Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Twelve Months Ended December 31, 2008

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

Supplemental Financial/Operational Data
December 31, 2008
Table of Contents

All information included in this supplemental package is unaudited and is as of December 31, 2008, unless otherwise indicated.

Corporate Overview	1 - 3
Corporate Profile	1
Corporate Overview	1
Stock Listing	1
Current Dividend	1
Investor Relations	1
Transfer Agent	1
Debt Ratings	1
Ownership Structure	2
Total Market Capitalization	2
Research Coverage	3
Annual and Fourth Quarter Earnings Announcement	4-17
Supplemental Financial Data*	18-37
Summary Retained FFO & Core FFO	18
Tenant Allowances, Straight Line Rent, & SFAS #141 & #142	19
Trailing Twelve Month EBITDA and Coverage Ratios	20
Comparable NOI Growth	21
Master Planned Communities	22-24
Capital Information	25
Changes in Total Common & Equivalent Shares	26
Common Dividend History	27
Debt Maturity and Current Average Interest Rate Summary	28
Summary of Outstanding Debt	29-30
Supplemental Operational Data	31-34
Operating Statistics, Certain Financial Information & Top Tenants	31
Retail Portfolio GLA, Occupancy, Sales & Rent Data	32
Retail and Other Net Operating Income by Geographic Area at Share	33
Lease Expiration Schedule and Lease Termination Income at Share	34
Expansions, Re-developments & New Developments	35-37

* The supplemental financial data should be read in conjunction with the Company’s annual 2008 and fourth quarter earnings information (included as pages 4-17 of this supplemental report) as certain disclosures and reconciliations in such announcement have not been included in the supplemental financial data.

Corporate Overview

Corporate Profile

GGP and its predecessor companies have been in the shopping center business for over fifty years and is one of the largest U.S.-based publicly traded real estate investment trusts (REIT). The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. Average occupancy at December 31, 2008 was 92.5% and tenant sales per square foot were $438.

Corporate Overview

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

Stock Listing
Common Stock
NYSE: GGP

Current Dividend

As previously announced, the Company’s Board of Directors (the “Board”) determined in October 2008 to suspend the common stock dividend. Such suspension will be reviewed in 2009 by the Board as necessary in the context of the REIT requirements and the Company’s ongoing capital position.

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

Debt Ratings
Standard & Poors — Corporate Rating	CC
Standard & Poors — Senior Debt Rating	C
Standard & Poors — TRCLP Bonds Rating	C
Moody’s — Senior Debt Rating	Ca
Moody’s — TRCLP Bonds Rating	Ca
Please visit the GGP web site for additional information:	www.ggp.com

1

Summary Ownership Structure as of December 31, 2008

Total Market Capitalization - As Measured by Stock Price (dollars in thousands)			December 31, 2008
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a)			$	27,826,626
Perpetual Preferred Units
Perpetual Preferred Units at 8.25%	$	5,000
Convertible Preferred Units
Convertible Preferred Units at 6.50%		26,637
Convertible Preferred Units at 7.00%		25,133
Convertible Preferred Units at 8.50%		63,986
		115,756
Other Preferred Stock		476
Total Preferred Securities			$	121,232
Common Stock and Common Operating Partnership Units
Stock market value of 268.9 million shares of common stock and 50.7 million shares of Operating Partnership units (which are redeemable for an equal number of shares of common stock) — outstanding at end of period (b) (c)			$	412,254
Total Market Capitalization at end of period			$	28,360,112

(a)	Excludes liabilities to special improvement districts of $69.9 million, minority interest adjustment of $71.0 million and purchase accounting mark-to-market adjustments of $49.5 million.
(b)	Net of 1.4 million treasury shares.
(c)	Reflects closing common stock share price at December 31, 2008 of $1.29.

2

Research Coverage

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

Barclays Capital	Ross Smotrich	(212) 526-2306
	George Hoglund	(212) 526-4513
Citigroup	Michael Bilerman	(212) 816-1383
Credit Suisse First Boston	Michael Gorman	(212) 538-4357
Deutsche Bank	Louis Taylor	(212) 250-4912
Friedman Billings Ramsey	Paul Morgan	(703) 469-1255
	Tom Barry	(703) 875-1401
Goldman, Sachs & Co.	Jay Habermann	(917) 343-4260
Green Street Advisors	Jim Sullivan	(949) 640-8780
	Ben Yang	(949) 640-8780
J.P. Morgan Securities Inc.	Michael Mueller	(212) 622-6689
	Joseph Dazio	(212) 622-6416
Merrill Lynch	Steve Sakwa	(212) 449-0335
	Craig Schmidt	(212) 449-1944
RBC Capital Markets	Richard C. Moore	(216) 378-7625
Stifel Nicolaus	David Fick	(443) 224-1308
	Nate Isbee	(443) 224-1346
UBS	Jeff Spector	(212) 713-6144
	Lindsay Schroll	(212) 713-3402
Wachovia Capital Markets, LLC	Jeff Donnelly	(617) 603-4262
	Rob Laquaglia	(617) 603-4263

3

Annual and Fourth Quarter Earnings
Announcement

February 23, 2009

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

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

General Growth Properties, Inc. Releases
Fourth Quarter and Full-Year 2008 Operating Results

Chicago, Illinois, February 23, 2009 — General Growth Properties, Inc. (NYSE: GGP) (the Company) announced today its results of operations for the fourth quarter of 2008. Core Funds From Operations (Core FFO) per fully diluted share for the fourth quarter of 2008 were $0.72, Funds From Operations (FFO) per fully diluted share were $0.70 and Earnings per share — diluted (EPS) were zero. For the full year 2008 Core FFO was $2.83, FFO was $2.72 and EPS was $0.10. Although FFO per fully diluted share for the fourth quarter of 2008 increased from the $0.64 of FFO per fully diluted share for the fourth quarter of 2007, both Core FFO and EPS declined in the fourth quarter of 2008, as compared to the fourth quarter of 2007. Both the quarterly and annual 2008 and 2007 comparable periods had significant items that affected FFO comparability, including provisions for impairment, tax restructuring benefit and strategic review costs. A supplemental schedule showing such items and their impact on 2008 and 2007 FFO is provided with this release.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

• Core FFO is defined as Funds From Operations excluding the Real Estate Property Net Operating Income (NOI) from the Master Planned Communities segment and the (provision for) benefit from income taxes. Core FFO for the fourth quarter of 2008 was $231.0 million, or $0.72 per fully diluted share, as compared to $271.2 million, or $0.92 per fully diluted share, for the fourth quarter of 2007. While the aggregate of minimum rents and tenant recoveries remained essentially flat for the quarter, overall declines in the general economy, and the retail market specifically, impacted our retail properties causing revenue reductions in overage rents, and other income (for items including promotion, sponsorship, and parking income). Cost reductions in marketing, repairs and maintenance, supplies, contracted services, security, landscaping, and personnel costs, did not fully offset our revenue declines.

4

• FFO was $222.2 million in the fourth quarter of 2008 as compared to $190.4 million in the fourth quarter of 2007, an increase of approximately $31.8 million. FFO was significantly impacted by items as detailed in the attached supplemental schedule. Excluding such items, FFO declined in the fourth quarter of 2008 as compared to the fourth quarter of 2007 as a result of lower comparable NOI in the retail and other segment and higher interest expense.

• EPS were zero in the fourth quarter of 2008 compared to $0.24 in the fourth quarter of 2007, substantially all of which was due to the items listed in the attached supplemental schedule and the matters affecting Core FFO and FFO described above.

2009 Maturing debt and liquidity concerns

We are primarily focused on our near and intermediate term loan maturities. The refinancing market remains at a standstill. We are considering all strategic alternatives and are continuing our discussions with our lenders. In addition, we have suspended our cash dividend, halted or slowed nearly all of our development and redevelopment projects, systematically engaged in certain cost reduction or efficiency programs, reduced our workforce by over 20% and sold certain non-mall assets. We currently have approximately $1.179 billion of past due debt and approximately $4.09 billion of debt that could be accelerated. However, our lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, we have $1.44 billion of consolidated mortgage debt and approximately $595 million of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that we are unable to extend or refinance our near and intermediate term loan maturities, we may be required to seek legal protection from our creditors.

Given the uncertainties concerning our ability to refinance maturing loans and the impact of potential strategic alternatives, we will not provide Core FFO guidance for 2009 at this time.

5

SEGMENT RESULTS

Retail and Other Segment

• NOI declined 2.4% from the $718.9 million reported for the fourth quarter of 2007 to $701.8 million for the fourth quarter of 2008. This reduction in NOI is primarily due to decreased revenue primarily due to declines in overage rents and other income.

• Comparable NOI from consolidated properties decreased 4.1% in the fourth quarter of 2008 versus the fourth quarter of 2007.

• Comparable NOI from unconsolidated properties at the Company’s ownership share for the fourth quarter of 2008 declined by approximately 10.0% compared to the fourth quarter of 2007. Declines in termination income in 2008 (due to certain individually large terminations in 2007) and foreign currency translation rate differences between periods caused the comparable NOI decline for unconsolidated properties to be significantly larger than that of the comparable consolidated properties.

