EX-99.1 2 c55305exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: November 30, 2009
Federal Tax I.D. # 42-1283895
CORPORATE MONTHLY OPERATING REPORT
FOR FILING ENTITIES ONLY
I declare under penalties of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
         
 
GENERAL GROWTH PROPERTIES, INC.
 
 
 
Date: December 30, 2009   by:   /s/ Edmund Hoyt    
    Edmund Hoyt   
    Chief Financial Officer   

 


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Debtors Monthly Operating Report as of and for the Month Ended November 30, 2009
Index
         
Combined Condensed Statements of Income and Comprehensive Income for the Month Ended November 30, 2009 and Cumulative Post-Petition Period Ended November 30, 2009
    3  
 
       
Combined Condensed Balance Sheet
    4  
 
       
Notes to Unaudited Combined Condensed Financial Statements
    5  
Note 1: Chapter 11 Cases and Proceedings
    5  
Note 2: Basis of Presentation
    6  
Note 3: Summary of Significant Accounting Policies
    7  
Note 4: Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders
    7  
Note 5: Certain Other Assets and Liabilities and Liabilities Subject to Compromise
    8  
Note 6: Rejected Contracts and Related Matters
    9  
Note 7: General and Administrative Expenses and Reorganization Items
    10  
 
       
Schedules:
       
 
       
Schedule I Schedule of Combined Condensed Statement of Income and Comprehensive Income for the Month Ended November 30, 2009
    11  
Schedule II Schedule of Combined Condensed Balance Sheet as of November 30, 2009
    12  
Schedule III Schedule of Payroll and Payroll Taxes
    13  
Schedule IV Schedule of Federal, State and Local Taxes
    13  
Schedule V Schedule of Total Disbursements by Debtor
    23  
Schedule VI Schedule of Debtors’ Operating Property Aged Tenant Accounts Receivable
    33  
Schedule VII Status of Mortgages Payable For Debtors
    34  
Schedule VIII Chapter 11 Retained Professionals Detail
    37  
Schedule IX Schedule of Non-Noticed and De Minimis Asset Sales
    38  
Schedule X Debtors Questionnaire
    40  

2


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
COMBINED CONDENSED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
                 
    Month Ended     Cumulative Post-Petition  
    November 30, 2009     Period Ended November 30, 2009  
    (In thousands, except for  
    per share amounts)  
Revenues:
               
Minimum rents
  $ 141,206     $ 1,042,035  
Tenant recoveries
    62,657       467,213  
Overage rents
    5,776       24,580  
Land sales
    746       5,336  
Other
    6,414       45,895  
 
           
Total revenues
    216,799       1,585,059  
 
           
Expenses:
               
Real estate taxes
    20,157       147,640  
Repairs and maintenance
    18,143       116,734  
Marketing
    3,625       17,778  
Ground and other rents
    932       7,812  
Other property operating costs
    25,680       207,989  
Land sales operations
    1,511       12,099  
Provision for doubtful accounts
    75       15,063  
Property management and other costs
    9,329       63,586  
General and administrative
    1,475       41,050  
Provisions for impairment
          133,327  
Depreciation and amortization
    50,700       385,619  
 
           
Total expenses
    131,627       1,148,697  
 
           
Operating income
    85,172       436,362  
 
               
Interest (expense) income, net
    (94,645 )     (724,226 )
 
           
Loss before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items
    (9,473 )     (287,864 )
Benefit (provision) from income taxes
    (1,831 )     584  
Equity in income of Real Estate Affiliates
    10,889       75,719  
Reorganization items
    (4,977 )     (63,731 )
 
           
Loss from continuing operations
    (5,392 )     (275,292 )
 
           
Net loss
    (5,392 )     (275,292 )
Allocation to noncontrolling interests
    (992 )     (2,067 )
 
           
Net loss attributable to common stockholders
  $ (6,384 )   $ (277,359 )
 
           
 
               
Basic and Diluted Loss Per Share:
  $ (0.02 )   $ (0.89 )
Dividends declared per share
           
 
               
Comprehensive Loss, Net:
               
Net loss attributable to common stockholders
  $ (6,384 )   $ (277,359 )
Other comprehensive income, net:
               
Unrealized gains, net of unrealized losses, on financial instruments
    1,040       13,500  
Accrued pension adjustment
    183       539  
Foreign currency translation
    (766 )     47,073  
Unrealized gains on available-for-sale securities
        93  
 
           
Other comprehensive income, net
    457       61,205  
 
           
Comprehensive loss attributable to common stockholders
  $ (5,927 )   $ (216,154 )
 
           
The accompanying notes are an integral part of these combined condensed financial statements.

3


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)
         
    November 30, 2009  
    (Dollars in thousands)  
Assets:
       
Investment in real estate:
       
Land
  $ 2,946,948  
Buildings and equipment
    19,475,610  
Less accumulated depreciation
    (4,074,153 )
Developments in progress
    780,120  
 
     
Net property and equipment
    19,128,525  
Investment in and loans to/from Unconsolidated Real Estate Affiliates
    390,402  
Investment property and property held for development and sale
    1,188,232  
Investment in controlled non-debtor entities
    3,982,625  
 
     
Net investment in real estate
    24,689,784  
Cash and cash equivalents
    739,157  
Accounts and notes receivable, net
    332,173  
Goodwill
    205,257  
Deferred expenses, net
    238,635  
Prepaid expenses and other assets
    546,753  
 
     
Total assets
  $ 26,751,759  
 
     
 
       
Liabilities and Equity:
       
Mortgages, notes and loans payable
  $ 400,000  
Investment in and loans to/from Unconsolidated Real Estate Affiliates
    32,363  
Deferred tax liabilities
    906,021  
Accounts payable and accrued expenses
    735,374  
 
     
Liabilities not subject to compromise
    2,073,758  
 
     
Liabilities subject to compromise
    22,508,578  
 
     
Total liabilities
    24,582,336  
 
     
 
       
Redeemable noncontrolling interests:
       
Preferred
    120,756  
Common
    35,686  
 
     
Total redeemable noncontrolling interests
    156,442  
 
     
 
       
Commitments and Contingencies
     
 
       
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding
     
 
       
Equity:
       
Common stock: $.01 par value; 875,000,000 shares authorized, 313,831,467 shares issued as of November 30, 2009
    3,138  
Additional paid-in capital
    3,793,991  
Retained earnings (accumulated deficit)
    (1,717,855 )
Accumulated other comprehensive loss
    (3,617 )
Less common stock in treasury, at cost, 1,449,939 shares as of November 30, 2009
    (76,752 )
 
     
Total stockholder’s equity
    1,998,905  
Noncontrolling interests in consolidated real estate affiliates
    14,076  
 
     
Total equity
    2,012,981  
 
     
Total liabilities and equity
  $ 26,751,759  
 
     
The accompanying notes are an integral part of these combined condensed financial statements.

4


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 1 Chapter 11 Cases and Proceedings
As previously disclosed pursuant to the Monthly Operating Report filed on June 15, 2009, for the period ended April 30, 2009 (the “April MOR”), on April 16, 2009 (“the Petition Date”), General Growth Properties, Inc. (the “Company”), GGP Limited Partnership (“GGPLP”) and certain of the Company’s domestic subsidiaries (collectively, the “April 16 Debtors”) each filed voluntary petitions for relief pursuant to Chapter 11 (“Chapter 11”) of Title 11 of the United States Code (the “Bankruptcy Code”). On April 23, 2009, an additional 28 of the Company’s domestic subsidiaries (the “April 22 Debtors”) also filed voluntary petitions for Chapter 11 relief. The 388 Debtors’ cases (collectively, the “Chapter 11 Cases”) are pending in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) and are jointly administered. The April 16 Debtors and April 22 Debtors are collectively referred to in this report as the “Debtors”. As provided by the rules and regulations governing the Chapter 11 Cases, the Company, on behalf of the Debtors, has agreed to supply to the Bankruptcy Court a monthly report detailing the combined operations for the Debtors as of and for the previous month as well as cumulatively from the Petition Date. Such reports for each month are collectively referred to as the “Monthly Operating Reports”.
The Debtors own and operate approximately 166 regional shopping centers. A list of the Debtors and the properties affected by these Chapter 11 Cases (each an “Operating Property” and, collectively, the “Operating Properties”) is included as Annex A to the Monthly Operating Report filed on June 30, 2009 for the period ended May 31, 2009 (the “May MOR”). As many of the parties affected by, or interested in, the Chapter 11 Cases identify a Debtor by the Operating Property that it owns and/or manages, rather than by such Debtor’s legal name, where appropriate, the Company has reported information either on a by Debtor or on an Operating Property basis. For information regarding the Chapter 11 Cases preceding the filing of this monthly operating report, please see Note 1 of each of the respective previously filed Monthly Operating Reports.
Since the Petition Date, the Bankruptcy Court has granted various motions that allow the Company to continue to operate its business in the ordinary course without interruption during the Chapter 11 Cases covering, among other things, employee obligations and incentive compensation, critical service providers, tax matters, insurance matters, tenant and contractor obligations, claim settlements, ordinary course property sales, cash management and cash collateral. The Bankruptcy Court has ruled that until February 26, 2010, the Debtors have the exclusive right to file a plan of reorganization and, if they do so, they have until April 23, 2010 to obtain necessary acceptances of such plan. However, the Debtors have the right to request an extension of such exclusivity period to file a plan of reorganization until October 13, 2010, which extension is subject to the approval of the Bankruptcy Court.
As of the date of this report, the Bankruptcy Court has confirmed plans of reorganization for 214 Debtors (the “Track 1 Debtors”) owning 110 properties with approximately $11.55 billion of secured loans. The plans of reorganization (the “Track 1 Plans”), generally provide for, in exchange for payment of certain extension fees and cure of previously unpaid amounts due on the applicable mortgage loans (primarily, principal amortization otherwise scheduled to have been paid since the Petition Date), the extension of the secured mortgage loans at previously existing non-default interest rates. As a result of the extensions, the weighted average duration of the ninety-three loans associated with these properties is 6.3 years and the weighted average interest rate (including fees) is 5.56%. In addition, the Track 1 Plan provides for the payment in full of all undisputed claims of creditors of the Track 1 Debtors. Effectiveness of the Track 1 Plans and emergence from bankruptcy are subject to various conditions and approvals, including completion of definitive documentation and approval of the Class B noteholders or mezzanine holders in certain circumstances. Effectiveness of the plans of reorganization and emergence from bankruptcy of the Track 1 Debtors is expected to commence in December 2009 and continue through early 2010. The Chapter 11 Cases for the remaining Debtors will continue.
On December 18, 2009, the Bankruptcy Court approved the payment of a $0.19 per share dividend to holders of GGP common stock declared by the GGP Board of Directors. The dividend, comprised of a combination of cash and common stock, is payable on January 28, 2010 to stockholders of record on December 28, 2009. The stockholders may elect to receive payment of the dividend all in cash or all in common stock. The cash component of the dividend will not exceed 10% in the aggregate. To the extent that more than 10% of cash is elected, the cash portion will be prorated. Stockholders who do not make an election will receive 100% in common stock. The number of shares of common stock issued as a result of the dividend will be calculated based on the volume weighted average trading prices of GGP’s common stock on January 20, 21 and 22, 2010.

