Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three and Six Months Ended June 30, 2010

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, our ability to successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. 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.

Supplemental Financial/Operational Data
June 30, 2010
Table of Contents

All information included in this supplemental package is unaudited and is as of June 30, 2010, unless otherwise indicated.

Corporate Overview		1 - 2
Corporate Profile		1
Bankruptcy		1
Corporate Overview		1
Stock Listing		1
Common Stock Dividend		1
Investor Relations		1
Transfer Agent		1
Debt Ratings		1
Ownership Structure		2
Total Market Capitalization		2
Second Quarter Earnings Announcement		3-19
Supplemental Financial Data*		20-28
Summary Retained FFO & Core FFO		20
Tenant Allowances, Above- and Below-Market Tenant Leases & Straight Line Rent		21
Master Planned Communities		22-23
Capital Information		24
Changes in Total Common & Equivalent Shares		25
Common Dividend History		26
Summary of Outstanding Debt		27
Second Quarter 2010 Financing Activity		28
Supplemental Operational Data		29-32
Operating Statistics, Certain Financial Information & Top Tenants		29
Retail Portfolio GLA, Occupancy, Sales & Rent Data		30
Retail and Other Net Operating Income by Geographic Area at Share		31
Lease Expiration Schedule, Lease Termination Income at Share		32
Expansions, Redevelopments & New Developments		33

Corporate Overview

Corporate Profile

GGP and its predecessor companies have been in the shopping center business for over fifty years. GGP is one of the largest U.S.-based publicly traded real estate investment trusts (REIT). At June 30, 2010, the Company has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 43 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 June 30, 2010 was 91.1% and tenant sales per square foot were $418.

Bankruptcy

On April 16, 2009 and April 22, 2009, GGP, approximately 166 regional shopping centers and certain subsidiaries voluntarily sought relief under Chapter 11 of the United States Bankruptcy Code. Certain other subsidiaries, and GGP’s joint ventures, did not file for such bankruptcy protection. As of July 30, 2010, 260 of the 388 subsidiaries which filed for bankruptcy, including 147 regional shopping centers, had emerged from bankruptcy.

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.

Stock Listing

Common Stock
NYSE: GGP

Common Stock Dividend

The Company paid a common stock dividend for 2009 of $0.19 consisting of approximately $5.9 million in cash and approximately 4.9 million shares of common stock on January 28, 2010.

Investor Relations		Transfer Agent
Jim Graham		BNY Mellon
Senior Director, Public Affairs		Shareowner Services
General Growth Properties		480 Washington Blvd
110 North Wacker Drive		Jersey City, NJ 07310
Chicago, IL 60606		(888) 395-8037
Phone (312) 960-2955		Foreign Stockholders:
Fax (312) 994-6747		+1 201 680-6578
james.graham@ggp.com

Debt Ratings
Standard & Poors — Corporate Rating		D
Standard & Poors — Senior Debt Rating		D
Standard & Poors — TRCLP Bonds Rating		NR
Moody’s — Senior Debt Rating		C
Moody’s — TRCLP Bonds Rating		C

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

Summary Ownership Structure as of June 30, 2010

Total Market Capitalization (dollars in thousands)						June 30, 2010
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a) (b) (c)						$	27,340,942
Perpetual Preferred Units (d)
Perpetual Preferred Units at 8.25%		$	5,000
Convertible Preferred Units (d)
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
Total Preferred Securities						$	120,756
Other Preferred Stock							476
Common Operating Partnership Units (e)
7.4 million Operating Partnership Units based on an exchange rate of one for 1.0158 per share of common stock as adjusted as a result of common stock issued as a dividend							97,846
Common Stock
317.4 million shares of common stock - outstanding at end of period (e) (f)						$	4,208,630
Total Market Capitalization at end of period						$	31,768,650

Second Quarter Earnings Announcement

August 9, 2010

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

FOR IMMEDIATE RELEASE		CONTACT:		Jim Graham
				Senior Director of Public Affairs
				(312) 960-2955

General Growth Properties Announces
Results for Second Quarter 2010

Chicago, Illinois, August 9, 2010 — General Growth Properties, Inc. (the Company or GGP) (NYSE: GGP) today reported its operating results for the three months ending June 30, 2010.

