General Growth Properties Updates First Quarter 2010 Net Income and Earnings Per Share

General Growth Properties, Inc. (NYSE:GGP) today provided an update to its net income attributable to common stockholders and earnings per share (EPS) for the three months ending March 31, 2010. NOI, Core FFO and FFO for the first quarter of 2010 remain as previously announced.

Net income attributable to common stockholders was $51.7 million in the first quarter of 2010 compared to a loss of $396.1 million in the first quarter of 2009. Previously reported first quarter 2010 net income attributable to common stockholders was $78.4 million. The update reflects a reduction in the non-cash gain the Company recognized as a result of the January 2010 public offering of common stock by Aliansce, our unconsolidated affiliate in Brazil. EPS for the first quarter of 2010 were changed from that reported of $0.25 to $0.16.

Concurrent with this release, the Company has also made available on its website, www.ggp.com (as discussed below) its updated quarterly package of supplemental financial information reflecting this change to net income attributable to common stockholders and EPS.

ABOUT GGP

The Company currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Company’s common stock is currently traded on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company website at http://www.ggp.com.

GGP Inc. (NYSE:GGP)
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