8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of Earliest Event Reported)
February 11, 2008

General Growth Properties, Inc.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 11, 2008, General Growth Properties, Inc. (“GGP”) issued a press release describing its results of operations for the quarter and twelve months ended December 31, 2007. A copy of the press release (included as pages 4-16 of the GGP supplemental information described in 7.01 below) is being furnished as Exhibit 99.1 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On February 11, 2008, General Growth Properties, Inc. made available on its website, certain supplemental financial information (including the press release described in Item 2.02 above) regarding its operations for the quarter and twelve months ended December 31, 2007 and 2006. A copy of such information is being furnished as Exhibit 99.1 to this report.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

Exhibit No.      Description

99.1     Certain supplemental financial information and press release titled “General Growth Properties, Inc. Releases 2007 Results of Operations” dated February 11, 2008 (furnished herewith).

SIGNATURES

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

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

Date: February 11, 2008

EXHIBIT INDEX

Exhibit Number	Name
99.1	Press Release dated February 11, 2008 entitled “General Growth Properties, Inc. Releases 2007 Results of Operations” (furnished herewith).

EX-99.1

EXHIBIT -99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Twelve Months Ended December 31, 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.

Corporate Overview

Supplemental Financial/Operational Data
December 31, 2007
Table of Contents

All information included in this supplemental package is unaudited and is as of December 31, 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
Annual 2007 and Fourth Quarter Earnings Announcement	4-16
Supplemental Financial Data*	17-36
Summary Retained FFO & Core FFO	17
Straight Line Rent, SFAS #141 & #142 & Tenant Allowances	18
Trailing Twelve Month EBITDA and Coverage Ratios	19
Comparable NOI Growth	20
Retail Recovery Summary	21
Master Planned Communities	22-24
Capital Information	25
Changes in Total Common & Equivalent Shares	26
Common Dividend History	27
Debt Maturity and Current Average Interest Rate Summary	28
Summary of Outstanding Debt	29-36
Supplemental Operational Data	37-40
Operating Statistics, Certain Financial Information & Top Tenants	37
Retail Portfolio GLA, Occupancy, Sales & Rent Data	38
Real Estate Net Operating Income by Geographic Area at Share	39
Lease Expiration Schedule and Lease Termination Income at Share	40
Expansions, Re-developments & New Developments	41-43

* The supplemental financial data should be read in conjunction with the company’s annual 2007 and fourth quarter earnings information, as updated, (included as pages 4-16 of this supplemental report) as certain disclosures and reconciliations in such announcement have not been included in the supplemental financial data.

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 $39.4 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 acheived the highest per share Funds From Operations (FFO) growth in the regional mall sector, 15% on a compounded annualized basis through 2007. Average occupancy at December 31, 2007 was 93.8% and sales per square foot were $462. 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 — First Quarter 2008
Earnings Release — After the Market Close
Quarterly Conference Call — 8:00 am CST March 31, 2008
April 29, 2008
April 30, 2008

Current Dividend

GGP declared its first dividend for 2008 in the amount of $0.50 per share, payable to common stockholders of record on January 17, 2007, with payment on January 31, 2007. The current dividend represents an increase of 11% over the dividend of $0.45 per share paid for the same period last year. The Company reviews its dividend policy annually, usually prior to the fourth quarter dividend announcement, which is typically made in early October. The Company has, as a result of this review, raised its dividend every year since going public in April of 1993 when the (split-adjusted) initial quarterly dividend was approximately $0.12 per share. These annual increases have allowed GGP to increase its dividend at a compound annual growth rate of 10% since going public.

Investor Relations	Transfer Agent
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	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 Standard & Poors — Senior Debt Rating Standard & Poors — TRCLP Bonds Rating Moody’s — Senior Debt Rating Moody’s — TRCLP Bonds Rating	BBB - BB + BB + Ba2 Ba1
Please visit the GGP web site for additional information:	www.ggp.com

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Ownership Structure as of December 31, 2007

Total Market Capitalization — As Measured by Stock Price (dollars in thousands)			December 31, 2007
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)			$	27,126,512
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%		64,236
		116,006
Other Preferred Stock		476
Total Preferred Securities			$	121,482
Common Stock and Common Operating Partnership Units
Stock market value of 243.9 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)			$	12,178,947
Total Market Capitalization at end of period			$	39,426,941

(a)	Excludes special improvement districts liability of $71.8 million, minority interest adjustment of $65.4 million and purchase accounting mark-to-market adjustments of $67.4 million.
(b)	Net of 1.8 million treasury shares.

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Research Coverage

The following alphabetical list of research coverage by company and related contact information is included for informational purposes only. 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
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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Annual and Fourth Quarter Earnings
Announcement

February 11, 2008

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

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

General Growth Properties, Inc. Releases
2007 Results of Operations

Chicago, Illinois, February 11, 2007 — General Growth Properties, Inc. (NYSE: GGP) reported today its annual and fourth quarter 2007 operating results. For the full year 2007, Core Funds From Operations (Core FFO) per fully diluted share were $2.97 as compared to $2.96 for the full year 2006. For the fourth quarter 2007, Core FFO per fully diluted share were $0.92 versus $0.99 of Core FFO per fully diluted share in the comparable 2006 quarter. For the full year, Earnings per share — diluted (EPS) were $1.18 in 2007 as compared to $0.24 in 2006. EPS were $0.24 for the fourth quarter of 2007 versus EPS of $0.29 in the fourth quarter of 2006. Funds From Operations (FFO) per fully diluted share for the full year 2007 were $3.71 in 2007 as compared to $3.06 of FFO per fully diluted share for the full year 2006. FFO per fully diluted share were $0.64 in the fourth quarter of 2007 and were $1.02 in the fourth quarter of 2006.

“Our core retail real estate business continues to deliver solid operating results,” said John Bucksbaum, the Chief Executive Officer of General Growth. “We are prepared to handle the expected weaker economic environment and will be well positioned to benefit when the economy begins to show improvement.”

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 benefit from (provision for) income taxes. Core FFO for the fourth quarter of 2007 was $271.2 million or $0.92 per fully diluted share as compared to $292.0 million or $0.99 per fully diluted share in the fourth quarter of 2006. As previously reported, in the fourth quarter of 2007 the Company recognized approximately $52 million, or approximately $0.18 per fully diluted share, in litigation costs related to the judgment in the Caruso Affiliated Holdings and Glendale Galleria matter. This cost, as well as the reclassification of our 50% share of such costs recognized as litigation costs from Unconsolidated Properties in the third quarter 2007, are a result of our potential

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responsibility as managing agent of the property, and such amounts have been reported as litigation provision in the fourth quarter of 2007. Excluding such litigation provisions, Core FFO per fully diluted share for the fourth quarter 2007 and the full year 2007 increased approximately 10.7% and 11.3%, respectively, over the prior year periods.

• EPS in the fourth quarter of 2007 were $0.24, a $.05 decline from the comparable period of 2006, primarily as a result of our previously-announced $77 million, net of related income tax benefit, non-cash impairment charge recorded in the fourth quarter of 2007 relating to our two Maryland Master Planned Communities. For the full year 2007, EPS were $1.18, as compared to $0.24 of EPS in 2006. Full year EPS in 2007 as compared to 2006 increased approximately $1.32 as a result of the approximate $324 million income tax benefit recognized in 2007 related to the ownership restructuring of certain of our operating properties.

• FFO per share declined to $0.64 in the fourth quarter of 2007 from $1.02 in the fourth quarter of 2006. In addition to the impact of the impairment charge and litigation costs discussed above, recurring Master Planned Community NOI was significantly lower in 2007 due to the sales volume declines discussed below.

• Core FFO per share guidance Our guidance for future operating performance is given only for Core FFO per share as operating results for our Master Planned Communities segment, and our income tax expense that is largely a function of such operations, are very difficult to estimate in advance. In addition, we believe that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of our business because it does not facilitate an understanding of the operating performance of this business as our primary strategy in this segment is to develop and sell land in a manner that increases the value of the remaining land. Actual EPS, FFO (including these excluded items), NOI and Core FFO will be provided each quarter. Full year per share guidance will also be updated on a quarterly basis; however, such guidance will only be given for Core FFO per share.

Actual Core FFO per share in 2007 was approximately $2.97 per share. We currently expect 2008 Core FFO per share to be in the range of $3.58 to $3.61 per share, 20.5% to 21.5% above the calculated Core FFO per share amount described above for 2007. Such significant increases in Core FFO per share for 2008 reflect the elimination of certain 2007 items described above.

SEGMENT RESULTS

Retail and Other Segment

• NOI for the fourth quarter of 2007 was $719.0 million, a 12.2% increase over the $641.1 million reported for the fourth quarter of

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2006. The majority of such increase in NOI is attributable primarily to increased minimum rents and tenant recovery revenues due to expansions and new property openings since the fourth quarter of 2006 as well as, with respect to renewal tenants, increased aggregate tenant charges.

