EX-99.1

Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Nine Months Ended September 30, 2008

This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements for a number of reasons, including, but not limited to tenant occupancy and tenant bankruptcies, the level of our indebtedness and interest rates, retail and credit market conditions, sales in our Master Planned Communities segment, the cost and success of development and re-development projects, and our ability to successfully manage liquidity and refinancing demands. Readers are referred to the documents filed by General Growth Properties, Inc. (the “Company”) with the SEC, specifically the most recent report on Form 10-K (as amended by Amendment No.1 to such report filed in Form 10-K/A), which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this supplemental financial information. The Company disclaims any obligation to update any forward-looking statements.

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

All information included in this supplemental package is unaudited and is as of September 30, 2008, unless otherwise indicated.


Corporate Overview		1 - 3
Corporate Profile		1
Corporate Overview		1
Stock Listing		1
Calendar of Events		1
Current Dividend		1
Investor Relations		1
Transfer Agent		1
Debt Ratings		1
Ownership Structure		2
Total Market Capitalization		2
Research Coverage		3

Third Quarter 2008 Earnings Announcement		4-16

Supplemental Financial Data*		17-36
Summary Retained FFO & Core FFO		17
Tenant Allowances, Straight Line Rent, & SFAS #141 & #142		18
Trailing Twelve Month EBITDA and Coverage Ratios		19
Comparable NOI Growth		20
Master Planned Communities		21-23
Capital Information		24
Changes in Total Common & Equivalent Shares		25
Common Dividend History		26
Debt Maturity and Current Average Interest Rate Summary		27
Summary of Outstanding Debt		28-36

Supplemental Operational Data		37-40
Operating Statistics, Certain Financial Information & Top Tenants		37
Retail Portfolio GLA, Occupancy, Sales & Rent Data		38
Retail and Other Net Operating Income by Geographic Area at Share		39
Lease Expiration Schedule and Lease Termination Income at Share		40

Expansions, Re-developments & New Developments		41-43


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

Corporate Profile

General Growth Properties, Inc. (GGP) and its predecessor companies have been in the shopping center business for over fifty years and is one of the largest U.S.-based publicly traded real estate investment trusts (REIT). The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. Average occupancy at September 30, 2008 was 92.7% and tenant sales per square foot were $455.

Corporate Overview

The corporate mission of GGP is to create value and profit by acquiring, developing, renovating, and managing regional malls in major and middle markets throughout the United States. The Company provides investors an opportunity to participate in the ownership of high quality income producing real estate.

Stock Listing

Common Stock
NYSE: GGP

Calendar of Events


Quarter End — Fourth Quarter 2008		Dec. 31, 2008
Earnings Release — After the Market Close		Feb. 9, 2009
Quarterly Conference Call — 8:00 am CST		Feb. 10, 2009

Current Dividend

As previously announced, given the uncertainty and volatility in the capital markets, and the fact that all distributions currently required to maintain REIT status have already been made this year, the Company’s Board of Directors (the “Board”) has determined to suspend the common stock dividend at this time. Such suspension will be reviewed by the Board as necessary in the context of the REIT requirements and the Company’s ongoing capital position.



Investor Relations		Transfer Agent

Tim Goebel		BNY Mellon
Director, Investor Relations		Shareowner Services
General Growth Properties		480 Washington Blvd
110 North Wacker Drive		Jersey City, NJ 07310
Chicago, IL 60606		(888) 395-8037
Phone (312) 960-5199		Foreign Stockholders:
Fax (312) 960-5475		+1 201 680-6578
tgoebel@ggp.com

Debt Ratings

Standard & Poors — Corporate Rating		CCC+
Standard & Poors — Senior Debt Rating		CCC
Standard & Poors — TRCLP Bonds Rating		CCC
Moody’s — Senior Debt Rating		B3
Moody’s — TRCLP Bonds Rating		B3

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

Ownership Structure as of September 30, 2008

* Share count includes common shares
and common Operating Partnership units


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

Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)			$	27,766,729

Perpetual Preferred Units
Perpetual Preferred Units at 8.25%	$	5,000

Convertible Preferred Units
Convertible Preferred Units at 6.50%		26,637
Convertible Preferred Units at 7.00%		25,133
Convertible Preferred Units at 8.50%		64,153

		115,923

Other Preferred Stock		476

Total Preferred Securities			$	121,399

Common Stock and Common Operating Partnership Units
Stock market value of 268.2 million shares of common stock and 51.3 million shares of Operating Partnership units (which are redeemable for an equal number of shares of common stock) — outstanding at end of period (b) (c)			$	4,825,021


Total Market Capitalization at end of period			$	32,713,149


(a)		Excludes liabilities to special improvement districts of $70.7 million, minority interest adjustment of $71.2 million and purchase accounting mark-to-market adjustments of $55.1 million.

(b)		Net of 1.4 million treasury shares.

(c)		Reflects closing common stock share price at September 30, 2008 of $15.10. The closing common stock share price on October 31, 2008 was $4.14.

Research Coverage

The following alphabetical list of research coverage by company and related contact information is included for informational purposes only. GGP does not review any third party advice or investment or research report and therefore expressly does not adopt or endorse any such advice or report.


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

Barclays Capital	Ross Smotrich	(212) 526-2306
	George Hoglund	(212) 526-4513

Citigroup	Michael Bilerman	(212) 816-1383

Credit Suisse First Boston	Michael Gorman	(212) 538-4357

Deutsche Bank	Louis Taylor	(212) 250-4912
	Christeen Kim	(212) 250-6771

Friedman Billings Ramsey	Paul Morgan	(703) 469-1255
	Tom Barry	(703) 875-1401

Goldman, Sachs & Co.	Jay Habermann	(917) 343-4260

Green Street Advisors	Jim Sullivan	(949) 640-8780
	Ben Yang	(949) 640-8780

J.P. Morgan Securities Inc.	Michael Mueller	(212) 622-6689
	Joseph Dazio	(212) 622-6416

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

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

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

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

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


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


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

General Growth Properties, Inc. Reports Operating
Results for Third Quarter 2008

Chicago, Illinois, November 5, 2008 — General Growth Properties, Inc. (NYSE: GGP) (the Company) released its third quarter 2008 results of operations today. For the third quarter of 2008, Core Funds From Operations (Core FFO) per fully diluted share were $0.64, Funds From Operations (FFO) per fully diluted share were $0.58 and Earnings per share — diluted (EPS) were a loss of $0.06. Although retail property revenue has remained relatively stable, Core FFO and FFO per fully diluted share have both declined from the comparable amounts reported for the third quarter of 2007 primarily due to provisions for impairment recognized in the third quarter 2008, as described below. For EPS purposes, such provisions for impairment were partially offset by gains on sales of non-core assets.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

•

Core FFO is defined as Funds From Operations excluding the Real Estate Property Net Operating Income (NOI) from the Master Planned Communities segment and the benefit from (provision for) income taxes. Core FFO for the third quarter of 2008 was $205.7 million or $0.64 per fully diluted share as compared to $200.7 million or $0.68 per fully diluted share for the third quarter of 2007. The $5.0 million, or 2.5%, increase in Core FFO compared to the third quarter of 2007 was primarily due to the recognition of our share of the Glendale Galleria litigation cost of approximately $37.1 million in the third quarter of 2007. Core FFO for the third quarter of 2008 includes provisions for impairment of $7.8 million at one of our core operating properties and an aggregate of $7.4 million of non-recoverable development costs (approximately $0.05 per fully diluted share in the aggregate). Core FFO per fully diluted share declined relative to the third quarter of 2007 due to the dilutive affect of the issuance of 22.8 million shares of GGP common stock in March 2008.

	•		FFO was $185.4 million in the third quarter of 2008, a decline of approximately 11.0% or $23.0 million, from $208.4 million in the third quarter of 2007. The decline in FFO was due to significantly lower NOI at certain of our communities within the master planned community operating segment in 2008, as well as a provision for impairment of $40.3 million (or approximately $0.13 per fully diluted share) for Nouvelle at Natick (a residential condominium project that is classified as property held for development and sale) as a result of non-recoverable development costs at September 30, 2008. The remaining Nouvelle carrying value, including estimated costs to complete, is currently estimated to be fully recoverable through unit sales which commenced in October 2008.

	•		EPS were a loss of $0.06 in the third quarter of 2008 compared to a loss of $0.04 in the third quarter of 2007. The decrease in EPS was primarily due to lower land sales and provisions for impairment and is partially offset by the $15.1 million, net of minority interest (or approximately $0.06 per fully diluted share), recognized on the previously reported sales of certain office parks in the third quarter of 2008.

Strategic, development and financing update

The Company’s Board of Directors and management team, together with their financial and legal advisors, continue to comprehensively examine all financial and strategic alternatives for the Company, including, but not limited to, sales of both core and non-core assets, sales of joint venture interests, corporate level capital infusions and broader strategic business combinations.

The Company has deferred the development, construction or opening of certain near and intermediate term new development and redevelopment projects. As a result, all future development expenditures other than expenditures for projects that are near completion and approved projects at our jointly owned properties have been deferred. The regularly scheduled quarterly dividend for the third quarter of 2008 was suspended and, since June 30, 2008, approximately $47 million of non-core asset sales have been completed.

In addition, as of today, approximately $1.74 billion of new and/or replacement financing has funded since June 30, 2008, consisting of the July 2008, $1.51 billion secured portfolio facility and a new $225 million short term secured loan. As a result, all loans previously scheduled to mature in 2008 through the date of this release have been refinanced, continued or repaid. The Company has approximately $900 million of property secured debt and approximately $58 million of corporate debt that is scheduled to mature by December 1, 2008 that remains to be refinanced and extended. As previously announced, the Company is working with its syndicate of lenders for the property secured debt (for Fashion Show and The Shoppes at The Palazzo, two of our premier Las Vegas properties) to extend the November 28, 2008 maturity dates and is marketing these properties for sale.

•

Core FFO per share guidance We currently project 2008 Core FFO to be in the range of $2.85 to $2.95 per share. The 2008 Core FFO guidance has been reduced as a result of lower expected NOI growth, the provisions for impairment discussed above and increases in amortization of refinancing costs. The 2008 Core FFO guidance does not include the impact of implementing our strategic alternatives or any future provisions for impairment.

