Exhibit 99.1

UNITED STATES BANKRUPTCY COURT
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: October 31, 2010
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.

GGP, Inc.
(Formerly 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 October 31, 2010

Index

Combining Condensed Statements of Income (loss) and Comprehensive Income (loss) for the Month Ended October 31, 2010 and Cumulative Post-Petition Period Ended October 31, 2010					3
Combining 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			8
Note 4:		Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders			8
Note 5:		Certain Other Assets and Liabilities and Liabilities Subject to Compromise			9
Note 6:		Rejected Contracts and Related Matters			10
Note 7:		General and Administrative Expenses and Reorganization Items			11
Schedules:
Schedule I		Schedule of Combined Condensed Statement of Income (loss) and
		Comprehensive Income (loss) for the Month Ended October 31, 2010			12
Schedule II		Schedule of Combined Condensed Balance Sheet as of October 31, 2010			13
Schedule III		Schedule of Payroll and Payroll Taxes			14
Schedule IV		Schedule of Federal, State and Local Taxes			14
Schedule V		Schedule of Total Disbursements by Debtor			22
Schedule VI		Schedule of Debtors’ Operating Property Aged Tenant Accounts Receivable			32
Schedule VII		Status of Mortgages Payable For Debtors			33
Schedule VIII		Chapter 11 Retained Professionals Detail			36
Schedule IX		Schedule of Non-Noticed and De Minimis Asset Sales			37
Schedule X		Debtors Questionnaire			38

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

COMBINING CONDENSED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)

		Total for All Debtors				Cumulative All Debtors
		Month Ended				Post-Petition Period
		October 31, 2010				Ended October 31, 2010
Revenues:
Minimum rents		$	137,922			$	2,549,627
Tenant recoveries			60,303				1,143,036
Overage rents			5,784				67,958
Land and condominium sales			9,722				84,803
Management fees and other corporate revenues			934				15,742
Other			4,778				99,502
Total revenues			219,443				3,960,668
Expenses:
Real estate taxes			19,883				367,520
Property maintenance costs			8,487				155,063
Marketing			2,915				45,673
Ground and other rents			1,162				21,947
Other property operating costs			38,786				667,349
Land and condominium sales operations			8,726				154,585
Provision for doubtful accounts			1,346				33,789
Property management and other costs			6,955				152,163
General and administrative			2,586				72,007
Provisions for impairment			263				835,199
Depreciation and amortization			49,540				919,814
Total expenses			140,649				3,425,109
Operating income			78,794				535,559
Interest expense, net			(101,814	)			(1,857,397	)
Loss before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(23,020	)			(1,321,838	)
Provision for income taxes			(796	)			(29,778	)
Equity in income of Real Estate Affiliates			(14,370	)			129,436
Reorganization items			(44,289	)			8,685
Net loss			(82,475	)			(1,213,495	)
Allocation to noncontrolling interests			337				6,915
Net loss attributable to common stockholders		$	(82,138	)		$	(1,206,580	)
Basic and Diluted Loss Per Share:		$	(0.26	)		$	(3.83	)
Dividends declared per share		$	—			$	0.19
Comprehensive Loss, Net:
Net loss attributable to common stockholders		$	(82,138	)		$	(1,206,580	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments			6,495				29,938
Accrued pension adjustment			272				1,102
Foreign currency translation			23,825				79,413
Unrealized gains on available-for-sale securities			—				87
Other comprehensive income, net			30,592				110,540
Comprehensive loss attributable to common stockholders		$	(51,546	)		$	(1,096,040	)

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

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

COMBINING CONDENSED
BALANCE SHEET
(UNAUDITED)

