Nyse GGP 2004 PDF

people creating
specıal
places and
experıences...
2004
annual report
company profile
General Growth Properties, Inc. and its predecessor companies have been reinventing,
revitalizing, and reinvigorating the shopping center industry for more than 50 years. General
Growth is the second largest U.S.-based publicly traded Real Estate Investment Trust
(REIT). General Growth has ownership interest in a portfolio of 179 regional shopping
malls in 44 states, as well as ownership in planned community developments, office and
industrial properties and community centers. The owned regional mall portfolio totals
over 180 million square-feet of retail space and includes approximately 24,000 retail
stores 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 generalgrowth.com.
FINANCIAL HIGHLIGHTS Dollars in Thousands, Except Per Share Amounts

% Change
2004 vs. 2003 2004 2003 2002 2001 2000
Consolidated Property Revenues 45.5% $ 1,722,629 $ 1,183,763 $ 898,424 $ 803,709 $ 693,847
$25,254
Unconsolidated Revenues (at Company Share) 11.7% $ 495,560 $ 443,488 $ 394,223 $ 352,515 $ 412,594
Funds from Operations (FFO) (Before Minority Interests) 23.8% $ 765,562 $ 618,561 $ 485,304 $ 296,777 $ 329,262
FFO Per Share (Fully Diluted) (1)
19.9% $ 2.77 $ 2.31 $ 1.88 $ 1.32 $ 1.47
179
Consolidated Real Estate Assets at Cost 145.0% $25,254,333 $10,307,961 $ 7,724,515 $ 5,707,967 $ 5,439,466
183
$ 1.26
133
$12,753
125
122
114
$1.08
$10,308
$10,258
97
95
$9,061
$ .92
89
STOCK AND PARTNERSHIP UNITS Outstanding at Year End

85
$ .80
$7,725
$7,326
$7,243
$ .69
$5,708
$5,439
Shares of Common Stock 234,724,082 217,293,976 187,191,255 185,771,796 156,843,777

Operating Partnership Units(1) 55,532,263 55,712,250 58,668,741 58,717,479 58,781,115
Shares of Convertible Preferred Stock - - 13,500,000 13,500,000 13,500,000
Shares of Common Stock Full Conversion of Operating
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
2000
2001
2002
2003
2004
Partnership Units and Convertible Preferred Stock 290,256,345 273,006,226 271,362,846 269,992,125 241,127,742
REGIONAL MALLS TOTAL SQUARE CONSOLIDATED MALL SHOP DIVIDEND GROWTH

OWNED AND FOOTAGE OWNED* REAL ESTATE TENANT SALES*† PER SHARE*
OPERATING* In Millions ASSETS AT COST Dollars in Millions Dollar/Share Declared
At Year End * Includes Consolidated and Dollars in Millions
* Information presented * Reflects dividends declared
* Information presented Unconsolidated regional malls, for Consolidated and for such fiscal years, including
for Consolidated and
Unconsolidated Properties.
community centers, and office
and industrial properties.
Unconsolidated Properties. the amount declared in January MALL DATA Dollars in Millions
† Excludes redevelopment for prior year operations.
properties. 2004 2003 2002 2001 2000
Mall Shop Tenant Sales(2) $ 12,753 $ 10,258 $ 9,061 $ 7,326 $ 7,243

Regional Malls Owned and Operating at Year End (3)
179 133 125 97 95
Mall Shop Square Footage Leased at Year End (2)
92.1% 91.3% 91.0% 91.0% 91.0%
(1) Operating Partnership Units can be exchanged on a one-for-one basis into shares of the Company’s common stock.
(2) Excluding redevelopment properties.
(3) Includes Consolidated and Unconsolidated Properties.
4 Water Tower Place, Chicago, Illinois
...and this year,

we continued that
vision by adding
even more.
contents
Financial Highlights
Company Profile
Mall Gallery
Shareholders’ Letter
Retail Portfolio
Following Portfolio
Form 10–K
Directors / Officers
Corporate Information
Lift
Lift
8
16
1
grow
here we
again...
3Jordan Creek Town Center, West Des Moines (Des Moines), Iowa
2(Front Cover) Harbor Place and The Gallery, Baltimore, Maryland
4 Glendale Galleria, Glendale (Los Angeles), California
over 24,000
natıonal
retail stores
200
million
+
square-feet
special places and experiences
of retail space
owned and managed
3 The Woodlands Mall, The Woodlands (Houston), Texas
1,130
cınema screens
2 general growth properties 2004 annual report

4 Southwest Plaza, Littleton (Denver), Colorado
23
carousels
44
located in
states
7skating
ice
rinks
general growth properties 2004 annual report

4 general growth properties 2004 annual report general growth properties 2004 annual report 5
4 The Grand Canal Shoppes at The Venetian, Las Vegas, Nevada
51
soft-play
areas
2,5food
61
retailers
123
coffee
bars
3Tysons Galleria, McLean, Virginia

6 general growth properties 2004 annual report 7
dear shareholders:
PEOPLE CREATING SPECIAL PLACES AND EXPERIENCES. This is our vision. realize the benefits that accrue to the GGP malls as well as to the Rouse properties from
It defines and drives us as we work to create value for you. We stay true to our Consumers, combining these portfolios. Instead of focusing on what this transaction did to create a newly
Owners, Retailers and Employees (C.O.R.E.). It enables us to maintain a strong foundation enhanced GGP, many people missed the point of why we did this. They concentrated on the
of ethics, integrity, timeless fundamentals and consistent profitability, yet still focus on value. financial analysis of Rouse assets and the financing of the deal instead of considering the
By maintaining a focus on value for our Consumers, we create a higher level of customer sat- broader long term benefits to our Company. Examples of what this acquisition means to us
isfaction at our properties. By maintaining a focus on value for our Owners, we provide as a Company can be found in Salt Lake City, Utah, Denver, Colorado, Atlanta, Georgia,
superior returns to our shareholders. By maintaining a focus on value for our Retailers, we Miami, Florida, Las Vegas, Nevada, Boston, Massachusetts, Chicago, Illinois, Minneapolis,
make GGP a stronger Company for our retail partners. And lastly, by maintaining a Minnesota and the Baltimore, Maryland/Washington, D.C. corridor. In each of these cities,
focus on value, we create a strong financial position and reputation in the capital mar- GGP already owns important retail projects. With the addition of the Rouse properties
kets for our Company. This financial strength and security makes General Growth in these markets, we expanded our ability to provide retailers with what they want and
Properties, Inc. (GGP) a more compelling place to work. It allows us to attract the best where they want it. Retailers expand in markets where they can operate profitably. By
Employees in our industry. Good reputations are not made overnight. They take time and providing them with productive locations we get a larger share of their new store openings.
hard work and that is what we do for you. This benefits C.O.R.E. We now have a presence in 44 of 50 states. We have 69 centers in 21
The highlight of 2004 was our acquisition of The Rouse Company for total consideration of the top 25 MSA markets. Sixty centers are in the top 17 markets.
of approximately $14.3 billion, including the assumption of approximately $5.9 billion of In addition, we have always stressed that we acquire centers that we can constantly improve
existing debt. The transaction closed November 12, 2004. over the next three, five and ten years. The Rouse Company offers all of this, and more. The
The Rouse Company was founded in 1939 and became a public Company in 1956. A retail properties formerly owned by Rouse have historically performed at the highest lev-
premier real estate development and management Company, Rouse, through its els among others in the regional mall industry. We will now meld these properties, and the
John Bucksbaum
numerous affiliates, operated more than 150 properties, encompassing retail, office, employees associated with their success, with our existing owned and managed centers.
Chief Executive Officer
research and development and industrial space in 22 states.
Matthew Bucksbaum Combining the properties and people of our two companies will create the most prof-
Founder and Chairman
of the Board itable and productive shopping center company in the world.
Rouse owned or had ownership interest in 37 regional malls, four community centers
and six mixed-use projects, totaling approximately 40 million square-feet at acquisition. Sales 2004 was another exceptionally profitable year for the Company. We delivered a 34.8% total
per square foot for the retail properties were approximately $439 per square foot versus the return versus the Morgan Stanley REIT Index, which appreciated 31.5%, the S&P 500, which
industry average of $350 per square foot and occupancy was approximately 92%. The portfolio increased 10.9%, and the NASDAQ, which appreciated 8.6%. Over the last 12 years (since its
of retail centers includes such world-class properties as Water Tower Place, Chicago, Illinois, initial public offering (IPO) in April 1993), GGP’s per-share growth in FFO has increased
Oakbrook Center, Oakbrook (Chicago), Illinois, Fashion Show Mall, Las Vegas, Nevada, Park at a rate exceeding 16% compounded annually. Annual compounded total return for GGP’s
Meadows Mall, Denver, Colorado and Faneuil Hall Marketplace, Boston, Massachusetts. shareholders, including reinvested dividends, has been approximately 20.4% from the IPO
through December 31, 2004, compared to 8.9% for the S&P 500 Total Return Index and
Additionally, Rouse was the developer of the master-planned communities of Columbia,
10.6% for the NASDAQ during this same period. As owners of GGP, you will be pleased to
Maryland, Summerlin, (Las Vegas) Nevada, and The Bridgelands, a new project on the west
know that in the past year the Company accomplished the following:
side of Houston, Texas. The Company also owns a 52% interest in The Woodlands, a
1 Fully diluted FFO per share increased to $2.77 for 2004, 20% above 2003.
planned community in Houston, Texas where GGP owns a 1.2 million square-foot mall.
Rouse has over 9 million square-feet of office, industrial and other commercial properties, 1 Total FFO for 2004 increased to $766 million versus $619 million in 2003, an increase
of 24% over 2003.
primarily in Baltimore/Washington, D.C. and Las Vegas, Nevada.
1 Total sales increased 6% and comparable sales increased 4% for 2004.
Our principal focus is to acquire, develop and manage regional shopping centers. The Rouse
acquisition is a perfect example of how, through acquisition, we build and enhance our
1 Sales per square foot in 2004 were $410 versus $351 in 2003.
national retail platform. Our enthusiasm for this transaction grows with each passing day. 1 Total prorata revenues for 2004 increased to $2.2 billion, an increase of 36% over 2003.
Our excitement builds because we see many opportunities to improve the Rouse portfolio 1 Real estate property net operating income (“NOI”) increased to $1.43 billion for the year
of retail centers, and we see our existing GGP malls improving as well. Many people don’t 2004, an increase of 29% over 2003.
shareholders’ letter
1 Mall shop occupancy increased to 92.1% in 2004 versus 91.3% in 2003. work primarily with national retail chains. It is our goal to provide our national retailers with
1 The average rent per square foot for new/renewal leases signed was $33.53 in 2004, versus as many productive locations for their stores as possible. In the area of finance we study how
$25.69 for all leases that expired in 2004, a 31% increase. new acquisition loans and refinancing of existing debt will fit into our overall corporate
debt structure versus, for instance, strictly trying to match acquisition capitalization rates
2004 marked the 50th anniversary of General Growth Properties. It has been a half centu-
with property specific interest rates. This is a significant change in how we approach our
ry of many accomplishments. We made GGP a strong and unified company. We are a team
business. It is important that the marketplace understands this about GGP. We can assure
at General Growth. We share the same goals, objectives and values that make this a better
you though, that while there is a change in the way we think about whether we acquire a cen-
company for all concerned. Yes, we have an outstanding collection of assets; but first and
ter, there is no change in what we expect to do to improve the centers we own. We take each
foremost, we are a Company. The properties comprise a part of the Company, but they do
one of our properties and work to grow the NOI and to improve the return each year just
not make up the whole. Our industry has historically relied on net asset value (NAV) as
as we have always done. We are in a long-term business and we know how to be successful.
the primary valuation metric for real estate investment trusts (REIT). Why are real estate
What we have done in past year will provide long-term growth and value for our future.
companies not also valued on earnings per share growth, cash flow growth or dividend
growth? Is real estate that different from other industries? We believe that as GGP contin- Just as there are multiple ways to determine whether or not to buy a property, it is also
ues to grow and operate as a consistently stable and profitable company, living up in every important to understand that there are many ways to finance property. We take into account
way to our reputation as a blue-chip real estate company, that the marketplace will rethink many criteria before deciding upon a finance strategy. We review short and long term bond
Robert Michaels
its approach to how we should be valued. Blue chips are large, creditworthy companies. Blue President and Chief markets. We evaluate both domestic and worldwide economies. We compare private mar-
Operating Officer
chips are companies that are renowned for quality and for the wide acceptance of their ket financings with public market opportunities. We review the forecasted improvements
products and services. And most notably, blue chips are companies that consistently make that we expect to make at our properties that influence future cash flows. We evaluate the
money and pay increased dividends year after year. These characteristics define GGP. overall debt maturity schedule of the Company.
We are very proud that during the past four years our dividend has increased by an average It has always been our strategy to use short-term debt for acquisitions. Experience has shown
of 20% per year, more than any other REIT in that same period. Importantly, we achieved us that we significantly improve the NOI of our acquired properties during the first three
this dividend growth despite paying out less than 50% of our funds from operations (FFO) years of ownership. By waiting to utilize permanent, long-term fixed rate financing on the
per share, leaving us with hundreds of millions of dollars to reinvest in our business. properties, we capture benefits from the enhanced value that we create by increasing cash
flow and continuously refinancing our nonrecourse loans, enabling us to grow profitably and
In the 12 years that GGP has been a public company, our annualized dividend has increased
consistently, thereby reducing the need for equity as we grow. Furthermore, by keeping indi-
13 times from a split adjusted (3:1) $.493 per share in 1993 to $1.44 per share currently. A
vidual property loans at conservative levels as determined by outside rating agencies, we keep
shareholder who invested in GGP at the time of the IPO in 1993 received a $1.48
our balance sheet strong and maximize our flexibility. In 2004, we placed approximately
Index Yield per share (pre-split) dividend on their $22 investment, or a 6.7% yield. IPO share-
$2.4 billion of long-term mortgages on 18 properties generating excess cash proceeds of
GGP 4.1 holders that still own their stock now receive an approximate 19.6% cash yield on
approximately $1.3 billion at extremely low borrowing costs. In addition, we financed approx-
DJIA Utilities 3.4 their initial (pre-split) $22 per share investment, not including an approximate
DJIA Industrial Average 2.5 imately $1.1 billion of new acquisitions (exclusive of Rouse) during 2004 and increased our
798% return on their principal. For comparative purposes the table, left, shows div-
S&P 500 1.5 unsecured credit borrowings by approximately $7.2 billion to $8.3 billion. These methods of
idend yields of major stock market indices compared to GGP in 2004.
Russell 2000 1.1 financing our business have dramatically reduced our weighted average cost of debt capital
DJIA Transportation 1.0 We receive many questions about the capitalization rates we use to value the and have been a major driver of our industry-leading compound growth in per share FFO.
NASDAQ 0.8 centers we acquire and how we intend to finance the acquisitions. In the past this
Acquisitions and finance were not the only areas that we excelled in during 2004. New
Source: Bloomberg was an important question to ask, but to understand the hows and whys of what
development and redevelopment of existing centers continues to drive our growth. Project
we do, and who we are requires far more comprehensive thinking. GGP has
after project, we create better results from our redevelopment work as we reinvent, revitalize
grown consistently and profitably from a $1.2 billion company in 1993 to an enterprise val-
and reinvigorate our centers. Many people have expressed concern about our ability to grow
ued at approximately $33 billion at the end of 2004. When analyzing potential acquisitions
if we don’t have external opportunities – we assure you, that the most exciting area for growth
we look at what the center means to our national platform with respect to leasing, develop-
is improving our existing assets. We completed approximately $380 million of redevelopment
ment, management, marketing and specialty revenues. We are in a national business and we
shareholders’ letter
OPERATING PRINCIPLES
work in 2004. Over the next five years we will invest billions of dollars to improve existing
centers and build new ones. Highlights of 2004 include additions to Columbia Mall,
Kenwood Towne Centre, The Woodlands Mall and Alderwood Mall.
GGP was founded on the following
In Columbia, Missouri, we created a new streetscape and food court for Columbia Mall. Ann
principles, which guide our daily
Taylor Loft, Chico’s, Coldwater Creek and Jos. A. Banks opened their only Missouri stores business. We still strive to:
between St. Louis and Kansas City. A completely renovated Food Court, with the addition of
11 Maintain a clear focus on what we do best: create value and profit by acquiring, developing, ren-
a carousel, family restroom complex and soft-seating areas completed the shopping experience.
ovating, and managing retail properties throughout the United States.
In Cincinnati, Ohio, Kenwood Towne Centre has, and continues, to undergo a substantial
expansion and renovation. A prominent architectural exterior element that includes the 12 Make decisions with your money that we would make with our own. When we act, we are acting
with our own money side by side with yours. We are partners with our shareholders. The management
Cheesecake Factory, Ann Taylor Loft, Pottery Barn and Maggiano’s Italian restaurant has
and approximately 5,200 employees of General Growth own approximately 30% of the company.
been added to the high performing center. New stores opening in 2005 include Sterling Cut
Glass, Hold Everything, Restoration Hardware, Williams Sonoma, West Elm and Arhaus. 13 Avoid actions based solely on our current stock price or for short-term results. We are in a long-
In The Woodlands (Houston), Texas, The Woodlands Mall expansion was an approximate- term business. Our goal is to maximize and increase shareholder value.
ly 175,000 square-foot open air “lifestyle” expansion of the existing Woodlands Mall. The
14 Use conservative reporting methods that accurately and meaningfully reflect the operating
expansion consisted of approximately 100,000 square-feet of new retail stores, 37,500 results of our company. These methods are recommended by the National Association of Real
square-feet of new office space and 38,600 square-feet of new restaurants located in a state Estate Investment Trusts (NAREIT).
of the art open air plaza anchored by The Woodlands Waterway. Key expansion retailers are
15 Distribute a low percentage of Funds From Operations (FFO). Undistributed FFO represents our least
Cheesecake Factory, PF Chang’s, Brio, Flemings, Barnes and Noble, Pottery Barn, Pottery
expensive form of capital. Depreciation in real estate requires that we have the funds available to
Barn Kids, and the first Anthropologie and Urban Outfitters combination in a single mall.
reinvest to keep our properties interesting, appealing, and attractive to customers.
In Lynnnwood (Seattle), Washington, Alderwood Mall completed a lifestyle expansion
and mall renovation. A 16-screen, stadium-seating theatre will open in March 2005. The 16 Keep sight of the reasons our community of shareholders and business partners are invested in
us: performance, security, and liquidity. We will be candid in our reporting to you. We will be hon-
mall was expanded by the addition of The Village of Alderwood, a 170,000 square-foot
est in telling you what is good in our business and what the challenges are. In a business that
open-air lifestyle center attached to the mall and a new 140,000 square-foot Nordstrom
counts on the successful handling of details, we will work hard to keep your confidence as we
store. The lifestyle addition includes restaurants PF Chang’s and Macaroni Grill, and retail- tend to the details at hand.
ers such as Borders, Pottery Barn, Williams Sonoma and REI. Alderwood Mall also added
an outdoor pedestrian plaza off the food court with restaurants Claim Jumper, McGrath’s
Seafood, Starbucks, Jamba Juice and Ruby’s Diner.
mall itself is 1.2 million square-feet and is anchored by Younkers and Dillard’s department
The Customers show us daily with their feet and their pocketbooks that what we did with
stores; a 125,000 square-foot Scheel’s sporting goods store; a 77,000 square-foot state-of-the-
our expansions and redevelopments is what they want. Our Retailers tell us that what we did
Bernard Freibaum art AMC theatre complex; a 30,000 square-foot Barnes & Noble bookstore; six sit-down
Executive Vice President is what they want as well, as evidenced by record setting leasing of approximately 5.1 million
and Chief Financial Officer restaurants, with room to expand to eight; a village of big box retailers including Costco, Best
square-feet during the year. Our Owners benefit from this work with additional earnings
Buy, The Market (upscale grocery), Bed, Bath and Beyond, Old Navy, and other assorted big
growth and giving our Employees new personal growth opportunities, we created wins for
box retailers. Within all of this retail we have brought more than 50 new retail names to Des
all of our constituents.
Moines and of the 50, over 40 are new concepts to the state of Iowa. In addition, there is a
As stated at the outset, our Company vision is “people creating special places and experiences.” Marriot hotel; an outdoor amphitheatre which hosts the Des Moines Symphony during the
On August 4, 2004 we opened such a special place, Jordan Creek Town Center in Des summer season, a ten acre lake with restaurants surrounding it and a bike trail system that
Moines, Iowa. Jordan Creek Town Center is our finest example of the future of shopping. The connects to an already extensive trail system throughout Des Moines and central Iowa. This
shareholders’ letter OUR VALUES
Respect
is the future of retailing and an example of how we “think outside the box” as we create new Honesty However, you can’t excel without being willing to innovate. We know we excel at owning and
opportunities to profit for our shareholders. managing retail properties; but we ask ourselves, how else, what else, should we own or man-
Integrity age? Should we add lifestyle components to our centers? Should we introduce residential
The mall common area continues to grow as the preferred choice for marketing and
sponsorship events and we expect “place-based media” to grow in the coming years. We are components to our centers? Should we enter neglected urban markets? Should we continue
Passion to test various forms of technology in our malls? The answer to each of these questions is a
currently in the process of having our malls independently evaluated by Scarborough
Research and Arbitron to better identify for advertisers and sponsors exactly who they can resounding yes!
Urgency
appeal to at each particular center and how the center compares to more traditional types of Fifty, highly successful years are more than anything else, the result of passion. Passion for the
advertising in print, television, radio and billboard media. business, passion for the promise of the future, passion for continuing to be the best. Passion
Teamwork
During the year, free concerts were presented at 17 of our malls by Grammy nominee is our fuel, and our tank has been full for a long time.
singer/songwriter Avril Lavigne. These concerts generated over $3.7 million of free publicity Loyalty We tell you this to show you how we conduct our business. We have created our own DNA
for the centers and increased sales throughout the malls for our retailers. Over $5 million in over the last half-century that has infused our entire organization. Our employees feel it, our
sponsorship revenue was generated in 2004. Specialty leasing continues to be a strong con- Humility retailers understand it and our shareholders have been rewarded by it. It is this DNA, our
tributor to our revenue stream. In working to create special places and experiences for our culture, our way of doing business and the distilled wisdom from our founders that gives us
retailers, our Retailer Productivity group partnered with Barnes and Noble, Select Comfort, Fairness the confidence to move forward during the next 50 years and the resolve to work even hard-
Hollister and Janie & Jack on exclusive marketing events that generated higher than expected er in the future. We are in an exciting business and we enjoy what we do each and every day.
traffic and sales not only to these retailers but to the benefit of all retailers in the respective malls. What comes next is hard to predict but we assure you that GGP, the Company, is positioned
Much of what we did this year was not possible 12 years ago. Change is a given in our to lead the way. Thank you for being part of our past. More importantly however, we look
business and we have changed dramatically in the last 50 years, let alone during the past 12. forward to you being part of our future — a future filled with incredible opportunity.
If we do not continually recognize and embrace this change we fail. GGP is changing daily.
Change is not an event, it is a process. As such, I hope you notice how every year we adjust,
tweak, and yes, make major changes to create the groundwork for our future.
Matthew Bucksbaum
Our approach to the future can best be summarized by four words that come from our past: Founder and Chairman of the Board
Boldness • Excellence • Innovation • Passion Bernard Freibaum

