8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934

Date of Report (Date of Earliest Event Reported)

February 3, 2014

General Growth Properties, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-34948	27-2963337
(State or other	(Commission	(I.R.S. Employer
jurisdiction of	File Number)	Identification
incorporation)		Number)

110 N. Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices)  (Zip Code)

(312) 960-5000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 3, 2014, General Growth Properties, Inc. (“GGP”) issued a press release describing its results of operations for the fourth quarter ended December 31, 2013.  A copy of the press release is being furnished as Exhibit 99.1 to this report.  This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 7.01REGULATION FD DISCLOSURE.

On February 3, 2014, General Growth Properties, Inc. made available on its website the press release described in Item 2.02 above as well as certain supplemental financial information regarding its operations for the three and twelve months ended December 31, 2013. A copy of such supplemental financial information is being furnished as Exhibit 99.2 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS.

(d)  Exhibits

Exhibit No.	Description
99.1	Press release titled “GGP Reports Full Year 2013 Results” dated February 3, 2014 (furnished herewith).
99.2	Certain GGP supplemental financial information regarding its operations for the three and twelve months ended December 31, 2013 (furnished herewith).

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL GROWTH PROPERTIES, INC.
	/s/ Michael Berman
	Michael Berman
	Chief Financial Officer

Date: February 3, 2014

3

EXHIBIT INDEX

Exhibit Number	Name
99.1	Press release titled “GGP Reports Full Year 2013 Results” dated February 3, 2014 (furnished herewith).
99.2	Certain GGP supplemental financial information regarding its operations for the three and twelve months ended December 31, 2013 (furnished herewith).

4

EX-99.1

Exhibit 99.1

GGP REPORTS FULL YEAR 2013 RESULTS

Same Store NOI Increases 6.0%; Company EBITDA Increases 4.3%

Company FFO per Share Increases 18.2%

Announces 2014 Guidance

Chicago, Illinois, February 3, 2014 – General Growth Properties, Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three and twelve months ended December 31, 2013.

Financial Results

For the Three Months Ended December 31, 2013

Company Funds from Operations (“Company FFO”) per share increased 17.0% to $0.36 per diluted share from $0.31 per diluted share in the prior year period. Company FFO increased 11.3% to $347 million from $311 million in the prior year period.

Company Earnings Before Interest, Taxes, Depreciation and Amortization (“Company EBITDA”) increased 3.7% to $556 million from $536 million in the prior year period.

Comparable Net Operating Income (“Same Store NOI”) increased 6.2% to $582 million from $548 million in the prior year period.

Net income attributable to GGP, which is impacted primarily by depreciation expense, provisions for impairment and a gain from change in control of investment properties, was $77 million, or $0.07 per diluted share, as compared to $32 million, or $0.04 per diluted share, in the prior year period.

For the Twelve Months Ended December 31, 2013

Company FFO per share increased 18.2% to $1.16 per diluted share from $0.98 per diluted share in the prior year period. Company FFO increased 15.7% to $1,148 million from $992 million in the prior year period.

Company EBITDA increased 4.3% to $2,015 million from $1,932 million in the prior year period.

Same Store NOI increased 6.0% to $2,112 million from $1,993 million in the prior year period.

Net income attributable to GGP, which is impacted primarily by depreciation expense, a gain from change in control of investment properties and a non-cash accounting adjustment for outstanding warrants, was $303 million, or $0.31 per diluted share, as compared to a Net loss attributable to GGP of $481 million, or $0.52 loss per diluted share, in the prior year period.

Operational Highlights for the Regional Mall Portfolio

·Tenant sales increased 3.6% to $564 per square foot on a trailing 12-month basis.

·Mall leased percentage was 97.1% at quarter end, an increase of 100 basis points from December 31, 2012.

·Initial rental rates for executed leases commencing in 2013 on a suite-to-suite basis increased 12.3%, or $7.05 per square foot, to $64.29 per square foot when compared to the rental rate for expiring leases.

1

Financing Activities

Property-Level Debt

During the three months ended December 31, 2013, the Company obtained $649 million ($592 million at share) of property-level debt with a weighted-average interest rate of 3.76% (3.79% at share) and weighted-average term-to-maturity of 7.5 years (7.7 years at share). The prior loans had a weighted-average interest rate of 5.00% (5.02% at share) and a remaining term-to-maturity of 2.3 years (2.1 years at share). The transactions generated approximately $167 million of net proceeds.

Investment Activities

Acquisitions

During the three months ended December 31, 2013, the Company acquired two properties for $315 million and land for development for $35 million.

Dispositions

During the three months ended December 31, 2013, the Company sold three malls for gross proceeds of $134 million.

Development

The Company has development and redevelopment activities totaling approximately $2.1 billion of which approximately $285 million has opened.

Guidance

Company FFO for the year ending December 31, 2014, is expected to be $1.27 to $1.31 per diluted share. Company FFO for the first quarter 2014 is expected to be $0.29 to $0.30 per diluted share.

The following table provides a reconciliation of the range of estimated diluted net income attributable to GGP per share to estimated FFO per diluted share and Company FFO per diluted share.

	For the year ending December 31, 2014		For the three months ending March 31, 2014
	Low End	High End	Low End	High End
Company FFO per diluted share	$1.27	$1.31	$0.29	$0.30
Adjustments (1)	(0.04)	(0.04)	(0.01)	(0.01)
FFO	1.23	1.27	0.28	0.29
Depreciation, including share of joint ventures	(0.91)	(0.91)	(0.22)	(0.22)
Net income attributable to common stockholders	0.32	0.36	0.06	0.07
Preferred stock dividends	0.02	0.02	-	-
Net income attributable to GGP	$0.34	$0.38	$0.06	$0.07

(1)Includes impact of straight-line rent, above/below market rent, ground rent amortization and debt market rate adjustments.

2

The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions or capital markets activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.

Investor Conference Call

On Tuesday, February 4, 2014, the Company will host a conference call at 9:00 a.m. CST (10:00 a.m. EST). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register.

For those unable to listen to the call live, a replay will be available for approximately two weeks after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 27702464.

Supplemental Information

The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.

Forward-Looking Statements

Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to,  the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, retail and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Investors and others should note that we post our current Investor Presentation on the Investors page of our website at ggp.com.  From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com.  It is possible that the updates could include information deemed to be material information.  Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at ggp.com from time to time.

3

General Growth Properties, Inc.

General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing, and redeveloping high-quality retail properties throughout the United States. GGP’s portfolio is comprised of 120 retail properties in the United States comprising approximately 125 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.

Investor Relations Contact:	Media Contact:
Kevin Berry	David Keating
VP Investor Relations	VP Corporate Communications
(312) 960-5529	(312) 960-6325
kevin.berry@ggp.com	david.keating@ggp.com

4

Non-GAAP Supplemental Financial Measures and Definitions

Net Operating Income (“NOI”) and Company NOI

The Company defines NOI as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses.  NOI has been reflected on a proportionate basis (at the Company’s ownership share).  Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.  The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of the Company’s properties.  Because NOI excludes general and administrative expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, discontinued operations, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.

The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance.  The Company presents Company NOI and Company FFO (as defined below), as management of the Company believes certain investors and other users of the Company’s financial information use them as measures of the Company’s historical operating performance.

Funds From Operations (“FFO”) and Company FFO

The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (“NAREIT”).  The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP.  As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.

The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry.  FFO facilitates an understanding of the operating performance of the Company’s properties between periods because it does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life.  Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.

As with the Company’s presentation of Company NOI, the Company also considers Company FFO to be a helpful supplemental measure of the operating performance for equity REITs because it excludes from FFO certain items that are non-cash and certain non-comparable items such as Company NOI adjustments, and FFO items such as FFO from discontinued operations related to the spin-off of Rouse Properties, Inc, mark-to-market adjustments on debt and gains on the extinguishment of debt, warrant liability adjustment, and interest expense on debt repaid or settled all which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

The Company presents NOI and FFO as they are financial measures widely used in the REIT industry.  In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to NOI and Company NOI and a reconciliation of net loss attributable to GGP to FFO and Company FFO.  None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash available to fund cash needs.  In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

5

FINANCIAL OVERVIEW Consolidated Statements of Operations (In thousands, except per share)

	Three Months Ended						Twelve Months Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Revenues:
Minimum rents	$	414,870		$	409,922		$	1,588,883		$	1,549,933
Tenant recoveries	184,610			176,077			723,634			700,914
Overage rents	28,659			35,413			56,212			69,756
Management fees and other corporate revenues	18,218			16,303			68,792			71,949
Other	35,006			26,045			89,866			74,286
Total revenues	681,363			663,760			2,527,387			2,466,838
Expenses:
Real estate taxes	64,212			52,957			243,941			219,139
Property maintenance costs	19,006			21,917			71,334			76,139
Marketing	8,155			11,662			26,214			33,263
Other property operating costs	84,952			88,506			352,466			361,345
Provision for doubtful accounts	571			1,373			4,068			4,017
Property management and other costs	41,432			40,641			164,777			159,600
General and administrative	14,658			7,602			49,237			39,120
Provisions for impairment	18,361			—			18,361			32,100
Depreciation and amortization	192,365			188,245			764,830			782,552
Total expenses	443,712			412,903			1,695,228			1,707,275
Operating income	237,651			250,857			832,159			759,563
Interest income	6,423			470			7,699			2,374
Interest expense	(176,351		)	(206,342		)	(736,560		)	(794,550		)
Loss on foreign currency	(7,312		)	—			(7,312		)	—
Warrant liability adjustment	—			(89,153		)	(40,546		)	(502,234		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Loss on extinguishment of debt	—			(15,007		)	(36,479		)	(15,007		)
Income (loss) before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, noncontrolling interests and preferred stock dividends	60,411			(59,175		)	238,745			(531,307		)
Benefit from (provision for) income taxes	891			(3,538		)	(345		)	(9,091		)
Equity in income of Unconsolidated Real Estate Affiliates	17,754			15,135			58,919			54,984
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment	9,189			23,358			9,837			23,358
Income (loss) from continuing operations	88,245			(24,220		)	307,156			(462,056		)
Discontinued operations:
(Loss) gain from discontinued operations, including gains (losses) on dispositions	(7,084		)	9,120			(15,851		)	(60,242		)
Gain on extinguishment of debt	—			50,765			25,894			50,765
Discontinued operations, net	(7,084		)	59,885			10,043			(9,477		)
Net income (loss)	81,161			35,665			317,199			(471,533		)
Allocation to noncontrolling interests	(3,964		)	(3,464		)	(14,671		)	(9,700		)
Net income (loss) attributable to GGP	77,197			32,201			302,528			(481,233		)
Preferred stock dividends	(3,984		)	—			(14,078		)	—
Net income (loss) attributable to common stockholders	$	73,213		$	32,201		$	288,450		$	(481,233	)
Basic Income (Loss) Per Share:
Continuing operations	$	0.09		$	(0.02	)	$	0.30		$	(0.51	)
Discontinued operations	(0.01		)	0.06			0.01			(0.01		)
Total basic income (loss) per share	$	0.08		$	0.04		$	0.31		$	(0.52	)
Diluted Income (Loss) Per Share:
Continuing operations	$	0.08		$	(0.02	)	$	0.30		$	(0.51	)
Discontinued operations	(0.01		)	0.06			0.01			(0.01		)
Total diluted income (loss) per share	$	0.07		$	0.04		$	0.31		$	(0.52	)

FINANCIAL OVERVIEW Consolidated Balance Sheets (In thousands)

	December 31, 2013			December 31, 2012
Assets:
Investment in real estate:
Land	$	4,320,597		$	4,278,471
Buildings and equipment	18,270,748			18,806,858
Less accumulated depreciation	(1,884,861		)	(1,440,301		)
Construction in progress	406,930			376,529
Net property and equipment	21,113,414			22,021,557
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,407,698			2,865,871
Net investment in real estate	23,521,112			24,887,428
Cash and cash equivalents	577,271			624,815
Accounts and notes receivable, net	478,899			260,860
Deferred expenses, net	189,452			179,837
Prepaid expenses and other assets	995,569			1,329,465
Total assets	$	25,762,303		$	27,282,405
Liabilities:
Mortgages, notes and loans payable	$	15,672,437		$	15,966,866
Investment in Unconsolidated Real Estate Affiliates	17,405			—
Accounts payable and accrued expenses	989,367			1,212,231
Dividend payable	134,476			103,749
Deferred tax liabilities	24,667			28,174
Tax indemnification liability	303,586			303,750
Junior Subordinated Notes	206,200			206,200
Warrant liability	—			1,488,196
Total liabilities	17,348,138			19,309,166
Redeemable noncontrolling interests:
Preferred	131,881			136,008
Common	97,021			132,211
Total redeemable noncontrolling interests	228,902			268,219
Equity:
Preferred stock	242,042			—
Stockholders’ equity	7,861,079			7,621,698
Noncontrolling interests in consolidated real estate affiliates	82,142			83,322
Total equity	8,185,263			7,705,020
Total liabilities and equity	$	25,762,303		$	27,282,405

PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended December 31, 2013 and 2012 (In thousands)

