General Growth Properties Announces Tax Reporting Information for 2006 Common Stock Distributions.

CHICAGO -- General Growth Properties, Inc. (NYSE:GGP) announced the tax reporting information (Federal Form 1099) for the year 2006 distributions on its common stock.

The federal income tax character of the 2006 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").

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Amounts reported to GGP Dividend Reinvestment and Stock Purchase Plan participants will differ due to administrative costs. Participants should refer to their Form 1099 which will be mailed in the last week of January and contact Mellon Investor Services at 888-395-8037 for further information. Taxability of the 2006 common stock distributions is not indicative of the taxability of future distributions.

General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust based upon market capitalization. The Company currently has an ownership interest in or management responsibility for a portfolio of more than 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company portfolio totals approximately 200 million square feet of retail space 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 Web site at 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 our indebtedness and interest rates, market conditions and land sales in our Master Planned Communities segment and our ability to manage our 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 identifies 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.