Exhibit 99.2

BASIS OF PRESENTATION

GENERAL INFORMATION

Unless the context indicates otherwise, references in the accompanying financial information (the “Supplemental”) to the “Corporation” refer to General Growth Properties, Inc. and references to “GGP” or the “Company” refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities.  Additionally, where reference is made to “GAAP”, this refers to accounting principles generally accepted in the United States of America.

PROPERTY INFORMATION

The Company has presented information on its consolidated and unconsolidated properties (“Proportionate” or “at share”) in certain schedules included within this Supplemental.  This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company’s unconsolidated property operations that are owned through investments accounted for under the equity method.

NON-GAAP MEASURES

This Supplemental makes reference to net operating income (“NOI”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), and funds from operations (“FFO”).  NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses.  EBITDA is defined as NOI less certain property management and administrative expenses, net of management fees and other operational items.  FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, less preferred unit distributions and preferred stock dividends, plus real estate related depreciation and amortization including adjustments for unconsolidated entities.  NOI, EBITDA and FFO are presented in the Supplemental on a Proportionate basis, which includes GGP’s share of consolidated and unconsolidated properties.  As GGP conducts substantially all of its business through GGP Limited Partnership (the “Operating Partnership”, which is 99% owned by GGP) and since the limited common units of the Operating Partnership are included in total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnership.

In order to present GGP’s operations in a manner most relevant to its operations, Company NOI, Company EBITDA, and Company  FFO have been presented to exclude certain non-cash and non-recurring revenue and expenses.  Specific to the Company’s Regional Mall portfolio, Same Store Company NOI is presented to exclude the effects of acquisitions, dispositions and changes in ownership of properties, if any.  Company NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) attributable to common stockholders.  For reference, as an aid in understanding management’s computation of Company NOI, EBITDA, and FFO, a reconciliation of Company NOI to consolidated operating income, Company EBITDA, and Company FFO to net income (loss) in accordance with GAAP has been included in the “Reconciliation of Non-GAAP to GAAP Financial Measures” schedule.

TABLE OF CONTENTS

	Page
Financial Overview
GAAP Financial Statements:
Consolidated Balance Sheets	1
Consolidated Statements of Operations	2
Proportionate Financial Statements:
Proportionate Balance Sheets	3
Overview	4
Company NOI, EBITDA, and FFO	5-6
Reconciliation of Non-GAAP to GAAP Financial Measures	7-8
Debt:
Debt Summary, at Share	9
Maturity Schedule	10
Debt Detail, at Share	11-14
Asset Transactions:
Summary of Transactions	15
Discontinued Operations	16
Portfolio Operating Metrics:
Key Operating Performance Indicators	17
Signed Leases All Less Anchors	18
Lease Expiration Schedule and Top Ten Tenants	19
Property Schedule	20-26
Miscellaneous:
Capital Information	27
Change in Total Common and Equivalent Shares	28
Development Summary	29-30
Capital Expenditures	31
Corporate Information	32
Glossary of Terms	33

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.  Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this Supplemental.  The Company disclaims any obligation to update any forward-looking statements.

SELECT SCHEDULE DEFINITIONS

Page	Schedule	Description
Proportionate Financial Schedules:
3	Proportionate Balance Sheet	The proportionate balance sheet adjusts GGP’s GAAP balance sheet for noncontrolling interests and adds the Company’s proportionate share of assets and liabilities related to investments in unconsolidated properties accounted for under the equity method.
4	Overview	Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis.
5-6	Company NOI, EBITDA and FFO	Proportionate Results and FFO for the three and nine months ended September 30, 2013 and 2012 adjusts GGP’s consolidated results and FFO for noncontrolling interests and adds the Company’s proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, EBITDA and FFO exclude certain non-cash and non-recurring revenues and expenses that are not indicative of future operations.
Portfolio Operating Metrics:
17	Key Operating Performance Indicators	Certain mall operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
20-26	Property Schedule	By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions.

GAAP Financial Statements

FINANCIAL OVERVIEW

Consolidated Balance Sheets

(In thousands)

	September 30, 2013			December 31, 2012
Assets:
Investment in real estate:
Land	$	4,256,685		$	4,278,471
Buildings and equipment	18,019,187			18,806,858
Less accumulated depreciation	(1,748,222		)	(1,440,301		)
Construction in progress	399,472			376,529
Net property and equipment	20,927,122			22,021,557
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,461,847			2,865,871
Net investment in real estate	23,388,969			24,887,428
Cash and cash equivalents	603,518			624,815
Accounts and notes receivable, net	449,295			260,860
Deferred expenses, net	186,914			179,837
Prepaid expenses and other assets	1,120,285			1,329,465
Total assets	$	25,748,981		$	27,282,405
Liabilities:
Mortgages, notes and loans payable	$	15,563,625		$	15,966,866
Investment in and loans to/from Unconsolidated Real Estate Affiliates	16,846			—
Accounts payable and accrued expenses	1,006,198			1,212,231
Dividend payable	125,324			103,749
Deferred tax liabilities	27,704			28,174
Tax indemnification liability	303,586			303,750
Junior Subordinated Notes	206,200			206,200
Warrant liability	—			1,488,196
Total liabilities	17,249,483			19,309,166
Redeemable noncontrolling interests:
Preferred	128,772			136,008
Common	123,787			132,211
Total redeemable noncontrolling interests	252,559			268,219
Equity:
Preferred stock	242,042			—
Stockholders’ equity	7,922,049			7,621,698
Noncontrolling interests in consolidated real estate affiliates	82,848			83,322
Total equity	8,246,939			7,705,020
Total liabilities and equity	$	25,748,981		$	27,282,405

1

FINANCIAL OVERVIEW

Consolidated Statements of Operations

(In thousands, except per share)

	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Revenues:
Minimum rents	$	392,934		$	394,736		$	1,190,291		$	1,154,657
Tenant recoveries	180,614			180,590			546,969			531,649
Overage rents	9,970			13,420			27,864			34,605
Management fees and other corporate revenues	17,336			17,823			50,575			55,646
Other	19,841			16,191			55,918			49,158
Total revenues	620,695			622,760			1,871,617			1,825,715
Expenses:
Real estate taxes	60,433			57,870			185,417			170,525
Property maintenance costs	14,354			16,673			53,600			55,889
Marketing	5,772			7,861			18,059			21,833
Other property operating costs	97,057			99,165			273,985			278,625
Provision for doubtful accounts	1,064			1,173			3,620			2,631
Property management and other costs	41,458			38,776			123,380			119,014
General and administrative	10,522			10,045			34,578			31,601
Provisions for impairment	—			32,100			—			32,100
Depreciation and amortization	192,605			203,986			579,360			598,963
Total expenses	423,265			467,649			1,271,999			1,311,181
Operating income	197,430			155,111			599,618			514,534
Interest income	577			765			1,726			2,300
Interest expense	(178,438		)	(200,183		)	(567,094		)	(594,249		)
Warrant liability adjustment	—			(123,381		)	(40,546		)	(413,081		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Loss on extinguishment of debt	—			—			(36,478		)	—
Income (Loss) before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, noncontrolling interests and preferred stock dividends	19,569			(167,688		)	177,010			(471,949		)
Benefit from (provision for) income taxes	287			(2,449		)	(1,236		)	(5,553		)
Equity in income of Unconsolidated Real Estate Affiliates	13,984			22,054			41,165			39,849
Equity in income of Unconsolidated Real Estate Affiliates - (loss) gain on investment	(2,800		)	—			648			—
Income (loss) from continuing operations	31,040			(148,083		)	217,587			(437,653		)
Discontinued operations:
Loss from discontinued operations, including gains (losses) on dispositions	(186		)	(58,525		)	(7,437		)	(69,548		)
Gain on extinguishment of debt	—			—			25,894			—
Discontinued operations, net	(186		)	(58,525		)	18,457			(69,548		)
Net income (loss)	30,854			(206,608		)	236,044			(507,201		)
Allocation to noncontrolling interests	(3,371		)	(1,279		)	(10,707		)	(6,236		)
Net income (loss) attributable to GGP	27,483			(207,887		)	225,337			(513,437		)
Preferred stock dividends	(3,984		)	—			(10,094		)	—
Net income (loss) attributable to common stockholders	$	23,499		$	(207,887	)	$	215,243		$	(513,437	)
Basic Income (Loss) Per Share:
Continuing operations	$	0.03		$	(0.17	)	$	0.21		$	(0.48	)
Discontinued operations	—			(0.06		)	0.02			(0.07		)
Total basic income (loss) per share	$	0.03		$	(0.23	)	$	0.23		$	(0.55	)
Diluted Income (Loss) Per Share:
Continuing operations	$	0.02		$	(0.17	)	$	0.21		$	(0.48	)
Discontinued operations	—			(0.06		)	0.02			(0.07		)
Total diluted income (loss) per share	$	0.02		$	(0.23	)	$	0.23		$	(0.55	)

2

Proportionate Financial Statements

PROPORTIONATE FINANCIAL STATEMENTS

Proportionate Balance Sheets

(In thousands)

	As of												As of
	September 30, 2013												December 31, 2012
	GAAP			Noncontrolling Interests			GGP Share of Unconsolidated Real Estate Affiliates			GGP Total Share			GGP Total Share
Assets:
Investment in real estate:
Land	$	4,256,685		$	(31,806	)	$	663,698		$	4,888,577		$	4,965,238
Buildings and equipment	18,019,187			(149,161		)	5,512,165			23,382,191			24,355,502
Less accumulated depreciation	(1,748,222		)	16,109			(920,380		)	(2,652,493		)	(2,287,426		)
Construction in progress	399,472			(329		)	72,595			471,738			465,797
Net property and equipment	20,927,122			(165,187		)	5,328,078			26,090,013			27,499,111
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,461,847			—			(2,461,847		)	—			—
Net investment in real estate	23,388,969			(165,187		)	2,866,231			26,090,013			27,499,111
Cash and cash equivalents	603,518			(3,348		)	141,804			741,974			839,070
Accounts and notes receivable, net	449,295			(1,767		)	65,435			512,963			312,115
Deferred expenses, net	186,914			(963		)	119,187			305,138			320,493
Prepaid expenses and other assets	1,120,285			(4,784		)	193,729			1,309,230			1,526,082
Total assets	$	25,748,981		$	(176,049	)	$	3,386,386		$	28,959,318		$	30,496,871
Liabilities:
Mortgages, notes and loans payable	$	15,563,625		$	(84,561	)	$	3,207,772		$	18,686,836		$	18,983,448
Investment in and loans to/from Unconsolidated Real Estate Affiliates	16,846			—			(16,846		)	—			—
Accounts payable and accrued expenses	1,006,198			(8,640		)	195,329			1,192,887			1,493,437
Dividend payable	125,324			—			—			125,324			103,749
Deferred tax liabilities	27,704			—			131			27,835			28,174
Tax indemnification liability	303,586			—			—			303,586			303,750
Junior Subordinated Notes	206,200			—						206,200			206,200
Warrant liability	—			—			—			—			1,488,196
Total liabilities	17,249,483			(93,201		)	3,386,386			20,542,668			22,606,954
Redeemable noncontrolling interests:
Preferred	128,772			—			—			128,772			136,008
Common	123,787			—			—			123,787			132,211
Total redeemable noncontrolling interests	252,559			—			—			252,559			268,219
Equity:
Preferred stock	242,042			—			—			242,042			—
Stockholders’ equity	7,922,049			—			—			7,922,049			7,621,698
Noncontrolling interests in consolidated real estate affiliates	82,848			(82,848		)	—			—			—
Total equity	8,246,939			(82,848		)	—			8,164,091			7,621,698
Total liabilities and equity	$	25,748,981		$	(176,049	)	$	3,386,386		$	28,959,318		$	30,496,871

3

PROPORTIONATE FINANCIAL STATEMENTS

Overview

(In thousands, except per share)

	Three Months Ended						Nine Months Ended
	September 30, 2013		September 30, 2012		Percentage Change		September 30, 2013		September 30, 2012		Percentage Change
Same Store NOI - Regional Malls (1)	$	521,285	$	487,982	6.8	%	$	1,540,104	$	1,454,762	5.9	%
Non-Same Store - Regional Malls (2)	7,229		14,705		n/a		30,486		38,657		n/a
Office, Strip Centers and Other Retail (3)	9,068		9,170		-1.1	%	28,300		27,777		1.9	%
Company NOI (4)	537,582		511,857		5.0	%	1,598,890		1,521,196		5.1	%
Company EBITDA (4)	495,768		474,856		4.4	%	1,470,998		1,407,080		4.5	%
Company FFO (4)	282,577		230,754		22.5	%	801,008		680,333		17.7	%
Company FFO per diluted share	$	0.29	$	0.23	25.8	%	$	0.81	$	0.68	19.1	%
Weighted average diluted common shares outstanding	987,184		1,013,748		-2.6	%	994,057		1,005,673		-1.2	%

(1)Total termination fees were $4.7 million and $2.7 million for the three months ended September 30, 2013 and 2012, respectively.  Total termination fees were $14.6 million and $10.8 million for the nine months ended September 30, 2013 and 2012, respectively.