• Revenues from consolidated properties declined approximately 3.2% for the fourth quarter of 2008, or approximately $27.5 million, to $840.5 million as compared to $868.0 million for the same period in 2007 primarily due to declines in overage rent and other income.

• Revenues from unconsolidated properties at the Company’s ownership share declined slightly for the fourth quarter 2008 as compared to the fourth quarter of 2007, to $162.2 million from $163.2 million, as increased minimum rents from certain expansions and renovations opened since late 2007 and certain ownership increases in properties owned through our international joint ventures were more than offset by overage and other income declines across the segment.

• Comparable tenant sales, on a trailing twelve month basis, decreased 3.8% compared to the same period last year.

• Sales per square foot, on a trailing twelve month basis, decreased 4.2% compared to the same period last year.

• Retail Center occupancy decreased to 92.5% at December 31, 2008 from 93.8% at December 31, 2007.

6

Master Planned Communities Segment

• Land sale revenues for the fourth quarter of 2008 were $35.5 million for consolidated properties and $18.1 million for unconsolidated properties, compared to $31.5 million and $15.5 million, respectively, for the fourth quarter of 2007. Increases in land sale revenues reflect bulk sales of lots in 2008 as overall demand for individual lots remained weak, a condition that is expected to continue into 2009.

• NOI, before the provision for impairment, from the Master Planned Communities segment for the fourth quarter of 2008 was $5.7 million for consolidated properties and $7.9 million for unconsolidated properties, as compared to $7.7 million and $2.2 million, respectively, in the fourth quarter of 2007. Excluding the aggregate $127.6 million provisions for impairment recognized in the fourth quarter of 2007 at our Columbia and Fairwood communities as detailed in the attached supplemental schedule, sales margins in 2008 were below 2007 levels as completed land sales in 2008 were primarily bulk lot sales.

GGP INFORMATION/WEBSITE

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

7

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

FUNDS FROM OPERATIONS AND CORE FFO

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

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

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

8

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

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

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

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

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

9

PROPERTY INFORMATION

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

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, a potential bankruptcy filing, our ability to refinance our near and intermediate term debt, tenant occupancy and tenant bankruptcies, our level of indebtedness and interest rates, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage our strategic and financial review and our liquidity demands. 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 release. The Company disclaims any obligation to update any forward-looking statements.

###

10

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008			2007
Funds From Operations (“FFO”)
Company stockholders	$	186,759		$	157,034		$	717,731		$	907,010
Operating Partnership unitholders		35,446			33,388			141,132			193,798
Operating Partnership	$	222,205		$	190,422		$	858,863		$	1,100,808
Increase (decrease) in FFO over comparable prior year period		16.7	%		(36.8)	%		(22.0)	%		22.0	%
FFO per share:
Company stockholders — basic	$	0.70		$	0.64		$	2.74		$	3.72
Operating Partnership — basic		0.70			0.64			2.74			3.72
Operating Partnership — diluted		0.70			0.64			2.72			3.71
Increase (decrease) in diluted FFO per share over comparable prior year period		9.4	%		(37.3)	%		(26.7)	%		21.2	%
Core Funds From Operations (“Core FFO”)
Core FFO	$	231,024		$	271,232		$	891,801		$	880,933
(Decrease) increase in Core FFO over comparable prior year period		(14.8)	%		(7.1)	%		1.2	%		1.0	%
Core FFO per share — diluted		0.72			0.92			2.83			2.97
(Decrease) increase in diluted Core FFO per share over comparable prior year period		(21.7)	%		(7.1)	%		(4.7)	%		0.3	%
Dividends
Dividends paid per share	$	—		$	0.50		$	1.50		$	1.85
Payout ratio (% of diluted FFO paid out)		—	%		78.1	%		55.1	%		49.9	%
Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated	$	594,149		$	613,809		$	2,190,725		$	2,056,996
Unconsolidated		107,607			105,122			397,133			419,427
Total Retail and Other		701,756			718,931			2,587,858			2,476,423
Master Planned Communities:
Consolidated		5,682			(119,924	)		(37,230	)		(98,659	)
Unconsolidated		7,930			2,163			25,878			27,204
Total Master Planned Communities		13,612			(117,761	)		(11,352	)		(71,455	)
Total Real estate property net operating income	$	715,368		$	601,170		$	2,576,506		$	2,404,968

	December 31,		December 31,
Selected Balance Sheet Information	2008		2007
Cash and cash equivalents	$	168,993	$	99,534
Investment in real estate:
Net land, buildings and equipment	$	22,723,390	$	22,359,249
Developments in progress		1,076,675		987,936
Net investment in and loans to/from
Unconsolidated Real Estate Affiliates		1,837,635		1,803,366
Investment property and property held for development and sale		1,823,362		1,639,372
Net investment in real estate	$	27,461,062	$	26,789,923
Total assets	$	29,557,330	$	28,814,319
Mortgage, notes and loans payable	$	24,853,313	$	24,282,139
Minority interest — Preferred		121,232		121,482
Minority interest — Common		387,616		351,362
Stockholders’ equity		1,754,748		1,456,696
Total capitalization (at cost)	$	27,116,909	$	26,211,679

	Consolidated Properties						Unconsolidated Properties(a)
				Average					Average
	Outstanding			Interest			Outstanding		Interest
Summarized Debt Information	Balance			Rate(d)			Balance		Rate(d)
Fixed rate (c)	$	20,221,745			5.63	%	$	2,848,954		5.69	%
Variable rate (c)		4,441,137			6.49			314,790		6.91
Totals	$	24,662,882	(b)		5.79	%	$	3,163,744		5.81	%

(a)	Reflects the Company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.
(b)	Excludes liabilities to special improvement districts of $69.9 million, minority interest adjustment of $71.0 million and purchase accounting mark-to-market adjustments of $49.5 million.
(c)	Includes the effects of interest rate swaps.
(d)	Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008			2007
Revenues:
Minimum rents	$	539,531		$	544,440		$	2,085,758		$	1,933,674
Tenant recoveries		232,605			233,548			927,332			859,801
Overage rents		33,910			46,438			72,882			89,016
Land sales		35,478			31,538			66,557			145,649
Management and other fees		22,055			26,180			85,773			106,584
Other		37,304			46,524			123,223			127,077
Total revenues		900,883			928,668			3,361,525			3,261,801
Expenses:
Real estate taxes		68,536			66,480			274,317			246,484
Repairs and maintenance		58,165			65,022			234,987			216,536
Marketing		11,949			19,134			43,426			54,664
Other property operating costs		104,757			108,233			436,804			418,295
Land sales operations		29,796			23,862			63,441			116,708
Provision for (benefit from) doubtful accounts		2,939			(4,640	)		17,873			5,426
Property management and other costs		38,983			43,770			184,738			198,610
General and administrative		40,198			16,076			57,972			37,005
Provisions for impairment		60,487			127,903			116,611			130,533
Litigation (benefit) provision		(57,145	)		89,225			(57,145	)		89,225
Depreciation and amortization		194,043			142,610			759,930			670,454
Total expenses		552,708			697,675			2,132,954			2,183,940
Operating income		348,175			230,993			1,228,571			1,077,861
Interest income		241			1,637			3,197			8,641
Interest expense		(342,964	)		(319,333	)		(1,299,496	)		(1,174,097	)
Income (loss) before income taxes, minority interest and equity in income of Unconsolidated Real Estate Affiliates		5,452			(86,703	)		(67,728	)		(87,595	)
(Provision for) benefit from income taxes		(22,045	)		37,709			(23,461	)		294,160
Minority interest		(3,113	)		(16,241	)		(9,145	)		(77,012	)
Equity in income of Unconsolidated Real Estate Affiliates		18,682			123,961			80,594			158,401
(Loss) income from continuing operations		(1,024	)		58,726			(19,740	)		287,954
Discontinued operations, net of minority interest — gains on dispositions		59			—			46,000			—
Net (loss) income	$	(965	)	$	58,726		$	26,260		$	287,954
Basic and Diluted Earnings (Loss) Per Share:
Continuing operations	$	0.00		$	0.24		$	(0.08	)	$	1.18
Discontinued operations		0.00			—			0.18			—
Total basic and diluted earnings per share	$	0.00		$	0.24		$	0.10		$	1.18
Diluted Earnings (Loss) Per Share:
Continuing operations	$	0.00		$	0.24		$	(0.07	)	$	1.18
Discontinued operations		0.00			—			0.17			—
Total diluted earnings per share	$	0.00		$	0.24		$	0.10		$	1.18

