Form8K 9.30.14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

the Securities Act of 1934

Date of Report (Date of Earliest Event Reported)

October 27, 2014

General Growth Properties, Inc.

(Exact name of registrant as specified in its charter)



Delaware	1-34948	27-2963337
(State or other	(Commission	(I.R.S. Employer
jurisdiction of	File Number)	Identification
incorporation)		Number)

110 N. Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip Code)

(312) 960-5000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 27, 2014, General Growth Properties, Inc. (“GGP”) issued a press release describing its results of operations for the three and nine months ended September 30, 2014. A copy of the press release is being furnished as Exhibit 99.1 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On October 27, 2014, General Growth Properties, Inc. made available on its website the press release described in Item 2.02 above as well as certain supplemental financial information regarding its operations for the three and nine months ended September 30, 2014. A copy of such supplemental financial information is being furnished as Exhibit 99.2 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit No. Description


99.1	Press release titled “GGP Reports Third Quarter 2014 Results” dated October 27, 2014 (furnished herewith).


99.2	Certain GGP supplemental financial information regarding its operations for the three and nine months ended September 30, 2014 (furnished herewith).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENERAL GROWTH PROPERTIES, INC.

/s/ Michael Berman

Michael Berman

Chief Financial Officer

Date: October 27, 2014

EXHIBIT INDEX



Exhibit Number	Name
99.1	Press release titled “GGP Reports Third Quarter 2014 Results” dated October 27, 2014 (furnished herewith).
99.2	Certain GGP supplemental financial information regarding its operations for the three and nine months ended September 30, 2014 (furnished herewith).

Exhibit 99.1GGP 9.30.14 8K

GGP REPORTS THIRD QUARTER 2014 RESULTS

Same Store NOI Increases 5.4%; Company EBITDA Increases 6.7%

Company FFO per Share Increases 13.1%

Chicago, Illinois, October 27, 2014 – General Growth Properties, Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three and nine months ended September 30, 2014.

Financial Results

For the Three Months Ended September 30, 2014

Company Funds from Operations (“Company FFO”) per share increased 13.1% to $0.33 per diluted share from $0.29 per diluted share in the prior year period. Company FFO increased 8.6% to $308 million from $284 million in the prior year period.

Company Earnings Before Interest, Taxes, Depreciation and Amortization (“Company EBITDA”) increased 6.7% to $521 million from $488 million in the prior year period.

Comparable Net Operating Income (“Same Store NOI”) increased 5.4% to $548 million from $520 million in the prior year period.

Net income attributable to GGP was $75 million, or $0.07 per diluted share, as compared to net income of $27 million, or $0.02 per diluted share, in the prior year period.

For the Nine Months Ended September 30, 2014

Company FFO per share increased 17.3% to $0.95 per diluted share from $0.81 per diluted share in the prior year period. Company FFO increased 11.9% to $898 million from $803 million in the prior year period.

Company EBITDA increased 5.2% to $1,524 million from $1,448 million in the prior year period.

Same Store NOI increased 5.4% to $1,618 million from $1,535 million in the prior year period.

Net income attributable to GGP was $376 million, or $0.39 per diluted share, as compared to net income of $225 million, or $0.23 income per diluted share, in the prior year period.

Operational Highlights for the Mall Portfolio


•	Tenant sales (all less anchors) increased 2.6% to $20.2 billion on a trailing 12-month basis. Tenant sales (<10,000 square feet) increased 0.6% to $565 per square foot on a trailing 12-month basis.


•	Same Store mall leased percentage was 96.8% at quarter end, an increase of 20 basis points from September 30, 2013.


•	Initial rental rates for executed leases commencing in 2014 on a suite-to-suite basis increased 17.6%, or $9.33 per square foot, to $62.44 per square foot when compared to the rental rate for expiring leases.

Quarterly Financing Activities

Property-Level Debt

The Company obtained $1,005 million ($547 million at share) of new fixed and variable rate debt at four of its existing properties with a weighted average term to maturity of 9.7 years (at share) and a weighted average interest rate of 3.75% (at share). The transactions generated approximately $685 million ($387 million at share) of net proceeds.

The Company amended its $1.4 billion corporate loan secured by cross-collateralized mortgages on 14 properties. This amendment lowered the interest rate on the loan from LIBOR plus 2.5% to LIBOR plus 1.75%.

Quarterly Investment Activities

Acquisitions, Dispositions, and Joint Venture Activity

The Company acquired a 12.5% interest in Miami Design District in Miami, Florida for net equity at share of $175.0 million. The property is part of an eighteen square city block retail and entertainment development. In addition the Company also acquired a 40% interest in The Shops at the Bravern in Bellevue, Washington, a suburb of Seattle for net equity at share of $66.6 million. The property comprises approximately 309,000 square feet of retail space.

The Company acquired a 10% interest in 522 Fifth Avenue in New York City for net equity at share of $8.3 million. The property will comprise approximately 26,500 square feet of retail space after development.

The Company sold a strip center and a medical office building for net proceeds of $40.3 million.

Subsequent to quarter end, the Company closed on its previously announced acquisition of a 50% interest in 530 Fifth Avenue in New York City for net equity at share of $49.0 million. The property comprises approximately 58,000 square feet of retail space.

Development

The Company has development and redevelopment activities totaling approximately $2.3 billion at share, of which projects totaling approximately $394 million have opened and $1.1 billion is under construction.

Dividends

The Company’s Board of Directors previously declared a third quarter common stock dividend of $0.16 per share payable on October 31, 2014, to stockholders of record on October 15, 2014, representing an increase of $0.03 per share or 23% growth over the dividend declared in third quarter 2013.

Guidance

Company FFO for the year ending December 31, 2014, is expected to be $1.31 to $1.33 per diluted share. Company FFO for the fourth quarter 2014 is expected to be $0.37 to $0.39 per diluted share.

The following table provides a reconciliation of the range of estimated diluted net income attributable to GGP per share to estimated FFO per diluted share and Company FFO per diluted share.



	For the year ending December 31, 2014						For the three months ending December 31, 2014
	Low End			High End			Low End			High End
Company FFO per diluted share	$	1.31		$	1.33		$	0.37		$	0.39
Adjustments (1)	(0.06		)	(0.06		)	(0.01		)	(0.01		)
Gain on debt extinguishment and other losses (2)	0.05			0.05			-			-
FFO	1.30			1.32			0.36			0.38
Depreciation, including share of joint ventures	(0.94		)	(0.94		)	(0.24		)	(0.24		)
Gain on sale of investments and other	0.14			0.14			-			-
Net income attributable to common stockholders	0.50			0.52			0.12			0.14
Preferred stock dividends	0.02			0.02			-			-
Net income attributable to GGP	$	0.52		$	0.54		$	0.12		$	0.14


(1)	Includes impact of straight-line rent, above/below market rent, ground rent amortization, debt market rate adjustments and other non-cash or non-comparable items.


(2)	Includes loss from Urban litigation settlement.

The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions or capital markets activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.

Investor Conference Call

On Tuesday, October 28, 2014, the Company will host a conference call at 8:00 a.m. CDT (9:00 a.m. EDT). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register.

For those unable to listen to the call live, a replay will be available after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 98077673.

Supplemental Information

The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.

Forward-Looking Statements

Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Investors and others should note that we post our current Investor Presentation on the Investors page of our website at ggp.com. From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at ggp.com from time to time.

General Growth Properties, Inc.

General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing, and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.



Investor Relations Contact:		Media Contact:
Kevin Berry		David Keating
VP Investor Relations		VP Corporate Communications
(312) 960-5529		(312) 960-6325
kevin.berry@ggp.com		david.keating@ggp.com

Non-GAAP Supplemental Financial Measures and Definitions

Net Operating Income (“NOI”) and Company NOI

The Company defines NOI as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. NOI has been reflected on a proportionate basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs. The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of the Company’s properties. Because NOI excludes general and administrative expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, discontinued operations, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.

The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance. The Company presents Company NOI and Company FFO (as defined below), as management of the Company believes certain investors and other users of the Company’s financial information use them as measures of the Company’s historical operating performance.

Funds From Operations (“FFO”) and Company FFO

The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (“NAREIT”). The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.

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

As with the Company’s presentation of Company NOI, the Company also considers Company FFO to be a helpful supplemental measure of the operating performance for equity REITs because it excludes from FFO certain items that are non-cash and certain non-comparable items such as Company NOI adjustments, and FFO items such as mark-to-market adjustments on debt and gains on the extinguishment of debt, warrant liability adjustment, and interest expense on debt repaid or settled all which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events.

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

The Company presents NOI and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to NOI and Company NOI and a reconciliation of net loss attributable to GGP to FFO and Company FFO. None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash available to fund cash needs. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.

FINANCIAL OVERVIEW

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

	Three Months Ended						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

Revenues:
Minimum rents	$	400,188		$	382,718		$	1,182,200		$	1,159,091
Tenant recoveries	186,123			176,756			552,767			534,079
Overage rents	9,277			9,666			24,486			27,387
Management fees and other corporate revenues	17,355			17,336			51,759			50,575
Other	18,861			19,636			63,242			55,211
Total revenues	631,804			606,112			1,874,454			1,826,343
Expenses:
Real estate taxes	57,705			58,176			173,495			177,352
Property maintenance costs	13,618			13,955			49,848			51,747
Marketing	4,345			5,794			15,109			18,061
Other property operating costs	85,671			93,190			255,165			263,018
Provision for doubtful accounts	398			1,017			5,319			3,326
Property management and other costs	34,516			41,446			119,572			123,344
General and administrative	12,778			10,522			52,609			34,578
Depreciation and amortization	184,033			188,079			534,096			566,470
Total expenses	393,064			412,179			1,205,213			1,237,896
Operating income	238,740			193,933			669,241			588,447
Interest and dividend income	8,536			388			19,801			1,277
Interest expense	(174,120		)	(172,930		)	(528,283		)	(549,545		)
Loss on Foreign Currency	(15,972		)	—			(7,017		)	—
Warrant liability adjustment	—			—			—			(40,546		)
Gain from change in control of investment properties	—			—			—			219,784
Loss on extinguishment of debt	—			—			—			(36,478		)
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, noncontrolling interests and preferred stock dividends	57,184			21,391			153,742			182,939
Benefit from (provision for) income taxes	4,800			287			(2,836		)	(1,236		)
Equity in income of Unconsolidated Real Estate Affiliates	7,391			13,984			33,868			41,165
Equity in income of Unconsolidated Real Estate Affiliates - (loss) gain on investment	—			(2,800		)	—			648
Income from continuing operations	69,375			32,862			184,774			223,516
Discontinued operations:
Income (loss) from discontinued operations, including gains (losses) on dispositions	8,024			(2,008		)	134,927			(13,366		)
Gain on extinguishment of debt	—			—			66,679			25,894
Discontinued operations, net	8,024			(2,008		)	201,606			12,528
Net income	77,399			30,854			386,380			236,044
Allocation to noncontrolling interests	(2,791		)	(3,371		)	(10,008		)	(10,707		)
Net income attributable to GGP	74,608			27,483			376,372			225,337
Preferred stock dividends	(3,984		)	(3,984		)	(11,952		)	(10,094		)
Net income attributable to common stockholders	$	70,624		$	23,499		$	364,420		$	215,243
Basic Income Per Share:
Continuing operations	$	0.07		$	0.03		$	0.18		$	0.22
Discontinued operations	0.01			—			0.23			0.01
Total basic income per share	$	0.08		$	0.03		$	0.41		$	0.23
Diluted Income Per Share:
Continuing operations	$	0.06		$	0.02		$	0.18		$	0.22
Discontinued operations	0.01			—			0.21			0.01
Total diluted income per share	$	0.07		$	0.02		$	0.39		$	0.23

FINANCIAL OVERVIEW

Consolidated Balance Sheets (In thousands)

			September 30, 2014			December 31, 2013
Assets:
Investment in real estate:
	Land		$	4,268,569		$	4,320,597
	Buildings and equipment		18,261,100			18,270,748
	Less accumulated depreciation		(2,210,100		)	(1,884,861		)
	Construction in progress		557,354			406,930
		Net property and equipment	20,876,923			21,113,414
	Investment in and loans to/from Unconsolidated Real Estate Affiliates		2,512,129			2,407,698
		Net investment in real estate	23,389,052			23,521,112
Cash and cash equivalents			279,576			577,271
Accounts and notes receivable, net			603,735			478,899
Deferred expenses, net			176,296			189,452
Prepaid expenses and other assets			871,249			995,569
		Total assets	$	25,319,908		$	25,762,303
Liabilities:
Mortgages, notes and loans payable			$	15,898,090		$	15,672,437
Investment in and loans to/from Unconsolidated Real Estate Affiliates			19,017			17,405
Accounts payable and accrued expenses			865,441			970,995
Dividend payable			148,443			134,476
Deferred tax liabilities			21,511			24,667
Tax indemnification liability			321,958			321,958
Junior Subordinated Notes			206,200			206,200
		Total liabilities	17,480,660			17,348,138
Redeemable noncontrolling interests:
	Preferred		145,771			131,881
	Common		113,844			97,021
		Total redeemable noncontrolling interests	259,615			228,902
Equity:
	Preferred stock		242,042			242,042
	Stockholder's Equity		7,257,641			7,861,079
	Noncontrolling interests in consolidated real estate affiliates		79,950			82,142
		Total equity	7,579,633			8,185,263
		Total liabilities, redeemable noncontrolling interests and equity	$	25,319,908		$	25,762,303

PROPORTIONATE FINANCIAL STATEMENTS

Company NOI, EBITDA and FFO

For the Three Months Ended September 30, 2014 and 2013

(In thousands)



	Three Months Ended September 30, 2014																		Three Months Ended September 30, 2013
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company