Executive Vice President and Chief Financial Officer
Boldness ruled the day and led to the first expansion of this Company, and boldness
John Bucksbaum
continues to herald our progress today. Boldness is a hallmark of this Company and it Chief Executive Officer
continues to drive our decision making. We may not take as much relative risk as Martin and
Matthew Bucksbaum did when they started this Company in 1954, but our expectations for Jean Schlemmer
Executive Vice President, Asset Management
Jean Schlemmer
Executive Vice President, success are every bit as high, if not higher than when they began their journey.
Robert Michaels
Asset Management President and Chief Operating Officer
GGP has met our commitment to excellence. This Company over the last 50 years has
averaged 15% annual total return or better, whether as a private company or a public company.
We expect, and you expect, that we will continually raise our objectives year in and year out
meeting these expectations. There is an expectation for GGP in the marketplace that is not
expected from other real estate companies. Does it make our job harder? Yes. Does it make
your rewards greater? Yes. Does it make us proud to achieve these results? Yes. There are very
few companies that have produced comparable financial results. We have grown 30 fold
since our IPO, yet we continue to have outsized earnings. What we have done was not easy.
It required great commitment, great talent and great knowledge.
retail portfolio
Alabama Glendale Galleria Mizner Park Northbrook Court Maryland Ridgedale Center
Century Plaza Glendale Boca Raton Northbrook (Chicago) The Gallery at Harborplace Minneapolis
Birmingham Baltimore
Montclair Plaza The Oaks Mall Oakbrook Center River Hills Mall
Riverchase Galleria Montclair (San Bernardino) Gainesville Oak Brook (Chicago) Harborplace Mankato
Birmingham Baltimore
Moreno Valley Mall Oviedo Marketplace Sandburg Mall 4
Moreno Valley (Riverside) Orlando Galesburg The Mall in Columbia Mississippi

Arizona Columbia Edgewood Mall 44
Arizona Center NewPark Mall Pembroke Lakes Mall Spring Hill Mall McComb
Phoenix
Newark (San Francisco) Pembroke Pines West Dundee (Chicago) Mondawmin Mall
Baltimore Greenville Mall 4
Arrowhead Town Center Northridge Fashion Center Regency Square Mall Stratford Square Mall4 Greenville
Glendale
Northridge Jacksonville Bloomingdale (Chicago) Owings Mills
Baltimore Leigh Mall 4
Mall at Sierra Vista Redlands Mall Village of Merrick Park Water Tower Place Columbus
Sierra Vista
Redlands Coral Gables Chicago Towson Town Center
Baltimore Metrocenter Mall 4
Park Place The Shops at Tanforan 44 West Oaks Mall Jackson

San Bruno Ocoee Indiana The Village of Cross Keys
Tucson
Glenbrook Square Baltimore
Superstition Springs Center Southland Mall Fort Wayne Missouri
Hayward Georgia White Marsh Mall Capital Mall
East Mesa (Phoenix)
Augusta Mall Glendale Mall 44
Baltimore Jefferson City
Tucson Mall Stonestown Augusta Indianapolis
San Francisco Columbia Mall
Tucson
Cumberland Mall River Falls Mall Massachusetts Columbia
Valley Plaza Mall Atlanta Clarksville Faneuil Hall Marketplace
Arkansas Bakersfield Saint Louis Galleria
Boston
The Pines North Point Mall St. Louis
Visalia Mall Alpharetta Iowa Natick Mall
Pine Bluff Visalia Coral Ridge Mall Natick (Boston)
Oglethorpe Mall Coralville (Iowa City) Nebraska
West Valley Mall Savannah Silver City Galleria
California Tracy (San Francisco) Oak View Mall
Bayshore Mall Jordan Creek Town Center Taunton Omaha
Peachtree Mall West Des Moines
Eureka Columbus Swansea Mall 4
Colorado Westroads Mall
Burbank Town Center Mall of the Bluffs Swansea Omaha
4
Chapel Hills Mall Perimeter Mall Council Bluffs (Omaha, NE)
Burbank Colorado Springs Atlanta
Chico Mall Michigan Nevada
Foothills Mall Southlake Mall Kentucky Adrian Mall 4
Chico Fort Collins Morrow (Atlanta) The Boulevard Mall New York
Florence Mall Adrian Las Vegas Lockport Mall
Chula Vista Center Park Meadows Florence
Lockport
Chula Vista Hawaii Bay City Mall Fashion Show
Littleton (Denver) Greenwood Mall Bay City Las Vegas South Street Seaport
County Fair Mall Ala Moana Center Greenwood
4
Southwest Plaza Honolulu Birchwood Mall New York
Woodland Littleton (Denver) The Grand Canal Shoppes
Mall St. Matthews Port Huron (Detroit) at The Venetian St. Lawrence Centre
Hanford Mall 4
Prince Kuhio Plaza Louisville
4
Hilo The Crossroads Las Vegas Messina

Hanford Connecticut Oxmoor Center Portage (Kalamazoo) Meadows Mall Staten Island Mall
Eastridge Brass Mill Center Queen Ka’ahumanu Center 4
Louisville
Waterbury Maui Grand Traverse Mall Las Vegas Staten Island
San Jose
Traverse City Sunrise Mall
Fallbrook Center The Shoppes at Victoria Ward Properties Louisiana
4
Buckland Hills Honolulu Lakeside Mall New Hampshire Massapequa

West Hills (L.A.) Alexandria Mall 4
Steeplegate Mall
Manchester Alexandria Sterling Heights
Galleria at Tyler Windward Mall 4
Concord
Kaneohe Lakeview Square Mall North Carolina
Riverside Mall of Louisiana Carolina Place
Delaware Baton Rouge Battle Creek
Christiana Mall New Jersey Pineville (Charlotte)
Idaho Mall St. Vincent Lansing Mall Bridgewater Commons
Newark Four Seasons Town Centre
Boise Towne Square Shreveport Lansing Bridgewater
Boise Greensboro
Florida Oakwood Center RiverTown Crossings Paramus Park
Grand Teton Mall Grandville Paramus
Golden East Crossing 4
Altamonte Mall Gretna
Rocky Mount
Idaho Falls
Altamonte Springs Southland Center Willowbrook Mall
Pecanland Mall The Streets at Southpoint
The Avenue Viera 4 4 Pine Ridge Mall Monroe Taylor Wayne
Pocatello Durham
Viera Westwood Mall Woodbridge Center
Pierre Bossier Mall Golden East Crossing
Bayside Marketplace Silver Lake Mall Bossier City (Shreveport) Jackson Woodbridge
4
Coeur d'Alene Rocky Mount

Miami
Riverwalk Marketplace Inlet Square Mall
Coastland Center New Orleans
Minnesota New Mexico 4
Illinois Apache Mall Animas Valley Mall Murrells Inlet (Myrtle Beach)
Naples
Ford City Mall 4
Rochester Farmington Valley Hills Mall
Eagle Ridge Mall Chicago Maine
Crossroads Center Coronado Center Hickory
Lake Wales (Orlando) Auburn Mall 4
Golf Mill Shopping Center 4
Auburn St. Cloud Albuquerque
Governor’s Square Niles (Chicago)
Tallahassee The Maine Mall Eden Prairie Center North Plains Mall
Market Place S. Portland Eden Prairie Clovis
Lakeland Square Mall Shopping Center
Lakeland (Orlando) Champaign
Knollwood Mall Rio West Mall
4 Managed only; St. Louis Park Gallup 4 Managed only;
no ownership interest no ownership interest
4 Leasing only 4 Leasing only
ret ail por tf ol io
directors and officers
Ohio Texas Vermont Directors Officers

Beachwood Place Bassett Center 44 Burlington Town Center
Cleveland El Paso Burlington
Matthew Bucksbaum, 79 Matthew Bucksbaum
Colony Square Mall Baybrook Mall Founder and Chairman Founder and Chairman
Zanesville Friendswood (Houston) Virginia
Dulles Town Centre 44 John Bucksbaum, 48 John Bucksbaum
Kenwood Towne Centre Brazos Mall 4
Dulles Chief Executive Officer Chief Executive Officer
Kenwood Lake Jackson (Houston)
Landmark Mall
Collin Creek Alexandria
Alan S. Cohen, 44 Robert Michaels
Oklahoma Plano Vice President President and
Quail Springs Mall Lynnhaven Mall Marketing Chief Operating Officer
Oklahoma City
Deerbrook Mall Virginia Beach Airespace, Inc.
Humble (Houston)
Shawnee Mall 4 Piedmont Mall San Jose, California Bernard Freibaum
Shawnee (Oklahoma City)
First Colony Mall Danville
Executive Vice President and
Sugar Land (Houston) Anthony Downs, 74 Chief Financial Officer
Sooner Mall Tysons Galleria Senior Fellow
Norman
Galleria Dallas 4
McLean Jean Schlemmer
The Brookings Institution
Dallas
Washington, D.C. Executive Vice President
Washington Park Mall
Bartlesville
Highland Mall Washington Asset Management
Austin Alderwood Bernard Freibaum, 53
Lynnwood Executive Vice President and Joel Bayer
Oregon Hulen Mall Senior Vice President and
Chief Financial Officer
Clackamas Town Center Fort Worth Bellis Fair Chief Investment Officer
Portland Mall de las Aguilas 4 Bellingham Robert Michaels, 61
Gateway Mall Eagle Pass NorthTown Mall President and John Bergstrom
Chief Operating Officer Senior Vice President
Springfield North Star Mall Spokane
Development
Pioneer Place San Antonio SouthShore Mall Frank S. Ptak, 61
Portland The Parks at Arlington Aberdeen Vice Chairman Ronald L. Gern
Arlington Illinois Tool Works Inc. Senior Vice President
Rogue Valley Mall Spokane Valley Mall
Glenview, Illinois and Assistant Secretary
Medford Sher-Den Mall 4 Spokane
Salem Center Sherman Three Rivers Mall Marshall E. Eisenberg
John T. Riordan, 67
Salem Sikes Senter Kelso Ex-officio Trustee of Secretary
Valley River Center 4 Wichita Falls Westlake Center the International Council
Eugene Seattle of Shopping Centers
Stonebriar Centre
Cotuit, Massachusetts
Frisco
Pennsylvania Wisconsin
Columbia Mall 44 Town East Mall Beth Stewart, 48
Mesquite Fox River Mall Chief Executive Officer
Bloomsburg
Appleton Storetrax.com
Neshaminy Mall Vista Ridge Mall
Mayfair Rockville, Maryland
Bensalem Lewisville
Wauwatosa
Park City Center Willowbrook Mall
Houston Oakwood Mall
Lancaster (Philadelphia)
Eau Claire
The Woodlands Mall Note: Effective April 1, 2005,
Rhode Island The Woodlands Thomas H. Nolan, Jr. will take
Wyoming the place of Frank S. Ptak
Providence Place Eastridge Mall
Providence Utah Casper
Cache Valley Mall
South Carolina Logan White Mountain Mall
Rock Springs
Columbiana Centre Cottonwood Mall
Columbia Holladay (Salt Lake City)
Rock Hill Galleria 4
Fashion Place
Rock Hill Salt Lake City
Newgate Mall
Tennessee Ogden (Salt Lake City)
Northgate Mall
Chattanooga Provo Towne Centre
Provo
Stones River Mall 4
Murfreesboro (Nashville) Red Cliffs Mall

