General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Nine Months Ended September 30, 2007

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
September 30, 2007
Table of Contents

All information included in this supplemental package is unaudited and is as of September 30, 2007, 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
Third Quarter 2007 Earnings Announcement	4 - 15
Supplemental Financial Data*	16 - 35
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 - 23
Capital Information	24
Changes in Total Common & Equivalent Shares	25
Common Dividend History	26
Debt Maturity and Current Average Interest Rate Summary	27
Summary of Outstanding Debt	28 - 35
Supplemental Operational Data	36 - 39
Operating Statistics, Certain Financial Information & Top Tenants	36
Retail Portfolio GLA, Occupancy, Sales & Rent Data	37
Real Estate Net Operating Income by Geographic Area at Share	38
Lease Expiration Schedule and Lease Termination Income at Share	39
Expansions, Re-developments & New Developments	40 - 42

* The supplemental financial data should be read in conjunction with the company’s third quarter 2007 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 data.

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 one of the largest U.S.-based publicly traded real estate investment trusts (REIT) at approximately $42.9 billion in total market capitalization.  General Growth has ownership interests in or management responsibility for a portfolio of approximately 200 regional shopping malls in 45 states, as well as ownership and management interests in shopping centers in Brazil and Turkey and ownership interests in master-planned community developments and commercial office centers in the U.S.  The Company’s portfolio totals approximately 200 million square feet and includes more than 24,000 retail stores.

Since going public in 1993, GGP has provided a total return CAGR of more than 20%, including the highest per share Funds From Operations (FFO) growth in the regional mall sector, 14.5% on a compounded annualized basis through 2006. Average occupancy at September 30, 2007 was 93.2% and sales per square foot were $461. 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 own approximately 25% of the Company.

Corporate Overview

The corporate mission of GGP is to create value and profit by acquiring, developing, renovating, and managing regional malls in major and middle markets throughout the United States. The Company provides investors an opportunity to participate in the ownership of high quality income producing real estate while maintaining liquidity. The Company’s primary objective is to provide increasing dividends and capital appreciation for its shareholders.

Stock Listing

Common Stock
NYSE: GGP

Calendar of Events

Quarter End — Fourth Quarter 2007	December 31, 2007
Earnings Release — After the Market Close	February 11, 2008
Quarterly Conference Call — 8:00 am CST	February 12, 2008

Current Dividend

GGP declared its fourth dividend for 2007 in the amount of $0.50 per share, payable to common stockholders of record on October 17, 2007, with payment on October 31, 2007. The current dividend represents an increase of 11% over the dividend of $0.45 per share paid for the same period last year. Consistent with prior years, GGP has completed its annual review of its dividend payment. 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.

Investor Relations  

Tim Goebel
Director, Investor Relations
General Growth Properties
110 North Wacker Drive
Chicago, IL 60606
Phone (312) 960-5199
Fax (312) 960-5475
tgoebel@ggp.com

Transfer Agent

Mellon Investor Services, LLC
Shareholder Relations
P.O. Box 3315
South Hackensack, NJ 07606
(888) 395-8037
(201) 329-8660

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 September 30, 2007

Total Market Capitalization - As Measured by Stock Price (dollars in thousands)			September 30, 2007
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)			$	26,891,645
Perpetual Preferred Units
Perpetual Preferred Units at 8.25%	$	5,000
Convertible Preferred Units
Convertible Preferred Units at 6.50%		26,637
Convertible Preferred Units at 7.00%		25,133
Convertible Preferred Units at 8.50%		64,239
		116,009
Other Preferred Stock		406
Total Preferred Securities			$	121,415
Common Stock and Common Operating Partnership Units
Stock market value of 243.8 million shares of common stock and 51.8 million shares of operating partnership units (which are redeemable for an equal number of shares of common stock) — outstanding at end of period (b)			$	15,852,714
Total Market Capitalization at end of period			$	42,865,774

(a)	Excludes special improvement districts liability of $72.5 million, minority interest adjustment of $65.7 million and purchase accounting mark-to-market adjustments of $73.3 million.
(b)	Net of 1.8 Million Treasury Shares.

2

Research Coverage

The following alphabetical list of research coverage by company and related contact information is included for informational purposes only. GGP 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.	Mark Hoffmeister	(314) 955-5784
	David L. AuBuchon	(314) 955-5452
Banc of America Securities	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	John Stewart	(212) 538-3183
	Michael Gorman	(212) 538-4357
Deutsche Bank	Louis Taylor	(212) 250-4912
	Christeen Kim	(212) 250-6771
Friedman Billings Ramsey	Paul Morgan	(703) 469-1255
	Tom Barry	(703) 875-1401
Goldman, Sachs & Co.	Jay Habermann	(917) 343-4260
	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	Jeff Spector	(212) 713-6144
Wachovia Capital Markets, LLC	Jeff Donnelly	(617) 603-4262
	Rob Laquaglia	(617) 603-4263

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Third Quarter Earnings Announcement

October 31, 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. Reports

Significantly Improved Operating Results for the Third Quarter 2007

Chicago, Illinois, October 31, 2007 — General Growth Properties, Inc. (NYSE: GGP) today announced its results of operations for the third quarter 2007. Core Funds From Operations (Core FFO) per fully diluted share for the third quarter of 2007 were $0.80 and Core FFO per fully diluted share for the comparable period in 2006 was $0.63. Fully diluted Funds From Operations (FFO) per share were $0.83 for the third quarter of 2007, as compared to $0.65 of FFO per fully diluted share reported in the comparable period of 2006. Earnings per share – diluted (EPS) were $0.09 and a loss of $0.03, respectively, for the third quarters of 2007 and 2006.

“Record levels of occupancy, sales per square foot and total net operating income were achieved this quarter,” said John Bucksbaum, CEO of GGP. “Well located and effectively leased malls continue to produce robust increases in operating cash flow.”

FINANCIAL AND OPERATIONAL HIGHLIGHTS

§

Core FFO is defined as Funds From Operations excluding the Real Estate Property Net Operating Income (NOI) from the Master Planned Communities segment and the provision for income taxes. Core FFO for the third quarter of 2007 was $237.8 million or $0.80 per fully diluted share as compared to $186.8 million or $0.63 per fully diluted share in the third quarter of 2006. Straight-line rent resulted in approximately $10.6 million or $0.04 of Core FFO per fully diluted share in the third quarter of 2007, versus $15.8 million or $0.05 of Core FFO per fully diluted share in the same period of 2006.

§

FFO per fully diluted share increased to $0.83 in the third quarter of 2007 from $0.65 in the third quarter of 2006. Total Funds From Operations for the quarter were $245.6 million, an increase of approximately $53.8 million, or approximately 28.0%,

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	from $191.8 million in the third quarter of 2006, primarily as a result of significantly higher operating income in 2007 in both our operating segments as detailed below in our segment results.
§	EPS in the third quarter of 2007 were $0.09, a $0.12 increase from the comparable 2006 quarter. The higher operating income, as described above and in the segment results below, was partially offset by higher net interest costs in 2007. The increase in such interest costs is primarily due to increased debt levels, incurred primarily for the acquisition or construction and renovation of currently operating properties.
§	Core FFO per share guidance As previously indicated, 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 benefit / 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, cannot be accurately estimated 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. We currently project 2007 Core FFO per share to be in the range of $3.26 to $3.29 per share, approximately 10% to 11% above the Core FFO per share amount of $2.96 for 2006.

SEGMENT RESULTS

Retail and Other Segment

§

Real estate property net operating income (NOI) for the Retail and Other Segment increased to $615.6 million for the third quarter of 2007, 12.6% above the $546.6 million reported for the third quarter of 2006. The majority of such increase in NOI for 2007 is increased minimum rents and tenant recovery revenues due to expansions and new property openings since the third quarter of 2006, as well as increased aggregate tenant charges on renewals.

§

Revenues from consolidated properties were $781.1 million for the third quarter of 2007, an increase of 17.0% compared to $667.8 million for the same period in 2006. The majority of such increase is due to the acquisition of our venture partner’s interest in the Homart I properties.

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§	Revenues from unconsolidated properties, at the Company’s ownership share, for the quarter declined 14.9% to $145.8 million, compared to $171.3 million in the third quarter of 2006. The decline in revenues for the third quarter of 2007 as compared to 2006 is due to the acquisition of our venture partner’s interest in the Homart I properties.
§	Comparable NOI from consolidated properties in the third quarter of 2007 increased by 4.9% compared to the same period last year.
	Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 10.1% compared to the third quarter of 2006.
§	Retail Center occupancy was 93.2% at September 30, 2007 as compared to 92.4% at September 30, 2006.
§	Sales per square foot for third quarter 2007 (on a trailing 12 month basis) were $461 versus $450 in the third quarter of 2006.

Master Planned Communities Segment

§

NOI for the third quarter of 2007 for the Master Planned Communities segment was $11.0 million for consolidated properties and $11.5 million for our share of unconsolidated properties as compared to $11.4 million and $5.1 million, respectively, in 2006.

