8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934

Date of Report (Date of Earliest Event Reported)
February 12, 2007

General Growth Properties, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-11656	42-1283895
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

110 N. Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)

(312) 960-5000
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Certain Supplemental Financial Information

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 12, 2007, General Growth Properties, Inc. (“GGP”) issued a press release describing its results of operations for its three and twelve months ended December 31, 2006. A copy of the press release (included as pages 4-15 of the GGP supplemental information described in 7.01 below) is being furnished as Exhibit 99.1 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On February 12, 2007, General Growth Properties, Inc. made available on its website, certain supplemental financial information (including the press release described in Item 2.02 above) regarding its operations for the three and twelve months ended December 31, 2006 and 2005. A copy of such information is being furnished as Exhibit 99.1 to this report.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit No.	Description
99.1	Certain supplemental financial information and press release titled “General Growth Properties, Inc. Announces Fourth Quarter and Annual 2006 Results of Operations” dated February 12, 2007 (furnished herewith).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL GROWTH PROPERTIES, INC.
By:	/s/ Bernard Freibaum
	Bernard Freibaum
	Executive Vice President and
	Chief Financial Officer

Date: February 12, 2007

EXHIBIT INDEX

Exhibit
Number	Name
99.1	Press Release dated February 12, 2007 entitled “General Growth Properties, Inc. Announces Fourth Quarter and Annual Results of Operations” (furnished herewith).

EX-99.1

Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Twelve Months Ended December 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 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
December 31, 2006
Table of Contents

All information included in this supplemental package is unaudited and is as of December 31, 2006, 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	2
Total Market Capitalization	2
Research Coverage	3
Fourth Quarter and Annual 2006 Earnings Announcement	4-15
Supplemental Financial Data*	16-34
Summary Retained FFO & Core FFO	16
Straight Line Rent, SFAS #141 & #142 & Tenant Allowances	17
Trailing Twelve Month EBITDA and Coverage Ratios	18
Comparable NOI Growth	19
Retail Recovery Summary	20
Master Planned Communities	21-22
Capital Information	23
Changes in Total Common & Equivalent Shares	24
Common Dividend History	25
Debt Maturity and Current Average Interest Rate Summary	26
Summary of Outstanding Debt	27-34
Supplemental Operational Data	35-38
Operating Statistics, Certain Financial Information & Top Tenants	35
Retail Portfolio GLA, Occupancy, Sales & Rent Data	36
Real Estate Net Operating Income by Geographic Area at Share	37
Lease Expiration Schedule and Lease Termination Income at Share	38
New Developments, Expansions & Re-developments	39-40
Projects over $10 million	39-40

* The supplemental financial information should be read in conjunction with the company’s fourth quarter and annual 2006 earnings announcement (included as pages 4-15 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, Inc. (GGP) and its predecessor companies have been in the shopping center business for over fifty years. GGP is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT) based upon market capitalization. GGP currently has an ownership interest in or management responsibility for a portfolio of more than 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 14.5% on a compounded annualized basis. With a total market capitalization of approximately $39.7 billion, GGP has delivered strong FFO performance and dividend increases. Average occupancy at December 31, 2006 was 93.6% and sales per square foot were $453. The Bucksbaum family, which founded GGP, is still engaged in the operation of the company’s day-to-day business activities. Assuming conversion of the Operating Partnership units, the Bucksbaum family and 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 — First Quarter 2007	March 31, 2007
Earnings Release — After the Market Close	April 30, 2007
Quarterly Conference Call — 8:00 am CST	May 1, 2007

Current Dividend

GGP declared its fourth dividend for 2006 in the amount of $0.45 per share, payable to common stockholders of record on January 17, 2007, with payment on January 31, 2007. The current dividend represents an increase of 10% over the dividend of $0.41 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% since going public. GGP dividend increases have averaged 16% 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.ggp.com

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Ownership Structure as of December 31, 2006

Total Market Capitalization - As Measured by Stock Price (dollars in thousands)					12/31/2006
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)					$	24,152,829
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		26,106
Convertible Preferred Units at 8.50%		N/A		64,724
				117,467
Other Preferred Stock				361
Total Preferred Securities					$	182,828
Common Stock and Common Operating Partnership Units
Stock market value of 242.1 million shares (b) of common stock and 52.9 million shares of operating partnership common units (which are convertible into an equal number of shares of common stock) — outstanding at end of period					$	15,405,616
Total Market Capitalization at end of period					$	39,741,273

(a)	Excludes special improvement districts liability of $60.2 million, minority interest adjustment of $66.7 million and purchase accounting mark-to-market adjustments of $114.0 million.
(b)	Net of 0.3 million Treasury Shares.

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Research Coverage

The following alphabetical list of research coverage by company and related 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
	Ambika Goel	(212) 816-6981
Credit Suisse First Boston	Andrew Rosivach (Australia)	(61)2 8205 4362
	John Stewart	(212) 538-3183
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
	Thomas Baldwin	(212) 902-4736
Green Street Advisors	Jim Sullivan	(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
	Jeff Spector	(212) 713-6144
Wachovia Capital Markets, LLC	Jeff Donnelly	(617) 603-4262
	Rob Laquaglia	(617) 603-4263

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Fourth Quarter and Annual Earnings Announcement
February 12, 2007

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 Fourth Quarter and
Annual 2006 Results of Operations

Chicago, Illinois, February 12, 2007 — General Growth Properties, Inc. (NYSE: GGP) released today its fourth quarter and annual 2006 operating results. For the fourth quarter of 2006, Earnings per share – diluted (EPS) were $.29 and fully diluted Funds From Operations (FFO) per share were $1.02, an increase from EPS of $.28 ($.25 from continuing operations) and FFO per share of $.91, respectively, from the fourth quarter of 2005. For the full year, EPS were $.24 in 2006 as compared to $.32 in 2005. FFO per share for the full year was $3.06 in 2006, an increase from $3.05 of FFO per share in 2005.

“Our core real estate business closed out 2006 with record comparable net operating income growth and occupancy,” stated the Chief Executive Officer of General Growth, John Bucksbaum. “We are extremely well positioned to achieve continued growth in 2007 as well.”

FINANCIAL AND OPERATIONAL HIGHLIGHTS

§ EPS in the fourth quarter of 2006 were $.29, a $.01 increase from the comparable period of 2005, primarily as a result of higher operating income in 2006 in both our operating segments as detailed below in our segment results. Such higher operating income was partially offset by a significantly higher provision for income taxes in 2006, the majority of which consists of estimates of deferred, rather than current, income taxes payable. For the full year 2006, income from continuing operations was approximately $3.8 million lower than the amount for the full year 2005.

§ FFO per share increased to $1.02 in the fourth quarter of 2006 from $.91 in the fourth quarter of 2005. FFO for the quarter increased 13.3% to $301.3 million, from $265.9 million in the fourth quarter of 2005. In addition to the impact of increased operating income, which was partially offset by increased income taxes,

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as discussed above, our net property management fees and costs contributed approximately an additional $9.7 million of FFO in the fourth quarter of 2006 over the amount in the comparable quarter of 2005.

§

Core FFO per share guidance

As indicated in previous public communications, FFO guidance per share for the full year 2007 and beyond will be solely for Core FFO per share, which is defined as FFO per share excluding 100% of the Real Estate Property Net Operating Income from the Master Planned Communities segment and 100% of the Company provision for income taxes. Operating results for our Master Planned Communities segment, and our income tax expense that is largely a function of such operations, are very difficult to estimate in advance. In addition, we believe that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of our business because it does not facilitate an understanding of the operating performance of this business as our primary strategy in this segment is to develop and sell land in a manner that increases the value of the remaining land. Actual EPS, FFO (including these excluded items), NOI and Core FFO will be provided each quarter. Full year per share guidance will also be provided on a quarterly basis; however, such guidance will only be given for Core FFO. Actual Core FFO per share in 2006 was approximately $2.96 per share. We currently expect 2007 Core FFO per share to be in the range of $3.17 to $3.23 per share, 7% to 9% above the calculated Core FFO per share amount described above for 2006.

The 2007 annual guidance reported above also excludes the tax impact of restructuring certain of our operating properties. We expect to complete these restructurings by the end of the first quarter and such restructurings are expected to reduce deferred taxes and income tax expense by approximately $300 million.

SEGMENT RESULTS

General Growth Properties, Inc. (the “Company”) presents its operations in two business segments, Retail and Other and Master Planned Communities. As reported in our earnings release for the third quarter 2006, we have made various minor adjustments to amounts reported in 2005 as we completed the integration of the former Rouse Company with our overall accounting systems. These adjustments were made to conform the 2005 results to the 2006 presentation. Such adjustments have had no effect on EPS previously reported for any period in 2005 but, as disclosed in the third quarter 2006 earnings release, have reduced FFO for the fourth quarter and the full year 2005 by approximately $1 million and $4 million, respectively, from the amounts originally reported for 2005.

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Retail and Other Segment

§ Real estate property net operating income (NOI) for the fourth quarter of 2006 increased to $641.1 million, 7.8% above the $594.5 million reported for the fourth quarter of 2005.

§ Revenues from consolidated properties were $728.0 million for the fourth quarter of 2006, an increase of 2.9% compared to $707.7 million for the same period in 2005. Revenues from unconsolidated properties, at the Company’s ownership share, for the quarter increased 13.1% to $203.0 million, compared to $179.5 million in the fourth quarter of 2005.

§ Comparable NOI from consolidated properties in the fourth quarter of 2006 increased by 6.6% compared to the same period last year.

Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 11.7% compared to the fourth quarter of 2005.

