Brookfield Property REIT Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - Brookfield Property REIT Inc.	form8-k.htm
EX-99.1 - EXHIBIT 99.1 - Brookfield Property REIT Inc.	exhibit991ggp1231148k.htm

SUPPLEMENTAL INFORMATION

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2014



BASIS OF PRESENTATION

GENERAL INFORMATION

Unless the context indicates otherwise, references in the accompanying financial information (the "Supplemental") to the "Corporation" refer to General Growth Properties, Inc. and references to "GGP" or the "Company" refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities. Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States of America.

PROPERTY INFORMATION

The Company has presented information on its consolidated and unconsolidated properties ("Proportionate" or "at share") in certain schedules included within this Supplemental. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company's unconsolidated property operations that are owned through investments accounted for under the equity method.

NON-GAAP MEASURES

This Supplemental makes reference to net operating income (“NOI”), earnings before interest, taxes, depreciation and amortization ("EBITDA"), and funds from operations (“FFO”). NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. EBITDA is defined as NOI less certain property management and administrative expenses, net of management fees and other operational items. FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, less preferred unit distributions and preferred stock dividends, plus real estate related depreciation and amortization including adjustments for unconsolidated entities. NOI, EBITDA and FFO are presented in the Supplemental on a Proportionate basis, which includes GGP’s share of consolidated and unconsolidated properties. As GGP conducts substantially all of its business through GGP Operating Partnership, LP, and through GGP Limited Partnership and GGP Nimbus, LP (collectively the “Operating Partnerships”, which are 99% owned by GGP) and since the limited common units of the Operating Partnerships are included in total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnerships.

In order to present GGP's operations in a manner most relevant to its operations, Company NOI, Company EBITDA, and Company FFO have been presented to exclude certain non-cash and non-recurring revenue and expenses. Same Store Company NOI is presented to exclude the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. Company NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) attributable to common stockholders. For reference, as an aid in understanding management's computation of Company NOI, EBITDA, and FFO, a reconciliation of Company NOI to consolidated operating income, Company EBITDA, and Company FFO to net income (loss) in accordance with GAAP has been included in the "Reconciliation of Non-GAAP to GAAP Financial Measures" schedule.



TABLE OF CONTENTS



	Page		Page
Financial Overview		Asset Transactions:
GAAP Financial Statements:		Summary of Transactions	15
Consolidated Balance Sheets	1	Discontinued Operations	16
Consolidated Statements of Operations	2
		Portfolio Operating Metrics:
Proportionate Financial Statements:		Key Operating Performance Indicators	17
Proportionate Balance Sheets	3	Signed Leases All Less Anchors	18
Overview	4	Lease Expiration Schedule and Top Ten Tenants	19
Company NOI, EBITDA, and FFO	5-6	Property Schedule	20-26
Reconciliation of Non-GAAP to GAAP Financial Measures	7-8
		Miscellaneous:
Debt:		Capital Information	27
Debt Summary, at Share	9	Change in Total Common and Equivalent Shares	28
Maturity Schedule	10	Development Summary	29-30
Debt Detail, at Share	11-14	Capital Expenditures	31
		Corporate Information	32
		Glossary of Terms	33

This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements for a number of reasons. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this Supplemental. The Company disclaims any obligation to update any forward-looking statements.



SELECT SCHEDULE DEFINITIONS



Page	Schedule	Description
Proportionate Financial Schedules:
3	Proportionate Balance Sheet	The proportionate balance sheet adjusts GGP's GAAP balance sheet for noncontrolling interests and adds the Company's proportionate share of assets and liabilities related to investments accounted for under the equity method.
4	Overview	Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis.
5-6	Company NOI, EBITDA and FFO	Proportionate Results and FFO for the three and twelve months ended December 31, 2014 and 2013 adjusts GGP's consolidated results and FFO for noncontrolling interests and adds the Company's proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, EBITDA and FFO exclude certain non-cash and non-recurring revenues and expenses that may not be indicative of future operations.
Portfolio Operating Metrics:
17	Key Operating Performance Indicators	Certain retail properties operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
20-26	Property Schedule	By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions.

GAAP Financial Statements



FINANCIAL OVERVIEW Consolidated Balance Sheets (In thousands)



	December 31, 2014			December 31, 2013

Assets:
Investment in real estate:
Land	$	4,244,607		$	4,320,597
Buildings and equipment	18,028,844			18,270,748
Less accumulated depreciation	(2,280,845		)	(1,884,861		)
Construction in progress	703,859			406,930
Net property and equipment	20,696,465			21,113,414
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,604,762			2,407,698
Net investment in real estate	23,301,227			23,521,112
Cash and cash equivalents	372,471			577,271
Accounts and notes receivable, net	663,768			478,899
Deferred expenses, net	184,491			189,452
Prepaid expenses and other assets	813,777			995,569
Total assets	$	25,335,734		$	25,762,303
Liabilities:
Mortgages, notes and loans payable	$	15,998,289		$	15,672,437
Investment in and loans to/from Unconsolidated Real Estate Affiliates	35,598			17,405
Accounts payable and accrued expenses	934,897			970,995
Dividend payable	154,694			134,476
Deferred tax liabilities	21,240			24,667
Tax indemnification liability	—			321,958
Junior Subordinated Notes	206,200			206,200
Total liabilities	17,350,918			17,348,138
Redeemable noncontrolling interests:
Preferred	164,031			131,881
Common	135,265			97,021
Total redeemable noncontrolling interests	299,296			228,902
Equity:
Preferred stock	242,042			242,042
Stockholders' equity	7,363,877			7,861,079
Noncontrolling interests in consolidated real estate affiliates	79,601			82,142
Total equity	7,685,520			8,185,263
Total liabilities, redeemable noncontrolling interests and equity	$	25,335,734		$	25,762,303



FINANCIAL OVERVIEW Consolidated Statements of Operations (In thousands, except per share)



	Three Months Ended						Twelve Months Ended
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
Revenues:
Minimum rents	$	413,147		$	405,625		$	1,583,695		$	1,553,941
Tenant recoveries	186,815			183,024			739,411			716,932
Overage rents	27,126			28,610			51,611			55,998
Management fees and other corporate revenues	19,128			18,218			70,887			68,792
Other	26,806			35,188			89,955			90,354
Total revenues	673,022			670,665			2,535,559			2,486,017
Expenses:
Real estate taxes	55,306			63,227			227,992			239,807
Property maintenance costs	17,944			18,560			66,897			69,411
Marketing	8,346			8,171			23,455			26,232
Other property operating costs	82,356			82,332			334,819			342,815
Provision for doubtful accounts	2,844			635			8,055			3,920
Property management and other costs	35,702			41,378			155,093			164,457
General and administrative	11,441			14,658			64,051			49,237
Provisions for impairment	5,278			—			5,278			—
Depreciation and amortization	179,478			188,860			708,406			749,722
Total expenses	398,695			417,821			1,594,046			1,645,601
Operating income	274,327			252,844			941,513			840,416
Interest and dividend income	8,812			6,423			28,613			7,699
Interest expense	(171,012		)	(173,595		)	(699,285		)	(723,152		)
Loss on Foreign Currency	(11,031		)	(7,312		)	(18,048		)	(7,312		)
Warrant liability adjustment	—			—			—			(40,546		)
Gain from change in control of investment properties	91,193			—			91,193			219,784
Loss on extinguishment of debt	—			—			—			(36,479		)
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, noncontrolling interests and preferred stock dividends	192,289			78,360			343,986			260,410
(Provision for) benefit from income taxes	(4,417		)	891			(7,253		)	(345		)
Equity in income of Unconsolidated Real Estate Affiliates	27,410			26,943			61,278			68,756
Income from continuing operations	215,282			106,194			398,011			328,821
Discontinued operations:
Income (loss) from discontinued operations, including gains (losses) on dispositions	1,021			(25,033		)	137,989			(37,516		)
Gain on extinguishment of liability	77,215			—			77,215			—
Gain on extinguishment of debt	—			—			66,679			25,894
Discontinued operations, net	78,236			(25,033		)	281,883			(11,622		)
Net income	293,518			81,161			679,894			317,199
Allocation to noncontrolling interests	(4,036		)	(3,964		)	(14,044		)	(14,671		)
Net income attributable to GGP	289,482			77,197			665,850			302,528
Preferred stock dividends	(3,984		)	(3,984		)	(15,936		)	(14,078		)
Net income attributable to common stockholders	$	285,498		$	73,213		$	649,914		$	288,450
Basic Income Per Share:
Continuing operations	$	0.23		$	0.11		$	0.42		$	0.32
Discontinued operations	0.09			(0.03		)	0.32			(0.01		)
Total basic income per share	$	0.32		$	0.08		$	0.74		$	0.31
Diluted Income Per Share:
Continuing operations	$	0.22		$	0.10		$	0.39		$	0.32
Discontinued operations	0.08			(0.03		)	0.30			(0.01		)
Total diluted income per share	$	0.30		$	0.07		$	0.69		$	0.31

Proportionate Financial Statements



PROPORTIONATE FINANCIAL STATEMENTS Proportionate Balance Sheets (In thousands)



	As of December 31, 2014												As of December 31, 2013
	GAAP			Noncontrolling Interests			GGP Share of Unconsolidated Real Estate Affiliates			GGP Total Share			GGP Total Share

Assets:
Investment in real estate:
Land	$	4,244,607		$	(31,466	)	$	756,028		$	4,969,169		$	4,990,338
Buildings and equipment	18,028,844			(169,207		)	6,204,746			24,064,383			23,645,676
Less accumulated depreciation	(2,280,845		)	25,731			(1,128,831		)	(3,383,945		)	(2,819,385		)
Construction in progress	703,859			(4		)	65,506			769,361			429,553
Net property and equipment	20,696,465			(174,946		)	5,897,449			26,418,968			26,246,182
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,604,762			—			(2,604,762		)	—			—
Net investment in real estate	23,301,227			(174,946		)	3,292,687			26,418,968			26,246,182
Cash and cash equivalents	372,471			(3,733		)	143,979			512,717			697,536
Accounts and notes receivable, net	663,768			(2,726		)	85,791			746,833			549,021
Deferred expenses, net	184,491			(1,097		)	150,877			334,271			314,860
Prepaid expenses and other assets	813,777			(13,580		)	451,697			1,251,894			1,169,423
Total assets	$	25,335,734		$	(196,082	)	$	4,125,031		$	29,264,683		$	28,977,022
Liabilities:
Mortgages, notes and loans payable	$	15,998,289		$	(107,783	)	$	3,920,304		$	19,810,810		$	18,788,230
Investment in and loans to/from Unconsolidated Real Estate Affiliates	35,598			—			(35,598		)	—			—
Accounts payable and accrued expenses	934,897			(8,698		)	240,227			1,166,426			1,169,438
Dividend payable	154,694			—			—			154,694			134,476
Deferred tax liabilities	21,240			—			98			21,338			24,697
Tax indemnification liability	—			—			—			—			321,958
Junior Subordinated Notes	206,200			—			—			206,200			206,200
Total liabilities	17,350,918			(116,481		)	4,125,031			21,359,468			20,644,999
Redeemable noncontrolling interests:
Preferred	164,031			—			—			164,031			131,881
Common	135,265			—			—			135,265			97,021
Total redeemable noncontrolling interests	299,296			—			—			299,296			228,902

Equity:
Preferred stock	242,042			—			—			242,042			242,042
Stockholders' equity	7,363,877			—			—			7,363,877			7,861,079
Noncontrolling interests in consolidated real estate affiliates	79,601			(79,601		)	—			—			—
Total equity	7,685,520			(79,601		)	—			7,605,919			8,103,121
Total liabilities, redeemable noncontrolling interests and equity	$	25,335,734		$	(196,082	)	$	4,125,031		$	29,264,683		$	28,977,022



PROPORTIONATE FINANCIAL STATEMENTS Overview (In thousands, except per share)



	Three Months Ended						Twelve Months Ended
	December 31, 2014		December 31, 2013		Percentage Change		December 31, 2014		December 31, 2013		Percentage Change

Same Store NOI ¹	$	596,186	$	582,313	2.4	%	$	2,206,900	$	2,110,929	4.5	%
Non-Same Store²	12,246		12,606		n/a		43,609		50,908		n/a
Company NOI³	608,432		594,919		2.3	%	2,250,509		2,161,837		4.1	%

Company EBITDA³	572,296		550,011		4.1	%	2,087,912		1,990,687		4.9	%

Company FFO³	357,427		345,665		3.4	%	1,255,651		1,148,233		9.4	%
Company FFO per diluted share	$	0.38	$	0.36	5.1	%	$	1.32	$	1.16	13.7	%

Weighted average diluted common shares outstanding	951,920		967,096				949,554		987,226


1.	Total termination fees were $2.4 million and $0.8 million for the three months ended December 31, 2014 and 2013, respectively. Total termination fees were $13.6 million and $14.3 million for the twelve months ended December 31, 2014 and 2013, respectively.