§

Land sale revenues for the third quarter of 2007 were $54.2 million for consolidated properties and $33.5 million for our share of unconsolidated properties, compared to $47.8 million and $21.6 million, respectively, for the third quarter of 2006. Although land sale revenues for third quarter 2007 exceeded the 2006 amounts, the sales pace of residential land has declined significantly (as reflected in a comparison of the nine month total segment revenue amounts). We currently expect a virtual absence of demand for residential land to continue for the balance of 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 Thursday, November 1, 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 one of the largest U.S.-based publicly traded Real Estate Investment Trusts (REIT) based upon market capitalization. The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals

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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) AND CORE 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. However, we believe that Funds From Operations is a less meaningful supplemental measure for the Master Planned Communities segment of our business. Funds From Operations does not facilitate an understanding of the operating performance of the Master Planned Communities segment of our 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. In addition, the Master Planned Communities segment of our business is operated within taxable REIT subsidiaries and therefore our income tax expense is largely attributable to this segment of the business. To isolate these parts of the Company from the Retail and Other segment for which Funds From Operations is a relevant measure of operating performance, the Company also uses Core FFO as an operating measure. Core FFO is defined as Funds From Operations excluding the Real Estate Property Net Operating Income from the Master Planned Communities segment and the provision for income taxes.

In order to provide a better understanding of the relationship between Core FFO, Funds From Operations and GAAP net income, a reconciliation of Core FFO and Funds from Operations to GAAP net income has been provided. Neither Core FFO nor Funds From Operations represent cash flow from operating activities in accordance with GAAP, neither should be considered as an alternative to GAAP net income and neither is necessarily indicative of cash available to fund cash needs. In addition, the Company has presented Funds From Operations on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of

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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 Funds From Operations 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 Funds From Operations 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.

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

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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 an additional representation of the relative size and significance of the elements of the Company’s overall operations.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements, including our 2007 Core FFO per fully diluted share guidance. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of 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 our 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						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Funds From Operations (“FFO”)
Company stockholders	$	202,479		$	157,464		$	780,464		$	493,209
Operating Partnership unitholders		43,077			34,370			167,035			107,899
Operating Partnership	$	245,556		$	191,834		$	947,499		$	601,108
Increase (decrease) in FFO over comparable prior year period		28.0	%		(7.9	)%		57.6	%		(3.9	)%
FFO per share:
Company stockholders — basic	$	0.83		$	0.65		$	3.20		$	2.05
Operating Partnership — basic		0.83			0.65			3.20			2.05
Operating Partnership — diluted		0.83			0.65			3.19			2.04
Increase (decrease) in diluted FFO over comparable prior year period		27.7	%		(8.5	)%		56.4	%		(4.7	)%
Core Funds From Operations (“Core FFO”)
Core FFO	$	237,837		$	186,762		$	646,813		$	579,911
Core FFO per share — diluted		0.80			0.63			2.18			1.97
Increase (decrease) in Core FFO over comparable prior year period		27.3	%		(7.1	)%		11.5	%		(2.3	)%
Dividends
Dividends paid per share	$	0.45		$	0.41		$	1.35		$	1.23
Payout ratio (% of diluted FFO paid out)		54.2	%		63.1	%		42.3	%		60.3	%
Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	526,894		$	441,669		$	1,440,556		$	1,328,922
Unconsolidated		88,753			104,947			314,089			320,896
Total Retail and Other		615,647			546,616			1,754,645			1,649,818
Master Planned Communities:
Consolidated		11,029			11,408			21,266			57,964
Unconsolidated		11,480			5,060			25,041			15,909
Total Master Planned Communities		22,509			16,468			46,307			73,873
Total Real estate property net operating income	$	638,156		$	563,084		$	1,800,952		$	1,723,691

	September 30,		December 31,
	2007		2006
Selected Balance Sheet Information
Cash and cash equivalents	$	48,294	$	97,139
Investment in real estate:
Net land, buildings and equipment	$	22,059,415	$	19,564,992
Developments in progress		1,031,879		673,900
Net investment in and loans to/from Unconsolidated Real Estate Affiliates		1,724,361		1,326,615
Investment land and land held for development and sale		1,740,089		1,655,838
Net investment in real estate	$	26,555,744	$	23,221,345
Total assets	$	28,522,576	$	25,241,445
Mortgage, notes and loans payable	$	24,073,812	$	20,521,967
Minority interest — Preferred		121,415		182,828
Minority interest — Common		369,599		347,753
Stockholders’ equity		1,540,569		1,664,079
Total capitalization (at cost)	$	26,105,395	$	22,716,627

	Consolidated Properties						Unconsolidated Properties(a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
	Balance			Rate(d)			Balance		Rate(d)
Summarized Debt Information
Fixed rate (c)	$	20,813,400			5.50	%	$	2,731,187		5.66	%
Variable rate (c)		3,048,938			7.53			298,120		7.96
Totals	$	23,862,338	(b)		5.76	%	$	3,029,307		5.88	%

(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 $72.5 million, minority interest adjustment of $65.7 million and purchase accounting mark-to-market adjustments of $73.3 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.

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Revenues:
Minimum rents	$	509,762		$	431,852		$	1,389,235		$	1,294,635
Tenant recoveries		231,395			199,494			626,253			575,670
Overage rents		16,122			14,744			42,578			37,573
Land sales		54,188			47,768			114,111			218,023
Management and other fees		26,484			26,768			80,404			80,130
Other		26,307			25,405			80,550			78,427
Total revenues		864,258			746,031			2,333,131			2,284,458
Expenses:
Real estate taxes		68,054			57,227			180,004			166,742
Repairs and maintenance		52,624			49,122			151,514			144,939
Marketing		12,237			10,806			35,530			34,475
Other property operating costs		115,047			105,231			312,692			282,092
Land sales operations		43,159			36,360			92,845			160,059
Provision for doubtful accounts		6,275			3,762			10,066			17,081
Property management and other costs		45,252			43,895			154,841			133,524
General and administrative		4,631			5,649			20,929			14,654
Depreciation and amortization		189,436			168,624			527,844			512,342
Total expenses		536,715			480,676			1,486,265			1,465,908
Operating income		327,543			265,355			846,866			818,550
Interest income		2,027			4,027			7,004			8,717
Interest expense		(310,868	)		(284,273	)		(854,764	)		(841,677	)
Income (loss) before income taxes, minority interest and equity in income of Unconsolidated Real Estate Affiliates		18,702			(14,891	)		(894	)		(14,410	)
Benefit (provision) for income taxes		(14,293	)		(11,225	)		256,451			(52,120	)
Minority interest		(7,811	)		(4,181	)		(67,313	)		(16,043	)
Equity in income of Unconsolidated Real Estate Affiliates		24,613			22,136			71,553			71,613
Net income (loss)	$	21,211		$	(8,161	)	$	259,797		$	(10,960	)
Basic Earnings Per Share	$	0.09		$	(0.03	)	$	1.06		$	(0.05	)
Diluted Earnings Per Share		0.09			(0.03	)		1.06			(0.05	)

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

	Three Months Ended September 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	509,762		$	88,684		$	598,446
Tenant recoveries		231,395			38,444			269,839
Overage rents		16,122			1,919			18,041
Other, including minority interest		23,852			16,787			40,639
Total property revenues		781,131			145,834			926,965
Property operating expenses:
Real estate taxes		68,054			11,094			79,148
Repairs and maintenance		52,624			8,355			60,979
Marketing		12,237			2,378			14,615
Other property operating costs		115,047			34,561			149,608
Provision for doubtful accounts		6,275			693			6,968
Total property operating expenses		254,237			57,081			311,318
Retail and other net operating income		526,894			88,753			615,647
Master Planned Communities
Land sales		54,188			33,536			87,724
Land sales operations		(43,159	)		(22,056	)		(65,215	)
Master Planned Communities net operating income		11,029			11,480			22,509
Real estate property net operating income		537,923			100,233		$	638,156
Management and other fees		26,484			4,661
Property management and other costs		(19,845	)		(530	)
Headquarters/regional costs		(25,407	)		(9,362	)
General and administrative		(4,631	)		(2,342	)
Depreciation on non-income producing assets, including headquarters building		(3,015	)		—
Interest income		2,027			2,078
Interest expense		(310,868	)		(35,577	)
Provision for income taxes		(14,293	)		(497	)
Preferred unit distributions		(2,903	)		—
Other FFO from minority interest		1,389			31
FFO		186,861			58,695
Equity in FFO of Unconsolidated Properties		58,695			(58,695	)
Operating Partnership FFO	$	245,556		$	—

	Three Months Ended September 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	431,852		$	103,126		$	534,978
Tenant recoveries		199,494			47,524			247,018
Overage rents		14,744			2,438			17,182
Other, including minority interest		21,727			18,242			39,969
Total property revenues		667,817			171,330			839,147
Property operating expenses:
Real estate taxes		57,227			14,626			71,853
Repairs and maintenance		49,122			10,383			59,505
Marketing		10,806			2,738			13,544
Other property operating costs		105,231			38,287			143,518
Provision for doubtful accounts		3,762			349			4,111
Total property operating expenses		226,148			66,383			292,531
Retail and other net operating income		441,669			104,947			546,616
Master Planned Communities
Land sales		47,768			21,553			69,321
Land sales operations		(36,360	)		(16,493	)		(52,853	)
Master Planned Communities net operating income		11,408			5,060			16,468
Real estate property net operating income		453,077			110,007		$	563,084
Management and other fees		26,768			3,806
Property management and other costs		(21,223	)		(896	)
Headquarters/regional costs		(22,672	)		(10,474	)
General and administrative		(5,649	)		(1,012	)
Depreciation on non-income producing assets, including headquarters building		(3,022	)		—
Interest income		4,027			4,830
Interest expense		(284,273	)		(47,060	)
Provision for income taxes		(11,225	)		(171	)
Preferred unit distributions		(4,510	)		—
Other FFO from minority interest		1,506			—
FFO		132,804			59,030
Equity in FFO of Unconsolidated Properties		59,030			(59,030	)
Operating Partnership FFO	$	191,834		$	—

