Exhibit 99.1

General Growth Properties, Inc.

Supplemental Financial Information

For the Three Months Ended March 31, 2010

This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements for a number of reasons, including, but not limited to, the effectiveness of our plans of reorganization for our subsidiaries currently emerging from bankruptcy protection, the impact of the bankruptcy filings of our subsidiaries not currently emerging from bankruptcy, our ability to refinance, extend or repay our near and intermediate term debt, our substantial level of indebtedness and interest rates, tenant occupancy and tenant bankruptcy, retail and credit market conditions, impairments, land sales in our Master Planned Communities segment, the cost and success of development and redevelopment projects, and our ability to successfully manage our strategic and financial review and our liquidity demands. Readers are referred to the documents filed by General Growth Properties, Inc. (collectively, with its subsidiaries, “GGP” or the “Company”) with the SEC, specifically the most recent reports on Form 10-K and Form 10-Q, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this supplemental financial information. The Company disclaims any obligation to update any forward-looking statements.

Supplemental Financial/Operational Data
March 31, 2010
Table of Contents

All information included in this supplemental package is unaudited and is as of March 31, 2010, unless otherwise indicated.

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

Corporate Overview

Corporate Profile

GGP and its predecessor companies have been in the shopping center business for over fifty years. GGP is one of the largest U.S.-based publicly traded real estate investment trusts (REIT). The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 43 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. Average occupancy at March 31, 2010 was 90.5% and tenant sales per square foot were $411.

Bankruptcy

On April 16, 2009 and April 22, 2009, GGP, approximately 166 regional shopping centers and certain subsidiaries voluntarily sought relief under Chapter 11 of the United States Bankruptcy Code. Certain other subsidiaries, including GGP’s third party management business and GGP’s joint ventures, did not file for such bankruptcy protection. As of April 23, 2010, 220 of the 388 subsidiaries which filed for bankruptcy, including 110 regional shopping centers, had emerged from bankruptcy.

Corporate Overview

The corporate mission of GGP is to create value and profit by acquiring, developing, renovating, and managing regional malls in major and middle markets throughout the United States.

Stock Listing

Common Stock
NYSE: GGP

Common Stock Dividend

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

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

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

Summary Ownership Structure as of March 31, 2010

Total Market Capitalization (dollars in thousands)						March 31, 2010
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a) (b) (c)						$	27,506,322
Perpetual Preferred Units (d)
Perpetual Preferred Units at 8.25%		$	5,000
Convertible Preferred Units (d)
Convertible Preferred Units at 6.50%			26,637
Convertible Preferred Units at 7.00%			25,133
Convertible Preferred Units at 8.50%			63,986
			115,756
Total Preferred Securities						$	120,756
Other Preferred Stock							476
Common Operating Partnership Units (e)
7.4 million Operating Partnership Units based on an exchange rate of one for 1.0158 per share of common stock as adjusted as a result of common stock issued as a dividend							118,733
Common Stock
317.3 million shares of common stock — outstanding at end of period (e) (f)						$	5,105,546
Total Market Capitalization at end of period						$	32,851,833

First Quarter Earnings Announcement

May 10, 2010

(Updated to May 11, 2010)

(Updated to May 11, 2010)

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

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

General Growth Properties Reports
First Quarter 2010 Results of Operations

Chicago, Illinois, May 10, 2010 — General Growth Properties, Inc. (the Company or GGP) today announced its operating results for the three months ending March 31, 2010.

“First quarter sales trends improved significantly from the same period last year,” said Adam Metz, chief executive officer of General Growth Properties. “The macroeconomic outlook is improving, and we are seeing signs of recovery and growth in a number of our markets. Even previously hard-hit markets like Florida are showing positive trends. Our retailer tenants are largely more profitable than a year ago, with higher margins, improved balance sheets and rising same-store-sales results. Improvement in comparable tenant sales accelerated over the course of the quarter, including a 10% year-over-year increase in March. In this improving environment, we continue to execute a business strategy designed both to strengthen operations within our portfolio of high-quality retail properties and to create long-term value for our stockholders. The combination of these improving conditions and our disciplined operating strategy has led to increased sales and leasing performance in the first quarter. Leasing activity grew 21% year-over-year, and our strong leasing pipeline is a very positive leading indicator for our business.

“Our other operating metrics show progress as well,” said Mr. Metz. “Occupancy rates have stabilized and we are controlling expenses. Unfortunately, we will not see the full impact of this recovery and improved performance in our operating results for three or four more quarters, the time it takes for signed leases to be reflected in revenue flow.”