2.	Non-Same Store includes the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopment and other properties. See Summary of Transactions on page 15 and Property Schedule on pages 20-26 for individual property details.

3.Refer to pages 5-6 (Company NOI, EBITDA and FFO).



PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended December 31, 2014 and 2013 (In thousands)



	Three Months Ended December 31, 2014																		Three Months Ended December 31, 2013
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments¹			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents²	$	413,147		$	(4,267	)	$	106,464		$	515,344		$	3,163		$	518,507		$	405,625		$	(3,463	)	$	97,145		$	499,307		$	5,702		$	505,009
Tenant recoveries	186,815			(1,728		)	43,898			228,985			—			228,985			183,024			(1,254		)	40,595			222,365			—			222,365
Overage rents	27,126			(309		)	7,484			34,301			—			34,301			28,610			(241		)	8,369			36,738			—			36,738
Other revenue	26,806			(323		)	5,984			32,467			—			32,467			35,189			(148		)	5,253			40,294			—			40,294
Total property revenues	653,894			(6,627		)	163,830			811,097			3,163			814,260			652,448			(5,106		)	151,362			798,704			5,702			804,406
Property operating expenses:
Real estate taxes	55,306			(864		)	14,019			68,461			(1,490		)	66,971			63,227			(531		)	12,768			75,464			(1,578		)	73,886
Property maintenance costs	17,944			(139		)	5,246			23,051			—			23,051			18,560			(128		)	5,052			23,484			—			23,484
Marketing	8,346			(72		)	2,439			10,713			—			10,713			8,171			(91		)	2,782			10,862			—			10,862
Other property operating costs	82,356			(763		)	21,541			103,134			(1,267		)	101,867			82,332			(425		)	20,246			102,153			(1,344		)	100,809
Provision for doubtful accounts	2,844			2			380			3,226			—			3,226			635			7			(196		)	446			—			446
Total property operating expenses	166,796			(1,836		)	43,625			208,585			(2,757		)	205,828			172,925			(1,168		)	40,652			212,409			(2,922		)	209,487
NOI	$	487,098		$	(4,791	)	$	120,205		$	602,512		$	5,920		$	608,432		$	479,523		$	(3,938	)	$	110,710		$	586,295		$	8,624		$	594,919
Management fees and other corporate revenues	19,128			—			—			19,128			—			19,128			18,218			—			—			18,218			—			18,218
Property management and other costs³	(35,702		)	180			(7,800		)	(43,322		)	—			(43,322		)	(41,378		)	172			(7,020		)	(48,226		)	—			(48,226		)
General and administrative	(11,441		)	—			(501		)	(11,942		)	—			(11,942		)	(14,658		)	—			(242		)	(14,900		)	—			(14,900		)
EBITDA	$	459,083		$	(4,611	)	$	111,904		$	566,376		$	5,920		$	572,296		$	441,705		$	(3,766	)	$	103,448		$	541,387		$	8,624		$	550,011
Depreciation on non-income producing assets	(2,751		)	—			—			(2,751		)	—			(2,751		)	(3,192		)	—			—			(3,192		)	—			(3,192		)
Interest and dividend income	8,812			386			587			9,785			(205		)	9,580			6,423			—			184			6,607			—			6,607
Preferred unit distributions	(2,268		)	—			—			(2,268		)	—			(2,268		)	(2,280		)	—			—			(2,280		)	—			(2,280		)
Preferred stock dividends	(3,984		)	—			—			(3,984		)	—			(3,984		)	(3,984		)	—			—			(3,984		)	—			(3,984		)
Interest expense:
Mark-to-market adjustments on debt	(410		)	(100		)	386			(124		)	124			—			(1,025		)	(95		)	365			(755		)	755			—
Write-off of mark-to-market adjustments on extinguished debt	—			—			—			—			—			—			(274		)	—			(3,924		)	(4,198		)	4,198			—
Interest on existing debt	(170,602		)	1,479			(41,640		)	(210,763		)	—			(210,763		)	(172,296		)	1,111			(35,782		)	(206,967		)	—			(206,967		)
Loss on foreign currency	(11,031		)	—			—			(11,031		)	11,031			—			(7,312		)	—			—			(7,312		)	7,312			—
(Provision for) benefit from income taxes	(4,417		)	20			(339		)	(4,736		)	(2,186		)	(6,922		)	891			19			8			918			(2,892		)	(1,974		)
FFO from discontinued operations⁴	79,227			—			127			79,354			(77,115		)	2,239			5,460			—			257			5,717			1,727			7,444
	351,659			(2,826		)	71,025			419,858			(62,431		)	357,427			264,116			(2,731		)	64,556			325,941			19,724			345,665
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	68,199			2,826			(71,025		)	—			—			—			61,825			2,731			(64,556		)	—			—			—
FFO ⁵	$	419,858		$	—		$	—		$	419,858		$	(62,431	)	$	357,427		$	325,941		$	—		$	—		$	325,941		$	19,724		$	345,665

Company FFO per diluted share																$	0.38																	$	0.36


1.	Adjustments primarily relate to the following: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, loss on foreign currency and the related benefit from income taxes, and other non-comparable items.


2.	Adjustments include amounts for straight-line rent of ($13,999) and ($15,413) and above/below market lease amortization of $17,162 and $21,115 for the three months ended December 31, 2014 and 2013, respectively.


3.	Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.


4.	Company FFO includes FFO from discontinued operations. Adjustments include a gain on extinguishment of liability of $77,215 for the three months ended December 31, 2014.


5.	Proportionate FFO reflects FFO as defined by NAREIT.



PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Twelve Months Ended December 31, 2014 and 2013 (In thousands)



	Twelve Months Ended December 31, 2014																		Twelve Months Ended December 31, 2013
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments¹			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents ²	$	1,583,695		$	(16,609	)	$	391,255		$	1,958,341		$	25,504		$	1,983,845		$	1,553,941		$	(14,143	)	$	361,997		$	1,901,795		$	27,914		$	1,929,709
Tenant recoveries	739,411			(6,743		)	172,255			904,923			—			904,923			716,932			(4,841		)	159,220			871,311			—			871,311
Overage rents	51,611			(528		)	14,897			65,980			—			65,980			55,998			(486		)	15,829			71,341			—			71,341
Other revenue	89,999			(1,146		)	16,036			104,889			—			104,889			90,353			(442		)	15,958			105,869			—			105,869
Total property revenues	2,464,716			(25,026		)	594,443			3,034,133			25,504			3,059,637			2,417,224			(19,912		)	553,004			2,950,316			27,914			2,978,230
Property operating expenses:
Real estate taxes	227,992			(2,853		)	54,130			279,269			(5,958		)	273,311			239,807			(2,126		)	51,450			289,131			(6,312		)	282,819
Property maintenance costs	66,897			(448		)	18,886			85,335			—			85,335			69,411			(406		)	16,890			85,895			—			85,895
Marketing	23,455			(229		)	7,159			30,385			—			30,385			26,232			(263		)	7,840			33,809			—			33,809
Other property operating costs	334,819			(3,026		)	84,096			415,889			(5,162		)	410,727			342,815			(2,068		)	78,695			419,442			(10,108		)	409,334
Provision for doubtful accounts	8,055			(58		)	1,373			9,370			—			9,370			3,920			(29		)	645			4,536			—			4,536
Total property operating expenses	661,218			(6,614		)	165,644			820,248			(11,120		)	809,128			682,185			(4,892		)	155,520			832,813			(16,420		)	816,393
NOI	$	1,803,498		$	(18,412	)	$	428,799		$	2,213,885		$	36,624		$	2,250,509		$	1,735,039		$	(15,020	)	$	397,484		$	2,117,503		$	44,334		$	2,161,837
Management fees and other corporate revenues	70,887			—			—			70,887			—			70,887			68,792			—			—			68,792			—			68,792
Property management and other costs ³	(155,093		)	670			(28,477		)	(182,900		)	—			(182,900		)	(164,457		)	638			(25,895		)	(189,714		)	—			(189,714		)
General and administrative	(64,051		)	2			(4,389		)	(68,438		)	17,854			(50,584		)	(49,237		)	—			(991		)	(50,228		)	—			(50,228		)
EBITDA	$	1,655,241		$	(17,740	)	$	395,933		$	2,033,434		$	54,478		$	2,087,912		$	1,590,137		$	(14,382	)	$	370,598		$	1,946,353		$	44,334		$	1,990,687
Depreciation on non-income producing assets	(11,806		)	—			—			(11,806		)	—			(11,806		)	(12,232		)	—			—			(12,232		)	—			(12,232		)
Interest and dividend income	28,613			1,546			2,155			32,314			(484		)	31,830			7,699			(1		)	533			8,231			—			8,231
Preferred unit distributions	(8,965		)	—			—			(8,965		)	—			(8,965		)	(9,287		)	—			—			(9,287		)	—			(9,287		)
Preferred stock dividends	(15,936		)	—			—			(15,936		)	—			(15,936		)	(14,078		)	—			—			(14,078		)	—			(14,078		)
Interest expense:
Default interest	—			—			—			—			—			—			(1,306		)	—			—			(1,306		)	1,306			—
Mark-to-market adjustments on debt	(3,014		)	(391		)	1,512			(1,893		)	1,893			—			(9,329		)	(373		)	(583		)	(10,285		)	10,285			—
Write-off of mark-to-market adjustments on extinguished debt	(9,831		)	—			—			(9,831		)	9,831			—			6,801			—			(3,513		)	3,288			(3,288		)	—
Interest on existing debt	(686,440		)	5,982			(152,794		)	(833,252		)	—			(833,252		)	(719,318		)	4,478			(138,545		)	(853,385		)	—			(853,385		)
Loss on foreign currency	(18,048		)	—			—			(18,048		)	18,048			—			(7,312		)	—			—			(7,312		)	7,312			—
Warrant liability adjustment	—			—			—			—			—			—			(40,546		)	—			—			(40,546		)	40,546			—
Loss on extinguishment of debt ⁴	—			—			—			—			—			—			(36,479		)	—			—			(36,479		)	36,479			—
(Provision for) benefit from income taxes	(7,253		)	74			(633		)	(7,812		)	(4,961		)	(12,773		)	(345		)	72			(202		)	(475		)	(2,892		)	(3,367		)
FFO from discontinued operations ⁵	161,126			—			865			161,991			(143,350		)	18,641			43,658			—			14,707			58,365			(16,701		)	41,664
	1,083,687			(10,529		)	247,038			1,320,196			(64,545		)	1,255,651			798,063			(10,206		)	242,995			1,030,852			117,381			1,148,233
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	236,509			10,529			(247,038		)	—			—			—			232,789			10,206			(242,995		)	—			—			—
FFO⁶	$	1,320,196		$	—		$	—		$	1,320,196		$	(64,545	)	$	1,255,651		$	1,030,852		$	—		$	—		$	1,030,852		$	117,381		$	1,148,233

Company FFO per diluted share																$	1.32																	$	1.16


1.	Adjustments primarily relate to the following: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, amounts resulting from Urban litigation settlement, loss on foreign currency and the related benefit from income taxes, and other non-comparable items.


