Exhibit 99.1

UNITED STATES BANKRUPTCY COURT
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: December 31, 2009
Federal Tax I.D. # 42-1283895
CORPORATE MONTHLY OPERATING REPORT
FOR FILING ENTITIES ONLY

I declare under penalties of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

Debtors Monthly Operating Report as of and for the Month Ended December 31, 2009

Index

Combined Condensed Statements of Income and Comprehensive Income for the Month Ended December 31, 2009 and Cumulative Post-Petition Period Ended December 31, 2009			3
Combined Condensed Balance Sheet			4
Notes to Unaudited Combined Condensed Financial Statements			5
Note 1: Chapter 11 Cases and Proceedings			5
Note 2: Basis of Presentation			6
Note 3: Summary of Significant Accounting Policies			7
Note 4: Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders			7
Note 5: Certain Other Assets and Liabilities and Liabilities Subject to Compromise			8
Note 6: Rejected Contracts and Related Matters			9
Note 7: General and Administrative Expenses and Reorganization Items			10
Schedules:
Schedule I Schedule of Combined Condensed Statement of Income and Comprehensive Income for the Month Ended December 31, 2009			11
Schedule II Schedule of Combined Condensed Balance Sheet as of December 31, 2009			12
Schedule III Schedule of Payroll and Payroll Taxes			13
Schedule IV Schedule of Federal, State and Local Taxes			13
Schedule V Schedule of Total Disbursements by Debtor			23
Schedule VI Schedule of Debtors’ Operating Property Aged Tenant Accounts Receivable			33
Schedule VII Status of Mortgages Payable For Debtors			34
Schedule VIII Chapter 11 Retained Professionals Detail			37
Schedule IX Schedule of Non-Noticed and De Minimis Asset Sales			38
Schedule X Debtors Questionnaire			39

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

COMBINED CONDENSED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)

						Cumulative Post-Petition
		Month Ended				Period Ended
		December 31, 2009				December 31, 2009
		(In thousands, except for
		per share amounts)
Revenues:
Minimum rents		$	143,362			$	1,185,397
Tenant recoveries			62,448				529,661
Overage rents			12,271				36,851
Land sales			446				5,782
Other			10,247				56,142
Total revenues			228,774				1,813,833
Expenses:
Real estate taxes			20,106				167,746
Repairs and maintenance			24,628				141,362
Marketing			5,089				22,867
Ground and other rents			1,508				9,320
Other property operating costs			27,124				235,113
Land sales operations			1,841				13,940
Provision for doubtful accounts			3,204				18,267
Property management and other costs			8,712				72,298
General and administrative			2,768				43,818
Provisions for impairment			721,650				854,977
Depreciation and amortization			47,844				433,463
Total expenses			864,474				2,013,171
Operating income			(635,700	)			(199,338	)
Interest (expense) income, net			(97,160	)			(821,386	)
Loss before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(732,860	)			(1,020,724	)
Provision for income taxes			(6,998	)			(6,414	)
Equity in income of Real Estate Affiliates			(22,581	)			53,138
Reorganization items			209,921				146,190
Loss from continuing operations			(552,518	)			(827,810	)
Net loss			(552,518	)			(827,810	)
Allocation to noncontrolling interests			12,927				10,860
Net loss attributable to common stockholders		$	(539,591	)		$	(816,950	)
Basic and Diluted Loss Per Share:		$	(1.73	)		$	(2.60	)
Dividends declared per share		$	0.19			$	0.19
Comprehensive Loss, Net:
Net loss attributable to common stockholders		$	(539,591	)		$	(816,950	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments			2,128				(13,648	)
Accrued pension adjustment			108				(2,762	)
Foreign currency translation			894				79,958
Unrealized gains (losses) on available-for-sale securities			(20	)			7
Other comprehensive income, net			3,110				63,555
Comprehensive loss attributable to common stockholders		$	(536,481	)		$	(753,395	)

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)

		December 31, 2009
		(Dollars in thousands)
Assets:
Investment in real estate:
Land		$	2,902,580
Buildings and equipment			18,915,748
Less accumulated depreciation			(3,784,278	)
Developments in progress			359,559
Net property and equipment			18,393,609
Investment in and loans to/from Unconsolidated Real Estate Affiliates			384,863
Investment property and property held for development and sale			1,193,559
Investment in controlled non-debtor entities			3,965,039
Net investment in real estate			23,937,070
Cash and cash equivalents			594,086
Accounts and notes receivable, net			335,989
Goodwill			199,664
Deferred expenses, net			231,676
Prepaid expenses and other assets			582,527
Total assets		$	25,881,012
Liabilities and Equity:
Mortgages, notes and loans payable		$	4,679,402
Investment in and loans to/from Unconsolidated Real Estate Affiliates			33,005
Deferred tax liabilities			910,847
Accounts payable and accrued expenses			930,039
Liabilities not subject to compromise			6,553,293
Liabilities subject to compromise			17,767,253
Total liabilities			24,320,546
Redeemable noncontrolling interests:
Preferred			120,756
Common			86,077
Total redeemable noncontrolling interests			206,833
Commitments and Contingencies			—
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding			—
Equity:
Common stock: $.01 par value; 875,000,000 shares authorized, 313,831,411 shares issued as of December 31, 2009			3,138
Additional paid-in capital			3,729,453
Retained earnings (accumulated deficit)			(2,315,888	)
Accumulated other comprehensive loss			(425	)
Less common stock in treasury, at cost, 1,449,939 shares as of December 31, 2009			(76,752	)
Total stockholder’s equity			1,339,526
Noncontrolling interests in consolidated real estate affiliates			14,107
Total equity			1,353,633
Total liabilities and equity		$	25,881,012