§ Total tenant sales and comparable tenant sales, both on a trailing 12 month basis at December 2006, increased 5.2% and 2.5%, respectively, compared to the same periods last year.

§ Retail Center occupancy was 93.6% at December 31, 2006 as compared to 92.5% at December 31, 2005.

§ Sales per square foot for fourth quarter 2006 (on a trailing 12 month basis) were $453 versus $437 in the fourth quarter of 2005.

Master Planned Communities Segment

§ NOI for the fourth quarter of 2006 for the properties in the Master Planned Communities segment was $48.8 million for consolidated properties and $7.3 million for unconsolidated properties as compared to $27.1 million and $6.8 million, respectively, in 2005. For the full year 2006, NOI from consolidated properties was $106.7 million and NOI from unconsolidated properties was $23.3 million, as compared to $73.4 million and $22.3 million, respectively, for the full year 2005.

§ Land sale revenues for the fourth quarter of 2006 were $205.2 million for consolidated properties and $25.2 million for unconsolidated properties, compared to $130.3 million and $24.9 million, respectively, for the fourth quarter of 2005. Consolidated land sale revenues were significantly impacted in the fourth quarter of 2006 by a single $123 million sale, which was contracted for in the spring of 2006. As a result of this sale, revenues were much higher in the fourth quarter of 2006, as opposed to somewhat more level sales and revenues in the four quarterly periods of 2005. Although land sale revenues for the full year 2006 exceeded the 2005

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amounts, the sales pace has declined in recent months, a trend expected to continue into 2007.

CONFERENCE CALL/WEBCAST

General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our website, www.ggp.com. This Webcast will take place on Tuesday, February 13, 2007, 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.ggp.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 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

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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 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.

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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 substantially all of 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 full year 2007 Core FFO per share guidance and expected sales trends in the Master Planned Communities segment. 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 indebtedness and interest rates, market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and ability to successfully manage 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						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Funds From Operations (“FFO”) *
Company stockholders	$	247,415		$	217,355		$	740,566		$	726,491
Operating Partnership unitholders		53,838			48,581			161,795			165,205
Operating Partnership	$	301,253		$	265,936		$	902,361		$	891,696
Increase in FFO over comparable prior year period		13.3	%		4.2	%		1.2	%		16.4	%
FFO per share:
Company stockholders — basic	$	1.02		$	0.91		$	3.07		$	3.06
Operating Partnership — basic		1.02			0.91			3.07			3.06
Operating Partnership — diluted		1.02			0.91			3.06			3.05
Increase in diluted FFO per share over comparable prior year period		12.1	%		1.1	%		0.3	%		10.1	%
Dividends
Dividends paid per share	$	0.45		$	0.41		$	1.68		$	1.49
Payout ratio (% of diluted FFO paid out)		44.1	%		45.1	%		54.9	%		48.9	%
Portfolio Results *
Real estate property net operating income:
Retail and Other:
Consolidated	$	511,991		$	478,455		$	1,840,915		$	1,733,599
Unconsolidated		129,152			116,091			450,050			415,329
Master Planned Communities:
Consolidated		48,765			27,075			106,730			73,390
Unconsolidated		7,349			6,775			23,257			22,263
Real estate property net operating income		697,257			628,396			2,420,952			2,244,581
Net property management fees and costs		17,381			10,334			25,906			11,815
Headquarters/regional costs, general and administrative and depreciation on non-income producing assets		(36,719	)		(31,321	)		(123,047	)		(94,579	)
Net interest expense		(272,891	)		(267,089	)		(1,105,852	)		(1,020,825	)
Provision for income taxes		(46,864	)		(22,332	)		(98,984	)		(51,289	)
Equity in other FFO of Unconsolidated Properties		(54,294	)		(48,494	)		(205,529	)		(175,361	)
Preferred unit distributions		(4,126	)		(4,443	)		(17,264	)		(24,117	)
FFO from minority interest		1,509			885			6,179			1,471
FFO — Operating Partnership	$	301,253		$	265,936		$	902,361		$	891,696
Weighted average number of Company shares outstanding:
Basic		241,779			238,784			241,222			237,673
Diluted		242,739			239,736			242,054			238,469
Assuming full conversion of Operating Partnership units:
Basic		294,391			292,155			293,923			291,720
Diluted		295,351			293,107			294,755			292,516

* Certain amounts within categories of real estate property net operating income and other items included in or excluded from FFO for periods in 2005 have been reclassified to conform to the current period presentation. Although such items did not affect EPS previously reported for any period in 2005, FFO for the quarter and year-to-date periods ended December 31, 2005 is approximately $1 million and $4.3 million, respectively, lower than originally reported in 2005.

	December 31,		December 31,
	2006		2005
Selected Balance Sheet Information
Cash and cash equivalents	$	97,139	$	102,791
Investment in real estate:
Net land, buildings and equipment	$	19,564,992	$	19,461,255
Developments in progress		673,900		369,520
Investment in and loans to/from
Unconsolidated Real Estate Affiliates		1,348,479		1,818,097
Investment land and land held for development and sale		1,655,838		1,651,063
Net investment in real estate	$	23,243,209	$	23,299,935
Total assets	$	25,096,288	$	25,307,019
Mortgage and other property debt payable	$	20,521,967	$	20,418,875
Minority interest — Preferred		182,828		205,944
Minority interest — Common		347,753		430,292
Stockholders’ equity		1,664,079		1,932,918
Total capitalization (at cost)	$	22,716,627	$	22,988,029

	Consolidated Properties						Unconsolidated Properties (a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
	Balance			Rate (d)			Balance		Rate (d)
Summarized Debt Information
Fixed rate (c)	$	17,596,662			5.65	%	$	3,576,112		5.61	%
Variable rate (c)		2,684,487			6.97			295,568		7.62
Totals	$	20,281,149	(b)		5.82	%	$	3,871,680		5.76	%

(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 $60.2 million, minority interest adjustment of $66.7 million and purchase accounting mark-to-market adjustments of $114.0 million.
(c)	Includes the effects of interest rate swaps.
(d)	Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

10

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Revenues:
Minimum rents	$	458,872		$	438,394		$	1,753,508		$	1,670,387
Tenant recoveries		197,364			201,775			773,034			754,836
Overage rents		38,372			33,132			75,945			69,628
Land sales		205,159			130,341			423,183			385,205
Management and other fees		35,668			24,817			115,798			91,022
Other		36,388			33,717			114,815			101,626
Total revenues		971,823			862,176			3,256,283			3,072,704
Expenses:
Real estate taxes		51,807			51,182			218,549			206,193
Repairs and maintenance		54,139			53,809			199,078			195,292
Marketing		14,151			20,267			48,626			63,522
Other property operating costs		90,928			104,306			373,020			390,051
Land sales operations		156,394			103,266			316,453			311,815
Provision for doubtful accounts		4,996			(298	)		22,078			13,868
Property management and other costs		48,239			39,110			184,705			147,012
General and administrative		3,416			3,048			15,128			13,053
Depreciation and amortization		177,852			165,816			690,194			672,914
Total expenses		601,922			540,506			2,067,831			2,013,720
Operating income		369,901			321,670			1,188,452			1,058,984
Interest income		2,868			3,130			11,585			10,416
Interest expense		(275,759	)		(270,219	)		(1,117,437	)		(1,031,241	)
Income before income taxes and minority interest and equity in income of unconsolidated affiliates		97,010			54,581			82,600			38,159
Provision for income taxes		(46,864	)		(22,332	)		(98,984	)		(51,289	)
Minority interest		(21,718	)		(20,015	)		(37,761	)		(43,989	)
Equity in income of unconsolidated affiliates		42,628			47,733			114,241			120,986
Income from continuing operations		71,056			59,967			60,096			63,867
Discontinued operations, net of minority interests:
Income from operations		—			1,585			—			6,568
Gains (losses) on dispositions		(823	)		5,118			(823	)		5,118
Income (loss) from discontinued operations		(823	)		6,703			(823	)		11,686
Net income available to common stockholders	$	70,233		$	66,670		$	59,273		$	75,553
Basic Earnings Per Share:
Continuing operations	$	0.29		$	0.25		$	0.25		$	0.27
Discontinued operations		—			0.03			—			0.05
Total basic earnings per share	$	0.29		$	0.28		$	0.25		$	0.32
Diluted Earnings Per Share:
Continuing operations	$	0.29		$	0.25		$	0.24		$	0.27
Discontinued operations		—			0.03			—			0.05
Total diluted earnings per share	$	0.29		$	0.28		$	0.24		$	0.32

11

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

	Three Months Ended December 31, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	458,872		$	116,194		$	575,066
Tenant recoveries		197,364			47,805			245,169
Overage rents		38,372			9,792			48,164
Other, including minority interest		33,404			29,206			62,610
Total property revenues		728,012			202,997			931,009
Property operating expenses:
Real estate taxes		51,807			14,696			66,503
Repairs and maintenance		54,139			12,388			66,527
Marketing		14,151			3,981			18,132
Other property operating costs		90,928			43,245			134,173
Provision for doubtful accounts		4,996			(465	)		4,531
Total property operating expenses		216,021			73,845			289,866
Retail and other net operating income		511,991			129,152			641,143
Master Planned Communities
Land sales		205,159			25,210			230,369
Land sales operations		(156,394	)		(17,861	)		(174,255	)
Master Planned Communities net operating income		48,765			7,349			56,114
Real estate property net operating income		560,756			136,501		$	697,257
Management and other fees		35,668			2,808
Property management and other costs		(18,287	)		(192	)
Headquarters/regional costs		(29,952	)		(10,285	) (a)
General and administrative		(3,416	)		(1,531	)
Depreciation on non-income producing assets, including headquarters building		(3,351	)		—
Interest income		2,868			4,349
Interest expense		(275,759	)		(49,418	)
Provision for income taxes		(46,864	)		(25	)
Preferred unit distributions		(4,126	)		—
Other FFO from minority interest		1,509			—
FFO		219,046			82,207
Equity in FFO of Unconsolidated Properties		82,207			(82,207	)
Operating Partnership FFO	$	301,253		$	—