12

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

	Nine Months Ended September 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,389,235		$	309,903		$	1,699,138
Tenant recoveries		626,253			134,388			760,641
Overage rents		42,578			5,852			48,430
Other, including minority interest		72,296			61,446			133,742
Total property revenues		2,130,362			511,589			2,641,951
Property operating expenses:
Real estate taxes		180,004			40,615			220,619
Repairs and maintenance		151,514			30,116			181,630
Marketing		35,530			8,624			44,154
Other property operating costs		312,692			116,204			428,896
Provision for doubtful accounts		10,066			1,941			12,007
Total property operating expenses		689,806			197,500			887,306
Retail and other net operating income		1,440,556			314,089			1,754,645
Master Planned Communities
Land sales		114,111			69,558			183,669
Land sales operations		(92,845	)		(44,517	)		(137,362	)
Master Planned Communities net operating income		21,266			25,041			46,307
Real estate property net operating income		1,461,822			339,130		$	1,800,952
Management and other fees		80,404			12,823
Property management and other costs		(65,118	)		(2,108	)
Headquarters/regional costs		(89,723	)		(31,354	)
General and administrative		(20,929	)		(3,900	)
Depreciation on non-income producing assets, including headquarters building		(9,206	)		—
Interest income		7,004			13,801
Interest expense		(854,764	)		(138,965	)
Benefit (provision) for income taxes		256,451			(2,072	)
Preferred unit distributions		(10,016	)		—
Other FFO from minority interest		4,188			31
FFO		760,113			187,386
Equity in FFO of Unconsolidated Properties		187,386			(187,386	)
Operating Partnership FFO	$	947,499		$	—

	Nine Months Ended September 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,294,635		$	312,149		$	1,606,784
Tenant recoveries		575,670			139,977			715,647
Overage rents		37,573			6,173			43,746
Other, including minority interest		66,373			59,340			125,713
Total property revenues		1,974,251			517,639			2,491,890
Property operating expenses:
Real estate taxes		166,742			44,136			210,878
Repairs and maintenance		144,939			31,381			176,320
Marketing		34,475			9,203			43,678
Other property operating costs		282,092			110,766			392,858
Provision for doubtful accounts		17,081			1,257			18,338
Total property operating expenses		645,329			196,743			842,072
Retail and other net operating income		1,328,922			320,896			1,649,818
Master Planned Communities
Land sales		218,023			60,352			278,375
Land sales operations		(160,059	)		(44,443	)		(204,502	)
Master Planned Communities net operating income		57,964			15,909			73,873
Real estate property net operating income		1,386,886			336,805		$	1,723,691
Management and other fees		80,130			4,750
Property management and other costs		(65,062	)		(896	)
Headquarters/regional costs		(68,462	)		(26,757	)
General and administrative		(14,654	)		(2,443	)
Depreciation on non-income producing assets, including headquarters building		(9,753	)		—
Interest income		8,717			10,690
Interest expense		(841,677	)		(136,020	)
Provision for income taxes		(52,120	)		(556	)
Preferred unit distributions		(13,139	)		—
Other FFO from minority interest		4,669			—
FFO		415,535			185,573
Equity in FFO of Unconsolidated Properties		185,573			(185,573	)
Operating Partnership FFO	$	601,108		$	—

13

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

	Three Months Ended						Three Months Ended
	September 30, 2007						September 30, 2006
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	10,447		$	2,341		$	9,375		$	2,355
Straight-line rent		8,894			1,669			12,496			3,265
Other property operating costs:
Non-cash ground rent expense		(1,606	)		(193	)		(1,568	)		(165	)
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(689	)		—
Interest expense:
Mark-to-market adjustments on debt		6,436			1,082			8,327			926
Amortization of deferred finance costs		(5,558	)		(401	)		(5,023	)		(412	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		3,652			—			342			—
Write-off of deferred finance costs		(714	)		—			(1,247	)		(431	)
Totals	$	20,570		$	4,498		$	22,013		$	5,538

	Nine Months Ended						Nine Months Ended
	September 30, 2007						September 30, 2006
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	28,503		$	7,075		$	29,221		$	7,260
Straight-line rent		26,649			7,155			36,763			8,633
Other property operating costs:
Non-cash ground rent expense		(4,785	)		(577	)		(4,236	)		(594	)
Real estate taxes:
Real estate tax stabilization agreement		(2,943	)		—			(2,829	)		—
Interest expense:
Mark-to-market adjustments on debt		24,473			3,152			24,785			2,834
Amortization of deferred finance costs		(13,628	)		(1,314	)		(12,604	)		(1,387	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		3,765			—			3,485			—
Write-off of deferred finance costs		(3,102	)		—			(6,150	)		(441	)
Totals	$	58,932		$	15,491		$	68,435		$	16,305

WEIGHTED AVERAGE SHARES
(In thousands)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Basic		243,775		241,150		244,034		241,034
Diluted		244,202		241,150		244,640		241,034
Assuming full conversion of Operating Partnership units:
Basic		295,637		293,786		296,262		293,765
Diluted		296,064		294,500		296,868		294,528

14

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	638,156		$	563,084		$	1,800,952		$	1,723,691
Unconsolidated Properties		(100,233	)		(110,007	)		(339,130	)		(336,805	)
Consolidated Properties		537,923			453,077			1,461,822			1,386,886
Management and other fees		26,484			26,768			80,404			80,130
Property management and other costs		(19,845	)		(21,223	)		(65,118	)		(65,062	)
Headquarters/regional costs		(25,407	)		(22,672	)		(89,723	)		(68,462	)
General and administrative		(4,631	)		(5,649	)		(20,929	)		(14,654	)
Depreciation and amortization		(189,436	)		(168,624	)		(527,844	)		(512,342	)
Minority interest in NOI of Consolidated Properties and other		2,455			3,678			8,254			12,054
Operating income	$	327,543		$	265,355		$	846,866		$	818,550
Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income
Core FFO	$	237,837		$	186,762		$	646,813		$	579,911
Master Planned Communities net operating income		22,509			16,468			46,307			73,873
Benefit (provision) for income taxes		(14,790	)		(11,396	)		254,379			(52,676	)
Funds From Operations — Operating Partnership		245,556			191,834			947,499			601,108
Depreciation and amortization of capitalized real estate costs		(219,764	)		(202,622	)		(632,751	)		(617,035	)
Minority interest in depreciation of Consolidated Properties and other		(196	)		842			649			2,570
Minority interest to Operating Partnership unitholders		(4,385	)		1,785			(55,600	)		2,397
Net income (loss)	$	21,211		$	(8,161	)	$	259,797		$	(10,960	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	100,233		$	110,007		$	339,130		$	336,805
Net property management fees and costs		4,131			2,910			10,715			3,854
Net interest expense		(33,499	)		(42,230	)		(125,164	)		(125,330	)
Headquarters, general and administrative, income taxes and minority interest in FFO		(12,170	)		(11,657	)		(37,295	)		(29,756	)
FFO of unconsolidated properties		58,695			59,030			187,386			185,573
Depreciation and amortization of capitalized real estate costs		(33,343	)		(37,017	)		(114,113	)		(114,449	)
Other, including gain (loss) on sales of investment properties		(739	)		123			(1,720	)		489
Equity in income of unconsolidated real estate affiliates	$	24,613		$	22,136		$	71,553		$	71,613
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		295,637			293,786			296,262			293,765
Conversion of Operating Partnership units		(51,862	)		(52,636	)		(52,228	)		(52,731	)
Weighted average number of Company shares outstanding — GAAP EPS		243,775			241,150			244,034			241,034
Diluted:
Weighted average number of shares outstanding — FFO per share		296,064			294,500			296,868			294,528
Conversion of Operating Partnership units		(51,862	)		(52,636	)		(52,228	)		(52,731	)
Anti-dilutive common stock equivalents for GAAP EPS		—			(714	)		—			(763	)
Weighted average number of Company shares outstanding — GAAP EPS		244,202			241,150			244,640			241,034

15

Supplemental Financial Data

GENERAL GROWTH PROPERTIES, INC.

SUMMARY RETAINED FFO & CORE FFO

(dollars in thousands)

	Three Months			Nine Months
	Ended			Ended
	September 30, 2007			September 30, 2007
Cash From Recurring Operations
FFO — Operating Partnership	$	245,556		$	947,499
Plus (Less):
Non-FFO cash from Master Planned Communities		(10,250	)		(40,228	)
Deferred income taxes		(5,901	)		(334,701	)
Tenant allowances and capitalized leasing costs (a)		(46,559	)		(109,294	)
Above- and below-market tenant leases, net		(12,788	)		(35,578	)
Straight line rent adjustment		(10,563	)		(33,804	)
Non-cash ground rent expense		1,799			5,362
Real estate tax stabilization agreement		981			2,943
Mark-to-market adjustments on debt		(7,518	)		(27,625	)
Amortization of deferred finance costs		5,959			14,942
Debt extinguishment costs:
Write-off of mark-to-market adjustments		(3,652	)		(3,765	)
Write-off of deferred finance costs		714			3,102
Cash From Recurring Operations — Operating Partnership	$	157,778		$	388,853
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	157,778		$	388,853
Less common dividends/distributions paid		(133,136	)		(399,874	)
Retained Funds From Recurring Operations — Operating Partnership	$	24,642		$	(11,021	)

(a) Reflects only recurring tenant allowances; allowances that relate to new and redevelopment projects are excluded.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Core FFO
Operating Partnership FFO	$	245,556		$	191,834		$	947,499		$	601,108
Exclusions, at the Company’s share:
Master Planned Communities net operating income		(22,509	)		(16,468	)		(46,307	)		(73,873	)
Provision (benefit) for income taxes		14,790			11,396			(254,379	)		52,676
Core FFO	$	237,837		$	186,762		$	646,813		$	579,911
Weighted average shares assuming full conversion of Operating Partnership units — Diluted		296,064			294,500			296,868			294,528
Core FFO — per share	$	0.80		$	0.63		$	2.18		$	1.97

16

GENERAL GROWTH PROPERTIES, INC.

