Other property operating costs:
Non-cash ground rent expense		(2,668	)		(429	)		(3,792	)		(308	)
Real estate taxes:
Real estate tax stabilization agreement		(2,140	)		—			(2,027	)		—
Interest expense:
Mark-to-market adjustments on debt		16,458			1,908			26,399			585
Amortization of deferred finance costs		(7,580	)		(975	)		(4,737	)		(1,304	)
Debt extinguishment costs
Write-off of mark-to-market adjustments		3,143			—			—			—
Write-off of deferred finance costs		(4,903	)		(10	)		(4,613	)		(232	)

All amounts exclude discontinued operations.

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2006			2005			2006			2005
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	554,513		$	539,408		$	1,160,607		$	1,063,895
Unconsolidated Properties		(111,380	)		(106,211	)		(226,794	)		(207,392	)
Consolidated Properties		443,133			433,197			933,813			856,503
Management and other fees		24,650			22,780			53,362			41,135
Property management and other costs		(19,997	)		(22,278	)		(43,840	)		(42,778	)
Headquarters/regional costs		(25,288	)		(20,678	)		(48,105	)		(35,114	)
General and administrative		(3,132	)		(3,635	)		(6,691	)		(6,446	)
Depreciation and amortization		(178,372	)		(171,902	)		(343,718	)		(333,626	)
Discontinued operations and minority interest in NOI of Consolidated Properties		4,454			(2,048	)		8,374			(3,758	)
Operating Income	$	245,448		$	235,436		$	553,195		$	475,916
Reconciliation of Funds From Operations (“FFO”) to GAAP Net Income
FFO:
Company stockholders	$	149,477		$	169,368		$	335,956		$	339,811
Operating Partnership unitholders		32,528			37,858			73,318			77,273
Operating Partnership		182,005			207,226			409,274			417,084
Depreciation and amortization of capitalized real estate costs		(214,613	)		(202,674	)		(414,415	)		(394,791	)
FFO of discontinued operations and other		938			(2,824	)		1,729			(5,037	)
Minority interest to Operating Partnership unitholders		5,857			(844	)		613			(4,835	)
Income (loss) from continuing operations		(25,813	)		884			(2,799	)		12,421
Income from discontinued operations, net of minority interest		—			1,768			—			3,296
Net income (loss)	$	(25,813	)	$	2,652		$	(2,799	)	$	15,717
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	111,380		$	106,211		$	226,794		$	207,392
Net interest expense		(42,990	)		(34,362	)		(83,101	)		(67,661	)
Headquarters, general and administrative and income taxes		(8,104	)		(7,668	)		(17,152	)		(14,877	)
FFO		60,286			64,181			126,541			124,854
Depreciation and amortization of capitalized real estate costs		(39,277	)		(34,534	)		(77,065	)		(68,518	)
Equity in income of unconsolidated affiliates	$	21,009		$	29,647		$	49,476		$	56,336
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		294,016			291,550			293,755			291,235
Conversion of Operating Partnership units		(52,686	)		(53,696	)		(52,777	)		(54,397	)
Weighted average number of Company shares outstanding — GAAP EPS		241,330			237,854			240,978			236,838
Diluted:
Weighted average number of shares outstanding — FFO per share		294,799			292,618			294,611			292,100
Conversion of Operating Partnership units		(52,686	)		(53,696	)		(52,777	)		(54,397	)
Anti-dilutive common stock equivalents for GAAP EPS		(783	)		—			(856	)		—
Weighted average number of Company shares outstanding — GAAP EPS		241,330			238,922			240,978			237,703

Supplemental Financial Data

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

	Three Months			Year to
	Ended			Date
	6/30/2006			6/30/2006
Cash From Recurring Operations
FFO — Operating Partnership	$	182,005		$	409,274
Plus (Less):
Excess non-FFO cash from Master Planned Communities		(16,078	)		4,522
Deferred income taxes (a)		4,716			19,776
Tenant allowances and capitalized leasing costs (b)		(41,847	)		(78,996	)
Straight line rent adjustment (c)		(14,397	)		(29,635	)
Above- and below-market tenant leases, net		(13,160	)		(24,751	)
Non-cash ground rent expense		1,237			3,097
Real estate tax stabilization agreement		1,297			2,140
Mark-to-market adjustments on debt		(9,574	)		(18,366	)
Amortization of deferred finance costs		5,228			8,555
Debt extinguishment costs
Write-off of mark-to-market adjustments		—			(3,143	)
Write-off of deferred finance costs		15			4,913
Cash From Recurring Operations — Operating Partnership	$	99,442		$	297,386
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	99,442		$	297,386
Less common dividends/distributions paid		(120,595	)		(240,439	)
Retained Funds From Recurring Operations — Operating Partnership	$	21,153		$	56,947

Tenant Allowances/Improvements and
Capitalized Leasing Costs (b)

Straight Line Rent

Non–Cash Rental Revenue Recbgnized Pursuant to
SFAS #141 and #142

(a)	The deferred income taxes for the three months ended June 30, 2006 have been computed excluding approximately $8.5 million of revisions to the first quarter 2006 and the fourth quarter 2005 provisions, which otherwise would be reflected in the three months ended June 30, 2006. Such amounts have been reflected in the year-to-date June 30, 2006 results.
(b)	To reflect only recurring tenant allowances, new development and redevelopment costs have been excluded.
(c)	Adjusted to reflect discontinued operations.
(d)	Includes impact of changes in the recognition of straight-line rent attributable to tenants with leases of less than one year.