		Combined All
		Debtors as of
		October 31, 2010
Assets:
Investment in real estate:
Land		$	2,903,273
Buildings and equipment			18,931,919
Less accumulated depreciation			(4,154,578	)
Developments in progress			359,636
Net property and equipment			18,040,250
Investment in and loans to/from Unconsolidated Real Estate Affiliates			379,804
Investment property and property held for development and sale			1,326,490
Investment in controlled non-debtor entities			4,125,251
Net investment in real estate			23,871,795
Cash and cash equivalents			559,524
Accounts and notes receivable, net			319,056
Goodwill			199,664
Deferred expenses, net			202,170
Prepaid expenses and other assets			577,209
Total assets		$	25,729,418
Liabilities and Equity:
Mortgages, notes and loans payable		$	14,325,147
Investment in and loans to/from Unconsolidated Real Estate Affiliates			33,551
Deferred tax liabilities			835,965
Accounts payable and accrued expenses			1,167,309
Liabilities not subject to compromise			16,361,972
Liabilities subject to compromise			7,834,346
Total liabilities			24,196,318
Redeemable noncontrolling interests:
Preferred			120,756
Common			123,972
Total redeemable noncontrolling interests			244,728
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, 318,841,787 shares issued as of October 31, 2010			3,188
Additional paid-in capital			3,717,142
Retained earnings (accumulated deficit)			(2,419,269	)
Accumulated other comprehensive income			45,717
Less common stock in treasury, at cost, 1,449,939 shares as of October 31, 2010			(76,752	)
Total stockholder’s equity			1,270,026
Noncontrolling interests in consolidated real estate affiliates			18,346
Total equity			1,288,372
Total liabilities and equity		$	25,729,418

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

GGP, Inc.
(Formerly 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 2009 MOR”), on April 16, 2009 (“the Petition Date”), GGP, Inc., formerly 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”.

On October 21, 2010, the Bankruptcy Court confirmed the plans of reorganization for all Debtors that had not previously had their respective plans of reorganization confirmed. On November 9, 2010 (the “Effective Date”), such confirmed plans of reorganization became effective and all Debtors have emerged from bankruptcy as of such date. Accordingly, this will be the final monthly operating report of this type filed with the Bankruptcy Court. Subsequently, quarterly, post-confirmation reports, subject to differing reporting formats and requirements, will be filed by the Debtors until all Chapter 11 cases have been closed.

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 2009 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 granted various motions that allowed the Company to continue to operate its business in the ordinary course without interruption; and 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, cash collateral, alternative dispute resolution, settlement of pre-petition mechanics liens and department store transactions.

On May 14, 2009, the Bankruptcy Court issued an order authorizing certain of the Debtors to enter into a Senior Secured Debtor in Possession Credit, Security and Guaranty Agreement among the Company, as co-borrower, GGP Limited Partnership, as co-borrower, certain of their subsidiaries, as guarantors, UBS AG, Stamford Branch, as agent, and the lenders party thereto (the “DIP Facility”). The DIP Facility closed on May 15, 2009, provided for an aggregate commitment of $400.0 million (the “DIP Term Loan”) and was used to repay $215.0 million of short-term secured debt and to provide additional liquidity to the Debtors during the pendency of their Chapter 11 Cases. The DIP Facility provided that principal outstanding on the DIP Term Loan bear interest at an annual rate equal to LIBOR (subject to a minimum LIBOR floor of 1.5%) plus 12%.

The New DIP Facility, which closed on July 23, 2010, provided for an aggregate commitment of $400.0 million (the “New DIP Term Loan”), which was used to refinance the DIP Term Loan. The New DIP Facility provided that principal outstanding on the New DIP Term Loan bear interest at an annual rate equal to 5.5% and was scheduled to mature at the earlier of May 16, 2011 or the Effective Date and was repaid, in full including accrued interest on the Effective Date.

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

On August 17, 2010, the Company filed with the Bankruptcy Court its third amended and restated disclosure statement and the plan of reorganization, as supplemented by the plan of reorganization supplement filed September 30, 2010 (the “Plan”) for the 126 Debtors currently remaining in the Chapter 11 Cases (the “TopCo Debtors”). As indicated above, on October 21, 2010, the Bankruptcy Court entered an order confirming the Plan. Pursuant to the Plan, on the Effective Date, the Company became an indirect subsidiary of General Growth Properties, Inc., formerly New GGP, Inc. (“New GGP”), and the Plan provided for, in general, prepetition creditors to be satisfied in full. Equity holders in the Company received equity in New GGP and a distribution of equity in The Howard Hughes Corporation (“HHC”), a newly formed real estate company comprised of certain assets and liabilities of the Company distributed to HHC pursuant to the Plan.

