Exhibit 99.1

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

Index
Combining Condensed Statements of Income (loss) and Comprehensive Income (loss) for the Month Ended August 31, 2010 and Cumulative Post-Petition Period Ended August 31, 2010			3
Combining Condensed Balance Sheet			4
Notes to Unaudited Combined Condensed Financial Statements			5
Note 1: Chapter 11 Cases and Proceedings			5
Note 2: Basis of Presentation			6
Note 3: Summary of Significant Accounting Policies			8
Note 4: Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders			8
Note 5: Certain Other Assets and Liabilities and Liabilities Subject to Compromise			9
Note 6: Rejected Contracts and Related Matters			10
Note 7: General and Administrative Expenses and Reorganization Items			11
Schedules:
Schedule I Schedule of Combined Condensed Statement of Income (loss) and Comprehensive Income (loss) for the Month Ended August 31, 2010			12
Schedule II Schedule of Combined Condensed Balance Sheet as of August 31, 2010			13
Schedule III Schedule of Payroll and Payroll Taxes			14
Schedule IV Schedule of Federal, State and Local Taxes			14
Schedule V Schedule of Total Disbursements by Debtor			23
Schedule VI Schedule of Debtors’ Operating Property Aged Tenant Accounts Receivable			33
Schedule VII Status of Mortgages Payable For Debtors			34
Schedule VIII Chapter 11 Retained Professionals Detail			37
Schedule IX Schedule of Non-Noticed and De Minimis Asset Sales			38
Schedule X Debtors Questionnaire			39

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
		August 31, 2010				August 31, 2010				August 31, 2010				Ended August 31, 2010
						(In thousands, except for
						per share amounts)
Revenues:
Minimum rents		$	8,702			$	126,290			$	134,992			$	2,277,476
Tenant recoveries			2,472				60,257				62,729				1,022,169
Overage rents			128				3,008				3,136				58,542
Land and condominium sales			3,504				—				3,504				71,282
Management fees and other corporate revenues			951				—				951				13,871
Other			505				4,648				5,153				90,110
Total revenues			16,262				194,203				210,465				3,533,450
Expenses:
Real estate taxes			1,143				18,397				19,540				327,669
Property maintenance costs			745				7,104				7,849				139,147
Marketing			139				3,122				3,261				40,696
Ground and other rents			294				800				1,094				19,407
Other property operating costs			4,885				35,902				40,787				594,222
Land and condominium sales operations			3,092				—				3,092				141,735
Provision for doubtful accounts			395				1,068				1,463				30,876
Property management and other costs			762				8,113				8,875				135,493
General and administrative			2,216				—				2,216				67,112
Provisions for impairment			91				—				91				830,420
Depreciation and amortization			3,448				45,439				48,887				821,994
Total expenses			17,210				119,945				137,155				3,148,771
Operating (loss) income			(948	)			74,258				73,310				384,679
Interest (expense) income, net			(23,659	)			(68,700	)			(92,359	)			(1,578,753	)
Income (loss) before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(24,607	)			5,558				(19,049	)			(1,194,074	)
Benefit (provision) from income taxes			199				(179	)			20				(22,126	)
Equity in income of Real Estate Affiliates			9,102				—				9,102				130,349
Reorganization items			(30,022	)			130				(29,892	)			95,889
Net (loss) income			(45,317	)			5,509				(39,808	)			(989,951	)
Allocation to noncontrolling interests			(509	)			—				(509	)			5,035
Net (loss) income attributable to common stockholders		$	(45,826	)		$	5,509			$	(40,317	)		$	(984,916	)
Basic and Diluted (Loss) Income Per Share:		$	(0.14	)		$	0.02			$	(0.12	)		$	(3.13	)
Dividends declared per share		$	—			$	—			$	—			$	0.19
Comprehensive (Loss) Income, Net:
Net (loss) income attributable to common stockholders		$	(45,826	)		$	5,509			$	(40,317	)		$	(984,916	)
Other comprehensive (loss) income, net:
Unrealized gains, net of unrealized losses, on financial instruments			(1,586	)			—				(1,586	)			22,603
Accrued pension adjustment			(101	)			—				(101	)			813
Foreign currency translation			695				—				695				46,091
Unrealized gains on available-for-sale securities			—				—				—				83
Other comprehensive (loss) income, net			(992	)			—				(992	)			69,590
Comprehensive (loss) income attributable to common stockholders		$	(46,818	)		$	5,509			$	(41,309	)		$	(915,326	)