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

NOTE 1 Chapter 11 Cases and Proceedings

As previously disclosed pursuant to the Monthly Operating Report filed on June 15, 2009, for the period ended April 30, 2009 (the “April MOR”), on April 16, 2009 (“the Petition Date”), General Growth Properties, Inc. (the “Company”), GGP Limited Partnership (“GGPLP”) and certain of the Company’s domestic subsidiaries (collectively, the “April 16 Debtors”) each filed voluntary petitions for relief pursuant to Chapter 11 (“Chapter 11”) of Title 11 of the United States Code (the “Bankruptcy Code”). On April 23, 2009, an additional 28 of the Company’s domestic subsidiaries (the “April 22 Debtors”) also filed voluntary petitions for Chapter 11 relief. The 388 Debtors’ cases (collectively, the “Chapter 11 Cases”) are pending in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) and are jointly administered. The April 16 Debtors and April 22 Debtors are collectively referred to in this report as the “Debtors”. As provided by the rules and regulations governing the Chapter 11 Cases, the Company, on behalf of the Debtors, has agreed to supply to the Bankruptcy Court a monthly report detailing the combined operations for the Debtors as of and for the previous month as well as cumulatively from the Petition Date. Such reports for each month are collectively referred to as the “Monthly Operating Reports”.

The Debtors own and operate approximately 166 regional shopping centers. A list of the Debtors and the properties affected by these Chapter 11 Cases (each an “Operating Property” and, collectively, the “Operating Properties”) is included as Annex A to the Monthly Operating Report filed on June 30, 2009 for the period ended May 31, 2009 (the “May MOR”). As many of the parties affected by, or interested in, the Chapter 11 Cases identify a Debtor by the Operating Property that it owns and/or manages, rather than by such Debtor’s legal name, where appropriate, the Company has reported information either on a by Debtor or on an Operating Property basis. For information regarding the Chapter 11 Cases preceding the filing of this monthly operating report, please see Note 1 of each of the respective previously filed Monthly Operating Reports.

Since the Petition Date, the Bankruptcy Court has granted various motions that allow the Company to continue to operate its business in the ordinary course without interruption during the Chapter 11 Cases covering, among other things, employee obligations and incentive compensation, critical service providers, tax matters, insurance matters, tenant and contractor obligations, claim settlements, ordinary course property sales, cash management and cash collateral. We have filed a motion to extend the exclusivity period for us to file a plan until August 26, 2010 and to solicit acceptances of such plan to October 26, 2010. Our motion is currently scheduled to be heard by the Bankruptcy Court on March 3, 2010. Pending entry on order on our motion, the Bankruptcy Court has entered a bridge order extending the exclusivity period until the date that is 7 days following the date on which an order on our extension motion is entered. If an order entered by the Bankruptcy Court granting our extension motion, it will supersede the bridge order. If the Bankruptcy Court denies our extension motion, the Company will have 7 days following the entry of an order related to the March 3 hearing before exclusivity expires. If we do not file a plan of reorganization for the 2010 Track Debtors prior to the lapse of the exclusivity period, any party in interest would be able to file a plan of reorganization for any of the 2010 Track Debtors.

During December 2009 and January and February 2010, 231 Debtors (the “Track 1 Debtors”) owning 119 properties with $12.33 billion of secured mortgage loans filed consensual plans of reorganization (the “Track 1 Plans”). As of December 31, 2009, 113 Debtors owning 50 properties with approximately $4.65 billion secured debt emerged from bankruptcy (the “Track 1A Debtors”). Effectiveness of the plans of reorganization and emergence from bankruptcy of the remaining Track 1 Debtors (the “Track 1B Debtors”) continued through February 2010 and is expected to be completed in the first quarter of 2010. In such regard, through February 26, 2010, an additional 92 Debtors owning 57 properties with approximately $5.98 billion of secured mortgage debt emerged from bankruptcy. The Chapter 11 Cases for the remaining Debtors (generally, GGP, GGPLP and other holding company or investment subsidiaries (the “TopCo Debtors”) which own certain individual or groups of properties but also certain operating property Debtors, (collectively, the “2010 Track Debtors”)) will continue until their respective plans of reorganization are filed with the Bankruptcy Court, approved by the applicable classes of creditors and confirmed by the Bankruptcy Court.

GGP is continuing to pursue consensual restructurings for the thirty-one Debtors (the “Remaining Secured Debtors”) with the remaining four secured loans aggregating $2.50 billion secured by twenty-seven operating properties.

On December 18, 2009, the Bankruptcy Court approved the payment of a $0.19 per share dividend to holders of record of GGP common stock on December 28, 2009 as declared by the GGP Board of Directors to allow GGP to satisfy the REIT dividend distribution requirements for 2009. The dividend was paid on January 28, 2010 in a combination of approximately $5.9 million in cash and approximately 4.9 million shares of common stock (with a valuation of $10.8455 calculated based on the volume weighted average trading prices of GGP’s common stock on January 20, 21 and 22, 2010).