“The decrease in comparable NOI for the quarter, which was consistent with our expectations, reflects the temporary impact of our restructuring and the difficult market conditions of last year, when many of our newer leases were executed. Also, the majority of the negative NOI performance is concentrated in our malls with tenant sales below $350 per square foot. The NOI for malls with tenant sales above $350 per square foot remained essentially flat. We are optimistic that NOI will grow as the economic environment continues to improve and we complete our restructuring. The property-specific planning process we initiated in 2009 is helping us to more effectively execute our business strategy of focusing on the unique characteristics of the market served by each individual shopping center. In the first quarter, we continued to enhance the appeal of our properties to both shoppers and tenants while building a strong financial platform for the future. Also in the first quarter, our Brazilian joint venture Aliansce successfully completed its initial public offering, and our 31% ownership interest in the company provides us access to Brazil’s exciting and growing market,” continued Mr. Metz.

		2010				2009
Retail and other segment NOI:		$	586,277			$	605,920
Adjustments:			(16,657	)			(18,470	)
Comparable retail and other Segment NOI:		$	569,620			$	587,450
Decrease in Comparable Retail and other segment NOI:			(3.0	%)

A schedule showing adjustments and non-comparable income and expense items and their impact on 2010 and 2009 operating results is provided with this release. Concurrent with this release, the Company has also made available on its website its quarterly package of supplemental financial information that provides additional detail on its operational results.

OPERATIONAL HIGHLIGHTS

GGP is focused on strengthening its assets and operational performance in order to maximize value over the long term. GGP invests in its properties to enhance their positions in the market and their appeal to shoppers and tenants and is committed to nurturing strong and long-lasting relationships with its retail partners.

Among the operational highlights of the first quarter of 2010 at the retail property level are:

§		Anchor Store Activity — The Company experienced particularly strong big box and department store activity in the first quarter, signing or commencing construction on eleven locations totaling nearly 1.2 million square feet filling previously empty anchor locations. This activity includes new Nordstrom’s at St. Louis Galleria (St. Louis, MO) and Christiana Mall (Newark, DE), a new Kohl’s at Coronado Center (Albuquerque, NM) and new Target stores at Christiana Mall (Newark, DE) and Valley Plaza Mall (Bakersfield, CA)
§		Ala Moana Center (Honolulu, HI) — Ala Moana Center remains the premier shopping destination in Hawaii, which was reinforced by two high-profile “firsts” in the first quarter of 2010. The first Diane von Furstenberg and the first Tory Burch stores in Hawaii were both approved in the quarter and are expected to open later this year.
§		The Mall in Columbia (Columbia, MD) — Following one of the most extensive community processes ever conducted, the County Council in Howard County, Md. approved a 30-year master plan for downtown Columbia. This long-term plan is expected to add 5,500 households, 4.3 million square feet of office space and 1.25 million square feet of retail space to this innovative project.

§		Park Meadows (Lone Tree, CO) — American Girl opened its eighth store in the nation at the Park Meadows property, a highly anticipated event that attracted approximately 1,800 shoppers by 9:00 AM. In addition, Microsoft closed on a lease for an 8,748 square-foot space with a projected opening date of June 1, a new first-to-market store for Park Meadows.
§		Water Tower Place (Chicago, IL) — In an innovative new agreement, Broadway in Chicago (BIC) leased 10,000 square feet of outparcel space in March 2010, with an opening planned in September. BIC is responsible for bringing some of Broadway’s hottest shows to Chicago, including Wicked, Mary Poppins, The Producers and Billy Elliott. Broadway in Chicago at Water Tower further solidifies Water Tower’s standing as the ultimate Michigan Avenue destination. In addition, Ed Debevic’s, a Chicago institution for both locals and tourists, will open in November on Water Tower’s mezzanine level.

In addition, in January 2010, Aliansce Shopping Centers S.A. (“Aliansce”) completed an initial public offering of Aliansce’s common shares on the Brazilian Stock Exchange, or BM&FBovespa. GGP did not sell any of its Aliansce shares in the offering and now has approximately a 31.4% ownership interest in Aliansce, which develops, owns and manages shopping centers in Brazil.

SEGMENT RESULTS

Retail and Other Segment

§

NOI in this segment decreased to $586.3 million for the first quarter of 2010 from the $605.9 million reported for the first quarter of 2009. Excluding the items detailed in the attached schedule of significant items that impact comparability, Comparable NOI for the first quarter of 2010 declined 3.0% year over year. NOI was primarily impacted by reduced revenue and occupancy as a result of the

Company’s bankruptcy and the economic recession in 2009 when many of our newer leases were signed. See table below.