5


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 2 Basis of Presentation
The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Office of the United States Trustee (the “U.S. Trustee”) and the Bankruptcy Court. As a result, only relevant financial information for the Debtors has been included in the information presented in the Monthly Operating Report. Accordingly, a significant number of legal entities owned and controlled by GGP, and the related assets, liabilities and operating results of such entities, have been excluded from this Monthly Operating Report as such entities are operating outside of the provisions of Chapter 11. The Debtors’ ownership interest in such excluded entities (the “Non-Debtors”) has been reflected as investment in controlled Non-Debtors at the Debtors’ ownership share (typically 100%). In addition, the applicable earnings/loss of such controlled Non-Debtor entities, along with the Debtors’ share of the applicable income/loss of Unconsolidated Real Estate Affiliates, has been included in the equity in income of Real Estate Affiliates. Further, in the Combined Condensed Statement of Income and Comprehensive Income, the operations for the Debtors are presented from each of their respective Petition Dates forward. As a result, the unaudited financial statements contained in this Monthly Operating Report are not and will not be consistent with the Company’s financial statement filings submitted to the United States Securities and Exchange Commission (the “SEC”) for this or any previous or future period.
The accompanying combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities of the Debtors in the normal course of business. In particular, as each of the Debtors is currently operating as a debtor-in-possession under the provisions of Chapter 11, these combined condensed financial statements have been prepared in accordance with the specialized accounting guidance for entities in reorganization under the Bankruptcy Code. Accordingly, the Debtors’ combined financial statements do not reflect any adjustments related to the recoverability of assets and satisfaction of liabilities that might be necessary should they be unable to continue as a going concern. However, such specialized guidance provides that all pre-petition liabilities subject to compromise (“LSTC” — see Note 5) have been segregated from liabilities not subject to compromise in the combined balance sheet and have been classified as LSTC, at the estimated amount of allowed claims. Interest expense related to pre-petition LSTC has been reported only to the extent that it is (i) estimated to be paid during the pendency of the Chapter 11 Cases, (ii) permitted by the Bankruptcy Court, or (iii) expected to be an allowed claim and may be paid or settled for less than the amount reported. In addition, to the extent any interest expense is unpaid, such accrued amounts may be paid or settled, in full or partially, in the form of equity and/or cash or any combination thereof. Expenses, provisions for losses resulting from the reorganization and certain other items directly related to the Chapter 11 Cases are reported separately in our combined condensed statement of operations as reorganization items (Note 7).
The unaudited financial statements for the Debtors contained in this Monthly Operating Report have been derived from the books and records of the Company. All significant intercompany balances and transactions between the Debtors have been eliminated. All intercompany balances with Non-Debtors are non-interest bearing (except to the extent such bearers are between taxable and non-taxable entities), unsecured, payable on demand and have been reflected as a component of equity. In addition, the financial information contained in such financial statements for the Debtors is preliminary and unaudited and does not purport to show the results of operations or statements of position in accordance with GAAP as, primarily, only normal recurring adjustments are made for the routine monthly closing of our books. Accordingly, certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have been made for such purposes of this Monthly Operating Report. If this information had been subject to the procedures performed to prepare our quarterly and annual financial information in accordance with GAAP and the rules and regulations of the SEC, we believe that the financial information could be subject to changes and such changes could be material. Therefore, there can be no assurance that the financial information contained in this Monthly Operating Report for the Debtors is complete and readers are strongly cautioned not to place undue reliance upon this or any previously submitted Monthly Operating Report.

6


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Readers of this Monthly Operating Report should refer to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2008, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (the “Annual Report”) and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2009 (the “2009 Interim Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report and such 2009 Interim Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our Annual Report or in the 2009 Interim Report.
NOTE 3 Summary of Significant Accounting Policies
See Note 2 “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in our Annual Report and Note 1 “Organization” in the Notes to Consolidated Financial Statements included in our 2009 Interim Report for a summary of the accounting policies that we consider to be significant.
NOTE 4 Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders
In general, each of the Operating Properties collects cash receipts in a property-specific lockbox and such receipts are transferred daily to a centralized GGPLP cash management account from which cash disbursements are funded. Accordingly, none of the Debtors that directly or indirectly own specific Operating Properties disburse funds to outside parties; all such disbursements are made by GGPLP on behalf of such Debtors. Therefore, at any and all points in time, GGPLP maintains, for each Debtor, an individual net balance of all such cash transfers and disbursements made that pertain to such Debtor. This intercompany account between GGPLP and the respective Debtor is reconciled monthly. As described in Note 1, the Bankruptcy Court has approved the continuation of this centralized cash management system. Mortgage lenders to the Operating Properties were granted a lien on the centralized GGPLP cash management account. In addition, the Debtors agreed to maintain a cash reserve in such account equal to the net cash transferred from the Operating Properties subject to liens since the Petition Date.
On November 30, 2009, the aggregate cumulative post-petition intercompany amounts due (to) from GGPLP with respect to Debtors that own Operating Properties with mortgage lenders possessing the lien rights on the centralized GGPLP cash management account described above, were $428.8 million. In addition, as of December 24, 2009, the aggregate amount held in the combined GGPLP cash account upon which the first-lien holders have such lien rights was approximately $480.6 million.
All bank accounts, both property specific and centralized, are reconciled monthly. Highly-liquid investments with maturities at dates of purchase of three months or less are classified as cash equivalents. As part of the adequate protection being provided to lenders of the Operating Properties, the Debtors will continue to provide reporting information to those lenders as required by their individual loan agreements. The Debtors have agreed to provide such information to the Office of the United States Trustee on a confidential basis upon reasonable request.

7


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 5 Certain Other Assets and Liabilities and Liabilities Subject to Compromise
The following table summarizes the significant components of prepaid expenses and other assets of the Debtors:
         
    November 30, 2009  
    (In thousands)  
Below-market ground leases
  $ 182,792  
Prepaid expenses
    79,776  
Real estate tax stabilization agreement
    71,934  
Receivables — finance leases and bonds
    69,728  
Special Improvement District receivable
    48,621  
Security and escrow deposits
    43,807  
Above-market tenant leases
    24,434  
Deferred tax, net of valuation allowances
    11,908  
Other
    13,753  
 
     
Total prepaid expenses and other assets
  $ 546,753  
 
     
The components of combined security and escrow deposits of the Debtors are summarized as follows:
         
    November 30, 2009  
    (In thousands)  
Utility and other security deposits
  $ 28,597  
Operating funds — restricted
    6,879  
Construction/major maintenance reserves
    4,241  
Collateralized letters of credit and other credit support
    1,908  
Real estate tax escrows
    379  
Other miscellaneous escrows
    1,803  
 
     
Total security and escrow deposits
  $ 43,807  
 
     

8


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
The following table summarizes the significant components of accounts payable and accrued expenses of the Debtors. Substantially all amounts included in the unpaid or accrued balances listed below that are considered LTSC are past due at November 30, 2009, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).
         
    November 30, 2009  
    (In thousands)  
Accrued interest
  $ 349,743  
Accounts payable and accrued expenses
    298,342  
Construction payable
    144,886  
Uncertain tax position liabilities
    120,691  
Deferred gains/income
    80,597  
Accrued payroll and other employee liabilities
    76,808  
Accrued real estate taxes
    75,502  
Hughes accrued participation
    69,081  
Below-market tenant leases
    55,824  
Unapplied cash receipts
    40,972  
Accounts payable to affiliates
    (90,826 )
Other
    188,664  
 
     
Total accounts payable and accrued expenses
    1,410,284  
Less: amounts not subject to compromise
    (735,374 )
 
     
Total accounts payable and accrued expenses subject to compromise
  $ 674,910  
 
     
The following table summarizes the amounts of LSTC at November 30, 2009:
         
    (In thousands)  
Mortgages and secured notes
  $ 15,839,482  
Unsecured notes
    5,994,186  
Accounts payable and accrued expenses
    674,910  
 
     
Total liabilities subject to compromise
  $ 22,508,578  
 
     
NOTE 6 Rejected Contracts and Related Matters
In addition to our mortgage and other debt, current liabilities and liens, the Debtors are subject to certain executory contracts. The Debtors, subject to the approval of the Bankruptcy Court, may assume or reject these contracts. Although the Debtors are considering the rejection of certain of such contracts (except for our operating property tenant leases), only one such contract, that of an unexpired lease of office space that was no longer occupied by the Debtors, has been rejected as of November 30, 2009. Additional contracts may have been rejected, or will be rejected, pursuant to the Track 1 Plan. Claims may result if an executory contract is rejected; however, no such potential claims have been recorded or reflected at this time. As of November 12, 2009, the Bankruptcy Court approved time period to assume or reject any unexpired lease where a Debtor is a lessee expired with no additional leases being rejected.

9


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 7 General and Administrative Expenses and Reorganization Items
General and Administrative expenses consist of the centralized costs of managing the portfolio of assets owned by the Company, which includes the Debtors. Significant subcategories of such overhead costs are listed in the following schedule:
                 
            Cumulative Post-  
    Month Ended     Petition Period Ended  
General and Administrative Expenses   November 30, 2009     November 30, 2009  
    (In thousands)  
Insider compensation
  $ 474     $ 9,041  
Public Company expense*
    538       29,107  
Travel, entertainment, insurance and other
    463       2,902  
 
           
Total general and administrative
  $ 1,475     $ 41,050  
 
           
 
*   This amount includes routine operating professional fees, including any fees incurred for “retained professionals”. Professional fees related to the Chapter 11 Cases are reported separately within reorganization items.
Reorganization items under the bankruptcy filings are expense and income items that were incurred or realized by the Debtors as a result of the Chapter 11 Cases and are presented separately in the unaudited condensed combined statement of operations of the Debtors. These items include professional fees and similar types of expenses incurred directly related to the bankruptcy filings, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors. Reorganization items are as follows:
                 
            Cumulative Post-  
    Month Ended     Petition Period Ended  
Reorganization Items income (expense)   November 30, 2009     November 30, 2009  
    (In thousands)  
Gains on liabilities subject to compromise (1)
  $ (1,207 )   $ (6,737 )
Interest income (2)
    (6 )     (30 )
U.S. Trustee fees (3)
    345       3,726  
Restructuring costs — Chapter 11 Retained Professionals (4)
    5,773       61,148  
Restructuring costs — other professional fees (5)
    72       5,624  
 
           
Total reorganization items
  $ 4,977     $ 63,731  
 
           
 
(1)   This amount primarily includes repudiation, rejection or termination of contracts or guarantee of obligations. At November 30, 2009, such cumulative gains reflect agreements reached with certain critical vendors (as defined), which were authorized by the Bankruptcy Court and for which certain payments on an installment basis began in July 2009.
 
(2)   Interest income primarily reflects amounts earned on cash accumulated as a result of the Chapter 11 Cases.
 
(3)   Estimate of fees due for applicable reporting periods remain subject to confirmation and review by the U.S. Trustee.
 
(4)   See Schedule VIII which sets forth those professionals whose retention was approved by separate order of the Bankruptcy Court. Certain of the retained professionals have agreements that provide for success or completion fees that are payable upon the consummation of specified restructuring or sale transactions.
 
(5)   These fees relate to costs incurred by the Debtors for services rendered by non-attorney, non-core Chapter 11 professionals.

10


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE I
COMBINED CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
                         
    Month Ended November 30, 2009  
                    Combined  
    Debtors     Eliminations     Debtors  
    (In thousands, except for per share amounts)  
Revenues:
                       
Minimum rents
  $ 141,216     $ (10 )   $ 141,206  
Tenant recoveries
    62,657             62,657  
Overage rents
    5,776             5,776  
Land sales
    746             746  
Other
    6,414             6,414  
 
                 
Total revenues
    216,809       (10 )     216,799  
 
                 
Expenses:
                       
Real estate taxes
    20,157             20,157  
Repairs and maintenance
    18,143             18,143  
Marketing
    3,625             3,625  
Ground and other rents
    928       4       932  
Other property operating costs
    25,708       (28 )     25,680  
Land sales operations
    1,511             1,511  
Provision for doubtful accounts
    75             75  
Property management and other costs
    9,300       29       9,329  
General and administrative
    1,489       (14 )     1,475  
Provisions for impairment
                 
Depreciation and amortization
    50,700             50,700  
 
                 
Total expenses
    131,636       (9 )     131,627  
 
                 
Operating income
    85,173       (1 )     85,172  
 
                       
Interest (expense) income, net
    (94,840 )     195       (94,645 )
(Loss) income before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items
    (9,667 )     194       (9,473 )
Provision for income taxes
    (1,831 )           (1,831 )
Equity in income of Real Estate Affiliates
    155       10,734       10,889  
Reorganization items
    (4,977 )           (4,977 )
 
                 
Net (loss) income
    (16,320 )     10,928       (5,392 )
Allocation to noncontrolling interests
    (1,067 )     75       (992 )
 
                 
Net (loss) income attributable to common stockholders
  $ (17,387 )   $ 11,003     $ (6,384 )
 
                 
 
                       
Basic and Diluted Earnings Per Share:
  $ (0.06 )   $ 0.04     $ (0.02 )
 
                       
Comprehensive Loss, Net:
                       
Net (loss) income attributable to common stockholders
  $ (17,387 )   $ 11,003     $ (6,384 )
Other comprehensive income, net:
                       
Unrealized gains, net of unrealized losses, on financial instruments
    1,064       (24 )     1,040  
Accrued pension adjustment
    183             183  
Foreign currency translation
    (783 )     17       (766 )
 
                 
Other comprehensive income (loss), net
    464       (7 )     457  
 
                 
Comprehensive loss attributable to common stockholders
  $ (16,923 )   $ 10,996     $ (5,927 )
 
                 
The accompanying notes are an integral part of these combined condensed financial statements.