NOTE 2 Basis of Presentation

The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Office of the United States Trustee (the “U.S. Trustee”) and the Bankruptcy Court. As a result, only relevant financial information for the Debtors has been included in the information presented in the Monthly Operating Report. Accordingly, a significant number of legal entities owned and controlled by GGP, and the related assets, liabilities and operating results of such entities, have been excluded from this Monthly Operating Report as such entities are operating outside of the provisions of Chapter 11. The Debtors’ ownership interest in such excluded entities (the “Non-Debtors”) has been reflected as investment in controlled Non-Debtors at the Debtors’ ownership share (typically 100%). In addition, the applicable earnings/loss of such controlled Non-Debtor entities, along with the Debtors’ share of the applicable income/loss of Unconsolidated Real Estate Affiliates, has been included in the equity in income of Real Estate Affiliates. Further, in the Combined Condensed Statement of Income and Comprehensive Income, the operations for the Debtors are presented from each of their respective Petition Dates forward. As a result, the unaudited financial statements contained in this Monthly Operating Report are not and will not be consistent with the Company’s financial statement filings submitted to the United States Securities and Exchange Commission (the “SEC”) for this or any previous or future period.

The accompanying combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities of the Debtors in the normal course of business. In particular, as each of the Debtors is currently operating as a debtor-in-possession under the provisions of Chapter 11, these combined condensed financial statements have been prepared in accordance with the specialized accounting guidance for entities in reorganization under the Bankruptcy Code. Accordingly, the Debtors’ combined financial statements do not reflect any adjustments related to the recoverability of assets and satisfaction of liabilities that might be necessary should they be unable to continue as a going concern. However, such specialized guidance provides that all pre-petition liabilities subject to compromise (“LSTC” — see Note 5) have been segregated from liabilities not subject to compromise in the combined balance sheet and have been classified as LSTC, at the estimated amount of allowed claims. Liabilities not subject to compromise include: (1) liabilities held by Non-Debtor and Track 1A Debtor entities; (2) liabilities incurred after the Petition Date; (3) pre-Petition Date liabilities that the Track 1B Debtors and the 2010 Track Debtors expect to pay in full, even though certain of these amounts may not be paid until after the applicable Debtor’s plan of reorganization is effective; and (4) liabilities related to pre-petition contracts that affirmatively have not been rejected. Interest expense related to pre-petition LSTC has been reported only to the extent that it is (i) estimated to be paid during the pendency of the Chapter 11 Cases, (ii) permitted by the Bankruptcy Court, or (iii) expected to be an allowed claim and may be paid or settled for less than the amount reported. In addition, to the extent any interest expense is unpaid; such accrued amounts may be paid or settled, in full or partially, in the form of equity and/or cash or any combination thereof. Expenses, provisions for losses resulting from the reorganization and certain other items directly related to the Chapter 11 Cases are reported separately in our combined condensed statement of operations as reorganization items (Note 7).

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

Unsecured liabilities not subject to compromise as of December 31, 2009 with respect to the Track 1A Debtors are reflected at the current estimate of the probable amounts to be paid. However, the amounts of such unsecured liabilities related to the associated liabilities not subject to compromise resolved or allowed by the Bankruptcy Court (and therefore paid at 100% pursuant to the Track 1 Plans) has not yet been determined. In such regard, during February 2010, payments commenced on the Track 1 Debtor claims, a process expected to continue for several months as the amounts to be allowed are confirmed by the Bankruptcy Court. With respect to secured liabilities, GAAP bankruptcy guidance provides that Track 1A Debtor mortgage loans should be recorded at their estimated Fair Value upon emergence. A discount of approximately $342.2 million was recorded on such $4.65 billion of secured debt, with the resulting gain classified as a reorganization item. Similar gains will be recorded in the first quarter of 2010 with respect to the $7.69 billion of mortgage loans related to the remaining Track 1 Debtors that have emerged or will emerge from bankruptcy in 2010.

The unaudited financial statements for the Debtors contained in this Monthly Operating Report have been derived from the books and records of the Company. All significant intercompany balances and transactions between the Debtors have been eliminated. All intercompany balances with Non-Debtors are non-interest bearing (except to the extent such bearers are between taxable and non-taxable entities), unsecured, payable on demand and have been reflected as a component of equity. Although the December 31, 2009 information contained in this Monthly Operating Report has been prepared in conjunction with procedures performed to prepare the Company’s year end financial information in accordance with GAAP and the rules and regulations of the SEC, such information is unaudited and the financial information contained in this monthly operating report could be subject to changes and such changes could be material. In addition, with respect to the presentation of cumulative post-petition period activity, only normal recurring adjustments were made for the routine monthly closing of the Debtors books in the prior periods and certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have been made for such purposes of this Monthly Operating Report. Therefore, there can be no assurance that the financial information contained in this Monthly Operating Report for the Debtors is complete and readers are strongly cautioned not to place undue reliance upon this or any previously submitted Monthly Operating Report.

Readers of this Monthly Operating Report should refer to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2009, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the “Annual Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our 2009 Annual Report.

NOTE 3 Summary of Significant Accounting Policies

See Note 1 “Organization” and Note 2 “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in our 2009 Annual Report for a summary of the accounting policies that we consider to be significant.

