FINANCIAL OVERVIEW

Consolidated Statements of Income (1)

(in thousands, except per share)

	Three Months Ended						Six Months Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Revenues:
Minimum rents	$	430,328		$	441,617		$	869,043		$	891,276
Tenant recoveries	194,922			202,287			395,804			402,271
Overage rents	6,464			6,602			18,268			15,969
Management fees and other corporate revenues	14,235			16,016			29,588			33,988
Other	17,290			18,302			34,324			36,695
Total revenues	663,239			684,824			1,347,027			1,380,199
Expenses:
Real estate taxes	66,925			63,844			132,130			128,864
Property maintenance costs	26,018			23,978			59,032			55,004
Marketing	6,964			5,640			14,172			12,406
Other property operating costs	111,191			109,067			219,358			220,661
Provision for doubtful accounts	1,711			3,213			1,788			8,746
Property management and other costs	44,785			49,239			92,537			83,705
General and administrative (2)	2,411			5,210			3,157			13,320
Provisions for impairment	—			—			—			11,057
Depreciation and amortization	248,547			164,018			496,735			327,775
Total expenses	508,552			424,209			1,018,909			861,538
Operating income	154,687			260,615			328,118			518,661
Interest income	560			182			1,240			752
Interest expense	(253,158		)	(323,652		)	(491,292		)	(651,311		)
Warrant adjustment	(94,769		)	—			(18,321		)	—
Loss before income taxes, equity in (loss) income of Unconsolidated Real Estate Affiliates, reorganization items and noncontrolling interests	(192,680		)	(62,855		)	(180,255		)	(131,898		)
Provision for income taxes	(1,027		)	(3,292		)	(4,216		)	(5,223		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	(9,433		)	13,221			(12,366		)	45,480
Reorganization items	—			(69,845		)	—			(26,988		)
Loss from continuing operations	(203,140		)	(122,771		)	(196,837		)	(118,629		)
Discontinued operations (3)	1,011			5,216			1,745			56,865
Net loss	(202,129		)	(117,555		)	(195,092		)	(61,764		)
Allocation to noncontrolling interests	(919		)	28			(2,292		)	(4,108		)
Net loss attributable to common stockholders	$	(203,048	)	$	(117,527	)	$	(197,384	)	$	(65,872	)
Basic and Diluted (Loss) Earnings Per Share:
Continuing operations	$	(0.22	)	$	(0.39	)	$	(0.21	)	$	(0.39	)
Discontinued operations	—			0.02			—			0.18
Total basic and diluted (loss) earnings per share	$	(0.22	)	$	(0.37	)	$	(0.21	)	$	(0.21	)

(1) Amounts presented in accordance with GAAP.

(2) The three and six months ended June 30, 2011 includes adjustments to bankruptcy related items, including the reversal of previously accrued bankruptcy costs, other gains on settlements, legal fees and professional fees.

(3) Refer to Pages 29 and 30 (Discontinued Operations).

FINANCIAL OVERVIEW

Portfolio Results and Funds From Operations (FFO), at share

For the Three Months Ended June 30, 2011 and June 30, 2010

(in thousands)

	Three Months Ended June 30, 2011									Three Months Ended June 30, 2010
	Consolidated Properties			Unconsolidated Properties			Pro Rata Basis			Consolidated Properties			Unconsolidated Properties			Pro Rata Basis

Property revenues:
Minimum rents	$	430,328		$	81,657		$	511,985		$	441,617		$	87,727		$	529,344
Tenant recoveries	194,922			34,662			229,584			202,287			34,813			237,100
Overage rents	6,464			1,418			7,882			6,602			950			7,552
Other, including noncontrolling interests	14,153			2,691			16,844			16,135			2,860			18,995
Total property revenues	645,867			120,428			766,295			666,641			126,350			792,991
Property operating expenses:
Real estate taxes	66,925			10,894			77,819			63,844			11,225			75,069
Property maintenance costs	26,018			4,229			30,247			23,978			3,976			27,954
Marketing	6,964			1,463			8,427			5,640			1,028			6,668
Other property operating costs	111,191			20,037			131,228			109,067			17,977			127,044
Provision for doubtful accounts	1,711			699			2,410			3,213			679			3,892
Total property operating expenses	212,809			37,322			250,131			205,742			34,885			240,627
NOI	$	433,058		$	83,106		$	516,164		$	460,899		$	91,465		$	552,364
Management fees and other corporate revenues	14,235			1,613			15,848			16,016			5,960			21,976
Property management and other costs	(44,785		)	(5,412		)	(50,197		)	(49,239		)	(9,321		)	(58,560		)
General and administrative	(2,411		)	(3,633		)	(6,044		)	(5,210		)	204			(5,006		)
Preferred unit distributions	(2,336		)	—			(2,336		)	(2,335		)	—			(2,335		)
EBITDA before reorganization items	$	397,761		$	75,674		$	473,435		$	420,131		$	88,308		$	508,439
Reorganization items	—			—			—			(69,845		)	—			(69,845		)
EBITDA	$	397,761		$	75,674		$	473,435		$	350,286		$	88,308		$	438,594
Depreciation on non-income producing assets	(859		)	—			(859		)	(2,410		)	—			(2,410		)
Interest income	560			2,671			3,231			182			2,203			2,385
Interest expense:
Default interest	(57,791		)	(1,157		)	(58,948		)	—			—			—
Interest expense relating to extinguished debt	(3,322		)	—			(3,322		)	(66,528		)	—			(66,528		)
Mark-to-market adjustments on debt	3,086			160			3,246			(9,069		)	(105		)	(9,174		)
Write-off of mark-to-market adjustments on extinguished debt	44,818			—			44,818			—			—			—
Debt extinguishment expenses	(1,591		)	—			(1,591		)	—			—			—
Interest on existing debt	(238,358		)	(40,411		)	(278,769		)	(248,055		)	(41,863		)	(289,918		)
Warrant adjustment	(94,769		)	—			(94,769		)	—			—			—
Provision for income taxes	(1,027		)	(86		)	(1,113		)	(3,292		)	(110		)	(3,402		)
Other FFO from noncontrolling interests	1,485			22			1,507			1,051			20			1,071
FFO from discontinued operations (1)	4,661			2,249			6,910			12,607			41,282			53,889
	54,654			39,122			93,776			34,772			89,735			124,507
Equity in FFO of Unconsolidated Properties	39,122			(39,122		)	—			89,735			(89,735		)	—
FFO (2)	$	93,776		$	—		$	93,776		$	124,507		$	—		$	124,507

(1) Refer to Pages 29 and 30 (Discontinued Operations).

(2) Refer to Page 7 (Non-Cash Revenue and Expenses Reflected in FFO).

FINANCIAL OVERVIEW

Portfolio Results and Funds From Operations (FFO), at share

For the Six Months Ended June 30, 2011 and June 30, 2010

(in thousands)

	Six Months Ended June 30, 2011									Six Months Ended June 30, 2010
	Consolidated Properties			Unconsolidated Properties			Pro Rata Basis			Consolidated Properties			Unconsolidated Properties			Pro Rata Basis

Property revenues:
Minimum rents	$	869,043		$	171,694		$	1,040,737		$	891,276		$	180,364		$	1,071,640
Tenant recoveries	395,804			70,013			465,817			402,271			71,335			473,606
Overage rents	18,268			3,100			21,368			15,969			2,152			18,121
Other, including noncontrolling interests	28,256			5,326			33,582			30,672			6,034			36,706
Total property revenues	1,311,371			250,133			1,561,504			1,340,188			259,885			1,600,073
Property operating expenses:
Real estate taxes	132,130			22,151			154,281			128,864			22,788			151,652
Property maintenance costs	59,032			9,496			68,528			55,004			8,923			63,927
Marketing	14,172			3,049			17,221			12,406			2,465			14,871
Other property operating costs	219,358			37,964			257,322			220,661			39,018			259,679
Provision for doubtful accounts	1,788			1,730			3,518			8,746			2,087			10,833
Total property operating expenses	426,480			74,390			500,870			425,681			75,281			500,962
NOI	$	884,891		$	175,743		$	1,060,634		$	914,507		$	184,604		$	1,099,111
Management fees and other corporate revenues	29,588			2,759			32,347			33,988			9,850			43,838
Property management and other costs	(92,537		)	(10,879		)	(103,416		)	(83,705		)	(18,233		)	(101,938		)
General and administrative	(3,157		)	(4,851		)	(8,008		)	(13,320		)	(158		)	(13,478		)
Preferred unit distributions	(4,671		)	—			(4,671		)	(4,671		)	—			(4,671		)
EBITDA before provisions for impairment and reorganization items	$	814,114		$	162,772		$	976,886		$	846,799		$	176,063		$	1,022,862
Provisions for impairment	—			—			—			(11,057		)	—			(11,057		)
Reorganization items	—			—			—			(26,988		)	—			(26,988		)
EBITDA	$	814,114		$	162,772		$	976,886		$	808,754		$	176,063		$	984,817
Depreciation on non-income producing assets	(2,314		)	—			(2,314		)	(4,793		)	—			(4,793		)
Interest income	1,240			3,484			4,724			752			2,468			3,220
Interest expense:
Default interest	(58,766		)	(2,300		)	(61,066		)	—			—			—
Interest expense relating to extinguished debt	(6,968		)	—			(6,968		)	(133,208		)	—			(133,208		)
Mark-to-market adjustments on debt	7,229			209			7,438			(20,657		)	(150		)	(20,807		)
Write-off of mark-to-market adjustments on extinguished debt	44,818			—			44,818			—			—			—
Debt extinguishment expenses	(1,600		)	—			(1,600		)	—			—			—
Interest on existing debt	(476,005		)	(78,676		)	(554,681		)	(497,446		)	(79,579		)	(577,025		)
Warrant adjustment	(18,321		)	—			(18,321		)	—			—			—
(Provision for) benefit from income taxes	(4,216		)	(180		)	(4,396		)	(5,223		)	180			(5,043		)
Other FFO from noncontrolling interests	3,851			44			3,895			2,337			39			2,376
FFO from discontinued operations (1)	9,625			1,814			11,439			76,078			46,753			122,831
	312,687			87,167			399,854			226,594			145,774			372,368
Equity in FFO of Unconsolidated Properties	87,167			(87,167		)	—			145,774			(145,774		)	—
FFO (2)	$	399,854		$	—		$	399,854		$	372,368		$	—		$	372,368

(1) Refer to Pages 29 and 30 (Discontinued Operations).

(2) Refer to Page 7 (Non-Cash Revenue and Expenses Reflected in FFO).

FINANCIAL OVERVIEW

Reconciliation of Core NOI, Core EBITDA, and Core FFO, at share

(in thousands, except per share)

	Three Months Ended						Six Months Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
NOI	$	516,164		$	552,364		$	1,060,634		$	1,099,111
Core NOI adjustments:
Straight-line rent (1)	(28,106		)	(10,454		)	(62,325		)	(22,455		)
Above- and below-market tenant leases, net (1)	37,827			(2,090		)	70,726			(3,584		)
Above- and below-market ground rent expense, net (1)	1,712			1,601			3,329			3,091
Total Core NOI adjustments	11,433			(10,943		)	11,730			(22,948		)
Core NOI	$	527,597		$	541,421		$	1,072,364		$	1,076,163

EBITDA	$	473,435		$	438,594		$	976,886		$	984,817
Core NOI adjustments	11,433			(10,943		)	11,730			(22,948		)
Above- and below-market building rent, net (1)	(424		)	—			(848		)	—
Provisions for impairment	—			—			—			11,057
Reorganization items (2)	—			69,845			—			26,988
Management and administrative costs, net (3)	(9,960		)	(2,534		)	(19,499		)	(3,726		)
Total Core EBITDA adjustments	1,049			56,368			(8,617		)	11,371
Core EBITDA	$	474,484		$	494,962		$	968,269		$	996,188

FFO	$	93,776		$	124,507		$	399,854		$	372,368
Core EBITDA adjustments	1,049			56,368			(8,617		)	11,371
FFO from discontinued operations	(6,910		)	(53,889		)	(11,439		)	(122,831		)
Default interest	58,948			—			61,066			—
Interest expense relating to extinguished debt	3,322			66,528			6,968			133,208
Write-off of mark-to-market adjustments on extinguished debt	(44,818		)	—			(44,818		)	—
Debt extinguishment expenses	1,591			—			1,600			—
Mark-to-market adjustments on debt	(3,246		)	9,174			(7,438		)	20,807
Warrant adjustment	94,769			—			18,321			—
Provision for income taxes	1,113			3,402			4,396			5,043
Total FFO adjustments	105,818			81,583			20,039			47,598
Core FFO	$	199,594		$	206,090		$	419,893		$	419,966
Core FFO per share - diluted	0.20			$	0.63		$	0.42		$	1.29

(1)	These items were impacted by the effects of acquisition accounting as of November 9, 2010.
(2)	Reorganization items reflect bankruptcy-related activity, including gains/losses on liabilities subject to compromise, interest income, U.S. Trustee fees, and other restructuring costs incurred during the Chapter 11 cases from April 16, 2009 to November 9, 2010.
(3)	Refer to Pages 9 and 10 (Management and Administrative Costs, net).