St. George
4 Managed only;
no ownership interest
4 Leasing only
18 general growth properties 2004 annual report

corporate information
Corporate Office Annual Meeting

110 North Wacker Drive The Annual Meeting of Stockholders of General Growth
Chicago, Illinois 60606 Properties, Inc. will be held on May 4, 2005, at General
(312) 960-5000 Growth Properties, 110 North Wacker Drive, Chicago,
Illinois, at 9 a.m. CT.
Employees
5,200 Form 10-K
Readers who wish to receive, without charge, a copy of
Registrar and Transfer Agent Form 10-K as filed with the Securities and Exchange
and Shareowner Services Department Commission should call (866) 818-9933 or, visit our
For information about the Dividend Reinvestment Web site at www.generalgrowth.com and refer to our
and Stock Purchase Plan, please contact: financial downloads page in the Investment section.
Mellon Investor Services, LLC
Investor Relations Contact
Overpeck Center
Bernard Freibaum
85 Challenger Road
Executive Vice President and Chief Financial Officer
Ridgefield Park, NJ 07660-2108
You may contact the Administrator at Common Stock Price and Dividends
(888) 395-8037 or www.melloninvestor.com/isd Set forth below are the high and low sales prices per
TDD for Hearing Impaired: (800) 231-5469 share of Common Stock for each such period as
Foreign Shareholders: (201) 329-8660 reported by the NYSE, and the distributions per share
TDD for Foreign Shareholders: (201) 329-8354 of Common Stock declared for each such period.
Independent Accountants
Deloitte & Touche LLP
Chicago, Illinois
2004 Price Declared

Quarter Ended High Low Distribution
March 31 $ 35.15 $ 27.25 $ .30

June 30 $ 35.30 $ 24.31 $ .30
September 30 $ 32.12 $ 28.41 $ .66
December 31 $ 36.90 $ 30.90 $ —
2003 Price Declared

March 31 $ 18.40 $ 15.90 $ .24

June 30 $ 21.06 $ 17.83 $ .24
September 30 $ 24.03 $ 20.77 $ —
Inc., Des Moines, Iowa

December 31 $ 28.03 $ 23.91 $ .30
2002 Price Declared

Minnesota
March 31 $ 14.91 $ 12.67 $ .22
June 30 $ 17.00 $ 14.73 $ .22
1 Designed by: Conyers Design,

1 Printed by: Litho Inc, St. Paul,
September 30 $ 17.27 $ 13.78 $ .24
December 31 $ 17.43 $ 15.05 $ .24
Common Stock Price and Dividends NYSE Symbol: GGP (Common)

New York Stock Exchange
New York, New York
110 North Wacker Drive
Chicago, Illinois 60606
(312) 960-5000
www.generalgrowth.com
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Ñscal year ended December 31, 2004
or
n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-11656
General Growth Properties, Inc.

(Exact name of registrant as speciÑed in its charter)
Delaware 42-1283895
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) IdentiÑcation Number)
110 N. Wacker Dr., Chicago, IL 60606

(Address of principal executive oÇces) (Zip Code)
(312)960-5000
(Registrant's telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange on Which Registered
Common Stock, $.01 par value New York Stock Exchange

Preferred Stock Purchase Rights New York Stock Exchange
Securities Registered Pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has Ñled all reports required to be Ñled by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that
the registrant was required to Ñle such reports), and (2) has been subject to such Ñling requirements for the
past 90 days. Yes ¥ No n
Indicate by check mark if disclosure of delinquent Ñlers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of registrant's knowledge, in deÑnitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. ¥
Indicate by check mark whether the registrant is an accelerated Ñler (as deÑned in Exchange Act Rule 12b-2
of the Act). Yes ¥ No n
On June 30, 2004, the last business day of the registrant's most recently completed second quarter, the
aggregate market value of the shares of common stock held by non-aÇliates of the registrant was
approximately $5.95 billion based upon the closing price of the common stock on the New York Stock
Exchange composite tape on such date.
As of March 4, 2005, there were 237,554,681 shares of the Registrant's common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE

Portions of the proxy statement for the annual stockholders meeting to be held on May 4, 2005 are
incorporated by reference into Part III.
PART I
Item 1. Business
All references to numbered Notes are to speciÑc footnotes to the Consolidated Financial Statements of
General Growth Properties, Inc. (""General Growth'' or the ""Company'') as included in this Annual Report
on Form 10-K (""Annual Report''). The descriptions included in such Notes are incorporated into the
applicable Item response by reference. The following discussion should be read in conjunction with such
Consolidated Financial Statements and related Notes. The terms ""we'', ""us'' and ""our'' may also be used to
refer to General Growth and its subsidiaries.
General Development of Business

General Growth, a Delaware corporation, is a self-administered and self-managed real estate investment trust,
referred to as a ""REIT.'' General Growth was organized in 1986 and through its subsidiaries and aÇliates
owns, operates, manages, leases, acquires, develops, expands and Ñnances operating properties located
primarily throughout the United States and develops and sells land for residential, commercial and other uses
primarily in master-planned communities.
The Retail and Other segment consists of retail centers, oÇce and industrial buildings and mixed-use and
other properties.
‚ The retail centers (the ""Retail Portfolio'') are primarily regional shopping centers in suburban market
areas, but also include specialty marketplaces in certain downtown areas and community retail centers.
‚ The oÇce and other properties (the ""OÇce Portfolio'') are located primarily in the Baltimore-Washington
and Las Vegas markets or are components of large-scale mixed-use properties (which include retail,
parking and other uses) located in other urban markets.
The Community Development segment includes land development and sales operations which are predomi-
nantly related to large-scale, long-term community development projects in and around Columbia, Maryland;
Summerlin, Nevada and Houston, Texas.
Substantially all of our business is conducted through GGP Limited Partnership (the ""Operating Partnership''
or ""GGPLP''). As of December 31, 2004, General Growth, as sole general partner, owned approximately 81%
of the common units of partnership interest in the Operating Partnership. The other common units and the
preferred units of limited partnership are held by limited partners that include trusts for the beneÑt of the
families of our original stockholders and subsequent contributors of properties to the Operating Partnership.
The common units that are held by limited partners are referred to as the ""Common Units''.
In addition to holding ownership interests in various joint ventures, the Operating Partnership generally
conducts its operations through the following subsidiaries:
‚ GGPLP L.L.C., a Delaware limited liability company (the ""LLC''), has ownership interests in the majority
of our properties (other than those acquired in The Rouse Company merger (the ""TRC Merger'',
Note 3)).
‚ The Rouse Company LP (""TRCLP''), which includes both a REIT and taxable REIT subsidiaries
(""TRS''), has ownership interests in Consolidated Properties and Unconsolidated Properties (as deÑned
below).
‚ General Growth Management, Inc. (""GGMI''), a TRS, manages, leases, and performs various other
services for some of our Unconsolidated Real Estate AÇliates (as deÑned below) and over 30 properties
owned by unaÇliated third parties, all located in the United States.
In this report, we refer to our ownership interests in majority owned or controlled properties as ""Consolidated
Properties'' and to our ownership interests in joint ventures in which we own a non-controlling interest as
""Unconsolidated Real Estate AÇliates'' and the properties owned by such joint ventures as the ""Unconsoli-
1
dated Properties.'' Our ""Company Portfolio'' includes both the Unconsolidated Properties and our Consoli-
dated Properties.
Our business strategy includes selectively making strategic acquisitions in order to enhance the yields of the
acquired properties through subsequent proactive property management and leasing, operating cost reductions,
physical expansions and renovations, redevelopments and capital reinvestment. Some of the actions that we
take to increase productivity include changing the tenant mix and adding vendor carts or kiosks.
Acquisitions have included single centers, privately held portfolios and public-to-public purchases such as The
Rouse Company, (""TRC'') in November 2004. During 2004, the purchase price of acquisitions totaled
$16.1 billion including the $14.3 billion TRC Merger. We believe that we have a competitive advantage with
respect to acquisitions for the following reasons:
‚ The funds necessary for the cash acquisition of a shopping center are available to us from a combination of
sources, including mortgage or unsecured Ñnancing or the issuance of public or private debt or equity.
‚ We have the Öexibility to pay for an acquisition with a combination of cash, General Growth equity
securities, or, subject to certain provisions in our debt agreements, common or preferred units of limited
partnership interest in the Operating Partnership. This creates the opportunity for a tax-advantaged
transaction for the seller.
‚ Our expertise allows us to evaluate proposed acquisitions for their increased proÑt potential. Additional
proÑt can originate from many sources including expansion, remodeling, re-merchandising, and more
eÇcient management of the property.
The expansion and renovation of a property also results in increased cash Öows and net income as a result of
increased customer traÇc, trade area penetration and improved competitive position of the property. In
addition to property redevelopment, we also develop retail centers from the ground-up. In August 2004, we
completed the ground-up development of Jordan Creek Town Center in West Des Moines, Iowa.
We make all key strategic decisions for our properties. However, in connection with the Unconsolidated
Properties, such strategic decisions are made with the respective stockholders, members or joint venture
partners. We are also the asset manager of most of the properties in the Company Portfolio, executing the
strategic decisions and overseeing the day-to-day property management functions, including leasing, construc-
tion management, data processing, maintenance, accounting, marketing, promotional services and security
oversight pursuant to management agreements with the Unconsolidated Properties.
Financial Information About Industry Segments

Information regarding our segments is incorporated herein by reference to Note 16 of the Notes to
Consolidated Financial Statements included in this Annual Report.
Narrative Description of Business

Retail and Other Segment
Retail Portfolio
Most of the shopping centers in the Retail Portfolio are strategically located in major and middle markets
where they have strong competitive positions. The Retail Portfolio's geographic diversiÑcation should mitigate
the eÅects of regional economic conditions and local factors. The Retail Portfolio is comprised primarily of
operating retail properties including regional malls and community centers. Most of these properties contain at
least one major department store as an Anchor (as deÑned below).
A detailed listing of the principal properties in our Retail Portfolio is included in Item 2 of this Annual Report.
The majority of the income from the properties in the Retail Portfolio is derived from rents received through
long-term leases with retail tenants. These long-term leases generally require the tenants to pay base rent
which is a Ñxed amount speciÑed in the lease. The base rent is often subject to scheduled increases during the
2
term of the lease. Another component of income is overage rent. Overage rent is paid by a tenant generally if
its sales exceed an agreed upon minimum amount. Overage rent is calculated by multiplying the sales in
excess of the minimum amount by a percentage deÑned in the lease. In addition, our long-term leases
generally contain provisions for us to recover certain expenses incurred in the day-to-day operations of the
respective properties including common area maintenance and real estate taxes. The recovery amount is
generally related to the tenant's pro-rata share of space in the property.
We use the following terms in this Annual Report:
‚ Anchor Ì a department store or other large retail store with gross leaseable area greater than 30,000 square
feet
‚ Freestanding GLA Ì gross leaseable area of freestanding retail stores in locations that are not attached to
the primary complex of buildings that comprise a shopping center
‚ GLA Ì gross leaseable retail space, including Anchors and all other leaseable areas
‚ Mall GLA Ì gross leaseable retail space, excluding both Anchors and Freestanding GLA
‚ Mall Stores Ì stores (other than Anchors) that are typically specialty retailers who lease space in the
structure including, or attached to, the primary complex of buildings that comprise a shopping center
‚ Total Mall Stores sales Ì the gross revenue from product sales to customers generated by the Mall Stores.
The following is selected operating data for the Consolidated and Unconsolidated Retail Properties within the
Company Portfolio as of December 31, 2004:
Consolidated Unconsolidated
Properties Properties
Total GLAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 115,206,093 57,965,724

Total Mall and Freestanding GLA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46,972,163 21,224,910
Number of retail properties ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 163 58
Average size of retail properties Ì GLA ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 706,786 999,409
Average size of retail properties Ì Mall and Freestanding GLA ÏÏÏ 288,173 365,947
Total GLA Ì smallest property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,814 68,528
Total GLA Ì largest property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,821,346 2,003,216
Mall and Freestanding GLA Ì Smallest property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,814 68,528
Mall and Freestanding GLA Ì Largest property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 774,847 813,450
Number of Mall and Freestanding Stores ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,232 6,925
Number of Mall and Freestanding Stores in smallest propertyÏÏÏÏÏ 2 32
Number of Mall and Freestanding Stores in largest property ÏÏÏÏÏÏ 399 166
Number of Anchors ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 519 228
Number of Anchor trade names ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 74 36
3
The table below shows our ten largest tenants, by trade name, as of December 31, 2004 based on consolidated
rents. In general, similar percentages existed in the Unconsolidated Properties as of December 31, 2004.
% of Consolidated
Tenant Name Rents
The GapÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.79%

Victoria's Secret ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.47
Express(1)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.35
Abercrombie & Fitch ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.28
Foot Locker ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.17
American Eagle OutÑtters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.15
The Limited(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.15
JCPenneyÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.03
SearsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.85
Zales Jewelers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.79
(1) Under common ownership by The Limited, Inc.
4
The following table reÖects the tenant representation by category in the Retail Portfolio in the Consolidated
Properties as of December 31, 2004. In general, similar percentages generally existed for the Unconsolidated
Properties.
% of Square Feet in
the Consolidated
Category Properties Type of Product or Service Representative Tenants
Specialty ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22% Specialty Retail/Misc. & Mastercuts, One Hour

Personal Services Photo, California Nails,
Dollar Tree, Pottery Barn
Apparel ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21% Unisex/Family Apparel The Gap, American Eagle,
Old Navy, J. Crew
Women's Apparel ÏÏÏÏÏÏÏ 17% Women's Apparel The Limited, Casual
Corner, Lane Bryant,
Victoria's Secret
ShoesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10% Shoe Stores Footlocker, Journey's,
Payless Shoe Source
Gifts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7% Card/Gift/Novelty Things Remembered,
Kirlin's Hallmark, Spencer
Gifts
Restaurants ÏÏÏÏÏÏÏÏÏÏÏÏÏ 6% Restaurants Ruby Tuesday,
Cheesecake Factory,
PF Chang's, Max and
Erma's, Panera Bread
Fast Food/Food Court ÏÏÏ 4% Fast Food/Food Court Arby's, Sbarro, Manchu
Wok
Music/Electronics ÏÏÏÏÏÏÏ 4% Music/Electronics Camelot Music, Radio
Shack, Suncoast Pictures,
Sam Goody, F.Y.E.
Jewelry ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4% Jewelry Zales Jewelers, Helzberg
Diamonds, Kay Jewelers
Sporting Goods ÏÏÏÏÏÏÏÏÏ 2% Sporting Goods Champ's, Big 5 Sports,
Scheel's Sports
Men's Apparel ÏÏÏÏÏÏÏÏÏÏ 2% Men's Apparel The Men's Wearhouse,
Nick's for Men
Specialty Food ÏÏÏÏÏÏÏÏÏÏ 1% Specialty Food/Health General Nutrition Center,
Barnie's CoÅee and Tea
Company
TOTALÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100%
5
OÇce Portfolio
At December 31, 2004, in addition to oÇce and other properties which are adjacent to our retail centers, we
owned and managed the following oÇce and other properties:
Consolidated Location Square Feet
Columbia Industrial (6 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Columbia, MD 306,000