	Three Months Ended December 31, 2005
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	438,394		$	104,532		$	542,926
Tenant recoveries		201,775			49,501			251,276
Overage rents		33,132			9,285			42,417
Other, including NOI from discontinued operations and minority interest		34,420			16,207			50,627
Total property revenues		707,721			179,525			887,246
Property operating expenses:
Real estate taxes		51,182			14,116			65,298
Repairs and maintenance		53,809			12,681			66,490
Marketing		20,267			4,565			24,832
Other property operating costs		104,306			30,746			135,052
Provision for doubtful accounts		(298	)		1,326			1,028
Total property operating expenses		229,266			63,434			292,700
Retail and other net operating income		478,455			116,091			594,546
Master Planned Communities
Land sales		130,341			24,896			155,237
Land sales operations		(103,266	)		(18,121	)		(121,387	)
Master Planned Communities net operating income		27,075			6,775			33,850
Real estate property net operating income		505,530			122,866		$	628,396
Management and other fees		24,817			—
Property management and other costs		(14,483	)		—
Headquarters/regional costs		(24,627	)		(8,405	) (a)
General and administrative		(3,048	)		(263	)
Depreciation on non-income producing assets, including headquarters building		(3,646	)		—
Interest income		3,130			3,352
Interest expense		(270,219	)		(42,912	)
Provision for income taxes		(22,332	)		(266	)
Preferred unit distributions		(4,443	)		—
Other FFO from discontinued operations and minority interest		885			—
FFO		191,564			74,372
Equity in FFO of Unconsolidated Properties		74,372			(74,372	)
Operating Partnership FFO	$	265,936		$	—

(a) Includes property management and other fees to General Growth Management, Inc. (“GGMI”) and Rouse Property Management, Inc. (“RPMI”).On January 1, 2007, RPMI as merged into GGMI.

12

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

	Twelve Months Ended December 31, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,753,508		$	428,337		$	2,181,845
Tenant recoveries		773,034			187,782			960,816
Overage rents		75,945			15,966			91,911
Other, including minority interest		99,779			88,552			188,331
Total property revenues		2,702,266			720,637			3,422,903
Property operating expenses:
Real estate taxes		218,549			58,832			277,381
Repairs and maintenance		199,078			43,768			242,846
Marketing		48,626			13,184			61,810
Other property operating costs		373,020			154,010			527,030
Provision for doubtful accounts		22,078			793			22,871
Total property operating expenses		861,351			270,587			1,131,938
Retail and other net operating income		1,840,915			450,050			2,290,965
Master Planned Communities
Land sales		423,183			85,561			508,744
Land sales operations		(316,453	)		(62,304	)		(378,757	)
Master Planned Communities net operating income		106,730			23,257			129,987
Real estate property net operating income		1,947,645			473,307		$	2,420,952
Management and other fees		115,798			7,556
Property management and other costs		(89,892	)		(1,088	)
Headquarters/regional costs		(94,813	)		(37,042	) (a)
General and administrative		(15,128	)		(3,974	)
Depreciation on non-income producing assets, including headquarters building		(13,106	)		—
Interest income		11,585			15,039
Interest expense		(1,117,437	)		(185,438	)
Provision for income taxes		(98,984	)		(582	)
Preferred unit distributions		(17,264	)		—
Other FFO from minority interest		6,179			—
FFO		634,583			267,778
Equity in FFO of Unconsolidated Properties		267,778			(267,778	)
Operating Partnership FFO	$	902,361		$	—

	Twelve Months Ended December 31, 2005
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,670,387		$	393,740		$	2,064,127
Tenant recoveries		754,836			181,193			936,029
Overage rents		69,628			14,085			83,713
Other, including minority interest and discontinued operations		107,674			64,803			172,477
Total property revenues		2,602,525			653,821			3,256,346
Property operating expenses:
Real estate taxes		206,193			55,138			261,331
Repairs and maintenance		195,292			43,411			238,703
Marketing		63,522			14,705			78,227
Other property operating costs		390,051			120,381			510,432
Provision for doubtful accounts		13,868			4,857			18,725
Total property operating expenses		868,926			238,492			1,107,418
Retail and other net operating income		1,733,599			415,329			2,148,928
Master Planned Communities
Land sales		385,205			83,089			468,294
Land sales operations		(311,815	)		(60,826	)		(372,641	)
Master Planned Communities net operating income		73,390			22,263			95,653
Real estate property net operating income		1,806,989			437,592		$	2,244,581
Management and other fees		91,022			—
Property management and other costs		(79,207	)		—
Headquarters/regional costs		(67,805	)		(29,492	) (a)
General and administrative		(13,053	)		(1,203	)
Depreciation on non-income producing assets, including headquarters building		(13,721	)		—
Interest income		10,416			7,233
Interest expense		(1,031,241	)		(151,362	)
Provision for income taxes		(51,289	)		(537	)
Preferred unit distributions		(24,117	)		—
Other FFO from minority interest and discontinued operations		1,471			—
FFO		629,465			262,231
Equity in FFO of Unconsolidated Properties		262,231			(262,231	)
Operating Partnership FFO	$	891,696		$	—

(a) Includes property management and other fees to General Growth Management, Inc. “GGMI”) and Rouse Property Management, Inc. (“RPMI”). On January 1, 2007, RPMI was merged into GGMI.

13

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

	Three Months Ended						Three Months Ended
	December 31, 2006						December 31, 2005
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	10,440		$	2,367		$	9,056		$	2,136
Straight-line rent		(2,587	)		(1,027	)		(7,886	)		(1,930	)
Other property operating costs:
Non-cash ground rent expense		(2,132	)		(193	)		(1,362	)		(136	)
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(1,005	)		—
Interest expense:
Mark-to-market adjustments on debt		7,367			1,025			10,155			862
Amortization of deferred finance costs		(3,475	)		(421	)		(2,632	)		(218	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		460			—			504			319
Write-off of deferred finance costs		—			(15	)		(929	)		(719	)
Totals	$	9,092		$	1,736		$	5,901		$	314

	Twelve Months Ended						Twelve Months Ended
	December 31, 2006						December 31, 2005
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	39,661		$	9,627		$	34,692		$	7,064
Straight-line rent		34,176			7,605			32,728			10,517
Other property operating costs:
Non-cash ground rent expense		(6,368	)		(785	)		(6,646	)		(362	)
Real estate taxes:
Real estate tax stabilization agreement		(3,810	)		—			(4,037	)		—
Interest expense:
Mark-to-market adjustments on debt		32,153			3,859			47,015			4,484
Amortization of deferred finance costs		(16,079	)		(1,808	)		(9,499	)		(2,134	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		3,945			—			504			319
Write-off of deferred finance costs		(6,150	)		(456	)		(5,348	)		(2,428	)
Totals	$	77,528		$	18,042		$	89,409		$	17,460

All amounts exclude discontinued operations.

14

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	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	$	697,257		$	628,396		$	2,420,952		$	2,244,581
Unconsolidated Properties		(136,501	)		(122,866	)		(473,307	)		(437,592	)
Consolidated Properties		560,756			505,530			1,947,645			1,806,989
Management and other fees		35,668			24,817			115,798			91,022
Property management and other costs		(18,287	)		(14,483	)		(89,892	)		(79,207	)
Headquarters/regional costs		(29,952	)		(24,627	)		(94,813	)		(67,805	)
General and administrative		(3,416	)		(3,048	)		(15,128	)		(13,053	)
Depreciation and amortization		(177,852	)		(165,816	)		(690,194	)		(672,914	)
Discontinued operations and minority interest in NOI of Consolidated Properties		2,984			(703	)		15,036			(6,048	)
Operating income	$	369,901		$	321,670		$	1,188,452		$	1,058,984
Reconciliation of Funds From Operations (“FFO”) to GAAP Net Income
FFO:
Company stockholders	$	247,415		$	217,355		$	740,566		$	726,491
Operating Partnership unitholders		53,838			48,581			161,795			165,205
Operating Partnership		301,253			265,936			902,361			891,696
Depreciation and amortization of capitalized real estate costs		(218,617	)		(188,530	)		(835,656	)		(799,337	)
FFO of discontinued operations and other		5,828			(542	)		8,401			(10,712	)
Minority interest to Operating Partnership unitholders		(17,408	)		(16,897	)		(15,010	)		(17,780	)
Income from continuing operations		71,056			59,967			60,096			63,867
Income from discontinued operations, net of minority interest		—			1,585			—			6,568
Gains (losses) on dispositions, net of minority interest		(823	)		5,118			(823	)		5,118
Net income	$	70,233		$	66,670		$	59,273		$	75,553
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	136,501		$	122,866		$	473,307		$	437,592
Net property management fees and costs		2,616			—			6,468			—
Net interest expense		(45,069	)		(39,560	)		(170,399	)		(144,129	)
Headquarters, general and administrative and income taxes		(11,841	)		(8,934	)		(41,598	)		(31,232	)
FFO		82,207			74,372			267,778			262,231
Depreciation and amortization of capitalized real estate costs		(44,118	)		(26,639	)		(158,567	)		(141,245	)
Other, including gains on sale of investment properties		4,539			—			5,030			—
Equity in income of unconsolidated affiliates	$	42,628		$	47,733		$	114,241		$	120,986
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		294,391			292,155			293,923			291,720
Conversion of Operating Partnership units		(52,612	)		(53,371	)		(52,701	)		(54,047	)
Weighted average number of Company shares outstanding — GAAP EPS		241,779			238,784			241,222			237,673
Diluted:
Weighted average number of shares outstanding — FFO per share		295,351			293,107			294,755			292,516
Conversion of Operating Partnership units		(52,612	)		(53,371	)		(52,701	)		(54,047	)
Weighted average number of Company shares outstanding — GAAP EPS		242,739			239,736			242,054			238,469