• Revenues from consolidated properties were $868.0 million for the fourth quarter of 2007, an increase of 19.2% compared to $728.0 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 in July of 2007.

• Revenues from unconsolidated properties, at the Company’s ownership share, for the quarter declined 19.6% to $163.2 million, compared to $203.0 million in the fourth quarter of 2006. The decline in revenues for the fourth quarter of 2007 as compared to 2006 is due to the acquisition of our venture partner’s interest in the Homart I properties in July of 2007.

• Comparable NOI from consolidated properties in the fourth quarter of 2007 increased by 5.9% compared to the same period last year.

Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 5.3% compared to the fourth quarter of 2006.

• Total tenant sales and comparable tenant sales, both on a trailing 12 month basis at December 2007, increased 4.3% and 1.4%, respectively, compared to the same periods last year.

• Retail Center occupancy was 93.8% at December 31, 2007 as compared to 93.6% at December 31, 2006.

• Sales per square foot for fourth quarter 2007 (on a trailing 12 month basis) were $462 versus $453 in the fourth quarter of 2006.

Master Planned Communities Segment

• NOI for the fourth quarter of 2007 for the properties in the Master Planned Communities segment was a loss of $119.9 million for consolidated properties and income of $2.2 million for unconsolidated properties as compared to income of $48.8 million and $7.3 million, respectively, in the fourth quarter of 2006. For the full year 2007, NOI from consolidated properties was a loss of $98.7 million and NOI from unconsolidated properties was income of $27.2 million, as compared to income of $106.7 million and $23.3 million, respectively, for the full year 2006. NOI declines in 2007 are due to the recognition of the aggregate $127.6 million of Maryland property impairment charges described above which are not offset by the related income tax benefits of such impairment charges.

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• Land sale revenues for the fourth quarter of 2007 were $31.5 million for consolidated properties and $15.5 million for unconsolidated properties, compared to $205.2 million and $25.2 million, respectively, for the fourth quarter of 2006. Consolidated land sale revenues in the fourth quarter of 2006 were impacted significantly as a result of the inclusion of a single $123 million sale, a sales pattern which did not recur in the fourth quarter of 2007. Land sale revenues for the full year 2007 were below 2006 amounts as the current sales pace has significantly diminished in recent months, a trend expected to continue well into 2008. This sales pace is consistent with our strategy in this segment of our business to manage our sales volume to maximize overall value for all remaining land within the community rather than focus on individual sales objectives in any particular year or quarter.

CONFERENCE CALL/WEBCAST

General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our website, www.ggp.com. This Webcast will take place on Tuesday, February 12, 2008, 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 over 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 approximately 200 million square feet and includes over 24,000 retail stores nationwide. The Company is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com.

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

FUNDS FROM OPERATIONS (FFO)

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

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of

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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 of performance 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, FFO and GAAP net income, a reconciliation of Core FFO and FFO to GAAP net income has been provided. Neither Core FFO nor FFO represent cash flows 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 FFO on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

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

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

Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, gains and losses from property dispositions, minority interest in consolidated joint ventures, and extraordinary items, it provides a performance

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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 are unconsolidated, management of the Company believes that operating data with respect to all properties owned provides important insights into the income produced by such investments for the Company as a whole. In addition, the individual items of revenue and expense for the unconsolidated properties have been presented at the Company’s ownership share of such unconsolidated ventures. As substantially all of the management operating philosophies and strategies are the same regardless of ownership structure, an aggregate presentation of NOI and other operating statistics yields a more accurate representation of the relative size and significance of such elements to the Company’s overall operations.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements, including full year 2008 Core FFO per share guidance and expected sales trends in the Master Planned Communities segment. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of indebtedness and interest rates, market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and ability to successfully manage growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, which further identify the important risk factors which could cause actual results to differ

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materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

###

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Funds From Operations (“FFO”)
Company stockholders	$	157,034		$	247,415		$	907,010		$	740,566
Operating Partnership unitholders		33,388			53,838			193,798			161,795
Operating Partnership	$	190,422		$	301,253		$	1,100,808		$	902,361
Increase (decrease) in FFO over comparable prior year period		(36.8	)%		13.3	%		22.0	%		1.2	%
FFO per share:
Company stockholders — basic	$	0.64		$	1.02		$	3.72		$	3.07
Operating Partnership — basic		0.64			1.02			3.72			3.07
Operating Partnership — diluted		0.64			1.02			3.71			3.06
Increase (decrease) in diluted FFO over comparable prior year period		(37.3	)%		12.1	%		21.2	%		0.3	%
Core Funds From Operations (“Core FFO”)
Core FFO	$	271,232		$	292,028		$	880,933		$	871,940
Core FFO per share — diluted		0.92			0.99			2.97			2.96
Increase (decrease) in Core FFO over comparable prior year period		(7.1	)%		14.7	%		1.0	%		2.8	%
Dividends
Dividends paid per share	$	0.50		$	0.45		$	1.85		$	1.68
Payout ratio (% of diluted FFO paid out)		78.1	%		44.1	%		49.9	%		54.9	%
Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	613,507		$	511,991		$	2,054,063		$	1,840,915
Unconsolidated		105,448			129,152			419,535			450,050
Total Retail and Other		718,955			641,143			2,473,598			2,290,965
Master Planned Communities:
Consolidated		(119,924	)		48,765			(98,659	)		106,730
Unconsolidated		2,163			7,349			27,204			23,257
Total Master Planned Communities		(117,761	)		56,114			(71,455	)		129,987
Total Real estate property net operating income	$	601,194		$	697,257		$	2,402,143		$	2,420,952

	December 31,		December 31,
	2007		2006
Selected Balance Sheet Information
Cash and cash equivalents	$	99,534	$	97,139
Investment in real estate:
Net land, buildings and equipment	$	22,359,249	$	19,564,992
Developments in progress		987,936		673,900
Net investment in and loans to/from Unconsolidated Real Estate Affiliates		1,803,366		1,326,615
Investment land and land held for development and sale		1,639,372		1,655,838
Net investment in real estate	$	26,789,923	$	23,221,345
Total assets	$	28,814,319	$	25,241,445
Mortgage, notes and loans payable	$	24,282,139	$	20,521,967
Minority interest — Preferred		121,482		182,828
Minority interest — Common		351,362		347,753
Stockholders’ equity		1,456,696		1,664,079
Total capitalization (at cost)	$	26,211,679	$	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)	$	20,830,080			5.52	%	$	2,750,369		5.67	%
Variable rate (c)		3,247,457			6.76			298,606		7.42
Totals	$	24,077,537	(b)		5.68	%	$	3,048,975		5.84	%

(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 $71.8 million, minority interest adjustment of $65.4 million and purchase accounting mark-to-market adjustments of $67.4 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.

11

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Revenues:
Minimum rents	$	544,440		$	458,872		$	1,933,674		$	1,753,508
Tenant recoveries		233,548			197,364			859,801			773,034
Overage rents		46,438			38,372			89,016			75,945
Land sales		31,538			205,159			145,649			423,183
Management and other fees		26,180			35,668			106,584			115,798
Other		46,524			36,388			127,077			114,815
Total revenues		928,668			971,823			3,261,801			3,256,283
Expenses:
Real estate taxes		66,480			51,807			246,484			218,549
Repairs and maintenance		65,287			54,139			216,536			199,078
Marketing		19,134			14,151			54,664			48,626
Other property operating costs		108,271			90,928			421,228			373,020
Land sales operations		151,462			156,394			244,308			316,453
Provision for (recovery of) doubtful accounts		(4,640	)		4,996			5,426			22,078
Property management and other costs		43,770			47,509			198,610			181,033
General and administrative		16,076			4,146			37,005			18,800
Litigation provision		89,225			—			89,225			—
Depreciation and amortization		142,610			177,852			670,454			690,194
Total expenses		697,675			601,922			2,183,940			2,067,831
Operating income		230,993			369,901			1,077,861			1,188,452
Interest income		1,637			2,868			8,641			11,585
Interest expense		(319,333	)		(275,759	)		(1,174,097	)		(1,117,437	)
Income (loss) before income taxes, minority interest and equity in income of Unconsolidated Real Estate Affiliates		(86,703	)		97,010			(87,595	)		82,600
Benefit from (provision for) income taxes		37,709			(46,864	)		294,160			(98,984	)
Minority interest		(16,241	)		(21,718	)		(77,012	)		(37,761	)
Equity in income of Unconsolidated Real Estate Affiliates		123,961			42,628			158,401			114,241
Income from continuing operations		58,726			71,056			287,954			60,096
Discontinued operations — loss on disposition		—			(823	)		—			(823	)
Net income	$	58,726		$	70,233		$	287,954		$	59,273
Basic Earnings Per Share:
Continuing operations	$	0.24		$	0.29		$	1.18		$	0.25
Discontinued operations		—			—			—			—
Total basic earnings per share	$	0.24		$	0.29		$	1.18		$	0.25
Diluted Earnings Per Share:
Continuing operations	$	0.24		$	0.29		$	1.18		$	0.24
Discontinued operations		—			—			—			—
Total diluted earnings per share	$	0.24		$	0.29		$	1.18		$	0.24