12

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

	Three Months Ended December 31, 2008
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	539,531		$	99,617		$	639,148
Tenant recoveries		232,605			40,517			273,122
Overage rents		33,910			4,424			38,334
Other, including minority interest		34,449			17,688			52,137
Total property revenues		840,495			162,246			1,002,741
Property operating expenses:
Real estate taxes		68,536			11,005			79,541
Repairs and maintenance		58,165			9,791			67,956
Marketing		11,949			2,783			14,732
Other property operating costs		104,757			29,630			134,387
Provision for doubtful accounts		2,939			1,430			4,369
Total property operating expenses		246,346			54,639			300,985
Retail and other net operating income		594,149			107,607			701,756
Master Planned Communities
Land sales		35,478			18,126			53,604
Land sales operations		(29,796	)		(10,196	)		(39,992	)
Master Planned Communities net operating income		5,682			7,930			13,612
Real estate property net operating income		599,831			115,537		$	715,368
Management and other fees		22,055			1,018
Property management and other costs		(38,983	)		(9,490	)
General and administrative		(40,198	)		(13,498	)
Provisions for impairment		(60,487	)		(328	)
Litigation benefit		57,145			—
Depreciation on non-income producing assets, including headquarters building		(2,445	)		(1	)
Interest income		241			1,249
Interest expense		(342,964	)		(42,830	)
Provision for income taxes		(22,045	)		(386	)
Preferred unit distributions		(2,427	)		—
Other FFO from minority interest		1,181			30
FFO		170,904			51,301
Equity in FFO of Unconsolidated Properties		51,301			(51,301	)
Operating Partnership FFO	$	222,205		$	—

	Three Months Ended December 31, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	544,440		$	96,337		$	640,777
Tenant recoveries		233,548			39,098			272,646
Overage rents		46,438			6,360			52,798
Other, including minority interest		43,613			21,440			65,053
Total property revenues		868,039			163,235			1,031,274
Property operating expenses:
Real estate taxes		66,480			9,863			76,343
Repairs and maintenance		65,022			10,443			75,465
Marketing		19,134			3,609			22,743
Other property operating costs		108,234			34,162			142,396
(Recovery of) provision for doubtful accounts		(4,640	)		36			(4,604	)
Total property operating expenses		254,230			58,113			312,343
Retail and other net operating income		613,809			105,122			718,931
Master Planned Communities
Land sales		31,538			15,459			46,997
Land sales operations		(23,862	)		(13,296	)		(37,158	)
Master Planned Communities net operating income before provision for impairment		7,676			2,163			9,839
Provision for impairment		(127,600	)		—			(127,600	)
Master Planned Communities net operating (loss) income		(119,924	)		2,163			(117,761	)
Real estate property net operating income		493,885			107,285		$	601,170
Management and other fees		26,180			7,046
Property management and other costs		(43,770	)		(11,532	)
General and administrative		(16,076	)		199
Provisions for impairment		(302	)		(14	)
Litigation (provision) benefit		(89,225	)		37,112
Depreciation on non-income producing assets, including headquarters building		(2,800	)		—
Interest income		1,637			2,616
Interest expense		(319,333	)		(37,972	)
Benefit from (provision for) income taxes		37,709			(758	)
Preferred unit distributions		(2,947	)		—
Other FFO from minority interest		1,451			31
FFO		86,409			104,013
Equity in FFO of Unconsolidated Properties		104,013			(104,013	)
Operating Partnership FFO	$	190,422		$	—

13

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

	Twelve Months Ended December 31, 2008
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	2,085,758		$	383,003		$	2,468,761
Tenant recoveries		927,332			159,499			1,086,831
Overage rents		72,882			9,461			82,343
Other, including minority interest		112,160			62,081			174,241
Total property revenues		3,198,132			614,044			3,812,176
Property operating expenses:
Real estate taxes		274,317			44,934			319,251
Repairs and maintenance		234,987			36,800			271,787
Marketing		43,426			8,501			51,927
Other property operating costs		436,804			123,234			560,038
Provision for doubtful accounts		17,873			3,442			21,315
Total property operating expenses		1,007,407			216,911			1,224,318
Retail and other net operating income		2,190,725			397,133			2,587,858
Master Planned Communities
Land sales		66,557			72,189			138,746
Land sales operations		(63,441	)		(46,311	)		(109,752	)
Master Planned Communities net operating income before provision for impairment		3,116			25,878			28,994
Provision for impairment		(40,346	)		—			(40,346	)
Master Planned Communities net operating (loss) income		(37,230	)		25,878			(11,352	)
Real estate property net operating income		2,153,495			423,011		$	2,576,506
Management and other fees		85,773			16,969
Property management and other costs		(184,738	)		(41,549	)
General and administrative		(57,972	)		(21,215	)
Provisions for impairment		(76,265	)		(389	)
Litigation benefit		57,145			—
Depreciation on non-income producing assets, including headquarters building		(10,361	)		—
Interest income		3,197			5,973
Interest expense		(1,299,496	)		(168,025	)
(Provision for) benefit from income taxes		(23,461	)		1,875
Preferred unit distributions		(10,572	)		—
Other FFO from minority interest		5,348			120
FFO		642,093			216,770
Equity in FFO of Unconsolidated Properties		216,770			(216,770	)
Operating Partnership FFO	$	858,863		$	—
	Twelve Months Ended December 31, 2007
	Consolidated			Unconsolidated			Segment
	Properties			Properties			Basis
Retail and Other
Property revenues:
Minimum rents	$	1,933,674		$	406,241		$	2,339,915
Tenant recoveries		859,801			173,486			1,033,287
Overage rents		89,016			12,213			101,229
Other, including minority interest		115,910			82,884			198,794
Total property revenues		2,998,401			674,824			3,673,225
Property operating expenses:
Real estate taxes		246,484			50,478			296,962
Repairs and maintenance		216,536			40,559			257,095
Marketing		54,664			12,233			66,897
Other property operating costs		418,295			150,149			568,444
Provision for doubtful accounts		5,426			1,978			7,404
Total property operating expenses		941,405			255,397			1,196,802
Retail and other net operating income		2,056,996			419,427			2,476,423
Master Planned Communities
Land sales		145,649			85,017			230,666
Land sales operations		(116,708	)		(57,813	)		(174,521	)
Master Planned Communities net operating income before provision for impairment		28,941			27,204			56,145
Provision for impairment		(127,600	)		—			(127,600	)
Master Planned Communities net operating (loss) income		(98,659	)		27,204			(71,455	)
Real estate property net operating income		1,958,337			446,631		$	2,404,968
Management and other fees		106,584			19,869
Property management and other costs		(198,610	)		(44,994	)
General and administrative		(37,005	)		(3,700	)
Provisions for impairment		(2,933	)		(232	)
Litigation provision		(89,225	)		—
Depreciation on non-income producing assets, including headquarters building		(12,006	)		—
Interest income		8,641			16,417
Interest expense		(1,174,097	)		(176,937	)
Benefit from (provision for) income taxes		294,160			(2,830	)
Preferred unit distributions		(12,963	)		—
Other FFO from minority interest		5,639			62
FFO		846,522			254,286
Equity in FFO of Unconsolidated Properties		254,286			(254,286	)
Operating Partnership FFO	$	1,100,808		$	—

14

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008			2007
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income
Real estate property net operating income:
Segment basis	$	715,368		$	601,170		$	2,576,506		$	2,404,968
Unconsolidated Properties		(115,537	)		(107,285	)		(423,011	)		(446,631	)
Consolidated Properties		599,831			493,885			2,153,495			1,958,337
Management and other fees		22,055			26,180			85,773			106,584
Property management and other costs		(38,983	)		(43,770	)		(184,738	)		(198,610	)
General and administrative		(40,198	)		(16,076	)		(57,972	)		(37,005	)
Provisions for impairment		(60,487	)		(302	)		(76,265	)		(2,933	)
Litigation benefit (provision)		57,145			(89,225	)		57,145			(89,225	)
Depreciation and amortization		(194,043	)		(142,610	)		(759,930	)		(670,454	)
Minority interest in NOI of Consolidated Properties and other		2,855			2,911			11,063			11,167
Operating income	$	348,175		$	230,993		$	1,228,571		$	1,077,861
Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income
Core FFO	$	231,024		$	271,232		$	891,801		$	880,933
Master Planned Communities net operating income (loss)		13,612			(117,761	)		(11,352	)		(71,455	)
(Provision for) benefit from income taxes		(22,431	)		36,951			(21,586	)		291,330
Funds From Operations — Operating Partnership		222,205			190,422			858,863			1,100,808
Depreciation and amortization of capitalized real estate costs		(224,230	)		(164,438	)		(885,814	)		(797,189	)
Minority interest in depreciation of Consolidated Properties and other		847			811			3,330			3,199
Gains and losses on dispositions from Unconsolidated Real Estate Affiliates		—			44,481			—			42,745
Minority interest to Operating Partnership unitholders		154			(12,550	)		3,881			(61,609	)
(Loss) income from continuing operations		(1,024	)		58,726			(19,740	)		287,954
Discontinued operations, net of minority interest — gains on dispositions		59			—			46,000			—
Net (loss) income	$	(965	)	$	58,726		$	26,260		$	287,954
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates
Equity in Unconsolidated Properties:
NOI	$	115,537		$	107,285		$	423,011		$	446,631
Net property management fees and costs		(8,472	)		(4,486	)		(24,580	)		(25,125	)
Net interest expense		(41,581	)		(35,356	)		(162,052	)		(160,520	)
Litigation benefit		—			37,112			—			—
Headquarters, general and administrative, provisions for impairment income taxes and minority interest in FFO		(14,182	)		(542	)		(19,609	)		(6,700	)
FFO of unconsolidated properties		51,302			104,013			216,770			254,286
Depreciation and amortization of capitalized real estate costs		(32,632	)		(24,628	)		(136,245	)		(138,741	)
Other, including gains on sales of investment properties		12			44,576			69			42,856
Equity in income of unconsolidated real estate affiliates	$	18,682		$	123,961		$	80,594		$	158,401
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share		319,543			295,718			313,752			296,125
Conversion of Operating Partnership units		(50,974	)		(51,851	)		(51,557	)		(52,133	)
Weighted average number of Company shares outstanding — GAAP EPS		268,569			243,867			262,195			243,992
Diluted:
Weighted average number of shares outstanding — FFO per share		319,543			296,109			315,375			296,671
Conversion of Operating Partnership units		(50,974	)		(51,851	)		(51,557	)		(52,133	)
Weighted average number of Company shares outstanding — GAAP EPS		268,569			244,258			263,818			244,538