SEGMENT RESULTS

Retail and Other Segment

	•		NOI increased to $622.5 million for the third quarter of 2008, 1.0% above the $616.3 million reported for the third quarter of 2007. This increase is due to the opening of expansions and renovations at certain operating properties and, in March of 2008, the acquisition of The Shoppes at The Palazzo.

	•		Comparable NOI from consolidated properties in the third quarter of 2008 decreased by 1.8% compared to the same period last year, and increased by 1.8% for third quarter year-to-date 2008 compared to third quarter year-to-date 2007.

	•		Comparable NOI from unconsolidated properties at the Company’s ownership share for the quarter increased by approximately 8.0% compared to the third quarter of 2007 and increased by 7.1% for third quarter year-to-date 2008 compared to third quarter year-to-date 2007.

	•		Revenues from consolidated properties for the third quarter of 2008 were $784.3 million, an increase of 0.4% compared to $781.1 million for the same period in 2007. Increases were substantially offset by declines in SFAS 141 rents, termination income and overage rent.

	•		Revenues from unconsolidated properties, at the Company’s ownership share, for the third quarter increased 3.8% to $151.4 million, compared to $145.8 million in the third quarter of 2007. The increase was primarily due to increased minimum rents from certain expansions and renovations opened since mid 2007 and certain ownership increases in properties owned through our international joint ventures.

	•		Comparable tenant sales, on a trailing twelve month basis, increased 0.3% compared to the same period last year.

	•		Sales per square foot, on a trailing twelve month basis, decreased 0.7% compared to the same period last year.

	•		Retail Center occupancy decreased slightly to 92.7% at September 30, 2008 from 93.2% at September 30, 2007.

Master Planned Communities Segment

	•		NOI from the Master Planned Communities segment for the third quarter of 2008 was a loss of $42.7 million for consolidated properties and income of $3.6 million for unconsolidated properties as compared to income of $11.0 million and $11.5 million, respectively, in 2007. In addition to the provision from impairment that resulted from the non-recoverable development costs for Nouvelle as described above, the change in 2008 NOI compared to 2007 NOI reflects the continuing adverse effect of the credit market on new home sales and the resulting reduction in demand for residential lots.

	•		Land sale revenues for the third quarter of 2008 were $6.2 million for consolidated properties and $13.1 million for unconsolidated properties, compared to $54.2 million and $33.5 million, respectively, for the third quarter of 2007. Such declines in land sale revenues reflect a continuation of the reduced sales pace for 2008, a trend from the first quarter of 2008 that is expected to continue into 2009.

CONFERENCE CALL/WEBCAST

General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our website, www.ggp.com. This Webcast will take place on Wednesday, November 5, 2008, at 9:00 a.m. Eastern Time (8:00 a.m. CST, 6:00 a.m. PST). The Webcast can be accessed by selecting the conference call icon on the GGP home page.

The Company currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Company is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com.

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

FUNDS FROM OPERATIONS AND CORE FFO

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

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance. However, we believe that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of our business. FFO does not facilitate an understanding of the operating performance of the Master Planned Communities segment of our business as our primary strategy in this segment is to develop and sell land in a manner that increases the value of the remaining land. In addition, the Master Planned Communities segment of our business is operated within taxable REIT subsidiaries and therefore our benefit from (provision for) income tax expense is largely attributable to this segment of the business. To isolate these parts of the Company from the Retail and Other segment, for which FFO is a relevant measure of operating performance, the Company also uses Core FFO as an operating measure. Core FFO is defined as FFO excluding the NOI from the Master Planned Communities segment and the benefit from (provision for) income taxes.

In order to provide a better understanding of the relationship between Core FFO, FFO and GAAP net income, a reconciliation of Core FFO and FFO to GAAP net income has been provided. Neither Core FFO nor FFO represent cash flow from operating activities in accordance with GAAP, neither should be considered as an alternative to GAAP net income and neither is necessarily indicative of cash available to fund cash needs. In addition, the Company has presented FFO on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

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

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

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

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

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

PROPERTY INFORMATION

The Company has presented information on its consolidated and unconsolidated properties separately in the accompanying financial schedules. As a significant portion of the Company’s total operations are structured as joint venture arrangements which are unconsolidated, management of the Company believes that operating data with respect to all properties owned provides important insights into the income produced by such investments for the Company as a whole. In addition, the individual items of revenue and expense for the unconsolidated properties have been presented at the Company’s ownership share of such unconsolidated ventures. As substantially all of the management operating philosophies and strategies are the same regardless of ownership structure, an aggregate presentation of NOI and other operating statistics yields a more accurate representation of the relative size and significance of such elements of the Company’s overall operations.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements, including full year 2008 Core FFO per share guidance and the Company’s strategic and financing review. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, tenant occupancy and tenant bankruptcies, the level of indebtedness and interest rates, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage our strategic and financial review and our liquidity and refinancing demands. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

###

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Funds From Operations (“FFO”)
Company stockholders	$	155,499		$	171,877		$	530,991		$	749,894
Operating Partnership unitholders		29,935			36,566			105,667			160,492

Operating Partnership	$	185,434		$	208,443		$	636,658		$	910,386

(Decrease) increase in FFO over comparable prior year period		(11.0	)%		8.7	%		(30.1	)%		51.5	%


FFO per share:
Company stockholders — basic	$	0.58		$	0.71		$	2.04		$	3.07
Operating Partnership — basic		0.58			0.71			2.04			3.07
Operating Partnership — diluted		0.58			0.70			2.04			3.07
(Decrease) increase in diluted FFO per share over comparable prior year period		(17.1	)%		7.7	%		(33.6	)%		50.5	%

Core Funds From Operations (“Core FFO”)
Core FFO	$	205,711		$	200,724		$	660,775		$	609,700
Increase in Core FFO over comparable prior year period		2.5	%		7.5	%		8.4	%		5.1	%
Core FFO per share — diluted		0.64			0.68			2.12			2.05
(Decrease) increase in diluted Core FFO per share over comparable prior year period		(5.9	)%		7.9	%		3.4	%		4.1	%

Dividends
Dividends paid per share	$	0.50		$	0.45		$	1.50		$	1.35
Payout ratio (% of diluted FFO paid out)		86.2	%		64.3	%		73.5	%		44.0	%

Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	525,728		$	527,523		$	1,596,571		$	1,443,186
Unconsolidated		96,737			88,753			289,399			314,306

Total Retail and Other		622,465			616,276			1,885,970			1,757,492

Master Planned Communities:
Consolidated		(42,700	)		11,029			(42,910	)		21,266
Unconsolidated		3,631			11,480			17,949			25,041

Total Master Planned Communities		(39,069	)		22,509			(24,961	)		46,307

Total Real estate property net operating income	$	583,396		$	638,785		$	1,861,009		$	1,803,799


	September 30,		December 31,
Selected Balance Sheet Information	2008		2007
Cash and cash equivalents	$	139,175	$	99,534

Investment in real estate:
Net land, buildings and equipment	$	22,725,595	$	22,359,249
Developments in progress		1,143,693		987,936
Net investment in and loans to/from
Unconsolidated Real Estate Affiliates		1,879,403		1,803,366
Investment property and property held for development and sale		1,809,667		1,639,372

Net investment in real estate	$	27,558,358	$	26,789,923


Total assets	$	29,662,127	$	28,814,319

Mortgage, notes and loans payable	$	24,766,701	$	24,282,139
Minority interest — Preferred		121,399		121,482
Minority interest — Common		398,853		351,362
Stockholders’ equity		1,814,885		1,456,696

Total capitalization (at cost)	$	27,101,838	$	26,211,679


	Consolidated Properties						Unconsolidated Properties(a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
Summarized Debt Information	Balance			Rate(d)			Balance		Rate(d)
Fixed rate (c)	$	20,353,549			5.61	%	$	2,858,298		5.66	%
Variable rate (c)		4,216,137			4.83			338,745		7.23

Totals	$	24,569,686	(b)		5.48	%	$	3,197,043		5.83	%


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

(b)		Excludes liabilities to special improvement districts of $70.7 million, minority interest adjustment of $71.2 million and purchase accounting mark-to-market adjustments of $55.1 million.

(c)		Includes the effects of interest rate swaps.

(d)		Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Revenues:
Minimum rents	$	514,186		$	509,762		$	1,546,227		$	1,389,235
Tenant recoveries		231,548			231,395			694,727			626,253
Overage rents		14,563			16,122			38,973			42,578
Land sales		6,158			54,188			31,080			114,111
Management and other fees		21,561			26,484			63,718			80,404
Other		26,685			26,307			85,916			80,550

Total revenues		814,701			864,258			2,460,641			2,333,131

Expenses:
Real estate taxes		68,128			68,054			205,781			180,004
Repairs and maintenance		57,725			52,624			176,822			151,514
Marketing		10,425			12,237			31,477			35,530
Other property operating costs		116,329			114,418			332,047			310,062
Land sales operations		8,513			43,159			33,645			92,845
Provision for doubtful accounts		5,938			6,275			14,934			10,066
Property management and other costs		38,813			45,252			145,755			154,841
General and administrative		5,259			4,631			17,774			20,929
Provisions for impairment		55,514			629			56,123			2,630
Depreciation and amortization		190,386			189,436			565,888			527,844

Total expenses		557,030			536,715			1,580,246			1,486,265

Operating income		257,671			327,543			880,395			846,866

Interest income		950			2,027			2,957			7,004
Interest expense		(324,195	)		(310,868	)		(956,532	)		(854,764	)

(Loss) income before income taxes, minority interest and equity in income (loss) of Unconsolidated Real Estate Affiliates		(65,574	)		18,702			(73,180	)		(894	)
Benefit from (provision for) income taxes		14,841			(14,293	)		(1,416	)		256,451
Minority interest		3,258			(1,269	)		(6,032	)		(60,771	)
Equity in income (loss) of Unconsolidated Real Estate Affiliates		16,939			(12,499	)		61,912			34,441

(Loss) income from continuing operations		(30,536	)		(9,359	)		(18,716	)		229,227
Discontinued operations, net of minority interest — gains on dispositions		15,121			—			45,941			—