12

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

	Three Months Ended December 31, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	544,440		$	96,337		$	640,777
Tenant recoveries		233,548			39,098			272,646
Overage rents		46,438			6,360			52,798
Other, including minority interest		43,613			21,440			65,053
Total property revenues		868,039			163,235			1,031,274
Property operating expenses:
Real estate taxes		66,480			9,863			76,343
Repairs and maintenance		65,287			10,443			75,730
Marketing		19,134			3,609			22,743
Other property operating costs		108,271			33,836			142,107
Provision for (recovery of) doubtful accounts		(4,640	)		36			(4,604	)
Total property operating expenses		254,532			57,787			312,319
Retail and other net operating income		613,507			105,448			718,955
Master Planned Communities
Land sales		31,538			15,459			46,997
Land sales operations		(23,862	)		(13,296	)		(37,158	)
Master Planned Communities net operating income before impairment charge		7,676			2,163			9,839
Columbia and Fairwood Communities impairment charge		(127,600	)		—			(127,600	)
Master Planned Communities net operating income (loss)		(119,924	)		2,163			(117,761	)
Real estate property net operating income		493,583			107,611		$	601,194
Management and other fees		26,180			7,046
Property management and other costs		(19,466	)		(921	)
Headquarters/regional costs		(24,304	)		(10,951	)
General and administrative		(16,076	)		199
Litigation provision		(89,225	)		37,112
Depreciation on non-income producing assets, including headquarters building		(2,800	)		—
Interest income		1,637			2,616
Interest expense		(319,333	)		(37,972	)
Benefit from (provision for) income taxes		37,709			(758	)
Preferred unit distributions		(2,947	)		—
Other FFO from minority interest		1,451			31
FFO		86,409			104,013
Equity in FFO of Unconsolidated Properties		104,013			(104,013	)
Operating Partnership FFO	$	190,422		$	—

Includes reclassifications of litigation and legal costs from GGP/Homart II to GGP.

	Three Months Ended December 31, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	458,872		$	116,194		$	575,066
Tenant recoveries		197,364			47,805			245,169
Overage rents		38,372			9,792			48,164
Other, including minority interest		33,404			29,206			62,610
Total property revenues		728,012			202,997			931,009
Property operating expenses:
Real estate taxes		51,807			14,696			66,503
Repairs and maintenance		54,139			12,388			66,527
Marketing		14,151			3,981			18,132
Other property operating costs		90,928			43,245			134,173
Provision for (recovery of) doubtful accounts		4,996			(465	)		4,531
Total property operating expenses		216,021			73,845			289,866
Retail and other net operating income		511,991			129,152			641,143
Master Planned Communities
Land sales		205,159			25,210			230,369
Land sales operations		(156,394	)		(17,861	)		(174,255	)
Master Planned Communities net operating income		48,765			7,349			56,114
Real estate property net operating income		560,756			136,501		$	697,257
Management and other fees		35,668			2,808
Property management and other costs		(24,829	)		(192	)
Headquarters/regional costs		(22,680	)		(10,285	)
General and administrative		(4,146	)		(1,531	)
Depreciation on non-income producing assets, including headquarters building		(3,351	)		—
Interest income		2,868			4,349
Interest expense		(275,759	)		(49,418	)
Provision for income taxes		(46,864	)		(25	)
Preferred unit distributions		(4,126	)		—
Other FFO from minority interest		1,509			—
FFO		219,046			82,207
Equity in FFO of Unconsolidated Properties		82,207			(82,207	)
Operating Partnership FFO	$	301,253		$	—

13

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

	Twelve Months Ended December 31, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,933,674		$	406,241		$	2,339,915
Tenant recoveries		859,801			173,486			1,033,287
Overage rents		89,016			12,213			101,229
Other, including minority interest		115,910			82,884			198,794
Total property revenues		2,998,401			674,824			3,673,225
Property operating expenses:
Real estate taxes		246,484			50,478			296,962
Repairs and maintenance		216,536			40,559			257,095
Marketing		54,664			12,233			66,897
Other property operating costs		421,228			150,041			571,269
Provision for doubtful accounts		5,426			1,978			7,404
Total property operating expenses		944,338			255,289			1,199,627
Retail and other net operating income		2,054,063			419,535			2,473,598
Master Planned Communities
Land sales		145,649			85,017			230,666
Land sales operations		(116,708	)		(57,813	)		(174,521	)
Master Planned Communities net operating income before impairment charge		28,941			27,204			56,145
Columbia and Fairwood Communities impairment charge		(127,600	)		—			(127,600	)
Master Planned Communities net operating income (loss)		(98,659	)		27,204			(71,455	)
Real estate property net operating income		1,955,404			446,739		$	2,402,143
Management and other fees		106,584			19,869
Property management and other costs		(84,583	)		(3,029	)
Headquarters/regional costs		(114,027	)		(42,305	)
General and administrative		(37,005	)		(3,700	)
Litigation provision		(89,225	)		—
Depreciation on non-income producing assets, including headquarters building		(12,006	)		—
Interest income		8,641			16,417
Interest expense		(1,174,097	)		(176,937	)
Benefit from (provision for) income taxes		294,160			(2,830	)
Preferred unit distributions		(12,963	)		—
Other FFO from minority interest		5,639			62
FFO		846,522			254,286
Equity in FFO of Unconsolidated Properties		254,286			(254,286	)
Operating Partnership FFO	$	1,100,808		$	—

	Twelve Months Ended December 30, 2006
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,753,508		$	428,337		$	2,181,845
Tenant recoveries		773,034			187,782			960,816
Overage rents		75,945			15,966			91,911
Other, including minority interest		99,779			88,552			188,331
Total property revenues		2,702,266			720,637			3,422,903
Property operating expenses:
Real estate taxes		218,549			58,832			277,381
Repairs and maintenance		199,078			43,768			242,846
Marketing		48,626			13,184			61,810
Other property operating costs		373,020			154,010			527,030
Provision for doubtful accounts		22,078			793			22,871
Total property operating expenses		861,351			270,587			1,131,938
Retail and other net operating income		1,840,915			450,050			2,290,965
Master Planned Communities
Land sales		423,183			85,561			508,744
Land sales operations		(316,453	)		(62,304	)		(378,757	)
Master Planned Communities net operating income		106,730			23,257			129,987
Real estate property net operating income		1,947,645			473,307		$	2,420,952
Management and other fees		115,798			7,556
Property management and other costs		(89,892	)		(1,088	)
Headquarters/regional costs		(91,141	)		(37,042	)
General and administrative		(18,800	)		(3,974	)
Depreciation on non-income producing assets, including headquarters building		(13,106	)		—
Interest income		11,585			15,039
Interest expense		(1,117,437	)		(185,438	)
Provision for income taxes		(98,984	)		(582	)
Preferred unit distributions		(17,264	)		—
Other FFO from minority interest		6,179			—
FFO		634,583			267,778
Equity in FFO of Unconsolidated Properties		267,778			(267,778	)
Operating Partnership FFO	$	902,361		$	—

14

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

	Three Months Ended						Three Months Ended
	December 31, 2007						December 31, 2006
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	2,485		$	2,716		$	10,440		$	2,367
Straight-line rent		(2,315	)		290			(2,587	)		(1,027	)
Other property operating costs:
Non-cash ground rent expense		(2,694	)		(193	)		(2,132	)		(193	)
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(981	)		—
Interest expense:
Mark-to-market adjustments on debt		4,063			765			7,367			1,025
Amortization of deferred finance costs		(5,288	)		(344	)		(3,475	)		(421	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		1,167			—			460			—
Write-off of deferred finance costs		(154	)		(2	)		—			(15	)
Totals	$	(3,717	)	$	3,232		$	9,092		$	1,736

	Twelve Months Ended						Twelve Months Ended
	December 31, 2007						December 31, 2006
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	30,988		$	9,791		$	39,661		$	9,627
Straight-line rent		24,334			7,445			34,176			7,605
Other property operating costs:
Non-cash ground rent expense		(7,479	)		(769	)		(6,368	)		(785	)
Real estate taxes:
Real estate tax stabilization agreement		(3,924	)		—			(3,810	)		—
Interest expense:
Mark-to-market adjustments on debt		28,536			3,916			32,153			3,859
Amortization of deferred finance costs		(18,916	)		(1,658	)		(16,079	)		(1,808	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		4,932			—			3,945			—
Write-off of deferred finance costs		(3,255	)		(2	)		(6,150	)		(456	)
Totals	$	55,216		$	18,723		$	77,528		$	18,042