Funds from operations was $93.6 million in the second quarter of 2010 compared to $58.2 million in the second quarter of 2009, an increase of approximately $35.4 million. Core FFO for the second quarter of 2010 was $102.9 million, or $0.32 per fully diluted share, compared to $124.6 million, or $0.39 per fully diluted share, for the second quarter of 2009. Earnings per share were a loss of $0.37 in the second quarter of 2010 compared to a loss of $0.51 in the second quarter of 2009.

“Our financial and operating performance during the second quarter demonstrated continued progress in meeting our strategic priorities,” said Adam Metz, chief executive officer of GGP. “GGP’s earnings were characterized by increased leasing activity, sales and traffic at properties compared to the same period last year. Our properties in the Northeast and Florida performed particularly well. Our leasing pipeline today is much stronger than it was a year ago. Our NOI for the quarter reflects in part the leasing environment from last year, when GGP faced its greatest challenges, but our leasing

results have been considerably stronger since then, and I expect our NOI to reflect that improvement in future quarters.”

“During the second quarter, we signed 2.8 million square feet of in-line and outparcel tenant leasing deals. We actively manage our assets to attract the nation’s leading retailers, including Forever 21, which opened its largest store to date (126,000 square feet) at Fashion Show Mall in Las Vegas, and Microsoft, which opened a store in our Park Meadows Mall in Colorado and signed a lease for a new store in Oakbrook Center. In addition, Nordstrom remains on track to open at Christiana Mall in Delaware and at the St. Louis Galleria in 2011.”

During the quarter, tenant sales at comparable properties increased by 7.8%, which further builds on the 7.5% year-over-year growth in the first quarter of 2010. Mr. Metz continued, “Strong tenant sales demonstrate the success of our property strategy. Tenant sales lead to increased tenant demand, which results in higher occupancy and rental rates. Tenant sales at our properties have increased over the comparable 2009 month every month so far this year from their low point in December 2009. To that end, we remain focused on continuing to improve our properties’ shopping experience so that we create a long-term, sustainable franchise in our markets.

“As we have been improving our leasing and operating performance, we have been successfully managing our financial restructuring,” concluded Mr. Metz. “We are extremely pleased with our progress in the restructuring to date, and we look forward to continuing to work productively with all of our stakeholders to finish building the strong capital structure that will sustain GGP in the future. GGP will emerge from Chapter 11 with a strengthened financial foundation to enable us to execute on our clear strategy to build value for all stakeholders.”

Second Quarter 2010 and 2009 Comparable Retail and other Segment NOI

		Three Months Ended
		June 30,
		2010				2009
		(In thousands)
Retail and other segment NOI		$	593,495			$	612,875
Adjustments			(22,026	)			(21,446	)
Comparable Retail and other segment NOI		$	571,469			$	591,429
Decrease in Comparable Retail and other segment NOI			(3.4	%)

A schedule showing adjustments and non-comparable income and expense items and their impact on 2010 and 2009 Net Operating Income (“NOI”) from our Retail and other segment is provided with this release. Concurrent with this release, the Company has also made available on its website its quarterly package of supplemental financial information, which provides additional operational result detail.

OPERATIONAL HIGHLIGHTS

GGP remains focused on three interrelated strategies to thrive in the future:

	§		Restructuring its balance sheet to create a solid foundation for future growth
	§		Realigning the Company’s property portfolio to focus on core strengths
	§		Reengineering operations to be more efficient and effective

Among GGP’s recent highlights with respect to these strategies are:

On July 13, 2010, as amended August 2, 2010, GGP filed with the Bankruptcy Court its Amended Plan of Reorganization and Disclosure Statement (“the Plan”), continuing its progress toward expected emergence from bankruptcy in October 2010. Under the Plan, which is subject to Bankruptcy Court approval, GGP will emerge with a significantly improved balance sheet and substantially less debt than when the Company filed for bankruptcy protection, providing it with a strong financial foundation to execute its growth strategy going forward. GGP will

			satisfy debt and other claims in full, provide a substantial recovery for stockholders and implement a recapitalization with a minimum of $7.0 billion of new equity capital.
	§		GGP has successfully and consensually restructured all of approximately $15 billion of the project-level debt included in the bankruptcy, and has closed on all but $95 million of that debt. These plans provide for the payment of all allowed creditor claims in full and the extension of the secured mortgage loans so that GGP has a range of maturities of such filed debt, with no restructured loan maturing before January 1, 2014. Certain debt associated with non-filed joint venture properties matures prior to 2014.
	§		The Company has named four new executives to assume the roles of chief financial officer and department heads for asset management, leasing and marketing/communications. Drawn from experienced talent from both within and outside the organization, the Company believes these individuals strengthen the management team and will help the Company effectively execute its growth strategy.

SEGMENT RESULTS

Retail and Other Segment

§

NOI in this segment decreased to $593.5 million for the second quarter of 2010 from the $612.9 million reported for the second quarter of 2009. Excluding the items detailed in the attached schedule of significant items that impact comparability, NOI for the second quarter of 2010 declined 3.4% year-over-year. Comparable NOI was primarily affected by reduced revenue and occupancy as a result of continuing weak economic conditions, which are triggering rental concessions, bankruptcy claim settlements and other reductions in rents and collections. See table below.

Comparable Property NOI Bridge

		Three Months Ended
		June 30,
		2010				2009				Y-o-Y Change
		(In thousands)
Total Retail and other NOI		$	593,495			$	612,875				(3.2	%)
Adjustments:
NOI from noncomparable properties			(14,576	)			(10,201	)
Termination income			(8,161	)			(11,077	)
Corporate and other			711				(168	)
Comparable Retail and other NOI		$	571,469			$	591,429				(3.4	%)

	§		Revenues from consolidated properties declined $20.8 million, or approximately 2.8%, for the second quarter of 2010 to $727.2 million, primarily due to declines in minimum rents and tenant recoveries as a result of declines in specialty leasing occupancy and sales volumes, the disruptive effect of the bankruptcy process and the continued weak economic conditions.
	§		Revenues from unconsolidated properties at the Company’s ownership share were $147.6 million for the second quarter of 2010, roughly comparable to the $149.8 million in the second quarter of 2009.
	§		Comparable tenant sales on a trailing 12 month basis increased 0.2% compared to the same period last year. However, on a quarterly basis, comparable tenant sales rose a healthy 7.8% year-over-year, with first quarter momentum continuing into second quarter. June 2010 comparable sales increased 9.2% year-over-year, with April and May showing increases of 7.2% and 6.8%, respectively.
	§		Retail leasing activity continued to increase during the second quarter of 2010, with retailers now willing, in general, to commit to longer lease terms than in the prior year. Total in-line and outparcel tenant leasing deals were signed covering

			2.8 million square feet, an increase of 23% over the same period of last year. In addition to renewals, this total includes new deal square footage of approximately 433 thousand square feet. Given that tenant sales continue to increase, GGP believes that it is well positioned for future lease rate increases.
	§		Retail Center occupancy increased to 91.1% at June 30, 2010 from 91.0% at June 30, 2009.

Master Planned Communities Segment

GGP’s premier master planned community segment includes The Woodlands and Bridgeland, both in the Houston metropolitan area, Summerlin in Las Vegas and Columbia and Emerson in Maryland. This segment also includes the Nouvelle at Natick condominium project.

	§		During the quarter, GGP sold 27 units at its Nouvelle Natick condominium project and entered into agreements to sell an additional 15 units. As cumulative unit sales (128 units) exceed the threshold for revenue recognition under the percentage of completion method of accounting, previously deferred revenues of approximately $52.9 million were recognized in the second quarter of 2010.
	§		Land sale revenues for the second quarter of 2010 were $7.1 million for consolidated master planned communities and $13.3 million for unconsolidated communities, compared to $22.4 million and $13.4 million, respectively, for the second quarter of 2009. Decreases in land sale revenues for the consolidated master planned communities, particularly Columbia, reflect continued weak overall demand for individual lots. These decreases where partially offset by sales of lots in the Houston communities, which continued their first quarter 2010 improvements compared to 2009.