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)

COMBINING CONDENSED
BALANCE SHEET
(UNAUDITED)

		Unconfirmed				Post-Confirmation				Combined All
		Entities as of				Entities as of				Debtors as of
		August 31, 2010				August 31, 2010				August 31, 2010
						(Dollars in thousands)
Assets:
Investment in real estate:
Land		$	216,452			$	2,687,041			$	2,903,493
Buildings and equipment			1,073,134				17,826,907				18,900,041
Less accumulated depreciation			(277,165	)			(3,791,008	)			(4,068,173	)
Developments in progress			244,090				112,668				356,758
Net property and equipment			1,256,511				16,835,608				18,092,119
Investment in and loans to/from Unconsolidated Real Estate Affiliates			374,607				6,403				381,010
Investment property and property held for development and sale			1,329,984				—				1,329,984
Investment in controlled non-debtor entities			4,067,865				58,889				4,126,754
Net investment in real estate			7,028,967				16,900,900				23,929,867
Cash and cash equivalents			566,903				5,386				572,289
Accounts and notes receivable, net			20,894				288,739				309,633
Goodwill			199,664				—				199,664
Deferred expenses, net			25,570				169,563				195,133
Prepaid expenses and other assets			275,797				312,810				588,607
Total assets		$	8,117,795			$	17,677,398			$	25,795,193
Liabilities and Equity:
Mortgages, notes and loans payable		$	405,741			$	13,862,090			$	14,267,831
Investment in and loans to/from Unconsolidated Real Estate Affiliates			32,806				—				32,806
Deferred tax liabilities			831,438				—				831,438
Accounts payable and accrued expenses			658,856				461,758				1,120,614
Liabilities not subject to compromise			1,928,841				14,323,848				16,252,689
Liabilities subject to compromise			7,723,498				95,249				7,818,747
Total liabilities			9,652,339				14,419,097				24,071,436
Redeemable noncontrolling interests:
Preferred			120,756				—				120,756
Common			17,395				—				17,395
Total redeemable noncontrolling interests			138,151				—				138,151
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, 381,842,071 shares issued as of August 31, 2010			3,188				—				3,188
Additional paid-in capital			4,460,972				(610,322	)			3,850,650
Retained earnings (accumulated deficit)			(6,082,005	)			3,868,611				(2,213,394	)
Accumulated other comprehensive income (loss)			4,756				12				4,768
Less common stock in treasury, at cost, 1,449,939 shares as of August 31, 2010			(76,752	)			—				(76,752	)
Total stockholder’s equity			(1,689,841	)			3,258,301				1,568,460
Noncontrolling interests in consolidated real estate affiliates			17,146				—				17,146
Total equity			(1,672,695	)			3,258,301				1,585,606
Total liabilities and equity		$	8,117,795			$	17,677,398			$	25,795,193

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)

NOTE 1 Chapter 11 Cases and Proceedings

As previously disclosed pursuant to the Monthly Operating Report filed on June 15, 2009, for the period ended April 30, 2009 (the “April 2009 MOR”), on April 16, 2009 (“the Petition Date”), 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.

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

On July 23, 2010, pursuant to an authorizing order from the Bankruptcy Court, certain of the Debtors entered into new Senior Secured Debtor in Possession Credit, Security and Guaranty Agreement among the Company, as co-borrower, GGP Limited Partnership, as co-borrower, certain of their subsidiaries, as guarantors, Barclays Capital, as the sole arranger, Barclay and Bank, PLC, as the Administrative Agent and Collateral Agent and the lenders party thereto (the “New DIP Facility”). The New DIP Facility provides for an aggregate commitment of $400.0 million (the “New DIP Term Loan”), which was used to refinance the DIP Term Loan. The New DIP Facility provides that principal outstanding on the New DIP Term Loan bear interest at an annual rate equal to 5.5% and matures at the earlier of May 16, 2011 or the effective date of a plan of reorganization of the TopCo Debtors (as defined below).