Through November 9, 2010, all 388 Chapter 11 Debtors filed consensual plans of reorganization. Of these entities, 262 Debtors owning 146 properties with $14.89 billion of secured mortgage loans filed consensual plans of reorganization and had emerged from bankruptcy (the “Emerged Debtors”) as of October 31, 2010. During the ten months ended October 31, 2010, 149 Debtors owning 96 properties with $10.23 billion of secured mortgage debt emerged from bankruptcy, while 113 Debtors owning 50 properties with $4.66 billion secured debt had emerged from bankruptcy as of December 31, 2009.

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 or registration 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. As of October 31, 2010, as each of the Debtors was, or at one time was, 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. 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 Debtor entities that have emerged from bankruptcy protection; (2) liabilities incurred after the Petition Date; (3) pre-Petition Date liabilities that the Emerged Debtors and the remaining debtors expect to pay in full, even though certain of these amounts had not been paid until after the Effective Date; 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. Expenses, provisions for losses resulting from the reorganization and certain other items directly related to the Chapter 11 Cases

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

are reported separately in our combined condensed statement of operations as reorganization items (Note 7).

Unsecured liabilities not subject to compromise as of October 31, 2010 with respect to the Emerged 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 plans of reorganization of the Emerged Debtors) have not yet been determined. In such regard, during February 2010, payments commenced on the Emerged 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 Emerged Debtor mortgage loans should be recorded at their estimated Fair Value upon emergence. A cumulative discount of approximately $323.3 million was recorded on such $10.23 billion of secured debt that emerged in the first ten months of 2010, with the resulting gain classified as a reorganization item.

Of the Emerged Debtors, as of October 31, 2010 we have identified 13 properties (the “Special Consideration Properties”) as underperforming retail assets. Pursuant to the terms of the agreements with the lenders for these properties, the Debtors had until two days following emergence of the TopCo Debtors to determine whether the collateral property for these loans should be deeded to the respective lender or the property should be retained with further modified loan terms. Prior to the Effective Date, all cash produced by the Special Consideration Properties were under the control of respective lenders and we were required to pay any operating expense shortfall. In addition, prior to emergence of the TopCo Debtors, the respective lender could change the manager of the property or put the property in receivership and GGP had the right to deed the property to the lender. We entered into Deed in Lieu Agreements dated September 9, 2010 with respect to Eagle Ridge Mall and Oviedo Marketplace and, pursuant to such agreements, the respective deed transfers occurred on November 1, 2010. On the Effective Date, we also agreed to cooperate with the respective lenders of the remaining Special Consideration Properties to jointly market such properties for sale, however the dates of deed transfer or sale for the remaining properties cannot be currently estimated.

Of the Special Consideration Properties, five of the properties had emerged as of December 31, 2009 for which we recorded a gain in reorganization items of $54.2 million for the year ended December 31, 2009, while the remaining eight properties emerged during 2010 for which we recorded a gain in reorganization items of $69.3 million. Any subsequent changes in the Fair Value of the mortgages related these properties will be recorded in interest expense as these entities have emerged from Chapter 11 bankruptcy protection.

On October 14, 2010, we sold our entire interest in our joint venture in Turkey to our venture partner. Such transaction was completed, with a resulting loss, including the effect of foreign currency adjustments previously recognized in other comprehensive income of, $20.7 million, which was recorded in equity in income of real estate affiliates as of October 31, 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 balances are between taxable and non-taxable entities), unsecured, payable on demand and have been reflected as a component of equity. In addition, the financial information contained in such financial statements for the Debtors is preliminary and unaudited and does not purport to show the results of operations or statements of position in accordance with GAAP as, primarily, only normal recurring adjustments are made for the routine monthly closing of our books. Accordingly, certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have been made for such purposes of this Monthly Operating Report. If this information had been subject to the procedures performed to prepare our quarterly and annual financial information in accordance with GAAP and the rules and regulations of the SEC, we believe that the financial information could be subject to changes and such changes could be material. Therefore, there can be no assurance that the financial information contained in this Monthly Operating Report for the Debtors is complete and readers are strongly cautioned not to place undue reliance upon this or any previously submitted Monthly Operating Report.