15

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

	Three Months Ended						Three Months Ended
	December 31, 2008						December 31, 2007
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	3,674		$	1,014		$	2,485		$	2,716
Straight-line rent		(5,329	)		(346	)		(2,315	)		289
Real estate taxes:
Real estate tax stabilization agreement		(981	)		—			(981	)		—
Other property operating costs:
Non-cash ground rent expense		(1,699	)		(231	)		(2,694	)		(193	)
Interest expense:
Mark-to-market adjustments on debt		3,167			637			4,063			765
Amortization of deferred finance costs		(23,324	)		(434	)		(5,288	)		(344	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		2,393			—			1,167			—
Write-off of deferred finance costs		(7,756	)		(13	)		(154	)		(2	)
Totals	$	(29,855	)	$	627		$	(3,717	)	$	3,231

	Twelve Months Ended						Twelve Months Ended
	December 31, 2008						December 31, 2007
	Consolidated			Unconsolidated			Consolidated			Unconsolidated
	Properties			Properties			Properties			Properties
Minimum rents:
Above- and below-market tenant leases, net	$	15,612		$	7,446		$	30,988		$	9,791
Straight-line rent		27,827			6,644			24,334			7,445
Real estate taxes:
Real estate tax stabilization agreement		(3,924	)		—			(3,924	)		—
Other property operating costs:
Non-cash ground rent expense		(6,958	)		(924	)		(7,479	)		(769	)
Interest expense:
Mark-to-market adjustments on debt		15,309			2,841			28,536			3,916
Amortization of deferred finance costs		(46,034	)		(1,930	)		(18,916	)		(1,658	)
Debt extinguishment costs:
Write-off of mark-to-market adjustments		2,605			—			4,932			—
Write-off of deferred finance costs		(7,599	)		(13	)		(3,255	)		(2	)
Totals	$	(3,162	)	$	14,064		$	55,216		$	18,723

WEIGHTED AVERAGE SHARES
(In thousands)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2008		2007		2008		2007
Basic		268,569		243,867		262,195		243,992
Diluted		268,569		244,258		263,818		244,538
Assuming full conversion of Operating Partnership units:
Basic		319,543		295,718		313,752		296,125
Diluted		319,543		296,109		315,375		296,671

16

GENERAL GROWTH PROPERTIES, INC.
SUPPLEMENTAL SCHEDULE OF SIGNIFICANT FFO ITEMS THAT IMPACT COMPARABILITY
(In thousands, except per share amounts)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008			2007
Operating Partnership FFO	$	222,205		$	190,422		$	858,863		$	1,100,808
Operating Partnership FFO per share — diluted	$	0.70		$	0.64		$	2.72		$	3.71
Significant items that affect comparability increase (decrease)
Business interruption insurance recovery (a)		(11,901	)		(8,608	)		(11,901	)		(20,255	)
Deemed compensation expense — officer loans (b)		15,372			—			15,372			—
Strategic initiatives (c)		30,017			—			30,017			—
Provisions for impairment:
Operating properties		3,951			—			11,751			—
Non-recoverable development costs		23,736			316			31,714			3,165
Goodwill		32,800			—			32,800			—
Master planned communities-Columbia and Fairwood, net of tax		—			77,134			—			77,134
Master planned communities-Nouvelle at Natick, net of tax		—			—			25,088			—
Litigation (benefit) provision (d)		(50,021	)		52,113			(50,021	)		89,225
Tax restructuring benefit (e)		—			(22,944	)		—			(320,470	)
Operating Partnership FFO as adjusted for comparability	$	266,159		$	288,433		$	943,683		$	929,607
Adjusted Operating Partnership FFO per share — diluted	$	0.83		$	0.97		$	2.99		$	3.13

(a)	Business interruption insurance recovery amounts reflect separate Hurricane Katrina settlements reached with individual insurance carriers in June 2007 (Riverwalk) and in December 2007 and October 2008 (Oakwood).
(b)	The deemed compensation expense — officer loans is the cumulative amount recognized in the fourth quarter of 2008 to reflect the benefit to the Company deemed to have occurred as a result of the 2007 — 2008 extension of a series of loans to Bernard Freibaum, former CFO, and Robert Michaels, former President, by an entity related to an affiliate of a Bucksbaum family trust, a major shareholder of the Company. Such amount is a non-cash charge and the lending entity was deemed to make a capital contribution to the Company in an equal amount for no incremental equity interest in the Company.
(c)	The strategic initiatives amounts reflect fees and expenses incurred for various consultants and advisors assisting in the development of our strategic alternatives to address our current liquidity and financing situation, as well as fees associated with debt extensions.
(d)	The litigation (benefit) provision amounts reflect the accrual of damages, interest and costs related to the November 2007 adverse judgment regarding the Glendale matter and the reduction of such accruals upon settlement of such matter in December 2008.
(e)	The tax restructuring item for the twelve months ended December 31, 2007 is the tax benefit of a March 31, 2007 ownership reorganization of certain of our private REIT and taxable REIT subsidiaries, yielding the elimination of previously recognized deferred tax liabilities.

17

Supplemental Financial Data

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

	Three Months			Twelve Months
	Ended			Ended
	December 31, 2008			December 31, 2008
Cash From Recurring Operations
FFO — Operating Partnership	$	222,205		$	858,863
Plus (Less):
Non-FFO cash from Master Planned Communities		(4,285	)		(85,637	)
Deferred income taxes		5,598			(13,081	)
Tenant allowances and capitalized leasing costs (a)		(32,805	)		(147,307	)
Capital Expenditures (b)		(3,721	)		(44,128	)
Above and below-market tenant leases, net		(4,688	)		(23,058	)
Straight-line rent adjustment		5,675			(34,471	)
Real estate tax stabilization agreement		981			3,924
Non-cash ground rent expense		1,930			7,882
Provisions for impairment		60,815			117,000
Statutory interest expense on Glendale judgment being appealed		—			6,706
Mark-to-market adjustments on debt		(3,804	)		(18,150	)
Amortization of deferred finance costs		23,758			47,964
Debt extinguishment costs:
Write-off of mark-to-market adjustments		(2,393	)		(2,605	)
Write-off of deferred finance costs		7,769			7,612
Cash From Recurring Operations — Operating Partnership	$	277,035		$	681,514
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)	$	277,035		$	681,514
Less common dividends/distributions paid		(102	)		(467,691	)
Retained Funds From Recurring Operations — Operating Partnership	$	276,933		$	213,823

(a)	Reflects only recurring tenant allowances; allowances that relate to new and redevelopment projects are excluded.
(b)	Reflects only non-tenant operating capital expenditures; tenant allowances (per (a) above) and capital expenditures that relate to new and redevelopment/renovation projects are excluded.

