General Growth Properties Declares Quarterly Dividend on Common Stock.

CHICAGO -- General Growth Properties, Inc. (NYSE:GGP) today declared a dividend of $0.45 per share, payable October 31, 2006, to common stockholders of record as of October 17, 2006. The current dividend represents an increase of approximately 10 percent over the comparable period one year ago. Since going public in 1993, the Company has increased its dividend at a compound annual growth rate of approximately 10%.

The Company 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 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.generalgrowth.com.