NOTE 4 Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders

In general, each of the Operating Properties collects cash receipts in a property-specific lockbox and such receipts are transferred daily to a centralized GGPLP cash management account from which cash disbursements are funded. Accordingly, none of the Debtors that directly or indirectly own specific Operating Properties disburse funds to outside parties; all such disbursements are made by GGPLP on behalf of such Debtors. Therefore, at any and all points in time, GGPLP maintains, for each Debtor, an individual net balance of all such cash transfers and disbursements made that pertain to such Debtor. This intercompany account between GGPLP and the respective Debtor is reconciled monthly. As described in Note 1, the Bankruptcy Court has approved the continuation of this centralized cash management system. In addition, the centralized cash management system was incorporated for the Track 1A Debtors into their plans of reorganization and secured mortgage loan modifications. Mortgage lenders to the Operating Properties were granted a lien on the centralized GGPLP cash management account.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

Finally, the Debtors agreed to maintain a cash reserve in such account equal to the net cash transferred from the Operating Properties subject to liens since the Petition Date.

On December 31, 2009, the aggregate cumulative post-petition intercompany amounts due (to) from GGPLP with respect to Debtors that own Operating Properties with mortgage lenders possessing the lien rights on the centralized GGPLP cash management account described above, were $268.9 million. In addition, as of January 4, 2010, the aggregate cash balance held by the Debtors upon which the first-lien holders have such lien rights was approximately $316.8 million.

All bank accounts, both property specific and centralized, are reconciled monthly. Highly-liquid investments with maturities at dates of purchase of three months or less are classified as cash equivalents. As part of the adequate protection being provided to lenders of the Operating Properties, the Debtors will continue to provide reporting information to those lenders as required by their individual loan agreements. The Debtors have agreed to provide such information to the Office of the United States Trustee on a confidential basis upon reasonable request.

NOTE 5 Certain Other Assets and Liabilities and Liabilities Subject to Compromise

The following table summarizes the significant components of prepaid expenses and other assets of the Debtors:

		December 31, 2009
		(In thousands)
Below-market ground leases		$	182,528
Prepaid expenses			81,544
Receivables — finance leases and bonds			80,058
Real estate tax stabilization agreement			71,607
Security and escrow deposits			61,266
Special Improvement District receivable			48,713
Above-market tenant leases			23,647
Deferred tax, net of valuation allowances			18,329
Other			14,835
Total prepaid expenses and other assets		$	582,527

The components of combined security and escrow deposits of the Debtors are summarized as follows:

		December 31, 2009
		(In thousands)
Utility and other security deposits		$	38,106
Real estate tax escrows			8,420
Operating funds — restricted			6,962
Construction/major maintenance reserves			4,373
Collateralized letters of credit and other credit support			1,909
Other miscellaneous escrows			1,496
Total security and escrow deposits		$	61,266

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

The following table summarizes the significant components of accounts payable and accrued expenses of the Debtors. Substantially all amounts included in the unpaid or accrued balances listed below that are considered LTSC are past due at December 31, 2009, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).

		December 31, 2009
		(In thousands)
Accounts payable and accrued expenses		$	423,846
Accrued interest			354,135
Construction payable			147,482
Uncertain tax position liabilities			129,413
Accrued payroll and other employee liabilities			97,945
Accrued real estate taxes			68,845
Hughes accrued participation			68,378
Deferred gains/income			59,521
Below-market tenant leases			54,290
Unapplied cash receipts			48,205
Accounts payable to affiliates			(89,181	)
Other			179,168
Total accounts payable and accrued expenses			1,542,047
Less: amounts not subject to compromise			(930,039	)
Total accounts payable and accrued expenses subject to compromise		$	612,008

The following table summarizes the amounts of LSTC (see Note 2) at December 31, 2009:

		(In thousands)
Mortgages and secured notes		$	11,148,467
Unsecured notes			6,006,778
Accounts payable and accrued expenses			612,008
Total liabilities subject to compromise		$	17,767,253

NOTE 6 Rejected Contracts and Related Matters

In addition to our mortgage and other debt, current liabilities and liens, the Debtors are subject to certain executory contracts. The Debtors, subject to the approval of the Bankruptcy Court, may assume or reject these contracts. Although the Debtors are considering the rejection of certain of such contracts (except for our operating property tenant leases), no contracts have been rejected relating to the Track 1 Plan. Additional claims related to executory contracts have been recorded by the Debtors based on analysis relating to the emergence of Debtors and compliance with applicable accounting guidance.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

NOTE 7 General and Administrative Expenses and Reorganization Items

General and Administrative expenses consist of the centralized costs of managing the portfolio of assets owned by the Company, which includes the Debtors. Significant subcategories of such overhead costs are listed in the following schedule:

						Cumulative Post-
		Month Ended				Petition Period Ended
General and Administrative Expenses		December 31, 2009				December 31, 2009
		(In thousands)
Insider compensation		$	933			$	9,975
Public Company expense (1)			889				5,703
Travel, entertainment, insurance and other			946				28,140
Total general and administrative		$	2,768			$	43,818

Reorganization items under the bankruptcy filings are expense and income items that were incurred or realized by the Debtors as a result of the Chapter 11 Cases and are presented separately in the unaudited condensed combined statement of operations of the Debtors. These items include professional fees and similar types of expenses directly related to the bankruptcy filings, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors. Reorganization items are as follows:

		Month Ended				Petition Period Ended
Reorganization Items (income) expense		December 31, 2009				December 31, 2009
		(In thousands)
Gains on liabilities subject to compromise (1)		$	(343,957	)		$	(350,692	)
Interest income (2)			(3	)			(34	)
U.S. Trustee fees (3)			268				3,993
Restructuring costs — Chapter 11 Retained Professionals (4)			13,567				74,715
Restructuring costs — including other professional fees (5)			120,204				125,828
Total reorganization items		$	(209,921	)		$	(146,190	)