Subject to certain conditions precedent, the Company has the right to elect to repay all or a portion of the outstanding principal amount of the New DIP Term Loan, plus accrued and unpaid interest thereon by

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

issuing common stock of the GGP (“New GGP”) at the date of GGP’s emergence from bankruptcy to the lenders (the “Equity Conversion”). Any Equity Conversion will be limited to the lenders’ receipt of New GGP common stock equaling no more than (1) 8.0% of the New GGP common stock distributed in connection with the Debtors’ plan of reorganization, on a fully-diluted basis, or (2) 9.9% of the New GGP common stock actually distributed in connection with the plan of reorganization on the effective date of such plan, without giving effect to common stock held back for the payment of contingencies. The New DIP Credit Agreement contains customary covenants, representations and warranties, and events of default. The Plan provides for the repayment of the New DIP Term Loan in full, including accrued interest.

Through August 31, 2010, of the total 388 Debtors with approximately $21.83 billion of debt that filed for Chapter 11 protection, 260 Debtors owning 145 properties with $14.79 billion of secured mortgage loans filed consensual plans of reorganization and emerged from bankruptcy (the “Emerged Debtors”). The effectiveness of the plan of reorganization and emergence from bankruptcy of two additional Debtors (owning one property with $95.0 million of debt) occurred on September 2, 2010. During the eight months ended August 31, 2010, 147 Debtors owning 95 properties with $10.13 billion of secured mortgage debt emerged from bankruptcy, while 113 Debtors owning 50 properties with $4.66 billion secured debt had emerged from bankruptcy as of December 31, 2009.

GGP, along with the other 125 Debtors still in bankruptcy (the “TopCo Debtors”), filed its plan of reorganization and accompanying disclosure statement (the “TopCo Plan”) on July 13, 2010. On August 19, 2010, the Bankruptcy Court approved the disclosure statement, as amended, contained in the TopCo Plan, and set October 21, 2010 as the date for a hearing regarding confirmation of such TopCo Plan.

NOTE 2 Basis of Presentation

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

Until the TopCo Plan is confirmed, there will continue to be substantial doubts about the ability of the combined Debtors to continue as a going concern. 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

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

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 August 31, 2010 with respect to the Emerged Debtors are reflected at the current estimate of the probable amounts to be paid. However, the amounts of such unsecured liabilities related to the associated liabilities not subject to compromise resolved or allowed by the Bankruptcy Court (and therefore paid at 100% pursuant to the plans of reorganization of the Emerged Debtors) has not yet been determined. In such regard, during February 2010, payments commenced on the Emerged Debtor claims, a process expected to continue for several months as the amounts to be allowed are confirmed by the Bankruptcy Court. With respect to secured liabilities, GAAP bankruptcy guidance provides that Emerged Debtor mortgage loans should be recorded at their estimated Fair Value upon emergence. A cumulative discount of approximately $319.0 million was recorded on such $10.05 billion of secured debt that 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 loans and other debt related to the Debtors that have emerged or will emerge from bankruptcy in the remainder of 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. 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. We have commenced the process to deed three of these properties to their respective lenders, and we have reached an agreement in principle with the lenders for two of such properties that provides that the respective deed transfers will occur by October 31, 2010. However, such process is subject to a number of milestones and legal proceedings and therefore, there can be no assurance that such agreement in principle will be consummated, and the dates of deed transfer for the remaining properties cannot be currently estimated. When these or the other deed transfers occur, no significant gain or loss is expected to result.

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

Combining condensed income statement and balance sheets have been presented as of August 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 August 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.

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 June 30, 2010 (the “2010 Interim Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report and such 2010 Interim Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our Annual Report or in the 2010 Interim Report.

NOTE 3 Summary of Significant Accounting Policies

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

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

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

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

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 August 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 $0.79 million. In addition, as of August 31, 2010, the aggregate cash balance held by the Debtors upon which the first-lien holders have such lien rights was approximately $207.9 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
		August 31, 2010
		(In thousands)
Below-market ground leases		$	180,413
Security and escrow deposits			102,669
Prepaid expenses			97,598
Real estate tax stabilization agreement			68,991
Receivables — finance leases and bonds			55,485
Special Improvement District receivable			48,728
Above-market tenant leases			18,661
Deferred tax, net of valuation allowances			7,933
Other			8,129
Total prepaid expenses and other assets		$	588,607