Comparable Property NOI Bridge

		2010				2009				Y-o-Y Change
Total Annual Retail and Other NOI		$	586,277			$	605,920				(3.2	%)
Adjustments:
NOI from noncomparable properties			(4,084	)			(7,998	)
Termination Income			(12,824	)			(9,267	)
Corporate and Other			251				(1,205	)
Comparable Retail and Other NOI		$	569,620			$	587,450				(3.0	%)

§		Revenues from consolidated properties declined $20.8 million, or approximately 2.8%, for the first quarter of 2010 to $734.2 million, primarily due to declines in minimum rents and tenant recoveries as a result of declines in occupancy rates and in specialty leasing occupancy and sales volumes. Operating expenses for consolidated properties decreased slightly overall, driven by continuing improvements in controllable expenses, partially offset by expenses in the first quarter related to unusual weather events and other one-time costs.
§		Revenues from unconsolidated properties at the Company’s ownership share were $151.1 million for the first quarter of 2010, roughly comparable to the $152.1 million in the first quarter of 2009, reflecting continued steady performance.
§		Comparable tenant sales, on a trailing 12 month basis, decreased 3.5% compared to the same period last year. However, on a quarterly basis, comparable tenant sales rose a healthy 7.5% year-over-year, with momentum picking up over the course of the quarter. January 2010 comparable sales

increased 2.5% year-over-year, with February and March showing accelerating increases of 6.0% and 10.0%, respectively.

§		Retail leasing activity increased significantly in the first quarter of 2010, with total in-line and outparcel tenant leasing deals covering 1.36 million square feet signed, an increase of 21% over the same period of last year. Within total deals, the number of new lease deals grew 84%, representing new deal square footage of approximately 284 thousand square feet. Although rents remain below 2007 peak levels, they have stabilized. As sales continue their upward trend, the Company expects lease rates to reflect those increases over time.
§		Retail Center occupancy decreased to 90.5% at March 31, 2010 from 90.9% at March 31, 2009 as physical occupancy remains a function of the 2009 economic recession and typically lags the current year increased retail leasing activity described immediately above.

Master Planned Communities Segment

GGP’s premier master planned community segment includes The Woodlands and Bridgeland, both in the Houston metropolitan area, Summerlin in Las Vegas and Columbia and Emerson in Maryland.

§

Land sale revenues for the first quarter of 2010 were $5.1 million for consolidated properties and $12.6 million for unconsolidated properties, compared to $9.0 million and $5.1 million, respectively, for the first quarter of 2009. Decreases in land sale revenues for the consolidated communities, particularly Summerlin, reflect continued weak overall demand for individual lots. These decreases where partially offset by sales of lots in the Houston communities, which improved compared to 2009.

§

NOI from the Master Planned Communities segment for the first quarter of 2010 was a loss of $5.1 million for consolidated properties and earnings of $2.7 million for unconsolidated properties, compared to a loss of $54.4 million and earnings of $0.3 million, respectively, in the first quarter of 2009. The 2009 amount for the consolidated properties includes a provision for impairment of $52.8 million recorded at the Fairwood (Maryland) community to reflect an agreement to sell substantially all of the remaining acreage at the community in a single bulk transaction, which closed in the second quarter of 2009. Individual lot sales in 2010 for the consolidated communities did not exceed selling and community-specific general and administrative costs, which are largely fixed.

CORE FFO, FFO AND EPS HIGHLIGHTS

§

Core FFO for the first quarter of 2010 was $254.1 million, or $0.78 per fully diluted share, compared to a loss of $122.9 million, or $0.38 per fully diluted share, for the first quarter of 2009. FFO was $248.2 million in the first quarter of 2010 compared to a loss of $165.9 million in the first quarter of 2009, an increase of approximately $414.1 million. The primary drivers for this quarterly increase were (i) a decrease in aggregate provisions for impairment of $319.7 million, reflecting improving economic prospects since the downturn in 2009, and (ii) gains of approximately $283.1 million (included as a component of reorganization items) recorded in the first quarter of 2010 related to estimated fair value adjustments of the secured debt of the subsidiary debtors that emerged from bankruptcy in the quarter (as required under GAAP and solely for such accounting purposes). Partially offsetting these increases were $193.7 million, net, of other reorganization items incurred in the first quarter of 2010 arising from the Company’s bankruptcy proceedings, as detailed in the supplemental schedule of items that impact comparability. Similar costs incurred in the first quarter of 2009 were $38.3 million (recorded as strategic initiative costs because these costs were incurred prior to GGP’s petitions for bankruptcy protection in April 2009).

Given the uncertainties concerning GGP’s capital structure and the timing of the conclusion of its exit from bankruptcy, GGP will not provide FFO guidance for 2010 at this time.