11


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)
                         
    Month Ended November 30, 2009  
                    Combined  
    Debtors     Eliminations     Debtors  
            (In thousands)          
Assets:
                       
Investment in real estate:
                       
Land
  $ 2,946,948     $     $ 2,946,948  
Buildings and equipment
    19,475,610             19,475,610  
Less accumulated depreciation
    (4,074,153 )           (4,074,153 )
Developments in progress
    852,507       (72,387 )     780,120  
 
                 
Net property and equipment
    19,200,912       (72,387 )     19,128,525  
Investment in and loans to/from Unconsolidated Real Estate Affiliates
    610,519       (220,117 )     390,402  
Investment property and property held for development and sale
    1,116,106       72,126       1,188,232  
Investment in controlled non-debtor entities
    16,682,801       (12,700,176 )     3,982,625  
 
                 
Net investment in real estate
    37,610,338       (12,920,554 )     24,689,784  
Cash and cash equivalents
    718,841       20,316       739,157  
Accounts and notes receivable, net
    332,173             332,173  
Goodwill
    205,257             205,257  
Deferred expenses, net
    238,635             238,635  
Prepaid expenses and other assets
    576,971       (30,218 )     546,753  
 
                 
Total assets
  $ 39,682,215     $ (12,930,456 )   $ 26,751,759  
 
                 
 
                       
Liabilities and Equity:
                       
Mortgages, notes and loans payable
  $ 400,000     $     $ 400,000  
Investment in and loans to/from Unconsolidated Real Estate Affiliates
    32,363             32,363  
Deferred tax liabilities
    906,021             906,021  
Accounts payable and accrued expenses
    757,938       (22,564 )     735,374  
 
                 
Total liabilities not subject to compromise
    2,096,322       (22,564 )     2,073,758  
Liabilities subject to compromise
    22,989,432       (480,854 )     22,508,578  
 
                 
Total liabilities
    25,085,754       (503,418 )     24,582,336  
 
                 
 
                       
Redeemable noncontrolling interests:
                       
Preferred
    120,756             120,756  
Common
    23,254       12,432       35,686  
 
                 
Total redeemable noncontrolling interests
    144,010       12,432       156,442  
 
                 
 
                       
Commitments and Contingencies
                 
 
                       
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding
                 
 
                       
Equity:
                       
Common stock: $.01 par value; 875,000,000 shares authorized, 313,831,467 shares issued as of November 30, 2009
    3,138             3,138  
Additional paid-in capital
    9,577,663       (5,783,672 )     3,793,991  
Retained earnings (accumulated deficit)
    4,938,034       (6,655,889 )     (1,717,855 )
Accumulated other comprehensive loss
    (3,707 )     90       (3,617 )
Less common stock in treasury, at cost, 1,449,939 shares as of November 30, 2009
    (76,752 )           (76,752 )
 
                 
Total stockholder’s equity
    14,438,376       (12,439,471 )     1,998,905  
Noncontrolling interests in consolidated real estate affiliates
    14,076             14,076  
 
                 
Total equity
    14,452,452       (12,439,471 )     2,012,981  
 
                 
Total liabilities and equity
  $ 39,682,216     $ (12,930,457 )   $ 26,751,759  
 
                 
The accompanying notes are an integral part of these combined condensed financial statements.

12


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE III
SCHEDULE OF PAYROLL AND PAYROLL TAXES
(UNAUDITED)
as of and for the month ended November 30, 2009
         
Gross Wage   Employee Payroll   Employer Payroll
Expense   Taxes Withheld (a)   Taxes Remitted (b)
    (In thousands)    
$15,741
  $3,407   $854
 
(a)   Employee Payroll Taxes are withheld each pay period and remitted by the Company, together with the Employer Payroll Taxes, to the appropriate tax authorities.
 
(b)   Gross Wages are generally paid by the Company on behalf of the Debtors every two weeks, and were last paid in this period, including withholding amounts, on November 20, 2009.
SCHEDULE IV
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES
(UNAUDITED)
                 
            Amounts Paid  
    Amount Accrued     Month Ended  
    November 30, 2009     November 30, 2009  
    (In thousands)  
Federal and state income taxes
  $ 2,996     $  
 
           
State and local taxes:
               
Property *
    75,502       31,463  
Sales and use
    1,487       1,331  
Franchise
    1,792       42  
Other
    68       50  
 
           
Total state and local taxes
    78,849       32,886  
 
           
Total taxes
  $ 81,845     $ 32,886  
 
           
 
*   Additional detail on the property taxes by Operating Property is listed below.

13


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
10 COLUMBIA CORPORATE CENTER
  $     $  
10000 COVINGTON CROSS
           
10000 WEST CHARLESTON
           
10190 COVINGTON CROSS
           
1120/40 TOWN CENTER DRIVE
           
1160/80 TOWN CENTER DRIVE
           
1201/41 TOWN CENTER DR 2ND U3
           
1201/41 TOWN CENTER DRIVE
           
1240 ALA MOANA BLVD
           
1251/81 TOWN CENTER DRIVE
           
1290 ALA MOANA BLVD
           
1551 HILLSHIRE DRIVE
          30  
1635 VILLAGE CENTER CIRCLE
           
1645 VILLAGE CENTER CIRCLE
           
20 COLUMBIA CORPORATE CENTER
           
30 COLUMBIA CORPORATE CENTER
           
306 KAMANI STREET
           
324 KAMAUNI STREET
           
330 KAMANI STREET
           
40 COLUMBIA CORPORATE CENTER
           
404 WARD AVENUE
           
420 WARD AVENUE
           
4848 OUTPARCEL
    19        
50 COLUMBIA CORPORATE CENTER
           
506 AHUI STREET
           
532 AHUI STREET BUILDING
           
60 COLUMBIA CORPORATE CENTER
           
801 HALEKAUWILA STREET
           
834 POHUKAINA ST.
           
837 HALEKAUWILA STREET
           
849/863 HALEKAUWILA STREET
           
900 HALEKAUWILA STREET
           
955 KAWAIAHAO STREET
           
955 WAIMANU STREET
           
956 KAWAIAAHAO (PARK LOT)
           
956 QUEEN STREET
           
9901/21 COVINGTON CROSS
           
9950/80 COVINGTON CROSS
           
ALA MOANA CENTER
    2,427        
ALA MOANA PACIFIC CENTER
           

14


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
ALA MOANA PLAZA
           
ALA MOANA TOWER
           
ALA MOANA-KAPIOLANI PROPERTIES
           
ALA MOANA-KONA STREET
           
ALAMEDA PLAZA
    167        
ANIMAS VALLEY MALL
    94       114  
APACHE MALL
           
ARIZONA CENTER
    10       184  
ARIZONA CENTER ARIZONA CENTER ONE
    19       402  
ARIZONA CENTER ARIZONA CENTER TWO
    16       545  
ARIZONA CENTER CINEMA
    17        
ARIZONA CENTER GARDEN OFFICE
    4        
ARIZONA CENTER OFFICE
    10        
ARIZONA CENTER OTHER
           
ARIZONA CENTER PARKING
    13       113  
ARIZONA CENTER-WEST PRKNG LOT
           
AUGUSTA MALL
          638  
AUGUSTA MALL ANCHOR ACQ
          347  
AUSTIN BLUFFS PLAZA
    46        
AUSTIN MALL LTD PARTNERSHIP
           
BAILEY HILL
          20  
BASKIN ROBBINS
    6        
BAY CITY MALL
           
BAYSHORE MALL
    200        
BEACHWOOD PLACE
    3,580        
BELLIS FAIR
          54  
BIRCHWOOD MALL
    69        
BOISE TOWN SQUARE ANCHOR ACQ
    69        
BOISE TOWNE PLAZA
    193        
BOISE TOWNE SQUARE
    1,647        
BRASS MILL CENTER
           
BRASS MILL COMMONS
           
BURLINGTON TOWN CENTER
          147  
BURLINGTON TOWN CENTER OFFICE
          26  
CACHE VALLEY MALL
          248  
CACHE VALLEY MARKETPLACE
          109  
CALENDONIAN HOLDING
           
CANYON POINT
           
CAPITAL MALL
    282        
CENTURY PLAZA
    73        

15


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
CHAPEL HILLS MALL
    1,144        
CHICO MALL
    206        
CHULA VISTA CENTER
    329        
COLLIN CREEK
    1,672        
COLLIN CREEK-DILLARDS
           
COLONY SQUARE MALL
    352        
COLUMBIA BANK DRIVE THRU
           
COLUMBIA CENTER-C.A. BUILDING
           
COLUMBIA CENTER-EXHIBIT BLDG
           
COLUMBIA DEVELOPMENT CORPORATION
           
COLUMBIA MALL
    514        
COLUMBIANA CENTER
    1,403        
CORONADO MALL
    318       385  
CORPORATE POINTE #2
          26  
CORPORATE POINTE #3
          38  
COTTONWOOD MALL
          283  
COTTONWOOD SQUARE
          41  
COUNTRY HILL PLAZA
          135  
CROSSING BUSINESS CENTER #6
           
CROSSING BUSINESS CENTER #7
           
CROSSROADS CENTER (MN)
           
DEERBROOK MALL
    1,305        
DEERBROOK MALL ANCHOR ACQ
    61        
DIVISION CROSSING
          235  
DMV BUILDING
           
EAGLE RIDGE MALL
          538  
EASTRIDGE MALL (CA)
    71       43  
EASTRIDGE MALL (WY)
    112       134  
EDEN PRAIRIE CENTER
           
EDEN PRAIRIE CENTER ANCHOR ACQ
           
ELK GROVE PROMENADE
    1,284        
FALLBROOK CENTER
          750  
FANEUIL HALL MARKETPLACE
           
FANEUIL HALL MKTPL.-N.OFFICE
           
FANEUIL HALL MKTPL.-N.RETAIL
           
FANEUIL HALL MKTPL.-QUINCY
           
FANEUIL HALL MKTPL.-S.RETAIL
           
FANEUIL HALL OFFICE
           
FANUEUIL HALL MKTPL.-S.OFFICE
           
FASHION PLACE
    5       904  

16


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
FASHION PLACE ANCHOR ACQ
           
FASHION SHOW
          5  
FIFTY COLUMBIA CORPORATE CTR, INC.
           
FOODMAKER, INC.
           
FOOTHILLS MALL
    850        
FORT UNION
          66  
FORTY COLUMBIA CORP CTR, INC.
           
