Exhibit 99.1

UNITED STATES BANKRUPTCY COURT
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: May 31, 2010
Federal Tax I.D. # 42-1283895
CORPORATE MONTHLY OPERATING REPORT
FOR FILING ENTITIES ONLY

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

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

Debtors Monthly Operating Report as of and for the Month Ended May 31, 2010

Index

Combining Condensed Statements of Income and Comprehensive Income for the Month Ended May 31, 2010 and Cumulative Post-Petition Period Ended May 31, 2010					3
Combining Condensed Balance Sheet					4
Notes to Unaudited Combined Condensed Financial Statements					5
Note 1:		Chapter 11 Cases and Proceedings			5
Note 2:		Basis of Presentation			6
Note 3:		Summary of Significant Accounting Policies			8
Note 4:		Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders			8
Note 5:		Certain Other Assets and Liabilities and Liabilities Subject to Compromise			8
Note 6:		Rejected Contracts and Related Matters			9
Note 7:		General and Administrative Expenses and Reorganization Items			10

Schedules:
Schedule I		Schedule of Combined Condensed Statement of Income and Comprehensive Income for the Month Ended May 31, 2010			11
Schedule II		Schedule of Combined Condensed Balance Sheet as of May 31, 2010			12
Schedule III		Schedule of Payroll and Payroll Taxes			13
Schedule IV		Schedule of Federal, State and Local Taxes			13
Schedule V		Schedule of Total Disbursements by Debtor			22
Schedule VI		Schedule of Debtors' Operating Property Aged Tenant Accounts Receivable			32
Schedule VII		Status of Mortgages Payable For Debtors			33
Schedule VIII		Chapter 11 Retained Professionals Detail			36
Schedule IX		Schedule of Non-Noticed and De Minimis Asset Sales			37
Schedule X		Debtors Questionnaire			38

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

COMBINING CONDENSED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)

		Unconfirmed Entities				Post-Confirmation Entities				Total for All Debtors				Cumulative All Debtors
		Month Ended				Month Ended				Month Ended				Post-Petition Period
		May 31, 2010				May 31, 2010				May 31, 2010				Ended May 31, 2010
		(In thousands, except for
		per share amounts)
Revenues:
Minimum rents		$	8,447			$	126,180			$	134,627			$	1,866,598
Tenant recoveries			2,253				58,307				60,560				833,956
Overage rents			114				2,203				2,317				50,713
Land sales			419				—				419				10,724
Management fees and other corporate revenues			2,427				—				2,427				12,510
Other			1,294				4,691				5,985				82,741
Total revenues			14,954				191,381				206,335				2,857,242
Expenses:
Real estate taxes			1,900				18,192				20,092				267,650
Property maintenance costs			738				6,952				7,690				208,768
Marketing			148				1,752				1,900				32,978
Ground and other rents			293				822				1,115				16,021
Other property operating costs			4,114				31,052				35,166				389,207
Land sales operations			1,730				1				1,731				24,806
Provision for doubtful accounts			(86	)			1,767				1,681				26,225
Property management and other costs			8,624				6,471				15,095				104,365
General and administrative			3,518				—				3,518				62,678
Provisions for impairment			31				—				31				866,508
Depreciation and amortization			4,560				44,846				49,406				682,011
Total expenses			25,570				111,855				137,425				2,681,217
Operating (loss) income			(10,616	)			79,526				68,910				176,025
Interest (expense) income, net			(29,691	)			(69,960	)			(99,651	)			(1,315,722	)
Income (loss) before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(40,307	)			9,566				(30,741	)			(1,139,697	)
Provision for income taxes			(142	)			(176	)			(318	)			(10,709	)
Equity in income of Real Estate Affiliates			6,389				—				6,389				96,332
Reorganization items			(27,805	)			(12,103	)			(39,908	)			193,928
Net loss			(61,865	)			(2,713	)			(64,578	)			(860,146	)
Allocation to noncontrolling interests			606				—				606				6,213
Net loss attributable to common stockholders		$	(61,259	)		$	(2,713	)		$	(63,972	)		$	(853,933	)
Basic and Diluted Loss Per Share:		$	(0.20	)		$	(0.01	)		$	(0.20	)		$	(2.70	)
Dividends declared per share		$	—			$	—			$	—			$	0.19
Comprehensive (Loss) Income, Net:
Net loss attributable to common stockholders		$	(61,259	)		$	(2,713	)		$	(63,972	)		$	(853,933	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments			1,187				—				1,187				21,939
Accrued pension adjustment			(221	)			—				(221	)			846
Foreign currency translation			(10,009	)			—				(10,009	)			40,058
Unrealized gains on available-for-sale securities			—				—				—				86
Other comprehensive income, net			(9,043	)			—				(9,043	)			62,929
Comprehensive (loss) income attributable to common stockholders		$	(70,302	)		$	(2,713	)		$	(73,015	)		$	(791,004	)