WEIGHTED AVERAGE SHARES
(In thousands)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2007		2006		2007		2006
Basic		243,867		241,779		243,992		241,222
Diluted		244,258		242,739		244,538		242,054
Assuming full conversion of Operating Partnership units:
Basic		295,718		294,391		296,125		293,923
Diluted		296,109		295,351		296,671		294,755

15

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	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	$	601,194		$	697,257		$	2,402,143		$	2,420,952
Unconsolidated Properties		(107,611	)		(136,501	)		(446,739	)		(473,307	)
Consolidated Properties		493,583			560,756			1,955,404			1,947,645
Management and other fees		26,180			35,668			106,584			115,798
Property management and other costs		(19,466	)		(24,829	)		(84,583	)		(89,892	)
Headquarters/regional costs		(24,304	)		(22,680	)		(114,027	)		(91,141	)
General and administrative		(16,076	)		(4,146	)		(37,005	)		(18,800	)
Litigation provision		(89,225	)		—			(89,225	)		—
Depreciation and amortization		(142,610	)		(177,852	)		(670,454	)		(690,194	)
Minority interest in NOI of Consolidated Properties and other		2,911			2,984			11,167			15,036
Operating income	$	230,993		$	369,901		$	1,077,861		$	1,188,452
Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income
Core FFO	$	271,232		$	292,028		$	880,933		$	871,940
Master Planned Communities net operating income (loss)		(117,761	)		56,114			(71,455	)		129,987
Benefit from (provision for) income taxes		36,951			(46,889	)		291,330			(99,566	)
Funds From Operations — Operating Partnership		190,422			301,253			1,100,808			902,361
Depreciation and amortization of capitalized real estate costs		(164,438	)		(218,617	)		(797,189	)		(835,656	)
Minority interest in depreciation of Consolidated Properties and other		45,292			5,828			45,944			8,401
Minority interest to Operating Partnership unitholders		(12,550	)		(17,408	)		(61,609	)		(15,010	)
Income from continuing operations		58,726			71,056			287,954			60,096
Loss on disposition, net of minority interest		—			(823	)		—			(823	)
Net income	$	58,726		$	70,233		$	287,954		$	59,273
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	107,611		$	136,501		$	446,739		$	473,307
Net property management fees and costs		6,125			2,616			16,840			6,468
Net interest expense		(35,356	)		(45,069	)		(160,520	)		(170,399	)
Litigation provision		37,112			—			—			—
Headquarters, general and administrative, income taxes and minority interest in FFO		(11,479	)		(11,841	)		(48,773	)		(41,598	)
FFO of unconsolidated properties		104,013			82,207			254,286			267,778
Depreciation and amortization of capitalized real estate costs		(24,628	)		(44,118	)		(138,741	)		(158,567	)
Other, including gain on sales of investment properties		44,576			4,539			42,856			5,030
Equity in income of unconsolidated real estate affiliates	$	123,961		$	42,628		$	158,401		$	114,241
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		295,718			294,391			296,125			293,923
Conversion of Operating Partnership units		(51,851	)		(52,612	)		(52,133	)		(52,701	)
Weighted average number of Company shares outstanding — GAAP EPS		243,867			241,779			243,992			241,222
Diluted:
Weighted average number of shares outstanding — FFO per share		296,109			295,351			296,671			294,755
Conversion of Operating Partnership units		(51,851	)		(52,612	)		(52,133	)		(52,701	)
Weighted average number of Company shares outstanding — GAAP EPS		244,258			242,739			244,538			242,054

16

Supplemental Financial Data

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

	Three Months			Twelve Months
	Ended			Ended
	December 31, 2007			December 31, 2007
Cash From Recurring Operations
FFO — Operating Partnership	$	190,422		$	1,100,808
Plus (Less):
Non-FFO cash from Master Planned Communities		165,466			125,238
Deferred income taxes		(41,400	)		(376,101	)
Tenant allowances and capitalized leasing costs (a)		(51,260	)		(160,554	)
Above and below-market tenant leases, net		(5,201	)		(40,779	)
Straight line rent adjustment		2,026			(31,779	)
Non-cash ground rent expense		2,887			8,248
Real estate tax stabilization agreement		981			3,924
Mark-to-market adjustments on debt		(4,828	)		(32,452	)
Amortization of deferred finance costs		5,632			20,574
Debt extinguishment costs:
Write-off of mark-to-market adjustments		(1,167	)		(4,932	)
Write-off of deferred finance costs		156			3,257
Cash From Recurring Operations — Operating Partnership	$	263,714		$	615,452
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	263,714		$	615,452
Less common dividends/distributions paid		(147,914	)		(547,788	)
Retained Funds From Recurring Operations — Operating Partnership	$	115,800		$	67,664

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Core FFO
Operating Partnership FFO	$	190,422		$	301,253		$	1,100,808		$	902,361
Exclusions, at the Company’s share:
Master Planned Communities net operating (income) loss		117,761			(56,114	)		71,455			(129,987	)
Provision for (benefit from) income taxes		(36,951	)		46,889			(291,330	)		99,566
Core FFO	$	271,232		$	292,028		$	880,933		$	871,940
Weighted average shares assuming full conversion of Operating Partnership units — diluted		296,109			295,351			296,671			294,755
Core FFO — per share	$	0.92		$	0.99		$	2.97		$	2.96

17

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.

18

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

	Twelve Months Ended
	12/31/2007			9/30/2007			6/30/2007			3/31/2007
Pro Rata EBITDA (a)
GAAP Net Income	$	287,954		$	299,460		$	300,658		$	266,453
Loss (Income) from Discontinued Operations, net of Minority Interest		—			823			823			823
Income Allocated to Minority Interest		77,012			82,489			85,401			80,954
Interest Expense		1,327,203			1,296,416			1,281,319			1,280,986
Income Taxes		(289,430	)		(207,490	)		(210,884	)		(216,937	)
Amortization of Deferred Finance Costs		20,574			18,838			18,314			18,543
Debt Extinguishment Costs		(1,675	)		3,653			4,162			1,903
Interest Income		(21,575	)		(24,732	)		(29,483	)		(26,136	)
Depreciation and amortization		809,161			863,909			846,788			861,252
Pro Rata EBITDA	$	2,209,224		$	2,333,366		$	2,297,098		$	2,267,841
Net Interest (a)
Amortization of Deferred Finance Costs		(20,574	)		(18,838	)		(18,314	)		(18,543	)
Debt Extinguishment Costs		1,675			(3,653	)		(4,162	)		(1,903	)
Interest Expense		(1,327,203	)		(1,296,416	)		(1,281,319	)		(1,280,986	)
Interest Income		21,575			24,732			29,483			26,136
Net Interest	$	(1,324,527	)	$	(1,294,175	)	$	(1,274,312	)	$	(1,275,296	)
Interest Coverage Ratio		1.67			1.80			1.80			1.78
Fixed Charges (b)
Net Interest	$	(1,324,527	)	$	(1,294,175	)	$	(1,274,312	)	$	(1,275,296	)
Preferred Unit Distributions		(12,963	)		(14,142	)		(15,748	)		(17,008	)
Fixed Charges	$	(1,337,490	)	$	(1,308,317	)	$	(1,290,060	)	$	(1,292,304	)
Ratio of Pro Rata EBITDA to Fixed Charges		1.65			1.78			1.78			1.75
Fixed Charges & Common Dividend
Fixed Charges	$	(1,337,490	)	$	(1,308,317	)	$	(1,290,060	)	$	(1,292,304	)
Common Dividend/Distributions		(547,788	)		(532,093	)		(519,077	)		(505,849	)
Fixed Charges + Dividend	$	(1,885,278	)	$	(1,840,410	)	$	(1,809,137	)	$	(1,798,153	)
Ratio of Pro Rata EBITDA to Fixed Charges + Dividend		1.17			1.27			1.27			1.26

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.

19

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
Comparable NOI Growth	2007			2006			2007			2006
Total Retail and Other NOI	$	718,955		$	641,143		$	2,473,598		$	2,290,965
NOI from noncomparable properties		(12,634	)		(17,980	)		(47,007	)		(53,066	)
Corporate and other (a)		(9,400	)		35,248			43,569			113,032
Comparable NOI (b)	$	696,921		$	658,411		$	2,470,160		$	2,350,931
Increase in Comparable NOI		5.8	%					5.1	%

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 partner’s 50% interest in the GGP/Homart I private REIT in July 2007 and, since GGP owned an interest in and managed the GGP/Homart I 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, excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties, and includes insurance proceeds received for business interruption claims for lost rent.