TENANT ALLOWANCES, STRAIGHT LINE RENT & SFAS #141 & #142

(dollars in thousands)

(a) Reflects only recurring tenant allowances; allowances that relate to new and redevelopment projects are excluded.

17

GENERAL GROWTH PROPERTIES, INC.

TRAILING TWELVE MONTH EBITDA AND COVERAGE RATIOS (a)

(dollars in thousands)

	Twelve Months Ended
	9/30/2007			6/30/2007			3/31/2007			12/31/2006
Pro Rata EBITDA (a)
GAAP Net Income	$	330,030		$	300,658		$	266,453		$	59,273
Loss(Income) from Discontinued Operations, net of Minority Interest		823			823			823			823
Income Allocated to Minority Interest		89,031			85,401			80,954			37,761
Interest Expense		1,296,416			1,281,319			1,280,986			1,281,331
Income Taxes		(207,490	)		(210,884	)		(216,937	)		97,666
Amortization of Deferred Finance Costs		18,838			18,314			18,543			17,887
Debt Extinguishment Costs		3,653			4,162			1,903			3,657
Interest Income		(24,732	)		(29,483	)		(26,136	)		(26,762	)
Depreciation		863,909			846,788			861,252			848,759
Pro Rata EBITDA	$	2,370,478		$	2,297,098		$	2,267,841		$	2,320,395
Net Interest (a)
Amortization of Deferred Finance Costs		(18,838	)		(18,314	)		(18,543	)		(17,887	)
Debt Extinguishment Costs		(3,653	)		(4,162	)		(1,903	)		(3,657	)
Interest Expense		(1,296,416	)		(1,281,319	)		(1,280,986	)		(1,281,331	)
Interest Income		24,732			29,483			26,136			26,762
Net Interest	$	(1,294,175	)	$	(1,274,312	)	$	(1,275,296	)	$	(1,276,113	)
Interest Coverage Ratio		1.83			1.80			1.78			1.82
Fixed Charges (b)
Net Interest	$	(1,294,175	)	$	(1,274,312	)	$	(1,275,296	)	$	(1,276,113	)
Preferred Unit Distributions		(14,142	)		(15,748	)		(17,008	)		(17,265	)
Fixed Charges	$	(1,308,317	)	$	(1,290,060	)	$	(1,292,304	)	$	(1,293,378	)
Ratio of Pro Rata EBITDA to Fixed Charges		1.81			1.78			1.75			1.79
Fixed Charges & Common Dividend
Fixed Charges	$	(1,308,317	)	$	(1,290,060	)	$	(1,292,304	)	$	(1,293,378	)
Common Dividend/Distributions		(532,093	)		(519,077	)		(505,849	)		(492,778	)
Fixed Charges + Dividend	$	(1,840,410	)	$	(1,809,137	)	$	(1,798,153	)	$	(1,786,156	)
Ratio of Pro Rata EBITDA to Fixed Charges + Dividend		1.29			1.27			1.26			1.30

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)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Comparable NOI Growth
Total Retail and Other NOI	$	615,647		$	546,616		$	1,754,645		$	1,649,818
NOI from noncomparable properties		(19,862	)		(16,682	)		(56,496	)		(41,457	)
Corporate and other (a)		(7,251	)		27,252			45,668			77,614
Comparable NOI (b)	$	588,534		$	557,186		$	1,743,817		$	1,685,974
Increase in Comparable NOI		5.6	%					3.4	%

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. In addition, due to the acquisition of our venture partner’s 50% interest in the GGP/Homart | joint venture in July 2007 and, since GGP owned an interest in and managed the GGP/Homart | properties throughout 2006 and 2007, this amount includes an adjustment to reflect such additional 50% interest for all periods in the comparable NOI presentation.
(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)

	Three Months Ended
	9/30/2007			6/30/2007			3/31/2007			12/31/2006			9/30/2006
Consolidated Properties
Tenant recoveries*	$	228,397		$	192,432		$	195,688		$	194,138		$	196,376
Recoverable operating expenses:
Real estate taxes		64,950			52,444			53,524			48,639			54,135
Repairs and maintenance		47,306			42,662			45,866			48,230			42,699
Marketing		12,277			10,824			12,740			14,142			10,863
Other property operating costs		97,761			79,086			82,243			80,246			85,977
Total recoverable operating expenses*		222,294			185,016			194,373			191,257			193,674
Recovery Ratio		102.7	%		104.0	%		100.7	%		101.5	%		101.4	%
Unconsolidated Properties
Tenant recoveries*	$	37,959		$	47,259		$	47,829		$	47,285		$	47,041
Recoverable operating expenses:
Real estate taxes		10,280			13,786			14,275			13,628			13,702
Repairs and maintenance		7,491			9,658			10,067			11,170			9,276
Marketing		2,379			2,877			3,373			3,934			2,810
Other property operating costs		14,306			17,815			18,088			18,602			18,786
Total recoverable operating expenses*		34,456			44,136			45,803			47,334			44,574
Recovery Ratio		110.2	%		107.1	%		104.4	%		99.9	%		105.5	%

* Excludes office tenant recoveries and 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 — NET OPERATING INCOME BY COMMUNITY

(dollars in thousands)

										Unconsolidated		Company
	Consolidated Properties									Property @ share		Portfolio
	Maryland							Total				Total MPC
	Properties (a)			Summerlin		Bridgeland		Consolidated		Woodlands		Segment
Three Months Ended
September 30, 2007
Land Sales	$	3,703		$	45,771	$	4,713	$	54,188	$	33,536	$	87,724
Land Sales Operations (b)		4,492			35,328		3,338		43,159		22,056		65,215
Net Operating Income	$	(789	)	$	10,443	$	1,375	$	11,029	$	11,480	$	22,509
September 30, 2006
Land Sales	$	14,021		$	28,568	$	5,179	$	47,768	$	21,553	$	69,321
Land Sales Operations (b)		11,329			21,039		3,992		36,360		16,493		52,853
Net Operating Income	$	2,692		$	7,529	$	1,187	$	11,408	$	5,060	$	16,468
Nine Months Ended
September 30, 2007
Land Sales	$	13,639		$	84,495	$	15,977	$	114,111	$	69,558	$	183,669
Land Sales Operations (b)		15,207			66,293		11,345		92,845		44,517		137,362
Net Operating Income	$	(1,568	)	$	18,202	$	4,632	$	21,266	$	25,041	$	46,307
September 30, 2006
Land Sales	$	45,830		$	161,091	$	11,103	$	218,023	$	60,352	$	278,375
Land Sales Operations (b)		36,611			115,229		8,220		160,059		44,443		204,502
Net Operating Income	$	9,219		$	45,862	$	2,883	$	57,964	$	15,909	$	73,873

(a)	Maryland Properties include Columbia and Fairwood.
(b)	Land Sales Operations expense for Summerlin includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).

21

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — VALUATION AND NET CASH FLOW GENERATED
(dollars in thousands)

VALUATION

Investment Land and Land Held for Development and Sale:
Net Book Value — Balance Sheet as of September 30, 2007 (a)	$	1,724,361
Estimated Value of Assets as of December 31, 2006 (b)		3,272,531

NET CASH FLOW GENERATED

	Nine Months Ended September 30,
	2007			2006
Net Operating Income	$	46,307		$	73,873
Cost of Land Sales		40,486			78,826
Woodlands Operations (c)		(25,041	)		(15,909	)
Woodlands Cash Distribution for 2006 (c)		31,500			—
Other Adjustments to Derive Cash Generated (d)		22,330			68,830
Total Cash Generated		115,582			205,620
Land Development Expenditures, Net of Related Financing		(109,503	)		(144,365	)
Estimated Net Cash Flow generated by (used in) Master Planned Communities Segment (e)	$	6,079		$	61,255

(a)	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.
(b)	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.
(c)	Since the Woodlands partnership retains all funds until the end of the year, the Woodlands NOI is excluded from the Estimated Net Cash Flow Generated by Master Planned Communities Segment. The partnership cash distribution is based on the final cash earned by the Woodlands and generally occurs at the end of each year. In 2006, $13 million was distributed in the fourth quarter.
(d)	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.
(e)	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 the Master Planned Communities Segment which is operated through taxable REIT subsidiaries (“TRSs”). Income taxes are based on the results of the Company as a whole, including taxable income/losses of these and other TRSs.