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008		2007
Core FFO
Operating Partnership FFO	$	222,205		$	190,422		$	858,863	$	1,100,808
Exclusions, at the Company’s share:
Master Planned Communities net operating (income) loss		(13,612	)		117,761			11,352		71,455
Provision for (benefit from) income taxes		22,431			(36,951	)		21,586		(291,330	)
Core FFO	$	231,024		$	271,232		$	891,801	$	880,933
Weighted average shares assuming full conversion of Operating Partnership units — diluted		319,543			296,109			315,375		296,671
Core FFO — per share	$	0.72		$	0.92		$	2.83	$	2.97

18

GENERAL GROWTH PROPERTIES, INC.
TENANT ALLOWANCES, STRAIGHT LINE RENT & SFAS #141 & #142
(dollars in thousands)

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

19

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

	Twelve Months Ended
	12/31/2008			09/30/2008			06/30/2008			03/31/2008 (b)
Pro Rata EBITDA (a)
GAAP Net Income	$	26,260		$	85,951		$	92,007		$	66,318
Discontinued operations, net of minority interest — Gains on dispositions		(46,000	)		(45,941	)		(30,819	)		—
Income allocated to minority interest		9,145			22,274			26,800			27,916
Interest expense		1,411,946			1,409,197			1,391,525			1,360,346
Provision for (benefit from) income taxes		21,586			(37,795	)		(4,212	)		8,891
Amortization of deferred finance costs		47,963			29,837			24,641			25,710
Debt extinguishment costs		5,007			(1,381	)		(3,913	)		(1,883	)
Interest income		(9,334	)		(12,042	)		(13,544	)		(18,225	)
Depreciation and amortization		896,187			836,670			834,014			809,966
Pro Rata EBITDA	$	2,362,760		$	2,286,770		$	2,316,499		$	2,279,039
Net Interest (a)
Amortization of deferred finance costs		(47,963	)		(29,837	)		(24,641	)		(25,710	)
Debt extinguishment costs		(5,007	)		1,381			3,913			1,883
Interest expense		(1,411,946	)		(1,409,197	)		(1,391,525	)		(1,360,346	)
Interest income		9,334			12,042			13,544			18,225
Net interest	$	(1,455,582	)	$	(1,425,611	)	$	(1,398,709	)	$	(1,365,948	)
Interest Coverage Ratio		1.62			1.60			1.66			1.67
Fixed Charges (c)
Net interest	$	(1,455,582	)	$	(1,425,611	)	$	(1,398,709	)	$	(1,365,948	)
Preferred unit distributions		(10,572	)		(11,092	)		(11,656	)		(11,808	)
Fixed charges	$	(1,466,154	)	$	(1,436,703	)	$	(1,410,365	)	$	(1,377,756	)
Ratio of Pro Rata EBITDA to Fixed Charges		1.61			1.59			1.64			1.65
Fixed Charges & Common Dividend
Fixed charges	$	(1,466,154	)	$	(1,436,703	)	$	(1,410,365	)	$	(1,377,756	)
Common dividend/distributions		(467,691	)		(615,523	)		(588,773	)		(562,839	)
Fixed charges & common dividend	$	(1,933,845	)	$	(2,052,226	)	$	(1,999,138	)	$	(1,940,595	)
Ratio of Pro Rata EBITDA to Fixed Charges & Common Dividend		1.22			1.11			1.16			1.17

(a)	Includes operations of the Unconsolidated Real Estate Affiliates at the Company’s share. The above ratios are lower than those of the revolver and term loan facility, due to certain adjustments per the loan agreement.
(b)	Certain amounts have been reclassified to conform to the current period presentation.
(c)	Excludes principal amortization payments.

20

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
Comparable NOI Growth	2008			2007 (a)			2008			2007 (a)
Total Retail and Other NOI	$	701,756		$	718,931		$	2,587,858		$	2,476,423
NOI from noncomparable properties		(40,554	)		(28,282	)		(129,138	)		(94,737	)
Corporate and other (b)		(569	)		4,377			(3,716	)		66,234
Comparable NOI (c)	$	660,633		$	695,026		$	2,455,004		$	2,447,920
(Decrease) increase in Comparable NOI		-4.9	%					0.3	%

(a)	Certain amounts have been reclassified to conform to the current period presentation.
(b)	Represents miscellaneous items that are included in the Total Retail and Other NOI line item that are not specifically related to operations. In addition, due to the acquisition of our partner’s 50% interest in GGP/Homart I in July 2007 and, since GGP owned an interest in and managed the GGP/Homart I properties throughout 2007 and 2008, this amount includes an adjustment to reflect such additional 50% interest for all periods in the comparable NOI presentation.
(c)	Comparable properties are properties that have been owned and operated for the entire time during the compared accounting periods, excluding those properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

21

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

	Consolidated Properties											Unconsolidated		Company Portfolio
	Maryland								Total			Property @ Share		Total MPC
	Properties (b)			Summerlin		Bridgeland			Consolidated			The Woodlands		Segment
Three Months Ended
December 31, 2008
Land Sales (c)	$	19,839		$	14,084	$	1,555		$	35,478		$	18,126	$	53,604
Land Sales Operations (d) (e)		17,787			10,154		1,855			29,796			10,196		39,992
Net Operating Income (Loss)	$	2,052		$	3,930	$	(300	)	$	5,682		$	7,930	$	13,612
December 31, 2007
Land Sales (c)	$	8,922		$	20,122	$	2,494		$	31,538		$	15,459	$	46,997
Land Sales Operations (d) (e)		134,486			13,348		3,628			151,462			13,296		164,758
Net Operating Income (Loss)	$	(125,564	)	$	6,774	$	(1,134	)	$	(119,924	)	$	2,163	$	(117,761	)
Twelve Months Ended
December 31, 2008
Land Sales (c)	$	22,183		$	32,623	$	11,751		$	66,557		$	72,189	$	138,746
Land Sales Operations (d) (e)		21,444			31,272		10,725			63,441			46,311		109,752
Net Operating Income (Loss) before Provision for Impairment (a)	$	739		$	1,351	$	1,026		$	3,116		$	25,878	$	28,994
December 31, 2007
Land Sales (c)	$	22,561		$	104,617	$	18,471		$	145,649		$	85,017	$	230,666
Land Sales Operations (d) (e)		149,696			79,639		14,973			244,308			57,813		302,121
Net Operating Income (Loss)	$	(127,135	)	$	24,978	$	3,498		$	(98,659	)	$	27,204	$	(71,455	)

(a)	Excludes operations from our Novelle at Natick residential condominium project, which reflected a provision for impairment ($40.3M) in the twelve months ended December 31, 2008.
(b)	Maryland Properties include Columbia and Fairwood.
(c)	Includes builder price participation.
(d)	Land Sales Operations includes selling and general and administrative expenses.
(e)	Land Sales Operations for Summerlin includes quarterly accruals for semi-annual distributions pursuant to the Contingent Stock Agreement (“CSA”).

22

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

BOOK VALUE (b)

	Net Book Value
	December 31, 2008
Investment Land and Land Held for Development and Sale:
Maryland Properties (c)	$	232,770
Summerlin		1,086,555
Bridgeland		398,467
Consolidated Communities	$	1,717,792
The Woodlands (at GGP 52.5% share)		145,008
Total Master Planned Communities	$	1,862,800

(a)	Excludes operations from our residential condominium project.
(b)	The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements. The book value of The Woodlands is the recorded carrying amount of the Company’s investment in The Woodlands Land Development Company L.P., the investment entity for the community development portion of The Woodlands. The book value at December 31, 2008 likely exceeds the market or liquidation value for certain properties; however, no additional impairments of such properties are appropriate for financial statement purposes as the book value is recoverable based upon the future projected sales and development program for the respective properties. These book values of gross assets are not property appraisals and do not reflect the market value that may be obtained from a third party in individual lot or bulk sale transactions. These amounts also do not reflect any reduction for the final Summerlin distribution scheduled to be made in the first quarter of 2010 pursuant to the CSA.
(c)	Maryland Properties income Columbia and Fairwood.

NET CASH FLOW GENERATED

	Twelve Months Ended December 31,
	2008			2007
Net Operating Income	$	28,994		$	(71,455	)
Cost of Land Sales		24,516			48,793
The Woodlands NOI (d)		(25,878	)		(27,204	)
The Woodlands Cash Distribution for 2007 (d)		—			70,875
Other Adjustments to Derive Cash Generated (e)		(3,976	)		139,788
Total Cash Generated		23,656			160,797
Land Development Expenditures, Net of Related Financing		(80,298	)		(107,013	)
Estimated Net Cash Flow from Master Planned Communities (f)	$	(56,642	)	$	53,784

(d)	Since The Woodlands partnership retains all funds until the end of the year, The Woodlands NOI is excluded from the Estimated Net Cash Flow generated by Master Planned Communities segment. The partnership cash distribution is based on the final cash earned by The Woodlands. In 2008, the Woodlands partnership did not distribute any cash during the fourth quarter. In 2007, $70.8 million was distributed in the fourth quarter.
(e)	Includes collections of builder notes receivable, deposits on future sales, conversion of accrual basis expenses to a cash basis including semi-annual distributions pursuant to the CSA, builder price participation and other miscellaneous items.
(f)	Estimated net cash flow used excludes the estimated semi-annual distributions to be paid pursuant to the CSA. It does not, however, include any provision for income taxes on the earnings of the Master Planned Communities segment which is operated through taxable REIT subsidiaries.