20

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

	Three Months Ended
	12/31/2007			9/30/2007			6/30/2007			3/31/2007			12/31/2006
Consolidated Properties
Tenant recoveries*	$	230,325		$	228,397		$	192,432		$	195,688		$	194,138
Recoverable operating expenses:
Real estate taxes		61,459			64,950			52,444			53,524			48,639
Repairs and maintenance		57,735			47,306			42,662			45,866			48,230
Marketing		19,152			12,277			10,824			12,740			14,142
Other property operating costs		89,290			97,761			79,086			82,243			80,246
Total recoverable operating expenses*		227,636			222,294			185,016			194,373			191,257
Recovery Ratio		101.2	%		102.7	%		104.0	%		100.7	%		101.5	%
Unconsolidated Properties
Tenant recoveries*	$	38,547		$	37,959		$	47,259		$	47,829		$	47,285
Recoverable operating expenses:
Real estate taxes		8,713			10,280			13,786			14,275			13,628
Repairs and maintenance		9,362			7,491			9,658			10,067			11,170
Marketing		3,609			2,379			2,877			3,373			3,934
Other property operating costs		14,059			14,306			17,815			18,088			18,602
Total recoverable operating expenses*		35,743			34,456			44,136			45,803			47,334
Recovery Ratio		107.8	%		110.2	%		107.1	%		104.4	%		99.9	%

* 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.

21

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — NET OPERATING INCOME BY COMMUNITY
(dollars in thousands)

												Unconsolidated
	Consolidated Properties											Property @ Share		Company Portfolio
	Maryland								Total					Total MPC
	Properties (a)			Summerlin		Bridgeland			Consolidated			The Woodlands		Segment
Three Months Ended
December 31, 2007
Land Sales	$	8,922		$	20,122	$	2,494		$	31,538		$	15,459	$	46,997
Land Sales Operations (b) (c)		134,486			13,348		3,628			151,462			13,296		164,758
Net Operating Income (Loss)	$	(125,564	)	$	6,774	$	(1,134	)	$	(119,924	)	$	2,163	$	(117,761	)
December 31, 2006
Land Sales	$	45,408		$	156,109	$	3,642		$	205,159		$	25,210	$	230,369
Land Sales Operations (b)		41,783			110,412		4,199			156,394			17,861		174,255
Net Operating Income (Loss)	$	3,625		$	45,697	$	(557	)	$	48,765		$	7,349	$	56,114
Twelve Months Ended
December 31, 2007
Land Sales	$	22,561		$	104,617	$	18,471		$	145,649		$	85,017	$	230,666
Land Sales Operations (b) (c)		149,696			79,639		14,973			244,308			57,813		302,121
Net Operating Income (Loss)	$	(127,135	)	$	24,978	$	3,498		$	(98,659	)	$	27,204	$	(71,455	)
December 31, 2006
Land Sales	$	91,239		$	317,198	$	14,746		$	423,183		$	85,561	$	508,744
Land Sales Operations (b)		78,394			225,639		12,420			316,453			62,304		378,757
Net Operating Income	$	12,845		$	91,559	$	2,326		$	106,730		$	23,257	$	129,987

(a)	Maryland Properties include Columbia and Fairwood and Land Sales Operations for such communities includes an approximate $127.6 million impairment charge recorded in the fourth quarter 2007.
(b)	Land Sales Operations includes selling and general and administrative expenses.
(c)	Land Sales Operations for Summerlin includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).

22

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 December 31, 2007 (a)	$	1,639,372
Estimated Value of Assets as of December 31, 2006 (b)		3,272,531

NET CASH FLOW GENERATED

	Twelve Months Ended December 31,
	2007			2006
Net Operating Income (Loss)	$	(71,455	)	$	129,987
Cost of Land Sales		48,793			175,184
The Woodlands Operations (c)		(27,204	)		(23,257	)
The Woodlands Cash Distribution for 2006 (c)		70,875			28,875
Other Adjustments to Derive Cash Generated (d)		139,788			52,171
Total Cash Generated		160,797			362,960
Land Development Expenditures, Net of Related Financing		(107,013	)		(176,440	)
Estimated Net Cash Flow generated by Master Planned Communities Segment (e)	$	53,784		$	186,520

(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 2010 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.
(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, the impairment provision at the Maryland properties 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”).

23

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

		Lot Sales and Pricing (a)					Acreage (b)
		Twelve Months Ended					Total		Remaining
		December 31,					Gross		Saleable
		2007		2006			Acres		Acres
Maryland Properties (c)
Residential	- Acres Sold		10.7		46.5					263
	- Average Price/Acre	$	420	$	966
Commercial	- Acres Sold		20.4		55.2					325
	- Average Price/Acre	$	548	$	681
Maryland Properties Acreage								19,100		588
Summerlin (d)
Residential	- Acres Sold		39.3		251.2					6,815
	- Average Price/Acre	$	1,246	$	1,067
Commercial	- Acres Sold		20.8		22.5					867
	- Average Price/Acre	$	1,108	$	251	(e)
Summerlin Acreage								22,500		7,682
Bridgeland
Residential	- Acres Sold		66.0		64.30					6,026
	- Average Price/Acre	$	248	$	222
Commercial	- Acres Sold		—		—					1,261
	- Average Price/Acre	$	—	$	—
Bridgeland Acreage								11,400		7,287
The Woodlands (f)
Residential	- Acres Sold		293.1		288.1					1,451
	- Average Price/Acre	$	362	$	374
Commercial	- Acres Sold		92.4		85.6					1,120
	- Average Price/Acre	$	395	$	396
Woodlands Acreage								28,400		2,571

(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.
	Reference is made to other disclosures in our filings on Forms 10-Q and 10-K, as well as page 23 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 Woodlands is 52.5%.

24

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

	12/31/2007			12/31/2006			12/31/2005			12/31/2004
Capital Information
Closing common stock price per share	$	41.18		$	52.23		$	46.99		$	36.16
52 Week High (a)		67.43			55.70			48.27			36.90
52 Week Low (a)		39.31			42.36			31.38			24.31
Total Return — Trailing Twelve Months (share appreciation and dividend)		-17.6	%		14.7	%		34.1	%		34.8	%
Common Shares and Common Units outstanding at end of period		295,749,082	(b)		294,957,220			292,258,544			290,256,345
Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	23,580,449		$	21,172,774		$	17,293,150		$	13,807,734
Variable		3,546,063			2,980,055			6,085,638			9,173,400
Total Preferred Securities		121,482			182,828			205,944			403,161
Stock market value of common stock and Operating Partnership units outstanding at end of period		12,178,947			15,405,616			13,733,229			10,495,669
Total Market Capitalization at end of period	$	39,426,941	(d)	$	39,741,273		$	37,317,961		$	33,879,964
Leverage Ratio (%)		68.8	%		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 issuable on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of the period ended December 31, 2007.

25

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		—			53,429		—			53,429
Employee Stock Purchase Plan		—			179,825		—			179,825
Conversion of Preferred Units to OP Units		47,356			—		—			47,356
Conversion of Preferred Units to OP Units and redemption to Common Shares		—			29,269		—			29,269
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		—			1,446,214		144,068			1,590,282
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 December 31, 2007		51,850,986			245,704,746		(1,806,650	)		295,749,082
Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at December 31, 2007										258,806
Diluted Common Shares and OP Units Outstanding at December 31, 2007										296,007,888
Weighted Average Common Shares and OP Units Outstanding for the twelve months ended December 31, 2007 (Basic)										296,124,656
Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options										546,325
Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the twelve months ended December 31, 2007 *										296,670,981

* Excludes shares of common stock issuable on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of the period ended December 31, 2007.

26

GENERAL GROWTH PROPERTIES, INC.
COMMON DIVIDEND HISTORY

(a) 1993 annualized

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

27

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF DECEMBER 31, 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)
2008	$	2,417,859			5.43	%	$	204,278		6.77	%	$	2,622,137		5.53	%
2009		3,098,368			5.36	%		245,796		6.88	%		3,344,164		5.47	%
2010		3,914,306			5.18	%		634,502		5.22	%		4,548,808		5.19	%
2011		7,138,277			6.28	%		1,075,804		6.01	%		8,214,081		6.24	%
2012		3,829,169			5.17	%		777,005		5.50	%		4,606,174		5.23	%
2013		2,621,489			6.03	%		48,466		5.27	%		2,669,955		6.02	%
2014		255,601			5.11	%		3,917		11.81	%		259,518		5.21	%
2015		195,787			5.21	%		590		11.36	%		196,377		5.23	%
2016		227,802			6.60	%		—		0.00	%		227,802		6.60	%
2017		104,708			6.54	%		47,313		6.16	%		152,021		6.42	%
Subsequent		274,171			6.87	%		11,304		7.96	%		285,475		6.91	%
Totals	$	24,077,537	(d)		5.68	%	$	3,048,975		5.84	%	$	27,126,512		5.70	%
Fixed Rate (e)		20,830,080			5.52	%		2,750,369		5.67	%		23,580,449		5.53	%
Variable Rate (e)		3,247,457			6.76	%		298,606		7.42	%		3,546,063		6.81	%
Totals	$	24,077,537	(d)		5.68	%(f)	$	3,048,975		5.84	%(f)	$	27,126,512		5.70	%(f)

Average Years to Maturity

Fixed Rate Debt	3.90 years	3.93 years	3.90 years
Variable Rate Debt	5.05 years	3.22 years	4.90 years
All GGP Debt	4.05 years	3.86 years	4.03 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 December 31, 2007 for all variable rate loans.
(d)	Reconciliation to GGP Consolidated GAAP debt.