22

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — LOT SALES, PRICING AND ACREAGE BY COMMUNITY
(dollars in thousands)

		Lot Sales and Pricing (a)					Acreage (b)
		Nine Months Ended					Total		Remaining
		September 30,					Gross		Saleable
		2007		2006			Acres		Acres
Maryland Properties (c)
Residential	- Acres Sold		2.0		25.1					226
	- Average Price/Acre	$	1,146	$	1,043
Commercial	- Acres Sold		20.0		20.3					347
	- Average Price/Acre	$	432	$	808
Maryland Properties Acreage								19,100		573
Summerlin (d)
Residential	- Acres Sold		37.6		115.0					5,486
	- Average Price/Acre	$	1,236	$	1,066
Commercial	- Acres Sold		20.8		22.5					867
	- Average Price/Acre	$	1,108	$	251	(e)
Summerlin Acreage								22,500		6,353
Bridgeland
Residential	- Acres Sold		58.5		51.00					6,033
	- Average Price/Acre	$	247	$	217
Commercial	- Acres Sold		—		—					1,261
	- Average Price/Acre	$	—	$	—
Bridgeland Acreage								11,400		7,294
Woodlands (f)
Residential	- Acres Sold		239.5		229.7					1,505
	- Average Price/Acre	$	361	$	369
Commercial	- Acres Sold		67.5		43.7					1,180
	- Average Price/Acre	$	483	$	344
Woodlands Acreage								28,400		2,685

(a)	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.
(a)	Reference is made to other disclosures in our filings on Forms 10-Q and 10-K, as well as page 22 of this supplemental financial information for a discussion of the valuation of this segment of our business.
(b)	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 condominiums.
	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.
(c)	Maryland Properties include Columbia and Fairwood.
(d)	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.
(e)	In 2006 Summerlin Commercial includes the effect of a single sale of a 19.1 acre parcel to a school at a price of $25,013 per acre.
(f)	Woodlands — Shown at 100% for context — GGP Share of The Woodlands is 52.5%.

23

GENERAL GROWTH PROPERTIES, INC.

CAPITAL INFORMATION

(dollars in thousands except per share data)

	9/30/2007			12/31/2006			12/31/2005			12/31/2004
Capital Information
Closing common stock price per share	$	53.62		$	52.23		$	46.99		$	36.16
52 Week High (a)	$	67.43		$	55.70		$	48.27		$	36.90
52 Week Low (a)	$	42.40		$	42.36		$	31.38		$	24.31
Total Return — Trailing Twelve Months (share appreciation and dividend)		23.3	%		14.7	%		34.1	%		34.8	%
Common Shares and Common Units outstanding at end of period		295,649,265	(b)		294,957,220			292,258,544			290,256,345
Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	23,544,587		$	21,172,774		$	17,293,150		$	13,807,734
Variable		3,347,058			2,980,055			6,085,638			9,173,400
Total Preferred Securities		121,415			182,828			205,944			403,161
Stock market value of common stock and Operating Partnership units outstanding at end of period		15,852,714			15,405,616			13,733,229			10,495,669
Total Market Capitalization at end of period	$	42,865,774	(d)	$	39,741,273		$	37,317,961		$	33,879,964
Leverage Ratio (%)		62.7	%		60.8	%		62.6	%		67.8	%

(a)	52-week pricing information includes intra-day highs and lows.
(b)	Net of 1.8 Million Treasury Shares.
(c)	Excludes special improvement districts liability, minority interest adjustment and purchase accounting mark-to-market adjustments.
(d)	Excludes shares of common stock issued on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of period ended September 30, 2007.

24

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, 2006		52,890,591			242,357,416		(290,787	)		294,957,220
Direct Stock Purchase and Dividend Reinvestment Plan		—			38,178		—			38,178
Employee Stock Purchase Plan		—			100,612		—			100,612
Conversion of Preferred Units to OP Units		47,356			—		—			47,356
Conversion of Preferred Units to OP Units and redemption to Common Shares		—			29,069		—			29,069
Redemption of OP Units into Common Shares		(1,086,961	)		1,086,961		—			—
Issuance of Stock for Stock Option Exercises and Restricted Stock Grants, including Stock Option exercises satisfied from Treasury		—			1,441,311		143,818			1,585,129
Issuance of Stock, including from Treasury, pursuant to the Contingent Stock Agreement		—			551,632		146,969			698,601
Purchase of Common Shares to be held in Treasury Stock		—			—		(1,806,900	)		(1,806,900	)
Common Shares and OP Units Outstanding at September 30, 2007		51,850,986			245,605,179		(1,806,900	)		295,649,265
Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at September 30, 2007										514,575
Diluted Common Shares and OP Units Outstanding at September 30, 2007										296,163,840
Weighted Average Common Shares and OP Units Outstanding for the nine months ended September 30, 2007 (Basic)										296,261,847
Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options										605,801
Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the nine months ended September 30, 2007 *										296,867,648

* Excludes shares of common stock issued on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of period ended September 30,2007.

25

GENERAL GROWTH PROPERTIES, INC.

COMMON DIVIDEND HISTORY

(a) 1993 annualized

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

26

GENERAL GROWTH PROPERTIES, INC.

DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY

AS OF SEPTEMBER 30, 2007

(dollars in thousands)

	Consolidated						Unconsolidated					Company
	Properties						Properties (a)					Portfolio
				Current					Current					Current
				Average					Average					Average
	Maturing			Interest			Maturing		Interest			Maturing		Interest
Year	Amount (b)			Rate (c)			Amount (b)		Rate (c)			Amount (b)		Rate (c)
2007	$	868,765			5.41	%	$	94,935		7.39	%	$	963,700		5.60	%
2008		2,607,631			5.78	%		208,523		7.00	%		2,816,154		5.87	%
2009		3,294,770			5.53	%		245,295		6.96	%		3,540,065		5.63	%
2010		3,930,442			5.18	%		627,587		5.20	%		4,558,029		5.18	%
2011		6,933,738			6.45	%		1,054,935		5.89	%		7,988,673		6.38	%
2012		3,144,051			5.01	%		707,682		5.53	%		3,851,733		5.11	%
2013		2,121,002			6.00	%		48,697		5.27	%		2,169,699		5.98	%
2014		256,784			5.11	%		3,706		11.81	%		260,490		5.21	%
2015		196,547			5.21	%		621		11.36	%		197,168		5.23	%
2016		229,863			6.61	%		—		0.00	%		229,863		6.61	%
Subsequent		278,745			7.15	%		37,326		6.93	%		316,071		7.12	%
Totals	$	23,862,338	(d)		5.76	%	$	3,029,307		5.88	%	$	26,891,645		5.77	%
Fixed Rate (e)		20,813,400			5.50	%		2,731,187		5.66	%		23,544,587		5.52	%
Variable Rate (e)		3,048,938			7.53	%		298,120		7.96	%		3,347,058		7.57	%
Totals	$	23,862,338	(d)		5.76	%(f)	$	3,029,307		5.88	%(f)	$	26,891,645		5.77	%(f)
	Average Years to Maturity
Fixed Rate Debt	4.56 years						4.79 years					4.59 years
Variable Rate Debt	6.23 years						3.55 years					5.99 years
All GGP Debt	4.77 years						4.67 years					4.76 years

(a)	Reflects the Company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.
(b)	Excludes principal amortization.
(c)	Reflects the current variable contract rate as of September 30, 2007 for all variable rate loans.
(d)	Reconciliation to GGP Consolidated GAAP debt.

	Consolidated
Consolidated debt, from above	$	23,862,338
Other liabilities — Special Improvement Districts		72,487
Minority interest ownership adjustment		65,729
Purchase accounting mark-to-market adjustments		73,258
GGP Consolidated GAAP debt	$	24,073,812

(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.

27

GENERAL GROWTH PROPERTIES, INC.

SUMMARY OF OUTSTANDING DEBT

(dollars in thousands)

(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.

28

GENERAL GROWTH PROPERTIES, INC.
THIRD QUARTER 2007 FINANCING ACTIVITY
(dollars in thousands)

	Fixed Rate			Floating Rate			Total Debt
June 30, 2007 (a)	$	22,270,364		$	2,583,790		$	24,854,154
New Funding:
Property Related (including Homart Acquisition)		1,040,092			11,250			1,051,342
Non-Property Related		—			750,000			750,000
Refinancings:
Property Related		312,960			(13,756	)		299,204
Revolver Borrowings		—			16,100			16,100
Other Property Related		(78,829	)		(326	)		(79,155	)
Net Change		1,274,223			763,268			2,037,491
September 30, 2007 (a)	$	23,544,587		$	3,347,058		$	26,891,645

(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.

29

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF SEPTEMBER 30, 2007
(dollars in thousands)