15

Supplemental Financial Data

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

	Three Months			Year to
	Ended			Date
	12/31/2006			12/31/2006
Cash From Recurring Operations
FFO — Operating Partnership	$	301,253		$	902,361
Plus (Less):
Excess non-FFO cash from Master Planned Communities		69,151			56,533
Deferred income taxes		39,460			75,513
Tenant allowances and capitalized leasing costs (a)		(55,368	)		(163,515	)
Above- and below-market tenant leases, net		(12,807	)		(49,288	)
Straight line rent adjustment (b)		3,614			(41,781	)
Non-cash ground rent expense		2,325			7,153
Real estate tax stabilization agreement		981			3,810
Mark-to-market adjustments on debt		(8,392	)		(36,012	)
Amortization of deferred finance costs		3,896			17,887
Debt extinguishment costs:
Write-off of mark-to-market adjustments		(460	)		(3,945	)
Write-off of deferred finance costs		15			6,606
Cash From Recurring Operations — Operating Partnership	$	343,668		$	775,322
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	343,668		$	775,322
Less common dividends/distributions paid		(132,219	)		(492,778	)
Retained Funds From Recurring Operations — Operating Partnership	$	211,449		$	282,544

	Three Months Ended						Year to Date
	12/31/2006			12/31/2005			12/31/2006			12/31/2005
Core FFO
Operating Partnership FFO	$	301,253		$	265,936		$	902,361		$	891,696
Exclusions, at the Company’s share:
Master Planned Communities, Net Operating Income		(56,114	)		(33,850	)		(129,987	)		(95,653	)
Provision for income taxes		46,889			22,598			99,566			51,826
Core FFO	$	292,028		$	254,684		$	871,940		$	847,869
Weighted average shares assuming full conversion of
Operating Partnership units — Diluted		295,351			293,107			294,755			292,516
Core FFO — per share	$	.99		$	0.87		$	2.96		$	2.90

16

GENERAL GROWTH PROPERTIES, INC.
STRAIGHT LINE RENT, SFAS #141 & #142 & TENANT ALLOWANCES
(dollars in thousands)

Tenant Allowances/Improvements and
Capitalized Leasing Costs (a)

Straight Line Rent (b)

Non-Cash Rental Revenue Recognized Pursuant to
SFAS #141 and #142

Certain amounts have been reclassified to conform to the current period presentation.

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

(b) Includes impact of changes in the recognition of straight-line rent attributable to tenants with leases of less than one year.

17

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

	Twelve Months Ended
	12/31/2006			9/30/2006			6/30/2006			3/31/2006
Pro Rata EBITDA
GAAP Net Income	$	59,273		$	55,709		$	57,036		$	85,501
Loss (Income) from Discontinued Operations, net of Minority Interest		823			(6,703	)		(8,390	)		(10,158	)
Income Allocated to Minority Interest		37,761			36,058			35,473			42,549
Interest Expense		1,282,327			1,266,063			1,249,982			1,203,111
Income Taxes		99,566			75,274			78,800			79,573
Amortization of Deferred Finance Costs		17,887			16,842			14,148			12,090
Debt Extinguishment Costs		2,661			3,931			3,879			8,076
Interest Income		(26,624	)		(25,887	)		(22,065	)		(22,042	)
Depreciation		848,759			818,964			832,607			820,761
Pro Rata EBITDA (a)	$	2,322,433		$	2,240,251		$	2,241,470		$	2,219,461
Net Interest (a)
Amortization of Deferred Finance Costs		(17,887	)		(16,842	)		(14,148	)		(12,090	)
Debt Extinguishment Costs		(2,661	)		(3,931	)		(3,879	)		(8,076	)
Interest Expense		(1,282,327	)		(1,266,063	)		(1,249,982	)		(1,203,111	)
Interest Income		26,624			25,887			22,065			22,042
Net Interest	$	(1,276,251	)	$	(1,260,949	)	$	(1,245,944	)	$	(1,201,235	)
Interest Coverage Ratio		1.82			1.78			1.80			1.85
Fixed Charges (b)
Net Interest	$	(1,276,251	)	$	(1,260,949	)	$	(1,245,944	)	$	(1,201,235	)
Preferred Unit Distributions		(17,264	)		(17,582	)		(17,503	)		(19,899	)
Fixed Charges	$	(1,293,515	)	$	(1,278,531	)	$	(1,263,447	)	$	(1,221,134	)
Ratio of Fixed Charges to Pro Rata EBITDA		1.80			1.75			1.77			1.82
Fixed Charges & Common Dividend
Fixed Charges	$	(1,293,515	)	$	(1,278,531	)	$	(1,263,447	)	$	(1,221,134	)
Common Dividend/Distributions		(492,778	)		(480,404	)		(465,379	)		(449,049	)
Fixed Charges + Dividend	$	(1,786,293	)	$	(1,758,935	)	$	(1,728,826	)	$	(1,670,183	)
Ratio of Fixed Charges + Common Dividend to Pro Rata EBITDA		1.30			1.27			1.30			1.33

Certain amounts 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)	Excludes principal amortization payments.

18

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

Comparable NOI Growth

	Three Months Ended						Year to Date
	12/31/2006			12/31/2005			12/31/2006			12/31/2005
Total Retail and Other NOI	$	641,143		$	594,546		$	2,290,965		$	2,148,928
NOI from noncomparable properties		(17,913	)		(17,055	)		(105,002	)		(92,375	)
Corporate and other (a)		(3,609	)		(1,553	)		(11,267	)		(11,267	)
Comparable NOI (b)	$	619,621		$	575,938		$	2,174,696		$	2,045,286
Increase in Comparable NOI from prior period		7.6	%					6.3	%

Certain amounts have been reclassified to conform to the current period presentation.

(a)	Represents International and items that are included in the Total Retail and Other NOI line item that are not specifically related to operations.
(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-retail) properties.

19

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

	Year to Date			Three Months Ended												Year to Date
	12/31/2006			12/31/2006			9/30/2006			6/30/2006			3/31/2006			12/31/2005
Consolidated Properties
Tenant recoveries (a)	$	761,363		$	194,138		$	196,376		$	188,082		$	182,767		$	743,911
Recoverable operating expenses:
Real estate taxes		206,001			48,639			54,135			51,258			51,969			194,899
Repairs and maintenance		176,764			48,230			42,699			43,541			42,294			174,671
Marketing		48,875			14,142			10,863			11,683			12,187			63,744
Other property operating costs		320,488			80,246			85,977			77,005			77,260			306,033
Total recoverable operating expenses (b)		752,128			191,257			193,674			183,487			183,710			739,347
Recovery Ratio		101.2	%		101.5	%		101.4	%		102.5	%		99.5	%		100.6	%
Unconsolidated Properties
Tenant recoveries (a)	$	186,032		$	47,285		$	47,041		$	45,505		$	46,201		$	180,272
Recoverable operating expenses:
Real estate taxes		55,668			13,628			13,702			14,037			14,301			53,705
Repairs and maintenance		39,449			11,170			9,276			9,421			9,582			40,552
Marketing		13,188			3,934			2,810			2,975			3,469			14,705
Other property operating costs		71,113			18,602			18,786			16,622			17,103			68,861
Total recoverable operating expenses (b)		179,418			47,334			44,574			43,055			44,455			177,823
Recovery Ratio		103.7	%		99.9	%		105.5	%		105.7	%		103.9	%		101.4	%

Certain amounts 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.

20

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

										Unconsolidated		Company
	Consolidated Properties									Property @ share		Portfolio
	Columbia							Total				Total MPC
	and Fairwood		Summerlin		Bridgeland			Consolidated		Woodlands		Segment
	Three Months Ended
December 31, 2006
Land Sales	$	45,409	$	156,109	$	3,642		$	205,160	$	25,209	$	230,369
Land Sales Operations (a)		41,784		110,412		4,199			156,395		17,860		174,255
Net Operating Income	$	3,625	$	45,697	$	(557	)	$	48,765	$	7,349	$	56,114
December 31, 2005
Land Sales	$	48,200	$	82,142	$	—		$	130,342	$	24,895	$	155,237
Land Sales Operations (a)		37,998		64,904		365			103,267		18,120		121,387
Net Operating Income	$	10,202	$	17,238	$	(365	)	$	27,075	$	6,775	$	33,850
Year to Date
December 31, 2006
Land Sales	$	91,238	$	317,198	$	14,746		$	423,182	$	85,562	$	508,744
Land Sales Operations (a)		78,393		225,639		12,420			316,452		62,305		378,757
Net Operating Income	$	12,845	$	91,559	$	2,326		$	106,730	$	23,257	$	129,987
December 31, 2005
Land Sales	$	110,254	$	274,951	$	—		$	385,205	$	83,089	$	468,294
Land Sales Operations (a)		90,464		220,478		873			311,815		60,826		372,641
Net Operating Income	$	19,790	$	54,473	$	(873	)	$	73,390	$	22,263	$	95,653
VALUATION
Investment Land and Land Held for Development and Sale:
Net Book Value — Balance Sheet as of December 31, 2006 (b)												$	1,655,838
Estimated Value of Assets as of December 31, 2005 (c)													3,886,035

NET CASH FLOW GENERATED

	Year to Date			Year to Date
	12/31/2006			12/31/2005
Net Operating Income	$	129,987		$	95,653
Cost of Land Sales		175,184			176,512
Woodlands Operations (d)		(23,257	)		(22,263	)
Woodlands Cash Distribution (d)		28,875			4,325
Cash Equivalent: Woodlands MUD’s (e)		—			13,000
Other Adjustments to Derive Cash Generated (f)		52,171			55,536
Total Cash Generated		362,960			322,763
Land Development Expenditures, Net of Related Financing		(176,440	)		(169,824	)
Estimated Net Cash Flow Generated by Master Planned Communities Segment (g)	$	186,520		$	152,939

(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 Woodlands NOI is excluded from the Estimated Net Cash Flow Generated by Master Planned Communities Segment. A partnership cash distribution occurs at the end of each year, based on final cash earned by the partnership.
(e)	In lieu of cash, GGP received Municipal Utility District (“MUD”) receivables at the end of 2005. The present value of the MUD was $13 million.
(f)	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.
(g)	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.

