Table of Contents

(Mark One)
þ		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the fiscal year ended December 31, 2005
or
o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the transition period from           to

Delaware		42-1283895
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)
110 N. Wacker Dr., Chicago, IL (Address of principal executive offices)		60606 (Zip Code)

Title of Each Class		Name of Each Exchange on Which Registered
Common Stock, $.01 par value		New York Stock Exchange
Preferred Stock Purchase Rights		New York Stock Exchange

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Item No.				Page Number
Part I
1.		Business			1
1A.		Risk Factors			7
1B.		Unresolved Staff Comments			16
2.		Properties			16
3.		Legal Proceedings			28
4.		Submission of Matters to a Vote of Security Holders			29
Part II
5.		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			29
6.		Selected Financial Data			31
7.		Management’s Discussion and Analysis of Financial Condition and Results of Operations			33
7A.		Quantitative and Qualitative Disclosures About Market Risk			50
8.		Financial Statements and Supplementary Data			50
9.		Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			51
9A.		Controls and Procedures			51
9B.		Other Information			55
Part III
10.		Directors and Executive Officers of the Registrant			55
11.		Executive Compensation			55
12.		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			55
13.		Certain Relationships and Related Transactions			56
14.		Principal Accounting Fees and Services			56
Part IV
15.		Exhibits and Financial Statement Schedules			57
Signatures					58
Consolidated Financial Statements					F-1
Consolidated Financial Statement Schedule					F-55
Exhibit Index					S-1
Restated Certificate of Incorporation
Bylaws
Form of Common Stock Certificate
Rights Agreement
Redemption Rights Agreement
Redemption Rights Agreement
Redemption Rights Agreement
Redemption Rights Agreement
Redemption Rights Agreement
Redemption Rights Agreement
Redemption Rights Agreement
Form of Registration Rights Agreement
Rights Agreement
Amendment to Rights Agreement
Letter Agreement Concerning Rights Agreement
Amended and Restated Agreement of Limited Partnership of the Operating Partnership
Stockholders Agreement
Amendment to Stockholders Agreement
Operating Agreement
Amendment to the Operating Agreement
Letter Amendment to the Operating Agreement
Amendment to the Operating Agreement
Amended and Restated Operating Agreement
Amendment to Amended and Restated Operating Agreement
Amendment to Amended and Restated Operating Agreement
Form of Restricted Stock Agreement
List of Subsidiaries
Consent
Consent
Certification
Certification
Certification
Certification

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Item 1.	Business

•	Retail and Other. Through this segment of our business, we own, operate, manage, lease, acquire, develop, expand and finance rental properties. These properties, which are located primarily throughout the United States, include retail centers, office and industrial buildings and mixed-use and other properties. As of December 31, 2005, we had ownership interest in and/or management responsibility for a portfolio of over 200 regional shopping malls in 44 states. We also have ownership interest in certain joint ventures which own four retail properties (one under construction) in Brazil and one retail property under construction in Costa Rica.
•	Master Planned Communities. Through this segment of our business, we develop and sell land in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas for residential, commercial and other uses primarily in master planned communities. As of December 31, 2005, these communities, including land previously sold or not saleable, total over 70,000 acres.

82%		General Growth, as sole general partner
16		Limited partners that indirectly include family members of the original stockholders of the Company. Represented by common units of limited partnership interest (the “Common Units”)
2		Limited partners that include subsequent contributors of properties to the Operating Partnership which are also represented by Common Units.
100%

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•	Integrating and maximizing the operations of The Rouse Company LP (“TRCLP,” successor to The Rouse Company (“TRC”)) through proactive property management and leasing and through operating cost reductions. Specific actions to increase productivity of the TRCLP properties as well as our previously existing properties have included changing the tenant mix and adding vendor carts and kiosks. As the TRC Merger was primarily funded with new acquisition debt, an additional focus has been the management and refinancing of our current debt.
•	Development activities, including ground-up development and redevelopment and expansion of existing properties. For example, we substantially completed the ground-up development of The Shops at LaCantera in San Antonio, Texas in September 2005, and the renovation of Eastridge Mall in San Jose, California in November 2005. The expansion and renovation of a property may result in increased cash flows and net income as a result of increased customer traffic, trade area penetration and improved competitive position of the property.
•	Growing our specialty leasing and alternative revenue business, which involves, among other things, the temporary leasing of carts, kiosks and available space to generate additional alternative rental revenue.

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Category		% of Square Feet				Representative Tenants
Specialty (includes personal services)			22	%		Regis, Lenscrafters, Dollar Tree, Petland
Family Apparel (includes unisex)			14			Gap, Old Navy, J Crew, Express, Anchor Blue, Banana Republic, Bachrach
Women’s Apparel			14			Limited, Talbot’s, Chico’s, Lane Bryant, Ann Taylor, Coldwater Creek, Victoria’s Secret
Teen Apparel			9			PacSun, Charlotte Russe, Forever 21, d.e.m.o., Hollister & Co., Aeropostale, Abercrombie & Fitch
Shoes			8			FootLocker, Journeys, Champ’s, Finish Line, Payless Shoesource
Restaurants			7			Ruby Tuesday, Applebee’s, Bennigan’s, Cheesecake Factory, Panera Bread, PF Chang’s China Bistro
Home Entertainment and Electronics			5			RadioShack, Ritz Camera, FYE, Sam Goody, Apple Computer
Home Furnishings			4			William-Sonoma, Select Comfort, Z Gallerie, Pottery Barn, Crate & Barrel
Sporting Goods			3			Scheel’s All Sports, MC Sports, Dick’s Sporting Goods, Big 5 Sports
Gifts (includes stationery, cards, gifts and novelty)			3			Papyrus, Hallmark, Yankee Candle, Things Remembered, Spencer Gifts
Fast Food/ Food Court			3			Arby’s, Sbarro, McDonald’s, Auntie Anne’s, Chick-Fil-A, Subway, Sonic
Jewelry			3			Zales Jewelers, Kay Jewelers, Piercing Pagoda, Helzberg Diamonds
Children’s Merchandise			2			Gymboree, Club Libby Lu, Build-A-Bear, The Children’s Place, GapKids/BabyGap
Personal Care			2			L’Occitane, Sephora, Trade Secret, Bath & Body Works
Specialty Food (includes health, candy and coffee)			1			GNC, Vitamin World, Starbuck’s, Godiva Chocolatier, Harry & David
TOTAL			100	%

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	Other Office, Industrial and Mixed-Use buildings

Consolidated		Location				Square Feet
Columbia Industrial (6 buildings)			Columbia, MD				306,000
Columbia Office (11 buildings)			Columbia, MD				1,059,000
Summerlin Commercial (28 buildings)			Summerlin, NV				1,110,000
Woodlands Office (2 buildings)			Houston, TX				267,000
Other Office Projects (6 buildings)			Various				451,000
Unconsolidated
Woodlands Office/ Industrial (5 buildings)			Houston, TX				348,000

	Master Planned Communities Segment

•	Columbia is located in the Baltimore, Maryland/ Washington, D.C. corridor and encompasses approximately 18,000 acres. We own approximately 873 saleable acres of land in and around Columbia, including the adjacent communities of Emerson and Stone Lake.
•	Summerlin is located immediately north and west of Las Vegas and encompasses approximately 22,500 acres. We own approximately 6,400 saleable acres of land in Summerlin. Revenues from the sale of land at Summerlin are subject to the Contingent Stock Agreement as more fully described in Note 14.
•	Bridgelands is located in the western Houston, Texas metropolitan area and encompasses approximately 10,000 acres, approximately 7,300 acres of which is developable and saleable. TRC began development activities on Bridgelands in 2004 and we began selling portions of this land in 2006.
•	We also own a 52.5% economic interest in The Woodlands, a master planned community in the Houston, Texas metropolitan area which contains approximately 27,000 acres. Assets owned by The Woodlands include approximately 6,900 saleable acres of land, three golf course complexes, a resort conference center, a hotel, interests in seven office buildings and other assets.
•	Fairwood is located in Prince George’s County, Maryland. Fairwood contains over 1,000 acres of land. We own approximately 420 saleable acres of land at Fairwood.

	Competition

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•	Subject to certain limitations, the funds necessary for cash acquisitions are available to us from a combination of sources, including mortgage or unsecured financing or the issuance of public or private debt or equity.
•	We have the flexibility to pay for an acquisition with a combination of cash, General Growth equity securities or common or preferred units of limited partnership interest in the Operating Partnership. This last approach may create the opportunity for a tax-advantaged transaction for the seller.
•	Our expertise allows us to evaluate proposed acquisitions of existing retail properties for their increased profit potential through expansion, remodeling, re-merchandising and more efficient management of the property.

•	Consumer demographics
•	Quality, design and location of properties
•	Total number and geographic distribution of properties
•	Diversity of retailers and anchor tenants at shopping center locations
•	Management and operational expertise
•	Rental rates

•	The size and scope of our master planned communities
•	The recreational and cultural amenities available within the communities
•	The commercial centers in the communities
•	The relationships of the developer with homebuilders
•	The proximity to major metropolitan areas

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	Environmental Matters

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Item 1A.	Risk Factors

	We invest primarily in regional mall shopping centers and other retail properties, which are subject to a number of significant risks which are beyond our control

•	the regional and local economy, which may be negatively impacted by plant closings, industry slowdowns, adverse weather conditions, natural disasters and other factors;
•	local real estate conditions, such as an oversupply of, or a reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants;
•	perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property;
•	the convenience and quality of competing retail properties and other retailing options such as the Internet;
•	changes in laws and regulations applicable to real property, including tax and zoning laws; and
•	changes in interest rate levels and the availability and cost of financing.

	We depend on leasing space to tenants on economically favorable terms and collecting rent from these tenants, who may not be able to pay

	Bankruptcy or store closures of tenants may decrease our revenues and available cash

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	We may be negatively impacted by department store consolidations

	It may be difficult to buy and sell real estate quickly, and transfer restrictions apply to some of our properties

	We develop and expand properties, and this activity is subject to various risks

•	we may abandon development or expansion activities, which may result in additional cost recognition;
•	construction costs of a project may exceed original estimates or available financing, possibly making the project unfeasible or unprofitable;
•	we may not be able to obtain financing or to refinance construction loans, which generally have full recourse to us;
•	we may not be able to obtain zoning, occupancy or other required governmental permits and authorizations;
•	occupancy rates and rents at a completed project may not meet projections and, therefore, the project may not be profitable; and
•	we may need Anchor, mortgage lender and property partner approvals, if applicable, for expansion or redevelopment activities.

	If we are unable to manage our growth effectively, our financial condition and results of operations may be adversely affected

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	We may incur costs to comply with environmental laws

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	Inflation may adversely affect our financial condition and results of operations

•	decreasing tenant sales as a result of decreased consumer spending which could result in lower overage rents;
•	difficulty in replacing or renewing expiring leases with new leases at higher base and/or overage rents; and
•	an inability to receive reimbursement from our tenants for their share of certain operating expenses, including common area maintenance, real estate taxes and insurance.

	As of December 31, 2005, we had material weaknesses in our internal control over financial reporting

	Our substantial indebtedness could adversely affect our financial health and operating flexibility

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•	limiting our ability to borrow additional amounts for working capital, capital expenditures, debt service requirements, execution of our growth strategy or other purposes;
•	limiting our ability to use operating cash flow in other areas of our business because we must dedicate a substantial portion of these funds to service the debt;
•	increasing our vulnerability to general adverse economic and industry conditions, including increases in interest rates, particularly given our substantial indebtedness which bears interest at variable rates;
•	limiting our ability to capitalize on business opportunities, including the acquisition of additional properties, and to react to competitive pressures and adverse changes in government regulation;
•	limiting our ability or increasing the costs to refinance indebtedness; and
•	limiting our ability to enter into marketing and hedging transactions by reducing the number of counterparties with whom we can enter into such transactions as well as the volume of those transactions.

	The terms of the 2006 Credit Facility (obtained in February 2006 (Note 6)) and certain other debt, contain covenants and events of default that may limit our flexibility and prevent us from taking certain actions or result in the acceleration of our obligations under such debt

•	incur indebtedness;
•	create liens on assets;
•	sell assets;
•	make capital expenditures; and
•	engage in mergers and acquisitions.

	We have a substantial amount of short-term indebtedness

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	We share control of some of our properties with other investors and may have conflicts of interest with those investors

	Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties

	Payments by our direct and indirect subsidiaries of dividends and distributions to us may be adversely affected by prior payments to these subsidiaries’ creditors and preferred security holders

	We might fail to qualify or remain qualified as a REIT

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	An ownership limit and certain anti-takeover defenses and applicable law may hinder any attempt to acquire us

•	to cause us to issue additional authorized but unissued shares of common stock or preferred stock;
•	to classify or reclassify, in one or more series, any unissued preferred stock; and
•	to set the preferences, rights and other terms of any classified or reclassified stock that we issue.

•	before that person became an interested stockholder, our board of directors approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination;
•	upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) stock held by directors who are also officers

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	of the company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender or exchange offer; or
•	following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder.

	We are impacted by tax-related obligations to some of our partners

	We may not realize the full anticipated benefits of the TRC Merger

	Limitations on the sale of the TRCLP assets may affect our cash flow

	We have significant obligations under a Contingent Stock Agreement we assumed in the TRC Merger

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	Our common stock price may be volatile, and consequently investors may not be able to resell their common stock at or above their purchase price

•	our historical and anticipated quarterly and annual operating results;
•	variations between our actual results and analyst and investor expectations or changes in financial estimates and recommendations by securities analysts;
•	the performance and prospects of our industry;
•	the depth and liquidity of the market for our common stock;
•	investor perception of us and the industry in which we operate;
•	domestic and international economic conditions;
•	the extent of institutional investor interest in us;
•	the reputation of REITs generally and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income securities;
•	our financial condition and performance; and
•	general market conditions and trends.

	Future sales of our common stock may depress our stock price

	Increases in market interest rates may hurt the market price of our common stock

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Item 1B.	Unresolved Staff Comments

Item 2.	Properties

				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Ala Moana Center		Honolulu, HI		1,748,761			801,973			Barnes & Noble, Macy’s, Neiman Marcus, Old Navy, Sears, Shirokiya			—
Alameda Plaza		Pocatello, ID		190,341			190,341			—			2
Anaheim Crossing(2)(3)		Anaheim, CA		92,170			92,170			N/A			N/A
Animas Valley Mall		Farmington, NM		480,217			230,752			Allen Theatres, Dillard’s, JCPenney, Ross Dress for Less, Sears			—
Apache Mall(2)		Rochester, MN		755,491			272,499			Herberger’s, JCPenney, Marshall Field’s, Sears			—
Arizona Center(2)		Phoenix, AZ		168,429			82,426			AMC Theatres			—
Augusta Mall(2)		Augusta, GA		1,066,486			317,263			Dillard’s, JCPenney, Macy’s, Macy’s Home Store, Sears			—
Austin Bluffs Plaza		Colorado Springs, CO		108,902			108,902			Longs Drugs			1
Bailey Hills Village		Eugene, OR		11,887			11,887			N/A			N/A
Baskin Robbins		Idaho Falls, ID		1,814			1,814			N/A			N/A
Baybrook Mall		Friendswood (Houston), TX		1,244,762			344,153			Dillard’s, Foley’s, JCPenney, Mervyn’s, Sears			—
Bayshore Mall(2)		Eureka, CA		624,297			404,039			Gottschalks, Mervyn’s, Sears			—
Bayside Marketplace(2)		Miami, FL		225,446			225,446			N/A			N/A
Beachwood Place		Beachwood, OH		912,105			332,525			Dillard’s, Nordstrom, Saks Fifth Avenue			—
Bellis Fair		Bellingham (Seattle), WA		774,579			355,649			JCPenney, Macy’s, Mervyn’s, Sears, Target			—
Birchwood Mall		Port Huron (Detroit), MI		793,869			337,640			GKC Theaters, JCPenney, Marshall Field’s, Sears, Target, Younkers			—
Boise Plaza		Boise, ID		114,404			114,404			Albertson’s, Fred Meyer, Burlington Coat			—

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				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Boise Towne Plaza(3)		Boise, ID		116,677			116,677			Circuit City, Linens ’N Things, Old Navy			—
Boise Towne Square		Boise, ID		1,143,302			474,522			Dillard’s, JCPenney, Macy’s, Mervyn’s, Sears			—
The Boulevard Mall		Las Vegas, NV		1,178,595			390,559			Dillard’s, JCPenney, Macy’s, Sears			—
Burlington Town Center(3)		Burlington, VT		311,092			164,339			Filene’s			—
Cache Valley Mall		Logan, UT		322,578			176,746			Dillard’s, Dillard’s Men’s & Home, JCPenney			—
Cache Valley Marketplace		Logan, UT		156,996			156,996			Home Depot, Olive Garden, T.J. Maxx			—
Canyon Point Village Center		Las Vegas, NV		65,600			65,600			N/A			N/A
Capital Mall		Jefferson City, MO		512,852			279,775			Dillard’s, JCPenney, Sears			—
Century Plaza		Birmingham, AL		738,831			252,875			JCPenney, McRae’s, Sears			1
Chapel Hills Mall		Colorado Springs, CO		1,174,371			428,932			Dillard’s, Foley’s, JCPenney, Kmart, Mervyn’s, Sears			—
Chico Mall		Chico, CA		502,079			179,951			Gottschalks, JCPenney, Sears			1
Coastland Center		Naples, FL		933,644			343,254			Dillard’s, JCPenney, Macy’s, Sears			—
Collin Creek		Plano, TX		1,113,307			323,224			Dillard’s, Foley’s, JCPenney, Mervyn’s, Sears			—
Colony Square Mall		Zanesville, OH		536,662			289,884			Colony Square Cinema 10, Elder-Beerman, JCPenney, Sears			—
Columbia Mall		Columbia, MO		750,085			334,641			Dillard’s, JCPenney, Sears, Target			—
Coral Ridge Mall		Coralville (Iowa City), IA		1,075,349			420,184			Dillard’s, JCPenney, Scheel’s All Sports, Sears, Target, Younkers			—
Coronado Center(2)		Albuquerque, NM		1,152,708			378,379			Barnes & Noble, Foley’s, JCPenney, Macy’s, Mervyn’s, Sears			—
Cottonwood Mall		Salt Lake City, UT		734,018			354,510			JCPenney, Meier & Frank			—
Cottonwood Square(2)		Salt Lake City, UT		77,079			77,079			—			1
Country Hills Plaza		Ogden, UT		140,097			140,097			McKay-Dee Hospital Center, Smith’s Food King			—
The Crossroads		Portage (Kalamazoo), MI		769,339			266,379			JCPenney, Marshall Field’s, Mervyn’s, Sears			—
Crossroads Center		St. Cloud, MN		897,330			291,650			JCPenney, Marshall Field’s, Scheel’s All Sports, Sears, Target			—
Cumberland Mall		Atlanta, GA		816,964			316,389			Macy’s, Sears			—
Division Crossing		Portland, OR		100,760			100,760			Rite Aid, Safeway			—
Eagle Ridge Mall		Lake Wales (Orlando), FL		646,730			251,275			Dillard’s, JCPenney, Recreation Station, Regal Cinemas, Sears			—
Eastridge Mall		Casper, WY		568,810			279,014			JCPenney, Macy’s, Sears, Target			—
Eden Prairie Center		Eden Prairie (Minneapolis), MN		988,788			309,207			AMC Theatres, Kohl’s, Sears, Target, Von Maur			—

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				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Fallbrook Center		West Hills (Los Angeles), CA		904,125			269,126			DSW Shoe Warehouse, Home Depot, Kohl’s, Laemmle Theatres, Linens ’N Things, Mervyn’s, Ross Dress for Less, Sport Chalet, Target			—
Faneuil Hall Marketplace(2)		Boston, MA		203,313			203,313			N/A			N/A
Fashion Place(2)		Murray, UT		876,472			310,499			Dillard’s, Nordstrom, Sears			—
Fashion Show		Las Vegas, NV		1,896,194			536,303			Bloomingdale’s Home, Dillard’s, Macy’s, Neiman Marcus, Nordstrom, Robinsons-May, Saks Fifth Avenue			1
Foothills Mall		Fort Collins, CO		802,431			462,334			Foley’s, JCPenney, Mervyn’s, Sears			—
Fort Union(2)		Midvale (Salt Lake City), UT		32,968			32,968			N/A			N/A
Four Seasons Town Centre		Greensboro, NC		1,141,375			499,359			Belk, Dillard’s, JCPenney			—
Fox River Mall		Appleton, WI		1,219,006			530,369			Cost Plus World Market, David’s Bridal, DSW Shoe Warehouse, Factory Card Outlet, JCPenney, Linens ’N-Things, Marshall Field’s, Scheel’s All Sports, Sears
Fremont Plaza(2)		Las Vegas, NV		102,991			102,991			Sav-On Drugs			1
The Gallery at Harborplace(2)		Baltimore, MD		130,158			130,158			N/A			N/A
Gateway Crossing Shopping Center		Bountiful (Salt Lake City), UT		183,526			183,526			All A Dollar, Barnes & Noble, T.J. Maxx			—
Gateway Mall		Springfield, OR		725,764			342,558			24 Hour Fitness, Movies 12, Ross Dress for Less, Sears, Target, Kohl’s			1
Glenbrook Square		Fort Wayne, IN		1,213,456			436,586			JCPenney, L.S. Ayres, Sears			1
Governor’s Square(2)		Tallahassee, FL		1,023,031			331,426			Dillard’s, JCPenney, Macy’s, Sears			—
The Grand Canal Shoppes		Las Vegas, NV		509,443			509,443			N/A			N/A
Grand Teton Mall		Idaho Falls, ID		542,539			218,614			Dillard’s, JCPenney, Macy’s, Sears			—
Grand Teton Plaza		Idaho Falls, ID		93,274			93,274			Best Buy, Linens ’N Things, Petsmart, Ross Dress For Less			—
Grand Traverse Mall		Traverse City, MI		593,708			280,317			GKC Theaters, JCPenney, Marshall Field’s, Target			—
Greenwood Mall		Bowling Green, KY		851,381			422,328			Dillard’s, Famous Barr, JCPenney, Sears			—
Halsey Crossing(2)		Gresham (Portland), OR		99,438			99,438			Safeway			—
Harborplace(2)		Baltimore, MD		143,928			143,928			N/A			N/A
Hulen Mall		Fort Worth, TX		940,324			343,754			Dillard’s, Foley’s, Sears			—
Jordan Creek Town Center		West Des Moines, IA		1,345,111			803,412			Century Theatres, Dillard’s, Scheel’s All Sports, Younkers			—
Knollwood Mall		St. Louis Park (Minneapolis), MN		465,533			169,310			Cub Foods, Kohl’s, T.J. Maxx			1