FOUR SEASONS TOWN CENTRE MALL
           
FOUR STATE/TRC OF NEVADA
           
FOX RIVER MALL
    1,317        
FREMONT VILLAGE
           
GARDEN OFFICE BUILDING
           
GATEWAY CROSSING SHOPPING CTR
          194  
GATEWAY MALL
          952  
GGPLP-SHARED
    1,038       446  
GGPLP-VICTORIA WARD
           
GLENBROOK SQUARE
    4,106       2,319  
GLENBROOK SQUARE ANCHOR ACQ
    120        
GRAND TETON MALL
    729        
GRAND TETON PLAZA
    164        
GRAND TRAVERSE MALL
    59        
GREENGATE MALL, INC.
           
GREENWOOD MALL
    70        
HALEKAUWILA BUILDING
           
HALSEY CROSSING
          75  
HARBORPLACE
           
COLUMBIA HRD BENSON LEASES
           
HUGHES SUMMERLIN OTHER
           
HULEN MALL
    1,839        
JORDAN CREEK TOWN CENTER
    3,898        
JP REALTY ADJUSTMENTS
           
KADOWAKI, JAY
           
KAMAKEE BUILDING
           
KAMANI BUILDING
           
KENDALL TOWN CENTER
    (860 )     860  
KLING TRUST (CLIFFORD ET AL)
           
KNOLLWOOD MALL
           
LAKEMOOR
           
LAKESIDE MALL
           

17


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
LAKEVIEW SQUARE
    163        
LANDMARK MALL
          244  
LANSING MALL
    378        
LINCOLNSHIRE COMMONS
    384        
LOCKPORT MALL
           
LYNNHAVEN MALL
          1,237  
MALL AT SIERRA VISTA
    181        
MALL OF LOUISIANA
    839        
MALL OF LOUSIANA POWER CENTER
    134        
MALL OF THE BLUFFS
    1,996        
MALL ST. MATHEWS
          684  
MALL ST. VINCENT
    573        
MARKET PLACE SHOPPING CENTER
    1,533        
MAYFAIR BANK TOWER
    282        
MAYFAIR MALL
    4,070        
MAYFAIR NORTH TOWER
    295        
MAYFAIR PROFESSIONAL
    112        
MAYFAIR-AURORA HEALTH CENTER
    268        
MONDAWMIN MALL
           
MONDAWMIN MALL-OFFICE
           
MORENO VALLEY MALL
    214        
NATICK-NOUVELLE AT NATICK
    (399 )      
NEIGHBORHOOD STORES
           
NEWGATE MALL
          723  
NEWPARK MALL
    33       38  
NEWPARK MALL ANCHOR ACQ
           
NORTH PLAINS MALL
    24        
NORTH POINT MALL
    2,196        
NORTH STAR MALL
    1,415       1,927  
NORTH STAR MALL ANCHOR ACQ
    174        
NORTH TOWN MALL
          15  
NORTHGATE MALL
    594        
NORTHRIDGE FASHION CENTER
    36       1,173  
OAKWOOD CENTER
    419        
OAKWOOD MALL
    1,083        
OGLETHORPE MALL
          439  
OREM PLAZA CENTER STREET
          71  
OREM PLAZA STATE STREET
          35  
OTHER HUGHES PROPERTIES
           
OVIEDO MARKETPLACE
          659  
OWINGS MALL
           

18


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
OWINGS MILLS-OFFICE ALLOCATIONS
           
OXMOOR MALL
    (38 )     729  
PARK CITY CENTER
           
PARK MEADOWS
           
PARK PLACE
    544        
PARK WEST
    364       227  
PEACHTREE MALL
          844  
PECANLAND MALL
    584        
PECANLAND MALL ANCHOR ACQ
    46        
PIEDMONT MALL
          117  
PIERRE BOSSIER MALL
    216        
PINE RIDGE MALL
    417        
PIONEER PLACE
          2,178  
PIONEER PLACE LP EXPANSION
           
PIONEER TOWER
           
PIONEER TOWER GARAGE
           
PLAZA 800
           
PLAZA 9400
          147  
POHUKAINA CENTER
           
POHUKAINA COURT
           
PRICE NT CORP
           
PRINCE KUHIO PLAZA
           
PROVIDENCE PLACE
           
PROVO PLAZA
          43  
RED CLIFFS MALL
          269  
RED CLIFFS PLAZA
          60  
REDLANDS PROMENADE
    92        
REGENCY SQUARE MALL
          1,556  
RIDGEDALE CENTER
           
RIDGLEY BUILDING
           
RIO WEST MALL
    88       106  
RIVER FALLS
    692       760  
RIVER HILLS MALL
    1,463        
RIVER POINTE PLAZA
          95  
RIVERLANDS SHOPPING CENTER
    53        
RIVERSIDE PLAZA
          151  
RIVERTOWN CROSSINGS
    67        
ROGUE VALLEY MALL
          806  
SAINT LOUIS GALLERIA
    3,488        
SALEM CENTER
          548  
SIKES SENTER
    1,107        

19


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
SILVER LAKE MALL
    219        
SOONER MALL
    366        
SOUTH STREET MARKETPLACE THEAT
    162        
SOUTH STREET SEAPORT
           
SOUTHLAKE MALL
          1,097  
SOUTHLAND CENTER (MI)
           
SOUTHLAND MALL (CA)
           
SOUTHSHORE MALL
           
SOUTHWEST OFF CTR I
    155        
SOUTHWEST OFF CTR II
    48        
SOUTHWEST PLAZA
    2,096        
SPRING HILL MALL
    2,100        
ST LOUIS GALLERIA ANCH ACQ
    70        
STATEN ISLAND ALLOCATION-B
           
STATEN ISLAND MALL
           
STATEN ISLAND MALL CENTER, INC
           
STATEN ISLAND MALL PHASE I
           
STATEN ISLAND MALL PHASE II
           
STATEN ISLAND THE CROSSINGS
           
STATEN ISLAND-ALLOCATION A
           
STEEPLEGATE MALL
           
STONESTOWN GALLERIA
           
STONESTOWN MEDICAL BUILDING
           
THE BOULEVARD MALL
           
THE BRIDGES AT MINT HILL
    18        
THE COMMONS AT FOOTHILLS MALL
    29        
THE CROSSROADS (MI)
           
THE GALLERY AT HARBORPLACE
           
THE GALLERY AT HARBORPLACE-GARAGE
    1,059        
THE GALLERY AT HARBORPLACE-OFFICE
           
THE GALLERY AT HARBORPLACE-OTHER
           
THE GRAND CANAL SHOPPES
           
THE HUGHES CORPORATION
           
THE MAINE MALL
    34       925  
THE PINES
    90        
THE PLAZA AT FOOTHILLS MALL
    70        
THE SHOPPES AT DETROIT GATEWAY
           
THE SHOPPES AT THE PALAZZO
           
THE SHOPS AT FALLEN TIMBERS
    1,670        
THE SHOPS AT FOOTHILLS MALL
    112        

20


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
THE SHOPS AT SUMMERLIN CENTRE
          264  
THE VILLAGE AT REDLANDS
           
THE VILLAGE OF CROSS KEYS
          4  
THE VILLAGE OF CROSS KEYS OFFICE
           
THE WOODLANDS MALL
    1,456        
THE WOODLANDS MALL ANCHOR ACQ
    85        
THHC LAND (WOBU)
           
THREE RIVERS MALL
           
TOWN EAST MALL
    3,262        
TRCLP
           
TRCLP OPER PROP ADJ
           
TRCLP-SOLD/CLOSED
           
TRS — PARK WEST
           
TRS 9
           
TRS1 LAND ADJUSTMENT
           
TRS2-SOLD PROPERTIES
           
TRS3-SOLD PROPERTIES
           
TRS5-SOLD PROPERTIES
           
TUCSON ANCHOR ACQ
    27        
TUCSON ENTERTAINMENT PAVILION
    17        
TUCSON MALL
    401        
TWINS FALLS CROSSINGS
    31        
TYSONS GALLERIA
          1,221  
UNIVERSITY CROSSING
          243  
VALLEY HILLS MALL
    445        
VALLEY PLAZA ANCHOR ACQ
           
VALLEY PLAZA MALL
    492        
VCK ALLOCATION
           
VCK ALLOCATION-ALL
           
VCK CROSS KEYS INN
           
VICTORIA WARD ADJ
           
VICTORIA WARD SHARED OPERATION
    (26 )      
VILLAGE AT JORDAN CREEK
    1,024        
VILLAGE SQUARE-RETAIL PH III
           
VISALIA MALL
    184       5  
VISTA COMMONS
           
VISTA RIDGE MALL
    1,909        
WARD ENTERTAINMENT CENTER
          1  
WARD PLAZA
          1  
WASHINGTON PARK MALL
    145        
WEST VALLEY MALL
    306       118  
WESTWOOD MALL
    26        

21


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
                 
    Property Tax  
            Amount Paid  
    Amount Accrued     Month Ended  
Operating Property   November 30, 2009     November 30, 2009  
    (In thousands)  
WHITE MARSH MALL
          10  
WHITE MOUNTAIN MALL
    45       54  
WILLOWBROOK MALL (NJ)
          233  
WOODBRIDGE CENTER
           
WOODLANDS VILLAGE
    44        
YELLOWSTONE SQUARE
    84        
LUFKIN MALL
           
 
           
 
  $ 75,502     $ 31,463  
 
           

22


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
South Street Seaport Limited Partnership
    09-11963     $ 724  
Seaport Marketplace, LLC
    09-11964        
Seaport Marketplace Theatre, LLC
    09-11965       6  
Lockport L.L.C.
    09-11966       2  
RASCAP Realty, Ltd.
    09-11967        
Bellis Fair Partners
    09-11968       616  
GGP-Mint Hill L.L.C.
    09-11969        
Pines Mall Partners
    09-11970       162  
GGP-Grandville L.L.C.
    09-11971       1,004  
GGP-Grandville II L.L.C.
    09-11972        
GGP-Redlands Mall, L.P.
    09-11973       45  
La Place Shopping, L.P.
    09-11974       179  
GGP-Tucson Land L.L.C.
    09-11975       4  
Tucson Anchor Acquisition, LLC
    09-11976       185  
General Growth Properties, Inc.
    09-11977        
GGP Limited Partnership
    09-11978       35,117  
Rouse LLC
    09-11979        
GGP American Properties Inc.
    09-11980        
Caledonian Holding Company, Inc.
    09-11981        
GGPLP L.L.C.
    09-11982        
Rouse Company LP, The
    09-11983       2,892  
TRC Co-Issuer, Inc.
    09-11984        
Oakwood Shopping Center Limited Partnership
    09-11985       467  
Alameda Mall Associates
    09-11986       495  
Bay Shore Mall Partners
    09-11987       300  
Chico Mall, L.P.
    09-11988       450  
Lansing Mall Limited Partnership
    09-11989       325  
GGP-Pecanland, L.P.
    09-11990       415  
GGP-Pecanland II, L.P.
    09-11991        
Southland Mall, L.P.
    09-11992       879  
South Shore Partners, L.P.
    09-11993       39  
Price Financing Partnership, L.P.
    09-11994        
Price GP L.L.C.
    09-11995        
HHP Government Services, Limited Partnership
    09-11996        
Ho Retail Properties I Limited Partnership
    09-11997       265  
New Orleans Riverwalk Associates
    09-11998       337  
New Orleans Riverwalk Limited Partnership
    09-11999        
White Marsh General Partnership
    09-12000       685  
White Marsh Mall Associates
    09-12001       685  
White Marsh Phase II Associates
    09-12002       685  