21

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

	Lot Sales & Pricing (1)									Acreage (2)
										Total		Remaining
					YTD			YTD		Gross		Saleable
	4Q06		4Q05		12/06			12/05		Acres		Acres
Columbia
Residential — Acres Sold		3.8		12.0		12.6			28.6				80
— Average Price/Acre	$	1,158	$	1,281	$	1,425		$	1,194
Commercial — Acres Sold		34.9		26.3		51.7			50.3				337
— Average Price/Acre	$	658	$	483	$	701		$	438
Columbia Acreage											18,000		417
Fairwood
Residential — Acres Sold		17.6		22.3		33.9			58.3				148
— Average Price/Acre	$	813	$	687	$	796		$	656
Commercial — Acres Sold		—		—		3.5			—				15
— Average Price/Acre	$	—	$	—	$	389		$	—
Fairwood Acreage											1,100		163
Summerlin (3)
Residential — Acres Sold		136.2		78.2		251.2			269.7				5,527
— Average Price/Acre	$	1,101	$	812	$	1,067		$	860
Commercial — Acres Sold		—		10.0		22.5			10.0				888
— Average Price/Acre	$	—	$	511	$	251	(4)	$	511
Summerlin Acreage											22,500		6,415
Bridgeland
Residential — Acres Sold		13.3		—		64.3			—				5,308
— Average Price/Acre	$	244	$	—	$	222		$	—
Commercial — Acres Sold		—		—		—			—				1,211
— Average Price/Acre	$	—	$	—	$	—		$	—
Bridgeland Acreage											10,200		6,519
Woodlands (5)
Residential — Acres Sold		58.5		98.5		288.1			337.3				1,814
— Average Price/Acre	$	391	$	316	$	374		$	312
Commercial — Acres Sold		52.3		43.2		96.0			109.9				1,188
— Average Price/Acre	$	414	$	319	$	397		$	372
Woodlands Acreage											28,400		3,002

(1)	Average Price per Acre — This is the aggregate contract price paid for all parcels sold in that community of that property type, divided by the relevant acres sold in that period and is based on sales closed. This average price can fluctuate widely, depending on location of the parcels within a community and the unit price and density of what is sold. Note also that the price indicated does not include payments received under builders’ price participation agreements, where we may receive additional proceeds post-sale and record those revenues at that later date, based on the final selling price of the home. In some cases, these payments have been significant with respect to the initial lot price. In addition, there will be other timing differences between lot sales and reported revenue, due to financial statement revenue recognition limitations. The above pricing data also does not reflect the impact of income tax and the CSA, which can have a material impact on valuation. Due to the possibility of wide fluctuations in any given period, drawing broad conclusions based on any given quarter’s data is not recommended. Reference is made to other disclosures in our filings on Forms 10-Q and 10-K, as well as page 21 of this supplemental financial information for a discussion of the valuation of this segment of our business.
(2)	Acreage:
	Residential - This includes standard, custom, and high density residential land parcels. Standard residential lots are designated for detached and attached single- and multi-family homes, of a broad range, from entry-level to luxury homes. At Summerlin, we have designated certain residential parcels as custom lots as their premium price reflects their larger size and other distinguishing features — such as being within a gated community, having golf course access, or being located at higher elevations. High density residential includes townhomes, apartments, and condos.
	Commercial - Designated for retail, office, services, and other for-profit activities, as well as those parcels allocated for use by government, schools, and houses of worship, and other not-for-profit entities.
	Gross Acres - Encompasses all of the land located within the borders of the Master Planned Community, including parcels already sold, saleable parcels, and non-saleable areas, such as roads, parks, and recreation and conservation areas.
	Remaining Saleable Acres - Includes only parcels that are intended for sale. Excludes non-saleable acres as defined above. The mix of intended use, as well as amount of remaining saleable acres is likely to change over time as the Master Plan is refined.
(3)	Summerlin — Does not reflect impact of CSA — please refer to most recent Form 10-K for more information. Average price per acre includes assumption of Special Improvement District financing.
(4)	Summerlin Commercial YTD 2006 includes the effect of a single sale of a 19.1 acre parcel to a school at a price of $25,013 per acre.
(5)	Woodlands — Shown at 100% for context — GGP Share of The Woodlands is 52.5%.

22

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

	12/31/2006			12/31/2005			12/31/2004			12/31/2003
Capital Information
Closing common stock price per share	$	52.23		$	46.99		$	36.16		$	27.75
52 Week High (a)	$	55.70		$	48.27		$	36.90		$	27.89
52 Week Low (a)	$	42.36		$	31.38		$	24.31		$	16.09
Total Return — Trailing Twelve Months (share appreciation and dividend)		14.7	%		34.1	%		34.8	%		66.0	%
Common Shares and Common Units outstanding at end of period (b)		294,957,220			292,258,544			290,256,345			273,006,226
Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	21,172,774		$	17,293,150		$	13,807,734		$	5,720,545
Variable		2,980,055			6,085,638			9,173,400			2,806,803
Total Preferred Securities		182,828			205,944			403,161			495,211
Stock market value of common stock and Operating Partnership units outstanding at end of period		15,405,616			13,733,229			10,495,669			7,575,923
Total Market Capitalization at end of period	$	39,741,273		$	37,317,961		$	33,879,964		$	16,598,482
Leverage Ratio (%)		60.8	%		62.6	%		67.8	%		51.4	%

(a)	52-week pricing information includes intra-day highs and lows.
(b)	Net of 0.3 million Treasury Shares.
(c)	Excludes special improvement districts liability, minority interest adjustment and purchase accounting mark-to-market adjustments.

Company Debt, Stockholders’ Equity and Preferred Equity at
December 31, 2006 (at Share)

23

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		—			62,633		—			62,633
Employee Stock Purchase Plan		—			162,136		—			162,136
Conversion of Preferred Units to OP Units		636,869			—		—			636,869
Conversion of Preferred Units to OP Units and redemption to Common Shares		—			526,465		—			526,465
Redemption of OP Units into Common Shares		(808,173	)		808,173		—			—
Issuance of Stock for Stock Option Exercises and Restricted Stock Grants, including Stock Option exercises satisfied from Treasury		—			845,469		563,185			1,408,654
Issuance of Stock, including from Treasury, pursuant to the Contingent Stock Agreement		—			87,495		1,727,524			1,815,019
Purchase of Common Shares to be held in Treasury Stock		—			—		(1,913,100	)		(1,913,100	)
Common Shares and OP Units Outstanding at December 31, 2006		52,890,591			242,357,416		(290,787	)		294,957,220
Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at December 31, 2006										1,005,250
Diluted Common Shares and OP Units Outstanding at December 31, 2006										295,962,470
Weighted Average Common Shares and OP Units Outstanding for the twelve months ended December 31, 2006 (Basic)										293,922,889
Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options										831,791
Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the twelve months ended December 31, 2006										294,754,680

24

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.

25

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF DECEMBER 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)
2007	$	1,034,045			5.13	%	$	173,749		6.66	%	$	1,207,794			5.35	%
2008		1,861,670			5.53	%		255,299		6.30	%		2,116,969			5.63	%
2009		3,124,854			5.51	%		399,839		6.52	%		3,524,693			5.62	%
2010		3,788,330			5.15	%		684,222		5.31	%		4,472,552			5.18	%
2011		6,812,950			6.38	%		1,473,670		5.91	%		8,286,620			6.30	%
2012		1,112,004			5.85	%		553,711		5.09	%		1,665,715			5.60	%
2013		1,752,092			6.10	%		238,901		5.38	%		1,990,993			6.01	%
2014		67,799			4.97	%		72,149		4.71	%		139,948			4.84	%
2015		198,743			5.21	%		—		0.00	%		198,743			5.21	%
2016		203,385			6.45	%		—		0.00	%		203,385			6.45	%
Subsequent		325,277			7.44	%		20,140		7.24	%		345,417			7.43	%
Totals	$	20,281,149	(d)		5.82	%	$	3,871,680		5.76	%	$	24,152,829			5.81	%
Fixed Rate (e)		17,596,662			5.65	%		3,576,112		5.61	%		21,172,774			5.64	%
Variable Rate (e)		2,684,487			6.97	%		295,568		7.62	%		2,980,055			7.04	%
Totals	$	20,281,149	(d)		5.82	%(f)	$	3,871,680		5.76	%(f)	$	24,152,829			5.81	%(f)
Average Years to Maturity
Fixed Rate Debt				4.22 years					4.78 years					4.32 years
Variable Rate Debt				7.79 years					2.59 years					7.28 years
All GGP Debt				4.70 years					4.61 years					4.68 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 December 31, 2006 for all variable rate loans.
(d)	Reconciliation to GGP Consolidated GAAP debt.