	Consolidated
Consolidated debt, from above	$	24,077,537
Other liabilities — Special Improvement Districts		71,782
Minority interest ownership adjustment		65,405
Purchase accounting mark-to-market adjustments		67,415
GGP Consolidated GAAP debt	$	24,282,139

(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.

28

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.

29

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

	Fixed Rate			Floating Rate			Total Debt
September 30, 2007 (a)	$	23,544,587		$	3,347,058		$	26,891,645
New Funding:
Property Related		55,000			—			55,000
Non-Property Related		—			—			—
Refinancings:
Property Related		243,196			(212,345	)		30,851
Non-Property Related		—			—
Interest rate SWAP activity		(200,000	)		200,000			—
Revolver Borrowings		—			211,350			211,350
Other Property Related		(62,334	)		—			(62,334	)
Net Change		35,862			199,005			234,867
December 31, 2007 (a)	$	23,580,449		$	3,546,063		$	27,126,512

(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.

30

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF DECEMBER 31, 2007
(dollars in thousands)

FIXED RATE

						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans
Fashion Show		01/01/08		3.88	%		358,997
Provo Mall		02/01/08		4.52	%*		34,516
Spokane Valley Mall		02/01/08		4.57	%		28,542
Phoenix Theatre		04/01/08		8.39	%*		485
Two Owings Mills		05/01/08		7.03	%*		12,647
Columbiana		05/12/08		4.27	%		66,099
Animas Valley		07/11/08		3.70	%		24,746
Grand Teton		07/11/08		3.69	%		26,514
Mayfair		07/11/08		3.17	%		181,314
Salem Center		07/11/08		3.69	%		25,630
Pioneer Place		08/01/08		6.76	%*		166,560
Foothills		08/29/08		6.63	%*		42,323
Northtown Mall		09/01/08		6.77	%		74,082
Chula Vista		10/01/08		4.24	%		60,182
Pierre Bossier		10/01/08		6.54	%*		36,335
Spring Hill		10/01/08		6.61	%*		79,717
Tucson Mall		10/13/08		4.35	%		120,595
Bayside		11/03/08		6.00	%		54,333
Southwest Plaza		11/03/08		6.54	%*		74,541
Birchwood		11/11/08		6.72	%*		39,151
Mall of the Bluffs		11/11/08		6.72	%*		39,151
Oakwood		11/11/08		6.72	%*		52,201
Oakwood Center		02/09/09		6.60	%		95,000
Chico Mall		02/11/09		4.89	%		58,314
Jordan Creek		03/01/09		4.66	%		190,375
Deerbrook		03/02/09		3.59	%		76,791
Southland		03/02/09		3.70	%		83,662
Prince Kuhio		04/01/09		3.57	%		38,957
JP Comm Sr. Austin Bluffs		04/09/09		4.68	%		2,383
JP Comm Sr. Division Crossing		04/09/09		4.51	%		5,492
JP Comm Sr. Fort Union		04/09/09		4.60	%		2,867
JP Comm Sr. Halsey Crossing		04/09/09		4.61	%		2,688
JP Comm Sr. Orem Plaza Center St		04/09/09		4.60	%		2,562
JP Comm Sr. Orem Plaza State St		04/09/09		4.72	%		1,586
JP Comm Sr. Riverpointe Plaza		04/09/09		4.55	%		3,969
JP Comm Sr. Riverside Plaza		04/09/09		4.52	%		5,680
JP Comm Sr. Woodlands Village		04/09/09		4.50	%		7,257
Town East		04/13/09		3.56	%		108,538
Grand Canal Shoppes		05/01/09		4.86	%		403,707
Coastland		06/01/09		6.73	%*		99,060
The Crossroads (MI)		06/01/09		7.53	%		40,741
Woodbridge Corporation		06/01/09		4.35	%		213,521
Steeplegate		07/31/09		5.08	%		79,781
Village of Cross Keys		07/31/09		7.04	%*		11,117
Apache		08/03/09		7.05	%*		50,681
Cumberland		08/10/09		7.15	%		160,278
The Parks at Arlington		09/01/09		7.04	%*		140,002
Baybrook		10/01/09		6.66	%*		150,868
Oakview		10/01/09		7.19	%*		116,974
Coral Ridge		11/02/09		6.15	%*		100,658
Governor’s Square		12/01/09		7.66	%*		59,742
Lakeside Mall		12/01/09		4.37	%		185,116
Mall St Matthews		01/01/10		4.90	%		148,064
North Star		01/04/10		4.53	%		238,619
Ward Centre & Ward Entertainment		01/04/10		4.44	%		59,836
Park Place		01/11/10		5.24	%		180,593
Visalia		01/11/10		3.88	%		43,461
Lansing I		01/15/10		9.35	%*		25,536
Pecanland		03/01/10		4.39	%		60,156
Southland		03/05/10		5.16	%		111,310
Providence Place		03/11/10		5.22	%		365,127
Ridgedale		04/01/10		4.96	%		182,390
West Valley		04/01/10		3.52	%		59,078
Pioneer Place		04/27/10		10.01	%*		955
Peachtree		06/01/10		5.19	%		91,593

(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 DECEMBER 31, 2007
(dollars in thousands)

FIXED RATE

						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans Cont.
Coronado		06/07/10		5.18	%	$	172,575
La Cantera		06/07/10		5.31	%		130,907
Maine		06/11/10		4.92	%		221,354
Burlington		07/01/10		5.50	%		31,500
Glenbrook		07/01/10		5.01	%		181,297
Regency Square		07/01/10		3.68	%		96,855
St. Louis Galleria		07/05/10		4.94	%		242,913
Lynnhaven		07/06/10		5.18	%		242,284
Boise Towne Plaza		07/09/10		4.88	%		11,219
JP Comm Jr. Gateway Crossing		07/09/10		4.80	%		15,649
JP Comm Jr. Univ. Crossing		07/09/10		4.81	%		11,684
Crossroads Center (MN)		07/30/10		4.87	%		86,433
70 Columbia Corporate Center		10/01/10		10.15	%*		19,850
Newgate		10/01/10		4.96	%		42,064
Park City		10/01/10		5.29	%		152,935
Staten Island		10/01/10		6.11	%*		283,197
Fashion Place		10/05/10		5.41	%		147,510
110 North Wacker		10/11/10		5.14	%		46,496
Chapel Hills		10/11/10		5.15	%		118,203
Gallery at Harborplace		12/01/10		8.00	%		65,816
Rogue Valley		12/31/10		7.96	%		26,847
Newpark		02/01/11		7.58	%		69,601
Westlake Center		02/01/11		8.00	%		66,341
Boise Towne Square		02/10/11		6.74	%		72,408
10000 West Charleston		03/01/11		7.88	%*		22,243
North Point		03/01/11		5.58	%		219,924
Capital		04/01/11		7.52	%		20,710
Eden Prairie		04/01/11		4.79	%		81,908
Gateway		04/01/11		7.48	%		40,588
Greenwood		04/01/11		7.47	%		45,569
Mall of Louisiana		04/01/11		5.92	%		238,000
Beachwood Place		04/07/11		5.73	%		244,746
Vista Ridge		04/11/11		6.89	%*		82,348
The Woodlands		06/13/11		6.02	%		240,000
Northridge Fashion		07/01/11		7.25	%*		129,315
RiverTown		07/01/11		7.57	%*		120,508
Willowbrook Mall		07/01/11		6.92	%		161,880
Collin Creek Mall		07/11/11		6.87	%		68,482
Ala Moana		09/01/11		5.67	%		1,500,000
Bayshore		09/01/11		7.22	%*		31,720
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	%*		4,919
Eastridge (WY)		12/05/11		5.20	%		40,069
Pine Ridge		12/05/11		5.22	%		27,015
Red Cliffs		12/05/11		5.25	%		25,677
Three Rivers		12/05/11		5.23	%		21,995
Hulen Mall		12/07/11		5.14	%		115,661
Three Owings Millls		04/06/12		5.58	%		58,400
Four Owings Mills		04/06/12		5.61	%		25,600
Streets at Southpoint		04/06/12		5.45	%		245,707
Oviedo		05/07/12		5.24	%		52,976
Sikes Senter		06/01/12		5.32	%		62,723
Buckland Hills		07/02/12		5.01	%		168,770
Oglethorpe		07/02/12		4.99	%		144,628
Valley Plaza		07/11/12		3.98	%		98,233
White Marsh		09/01/12		5.67	%*		187,000
Corporate Pointe		09/11/12		6.83	%*		9,231
Grand Traverse		10/01/12		5.11	%		87,188
The Mall in Columbia		10/01/12		5.88	%*		400,000
Harborplace		10/05/12		5.94	%		50,000
Fox River		12/03/12		6.06	%		195,000
Ivanhoe Capital		12/03/12		5.82	%		93,713

(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.