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

Readers of this Monthly Operating Report should refer to the Company’s audited Consolidated Financial Statements for the year ended December 31, 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”) and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2010 (the “2010 Interim Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report and such 2010 Interim Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our Annual Report or in the 2010 Interim 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 and Note 1 “Organization” in the Notes to Consolidated Financial Statements included in our 2010 Interim Report for a summary of the accounting policies that we consider to be significant.

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

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

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.

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

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

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

		All Debtors as of
		October 31, 2010
		(In thousands)
Below-market ground leases		$	179,885
Security and escrow deposits			119,692
Prepaid expenses			81,818
Real estate tax stabilization agreement			68,337
Receivables — finance leases and bonds			48,955
Special Improvement District receivable			46,388
Above-market tenant leases			17,887
Deferred tax, net of valuation allowances			8,106
Other			6,141
Total prepaid expenses and other assets		$	577,209

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

		All Debtors as of
		October 31, 2010
		(In thousands)
Utility and other security deposits		$	51,702
Operating funds — restricted			19,632
Real estate tax escrows			13,691
Construction/major maintenance reserves			2,618
Collateralized letters of credit and other credit support			1,909
Other miscellaneous escrows			30,140
Total security and escrow deposits		$	119,692

GGP, Inc.
(Formerly 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 September 30, 2010, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).

		All Debtors as of
		October 31, 2010
		(In thousands)
Accrued interest		$	677,454
Accounts payable and accrued expenses			369,236
Contingent purchase price liability			230,000
Uncertain tax position liabilities			218,863
Accrued payroll and other employee liabilities			248,985
Accrued real estate taxes			92,606
Deferred gains/income			57,030
Construction payable			48,281
Below-market tenant leases			43,105
Unapplied cash receipts			25,734
Accounts payable to affiliates			(106,842	)
Other			163,069
Total accounts payable and accrued expenses			2,067,521
Less: amounts not subject to compromise			(1,167,309	)
Total accounts payable and accrued expenses subject to compromise		$	900,212

The following table summarizes the amounts of LSTC (see Note 2) at September 30, 2010:

		(In thousands)
Mortgages and secured notes		$	557,392
Unsecured notes			6,376,742
Accounts payable and accrued expenses			900,212
Total liabilities subject to compromise		$	7,834,346

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. Although the Debtors considered the rejection of certain of such contracts as provided by the Bankruptcy Code, no contracts were rejected relating to the plans of reorganization of the Emerged Debtors. 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.

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
Insider compensation		$	803			$	18,560
Public Company expense (1)			1,013				11,726
Travel, entertainment, insurance and other			770				41,721
Total general and administrative		$	2,586			$	72,007

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:

						Cumulative Post-
		Month Ended				Petition Period Ended
Reorganization Items income (expense)		October 31, 2010				October 31, 2010
		(In thousands)
Gains on liabilities subject to compromise — vendors (1)		$	363			$	15,578
Gains on liabilities subject to compromise — mortgage debt (2)			—				665,483
Interest income (3)			26				223
U.S. Trustee fees (4)			(943	)			(9,195	)
Restructuring costs — Chapter 11 Retained Professionals (5)			(11,634	)			(210,326	)
Restructuring costs — including other professional fees (6)			(32,101	)			(453,078	)
Total reorganization items		$	(44,289	)		$	8,685