2.	Adjustments include amounts for straight-line rent of ($57,339) and ($60,925) and above/below market lease amortization of $82,843 and $88,839 for the twelve months ended December 31, 2014 and 2013, respectively.


3.	Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.


4.	For the twelve months ended December 31, 2013, adjustments include $24.0 million in prepayment fees to retire unsecured notes, a $5.8 million prepayment penalty on a secured mortgage note and $6.6 million in fees related to the refinancing of the secured corporate loan.


5.	Company FFO includes FFO from discontinued operations. Adjustments include gains on extinguishment of debt of $66,680 and $25,894 for the twelve months ended December 31, 2014 and 2013, respectively and gain on extinguishment of liability of $77,215 for the twelve months ended December 31, 2014.


6.	Proportionate FFO reflects FFO as defined by NAREIT.



PROPORTIONATE FINANCIAL STATEMENTS Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands)



	Three Months Ended						Twelve Months Ended
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013

Reconciliation of Company NOI to GAAP Operating Income
Company NOI	$	608,432		$	594,919		$	2,250,509		$	2,161,837
Adjustments for minimum rents, real estate taxes and other property operating costs ¹	(5,920		)	(8,624		)	(36,624		)	(44,334		)
Proportionate NOI	602,512			586,295			2,213,885			2,117,503
Unconsolidated Properties	(120,205		)	(110,710		)	(428,799		)	(397,484		)
Consolidated Properties	482,307			475,585			1,785,086			1,720,019
Management fees and other corporate revenues	19,128			18,218			70,887			68,792
Property management and other costs	(35,702		)	(41,378		)	(155,093		)	(164,457		)
General and administrative	(11,441		)	(14,658		)	(64,051		)	(49,237		)
Provisions for impairment	(5,278		)	—			(5,278		)	—
Depreciation and amortization	(179,478		)	(188,860		)	(708,406		)	(749,722		)
Loss on sales of investment properties	—			—			(44		)	—
Noncontrolling interest in operating income of Consolidated Properties and other	4,791			3,937			18,412			15,021
Operating income	$	274,327		$	252,844		$	941,513		$	840,416

Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP
Company EBITDA	$	572,296		$	550,011		$	2,087,912		$	1,990,687
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative ¹	(5,920		)	(8,624		)	(54,478		)	(44,334		)
Proportionate EBITDA	566,376			541,387			2,033,434			1,946,353
Unconsolidated Properties	(111,904		)	(103,448		)	(395,933		)	(370,598		)
Consolidated Properties	454,472			437,939			1,637,501			1,575,755
Depreciation and amortization	(179,478		)	(188,860		)	(708,406		)	(749,722		)
Noncontrolling interest in NOI of Consolidated Properties and other	4,791			3,937			18,412			15,021
Interest income	8,812			6,423			28,613			7,699
Interest expense	(171,012		)	(173,595		)	(699,285		)	(723,152		)
Loss on foreign currency	(11,031		)	(7,312		)	(18,048		)	(7,312		)
Warrant liability adjustment	—			—			—			(40,546		)
(Provision for) benefit from income taxes	(4,417		)	891			(7,253		)	(345		)
Provision for impairment excluded from FFO	(5,278		)	—			(5,278		)	—
Equity in income of Unconsolidated Real Estate Affiliates	27,410			26,943			61,278			68,756
Discontinued operations	78,236			(25,033		)	281,883			(11,622		)
Gains from changes in control of investment properties	91,193			—			91,193			219,784
Loss on extinguishment of debt	—			—			—			(36,479		)
Loss on sales of investment properties	—			—			(44		)	—
Allocation to noncontrolling interests	(4,216		)	(4,136		)	(14,716		)	(15,309		)
Net income attributable to GGP	$	289,482		$	77,197		$	665,850		$	302,528

1.Refer to Pages 5-6 (Company NOI, EBITDA and FFO).



PROPORTIONATE FINANCIAL STATEMENTS Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands)



	Three Months Ended						Twelve Months Ended
	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013

Reconciliation of Company FFO to GAAP Net Income Attributable to GGP
Company FFO	$	357,427		$	345,665		$	1,255,651		$	1,148,233
Adjustments for minimum rents, property operating expenses, market rate adjustments, debt extinguishment, income taxes and FFO from discontinued operations¹	62,431			(19,724		)	64,545			(117,381		)
Proportionate FFO	419,858			325,941			1,320,196			1,030,852
Depreciation and amortization of capitalized real estate costs	(229,982		)	(232,408		)	(893,418		)	(915,282		)
Gain from change in control of investment properties	91,193			—			91,193			219,784
Preferred stock dividends	3,984			3,984			15,936			14,078
Gains (losses) on sales of investment properties	10,368			9,216			141,687			9,026
Noncontrolling interests in depreciation of Consolidated Properties	2,246			1,788			8,731			7,151
Provision for impairment excluded from FFO	(5,278		)	—			(5,278		)	—
Provision for impairment excluded from FFO of discontinued operations	—			(25,961		)	—			(30,935		)
Redeemable noncontrolling interests	(1,179		)	(726		)	(3,228		)	(2,289		)
Depreciation and amortization of discontinued operations	(1,728		)	(4,637		)	(9,969		)	(29,857		)
Net income attributable to GGP	$	289,482		$	77,197		$	665,850		$	302,528

Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	120,205		$	110,710		$	428,799		$	397,484
Net property management fees and costs	(7,800		)	(7,020		)	(28,477		)	(25,895		)
General and administrative and provisions for impairment	(501		)	(242		)	(4,389		)	(991		)
EBITDA	111,904			103,448			395,933			370,598
Net interest expense	(40,667		)	(39,157		)	(149,127		)	(142,108		)
Provision for income taxes	(339		)	8			(633		)	(202		)
FFO of discontinued Unconsolidated Properties	127			257			865			14,707
FFO of Unconsolidated Properties	71,025			64,556			247,038			242,995
Depreciation and amortization of capitalized real estate costs	(53,334		)	(46,817		)	(197,129		)	(184,115		)
Other, including gain on sales of investment properties	9,719			9,204			11,369			9,876
Equity in income of Unconsolidated Real Estate Affiliates	$	27,410		$	26,943		$	61,278		$	68,756

1.Refer to Page 5-6 (Company NOI, EBITDA and FFO).

DEBT



Debt SUMMARY, AT SHARE As of December 31, 2014 (In thousands)



					Maturities
	Coupon Rate	Proportionate Balance		Average Remaining Term (Years)	2015		2016		2017		2018		2019		Subsequent		Total
Fixed Rate
Property Level Consolidated	4.52%	$	13,466,048	7.0	$	360,301	$	522,404	$	701,824	$	118,892	$	493,457	$	10,107,361	$	12,304,239
Property Level Unconsolidated	4.37%	3,463,130		6.7	120,409		2,944		172,773		186,862		607,145		2,138,735		3,228,868
Corporate Consolidated	4.41%	6,735		0.9	573		—		—		—		—		—		573
Total Fixed Rate	4.49%	$	16,935,913	6.9	$	481,283	$	525,348	$	874,597	$	305,754	$	1,100,602	$	12,246,096	$	15,533,680

Variable Rate
Property Level Consolidated¹	2.00%	$	2,291,352	3.7	$	—	$	—	$	—	$	1,571,973	$	691,407	$	—	$	2,263,380
Property Level Unconsolidated	3.22%	477,160		3.9	—		44,582		110,500		16,250		178,328		127,500		477,160
Junior Subordinated Notes Due 2036	1.68%	206,200		21.3	—		—		—		—		—		206,200		206,200
Total Variable Rate	2.18%	$	2,974,712	5.0	$	—	$	44,582	$	110,500	$	1,588,223	$	869,735	$	333,700	$	2,946,740

Total	4.14%	$	19,910,625	6.6	$	481,283	$	569,930	$	985,097	$	1,893,977	$	1,970,337	$	12,579,796	$	18,480,420

		Total Amortization			$	169,445	$	192,220	$	184,411	$	171,000	$	169,430	$	543,699	$	1,430,205

									Total Maturities and Amortization ^{2, 3}								$	19,910,625

1. Properties provide mortgage collateral as guarantors. The $1.4 billion corporate loan is cross collateralized.

2. Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:



Total Mortgages, Notes, and Other Payables, from above	$	19,910,625
Market rate adjustments, net	20,784
Junior Subordinated Notes Due 2036	(206,200		)
Corporate Revolver	100,000
Other	(14,399		)
Total	$	19,810,810

3. Reflects maturities and amortization for periods subsequent to December 31, 2014.



DEBT Maturity Schedule¹

1. Net present value of debt is $11.1 billion at 8% discount rate.

2. Maturities in 2022 include $1.4 billion for Ala Moana (presented with separate color).



DEBT DETAIL, AT SHARE¹ As of December 31, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 12/31/2014 ³	2015			2016		2017		2018		2019		Subsequent
Fixed Rate

Consolidated Property Level
Boise Towne Plaza	100%	$	8,965	2015	$	8,765	4.70%	No	$	200		$	—	$	—	$	—	$	—	$	—
Paramus Park	100%	92,095		2015	90,242		4.86%	No	1,853			—		—		—		—		—
Peachtree Mall	100%	78,226		2015	77,085		5.08%	No	1,141			—		—		—		—		—
Quail Springs Mall	100%	67,517		2015	66,864		6.74%	No	653			—		—		—		—		—
The Shops at La Cantera	75%	118,345		2015	117,345		5.95%	No	1,000			—		—		—		—		—
Brass Mill Center	100%	99,814		2016	93,347		4.55%	No	4,885			1,582		—		—		—		—
Glenbrook Square	100%	154,352		2016	141,325		4.91%	No	5,511			7,516		—		—		—		—
Lakeside Mall	100%	154,011		2016	144,451		4.28%	No	6,155			3,405		—		—		—		—
Ridgedale Center	100%	154,646		2016	143,281		4.86%	No	5,649			5,716		—		—		—		—
Apache Mall	100%	96,151		2017	91,402		4.32%	No	1,776			1,843		1,130		—		—		—
Beachwood Place	100%	213,432		2017	190,177		5.60%	No	6,655			9,274		7,326		—		—		—
Eastridge (CA)	100%	142,933		2017	127,418		5.79%	Yes - Partial	4,617			6,398		4,500		—		—		—
Four Seasons Town Centre	100%	82,915		2017	72,532		5.60%	No	3,722			4,940		1,721		—		—		—
Mall of Louisiana	100%	211,522		2017	191,409		5.82%	No	5,647			8,074		6,392		—		—		—
Provo Towne Center ⁴	75%	30,246		2017	28,886		4.53%	No	545			566		249		—		—		—
Hulen Mall	100%	127,529		2018	118,702		4.25%	No	2,220			2,304		2,421		1,882		—		—
The Gallery at Harborplace - Other	100%	7,210		2018	190		6.05%	No	1,906			2,026		2,152		936		—		—
Coronado Center	100%	197,534		2019	180,278		3.50%	No	3,830			3,948		4,110		4,258		1,110		—
Governor's Square	100%	70,506		2019	66,488		6.69%	No	907			969		1,035		1,107		—		—
Oak View Mall	100%	78,966		2019	74,467		6.69%	No	1,014			1,085		1,160		1,240		—		—
Park City Center	100%	187,362		2019	172,224		5.34%	No	3,120			3,264		3,473		3,666		1,615		—
Fashion Place	100%	226,730		2020	226,730		3.64%	No	—			—		—		—		—		—
Mall St. Matthews	100%	186,662		2020	170,305		2.72%	No	—			1,985		4,067		4,181		4,297		1,827
Newgate Mall	100%	58,000		2020	58,000		3.69%	No	—			—		—		—		—		—
The Mall In Columbia	100%	350,000		2020	316,928		3.95%	No	1,532			6,279		6,531		6,794		7,067		4,869
Town East Mall	100%	160,270		2020	160,270		3.57%	No	—			—		—		—		—		—
Tucson Mall	100%	246,000		2020	246,000		4.01%	No	—			—		—		—		—		—
Tysons Galleria	100%	318,100		2020	282,081		4.06%	No	5,774			5,979		6,266		6,528		6,802		4,670
Visalia Mall	100%	74,000		2020	74,000		3.71%	No	—			—		—		—		—		—
Deerbrook Mall	100%	145,934		2021	127,934		5.25%	No	2,497			2,612		2,776		2,928		3,087		4,100
Fashion Show - Other	100%	4,570		2021	1,577		6.06%	Yes - Full	364			386		411		437		465		930
Fox River Mall	100%	178,063		2021	156,373		5.46%	No	2,899			3,038		3,238		3,422		3,616		5,477
Northridge Fashion Center	100%	237,466		2021	207,503		5.10%	No	4,175			4,362		4,627		4,871		5,129		6,799
Oxmoor Center	94%	85,318		2021	74,781		5.37%	No	1,412			1,479		1,574		1,662		1,755		2,655
Park Place	100%	189,665		2021	165,815		5.18%	No	3,266			3,414		3,626		3,821		4,026		5,697
Providence Place	94%	342,702		2021	302,577		5.65%	No	5,424			5,687		6,077		6,434		6,813		9,690
Rivertown Crossings	100%	160,861		2021	141,356		5.52%	No	2,604			2,728		2,910		3,077		3,254		4,932
Westlake Center - Land	100%	2,437		2021	2,437		12.90%	Yes - Full	—			—		—		—		—		—
White Marsh Mall	100%	190,000		2021	190,000		3.66%	No	—			—		—		—		—		—
Ala Moana Center	100%	1,400,000		2022	1,400,000		4.23%	No	—			—		—		—		—		—
Bellis Fair	100%	89,778		2022	77,060		5.23%	No	1,523			1,594		1,694		1,786		1,883		4,238
Coastland Center	100%	125,063		2022	102,621		3.76%	No	2,510			2,594		2,707		2,812		2,922		8,897
Coral Ridge Mall	100%	110,155		2022	98,394		5.71%	No	349			1,448		1,533		1,623		1,718		5,090
Greenwood Mall	100%	63,000		2022	57,469		4.19%	No	(1		)	—		420		1,054		1,100		2,958
North Star Mall	100%	325,946		2022	270,113		3.93%	No	6,439			6,666		6,973		7,256		7,551		20,948
Rogue Valley Mall	100%	55,000		2022	48,245		4.5%	No	138			852		899		941		984		2,941
Spokane Valley Mall ⁴	75%	45,410		2022	38,484		4.65%	No	799			833		879		921		965		2,529
The Gallery at Harborplace	100%	79,055		2022	68,096		5.24%	No	1,258			1,315		1,398		1,474		1,555		3,959