	Consolidated
Consolidated debt, from above		$20,281,149
Other liabilities — Special Improvement Districts		60,198
Minority interest ownership adjustment		66,668
Purchase accounting mark-to-market adjustments		113,952
GGP Consolidated GAAP debt		$20,521,967

(e)	Includes the effects of interest rate swaps.
(f)	Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

Company Portfolio Maturity Schedule by Year
(dollars in thousands)
Average Years to Maturity: 4.68 Years

26

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

Debt at December 31, 2006

Company Debt at December 31, 2006 (at share)

Portfolio Interest Rate History

(a) Rates include the effects of deferred finance costs, interest rate swaps and the effect of a 360 day rate applied over a 365 day period.

27

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

	Fixed Rate			Floating Rate			Total Debt
September 30, 2006 Debt (a)	$	20,816,594		$	3,229,623		$	24,046,217
New Funding:
Property Related		112,000			6,384			118,384
Refinancings:
Property Related		199,763			(47,589	)		152,174
Interest rate SWAP activity		100,000			(100,000	)		—
Revolver Borrowings		—			(110,400	)		(110,400	)
Other Property Related		(55,583	)		2,037			(53,546	)
Net Change		356,180			(249,568	)		106,612
December 31, 2006 Debt (a)	$	21,172,774		$	2,980,055		$	24,152,829

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

28

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

FIXED RATE

Loan	Maturity Date		Rate (a)			Total Debt
						Balance
CMBS
13 Affiliates (b)		11/15/07		5.55	%	$	868,765
Secured Asset Loans
Columbia Development *		04/01/07		7.33	%		43,454
Columbia Mall *		04/01/07		7.95	%		8,827
Mondawmin *		04/01/07		7.95	%		16,460
White Marsh *		12/01/07		7.91	%		69,537
Columbia Mall *		01/01/08		7.38	%		154,951
Fashion Show		01/01/08		3.88	%		366,269
Harborplace *		01/01/08		8.16	%		27,673
Mall St Vincent		01/01/08		7.21	%		17,252
1450 Center Crossing *		02/01/08		9.00	%		4,691
1451 Center Cross and Riverspark I ABC *		02/01/08		9.00	%		7,501
1551 Hillshire Dr *		02/01/08		9.28	%		6,235
1645 Village Center *		02/01/08		9.28	%		3,607
Provo Mall *		02/01/08		4.52	%		35,524
Riverlands *		02/01/08		9.28	%		2,237
Riverspark II *		02/01/08		9.28	%		2,579
Spokane Valley Mall		02/01/08		4.57	%		29,376
The Pines *		02/01/08		9.28	%		8,189
Triangle I-IV *		02/01/08		9.00	%		1,525
JP Realty/ PDC		02/09/08		6.42	%		100,000
Oakwood Center		02/09/08		6.60	%		95,000
Two, Three and Four Owings Mills *		04/01/08		7.74	%		21,842
Phoenix Theatre *		04/01/08		8.39	%		1,862
Animas Valley		07/11/08		3.69	%		25,530
Grand Teton		07/11/08		3.69	%		27,354
Mayfair		07/11/08		3.17	%		185,783
Salem Center		07/11/08		3.69	%		26,442
Pioneer Place *		08/01/08		6.77	%		169,000
Foothills *		09/01/08		6.63	%		43,325
Northtown Mall		09/01/08		6.77	%		75,650
Spring Hill *		10/01/08		6.61	%		81,444
Pierre Bossier *		10/11/08		6.54	%		37,130
Tucson Mall		10/11/08		4.35	%		123,014
Bayside		11/01/08		6.00	%		55,526
Southwest Plaza *		11/01/08		6.54	%		76,159
Birchwood *		11/11/08		6.72	%		39,982
Mall of the Bluffs *		11/11/08		6.72	%		39,982
Oakwood *		11/11/08		7.97	%		53,309
Chico Mall		02/11/09		4.88	%		59,300
Jordan Creek		03/01/09		4.66	%		193,733
Southland		03/01/09		3.70	%		85,478
Prince Kuhio		04/01/09		3.56	%		39,827
JP Comm Sr. Austin Bluffs		04/09/09		4.67	%		2,451
JP Comm Sr. Division Crossing		04/09/09		4.49	%		5,648
JP Comm Sr. Fort Union		04/09/09		4.59	%		2,948
JP Comm Sr. Halsey Crossing		04/09/09		4.57	%		2,764
JP Comm Sr. Orem Plaza Center St		04/09/09		4.60	%		2,635
JP Comm Sr. Orem Plaza State St		04/09/09		4.72	%		1,631
JP Comm Sr. Riverpointe Plaza		04/09/09		4.55	%		4,082
JP Comm Sr. Riverside Plaza		04/09/09		4.52	%		5,841
JP Comm Sr. Woodlands Village		04/09/09		4.50	%		7,463
Town East		04/11/09		3.56	%		110,957
Grand Canal Shoppes		05/01/09		4.86	%		410,778
Coastland *		06/01/09		6.72	%		100,925
The Crossroads (MI)		06/01/09		7.53	%		41,397
Woodbridge Corporation		06/01/09		4.35	%		217,513
Apache *		08/01/09		7.05	%		51,647
Village of Cross Keys *		08/01/09		7.04	%		11,712
Cumberland *		08/10/09		7.14	%		161,806

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(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.

29

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

FIXED RATE

Loan	Maturity Date		Rate (a)			Total Debt
						Balance
Secured Asset Loans Cont.
Oakview *		10/01/09		7.17	%	$	118,248
Baybrook *		11/01/09		6.66	%		153,420
Coral Ridge *		11/01/09		6.15	%		102,705
Governor’s Square *		12/01/09		7.66	%		61,392
Lakeside Mall		12/01/09		4.37	%		188,554
Mall St Matthews		01/01/10		4.90	%		150,549
North Star		01/01/10		4.53	%		242,932
Ward Centre & Ward Entertainment		01/01/10		4.39	%		60,938
Park Place		01/11/10		5.24	%		183,530
Visalia		01/11/10		3.88	%		44,801
Lansing *		01/15/10		9.35	%		26,469
Pecanland		03/01/10		4.39	%		61,811
Southland		03/05/10		5.16	%		113,099
Providence Place		03/11/10		5.22	%		370,808
Ridgedale		04/01/10		4.96	%		185,368
West Valley		04/01/10		3.52	%		60,982
Pioneer Place *		04/27/10		10.02	%		1,217
Peachtree		06/01/10		5.20	%		93,011
Coronado		06/06/10		5.18	%		175,249
La Cantera		06/06/10		5.31	%		132,856
Maine		06/11/10		4.92	%		224,946
Burlington		07/01/10		5.50	%		31,500
Glenbrook		07/01/10		5.01	%		184,179
Regency Square		07/01/10		3.67	%		99,061
St. Louis Galleria		07/05/10		4.94	%		246,818
Lynnhaven		07/06/10		5.18	%		246,035
Boise Towne Plaza		07/09/10		4.88	%		11,431
JP Comm Jr. Gateway Crossing		07/09/10		4.80	%		15,945
JP Comm Jr. Univ. Crossing		07/09/10		4.81	%		11,904
Crossroads Center (MN)		08/01/10		4.87	%		87,945
70 Columbia Corporate Center *		10/01/10		10.15	%		20,063
Park City		10/01/10		5.29	%		155,556
Staten Island *		10/01/10		6.52	%		159,950
Fashion Place		10/05/10		5.41	%		149,649
110 North Wacker		10/11/10		5.10	%		47,211
Chapel Hills		10/11/10		5.15	%		120,009
Gallery at Harborplace		12/01/10		8.00	%		66,658
Rogue Valley		01/11/11		7.96	%		27,191
Westlake Center		02/01/11		8.00	%		67,184
Boise Towne Square		02/10/11		6.74	%		73,571
10000 West Charleston *		03/01/11		7.88	%		22,566
Beachwood Place		03/07/11		5.73	%		247,973
Capital Mall		04/01/11		7.52	%		21,000
Eden Prairie		04/01/11		4.79	%		83,388
Gateway		04/01/11		7.48	%		41,156
Greenwood		04/01/11		7.47	%		46,206
Mall of Louisiana		04/01/11		5.92	%		238,000
Northridge Fashion *		07/01/11		7.24	%		131,160
RiverTown *		07/01/11		7.57	%		122,302
Willowbrook Mall *		07/01/11		6.92	%		164,492
Collin Creek Mall		07/10/11		6.87	%		69,513
Ala Moana		09/01/11		5.67	%		1,500,000
Bayshore *		09/01/11		7.25	%		32,214
Eastridge (CA)		09/01/11		5.90	%		170,000
Stonestown		09/01/11		5.89	%		273,000
Victoria Ward		10/06/11		5.71	%		157,000
Augusta Mall *		11/01/11		5.50	%		175,000
One Owings Mills *		12/01/11		8.50	%		5,909
Eastridge (WY )		12/05/11		5.19	%		40,711
Pine Ridge		12/05/11		5.22	%		27,448
Red Cliffs		12/05/11		5.25	%		26,088