23

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

		Lot Sales and Pricing (b)				Acreage (c)
		Twelve Months Ended				Total		Remaining
		December 31,				Gross		Saleable
		2008		2007		Acres		Acres
Maryland Properties (d)
Residential	- Acres Sold		7.9		10.7				255
	- Average Price/Acre	$	746	$	420
Commercial	- Acres Sold		39.3		20.4				286
	- Average Price/Acre	$	343	$	548
Maryland Properties Acreage							19,100		541
Summerlin (e)
Residential	- Acres Sold		4.4		39.3				6,750
	- Average Price/Acre	$	1,839	$	1,246
Commercial	- Acres Sold		—		20.8				631
	- Average Price/Acre	$	—	$	1,108
Summerlin Acreage							22,500		7,381
Bridgeland
Residential	- Acres Sold		38.7		66.0				5,987
	- Average Price/Acre	$	259	$	248
Commercial	- Acres Sold		—		—				1,261
	- Average Price/Acre	$	—	$	—
Bridgeland Acreage							11,400		7,248
The Woodlands (f)
Residential	- Acres Sold		221.5		293.1				1,800
	- Average Price/Acre	$	388	$	362
Commercial	- Acres Sold		45.3		122.0				1,070
	- Average Price/Acre	$	574	$	301
The Woodlands Acreage							28,400		2,870

(a)	Excludes operations from our residential condominium project.
(b)	Lot Sales and Pricing — This is the aggregate contract price paid for all parcels sold in that community of that property type, divided by the relevant acres sold in that period and is based on sales closed. This average price can fluctuate widely, depending on location of the parcels within a community and the unit price and density of what is sold. Note also that the price indicated does not include payments received under builders’ price participation agreements, where the Company may receive additional proceeds post-sale and record those revenues at that later date, based on the final selling price of the home. In some cases, these payments have been significant with respect to the initial lot price. In addition, there will be other timing differences between lot sales and reported revenue, due to financial statement revenue recognition limitations. The above pricing data also does not reflect the impact of income tax and the CSA, which can have a material impact on valuation. Due to the possibility of wide fluctuations in any given period, drawing broad conclusions based on any given quarter’s data is not recommended. Reference is made to other disclosures in our filings on Forms 10-Q and 10-K/A, as well as page 23 of this supplemental financial information for a discussion of the valuation of this segment of our business.
(c)	Acreage: Residential - This includes standard, custom, and high density residential land parcels. Standard residential lots are designated for detached and attached single- and multi-family homes, of a broad range, from entry-level to luxury homes. At Summerlin, we have designated certain residential parcels as custom lots as their premium price reflects their larger size and other distinguishing features — such as being within a gated community, having golf course access, or being located at higher elevations. High density residential includes townhomes, apartments, and condominiums. Commercial - Designated for retail, office, services, and other for-profit activities, as well as those parcels allocated for use by government, schools, houses of worship, and other not-for-profit entities. Gross Acres - Encompasses all of the land located within the borders of the master planned community, including parcels already sold, saleable parcels, and non-saleable areas, such as roads, parks, and recreation and conservation areas. Remaining Saleable Acres - Includes only parcels that are intended for sale. Excludes non-saleable acres as defined above. The mix of intended use, as well as the amount of remaining saleable acres, are primarily based on assumptions regarding entitlements and zoning of the remaining project and are likely to change over time as the master plan is refined.
(d)	Maryland Properties include Columbia and Fairwood.
(e)	Summerlin — Does not reflect impact of CSA. Please refer to most recent Form 10-K/A for more information. Average price per acre includes assumption of special improvement district financing.
(f)	The Woodlands — Shown at 100% for context. GGP Share of The Woodlands is 52.5%.

24

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

	12/31/2008			12/31/2007			12/31/2006			12/31/2005
Capital Information
Closing common stock price per share	$	1.29		$	41.18		$	52.23		$	46.99
52 Week High (a)		44.23			67.43			55.70			48.27
52 Week Low (a)		0.24			39.31			42.36			31.38
Total Return — Trailing Twelve Months (share depreciation / appreciation and dividend)		-93.2	%		-17.6	%		14.7	%		34.1	%
Common Shares and Common Units outstanding at end of period		319,576,582	(b)		295,749,082			294,957,220			292,258,544
Portfolio Capitalization Data
Total Portfolio Debt (c)
Fixed	$	23,070,699		$	23,580,449		$	21,172,774		$	17,293,150
Variable		4,755,927			3,546,063			2,980,055			6,085,638
Total Preferred Securities		121,232			121,482			182,828			205,944
Stock market value of common stock and Operating Partnership units outstanding at end of period		412,254			12,178,947			15,405,616			13,733,229
Total Market Capitalization at end of period	$	28,360,112	(d)	$	39,426,941		$	39,741,273		$	37,317,961
Leverage Ratio (%)		98.1	%		68.8	%		60.8	%		62.6	%

(a)	52-week pricing information includes intra-day highs and lows.
(b)	Net of 1.4 million treasury shares.
(c)	Excludes liabilities to special improvement districts, minority interest adjustment and purchase accounting mark-to-market adjustments and includes the effect of interest rate swaps.
(d)	Excludes shares of common stock issuable on any exchange of the 3.98% Senior Exchangeable Notes due 2027, as the conditions for such exchange were not satisfied as of the period ended December 31, 2008.

25

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

	Operating			Company					Total Common
	Partnership			Common		Treasury			& Equivalent
	Units			Shares		Stock			Shares
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2007		51,850,986			245,704,746		(1,806,650	)		295,749,082
Direct stock purchase and dividend reinvestment plan		—			116,705		—			116,705
Employee stock purchase plan		—			157,296		—			157,296
Conversion of Preferred Units to OP Units and redemption to Common Shares		—			15,000		—			15,000
Redemption of OP Units into common shares		(1,178,142	)		1,178,142		—			—
Common stock offering		—			22,829,355		—			22,829,355
Issuance of stock for stock option exercises and restricted stock grants, including treasury shares issued for stock option exercises		—			352,433		50			352,483
Issuance of stock, including from treasury, pursuant to the contingent stock agreement		—			—		356,661			356,661
Common Shares and OP Units Outstanding at December 31, 2008		50,672,844			270,353,677		(1,449,939	)		319,576,582
Net number of common shares issuable assuming exercise of dilutive stock options at December 31, 2008										17,413
Diluted Common Shares and OP Units Outstanding at December 31, 2008										319,593,995
Weighted average common shares and OP Units outstanding for the twelve months ended December 31, 2008 (Basic)										313,752,295
Weighted average net number of common shares issuable assuming exercise of dilutive stock options										1,623,122
Fully Diluted Weighted Average Common Shares and OP Units Outstanding for the twelve months ended December 31, 2008 (a)										315,375,417

(a) Excludes shares of common stock issuable on any exchange of the 3.98% senior exchangeable notes due 2027, as the conditions for such exchange were not satisfied as of the period ended December 31, 2008.

26

GENERAL GROWTH PROPERTIES, INC.
COMMON DIVIDEND HISTORY

(a) 1993 annualized.

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

27

GENERAL GROWTH PROPERTIES, INC.
DEBT MATURITY AND CURRENT AVERAGE INTEREST RATE SUMMARY
AS OF DECEMBER 31, 2008
(dollars in thousands)

	Consolidated						Unconsolidated					Company
	Properties						Properties (a)					Portfolio
				Current					Current					Current
				Average					Average					Average
	Maturing			Interest			Maturing		Interest			Maturing		Interest
Year	Amount (b)			Rate (c)			Amount (b)		Rate (c)			Amount (b)		Rate (c)
Q1 2009		2,015,399			9.98	%		15,129		22.06	% (h)		2,030,528		10.07	%
Q2 2009		1,026,629			5.27	%		58,191		6.77	%		1,084,820		5.35	%
Q3 2009		89,476			5.31	%		192,551		4.30	%		282,027		4.62	%
Q4 2009		181,548			4.37	%		849		6.00	%		182,397		4.38	%
2010		6,426,162			4.58	%		627,531		5.14	%		7,053,693		4.63	%
2011		4,691,948			6.00	%		1,170,983		5.91	%		5,862,931		5.98	%
2012		3,812,435			5.19	%		768,990		5.50	%		4,581,425		5.24	%
2013		4,362,039			5.63	%		126,666		5.65	%		4,488,705		5.63	%
2014		592,605			6.60	%		2,802		11.81	%		595,407		6.62	%
2015		399,704			6.51	%		37,804		6.94	%		437,508		6.55	%
2016		569,050			7.23	%		—		0.00	%		569,050		7.23	%
2017		104,363			6.54	%		6,817		6.38	%		111,180		6.53	%
Subsequent		391,524			6.82	%		155,431		8.67	%		546,955		7.35	%
Totals	$	24,662,882	(d)		5.79	%	$	3,163,744		5.81	%	$	27,826,626		5.79	%
Fixed Rate (e)		20,221,745			5.63	%		2,848,954		5.69	%		23,070,699		5.64	%
Variable Rate (e)		4,441,137			6.49	%		314,790		6.91	%		4,755,927		6.52	%
Totals	$	24,662,882	(d)		5.79	% (f)	$	3,163,744		5.81	% (f)	$	27,826,626		5.79	% (f)
Recourse to GGP (g)	$	2,552,930			7.29	%	$	—		—		$	2,552,930		7.29	%

Average Time to Maturity (in years by days)

Fixed Rate Debt	3.00 years	3.25 years	3.03 years
Variable Rate Debt	3.15 years	2.47 years	3.10 years
All GGP Debt	3.02 years	3.17 years	3.04 years

(a)	Reflects the Company’s share of debt relating to the properties owned by the Unconsolidated Real Estate Affiliates.
(b)	Excludes principal amortization.
(c)	Reflects the current variable contract rate as of December 31, 2008 for all variable rate loans.
(d)	Reconciliation to GGP Consolidated GAAP debt.