Columbia OÇce (11 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Columbia, MD 1,059,000
Hunt Valley Business Center (19 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Baltimore, MD 1,280,000
Rutherford Business Center (20 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Baltimore, MD 783,000
Summerlin Commercial (28 buildings)ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Summerlin, NV 1,110,000
Woodlands OÇce (2 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Houston, TX 267,000
Other OÇce Projects (6 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Various 451,000
Unconsolidated
Woodlands OÇce/Industrial (5 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Houston, TX 348,000
Community Development Segment
In conjunction with the TRC Merger, we acquired master-planned communities. We develop and sell land in
these communities to builders and other developers for residential, commercial and other uses. We may also
develop some of this land for our own purposes. These master-planned communities are as follows:
‚ Columbia is located in the Baltimore, Maryland/Washington, D.C. corridor and encompasses approxi-
mately 18,000 acres. We own approximately 716 saleable acres of land in and around Columbia, including
the adjacent communities of Emerson and Stone Lake.
‚ Summerlin is located immediately north and west of Las Vegas and encompasses approximately
22,500 acres. We own approximately 6,900 saleable acres of land in Summerlin. We develop and sell land to
builders and other developers for residential commercial and other uses. We may also develop some of this
land for our own purposes.
‚ Bridgelands is located in the western Houston, Texas metropolitan area and encompasses approximately
10,000 acres. TRC began development activities on Bridgelands in 2004 and we expect to begin selling
portions of this land in 2005.
‚ We also own certain oÇce buildings and a 52.5% economic interest in The Woodlands, a master-planned
community in the Houston, Texas metropolitan area. Assets owned by The Woodlands include approxi-
mately 7,600 saleable acres of land, three golf course complexes, a resort conference center, a hotel,
interests in seven oÇce buildings and other assets.
‚ Fairwood is located in Prince George's County, Maryland. Fairwood contains over 1,000 acres of
unimproved land. TRC began sales at this community in 2004.
Other
Competition
In our Retail and Other segment, business is continually evolving and requires the ongoing re-evaluation of our
approach to center management and leasing. Our strategies to increase stockholder value and cash Öow
include the integration of mass merchandise retailers with traditional department stores, specialty leasing, the
inclusion of entertainment-oriented tenants, proactive property management and leasing (including revisions
to the mix of tenants at a center), operating cost reductions including those resulting from economies of scale,
strategic expansions, redevelopments, capital reinvestment and acquisitions, and selective new shopping center
developments and concepts. Management believes that these approaches should enable us to operate and grow
successfully in today's highly-competitive environment.
6
The nature and extent of competition varies from property to property. The properties in the Retail Portfolio
compete with numerous shopping alternatives in seeking to attract retailers to lease space as retailers
themselves face increasing competition from discount shopping centers, outlet malls, strip, power and lifestyle
centers, discount shopping clubs, direct mail, internet sales and telemarketing. Each of our oÇce and other
properties competes for tenants in the markets in which they operate. We believe that the oÇce and other
properties we own in our master-planned communities are attractive in relation to competing properties
because they are concentrated in the commercial centers of these communities. We believe the oÇce
components of our major mixed-use properties are desirable to prospective tenants due to their quality and
downtown locations.
In our Community Development segment, we compete with other landholders in the Baltimore-Washington,
Las Vegas and Houston markets. SigniÑcant factors aÅecting our competition in this business include:
‚ The size and scope of our master-planned communities
‚ The recreational and cultural amenities available within the communities
‚ The commercial centers in the communities
‚ The relationships of the developer with homebuilders
We believe our community development projects oÅer signiÑcant advantages when viewed against these
criteria.
Environmental Matters
Under various Federal, state and local laws and regulations, an owner of real estate is liable for the costs of
removal or remediation of certain hazardous or toxic substances on such real estate. These laws often impose
such liability without regard to whether the owner knew of, or was responsible for, the presence of such
hazardous or toxic substances. The costs of remediation or removal of such substances may be substantial, and
the presence of such substances, or the failure to promptly remediate such substances, may adversely aÅect
the owner's ability to sell such real estate or to borrow using such real estate as collateral. In connection with
its ownership and operation of our properties, we, or the relevant property venture through which the property
is owned, may be potentially liable for such costs.
Substantially all of our properties have been subject to environmental assessments, which are intended to
discover information regarding, and to evaluate the environmental condition of, the surveyed and surrounding
properties. The Phase I environmental assessments included a historical review, a public records review, a
preliminary investigation of the site and surrounding properties, screening for the presence of asbestos,
polychlorinated biphenyls (""PCBs'') and underground storage tanks and the preparation and issuance of a
written report, but do not include soil sampling or subsurface investigations. A Phase II assessment, when
necessary, was conducted to further investigate any issues raised by the Phase I assessment. In each case
where Phase I and/or Phase II assessments resulted in speciÑc recommendations for remedial actions
required by law, management has either taken or scheduled the recommended action.
Neither the Phase I nor the Phase II assessments have revealed any environmental liability that we believe
would have a material eÅect on our overall business, assets or results of operations, nor are we aware of the
existence of any such liability. Nevertheless, it is possible that these assessments do not reveal all
environmental liabilities or that there are material environmental liabilities of which we are unaware.
Moreover, no assurances can be given that future laws, ordinances or regulations will not impose any material
environmental liability or the current environmental condition of our properties will not be adversely aÅected
by tenants and occupants of the properties, by the condition of properties in the vicinity of our properties (such
as the presence on such properties of underground storage tanks) or by third parties unrelated to us.
In 2002, the President and Congress approved the Yucca Mountain site in Nevada for development of a
repository site for highly radioactive materials. Yucca Mountain is located approximately 100 miles from Las
Vegas. For the project to proceed, other approvals are necessary, including a license from the U.S. Nuclear
Regulatory Commission or NRC. The Department of Energy's 2003 Strategic Plan, dated September 30,
7
2003, listed the licensing, construction and operation of the repository site at Yucca Mountain by 2010 as a
major goal. In July 2004, the United States Court of Appeals for the D.C. Circuit rejected a number of
challenges brought by the State of Nevada, local governmental units, environmental groups and trade
associations with respect to the proposed Yucca Mountain repository and invalidated a portion of the EPA's
and NRC's regulations governing the proposed repository.
Future development opportunities may require additional capital and other expenditures in order to comply
with Federal, state and local statutes and regulations relating to the protection of the environment. It is
impossible at this time to predict with any certainty the magnitude of any such expenditures or the long-range
eÅect, if any, on our operations. Compliance with such laws has had no material adverse eÅect on our
operating results or competitive position in the past.
Employees
As of March 1, 2005, we had approximately 5,200 employees.
Insurance
We have comprehensive liability, Ñre, Öood, earthquake, terrorist, extended coverage and rental loss insurance
with respect to our properties. Our management believes that all of our properties are adequately covered by
insurance.
QualiÑcation as a Real Estate Investment Trust and Taxability of Distributions

General Growth currently qualiÑes as a real estate investment trust pursuant to the requirements contained in
Sections 856-858 of the Internal Revenue Code of 1986, as amended (the ""Code''). If, as General Growth
contemplates, such qualiÑcation continues, General Growth will not be taxed on its real estate investment
trust taxable income. During 2004, General Growth distributed (or was deemed to have distributed) 100% of
its taxable income to its preferred and common stockholders as detailed in the following table:
2004 2003 2002
Common Shares
Ordinary income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1.260 $1.003 $0.710
Return of capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 0.177
Unrecaptured Section 1250 capital gains ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 0.017 0.003
Distributions declared per common share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1.260 $1.020 $0.890
Preferred Shares*
Ordinary income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ Ì $1.403 $1.802
Distributions declared per common share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ Ì $1.431 $1.812
* All outstanding preferred shares of General Growth were redeemed in 2003 (Note 1).
Available Information
We make available free of charge through our website at www.generalgrowth.com all reports electronically
Ñled with, or furnished to, the Securities and Exchange Commission (the ""SEC''), including our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as any
amendments to those Ñlings, as soon as reasonably practicable after those documents are Ñled with, or
furnished to, the SEC. These Ñlings are also accessible on the SEC's website at www.sec.gov. We also make
available free of charge through our website our Corporate Governance Guidelines, our Code of Business
Conduct and Ethics (including any waivers of the code granted to our Chairman, Chief Executive OÇcer,
8
Chief Financial OÇcer or directors) and our charters of the Audit, Compensation and Nominating &
Governance committees of our Board of Directors.
All of these documents are also available without charge to any person who requests them in writing to:

Attn: David Lozano
Investor Relations Coordinator
110 North Wacker Drive
Chicago, Illinois 60606
Item 2. Properties
Our investment in real estate as of December 31, 2004, consisted of our interests in the properties in our Retail
and Other and Community Development segments. In most cases, we also own the land underlying the retail
properties, however, at certain of the properties, all or part of the underlying land is owned by a third party that
leases the land to us pursuant to a long-term ground lease. The leases generally contain various purchase
options available to us and typically provide for a right of Ñrst refusal in favor of us in the event of a proposed
sale of the property by the landlord. Information regarding encumbrances on these properties is included in
Schedule III of this Annual Report.
The following tables set forth certain information regarding the Consolidated Properties and the Unconsoli-
dated Properties in our Retail Portfolio as of December 31, 2004. Anchors include all stores with GLA greater
than 30,000 square feet. To the extent a Retail Property does not have any Anchor space, signiÑcant tenants
have been included in this list.
Consolidated Retail Properties

Year Opened/ Total GLA/Mall and
Year Remodeled Freestanding GLA Anchor
Name of Center/Location(1) or Expanded (Square Feet)(2) Anchors/SigniÑcant Tenants Vacancies(3)
Ala Moana Center 1959/1966, 1987, 1,821,346/ Macy's, Neiman Marcus, None
Honolulu, Hawaii 1989, 1999, 2004 774,847 Old Navy, Sears, Shirokiya
Alameda Plaza 1973/1978 190,341/ Carmike Cinema, Key Two
Pocatello, Idaho 46,395 Bank, Wells Fargo
Anaheim Crossing(4)(6) 1980 92,170/ Fullerton Toyota N/A
Anaheim, California 92,170
Animas Valley Mall 1982/2001, 2003 500,284/ Dillard's, JCPenney, Kaye None
Farmington, New Mexico 231,067 Home Furnishings, Ross
Dress for Less, Sears
Apache Mall(4) 1969/1985, 1992, 2002 751,761/ Herberger's, JCPenney, None
Rochester, Minnesota 268,769 Marshall Field's, Sears
Arizona Center(4) 1990 168,469/ AMC Arizona Center 24 None
Phoenix, Arizona 168,469
Augusta Mall(4) 1978 1,066,418/ Dillard's, JCPenney, None
Augusta, Georgia 317,195 Rich's-Macy's, Sears,
Rich's Furniture
Austin BluÅs Plaza 1985 114,524/ Albertsons, Longs Drug None
Colorado Springs, Colorado 42,981 Store
Bailey Hills Plaza 1988 11,887/ Tommy's Paint Pot N/A
Eugene, Oregon 11,887
Baybrook Mall 1978/1984, 1985, 1995 1,295,179/ Dillard's, Foley's, None
Friendswood (Houston), 340,035 Mervyn's, Sears
Texas
Bayshore Mall(4) 1987/1989 614,593/ Gottschalks, Mervyn's, None
Eureka, California 394,335 Sears
9
Bayside Marketplace(4) 1987 223,821/ The Disney Store, None

Miami, Florida 223,821 Victoria's Secret
Beachwood Place 1978 912,941/ Dillard's, Nordstrom, Saks None
Cleveland, Ohio 348,594 Fifth Avenue
Bellis Fair 1988/2003 769,247/ The Bon Marche, None
Bellingham (Seattle), 350,317 JCPenney, Mervyn's,
Washington Sears, Target
Birchwood Mall 1990/1991/1997 788,087/ GKC Theaters, JCPenney, None
Port Huron (Detroit), 331,858 Marshall Field's, Sears,
Michigan Target, Younkers
Boise Plaza 1979/1984 114,404/ Albertsons, Burlington None
Boise, Idaho 0 Coat Factory
Boise Towne Plaza(6) 1999 116,677/ Circuit City, Linens `n None
Boise, Idaho 25,143 Things, Old Navy
Boise Towne Square 1988 1,146,561/ The Bon Marche, Dillard's, None
Boise, Idaho 477,781 JCPenney, Mervyn's, Sears
The Boulevard Mall 1968/1992 1,184,895/ Dillard's, JCPenney, None
Las Vegas, Nevada 396,859 Macy's, Sears
Burlington Town Center 1976/1980, 1985, 2001 314,982/ Filene's None
Burlington, Vermont 168,229
Cache Valley Mall 1976/2004 322,251/ Dillard's, Dillard's Men's None
Logan, Utah 176,419 and Home Store,
JCPenney
Cache Valley Marketplace 1976 157,713/ Home Depot N/A
Logan, Utah 157,713
Capital Mall 1978/1985, 1992 532,693/ Dillard's, JCPenney, Sears None
JeÅerson City, Missouri 299,616
Century Plaza 1975/1990, 1994 741,541/ JCPenney, McRae's, Sears One
Birmingham, Alabama 253,065
Chapel Hills Mall 1982/1986, 1997, 1998 1,171,358/ Dillard's, Foley's, None
Colorado Springs, Colorado 425,919 JCPenney, Kmart,
Mervyn's, Sears
Chico Mall 1988 502,488/ Gottschalks, JCPenney, One
Chico, California 180,360 Sears
Coastland Center 1977/1985, 1996 934,082/ Burdines, Dillard's, None
Naples, Florida 343,692 JCPenney, Sears
Collin Creek 1981 1,113,074/ Dillard's, Foley's, None
Plano, Texas 322,991 JCPenney, Mervyn's Sears
Colony Square Mall 1981/1985, 1987 549,362/ Elder-Beerman, JCPenney, One
Zanesville, Ohio 291,358 Sears
Columbia Mall 1985/1986, 2004 738,607/ Dillard's, JCPenney, Sears, None
Columbia, Missouri 323,163 Target
Coral Ridge Mall 1998 1,065,849/ Dillard's, JCPenney, None
Coralville (Iowa City), Iowa 418,611 Scheel's All Sports, Sears,
Target, Younkers
Coronado Center(4) 1964/1975, 1976, 1,152,708/ Foley's, JCPenney, Macy's, None
Albuquerque, New Mexico 1984, 1992, 1995 408,379 Mervyn's, Sears
Cottonwood Mall 1962/1984 737,446/ JCPenney, Meier & Frank None
Salt Lake City, Utah 357,938
Cottonwood Square 1984 77,079/ Software & More One
10
Country Hill Plaza 1978 140,097/ McKay-Dee Hospital None