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

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

COMBINING CONDENSED BALANCE SHEET
(UNAUDITED)

		Unconfirmed				Post-Confirmation				Combined All
		Entities as of				Entities as of				Debtors as of
		May 31, 2010				May 31, 2010				May 31, 2010
		(Dollars in thousands)
Assets:
Investment in real estate:
Land		$	215,532			$	2,696,593			$	2,912,125
Buildings and equipment			1,067,100				17,812,295				18,879,395
Less accumulated depreciation			(256,299	)			(3,685,126	)			(3,941,425	)
Developments in progress			243,729				120,330				364,059
Net property and equipment			1,270,062				16,944,092				18,214,154
Investment in and loans to/from Unconsolidated Real Estate Affiliates			373,981				6,403				380,384
Investment property and property held for development and sale			1,208,349				—				1,208,349
Investment in controlled non-debtor entities			3,933,573				58,889				3,992,462
Net investment in real estate			6,785,965				17,009,384				23,795,349
Cash and cash equivalents			473,249				5,961				479,210
Accounts and notes receivable, net			17,565				302,356				319,921
Goodwill			199,664				—				199,664
Deferred expenses, net			41,646				174,065				215,711
Prepaid expenses and other assets			280,865				306,492				587,357
Total assets		$	7,798,954			$	17,798,258			$	25,597,212
Liabilities and Equity:
Mortgages, notes and loans payable		$	408,770			$	12,108,237			$	12,517,007
Investment in and loans to/from Unconsolidated Real Estate Affiliates			32,815				—				32,815
Deferred tax liabilities			903,046				—				903,046
Accounts payable and accrued expenses			616,494				438,383				1,054,877
Liabilities not subject to compromise			1,961,125				12,546,620				14,507,745
Liabilities subject to compromise			7,473,090				1,952,697				9,425,787
Total liabilities			9,434,215				14,499,317				23,933,532
Redeemable noncontrolling interests:
Preferred			120,756				—				120,756
Common			103,458				—				103,458
Total redeemable noncontrolling interests			224,214				—				224,214
Commitments and Contingencies			—				—				—
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding			—				—				—
Equity:
Common stock: $.01 par value; 875,000,000 shares authorized, 318,845,130 shares issued as of May 31, 2010			3,188				—				3,188
Additional paid-in capital			4,343,329				(568,450	)			3,774,879
Retained earnings (accumulated deficit)			(6,142,809	)			3,867,379				(2,275,430	)
Accumulated other comprehensive loss			(1,905	)			12				(1,893	)
Less common stock in treasury, at cost, 1,449,939 shares as of May 31, 2010			(76,752	)			—				(76,752	)
Total stockholder’s equity			(1,874,949	)			3,298,941				1,423,992
Noncontrolling interests in consolidated real estate affiliates			15,474				—				15,474
Total equity			(1,859,475	)			3,298,941				1,439,466
Total liabilities and equity		$	7,798,954			$	17,798,258			$	25,597,212

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

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

NOTE 1 Chapter 11 Cases and Proceedings

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

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

Since the Petition Date, the Bankruptcy Court has granted various motions that allow the Company to continue to operate its business in the ordinary course without interruption; and covering, among other things, employee obligations and incentive compensation, critical service providers, tax matters, insurance matters, tenant and contractor obligations, claim settlements, ordinary course property sales, cash management, cash collateral, alternative dispute resolution, settlement of pre-petition mechanics liens and department store transactions.