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

		All Debtors as of
		August 31, 2010
		(In thousands)
Utility and other security deposits		$	35,449
Operating funds — restricted			20,264
Real estate tax escrows			11,823
Construction/major maintenance reserves			2,517
Collateralized letters of credit and other credit support			1,909
Other miscellaneous escrows			30,707
Total security and escrow deposits		$	102,669

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

The following table summarizes the significant components of accounts payable and accrued expenses of the Debtors. Substantially all amounts included in the unpaid or accrued balances listed below that are considered LTSC are past due at August 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
		August 31, 2010
		(In thousands)
Accrued interest		$	538,955
Accounts payable and accrued expenses			367,714
Contingent purchase price liability			230,000
Uncertain tax position liabilities			217,556
Accrued payroll and other employee liabilities			193,339
Accrued real estate taxes			85,060
Construction payable			69,123
Deferred gains/income			77,833
Below-market tenant leases			44,915
Unapplied cash receipts			33,265
Accounts payable to affiliates			(105,852	)
Other			162,288
Total accounts payable and accrued expenses			1,914,196
Less: amounts not subject to compromise			(1,120,614	)
Total accounts payable and accrued expenses subject to compromise		$	793,582

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

		(In thousands)
Mortgages and secured notes		$	498,688
Unsecured notes			6,526,477
Accounts payable and accrued expenses			793,582
Total liabilities subject to compromise		$	7,818,747

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 plans of reorganization of the Emerged Debtors. Additional claims related to executory contracts have been recorded by the Debtors based on analysis relating to the emergence of Debtors and compliance with applicable accounting guidance.

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		August 31, 2010				August 31, 2010
		(In thousands)
Insider compensation		$	808			$	16,953
Public Company expense (1)			209				10,613
Travel, entertainment, insurance and other			1,199				39,546
Total general and administrative		$	2,216			$	67,112

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)		August 31, 2010				August 31, 2010
		(In thousands)
(Losses) gains on liabilities subject to compromise — vendors (1)		$	(739	)		$	14,473
Gains on liabilities subject to compromise — mortgage debt (2)			—				661,174
Interest income (3)			26				172
U.S. Trustee fees (4)			(294	)			(7,977	)
Restructuring costs — Chapter 11 Retained Professionals (5)			(12,129	)			(184,563	)
Restructuring costs — including other professional fees (6)			(16,756	)			(387,390	)
Total reorganization items		$	(29,892	)		$	95,889

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

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

		Month Ended August 31, 2010
										Combined
		Debtors				Eliminations				All Debtors
		(In thousands, except for per share amounts)
Revenues:
Minimum rents		$	134,998			$	(6	)			134,992
Tenant recoveries			62,712				17				62,729
Overage rents			3,136				—				3,136
Land and condominium sales			3,504				—				3,504
Management fees and other corporate revenues			951				—				951
Other			5,153				—				5,153
Total revenues			210,454				11				210,465
Expenses:
Real estate taxes			19,540				—				19,540
Property maintenance costs			7,849				—				7,849
Marketing			3,261				—				3,261
Ground and other rents			1,094				—				1,094
Other property operating costs			40,787				—				40,787
Land and condominium sales operations			3,092				—				3,092
Provision for doubtful accounts			1,463				—				1,463
Property management and other costs			8,881				(6	)			8,875
General and administrative			2,216				—				2,216
Provisions for impairment			91				—				91
Depreciation and amortization			48,887				—				48,887
Total expenses			137,161				(6	)			137,155
Operating income			73,293				17				73,310
Interest (expense) income, net			(92,359	)			—				(92,359	)
(Loss) income before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items			(19,066	)			17				(19,049	)
Provision for income taxes			20				—				20
Equity in income of Real Estate Affiliates			(402	)			9,504				9,102
Reorganization items			(29,892	)			—				(29,892	)
Net (loss) income from continuing operations			(49,340	)			9,521				(39,819	)
Discontinued operations — loss on dispositions			11				—				11
Net (loss) income			(49,329	)			9,521				(39,808	)
Allocation to noncontrolling interests			(1,478	)			969				(509	)
Net (loss) income attributable to common stockholders		$	(50,807	)		$	10,490			$	(40,317	)
Basic and Diluted Earnings Per Share:		$	(0.15	)		$	0.03			$	(0.12	)
Comprehensive (Loss) Income, Net:
Net (loss) income attributable to common stockholders		$	(50,807	)		$	10,490			$	(40,317	)
Other comprehensive income, net:
Unrealized gains, net of unrealized losses, on financial instruments			(1,763	)			177				(1,586	)
Accrued pension adjustment			(136	)			35				(101	)
Foreign currency translation			1,022				(327	)			695
Unrealized losses on available-for-sale securities			(1	)			1				—
Other comprehensive income (loss), net			(878	)			(114	)			(992	)
Comprehensive (loss) income attributable to common stockholders		$	(51,685	)		$	10,376			$	(41,309	)

