exv99w1

Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Six Months Ended June 30, 2008

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 tenant occupancy and tenant bankruptcies, the level of our indebtedness and interest rates, retail and credit market conditions, land sales in our Master Planned Communities segment, the cost and success of development and re-development projects, and our ability to successfully manage growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K (as amended by Amendment No.1 to such report filed in Form 10-K/A), which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this supplemental financial information. The Company disclaims any obligation to update any forward-looking statements.

Supplemental Financial/Operational Data
June 30, 2008
Table of Contents

All information included in this supplemental package is unaudited and is as of June 30, 2008, 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

Second Quarter 2008 Earnings Announcement		4-15

Supplemental Financial Data*		16-34
Summary Retained FFO & Core FFO		16
Tenant Allowances,Straight Line Rent, & SFAS #141 & #142		17
Trailing Twelve Month EBITDA and Coverage Ratios		18
Comparable NOI Growth		19
Master Planned Communities		20-22
Capital Information		23
Changes in Total Common & Equivalent Shares		24
Common Dividend History		25
Debt Maturity and Current Average Interest Rate Summary		26
Summary of Outstanding Debt		27-34

Supplemental Operational Data		35-38
Operating Statistics, Certain Financial Information & Top Tenants		35
Retail Portfolio GLA, Occupancy, Sales & Rent Data		36
Retail and Other Net Operating Income by Geographic Area at Share		37
Lease Expiration Schedule and Lease Termination Income at Share		38

Expansions, Re-developments & New Developments		39-41


*	The supplemental financial data should be read in conjunction with the Company’s second quarter earnings information (included as pages 4-15 of this supplemental report) as certain disclosures and reconciliations in such announcement have not been included in the supplemental financial data.

Corporate 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 $38.8 billion in total market capitalization. The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide.

Since going public in 1993, GGP has achieved 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 June 30, 2008 was 93.2% and tenant sales per square foot were $459. 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 stockholders.

Stock Listing

Common Stock
NYSE: GGP



Calendar of Events

Quarter End — Third Quarter 2008		Sept. 30, 2008
Earnings Release — After the Market Close		Oct. 30, 2008
Quarterly Conference Call — 8:00 am CST		Oct. 31, 2008

Current Dividend

GGP declared its third dividend for 2008 in the amount of $0.50 per share, payable to common stockholders of record on July 17, 2008, with payment on July 31, 2008. 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		BNY Mellon
Director, Investor Relations		Shareowner Services
General Growth Properties		480 Washington Blvd
110 North Wacker Drive		Jersey City, NJ 07310
Chicago, IL 60606		(888) 395-8037
Phone (312) 960-5199		Foreign Stockholders:
Fax (312) 960-5475		+1 201 680-6578
tgoebel@ggp.com



Debt Ratings

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

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

Ownership Structure as of June 30, 2008

* Share count includes common shares
and common Operating Partnership units


Total Market Capitalization - As Measured by Stock Price (dollars in thousands)			June 30, 2008

Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)			$	27,474,501

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 267.7 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)			$	11,192,332


Total Market Capitalization at end of period			$	38,788,315


(a)		Excludes liabilities to special improvement districts of $71.0 million, minority interest adjustment of $71.5 million and purchase accounting mark-to-market adjustments of $58.9 million.

(b)		Net of 1.4 million treasury shares.

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.


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

Citigroup	Michael Bilerman	(212) 816-1383
	Ambika Goel	(212) 816-6981

Credit Suisse First Boston	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	Ross Smotrich	(212) 526-2306
	George Hoglund	(212) 526-4513

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

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

Stifel Nicolaus	David Fick	(410) 454-5018
	Nate Isbee	(410) 454-4143

UBS	Jeff Spector	(212) 713-6144
	Lindsay Schroll	(212) 713-3402

Wachovia Capital Markets, LLC	Jeff Donnelly	(617) 603-4262
	Rob Laquaglia	(617) 603-4263


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


FOR IMMEDIATE RELEASE	CONTACT:	Tim Goebel
		(312) 960-5199

General Growth Properties, Inc. Releases Second Quarter 2008

FFO and Earnings Results

Chicago, Illinois, July 30, 2008 — General Growth Properties, Inc. (NYSE: GGP) (the Company) reported today its operating results for the second quarter 2008. Core Funds From Operations (Core FFO) per fully diluted share were $0.72 for the second quarter of 2008. Core FFO per fully diluted share for the comparable period in 2007 was $0.73. Funds From Operations (FFO) per fully diluted share were $0.71 for the second quarter of 2008, equal to the reported FFO per fully diluted share in the comparable period of 2007. Earnings per share — diluted (EPS) were $0.13 and $0.03, respectively, for the second quarters of 2008 and 2007.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

	§		Core FFO is defined as Funds From Operations excluding the Real Estate Property Net Operating Income (NOI) from the Master Planned Communities segment and the (provision for) benefit from income taxes. Core FFO for the second quarter of 2008 was $228.4 million or $0.72 per fully diluted share as compared to $216.6 million or $0.73 per fully diluted share for the second quarter of 2007. Although aggregate Core FFO increased in the second quarter of 2008 by $11.8 million, Core FFO per fully diluted share declined as a result of the issuance of common stock in 2008.

	§		FFO was $228.0 million in the second quarter of 2008, an increase of approximately 8.4% or $17.7 million, from $210.3 million in the second quarter of 2007, primarily as a result of higher real estate property net operating income in 2008 in our retail and other operating segment.

	§		EPS in the second quarter of 2008 were $0.13, a $0.10 increase from the comparable 2007 quarter. The higher EPS in 2008 is primarily due to the $30.8 million, net of minority interest (or approximately $0.12 per share), in gains recognized on the previously reported sales of certain office buildings in the second quarter of 2008.

	§		Development Projects
			The Company, in collaboration with certain retailers, has decided to defer the opening of certain near and intermediate term new development and redevelopment projects. As a result, approximately $500 million of development expenditures will be deferred during the next 18 months. The principal factors for the Company’s decision are the current retail and credit market conditions. The Company believes that such deferral will enhance the likelihood that these new development and redevelopment projects will open when general economic conditions are more favorable and when attractive financing is more generally available.

	§		Core FFO per share guidance
			We currently project 2008 Core FFO to be approximately $3.42 per share, ($0.77 and $1.17 for the third and fourth quarters of 2008, respectively, in addition to the $1.48 in Core FFO per share already produced), or approximately 15% above the Core FFO per share amount of $2.97 for 2007. The decrease in current 2008 Core FFO guidance from previous amounts is primarily due to lower forecasted NOI in the second half of 2008, due to the likely continuation of the current weak economic conditions.

SEGMENT RESULTS

Retail and Other Segment

	§		NOI increased to $628.8 million for the second quarter of 2008, 8.4% above the $580.3 million reported for the second quarter of 2007. The majority of this increase is due to the acquisition of our venture partner’s 50% interest in Homart I in July 2007, which resulted in the consolidation of 20 of the 23 properties in that portfolio that were previously reported as unconsolidated in our operating results.

	§		Revenues from consolidated properties for the second quarter of 2008, were $775.1 million, an increase of 14.9% compared to $674.6 million for the same period in 2007. This increase is primarily due to the Homart I acquisition, as discussed above. Excluding such acquisition, consolidated revenues would have increased by approximately $11.0 million or 1.6%.

	§		Revenues from unconsolidated properties, at the Company’s ownership share, for the quarter declined 16.6% to $153.8 million, compared to $184.4 million in the

			second quarter of 2007. The decline was primarily due to the acquisition of our venture partner’s interest in the Homart I properties.

	§		Comparable tenant sales increased 0.8% in 2008, while total tenant sales were consistent with the same period last year, both on a trailing twelve month basis.

	§		Comparable NOI from consolidated properties in the second quarter of 2008 increased by 2.6% compared to the same period last year, and increased by 3.9% for the first half of 2008 compared to the first half of 2007.

	§		Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 7.9% compared to the second quarter of 2007, and increased by 8.2% for the first half of 2008 compared to the first half of 2007.

	§		Retail Center occupancy increased to 93.2% at June 30, 2008 from 92.9% at June 30, 2007.

	§		Sales per square foot for the second quarter of 2008 and 2007 (on a trailing twelve month basis) were both $459.

Master Planned Communities Segment

	§		Reflecting a stagnant housing market, NOI from the Master Planned Communities segment for the second quarter of 2008 was $0.6 million for consolidated properties and $6.6 million for unconsolidated properties as compared to $6.6 million and $7.9 million, respectively, in 2007.