§

EPS were $0.16 in the first quarter of 2010 compared to a loss $1.27 in the first quarter of 2009. Although a substantial majority of the increase in EPS was due to the items listed in the attached supplemental comparative schedule of the matters affecting NOI, Core FFO and FFO described above, first quarter 2010 EPS was also positively impacted by approximately $15.3 million of gain the Company was required to recognize under applicable accounting rules as a result of the dilution in ownership interest following the January 27, 2010 public offering of common stock by Aliansce, our unconsolidated affiliate in Brazil. GGP has excluded this gain from FFO. Any subsequent increases or decreases in the market value of Aliansce common stock are not, and will not be, reflected in GGP’s earnings as the Company will continue to account for its Aliansce ownership based on the equity method of accounting.

FINANCIAL RESTRUCTURING

In April 2009, GGP and certain of its subsidiaries filed for relief under Chapter 11 of the Bankruptcy Code. The Chapter 11 case created the protection necessary for GGP to execute a restructuring to extend mortgage maturities and reduce corporate debt. GGP has pursued a deliberate two-stage strategy to establish a sustainable, long-term capital structure for the Company. The first step was to restructure its property-level secured mortgage debt. The Company believes it has achieved substantial progress with respect to the first phase of its restructuring strategy. Through April 30, 2010, the Company has signed consensual plans of reorganization for $14.80 billion of secured mortgage debt and substantially all of the GGP subsidiaries associated with such debt have emerged from bankruptcy.

The Company is now in the midst of the second phase: exploring all potential alternatives for emergence from bankruptcy. As part of that process, GGP entered into agreements with an affiliate of Brookfield Asset Management Inc. (“Brookfield”), Pershing Square Capital Management (“Pershing”) and Fairholme Funds (“Fairholme”), to invest in a proposed recapitalization of GGP at a plan value of $15.00 per share with full recovery at par plus accrued interest to unsecured creditors. As a result of these agreements, the Company now has commitments for all financing necessary to emerge from Chapter 11. Consummation of the transactions contemplated by the agreements with Brookfield, Pershing and Fairholme are subject to higher and better offers pursuant to the bidding process approved by the Bankruptcy Court. There is no assurance that these transactions will be consummated. The Company is focused on continued progress in the Chapter 11 Cases and a comprehensive capital raise process, and is continuing to consider all alternatives to maximize value for all of the Company’s stakeholders.

GGP INFORMATION/WEBSITE

The Company currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Company’s common stock is currently traded on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com.

NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS

FUNDS FROM OPERATIONS AND CORE FFO

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

The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance. However, we believe that FFO is a less meaningful supplemental

measure for the Master Planned Communities segment of our business. FFO does not facilitate an understanding of the operating performance of the Master Planned Communities segment of our business as our primary strategy in this segment is to develop and sell land in a manner that increases the value of the remaining land. In addition, the Master Planned Communities segment of our business is operated within taxable REIT subsidiaries and therefore our (provision for) benefit from income tax expense is largely attributable to this segment of the business. To isolate these parts of the Company from the Retail and Other segment, for which FFO is a relevant measure of operating performance, the Company also uses Core FFO as an operating measure. Core FFO is defined as FFO excluding the NOI from the Master Planned Communities segment and the (provision for) benefit from income taxes.

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

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

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

Because NOI excludes general and administrative expenses, interest expense, retail investment property impairment or other non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to non-controlling interests, reorganization items, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates, land values (with respect to the Master Planned Communities) and operating costs. This measure thereby provides an operating perspective not immediately apparent from

GAAP operating or net income (loss) attributable to common stockholders. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns.

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

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

PROPERTY INFORMATION

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

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the bankruptcy filings of the debtors not currently emerging from bankruptcy, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to implement a plan or plans of reorganization for the remaining debtors to emerge from bankruptcy, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, and our liquidity demands. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.

