EXHIBIT 99.2

     General Growth Properties Declares Dividend on Common Shares

    CHICAGO--(BUSINESS WIRE)--Aug. 20, 2004--General Growth
Properties, Inc. (NYSE:GGP) today declared a dividend of $0.36 per
share, payable to common stock shareholders of record on October 15,
2004 with payment on October 29, 2004. The current dividend represents
an increase of 20% over the third quarter 2003 dividend of $0.30 per
share.

    General Growth Properties, Inc. is the country's second largest
shopping center owner, developer and manager of regional shopping
malls. General Growth currently has ownership interest in, or
management responsibility for, a portfolio of 178 regional shopping
malls in 41 states. The company portfolio totals approximately 154
million square feet of retail space and includes over 16,000 retailers
nationwide. The third largest U.S.-based publicly traded Real Estate
Investment Trust (REIT), General Growth Properties, Inc. is listed on
the New York Stock Exchange under the symbol GGP. For more
information, please visit the company web site at
http://www.generalgrowth.com.

    CONTACT: General Growth Properties, Inc.
             John Bucksbaum, 312/960-5005
             Bernard Freibaum, 312/960-5252