23


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
Parke West, LLC
    09-12003       281  
GGP-Newpark L.L.C.
    09-12004       495  
Elk Grove Town Center, L.P.
    09-12005       39  
Baltimore Center Associates Limited Partnership
    09-12006       1,254  
Baltimore Center Garage Limited Partnership
    09-12007       87  
Century Plaza L.L.C.
    09-12008       36  
Harbor Place Associates Limited Partnership
    09-12009       336  
Price Development Company, Limited Partnership
    09-12010       369  
Rouse-Phoenix Theatre Limited Partnership
    09-12011       6  
Rouse-Arizona Retail Center Limited Partnership
    09-12012       451  
Rouse-Phoenix Master Limited Partnership
    09-12013        
Saint Louis Land L.L.C.
    09-12014        
Southland Center, LLC
    09-12015       937  
GGP-North Point Land L.L.C.
    09-12016        
Majestic Partners-Provo, LLC
    09-12017       49  
GGP-Mall of Louisiana, L.P.
    09-12018       3,795  
NewPark Anchor Acquisition, LLC
    09-12019        
Parkview Office Building Limited Partnership
    09-12020       47  
Parkside Limited Partnership
    09-12021       27  
Park Square Limited Partnership
    09-12022       101  
Rouse SI Shopping Center, LLC
    09-12023       2,226  
Augusta Mall, LLC
    09-12024       1,883  
Burlington Town Center LLC, The
    09-12025       462  
Fashion Show Mall LLC
    09-12026       4,414  
GGP Ala Moana L.L.C.
    09-12027       9,740  
GGP Jordan Creek L.L.C.
    09-12028       1,119  
GGP Village at Jordan Creek L.L.C.
    09-12029       15  
GGP-Four Seasons L.L.C.
    09-12030       789  
Lincolnshire Commons, LLC
    09-12031       221  
Phase II Mall Subsidiary, LLC
    09-12032       2,277  
St. Cloud Mall L.L.C.
    09-12033       729  
Valley Hills Mall L.L.C.
    09-12034       463  
GGP Holding, Inc.
    09-12035       212  
The Rouse Company BT, LLC
    09-12036        
Rouse Company Operating Partnership LP, The
    09-12037        
10000 West Charleston Boulevard, LLC
    09-12040       177  
10190 Covington Cross, LLC
    09-12041       14  
1120/1140 Town Center Drive, LLC
    09-12042       51  
1160/1180 Town Center Drive, LLC
    09-12043       26  
1201-1281 Town Center Drive, LLC
    09-12044       41  

24


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
1251 Center Crossing, LLC
    09-12045        
1450 Center Crossing Drive, LLC
    09-12046       11  
1451 Center Crossing Drive, LLC
    09-12047       5  
1551 Hillshire Drive, LLC
    09-12048       150  
1635 Village Centre Circle, LLC
    09-12049       14  
1645 Village Center Circle, LLC
    09-12050       41  
9901-9921 Covington Cross, LLC
    09-12051       5  
9950-9980 Covington Cross, LLC
    09-12052       6  
Alameda Mall, L.L.C.
    09-12053        
Apache Mall, LLC
    09-12054       321  
Arizona Center Parking, LLC
    09-12055       167  
Augusta Mall Anchor Acquisition, LLC
    09-12056       361  
Augusta Mall Anchor Holding, LLC
    09-12057        
Augusta Mall Holding, LLC
    09-12058        
Austin Mall Limited Partnership
    09-12059        
Austin Mall, LLC
    09-12060        
Bakersfield Mall, Inc.
    09-12061        
Bakersfield Mall LLC
    09-12062       3,003  
Baltimore Center, LLC
    09-12063        
Bay City Mall Associates L.L.C.
    09-12064       227  
Bay Shore Mall II L.L.C.
    09-12065        
Bay Shore Mall, Inc.
    09-12066        
Beachwood Place Holding, LLC
    09-12067        
Beachwood Place Mall, LLC
    09-12068       1,470  
Benson Park Business Trust
    09-12069        
Birchwood Mall, LLC
    09-12070       105  
Boise Mall, LLC
    09-12071       1,015  
Boise Town Square Anchor Acquisition, LLC
    09-12072       1  
Boise Towne Plaza L.L.C.
    09-12073       53  
Boulevard Associates
    09-12074       758  
Boulevard Mall, Inc.
    09-12075        
Boulevard Mall I LLC
    09-12076        
Boulevard Mall II LLC
    09-12077        
BTS Properties L.L.C.
    09-12078        
Cache Valley, LLC
    09-12079       432  
Century Plaza, Inc.
    09-12080        
Champaign Market Place L.L.C.
    09-12081       721  
Chapel Hills Mall L.L.C.
    09-12082       818  
Chattanooga Mall, Inc.
    09-12083        
Chico Mall L.L.C.
    09-12084        

25


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
Chula Vista Center, LLC
    09-12085       285  
Collin Creek Anchor Acquisition, LLC
    09-12086        
Collin Creek Mall, LLC
    09-12087       630  
Colony Square Mall L.L.C.
    09-12088       116  
Columbia Mall L.L.C.
    09-12089       1,498  
Coronado Center L.L.C.
    09-12090       1,481  
Coronado Center Holding L.L.C.
    09-12091        
Cottonwood Mall, LLC
    09-12092       487  
Country Hills Plaza, LLC
    09-12093       215  
Deerbrook Mall, LLC
    09-12094       1,319  
DK Burlington Town Center LLC
    09-12095        
Eagle Ridge Mall, Inc.
    09-12096        
Eagle Ridge Mall, L.P.
    09-12097       1,039  
Eastridge Shopping Center L.L.C.
    09-12098       1,323  
Eden Prairie Anchor Building L.L.C.
    09-12099       6  
Eden Prairie Mall, Inc.
    09-12100        
Eden Prairie Mall L.L.C.
    09-12101       596  
Elk Grove Town Center L.L.C.
    09-12102        
ER Land Acquisition L.L.C.
    09-12103        
Fallbrook Square Partners Limited Partnership
    09-12104       1,281  
Fallbrook Square Partners L.L.C.
    09-12105        
Fallen Timbers Shops, LLC
    09-12106       252  
Fallen Timbers Shops II, LLC
    09-12107        
Faneuil Hall Marketplace, LLC
    09-12108       1,262  
Fashion Place, LLC
    09-12109       2,761  
Fashion Place Anchor Acquisition, LLC
    09-12110        
Fifty Columbia Corporate Center, LLC
    09-12111        
Forty Columbia Corporate Center, LLC
    09-12112        
Fox River Shopping Center, LLC
    09-12113       1,370  
Franklin Park Mall, LLC
    09-12114        
Franklin Park Mall Company, LLC
    09-12115        
Gateway Crossing L.L.C.
    09-12116       266  
Gateway Overlook Business Trust
    09-12117       424  
Gateway Overlook II Business Trust
    09-12118        
GGP Acquisition, L.L.C.
    09-12119        
GGP Ala Moana Holdings L.L.C.
    09-12120        
GGP American Holdings Inc.
    09-12121        
GGP General II, Inc.
    09-12122        
GGP Holding II, Inc.
    09-12123        
GGP Holding Services, Inc.
    09-12124        

26


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
GGP Ivanhoe II, Inc.
    09-12125        
GGP Ivanhoe IV Services, Inc.
    09-12126        
GGP Kapiolani Development L.L.C.
    09-12127       29  
GGP Knollwood Mall, LP
    09-12128       401  
GGP Natick Residence LLC
    09-12129       417  
GGP Savannah L.L.C.
    09-12130        
GGP/Homart, Inc.
    09-12131       12  
GGP/Homart Services, Inc.
    09-12132        
GGP-Bay City One, Inc.
    09-12133        
GGP-Brass Mill, Inc.
    09-12134       1,038  
GGP-Burlington L.L.C.
    09-12135        
GGP-Canal Shoppes L.L.C.
    09-12136        
GGP-Foothills L.L.C.
    09-12137       189  
GGP-Glenbrook L.L.C.
    09-12138       3,315  
GGP-Glenbrook Holding L.L.C.
    09-12139       3  
GGP-Grandville Land L.L.C.
    09-12140        
GGP-La Place, Inc.
    09-12141        
GGP-Lakeview Square, Inc.
    09-12142        
GGP-Lansing Mall, Inc.
    09-12143        
GGP-Maine Mall L.L.C.
    09-12144       2,026  
GGP-Maine Mall Holding L.L.C.
    09-12145        
GGP-Maine Mall Land L.L.C.
    09-12146        
GGP-Moreno Valley, Inc.
    09-12147       754  
GGP-Newgate Mall, LLC
    09-12148       1,178  
GGP-Newpark, Inc.
    09-12149        
GGP-North Point, Inc.
    09-12150       1,270  
GGP-Pecanland, Inc.
    09-12151        
GGP-Redlands Mall L.L.C.
    09-12152        
GGP-South Shore Partners, Inc.
    09-12153        
GGP-Steeplegate, Inc.
    09-12154       133  
GGP-Tucson Mall L.L.C.
    09-12155       961  
GGP-UC L.L.C.
    09-12156       317  
Grand Canal Shops II, LLC
    09-12157       2,843  
Grandville Mall II, Inc.
    09-12158        
Grandville Mall, Inc.
    09-12159        
Greengate Mall, Inc.
    09-12160        
Greenwood Mall Land, LLC
    09-12161        
Harborplace Borrower, LLC
    09-12162        
Hickory Ridge Village Center, Inc.
    09-12163        
HMF Properties, LLC
    09-12164        

27


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
Ho Retail Properties II Limited Partnership
    09-12165       109  
Hocker Oxmoor, LLC
    09-12166       1,255  
Hocker Oxmoor Partners, LLC
    09-12167        
Howard Hughes Canyon Pointe Q4, LLC
    09-12168       34  
Howard Hughes Corporation, The
    09-12169       302  
Howard Hughes Properties, Inc.
    09-12170       2,109  
Howard Hughes Properties, Limited Partnership
    09-12171       14  
Howard Hughes Properties IV, LLC
    09-12172       29  
Howard Hughes Properties V, LLC
    09-12173       42  
HRD Parking, Inc.
    09-12174       3  
HRD Remainder, Inc.
    09-12175        
Hulen Mall, LLC
    09-12176       706  
Hughes Corporation, The
    09-12177        
Kapiolani Condominium Development, LLC
    09-12178        
Kapiolani Retail, LLC
    09-12179        
Knollwood Mall, Inc.
    09-12180        
Lakeside Mall Holding, LLC
    09-12181        
Lakeside Mall Property LLC
    09-12182       1,040  
Lakeview Square Limited Partnership
    09-12183       388  
Land Trust No. 89433
    09-12184        
Land Trust No. 89434
    09-12185        
Land Trust No. FHB-TRES 200601
    09-12186        
Land Trust No. FHB-TRES 200602
    09-12187        
Landmark Mall L.L.C.
    09-12188       391  
Lynnhaven Holding L.L.C.
    09-12189        
Lynnhaven Mall L.L.C.
    09-12190       2,682  
Mall of Louisiana Holding, Inc.
    09-12191        
Mall of Louisiana Land, LP
    09-12192       11  
Mall of Louisiana Land Holding, LLC
    09-12193        
Mall of the Bluffs, LLC
    09-12194       114  
Mall St. Matthews Company, LLC
    09-12195        
Mall St. Vincent, Inc.
    09-12196        
Mall St. Vincent, L.P.
    09-12197       390  
Mayfair Mall, LLC
    09-12198       620  
MSAB Holdings, Inc.
    09-12199        
MSAB Holdings L.L.C.
    09-12200        
MSM Property L.L.C.
    09-12201       1,450  
Natick Retail, LLC
    09-12202        
Newgate Mall Land Acquisition, LLC
    09-12203        
NewPark Mall L.L.C.
    09-12204        