(2)Non-Same Store - Regional Malls includes the periodic effects of acquisitions, changes in ownership and planned redevelopment.  Included in Non-Same Store - Regional Malls is 49.9% of the operations of The Grand Canal Shoppes through May 15, 2013.

(3)Consists of Non-Regional Mall assets.  See Property Schedule on pages 20-26 for individual property details.

(4)Refer to pages 5-6 (Company NOI, EBITDA and FFO).

4

PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended September 30, 2013 and 2012 (In thousands)

	Three Months Ended September 30, 2013																		Three Months Ended September 30, 2012
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents (1)	$	392,934		$	(3,632	)	$	93,125		$	482,427		$	8,779		$	491,206		$	394,736		$	(3,332	)	$	82,555		$	473,959		$	2,881		$	476,840
Tenant recoveries	180,614			(1,233		)	41,415			220,796			—			220,796			180,590			(1,182		)	36,076			215,484			—			215,484
Overage rents	9,970			(133		)	3,424			13,261			—			13,261			13,420			(95		)	2,150			15,475			—			15,475
Other revenue	19,841			(101		)	3,685			23,425			—			23,425			17,102			(82		)	3,177			20,197			—			20,197
Total property revenues	603,359			(5,099		)	141,649			739,909			8,779			748,688			605,848			(4,691		)	123,958			725,115			2,881			727,996
Property operating expenses:
Real estate taxes	60,433			(542		)	13,271			73,162			(1,578		)	71,584			57,870			(523		)	11,719			69,066			(1,578		)	67,488
Property maintenance costs	14,354			(96		)	4,136			18,394			—			18,394			16,673			(91		)	3,892			20,474			—			20,474
Marketing	5,772			(55		)	1,886			7,603			—			7,603			7,861			(73		)	1,959			9,747			—			9,747
Other property operating costs	97,057			(552		)	21,643			118,148			(6,004		)	112,144			99,165			(569		)	19,657			118,253			(1,424		)	116,829
Provision for doubtful accounts	1,064			12			305			1,381			—			1,381			1,173			(57		)	485			1,601			—			1,601
Total property operating expenses	178,680			(1,233		)	41,241			218,688			(7,582		)	211,106			182,742			(1,313		)	37,712			219,141			(3,002		)	216,139
NOI	$	424,679		$	(3,866	)	$	100,408		$	521,221		$	16,361		$	537,582		$	423,106		$	(3,378	)	$	86,246		$	505,974		$	5,883		$	511,857
Management fees and other corporate revenues	17,336			—			—			17,336			—			17,336			17,823			—			—			17,823			—			17,823
Property management and other costs (2)	(41,458		)	161			(6,632		)	(47,929		)	(455		)	(48,384		)	(38,776		)	145			(5,517		)	(44,148		)	(424		)	(44,572		)
General and administrative	(10,522		)	—			(244		)	(10,766		)	—			(10,766		)	(10,045		)	—			(207		)	(10,252		)	—			(10,252		)
EBITDA	$	390,035		$	(3,705	)	$	93,532		$	479,862		$	15,906		$	495,768		$	392,108		$	(3,233	)	$	80,522		$	469,397		$	5,459		$	474,856
Depreciation on non-income producing assets	(2,925		)	—			—			(2,925		)	—			(2,925		)	(2,885		)	—			—			(2,885		)	—			(2,885		)
Interest income	577			—			142			719			—			719			765			—			32			797			—			797
Preferred unit distributions	(2,335		)	—			—			(2,335		)	—			(2,335		)	(2,335		)	—			—			(2,335		)	—			(2,335		)
Preferred stock dividends	(3,984		)	—			—			(3,984		)	—			(3,984		)	—			—			—			—			—			—
Interest expense:
Default interest	(1,978		)	—			—			(1,978		)	1,978			—			(1,157		)	—			—			(1,157		)	1,157			—
Mark-to-market adjustments on debt	(3,855		)	(94		)	(1,035		)	(4,984		)	4,984			—			2,917			(89		)	378			3,206			(3,206		)	—
Write-off of mark-to-market adjustments on extinguished debt	1,915			—			411			2,326			(2,326		)	—			10,394			—			—			10,394			(10,394		)	—
Debt extinguishment expenses	—			—			—			—			—			—			—			—			—			—			—			—
Interest on existing debt	(174,520		)	1,117			(36,384		)	(209,787		)	—			(209,787		)	(212,337		)	1,144			(34,421		)	(245,614		)	—			(245,614		)
Warrant liability adjustment	—			—			—			—			—			—			(123,381		)	—			—			(123,381		)	123,381			—
Provision for income taxes	287			18			(59		)	246			(798		)	(552		)	(2,449		)	17			(105		)	(2,537		)	2,015			(522		)
FFO from discontinued operations (3)	(113		)	—			6,312			6,199			(526		)	5,673			209			—			4,223			4,432			2,025			6,457
	203,104			(2,664		)	62,919			263,359			19,218			282,577			61,849			(2,161		)	50,629			110,317			120,437			230,754
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	60,255			2,664			(62,919		)	—			—			—			48,468			2,161			(50,629		)	—			—			—
FFO	$	263,359		$	—		$	—		$	263,359		$	19,218		$	282,577		$	110,317		$	—		$	—		$	110,317		$	120,437		$	230,754
Company FFO per diluted share																$	0.29																	$	0.23

(1)Adjustments include amounts for straight-line rent of ($14,846) and ($22,106) and above/below market lease amortization of $23,625 and $24,987 for the three months ended September 30, 2013 and 2012, respectively.

(2)Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.

(3)Company FFO includes FFO from discontinued operations.  Adjustments primarily relate to straight-line rent, above/below market lease amortization and other non-comparable items.

5

PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Nine Months Ended September 30, 2013 and 2012 (In thousands)

	Nine Months Ended September 30, 2013																		Nine Months Ended September 30, 2012
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents (1)	$	1,190,291		$	(10,681	)	$	265,846		$	1,445,456		$	22,485		$	1,467,941		$	1,154,657		$	(8,684	)	$	251,252		$	1,397,225		$	14,849		$	1,412,074
Tenant recoveries	546,969			(3,587		)	118,869			662,251			—			662,251			531,649			(3,327		)	108,822			637,144			—			637,144
Overage rents	27,864			(245		)	7,459			35,078			—			35,078			34,605			(212		)	5,600			39,993			—			39,993
Other revenue	55,918			(293		)	10,555			66,180			—			66,180			49,156			(244		)	9,339			58,251			—			58,251
Total property revenues	1,821,042			(14,806		)	402,729			2,208,965			22,485			2,231,450			1,770,067			(12,467		)	375,013			2,132,613			14,849			2,147,462
Property operating expenses:
Real estate taxes	185,417			(1,595		)	38,750			222,572			(4,734		)	217,838			170,525			(1,540		)	35,234			204,219			(4,734		)	199,485
Property maintenance costs	53,600			(278		)	12,001			65,323			—			65,323			55,889			(277		)	12,228			67,840			—			67,840
Marketing	18,059			(172		)	5,058			22,945			—			22,945			21,833			(211		)	5,239			26,861			—			26,861
Other property operating costs	273,985			(1,643		)	58,362			330,704			(8,774		)	321,930			278,625			(1,636		)	56,302			333,291			(4,283		)	329,008
Provision for doubtful accounts	3,620			(36		)	940			4,524			—			4,524			2,631			(33		)	474			3,072			—			3,072
Total property operating expenses	534,681			(3,724		)	115,111			646,068			(13,508		)	632,560			529,503			(3,697		)	109,477			635,283			(9,017		)	626,266
NOI	$	1,286,361		$	(11,082	)	$	287,618		$	1,562,897		$	35,993		$	1,598,890		$	1,240,564		$	(8,770	)	$	265,536		$	1,497,330		$	23,866		$	1,521,196
Management fees and other corporate revenues	50,575			—			—			50,575			—			50,575			55,646			—			—			55,646			—			55,646
Property management and other costs (2)	(123,380		)	466			(18,922		)	(141,836		)	(1,303		)	(143,139		)	(119,014		)	419			(17,534		)	(136,129		)	(1,272		)	(137,401		)
General and administrative	(34,578		)	—			(750		)	(35,328		)	—			(35,328		)	(31,601		)	15			(775		)	(32,361		)	—			(32,361		)
EBITDA	$	1,178,978		$	(10,616	)	$	267,946		$	1,436,308		$	34,690		$	1,470,998		$	1,145,595		$	(8,336	)	$	247,227		$	1,384,486		$	22,594		$	1,407,080
Depreciation on non-income producing assets	(9,040		)	—			—			(9,040		)	—			(9,040		)	(6,609		)	—			—			(6,609		)	—			(6,609		)
Interest income	1,726			(1		)	349			2,074			—			2,074			2,300			(2		)	201			2,499			—			2,499
Preferred unit distributions (3)	(7,006		)	—			—			(7,006		)	—			(7,006		)	(10,104		)	—			—			(10,104		)	3,098			(7,006		)
Preferred stock dividends	(10,094		)	—			—			(10,094		)	—			(10,094		)	—			—			—			—			—			—
Interest expense:
Default interest	(3,284		)	—			—			(3,284		)	3,284			—			(3,445		)	—			(309		)	(3,754		)	3,754			—
Mark-to-market adjustments on debt	(11,836		)	(278		)	(953		)	(13,067		)	13,067			—			12,522			(274		)	1,817			14,065			(14,065		)	—
Write-off of mark-to-market adjustments on extinguished debt	4,502			—			411			4,913			(4,913		)	—			33,355			1			—			33,356			(33,356		)	—
Debt extinguishment expenses	—			—			—			—			—			—			(186		)	—			(4		)	(190		)	190			—
Interest on existing debt	(556,476		)	3,367			(103,061		)	(656,170		)	—			(656,170		)	(636,495		)	3,524			(104,823		)	(737,794		)	—			(737,794		)
Warrant liability adjustment	(40,546		)	—			—			(40,546		)	40,546			—			(413,081		)	—			—			(413,081		)	413,081			—
Loss on extinguishment of debt (4)	(36,478		)	—			—			(36,478		)	36,478			—			—			—			—			—			—			—
Provision for income taxes	(1,236		)	53			(211		)	(1,394		)	(257		)	(1,651		)	(5,553		)	49			(319		)	(5,823		)	4,200			(1,623		)
FFO from discontinued operations (5)	24,743			—			13,952			38,695			(26,798		)	11,897			16,273			—			13,559			29,832			(6,046		)	23,786
	533,953			(7,475		)	178,433			704,911			96,097			801,008			134,572			(5,038		)	157,349			286,883			393,450			680,333
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	170,958			7,475			(178,433		)	—			—			—			152,311			5,038			(157,349		)	—			—			—
FFO	$	704,911		$	—		$	—		$	704,911		$	96,097		$	801,008		$	286,883		$	—		$	—		$	286,883		$	393,450		$	680,333
Company FFO per diluted share																$	0.81																	$	0.68

(1)   Adjustments include amounts for straight-line rent of ($47,175) and ($63,233) and above/below market lease amortization of $69,660 and $78,082 for the nine months ended September 30, 2013 and 2012, respectively.

(2)   Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.