15

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

	Twelve Months Ended
	6/30/2006			3/31/06			12/31/2005			9/30/2005
Pro Rata EBITDA
GAAP Net Income	$	57,036		$	85,501		$	75,553		$	102,492
Income from Discontinued Operations, net		(8,390	)		(10,158	)		(11,687	)		(17,281	)
Income Allocated to Minority Interests		35,473			42,549			43,989			56,237
Interest Expense		1,239,641			1,197,150			1,164,019			1,061,238
Income Taxes		78,800			79,573			51,826			31,836
Amortization of Deferred Finance Costs		14,148			12,090			11,634			11,235
Debt Extinguishment Costs		3,879			8,076			6,952			15,955
Interest Income (b)		(22,065	)		(22,042	)		(17,651	)		(13,916	)
Depreciation (b)		833,171			821,149			813,397			772,383
Pro Rata EBITDA (a)	$	2,231,693		$	2,213,888		$	2,138,032		$	2,020,179
Net Interest (a)
Amortization of Deferred Finance Costs		(14,148	)		(12,090	)		(11,634	)		(11,235	)
Debt Extinguishment Costs		(3,879	)		(8,076	)		(6,952	)		(15,955	)
Interest Expense		(1,239,641	)		(1,197,150	)		(1,164,019	)		(1,061,238	)
Interest Income (b)		22,065			22,042			17,651			13,916
Net Interest	$	(1,235,603	)	$	(1,195,274	)	$	(1,164,954	)	$	(1,074,512	)
Interest Coverage Ratio		1.81			1.85			1.84			1.88
Fixed Charges (c)
Net Interest	$	(1,235,603	)	$	(1,195,274	)	$	(1,164,954	)	$	(1,074,512	)
Preferred Unit Distributions		(17,503	)		(19,899	)		(23,942	)		(27,805	)
Fixed Charges	$	(1,253,106	)	$	(1,215,173	)	$	(1,188,896	)	$	(1,102,317	)
Ratio of Fixed Charges to Pro Rata EBITDA		1.78			1.82			1.80			1.83
Fixed Charges & Common Dividend
Fixed Charges	$	(1,253,106	)	$	(1,215,173	)	$	(1,188,896	)	$	(1,102,317	)
Common Dividend/Distributions		(465,379	)		(449,049	)		(434,515	)		(413,489	)
Fixed Charges + Dividend	$	(1,718,485	)	$	(1,664,222	)	$	(1,623,411	)	$	(1,515,806	)
Ratio of Fixed Charges + Common Dividend to Pro Rata EBITDA		1.30			1.33			1.32			1.33

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.

(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.

16

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

	Three Months Ended						Year to Date
	6/30/2006			6/30/2005			6/30/2006			6/30/2005
Total Retail and Other NOI	$	541,861		$	509,707		$	1,103,202		$	1,023,846
NOI from noncomparable properties		(26,993	)		(29,744	)		(54,958	)		(56,744	)
Corporate and other adjustments (a)		1,757			(3,843	)		(4,133	)		(7,594	)
Comparable NOI (b)	$	516,625		$	476,120		$	1,044,111		$	959,508
Increase in Comparable NOI from prior period		8.5	%					8.8	%

(a)	Represents NOI not related to specific operating properties.
(b)	Comparable properties are those properties that have been owned and operated for the entire time during the compared accounting periods, and excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-mall) properties.

17

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

	Three Months Ended
	6/30/2006			3/31/2006			12/31/2005			9/30/2005			6/30/2005
Consolidated Properties
Tenant recoveries (a)	$	188,082		$	182,767		$	198,426		$	182,617		$	180,306
Recoverable operating expenses:
Real estate taxes		51,258			51,969			48,731			46,436			49,587
Repairs and maintenance		43,541			42,794			48,518			41,469			40,949
Marketing		11,683			12,187			20,282			14,947			14,461
Other property operating costs		77,005			77,260			78,150			81,148			72,629
Total recoverable operating expenses (b)		183,487			184,210			195,681			184,000			177,626
Recovery Ratio		102.5	%		99.2	%		101.4	%		99.2	%		101.5	%
Unconsolidated Properties
Tenant recoveries (a)	$	45,508		$	46,209		$	49,299		$	44,439		$	43,479
Recoverable operating expenses:
Real estate taxes		14,069			14,333			13,786			13,428			13,290
Repairs and maintenance		9,497			9,646			11,856			9,446			9,281
Marketing		2,975			3,469			4,565			3,145			3,548
Other property operating costs		16,664			17,141			17,272			17,628			15,642
Total recoverable operating expenses (b)		43,205			44,589			47,479			43,647			41,761
Recovery Ratio		105.3	%		103.6	%		103.8	%		101.8	%		104.1	%

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.

(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.

18

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

										Unconsolidated			Company
	Consolidated Properties									Property @ share			Portfolio
	Columbia		Summerlin		Houston			Total		Woodlands			Total MPC
	Operations		Operations		Operations			Consolidated		Operations			Segment
	Three Months Ended
June 30, 2006
Land Sales	$	4,383	$	25,351	$	3,301		$	33,035	$	20,250		$	53,285
Land Sales Operations (a)		3,212		19,462		2,428			25,102		15,531			40,633
Net Operating Income	$	1,171	$	5,889	$	873		$	7,933	$	4,719		$	12,652
June 30, 2005
Land Sales	$	27,378	$	86,779	$	—		$	114,157	$	28,655		$	142,812
Land Sales Operations (a)		24,281		69,748		152			94,181		18,930			113,111
Net Operating Income	$	3,097	$	17,031	$	(152	)	$	19,976	$	9,725		$	29,701
Year to Date
June 30, 2006
Land Sales	$	31,811	$	132,519	$	5,925		$	170,255	$	38,799		$	209,054
Land Sales Operations (a)		25,283		94,188		4,228			123,699		27,950			151,649
Net Operating Income	$	6,528	$	38,331	$	1,697		$	46,556	$	10,849		$	57,405
June 30, 2005
Land Sales	$	47,062	$	128,345	$	—		$	175,407	$	37,223		$	212,630
Land Sales Operations (a)		42,071		105,562		358			147,991		24,590			172,581
Net Operating Income	$	4,991	$	22,783	$	(358	)	$	27,416	$	12,633		$	40,049
VALUATION
Investment Land and Land Held for Development and Sale:
Net Book Value — Balance Sheet as of June 30, 2006 (b)										$	1,683,569
Estimated Value of Assets as of December 31, 2005 (c)											3,886,035
NET CASH FLOW GENERATED
										Year to Date			Year to Date
										6/30/2006			6/30/2005
Net Operating Income										$	57,405		$	40,049
Cost of Land Sales											61,630			84,287
Woodlands Operations (d)											(10,849	)		(12,633	)
Other Adjustments to Derive Cash Generated (e)											49,022			33,416
Total Cash Generated											157,208			145,119
Land Development Expenditures, net of related financing											(95,281	)		(83,444	)
Estimated Net Cash Flow Generated by Master Planned Communities Segment (f)										$	61,927		$	61,675