Property revenues:
Minimum rents	$	400,188		$	(4,112	)	$	96,292		$	492,368		$	2,735		$	495,103		$	382,718		$	(3,632	)	$	93,125		$	472,211		$	8,804		$	481,015
Tenant recoveries	186,123			(1,672		)	43,759			228,210			—			228,210			176,756			(1,233		)	41,415			216,938			—			216,938
Overage rents	9,277			(103		)	3,097			12,271			—			12,271			9,666			(133		)	3,424			12,957			—			12,957
Other revenue	18,861			(323		)	3,540			22,078			—			22,078			19,636			(101		)	3,757			23,292			—			23,292
Total property revenues	614,449			(6,210		)	146,688			754,927			2,735			757,662			588,776			(5,099		)	141,721			725,398			8,804			734,202
Property operating expenses:
Real estate taxes	57,705			(669		)	13,455			70,491			(1,490		)	69,001			58,176			(542		)	13,271			70,905			(1,578		)	69,327
Property maintenance costs	13,618			(83		)	4,172			17,707			—			17,707			13,955			(96		)	4,136			17,995			—			17,995
Marketing	4,345			(44		)	1,396			5,697			—			5,697			5,794			(55		)	1,886			7,625			—			7,625
Other property operating costs	85,671			(744		)	22,200			107,127			(1,300		)	105,827			93,190			(552		)	21,715			114,353			(6,001		)	108,352
Provision for doubtful accounts	398			(24		)	486			860			—			860			1,017			12			305			1,334			—			1,334
Total property operating expenses	161,737			(1,564		)	41,709			201,882			(2,790		)	199,092			172,132			(1,233		)	41,313			212,212			(7,579		)	204,633
NOI	$	452,712		$	(4,646	)	$	104,979		$	553,045		$	5,525		$	558,570		$	416,644		$	(3,866	)	$	100,408		$	513,186		$	16,383		$	529,569
Management fees and other corporate revenues	17,355			—			—			17,355			—			17,355			17,336			—			—			17,336			—			17,336
Property management and other costs	(34,516		)	167			(6,848		)	(41,197		)	—			(41,197		)	(41,446		)	161			(6,632		)	(47,917		)	—			(47,917		)
General and administrative	(12,778		)	—			(1,059		)	(13,837		)	—			(13,837		)	(10,522		)	—			(244		)	(10,766		)	—			(10,766		)
EBITDA	$	422,773		$	(4,479	)	$	97,072		$	515,366		$	5,525		$	520,891		$	382,012		$	(3,705	)	$	93,532		$	471,839		$	16,383		$	488,222
Depreciation on non-income producing assets	(2,528		)	—			—			(2,528		)	—			(2,528		)	(2,925		)	—			—			(2,925		)	—			(2,925		)
Interest and dividend income	8,536			386			536			9,458			(205		)	9,253			388			—			142			530			—			530
Preferred unit distributions	(2,232		)	—			—			(2,232		)	—			(2,232		)	(2,335		)	—			—			(2,335		)	—			(2,335		)
Preferred stock dividends	(3,984		)	—			—			(3,984		)	—			(3,984		)	(3,984		)	—			—			(3,984		)	—			(3,984		)
Interest expense:
Mark-to-market adjustments on debt	(386		)	(98		)	379			(105		)	105			—			(2,723		)	(94		)	(1,035		)	(3,852		)	3,852			—
Write-off of mark-to-market adjustments on extinguished debt	—			—			—			—			—			—			1,915			—			411			2,326			(2,326		)	—
Interest on existing debt	(173,734		)	1,488			(40,065		)	(212,311		)	—			(212,311		)	(172,122		)	1,117			(36,384		)	(207,389		)	—			(207,389		)
Loss on foreign currency	(15,972		)	—			—			(15,972		)	15,972			—			—			—			—			—			—			—
Benefit from (provision for) income taxes	4,800			16			(149		)	4,667			(6,317		)	(1,650		)	287			18			(59		)	246			—			246
FFO from discontinued operations	872			—			—			872			(61		)	811			2,591			—			6,312			8,903			2,561			11,464
	238,145			(2,687		)	57,773			293,231			15,019			308,250			203,104			(2,664		)	62,919			263,359			20,470			283,829
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	55,086			2,687			(57,773		)	—			—			—			60,255			2,664			(62,919		)	—			—			—
FFO	$	293,231		$	—		$	—		$	293,231		$	15,019		$	308,250		$	263,359		$	—		$	—		$	263,359		$	20,470		$	283,829

Company FFO per diluted share																$	0.33																	$	0.29

PROPORTIONATE FINANCIAL STATEMENTS

Company NOI, EBITDA and FFO

For the Nine Months Ended September 30, 2014 and 2013

(In thousands)



	Nine Months Ended September 30, 2014																		Nine Months Ended September 30, 2013
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company

Property revenues:
Minimum rents	$	1,182,200		$	(12,343	)	$	285,882		$	1,455,739		$	22,054		$	1,477,793		$	1,159,091		$	(10,681	)	$	265,846		$	1,414,256		$	21,887		$	1,436,143
Tenant recoveries	552,767			(5,015		)	128,630			676,382			—			676,382			534,079			(3,587		)	118,869			649,361			—			649,361
Overage rents	24,486			(219		)	7,413			31,680			—			31,680			27,387			(245		)	7,459			34,601			—			34,601
Other revenue	63,286			(823		)	10,054			72,517			—			72,517			55,209			(294		)	10,703			65,618			—			65,618
Total property revenues	1,822,739			(18,400		)	431,979			2,236,318			22,054			2,258,372			1,775,766			(14,807		)	402,877			2,163,836			21,887			2,185,723
Property operating expenses:
Real estate taxes	173,495			(1,989		)	40,182			211,688			(4,469		)	207,219			177,352			(1,595		)	38,750			214,507			(4,734		)	209,773
Property maintenance costs	49,848			(308		)	13,799			63,339			—			63,339			51,747			(278		)	12,001			63,470			—			63,470
Marketing	15,109			(157		)	4,720			19,672			—			19,672			18,061			(172		)	5,058			22,947			—			22,947
Other property operating costs	255,165			(2,263		)	62,604			315,506			(3,895		)	311,611			263,018			(1,643		)	58,510			319,885			(8,765		)	311,120
Provision for doubtful accounts	5,319			(60		)	994			6,253			—			6,253			3,326			(36		)	940			4,230			—			4,230
Total property operating expenses	498,936			(4,777		)	122,299			616,458			(8,364		)	608,094			513,504			(3,724		)	115,259			625,039			(13,499		)	611,540
NOI	$	1,323,803		$	(13,623	)	$	309,680		$	1,619,860		$	30,418		$	1,650,278		$	1,262,262		$	(11,083	)	$	287,618		$	1,538,797		$	35,386		$	1,574,183
Management fees and other corporate revenues	51,759			—			—			51,759			—			51,759			50,575			—			—			50,575			—			50,575
Property management and other costs	(119,572		)	489			(20,729		)	(139,812		)	—			(139,812		)	(123,344		)	466			(18,922		)	(141,800		)	—			(141,800		)
General and administrative	(52,609		)	2			(3,888		)	(56,495		)	17,854			(38,641		)	(34,578		)	—			(750		)	(35,328		)	—			(35,328		)
EBITDA	$	1,203,381		$	(13,132	)	$	285,063		$	1,475,312		$	48,272		$	1,523,584		$	1,154,915		$	(10,617	)	$	267,946		$	1,412,244		$	35,386		$	1,447,630
Depreciation on non-income producing assets	(9,055		)	—			—			(9,055		)	—			(9,055		)	(9,040		)	—			—			(9,040		)	—			(9,040		)
Interest and dividend income	19,801			1,159			1,569			22,529			(279		)	22,250			1,277			(1		)	349			1,625			—			1,625
Preferred unit distributions	(6,697		)	—			—			(6,697		)	—			(6,697		)	(7,006		)	—			—			(7,006		)	—			(7,006		)
Preferred stock dividends	(11,952		)	—			—			(11,952		)	—			(11,952		)	(10,094		)	—			—			(10,094		)	—			(10,094		)
Interest expense:
Default interest	—			—			—			—			—			—			(1,306		)	—			—			(1,306		)	1,306			—
Mark-to-market adjustments on debt	(2,604		)	(292		)	1,121			(1,775		)	1,775			—			(8,304		)	(278		)	(953		)	(9,535		)	9,535			—
Write-off of mark-to-market adjustments on extinguished debt	(9,831		)	—			—			(9,831		)	9,831			—			7,075			—			411			7,486			(7,486		)	—
Interest on existing debt	(515,848		)	4,502			(111,444		)	(622,790		)	—			(622,790		)	(547,010		)	3,367			(103,061		)	(646,704		)	—			(646,704		)
Loss on foreign currency	(7,017		)	—			—			(7,017		)	7,017			—			—			—			—			—			—			—
Warrant liability adjustment	—			—			—			—			—			—			(40,546		)	—			—			(40,546		)	40,546			—
Loss on extinguishment of debt	—			—			—			—			—			—			(36,478		)	—			—			(36,478		)	36,478			—
Benefit from (provision for) income taxes	(2,836		)	54			(293		)	(3,075		)	(2,775		)	(5,850		)	(1,236		)	53			(211		)	(1,394		)	—			(1,394		)
FFO from discontinued operations	74,691			—			—			74,691			(65,953		)	8,738			31,707			—			13,952			45,659			(18,108		)	27,551
	732,033			(7,709		)	176,016			900,340			(2,112		)	898,228			533,954			(7,476		)	178,433			704,911			97,657			802,568
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	168,307			7,709			(176,016		)	—			—			—			170,957			7,476			(178,433		)	—			—			—
FFO	$	900,340		$	—		$	—		$	900,340		$	(2,112	)	$	898,228		$	704,911		$	—		$	—		$	704,911		$	97,657		$	802,568

Company FFO per diluted share																$	0.95																	$	0.81

PROPORTIONATE FINANCIAL STATEMENTS

Reconciliation of Non-GAAP to GAAP Financial Measures

(In thousands)



		Three Months Ended						Nine Months Ended
		September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

Reconciliation of Company NOI to GAAP Operating Income
Company NOI		$	558,570		$	529,569		$	1,650,278		$	1,574,183
	Adjustments for minimum rents, real estate taxes and other property operating costs	(5,525		)	(16,383		)	(30,418		)	(35,386		)
	Proportionate NOI	553,045			513,186			1,619,860			1,538,797
	Unconsolidated Properties	(104,979		)	(100,408		)	(309,680		)	(287,618		)
	Consolidated Properties	448,066			412,778			1,310,180			1,251,179
Management fees and other corporate revenues		17,355			17,336			51,759			50,575
Property management and other costs		(34,516		)	(41,446		)	(119,572		)	(123,344		)
General and administrative		(12,778		)	(10,522		)	(52,609		)	(34,578		)
Depreciation and amortization		(184,033		)	(188,079		)	(534,096		)	(566,470		)
Loss on sales of investment properties		—			—			(44		)	—
Noncontrolling interest in operating income of Consolidated Properties and other		4,646			3,866			13,623			11,085
Operating income		$	238,740		$	193,933		$	669,241		$	588,447

Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP
Company EBITDA		$	520,891		$	488,222		$	1,523,584		$	1,447,630
	Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative	(5,525		)	(16,383		)	(48,272		)	(35,386		)
	Proportionate EBITDA	515,366			471,839			1,475,312			1,412,244
	Unconsolidated Properties	(97,072		)	(93,532		)	(285,063		)	(267,946		)
	Consolidated Properties	418,294			378,307			1,190,249			1,144,298
Depreciation and amortization		(184,033		)	(188,079		)	(534,096		)	(566,470		)
Noncontrolling interest in NOI of Consolidated Properties and other		4,646			3,866			13,623			11,085
Interest income		8,536			388			19,801			1,277
Interest expense		(174,120		)	(172,930		)	(528,283		)	(549,545		)
Loss on foreign currency		(15,972		)	—			(7,017		)	—
Warrant liability adjustment		—			—			—			(40,546		)
Benefit from (provision for) income taxes		4,800			287			(2,836		)	(1,236		)
Equity in income of Unconsolidated Real Estate Affiliates		7,391			13,984			33,868			41,165
Equity in income of Unconsolidated Real Estate Affiliates - (loss) gain on investment		—			(2,800		)	0			648
Discontinued operations		8,024			(2,008		)	201,606			12,528
Gains from changes in control of investment properties		—			—			—			219,784
Loss on extinguishment of debt		—			—			—			(36,478		)
Loss on sales of investment properties		—			—			(44		)	—
Allocation to noncontrolling interests		(2,958		)	(3,532		)	(10,499		)	(11,173		)
Net income attributable to GGP		$	74,608		$	27,483		$	376,372		$	225,337

Reconciliation of Company FFO to GAAP Net Income Attributable to GGP
Company FFO		$	308,250		$	283,829		$	898,228		$	802,568
	Adjustments for minimum rents, property operating expenses, general and administrative, market rate adjustments, debt extinguishment, income taxes and FFO from discontinued operations	(15,019		)	(20,470		)	2,112			(97,657		)
	Proportionate FFO	293,231			263,359			900,340			704,911
Depreciation and amortization of capitalized real estate costs		(231,901		)	(230,441		)	(668,833		)	(688,713		)
Gain from change in control of investment properties		—			—			—			219,784
Preferred stock dividends		3,984			3,984			11,952			10,094
Gains (losses) on sales of investment properties		7,603			(2,872		)	131,319			(189		)
Noncontrolling interests in depreciation of Consolidated Properties		2,554			1,806			6,484			5,363
Provision for impairment excluded from FFO of discontinued operations		—			—			—			(4,975		)
Redeemable noncontrolling interests		(412		)	(160		)	(2,049		)	(1,563		)
Depreciation and amortization of discontinued operations		(451		)	(8,193		)	(2,841		)	(19,375		)
Net income attributable to GGP		$	74,608		$	27,483		$	376,372		$	225,337

Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
	NOI	$	104,979		$	100,408		$	309,680		$	287,618
	Net property management fees and costs	(6,848		)	(6,632		)	(20,729		)	(18,922		)
	General and administrative and provisions for impairment	(1,059		)	(244		)	(3,888		)	(750		)
	EBITDA	97,072			93,532			285,063			267,946
	Net interest expense	(39,150		)	(36,866		)	(108,754		)	(103,254		)
	Provision for income taxes	(149		)	(59		)	(293		)	(211		)
	FFO of discontinued Unconsolidated Properties	—			6,312			—			13,952
FFO of Unconsolidated Properties		57,773			62,919			176,016			178,433
Depreciation and amortization of capitalized real estate costs		(50,398		)	(48,955		)	(143,794		)	(137,298		)
Other, including gain on sales of investment properties		16			20			1,646			30
Equity in income of Unconsolidated Real Estate Affiliates		$	7,391		$	13,984		$	33,868		$	41,165

Exhibit 99.2GGP 9.30.14 8K

SUPPLEMENTAL INFORMATION

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014



BASIS OF PRESENTATION

GENERAL INFORMATION

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

PROPERTY INFORMATION

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

NON-GAAP MEASURES

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

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



TABLE OF CONTENTS



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

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



SELECT SCHEDULE DEFINITIONS



Page	Schedule	Description
Proportionate Financial Schedules:
3	Proportionate Balance Sheet	The proportionate balance sheet adjusts GGP's GAAP balance sheet for noncontrolling interests and adds the Company's proportionate share of assets and liabilities related to investments accounted for under the equity method.
4	Overview	Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis.
5-6	Company NOI, EBITDA and FFO	Proportionate Results and FFO for the three and nine months ended September 30, 2014 and 2013 adjusts GGP's consolidated results and FFO for noncontrolling interests and adds the Company's proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, EBITDA and FFO exclude certain non-cash and non-recurring revenues and expenses that may not be indicative of future operations.
Portfolio Operating Metrics:
17	Key Operating Performance Indicators	Certain retail properties operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions.
20-26	Property Schedule	By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions.