Ogden (Salt Lake City), Utah 59,814 Center, Smith's Food &
Drug
Crossroads Center 1966/1995, 2004 897,605/ JCPenney, Marshall None
St. Cloud, Minnesota 291,925 Field's, Scheel's All
Sports, Sears, Target
The Crossroads 1980/1992 773,570/ JCPenney, Marshall None
Portage (Kalamazoo), 270,610 Field's, Mervyn's, Sears
Michigan
Cumberland Mall 1973/1989, 2004 1,155,999/ JCPenney, Rich's, Sears One
Atlanta, Georgia 321,884
Division Crossing 1990 100,760/ Rite Aid, Safeway None
Portland, Oregon 32,808
Eagle Ridge Mall 1996/2000 651,049/ Dillard's, JCPenney, None
Lake Wales (Orlando), 256,594 Recreation Station, Regal
Florida Cinemas, Sears
Eastridge Mall 1982/1997 569,364/ The Bon Marche, None
Casper, Wyoming 279,568 JCPenney, Sears, Target
Eden Prairie Center 1976/1989, 1994, 2001 1,118,740/ AMC Theatres, Kohl's, One
Eden Prairie (Minneapolis), 309,033 Sears, Target, Von Maur
Minnesota
Fallbrook Center 1966/1986, 2002, 2003 905,957/ DSW Shoe Warehouse, None
West Hills (Los Angeles), 270,958 Kohl's, Laemmle Theatres,
California Linens 'n Things,
Mervyn's, Ross Dress for
Less, Sport Chalet, Target
Faneuil Hall Marketplace(4) 1976 197,946/ Ann Taylor, Crate & None
Boston, Massachusetts 197,946 Barrel
Fashion Place(4) 1972 876,164/ Dillard's, Nordstrom, Sears None
Fashion Show 1981 1,764,562/ Dillard's, Macy's, Neiman One
Las Vegas, Nevada 530,766 Marcus, Nordstrom,
Robinsons-May, Saks Fifth
Avenue, Bloomingdale's
Home
Foothills Mall 1973/1980, 1989 800,915/ Foley's, JCPenney, None
Fort Collins, Colorado 402,953 Mervyn's, Sears
Fort Union(4) 1978/1982-1987 32,968/ Bucca Di Beppo N/A
Four Seasons Town Centre 1974/1988, 1999, 1,142,057/ Belk, Dillard's, JCPenney None
Greensboro, North Carolina 2001-2002 500,041
Fox River Mall 1984/1986, 1991, 1,218,468/ Cost Plus World Market, None
Appleton, Wisconsin 1997, 2002, 2003 435,451 David's Bridal, DSW Shoe
Warehouse, Factory Card
Outlet, JCPenney,
Linens 'n Things, Marshall
Field's, Scheel's All
Sports, Sears
Fremont Plaza(4) 1977 102,991/ Sav-On Drug Store One
Las Vegas, Nevada 25,643
The Gallery at Harborplace(4) 1987 132,992/ Brooks Brothers, None
Baltimore, Maryland 132,992 Forever 21, Gap
11
Gateway Crossing Shopping 1992 183,526/ All A Dollar, Barnes & None
Center 135,701 Noble, TJ Maxx
Bountiful (Salt Lake City),
Utah
Gateway Mall 1990/1999 725,738/ 24 Hour Fitness, One
SpringÑeld, Oregon 342,532 Movies 12, Ross Dress for
Less, Sears, Target
Glenbrook Square 1966/1982, 1986 1,212,350/ JCPenney, L.S. Ayres, None
Fort Wayne, Indiana 435,480 Marshall Field's, Sears
Governor's Square(4) 1979 1,037,723/ Burdines-Macy's, Dillard's, None
Tallahassee, Florida 346,118 JCPenney, Sears
The Grand Canal Shoppes at the 1999 516,090/ Ann Taylor, Kenneth Cole None
Venetian 516,090
Las Vegas, Nevada
Grand Teton Mall 1984/2004 630,752/ The Bon Marche, Dillard's, None
Idaho Falls, Idaho 306,827 JCPenney, Sears
Grand Traverse Mall 1992 593,499/ GKC Theaters, JCPenney, None
Traverse City, Michigan 280,108 Marshall Field's, Target
Greenwood Mall 1979/1987, 1996, 2002 853,750/ Dillard's, Dillard's None
Bowling Green, Kentucky 418,864 Women's World, Famous
Barr, JCPenney, Sears
Halsey Crossing(4) 1990/2000 99,438/ Safeway None
Gresham (Portland), Oregon 46,674
Harborplace(4) 1980 141,320/ Ann Taylor, J. Crew None
Baltimore, Maryland 141,320
Hulen Mall 1977 941,127/ Dillard's, Foley's, Sears None
Fort Worth, Texas 344,557
Jordan Creek Town Center 2004 1,544,686/ Bed Bath & Beyond, Best One
West Des Moines, Iowa 572,783 Buy, Century Theatres,
DSW Shoe Warehouse,
Dillard's, Scheel's All
Sports, The Market,
Younkers
KIDK/Baskin Robbins 1980 1,814/ Baskin Robbins N/A
Idaho Falls, Idaho 1,814
Knollwood Mall 1955/1981, 1999 464,321/ Cub Foods, Kohl's, One
St. Louis Park, 168,098 TJ Maxx
(Minneapolis), Minnesota
Lakeside Mall 1976 1,458,432/ JCPenney, Lord & Taylor, None
Sterling Heights, Michigan 508,132 Marshall Field's Men &
Home, Marshall Field's
Women, Sears
Lakeview Square 1983/1998, 2001 546,044/ JCPenney, Marshall None
Battle Creek, Michigan 254,451 Field's, Sears
Landmark Mall(4) 1965/1989, 1990 889,951/ Hecht's, Lord & Taylor, None
Alexandria 331,014 Sears
(Washington, D.C.), Virginia
Lansing Mall(4) 1969/2001 834,534/ JCPenney, Marshall None
Lansing, Michigan 443,364 Field's, Mervyn's,
Younkers
Lockport Mall 1975/1984 336,070/ The Bon Ton Two
Lockport, New York 122,989
12
Lynnhaven Mall 1981/1991, 1996 1,296,252/ AMC Theatres, Dick's None

Virginia Beach, Virginia 460,805 Sporting Goods, Dillard's,
Hecht's, JCPenney,
Lord & Taylor, Steve &
Barry's University
Sportswear
The Maine Mall 1971/1982, 1986 1,047,188/ Best Buy, Chuck E. None
Portland, Maine 364,254 Cheese, Filene's, Filene's
Home Store, JCPenney,
Linens 'n Things, Macy's,
Sears, Sports Authority
Mall of Louisiana 1997 1,240,067/ Dillard's, Foley's, None
Baton Rouge, Louisiana 432,585 JCPenney, McRae's, Sears
Mall of the BluÅs 1986/1988, 1998 687,393/ Dillard's, Drug Town, None
Council BluÅs (Omaha), 312,927 Hy-Vee, JCPenney, Sears,
Iowa Target
Mall St. Matthews 1962 1,094,684/ Dillard's Women's, One
Louisville, Kentucky 376,979 Dillard's Men's,
Children's & Home,
JCPenney
Mall St. Vincent(4) 1976/1991 538,506/ Dillard's, Sears None
Shreveport, Louisiana 190,506
Mall at Sierra Vista 1999 337,630/ Cinemark Theatres, None
Sierra Vista, Arizona 106,360 Dillard's, Sears
The Mall in Columbia 1971 1,384,260/ AMC Columbia 14, None
Columbia, Maryland 584,092 Hecht's, JCPenney,
LL. Bean, Lord & Taylor,
Nordstrom, Sears
Market Place Shopping 1976/1984, 1987, 1,036,646/ Bergner's, Famous Barr, None
Center 1990, 1994, 1999 500,900 JCPenney, Sears
Champaign, Illinois
Mayfair 1958/1973, 1986, 1,110,957/ AMC Theatres, Barnes & None
Wauwatosa (Milwaukee), 1994, 2001 491,573 Noble, Boston Store,
Wisconsin Marshall Field's
Meadows Mall 1978/1987, 1997, 2003 956,394/ Dillard's, JCPenney, None
Las Vegas, Nevada 319,541 Macy's, Sears
Metro Plaza 1956 135,031/ Dollar Store, Social None
Baltimore, Maryland 135,031 Services
Mondawmin Mall 1956 319,277/ New York & Company, None
Baltimore, Maryland 319,277 Stop Shop and Save
Northgate Mall 1972/1991, 1997 825,926/ JCPenney, ProÇtt's, None
Chattanooga, Tennessee 330,606 ProÇtt's Home Store,
Sears, T.J. Maxx
Northridge Fashion Center 1971/1995, 1997 1,455,131/ JCPenney, Macy's, PaciÑc None
Northridge (Los Angeles), 579,688 Theatres, Robinsons-May,
California Sears
North Plains Mall 1985/1988 296,293/ Beall's, Dillard's, None
Clovis, New Mexico 102,212 JCPenney, Sears
North Star 1960 1,259,073/ Dillard's, Foley's, Macy's, None
San Antonio, Texas 466,246 Mervyn's, Saks Fifth
Avenue
North Temple Shops 1970 10,078/ East Sea N/A
13
NorthTown Mall 1955/1961, 1977, 1,046,534/ The Bon Marche, One

Spokane, Washington 1984, 1989, 1992, 415,040 Bumpers, Inc., JCPenney,
1999-2000 Mervyn's, Regal Cinemas,
Sears
Oak View Mall 1991 868,272/ Dillard's, JCPenney, Sears, None
Omaha, Nebraska 264,012 Younkers
Oakwood Center 1966 952,220/ Dillard's, JCPenney, None
Gretna, Louisiana 353,873 Mervyn's, Sears, Marshalls
Oakwood Mall 1986/1991, 1995, 1997 822,088/ JCPenney, Marshall None
Eau Claire, Wisconsin 337,012 Field's, Scheel's All
Sports, Sears, Younkers
Oglethorpe Mall 1969/1974, 1982, 949,166/ Belk, JCPenney, Rich's, None
Savannah, Georgia 1990, 1992, 2002 375,463 Sears, Stein Mart
Orem Plaza-Center Street 1977/1989 82,317/ Showbiz Pizza, Utah None
Orem, Utah 48,656 OÇce Supply Company
Orem Plaza-State Street 1975 27,557/ Label Tech, Tuesday N/A
Orem, Utah 27,557 Morning
Oviedo Marketplace 1998 951,672/ Burdines-Macy's, Dillard's, None
Orlando, Florida 333,788 Sears, Regal Cinemas 22
Owings Mills 1986 1,083,447/ Hecht's, JCPenney, None
Baltimore, Maryland 436,410 Macy's, AMC Owings
Mills 17, Sticks 'N' StuÅ
Oxmoor Center Mall 1971 930,045/ Dick's Sporting Goods, None
Louisville, Kentucky 282,979 Lazarus, Sears, Von Maur
Paramus Park 1974 770,227/ Macy's, Sears, FortunoÅ None
Paramus, New Jersey 311,170
Park City Center 1970/1988, 1997 1,367,923/ The Bon Ton, Boscov's, None
Lancaster (Philadelphia), 504,734 JCPenney, Kohl's, Sears
Pennsylvania
Park Place 1974/1998, 2001, 2003 1,051,071/ Dillard's, Macy's, Sears None
Tucson, Arizona 469,614
Peachtree Mall 1975/1985, 1993 818,441/ Dillard's, JCPenney, None
Columbus, Georgia 309,826 Parisian, Rich's
Pecanland Mall 1985 977,375/ Dillard's, JCPenney, None
Monroe, Louisiana 334,728 McRae's, Mervyn's, Sears
Piedmont Mall 1984/1995 725,328/ Belk, Belk Men's, None
Danville, Virginia 175,002 Boscov's, JCPenney, Sears
Pierre Bossier Mall 1982/1985, 1993 608,421/ Dillard's, JCPenney, Sears, One
Bossier City (Shreveport), 215,123 Stage
Louisiana
Pine Ridge Mall(4) 1981 606,747/ The Bon Marche, Dillard's, None
Pocatello, Idaho 168,760 JCPenney, Sears, ShopKo
The Pines 1986/1990 602,637/ Dillard's, JCPenney, Sears One
Pine BluÅ, Arkansas 262,930
Pioneer Place(4) 1990 368,134/ Saks Fifth Avenue None
Portland, Oregon 308,134
Plaza 800(4) 1975 176,431/ Albertsons, ShopKo None
Sparks (Reno), Nevada 27,806
Plaza 9400(4) 1979 228,661/ Albertsons, Deseret One
Sandy (Salt Lake City), Utah 67,017 Industries
Prince Kuhio Plaza(4) 1985/1994, 1999 504,817/ Macy's, Sears One
Hilo, Hawaii 272,195
Providence Place(4) 1999 1,271,439 Filene's, Lord & Taylor, None
Providence, Rhode Island 748,439 Nordstrom
14
Provo Towne Centre(7) 1998 801,014/ Cinemark Theatres, None

Provo, Utah 230,945 Dillard's, JCPenney, Sears
Red CliÅs Mall 1990 385,610/ Dillard's, JCPenney, Sears One
St. George, Utah 108,553
Red CliÅs Plaza 1994 57,304/ Gold's Gym N/A
St. George, Utah 57,304
Redlands Mall 1977 173,997/ Gottschalks None
Redlands, California 78,938
Regency Square Mall 1968/1992, 1998, 2001 1,452,082/ Belk, Champs One
Jacksonville, Florida 535,576 Sports/World Foot Locker,
Dillard's, JCPenney, Sears
Ridgedale Center 1974 1,034,542/ JCPenney, Marshall Field's None
Minneapolis, Minnesota 332,162 Men & Home, Marshall
Field's Women, Sears
Rio West Mall(4)(5) 1981/1991, 1998 514,856/ Beall's, JCPenney One
Gallup, New Mexico 333,723
River Falls Mall 1990 745,124/ Dillard's, Dick's Sporting None(8)
Clarksville, Indiana 325,076 Goods, Toys `R' Us
River Hills Mall 1991/1996 644,630/ Herberger's, JCPenney, None
Mankato, Minnesota 282,581 Sears, Target
Riverlands Shopping Center 1965/1984, 1990, 2004 184,094/ Burke's Outlet, Citi One
LaPlace (New Orleans), 137,160 Trends, Silver Cinema
Louisiana
River Pointe Plaza 1988 224,262/ Albertsons, ShopKo None
West Jordan (Salt Lake 73,831
City), Utah
Riverside Plaza 1977/1993 175,417/ Big Lots, The Heritage None
Provo, Utah 44,948 Group, Macy's, Rite Aid
RiverTown Crossings 1999 1,270,796/ Dick's Sporting Goods, None
Grandville (Grand Rapids), 421,738 JCPenney, Kohl's,
Michigan Marshall Field's, Old
Navy, Rivertown Cinemas,
Sears, Younkers
Riverwalk(4) 1986 187,649/ Abercrombie & Fitch, None
New Orleans, Louisiana 187,649 Victoria's Secret
Rogue Valley Mall 1986/1991, 1996, 2002 633,107/ JCPenney, Meier and None
Medford (Portland), Oregon 276,123 Frank, Meier and Frank
Home Store, Mervyn's
Saint Louis Galleria 1986/1991, 1995, 2002 1,166,133/ Dillard's, Famous Barr, None
St. Louis, Missouri 476,453 Lord & Taylor
Salem Center(4) 1979/1987, 1995 649,509/ JCPenney, Meier & Frank, None
Salem, Oregon 211,509 Mervyn's, Nordstrom
Sikes Senter 1974/1984, 2002 670,134/ Dillard's, JCPenney, Sears None
Wichita Falls, Texas 295,444
Silver Lake Mall 1989/1995 327,939/ The Bon Marche, One
Coeur d'Alene, Idaho 110,446 JCPenney, Sears
Sooner Mall 1976/1989, 1999 505,201/ Dillard's, JCPenney, Old None
Norman, Oklahoma 165,129 Navy, Sears, Stein Mart
South Street Seaport(4) 1983 285,385/ Ann Taylor, Brookstone None
New York, New York 285,385
Southlake Mall 1976/1995, 1999 1,014,158/ JCPenney, Rich's, Sears One
Morrow (Atlanta), Georgia 273,906
Southland Center 1970 865,629/ JCPenney, Marshall None
Taylor, Michigan 282,592 Field's, Mervyn's
15
Southland Mall 1964/1968, 1972, 1984 1,260,918/ JCPenney, Macy's, None

Hayward, California 520,654 Mervyn's, Sears
Southshore Mall(4) 1981 288,926/ JCPenney, Sears None
Aberdeen, Washington 155,151
Southwest Plaza 1983/1994, 1995, 2001 1,290,802/ Dillard's, Foley's, None
Littleton (Denver), Colorado 653,625 JCPenney, Sears
Spokane Valley Mall(7) 1997 736,929/ The Bon Marche, None
Spokane, Washington 317,845 JCPenney, Regal ACT III,
Sears
Spokane Valley Plaza 2001 132,048/ Linens `n Things, Old None
Spokane, Washington 6,000 Navy, Sportsman's
Warehouse, T.J. Maxx
Spring Hill Mall 1980/1992, 1997 1,179,728/ Carson Pirie Scott, None
West Dundee (Chicago), 446,932 JCPenney, Kohl's,
Illinois Marshall Field's, Sears,
Wickes Furniture
Staten Island Mall 1973 1,272,268/ JCPenney, Macy's, Sears None
Staten Island, New York 614,905
Stonestown 1952/1987-1988 864,494/ Macy's, Nordstrom None
San Francisco, California 436,201
The Streets at South Point 2002 1,327,396/ Hecht's, JCPenney, None
Durham, North Carolina 580,475 Nordstrom, Sears, Belk
Three Rivers Mall 1987 430,395/ The Bon Marche, One
Kelso, Washington 234,060 JCPenney, Sears
Town East Mall 1971/1986, 1996, 1,224,851/ Dillard's, Foley's, None
Mesquite (Dallas), Texas 1998, 2000 415,465 JCPenney, Sears
Tucson Mall(4)(5) 1982/1991, 1993, 2003 1,302,186/ Dillard's, JCPenney, None
Tucson, Arizona 443,922 Macy's, Mervyn's,
Robinsons-May, Sears
Twin Falls Crossing 1976 37,680/ 0 Kalic Investors None
Twin Falls, Idaho
University Crossing(4) 1971/1975, 1995 206,035/ Barnes & Noble, None
Orem, Utah 40,733 Burlington Coat Factory,
CompUSA, OÇceMax,
Pier 1 Imports
Valley Hills Mall 1978/1988, 1990, 1996 905,904/ Belk, Dillard's, JCPenney, None
Hickory, North Carolina 294,388 Sears
Valley Plaza Mall 1967/1988, 1997, 1998 1,183,769/ Gottschalks, JCPenney, None
BakersÑeld, California 457,080 Macy's, Robinsons-May,
Sears
Victoria Ward Centers(9) 1972/1982, 1988, 587,092/ Borders Books, None
Honolulu, Hawaii 1995, 1997, 1999, 2001 470,011 Consolidated Amusement
Theatre, Dave & Busters,
Sports Authority
The Village of Cross Keys 1965 73,982/ Elizabeth Arden Spa, None
Baltimore, Maryland 73,982 Talbots, William Sonoma
Visalia Mall 1964/1997 439,828/ Gottschalks, JCPenney None
Visalia, California 182,828
Westlake Center(4) 1988 104,631/ Express Women's, None
Seattle, Washington 104,631 PF Chang's
West Valley Mall 1995/1997 837,791/ Gottschalks, JCPenney, None
Tracy (San Francisco), 456,842 Movies 14, Sears, Target
California
16
Westwood Mall 1972/1978, 1993 508,243/ Elder-Beerman, JCPenney, None