(a)	Land Sales Operations expense for Summerlin includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).
(b)	The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements excluding the Company’s share of the Woodlands Operations.
(c)	The estimated value reflects management’s valuation of the gross assets, including the Company’s share of the Woodlands, 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 final Summerlin distribution to be made in 2009 pursuant to the CSA.
(d)	Since the Woodlands partnership retains all funds, the NOI is excluded from the Estimated Net Cash Flow Generated by Master Planned Communities Segment.
(e)	Includes collections of builder notes receivable, deposits on future sales, conversion of accrual basis expenses to a cash basis including semi-annual distributions pursuant to the CSA, builder price participation and other miscellaneous items.
(f)	Estimated net cash flow generated is net of (i.e. excludes) the estimated semi-annual distributions to be paid pursuant to the CSA. It does not, however, include any provision for income taxes on the earnings of taxable REIT subsidiaries (“TRS’s”) in the Master Planned Communities Segment. Income taxes are based on the results of the company as a whole, including taxable income/losses of these and other TRS’s.

19

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

	Period Ending
	6/30/2006			12/31/2005			12/31/2004			12/31/2003
Capital Information
Closing common stock price per share	$	45.06		$	46.99		$	36.16		$	27.75
52 Week High (a)	$	52.10		$	48.27		$	36.90		$	27.89
52 Week Low (a)	$	39.94		$	31.38		$	24.31		$	16.09
Total Return — Trailing Twelve Months (share appreciation and dividend)		13.5	%		34.1	%		34.8	%		66.0	%
Common Shares and Common Units outstanding at end of period (b)		292,721,823			292,258,544			290,256,345			273,006,226
Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	18,366,207		$	17,293,150		$	13,807,734		$	5,720,545
Variable		5,462,439			6,085,638			9,173,400			2,806,803
Total Preferred Securities		202,230			205,944			403,161			495,211
Stock market value of common stock and Operating Partnership units outstanding at end of period		13,190,045			13,733,229			10,495,669			7,575,923
Total Market Capitalization at end of period	$	37,220,921		$	37,317,961		$	33,879,964		$	16,598,482
Leverage Ratio (%)		64.0	%		62.6	%		67.8	%		51.4	%

(a)	52-week pricing information includes intra-day highs and lows.
(b)	Net of 1.2 million in treasury Stock.
(c)	Excludes special improvement districts liabilities, minority interest adjustments and purchase accounting mark-to-market adjustments.

Company Debt, Stockholders’ Equity and Preferred Equity at
June 30, 2006 (at Share)

20

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		—			34,194		—			34,194
Employee Stock Purchase Plan		—			100,377		—			100,377
Conversion of Preferred Units to OP Units and then to Common Shares		—			224,546		—			224,546
Conversion of OP Units into Common Shares		(397,285	)		397,285		—			—
Issuance of Stock for Stock Option Exercises and Restricted Stock Grants, including Stock Option exercises satisfied from Treasury		—			564,471		63			564,534
Issuance of Stock, including from Treasury, pursuant to the Contingent Stock Agreement		—			87,495		668,333			755,828
Purchase of Treasury Stock		—			—		(1,216,200	)		(1,216,200	)
Common Shares and OP Units Outstanding at June 30, 2006		52,664,610			241,273,413		(1,216,200	)		292,721,823
Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at June 30, 2006										760,981
Diluted Common Shares and OP Units Outstanding at June 30, 2006										293,482,804
Weighted Average Common Shares and OP Units Outstanding for the six months ended June 30, 2006 (Basic)										293,754,535
Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options										856,360
Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the six months ended June 30, 2006										294,610,895

21

GENERAL GROWTH PROPERTIES, INC.
COMMON DIVIDEND HISTORY

Dividend Growth & Yield
Compound Annual Growth Rate of Dividend: 10.0%

(a) 1993 annualized

% of FFO Distributed (a)

(a) Based on FFO definitions that existed during the specified reporting period

22

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF JUNE 30, 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	$	1,990,279			6.34	%	$	191,443			4.71	%	$	2,181,722			6.20	%
2007		1,082,124			5.23	%		494,365			6.56	%		1,576,489			5.65	%
2008		1,884,900			5.43	%		246,809			5.93	%		2,131,709			5.49	%
2009		3,551,670			5.50	%		369,317			5.86	%		3,920,987			5.54	%
2010		3,846,889			5.07	%		678,740			5.13	%		4,525,629			5.08	%
2011		4,489,015			6.47	%		550,699			6.16	%		5,039,714			6.44	%
2012		1,117,405			5.79	%		570,196			5.23	%		1,687,601			5.60	%
2013		1,758,626			6.02	%		196,536			5.13	%		1,955,162			5.93	%
2014		69,125			4.89	%		73,008			4.62	%		142,133			4.75	%
2015		200,151			5.10	%		—			0.00	%		200,151			5.10	%
Subsequent		446,939			6.79	%		20,410			7.17	%		467,349			6.81	%
Totals	$	20,437,123	(d)		5.78	%	$	3,391,523			5.64	%	$	23,828,646			5.76	%
Fixed Rate (e)		15,518,636			5.54	%		2,847,571			5.41	%		18,366,207			5.52	%
Variable Rate (e)		4,918,487			6.53	%		543,952			6.84	%		5,462,439			6.56	%
Totals	$	20,437,123	(d)		5.78	%(f)	$	3,391,523			5.64	%(f)	$	23,828,646			5.76	%(f)
Average Years to Maturity
Fixed Rate Debt		4.99 years						5.24	years					5.03	years
Variable Rate Debt		5.58 years						3.13	years					5.33	years
All GGP Debt		5.13 years						4.90	years					5.10	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 June 30, 2006 for all variable rate loans.
(d) Reconciliation to GGP Consolidated GAAP debt.
													Consolidated
Consolidated debt, from above													$	20,437,123
Other liabilities — Special Improvement Districts														62,149
Minority interest ownership adjustment														67,273
Purchase accounting mark-to-market adjustment														128,591
GGP Consolidated GAAP debt													$	20,695,136

(e)	Includes the effects of swaps.
(f)	Excludes the effect of deferred finance costs (see debt detail, in which rates reflect finance costs).