Through May 31, 2010, of the total 388 Debtors with approximately $21.83 billion of debt that filed for Chapter 11 protection, all of the 262 Debtors (the “Track 1 Debtors”) associated with the 108 filed secured mortgage loans (approximately $14.90 billion in total) filed consensual plans of reorganization (the “Track 1 Plans”). All but 7 of such Debtors associated with 3 secure mortgage loans aggregating $185.3 million have emerged from bankruptcy. The Chapter 11 Cases for the remaining Debtors (generally, GGP, GGPLP and other holding company or investment subsidiaries (the “TopCo Debtors”) which own certain individual or groups of properties (collectively, the “Remaining Debtors”)) will continue until their respective plans of reorganization are filed with the Bankruptcy Court, approved by the applicable classes of creditors and confirmed by the Bankruptcy Court.

In such regard, GGP, along with the other TopCo Debtors, is expected to file its plan of reorganization and accompanying disclosure statement (the “TopCo Plan”) on or around July 9, 2010. GGP has filed a motion to extend the exclusive period in which to file the TopCo Plan through October 19, 2010 and its exclusive period to solicit acceptances of the TopCo Plan through December 16, 2010. The current exclusive periods are scheduled to expire on July 15, 2010 and September 15, 2010, respectively.

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

NOTE 2 Basis of Presentation

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

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

Unsecured liabilities not subject to compromise as of May 31, 2010 with respect to the Track 1 Debtors are reflected at the current estimate of the probable amounts to be paid. However, the amounts of such unsecured liabilities related to the associated liabilities not subject to compromise resolved or allowed by the Bankruptcy Court (and therefore paid at 100% pursuant to the Track 1 Plans) has not yet been determined. In such regard, during February 2010, payments commenced on the Track 1 Debtor claims, a process expected to continue for several months as the amounts to be allowed are confirmed by the Bankruptcy Court. With respect to secured liabilities, GAAP bankruptcy guidance provides that Track 1 Debtor mortgage loans should be recorded at their estimated Fair Value upon emergence. A cumulative discount of approximately $283.1 million was recorded on such $7.41 billion of secured debt that

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

emerged in the first and second quarters of 2010, with the resulting gain classified as a reorganization item. Additional gains are expected to be recorded in the remainder of 2010 with respect to mortgage loans and other debt related to the Remaining Debtors that have emerged or will emerge from bankruptcy in 2010.

Of the Emerged Debtors, we have identified 13 properties (the “Special Consideration Properties”) as underperforming retail assets. Pursuant to the terms of the agreements with the lenders for these properties, the Debtors have until two days following emergence of the TopCo Debtors to determine whether the collateral property for these loans should be deeded to the respective lender or the property should be retained with further modified loan terms. Prior to emergence of the TopCo Debtors, all cash produced by the property is under the control of respective lenders and we are required to pay any operating expense shortfall. In addition, prior to emergence of the TopCo Debtors, the respective lender can change the manager of the property or put the property in receivership and GGP has the right to deed the property to the lender, but no such actions have yet occurred. Generally accepted accounting principles state that an entity may choose to elect the fair value option for an eligible item only on the date of the event that requires Fair Value measurement. As each of the Special Consideration Properties emerged from Bankruptcy, we elected to measure and report the mortgages related these properties at Fair Value from the date of emergence because the Debtor entities of the Special Consideration Properties have the right to return the properties to the lenders in full satisfaction of the related debt. Accordingly, the Fair Value of the mortgage liability should not exceed the Fair Value of the underlying property.