Jackson, Michigan 136,542 Wal-Mart
White Marsh 1981 1,151,045/ Hecht's (2), JCPenney, One
Baltimore, Maryland 366,451 Macy's, Sears
White Mountain Mall 1978 329,629/ Flaming Gorge Harley None
Rock Springs, Wyoming 175,169 Davidson, Herberger's,
JCPenney, State of
Wyoming
Willowbrook 1969 1,522,614/ Bloomingdale's, Lord & None
Wayne, New Jersey 494,614 Taylor, Macy's, Sears
Woodlands Village 1989 91,858/ Bashas N/A
FlagstaÅ, Arizona 91,858
Woodbridge Center 1971 1,634,643/ Dick's Sporting Goods, None
Woodbridge, New Jersey 549,608 FortunoÅ, JCPenney,
Lord & Taylor, Macy's,
Sears
Yellowstone Square 1973/1977, 1988 266,855/ Los Betos Mexican Food, Three
Idaho Falls, Idaho 100,122 Pizza Hut
(1) In certain cases, where a center's location is part of a larger metropolitan area, the metropolitan area is
identiÑed in parentheses.
(2) Includes square footage added in redevelopment/expansion projects.
(3) Anchor vacancy is not applicable for certain smaller strip mall, community center or free-standing
properties in which tenants are not deÑned as anchors.
(4) Property subject to a ground lease.
(5) Owned in a joint venture with independent, non-controlling minority investors.
(6) Owned in a joint venture with aÇliate of one of the Anchor stores with a 25% minority ownership interest.
(7) Owned by the Spokane Valley Mall joint venture described in (5) above.
(8) Bass Pro lease was signed and the store is expected to open in early 2005.
(9) Includes Ward Entertainment Center, Ward Warehouse, Ward Village and Village Shops.
Unconsolidated Retail Properties

Ownership Total GLA/mall
Year Opened/ Interest % and Freestanding
Year Remodeled or of Operating GLA Square Anchor
Name of Center/ Location(1) Expanded Partnership Feet(2) Anchors/SigniÑcant Tenants Vacancies(3)
Alderwood Mall 1979/1995, 2004 50% 1,183,753/ The Bon Marche, None
Lynnwood (Seattle), Washington 492,532 JCPenney, Nordstrom, Sears
Altamonte Mall 1974/1990, 2002, 50 1,169,593/ AMC, Burdines, Dillard's, None
Altamonte Springs (Orlando), 2003, 2004 491,045 JCPenney, Sears
Florida
Arrowhead Towne Center 1993 16.7 1,129,264/ AMC Theatres, Dillard's, None
Glendale, Arizona 344,727 JCPenney, Mervyn's,
Bay City Mall 1991/1994, 1997 50 525,248/ JCPenney, Sears, Target, None
Bay City, Michigan 209,597 Younkers
Brass Mill Center and Commons 1997 50 1,182,701/ Barnes & Noble, Brass Mill None
Waterbury, Connecticut 346,061 Cinemas, Burlington Coat
Factory, Filene's, JCPenney,
OÇce Max, Sears
Bridgewater Commons 1988 35 880,847/ Bloomingdale's, Lord & None
Bridgewater, New Jersey 377,971 Taylor, Macy's
17
Carolina Place 1991/1994 50 1,136,627/ Belk, Dillard's, Hecht's, One

Pineville (Charlotte), North 333,125 JCPenney, Sears
Carolina
Centerpointe Village Center 2001 50 144,635/ Albertsons, Sav-On Drug N/A
Summerlin, Nevada 144,635 Store
Christiana Mall 1978 50 1,083,586/ JCPenney, Lord & Taylor, None
Newark, Delaware 312,182 Macy's, Strawbridge's
Chula Vista Center 1962/1988, 1993, 50 876,695/ JCPenney, Macy's, None
Chula Vista (San Diego), 1994, 2004 288,558 Mervyn's, Sears, Ultrastar
California Theaters
Clackamas Town Center 1981/1993, 1994 50 1,181,189/ JCPenney, Meier & Frank, None
Portland, Oregon 406,347 Meier & Frank Home Store,
Nordstrom, Sears
Columbiana Centre 1990/1993 50 825,084/ Belk, Dillard's, Parisian, None
Columbia, South Carolina 266,107 Sears
Deerbrook Mall 1984/1996, 1997 50 1,207,345/ AMC Theatres, Dillard's, None
Humble (Houston), Texas 366,793 Foley's, JCPenney,
Mervyn's, Sears
Eastridge Mall 1970/1982, 1988, 1995 51 1,021,878/ AMC 15, JCPenney, None(5)
San Jose, California 274,617 Macy's, Sears
First Colony Mall 1996 50 1,010,672/ Dillard's, Foley's, JCPenney, None
Sugar Land (Houston), Texas 391,624 Mervyn's
Florence Mall 1976/1994 50 930,057/ JCPenney, Lazarus, Lazarus None
Florence (Cincinnati, Ohio), 377,650 Home Store, Sears
Kentucky
Galleria at Tyler(4) 1970/1991, 1996 50 1,059,295/ JCPenney, Macy's, None
Riverside, California 437,587 Nordstrom, Robinsons-May
Glendale Galleria(4) 1976/1983, 1997 50 1,527,325/ JCPenney, Macy's, Mervyn's None
Glendale, California 517,325 Nordstrom, Robinsons-May
Highland Mall(4) 1971 50 1,100,289/ Dillard's, (2), Foley's, None
Austin, Texas 381,548 JCPenney
Kenwood Towne Centre(4) 1959/1988 50 1,140,612/ Dillard's Women's, Dillard's None
Cincinnati, Ohio 539,020 Men's, Lazarus, Parisian
Lakeland Square Mall 1988/1990, 1994 50 898,599/ Belk, Burdines, Dillard's, None
Lakeland (Orlando), Florida 288,561 Dillard's Men's and Home
Store, JCPenney, Sears
Lake Mead & BuÅalo Partners 1998 50 68,528/ Hollywood Video, Wells None
Village Center 68,528 Fargo Bank
Summerlin, Nevada
Mizner Park(4) 2003 50 236,537/ Robb & Stucky None
Boca Raton, Florida 236,537
Montclair Plaza 1968/1985 50 1,353,327/ Circuit City, Ethan Allen, None
Montclair (San Bernadino), 443,441 JCPenney, Linens 'n Things,
California Macy's, Nordstrom,
Moreno Valley Mall 1992 50 1,033,378/ Gottschalks, JCPenney, None
Moreno Valley (Riverside), 341,187 Limited, Robinsons-May,
California Sears
Natick Mall 1966/1994 50 1,154,840/ Filene's, Lord & Taylor, None
Natick (Boston), Massachusetts 428,178 Macy's, Sears
Neshaminy Mall 1968/1995, 1998 25 1,014,198/ AMC Theatres, Boscov's, None
Bensalem, Pennsylvania 319,606 Sears, Strawbridge &
Clothiers
Newgate Mall 1981/1994, 1998 50 688,427/ Dillard's, Gart Sports, None
Ogden (Salt Lake City), Utah 216,293 Mervyn's, Sears, Tinsel
Town
18
NewPark Mall 1980/1993 50 1,208,856/ JCPenney, Macy's, None

Newark (San Francisco), 465,392 Mervyn's, Sears, Target
California
Northbrook Court 1976/1995, 1996 50 1,009,441/ AMC Theatres, Lord & None
Northbrook (Chicago), Illinois 393,522 Taylor, Marshall Field's,
Neiman Marcus
North Point Mall 1993 50 1,376,903/ Dillard's, JCPenney, Lord & None
Alpharetta (Atlanta), Georgia 410,616 Taylor, Parisian, Rich's,
Sears
Oakbrook Center 1962 50 2,003,216/ Bloomingdale's Home & None
Oak Brook, Illinois 813,450 Furniture, Lord & Taylor,
Marshall Field's, Neiman
Marcus, Nordstrom, Sears
The Oaks Mall 1978/1995 51 905,254/ Belk, Dillard's, JCPenney, None
Gainesville, Florida 347,387 Macy's, Sears
Park Meadows 1996 35 1,630,561/ Dick's Sporting Goods, One
Littleton, Colorado 607,561 Dillard's, Foley's, JCPenney,
Nordstrom
The Parks at Arlington 1988/1996, 2002 50 1,519,022/ AMC Theatres, Dick's One
Arlington (Dallas), Texas 396,044 Sporting Goods, Dillard's,
Foley's, JCPenney,
Mervyn's, Sears
Pembroke Lakes Mall 1992/1997 50 1,066,986/ Burdines, Dillard's, Dillard's None
Pembroke Pines 355,711 Men's and Home Store,
(Fort Lauderdale), Florida JCPenney, Sears
Perimeter Mall 1971 50 1,284,880 Bloomingdale's, Nordstrom, None
Atlanta, Georgia 499,064 Rich's-Macy's
Riverchase Galleria 1986/1996, 1998 50 1,578,984/ Comp USA, McRae's, None
Hoover (Birmingham), Alabama 503,974 Parisian, ProÇtt's, Rich's,
Sears
Quail Springs Mall 1980/1992, 1998, 1999 50 1,133,961/ AMC Theatres, Dillard's None
Oklahoma City, Oklahoma 349,161 Foley's, JCPenney, Sears
The Shoppes at Buckland Hills 1990/1994, 2003 50 1,048,549/ Dick's Sporting Goods, One
Manchester, Connecticut 420,376 Filene's, Filene's Home &
Mens Store, JCPenney,
Sears
Shopping Center Iguatemi Bahia 1975/1992 35 728,411/ Bompreco, C&A, Lojas None
Salvador, Bahia 464,628 Americanas, Multiplex,
Playland, Riachuelo, SAC
Shopping Center Taboao da Serra 2002 35 415,512/ Beshi, C&A, Carrefour, None
Taboao da Serra, Sao Paulo 134,345 Casas Bahia, CineTaboao,
Riachuelo, Telha Norte
Silver City Galleria 1992/1999 50 921,251/ Filene's, JCPenney, Sears, None
Taunton (Boston), Massachusetts 415,136 Silver City Cinemas,
Steve & Barry's University
Sports
Steeplegate Mall 1990 50 481,662/ The Bon Ton, JCPenney, None
Concord, New Hampshire 225,315 Sears
Stonebriar Centre 2000 50 1,652,277/ AMC Theatres, Barnes & None
Frisco (Dallas), Texas 527,244 Noble, Dave & Busters,
Dick's Sporting Goods,
Foley's, JCPenney, Macy's,
Nordstrom, Sears
Superstition Springs Center(4) 1990/1994 16.7 1,057,019/ Dillard's, JCPenney, None
East Mesa (Phoenix), Arizona 363,027 Mervyn's, Robinsons-May,
Sears
Towson Town Center 1959 35 965,287/ Hecht's, Nordstrom, None
Baltimore, Maryland 515,158 Nordstrom Rack
19
Trails Village Partners 1998 50 169,660/ Longs Drug Store, Vons None
Summerlin, Nevada 169,660 Grocery Store
Tysons Galleria 1988/1994, 1997 50 821,236/ Macy's, Neiman Marcus, None
McLean (Washington, D.C.), 309,303 Saks Fifth Avenue
Virginia
The Village of Merrick Park(4) 2002 40 737,304/ Neiman Marcus, Nordstrom None
Coral Gables, Florida 737,304
Vista Ridge Mall 1989/1991 50 1,046,233/ Dillard's, Foley's, JCPenney, None
Lewisville (Dallas), Texas 376,023 Sears
Washington Park Mall 1984/1986 50 352,125/ Dillard's, JCPenney, Sears None
Bartlesville, Oklahoma 157,829
Water Tower Place 1976 52 712,761/ Lord & Taylor, Marshall None
Chicago, Illinois 285,718 Field's
West Oaks Mall 1996/1998 50 1,072,790/ AMC Theatres, Dillard's, None
Ocoee (Orlando), Florida 372,034 JCPenney, McRae's, Sears
Westroads Mall 1968/1990, 1995, 51 1,139,457/ Dick's Sporting Goods, One
Omaha, Nebraska 1999, 2003 315,397 JCPenney, Tilt, Von Maur,
Younkers
Willowbrook Mall 1981/1992 50 1,512,923/ Dillard's, Foley's, JCPenney, One
Houston, Texas 406,339 Sears
The Woodlands Mall 1994/1998, 2004 50 1,333,632/ Dillard's, Foley's, Foley's None
The Woodlands (Houston), Texas 488,403 Children's Store, JCPenney,
Mervyn's, Sears
(1) In certain cases where a center's location is part of a larger metropolitan area, the metropolitan area is
identiÑed in parenthesis.
(2) Includes square footage added in redevelopment/expansion projects.
(3) Anchor vacancy is not applicable for certain smaller strip mall, community center or free-standing
properties in which tenants are not deÑned as Anchors.
(4) Property subject to a ground lease.
(5) AMC 15 is scheduled to open in August 2005.
Leasing
The following schedule shows Mall Store scheduled lease expirations in our Retail Portfolio over the next Ñve
years.
All Expirations(1)
Square Rent Per
Base Rent Footage Square Foot
Consolidated
2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $105,170,711 3,549,424 $29.63
2006 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 97,713,101 3,270,496 29.88
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $525,645,727 16,461,355 $31.93
20
All Expirations(1) Expirations At Share(1)(2)
Square Rent Per Square Rent Per
Base Rent Footage Square Foot Base Rent Footage Square Foot
Unconsolidated
2005 ÏÏÏÏÏÏÏÏÏÏ $ 48,051,582 1,487,008 $32.31 $ 22,303,429 690,071 $32.32
2006 ÏÏÏÏÏÏÏÏÏÏ 61,971,587 1,781,544 34.79 29,975,328 826,518 36.27
2007 ÏÏÏÏÏÏÏÏÏÏ 50,345,137 1,442,519 34.90 25,257,575 671,992 37.59
2008 ÏÏÏÏÏÏÏÏÏÏ 53,175,929 1,556,995 34.15 24,665,122 722,060 34.16
2009 ÏÏÏÏÏÏÏÏÏÏ 47,748,056 1,215,881 39.27 21,676,713 561,713 38.59
Total ÏÏÏÏÏÏÏÏÏ $261,292,291 7,483,947 $34.91 $123,878,167 3,472,354 $35.68
Grand Total ÏÏÏ $786,938,018 23,945,302 $32.86 $123,878,167 3,472,354 $35.68
(1) Excludes Anchors and tenants paying percentage rent in lieu of base minimum rent.
(2) Expirations at share reÖect our direct or indirect ownership interest in a joint venture. We believe that the
presentation of this data for the Unconsolidated Real Estate AÇliates provides additional operational
information that aids in the evaluation of our earnings from such Unconsolidated Real Estate AÇliates.
Combined occupancy for Consolidated Properties and Unconsolidated Properties as of December 31, 2004
was 92.1%.
Anchors
Anchors have traditionally been a major component of a regional shopping center. Although certain of the
properties in the Retail Portfolio have Anchors or signiÑcant tenants other than department stores, Anchors
are frequently department stores whose merchandise appeals to a broad range of shoppers. Anchors generally
either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates
that are generally lower than the rents charged to Mall Store tenants. The centers in the Retail Portfolio
receive a smaller percentage of their operating income from Anchors than from Mall Stores. While the market
share of traditional department store Anchors has been declining, strong Anchors continue to play an
important role in maintaining customer traÇc and making the centers in the Retail Portfolio desirable
locations for Mall Store tenants.
The following table indicates the parent company of each Anchor and sets forth the number of stores and
square feet owned or leased by each Anchor in the Retail Portfolio as of December 31, 2004.
Consolidated Unconsolidated Total
Total Square Feet Total Square Feet Total Square Feet
Stores (000's) Stores (000's) Stores (000's)
Sears(1)
Sears ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 94 13,251 34 5,417 128 18,668
KmartÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 88 Ì Ì 1 88
Total Sears ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 95 13,339 34 5,417 129 18,756
May Department Stores Company(2)
David's Bridal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 10 Ì Ì 1 10
Famous Barr ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 534 Ì Ì 3 534
Filene'sÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 325 5 812 7 1,137
Filene's Home & Men's Store ÏÏÏÏÏÏÏÏ Ì Ì 1 103 1 103
Filene's Home StoreÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 41 Ì Ì 1 41
Foley's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12 1,893 11 2,123 23 4,016
Foley's Children's Store ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 17 1 17
21
Hecht'sÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 1,173 2 341 9 1,514