(3)   Adjustment is related to the distribution of Rouse Properties, Inc. shares to preferred unit holders as a result of the spin-off in January 2012.

(4)   Adjustments include $24.0 million in prepayment fees to retire 5.375% and 6.75% unsecured notes due November 2013 and 2015, respectively, ($700.5 million), a $5.8 million prepayment penalty on a secured 7.50% mortgage note due January 2014 ($100.3 million) and $6.6 million in fees related to the refinancing of the secured corporate loan ($1.5 billion).

(5)   Company FFO includes FFO from discontinued operations.  Adjustments primarily relate to straight-line rent, above/below market lease amortization and other non-comparable items.

6

PROPORTIONATE FINANCIAL STATEMENTS
Reconciliation of Non-GAAP to GAAP Financial Measures
(In thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Reconciliation of Company NOI to GAAP Operating Income
Company NOI:	$	537,582		$	511,857		$	1,598,890		$	1,521,196
Adjustments for minimum rents, real estate taxes and other property operating costs (1)	(16,361		)	(5,883		)	(35,993		)	(23,866		)
Proportionate NOI	521,221			505,974			1,562,897			1,497,330
Unconsolidated Properties	(100,408		)	(86,246		)	(287,618		)	(265,536		)
Consolidated Properties	420,813			419,728			1,275,279			1,231,794
Management fees and other corporate revenues	17,336			17,823			50,575			55,646
Property management and other costs	(41,458		)	(38,776		)	(123,380		)	(119,014		)
General and administrative	(10,522		)	(10,045		)	(34,578		)	(31,601		)
Provisions for impairment	—			(32,100		)	—			(32,100		)
Depreciation and amortization	(192,605		)	(203,986		)	(579,360		)	(598,963		)
Noncontrolling interest in operating income of Consolidated Properties and other	3,866			2,467			11,082			8,772
Operating income	$	197,430		$	155,111		$	599,618		$	514,534
Reconciliation of Company EBITDA to GAAP Net Income (Loss) Attributable to GGP
Company EBITDA	$	495,768		$	474,856		$	1,470,998		$	1,407,080
Adjustments for minimum rents, property operating expenses and property management and other costs (1)	(15,906		)	(5,459		)	(34,690		)	(22,594		)
Proportionate EBITDA	479,862			469,397			1,436,308			1,384,486
Unconsolidated Properties	(93,532		)	(80,522		)	(267,946		)	(247,227		)
Consolidated Properties	386,330			388,875			1,168,362			1,137,259
Depreciation and amortization	(192,605		)	(203,986		)	(579,360		)	(598,963		)
Noncontrolling interest in NOI of Consolidated Properties	3,866			2,467			11,082			8,772
Interest income	577			765			1,726			2,300
Interest expense	(178,438		)	(200,183		)	(567,094		)	(594,249		)
Warrant liability adjustment	—			(123,381		)	(40,546		)	(413,081		)
(Provision for) benefit from income taxes	287			(2,449		)	(1,236		)	(5,553		)
Provision for impairment excluded from FFO	—			(32,100		)	—			(32,100		)
Equity in income of Unconsolidated Real Estate Affiliates	13,984			22,054			41,165			39,849
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment	(2,800		)	—			648			—
Discontinued operations	(186		)	(58,525		)	18,457			(69,548		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Loss on extinguishment of debt	—			—			(36,478		)	—
Allocation to noncontrolling interests	(3,532		)	(1,424		)	(11,173		)	(6,670		)
Net income (loss) attributable to GGP	$	27,483		$	(207,887	)	$	225,337		$	(513,437	)

(1)   Refer to Pages 5-6 (Company NOI, EBITDA and FFO).

7

PROPORTIONATE FINANCIAL STATEMENTS
Reconciliation of Non-GAAP to GAAP Financial Measures
(In thousands)

	Three Months Ended						Nine Months Ended
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Reconciliation of Company FFO to GAAP Net Income (Loss) Attributable to GGP
Company FFO	$	282,577		$	230,754		$	801,008		$	680,333
Adjustments for minimum rents, property operating expenses and property management and other costs, market rate adjustments, debt extinguishment, income taxes and FFO from discontinued operations (1)	(19,218		)	(120,437		)	(96,097		)	(393,450		)
Proportionate FFO	263,359			110,317			704,911			286,883
Depreciation and amortization of capitalized real estate costs	(234,968		)	(227,218		)	(701,609		)	(707,245		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Preferred stock dividends	3,984			—			10,094			—
(Losses) gains on sales of investment properties	(2,872		)	12,302			(189		)	13,139
Noncontrolling interests in depreciation of Consolidated Properties	1,807			1,622			5,368			5,354
Provision for impairment excluded from FFO	—			(32,100		)	—			(32,100		)
Provision for impairment excluded from FFO of discontinued operations	—			(66,188		)	(4,975		)	(76,580		)
Redeemable noncontrolling interests	(160		)	1,602			(1,563		)	3,752
Depreciation and amortization of discontinued operations	(3,667		)	(8,224		)	(6,484		)	(25,187		)
Net income (loss) attributable to GGP	$	27,483		$	(207,887	)	$	225,337		$	(513,437	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	100,408		$	86,246		$	287,618		$	265,536
Net property management fees and costs	(6,632		)	(5,517		)	(18,922		)	$	(17,534	)
General and administrative and provisions for impairment	(244		)	(207		)	(750		)	(775		)
EBITDA	93,532			80,522			267,946			247,227
Net interest expense	(36,866		)	(34,011		)	(103,254		)	(103,118		)
Provision for income taxes	(59		)	(105		)	(211		)	(319		)
FFO of discontinued Unconsolidated Properties	6,312			4,223			13,952			13,559
FFO of Unconsolidated Properties	62,919			50,629			178,433			157,349
Depreciation and amortization of capitalized real estate costs	(48,955		)	(28,583		)	(137,298		)	(117,653		)
Other, including gain on sales of investment properties	20			8			30			153
Equity in income of Unconsolidated Real Estate Affiliates	$	13,984		$	22,054		$	41,165		$	39,849

(1)   Refer to Pages 5-6 (Company NOI, EBITDA and FFO).

8

DEBT

DEBT
SUMMARY, AT SHARE
As of September 30, 2013
(In thousands)

	Coupon		Proportionate		Average Remaining	Maturities
	Rate		Balance		Term (Years)	2013		2014		2015		2016		2017		Subsequent		Total
Fixed Rate
Property Level Consolidated	4.56	%	$	13,805,245	7.6	$	10,956	$	416,223	$	662,977	$	855,367	$	718,032	$	9,847,944	$	12,511,499
Property Level Unconsolidated	4.58	%	3,029,591		7.1	—		—		183,409		—		297,166		2,309,668		2,790,243
Corporate Consolidated	4.41	%	14,747		2.2	—		—		573		—		—		—		573
Total Fixed Rate	4.56	%	$	16,849,583	7.5	$	10,956	$	416,223	$	846,959	$	855,367	$	1,015,198	$	12,157,612	$	15,302,315
Variable Rate
Property Level Consolidated(1)	2.64	%	$	1,600,000	4.6	$	—	$	—	$	—	$	—	$	—	$	1,566,881	$	1,566,881
Property Level Unconsolidated	2.82	%	176,250		4.1	—		—		—		—		150,544		16,250		166,794
Junior Subordinated Notes Due 2041	1.72	%	206,200		27.6	—		—		—		—		—		206,200		206,200
Total Variable Rate	2.56	%	$	1,982,450	6.9	$	—	$	—	$	—	$	—	$	150,544	$	1,789,331	$	1,939,875
Total	4.35	%	$	18,832,033	7.4	$	10,956	$	416,223	$	846,959	$	855,367	$	1,165,742	$	13,946,943	$	17,242,190
			Total Amortization			$	48,804	$	187,516	$	182,938	$	210,843	$	177,165	$	782,577	$	1,589,843
												Total Maturities and Amortization (2), (3)						$	18,832,033

(1)Properties provide mortgage collateral as guarantors.  The $1.5 billion corporate loan is cross collateralized.

(2)Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:

Total Mortgages, Notes, and Other Payables, from above	$	18,832,033
Market rate adjustments, net	(3,816		)
Junior Subordinated Notes Due 2041	(206,200		)
Corporate Revolver	55,000
Other loans payable	9,819
Total	$	18,686,836

(3)Reflects maturities and amortization for periods subsequent to September 30, 2013.

9

DEBT
Maturity Schedule(1),(2)

(1)Net present value of debt is $9.3 billion at 8% discount rate.

(2)    Maturities in 2022 include $1.4 billion for Ala Moana.

10

DEBT
DETAIL, AT SHARE(1)
As of September 30, 2013
(In thousands)

			Proportionate		Maturity	Balloon Pmt				Parent Recourse as of	Amortization
Property	Own %		Balance		Year (2)	at Maturity		Coupon Rate		9/30/2013 (3)	2013		2014		2015		2016		2017		Subsequent
Fixed Rate
Consolidated Property Level
Senate Plaza(4)	100	%	$	10,956	2013	$	10,956	5.71	%	No	$	—	$	—	$	—	$	—	$	—	$	—
Bayside Marketplace (Bond)	100	%	1,255		2014	1,255		5.75	%	No	—		—		—		—		—		—
Eden Prairie Mall	100	%	71,540		2014	68,967		4.67	%	No	635		1,938		—		—		—		—
Jordan Creek Town Center	100	%	166,912		2014	164,537		4.57	%	No	1,436		939		—		—		—		—
Woodbridge Center	100	%	185,959		2014	181,464		4.24	%	No	1,665		2,830		—		—		—		—
Boise Towne Plaza	100	%	9,584		2015	8,917		4.70	%	No	92		378		197		—		—		—
Burlington Town Center	100	%	24,429		2015	23,360		5.03	%	No	148		605		316		—		—		—
Lynnhaven Mall	100	%	215,554		2015	203,367		5.05	%	No	1,679		6,906		3,602		—		—		—
Paramus Park	100	%	95,045		2015	90,242		4.86	%	No	764		2,381		1,658		—		—		—
Peachtree Mall	100	%	81,477		2015	77,085		5.08	%	No	635		2,615		1,142		—		—		—
Quail Springs Mall	100	%	69,335		2015	66,864		6.74	%	No	354		1,464		653		—		—		—
Regency Square Mall (5)	100	%	84,772		2015	75,797		3.59	%	No	3,621		3,534		1,820		—		—		—
The Shops at La Cantera	75	%	120,719		2015	117,345		5.95	%	No	461		1,913		1,000		—		—		—
Brass Mill Center	100	%	105,614		2016	93,347		4.55	%	No	1,137		4,664		4,884		1,582		—		—
Coronado Center	100	%	153,502		2016	135,704		5.08	%	No	1,199		4,930		5,189		6,480		—		—
Glenbrook Square	100	%	160,871		2016	141,325		4.91	%	No	1,277		5,243		5,510		7,516		—		—
Lakeside Mall	100	%	161,343		2016	144,451		4.28	%	No	1,438		5,894		6,155		3,405		—		—
Lincolnshire Commons	100	%	26,607		2016	24,629		5.98	%	No	138		572		607		661		—		—
Ridgedale Center	100	%	161,334		2016	143,281		4.86	%	No	1,308		5,379		5,650		5,716		—		—
The Maine Mall	100	%	195,973		2016	172,630		4.84	%	No	1,579		6,486		6,811		8,467		—		—
Apache Mall	100	%	98,267		2017	91,402		4.32	%	No	416		1,700		1,776		1,843		1,130		—
Beachwood Place	100	%	221,248		2017	190,177		5.60	%	No	1,525		6,290		6,656		9,274		7,326		—
Eastridge (CA)	100	%	161,229		2017	143,626		5.79	%	Yes - Partial	866		3,566		3,781		5,509		3,881		—
Four Seasons Town Centre	100	%	87,285		2017	72,532		5.60	%	No	853		3,517		3,722		4,940		1,721		—
Mall of Louisiana	100	%	218,140		2017	191,409		5.81	%	No	1,292		5,326		5,647		8,074		6,392		—
Provo Towne Center (6)	75	%	30,893		2017	28,886		4.53	%	No	128		520		544		566		249		—
Hulen Mall	100	%	130,000		2018	118,702		4.25	%	No	342		2,128		2,221		2,304		2,421		1,882
The Gallery at Harborplace - Other	100	%	9,438		2018	190		6.05	%	No	431		1,796		1,907		2,026		2,152		936
Governor’s Square	100	%	71,556		2019	66,488		6.69	%	No	203		848		906		969		1,035		1,107
Oak View Mall	100	%	80,143		2019	74,467		6.69	%	No	227		949		1,015		1,085		1,160		1,240
Park City Center	100	%	191,038		2019	172,224		5.34	%	No	722		2,955		3,119		3,264		3,473		5,281
Fashion Place	100	%	226,730		2020	226,730		3.64	%	No	—		—		—		—		—		—
Mall St. Matthews	100	%	186,662		2020	170,305		2.72	%	No	—		—		—		1,985		4,067		10,305
Newgate Mall	100	%	58,000		2020	58,000		3.69	%	No	—		—		—		—		—		—
The Mall In Columbia	100	%	350,000		2020	316,928		3.95	%	No	—		—		1,531		6,279		6,531		18,731
Town East Mall	100	%	160,270		2020	160,270		3.57	%	No	—		—		—		—		—		—
Tucson Mall	100	%	246,000		2020	246,000		4.01	%	No	—		—		—		—		—		—
Tysons Galleria	100	%	325,000		2020	282,081		4.06	%	No	1,360		5,541		5,773		5,979		6,266		18,000
Visalia Mall	100	%	74,000		2020	74,000		3.71	%	No	—		—		—		—		—		—
Deerbrook Mall	100	%	148,880		2021	127,934		5.25	%	No	578		2,368		2,497		2,612		2,776		10,115
Fashion Show - Other	100	%	4,995		2021	1,577		6.06	%	Yes - Full	83		342		364		386		411		1,832