GGP, Inc.
(Formerly 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 October 31, 2010
										Combined
		Debtors				Eliminations				All Debtors
		(In thousands, except for per share amounts)
Revenues:
Minimum rents		$	137,928			$	(6	)			137,922
Tenant recoveries			60,271				32				60,303
Overage rents			5,784				—				5,784
Land and condominium sales			9,722				—				9,722
Management fees and other corporate revenues			936				(2	)			934
Other			4,778				—				4,778
Total revenues			219,419				24				219,443
Expenses:
Real estate taxes			19,883				—				19,883
Property maintenance costs			8,487				—				8,487
Marketing			2,915				—				2,915
Ground and other rents			1,162				—				1,162
Other property operating costs			37,329				1,457				38,786
Land and condominium sales operations			8,726				—				8,726
Provision for doubtful accounts			1,346				—				1,346
Property management and other costs			8,420				(1,465	)			6,955
General and administrative			2,586				—				2,586
Provisions for impairment			263				—				263
Depreciation and amortization			49,540				—				49,540
Total expenses			140,657				(8	)			140,649
Operating income			78,762				32				78,794
Interest (expense) income, net			(101,815	)			1				(101,814	)
(Loss) gain before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(23,053	)			33				(23,020	)
Provision for income taxes			(796	)			—				(796	)
Equity in income of Real Estate Affiliates			(2,338	)			(12,032	)			(14,370	)
Reorganization items			(44,289	)			—				(44,289	)
Net loss			(70,476	)			(11,999	)			(82,475	)
Allocation to noncontrolling interests			(1,466	)			1,803				337
Net loss attributable to common stockholders		$	(71,942	)		$	(10,196	)		$	(82,138	)
Basic and Diluted Earnings Per Share:		$	(0.23	)		$	(0.03	)		$	(0.26	)
Comprehensive Loss, Net:
Net loss attributable to common stockholders		$	(71,942	)		$	(10,196	)		$	(82,138	)
Other comprehensive income (loss), net:
Unrealized gains, net of unrealized losses, on financial instruments			6,514				(19	)			6,495
Accrued pension adjustment			272				—				272
Foreign currency translation			24,042				(217	)			23,825
Other comprehensive income (loss), net			30,828				(236	)			30,592
Comprehensive loss attributable to common stockholders		$	(41,114	)		$	(10,432	)		$	(51,546	)

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

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

SCHEDULE II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)

		Month Ended October 31, 2010
										Combined All
		Debtors				Eliminations				Debtors
		(In thousands)
Assets:
Investment in real estate:
Land		$	2,903,273			$	—			$	2,903,273
Buildings and equipment			18,931,919				—				18,931,919
Less accumulated depreciation			(4,154,578	)			—				(4,154,578	)
Developments in progress			378,322				(18,686	)			359,636
Net property and equipment			18,058,936				(18,686	)			18,040,250
Investment in and loans to/from Unconsolidated Real Estate Affiliates			599,921				(220,117	)			379,804
Investment property and property held for development and sale			1,308,070				18,420				1,326,490
Investment in controlled non-debtor entities			15,593,563				(11,468,312	)			4,125,251
Net investment in real estate			35,560,490				(11,688,695	)			23,871,795
Cash and cash equivalents			536,182				23,342				559,524
Accounts and notes receivable, net			319,105				(49	)			319,056
Goodwill			199,664				—				199,664
Deferred expenses, net			202,170				—				202,170
Prepaid expenses and other assets			1,017,063				(439,854	)			577,209
Total assets		$	37,834,674			$	(12,105,256	)		$	25,729,418
Liabilities and Equity:
Mortgages, notes and loans payable		$	14,325,147			$	—			$	14,325,147
Investment in and loans to/from Unconsolidated Real Estate Affiliates			33,551				—				33,551
Deferred tax liabilities			835,965				—				835,965
Accounts payable and accrued expenses			1,178,857				(11,548	)			1,167,309
Total liabilities not subject to compromise			16,373,520				(11,548	)			16,361,972
Liabilities subject to compromise			8,295,964				(461,618	)			7,834,346
Total liabilities			24,669,484				(473,166	)			24,196,318
Redeemable noncontrolling interests:
Preferred			120,756				—				120,756
Common			213,961				(89,989	)			123,972
Total redeemable noncontrolling interests			334,717				(89,989	)			244,728
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, 318,841,787 shares issued as of October 31, 2010			3,188				—				3,188
Additional paid-in capital			14,215,142				(10,498,000	)			3,717,142
Retained earnings (accumulated deficit)			(1,376,218	)			(1,043,051	)			(2,419,269	)
Accumulated other comprehensive income (loss)			46,767				(1,050	)			45,717
Less common stock in treasury, at cost, 1,449,939 shares as of October 31, 2010			(76,752	)			—				(76,752	)
Total stockholder’s equity			12,812,127				(11,542,101	)			1,270,026
Noncontrolling interests in consolidated real estate affiliates			18,346				—				18,346
Total equity			12,830,473				(11,542,101	)			1,288,372
Total liabilities and equity		$	37,834,674			$	(12,105,256	)		$	25,729,418