§

NOI from the Master Planned Communities segment for the second quarter of 2010 was $0.9 million for consolidated properties and $4.6 million for the unconsolidated properties, continuing the first quarter 2010 results where margins from lot sales did not significantly exceed selling and community-specific general and administrative costs, which are largely fixed.

CORE FFO, FFO AND EPS HIGHLIGHTS

	§		Core FFO for the second quarter of 2010 was $102.9 million, or $0.32 per fully diluted share, compared to $124.6 million, or $0.39 per fully diluted share, for the second quarter of 2009. Core FFO excludes results from the Master Planned Communities segment and the (provision for) benefit from income taxes. FFO was $93.6 million in the second quarter of 2010 compared to $58.2 million in the second quarter of 2009, an increase of approximately $35.4 million. The primary driver for this quarterly increase was a decrease in aggregate provisions for impairment of $62.5 million compared to second quarter 2009. Partially offsetting this increase were $80.1 million, net, of reorganization items incurred in the second quarter of 2010 arising from the Company’s bankruptcy proceedings as detailed in the supplemental schedule of items that impact comparability. Similar items incurred in the second quarter of 2009 were $50.6 million (recorded either as reorganization items or as strategic initiative costs if such costs were incurred prior to GGP’s bankruptcy filing in April 2009).
	§		EPS were a loss of $0.37 in the second quarter of 2010 compared to a loss of $0.51 in the second quarter of 2009. A substantial majority of the improvement in EPS was due to the items listed in the attached supplemental comparative schedule of matters affecting NOI, Core FFO and FFO described above.

GGP INFORMATION/WEBSITE

The Company currently has ownership interest in more than 200 regional shopping malls in 43 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’s common stock is currently traded on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com.

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

FUNDS FROM OPERATIONS AND CORE FFO

The Company, consistent with real estate industry and investment community preferences, uses FFO as a supplemental measure of operating performance for a Real Estate Investment Trust (REIT). The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (loss) attributable to common stockholders (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, the Company believes that FFO is a less meaningful supplemental measure for the Master Planned Communities segment of its business. FFO does not facilitate an understanding of the operating performance of the Master Planned Communities segment of its business as its 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 the Company’s business is operated within taxable REIT subsidiaries and therefore its (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 (loss), a reconciliation of Core FFO and FFO to GAAP net income (loss) attributable to common stockholders 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 (loss) attributable to common stockholders and neither is necessarily indicative of cash available to fund cash needs. In addition, the Company has presented FFO on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that

given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

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

The Company believes that NOI is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues (rental income, land and condominium sales, tenant recoveries and other income) less property and related expenses (real estate taxes, land and condominium sales operating costs, property maintenance costs, 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, allocations to non-controlling interests, reorganization items, strategic initiatives 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 (loss) attributable to common stockholders. 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 (loss) as computed in accordance with GAAP has been presented.

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

PROPERTY INFORMATION

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

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our ability to successfully complete our plan of reorganization and emerge from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions,. 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.

###

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Funds From Operations (“FFO”)
Company stockholders		$	91,512			$	56,863			$	334,104			$	(105,038	)
Operating Partnership unit holders			2,095				1,322				7,667				(2,693	)
Operating Partnership		$	93,607			$	58,185			$	341,771			$	(107,731	)
Increase (decrease) in FFO over comparable prior year period			60.9	%			(73.8	)%			417.2	%			(124.6	)%
FFO per share:
Company stockholders — basic		$	0.29			$	0.18			$	1.06			$	(0.34	)
Operating Partnership — basic			0.29				0.18				1.06				(0.34	)
Operating Partnership — diluted			0.29				0.18				1.05				(0.34	)
Increase (decrease) in diluted FFO per share over comparable prior year periods			61.1	%			(73.9	)%			408.8	%			(123.9	)%
Core Funds From Operations (“Core FFO”)
Core FFO		$	102,918			$	124,552			$	357,037			$	1,664
Increase (decrease) in Core FFO over comparable prior year period			(17.4	)%			(43.9	)%			21,356.6	%			(99.6	)%
Core FFO per share — diluted			0.32				0.39				1.10				0.01
Increase (decrease) in diluted Core FFO per share over comparable prior year periods			(17.9	)%			(44.3	)%			10,900.0	%			(99.3	)%
Dividends
Dividends paid per share (a)		$	—			$	—			$	0.19			$	—
Payout ratio (% of diluted FFO paid out)			—	%			—	%			18.1	%			—	%
Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated		$	491,919			$	514,699			$	977,659			$	1,021,122
Unconsolidated			101,576				98,176				202,113				197,670
Total Retail and Other			593,495				612,875				1,179,772				1,218,792
Master Planned Communities:
Consolidated			900				(55,325	)			(4,197	)			(109,720	)
Unconsolidated			4,567				4,687				7,231				5,020
Total Master Planned Communities			5,467				(50,638	)			3,034				(104,700	)
Total Real estate property net operating income		$	598,962			$	562,237			$	1,182,806			$	1,114,092