Company Portfolio Maturity Schedule by Year
(dollars in thousands)
Average Years to Maturity: 5.10 Years

23

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT
(dollars in thousands)

Debt at June 30, 2006

Company Debt at June 30, 2006 (at share)

Portfolio Interest Rate History

24

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

	Fixed Rate			Floating Rate			Total Debt
March 31, 2006 Debt (a)	$	17,717,613		$	5,785,999		$	23,503,612
New Funding:
Property Related		114,777			7,793			122,570
Non-Property Related		800,000			—			800,000
Refinancings:
Property Related		99,337			6,316			105,653
Non-Property Related		—			(500,000	)		(500,000	)
Interest rate SWAP activity		(295,000	)		295,000			—
Revolver Borrowings		—			(140,000	)		(140,000	)
Other Property Related		(70,520	)		7,331			(63,189	)
Net Change		648,594			(323,560	)		325,034
June 30, 2006 Debt (a)	$	18,366,207		$	5,462,439		$	23,828,646

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

25

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2006
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt Balance
CMBS
GGP-MP Trust (a)		11/15/06		5.37	%	$	347,595
13 Affiliates (b)		11/15/07		5.38	%		868,765
Secured Asset Loans
Eastridge Acq Note		09/01/06		5.95	%		114,777
10000 Covington Crossing		12/01/06		8.45	%		3,019
10190 Covington Crossing		12/01/06		8.45	%		5,761
1201/41 Town Center		12/01/06		8.45	%		6,138
1251/81 Town Center and 1251 Center Crossing		12/01/06		8.45	%		6,246
1635 Village Center Circle		12/01/06		8.45	%		3,513
9950/80 Covington Cross CA		12/01/06		8.45	%		5,018
Augusta Mall		02/01/07		8.13	%		46,158
Columbia Development		04/01/07		6.76	%		12,941
Columbia Development		04/01/07		7.56	%		31,222
Columbia Mall		04/01/07		7.95	%		8,880
Mondawmin		04/01/07		7.95	%		16,560
White Marsh		12/01/07		7.91	%		70,599
Columbia Mall		01/01/08		7.46	%		49,255
Columbia Mall		01/01/08		7.34	%		107,202
Fashion Show		01/01/08		3.79	%		369,782
Harborplace		01/01/08		8.16	%		28,435
Mall St Vincent		01/01/08		7.11	%		17,405
1450 Center Crossing		02/01/08		9.00	%		4,754
1451 Center Cross and Riverspark		02/01/08		9.00	%		7,602
1551 Hillshire Dr		02/01/08		9.00	%		6,318
1645 Village Center		02/01/08		9.00	%		3,656
Provo Mall		02/01/08		4.42	%		36,010
Riverlands		02/01/08		9.00	%		2,267
Riverspark II		02/01/08		9.00	%		2,613
Spokane Valley Mall		02/01/08		4.42	%		29,777
The Pines		02/01/08		9.00	%		8,299
Triangle I-IV		02/01/08		9.00	%		1,546
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		7.03	%		13,834
Three and Four Owings Mills		04/01/08		8.88	%		11,351
Phoenix Theatre		04/01/08		8.39	%		2,508
Woodlands Venture Tech IV		06/01/08		7.00	%		1,602
Animas Valley		07/11/08		3.56	%		25,910
Grand Teton		07/11/08		3.56	%		27,761
Mayfair		07/11/08		3.11	%		187,957
Salem Center		07/11/08		3.56	%		26,836
Pioneer Place 1 Garage		08/01/08		7.10	%		7,374
Pioneer Place 2		08/01/08		7.10	%		17,024
Pioneer Place 3		08/01/08		7.10	%		13,383
Pioneer Place 4		08/01/08		7.60	%		12,428
Pioneer Place 5		08/01/08		7.10	%		44,967
Pioneer Place 6		08/01/08		5.66	%		48,000
Pioneer Place Office		08/01/08		7.10	%		26,980
Foothills I		09/01/08		6.57	%		21,860
Foothills II		09/01/08		6.68	%		21,904
Northtown Mall		09/01/08		6.68	%		76,333
Spring Hill		10/01/08		6.60	%		82,266
Pierre Bossier		10/11/08		6.53	%		37,508
Tucson Mall		10/11/08		4.26	%		124,177

(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.