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				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Lakeside Mall		Sterling Heights, MI		1,505,619			483,021			JCPenney, Lord & Taylor, Marshall Field’s, Marshall Field’s Mens & Home, Sears			—
Lakeview Square		Battle Creek, MI		545,654			254,061			JCPenney, Marshall Field’s, Sears			—
Landmark Mall(2)		Alexandria (Washington, D.C.), VA		885,551			326,614			Hecht’s, Lord & Taylor, Sears			—
Lansing Mall(2)		Lansing, MI		834,025			442,855			JCPenney, Marshall Field’s, Mervyn’s, Younkers			—
Lincolnshire Commons		Lincolnshire (Chicago), IL		44,002			44,002			N/A			N/A
Lockport Mall		Lockport, NY		336,070			122,989			The Bon Ton			2
Lynnhaven Mall		Virginia Beach, VA		1,298,577			463,130			AMC Theatres, Dick’s Sporting Goods, Dillard’s, Hecht’s, JCPenney, Steve & Barry’s University Sportswear			1
The Maine Mall		South Portland, ME		1,018,867			345,933			Best Buy, Chuck E Cheese, Filene’s, Filene’s Home Store, JCPenney, Linens ’N Things, Macy’s, Sears, Sports Authority			—
Mall at Sierra Vista		Sierra Vista, AZ		342,262			110,992			Cinemark, Dillard’s, Sears			—
The Mall in Columbia		Columbia, MD		1,392,967			592,799			Hecht’s, JCPenney, Lord & Taylor, Nordstrom, Sears			—
Mall of Louisiana		Baton Rouge, LA		1,240,035			432,553			Foley’s, JCPenney, McRae’s, Sears			—
Mall of the Bluffs		Council Bluffs (Omaha, NE), IA		701,418			375,196			Dillard’s, Hy-Vee, JCPenney, Sears, Target			—
Mall St. Matthews		Louisville, KY		1,107,046			391,341			Dillard’s, Dillard’s Men’s & Home, JCPenney			1
Mall St. Vincent(2)		Shreveport, LA		538,506			190,506			Dillard’s, Sears			—
Market Place Shopping Center		Champaign, IL		1,045,487			509,741			Bergner’s, Famous Barr, JCPenney, Sears			—
Mayfair		Wauwatosa (Milwaukee), WI		1,112,283			492,899			AMC Theatres, Barnes & Noble, Boston Store, Marshall Field’s			—
Meadows Mall		Las Vegas, NV		956,479			319,626			Dillard’s, JCPenney, Macy’s, Sears			—
Metro Plaza		Baltimore, MD		95,108			95,108			N/A			N/A
Mondawmin Mall		Baltimore, MD		294,841			294,841			N/A			N/A
North Plains Mall		Clovis, NM		303,613			109,532			Beall’s, Dillard’s, JCPenney, Sears			—
North Star Mall		San Antonio, TX		1,257,095			430,270			Dillard’s, Foley’s, Macy’s, Mervyn’s, Saks Fifth Avenue			—
North Temple Shops		Salt Lake City, UT		10,078			10,078			N/A			N/A
North Town Mall		Spokane, WA		1,046,534			415,040			Bumpers, Inc., JCPenney, Macy’s, Mervyn’s, Regal Cinemas, Sears			1
Northgate Mall		Chattanooga, TN		822,656			357,336			JCPenney, Proffitt’s, Proffitt’s Home Store, Sears, T.J. Maxx			—

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				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Northridge Fashion Center		Northridge (Los Angeles), CA		1,440,151			564,708			JCPenney, Macy’s, Pacific Theatres, Robinsons-May, Sears			—
Oak View Mall		Omaha, NE		865,829			261,569			Dillard’s, JCPenney, Sears, Younkers			—
Oakwood Center		Gretna, LA		944,659			346,312			Dillard’s, JCPenney, Mervyn’s, Sears			—
Oakwood Mall		Eau Claire, WI		821,518			336,442			JCPenney, Marshall Field’s, Scheel’s All Sports, Sears, Younkers			—
Oglethorpe Mall		Savannah, GA		946,334			366,186			Belk, JCPenney, Macy’s, Macy’s Junior Department, Sears, Stein Mart			—
Orem Plaza Center Street		Orem, UT		85,221			85,221			Chuck E Cheese			—
Orem Plaza State Street		Orem, UT		27,557			27,557			N/A			N/A
Oviedo Marketplace		Oviedo, FL		951,473			333,589			Dillard’s, Macy’s, Regal Cinemas, Sears			—
Owings Mills Mall		Owing Mills, MD		1,083,447			436,410			Hecht’s, JCPenney, Macy’s			1
Oxmoor Center		Louisville, KY		930,704			283,494			Dick’s Sporting Goods, Macy’s, Sears, Von Maur			—
Paramus Park		Paramus, NJ		769,856			310,799			Macy’s, Sears			—
Park City Center		Lancaster (Philadelphia), PA		1,375,762			512,573			The Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears			—
Park Place		Tucson, AZ		1,047,177			392,440			Century Theatres, Dillard’s, Macy’s, Sears			—
Peachtree Mall		Columbus, GA		819,916			311,301			Dillard’s, JCPenney, Macy’s, Parisian			—
Pecanland Mall		Monroe, LA		944,992			329,556			Dillard’s, JCPenney, McRae’s, Mervyn’s, Sears			—
Piedmont Mall		Danville, VA		726,933			176,607			Belk, Belk Men’s, Boscov’s, JCPenney, Sears			—
Pierre Bossier Mall		Bossier City (Shreveport), LA		607,688			214,390			Dillard’s, JCPenney, Sears, Stage			1
Pine Ridge Mall(2)		Pocatello, ID		641,782			203,795			Dillard’s, JCPenney, Macy’s, Sears, ShopKo			—
The Pines		Pine Bluff, AR		631,758			262,049			Dillard’s, Holiday Inn Express, JCPenney, Sears			1
Pioneer Place(2)		Portland, OR		368,070			287,070			Saks Fifth Avenue			—
Plaza 800(2)		Sparks (Reno), NV		176,431			176,431			Albertson’s			1
Plaza 9400(2)		Sandy (Salt Lake City), UT		228,661			228,661			Albertson’s, Deseret Industries			1
Prince Kuhio Plaza(2)		Hilo, HI		506,321			273,699			Macy’s, Sears			1
Providence Place(2)		Providence, RI		1,275,818			638,229			Filene’s, National Amusements Cinema 16, Nordstrom, JCPenney			—
Provo Towne Centre(3)		Provo, UT		801,014			230,945			Cinemark, Dillard’s, JCPenney, Sears			—
Red Cliffs Mall		St. George, UT		385,610			108,553			Dillard’s, JCPenney, Sears			1
Red Cliffs Plaza		St George, UT		57,304			57,304			Gold’s Gym, Sears			—
Redlands Mall		Redlands, CA		173,997			78,938			Gottschalks			—

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				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Regency Square Mall		Jacksonville, FL		1,445,681			529,175			Belk, Champs Sports/World Foot Locker, Dillard’s, JCPenney, Sears			1
Ridgedale Center		Minnetonka, MN		1,021,910			319,530			JCPenney, Marshall Field’s Men’s & Home, Marshall Field’s Women’s, Sears			—
Rio West Mall(2)(3)		Gallup, NM		514,856			333,723			Beall’s, JCPenney			1
River Falls Mall		Clarksville, IN		729,945			198,179			Bass Pro Shops Outdoor World, Toys R Us			2
River Hills Mall		Mankato, MN		696,888			256,694			Herberger’s, JCPenney, Scheel’s All Sports, Sears, Target			—
River Pointe Plaza		West Jordan (Salt Lake City), UT		224,252			224,252			Albertson’s, ShopKo			—
Riverlands Shopping Center		LaPlace (New Orleans), LA		184,093			184,093			Burke’s Outlet, Citi Trends, Stage			1
Riverside Plaza		Provo, UT		175,417			175,417			Big Lots, Macey’s, Rite Aid			—
Rivertown Crossings		Grandville (Grand Rapids), MI		1,270,942			421,884			Dick’s Sporting Goods, JCPenney, Kohl’s, Marshall Field’s, Old Navy, Rivertown Cinemas, Sears, Younkers			—
Riverwalk Marketplace(2)		New Orleans, LA		186,415			186,415			N/A			N/A
Rogue Valley Mall		Medford (Portland), OR		639,867			252,429			JCPenney, Linens ’N Things, Meier & Frank, Meier & Frank Home Store, Mervyn’s			—
Saint Louis Galleria		St. Louis, MO		1,160,740			471,060			Dillard’s, Famous Barr, Lord & Taylor			—
Salem Center(2)		Salem, OR		650,132			212,132			JCPenney, Meier & Frank, Mervyn’s, Nordstrom			—
The Shops at La Cantera(3)		San Antonio, TX		1,010,977			381,977			Dillard’s, Foley’s, Neiman Marcus, Nordstrom			—
Sikes Senter		Wichita Falls, TX		667,561			262,037			Dillard’s, JCPenney, Sears, Sikes Ten Theatres			—
Silver Lake Mall		Coeur d’ Alene, ID		326,709			110,345			JCPenney, Macy’s, Sears			1
Sooner Mall		Norman, OK		509,271			169,199			Dillard’s, JCPenney, Old Navy, Sears, Stein Mart			—
South Street Seaport(2)		New York, NY		285,012			285,012			N/A			N/A
Southlake Mall		Morrow (Atlanta), GA		1,015,515			275,263			JCPenney, Macy’s, Sears			1
Southland Center		Taylor, MI		875,681			292,644			JCPenney, Marshall Field’s, Mervyn’s			—
Southland Mall		Hayward, CA		1,259,938			519,674			JCPenney, Macy’s, Mervyn’s, Sears			—
Southshore Mall(2)		Aberdeen, WA		291,644			157,869			JCPenney, Sears			—
Southwest Plaza		Littleton (Denver), CO		1,313,065			675,888			Dillard’s, Foley’s, JCPenney, Sears			—
Spokane Valley Mall(3)		Spokane, WA		737,854			318,770			JCPenney, Macy’s, Regal ACT III, Sears			—
Spokane Valley Plaza(3)		Spokane, WA		132,048			132,048			Linens ’N Things, Old Navy, Sportsman’s Warehouse, T.J. Maxx			—

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				GLA
						Mall and						Anchor
Name of Center		Location(1)		Total		Freestanding				Anchors/Significant Tenants		Vacancies
Spring Hill Mall		West Dundee (Chicago), IL		1,177,489			444,694			Carson Pirie Scott, JCPenney, Kohl’s, Marshall Field’s, Sears, Steve & Barry’s University Sportswear			—
Staten Island Mall		Staten Island, NY		1,282,205			611,116			Macy’s, Macy’s Home Store, Sears, JCPenney			—
Stonestown		San Francisco, CA		862,142			433,849			Macy’s, Nordstrom			—
The Streets at Southpoint		Durham, NC		1,327,165			580,244			Hecht’s, Hudson Belk, JCPenney, Nordstrom, Sears			—
Three Rivers Mall		Kelso, WA		430,111			236,878			JCPenney, Macy’s, Sears			1
Town East Mall		Mesquite (Dallas), TX		1,218,261			408,875			Dillard’s, Foley’s, JCPenney, Sears			—
Tucson Mall(2)		Tucson, AZ		1,302,740			444,476			Dillard’s, JCPenney, Macy’s, Mervyn’s, Robinsons-May, Sears			—
Twin Falls Crossing		Twin Falls, ID		37,680			37,680			Kalik Investors			—
University Crossing		Orem, UT		206,035			206,035			Barnes & Noble, CompUSA, Fred Meyer — Burlington Coat, OfficeMax, Pier 1 Imports			—
Valley Hills Mall		Hickory, NC		906,183			294,667			Belk, Dillard’s, JCPenney, Sears			—
Valley Plaza Mall		Bakersfield, CA		1,185,530			458,841			Gottschalks, JCPenney, Macy’s, Robinsons-May, Sears			—
Village of Cross Keys Retail		Baltimore, MD		73,982			73,982			N/A			N/A
Visalia Mall		Visalia, CA		440,978			183,978			Gottschalks, JCPenney			—
Ward Centers		Honolulu, HI		712,170			595,089			Borders Books & Music, Dave & Buster’s, Sports Authority			—
West Valley Mall		Tracy (San Francisco), CA		834,201			453,252			Gottschalks, JCPenney, Movies 14, Sears, Target			—
Westlake Center(2)		Seattle, WA		104,631			104,631			N/A			N/A
Westwood Mall		Jackson, MI		508,199			136,511			Elder-Beerman, JCPenney, Wal-Mart			—
White Marsh Mall		Baltimore, MD		1,151,331			366,736			Hecht’s, JCPenney, Macy’s, Sears			1
White Mountain Mall		Rock Springs, WY		329,713			175,253			Flaming Gorge Harley Davidson, Herberger’s, JCPenney, State of Wyoming			—
Willowbrook		Wayne, NJ		1,523,691			495,691			Bloomingdale’s, Lord & Taylor, Macy’s, Sears			—
Woodbridge Center		Woodbridge, NJ		1,634,126			549,091			Dick’s Sporting Goods, Fortunoff, JCPenney, Lord & Taylor, Macy’s, Sears			—
Woodlands Village		Flagstaff, AZ		91,810			91,810			—			—
Yellowstone Square		Idaho Falls, ID		222,017			222,017			Yellowstone Warehouse			1
				116,137,651			49,238,511

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(1)	In certain cases, where a center’s location is part of a larger metropolitan area, the metropolitan area is identified in parenthesis.
(2)	A portion of the property is subject to ground lease.
(3)	Owned in a joint venture with independent, non-controlling minority investors.

										GLA
						Ownership								Mall and						Anchor
Name of Center		Location(1)				Interest				Total				Freestanding				Anchors/Significant Tenants		Vacancies
Alderwood Mall			Lynnwood (Seattle), WA				50	%			1,272,449				501,898			JCPenney, Loews Cineplex, Macy’s, Nordstrom, Sears			—
Altamonte Mall		Altamonte Springs (Orlando), FL					50				1,148,557				470,009			Dillard’s, JCPenney, Macy’s, Sears			—
Arrowhead Towne Center			Glendale, AZ				16.7				1,129,857				345,320			AMC Theatres, Dillard’s, JCPenney, Mervyn’s, Robinsons- May, Sears			—
Bay City Mall			Bay City, MI				50				525,251				209,600			JCPenney, Sears, Target, Younkers			—
Brass Mill Center and Commons			Waterbury, CT				50				1,184,182				526,843			Burlington Coat Factory, Filene’s, JCPenney, Regal Cinemas, Sears, Steve & Barry’s University Sportswear			—
Bridgewater Commons			Bridgewater, NJ				35				880,787				344,898			AMC Theatres, Bloomingdale’s, Lord & Taylor, Macy’s			—
Carolina Place			Pineville (Charlotte), NC				50				1,102,008				328,506			Belk, Dillard’s, Hecht’s, JCPenney, Sears			—
Centerpointe Village Center			Summerlin, NV				50				144,635				144,635			Albertson’s, Sav-On Drug Store			—
Christiana Mall			Newark, DE				50				1,083,587				312,183			JCPenney, Lord & Taylor, Macy’s, Strawbridge’s			—
Chula Vista Center		Chula Vista (San  Diego), CA					50				876,354				288,217			JCPenney, Macy’s, Mervyn’s, Sears, Ultrastar Theaters			—
Clackamas Town Center			Portland, OR				50				1,236,215				357,526			Barnes & Noble, Century Theatres, JCPenney, Meier & Frank, Meier & Frank Home Store, Nordstrom, Sears			—
Columbiana Centre			Columbia, SC				50				824,127				265,150			Belk, Dillard’s, Parisian, Sears			—
Deerbrook Mall			Humble (Houston), TX				50				1,206,160				365,608			AMC Theatres, Dillard’s, Foley’s, JCPenney, Mervyn’s, Sears			—
Eastridge Mall			San Jose, CA				51				1,252,836				505,575			AMC 15, JCPenney, Macy’s, Sears			—
First Colony Mall			Sugar Land (Houston), TX				50				1,017,355				398,307			Dillard’s, Foley’s, JCPenney, Mervyn’s			—
Florence Mall		Florence (Cincinnati, OH), KY					50				930,171				377,764			JCPenney, Macy’s, Macy’s Home Store, Sears			—
Galleria At Tyler(2)			Riverside, CA				50				1,060,163				438,455			JCPenney, Macy’s, Nordstrom, Robinsons-May			—
Glendale Galleria(2)			Glendale, CA				50				1,319,348				514,348			JCPenney, Macy’s, Mervyn’s, Nordstrom, Robinsons-May			—
Highland Mall(2)			Austin, TX				50				1,104,179				385,438			Dillard’s, Dillard’s Men’s, Foley’s, JCPenney			—
Kenwood Towne Centre(2)			Cincinnati, OH				50				1,134,733				533,141			Dillard’s, Macy’s, Parisian			—
Lake Mead & Buffalo Partners Village Center			Summerlin, NV				50				150,948				150,948			Hollywood Video, Wells Fargo Bank			—

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										GLA
						Ownership								Mall and						Anchor
Name of Center		Location(1)				Interest				Total				Freestanding				Anchors/Significant Tenants		Vacancies
Lakeland Square Mall			Lakeland (Orlando), FL				50				898,502				288,464			Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Sears			1
Mizner Park(2)			Boca Raton, FL				50				236,599				125,777			Mizner Park Cinema, Robb & Stucky			—
Montclair Plaza		Montclair (San  Bernadino), CA					50				1,349,642				546,627			Circuit City, Ethan Allen, JCPenney, Linens ’N Things, Macy’s, Nordstrom, Robinsons- May, Sears			—
Moreno Valley Mall		Moreno Valley (Riverside), CA					50				1,092,062				322,871			Gottschalks, Harkins Theatre, JCPenney, Limited, Robinsons- May, Sears			—
Natick Mall			Natick (Boston), MA				50				1,154,026				427,364			Filene’s, Lord & Taylor, Macy’s, Sears			—
Neshaminy Mall			Bensalem, PA				25				1,019,629				325,037			AMC Theatres, Boscov’s, Sears, Strawbridge’s			—
Newgate Mall		Ogden (Salt Lake City), UT					50				725,947				253,813			Dillard’s, Gart Sports, Mervyn’s, Sears, Tinsel Town			—
NewPark Mall		Newark (San  Francisco), CA					50				1,138,354				394,890			JCPenney, Macy’s, Mervyn’s, Sears, Target			—
North Point Mall			Alpharetta (Atlanta), GA				50				1,371,441				405,154			Dillard’s, JCPenney, Macy’s, Parisian, Sears			1
Northbrook Court			Northbrook (Chicago), IL				50				1,011,221				395,302			AMC Theatres, Lord & Taylor, Marshall Field’s, Neiman Marcus			—
Oakbrook Center			Oakbrook (Chicago), IL				50				2,119,809				834,829			Bloomingdale’s Home, Crate & Barrel, Lord & Taylor, Marshall Field’s, Neiman Marcus, Nordstrom, Sears			—
The Oaks Mall			Gainesville, FL				51				906,392				348,525			Belk, Dillard’s, JCPenney, Macy’s, Sears			—
The Parks at Arlington			Arlington (Dallas), TX				50				1,518,300				432,040			AMC Theatres, Circuit City, Dick’s Sporting Goods, Dillard’s, Foley’s, JCPenney, Mervyn’s, Sears, Steve & Barry’s University Sportswear			—
Park Meadows			Littleton, CO				35				1,630,538				607,538			Dillard’s, Foley’s, JCPenney, Nordstrom			1
Pembroke Lakes Mall		Pembroke Pines (Fort  Lauderdale), FL					50				1,067,074				355,799			Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Sears			—
Perimeter Mall			Atlanta, GA				50				1,561,219				507,945			Bloomingdale’s, Dillard’s, Macy’s, Nordstrom			—
Quail Springs Mall			Oklahoma City, OK				50				1,134,623				349,823			AMC Theatres, Dillard’s, Foley’s, JCPenney, Sears			—
Riverchase Galleria			Hoover (Birmingham), AL				50				1,562,460				513,553			Comp USA, JCPenney, Macy’s, Parisian, Proffitt’s, Sears			1
The Shoppes at Buckland Hills			Manchester, CT				50				978,117				429,944			Filene’s, Filene’s Home & Men’s Store, JCPenney, Sears			1
Shopping Center Iguatemi Bahia			Salvador, Bahia (Brazil)				35				685,310				426,846			Bompreco, C&A, Lojas Americanas, Cinema Multiplex, Playland, Riachuelo			—
Shopping Center Taboao da Serra		Taboao da Serra, Sao Paulo (Brazil)					35				418,660				188,172			Beshi, C&A, Carrefour, Lojas Americanas, Riachuelo, Telha Norte			—