	§		Land sale revenues for the second quarter of 2008 were $15.9 million for consolidated properties and $17.8 million for unconsolidated properties, compared to $36.1 million and $22.7 million, respectively, for the second quarter of 2007. Such declines in land sale revenues reflect a reduced sales pace for 2008, a trend from the first quarter of 2008 that is expected to continue into 2009.

CONFERENCE CALL/WEBCAST

General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our website, www.ggp.com. This Webcast will take place on Thursday, July 31, 2008, at 9:00 a.m. Eastern Time (8:00 a.m. CDT, 6:00 a.m. PDT). 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, over 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and

commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space 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 AND CORE FFO

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

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance. However, we believe that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of our business. FFO 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 FFO is a relevant measure of operating performance, the Company also uses Core FFO as an operating measure. Core FFO is defined as FFO excluding the NOI from the Master Planned Communities segment and the (provision for) benefit from 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 flow from operating activities in accordance with GAAP, neither should be considered as an alternative to GAAP net income and neither is necessarily indicative of cash available to fund cash needs. In addition, the Company has presented 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 NOI is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues (rental income, land sales, tenant recoveries and other income) less property and related expenses (real estate taxes, land sales operating costs, repairs and maintenance, marketing and other property expenses). As with FFO described above, NOI has been reflected on a consolidated and unconsolidated basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.

Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, gains and losses from property dispositions, minority interest in consolidated joint ventures, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates, land values and operating costs. This measure thereby provides an operating perspective not immediately apparent from GAAP operating or net income. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns.

In addition, management believes that NOI provides useful information to the investment community about the Company’s operating performance. However, due to the exclusions noted above, NOI should only be used as an alternative measure of the Company’s financial performance. For reference, and as an aid in understanding management’s computation of NOI, a reconciliation of NOI to consolidated operating income as computed in accordance with GAAP has been presented.

Comparable NOI excludes from both years the NOI of properties with significant physical or merchandising changes and those properties acquired or opened during the relevant comparative accounting periods.

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 of 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, tenant occupancy and tenant bankruptcies, the level of indebtedness and interest rates, retail and credit market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K (as amended by Amendment No.1 to such report filed on Form 10-K/A), which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

###

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Funds From Operations (“FFO”)
Company stockholders	$	190,996		$	173,359		$	375,260		$	577,890
Operating Partnership unitholders		37,027			36,917			75,964			124,053

Operating Partnership	$	228,023		$	210,276		$	451,224		$	701,943

Increase (decrease) in FFO over comparable prior year period		8.4	%		15.5	%		(35.7	)%		71.5	%


FFO per share:
Company stockholders — basic	$	0.71		$	0.71		$	1.47		$	2.37
Operating Partnership — basic		0.71			0.71			1.47			2.37
Operating Partnership — diluted		0.71			0.71			1.46			2.36
Increase (decrease) in diluted FFO over comparable prior year period		—	%		14.5	%		(38.1	)%		69.8	%

Core Funds From Operations (“Core FFO”)
Core FFO	$	228,440		$	216,562		$	455,063		$	408,975
Core FFO per share — diluted		0.72			0.73			1.48			1.38
Increase in Core FFO over comparable prior year period		5.5	%		17.7	%		11.3	%		4.0	%

Dividends
Dividends paid per share	$	0.50		$	0.45		$	1.00		$	0.90
Payout ratio (% of diluted FFO paid out)		70.4	%		63.4	%		68.5	%		38.1	%

Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	529,580		$	464,980		$	1,070,236		$	913,664
Unconsolidated		99,254			115,302			192,661			225,333

Total Retail and Other		628,834			580,282			1,262,897			1,138,997

Master Planned Communities:
Consolidated		644			6,588			(210	)		10,237
Unconsolidated		6,606			7,895			14,318			13,561

Total Master Planned Communities		7,250			14,483			14,108			23,798

Total Real estate property net operating income	$	636,084		$	594,765		$	1,277,005		$	1,162,795


	June 30,		December 31,
Selected Balance Sheet Information	2008		2007

Cash and cash equivalents	$	87,444	$	99,534

Investment in real estate:
Net land, buildings and equipment	$	22,773,140	$	22,359,249
Developments in progress		1,196,249		987,936
Net investment in and loans to/from
Unconsolidated Real Estate Affiliates		1,827,629		1,803,366
Investment land and land held for development and sale		1,678,838		1,639,372

Net investment in real estate	$	27,475,856	$	26,789,923


Total assets	$	29,505,588	$	28,814,319

Mortgage, notes and loans payable	$	24,461,117	$	24,282,139
Minority interest — Preferred		121,482		121,482
Minority interest — Common		434,636		351,362
Stockholders’ equity		1,991,001		1,456,696

Total capitalization (at cost)	$	27,008,236	$	26,211,679


	Consolidated Properties						Unconsolidated Properties(a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
Summarized Debt Information	Balance			Rate(d)			Balance		Rate(d)

Fixed rate (c)	$	20,240,942			5.55	%	$	2,903,863		5.68	%
Variable rate (c)		4,018,737			4.22			310,959		6.87

Totals	$	24,259,679	(b)		5.33	%	$	3,214,822		5.79	%


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

(b)		Excludes liabilities to special improvement districts of $71.0 million, minority interest adjustment of $71.5 million

		and purchase accounting mark-to-market adjustments of $58.9 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.

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Revenues:
Minimum rents	$	507,099		$	443,432		$	1,032,041		$	879,474
Tenant recoveries		231,548			195,403			463,179			394,858
Overage rents		10,892			10,876			24,410			26,456
Land sales		15,855			36,130			24,921			59,923
Management and other fees		21,918			26,348			42,157			53,920
Other		28,306			27,893			59,232			54,244

Total revenues		815,618			740,082			1,645,940			1,468,875

Expenses:
Real estate taxes		69,004			55,089			137,653			111,949
Repairs and maintenance		56,997			47,918			119,098			98,891
Marketing		8,776			10,713			21,052			23,294
Other property operating costs		104,434			97,609			216,326			197,645
Land sales operations		15,211			29,542			25,131			49,686
Provision for (recovery of) doubtful accounts		6,287			(1,701	)		8,996			3,791
Property management and other costs		54,804			56,447			106,942			109,589
General and administrative		4,416			4,030			12,515			16,299
Depreciation and amortization		191,242			163,289			375,501			338,408

Total expenses		511,171			462,936			1,023,214			949,552

Operating income		304,447			277,146			622,726			519,323

Interest income		1,449			2,944			2,006			4,977
Interest expense		(312,943	)		(275,547	)		(632,337	)		(543,896	)

(Loss) income before income taxes, minority interest and equity in income of Unconsolidated Real Estate Affiliates		(7,047	)		4,543			(7,605	)		(19,596	)
(Provision for) benefit from income taxes		(6,866	)		(17,647	)		(16,257	)		270,744
Minority interest		(3,969	)		(5,085	)		(9,290	)		(59,502	)
Equity in income of Unconsolidated Real Estate Affiliates		21,145			26,581			44,973			46,940

Income from continuing operations		3,263			8,392			11,821			238,586
Discontinued operations, net of minority interest — gains on dispositions		30,819			—			30,819			—

Net income	$	34,082		$	8,392		$	42,640		$	238,586


Basic Earnings Per Share:
Continuing operations	$	0.01		$	0.03		$	0.05		$	0.98
Discontinued operations		0.12			—			0.12			—

Total basic earnings per share	$	0.13		$	0.03		$	0.17		$	0.98


Diluted Earnings Per Share:
Continuing operations	$	0.01		$	0.03		$	0.05		$	0.97
Discontinued operations		0.12			—			0.12			—

Total diluted earnings per share	$	0.13		$	0.03		$	0.17		$	0.97

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


	Three Months Ended June 30, 2008
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	507,099		$	94,544		$	601,643
Tenant recoveries		231,548			39,522			271,070
Overage rents		10,892			1,723			12,615
Other, including minority interest		25,539			18,012			43,551

Total property revenues		775,078			153,801			928,879

Property operating expenses:
Real estate taxes		69,004			11,990			80,994
Repairs and maintenance		56,997			8,945			65,942
Marketing		8,776			1,590			10,366
Other property operating costs		104,434			31,534			135,968
Provision for doubtful accounts		6,287			488			6,775

Total property operating expenses		245,498			54,547			300,045

Retail and other net operating income		529,580			99,254			628,834


Master Planned Communities
Land sales		15,855			17,802			33,657
Land sales operations		(15,211	)		(11,196	)		(26,407	)