Net (loss) income	$	(15,415	)	$	(9,359	)	$	27,225		$	229,227


Basic and Diluted (Loss) Earnings Per Share:
Continuing operations	$	(0.11	)	$	(0.04	)	$	(0.07	)	$	0.94
Discontinued operations		0.05			—			0.17			—

Total basic and diluted (loss) earnings per share	$	(0.06	)	$	(0.04	)	$	0.10		$	0.94

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


	Three Months Ended September 30, 2008
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	514,186		$	96,151		$	610,337
Tenant recoveries		231,548			40,369			271,917
Overage rents		14,563			2,002			16,565
Other, including minority interest		23,976			12,840			36,816

Total property revenues		784,273			151,362			935,635

Property operating expenses:
Real estate taxes		68,128			10,348			78,476
Repairs and maintenance		57,725			8,763			66,488
Marketing		10,425			1,940			12,365
Other property operating costs		116,329			32,344			148,673
Provision for doubtful accounts		5,938			1,230			7,168

Total property operating expenses		258,545			54,625			313,170

Retail and other net operating income		525,728			96,737			622,465


Master Planned Communities
Land sales		6,158			13,144			19,302
Land sales operations		(8,513	)		(9,513	)		(18,026	)

Master Planned Communities net operating (loss) income before provision for impairment		(2,355	)		3,631			1,276

Provision for impairment		(40,345	)		—			(40,345	)

Master Planned Communities net operating (loss) income		(42,700	)		3,631			(39,069	)


Real estate property net operating income		483,028			100,368		$	583,396


Management and other fees		21,561			5,444
Property management and other costs		(10,950	)		(355	)
Headquarters/regional costs		(27,863	)		(11,853	)
General and administrative		(5,259	)		(2,997	)
Provisions for impairment		(15,169	)		(61	)
Depreciation on non-income producing assets, including headquarters building		(2,518	)		—
Interest income		950			1,653
Interest expense		(324,195	)		(44,208	)
Benefit from income taxes		14,841			3,951
Preferred unit distributions		(2,339	)		—
Other FFO from minority interest		1,375			30

FFO		133,462			51,972
Equity in FFO of Unconsolidated Properties		51,972			(51,972	)

Operating Partnership FFO	$	185,434		$	—


	Three Months Ended September 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	509,762		$	88,684		$	598,446
Tenant recoveries		231,395			38,444			269,839
Overage rents		16,122			1,919			18,041
Other, including minority interest		23,852			16,787			40,639

Total property revenues		781,131			145,834			926,965

Property operating expenses:
Real estate taxes		68,054			11,094			79,148
Repairs and maintenance		52,624			8,355			60,979
Marketing		12,237			2,378			14,615
Other property operating costs		114,418			34,561			148,979
Provision for doubtful accounts		6,275			693			6,968

Total property operating expenses		253,608			57,081			310,689

Retail and other net operating income		527,523			88,753			616,276


Master Planned Communities
Land sales		54,188			33,536			87,724
Land sales operations		(43,159	)		(22,056	)		(65,215	)

Master Planned Communities net operating income		11,029			11,480			22,509


Real estate property net operating income		538,552			100,233		$	638,785


Management and other fees		26,484			4,661
Property management and other costs		(19,845	)		(530	)
Headquarters/regional costs		(25,407	)		(9,362	)
General and administrative		(4,631	)		(39,455	)
Provisions for impairment		(629	)		—
Depreciation on non-income producing assets, including headquarters building		(3,015	)		—
Interest income		2,027			2,078
Interest expense		(310,868	)		(35,577	)
Provision for income taxes		(14,293	)		(497	)
Preferred unit distributions		(2,903	)		—
Other FFO from minority interest		1,389			31

FFO		186,861			21,582
Equity in FFO of Unconsolidated Properties		21,582			(21,582	)

Operating Partnership FFO	$	208,443		$	—

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


	Nine Months Ended September 30, 2008
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,546,227		$	283,387		$	1,829,614
Tenant recoveries		694,727			118,982			813,709
Overage rents		38,973			5,037			44,010
Other, including minority interest		77,705			44,393			122,098

Total property revenues		2,357,632			451,799			2,809,431

Property operating expenses:
Real estate taxes		205,781			33,929			239,710
Repairs and maintenance		176,822			27,009			203,831
Marketing		31,477			5,719			37,196
Other property operating costs		332,047			93,731			425,778
Provision for doubtful accounts		14,934			2,012			16,946

Total property operating expenses		761,061			162,400			923,461

Retail and other net operating income		1,596,571			289,399			1,885,970


Master Planned Communities
Land sales		31,080			54,064			85,144
Land sales operations		(33,645	)		(36,115	)		(69,760	)

Master Planned Communities net operating (loss) income before provision for impairment		(2,565	)		17,949			15,384
Provision for impairment		(40,345	)		—			(40,345	)

Master Planned Communities net operating (loss) income		(42,910	)		17,949			(24,961	)


Real estate property net operating income		1,553,661			307,348		$	1,861,009


Management and other fees		63,718			15,952
Property management and other costs		(49,963	)		(1,881	)
Headquarters/regional costs		(95,792	)		(30,050	)
General and administrative		(17,774	)		(7,717	)
Provisions for impairment		(15,778	)		(61	)
Depreciation on non-income producing assets, including headquarters building		(7,916	)		—
Interest income		2,957			4,724
Interest expense		(956,532	)		(125,195	)
(Provision for) benefit from income taxes		(1,416	)		2,260
Preferred unit distributions		(8,145	)		—
Other FFO from minority interest		4,167			91

FFO		471,187			165,471
Equity in FFO of Unconsolidated Properties		165,471			(165,471	)

Operating Partnership FFO	$	636,658		$	—


	Nine Months Ended September 30, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,389,235		$	309,903		$	1,699,138
Tenant recoveries		626,253			134,388			760,641
Overage rents		42,578			5,852			48,430
Other, including minority interest		72,296			61,446			133,742

Total property revenues		2,130,362			511,589			2,641,951

Property operating expenses:
Real estate taxes		180,004			40,615			220,619
Repairs and maintenance		151,514			30,116			181,630
Marketing		35,530			8,624			44,154
Other property operating costs		310,062			115,987			426,049
Provision for doubtful accounts		10,066			1,941			12,007

Total property operating expenses		687,176			197,283			884,459

Retail and other net operating income		1,443,186			314,306			1,757,492


Master Planned Communities
Land sales		114,111			69,558			183,669
Land sales operations		(92,845	)		(44,517	)		(137,362	)

Master Planned Communities net operating income		21,266			25,041			46,307


Real estate property net operating income		1,464,452			339,347		$	1,803,799


Management and other fees		80,404			12,823
Property management and other costs		(65,118	)		(2,108	)
Headquarters/regional costs		(89,723	)		(31,354	)
General and administrative		(20,929	)		(41,013	)
Provisions for impairment		(2,630	)		(217	)
Depreciation on non-income producing assets, including headquarters building		(9,206	)		—
Interest income		7,004			13,801
Interest expense		(854,764	)		(138,965	)
Benefit from (provision for) income taxes		256,451			(2,072	)
Preferred unit distributions		(10,016	)		—
Other FFO from minority interest		4,188			31

FFO		760,113			150,273
Equity in FFO of Unconsolidated Properties		150,273			(150,273	)

Operating Partnership FFO	$	910,386		$	—

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	583,396		$	638,785		$	1,861,009		$	1,803,799
Unconsolidated Properties		(100,368	)		(100,233	)		(307,348	)		(339,347	)

Consolidated Properties		483,028			538,552			1,553,661			1,464,452
Management and other fees		21,561			26,484			63,718			80,404
Property management and other costs		(10,950	)		(19,845	)		(49,963	)		(65,118	)
Headquarters/regional costs		(27,863	)		(25,407	)		(95,792	)		(89,723	)
General and administrative		(5,259	)		(4,631	)		(17,774	)		(20,929	)
Provisions for impairment		(15,169	)		(629	)		(15,778	)		(2,630	)
Depreciation and amortization		(190,386	)		(189,436	)		(565,888	)		(527,844	)
Minority interest in NOI of Consolidated Properties and other		2,709			2,455			8,211			8,254

Operating income	$	257,671		$	327,543		$	880,395		$	846,866


Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income
Core FFO	$	205,711		$	200,724		$	660,775		$	609,700
Master Planned Communities net operating (loss) income		(39,069	)		22,509			(24,961	)		46,307
Benefit from (provision for) income taxes		18,792			(14,790	)		844			254,379

Funds From Operations — Operating Partnership		185,434			208,443			636,658			910,386
Depreciation and amortization of capitalized real estate costs		(222,918	)		(219,764	)		(661,578	)		(632,751	)
Minority interest in depreciation of Consolidated Properties and other		833			(196	)		2,481			649
Minority interest to Operating Partnership unitholders		6,115			2,158			3,723			(49,057	)

(Loss) income from continuing operations		(30,536	)		(9,359	)		(18,716	)		229,227
Discontinued operations, net of minority interest — gains on dispositions		15,121			—			45,941			—

Net (loss) income	$	(15,415	)	$	(9,359	)	$	27,225		$	229,227


Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	100,368		$	100,233		$	307,348		$	339,347
Net property management fees and costs		5,089			4,131			14,071			10,715
Net interest expense		(42,555	)		(33,499	)		(120,471	)		(125,164	)
Headquarters, general and administrative, income taxes and minority interest in FFO		(10,930	)		(49,283	)		(35,477	)		(74,625	)

FFO of unconsolidated properties		51,972			21,582			165,471			150,273
Depreciation and amortization of capitalized real estate costs		(35,050	)		(33,343	)		(103,607	)		(114,113	)
Other, including loss on sales of investment properties		17			(738	)		48			(1,719	)

Equity in income (loss) of unconsolidated real estate affiliates	$	16,939		$	(12,499	)	$	61,912		$	34,441


Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		319,527			295,637			311,806			296,262
Conversion of Operating Partnership units		(51,582	)		(51,862	)		(51,751	)		(52,228	)

Weighted average number of Company shares outstanding — GAAP EPS		267,945			243,775			260,055			244,034


Diluted:
Weighted average number of shares outstanding — FFO per share		319,608			296,064			311,929			296,868
Conversion of Operating Partnership units		(51,582	)		(51,862	)		(51,751	)		(52,228	)
Anti-dilutive common stock equivalents for GAAP EPS		(81	)		(427	)		(123	)		—