	Three Months Ended December 31, 2013																		Three Months Ended December 31, 2012
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents	$	414,870		$	(3,463	)	$	97,500		$	508,907		$	5,426		$	514,333		$	409,922		$	(3,468	)	$	84,242		$	490,696		$	10,646		$	501,342
Tenant recoveries	184,610			(1,254		)	40,709			224,065			—			224,065			176,077			(1,178		)	35,118			210,017			—			210,017
Overage rents	28,659			(241		)	8,369			36,787			—			36,787			35,413			(181		)	6,596			41,828			—			41,828
Other revenue	35,006			(147		)	5,122			39,981			—			39,981			26,045			(126		)	5,563			31,482			—			31,482
Total property revenues	663,145			(5,105		)	151,700			809,740			5,426			815,166			647,457			(4,953		)	131,519			774,023			10,646			784,669
Property operating expenses:
Real estate taxes	64,212			(531		)	12,792			76,473			(1,578		)	74,895			52,957			(523		)	11,683			64,117			(1,578		)	62,539
Property maintenance costs	19,006			(128		)	5,107			23,985			—			23,985			21,917			(147		)	4,856			26,626			—			26,626
Marketing	8,155			(91		)	2,782			10,846			—			10,846			11,662			(106		)	2,755			14,311			—			14,311
Other property operating costs	84,952			(424		)	20,129			104,657			(1,347		)	103,310			88,506			(582		)	18,064			105,988			(1,384		)	104,604
Provision for doubtful accounts	571			7			(196		)	382			—			382			1,373			48			508			1,929			—			1,929
Total property operating expenses	176,896			(1,167		)	40,614			216,343			(2,925		)	213,418			176,415			(1,310		)	37,866			212,971			(2,962		)	210,009
NOI	$	486,249		$	(3,938	)	$	111,086		$	593,397		$	8,351		$	601,748		$	471,042		$	(3,643	)	$	93,653		$	561,052		$	13,608		$	574,660
Management fees and other corporate revenues	18,218			—			—			18,218			—			18,218			16,303			—			—			16,303			—			16,303
Property management and other costs	(41,432		)	172			(7,037		)	(48,297		)	(395		)	(48,692		)	(40,641		)	156			(6,127		)	(46,612		)	(424		)	(47,036		)
General and administrative	(14,658		)	—			(242		)	(14,900		)	—			(14,900		)	(7,602		)	—			20			(7,582		)	—			(7,582		)
EBITDA	$	448,377		$	(3,766	)	$	103,807		$	548,418		$	7,956		$	556,374		$	439,102		$	(3,487	)	$	87,546		$	523,161		$	13,184		$	536,345
Depreciation on non-income producing assets	(3,192		)	—			—			(3,192		)	—			(3,192		)	(1,630		)	—			—			(1,630		)	—			(1,630		)
Interest income	6,423			—			184			6,607			—			6,607			470			(1		)	84			553			—			553
Preferred unit distributions	(2,280		)	—			—			(2,280		)	—			(2,280		)	(2,310		)	—			—			(2,310		)	—			(2,310		)
Preferred stock dividends	(3,984		)	—			—			(3,984		)	—			(3,984		)	—			—			—			—			—			—
Interest expense:
Default interest	(680		)	—			—			(680		)	680			—			(1,157		)	—			—			(1,157		)	1,157			—
Mark-to-market adjustments on debt	(1,912		)	(95		)	363			(1,644		)	1,644			—			(2,326		)	(90		)	218			(2,198		)	2,198			—
Write-off of mark-to-market adjustments on extinguished debt	(275		)	—			(3,924		)	(4,199		)	4,199			—			(287		)	—			—			(287		)	287			—
Interest on existing debt	(173,484		)	1,111			(35,883		)	(208,256		)	—			(208,256		)	(202,572		)	1,137			(32,996		)	(234,431		)	—			(234,431		)
Loss on foreign currency	(7,312		)	—			—			(7,312		)	7,312			—			—			—			—			—			—			—
Warrant liability adjustment	—			—			—			—			—			—			(89,153		)	—			—			(89,153		)	89,153			—
Loss on extinguishment of debt	—			—			—			—			—			—			(15,007		)	—			—			(15,007		)	15,007			—
Provision for income taxes	891			19			8			918			(1,499		)	(581		)	(3,538		)	10			(122		)	(3,650		)	3,171			(479		)
FFO from discontinued operations	1,544			—			1			1,545			430			1,975			52,838			—			7,461			60,299			(46,974		)	13,325
	264,116			(2,731		)	64,556			325,941			20,722			346,663			174,430			(2,431		)	62,191			234,190			77,183			311,373
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	61,825			2,731			(64,556		)	—			—			—			59,760			2,431			(62,191		)	—			—			—
FFO	$	325,941		$	—		$	—		$	325,941		$	20,722		$	346,663		$	234,190		$	—		$	—		$	234,190		$	77,183		$	311,373
Company FFO per diluted share																$	0.36																	$	0.31

PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Twelve Months Ended December 31, 2013 and 2012 (In thousands)

	Twelve Months Ended December 31, 2013																		Twelve Months Ended December 31, 2012
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents	$	1,588,883		$	(14,143	)	$	363,346		$	1,938,086		$	27,918		$	1,966,004		$	1,549,933		$	(12,152	)	$	335,494		$	1,873,275		$	24,555		$	1,897,830
Tenant recoveries	723,634			(4,841		)	159,579			878,372			—			878,372			700,914			(4,505		)	143,940			840,349			—			840,349
Overage rents	56,212			(486		)	15,829			71,555			—			71,555			69,756			(392		)	12,196			81,560			—			81,560
Other revenue	89,866			(440		)	15,677			105,103			—			105,103			74,286			(372		)	14,903			88,817			—			88,817
Total property revenues	2,458,595			(19,910		)	554,431			2,993,116			27,918			3,021,034			2,394,889			(17,421		)	506,533			2,884,001			24,555			2,908,556
Property operating expenses:
Real estate taxes	243,941			(2,126		)	51,542			293,357			(6,312		)	287,045			219,139			(2,063		)	46,917			263,993			(6,312		)	257,681
Property maintenance costs	71,334			(406		)	17,107			88,035			—			88,035			76,139			(425		)	17,084			92,798			—			92,798
Marketing	26,214			(263		)	7,840			33,791			—			33,791			33,263			(318		)	7,994			40,939			—			40,939
Other property operating costs	352,466			(2,066		)	78,491			428,891			(10,121		)	418,770			361,345			(2,218		)	74,366			433,493			(5,668		)	427,825
Provision for doubtful accounts	4,068			(29		)	743			4,782			—			4,782			4,017			15			982			5,014			—			5,014
Total property operating expenses	698,023			(4,890		)	155,723			848,856			(16,433		)	832,423			693,903			(5,009		)	147,343			836,237			(11,980		)	824,257
NOI	$	1,760,572		$	(15,020	)	$	398,708		$	2,144,260		$	44,351		$	2,188,611		$	1,700,986		$	(12,412	)	$	359,190		$	2,047,764		$	36,535		$	2,084,299
Management fees and other corporate revenues	68,792			—			—			68,792			—			68,792			71,949			—			—			71,949			—			71,949
Property management and other costs	(164,777		)	638			(25,959		)	(190,098		)	(1,698		)	(191,796		)	(159,600		)	575			(23,660		)	(182,685		)	(1,696		)	(184,381		)
General and administrative	(49,237		)	—			(991		)	(50,228		)	—			(50,228		)	(39,120		)	15			(754		)	(39,859		)	—			(39,859		)
EBITDA	$	1,615,350		$	(14,382	)	$	371,758		$	1,972,726		$	42,653		$	2,015,379		$	1,574,215		$	(11,822	)	$	334,776		$	1,897,169		$	34,839		$	1,932,008
Depreciation on non-income producing assets	(12,232		)	—			—			(12,232		)	—			(12,232		)	(8,240		)	—			—			(8,240		)	—			(8,240		)
Interest income	7,699			(1		)	533			8,231			—			8,231			2,374			(3		)	285			2,656			—			2,656
Preferred unit distributions	(9,287		)	—			—			(9,287		)	—			(9,287		)	(12,414		)	—			—			(12,414		)	3,098			(9,316		)
Preferred stock dividends	(14,078		)	—			—			(14,078		)	—			(14,078		)	—			—			—			—			—			—
Interest expense:
Default interest	(3,735		)	—			—			(3,735		)	3,735			—			(4,602		)	—			(309		)	(4,911		)	4,911			—
Mark-to-market adjustments on debt	(12,834		)	(373		)	(590		)	(13,797		)	13,797			—			11,204			(365		)	2,035			12,874			(12,874		)	—
Write-off of mark-to-market adjustments on extinguished debt	5,696			—			(3,513		)	2,183			(2,183		)	—			33,069			1			—			33,070			(33,070		)	—
Debt extinguishment expenses	—			—			—			—			—			—			(186		)	—			(4		)	(190		)	190			—
Interest on existing debt	(725,687		)	4,478			(138,944		)	(860,153		)	—			(860,153		)	(834,035		)	4,662			(137,819		)	(967,192		)	—			(967,192		)
Loss on foreign currency	(7,312		)	—			—			(7,312		)	7,312			—			—			—			—			—			—			—
Warrant liability adjustment	(40,546		)	—			—			(40,546		)	40,546			—			(502,234		)	—			—			(502,234		)	502,234			—
Loss on extinguishment of debt	(36,479		)	—			—			(36,479		)	36,479			—			(15,007		)	—			—			(15,007		)	15,007			—
Provision for income taxes	(345		)	72			(202		)	(475		)	(1,756		)	(2,231		)	(9,091		)	58			(441		)	(9,474		)	7,372			(2,102		)
FFO from discontinued operations	31,853			—			13,953			45,806			(23,764		)	22,042			73,953			—			21,020			94,973			(51,071		)	43,902
	798,063			(10,206		)	242,995			1,030,852			116,819			1,147,671			309,006			(7,469		)	219,543			521,080			470,636			991,716
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	232,789			10,206			(242,995		)	—			—			—			212,074			7,469			(219,543		)	—			—			—
FFO	$	1,030,852		$	—		$	—		$	1,030,852		$	116,819		$	1,147,671		$	521,080		$	—		$	—		$	521,080		$	470,636		$	991,716
Company FFO per diluted share																$	1.16																	$	0.98

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

	Three Months Ended						Twelve Months Ended
	December 31,  2013			December 31,  2012			December 31,  2013			December 31,  2012
Reconciliation of Company NOI to GAAP Operating Income
Company NOI:	$	601,748		$	574,660		$	2,188,611		$	2,084,299
Adjustments for minimum rents, real estate taxes and other property operating costs	(8,351		)	(13,608		)	(44,351		)	(36,535		)
Proportionate NOI	593,397			561,052			2,144,260			2,047,764
Unconsolidated Properties	(111,086		)	(93,653		)	(398,708		)	(359,190		)
Consolidated Properties	482,311			467,399			1,745,552			1,688,574
Management fees and other corporate revenues	18,218			16,303			68,792			71,949
Property management and other costs	(41,432		)	(40,641		)	(164,777		)	(159,600		)
General and administrative	(14,658		)	(7,602		)	(49,237		)	(39,120		)
Provisions for impairment	(18,361		)	—			(18,361		)	(32,100		)
Depreciation and amortization	(192,365		)	(188,245		)	(764,830		)	(782,552		)
Noncontrolling interest in operating income of Consolidated Properties and other	3,938			3,643			15,020			12,412
Operating income	$	237,651		$	250,857		$	832,159		$	759,563
Reconciliation of Company EBITDA to GAAP Net Income (Loss) Attributable to GGP
Company EBITDA	$	556,374		$	536,345		$	2,015,379		$	1,932,008
Adjustments for minimum rents, property operating expenses and property management and other costs	(7,956		)	(13,184		)	(42,653		)	(34,839		)
Proportionate EBITDA	548,418			523,161			1,972,726			1,897,169
Unconsolidated Properties	(103,807		)	(87,546		)	(371,758		)	(334,776		)
Consolidated Properties	444,611			435,615			1,600,968			1,562,393
Depreciation and amortization	(192,365		)	(188,245		)	(764,830		)	(782,552		)
Noncontrolling interest in NOI of Consolidated Properties	3,938			3,643			15,020			12,412
Interest income	6,423			470			7,699			2,374
Interest expense	(176,351		)	(206,342		)	(736,560		)	(794,550		)
Loss on foreign currency	(7,312		)	—			(7,312		)	—
Warrant liability adjustment	—			(89,153		)	(40,546		)	(502,234		)
(Provision for) benefit from income taxes	891			(3,538		)	(345		)	(9,091		)
Provision for impairment excluded from FFO	(18,361		)	—			(18,361		)	(32,100		)
Equity in income of Unconsolidated Real Estate Affiliates	17,754			15,135			58,919			54,984
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment	9,189			23,358			9,837			23,358
Discontinued operations	(7,084		)	59,885			10,043			(9,477		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Loss on extinguishment of debt	—			(15,007		)	(36,479		)	(15,007		)
Allocation to noncontrolling interests	(4,136		)	(3,620		)	(15,309		)	(10,290		)
Net income (loss) attributable to GGP	$	77,197		$	32,201		$	302,528		$	(481,233	)
Reconciliation of Company FFO to GAAP Net Income (Loss) Attributable to GGP
Company FFO	$	346,663		$	311,373		$	1,147,671		$	991,716
Adjustments for minimum rents, property operating expenses and property management and other costs, market rate adjustments, debt extinguishment, income taxes and FFO from discontinued operations	(20,722		)	(77,183		)	(116,819		)	(470,636		)
Proportionate FFO	325,941			234,190			1,030,852			521,080
Depreciation and amortization of capitalized real estate costs	(235,990		)	(230,116		)	(930,704		)	(932,704		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Preferred stock dividends	3,984			—			14,078			—
Gains on sales of investment properties	9,216			34,747			9,026			47,884
Noncontrolling interests in depreciation of Consolidated Properties	1,788			1,520			7,151			6,870
Provision for impairment excluded from FFO	(18,361		)	—			(18,361		)	(32,100		)
Provision for impairment excluded from FFO of discontinued operations	(7,599		)	—			(12,574		)	(76,581		)
Redeemable noncontrolling interests	(726		)	(261		)	(2,289		)	3,492
Depreciation and amortization of discontinued operations	(1,056		)	(7,879		)	(14,435		)	(37,721		)
Net income (loss) attributable to GGP	$	77,197		$	32,201		$	302,528		$	(481,233	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	111,086		$	93,653		$	398,708		$	359,190
Net property management fees and costs	(7,037		)	(6,127		)	(25,959		)	$	(23,660	)
General and administrative and provisions for impairment	(242		)	20			(991		)	(754		)
EBITDA	103,807			87,546			371,758			334,776
Net interest expense	(39,260		)	(32,694		)	(142,514		)	(135,812		)
Provision for income taxes	8			(122		)	(202		)	(441		)
FFO of discontinued Unconsolidated Properties	1			7,461			13,953			21,020
FFO of Unconsolidated Properties	64,556			62,191			242,995			219,543
Depreciation and amortization of capitalized real estate costs	(46,817		)	(47,058		)	(184,115		)	(164,711		)
Other, including gain on sales of investment properties	15			2			39			152
Equity in income of Unconsolidated Real Estate Affiliates	$	17,754		$	15,135		$	58,919		$	54,984

EX-99.2

Exhibit 99.2

BASIS OF PRESENTATION

GENERAL INFORMATION

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

PROPERTY INFORMATION

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

NON-GAAP MEASURES

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

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

TABLE OF CONTENTS

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

This presentation contains forward-looking statements.  Actual results may differ materially from the results suggested by these forward-looking statements for a number of reasons.  Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this Supplemental.  The Company disclaims any obligation to update any forward-looking statements.

SELECT SCHEDULE DEFINITIONS

Page	Schedule	Description
Proportionate Financial Schedules:
3	Proportionate Balance Sheet	The proportionate balance sheet adjusts GGP’s GAAP balance sheet for noncontrolling interests and adds the Company’s proportionate share of assets and liabilities related to investments accounted for under the equity method.
4	Overview	Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis.
5-6	Company NOI, EBITDA and FFO	Proportionate Results and FFO for the three and twelve months ended December 31, 2013 and 2012 adjusts GGP’s consolidated results and FFO for noncontrolling interests and adds the Company’s proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, EBITDA and FFO exclude certain non-cash and non-recurring revenues and expenses that may not be indicative of future operations.
Portfolio Operating Metrics:
17	Key Operating Performance Indicators	Certain retail properties operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
20-26	Property Schedule	By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions.