Master Planned Communities net operating income		644			6,606			7,250


Real estate property net operating income		530,224			105,860		$	636,084


Management and other fees		21,918			5,477
Property management and other costs		(20,590	)		(584	)
Headquarters/regional costs		(34,214	)		(9,508	)
General and administrative		(4,416	)		(2,464	)
Depreciation on non-income producing assets, including headquarters building		(2,603	)		—
Interest income		1,449			1,363
Interest expense		(312,943	)		(41,876	)
Provision for income taxes		(6,866	)		(801	)
Preferred unit distributions		(2,903	)		—
Other FFO from minority interest		1,470			30

FFO		170,526			57,497
Equity in FFO of Unconsolidated Properties		57,497			(57,497	)

Operating Partnership FFO	$	228,023		$	—


	Three Months Ended June 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	443,432		$	112,053		$	555,485
Tenant recoveries		195,403			47,684			243,087
Overage rents		10,876			1,467			12,343
Other, including minority interest		24,897			23,197			48,094

Total property revenues		674,608			184,401			859,009

Property operating expenses:
Real estate taxes		55,089			14,392			69,481
Repairs and maintenance		47,918			10,640			58,558
Marketing		10,713			2,874			13,587
Other property operating costs		97,609			40,796			138,405
(Recovery of) provision for doubtful accounts		(1,701	)		397			(1,304	)

Total property operating expenses		209,628			69,099			278,727

Retail and other net operating income		464,980			115,302			580,282


Master Planned Communities
Land sales		36,130			22,661			58,791
Land sales operations		(29,542	)		(14,766	)		(44,308	)

Master Planned Communities net operating income		6,588			7,895			14,483


Real estate property net operating income		471,568			123,197		$	594,765


Management and other fees		26,348			4,074
Property management and other costs		(18,714	)		(779	)
Headquarters/regional costs		(37,733	)		(10,865	)
General and administrative		(4,030	)		(1,423	)
Depreciation on non-income producing assets, including headquarters building		(3,076	)		—
Interest income		2,944			8,046
Interest expense		(275,547	)		(51,304	)
Provision for income taxes		(17,647	)		(3,122	)
Preferred unit distributions		(3,055	)		—
Other FFO from minority interest		1,394			—

FFO		142,452			67,824
Equity in FFO of Unconsolidated Properties		67,824			(67,824	)

Operating Partnership FFO	$	210,276		$	—

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


	Six Months Ended June 30, 2008
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,032,041		$	187,236		$	1,219,277
Tenant recoveries		463,179			78,613			541,792
Overage rents		24,410			3,035			27,445
Other, including minority interest		53,731			31,552			85,283

Total property revenues		1,573,361			300,436			1,873,797

Property operating expenses:
Real estate taxes		137,653			23,581			161,234
Repairs and maintenance		119,098			18,246			137,344
Marketing		21,052			3,778			24,830
Other property operating costs		216,326			61,387			277,713
Provision for doubtful accounts		8,996			783			9,779

Total property operating expenses		503,125			107,775			610,900

Retail and other net operating income		1,070,236			192,661			1,262,897


Master Planned Communities
Land sales		24,921			40,920			65,841
Land sales operations		(25,131	)		(26,602	)		(51,733	)

Master Planned Communities net operating (loss) income		(210	)		14,318			14,108


Real estate property net operating income		1,070,026			206,979		$	1,277,005


Management and other fees		42,157			10,508
Property management and other costs		(39,012	)		(1,526	)
Headquarters/regional costs		(67,930	)		(18,198	)
General and administrative		(12,515	)		(4,719	)
Depreciation on non-income producing assets, including headquarters building		(5,399	)		—
Interest income		2,006			3,071
Interest expense		(632,337	)		(80,986	)
Provision for income taxes		(16,257	)		(1,690	)
Preferred unit distributions		(5,806	)		—
Other FFO from minority interest		2,791			61

FFO		337,724			113,500
Equity in FFO of Unconsolidated Properties		113,500			(113,500	)

Operating Partnership FFO	$	451,224		$	—


	Six Months Ended June 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	879,474		$	221,219		$	1,100,693
Tenant recoveries		394,858			95,944			490,802
Overage rents		26,456			3,934			30,390
Other, including minority interest		48,446			44,655			93,101

Total property revenues		1,349,234			365,752			1,714,986

Property operating expenses:
Real estate taxes		111,949			29,521			141,470
Repairs and maintenance		98,891			21,761			120,652
Marketing		23,294			6,246			29,540
Other property operating costs		197,645			81,643			279,288
Provision for doubtful accounts		3,791			1,248			5,039

Total property operating expenses		435,570			140,419			575,989


Retail and other net operating income		913,664			225,333			1,138,997


Master Planned Communities
Land sales		59,923			36,022			95,945
Land sales operations		(49,686	)		(22,461	)		(72,147	)

Master Planned Communities net operating income		10,237			13,561			23,798


Real estate property net operating income		923,901			238,894		$	1,162,795


Management and other fees		53,920			8,162
Property management and other costs		(45,273	)		(1,578	)
Headquarters/regional costs		(64,316	)		(21,992	)
General and administrative		(16,299	)		(1,558	)
Depreciation on non-income producing assets, including headquarters building		(6,191	)		—
Interest income		4,977			11,723
Interest expense		(543,896	)		(103,388	)
Benefit from (provision for) income taxes		270,744			(1,574	)
Preferred unit distributions		(7,113	)		—
Other FFO from minority interest		2,800			—

FFO		573,254			128,689
Equity in FFO of Unconsolidated Properties		128,689			(128,689	)

Operating Partnership FFO	$	701,943		$	—

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


	Three Months Ended						Three Months Ended
	June 30, 2008						June 30, 2007
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	2,812		$	2,144		$	8,517		$	2,367
Straight-line rent		9,961			2,137			8,347			2,507
Other property operating costs:
Non-cash ground rent expense		(1,820	)		(231	)		(1,589	)		(193	)
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(981	)		—
Interest expense:
Statutory interest expense on Glendale judgment being appealed		(2,225	)		—			—			—
Mark-to-market adjustments on debt		4,354			754			7,531			1,076
Amortization of deferred finance costs		(3,490	)		(441	)		(4,539	)		(461	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		—			—			112			—
Write-off of deferred finance costs		(1	)		(244	)		(2,387	)		—

Totals	$	8,610		$	4,119		$	15,011		$	5,296


	Six Months Ended						Six Months Ended
	June 30, 2008						June 30, 2007
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	8,747		$	4,280		$	18,057		$	4,734
Straight-line rent		21,903			4,934			17,755			5,486
Other property operating costs:
Non-cash ground rent expense		(3,555	)		(462	)		(3,178	)		(385	)
Real estate taxes:
Real estate tax stabilization agreement		(1,962	)		—			(1,962	)		—
Interest expense:
Statutory interest expense on Glendale judgment being appealed		(4,457	)		—			—			—
Mark-to-market adjustments on debt		8,520			1,466			18,037			2,070
Amortization of deferred finance costs		(12,230	)		(821	)		(8,070	)		(913	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		—			—			112			—
Write-off of deferred finance costs		207			(244	)		(2,387	)		—

Totals	$	17,173		$	9,153		$	38,364		$	10,992

WEIGHTED AVERAGE SHARES
(In thousands)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2008		2007		2008		2007
Basic		267,369		244,960		256,067		244,165
Diluted		267,597		245,627		256,253		244,850
Assuming full conversion of Operating Partnership units:
Basic		319,202		297,125		307,903		296,579
Diluted		319,430		297,792		308,089		297,264

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	636,084		$	594,765		$	1,277,005		$	1,162,795
Unconsolidated Properties		(105,860	)		(123,197	)		(206,979	)		(238,894	)

Consolidated Properties		530,224			471,568			1,070,026			923,901
Management and other fees		21,918			26,348			42,157			53,920
Property management and other costs		(20,590	)		(18,714	)		(39,012	)		(45,273	)
Headquarters/regional costs		(34,214	)		(37,733	)		(67,930	)		(64,316	)
General and administrative		(4,416	)		(4,030	)		(12,515	)		(16,299	)
Depreciation and amortization		(191,242	)		(163,289	)		(375,501	)		(338,408	)
Minority interest in NOI of Consolidated Properties and other		2,767			2,996			5,501			5,798

Operating income	$	304,447		$	277,146		$	622,726		$	519,323


Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income
Core FFO	$	228,440		$	216,562		$	455,063		$	408,975
Master Planned Communities net operating income		7,250			14,483			14,108			23,798
(Provision for) benefit from income taxes		(7,667	)		(20,769	)		(17,947	)		269,170