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										GLA
						Ownership								Mall and						Anchor
Name of Center		Location(1)				Interest				Total				Freestanding				Anchors/Significant Tenants		Vacancies
Silver City Galleria			Taunton (Boston), MA				50				1,039,278				412,102			Dick’s Sporting Goods, Filene’s, JCPenney, Sears, Silver City Cinemas, Steve & Barry’s University Sportswear			—
Steeplegate Mall			Concord, NH				50				481,041				224,694			The Bon Ton, JCPenney, Sears			—
Stonebriar Centre			Frisco (Dallas), TX				50				1,652,556				527,523			AMC Theatres, Barnes & Noble, Dave & Buster’s, Dick’s Sporting Goods, Foley’s, JCPenney, Macy’s, Nordstrom, Sears			—
Superstition Springs Center(2)			East Mesa (Phoenix), AZ				16.7				1,056,253				319,099			Dillards, JCPenney, JCPenney Home Store, Mervyn’s, Robinsons-May, Sears			—
Towson Town Center			Towson, MD				35				939,255				520,126			Hecht’s, Nordstrom, Nordstrom Rack			—
Trails Village Partners			Summerlin, NV				50				174,660				174,660			Longs Drug Store, Vons Grocery Store			—
Tysons Galleria		McLean (Washington, D.C.), VA					50				821,744				309,811			Macy’s, Neiman Marcus, Saks Fifth Avenue			—
Via Parque		Rio de Janeiro, Rio de Janeiro (Brazil)					50				564,032				241,271			Kalunga, Leaders, Lojas Americanas, Marisa, Cine Via Parque, Claro Hall, Magic Games, C&C Casa e Construcao			—
Village of Merrick Park(2)			Coral Gables, FL				40				742,914				412,914			Neiman Marcus, Nordstrom			—
Vista Ridge Mall			Lewisville (Dallas), TX				50				1,103,078				336,486			Cinemark, Dillard’s, Foley’s, JCPenney, Movies 12, Sears			—
Washington Park Mall			Bartlesville, OK				50				357,346				163,050			Dillard’s, JCPenney, Sears			—
Water Tower Place			Chicago, IL				52				712,798				285,755			Lord & Taylor, Marshall Field’s			—
West Oaks Mall			Ocoee (Orlando), FL				50				1,168,566				371,816			AMC Theatres, Dillard’s, JCPenney, McRae’s, Sears			1
Westroads Mall			Omaha, NE				51				1,138,923				314,863			Dick’s Sporting Goods, JCPenney, Tilt, Von Maur, Younkers			1
Whalers Village			Lahaina, HI				50				105,715				105,715			N/A			N/A
Willowbrook Mall			Houston, TX				50				1,511,885				405,301			Dillard’s, Foley’s, JCPenney, Sears			1
The Woodlands Mall		The Woodlands (Houston), TX					50				1,332,854				487,625			Dillard’s, Foley’s, Foley’s Children Store, JCPenney, Mervyn’s, Sears			—
											59,066,725				21,857,493

(1)	In certain cases, where a center’s location is part of a larger metropolitan area, the metropolitan area is identified in parenthesis.
(2)	A portion of the property is subject to ground lease.

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		Consolidated*												Unconsolidated*
						Square				Rent per								Square				Rate per
		Base Rent				Footage				Square Foot				Base Rent				Footage				Square Foot
		(In thousands)												(In thousands)
2006		$	103,983				3,448			$	30.16			$	29,594				881			$	33.59
2007			99,456				3,241				30.69				24,988				722				34.61
2008			104,657				3,262				32.08				25,514				714				35.73
2009			112,595				2,958				38.06				23,908				560				42.69
2010			123,085				3,366				36.57				27,506				654				42.06
Total		$	543,776				16,275			$	33.41			$	131,510				3,531			$	37.24

*	Excludes Anchors, community centers and tenants paying overage rent in lieu of base minimum rent. Unconsolidated amounts reflected at our ownership share.

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				Consolidated								Unconsolidated								Total
				Total				Square Feet				Total				Square Feet				Total				Square Feet
				Stores				(000’s)				Stores				(000’s)				Stores				(000’s)
Federated Department Stores, Inc.(1)
	Bloomingdale’s				1				260				2				373				3				633
	Bloomingdale’s Home				1				100				1				92				2				192
	David’s Bridal				1				10				—				—				1				10
	Famous Barr				3				534				—				—				3				534
	Filene’s				2				325				5				812				7				1,137
	Filene’s Home & Men’s Store				—				—				1				103				1				103
	Filene’s Home Store				1				41				—				—				1				41
	Foley’s				12				1,893				12				2,288				24				4,181
	Foley’s Children’s Store				—				—				1				17				1				17
	Hecht’s				7				1,173				2				341				9				1,514
	L.S. Ayres				1				242				—				—				1				242
	Lord & Taylor				6				758				6				799				12				1,557
	Macy’s				40				6,614				21				4,026				61				10,640
	Macy’s Home Store				2				202				1				112				3				314
	Marshall Field’s				14				2,135				5				945				19				3,080
	Marshall Field’s Men’s & Home				2				239				—				—				2				239
	Marshall Field’s Women’s				1				202				—				—				1				202
	Meier & Frank				3				502				1				199				4				701
	Meier & Frank Home Store				1				84				1				166				2				250
	Robinsons-May				4				650				4				676				8				1,326
	Strawbridge’s				—				—				2				426				2				426
		Total Federated Department Stores, Inc.			102				15,964				65				11,375				167				27,339
Sears Holdings Corporation
	Sears				94				13,260				34				5,416				128				18,676
	Kmart				1				88				—				—				1				88
		Total Sears Holdings Corporation			95				13,348				34				5,416				129				18,764
JCPenney Company, Inc.
	JCPenney				93				10,565				36				5,017				129				15,582
		Total JCPenney Company, Inc.			93				10,565				36				5,017				129				15,582
Dillard’s Inc.
	Dillard’s				52				8,482				22				4,207				74				12,689
	Dillard’s Men’s				—				—				1				80				1				80
	Dillard’s Men’s & Home				2				257				2				157				4				414
		Total Dillard’s Inc.			54				8,739				25				4,444				79				13,183

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				Consolidated								Unconsolidated								Total
				Total				Square Feet				Total				Square Feet				Total				Square Feet
				Stores				(000’s)				Stores				(000’s)				Stores				(000’s)
Saks Holdings, Inc.
	Bergner’s				1				154				—				—				1				154
	Boston Store				1				211				—				—				1				211
	Carson Pirie Scott				1				138				—				—				1				138
	Herberger’s				3				187				—				—				3				187
	Parisian				1				86				5				518				6				604
	Saks Fifth Avenue				7				478				1				120				8				598
	Younkers				8				940				2				244				10				1,184
		Total Saks Holdings, Inc.			22				2,194				8				882				30				3,076
MDS Texas Realty I (d.b.a. Mervyn’s)(2)					20				1,645				8				674				28				2,319
Nordstrom, Inc.
	Nordstrom				8				1,255				12				2,046				20				3,301
		Total Nordstrom, Inc.			8				1,255				12				2,046				20				3,301
Belk, Inc.
	Belk				5				848				3				454				8				1,302
	Belk Men’s				1				34				—				—				1				34
	Hudson Belk				1				180				—				—				1				180
	McRae’s				4				410				1				213				5				623
	Proffitt’s				1				90				1				230				2				320
	Proffitt’s Home Store				1				23				—				—				1				23
Total Belk, Inc.					13				1,585				5				897				18				2,482
Target Corporation
	Target				14				1,543				2				300				16				1,843
		Total Target Corporation			14				1,543				2				300				16				1,843
Others					107				7,255				46				3,558				153				10,814
Grand Total					528				64,093				241				34,609				769				98,703

(1)	In August 2005, Federated Department Stores, Inc. completed its merger with May Department Stores Company. In July and October, Federated announced planned store closings which included 15 of our Anchor stores. We may purchase some of these stores.
(2)	In 2006, we acquired six Mervyn’s anchor locations for an aggregate purchase price of approximately $76 million.

Item 3.	Legal Proceedings

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Item 4.	Submission of Matters to a Vote of Security Holders

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

		Stock Price
Quarter Ended		High				Low
2005
December 31		$	48.27			$	39.60
September 30			47.48				40.82
June 30			42.08				33.40
March 31			37.75				31.38
2004
December 31		$	36.90			$	30.90
September 30			32.12				28.41
June 30			35.30				24.31
March 31			35.15				27.25
2003
December 31		$	28.03			$	23.91
September 30			24.03				20.77
June 30			21.06				17.83
March 31			18.40				15.90

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Declaration Date

Record Date

Payment Date

Amount

January 6, 2006

January 17, 2006

January 31, 2006

$

.41

October 6, 2005

October 18, 2005

October 31, 2005

.41

July 5, 2005

July 15, 2005

July 29, 2005

.36

April 4, 2005

April 15, 2005

April 29, 2005

.36

January 7, 2005

January 17, 2005

January 31, 2005

.36

August 20, 2004

October 15, 2004

October 29, 2004

.36

July 2, 2004

July 15, 2004

July 30, 2004

.30

April 5, 2004

April 15, 2004

April 30, 2004

.30

January 5, 2004

January 15, 2004

January 30, 2004

.30

October 1, 2003

October 15, 2003

October 31, 2003

.30

June 9, 2003

July 7, 2003

July 31, 2003

.24

March 14, 2003

April 3, 2003

April 30, 2003

.24

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	Item 6.                      Selected Financial Data

			2005				2004				2003				2002				2001
			(In thousands, except per share amounts)
Operating Data
Revenues			$	3,073,416			$	1,799,881			$	1,262,791			$	973,440			$	799,365
Depreciation and amortization				(672,914	)			(364,854	)			(230,195	)			(179,036	)			(144,863	)
Other operating expenses				(1,342,161	)			(693,735	)			(484,196	)			(366,806	)			(293,565	)
Interest expense, net				(1,020,825	)			(468,958	)			(276,235	)			(215,340	)			(220,402	)
Provision for income taxes				(50,646	)			(2,383	)			(98	)			(119	)			(160	)
Income allocated to minority interests				(43,989	)			(105,274	)			(110,984	)			(86,213	)			(40,288	)
Equity in income of unconsolidated affiliates				120,986				88,191				94,480				80,825				60,195
Network discontinuance costs				—				—				—				—				(66,000	)
Income from continuing operations				63,867				252,868				255,563				206,751				94,282
Income from discontinued operations, net				11,686				14,984				7,848				2,507				1,362
Income before cumulative effect of accounting change				75,553				267,852				263,411				209,258				95,644
Cumulative effect of accounting change				—				—				—				—				(3,334	)
Net income				75,553				267,852				263,411				209,258				92,310
Convertible preferred stock dividends				—				—				(13,030	)			(24,467	)			(24,467	)
Net income available to common stockholders			$	75,553			$	267,852			$	250,381			$	184,791			$	67,843
Basic earnings per share:
	Continuing operations		$	0.27			$	1.15			$	1.21			$	0.98			$	0.44
	Discontinued operations			0.05				0.07				0.04				0.01				0.01
	Cumulative effect of accounting change			—				—				—				—				(0.02	)
			$	0.32			$	1.22			$	1.25			$	0.99			$	0.43
Diluted earnings per share:
	Continuing operations		$	0.27			$	1.15			$	1.19			$	0.97			$	0.44
	Discontinued operations			0.05				0.06				0.03				0.01				0.01
	Cumulative effect of accounting change			—				—				—				—				(0.02	)
			$	0.32			$	1.21			$	1.22			$	0.98			$	0.43
Distributions declared per share			$	1.49			$	1.26			$	0.78			$	0.92			$	0.80

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		2005				2004				2003				2002				2001
		(In thousands, except per share amounts)
Balance Sheet Data
Investment in real estate assets — cost		$	25,401,633			$	25,254,333			$	10,307,961			$	7,724,515			$	5,707,967
Total assets			25,307,019				25,718,625				9,582,897				7,280,822				5,646,807
Total debt			20,418,875				20,310,947				6,649,490				4,592,311				3,398,207
Preferred minority interests			205,944				403,161				495,211				468,201				175,000
Common minority interests			430,292				551,282				408,613				377,746				380,359
Convertible preferred stock			—				—				—				337,500				337,500
Stockholders’ equity			1,932,918				2,143,150				1,670,409				1,196,525				1,183,386
Cash Flow Data
Operating activities		$	841,978			$	719,376			$	585,735			$	460,495			$	207,125
Investing activities			(159,565	)			(9,021,509	)			(1,753,426	)			(949,411	)			(367,366	)
Financing activities			(619,203	)			8,331,037				1,124,728				381,801				293,767
Funds From Operations(1)
Operating Partnership		$	896,005			$	766,164			$	618,561			$	485,304			$	296,777
Less: Allocation to Operating Partnership unitholders			(166,003	)			(154,347	)			(138,568	)			(116,170	)			(80,215	)
General Growth stockholders		$	730,002			$	611,817			$	479,993			$	369,134			$	216,562

(1)	Funds From Operations (“FFO” as defined below) does not represent cash flow from operations as defined by Generally Accepted Accounting Principles (“GAAP”).

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			2005				2004				2003				2002				2001
			(In thousands)
FFO:
	General Growth stockholders		$	730,002			$	611,817			$	479,993			$	369,134			$	216,562
	Operating Partnership unitholders			166,003				154,347				138,568				116,170				80,215
	Operating Partnership			896,005				766,164				618,561				485,304				296,777
Depreciation and amortization of capitalized real estate costs				(799,337	)			(440,108	)			(299,711	)			(241,393	)			(200,123	)
FFO of discontinued operations				(13,548	)			(6,235	)			(6,299	)			(4,263	)			(2,215	)
Allocations to Operating Partnership unitholders				(19,253	)			(66,953	)			(56,988	)			(32,897	)			(157	)
Income from continuing operations				63,867				252,868				255,563				206,751				94,282
Income from discontinued operations, net of minority interest				11,686				14,984				7,848				2,507				1,362
Income before cumulative effect of accounting change and convertible preferred stock dividends				75,553				267,852				263,411				209,258				95,644
Cumulative effect of accounting change				—				—				—				—				(3,334	)
Convertible preferred stock dividends				—				—				(13,030	)			(24,467	)			(24,467	)
Net income available to common stockholders			$	75,553			$	267,852			$	250,381			$	184,791			$	67,843

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

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•	Renewing expiring leases and re-leasing existing space at rates higher than expiring or existing rates. The average annual new/renewal lease rate for our Consolidated Retail Properties for 2005 was $37.72 per square foot which was $4.43 per square foot higher than the average annualized in place rent per square foot, as detailed in the table immediately below.
•	Increasing occupancy at the properties so that more space is generating rent. The occupancy percentage at properties which are not under redevelopment in our Retail Company Portfolio was 92.5 percent at December 31, 2005, compared to 92.1 percent at December 31, 2004.
•	Increased tenant sales in which we participate through overage rents. In 2005, tenant sales per square foot in our Retail Company Portfolio increased 6.4 percent over 2004 to $437 per square foot.

		Consolidated				Unconsolidated				Retail
		Retail				Retail				Company
		Properties				Properties				Portfolio
Operating Statistics(a)
Occupancy			92.1	%			93.5	%			92.5	%
Trailing 12 month total tenant sales per sq. ft.(b)		$	428			$	455			$	437
% change in total sales(b)			5.9	%			7.2	%			6.4	%
% change in comparable sales(b)			3.3				3.9				3.5
Mall and freestanding GLA excluding space under redevelopment (in sq. ft.)			40,354,823				19,176,851				59,531,674
Certain Financial Information
Average annualized in place rent per sq. ft.		$	33.29			$	36.25
Average rent per sq. ft. for new/renewal leases			37.72				40.48
Average rent per sq. ft. for leases expiring in 2005			29.63				32.31

(a)		Excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties.
(b)		Due to tenant sales reporting timelines, data presented is as of November.

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•	Lincolnshire Commons in Lincolnshire (Chicago), Illinois
•	Otay Ranch Town Center in Chula Vista (San Diego), California
•	Gateway Overlook in Benson, Maryland
•	Natick West in Natick, Massachusetts
•	The Shops at Fallen Timbers, Maumee (Toledo), Ohio
•	Pinnacle Hills Promenade in Rogers, Arkansas

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						Gross
						Purchase				New or
		Acquisition Date				Price				Assumed Debt(1)
						(In millions)
2005
20% ownership interest in Shopping Leblon (under development) (through Cencom, S.A. (Brazil))			August 3			$	13.4				—
50% ownership interest in Pinnacle Hills Promenade, a development in progress, (through Rogers Retail L.L.C.)			September 30				18.5				—
50% interest in Circle T Power Center, a development in progress, (through 170 Retail Associates, LTD)			October 31				14.8				—
50% interest in Whalers Village (through GGP/ Teachers)			November 1				85.0			$	67.5
						$	131.7			$	67.5
2004
50% ownership interest in Burlington Town Center			January 7			$	10.25				—
Redlands Mall			January 16				14.25				—
The remaining 50% ownership interest in Town East Mall			March 1				44.5				—
Four Seasons Town Centre			March 5				161.0			$	134.4
331/3 % ownership interest in GGP/ Sambil Costa Rica			April 30				9.7	(1)			—
50% ownership interest in Riverchase Galleria			May 11				166.0				100.0
Mall of Louisiana			May 12				265.0				185.0
The Grand Canal Shoppes			May 17				766.0				766.0
50% ownership interest in GGP/ NIG Brazil			July 30				7.0	(2)			—
Stonestown Galleria			August 13				312.0				220.0
The Rouse Company			November 12				14,327.5	(3)			5,137.8
						$	16,083.2			$	6,543.2

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						Gross
						Purchase				New or
		Acquisition Date				Price				Assumed Debt(1)
						(In millions)
2003
Peachtree Mall			April 30			$	87.6			$	53.0
Saint Louis Galleria			June 11				235.0				176.0
Coronado Center			June 11				175.0				131.0
The remaining 49% ownership interest in GGP Ivanhoe III			July 1				459.0				268.0
Lynnhaven Mall			August 27				256.5				180.0
Sikes Senter			October 14				61.0				41.5
The Maine Mall			October 29				270.0				202.5
Glenbrook Square			October 31				219.0				164.3
Foothills Mall			December 5				100.5				45.7
Chico Mall			December 23				62.4				30.6
Rogue Valley Mall			December 23				57.5				28.0
						$	1,983.5			$	1,320.6

(1)	Additional funding, including for those acquisitions for which a specific and separate loan was not obtained, was paid from cash on hand or proceeds from borrowings under our credit facilities.
(2)	Total commitment of approximately $32.0 million, all of which has been funded at December 31, 2005.
(3)	Excludes approximately $130 million of purchase price adjustments which were recorded in 2005.