GAAP Financial Statements

FINANCIAL OVERVIEW Consolidated Balance Sheets (In thousands)

	December 31, 2013			December 31, 2012
Assets:
Investment in real estate:
Land	$	4,320,597		$	4,278,471
Buildings and equipment	18,270,748			18,806,858
Less accumulated depreciation	(1,884,861		)	(1,440,301		)
Construction in progress	406,930			376,529
Net property and equipment	21,113,414			22,021,557
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,407,698			2,865,871
Net investment in real estate	23,521,112			24,887,428
Cash and cash equivalents	577,271			624,815
Accounts and notes receivable, net	478,899			260,860
Deferred expenses, net	189,452			179,837
Prepaid expenses and other assets	995,569			1,329,465
Total assets	$	25,762,303		$	27,282,405
Liabilities:
Mortgages, notes and loans payable	$	15,672,437		$	15,966,866
Investment in Unconsolidated Real Estate Affiliates	17,405			—
Accounts payable and accrued expenses	989,367			1,212,231
Dividend payable	134,476			103,749
Deferred tax liabilities	24,667			28,174
Tax indemnification liability	303,586			303,750
Junior Subordinated Notes	206,200			206,200
Warrant liability	—			1,488,196
Total liabilities	17,348,138			19,309,166
Redeemable noncontrolling interests:
Preferred	131,881			136,008
Common	97,021			132,211
Total redeemable noncontrolling interests	228,902			268,219
Equity:
Preferred stock	242,042			—
Stockholders’ equity	7,861,079			7,621,698
Noncontrolling interests in consolidated real estate affiliates	82,142			83,322
Total equity	8,185,263			7,705,020
Total liabilities and equity	$	25,762,303		$	27,282,405

1

FINANCIAL OVERVIEW Consolidated Statements of Operations (In thousands, except per share)

	Three Months Ended						Twelve Months Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Revenues:
Minimum rents	$	414,870		$	409,922		$	1,588,883		$	1,549,933
Tenant recoveries	184,610			176,077			723,634			700,914
Overage rents	28,659			35,413			56,212			69,756
Management fees and other corporate revenues	18,218			16,303			68,792			71,949
Other	35,006			26,045			89,866			74,286
Total revenues	681,363			663,760			2,527,387			2,466,838
Expenses:
Real estate taxes	64,212			52,957			243,941			219,139
Property maintenance costs	19,006			21,917			71,334			76,139
Marketing	8,155			11,662			26,214			33,263
Other property operating costs	84,952			88,506			352,466			361,345
Provision for doubtful accounts	571			1,373			4,068			4,017
Property management and other costs	41,432			40,641			164,777			159,600
General and administrative	14,658			7,602			49,237			39,120
Provisions for impairment	18,361			—			18,361			32,100
Depreciation and amortization	192,365			188,245			764,830			782,552
Total expenses	443,712			412,903			1,695,228			1,707,275
Operating income	237,651			250,857			832,159			759,563
Interest income	6,423			470			7,699			2,374
Interest expense	(176,351		)	(206,342		)	(736,560		)	(794,550		)
Loss on foreign currency	(7,312		)	—			(7,312		)	—
Warrant liability adjustment	—			(89,153		)	(40,546		)	(502,234		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Loss on extinguishment of debt	—			(15,007		)	(36,479		)	(15,007		)
Income (loss) before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, noncontrolling interests and preferred stock dividends	60,411			(59,175		)	238,745			(531,307		)
Benefit from (provision for) income taxes	891			(3,538		)	(345		)	(9,091		)
Equity in income of Unconsolidated Real Estate Affiliates	17,754			15,135			58,919			54,984
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment	9,189			23,358			9,837			23,358
Income (loss) from continuing operations	88,245			(24,220		)	307,156			(462,056		)
Discontinued operations:
(Loss) gain from discontinued operations, including gains (losses) on dispositions	(7,084		)	9,120			(15,851		)	(60,242		)
Gain on extinguishment of debt	—			50,765			25,894			50,765
Discontinued operations, net	(7,084		)	59,885			10,043			(9,477		)
Net income (loss)	81,161			35,665			317,199			(471,533		)
Allocation to noncontrolling interests	(3,964		)	(3,464		)	(14,671		)	(9,700		)
Net income (loss) attributable to GGP	77,197			32,201			302,528			(481,233		)
Preferred stock dividends	(3,984		)	—			(14,078		)	—
Net income (loss) attributable to common stockholders	$	73,213		$	32,201		$	288,450		$	(481,233	)
Basic Income (Loss) Per Share:
Continuing operations	$	0.09		$	(0.02	)	$	0.30		$	(0.51	)
Discontinued operations	(0.01		)	0.06			0.01			(0.01		)
Total basic income (loss) per share	$	0.08		$	0.04		$	0.31		$	(0.52	)
Diluted Income (Loss) Per Share:
Continuing operations	$	0.08		$	(0.02	)	$	0.30		$	(0.51	)
Discontinued operations	(0.01		)	0.06			0.01			(0.01		)
Total diluted income (loss) per share	$	0.07		$	0.04		$	0.31		$	(0.52	)

2

Proportionate Financial Statements

PROPORTIONATE FINANCIAL STATEMENTS Proportionate Balance Sheets (In thousands)

	As of												As of
	December 31, 2013												December 31, 2012
	GAAP			Noncontrolling Interests			GGP Share of Unconsolidated Real Estate Affiliates			GGP Total Share			GGP Total Share
Assets:
Investment in real estate:
Land	$	4,320,597		$	(31,806	)	$	701,547		$	4,990,338		$	4,965,238
Buildings and equipment	18,270,748			(149,728		)	5,524,656			23,645,676			24,355,502
Less accumulated depreciation	(1,884,861		)	17,660			(952,184		)	(2,819,385		)	(2,287,426		)
Construction in progress	406,930			(65		)	22,688			429,553			465,797
Net property and equipment	21,113,414			(163,939		)	5,296,707			26,246,182			27,499,111
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,407,698			—			(2,407,698		)	—			—
Net investment in real estate	23,521,112			(163,939		)	2,889,009			26,246,182			27,499,111
Cash and cash equivalents	577,271			(3,090		)	123,355			697,536			839,070
Accounts and notes receivable, net	478,899			(1,809		)	71,931			549,021			312,115
Deferred expenses, net	189,452			(987		)	126,395			314,860			320,493
Prepaid expenses and other assets	995,569			(4,176		)	178,030			1,169,423			1,526,082
Total assets	$	25,762,303		$	(174,001	)	$	3,388,720		$	28,977,022		$	30,496,871
Liabilities:
Mortgages, notes and loans payable	$	15,672,437		$	(84,029	)	$	3,199,822		$	18,788,230		$	18,983,448
Investment in Unconsolidated Real Estate Affiliates	17,405			—			(17,405		)	—			—
Accounts payable and accrued expenses	989,367			(7,830		)	206,273			1,187,810			1,493,437
Dividend payable	134,476			—			—			134,476			103,749
Deferred tax liabilities	24,667			—			30			24,697			28,174
Tax indemnification liability	303,586			—			—			303,586			303,750
Junior Subordinated Notes	206,200			—						206,200			206,200
Warrant liability	—			—			—			—			1,488,196
Total liabilities	17,348,138			(91,859		)	3,388,720			20,644,999			22,606,954
Redeemable noncontrolling interests:
Preferred	131,881			—			—			131,881			136,008
Common	97,021			—			—			97,021			132,211
Total redeemable noncontrolling interests	228,902			—			—			228,902			268,219
Equity:
Preferred stock	242,042			—			—			242,042			—
Stockholders’ equity	7,861,079			—			—			7,861,079			7,621,698
Noncontrolling interests in consolidated real estate affiliates	82,142			(82,142		)	—			—			—
Total equity	8,185,263			(82,142		)	—			8,103,121			7,621,698
Total liabilities and equity	$	25,762,303		$	(174,001	)	$	3,388,720		$	28,977,022		$	30,496,871

3

PROPORTIONATE FINANCIAL STATEMENTS Overview (In thousands, except per share)

	Three Months Ended						Twelve Months Ended
	December 31, 2013		December 31, 2012		Percentage Change		December 31, 2013		December 31, 2012		Percentage Change
Same Store NOI (1)	$	582,173	$	548,421	6.2	%	$	2,111,519	$	1,992,893	6.0	%
Non-Same Store (2)	19,575		26,239		-25.4	%	77,092		91,406		-15.7	%
Company NOI (3)	601,748		574,660		4.7	%	2,188,611		2,084,299		5.0	%
Company EBITDA (3)	556,374		536,345		3.7	%	2,015,379		1,932,008		4.3	%
Company FFO (3)	346,663		311,373		11.3	%	1,147,671		991,716		15.7	%
Company FFO per diluted share	$	0.36	$	0.31	17.0	%	$	1.16	$	0.98	18.2	%
Weighted average diluted common shares outstanding	967,096		1,016,407		-4.9	%	987,226		1,008,285		-2.1	%

(1)Total termination fees were $0.8 million and $0.7 million for the three months ended December 31, 2013 and 2012, respectively.  Total termination fees were $14.3 million and $11.2 million for the twelve months ended December 31, 2013 and 2012, respectively.

(2)Non-Same Store includes the periodic effects of acquisitions, changes in ownership and certain redevelopments and other properties.  Included in Non-Same Store is 49.9% of the operations of The Grand Canal Shoppes through May 15, 2013.  See Property Schedule on pages 20-26 for individual property details.

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

4

PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended December 31, 2013 and 2012 (In thousands)

	Three Months Ended December 31, 2013																		Three Months Ended December 31, 2012
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents (1)	$	414,870		$	(3,463	)	$	97,500		$	508,907		$	5,426		$	514,333		$	409,922		$	(3,468	)	$	84,242		$	490,696		$	10,646		$	501,342
Tenant recoveries	184,610			(1,254		)	40,709			224,065			—			224,065			176,077			(1,178		)	35,118			210,017			—			210,017
Overage rents	28,659			(241		)	8,369			36,787			—			36,787			35,413			(181		)	6,596			41,828			—			41,828
Other revenue	35,006			(147		)	5,122			39,981			—			39,981			26,045			(126		)	5,563			31,482			—			31,482
Total property revenues	663,145			(5,105		)	151,700			809,740			5,426			815,166			647,457			(4,953		)	131,519			774,023			10,646			784,669
Property operating expenses:
Real estate taxes	64,212			(531		)	12,792			76,473			(1,578		)	74,895			52,957			(523		)	11,683			64,117			(1,578		)	62,539
Property maintenance costs	19,006			(128		)	5,107			23,985			—			23,985			21,917			(147		)	4,856			26,626			—			26,626
Marketing	8,155			(91		)	2,782			10,846			—			10,846			11,662			(106		)	2,755			14,311			—			14,311
Other property operating costs	84,952			(424		)	20,129			104,657			(1,347		)	103,310			88,506			(582		)	18,064			105,988			(1,384		)	104,604
Provision for doubtful accounts	571			7			(196		)	382			—			382			1,373			48			508			1,929			—			1,929
Total property operating expenses	176,896			(1,167		)	40,614			216,343			(2,925		)	213,418			176,415			(1,310		)	37,866			212,971			(2,962		)	210,009
NOI	$	486,249		$	(3,938	)	$	111,086		$	593,397		$	8,351		$	601,748		$	471,042		$	(3,643	)	$	93,653		$	561,052		$	13,608		$	574,660
Management fees and other corporate revenues	18,218			—			—			18,218			—			18,218			16,303			—			—			16,303			—			16,303
Property management and other costs (2)	(41,432		)	172			(7,037		)	(48,297		)	(395		)	(48,692		)	(40,641		)	156			(6,127		)	(46,612		)	(424		)	(47,036		)
General and administrative	(14,658		)	—			(242		)	(14,900		)	—			(14,900		)	(7,602		)	—			20			(7,582		)	—			(7,582		)
EBITDA	$	448,377		$	(3,766	)	$	103,807		$	548,418		$	7,956		$	556,374		$	439,102		$	(3,487	)	$	87,546		$	523,161		$	13,184		$	536,345
Depreciation on non-income producing assets	(3,192		)	—			—			(3,192		)	—			(3,192		)	(1,630		)	—			—			(1,630		)	—			(1,630		)
Interest income	6,423			—			184			6,607			—			6,607			470			(1		)	84			553			—			553
Preferred unit distributions	(2,280		)	—			—			(2,280		)	—			(2,280		)	(2,310		)	—			—			(2,310		)	—			(2,310		)
Preferred stock dividends	(3,984		)	—			—			(3,984		)	—			(3,984		)	—			—			—			—			—			—
Interest expense:
Default interest	(680		)	—			—			(680		)	680			—			(1,157		)	—			—			(1,157		)	1,157			—
Mark-to-market adjustments on debt	(1,912		)	(95		)	363			(1,644		)	1,644			—			(2,326		)	(90		)	218			(2,198		)	2,198			—
Write-off of mark-to-market adjustments on extinguished debt	(275		)	—			(3,924		)	(4,199		)	4,199			—			(287		)	—			—			(287		)	287			—
Interest on existing debt	(173,484		)	1,111			(35,883		)	(208,256		)	—			(208,256		)	(202,572		)	1,137			(32,996		)	(234,431		)	—			(234,431		)
Loss on foreign currency	(7,312		)	—			—			(7,312		)	7,312			—			—			—			—			—			—			—
Warrant liability adjustment	—			—			—			—			—			—			(89,153		)	—			—			(89,153		)	89,153			—
Loss on extinguishment of debt	—			—			—			—			—			—			(15,007		)	—			—			(15,007		)	15,007			—
Provision for income taxes	891			19			8			918			(1,499		)	(581		)	(3,538		)	10			(122		)	(3,650		)	3,171			(479		)
FFO from discontinued operations (3)	1,544			—			1			1,545			430			1,975			52,838			—			7,461			60,299			(46,974		)	13,325
	264,116			(2,731		)	64,556			325,941			20,722			346,663			174,430			(2,431		)	62,191			234,190			77,183			311,373
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	61,825			2,731			(64,556		)	—			—			—			59,760			2,431			(62,191		)	—			—			—
FFO	$	325,941		$	—		$	—		$	325,941		$	20,722		$	346,663		$	234,190		$	—		$	—		$	234,190		$	77,183		$	311,373
Company FFO per diluted share																$	0.36																	$	0.31

(1)Adjustments include amounts for straight-line rent of ($15,939) and ($12,781) and above/below market lease amortization of $21,365 and $23,427 for the three months ended December 31, 2013 and 2012, respectively.

