AMC Theatre To Anchor Newest Phase of General Growth's Shops at La Cantera.

CHICAGO -- The Shops at La Cantera Will Celebrate Grand Opening on September 16, 2005 Newest Phase Anchored by New AMC Theatre to Open Fall, 2006

Officials from General Growth Properties, Inc. (NYSE:GGP) announced today that AMC Entertainment Inc., one of the world's leading theatrical exhibition companies, has agreed to open a state-of-the-art 12-screen AMC Theatres(R) complex at The Shops at La Cantera in San Antonio, Texas.

"As we count down to the September 16th grand opening of The Shops at La Cantera, we are pleased to announce the commencement of the project's newest phase anchored by AMC Theatre," said John Bergstrom, senior vice president of development for General Growth.

"We are pleased to be a part of the excitement and quality that General Growth Properties and its Shops at La Cantera are bringing to San Antonio. Moviegoers at AMC La Cantera 12 will experience the AMC difference in comfort, quality, convenience and guest service," said Phil Singleton, president and chief operating officer for AMC Theatres.

"Announcing our expansion plans eight months prior to The Shops' grand opening reinforces the scope and caliber of The Shops at La Cantera's retail, restaurant and entertainment mix. The retail space in the first phase of the project is already 90 percent leased, demonstrating we aren't the only ones who believe that its quality will be unduplicated in the San Antonio marketplace," Bergstrom added.

The Shops at La Cantera will offer the entire San Antonio region an unprecedented variety of complementary high-quality entertainment, retail and dining options. Anchored by San Antonio's first Neiman Marcus and Nordstrom stores, The Shops at La Cantera will also include flagship stores from Dillard's and Foley's, as well as 150 retail shops and restaurants in 1.3 million square feet of total space.

The Shops at La Cantera is part of a visionary 1,700-acre master-planned resort community by USAA Real Estate Company. The development includes the Westin La Cantera Resort, two world-class golf courses, including The Palmer Course at La Cantera and The Resort Course -- where the PGA's annual Valero Texas Open is held -- and Six Flags Fiesta Texas.

Located in the bustling northwest corridor of San Antonio, The Shops at La Cantera is situated on a 154-acre site between La Cantera Parkway and Loop 1604. The new AMC complex will be located just to the east of the first phase of the project in a 34-acre site which is part of the initially approved development plan for The Shops at La Cantera.

In addition to premier shopping and quality dining, Class-A office space will also be part of the newest phase of the project.

The Shops at La Cantera is being developed jointly by managing partner, General Growth Properties (NYSE: GGP), and USAA Real Estate Company.

General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has ownership interest and management responsibility for a portfolio of 209 regional shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The company portfolio totals approximately 200 million square feet of retail space and includes over 18,000 retailers nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the company Web site at http://www.generalgrowth.com.

AMC Entertainment, Inc. is a leader in the theatrical exhibition industry. Through its circuit of AMC theatres, the company operates 230 theatres with 3,554 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain, and the United Kingdom. The company, headquartered in Kansas City, Mo., has a Web site at www.amctheatres.com.

USAA Real Estate Company has more than $3.5 billion in assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties. For more information on USAA Real Estate Company, visit its Web site at www.usaarealco.com.