Weighted average number of Company shares outstanding — GAAP EPS		267,945			243,775			260,055			244,640

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


	Three Months Ended						Three Months Ended
	September 30, 2008						September 30, 2007
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	3,191		$	2,152		$	10,447		$	2,341
Straight-line rent		11,253			2,056			8,894			1,669
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(981	)		—
Other property operating costs:								.
Non-cash ground rent expense		(1,705	)		(231	)		(1,606	)		(193	)
Provisions for impairment		(55,514	)		(61	)		(629	)		—
Interest expense:
Statutory interest expense on Glendale judgment being appealed		(2,249	)		—			—			—
Mark-to-market adjustments on debt		3,622			739			6,436			1,082
Amortization of deferred finance costs		(10,479	)		(675	)		(5,558	)		(401	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		212			—			3,652			—
Write-off of deferred finance costs		(50	)		244			(714	)		—

Totals	$	(52,700	)	$	4,224		$	19,941		$	4,498


	Nine Months Ended						Nine Months Ended
	September 30, 2008						September 30, 2007
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	11,938		$	6,432		$	28,503		$	7,075
Straight-line rent		33,156			6,990			26,649			7,155
Real estate taxes:
Real estate tax stabilization agreement		(2,943	)		—			(2,943	)		—
Other property operating costs:
Non-cash ground rent expense		(5,260	)		(693	)		(4,785	)		(577	)
Provisions for impairment		(56,123	)		(61	)		(2,630	)		(217	)
Interest expense:
Statutory interest expense on Glendale judgment being appealed		(6,706	)		—			—			—
Mark-to-market adjustments on debt		12,143			2,204			24,473			3,152
Amortization of deferred finance costs		(22,709	)		(1,496	)		(13,628	)		(1,314	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		212			—			3,765			—
Write-off of deferred finance costs		157			—			(3,102	)		—

Totals	$	(36,135	)	$	13,376		$	56,302		$	15,274

WEIGHTED AVERAGE SHARES
(In thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2008		2007		2008		2007
Basic		267,945		243,775		260,055		244,034
Diluted		267,945		243,775		260,055		244,640
Assuming full conversion of Operating Partnership units:
Basic		319,527		295,637		311,806		296,262
Diluted		319,608		296,064		311,929		296,868
		.

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


	Three Months			Nine Months
	Ended			Ended
	September 30, 2008			September 30, 2008

Cash From Recurring Operations
FFO — Operating Partnership	$	185,434		$	636,658
Plus (Less):
Non-FFO cash from Master Planned Communities		(20,157	)		(81,353	)
Deferred income taxes		(17,435	)		(18,680	)
Tenant allowances and capitalized leasing costs (a)		(40,540	)		(114,503	)
Above and below-market tenant leases, net		(5,343	)		(18,370	)
Straight-line rent adjustment		(13,309	)		(40,146	)
Real estate tax stabilization agreement		981			2,943
Non-cash ground rent expense		1,936			5,953
Provisions for impairment		55,575			56,184
Statutory interest expense on Glendale judgment being appealed		2,249			6,706
Mark-to-market adjustments on debt		(4,361	)		(14,347	)
Amortization of deferred finance costs		11,154			24,205
Debt extinguishment costs:
Write-off of mark-to-market adjustments		(212	)		(212	)
Write-off of deferred finance costs		(194	)		(157	)

Cash From Recurring Operations — Operating Partnership	$	155,778		$	444,883

Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	155,778		$	444,883
Less common dividends/distributions paid		(159,866	)		(467,589	)


Retained Funds From Recurring Operations — Operating Partnership	$	(4,088	)	$	(22,706	)


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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007

Core FFO
Operating Partnership FFO	$	185,434		$	208,443		$	636,658		$	910,386
Exclusions, at the Company’s share:
Master Planned Communities net operating loss (income)		39,069			(22,509	)		24,961			(46,307	)
(Benefit from) provision for income taxes		(18,792	)		14,790			(844	)		(254,379	)


Core FFO	$	205,711		$	200,724		$	660,775		$	609,700

Weighted average shares assuming full conversion of Operating Partnership units — diluted		319,608			296,064			311,929			296,868


Core FFO — per share	$	0.64		$	0.68		$	2.12		$	2.05

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


	Twelve Months Ended
	09/30/2008			06/30/2008			03/31/2008 (b)			12/31/2007
Pro Rata EBITDA (a)
GAAP Net Income	$	85,951		$	92,007		$	66,318		$	287,954
Discontinued operations, net of minority interest — Gains on dispositions		(45,941	)		(30,819	)		—			—
Income allocated to minority interest		22,274			26,800			27,916			77,012
Interest expense		1,409,197			1,391,525			1,360,346			1,327,203
(Benefit from) provision for income taxes		(37,795	)		(4,212	)		8,891			(289,430	)
Amortization of deferred finance costs		29,837			24,641			25,710			20,574
Debt extinguishment costs		(1,381	)		(3,913	)		(1,883	)		(1,675	)
Interest income		(12,042	)		(13,544	)		(18,225	)		(21,575	)
Depreciation and amortization		836,670			834,014			809,966			809,161

Pro Rata EBITDA	$	2,286,770		$	2,316,499		$	2,279,039		$	2,209,224
Net Interest (a)
Amortization of deferred finance costs		(29,837	)		(24,641	)		(25,710	)		(20,574	)
Debt Extinguishment Costs		1,381			3,913			1,883			1,675
Interest expense		(1,409,197	)		(1,391,525	)		(1,360,346	)		(1,327,203	)
Interest income		12,042			13,544			18,225			21,575

Net interest	$	(1,425,611	)	$	(1,398,709	)	$	(1,365,948	)	$	(1,324,527	)


Interest Coverage Ratio		1.60			1.66			1.67			1.67


Fixed Charges (c)
Net interest	$	(1,425,611	)	$	(1,398,709	)	$	(1,365,948	)	$	(1,324,527	)
Preferred unit distributions		(11,092	)		(11,656	)		(11,808	)		(12,963	)

Fixed charges	$	(1,436,703	)	$	(1,410,365	)	$	(1,377,756	)	$	(1,337,490	)


Ratio of Pro Rata EBITDA to Fixed Charges		1.59			1.64			1.65			1.65


Fixed Charges & Common Dividend
Fixed charges	$	(1,436,703	)	$	(1,410,365	)	$	(1,377,756	)	$	(1,337,490	)
Common dividend/distributions		(615,523	)		(588,773	)		(562,839	)		(547,788	)

Fixed charges & common dividend	$	(2,052,226	)	$	(1,999,138	)	$	(1,940,595	)	$	(1,885,278	)


Ratio of Pro Rata EBITDA to Fixed Charges & Common Dividend		1.11			1.16			1.17			1.17


(a)		Includes operations of the Unconsolidated Real Estate Affiliates at the Company’s share. The above ratios are lower than those of the revolver and term loan facility, due to certain adjustments per the loan agreement.

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

(c)		Excludes principal amortization payments.

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Comparable NOI Growth	2008			2007 (a)			2008			2007 (a)


Total Retail and Other NOI	$	622,465		$	616,276		$	1,885,970		$	1,757,492
NOI from noncomparable properties		(30,671	)		(22,136	)		(90,199	)		(70,021	)
Corporate and other (b)		(999	)		(659	)		(1,972	)		61,851


Comparable NOI (c)	$	590,795		$	593,481		$	1,793,799		$	1,749,322


(Decrease) increase in Comparable NOI		-0.5	%					2.5	%


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

(b)		Represents miscellaneous items that are included in the Total Retail and Other NOI line item that are not specifically related to operations. In addition, due to the acquisition of our partner’s 50% interest in GGP/Homart I in July 2007 and, since GGP owned an interest in and managed the GGP/Homart I properties throughout 2007 and 2008, this amount includes an adjustment to reflect such additional 50% interest for all periods in the comparable NOI presentation.

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

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



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

Three Months Ended

September 30, 2008
Land Sales (c)	$	1,368		$	2,415		$	2,375		$	6,158		$	13,144	$	19,302
Land Sales Operations (d) (e)		1,330			4,692			2,491			8,513			9,513		18,026

Net Operating Income (Loss) before Provision for Impairment (f)	$	38		$	(2,277	)	$	(116	)	$	(2,355	)	$	3,631	$	1,276


September 30, 2007
Land Sales (c)	$	3,704		$	45,771		$	4,713		$	54,188		$	33,536	$	87,724
Land Sales Operations (d) (e)		4,493			35,328			3,338			43,159			22,056		65,215

Net Operating Income (Loss)	$	(789	)	$	10,443		$	1,375		$	11,029		$	11,480	$	22,509



Nine Months Ended

September 30, 2008
Land Sales (c)	$	2,345		$	18,539		$	10,196		$	31,080		$	54,064	$	85,144
Land Sales Operations (d) (e)		3,656			21,119			8,870			33,645			36,115		69,760

Net Operating Income (Loss) before Provision for Impairment (f)	$	(1,311	)	$	(2,580	)	$	1,326		$	(2,565	)	$	17,949	$	15,384


September 30, 2007
Land Sales (c)	$	13,639		$	84,495		$	15,977		$	114,111		$	69,558	$	183,669
Land Sales Operations (d) (e)		15,207			66,293			11,345			92,845			44,517		137,362

Net Operating Income (Loss)	$	(1,568	)	$	18,202		$	4,632		$	21,266		$	25,041	$	46,307


(a)		Excludes operations from our residential development project.

(b)		Maryland Properties include Columbia and Fairwood.

(c)		Includes builder price participation.

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

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

(f)		Master Planned Communities Net Operating Income (Loss) before Provision for Impairment excludes provision for impairment ($40.3M) related to our Nouvelle at Natick residential development project.