	Consolidated
Consolidated debt, from above	$	24,662,882
Other liabilities — Special Improvement Districts		69,938
Minority interest ownership adjustment		70,992
Purchase accounting mark-to-market adjustments		49,501
GGP Consolidated GAAP debt	$	24,853,313

(e)	Includes the effects of interest rate swaps.
(f)	Rates include the effects of deferred finance costs and the effect of a 360 day rate applied over a 365 day period.
(g)	Amounts recourse to GGP represent the current outstanding principal balance of secured and unsecured mortgage and other debt where, by supplemental guarantee or other arrangement, the lender may seek full payment from GGP assets beyond the specified loan collateral.
(h)	Two floating rate notes issued by our Brazil joint venture due 2/1/09.

28

GENERAL GROWTH PROPERTIES, INC.
SUMMARY OF OUTSTANDING DEBT
(dollars in thousands)

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

29

GENERAL GROWTH PROPERTIES, INC.
FOURTH QUARTER 2008 FINANCING ACTIVITY
(dollars in thousands)

	Fixed Rate			Floating Rate			Total Debt
September 30, 2008 (a)	$	23,211,847		$	4,554,882		$	27,766,729
New Funding:
Property Related		(49,911	)		225,000			175,089
Refinancings:
Property Related		28,087			(23,955	)		4,132
Non-Property Related		(58,000	)		—			(58,000	)
Other Property Related		(61,324	)		—			(61,324	)
Net Change		(141,148	)		201,045			59,897
December 31, 2008 (a)	$	23,070,699		$	4,755,927		$	27,826,626

Annual Debt Covenant Compliance Calculations (b) (c)

	Compliance Calculations
GGP Credit Agreement Revolver and Term Loans
Outstanding Indebtedness to Capitalization Value <= 70%		67	%
Fixed Rate or Interest Rate protection Indebtedness >= 60%		83	%
Capitalization Value Less Total Adjusted Outstanding Indebtedness >= $8,500,000	$	13,900,000
Combined EBITDA to Fixed Charges >= 1.4x		1.5
Combined EBITDA to Interest Expense >= 1.6x		1.7
Total Recourse Secured Indebtedness to Capitalization Value <= 7.5%		6	%
Restricted Payments to FFO <=75%		59	%
TRCLP Public Indentures
Total Debt must not exceed 65% of Gross Asset Value		54	%
Secured Debt must not exceed 50% of Gross Asset Value		42	%
Consolidated Coverage Ratio and Ratio Calculation must exceed 1.7 times Total Interest Expense		1.9

(a)	Includes Company’s share of debt of Unconsolidated Real Estate Affiliates. Excludes liabilities to special improvement districts, minority interest adjustment and purchase accounting mark-to-market adjustments.
(b)	The ratios or amounts listed above are current estimates as final annual computations are not required to be reported until March 31, 2009. In addition, the final computations, though based on GAAP basis amounts, reflect certain adjustments and exclusions as provided in the specific loan agreements. Accordingly, final amounts may differ from the amounts presented above and are not readily calculable from our published financial results, including amounts presented elsewhere in this report of supplemental information.
(c)	Capitalization Value or Gross Asset Value, as each is separately defined, represents a measure of net asset value. However, the computation of each such amount relies on specified capitalization rates provided by the applicable loan agreements. As a result, Capitalization Value or Gross Asset Value is not equivalent to, and may differ substantially from, fair value as computed in accordance with GAAP or any other measure or estimate of current market valuation of our net assets.

30

Supplemental Operational Data

GENERAL GROWTH PROPERTIES, INC.
OPERATING STATISTICS, CERTAIN FINANCIAL INFORMATION & TOP TENANTS (a)
AS OF DECEMBER 31, 2008

	Consolidated			Unconsolidated			Company
	Retail			Retail			Retail
	Properties			Properties			Portfolio (c)
OPERATING STATISTICS (b)
Occupancy		92.1	%		93.9	%		92.5	%
Trailing 12 month total tenant sales per sq. ft.	$	423		$	489		$	438
% change in total sales (d)		-3.8	%		-5.6	%		-4.2	%
% change in comparable sales (d)		-3.4	%		-5.9	%		-3.8	%
Mall and freestanding GLA (in sq. ft.)		50,465,473			14,122,596			64,588,069
CERTAIN FINANCIAL INFORMATION
Average annualized in place sum of rent and recoverable common area costs per sq. ft. (e) (f)	$	46.31		$	56.44
Average sum of rent and recoverable common area costs per sq. ft. for new/renewal leases (e) (f)	$	38.92		$	56.02
Average sum of rent and recoverable common area cost per sq. ft. for leases expiring in 2008 (e) (f)	$	33.68		$	47.51
Three month percentage change in comparable real estate property net operating income (versus prior year comparable period) (g)		-4.1	%		-10.0	%

	Percent of Minimum
	Rents, Tenant
	Recoveries and
	Other
TOP TEN LARGEST TENANTS (COMPANY RETAIL PORTFOLIO)
Tenant (including subsidiaries)
Gap, Inc.		2.8	%
Limited Brands, Inc.		2.6
Foot Locker, Inc.		2.2
Abercrombie & Fitch Co.		2.1
Macy’s, Inc.		1.4
American Eagle Outfitters, Inc.		1.3
Express, LLC		1.2
Luxottica Group S.P.A.		1.1
Genesco, Inc.		1.0
Zales Corporation		1.0

(a)	Excludes all international operations which combined represent approximately 1% of segment basis real estate property net operating income. Also excludes community centers.
(b)	Data is for 100% of the mall and freestanding GLA in each portfolio, including those properties that are owned in part by Unconsolidated Real Estate Affiliates. Data excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.
(c)	Data presented in the column “Company Retail Portfolio” are weighted average amounts.
(d)	2007 data previously reported one month behind the reporting date due to tenant reporting timelines, but has been adjusted in 2008 for comparability.
(e)	Represents the sum of rent and recoverable common area costs.
(f)	Data includes a significant proportion of short-term leases on inline spaces that are leased for one year. Rents and recoverable common area costs related to these short-term leases are typically much lower than those related to long-term leases. Any inferences the reader may draw regarding future rent spreads should be made in light of this difference between short- and long-term leases.
(g)	Comparable properties are those properties that have been owned and operated for the entire time during the comparable accounting periods, and excludes properties at which significant physical or merchandising changes have been made and miscellaneous (non-retail) properties.

31

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

GLA as of December 31, 2008

						Total Mall/			Avg. Mall/
	Total Anchor GLA			Avg. Anchor GLA		Freestanding GLA			Freestanding GLA		Total GLA
Consolidated		78,690,976			507,684		51,026,000			329,200		129,716,976
Unconsolidated		22,990,384			638,622		15,033,681			417,602		38,024,065
Company		101,681,360			532,363		66,059,681			345,862		167,741,041
% of Total		60.6	%				39.4	%				100.0	%

Occupancy History

	Consolidated			Unconsolidated			Company
12/31/2008		92.1	%		93.9	%		92.5	%
12/31/2007		93.4	%		94.9	%		93.8	%
12/31/2006		93.4	%		94.2	%		93.6	%
12/31/2005		92.1	%		93.5	%		92.5	%
12/31/2004		92.1	%		91.9	%		92.1	%

Trailing 12 Month Total Tenant Sales per Square Foot

	Consolidated		Unconsolidated		Company
12/31/2008	$	423	$	489	$	438
12/31/2007 (b)		444		521		462
12/31/2006 (b)		443		473		453
12/31/2005 (b)		428		455		437
12/31/2004 (b)		402		427		410

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

	Consolidated		Unconsolidated
12/31/2008	$	46.31	$	56.44
12/31/2007		44.90		53.35

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

	Year to Date		Full Year		Rent
	New/Renewals		Expirations		Spread
Consolidated
12/31/2008	$	38.92	$	33.68	$	5.24
12/31/2007		39.64		31.38		8.26
Unconsolidated
12/31/2008	$	56.02	$	47.51	$	8.51
12/31/2007		50.17		37.95		12.22

Occupancy Cost as a % of Sales (c)

	Consolidated			Unconsolidated			Company
12/31/2008		13.3	%		13.1	%		13.3	%
12/31/2007		12.5	%		12.5	%		12.5	%
12/31/2006		12.6	%		12.4	%		12.5	%
12/31/2005		12.1	%		11.7	%		12.0	%
12/31/2004		12.5	%		13.0	%		12.7	%

(a)	Excludes all international operations which combined represent approximately 1% of segment basis real estate property net operating income. Also excludes community centers.
(b)	Data includes a significant proportion of short-term leases on inline spaces that are leased for one year. Rents and recoverable common area costs related to these short-term leases are typically much lower than those related to long-term leases. Any inferences the reader may draw regarding future rent spreads should be made in light of this difference between short and long-term leases.
(c)	Due to tenant sales reporting timelines, data presented is one month behind reporting date.