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

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

5

PROPORTIONATE FINANCIAL STATEMENTS       Company NOI, EBITDA and FFO For the Twelve Months Ended December 31, 2013 and 2012 (In thousands)

	Twelve Months Ended December 31, 2013																		Twelve Months Ended December 31, 2012
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents (1)	$	1,588,883		$	(14,143	)	$	363,346		$	1,938,086		$	27,918		$	1,966,004		$	1,549,933		$	(12,152	)	$	335,494		$	1,873,275		$	24,555		$	1,897,830
Tenant recoveries	723,634			(4,841		)	159,579			878,372			—			878,372			700,914			(4,505		)	143,940			840,349			—			840,349
Overage rents	56,212			(486		)	15,829			71,555			—			71,555			69,756			(392		)	12,196			81,560			—			81,560
Other revenue	89,866			(440		)	15,677			105,103			—			105,103			74,286			(372		)	14,903			88,817			—			88,817
Total property revenues	2,458,595			(19,910		)	554,431			2,993,116			27,918			3,021,034			2,394,889			(17,421		)	506,533			2,884,001			24,555			2,908,556
Property operating expenses:
Real estate taxes	243,941			(2,126		)	51,542			293,357			(6,312		)	287,045			219,139			(2,063		)	46,917			263,993			(6,312		)	257,681
Property maintenance costs	71,334			(406		)	17,107			88,035			—			88,035			76,139			(425		)	17,084			92,798			—			92,798
Marketing	26,214			(263		)	7,840			33,791			—			33,791			33,263			(318		)	7,994			40,939			—			40,939
Other property operating costs	352,466			(2,066		)	78,491			428,891			(10,121		)	418,770			361,345			(2,218		)	74,366			433,493			(5,668		)	427,825
Provision for doubtful accounts	4,068			(29		)	743			4,782			—			4,782			4,017			15			982			5,014			—			5,014
Total property operating expenses	698,023			(4,890		)	155,723			848,856			(16,433		)	832,423			693,903			(5,009		)	147,343			836,237			(11,980		)	824,257
NOI	$	1,760,572		$	(15,020	)	$	398,708		$	2,144,260		$	44,351		$	2,188,611		$	1,700,986		$	(12,412	)	$	359,190		$	2,047,764		$	36,535		$	2,084,299
Management fees and other corporate revenues	68,792			—			—			68,792			—			68,792			71,949			—			—			71,949			—			71,949
Property management and other costs (2)	(164,777		)	638			(25,959		)	(190,098		)	(1,698		)	(191,796		)	(159,600		)	575			(23,660		)	(182,685		)	(1,696		)	(184,381		)
General and administrative	(49,237		)	—			(991		)	(50,228		)	—			(50,228		)	(39,120		)	15			(754		)	(39,859		)	—			(39,859		)
EBITDA	$	1,615,350		$	(14,382	)	$	371,758		$	1,972,726		$	42,653		$	2,015,379		$	1,574,215		$	(11,822	)	$	334,776		$	1,897,169		$	34,839		$	1,932,008
Depreciation on non-income producing assets	(12,232		)	—			—			(12,232		)	—			(12,232		)	(8,240		)	—			—			(8,240		)	—			(8,240		)
Interest income	7,699			(1		)	533			8,231			—			8,231			2,374			(3		)	285			2,656			—			2,656
Preferred unit distributions (3)	(9,287		)	—			—			(9,287		)	—			(9,287		)	(12,414		)	—			—			(12,414		)	3,098			(9,316		)
Preferred stock dividends	(14,078		)	—			—			(14,078		)	—			(14,078		)	—			—			—			—			—			—
Interest expense:
Default interest	(3,735		)	—			—			(3,735		)	3,735			—			(4,602		)	—			(309		)	(4,911		)	4,911			—
Mark-to-market adjustments on debt	(12,834		)	(373		)	(590		)	(13,797		)	13,797			—			11,204			(365		)	2,035			12,874			(12,874		)	—
Write-off of mark-to-market adjustments on extinguished debt	5,696			—			(3,513		)	2,183			(2,183		)	—			33,069			1			—			33,070			(33,070		)	—
Debt extinguishment expenses	—			—			—			—			—			—			(186		)	—			(4		)	(190		)	190			—
Interest on existing debt	(725,687		)	4,478			(138,944		)	(860,153		)	—			(860,153		)	(834,035		)	4,662			(137,819		)	(967,192		)	—			(967,192		)
Loss on foreign currency	(7,312		)	—			—			(7,312		)	7,312			—			—			—			—			—			—			—
Warrant liability adjustment	(40,546		)	—			—			(40,546		)	40,546			—			(502,234		)	—			—			(502,234		)	502,234			—
Loss on extinguishment of debt (4)	(36,479		)	—			—			(36,479		)	36,479			—			(15,007		)	—			—			(15,007		)	15,007			—
Provision for income taxes	(345		)	72			(202		)	(475		)	(1,756		)	(2,231		)	(9,091		)	58			(441		)	(9,474		)	7,372			(2,102		)
FFO from discontinued operations (5)	31,853			—			13,953			45,806			(23,764		)	22,042			73,953			—			21,020			94,973			(51,071		)	43,902
	798,063			(10,206		)	242,995			1,030,852			116,819			1,147,671			309,006			(7,469		)	219,543			521,080			470,636			991,716
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	232,789			10,206			(242,995		)	—			—			—			212,074			7,469			(219,543		)	—			—			—
FFO	$	1,030,852		$	—		$	—		$	1,030,852		$	116,819		$	1,147,671		$	521,080		$	—		$	—		$	521,080		$	470,636		$	991,716
Company FFO per diluted share																$	1.16																	$	0.98

(1)Adjustments include amounts for straight-line rent of ($62,862) and ($75,550) and above/below market lease amortization of $90,780 and $100,105 for the twelve months ended December 31, 2013 and 2012, respectively.

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

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

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

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

6

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

	Three Months Ended						Twelve Months Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Reconciliation of Company NOI to GAAP Operating Income
Company NOI:	$	601,748		$	574,660		$	2,188,611		$	2,084,299
Adjustments for minimum rents, real estate taxes and other property operating costs (1)	(8,351		)	(13,608		)	(44,351		)	(36,535		)
Proportionate NOI	593,397			561,052			2,144,260			2,047,764
Unconsolidated Properties	(111,086		)	(93,653		)	(398,708		)	(359,190		)
Consolidated Properties	482,311			467,399			1,745,552			1,688,574
Management fees and other corporate revenues	18,218			16,303			68,792			71,949
Property management and other costs	(41,432		)	(40,641		)	(164,777		)	(159,600		)
General and administrative	(14,658		)	(7,602		)	(49,237		)	(39,120		)
Provisions for impairment	(18,361		)	—			(18,361		)	(32,100		)
Depreciation and amortization	(192,365		)	(188,245		)	(764,830		)	(782,552		)
Noncontrolling interest in operating income of Consolidated Properties and other	3,938			3,643			15,020			12,412
Operating income	$	237,651		$	250,857		$	832,159		$	759,563
Reconciliation of Company EBITDA to GAAP Net Income (Loss) Attributable to GGP
Company EBITDA	$	556,374		$	536,345		$	2,015,379		$	1,932,008
Adjustments for minimum rents, property operating expenses and property management and other costs (1)	(7,956		)	(13,184		)	(42,653		)	(34,839		)
Proportionate EBITDA	548,418			523,161			1,972,726			1,897,169
Unconsolidated Properties	(103,807		)	(87,546		)	(371,758		)	(334,776		)
Consolidated Properties	444,611			435,615			1,600,968			1,562,393
Depreciation and amortization	(192,365		)	(188,245		)	(764,830		)	(782,552		)
Noncontrolling interest in NOI of Consolidated Properties	3,938			3,643			15,020			12,412
Interest income	6,423			470			7,699			2,374
Interest expense	(176,351		)	(206,342		)	(736,560		)	(794,550		)
Loss on foreign currency	(7,312		)	—			(7,312		)	—
Warrant liability adjustment	—			(89,153		)	(40,546		)	(502,234		)
(Provision for) benefit from income taxes	891			(3,538		)	(345		)	(9,091		)
Provision for impairment excluded from FFO	(18,361		)	—			(18,361		)	(32,100		)
Equity in income of Unconsolidated Real Estate Affiliates	17,754			15,135			58,919			54,984
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment	9,189			23,358			9,837			23,358
Discontinued operations	(7,084		)	59,885			10,043			(9,477		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Loss on extinguishment of debt	—			(15,007		)	(36,479		)	(15,007		)
Allocation to noncontrolling interests	(4,136		)	(3,620		)	(15,309		)	(10,290		)
Net income (loss) attributable to GGP	$	77,197		$	32,201		$	302,528		$	(481,233	)

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

7

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

	Three Months Ended						Twelve Months Ended
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Reconciliation of Company FFO to GAAP Net Income (Loss) Attributable to GGP
Company FFO	$	346,663		$	311,373		$	1,147,671		$	991,716
Adjustments for minimum rents, property operating expenses and property management and other costs, market rate adjustments, debt extinguishment, income taxes and FFO from discontinued operations (1)	(20,722		)	(77,183		)	(116,819		)	(470,636		)
Proportionate FFO	325,941			234,190			1,030,852			521,080
Depreciation and amortization of capitalized real estate costs	(235,990		)	(230,116		)	(930,704		)	(932,704		)
Gains from changes in control of investment properties	—			—			219,784			18,547
Preferred stock dividends	3,984			—			14,078			—
Gains on sales of investment properties	9,216			34,747			9,026			47,884
Noncontrolling interests in depreciation of Consolidated Properties	1,788			1,520			7,151			6,870
Provision for impairment excluded from FFO	(18,361		)	—			(18,361		)	(32,100		)
Provision for impairment excluded from FFO of discontinued operations	(7,599		)	—			(12,574		)	(76,581		)
Redeemable noncontrolling interests	(726		)	(261		)	(2,289		)	3,492
Depreciation and amortization of discontinued operations	(1,056		)	(7,879		)	(14,435		)	(37,721		)
Net income (loss) attributable to GGP	$	77,197		$	32,201		$	302,528		$	(481,233	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	111,086		$	93,653		$	398,708		$	359,190
Net property management fees and costs	(7,037		)	(6,127		)	(25,959		)	$	(23,660	)
General and administrative and provisions for impairment	(242		)	20			(991		)	(754		)
EBITDA	103,807			87,546			371,758			334,776
Net interest expense	(39,260		)	(32,694		)	(142,514		)	(135,812		)
Provision for income taxes	8			(122		)	(202		)	(441		)
FFO of discontinued Unconsolidated Properties	1			7,461			13,953			21,020
FFO of Unconsolidated Properties	64,556			62,191			242,995			219,543
Depreciation and amortization of capitalized real estate costs	(46,817		)	(47,058		)	(184,115		)	(164,711		)
Other, including gain on sales of investment properties	15			2			39			152
Equity in income of Unconsolidated Real Estate Affiliates	$	17,754		$	15,135		$	58,919		$	54,984

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

8

DEBT

DEBT SUMMARY, AT SHARE As of December 31, 2013 (In thousands)

			Proportionate		Average Remaining	Maturities
	Coupon Rate		Balance		Term (Years)	2014		2015		2016		2017		2018		Subsequent		Total
Fixed Rate
Property Level Consolidated	4.55	%	$	13,813,929	7.5	$	182,719	$	639,617	$	855,367	$	718,032	$	118,892	$	9,987,333	$	12,501,960
Property Level Unconsolidated	4.50	%	3,018,030		7.0	—		183,409		—		158,070		186,862		2,273,853		2,802,194
Corporate Consolidated	4.41	%	13,179		1.9	—		573		—		—		—		—		573
Total Fixed Rate	4.54	%	$	16,845,138	7.4	$	182,719	$	823,599	$	855,367	$	876,102	$	305,754	$	12,261,186	$	15,304,727
Variable Rate
Property Level Consolidated(1)	2.61	%	$	1,700,815	4.4	$	—	$	—	$	—	$	—	$	1,670,808	$	—	$	1,670,808
Property Level Unconsolidated	2.81	%	176,250		3.8	—		—		—		150,544		16,250		—		166,794
Junior Subordinated Notes Due 2041	1.69	%	206,200		27.3	—		—		—		—		—		206,200		206,200
Total Variable Rate	2.54	%	$	2,083,265	6.6	$	—	$	—	$	—	$	150,544	$	1,687,058	$	206,200	$	2,043,802
Total	4.32	%	$	18,928,403	7.3	$	182,719	$	823,599	$	855,367	$	1,026,646	$	1,992,812	$	12,467,386	$	17,348,529
			Total Amortization			$	186,827	$	182,284	$	207,536	$	181,193	$	162,786	$	659,248	$	1,579,874
												Total Maturities and Amortization (2), (3)						$	18,928,403

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

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

Total Mortgages, Notes, and Other Payables, from above	$	18,928,403
Market rate adjustments, net	3,365
Junior Subordinated Notes Due 2041	(206,200		)
Corporate Revolver	51,800
Other loans payable	10,862
Total	$	18,788,230

(3)Reflects maturities and amortization for periods subsequent to December 31, 2013.

9

DEBT

Maturity Schedule(1), (2)

(1) Net present value of debt is $9.9 billion at 8% discount rate.