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

Combining condensed income statement and balance sheets have been presented as of May 31, 2010 with separate columns for the segregation of Debtors for which plans of reorganization have been approved (“Post-Confirmation Entities”) by the Bankruptcy Court versus those that have yet to file consensual or non-consensual plans of reorganization (“Unconfirmed Entities”). With respect to the Unconfirmed Entities, property management and other costs reflect reimbursements of costs allocated to the Post-Confirmation Entities. This presentation does not affect the presentation of other schedules as all original Debtors are included in this separate presentation where denoted. As of May 31, 2010, the Post-Confirmation Entities include 262 Debtors while the Unconfirmed Entities include 126 Debtors.

The unaudited financial statements for the Debtors contained in this Monthly Operating Report have been derived from the books and records of the Company. All significant intercompany balances and transactions between the Debtors have been eliminated. All intercompany balances with Non-Debtors are non-interest bearing (except to the extent such balances are between taxable and non-taxable entities), unsecured, payable on demand and have been reflected as a component of equity. In addition, the financial information contained in such financial statements for the Debtors is preliminary and unaudited and does not purport to show the results of operations or statements of position in accordance with GAAP as, primarily, only normal recurring adjustments are made for the routine monthly closing of our books. Accordingly, certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have been made for such purposes of this Monthly Operating Report. If this information had been subject to the procedures performed to prepare our quarterly and annual financial information in accordance with GAAP and the rules and regulations of the SEC, we believe that the financial information could be subject to changes and such changes could be material. Therefore, there can be no assurance that the financial information contained in this Monthly Operating Report for the Debtors is complete and readers are strongly cautioned not to place undue reliance upon this or any previously submitted Monthly Operating Report.

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

Readers of this Monthly Operating Report should refer to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2009, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the “Annual Report”) and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2010 (the “2010 Interim Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report and such 2010 Interim Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our Annual Report or in the 2010 Interim Report.

NOTE 3 Summary of Significant Accounting Policies

See Note 1 “Organization” and Note 2 “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in our 2009 Annual Report and Note 1 “Organization” in the Notes to Consolidated Financial Statements included in our 2010 Interim Report for a summary of the accounting policies that we consider to be significant.

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

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

On May 31, 2010, the aggregate cumulative post-petition intercompany amounts due (to) from GGPLP with respect to Debtors that own Operating Properties with mortgage lenders possessing the lien rights on the centralized GGPLP cash management account described above, were $123.3 million. In addition, as of May 27, 2010, the aggregate cash balance held by the Debtors upon which the first-lien holders have such lien rights was approximately $139.0 million.

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

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

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

		All Debtors as of
		May 31, 2010
		(In thousands)
Below-market ground leases		$	181,206
Prepaid expenses			79,326
Security and escrow deposits			101,130
Real estate tax stabilization agreement			69,972
Receivables — finance leases and bonds			58,475
Special Improvement District receivable			48,681
Above-market tenant leases			20,383
Deferred tax, net of valuation allowances			8,035
Other			20,149
Total prepaid expenses and other assets		$	587,357

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

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

		All Debtors as of
		May 31, 2010
		(In thousands)
Utility and other security deposits		$	31,530
Operating funds — restricted			24,841
Real estate tax escrows			9,530
Construction/major maintenance reserves			4,732
Other miscellaneous escrows			28,588
Collateralized letters of credit and other credit support			1,909
Total security and escrow deposits		$	101,130

The following table summarizes the significant components of accounts payable and accrued expenses of the Debtors. Substantially all amounts included in the unpaid or accrued balances listed below that are considered LTSC are past due at May 31, 2010, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).

		All Debtors as of
		May 31, 2010
		(In thousands)
Accrued interest		$	476,580
Accounts payable and accrued expenses			321,847
Accrued payroll and other employee liabilities			171,715
Uncertain tax position liabilities			129,846
Construction payable			84,198
Deferred gains/income			64,254
Accrued real estate taxes			72,678
Hughes accrued participation			68,378
Below-market tenant leases			48,267
Unapplied cash receipts			30,599
Accounts payable to affiliates			(38,578	)
Other			197,000
Total accounts payable and accrued expenses			1,626,784
Less: amounts not subject to compromise			(1,054,877	)
Total accounts payable and accrued expenses subject to compromise		$	571,907