Funds From Operations — Operating Partnership		228,023			210,276			451,224			701,943
Depreciation and amortization of capitalized real estate costs		(225,010	)		(200,471	)		(438,665	)		(412,983	)
Minority interest in depreciation of Consolidated Properties and other		828			47			1,653			842
Minority interest to Operating Partnership unitholders		(578	)		(1,460	)		(2,391	)		(51,216	)

Income from continuing operations		3,263			8,392			11,821			238,586
Discontinued operations, net of minority interest — gains on dispositions		30,819			—			30,819			—

Net income	$	34,082		$	8,392		$	42,640		$	238,586


Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	105,860		$	123,197		$	206,979		$	238,894
Net property management fees and costs		4,893			3,295			8,982			6,584
Net interest expense		(40,513	)		(43,258	)		(77,915	)		(91,665	)
Headquarters, general and administrative, income taxes and minority interest in FFO		(12,743	)		(15,410	)		(24,546	)		(25,124	)

FFO of unconsolidated properties		57,497			67,824			113,500			128,689
Depreciation and amortization of capitalized real estate costs		(36,371	)		(40,258	)		(68,562	)		(80,766	)
Other, including (loss) on sales of investment properties		19			(985	)		35			(983	)

Equity in income of unconsolidated real estate affiliates	$	21,145		$	26,581		$	44,973		$	46,940


Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		319,202			297,125			307,903			296,579
Conversion of Operating Partnership units		(51,833	)		(52,165	)		(51,836	)		(52,414	)

Weighted average number of Company shares outstanding — GAAP EPS		267,369			244,960			256,067			244,165


Diluted:
Weighted average number of shares outstanding — FFO per share		319,430			297,792			308,089			297,264
Conversion of Operating Partnership units		(51,833	)		(52,165	)		(51,836	)		(52,414	)

Weighted average number of Company shares outstanding — GAAP EPS		267,597			245,627			256,253			244,850

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


	Three Months			Six Months
	Ended			Ended
	June 30, 2008			June 30, 2008

Cash From Recurring Operations
FFO — Operating Partnership	$	228,023		$	451,224
Plus (Less):
Non-FFO cash from Master Planned Communities		(30,511	)		(61,196	)
Deferred income taxes		(2,774	)		(1,245	)
Tenant allowances and capitalized leasing costs (a)		(41,656	)		(73,962	)

Above and below-market tenant leases, net		(4,956	)		(13,027	)
Straight-line rent adjustment		(12,098	)		(26,837	)
Non-cash ground rent expense		2,051			4,017
Real estate tax stabilization agreement		981			1,962

Statutory interest expense on Glendale judgment being appealed		2,225			4,457
Mark-to-market adjustments on debt		(5,108	)		(9,986	)
Amortization of deferred finance costs		3,931			13,051
Debt extinguishment costs:
Write-off of deferred finance costs		245			37

Cash From Recurring Operations - Operating Partnership	$	140,353		$	288,495


Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	140,353		$	288,495
Less common dividends/distributions paid		(159,757	)		(307,723	)


Retained Funds From Recurring Operations - Operating Partnership	$	(19,404	)	$	(19,228	)


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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007

Core FFO
Operating Partnership FFO	$	228,023		$	210,276		$	451,224		$	701,943
Exclusions, at the Company’s share:
Master Planned Communities net operating income		(7,250	)		(14,483	)		(14,108	)		(23,798	)
Provision for (benefit from) income taxes		7,667			20,769			17,947			(269,170	)


Core FFO	$	228,440		$	216,562		$	455,063		$	408,975


Weighted average shares assuming full conversion of Operating Partnership units - diluted		319,430			297,792			308,089			297,264


Core FFO — per share	$	0.72		$	0.73		$	1.48		$	1.38

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


	Twelve Months Ended
	06/30/2008			03/31/2008			12/31/2007			9/30/2007
Pro Rata EBITDA (a)
GAAP Net Income	$	92,007		$	66,318		$	287,954		$	299,460
Discontinued Operations, Net of Minority Interest — Gains on Dispositions		(30,819	)		—			—			823
Income Allocated to Minority Interest		26,800			27,916			77,012			82,489
Interest Expense		1,391,525			1,360,346			1,327,203			1,296,416
Income Taxes		(4,212	)		8,891			(289,430	)		(207,490	)
Amortization of Deferred Finance Costs		24,641			25,710			20,574			18,838
Debt Extinguishment Costs		(3,913	)		(1,883	)		(1,675	)		(112	)
Interest Income		(13,544	)		(18,225	)		(21,575	)		(24,732	)
Depreciation and Amortization		834,014			809,966			809,161			863,909

Pro Rata EBITDA	$	2,316,499		$	2,279,039		$	2,209,224		$	2,329,601

Net Interest (a)
Amortization of Deferred Finance Costs		(24,641	)		(25,710	)		(20,574	)		(18,838	)
Debt Extinguishment Costs		3,913			1,883			1,675			112
Interest Expense		(1,391,525	)		(1,360,346	)		(1,327,203	)		(1,296,416	)
Interest Income		13,544			18,225			21,575			24,732

Net Interest	$	(1,398,709	)	$	(1,365,948	)	$	(1,324,527	)	$	(1,290,410	)


Interest Coverage Ratio		1.66			1.67			1.67			1.81


Fixed Charges (b)
Net Interest	$	(1,398,709	)	$	(1,365,948	)	$	(1,324,527	)	$	(1,290,410	)
Preferred Unit Distributions		(11,656	)		(11,808	)		(12,963	)		(14,142	)

Fixed Charges	$	(1,410,365	)	$	(1,377,756	)	$	(1,337,490	)	$	(1,304,552	)


Ratio of Pro Rata EBITDA to Fixed Charges		1.64			1.65			1.65			1.79


Fixed Charges & Common Dividend
Fixed Charges	$	(1,410,365	)	$	(1,377,756	)	$	(1,337,490	)	$	(1,304,552	)
Common Dividend/Distributions		(588,773	)		(562,839	)		(547,788	)		(532,093	)

Fixed Charges & Common Dividend	$	(1,999,138	)	$	(1,940,595	)	$	(1,885,278	)	$	(1,836,645	)


Ratio of Pro Rata EBITDA to Fixed Charges & Common Dividend		1.16			1.17			1.17			1.27

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.

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Comparable NOI Growth	2008			2007			2008			2007
Total Retail and Other NOI	$	628,834		$	580,282		$	1,262,897		$	1,138,997
NOI from noncomparable properties		(25,187	)		(26,191	)		(55,723	)		(45,227	)
Corporate and other (a)		60			29,938			(401	)		61,408


Comparable NOI (b)	$	603,707		$	584,029		$	1,206,773		$	1,155,178


Increase in Comparable NOI		3.4	%					4.5	%


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

(a)		Represents miscellaneous 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 GGP/Homart I in July 2007 and, since GGP owned an interest in and managed the GGP/Homart I properties throughout 2007 and 2008, this amount includes an adjustment to reflect such additional 50% interest for all periods in the comparable NOI presentation.

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

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


	Consolidated Properties											Unconsolidated		Company Portfolio
	Maryland								Total			Property @ Share		Total MPC
	Properties (a)			Summerlin			Bridgeland		Consolidated			The Woodlands		Segment

Three Months Ended

June 30, 2008
Land Sales (b)	$	741		$	10,490		$	4,624	$	15,855		$	17,802	$	33,657
Land Sales Operations (c) (d)		1,463			10,216			3,532		15,211			11,196		26,407

Net Operating Income (Loss)	$	(722	)	$	274		$	1,092	$	644		$	6,606	$	7,250


June 30, 2007
Land Sales (b)	$	6,416		$	23,610		$	6,104	$	36,130		$	22,661	$	58,791
Land Sales Operations (c) (d)		7,160			17,850			4,532		29,542			14,766		44,308

Net Operating Income (Loss)	$	(744	)	$	5,760		$	1,572	$	6,588		$	7,895	$	14,483



Six Months Ended

June 30, 2008
Land Sales (b)	$	976		$	16,124		$	7,821	$	24,921		$	40,920	$	65,841
Land Sales Operations (c) (d)		2,325			16,426			6,380		25,131			26,602		51,733

Net Operating Income (Loss)	$	(1,349	)	$	(302	)	$	1,441	$	(210	)	$	14,318	$	14,108


June 30, 2007
Land Sales (b)	$	9,937		$	38,722		$	11,264	$	59,923		$	36,022	$	95,945
Land Sales Operations (c) (d)		10,718			30,961			8,007		49,686			22,461		72,147

Net Operating Income (Loss)	$	(781	)	$	7,761		$	3,257	$	10,237		$	13,561	$	23,798


(a)		Maryland Properties include Columbia and Fairwood.

(b)		Includes builder price participation.

(c)		Land Sales Operations includes selling and general and administrative expenses.