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 II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)

		Month Ended August 31, 2010
										Combined All
		Debtors				Eliminations				Debtors
						(In thousands)
Assets:
Investment in real estate:
Land		$	2,903,493			$	—			$	2,903,493
Buildings and equipment			18,900,041				—				18,900,041
Less accumulated depreciation			(4,068,173	)			—				(4,068,173	)
Developments in progress			380,899				(24,141	)			356,758
Net property and equipment			18,116,260				(24,141	)			18,092,119
Investment in and loans to/from Unconsolidated Real Estate Affiliates			601,127				(220,117	)			381,010
Investment property and property held for development and sale			1,306,108				23,876				1,329,984
Investment in controlled non-debtor entities			15,593,446				(11,466,692	)			4,126,754
Net investment in real estate			35,616,941				(11,687,074	)			23,929,867
Cash and cash equivalents			560,486				11,803				572,289
Accounts and notes receivable, net			309,690				(57	)			309,633
Goodwill			199,664				—				199,664
Deferred expenses, net			195,133				—				195,133
Prepaid expenses and other assets			1,015,097				(426,490	)			588,607
Total assets		$	37,897,011			$	(12,101,818	)		$	25,795,193
Liabilities and Equity:
Mortgages, notes and loans payable		$	14,267,831			$	—			$	14,267,831
Investment in and loans to/from Unconsolidated Real Estate Affiliates			32,806				—				32,806
Deferred tax liabilities			831,438				—				831,438
Accounts payable and accrued expenses			1,144,715				(24,101	)			1,120,614
Total liabilities not subject to compromise			16,276,790				(24,101	)			16,252,689
Liabilities subject to compromise			8,264,894				(446,147	)			7,818,747
Total liabilities			24,541,684				(470,248	)			24,071,436
Redeemable noncontrolling interests:
Preferred			120,756				—				120,756
Common			102,102				(84,707	)			17,395
Total redeemable noncontrolling interests			222,858				(84,707	)			138,151
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, 381,842,071 shares issued as of August 31, 2010			3,188				—				3,188
Additional paid-in capital			14,342,750				(10,492,100	)			3,850,650
Retained earnings (accumulated deficit)			(1,158,744	)			(1,054,650	)			(2,213,394	)
Accumulated other comprehensive loss			4,881				(113	)			4,768
Less common stock in treasury, at cost, 1,449,939 shares as of August 31, 2010			(76,752	)			—				(76,752	)
Total stockholder’s equity			13,115,323				(11,546,863	)			1,568,460
Noncontrolling interests in consolidated real estate affiliates			17,146				—				17,146
Total equity			13,132,469				(11,546,863	)			1,585,606
Total liabilities and equity		$	37,897,011			$	(12,101,818	)		$	25,795,193

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 August 31, 2010

Gross Wage		Employee Payroll		Employer Payroll
Expense		Taxes Withheld (a)		Taxes Remitted (b)
		(In thousands)
$17,049		$3,894		$944

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

						Amounts Paid
		Amount Accrued				Month Ended
		August 31, 2010				August 31, 2010
		(In thousands)
Federal and state income taxes		$	18,985			$	30
State and local taxes:
Property *			85,060				23,951
Sales and use			1,798				1,251
Franchise			1,062				91
Other			682				144
Total state and local taxes			88,602				25,437
Total taxes		$	107,587			$	25,467