The following table summarizes the amounts of LSTC (see Note 2) at May 31, 2010:

		(In thousands)
Mortgages and secured notes		$	3,236,670
Unsecured notes			5,617,210
Accounts payable and accrued expenses			571,907
Total liabilities subject to compromise		$	9,425,787

NOTE 6 Rejected Contracts and Related Matters

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

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

NOTE 7 General and Administrative Expenses and Reorganization Items

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

		All Debtors
						Cumulative Post-
		Month Ended				Petition Period Ended
General and Administrative Expenses		May 31, 2010				May 31, 2010
		(In thousands)
Insider compensation		$	786			$	18,089
Public Company expense (1)			643				9,412
Travel, entertainment, insurance and other			2,089				35,177
Total general and administrative		$	3,518			$	62,678

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

		All Debtors
						Cumulative Post-
		Month Ended				Petition Period Ended
Reorganization Items income (expense)		May 31, 2010				May 31, 2010
		(In thousands)
Gains on liabilities subject to compromise — vendors (1)		$	344			$	47,733
Gains on liabilities subject to compromise — mortgage debt (2)			—				625,237
Interest income (3)			21				100
U.S. Trustee fees (4)			(286	)			(6,555	)
Restructuring costs — Chapter 11 Retained Professionals (5)			(14,723	)			(147,495	)
Restructuring costs — including other professional fees (6)			(25,264	)			(325,092	)
Total reorganization items		$	(39,908	)		$	193,928

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

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

		Month Ended May 31, 2010
		Debtors				Eliminations				Combined All Debtors
		(In thousands, except for per share amounts)
Revenues:
Minimum rents		$	134,632			$	(5	)			134,627
Tenant recoveries			60,560				—				60,560
Overage rents			2,317				—				2,317
Land sales			419				—				419
Management fees and other corporate revenues			2,107				320				2,427
Other			6,052				(67	)			5,985
Total revenues			206,087				248				206,335
Expenses:
Real estate taxes			20,092				—				20,092
Property maintenance costs			7,690				—				7,690
Marketing			1,900				—				1,900
Ground and other rents			1,115				—				1,115
Other property operating costs			35,165				1				35,166
Land sales operations			1,731				—				1,731
Provision for doubtful accounts			1,681				—				1,681
Property management and other costs			14,847				248				15,095
General and administrative			3,518				—				3,518
Provisions for impairment			31				—				31
Depreciation and amortization			49,406				—				49,406
Total expenses			137,176				249				137,425
Operating income			68,911				(1	)			68,910
Interest (expense) income, net			(99,651	)			—				(99,651	)
(Loss) income before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(30,740	)			(1	)			(30,741	)
Provision for income taxes			(318	)			—				(318	)
Equity in income of Real Estate Affiliates			(593	)			6,982				6,389
Reorganization items			(39,908	)			—				(39,908	)
Net income			(71,559	)			6,981				(64,578	)
Allocation to noncontrolling interests			(1,436	)			2,042				606
Net income attributable to common stockholders		$	(72,995	)		$	9,023			$	(63,972	)
Basic and Diluted Earnings Per Share:		$	(0.23	)		$	0.03			$	(0.20	)
Comprehensive Income (Loss), Net:
Net income attributable to common stockholders		$	(72,995	)		$	9,023			$	(63,972	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments			1,187				—				1,187
Accrued pension adjustment			(221	)			—				(221	)
Foreign currency translation			(10,009	)			—				(10,009	)
Unrealized gains (losses) on available-for-sale securities			—				—				—
Other comprehensive income (loss), net			(9,043	)			—				(9,043	)
Comprehensive loss attributable to common stockholders		$	(82,038	)		$	9,023			$	(73,015	)

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

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

SCHEDULE II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)