L.S. Ayres ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 242 Ì Ì 1 242
Lord & TaylorÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8 962 7 914 15 1,876
Marshall Field's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18 2,698 3 948 21 3,646
Meier & Frank ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 502 1 199 4 701
Meier & Frank Home Store ÏÏÏÏÏÏÏÏÏÏ 1 84 1 166 2 250
Robinsons-May ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 650 4 676 8 1,326
Strawbridge's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 2 426 2 426
Total May Department Stores
Company ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 61 9,114 38 6,725 99 15,839
JC Penney ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 92 10,562 37 5,222 129 15,784
Dillard's Department Stores
Dillard's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 54 8,917 21 3,820 75 12,737
Dillard's Men's and Home Store ÏÏÏÏÏÏ 1 37 2 157 3 194
Dillard's Woman's World ÏÏÏÏÏÏÏÏÏÏÏÏ 1 6 Ì Ì 1 6
Total Dillard's Department Stores ÏÏÏ 56 8,960 23 3,977 79 12,937
Federated Department Stores, Inc.(2)
Bloomingdale's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 260 2 373 3 633
Bloomingdale's Home ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 100 1 92 2 192
Burdines-Macy's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 492 3 435 6 927
Lazarus ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 271 3 473 4 744
Macy's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21 4,157 12 2,220 33 6,377
Rich's-Macy's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5 923 3 790 8 1,713
Rich's-Macy's Furniture ÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 152 Ì Ì 1 152
The Bon Marche ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9 764 1 221 10 985
Total Federated Department Stores,
Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 42 7,119 25 4,604 67 11,723
Saks Holdings, Inc.
Bergner's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 154 Ì Ì 1 154
Boston Store ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 211 Ì Ì 1 211
Carson Pirie Scott ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 138 Ì Ì 1 138
Herberger's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 187 Ì Ì 3 187
McRae'sÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 410 2 345 6 755
Parisian ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 86 5 518 6 604
ProÇtts Home Store ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 113 1 230 3 343
Saks Fifth Avenue ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4 407 1 120 5 527
Younkers ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8 940 2 244 10 1,184
Total Saks Holdings, Inc. ÏÏÏÏÏÏÏÏÏÏ 25 2,646 11 1,457 36 4,103
Mervyn's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21 1,775 8 674 29 2,449
Target ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14 1,532 2 300 16 1,832
22
Nordstrom
Nordstrom ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8 1,255 11 1,902 19 3,157
Nordstrom Rack ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 31 1 31
Total Nordstrom ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8 1,255 12 1,933 20 3,188
Belk
Belk ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6 1,027 4 536 10 1,563
Belk Men's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 34 Ì Ì 1 34
Total Belk ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 1,061 4 536 11 1,597
Cinemark USA, Inc.
Cinemark ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 113 Ì Ì 2 113
Movies 12 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 38 Ì Ì 1 38
Movies 14 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 49 Ì Ì 1 49
Rivertown Cinemas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 86 Ì Ì 1 86
Tinsel TownÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 62 1 62
Total Cinemark USA, Inc. ÏÏÏÏÏÏÏÏÏ 5 286 1 62 6 348
American Multi Cinema
AMC 15 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 75 1 75
AMC Theaters ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 241 7 594 10 835
Total American Multi Cinema ÏÏÏÏÏÏ 3 241 8 669 11 910
Regal Entertainment Group
Regal Act III ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 40 Ì Ì 1 40
Regal Cinemas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 186 Ì Ì 3 186
Total Regal Entertainment Group ÏÏÏ 4 226 Ì Ì 4 226
Stage Stores, Inc.
Beall'sÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 54 Ì Ì 2 54
Stage ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 35 Ì Ì 1 35
Total Stage Stores, Inc. ÏÏÏÏÏÏÏÏÏÏÏ 3 89 Ì Ì 3 89
The Sports Authority, Inc.
Gart Sports ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 64 1 64
The Sports Authority ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 86 Ì Ì 2 86
Total The Sports Authority, Inc. ÏÏÏÏ 2 86 1 64 3 150
Hy-Vee Food Stores, Inc.
Drug Town ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 12 Ì Ì 1 12
Hy-Vee ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 36 Ì Ì 1 36
Total Hy-Vee Food Stores, Inc. ÏÏÏÏÏ 2 48 Ì Ì 2 48
23
Hoyts Cinemas
Brass Mill Cinemas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 70 1 70
Silver City Cinemas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 1 31 1 31
Total Hoyts Cinemas ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 2 101 2 101
Gottschalks ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 595 1 150 8 745
Kohl'sÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6 567 Ì Ì 6 567
Scheels All Sports ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5 472 Ì Ì 5 472
Boscov's ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 399 1 185 3 584
Dick's Sporting Goods, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏ 5 367 4 323 9 690
Neiman-Marcus ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 328 4 504 6 832
Von Maur, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 306 1 179 3 485
The Bon TonÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 224 1 88 3 312
Elder-Beerman ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 141 Ì Ì 3 141
Linens 'n Things ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 106 Ì Ì 3 106
GAP, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 103 Ì Ì 3 103
Ross Stores, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3 90 Ì Ì 3 90
The TJX Companies, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 85 Ì Ì 2 85
Stein Mart, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2 76 Ì Ì 2 76
Value City Department Stores, Inc. ÏÏÏÏÏ 2 65 Ì Ì 2 65
George Kerasotes Corporation ÏÏÏÏÏÏÏÏÏÏ 2 60 Ì Ì 2 60
Steve & Barry's University Sportswear ÏÏÏ 1 57 2 123 3 180
Dave & Busters, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 44 1 50 2 94
Barnes & Noble ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1 31 1 34 2 65
Others (single stores only) ÏÏÏÏÏÏÏÏÏÏÏÏÏ 25 1,609 6 357 31 1,966
Grand Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 519 64,064 228 33,734 747 97,798
(1) Kmart/Sears merger expected to close in March 2005.

(2) May Department Stores Company and Federated Department Stores, Inc. announced a merger
agreement in February 2005 with a closing expected in third quarter 2005. We have 19 properties with
both a May and a Federated Anchor.
Non-Retail Properties
See Item 1 ""Narrative Description of Business'' for information regarding our OÇce Portfolio and our
Community Development segment.
Item 3. Legal Proceedings
We are not currently involved in any material litigation nor, to our knowledge, is any material litigation
currently threatened against us, the properties or any of the Unconsolidated Real Estate AÇliates. For
information about certain environmental matters, see ""Item 1 Ì Business Ì Environmental Matters.''
24
Item 4. Submission of Matters To A Vote of Security Holders
No matters were submitted to a vote of General Growth's stockholders during the fourth quarter of 2004.
PART II
Item 5. Market For Registrant's Common Equity and Related Stockholder Matters
Our common stock is listed on the New York Stock Exchange (""NYSE'') and trades under the symbol
""GGP''. As of March 4, 2005, 237,554,681 outstanding shares of common stock were held by approximately
2,442 stockholders of record. The closing price per share of our common stock on the NYSE on March 4,
2005, was $35.68 per share.
On November 20, 2003, our stockholders approved a three-for-one stock split which was eÅective Decem-
ber 5, 2003. All share and per share information is presented on a post-split basis.
The following table summarizes the quarterly high and low sales prices per share of our common stock as
reported by the NYSE.
Stock Price
Quarter Ended High Low
2004
March 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $35.15 $27.25
June 30 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35.30 24.31
September 30 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 32.12 28.41
December 31 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36.90 30.90
2003
2002
25
The following table summarizes quarterly distributions per share of our common stock.
Declaration Date Record Date Payment Date Amount
January 7, 2005ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 17, 2005 January 31, 2005 $.36

August 20, 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 15, 2004 October 29, 2004 .36
July 2, 2004ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 15, 2004 July 30, 2004 .30
April 5, 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ April 15, 2004 April 30, 2004 .30
January 5, 2004ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 15, 2004 January 30, 2004 .30
October 1, 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 15, 2003 October 31, 2003 .30
June 9, 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 7, 2003 July 31, 2003 .24
March 14, 2003ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ April 3, 2003 April 30, 2003 .24
December 12, 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 6, 2003 January 31, 2003 .24
September 17, 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 4, 2002 October 31, 2002 .24
June 17, 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 5, 2002 July 31, 2002 .22
March 21, 2002ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ April 15, 2002 April 30, 2002 .22
December 10, 2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 14, 2002 January 31, 2002 .22
Item 6. Selected Financial Data

The following table sets forth selected Ñnancial data which is derived from, and should be read in conjunction
with, the Consolidated Financial Statements and the related Notes and Management's Discussion and
Analysis of Financial Condition and Results of Operations contained in this Annual Report.
Results for 2003 and 2002 have been restated to reÖect the reclassiÑcation of disposed properties to
discontinued operations (Note 4).
2004 2003 2002 2001 2000
(In thousands, except per share amounts)
Operating Data
Revenue ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,802,845 $ 1,262,791 $ 973,440 $ 799,365 $ 693,847
Network discontinuance costsÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì (66,000) Ì
Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏ (365,622) (230,195) (179,036) (144,863) (119,337)
Other operating expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (694,948) (484,196) (366,806) (293,565) (224,255)
Interest expense, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (468,958) (276,235) (215,340) (220,402) (212,640)
Income allocated to minority interestsÏÏÏÏ (105,473) (110,984) (86,213) (40,288) (51,664)
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,383) (98) (119) (160) Ì
Equity in income of unconsolidated
aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 88,191 94,480 80,825 60,195 50,063
Income from continuing operations ÏÏÏÏÏÏ 253,652 255,563 206,751 94,282 136,014
Income from discontinued operations, net 14,200 7,848 2,507 1,362 1,934
Income before cumulative eÅect of
accounting change ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 267,852 263,411 209,258 95,644 137,948
Cumulative eÅect of accounting change ÏÏ Ì Ì Ì (3,334) Ì
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 267,852 263,411 209,258 92,310 137,948
Convertible preferred stock dividends ÏÏÏÏ Ì (13,030) (24,467) (24,467) (24,467)
Net income available to common
stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 267,852 $ 250,381 $ 184,791 $ 67,843 $ 113,481
26
2004 2003 2002 2001 2000
(In thousands, except per share amounts)
Basic earnings per share:
Continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.16 $ 1.21 $ 0.98 $ 0.44 $ 0.72
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.06 0.04 0.01 0.01 0.01
Cumulative eÅect of accounting change Ì Ì Ì (0.02) Ì
$ 1.22 $ 1.25 $ 0.99 $ 0.43 $ 0.73
Diluted earnings per share:
Continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.15 $ 1.19 $ 0.97 $ 0.44 $ 0.72
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.06 0.03 0.01 0.01 0.01
Cumulative eÅect of accounting change Ì Ì Ì (0.02) Ì
$ 1.21 $ 1.22 $ 0.98 $ 0.43 $ 0.73
Distributions declared per share ÏÏÏÏÏÏÏÏÏ $ 1.26 $ 0.78 $ 0.92 $ 0.80 $ 0.69
Balance Sheet Data
Investment in real estate assets Ì cost ÏÏÏ $25,254,333 $10,307,961 $7,724,515 $5,707,967 $5,439,466
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25,718,625 9,582,897 7,280,822 5,646,807 5,284,104
Total debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,310,947 6,649,490 4,592,311 3,398,207 3,244,126
Preferred minority interestsÏÏÏÏÏÏÏÏÏÏÏÏÏ 403,161 495,211 468,201 175,000 175,000
Common minority interestsÏÏÏÏÏÏÏÏÏÏÏÏÏ 551,282 408,613 377,746 380,359 355,158
Convertible preferred stock ÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 337,500 337,500 337,500
Stockholders' equityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,143,150 1,670,409 1,196,525 1,183,386 938,418
Cash Flow Data
Operating activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 751,911 $ 578,487 $ 460,495 $ 207,125 $ 287,103
Investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (9,053,018) (1,745,455) (949,411) (367,366) (356,914)
Financing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8,330,011 1,124,005 381,801 293,767 71,447
Funds From Operations(1)
Operating Partnership ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 765,562 $ 618,561 $ 485,304 $ 296,777 $ 329,262
Less: Allocation to Operating Partnership
unitholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (154,347) (138,568) (116,170) (80,215) (90,520)
General Growth stockholders ÏÏÏÏÏÏÏÏÏÏÏ $ 611,215 $ 479,993 $ 369,134 $ 216,562 $ 238,742
(1) Funds from Operations (""FFO'' as deÑned below) does not represent cash Öow from operations as
deÑned by Generally Accepted Accounting Principles (""GAAP''), should not be considered as an
alternative to GAAP net income and is not necessarily indicative of cash available to fund all cash
requirements. See also ""Reconciliation of FFO to Net Income Available to Common Stockholders''.
Funds From Operations
Consistent with real estate industry and investment community practices, we use Funds From Operations
(""FFO'') as a supplemental measure of our operating performance. The National Association of Real Estate
Investment Trusts (""NAREIT'') deÑnes FFO as net income (loss) (computed in accordance with GAAP),
excluding gains or losses from cumulative eÅects of accounting changes, extraordinary items and sales of
properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated
partnerships and joint ventures.
We consider FFO a useful supplemental measure for equity REITs and a complement to GAAP measures
because it facilitates an understanding of the operating performance of our properties. FFO does not include
27
real estate depreciation and amortization required by GAAP since these amounts are computed to allocate the
cost of a property over its useful life. Since values for well-maintained real estate assets have historically
increased or decreased based upon prevailing market conditions, we believe that FFO provides investors with a
clearer view of our operating performance.
In order to provide a better understanding of the relationship between FFO and GAAP net income available to
common stock-holders, a reconciliation of FFO to net income has been provided. FFO does not represent cash
Öow from operations as deÑned by GAAP, should not be considered as an alternative to GAAP net income
and is not necessarily indicative of cash available to fund all cash requirements.
Reconciliation of FFO to Net Income Available to Common Stockholders