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE I
COMBINED CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)

		Month Ended December 31, 2009
										Combined
		Debtors				Eliminations				Debtors
		(In thousands, except for per share amounts)
Revenues:
Minimum rents		$	143,372			$	(10	)		$	143,362
Tenant recoveries			62,448				—				62,448
Overage rents			12,271				—				12,271
Land sales			446				—				446
Other			10,247				—				10,247
Total revenues			228,784				(10	)			228,774
Expenses:
Real estate taxes			20,106				—				20,106
Repairs and maintenance			24,628				—				24,628
Marketing			5,089				—				5,089
Ground and other rents			1,504				4				1,508
Other property operating costs			27,186				(62	)			27,124
Land sales operations			1,841				—				1,841
Provision for doubtful accounts			3,204				—				3,204
Property management and other costs			8,649				63				8,712
General and administrative			2,782				(14	)			2,768
Provisions for impairment			721,650				—				721,650
Depreciation and amortization			47,844				—				47,844
Total expenses			864,483				(9	)			864,474
Operating income			(635,699	)			(1	)			(635,700	)
Interest (expense) income, net			(97,363	)			203				(97,160	)
(Loss) income before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(733,062	)			202				(732,860	)
Provision for income taxes			(6,998	)			—				(6,998	)
Equity in income of Real Estate Affiliates			(5,960	)			(16,621	)			(22,581	)
Reorganization items			209,921				—				209,921
Net (loss) income			(536,099	)			(16,419	)			(552,518	)
Allocation to noncontrolling interests			(1,445	)			14,372				12,927
Net (loss) income attributable to common stockholders		$	(537,544	)		$	(2,047	)		$	(539,591	)
Basic and Diluted Earnings Per Share:		$	(1.72	)		$	(0.01	)		$	(1.73	)
Comprehensive Loss, Net:
Net (loss) income attributable to common stockholders		$	(537,544	)		$	(2,047	)		$	(539,591	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments			2,179				(51	)			2,128
Accrued pension adjustment			108				—				108
Foreign currency translation			916				(22	)			894
Unrealized losses on available-for-sale securities			(11	)			(9	)			(20	)
Other comprehensive income (loss), net			3,192				(82	)			3,110
Comprehensive loss attributable to common stockholders		$	(534,352	)		$	(2,129	)		$	(536,481	)

The accompanying notes are an integral part of these combined condensed financial statements.

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)

		Month Ended December 31, 2009
										Combined
		Debtors				Eliminations				Debtors
		(In thousands)
Assets:
Investment in real estate:
Land		$	2,902,580			$	—			$	2,902,580
Buildings and equipment			18,915,748				—				18,915,748
Less accumulated depreciation			(3,784,278	)			—				(3,784,278	)
Developments in progress			434,184				(74,625	)			359,559
Net property and equipment			18,468,234				(74,625	)			18,393,609
Investment in and loans to/from Unconsolidated Real Estate Affiliates			604,806				(219,943	)			384,863
Investment property and property held for development and sale			1,119,195				74,364				1,193,559
Investment in controlled non-debtor entities			16,537,171				(12,572,132	)			3,965,039
Net investment in real estate			36,729,406				(12,792,336	)			23,937,070
Cash and cash equivalents			570,710				23,376				594,086
Accounts and notes receivable, net			335,989				—				335,989
Goodwill			199,664				—				199,664
Deferred expenses, net			231,676				—				231,676
Prepaid expenses and other assets			603,730				(21,203	)			582,527
Total assets		$	38,671,175			$	(12,790,163	)		$	25,881,012
Liabilities and Equity:
Mortgages, notes and loans payable		$	4,679,402			$	—			$	4,679,402
Investment in and loans to/from Unconsolidated Real Estate Affiliates			33,005				—				33,005
Deferred tax liabilities			910,847				—				910,847
Accounts payable and accrued expenses			938,090				(8,051	)			930,039
Total liabilities not subject to compromise			6,561,344				(8,051	)			6,553,293
Mortgages, notes and loans payable			17,463,834				(308,589	)			17,155,245
Accounts payable and accrued expenses			649,571				(37,563	)			612,008
Liabilities subject to compromise			18,113,405				(346,152	)			17,767,253
Total liabilities			24,674,749				(354,203	)			24,320,546
Redeemable noncontrolling interests:
Preferred			120,756				—				120,756
Common			88,671				(2,594	)			86,077
Total redeemable noncontrolling interests			209,427				(2,594	)			206,833
Commitments and Contingencies			—				—				—
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding			—				—				—
Equity:
Common stock: $.01 par value; 875,000,000 shares authorized, 313,831,411 shares issued as of December 31, 2009			3,138				—				3,138
Additional paid-in capital			9,512,418				(5,782,965	)			3,729,453
Retained earnings (accumulated deficit)			4,334,518				(6,650,406	)			(2,315,888	)
Accumulated other comprehensive loss			(430	)			5				(425	)
Less common stock in treasury, at cost, 1,449,939 shares as of December 31, 2009			(76,752	)			—				(76,752	)
Total stockholder’s equity			13,772,892				(12,433,366	)			1,339,526
Noncontrolling interests in consolidated real estate affiliates			14,107				—				14,107
Total equity			13,786,999				(12,433,366	)			1,353,633
Total liabilities and equity		$	38,671,175			$	(12,790,163	)		$	25,881,012

The accompanying notes are an integral part of these combined condensed financial statements.

