General Growth Properties Announces Offering Closing and Exercise of Over-Allotment Option

General Growth Properties, Inc. (NYSE: GGP) today announced the closing of its underwritten public offering of 135,000,000 shares of its common stock at a public offering price of $14.75 per share, less the underwriting discount. GGP also announced the underwriters have exercised their option to purchase additional shares of common stock and will purchase 19,886,000 shares. The closing of the over-allotment option is expected to occur on November 23, 2010, subject to customary closing conditions.

Goldman, Sachs & Co. and Deutsche Bank Securities served as joint global coordinators for the offering. Wells Fargo Securities, RBC Capital Markets, Barclays Capital, UBS Investment Bank and Morgan Stanley served as joint book-running managers for the offering, Macquarie Capital and TD Securities served as senior co-managers and Piper Jaffray served as co-manager.

A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT GGP

GGP has ownership and management interests in approximately 180 regional shopping malls in 43 states as well as ownership interests in other rental properties. The Company’s common stock is currently traded on the New York Stock Exchange under the symbol GGP.

FORWARD LOOKING STATEMENTS

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 success of our equity offering, our ability to refinance, extend, restructure or repay our near and intermediate term debt, our substantial level of indebtedness, our ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, our liquidity demands and retail and economic conditions. 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 release. The company disclaims any obligation to update any forward-looking statements.

GGP Inc. (NYSE:GGP)
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