(a) Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

30

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

FIXED RATE

Loan	Maturity Date		Rate (a)			Total Debt
						Balance
Secured Asset Loans Cont.
Three Rivers		12/05/11		5.23	%	$	22,347
Hulen Mall		12/07/11		5.14	%		117,532
Streets at Southpoint		04/06/12		5.45	%		249,358
Oviedo		05/05/12		5.24	%		53,795
Sikes Senter		06/01/12		5.32	%		63,672
Oglethorpe		07/01/12		4.99	%		146,936
Valley Plaza		07/11/12		3.98	%		100,359
Corporate Pointe *		09/11/12		6.83	%		9,356
Grand Traverse		10/01/12		5.11	%		88,526
Faneuil Hall		04/01/13		5.66	%		97,201
The Meadows		05/01/13		5.57	%		106,916
Oxmoor		06/01/13		6.95	%		58,713
Senate Plaza		07/01/13		5.79	%		12,425
The Boulevard		07/01/13		4.36	%		113,031
1160/80 Town Center *		07/15/13		6.99	%		9,901
Four Seasons		12/11/13		5.68	%		106,162
Valley Hills		03/05/14		4.82	%		59,374
Bayside Bond		07/01/14		6.00	%		8,425
Paramus Park		10/01/15		4.97	%		108,143
Eagle Ridge		10/11/15		5.53	%		49,244
Knollwood		10/11/15		5.47	%		41,357
Bellis Fair *		02/15/16		7.34	%		65,569
Lakeview Square		03/01/16		5.92	%		42,628
Country Hills		06/01/16		6.23	%		13,923
Northgate		09/01/16		6.00	%		46,365
Piedmont		09/05/16		6.10	%		34,900
New Orleans Riverwalk *		01/01/17		9.95	%		11,869
Baltimore Center Garage *		06/01/18		6.05	%		18,953
10450 West Charleston *		01/01/19		6.84	%		5,279
New Orleans Riverwalk		12/01/22		11.53	%		41,000
Two Willow		12/01/22		10.08	%		(39,800	)
Providence Place Pilot *		07/01/28		7.76	%		48,929
Provo Land Loan *		08/01/95		10.00	%		2,250
Houston Land Notes *		2017-2033		6.50	%		28,160
Corporate Debt
New Orleans Riverwalk *		01/24/07		11.45	%		3
JP Realty Public Notes Series C *		03/11/07		7.29	%		25,000
TRCLP Public Indenture *		03/13/07		8.78	%		1,000
TRCLP 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		9.03	%		270
Houston LP		05/05/08		4.82	%		13,457
Princeton Land		07/01/08		3.04	%		7,140
Princeton Land East *		07/01/08		3.00	%		6,860
TRCLP Property Note *		11/30/08		6.94	%		58,000
TRCLP Public Indenture *		03/15/09		3.63	%		400,000
TRCLP Public Indenture *		04/30/09		8.00	%		200,000
TRCLP Public Indenture *		09/15/12		7.20	%		400,000
TRCLP Senior Notes *		05/01/13		6.87	%		797,741
TRCLP Public Indenture *		11/26/13		5.38	%		450,000
Swaps (b)
Credit Agreement Swaps		02/15/07		5.44	%		625,000
Total Consolidated Fixed Rate Debt						$	17,596,662

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(b)	Variable rate debt converted to fixed rate debt through use of interest rate swaps.

31

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

VARIABLE RATE

Loan	Maturity Date		Rate (a)(b)			Total Debt Balance
Secured Asset Loans
Columbia Mall Mezz *		06/01/09		7.09	%	$	185,000
Arizona Retail		03/01/10		7.38	%		5,850
Westlake Land		11/02/21		11.41	%		2,437
Unsecured Asset Loans
Credit Agreement Term Loan		02/24/11		6.94	%		2,225,000
Credit Agreement Revolver		02/24/11		6.89	%		60,000
Trust Preferred Shares		04/30/36		7.12	%		206,200
Total Consolidated Variable Rate Debt						$	2,684,487
Total Consolidated Debt & Swaps				5.82	%	$	20,281,149

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(b)	Reflects the variable contract rate as of December 31, 2006.

32

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

FIXED RATE

								Company ProRata
Loan	Maturity Date		Rate (a)			Total Debt		Share
CMBS
13 Affiliates (b)		11/15/07		5.42	%	$	138,635	$	70,704
Secured Asset Loans
Woodlands Community		06/01/07		5.66	%		1,851		972
Park Meadows *		10/01/07		7.72	%		133,214		46,625
Columbiana		05/11/08		4.26	%		67,489		33,744
Quail Springs		06/01/08		6.98	%		40,235		20,118
Neshaminy *		07/01/08		6.76	%		60,000		15,000
Woodlands Community		07/25/08		4.81	%		3,858		2,025
Altamonte *		09/01/08		6.55	%		110,359		55,179
Chula Vista		10/01/08		4.24	%		61,418		30,709
Towson Town Center		11/10/08		6.84	%		132,727		46,454
Woodlands Community		02/28/09		3.80	%		300		158
Deerbrook		03/01/09		3.58	%		79,137		39,568
Perimeter Shopping Center *		05/01/09		6.77	%		121,323		60,662
Mizner Park		07/01/09		5.15	%		59,758		29,879
Steeplegate		08/01/09		5.08	%		81,123		40,561
The Parks at Arlington *		09/01/09		7.04	%		142,795		71,397
Carolina Place		01/11/10		4.70	%		163,952		81,976
Alderwood		07/06/10		5.03	%		296,873		148,436
Christiana Mall *		08/01/10		4.61	%		117,284		58,642
Water Tower Place		09/01/10		5.04	%		178,875		98,381
Woodlands Community		09/01/10		7.22	%		14,400		7,560
Newgate		10/01/10		4.96	%		42,826		21,413
Whalers		11/06/10		5.63	%		108,441		66,542
Kenwood Towne Centre		12/01/10		5.58	%		244,833		172,271
Newpark		02/01/11		7.58	%		70,566		35,283
North Point		04/01/11		5.58	%		222,910		111,455
Willowbrook *		04/01/11		6.99	%		94,817		47,409
Vista Ridge *		04/11/11		6.89	%		83,730		41,865
Silver City Galleria		06/10/11		4.94	%		134,925		67,463
The Woodlands		06/11/11		6.02	%		240,000		120,000
Austin Mall (Highland)		07/10/11		6.92	%		66,744		33,372
Galleria at Tyler *		08/01/11		5.33	%		250,000		125,000
Village of Merrick Park		08/06/11		5.94	%		194,257		77,703
Northbrook Court *		09/01/11		7.17	%		92,059		46,030
Montclair		09/11/11		5.88	%		265,000		132,500
Tysons Galleria		09/11/11		5.84	%		255,000		127,500
Arrowhead *		10/01/11		6.90	%		79,725		13,286
First Colony *		10/01/11		5.67	%		194,613		97,306
Riverchase		10/01/11		5.80	%		305,000		152,500
Natick Mall		10/07/11		5.74	%		350,000		175,000
Pinnacle Hills		12/08/11		5.76	%		140,000		70,000
Buckland Hills		07/01/12		5.01	%		171,448		85,724
Florence		09/10/12		5.04	%		100,177		70,713
Glendale Galleria		10/01/12		5.01	%		393,334		196,667
Oakbrook *		10/01/12		5.12	%		224,666		113,479
Stonebriar		12/11/12		5.33	%		174,255		87,128
Bridgewater Commons *		01/01/13		5.27	%		141,065		49,373
Pembroke		04/11/13		5.06	%		136,005		68,003
West Oaks		08/01/13		5.36	%		72,696		36,348
Moreno Valley		09/11/13		6.07	%		88,000		44,000
Lakeland		10/01/13		5.24	%		57,254		28,627
Bay City		12/01/13		5.44	%		25,102		12,551
Washington Park		04/01/14		5.56	%		12,575		6,288
Brass Mill		04/11/14		4.63	%		131,723		65,861
CenterPointe Village *		01/01/17		6.38	%		14,088		7,044
Trails Village Center *		07/10/23		8.24	%		17,056		8,528
Lake Meade Blvd & Buffalo *		07/15/23		7.29	%		6,260		3,130
Total Unconsolidated Fixed Rate Debt								$	3,576,112

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(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.

33

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

VARIABLE RATE

Loan	Maturity Date		Rate (a)(c)			Total Debt		Company ProRata Share
Secured Asset Loans
Brazil Aliansce		2007-2010		17.44	%	$	17,871	$	9,002
Woodlands Community		01/24/07		8.36	%		101		53
Clackamas *		09/09/07		6.65	%		95,000		49,751
Woodlands Community *		11/01/07		8.25	%		3,055		1,604
Woodlands Community *		01/01/08		8.47	%		7,315		3,840
Woodlands Community		02/28/08		8.21	%		60,000		31,500
Woodlands Community *		07/01/08		7.75	%		818		429
Superstition Springs		09/09/08		6.55	%		67,500		11,250
Woodlands Community		12/19/08		6.79	%		9,538		5,007
Woodlands Community *		04/01/09		6.70	%		1,540		809
Woodlands Community *		06/01/09		6.70	%		3,001		1,576
Woodlands Credit Agreement		08/29/09		7.40	%		291,539		153,058
Woodlands Marriott Hotel		03/11/10		7.35	%		50,000		26,250
Woodlands Community		08/01/17		5.42	%		2,740		1,439
Total Unconsolidated Variable Rate Debt								$	295,568
Total Unconsolidated Debt				5.76	%			$	3,871,680
Total Debt & Swaps				5.81	%			$	24,152,829

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(b)	Variable rate debt converted to fixed rate debt through use of interest rate swaps.
(c)	Reflects the variable contract rate as of December 31, 2006.