		June 30,				December 31,
Selected Balance Sheet Information		2010				2009
Cash and cash equivalents		$	548,265			$	654,396
Investment in real estate:
Net land, buildings and equipment		$	21,381,958			$	21,684,661
Developments in progress			425,864				417,969
Net investment in and loans to/from
Unconsolidated Real Estate Affiliates			1,951,246				1,941,024
Investment property and property held for development and sale			1,913,655				1,753,175
Net investment in real estate		$	25,672,723			$	25,796,829
Total assets		$	27,837,384			$	28,149,774
Mortgages, notes and loans payable not subject to compromise		$	16,809,002			$	7,300,772
Mortgages, notes and loans payable subject to compromise (b)			7,856,257				17,767,253
Redeemable noncontrolling interests — Preferred			120,756				120,756
Redeemable noncontrolling interests — Common			97,851				86,077
Total equity			822,515				847,339
Total capitalization (at cost)		$	25,706,381			$	26,122,197

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Revenues:
Minimum rents		$	484,459			$	498,708			$	977,217			$	997,816
Tenant recoveries			215,587				224,691				429,838				457,710
Overage rents			7,447				5,782				17,793				15,806
Land and condominium sales			59,965				22,448				65,035				31,435
Management fees and other corporate revenues			15,902				18,860				33,988				40,719
Other			21,957				21,606				42,683				37,249
Total revenues			805,317				792,095				1,566,554				1,580,735
Expenses:
Real estate taxes			71,062				68,959				143,157				140,518
Property maintenance costs			26,188				22,100				62,032				49,459
Marketing			6,250				6,906				13,331				14,482
Other property operating costs			128,201				126,479				255,272				258,178
Land and condominium sales operations			59,065				21,850				69,232				32,464
Provision for doubtful accounts			3,619				8,847				9,946				19,179
Property management and other costs			48,517				42,200				83,949				85,609
General and administrative			5,668				6,591				13,306				14,112
Strategic Initiatives			—				25,713				—				64,013
Provisions for impairment			19,923				82,388				31,273				413,480
Depreciation and amortization			175,318				186,472				352,621				391,087
Total expenses			543,811				598,505				1,034,119				1,482,581
Operating income (loss)			261,506				193,590				532,435				98,154
Interest income			137				501				813				1,231
Interest expense			(301,726	)			(328,351	)			(637,004	)			(656,841	)
Loss before income taxes, noncontrolling interests, reorganization items, and equity in income of Unconsolidated Real Estate Affiliates			(40,083	)			(134,260	)			(103,756	)			(557,456	)
Provision for income taxes			(14,234	)			(15,742	)			(17,884	)			(4,228	)
Equity in income of Unconsolidated Real Estate Affiliates			16,901				16,339				50,652				23,877
Reorganization items			(80,111	)			(24,918	)			9,301				(24,918	)
Income (loss) from continuing operations			(117,527	)			(158,581	)			(61,687	)			(562,725	)
Discontinued operations — loss on dispositions			—				—				—				(55	)
Net income (loss)			(117,527	)			(158,581	)			(61,687	)			(562,780	)
Allocation to noncontrolling interests			1				179				(4,184	)			8,299
Net income (loss) attributable to common stockholders		$	(117,526	)		$	(158,402	)		$	(65,871	)		$	(554,481	)
Basic and Diluted Earnings (Loss) Per Share:
Continuing operations		$	(0.37	)		$	(0.51	)		$	(0.21	)		$	(1.78	)
Discontinued operations			—				—				—				—
Total basic and diluted earnings (loss) per share		$	(0.37	)		$	(0.51	)		$	(0.21	)		$	(1.78	)