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			2005				2004				$ Increase				% Increase
							(In thousands)
Property revenues:
	Minimum rents		$	2,064,127			$	1,351,907			$	712,220				52.7	%
	Tenant recoveries			936,029				607,811				328,218				54.0
	Overage rents			83,713				65,065				18,648				28.7
	Other			178,257				86,380				91,877				106.4
Total property revenues				3,262,126				2,111,163				1,150,963				54.5
Property operating expenses:
	Real estate taxes			261,331				167,660				93,671				55.9
	Repairs and maintenance			238,605				156,401				82,204				52.6
	Marketing			78,227				61,571				16,656				27.1
	Other property operating costs			510,542				282,498				228,044				80.7
	Provision for doubtful accounts			18,725				13,141				5,584				42.5
Total property operating expenses				1,107,430				681,271				426,159				62.6
Real estate property net operating income			$	2,154,696			$	1,429,892			$	724,804				50.7	%

				2004				2003				$ Increase				% Increase
				(In thousands)
Property revenues:
	Minimum rents			$	1,351,907			$	1,061,772			$	290,135				27.3	%
	Tenant recoveries				607,811				472,471				135,340				28.6
	Overage rents				65,065				43,552				21,513				49.4
	Other				86,380				49,456				36,924				74.7
		Total property revenues			2,111,163				1,627,251				483,912				29.7
Property operating expenses:
	Real estate taxes				167,660				128,332				39,328				30.6
	Repairs and maintenance				156,401				115,149				41,252				35.8
	Marketing				61,571				49,934				11,637				23.3
	Other property operating costs				282,498				214,181				68,317				31.9
	Provision for doubtful accounts				13,141				8,705				4,436				51.0
		Total property operating expenses			681,271				516,301				164,970				32.0
Real estate property net operating income				$	1,429,892			$	1,110,950			$	318,942				28.7	%

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		2005				2004				$ Increase				% Increase
						(In thousands)
Tenant rents		$	2,494,851			$	1,585,087			$	909,764				57.4	%
Land sales			385,205				68,643				316,562				461.2
Property operating expenses			868,894				517,869				351,025				67.8
Land sales operations			311,815				66,100				245,715				371.7
Management and other fees			91,734				82,896				8,838				10.7
Property management and other costs			148,399				100,267				48,132				48.0
Depreciation and amortization			672,914				364,854				308,060				84.4
Interest expense			1,031,241				472,185				559,056				118.4
Provision for income taxes			50,646				2,383				48,263				2,025.3

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										$ Increase				% Increase
		2004				2003				(Decrease)				(Decrease)
		(In thousands)
Tenant rents		$	1,585,087			$	1,142,385				442,702				38.8	%
Land sales			68,643				—				68,643				100.0
Property operating expenses			517,869				365,917				151,952				41.5
Land sales operations			66,100				—				66,100				100.0
Management and other fees			82,896				84,138				(1,242	)			(1.5	)
Property management and other costs			100,267				109,746				(9,479	)			(8.6	)
Depreciation and amortization			364,854				230,195				134,659				58.5
Interest expense			472,185				278,543				193,642				69.5
Provision for income taxes			2,383				98				2,285				2,331.6

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Uses		Sources
Short-term liquidity and capital needs such as:
• Tenant construction allowances • Minor improvements made to individual properties that are not recoverable through common area maintenance charges to tenants • Dividend payments • Debt repayment requirements, including both principal and interest • Stock repurchases • Corporate and administrative expenses		• Operating cash flow, including the distributions of our share of cash flow produced by our Unconsolidated Real Estate Affiliates • Land sales from the Master Planned Communities segment • Borrowings under revolving credit facilities
Longer-term liquidity needs such as:
• Acquisitions • New development, including our master planned communities • Major redevelopment, renovation or expansion programs at individual properties • Debt repayment requirements, including both principal and interest • Purchase of Anchor stores available as a result of consolidations, including the Federated/ May merger* • Income tax liabilities		• Secured loans collateralized by individual properties • Unsecured loans at either a venture or company level • Construction loans • Mini-permanent loans • Long-term project financing • Joint venture financing with institutional partners • Equity securities • Asset sales, including the sale of certain office and industrial property acquired in the TRC Merger

*	In August 2005, Federated Department Stores, Inc. completed its merger with May Department Stores Company. In July and October, Federated announced planned store closings which included 15 of our Anchor stores. We may purchase some of these stores. In addition, in 2006, we acquired six Mervyn’s anchor locations for an aggregate purchase price of approximately $76 million.

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				December 31,
				2005				2004				2003
				(In millions)
Consolidated:
Fixed-rate debt				$	14,789			$	11,860			$	4,552
Variable-rate debt:
	2004 Credit Facility:
		Six-month bridge loan			—				750				—
		Three-year term loan			2,715				3,300				—
		Four-year term loan			1,980				2,000				—
		Revolving credit facility			180				150				—
		Total 2004 Credit Facility			4,875				6,200				—
	Other variable-rate debt				755				2,251				2,097
	Total variable-rate debt				5,630				8,451				2,097
Total consolidated				$	20,419			$	20,311			$	6,649
Weighted-average interest rate					5.64	%			5.16	%			4.74	%
Unconsolidated:
Fixed-rate debt				$	2,788			$	2,112			$	709
Variable-rate debt					455				723				1,198
Total Unconsolidated Real Estate Affiliates				$	3,243			$	2,835			$	1,907
Weighted-average interest rate					5.56	%			5.16	%			4.53	%

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		2006				2007				2008				2009				2010				Subsequent				Total
		(In thousands)
Long-term debt-principal(1)		$	1,870,317			$	2,378,676			$	3,779,819			$	5,072,581			$	3,543,137			$	3,627,430			$	20,271,960
Retained debt-principal			50,928				88,365				2,367				2,524				120,019				38,516				302,719
Ground lease payments(1)			8,248				8,372				8,395				8,419				8,428				352,535				394,397
Committed real estate acquisition contracts(2)			—				250,000				—				—				—				—				250,000
Purchase obligations(3)			68,725				—				—				—				—				—				68,725
Interest expense			1,302,225				1,229,903				1,093,402				725,186				370,508				126,960				4,848,184
Other long-term liabilities(4)			—				—				—				—				—				—				—
Total		$	3,300,443			$	3,955,316			$	4,883,983			$	5,808,710			$	4,042,092			$	4,145,441			$	26,135,985

(1)	Excludes non-cash purchase accounting adjustments.
(2)	Reflects $250 million minimum purchase price of the Palazzo (Note 3). We currently expect the actual purchase price to be approximately $600 million.
(3)	Reflects accrued and incurred construction costs payable. Routine trade payables have been excluded. We expect development and redevelopment expenditures of $450 to $800 million per year for the years 2006 to 2009.
(4)	Other long-term liabilities related to ongoing real estate taxes have not been included in the table as such amounts depend upon future applicable real estate tax rates. Real estate tax expense was $206.2 million in 2005, $128.3 million in 2004 and $88.3 million in 2003.

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•	Scheduled increases in base rents of existing leases
•	Changes in minimum base rents and/or overage rents attributable to replacement of existing leases with new or renewal leases
•	Changes in occupancy rates at existing centers and procurement of leases for newly developed centers
•	Necessary capital improvement expenditures or debt repayments at existing properties
•	Our share of distributions of operating cash flow generated by the Unconsolidated Real Estate Affiliates, less management costs and debt service on additional loans that have been or will be incurred
•	Anticipated proceeds from sales in our Master Planned Communities segment

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	•	Projections of our revenues, income, earnings per share, Funds From Operations, capital expenditures, dividends, capital structure or other financial items
	•	Descriptions of plans or objectives of our management for future operations, including pending acquisitions
	•	Forecasts of our future economic performance
	•	Descriptions of assumptions underlying or relating to any of the foregoing

	•	Future repayment of debt, including the ratio of variable to fixed-rate debt in our portfolio
	•	Future interest rates

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Item 7A.	Quantitative and Qualitative Disclosures about Market Risk

Item 8.	Financial Statements and Supplementary Data

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Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A.	Controls and Procedures

•	the Company did not maintain effective controls at the Company’s subsidiary over the process of identifying, communicating, recording and tracking various items that create current and deferred income taxes; and
•	the Company had insufficient personnel resources with technical accounting expertise to enable it to conduct a timely and accurate financial close process.

•	Reviewing the documentation for the income tax closing process and documentation procedures to determine if changes are appropriate to more clearly set forth the quarterly and annual income tax closing process requirements;
•	Educating and training Company employees about accounting and reporting for income tax;

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•	Hiring employees to fill tax-related positions that were vacant at December 31, 2005;
•	Creating additional positions to review and coordinate the implementation and maintenance of internal controls over accounting for income tax;
•	Hiring additional accounting staff with requisite technical accounting expertise;
•	Adhering to the Company’s closing process, including monitoring controls and documentation procedures with the assistance and oversight of additional Company employees;

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As of December 31, 2005, the Company did not maintain effective controls at the Company’s The Rouse Company LP subsidiary over the process of identifying, communicating and tracking various items that create current and deferred income taxes. Specifically, the current portion of the tax provision was not accurately determined and the Company did not adequately review the differences between the income tax basis and financial reporting basis of assets and liabilities and reconcile the differences to recorded deferred income tax assets and liabilities. In addition, the tax department was not appropriately staffed to

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	conduct a timely and accurate review of the tax provision. The consolidated financial statements were adjusted prior to the Company filing this Annual Report on Form 10-K to properly reflect several financial statement line items, including current and deferred taxes, as well as goodwill.
	As of December 31, 2005, the Company’s controls over the financial close process did not operate effectively. There are insufficient personnel resources with technical accounting expertise to conduct a timely and accurate financial close. The consolidated financial statements were corrected prior to the Company filing this Annual Report on Form 10-K. These error corrections affected various items within the consolidated statement of cash flows and a number of financial statement line items, including buildings and equipment, goodwill, investment in unconsolidated real estate affiliates, accounts payable and accrued expenses, equity in net income of unconsolidated affiliates and interest expense.

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Item 9B.	Other Information

Item 10.	Directors and Executive Officers of the Registrant

Item 11.	Executive Compensation

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

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(c)

Number of Securities

(a)

(b)

Remaining Available for

Number of Securities

Weighted-Average

Future Issuance Under

to be Issued upon

Exercise Price of

Equity Compensation

Exercise of

Outstanding

Plans (Excluding

Outstanding Options,

Options, Warrants

Securities Reflected in

Plan Category

Warrants and Rights

and Rights

Column (a))

Equity compensation plans approved by security holders(1)

3,649,316

$

30.42

12,207,735

(2)

Equity compensation plans not approved by security holders(3)

N/A

N/A

284,339

Total

3,649,316

$

30.42

12,492,074

(1)	Includes shares of common stock under the 1993 Stock Incentive Plan (which terminated on April 4, 2003), the 1998 Incentive Stock Plan and the 2003 Incentive Stock Plan.
(2)	Includes 6,645,500 shares of common stock available for issuance under the 2003 Incentive Stock Plan and 5,562,235 shares of common stock available for issuance under the 1998 Incentive Stock Plan.
(3)	Represents shares of common stock under our Employee Stock Purchase Plan, which was adopted by the Board of Directors in November 1998. Under the Employee Stock Purchase Plan, eligible employees make payroll deductions over a six-month period, at which time the amounts withheld are used to purchase shares of common stock at a purchase price equal to 85% of the lesser of the closing price of a share of common stock on the first or last trading day of the purchase period. Purchases of common stock under the Employee Stock Purchase Plan are made on the first business day of the next month after the close of the purchase period. Under New York Stock Exchange rules then in effect, stockholder approval was not required for the Employee Stock Purchase Plan because it is a broad-based plan available generally to all employees.

Item 13.	Certain Relationships and Related Transactions

Item 14.	Principal Accounting Fees and Services

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Item 15.	Exhibits and Financial Statement Schedules

	The consolidated financial statements and schedule listed in the accompanying Index to Consolidated Financial Statements and Consolidated Financial Statement Schedule are filed as part of this Annual Report.

	See Exhibit Index on page S-1.

	Not applicable.

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	General Growth Properties, Inc.

	By:	/s/ John Bucksbaum

	John Bucksbaum
	Chief Executive Officer

Signature				Title		Date
/s/ Matthew Bucksbaum Matthew Bucksbaum				Chairman of the Board		March 31, 2006
/s/ John Bucksbaum John Bucksbaum				Director and Chief Executive Officer (Principal Executive Officer)		March 31, 2006
/s/ Robert Michaels Robert Michaels				Director, President and Chief Operating Officer		March 31, 2006
/s/ Bernard Freibaum Bernard Freibaum				Director, Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)		March 31, 2006
/s/ Alan Cohen Alan Cohen				Director		March 31, 2006
/s/ Anthony Downs Anthony Downs				Director		March 31, 2006
/s/ Adam Metz Adam Metz				Director		March 31, 2006
/s/ Thomas Nolan Thomas Nolan				Director		March 31, 2006
/s/ John Riordan John Riordan				Director		March 31, 2006
/s/ Beth Stewart Beth Stewart				Director		March 31, 2006

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			Page
Consolidated Financial Statements
	Report of Independent Registered Public Accounting Firm — General Growth Properties, Inc.			F-2
	Report of Independent Registered Public Accounting Firm — GGP/ Homart, Inc.			F-3
	Report of Independent Registered Public Accounting Firm — GGP/ Homart II L.L.C.			F-4
	Report of Independent Registered Public Accounting Firm — GGP-TRS, L.L.C.			F-5
	Consolidated Balance Sheets as of December 31, 2005 and 2004			F-6
	Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2005, 2004 and 2003			F-7
	Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2005, 2004 and 2003			F-8
	Consolidated Statements of Cash Flows for the years ended December 31, 2005, 2004 and 2003			F-9
	Notes to Consolidated Financial Statements			F-10
Consolidated Financial Statement Schedule
	Report of Independent Registered Public Accounting Firm			F-55
	Schedule III — Real Estate and Accumulated Depreciation			F-56

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F-2

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F-3

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F-4

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				December 31,
				2005				2004
				(Dollars in thousands)
Assets
Investment in real estate:
	Land			$	2,826,766			$	2,859,552
	Buildings and equipment				18,739,445				18,251,258
	Less accumulated depreciation				(2,104,956	)			(1,453,488	)
	Developments in progress				366,262				559,969
		Net property and equipment			19,827,517				20,217,291
	Investment in and loans to/from Unconsolidated Real Estate Affiliates				1,818,097				1,945,541
	Investment land and land held for development and sale				1,651,063				1,638,013
		Net investment in real estate			23,296,677				23,800,845
Cash and cash equivalents					102,791				39,581
Accounts and notes receivable, net					293,351				242,425
Insurance recovery receivable					63,382				—
Goodwill					420,624				356,796
Deferred expenses, net					209,825				153,231
Prepaid expenses and other assets					920,369				1,125,747
		Total assets		$	25,307,019			$	25,718,625
Liabilities and Stockholders’ Equity
Mortgage notes and other property debt payable				$	20,418,875			$	20,310,947
Deferred tax liabilities					1,286,576				1,414,565
Accounts payable and accrued expenses					1,032,414				895,520
		Total liabilities			22,737,865				22,621,032
Minority interests:
	Preferred				205,944				403,161
	Common				430,292				551,282
		Total minority interests			636,236				954,443
Commitments and contingencies					—				—
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding					—				—
Stockholders’ Equity:
	Common stock: $.01 par value; 875,000,000 shares authorized, 239,865,045 and 234,724,082 shares issued as of December 31, 2005 and 2004, respectively				2,399				2,347
	Additional paid-in capital				2,469,262				2,378,237
	Retained earnings (accumulated deficit)				(518,555	)			(227,511	)
	Notes receivable-common stock purchase				—				(5,178	)
	Unearned compensation-restricted stock				(280	)			(1,060	)
	Accumulated other comprehensive income (loss)				10,454				(3,685	)
	Less common stock in treasury, 668,396 shares at December 31, 2005, at cost				(30,362	)			—
		Total stockholders’ equity			1,932,918				2,143,150
		Total liabilities and stockholders’ equity		$	25,307,019			$	25,718,625

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				Years Ended December 31,
				2005				2004				2003
				(Dollars in thousands, except for per
				share amounts)
Revenues:
	Minimum rents			$	1,670,387			$	1,058,732			$	775,320
	Tenant recoveries				754,836				472,250				332,137
	Overage rents				69,628				54,105				34,928
	Land sales				385,205				68,643				—
	Management and other fees				91,734				82,896				84,138
	Other				101,626				63,255				36,268
		Total revenues			3,073,416				1,799,881				1,262,791
Expenses:
	Real estate taxes				206,193				128,114				88,276
	Repairs and maintenance				195,292				123,251				81,433
	Marketing				63,522				48,220				35,797
	Other property operating costs				390,019				207,909				153,370
	Land sales operations				311,815				66,100				—
	Provision for doubtful accounts				13,868				10,375				7,041
	Property management and other costs				148,399				100,267				109,746
	General and administrative				13,053				9,499				8,533
	Depreciation and amortization				672,914				364,854				230,195
		Total expenses			2,015,075				1,058,589				714,391
Operating income					1,058,341				741,292				548,400
Interest income					10,416				3,227				2,308
Interest expense					(1,031,241	)			(472,185	)			(278,543	)
Income before income taxes and allocations to minority interests and from unconsolidated affiliates					37,516				272,334				272,165
Provision for income taxes					(50,646	)			(2,383	)			(98	)
Income allocated to minority interests					(43,989	)			(105,274	)			(110,984	)
Equity in income of unconsolidated affiliates					120,986				88,191				94,480
Income from continuing operations					63,867				252,868				255,563
Discontinued operations, net of minority interests:
	Income from operations				6,568				3,813				4,128
	Gain on disposition				5,118				11,171				3,720
					11,686				14,984				7,848
Net income				$	75,553			$	267,852			$	263,411
Convertible preferred stock dividends					—				—				(13,030	)
Net income available to common stockholders				$	75,553			$	267,852			$	250,381
Basic Earnings Per Share:
	Continuing operations			$	0.27			$	1.15			$	1.21
	Discontinued operations				0.05				0.07				0.04
		Total basic earnings per share		$	0.32			$	1.22			$	1.25
Diluted Earnings Per Share:
	Continuing operations			$	0.27			$	1.15			$	1.19
	Discontinued operations				0.05				0.06				0.03
		Total diluted earnings per share		$	0.32			$	1.21			$	1.22
Comprehensive Income, Net:
	Net income			$	75,553			$	267,852			$	263,411
	Other comprehensive income, net of minority interest:
		Net unrealized gains on financial instruments			9,554				10,992				12,542
		Minimum pension liability adjustment			(374	)			102				308
		Foreign currency translation			4,920				1,590				—
		Unrealized gains (losses) on available-for-sale securities			39				(94	)			—
		Total other comprehensive income, net of minority interest			14,139				12,590				12,850
	Comprehensive income, net			$	89,692			$	280,442			$	276,261

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														Notes								Accumulated
										Retained				Receivable-				Unearned				Other
						Additional				Earnings				Common				Compensation				Comprehensive								Total
		Common				Paid-In				(Accumulated				Stock				Restricted				Income				Treasury				Stockholders’
		Stock				Capital				Deficit)				Purchase				Stock				(Loss)				Stock				Equity
		(Dollars in thousands)
Balance, December 31, 2002		$	1,872			$	1,549,642			$	(315,844	)		$	(7,772	)		$	(2,248	)		$	(29,125	)		$	—			$	1,196,525
Net income											263,411																				263,411
Cash distributions declared ($0.78 per share)											(155,049	)																			(155,049	)
Convertible Preferred Stock dividends											(13,030	)																			(13,030	)
PIERS redemption and conversion, net (25,503,543 common shares)			255				337,837																								338,092
Conversion of operating partnership units to common stock (2,956,491 common shares)			30				22,134																								22,164
Issuance of common stock, net of employee stock option loan/repayments (1,642,687 common shares)			16				30,108								1,297																31,421
Restricted stock grant, net of compensation expense																			299												299
Other comprehensive income																							12,850								12,850
Adjustment for minority interest in operating partnership							(26,274	)																							(26,274	)
Balance, December 31, 2003		$	2,173			$	1,913,447			$	(220,512	)		$	(6,475	)		$	(1,949	)		$	(16,275	)		$	—			$	1,670,409
Net income											267,852																				267,852
Cash distributions declared ($1.26 per share)											(274,851	)																			(274,851	)
Conversion of operating partnership units to common stock (179,987 common shares)			2				1,371																								1,373
Conversion of convertible preferred units to common stock (456,463 common shares)			4				9,297																								9,301
Issuance of common stock, net of employee stock option loan/repayments (16,793,656 common shares)			168				530,920								1,297																532,385
Restricted stock grant, net of compensation expense																			889												889
Other comprehensive income																							12,590								12,590
Adjustment for minority interest in operating partnership							(76,798	)																							(76,798	)
Balance, December 31, 2004		$	2,347			$	2,378,237			$	(227,511	)		$	(5,178	)		$	(1,060	)		$	(3,685	)		$	—				2,143,150
Net income											75,553																				75,553
Cash distributions declared ($1.49 per share)											(353,665	)																			(353,665	)
Conversion of operating partnership units to common stock (2,470,368 common shares)			25				23,907																								23,932
Conversion of convertible preferred units to common stock (729,890 common shares)			7				14,330																								14,337
Issuance of common stock, net of employee stock option loan/repayments (1,322,720 common shares) (545,204 treasury shares)			13				40,135				(7,892	)			5,178												24,522				61,956
Tax benefit from stock option exercises							3,328																								3,328
Shares issued pursuant to CSA (551,985 common shares) (1,000,400 treasury shares)			6				19,393				(5,040	)															44,696				59,055
Restricted stock grant, net of compensation expense (66,000 common shares)			1				2,336												780												3,117
Purchase of treasury stock (2,214,000 treasury shares)																											(99,580	)			(99,580	)
Other comprehensive income																							14,139								14,139
Adjustment for minority interest in operating partnership							(12,404	)																							(12,404	)
Balance, December 31, 2005		$	2,399			$	2,469,262			$	(518,555	)		$	—			$	(280	)		$	10,454			$	(30,362	)		$	1,932,918