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

	Twelve Months Ended					Twelve Months Ended
	December 31,					December 31,
	2008		% of Total			2007		% of Total
West
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming	$	926,687		35.8	%	$	869,500		35.1	%
North Central
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin		292,985		11.3	%		278,992		11.3	%
South Central
Arkansas, Louisiana, Oklahoma, Texas		322,256		12.5	%		358,167		14.5	%
Northeast
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia		683,623		26.4	%		655,213		26.5	%
Southeast
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee		330,130		12.8	%		305,675		12.3	%
International		28,461		1.1	%		6,705		0.3	%
Corporate and Other (a)		3,716		0.1	%		2,171		0.0	%
TOTAL	$	2,587,858		100.0	%	$	2,476,423		100.0	%

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

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GENERAL GROWTH PROPERTIES, INC.
LEASE EXPIRATION SCHEDULE AND LEASE TERMINATION INCOME AT SHARE
AS OF DECEMBER 31, 2008
(in thousands)

Lease Expiration Schedule (a) (b)

	Consolidated						Unconsolidated at Share (c)
							Sum of Rent
	Sum of Rent and				Sum of Rent and		and				Sum of Rent and
	Recoverable				Recoverable		Recoverable				Recoverable
	Common Area		Square		Common Area		Common Area		Square		Common Area
	Costs		Footage		Costs/Sq. Ft.		Costs		Footage		Costs/Sq. Ft.
2009 (d)		205,171		5,791		35.43		29,980		639		46.92
2010		212,266		4,642		45.73		22,735		408		55.72
2011		187,210		3,975		47.10		29,575		494		59.87
2012		213,552		3,923		54.44		28,183		458		61.53
2013		177,329		3,223		55.02		29,155		456		63.94
2014		166,535		2,910		57.23		25,521		359		71.09
2015		192,056		3,079		62.38		39,772		577		68.93
2016		198,249		3,014		65.78		48,404		690		70.15
2017		204,169		3,033		67.32		55,225		708		78.00
Subsequent		357,506		5,463		65.44		99,390		1,411		70.44
Total at Share	$	2,114,043		39,053	$	54.13	$	407,940		6,200	$	65.80
All Expirations	$	2,114,043		39,053	$	54.13	$	840,331		12,657	$	66.39

Retail Lease Termination Income at Share

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2008		2007		2008		2007
Consolidated	$	5,491	$	12,359	$	34,899	$	25,994
Unconsolidated		1,425		4,848		6,859		9,370
Total Termination Income at Share	$	6,916	$	17,207	$	41,758	$	35,364

(a)	Excludes leases on anchors of 30,000 square feet or more and tenants paying percentage rent in lieu of base minimum rent.
(b)	Excludes all international operations which combined represent approximately 1% of segment basis real estate property net operating income. Also excludes community centers.
(c)	Unconsolidated at share reflect the Company’s interest in the properties owned by the Unconsolidated Real Estate Affiliates.
(d)	Data includes a significant proportion of short-term leases on inline spaces that are leased for one year. Rents and recoverable common area costs related to these short-term leases are typically much lower than those related to long-term leases. Any inferences the reader may draw regarding future rent spreads should be made in light of this difference between short- and long-term leases.

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Expansions, Re-developments & New Developments

GENERAL GROWTH PROPERTIES, INC.
FORECASTED DEVELOPMENT COST SUMMARY (a)
AS OF DECEMBER 31, 2008
(in millions at share)

As a result of our current liquidity position, GGP has substantially halted or reduced all development and redevelopment activity, other than projects substantially complete, joint venture projects and projects with commitments we are obligated to fulfill. The following tables outline the status of our significant definitive and deferred development and redevelopment projects as of the date of this report. A definitive project is a project that we intend to complete. A deferred project is a project that we have temporarily delayed. A decision about whether to proceed and complete these development and redevelopment projects will depend on the Company’s liquidity position, market conditions and existing contractual obligations to local jurisdictions and prospective tenants.

Definitive Projects
Forecasted cost to complete on significant redevelopment projects	$	237.9
Forecasted cost to complete or contractual spending on significant new development projects		70.1
Current estimated additional costs to be incurred on recently opened redevelopment projects		55.2
Current estimated additional costs to be incurred on recently opened new development projects		66.9
Total Future Development Spending (b)	$	430.1

	2009		2010		Beyond		Total
Total Definitive Projects	$	155.2	$	94.6	$	135.1	$	384.9
Total Deferred Projects		30.7		9.8		4.6		45.2
Grand Total	$	185.9	$	104.4	$	139.8	$	430.1

(a)	Excludes international projects.
(b)	Inactive projects have been excluded. As of December 31, 2008, we had incurred $103.1M of development costs associated with these developments and redevelopments. Any decision to abandon these projects would potentially result in a write off of a substantial portion of the costs incurred to date.

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GENERAL GROWTH PROPERTIES, INC.
EXPANSIONS & REDEVELOPMENTS

Significant Definitive Projects

							Current		Forecasted Cost to
					Forecasted Total Cost		Expenditures (in		Complete (in millions at		Projected
Property	Description	Ownership %			(in millions at share)		millions at share)		share)		Opening
Christiana Mall Newark, DE	Nordstrom and lifestyle center expansion		50	%	$	92.1	$	44.3	$	47.8		Q4 2009
Fashion Place Murray, UT	Nordstrom, mall shop and streetscape GLA expansion, and interior mall renovation		100	%		129.8		54.8		75.0		Q4 2011
Saint Louis Galleria	Addition of Nordstrom and mall shop GLA		100	%		56.1		21.6		34.5		Q4 2011
Saint Louis, MO
Tucson Mall Tucson, AZ	Lifestyle expansion		100	%		65.1		34.2		30.9		Q2 2009
Ward Centers Honolulu, HI	Addition of Whole Foods, parking structure and other retail space		100	%		147.5		110.9		36.6		Q1 2010
Current forecasted cost of 8 other significant definitive redevelopment projects						89.2		78.4		10.8
Total significant definitive expansion & redevelopment projects					$	579.8	$	344.2	$	235.6
Significant Deferred Projects
Total significant deferred expansion & redevelopment projects					$	3.3	$	1.0	$	2.3
Total significant expansion & redevelopment projects					$	583.1	$	345.2	$	237.9

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GENERAL GROWTH PROPERTIES, INC.
NEW DEVELOPMENTS (a)

Significant Definitive Projects

					Forecasted Total			Current
					Cost (in millions			Expenditures (in		Forecasted Cost to Complete		Projected
Property	Description	Ownership %			at share)			millions at share)		(in millions at share)		Opening
Natick	Addition of 59,000 sf streetscape and parking deck		50	%	$	51.3		$	46.3	$	5.0		Q1 2009
Natick, MA
	Nouvelle at Natick - luxury condominiums		100	%		187.4	(b)		166.6		20.8		(c	)
Pinnacle Hills South	Addition of Target		50	%		6.6			5.2		1.4		Q1 2009
Rogers, AR
Total significant definitive new development projects					$	245.3		$	218.1	$	27.2
Significant Deferred Projects (d)
					Cost (in millions			Expenditures (in		Future Contractual Obligations
Property	Description	Ownership %			at share)			millions at share)		(in millions at share)
Elk Grove Promenade	1.1 million sf open air lifestyle center with
Elk Grove, CA	retail, entertainment and
	big box components		100	%	$	201.7		$	187.5	$	14.2
The Shops at Summerlin Centre SM	New retail development of
Las Vegas, NV	106 acres in the
	Summerlin community;
	project could be expanded
	in subsequent years		100	%		227.0			214.0		13.0
Other devlopment projects						59.8			44.1		15.7
Total significant deferred new development projects					$	488.5		$	445.6	$	42.9
Total significant new development projects					$	733.8		$	663.7	$	70.1

(a)	Excludes international projects.
(b)	Excludes the provision for impairment at September 30, 2008. Also excludes deferred revenue related to residential sales at Nouvelle at Natick of $13.1M.
(c)	Anticipated sales period Q1 2009 — Q3 2012.
(d)	We have suspended our Elk Grove Promenade, The Shops at Summerlin Centre (SM), and other developments. As of December 31, 2008, we had incurred $445.6M of development costs associated with these developments. We are currently obligated under existing contractual obligations to local jurisdictions and prospective tenants to spend an additional $42.9M. A decision about whether to proceed and complete these developments will depend on the Company’s liquidity position, market conditions and such contractual obligations. A decision to abandon completion of either of these developments would likely result in the marketing for sale of such project, potentially resulting in a write off of a substantial portion of the costs incurred to date.

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