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

		Three Months Ended June 30, 2010
		Consolidated				Unconsolidated				Segment
Retail and Other		Properties				Properties				Basis
Property revenues:
Minimum rents		$	484,459			$	97,466			$	581,925
Tenant recoveries			215,587				37,500				253,087
Overage rents			7,447				951				8,398
Other, including noncontrolling interests			19,746				11,667				31,413
Total property revenues			727,239				147,584				874,823
Property operating expenses:
Real estate taxes			71,062				12,078				83,140
Property maintenance costs			26,188				4,599				30,787
Marketing			6,250				1,107				7,357
Other property operating costs			128,201				27,509				155,710
Provision for doubtful accounts			3,619				715				4,334
Total property operating expenses			235,320				46,008				281,328
Retail and other net operating income			491,919				101,576				593,495
Master Planned Communities
Land and condominium sales			59,965				13,337				73,302
Land and condominium sales operations			(59,065	)			(8,770	)			(67,835	)
Master Planned Communities net operating income			900				4,567				5,467
Real estate property net operating income			492,819				106,143			$	598,962
Management fees and other corporate revenues			15,902				5,960
Property management and other costs			(48,517	)			(9,661	)
General and administrative			(5,668	)			682
Provisions for impairment			(19,923	)			(421	)
Depreciation on non-income producing assets, including headquarters building			(2,451	)			—
Interest income			137				2,506
Interest expense			(301,726	)			(46,030	)
Provision for income taxes			(14,234	)			(544	)
Preferred unit distributions			(2,335	)			—
Other FFO from noncontrolling interests			1,051				28
Reorganization items			(80,111	)			—
FFO			34,944				58,663
Equity in FFO of Unconsolidated Properties			58,663				(58,663	)
Operating Partnership FFO		$	93,607			$	—
		Three Months Ended June 30, 2009
		Consolidated				Unconsolidated				Segment
Retail and Other		Properties				Properties				Basis
Property revenues:
Minimum rents		$	498,708			$	97,043			$	595,751
Tenant recoveries			224,691				38,722				263,413
Overage rents			5,782				975				6,757
Other, including noncontrolling interests *			18,809				13,013				31,822
Total property revenues			747,990				149,753				897,743
Property operating expenses:
Real estate taxes			68,959				12,263				81,222
Property maintenance costs *			22,100				4,165				26,265
Marketing			6,906				1,275				8,181
Other property operating costs *			126,479				32,068				158,547
Provision for doubtful accounts			8,847				1,806				10,653
Total property operating expenses			233,291				51,577				284,868
Retail and other net operating income			514,699				98,176				612,875
Master Planned Communities
Land and condominium sales			22,448				13,419				35,867
Land and condominium sales operations			(21,850	)			(8,732	)			(30,582	)
Master Planned Communities net operating income			598				4,687				5,285
Provision for impairment			(55,923	)			—				(55,923	)
Master Planned Communities net operating (loss) income			(55,325	)			4,687				(50,638	)
Real estate property net operating income			459,374				102,863			$	562,237
Management fees and other corporate revenues			18,861				4,396
Property management and other costs			(42,200	)			(9,254	)
General and administrative			(6,591	)			(2,482	)
Strategic initiatives			(25,713	)			—
Provisions for impairment			(26,465	)			(1,761	)
Depreciation on non-income producing assets, including headquarters building			(2,395	)			—
Interest income			501				1,015
Interest expense			(328,351	)			(41,991	)
(Provision for) benefit from income taxes			(15,742	)			13
Preferred unit distributions			(2,336	)			—
Other FFO from noncontrolling interests			1,330				31
Reorganization items			(24,918	)			—
FFO			5,355				52,830
Equity in FFO of Unconsolidated Properties			52,830				(52,830	)
Operating Partnership FFO		$	58,185			$	—