GENERAL GROWTH PROPERTIES, INC.
MASTER PLANNED COMMUNITIES — VALUATION AND NET CASH FLOW GENERATED (a)
(dollars in thousands)

VALUATION


Investment Land and Land Held for Development and Sale:
Net Book Value — Balance Sheet as of September 30, 2008 (b)	$	1,809,667
Estimated Value of Assets as of December 31, 2007 (c)		3,280,178

NET CASH FLOW GENERATED


	Nine Months Ended September 30,
	2008			2007
Net Operating Income	$	15,384		$	46,307
Cost of Land Sales		6,269			40,486
The Woodlands NOI (d)		(17,949	)		(25,041	)
The Woodlands Cash Distribution for 2007 (d)		—			31,500
Other Adjustments to Derive Cash Generated (e)		(928	)		22,330


Total Cash Generated		2,776			115,582

Land Development Expenditures, Net of Related Financing		(68,745	)		(109,503	)


Estimated Net Cash Flow from Master Planned Communities (f)	$	(65,969	)	$	6,079


(a)		Excludes operations from our residential development project.

(b)		The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements excluding the Company’s share of The Woodlands.

(c)		The estimated value reflects management’s valuation of the gross assets, including the Company’s share of The Woodlands, based upon a number of assumptions including historical sales rates and historical price appreciation. The estimated value is not based on any third party purchase offers and does not reflect any reduction for the final Summerlin distribution scheduled to be made in the first quarter of 2010 pursuant to the CSA.

(d)		Since The Woodlands partnership retains all funds until the end of the year, The Woodlands NOI is excluded from the Estimated Net Cash Flow generated by Master Planned Communities segment. The partnership cash distribution is based on the final cash earned by The Woodlands and generally occurs at the end of each year. In 2007, $70.8 million was distributed in the fourth quarter.

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

(f)		Estimated net cash flow used excludes the estimated semi-annual distributions to be paid pursuant to the CSA. It does not, however, include any provision for income taxes on the earnings of the Master Planned Communities segment which is operated through taxable REIT subsidiaries.

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


		Lot Sales and Pricing (b)				Acreage (c)
		Nine Months Ended				Total		Remaining
		September 30,				Gross		Saleable
		2008		2007		Acres		Acres
Maryland Properties (d)
Residential	- Acres Sold		—		2.0				263
	- Average Price/Acre	$	—	$	1,146
Commercial	- Acres Sold		—		20.0				325
	- Average Price/Acre	$	—	$	432
Maryland Properties Acreage							19,100		588

Summerlin (e)
Residential	- Acres Sold		3.1		37.6				6,812
	- Average Price/Acre	$	1,868	$	1,236
Commercial	- Acres Sold		—		20.8				867
	- Average Price/Acre	$	—	$	1,108
Summerlin Acreage							22,500		7,679

Bridgeland
Residential	- Acres Sold		34.4		58.5				5,991
	- Average Price/Acre	$	261	$	247
Commercial	- Acres Sold		—		—				1,261
	- Average Price/Acre	$	—	$	—
Bridgeland Acreage							11,400		7,252

The Woodlands (f)
Residential	- Acres Sold		189.3		239.5				1,866
	- Average Price/Acre	$	383	$	361
Commercial	- Acres Sold		28.3		67.5				1,092
	- Average Price/Acre	$	753	$	483
The Woodlands Acreage							28,400		2,958


(a)		Excludes operations from our residential development project.

(b)		Lot Sales and Pricing — This is the aggregate contract price paid for all parcels sold in that community of that property type, divided by the relevant acres sold in that period and is based on sales closed. This average price can fluctuate widely, depending on location of the parcels within a community and the unit price and density of what is sold. Note also that the price indicated does not include payments received under builders’ price participation agreements, where the Company may receive additional proceeds post-sale and record those revenues at that later date, based on the final selling price of the home. In some cases, these payments have been significant with respect to the initial lot price. In addition, there will be other timing differences between lot sales and reported revenue, due to financial statement revenue recognition limitations. The above pricing data also does not reflect the impact of income tax and the CSA, which can have a material impact on valuation. Due to the possibility of wide fluctuations in any given period, drawing broad conclusions based on any given quarter’s data is not recommended.

		Reference is made to other disclosures in our filings on Forms 10-Q and 10-K/A, as well as page 22 of this supplemental financial information for a discussion of the valuation of this segment of our business.

(c)		Acreage:

		Residential - This includes standard, custom, and high density residential land parcels. Standard residential lots are designated for detached and attached single- and multi-family homes, of a broad range, from entry-level to luxury homes. At Summerlin, we have designated certain residential parcels as custom lots as their premium price reflects their larger size and other distinguishing features — such as being within a gated community, having golf course access, or being located at higher elevations. High density residential includes townhomes, apartments, and condominiums.

		Commercial - Designated for retail, office, services, and other for-profit activities, as well as those parcels allocated for use by government, schools, houses of worship, and other not-for-profit entities.

		Gross Acres - Encompasses all of the land located within the borders of the master planned community, including parcels already sold, saleable parcels, and non-saleable areas, such as roads, parks, and recreation and conservation areas.

		Remaining Saleable Acres - Includes only parcels that are intended for sale. Excludes non-saleable acres as defined above. The mix of intended use, as well as the amount of remaining saleable acres, are primarily based on assumptions regarding entitlements and zoning of the remaining project and are likely to change over time as the master plan is refined.

(d)		Maryland Properties include Columbia and Fairwood.

(e)		Summerlin — Does not reflect impact of CSA. Please refer to most recent Form 10-K/A for more information. Average price per acre includes assumption of special improvement district financing.

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

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


	9/30/2008			12/31/2007			12/31/2006			12/31/2005
Capital Information

Closing common stock price per share (a)	$	15.10		$	41.18		$	52.23		$	46.99
52 Week High (b)		57.84			67.43			55.70			48.27
52 Week Low (b)		13.37			39.31			42.36			31.38
Total Return — Trailing Twelve Months (share depreciation / appreciation and dividend)		-68.1	%		-17.6	%		14.7	%		34.1	%

Common Shares and Common Units outstanding at end of period		319,537,809	(c)		295,749,082			294,957,220			292,258,544

Portfolio Capitalization Data
Total Portfolio Debt (d)
Fixed	$	23,211,847		$	23,580,449		$	21,172,774		$	17,293,150
Variable		4,554,882			3,546,063			2,980,055			6,085,638
Total Preferred Securities		121,399			121,482			182,828			205,944
Stock market value of common stock and Operating Partnership units outstanding at end of period		4,825,021			12,178,947			15,405,616			13,733,229

Total Market Capitalization at end of period	$	32,713,149	(e)	$	39,426,941		$	39,741,273		$	37,317,961


Leverage Ratio (%)		84.9	%		68.8	%		60.8	%		62.6	%


(a)		Reflects closing common stock share price at September 30, 2008 of $15.10. The closing common stock share price on October 31, 2008 was $4.14.

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

(c)		Net of 1.4 million treasury shares.

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

(e)		Excludes shares of common stock issuable on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of the period ended September 30, 2008.

GENERAL GROWTH PROPERTIES, INC.
CHANGES IN TOTAL COMMON & EQUIVALENT SHARES


	Operating			Company					Total Common
	Partnership			Common		Treasury			& Equivalent
	Units			Shares		Stock			Shares
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2007		51,850,986			245,704,746		(1,806,650	)		295,749,082

Direct stock purchase and dividend reinvestment plan		—			68,505		—			68,505

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

Conversion of Preferred Units to OP Units and redemption to Common Shares		—			5,000		—			5,000

Redemption of OP Units into common shares		(558,495	)		558,495		—			—

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

Issuance of stock for stock option exercises and restricted stock grants, including treasury shares issued for stock option exercises		—			371,860		50			371,910

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


Common Shares and OP Units Outstanding at September 30, 2008		51,292,491			269,695,257		(1,449,939	)		319,537,809


Net number of common shares issuable assuming exercise of dilutive stock options at September 30, 2008										17,413

Diluted Common Shares and OP Units Outstanding at September 30, 2008										319,555,222


Weighted average common shares and OP Units outstanding for the nine months ended September 30, 2008 (Basic)										311,806,244

Weighted average net number of common shares issuable assuming exercise of dilutive stock options										122,303


Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the nine months ended September 30, 2008 (a)										311,928,547


(a)		Excludes shares of common stock issuable on any exchange of the 3.98% senior exchangeable notes due 2027, as the conditions for such exchange were not satisfied as of the period ended September 30, 2008.

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF SEPTEMBER 30, 2008
(dollars in thousands)


	Consolidated						Unconsolidated					Company
	Properties						Properties (a)					Portfolio
				Current					Current					Current
				Average					Average					Average
	Maturing			Interest			Maturing		Interest			Maturing		Interest
Year	Amount (b)			Rate (c)			Amount (b)		Rate (c)			Amount (b)		Rate (c)
2008	$	1,130,131			6.62	%	$	77,233		9.19	%	$	1,207,364		6.79	%
2009		3,066,477			5.31	%		252,311		5.26	%		3,318,788		5.30	%
2010		3,866,664			5.18	%		643,058		5.10	%		4,509,722		5.17	%
2011		7,277,606			5.30	%		1,163,009		6.04	%		8,440,615		5.40	%
2012		3,816,461			5.19	%		771,056		5.50	%		4,587,517		5.24	%
2013		4,365,999			6.07	%		122,754		5.22	%		4,488,753		6.05	%
2014		251,100			5.11	%		3,533		11.81	%		254,633		5.20	%
2015		193,503			5.21	%		38,028		6.94	%		231,531		5.50	%
2016		223,954			6.60	%		—		0.00	%		223,954		6.60	%
2017		104,452			6.54	%		6,845		6.38	%		111,297		6.53	%
Subsequent		273,339			5.19	%		119,216		8.85	%		392,555		6.30	%


Totals	$	24,569,686	(d)		5.48	%	$	3,197,043		5.83	%	$	27,766,729		5.52	%


Fixed Rate (e)		20,353,549			5.61	%		2,858,298		5.66	%		23,211,847		5.61	%
Variable Rate (e)		4,216,137			4.83	%		338,745		7.23	%		4,554,882		5.01	%


Totals	$	24,569,686	(d)		5.48	% (f)	$	3,197,043		5.83	% (f)	$	27,766,729		5.52	% (f)

Average Time to Maturity (in years by days)

Fixed Rate Debt

3.01 years

3.19 years

3.03 years

Variable Rate Debt

3.32 years

2.62 years

3.27 years

All GGP Debt

3.06 years

3.13 years

3.07 years


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

(b)		Excludes principal amortization.

