UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

GENERAL GROWTH PROPERTIES, INC.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

370023103

(CUSIP Number)

December 31, 2012⁽¹⁾

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

x Rule 13d-1(b)

¨ Rule 13d-1(c)

¨ Rule 13d-1(d)

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

13G

13G

13G

13G

Item 1(a) Name of issuer:

The name of the issuer is General Growth Properties, Inc. (the “Issuer”).

1(b) Address of issuer’s principal executive offices:

110 N. Wacker Drive

Chicago, Illinois 60606

Item 2(a) Name of person filing:

This statement is filed by:

The foregoing persons hereinafter sometimes collectively are referred to as the “Reporting Persons.” Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons’ agreement in writing to file this statement on behalf of each of them is attached as Exhibit A hereto.

2(b) Address or principal business office or, if none, residence:

The address of the principal business office of each of the Reporting Persons is 888 Seventh Avenue, 42^nd Floor, New York, New York 10019.

2(c) Citizenship:

Pershing Square is a limited partnership organized under the laws of the State of Delaware. PS Management is a limited liability company organized under the laws of the State of Delaware. Pershing Square GP is a limited liability company organized under the laws of the State of Delaware. Mr. Ackman is a United States citizen.

2(d) Title of class of securities:

Common Stock, par value $0.01 per share (the “Common Shares”).

2(e) CUSIP No.:

370023103

Item 3. If this statement is filed pursuant to §§240.13d–1(b) or 240.13d–2(b) or (c), check whether the person filing is a:

(a) ¨ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b) ¨ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c) ¨ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d) ¨ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a–8);

(e) x An investment adviser in accordance with §240.13d–1(b)(1)(ii)(E);⁽⁶⁾

(f) ¨ An employee benefit plan or endowment fund in accordance with §240.13d–1(b)(1)(ii)(F);

(g) x A parent holding company or control person in accordance with §240.13d–1(b)(1)(ii)(G);⁽⁷⁾

(h) ¨ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) ¨ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a–3);

(j) ¨ A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J);

(k) ¨ Group, in accordance with §240.13d–1(b)(1)(ii)(K).

Item 4. Ownership

A. Pershing Square Capital Management, L.P.

(a) Amount beneficially owned:

As of September 12, 2013, Pershing Square may be deemed to have beneficially owned 35,681,182 Common Shares, representing approximately 3.7% of the outstanding Common Shares.

(b) Percent of class:

3.7%. The percentages used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 966,951,246 Common Shares of the Issuer outstanding as of August 2, 2013, as reported in the Issuer’s 8/7/13 10-Q.

(c) Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

None.

(ii) Shared power to vote or to direct the vote:

35,681,182

(iii) Sole power to dispose or to direct the disposition of:

None.

(iv) Shared power to dispose or to direct the disposition of:

35,681,182

B. PS Management GP, LLC

(a) Amount beneficially owned:

As of September 12, 2013, PS Management may be deemed to have beneficially owned 35,681,182 Common Shares, representing approximately 3.7% of the outstanding Common Shares.

(b) Percent of class:

3.7%. The percentages used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 966,951,246 Common Shares of the Issuer outstanding as of August 2, 2013, as reported in the Issuer’s 8/7/13 10-Q.

(c) Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

None.

(ii) Shared power to vote or to direct the vote:

35,681,182

(iii) Sole power to dispose or to direct the disposition of:

None.

(iv) Shared power to dispose or to direct the disposition of:

35,681,182

C. Pershing Square GP, LLC

(a) Amount beneficially owned:

As of September 12, 2013, Pershing Square GP may be deemed to have beneficially owned 12,482,671 Common Shares, representing approximately 1.3% of the outstanding Common Shares.

(b) Percent of class:

1.3%. The percentages used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 966,951,246 Common Shares of the Issuer outstanding as of August 2, 2013, as reported in the Issuer’s 8/7/13 10-Q.

(c) Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

None.

(ii) Shared power to vote or to direct the vote:

12,482,671.

(iii) Sole power to dispose or to direct the disposition of:

None.

(iv) Shared power to dispose or to direct the disposition of:

12,482,671.

D. William A. Ackman

(a) Amount beneficially owned:

As of September 12, 2013, Mr. Ackman may be deemed to have beneficially owned 35,681,182 Common Shares, representing approximately 3.7% of the outstanding Common Shares.

(b) Percent of class:

3.7%. The percentages used herein and in the balance of Item 4 are rounded to the nearest tenth and based on 966,951,246 Common Shares of the Issuer outstanding as of August 2, 2013, as reported in the Issuer’s 8/7/13 10-Q.

(c) Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

None.

(ii) Shared power to vote or to direct the vote:

35,681,182.

(iii) Sole power to dispose or to direct the disposition of:

None.

(iv) Shared power to dispose or to direct the disposition of:

35,681,182.

Item 5. Ownership of 5 Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following x.

⁽⁸⁾ Explanatory Note: This statement is being filed to report the fact that as of September 12, 2013, the reporting persons have ceased to be the beneficial owner of more than 5 percent of the class of securities.

Item 6. Ownership of More than 5 Percent on Behalf of Another Person.

Pershing Square, in its capacity as the investment adviser to the Pershing Square Funds, has the power to direct the investment activities of each of the Pershing Square Funds. PS Management is the general partner of Pershing Square. Pershing Square GP, in its capacity as the general partner to PS and PSII, has the power to direct the investment activities of each of PS and PSII. Mr. Ackman is the managing member of each of PS Management and Pershing Square GP.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

See Exhibit B.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group.

Not applicable.

Item 10. Certifications

Each of the Reporting Persons hereby makes the following certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: September 13, 2013

EXHIBIT A

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing, along with all other such undersigned, on behalf of the Reporting Persons (as defined in the joint filing), of a statement on Schedule 13G/A (including amendments thereto) with respect to the Common Stock, par value $0.01 per share, of General Growth Properties, Inc., a Delaware corporation, and that this agreement be included as an exhibit to such joint filing. This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

Date: September 13, 2013

EXHIBIT B

Item 7

Pershing Square is the relevant entity for which PS Management may be considered a parent holding company.

Each of PS Management and Pershing Square GP is the relevant entity for which Mr. Ackman may be considered a control person.

Each of Pershing Square and Pershing Square GP is an investment adviser registered under the Investment Advisers Act of 1940, as amended.