11

DEBT
DETAIL, AT SHARE(1)
As of September 30, 2013
(In thousands)

			Proportionate		Maturity	Balloon Pmt				Parent Recourse as of	Amortization
Property	Own %		Balance		Year (2)	at Maturity		Coupon Rate		9/30/2013 (3)	2013		2014		2015		2016		2017		Subsequent
Fox River Mall	100	%	181,477		2021	156,373		5.46	%	No	668		2,745		2,901		3,038		3,238		12,514
Northridge Fashion Center	100	%	242,399		2021	207,503		5.10	%	No	967		3,965		4,175		4,362		4,627		16,800
Oxmoor Center	100	%	92,142		2021	79,217		5.37	%	No	345		1,417		1,497		1,566		1,668		6,432
Park Place	100	%	193,521		2021	165,815		5.18	%	No	757		3,099		3,266		3,414		3,626		13,544
Providence Place	100	%	369,781		2021	320,526		5.65	%	No	1,324		5,426		5,745		6,025		6,437		24,298
Rivertown Crossings	100	%	163,924		2021	141,356		5.52	%	No	601		2,462		2,604		2,728		2,910		11,263
Westlake Center - Land	100	%	2,437		2021	2,437		12.90	%	No	—		—		—		—		—		—
White Marsh Mall	100	%	190,000		2021	190,000		3.66	%	No	—		—		—		—		—		—
Ala Moana Center	100	%	1,400,000		2022	1,400,000		4.23	%	No	—		—		—		—		—		—
Bellis Fair	100	%	91,576		2022	77,060		5.23	%	No	352		1,446		1,524		1,594		1,694		7,906
Coastland Center	100	%	128,072		2022	102,621		3.76	%	No	594		2,416		2,509		2,594		2,707		14,631
Coral Ridge Mall	100	%	110,155		2022	98,394		5.71	%	No	—		—		349		1,449		1,533		8,430
Greenwood Mall	100	%	63,000		2022	57,469		4.19	%	No	—		—		—		—		420		5,111
North Star Mall	100	%	333,653		2022	270,113		3.93	%	No	1,517		6,189		6,440		6,666		6,973		35,755
Rogue Valley Mall	100	%	55,000		2022	48,245		4.50	%	No	—		—		138		852		899		4,866
Spokane Valley Mall (6)	75	%	46,360		2022	38,484		4.65	%	No	186		763		800		833		879		4,415
The Gallery at Harborplace	100	%	80,540		2022	68,096		5.24	%	No	292		1,193		1,258		1,315		1,398		6,988
The Oaks Mall	100	%	137,055		2022	112,842		4.55	%	No	552		2,251		2,357		2,451		2,584		14,018
The Shoppes at Buckland Hills	100	%	127,357		2022	107,820		5.19	%	No	470		1,926		2,030		2,121		2,253		10,737
The Streets at Southpoint	94	%	245,440		2022	207,909		4.36	%	No	—		2,345		4,163		4,348		4,542		22,133
Westroads Mall	100	%	154,803		2022	127,455		4.55	%	No	621		2,543		2,663		2,769		2,919		15,833
Augusta Mall	100	%	170,000		2023	170,000		4.36	%	No	—		—		—		—		—		—
Boise Towne Square	100	%	135,797		2023	106,372		4.79	%	No	577		2,379		2,495		2,618		2,746		18,610
Crossroads Center (MN)	100	%	106,471		2023	83,026		3.25	%	No	529		2,156		2,228		2,293		2,379		13,860
Cumberland Mall	100	%	160,000		2023	160,000		3.67	%	No	—		—		—		—		—		—
Meadows Mall	100	%	163,892		2023	118,726		3.96	%	No	956		3,904		4,064		4,212		4,402		27,628
Oglethorpe Mall	100	%	150,000		2023	136,166		3.90	%	No	—		—		—		—		—		13,834
Pecanland Mall	100	%	90,000		2023	75,750		3.88	%	No	—		—		1,159		1,607		1,682		9,802
Prince Kuhio Plaza	100	%	44,883		2023	35,974		4.10	%	No	188		765		798		827		867		5,464
Staten Island Mall	100	%	263,984		2023	206,942		4.77	%	No	1,133		4,665		4,892		5,131		5,381		35,840
Stonestown Galleria	100	%	180,000		2023	164,720		4.39	%	No	—		—		—		—		—		15,280
The Woodlands	100	%	260,813		2023	207,057		5.04	%	No	1,087		4,485		4,716		4,959		5,215		33,294
Baybrook Mall	100	%	250,000		2024	212,423		5.52	%	No	—		—		821		3,402		3,595		29,759
Fashion Show	100	%	835,000		2024	835,000		4.03	%	No	—		—		—		—		—		—
The Parks At Arlington	100	%	250,000		2024	212,687		5.57	%	No	—		—		814		3,371		3,564		29,564
Pembroke Lakes Mall	100	%	260,000		2025	260,000		3.56	%	No	—		—		—		—		—		—
Valley Plaza Mall	100	%	240,000		2025	206,847		3.75	%	No	—		—		—		—		—		33,153
Willowbrook Mall	100	%	360,000		2025	360,000		3.55	%	No	—		—		—		—		—		—
North Point Mall	100	%	250,000		2026	218,205		4.54	%	No	—		—		—		—		—		31,795
Providence Place - Other	100	%	40,908		2028	2,381		7.75	%	No	753		1,597		1,724		1,861		2,009		30,583
Provo Towne Center Land	75	%	2,250		2095	37		10.00	%	Yes - Full	—		—		—		—		—		2,213
Consolidated Property Level			$	13,805,245		$	12,511,499	4.56	%		$	43,061	$	156,654	$	154,783	$	169,328	$	134,138	$	635,782

12

DEBT
DETAIL, AT SHARE(1)
As of September 30, 2013
(In thousands)

			Proportionate		Maturity	Balloon Pmt				Parent Recourse as of	Amortization
Property	Own %		Balance		Year (2)	at Maturity		Coupon Rate		9/30/2013 (3)	2013		2014		2015		2016		2017		Subsequent
Unconsolidated Property Level
Alderwood	50	%	$	124,355	2015	$	120,409	6.65	%	No	$	510	$	2,128	$	1,308	$	—	$	—	$	—
Pinnacle Hills Promenade	50	%	70,000		2015	63,000		5.57	%	No	—		7,000		—		—		—		—
Center Pointe Plaza	50	%	6,159		2017	5,570		6.31	%	No	41		171		183		194		—		—
Riverchase Galleria (7)	50	%	152,500		2017	152,500		4.50	%	No	—		—		—		—		—		—
Saint Louis Galleria	74	%	158,477		2017	139,096		4.86	%	No	1,267		5,203		5,465		7,446		—		—
Plaza Frontenac	55	%	28,600		2018	28,600		3.04	%	No	—		—		—		—		—		—
First Colony Mall	50	%	92,500		2019	84,473		4.50	%	No	—		122		1,497		1,567		1,639		3,202
Natick Mall	50	%	225,000		2019	209,699		4.60	%	No	—		—		584		3,593		3,762		7,362
The Grand Canal Shoppes	50	%	313,125		2019	313,125		4.24	%	No	—		—		—		—		—		—
Christiana Mall	50	%	117,495		2020	108,697		5.10	%	No	—		—		401		1,622		1,725		5,050
Kenwood Towne Centre	70	%	158,329		2020	137,191		5.37	%	No	613		2,517		2,659		2,784		2,964		9,601
Oakbrook Center	47	%	201,702		2020	201,702		3.66	%	No	—		—		—		—		—		—
Water Tower Place	52	%	98,513		2020	83,850		4.85	%	No	442		1,825		1,916		2,011		2,110		6,359
Northbrook Court	50	%	65,500		2021	56,811		4.25	%	No	—		90		1,108		1,156		1,206		5,129
Village of Merrick Park	55	%	98,684		2021	85,797		5.73	%	No	350		1,434		1,520		1,595		1,706		6,282
Whaler’s Village	50	%	40,000		2021	40,000		5.42	%	No	—		—		—		—		—		—
Willowbrook Mall (TX)	50	%	103,840		2021	88,965		5.13	%	No	413		1,688		1,778		1,858		1,972		7,166
Bridgewater Commons	35	%	105,000		2022	105,000		3.34	%	No	—		—		—		—		—		—
Clackamas Town Center	50	%	108,000		2022	108,000		4.18	%	No	—		—		—		—		—		—
Florence Mall	50	%	45,000		2022	45,000		4.15	%	No	—		—		—		—		—		—
Carolina Place	50	%	87,500		2023	75,542		3.84	%	No	—		—		—		757		1,567		9,634
Galleria at Tyler	50	%	97,262		2023	76,716		5.05	%	No	394		1,624		1,708		1,796		1,889		13,135
Lake Mead and Buffalo	50	%	2,277		2023	27		7.20	%	No	40		168		181		194		209		1,458
Park Meadows	35	%	126,000		2023	112,734		4.60	%	No	—		—		—		—		—		13,266
The Shoppes at River Crossing	50	%	38,675		2023	35,026		3.75	%	No	—		—		—		—		—		3,649
The Trails Village Center	50	%	6,348		2023	78		8.21	%	No	106		447		485		527		571		4,134
Union Square Portfolio (8)	50	%	25,000		2023	25,000		5.12	%	No	—		—		—		—		—		—
Stonebriar Centre	50	%	140,000		2024	120,886		4.05	%	No	—		—		—		—		804		18,310
Altamonte Mall	50	%	80,000		2025	69,045		3.72	%	No	—		—		—		—		—		10,955
Towson Town Center	35	%	113,750		2025	97,704		3.89	%	No	—		—		—		—		—		16,046
Unconsolidated Property Level			$	3,029,591		$	2,790,243	4.58	%		$	4,176	$	24,417	$	20,793	$	27,100	$	22,124	$	140,738
Total Fixed - Property Level			$	16,834,836		$	15,301,742	4.56	%		$	47,237	$	181,071	$	175,576	$	196,428	$	156,262	$	776,520
Consolidated Corporate
Arizona Two (HHC)	100	%	$	14,747	2015	$	573	4.41	%	Yes - Full	$	1,567	$	6,445	$	6,162	$	—	$	—	$	—
Consolidated Corporate			$	14,747		$	573	4.41	%		$	1,567	$	6,445	$	6,162	$	—	$	—	$	—
Total Fixed Rate Debt			$	16,849,583		$	15,302,315	4.56	%		$	48,804	$	187,516	$	181,738	$	196,428	$	156,262	$	776,520