GAAP Financial Statements



FINANCIAL OVERVIEW Consolidated Balance Sheets (In thousands)



	September 30, 2014			December 31, 2013

Assets:
Investment in real estate:
Land	$	4,268,569		$	4,320,597
Buildings and equipment	18,261,100			18,270,748
Less accumulated depreciation	(2,210,100		)	(1,884,861		)
Construction in progress	557,354			406,930
Net property and equipment	20,876,923			21,113,414
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,512,129			2,407,698
Net investment in real estate	23,389,052			23,521,112
Cash and cash equivalents	279,576			577,271
Accounts and notes receivable, net	603,735			478,899
Deferred expenses, net	176,296			189,452
Prepaid expenses and other assets	871,249			995,569
Total assets	$	25,319,908		$	25,762,303
Liabilities:
Mortgages, notes and loans payable	$	15,898,090		$	15,672,437
Investment in and loans to/from Unconsolidated Real Estate Affiliates	19,017			17,405
Accounts payable and accrued expenses	865,441			970,995
Dividend payable	148,443			134,476
Deferred tax liabilities	21,511			24,667
Tax indemnification liability	321,958			321,958
Junior Subordinated Notes	206,200			206,200
Total liabilities	17,480,660			17,348,138
Redeemable noncontrolling interests:
Preferred	145,771			131,881
Common	113,844			97,021
Total redeemable noncontrolling interests	259,615			228,902
Equity:
Preferred stock	242,042			242,042
Stockholders' equity	7,257,641			7,861,079
Noncontrolling interests in consolidated real estate affiliates	79,950			82,142
Total equity	7,579,633			8,185,263
Total liabilities, redeemable noncontrolling interests and equity	$	25,319,908		$	25,762,303



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



	Three Months Ended						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
Revenues:
Minimum rents	$	400,188		$	382,718		$	1,182,200		$	1,159,091
Tenant recoveries	186,123			176,756			552,767			534,079
Overage rents	9,277			9,666			24,486			27,387
Management fees and other corporate revenues	17,355			17,336			51,759			50,575
Other	18,861			19,636			63,242			55,211
Total revenues	631,804			606,112			1,874,454			1,826,343
Expenses:
Real estate taxes	57,705			58,176			173,495			177,352
Property maintenance costs	13,618			13,955			49,848			51,747
Marketing	4,345			5,794			15,109			18,061
Other property operating costs	85,671			93,190			255,165			263,018
Provision for doubtful accounts	398			1,017			5,319			3,326
Property management and other costs	34,516			41,446			119,572			123,344
General and administrative	12,778			10,522			52,609			34,578
Depreciation and amortization	184,033			188,079			534,096			566,470
Total expenses	393,064			412,179			1,205,213			1,237,896
Operating income	238,740			193,933			669,241			588,447
Interest and dividend income	8,536			388			19,801			1,277
Interest expense	(174,120		)	(172,930		)	(528,283		)	(549,545		)
Loss on Foreign Currency	(15,972		)	—			(7,017		)	—
Warrant liability adjustment	—			—			—			(40,546		)
Gain from change in control of investment properties	—			—			—			219,784
Loss on extinguishment of debt	—			—			—			(36,478		)
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, noncontrolling interests and preferred stock dividends	57,184			21,391			153,742			182,939
Benefit from (provision for) income taxes	4,800			287			(2,836		)	(1,236		)
Equity in income of Unconsolidated Real Estate Affiliates	7,391			13,984			33,868			41,165
Equity in income of Unconsolidated Real Estate Affiliates - (loss) gain on investment	—			(2,800		)	—			648
Income from continuing operations	69,375			32,862			184,774			223,516
Discontinued operations:
Income (loss) from discontinued operations, including gains (losses) on dispositions	8,024			(2,008		)	134,927			(13,366		)
Gain on extinguishment of debt	—			—			66,679			25,894
Discontinued operations, net	8,024			(2,008		)	201,606			12,528
Net income	77,399			30,854			386,380			236,044
Allocation to noncontrolling interests	(2,791		)	(3,371		)	(10,008		)	(10,707		)
Net income attributable to GGP	74,608			27,483			376,372			225,337
Preferred stock dividends	(3,984		)	(3,984		)	(11,952		)	(10,094		)
Net income attributable to common stockholders	$	70,624		$	23,499		$	364,420		$	215,243
Basic Income Per Share:
Continuing operations	$	0.07		$	0.03		$	0.18		$	0.22
Discontinued operations	0.01			—			0.23			0.01
Total basic income per share	$	0.08		$	0.03		$	0.41		$	0.23
Diluted Income Per Share:
Continuing operations	$	0.06		$	0.02		$	0.18		$	0.22
Discontinued operations	0.01			—			0.21			0.01
Total diluted income per share	$	0.07		$	0.02		$	0.39		$	0.23

Proportionate Financial Statements



PROPORTIONATE FINANCIAL STATEMENTS Proportionate Balance Sheets (In thousands)



	As of September 30, 2014												As of December 31, 2013
	GAAP			Noncontrolling Interests			GGP Share of Unconsolidated Real Estate Affiliates			GGP Total Share			GGP Total Share

Assets:
Investment in real estate:
Land	$	4,268,569		$	(31,466	)	$	750,658		$	4,987,761		$	4,990,338
Buildings and equipment	18,261,100			(169,655		)	5,929,940			24,021,385			23,645,676
Less accumulated depreciation	(2,210,100		)	24,162			(1,072,834		)	(3,258,772		)	(2,819,385		)
Construction in progress	557,354			(4		)	40,511			597,861			429,553
Net property and equipment	20,876,923			(176,963		)	5,648,275			26,348,235			26,246,182
Investment in and loans to/from Unconsolidated Real Estate Affiliates	2,512,129			—			(2,512,129		)	—			—
Net investment in real estate	23,389,052			(176,963		)	3,136,146			26,348,235			26,246,182
Cash and cash equivalents	279,576			(4,786		)	137,723			412,513			697,536
Accounts and notes receivable, net	603,735			(2,294		)	76,835			678,276			549,021
Deferred expenses, net	176,296			(1,093		)	142,565			317,768			314,860
Prepaid expenses and other assets	871,249			(12,659		)	377,574			1,236,164			1,169,423
Total assets	$	25,319,908		$	(197,795	)	$	3,870,843		$	28,992,956		$	28,977,022
Liabilities:
Mortgages, notes and loans payable	$	15,898,090		$	(108,582	)	$	3,692,731		$	19,482,239		$	18,788,230
Investment in and loans to/from Unconsolidated Real Estate Affiliates	19,017			—			(19,017		)	—			—
Accounts payable and accrued expenses	865,441			(9,263		)	197,043			1,053,221			1,187,810
Dividend payable	148,443			—			—			148,443			134,476
Deferred tax liabilities	21,511			—			86			21,597			24,697
Tax indemnification liability	321,958			—			—			321,958			303,586
Junior Subordinated Notes	206,200			—			—			206,200			206,200
Total liabilities	17,480,660			(117,845		)	3,870,843			21,233,658			20,644,999
Redeemable noncontrolling interests:
Preferred	145,771			—			—			145,771			131,881
Common	113,844			—			—			113,844			97,021
Total redeemable noncontrolling interests	259,615			—			—			259,615			228,902
Equity:
Preferred stock	242,042			—			—			242,042			242,042
Stockholders' equity	7,257,641			—			—			7,257,641			7,861,079
Noncontrolling interests in consolidated real estate affiliates	79,950			(79,950		)	—			—			—
Total equity	7,579,633			(79,950		)	—			7,499,683			8,103,121
Total liabilities, redeemable noncontrolling interests and equity	$	25,319,908		$	(197,795	)	$	3,870,843		$	28,992,956		$	28,977,022



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



	Three Months Ended						Nine Months Ended
	September 30, 2014		September 30, 2013		Percentage Change		September 30, 2014		September 30, 2013		Percentage Change

Same Store NOI ¹	$	547,768	$	519,856	5.4	%	$	1,617,834	$	1,535,297	5.4	%
Non-Same Store²	10,802		9,713		n/a		32,444		38,886		n/a
Company NOI³	558,570		529,569		5.5	%	1,650,278		1,574,183		4.8	%

Company EBITDA³	520,891		488,222		6.7	%	1,523,584		1,447,630		5.2	%

Company FFO³	308,250		283,829		8.6	%	898,228		802,568		11.9	%
Company FFO per diluted share	$	0.33	$	0.29	13.1	%	$	0.95	$	0.81	17.3	%
Weighted average diluted common shares outstanding	947,757		987,184				948,749		994,057


1.	Total termination fees were $2.4 million and $4.6 million for the three months ended September 30, 2014 and 2013, respectively. Total termination fees were $11.2 million and $13.6 million for the nine months ended September 30, 2014 and 2013, respectively.


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

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



PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended September 30, 2014 and 2013 (In thousands)



	Three Months Ended September 30, 2014																		Three Months Ended September 30, 2013
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments¹			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents²	$	400,188		$	(4,112	)	$	96,292		$	492,368		$	2,735		$	495,103		$	382,718		$	(3,632	)	$	93,125		$	472,211		$	8,804		$	481,015
Tenant recoveries	186,123			(1,672		)	43,759			228,210			—			228,210			176,756			(1,233		)	41,415			216,938			—			216,938
Overage rents	9,277			(103		)	3,097			12,271			—			12,271			9,666			(133		)	3,424			12,957			—			12,957
Other revenue	18,861			(323		)	3,540			22,078			—			22,078			19,636			(101		)	3,757			23,292			—			23,292
Total property revenues	614,449			(6,210		)	146,688			754,927			2,735			757,662			588,776			(5,099		)	141,721			725,398			8,804			734,202
Property operating expenses:
Real estate taxes	57,705			(669		)	13,455			70,491			(1,490		)	69,001			58,176			(542		)	13,271			70,905			(1,578		)	69,327
Property maintenance costs	13,618			(83		)	4,172			17,707			—			17,707			13,955			(96		)	4,136			17,995			—			17,995
Marketing	4,345			(44		)	1,396			5,697			—			5,697			5,794			(55		)	1,886			7,625			—			7,625
Other property operating costs	85,671			(744		)	22,200			107,127			(1,300		)	105,827			93,190			(552		)	21,715			114,353			(6,001		)	108,352
Provision for doubtful accounts	398			(24		)	486			860			—			860			1,017			12			305			1,334			—			1,334
Total property operating expenses	161,737			(1,564		)	41,709			201,882			(2,790		)	199,092			172,132			(1,233		)	41,313			212,212			(7,579		)	204,633
NOI	$	452,712		$	(4,646	)	$	104,979		$	553,045		$	5,525		$	558,570		$	416,644		$	(3,866	)	$	100,408		$	513,186		$	16,383		$	529,569
Management fees and other corporate revenues	17,355			—			—			17,355			—			17,355			17,336			—			—			17,336			—			17,336
Property management and other costs³	(34,516		)	167			(6,848		)	(41,197		)	—			(41,197		)	(41,446		)	161			(6,632		)	(47,917		)	—			(47,917		)
General and administrative	(12,778		)	—			(1,059		)	(13,837		)	—			(13,837		)	(10,522		)	—			(244		)	(10,766		)	—			(10,766		)
EBITDA	$	422,773		$	(4,479	)	$	97,072		$	515,366		$	5,525		$	520,891		$	382,012		$	(3,705	)	$	93,532		$	471,839		$	16,383		$	488,222
Depreciation on non-income producing assets	(2,528		)	—			—			(2,528		)	—			(2,528		)	(2,925		)	—			—			(2,925		)	—			(2,925		)
Interest and dividend income	8,536			386			536			9,458			(205		)	9,253			388			—			142			530			—			530
Preferred unit distributions	(2,232		)	—			—			(2,232		)	—			(2,232		)	(2,335		)	—			—			(2,335		)	—			(2,335		)
Preferred stock dividends	(3,984		)	—			—			(3,984		)	—			(3,984		)	(3,984		)	—			—			(3,984		)	—			(3,984		)
Interest expense:
Mark-to-market adjustments on debt	(386		)	(98		)	379			(105		)	105			—			(2,723		)	(94		)	(1,035		)	(3,852		)	3,852			—
Write-off of mark-to-market adjustments on extinguished debt	—			—			—			—			—			—			1,915			—			411			2,326			(2,326		)	—
Interest on existing debt	(173,734		)	1,488			(40,065		)	(212,311		)	—			(212,311		)	(172,122		)	1,117			(36,384		)	(207,389		)	—			(207,389		)
Loss on foreign currency	(15,972		)	—			—			(15,972		)	15,972			—			—			—			—			—			—			—
Benefit from (provision for) income taxes	4,800			16			(149		)	4,667			(6,317		)	(1,650		)	287			18			(59		)	246			—			246
FFO from discontinued operations	872			—			—			872			(61		)	811			2,591			—			6,312			8,903			2,561			11,464
	238,145			(2,687		)	57,773			293,231			15,019			308,250			203,104			(2,664		)	62,919			263,359			20,470			283,829
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	55,086			2,687			(57,773		)	—			—			—			60,255			2,664			(62,919		)	—			—			—
FFO ⁴	$	293,231		$	—		$	—		$	293,231		$	15,019		$	308,250		$	263,359		$	—		$	—		$	263,359		$	20,470		$	283,829

Company FFO per diluted share																$	0.33																	$	0.29


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


2.	Adjustments include amounts for straight-line rent of ($13,252) and ($14,399) and above/below market lease amortization of $15,987 and $23,203 for the three months ended September 30, 2014 and 2013, respectively.