FINANCIAL OVERVIEW

Non-Cash Revenue and Expenses Reflected in FFO, at share

(in thousands)

	Consolidated Properties			Unconsolidated Properties			Consolidated Properties			Unconsolidated Properties
	Three Months Ended June 30, 2011						Three Months Ended June 30, 2010

Minimum rents:
Above- and below-market tenant leases, net	$	(32,935	)	$	(4,892	)	$	2,009		$	81
Straight-line rent	23,344			4,762			7,892			2,562
Real estate taxes:
Real estate tax stabilization agreement	(1,578		)	—			(981		)	—
Other property operating costs:
Non-cash ground rent expense	(1,554		)	(158		)	(1,353		)	(248		)
Property management and other costs:
Above- and below-market building rent, net	424			—			—			—
Non-cash stock compensation expense	(659		)	—			(985		)	—
General and administrative:
Non-cash stock compensation expense	(3,607		)	—			(1,615		)	—
Interest expense:
Mark-to-market adjustments on debt	3,086			160			(9,069		)	(105		)
Amortization of deferred finance costs	(708		)	20			(7,343		)	(395		)
Amortization of discount on exchangeable notes	—			—			(7,180		)	—
Termination of interest rate swaps	—			—			(4,520		)	—
Debt extinguishment costs	(1,590		)	(1		)	(157		)	—
Write-off of mark-to-market adjustments on extinguished debt	44,818			—			—			—
Warrant adjustment	(94,769		)	—			—			—
Non-cash reorganization items	—			—			7,261			—
Totals	$	(65,728	)	$	(109	)	$	(16,041	)	$	1,895

	Six Months Ended June 30, 2011						Six Months Ended June 30, 2010

Minimum rents:
Above- and below-market tenant leases, net	$	(60,159	)	$	(10,567	)	$	3,499		$	85
Straight-line rent	51,119			11,206			17,541			4,914
Real estate taxes:
Real estate tax stabilization agreement	(3,156		)	—			(1,962		)	—
Other property operating costs:
Non-cash ground rent expense	(3,007		)	(322		)	(2,699		)	(392		)
Property management and other costs:
Above- and below-market building rent, net	848			—			—			—
Non-cash stock compensation expense	(2,980		)	—			(5,288		)	—
General and administrative:
Non-cash stock compensation expense	(6,539		)	—			(1,850		)	—
Provisions for impairment	—			—			(11,057		)	—
Interest expense:
Mark-to-market adjustments on debt	7,229			209			(20,657		)	(150		)
Amortization of deferred finance costs	(1,135		)	(1,756		)	(16,036		)	(780		)
Amortization of discount on exchangeable notes	—			—			(14,290		)	—
Termination of interest rate swaps	—			—			(9,040		)	—
Debt extinguishment costs	(1,590		)	(10		)	(157		)	—
Write-off of mark-to-market adjustments on extinguished debt	44,818			—			—			—
Warrant adjustment	(18,321		)	—			—			—
Non-cash reorganization items	—			—			156,592			—
Totals	$	7,127		$	(1,240	)	$	94,596		$	3,677

FINANCIAL OVERVIEW

Reconciliation of Non-GAAP to GAAP Financial Measures

(in thousands)

	Three Months Ended						Six Months Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Reconciliation of NOI to GAAP Operating Income
NOI:
Pro Rata basis	$	516,164		$	552,364		$	1,060,634		$	1,099,111
Unconsolidated Properties	(83,106		)	(91,465		)	(175,743		)	(184,604		)
Consolidated Properties	433,058			460,899			884,891			914,507
Management fees and other corporate revenues	14,235			16,016			29,588			33,988
Property management and other costs	(44,785		)	(49,239		)	(92,537		)	(83,705		)
General and administrative	(2,411		)	(5,210		)	(3,157		)	(13,320		)
Provisions for impairment	—			—			—			(11,057		)
Depreciation and amortization	(248,547		)	(164,018		)	(496,735		)	(327,774		)
Noncontrolling interest in NOI of Consolidated Properties	3,137			2,167			6,068			6,022
Operating income	$	154,687		$	260,615		$	328,118		$	518,661

Reconciliation of EBITDA to GAAP Net Loss Attributable to Common Stockholders
EBITDA:
Pro Rata basis	$	473,435		$	438,594		$	976,886		$	984,817
Unconsolidated Properties	(75,674		)	(88,308		)	(162,772		)	(176,063		)
Consolidated Properties	397,761			350,286			814,114			808,754
Preferred unit distributions	2,336			2,335			4,671			4,671
Depreciation and amortization	(248,547		)	(164,018		)	(496,735		)	(327,774		)
Noncontrolling interest in NOI of Consolidated Properties	3,137			2,167			6,068			6,022
Interest income	560			182			1,240			752
Interest expense	(253,158		)	(323,652		)	(491,292		)	(651,311		)
Warrant adjustment	(94,769		)	—			(18,321		)	—
Provision for income taxes	(1,027		)	(3,292		)	(4,216		)	(5,223		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	(9,433		)	13,221			(12,366		)	45,480
Discontinued operations	1,011			5,216			1,745			56,865
Allocation to noncontrolling interests	(919		)	28			(2,292		)	(4,108		)
Net loss attributable to common stockholders	$	(203,048	)	$	(117,527	)	$	(197,384	)	$	(65,872	)

Reconciliation of FFO to GAAP Net Loss Attributable to Common Stockholders
FFO:
Pro Rata basis	$	93,776		$	124,507		$	399,854		$	372,368
Unconsolidated Properties	—			—			—			—
Consolidated Properties	93,776			124,507			399,854			372,368
Depreciation and amortization of capitalized real estate costs	(296,085		)	(196,208		)	(595,751		)	(392,472		)
Gain on sales of investment properties	(791		)	(35,563		)	2,625			(19,443		)
Noncontrolling interests in depreciation of Consolidated Properties	1,627			819			4,014			1,962
Redeemable noncontrolling interests	1,464			2,700			1,424			1,512
Depreciation and amortization of discontinued operations	(3,039		)	(13,782		)	(9,550		)	(29,799		)
Net loss attributable to common stockholders	$	(203,048	)	$	(117,527	)	$	(197,384	)	$	(65,872	)

Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in (Loss) Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	83,106		$	91,465		$	175,743		$	184,604
Net property management fees and costs	(3,799		)	(3,361		)	(8,120		)	(8,383		)
Net interest expense	(38,737		)	(39,765		)	(77,283		)	(77,261		)
General and administrative, provisions for impairment,
income taxes and noncontrolling interest in FFO	(3,697		)	114			(4,987		)	61
FFO of discontinued Unconsolidated Properties	2,249			41,282			1,814			46,753
FFO of Unconsolidated Properties	39,122			89,735			87,167			145,774
Depreciation and amortization of capitalized real estate costs	(48,477		)	(37,271		)	(102,750		)	(74,828		)
Other, including gain on sales of investment properties	(78		)	(39,243		)	3,217			(25,466		)
Equity in (loss) income of Unconsolidated Real Estate Affiliates	$	(9,433	)	$	13,221		$	(12,366	)	$	45,480

FINANCIAL OVERVIEW

Management and Administrative Costs, Net, at share

For the Three Months Ended June 30, 2011 and June 30, 2010

(in thousands)

	Three Months Ended									Three Months Ended
	June 30, 2011									June 30, 2010
	Less:									Less:
	Total			Non-Comparable(2)			Comparable			Total			Non-Comparable(2)			Comparable
Management fees and other corporate revenues
Consolidated	$	14,235		$	(195	)	$	14,040		$	16,016		$	(1,403	)	$	14,613
Unconsolidated	1,613			—			1,613			5,960			(3,533		)	2,427
Management fees and other corporate revenues	15,848			(195		)	15,653			21,976			(4,936		)	17,040
Reclassification of our share of the Unconsolidated Management fee expense earned by the Company from below(3)	(5,351		)	—			(5,351		)	(6,429		)	—			(6,429		)
Management fees and other corporate revenues, net(1)	$	10,497		$	(195	)	$	10,302		$	15,547		$	(4,936	)	$	10,611

Property management and other costs
Consolidated	$	(44,785	)	$	—		$	(44,785	)	$	(49,239	)	$	1,171		$	(48,068	)
Unconsolidated	(5,412		)	—			(5,412		)	(9,321		)	2,863			(6,458		)
Property management and other costs	(50,197		)	—			(50,197		)	(58,560		)	4,034			(54,526		)
Reclassification of our share of the Unconsolidated Management fee expense earned by the Company to above(3)	5,351			—			5,351			6,429			—			6,429
Property management and other costs, net	$	(44,846	)	$	—		$	(44,846	)	$	(52,131	)	$	4,034		$	(48,097	)

General and administrative
Consolidated(4)	$	(2,411	)	$	(9,765	)	$	(12,176	)	$	(5,210	)	$	—		$	(5,210	)
Unconsolidated	(3,633		)	—			(3,633		)	204			(1,632		)	(1,428		)
General and administrative	$	(6,044	)	$	(9,765	)	$	(15,809	)	$	(5,006	)	$	(1,632	)	$	(6,638	)

Management and Administrative Costs, Net	$	(40,393	)	$	(9,960	)	$	(50,353	)	$	(41,590	)	$	(2,534	)	$	(44,124	)

(1) Management and other corporate revenues are net of GGP’s share of management fee expense that is charged to the Unconsolidated Real Estate Affiliates.

(2) Non-comparable activity includes revenues and expenses from GGP’s third party management division which was sold in the second quarter of 2010 and GGP’s interest in a Turkish joint venture which was sold in the third quarter of 2010.

(3) Represents GGP’s share of the management fees charged by the Company to the domestic Unconsolidated Real Estate Affiliates.

(4) Non-comparable general and administrative includes bankruptcy related items, including the reversal of previously accrued bankruptcy costs and gains on settlements, partially offset by legal fees and professional fees.

FINANCIAL OVERVIEW

Management and Administrative Costs, Net, at share

For the Six Months Ended June 30, 2011 and June 30, 2010

(in thousands)

	Six Months Ended									Six Months Ended
	June 30, 2011									June 30, 2010
	Less:									Less:
	Total			Non-Comparable(2)			Comparable			Total			Non-Comparable(2)			Comparable
Management fees and other corporate revenues
Consolidated	$	29,588		$	(402	)	$	29,186		$	33,988		$	(2,894	)	$	31,094
Unconsolidated	2,759			—			2,759			9,850			(6,236		)	3,614
Management fees and other corporate revenues	32,347			(402		)	31,945			43,838			(9,130		)	34,708
Reclassification of our share of the Unconsolidated Management fee expense earned by the Company from below(3)	(10,831		)	—			(10,831		)	(11,929		)	—			(11,929		)
Management fees and other corporate revenues, net(1)	$	21,516		$	(402	)	$	21,114		$	31,909		$	(9,130	)	$	22,779

Property management and other costs
Consolidated	$	(92,537	)	$	—		$	(92,537	)	$	(83,705	)	$	2,432		$	(81,273	)
Unconsolidated	(10,879		)	—			(10,879		)	(18,233		)	6,255			(11,978		)
Property management and other costs	(103,416		)	—			(103,416		)	(101,938		)	8,687			(93,251		)
Reclassification of our share of the Unconsolidated Management fee expense earned by the Company to above(3)	10,831			—			10,831			11,929			—			11,929
Property management and other costs, net	$	(92,585	)	$	—		$	(92,585	)	$	(90,009	)	$	8,687		$	(81,322	)
General and administrative

Consolidated(4)	$	(3,157	)	$	(19,097	)	$	(22,254	)	$	(13,320	)	$	—		$	(13,320	)
Unconsolidated	(4,851		)	—			(4,851		)	(158		)	(3,283		)	(3,441		)
General and administrative	$	(8,008	)	$	(19,097	)	$	(27,105	)	$	(13,478	)	$	(3,283	)	$	(16,761	)

Management and Administrative Costs, Net	$	(79,077	)	$	(19,499	)	$	(98,576	)	$	(71,578	)	$	(3,726	)	$	(75,304	)

(1) Management and other corporate revenues are net of GGP’s share of management fee expense that is charged to the Unconsolidated Real Estate Affiliates.

(3) Represents GGP’s share of the management fees charged by the Company to the domestic Unconsolidated Real Estate Affiliates.

FINANCIAL OVERVIEW

Proportionate Balance Sheet, at share

(in thousands)

	As of June 30, 2011
	Consolidated (1)			Non-Controlling Interests			Our Consolidated Share			Our Share of Joint Ventures			Our Total Share
Assets:
Investment in real estate:
Land	$	4,683,115		$	(23,575	)	$	4,659,540		$	630,294		$	5,289,834
Buildings and equipment	20,139,908			(154,379		)	19,985,529			4,745,399			24,730,928
Less accumulated depreciation	(585,338		)	20,072			(565,266		)	(108,327		)	(673,593		)
Developments in progress	131,629			(666		)	130,963			27,694			158,657
Net property and equipment	24,369,314			(158,548		)	24,210,766			5,295,060			29,505,826
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,048,438			—			3,048,438			(3,048,438		)	—
Net investment in real estate	27,417,752			(158,548		)	27,259,204			2,246,622			29,505,826
Cash and cash equivalents	585,548			(6,639		)	578,909			203,968			782,877
Accounts and notes receivable, net	156,456			(2,681		)	153,775			65,783			219,558
Deferred expenses, net	171,124			(9,051		)	162,073			29,812			191,885
Prepaid expenses and other assets	2,004,628			(5,918		)	1,998,710			241,523			2,240,233
Assets held for disposition	436,361			—			436,361			45,012			481,373
Total assets	$	30,771,869		$	(182,837	)	$	30,589,032		$	2,832,720		$	33,421,752

Liabilities:
Mortgages, notes and loans payable	$	17,556,540		$	(81,898	)	$	17,474,642		$	2,509,463		$	19,984,105
Deferred tax liabilities	24,587			—			24,587			—			24,587
Tax indemnification liability	303,750			—			303,750			—			303,750
Accounts payable and accrued expenses	1,650,832			(3,118		)	1,647,714			251,819			1,899,533
Junior Subordinated Notes	206,200			—			206,200			—			206,200
Warrant liability	1,059,325			—			1,059,325			—			1,059,325
Liabilities held for disposition	349,403			—			349,403			71,438			420,841
Total liabilities	21,150,637			(85,016		)	21,065,621			2,832,720			23,898,341

Redeemable noncontrolling interests:
Preferred	120,756			—			120,756			—			120,756
Common	114,999			—			114,999			—			114,999
Total redeemable noncontrolling interests	235,755			—			235,755			—			235,755

Redeemable Preferred Stock	—			—			—			—			—

Equity:
Common stock	9,362			—			9,362			—			9,362
Additional paid-in capital	10,381,195			—			10,381,195			—			10,381,195
Retained earnings (accumulated deficit)	(1,145,656		)	—			(1,145,656		)	—			(1,145,656		)
Accumulated other comprehensive income	42,755			—			42,755			—			42,755
Total stockholders’ equity	9,287,656			—			9,287,656			—			9,287,656
Noncontrolling interests in consolidated real estate affiliates	97,821			(97,821		)	—			—			—
Total equity	9,385,477			(97,821		)	9,287,656			—			9,287,656
Total liabilities and equity	$	30,771,869		$	(182,837	)	$	30,589,032		$	2,832,720		$	33,421,752

(1) Presented in accordance with GAAP.