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						Years Ended December 31,
						2005				2004				2003
						(In thousands)
Cash Flows from Operating Activities:
	Net income					$	75,553			$	267,852			$	263,411
	Adjustments to reconcile net income to net cash provided by operating activities:
			Minority interests, including discontinued operations				45,488				106,233				113,289
			Equity in income of unconsolidated affiliates				(120,986	)			(88,191	)			(94,480	)
			Provision for doubtful accounts, including discontinued operations				13,876				10,393				7,009
			Distributions received from unconsolidated affiliates				119,602				87,906				91,613
			Depreciation, including discontinued operations				657,358				348,303				205,385
			Amortization, including discontinued operations				30,536				28,753				34,849
			Amortization of debt market rate adjustment				(46,993	)			(1,026	)			(723	)
			Gain on disposition				(5,118	)			(11,172	)			(4,831	)
			Participation expense pursuant to Contingent Stock Agreement				106,285				8,513				—
			Land development and acquisitions expenditures				(140,823	)			(27,563	)			—
			Cost of land sales				181,301				51,659				—
			Debt assumed by purchasers of land				(11,371	)			(318	)			—
			Deferred income taxes				28,596				1,993				—
			Proceeds from the sale of marketable securities, including defined contribution plan assets				27,740				7,954				—
			Net changes:
				Accounts and notes receivable			(85,125	)			(21,177	)			(29,304	)
				Prepaid expenses and other assets			(32,701	)			21,463				16,269
				Deferred expenses			(73,048	)			(43,485	)			(54,535	)
				Accounts payable and accrued expenses			61,909				(44,614	)			34,683
				Other, net			9,899				15,900				3,100
				Net cash provided by operating activities			841,978				719,376				585,735
Cash Flows from Investing Activities:
	Acquisition/development of real estate and property additions/improvements						(497,977	)			(9,000,108	)			(1,732,358	)
	Proceeds from sale of investment property						143,543				65,268				14,978
	Increase in investments in unconsolidated affiliates						(195,642	)			(211,247	)			(26,418	)
	Increase in restricted cash						(22,950	)			(1,951	)			(7,971	)
	Insurance recoveries						5,000				—				—
	Distributions received from unconsolidated affiliates in excess of income						260,639				134,116				90,925
	Loans (to) from unconsolidated affiliates, net						126,500				(8,884	)			(94,355	)
	Other, net						21,322				1,297				1,773
		Net cash used in investing activities					(159,565	)			(9,021,509	)			(1,753,426	)
Cash Flows from Financing Activities:
	Cash distributions paid to common stockholders						(353,665	)			(274,851	)			(199,986	)
	Cash distributions paid to holders of Common Units						(80,885	)			(70,412	)			(59,815	)
	Cash distributions paid to holders of perpetual and convertible preferred units						(27,329	)			(37,152	)			(40,257	)
	Payment of dividends on PIERS						—				—				(19,145	)
	Proceeds from issuance of common stock, including from common stock plans						45,208				531,976				31,308
	Purchase of treasury stock						(98,939	)			—				—
	Redemption of preferred minority interests						(183,000	)			(107,923	)			—
	Proceeds from issuance of mortgage notes and other property debt payable						3,907,254				12,733,339				3,140,750
	Principal payments on mortgage notes and other property debt payable						(3,791,978	)			(4,430,532	)			(1,715,029	)
	Other, net						(35,869	)			(13,408	)			(13,098	)
		Net cash (used in) provided by financing activities					(619,203	)			8,331,037				1,124,728
Net change in cash and cash equivalents							63,210				28,904				(42,963	)
Cash and cash equivalents at beginning of period							39,581				10,677				53,640
Cash and cash equivalents at end of period						$	102,791			$	39,581			$	10,677
Supplemental Disclosure of Cash Flow Information:
	Interest paid					$	1,074,874			$	424,380			$	258,395
	Interest capitalized						54,260				11,272				5,679
	Income taxes paid						8,170				390				98
Non-Cash Investing and Financing Activities:
	Common stock issued in exchange for PIERS					$	—			$	—			$	337,483
	Common stock issued in exchange for Operating Partnership Units						23,932				1,373				22,134
	Common stock issued in exchange for convertible preferred units						14,337				9,301				—
	Assumption of debt in conjunction with acquisition of property						—				134,902				552,174
	Common stock issued pursuant to Contingent Stock Agreement						59,055				—				—
	Operating Partnership Units issued as consideration for purchase of real estate						—				25,132				26,637
	TRC Merger:
		Fair value of assets acquired					(134,166	)			14,327,519				—
		Cash paid					—				(7,150,844	)			—
		Liabilities assumed					(125,925	)			7,176,675				—

F-9

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Table of Contents

	General

	82	%		General Growth, as sole general partner
	16			Limited partners that indirectly include family members of the original stockholders of the Company. Represented by common units of limited partnership interest (the “Common Units”)
	2			Limited partners that include subsequent contributors of properties to the Operating Partnership which are also represented by Common Units.
	100	%

•	GGPLP L.L.C., a Delaware limited liability company (the “LLC”), has ownership interests in the majority of our properties (other than those acquired in The Rouse Company merger (the “TRC Merger,” Note 3)).
•	The Rouse Company LP (“TRCLP”), successor to The Rouse Company (“TRC”), which includes both REIT and taxable REIT subsidiaries (“TRSs”), has ownership interests in Consolidated Properties and Unconsolidated Properties (each as defined below).
•	General Growth Management, Inc. (“GGMI”), a TRS, manages, leases, and performs various other services for some of our Unconsolidated Real Estate Affiliates (as defined below) and approximately 30 properties owned by unaffiliated third parties.

	Shareholder Rights Plan

F-10

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Table of Contents

	Dividend Reinvestment and Stock Purchase Plan

Note 2	Summary of Significant Accounting Policies

	Principles of Consolidation

	Properties

F-11

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Table of Contents

		Years
Buildings and improvements			40-45
Equipment, tenant improvements and fixtures			5-10

	Acquisitions of Operating Properties

F-12

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Table of Contents

	Investments in Unconsolidated Real Estate Affiliates

	Cash and Cash Equivalents and Investments in Marketable Securities

	Leases

	Deferred Expenses

F-13

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Table of Contents

	Minority Interests — Common (Note 12)

	Treasury Stock

	Revenue Recognition and Related Matters

		2005				2004				2003
		(In thousands)
Lease termination fees		$	14,534			$	7,942			$	9,694
Above and below-market tenant lease accretion			34,692				27,591				16,551

F-14

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Table of Contents

	Income Taxes (Note 7)

	Earnings Per Share (“EPS”)

F-15

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Table of Contents

			Years Ended December 31,
			2005								2004								2003
			Basic				Diluted				Basic				Diluted				Basic				Diluted
			(In thousands)
Numerators:
	Income from continuing operations		$	63,867			$	63,867			$	252,868			$	252,868			$	255,563			$	255,563
	Convertible preferred stock dividends			—				—				—				—				(13,030	)*			—
	Income from continuing operations available to common stockholders			63,867				63,867				252,868				252,868				242,533				255,563
	Discontinued operations, net of minority interest			11,686				11,686				14,984				14,984				7,848				7,848
	Net income available to common stockholders		$	75,553			$	75,553			$	267,852			$	267,852			$	250,381			$	263,411
Denominators:
	Weighted average number of common shares outstanding — basic			237,673				237,673				220,149				220,149				200,875				200,875
	Effect of dilutive securities — options (and PIERS in 2003*)			—				796				—				680				—				14,204
	Weighted average number of common shares outstanding			237,673				238,469				220,149				220,829				200,875				215,079

*	For the year ended December 31, 2003, the effect of the issuance of the PIERS is dilutive and, therefore, no adjustment of net income is made as the PIERS dilution is reflected in the denominator of the diluted EPS calculation.

F-16

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Table of Contents

		2005								2004
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
		(In millions)
Fixed-rate debt		$	13,906			$	13,960			$	11,120			$	11,368
Variable-rate debt			6,513				6,430				9,191				9,187
		$	20,419			$	20,390			$	20,311			$	20,555

	Stock Options (Note 10)

F-17

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Table of Contents

	Foreign Currency Translation

	Use of Estimates

	Reclassifications

Note 3	Acquisitions and Intangibles

	The Rouse Company

F-18

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Table of Contents

							Revisions/
			Initial Estimate				Reclassifications				Final Valuation
			November 12, 2004				Non-Cash				November 12, 2005
			(In thousands)
Land			$	1,314,711			$	(2,720	)		$	1,311,991
Buildings and equipment				8,206,370				(24,808	)			8,181,562
Developments in progress				383,996				(52,904	)			331,092
Investment in and loans to Unconsolidated Real Estate Affiliates				1,236,299				49,203				1,285,502
Investment land and land held for development and sale				1,645,700				54,079				1,699,779
Cash and cash equivalents				29,077				—				29,077
Accounts and notes receivables				84,424				(2,470	)			81,954
Prepaid expenses and other assets:
	Below-market ground leases			382,328				(23,804	)			358,524
	Above-market tenant leases			141,048				(32,830	)			108,218
	Deferred tax assets			145,243				(143,004	)			2,239
	Other			401,527				(18,736	)			382,791
Goodwill				356,796				63,828				420,624
Total purchase price			$	14,327,519			$	(134,166	)		$	14,193,353

		Acquisition Date
20% ownership interest in Zaratustra Mall (through Cencom, S.A. (Brazil))			August 3
50% ownership interest in Pinnacle Hills Promenade (through Rogers Retail L.L.C.)			September 30
50% ownership interest in Circle T Power Center (through 170 Retail Associates, LTD)			October 31
50% ownership interest in Whalers Village (through GGP-TRS, L.L.C.)			November 1

F-19

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Table of Contents

						Gross
		Acquisition				Purchase
		Date				Price
		(In millions)
50% ownership interest in Burlington Town Center			January 7			$	10.25
Redlands Mall			January 16				14.25
The remaining 50% ownership interest in Town East Mall			March 1				44.5
Four Seasons Town Centre			March 5				161.0
50% ownership interest in GSG de Costa Rica SRL			April 30				9.7
50% ownership interest in Riverchase Galleria			May 11				166.0
Mall of Louisiana			May 12				265.0
Grand Canal Shoppes			May 17				766.0
50% ownership interest in GGP/ NIG Brazil			July 30				7.0
Stonestown Galleria			August 13				312.0

F-20

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Table of Contents

			Gross Asset				Accumulated				Net Carrying
			(Liability)				Amortization				Amount
			(In thousands)
December 31, 2005
Tenant leases:
	In-place value		$	664,444			$	176,190			$	488,254
	Above-market			106,117				29,023				77,094
	Below-market			(293,967	)			(111,697	)			(182,270	)
Ground leases:
	Above-market			(16,968	)			(535	)			(16,433	)
	Below-market			358,524				8,736				349,788
Real estate tax stabilization agreement				91,879				4,691				87,188
December 31, 2004
Tenant leases:
	In-place value		$	595,162			$	29,495			$	565,667
	Above-market			141,701				2,883				138,818
	Below-market			(303,427	)			(51,444	)			(251,983	)
Ground leases:
	Above-market			(17,077	)			(66	)			(17,011	)
	Below-market			398,510				1,125				397,385
Real estate tax stabilization agreement				94,168				654				93,514

Note 4	Discontinued Operations and Gains on Dispositions of Interests in Operating Properties

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		(In thousands)
Land		$	57,132
Buildings and equipment, net			102,691
Other assets			4,459
Mortgage notes payable			(21,963	)
Accounts payable and accrued expenses			(1,499	)
Net		$	140,820

				Years Ended December 31,
				2005				2004				2003
				(In thousands)
Revenues:
	Hunt Valley/ Rutherford			$	24,275			$	2,813			$	—
	JP Realty commercial/business properties				—				6,118				7,937
	McCreless				—				—				859
		Total		$	24,275			$	8,931			$	8,796
Net income:
	Hunt Valley/Rutherford			$	8,067			$	983			$	—
	JP Realty commercial/business properties				—				3,801				5,030
	McCreless				—				—				292
		Total		$	8,067			$	4,784			$	5,322

Note 5	Unconsolidated Real Estate Affiliates

F-22

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Table of Contents

	Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates

					December 31,
					2005				2004
					(In thousands)
Condensed Combined Balance Sheets — Unconsolidated Real Estate Affiliates
Assets:
	Land				$	919,532			$	852,137
	Buildings and equipment					7,658,896				7,398,555
	Less accumulated depreciation					(1,304,226	)			(982,616	)
	Developments in progress					425,057				220,486
		Net property and equipment				7,699,259				7,488,562
	Investment in unconsolidated joint ventures					89,430				56,362
	Investment land and land held for sale and development					259,386				257,555
		Net investment in real estate				8,048,075				7,802,479
	Cash and cash equivalents					194,494				134,399
	Accounts and notes receivable, net					161,218				119,444
	Deferred expenses, net					148,561				175,447
	Prepaid expenses and other assets					259,480				261,463
			Total assets		$	8,811,828			$	8,493,232
Liabilities and Owners’ Equity:
	Mortgage notes and other property debt payable				$	6,325,118			$	5,601,137
	Accounts payable and accrued expenses					455,596				417,324
	Owners’ equity					2,031,114				2,474,771
			Total liabilities and owners’ equity		$	8,811,828			$	8,493,232

F-23

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		December 31,
		2005				2004
		(In thousands)
Investment In and Loans To/ From Unconsolidated Real Estate Affiliates
Owners’ equity		$	2,031,114			$	2,474,771
Less joint venture partners’ equity			(1,188,150	)			(1,258,133	)
Capital or basis differences and loans			975,133				728,903
Investment in and loans to/from Unconsolidated Real Estate Affiliates		$	1,818,097			$	1,945,541

				Years Ended December 31,
				2005				2004				2003
				(In thousands)
Condensed Combined Statements of Operations — Unconsolidated Real Estate Affiliates
Revenues:
	Minimum rents			$	792,708			$	569,347			$	559,060
	Tenant recoveries				364,645				264,907				272,537
	Overage rents				28,592				21,421				15,593
	Land sales				158,181				38,681				—
	Other				126,503				35,082				15,414
		Total revenues			1,470,629				929,438				862,604
Expenses:
	Real estate taxes				112,010				77,513				78,449
	Repairs and maintenance				87,449				59,051				64,864
	Marketing				29,563				25,859				27,504
	Other property operating costs				239,404				144,894				117,387
	Land sales operations				89,560				18,101				—
	Provision for doubtful accounts				10,071				5,389				3,197
	Property management and other costs				59,423				47,042				48,807
	General and administrative				3,267				7,759				2,099
	Depreciation and amortization				254,542				170,530				157,776
		Total expenses			885,289				556,138				500,083
Operating income					585,340				373,300				362,521
Interest income					14,430				3,779				5,757
Interest expense					(303,447	)			(179,807	)			(174,862	)
Equity in income of unconsolidated joint ventures					5,384				4,337				3,933
Net income				$	301,707			$	201,609			$	197,349

F-24

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		Years Ended December 31,
		2005				2004				2003
		(In thousands)
Equity In Income of Unconsolidated Real Estate Affiliates
Net income of Unconsolidated Real Estate Affiliates		$	301,707			$	201,609			$	197,349
Joint venture partners’ share of income of Unconsolidated Real Estate Affiliates			(157,152	)			(103,768	)			(98,226	)
Amortization of capital or basis differences			(22,998	)			(9,633	)			(3,263	)
Elimination of Unconsolidated Real Estate Affiliates loan interest			(571	)			(17	)			(1,380	)
Equity in income of Unconsolidated Real Estate Affiliates		$	120,986			$	88,191			$	94,480

F-25

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				GGP/Homart
				December 31,				December 31,
				2005				2004
				(In thousands)
Assets:
	Land			$	146,527			$	146,777
	Buildings and equipment				1,796,336				1,765,800
	Less accumulated depreciation				(452,809	)			(389,682	)
	Developments in progress				30,009				8,586
	Investment in unconsolidated joint ventures				8,788				10,898
		Net investment in real estate			1,528,851				1,542,379
	Cash and cash equivalents				65,612				20,319
	Accounts receivable, net				48,137				39,252
	Deferred expenses, net				46,709				48,970
	Prepaid expenses and other assets				18,333				56,482
		Total assets		$	1,707,642			$	1,707,402
Liabilities and Stockholders’ Equity:
	Mortgage notes and other property debt payable			$	1,579,717			$	1,469,938
	Accounts payable and accrued expenses				58,710				63,559
	Stockholders’ equity				69,215				173,905
		Total liabilities and stockholders’ equity		$	1,707,642			$	1,707,402

				GGP/Homart II
				December 31,				December 31,
				2005				2004
				(In thousands)
Assets:
	Land			$	190,787			$	190,707
	Buildings and equipment				2,014,151				1,957,969
	Less accumulated depreciation				(264,434	)			(205,637	)
	Developments in progress				148,453				63,970
		Net investment in real estate			2,088,957				2,007,009
	Cash and cash equivalents				47,781				23,149
	Accounts receivable, net				32,644				32,265
	Deferred expenses, net				56,223				59,102
	Prepaid expenses and other assets				116,234				36,236
		Total assets		$	2,341,839			$	2,157,761
Liabilities and Members’ Capital:
	Mortgage notes and other property debt payable			$	1,666,979			$	1,331,301
	Accounts payable and accrued expenses				81,064				81,691
	Members’ capital				593,796				744,769
		Total liabilities and members’ capital		$	2,341,839			$	2,157,761

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				GGP/Teachers
				December 31,				December 31,
				2005				2004
				(In thousands)
Assets:
	Land			$	176,761			$	125,378
	Buildings and equipment				879,828				703,700
	Less accumulated depreciation				(64,795	)			(44,147	)
	Developments in progress				18,431				20,847
		Net investment in real estate			1,010,225				805,778
	Cash and cash equivalents				16,531				19,658
	Accounts receivable, net				9,725				7,990
	Deferred expenses, net				13,220				8,423
	Prepaid expenses and other assets				3,968				3,267
		Total assets		$	1,053,669			$	845,116
Liabilities and Members’ Capital:
	Mortgage notes and other property debt payable			$	786,025			$	466,580
	Accounts payable and accrued expenses				82,574				67,017
	Members’ capital				185,070				311,519
		Total liabilities and members’ capital		$	1,053,669			$	845,116

F-27

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				GGP/Homart
				2005				2004				2003
Years ended December 31,
				(In thousands)
Revenues:
	Minimum rents			$	226,936			$	214,448			$	208,685
	Tenant recoveries				95,752				91,867				91,476
	Overage rents				9,312				8,266				6,241
	Other				10,660				7,469				6,388
		Total revenues			342,660				322,050				312,790
Expenses:
	Real estate taxes				29,745				27,845				26,852
	Repairs and maintenance				26,748				25,890				25,482
	Marketing				9,294				9,683				9,576
	Other property operating costs				36,590				41,975				41,468
	Provision for doubtful accounts				1,088				1,487				1,040
	Property management and other costs				20,835				19,355				18,846
	General and administrative				434				2,756				755
	Depreciation and amortization				68,578				66,430				61,778
		Total expenses			193,312				195,421				185,797
Operating income					149,348				126,629				126,993
Interest income					4,588				1,817				1,185
Interest expense					(84,684	)			(81,120	)			(74,813	)
Equity in income of unconsolidated joint ventures					5,384				4,337				3,933
Net income				$	74,636			$	51,663			$	57,298

F-28

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				GGP/Homart II
				2005				2004				2003
Years ended December 31,
				(In thousands)
Revenues:
	Minimum rents			$	194,938			$	184,418			$	177,752
	Tenant recoveries				92,862				90,958				85,194
	Overage rents				6,432				5,530				5,552
	Other				8,543				5,352				5,823
		Total revenues			302,775				286,258				274,321
Expenses:
	Real estate taxes				27,132				27,030				24,493
	Repairs and maintenance				19,671				18,734				18,454
	Marketing				8,726				9,504				9,271
	Other property operating costs				29,518				34,268				34,496
	Provision for doubtful accounts				3,125				1,591				1,733
	Property management and other costs				17,468				16,176				15,892
	General and administrative				1,913				4,282				577
	Depreciation and amortization				61,923				56,394				53,243
		Total expenses			169,476				167,979				158,159
Operating income					133,299				118,279				116,162
Interest income					7,358				1,492				4,188
Interest expense					(77,285	)			(55,780	)			(60,491	)
Net income				$	63,372			$	63,991			$	59,859

F-29

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				GGP/Teachers
				2005				2004				2003
Years ended December 31,
				(In thousands)
Revenues:
	Minimum rents			$	87,014			$	83,464			$	78,252
	Tenant recoveries				40,033				38,473				39,329
	Overage rents				2,888				2,736				1,844
	Other				2,378				1,831				1,132
		Total revenues			132,313				126,504				120,557
Expenses:
	Real estate taxes				11,130				10,868				11,756
	Repairs and maintenance				7,405				7,472				8,321
	Marketing				3,610				3,424				3,383
	Other property operating costs				13,551				16,538				16,235
	Provision for doubtful accounts				440				445				250
	Property management and other costs				7,424				6,716				6,383
	General and administrative				875				302				711
	Depreciation and amortization				21,385				20,578				17,399
		Total expenses			65,820				66,343				64,438
Operating income					66,493				60,161				56,119
Interest income					723				287				274
Interest expense					(27,030	)			(15,499	)			(14,939	)
Net income				$	40,186			$	44,949			$	41,454

F-30

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			December 31,
			2005				2004
			(In thousands)
Fixed-rate debt:
	Commercial mortgage-backed securities		$	1,181,895			$	1,201,291
	Other collateralized mortgage notes and other property debt payable			11,092,544				8,167,894
	Corporate and other unsecured term loans			1,631,257				1,750,882
	Total fixed-rate debt			13,905,696				11,120,067
Variable-rate debt:
	Commercial mortgage-backed securities			306,270				361,239
	Other collateralized mortgage notes and other property debt payable			888,842				2,189,059
	Credit facilities			180,500				150,000
	Corporate and other unsecured term loans			5,137,567				6,490,582
	Total variable-rate debt			6,513,179				9,190,880
	Total		$	20,418,875			$	20,310,947

F-31

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Table of Contents

		Outstanding Balance								Number of Collateralized Properties
		Consolidated				Unconsolidated				Consolidated				Unconsolidated
		(Dollars in millions)
GGP MPTC		$	619.4			$	291.4				4				5
CMBS 13			868.8				138.6				11				2

						December 31,
		Initial
		Capacity				2005				2004
		(In millions)
Six-month bridge loan		$	1,145.0			$	—			$	749.9
Three-year term loan			3,650.0				3,064.9				3,650.0
Four-year term loan			2,000.0				1,980.0				2,000.0
Revolving credit facility			500.0				180.5				150.0
		$	7,295.0			$	5,225.4			$	6,549.9