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

10

DEBT DETAIL, AT SHARE(1) As of December 31, 2013 (In thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance		Maturity Year (2)	at Maturity		Coupon Rate		as of 12/31/2013 (3)	2014		2015		2016		2017		2018		Subsequent
Fixed Rate
Consolidated Property Level
Bayside Marketplace (Bond)	100	%	$	1,255	2014	$	1,255	5.75	%	No	$	—	$	—	$	—	$	—	$	—	$	—
Woodbridge Center	100	%	184,294		2014	181,464		4.24	%	No	2,830		—		—		—		—		—
Boise Towne Plaza	100	%	9,492		2015	8,917		4.70	%	No	378		197		—		—		—		—
Lynnhaven Mall	100	%	213,875		2015	203,367		5.05	%	No	6,906		3,602		—		—		—		—
Paramus Park	100	%	94,467		2015	90,242		4.86	%	No	2,567		1,658		—		—		—		—
Peachtree Mall	100	%	80,842		2015	77,085		5.08	%	No	2,615		1,142		—		—		—		—
Quail Springs Mall	100	%	68,981		2015	66,864		6.74	%	No	1,464		653		—		—		—		—
Regency Square Mall (4)	100	%	84,772		2015	75,797		3.59	%	No	7,155		1,820		—		—		—		—
The Shops at La Cantera	75	%	120,258		2015	117,345		5.95	%	No	1,913		1,000		—		—		—		—
Brass Mill Center	100	%	104,478		2016	93,347		4.55	%	No	4,665		4,884		1,582		—		—		—
Coronado Center	100	%	152,304		2016	135,704		5.08	%	No	4,931		5,189		6,480		—		—		—
Glenbrook Square	100	%	159,595		2016	141,325		4.91	%	No	5,244		5,510		7,516		—		—		—
Lakeside Mall	100	%	159,905		2016	144,451		4.28	%	No	5,894		6,155		3,405		—		—		—
Lincolnshire Commons	100	%	26,469		2016	24,629		5.98	%	No	572		607		661		—		—		—
Ridgedale Center	100	%	159,578		2016	143,281		4.86	%	No	4,931		5,650		5,716		—		—		—
The Maine Mall	100	%	194,394		2016	172,630		4.84	%	No	6,486		6,811		8,467		—		—		—
Apache Mall	100	%	97,851		2017	91,402		4.32	%	No	1,700		1,776		1,843		1,130		—		—
Beachwood Place	100	%	219,722		2017	190,177		5.60	%	No	6,289		6,656		9,274		7,326		—		—
Eastridge (CA)	100	%	160,363		2017	143,626		5.79	%	Yes - Partial	3,566		3,781		5,509		3,881		—		—
Four Seasons Town Centre	100	%	86,433		2017	72,532		5.60	%	No	3,518		3,722		4,940		1,721		—		—
Mall of Louisiana	100	%	216,848		2017	191,409		5.81	%	No	5,326		5,647		8,074		6,392		—		—
Provo Towne Center (5)	75	%	30,766		2017	28,886		4.53	%	No	521		544		566		249		—		—
Hulen Mall	100	%	129,657		2018	118,702		4.25	%	No	2,127		2,221		2,304		2,421		1,882		—
The Gallery at Harborplace - Other	100	%	9,006		2018	190		6.05	%	No	1,795		1,907		2,026		2,152		936		—
Governor’s Square	100	%	71,353		2019	66,488		6.69	%	No	848		906		969		1,035		1,107		—
Oak View Mall	100	%	79,916		2019	74,467		6.69	%	No	949		1,015		1,085		1,160		1,240		—
Park City Center	100	%	190,317		2019	172,224		5.34	%	No	2,956		3,119		3,264		3,473		3,666		1,615
Fashion Place	100	%	226,730		2020	226,730		3.64	%	No	—		—		—		—		—		—
Mall St. Matthews	100	%	186,662		2020	170,305		2.72	%	No	—		—		1,985		4,067		4,181		6,124
Newgate Mall	100	%	58,000		2020	58,000		3.69	%	No	—		—		—		—		—		—
The Mall In Columbia	100	%	350,000		2020	316,928		3.95	%	No	—		1,532		6,279		6,531		6,794		11,936
Town East Mall	100	%	160,270		2020	160,270		3.57	%	No	—		—		—		—		—		—
Tucson Mall	100	%	246,000		2020	246,000		4.01	%	No	—		—		—		—		—		—
Tysons Galleria	100	%	323,641		2020	282,081		4.06	%	No	5,542		5,773		5,979		6,266		6,528		11,472
Visalia Mall	100	%	74,000		2020	74,000		3.71	%	No	—		—		—		—		—		—
Deerbrook Mall	100	%	148,302		2021	127,934		5.25	%	No	2,368		2,497		2,612		2,776		2,928		7,187
Fashion Show - Other	100	%	4,913		2021	1,577		6.06	%	Yes - Full	343		364		386		411		437		1,395
Fox River Mall	100	%	180,808		2021	156,373		5.46	%	No	2,743		2,901		3,038		3,238		3,422		9,093
Northridge Fashion Center	100	%	241,431		2021	207,503		5.10	%	No	3,964		4,175		4,362		4,627		4,871		11,929
Oxmoor Center	100	%	91,796		2021	79,217		5.37	%	No	1,416		1,497		1,566		1,668		1,761		4,671
Park Place	100	%	192,764		2021	165,815		5.18	%	No	3,099		3,266		3,414		3,626		3,821		9,723
Providence Place	100	%	368,458		2021	320,526		5.65	%	No	5,427		5,745		6,025		6,437		6,816		17,482
Rivertown Crossings	100	%	163,323		2021	141,356		5.52	%	No	2,462		2,604		2,728		2,910		3,077		8,186
Westlake Center - Land	100	%	2,437		2021	2,437		12.90	%	No	—		—		—		—		—		—
White Marsh Mall	100	%	190,000		2021	190,000		3.66	%	No	—		—		—		—		—		—
Ala Moana Center	100	%	1,400,000		2022	1,400,000		4.23	%	No	—		—		—		—		—		—
Bellis Fair	100	%	91,223		2022	77,060		5.23	%	No	1,444		1,524		1,594		1,694		1,786		6,121
Coastland Center	100	%	127,479		2022	102,621		3.76	%	No	2,417		2,509		2,594		2,707		2,812		11,819
Coral Ridge Mall	100	%	110,155		2022	98,394		5.71	%	No	—		349		1,448		1,533		1,623		6,808

11

DEBT DETAIL, AT SHARE(1) As of December 31, 2013 (In thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance		Maturity Year (2)	at Maturity		Coupon Rate		as of 12/31/2013 (3)	2014		2015		2016		2017		2018		Subsequent
Greenwood Mall	100	%	63,000		2022	57,469		4.19	%	No	—		—		—		420		1,054		4,057
North Star Mall	100	%	332,135		2022	270,113		3.93	%	No	6,188		6,440		6,666		6,973		7,256		28,499
Rogue Valley Mall	100	%	55,000		2022	48,245		4.50	%	No	—		137		852		899		941		3,926
Spokane Valley Mall (5)	75	%	46,174		2022	38,484		4.65	%	No	763		800		833		879		921		3,494
The Gallery at Harborplace	100	%	80,249		2022	68,096		5.24	%	No	1,194		1,258		1,315		1,398		1,474		5,514
The Oaks Mall	100	%	136,504		2022	112,842		4.55	%	No	2,252		2,357		2,451		2,584		2,706		11,312
The Shoppes at Buckland Hills	100	%	126,887		2022	107,820		5.19	%	No	1,926		2,030		2,121		2,253		2,375		8,362
The Streets at Southpoint	94	%	245,440		2022	207,909		4.36	%	No	2,346		4,162		4,348		4,542		4,744		17,389
Westroads Mall	100	%	154,181		2022	127,455		4.55	%	No	2,542		2,663		2,769		2,919		3,056		12,777
Augusta Mall	100	%	170,000		2023	170,000		4.36	%	No	—		—		—		—		—		—
Boise Towne Square	100	%	135,220		2023	106,372		4.79	%	No	2,380		2,495		2,618		2,746		2,880		15,729
Crossroads Center (MN)	100	%	105,941		2023	83,026		3.25	%	No	2,155		2,228		2,293		2,379		2,459		11,401
Cumberland Mall	100	%	160,000		2023	160,000		3.67	%	No	—		—		—		—		—		—
Meadows Mall	100	%	162,936		2023	118,726		3.96	%	No	3,904		4,064		4,212		4,402		4,582		23,046
Oglethorpe Mall	100	%	150,000		2023	136,166		3.90	%	No	—		—		—		—		1,058		12,776
Pecanland Mall	100	%	90,000		2023	75,750		3.88	%	No	—		1,160		1,606		1,682		1,749		8,053
Prince Kuhio Plaza	100	%	44,695		2023	35,974		4.10	%	No	765		798		827		867		903		4,561
Staten Island Mall	100	%	262,852		2023	206,942		4.77	%	No	4,666		4,892		5,131		5,381		5,643		30,197
Stonestown Galleria	100	%	180,000		2023	164,720		4.39	%	No	—		—		—		—		462		14,818
The Crossroads (MI)	100	%	100,000		2023	80,833		4.42	%	No	1,573		1,645		1,708		1,799		1,881		10,561
The Woodlands	100	%	259,727		2023	207,057		5.04	%	No	4,486		4,716		4,959		5,215		5,484		27,810
Baybrook Mall	100	%	250,000		2024	212,423		5.52	%	No	—		822		3,401		3,595		3,798		25,961
Fashion Show	100	%	835,000		2024	835,000		4.03	%	No	—		—		—		—		—		—
Jordan Creek Town Center	100	%	220,000		2024	177,448		4.37	%	No	3,217		3,645		3,783		3,980		4,160		23,767
The Parks At Arlington	100	%	250,000		2024	212,687		5.57	%	No	—		814		3,371		3,564		3,767		25,797
Pembroke Lakes Mall	100	%	260,000		2025	260,000		3.56	%	No	—		—		—		—		—		—
Valley Plaza Mall	100	%	240,000		2025	206,847		3.75	%	No	—		—		—		—		3,168		29,985
Willowbrook Mall	100	%	360,000		2025	360,000		3.55	%	No	—		—		—		—		—		—
North Point Mall	100	%	250,000		2026	218,205		4.54	%	No	—		—		—		—		—		31,795
Providence Place - Other	100	%	40,156		2028	2,381		7.75	%	No	1,597		1,724		1,861		2,009		1,934		28,650
Provo Towne Center Land	75	%	2,249		2095	37		10.00	%	Yes - Full	—		—		—		—		—		2,212
Consolidated Property Level			$	13,813,929		$	12,501,960	4.55	%		$	161,325	$	159,758	$	174,816	$	139,917	$	128,143	$	548,010
Unconsolidated Property Level
Alderwood	50	%	$	123,845	2015	$	120,409	6.65	%	No	$	2,128	$	1,308	$	—	$	—	$	—	$	—
Pinnacle Hills Promenade	50	%	70,000		2015	63,000		5.57	%	No	7,000		—		—		—		—		—
Center Pointe Plaza	50	%	6,118		2017	5,570		6.31	%	No	171		183		194		—		—		—
Riverchase Galleria (6)	50	%	152,500		2017	152,500		4.50	%	No	—		—		—		—		—		—
Saint Louis Galleria	74	%	158,262		2018	158,262		3.44	%	No	—		—		—		—		—		—
Plaza Frontenac	55	%	28,600		2018	28,600		3.04	%	No	—		—		—		—		—		—
First Colony Mall	50	%	92,500		2019	84,473		4.50	%	No	122		1,498		1,566		1,639		1,714		1,488
Natick Mall	50	%	225,000		2019	209,699		4.60	%	No	—		583		3,594		3,762		3,939		3,423
The Grand Canal Shoppes	50	%	313,125		2019	313,125		4.24	%	No	—		—		—		—		—		—
Christiana Mall	50	%	117,495		2020	108,697		5.10	%	No	—		402		1,622		1,725		1,816		3,233
Kenwood Towne Centre	70	%	157,716		2020	137,191		5.37	%	No	2,517		2,659		2,784		2,964		3,131		6,470
Oakbrook Center	47	%	201,702		2020	201,702		3.66	%	No	—		—		—		—		—		—
Water Tower Place	47	%	89,621		2020	76,626		4.85	%	No	1,668		1,751		1,837		1,928		2,024		3,787
Northbrook Court	50	%	65,500		2021	56,811		4.25	%	No	90		1,108		1,156		1,206		1,259		3,870
Village of Merrick Park	55	%	98,334		2021	85,797		5.73	%	No	1,434		1,520		1,595		1,706		1,808		4,474
Whaler’s Village	50	%	40,000		2021	40,000		5.42	%	No	—		—		—		—		—		—
Willowbrook Mall (TX)	50	%	103,428		2021	88,965		5.13	%	No	1,689		1,778		1,858		1,972		2,077		5,089

12

DEBT DETAIL, AT SHARE(1) As of December 31, 2013 (In thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance		Maturity Year (2)	at Maturity		Coupon Rate		as of 12/31/2013 (3)	2014		2015		2016		2017		2018		Subsequent
Bridgewater Commons	35	%	105,000		2022	105,000		3.34	%	No	—		—		—		—		—		—
Clackamas Town Center	50	%	108,000		2022	108,000		4.18	%	No	—		—		—		—		—		—
Florence Mall	50	%	45,000		2022	45,000		4.15	%	No	—		—		—		—		—		—
Carolina Place	50	%	87,500		2023	75,542		3.84	%	No	—		—		756		1,568		1,630		8,004
Galleria at Tyler	50	%	96,869		2023	76,716		5.05	%	No	1,624		1,708		1,796		1,889		1,987		11,149
Lake Mead and Buffalo	50	%	2,237		2023	27		7.20	%	No	168		181		194		209		224		1,234
Park Meadows	35	%	126,000		2023	112,734		4.60	%	No	—		—		—		—		1,996		11,270
The Shoppes at River Crossing	50	%	38,675		2023	35,026		3.75	%	No	—		—		—		—		510		3,139
The Trails Village Center	50	%	6,242		2023	78		8.21	%	No	447		485		527		571		620		3,514
Union Square Portfolio (7)	50	%	25,000		2023	25,000		5.12	%	No	—		—		—		—		—		—
Stonebriar Centre	50	%	140,000		2024	120,886		4.05	%	No	—		—		—		804		2,477		15,833
Altamonte Mall	50	%	80,000		2025	69,045		3.72	%	No	—		—		—		—		1,062		9,893
Towson Town Center	35	%	113,761		2025	97,713		3.82	%	No	—		—		—		—		680		15,368
Unconsolidated Property Level			$	3,018,030		$	2,802,194	4.50	%		$	19,058	$	15,164	$	19,479	$	21,943	$	28,954	$	111,238
Total Fixed - Property Level			$	16,831,959		$	15,304,154	4.54	%		$	180,383	$	174,922	$	194,295	$	161,860	$	157,097	$	659,248
Consolidated Corporate
Arizona Two (HHC)	100	%	$	13,179	2015	$	573	4.41	%	Yes - Full	$	6,444	$	6,162	$	—	$	—	$	—	$	—
Consolidated Corporate			$	13,179		$	573	4.41	%		$	6,444	$	6,162	$	—	$	—	$	—	$	—
Total Fixed Rate Debt			$	16,845,138		$	15,304,727	4.54	%		$	186,827	$	181,084	$	194,295	$	161,860	$	157,097	$	659,248
Variable Rate
Consolidated Property Level
Columbia Mall	100	%	$	100,000	2018	$	100,000	Libor + 175 bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Columbiana Centre (8)	100	%	130,816		2018	128,177		Libor + 250 bps		Yes - Full	—		—		746		1,393		500		—
Eastridge (WY) (8)	100	%	48,228		2018	47,255		Libor + 250 bps		Yes - Full	—		—		275		514		184		—
Fallbrook Center (8)	100	%	100,870		2018	98,835		Libor + 250 bps		Yes - Full	—		—		575		1,074		386		—
Grand Teton Mall (8)	100	%	48,859		2018	47,873		Libor + 250 bps		Yes - Full	—		—		279		520		187		—
Mayfair (8)	100	%	347,813		2018	340,796		Libor + 250 bps		Yes - Full	—		—		1,983		3,704		1,330		—
Market Place Shopping Center	100	%	113,425		2018	113,425		Libor + 240 bps		None	—		—		—		—		—		—
Mondawmin Mall (8)	100	%	81,011		2018	79,377		Libor + 250 bps		Yes - Full	—		—		461		863		310		—
North Town Mall (8)	100	%	89,207		2018	87,407		Libor + 250 bps		Yes - Full	—		—		509		950		341		—
Oakwood (8)	100	%	76,913		2018	75,362		Libor + 250 bps		Yes - Full	—		—		438		819		294		—
Oakwood Center (8)	100	%	91,413		2018	89,569		Libor + 250 bps		Yes - Full	—		—		520		974		350		—
Pioneer Place (8)	100	%	188,185		2018	184,389		Libor + 250 bps		Yes - Full	—		—		1,072		2,004		720		—
Red Cliffs Mall (8)	100	%	30,261		2018	29,650		Libor + 250 bps		Yes - Full	—		—		173		322		116		—
River Hills Mall (8)	100	%	76,283		2018	74,744		Libor + 250 bps		Yes - Full	—		—		435		812		292		—
Sooner Mall (8)	100	%	78,931		2018	77,338		Libor + 250 bps		Yes - Full	—		—		450		841		302		—
Southwest Plaza (8)	100	%	73,383		2018	71,902		Libor + 250 bps		Yes - Full	—		—		418		782		281		—
The Shops at Fallen Timbers (8)	100	%	25,217		2018	24,709		Libor + 250 bps		Yes - Full	—		—		143		269		96		—
Consolidated Property Level			$	1,700,815		$	1,670,808	2.61	%		$	—	$	—	$	8,477	$	15,841	$	5,689	$	—