(d)		Land Sales Operations for Summerlin includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).

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 June 30, 2008 (a)	$	1,678,838
Estimated Value of Assets as of December 31, 2007 (b)		3,280,178

NET CASH FLOW GENERATED


	Six Months Ended June 30,
	2008			2007
Net Operating Income	$	14,108		$	23,798
Cost of Land Sales		5,473			21,031
The Woodlands Operations (c)		(14,318	)		(13,561	)
The Woodlands Cash Distribution for 2007 (c)		—			5,250
Other Adjustments to Derive Cash Generated (d)		(1,759	)		17,826


Total Cash Generated		3,504			54,344

Land Development Expenditures, Net of Related Financing		(50,593	)		(60,524	)


Estimated Net Cash Flow generated by Master Planned Communities Segment (e)	$	(47,089	)	$	(6,180	)


(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 scheduled to be made in the first quarter of 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. In 2007, $70.8 million was distributed in the fourth quarter.

(d)		Includes collections of builder notes receivable, deposits on future sales, conversion of accrual basis expenses to a cash basis including semi-annual distributions pursuant to the CSA, builder price participation and other miscellaneous items.

(e)		Estimated net cash flow used 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.

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


		Lot Sales and Pricing (a)				Acreage (b)
		Six Months Ended				Total		Remaining
		June 30,				Gross		Saleable
		2008		2007		Acres		Acres
Maryland Properties (c)
Residential	- Acres Sold		—		0.7				263
	- Average Price/Acre	$	—	$	589
Commercial	- Acres Sold		—		19.0				325
	- Average Price/Acre	$	—	$	405
Maryland Properties Acreage							19,100		588

Summerlin (d)
Residential	- Acres Sold		3.1		17.2				6,812
	- Average Price/Acre	$	1,868	$	1,263
Commercial	- Acres Sold		—		4.9				867
	- Average Price/Acre	$	—	$	1,055
Summerlin Acreage							22,500		7,679

Bridgeland
Residential	- Acres Sold		27.7		41.5				5,998
	- Average Price/Acre	$	254	$	247
Commercial	- Acres Sold		—		—				1,261
	- Average Price/Acre	$	—	$	—
Bridgeland Acreage							11,400		7,259

The Woodlands (e)
Residential	- Acres Sold		150.9		143.6				1,904
	- Average Price/Acre	$	382	$	374
Commercial	- Acres Sold		25.2		12.1				1,095
	- Average Price/Acre	$	588	$	387
The Woodlands Acreage							28,400		2,999


(a)		Lot Sales and Pricing — 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/A, as well as page 21 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, 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 the amount of remaining saleable acres, are primarily based on assumptions regarding entitlements and zoning of the remaining project and are 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/A for more information. Average price per acre includes assumption of special improvement district financing.

(e)		The Woodlands — Shown at 100% for context. GGP Share of The Woodlands is 52.5%.

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


	6/30/2008			12/31/2007			12/31/2006			12/31/2005
Capital Information

Closing common stock price per share	$	35.03		$	41.18		$	52.23		$	46.99
52 Week High (a)		57.84			67.43			55.70			48.27
52 Week Low (a)		30.20			39.31			42.36			31.38
Total Return — Trailing Twelve Months (share appreciation and dividend)		-30.2	%		-17.6	%		14.7	%		34.1	%

Common Shares and Common Units outstanding at end of period		319,507,146	(b)		295,749,082			294,957,220			292,258,544

Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	23,144,805		$	23,580,449		$	21,172,774		$	17,293,150
Variable		4,329,696			3,546,063			2,980,055			6,085,638
Total Preferred Securities		121,482			121,482			182,828			205,944
Stock market value of common stock and Operating Partnership units outstanding at end of period		11,192,332			12,178,947			15,405,616			13,733,229

Total Market Capitalization at end of period	$	38,788,315	(d)	$	39,426,941		$	39,741,273		$	37,317,961


Leverage Ratio (%)		70.8	%		68.8	%		60.8	%		62.6	%


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

(b)		Net of 1.4 million treasury shares.

(c)		Excludes liabilities to special improvement districts, minority interest adjustment and purchase accounting mark-to-market adjustments and includes the effect of interest rate swaps.

(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 June 30, 2008.

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, 2007		51,850,986			245,704,746		(1,806,650	)		295,749,082

Direct stock purchase and dividend reinvestment plan		—			40,237		—			40,237

Employee stock purchase plan		—			157,296		—			157,296

Redemption of OP Units into common shares		(18,495	)		18,495		—			—

Common stock offering		—			22,829,355		—			22,829,355

Issuance of stock for stock option exercises and restricted stock grants, including treasury shares issued for stock option exercises		—			374,380		50			374,430

Issuance of stock, including from treasury, pursuant to the contingent stock agreement		—			—		356,661			356,661


Common Shares and OP Units Outstanding at June 30, 2008		51,832,491			269,124,509		(1,449,939	)		319,507,061


Net number of common shares issuable assuming exercise of dilutive stock options at June 30, 2008										129,854

Diluted Common Shares and OP Units Outstanding at June 30, 2008										319,636,915


Weighted average common shares and OP Units outstanding for the six months ended June 30, 2008 (Basic)										307,903,307

Weighted average net number of common shares issuable assuming exercise of dilutive stock options										185,835

Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the six months ended June 30, 2008 (a)										308,089,142


(a)		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 June 30, 2008.

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF JUNE 30, 2008
(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	$	2,418,395			5.19	%	$	136,784		9.16	%	$	2,555,179		5.40	%
2009		3,080,411			5.31	%		252,511		5.08	%		3,332,922		5.29	%
2010		3,882,020			5.18	%		637,156		5.13	%		4,519,176		5.17	%
2011		7,147,778			5.26	%		1,169,701		6.04	%		8,317,479		5.37	%
2012		3,820,307			5.13	%		773,048		5.50	%		4,593,355		5.19	%
2013		2,859,546			6.03	%		122,994		5.22	%		2,982,540		6.00	%
2014		253,219			5.11	%		4,447		11.81	%		257,666		5.23	%
2015		194,265			5.21	%		38,273		6.96	%		232,538		5.50	%
2016		226,088			6.61	%		—		0.00	%		226,088		6.61	%
2017		104,538			6.54	%		6,874		6.38	%		111,412		6.53	%
Subsequent		273,112			5.38	%		73,034		6.84	%		346,146		5.69	%


Totals	$	24,259,679	(d)		5.33	%	$	3,214,822		5.79	%	$	27,474,501		5.39	%


Fixed Rate (e)		20,240,942			5.55	%		2,903,863		5.68	%		23,144,805		5.57	%
Variable Rate (e)		4,018,737			4.22	%		310,959		6.87	%		4,329,696		4.41	%


Totals	$	24,259,679	(d)		5.33%	(f)	$	3,214,822		5.79%	(f)	$	27,474,501		5.39%	(f)

Average Years to Maturity


Fixed Rate Debt	4.03 years	4.26 years	4.06 years
Variable Rate Debt	4.29 years	2.33 years	4.15 years
All GGP Debt	4.07 years	4.07 years	4.07 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 June 30, 2008 for all variable rate loans.

(d)		Reconciliation to GGP Consolidated GAAP debt.


	Consolidated
Consolidated debt, from above	$	24,259,679
Other liabilities — Special Improvement Districts		71,049
Minority interest ownership adjustment		71,495
Purchase accounting mark-to-market adjustments		58,894

GGP Consolidated GAAP debt	$	24,461,117


(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.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2008
(dollars in thousands)