###

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

		Three Months Ended
		March 31,
		2010				2009
Funds From Operations (“FFO”)
Company stockholders		$	242,583			$	(161,388	)
Operating Partnership unit holders			5,581				(4,528	)
Operating Partnership		$	248,164			$	(165,916	)
Increase (decrease) in FFO over comparable prior year period			249.6	%			(176.5	)%
FFO per share:
Company stockholders — basic		$	0.77			$	(0.52	)
Operating Partnership — basic			0.77				(0.52	)
Operating Partnership — diluted			0.76				(0.52	)
Increase (decrease) in diluted FFO per share over comparable prior year periods			246.2	%			(171.2	)%
Core Funds From Operations (“Core FFO”)
Core FFO		$	254,119			$	(122,886	)
Increase (decrease) in Core FFO over comparable prior year period			306.8	%			(155.8	)%
Core FFO per share — diluted			0.78				(0.38	)
Increase (decrease) in diluted Core FFO per share over comparable prior year periods			305.3	%			(151.2	)%
Dividends
Dividends paid per share (a)		$	0.19			$	—
Payout ratio (% of diluted FFO paid out)			25.0	%			—	%
Real Estate Property Net Operating Income (“NOI”)
Retail and Other:
Consolidated		$	485,740			$	506,425
Unconsolidated			100,537				99,495
Total Retail and Other			586,277				605,920
Master Planned Communities:
Consolidated			(5,097	)			(54,397	)
Unconsolidated			2,664				333
Total Master Planned Communities			(2,433	)			(54,064	)
Total Real estate property net operating income		$	583,844			$	551,856
		March 31,				December 31,
Selected Balance Sheet Information		2010				2009
Cash and cash equivalents		$	573,120			$	654,396
Investment in real estate:
Net land, buildings and equipment		$	21,528,979			$	21,684,661
Developments in progress			434,449				417,969
Net investment in and loans to/from Unconsolidated Real Estate Affiliates			1,951,038				1,941,024
Investment property and property held for development and sale			1,768,098				1,753,175
Net investment in real estate		$	25,682,564			$	25,796,829
Total assets		$	27,890,634			$	28,149,774
Mortgages, notes and loans payable not subject to compromise		$	13,789,048			$	7,300,772
Mortgages, notes and loans payable subject to compromise (b)			10,269,017				17,155,245
Redeemable noncontrolling interests — Preferred			120,756				120,756
Redeemable noncontrolling interests — Common			116,890				86,077
Total equity			922,520				847,339
Total capitalization (at cost)		$	25,218,231			$	25,510,189

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

		Three Months Ended
		March 31,
		2010				2009
Revenues:
Minimum rents		$	492,758			$	499,107
Tenant recoveries			214,251				233,019
Overage rents			10,346				10,025
Land sales			5,070				8,986
Management fees and other corporate revenues			18,086				21,858
Other			20,726				15,645
Total revenues			761,237				788,640
Expenses:
Real estate taxes			72,095				71,558
Property maintenance costs			35,844				27,358
Marketing			7,081				7,576
Other property operating costs			127,071				131,699
Land sales operations			10,167				10,614
Provision for doubtful accounts			6,327				10,332
Property management and other costs			35,432				43,408
General and administrative			7,638				7,525
Strategic Initiatives			—				38,300
Provisions for impairment			11,350				331,093
Depreciation and amortization			177,302				204,615
Total expenses			490,307				884,078
Operating income (loss)			270,930				(95,438	)
Interest income			676				730
Interest expense			(335,278	)			(328,489	)
Loss before income taxes, noncontrolling interests, reorganization items, and equity in income of Unconsolidated Real Estate Affiliates			(63,672	)			(423,197	)
(Provision for) benefit from income taxes			(3,650	)			11,514
Equity in income of Unconsolidated Real Estate Affiliates			33,751				7,538
Reorganization items			89,412				—
Income (loss) from continuing operations			55,841				(404,145	)
Discontinued operations — loss on dispositions			—				(55	)
Net income (loss)			55,841				(404,200	)
Allocation to noncontrolling interests			(4,185	)			8,118
Net income (loss) attributable to common stockholders		$	51,656			$	(396,082	)
Basic Earnings (Loss) Per Share:
Continuing operations		$	0.16			$	(1.27	)
Discontinued operations			—				—
Total basic earnings (loss) per share		$	0.16			$	(1.27	)
Diluted Earnings (Loss) Per Share:
Continuing operations		$	0.16			$	(1.27	)
Discontinued operations			—				—
Total diluted earnings per share		$	0.16			$	(1.27	)