MORTGAGES, NOTES, AND LOANS PAYABLE

Summary, at share (1)

As of June 30, 2011 (in thousands)

			Proportionate		Average Remaining	Maturities
	Coupon Rate		Balance		Term (Years)	2011		2012		2013		2014		2015		Subsequent		Total
Fixed Rate
Property Level Consolidated	5.46	%	$	13,309,518	5.3	$	78	$	848,284	$	336,222	$	2,235,845	$	1,466,342	$	6,743,608	$	11,630,379
Property Level Unconsolidated	5.44	%	2,515,132		3.3	725,651		734,666		118,143		68,211		214,050		526,585		2,387,306
Corporate Consolidated (2)	6.68	%	1,771,816		2.6	—		443,185		691,840		—		609,261		—		1,744,286
Total Fixed Rate	5.58	%	$	17,596,466	4.8	$	725,729	$	2,026,135	$	1,146,205	$	2,304,056	$	2,289,653	$	7,270,193	$	15,761,971

Variable Rate
Property Level Consolidated	3.33	%	$	2,402,316	5.3	$	—	$	—	$	—	$	45,057	$	—	$	2,047,611	$	2,092,668
Property Level Unconsolidated	15.74	%	4,711		1.3	—		4,711		—		—		—		—		4,711
Junior Subordinated Notes Due 2036	1.72	%	206,200		24.9	—		—		—		—		—		206,200		206,200
Total Variable Rate	3.23	%	$	2,613,227	6.8	$	—	$	4,711	$	—	$	45,057	$	—	$	2,253,811	$	2,303,579

Total	5.28	%	$	20,209,693	5.0	$	725,729	$	2,030,846	$	1,146,205	$	2,349,113	$	2,289,653	$	9,524,004	$	18,065,550

					Total Amortization	$	163,715	$	328,612	$	376,318	$	328,574	$	298,179	$	648,745	$	2,144,143

								Total Maturities and Amortization (3), (4)										$	20,209,693

(1) Excludes 70 Columbia Corporate Center as this asset will be transferred to the lender.

(2) Comprised primarily of the Rouse Notes of $1.65B.

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

Total Mortgages, Notes, and Other Payables, from above	$	20,209,693
Special improvement districts	418
Market rate adjustments, net	(38,972		)
Junior Subordinated Notes	(206,200		)
70 Columbia Corporate Center	19,166
Total	$	19,984,105

(4) Reflects maturities and amortization for periods subsequent to June 30, 2011.

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance (2)		Maturity Year	at Maturity		Coupon Rate		as of 06/30/2011	2011		2012		2013		2014		2015		Subsequent
Fixed Rate

Consolidated Property Level
Owings Mills Office	65	%	$	461	2011	$	78	8.50	%	No	$	383	$	—	$	—	$	—	$	—	$	—
Provo Towne Center	75	%	39,573		2012	39,130		5.75	%	No	291		152		—		—		—		—
Spokane Valley Mall	75	%	39,573		2012	39,130		5.75	%	No	291		152		—		—		—		—
The Mall in Columbia	100	%	400,000		2012	400,000		5.83	%	No	—		—		—		—		—		—
The Shoppes at Buckland Hills	100	%	158,286		2012	154,958		4.92	%	No	1,643		1,685		—		—		—		—
The Streets at Southpoint	94	%	218,330		2012	215,066		5.36	%	No	2,151		1,113		—		—		—		—
Lakeland Square	100	%	52,477		2013	49,647		5.12	%	No	600		1,247		983		—		—		—
Meadows Mall	100	%	98,363		2013	93,631		5.45	%	No	1,082		2,255		1,395		—		—		—
Pembroke Lakes Mall	100	%	123,928		2013	118,449		4.94	%	No	1,510		3,136		833		—		—		—
Senate Plaza	100	%	11,467		2013	10,956		5.71	%	No	122		254		135		—		—		—
West Oaks	100	%	66,787		2013	63,539		5.25	%	No	744		1,548		956		—		—		—
Bayside Marketplace	100	%	77,142		2014	74,832		7.50	%	No	428		906		976		—		—		—
Bayside Marketplace (Bond)	100	%	4,650		2014	—		5.92	%	No	1,075		1,130		1,190		1,255		—		—
Boise Towne Square	100	%	67,677		2014	61,810		6.64	%	No	766		1,612		2,154		1,335		—		—
Cumberland Mall	100	%	102,281		2014	99,219		7.50	%	No	568		1,201		1,293		—		—		—
Eden Prairie Center	100	%	76,150		2014	69,181		4.67	%	No	899		1,863		2,483		1,724		—		—
Fashion Place	100	%	139,068		2014	130,124		5.30	%	No	1,332		2,774		3,825		1,013		—		—
Fort Union	100	%	2,424		2014	2,141		4.40	%	No	54		112		117		—		—		—
Governor’s Square	100	%	73,236		2014	71,043		7.50	%	No	406		860		927		—		—		—
Jordan Creek Town Center (3)	100	%	177,340		2014	164,537		4.57	%	Yes - Partial	2,031		4,206		5,628		938		—		—
Lansing Mall	100	%	21,487		2014	17,544		9.35	%	No	691		1,482		1,770		—		—		—
Mall St. Matthews	100	%	138,363		2014	129,452		4.81	%	No	1,518		3,149		4,244		—		—		—
Newgate Mall	100	%	39,088		2014	36,028		4.84	%	No	466		968		1,288		338		—		—
Newpark Mall	100	%	65,600		2014	60,487		7.45	%	No	657		1,391		1,886		1,179		—		—
Oak View Mall	100	%	82,025		2014	79,569		7.50	%	No	455		963		1,038		—		—		—
Oakwood Center (3)	100	%	47,068		2014	45,057		3.44	%	Yes - Full	291		609		653		459		—		—
Pecanland Mall	100	%	53,770		2014	48,586		4.28	%	No	991		2,048		2,145		—		—		—
Prince Kuhio Plaza (3)	100	%	35,665		2014	32,793		3.45	%	Yes - Partial	503		1,032		1,337		—		—		—
Rogue Valley Mall	100	%	25,409		2014	23,607		7.85	%	No	238		505		690		369		—		—
Southland (CA)	100	%	76,763		2014	70,709		3.62	%	No	1,057		2,172		2,825		—		—		—
Steeplegate Mall (3)	100	%	74,525		2014	68,271		4.94	%	Yes - Partial	825		1,714		2,306		1,409		—		—
Crossroads Center (MN)	100	%	80,542		2014	75,156		4.73	%	No	921		1,909		2,556		—		—		—
The Gallery at Harborplace	100	%	62,295		2014	58,024		7.89	%	No	583		1,237		1,692		759		—		—
The Grand Canal Shoppes	100	%	376,124		2014	346,723		4.78	%	No	4,315		8,951		11,980		4,155		—		—
The Village of Cross Keys	100	%	8,505		2014	5,698		7.04	%	No	523		1,102		1,182		—		—		—
Town East Mall	100	%	99,379		2014	91,387		3.46	%	No	1,399		2,872		3,721		—		—		—
Tucson Mall	100	%	115,108		2014	106,556		4.26	%	No	1,478		3,055		4,019		—		—		—
Visalia Mall	100	%	38,351		2014	34,264		3.78	%	No	786		1,617		1,684		—		—		—
West Valley Mall	100	%	51,871		2014	46,164		3.43	%	No	1,101		2,260		2,346		—		—		—
Woodbridge Center	100	%	198,135		2014	181,464		4.24	%	No	2,383		4,923		6,535		2,830		—		—
Woodlands Village	100	%	6,136		2014	5,419		4.40	%	No	137		283		297		—		—		—
10000 West Charleston	100	%	20,892		2015	19,016		7.88	%	No	225		478		517		559		97		—
Boise Towne Plaza	100	%	10,395		2015	9,082		4.70	%	No	129		267		354		371		192		—

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate		Balloon Pmt			Parent Recourse	Amortization
Property	Own %		Balance (2)	Maturity Year	at Maturity	Coupon Rate		as of 06/30/2011	2011	2012	2013	2014	2015	Subsequent
Burlington Town Center	100	%	25,446	2015	23,360	5.03	%	No	192	398	575	605	316	—
Coastland Center	100	%	115,225	2015	110,204	7.50	%	No	639	1,353	1,458	1,571	—	—
Coral Ridge Mall	100	%	86,907	2015	83,120	7.50	%	No	482	1,020	1,100	1,185	—	—
Hulen Mall	100	%	108,321	2015	96,621	5.03	%	No	1,153	2,396	3,246	3,415	1,490	—
Lynnhaven Mall	100	%	227,559	2015	203,367	5.05	%	No	2,314	4,809	6,562	6,906	3,601	—
North Star Mall	100	%	221,924	2015	199,315	4.43	%	No	2,595	5,368	7,159	7,487	—	—
Oglethorpe Mall	100	%	135,599	2015	120,880	4.89	%	No	1,415	2,937	3,990	4,193	2,184	—
Paramus Park	100	%	99,889	2015	90,242	4.86	%	No	1,029	2,136	2,258	2,371	1,853	—
Peachtree Mall	100	%	86,022	2015	77,085	5.08	%	No	876	1,821	2,484	2,615	1,141	—
Regency Square Mall	100	%	88,478	2015	75,797	3.59	%	No	1,283	2,637	3,408	3,534	1,819	—
Staten Island Mall (3)	100	%	272,181	2015	240,908	6.06	%	Yes - Partial	2,746	5,772	7,807	8,334	6,614	—
The Shops at La Cantera	75	%	124,572	2015	117,345	5.95	%	No	812	1,699	1,803	1,913	1,000	—
Baybrook Mall	100	%	166,002	2016	156,329	7.50	%	No	921	1,949	2,100	2,263	2,440	—
Bayshore Mall	100	%	29,688	2016	24,820	7.13	%	No	334	704	931	999	1,073	827
Brass Mill Center	100	%	115,219	2016	93,347	4.55	%	No	2,048	4,240	4,454	4,664	4,884	1,582
Collin Creek	100	%	64,270	2016	54,423	6.78	%	No	683	1,439	1,941	2,079	2,226	1,479
Coronado Center	100	%	162,071	2016	135,704	5.08	%	No	1,651	3,433	4,683	4,930	5,189	6,481
Eastridge (WY)	100	%	37,547	2016	31,252	5.08	%	No	397	824	1,118	1,177	1,239	1,540
Glenbrook Square	100	%	170,021	2016	141,976	4.91	%	No	1,767	3,670	4,989	5,243	5,510	6,866
Harborplace	100	%	49,086	2016	44,547	5.79	%	No	317	664	992	1,052	1,115	399
Lakeside Mall	100	%	171,852	2016	144,451	4.28	%	No	2,056	4,248	5,644	5,894	6,155	3,404
Lincolnshire Commons	100	%	27,534	2016	24,702	5.98	%	No	170	356	538	572	607	589
North Point Mall	100	%	208,093	2016	183,689	5.48	%	No	1,872	3,905	5,444	5,754	6,082	1,347
Pine Ridge Mall	100	%	25,315	2016	21,071	5.08	%	No	267	556	754	794	835	1,038
Red Cliffs Mall	100	%	24,061	2016	20,026	5.08	%	No	254	528	716	754	794	989
Ridgedale Center	100	%	170,752	2016	143,918	4.86	%	No	1,823	3,783	5,121	5,379	5,650	5,078
The Maine Mall	100	%	207,324	2016	172,630	4.84	%	No	2,196	4,557	6,176	6,486	6,811	8,468
The Parks at Arlington	100	%	171,861	2016	161,847	7.50	%	No	954	2,018	2,174	2,343	2,525	—
Three Rivers Mall	100	%	20,611	2016	17,155	5.08	%	No	218	453	614	646	680	845
Valley Hills Mall	100	%	54,242	2016	46,302	4.73	%	No	638	1,324	1,765	1,851	1,942	420
Valley Plaza Mall	100	%	90,101	2016	75,790	3.90	%	No	1,252	2,580	3,356	3,491	3,632	—
Vista Ridge Mall	100	%	76,692	2016	64,660	6.87	%	No	924	1,947	2,552	2,733	2,926	950
Washington Park Mall	100	%	11,599	2016	9,988	5.35	%	No	123	257	348	367	387	129
White Marsh Mall	100	%	183,898	2016	163,196	5.62	%	No	1,303	2,718	3,933	4,159	4,399	4,190
Willowbrook Mall	100	%	152,181	2016	129,580	6.82	%	No	1,606	3,384	4,567	4,894	5,243	2,907
Augusta Mall	100	%	171,599	2017	145,438	5.49	%	No	1,180	2,461	3,627	3,834	4,053	11,006
Beachwood Place	100	%	231,941	2017	190,177	5.60	%	No	2,033	4,243	5,944	6,290	6,656	16,598
Columbia Mall	100	%	88,521	2017	77,540	6.05	%	No	540	1,130	1,713	1,821	1,935	3,842
Eastridge (CA) (3)	100	%	167,051	2017	144,105	5.79	%	Yes - Partial	1,076	2,249	3,364	3,566	3,781	8,910
Four Seasons Town Centre	100	%	94,380	2017	72,094	5.60	%	No	1,498	3,126	3,324	3,517	3,722	7,099
Knollwood Mall	100	%	38,458	2017	31,113	5.35	%	No	365	761	1,051	1,109	1,171	2,888
Mall of Louisiana	100	%	226,971	2017	192,116	5.81	%	No	1,651	3,450	5,023	5,326	5,647	13,758
Market Place Shopping Center	100	%	104,258	2017	91,325	6.05	%	No	636	1,331	2,017	2,144	2,279	4,526
Saint Louis Galleria	100	%	227,654	2017	188,966	4.86	%	No	2,389	4,959	6,730	7,069	7,425	10,116
Sikes Senter	100	%	58,985	2017	48,194	5.20	%	No	589	1,225	1,677	1,768	1,863	3,669
Stonestown Galleria	100	%	212,589	2017	183,227	5.79	%	No	1,340	2,801	4,213	4,467	4,736	11,805