DEBT DETAIL, AT SHARE¹ As of December 31, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 12/31/2014 ³	2015		2016		2017		2018		2019		Subsequent

The Oaks Mall	100%	134,253		2022	112,842		4.55%	No	2,359		2,451		2,584		2,706		2,833		8,478
The Shoppes at Buckland Hills	100%	124,961		2022	107,820		5.19%	No	2,030		2,121		2,253		2,375		2,503		5,859
The Streets at Southpoint	94%	243,094		2022	207,909		4.36%	No	4,161		4,348		4,542		4,744		4,955		12,435
Westroads Mall	100%	151,638		2022	127,455		4.55%	No	2,663		2,769		2,919		3,056		3,200		9,576
Augusta Mall	100%	170,000		2023	170,000		4.36%	No	—		—		—		—		—		—
Boise Towne Square	100%	132,841		2023	106,372		4.79%	No	2,496		2,618		2,746		2,880		3,021		12,708
Crossroads Center (MN)	100%	103,785		2023	83,026		3.25%	No	2,227		2,293		2,379		2,459		2,541		8,860
Cumberland Mall	100%	160,000		2023	160,000		3.67%	No	—		—		—		—		—		—
Meadows Mall	100%	159,032		2023	118,726		3.96%	No	4,064		4,212		4,402		4,582		4,770		18,276
Oglethorpe Mall	100%	150,000		2023	136,166		3.90%	No	—		—		—		1,058		2,648		10,128
Pecanland Mall	100%	90,000		2023	75,750		3.88%	No	1,159		1,607		1,682		1,749		1,819		6,234
Prince Kuhio Plaza	100%	43,930		2023	35,974		4.10%	No	798		827		867		903		942		3,619
Staten Island Mall	100%	258,187		2023	206,942		4.77%	No	4,893		5,131		5,381		5,643		5,918		24,279
Stonestown Galleria	100%	180,000		2023	164,720		4.39%	No	—		—		—		462		2,871		11,947
The Crossroads (MI)	100%	98,427		2023	80,833		4.42%	No	1,645		1,708		1,799		1,881		1,967		8,594
The Woodlands	100%	255,242		2023	207,057		5.04%	No	4,717		4,959		5,215		5,484		5,767		22,043
Baybrook Mall	100%	250,000		2024	212,423		5.52%	No	821		3,402		3,595		3,798		4,013		21,948
Fashion Show	100%	835,000		2024	835,000		4.03%	No	—		—		—		—		—		—
Jordan Creek Town Center	100%	216,782		2024	177,448		4.37%	No	3,644		3,783		3,980		4,160		4,348		19,419
The Maine Mall	100%	235,000		2024	235,000		4.66%	No	—		—		—		—		—		—
The Parks At Arlington	100%	250,000		2024	212,687		5.57%	No	814		3,371		3,564		3,767		3,983		21,814
Woodbridge Center	100%	250,000		2024	220,726		4.80%	No	—		—		2,395		3,777		3,964		19,138
Pembroke Lakes Mall	100%	260,000		2025	260,000		3.56%	No	—		—		—		—		—		—
Valley Plaza Mall	100%	240,000		2025	206,847		3.75%	No	—		—		—		3,168		4,410		25,575
Willowbrook Mall	100%	360,000		2025	360,000		3.55%	No	—		—		—		—		—		—
North Point Mall	100%	250,000		2026	218,205		4.54%	No	—		—		—		—		984		30,811
Providence Place - Other	94%	37,165		2028	2,247		7.75%	No	2,394		1,757		1,897		1,825		1,740		25,305
Provo Towne Center Land	75%	2,249		2095	37		10.00%	Yes - Full	—		—		—		—		—		2,212
Consolidated Property Level		$	13,466,048		$	12,304,239	4.52%		$	146,853	$	163,518	$	146,475	$	135,588	$	136,911	$	432,464

Unconsolidated Property Level
Alderwood	50%	$	121,717	2015	$	120,409	6.65%	No	$	1,308	$	—	$	—	$	—	$	—	$	—
Shane Plaza	50%	3,006		2016	2,944		5.56%	No	62		—		—		—		—		—
Riverchase Galleria ⁵	50%	152,500		2017	152,500		3.86%	No	—		—		—		—		—		—
The Shops at Bravern	40%	21,298		2017	20,273		3.86%	No	444		460		121		—		—		—
Plaza Frontenac	55%	28,600		2018	28,600		3.04%	No	—		—		—		—		—		—
Saint Louis Galleria	74%	158,262		2018	158,262		3.44%	No	—		—		—		—		—		—
First Colony Mall	50%	92,256		2019	84,321		4.50%	No	1,503		1,573		1,645		1,720		1,494		—
Natick Mall	50%	225,000		2019	209,699		4.60%	No	584		3,593		3,762		3,939		3,423		—
The Grand Canal Shoppes	50%	313,125		2019	313,125		4.24%	No	—		—		—		—		—		—
Christiana Mall	50%	117,495		2020	108,697		5.10%	No	402		1,622		1,725		1,816		1,913		1,320
Kenwood Towne Centre	70%	155,198		2020	137,191		5.37%	No	2,659		2,784		2,964		3,131		3,306		3,163
Oakbrook Center	48%	202,725		2020	202,725		3.66%	No	—		—		—		—		—		—
Water Tower Place	47%	182,353		2020	171,026		4.36%	No	1,752		1,837		1,928		2,024		2,124		1,662
Northbrook Court	50%	65,410		2021	56,811		4.25%	No	1,108		1,156		1,206		1,259		1,313		2,557
Village of Merrick Park	55%	96,900		2021	85,797		5.73%	No	1,520		1,595		1,706		1,808		1,916		2,558
Whaler's Village	50%	40,000		2021	40,000		5.42%	No	—		—		—		—		—		—
Willowbrook Mall (TX)	50%	101,740		2021	88,965		5.13%	No	1,779		1,858		1,972		2,077		2,188		2,901
Bridgewater Commons	35%	105,000		2022	105,000		3.34%	No	—		—		—		—		—		—
Clackamas Town Center	50%	108,000		2022	108,000		4.18%	No	—		—		—		—		—		—



DEBT DETAIL, AT SHARE¹ As of December 31, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 12/31/2014 ³	2015		2016		2017		2018		2019		Subsequent
Florence Mall	50%	45,000		2022	45,000		4.15%	No	—		—		—		—		—		—
Carolina Place	50%	87,500		2023	75,542		3.84%	No	—		757		1,567		1,630		1,694		6,310
Galleria at Tyler	50%	95,245		2023	76,716		5.05%	No	1,709		1,796		1,889		1,987		2,089		9,059
Lake Mead and Buffalo	50%	2,069		2023	27		7.20%	No	181		194		209		224		241		993
Park Meadows	35%	126,000		2023	112,734		4.60%	No	—		—		—		1,997		2,090		9,179
The Shoppes at River Crossing	50%	38,675		2023	35,026		3.75%	No	—		—		—		511		710		2,428
The Trails Village Center	50%	5,795		2023	78		8.21%	No	485		527		571		620		673		2,841
Union Square Portfolio	50%	25,000		2023	25,000		5.12%	No	—		—		—		—		—		—
Stonebriar Centre	50%	140,000		2024	120,886		4.05%	No	—		—		805		2,477		2,579		13,253
Pinnacle Hills Promenade	50%	61,000		2025	48,805		4.13%	No	934		1,048		1,099		1,146		1,195		6,773
Altamonte Mall	50%	80,000		2025	69,045		3.72%	No	—		—		—		1,062		1,478		8,415
Towson Town Center	35%	113,761		2025	97,713		3.82%	No	—		—		—		681		2,093		13,274
Glendale Galleria	50%	215,000		2026	190,451		4.06%	No	—		—		—		—		—		24,549
Perimeter Mall	50%	137,500		2,026	137,500		3.96%	No	—		—		—		—		—		—
Unconsolidated Property Level		$	3,463,130		$	3,228,868	4.37%		$	16,430	$	20,800	$	23,169	$	30,109	$	32,519	$	111,235

Total Fixed - Property Level		$	16,929,178		$	15,533,107	4.49%		$	163,283	$	184,318	$	169,644	$	165,697	$	169,430	$	543,699

Consolidated Corporate
Arizona Two (HHC)	100%	$	6,735	2015	$	573	4.41%	Yes - Full	$	6,162	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate		$	6,735		$	573	4.41%		$	6,162	$	—	$	—	$	—	$	—	$	—

Total Fixed Rate Debt		$	16,935,913		$	15,533,680	4.49%		$	169,445	$	184,318	$	169,644	$	165,697	$	169,430	$	543,699