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

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

SCHEDULE III
SCHEDULE OF PAYROLL AND PAYROLL TAXES
(UNAUDITED)

as of and for the month ended October 31, 2010

Gross Wage		Employee Payroll		Employer Payroll
Expense		Taxes Withheld (a)		Taxes Remitted (b)
(In thousands)
$16,278		$3,633		$881

SCHEDULE IV
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES
(UNAUDITED)

						Amounts Paid
		Amount Accrued				Month Ended
		October 31, 2010				October 31, 2010
		(In thousands)
Federal and state income taxes		$	13,482			$	—
State and local taxes:
Property *			92,606				17,507
Sales and use			1,535				1,181
Franchise			1,413				8
Other			1,015				70
Total state and local taxes			96,569				18,766
Total taxes		$	110,051			$	18,766

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
10 Columbia Corp Ctr		$	—			$	—
10000 Covington Cross			—				—
10000 W Charleston			—				—
10190 Covington Cross			—				—
1120/40 Twon Ctr Dr			—				—
1160/80 Town Ctr Dr			—				—
1201/41 Tn Ctr Dr 2nd U3			—				—
1201/41 Town Ctr Dr			—				—
1201/41 Twn Ctr Dr FS U2			—				—
1240 Ala Moana Blvd			—				—
1251/81 Town Ctr Dr			—				—
1551 Hillshire Drive			—				8
1635 Village Ctr Circle			—				—
1645 Village Ctr Circle			—				—
9901/21 Covington Cross			—				—
9950/80 Covington Cross			—				—
Ahui Building			—				—
Ala Moana Bldg			—				—
Ala Moana Ctr			1,937				—
Ala Moana Pacific			—				—
Ala Moana Plaza			—				—
Ala Moana Tower			—				—
Alameda Plaza			148				—
Animas Valley			196				—
Apache Mall			—				851
Arizona Center			101				—
Arizona Center Cinem			13				8
Arizona Center Off			47				—
Arizona Center One			350				16
Arizona Center Other			—				—
Arizona Center Parki			104				8
Arizona Center Two			466				13
Arizona Ctr Garden Off			25				—
Arizona Ctr W Prkng Lot			—				—
Augusta Anchor Acq			297				—
Augusta Mall			600				—
Austin Bluffs			46				—
Austin Mall Ltd Part.			—				—
Bailey Hills Village			7				—
Baltimore Center Associates LP			—				—

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

16

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
Deerbrook			1,068				—
Deerbrook Mall Anchor Acq			59				—
Division Crossing			81				—
Eagle Ridge			451				—
Eastridge (CA)			513				—
Eastridge Mall (WY)			212				—
Eastridge Shopping Center LLC			—				—
Eden Prairie			—				2,025
Eden Prairie Ctr Anch			—				113
Elk Grove Promenade			467				—
Fairwood Dev Corp Share			—				—
Fallbrook Center			519				—
Faneuil Hall Marketplace LLC			—				1,068
Faneuil Hall Marketplc			—				—
Fashion Place			725				—
Fashion Place Anchor Acq			48				—
Fashion Show			2				—
Foothills Mall			—				—
Foothills Mall			773				—
Fort Union			57				—
Four Seasons Town Ctr			—				—
Four State/TRC of Nev			—				—
Fox River			1,240				—
Fremont Plaza			—				—
Gateway			325				—
Gateway Crossing			198				—
Gateway Overlook			—				—
GGP Jordan Creek LLC			—				—
GGPLP-Headquarters			—				—
GGPLP-Shared			1,490				2
Glenbrook Sq Anchor Acq			242				—
Glenbrook Square			6,198				—
Grand Teton Mall			703				—
Grand Teton Plaza			155				—
Grand Traverse			20				—
Greengate Mall, Inc			—				—
Greenwood			29				371
Halekauwila Bldg			—				—
Halsey Crossing			26				—
Harborplace			—				—