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans
Grand Teton (b)		07/11/08		3.69	%	$	26,083
Mayfair (b)		07/11/08		3.17	%		179,034
Salem Center (b)		07/11/08		3.70	%		25,214
Animas Valley (b)		07/11/08		3.70	%		24,345
Pioneer Place (b)		08/01/08		6.76	%*		165,275
Foothills (b)		08/29/08		6.63	%*		41,918
Northtown Mall		09/01/08		6.77	%		73,444
Chula Vista		10/01/08		4.24	%		59,548
Pierre Bossier		10/01/08		6.54	%*		35,918
Spring Hill		10/01/08		6.61	%*		78,810
Tucson Mall		10/13/08		4.35	%		119,355
Bayside		11/03/08		6.00	%		53,713
Southwest Plaza		11/03/08		6.54	%*		73,692
Birchwood		11/11/08		6.72	%*		38,714
Mall of the Bluffs		11/11/08		6.72	%*		38,714
Oakwood		11/11/08		6.72	%*		51,619
Chico Mall		02/11/09		4.89	%		57,807
Deerbrook		03/02/09		3.59	%		75,591
Jordan Creek		03/02/09		4.66	%		188,650
Southland		03/02/09		3.70	%		82,734
Prince Kuhio		04/01/09		3.57	%		38,513
JP Comm Sr. Austin Bluffs		04/09/09		4.68	%		2,348
JP Comm Sr. Division Crossing		04/09/09		4.52	%		5,412
JP Comm Sr. Fort Union		04/09/09		4.60	%		2,825
JP Comm Sr. Halsey Crossing		04/09/09		4.62	%		2,648
JP Comm Sr. Orem Plaza Center St		04/09/09		4.61	%		2,525
JP Comm Sr. Orem Plaza State St		04/09/09		4.73	%		1,563
JP Comm Sr. Riverpointe Plaza		04/09/09		4.55	%		3,911
JP Comm Sr. Riverside Plaza		04/09/09		4.52	%		5,597
JP Comm Sr. Woodlands Village		04/09/09		4.50	%		7,151
Town East		04/13/09		3.57	%		107,302
Grand Canal Shoppes		05/01/09		4.86	%		400,070
Coastland		06/01/09		6.73	%		98,080
The Crossroads (MI)		06/01/09		7.53	%*		40,399
Woodbridge Corporation		06/01/09		4.35	%		211,472
Steeplegate		07/31/09		5.08	%		79,090
Village of Cross Keys		07/31/09		7.04	%*		10,804
Apache		08/03/09		7.05	%*		50,172
Cumberland		08/10/09		7.14	%		159,469
The Parks at Arlington		09/01/09		7.02	%*		138,533
Baybrook		10/01/09		6.66	%*		149,528
Oakview		10/01/09		7.19	%		116,300
Coral Ridge		11/02/09		6.15	%*		99,586
Governor’s Square		12/01/09		7.66	%*		58,869
Lakeside Mall		12/01/09		4.37	%		183,351
Mall St Matthews		01/04/10		4.90	%		146,785
North Star		01/04/10		4.53	%		236,403
Ward Centre & Ward Entertainment		01/04/10		4.44	%		59,271
Park Place		01/11/10		5.24	%		179,080
Visalia		01/11/10		3.89	%		42,774
Lansing I		01/15/10		9.35	%*		25,035
Pecanland		03/01/10		4.39	%		59,305


(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)		Mortgages refinanced with proceeds from $875 million first initial advance of $1.75 billion Secured Term Loan. (See General Growth Properties, Inc. Form 8-K dated July 11, 2008)

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2008
(dollars in thousands)


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans Cont.
Southland		03/05/10		5.16	%	$	110,390
Providence Place		03/11/10		5.22	%		362,199
Ridgedale		04/01/10		4.96	%		180,858
West Valley		04/01/10		3.51	%		58,104
Pioneer Place		04/27/10		10.01	%*		635
Peachtree		06/01/10		5.19	%		90,862
Coronado		06/07/10		5.18	%		171,197
La Cantera		06/07/10		5.29	%		129,904
Maine		06/11/10		4.92	%		219,506
Burlington		07/01/10		5.50	%		31,500
Glenbrook		07/01/10		5.01	%		179,814
Regency Square		07/01/10		3.68	%		95,727
St. Louis Galleria		07/05/10		4.94	%		240,904
Lynnhaven		07/06/10		5.18	%		240,352
Boise Towne Plaza		07/09/10		4.88	%		11,110
JP Comm Jr. Gateway Crossing		07/09/10		4.80	%		15,497
JP Comm Jr. Univ. Crossing		07/09/10		4.82	%		11,570
Crossroads Center (MN)		07/30/10		4.87	%		85,656
70 Columbia Corporate Center		10/01/10		10.15	%*		19,736
Newgate		10/01/10		4.96	%		41,672
Park City		10/01/10		5.30	%		151,585
Staten Island		10/01/10		6.11	%*		282,267
Fashion Place		10/05/10		5.41	%		146,408
110 North Wacker		10/11/10		5.14	%		46,128
Chapel Hills		10/11/10		5.15	%		117,273
Gallery at Harborplace		12/01/10		8.00	%		65,378
Rogue Valley		12/31/10		7.96	%		26,668
Newpark		02/01/11		7.58	%		69,097
Westlake Center		02/01/11		8.00	%		65,901
Boise Towne Square		02/10/11		6.74	%		71,804
10000 West Charleston		03/01/11		7.88	%*		22,072
North Point		03/01/11		5.58	%		218,385
Capital		04/01/11		7.52	%		20,560
Eden Prairie		04/01/11		4.79	%		81,147
Gateway		04/01/11		7.48	%		40,293
Greenwood		04/01/11		7.47	%		45,237
Mall of Louisiana		04/01/11		5.92	%		237,545
Beachwood Place		04/07/11		5.73	%		243,082
Vista Ridge		04/11/11		6.89	%*		81,620
The Woodlands		06/13/11		6.02	%		240,000
Northridge Fashion		07/01/11		7.24	%*		128,256
RiverTown		07/01/11		7.58	%*		119,560
Willowbrook Mall		07/01/11		6.92	%		160,813
Collin Creek Mall		07/11/11		6.87	%		67,945
Ala Moana		09/01/11		5.67	%		1,500,000
Bayshore		09/01/11		7.20	%*		31,460
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	%*		4,391
Eastridge (WY )		12/05/11		5.20	%		39,738
Pine Ridge		12/05/11		5.22	%		26,792
Red Cliffs		12/05/11		5.25	%		25,465
Three Rivers		12/05/11		5.24	%		21,813


(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.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2008
(dollars in thousands)


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans Cont.
Hulen Mall		12/07/11		5.14	%	$	114,698
Provo Mall		04/05/12		5.91	%		41,170
Spokane Valley Mall		04/05/12		5.91	%		41,170
Streets at Southpoint		04/06/12		5.45	%		243,824
Oviedo		05/07/12		5.24	%		52,554
Sikes Senter		06/01/12		5.32	%		62,234
Buckland Hills		07/02/12		5.01	%		167,391
Oglethorpe		07/02/12		4.99	%		143,441
Valley Plaza		07/11/12		3.98	%		97,143
White Marsh		09/01/12		5.68	%*		187,000
Corporate Pointe		09/11/12		6.83	%*		9,166
Grand Traverse		10/01/12		5.12	%		86,500
The Mall in Columbia		10/01/12		5.87	%*		400,000
Harborplace		10/05/12		5.95	%		50,000
Fox River		12/03/12		6.06	%		195,000
Ivanhoe Capital		12/03/12		5.82	%		93,713
Columbia Mall (MO)		02/01/13		6.18	%		90,000
Market Place		02/01/13		6.16	%		106,000
Homart I		02/28/13		6.03	%		245,115
Gateway Overlook		03/01/13		5.91	%		55,000
Faneuil Hall		04/01/13		5.66	%		95,272
Lincolnshire Commons		04/01/13		6.14	%		28,000
Pembroke		04/11/13		5.06	%		132,283
Fallbrook		06/03/13		6.26	%		85,000
Oxmoor		06/03/13		6.95	%		57,598
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	%		12,134
The Boulevard		07/01/13		4.35	%		109,625
1160/80 Town Center		07/15/13		6.99	%*		9,216
The Meadows		08/01/13		5.57	%		104,303
West Oaks		08/01/13		5.36	%		70,884
Moreno Valley		09/11/13		6.07	%		88,000
Lakeland		10/01/13		5.24	%		55,786
Bay City		12/02/13		5.44	%		24,486
Four Seasons		12/11/13		5.68	%		102,568
Valley Hills		03/05/14		4.82	%		57,786
Washington Park		04/01/14		5.56	%		12,276
Brass Mill		04/11/14		4.63	%		126,602
Bayside Bond		07/01/14		6.00	%		7,555
Mall St Vincent		07/07/14		6.44	%		49,000
Paramus Park		10/01/15		4.97	%		105,596
Eagle Ridge		10/12/15		5.54	%		48,200
Knollwood		10/12/15		5.47	%		40,470
Bellis Fair		02/15/16		7.34	%*		63,087
Lakeview Square		03/01/16		5.93	%		41,819
Country Hills		06/01/16		6.21	%		13,675
Providence Place		07/01/16		7.76	%*		27,699
Northgate		09/01/16		6.00	%		45,527
Piedmont		09/06/16		6.10	%		34,282
Southlake		12/05/17		6.55	%		100,000
Baltimore Center Garage		06/01/18		6.05	%*		17,160
10450 West Charleston		12/31/18		6.84	%*		4,835
Providence Place		06/30/28		7.76	%*		19,855
Houston Land Notes		2017-2033		6.50	%*		24,913
Provo Land Loan		08/01/95		10.08	%*		2,250


(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.