Variable Rate

Consolidated Property Level
Columbia Mall	100%	$	100,000	2018	$	100,000	Libor + 175 bps	Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Columbiana Centre⁶	100%	130,816		2018	128,177		Libor + 175 bps	Yes - Full	—		746		1,393		500		—		—
Eastridge (WY) ⁶	100%	48,228		2018	47,255		Libor + 175 bps	Yes - Full	—		275		514		184		—		—
Grand Teton Mall ⁶	100%	48,859		2018	47,873		Libor + 175 bps	Yes - Full	—		279		520		187		—		—
Market Place Shopping Center	100%	113,425		2018	113,425		Libor + 240 bps	No	—		—		—		—		—		—
Mayfair⁶	100%	347,813		2018	340,796		Libor + 175 bps	Yes - Full	—		1,983		3,704		1,330		—		—
Mondawmin Mall ⁶	100%	81,011		2018	79,377		Libor + 175 bps	Yes - Full	—		461		863		310		—		—
North Town Mall ⁶	100%	89,207		2018	87,407		Libor + 175 bps	Yes - Full	—		509		950		341		—		—
Oakwood ⁶	100%	76,913		2018	75,362		Libor + 175 bps	Yes - Full	—		438		819		294		—		—
Oakwood Center⁶	100%	91,413		2018	89,569		Libor + 175 bps	Yes - Full	—		520		974		350		—		—
Pioneer Place ⁶	100%	188,185		2018	184,389		Libor + 175 bps	Yes - Full	—		1,072		2,004		720		—		—
Red Cliffs Mall ⁶	100%	30,261		2018	29,650		Libor + 175 bps	Yes - Full	—		173		322		116		—		—
River Hills Mall⁶	100%	76,283		2018	74,744		Libor + 175 bps	Yes - Full	—		435		812		292		—		—
Sooner Mall ⁶	100%	78,931		2018	77,338		Libor + 175 bps	Yes - Full	—		450		841		302		—		—
Southwest Plaza⁶	100%	73,383		2018	71,902		Libor + 175 bps	Yes - Full	—		418		782		281		—		—
The Shops at Fallen Timbers ⁶	100%	25,217		2018	24,709		Libor + 175 bps	Yes - Full	—		143		269		96		—		—
200 Lafayette	100%	100,000		2019	100,000		Libor + 250 bps	No	—		—		—		—		—		—
830 North Michigan	100%	85,000		2019	85,000		Libor + 160 bps	No	—		—		—		—		—		—
Ala Moana Construction Loan⁷	100%	228,907		2019	228,907		Libor + 190 bps	Yes - Partial	—		—		—		—		—		—
Lynnhaven Mall	100%	235,000		2019	235,000		Libor + 185 bps	No	—		—		—		—		—		—
Westlake Center	100%	42,500		2019	42,500		Libor + 230 bps	No	—		—		—		—		—		—
Consolidated Property Level		$	2,291,352		$	2,263,380	2.00%		$	—	$	7,902	$	14,767	$	5,303	$	—	$	—



DEBT DETAIL, AT SHARE¹ As of December 31, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 12/31/2014 ³	2015		2016		2017		2018		2019		Subsequent
Unconsolidated Property Level
Miami Design District ⁸	13%	$	44,582	2016	$	44,582	Libor + 487 bps	No	$	—	$	—	$	—	$	—	$	—	$	—
530 Fifth Avenue Mezz Note	50%	15,500		2017	15,500		Libor + 788 bps	No	—		—		—		—		—		—
530 Fifth Avenue	50%	95,000		2017	95,000		Libor + 325 bps	No	—		—		—		—		—		—
Union Square Portfolio	50%	16,250		2018	16,250		Libor + 400 bps	No	—		—		—		—		—		—
522 Fifth Avenue	10%	8,328		2019	8,328		Libor + 200 bps	No	—		—		—		—		—		—
685 Fifth Avenue	50%	170,000		2019	170,000		Libor + 275 bps	No	—		—		—		—		—		—
Bayside Marketplace	51%	127,500		2020	127,500		Libor + 205 bps	No	—		—		—		—		—		—
Unconsolidated Property Level		$	477,160		$	477,160	3.22%		$	—	$	—	$	—	$	—	$	—	$	—


Consolidated Corporate
Junior Subordinated Notes Due 2036	100%	$	206,200	2036	$	206,200	Libor + 145 bps	Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate		$	206,200		$	206,200	1.68%		$	—	$	—	$	—	$	—	$	—	$	—

Total Variable Rate Debt		$	2,974,712		$	2,946,740	2.18%		$	—	$	7,902	$	14,767	$	5,303	$	—	$	—

Total^{9, 10}		$	19,910,625		$	18,480,420	4.14%		$	169,445	$	192,220	$	184,411	$	171,000	$	169,430	$	543,699


1.	Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.


2.	Assumes that all maturity extensions are exercised.


3.	Total recourse to GGP or its subsidiaries of approximately $1.9 billion, excluding the corporate revolver.


4.	Loan is cross-collateralized with other properties.


5.	$45.0 million B-note is subordinate to return of GGP's additional contributed equity.


6.	Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized.


7.	Reflects the amount drawn as of December 31, 2014 on the $450.0 construction loan.


8.	Investment is considered cost method for reporting purposes and is reflected in prepaid and other assets in our proportionate balance sheet.


9.	Excludes the $1.0 billion corporate revolver. As of December 31, 2014 the corporate revolver was undrawn.


10.	Reflects amortization for the period subsequent to December 31, 2014.

Asset Transactions



ASSET TRANSACTIONS Summary of Transactions For the Twelve Months Ended December 31, 2014 (In thousands, except GLA)



Closing Date	Property Name	Property Location	GGP Ownership %	Total GLA	Gross Proceeds at Share		Debt at Share		Net Proceeds at Share ¹
							($ in thousands)
Dispositions
February 2014	Regency Square Mall	Jacksonville, FL	100.0%	539,636	$	13,000	$	78,964	$	—
June 2014	Fallbrook Center	West Hills (Los Angeles), CA	100.0%	875,642	210,000		100,870		102,900
September 2014	Lincolnshire Commons	Lincolnshire (Chicago), IL	100.0%	118,562	40,300		26,100		13,200
September 2014	Stonestown Medical Office Building	San Francisco, CA	100.0%	54,059	28,300		—		27,100
December 2014	Center Point Plaza	Las Vegas, NV	50.0%	144,691	21,300		5,962		15,400
December 2014	Columbia Office Portfolio (6 properties) ³	Columbia, MD	100.0%	716,854	130,000		—		—

	Total			2,449,444	$	442,900	$	211,896	$	158,600

Joint Venture Interest
December 2014	Bayside Marketplace	Miami, FL	Sold 49%, Retained 51%	217,523	$	196,000	$	122,500	$	71,900

	Total			217,523	$	196,000	$	122,500	$	71,900



Closing Date	Property Name	Property Location	GGP Ownership %	Total GLA ²	Gross Purchase Price at Share		Debt at Share		Net Equity at Share ¹
							($ in thousands)
Acquisitions
June 2014	685 Fifth Avenue	New York, NY	50.0%	140,051	$	260,700	$	170,000	$	106,600
September 2014	522 Fifth Avenue	New York, NY	10.0%	26,500	16,500		8,330		8,300
September 2014	The Shops at the Bravern	Bellevue, WA	40.0%	309,000	88,000		21,400		66,600
September 2014	Miami Design District ⁴	Miami, FL	12.5%	785,000	175,000		—		175,000
October 2014	530 Fifth Avenue	New York, NY	50.0%	58,000	150,000		110,500		49,000

	Total			1,318,551	$	690,200	$	310,230	$	405,500


1.	Includes closing costs.


2.	Represents total GLA at the property, including development spaces.


3.	Columbia office properties transferred to Howard Hughes Corporation as part of the Company's extinguishment of its tax indemnification liability.


4.	Investment is considered cost method for reporting purposes. The $175.0 million is net of $44.6 million of existing debt at share at the property level and is reflected in prepaid and other assets in our proportionate balance sheet.



ASSET TRANSACTIONS Discontinued Operations




2014 Dispositions	Month of Disposition
Stand Alone Strip Centers, Office & Other Retail
Center Point Plaza		December 2014
Columbia Office Portfolio		December 2014
Lincolnshire Commons		September 2014
Stonestown Medical Office Building		September 2014
Fallbrook Center		June 2014
Regency Square Mall		February 2014

2013 Dispositions
Retail Properties
Pine Ridge Mall		December 2013
Burlington Town Center		December 2013
Eden Prairie Center		October 2013
Mall of the Bluffs		February 2013

International Properties
Aliansce Shopping Centers S.A. (Brazil)		September 2013

Stand Alone Strip Centers & Other Retail
Senate Plaza		December 2013
Plaza 800		May 2013
Southlake Mall		February 2013

Portfolio Operating Metrics



PORTFOLIO OPERATING METRICS Key Operating Performance Indicators As of and for the Twelve Months Ended December 31, 2014 (GLA in thousands)



GLA Summary (in thousands) ^{1, 2}
	Number of Properties	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Total Retail Property	Strip Center GLA	Office GLA	Total GLA	Total GLA at Share ³	% Leased
Consolidated Retail Properties	87	38,006	13,087	36,008	87,101	1,113	1,444	89,658	53,072	97.2	%
Unconsolidated Retail Properties	32	15,651	3,200	14,597	33,448	630	918	34,996	9,979	97.4	%
Same Store Retail Properties	119	53,657	16,287	50,605	120,549	1,743	2,362	124,654	63,051	97.2	%
Non-Same Store Retail Properties	9	1,412	218	542	2,172	—	349	2,521	1,190
Total Retail Properties	128	55,069	16,505	51,147	122,721	1,743	2,711	127,175	64,241

Non-Same Store Office, Strip, Urban & Other Retail	5	752	340	307	1,399	270	—	1,669	656	69.5	%
Total Real Estate	133	55,821	16,845	51,454	124,120	2,013	2,711	128,844	64,897	96.2	%



Same Store Operating Metrics

					In-Place Rent				Tenant Sales⁴
December 31, 2014 ¹	% Leased		% Occupied		<10K SF		All Less Anchors		<10K SF		All Less Anchors		Occupancy Cost
Consolidated Retail Properties	97.2	%	96.6	%	$	67.41	$	55.35	$	507	$	13,059	14.3	%
Unconsolidated Retail Properties	97.4	%	96.9	%	80.31		66.74		722		7,459		11.8	%
Same Store Retail Properties	97.2	%	96.7	%	$	71.24	$	58.79	$	570	$	20,518	13.4	%

					In-Place Rent				Tenant Sales⁴
December 31, 2013	% Leased		% Occupied		<10K SF		All Less Anchors		<10K SF		All Less Anchors		Occupancy Cost

Consolidated Retail Properties	96.9	%	96.4	%	$	67.61	$	54.13	$	520	$	13,032	13.4	%
Unconsolidated Retail Properties	97.6	%	96.4	%	80.42		66.75		677		6,925		12.2	%
Same Store Retail Properties	97.1	%	96.4	%	$	71.29	$	57.75	$	564	$	19,957	13.0	%


1.	Same Store metrics exclude one asset that is being de-leased for redevelopment.


2.	See Property Schedule on pages 20-26 for individual property details.


3.	Total GLA at Share includes assets at GGP ownership percentages and excludes tenant owned area.


4.	In 2013, In-Place Rent included base minimum rents, common area costs, and real estate taxes. Adjusting to the current method (see page 33), the <10K SF of $71.29 becomes $70.14, and the All Less Anchors of $57.75 becomes $57.42.


5.	Tenant Sales <10K SF is presented as Sales per square foot in dollars, and Tenant Sales All Less Anchors is presented as total sales volume in millions of dollars.



PORTFOLIO OPERATING METRICS Signed Leases All Less Anchors As of December 31, 2014



	All Leases - Lease Spread ¹

	Commencement 2014
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF

New and Renewal Leases	2,189	7,578,928	7.1	$	55.40	$	61.03
Percent in Lieu/Gross	418	1,755,352	5.0	N/A		N/A
Total Leases	2,607	9,334,280	6.7	$	55.40	$	61.03

	Commencement 2015
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF
New and Renewal Leases	1,395	5,277,778	7.4	$	61.62	$	68.65
Percent in Lieu/Gross	127	967,099	6.5	N/A		N/A
Total Leases	1,522	6,244,877	7.2	$	61.62	$	68.65



	SUITE TO SUITE - Lease Spread²

	New and Renewal Leases ³
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread				Average Rent Spread
Commencement 2014	1,668	4,822,093	6.7	$	62.26	$	69.19	$	52.63	$	9.63	18.3	%	$	16.56	31.5	%
Commencement 2015	477	1,562,471	6.4	$	67.87	$	74.97	$	61.28	$	6.59	10.8	%	$	13.69	22.3	%
Total 2014/2015	2,145	6,384,564	6.6	$	63.63	$	70.60	$	54.76	$	8.87	16.2	%	$	15.84	28.9	%

1. Represents signed leases that are scheduled to commence in the respective period.

2. Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for the prior tenant in the same suite. New suites are within 10,000 square feet of the expiring suites.