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

4.Proportionate FFO reflects FFO as defined by NAREIT.



PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Nine Months Ended September 30, 2014 and 2013 (In thousands)



	Nine Months Ended September 30, 2014																		Nine Months Ended September 30, 2013
	Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments¹			Company			Consolidated Properties			Noncontrolling Interests			Unconsolidated Properties			Proportionate			Adjustments			Company
Property revenues:
Minimum rents ²	$	1,182,200		$	(12,343	)	$	285,882		$	1,455,739		$	22,054		$	1,477,793		$	1,159,091		$	(10,681	)	$	265,846		$	1,414,256		$	21,887		$	1,436,143
Tenant recoveries	552,767			(5,015		)	128,630			676,382			—			676,382			534,079			(3,587		)	118,869			649,361			—			649,361
Overage rents	24,486			(219		)	7,413			31,680			—			31,680			27,387			(245		)	7,459			34,601			—			34,601
Other revenue	63,286			(823		)	10,054			72,517			—			72,517			55,209			(294		)	10,703			65,618			—			65,618
Total property revenues	1,822,739			(18,400		)	431,979			2,236,318			22,054			2,258,372			1,775,766			(14,807		)	402,877			2,163,836			21,887			2,185,723
Property operating expenses:
Real estate taxes	173,495			(1,989		)	40,182			211,688			(4,469		)	207,219			177,352			(1,595		)	38,750			214,507			(4,734		)	209,773
Property maintenance costs	49,848			(308		)	13,799			63,339			—			63,339			51,747			(278		)	12,001			63,470			—			63,470
Marketing	15,109			(157		)	4,720			19,672			—			19,672			18,061			(172		)	5,058			22,947			—			22,947
Other property operating costs	255,165			(2,263		)	62,604			315,506			(3,895		)	311,611			263,018			(1,643		)	58,510			319,885			(8,765		)	311,120
Provision for doubtful accounts	5,319			(60		)	994			6,253			—			6,253			3,326			(36		)	940			4,230			—			4,230
Total property operating expenses	498,936			(4,777		)	122,299			616,458			(8,364		)	608,094			513,504			(3,724		)	115,259			625,039			(13,499		)	611,540
NOI	$	1,323,803		$	(13,623	)	$	309,680		$	1,619,860		$	30,418		$	1,650,278		$	1,262,262		$	(11,083	)	$	287,618		$	1,538,797		$	35,386		$	1,574,183
Management fees and other corporate revenues	51,759			—			—			51,759			—			51,759			50,575			—			—			50,575			—			50,575
Property management and other costs ³	(119,572		)	489			(20,729		)	(139,812		)	—			(139,812		)	(123,344		)	466			(18,922		)	(141,800		)	—			(141,800		)
General and administrative	(52,609		)	2			(3,888		)	(56,495		)	17,854			(38,641		)	(34,578		)	—			(750		)	(35,328		)	—			(35,328		)
EBITDA	$	1,203,381		$	(13,132	)	$	285,063		$	1,475,312		$	48,272		$	1,523,584		$	1,154,915		$	(10,617	)	$	267,946		$	1,412,244		$	35,386		$	1,447,630
Depreciation on non-income producing assets	(9,055		)	—			—			(9,055		)	—			(9,055		)	(9,040		)	—			—			(9,040		)	—			(9,040		)
Interest and dividend income	19,801			1,159			1,569			22,529			(279		)	22,250			1,277			(1		)	349			1,625			—			1,625
Preferred unit distributions	(6,697		)	—			—			(6,697		)	—			(6,697		)	(7,006		)	—			—			(7,006		)	—			(7,006		)
Preferred stock dividends	(11,952		)	—			—			(11,952		)	—			(11,952		)	(10,094		)	—			—			(10,094		)	—			(10,094		)
Interest expense:
Default interest	—			—			—			—			—			—			(1,306		)	—			—			(1,306		)	1,306			—
Mark-to-market adjustments on debt	(2,604		)	(292		)	1,121			(1,775		)	1,775			—			(8,304		)	(278		)	(953		)	(9,535		)	9,535			—
Write-off of mark-to-market adjustments on extinguished debt	(9,831		)	—			—			(9,831		)	9,831			—			7,075			—			411			7,486			(7,486		)	—
Interest on existing debt	(515,848		)	4,502			(111,444		)	(622,790		)	—			(622,790		)	(547,010		)	3,367			(103,061		)	(646,704		)	—			(646,704		)
Loss on foreign currency	(7,017		)	—			—			(7,017		)	7,017			—			—			—			—			—			—			—
Warrant liability adjustment	—			—			—			—			—			—			(40,546		)	—			—			(40,546		)	40,546			—
Loss on extinguishment of debt ⁴	—			—			—			—			—			—			(36,478		)	—			—			(36,478		)	36,478			—
Benefit from (provision for) income taxes	(2,836		)	54			(293		)	(3,075		)	(2,775		)	(5,850		)	(1,236		)	53			(211		)	(1,394		)	—			(1,394		)
FFO from discontinued operations ⁵	74,691			—			—			74,691			(65,953		)	8,738			31,707			—			13,952			45,659			(18,108		)	27,551
	732,033			(7,709		)	176,016			900,340			(2,112		)	898,228			533,954			(7,476		)	178,433			704,911			97,657			802,568
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests	168,307			7,709			(176,016		)	—			—			—			170,957			7,476			(178,433		)	—			—			—
FFO⁶	$	900,340		$	—		$	—		$	900,340		$	(2,112	)	$	898,228		$	704,911		$	—		$	—		$	704,911		$	97,657		$	802,568

Company FFO per diluted share																$	0.95																	$	0.81


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


2.	Adjustments include amounts for straight-line rent of ($43,827) and ($46,192) and above/below market lease amortization of $65,881 and $68,079 for the nine months ended September 30, 2014 and 2013, respectively.


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


4.	For the nine months ended September 30, 2013, adjustments include $24.0 million in prepayment fees to retire unsecured notes, a $5.8 million prepayment penalty on a secured mortgage note and $6.6 million in fees related to the refinancing of the secured corporate loan.


5.	Company FFO includes FFO from discontinued operations. Adjustments includes gains on extinguishment of debt of $66,680 and $25,894 for the nine months ended September 30, 2014 and 2013, respectively.


6.	Proportionate FFO reflects FFO as defined by NAREIT.



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



	Three Months Ended						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

Reconciliation of Company NOI to GAAP Operating Income
Company NOI	$	558,570		$	529,569		$	1,650,278		$	1,574,183
Adjustments for minimum rents, real estate taxes and other property operating costs ¹	(5,525		)	(16,383		)	(30,418		)	(35,386		)
Proportionate NOI	553,045			513,186			1,619,860			1,538,797
Unconsolidated Properties	(104,979		)	(100,408		)	(309,680		)	(287,618		)
Consolidated Properties	448,066			412,778			1,310,180			1,251,179
Management fees and other corporate revenues	17,355			17,336			51,759			50,575
Property management and other costs	(34,516		)	(41,446		)	(119,572		)	(123,344		)
General and administrative	(12,778		)	(10,522		)	(52,609		)	(34,578		)
Depreciation and amortization	(184,033		)	(188,079		)	(534,096		)	(566,470		)
Loss on sales of investment properties	—			—			(44		)	—
Noncontrolling interest in operating income of Consolidated Properties and other	4,646			3,866			13,623			11,085
Operating income	$	238,740		$	193,933		$	669,241		$	588,447

Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP
Company EBITDA	$	520,891		$	488,222		$	1,523,584		$	1,447,630
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative ¹	(5,525		)	(16,383		)	(48,272		)	(35,386		)
Proportionate EBITDA	515,366			471,839			1,475,312			1,412,244
Unconsolidated Properties	(97,072		)	(93,532		)	(285,063		)	(267,946		)
Consolidated Properties	418,294			378,307			1,190,249			1,144,298
Depreciation and amortization	(184,033		)	(188,079		)	(534,096		)	(566,470		)
Noncontrolling interest in NOI of Consolidated Properties and other	4,646			3,866			13,623			11,085
Interest income	8,536			388			19,801			1,277
Interest expense	(174,120		)	(172,930		)	(528,283		)	(549,545		)
Loss on foreign currency	(15,972		)	—			(7,017		)	—
Warrant liability adjustment	—			—			—			(40,546		)
Benefit from (provision for) income taxes	4,800			287			(2,836		)	(1,236		)
Equity in income of Unconsolidated Real Estate Affiliates	7,391			13,984			33,868			41,165
Equity in income of Unconsolidated Real Estate Affiliates - (loss) gain on investment	—			(2,800		)	—			648
Discontinued operations	8,024			(2,008		)	201,606			12,528
Gains from changes in control of investment properties	—			—			—			219,784
Loss on extinguishment of debt	—			—			—			(36,478		)
Loss on sales of investment properties	—			—			(44		)	—
Allocation to noncontrolling interests	(2,958		)	(3,532		)	(10,499		)	(11,173		)
Net income attributable to GGP	$	74,608		$	27,483		$	376,372		$	225,337

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



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



	Three Months Ended						Nine Months Ended
	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

Reconciliation of Company FFO to GAAP Net Income Attributable to GGP
Company FFO	$	308,250		$	283,829		$	898,228		$	802,568
Adjustments for minimum rents, property operating expenses, market rate adjustments, debt extinguishment, income taxes and FFO from discontinued operations¹	(15,019		)	(20,470		)	2,112			(97,657		)
Proportionate FFO	293,231			263,359			900,340			704,911
Depreciation and amortization of capitalized real estate costs	(231,901		)	(230,441		)	(668,833		)	(688,713		)
Gain from change in control of investment properties	—			—			—			219,784
Preferred stock dividends	3,984			3,984			11,952			10,094
Gains (losses) on sales of investment properties	7,603			(2,872		)	131,319			(189		)
Noncontrolling interests in depreciation of Consolidated Properties	2,554			1,806			6,484			5,363
Provision for impairment excluded from FFO of discontinued operations	—			—			—			(4,975		)
Redeemable noncontrolling interests	(412		)	(160		)	(2,049		)	(1,563		)
Depreciation and amortization of discontinued operations	(451		)	(8,193		)	(2,841		)	(19,375		)
Net income attributable to GGP	$	74,608		$	27,483		$	376,372		$	225,337

Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates
Equity in Unconsolidated Properties:
NOI	$	104,979		$	100,408		$	309,680		$	287,618
Net property management fees and costs	(6,848		)	(6,632		)	(20,729		)	(18,922		)
General and administrative and provisions for impairment	(1,059		)	(244		)	(3,888		)	(750		)
EBITDA	97,072			93,532			285,063			267,946
Net interest expense	(39,150		)	(36,866		)	(108,754		)	(103,254		)
Provision for income taxes	(149		)	(59		)	(293		)	(211		)
FFO of discontinued Unconsolidated Properties	—			6,312			—			13,952
FFO of Unconsolidated Properties	57,773			62,919			176,016			178,433
Depreciation and amortization of capitalized real estate costs	(50,398		)	(48,955		)	(143,794		)	(137,298		)
Other, including gain on sales of investment properties	16			20			1,646			30
Equity in income of Unconsolidated Real Estate Affiliates	$	7,391		$	13,984		$	33,868		$	41,165

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

DEBT



Debt SUMMARY, AT SHARE As of September 30, 2014 (In thousands)



					Maturities
	Coupon Rate	Proportionate Balance		Average Remaining Term (Years)	2014		2015		2016		2017		2018		Subsequent		Total
Fixed Rate
Property Level Consolidated	4.52%	$	13,501,144	7.2	$	—	$	360,301	$	522,404	$	701,824	$	118,892	$	10,600,818	$	12,304,239
Property Level Unconsolidated	4.48%	3,481,539		6.8	—		183,409		2,944		178,279		186,862		2,697,075		3,248,569
Corporate Consolidated	4.41%	8,373		1.2	—		573		—		—		—		—		573
Total Fixed Rate	4.51%	$	16,991,056	7.1	$	—	$	544,283	$	525,348	$	880,103	$	305,754	$	13,297,893	$	15,553,381

Variable Rate
Property Level Consolidated¹	2.00%	$	2,251,581	4.0	$	—	$	—	$	—	$	—	$	1,571,973	$	651,636	$	2,223,609
Property Level Unconsolidated	3.41%	230,832		4.7	—		—		—		—		16,250		214,582		230,832
Junior Subordinated Notes Due 2036	1.69%	206,200		21.6	—		—		—		—		—		206,200		206,200
Total Variable Rate	2.10%	$	2,688,613	5.4	$	—	$	—	$	—	$	—	$	1,588,223	$	1,072,418	$	2,660,641

Total	4.18%	$	19,679,669	6.9	$	—	$	544,283	$	525,348	$	880,103	$	1,893,977	$	14,370,311	$	18,214,022