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		August 31, 2010				August 31, 2010
		(In thousands)
10 Columbia Corp Ctr		$	—			$	—
10000 Covington Cross			—				15
10000 W Charleston			—				27
10190 Covington Cross			—				40
1120/40 Twon Ctr Dr			—				50
1160/80 Town Ctr Dr			—				50
1201/41 Tn Ctr Dr 2nd U3			—				—
1201/41 Town Ctr Dr			—				38
1201/41 Twn Ctr Dr FS U2			—				—
1240 Ala Moana Blvd			—				—
1251/81 Town Ctr Dr			—				10
1551 Hillshire Drive			—				39
1635 Village Ctr Circle			—				19
1645 Village Ctr Circle			—				24
20 Columbia Corp Ctr			—				—
30 Columbia Corp Ctr			—				—
40 Columbia Corp Ctr			—				—
50 Columbia Corp Ctr			—				—
60 Columbia Corp Ctr			—				—
9901/21 Covington Cross			—				25
9950/80 Covington Cross			—				24
Ala Moana Ctr			2,679				—
Ala Moana Pacific			—				—
Ala Moana Plaza			—				—
Ala Moana Tower			—				—
Alameda Plaza			125				—
Animas Valley			157				—
Apache Mall			284				—
Arizona Center			90				—
Arizona Center Cinem			24				—
Arizona Center Off			47				—
Arizona Center One			298				—
Arizona Center Other			—				—
Arizona Center Parki			95				—
Arizona Center Two			388				—
Arizona Ctr Garden Off			24				—
Arizona Ctr W Prkng Lot			—				—
Augusta Anchor Acq			238				—
Augusta Mall			482				—
Austin Bluffs			37				—

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		August 31, 2010				August 31, 2010
		(In thousands)
Austin Mall Ltd Part.			—				—
Bailey Hills Village			3				—
Baltimore Center Associates LP			—				—
Baskin Robbins			4				—
Bay City			—				—
Bayshore			64				33
Beachwood Place			2,641				—
Bellis Fair			101				—
Birchwood			—				—
Boise Towne Plaza			157				—
Boise Towne Square			1,348				—
Boise Twne Squ Anch Acq			57				—
Brass Mill Center			—				—
Brass Mill Commons			—				—
Burlington Town Ctr			—				148
Burlington Town Offi			—				26
Cache Valley Mall			171				—
Cache Valley Marktpl			75				—
Calendonian Holding			—				—
Canyon Point			—				42
Capital			198				—
Century			65				—
Chapel Hills			811				—
Chico Mall			103				—
Chula Vista			134				—
Collin Creek			1,181				—
Collin Creek-Dillards			—				—
Colony Square			260				—
Columbia Mall (MO)			358				—
Columbiana			1,004				—
Coronado Center			527				2
Corporate Pointe #2			—				—
Corporate Pointe #3			—				—
Cottonwood Mall			195				—
Cottonwood Square			28				—
Country Hills Plaza			92				—
Crossing Bus Ctr #6			—				28
Crossing Bus Ctr #7			—				39
Crossroads Ctr (MN)			500				—
Deerbrook			854				—

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		August 31, 2010				August 31, 2010
		(In thousands)
Deerbrook Mall Anchor Acq			47				—
Division Crossing			40				—
Eagle Ridge			361				—
Eastridge (CA)			242				—
Eastridge Mall (WY)			175				—
Eastridge Shopping Center LLC			—				—
Eden Prairie			669				—
Eden Prairie Ctr Anch			38				—
Elk Grove Promenade			233				—
Fairwood Dev Corp Share			—				—
Fallbrook Center			260				—
Faneuil Hall Marketplace LLC			—				—
Fashion Place			580				—
Fashion Place Anchor Acq			38				—
Fashion Show			—				715
Foothills Mall			619				—
Foothills Mall			—				—
Fort Union			45				—
Four Seasons Town Ctr			1,148				—
Fox River			992				—
Fremont Plaza			—				27
Gateway			163				—
Gateway Crossing			159				—
Gateway Overlook			—				—
GGP Ala Moana LLC			—				6,003
GGPLP-Shared			1,321				—
Glenbrook Sq Anchor Acq			220				—
Glenbrook Square			5,401				—
Grand Teton Mall			562				—
Grand Teton Plaza			124				—
Grand Traverse			—				—
Greengate Mall, Inc			—				—
Greenwood			326				—
Halekauwila Bldg			—				—
Halsey Crossing			13				—
Harborplace			—				—
HRDLC-Benson Ground Lse			—				—
Hughes Summerlin Other			—				—
Hulen Mall			1,404				—
Jordan Creek Town Ctr			5,073				—