F-32

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	Unsecured Term Loans

F-33

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Table of Contents

	Interest Rate Swaps

						2004 Credit
		GGP MPTC				Agreement				Property Specific
Total notional amount (in millions)		$	125.0			$	350.0			$	408.1
Average fixed effective rate (pay rate)			4.59	%			3.43	%			5.62	%
Average variable interest rate of related debt (receive rate)			LIBOR + .92	%			LIBOR + 1.75	%			LIBOR + 1.60	%

	Letters of Credit and Surety Bonds

F-34

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		2005				2004
		(In thousands)
Current		$	22,050			$	390
Deferred			28,596				1,993
Total		$	50,646			$	2,383

		2005				2004
		(In thousands)
Tax at statutory rate on earnings from continuing operations before income taxes		$	40,080			$	89,481
Decrease in valuation allowances, net			(5,114	)			(2,110	)
State income taxes, net of federal income tax benefit			343				115
Tax at statutory rate on (earnings) loss not subject to federal income taxes and other permanent differences			15,337				(85,103	)
Income tax expense		$	50,646			$	2,383

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			2005				2004
			(In thousands)
Total deferred tax assets			$	12,457			$	180,374
Valuation allowance				—				(29,998	)
	Net deferred tax assets			12,457				150,376
Total deferred tax liabilities				(1,286,576	)			(1,414,565	)
Net deferred tax assets (liabilities)			$	(1,274,119	)		$	(1,264,189	)

		2005				2004
		(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and certain other costs		$	(1,266,660	)		$	(1,329,676	)
Deferred income			(236,167	)			(146,182	)
Interest deduction carryforwards			163,193				154,523
Operating loss and tax credit carryforwards			65,515				57,146
Net deferred tax assets (liabilities)		$	(1,274,119	)		$	(1,264,189	)

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		2005				2004				2003
Common shares
Ordinary income		$	0.993			$	1.260			$	1.003
Return of capital			0.497				—				—
Unrecaptured Section 1250 capital gains			—				—				0.017
Distributions per share		$	1.490			$	1.260			$	1.020
Preferred shares*
Ordinary income		$	—			$	—			$	1.403
Unrecaptured Section 1250 capital gains			—				—				0.028
Distributions per share		$	—			$	—			$	1.431

Year		Amount
		(In thousands)
2006		$	1,308,641
2007			1,219,607
2008			1,096,938
2009			959,978
2010			804,762
Subsequent			2,817,353

Note 9	Transactions with Affiliates

	Property Management and Other Fees

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	Notes Receivable — Officers

		2004
		(In thousands)
Income tax withholdings reported in Prepaid and Other Assets		$	623
Reported as a reduction to Stockholders’ Equity			5,178
		$	5,801

	Other

Note 10	Employee Benefit and Stock Plans

	Incentive Stock Plans

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		2005								2004								2003
						Weighted								Weighted								Weighted
						Average								Average								Average
						Exercise								Exercise								Exercise
		Shares				Price				Shares				Price				Shares				Price
Outstanding at beginning of year			1,875,687			$	22.17				1,482,087			$	14.86				1,590,309			$	12.45
Granted			1,352,500				36.13				922,500				30.80				760,500				16.96
Exercised			(610,213	)			21.00				(521,100	)			16.83				(845,922	)			12.28
Forfeited			(71,800	)			32.90				(7,800	)			11.26				(22,800	)			11.76
Outstanding at end of year			2,546,174			$	29.57				1,875,687			$	22.17				1,482,087			$	14.86
Exercisable at end of year			607,174			$	25.85				369,687			$	19.49				234,087			$	13.67
Shares available for future grants			6,645,500								7,994,000								8,971,500
Weighted average per share fair value of options granted during the year		$	4.82							$	2.97							$	1.33

		Options Outstanding												Options Exercisable
						Weighted				Weighted								Weighted
		Number				Average Remaining				Average				Options				Average
Range of Exercise Prices		Outstanding				Contractual Life				Exercise Price				Exercisable				Exercise Price
$9.45 - $14.18			139,900				5.1 years			$	13.03				109,900			$	12.89
$14.18 - $18.90			517,111				6.9 years				16.74				139,111				16.73
$28.35 - $33.08			685,000				3.1 years				30.94				184,000				30.94
$33.08 - $37.80			1,121,663				3.9 years				35.58				161,663				35.40
$37.80 - $42.53			7,500				4.8 years				40.55				7,500				40.55
$42.53 - $47.26			75,000				4.8 years				45.27				5,000				46.63
Total			2,546,174				4.8 years			$	29.57				607,174			$	25.85

	Threshold-Vesting Stock Options

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			TSO Grant Year
			2005				2004				2003				2002				2001				2000
Exercise price			$	35.41			$	30.94			$	16.77			$	13.58			$	11.58				9.99
Threshold Vesting Stock Price				49.66				43.39				23.52				19.04				16.23				14.01
Vesting date				n/a				9/07/2005				10/24/2003				6/03/2003				9/13/2002				3/22/2002
Fair value of options on grant date				3.77				1.59				1.31				1.13				0.74				0.50
Shares:
	Original Grant			1,000,000				1,031,480				900,000				779,025				989,988				753,090
	Forfeited			(55,723	)			(114,919	)			(62,727	)			(121,452	)			(152,178	)			(168,726	)
	Vested and exchanged for cash			—				—				(549,594	)			(495,693	)			(610,011	)			(438,288	)
	Vested and exercised			—				(916,561	)			(215,502	)			(126,348	)			(181,419	)			(141,000	)
	Outstanding			944,277				—				72,177				35,532				46,380				5,076

		2005				2004				2003
Risk-free interest rate			3.40	%			3.44	%			4.28	%
Dividend yield			4.00				6.09				6.21
Expected volatility			21.61				20.10				16.95
Expected life			5.0 years				5.2 years				9.9 years

		Number of				Vesting Period
Date		Shares				(In Years)
February 2005			66,000				1
February 2004			55,000				1
February 2003			60,000				N/A	(1)
February 2003			45,000				3
September 2002			150,000				3

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	Management Savings Plan

	TRC Plan

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Note 11	Other Assets & Liabilities

		December 31,
		2005				2004
Below-market ground leases		$	349,788			$	397,385
Deferred tax assets			12,457				150,376
Above-market tenant leases			77,094				138,818
Real estate tax stabilization agreement			87,188				93,514
Receivables, finance leases and bonds			136,410				87,497
Special Improvement District receivable			66,206				48,586
Security and escrow deposits			87,126				24,490
Funded defined contribution plan assets			20,156				50,724
Prepaid expenses			29,884				19,486
Other			54,060				114,871
		$	920,369			$	1,125,747

		December 31,
		2005				2004
Below-market tenant leases		$	182,270			$	251,983
Accounts payable deposits and accrued expenses			594,876				376,826
Deferred gains/income			38,736				73,100
Hughes participation payable			61,783				35,019
Pension and retirement benefit liabilities			—				15,881
Capital lease obligations			19,206				22,487
Insurance reserves			31,852				18,046
Other			103,691				102,178
		$	1,032,414			$	895,520

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Note 12	Minority Interests

	Common

December 31, 2002				58,668,741
	Exchanges for General Growth common stock			(2,956,491	)
December 31, 2003				55,712,250
	Exchanges for General Growth common stock			(179,987	)
December 31, 2004				55,532,263
	Conversion of Preferred Units into Common Units			729,890
	Exchanges for General Growth common stock			(3,200,258	)
December 31, 2005				53,061,895

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	Preferred

										Number
										of Units
										as of				Per Unit				Carrying Amount
		Coupon				Issuing				December				Liquidation
Security Type		Rate				Entity				31, 2005				Preference				2005				2004
																		(In thousands)
Perpetual Preferred Units
Redeemable Preferred Units (“RPUs”)			8.95	%			LLC				240,000			$	250			$	60,000			$	235,000	(1)
Cumulative Preferred Units (“CPUs”)			8.25	%			LLC				20,000				250				5,000				5,000
Price Development Company (“PDC”) Series C			8.75	%			PDC				—				25				—				8,000
																			65,000				248,000
Convertible Preferred Units
Series B—JP Realty			8.50	%			GGPLP				1,362,571				50				68,129				70,975
Series C—Glendale Galleria			7.00	%			GGPLP				413,676				50				20,685				32,176
Series D—Foothills Mall			6.50	%			GGPLP				532,750				50				26,637				26,637
Series E—Four Seasons Town Centre			7.00	%			GGPLP				502,658				50				25,132				25,132
																			140,583				154,920
Other preferred stock of consolidated subsidiaries			N/A				various				361				1,000				361				241
Total Minority Interest-Preferred																		$	205,944			$	403,161

(1)	Includes $175 million which was redeemed in May 2005 as permitted under the terms of the applicable RPUs.

		Number of Common
		Units for each
		Preferred Unit
Series B — JP Realty			3.000
Series C — Glendale Galleria			2.433
Series D — Foothills Mall			1.508
Series E — Four Seasons Town Center			1.298

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		2005				2004
		(In thousands)
Net unrealized gains (losses) on financial instruments		$	4,702			$	(4,852	)
Minimum pension liability adjustment			(703	)			(329	)
Foreign currency translation			6,510				1,590
Unrealized losses on available-for-sale securities			(55	)			(94	)
		$	10,454			$	(3,685	)

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		2006				2007				2008				2009				2010				Subsequent				Total
		(In thousands)
Long-term debt-principal		$	1,905,410			$	2,407,092			$	3,798,168			$	5,086,955			$	3,555,162			$	3,666,088			$	20,418,875
Retained debt-principal			50,928				88,365				2,367				2,524				120,019				38,516				302,719
Ground lease payments			15,327				15,451				15,474				15,497				15,506				650,523				727,778
Total		$	1,971,665			$	2,510,908			$	3,816,009			$	5,104,976			$	3,690,687			$	4,355,127			$	21,449,372

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•	A change in method of depreciating or amortizing a long-lived nonfinancial asset be accounted for as a change in estimate (prospectively) that was effected by a change in accounting principle, and
•	Correction of errors in previously issued financial statements should be termed a “restatement.”

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•	Retail and Other — includes the operation, development and management of regional shopping centers, office and industrial properties, downtown specialty marketplaces, the retail and non-retail rental components of mixed-use projects and community retail centers

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•	Master Planned Communities — includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas

					Year Ended December 31, 2005
					Consolidated				Unconsolidated				Segment
					Properties				Properties				Basis
					(In thousands)
Retail and Other
Property revenues:
	Minimum rents				$	1,670,387			$	393,740			$	2,064,127
	Tenant recoveries					754,836				181,193				936,029
	Overage rents					69,628				14,085				83,713
	Other, including net discontinued operations					113,454				64,803				178,257
		Total property revenues				2,608,305				653,821				3,262,126
Property operating expenses:
	Real estate taxes					206,193				55,138				261,331
	Repairs and maintenance					195,292				43,313				238,605
	Marketing					63,522				14,705				78,227
	Other property operating costs					390,019				120,523				510,542
	Provision for doubtful accounts					13,868				4,857				18,725
		Total property operating expenses				868,894				238,536				1,107,430
			Retail and other net operating income			1,739,411				415,285				2,154,696
Master Planned Communities
Land sales						385,205				83,089				468,294
Land sales operations						(311,815	)			(60,826	)			(372,641	)
	Master Planned Communities net operating income					73,390				22,263				95,653
		Real estate property net operating income			$	1,812,801			$	437,548			$	2,250,349

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					Year Ended December 31, 2004
					Consolidated				Unconsolidated				Segment
					Properties				Properties				Basis
					(In thousands)
Retail and Other
Property revenues:
	Minimum rents				$	1,058,732			$	293,175			$	1,351,907
	Tenant recoveries					472,250				135,561				607,811
	Overage rents					54,105				10,960				65,065
	Other, including net discontinued operations					67,686				18,694				86,380
		Total property revenues				1,652,773				458,390				2,111,163
Property operating expenses:
	Real estate taxes					128,114				39,546				167,660
	Repairs and maintenance					123,251				33,150				156,401
	Marketing					48,220				13,351				61,571
	Other property operating costs					207,909				74,589				282,498
	Provision for doubtful accounts					10,375				2,766				13,141
		Total property operating expenses				517,869				163,402				681,271
			Retail and other net operating income			1,134,904				294,988				1,429,892
Master Planned Communities
Land sales						68,643				37,170				105,813
Land sales operations						(66,100	)			(37,225	)			(103,325	)
	Master Planned Communities net operating income					2,543				(55	)			2,488
		Real estate property net operating income			$	1,137,447			$	294,933			$	1,432,380

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				Year Ended December 31, 2003
				Consolidated				Unconsolidated				Segment
				Properties				Properties				Basis
				(In thousands)
Retail and Other
Property revenues:
	Minimum rents			$	775,320			$	286,452			$	1,061,772
	Tenant recoveries				332,137				140,334				472,471
	Overage rents				34,928				8,624				43,552
	Other, including net discontinued operations				41,378				8,078				49,456
		Total property revenues			1,183,763				443,488				1,627,251
Property operating expenses:
	Real estate taxes				88,276				40,056				128,332
	Repairs and maintenance				81,433				33,716				115,149
	Marketing				35,797				14,137				49,934
	Other property operating costs				153,370				60,811				214,181
	Provision for doubtful accounts				7,041				1,664				8,705
		Total property operating expenses			365,917				150,384				516,301
		Real estate property net operating income		$	817,846			$	293,104			$	1,110,950

			2005				2004				2003
			(In thousands)
Real estate property net operating income			$	2,250,349			$	1,432,380			$	1,110,950
Unconsolidated net operating income				(437,548	)			(294,933	)			(293,104	)
Consolidated Properties real estate property net operating income				1,812,801				1,137,447				817,846
Management and other fees				91,734				82,896				84,138
Property management and other costs				(148,399	)			(100,267	)			(109,746	)
General and administrative				(13,053	)			(9,499	)			(8,533	)
Depreciation and amortization				(672,914	)			(364,854	)			(230,195	)
Discontinued operations and minority interest in consolidated NOI				(11,828	)			(4,431	)			(5,110	)
	Operating income		$	1,058,341			$	741,292			$	548,400
Interest income				10,416				3,227				2,308
Interest expense				(1,031,241	)			(472,185	)			(278,543	)
Provision for income taxes				(50,646	)			(2,383	)			(98	)
Income allocated to minority interests				(43,989	)			(105,274	)			(110,984	)
Equity in income of unconsolidated affiliates				120,986				88,191				94,480
	Income from continuing operations		$	63,867			$	252,868			$	255,563

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		2005				2004				2003
		(In thousands)
Total property revenues		$	3,262,126			$	2,111,163			$	1,627,251
Unconsolidated segment revenues			(653,821	)			(458,390	)			(443,488	)
Land sales			385,205				68,643				—
Management and other fees			91,734				82,896				84,138
Income from discontinued operations net of minority interest			(11,828	)			(4,431	)			(5,110	)
Total revenues		$	3,073,416			$	1,799,881			$	1,262,791

		2005				2004
		(In thousands)
Retail and Other		$	25,523,426			$	25,630,362
Master Planned Communities			2,116,588				1,818,660
Total segment assets			27,640,014				27,449,022
Unconsolidated Properties			(4,308,854	)			(3,918,661	)
Corporate and other			1,975,859				2,188,264
Total assets		$	25,307,019			$	25,718,625

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			2005
			First				Second				Third				Fourth
			Quarter				Quarter				Quarter				Quarter
			(In thousands except for share and per share amounts)
Total revenues			$	707,168	(b)		$	758,230	(b)		$	745,842	(b)		$	862,176
Operating income				233,716	(b)			222,473	(b)			279,777	(b)			322,375
Income (loss) from continuing operations				11,536	(b)			885	(b)			(8,521	)(b)			59,967
Income from discontinued operations				1,529	(b)			1,767	(b)			1,687	(b)			6,703
Net income (loss) available to common shareholders				13,065				2,652				(6,834	)			66,670
Earnings (loss) from continuing operations:
	Basic(a)			0.05	(b)			—	(b)			(0.04	)(b)			0.25
	Diluted(a)			0.05	(b)			—	(b)			(0.04	)(b)			0.25
Earnings from discontinued operations:
	Basic(a)			0.01	(b)			0.01	(b)			0.01	(b)			0.03
	Diluted(a)			0.01	(b)			0.01	(b)			0.01	(b)			0.03
Earnings (loss) per share:
	Basic			0.06				0.01				(0.03	)			0.28
	Diluted			0.06				0.01				(0.03	)			0.28
Distributions declared per share				0.36				0.36				0.36				0.41
Weighted-average shares outstanding:
	Basic			235,812				237,854				238,218				238,784
	Diluted			236,588				238,922				238,218				239,736

(a)	Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the issuance of additional common stock during the year.
(b)	Amounts reported herein differ from previously reported amounts as a result of reclassification of results of operations of sold properties to discontinued operations. Total revenues also reflect changes to conform to current period presentation.

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			2004
			First				Second				Third				Fourth
			Quarter				Quarter				Quarter				Quarter
			(In thousands except for share and per share amounts)
Total revenues			$	359,936	(b)		$	374,526	(b)		$	396,669	(b)		$	668,750	(b)
Operating income				152,522				145,469				168,291				275,010	(b)
Income from continuing operations				58,336				50,247				62,973				81,312	(b)
Income from discontinued operations				787				901				1,000				12,296	(b)
Net income available to common shareholders				59,122				51,148				63,973				93,609	(b)
Earnings from continuing operations:
	Basic			0.27				0.23				0.29				0.36	(b)
	Diluted(a)			0.27				0.22				0.29				0.36	(b)
Earnings from discontinued operations:
	Basic			—				0.01				—				0.05	(b)
	Diluted(a)			—				0.01				—				0.05	(b)
Earnings per share:
	Basic(a)			0.27				0.24				0.29				0.41
	Diluted(a)			0.27				0.23				0.29				0.41
Distributions declared per share				0.30				0.30				0.66				—
Weighted-average shares outstanding:
	Basic			217,553				218,075				218,605				226,312
	Diluted			218,479				218,882				219,298				227,200

(a)	Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the issuance of additional common stock during the year.
(b)	Amounts reported herein differ from previously reported amounts as a result of reclassification of results of operations of sold properties to discontinued operations. Total revenues also reflect changes to conform to current period presentation.