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

		Three Months Ended March 31, 2010
		Consolidated				Unconsolidated				Segment
Retail and Other		Properties				Properties				Basis
Property revenues:
Minimum rents		$	492,758			$	99,879			$	592,637
Tenant recoveries			214,251				39,271				253,522
Overage rents			10,346				1,239				11,585
Other, including noncontrolling interests			16,803				10,688				27,491
Total property revenues			734,158				151,077				885,235
Property operating expenses:
Real estate taxes			72,095				12,585				84,680
Property maintenance costs			35,844				5,282				41,126
Marketing			7,081				1,521				8,602
Other property operating costs			127,071				29,722				156,793
Provision for doubtful accounts			6,327				1,430				7,757
Total property operating expenses			248,418				50,540				298,958
Retail and other net operating income			485,740				100,537				586,277
Master Planned Communities
Land sales			5,070				12,635				17,705
Land sales operations			(10,167	)			(9,971	)			(20,138	)
Master Planned Communities net operating (loss) income			(5,097	)			2,664				(2,433	)
Real estate property net operating income			480,643				103,201			$	583,844
Management fees and other corporate revenues			18,086				3,890
Property management and other costs			(35,432	)			(9,226	)
General and administrative			(7,638	)			(422	)
Provisions for impairment			(11,350	)			—
Depreciation on non-income producing assets, including headquarters building			(2,342	)			—
Interest income			676				672
Interest expense			(335,278	)			(42,185	)
(Provision for) benefit from income taxes			(3,650	)			128
Preferred unit distributions			(2,336	)			—
Other FFO from noncontrolling interests			1,286				29
Reorganization items			89,412				—
FFO			192,077				56,087
Equity in FFO of Unconsolidated Properties			56,087				(56,087	)
Operating Partnership FFO		$	248,164			$	—
		Three Months Ended March 31, 2009
		Consolidated				Unconsolidated				Segment
Retail and Other		Properties				Properties				Basis
Property revenues:
Minimum rents		$	499,107			$	97,391			$	596,498
Tenant recoveries			233,019				40,819				273,838
Overage rents			10,025				1,216				11,241
Other, including noncontrolling interests *			12,797				12,628				25,425
Total property revenues			754,948				152,054				907,002
Property operating expenses:
Real estate taxes			71,558				12,581				84,139
Property maintenance costs *			27,358				4,834				32,192
Marketing			7,576				1,475				9,051
Other property operating costs *			131,699				32,422				164,121
Provision for doubtful accounts			10,332				1,247				11,579
Total property operating expenses			248,523				52,559				301,082
Retail and other net operating income			506,425				99,495				605,920
Master Planned Communities
Land sales			8,986				5,101				14,087
Land sales operations			(10,614	)			(4,768	)			(15,382	)
Master Planned Communities net operating (loss) income			(1,628	)			333				(1,295	)
Provision for impairment			(52,769	)			—				(52,769	)
Master Planned Communities net operating (loss) income			(54,397	)			333				(54,064	)
Real estate property net operating income			452,028				99,828			$	551,856
Management fees and other corporate revenues *			21,858				3,532
Property management and other costs			(43,408	)			(9,046	)
General and administrative			(7,525	)			(4,261	)
Strategic initiatives			(38,300	)			—
Provisions for impairment			(278,324	)			(1,446	)
Depreciation on non-income producing assets, including headquarters building			(2,480	)			—
Interest income			730				917
Interest expense			(328,489	)			(41,592	)
Benefit from (provision for) income taxes			11,514				(480	)
Preferred unit distributions			(2,336	)			—
Other FFO from noncontrolling interest			1,335				29
FFO			(213,397	)			47,481
Equity in FFO of Unconsolidated Properties			47,481				(47,481	)
Operating Partnership FFO		$	(165,916	)		$	—

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

		Three Months Ended
		March 31,
		2010				2009
Retail and other net operating income		$	586,277			$	605,920
Retail and other net operating income adjustments:
Net operating income from noncomparable properties			(4,084	)			(7,998	)
Corporate and other			251				(1,205	)
Termination income			(12,824	)			(9,267	)
Total Retail and other net operating income adjustments			(16,657	)			(18,470	)
Comparable retail and other net operating income		$	569,620			$	587,450
Core FFO		$	254,119			$	(122,886	)
Core FFO adjustments:
Retail and other net operating income adjustments			(16,657	)			(18,470	)
Provisions for impairment:
Operating properties			11,057				121,422
Non-recoverable development and pre-development costs			293				48,959
Goodwill			—				109,389
Core FFO provisions for impairment			11,350				279,770
Reorganization items (b)
Gains on liabilities subject to compromise — vendors			(1,203	)			—
Gains on liabilities subject to compromise — mortgage debt			(283,072	)			—
Restructuring costs			193,451				—
Interest income			(11	)			—
U.S. Trustee fees			1,423				—
Total reorganization items			(89,412	)			—
Strategic initiatives (c)			—				38,300
Total Core FFO adjustments			(94,719	)			299,600
Comparable Core FFO		$	159,400			$	176,714
Comparable Core FFO per share — diluted		$	0.49			$	0.55