		Total Amortization			$	48,188	$	167,745	$	191,381	$	183,312	$	169,851	$	705,170	$	1,465,647
									Total Maturities and Amortization ^{2, 3}								$	19,679,669

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

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



Total Mortgages, Notes, and Other Payables, from above	$	19,679,669
Market rate adjustments, net	20,752
Junior Subordinated Notes Due 2036	(206,200		)
Other	(11,982		)
Total	$	19,482,239

3 Reflects maturities and amortization for periods subsequent to September 30, 2014.



DEBT Maturity Schedule¹

1 Net present value of debt is $10.1 billion at 8% discount rate.

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



DEBT DETAIL, AT SHARE¹ As of September 30, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 9/30/2014 ³	2014		2015		2016		2017		2018		Subsequent
Fixed Rate

Consolidated Property Level
Boise Towne Plaza	100%	$	9,063	2015	$	8,765	4.70%	No	$	98	$	200	$	—	$	—	$	—	$	—
Paramus Park	100%	92,702		2015	90,242		4.86%	No	802		1,658		—		—		—		—
Peachtree Mall	100%	78,895		2015	77,085		5.08%	No	668		1,142		—		—		—		—
Quail Springs Mall	100%	67,896		2015	66,864		6.74%	No	379		653		—		—		—		—
The Shops at La Cantera	75%	118,834		2015	117,345		5.95%	No	489		1,000		—		—		—		—
Brass Mill Center	100%	101,003		2016	93,347		4.55%	No	1,190		4,884		1,582		—		—		—
Glenbrook Square	100%	155,692		2016	141,325		4.91%	No	1,341		5,510		7,516		—		—		—
Lakeside Mall	100%	155,513		2016	144,451		4.28%	No	1,502		6,155		3,405		—		—		—
Ridgedale Center	100%	156,021		2016	143,281		4.86%	No	1,374		5,650		5,716		—		—		—
Apache Mall	100%	96,586		2017	91,402		4.32%	No	435		1,776		1,843		1,130		—		—
Beachwood Place	100%	215,047		2017	190,177		5.60%	No	1,614		6,656		9,274		7,326		—		—
Eastridge (CA)	100%	144,052		2017	127,418		5.79%	Yes - Partial	1,119		4,617		6,398		4,500		—		—
Four Seasons Town Centre	100%	83,817		2017	72,532		5.60%	No	902		3,722		4,940		1,721		—		—
Mall of Louisiana	100%	212,892		2017	191,409		5.82%	No	1,370		5,647		8,074		6,392		—		—
Provo Towne Center ⁴	75%	30,379		2017	28,886		4.53%	No	134		544		566		249		—		—
Hulen Mall	100%	128,073		2018	118,702		4.25%	No	543		2,221		2,304		2,421		1,882		—
The Gallery at Harborplace - Other	100%	7,670		2018	190		6.05%	No	459		1,907		2,026		2,152		936		—
Coronado Center	100%	198,475		2019	180,278		3.50%	No	942		3,829		3,948		4,110		4,258		1,110
Governor's Square	100%	70,723		2019	66,488		6.69%	No	218		906		969		1,035		1,107		—
Oak View Mall	100%	79,209		2019	74,467		6.69%	No	242		1,015		1,085		1,160		1,240		—
Park City Center	100%	188,122		2019	172,224		5.34%	No	761		3,119		3,264		3,473		3,666		1,615
Fashion Place	100%	226,730		2020	226,730		3.64%	No	—		—		—		—		—		—
Mall St. Matthews	100%	186,662		2020	170,305		2.72%	No	—		—		1,985		4,067		4,181		6,124
Newgate Mall	100%	58,000		2020	58,000		3.69%	No	—		—		—		—		—		—
The Mall In Columbia	100%	350,000		2020	316,928		3.95%	No	—		1,532		6,279		6,531		6,794		11,936
Town East Mall	100%	160,270		2020	160,270		3.57%	No	—		—		—		—		—		—
Tucson Mall	100%	246,000		2020	246,000		4.01%	No	—		—		—		—		—		—
Tysons Galleria	100%	319,515		2020	282,081		4.06%	No	1,416		5,773		5,979		6,266		6,528		11,472
Visalia Mall	100%	74,000		2020	74,000		3.71%	No	—		—		—		—		—		—
Deerbrook Mall	100%	146,543		2021	127,934		5.25%	No	609		2,497		2,612		2,776		2,928		7,187
Fashion Show - Other	100%	4,658		2021	1,577		6.06%	Yes - Full	88		364		386		411		437		1,395
Fox River Mall	100%	178,770		2021	156,373		5.46%	No	705		2,901		3,038		3,238		3,422		9,093
Northridge Fashion Center	100%	238,485		2021	207,503		5.10%	No	1,018		4,175		4,362		4,627		4,871		11,929
Oxmoor Center	94%	85,662		2021	74,781		5.37%	No	343		1,413		1,479		1,574		1,662		4,410
Park Place	100%	190,462		2021	165,815		5.18%	No	797		3,266		3,414		3,626		3,821		9,723
Providence Place	94%	344,024		2021	302,577		5.65%	No	1,323		5,423		5,687		6,077		6,434		16,503
Rivertown Crossings	100%	161,495		2021	141,356		5.52%	No	634		2,604		2,728		2,910		3,077		8,186
Westlake Center - Land	100%	2,437		2021	2,437		12.90%	Yes - Full	—		—		—		—		—		—
White Marsh Mall	100%	190,000		2021	190,000		3.66%	No	—		—		—		—		—		—
Ala Moana Center	100%	1,400,000		2022	1,400,000		4.23%	No	—		—		—		—		—		—
Bellis Fair	100%	90,149		2022	77,060		5.23%	No	370		1,524		1,594		1,694		1,786		6,121
Coastland Center	100%	125,679		2022	102,621		3.76%	No	617		2,509		2,594		2,707		2,812		11,819
Coral Ridge Mall	100%	110,155		2022	98,394		5.71%	No	—		349		1,448		1,533		1,623		6,808
Greenwood Mall	100%	63,000		2022	57,469		4.19%	No	—		—		—		420		1,054		4,057
North Star Mall	100%	327,526		2022	270,113		3.93%	No	1,579		6,440		6,666		6,973		7,256		28,499
Rogue Valley Mall	100%	55,000		2022	48,245		4.5%	No	0		137		852		899		941		3,926
Spokane Valley Mall ⁴	75%	45,606		2022	38,484		4.65%	No	195		800		833		879		921		3,494



DEBT DETAIL, AT SHARE¹ As of September 30, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 9/30/2014 ³	2014		2015		2016		2017		2018		Subsequent
The Gallery at Harborplace	100%	79,362		2022	68,096		5.24%	No	307		1,258		1,315		1,398		1,474		5,514
The Oaks Mall	100%	134,829		2022	112,842		4.55%	No	577		2,357		2,451		2,584		2,706		11,312
The Shoppes at Buckland Hills	100%	125,456		2022	107,820		5.19%	No	495		2,030		2,121		2,253		2,375		8,362
The Streets at Southpoint	94%	244,107		2022	207,909		4.36%	No	1,012		4,163		4,348		4,542		4,744		17,389
Westroads Mall	100%	152,289		2022	127,455		4.55%	No	650		2,663		2,769		2,919		3,056		12,777
Augusta Mall	100%	170,000		2023	170,000		4.36%	No	—		—		—		—		—		—
Boise Towne Square	100%	133,446		2023	106,372		4.79%	No	606		2,495		2,618		2,746		2,880		15,729
Crossroads Center (MN)	100%	104,333		2023	83,026		3.25%	No	547		2,228		2,293		2,379		2,459		11,401
Cumberland Mall	100%	160,000		2023	160,000		3.67%	No	—		—		—		—		—		—
Meadows Mall	100%	160,027		2023	118,726		3.96%	No	995		4,064		4,212		4,402		4,582		23,046
Oglethorpe Mall	100%	150,000		2023	136,166		3.90%	No	—		—		—		—		1,058		12,776
Pecanland Mall	100%	90,000		2023	75,750		3.88%	No	—		1,159		1,607		1,682		1,749		8,053
Prince Kuhio Plaza	100%	44,125		2023	35,974		4.10%	No	195		798		827		867		903		4,561
Staten Island Mall	100%	259,374		2023	206,942		4.77%	No	1,188		4,892		5,131		5,381		5,643		30,197
Stonestown Galleria	100%	180,000		2023	164,720		4.39%	No	—		—		—		—		462		14,818
The Crossroads (MI)	100%	98,830		2023	80,833		4.42%	No	403		1,645		1,708		1,799		1,881		10,561
The Woodlands	100%	256,385		2023	207,057		5.04%	No	1,144		4,716		4,959		5,215		5,484		27,810
Baybrook Mall	100%	250,000		2024	212,423		5.52%	No	—		821		3,402		3,595		3,798		25,961
Fashion Show	100%	835,000		2024	835,000		4.03%	No	—		—		—		—		—		—
Jordan Creek Town Center	100%	217,675		2024	177,448		4.37%	No	892		3,645		3,783		3,980		4,160		23,767
The Maine Mall	100%	235,000		2024	235,000		4.66%	No	—		—		—		—		—		—
The Parks At Arlington	100%	250,000		2024	212,687		5.57%	No	—		814		3,371		3,564		3,767		25,797
Woodbridge Center	100%	250,000		2024	220,726		4.80%	No	—		—		—		2,395		3,777		23,102
Pembroke Lakes Mall	100%	260,000		2025	260,000		3.56%	No	—		—		—		—		—		—
Valley Plaza Mall	100%	240,000		2025	206,847		3.75%	No	—		—		—		—		3,168		29,985
Willowbrook Mall	100%	360,000		2025	360,000		3.55%	No	—		—		—		—		—		—
North Point Mall	100%	250,000		2026	218,205		4.54%	No	—		—		—		—		—		31,795
Providence Place - Other	94%	37,165		2028	2,247		7.75%	No	766		1,628		1,757		1,897		1,825		27,045
Provo Towne Center Land	75%	2,249		2095	37		10.00%	Yes - Full	—		—		—		—		—		2,212
Consolidated Property Level		$	13,501,144		$	12,304,239	4.52%		$	36,053	$	145,894	$	163,518	$	146,475	$	135,588	$	569,377

Unconsolidated Property Level
Alderwood	50%	$	122,262	2015	$	120,409	6.65%	No	$	545	$	1,308	$	—	$	—	$	—	$	—
Pinnacle Hills Promenade	50%	70,000		2015	63,000		5.57%	No	7,000		—		—		—		—		—
Shane Plaza	50%	3,021		2016	2,944		5.56%	No	15		62		—		—		—		—
Center Pointe Plaza	50%	5,990		2017	5,570		6.31%	No	43		183		194		—		—		—
Riverchase Galleria ⁵	50%	152,500		2017	152,500		5.65%	No	—		—		—		—		—		—
The Shops at the Bravern	40%	21,375		2017	20,209		3.86%	No	112		457		475		122		—		—
Plaza Frontenac	55%	28,600		2018	28,600		3.04%	No	—		—		—		—		—		—
Saint Louis Galleria	74%	158,262		2018	158,262		3.44%	No	—		—		—		—		—		—
First Colony Mall	50%	92,500		2019	84,321		4.50%	No	244		1,503		1,573		1,645		1,720		1,494
Natick Mall	50%	225,000		2019	209,699		4.60%	No	—		584		3,593		3,762		3,939		3,423
The Grand Canal Shoppes	50%	313,125		2019	313,125		4.24%	No	—		—		—		—		—		—
Christiana Mall	50%	117,495		2020	108,697		5.10%	No	—		402		1,622		1,725		1,816		3,233
Kenwood Towne Centre	70%	155,846		2020	137,191		5.37%	No	647		2,659		2,784		2,964		3,131		6,470
Oakbrook Center	48%	202,725		2020	202,725		3.66%	No	—		—		—		—		—		—
Water Tower Place	47%	182,778		2020	171,026		4.36%	No	425		1,751		1,837		1,928		2,024		3,787
Northbrook Court	50%	65,500		2021	56,811		4.25%	No	90		1,108		1,156		1,206		1,259		3,870
Village of Merrick Park	55%	97,270		2021	85,797		5.73%	No	370		1,520		1,595		1,706		1,808		4,474
Whaler's Village	50%	40,000		2021	40,000		5.42%	No	—		—		—		—		—		—



DEBT DETAIL, AT SHARE¹ As of September 30, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 9/30/2014 ³	2014		2015		2016		2017		2018		Subsequent
Willowbrook Mall (TX)	50%	102,174		2021	88,965		5.13%	No	435		1,778		1,858		1,972		2,077		5,089
Bridgewater Commons	35%	105,000		2022	105,000		3.34%	No	—		—		—		—		—		—
Clackamas Town Center	50%	108,000		2022	108,000		4.18%	No	—		—		—		—		—		—
Florence Mall	50%	45,000		2022	45,000		4.15%	No	—		—		—		—		—		—
Carolina Place	50%	87,500		2023	75,542		3.84%	No	—		—		757		1,567		1,630		8,004
Galleria at Tyler	50%	95,658		2023	76,716		5.05%	No	413		1,708		1,796		1,889		1,987		11,149
Lake Mead and Buffalo	50%	2,112		2023	27		7.20%	No	43		181		194		209		224		1,234
Park Meadows	35%	126,000		2023	112,734		4.60%	No	—		—		—		—		1,996		11,270
The Shoppes at River Crossing	50%	38,675		2023	35,026		3.75%	No	—		—		—		—		510		3,139
The Trails Village Center	50%	5,910		2023	78		8.21%	No	115		485		527		571		620		3,514
Union Square Portfolio	50%	25,000		2023	25,000		5.12%	No	—		—		—		—		—		—
Stonebriar Centre	50%	140,000		2024	120,886		4.05%	No	—		—		—		804		2,477		15,833
Altamonte Mall	50%	80,000		2025	69,045		3.72%	No	—		—		—		—		1,062		9,893
Towson Town Center	35%	113,761		2025	97,713		3.82%	No	—		—		—		—		680		15,368
Glendale Galleria	50%	215,000		2,026	190,451		4.06%	No	—		—		—		—		—		24,549
Perimeter Mall	50%	137,500		2,026	137,500		3.96%	No	—		—		—		—		—		—
Unconsolidated Property Level		$	3,481,539		$	3,248,569	4.48%		$	10,497	$	15,689	$	19,961	$	22,070	$	28,960	$	135,793