FIXED RATE

						Total Debt
Loan	Maturity Date		Rate (a)			Balance
CMBS
13 Affiliates		11/15/07		5.55	%	$	868,765
Secured Asset Loans
Columbia Mall		01/01/08		7.38	%*		152,585
Fashion Show		01/01/08		3.88	%		360,851
Provo Mall		02/01/08		4.52	%*		34,773
Spokane Valley Mall		02/01/08		4.57	%		28,755
Oakwood Center		02/11/08		6.60	%		95,000
Two Owings Mills		04/01/08		7.03	%*		12,853
Phoenix Theatre		04/01/08		8.39	%*		840
Columbiana		05/12/08		4.27	%		66,454
Animas Valley		07/11/08		3.70	%		24,945
Grand Teton		07/11/08		3.69	%		26,727
Mayfair		07/11/08		3.17	%		182,448
Salem Center		07/11/08		3.69	%		25,836
Pioneer Place		08/01/08		6.76	%*		167,187
Foothills		09/01/08		6.63	%*		42,639
Northtown Mall		09/01/08		6.77	%		74,575
Chula Vista		10/01/08		4.24	%		60,497
Pierre Bossier		10/01/08		6.54	%*		36,539
Spring Hill		10/01/08		6.61	%*		80,160
Tucson Mall		10/13/08		4.35	%		121,214
Bayside		11/03/08		6.00	%		54,640
Oakwood		11/03/08		6.72	%*		52,485
Southwest Plaza		11/03/08		6.54	%*		74,955
Birchwood		11/11/08		6.72	%*		39,364
Mall of the Bluffs		11/11/08		6.72	%*		39,364
Chico Mall		02/11/09		4.88	%		58,567
Jordan Creek		03/01/09		4.66	%		191,235
Deerbrook		03/02/09		3.59	%		77,387
Southland		03/02/09		3.70	%		84,124
Prince Kuhio		04/01/09		3.56	%		39,178
JP Comm Sr. Austin Bluffs		04/09/09		4.67	%		2,400
JP Comm Sr. Division Crossing		04/09/09		4.51	%		5,532
JP Comm Sr. Fort Union		04/09/09		4.59	%		2,888
JP Comm Sr. Halsey Crossing		04/09/09		4.61	%		2,707
JP Comm Sr. Orem Plaza Center St		04/09/09		4.60	%		2,581
JP Comm Sr. Orem Plaza State St		04/09/09		4.72	%		1,597
JP Comm Sr. Riverpointe Plaza		04/09/09		4.55	%		3,998
JP Comm Sr. Riverside Plaza		04/09/09		4.52	%		5,721
JP Comm Sr. Woodlands Village		04/09/09		4.50	%		7,309
Town East		04/13/09		3.56	%		109,153
Grand Canal Shoppes		05/01/09		4.86	%		405,521
Coastland		06/01/09		6.73	%*		99,538
The Crossroads (MI)		06/01/09		7.53	%		40,912
Woodbridge Corporation		06/01/09		4.35	%		214,541
Steeplegate		07/31/09		5.08	%		80,125
Village of Cross Keys		07/31/09		7.04	%*		11,270
Apache		08/03/09		7.05	%*		50,929
Cumberland		08/10/09		7.15	%		160,671
The Parks at Arlington		09/01/09		7.05	%*		140,718
Baybrook		10/01/09		6.66	%*		151,522
Oakview		10/01/09		7.20	%*		117,302
Coral Ridge		11/02/09		6.15	%*		101,181
Governor’s Square		12/01/09		7.66	%*		60,166
Lakeside Mall		12/01/09		4.37	%		185,995
Mall St Matthews		01/01/10		4.90	%		148,701
North Star		01/01/10		4.53	%		239,722
Ward Centre & Ward Entertainment		01/01/10		4.44	%		60,118
Park Place		01/11/10		5.24	%		181,348
Visalia		01/11/10		3.88	%		43,802

(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.

30

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF SEPTEMBER 30, 2007
(dollars in thousands)

FIXED RATE

						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans Cont.
Lansing I		01/15/10		9.35	%*	$	25,779
Pecanland		03/01/10		4.39	%		60,578
Southland		03/05/10		5.16	%		111,770
Providence Place		03/11/10		5.22	%		366,588
Ridgedale		04/01/10		4.96	%		183,154
West Valley		04/01/10		3.52	%		59,562
Pioneer Place		04/27/10		10.01	%*		933
Peachtree		06/01/10		5.19	%		91,957
Coronado		06/07/10		5.18	%		173,262
La Cantera		06/07/10		5.31	%		131,409
Maine		06/11/10		4.92	%		222,276
Burlington		07/01/10		5.50	%		31,500
Glenbrook		07/01/10		5.01	%		182,037
Regency Square		07/01/10		3.68	%		97,417
St. Louis Galleria		07/05/10		4.94	%		243,915
Lynnhaven		07/06/10		5.18	%		243,248
Boise Towne Plaza		07/09/10		4.88	%		11,274
JP Comm Jr. Gateway Crossing		07/09/10		4.80	%		15,725
JP Comm Jr. Univ. Crossing		07/09/10		4.81	%		11,740
Crossroads Center (MN)		07/30/10		4.87	%		86,821
70 Columbia Corporate Center		10/01/10		10.15	%*		19,906
Newgate		10/01/10		4.96	%		42,260
Park City		10/01/10		5.29	%		153,608
Staten Island		10/01/10		6.11	%*		283,652
Fashion Place		10/05/10		5.41	%		148,061
110 North Wacker		10/11/10		5.14	%		46,680
Chapel Hills		10/11/10		5.15	%		118,667
Gallery at Harborplace		12/01/10		8.00	%		66,037
Rogue Valley		12/31/10		7.96	%		26,937
Newpark		02/01/11		7.58	%		69,852
Westlake Center		02/01/11		8.00	%		66,561
Boise Towne Square		02/10/11		6.74	%		72,709
10000 West Charleston		03/01/11		7.88	%*		22,326
North Point		03/01/11		5.58	%		220,694
Capital		04/01/11		7.52	%		20,786
Eden Prairie		04/01/11		4.79	%		82,287
Gateway		04/01/11		7.48	%		40,736
Greenwood		04/01/11		7.47	%		45,735
Mall of Louisiana		04/01/11		5.92	%		238,000
Beachwood Place		04/07/11		5.73	%		245,580
Vista Ridge		04/11/11		6.89	%*		82,702
The Woodlands		06/13/11		6.02	%		240,000
Northridge Fashion		07/01/11		7.24	%*		129,660
RiverTown		07/01/11		7.57	%*		120,969
Willowbrook Mall		07/01/11		6.92	%		162,700
Collin Creek Mall		07/11/11		6.87	%		68,749
Ala Moana		09/01/11		5.67	%		1,500,000
Bayshore		09/01/11		7.22	%*		31,847
Eastridge (CA)		09/01/11		5.89	%		170,000
Stonestown		09/01/11		5.89	%		273,000
Tysons Galleria		09/12/11		5.84	%		255,000
Victoria Ward		10/06/11		5.69	%		157,000
Augusta Mall		11/11/11		5.50	%*		175,000
One Owings Mills		12/01/11		8.50	%*		5,174
Eastridge (WY )		12/05/11		5.20	%		40,234
Pine Ridge		12/05/11		5.22	%		27,127
Red Cliffs		12/05/11		5.25	%		25,782
Three Rivers		12/05/11		5.23	%		22,085
Hulen Mall		12/07/11		5.14	%		116,142
Three Owings Mills		04/06/12		5.58	%		58,400
Four Owings Mills		04/06/12		5.61	%		25,600

(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.

31

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF SEPTEMBER 30, 2007
(dollars in thousands)

FIXED RATE

Loan	Maturity Date		Rate (a)			Total Debt Balance
Secured Asset Loans Cont.
Streets at Southpoint		04/06/12		5.45	%	$	246,648
Oviedo		05/07/12		5.24	%		53,187
Sikes Senter		06/01/12		5.32	%		62,967
Buckland Hills		07/02/12		5.01	%		169,457
Oglethorpe		07/02/12		4.99	%		145,221
Valley Plaza		07/11/12		3.98	%		98,775
White Marsh		09/01/12		5.64	%*		187,000
Corporate Pointe		09/11/12		6.83	%*		9,264
Grand Traverse		10/01/12		5.11	%		87,532
Harborplace		10/05/12		5.89	%		50,000
Faneuil Hall		04/01/13		5.66	%		96,257
Pembroke Note		04/11/13		5.06	%*		134,179
Oxmoor		06/03/13		6.95	%		58,170
Senate Plaza		07/01/13		5.79	%		12,282
The Boulevard		07/01/13		4.36	%		111,356
1160/80 Town Center		07/15/13		6.99	%*		9,568
The Meadows		08/01/13		5.57	%		105,636
West Oaks		08/01/13		5.36	%		71,808
Moreno Valley		09/11/13		6.08	%		88,000
Lakeland		10/01/13		5.24	%		56,534
Bay City		12/02/13		5.44	%		24,800
Four Seasons		12/11/13		5.68	%		104,403
Valley Hills		03/05/14		4.82	%		58,594
Washington Park		04/01/14		5.56	%		12,429
Brass Mill		04/11/14		4.63	%		129,206
Bayside Bond		07/01/14		6.00	%		7,555
Mall St Vincent		07/07/14		6.45	%		49,000
Paramus Park		10/01/15		4.97	%		106,893
Eagle Ridge		10/12/15		5.53	%		48,732
Knollwood		10/12/15		5.47	%		40,922
Bellis Fair		02/15/16		7.34	%*		64,362
Lakeview Square		03/01/16		5.93	%		42,232
Country Hills		06/01/16		6.21	%		13,802
Providence Place		07/01/16		7.76	%*		28,914
Northgate		09/01/16		6.00	%		45,955
Piedmont		09/05/16		6.10	%		34,598
Baltimore Center Garage		06/01/18		6.05	%*		18,077
10450 West Charleston		01/01/19		6.84	%*		5,063
Providence Place		07/01/28		7.76	%*		19,114
Houston Land Notes		2017-2033		6.50	%*		25,603
Provo Land Loan		08/01/95		10.10	%*		2,250
Corporate Debt
Mall St Matthews		05/01/08		9.03	%*		138
Houston Land		05/05/08		4.82	%		6,807
Princeton Land		07/29/08		3.04	%		3,570
Princeton Land East		07/29/08		3.00	%*		3,430
JP Realty Public Notes Series D		03/11/08		7.29	%*		25,000
TRCLP Property Note		11/30/08		7.01	%*		58,000
TRCLP Public Indenture		03/16/09		3.63	%*		400,000
TRCLP Public Indenture		04/30/09		8.00	%*		200,000
TRCLP Public Indenture		09/17/12		7.20	%*		400,000
TRCLP Senior Notes		05/01/13		6.91	%*		798,010
TRCLP Public Indenture		11/26/13		5.38	%*		450,000
Exchangeable Senior Notes		04/15/12		4.27	%*		1,550,000
Swaps (b)
Credit Agreement Swaps		11/15/07		5.18	%		200,000
Credit Agreement Swaps		02/08/08		4.82	%		100,000
Total Consolidated Fixed Rate Debt						$	20,813,400

(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.