32

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF DECEMBER 31, 2007
(dollars in thousands)

FIXED RATE

Loan	Maturity Date		Rate (a)			Total Debt Balance
Secured Asset Loans Cont.
Columbia Mall (MO)		02/01/13		6.16	%	$	90,000
Market Place		02/01/13		6.16	%		106,000
Gateway Overlook		03/01/13		5.91	%		55,000
Faneuil Hall		04/01/13		5.66	%		95,928
Lincolnshire Commons		04/01/13		6.12	%		28,000
Pembroke		04/11/13		5.06	%*		133,549
Fallbrook		06/03/13		6.26	%		85,000
Oxmoor		06/03/13		6.95	%		57,979
River Hills		06/03/13		6.26	%		80,000
Sooner Fashion		06/03/13		6.27	%		60,000
Senate Plaza		07/01/13		5.79	%		12,233
The Boulevard		07/01/13		4.36	%		110,781
1160/80 Town Center		07/15/13		6.99	%*		9,453
The Meadows		08/01/13		5.57	%		105,193
West Oaks		08/01/13		5.36	%		71,501
Moreno Valley		09/11/13		6.07	%		88,000
Lakeland		10/01/13		5.24	%		56,285
Bay City		12/02/13		5.44	%		24,696
Four Seasons		12/11/13		5.68	%		103,795
Valley Hills		03/05/14		4.82	%		58,326
Washington Park		04/01/14		5.56	%		12,378
Brass Mill		04/11/14		4.63	%		128,343
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	%		106,461
Eagle Ridge		10/12/15		5.53	%		48,555
Knollwood		10/12/15		5.47	%		40,771
Bellis Fair		02/15/16		7.34	%*		63,945
Lakeview Square		03/01/16		5.93	%		42,094
Country Hills		06/01/16		6.21	%		13,759
Providence Place		07/01/16		7.76	%*		27,699
Northgate		09/01/16		5.98	%		45,812
Piedmont		09/06/16		6.10	%		34,492
Southlake		12/05/17		6.55	%		100,000
Baltimore Center Garage		06/01/18		6.05	%*		17,776
10450 West Charleston		12/31/18		6.84	%*		4,988
Providence Place		07/01/28		7.76	%*		19,855
Houston Land Notes		2017-2033		6.50	%*		25,372
Provo Land Loan		08/01/95		10.10	%*		2,250
Corporate Debt
JP Realty Public Notes Series D		03/11/08		7.29	%*		25,000
Mall St Matthews		05/01/08		9.03	%		141
Houston Land		05/05/08		4.82	%		6,887
Princeton Land		07/29/08		3.04	%		3,570
Princeton Land East		07/29/08		3.00	%*		3,430
TRCLP Property Note		11/30/08		6.94	%*		58,000
TRCLP Public Indenture		03/16/09		3.63	%*		400,000
TRCLP Public Indenture		04/30/09		8.00	%*		200,000
Exchangeable Senior Notes		04/15/12		4.26	%*		1,550,000
TRCLP Public Indenture		09/17/12		7.20	%*		400,000
TRCLP Senior Notes		05/01/13		6.91	%*		798,098
TRCLP Public Indenture		11/26/13		5.38	%*		450,000
Swaps (b)
Credit Agreement SWAP		02/08/08		4.82	%		100,000
Total Consolidated Fixed Rate Debt						$	20,830,080

(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.

33

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF DECEMBER 31, 2007
(dollars in thousands)

VARIABLE RATE

Loan	Maturity Date		Rate (a)(b)			Total Debt Balance
Secured Asset Loans
Senior Bridge Loan		07/06/08		6.26	%	$	722,170
Westlake Land		11/02/21		11.41	%		2,437
Unsecured Asset Loans
Credit Agreement Revolver		02/24/11		6.60	%		429,150
Credit Agreement Term Loans		02/24/11		6.95	%		1,887,500
Trust Preferred Shares		04/30/36		6.80	%		206,200
Total Consolidated Variable Rate Debt						$	3,247,457
Total Consolidated Debt & Swaps				5.68	%	$	24,077,537

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(b)	Reflects the variable contract rate as of December 31, 2007.

34

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF DECEMBER 31, 2007
(dollars in thousands)

FIXED RATE

								Company
Loan	Maturity Date		Rate (a)			Total Debt		ProRata Share
Secured Asset Loans
Quail Springs		06/02/08		6.98	%		39,465		19,733
Neshaminy		07/01/08		6.76	%*		60,000		30,000
Woodlands Community		07/25/08		4.81	%		1,929		1,013
Altamonte		08/29/08		6.55	%*		107,986		53,993
Towson Town Center		11/10/08		6.84	%		130,014		45,505
Woodlands Community		02/23/09		3.80	%		867		455
Perimeter Shopping Center		05/01/09		6.77	%*		118,934		59,467
Mizner Park		07/01/09		5.09	%		58,746		29,373
Carolina Place		01/11/10		4.70	%		161,141		81,376
Alderwood		07/06/10		5.03	%		292,251		147,587
Christiana Mall		08/02/10		4.61	%*		115,258		57,629
Water Tower Place		09/01/10		5.04	%		175,747		90,764
Woodlands Community		09/01/10		7.22	%		13,808		7,249
Whalers		11/08/10		5.63	%		106,924		65,612
Kenwood Towne Centre		12/01/10		5.58	%		241,486		169,916
Willowbrook		04/01/11		7.00	%*		93,252		46,626
Silver City Galleria		06/10/11		4.95	%		132,742		66,371
Austin Mall (Highland)		07/08/11		6.92	%		65,763		32,882
Village of Merrick Park		08/08/11		5.94	%		191,903		76,761
Northbrook Court		09/01/11		7.17	%*		90,653		45,780
Montclair		09/12/11		5.88	%		265,000		133,825
Arrowhead		10/03/11		6.92	%*		78,469		26,154
First Colony		10/03/11		5.67	%*		192,178		96,089
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
Florence		09/10/12		5.04	%		98,636		69,626
Glendale Galleria		10/01/12		5.01	%*		387,297		193,648
Oakbrook		10/01/12		5.12	%*		220,397		104,599
Clackamas		10/05/12		6.36	%		200,000		100,000
The Oaks		12/03/12		5.85	%		102,000		52,020
Westroads		12/03/12		5.85	%		89,250		45,518
Stonebriar		12/11/12		5.32	%		171,188		85,594
Bridgewater Commons		01/02/13		5.27	%*		138,474		48,466
CenterPointe Village		01/02/17		6.38	%*		13,867		6,934
Trails Village Center		07/10/23		8.24	%*		16,552		8,276
Lake Meade Blvd & Buffalo Part		07/15/23		7.20	%*		6,056		3,028
Total Unconsolidated Fixed Rate Debt								$	2,750,369

(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.

35

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF DECEMBER 31, 2007
(dollars in thousands)

VARIABLE RATE

								Company
Loan	Maturity Date		Rate (a)(b)			Total Debt		ProRata Share
Secured Asset Loans
Woodlands Community		01/04/08		7.60	%	$	101	$	53
Woodlands Community		02/28/08		8.09	%		59,360		31,164
Woodlands Community		07/01/08		7.25	%*		595		312
Superstition Springs		09/09/08		5.30	%		67,500		22,505
Woodlands Community		07/01/09		6.58	%*		4,768		2,503
Woodlands Credit Agreement		08/29/09		7.28	%*		291,539		153,058
Woodlands Community		12/01/09		7.50	%*		1,790		940
Woodlands Community		01/01/10		7.73	%		6,756		3,547
Woodlands Community		05/01/10		6.38	%*		20,612		10,821
Brazil — Aliansce		2011-2015		10.79	%		68,006		33,323
Turkey — AAREAL		06/01/17		6.12	%		82,408		40,380
Total Unconsolidated Variable Rate Debt								$	298,606
Total Unconsolidated Debt				5.84	%			$	3,048,975
Total Debt & Swaps				5.70	%			$	27,126,512

(a)	Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.
(b)	Reflects the variable contract rate as of December 31, 2007.

36

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)
AS OF DECEMBER 31, 2007

	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
	Properties			Properties			Portfolio (c)
OPERATING STATISTICS (b)
Occupancy		93.4	%		94.9	%		93.8	%
Trailing 12 month total tenant sales per sq. ft. (d)	$	444		$	521		$	462
% change in total sales (d)		3.0	%		7.9	%		4.3	%
% change in comparable sales (d)		1.1	%		2.4	%		1.4	%
Mall and freestanding GLA (in sq. ft.)		48,786,727			13,969,602			62,756,329
CERTAIN FINANCIAL INFORMATION
Average annualized in place sum of rent and recoverable common area costs per sq. ft. (e) (f)	$	44.90		$	53.35
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (e) (f)	$	39.64		$	50.17
Average sum of rent and recoverable common area cost per sq. ft. for leases expiring in 2007 (e) (f)	$	31.38		$	37.95
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (g)		5.9	%		5.3	%

	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.		1.4
American Eagle Outfitters, Inc.		1.2
Zale Corporation		1.1
The Children’s Place Retail Stores, Inc.		1.1
JCPenney Company, Inc.		1.0
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)	Data includes a significant proportion of short term leases on inline spaces that are leased for one year. Rents and recoverable common area costs related to these short term leases are typically much lower than those related to long term leases. Any inferences the reader may draw regarding future rent spreads should be made in light of this difference between short- and long-term leases.
(g)	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.