26

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2006
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt Balance
Secured Asset Loans Cont.
Bayside		11/01/08		5.92	%	$	56,092
Southwest Plaza		11/01/08		6.53	%		76,929
Birchwood		11/11/08		6.70	%		40,377
Mall of the Bluffs		11/11/08		6.70	%		40,377
Oakwood		11/11/08		6.70	%		53,836
Chico Mall		02/11/09		4.74	%		59,772
Jordan Creek		03/01/09		4.57	%		195,342
Southland		03/01/09		3.62	%		86,356
Prince Kuhio		04/01/09		3.45	%		40,248
JP Comm Sr. Austin Bluffs		04/09/09		4.40	%		2,483
JP Comm Sr. Division Crossing		04/09/09		4.40	%		5,723
JP Comm Sr. Fort Union		04/09/09		4.40	%		2,988
JP Comm Sr. Halsey Crossing		04/09/09		4.40	%		2,801
JP Comm Sr. Orem Plaza Center St		04/09/09		4.40	%		2,670
JP Comm Sr. Orem Plaza State St		04/09/09		4.40	%		1,652
JP Comm Sr. Riverpointe Plaza		04/09/09		4.40	%		4,136
JP Comm Sr. Riverside Plaza		04/09/09		4.40	%		5,919
JP Comm Sr. Woodlands Village		04/09/09		4.40	%		7,562
Town East		04/11/09		3.46	%		112,129
Grand Canal Shoppes		05/01/09		4.78	%		414,160
Coastland		06/01/09		7.00	%		79,298
Coastland II		06/01/09		5.00	%		22,514
The Crossroads (MI)		06/01/09		7.40	%		41,702
Woodbridge Corporation		06/01/09		4.24	%		219,432
Apache		08/01/09		7.00	%		52,105
Village of Cross Keys		08/01/09		7.04	%		11,994
Cumberland		08/10/09		7.85	%		92,526
Oakview		10/01/09		7.71	%		76,849
Baybrook		11/01/09		7.71	%		88,072
Baybrook II		11/01/09		5.00	%		66,564
Coral Ridge		11/01/09		6.52	%		73,338
Coral Ridge II		11/01/09		5.00	%		30,345
Governor’s Square		12/01/09		7.66	%		62,171
Lakeside Mall		12/01/09		4.28	%		190,207
Mall St Matthews		01/01/10		4.81	%		151,737
North Star		01/01/10		4.43	%		245,002
Ward Centre & Ward Entertainment		01/01/10		4.33	%		61,467
Park Place		01/11/10		5.15	%		184,928
Visalia		01/11/10		3.78	%		45,449
Lansing I		01/15/10		9.35	%		26,901
Pecanland		03/01/10		4.28	%		62,608
Southland		03/05/10		4.97	%		113,952
Providence Place 2		03/11/10		5.03	%		270,410
Providence Place 3		03/11/10		5.12	%		62,265
Providence Place 4		03/11/10		5.93	%		40,838
Ridgedale		04/01/10		4.86	%		186,790
West Valley		04/01/10		3.43	%		61,907
Pioneer Place		04/27/10		10.00	%		1,160
Peachtree		06/01/10		5.08	%		93,687
Coronado		06/06/10		5.08	%		176,524
La Cantera		06/06/10		5.17	%		133,782
Maine		06/11/10		4.84	%		226,662
Burlington		07/01/10		5.03	%		26,000
Burlington 2		07/01/10		6.30	%		5,500
Glenbrook		07/01/10		4.91	%		185,554
Regency Square		07/01/10		3.59	%		100,129
St. Louis Galleria		07/05/10		4.86	%		248,682
Lynnhaven		07/06/10		5.05	%		247,823
Boise Towne Plaza		07/09/10		4.70	%		11,532
JP Comm Jr. Gateway Crossing		07/09/10		4.70	%		16,086
JP Comm Jr. Univ. Crossing		07/09/10		4.70	%		12,010
Crossroads Center (MN)		08/01/10		4.73	%		88,669
70 Columbia Corporate Center		10/01/10		10.15	%		20,162

27

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2006
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate			Total Debt Balance
Secured Asset Loans Cont.
Park City Note A		10/01/10		4.74	%		126,588
Park City Note B		10/01/10		7.10	%		30,218
Staten Island		10/01/10		5.09	%		85,000
Staten Island		10/01/10		8.15	%		75,766
Fashion Place		10/05/10		5.30	%		150,665
110 North Wacker		10/11/10		5.00	%		47,552
Chapel Hills		10/11/10		5.04	%		120,869
Gallery at Harborplace 1		12/01/10		7.89	%		51,842
Gallery at Harborplace 2		12/01/10		7.03	%		3,200
Gallery at Harborplace 3		12/01/10		7.49	%		5,100
Gallery at Harborplace 4		12/01/10		7.93	%		2,200
Gallery at Harborplace 5		12/01/10		8.89	%		4,705
Rogue Valley		01/11/11		7.85	%		27,350
Westlake Center		02/01/11		7.89	%		67,573
Boise Towne Square		02/10/11		6.64	%		74,116
10000 West Charleston		03/01/11		7.88	%		22,718
Beachwood Place		03/07/11		5.60	%		249,500
Capital		04/01/11		7.28	%		21,135
Eden Prairie		04/01/11		4.67	%		84,096
Gateway		04/01/11		7.28	%		41,420
Greenwood		04/01/11		7.28	%		46,503
Mall of Louisiana Mezz		04/01/11		6.40	%		63,000
Mall of Louisiana Note A		04/01/11		5.46	%		120,000
Mall of Louisiana Note B		04/01/11		5.92	%		55,000
Northridge Fashion		07/01/11		7.24	%		132,117
RiverTown Junior Loan		07/01/11		9.15	%		16,333
RiverTown Senior Loan		07/01/11		7.29	%		106,817
Willowbrook Mall		07/01/11		6.82	%		165,625
Collin Creek Mall		07/10/11		6.78	%		69,997
Bayshore		09/01/11		7.13	%		32,448
One Owings Mills		12/01/11		8.50	%		6,374
Eastridge (WY )		12/05/11		5.08	%		41,017
Pine Ridge		12/05/11		5.08	%		27,654
Red Cliffs		12/05/11		5.08	%		26,284
Three Rivers		12/05/11		5.08	%		22,515
Hulen Mall		12/07/11		5.03	%		118,424
Streets at Southpoint -B Note		04/06/12		5.87	%		83,831
Streets at Southpoint -Senior		04/06/12		5.10	%		167,264
Oviedo		05/05/12		5.12	%		54,185
Sikes Senter		06/01/12		5.20	%		64,123
Oglethorpe		07/01/12		4.89	%		148,040
Valley Plaza		07/11/12		3.90	%		101,386
Corporate Pointe 2		09/11/12		6.83	%		4,707
Corporate Pointe 3		09/11/12		6.83	%		4,707
Grand Traverse		10/01/12		5.02	%		89,163
Faneuil Hall		04/01/13		5.57	%		97,803
The Meadows		05/01/13		5.45	%		107,735
Oxmoor		06/01/13		6.85	%		59,056
Senate Plaza		07/01/13		5.71	%		12,516
The Boulevard		07/01/13		4.27	%		114,114
1160/80 Town Center		07/15/13		6.99	%		10,114
Four Seasons		12/11/13		5.60	%		107,288
Valley Hills		03/05/14		4.73	%		59,875
Bayside Bond		07/01/14		5.92	%		9,250
Paramus Park		10/01/15		4.86	%		108,945
Eagle Ridge		10/11/15		5.41	%		49,571
Knollwood		10/11/15		5.35	%		41,635
Bellis Fair		02/15/16		7.34	%		66,337
Lakeview Square		03/01/16		5.81	%		42,880
Country Hills		06/01/16		6.04	%		14,000
New Orleans Riverwalk		01/01/17		8.50	%		8,551
New Orleans Riverwalk		01/01/17		8.50	%		3,142
Houston Land Note B		12/01/17		6.50	%		5,187
Baltimore Center Garage		06/01/18		6.05	%		19,516