32

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF SEPTEMBER 30, 2007
(dollars in thousands)

VARIABLE RATE

Loan	Maturity Date		Rate (a)(b)			Total Debt Balance
Secured Asset Loans
Senior Bridge Loan		07/06/08		7.18	%	$	750,000
Columbia Mall Mezzanine		06/01/09		7.45	%		185,000
Westlake Land		11/02/21		11.41	%		2,438
Unsecured Asset Loans
Credit Agreement Term Loan		02/24/11		7.74	%		1,687,500
Credit Agreement Revolver		02/24/11		7.06	%		217,800
Trust Prefered Shares		04/30/36		7.19	%		206,200
Total Consolidated Variable Rate Debt						$	3,048,938
Total Consolidated Debt & Swaps				5.76	%	$	23,862,338

(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 September 30, 2007.

33

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF SEPTEMBER 30, 2007
(dollars in thousands)

FIXED RATE

								Company
Loan	Maturity Date		Rate (a)			Total Debt		ProRata Share
CMBS
13 Affiliates		11/15/07		5.39	%	$	138,635	$	70,704
Secured Asset Loans
Quail Springs		06/02/08		6.98	%		39,665		19,832
Neshaminy		07/01/08		6.76	%*		60,000		30,000
Woodlands Community		07/25/08		4.81	%		1,929		1,013
Altamonte		09/01/08		6.55	%*		108,594		54,297
Towson Town Center		11/10/08		6.84	%		130,716		45,750
Woodlands Community		02/23/09		3.80	%		867		455
Perimeter Shopping Center		05/01/09		6.77	%*		119,552		59,776
Mizner Park		07/01/09		5.09	%		59,006		29,503
Carolina Place		01/11/10		4.70	%		161,861		81,740
Alderwood		07/06/10		5.03	%		293,438		148,186
Christiana Mall		08/02/10		4.61	%*		115,773		57,887
Water Tower Place		09/01/10		5.04	%		176,549		91,179
Woodlands Community		09/01/10		7.22	%		14,400		7,560
Whalers		11/08/10		5.63	%		107,315		65,852
Kenwood Towne Centre		12/01/10		5.58	%		242,349		170,524
Willowbrook		04/01/11		7.00	%*		93,654		46,827
Silver City Galleria		06/10/11		4.94	%		133,302		66,651
Austin Mall (Highland)		07/08/11		6.92	%		66,018		33,009
Village of Merrick Park		08/08/11		5.94	%		192,512		77,005
Northbrook Court		09/01/11		7.17	%*		91,014		45,962
Montclair		09/12/11		5.88	%		265,000		133,825
Arrowhead		10/03/11		6.92	%*		78,791		26,261
First Colony		10/03/11		5.67	%*		192,807		96,404
Riverchase		10/03/11		5.78	%		305,000		152,500
Natick Mall		10/07/11		5.74	%		350,000		175,000
Galleria at Tyler		10/11/11		5.46	%*		250,000		125,000
Pinnacle Hills		12/08/11		5.84	%		140,000		70,000
Park Meadows		07/05/12		6.00	%*		360,000		126,000
Clackamas		09/10/12		6.33	%		200,000		100,000
Florence		09/10/12		5.04	%		99,032		69,905
Glendale Galleria		10/01/12		5.01	%*		388,848		194,424
Oakbrook		10/01/12		5.12	%*		221,485		105,115
Stonebriar		12/11/12		5.33	%		171,976		85,988
Bridgewater Commons		01/01/13		5.27	%*		139,134		48,697
CenterPointe Village		01/02/17		6.38	%*		13,922		6,961
Trails Village Center		07/10/23		8.24	%*		16,682		8,341
Lake Meade Blvd & Buffalo		07/15/23		7.30	%*		6,108		3,054
Total Unconsolidated Fixed Rate Debt								$	2,731,187

(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.

34

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF SEPTEMBER 30, 2007
(dollars in thousands)

VARIABLE RATE

								Company
Loan	Maturity Date		Rate (a)(c)			Total Debt		ProRata Share
Secured Asset Loans
Woodlands Community		10/08/07		8.36	%	$	101	$	53
Woodlands Community		11/01/07		8.25	%*		2,237		1,174
Woodlands Community		01/01/08		8.48	%*		6,880		3,612
Woodlands Community		02/28/08		8.22	%		59,360		31,164
Woodlands Community		07/01/08		7.75	%*		666		350
Superstition Springs		09/09/08		6.98	%		67,500		22,505
Woodlands Community		07/01/09		6.67	%*		4,768		2,503
Woodlands Credit Agreement		08/29/09		7.41	%		291,539		153,057
Woodlands Community		05/01/10		6.47	%*		8,874		4,659
Woodlands Mariott Hotel		03/11/12		7.61	%		50,000		26,250
Brazil — Aliansce		2007-2015		12.14	%		69,026		33,823
Turkey — AAREAL		05/01/17		6.49	%		38,715		18,970
Total Unconsolidated Variable Rate Debt								$	298,120
Total Unconsolidated Debt				5.88	%			$	3,029,307
Total Debt & Swaps				5.77	%			$	26,891,645

(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 September 30, 2007.

35

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.

OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)

AS OF SEPTEMBER 30, 2007

	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
	Properties			Properties			Portfolio (c)
OPERATING STATISTICS (b)
Occupancy		92.9	%		94.5	%		93.2	%
Trailing 12 month total tenant sales per sq. ft. (d)	$	444		$	518		$	461
% change in total sales (d)		3.5	%		7.6	%		4.5	%
% change in comparable sales (d)		1.4	%		2.7	%		1.7	%
Mall and freestanding GLA (in sq. ft.)		48,746,445			13,937,195			62,683,640
CERTAIN FINANCIAL INFORMATION
Average annualized in place sum of rent and recoverable common area costs per sq. ft. (e)	$	44.06		$	52.39
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (e)	$	39.43		$	50.41
Average sum of rent and recoverable common area cost per sq. ft. for leases expiring in 2007 (e)	$	31.38		$	37.95
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (f)		4.9	%		10.1	%

	Percent of Minimum
	Rents, Tenant
	Recoveries and
TOP TEN LARGEST TENANTS (COMPANY RETAIL PORTFOLIO)	Other
Tenant (including subsidiaries) Limited Brands, Inc.		4.0	%
Gap, Inc.		2.9
Foot Locker, Inc.		2.2
Abercrombie & Fitch Co.		2.0
Federated Department Stores, Inc.		1.3
American Eagle Outfitters, Inc.		1.2
Zale Corporation		1.1
JCPenney Company, Inc.		1.1
The Children’s Place Retail Stores, Inc.		1.1
Luxottica Group S.P.A.		1.0

(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 one month behind reporting date.
(e)	Represents the sum of rent and recoverable common area costs.
(f)	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.

36

GENERAL GROWTH PROPERTIES, INC.

RETAIL PORTFOLIO GLA, OCCUPANCY, SALES & RENT DATA (a)

GLA as of September 30, 2007

						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		78,582,806			513,613		51,327,345			335,473		129,910,151
Unconsolidated		23,113,497			660,386		14,697,923			419,941		37,811,420
Company		101,696,303			540,938		66,025,268			351,198		167,721,571
% of Total		60.6	%				39.4	%				100	%

Occupancy History

	Consolidated			Unconsolidated			Company
9/30/2007		92.9	%		94.5	%		93.2	%
9/30/2006		92.1	%		93.0	%		92.4	%
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 (d)		91.2	%		91.4	%		91.3	%

Trailing 12 Month Total Sales per Square Foot

	Consolidated		Unconsolidated		Company
9/30/2007	$	444	$	518	$	461
9/30/2006		441		469		450
12/31/2006		443		473		453
12/31/2005		428		455		437
12/31/2004		402		427		410
12/31/2003 (d)		337		376		351

Average in Place Sum of Rent and Recoverable Common Area Costs (at 100%) (c)

	Consolidated		Unconsolidated
9/30/2007	$	44.06	$	52.39

Sum of Rent and Recoverable Common Area Cost Rates (at 100%) (c)

	Year to Date		Full Year		Rent
	New/Renewals		Expirations		Spread
Consolidated
9/30/2007	$	39.43	$	31.38	$	8.05
Unconsolidated
9/30/2007	$	50.41	$	37.95	$	12.46

Occupancy Cost as a % of Sales

	Consolidated			Unconsolidated			Company
9/30/2007 (b)		12.5	%		12.5	%		12.5	%
9/30/2006		12.6	%		12.3	%		12.5	%
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 (d)		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. Also excludes community centers.
(b)	Due to tenant sales reporting timelines, data presented is one month behind reporting date.
(c)	Due to combining rent and recoverable common area costs, historical information is not comparable.
(d)	Data excludes the TRCLP portfolio, acquired November 12, 2004.

37

GENERAL GROWTH PROPERTIES, INC.

RETAIL AND OTHER NET OPERATING INCOME BY GEOGRAPHIC AREA AT SHARE

(dollars in thousands)

	Nine Months Ended					Nine Months Ended
	September 30,					September 30,
	2007		% of Total			2006		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	612,929		34.9	%	$	600,020		36.4	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		194,038		11.1	%		203,422		12.3	%
South Central
Arkansas, Louisiana, Oklahoma, Texas		225,854		12.9	%		186,707		11.3	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		468,012		26.7	%		447,884		27.1	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		230,104		13.1	%		194,357		11.8	%
Corporate and Other (a)		23,708		1.3	%		17,428		1.1	%
TOTAL	$	1,754,645		100.0	%	$	1,649,818		100.0	%

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

38

GENERAL GROWTH PROPERTIES, INC.

LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE

AS OF SEPTEMBER 30, 2007

(in thousands)

Lease Expiration Schedule (a) (b)

	Consolidated						Unconsolidated at Share (c)
							Sum of Rent
	Sum of Rent and				Sum of Rent and		and				Sum of Rent and
	Recoverable				Recoverable		Recoverable				Recoverable
	Common Area		Square		Common Area		Common Area		Square		Common Area
	Costs		Footage		Costs/Sq. Ft.		Costs		Footage		Costs/Sq. Ft.
2007	$	58,854		1,612	$	36.51	$	12,202		262	$	46.57
2008		192,562		5,785		33.29		27,426		608		45.11
2009		186,584		3,997		46.68		21,725		378		57.47
2010		213,505		4,581		46.61		24,797		443		55.98
2011		170,981		3,428		49.88		30,901		525		58.86
2012		206,096		3,792		54.35		29,279		478		61.25
2013		155,948		2,703		57.69		26,223		410		63.96
2014		167,025		2,958		56.47		25,600		372		68.82
2015		187,178		3,187		58.73		39,568		590		67.06
2016		200,905		3,153		63.72		48,888		695		70.34
Subsequent		284,151		4,818		58.98		88,140		1,296		68.01
Total at Share	$	2,023,789		40,014	$	50.58	$	374,749		6,057	$	61.87
All Expirations	$	2,023,789		40,014	$	50.58	$	768,303		12,296	$	62.48

Retail Lease Termination Income at Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Consolidated	$	8,282	$	1,840	$	13,635	$	20,595
Unconsolidated		2,622		1,149		4,522		6,834
Total Termination Income at Share	$	10,904	$	2,989	$	18,157	$	27,429

(a)	Excludes leases on anchors 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.

39

Expansions, Re-developments & New Developments

GENERAL GROWTH PROPERTIES, INC.
ESTIMATED DEVELOPMENT COST SUMMARY
($millions at share)

Development Summary
Expansion & re-development projects	$	1,121.4
Ground-up projects		2,257.7
Total expansion, re-development & ground up projects		3,379.1
Less developments in progress per balance sheet at September 30, 2007:
Consolidated	$	1,031.9
Unconsolidated		339.0
Total developments in progress		1,370.9
Future development spending (a)	$	2,008.2

(a) Estimated future development spending is currently expected to occur between Q4 2007 and Q1 2012.

40

GENERAL GROWTH PROPERTIES, INC.
EXPANSIONS & RE-DEVELOPMENTS

Expansion & Re-development Projects Under Construction

					Forecasted Cost
					($millions at		Projected
Property	Description	Ownership %			share)		Opening
Ala Moana	Nordstrom at Kapiolani and parking deck		100	%	$	175.1		Q1 2008
Honolulu, HI
Augusta Mall	Lifestyle addition and mall renovation		100	%		82.6		Q4 2007
Augusta, GA
Clackamas Town Center	Two lifestyle villages including interior renovation, parking structure and theater		50	%		58.5		Q4 2007
Portland, OR
Galleria at Tyler	Addition of retail, restaurants, theater and parking structure		50	%		35.1		Q4 2007
Riverside, CA
Mall of Louisiana	Lifestyle addition and power center		100	%		96.3		Q1 2008
Baton Rouge, LA
The Parks at Arlington	Re-development of the former Mervyn's space		100	%		28.1		Q2 2008
Arlington, TX
Ward Village Shops	Addition of Whole Foods and other retail space as well as a parking structure		100	%		131.8		Q4 2008
Honolulu, HI
Water Tower Place	American Girl and mall shop re-development		52	%		35.3		Q4 2008
Chicago, IL
Estimated additional costs to be incurred in the future on recently opened expansion & re-development projects						120.5
Various other planned expansion & re-development projects including amounts related to the projects listed below						358.1
Total expansion & re-development projects					$	1,121.4

Other Planned Expansion & Re-development Projects

Property	Description	Ownership %
Ala Moana	Residential condominiums at Kapiolani		100	%
Honolulu, HI
Chico Mall	Big Box expansion		100	%
Chico, CA
Christiana Mall	Nordstrom and lifestyle center expansion		50	%
Newark, DE
Cottonwood Holladay, UT	Replace enclosed mall with a mixed-use development including restaurant, retail, office and residential units		100	%
Fashion Place	Nordstrom, mall shop and streetscape GLA expansion, and interior mall renovation		100	%
Murray, UT
Maine Mall	Theater, anchor, restaurant pads and mall shop expansion		100	%
South Portland, ME
Mondawmin Mall	Addition of Big Box retail, restaurants and mall shop redevelopment		100	%
Baltimore, MD
Montclair Plaza	Nordstrom and Interior mall renovation		50	%
Montclair, CA
Paramus Park	Lifestyle expansion		100	%
Paramus, NJ
Redlands	Strip Center Retail		100	%
Redlands, CA
Saint Louis Galleria	Nordstom		100	%
Saint Louis, MO
Staten Island Mall	Mall expansion		100	%
Staten Island, NY
Tucson	Lifestyle expansion		100	%
Tucson, AZ

41

GENERAL GROWTH PROPERTIES, INC.
NEW DEVELOPMENTS

Ground-up Projects Under Construction

		Forecasted Cost
Property	Description	($millions at share)		Projected Opening
Bangu          Rio de Janeiro, Brazil	530 thousand sf regional shopping center with anchors, mall shop and restaurants	$	13.0	Q4 2007
Boulevard          Belo Horizonte, Brazil	317 thousand sf regional shopping center with anchors, mall shop, multiplex cinema and restaurants		17.1	Q4 2008
Caxias          Rio de Janeiro, Brazil	275 thousand sf regional shopping center with anchors, mall shop, multiplex cinema and restaurants		24.4	Q4 2008
Echelon          Las Vegas, NV	300 thousand sf retail promenade as part of an 87-acre resort master plan development on the Las Vegas Strip		255.0	Q3 2010
Elk Grove Promenade          Elk Grove, CA	1.1 million sf open air lifestyle center with retail, entertainment and big box components		239.2	Q2 2009
Espark          Eskisehir, Turkey	430 thousand sf vertical four-story shopping center with more than 150 shops and restaurants, a multiplex cinema and anchors		54.9	Q4 2007
Gateway Overlook          Columbia, MD	New shopping center which includes big boxes, restaurant pads and a strip retail center		59.7	Q4 2007
Natick          Natick, MA	Addition of 59 thousand sf streetscape and parking deck		54.7	Q1 2009
	Nouvelle at Natick — luxury condominiums		171.6	Q3 2008
Parke West          Peoria, AZ	350 thousand sf open air shopping center with a theater and restaurants		104.5	Q4 2007
Pinnacle Hills Power Center          Rogers, AR	Power Center including Bed, Bath & Beyond and other big box tenants		15.0	Q4 2007
RiverCrossing          Macon, GA	750 thousand sf center which includes anchors, mall shop, restaurants and power center		53.0	Q1 2008
Santana Parque          Santana (Sao Paulo), Brazil	260 thousand sf regional shopping center with anchors, mall shop and restaurants		12.4	Q4 2007
The Shops at Fallen Timbers          Maumee (Toledo), OH	870 thousand sf open air lifestyle center featuring Dillard’s, JCPenney, restaurants, a cinema and a hotel		146.4	Q4 2007
The Shops at La Cantera          San Antonio, TX	Phase II of The Shops at La Cantera including a Barnes and Noble, restaurants, mall shop and office space		90.5	Q4 2008
The Shoppes at Palazzo (*)          Las Vegas, NV	Expansion of Venetian (initial estimated payment)		369.0	Q1 2008
Vista Commons          Las Vegas, NV	99 thousand sf neighborhood shopping center in Summerlin		19.3	Q1 2008
Estimated additional costs to be incurred in the future on recently opened ground-up projects.			131.2
Various other ground-up projects, Palazzo additional payments (*) and certain committed amounts related to the projects listed below.			426.8
Total ground-up projects under construction		$	2,257.7

(*) 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 current estimate of the initial installment of the purchase price that will be paid when the project opens is $369 million. Additional payments will be made during the 48 months after closing as actual NOI increases. A current estimate of additional The Shoppes at Palazzo purchase price payable over the 48 Months after closing is included in the $426.8 million of total estimated future costs listed above.

Other Planned Ground-up Projects

					Potential
Property	Description	Ownership %			Opening
Allentowne          Allen, TX	Mixed use development on a 238 acre site		100	%	Q2 2010
Bridges at Mint Hill          Charlotte, NC	Shopping Center anchored by Belks and two other department stores		100	%	Q4 2009
Cannery          Chicago, IL	Urban retail development including mall shop, community center and grocery store		100	%	Q3 2009
Circle T          Westlake, TX	1.2 million sf shopping center		50	%	Q4 2011
Circle T Power Center          Westlake, TX	Develop a lifestyle center on a 150 acre site west of Circle T		50	%	Q2 2010
Detroit Gateway          Detroit, Michigan	Urban retail development including anchors, mall shop and restaurants		100	%	Q3 2009
Kendall Town Center          West Kendall, FL	New development with retail, big box, restaurant and theater		100	%	Q4 2010
Okatie Crossing          Hardeeville, SC	Mixed use development with retail and hotel		100	%	Q4 2010
Pinnacle Hills South          Rogers, AR	Target, restaurants and hotel development		50	%	Q2 2009
Summerlin Centre          Las Vegas, NV	Phase I includes a new retail development of 106 acres in the Summerlin community; project could be expanded in subsequent years		100	%	Q4 2009
Tatilya          Beylikduzu (Istanbul), Turkey	785 thousand sf vertical two-story shopping center with anchors, mall shop, multiplex cinema and restaurants		50	%	Q4 2009

42