37

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

GLA as of December 31, 2007

						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		78,405,917			509,129		51,610,253			335,132		130,016,770
Unconsolidated		22,767,704			669,638		14,479,598			425,871		37,247,302
Company		101,173,621			538,158		66,089,851			351,542		167,264,072
% of Total		60.5	%				39.5	%				100	%

Occupancy History

	Consolidated			Unconsolidated			Company
12/31/2007		93.4	%		94.9	%		93.8	%
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
12/31/2007	$	444	$	521	$	462
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) (e)

	Consolidated		Unconsolidated
12/31/2007	$	44.90	$	53.35

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

	Year to Date		Full Year		Rent
	New/Renewals		Expirations		Spread
Consolidated
12/31/2007	$	39.64	$	31.38	$	8.26
Unconsolidated
12/31/2007	$	50.17	$	37.95	$	12.22

Occupancy Cost as a % of Sales (b)

	Consolidated			Unconsolidated			Company
12/31/2007		12.5	%		12.5	%		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.
(e)	Data includes a significant proportion of short term leases on inline spaces that are leased for one year. Rents and recoverable common area costs related to these short term leases are typically much lower than those related to long term leases. Any inferences the reader may draw regarding future rent spreads should be made in light of this difference between short- and long-term leases.

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GENERAL GROWTH PROPERTIES, INC.
RETAIL AND OTHER NET OPERATING INCOME BY GEOGRAPHIC AREA AT SHARE
(dollars in thousands)

	Twelve Months Ended					Twelve Months Ended
	December 31,					December 31,
	2007		% of Total			2006		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	863,040		34.9	%	$	813,119		35.5	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		277,119		11.2	%		268,802		11.7	%
South Central
Arkansas, Louisiana, Oklahoma, Texas		355,622		14.4	%		283,301		12.4	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		649,572		26.3	%		615,030		26.8	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		303,521		12.3	%		290,097		12.7	%
Corporate and Other (a)		24,724		0.9	%		20,616		0.9	%
TOTAL	$	2,473,598		100.0	%	$	2,290,965		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.

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GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF DECEMBER 31, 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
	Recoverable				Recoverable		Recoverable				and Recoverable
	Common Area		Square		Common Area		Common Area		Square		Common Area
	Costs		Footage		Costs/Sq. Ft.		Costs		Footage		Costs/Sq. Ft.
2008 (d)		208,688		6,197		33.68		32,371		690		46.91
2009		187,383		3,983		47.05		22,000		386		56.99
2010		215,340		4,618		46.63		25,034		437		57.29
2011		171,705		3,445		49.84		31,037		513		60.50
2012		212,272		3,904		54.37		28,679		471		60.89
2013		159,057		2,728		58.31		26,637		409		65.13
2014		166,868		2,929		56.97		25,410		366		69.43
2015		187,239		3,133		59.76		39,962		592		67.50
2016		200,625		3,146		63.77		48,661		700		69.52
Subsequent		332,227		5,685		58.44		96,035		1,366		70.30
Total at Share	$	2,041,404		39,768	$	51.33	$	375,826		5,930	$	63.38
All Expirations	$	2,041,404		39,768	$	51.33	$	773,379		12,119	$	63.82

Retail Lease Termination Income at Share

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2007		2006		2007		2006
Consolidated	$	12,359	$	2,450	$	25,994	$	23,045
Unconsolidated		4,848		1,312		9,370		8,145
Total Termination Income at Share	$	17,207	$	3,762	$	35,364	$	31,190

(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.
(d)	Data includes a significant proportion of short term leases on inline spaces that are leased for one year. Rents and recoverable common area costs related to these short term leases are typically much lower than those related to long term leases. Any inferences the reader may draw regarding future rent spreads should be made in light of this difference between short- and long-term leases.

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Expansions, Re-developments & New Developments

GENERAL GROWTH PROPERTIES, INC.
ESTIMATED DEVELOPMENT COST SUMMARY
AS OF DECEMBER 31, 2007
($millions at share)

Development Summary
Expansion & re-development projects	$	1,163.8
New development projects		1,719.2
Total expansion, re-development & new development projects		2,883.0
Less Expenditures On Active Projects
Expansion & re-development projects	$	351.9
New development projects		435.1
Total expenditures on active projects		787.0
Estimated future development spending (a)	$	2,096.0

(a) Future development spending is currently expected to occur between Q1 2008 and Q4 2011.

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GENERAL GROWTH PROPERTIES, INC.
EXPANSIONS & RE-DEVELOPMENTS

Definitive Projects

					Forecasted Cost
					($millions at		Projected
Property	Description	Ownership %			share)		Opening
Ala Moana Honolulu, HI	Nordstrom at Kapiolani and parking deck		100	%	$	175.1		Q1 2008
Mall of Louisiana Baton Rouge, LA	Lifestyle addition and power center		100	%		96.3		Q1 2008
Montclair Plaza Montclair, CA	Nordstrom and mall renovation		50	%		27.4		Q4 2008
Mondawmin Mall Baltimore, MD	Addition of big box retail, restaurants and mall shop re-development		100	%		60.3		Q3 2008
The Parks at Arlington Arlington, TX	Re-development of the former Mervyn’s space		100	%		28.1		Q2 2008
Towson Town Center Towson, MD	Mall Shop renovation and expansion including Crate & Barrel and additional restaurants		35	%		38.4		Q4 2008
Tucson Tucson, AZ	Lifestyle expansion		100	%		63.2		Q4 2008
Ward Centers Honolulu, HI	Addition of Whole Foods and other retail space as well as a parking structure		100	%		131.8		Q4 2008
Water Tower Place Chicago, IL	American Girl and mall shop re-development		52	%		35.3		Q4 2008
Current estimated additional costs to be incurred on recently opened projects						155.4
Current costs for 60 other projects including those listed below						352.5
Total expansion & re-development projects					$	1,163.8

Planned 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
Murray, UT	renovation		100	%
Saint Louis Galleria	Nordstrom		100	%
Saint Louis, MO
Ward Centers Honolulu, HI	60 acre Ward neighborhood including residences, shops, and entertainment		100	%

Other Possible Projects

Property	Description	Ownership %
Maine Mall	Theater, anchor, restaurant pads and mall shop expansion		100	%
South Portland, ME
North Star Mall San Antonio, TX	Replace Mervyn’s building with specialty retailers, restaurants, and hotel		100	%
Paramus Park	Lifestyle expansion		100	%
Paramus, NJ
Redlands	Phase I — strip center retail		100	%
Redlands, CA
Staten Island Mall	Mall expansion		100	%
Staten Island, NY

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GENERAL GROWTH PROPERTIES, INC.
NEW DEVELOPMENTS

Definitive Projects

		Forecasted Cost		Projected
Property	Description	($millions at share)		Opening
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
Natick Natick, MA	Addition of 59 thousand sf streetscape and parking deck		54.7		Q1 2009
	Nouvelle at Natick — luxury condominiums		171.6		Q4 2008
Pinnacle Hills South Rogers, AR	Target, restaurants, and additional retail		10.1		Q2 2009
RiverCrossing Macon, GA	750 thousand sf center which includes anchors, mall shop, restaurants and power center		53.0		Q1 2008
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 (a) Las Vegas, NV	Expansion of Venetian (initial estimated payment)		349.0		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 new development projects			138.5
Various other new development projects and certain committed amounts related to the projects listed below (b)			296.8
Total new development projects		$	1,719.2

(a)	GGP is not responsible for the construction costs. 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 is $349 million.
(b)	Additional payments on The Shoppes at Palazzo will be made during the 48 months after closing if actual NOI increases but are not included in the $296.8 million of total estimated future costs listed above. The principal variable affecting increased NOI is expected to be actual overage rent as reported by the tenants.

Planned Projects

					Potential
Property	Description	Ownership %			Opening
Bridges at Mint Hill Charlotte, NC	Shopping Center anchored by Belks and two other department stores		100	%		Q2 2010
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	%		Q4 2009
Kendall Town Center West Kendall, FL	New development with retail, big box, restaurant and theater		100	%		Q4 2010
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	%		Q2 2010

Other Possible Projects

Allentowne Allen, TX	Mixed use development on a 238 acre site	100	%	Q2 2010
Circle T Westlake, TX	1.2 million sf shopping center	50	%	Q4 2011

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