(c)		Reflects the current variable contract rate as of September 30, 2008 for all variable rate loans.

(d)		Reconciliation to GGP Consolidated GAAP debt.


	Consolidated
Consolidated debt, from above	$	24,569,686
Other liabilities — Special Improvement Districts		70,705
Minority interest ownership adjustment		71,249
Purchase accounting mark-to-market adjustments		55,061

GGP Consolidated GAAP debt	$	24,766,701


(e)		Includes the effects of interest rate swaps.

(f)		Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

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


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans
Tucson Mall (b)		10/13/08		4.34	%	$	118,731
Bayside (c)		11/03/08		6.00	%		53,401
Chico Mall		02/11/09		4.89	%		57,552
Deerbrook		03/02/09		3.59	%		74,986
Jordan Creek		03/02/09		4.66	%		187,784
Southland		03/02/09		3.70	%		82,267
Prince Kuhio		04/01/09		3.57	%		38,289
JP Comm Sr. Austin Bluffs		04/09/09		4.68	%		2,331
JP Comm Sr. Division Crossing		04/09/09		4.52	%		5,371
JP Comm Sr. Fort Union		04/09/09		4.60	%		2,804
JP Comm Sr. Halsey Crossing		04/09/09		4.62	%		2,629
JP Comm Sr. Orem Plaza Center St		04/09/09		4.61	%		2,506
JP Comm Sr. Orem Plaza State St		04/09/09		4.73	%		1,551
JP Comm Sr. Riverpointe Plaza		04/09/09		4.55	%		3,882
JP Comm Sr. Riverside Plaza		04/09/09		4.52	%		5,555
JP Comm Sr. Woodlands Village		04/09/09		4.50	%		7,097
Town East		04/13/09		3.57	%		106,681
Grand Canal Shoppes		05/01/09		4.86	%		398,244
Coastland		06/01/09		6.73	%*		97,578
The Crossroads (MI)		06/01/09		7.53	%		40,227
Woodbridge Corporation		06/01/09		4.35	%		210,444
Steeplegate		07/31/09		5.08	%		78,744
Village of Cross Keys		07/31/09		7.04	%*		10,643
Apache (d)		08/03/09		7.05	%*		49,911
Cumberland		08/10/09		7.10	%*		159,052
The Parks at Arlington		09/01/09		7.03	%*		137,780
Baybrook		10/01/09		6.66	%*		148,841
Oakview		10/01/09		7.16	%*		115,953
Coral Ridge		11/02/09		6.15	%*		99,037
Governor’s Square		12/01/09		7.66	%*		58,419
Lakeside Mall		12/01/09		4.37	%		182,465
Mall St Matthews		01/04/10		4.90	%		146,144
North Star		01/04/10		4.53	%		235,291
Ward Centre & Ward Entertainment		01/04/10		4.44	%		58,988
Park Place		01/11/10		5.24	%		178,321
Visalia		01/11/10		3.89	%		42,428
Lansing I		01/15/10		9.35	%*		24,780
Pecanland		03/01/10		4.39	%		58,876
Southland		03/05/10		5.16	%		109,928
Providence Place		03/11/10		5.22	%		360,732
Ridgedale		04/01/10		4.96	%		180,089
West Valley		04/01/10		3.48	%		57,613
Pioneer Place		04/27/10		10.00	%*		651
Peachtree		06/01/10		5.19	%		90,497
Coronado		06/07/10		5.18	%		170,507
La Cantera		06/07/10		5.29	%		129,402
Maine		06/11/10		4.92	%		218,580
Burlington		07/01/10		5.50	%		31,500
Glenbrook		07/01/10		5.01	%		179,071
Regency Square		07/01/10		3.68	%		95,160
St. Louis Galleria		07/05/10		4.94	%		239,897
Lynnhaven		07/06/10		5.18	%		239,384


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Loan continued in October until 10/11/2033.

(c)		Loan repaid on 11/03/2008.

(d)		Loan refinanced in October with a maturing date of 3/1/2009.

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


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans Cont.
Boise Towne Plaza		07/09/10		4.88	%	$	11,056
JP Comm Jr. Gateway Crossing		07/09/10		4.80	%		15,421
JP Comm Jr. Univ. Crossing		07/09/10		4.82	%		11,513
Crossroads Center (MN)		07/30/10		4.87	%		85,265
70 Columbia Corporate Center		10/01/10		10.15	%*		19,676
Newgate		10/01/10		4.96	%		41,475
Park City		10/01/10		5.29	%		150,907
Staten Island		10/01/10		6.10	%*		281,795
Fashion Place		10/05/10		5.41	%		145,857
110 North Wacker		10/11/10		5.14	%		45,943
Chapel Hills		10/11/10		5.15	%		116,807
Gallery at Harborplace		12/01/10		8.00	%		65,158
Rogue Valley		12/31/10		7.96	%		26,578
Newpark		02/01/11		7.58	%		68,846
Westlake Center		02/01/11		8.00	%		65,682
Boise Towne Square		02/10/11		6.74	%		71,501
10000 West Charleston		03/01/11		7.88	%*		21,984
North Point		03/01/11		5.58	%		217,616
Capital		04/01/11		7.52	%		20,484
Eden Prairie		04/01/11		4.79	%		80,765
Gateway		04/01/11		7.48	%		40,145
Greenwood		04/01/11		7.47	%		45,071
Mall of Louisiana		04/01/11		5.92	%		236,876
Beachwood Place		04/07/11		5.73	%		242,251
Vista Ridge		04/11/11		6.89	%*		81,247
The Woodlands		06/13/11		6.02	%		240,000
Northridge Fashion		07/01/11		7.24	%*		127,712
River Town		07/01/11		7.58	%*		119,073
Willowbrook Mall		07/01/11		6.92	%		160,183
Collin Creek Mall		07/11/11		6.87	%		67,677
Ala Moana		09/01/11		5.67	%		1,500,000
Bayshore		09/01/11		7.20	%*		31,326
Eastridge (CA)		09/01/11		5.89	%		170,000
Stonestown		09/01/11		5.89	%		273,000
Tysons Galleria		09/12/11		5.84	%		255,000
Victoria Ward		10/06/11		5.69	%		157,000
Augusta Mall		11/11/11		5.50	%*		175,000
One Owings Mills		12/01/11		8.50	%*		4,119
Eastridge (WY)		12/05/11		5.20	%		39,572
Pine Ridge		12/05/11		5.22	%		26,681
Red Cliffs		12/05/11		5.25	%		25,358
Three Rivers		12/05/11		5.24	%		21,722
Hulen Mall		12/07/11		5.14	%		114,215
Provo Mall		04/05/12		5.91	%		41,052
Spokane Valley Mall		04/05/12		5.91	%		41,052
Streets at Southpoint		04/06/12		5.45	%		242,881
Oviedo		05/07/12		5.24	%		52,343
Sikes Senter		06/01/12		5.32	%		61,989
Buckland Hills		07/02/12		5.01	%		166,700
Oglethorpe		07/02/12		4.99	%		142,845


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

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


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)			Balance
Secured Asset Loans Cont.
Valley Plaza		07/11/12		3.96	%	$	96,595
White Marsh		09/01/12		5.68	%*		187,000
Corporate Pointe		09/11/12		6.83	%*		9,134
Grand Traverse		10/01/12		5.12	%		86,155
The Mall in Columbia		10/01/12		5.87	%*		400,000
Harborplace		10/05/12		5.95	%		50,000
Fox River		12/03/12		6.06	%		195,000
Ivanhoe Capital		12/03/12		5.88	%		93,713
Columbia Mall (MO)		02/01/13		6.17	%		90,000
Market Place		02/01/13		6.16	%		106,000
Homart I		02/28/13		6.03	%		245,115
Gateway Overlook		03/01/13		5.91	%		55,000
Faneuil Hall		04/01/13		5.66	%		94,945
Lincolnshire Commons		04/01/13		6.14	%		28,000
Pembroke		04/11/13		5.06	%		131,647
Mayfair (b)		06/03/13		6.38	%		195,730
Pioneer Place (b)		06/03/13		6.38	%		111,603
Columbiana Center (b)		06/03/13		6.38	%		75,066
Mondawmin Mall (b)		06/03/13		6.38	%		60,292
Owings Mills (b)		06/03/13		6.38	%		37,932
Foothills (b)		06/03/13		6.38	%		36,135
Grand Teton / Plaza (b)		06/03/13		6.38	%		34,738
Salem Center (b)		06/03/13		6.38	%		29,707
Fallen Timbers		06/03/13		6.38	%		30,186
Animas Valley (b)		06/03/13		6.38	%		24,955
Cache Valley Mall/Market (b)		06/03/13		6.38	%		19,964
Colony Square Mall (b)		06/03/13		6.38	%		17,968
Westwood Mall (b)		06/03/13		6.38	%		17,169
Mall At Sierra Vista (b)		06/03/13		6.38	%		16,770
Silver Lake Mall (b)		06/03/13		6.38	%		12,977
White Mountain Mall (b)		06/03/13		6.38	%		7,586
North Plains Mall (b)		06/03/13		6.38	%		7,586
North Town Mall (b)		06/03/13		6.38	%		81,854
Southwest Plaza (b)		06/03/13		6.38	%		68,478
Spring Hill (b)		06/03/13		6.38	%		48,473
Oakwood (b)		06/03/13		6.38	%		53,944
Birchwood Mall (b)		06/03/13		6.38	%		31,544
Mall Of The Bluffs (b)		06/03/13		6.38	%		25,594
Pierre Bossiere (b)		06/03/13		6.38	%		28,749
Fallbrook		06/03/13		6.26	%		85,000
Oxmoor		06/03/13		6.95	%		57,408
River Hills		06/03/13		6.26	%		80,000
Sooner Fashion		06/03/13		6.27	%		60,000
Senate Plaza		07/01/13		5.79	%		12,084
The Boulevard		07/01/13		4.33	%		109,044
1160/80 Town Center		07/15/13		6.99	%*		9,095
The Meadows		08/01/13		5.54	%		103,856
West Oaks		08/01/13		5.36	%		70,575
Moreno Valley		09/11/13		6.07	%		88,000


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Fixed swap expires 7/12/2010.