Gross Wage		Employee Payroll		Employer Payroll
Expense		Taxes Withheld (a)		Taxes Remitted (b)
		(In thousands)
$16,147		$3,545		$863

						Amounts Paid
		Amount Accrued				Month Ended
		December 31, 2009				December 31, 2009
		(In thousands)
Federal and state income taxes		$	2,346			$	858
State and local taxes:
Property *			68,845				23,945
Sales and use			1,852				1,342
Franchise			2,112				66
Other			698				24
Total state and local taxes			73,507				25,377
Total taxes		$	75,853			$	26,235

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
10 COLUMBIA CORPORATE CENTER		$	—			$	—
10000 COVINGTON CROSS			—				20
10000 WEST CHARLESTON			—				45
10190 COVINGTON CROSS			—				51
1120/40 TOWN CENTER DRIVE			—				57
1160/80 TOWN CENTER DRIVE			—				56
1201/41 TOWN CENTER DR 2ND U3			—				—
1201/41 TOWN CENTER DRIVE			—				52
1240 ALA MOANA BLVD			—				—
1251/81 TOWN CENTER DRIVE			—				10
1290 ALA MOANA BLVD			—				—
1551 HILLSHIRE DRIVE			—				41
1635 VILLAGE CENTER CIRCLE			—				20
1645 VILLAGE CENTER CIRCLE			—				25
1930-1201/41 TOWN CENTER DR FS U2			—				—
20 COLUMBIA CORPORATE CENTER			—				—
30 COLUMBIA CORPORATE CENTER			—				—
306 KAMANI STREET			—				—
324 KAMAUNI STREET			—				—
330 KAMANI STREET			—				—
40 COLUMBIA CORPORATE CENTER			—				—
404 WARD AVENUE			—				—
420 WARD AVENUE			—				—
4848 OUTPARCEL			23				—
50 COLUMBIA CORPORATE CENTER			—				—
506 AHUI STREET			—				—
532 AHUI STREET BUILDING			—				—
60 COLUMBIA CORPORATE CENTER			—				—
801 HALEKAUWILA STREET			—				—
834 POHUKAINA ST.			—				—
837 HALEKAUWILA STREET			—				—
849/863 HALEKAUWILA STREET			—				—
900 HALEKAUWILA STREET			—				—
955 KAWAIAHAO STREET			—				—
955 WAIMANU STREET			—				—
956 KAWAIAAHAO (PARK LOT)			—				—
956 QUEEN STREET			—				—
9901/21 COVINGTON CROSS			—				27
9950/80 COVINGTON CROSS			—				27
ALA MOANA CENTER			3,006				—

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
ALA MOANA PACIFIC CENTER			—				—
ALA MOANA PLAZA			—				—
ALA MOANA TOWER			—				—
ALA MOANA-KAPIOLANI PROPERTIES			—				—
ALA MOANA-KONA STREET			—				—
ALAMEDA PLAZA			86				86
ANIMAS VALLEY MALL			113				—
APACHE MALL			—				—
ARIZONA CENTER			12				37
ARIZONA CENTER ARIZONA CENTER ONE			23				134
ARIZONA CENTER ARIZONA CENTER TWO			19				—
ARIZONA CENTER CINEMA			20				—
ARIZONA CENTER GARDEN OFFICE			5				—
ARIZONA CENTER OFFICE			12				24
ARIZONA CENTER OTHER			—				—
ARIZONA CENTER PARKING			15				—
AUGUSTA MALL			—				—
AUGUSTA MALL ANCHOR ACQ			—				—
AUSTIN BLUFFS PLAZA			53				—
AUSTIN MALL LTD PARTNERSHIP			—				—
BAILEY HILL			—				—
BASKIN ROBBINS			3				3
BAY CITY MALL			—				—
BAYSHORE MALL			—				240
BEACHWOOD PLACE			3,906				—
BELLIS FAIR			—				—
BIRCHWOOD MALL			140				—
BOISE TOWN SQUARE ANCHOR ACQ			41				—
BOISE TOWNE PLAZA			114				115
BOISE TOWNE SQUARE			981				1,029
BRASS MILL CENTER			—				—
BRASS MILL COMMONS			—				—
BURLINGTON TOWN CENTER			—				5
BURLINGTON TOWN CENTER OFFICE			—				—
CACHE VALLEY MALL			—				—
CACHE VALLEY MARKETPLACE			—				—
CANYON POINT			—				67
CAPITAL MALL			—				290
CENTURY PLAZA			18				125
CHAPEL HILLS MALL			1,182				—