28


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
North Plains Mall, LLC
    09-12205       17  
North Star Anchor Acquisition, LLC
    09-12206       67  
North Star Mall, LLC
    09-12207       3,420  
North Town Mall, LLC
    09-12208       292  
Northgate Mall L.L.C.
    09-12209       306  
NSMJV, LLC
    09-12210        
Oakwood Hills Mall, LLC
    09-12211       398  
Oglethorpe Mall L.L.C.
    09-12212       1,441  
Oklahoma Mall L.L.C.
    09-12213        
OM Borrower, LLC
    09-12214        
One Willow Company, LLC
    09-12215        
Orem Plaza Center Street, LLC
    09-12216        
Owings Mills Limited Partnership
    09-12217       151  
Park Mall, Inc.
    09-12218        
Park Mall L.L.C.
    09-12219       1,138  
PDC Community Centers L.L.C.
    09-12220       942  
PDC-Eastridge Mall L.L.C.
    09-12221       607  
PDC-Red Cliffs Mall L.L.C.
    09-12222       467  
Peachtree Mall L.L.C.
    09-12223       1,433  
Pecanland Anchor Acquisition, LLC
    09-12224        
Piedmont Mall, LLC
    09-12225       438  
Pierre Bossier Mall, LLC
    09-12226       181  
Pine Ridge Mall L.L.C.
    09-12227       192  
Pioneer Office Limited Partnership
    09-12228       172  
Pioneer Place Limited Partnership
    09-12229       2,401  
Price Development TRS, Inc.
    09-12230        
Price-ASG L.L.C.
    09-12231       1,182  
Prince Kuhio Plaza, Inc.
    09-12232        
Providence Place Holdings, LLC
    09-12233        
Redlands Land Acquisition Company L.L.C.
    09-12234        
Redlands Land Acquisition Company, L.P.
    09-12235        
Redlands Land Holding L.L.C.
    09-12236        
Ridgedale Center, LLC
    09-12237       1,100  
Rio West L.L.C.
    09-12238       220  
River Falls Mall, LLC
    09-12239       787  
River Hills Land, LLC
    09-12240        
River Hills Mall, LLC
    09-12241       607  
Rogue Valley Mall L.L.C.
    09-12242       1,085  
Rogue Valley Mall Holding L.L.C.
    09-12243        
The Rouse Company at Owings Mills, LLC
    09-12244        

29


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
Rouse Company of Florida, LLC, The
    09-12245        
The Rouse Company of Louisiana, LLC
    09-12246        
The Rouse Company of Michigan, LLC
    09-12247        
The Rouse Company of Minnesota, LLC
    09-12248        
The Rouse Company of Ohio, LLC
    09-12249        
Rouse F.S., LLC
    09-12250        
Rouse Office Management of Arizona, LLC
    09-12251        
Rouse Providence LLC
    09-12252       2,143  
Rouse Ridgedale, LLC
    09-12253        
Rouse Ridgedale Holding, LLC
    09-12254        
Rouse Southland, LLC
    09-12255        
Rouse-Arizona Center, LLC
    09-12256        
Rouse-Fairwood Development Corporation
    09-12257       1  
Rouse-New Orleans, LLC
    09-12258        
Rouse-Oakwood Shopping Center, LLC
    09-12259        
Rouse-Orlando, LLC
    09-12260       1,094  
Rouse-Phoenix Cinema, LLC
    09-12261        
Rouse-Phoenix Corporate Center Limited Partnership
    09-12262       578  
Rouse-Phoenix Development Company, LLC
    09-12263        
Rouse-Portland, LLC
    09-12264        
RS Properties Inc.
    09-12265       2,397  
Saint Louis Galleria L.L.C.
    09-12266       1,544  
Saint Louis Galleria Anchor Acquisition, LLC
    09-12267       1  
Saint Louis Galleria Holding L.L.C.
    09-12268        
Sierra Vista Mall, LLC
    09-12269       95  
Sikes Senter, LLC
    09-12270       471  
Silver Lake Mall, LLC
    09-12271       142  
Sixty Columbia Corporate Center, LLC
    09-12272        
Sooner Fashion Mall L.L.C.
    09-12273       521  
Southlake Mall L.L.C.
    09-12274       1,856  
Southland Center Holding, LLC
    09-12275        
Southland Mall, Inc.
    09-12276        
Southwest Denver Land L.L.C.
    09-12277        
Southwest Plaza L.L.C.
    09-12278       266  
Spring Hill Mall L.L.C.
    09-12279       130  
St. Cloud Land L.L.C.
    09-12280        
St. Cloud Mall Holding L.L.C.
    09-12281        
Stonestown Shopping Center L.L.C.
    09-12282        
Stonestown Shopping Center, L.P.
    09-12283       1,604  
Summerlin Centre, LLC
    09-12284       267  

30


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
Summerlin Corporation
    09-12285        
Three Rivers Mall L.L.C.
    09-12286       161  
Three Willow Company, LLC
    09-12287        
Town East Mall, LLC
    09-12288       853  
Tracy Mall, Inc.
    09-12289        
Tracy Mall Partners, L.P.
    09-12290       498  
Tracy Mall Partners I L.L.C.
    09-12291        
Tracy Mall Partners II, L.P.
    09-12292        
TRC Willow, LLC
    09-12293        
TV Investment, LLC
    09-12294        
Two Arizona Center, LLC
    09-12295       630  
Two Willow Company, LLC
    09-12296        
Tysons Galleria L.L.C.
    09-12297       2,787  
U.K.-American Properties, Inc.
    09-12298       2,557  
Valley Hills Mall, Inc.
    09-12299        
Valley Plaza Anchor Acquisition, LLC
    09-12300       293  
VCK Business Trust
    09-12301       326  
Victoria Ward Center L.L.C.
    09-12302       119  
Victoria Ward Entertainment Center L.L.C.
    09-12303       95  
Victoria Ward, Limited
    09-12304       1,384  
Victoria Ward Services, Inc.
    09-12305        
Village of Cross Keys, LLC, The
    09-12306       40  
Visalia Mall L.L.C.
    09-12307        
Vista Commons, LLC
    09-12308       30  
Visalia Mall, L.P.
    09-12309       253  
Vista Ridge Mall, LLC
    09-12310       768  
VW Condominium Development, LLC
    09-12311        
Ward Gateway-Industrial-Village, LLC
    09-12312       118  
Ward Plaza-Warehouse, LLC
    09-12313       220  
Weeping Willow RNA, LLC
    09-12314        
West Kendall Holdings, LLC
    09-12315       2,030  
Westwood Mall, LLC
    09-12316       99  
White Marsh Mall, LLC
    09-12317        
White Mountain Mall, LLC
    09-12318       128  
Willow SPE, LLC
    09-12319        
Willowbrook II, LLC
    09-12320        
Willowbrook Mall, LLC
    09-12321       1,440  
Woodbridge Center Property, LLC
    09-12322       1,561  
Woodlands Mall Associates, LLC, The
    09-12323       1,592  
10000 Covington Cross, LLC
    09-12324       3  

31


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
                 
            Disbursements  
            Month Ended  
Legal Entity   Case Number     November 30, 2009  
            (In thousands)  
10 CCC Business Trust
    09-12457       24  
20 CCC Business Trust
    09-12458       34  
30 CCC Business Trust
    09-12459       51  
Capital Mall L.L.C.
    09-12462       210  
GGP-Columbiana Trust
    09-12464       184  
GGP-Gateway Mall L.L.C.
    09-12467       1,399  
Grand Traverse Mall Partners, LP
    09-12469       566  
Greenwood Mall L.L.C.
    09-12471       537  
Kalamazoo Mall L.L.C.
    09-12472       635  
Lancaster Trust
    09-12473       885  
Mondawmin Business Trust
    09-12474       1,998  
Running Brook Business Trust
    09-12475        
Town Center East Business Trust
    09-12476       27  
Burlington Town Center II LLC
    09-12477        
GGP-Mall of Louisiana, Inc.
    09-12478        
Stonestown Shopping Center Holding L.L.C.
    09-12479        
Capital Mall, Inc.
    09-12480        
GGP-Gateway Mall, Inc.
    09-12481        
GGP-Mall of Louisiana II, L.P.
    09-12482        
Grand Traverse Mall Holding, Inc.
    09-12483        
Greenwood Mall, Inc.
    09-12484        
Kalamazoo Mall, Inc.
    09-12485        
Parcit-IIP Lancaster Venture
    09-12486        
Parcity L.L.C.
    09-12487        
Parcity Trust
    09-12488        
Park City Holding, Inc.
    09-12489        
PC Lancaster L.L.C.
    09-12490        
PC Lancaster Trust
    09-12491        
 
             
 
          $ 189,691  
 
             

32


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VI
SCHEDULE OF DEBTORS’ OPERATING PROPERTY
AGED TENANT ACCOUNTS RECEIVABLE
(UNAUDITED)
         
    November 30, 2009  
    (In thousands)  
Current
  $ (30,769) *
31 - 60 days
    7,904  
61 - 90 days
    6,866  
91 - 120 days
    304  
Over 120 days
    49,305  
 
     
Gross Amount
  $ 33,610  
 
     
 
*   In general, reflects tenant rents paid in advance.

33


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VII
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
                                 
                    Total Debt Balance     Interest Expense  
Property   Maturity Date     Rate (a)     November 30, 2009     Month Ended November 30 (b)  
                    (Dollars in thousands)  
Fixed Rate Loans
                               
Secured Asset Loans:
                               
10000 West Charleston
    3/1/2011       7.88 %   $ 21,772     $ 143  
1160/80 Town Center
    7/15/2013       6.99 %     8,803       51  
Ala Moana A1
    9/1/2011       5.52 %     750,000       3,451  
Ala Moana A2
    9/1/2011       5.65 %     750,000       3,532  
Augusta Mall
    11/11/2011       5.49 %     175,000       800  
Baltimore Center Garage Ltd Partnership
    6/1/2018       6.05 %     16,092       81  
Bay City
    12/2/2013       5.30 %     24,120       107  
Bayshore
    9/1/2011       7.13 %     31,005       184  
Beachwood Place
    4/7/2011       5.60 %     240,164       1,121  
Bellis Fair
    2/15/2016       7.34 %     61,586       377  
Boise Towne Plaza
    7/9/2010       4.70 %     10,921       43  
Boise Towne Square
    2/10/2011       6.64 %     70,738       391  
Brass Mill
    4/11/2014       4.55 %     123,593       469  
Burlington
    7/1/2010       5.03 %     26,000       109  
Burlington 2 (*)
    7/1/2010       6.30 %     5,500       29  
Capital
    4/1/2011       7.28 %     20,291       123  
Chapel Hills
    10/11/2010       5.04 %     115,653       485  
Chico Mall
    2/11/2009       4.74 %     57,203       226  
Collin Creek Mall
    7/11/2011       6.78 %     66,997       378  
Columbia Mall (MO)
    2/1/2013       6.05 %     90,000       454  
Coronado
    6/7/2010       5.08 %     168,798       714  
Corporate Pointe 2 (10650 W. Charleston)
    9/11/2012       6.83 %     4,526       26  
Corporate Pointe 3 (10750 W. Charleston)
    9/11/2012       6.83 %     4,526       26  
Country Hills
    6/1/2016       6.04 %     13,526       68  
Crossroads Center (MN)
    7/30/2010       4.73 %     84,306       332  
Deerbrook
    3/2/2009       3.46 %     73,964       213  
Eagle Ridge
    10/12/2015       5.41 %     47,578       215  
Eastridge (CA)
    9/1/2011       5.79 %     170,000       820  
Eastridge (WY )
    12/5/2011       5.08 %     39,162       166  
Eden Prairie
    4/1/2011       4.67 %     79,828       311  
Fallbrook
    6/3/2013       6.14 %     85,000       435  
Faneuil Hall
    4/1/2013       5.57 %     94,122       437  
Fashion Place
    10/5/2010       5.30 %     144,483       638  
Four Seasons
    12/11/2013       5.60 %     100,429       469  
Fox River
    12/3/2012       5.96 %     195,000       969  
Gallery at Harborplace 1 (Baltimore Center Land, Garage & Office)
    12/1/2010       7.89 %     49,387       325  
Gallery at Harborplace 2 (Baltimore Center Land, Garage & Office)
    12/1/2010       7.03 %     3,200       19  
Gallery at Harborplace 3 (Baltimore Center Land, Garage & Office)
    12/1/2010       7.49 %     5,100       32  
Gallery at Harborplace 4 (Baltimore Center Land, Garage & Office)
    12/1/2010       7.93 %     2,200       15  
Gallery at Harborplace 5 (Baltimore Center Land, Garage & Office)
    12/1/2010       8.89 %     4,705       35  
Gateway
    4/1/2011       7.28 %     39,767       241  
Gateway Overlook
    3/1/2013       5.78 %     55,000       265  
Glenbrook
    7/1/2010       4.91 %     177,235       726  
Grand Canal Shoppes
    5/1/2009       4.78 %     393,754       1,568  
Grand Traverse
    10/1/2012       5.02 %     85,302       357  
Greenwood
    4/1/2011       7.28 %     44,647       271  
Harborplace
    10/5/2012       5.79 %     50,000       241  
Homart I (*)
    2/28/2013       5.95 %     245,115       1,215  
Hulen Mall
    12/7/2011       5.03 %     113,021       474  
Ivanhoe Capital (*)
    12/3/2012       5.74 %     93,713       448  
Jordan Creek
    3/2/2009       4.57 %     185,950       707  
JP Comm Jr. Gateway Crossing
    7/9/2010       4.70 %     15,234       60  
JP Comm Jr. Univ. Crossing
    7/9/2010       4.70 %     11,373       45  
JP Comm Sr. Austin Bluffs
    4/9/2009       4.40 %     2,288       8  
JP Comm Sr. Division Crossing
    4/9/2009       4.40 %     5,273       19  
JP Comm Sr. Fort Union
    4/9/2009       4.40 %     2,753       10  
JP Comm Sr. Halsey Crossing
    4/9/2009       4.40 %     2,581       9  
JP Comm Sr. Orem Plaza Center St
    4/9/2009       4.40 %     2,460       9  
JP Comm Sr. Orem Plaza State St
    4/9/2009       4.40 %     1,523       6  
JP Comm Sr. Riverpointe Plaza
    4/9/2009       4.40 %     3,811       14  
JP Comm Sr. Riverside Plaza
    4/9/2009       4.40 %     5,454       20  
JP Comm Sr. Woodlands Village
    4/9/2009       4.40 %     6,968       26  
Knollwood
    10/12/2015       5.35 %     39,942       178  
Lakeside Mall
    12/1/2009       4.28 %     180,302       643  
Lakeview Square
    3/1/2016       5.81 %     41,334       200  
Lansing I
    1/15/2010       9.35 %     24,144       186  
Lincolnshire Commons
    4/1/2013       5.98 %     28,000       140  