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE
CONSOLIDATED PROPERTIES
AS OF JUNE 30, 2008
(dollars in thousands)


VARIABLE RATE
Loan	Maturity Date		Rate (a)(b)			Total Debt Balance
Corporate Debt
TRCLP Property Note		12/01/08		6.94	%*	$	58,000
Insurance Financing - 1		03/01/09		3.71	%*		9,796
Insurance Financing - 3		04/01/09		3.71	%*		318
TRCLP Public Indenture		03/16/09		3.63	%*		395,000
TRCLP Public Indenture		04/30/09		8.00	%*		200,000
Insurance Financing - 2		09/01/10		3.59	%*		465
Exchangeable Senior Notes		04/15/12		4.15	%*		1,550,000
Public Indenture - Company Debt		09/17/12		7.20	%*		400,000
TRCLP Senior Notes		05/01/13		6.91	%*		798,277
TRCLP Public Indenture		11/26/13		5.38	%*		450,000


Total Consolidated Fixed Rate Debt						$	20,240,942


Secured Asset Loans
Senior Bridge Loan (c)		07/06/08		3.92	%	$	375,000
Fashion Show		11/28/08		5.24	%		650,000
Palazzo		11/28/08		5.41	%		250,000
Oakwood Center		02/09/09		4.23	%		95,000
Westlake Land		11/02/21		11.82	%		2,437

Unsecured Asset Loans
Credit Agreement Revolver		02/24/11		3.89	%		452,600
Credit Agreement Term Loan		02/24/11		3.82	%		1,987,500
Trust Preferred Shares		04/30/36		4.58	%		206,200

Total Consolidated Variable Rate Debt						$	4,018,737



Total Consolidated Debt & Swaps				5.33	%	$	24,259,679


(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 June 30, 2008.

(c)		Refinanced with proceeds from $875 million first initial advance of $1.75 billion Secured Term Loan. (See General Growth Properties, Inc. Form 8-K dated July 11, 2008)

GENERAL GROWTH PROPERTIES, INC.
OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF JUNE 30, 2008
(dollars in thousands)


FIXED RATE
								Company
Loan	Maturity Date		Rate (a)			Total Debt		Pro Rata Share
Secured Asset Loans
Neshaminy		07/01/08		6.76	%*		60,000	$	30,000
Woodlands Community		07/25/08		4.81	%		1,929		1,013
Towson Town Center		11/10/08		6.84	%		128,599		45,010
Woodlands Community		02/23/09		3.80	%		434		228
Perimeter Shopping Center		05/01/09		6.77	%*		117,680		58,840
Mizner Park		07/01/09		5.09	%		58,225		29,113
Carolina Place		01/11/10		4.70	%		159,697		80,647
Alderwood		07/06/10		5.03	%		289,872		146,386
Christiana Mall		08/02/10		4.61	%*		114,209		57,105
Water Tower Place		09/01/10		5.04	%		174,135		89,932
Woodlands Community		09/01/10		7.22	%		8,101		4,253
Whalers		11/08/10		5.63	%		106,142		65,133
Kenwood Towne Centre		12/01/10		5.58	%		239,760		168,701
Willowbrook		04/01/11		7.00	%*		92,428		46,214
Silver City Galleria		06/10/11		4.95	%		131,619		65,810
Austin Mall (Highland)		07/08/11		6.92	%		65,253		32,627
Village of Merrick Park		08/08/11		5.94	%		190,689		76,276
Northbrook Court		09/01/11		7.17	%*		89,912		45,405
Montclair		09/12/11		5.88	%		265,000		133,825
Arrowhead		10/03/11		6.92	%*		77,808		25,933
First Colony		10/03/11		5.68	%		190,924		95,462
Riverchase		10/03/11		5.78	%		305,000		152,500
Natick Mall		10/07/11		5.74	%		350,000		175,000
Natick West		10/07/11		5.82	%		140,000		70,000
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	%		97,844		69,066
Glendale Galleria		10/01/12		5.01	%		384,191		192,095
Oakbrook		10/01/12		5.12	%*		218,180		103,547
Clackamas		10/05/12		6.35	%		200,000		100,000
The Oaks		12/03/12		5.85	%		102,000		52,020
Westroads		12/03/12		5.84	%		89,250		45,518
Stonebriar		12/11/12		5.30	%		169,605		84,802
Bridgewater Commons		01/02/13		5.27	%*		137,126		47,994
Altamonte		02/01/13		5.20	%*		150,000		75,000
Quail Springs		06/05/15		6.87	%		75,000		37,500
CenterPointe Village		01/02/17		6.38	%*		13,750		6,875
Turkey — ECE		01/01/18		6.72	%		126,361		61,917
Trails Village Center		07/10/23		8.24	%*		16,284		8,142
Lake Meade Blvd & Buffalo Part		07/15/23		7.30	%*		5,949		2,974


Total Unconsolidated Fixed Rate Debt								$	2,903,863


(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.

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT BY MATURITY DATE AT SHARE
UNCONSOLIDATED PROPERTIES
AS OF JUNE 30, 2008
(dollars in thousands)


VARIABLE RATE
								Company
Loan	Maturity Date		Rate (a)(b)			Total Debt		Pro Rata Share
Secured Asset Loans
Woodlands Community		07/09/08		5.07	%	$	101	$	53
Woodlands Community		10/30/08		5.54	%		29,680		15,582
Woodlands Community		07/01/09		3.81	%*		4,768		2,503
Woodlands Credit Agreement		08/29/09		4.47	%		306,539		160,933
Woodlands Community		12/01/09		6.00	%*		1,705		895
Woodlands Community		01/01/10		6.23	%*		6,545		3,436
Woodlands Community		05/01/10		3.61	%*		30,559		16,043
Woodlands Community		06/01/10		4.22	%		2,422		1,272
Woodlands Community		07/01/10		6.00	%*		482		253
Woodlands Community		12/01/10		3.66	%		7,609		3,995
Superstition Springs		09/09/11		3.32	%		67,500		22,498
Brazil — Aliansce		2008-2015		13.73	%		170,401		83,496


Total Unconsolidated Variable Rate Debt								$	310,959



Total Unconsolidated Debt				5.79	%			$	3,214,822



Total Debt & Swaps				5.39	%			$	27,474,501


(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 June 30, 2008.

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)
AS OF JUNE 30, 2008


	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
OPERATING STATISTICS (b)	Properties			Properties			Portfolio (c)
Occupancy		93.0	%		94.1	%		93.2	%
Trailing 12 month total tenant sales per sq. ft.	$	442		$	517		$	459
% change in total sales (d)		-0.5	%		0.8	%		0.0	%
% change in comparable sales (d)		0.8	%		0.0	%		0.8	%
Mall and freestanding GLA (in sq. ft.)		49,255,104			14,075,992			63,331,096

CERTAIN FINANCIAL INFORMATION
Average annualized in place sum of rent and recoverable common area costs per sq. ft. (e) (f)	$	45.24		$	54.02
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (e) (f)	$	37.85		$	53.81
Average sum of rent and recoverable common area cost per sq. ft. for leases expiring in 2008 (e) (f)	$	33.68		$	47.51
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (g)		2.6	%		7.9	%


	Percent of
	Minimum Rents,
	Tenant Recoveries
TOP TEN LARGEST TENANTS (COMPANY RETAIL PORTFOLIO)	and Other

Tenant (including subsidiaries)
Gap, Inc.		2.7	%
Limited Brands, Inc.		2.3
Foot Locker, Inc.		2.1
Abercrombie & Fitch Co.		2.0
Macy’s Inc.		1.4
American Eagle Outfitters, Inc.		1.3
J.C. Penney Company, Inc.		1.3
Express, LLC		1.1
Luxottica Group S.P.A.		1.1
Genesco, Inc.		1.0


(a)		Excludes all international operations which combined represent approximately 1% of segment basis real estate property net operating income. Also excludes community centers.

(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.

		2007 data previously reported one month behind the reporting date due to tenant (d) reporting timelines, but has been adjusted in 2008 for comparability.

(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.