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

		Three Months Ended								Three Months Ended
		March 31, 2010								March 31, 2009
		Consolidated				Unconsolidated				Consolidated				Unconsolidated
		Properties				Properties				Properties				Properties
Minimum rents:
Above- and below-market tenant leases, net		$	1,283			$	5			$	854			$	1,718
Straight-line rent			10,547				2,372				8,636				3,778
Real estate taxes:
Real estate tax stabilization agreement			(981	)			—				(981	)			—
Other property operating costs:
Non-cash ground rent expense			(1,563	)			(145	)			(1,587	)			(200	)
Provisions for impairment			(11,350	)			—				(331,093	)			(1,446	)
Interest expense:
Mark-to-market adjustments on debt			(12,391	)			76				2,247				387
Amortization of deferred finance costs			(8,856	)			(413	)			(20,131	)			(425	)
Amortization of discount on exchangeable notes			(7,110	)			—				(6,692	)			—
Termination of interest rate swaps			(4,520	)			—				—				—
Non-cash reorganization items			203,580				—				—				—
Totals		$	168,639			$	1,895			$	(348,747	)		$	3,812

SUPPLEMENTAL SCHEDULE OF MANAGEMENT AND ADMINISTRATIVE COSTS, NET
(In thousands)

		Three Months Ended								Three Months Ended
		March 31, 2010								March 31, 2009
		Consolidated				Unconsolidated				Consolidated				Unconsolidated
		Properties				Properties				Properties				Properties
Management fees and other corporate revenues, net *		$	12,206			$	3,890			$	15,885			$	3,532
Property management and other costs			(35,432	)			(3,346	)			(43,408	)			(3,073	)
General and administrative			(7,638	)			(422	)			(7,525	)			(4,261	)
Total management and administrative costs, net		$	(30,864	)		$	122			$	(35,048	)		$	(3,802	)

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

		Three Months Ended
		March 31,
		2010				2009
Reconciliation of Real Estate Property Net Operating Income (“NOI”) to GAAP Operating Income (Loss)
Real estate property net operating income:
Segment basis		$	583,844			$	551,856
Unconsolidated Properties			(103,201	)			(99,828	)
Consolidated Properties			480,643				452,028
Management fees and other corporate revenues			18,086				21,858
Property management and other costs			(35,432	)			(43,408	)
General and administrative			(7,638	)			(7,525	)
Strategic Inititaives			—				(38,300	)
Provisions for impairment			(11,350	)			(278,324	)
Depreciation and amortization			(177,302	)			(204,615	)
Noncontrolling interest in NOI of Consolidated Properties and other			3,923				2,848
Operating income (loss)		$	270,930			$	(95,438	)
Reconciliation of Core FFO to Funds From Operations (“FFO”) and to GAAP Net Income (Loss) Attributable to Common Stockholders
Core FFO		$	254,119			$	(122,886	)
Master Planned Communities net operating loss			(2,433	)			(54,064	)
(Provision for) benefit from income taxes			(3,522	)			11,034
Funds From Operations — Operating Partnership		$	248,164				(165,916	)
Depreciation and amortization of capitalized real estate costs			(212,582	)			(242,097	)
Gains (losses) on sales of investment properties *			16,120				(55	)
Noncontrolling interests in depreciation of Consolidated Properties and other			1,142				874
Redeemable noncontrolling interests			(1,188	)			11,112
Net income (loss) attributable to common stockholders		$	51,656			$	(396,082	)
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI		$	103,201			$	99,828
Net property management fees and costs			(5,336	)			(5,514	)
Net interest expense			(41,513	)			(40,675	)
General and administrative, provisions for impairment, income taxes and noncontrolling interest in FFO			(265	)			(6,158	)
FFO of unconsolidated properties			56,087				47,481
Depreciation and amortization of capitalized real estate costs			(37,623	)			(39,962	)
Other, including gains on sales of investment properties *			15,287				19
Equity in income of Unconsolidated Real Estate Affiliates		$	33,751			$	7,538
Reconciliation of Weighted Average Shares Outstanding
Basic:
Weighted average number of shares outstanding — FFO per share			323,038				319,590
Conversion of Operating Partnership units			(7,265	)			(8,722	)
Weighted average number of Company shares outstanding — GAAP EPS			315,773				310,868
Diluted:
Weighted average number of shares outstanding — FFO per share			324,414				319,590
Conversion of Operating Partnership units			(7,265	)			(8,722	)
Effect of dilutive securities — options			(79	)			—
Weighted average number of Company shares outstanding — GAAP EPS			317,070				310,868