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance (2)		Maturity Year	at Maturity		Coupon Rate		as of 06/30/2011	2011		2012		2013		2014		2015		Subsequent
Tysons Galleria	100	%	250,277		2017	214,755		5.72	%	No	1,641		3,428		5,107		5,411		5,734		14,201
10450 West Charleston Blvd	100	%	3,797		2018	106		6.84	%	No	194		409		438		469		502		1,679
Ala Moana Center (3)	100	%	1,313,178		2018	1,094,579		5.59	%	Yes - Partial	13,022		27,177		28,966		30,650		32,432		86,352
Fallbrook Center	100	%	83,629		2018	71,473		6.14	%	No	500		1,049		1,596		1,698		1,807		5,506
River Hills Mall	100	%	78,710		2018	67,269		6.14	%	No	471		987		1,502		1,598		1,700		5,183
Sooner Mall	100	%	59,032		2018	50,452		6.14	%	No	353		740		1,127		1,199		1,275		3,886
The Boulevard Mall	100	%	102,100		2018	72,881		4.27	%	No	1,346		2,781		3,647		3,808		3,977		13,660
The Gallery at Harborplace - Other	100	%	13,049		2018	3,374		6.05	%	No	761		1,592		1,099		1,167		1,239		3,817
Bellis Fair	100	%	94,500		2019	82,395		5.23	%	No	618		1,287		1,371		1,446		1,524		5,859
Park City Center	100	%	197,000		2019	172,224		5.34	%	No	1,260		2,624		2,800		2,955		3,119		12,018
Southlake Mall	100	%	98,487		2019	77,877		6.44	%	No	552		1,160		1,792		1,913		2,042		13,151
Deerbrook Mall	100	%	153,668		2021	127,934		5.25	%	No	1,012		2,108		2,246		2,368		2,497		15,503
Fox River Mall	100	%	187,000		2021	156,100		5.44	%	No	1,186		2,470		2,635		2,779		2,932		18,898
Northridge Fashion Center	100	%	250,442		2021	207,503		5.10	%	No	1,703		3,542		3,766		3,965		4,175		25,788
Oxmoor Center	100	%	95,000		2021	79,217		5.37	%	No	604		1,258		1,342		1,417		1,497		9,665
Park Place	100	%	199,796		2021	165,815		5.18	%	No	1,328		2,763		2,941		3,099		3,266		20,584
Providence Place	100	%	380,654		2021	320,526		5.65	%	No	2,290		4,782		5,125		5,426		5,745		36,760
Rivertown Crossings	100	%	169,000		2021	141,578		5.52	%	No	1,040		2,169		2,321		2,454		2,595		16,843
The Woodlands	100	%	270,000		2023	207,058		5.04	%	No	1,953		4,056		4,265		4,485		4,716		43,467
Westlake Center - Other	99	%	2,413		2021	2,413		12.08	%	No	—		—		—		—		—		—
Providence Place - Other	100	%	44,277		2028	2,381		7.75	%	No	1,270		1,371		1,480		1,597		1,724		34,454
Provo Towne Center - Other (3)	75	%	2,250		2095	—		10.00	%	Yes - Full	—		—		—		—		—		2,250
Consolidated Property Level			$	13,309,518		$	11,630,379	5.46	%		$	123,759	$	248,565	$	300,969	$	252,161	$	220,417	$	533,269

Unconsolidated Property Level
First Colony Mall	50	%	$	91,251	2011	$	90,877	5.63	%	No	$	374	$	—	$	—	$	—	$	—	$	—
Galleria at Tyler	50	%	125,000		2011	125,000		5.31	%	No	—		—		—		—		—		—
Natick Mall	50	%	175,000		2011	175,000		5.65	%	No	—		—		—		—		—		—
Natick West	50	%	70,000		2011	70,000		5.45	%	No	—		—		—		—		—		—
Northbrook Court	50	%	42,431		2011	42,274		7.15	%	No	157		—		—		—		—		—
Pinnacle Hills Promenade	50	%	70,000		2011	70,000		5.57	%	No	—		—		—		—		—		—
Riverchase Galleria	50	%	152,500		2011	152,500		5.65	%	No	—		—		—		—		—		—
Clackamas Town Center	50	%	100,000		2012	100,000		6.05	%	No	—		—		—		—		—		—
Florence Mall	71	%	65,368		2012	63,783		4.95	%	No	668		917		—		—		—		—
Glendale Galleria	50	%	181,837		2012	177,133		4.93	%	No	1,851		2,853		—		—		—		—
Oakbrook Center	47	%	96,635		2012	93,427		5.12	%	No	1,259		1,949		—		—		—		—
Park Meadows	35	%	126,000		2012	126,000		5.96	%	No	—		—		—		—		—		—
Stonebriar Centre	50	%	79,549		2012	76,785		5.23	%	No	954		1,810		—		—		—		—
The Oaks Mall	51	%	52,020		2012	52,020		5.74	%	No	—		—		—		—		—		—
Westroads Mall	51	%	45,518		2012	45,518		5.74	%	No	—		—		—		—		—		—
Altamonte Mall	50	%	75,000		2013	75,000		5.05	%	No	—		—		—		—		—		—
Bridgewater Commons	35	%	44,889		2013	43,143		5.27	%	No	567		1,179		—		—		—		—
Carolina Place	50	%	74,283		2014	68,211		4.60	%	No	1,157		2,396		2,519		—		—		—
Alderwood	50	%	128,586		2015	120,599		6.65	%	No	886		1,864		1,991		2,128		1,118		—
Quail Springs Mall	50	%	36,106		2015	33,432		6.74	%	No	300		632		684		732		326		—
Towson Town Center	35	%	62,564		2015	60,019		3.86	%	No	276		585		634		687		363		—

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance (2)		Maturity Year	at Maturity		Coupon Rate		as of 06/30/2011	2011		2012		2013		2014		2015		Subsequent
Center Pointe Plaza	50	%	6,499		2017	5,570		6.31	%	No	71		150		161		171		183		193
Christiana Mall	50	%	117,500		2020	108,541		5.10	%	No	—		—		—		—		401		8,558
Kenwood Towne Centre	70	%	163,402		2020	137,191		5.14	%	No	1,071		2,232		2,383		2,517		2,659		15,349
Water Tower Place	52	%	102,255		2020	83,842		4.85	%	No	799		1,657		1,739		1,825		1,915		10,478
Village of Merrick Park	40	%	73,856		2021	62,398		5.73	%	No	439		917		984		1,043		1,105		6,970
Willowbrook Mall	50	%	107,263		2021	88,965		5.13	%	No	725		1,507		1,603		1,688		1,778		10,997
Whaler’s Village	50	%	40,000		2021	40,000		5.39	%	No	—		—		—		—		—		—
Lake Mead & Buffalo	50	%	2,608		2023	—		7.20	%	No	69		146		157		168		181		1,887
The Trails Village Center	50	%	7,212		2023	78		8.21	%	No	178		380		412		447		485		5,232
Unconsolidated Property Level			$	2,515,132		$	2,387,306	5.44	%		$	11,801	$	21,174	$	13,267	$	11,406	$	10,514	$	59,664
																					—
Total Fixed - Property Level			$	15,824,650		$	14,017,685	5.46	%		$	135,560	$	269,739	$	314,236	$	263,567	$	230,931	$	592,933

Consolidated Corporate
Ivanhoe Capital (3)	100	%	$	93,713	2012	$	93,713	5.74	%	Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Rouse Bonds - 1995 Indenture	100	%	349,472		2012	349,472		7.20	%	No (4)	—		—		—		—		—		—
Rouse Bonds - 1995 Indenture	100	%	91,786		2013	91,786		5.38	%	No (4)	—		—		—		—		—		—
Rouse Bonds - 2006 Indenture	100	%	600,054		2013	600,054		6.75	%	No (4)	—		—		—		—		—		—
Arizona Two (HHC) (3)	100	%	28,103		2015	573		4.41	%	Yes - Full	2,855		5,902		6,167		6,445		6,161		—
Rouse Bonds - 2010 Indenture	100	%	608,688		2015	608,688		6.75	%	No (4)	—		—		—		—		—		—
Consolidated Corporate			$	1,771,816		$	1,744,286	6.68	%		$	2,855	$	5,902	$	6,167	$	6,445	$	6,161	$	—

Total Fixed Rate Debt			$	17,596,466		$	15,761,971	5.58	%		$	138,415	$	275,641	$	320,403	$	270,012	$	237,092	$	592,933

Variable Rate

Consolidated Property Level
Oakwood Center (3)	100	%	$	47,068	2014	$	45,057	Libor + 225bps		Yes - Full	$	291	$	608	$	653	$	459	$	—	$	—
Animas Valley Mall (3)	100	%	44,007		2016	38,695		Libor + 325bps		Yes - Partial	457		961		1,017		1,070		1,125		682
Birchwood Mall (3)	100	%	47,524		2016	41,787		Libor + 325bps		Yes - Partial	493		1,038		1,098		1,155		1,215		738
Cache Valley Mall (3)	100	%	28,989		2016	25,490		Libor + 325bps		Yes - Partial	301		633		670		705		741		449
Colony Square Mall (3)	100	%	28,573		2016	25,124		Libor + 325bps		Yes - Partial	297		624		660		695		730		443
Columbiana Centre (3)	100	%	105,128		2016	92,438		Libor + 325bps		Yes - Partial	1,091		2,296		2,430		2,555		2,687		1,631
Foothills Mill (3)	100	%	39,177		2016	34,448		Libor + 325bps		Yes - Partial	407		856		906		952		1,001		607
Grand Teton Mall (3)	100	%	51,382		2016	45,180		Libor + 325bps		Yes - Partial	533		1,122		1,188		1,249		1,313		797
Mall at Sierra Vista (3)	100	%	23,633		2016	20,781		Libor + 325bps		Yes - Partial	245		516		546		574		604		367
Mall of the Bluffs (3)	100	%	26,240		2016	23,073		Libor + 325bps		Yes - Partial	272		573		607		638		671		406
Mayfair (3)	100	%	300,865		2016	264,548		Libor + 325bps		Yes - Partial	3,122		6,572		6,954		7,313		7,691		4,665
Mondawmin Mall (3)	100	%	73,484		2016	64,614		Libor + 325bps		Yes - Partial	763		1,605		1,698		1,786		1,878		1,140
North Plains Mall (3)	100	%	13,328		2016	11,719		Libor + 325bps		Yes - Partial	138		291		308		324		341		207

MORTGAGES, NOTES, AND LOANS PAYABLE

Detail, at share (1)

(in thousands)

			Proportionate			Balloon Pmt				Parent Recourse	Amortization
Property	Own %		Balance (2)		Maturity Year	at Maturity		Coupon Rate		as of 06/30/2011	2011		2012		2013		2014		2015		Subsequent
North Town Mall (3)	100	%	90,710		2016	79,761		Libor + 325bps		Yes - Partial	941		1,982		2,097		2,205		2,319		1,405
Oakwood (3)	100	%	82,635		2016	72,660		Libor + 325bps		Yes - Partial	858		1,805		1,910		2,009		2,112		1,281
Owings Mills Mall (3)	100	%	24,535		2016	21,573		Libor + 325bps		Yes - Partial	255		536		567		596		627		381
Pierre Bossiere (3)	100	%	41,970		2016	36,903		Libor + 325bps		Yes - Partial	436		917		970		1,020		1,073		651
Pioneer Place (3)	100	%	159,810		2016	140,520		Libor + 325bps		Yes - Partial	1,658		3,491		3,694		3,885		4,085		2,477
Salem Center (3)	100	%	37,895		2016	33,321		Libor + 325bps		Yes - Partial	393		828		876		921		969		587
Silver Lake Mall (3)	100	%	13,245		2016	11,646		Libor + 325bps		Yes - Partial	137		289		306		322		339		206
Southwest Plaza (3)	100	%	107,736		2016	94,731		Libor + 325bps		Yes - Partial	1,118		2,353		2,490		2,619		2,754		1,671
Spring Hill Mall (3)	100	%	53,284		2016	46,852		Libor + 325bps		Yes - Partial	553		1,164		1,232		1,295		1,362		826
The Shops at Fallen Timbers (3)	100	%	47,570		2016	41,825		Libor + 325bps		Yes - Partial	494		1,040		1,100		1,157		1,217		737
Westwood Mall (3)	100	%	27,365		2016	24,062		Libor + 325bps		Yes - Partial	284		598		632		665		700		424
White Mountain Mall (3)	100	%	10,731		2016	9,436		Libor + 325bps		Yes - Partial	111		234		248		261		274		167
Fashion Show (3)	100	%	631,414		2017	538,366		Libor + 300bps		Yes - Full	6,962		14,453		15,189		15,963		16,776		23,705
The Shoppes At The Palazzo (3)	100	%	244,018		2017	208,058		Libor + 300bps		Yes - Full	2,690		5,586		5,870		6,169		6,483		9,162
Consolidated Property Level			$	2,402,316		$	2,092,668	3.33	%		$	25,300	$	52,971	$	55,916	$	58,562	$	61,087	$	55,812

Unconsolidated Property Level
Shopping Leblon (Brazil)	49	%	$	4,711	2012	4,711		various		No	$	—	$	—	$	—	$	—	$	—	$	—
Unconsolidated Property Level			$	4,711		$	4,711	15.74	%		$	—	$	—	$	—	$	—	$	—	$	—

Total Variable- Property Level			$	2,407,027		$	2,097,379	3.36	%		$	25,300	$	52,971	$	55,916	$	58,562	$	61,087	$	55,812

Consolidated Corporate
Junior Subordinated Notes Due 2036 (3)	100	%	$	206,200	2036	$	206,200	Libor + 145bps		Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate			$	206,200		$	206,200	1.72	%		$	—	$	—	$	—	$	—	$	—	$	—

Total Variable Rate Debt			$	2,613,227		$	2,303,579	3.23	%		$	25,300	$	52,971	$	55,916	$	58,562	$	61,087	$	55,812

Total (5), (6)			$	20,209,693		$	18,065,550	5.28	%		$	163,715	$	328,612	$	376,318	$	328,574	$	298,179	$	648,745

(1)	Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.
(2)	Excludes Discontinued Operations.
(3)	Total recourse to General Growth Properties, Inc. or its subsidiaries of approximately $2.63B.
(4)	Total recourse to The Rouse Company, LLC of approximately $1.65B.
(5)	Excludes the $750M corporate revolver. As of 6/30/2011, the corporate revolver was undrawn.
(6)	Reflects amortization for the period subsequent to June 30, 2011.

PORTFOLIO HIGHLIGHTS

Key Operating Performance Indicators (1)
As of and for the six months ended June 30
(GLA in thousands)

GLA Summary (2)

	Number of Properties	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Total Mall	Strip Center GLA	Office GLA	Total Area	Total Area at Share	% Leased
Consolidated Malls	134	51,481	18,972	48,209	118,662	1,520	2,574	122,756	73,981	91.9	%
Unconsolidated Malls	32	15,328	2,749	15,882	33,960	452	829	35,241	19,359	94.6	%
Regional U.S. Malls	166	66,809	21,721	64,092	152,622	1,972	3,404	157,998	93,340	92.5	%

International	16	5,488	—	—	5,488	—	—	5,488	995	97.4	%
Total Malls	182	72,297	21,721	64,092	158,110	1,972	3,404	163,486	94,335	92.9	%

Office Properties	26	40	—	—	40	—	2,233	2,273	2,273	64.2	%
Strip Centers	14	227	—	—	227	2,521	—	2,748	2,524	84.1	%
Total Real Estate	222	72,564	21,721	64,092	158,377	4,493	5,637	168,507	99,132	91.9	%

Operating Metrics (3)

June 30, 2011	% Leased (4)		% Occupied (5)		In-Place Rent (6)		Tenant sales (7)		Occupancy Cost (8)

Consolidated Malls	91.9	%	89.0	%	$	61.37	$	448	13.4	%
Unconsolidated Malls	94.6	%	90.5	%	70.07		521		13.7	%
Total Malls	92.5	%	89.3	%	$	63.52	$	465	13.5	%

June 30, 2010	% Leased (4)		% Occupied (5)		In-Place Rent (6)		Tenant sales (7)		Occupancy Cost (8)

Consolidated Malls	90.6	%	88.2	%	$	59.96	$	417	14.2	%
Unconsolidated Malls	95.1	%	92.1	%	68.53		471		14.7	%
Total Malls	91.6	%	89.1	%	$	62.06	$	429	14.3	%

(1) For comparability purposes, prior period operating metric statistics have been restated to exclude properties classified as discontinued operations.