3. Represents leases where downtime between the new and previous tenant was less than 24 months.



PORTFOLIO OPERATING METRICS Lease Expiration Schedule and Top Ten Tenants



Year	Number of Expiring Leases	Expiring GLA at 100% (in thousands)	Percent of Total	Expiring Rent (in thousands)		Expiring Rent ($psf)

Specialty Leasing	1,027	2,014	3.9%	$	46,641	$	23.92
2015	2,019	6,393	12.3%	350,621		57.55
2016	1,734	5,440	10.4%	323,733		61.03
2017	1,700	5,511	10.6%	318,647		59.43
2018	1,410	5,083	9.7%	330,422		66.22
2019	1,226	5,470	10.5%	320,424		59.22
2020	747	2,949	5.7%	197,317		67.22
2021	815	3,039	5.8%	207,936		69.25
2022	853	3,445	6.6%	231,636		67.42
2023	948	3,914	7.5%	282,250		73.46
2024	880	4,219	8.1%	309,282		73.81
Subsequent	434	4,691	8.9%	206,779		45.29
Total	13,793	52,168	100.0%	$	3,125,688	$	61.19



Top Ten Largest Tenants	Primary DBA	Percent of Minimum Rents, Tenant Recoveries and Other

Limited Brands, Inc.	Victoria's Secret, Bath & Body Works, PINK	3.6%
The Gap, Inc.	Gap, Banana Republic, Old Navy	3.0%
Foot Locker, Inc.	Footlocker, Champs Sports, Footaction USA	2.8%
Forever 21, Inc.	Forever 21	2.3%
Abercrombie & Fitch Stores, Inc.	Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks	2.2%
Signet Jewelers Limited	Zales, Gordon's, Kay, Jared	1.7%
American Eagle Outfitters, Inc.	American Eagle, Aerie, Martin + Osa	1.6%
Express, Inc.	Express, Express Men	1.6%
Genesco Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.5%
LVMH	Louis Vuitton, Sephora	1.5%
Totals		21.8%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Consolidated Regional Malls
Ala Moana Center	Macy's, Neiman Marcus, Nordstrom, Bloomingdale's	100	%	Honolulu, HI	955,642	849,915	—	14,042	362,718	2,182,317	99.3	%
Apache Mall	Herberger's, JCPenney, Macy's, Scheel's	100	%	Rochester, MN	264,960	350,326	162,790	—	—	778,076	98.6	%
Augusta Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Augusta, GA	503,947	—	597,223	—	—	1,101,170	97.8	%
Baybrook Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Friendswood (Houston), TX	443,458	96,605	720,931	—	—	1,260,994	99.3	%
Beachwood Place	Dillard's, Nordstrom, Saks Fifth Avenue	100	%	Beachwood, OH	344,780	317,347	247,000	—	—	909,127	97.1	%
Bellis Fair	JCPenney, Kohl's, Macy's, Target	100	%	Bellingham (Seattle), WA	422,657	100,400	237,910	—	—	760,967	98.2	%
Boise Towne Square	Dillard's, JCPenney, Macy's, Sears, Kohl's	100	%	Boise, ID	422,466	425,556	247,714	114,687	—	1,210,423	96.2	%
Brass Mill Center	Burlington Coat Factory, JCPenney, Macy's, Sears	100	%	Waterbury, CT	444,588	218,339	319,391	197,087	—	1,179,405	97.0	%
Coastland Center	Dillard's, JCPenney, Macy's, Sears	100	%	Naples, FL	337,684	123,921	466,469	—	—	928,074	98.0	%
Columbia Mall	Dillard's, JCPenney, Sears, Target	100	%	Columbia, MO	314,628	85,972	335,088	—	—	735,688	91.5	%
Columbiana Centre	Belk, Dillard's, JCPenney	100	%	Columbia, SC	268,995	190,911	360,643	—	—	820,549	98.1	%
Coral Ridge Mall	Dillard's, JCPenney, Target, Younkers	100	%	Coralville (Iowa City), IA	521,542	98,596	442,365	—	—	1,062,503	99.4	%
Coronado Center	JCPenney, Kohl's, Macy's, Sears	100	%	Albuquerque, NM	505,866	118,272	468,375	—	—	1,092,513	99.9	%
Crossroads Center	JCPenney, Macy's, Sears, Target	100	%	St. Cloud, MN	368,291	294,167	229,275	—	—	891,733	97.4	%
Cumberland Mall	Costco, Macy's, Sears	100	%	Atlanta, GA	380,239	147,409	500,575	—	—	1,028,223	99.3	%
Deerbrook Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Humble (Houston), TX	557,387	—	653,540	—	—	1,210,927	98.3	%
Eastridge Mall WY	JCPenney, Macy's, Sears, Target	100	%	Casper, WY	275,132	213,913	75,883	—	—	564,928	95.7	%
Eastridge Mall CA	JCPenney, Macy's, Sears	100	%	San Jose, CA	558,857	246,261	426,000	—	—	1,231,118	98.8	%
Fashion Place	Dillard's, Nordstrom	100	%	Murray, UT	442,293	281,175	319,603	—	—	1,043,071	97.6	%
Fashion Show	Dillard's, Macy's, Macy's Mens, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100	%	Las Vegas, NV	709,084	371,635	761,653	—	—	1,842,372	99.0	%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Four Seasons Town Centre	Belk, Dillard's, JCPenney	100	%	Greensboro, NC	436,083	429,969	212,047	—	—	1,078,099	95.7	%
Fox River Mall	JCPenney, Macy's, Sears, Target, Younkers	100	%	Appleton, WI	596,865	30,000	564,914	—	—	1,191,779	98.4	%
Glenbrook Square	JCPenney, Macy's, Sears, Carson's	100	%	Fort Wayne, IN	448,494	555,870	221,000	—	—	1,225,364	95.9	%
Governor's Square	Dillard's, JCPenney, Macy's, Sears	100	%	Tallahassee, FL	342,865	—	691,605	—	—	1,034,470	97.4	%
Grand Teton Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Idaho Falls, ID	209,933	323,925	—	93,274	—	627,132	93.8	%
Greenwood Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Bowling Green, KY	421,383	156,096	272,957	—	—	850,436	97.7	%
Hulen Mall	Dillard's, Macy's, Sears	100	%	Ft. Worth, TX	397,885	—	596,570	—	—	994,455	94.8	%
Jordan Creek Town Center	Dillard's, Younkers	100	%	West Des Moines, IA	748,175	—	349,760	253,080	—	1,351,015	99.1	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy's, Macy's Mens & Home, Sears	100	%	Sterling Heights, MI	480,226	115,300	905,418	—	—	1,500,944	87.4	%
Lynnhaven Mall	Dillard's, JCPenney, Macy's	100	%	Virginia Beach, VA	600,301	150,434	380,958	—	—	1,131,693	98.9	%
Mall Of Louisiana	Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears	100	%	Baton Rouge, LA	623,436	—	805,630	143,634	—	1,572,700	98.7	%
Mall St. Matthews	Dillard's, Dillard's Men's & Home, JCPenney	100	%	Louisville, KY	506,136	—	514,135	—	—	1,020,271	97.9	%
Market Place Shopping Center	Bergner's, JCPenney, Macy's,	100	%	Champaign, IL	411,953	234,834	300,912	—	—	947,699	97.8	%
Mayfair	Boston Store, Macy's, Nordstrom	100	%	Wauwatosa (Milwaukee), WI	574,959	288,596	348,714	—	314,991	1,527,260	97.3	%
Meadows Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Las Vegas, NV	307,720	—	636,853	—	—	944,573	97.2	%
Mondawmin Mall		100	%	Baltimore, MD	384,726	—	—	—	65,352	450,078	99.8	%
Newgate Mall	Dillard's, Sears, Burlington Coat Factory	100	%	Ogden (Salt Lake City), UT	331,729	218,874	118,919	—	—	669,522	95.9	%
North Point Mall	Dillard's, JCPenney, Macy's, Sears, Von Maur	100	%	Alpharetta (Atlanta), GA	427,215	539,850	363,151	—	—	1,330,216	90.4	%
North Star Mall	Dillard's, JCPenney, Macy's, Saks Fifth Avenue	100	%	San Antonio, TX	550,635	173,198	522,126	—	—	1,245,959	99.7	%
Northridge Fashion Center	JCPenney, Macy's, Sears	100	%	Northridge (Los Angeles), CA	636,176	—	824,443	—	—	1,460,619	98.5	%
Northtown Mall	JCPenney, Kohl's, Macy's, Sears	100	%	Spokane, WA	395,592	276,488	242,392	—	—	914,472	91.9	%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Oak View Mall	Dillard's, JCPenney, Sears, Younkers	100	%	Omaha, NE	255,930	149,326	454,860	—	—	860,116	93.9	%
Oakwood Center	Dillard's, JCPenney, Sears	100	%	Gretna, LA	397,192	—	514,028	—	—	911,220	97.8	%
Oakwood Mall	JCPenney, Macy's, Sears, Younkers	100	%	Eau Claire, WI	403,703	116,620	298,224	—	—	818,547	96.5	%
Oglethorpe Mall	Belk, JCPenney, Macy's, Sears	100	%	Savannah, GA	406,358	220,824	315,760	—	—	942,942	97.1	%
Oxmoor Center	Macy's, Sears, Von Maur	94	%	Louisville, KY	351,584	156,000	411,210	—	—	918,794	98.4	%
Paramus Park	Macy's, Sears	100	%	Paramus, NJ	306,593	—	459,057	—	—	765,650	96.6	%
Park City Center	The Bon Ton, Boscov's, JCPenney, Kohl's, Sears	100	%	Lancaster (Philadelphia), PA	541,430	514,917	384,980	—	3,268	1,444,595	96.0	%
Park Place	Dillard's, Macy's, Sears	100	%	Tucson, AZ	469,587	—	581,457	—	—	1,051,044	98.3	%
Peachtree Mall	Dillard's, JCPenney, Macy's	100	%	Columbus, GA	290,633	221,539	201,076	—	12,600	725,848	94.8	%
Pecanland Mall	Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears	100	%	Monroe, LA	349,205	19,962	595,474	—	—	964,641	97.6	%
Pembroke Lakes Mall	Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears	100	%	Pembroke Pines (Fort Lauderdale), FL	353,425	395,219	386,056	—	—	1,134,700	99.9	%
Pioneer Place		100	%	Portland, OR	348,235	—	—	—	287,625	635,860	90.3	%
Prince Kuhio Plaza	Macy's, Sears	100	%	Hilo, HI	320,700	124,547	61,873	—	—	507,120	96.6	%
Providence Place	JCPenney, Macy's, Nordstrom	94	%	Providence, RI	734,231	—	513,816	—	4,304	1,252,351	99.8	%
Provo Towne Centre	Dillard's, JCPenney, Sears	75	%	Provo, UT	300,337	285,479	206,240	—	—	792,056	86.9	%
Quail Springs Mall	Dillard's, JCPenney, Macy's, Von Maur	100	%	Oklahoma City, OK	450,457	160,000	505,596	—	—	1,116,053	95.4	%
Red Cliffs Mall	Dillard's, JCPenney, Sears	100	%	St. George, UT	150,019	235,031	—	57,304	—	442,354	99.7	%
Ridgedale Center	JCPenney, Sears, Macy's, Nordstrom	100	%	Minnetonka, MN	305,715	—	924,603	—	—	1,230,318	93.8	%
River Hills Mall	Herberger's, JCPenney, Sears, Target	100	%	Mankato, MN	353,589	189,559	174,383	—	—	717,531	92.4	%
Rivertown Crossings	JCPenney, Kohl's, Macy's, Sears, Younkers	100	%	Grandville (Grand Rapids), MI	631,904	—	635,625	—	—	1,267,529	97.5	%
Rogue Valley Mall	JCPenney, Kohl's, Macy's, Macy's Home Store	100	%	Medford (Portland), OR	279,866	170,625	186,359	—	—	636,850	85.2	%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Sooner Mall	Dillard's, JCPenney, Sears	100	%	Norman, OK	220,869	129,823	137,082	—	—	487,774	99.5	%
Spokane Valley Mall	JCPenney, Macy's, Sears	75	%	Spokane, WA	350,585	126,243	251,366	138,002	—	866,196	95.2	%
Staten Island Mall	Macy's, Sears, JCPenney	100	%	Staten Island, NY	529,664	—	657,363	74,318	—	1,261,345	97.9	%
Stonestown Galleria	Macy's, Nordstrom	100	%	San Francisco, CA	407,342	160,505	267,788	—	—	835,635	99.8	%
The Crossroads	Burlington Coat Factory, JCPenney, Macy's, Sears	100	%	Portage (Kalamazoo), MI	266,301	—	502,961	—	—	769,262	95.5	%
The Gallery At Harborplace		100	%	Baltimore, MD	131,467	—	—	—	283,321	414,788	89.1	%
The Maine Mall	The Bon Ton, JCPenney, Macy's, Sears	100	%	South Portland, ME	506,311	120,844	377,662	—	600	1,005,417	99.3	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears	100	%	Columbia, MD	634,373	212,847	587,321	—	—	1,434,541	98.9	%
The Oaks Mall	Belk, Dillard's, JCPenney, Macy's, Sears	100	%	Gainesville, FL	344,673	233,367	324,500	—	—	902,540	94.1	%
The Parks At Arlington	Dillard's, JCPenney, Macy's, Sears	100	%	Arlington (Dallas), TX	761,440	—	748,945	—	—	1,510,385	98.8	%
The Shoppes At Buckland Hills	JCPenney, Macy's, Macy's Mens & Home, Sears	100	%	Manchester, CT	551,529	—	512,611	—	—	1,064,140	93.8	%
The Shops At Fallen Timbers	Dillard's, JCPenney	100	%	Maumee, OH	344,554	—	261,502	—	—	606,056	96.1	%
The Shops at La Cantera	Dillard's, Macy's, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	617,702	—	627,597	—	70,178	1,315,477	97.7	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy's, Nordstrom, Sears	94	%	Durham, NC	608,363	—	726,347	—	—	1,334,710	99.2	%
The Woodlands Mall	Dillard's, JCPenney, Macy's, Nordstrom	100	%	Woodlands (Houston), TX	624,839	—	713,438	—	39,471	1,377,748	99.5	%
Town East Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Mesquite (Dallas), TX	413,406	—	809,386	—	—	1,222,792	98.6	%
Tucson Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Tucson, AZ	609,467	—	641,458	27,305	—	1,278,230	96.8	%
Tysons Galleria	Macy's, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	308,276	—	511,933	—	—	820,209	96.3	%
Valley Plaza Mall	JCPenney, Macy's, Sears, Target	100	%	Bakersfield, CA	520,494	147,792	509,176	—	—	1,177,462	99.3	%
Visalia Mall	JCPenney, Macy's	100	%	Visalia, CA	172,679	257,000	—	—	—	429,679	96.2	%
Westlake Center		100	%	Seattle, WA	108,937	—	—	—	—	108,937	97.3	%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Westroads Mall	JCPenney, Von Maur, Younkers	100	%	Omaha, NE	517,826	—	529,036	—	—	1,046,862	98.3	%
White Marsh Mall	JCPenney, Macy's, Macy's Home Store, Sears, Boscov's	100	%	Baltimore, MD	438,090	257,345	466,009	—	—	1,161,444	97.9	%
Willowbrook	Bloomingdale's, Lord & Taylor, Macy's, Sears	100	%	Wayne, NJ	490,346	2,060	1,028,000	—	—	1,520,406	100.0	%
Woodbridge Center	Boscov's, JCPenney, Lord & Taylor, Macy's, Sears	100	%	Woodbridge, NJ	650,462	455,739	560,935	—	—	1,667,136	96.6	%
Total Consolidated Retail Properties				Count: 87	38,005,671	13,087,367	36,008,025	1,112,733	1,444,428	89,658,224	97.2	%