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Col. A				Col. B				Col. C								Col. D								Col. E												Col. F				Col. G				Col. H				Col. I
																Costs Capitalized
																Subsequent to Acquisition
																								Gross Amounts at Which
								Initial Cost								Net Land,								Carried at Close of Period																								Life Upon Which
																Buildings and																																Latest Income
												Buildings and				Equipment				Carrying								Buildings and								Accumulated				Date of				Date				Statement is
Name of Center		Location		Encumbrances(a)				Land				Equipment(b)				Improvements				Costs(c)				Land				Equipment				Total(d)				Depreciation(e)				Construction				Acquired				Computed
Ala Moana Center		Honolulu, HI		$	547,606,276			$	336,229,260			$	473,770,740			$	91,369,123			$	8,508,742			$	336,229,497			$	573,648,368			$	909,877,865			$	108,697,433								1999				(e	)
Alameda Plaza		Pocatello, ID			—				740,000				2,060,000				3,854				—				740,040				2,063,814				2,803,854				179,381								2002				(e	)
Anaheim Crossing		Anaheim, CA			—				—				2,058,000				(72,470	)			—				—				1,985,530				1,985,530				174,188								2002				(e	)
Animas Valley Mall		Farmington, NM			26,286,347				10,783,000				30,165,000				5,499,666				28,481				6,464,479				40,011,668				46,476,146				3,750,310								2002				(e	)
Apache Mall		Rochester, MN			52,547,597				8,110,292				72,992,628				21,514,664				219,692				8,110,292				94,726,984				102,837,276				17,524,188								1998				(e	)
Arizona Center		Phoenix, AZ			12,194,147				—				132,157,784				362,807				—				—				132,520,591				132,520,591				8,601,491								2004				(e	)
Augusta Mall		Augusta, GA			49,498,033				—				162,272,311				657,790				—				—				162,930,101				162,930,101				7,412,706								2004				(e	)
Austin Bluffs Plaza		Colorado Springs, CO			2,515,548				1,080,000				3,007,000				120,158				—				1,080,183				3,126,975				4,207,158				271,802								2002				(e	)
Bailey Hills Village		Eugene, OR			—				290,000				806,000				35,152				—				290,168				840,984				1,131,152				71,439								2002				(e	)
Baybrook Mall		Friendswood, TX			155,811,808				13,300,000				117,162,546				21,048,691				238,870				19,375,344				132,374,763				151,750,107				22,549,289								1999				(e	)
Bayshore Mall		Eureka, CA			32,673,241				3,004,345				27,398,907				31,172,700				2,913,529				3,005,039				61,484,443				64,489,482				26,715,141				1986-1987								(e	)
Bayside Marketplace		Miami, FL			68,638,674				—				155,340,061				24,811,873				—				—				180,151,934				180,151,934				10,104,303								2004				(e	)
Beachwood Place		Cleveland, OH			220,024,207				18,500,000				319,683,761				634,666				—				18,500,000				320,318,427				338,818,427				11,012,639								2004				(e	)
Bellis Fair Mall		Bellingham, WA			67,077,780				7,616,458				47,040,131				15,331,007				6,169,776				7,485,224				68,672,147				76,157,372				33,760,873				1987-1988								(e	)
Birchwood Mall		Port Huron, MI			40,758,905				1,768,935				34,574,635				18,540,088				1,980,603				3,042,616				53,821,645				56,864,261				23,707,471				1989-1990								(e	)
Boise Plaza		Boise, ID			—				465,000				1,293,000				(309,382	)			—				374,355				1,074,263				1,448,618				97,388								2002				(e	)
Boise Towne Plaza		Boise, ID			11,632,900				3,988,000				11,101,000				59,803				—				3,987,857				11,160,946				15,148,803				976,989								2002				(e	)
Boise Towne Square		Boise, ID			77,739,613				36,452,000				101,853,000				21,613,690				—				23,448,775				136,469,916				159,918,690				12,769,867								2002				(e	)
Boulevard Mall		Las Vegas, NV			115,187,007				16,490,343				148,413,086				6,807,416				—				15,355,557				156,355,289				171,710,846				30,685,532								1998				(e	)
Burlington Town Center		Burlington, VT			31,500,000				1,637,035				32,797,783				1,451,144				—				1,637,035				34,248,927				35,885,962				6,682,649								2004				(e	)
Cache Valley Mall		Logan, UT			—				6,451,000				18,422,000				9,524,440				196,926				3,874,744				30,719,621				34,594,365				2,451,329								2002				(e	)
Cache Valley Marketplace		Logan, UT			—				1,500,000				1,583,000				3,672,671				42,847				3,139,246				3,659,273				6,798,519				205,614								2002				(e	)
Capital Mall		Jefferson City, MO			21,268,870				4,200,000				14,201,000				9,809,831				—				3,912,935				24,297,896				28,210,831				9,341,048								1993				(e	)
Century Mall		Birmingham, AL			—				3,164,000				28,513,908				5,840,164				—				3,164,000				34,354,072				37,518,072				8,458,893								1997				(e	)
Chapel Hills Mall		Colorado Springs, CO			121,725,238				4,300,000				34,017,000				62,766,467				36,805				4,300,000				96,820,272				101,120,272				29,803,676								1993				(e	)
Chico Mall		Chico, CA			60,241,026				8,110,390				54,093,129				868,688				—				16,957,589				46,114,618				63,072,207				2,809,552								2003				(e	)
Coastland Center		Naples, FL			102,671,265				11,450,000				103,050,200				10,750,253				—				11,450,000				113,800,453				125,250,453				21,878,524								1998				(e	)
Collin Creek		Plano, TX			76,323,136				26,250,000				122,990,879				1,263,702				—				26,250,000				124,254,580				150,504,580				8,151,227								2004				(e	)
Colony Square Mall		Zanesville, OH			41,083,300				1,000,000				24,500,000				18,006,575				25,000				1,243,184				42,288,390				43,531,575				20,780,178								1986				(e	)
Columbia Mall		Columbia, MO			89,225,600				5,383,208				19,663,231				27,115,191				1,422,994				5,383,208				48,201,416				53,584,624				21,453,802				1984-1985								(e	)
Coral Ridge Mall		Coralville, IA			104,631,227				3,363,602				64,217,772				13,448,543				4,575,166				3,412,857				82,192,225				85,605,082				20,670,399				1998-1999								(e	)
Coronado Center		Albuquerque, NM			177,790,284				33,072,272				148,799,184				1,396,791				—				33,072,272				150,195,975				183,268,247				12,927,321								2003				(e	)
Cottonwood Mall		Salt Lake City, UT			—				12,616,000				35,697,000				1,957,070				—				7,613,427				42,656,642				50,270,070				3,963,329								2002				(e	)
Cottonwood Square		Salt Lake City, UT			—				1,558,000				4,339,000				85,129				—				1,558,221				4,423,908				5,982,129				381,914								2002				(e	)
Country Hills Plaza		Ogden, UT			5,102,778				3,620,000				9,080,000				454,460				—				3,620,000				9,534,460				13,154,460				810,357								2002				(e	)
Crossroads		Portage, MI			42,004,654				6,800,000				61,200,000				21,345,129				298,449				6,800,000				82,843,578				89,643,578				14,079,593								1999				(e	)
Crossroads Center		St. Cloud, MN			117,770,375				10,812,523				72,202,847				35,175,709				1,758,651				13,206,441				106,743,289				119,949,731				12,877,270								2000				(e	)
Cumberland Mall		Atlanta, GA			93,218,199				15,198,568				136,787,110				11,968,905				286,334				16,749,496				147,491,421				164,240,917				28,032,141								1998				(e	)
Division Crossing		Portland, OR			5,797,108				1,773,000				4,935,000				249,993				—				1,772,915				5,185,078				6,957,993				446,425								2002				(e	)
Eagle Ridge Mall		Lake Wales, FL			49,895,997				7,619,865				49,560,538				11,652,741				5,719,079				7,619,865				66,932,358				74,552,223				20,405,217				1995-1996								(e	)
Eastridge Mall		Casper, WY			41,320,674				9,902,000				27,596,000				5,443,446				—				6,092,453				36,848,993				42,941,446				3,454,066								2002				(e	)
Eden Prairie Mall		Eden Prairie, MN			84,798,741				465,063				19,024,047				115,895,501				9,506,545				492,585				144,398,570				144,891,155				22,842,532								1997				(e	)
Fallbrook Mall		West Hills, CA			74,957,000				6,117,338				10,076,520				92,202,805				6,445,196				6,127,138				108,714,721				114,841,859				40,509,300								1984				(e	)
Faneuil Hall Marketplace		Boston, MA			—				—				111,407,941				11,282,432				—				—				122,690,373				122,690,373				6,452,728								2004				(e	)
Fashion Place		Murray, UT			151,676,392				—				206,483,936				2,711,868				—				—				209,195,804				209,195,804				7,373,458								2004				(e	)
Fashion Show		Las Vegas, NV			373,266,363				523,650,100				602,288,273				17,433,528				—				523,650,100				619,721,801				1,143,371,901				30,278,938								2004				(e	)
Foothills Mall		Fort Collins, CO			44,188,376				10,052,653				90,495,739				6,078,508				—				9,263,802				97,363,098				106,626,900				6,213,078								2003				(e	)
Fort Union		Midvale, UT			3,026,223				141,000				3,701,000				22,828				—				—				3,864,828				3,864,828				343,041								2002				(e	)
Four Seasons Town Centre		Greensboro, NC			108,399,091				24,976,933				136,636,477				9,959,664				—				27,231,494				144,341,581				171,573,074				8,022,166								2004				(e	)
Fox River Mall		Appleton, WI			195,222,700				2,700,566				18,291,067				61,356,993				2,350,805				4,787,291				79,912,140				84,699,431				30,792,596				1983-1984								(e	)
Fremont Plaza		Las Vegas, NV			—				—				3,956,000				255,373				—				—				4,211,373				4,211,373				349,802								2002				(e	)
Gallery at Harborplace		Baltimore, MD			107,653,394				—				174,410,487				1,037,616				—				—				175,448,104				175,448,104				7,173,157								2004				(e	)

F-56

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Table of Contents

GENERAL GROWTH PROPERTIES, INC.
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
DECEMBER 31, 2005
Col. A				Col. B				Col. C								Col. D								Col. E												Col. F				Col. G				Col. H				Col. I
																Costs Capitalized
																Subsequent to Acquisition
																								Gross Amounts at Which
								Initial Cost								Net Land,								Carried at Close of Period																								Life Upon Which
																Buildings and																																Latest Income
												Buildings and				Equipment				Carrying								Buildings and								Accumulated				Date of				Date				Statement is
Name of Center		Location		Encumbrances(a)				Land				Equipment(b)				Improvements				Costs(c)				Land				Equipment				Total(d)				Depreciation(e)				Construction				Acquired				Computed
Gateway Crossing Shopping Center		Bountiful, UT			16,226,355				4,104,000				11,422,000				393,777				—				4,103,858				11,815,918				15,919,777				1,085,023								2002				(e	)
Gateway Mall		Springfield, OR			41,683,120				8,728,263				34,707,170				23,110,830				7,698,614				8,728,263				65,516,614				74,244,877				28,959,368				1989-1990								(e	)
Glenbrook Square		Fort Wayne, IN			186,920,722				30,414,372				195,896,270				2,780,898				—				30,462,800				198,628,740				229,091,540				11,928,681								2003				(e	)
Governor’s Square		Tallahassee, FL			69,206,771				—				121,481,516				2,149,594				—				—				123,631,110				123,631,110				5,602,227								2004				(e	)
Grand Canal Shoppes		Las Vegas, NV			417,515,088				—				766,232,339				11,852,879				—				—				778,085,218				778,085,218				33,602,942								2004				(e	)
Grand Teton Mall		Idaho Falls, ID			28,163,980				13,104,000				36,813,000				19,716,520				149,495				9,322,131				60,460,884				69,783,015				4,508,002								2002				(e	)
Grand Traverse Mall		Traverse City, MI			89,796,495				3,529,966				20,775,772				25,231,342				3,643,793				3,533,746				49,647,128				53,180,873				22,576,476				1990-1991								(e	)
Greenwood Mall		Bowling Green, KY			46,798,195				3,200,000				40,202,000				32,115,832				109,478				3,387,160				72,240,150				75,627,310				27,436,716								1993				(e	)
Halsey Crossing		Gresham, OR			2,837,084				—				4,363,000				109,033				—				—				4,472,033				4,472,033				391,918								2002				(e	)
Harborplace		Baltimore, MD			31,221,300				—				54,308,359				395,065				—				—				54,703,423				54,703,423				3,569,367								2004				(e	)
Hulen Mall		Fort Worth, TX			119,310,165				8,910,000				153,893,780				361,189				—				8,910,000				154,254,969				163,164,969				6,097,816								2004				(e	)
Jordan Creek Town Center		West Des Moines, IA			196,938,756				18,141,510				166,142,669				—				5,974,300				18,141,510				172,116,969				190,258,479				9,592,537				2004								(e	)
Knollwood Mall		St. Louis Park, MN			41,911,510				—				9,748,047				43,380,965				3,965,615				7,025,606				50,069,021				57,094,627				20,728,542								1978				(e	)
Lakeside Mall		Sterling Heights, MI			191,846,869				35,860,000				369,638,516				1,559,260				—				35,860,000				371,197,776				407,057,776				11,549,149								2004				(e	)
Lakeview Square		Battle Creek, MI			22,185,129				3,578,619				32,209,980				16,843,239				375,998				3,578,619				49,429,217				53,007,836				12,597,240								1996				(e	)
Landmark Mall		Alexandria, VA			25,373,841				28,395,945				67,234,703				(1,646,925	)			1,087,044				28,395,945				66,674,821				95,070,766				13,969,535								2003				(e	)
Lansing Mall		Lansing, MI			67,320,015				6,977,798				62,800,179				45,141,358				768,954				11,496,394				104,191,896				115,688,290				23,138,756								1996				(e	)
Lincolnshire Commons		Lincolnshire, IL			—				—				—				19,379,544				—				10,784,309				8,595,235				19,379,544				55,938				2005								(e	)
Lockport Mall		Lockport, NY			—				800,000				10,000,000				4,272,423				53,912				800,000				14,326,335				15,126,335				7,381,548								1986				(e	)
Lynnhaven Mall		Virginia Beach, VA			249,599,982				39,225,630				222,321,434				6,422,890				2,747				33,697,604				234,275,097				267,972,701				15,213,383								2003				(e	)
Maine Mall		South Portland, ME			228,366,913				41,373,998				238,457,053				2,272,302				—				41,102,158				241,001,195				282,103,353				13,466,762								2003				(e	)
Mall at Sierra Vista		Sierra Vista, AZ			—				4,550,000				18,658,000				1,431,119				—				3,651,670				20,987,450				24,639,119				2,023,693								2002				(e	)
Mall in Columbia		Columbia, MD			194,355,258				34,650,000				522,362,592				6,600,282				—				34,650,000				528,962,875				563,612,875				19,303,030								2004				(e	)
Mall of Louisiana		Baton Rouge, LA			185,000,000				24,590,822				246,452,070				5,337,444				—				24,590,822				251,789,514				276,380,336				11,016,309								2004				(e	)
Mall of the Bluffs		Council Bluffs, IA			40,758,905				1,860,116				24,016,343				21,410,525				2,585,988				1,895,220				47,977,752				49,872,972				22,044,635				1985-1986								(e	)
Mall St. Matthews		Louisville, KY			153,328,236				—				176,582,596				3,113,734				—				—				179,696,331				179,696,331				7,888,235								2004				(e	)
Mall St. Vincent		Shreveport, LA			17,556,345				2,640,000				23,760,000				9,176,076				1,439				2,640,000				32,937,516				35,577,516				7,536,193								1998				(e	)
Market Place Shopping Center		Champaign, IL			106,737,300				7,000,000				63,972,357				49,907,982				617,066				7,000,000				114,497,404				121,497,404				25,356,601								1997				(e	)
Mayfair		Wauwatosa, WI			190,113,202				14,706,639				224,846,565				29,483,921				1,398,925				14,706,639				255,729,411				270,436,051				41,595,105								2003				(e	)
Meadows Mall		Las Vegas, NV			108,548,278				24,633,921				104,088,306				16,850,436				70,247				24,894,746				120,748,164				145,642,910				20,292,851								2003				(e	)
Metro Plaza		Baltimore, MD			—				1,050,000				10,340,484				195,399				—				1,050,000				10,535,883				11,585,883				1,008,483								2004				(e	)
Mondawmin Mall		Baltimore, MD			17,429,874				10,800,000				47,531,227				1,372,628				—				10,800,000				48,903,855				59,703,855				3,332,954								2004				(e	)
North Plains Mall		Clovis, NM			—				4,676,000				13,033,000				2,771,226				2,347				2,722,314				17,760,259				20,482,573				1,629,889								2002				(e	)
North Star Mall		San Antonio, TX			247,056,464				29,230,000				467,960,754				4,854,489				—				29,230,000				472,815,243				502,045,243				17,283,534								2004				(e	)
North Temple Shops		Salt Lake City, UT			—				168,000				468,000				5,431				—				167,987				473,444				641,431				41,171								2002				(e	)
North Town Mall		Spokane, WA			78,673,605				38,445,000				107,330,000				4,943,491				—				22,407,494				128,310,997				150,718,491				11,919,251								2002				(e	)
Northgate Mall		Chattanooga, TN			20,715,038				2,524,869				43,943,539				2,377,497				4,540				2,524,869				46,325,577				48,850,446				9,189,266								2003				(e	)
Northridge Fashion Center		Northridge, CA			133,039,062				16,618,095				149,562,583				31,020,669				3,540,766				16,866,397				183,875,717				200,742,113				36,047,190								1998				(e	)
Oak View Mall		Omaha, NE			77,427,333				12,056,062				113,041,871				3,180,889				—				12,056,062				116,222,760				128,278,823				16,740,985								2003				(e	)
Oakwood Center		Gretna, LA			—				2,830,000				137,574,069				(49,345,210	)			—				2,830,000				88,228,859				91,058,859				7,383,399								2004				(e	)
Oakwood Mall		Eau Claire, WI			54,345,208				3,266,669				18,281,160				24,958,511				1,723,991				3,266,669				44,963,662				48,230,331				22,222,877				1985-1986								(e	)
Oglethorpe Mall		Savannah, GA			149,134,768				16,036,395				92,977,582				5,802,825				177,709				16,036,395				98,958,116				114,994,511				17,593,691								2003				(e	)
Orem Plaza Center Street		Orem, UT			2,704,687				1,069,000				2,974,000				22,311				—				1,068,592				2,996,719				4,065,311				260,348								2002				(e	)
Orem Plaza State Street		Orem, UT			1,673,880				592,000				1,649,000				47,476				—				592,396				1,696,080				2,288,476				145,587								2002				(e	)
Oviedo Marketplace		Orlando, FL			54,572,965				24,016,700				23,958,404				545,012				—				24,016,700				24,503,416				48,520,116				3,206,138								2004				(e	)
Owings Mills Mall		Owing Mills, MD			41,970,049				26,986,250				173,896,354				13,372,343				109,008				26,735,000				187,628,955				214,363,955				11,209,785								2004				(e	)
Oxmoor Center		Louisville, KY			65,076,155				—				124,487,000				7,393,632				—				—				131,880,632				131,880,632				4,074,322								2004				(e	)
Paramus Park		Paramus, NJ			109,743,317				47,660,000				182,124,280				819,125				—				47,660,000				182,943,405				230,603,405				7,455,501								2004				(e	)
Park City Center		Lancaster, PA			158,046,874				8,465,148				177,191,205				9,379,326				19,681				8,465,148				186,590,213				195,055,361				32,811,166								2003				(e	)
Park Place		Tucson, AZ			186,316,855				4,996,024				44,993,177				97,826,284				13,523,774				4,715,836				156,623,424				161,339,260				28,903,088								1996				(e	)
Peachtree Mall		Columbus, GA			94,358,571				22,051,603				67,678,571				3,812,549				—				22,051,603				71,491,120				93,542,723				6,326,978								2003				(e	)