Total Fixed - Property Level		$	16,982,683		$	15,552,808	4.51%		$	46,550	$	161,583	$	183,479	$	168,545	$	164,548	$	705,170

Consolidated Corporate
Arizona Two (HHC)	100%	$	8,373	2015	$	573	4.41%	Yes - Full	$	1,638	$	6,162	$	—	$	—	$	—	$	—
Consolidated Corporate		$	8,373		$	573	4.41%		$	1,638	$	6,162	$	—	$	—	$	—	$	—

Total Fixed Rate Debt		$	16,991,056		$	15,553,381	4.51%		$	48,188	$	167,745	$	183,479	$	168,545	$	164,548	$	705,170

Variable Rate

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



DEBT DETAIL, AT SHARE¹ As of September 30, 2014 (In thousands)



									Amortization
Property	Own%	Proportionate Balance		Maturity Year ²	Balloon Pmt at Maturity		Coupon Rate	Parent Recourse as of 9/30/2014 ³	2014		2015		2016		2017		2018		Subsequent
830 North Michigan	100%	85,000		2019	85,000		Libor + 160 bps	No	—		—		—		—		—		—
Ala Moana Construction Loan⁷	100%	189,136		2019	189,136		Libor + 190 bps	Yes - Partial	—		—		—		—		—		—
Lynnhaven Mall	100%	235,000		2019	235,000		Libor + 185 bps	No	—		—		—		—		—		—
Westlake Center	100%	42,500		2019	42,500		Libor + 230 bps	No	—		—		—		—		—		—
Consolidated Property Level		$	2,251,581		$	2,223,609	2.00%		$	—	$	—	$	7,902	$	14,767	$	5,303	$	—

Unconsolidated Property Level
Union Square Portfolio	50%	$	16,250	2018	$	16,250	Libor + 400 bps	No	$	—	$	—	$	—	$	—	$	—	$	—
Miami Design District ⁸	13%	44,582		2019	44,582		Libor + 487 bps	No	—		—		—		—		—		—
685 Fifth Avenue	50%	170,000		2019	170,000		Libor + 275 bps	No	—		—		—		—		—		—
Unconsolidated Property Level		$	230,832		$	230,832	3.41%		$	—	$	—	$	—	$	—	$	—	$	—


Consolidated Corporate
Junior Subordinated Notes Due 2036	100%	$	206,200	2036	$	206,200	Libor + 145 bps	Yes - Full	$	—	$	—	$	—	$	—	$	—	$	—
Consolidated Corporate		$	206,200		$	206,200	1.69%		$	—	$	—	$	—	$	—	$	—	$	—

Total Variable Rate Debt		$	2,688,613		$	2,660,641	2.10%		$	—	$	—	$	7,902	$	14,767	$	5,303	$	—

Total ^9.10		$	19,679,669		$	18,214,022	4.18%		$	48,188	$	167,745	$	191,381	$	183,312	$	169,851	$	705,170

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

2 Assumes that all maturity extensions are exercised.

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

4 Loan is cross-collateralized with other properties.

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

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

7 Reflects the amount drawn as of September 30, 2014 on the $450.0 construction loan.

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

9 Excludes the $1.0 billion corporate revolver. As of September 30, 2014 the corporate revolver was undrawn.

10 Reflects amortization for the period subsequent to September 30, 2014.

Asset Transactions



ASSET TRANSACTIONS Summary of Transactions For the Nine Months Ended September 30, 2014 (In thousands, except GLA)



Closing Date	Property Name	Property Location	GGP Ownership %	Total GLA	Gross Proceeds at Share		Debt at Share		Net Proceeds at Share ¹
							($ in thousands)
Dispositions
February 2014	Regency Square Mall	Jacksonville, FL	100.0%	539,636	$	13,000	$	78,964	$	—
June 2014	Fallbrook Center	West Hills (Los Angeles), CA	100.0%	875,642	210,000		100,870		102,900
September 2014	Lincolnshire Commons	Lincolnshire (Chicago), IL	100.0%	118,562	40,300		26,100		13,200
September 2014	Stonestown Medical Office Building	San Francisco, CA	100.0%	54,059	28,300		—		27,100

	Total			1,587,899	$	291,600	$	205,934	$	143,200



Closing Date	Property Name	Property Location	GGP Ownership %	Total GLA	Gross Purchase Price at Share		Debt at Share		Net Equity at Share ¹
							($ in thousands)
Acquisitions
June 2014	685 5th Avenue	New York, NY	50.0%	140,051	$	260,700	$	170,000	$	106,600
September 2014	522 Fifth Avenue ²	New York, NY	10.0%	26,500	16,500		8,330		8,300
September 2014	The Shops at the Bravern ³	Bellevue, WA	40.0%	309,000	88,000		21,400		66,600
September 2014	Miami Design District ^{3, 4}	Miami, FL	12.5%	785,000	175,000		—		175,000

	Total			1,260,551	$	540,200	$	199,730	$	356,500

1 Includes closing costs.

2 The property incurred $8.3 million of debt at share that closed on October 1, 2014.

3 Properties were acquired through a joint venture that incurred $20.0 million of debt and $0.5 million of closing costs, at our share.

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



ASSET TRANSACTIONS Discontinued Operations




2014 Dispositions		Date of Disposition
Stand Alone Offices, Strip Centers & Other Retail
Lincolnshire Commons		September 2014
Stonestown Medical Office Building		September 2014
Fallbrook Center		June 2014
Regency Square Mall		February 2014

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

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

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

Portfolio Operating Metrics



PORTFOLIO OPERATING METRICS Key Operating Performance Indicators As of and for the Nine Months Ended September 30, 2014 (GLA in thousands)



GLA Summary (in thousands) ¹
	Number of Properties	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Total Mall	Strip Center GLA	Office GLA	Total GLA	Total GLA at Share ²	% Leased
Consolidated Malls	88	38,034	12,960	36,128	87,122	1,113	1,446	89,681	52,974	96.6	%
Unconsolidated Malls	31	15,319	3,200	14,597	33,116	560	917	34,593	9,778	97.2	%
Same Store Malls	119	53,353	16,160	50,725	120,238	1,673	2,363	124,274	62,752	96.8	%
Non-Same Store Malls	2	682	218	542	1,442	—	65	1,507	780
Total Malls	121	54,035	16,378	51,267	121,680	1,673	2,428	125,781	63,532

Non-Same Store Office, Strip, Urban & Other Retail	19	1,695	340	307	2,342	344	998	3,684	1,814	76.2	%
Total Real Estate	140	55,730	16,718	51,574	124,022	2,017	3,426	129,465	65,346	95.6	%



Same Store Operating Metrics

					In-Place Rent				Tenant Sales³
September 30, 2014	% Leased		% Occupied		<10K SF		All Less Anchors		<10K SF		All Less Anchors		Occupancy Cost
Consolidated Malls	96.6	%	95.0	%	$	67.90	$	55.70	$	513	$	13,472	14.2	%
Unconsolidated Malls	97.2	%	95.5	%	80.30		66.68		701		6,713		11.8	%
Same Store Malls	96.8	%	95.1	%	$	71.51	$	58.96	$	565	$	20,185	13.4	%

					In-Place Rent				Tenant Sales³
September 30, 2013 ⁴	% Leased		% Occupied		<10K SF		All Less Anchors		<10K SF		All Less Anchors		Occupancy Cost

Consolidated Malls	96.4	%	94.8	%	$	66.92	$	53.79	$	518	$	13,395	13.4	%
Unconsolidated Malls	97.0	%	94.1	%	80.27		66.57		673		6,284		12.2	%
Same Store Malls	96.6	%	94.6	%	$	70.69	$	57.43	$	562	$	19,679	13.0	%


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


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


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


4.	All 2013 metrics are as reported in the third quarter 2013 supplemental.



PORTFOLIO OPERATING METRICS Signed Leases All Less Anchors As of September 30, 2014



	All Leases - Lease Spread ¹

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

New and Renewal Leases	1,990	7,079,041	7.1	$	55.20	$	60.49
Percent in Lieu/Gross	274	1,168,197	5.0	N/A		N/A
Total Leases	2,264	8,247,238	6.8	$	55.20	$	60.49

	Commencement 2015
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF
New and Renewal Leases	278	1,327,933	8.3	$	57.05	$	63.11
Percent in Lieu/Gross	23	321,040	6.8	N/A		N/A
Total Leases	301	1,648,973	8.0	$	57.05	$	63.11



	SUITE TO SUITE - Lease Spread²

	New and Renewal Leases ³
	# of Leases	SF	Term (in years)	Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread				Average Rent Spread
Commencement 2014	1,565	4,593,771	6.5	$	62.44	$	69.21	$	53.11	$	9.33	17.6	%	$	16.10	30.3	%
Commencement 2015	229	757,797	6.8	71.75		79.85		63.06		8.69		13.8	%	$	16.79	26.6	%
Total 2014/2015	1,794	5,351,568	6.6	$	63.76	$	70.71	$	54.52	$	9.24	17.0	%	$	16.20	29.7	%


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


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


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



PORTFOLIO OPERATING METRICS Lease Expiration Schedule and Top Ten Tenants



Year	Number of Expiring Leases	Expiring GLA at 100%	Percent of Total	Expiring Rent		Expiring Rent ($psf)
		(in thousands)		(in thousands)
Specialty Leasing	1,077	2,143	4.1%	$	50,102	$	24.16
2014	340	978	1.9%	50,023		55.03
2015	1,847	5,778	11.2%	322,426		58.03
2016	1,722	5,489	10.6%	322,186		60.18
2017	1,664	5,465	10.6%	315,570		59.28
2018	1,411	5,096	9.9%	333,974		66.59
2019	1,177	5,116	9.9%	312,557		61.67
2020	734	3,057	5.9%	197,476		65.17
2021	801	3,036	5.9%	207,212		68.84
2022	855	3,453	6.7%	233,501		67.81
2023	955	3,935	7.6%	285,064		73.79
Subsequent	1,161	8,095	15.7%	465,757		58.46
Total	13,744	51,641	100.0%	$	3,095,848	$	61.17