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


FIXED RATE
						Total Debt
Loan	Maturity Date		Rate (a)(b)			Balance
Secured Asset Loans
Lakeland		10/01/13		5.24	%	$	55,535
Bay City		12/02/13		5.44	%		24,381
Four Seasons		12/11/13		5.68	%		101,949
Valley Hills		03/05/14		4.82	%		57,516
Washington Park		04/01/14		5.56	%		12,225
Brass Mill		04/11/14		4.63	%		125,724
Bayside Bond		07/01/14		6.00	%		6,635
Mall St Vincent		07/07/14		6.45	%		49,000
Paramus Park		10/01/15		4.97	%		105,163
Eagle Ridge		10/12/15		5.54	%		48,022
Knollwood		10/12/15		5.47	%		40,319
Bellis Fair		02/15/16		7.34	%*		62,646
Lakeview Square		03/01/16		5.93	%		41,681
Country Hills		06/01/16		6.21	%		13,633
Providence Place		07/01/16		7.76	%*		26,432
Northgate		09/01/16		6.00	%		45,385
Piedmont		09/06/16		6.10	%		34,177
Southlake		12/05/17		6.55	%		100,000
Baltimore Center Garage		06/01/18		6.05	%*		16,845
10450 West Charleston		12/31/18		6.84	%*		4,756
Providence Place		06/30/28		7.76	%*		20,624
Houston Land Notes		2017-2033		6.50	%*		24,678
Provo Land Loan		08/01/95		10.08	%*		2,250

Corporate Debt
TRCLP Property Note		12/01/08		6.94	%*		58,000
Insurance Financing - 1		03/01/09		3.71	%*		213
TRCLP Public Indenture		03/16/09		3.63	%*		395,000
Insurance Financing - 2		04/01/09		3.71	%*		7,642
TRCLP Public Indenture		04/30/09		8.00	%*		200,000
Insurance Financing - 3		09/01/10		3.59	%*		415
Insurance Financing - 4		09/01/10		3.99	%*		958
Exchangeable Senior Notes		04/15/12		4.29	%*		1,550,000
Public Indenture - Company Debt		09/17/12		7.20	%*		400,000
TRCLP Senior Notes		05/01/13		6.91	%*		798,366
TRCLP Public Indenture		11/26/13		5.38	%*		450,000


Total Consolidated Fixed Rate Debt						$	20,353,549


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Reflects the variable contract rate as of September 30, 2008.

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


VARIABLE RATE
						Total Debt
Loan	Maturity Date		Rate (a)(b)			Balance
Secured Asset Loans
Fashion Show		11/28/08		7.09	%	$	650,000
Palazzo		11/28/08		6.56	%		250,000
Oakwood Center		02/09/09		4.27	%		95,000
Mayfair		06/03/13		5.52	%		79,202
Pioneer Place		06/03/13		5.52	%		45,160
Columbiana Center		06/03/13		5.52	%		30,375
Mondawmin Mall		06/03/13		5.52	%		24,397
Owings Mills		06/03/13		5.52	%		15,349
Foothills		06/03/13		5.52	%		14,622
Grand Teton / Plaza		06/03/13		5.52	%		14,057
Salem Center		06/03/13		5.52	%		12,021
Fallen Timbers		06/03/13		5.52	%		12,215
Animas Valley		06/03/13		5.52	%		10,098
Cache Valley Mall/Market		06/03/13		5.52	%		8,079
Colony Square Mall		06/03/13		5.52	%		7,271
Westwood Mall		06/03/13		5.52	%		6,948
Mall At Sierra Vista		06/03/13		5.52	%		6,786
Silver Lake Mall		06/03/13		5.52	%		5,251
White Mountain Mall		06/03/13		5.52	%		3,070
North Plains Mall		06/03/13		5.52	%		3,070
North Town Mall		06/03/13		5.52	%		33,122
Southwest Plaza		06/03/13		5.52	%		27,710
Spring Hill		06/03/13		5.52	%		19,615
Oakwood		06/03/13		5.52	%		21,828
Birchwood Mall		06/03/13		5.52	%		12,764
Mall Of The Bluffs		06/03/13		5.52	%		10,357
Pierre Bossiere		06/03/13		5.52	%		11,633
Westlake Lot 7		11/02/21		11.82	%		2,437

Unsecured Asset Loans
Credit Agreement Revolver		02/24/11		4.44	%		590,000
Credit Agreement Term Loan		02/24/11		3.89	%		1,987,500
Trust Preferred Shares		04/30/36		4.56	%		206,200

Total Consolidated Variable Rate Debt						$	4,216,137



Total Consolidated Debt & Swaps				5.48	%	$	24,569,686


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Reflects the variable contract rate as of September 30, 2008.

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


FIXED RATE
								Company
Loan	Maturity Date		Rate (a)			Total Debt		ProRata Share
Secured Asset Loans
Towson Town Center		11/10/08		6.84	%	$	127,886	$	44,760
Woodlands Community		02/23/09		3.80	%		434		228
Perimeter Shopping Center		05/01/09		6.77	%*		117,047		58,523
Mizner Park		07/01/09		5.10	%		57,964		28,982
Carolina Place		01/11/10		4.70	%		158,972		80,281
Alderwood		07/06/10		5.03	%		288,680		145,783
Christiana Mall		08/02/10		4.61	%*		113,676		56,838
Water Tower Place		09/01/10		5.04	%		173,326		89,514
Woodlands Community		09/01/10		7.22	%		2,903		1,524
Whalers		11/08/10		5.63	%		105,751		64,893
Kenwood Towne Centre		12/01/10		5.58	%		238,898		168,095
Willowbrook		04/01/11		7.00	%*		92,006		46,003
Silver City Galleria		06/10/11		4.95	%		131,056		65,528
Austin Mall (Highland)		07/08/11		6.92	%		64,998		32,499
Village of Merrick Park		08/08/11		5.94	%		190,084		76,034
Northbrook Court		09/01/11		7.17	%*		89,531		45,213
Montclair		09/12/11		5.88	%		265,000		133,825
Arrowhead		10/03/11		6.92	%*		77,468		25,820
First Colony		10/03/11		5.68	%*		190,298		95,149
Riverchase		10/03/11		5.78	%		305,000		152,500
Natick Mall		10/07/11		5.74	%		350,000		175,000
Natick West		10/07/11		5.82	%		140,000		70,000
Galleria at Tyler		10/11/11		5.46	%*		250,000		125,000
Pinnacle Hills		12/08/11		5.84	%		140,000		70,000
Park Meadows		07/05/12		6.00	%*		360,000		126,000
Florence		09/10/12		5.04	%		97,447		68,786
Glendale Galleria		10/01/12		5.01	%		382,635		191,317
Oakbrook		10/01/12		5.12	%*		217,050		103,010
Clackamas		10/05/12		6.35	%		200,000		100,000
The Oaks		12/03/12		5.87	%		102,000		52,020
Westroads		12/03/12		5.83	%		89,250		45,518
Stonebriar		12/11/12		5.30	%		168,810		84,405
Bridgewater Commons		01/02/13		5.27	%*		136,439		47,754
Altamonte		02/01/13		5.19	%*		150,000		75,000
Quail Springs		06/05/15		6.87	%		74,818		37,409
CenterPointe Village		01/02/17		6.38	%*		13,693		6,846
Turkey — ECE		01/01/18		6.72	%		116,778		57,221
Trails Village Center		07/10/23		8.24	%*		16,146		8,073
Lake Meade Blvd & Buffalo Part		07/15/23		7.30	%*		5,893		2,947


Total Unconsolidated Fixed Rate Debt								$	2,858,298


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

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


VARIABLE RATE
								Company
Loan	Maturity Date		Rate (a)(b)			Total Debt		ProRata Share
Secured Asset Loans
Woodlands Community		(c)		5.07	%	$	101	$	53
Woodlands Community (d)		10/30/08		5.57	%		29,680		15,582
Woodlands Community		07/01/09		3.84	%		5,281		2,773
Woodlands Credit Agreement		08/29/09		4.76	%		306,539		160,933
Woodlands Community		12/01/09		6.00	%		1,662		873
Woodlands Community		01/01/10		6.23	%		6,434		3,378
Woodlands Community		05/01/10		3.64	%		41,130		21,593
Woodlands Community		06/01/10		4.25	%		11,312		5,939
Woodlands Community		07/01/10		6.00	%		423		222
Woodlands Community		12/01/10		3.69	%		9,518		4,997
Superstition Springs		09/09/11		3.45	%		67,500		22,498
Brazil — Aliansce		2008-2015		13.61	%		203,888		99,904


Total Unconsolidated Variable Rate Debt								$	338,745



Total Unconsolidated Debt				5.83	%			$	3,197,043



Total Debt & Swaps				5.52	%			$	27,766,729


(a)		Rates include the effects of deferred finance costs, interest rate swaps and, except where noted (*), the effect of a 360 day rate applied over a 365 day period.

(b)		Reflects the variable contract rate as of September 30, 2008.

(c)		Payable when related land is sold.

(d)		Loan extended in October until 10/30/2011.

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


	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
OPERATING STATISTICS (b)	Properties			Properties			Portfolio (c)
Occupancy		92.2	%		94.4	%		92.7	%
Trailing 12 month total tenant sales per sq. ft.	$	438		$	514		$	455
% change in total sales (d)		-1.0	%		-0.2	%		-0.7	%
% change in comparable sales (d)		0.3	%		-0.6	%		0.3	%
Mall and freestanding GLA (in sq. ft.)		50,410,168			14,130,165			64,540,333

CERTAIN FINANCIAL INFORMATION
Average annualized in place sum of rent and recoverable common area costs per sq. ft. (e) (f)	$	45.80		$	54.92
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (e) (f)	$	38.18		$	54.23
Average sum of rent and recoverable common area cost per sq. ft. for leases expiring in 2008 (e) (f)	$	33.68		$	47.51
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (g)		-1.8	%		8.0	%


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

Tenant (including subsidiaries)
Gap, Inc.		2.8	%
Limited Brands, Inc.		2.6
Abercrombie & Fitch Co.		2.0
Foot Locker, Inc.		2.0
American Eagle Outfitters, Inc.		1.3
Macy’s Inc.		1.2
Express, LLC		1.1
Luxottica Group S.P.A.		1.1
Genesco, Inc.		1.0
American Multi-Cinema		1.0


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

(b)		Data is for 100% of the mall and freestanding GLA in each portfolio, including those properties that are owned in part by Unconsolidated Real Estate Affiliates. Data excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

(c)		Data presented in the column “Company Retail Portfolio” are weighted average amounts.