(2) See Property Schedule on pages 21-26 for individual property details.

(3) Reflects results for U.S. regional malls.

(4) Represents contractual obligations for space in regional malls or predominantly retail centers and excludes traditional anchor stores.

(5) Represents tenants’ physical presence in regional malls or predominantly retail centers and excludes traditional anchor stores.

(6) Weighted average rent of mall stores less than 10,000 square feet. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes.

(7) Comparative rolling twelve month tenant sales for mall stores less than 10,000 square feet.

(8) Represents tenants less than 10,000 square feet utilizing comparative tenant sales.

PORTFOLIO HIGHLIGHTS

Leasing Statistics
As of and for the six months ended June 30

Leasing Spreads (< 10,000 square feet)

	Three Months Ended 6/30/2011								Six Months Ended 6/30/2011
	New/Renewal (1)		Expirations (1)		Rental Spread		Percentage Change		New/Renewal (1)		Expirations (1)		Rental Spread		Percentage Change
Regional Malls
Opened vs. Expired (2)	$	61.54	$	60.37	$	1.17	1.9	%	$	57.81	$	56.66	$	1.15	2.0	%
Signed vs. Expired (3)	$	65.59	$	60.37	$	5.22	8.6	%	$	61.83	$	56.66	$	5.17	9.1	%

Signed Leasing Activity (All Inline excluding Anchors) (4)

	Three Months Ended 6/30/2011							Six Months Ended 6/30/2011
	No.	GLA	Average Term	Initial Rent/Square Foot (5)		Tenant Allowance / Square Foot		No.	GLA	Average Term	Initial Rent/Square Foot (5)		Tenant Allowance / Square Foot

Regional Malls
New Leases	303	1,158,092	8.1	$	51.99	$	31.41	521	1,955,392	8.4	$	48.64	$	36.98
Renewals	269	886,750	6.2	59.10		5.28		626	2,201,356	5.7	54.93		5.26

Total Regional Malls Excluding 365+	572	2,044,842	7.3	$	55.43			1,147	4,156,748	7.0	$	52.07

365+ (6)	530	1,229,481	1.3	15.62				1,007	2,460,232	1.3	15.42

Total Regional Malls Including 365+	1,102	3,274,323	5.0	$	39.28			2,154	6,616,980	4.9	$	38.27

(1) New/renewal rent and expiring rents includes average base minimum rent, common area costs, and real estate taxes.

(2) Average rent for tenants that opened compared to average rent for tenants that closed or expired during the respective periods.

(3) Average rent for leases signed during the period compared to the average rent for tenants that closed or expired during the respective periods.

(4) Signed lease activity for all space in regional malls or predominantly retail centers, excluding traditional anchors and tenants paying percentage rent in lieu of base minimum rent.

(5) Cash basis rent at time of rent commencement consisting of base minimum rent, common area costs and real estate taxes.

(6) Specialty leasing license agreements with terms in excess of 12 months are presented.

PORTFOLIO OPERATING METRICS

Lease Expiration Schedule (1),(2)

Year	Number of Expiring Leases	Expiring GLA at 100%	Expiring GLA at Share	Percent of Total		Expiring Rental Rate ($ psf) (3), (5)
Specialty Leasing (4)	1,913	4,906,291	4,515,542	8.0	%	$	15.90
2011	917	2,247,502	2,008,423	3.7	%	$	57.71
2012	2,273	6,274,409	5,657,872	10.2	%	$	55.76
2013	1,859	5,577,508	5,017,390	9.1	%	$	53.98
2014	1,772	5,623,160	5,109,618	9.2	%	$	55.59
2015	1,631	5,229,683	4,637,491	8.5	%	$	62.77
2016	1,576	5,348,874	4,584,395	8.7	%	$	64.62
2017	1,349	5,038,917	4,196,073	8.2	%	$	68.14
2018	1,219	5,132,149	4,258,270	8.4	%	$	71.10
2019	808	4,303,384	3,626,490	7.0	%	$	62.79
2020	700	3,069,759	2,568,592	5.0	%	$	69.80
Subsequent	917	8,552,734	7,324,607	14.0	%	$	41.98
Total	16,934	61,304,370	53,504,764	100.0	%	$	55.62

(1) Represents contractual obligations for space in regional malls or predominantly retail centers and excludes traditional anchor stores.

(2) Data presented for Regional Malls only. Excludes international operations and third-party managed centers.

(3) Excluded from the Expiring Rental Rate calculation are leases paying percentage rent in lieu of base minimum rent.

(4) Specialty Leasing license agreements with terms in excess of 12 months are presented.

(5) Cash basis rent at time of lease expiration consisting of base minimum rent, common area costs, and real estate taxes.

Top Ten Largest Tenants (Retail Portfolio)	Primary DBA	Percent of Minimum Rents, Tenant Recoveries and Other		Square Footage (in thousands)	Number of Locations

Limited Brands, Inc.	Victoria’s Secret, Bath & Body Works	3.0	%	1,815	340
The Gap, Inc.	Gap, Banana Repubic, Old Navy	2.8		2,615	250
Abercrombie & Fitch Stores, Inc.	Abercrombie, Abercrombie & Fitch, Hollister	2.5		1,678	237
Foot Locker, Inc.	Footlocker, Champs Sports, Footaction USA	2.3		1,512	382
Golden Gate Capital	Express, J. Jill, Eddie Bauer	1.7		1,252	156
Forever 21, Inc.	Forever 21, Gadzooks	1.6		1,991	121
American Eagle Outfitters, Inc.	American Eagle, Aerie, Martin + Osa	1.5		974	177
Macy’s Inc.	Macy’s, Bloomingdale’s	1.4		21,308	136
Luxottica Retail North America, Inc.	Lenscrafters, Sunglass Hut, Pearle Vision	1.3		609	308
Genesco, Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.2		554	377
Totals		19.3	%	34,308	2,484

PORTFOLIO OPERATING METRICS

Property Schedule

As of June 30, 2011

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Consolidated Regional Malls
Ala Moana Center	Macy’s, Neiman Marcus, Sears, Nordstrom	100	%	Honolulu, HI	964,107	829,114	200,000	14,044	360,172	2,367,437	98.4	%
Animas Valley Mall	Dillard’s, JCPenney, Sears	100	%	Farmington, NM	274,351	188,817	—	—	—	463,168	95.7	%
Apache Mall	Herberger’s, JCPenney, Macy’s, Sears	100	%	Rochester, MN	269,867	320,202	162,790	—	—	752,859	99.8	%
Augusta Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Augusta, GA	490,484	—	597,223	—	—	1,087,707	96.7	%
Baybrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Friendswood (Houston), TX	424,200	97,906	720,931	—	—	1,243,037	95.3	%
Bayshore Mall	Kohl’s, Sears	100	%	Eureka, CA	392,733	87,939	132,319	—	—	612,991	80.1	%
Bayside Marketplace		100	%	Miami, FL	218,082	—	—	—	—	218,082	94.3	%
Beachwood Place	Dillard’s, Nordstrom, Saks Fifth Avenue	100	%	Beachwood, OH	334,101	332,580	247,000	—	—	913,681	96.2	%
Bellis Fair	JCPenney, Kohl’s, Macy’s, Macy’s Home Store, Sears, Target	100	%	Bellingham (Seattle), WA	338,604	200,414	237,910	—	—	776,928	98.2	%
Birchwood Mall	JCPenney, Macy’s, Sears, Target, Younkers	100	%	Port Huron (Detroit), MI	298,959	161,216	264,918	—	—	725,093	87.8	%
Boise Towne Square	Dillard’s, JCPenney, Macy’s, Sears, Kohl’s	100	%	Boise, ID	422,173	425,556	247,714	116,677	—	1,212,120	94.8	%
Brass Mill Center	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Waterbury, CT	396,991	267,471	319,391	197,033	—	1,180,886	92.6	%
Burlington Town Center	Macy’s	100	%	Burlington, VT	153,024	—	146,753	—	54,617	354,394	88.2	%
Cache Valley Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney	100	%	Logan, UT	170,747	145,832	—	180,956	—	497,535	80.7	%
Capital Mall	Dillard’s, JCPenney, Sears	100	%	Jefferson City, MO	317,266	97,537	135,540	—	—	550,343	79.2	%
Chula Vista Center	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Chula Vista (San Diego), CA	320,141	—	554,100	—	—	874,241	91.3	%
Coastland Center	Dillard’s, JCPenney, Macy’s, Sears	100	%	Naples, FL	333,096	123,921	466,469	—	—	923,486	91.2	%
Collin Creek	Dillard’s, JCPenney, Macy’s, Sears	100	%	Plano, TX	327,887	176,259	515,992	—	—	1,020,138	92.3	%
Colony Square Mall	Elder-Beerman, JCPenney, Sears	100	%	Zanesville, OH	284,147	148,881	58,997	—	—	492,025	79.8	%
Columbia Mall	Dillard’s, JCPenney, Sears, Target	100	%	Columbia, MO	314,729	85,972	335,088	—	—	735,789	94.4	%
Columbiana Centre	Belk, Dillard’s, JCPenney, Sears	100	%	Columbia, SC	267,007	198,334	360,643	—	—	825,984	98.1	%
Coral Ridge Mall	Dillard’s, JCPenney, Sears, Target, Younkers	100	%	Coralville (Iowa City), IA	524,730	—	551,165	—	—	1,075,895	97.8	%
Coronado Center	JCPenney, Kohl’s, Macy’s, Sears, Target	100	%	Albuquerque, NM	406,543	118,272	627,753	—	—	1,152,568	96.1	%
Crossroads Center	JCPenney, Macy’s, Sears, Target	100	%	St. Cloud, MN	367,262	394,167	129,275	—	—	890,704	97.4	%
Cumberland Mall	Costco, Macy’s, Sears	100	%	Atlanta, GA	384,426	147,409	500,575	—	—	1,032,410	95.1	%
Deerbrook Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Humble (Houston), TX	554,461	—	653,540	—	—	1,208,001	99.8	%
Eastridge Mall WY	JCPenney, Macy’s, Sears, Target	100	%	Casper, WY	286,710	213,913	75,883	—	—	576,506	73.7	%
Eastridge Mall CA	JCPenney, Macy’s, Sears	100	%	San Jose, CA	630,556	246,261	426,000	—	—	1,302,817	96.5	%
Eden Prairie Center	Kohl’s, Sears, Target, Von Maur, JCPenney	100	%	Eden Prairie (Minneapolis), MN	404,046	279,422	452,081	—	—	1,135,549	97.6	%
Fashion Place	Dillard’s, Nordstrom, Sears	100	%	Murray, UT	376,610	—	600,778	48,962	—	1,026,350	95.9	%
Fashion Show	Bloomingdale’s Home, Dillard’s, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100	%	Las Vegas, NV	664,956	167,000	1,059,614	—	—	1,891,570	96.6	%
Foothills Mall	Macy’s, Sears	100	%	Fort Collins, CO	287,753	137,337	202,760	182,837	—	810,687	67.7	%
Four Seasons Town Centre	Belk, Dillard’s, JCPenney	100	%	Greensboro, NC	445,279	429,969	212,047	—	—	1,087,295	94.1	%
Fox River Mall	JCPenney, Macy’s, Sears, Target, Younkers	100	%	Appleton, WI	618,728	30,000	564,914	—	—	1,213,642	92.1	%
Gateway Mall	Kohl’s, Sears, Target	100	%	Springfield, OR	485,956	218,055	113,613	—	—	817,624	80.6	%
Glenbrook Square	JCPenney, Macy’s, Sears	100	%	Fort Wayne, IN	572,832	433,870	221,000	—	—	1,227,702	98.0	%
Governor’s Square	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tallahassee, FL	330,269	—	691,605	—	—	1,021,874	95.7	%
Grand Teton Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Idaho Falls, ID	211,572	323,925	—	93,274	—	628,771	98.1	%
Greenwood Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Bowling Green, KY	415,115	156,096	272,957	—	—	844,168	91.2	%
Harborplace		100	%	Baltimore, MD	151,085	—	—	—	—	151,085	90.6	%
Hulen Mall	Dillard’s, Macy’s, Sears	100	%	Ft. Worth, TX	367,472	—	596,570	—	—	964,042	99.2	%
Jordan Creek Town Center	Dillard’s, Younkers	100	%	West Des Moines, IA	723,316	—	349,760	219,203	—	1,292,279	99.2	%
Knollwood Mall	Kohl’s	100	%	St. Louis Park (Minneapolis), MN	383,935	80,684	—	—	—	464,619	94.3	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of June 30, 2011

