GGP Ggp Inc. (delisted)

General Growth Properties, Inc. (NYSE:GGP) announced revised tax reporting information (Federal Form 1099) for the year 2007 distributions on its common stock. We have revised the reporting of the character of distributions received from one of our subsidiary privately-held REITS after further analysis determined that we sustained a distribution in excess of stock basis following our acquisition of our partner�s ownership interest. The information below supersedes the information released in January. The federal income tax character of the 2007 regular quarterly dividends paid with respect to General Growth Properties, Inc. common stock is shown below. Qualified dividend amounts represent distributions from taxable REIT subsidiaries and will be taxed at the 15% maximum dividend tax rate for those shareholders who qualify, generally non-corporate taxpayers meeting certain holding period requirements. Ordinary income dividend amounts represent the amount of the dividend distribution which is not eligible for the 15% maximum dividend tax rate. The Form 1099 box 1a amount will include both the qualified dividends and the ordinary income dividends. Each distribution includes an allocation of Unrecaptured Section 1250 Gain which is a component of the Capital Gain Distribution. Each distribution also includes an Alternative Minimum Tax (�AMT�) adjustment to increase each dividend recipient�s Alternative Minimum Taxable Income (�AMTI�). COMMON STOCK-CUSIP #370021107-Ticker Symbol GGP � � � � � � Character of Items of Income Included in Distributions per Share Other Reportable Items � Ordinary Capital Unrecap. Payment Income Qualified Gain Distributions Sec. 1250 AMTI Dates Dividends Dividends Distributions Per Share Gain Preference � � 1/31/2007 $ 0.225203 $ 0.121884 $ 0.102913 $ 0.450000 $ 0.000981 $ 0.010317 4/30/2007 $ 0.225203 $ 0.121884 $ 0.102913 $ 0.450000 $ 0.000981 $ 0.010317 7/31/2007 $ 0.225203 $ 0.121884 $ 0.102913 $ 0.450000 $ 0.000981 $ 0.010317 10/31/2007 $ 0.250226 $ 0.135426 $ 0.114348 $ 0.500000 $ 0.001089 $ 0.011464 � � � � � � $ 0.925835 $ 0.501078 $ 0.423087 $ 1.850000 $ 0.004032 $ 0.042415 Amounts reported to GGP Dividend Reinvestment and Stock Purchase Plan participants will differ due to administrative costs. Participants should refer to their Form 1099 and contact Mellon Investor Services at 888-395-8037 for further information. Taxability of the 2007 common stock distributions is not indicative of the taxability of future distributions. GGP is one of the largest U.S.-based publicly traded Real Estate Investment Trusts (REIT) based upon market capitalization. The Company currently has ownership interest in, or management responsibility for, a portfolio of more than 200 regional shopping malls in 45 states, as well as ownership in master planned community developments and commercial office buildings. The Company�s portfolio totals approximately 200 million square feet and includes over 24,000 retail stores nationwide. The Company is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com. This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of indebtedness and interest rates, market conditions, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, which further identify the important risk factors which would cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.