34

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)
AS OF DECEMBER 31, 2006

	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
	Properties			Properties			Portfolio (c)
OPERATING STATISTICS (b)
Occupancy		93.4	%		94.2	%		93.6	%
Trailing 12 month total tenant sales per sq. ft. (d)	$	443		$	473		$	453
% change in total sales (d)		5.6	%		4.5	%		5.2	%
% change in comparable sales (d)		2.5	%		2.6	%		2.5	%
Mall and freestanding GLA (in sq. ft.)		42,818,331			19,038,590			61,856,921
CERTAIN FINANCIAL INFORMATION
Average annualized in place rent per sq. ft.	$	34.29		$	37.30
Average rent per sq. ft. for new/renewal leases	$	34.99		$	39.76
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) (e)		6.6	%		11.7	%

(a)	Excludes all International operations which combined represent less than 1% of segment basis real estate property net operating income.
(b)	Data is for 100% of the mall and freestanding 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-retail) properties.
(c)	Data presented in the column “Company Retail Portfolio” are weighted average amounts.
(d)	Due to tenant sales reporting timelines, data presented is as of November.
(e)	Comparable properties are those properties that have been owned and operated for the entire time during the comparable accounting periods, and excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

	Percent of Minimum
	Rents, Tenant
TOP TEN LARGEST TENANTS (COMPANY RETAIL PORTFOLIO)	Recoveries and Other
Tenant (including subsidiaries)
Limited Brands, Inc.		4.2	%
Gap, Inc.		3.0
Foot Locker, Inc.		2.2
Abercrombie & Fitch Co.		1.9
Federated Department Stores, Inc.		1.6
Zale Corporation		1.2
American Eagle Outfitters, Inc.		1.1
The Children’s Place Retail Stores, Inc.		1.1
Luxottica Group S.P.A.		1.0
JCPenney Company, Inc.		1.0

35

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

GLA as of December 31, 2006

						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		65,824,353			514,253		44,430,203			347,111		110,254,556
Unconsolidated		35,711,335			649,297		20,606,503			374,664		56,317,838
Company		101,535,688			554,840		65,036,706			355,392		166,572,394
% of Total		61.0	%				39.0	%				100	%

Occupancy History

	Consolidated			Unconsolidated			Company
12/31/2006		93.4	%		94.2	%		93.6	%
12/31/2005		92.1	%		93.5	%		92.5	%
12/31/2004		92.1	%		91.9	%		92.1	%
12/31/2003 (b)		91.2	%		91.4	%		91.3	%
12/31/2002 (b)		90.5	%		91.5	%		91.0	%

Trailing 12 Month Total Sales per Square Foot

	Consolidated		Unconsolidated		Company
12/31/2006	$	443	$	473	$	453
12/31/2005		428		455		437
12/31/2004		402		427		410
12/31/2003 (b)		337		376		351
12/31/2002 (b)		329		379		355

Base Rental Rates

	New/Renewals		Expirations		Releasing
	During Period		During Period		Spread
Consolidated
12/31/2006	$	34.99	$	30.16	$	4.83
12/31/2005		37.72		29.63		8.09
12/31/2004		33.53		25.69		7.84
12/31/2003 (b)		31.83		22.16		9.67
12/31/2002 (b)		34.11		27.35		6.76
Unconsolidated
12/31/2006	$	39.76	$	33.59	$	6.17
12/31/2005		40.48		32.31		8.17
12/31/2004		36.45		32.35		4.10
12/31/2003 (b)		34.71		31.29		3.42
12/31/2002 (b)		37.80		32.03		5.77

Average in Place Base Minimum Rent

	Consolidated		Unconsolidated
12/31/2006	$	34.29	$	37.30
12/31/2005		33.29		36.25
12/31/2004		32.71		35.67
12/31/2003 (b)		28.37		32.63

Occupancy Cost as a % of Sales

	Consolidated			Unconsolidated			Company
12/31/2006		12.6	%		12.4	%		12.5	%
12/31/2005		12.1	%		11.7	%		12.0	%
12/31/2004		12.5	%		13.0	%		12.7	%
12/31/2003 (b)		11.4	%		12.4	%		11.8	%

(a)	Excludes all International operations which combined represent less than 1% of segment basis real estate property net operating income.
(b)	Data excludes the TRCLP portfolio, acquired November 12, 2004.

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

	December 31, 2006					December 31, 2005
	YTD		% of Total			YTD		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	839,177		36.5	%	$	754,721		35.2	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		285,259		12.5	%		263,040		12.2	%
South Central
Arkansas, Louisiana, Oklahoma, Texas		267,014		11.7	%		233,121		10.8	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		618,489		27.0	%		627,385		29.2	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		269,759		11.8	%		259,394		12.1	%
Corporate and Other (a)		11,267		0.5	%		11,267		0.5	%
TOTAL (b)	$	2,290,965		100.0	%	$	2,148,928		100.0	%

Real Estate NOI by Geographic Area at Share
for the Twelve Months Ended 12/31/06

(a)	Represents International and items that are included in the Total Retail and Other NOI line item that are not specifically related to operations.
(b)	Excludes Master Planned Communities.

37

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

Lease Expiration Schedule (a) (b)

	Consolidated						Unconsolidated at Share (c)
			Square						Square
	Base Rent		Footage		Rent/Sq. Ft.		Base Rent		Footage		Rent/Sq. Ft.
2007	$	89,989		3,028	$	29.72	$	22,184		682	$	32.53
2008		106,906		3,324		32.16		24,570		685		35.87
2009		120,032		3,145		38.17		22,522		575		39.17
2010		128,597		3,440		37.38		27,316		631		43.29
2011		102,124		2,610		39.13		29,268		678		43.17
2012		108,073		2,593		41.68		27,073		588		46.04
2013		87,044		2,006		43.39		26,547		612		43.38
2014		87,285		2,127		41.04		24,494		566		43.28
2015		104,931		2,491		42.12		34,529		765		45.14
2016		102,661		2,295		44.73		35,852		746		48.06
Subsequent		46,205		1,219		37.90		18,672		505		36.97
Total at Share	$	1,083,847		28,278	$	38.33	$	293,027		7,033	$	41.66
All Expirations	$	1,083,847		28,278	$	38.33	$	606,225		14,537	$	41.70

Retail Lease Termination Income at Share

	Three Months Ended				Year to Date
	December 31,				December 31,
	2006		2005		2006		2005
Consolidated	$	2,450	$	3,459	$	23,045	$	14,534
Unconsolidated		1,312		694		8,145		3,085
Total Termination Income at Share	$	3,762	$	4,153	$	31,190	$	17,619

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

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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	Q2 2007
Boise Towne Square      Boise, ID	Main entrance renovation and streetscape expansion, Borders, retail tenants and a restaurant		100	%		13.7	Q2 2007
Carolina Place      Pineville, NC	Lifestyle addition including an REI, 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, parking structure and theater		50	%		58.5	Q1 2008
Coastland Center      Naples, FL	Streetscape and interior renovation		100	%		44.5	Q2 2007
Galleria at Tyler      Riverside, CA	Addition of retail, restaurants, theater and parking structure		50	%		35.1	Q4 2007
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	Q3 2007
	Lifestyle addition		100	%		12.8	Q4 2007
Park Meadows      Littleton, CO	Demolish Lord & Taylor building and develop new lifestyle village with four new restaurants		35	%		29.5	Q2 2008
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	Q2 2008
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	Addition of Whole Foods and other retail space as well as a parking structure		100	%		131.8	Q4 2008

39

GENERAL GROWTH PROPERTIES, INC.
DEVELOPMENTS & EXPANSIONS

New Projects Under Construction

		Forecasted
		Cost ($millions at		Projected
Property	Description	share)		Opening
Bangu      Rio de Janeiro, Brazil	530 thousand sf regional shopping center with anchors, mall shop and restaurants	$	12.6	Q4 2007
Espark      Eskisehir, Turkey	430 thousand sf vertical four-story shopping center with more than 150 shops and restaurants, a multiplex cinema and anchors		26.3	Q4 2007
Gateway Overlook      Columbia, MD	New development which includes shops, big box, and restaurants		59.7	Q2 2007
Natick West      Natick, MA	Expansion of existing Natick Mall to include two new anchors and 328 thousand sf of mall shop		214.7	Q3 2007
	Nouvelle at Natick — luxury condominiums		167.7	Q1 2008
Parke West      Peoria, AZ	350 thousand sf development with a theater and restaurants		104.5	Q4 2007
RiverCrossing      Macon, GA	Development of a 750 thousand sf center		53.0	Q2 2008
Santana      Santana (Sao Paulo), Brazil	327 thousand sf regional shopping center with anchors, mall shop and restaurants		11.9	Q4 2007
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	Q1 2008
Vista Commons      Las Vegas, NV	99 thousand sf neighborhood shopping center in Summerlin		19.3	Q3 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	Mixed use development on a 238 acre site		100	%	Q2 2010
Bridges at Mint Hill      Charlotte, NC	Development anchored by Belks and two other department stores		100	%	Q2 2009
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	%	Q3 2009
Elk Grove Promenade      Elk Grove, CA	1.1 million sf open air lifestyle center with retail, entertainment and big box components		100	%	Q4 2008
Pinnacle Hills South      Rogers, AR	Target, restaurants and hotel development		50	%	Q3 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	%	Q3 2008
Summerlin Centre      Las Vegas, NV	107 acre development with open air retail, residential, office and a hotel		100	%	Q2 2009

Developments In Progress ($ millions at share)

Consolidated	$	673.9
Unconsolidated		283.7
Total Developments In Progress at December 31, 2006	$	957.6

40