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
CHICO MALL			(12	)			266
CHULA VISTA CENTER			—				402
COLLIN CREEK			1,824				—
COLLIN CREEK-DILLARDS			—				—
COLONY SQUARE MALL			381				—
COLUMBIA BANK DRIVE THRU			—				—
COLUMBIA CENTER-C.A. BUILDING			—				—
COLUMBIA CENTER-EXHIBIT BLDG			—				—
COLUMBIA DEVELOPMENT CORPORATION			—				—
COLUMBIA MALL			—				523
COLUMBIANA CENTER			1,487				—
CORONADO MALL			382				—
CORPORATE POINTE #2			—				—
CORPORATE POINTE #3			—				—
COTTONWOOD MALL			—				—
COTTONWOOD SQUARE			—				—
COUNTRY HILL PLAZA			—				—
CROSSING BUSINESS CENTER #6			—				30
CROSSING BUSINESS CENTER #7			—				61
CROSSROADS CENTER (MN)			—				—
DEERBROOK MALL			1,464				—
DEERBROOK MALL ANCHOR ACQ			67				—
DIVISION CROSSING			—				—
DMV BUILDING			—				—
EAGLE RIDGE MALL			—				—
EASTRIDGE MALL (CA)			71				787
EASTRIDGE MALL (WY)			134				—
EDEN PRAIRIE CENTER			—				—
EDEN PRAIRIE CENTER ANCHOR ACQ			—				—
ELK GROVE PROMENADE			700				700
FALLBROOK CENTER			—				—
FANEUIL HALL MARKETPLACE			—				—
FANEUIL HALL MKTPL.-N.OFFICE			—				—
FANEUIL HALL MKTPL.-N.RETAIL			—				—
FANEUIL HALL MKTPL.-QUINCY			—				—
FANEUIL HALL MKTPL.-S.RETAIL			—				—
FANEUIL HALL OFFICE			—				—
FANUEUIL HALL MKTPL.-S.OFFICE			—				—
FASHION PLACE			5				—
FASHION PLACE ANCHOR ACQ			—				—

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
FASHION SHOW			—				776
FIFTY COLUMBIA CORPORATE CTR, INC.			—				—
FOODMAKER, INC.			—				—
FOOTHILLS MALL			901				—
FORT UNION			—				—
FORTY COLUMBIA CORP CTR, INC.			—				—
FOUR SEASONS TOWN CENTRE MALL			—				—
FOUR STATE/TRC OF NEVADA			—				—
FOX RIVER MALL			1,437				—
FREMONT VILLAGE			—				35
GARDEN OFFICE BUILDING			—				—
GATEWAY CROSSING SHOPPING CTR			—				—
GATEWAY MALL			—				—
GGPLP-SHARED			1,132				—
GGPLP-VICTORIA WARD			—				—
GLENBROOK SQUARE			4,640				—
GLENBROOK SQUARE ANCHOR ACQ			130				—
GRAND TETON MALL			409				411
GRAND TETON PLAZA			87				87
GRAND TRAVERSE MALL			118				—
GREENGATE MALL, INC.			—				—
GREENWOOD MALL			—				110
HALEKAUWILA BUILDING			—				—
HALSEY CROSSING			—				—
HARBORPLACE			—				—
COLUMBIA HRD BENSON LEASES			—				—
HUGHES SUMMERLIN OTHER			—				—
HULEN MALL			1,964				—
JORDAN CREEK TOWN CENTER			4,252				—
JP REALTY ADJUSTMENTS			—				—
KADOWAKI, JAY			—				—
KAMAKEE BUILDING			—				—
KAMANI BUILDING			—				—
KENDALL TOWN CENTER			—				—
KLING TRUST (CLIFFORD ET AL)			—				—
KNOLLWOOD MALL			—				—
LAKEMOOR			—				—
LAKESIDE MALL			—				—
LAKEVIEW SQUARE			241				—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
LANSING MALL			475				—
LINCOLNSHIRE COMMONS			419				—
LOCKPORT MALL			—				—
LYNNHAVEN MALL			—				—
MALL AT SIERRA VISTA			218				—
MALL OF LOUISIANA			—				1,064
MALL OF LOUSIANA POWER CENTER			—				—
MALL OF THE BLUFFS			2,099				—
MALL ST. MATHEWS			—				—
MALL ST. VINCENT			—				622
MARKET PLACE SHOPPING CENTER			1,672				—
MAYFAIR BANK TOWER			310				—
MAYFAIR MALL			4,486				—
MAYFAIR NORTH TOWER			325				—
MAYFAIR PROFESSIONAL			124				—
MAYFAIR-AURORA HEALTH CENTER			295				—
MONDAWMIN MALL			—				—
MONDAWMIN MALL-OFFICE			—				—
MORENO VALLEY MALL			31				274
NATICK-NOUVELLE AT NATICK			(399	)			—
NEIGHBORHOOD STORES			—				—
NEWGATE MALL			—				—
NEWPARK MALL			39				444
NEWPARK MALL ANCHOR ACQ			—				—
NORTH PLAINS MALL			30				31
NORTH POINT MALL			—				2,319
NORTH STAR MALL			1,698				—
NORTH STAR MALL ANCHOR ACQ			209				—
NORTH TOWN MALL			—				—
NORTHGATE MALL			659				—
NORTHRIDGE FASHION CENTER			43				—
OAKWOOD CENTER			—				455
OAKWOOD MALL			1,205				—
OGLETHORPE MALL			—				220
OREM PLAZA CENTER STREET			—				—
OREM PLAZA STATE STREET			—				—
OVIEDO MARKETPLACE			—				—
OWINGS MALL			—				—
OWINGS MILLS-OFFICE ALLOCATIONS			—				—
OXMOOR MALL			24				—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
PARK CITY CENTER			—				—
PARK MEADOWS			—				—
PARK PLACE			588				33
PARK WEST			437				227
PEACHTREE MALL			—				—
PECANLAND MALL			—				700
PECANLAND MALL ANCHOR ACQ			—				—
PIEDMONT MALL			19				—
PIERRE BOSSIER MALL			—				239
PINE RIDGE MALL			216				218
PIONEER PLACE			—				—
PIONEER PLACE LP EXPANSION			—				—
PIONEER TOWER			—				—
PIONEER TOWER GARAGE			—				—
PLAZA 800			—				30
PLAZA 9400			—				—
POHUKAINA CENTER			—				—
POHUKAINA COURT			—				—
PRICE NT CORP			—				—
PRINCE KUHIO PLAZA			—				—
PROVIDENCE PLACE			—				—
PROVO PLAZA			—				—
RED CLIFFS MALL			—				—
RED CLIFFS PLAZA			—				—
REDLANDS PROMENADE			100				48
REGENCY SQUARE MALL			—				—
RIDGEDALE CENTER			—				—
RIDGLEY BUILDING			—				—
RIO WEST MALL			106				—
RIVER FALLS			783				—
RIVER HILLS MALL			1,394				—
RIVER POINTE PLAZA			—				—
RIVERLANDS SHOPPING CENTER			—				57
RIVERSIDE PLAZA			—				—
RIVERTOWN CROSSINGS			164				—
ROGUE VALLEY MALL			—				—
SAINT LOUIS GALLERIA			—				3,952
SALEM CENTER			—				—
SEAPORT MARKETPLACE, INC.			—				—
SEVEN-ELEVEN HAWAII, INC.			—				—