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
Hughes Summerlin Other			—				—
Hulen Mall			1,756				—
Jordan Creek Town Ctr			3,505				—
Kendall Town Center			738				—
Knollwood			—				310
Lakeview Square			110				—
Landmark			176				—
Lansing Mall			290				—
Lincolnshire Commons			382				—
Lockport			—				119
Lynnhaven Mall			821				—
Mall Bluffs			1,064				—
Mall of Louisiana			1,028				—
Mall of Louisiana Pwr Ctr			128				—
Mall St Vincent			521				—
Mall St. Matthews			570				83
Market Place			1,463				—
Mayfair			3,851				—
Mayfair Bank			266				—
Mayfair Mall LLC			—				—
Mayfair North			279				—
Mayfair Prof			106				—
Mayfair-Aurora Hlth CtrSht			253				—
Mondawmin Mall			—				—
Mondawmin Mall-Office			—				—
Moreno			192				—
Newgate			642				—
Newgate Mall Land			—				—
Newpark			269				—
NewPark Mall Anchor Acq			47				—
North Plains Mall			52				—
North Point			258				1,726
North Star Mall			3,246				—
North Star Mall Anch Acq			293				—
North Town Mall			11				568
Northgate			550				—
Northridge			839				—
Oakwood Center (LA)			381				—
Oakwood Mall (WI)			1,034				—
Oglethorpe			454				—

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
Orem Plaza Ctr St			61				—
Orem Plaza State St			30				—
Other Hughes Properties			—				—
Oviedo Marketplace			562				—
Oxmoor Center			626				—
Park City			—				—
Park Meadows			—				—
Park Place			437				499
Park West			478				455
Parking Lot-932			—				—
PDC Holding LLC			—				—
Peachtree Mall			576				—
Pecanland Mall			538				—
Pecanland Mall Anchor Acq			43				—
Piedmont			76				—
Pierre Bossier			195				—
Pine Ridge Mall			297				—
Pioneer Place			213				—
Pioneer Place Exp			225				—
Pioneer Tower			273				—
Pioneer Tower Garage			36				—
Plaza 800			—				—
Plaza 9400			126				—
Providence Place			—				200
Provo Plaza			37				—
Rascap Realty, Ltd			—				—
Red Cliffs Mall			236				—
Red Cliffs Plaza			53				—
Redlands Promenade			32				—
Regency			1,135				—
Retail at Residential			—				75
Ridgedale Center			—				1,851
Ridgely Building			—				—
Rio West			176				—
River Falls			1,066				—
River Hills			1,218				765
River Pointe Plaza			82				—
Riverlands			50				—
Riverside Plaza			130				—
Rivertown			—				1
Riverwalk Marketplace-			—				—

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
Rogue Valley Mall			267				—
Rouse Arizona Center LLC			—				60
S St. Marketplace Theater			171				—
Saint Louis Galleria			3,321				—
Saint Louis Galleria Anch			67				—
Salem Center			187				—
Seaport Marketplace, Inc			—				—
Sikes Senter			976				—
Silver Lake Mall			175				—
Sooner			343				—
South Street Seaport			—				—
South Street Seaport LP			—				—
Southlake			882				—
Southland Center			—				—
Southland Mall			542				—
SouthShore			—				39
Southwest Off l			146				—
Southwest Off ll			45				—
Southwest Plaza			1,954				—
Southwest Plaza LLC			—				—
Spring Hill			1,834				—
Steeplegate			—				—
Stonestown Galleria			1,233				—
Stonestown Land			—				—
Stonestown Medical			74				—
The Boulevard			—				4
The Bridges @ Mint Hill			16				—
The Commons Foothills			26				—
The Crossroads (MI)			—				—
The Gallery Harbor Off			—				—
The Gallery Harbor-Gar			585				—
The Gallery Harborplace			—				—
The Grand Canal			21				—
The Hughes Corp			—				—
The Maine Mall			303				—
The Mall @ Sierra Vista			128				193
The Pines			79				—
The Plaza Foothills			63				—
The Shoppes @ Palazzo			32				—
The Shoppes at Detroit Gwy			—				—
The Shops @ Summerlin Ctre			176				—
The Shops Fallen Timbers			1,542				—