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Lakeland Square	Burlington Coat Factory, Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Sears	100	%	Lakeland (Orlando), FL	274,037	104,113	505,925	—	—	884,075	88.0	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy’s, Macy’s Mens & Home, Sears	100	%	Sterling Heights, MI	497,794	115,300	905,418	—	—	1,518,512	74.3	%
Lansing Mall	JCPenney, Macy’s, Younkers	100	%	Lansing, MI	443,642	288,170	103,000	—	—	834,812	91.4	%
Lynnhaven Mall	Dillard’s, JCPenney, Macy’s	100	%	Virginia Beach, VA	636,179	150,434	500,958	—	—	1,287,571	99.4	%
Mall at Sierra Vista	Dillard’s, Sears	100	%	Sierra Vista, AZ	169,361	—	196,492	—	—	365,853	94.8	%
Mall Of Louisiana	Dillard’s, JCPenney, Macy’s, Sears	100	%	Baton Rouge, LA	609,161	—	805,630	143,619	—	1,558,410	98.1	%
Mall Of The Bluffs	Dillard’s, Sears	100	%	Council Bluffs (Omaha, NE), IA	375,133	—	326,222	—	—	701,355	71.9	%
Mall St. Matthews	Dillard’s, Dillard’s Men’s & Home, JCPenney	100	%	Louisville, KY	458,213	230,874	395,705	—	—	1,084,792	95.9	%
Mall St. Vincent	Dillard’s, Sears	100	%	Shreveport-Bossier City, LA	184,814	—	348,000	—	—	532,814	92.9	%
Market Place Shopping Center	Bergner’s, JCPenney, Macy’s, Sears	100	%	Champaign, IL	507,926	385,766	149,980	—	—	1,043,672	94.0	%
Mayfair	Boston Store, Macy’s	100	%	Wauwatosa (Milwaukee), WI	616,132	288,596	210,714	—	405,104	1,520,546	98.9	%
Meadows Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Las Vegas, NV	308,406	—	636,853	—	—	945,259	96.2	%
Mondawmin Mall		99	%	Baltimore, MD	369,757	—	—	—	65,317	435,074	89.0	%
Newgate Mall	Dillard’s, Sears	100	%	Ogden (Salt Lake City), UT	378,993	226,961	118,919	—	—	724,873	94.0	%
Newpark Mall	JCPenney, Macy’s, Sears, Target, Burlington Coat Factory	100	%	Newark (San Francisco), CA	373,448	207,372	533,502	—	—	1,114,322	89.2	%
North Plains Mall	Beall’s, Dillard’s, JCPenney, Sears	100	%	Clovis, NM	109,107	194,081	—	—	—	303,188	90.4	%
North Point Mall	Dillard’s, JCPenney, Macy’s, Sears, Von Maur	100	%	Alpharetta (Atlanta), GA	389,534	627,257	363,151	—	—	1,379,942	95.4	%
North Star Mall	Dillard’s, Macy’s, Saks Fifth Avenue, JCPenney	100	%	San Antonio, TX	514,715	207,196	522,126	—	—	1,244,037	98.7	%
Northridge Fashion Center	JCPenney, Macy’s, Sears	100	%	Northridge (Los Angeles), CA	610,346	45,369	824,443	—	—	1,480,158	86.3	%
Northtown Mall	JCPenney, Kohl’s, Macy’s, Red Fox, Sears	100	%	Spokane, WA	489,625	310,859	242,392	—	—	1,042,876	79.2	%
Oak View Mall	Dillard’s, JCPenney, Sears, Younkers	100	%	Omaha, NE	257,181	149,400	454,860	—	—	861,441	91.1	%
Oakwood Center	Dillard’s, JCPenney, Sears	100	%	Gretna, LA	282,757	—	514,028	—	—	796,785	91.4	%
Oakwood Mall	JCPenney, Macy’s, Sears, Younkers	100	%	Eau Claire, WI	397,744	116,620	298,224	—	—	812,588	92.4	%
Oglethorpe Mall	Belk, JCPenney, Macy’s, Sears	100	%	Savannah, GA	407,213	220,824	315,760	—	—	943,797	92.6	%
Owings Mills Mall(2).	JCPenney, Macy’s	100	%	Owings Mills, MD	438,017	120,000	527,037	—	320,304	1,405,358	49.7	%
Oxmoor Center	Macy’s, Sears, Von Maur	100	%	Louisville, KY	356,981	156,000	411,210	—	—	924,191	97.1	%
Paramus Park	Macy’s, Sears	100	%	Paramus, NJ	303,941	—	459,057	—	—	762,998	95.9	%
Park City Center	Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears	100	%	Lancaster (Philadelphia), PA	541,938	514,917	384,980	—	—	1,441,835	93.7	%
Park Place	Dillard’s, Macy’s, Sears	100	%	Tucson, AZ	476,895	—	581,457	—	—	1,058,352	99.6	%
Peachtree Mall	Dillard’s, JCPenney, Macy’s	100	%	Columbus, GA	309,260	—	508,615	—	—	817,875	90.8	%
Pecanland Mall	Belk, Dillard’s, JCPenney, Sears, Burlington Coat Factory	100	%	Monroe, LA	328,884	83,398	532,038	—	—	944,320	96.0	%
Pembroke Lakes Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Pembroke Pines (Fort Lauderdale), FL	350,782	395,219	386,056	—	—	1,132,057	96.2	%
Pierre Bossier Mall	Dillard’s, JCPenney, Sears, Stage	100	%	Bossier City (Shreveport), LA	218,581	46,406	346,892	—	—	611,879	91.8	%
Pine Ridge Mall	JCPenney, Sears, Shopko	100	%	Pocatello, ID	198,458	437,987	—	—	—	636,445	74.1	%
Pioneer Place		100	%	Portland, OR	294,877	—	60,000	—	287,685	642,562	85.5	%
Prince Kuhio Plaza	Macy’s, Sears	100	%	Hilo, HI	267,370	174,247	61,873	—	—	503,490	96.1	%
Providence Place	JCPenney, Macy’s, Nordstrom	100	%	Providence, RI	749,721	—	513,691	—	—	1,263,412	99.5	%
Provo Towne Centre	Dillard’s, JCPenney, Sears	75	%	Provo, UT	300,841	151,090	340,629	—	—	792,560	86.0	%
Red Cliffs Mall	Dillard’s, JCPenney, Sears	100	%	St. George, UT	149,962	235,031	—	57,304	—	442,297	91.1	%
Regency Square Mall	Belk, Dillard’s, JCPenney, Sears	100	%	Jacksonville, FL	671,728	364,846	399,155	—	—	1,435,729	82.3	%
Ridgedale Center	JCPenney, Macy’s, Sears	100	%	Minnetonka, MN	325,739	—	702,380	—	—	1,028,119	92.5	%
River Hills Mall	Herberger’s, JCPenney, Sears, Target	100	%	Mankato, MN	353,521	189,559	174,383	—	—	717,463	93.9	%
Rivertown Crossings	JCPenney, Kohl’s, Macy’s, Sears, Younkers	100	%	Grandville (Grand Rapids), MI	544,123	—	635,625	—	—	1,179,748	91.1	%
Rogue Valley Mall	JCPenney, Kohl’s, Macy’s, Macy’s Home Store	100	%	Medford (Portland), OR	281,412	170,625	186,359	—	—	638,396	87.5	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of June 30, 2011

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
Saint Louis Galleria	Dillard’s, Macy’s	100	%	St. Louis, MO	464,355	—	576,052	—	—	1,040,407	97.2	%
Salem Center	JCPenney, Kohl’s, Macy’s, Nordstrom	100	%	Salem, OR	194,118	—	438,000	—	—	632,118	84.5	%
Sikes Senter	Dillard’s, JCPenney, Sears	100	%	Wichita Falls, TX	292,816	374,690	—	—	—	667,506	94.3	%
Silver Lake Mall	JCPenney, Macy’s, Sears	100	%	Coeur D’ Alene, ID	152,793	172,253	—	—	—	325,046	84.5	%
Sooner Mall	Dillard’s, JCPenney, Sears	100	%	Norman, OK	207,766	129,823	137,082	—	—	474,671	93.6	%
Southlake Mall	Macy’s, Sears	100	%	Morrow (Atlanta), GA	273,208	—	740,252	—	—	1,013,460	90.8	%
Southland Center	JCPenney, Macy’s	100	%	Taylor, MI	320,173	583,037	—	—	—	903,210	94.8	%
Southland Mall	JCPenney, Kohl’s, Macy’s, Sears	100	%	Hayward, CA	524,729	448,264	292,000	—	—	1,264,993	82.9	%
Southshore Mall	JCPenney, Sears	100	%	Aberdeen, WA	139,514	68,979	64,796	—	—	273,289	56.6	%
Southwest Plaza	Dillard’s, JCPenney, Macy’s, Sears	100	%	Littleton (Denver), CO	636,929	93,630	541,851	—	90,067	1,362,477	90.9	%
Spokane Valley Mall	JCPenney, Macy’s, Sears	75	%	Spokane, WA	346,748	126,243	252,841	132,048	—	857,880	94.1	%
Spring Hill Mall	Carson Pirie Scott, Kohl’s, Macy’s, Sears	100	%	West Dundee (Chicago), IL	485,960	—	681,580	—	—	1,167,540	83.0	%
Staten Island Mall	Macy’s, Sears, JCPenney	100	%	Staten Island, NY	525,160	13,726	657,363	83,092	—	1,279,341	97.8	%
Steeplegate Mall	Bon Ton, JCPenney, Sears	100	%	Concord, NH	222,763	256,347	—	—	—	479,110	71.8	%
Stonestown Galleria	Macy’s, Nordstrom	100	%	San Francisco, CA	429,386	160,505	267,788	—	54,314	911,993	86.3	%
The Boulevard Mall	JCPenney, Macy’s, Sears	100	%	Las Vegas, NV	388,836	—	788,036	—	—	1,176,872	77.0	%
The Crossroads	Burlington Coat Factory, JCPenney, Macy’s, Sears	100	%	Portage (Kalamazoo), MI	267,591	—	502,960	—	—	770,551	97.0	%
The Gallery At Harborplace		100	%	Baltimore, MD	131,904	—	—	—	261,780	393,684	91.8	%
The Grand Canal Shoppes		100	%	Las Vegas, NV	454,056	—	—	—	34,414	488,470	98.2	%
The Maine Mall	JCPenney, Macy’s, Sears	100	%	South Portland, ME	537,277	90,844	377,662	—	—	1,005,783	96.8	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy’s, Nordstrom, Sears	100	%	Columbia, MD	600,559	212,847	587,321	—	—	1,400,727	97.5	%
The Parks At Arlington	Dillard’s, Jcpenney, Macy’s, Sears	100	%	Arlington (Dallas), TX	761,084	—	748,945	—	—	1,510,029	99.5	%
The Pines	Dillard’s, JCPenney, Sears	100	%	Pine Bluff, AR	285,075	69,190	270,519	—	—	624,784	50.1	%
The Shoppes At Buckland Hills	JCPenney, Macy’s, Macy’s Mens & Home, Sears	100	%	Manchester, CT	525,893	—	512,611	—	—	1,038,504	93.7	%
The Shoppes At The Palazzo	Barneys New York	100	%	Las Vegas, NV	183,313	84,743	—	—	—	268,056	98.9	%
The Shops At Fallen Timbers	Dillard’s, JCPenney	100	%	Maumee, OH	331,419	—	261,502	—	—	592,921	94.1	%
The Shops at La Cantera	Dillard’s, Macy’s, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	576,682	—	627,597	—	69,839	1,274,118	99.4	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy’s, Nordstrom, Sears	100	%	Durham, NC	600,267	—	726,347	—	—	1,326,614	98.4	%
The Village of Cross Keys		100	%	Baltimore, MD	74,172	—	—	30,292	182,350	286,814	94.2	%
The Woodlands Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Woodlands (Houston), TX	574,012	—	742,918	—	39,471	1,356,401	98.8	%
Three Rivers Mall	JCPenney, Macy’s, Sears	100	%	Kelso, WA	226,244	193,233	—	—	—	419,477	83.4	%
Town East Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Mesquite (Dallas), TX	433,464	—	809,386	—	—	1,242,850	92.6	%
Tucson Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Tucson, AZ	507,981	81,806	641,458	20,600	—	1,251,845	95.5	%
Tysons Galleria	Macy’s, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	300,331	—	511,933	—	—	812,264	91.6	%
Valley Hills Mall	Belk, Dillard’s, JCPenney, Sears	100	%	Hickory, NC	322,152	—	611,516	—	—	933,668	96.7	%
Valley Plaza Mall	JCPenney, Macy’s, Sears, Target	100	%	Bakersfield, CA	426,479	147,792	509,176	—	—	1,083,447	97.3	%
Visalia Mall	JCPenney, Macy’s	100	%	Visalia, CA	179,878	257,000	—	—	—	436,878	96.0	%
Vista Ridge Mall	Dillard’s, JCPenney, Macy’s, Sears	100	%	Lewisville (Dallas), TX	392,511	—	670,210	—	—	1,062,721	88.0	%
Washington Park Mall	Dillard’s, JCPenney, Sears	100	%	Bartlesville, OK	162,395	122,894	71,402	—	—	356,691	93.4	%
West Oaks Mall	Dillard’s, JCPenney, Sears	100	%	Ocoee (Orlando), FL	411,336	223,813	430,976	—	—	1,066,125	78.7	%
West Valley Mall	JCPenney, Macy’s, Sears, Target	100	%	Tracy (San Francisco), CA	536,383	236,454	111,836	—	—	884,673	87.3	%
Westlake Center		99	%	Seattle, WA	102,859	—	—	—	348,808	451,667	87.2	%
Westwood Mall	Elder-Beerman, JCPenney, Wal-Mart	100	%	Jackson, MI	136,171	70,500	301,188	—	—	507,859	94.8	%
White Marsh Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	100	%	Baltimore, MD	439,720	60,000	666,010	—	—	1,165,730	93.6	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of June 30, 2011

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
White Mountain Mall	Herberger’s, JCPenney	100	%	Rock Springs, WY	209,137	94,482	—	—	—	303,619	97.3	%
Willowbrook	Bloomingdale’s, Lord & Taylor, Macy’s, Sears	100	%	Wayne, NJ	484,742	2,060	1,028,000	—	—	1,514,802	98.7	%
Woodbridge Center	JCPenney, Lord & Taylor, Macy’s, Sears	100	%	Woodbridge, NJ	669,777	424,100	560,935	—	—	1,654,812	95.3	%
Total Consolidated Regional Malls				Count: 134	51,480,675	18,972,103	48,209,456	1,519,941	2,574,242	122,756,417	91.9	%