Unconsolidated Retail Properties
Alderwood	JCPenney, Macy's, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	576,934	—	705,898	39,096	—	1,321,928	97.4	%
Altamonte Mall	Dillard's, JCPenney, Macy's, Sears	50	%	Altamonte Springs (Orlando), FL	481,787	158,658	519,890	—	—	1,160,335	95.8	%
Bayside Marketplace		51	%	Miami, FL	216,420	—	—	—	1,103	217,523	98.5	%
Bridgewater Commons	Bloomingdale's, Lord & Taylor, Macy's	35	%	Bridgewater, NJ	396,017	150,525	352,351	88,784	—	987,677	98.4	%
Carolina Place	Belk, Dillard's, JCPenney, Macy's, Sears	50	%	Pineville (Charlotte), NC	386,390	277,404	496,098	—	—	1,159,892	96.9	%
Christiana Mall	JCPenney, Macy's, Nordstrom, Target	50	%	Newark, DE	625,697	—	641,312	—	—	1,267,009	99.0	%
Clackamas Town Center	JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	629,952	—	774,842	—	—	1,404,794	96.8	%
First Colony Mall	Dillard's, Dillard's Men's & Home, JCPenney, Macy's	50	%	Sugar Land, TX	506,271	—	619,048	—	—	1,125,319	97.6	%
Florence Mall	JCPenney, Macy's, Macy's Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	388,700	—	552,407	—	—	941,107	92.4	%
Galleria At Tyler	JCPenney, Macy's, Nordstrom	50	%	Riverside, CA	544,741	—	468,208	—	—	1,012,949	99.8	%
Glendale Galleria	JCPenney, Macy's, Target, Bloomingdale's	50	%	Glendale, CA	504,149	305,000	385,000	—	136,588	1,330,737	98.6	%
Kenwood Towne Centre¹	Dillard's, Macy's, Nordstrom	50	%	Cincinnati, OH	520,156	240,656	400,665	—	—	1,161,477	100.0	%
Mizner Park	Lord & Taylor	47	%	Boca Raton, FL	177,615	79,822	—	—	264,199	521,636	94.4	%
Natick Mall	JCPenney, Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	747,509	194,558	753,092	—	—	1,695,159	97.0	%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Neshaminy Mall	Boscov's, Macy's, Sears	50	%	Bensalem, PA	410,526	188,394	418,595	—	—	1,017,515	96.8	%
Northbrook Court	Lord & Taylor, Macy's, Neiman Marcus	50	%	Northbrook (Chicago), IL	477,701	126,000	410,277	—	—	1,013,978	95.7	%
Oakbrook Center	Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears	48	%	Oak Brook (Chicago), IL	874,571	322,033	751,911	—	239,292	2,187,807	98.0	%
Otay Ranch Town Center	Macy's	50	%	Chula Vista (San Diego), CA	498,200	—	140,000	—	—	638,200	96.0	%
Park Meadows	Dillard's, JCPenney, Macy's, Nordstrom	35	%	Lone Tree, CO	757,041	—	823,000	—	—	1,580,041	98.6	%
Perimeter Mall	Dillard's, Macy's, Nordstrom, Von Maur	50	%	Atlanta, GA	504,560	222,056	831,218	—	—	1,557,834	99.0	%
Pinnacle Hills Promenade	Dillard's, JCPenney	50	%	Rogers, AR	359,092	98,540	162,140	501,852	51,903	1,173,527	94.0	%
Plaza Frontenac	Neiman Marcus, Saks Fifth Avenue	55	%	St. Louis, MO	224,158	125,669	135,044	—	—	484,871	98.2	%
Riverchase Galleria	Belk, JCPenney, Macy's, Sears, Von Maur	50	%	Hoover (Birmingham), AL	562,576	330,032	610,026	—	—	1,502,634	96.2	%
Saint Louis Galleria²	Dillard's, Macy's, Nordstrom	74	%	St. Louis, MO	447,018	—	714,052	—	—	1,161,070	97.2	%
Stonebriar Centre	Dillard's, JCPenney, Macy's, Nordstrom, Sears	50	%	Frisco (Dallas), TX	845,497	—	865,192	—	—	1,710,689	98.7	%
The Grand Canal Shoppes	Barneys New York	50	%	Las Vegas, NV	626,475	84,743	—	—	34,414	745,632	99.1	%
The Shoppes At River Crossing	Belk, Dillard's	50	%	Macon, GA	377,533	—	333,219	—	—	710,752	97.1	%
Towson Town Center	Macy's, Nordstrom	35	%	Towson, MD	603,735	—	419,129	—	—	1,022,864	95.6	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	55	%	Coral Gables, FL	409,263	—	330,000	—	101,263	840,526	95.7	%
Water Tower Place	Macy's	47	%	Chicago, IL	406,848	296,128	—	—	88,809	791,785	97.9	%
Whaler's Village		50	%	Lahaina, HI	103,959	—	—	—	—	103,959	96.5	%
Willowbrook Mall	Dillard's, JCPenney, Macy's, Macy's Mens, Sears	50	%	Houston, TX	459,789	—	984,372	—	—	1,444,161	97.7	%
Total Unconsolidated Retail Properties				Count: 32	15,650,880	3,200,218	14,596,986	629,732	917,571	34,995,387	97.4	%
Total Same Store Retail Properties ³				Count: 119	53,656,551	16,287,585	50,605,011	1,742,465	2,361,999	124,653,611	97.2	%



PORTFOLIO OPERATING METRICS Property Schedule As of December 31, 2014



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased
Non-Same Store Retail Properties
Southwest Plaza⁴	Dillard's, JCPenney, Macy's, Sears	100	%	Littleton, CO	503,977	93,630	541,851	—	64,817	1,204,275	89.1	%
The Shops at Bravern	Neiman Marcus	40	%	Bellevue, WA	120,232	124,637	—	—	—	244,869	91.2	%
200 Lafayette		100	%	New York, NY	31,328	—	—	—	83,776	115,104	100.0	%
522 Fifth Avenue		10	%	New York, NY	7,978	—	—	—	—	7,978	100.0	%
530 Fifth Avenue		50	%	New York, NY	57,720	—	—	—	—	57,720	54.1	%
685 Fifth Avenue		50	%	New York, NY	26,311	—	—	—	94,812	121,123	100.0	%
830 N. Michigan Ave.		100	%	Chicago, IL	121,637	—	—	—	—	121,637	100.0	%
Miami Design District⁵		13	%	Miami, FL	503,455	—	—	—	86,032	589,487	52.0	%
Union Square		50	%	San Francisco, CA	39,479	—	—	—	19,507	58,986	100.0	%
Total Retail Properties				Count: 128	55,068,668	16,505,852	51,146,862	1,742,465	2,710,943	127,174,790	96.7	%

Non-Same Store Strip Centers & Other Retail
Lake Mead & Buffalo ⁶		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	95.8	%
Lockport Mall		100	%	Lockport, NY	—	—	—	9,114	—	9,114	100.0	%
The Trails Village Center ⁶		50	%	Las Vegas, NV	—	—	—	174,644	—	174,644	95.7	%
Shopping Leblon⁷		35	%	Rio de Janeiro, Brazil	249,343	—	—	—	—	249,343	96.6	%
Owings Mills Mall⁸	JCPenney, Macy's	51	%	Owings Mills, MD	438,017	340,000	307,037	—	—	1,085,054	34.0	%
Total Non-Same Store Strip Centers & Other Retail:				Count: 5	752,351	340,000	307,037	269,715	—	1,669,103	69.5	%

1. Ownership percentage includes retained debt of $91.8 million.

2. Ownership of the St. Louis Galleria is more than 50% but management decisions are decided by the joint venture and the entity is unconsolidated for reporting purposes.

3. Refer to page 17 (Key Operating Performance Indicators).

4. Southwest Plaza is currently under redevelopment.

5. Investment is considered cost method for reporting purposes and is reflected in prepaid and other assets in our proportionate balance sheet.