13

DEBT DETAIL, AT SHARE(1) As of December 31, 2013 (In thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance		Maturity Year (2)	at Maturity		Coupon Rate		as of 12/31/2013 (3)	2014		2015		2016		2017		2018		Subsequent
Unconsolidated Property Level
Glendale Galleria	50	%	$	160,000	2017	$	150,544	Libor + 250 bps		No	$	—	$	1,200	$	4,764	$	3,492	$	—	$	—
Union Square Portfolio (7)	50	%	16,250		2018	16,250		Libor + 400 bps		No	—		—		—		—		—		—
Unconsolidated Property Level			$	176,250		$	166,794	2.81	%		$	—	$	1,200	$	4,764	$	3,492	$	—	$	—
Consolidated Corporate
Junior Subordinated Notes Due 2041	100	%	$	206,200	2041	$	206,200	Libor + 145 bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate			$	206,200		$	206,200	1.69	%		$	—	$	—	$	—	$	—	$	—	$	—
Total Variable Rate Debt			$	2,083,265		$	2,043,802	2.54	%		$	—	$	1,200	$	13,241	$	19,333	$	5,689	$	—
Total (9),(10)			$	18,928,403		$	17,348,529	4.32	%		$	186,827	$	182,284	$	207,536	$	181,193	$	162,786	$	659,248

(1)Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.

(2)Assumes that all maturity extensions are exercised.

(3)Total recourse to GGP or its subsidiaries of approximately $1.9 billion.

(4)This asset has been transferred to the special servicer and has a total debt of $84.8 million.

(5)Loan is cross-collateralized with other properties.

(6)$45.0 million B-note is subordinate to return of GGP’s additional contributed equity.

(7)Union Square Portfolio represents two retail properties.

(8)Properties provide mortgage collateral as guarantors for $1.5 billion corporate borrowing and are crossed collateralized.

(9)Excludes the $1.0 billion corporate revolver.  As of December 31, 2013 there was $51.8 million drawn.

(10)Reflects amortization for the period subsequent to December 31, 2013.

14

Asset Transactions

ASSET TRANSACTIONS Summary of Transactions For the Twelve Months Ended December 31, 2013 (In thousands, except GLA)

	Property	Property	GGP		Total	Gross Proceeds		Debt		Net Proceeds
Closing Date	Name	Location	Ownership %		GLA	at Share		at Share		at Share
								($ in thousands)
Dispositions
December 2013	Senate Plaza	Harrisburg-Carlisle, PA	100.0	%	241,946	$	—	$	10,747	$	—
December 2013	Pine Ridge Mall	Pocatello, ID	100.0	%	599,933	9,050		12,620		(4,277		)
December 2013	Burlington Town Center	Burlington, VT	100.0	%	359,316	25,000		24,387		352
October 2013	Eden Prairie Center	Eden Prairie (Minneapolis), MN	100.0	%	1,136,421	100,000		71,613		18,962
September 2013	Aliansce Shopping Centers S.A.	Brazil	40.0	%	6,323,943	n/a		n/a		629,484
May 2013	Plaza 800	Sparks (Reno), NV	100.0	%	72,431	—		—		—
February 2013	Southlake Mall	Morrow, GA	100.0	%	1,013,460	80,000		96,883		—
February 2013	Mall of the Bluffs	Council Bluffs, IA	100.0	%	701,830	8,500		24,278		(18,094		)
	Total				10,449,280	$	222,550	$	240,528	$	626,427
Joint Venture Interest
May 2013	The Grand Canal Shoppes (49.9% share)	Las Vegas, NV	50.1	%	773,551	$	723,550	$	311,875	$	411,475
	Total				773,551	$	723,550	$	311,875	$	411,475
Acquisitions
November 2013	Norwalk Development (Land)	Norwalk, CT	100.0	%	n/a	$	35,000	$	—	$	35,000
October 2013	200 Lafayette	New York, NY	100.0	%	115,964	148,750		—		148,750
October 2013	830 N. Michigan Ave.	Chicago, IL	100.0	%	126,075	166,000		—		166,000
September 2013	Union Square Portfolio (50% share)	San Francisco, CA	50.0	%	58,703	81,539		41,250		40,289
June 2013	Quail Springs Mall (50% share)	Oklahoma City, OK	100.0	%	1,139,400	90,498		34,991		55,507
March 2013	Village of Merrick Park (15% share)	Coral Gables, FL	55.0	%	803,948	60,450		27,225		33,225
	Total				2,244,090	$	582,237	$	103,466	$	478,771

15

ASSET TRANSACTIONS Discontinued Operations

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

16

Portfolio Operating Metrics

PORTFOLIO OPERATING METRICS Key Operating Performance Indicators
As of and for the Twelve Months Ended December 31, 2013
(GLA in thousands)

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

	Number of Properties		Mall and Freestanding GLA		Anchor GLA (GGP Owned)		Anchor GLA (Tenant Owned)		Total Mall		Strip Center GLA		Office GLA	Total GLA	Total GLA at Share (3)	% Leased
Consolidated Malls	88		38,031		13,071		35,975		87,077		1,101		1,491	89,669	53,192	96.9	%
Unconsolidated Malls	31		15,026		3,080		14,787		32,893		471		914	34,278	9,581	97.6	%
Same Store Malls	119		53,057		16,151		50,762		119,970		1,572		2,405	123,947	62,773	97.1	%
Non-Same Store Malls	1		691		94		542		1,327		—		64	1,391	849	86.5	%
Total Malls	120		53,748		16,245		51,304		121,297		1,572		2,469	125,338	63,622	97.0	%
Non-Same Store Office, Strip, & Other Retail	19		1,624		820		706		3,150		1,338		755	5,243	3,730	74.8	%
Total Properties	139		55,372		17,065		52,010		124,447		2,910		3,224	130,581	67,352	95.7	%
Same Store Operating Metrics
					In-Place Rent
December 31, 2013 (1)	% Leased		% Occupied		<10K SF		All Less Anchors		Tenant sales		Occupancy Cost
Consolidated Malls	96.9	%	96.4	%	$	67.61	$	54.13	$	520	13.4	%
Unconsolidated Malls	97.6	%	96.4	%	80.42		66.75		677		12.2	%
Same Store Malls	97.1	%	96.4	%	$	71.29	$	57.75	$	564	13.0	%
					In-Place Rent
December 31, 2012	% Leased		% Occupied		<10K SF		All Less Anchors		Tenant sales		Occupancy Cost
Consolidated Malls	95.8	%	94.6	%	$	67.39	$	52.84	$	524	13.2	%
Unconsolidated Malls	97.0	%	95.7	%	73.63		60.22		603		13.1	%
Same Store Malls	96.1	%	94.9	%	$	69.12	$	54.87	$	545	13.2	%

(1)Same Store metrics exclude one asset that is being de-leased in preparation for redevelopment.

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

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

17

PORTFOLIO OPERATING METRICS Signed Leases
All Less Anchors
As of December 31, 2013

All Leases - Lease Spread (1)

	Commencement 2013
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF
New and Renewal Leases	2,101	7,273,011	7.3	$	59.53	$	65.33
Percent in Lieu	36	191,632	N/A	N/A		N/A
Total Leases	2,137	7,464,643	7.3	$	59.53	$	65.33

	Commencement 2014
	# of Leases	SF	Term (in years)	Initial Rent PSF (2)		Average Rent PSF
New and Renewal Leases	745	3,385,741	7.7	$	53.61	$	58.59
Percent in Lieu	11	67,352	N/A	N/A		N/A
Total Leases	756	3,453,093	7.7	$	53.61	$	58.59

SUITE TO SUITE - Lease Spread (3)

	New and Renewal Leases (4)
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread				Average Rent Spread
Commencement 2013	1,595	4,791,339	6.1	$	64.29	$	70.02	$	57.25	$	7.05	12.3	%	$	12.77	22.3	%
Commencement 2014	561	2,080,711	5.5	$	60.48	$	65.53	$	54.86	$	5.62	10.2	%	$	10.67	19.4	%
Total 2013/2014	2,156	6,872,050	6.0	$	63.14	$	68.66	$	56.53	$	6.61	11.7	%	$	12.13	21.5	%

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

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

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

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

18

PORTFOLIO OPERATING METRICS Lease Expiration Schedule and Top Ten Tenants

Year	Number of Expiring Leases	Expiring GLA at 100%	Percent of Total		Expiring Rent		Expiring Rent ($psf)
		(in thousands)			(in thousands)
Specialty Leasing	1,116	2,343	4.5	%	$	50,592	$	22.35
2014	1,825	6,041	11.7	%	325,050		56.95
2015	1,590	5,193	10.1	%	315,150		62.74
2016	1,561	5,204	10.1	%	340,761		66.62
2017	1,410	5,108	9.9	%	327,208		65.37
2018	1,391	5,213	10.1	%	364,395		71.49
2019	824	3,858	7.5	%	268,630		70.29
2020	695	3,024	5.9	%	200,766		66.90
2021	757	3,008	5.8	%	212,786		71.70
2022	867	3,573	6.9	%	255,066		71.95
Subsequent	1,425	8,961	17.5	%	576,849		65.88
Total	13,461	51,526	100.0	%	$	3,237,253	$	64.35

Top Ten Largest Tenants	Primary DBA	Percent of Minimum Rents, Tenant Recoveries and Other
Limited Brands, Inc.	Victoria’s Secret, Bath & Body Works, PINK	3.0	%
The Gap, Inc.	Gap, Banana Republic, Old Navy	2.7	%
Foot Locker, Inc	Footlocker, Champs Sports, Footaction USA	2.2	%
Abercrombie & Fitch Stores, Inc	Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks	2.1	%
Forever 21, Inc	Forever 21	1.9	%
Express, Inc.	Express, Express Men	1.4	%
Luxottica Group S.P.A.	Lenscrafters, Sunglass Hut, Pearle Vision	1.3	%
American Eagle Outfitters, Inc	American Eagle, Aerie, Martin + Osa	1.3	%
Genesco Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.3	%
LVMH	Louis Vuitton, Sephora	1.2	%
Totals		18.4	%

19

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Consolidated Malls
Ala Moana Center	Macy’s, Neiman Marcus, Nordstrom	100	%	Honolulu, HI	958,985	829,114	200,000	14,042	362,689	2,364,830	99.3	%
Apache Mall	Herberger’s, JCPenney, Macy’s, Sears	100	%	Rochester, MN	269,927	320,202	162,790	—	—	752,919	98.1	%
Augusta Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Augusta, GA	504,919	—	597,223	—	—	1,102,142	98.5	%
Baybrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Friendswood (Houston), TX	442,330	96,605	720,931	—	—	1,259,866	99.9	%
Bayside Marketplace		100	%	Miami, FL	218,561	—	—	—	—	218,561	94.8	%
Beachwood Place	Dillard’s, Nordstrom, Saks Fifth Avenue	100	%	Beachwood, OH	344,646	317,347	247,000	—	—	908,993	95.7	%
Bellis Fair	JCPenney, Kohl’s, Macy’s, Target	100	%	Bellingham (Seattle), WA	435,761	100,400	237,910	—	—	774,071	99.2	%
Boise Towne Square	Dillard’s, JCPenney, Macy’s, Sears, Kohl’s	100	%	Boise, ID	422,882	425,556	247,714	114,687	—	1,210,839	98.0	%
Brass Mill Center	Burlington, JCPenney, Macy’s, Sears	100	%	Waterbury, CT	443,937	218,339	319,391	197,087	—	1,178,754	93.9	%
Coastland Center	Dillard’s, JCPenney, Macy’s, Sears	100	%	Naples, FL	329,982	123,921	466,469	—	—	920,372	97.4	%
Columbia Mall	Dillard’s, JCPenney, Sears, Target	100	%	Columbia, MO	313,467	85,972	335,088	—	—	734,527	96.1	%
Columbiana Centre	Belk, Dillard’s, JCPenney, Sears	100	%	Columbia, SC	268,742	198,334	360,643	—	—	827,719	98.0	%
Coral Ridge Mall	Dillard’s, JCPenney, Target, Younkers	100	%	Coralville (Iowa City), IA	526,929	98,596	442,365	—	—	1,067,890	99.3	%
Coronado Center	JCPenney, Kohl’s, Macy’s, Sears	100	%	Albuquerque, NM	491,308	118,272	468,375	—	—	1,077,955	99.1	%
Crossroads Center	JCPenney, Macy’s, Sears, Target	100	%	St. Cloud, MN	367,478	294,167	229,275	—	—	890,920	93.6	%
Cumberland Mall	Costco, Macy’s, Sears	100	%	Atlanta, GA	383,285	147,409	500,575	—	—	1,031,269	98.9	%
Deerbrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Humble (Houston), TX	555,291	—	653,540	—	—	1,208,831	100.0	%
Eastridge Mall WY	JCPenney, Macy’s, Sears, Target	100	%	Casper, WY	275,512	213,913	75,883	—	—	565,308	92.2	%
Eastridge Mall CA	JCPenney, Macy’s, Sears	100	%	San Jose, CA	628,078	246,261	426,000	—	—	1,300,339	99.7	%
Fashion Place	Dillard’s, Nordstrom	100	%	Murray, UT	447,506	281,175	319,603	—	—	1,048,284	98.9	%