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Table of Contents

GENERAL GROWTH PROPERTIES, INC.
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
DECEMBER 31, 2005
Col. A				Col. B				Col. C								Col. D								Col. E												Col. F				Col. G				Col. H				Col. I
																Costs Capitalized
																Subsequent to Acquisition
																								Gross Amounts at Which
								Initial Cost								Net Land,								Carried at Close of Period																								Life Upon Which
																Buildings and																																Latest Income
												Buildings and				Equipment				Carrying								Buildings and								Accumulated				Date of				Date				Statement is
Name of Center		Location		Encumbrances(a)				Land				Equipment(b)				Improvements				Costs(c)				Land				Equipment				Total(d)				Depreciation(e)				Construction				Acquired				Computed
Pecanland Mall		Monroe, LA			63,395,960				7,190,000				64,710,000				14,465,965				—				10,101,102				76,264,863				86,365,965				7,888,333								2002				(e	)
Piedmont Mall		Danville, VA			25,704,859				2,000,000				38,000,000				10,145,999				186,190				2,000,000				48,332,189				50,332,189				13,596,687								1995				(e	)
Pierre Bossier Mall		Bossier City, LA			37,874,365				4,363,832				35,352,736				9,452,004				2,260				4,367,095				44,803,737				49,170,832				9,635,972								1998				(e	)
The Pines		Pine Bluff, AR			—				1,488,928				17,627,258				15,495,891				1,365,091				1,247,414				34,729,754				35,977,167				16,537,315				1985-1986								(e	)
Pine Ridge Mall		Pocatello, ID			27,859,405				8,375,000				23,337,000				5,787,850				26,316				4,905,207				32,620,959				37,526,167				2,696,306								2002				(e	)
Pioneer Place		Portland, OR			181,354,305				—				209,964,809				1,187,909				—				—				211,152,718				211,152,718				9,946,853								2004				(e	)
Plaza 800		Sparks, NV			—				1,435,000				3,995,000				11,889				—				—				5,441,889				5,441,889				412,244								2002				(e	)
Plaza 9400		Sandy, UT			—				—				9,114,000				181,084				—				—				9,295,084				9,295,084				815,533								2002				(e	)
Prince Kuhio Plaza		Hilo, HI			40,665,957				—				42,028,685				2,187,811				10,737				9,082				44,218,151				44,227,233				8,255,704								2002				(e	)
Providence Place		Providence, RI			437,228,921				—				502,808,680				1,545,621				—				—				504,354,301				504,354,301				20,595,215								2004				(e	)
Provo Towne Centre		Provo, UT			51,651,718				21,767,302				68,296,000				(815,581	)			72,352				13,485,901				75,834,172				89,320,073				7,267,812								2002				(e	)
Red Cliffs Mall		St. George, UT			26,478,762				7,019,000				19,644,000				8,253,485				—				5,116,379				29,800,106				34,916,485				2,814,483								2002				(e	)
Red Cliffs Plaza		St. George, UT			—				—				2,366,000				533,826				—				—				2,899,826				2,899,826				239,639								2002				(e	)
Regency Square Mall		Jacksonville, FL			101,188,176				16,497,552				148,477,968				18,197,746				118,881				17,884,037				165,408,111				183,292,148				31,070,977								1998				(e	)
Ridgedale Center		Minneapolis, MN			188,202,904				10,710,000				272,607,123				2,294,390				—				10,710,000				274,901,513				285,611,513				10,290,165								2004				(e	)
Rio West Mall		Gallup, NM			22,844,000				—				19,500,000				6,686,714				—				—				26,186,714				26,186,714				12,514,815								1986				(e	)
River Falls Mall		Clarksville, IN			—				3,177,688				54,610,421				58,074,458				5,980,635				5,237,478				116,605,725				121,843,202				33,247,744				1989-1990								(e	)
River Hills Mall		Mankato, MN			83,017,800				3,713,529				29,013,757				23,084,360				2,678,428				4,707,482				53,782,593				58,490,074				23,191,607				1990-1991								(e	)
River Pointe Plaza		West Jordan, UT			4,189,427				1,302,000				3,623,000				183,043				—				1,301,531				3,806,512				5,108,043				327,917								2002				(e	)
Riverlands Shopping Center		LaPlace, LA			—				500,000				4,500,000				4,266,413				44,678				1,100,950				8,210,142				9,311,092				1,214,313								1998				(e	)
Riverside Plaza		Provo, UT			5,995,704				2,475,000				6,890,000				1,833,570				6,877				2,475,227				8,730,220				11,205,447				745,442								2002				(e	)
Rivertown Crossings		Grandville, MI			123,966,076				10,972,923				97,141,738				32,560,125				13,280,645				7,226,462				146,728,970				153,955,431				29,643,506				1998-1999								(e	)
Riverwalk Marketplace		New Orleans, LA			42,896,180				—				94,512,710				800,535				—				—				95,313,245				95,313,245				5,083,485								2004				(e	)
Rogue Valley Mall		Medford, OR			27,508,542				5,728,225				51,564,598				3,718,569				10,129				21,913,520				39,108,001				61,021,521				2,908,831								2003				(e	)
Saint Louis Galleria		St. Louis, MO			250,535,285				36,773,639				184,645,237				11,298,066				30,390				36,773,639				195,973,693				232,747,332				13,290,255								2003				(e	)
Salem Center		Salem, OR			27,225,164				11,885,000				33,253,000				2,013,173				—				6,966,434				40,184,739				47,151,173				3,767,126								2002				(e	)
Shops at La Cantera		San Antonio, TX			179,605,926				11,152,323				205,835,831				32,124,000				461,225				11,152,323				238,421,057				249,573,380				2,095,429				2005								(e	)
Sikes Senter		Wichita Falls, TX			64,571,968				12,758,642				50,566,596				1,951,864				—				12,758,642				52,518,460				65,277,102				4,789,268								2003				(e	)
Silver Lake Mall		Coeur d’Alene, ID			—				7,704,000				21,472,000				809,046				—				4,447,556				25,537,490				29,985,046				2,330,050								2002				(e	)
Sooner Mall		Norman, OK			59,205,800				2,700,000				24,300,000				18,018,192				—				2,580,578				42,437,614				45,018,192				10,612,860								1996				(e	)
South Street Seaport		New York, NY			54,850,000				—				10,871,602				1,286,789				—				—				12,158,391				12,158,391				3,731,372								2004				(e	)
Southlake Mall		Morrow, GA			105,996,100				6,700,000				60,406,902				13,074,709				192,535				6,700,000				73,674,146				80,374,146				17,220,115								1997				(e	)
Southland Center		Taylor, MI			114,799,344				7,690,000				99,375,730				1,407,166				—				7,690,000				100,782,895				108,472,895				6,080,286								2004				(e	)
Southland Mall		Hayward, CA			87,227,876				8,904,277				80,142,961				7,804,986				—				14,120,774				82,731,450				96,852,224				7,230,262								2002				(e	)
Southshore Mall		Aberdeen, WA			—				650,000				15,350,000				5,606,694				—				650,000				20,956,694				21,606,694				10,993,637								1986				(e	)
Southwest Plaza		Littleton, CO			77,674,866				9,000,000				103,983,673				28,463,084				973,804				9,000,000				133,420,561				142,420,561				26,366,210								1998				(e	)
Spokane Valley Mall		Spokane, WA			40,231,327				19,297,000				54,970,000				3,855,101				—				11,455,446				66,666,655				78,122,101				6,202,512								2002				(e	)
Spokane Valley Plaza		Spokane, WA			—				3,558,000				10,150,000				2,653				—				3,557,601				10,153,052				13,710,653				880,709								2002				(e	)
Spring Hill Mall		West Dundee, IL			83,061,497				12,400,000				111,643,525				17,854,728				107,027				12,400,000				129,605,280				142,005,280				24,475,172								1998				(e	)
Staten Island Mall		Staten Island, NY			173,482,164				222,710,000				318,042,341				22,763,949				—				222,710,000				340,806,289				563,516,289				14,655,196								2004				(e	)
Stonestown		San Francisco, CA			220,000,000				67,000,000				246,272,110				6,968,044				—				67,000,000				253,240,154				320,240,154				9,465,697								1998				(e	)
Streets at Southpoint		Durham, NC			252,819,709				16,070,268				406,265,828				22,430,362				—				15,940,000				428,826,458				444,766,458				13,724,336								2004				(e	)
Three Rivers Mall		Kelso, WA			22,681,993				7,068,000				19,917,000				1,982,549				—				4,312,238				24,655,311				28,967,549				2,271,817								2002				(e	)
Town East Mall		Mesquite, TX			113,292,401				9,528,518				141,627,727				20,457,971				147,675				7,710,985				164,050,907				171,761,891				18,752,406								2004				(e	)
Tucson Mall		Tucson, AZ			125,329,659				—				181,424,484				21,422,131				405,608				—				203,252,222				203,252,222				21,757,512								2001				(e	)
Twin Falls Crossing		Twin Falls, ID			—				275,000				767,000				373				—				275,499				766,874				1,042,373				66,708								2002				(e	)
University Crossing		Orem, UT			12,114,394				3,420,000				9,526,000				557,580				—				3,419,812				10,083,768				13,503,580				874,160								2002				(e	)
Valley Hills Mall		Hickory, NC			60,372,674				3,443,594				31,025,471				41,591,496				1,699,275				5,656,275				72,103,562				77,759,836				15,519,428								1997				(e	)
Valley Plaza Mall		Bakersfield, CA			102,402,961				12,685,151				114,166,356				16,691,647				234,101				12,685,151				131,092,105				143,777,256				23,729,222								1998				(e	)
Village of Cross Keys		Baltimore, MD			860,998				18,070,000				57,284,799				1,594,290				—				18,070,000				58,879,089				76,949,089				3,204,181								2004				(e	)
Visalia Mall		Visalia, CA			46,090,053				16,466,000				47,699,000				9,858,504				—				11,052,128				62,971,376				74,023,504				5,798,715								2002				(e	)
Ward Centers		Honolulu, HI			153,991,076				164,006,531				89,320,759				21,313,186				155,398				165,590,722				109,205,151				274,795,874				13,355,656								2002				(e	)
West Valley Mall		Tracy, CA			62,821,841				9,295,045				47,789,310				27,677,980				8,072,671				10,885,507				81,949,498				92,835,006				24,037,456				1995								(e	)
Westlake Center		Seattle, WA			76,492,021				—				117,002,720				314,580				—				—				117,317,301				117,317,301				7,740,948								2004				(e	) ***

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GENERAL GROWTH PROPERTIES, INC.
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued)
DECEMBER 31, 2005
Col. A				Col. B				Col. C								Col. D								Col. E												Col. F				Col. G				Col. H				Col. I
																Costs Capitalized
																Subsequent to Acquisition
																								Gross Amounts at Which
								Initial Cost								Net Land,								Carried at Close of Period																								Life Upon Which
																Buildings and																																Latest Income
												Buildings and				Equipment				Carrying								Buildings and								Accumulated				Date of				Date				Statement is
Name of Center		Location		Encumbrances(a)				Land				Equipment(b)				Improvements				Costs(c)				Land				Equipment				Total(d)				Depreciation(e)				Construction				Acquired				Computed
Westwood Mall		Jackson, MI			37,110,400				2,658,208				23,923,869				6,704,728				546				3,571,208				29,716,144				33,287,352				7,759,777								1996				(e	)
White Marsh Mall		Baltimore, MD			76,255,823				24,760,000				239,687,702				4,806,094				—				24,760,000				244,493,796				269,253,796				10,203,429								2004				(e	)
White Mountain Mall		Rock Springs, WY			—				2,335,000				6,520,000				5,900,360				4,495				1,362,805				13,397,050				14,759,855				1,377,249								2002				(e	)
Willowbrook		Wayne, NJ			181,285,437				56,819				444,762,007				34,274,307				—				28,809,987				450,283,146				479,093,133				16,792,134								2004				(e	)
Woodbridge Center		Woodbridge, NJ			221,336,704				27,032				420,703,497				52,309,222				—				50,737,355				422,302,396				473,039,751				16,852,804								2004				(e	)
Woodlands Village		Flagstaff, AZ			7,660,126				2,689,000				7,484,000				24,123				—				2,688,652				7,508,472				10,197,123				651,726								2002				(e	)
Yellowstone Square		Idaho Falls, ID			—				1,057,000				2,943,000				52,705				—				1,057,200				2,995,505				4,052,705				259,188								2002				(e	)
Other, including corporate and developments in progress					7,337,204,380				265,082,941				490,726,930				96,045,413				4,331,915				232,032,167				624,155,031				856,187,199				86,327,802
Total Retail and Other					20,287,467,642				2,949,809,129				16,664,084,984				2,177,640,418				140,929,804				2,974,863,931				18,957,600,404				21,932,464,335				2,104,955,640
Master Planned Communities (h)		Summerlin, NV			60,533,143				990,179,000				—				(33,568,499	)			—				956,601,854				8,647				956,610,501				—								2004				N/A
Summerlin		Houston, TX			48,519,429				257,222,000				—				46,842,220				—				304,064,220				—				304,064,220				—								2004				N/A
The Bridgelands		Howard County,			—				315,944,000				—				(57,657,810	)			—				258,286,190				—				258,286,190				—								2004				N/A
Columbia and Emerson		MD Prince George’s			—				136,434,000				—				(21,474,430	)			—				114,959,570				—				114,959,570				—								2004				N/A
Fairwood		County, MD			22,354,640				—				—				17,151,242				—				17,151,242				—				17,151,242				—								2004				N/A
Other
Total Master Planned Communities				131,407,211 $	20,418,874,853			1,699,779,000 $	4,649,588,129			— $	16,664,084,984				(48,707,277	) $2,128,933,141		— $	140,929,804			1,651,063,076 $	4,625,927,007			8,647 $	18,957,609,051			1,651,071,723 $	23,583,536,058			— $	2,104,955,640
Total

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(a)		See description of mortgage notes and other debt payable in Note 6 of Notes to Consolidated Financial Statements.
(b)		Initial cost for constructed malls is cost at end of first complete calendar year subsequent to opening.
(c)		Carrying costs consist of capitalized construction-period interest and taxes.
(d)		The aggregate cost of land, buildings and equipment for federal income tax purposes is approximately $15,704,085.

		2005				2004				2003
Balance at beginning of year		$	23,308,792			$	9,677,348			$	6,957,996
Acquisitions			—				11,235,608				2,474,222
Change in Investment land and land held for development and sale			5,363				1,645,700				—
Additions			496,362				804,556				257,372
Hurricane property damage provisions(f)			(53,022	)			—				—
Dispositions			(173,959	)			(54,420	)			(12,242	)
Balance at end of year		$	23,583,536			$	23,308,792			$	9,677,348

		2005				2004				2003
Balance at beginning of year		$	1,453,488			$	1,101,235			$	798,431
Depreciation expense			652,109				354,560				205,780
Other(g)			(641	)			(2,307	)			97,024
Balance at end of year		$	2,104,956			$	1,453,488			$	1,101,235

(e)		Depreciation is computed based upon the following estimated lives:

		Years
Buildings, improvements and carrying costs			40-45
Equipment, tenant improvements and fixtures			5-10

(f)		Carrying costs reduced for hurricane property damage (Note 14)
(g)		Primarily dispositions in 2005 and 2004 and purchase of interest in GGP Ivanhoe III in 2003.
(h)		Decrease in Costs Capitalized Subsequent to Acquisition is primarily attributable to land sales in these Master Planned Communities.

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	3	.1		Restated Certificate of Incorporation of General Growth Properties, Inc. filed with the Delaware Secretary of State on February 10, 2006 (filed herewith).
	3	.2		Bylaws of General Growth Properties, Inc., as amended (filed herewith).
	4	.1		Form of Common Stock Certificate (filed herewith).
	4	.2		Rights Agreement dated July 27, 1993, between General Growth Properties, Inc. and certain other parties named therein (filed herewith).
	4	.3		Amendment to Rights Agreement dated as of February 1, 2000, between General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 10.11 to the Annual Report on Form 10-K for the year ended December 31, 2003, incorporated herein by reference).
	4	.4		Redemption Rights Agreement dated July 13, 1995, by and among GGP Limited Partnership (the “Operating Partnership”), General Growth Properties, Inc. and the persons listed on the signature pages thereof (filed herewith).
	4	.5		Redemption Rights Agreement dated December 6, 1996, among the Operating Partnership, Forbes/ Cohen Properties, Lakeview Square Associates, and Jackson Properties (filed herewith).
	4	.6		Redemption Rights Agreement dated June 19, 1997, among the Operating Partnership, General Growth Properties, Inc., and CA Southlake Investors, Ltd. (filed herewith).
	4	.7		Redemption Rights Agreement dated October 23, 1997, among General Growth Properties, Inc., the Operating Partnership and Peter Leibowits (filed herewith).
	4	.8		Redemption Rights Agreement dated April 2, 1998, among the Operating Partnership, General Growth Properties, Inc. and Southwest Properties Venture (filed herewith).
	4	.9		Redemption Rights Agreement dated July 21, 1998, among the Operating Partnership, General Growth Properties, Inc., Nashland Associates, and HRE Altamonte, Inc. (filed herewith).
	4	.10		Redemption Rights Agreement dated October 21, 1998, among the Operating Partnership, General Growth Properties, Inc. and the persons on the signature pages thereof (filed herewith).
	4	.11		Redemption Rights Agreement (PDC Common Units) dated July 10, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 10.6 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference).
	4	.12		Redemption Rights Agreement (PDC Series B Preferred Units) dated July 10, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 10.7 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference).
	4	.13		Redemption Rights Agreement (Series C Preferred Units) dated November 27, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously filed as Exhibit 10(LLL) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference).
	4	.14		Redemption Rights Agreement (PDC Common Units) dated November 27, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously filed as Exhibit 10(MMM) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference).
	4	.15		Redemption Rights Agreement dated December 11, 2003, by and among the Operating Partnership, General Growth Properties, Inc. and Everitt Enterprises, Inc. (previously filed as Exhibit 10.44 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference).
	4	.16		Form of Registration Rights Agreement dated April 15, 1993, between General Growth Properties, Inc., Martin Bucksbaum, Matthew Bucksbaum and the other parties named therein (filed herewith).
	4	.17		Amendment to Registration Rights Agreement dated February 1, 2000, among General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 10.16 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference).

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	4	.18		Registration Rights Agreement dated April 17, 2002, between General Growth Properties, Inc. and GSEP 2002 Realty Corp. (previously filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference).
	4	.19		Rights Agreement dated November 18, 1998, between General Growth Properties, Inc. and Norwest Bank Minnesota, N.A., as Rights Agent (including the Form of Certificate of Designation of Series A Junior Participating Preferred Stock attached thereto as Exhibit A, the Form of Right Certificate attached thereto as Exhibit B and the Summary of Rights to Purchase Preferred Shares attached thereto as Exhibit C) (filed herewith).
	4	.20		First Amendment to Rights Agreement dated as of November 10, 1999, between General Growth Properties, Inc. and Norwest Bank Minnesota, N.A. (filed herewith).
	4	.21		Second Amendment to Rights Agreement dated as of December 31, 2001, between General Growth Properties, Inc. and Mellon Investor Services, LLC, successor to Norwest Bank Minnesota, N.A. (previously filed as Exhibit 4.13 to the Registration Statement on Form S-3 (No. 333-82134) dated February 4, 2002 which was filed with the SEC on February 5, 2002, incorporated herein by reference).
	4	.22		Letter Agreement concerning Rights Agreement dated November 10, 1999, between the Operating Partnership and NYSCRF (filed herewith).
	4	.23		The Rouse Company and The First National Bank of Chicago (Trustee) Indenture dated as of February 24, 1995 (previously filed as Exhibit 4.23 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference).
	4	.24		Second Amended and Restated Credit Agreement dated as of February 24, 2006 among General Growth Properties, Inc., Operating Partnership and GGPLP L.L.C., as Borrowers; the several lenders from time to time parties thereto; Banc of America Securities LLC, Eurohypo AG, New York Branch (“Eurohypo”) and Wachovia Capital Markets, LLC, as Arrangers; Eurohypo, as Administrative Agent; Bank of America, N.A., and Wachovia Bank, National Association, as Syndication Agents; and Lehman Commercial Paper, Inc., as Documentation Agent (previously filed as Exhibit 4.1 to the Current Report on Form 8-K dated February 24, 2006 which was filed with the SEC on March 2, 2006, incorporated herein by reference).
	10	.1		Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated April 1, 1998 (the “LP Agreement”) (filed herewith).
	10	.2		First Amendment to the LP Agreement dated as of June 10, 1998 (previously filed as Exhibit 10(B) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference).
	10	.3		Second Amendment to the LP Agreement dated as of June 29, 1998 (previously filed as Exhibit 10(C) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference).
	10	.4		Third Amendment to the LP Agreement dated as of February 15, 2002 (previously filed as Exhibit 10.3 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference).
	10	.5		Amendment to the LP Agreement dated as of April 24, 2002 (previously filed as Exhibit 10.4 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference).
	10	.6		Fourth Amendment to the LP Agreement dated as of July 10, 2002 (previously filed as Exhibit 10.5 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference).
	10	.7		Amendment to the LP Agreement dated as of November 27, 2002 (previously filed as Exhibit 10(G) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference).
	10	.8		Sixth Amendment to the LP Agreement and Exhibit A to the Amendment dated as of November 20, 2003 (previously filed as Exhibit 10.8 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference).

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	10	.9		Amendment to the LP Agreement and Exhibit A to the Amendment dated as of December 11, 2003 (previously filed as an Exhibit 10.9 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference).
	10	.10		Amendment to the LP Agreement dated November 12, 2004 (previously filed as Exhibit 10.3 to the Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004, incorporated herein by reference).
	10	.11		Second Amended and Restated Operating Agreement of GGPLP L.L.C. dated April 17, 2002 (the “LLC Agreement”) (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference).
	10	.12		First Amendment to the LLC Agreement dated April 23, 2002 (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference).
	10	.13		Second Amendment to the LLC Agreement dated May 13, 2002 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002 which was filed with the SEC on August 13, 2002, incorporated herein by reference).
	10	.14		Third Amendment to the LLC Agreement dated October 30, 2002 (previously filed as Exhibit 10(Y) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference).
	10	.15		Fourth Amendment to the LLC Agreement dated April 7, 2003 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 which was filed with the SEC on May 9, 2003, incorporated herein by reference).
	10	.16		Fifth Amendment to the LLC Agreement dated April 11, 2003 (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 which was filed with the SEC on May 9, 2003, incorporated herein by reference).
	10	.17		Sixth Amendment to the LLC Agreement dated November 12, 2004 (previously filed as Exhibit 10.2 to the Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004, incorporated herein by reference).
	10	.18		Stockholders Agreement dated December 20, 1995, among GGP/ Homart, Inc., Operating Partnership, The Comptroller of the State of New York, As Trustee of the Common Retirement Fund (“NYSCRF”), Equitable Life Insurance Company of Iowa, USG Annuity & Life Company, Trustees of the University of Pennsylvania and General Growth Properties (filed herewith).
	10	.19		First Amendment to Stockholders Agreement dated September 10, 1996 (filed herewith).
	10	.20		Operating Agreement dated November 10, 1999, between the Operating Partnership, NYSCRF, and GGP/Homart II L.L.C. (filed herewith).
	10	.21		Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated November 22, 2002 (filed herewith).
	10	.22		Letter Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003 (filed herewith).
	10	.23		Second Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003 (filed herewith).
	10	.24		Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated August 26, 2002, between the Operating Partnership, Teachers’ Retirement System of the State of Illinois and GGP-TRS L.L.C. (filed herewith).
	10	.25		First Amendment to Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated December 19, 2002 (filed herewith).
	10	.26		Second Amendment to Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated November 1, 2005 (filed herewith).
	10	.27*		General Growth Properties, Inc. 1998 Incentive Stock Plan, as amended (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 which was filed with the SEC on August 8, 2005, incorporated herein by reference).

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	10	.28*		Form of Option Agreement pursuant to 1998 Incentive Stock Plan (previously filed as Exhibit 10.47 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference).
	10	.29*		General Growth Properties, Inc. 2003 Incentive Stock Plan (previously filed as Exhibit 4.1 to the Registration Statement (333-105882) on Form S-8 dated June 5, 2003 which was filed with the SEC on June 6, 2003, incorporated herein by reference).
	10	.30*		Form of Option Agreement pursuant to 2003 Incentive Stock Plan (previously filed as Exhibit 10.48 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference).
	10	.31*		Form of Restricted Stock Agreement pursuant to 2003 Incentive Stock Plan (filed herewith).
	10	.32*		Summary of Non-Employee Director Compensation Program (previously filed as Exhibit 10.1 to the Current Report on Form 8-K dated July 26, 2005 which was filed with the SEC on July 28, 2005, incorporated herein by reference).
	10	.33		Form of Contingent Stock Agreement, effective January 1, 1996, by The Rouse Company and in favor of and for the benefit of the Holders and the Representatives (as defined therein) (previously filed as Exhibit 99.1 to the Registration Statement on Form S-3/A (No. 333-120373) which was filed with the SEC on December 23, 2004, incorporated herein by reference).
	10	.34		Assumption Agreement dated October 19, 2004 by General Growth Properties, Inc. and The Rouse Company in favor of and for the benefit of the Holders and the Representatives (as defined therein) (previously filed as Exhibit 99.2 to the Registration Statement on Form S-3/A (No. 333-120373) which was filed with the SEC on December 23, 2004, incorporated herein by reference).
	10	.35		Agreement and Plan of Merger by and Among The Rouse Company, General Growth Properties, Inc. and Red Acquisition, LLC dated as of August 19, 2004 (previously filed as Exhibit 2.1 to our Current Report on Form 8-K/A dated August 20, 2004 which was filed with the SEC on August 24, 2004, incorporated herein by reference).
	21			List of Subsidiaries (filed herewith).
	23	.1		Consent of Deloitte & Touche LLP (filed herewith).
	23	.2		Consent of KPMG LLP (filed herewith).
	31	.1		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
	31	.2		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
	32	.1		Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
	32	.2		Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

(*)	A compensatory plan or arrangement required to be filed.

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