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

(e)		Represents the sum of rent and recoverable common area costs.

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

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

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

GLA as of September 30, 2008


						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		78,543,436			510,022		50,888,990			330,448		129,432,426
Unconsolidated		23,060,194			658,863		14,928,657			426,533		37,988,851

Company		101,603,630			537,585		65,817,647			348,242		167,421,277
% of Total		60.7	%				39.3	%				100.0	%

Occupancy History


	Consolidated			Unconsolidated			Company
9/30/2008		92.2	%		94.4	%		92.7	%
9/30/2007		92.9	%		94.5	%		93.2	%
12/31/2007		93.4	%		94.9	%		93.8	%
12/31/2006		93.4	%		94.2	%		93.6	%
12/31/2005		92.1	%		93.5	%		92.5	%
12/31/2004		92.1	%		91.9	%		92.1	%

Trailing 12 Month Total Tenant Sales per Square Foot


	Consolidated		Unconsolidated		Company
9/30/2008	$	438	$	514	$	455
9/30/2007		444		518		461
12/31/2007 (b)		444		521		462
12/31/2006 (b)		443		473		453
12/31/2005 (b)		428		455		437
12/31/2004 (b)		402		427		410

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


	Consolidated		Unconsolidated
9/30/2008	$	45.80	$	54.92
9/30/2007		44.06		52.39
12/31/2007		44.90		53.35

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


	Year to Date		Full Year		Rent
	New/Renewals		Expirations		Spread
Consolidated
9/30/2008	$	38.18	$	33.68	$	4.50
9/30/2007		39.43		31.38		8.05
12/31/2007		39.64		31.38		8.26

Unconsolidated
9/30/2008	$	54.23	$	47.51	$	6.72
9/30/2007		50.41		37.95		12.46
12/31/2007		50.17		37.95		12.22

Occupancy Cost as a % of Sales (c)


	Consolidated			Unconsolidated			Company
9/30/2008		13.0	%		12.6	%		12.9	%
9/30/2007		12.5	%		12.5	%		12.5	%
12/31/2007		12.5	%		12.5	%		12.5	%
12/31/2006		12.6	%		12.4	%		12.5	%
12/31/2005		12.1	%		11.7	%		12.0	%
12/31/2004		12.5	%		13.0	%		12.7	%


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

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

(c)		Due to tenant sales reporting timelines, data presented is one month behind reporting date.

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


	Nine Months Ended					Nine Months Ended
	September 30,					September 30,
	2008		% of Total			2007		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	681,894		36.2	%	$	631,950		36.0	%

North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		211,802		11.2	%		202,096		11.5	%

South Central
Arkansas, Louisiana, Oklahoma, Texas		221,440		11.7	%		217,298		12.4	%

Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		500,059		26.5	%		474,889		27.0	%

Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		245,669		13.0	%		221,250		12.6	%

International		23,133		1.2	%		3,545		0.2	%

Corporate and Other (a)		1,973		0.2	%		6,464		0.3	%


TOTAL	$	1,885,970		100.0	%	$	1,757,492		100.0	%


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

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

Lease Expiration Schedule (a) (b)


	Consolidated						Unconsolidated at Share (c)
							Sum of Rent
	Sum of Rent and				Sum of Rent and		and				Sum of Rent and
	Recoverable				Recoverable		Recoverable				Recoverable
	Common Area		Square		Common Area		Common Area		Square		Common Area
	Costs		Footage		Costs/Sq. Ft.		Costs		Footage		Costs/Sq. Ft.
2008 (d)	$	64,271		1,420	$	45.26	$	11,972		173	$	69.20
2009		214,266		5,601		38.25		27,440		574		47.80
2010		230,442		4,656		49.49		24,893		400		62.23
2011		200,433		3,941		50.86		32,839		493		66.61
2012		230,306		3,918		58.78		31,475		469		67.11
2013		187,830		3,203		58.64		31,397		453		69.31
2014		179,346		2,923		61.36		27,281		359		75.99
2015		211,072		3,128		67.48		43,770		594		73.69
2016		212,965		3,075		69.26		52,832		691		76.46
2017		220,360		3,049		72.27		60,529		721		83.95
Subsequent		347,697		5,114		67.99		92,095		1,251		73.62


Total at Share	$	2,298,988		40,028	$	57.43	$	436,523		6,178	$	70.66



All Expirations	$	2,298,988		40,028	$	57.43	$	901,734		12,674	$	71.15

Retail Lease Termination Income at Share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2008		2007		2008		2007
Consolidated	$	4,439	$	8,282	$	29,408	$	13,635
Unconsolidated		1,920		2,622		5,434		4,522


Total Termination Income at Share	$	6,359	$	10,904	$	34,842	$	18,157


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

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

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

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

GENERAL GROWTH PROPERTIES, INC.
FORECASTED DEVELOPMENT COST SUMMARY (a)
AS OF SEPTEMBER 30, 2008
(in millions at share)

Definitive Projects


Development Summary of Definitive Projects:
Expansion & redevelopment projects	$	741.0
New development projects		649.9
Current estimated additional costs to be incurred on recently opened redevelopment projects		88.7
Current estimated additional costs to be incurred on recently opened new development projects		46.2

Total cost of definitive expansion, redevelopment & new development projects		1,525.8

Less Expenditures on Definitive Projects:
Expansion & redevelopment projects	$	(359.4	)
New development projects		(400.0	)

Total expenditures on definitive expansion, redevelopment & new development projects		(759.4	)


Future Definitive Development Spending	$	766.4

Planned Projects


Development Summary of Planned Projects:
Expansion & redevelopment projects	$	21.3
New development projects		384.4

Total cost of planned expansion, redevelopment & new development projects		405.7

Less Expenditures on Planned Projects:
Expansion & redevelopment projects	$	(3.7	)
New development projects		(214.2	)

Total expenditures on planned expansion, redevelopment & new development projects		(217.9	)


Future Planned Development Spending	$	187.8



Total Future Development Spending (b)	$	954.2


	4Q08		2009		2010		Beyond		Total
Total Definitive Projects	$	190.9	$	201.2	$	294.5	$	79.8	$	766.4
Total Planned Projects		30.6		11.9		32.6		112.7		187.8

Grand Total	$	221.5	$	213.1	$	327.1	$	192.5	$	954.2


(a)		Excludes international projects.

(b)		Reflects forecasted amounts as of November 5, 2008 and does not necessarily reflect cost to complete for all projects as certain expansions or developments may be marketed for sale prior to completion of development or construction.

GENERAL GROWTH PROPERTIES, INC.
EXPANSIONS AND REDEVELOPMENTS

Definitive Projects

Forecasted Total Cost

Projected

Property

Description

Ownership %

(in millions at share)

Opening

Christiana Mall

Nordstrom and lifestyle center expansion

93.1

Q4 2009

Newark, DE

Fashion Place

Nordstrom, mall shop and streetscape GLA

100

132.9

Q4 2011

Murray, UT

expansion, and interior mall renovation

Mondawmin Mall

Addition of Target, big box retail, restaurants and

100

59.9

Q4 2008

Baltimore, MD

mall shop redevelopment

Montclair Plaza

Nordstrom and mall renovation

25.5

Q4 2008

Montclair, CA

Saint Louis Galleria

Addition of Nordstrom and mall shop GLA

100

58.2

Q2 2011

Saint Louis, MO

Towson Town Center

Mall shop expansion including Crate & Barrel and

34.8

Q4 2008

Towson, MD

additional restaurants

Tucson Mall

Lifestyle expansion

100

64.6

Q2 2009

Tucson, AZ

Ward Centers

Addition of Whole Foods, parking structure and

100

139.2

Q1 2010

Honolulu, HI

other retail space

Water Tower Place

American Girl and mall shop redevelopment

31.2

Q4 2008

Chicago, IL

Current forecasted cost of 17 other definitive redevelopment projects

101.6

Total definitive expansion & redevelopment projects

741.0

Planned Projects



Current forecasted cost of 4 planned redevelopment projects	$	21.3

GENERAL GROWTH PROPERTIES, INC.
NEW DEVELOPMENTS (a)

Definitive Projects

Forecasted Total Cost

Projected

Property

Description

Ownership %

(in millions at share)

Opening

Elk Grove Promenade

1.1 million sf open air lifestyle center with

Elk Grove, CA

retail, entertainment and big box components

100

320.3

Q4 2010

Natick

Addition of 59,000 sf streetscape and parking

51.7

Q1 2009

Natick, MA

deck

Nouvelle at Natick - luxury condominiums

100

178.4

(b)

)

Pinnacle Hills South

Target, restaurants, and additional retail

7.2

Q3 2009

Rogers, AR

The Shops at La Cantera

Phase II of The Shops at La Cantera including

92.3

Q4 2008

San Antonio, TX

Barnes & Noble, restaurants, mall shop and office space

Total definitive new development projects

649.9

Planned Projects

Current forecasted cost of planned new development projects including
the one listed below

384.4

Property

Description

Ownership %

The Shops at Summerlin
Centre ^SM

New retail development of 106 acres in the Summerlin community; project could be

100

Las Vegas, NV

expanded in subsequent years


(a)		Excludes international projects.

(b)		Excludes the provision for impairment at September 30, 2008.

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


	Fixed Rate			Floating Rate			Total Debt
June 30, 2008 *	$	23,144,805		$	4,329,696		$	27,474,501

New Funding:
Property Related		—			1,510,000			1,510,000
Non-Property Related		—			(375,000	)		(375,000	)

Refinancings:
Property Related		(941,151	)		23,090			(918,061	)

Interest rate SWAP activity		1,070,304			(1,070,304	)		—

Revolver Borrowings		—			137,400			137,400
Other Property Related		(62,111	)		—			(62,111	)


Net Change		67,042			225,186			292,228


September 30, 2008 *	$	23,211,847		$	4,554,882		$	27,766,729


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


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