		Month Ended May 31, 2010
										Combined
		Debtors				Eliminations				All Debtors
		(In thousands)
Assets:
Investment in real estate:
Land		$	2,912,125			$	—			$	2,912,125
Buildings and equipment			18,879,395				—				18,879,395
Less accumulated depreciation			(3,941,425	)			—				(3,941,425	)
Developments in progress			438,773				(74,714	)			364,059
Net property and equipment			18,288,868				(74,714	)			18,214,154
Investment in and loans to/from Unconsolidated Real Estate Affiliates			600,501				(220,117	)			380,384
Investment property and property held for development and sale			1,133,898				74,451				1,208,349
Investment in controlled non-debtor entities			15,570,359				(11,577,897	)			3,992,462
Net investment in real estate			35,593,626				(11,798,277	)			23,795,349
Cash and cash equivalents			471,807				7,403				479,210
Accounts and notes receivable, net			319,921				—				319,921
Goodwill			199,664				—				199,664
Deferred expenses, net			215,711				—				215,711
Prepaid expenses and other assets			947,793				(360,436	)			587,357
Total assets		$	37,748,522			$	(12,151,310	)		$	25,597,212
Liabilities and Equity:
Mortgages, notes and loans payable		$	12,517,007			$	—			$	12,517,007
Investment in and loans to/from Unconsolidated Real Estate Affiliates			32,815				—				32,815
Deferred tax liabilities			903,046				—				903,046
Accounts payable and accrued expenses			1,084,847				(29,970	)			1,054,877
Total liabilities not subject to compromise			14,537,715				(29,970	)			14,507,745
Liabilities subject to compromise			9,796,782				(370,995	)			9,425,787
Total liabilities			24,334,497				(400,965	)			23,933,532
Redeemable noncontrolling interests:
Preferred			120,756				—				120,756
Common			103,458				—				103,458
Total redeemable noncontrolling interests			224,214				—				224,214
Commitments and Contingencies			—				—				—
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding			—				—				—
Equity:
Common stock: $.01 par value; 875,000,000 shares authorized, 318,845,130 shares issued as of May 31, 2010			3,188				—				3,188
Additional paid-in capital			12,164,050				(8,389,171	)			3,774,879
Retained earnings (accumulated deficit)			1,085,744				(3,361,174	)			(2,275,430	)
Accumulated other comprehensive loss			(1,893	)			—				(1,893	)
Less common stock in treasury, at cost, 1,449,939 shares as of May 31, 2010			(76,752	)			—				(76,752	)
Total stockholder’s equity			13,174,337				(11,750,345	)			1,423,992
Noncontrolling interests in consolidated real estate affiliates			15,474				—				15,474
Total equity			13,189,811				(11,750,345	)			1,439,466
Total liabilities and equity		$	37,748,522			$	(12,151,310	)		$	25,597,212

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

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

SCHEDULE III
SCHEDULE OF PAYROLL AND PAYROLL TAXES
(UNAUDITED)

as of and for the month ended May 31, 2010

Gross Wage		Employee Payroll		Employer Payroll
Expense		Taxes Withheld (a)		Taxes Remitted (b)
(In thousands)
$ 16,405		$3,683		$1,051

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

						Amounts Paid
		Amount Accrued				Month Ended
		May 31, 2010				May 31, 2010
		(In thousands)
Federal and state income taxes		$	3,342			$	—
State and local taxes:
Property *			72,678				13,132
Sales and use			1,482				558
Franchise			766				1,138
Other			751				243
Total state and local taxes			75,677				15,071
Total taxes		$	79,019			$	15,071