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

		Six Months Ended June 30, 2010
		Consolidated				Unconsolidated				Segment
Retail and Other		Properties				Properties				Basis
Property revenues:
Minimum rents		$	977,217			$	197,345			$	1,174,562
Tenant recoveries			429,838				76,771				506,609
Overage rents			17,793				2,190				19,983
Other, including noncontrolling interests			36,549				22,355				58,904
Total property revenues			1,461,397				298,661				1,760,058
Property operating expenses:
Real estate taxes			143,157				24,663				167,820
Property maintenance costs			62,032				9,881				71,913
Marketing			13,331				2,628				15,959
Other property operating costs			255,272				57,231				312,503
Provision for doubtful accounts			9,946				2,145				12,091
Total property operating expenses			483,738				96,548				580,286
Retail and other net operating income			977,659				202,113				1,179,772
Master Planned Communities
Land and condominium sales			65,035				25,972				91,007
Land and condominium sales operations			(69,232	)			(18,741	)			(87,973	)
Master Planned Communities net operating (loss) income			(4,197	)			7,231				3,034
Real estate property net operating income			973,462				209,344			$	1,182,806
Management fees and other corporate revenues			33,988				9,850
Property management and other costs			(83,949	)			(18,887	)
General and administrative			(13,306	)			260
Provisions for impairment			(31,273	)			(421	)
Depreciation on non-income producing assets, including headquarters building			(4,793	)			—
Interest income			813				3,178
Interest expense			(637,004	)			(88,215	)
Provision for income taxes			(17,884	)			(416	)
Preferred unit distributions			(4,671	)			—
Other FFO from noncontrolling interests			2,337				57
Reorganization items			9,301				—
FFO			227,021				114,750
Equity in FFO of Unconsolidated Properties			114,750				(114,750	)
Operating Partnership FFO		$	341,771			$	—
		Six Months Ended June 30, 2009
		Consolidated				Unconsolidated				Segment
Retail and Other		Properties				Properties				Basis
Property revenues:
Minimum rents		$	997,816			$	194,434			$	1,192,250
Tenant recoveries			457,710				79,541				537,251
Overage rents			15,806				2,191				17,997
Other, including noncontrolling interests *			31,606				25,641				57,247
Total property revenues			1,502,938				301,807				1,804,745
Property operating expenses:
Real estate taxes			140,518				24,844				165,362
Property maintenance costs *			49,459				8,999				58,458
Marketing			14,482				2,750				17,232
Other property operating costs *			258,178				64,490				322,668
Provision for doubtful accounts			19,179				3,054				22,233
Total property operating expenses			481,816				104,137				585,953
Retail and other net operating income			1,021,122				197,670				1,218,792
Master Planned Communities
Land and condominium sales			31,435				18,520				49,955
Land and condominium sales operations			(32,464	)			(13,500	)			(45,964	)
Master Planned Communities net operating (loss) income			(1,029	)			5,020				3,991
Provision for impairment			(108,691	)			—				(108,691	)
Master Planned Communities net operating (loss) income			(109,720	)			5,020				(104,700	)
Real estate property net operating income			911,402				202,690			$	1,114,092
Management fees and other corporate revenues			40,719				7,929
Property management and other costs			(85,609	)			(18,300	)
General and administrative			(14,112	)			(6,743	)
Strategic initiatives			(64,013	)			—
Provisions for impairment			(304,789	)			(3,207	)
Depreciation on non-income producing assets, including headquarters building			(4,877	)			—
Interest income			1,231				1,932
Interest expense			(656,841	)			(83,584	)
Provision for income taxes			(4,228	)			(467	)
Preferred unit distributions			(4,671	)			—
Other FFO from noncontrolling interests			2,666				59
Reorganization items			(24,918	)			—
FFO			(208,040	)			100,309
Equity in FFO of Unconsolidated Properties			100,309				(100,309	)
Operating Partnership FFO		$	(107,731	)		$	—