28

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2006
(dollars in thousands)

FIXED RATE
Loan	Maturity Date		Rate				Total Debt Balance
Secured Asset Loans Cont.
10450 West Charleston		01/01/19		6.84	%	$	5,417
Houston Land Note C		12/01/21		6.50	%		932
New Orleans Riverwalk		12/01/22		9.94	%		11,000
New Orleans Riverwalk		12/01/22		9.94	%		30,000
Two Willow		12/01/22		9.94	%		(39,800	)
Providence Place Pilot		07/01/28		7.75	%		48,929
Houston		05/01/31		6.50	%		19,951
Houston		06/01/33		6.50	%		2,446
Provo Land Loan		08/01/95		10.00	%		2,250
Corporate Debt
New Orleans Riverwalk		07/24/06		10.00	%	$	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 Corporation		05/01/08		9.00	%		259
Houston		05/05/08		4.75	%		13,146
Princeton Land		07/01/08		3.00	%		7,140
Princeton Land East		07/01/08		3.00	%		6,860
Rouse Teachers Property Note		11/30/08		6.94	%		58,000
Three & Four Owings Mills		01/01/09		12.50	%		2,500
Public Indenture		03/15/09		3.63	%		400,000
Public Indenture		04/30/09		8.00	%		200,000
Public Indenture		09/15/12		7.20	%		400,000
Public Indenture		05/01/13		6.75	%		800,000
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						$	15,518,636
VARIABLE RATE
Loan	Maturity Date		Rate (b)			Total Debt Balance
CMBS
GGP-MP Trust (c)		02/15/09		6.12	%		304,322
Secured Asset Loans
GGP-MP SWAP		02/15/07		5.20	%		(25,000	)
Columbia Mall Mezz		06/01/09		6.81	%		185,000
Stonestown		08/09/09		6.02	%		220,000
Arizona Retail		03/01/10		7.03	%		6,750
Crossroads Center (MN) Mezzanine		08/01/10		6.96	%		28,215
Corporate Debt
Victoria Ward Limited		11/10/06		6.54	%		92,000
GGPLP/GGPLPLLC Short-term Term Loan		12/15/06		6.56	%		1,400,000
GGPLP/GGPLPLLC Revolver		01/01/11		6.62	%		1,000
GGPLP/GGPLPLLC Senior Term		01/01/11		6.56	%		2,500,000
TRUPS		04/30/36		6.60	%		206,200
Total Consolidated Variable Rate Debt						$	4,918,487
Total Consolidated Debt & Swaps				5.87	% (d)	$	20,437,123

(a)	Variable rate debt converted to fixed rate debt through use of interest rate swaps.
(b)	Reflects the variable contract rate as of June 30, 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.

29

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF JUNE 30, 2006
(dollars in thousands)