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		August 31, 2010				August 31, 2010
		(In thousands)
Kapiolani Properties			—				713
Kendall Town Center			590				—
Knollwood			103				—
Lakeside Mall			—				1,282
Lakeview Square			(35	)			616
Landmark			88				—
Lansing Mall			189				—
Lincolnshire Commons			308				203
Lockport			19				—
Lynnhaven Mall			411				—
Mall Bluffs			1,870				—
Mall of Louisiana			823				—
Mall of Louisiana Pwr Ctr			102				—
Mall St Vincent			417				—
Mall St. Matthews			522				—
Market Place			1,171				822
Mayfair			3,081				—
Mayfair Bank			213				—
Mayfair Mall LLC			—				—
Mayfair North			223				—
Mayfair Prof			85				—
Mayfair-Aurora Hlth CtrSht			203				—
Metro Plaza-Office			—				—
Moreno			109				—
Neighborhood Stores			—				—
New Orleans Riverwalk, Ltd			—				—
Newgate			513				—
Newgate Mall Land			—				—
Newpark			134				—
NewPark Mall Anchor Acq			20				—
North Plains Mall			41				—
North Point			1,637				—
North Star Mall			2,597				—
North Star Mall Anch Acq			235				—
North Town Mall			195				—
Northgate			440				—
Northridge			419				—
Oakwood Center (LA)			305				—
Oakwood Mall (WI)			827				—

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		August 31, 2010				August 31, 2010
		(In thousands)
Oglethorpe			264				—
Orem Plaza Ctr St			49				—
Orem Plaza State St			24				—
Other Hughes Properties			—				—
Oviedo Marketplace			450				—
Owings Mills — HQ BS			—				—
Owings Mills Mall			—				—
Owings Mills Off Alloc			—				—
Oxmoor Center			501				—
Park City			—				3,142
Park Meadows			—				—
Park Place			784				33
Park West			763				—
Parking Lot-932			—				—
PDC Holding LLC			—				—
Peachtree Mall			987				—
Pecanland Mall			430				—
Pecanland Mall Anchor Acq			34				—
Piedmont			38				—
Pierre Bossier			156				—
Pine Ridge Mall			237				—
Pioneer Place			107				—
Pioneer Place Exp			112				—
Pioneer Tower			136				—
Pioneer Tower Garage			18				—
Plaza 800			—				30
Plaza 9400			101				—
Prince Kuhio			42				254
Providence Place			33				—
Provo Plaza			29				—
Rascap Realty, Ltd			—				—
Red Cliffs Mall			142				—
Red Cliffs Plaza			40				—
Redlands Promenade			16				—
Regency			908				—
Retail at Residential			—				—
Ridgedale Center			617				—
Ridgely Building			—				—
Rio West			141				—
River Falls			931				—

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		August 31, 2010				August 31, 2010
		(In thousands)
River Hills			1,762				—
River Pointe Plaza			65				—
Riverlands			40				—
Riverside Plaza			104				—
Rivertown			—				1,923
Riverwalk Marketplace-			—				—
Rogue Valley Mall			134				—
Rouse Arizona Center LLC			—				—
Rouse Si Shopping Ctr (Si)			—				—
S St. Marketplace Theater			170				—
Saint Louis Galleria			2,657				—
Saint Louis Galleria Anch			54				—
Salem Center			94				—
Seaport Marketplace, Inc			—				—
Sikes Senter			781				—
Silver Lake Mall			140				—
Sooner			274				—
Southlake			706				—
Southland Center			313				—
Southland Mall			276				—
SouthShore			13				—
Southwest Off l			113				—
Southwest Off ll			36				—
Southwest Plaza			1,565				—
Southwest Plaza LLC			—				—
Spring Hill			1,467				1,078
Steeplegate			—				—
Stonestown Galleria			513				—
Stonestown Land			—				—
Stonestown Medical			37				—
The Boulevard			—				—
The Bridges @ Mint Hill			13				—
The Commons Foothills			21				—
The Crossroads (MI)			—				—
The Gallery Harbor-Gar			511				—
The Gallery Harborplace			—				—
The Grand Canal			67				408
The Hughes Corp			—				—
The Maine Mall			8				856
The Mall @ Sierra Vista			299				—