Unconsolidated Regional Malls
Alderwood	JCPenney, Macy’s, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	577,795	—	705,898	—	—	1,283,693	98.1	%
Altamonte Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Altamonte Springs (Orlando), FL	476,786	158,658	519,890	—	—	1,155,334	96.2	%
Bridgewater Commons	Bloomingdale’s, Lord & Taylor, Macy’s	35	%	Bridgewater, NJ	395,816	150,525	352,351	93,796	—	992,488	97.8	%
Carolina Place	Belk, Dillard’s, JCPenney, Macy’s, Sears	50	%	Pineville (Charlotte), NC	382,519	277,404	496,098	—	—	1,156,021	99.1	%
Christiana Mall	JCPenney, Macy’s, Nordstrom, Target	50	%	Newark, DE	460,481	—	641,312	—	—	1,101,793	99.1	%
Clackamas Town Center	JCPenney, Macy’s, Macy’s Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	591,853	—	774,842	—	—	1,366,695	97.1	%
First Colony Mall	Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s	50	%	Sugar Land, TX	502,075	—	619,048	—	—	1,121,123	99.3	%
Florence Mall	JCPenney, Macy’s, Macy’s Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	404,877	—	552,407	—	—	957,284	93.2	%
Galleria At Tyler	JCPenney, Macy’s, Nordstrom	50	%	Riverside, CA	557,286	—	468,208	—	—	1,025,494	96.0	%
Glendale Galleria	JCPenney, Macy’s, Nordstrom, Target	50	%	Glendale, CA	514,331	90,000	715,000	—	138,011	1,457,342	94.3	%
Kenwood Towne Centre	Dillard’s, Macy’s, Nordstrom	50	%	Cincinnati, OH	515,066	240,656	400,665	—	—	1,156,387	95.9	%
Mizner Park		50	%	Boca Raton, FL	240,563	31,000	—	—	262,141	533,704	50.3	%
Natick Mall	JCPenney, Lord & Taylor, Macy’s, Sears	50	%	Natick (Boston), MA	470,634	194,558	516,662	—	—	1,181,854	96.8	%
Natick West	Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	266,345	—	236,430	—	—	502,775	96.4	%
Neshaminy Mall	Boscov’s, Macy’s, Sears	50	%	Bensalem, PA	412,530	188,394	418,595	—	—	1,019,519	95.1	%
Northbrook Court	Lord & Taylor, Macy’s, Neiman Marcus	50	%	Northbrook (Chicago), IL	484,445	126,000	410,277	—	—	1,020,722	95.5	%
Oakbrook Center	Bloomingdale’s Home, Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Sears	48	%	Oak Brook (Chicago), IL	904,615	525,766	659,812	—	239,270	2,329,463	84.9	%
Otay Ranch Town Center	Macy’s	50	%	Chula Vista (San Diego), CA	511,593	—	140,000	—	—	651,593	95.1	%
Park Meadows	Dillard’s, JCPenney, Macy’s, Nordstrom	35	%	Lone Tree, CO	749,174	—	823,000	—	—	1,572,174	98.9	%
Perimeter Mall	Bloomingdale’s, Dillard’s, Macy’s, Nordstrom	50	%	Atlanta, GA	516,536	—	1,053,274	—	—	1,569,810	91.0	%
Pinnacle Hills Promenade	Dillard’s, JCPenney, Target	50	%	Rogers, AR	360,029	98,540	162,140	358,195	—	978,904	89.0	%
Quail Springs Mall	Dillard’s, JCPenney, Macy’s, Sears	50	%	Oklahoma City, OK	450,936	—	687,853	—	—	1,138,789	96.0	%
Riverchase Galleria	Belk, Belk Home Store, JCPenney, Macy’s, Sears	50	%	Hoover (Birmingham), AL	679,438	137,867	742,920	—	—	1,560,225	92.0	%
Stonebriar Centre	Dillard’s, JCPenney, Macy’s, Nordstrom, Sears	50	%	Frisco (Dallas), TX	785,305	—	865,192	—	—	1,650,497	97.6	%
The Oaks Mall	Belk, Dillard’s, JCPenney, Macy’s, Sears	51	%	Gainesville, FL	339,957	233,367	324,500	—	—	897,824	97.3	%
The Shoppes At River Crossing	Belk, Dillard’s	50	%	Macon, GA	354,383	—	333,219	—	—	687,602	99.2	%
Towson Town Center	Macy’s, Nordstrom	35	%	Towson, MD	580,912	—	419,129	—	—	1,000,041	95.5	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	40	%	Coral Gables, FL	406,712	—	330,000	—	101,263	837,975	91.5	%
Water Tower Place	Macy’s	52	%	Chicago, IL	388,788	296,128	—	—	88,809	773,725	93.2	%
Westroads Mall	JCPenney, Von Maur, Younkers	51	%	Omaha, NE	539,821	—	529,402	—	—	1,069,223	96.4	%
Whaler’s Village		50	%	Lahaina, HI	106,190	—	—	—	—	106,190	97.1	%
Willowbrook Mall	Dillard’s, JCPenney, Macy’s, Macy’s Mens, Sears	50	%	Houston, TX	400,619	—	984,372	—	—	1,384,991	96.8	%
Total Unconsolidated Regional Malls				Count: 32	15,328,410	2,748,863	15,882,496	451,991	829,494	35,241,254	94.6	%
Total Regional Malls (5)				Count: 166	66,809,085	21,720,966	64,091,952	1,971,932	3,403,736	157,997,671	92.5	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of June 30, 2011

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
International Properties (3)
Bangu Shopping		31	%	Rio de Janeiro, Rio de Janeiro (Brazil)	561,758	—	—	—	—	561,758	99.9	%
Boulevard Brasilia		16	%	Brasilia, Brazil	182,179	—	—	—	—	182,179	86.1	%
Boulevard Shopping Belem		24	%	Belem, Brazil	365,876	—	—	—	—	365,876	98.8	%
Boulevard Shopping Belo Horizonte		22	%	Belo Horizonte, Minas Gerais (Brazil)	463,020	—	—	—	—	463,020	88.5	%
Boulevard Shopping Campina Grande		11	%	Campina Grande, Paraiba (Brazil)	186,592	—	—	—	—	186,592	99.9	%
Boulevard Shopping Campos		16	%	Campos dos Goytacazes, Rio de Janeiro (Brazil)	204,514	—	—	—	—	204,514	96.0	%
Carioca Shopping		13	%	Rio de Janeiro, Rio de Janeiro (Brazil)	256,235	—	—	—	—	256,235	99.7	%
Caxias Shopping		13	%	Rio de Janeiro, Rio de Janeiro (Brazil)	275,115	—	—	—	—	275,115	98.6	%
Santana Parque Shopping		16	%	Sao Paulo, Sao Paulo (Brazil)	285,233	—	—	—	—	285,233	97.6	%
Shopping Grande Rio		8	%	Rio de Janeiro, Rio de Janeiro (Brazil)	395,789	—	—	—	—	395,789	98.6	%
Shopping Iguatemi Salvador		14	%	Salvador, Bahia (Brazil)	660,280	—	—	—	—	660,280	99.8	%
Shopping Leblon		35	%	Rio de Janeiro, Rio de Janeiro (Brazil)	249,228	—	—	—	—	249,228	99.2	%
Shopping Santa Ursula		12	%	Ribeirao Preto, Brazil	249,809	—	—	—	—	249,809	91.3	%
Shopping Taboao		12	%	Taboao da Serra, Sao Paulo (Brazil)	383,206	—	—	—	—	383,206	99.6	%
SuperShopping Osasco		12	%	Sao Paulo, Sao Paulo (Brazil)	188,821	—	—	—	—	188,821	95.7	%
Via Parque Shopping		22	%	Rio de Janeiro, Rio de Janeiro (Brazil)	580,218	—	—	—	—	580,218	99.5	%
International Properties (3)				Count: 16	5,487,872	—	—	—	—	5,487,872	97.4	%

Stand Alone Offices and Strip Centers
10 Columbia Corporate Center		100	%	Towson (Baltimore), MD	6,500	—	—	—	87,235	93,735	84.1	%
10000 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	35,867	35,867	100.0	%
10000 West Charleston		100	%	Las Vegas, NV	—	—	—	—	71,388	71,388	77.2	%
10190 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	74,895	74,895	80.2	%
10450 West Charleston Blvd		100	%	Las Vegas, NV	—	—	—	—	71,607	71,607	100.0	%
1120-1140 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	104,220	104,220	61.5	%
1160-1180 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	104,567	104,567	10.0	%
1201-1241 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	75,831	75,831	2.4	%
1251-1281 Town Center Drive		100	%	Las Vegas, NV	—	—	—	—	54,168	54,168	0.0	%
1551 Hillshire Drive		100	%	Las Vegas, NV	—	—	—	—	69,500	69,500	100.0	%
1635 Village Center Circle		100	%	Las Vegas, NV	—	—	—	—	38,539	38,539	46.3	%
1645 Village Center Circle		100	%	Las Vegas, NV	—	—	—	—	49,411	49,411	77.9	%
20 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	100,247	100,247	86.6	%
30 Columbia Corporate Center		100	%	Towson (Baltimore), MD	14,166	—	—	—	129,220	143,386	61.3	%
40 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	136,141	136,141	85.8	%
50 Columbia Corporate Center		100	%	Towson (Baltimore), MD	7,750	—	—	—	111,200	118,950	85.7	%
60 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	101,799	101,799	94.5	%
70 Columbia Corporate Center		100	%	Towson (Baltimore), MD	—	—	—	—	169,590	169,590	28.4	%
9901-9921 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	57,110	57,110	35.3	%
9950-9980 Covington Cross		100	%	Las Vegas, NV	—	—	—	—	81,712	81,712	0.0	%
Corporate Pointe 2		100	%	Las Vegas, NV	—	—	—	—	41,390	41,390	50.1	%
Corporate Pointe 3		100	%	Las Vegas, NV	—	—	—	—	68,346	68,346	100.0	%
Crossing Business Center 6		100	%	Las Vegas, NV	—	—	—	—	52,975	52,975	0.0	%
Crossing Business Center 7		100	%	Las Vegas, NV	—	—	—	—	58,950	58,950	100.0	%
Senate Plaza		100	%	Harrisburg-Carlisle, PA	11,186	—	—	—	230,760	241,946	92.9	%

PORTFOLIO OPERATING METRICS

Property Schedule

As of June 30, 2011

Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased (1)
HHP Government Service		100	%	Las Vegas, NV	—	—	—	—	56,022	56,022	100.0	%
Baskin Robbins		100	%	Idaho Falls, ID	—	—	—	1,814	—	1,814	3249.7	%
Boise Plaza		73	%	Boise, ID	—	—	—	114,404	—	114,404	0.0	%
Center Point Plaza (4)		50	%	Las Vegas, NV	70,299	—	—	74,336	—	144,635	60.0	%
Columbia Bank Drive Thru		100	%	Towson (Baltimore), MD	—	—	—	17,000	—	17,000	466.0	%
Fallbrook Center		100	%	West Hills (Los Angeles), CA	—	—	—	938,897	—	938,897	12.4	%
Fort Union		100	%	Midvale (Salt Lake City), UT	—	—	—	32,968	—	32,968	289.2	%
Fremont Plaza		100	%	Las Vegas, NV	—	—	—	54,076	—	54,076	73.7	%
Lake Mead & Buffalo (4)		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	31.9	%
Lincolnshire Commons		100	%	Lincolnshire (Chicago), IL	—	—	—	118,562	—	118,562	100.0	%
Lockport Mall		100	%	Lockport, NY	—	—	—	90,734	—	90,734	100.0	%
Plaza 800		100	%	Sparks (Reno), NV	—	—	—	72,431	—	72,431	83.9	%
River Falls Mall		100	%	Clarksville, IN	—	—	—	827,794	—	827,794	77.2	%
The Trails Village Center (4)		50	%	Las Vegas, NV	—	—	—	92,129	—	92,129	57.5	%
Woodlands Village		100	%	Flagstaff, AZ	—	—	—	91,810	—	91,810	87.4	%
Total Stand Alone Offices				Office Count: 26							Office: 64.2	%
and Strip Centers				Strip Center Count: 14	174,892	—	—	2,612,912	2,232,690	5,020,494	Strip Centers: 84.1	%

(1) For stand alone offices, office occupancy is presented.

(2) For the 320K s.f. of office area at Owings Mills Mall, GGP owns 65% of One Corporate Center and 55% of Two Corporate Center.

(3) GGP’s investment in Brazil is through an ownership interest in Aliansce and Luanda. For these properties, only Mall and Freestanding GLA is presented.

(4) Third party managed strip center.

(5) Refer to page 18 (Key Operating Performance Indicators).

CHANGE IN TOTAL COMMON AND EQUIVALENT SHARES

	Operating Partnership Units		Company Common Shares		Total Common & Operating Partnership Units

Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2010	6,934,130		941,880,014		948,814,144
Common Unit Cash Conversion	(307,312	)	—		(307,312	)
Common Stock Issued as a dividend	—		22,256,121		22,256,121
DRIP			2,745,881		2,745,881
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		(63,508	)	(63,508	)
New Common Shares Issued	—		—		—
Common Shares retired	—		(30,585,957	)	(30,585,957	)
Common Shares and OP Units Outstanding at June 30, 2011	6,626,818		936,232,551		942,859,369


Common Shares issuable assuming exercise of Permanent Warrants (1)			47,567,515
Common Shares issuable assuming exercise of in-the-money stock options			5,072,035
Common Shares issuable assuming exchange of OP Units			6,890,316
Diluted Common Shares and OP Units Outstanding at June 30, 2011			995,762,417

	Three Months Ended		Six Months Ended
	June 30, 2011	June 30, 2010	June 30, 2011	June 30, 2010
Weighted average number of Company shares outstanding (in thousands) - GAAP EPS	946,769	317,363	952,072	316,571

Weighted average number of Company shares outstanding (in thousands) - FFO/Core FFO	998,236	326,127	1,001,117	325,277

(1)	GGP has 120 million warrants outstanding (the “Permanent Warrants”) convertible to 1.033 Common Shares with a weighted average exercise price of $10.29, with a scheduled expiration of November 9, 2017. 57.5 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.

	Pursuant to the Plan, Permanent Warrants to purchase equity were issued to the Plan Sponsors on the Effective Date. The Permanent Warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration. Under certain circumstances, holders of the warrants may elect to require GGP to redeem the warrants in cash (“Cash Settlement”), based on a defined formula related to GGP’s common stock. The existence of the Cash Settlement feature, however remote, results in the warrants to be classified as a liability for GAAP, carried at fair value with changes in fair value accounted for in net income.

Shares Subject to Warrants	Weighted Average Exercise Price			Expiration Date	Impact of Dividend issued to stockholders of record as of April 15, 2011 (2)		Impact of settling warrants via net share settlement
61,980,000	$	10.41		Nov 9, 2017	Reduces exercise price to $10.4065	Increases number of Common shares per warrant to 1.033	Net share: 61,980,000 x [16.69 - 10.4065] / 16.69 = 23,334,412 shares delivered
61,980,000	$	10.16		Nov 9, 2017	Reduces exercise price to $10.1645	Increases number of Common shares per warrant to 1.033	Net share: 61,980,000 x [16.69 - 10.1645] / 16.69 = 24,233,103 shares delivered
123,960,000	$		10.29

(2)	Based on dividend of $50.6 million in cash and 2,745,881 million shares issued to stockholders of record on April 15, 2011; common stock price of $15.48 on March 31, 2011; and 964 million shares outstanding as of March 31, 2011.