6. Third party managed strip center.

7. GGP's investment in Brazil is through an ownership interest in Leblon. For this property, only Mall and Freestanding GLA is presented.

8. The Owings Mills Mall space is currently de-leased in preparation for future opportunities.

Miscellaneous



MISCELLANEOUS Capital Information (In thousands, except per share amounts)



	December 31, 2014

Closing common stock price per share	$	28.13
52 Week High¹	28.88
52 Week Low¹	19.38

Portfolio Net Debt, At Share
Portfolio Debt
Fixed	$	16,955,913
Variable	3,040,313
Total Portfolio Debt	19,996,226
Less: Cash and Cash Equivalents	(512,717		)
Portfolio Net Debt	$	19,483,509

Portfolio Capitalization Data
Portfolio Net Debt	$	19,483,509
Preferred Securities:
Convertible Preferred Units at 6.50%	26,637
Convertible Preferred Units at 7.00%	25,133
Convertible Preferred Units at 8.50%	112,260
Preferred Stock at 6.375%	250,000
Other Preferred Stock	360
Total Preferred Securities	$	414,390

Common stock and Operating Partnership units outstanding at end of period²	$	25,027,852
Total Market Capitalization at end of period	$	44,925,751


1.	52-week pricing information includes the intra-day highs and lows.


2.	Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of 1.0397624 multiplied by the closing share price.



MISCELLANEOUS Change in Total Common and Equivalent Shares



Rollforward of Shares to December 31, 2014	Operating Partnership Units		Company Common Shares		Total Common Shares & Operating Partnership Units
			(In thousands)
Common Shares and Operating Partnership Units ("OP Units") Outstanding at December 31, 2013	4,649		911,195		915,844
Common Unit Cash Conversion	(24	)	—		(24	)
DRIP	—		22		22
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—		1,181		1,181
Issuance of stock for employee stock purchase program	—		138		138
Buyback of common stock	—		(27,624	)	(27,624	)
Common Shares and OP Units Outstanding at December 31, 2014	4,625		884,912		889,537

Common Shares issuable assuming exercise of warrants ¹			59,066
Common Shares issuable assuming exercise of in-the-money stock options ²			7,562
Common Shares issuable assuming exchange of OP Units			4,809
Diluted Common Shares and OP Units Outstanding at December 31, 2014			956,349



	Three Months Ended		Twelve Months Ended
	December 31, 2014	December 31, 2013	December 31, 2014	December 31, 2013
	(In thousands)		(In thousands)
Weighted average number of company shares outstanding	884,370	911,185	887,031	930,643
Weighted average number of stock options ³	6,753	3,474	5,547	3,425
Weighted average number of GAAP dilutive warrants ⁴	55,967	46,106	52,143	—
Diluted weighted average number of Company shares outstanding - GAAP EPS	947,090	960,765	944,721	934,068

Weighted average number of common units	4,830	6,331	4,833	6,434
Weighted average number of warrants ⁴	—	—	—	46,724
Diluted weighted average number of Company shares outstanding - FFO/Company FFO	951,920	967,096	949,554	987,226


1	GGP has 73.9 million warrants outstanding convertible to 1.1816 Common Shares with a weighted average exercise price of $9.1094, with a scheduled expiration of November 9, 2017. 16.4 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.

Pursuant to the Plan, warrants to purchase equity were issued to the Plan Sponsors on the Effective Date. The warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration.



Warrants	Weighted Average Exercise Price	Expiration Date	Impact of Dividend issued to stockholders of record as of December 15, 2014 ⁵		Impact of settling warrants via net share settlement⁶
57,500,000	$9.1567	November 9, 2017	Reduces exercise price to $9.1567	Increases number of Common shares per warrant to 1.1816	Net share: 67,942,000 x [28.13 - 9.1567] /28.13 = 45,825,949 shares delivered
16,428,571	$8.9437	November 9, 2017	Reduces exercise price to $8.9437	Increases number of Common shares per warrant to 1.1816	Net share: 19,411,999 x [28.13 - 8.9437] /28.13 = 13,240,115 shares delivered
73,928,571	$9.1094				59,066,064 shares delivered


2	The options are included at net share settlement.


3	The impact of the stock options are dilutive under GAAP and FFO in 2014 and 2013.


4	The impact of the warrants are dilutive under GAAP and FFO in 2014 and for the three months ended December 31, 2013. The impact of the warrants are anti-dilutive under GAAP, but dilutive for FFO for the twelve months ended December 31, 2013.


5	Based on dividend of $0.17 per share issued to stockholders of record on December 15, 2014.


6	Based on stock price of $28.13 on December 31, 2014.



MISCELLANEOUS Development Summary



Property	Description	Ownership %	GGP's Total Projected Share of Cost		GGP's Investment to Date ¹		Expected Return on Investment ²	Expected Project Opening
Major Development Summary (in millions, at share unless otherwise noted)

Open
Northridge	The Sports Authority, Yardhouse and Plaza	100%	$	12.2	$	11.3	14%	Open
Northridge, CA

Fashion Show	Addition of Macy's Men's and inline	100%	34.4		33.3		22%	Open
Las Vegas, NV

Oakwood Center	West wing redevelopment and Dick's Sporting Goods	100%	19.0		16.6		9%	Open
Gretna, LA

Glendale Galleria ³	Addition of Bloomingdale's, remerchandising, business	50%	52.6		51.0		12%	Open
Glendale, CA	development and renovation

The Mall in Columbia	Lifestyle expansion	100%	23.0		21.2		13%	Open
Columbia, MD

Oakbrook Center	Conversion of former anchor space into Container Store, Pirch and	48%	13.8		13.4		11%	Open
Oakbrook, IL	inline

The Woodlands ³	Addition of Nordstrom in former Sears box	100%	44.0		41.0		9%	Open
Woodlands, TX

Other Projects	Redevelopment projects at various malls	N/A	218.8		$	196.5	11%	Open
Various Malls

	Total Open Projects		$	417.8	$	384.3	12%

Under Construction
Mayfair Mall ³	Nordstrom	100%	$	72.3	$	34.4	6-8%	Q4 2015
Wauwatosa, WI

Ridgedale Center ³	Nordstrom, Macy's Expansion, New Inline GLA and renovation	100%	106.2		49.3		8-9%	Q4 2015
Minnetonka, MN

Southwest Plaza	Redevelopment	100%	72.6		22.1		9-10%	Q4 2015
Littleton, CO

Ala Moana Center ³	Demolish existing Sears store and expand mall, adding anchor,	100%	573.2		391.5		9-10%	Q4 2015
Honolulu, HI	box and inline tenants, reconfigure center court

Baybrook Mall	Expansion	53%	90.5		26.3		9-10%	Q4 2015
Friendswood, TX

Other Projects	Redevelopment projects at various malls	N/A	236.2		65.8		8-9%	Various
Various Malls

	Total Projects Under Construction		$	1,151.0	$	589.4	8-10%



MISCELLANEOUS



Property	Description	Ownership %	GGP's Total Projected Share of Cost		GGP's Investment to Date ¹		Expected Return on Investment ²	Expected Project Opening
Major Development Summary (in millions, at share unless otherwise noted)

Projects in Pipeline
Staten Island Mall	Expansion	100%	$	180.0	$	4.8	8-9%	TBD
Staten Island, NY

New Mall Development	Ground up mall development	100%	285.0		38.1		8-10%	TBD
Norwalk, CT

Ala Moana Center	Nordstrom box repositioning	100%	85.0		—		9-10%	TBD
Honolulu, HI

Other Projects	Redevelopment projects at various malls	N/A	274.5		6.5		8-9%	TBD
Various Malls

	Total Projects in Pipeline		$	824.5	$	49.4	8-10%

	Total Development Summary		$	2,393.3	$	1,023.1	9-11%

1. Projected costs and investments to date exclude capitalized interest and overhead.

2. Return on investment represents first year stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary.

3. Project ROI includes income related to uplift on existing space.



MISCELLANEOUS Capital Expenditures



Expenditures ($ in thousands)

	Twelve Months Ended		Twelve Months Ended
	December 31, 2014		December 31, 2013

Capital expenditures ¹	$	177,255	$	146,315
Tenant allowances and capitalized leasing costs ²	132,242		131,802
Total	$	309,497	$	278,117

1. Reflects only non-tenant operating capital expenditures.

2. Reflects tenant allowances on current operating properties.



MISCELLANEOUS Corporate Information



Reporting Calendar
Results for year end will be announced according to the following approximate schedule:
	Quarter	Earnings Release Date	Earnings Call Date
	Q1 2015	April 27, 2015	April 28, 2015



Stock Information
Common Stock
NYSE: GGP

6.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Series A Preferred Stock)
NYSE: GGP PrA



Security	Quarter	Declaration Date	Record Date	Date Payable or Paid	Dividend per Share
Common Stock	Q4 2014	November 14, 2014	December 15, 2014	January 2, 2015	$0.1700
Common Stock	Q3 2014	August 12, 2014	October 15, 2014	October 31, 2014	$0.1600
Common Stock	Q2 2014	May 15, 2014	July 15, 2014	July 31, 2014	$0.1500
Common Stock	Q1 2014	February 26, 2014	April 15, 2014	April 30, 2014	$0.1500
Common Stock	Q4 2013	October 28, 2013	December 13, 2013	January 2, 2014	$0.1400
Common Stock	Q3 2013	July 29, 2013	October 15, 2013	October 29, 2013	$0.1300
Common Stock	Q2 2013	May 10, 2013	July 16, 2013	July 30, 2013	$0.1200
Common Stock	Q1 2013	February 4, 2013	April 16, 2013	April 30, 2013	$0.1200
Series A Preferred Stock	Q4 2014	November 14, 2014	December 15, 2014	January 2, 2015	$0.3984
Series A Preferred Stock	Q3 2014	August 12, 2014	September 15, 2014	October 1, 2014	$0.3984
Series A Preferred Stock	Q2 2014	May 15, 2014	June 16, 2014	July 1, 2014	$0.3984
Series A Preferred Stock	Q1 2014	February 26, 2014	March 17, 2014	April 1, 2014	$0.3984
Series A Preferred Stock	Q4 2013	October 28, 2013	December 13, 2013	January 2, 2014	$0.3984
Series A Preferred Stock	Q3 2013	July 29, 2013	September 13, 2013	October 1, 2013	$0.3984
Series A Preferred Stock	Q2 2013	May 10, 2013	June 14, 2013	July 1, 2013	$0.3984
Series A Preferred Stock	Q1 2013	March 5, 2013	March 15, 2013	April 1, 2013	$0.2125



Investor Relations				Transfer Agent

Kevin Berry				American Stock Transfer & Trust Company, LLC
Vice President, Investor Relations				6201 15th Avenue
Phone (312) 960-5529				Brooklyn, NY 11219
kevin.berry@ggp.com				Phone: (866) 627-2643
				Foreign Investor Line:
				+1 718 921-8124



MISCELLANEOUS Glossary of Terms



Terms		Description
Gross Leasable Area (GLA)		Total gross leasable space at 100%.
Mall and Freestanding		Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores and development space.
Anchor/Traditional Anchor		Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants.
Strip Center		An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores.
Office		Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component.
Specialty Leasing		Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice.
Same Store NOI		Company NOI that excludes the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties.
Non-Same Store		Includes the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopment and other properties.



Operating Metrics		Description
Leased		Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space, and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area.
Occupied		Occupied area represents the sum of: (1) tenant occupied space under lease, (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area.
Tenant Sales		Comparative rolling twelve month sales.
Occupancy Cost		Ratio of total tenant charges to comparative sales for inline mall tenants that opened at less than 10,000 square feet.
In-Place Rent		Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent and common area costs.
Expiring Rent		Represents rent at the end of the lease consisting of base minimum rent and common area costs.
Initial Rent		Represents initial rent at the time of rent commencement consisting of base minimum rent and common area costs.
Average Rent		Represents average rent over the term consisting of base minimum rent and common area costs.
Initial Rent Spread		Dollar spread between Initial Rent and Expiring Rent.
Average Rent Spread		Dollar spread between Average Rent and Expiring Rent.

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