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2010				2009				2010				2009
Retail and other net operating income		$	593,495			$	612,875			$	1,179,772			$	1,218,792
Retail and other net operating income adjustments:
Net operating income from noncomparable properties			(14,576	)			(10,201	)			(28,935	)			(17,623	)
Corporate and other			711				(168	)			(2,070	)			(1,607	)
Termination income			(8,161	)			(11,077	)			(20,832	)			(20,194	)
Total Retail and other net operating income adjustments			(22,026	)			(21,446	)			(51,837	)			(39,424	)
Comparable retail and other net operating income		$	571,469			$	591,429			$	1,127,935			$	1,179,368
Core FFO		$	102,918			$	124,552			$	357,037			$	1,664
Core FFO adjustments:
Retail and other net operating income adjustments			(22,026	)			(21,446	)			(51,837	)			(39,424	)
Provisions for impairment:
Operating properties			19,716				—				30,773				121,422
Non-recoverable development and pre-development costs			628				8,865				921				57,824
Goodwill			—				19,361				—				128,750
Core FFO provisions for impairment			20,344				28,226				31,694				307,996
Reorganization items (b)
Gains on liabilities subject to compromise — other			(5,672	)			(2,379	)			(6,876	)			(2,379	)
Gains on liabilities subject to compromise — mortgage debt			(35,938	)			—				(319,009	)			—
Restructuring costs			120,388				26,207				313,837				26,207
Interest income			(80	)			(7	)			(90	)			(7	)
U.S. Trustee fees			1,413				1,097				2,837				1,097
Total reorganization items			80,111				24,918				(9,301	)			24,918
Strategic initiatives (c)			—				25,713				—				64,013
Termination of interest rate swaps			—				34,813				—				34,813
Total Core FFO adjustments			78,429				92,224				(29,444	)			392,316
Comparable Core FFO		$	181,347			$	216,776			$	327,593			$	393,980
Comparable Core FFO per share — diluted		$	0.56			$	0.68			$	1.01			$	1.23

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

		Three Months Ended								Three Months Ended
		June 30, 2010								June 30, 2009
		Consolidated				Unconsolidated				Consolidated				Unconsolidated
		Properties				Properties				Properties				Properties
Minimum rents:
Above- and below-market tenant leases, net		$	1,802			$	81			$	2,502			$	1,214
Straight-line rent			8,571				2,674				10,058				2,747
Real estate taxes:
Real estate tax stabilization agreement			(981	)			—				(981	)			—
Other property operating costs:
Non-cash ground rent expense			(1,569	)			(248	)			(1,576	)			(481	)
Provisions for impairment			(19,923	)			(421	)			(82,388	)			(1,761	)
Interest expense:
Mark-to-market adjustments on debt			21,212				138				3,816				944
Amortization of deferred finance costs			(7,495	)			(424	)			(5,843	)			(400	)
Amortization of discount on exchangeable notes			(7,180	)			—				(6,757	)			—
Termination of interest rate swaps			(4,520	)			—				10,061				—
Debt extinguishment costs			(157	)			—				—				—
Non-cash reorganization items			(5,047	)			—				(31,176	)			—
Totals		$	(15,287	)		$	1,800			$	(102,284	)		$	2,263
		Six Months Ended								Six Months Ended
		June 30, 2010								June 30, 2009
		Consolidated				Unconsolidated				Consolidated				Unconsolidated
		Properties				Properties				Properties				Properties
Minimum rents:
Above- and below-market tenant leases, net		$	3,085			$	85			$	3,356			$	2,932
Straight-line rent			19,117				5,046				18,694				6,525
Real estate taxes:
Real estate tax stabilization agreement			(1,962	)			—				(1,962	)			—
Other property operating costs:
Non-cash ground rent expense			(3,133	)			(393	)			(3,163	)			(681	)
Provisions for impairment			(31,273	)			(421	)			(413,480	)			(3,207	)
Interest expense:
Mark-to-market adjustments on debt			8,822				214				6,063				1,331
Amortization of deferred finance costs			(16,352	)			(837	)			(25,974	)			(825	)
Amortization of discount on exchangeable notes			(14,290	)			—				(13,450	)			—
Termination of interest rate swaps			(9,040	)			—				18,675				—
Debt extinguishment costs			(157	)			—				—				—
Non-cash reorganization items			198,533				—				(31,176	)			—
Totals		$	153,350			$	3,694			$	(442,417	)		$	6,075