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

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		May 31, 2010				May 31, 2010
		(In thousands)
1551 Hillshire Drive		$	—			$	8
1635 Village Ctr Circle			—				—
1645 Village Ctr Circle			—				—
20 Columbia Corp Ctr			—				—
30 Columbia Corp Ctr			—				—
Victoria Ward Limited			17				—
Ward Gateway-Industrial-Villag			73				—
40 Columbia Corp Ctr			—				—
40 Columbia Corp Inc			—				—
Ala Moana Ctr			3,222				—
Ala Moana Pacific			—				—
Ala Moana Plaza			—				—
Ala Moana Tower			—				—
Alameda Plaza			165				—
Animas Valley			98				113
Apache Mall			—				854
Arizona Center			57				—
Arizona Center Cinem			15				—
Arizona Center Off			29				—
Arizona Center One			186				—
Arizona Center Other			—				—
Arizona Center Parki			59				—
Arizona Center Two			243				—
Arizona Ctr Garden Off			15				—
Arizona Ctr W Prkng Lot			—				—
Augusta Anchor Acq			149				—
Augusta Mall			303				—
Austin Bluffs			50				—
Austin Mall Ltd Part			—				—
Bailey Hills Village			—				—
Baskin Robbins			6				—
Bay City			—				—
Bayshore			—				—
Beachwood Place			3,555				—
Bellis Fair			22				—
Birchwood			319				—
Boise Towne Plaza			212				—
Boise Towne Square			1,824				—
Boise Twne Squ Anch Acq			77				—
Brass Mill Center			—				—

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

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		May 31, 2010				May 31, 2010
		(In thousands)
Brass Mill Commons			—				—
Burlington Town Ctr			95				5
Burlington Town Offi			17				—
Cache Valley Mall			107				—
Cache Valley Marktpl			47				—
Calendonian Holding			—				—
Canyon Point			—				—
Capital			124				—
Century			48				—
Chapel Hills			1,098				—
Chico Mall			—				—
Chula Vista			—				—
Collin Creek			782				—
Collin Creek-Dillards			—				—
Colony Square			352				—
Columbia			224				—
Columbiana			626				—
Coronado Center			329				—
Corporate Pointe #2			—				26
Corporate Pointe #3			—				38
Cottonwood Mall			122				—
Cottonwood Square			18				—
Country Hills Plaza			58				—
Crossing Bus Ctr #6			—				—
Crossing Bus Ctr #7			—				—
Crossroads Ctr			—				1,500
Deerbrook			541				—
Deerbrook Mall Anchor Acq			29				—
Division Crossing			—				—
Eagle Ridge			225				—
Eastridge (CA)			—				—
Eastridge Mall (WY)			114				—
Eden Prairie			—				2,025
Eden Prairie Ctr Anch			—				113
Elk Grove Promenade			—				—
Fairwood Dev Corp Share			—				—
Fallbrook Center			—				—
Faneuil Hall Marketplc			—				—
Fashion Place			515				—
Fashion Place Anchor Acq			38				—

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

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		May 31, 2010				May 31, 2010
		(In thousands)
Fashion Show			—				21
Foothills Mall			837				—
Fort Union			28				—
Four Seasons Town Ctr			718				—
Four State/TRC of Nev			—				—
Fox River			1,336				—
Fremont Plaza			—				—
Gateway			—				—
Gateway Crossing			83				—
Gateway Overlook			—				—
GGPLP-Shared			1,068				—
Glenbrook Sq Anchor Acq			186				—
Glenbrook Square			4,206				—
Grand Teton Mall			760				—
Grand Teton Plaza			164				—
Grand Traverse			261				—
Greengate Mall, Inc			—				—
Greenwood			204				—
Halekauwila Bldg			—				—
Halsey Crossing			—				—
Harborplace			—				—
Harborplace Alloc			—				—
Hulen Mall			878				—
Jordan Creek Town Ctr			3,975				—
JP Realty			—				—
Kamakee Building			—				—
Kamani Building			—				—
Kapiolani Properties			—				—
Kendall Town Center			369				—
Knollwood			—				310
Lakemoor			—				—
Lakeside Mall			—				—
Lakeview Square			363				—
Landmark			203				—
Lansing Mall			499				—
Lincolnshire Commons			401				203
Lockport			—				—
Lynnhaven Mall			—				1,237
Mall Bluffs			1,574				—
Mall of Louisiana			514				—