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

Limited Brands, Inc.	Victoria's Secret, Bath & Body Works, PINK	3.3%
The Gap, Inc.	Gap, Banana Republic, Old Navy	2.9%
Foot Locker, Inc	Footlocker, Champs Sports, Footaction USA	2.6%
Forever 21, Inc	Forever 21	2.2%
Abercrombie & Fitch Stores, Inc	Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks	2.1%
Signet Jewelers Limited	Zales, Gordon's, Kay, Jared	1.7%
Express, Inc.	Express, Express Men	1.5%
Genesco Inc.	Journeys, Lids, Underground Station, Johnston & Murphy	1.5%
Luxottica Group S.P.A.	Lenscrafters, Sunglass Hut, Pearle Vision	1.5%
American Eagle Outfitters, Inc	American Eagle, Aerie, Martin + Osa	1.5%
Totals		20.8%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
Consolidated Regional Malls
Ala Moana Center	Macy's, Neiman Marcus, Nordstrom	100	%	Honolulu, HI	955,674	687,915	—	14,042	364,348	2,021,979	97.9	%
Apache Mall	Herberger's, JCPenney, Macy's, Scheel's	100	%	Rochester, MN	264,960	350,326	162,790	—	—	778,076	98.4	%
Augusta Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Augusta, GA	503,996	—	597,223	—	—	1,101,219	99.0	%
Baybrook Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Friendswood (Houston), TX	443,188	96,605	720,931	—	—	1,260,724	98.6	%
Bayside Marketplace		100	%	Miami, FL	216,900	—	—	—	1,103	218,003	97.7	%
Beachwood Place	Dillard's, Nordstrom, Saks Fifth Avenue	100	%	Beachwood, OH	344,780	317,347	247,000	—	—	909,127	96.7	%
Bellis Fair	JCPenney, Kohl's, Macy's, Target	100	%	Bellingham (Seattle), WA	413,121	100,400	237,910	—	—	751,431	98.1	%
Boise Towne Square	Dillard's, JCPenney, Macy's, Sears, Kohl's	100	%	Boise, ID	422,440	425,556	247,714	114,687	—	1,210,397	96.3	%
Brass Mill Center	Burlington Coat Factory, JCPenney, Macy's, Sears	100	%	Waterbury, CT	444,588	218,339	319,391	197,087	—	1,179,405	96.9	%
Coastland Center	Dillard's, JCPenney, Macy's, Sears	100	%	Naples, FL	337,512	123,921	466,469	—	—	927,902	98.4	%
Columbia Mall	Dillard's, JCPenney, Sears, Target	100	%	Columbia, MO	311,220	85,972	335,088	—	—	732,280	91.0	%
Columbiana Centre	Belk, Dillard's, JCPenney	100	%	Columbia, SC	268,998	190,911	360,643	—	—	820,552	98.1	%
Coral Ridge Mall	Dillard's, JCPenney, Target, Younkers	100	%	Coralville (Iowa City), IA	521,342	98,596	442,365	—	—	1,062,303	99.5	%
Coronado Center	JCPenney, Kohl's, Macy's, Sears	100	%	Albuquerque, NM	505,379	118,272	468,375	—	—	1,092,026	99.6	%
Crossroads Center	JCPenney, Macy's, Sears, Target	100	%	St. Cloud, MN	368,407	294,167	229,275	—	—	891,849	93.3	%
Cumberland Mall	Costco, Macy's, Sears	100	%	Atlanta, GA	380,425	147,409	500,575	—	—	1,028,409	99.3	%
Deerbrook Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Humble (Houston), TX	557,387	—	653,540	—	—	1,210,927	98.3	%
Eastridge Mall WY	JCPenney, Macy's, Sears, Target	100	%	Casper, WY	275,132	213,913	75,883	—	—	564,928	96.1	%
Eastridge Mall CA	JCPenney, Macy's, Sears	100	%	San Jose, CA	559,197	246,261	426,000	—	—	1,231,458	99.1	%
Fashion Place	Dillard's, Nordstrom	100	%	Murray, UT	442,293	281,175	319,603	—	—	1,043,071	97.6	%
Fashion Show	Dillard's, Macy's, Macy's Mens, Neiman Marcus, Nordstrom, Saks Fifth Avenue	100	%	Las Vegas, NV	701,780	371,635	761,653	—	—	1,835,068	97.3	%
Four Seasons Town Centre	Belk, Dillard's, JCPenney	100	%	Greensboro, NC	436,245	429,969	212,047	—	—	1,078,261	95.8	%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
Fox River Mall	JCPenney, Macy's, Sears, Target, Younkers	100	%	Appleton, WI	606,635	30,000	564,914	—	—	1,201,549	96.0	%
Glenbrook Square	JCPenney, Macy's, Sears, Carson's	100	%	Fort Wayne, IN	439,518	555,870	221,000	—	—	1,216,388	93.4	%
Governor's Square	Dillard's, JCPenney, Macy's, Sears	100	%	Tallahassee, FL	341,986	—	691,605	—	—	1,033,591	95.8	%
Grand Teton Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Idaho Falls, ID	208,733	323,925	—	93,274	—	625,932	93.8	%
Greenwood Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Bowling Green, KY	421,383	156,096	272,957	—	—	850,436	98.4	%
Hulen Mall	Dillard's, Macy's, Sears	100	%	Ft. Worth, TX	397,885	—	596,570	—	—	994,455	93.4	%
Jordan Creek Town Center	Dillard's, Younkers	100	%	West Des Moines, IA	748,175	—	349,760	253,080	—	1,351,015	98.8	%
Lakeside Mall	JCPenney, Lord & Taylor, Macy's, Macy's Mens & Home, Sears	100	%	Sterling Heights, MI	488,416	115,300	905,418	—	—	1,509,134	84.6	%
Lynnhaven Mall	Dillard's, JCPenney, Macy's	100	%	Virginia Beach, VA	597,161	150,434	500,958	—	—	1,248,553	96.3	%
Mall Of Louisiana	Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears	100	%	Baton Rouge, LA	617,870	—	805,630	143,634	—	1,567,134	97.6	%
Mall St. Matthews	Dillard's, Dillard's Men's & Home, JCPenney	100	%	Louisville, KY	506,136	—	514,135	—	—	1,020,271	97.7	%
Market Place Shopping Center	Bergner's, JCPenney, Macy's,	100	%	Champaign, IL	407,691	234,834	300,912	—	—	943,437	99.5	%
Mayfair	Boston Store, Macy's, Nordstrom	100	%	Wauwatosa (Milwaukee), WI	574,541	288,596	348,714	—	314,341	1,526,192	96.7	%
Meadows Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Las Vegas, NV	307,720	—	636,853	—	—	944,573	97.0	%
Mondawmin Mall		100	%	Baltimore, MD	380,100	—	—	—	65,352	445,452	99.4	%
Newgate Mall	Dillard's, Sears, Burlington Coat Factory	100	%	Ogden (Salt Lake City), UT	334,893	218,874	118,919	—	—	672,686	94.9	%
North Point Mall	Dillard's, JCPenney, Macy's, Sears, Von Maur	100	%	Alpharetta (Atlanta), GA	427,215	539,850	363,151	—	—	1,330,216	93.3	%
North Star Mall	Dillard's, JCPenney, Macy's, Saks Fifth Avenue	100	%	San Antonio, TX	550,713	173,198	522,126	—	—	1,246,037	98.8	%
Northridge Fashion Center	JCPenney, Macy's, Sears	100	%	Northridge (Los Angeles), CA	634,719	—	824,443	—	—	1,459,162	98.4	%
Northtown Mall	JCPenney, Kohl's, Macy's, Sears	100	%	Spokane, WA	361,246	310,859	242,392	—	—	914,497	91.3	%
Oak View Mall	Dillard's, JCPenney, Sears, Younkers	100	%	Omaha, NE	255,930	149,326	454,860	—	—	860,116	93.4	%
Oakwood Center	Dillard's, JCPenney, Sears	100	%	Gretna, LA	395,785	—	514,028	—	—	909,813	97.5	%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
Oakwood Mall	JCPenney, Macy's, Sears, Younkers	100	%	Eau Claire, WI	403,703	116,620	298,224	—	—	818,547	94.5	%
Oglethorpe Mall	Belk, JCPenney, Macy's, Sears	100	%	Savannah, GA	406,377	220,824	315,760	—	—	942,961	98.6	%
Oxmoor Center	Macy's, Sears, Von Maur	94	%	Louisville, KY	351,393	156,000	411,210	—	—	918,603	95.5	%
Paramus Park	Macy's, Sears	100	%	Paramus, NJ	306,611	—	459,057	—	—	765,668	95.8	%
Park City Center	The Bon Ton, Boscov's, JCPenney, Kohl's, Sears	100	%	Lancaster (Philadelphia), PA	534,289	514,917	384,980	—	3,268	1,437,454	96.4	%
Park Place	Dillard's, Macy's, Sears	100	%	Tucson, AZ	468,480	—	581,457	—	—	1,049,937	96.3	%
Peachtree Mall	Dillard's, JCPenney, Macy's	100	%	Columbus, GA	290,648	221,539	201,076	—	12,600	725,863	90.6	%
Pecanland Mall	Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears	100	%	Monroe, LA	349,205	19,962	595,474	—	—	964,641	97.6	%
Pembroke Lakes Mall	Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears	100	%	Pembroke Pines (Fort Lauderdale), FL	352,530	395,219	386,056	—	—	1,133,805	97.5	%
Pioneer Place		100	%	Portland, OR	348,235	—	—	—	287,625	635,860	90.1	%
Prince Kuhio Plaza	Macy's, Sears	100	%	Hilo, HI	318,640	124,547	61,873	—	—	505,060	95.2	%
Providence Place	JCPenney, Macy's, Nordstrom	94	%	Providence, RI	734,231	—	513,816	—	4,304	1,252,351	99.9	%
Provo Towne Centre	Dillard's, JCPenney, Sears	75	%	Provo, UT	300,337	285,479	206,240	—	—	792,056	86.7	%
Quail Springs Mall	Dillard's, JCPenney, Macy's, Von Maur	100	%	Oklahoma City, OK	450,457	160,000	505,596	—	—	1,116,053	94.8	%
Red Cliffs Mall	Dillard's, JCPenney, Sears	100	%	St. George, UT	147,019	235,031	—	57,304	—	439,354	99.7	%
Ridgedale Center	JCPenney, Sears, Macy's, Nordstrom	100	%	Minnetonka, MN	307,116	—	924,603	—	—	1,231,719	94.8	%
River Hills Mall	Herberger's, JCPenney, Sears, Target	100	%	Mankato, MN	353,589	189,559	174,383	—	—	717,531	93.5	%
Rivertown Crossings	JCPenney, Kohl's, Macy's, Sears, Younkers	100	%	Grandville (Grand Rapids), MI	631,904	—	635,625	—	—	1,267,529	98.5	%
Rogue Valley Mall	JCPenney, Kohl's, Macy's, Macy's Home Store	100	%	Medford (Portland), OR	279,866	170,625	186,359	—	—	636,850	83.7	%
Sooner Mall	Dillard's, JCPenney, Sears	100	%	Norman, OK	221,013	129,823	137,082	—	—	487,918	99.3	%
Spokane Valley Mall	JCPenney, Macy's, Sears	75	%	Spokane, WA	350,585	126,243	251,366	138,002	—	866,196	95.2	%
Staten Island Mall	Macy's, Sears, JCPenney	100	%	Staten Island, NY	528,954	—	657,363	74,318	—	1,260,635	96.0	%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
Stonestown Galleria	Macy's, Nordstrom	100	%	San Francisco, CA	407,342	160,505	267,788	—	—	835,635	99.1	%
The Crossroads	Burlington Coat Factory, JCPenney, Macy's, Sears	100	%	Portage (Kalamazoo), MI	266,301	—	502,961	—	—	769,262	95.7	%
The Gallery At Harborplace		100	%	Baltimore, MD	131,111	—	—	—	282,889	414,000	89.3	%
The Maine Mall	The Bon Ton, JCPenney, Macy's, Sears	100	%	South Portland, ME	506,311	120,844	377,662	—	600	1,005,417	99.3	%
The Mall In Columbia	JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears	100	%	Columbia, MD	629,908	212,847	587,321	—	—	1,430,076	99.1	%
The Oaks Mall	Belk, Dillard's, JCPenney, Macy's, Sears	100	%	Gainesville, FL	344,733	233,367	324,500	—	—	902,600	95.0	%
The Parks At Arlington	Dillard's, JCPenney, Macy's, Sears	100	%	Arlington (Dallas), TX	697,423	—	748,945	—	—	1,446,368	99.1	%
The Shoppes At Buckland Hills	JCPenney, Macy's, Macy's Mens & Home, Sears	100	%	Manchester, CT	516,430	—	512,611	—	—	1,029,041	93.5	%
The Shops At Fallen Timbers	Dillard's, JCPenney	100	%	Maumee, OH	344,554	—	261,502	—	—	606,056	96.1	%
The Shops at La Cantera	Dillard's, Macy's, Neiman Marcus, Nordstrom	75	%	San Antonio, TX	617,702	—	627,597	—	70,178	1,315,477	97.6	%
The Streets At Southpoint	Hudson Belk, JCPenney, Macy's, Nordstrom, Sears	94	%	Durham, NC	608,164	—	726,347	—	—	1,334,511	99.3	%
The Woodlands Mall	Dillard's, JCPenney, Macy's, Nordstrom	100	%	Woodlands (Houston), TX	626,921	—	713,438	—	39,471	1,379,830	99.6	%
Town East Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Mesquite (Dallas), TX	413,411	—	809,386	—	—	1,222,797	97.1	%
Tucson Mall	Dillard's, JCPenney, Macy's, Sears	100	%	Tucson, AZ	608,434	—	641,458	27,305	—	1,277,197	93.3	%
Tysons Galleria	Macy's, Neiman Marcus, Saks Fifth Avenue	100	%	McLean (Washington, D.C.), VA	308,276	—	511,933	—	—	820,209	97.2	%
Valley Plaza Mall	JCPenney, Macy's, Sears, Target	100	%	Bakersfield, CA	514,875	147,792	509,176	—	—	1,171,843	99.3	%
Visalia Mall	JCPenney, Macy's	100	%	Visalia, CA	172,679	257,000	—	—	—	429,679	95.3	%
Westlake Center		100	%	Seattle, WA	108,937	—	—	—	—	108,937	96.3	%
Westroads Mall	JCPenney, Von Maur, Younkers	100	%	Omaha, NE	517,826	—	529,036	—	—	1,046,862	98.3	%
White Marsh Mall	JCPenney, Macy's, Macy's Home Store, Sears, Boscov's	100	%	Baltimore, MD	438,090	257,345	466,010	—	—	1,161,445	98.2	%
Willowbrook	Bloomingdale's, Lord & Taylor, Macy's, Sears	100	%	Wayne, NJ	491,186	2,060	1,028,000	—	—	1,521,246	99.5	%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
Woodbridge Center	Boscov's, JCPenney, Lord & Taylor, Macy's, Sears	100	%	Woodbridge, NJ	649,131	455,739	560,935	—	—	1,665,805	92.9	%
Total Consolidated Regional Malls				Count: 88	38,034,342	12,959,738	36,128,026	1,112,733	1,446,079	89,680,918	96.6	%