20

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Fashion Show	Dillard’s, Macy’s, Macy’s Mens, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100	%	Las Vegas, NV	681,629	371,636	761,653	—	—	1,814,918	98.0	%
Four Seasons Town Centre	Belk, Dillard’s, JCPenney	100	%	Greensboro, NC	445,161	429,969	212,047	—	—	1,087,177	95.8	%
Fox River Mall	JCPenney, Macy’s, Sears, Target, Younkers	100	%	Appleton, WI	612,235	30,000	564,914	—	—	1,207,149	98.5	%
Glenbrook Square	JCPenney, Macy’s, Sears, The Bon Ton	100	%	Fort Wayne, IN	448,324	555,870	221,000	—	—	1,225,194	95.5	%
Governor’s Square	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tallahassee, FL	330,650	—	691,605	—	—	1,022,255	94.0	%
Grand Teton Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Idaho Falls, ID	208,577	323,925	—	93,274	—	625,776	94.2	%
Greenwood Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Bowling Green, KY	419,621	156,096	272,957	—	—	848,674	98.3	%
Hulen Mall	Dillard’s, Macy’s, Sears	100	%	Ft. Worth, TX	397,867	—	596,570	—	—	994,437	96.1	%
Jordan Creek Town Center	Dillard’s, Younkers	100	%	West Des Moines, IA	749,524	—	349,760	233,077	—	1,332,361	99.3	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy’s, Macy’s Mens & Home, Sears	100	%	Sterling Heights, MI	486,090	115,300	905,418	—	—	1,506,808	82.9	%
Lynnhaven Mall	Dillard’s, JCPenney, Macy’s	100	%	Virginia Beach, VA	621,822	150,434	500,958	—	—	1,273,214	95.6	%
Mall Of Louisiana	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Sears	100	%	Baton Rouge, LA	609,912	—	805,630	143,619	—	1,559,161	96.9	%
Mall St. Matthews	Dillard’s, Dillard’s Men’s & Home, JCPenney	100	%	Louisville, KY	505,582	—	514,135	—	—	1,019,717	97.9	%
Market Place Shopping Center	Bergner’s, JCPenney, Macy’s, Sears	100	%	Champaign, IL	405,919	385,766	149,980	—	—	941,665	96.8	%
Mayfair	Boston Store, Macy’s	100	%	Wauwatosa (Milwaukee), WI	599,786	288,596	210,714	—	314,128	1,413,224	98.2	%
Meadows Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Las Vegas, NV	307,284	—	636,853	—	—	944,137	99.3	%
Mondawmin Mall		100	%	Baltimore, MD	355,681	—	—	—	65,352	421,033	99.7	%
Newgate Mall	Dillard’s, Sears, Burlington	100	%	Ogden (Salt Lake City), UT	345,187	218,874	118,919	—	—	682,980	93.0	%
North Point Mall	Dillard’s, JCPenney, Macy’s, Sears, Von Maur	100	%	Alpharetta (Atlanta), GA	430,249	539,850	363,151	—	—	1,333,250	96.2	%
North Star Mall	Dillard’s, JCPenney, Macy’s, Saks Fifth Avenue	100	%	San Antonio, TX	549,397	173,198	522,126	—	—	1,244,721	100.0	%
Northridge Fashion Center	JCPenney, Macy’s, Sears	100	%	Northridge (Los Angeles), CA	629,514	—	824,443	—	—	1,453,957	99.2	%

21

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Northtown Mall	JCPenney, Kohl’s, Macy’s, Sears	100	%	Spokane, WA	381,998	310,859	242,392	—	—	935,249	90.9	%
Oak View Mall	Dillard’s, JCPenney, Sears, Younkers	100	%	Omaha, NE	257,042	149,326	454,860	—	—	861,228	95.0	%
Oakwood Center	Dillard’s, JCPenney, Sears	100	%	Gretna, LA	392,486	—	514,028	—	—	906,514	93.8	%
Oakwood Mall	JCPenney, Macy’s, Sears, Younkers	100	%	Eau Claire, WI	403,280	116,620	298,224	—	—	818,124	95.0	%
Oglethorpe Mall	Belk, JCPenney, Macy’s, Sears	100	%	Savannah, GA	406,142	220,824	315,760	—	—	942,726	96.1	%
Oxmoor Center	Macy’s, Sears, Von Maur	100	%	Louisville, KY	356,145	156,000	411,210	—	—	923,355	96.0	%
Paramus Park	Macy’s, Sears	100	%	Paramus, NJ	305,901	—	459,057	—	—	764,958	97.1	%
Park City Center	The Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears	100	%	Lancaster (Philadelphia), PA	522,264	514,917	384,980	—	—	1,422,161	96.1	%
Park Place	Dillard’s, Macy’s, Sears	100	%	Tucson, AZ	473,393	—	581,457	—	—	1,054,850	98.6	%
Peachtree Mall	Dillard’s, JCPenney, Macy’s	100	%	Columbus, GA	295,879	—	422,615	—	12,600	731,094	94.6	%
Pecanland Mall	Belk, Dillard’s, JCPenney, Sears, Burlington	100	%	Monroe, LA	349,754	83,398	532,038	—	—	965,190	96.1	%
Pembroke Lakes Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Pembroke Pines (Fort Lauderdale), FL	346,165	395,219	386,056	—	—	1,127,440	96.2	%
Pioneer Place		100	%	Portland, OR	337,402	—	—	—	287,466	624,868	92.2	%
Prince Kuhio Plaza	Macy’s, Sears	100	%	Hilo, HI	312,349	124,547	61,873	—	—	498,769	93.7	%
Providence Place	JCPenney, Macy’s, Nordstrom	100	%	Providence, RI	745,940	—	513,816	—	—	1,259,756	98.7	%
Provo Towne Centre	Dillard’s, JCPenney, Sears	75	%	Provo, UT	300,172	285,479	206,241	—	—	791,892	84.7	%
Quail Springs Mall	Dillard’s, JCPenney, Macy’s, Von Maur	100	%	Oklahoma City, OK	451,807	160,000	505,596	—	—	1,117,403	95.1	%
Red Cliffs Mall	Dillard’s, JCPenney, Sears	100	%	St. George, UT	147,131	235,031	—	57,304	—	439,466	97.0	%
Ridgedale Center	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100	%	Minnetonka, MN	315,742	—	702,380	—	—	1,018,122	96.6	%
River Hills Mall	Herberger’s, JCPenney, Sears, Target	100	%	Mankato, MN	352,553	189,559	174,383	—	—	716,495	98.5	%
Rivertown Crossings	JCPenney, Kohl’s, Macy’s, Sears, Younkers	100	%	Grandville (Grand Rapids), MI	630,248	—	635,625	—	476	1,266,349	97.0	%

22

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Rogue Valley Mall	JCPenney, Kohl’s, Macy’s, Macy’s Home Store	100	%	Medford (Portland), OR	282,980	170,625	186,359	—	—	639,964	85.5	%
Sooner Mall	Dillard’s, JCPenney, Sears	100	%	Norman, OK	220,953	129,823	137,082	—	—	487,858	99.7	%
Spokane Valley Mall	JCPenney, Macy’s, Sears	75	%	Spokane, WA	349,897	126,243	251,366	138,002	—	865,508	94.5	%
Staten Island Mall	Macy’s, Sears, JCPenney	100	%	Staten Island, NY	535,977	—	657,363	83,151	—	1,276,491	96.7	%
Stonestown Galleria	Macy’s, Nordstrom	100	%	San Francisco, CA	420,331	160,505	267,788	—	55,563	904,187	99.0	%
The Crossroads	Burlington, JCPenney, Macy’s, Sears	100	%	Portage (Kalamazoo), MI	265,758	—	502,960	—	—	768,718	98.4	%
The Gallery At Harborplace		100	%	Baltimore, MD	130,839	—	—	—	282,890	413,729	88.4	%
The Maine Mall	The Bon Ton, JCPenney, Macy’s, Sears	100	%	South Portland, ME	505,498	120,844	377,662	—	—	1,004,004	100.0	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy’s, Nordstrom, Sears	100	%	Columbia, MD	571,578	212,847	587,321	—	—	1,371,746	99.3	%
The Oaks Mall	Belk, Dillard’s, JCPenney, Macy’s, Sears	100	%	Gainesville, FL	343,859	233,367	324,500	—	—	901,726	97.0	%
The Parks At Arlington	Dillard’s, JCPenney, Macy’s, Sears	100	%	Arlington (Dallas), TX	696,801	—	748,945	—	—	1,445,746	98.5	%
The Shoppes At Buckland Hills	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100	%	Manchester, CT	516,378	—	512,611	—	—	1,028,989	97.0	%
The Shops At Fallen Timbers	Dillard’s, JCPenney	100	%	Maumee, OH	324,396	—	261,502	—	—	585,898	97.2	%
The Shops at La Cantera	Dillard’s, Macy’s, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	592,760	—	627,597	—	70,178	1,290,535	99.0	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy’s, Nordstrom, Sears	94	%	Durham, NC	607,088	—	726,347	—	—	1,333,435	99.1	%
The Woodlands Mall	Dillard’s, JCPenney, Macy’s, Nordstrom	100	%	Woodlands (Houston), TX	594,956	—	713,438	—	39,471	1,347,865	99.2	%
Town East Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Mesquite (Dallas), TX	414,027	—	809,386	—	—	1,223,413	97.7	%
Tucson Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tucson, AZ	616,224	—	641,458	27,305	—	1,284,987	97.5	%
Tysons Galleria	Macy’s, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	303,081	—	511,933	—	—	815,014	95.8	%
Valley Plaza Mall	JCPenney, Macy’s, Sears, Target	100	%	Bakersfield, CA	516,918	147,792	509,176	—	—	1,173,886	99.3	%
Visalia Mall	JCPenney, Macy’s	100	%	Visalia, CA	172,494	257,000	—	—	—	429,494	98.7	%

23

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Westlake Center		100	%	Seattle, WA	78,515	—	—	—	—	78,515	92.3	%
Westroads Mall	JCPenney, Von Maur, Younkers	100	%	Omaha, NE	537,510	—	529,036	—	—	1,066,546	95.7	%
White Marsh Mall	JCPenney, Macy’s, Macy’s Home Store, Sears, Boscov’s	100	%	Baltimore, MD	437,081	257,345	466,011	—	—	1,160,437	94.2	%
Willowbrook	Bloomingdale’s, Lord & Taylor, Macy’s, Sears	100	%	Wayne, NJ	491,100	2,060	1,028,000	—	—	1,521,160	99.0	%
Woodbridge Center	Boscov’s, JCPenney, Lord & Taylor, Macy’s, Sears	100	%	Woodbridge, NJ	650,471	455,739	560,935	—	—	1,667,145	95.1	%
Total Consolidated Malls				Count: 88	38,030,800	13,071,066	35,974,975	1,101,548	1,490,813	89,669,202	96.9	%
Unconsolidated Malls
Alderwood	JCPenney, Macy’s, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	577,776	—	705,898	—	—	1,283,674	97.8	%
Altamonte Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Altamonte Springs (Orlando), FL	479,604	158,658	519,890	—	—	1,158,152	95.5	%
Bridgewater Commons	Bloomingdale’s, Lord & Taylor, Macy’s	35	%	Bridgewater, NJ	395,555	150,525	352,351	93,799	—	992,230	98.3	%
Carolina Place	Belk, Dillard’s, JCPenney, Macy’s, Sears	50	%	Pineville (Charlotte), NC	385,810	277,404	496,098	—	—	1,159,312	98.4	%
Christiana Mall	JCPenney, Macy’s, Nordstrom, Target	50	%	Newark, DE	470,247	—	641,312	—	—	1,111,559	100.0	%
Clackamas Town Center	JCPenney, Macy’s, Macy’s Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	590,985	—	774,842	—	—	1,365,827	97.0	%
First Colony Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s	50	%	Sugar Land, TX	507,791	—	619,048	—	—	1,126,839	97.7	%
Florence Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	388,276	—	552,407	—	—	940,683	93.3	%
Galleria At Tyler	JCPenney, Macy’s, Nordstrom	50	%	Riverside, CA	545,226	—	468,208	—	—	1,013,434	99.8	%
Glendale Galleria	JCPenney, Macy’s, Target, Bloomingdale’s	50	%	Glendale, CA	496,972	115,000	575,000	—	138,511	1,325,483	98.2	%
Kenwood Towne Centre (5)	Dillard’s, Macy’s, Nordstrom	50	%	Cincinnati, OH	518,973	240,656	400,665	—	—	1,160,294	98.7	%
Mizner Park	Lord & Taylor	50	%	Boca Raton, FL	177,519	79,822	—	—	260,275	517,616	92.0	%
Natick Mall	JCPenney, Lord & Taylor, Macy’s, Sears, Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	740,335	194,558	753,092	—	—	1,687,985	96.0	%
Neshaminy Mall	Boscov’s, Macy’s, Sears	50	%	Bensalem, PA	410,305	188,394	418,595	—	—	1,017,294	96.7	%

24

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Northbrook Court	Lord & Taylor, Macy’s, Neiman Marcus	50	%	Northbrook (Chicago), IL	477,098	126,000	410,277	—	—	1,013,375	97.8	%
Oakbrook Center	Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Sears	47	%	Oak Brook (Chicago), IL	818,643	322,033	751,912	—	239,292	2,131,880	99.1	%
Otay Ranch Town Center	Macy’s	50	%	Chula Vista (San Diego), CA	495,050	—	140,000	—	—	635,050	96.8	%
Park Meadows	Dillard’s, JCPenney, Macy’s, Nordstrom	35	%	Lone Tree, CO	742,417	—	823,000	—	—	1,565,417	99.2	%
Perimeter Mall	Dillard’s, Macy’s, Nordstrom, Von Maur	50	%	Atlanta, GA	504,340	222,056	831,218	—	—	1,557,614	95.9	%
Pinnacle Hills Promenade	Dillard’s, JCPenney	50	%	Rogers, AR	360,012	98,540	162,140	376,550	51,903	1,049,145	95.7	%
Plaza Frontenac	Neiman Marcus, Saks Fifth Avenue	55	%	St. Louis, MO	222,245	125,669	135,044	—	—	482,958	95.6	%
Riverchase Galleria	Belk, JCPenney, Macy’s, Sears, Von Maur	50	%	Hoover (Birmingham), AL	562,338	400,119	610,026	—	—	1,572,483	97.5	%
Saint Louis Galleria (6)	Dillard’s, Macy’s, Nordstrom	74	%	St. Louis, MO	465,244	—	714,052	—	—	1,179,296	96.8	%
Stonebriar Centre	Dillard’s, JCPenney, Macy’s, Nordstrom, Sears	50	%	Frisco (Dallas), TX	785,925	—	865,192	—	—	1,651,117	99.7	%
The Grand Canal Shoppes	Barneys New York	50	%	Las Vegas, NV	639,572	84,743	—	—	34,414	758,729	99.8	%
The Shoppes At River Crossing	Belk, Dillard’s	50	%	Macon, GA	373,818	—	333,219	—	—	707,037	98.5	%
Towson Town Center	Macy’s, Nordstrom	35	%	Towson, MD	598,301	—	419,129	—	—	1,017,430	97.2	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	55	%	Coral Gables, FL	383,537	—	330,000	—	101,263	814,800	93.6	%
Water Tower Place	Macy’s	47	%	Chicago, IL	391,604	296,128	—	—	88,809	776,541	97.6	%
Whaler’s Village		50	%	Lahaina, HI	105,840	—	—	—	—	105,840	100.0	%
Willowbrook Mall	Dillard’s, JCPenney, Macy’s, Macy’s Mens, Sears	50	%	Houston, TX	415,036	—	984,372	—	—	1,399,408	99.2	%
Total Unconsolidated Malls				Count: 31	15,026,394	3,080,305	14,786,987	470,349	914,467	34,278,502	97.6	%
Total Same Store Malls (7)				Count: 119	53,057,194	16,151,371	50,761,962	1,571,897	2,405,280	123,947,704	97.1	%
Non-Same Store Malls
Southwest Plaza (9)	Dillard’s, JCPenney, Macy’s, Sears	100	%	Littleton, CO	691,271	93,630	541,851	—	63,968	1,390,720	86.5	%
Total Malls				Count: 120	53,748,465	16,245,001	51,303,813	1,571,897	2,469,248	125,338,424	97.0	%