FIXED RATE
								Company ProRata
Loan	Maturity Date		Rate			Total Debt		Share
CMBS
GGP-MP Trust (a)		11/15/06		5.39	%	$	194,175	$	80,330
13 Affiliates (b)		11/15/07		5.24	%		138,635		70,704
Secured Asset Loans
Woodlands Community		01/10/07		3.75	%		1,001		526
Woodlands Community		06/01/07		7.75	%		1,572		826
Park Meadows		10/01/07		7.93	%		112,335		39,317
Park Meadows		10/01/07		6.66	%		22,148		7,752
Columbiana		05/11/08		4.13	%		68,158		34,079
Quail Springs		06/01/08		6.82	%		40,597		20,298
Neshaminy		07/01/08		6.66	%		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	%		111,488		55,744
Chula Vista		10/01/08		4.12	%		62,013		31,007
Towson Town Center		11/10/08		6.75	%		134,003		46,901
Woodlands Community		02/28/09		3.75	%		300		158
Deerbrook		03/01/09		3.46	%		80,276		40,138
Perimeter Shopping Center		05/01/09		6.77	%		122,447		61,224
Mizner Park Note A		07/01/09		4.84	%		51,661		25,830
Mizner Park Note B		07/01/09		4.84	%		8,581		4,290
Steeplegate		08/01/09		4.94	%		81,763		40,882
The Parks at Arlington		09/01/09		7.50	%		106,036		53,018
The Parks at Arlington		09/01/09		5.59	%		38,085		19,043
Carolina Place		01/11/10		4.60	%		165,299		82,649
Alderwood Mezz		07/06/10		6.07	%		34,547		17,274
Alderwood Note A		07/06/10		4.71	%		210,243		105,122
Alderwood Note B		07/06/10		5.10	%		54,288		27,144
Christiana Mall		08/01/10		4.61	%		118,263		59,132
Water Tower Place		09/01/10		4.97	%		180,368		99,202
Newgate		10/01/10		4.84	%		43,190		21,595
Whalers		11/06/10		5.39	%		109,160		66,985
Kenwood Towne Centre Mezz		12/01/10		5.97	%		39,767		27,981
Kenwood Towne Centre Note A		12/01/10		5.26	%		146,023		102,746
Kenwood Towne Centre Note B		12/01/10		5.66	%		60,630		42,661
Newpark		02/01/11		7.45	%		71,014		35,507
Northpoint		04/01/11		5.48	%		224,324		112,162
Willowbrook Junior Loan		04/01/11		7.68	%		33,064		16,532
Willowbrook Senior Loan		04/01/11		6.54	%		62,497		31,248
Vista Ridge		04/11/11		6.87	%		84,386		42,193
Silver City Galleria		06/10/11		4.76	%		135,969		67,985
The Woodlands Note A		06/11/11		5.91	%		185,000		92,500
The Woodlands Note B		06/11/11		5.91	%		55,000		27,500
Austin Mall (Highland)		07/10/11		6.83	%		67,203		33,601
Northbrook Court		09/01/11		7.15	%		92,726		46,363
Arrowhead		10/01/11		6.90	%		80,321		13,385
Buckland Hills		07/01/12		4.92	%		172,727		86,363
Florence		09/10/12		4.95	%		100,911		71,232
Glendale Galleria Mezz		10/01/12		5.89	%		29,767		14,883
Glendale Galleria Note A1		10/01/12		4.65	%		152,505		76,253
Glendale Galleria Note A2		10/01/12		4.65	%		124,777		62,388
Glendale Galleria Note B		10/01/12		5.81	%		39,612		19,806
Glendale Galleria Note C		10/01/12		5.23	%		49,555		24,777
Oakbrook		10/01/12		5.12	%		226,720		114,516
Stonebriar		12/11/12		5.23	%		175,716		87,858
Bridgewater Commons I		01/01/13		5.77	%		30,972		10,840
Bridgewater Commons II		01/01/13		5.13	%		44,535		15,587
Bridgewater Commons III		01/01/13		5.13	%		66,803		23,381

(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.

30

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF JUNE 30, 2006
(dollars in thousands)

FIXED RATE
										Company ProRata
Loan	Maturity Date		Rate			Total Debt				Share
Secured Asset Loans cont.
Pembroke Note A		04/11/13		4.93	%		106,695			53,347
Pembroke Note B		04/11/13		5.00	%		30,484			15,242
West Oaks		08/01/13		5.25	%		73,265			36,633
Lakeland		10/01/13		5.12	%		57,715			28,858
Bay City		12/01/13		5.30	%		25,295			12,647
Washington Park		04/01/14		5.35	%		12,668			6,333
Brass Mill		04/11/14		4.55	%		133,347			66,674
CenterPointe Village		01/01/17		6.31	%		14,189			7,095
Trails Village Center		07/10/23		8.21	%		17,293			8,647
Lake Meade Blvd & Buffalo Part		07/15/23		7.20	%		6,356			3,178
Unsecured Debt
Park Meadows May Co.		07/15/06		5.00	%		5,600			1,960
Swaps (a)
Woodlands SWAP		07/03/06		7.54	%		100,000			52,500
Riverchase Swap		10/15/06		6.08	%		200,000			100,000
Homart-MP SWAP		02/15/07		5.20	%		50,000			25,000
Total Unconsolidated Fixed Rate Debt									$	2,847,571
VARIABLE RATE
									Company ProRata
Loan	Maturity Date		Rate (b)			Total Debt			Share
CMBS
GGP-MP Trust (Homart) (c)		02/15/09		6.01	%	$	57,895		$	23,951
Secured Asset Loans
Woodlands Community		02/28/06		8.04	%		60,000			31,500
Woodlands Community		07/24/06		8.00	%		101			53
Village of Merrick Park		10/29/06		6.41	%		194,000			77,600
Natick Mall		01/10/07		5.75	%		154,629			120,974
Homart-MP SWAP (LIBOR) (a)		02/15/07		5.20	%		(50,000	)		(25,000	)
Galleria at Tyler		09/02/07		5.90	%		94,500			49,490
Clackamas		09/09/07		6.12	%		95,000			49,752
Woodlands Community		11/01/07		7.50	%		3,162			1,660
Woodlands Community		11/30/07		7.54	%		60,000			31,500
Woodlands Community		11/30/07		7.54	%		83,063			43,608
Woodlands Community		11/30/07		9.54	%		49,063			25,758
Woodlands Community		01/01/08		6.00	%		757			397
Woodlands Community		01/01/08		7.75	%		6,730			3,533
First Colony		01/09/08		6.00	%		67,000			33,500
Woodlands Community		07/01/08		7.25	%		915			480
Woodlands Community		12/19/08		6.64	%		5,390			2,830
Woodlands Community		04/01/09		6.64	%		1,494			784
Woodlands Community		03/11/10		7.05	%		50,000			26,250
Pinnacle Hills		01/11/11		6.56	%		63,444			31,722
Brazil — Aliansce		10/01/12		14.90	%		52,073			12,119
Woodlands Community		08/01/17		5.15	%		2,840			1,491
Total Unconsolidated Variable Rate Debt									$	543,952
Total Unconsolidated Debt & Swaps				5.77	% (d)				$	3,391,523
Total Debt & Swaps				5.86	% (d)				$	23,828,646

(a)	Variable rate debt converted to fixed rate debt through use of interest rate swaps.
(b)	Reflects the variable contract rate as of June 30, 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.