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

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		May 31, 2010				May 31, 2010
		(In thousands)
Mall of Louisiana Pwr Ctr			64				—
Mall St Vincent			260				—
Mall St. Matthews			327				—
Market Place			1,554				822
Mayfair			3,420				—
Mayfair Bank			237				—
Mayfair North			248				—
Mayfair Prof			94				—
Mayfair-Aurora Hlth CtrSht			225				—
Moreno			37				—
Natick Retail, LLC			—				—
New Orleans Riverwalk, Ltd			—				—
Newgate			310				—
Newgate Mall Land			—				—
Newpark			—				39
NewPark Mall Anchor Acq			—				—
North Plains Mall			26				30
North Point			1,023				—
North Star Mall			3,321				—
North Star Mall Anch Acq			356				—
North Temple Shops			—				—
North Town Mall			13				—
Northgate			275				—
Northridge			—				—
Oakwood			1,118				—
Oakwood Center			191				—
Oglethorpe			138				437
Orem Plaza Ctr St			31				—
Orem Plaza State St			15				—
Other Hughes Properties			—				—
Oviedo Marketplace			281				—
Owings Mills Mall			—				—
Owings Mills Off Alloc			—				—
Oxmoor Center			313				—
Park City			—				—
Park Meadows			—				—
Park Place			536				—
Park West			456				55
Peachtree Mall			617				—
Pecanland Mall			269				—

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

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		May 31, 2010				May 31, 2010
		(In thousands)
Pecanland Mall Anchor Acq			21				—
Piedmont			—				113
Pierre Bossier			98				—
Pine Ridge Mall			413				—
Pioneer Place			—				40
Plaza 800			—				—
Plaza 9400			63				—
Pohukaina Center			—				—
Pohukaina Court			—				—
Price NT Corp			—				—
Prince Kuhio			—				—
Providence Place			—				—
Provo Plaza			18				—
PTC Motels			—				—
Rascap Realty, Ltd			—				—
Red Cliffs Mall			89				—
Red Cliffs Plaza			25				—
Redlands Promenade			—				—
Regency			567				—
Retail at Residential			(289	)			—
Ridgedale Center			—				1,851
Ridgely Building			—				—
Rio West			88				—
River Falls			729				—
River Hills			1,396				787
River Pointe Plaza			41				—
Riverlands			25				—
Riverside Plaza			65				—
Rivertown			983				—
Rock Springs Home			—				—
Rogue Valley Mall			—				—
Rouse Coral Gables Inc			—				—
S St. Marketplace Theater			167				—
Saint Louis Galleria			1,661				—
Saint Louis Galleria Anch			33				—
Salem Center			—				14
Seaport Marketplace, Inc			—				—
Sikes Senter			553				—
Silver Lake Mall			193				—
Sooner			172				—

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

SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)

		Property Tax
						Amount Paid
		Amount Accrued				Month Ended
Operating Property		May 31, 2010				May 31, 2010
		(In thousands)
South St Seaport Schem			—				—
South St Seaport Sh Maint			—				—
South Street Alloc			—				—
South Street L.P.-Pier			—				—
South Street L.P.-Telco			—				—
South Street LP-Museum Blk			—				—
South Street Seaport			—				—
Southlake			468				—
Southland Center			—				—
Southland Mall			—				—
SouthShore			—				—
Southwest Off l			154				—
Southwest Off ll			48				—
Southwest Plaza			2,109				—
Spring Hill			1,995				1,078
Staten Island Mall			—				—
Steeplegate			—				—
Stonestown Galleria			—				—
Stonestown Land			—				—
Stonestown Medical			—				—
Summerlin Commu Assets			—				—
The Boulevard			—				—
The Bridges @ Mint Hill			8				—
The Commons Foothills			29				—
The Crossroads			546				—
The Gallery Harbor Off			—				—
The Gallery Harbor Othr			—				—
The Gallery Harbor-Gar			402				877
The Gallery Harborplace			—				—
The Grand Canal			—				—
The Hughes Corp			—				—
The Maine Mall			8				—
The Mall @ Sierra Vista			187				218
The Pines			140				—
The Plaza Foothills			69				—
The Shoppes @ Palazzo			—				—
The Shoppes at Detroit Gwy			—				—
The Shops @ Summerlin Ctre			—				264
The Shops Fallen Timbers			1,884				—
The Shops Foothills			111				—