34


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VII — Continued
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
                                 
                    Total Debt Balance     Interest Expense  
Property   Maturity Date     Rate (a)     November 30, 2009     Month Ended November 30 (b)  
                    (Dollars in thousands)  
Lynnhaven
    7/6/2010       5.05 %     236,988       997  
Maine
    6/11/2010       4.84 %     216,295       872  
Mall of Louisiana Mezz (*)
    4/1/2011       6.40 %     62,343       333  
Mall of Louisiana Note A
    4/1/2011       5.46 %     118,469       539  
Mall of Louisiana Note B
    4/1/2011       5.92 %     54,362       268  
Mall St Matthews Ltd Partnership
    1/4/2010       4.81 %     144,565       579  
Mall St Vincent
    7/7/2014       6.30 %     49,000       257  
Market Place
    2/1/2013       6.05 %     106,000       534  
Moreno Valley
    9/11/2013       5.96 %     87,402       434  
Newgate
    10/1/2010       4.84 %     40,991       165  
Newpark
    2/1/2011       7.45 %     68,201       423  
North Point
    3/1/2011       5.48 %     215,691       986  
North Star
    1/4/2010       4.43 %     232,570       859  
Northgate
    9/1/2016       5.88 %     45,025       221  
Northridge Fashion
    7/1/2011       7.24 %     126,403       763  
Oglethorpe
    7/2/2012       4.89 %     141,375       576  
Oviedo
    5/7/2012       5.12 %     51,819       221  
Oxmoor
    6/3/2013       6.85 %     56,922       325  
Park City Note A
    10/1/2010       4.74 %     120,029       474  
Park City Note B
    10/1/2010       7.10 %     29,206       173  
Park Place
    1/11/2010       5.15 %     176,443       757  
Peachtree
    6/1/2010       5.08 %     89,590       379  
Pecanland
    3/1/2010       4.28 %     57,838       206  
Piedmont
    9/6/2016       5.98 %     33,911       169  
Pine Ridge
    12/5/2011       5.08 %     26,404       112  
Pioneer Place Limited Partners Land
    4/27/2010       10.00 %     346       3  
Prince Kuhio
    4/1/2009       3.45 %     37,826       109  
Providence Place 2
    3/11/2010       5.03 %     258,525       1,083  
Providence Place 3 (*)
    3/11/2010       5.12 %     59,529       254  
Providence Place 4 (*)
    3/11/2010       5.93 %     39,044       193  
Providence Place Pilot A1
    7/1/2016       7.75 %     23,754       153  
Providence Place Pilot A2
    6/30/2028       7.75 %     22,253       144  
Red Cliffs
    12/5/2011       5.08 %     25,095       106  
Regency Square
    7/1/2010       3.59 %     93,790       281  
Ridgedale
    4/1/2010       4.86 %     178,194       722  
River Hills
    6/3/2013       6.14 %     80,000       409  
RiverTown Junior Loan (*)
    7/1/2011       9.15 %     15,788       120  
RiverTown Senior Loan
    7/1/2011       7.29 %     102,111       620  
Rogue Valley
    12/31/2010       7.85 %     26,347       172  
Sikes Senter
    6/1/2012       5.20 %     61,381       266  
Sooner Fashion
    6/3/2013       6.14 %     60,000       307  
Southlake
    12/5/2017       6.44 %     100,000       537  
Southland
    3/2/2009       3.62 %     81,477       246  
Southland (RSE)
    3/5/2010       4.97 %     108,788       451  
St. Louis Galleria
    7/5/2010       4.86 %     237,412       961  
Staten Island 1
    10/1/2010       5.09 %     85,000       356  
Staten Island 2
    10/1/2010       8.15 %     70,616       473  
Staten Island 3
    10/1/2010       5.61 %     125,000       584  
Steeplegate
    7/31/2009       4.94 %     77,889       321  
Stonestown Note A
    9/1/2011       5.85 %     155,600       759  
Stonestown Note B
    9/1/2011       5.65 %     60,000       283  
Stonestown Mezz (*)
    9/1/2011       5.79 %     57,400       277  
The Boulevard
    7/1/2013       4.27 %     107,630       383  
The Crossroads (MI)
    6/1/2009       7.40 %     39,791       245  
The Woodlands Note A
    6/13/2011       5.91 %     185,000       912  
The Woodlands Note B
    6/13/2011       5.91 %     55,000       271  
Three Rivers
    12/5/2011       5.08 %     21,497       91  
Town East
    4/13/2009       3.46 %     105,182       303  
Tucson Mall
    10/11/2033       4.26 %     119,627       425  
Tysons Galleria
    9/12/2011       5.72 %     255,000       1,216  
Valley Hills
    3/5/2014       4.73 %     56,851       224  
Valley Plaza
    7/11/2012       3.90 %     95,268       310  
Victoria Ward (Village/Industrial/Gateway)
    10/1/2011       5.61 %     88,500       414  
Victoria Ward (Warehouse/Plaza)
    10/6/2011       5.52 %     68,500       315  
Village of Cross Keys
    7/31/2009       7.04 %     10,257       60  
Visalia
    1/11/2010       3.78 %     41,595       131  
Vista Ridge
    4/11/2011       6.87 %     80,351       460  
Ward Centre & Ward Entertainment
    1/4/2010       4.33 %     58,294       210  
Washington Park
    4/1/2014       5.35 %     12,099       54  
West Valley
    4/1/2010       3.43 %     56,436       161  
White Marsh
    9/1/2012       5.62 %     187,000       876  
Willowbrook Mall
    7/1/2011       6.82 %     158,587       902  
Woodbridge Corporation
    6/1/2009       4.24 %     207,934       735  

35


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VII — Continued
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
                                 
                    Total Debt Balance     Interest Expense  
Property   Maturity Date     Rate (a)     November 30, 2009     Month Ended November 30 (b)  
                    (Dollars in thousands)  
Unsecured Asset Loans:
                               
GGPLP/GGPLPLLC Exchangable Debt (*)
    4/15/2012       3.98 %     1,550,000       5,141  
Public Indenture — Company Debt (*)
    9/17/2012       7.20 %     400,000       2,400  
Public Indenture — Senior Bond (*)
    3/16/2009       3.63 %     395,000       1,193  
Public Indenture 100 (*)
    11/26/2013       5.38 %     100,000       448  
Public Indenture 350 (*)
    11/26/2013       5.38 %     350,000       1,568  
Public Indenture Senior Note (*)
    4/30/2009       8.00 %     200,000       1,333  
Rouse Senior Notes (*)
    5/1/2013       6.75 %     800,000       4,500  
 
                               
 
                           
Fixed Rate Debt
                  $ 16,528,628     $ 73,998  
 
                           
 
                               
Variable Rate Loans
                               
Secured Asset Loans:
                               
Bank Note — Animas Valley
    7/11/2013       2.50 %     35,054       73  
Bank Note — Birchwood Mall
    7/11/2013       2.50 %     44,308       92  
Bank Note — Cache Valley
    7/11/2013       2.50 %     28,043       58  
Bank Note — Colony Square
    7/11/2013       2.50 %     25,239       52  
Bank Note — Columbiana
    7/11/2013       2.50 %     105,441       219  
Bank Note — Fallen Timbers
    7/11/2013       2.50 %     42,401       88  
Bank Note — Foothills
    7/11/2013       2.50 %     50,758       105  
Bank Note — Grand Teton
    7/11/2013       2.50 %     48,795       101  
Bank Note — Mall at Sierra Vista
    7/11/2013       2.50 %     23,556       49  
Bank Note — Mall of the Bluffs
    7/11/2013       2.50 %     35,951       75  
Bank Note — Mayfair
    7/11/2013       2.50 %     274,932       571  
Bank Note — Mondawmin
    7/11/2013       2.50 %     84,689       176  
Bank Note — North Plains
    7/11/2013       2.50 %     10,656       22  
Bank Note — North Town Mall
    7/11/2013       2.50 %     114,976       239  
Bank Note — Oakwood
    7/11/2013       2.50 %     75,772       157  
Bank Note — Owings Mills
    7/11/2013       2.50 %     53,281       111  
Bank Note — Pierre Bossiere
    7/11/2013       2.50 %     40,382       84  
Bank Note — Pioneer Place
    7/11/2013       2.50 %     156,764       326  
Bank Note — Salem Center
    7/11/2013       2.50 %     41,728       87  
Bank Note — Silver Lake Mall
    7/11/2013       2.50 %     18,228       38  
Bank Note — Southwest Plaza
    7/11/2013       2.50 %     96,187       200  
Bank Note — Spring Hill
    7/11/2013       2.50 %     68,088       142  
Bank Note — Westwood Mall
    7/11/2013       2.50 %     24,117       50  
Bank Note — White Mountain
    7/11/2013       2.50 %     10,656       22  
Fashion Show
    3/15/2009       6.25 %     645,918       3,359  
Oakwood Center
    3/16/2009       1.75 %     95,000       138  
Palazzo
    3/15/2009       6.25 %     249,623       1,298  
 
                               
Unsecured Asset Loans:
                               
DIP (c)
    3/16/2011       13.50 %     400,000       4,500  
GGPLP/GGPLPLLC Revolver (*)
    2/24/2010       1.50 %     590,000       733  
GGPLP/GGPLPLLC Senior Term (*)
    2/24/2010       1.50 %     1,987,500       2,468  
TRUPS (*)(d)
    4/30/2036       1.78 %     206,200       297  
 
                               
 
                           
Variable Rate Debt
                    5,684,243       15,930  
 
                           
 
                               
 
                           
Total Filing Entity Debt
                  $ 22,212,871 (e)   $ 89,928  
 
                           
 
(a)   Reflects the variable contract rate as of November 30, 2009.
 