13

DEBT
DETAIL, AT SHARE(1)
As of September 30, 2013
(In thousands)

			Proportionate		Maturity	Balloon Pmt				Parent Recourse as of	Amortization
Property	Own %		Balance		Year (2)	at Maturity		Coupon Rate		9/30/2013 (3)	2013		2014		2015		2016		2017		Subsequent
Variable Rate
Consolidated Property Level
Columbia Mall	100	%	$	100,000	2018	$	100,000	Libor + 175 bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Columbiana Centre (9)	100	%	130,816		2018	127,927		Libor + 250 bps		Yes - Full	—		—		—		842		1,519		528
Eastridge (WY) (9)	100	%	48,228		2018	47,164		Libor + 250 bps		Yes - Full	—		—		—		309		560		195
Fallbrook Center (9)	100	%	100,870		2018	98,643		Libor + 250 bps		Yes - Full	—		—		—		649		1,171		407
Grand Teton Mall (9)	100	%	48,859		2018	47,780		Libor + 250 bps		Yes - Full	—		—		—		315		567		197
Mayfair (9)	100	%	347,813		2018	340,134		Libor + 250 bps		Yes - Full	—		—		—		2,237		4,037		1,405
Mondawmin Mall (9)	100	%	81,011		2018	79,222		Libor + 250 bps		Yes - Full	—		—		—		522		940		327
North Town Mall (9)	100	%	89,207		2018	87,237		Libor + 250 bps		Yes - Full	—		—		—		574		1,036		360
Oakwood (9)	100	%	76,913		2018	75,215		Libor + 250 bps		Yes - Full	—		—		—		494		893		311
Oakwood Center (9)	100	%	91,414		2018	89,395		Libor + 250 bps		Yes - Full	—		—		—		589		1,061		369
Pine Ridge Mall (9)	100	%	12,609		2018	12,330		Libor + 250 bps		Yes - Full	—		—		—		82		146		51
Pioneer Place (9)	100	%	188,185		2018	184,030		Libor + 250 bps		Yes - Full	—		—		—		1,211		2,184		760
Red Cliffs Mall (9)	100	%	30,261		2018	29,593		Libor + 250 bps		Yes - Full	—		—		—		195		351		122
River Hills Mall (9)	100	%	76,283		2018	74,599		Libor + 250 bps		Yes - Full	—		—		—		491		885		308
Sooner Mall (9)	100	%	78,931		2018	77,188		Libor + 250 bps		Yes - Full	—		—		—		508		916		319
Southwest Plaza (9)	100	%	73,383		2018	71,763		Libor + 250 bps		Yes - Full	—		—		—		472		852		296
The Shops at Fallen Timbers (9)	100	%	25,217		2018	24,661		Libor + 250 bps		Yes - Full	—		—		—		161		293		102
Consolidated Property Level			$	1,600,000		$	1,566,881	2.64	%		$	—	$	—	$	—	$	9,651	$	17,411	$	6,057
Unconsolidated Property Level
Glendale Galleria	50	%	$	160,000	2017	$	150,544	Libor + 250 bps		No	$	—	$	—	$	1,200	$	4,764	$	3,492	$	—
Union Square Portfolio (8)	50	%	16,250		2018	16,250		Libor + 400 bps		No	—		—		—		—		—		—
Unconsolidated Property Level			$	176,250		$	166,794	2.82	%		$	—	$	—	$	1,200	$	4,764	$	3,492	$	—
Consolidated Corporate
Junior Subordinated Notes Due 2041	100	%	$	206,200	2041	$	206,200	Libor + 145 bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate			$	206,200		$	206,200	1.72	%		$	—	$	—	$	—	$	—	$	—	$	—
Total Variable Rate Debt			$	1,982,450		$	1,939,875	2.56	%		$	—	$	—	$	1,200	$	14,415	$	20,903	$	6,057
Total (10),(11)			$	18,832,033		$	17,242,190	4.35	%		$	48,804	$	187,516	$	182,938	$	210,843	$	177,165	$	782,577

(1)	Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.
(2)	Assumes that all maturity extensions are exercised.
(3)	Total recourse to GGP or its subsidiaries of approximately $1.9 billion.
(4)	This asset is in the process of being transferred to the special servicer.
(5)	This asset has been transferred to the special servicer and has total debt of $84.8 million.
(6)	Loan is cross-collateralized with other properties.
(7)	$45.0 million B-note is subordinate to return of GGP’s additional contributed equity.
(8)	Union Square Portfolio represents two urban retail assets acquired in the Union Square area of San Fransisco, CA.
(9)	Properties provide mortgage collateral as guarantors for $1.5 billion corporate loan and are crossed collateralized.
(10)	Excludes the $1.0 billion corporate revolver. As of September 30, 2013, $55.0 million was outstanding.
(11)	Reflects amortization for the period subsequent to September 30, 2013.

14

Asset Transactions

ASSET TRANSACTIONS
Summary of Transactions
For the Nine Months Ended September 30, 2013
(In thousands, except GLA)

	Property	Property	GGP		Total	Gross Proceeds		Debt		Net Proceeds
Closing Date	Name	Location	Ownership %		GLA	at Share		at Share		at Share
Dispositions
September 2013	Aliansce Shopping Centers S.A.	Brazil	40.0	%	6,323,943	n/a		n/a		$	629,484
May 2013	Plaza 800	Sparks (Reno), NV	100.0	%	72,431	—		—		—
February 2013	Southlake Mall	Morrow, GA	100.0	%	1,013,460	80,000		96,883		—
February 2013	Mall of the Bluffs	Council Bluffs, IA	100.0	%	701,830	8,500		24,278		(18,094		)
	Total				8,111,664	$	88,500	$	121,161	$	611,390
Joint Venture Interest
May 2013	The Grand Canal Shoppes (49.9% share)	Las Vegas, NV	50.1	%	773,551	$	723,550	$	311,875	$	411,475
	Total				773,551	$	723,550	$	311,875	$	411,475
Acquisitions
September 2013	Union Square Portfolio (50% share)	San Francisco, CA	50.0	%	58,703	$	81,539	$	41,250	$	40,289
June 2013	Quail Springs Mall (50% share)	Oklahoma City, OK	100.0	%	1,139,400	90,498		34,991		55,507
March 2013	Village of Merrick Park (15% share)	Coral Gables, FL	55.0	%	803,948	60,450		27,225		33,225
	Total				2,002,051	$	232,487	$	103,466	$	129,021

15

ASSET TRANSACTIONS
Discontinued Operations

	Date of Disposition
2013 Dispositions
Regional Malls
Mall of the Bluffs	February 2013
International Properties
Aliansce Shopping Centers S.A. (Brazil)	September 2013
Stand Alone Offices, Strip Centers & Other Retail
Plaza 800	May 2013
Southlake Mall	February 2013
2012 Dispositions
Regional Malls
Capital Mall	December 2012
Harborplace	November 2012
Salem Center	October 2012
Southshore Mall	August 2012
Foothills Mall	July 2012
The Village of Cross Keys	March 2012
Stand Alone Offices, Strip Centers & Other Retail
Austin Bluffs Plaza	December 2012
Orem Plaza Center Street	December 2012
Orem Plaza State Street	December 2012
Owings Mills One and Two Corporate Center	December 2012
Woodlands Village	December 2012
River Pointe Plaza	November 2012
West Oaks Mall	November 2012
Summerlin Office Portfolio	September 2012
Fremont Plaza	September 2012
University Crossing	September 2012
Baskin Robbins	August 2012
Fort Union	August 2012
70 Columbia Corporate Center	August 2012
Boise Plaza	June 2012
Grand Traverse Mall	February 2012
Spin-off
Rouse Properties, Inc.	January 2012

16

Portfolio Operating Metrics

Portfolio Operating Metrics

Key Operating Performance Indicators

As of and for the Nine Months Ended September 30, 2013

(GLA in thousands)

GLA Summary (in thousands) (1),(2)

	Number of Properties	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Total Mall	Strip Center GLA	Office GLA	Total GLA	Total GLA at Share (3)	% Leased
Consolidated Malls	91	38,573	14,199	36,438	89,210	1,095	1,550	91,855	54,916	96.4	%
Unconsolidated Malls	31	15,041	3,080	14,787	32,908	327	912	34,147	9,514	97.0	%
Same Store Regional Malls	122	53,614	17,279	51,225	122,118	1,422	2,462	126,002	64,430	96.6	%
Non-Same Store Regional Malls	1	691	94	542	1,327	—	64	1,391	849	86.8	%
Total Regional Malls	123
Office Properties	7	28	—	—	28	—	913	941	941	91.5	%
Strip Centers & Other Retail	11	1,436	820	706	2,962	1,338	—	4,300	2,817	77.2	%
Total Real Estate	141	55,769	18,193	52,473	126,435	2,760	3,439	132,634	69,037	95.5	%

Regional Malls Operating Metrics

					In-Place Rent
September 30, 2013 (1)	% Leased		% Occupied		<10K SF		All Less Anchors		Tenant sales		Occupancy Cost
Consolidated Malls	96.4	%	94.8	%	$	66.92	$	53.79	$	518	13.4	%
Unconsolidated Malls	97.0	%	94.1	%	80.27		66.57		673		12.2	%
Same Store Regional Malls	96.6	%	94.6	%	$	70.69	$	57.43	$	562	13.0	%

					In-Place Rent
September 30, 2012	% Leased		% Occupied		<10K SF		All Less Anchors		Tenant sales		Occupancy Cost
Consolidated Malls	95.3	%	92.4	%	$	66.84	$	53.46	$	521	13.1	%
Unconsolidated Malls	96.3	%	93.4	%	73.37		60.71		594		12.6	%
Same Store Regional Malls	95.5	%	92.7	%	$	68.62	$	55.46	$	541	13.0	%

(1)Metrics exclude one asset transferred to the special servicer and one asset that is being de-leased in preparation for redevelopment.

(2)See Property Schedule on pages 20-26 for individual property details.

(3)Total GLA at Share includes assets at GGP ownership percentages and excludes tenant owned area.

17

PORTFOLIO OPERATING METRICS

Signed Leases

All Less Anchors

As of September 30, 2013

All Leases - Lease Spread (1)

	Commencement 2013
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF
New and Renewal Leases	1,983	7,005,188	7.3	$	58.53	$	64.22
Percent in Lieu	38	186,579	N/A	N/A		N/A
Total Leases	2,021	7,191,767	7.3	$	58.53	$	64.22

	Commencement 2014
	# of Leases	SF	Term (in years)	Initial Rent PSF (2)		Average Rent PSF
New and Renewal Leases	323	1,826,478	8.5	$	48.73	$	53.09
Percent in Lieu	5	43,044	N/A	N/A		N/A
Total Leases	328	1,869,522	8.5	$	48.73	$	53.09

SUITE TO SUITE - Lease Spread (3)

	New and Renewal Leases (4)
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread			Average Rent Spread
Commencement 2013	1,501	4,587,199	6.1	$	63.32	$	68.90	$	56.44	$	6.88	12.2%	$	12.46	22.1	%
Commencement 2014	251	1,010,773	5.7	$	59.51	$	64.41	$	53.40	$	6.12	11.5%	$	11.02	20.6	%
Total 2013/2014	1,752	5,597,972	6.0	$	62.63	$	68.09	$	55.89	$	6.74	12.1%	$	12.20	21.8	%

(1)   Represents signed leases that are scheduled to commence in the respective period.

(2)Significant portion of signed leasing activity to date has been in greater than 10,000 SF leases.

(3)Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for the prior tenant in the same suite.  Suites are within 3,000 SF differences of each other.

(4)Represents leases where downtime between the new and previous tenant was less than 9 months.