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

GLA as of June 30, 2008


						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		78,646,191			510,690		50,947,697			330,829		129,593,888
Unconsolidated		22,802,167			651,490		14,867,412			424,783		37,669,579

Company		101,448,358			536,764		65,815,109			348,228		167,263,467
% of Total		60.7	%				39.3	%				100.0	%

Occupancy History


	Consolidated			Unconsolidated			Company
6/30/2008		93.0	%		94.1	%		93.2	%
6/30/2007		92.6	%		93.8	%		92.9	%
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	%

Trailing 12 Month Total Tenant Sales per Square Foot


	Consolidated		Unconsolidated		Company
6/30/2008	$	442	$	517	$	459
6/30/2007		444		513		459
12/31/2007 (b)		444		521		462
12/31/2006 (b)		443		473		453
12/31/2005 (b)		428		455		437
12/31/2004 (b)		402		427		410

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


	Consolidated		Unconsolidated
6/30/2008	$	45.24	$	54.02
6/30/2007		43.63		48.58
12/31/2007		44.90		53.35

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


	Year to Date		Full Year		Rent
	New/Renewals		Expirations		Spread
Consolidated
6/30/2008	$	37.85	$	33.68	$	4.17
6/30/2007		39.02		31.38		7.64
12/31/2007		39.64		31.38		8.26

Unconsolidated
6/30/2008	$	53.81	$	47.51	$	6.30
6/30/2007		45.45		37.95		7.50
12/31/2007		50.17		37.95		12.22

Occupancy Cost as a % of Sales (b)


	Consolidated			Unconsolidated			Company
6/30/2008		12.9	%		12.6	%		12.8	%
6/30/2007		12.6	%		12.3	%		12.5	%
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	%


(a)		Excludes all international operations which combined represent approximately 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)		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.

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


	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2008		% of Total			2007		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	452,949		35.9	%	$	409,071		35.9	%

North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		142,147		11.3	%		131,502		11.5	%

South Central
Arkansas, Louisiana, Oklahoma, Texas		147,660		11.7	%		144,175		12.7	%

Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		335,432		26.6	%		306,141		26.9	%

Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		169,425		13.3	%		141,763		12.4	%

International		14,883		1.2	%		2,660		0.2	%

Corporate and Other (a)		401		0.0	%		3,685		0.4	%


TOTAL	$	1,262,897		100.0	%	$	1,138,997		100.0	%


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

GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF JUNE 30, 2008
(in thousands)

Lease Expiration Schedule (a) (b)


	Consolidated						Unconsolidated at Share (c)
							Sum of Rent
	Sum of Rent and				Sum of Rent and		and				Sum of Rent and
	Recoverable				Recoverable		Recoverable				Recoverable
	Common Area		Square		Common Area		Common Area		Square		Common Area
	Costs		Footage		Costs/Sq. Ft.		Costs		Footage		Costs/Sq. Ft.

2008 (d)	$	94,986		2,578	$	36.84	$	16,261		307	$	52.97
2009		208,034		5,303		39.23		23,807		513		46.41
2010		217,307		4,723		46.01		23,429		411		57.00
2011		182,677		3,852		47.42		30,013		497		60.39
2012		213,373		3,951		54.00		29,232		481		60.77
2013		172,379		3,180		54.21		27,975		432		64.76
2014		169,294		2,936		57.66		25,181		354		71.13
2015		191,885		3,137		61.17		39,869		588		67.80
2016		199,033		3,090		64.41		47,556		688		69.12
2017		205,829		3,048		67.53		56,715		727		78.01
Subsequent		288,333		4,516		63.85		75,781		1,143		66.30


Total at Share	$	2,143,130		40,314	$	53.16	$	395,819		6,141	$	64.46



All Expirations	$	2,143,130		40,314	$	53.16	$	816,346		12,581	$	64.89

Retail Lease Termination Income at Share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2008		2007		2008		2007
Consolidated	$	6,522	$	3,048	$	24,969	$	5,353
Unconsolidated		955		469		3,514		1,900


Total Termination Income at Share	$	7,477	$	3,517	$	28,483	$	7,253


(a)		Excludes leases on anchors of 30,000 square feet or more and tenants paying percentage rent in lieu of base minimum rent.

(b)		Excludes all international operations which combined represent approximately 1% of segment basis real estate property net operating income. Also excludes community centers.

(c)		Unconsolidated at share reflect the Company’s interest in the properties owned by the Unconsolidated Real Estate Affiliates.

(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.

GENERAL GROWTH PROPERTIES, INC.
EXPANSIONS & RE-DEVELOPMENTS *

Definitive Projects


					Forecasted Cost (in		Projected
Property	Description	Ownership %			millions at share)		Opening

Mondawmin Mall Baltimore, MD	Addition of Target, big box retail, restaurants and mall shop re-development		100	%	$	60.3		Q4 2008

Montclair Plaza	Nordstrom and mall renovation		50	%		27.4		Q4 2008
Montclair, CA

Saint Louis Galleria	Addition of Nordstrom and mall shop GLA		100	%		62.7		Q2 2010
Saint Louis, MO

Towson Town Center Towson, MD	Mall Shop renovation and expansion including Crate & Barrel and additional restaurants		35	%		38.4		Q4 2008

Tucson Mall	Lifestyle expansion		100	%		63.2		Q2 2009
Tucson, AZ

Ward Centers Honolulu, HI	Addition of Whole Foods, parking structure and other retail space		100	%		131.8		Q2 2009

Water Tower Place	American Girl and mall shop re-development		52	%		35.3		Q4 2008
Chicago, IL

Current estimated additional costs to be incurred on recently opened re-development projects						155.5

Costs incurred and/or anticipated for 41 other re-development projects including those listed below						384.5


Total expansion & re-development projects					$	959.1

Planned Projects

Property

Description

Ownership %

Christiana Mall

Nordstrom and lifestyle center expansion

Newark, DE

Cottonwood
Holladay, UT

Replace enclosed mall with a mixed-use development including restaurant, retail, office and residential units

100

Fashion Place
Murray, UT

Nordstrom, mall shop and streetscape GLA expansion, and interior mall renovation

100


*		Projects listed are those that have begun construction or are anticipated to begin construction in the next 18 months.

GENERAL GROWTH PROPERTIES, INC.
NEW DEVELOPMENTS (a)

Definitive Projects


		Forecasted Cost (in		Projected
Property	Description	millions at share)		Opening

Elk Grove Promenade Elk Grove, CA	1.1 million sf open air lifestyle center with retail, entertainment and big box components	$	239.1		Q4 2010

Natick	Addition of 59 thousand sf streetscape and parking deck		54.7		Q1 2009
Natick, MA
	Nouvelle at Natick - luxury condominiums		167.7		(b	)

Pinnacle Hills South	Target, restaurants, and additional retail		10.1		Q2 2009
Rogers, AR

The Shops at La Cantera San Antonio, TX	Phase II of The Shops at La Cantera including Barnes and Noble, restaurants, mall shop and office space		90.5		Q4 2008

Current estimated additional costs to be incurred on recently opened new development projects			85.5

Current approved costs for other new development projects including those listed below			291.9


Total new development projects (c)		$	939.5

Planned Projects


Property	Description	Ownership %

Bridges at Mint Hill Charlotte, NC	Shopping center anchored by Belks and two other department stores		100	%

High Street at Echelon Las Vegas, NV	300 thousand sf retail promenade as part of an 87-acre resort master plan development on the Las Vegas strip		50	%

The Shops at Summerlin Centre ^SM Las Vegas, NV	New retail development of 106 acres in the Summerlin community; project could be expanded in subsequent years		100	%


(a)		Projects listed separately are those that have begun construction or are anticipated to begin construction in the next 18 months.








(b)		Anticipated sales period Q4 2008 — Q3 2011.








(c)		Excludes international projects. No incremental GGP funding currently expected.


	Fixed Rate			Floating Rate			Total Debt
March 31, 2008 *	$	23,321,021		$	3,975,556		$	27,296,577

Refinancings:
Property Related		(140,385	)		60,319			(80,066	)
Non-Property Related		10,578			—			10,578

Interest rate SWAP activity		11,609			(11,609	)		—
Revolver Borrowings		—			452,600			452,600
Other Property Related		(58,018	)		(147,170	)		(205,188	)


Net Change		(176,216	)		354,140			177,924


June 30, 2008 *	$	23,144,805		$	4,329,696		$	27,474,501


*		Includes Company’s share of debt of Unconsolidated Real Estate Affiliates. Excludes liabilities to special improvement districts, minority interest adjustment and purchase accounting mark-to-market adjustments.


Development Summary (a)
Expansion & re-development projects	$	959.1
New development projects (b)		939.5

Total expansion, re-development & new development projects		1,898.6

Less Expenditures On Active Projects
Expansion & re-development projects	$	340.9
New development projects		528.4

Total expenditures on active projects		869.3


Estimated future development spending	$	1,029.3


(a)		Projects listed (per detail on pages 40 and 41) are those that have begun construction or are anticipated to begin construction in the next 18 months.








(b)		Excludes international projects. No incremental GGP funding currently expected.