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
SIKES SENTER			1,204				—
SILVER LAKE MALL			105				105
SOONER MALL			200				202
SOUTH STREET MARKETPLACE THEAT			163				—
SOUTH STREET SEAPORT			—				—
SOUTHLAKE MALL			—				—
SOUTHLAND CENTER (MI)			25				—
SOUTHLAND MALL (CA)			—				828
SOUTHSHORE MALL			—				99
SOUTHWEST OFF CTR I			170				—
SOUTHWEST OFF CTR II			52				—
SOUTHWEST PLAZA			2,279				—
SPRING HILL MALL			2,291				—
ST LOUIS GALLERIA ANCH ACQ			—				—
STATEN ISLAND ALLOCATION-B			—				—
STATEN ISLAND MALL			—				—
STATEN ISLAND MALL CENTER, INC			—				—
STATEN ISLAND MALL PHASE I			—				—
STATEN ISLAND MALL PHASE II			—				—
STATEN ISLAND THE CROSSINGS			—				—
STATEN ISLAND-ALLOCATION A			—				—
STEEPLEGATE MALL			—				392
STONESTOWN GALLERIA			—				1,586
STONESTOWN LAND			—				—
STONESTOWN MEDICAL BUILDING			—				327
THE BOULEVARD MALL			—				177
THE BRIDGES AT MINT HILL			—				19
THE COMMONS AT FOOTHILLS MALL			31				—
THE CROSSROADS (MI)			72				—
THE GALLERY AT HARBORPLACE			—				—
THE GALLERY AT HARBORPLACE-GARAGE			1,096				—
THE GALLERY AT HARBORPLACE-OFFICE			—				—
THE GALLERY AT HARBORPLACE-OTHER			—				—
THE GRAND CANAL SHOPPES			—				470
THE HUGHES CORPORATION			—				—
THE MAINE MALL			38				—
THE PINES			98				—
THE PLAZA AT FOOTHILLS MALL			74				—
THE SHOPPES AT DETROIT GATEWAY			—				—
THE SHOPPES AT THE PALAZZO			—				250

GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		December 31, 2009				December 31, 2009
		(In thousands)
THE SHOPS AT FALLEN TIMBERS			1,796				—
THE SHOPS AT FOOTHILLS MALL			119				—
THE SHOPS AT SUMMERLIN CENTRE			—				188
THE VILLAGE AT REDLANDS			—				100
THE VILLAGE OF CROSS KEYS			—				—
THE VILLAGE OF CROSS KEYS OFFICE			—				—
THE WOODLANDS MALL			1,588				—
THE WOODLANDS MALL ANCHOR ACQ			93				—
THHC LAND (WOBU)			—				—
THHC PARTICIPATION			—				—
THREE RIVERS MALL			—				—
TONY & DANNY CORPORATION			—				—
TOSHIBA HAWAII, INC.			—				—
TOWN EAST MALL			3,557				—
TRCLP			—				—
TUCSON ANCHOR ACQ			33				—
TUCSON ENTERTAINMENT PAVILION			21				—
TUCSON MALL			482				—
TV INVESTMENT, LLC			—				—
TWC OPERATING HOLDINGS, INC.			—				—
TWINS FALLS CROSSINGS			17				17
TYSONS GALLERIA			—				—
UNIVERSITY CROSSING			—				—
VALLEY HILLS MALL			486				—
VALLEY PLAZA ANCHOR ACQ			—				—
VALLEY PLAZA MALL			—				594
VCK ALLOCATION			—				—
VCK ALLOCATION-ALL			—				—
VCK CROSS KEYS INN			—				—
VICTORIA WARD ADJ			—				—
VICTORIA WARD SHARED OPERATION			—				—
VILLAGE AT JORDAN CREEK			1,117				—
VILLAGE SQUARE-RETAIL PH III			—				—
VISALIA MALL			—				228
VISTA COMMONS			—				51
VISTA RIDGE MALL			2,082				—
VML MAINT SHOP			—				—
VWL-GROUND LEASE PROP.			—				—
VWL-MAINE MALL LAND LLC			—				—
VWL-MAUI RANCH PROP.			—				—