FINANCIAL OVERVIEW

Discontinued Operations - Proportionate Schedules

(in thousands)

	Three Months Ended June 30, 2011									Three Months Ended June 30, 2010
	Consolidated Properties			Unconsolidated Properties			Pro Rata Basis			Consolidated Properties			Unconsolidated Properties			Pro Rata Basis
Discontinued Operations
Retail and other revenues	$	16,592		$	4,345		$	20,937		$	60,382		$	18,846		$	79,228
Land and condominium sales	—			—			—			59,965			13,337			73,302
Total revenues	16,592			4,345			20,937			120,347			32,183			152,530
Retail and other operating expenses	9,596			1,742			11,338			60,418			13,483			73,901
Land and condominium sales operations	—			—			—			59,040			10,121			69,161
Provisions for impairment	—			—			—			—						—
Total expenses	9,596			1,742			11,338			119,458			23,604			143,062
Operating income	$	6,996		$	2,603		$	9,599		$	889		$	8,579		$	9,468
Interest expense, net	(5,235		)	(1,652		)	(6,887		)	21,882			(3,948		)	17,934
Income in Unconsolidated Real Estate Affiliates	—			—
Other expenses	—			—			—			(6,586		)				(6,586		)
Net income (loss) from operations	1,761			951			2,712			16,185			4,631			20,816
Provision for income taxes	(32		)	—			(32		)	(10,942		)	(434		)	(11,376		)
Noncontrolling interest	(28		)	—			(28		)	(27		)	1			(26		)
Gain (loss) on disposition of properties	(690		)	223			(467		)	—			1,625			1,625
Net income (loss) from discontinued operations	$	1,011		$	1,174		$	2,185		$	5,216		$	5,823		$	11,039

Reconciliation of Net income (loss) from discontinued operations to FFO from discontinued operations
Net loss from discontinued operations	$	1,011		$	1,174		$	2,185		$	5,216		$	5,823		$	11,039
(Gain) loss on disposition of properties	690			(223		)	467			—			32,768			32,768
Depreciation and amortization of discontinued operations	2,960			1,298			4,258			7,408			2,695			10,103
Noncontrolling interests in depreciation of discontinued operations and other	—			—			—			(17		)	(4		)	(21		)
FFO from discontinued operations	$	4,661		$	2,249		$	6,910		$	12,607		$	41,282		$	53,889

	Six Months Ended June 30, 2011									Six Months Ended June 30, 2010
	Consolidated Properties			Unconsolidated Properties			Segment Basis			Consolidated Properties			Unconsolidated Properties			Segment Basis
Discontinued Operations
Retail and other revenues	$	39,890		$	12,605		$	52,495		$	121,320		$	36,319		$	157,639
Land and condominium sales	—			—			—			65,035			25,972			91,007
Total revenues	39,890			12,605			52,495			186,355			62,291			248,646
Retail and other operating expenses	25,757			4,453			30,210			103,092			26,061			129,153
Land and condominium sales operations	—			—			—			69,210			19,775			88,985
Provisions for impairment	51			—			51			278			—			278
Total expenses	25,808			4,453			30,261			172,580			45,836			218,416
Operating income	$	14,082		$	8,152		$	22,234		$	13,775		$	16,455		$	30,230
Interest expense, net	(11,798		)	(6,192		)	(17,990		)	14,367			(8,154		)	6,213
Income in Unconsolidated Real Estate Affiliates	—			—			—			—			—			—
Other expenses	—			—			—			41,461			—			41,461
Net income (loss) from operations	2,284			1,960			4,244			69,603			8,301			77,904
Provision for income taxes	(55		)	—			(55		)	(12,662		)	(597		)	(13,259		)
Noncontrolling interest	62			(261		)	(199		)	(76		)	1			(75		)
Gain (loss) on disposition of properties	(546		)	3,619			3,073			—			1,625			1,625
Net income (loss) from discontinued operations	$	1,745		$	5,318		$	7,063		$	56,865		$	9,330		$	66,195

Reconciliation of Net income (loss) from discontinued operations to FFO from discontinued operations
Net loss from discontinued operations	$	1,745		$	5,318		$	7,063		$	56,865		$	9,330		$	66,195
(Gain) loss on disposition of properties	546			(3,619		)	(3,073		)	—			32,086			32,086
Depreciation and amortization of discontinued operations	8,129			1,421			9,550			19,213			5,379			24,592
Noncontrolling interests in depreciation of discontinued operations and other	(795		)	(1,306		)	(2,101		)	—			(42		)	(42		)
FFO from discontinued operations	$	9,625		$	1,814		$	11,439		$	76,078		$	46,753		$	122,831

FINANCIAL OVERVIEW

Properties Included in Discontinued Operations

(in thousands)

Properties Sold and Included in Discontinued Operations

Consolidated Properties	Method of Disposition	Date of Disposition	Debt (1)
Twin Falls Crossing	Sold	June 2011	—
Chapel Hills Mall	Sold	June 2011	111,874
Gateway Crossing	Sold	May 2011	14,558
Arizona Center	Sold	March 2011	—
Canyon Point	Sold	March 2011	—
Anaheim Crossing	Sold	January 2011	—
Yellowstone Square	Sold	January 2011	—
Vista Commons	Sold	February 2011	—
Riverlands	Sold	February 2011	—
Gateway Overlook	Sold	December 2010	54,502
Division Crossing	Sold	December 2010	4,996
Halsey Crossing	Sold	December 2010	2,445
Plaza 9400	Sold	December 2010	—
Bay City Mall	Transferred to lender	February 2011	46,726
Lakeview Square	Transferred to lender	February 2011	50,813
Moreno Valley Mall	Transferred to lender	February 2011	23,341
Eagle Ridge Mall	Transferred to lender	November 2010	40,512
Oviedo Marketplace	Transferred to lender	November 2010	85,623
HHC Properties	Transferred to HHC	November 2010	262,939
Subtotal - Dispositions			$	698,329
University Crossing	Held for Sale		5,127
Faneuil Hall Marketplace	Held for Sale		90,876
Orem Plaza	Held for Sale		3,508
River Pointe Plaza	Held for Sale		3,356
Austin Bluffs Plaza	Held for Sale		—
Riverside Plaza	Held for Sale		4,803
Bailey Hills Village	Held for Sale		—
Chico Mall	Special Consideration		54,565
Country Hills Plaza	Special Consideration		13,257
Grand Traverse Mall	Special Consideration		81,945
Northgate Mall	Special Consideration		43,601
Piedmont Mall	Special Consideration		33,198
Subtotal - Held for Sale / Special Consideration (2)			$	334,236
Total Consolidated Properties			$	1,032,565

Unconsolidated Properties at Share
Arrowhead Towne Center	Sold	June 2011	24,485
Superstition Springs Center	Sold	June 2011	22,498
Highland Mall	Transferred to lender	March 2011	31,990
Montclair	Transferred to lender	November 2010	132,500
HHC Properties	Transferred to HHC	November 2010	195,462
Subtotal - Dispositions			$	406,935
Silver City Galleria (2)	To be transferred to lender		$	64,236
Total Unconsolidated Properties at Share			$	471,171

(1) The debt balance is as of the date of disposition for the properties that were sold or transferred and as of June 30, 2011 for the Held For Sale/Special Consideration Properties.

(2) Excludes accounts payable and accrued expenses and other non-mortgage liabilities.

Page	Schedule	Description
Proportionate Financial Schedules:
4-5	Portfolio Results and Funds From Operations (FFO)	Proportionate detail of Portfolio Results and FFO, presenting Successor and Predecessor results for the three and six months ended June 30, 2011 and 2010.
6	Reconciliation of Core NOI, Core EBITDA, and Core FFO	Reconciliation of NOI to Core NOI, EBITDA to Core EBITDA, and FFO to Core FFO, where “Core” figures exclude certain non-cash and non-recurring revenue and expenses that are not indicative of future operations.
9-10	Management and Administrative Costs, Net	Comparative information related to GGP’s corporate and certain property-related costs, including presentation of non-recurring items, net of GGP’s third party share of asset and property management fees.
11	Proportionate Balance Sheet	The proportionate balance sheet, adjusts GGP’s GAAP balance sheet for non-controlling interests and adds the Company’s proportionate share of assets and liabilities related to investments in Unconsolidated Properties, accounted for under the equity method.
Portfolio Operating Metrics:
18	Key Operating Performance Indicators	Certain mall operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
21-26	Property Schedule	By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions.

	June 30, 2011
Capital Information
Closing common stock price per share (1)	$	16.69
Volume Weighted Average Price (2)	16.69
52 Week High (3), (4)	16.85
52 Week Low (3), (4)	14.13

Portfolio Net Debt
Portfolio Debt
Fixed	$	17,596,466
Variable	2,613,227
Total Portfolio Debt	20,209,693
Less: Cash and Cash Equivalents	(782,877		)
Portfolio Net Debt	$	19,426,816

Portfolio Capitalization Data
Total Portfolio Debt	$	20,209,693
Preferred Securities:
Perpetual Preferred Units at 8.25%	5,000
Convertible Preferred Units at 6.50%	26,637
Convertible Preferred Units at 7.00%	25,133
Convertible Preferred Units at 8.50%	63,986
Preferred redeemable noncontrolling interests	$	120,756
Other Preferred Stock	360
Total Preferred Securities	$	121,116

Common stock and Operating Partnership units outstanding at end of period (1)	$	15,740,721
Total Market Capitalization at end of period	$	36,071,530

Investor Relations		Transfer Agent

Andrew Joa		BNY Mellon
Vice President, Investor Relations		Shareowner Services
General Growth Properties		480 Washington Blvd
110 North Wacker Drive		Jersey City, NJ 07310
Chicago, IL 60606		(888) 395-8037
Phone (312) 960-5770		Foreign Stockholders:
Fax (312) 342-4459		+1 201 680-6578
andrew.joa@ggp.com

Terms		Description

Gross Leasable Area (GLA)		Total gross leasable space at 100%.

Mall and Freestanding		Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores.

Anchor/Traditional Anchor		Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants.

Strip Center		An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores.

Office		Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component.

Specialty Leasing		Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice.

Operating Metrics		Description

Leased		Represents Gross Leasable Occupied Area (“GLOA”) divided by GLA (mall shop and freestanding retail). Includes inline and outparcel tenants and excludes anchors. GLOA is the sum of: (1) tenant occupied space under lease, (2) all leases signed, whether or not the space is occupied by a tenant and (3) tenants no longer occupying space, but still paying rent.

Occupied		Represents Gross Leasable Occupied Area (“GLOA”) divided by GLA (mall shop and freestanding retail). Includes inline and outparcel tenants and excludes anchors. GLOA is the sum of tenant occupied space under lease and tenants no longer occupying space, but still paying rent.

In-Place Rent		Weighted average rental rate of mall stores less than 10,000 square feet as of a point in time.

Sales		Comparative rolling twelve month sales for mall stores less than 10,000 square feet.

Occupancy Cost		Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet.

New / Renewal		Represents weighted average GAAP-basis rent for tenants less than 10,000 square feet. Includes base minimum rent, common area costs, and real estate taxes. Shown for tenants that opened and/or renewed, and that signed leases during the time period presented.

Expirations		Represents weighted average GAAP-basis rent for tenants less than 10,000 square feet that closed or expired during the time periods presented.

Rental Spread ($)		Difference between “New / Renewal” and “Expirations”.

Initial Rental Rate		Base rent, common area costs, and real estate taxes at the time the lease commences. Presented on a cash basis for all tenants except anchors.

Expiring Rental Rate		Base rent, common area costs, and real estate taxes at the time the lease ends. Presented on a cash basis for all tenants except anchors.

Rental Rate		Base rent plus common area costs and real estate taxes.

Common Area Costs		Recovery of common area maintenance costs, excluding taxes and utilities.

	Page

Financial Overview
GAAP Financial Schedules:
Consolidated Statements of Income	1
Consolidated Balance Sheets	2

Proportionate Financial Schedules:
Overview	3
QTD Portfolio Results and Funds From Operations (FFO)	4
YTD Portfolio Results and Funds From Operations (FFO)	5
Reconciliation of Core NOI, Core EBITDA, and Core FFO	6
Non-Cash Revenue and Expenses Reflected in FFO	7
Reconciliation of Non-GAAP to GAAP Financial Measures	8
QTD Management and Administrative Costs, Net	9
YTD Management and Administrative Costs, Net	10
Proportionate Balance Sheet	11

Mortgages, Notes, and Loans Payable
Summary	12
Detail	13-17

Portfolio Operating Metrics
Portfolio Highlights	18
Signed Leasing Statistics	19
Lease Expiration Schedule	20
Property Schedule	21-26

Miscellaneous
Capital Information and Debt Ratios	27
Change in Total Common and Equivalent Shares	28
Discontinued Operations	29-30
Corporate Information	31
Glossary of Terms	32

	June 30, 2011			December 31, 2010
Assets:
Investment in real estate:
Land	$	4,683,115		$	4,722,674
Buildings and equipment	20,139,908			20,300,355
Less accumulated depreciation	(585,338		)	(129,794		)
Developments in progress	131,629			117,137
Net property and equipment	24,369,314			25,010,372
Investment in and loans to/from Unconsolidated Real Estate Affiliates	3,048,438			3,153,698
Net investment in real estate	27,417,752			28,164,070
Cash and cash equivalents	585,548			1,021,311
Accounts and notes receivable, net	156,456			114,099
Deferred expenses, net	171,124			175,669
Prepaid expenses and other assets	2,004,628			2,300,452
Assets held for disposition	436,361			591,778
Total Assets	$	30,771,869		$	32,367,379

Liabilities:
Mortgages, notes and loans payable	$	17,556,540		$	17,841,757
Deferred tax liabilities	24,587			36,463
Tax indemnification liability	303,750			303,750
Accounts payable and accrued expenses	1,650,832			1,931,970
Junior Subordinated Notes	206,200			206,200
Warrant liability	1,059,325			1,041,004
Liabilities held for disposition	349,403			592,122
Total Liabilities	21,150,637			21,953,266
Redeemable noncontrolling interests:
Preferred	120,756			120,756
Common	114,999			111,608
Total Redeemable Noncontrolling Interests	235,755			232,364
Equity:
Total stockholders’ equity	9,287,656			10,079,102
Noncontrolling interests in consolidated real estate affiliates	97,821			102,647
Total Equity	9,385,477			10,181,749
Total Liabilities and Equity	$	30,771,869		$	32,367,379



		FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2011