18

PORTFOLIO OPERATING METRICS

Lease Expiration Schedule and Top Ten Tenants

Year	Number of Expiring Leases	Expiring GLA at 100%	Percent of Total		Expiring Rent		Expiring Rent ($psf)
Specialty Leasing	1,158	2,458,926	4.7	%	$	51,941,363	$	22.02
2013	289	740,621	1.4	%	49,145,132		$	68.66
2014	1,702	5,723,020	11.1	%	298,651,733		$	55.67
2015	1,606	5,298,044	10.2	%	316,541,560		$	61.77
2016	1,571	5,260,982	10.2	%	343,791,030		$	66.33
2017	1,421	5,240,448	10.1	%	331,663,324		$	64.48
2018	1,383	5,239,683	10.1	%	366,368,075		$	71.17
2019	813	3,810,348	7.4	%	266,026,236		$	70.76
2020	694	2,948,709	5.7	%	199,447,765		$	68.03
2021	755	2,995,178	5.8	%	211,310,549		$	71.51
2022	882	3,629,887	7.0	%	259,273,589		$	71.99
Subsequent	1,292	8,439,340	16.3	%	533,270,083		$	64.86
Total	13,566	51,785,186	100.0	%	$	3,227,430,439	$	63.90

Top Ten Largest Tenants	Primary DBA	Percent of Minimum Rents, Tenant Recoveries and Other
Limited Brands, Inc	Victoria’s Secret, Bath & Body Works, PINK	3.3	%
The Gap, Inc.	Gap, Banana Republic, Old Navy	3.0	%
Foot Locker, Inc	Footlocker, Champs Sports, Footaction USA	2.4	%
Abercrombie & Fitch Stores, Inc	Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks	2.1	%
Forever 21, Inc	Forever 21	1.9	%
Golden Gate Capital	Express, J. Jill, Eddie Bauer	1.5	%
American Eagle Outfitters, Inc	American Eagle, Aerie, Martin + Osa	1.5	%
Genesco Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.3	%
Luxottica Retail North America Inc	Lenscrafters, Sunglass Hut, Pearle Vision	1.3	%
Macy’s Inc.	Macy’s, Bloomingdale’s	1.1	%
Totals		19.4	%

19

PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Consolidated Regional Malls
Ala Moana Center	Macy’s, Neiman Marcus, Nordstrom	100	%	Honolulu, HI	953,562	829,114	200,001	14,042	362,675	2,359,394	98.7	%
Apache Mall	Herberger’s, JCPenney, Macy’s, Sears	100	%	Rochester, MN	269,916	320,202	162,790	—	—	752,908	97.5	%
Augusta Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Augusta, GA	508,238	—	597,223	—	—	1,105,461	98.8	%
Baybrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Friendswood (Houston), TX	442,330	96,605	720,931	—	—	1,259,866	99.9	%
Bayside Marketplace		100	%	Miami, FL	218,226	—	—	—	—	218,226	92.9	%
Beachwood Place	Dillard’s, Nordstrom, Saks Fifth Avenue	100	%	Beachwood, OH	344,589	317,347	247,000	—	—	908,936	95.3	%
Bellis Fair	JCPenney, Kohl’s, Macy’s, Target	100	%	Bellingham (Seattle), WA	435,761	100,400	237,910	—	—	774,071	98.8	%
Boise Towne Square	Dillard’s, JCPenney, Macy’s, Sears, Kohl’s	100	%	Boise, ID	422,882	425,556	247,714	114,687	—	1,210,839	98.0	%
Brass Mill Center	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Waterbury, CT	443,910	218,339	319,391	197,033	—	1,178,673	92.1	%
Burlington Town Center	Macy’s	100	%	Burlington, VT	154,631	—	146,753	—	57,932	359,316	93.7	%
Coastland Center	Dillard’s, JCPenney, Macy’s, Sears	100	%	Naples, FL	336,982	123,921	466,469	—	—	927,372	95.3	%
Columbia Mall	Dillard’s, JCPenney, Sears, Target	100	%	Columbia, MO	314,475	85,972	335,088	—	—	735,535	96.3	%
Columbiana Centre	Belk, Dillard’s, JCPenney, Sears	100	%	Columbia, SC	266,934	198,334	360,643	—	—	825,911	98.0	%
Coral Ridge Mall	Dillard’s, JCPenney, Target, Younkers	100	%	Coralville (Iowa City), IA	516,926	98,596	442,366	—	—	1,057,888	99.1	%
Coronado Center	JCPenney, Kohl’s, Macy’s, Sears	100	%	Albuquerque, NM	455,536	277,650	468,375	—	—	1,201,561	97.5	%
Crossroads Center	JCPenney, Macy’s, Sears, Target	100	%	St. Cloud, MN	366,769	294,167	229,275	—	—	890,211	93.9	%
Cumberland Mall	Costco, Macy’s, Sears	100	%	Atlanta, GA	383,108	147,409	500,575	—	—	1,031,092	98.9	%
Deerbrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Humble (Houston), TX	553,654	—	653,540	—	—	1,207,194	100.0	%
Eastridge Mall WY	JCPenney, Macy’s, Sears, Target	100	%	Casper, WY	234,213	213,913	75,883	—	—	524,009	88.8	%
Eastridge Mall CA	JCPenney, Macy’s, Sears	100	%	San Jose, CA	627,468	246,261	426,000	—	—	1,299,729	98.8	%
Eden Prairie Center	Kohl’s, Sears, Target, Von Maur, JCPenney	100	%	Eden Prairie (Minneapolis), MN	402,779	279,422	454,220	—	—	1,136,421	95.5	%
Fashion Place	Dillard’s, Nordstrom	100	%	Murray, UT	447,506	281,175	319,604	—	—	1,048,285	98.9	%

20

PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Fashion Show	Dillard’s, Macy’s, Macy’s Mens, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100	%	Las Vegas, NV	673,379	371,636	761,653	—	—	1,806,668	96.0	%
Four Seasons Town Centre	Belk, Dillard’s, JCPenney	100	%	Greensboro, NC	445,161	429,969	212,047	—	—	1,087,177	96.3	%
Fox River Mall	JCPenney, Macy’s, Sears, Target, Younkers	100	%	Appleton, WI	612,235	30,000	564,914	—	—	1,207,149	99.0	%
Glenbrook Square	JCPenney, Macy’s, Sears, The Bon Ton	100	%	Fort Wayne, IN	448,324	555,870	221,000	—	—	1,225,194	95.5	%
Governor’s Square	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tallahassee, FL	330,645	—	691,605	—	—	1,022,250	91.2	%
Grand Teton Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Idaho Falls, ID	209,778	323,925	—	93,274	—	626,977	93.0	%
Greenwood Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Bowling Green, KY	418,928	156,096	272,957	—	—	847,981	98.9	%
Hulen Mall	Dillard’s, Macy’s, Sears	100	%	Ft. Worth, TX	397,867	—	596,570	—	—	994,437	96.1	%
Jordan Creek Town Center	Dillard’s, Younkers	100	%	West Des Moines, IA	749,524	—	349,760	233,077	—	1,332,361	99.6	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy’s, Macy’s Mens & Home, Sears	100	%	Sterling Heights, MI	486,090	115,300	905,418	—	—	1,506,808	82.5	%
Lynnhaven Mall	Dillard’s, JCPenney, Macy’s	100	%	Virginia Beach, VA	621,820	150,434	500,958	—	—	1,273,212	95.2	%
Mall Of Louisiana	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Sears	100	%	Baton Rouge, LA	609,912	—	805,630	143,619	—	1,559,161	97.1	%
Mall St. Matthews	Dillard’s, Dillard’s Men’s & Home, JCPenney	100	%	Louisville, KY	499,526	—	514,135	—	—	1,013,661	96.9	%
Market Place Shopping Center	Bergner’s, JCPenney, Macy’s, Sears	100	%	Champaign, IL	405,128	385,766	149,981	—	—	940,875	95.9	%
Mayfair	Boston Store, Macy’s	100	%	Wauwatosa (Milwaukee), WI	613,862	288,596	210,714	—	315,972	1,429,144	96.0	%
Meadows Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Las Vegas, NV	307,279	—	636,853	—	—	944,132	99.0	%
Mondawmin Mall		100	%	Baltimore, MD	350,287	—	—	—	65,317	415,604	100.0	%
Newgate Mall	Dillard’s, Sears, Burlington Coat Factory	100	%	Ogden (Salt Lake City), UT	345,187	218,874	118,919	—	—	682,980	94.7	%
North Point Mall	Dillard’s, JCPenney, Macy’s, Sears, Von Maur	100	%	Alpharetta (Atlanta), GA	429,660	539,850	363,151	—	—	1,332,661	95.9	%
North Star Mall	Dillard’s, JCPenney, Macy’s, Saks Fifth Avenue	100	%	San Antonio, TX	549,397	173,198	522,126	—	—	1,244,721	100.0	%
Northridge Fashion Center	JCPenney, Macy’s, Sears	100	%	Northridge (Los Angeles), CA	630,076	—	824,443	—	—	1,454,519	98.6	%
Northtown Mall	JCPenney, Kohl’s, Macy’s, Sears	100	%	Spokane, WA	383,229	310,859	242,392	—	—	936,480	92.9	%
Oak View Mall	Dillard’s, JCPenney, Sears, Younkers	100	%	Omaha, NE	256,768	149,326	454,860	—	—	860,954	94.5	%

21

PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Oakwood Center	Dillard’s, JCPenney, Sears	100	%	Gretna, LA	391,620	—	514,028	—	—	905,648	93.5	%
Oakwood Mall	JCPenney, Macy’s, Sears, Younkers	100	%	Eau Claire, WI	403,280	116,620	298,224	—	—	818,124	95.3	%
Oglethorpe Mall	Belk, JCPenney, Macy’s, Sears	100	%	Savannah, GA	406,142	220,824	315,760	—	—	942,726	95.1	%
Oxmoor Center	Macy’s, Sears, Von Maur	100	%	Louisville, KY	329,251	156,000	411,210	—	—	896,461	94.4	%
Paramus Park	Macy’s, Sears	100	%	Paramus, NJ	305,901	—	459,057	—	—	764,958	97.1	%
Park City Center	The Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears	100	%	Lancaster (Philadelphia), PA	522,264	514,917	384,980	—	—	1,422,161	95.9	%
Park Place	Dillard’s, Macy’s, Sears	100	%	Tucson, AZ	474,888	—	581,457	—	—	1,056,345	98.3	%
Peachtree Mall	Dillard’s, JCPenney, Macy’s	100	%	Columbus, GA	296,053	—	422,615	—	12,600	731,268	93.3	%
Pecanland Mall	Belk, Dillard’s, JCPenney, Sears, Burlington Coat Factory	100	%	Monroe, LA	349,754	83,398	532,038	—	—	965,190	96.4	%
Pembroke Lakes Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Pembroke Pines (Fort Lauderdale), FL	342,994	395,219	386,056	—	—	1,124,269	95.3	%
Pine Ridge Mall	Herberger’s, JCPenney, Sears, Shopko	100	%	Pocatello, ID	164,605	435,328	—	—	—	599,933	80.3	%
Pioneer Place		100	%	Portland, OR	337,513	—	—	—	287,466	624,979	88.5	%
Prince Kuhio Plaza	Macy’s, Sears	100	%	Hilo, HI	246,029	124,547	61,873	—	—	432,449	92.7	%
Providence Place	JCPenney, Macy’s, Nordstrom	100	%	Providence, RI	745,940	—	513,816	—	—	1,259,756	98.7	%
Provo Towne Centre	Dillard’s, JCPenney, Sears	75	%	Provo, UT	300,172	285,479	206,241	—	—	791,892	83.9	%
Quail Springs Mall	Dillard’s, JCPenney, Macy’s, Von Maur	100	%	Oklahoma City, OK	451,807	182,257	505,597	—	—	1,139,661	96.1	%
Red Cliffs Mall	Dillard’s, JCPenney, Sears	100	%	St. George, UT	147,830	235,031	—	57,304	—	440,165	95.9	%
Ridgedale Center	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100	%	Minnetonka, MN	331,103	—	702,380	—	—	1,033,483	93.4	%
River Hills Mall	Herberger’s, JCPenney, Sears, Target	100	%	Mankato, MN	352,553	189,559	174,383	—	—	716,495	98.5	%
Rivertown Crossings	JCPenney, Kohl’s, Macy’s, Sears, Younkers	100	%	Grandville (Grand Rapids), MI	634,308	—	635,625	—	—	1,269,933	96.0	%
Rogue Valley Mall	JCPenney, Kohl’s, Macy’s, Macy’s Home Store	100	%	Medford (Portland), OR	282,980	170,625	186,359	—	—	639,964	86.5	%
Sooner Mall	Dillard’s, JCPenney, Sears	100	%	Norman, OK	203,947	129,823	137,082	—	—	470,852	97.0	%
Spokane Valley Mall	JCPenney, Macy’s, Sears	75	%	Spokane, WA	349,897	126,243	251,366	131,909	—	859,415	94.7	%