(b)   All amounts for current period were paid as scheduled, except where noted (*).
 
(c)   Loan obtained in May 2009.
 
(d)   Junior subordinated notes of GGPLP purchased by GGP Capital Trust I, a Non-Debtor Delaware statutory trust and wholly-owned subsidiary of GGPLP, with proceeds from the sale of trust preferred securities.
 
(e)   Excludes liabilities to special improvement districts, discount on GGPLP Exchangable Debt and purchase accounting mark-to-market adjustments.

36


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VIII
CHAPTER 11 RETAINED PROFESSIONALS DETAIL
(UNAUDITED)
                                 
    Period Expense     Cash Paid     Expense     Cash Paid  
    Month Ended     Month Ended     Cumulative Post-Petition     Cumulative Post-Petition  
Name   November 30, 2009     November 30, 2009     Period Ended November 30, 2009     Period Ended November 30, 2009  
                    (In thousands)          
Akin Gump Strauss Hauer & Feld, LLP
  $ 173     $ 968     $ 8,485     $ 5,114  
AlixPartners, LLP
    1,110       868       8,725       4,225  
Assessment Technologies
                29       25  
Baker & Daniels LLP
                       
Bracewell Giuliani
    92             711       160  
Calvo & Clark LLP
                       
Cushman & Wakefield
          509       1,054       538  
Deloitte & Touche LLP
    335       988       3,204       988  
Deloitte Tax LLP
    42       11       458       13  
Epiq Solutions
          2       17       13  
Ernst & Young LLP
    91       75       632       307  
FTI Consulting
    293       220       2,176       1,043  
Grant Thornton
                19        
Halperin Battaglia Raicht LLP
    16       9       61       29  
Hewitt Associates
    78             586        
Houlihan Lokey
    49       232       3,523       990  
Jenner & Block
    148       75       1,163       590  
Kirkland & Ellis LLP
    1,250             11,670       5,924  
Kurtzman Carson Consultants LLC
          75       3,155       2,049  
Miller Buckfire & Co LLC (1)
    986       305       5,472       3,102  
PricewaterhouseCoopers
    4             42        
Silverstein & Pomerantz LLP
                       
Weil, Gotshal & Manges LLP
    1,726       1,228       15,638       8,266  
 
                       
Total
  $ 6,393     $ 5,565     $ 66,820     $ 33,376  
 
                       
Professional Fees Summary (See Note 7)
                               
 
Restructuring costs
  $ 5,773     $ 4,426     $ 61,148     $ 31,339  
General & administrative
    578       1,063       4,979       1,578  
Other(2)
    42       76       693       459  
 
                       
Total
  $ 6,393     $ 5,565     $ 66,820     $ 33,376  
 
                       
 
(1)   The amount paid to Miller Buckfire & Co LLC (“Miller Buckfire”) includes $3.2 million related to financing fees for the DIP Facility (see Note 1) which were capitalized. Additionally, the return of a retainer fee from Miller Buckfire to GGP of $1.3 million is also included in cash payments as a refund in the cash paid cumulative post-petition amounts.
 
(2)   The amounts included in Other Professional Fees relate to expenses incurred for Retained Professionals not classified as restructuring or general & administrative costs.

37


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IX
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED NOVEMBER 30, 2009
                     
Debtor   Property   Date and Transaction Description   Counterparty   Consideration
                (In thousands)
HHPI (consenting to West Charleston Lofts III,LLC)
  Summerlin Village 19 — Power Substation (APN:164-02-510-004)   11/10/2009 — Electric easement   Nevada Power Company   None
HHPI (consenting to West Charleston Lofts III,LLC)
  Summerlin Village 19 — Power Substation (APN:164-02-510-004)   11/10/2009 — Electric easement (wall construction)   Nevada Power Company   None
GGP Natick Residence LLC
  Condominium Unit #
632 Natick, MA
  11/02/2009 Condominium Unit Sale   Six Three Two Nouvelle
Realty Trust
  $ 391  
GGP Natick Residence LLC
  Condominium Unit
#303 Natick, MA
  11/02/2009 Condominium Unit Sale   Brian Guarente   $ 255  
GGP Natick Residence LLC
  Condominium Unit #
701 Natick, MA
  11/03/2009 Condominium Unit Sale   Andrei Soran   $ 333  
GGP Natick Residence LLC
  Condominium Unit
#726 Natick, MA
  11/03/2009 Condominium Unit Sale   Rita Kapur   $ 349  
GGP Natick Residence LLC
  Condominium Unit
#744 Natick, MA
  11/02/2009 Condominium Unit Sale   Micheal Yee   $ 281  
GGP Natick Residence LLC
  Condominium Unit #
748 Natick, MA
  11/03/2009 Condominium Unit Sale   April Eldred   $ 385  
GGP Natick Residence LLC
  Condominium Unit #
832 Natick, MA
  11/03/2009 Condominium Unit Sale   Hinson Investment   $ 360  
GGP Natick Residence LLC
  Condominium Unit #
842 Natick, MA
  11/02/2009 Condominium Unit Sale   Markopoulos   $ 249  
GGP Natick Residence LLC
  Condominium Unit #
843 Natick, MA
  11/03/2009 Condominium Unit Sale   Anthony Chin   $ 417  
GGP Natick Residence LLC
  Condominium Unit #
848 Natick, MA
  11/03/2009 Condominium Unit Sale   Chris Kotsiopoulos   $ 402  
GGP Natick Residence LLC
  Condominium Unit #
902 Natick, MA
  11/02/2009 Condominium Unit Sale   Xiangyang Li and Wei Shen   $ 355  
GGP Natick Residence LLC
  Condominium Unit #
903 Natick, MA
  11/02/2009 Condominium Unit Sale   Wing Hang Wong   $ 260  
GGP Natick Residence LLC
  Condominium Unit
#942 Natick, MA
  11/02/2009 Condominium Unit Sale   Shihao Pan and Jianjing Ling   $ 249  
GGP Natick Residence LLC
  Condominium Unit #
944 Natick, MA
  11/02/2009 Condominium Unit Sale   Olivia S. Guo   $ 290  
GGP Natick Residence LLC
  Condominium Unit #
1002 Natick, MA
  11/03/2009 Condominium Unit Sale   Annie Shum   $ 363  
GGP Natick Residence LLC
  Condominium Unit #
1006 Natick, MA
  11/03/2009 Condominium Unit Sale   Bharat Dave and Soroj Dave   $ 367  
GGP Natick Residence LLC
  Condominium Unit #
1105 Natick, MA
  11/03/2009 Condominium Unit Sale   Srikanth Sharma   $ 604  

38


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IX
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED NOVEMBER 30, 2009
                     
Debtor   Property   Date and Transaction Description   Counterparty   Consideration
                (In thousands)
GGP Natick Residence LLC
  Condominium Unit #
1109 Natick, MA
  11/03/2009 Condominium Unit
Sale
  Hinson Investment   $ 560  
GGP Natick Residence LLC
  Condominium Unit #
743 Natick, MA
  11/03/2009 Condominium Unit
Sale
  Robert Toner   $ 415  
GGP Natick Residence LLC
  Condominium Unit #
905 Natick, MA
  11/04/2009 Condominium Unti
Sale
  Jeffrey Weisberg and Debra Weisberg   $ 484  
GGP Natick Residence LLC
  Condominium Unit #
704 Natick, MA
  11/04/2009 Condominium Unit
Sale
  Micheal Sack   $ 364  
GGP Natick Residence LLC
  Condominium Unit #
926 Natick, MA
  11/13/2009 Condominium Unit
Sale
  Ramachandra Vallurupalli and Usharani Raminemi   $ 346  
GGP Natick Residence LLC
  Condominium Unit #
631 Natick, MA
  11/16/2009 Condominium Unit
Sale
  Giridhar Immandi   $ 439  
GGP Natick Residence LLC
  Condominium Unit #
1113 Natick, MA
  11/18/2009 Condominium Unit
Sale
  Sean Martin/Adam Rogers   $ 545  
GGP Natick Residence LLC
  Condominium Unit #
1208 Natick, MA
  11/18/2009 Condominium Unit
Sale
  Richard and Cynthia Maloney   $ 569  
GGP Natick Residence LLC
  Condominium Unit #
1005 Natick, MA
  11/16/2009 Condominium Unit
Sale
  Dong Liu   $ 484  
GGP Natick Residence LLC
  Condominium Unit #
545 Natick, MA
  11/20/2009 Condominium Unit
Sale
  Neelam Rand   $ 359  
GGP Natick Residence LLC
  Condominium Unit #
1008 Natick, MA
  11/20/2009 Condominium Unit
Sale
  Ducksoo and Eunjoo Kim   $ 559  
GGP Natick Residence LLC
  Condominium Unit #
547 Natick, MA
  11/23/2009 Condominium Unit
Sale
  David Diamond   $ 279  
GGP Natick Residence LLC
  Condominium Unit #
829 Natick, MA
  11/24/2009 Condominium Unit
Sale
  Liyu Yang   $ 395  
GGP Natick Residence LLC
  Condominium Unit #
801 Natick, MA
  11/24/2009 Condominium Unit
Sale
  Roger Chen   $ 330  
GGP Natick Residence LLC
  Condominium Unit #
1001 Natick, MA
  11/30/2009 Condominium Unit
Sale
  Sai Zhu XU   $ 335  
GGP Natick Residence LLC
  Condominium Unit #
11 Walden Drive,
Natick, MA
  11/06/2009 Condominium Unit
Sale
  Laura Ebrecht   $ 142  
GGP Natick Residence LLC
  Condominium Unit #
44 Silver Hill
Lane, Unit#13,
Natick, MA
  11/23/2009 Condominium Unit
Sale
  Viola Said   $ 137  

39


 

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: November 2009
SCHEDULE X
DEBTORS QUESTIONNAIRE*
             
        Yes   No
1
  Have any assets been sold or transferred outside the normal course of business this reporting period?       X
2
  Have any funds been disbursed from any account other than a debtor in possession account this reporting period?       X
3
  Is the Debtor delinquent in the timely filing of any post-petition tax returns?       X
4
  Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?       X
5
  Is the Debtor delinquent in paying any insurance premium payment?       X
6
  Have any payments been made on pre-petition liabilities this reporting period?   X (1)    
7
  Are any post petition receivables (accounts, notes or loans) due from related parties?   X (2)    
8
  Are any post petition payroll taxes past due?       X
9
  Are any post petition State or Federal income taxes past due?       X
10
  Are any post petition real estate taxes past due?       X
11
  Are any other post petition taxes past due?       X
12
  Have any pre-petition taxes been paid during this reporting period?       X
13
  Are any amounts owed to post petition creditors delinquent?       X
14
  Are any wage payments past due?       X
15
  Have any post petition loans been received by the Debtor from any party?   X (3)    
16
  Is the Debtor delinquent in paying any U.S. Trustee fees?       X
17
  Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?       X
18
  Have the owners or shareholders received any compensation outside of the normal course of business?       X
 
*   Unless otherwise indicated, answer is for the combined group of Debtors (see Note 1).
 
(1)   An aggregate of $9.5 million has been paid in the reporting period by or on behalf of the Debtors with respect to pre-petition liabilities as approved by the Bankruptcy Court. Such disbursements have been for employee salaries, commissions and reimbursements, taxes to government entities and for other services rendered pre-petition.
 
(2)   The net change in the aggregate Debtors intercompany accounts with affiliated non-debtors for the period was an increase in the amounts due to Non-Debtors of $11.45 million.
 
(3)   As previously described in Note 6 of the May MOR, which description is incorporated into this response by reference, the DIP Term Loan of $400 million was funded on May 15, 2009.

40