Supplemental Financial Data

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

		Three Months Ended
		March 31,
		2010				2009
Cash From Recurring Operations
FFO — Operating Partnership		$	248,164			$	(165,916	)
Plus (Less):
Master Planned Communities non-cash adjustment			(5,317	)			52,225
Land development expenditures, net of related financing			(4,112	)			(6,846	)
Deferred income taxes			1,635				(18,204	)
Tenant allowances and capitalized leasing costs (a) (b)			(21,325	)			(22,396	)
Capital expenditures (c)			(15,308	)			(4,576	)
Above- and below-market tenant leases, net			(1,288	)			(2,572	)
Straight-line rent adjustment			(12,919	)			(12,414	)
Real estate tax stabilization agreement			981				981
Non-cash ground rent expense			1,708				1,787
Provisions for impairment			11,350				332,539
Mark-to-market adjustments on debt			12,315				(2,634	)
Amortization of deferred finance costs			9,269				20,556
Amortization of discount on exchangeable notes			7,110				6,692
Termination of interest rate swaps			4,520				—
Non-cash reorganization items			(203,580	)			—
Cash From Recurring Operations — Operating Partnership		$	33,203			$	179,222
Retained Funds From Recurring Operations
Cash From Recurring Operations — Operating Partnership (from above)		$	33,203			$	179,222
Less common and preferred dividends/distributions paid (d)			(59,641	)			(102	)
Retained Funds From Recurring Operations — Operating Partnership		$	(26,438	)		$	179,120

		Three Months Ended
		December 31,
		2010				2009
Core FFO
Operating Partnership FFO		$	248,164			$	(165,916	)
Exclusions, at the Company’s share:
Master Planned Communities net operating loss (income)			2,433				54,064
Provision for (benefit from) income taxes			3,522				(11,034	)
Core FFO		$	254,119			$	(122,886	)
Weighted average shares assuming full conversion of Operating Partnership Units — diluted			324,414				319,590
Core FFO — per share		$	0.78			$	(0.38	)

GENERAL GROWTH PROPERTIES, INC.
TENANT ALLOWANCES, ABOVE- AND BELOW-MARKET TENANT LEASES & STRAIGHT LINE RENT
(dollars in thousands)

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

																		Unconsolidated
		Consolidated Properties																Property @ Share				Company Portfolio
		Maryland												Total								Total MPC
		Properties (a)				Summerlin				Bridgeland				Consolidated				The Woodlands				Segment
Three Months Ended
March 31, 2010
Land Sales (b)		$	799			$	1,285			$	2,986			$	5,070			$	12,635			$	17,705
Land Sales Operations (c)(d)(e)			968				6,751				2,094				9,813				9,971				19,784
Net Operating Income (Loss)		$	(169	)		$	(5,466	)		$	892			$	(4,743	)		$	2,664			$	(2,079	)
March 31, 2009
Land Sales (b)		$	566			$	5,959			$	2,461			$	8,986			$	5,101			$	14,087
Land Sales Operations (c)(d)			53,621				7,669				2,093				63,383				4,768				68,151
Net Operating Income (Loss)		$	(53,055	)		$	(1,710	)		$	368			$	(54,397	)		$	333			$	(54,064	)

		Three Months Ended March 31,
		2010				2009
Net Operating Income (e)		$	(2,079	)		$	(54,064	)
Cost of Land Sales			1,326				2,717
The Woodlands NOI (f)			(2,664	)			(331	)
Other Adjustments to Derive Cash Generated (g)			(3,979	)			49,839
Non-cash Adjustments			(5,317	)			52,225
Total Cash Generated			(7,396	)			(1,839	)
Land Development Expenditures, Net of Related Financing			(4,112	)			(6,846	)
Estimated Net Cash Flow from Master Planned Communities (h)		$	(11,508	)		$	(8,685	)

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

						Lot Sales and Pricing (b)								Acreage (c)
						Three Months Ended								Total				Remaining
						March 31,								Gross				Saleable
						2010				2009				Acres				Acres
Maryland Properties (d)
Residential		- Acres Sold					—				—								9
		- Average Price/Acre				$	—			$	—
Commercial		- Acres Sold					—				—								238
		- Average Price/Acre				$	—			$	—
Maryland Properties Acreage															19,100				247
Summerlin (e)
Residential		- Acres Sold					—				—								6,559
		- Average Price/Acre				$	—			$	—
Commercial		- Acres Sold					—				4.4								625
		- Average Price/Acre				$	—			$	999
Summerlin Acreage															22,500				7,184
Bridgeland
Residential		- Acres Sold					10.9				6.0								5,936
		- Average Price/Acre				$	264			$	246
Commercial		- Acres Sold					—				14.80								1,246
		- Average Price/Acre				$	—			$	50
Bridgeland Acreage															11,400				7,182
The Woodlands (f)
Residential		- Acres Sold					57.8				17.4								1,564
		- Average Price/Acre				$	348			$	222
Commercial		- Acres Sold					14.70				0.0								1,002
		- Average Price/Acre				$	223			$	—
The Woodlands Acreage															28,400				2,567