22

PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Staten Island Mall	Macy’s, Sears, JCPenney	100	%	Staten Island, NY	535,977	—	657,363	83,151	—	1,276,491	96.4	%
Stonestown Galleria	Macy’s, Nordstrom	100	%	San Francisco, CA	420,957	160,505	267,788	—	55,563	904,813	98.6	%
The Crossroads	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Portage (Kalamazoo), MI	266,145	—	502,960	—	—	769,105	97.7	%
The Gallery At Harborplace		100	%	Baltimore, MD	130,839	—	—	—	282,765	413,604	90.7	%
The Maine Mall	The Bon Ton, JCPenney, Macy’s, Sears	100	%	South Portland, ME	508,086	120,844	377,662	—	—	1,006,592	100.0	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy’s, Nordstrom, Sears	100	%	Columbia, MD	563,218	212,847	587,321	—	—	1,363,386	99.6	%
The Oaks Mall	Belk, Dillard’s, JCPenney, Macy’s, Sears	100	%	Gainesville, FL	343,925	233,367	324,500	—	—	901,792	96.5	%
The Parks At Arlington	Dillard’s, JCPenney, Macy’s, Sears	100	%	Arlington (Dallas), TX	696,800	63,857	748,945	—	—	1,509,602	98.2	%
The Shoppes At Buckland Hills	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100	%	Manchester, CT	525,094	—	512,611	—	—	1,037,705	94.4	%
The Shops At Fallen Timbers	Dillard’s, JCPenney	100	%	Maumee, OH	335,254	—	261,502	—	—	596,756	95.1	%
The Shops at La Cantera	Dillard’s, Macy’s, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	593,884	—	627,597	—	70,178	1,291,659	98.9	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy’s, Nordstrom, Sears	94	%	Durham, NC	607,088	—	726,347	—	—	1,333,435	98.9	%
The Woodlands Mall	Dillard’s, JCPenney, Macy’s, Nordstrom	100	%	Woodlands (Houston), TX	575,205	167,480	575,440	—	39,471	1,357,596	99.4	%
Town East Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Mesquite (Dallas), TX	414,029	—	809,386	—	—	1,223,415	99.0	%
Tucson Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tucson, AZ	616,224	—	641,458	27,305	—	1,284,987	97.5	%
Tysons Galleria	Macy’s, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	303,035	—	511,933	—	—	814,968	97.9	%
Valley Plaza Mall	JCPenney, Macy’s, Sears, Target	100	%	Bakersfield, CA	516,958	147,792	509,176	—	—	1,173,926	98.4	%
Visalia Mall	JCPenney, Macy’s	100	%	Visalia, CA	172,494	257,000	—	—	—	429,494	99.6	%
Westlake Center		100	%	Seattle, WA	86,534	—	—	—	—	86,534	82.3	%
Westroads Mall	JCPenney, Von Maur, Younkers	100	%	Omaha, NE	537,510	—	529,402	—	—	1,066,912	96.9	%
White Marsh Mall	JCPenney, Macy’s, Macy’s Home Store, Sears, Boscov’s	100	%	Baltimore, MD	437,081	257,345	466,011	—	—	1,160,437	94.8	%
Willowbrook	Bloomingdale’s, Lord & Taylor, Macy’s, Sears	100	%	Wayne, NJ	491,507	2,060	1,028,000	—	—	1,521,567	98.1	%
Woodbridge Center	Boscov’s, JCPenney, Lord & Taylor, Macy’s, Sears	100	%	Woodbridge, NJ	649,670	455,739	560,935	—	—	1,666,344	95.1	%
Total Consolidated Regional Malls				Count: 91	38,572,802	14,198,788	36,438,321	1,095,401	1,549,939	91,855,251	96.4	%

23

PORTFOLIO OPERATING METRICS Property Schedule
As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Unconsolidated Regional Malls
Alderwood	JCPenney, Macy’s, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	577,853	—	705,898	—	—	1,283,751	97.0	%
Altamonte Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Altamonte Springs (Orlando), FL	480,380	158,658	519,890	—	—	1,158,928	97.3	%
Bridgewater Commons	Bloomingdale’s, Lord & Taylor, Macy’s	35	%	Bridgewater, NJ	395,551	150,525	352,351	93,799	—	992,226	96.8	%
Carolina Place	Belk, Dillard’s, JCPenney, Macy’s, Sears	50	%	Pineville (Charlotte), NC	385,810	277,404	496,098	—	—	1,159,312	98.8	%
Christiana Mall	JCPenney, Macy’s, Nordstrom, Target	50	%	Newark, DE	470,247	—	641,312	—	—	1,111,559	99.9	%
Clackamas Town Center	JCPenney, Macy’s, Macy’s Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	604,335	—	774,842	—	—	1,379,177	96.3	%
First Colony Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s	50	%	Sugar Land, TX	504,848	—	619,048	—	—	1,123,896	97.9	%
Florence Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	389,703	—	552,407	—	—	942,110	92.7	%
Galleria At Tyler	JCPenney, Macy’s, Nordstrom	50	%	Riverside, CA	545,226	—	468,208	—	—	1,013,434	99.8	%
Glendale Galleria	JCPenney, Macy’s, Target, Bloomingdale’s	50	%	Glendale, CA	488,663	115,000	575,000	—	138,511	1,317,174	96.0	%
Kenwood Towne Centre (5)	Dillard’s, Macy’s, Nordstrom	50	%	Cincinnati, OH	518,973	240,656	400,665	—	—	1,160,294	98.9	%
Mizner Park	Lord & Taylor	50	%	Boca Raton, FL	177,519	79,822	—	—	260,275	517,616	93.0	%
Natick Mall	JCPenney, Lord & Taylor, Macy’s, Sears, Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	740,335	194,558	753,092	—	—	1,687,985	96.0	%
Neshaminy Mall	Boscov’s, Macy’s, Sears	50	%	Bensalem, PA	410,305	188,394	418,595	—	—	1,017,294	96.4	%
Northbrook Court	Lord & Taylor, Macy’s, Neiman Marcus	50	%	Northbrook (Chicago), IL	476,257	126,000	410,277	—	—	1,012,534	96.2	%
Oakbrook Center	Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Sears	48	%	Oak Brook (Chicago), IL	790,177	322,033	751,912	—	239,292	2,103,414	98.5	%
Otay Ranch Town Center	Macy’s	50	%	Chula Vista (San Diego), CA	506,483	—	140,000	—	—	646,483	92.9	%
Park Meadows	Dillard’s, JCPenney, Macy’s, Nordstrom	35	%	Lone Tree, CO	753,967	—	823,000	—	—	1,576,967	97.1	%
Perimeter Mall	Dillard’s, Macy’s, Nordstrom, Von Maur	50	%	Atlanta, GA	504,854	222,056	831,218	—	—	1,558,128	95.7	%
Pinnacle Hills Promenade	Dillard’s, JCPenney	50	%	Rogers, AR	360,012	98,540	162,140	233,309	48,929	902,930	95.7	%
Plaza Frontenac	Neiman Marcus, Saks Fifth Avenue	55	%	St. Louis, MO	222,216	125,669	135,044	—	—	482,929	96.3	%
Riverchase Galleria	Belk, JCPenney, Macy’s, Sears, Von Maur	50	%	Hoover (Birmingham), AL	562,338	400,119	610,026	—	—	1,572,483	97.2	%

24

PORTFOLIO OPERATING METRICS Property Schedule
As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Saint Louis Galleria (6)	Dillard’s, Macy’s, Nordstrom	74	%	St. Louis, MO	465,238	—	714,052	—	—	1,179,290	97.1	%
Stonebriar Centre	Dillard’s, JCPenney, Macy’s, Nordstrom, Sears	50	%	Frisco (Dallas), TX	784,397	—	865,192	—	—	1,649,589	99.2	%
The Grand Canal Shoppes	Barneys New York	50	%	Las Vegas, NV	654,091	84,743	—	—	34,414	773,248	99.8	%
The Shoppes At River Crossing	Belk, Dillard’s	50	%	Macon, GA	373,738	—	333,219	—	—	706,957	98.5	%
Towson Town Center	Macy’s, Nordstrom	35	%	Towson, MD	601,687	—	419,129	—	—	1,020,816	95.5	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	55	%	Coral Gables, FL	383,292	—	330,000	—	101,263	814,555	92.5	%
Water Tower Place	Macy’s	52	%	Chicago, IL	391,604	296,128	—	—	88,809	776,541	98.0	%
Whaler’s Village		50	%	Lahaina, HI	105,840	—	—	—	—	105,840	100.0	%
Willowbrook Mall	Dillard’s, JCPenney, Macy’s, Macy’s Mens, Sears	50	%	Houston, TX	415,305	—	984,372	—	—	1,399,677	97.5	%
Total Unconsolidated Regional Malls				Count: 31	15,041,244	3,080,305	14,786,987	327,108	911,493	34,147,137	97.0	%
Total Same Store Regional Malls (7)				Count: 122	53,614,046	17,279,093	51,225,308	1,422,509	2,461,432	126,002,388	96.6	%
Non-Same Store Regional Malls
Southwest Plaza (10)	Dillard’s, JCPenney, Macy’s, Sears	100	%	Littleton, CO	691,271	93,630	541,851	—	63,968	1,390,720	86.8	%
Total Regional Malls				Count: 123
Stand Alone Offices, Strip Centers & Other
10 Columbia Corporate Center		100	%	Columbia, MD	6,500	—	—	—	87,363	93,863	92.3	%
20 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	104,455	104,455	93.4	%
30 Columbia Corporate Center		100	%	Columbia, MD	14,165	—	—	—	129,212	143,377	85.4	%
30 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	136,402	136,402	89.0	%
50 Columbia Corporate Center		100	%	Columbia, MD	7,750	—	—	—	111,490	119,240	97.5	%
60 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	102,084	102,084	95.1	%
Senate Plaza (9)		100	%	Harrisburg-Carlisle, PA	—	—	—	—	241,946	241,946	90.9	%

25

PORTFOLIO OPERATING METRICS Property Schedule
As of September 30, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Columbia Bank Drive Thru		100	%	Towson (Baltimore), MD	17,000	—	—	—	—	17,000	100.0	%
Center Point Plaza (4)		50	%	Las Vegas, NV	70,299	—	—	74,392	—	144,691	96.5	%
Fallbrook Center		100	%	West Hills (Los Angeles), CA	—	—	—	875,642	—	875,642	93.1	%
Lake Mead & Buffalo (4)		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	99.2	%
Lincolnshire Commons		100	%	Lincolnshire (Chicago), IL	—	—	—	118,564	—	118,564	95.2	%
Lockport Mall		100	%	Lockport, NY	—	—	—	9,114	—	9,114	100.0	%
The Trails Village Center (4)		50	%	Las Vegas, NV	—	—	—	174,644	—	174,644	96.4	%
Union Square Portfolio		50	%	San Francisco, CA	58,703	—	—	—	—	58,703	100.0	%
Shopping Leblon (3)		35	%	Rio de Janeiro, Rio de Janeiro (Brazil)	247,635	—	—	—	—	247,635	98.5	%
Owings Mills Mall (2)	JCPenney, Macy’s	51	%	Owings Mills, MD	438,005	340,000	307,037	—	—	1,085,042	44.0	%
Regency Square Mall (8)	Belk, Dillard’s, JCPenney, Sears	100	%	Jacksonville, FL	539,636	479,846	399,155	—	—	1,418,637	43.8	%
Total Stand Alone Offices, Strip Centers & Other				Office Count: 7 Strip Center & Other Count:11	1,464,684	819,846	706,192	1,338,313	912,952	5,241,987	Office: 91.5 77.2	% %

(1)For stand alone offices, office occupancy is presented.

(2)The Owings Mills Mall space is currently de-leased in preparation for future opportunities.