31

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS & CERTAIN FINANCIAL INFORMATION
AS OF JUNE 30, 2006

	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
OPERATING STATISTICS (a)	Properties			Properties			Portfolio (b)
Occupancy		91.1	%		91.6	%		91.2	%
Trailing 12 month total tenant sales per sq. ft. (c)	$	438		$	469		$	448
% change in total sales (c)		6.5	%		5.2	%		6.0	%
% change in comparable sales (c)		2.7	%		2.7	%		2.7	%
Mall and freestanding GLA (in sq. ft.)		40,889,137			18,268,650			59,157,787
CERTAIN FINANCIAL INFORMATION
Average annualized in place rent per sq. ft.	$	33.65		$	36.63
Average rent per sq. ft. for new/renewal leases	$	35.43		$	39.10
Average rent per sq. ft. for leases expiring in 2006	$	29.64		$	36.64
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (d)		8.3	%		9.3	%

(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 at which significant physical or merchandising changes have been made 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 May.
(d)	Comparable properties are those properties that have been owned and operated for the entire time during the compared accounting periods, and excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-mall) properties.

31

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

GLA as of June 30, 2006

	Total Anchor GLA			Avg. Anchor GLA		Total Mall/Outparcel GLA			Avg. Mall/Outparcel GLA		Total GLA
Consolidated		65,633,996			512,766		44,170,658			345,083		109,804,654
Unconsolidated		35,225,146			664,625		19,570,805			369,260		54,795,951
Company		100,859,142			557,233		63,741,463			352,163		164,600,605
% of Total		61.3	%				38.7	%				100	%

Occupancy History

	Consolidated			Unconsolidated			Company
6/30/2006		91.1	%		91.6	%		91.2	%
6/30/2005		90.5	%		91.0	%		90.7	%
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
6/30/2006	$	438	$	469	$	448
6/30/2005		412		439		421
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
6/30/2006	$	35.43	$	29.64	$	5.79
6/30/2005		36.75		29.63		7.12
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
6/30/2006	$	39.10	$	36.64	$	2.46
6/30/2005		39.32		32.31		7.01
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
6/30/2006	$	33.65	$	36.63
6/30/2005		32.37		35.84
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
6/30/2006		12.5	%		12.3	%		12.5	%
6/30/2005		10.1	%		12.2	%		10.7	%
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.

32

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

	June 30, 2006					June 30, 2005
	YTD		% of Total			YTD		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	386,976		35.1	%	$	347,005		33.9	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		138,500		12.6	%		125,280		12.2	%
South Central
Arkansas, Louisiana, Oklahoma, Texas		120,381		10.9	%		108,744		10.6	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		304,272		27.5	%		299,052		29.3	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		153,073		13.9	%		143,765		14.0	%
TOTAL (a)	$	1,103,202		100.0	%	$	1,023,846		100.0	%

Real Estate NOI by Geographic Area at Share
for the six Months Ended 6/30/06

33

GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF JUNE 30, 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	$	47,041		1,587	$	29.64	$	15,278		417	$	36.64
2007		100,058		3,319		30.15		24,571		703		34.95
2008		105,659		3,256		32.45		24,282		667		36.40
2009		116,881		3,085		37.89		22,872		578		39.57
2010		125,466		3,410		36.79		26,909		644		41.78
2011		89,982		2,493		36.09		27,248		665		40.97
2012		102,728		2,649		38.78		24,308		571		42.57
2013		77,439		1,955		39.61		23,128		585		39.54
2014		78,678		2,138		36.80		22,283		593		37.58
2015		92,549		2,461		37.61		30,440		767		39.69
Subsequent		81,403		2,290		35.55		28,774		796		36.15
Total at share (b)	$	1,017,884		28,643	$	35.54	$	270,093		6,986	$	38.66
All Expirations	$	1,017,884		28,643	$	35.54	$	553,132		14,266	$	38.77

(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				Year to Date
	June 30,				June 30,
	2006		2005		2006		2005
Consolidated	$	1,515	$	6,702	$	18,755	$	9,229
Unconsolidated		528		1,507		5,685		2,011
Total Termination Income at Share	$	2,043	$	8,209	$	24,440	$	11,240

34

New Developments, Expansions & Re-Developments

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, four retail tenants and a restaurant		100	%		13.7		Q1 2007
Bridgewater Commons    Bridgewater, NJ	Development of a 94 thousand sf lifestyle 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		Q2 2007
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	%		44.5		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 four restaurants		50	%		33.6		Q4 2006
Galleria at Tyler    Riverside, CA	Addition of retail, restaurants, theater and parking structure		50	%		35.1		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		Q3 2008
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 four 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 2007
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 2007
River Hills Mall    Mankato, MN	Relocate Scheel’s All Sports and add Barnes & Noble		100	%		16.7		Q1 2007
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

35

GENERAL GROWTH PROPERTIES, INC.
DEVELOPMENTS & EXPANSIONS

New Projects Under Construction

		Forecasted
		Cost ($ millions	Projected
Property	Description	at 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		Q4 2006
Natick West    Natick, MA	Expansion of existing Natick Mall to include two new anchors and 328 thousand sf of mall shop	194.0		Q3 2007
	Natick residential (initial phase)	35.5		Q3 2007
Otay Ranch    Chula Vista (San Diego), CA	800 thousand 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	77.2		Q4 2006
The Shops at Fallen Timbers    Maumee (Toledo), OH	1.0 million sf open air lifestyle center featuring Dillard’s, one additional department store and a cinema	140.5		Q4 2007
The Shoppes at Palazzo *    Las Vegas, NV	Expansion of Venetian	600.0		Q4 2007
Vista Commons    Las Vegas, NV	99 thousand sf neighborhood shopping center in Summerlin	19.3		Q2 2007

* 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
Allentowne    Allen, TX	Develop an open air center on a 238 acre site with 1.1 million sf and 175 condos for sale		100	%		Q4 2009
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		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	%		Q4 2008
RiverCrossing    Macon, GA	Development of a 750 thousand sf center		50	%		Q2 2008
Shops at La Cantera    San Antonio, TX	Phase ll of the La Cantera project including the addition of Barnes & Noble, REI, five restaurants and a theater		75	%		Q4 2008
Summerlin Center    Las Vegas, NV	1.0 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	%		Q4 2008

Developments In Progress (dollars in thousands)

Consolidated	$	518,188
Unconsolidated		303,156
Total Developments In Progress at June 30, 2006	$	821,344

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