Unconsolidated Regional Malls
Alderwood	JCPenney, Macy's, Nordstrom, Sears	50	%	Lynnwood (Seattle), WA	578,896	—	705,898	39,096	—	1,323,890	99.0	%
Altamonte Mall	Dillard's, JCPenney, Macy's, Sears	50	%	Altamonte Springs (Orlando), FL	481,566	158,658	519,890	—	—	1,160,114	95.4	%
Bridgewater Commons	Bloomingdale's, Lord & Taylor, Macy's	35	%	Bridgewater, NJ	396,017	150,525	352,351	86,884	—	985,777	98.1	%
Carolina Place	Belk, Dillard's, JCPenney, Macy's, Sears	50	%	Pineville (Charlotte), NC	386,216	277,404	496,098	—	—	1,159,718	96.9	%
Christiana Mall	JCPenney, Macy's, Nordstrom, Target	50	%	Newark, DE	575,054	—	641,312	—	—	1,216,366	99.0	%
Clackamas Town Center	JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears	50	%	Happy Valley, OR	595,505	—	774,842	—	—	1,370,347	95.0	%
First Colony Mall	Dillard's, Dillard's Men's & Home, JCPenney, Macy's	50	%	Sugar Land, TX	513,568	—	619,048	—	—	1,132,616	98.0	%
Florence Mall	JCPenney, Macy's, Macy's Home Store, Sears	50	%	Florence (Cincinnati, OH), KY	388,700	—	552,407	—	—	941,107	94.8	%
Galleria At Tyler	JCPenney, Macy's, Nordstrom	50	%	Riverside, CA	545,564	—	468,208	—	—	1,013,772	95.9	%
Glendale Galleria	JCPenney, Macy's, Target, Bloomingdale's	50	%	Glendale, CA	497,757	305,000	385,000	—	136,922	1,324,679	96.7	%
Kenwood Towne Centre ²	Dillard's, Macy's, Nordstrom	50	%	Cincinnati, OH	520,156	240,656	400,665	—	—	1,161,477	100.0	%
Mizner Park	Lord & Taylor	47	%	Boca Raton, FL	177,636	79,822	—	—	264,199	521,657	94.6	%
Natick Mall	JCPenney, Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom	50	%	Natick (Boston), MA	747,073	194,558	753,092	—	—	1,694,723	96.8	%
Neshaminy Mall	Boscov's, Macy's, Sears	50	%	Bensalem, PA	410,526	188,394	418,595	—	—	1,017,515	97.5	%
Northbrook Court	Lord & Taylor, Macy's, Neiman Marcus	50	%	Northbrook (Chicago), IL	477,701	126,000	410,277	—	—	1,013,978	95.0	%
Oakbrook Center	Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears	48	%	Oak Brook (Chicago), IL	873,427	322,033	751,911	—	239,292	2,186,663	98.0	%
Otay Ranch Town Center	Macy's	50	%	Chula Vista (San Diego), CA	498,200	—	140,000	—	—	638,200	97.2	%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
Park Meadows	Dillard's, JCPenney, Macy's, Nordstrom	35	%	Lone Tree, CO	744,027	—	823,000	—	—	1,567,027	98.8	%
Perimeter Mall	Dillard's, Macy's, Nordstrom, Von Maur	50	%	Atlanta, GA	504,560	222,056	831,218	—	—	1,557,834	99.0	%
Pinnacle Hills Promenade	Dillard's, JCPenney	50	%	Rogers, AR	359,152	98,540	162,140	434,352	51,903	1,106,087	94.0	%
Plaza Frontenac	Neiman Marcus, Saks Fifth Avenue	55	%	St. Louis, MO	224,158	125,669	135,044	—	—	484,871	98.2	%
Riverchase Galleria	Belk, JCPenney, Macy's, Sears, Von Maur	50	%	Hoover (Birmingham), AL	562,576	330,032	610,026	—	—	1,502,634	96.2	%
Saint Louis Galleria ³	Dillard's, Macy's, Nordstrom	74	%	St. Louis, MO	447,018	—	714,052	—	—	1,161,070	97.2	%
Stonebriar Centre	Dillard's, JCPenney, Macy's, Nordstrom, Sears	50	%	Frisco (Dallas), TX	835,307	—	865,192	—	—	1,700,499	98.8	%
The Grand Canal Shoppes	Barneys New York	50	%	Las Vegas, NV	626,335	84,743	—	—	34,414	745,492	99.1	%
The Shoppes At River Crossing	Belk, Dillard's	50	%	Macon, GA	377,533	—	333,219	—	—	710,752	97.2	%
Towson Town Center	Macy's, Nordstrom	35	%	Towson, MD	601,102	—	419,129	—	—	1,020,231	95.8	%
Village Of Merrick Park	Neiman Marcus, Nordstrom	55	%	Coral Gables, FL	408,563	—	330,000	—	101,263	839,826	94.9	%
Water Tower Place	Macy's	47	%	Chicago, IL	407,087	296,128	—	—	88,809	792,024	97.1	%
Whaler's Village		50	%	Lahaina, HI	103,959	—	—	—	—	103,959	96.5	%
Willowbrook Mall	Dillard's, JCPenney, Macy's, Macy's Mens, Sears	50	%	Houston, TX	453,589	—	984,372	—	—	1,437,961	97.9	%
Total Unconsolidated Malls				Count: 31	15,318,528	3,200,218	14,596,986	560,332	916,802	34,592,866	97.2	%
Total Same Store Malls ⁴				Count: 119	53,352,870	16,159,956	50,725,012	1,673,065	2,362,881	124,273,784	96.8	%

Non-Same Store Malls
Southwest Plaza ⁵	Dillard's, JCPenney, Macy's, Sears	100	%	Littleton, CO	499,305	93,630	541,851	—	63,968	1,198,754	88.4	%
The Shops at the Bravern	Neiman Marcus	40	%	Bellevue, WA	183,663	124,637	—	—	700	309,000	58.4	%
Total Malls				Count: 121	54,035,838	16,378,223	51,266,863	1,673,065	2,427,549	125,781,538	96.6	%

Non-Same Store Office, Strip, Urban, & Other Retail
10 Columbia Corporate Center		100	%	Columbia, MD	6,500	—	—	—	87,381	93,881	91.4	%
20 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	104,839	104,839	91.3	%
30 Columbia Corporate Center		100	%	Columbia, MD	14,165	—	—	—	129,253	143,418	95.5	%



PORTFOLIO OPERATING METRICS



Property Name	Anchors	GGP Own %		Location	Mall and Freestanding GLA	Anchor GLA (GGP Owned)	Anchor GLA (Tenant Owned)	Strip Center GLA	Office GLA	Total GLA	Retail Percentage Leased ¹
40 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	136,527	136,527	98.6	%
50 Columbia Corporate Center		100	%	Columbia, MD	7,750	—	—	—	111,357	119,107	95.4	%
60 Columbia Corporate Center		100	%	Columbia, MD	—	—	—	—	102,082	102,082	92.2	%
Columbia Bank Drive Thru		100	%	Columbia, MD	17,000	—	—	—	—	17,000	100.0	%
Center Point Plaza ⁶		50	%	Las Vegas, NV	70,299	—	—	74,392	—	144,691	100.0	%
Lake Mead & Buffalo ⁶		50	%	Las Vegas, NV	64,991	—	—	85,957	—	150,948	94.0	%
Lockport Mall		100	%	Lockport, NY	—	—	—	9,114	—	9,114	100.0	%
The Trails Village Center ⁶		50	%	Las Vegas, NV	—	—	—	174,644	—	174,644	95.7	%
200 Lafayette		100	%	New York, NY	31,328	—	—	—	83,776	115,104	100.0	%
522 Fifth Avenue		10	%	New York, NY	7,978	—	—	—	—	7,978	100.0	%
685 Fifth Avenue		50	%	New York, NY	26,311	—	—	—	94,812	121,123	100.0	%
830 N. Michigan Ave.		100	%	Chicago, IL	64,916	—	—	—	—	64,916	100.0	%
Miami Design District ⁷		13	%	Miami, FL	656,566	—	—	—	128,845	785,411	54.0	%
Union Square		50	%	San Francisco, CA	39,479	—	—	—	19,552	59,031	100.0	%
Shopping Leblon ⁸		35	%	Rio de Janeiro, Brazil	249,343	—	—	—	—	249,343	96.6	%
Owings Mills Mall⁹	JCPenney, Macy's	51	%	Owings Mills, MD	438,017	340,000	307,037	—	—	1,085,054	36.6	%
Total Non-Same Store Office, Strip, Urban & Other Retail:				Count: 19	1,694,643	340,000	307,037	344,107	998,424	3,684,211	76.2	%


1.	For stand alone offices, office occupancy is presented.


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


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


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


5.	Southwest Plaza is currently under redevelopment.


6.	Third party managed strip center.


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


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

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

Miscellaneous



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



	September 30, 2014

Closing common stock price per share	$	23.55
52 Week High¹	25.14
52 Week Low¹	19.26

Portfolio Net Debt, At Share
Portfolio Debt
Fixed	$	17,011,056
Variable	2,656,631
Total Portfolio Debt	19,667,687
Less: Cash and Cash Equivalents	(412,513		)
Portfolio Net Debt	$	19,255,174

Portfolio Capitalization Data
Portfolio Net Debt	$	19,255,174
Preferred Securities:
Convertible Preferred Units at 6.50%	26,637
Convertible Preferred Units at 7.00%	25,133
Convertible Preferred Units at 8.50%	94,001
Preferred Stock at 6.375%	250,000
Other Preferred Stock	360
Total Preferred Securities	$	396,131

Common stock and Operating Partnership units outstanding at end of period²	$	20,933,619
Total Market Capitalization at end of period	$	40,584,924


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


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



MISCELLANEOUS Change in Total Common and Equivalent Shares



Rollforward of Shares to September 30, 2014	Operating Partnership Units	Company Common Shares		Total Common Shares & Operating Partnership Units
		(In thousands)
Common Shares and Operating Partnership Units ("OP Units") Outstanding at December 31, 2013	4,649	911,195		915,844
DRIP	—	17		17
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised	—	359		359
Issuance of stock for employee stock purchase program	—	120		120
Buyback of common stock	—	(27,624	)	(27,624	)
Common Shares and OP Units Outstanding at September 30, 2014	4,649	884,067		888,716

Common Shares issuable assuming exercise of warrants ¹		52,638
Common Shares issuable assuming exercise of in-the-money stock options ²		5,549
Common Shares issuable assuming exchange of OP Units		4,834
Diluted Common Shares and OP Units Outstanding at September 30, 2014		947,088



	Three Months Ended		Nine Months Ended
	September 30, 2014	September 30, 2013	September 30, 2014	September 30, 2013
	(In thousands)		(In thousands)
Weighted average number of company shares outstanding	883,898	932,964	887,927	937,200
Weighted average number of stock options ³	5,884	3,269	5,147	3,454
Weighted average number of GAAP dilutive warrants ⁴	53,141	44,534	50,841	—
Diluted weighted average number of Company shares outstanding - GAAP EPS	942,923	980,767	943,915	940,654

Weighted average number of common units	4,834	6,417	4,834	6,469
Weighted average number of warrants ⁴	—	—	—	46,934
Diluted weighted average number of Company shares outstanding - FFO/Company FFO	947,757	987,184	948,749	994,057


1	GGP has 73.9 million warrants outstanding convertible to 1.1662 Common Shares with a weighted average exercise price of $9.1718, with a scheduled expiration of November 9, 2017. 16.4 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.

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



Warrants	Weighted Average Exercise Price	Expiration Date	Impact of Dividend issued to stockholders of record as of April 15, 2014 ⁵		Impact of settling warrants via net share settlement⁶
57,500,000	$9.2194	Nov 9, 2017	Reduces exercise price to $9.2194	Increases number of Common shares per warrant to 1.1662	Net share: 67,056,500 x [23.55 - 9.2194] /23.55 = 40,805,091 shares delivered
16,428,571	$9.0050	Nov 9, 2017	Reduces exercise price to $9.0050	Increases number of Common shares per warrant to 1.1662	Net share: 19,159,000 x [23.55 - 9.0050] /23.55 = 11,833,021 shares delivered
73,928,571	$9.1718				52,638,112 shares delivered


2	The options are included at net share settlement.


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


4	The impact of the warrants are dilutive under GAAP and FFO in 2014 and for the three months ended September 30, 2013. The impact of the warrants are anti-dilutive under GAAP, but dilutive for FFO for the nine months ended September 30, 2013.


5	Based on dividend of $0.15 per share issued to stockholders of record on July 15, 2014.


6	Based on stock price of $23.55 on September 30, 2014.



MISCELLANEOUS Development Summary



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

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

Fashion Show	Addition of Macy's Men's and inline	100%	34.8		33.0		23%	Open
Las Vegas, NV

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

Glendale Galleria ³	Addition of Bloomingdale's, remerchandising, business	50%	51.7		51.0		12%	Open
Glendale, CA	development and renovation

The Mall in Columbia	Lifestyle expansion	100%	23.6		20.3		12%	Open
Columbia, MD

Oakbrook Center	Conversion of former anchor space into Container Store, Pirch and	48%	15.0		13.0		10%	Open
Oakbrook, IL	inline

The Woodlands ³	Addition of Nordstrom in former Sears box	100%	44.7		39.7		9%	Open
Woodlands, TX

Other Projects	Redevelopment projects at various malls	N/A	193.0		$	169.6	11%	Open
Various Malls

	Total Open Projects		$	394.0	$	354.5	12%

Under Construction
Mayfair Mall ³	Nordstrom	100%	$	72.3	$	25.2	6-8%	Q3 2015
Wauwatosa, WI

Ridgedale Center ³	Nordstrom, Macy's Expansion, New Inline GLA and renovation	100%	106.2		42.2		8-9%	Q3 2015
Minnetonka, MN

Southwest Plaza	Redevelopment	100%	72.6		11.3		9-10%	Q4 2015
Littleton, CO

Ala Moana Center ³	Demolish existing Sears store and expand mall, adding anchor,	100%	573.2		342.6		9-10%	Q4 2015
Honolulu, HI	box and inline tenants, reconfigure center court

Baybrook Mall	Expansion	53%	76.3		20.1		9-10%	Q4 2015
Friendswood, TX

Other Projects	Redevelopment projects at various malls	N/A	241.4		67.6		8-9%	Various
Various Malls

	Total Projects Under Construction		$	1,142.0	$	509.0	8-10%



MISCELLANEOUS

Development Summary



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

Projects in Pipeline
Staten Island Mall	Expansion	100%	$	156.1	$	3.3	10-11%	TBD
Staten Island, NY

New Mall Development	Ground up mall development	100%	285.0		37.4		8-10%	TBD
Norwalk, CT

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

Other Projects	Redevelopment projects at various malls	N/A	287.5		5.6		8-9%	TBD
Various Malls

	Total Projects in Pipeline		$	813.6	$	46.3	8-10%

	Total Development Summary		$	2,349.6	$	909.8	9-11%

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

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

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



MISCELLANEOUS Capital Expenditures



Expenditures ($ in thousands)

	Nine Months Ended		Nine Months Ended
	September 30, 2014		September 30, 2013

Capital expenditures ¹	$	126,812	$	100,357
Tenant allowances and capitalized leasing costs ²	93,641		99,667
Total	$	220,453	$	200,024

1 Reflects only non-tenant operating capital expenditures.

2 Reflects tenant allowances on current operating properties.



MISCELLANEOUS Corporate Information



Reporting Calendar
Results for year end will be announced according to the following approximate schedule:
	Quarter	Earnings Release Date	Earnings Call Date
	Q4 2014	February 2, 2015	February 3, 2015
	Q1 2015	April 27, 2015	April 28, 2015



Stock Information
Common Stock
NYSE: GGP

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



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



Investor Relations	Media Contact	Transfer Agent

Kevin Berry	David Keating	American Stock Transfer & Trust Company, LLC
Vice President, Investor Relations	Vice President, Corporate Communications	6201 15th Avenue
Phone (312) 960-5529	Phone (312) 960-6325	Brooklyn, NY 11219
kevin.berry@ggp.com	david.keating@ggp.com	Phone: (866) 627-2643
		Foreign Investor Line:
		+1 718 921-8124



MISCELLANEOUS Glossary of Terms



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



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