25

PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2013

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Non-Same Store Office, Strip, & Other Retail
10 Columbia Corporate Center		100	%	Columbia, MD	6,500	—	—	—	87,363	93,863	91.2	%
20 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	104,793	104,793	90.7	%
30 Columbia Corporate Center		100	%	Columbia, MD	14,165	—	—	—	129,253	143,418	85.4	%
40 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	136,420	136,420	88.8	%
50 Columbia Corporate Center		100	%	Columbia, MD	7,750	—	—	—	111,511	119,261	100.0	%
60 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	102,082	102,082	95.1	%
Columbia Bank Drive Thru		100	%	Columbia, MD	17,000	—	—	—	—	17,000	100.0	%
Center Point Plaza (4)		50	%	Las Vegas, NV	70,299	—	—	74,392	—	144,691	100.0	%
Fallbrook Center		100	%	West Hills (Los Angeles), CA	—	—	—	875,642	—	875,642	93.0	%
Lake Mead & Buffalo (4)		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	95.8	%
Lincolnshire Commons		100	%	Lincolnshire (Chicago), IL	—	—	—	118,565	—	118,565	95.2	%
Lockport Mall		100	%	Lockport, NY	—	—	—	9,114	—	9,114	100.0	%
The Trails Village Center (4)		50	%	Las Vegas, NV	—	—	—	174,644	—	174,644	93.7	%
200 Lafayette		100	%	New York, NY	32,188	—	—	—	83,776	115,964	0.0	%
830 N. Michigan Ave.		100	%	Chicago, IL	126,075	—	—	—	—	126,075	51.5	%
Union Square		50	%	San Francisco, CA	59,243	—	—	—	—	59,243	99.1	%
Shopping Leblon (3)		35	%	Rio de Janeiro, Rio de Janeiro (Brazil)	247,635	—	—	—	—	247,635	95.2	%
Owings Mills Mall (2)	JCPenney, Macy’s	51	%	Owings Mills, MD	438,005	340,000	307,037	—	—	1,085,042	41.2	%
Regency Square Mall (8)	Belk, Dillard’s, JCPenney, Sears	100	%	Jacksonville, FL	539,636	479,846	399,155	—	—	1,418,637	37.9	%
Non-Same Store Office, Strip, & Other Retail				Count: 19	1,623,487	819,846	706,192	1,338,314	755,198	5,243,037	74.8	%

(1)	For stand alone offices, office occupancy is presented.
(2)	The Owings Mills Mall space is currently de-leased in preparation for future opportunities.
(3)	GGP’s investment in Brazil is through an ownership interest in Leblon. For this property, only Mall and Freestanding GLA is presented.
(4)	Third party managed strip center.
(5)	Ownership percentage includes retained debt of $91.8 million.
(6)	Ownership of the St. Louis Galleria is more than 50% but management decisions are decided by the joint venture and the entity is unconsolidated for reporting purposes.
(7)	Refer to page 17 (Key Operating Performance Indicators).
(8)	This asset has been transferred to the special servicer.
(9)	Southwest Plaza is currently being de-leased in preparation for planned redevelopment.

26

Miscellaneous

MISCELLANEOUS Capital Information (in thousands, except per share amounts)

	December 31, 2013
Closing common stock price per share	$	20.07
52 Week High (1)	23.33
52 Week Low (1)	18.63
Portfolio Net Debt, At Share
Portfolio Debt
Fixed	$	16,845,138
Variable (2)	2,135,065
Total Portfolio Debt	18,980,203
Less: Cash and Cash Equivalents	(697,536		)
Portfolio Net Debt	$	18,282,667
Portfolio Capitalization Data
Portfolio Net Debt	$	18,282,667
Preferred Securities:
Convertible Preferred Units at 6.50%	26,638
Convertible Preferred Units at 7.00%	25,133
Convertible Preferred Units at 8.50%	80,110
Preferred Stock at 6.375%	250,000
Other Preferred Stock	360
Total Preferred Securities	$	382,241
Common stock and Operating Partnership units outstanding at end of period (3)	$	18,384,702
Total Market Capitalization at end of period	$	37,049,610

(1)	52-week pricing information includes the intra-day highs and lows.
(2)	Includes Corporate Revolver of $51.8 million.
(3)	Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of 1.0397624 multiplied by the closing share price.

27

MISCELLANEOUS Change in Total Common and Equivalent Shares

Rollforward of Shares to December 31, 2013	Operating Partnership Units		Company Common Shares		Total Common Shares &  Operating Partnership Units
			(In thousands)
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2012	6,406		939,049		945,455
Common Unit Cash Conversion	(1,757	)	—		(1,757	)
DRIP	—		29		29
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		327		327
Issuance of stock for employee stock purchase program	—		135		135
Buyback of common stock			(28,345	)	(28,345	)
Common Shares and OP Units Outstanding at December 31, 2013	4,649		911,195		915,844
Common Shares issuable assuming exercise of warrants (1)			45,685
Common Shares issuable assuming exercise of in-the-money stock options (2)			3,226
Common Shares issuable assuming exchange of OP Units			4,834
Diluted Common Shares and OP Units Outstanding at December 31, 2013			964,940

	Three Months Ended		Twelve Months Ended
	December 31, 2013	December 31, 2012	December 31, 2013	December 31, 2012
	(In thousands)
Weighted average number of company shares outstanding	911,185	938,806	930,643	938,049
Weighted average number of stock options(3)	3,474	—	3,425	—
Weighted average number of GAAP dilutive warrants(4)	46,106	—	—	—
Diluted weighted average number of Company shares outstanding - GAAP EPS	960,765	938,806	934,068	938,049
Weighted average number of common units	6,331	6,710	6,434	6,819
Weighted average number of stock options(3)		2,899		2,352
Weighted average number of warrants(4)		67,992	46,724	61,065
Diluted weighted average number of Company shares outstanding - FFO/Company FFO	967,096	1,016,407	987,226	1,008,285

(1)GGP has 73.9 million warrants outstanding convertible to 1.1509 Common Shares with a weighted average exercise price of $9.2936, with a scheduled expiration of November 9, 2017.  16.4 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.

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

Warrants	Weighted Average Exercise Price		Expiration Date	Impact of Dividend issued to stockholders of record as of December 13, 2013 (5)		Impact of settling warrants via net share settlement (6)
57,500,000	$	9.3419	Nov 9, 2017	Reduces exercise price to $9.3419	Increases number of Common shares per warrant to 1.1509	Net share: 66,176,750 x [20.07 - 9.3419] /20.07 = 35,373,732 shares delivered
16,428,571	$	9.1247	Nov 9, 2017	Reduces exercise price to $9.1247	Increases number of Common shares per warrant to 1.1509	Net share: 18,907,642 x [20.07 - 9.1247] /20.07 = 10,311,401 shares delivered
73,928,571	$	9.2936				45,685,133 shares delivered

(2)	The options are included at net share settlement.
(3)	The impact of the stock options are dilutive under GAAP and FFO in 2013. The impact of stock options are anti-dilutive under GAAP, but dilutive for FFO in 2012.
(4)	The impact of the warrants are anti-dilutive under GAAP, but dilutive for FFO on a year to date basis in 2013, and on a year to date and quarter to date basis in 2012. The impact of the warrants are dilutive under GAAP and for FFO on a quarter to date basis in 2013.
(5)	Based on dividend of $0.14 per share issued to stockholders of record on December 13, 2013.
(6)	Based on stock price of $20.07 on December 31, 2013.

28

MISCELLANEOUS Development Summary

Property	Description	Ownership %		GGP’s Total Projected Share of Cost		GGP’s Investment to Date (1)		Expected Return on Investment (2)		Expected Project Opening
Major Development Summary (in millions, at share unless otherwise noted)
Open
Northridge	The Sports Authority, Yardhouse and Plaza	100	%	$	12.2	$	11.3	14	%	Open
Northridge, CA
Fashion Show	Addition of Macy’s Men’s and inline	100	%	34.8		31.0		23	%	Open
Las Vegas, NV
Oakwood Center	West wing redevelopment and Dick’s Sporting Goods	100	%	19.0		13.9		9	%	Open
Gretna, LA
Glendale Galleria (3) Glendale, CA	Addition of Bloomingdale’s, remerchandising, business development and renovation	50	%	51.7		39.8		12	%	Open
The Mall in Columbia	Lifestyle expansion	100	%	23.6		12.1		12	%	Open
Columbia, MD
Oakbrook Center Oakbrook, IL	Conversion of former anchor space into Container Store, Pirch and inline	47	%	15.0		9.5		10	%	Open
Other Projects	Redevelopment projects at various malls	N/A		128.5		108.2		9	%	Open
Various Malls
	Total Open Projects			$	284.8	$	225.8	12	%
Under Construction
The Woodlands (3)	Addition of Nordstrom in former Sears box	100	%	$	44.7	$	28.6	7-9	%	Q3 2014
Woodlands, TX
Mayfair Mall (3)	Nordstrom	100	%	72.3		2.7		6-8	%	Q3 2015
Wauwatosa, WI
Ridgedale Center (3) Minnetonka, MN	Nordstrom, Macy’s Expansion, New Inline GLA and renovation	100	%	106.2		15.7		8-9	%	Q3 2015
Ala Moana Center Honolulu, HI	Demolish existing Sears store and expand mall, adding anchor, box and inline tenants and reconfigure center court	100	%	573.2		239.9		9-10	%	Q4 2015
Other Projects	Redevelopment projects at various malls	N/A		171.8		54.3		8-9	%	Various
Various Malls
	Total Projects Under Construction			$	968.2	$	341.2	9-11	%

29

MISCELLANEOUS Development Summary

Property	Description	Ownership %		GGP’s Total Projected Share of Cost		GGP’s Investment to Date (1)		Expected Return on Investment (2)		Expected Project Opening
Major Development Summary (in millions, at share unless otherwise noted)
Projects in Pipeline
Baybrook Mall	Expansion	53	%	$	76.3	$	0.5	9-10	%	TBD
Friendswood, TX
Southwest Plaza	Redevelopment	100	%	72.6		1.2		9-10	%	TBD
Littleton, CO
Staten Island Mall	Expansion	100	%	156.1		1.2		10-11	%	TBD
Staten Island, NY
New Mall Development	Ground up mall development	100	%	285.0		35.4		8-10	%	TBD
Norwalk, CT
Ala Moana Center	Nordstrom box repositioning	100	%	85.0		—		9-10	%	TBD
Honolulu, HI
Other Projects	Redevelopment projects at various malls	N/A		219.5		20.0		9-10	%	TBD
Various Malls
	Total Projects in Pipeline			$	894.5	$	58.3	8-10	%
	Total Development Summary			$	2,147.5	$	625.3	9-11	%

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

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

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

30

MISCELLANEOUS Capital Expenditures

Expenditures ($ in thousands)

	Twelve Months Ended December 31, 2013		Twelve Months Ended December 31, 2012
Capital expenditures (1)	$	146,315	$	129,119
Tenant allowances and capitalized leasing costs (2)	131,802		139,247
Total	$	278,117	$	268,366

(1) Reflects only non-tenant operating capital expenditures.

(2) Reflects tenant allowances on current operating properties.

31

MISCELLANEOUS Corporate Information

Reporting Calendar

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

Quarter	Earnings Release Date	Earnings Call Date
Q1 2014	April 28, 2014	April 29, 2014
Q2 2014	July 28, 2014	July 29, 2014
Q3 2014	October 27, 2014	October 28, 2014

Stock Information

Common Stock

NYSE:  GGP

6.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Series A Preferred Stock)

NYSE:  GGP PrA

Security	Quarter	Declaration Date	Record Date	Date Payable or Paid	Dividend per Share
Common Stock	Q4 2013	October 28, 2013	December 13, 2013	January 2, 2014	$	0.1400
Common Stock	Q3 2013	July 29, 2013	October 15, 2013	October 29, 2013	$	0.1300
Common Stock	Q2 2013	May 10, 2013	July 16, 2013	July 30, 2013	$	0.1200
Common Stock	Q1 2013	February 4, 2013	April 16, 2013	April 30, 2013	$	0.1200
Common Stock	Q4 2012	November 20, 2012	December 14, 2012	January 4, 2013	$	0.1100
Series A Preferred Stock	Q4 2013	October 28, 2013	December 13, 2013	January 2, 2014	$	0.3984
Series A Preferred Stock	Q3 2013	July 29, 2013	September 13, 2013	October 1, 2013	$	0.3984
Series A Preferred Stock	Q2 2013	May 10, 2013	June 14, 2013	July 1, 2013	$	0.3984
Series A Preferred Stock	Q1 2013	March 5, 2013	March 15, 2013	April 1, 2013	$	0.2125

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

32

MISCELLANEOUS Glossary of Terms

Terms	Description
Gross Leasable Area (GLA)	Total gross leasable space at 100%.
Mall and Freestanding	Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores.
Anchor/Traditional Anchor	Department stores whose merchandise appeals to a broad range of shoppers.  Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants.
Strip Center	An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores.
Office	Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component.
Specialty Leasing	Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice.
Same Store NOI	Company NOI that excludes the periodic effects of acquisitions, dispositions, changes in ownership and certain redevelopments and other properties.
Non-Same Store	Includes the periodic effects of acquisitions, changes in ownership, certain redevelopment and other properties.
Operating Metrics	Description
Leased	Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area.
Occupied	Occupied area represents the sum of: (1) tenant occupied space under lease (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area.
Tenant Sales	Comparative rolling twelve month sales for mall stores less than 10,000 square feet.
Occupancy Cost	Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet.
In-Place Rent	Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes.
Expiring Rent	Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent	Represents initial rent at the time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes.
Average Rent	Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent Spread	Dollar spread between Initial Rent and Expiring Rent.
Average Rent Spread	Dollar spread between Average Rent and Expiring Rent.

33