General Growth Properties Announces Results of Dividend Elections; Details of Common Stock Dividend Payable on January 27, 20...

General Growth Properties, Inc. (“GGP”) today announced its common stock dividend in the amount of $0.38 per share to be paid on January 27, 2011, to common stockholders of record on December 30, 2010, will consist of approximately $35.8 million in cash (excluding cash in lieu of fractional shares) and approximately 22.26 million shares of GGP common stock.

Results of the stockholder elections are as follows:

Holders of 379.1 million shares elected to receive the dividend all in shares.
Holders of 510 million shares elected to receive the dividend all in cash and will receive $0.07018 per share in cash (18.5%) and $0.30982 per share in stock (81.5%).
Holders of 52.8 million shares made no election and will receive the dividend all in shares.
The Company will pay fractional shares in cash.

The total number of shares of common stock outstanding as of December 30, 2010, was 941,880,014. The number of shares to be issued in the dividend was based on the volume weighted average trading prices of the Company's common stock on January 19, 20 and 21, 2011, which was $14.4725 per share.

The dividend to be paid on January 27, 2011, is a 2010 dividend and is the sole 2010 distribution on GGP common stock. The federal income tax character of the 2010 dividend paid with respect to GGP 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.

COMMON STOCK-CUSIP #370023103 CHARACTER OF ITEMS OF INCOME INCLUDED IN DISTRIBUTIONS PER SHARE

PAYMENTDATE

QUALIFIEDDIVIDENDS

CAPITALGAINDISTRIBUTIONS

DISTRIBUTIONSPER SHARE

1/27/11 $0.244042 $0.135958 $0.380000

Stockholders should refer to their Federal Form 1099, which will be mailed no later than March 2, 2011, and contact BNY Mellon Shareowner Services at 888-395-8037 for further information. The tax character of the 2010 common stock distributions is not indicative of the tax character of future distributions.

ABOUT GGP

GGP has been in the shopping center business for more than 50 years. One of the nation's largest real estate investment trusts, GGP owns, operates and manages shopping malls in 43 states. GGP has ownership and management interest in more than 180 regional shopping malls in 43 states. Headquartered in Chicago, Illinois, GGP has approximately 3,200 employees nationwide. GGP malls feature more than 24,000 retail stores, as well as theaters, sit-down restaurants, ice-skating rinks and other forms of family entertainment. GGP is traded on the New York Stock Exchange under the symbol GGP. For more information on GGP, go to www.GGP.com.

GGP Inc. (NYSE:GGP)
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