(3)GGP’s investment in Brazil is through an ownership interest in Leblon.  For this property, only Mall and Freestanding GLA is presented.

(4)Third party managed strip center.

(5)Ownership percentage includes retained debt of $91.8 million.

(6)Ownership of the St. Louis Galleria is more than 50% but management decisions are decided by the joint venture and the entity is unconsolidated for reporting purposes.

(7)Refer to page 17 (Key Operating Performance Indicators).

(8)This asset has been transferred to the special servicer.

(9)Subsequent to September 30, 2013, the asset is in the process of being transferred to the special servicer.

(10)Southwest Plaza is currently being de-leased in preparation for planned redevelopment and is therefore included in Non-Same Store.

26

Miscellaneous

MISCELLANEOUS

Capital Information (in thousands, except per share amounts)

	September 30, 2013
Closing common stock price per share	$	19.29
52 Week High (1)	23.33
52 Week Low (1)	18.24
Portfolio Net Debt, At Share
Portfolio Debt
Fixed	$	16,849,583
Variable (2)	2,037,450
Total Portfolio Debt	18,887,033
Less: Cash and Cash Equivalents	(741,974		)
Portfolio Net Debt	$	18,145,059
Portfolio Capitalization Data
Portfolio Net Debt	$	18,145,059
Preferred Securities:
Convertible Preferred Units at 6.50%	26,637
Convertible Preferred Units at 7.00%	25,133
Convertible Preferred Units at 8.50%	77,002
Preferred stock at 6.375%	250,000
Other Preferred Stock	360
Total Preferred Securities	$	379,132
Common stock and Operating Partnership units outstanding at end of period (3)	$	17,700,041
Total Market Capitalization at end of period	$	36,224,232

(1)52-week pricing information includes the intra-day highs and lows.

(2)Includes Corporate Revolver of $55.0 million.

(3)Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of 1.0397624  multiplied by the closing share price.

27

MISCELLANEOUS

Change in Total Common and Equivalent Shares

Rollforward of Shares to September 30, 2013	Operating Partnership Units		Company Common Shares		Total Common Shares & Operating Partnership Units
	(In thousands)
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2012	6,406		939,049		945,455
Common Unit Cash Conversion	(234	)	—		(234	)
DRIP	—		21		21
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		322		322
Issuance of stock for employee stock purchase program	—		112		112
Buyback of common stock	—		(28,345	)	(28,345	)
Common Shares and OP Units Outstanding at September 30, 2013	6,172		911,159		917,331
Common Shares issuable assuming exercise of warrants (1)			42,956
Common Shares issuable assuming exercise of in-the-money stock options (2)			2,756
Common Shares issuable assuming exchange of OP Units			6,417
Diluted Common Shares and OP Units Outstanding at September 30, 2013			963,288

	Three Months Ended		Nine Months Ended
	September 30, 2013	September 30, 2012	September 30, 2013	September 30, 2012
	(In thousands)
Weighted average number of company shares outstanding	932,964	938,316	937,200	937,795
Weighted average number of stock options(3)	3,269	—	3,454	—
Weighted average number of GAAP dilutive warrants(4)	44,534	—	—	—
Diluted weighted average number of Company shares outstanding - GAAP EPS	980,767	938,316	940,654	937,795
Weighted average number of common units	6,417	6,845	6,469	6,855
Weighted average number of stock options(3)		2,897		2,242
Weighted average number of warrants(4)		65,690	46,934	58,781
Diluted weighted average number of Company shares outstanding - FFO/Company FFO	987,184	1,013,748	994,057	1,005,673

(1)GGP has 73.9 million warrants outstanding convertible to 1.1287 Common Shares with a weighted average exercise price of $9.476, with a scheduled expiration of November 9, 2017.  16.4 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.

Pursuant to the Plan, warrants to purchase equity were issued to the Plan Sponsors on the Effective Date.  The warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration.

Warrants	Weighted Average Exercise Price		Expiration Date	Impact of Dividend issued to stockholders of record as of July 16, 2013 (5)		Impact of settling warrants via net share settlement (6)
57,500,000	$	9.4681	Nov 9, 2017	Reduces exercise price to $9.4681	Increases number of Common shares per warrant to 1.1355	Net share: 65,291,250 x [19.29 - 9.4681] /19.29 = 33,244,382 shares delivered
16,428,571	$	9.2480	Nov 9, 2017	Reduces exercise price to $9.2480	Increases number of Common shares per warrant to 1.1355	Net share: 18,654,642 x [19.29 - 9.2480] /19.29 = 9,711,245 shares delivered
73,928,571	$	9.4192				42,955,627 shares delivered

(2)The options are included at net share settlement.

(3)The impact of the stock options are dilutive under GAAP and FFO in 2013.  The impact of stock options are anti-dilutive under GAAP, but dilutive for FFO in 2012.

(4)The impact of the warrants are anti-dilutive under GAAP, but dilutive for FFO on a year to date basis in 2013, and on a year to date and quarter to date basis in 2012.  The impact of the warrants are dilutive under GAAP and for FFO on a quarter to date basis in 2013.

(5)Based on dividend of $0.12 per share issued to stockholders of record on July 16, 2013.

(6)Based on stock price of $19.29 on September 30, 2013.

28

MISCELLANEOUS

Development Summary

Property	Description	Ownership %		GGP’s Total Projected Share of Cost		GGP’s Investment to Date (1)		Expected Return on Investment (2)		Expected Project Completion
Major Development Summary (in millions, at share unless otherwise noted)
Completed
Northridge	The Sports Authority, Yardhouse and Plaza	100	%	$	12.2	$	11.1	14-15	%	Q1 2013
Northridge, CA
Other Projects	Redevelopment projects at various malls (6 Properties)	N/A		25.0		24.8		9-10	%	Various
Various Malls
	Total Completed Projects			$	37.2	$	35.9	12	%
Under Construction
Fashion Show	Addition of Macy’s Men’s and inline	100	%	$	35.5	$	26.5	20	%	Q4 2013
Las Vegas, NV
Oakwood Center	West wing redevelopment and Dick’s Sporting Goods	100	%	19.0		10.9		10	%	Q4 2013
Gretna, LA
Glendale Galleria (3)	Addition of Bloomingdale’s, remerchandising, business development and renovation	50	%	51.7		34.8		11-12	%	Q4 2013
Glendale, CA
The Mall in Columbia	Lifestyle expansion	100	%	23.6		8.8		11-12	%	Q4 2013
Columbia, MD
Oakbrook Center	Conversion of former anchor space into Container Store, Fixtures Living and inline	48	%	15.0		8.3		10-11	%	Q4 2013
Oakbrook, IL
The Woodlands (3)	Addition of Nordstrom in former Sears box	100	%	44.7		22.8		7-9	%	Q3 2014
Woodlands, TX
Mayfair Mall (3)	Nordstrom	100	%	72.3		0.7		6-8	%	Q3 2015
Wauwatosa, WI
Ridgedale Center (3)	Nordstrom & Macy Expansion, New Inline GLA and refresh	100	%	106.2		14.8		8-9	%	Q3 2015
Minnetonka, MN
Ala Moana Center	Demolish existing Sears store and expand mall, adding anchor, box and inline tenants, reconfigure center court and renovate existing center	100	%	573.2		222.7		9-10	%	Q4 2015
Honolulu, HI
Other Projects	Redevelopment projects at various malls (36 Properties)	N/A		275.9		86.9		8-9	%	Various
Various Malls
	Total Projects Under Construction			$	1,217.1	$	437.2	9-11	%

29

MISCELLANEOUS

Development Summary

Property	Description	Ownership %		GGP’s Total Projected Share of Cost		GGP’s Investment to Date (1)		Expected Return on Investment (2)		Expected Project Completion
Projects in Pipeline
Baybrook Mall	Expansion	53	%	$	76.3	$	0.2	9-10	%	TBD
Friendswood, TX
Southwest Plaza	Redevelopment	100	%	72.6		0.6		9-10	%	TBD
Littleton, CO
Staten Island Mall	Expansion	100	%	156.1		0.6		10-11	%	TBD
Staten Island, NY
New Mall Development	Ground up mall development	100	%	285.0		—		8-10	%	TBD
Norwalk, CT
Other Projects	Redevelopment projects at various malls (17 Properties)	N/A		170.1		22.2		10-11	%	TBD
Various Malls
	Total Projects in Pipeline			$	760.1	$	23.6	8-10	%
	Total Development Summary			$	2,014.4	$	496.7	9-11	%

(1)Projected costs and investments to date exclude capitalized interest and overhead.

(2)Return on investment represents first year stabilized cash on cost return, based upon budgeted assumptions.  Actual costs may vary.

(3)Project ROI includes income related to uplift on existing space.

30

MISCELLANEOUS
Capital Expenditures

Expenditures ($ in thousands)

	Nine Months Ended September 30, 2013		Nine Months Ended September 30, 2012
Capital expenditures (1)	$	100,357	$	87,013
Tenant allowances and capitalized leasing costs (2)	99,667		102,959
Total	$	200,024	$	189,972

(1)	Reflects only non-tenant operating capital expenditures.
(2)	Reflects tenant allowances on current operating properties.

31

MISCELLANEOUS
Corporate Information

Reporting Calendar

Results for year end will be announced according to the following approximate schedule:

Quarter	Earnings Release Date	Earnings Call Date
Q4 2013	February 3, 2014	February 4, 2014

Stock Information

Common Stock

NYSE:  GGP

6.375% Series A Cumulative Redeemable Perpetual Preferred Stock

NYSE:  GGP PrA

Security	Quarter	Declaration Date	Record Date	Date Payable or Paid	Dividend per Share
Common Stock	Q4 2013	October 28, 2013	December 13, 2013	January 2, 2014	$	0.14
Common Stock	Q3 2013	July 29, 2013	October 15, 2013	October 29, 2013	$	0.13
Common Stock	Q2 2013	May 10, 2013	July 16, 2013	July 30, 2013	$	0.12
Common Stock	Q1 2013	February 4, 2013	April 16, 2013	April 30, 2013	$	0.12
Common Stock	Q4 2012	November 20, 2012	December 14, 2012	January 4, 2013	$	0.11
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock	Q4 2013	October 28, 2013	December 13, 2013	January 2, 2014	$	0.3984
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock	Q3 2013	July 29, 2013	September 13, 2013	October 1, 2013	$	0.3984
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock	Q2 2013	May 10, 2013	June 14, 2013	July 1, 2013	$	0.3984
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock	Q1 2013	March 5, 2013	March 15, 2013	April 1, 2013	$	0.2125

Investor Relations	Media Contact	Transfer Agent
Kevin Berry	David Keating	American Stock Transfer & Trust Company, LLC
Vice President, Investor Relations	Vice President, Corporate Communications	6201 15th Avenue
Phone (312) 960-5529	Phone (312) 960-6325	Brooklyn, NY 11219
kevin.berry@ggp.com	david.keating@ggp.com	Phone: (866) 627-2643
		Foreign Investor Line:
		+1 718 921-8124

32

MISCELLANEOUS
Glossary of Terms

Terms	Description
Gross Leasable Area (GLA)	Total gross leasable space at 100%.
Mall and Freestanding	Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores.
Anchor/Traditional Anchor	Department stores whose merchandise appeals to a broad range of shoppers.  Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants.
Strip Center	An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores.
Office	Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component.
Specialty Leasing	Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice.
Same Store NOI - Regional Malls	Company NOI that excludes the periodic effects of acquisitions, dispositions and changes in ownership specific to the Regional Mall Portfolio.
Non-Same Store - Regional Malls	Includes the periodic effects of acquisitions, changes in ownership and planned redevelopment specific to the Regional Mall Portfolio.

Operating Metrics	Description
Leased	Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area.
Occupied	Occupied area represents the sum of: (1) tenant occupied space under lease (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area.
Tenant Sales	Comparative rolling twelve month sales for mall stores less than 10,000 square feet.
Occupancy Cost	Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet.
In-Place Rent	Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes.
Expiring Rent	Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent	Represents initial rent at the time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes.
Average Rent	Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent Spread	Dollar spread between Initial Rent and Expiring Rent.
Average Rent Spread	Dollar spread between Average Rent and Expiring Rent.

33