GGP, Inc.
(Formerly 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		October 31, 2010				October 31, 2010
		(In thousands)
The Shops Foothills			102				—
The Village Cross Keys			—				—
The Village of Redlands			68				—
The Woodlands Anch Acq			87				—
Three Rivers Mall			—				96
Toshiba Hawaii, Inc			—				—
Town East			2,759				—
Tucson 4646 Outparcel			11				21
Tucson 4848 Outparcel			14				—
Tucson Anc Acq			22				—
Tucson Mall			304				505
Twin Falls Crossing			29				—
Tysons Galleria			827				—
University Crossing			209				—
Valley Hills			890				—
Valley Plaza Anchor Acq			—				—
Valley Plaza Mall			395				—
Victoria Ward			—				—
Victoria Ward Limited			33				—
Victoria Ward Shr Op			—				—
Village-Jordan Creek			926				—
Visalia Mall			153				—
Vista Commons			—				—
Vista Ridge			1,568				—
Ward Gateway-Industrial-Villag			141				—
Ward Industrial Ctr			—				—
Washington Park			140				—
West Valley			309				—
Westwood			8				—
White Marsh LP Share			—				—
White Marsh Mall			—				—
White Mountain Mall			92				—
Willowbrook (NJ)			192				1,841
Woodbridge Center			—				1,730
Woodlands			1,282				—
Woodlands			108				—
Woodlands Village			38				58
Yellowstone Square			85				—
		$	92,606			$	17,507

GGP, Inc.
(Formerly General Growth Properties, Inc.)
Combined Debtors Monthly Operating Report
Case No. 09-11977 (Jointly Administered)

SCHEDULE V
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)

						Disbursements
						Month Ended
Legal Entity		Case Number				October 31, 2010
						(In thousands)
South Street Seaport Limited Partnership			09-11963			$	1,783
Seaport Marketplace, LLC			09-11964				—
Seaport Marketplace Theatre, LLC			09-11965				4
Lockport L.L.C.			09-11966				126
RASCAP Realty, Ltd.			09-11967				—
Bellis Fair Partners			09-11968				1,428
GGP-Mint Hill L.L.C.			09-11969				—
Pines Mall Partners			09-11970				39
GGP-Grandville L.L.C.			09-11971				1,444
GGP-Grandville II L.L.C.			09-11972				—
GGP-Redlands Mall, L.P.			09-11973				71
La Place Shopping, L.P.			09-11974				30
GGP-Tucson Land L.L.C.			09-11975				25
Tucson Anchor Acquisition, LLC			09-11976				415
General Growth Properties, Inc.			09-11977				—
GGP Limited Partnership			09-11978				49,279
Rouse LLC			09-11979				—
GGP American Properties Inc.			09-11980				—
Caledonian Holding Company, Inc.			09-11981				1
GGPLP L.L.C.			09-11982				2
Rouse Company LP, The			09-11983				6,373
TRC Co-Issuer, Inc.			09-11984				—
Oakwood Shopping Center Limited Partnership			09-11985				628
Alameda Mall Associates			09-11986				1,037
Bay Shore Mall Partners			09-11987				440
Chico Mall, L.P.			09-11988				113
Lansing Mall Limited Partnership			09-11989				466
GGP-Pecanland, L.P.			09-11990				826
GGP-Pecanland II, L.P.			09-11991				—
Southland Mall, L.P.			09-11992				704
South Shore Partners, L.P.			09-11993				74
Price Financing Partnership, L.P.			09-11994				—
Price GP L.L.C.			09-11995				—
HHP Government Services, Limited Partnership			09-11996				1
Ho Retail Properties I Limited Partnership			09-11997				363
New Orleans Riverwalk Associates			09-11998				1,099
New Orleans Riverwalk Limited Partnership			09-11999				—
White Marsh General Partnership			09-12000				520
White Marsh Mall Associates			09-12001				520
White Marsh Phase II Associates			09-12002				520