2004 2003 2002 2001 2000
FFO:
General Growth stockholders ÏÏÏÏÏÏÏ $ 611,215 $ 479,993 $ 369,134 $ 216,562 $ 238,742
Operating Partnership unitholdersÏÏÏÏ 154,347 138,568 116,170 80,215 90,520
Operating PartnershipÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 765,562 618,561 485,304 296,777 329,262
Depreciation and amortization of
capitalized real estate costs ÏÏÏÏÏÏÏÏÏ (440,876) (299,711) (241,393) (200,123) (172,461)
FFO of discontinued operations ÏÏÏÏÏÏÏ (4,484) (6,299) (4,263) (2,215) (2,932)
Allocations to Operating Partnership
unitholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (66,550) (70,018) (57,364) (24,624) (42,322)
Cumulative eÅect of accounting change Ì Ì Ì (3,334) Ì
Income from continuing operationsÏÏÏÏÏ 253,652 242,533 182,284 66,481 111,547
Income from discontinued operations,
net of minority interestÏÏÏÏÏÏÏÏÏÏÏÏÏ 14,200 7,848 2,507 1,362 1,934
stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 267,852 $ 250,381 $ 184,791 $ 67,843 $ 113,481
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
All references to numbered Notes are to speciÑc footnotes to our Consolidated Financial Statements included
in this Annual Report and which descriptions are incorporated into the applicable response by reference. The
following discussion should be read in conjunction with such Consolidated Financial Statements and related
Notes. Capitalized terms used, but not deÑned, in this Management's Discussion and Analysis of Financial
Condition and Results of Operations (""MD&A'') have the same meanings as in such Notes.
Overview
Our primary business is the ownership, management, leasing and development of retail and oÇce rental
property. We also develop and sell land for residential, commercial and other uses primarily in master-planned
communities. We strive to increase cash Öow and net income by acquiring, developing, renovating and
managing retail rental property in major and middle markets throughout the United States.
Our business strategy includes selectively making strategic acquisitions to enhance the yields of the acquired
properties through subsequent proactive property management and leasing (including tenant remerchandis-
ing), operating cost reductions, physical expansions, redevelopments and capital reinvestment. Some of the
actions that we take to increase productivity include changing the tenant mix, adding vendor carts or kiosks
and even full expansions or renovations of centers. Acquisitions have included single centers, privately held
portfolios and public-to-public purchases such as TRC for $14.3 billion in November 2004. During 2004, we
acquired TRC, 100% interests in Ñve retail properties, the remaining 50% interest in one retail property, a 50%
interest in two retail properties, a 331/3% ownership interest in a property to be developed in Costa Rica and a
28
50% interest in a joint venture owning interests in two operating retail properties, a property management
company and a property to be developed in Brazil, all for an aggregate consideration of approximately
$16.1 billion. During 2003, we acquired 100% interests in 10 retail properties and additional ownership
interests in seven retail properties, for total consideration of approximately $2.0 billion. The continued
acquisition of property is the most signiÑcant factor in overall increases from year to year in our cash Öow and
net income.
The expansion and renovation of a property also results in increased cash Öows and net income as a result of
increased customer traÇc, trade area penetration and improved competitive position of the property. As of
December 31, 2004, we had 21 major approved redevelopment projects underway (each with budgeted
projected expenditures, at our ownership share, in excess of $10 million) for a total forecasted cost of
approximately $1.0 billion (including our ownership share of Unconsolidated Properties).
In addition to property redevelopment, we also develop retail centers from the ground-up. In August 2004, we
completed the ground-up development of Jordan Creek Town Center in West Des Moines, Iowa. The center,
costing approximately $175 million, is a 1.9 million square foot enclosed regional shopping mall with three
anchor stores, a hotel and an amphitheater. We have 12 other potential new development projects that are
projected to open in 2006, 2007 and 2008.
Our Community Development segment includes the development and sale of residential and commercial land,
primarily in large-scale projects in and around Columbia, Maryland; Houston, Texas and Summerlin, Nevada.
We develop and sell Ñnished and undeveloped land in such communities to builders and other developers for
residential, commercial and other uses.
We believe that the most signiÑcant operating factor aÅecting incremental cash Öow and net income is
increased rents (either base rental revenue or overage rents) earned from tenants at our properties. These
rental revenue increases are primarily achieved by:
‚ Renewing expiring leases and re-leasing existing space at rates higher than expiring or existing rates.
Average annual new/renewal lease rates at our consolidated properties for 2004 (excluding 2004 acquisi-
tions) were $33.53 per square foot, $.82 per square foot higher than the average annualized in place rent per
square foot and $7.84 per square foot higher than the average rent per square foot for leases which expired in
2004 (excluding 2004 acquisitions). Lease durations for in-line specialty stores typically average close to ten
years. As a result, many leases that are expiring now were signed in the early to mid 1990's during a
challenging retail environment. As a result, we expect lease spreads to continue to expand.
‚ Increasing occupancy at the properties so that more space is generating rent. Space leased at properties
which are not under redevelopment was 92.1 percent at December 31, 2004, a 9 basis point increase over
91.2 percent at December 31, 2003.
‚ Increased tenant sales in which we participate through overage rents. Tenant sales per square foot at our
Consolidated Properties increased 19 percent over 2003 to $402 per square foot primarily due to our focus
on acquisitions of premier properties with high productivity, including TRCLP, as well as our focus on
operating income growth through aggressive management, remerchandising and reinvestment.
29
The following table summarizes additional operating statistics for our Consolidated Properties as well as
properties which are owned through joint venture arrangements and unconsolidated for GAAP purposes (the
""Unconsolidated Properties''). We provide on-site management and other services to substantially all of the
Unconsolidated Properties. Because the management operating philosophies and strategies are generally the
same whether the properties are consolidated or unconsolidated, we believe that Ñnancial information and
operating statistics with respect to all properties, both consolidated and unconsolidated, provide important
insights into our operating results, including the relative size and signiÑcance of these elements of our overall
operations. Collectively, we refer to our Consolidated and Unconsolidated Properties as our ""Company
Portfolio.''
Consolidated Unconsolidated Company
Operating Statistics(a) Properties Properties Portfolio(b)
Space leased at centers not under redevelopmentÏÏÏ 92.1% 91.9% 92.1%

Trailing 12 month total tenant sales per sq. ft.(c) ÏÏ $ 402 $ 427 $ 410
% change in total sales(c) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.8% 6.7% 6.1%
% change in comparable sales(c) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4.2% 4.3% 4.3%
Mall and Freestanding GLA excluding space under
redevelopment (in sq. ft.) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 42,682,894 18,833,379 61,516,273
Certain Financial Information
Average annualized in place rent per sq. ft. ÏÏÏÏÏÏÏ $ 32.71 $ 35.67
Average rent per sq. ft. for new/renewal leases
(excludes 2004 acquisitions) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 33.53 $ 36.45
Average rent per sq. ft. for leases expiring in 2004
(excludes 2004 acquisitions) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 25.69 $ 32.35
(a) Data is for 100% of the Mall GLA in each portfolio, including those properties that are owned in part by
unconsolidated aÇliates. Data excludes properties currently being redeveloped and/or remerchandised
and miscellaneous (non-mall) properties.
(b) Data presented in the column ""Company Portfolio'' are weighted average amounts.
(c) Due to tenant sales reporting timelines, data presented is as of November 2004.
We use the following terms in this Annual Report:
‚ Anchor Ì a department store or other large retail store with gross leaseable area greater than 30,000 square
feet
‚ Freestanding GLA Ì gross leaseable area of freestanding retail stores in locations that are not attached to
the primary complex of buildings that comprise a shopping center
‚ GLA Ì gross leaseable retail space, including Anchors and all other leaseable areas
‚ Mall GLA Ì gross leaseable retail space, excluding both Anchors and Freestanding GLA
‚ Mall Stores Ì stores (other than Anchors) that are typically specialty retailers who lease space in the
structure including, or attached to, the primary complex of buildings that comprise a shopping center
‚ Total Mall Stores sales Ì the gross revenue from product sales to customers generated by the Mall Stores.
We believe changes in interest rates are the most signiÑcant external factor aÅecting our cash Öows and net
income. As detailed in our discussion of economic conditions and market risk, interest rates have risen in
recent months and could continue to rise in future months, which could adversely impact our future cash Öow
and net income.
We have not included trends in Funds From Operations (""FFO'') as deÑned by The National Association of
Real Estate Investment Trusts (""NAREIT'') in this MD&A, as FFO, under current SEC reporting
guidelines, can only be considered a supplemental measure of our operating performance.
30
Seasonality
Both our Retail and Other segment and our tenants' businesses are seasonal in nature. Our tenants' stores
typically achieve higher sales levels during the fourth quarter because of the holiday selling season, and with
lesser, though still signiÑcant, sales Öuctuations associated with the Easter holiday and back-to-school events.
Although we have a year-long temporary leasing program, a signiÑcant portion of the rents received from
short-term tenants are collected during the months of November and December. In addition, the majority of
our tenants have December or January lease years for purposes of calculating annual overage rent amounts.
Accordingly, overage rent thresholds are most commonly achieved in the fourth quarter. As a result,
occupancy levels and revenue production are generally highest in the fourth quarter of each year.
Use of Estimates
The preparation of Ñnancial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions. These estimates and
assumptions aÅect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the Ñnancial statements and the reported amounts of revenues and expenses during the
reporting period. For example, signiÑcant estimates and assumptions have been made with respect to useful
lives of assets, capitalization of development and leasing costs, recoverable amounts of receivables and
deferred taxes, initial valuations and related amortization periods of deferred costs and intangibles, particularly
with respect to property acquisitions. Actual results could diÅer from those estimates.
Critical Accounting Policies

Critical accounting policies are those that are both signiÑcant to the overall presentation of our Ñnancial
condition and results of operations and require management to make diÇcult, complex or subjective
judgments. Our critical accounting policies are those applicable to the following:
Initial Valuations and Estimated Useful Lives or Amortization Periods for Property and Intangibles. When
we acquire a property, we make an initial assessment of the initial valuation and composition of the assets
acquired and liabilities assumed. These assessments consider fair values of the respective assets and liabilities
and are primarily determined based on estimated future cash Öows using appropriate discount and capitaliza-
tion rates, but may also be based on independent appraisals or other market data. The estimated future cash
Öows that are used for this analysis reÖect the historical operations of the property, known trends and changes
expected in current market and economic conditions which would impact the property's operations, and our
plans for such property. These estimates are particularly important as they are used for the allocation of
purchase price between depreciable and non-depreciable real estate and other identiÑable intangibles
including above, below and at-market leases. As a result, the impact of these estimates on our operations could
be substantial.
SigniÑcant diÅerences in annual depreciation or amortization expense may result from the diÅering
amortization periods related to such purchased assets and liabilities. For example, during 2004 we completed
acquisitions which increased land by $1.5 billion, buildings and equipment by $9.8 billion and investment land
and land held for development and sale by $1.6 billion. Buildings and equipment and other purchased
intangible assets, net of identiÑable purchased intangible liabilities, will be depreciated or amortized over
estimated useful lives of Ñve to forty-Ñve years. Land and investment land and land held for development and
sale are not depreciated, however, the carrying value of investment land and land held for development and
sale will aÅect the gain/loss recognized on the sale of such land.
Events or changes in circumstances concerning a property may occur which could indicate that the carrying
values or amortization periods of the assets and liabilities may require adjustment. The resulting recovery
analysis also depends on an analysis of future cash Öows to be generated from a property's assets and liabilities.
Changes in our overall plans (for example, the extent and nature of a proposed redevelopment of a property)
and our views on current market and economic conditions may have a signiÑcant impact on the resulting
estimated future cash Öows of a property that are analyzed for these purposes.
31
Recoverable Amounts of Receivables and Deferred Taxes. We make periodic assessments of the collec-
tibility of receivables (including those resulting from the diÅerence between rental revenue recognized and
rents currently due from tenants) and the recoverability of deferred taxes based on a speciÑc review of the risk
of loss on speciÑc accounts or amounts. The receivable analysis places particular emphasis on past-due
accounts and considers the nature and age of the receivables, the payment history and Ñnancial condition of
the payee, the basis for any disputes or negotiations with the payee and other information which may impact
collectibility. For straight-line rents, the analysis considers the probability of collection of the unbilled deferred
rent receivable given our experience regarding such amounts. For deferred taxes, an assessment of the
recoverability of the current tax asset considers the current expiration periods of the prior net operating loss
carryforwards and the estimated future taxable income of our taxable REIT subsidiaries. The resulting
estimates of any allowance or reserve related to the recovery of these items is subject to revision as these
factors change and is sensitive to the eÅects of economic and market conditions on such payees and our
taxable REIT subsidiaries.
Capitalization of Development and Leasing Costs. We capitalize the costs of development and leasing
activities of our properties. These costs are incurred both at the property location and at the regional and
corporate oÇce level. The amount of capitalization depends, in part, on the identiÑcation and justiÑable
allocation of certain activities to speciÑc projects and leases. DiÅerences in methodologies of cost identiÑca-
tion and documentation, as well as diÅering assumptions as to the time incurred on projects, can yield
signiÑcant diÅerences in the amounts capitalized.
Acquisitions
Acquisitions were as follows:
Gross
Purchase New or
Acquisition Date Price Assumed Debt(3)
(In millions)
2004
A 50% ownership interest in Burlington Town Center ÏÏÏÏÏ January 7 $ 10.25 Ì
Redlands Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 16 14.25 Ì
The remaining 50% ownership interest in Town East Mall March 1 44.5 Ì
Four Seasons Town CentreÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ March 5 161.0 $ 134.4
A 331/3% ownership interest in GGP/Sambil Costa Rica ÏÏÏ April 30 9.7(1) Ì
A 50% ownership interest in Riverchase Galleria ÏÏÏÏÏÏÏÏÏ May 11 166.0 100.0
Mall of Louisiana ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ May 12 265.0 185.0
The Grand Canal Shoppes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ May 17 766.0 766.0
A 50% ownership interest in GGP/NIG Brazil ÏÏÏÏÏÏÏÏÏÏÏ July 30 7.0(2) Ì
Stonestown GalleriaÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 13 312.0 220.0
The Rouse CompanyÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ November 12 14,327.5 5,137.8
$16,083.2 $6,543.2
32
Gross
Purchase New or
(In millions)
2003
Peachtree MallÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ April 30 $ 87.6 $ 53.0
Saint Louis Galleria ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ June 11 235.0 176.0
Coronado Center ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ June 11 175.0 131.0
The remaining 49% ownership interest in GGP Ivanhoe III July 1 459.0 268.0
Lynnhaven MallÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 27 256.5 180.0
Sikes Senter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 14 61.0 41.5
The Maine MallÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 29 270.0 202.5
Glenbrook Square ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 31 219.0 164.3
Foothills MallÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 5 100.5 45.7
Chico Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 23 62.4 30.6
Rogue Valley Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 23 57.5 28.0
$ 1,983.5 $1,320.6
2002
Victoria Ward, LimitedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ May 28 $ 250.0 $ 50.0
JP Realty, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 10 1,100.0 460.0
Prince Kuhio ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 5 39.0 24.0
GGP/TeachersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 26 477.0 412.0
Pecanland Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ September 13 72.0 50.0
Southland Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 4 89.0 65.0
$ 2,027.0 $1,061.0
(1) Total commitment of $12.2 million

(2) Total commitment of $32.0 million
(3) Additional funding, including for those acquisitions for which a speciÑc and separate loan was not
obtained, was paid from cash on hand or proceeds from borrowings under our credit facilities.
Results of Operations
General
Our revenues are primarily received from tenants in the form of Ñxed minimum rents, overage rents and
recoveries of operating expenses. Our consolidated results of operations are also impacted by acquisitions. For
additional information regarding our acquisitions, see the table above and Note 3.
33
Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003
Acquisitions were the main reason for the increases in the table below which compares major revenue and
expense items for the years ended December 31, 2004 and 2003.
For the Year Ended December 31,
2004 2003 $ Change % Change
(Dollars in thousands)
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,802,845 $1,262,791 $540,054 42.8%
Minimum rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,060,963 775,320 285,643 36.8
Tenant recoveries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 473,428 332,137 141,291 42.5
Overage rentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 54,105 34,928 19,177 54.9
Land sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 68,643 Ì 68,643 100.0
Management and other feesÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 82,896 84,138 (1,242) (1.5)
Total expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,060,570 714,391 346,179 48.5
Real estate taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 128,320 88,276 40,044 45.4
Repairs and maintenance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 123,984 81,433 42,551 52.3
Other property operating costsÏÏÏÏÏÏÏÏÏÏÏÏ 207,655 153,370 54,285 35.4
Land sales operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 66,100 Ì 66,100 100.0
MarketingÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 48,220 35,797 12,423 34.7
Property management and other costs ÏÏÏÏÏ 100,788 109,746 (8,958) (8.2)
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏ 365,622 230,195 135,427 58.8
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 472,185 278,543 193,642 69.5
Equity in income of unconsolidated aÇliatesÏÏ 88,191 94,480 (6,289) (6.7)
Substantially all of the increase in total revenues was the result of acquisitions.
Minimum rents and tenant recoveries increased primarily as a result of acquisitions. Minimum rents also
include the eÅect of above and below-market lease rent accretion pursuant to SFAS 141 and 142 (Note 2) of
$27.6 million in 2004 and $16.6 million in 2003. Overage rents increased $15.6 million as a result of
acquisitions and $3.6 million as a result of higher tenant sales, especially at Ala Moana Center.
The increase in land sales revenues and land sales operations expenses, both which are included in our
Community Development segment, is the result of the TRC Merger.
Management and other fees declined as a result of joint venture partnership interest acquisitions. We acquired
the remaining 49% interest in GGP/Ivanhoe III from our joint venture partner in July 2003 and the remaining
50% interest in Town East in March 2004. As these joint ventures are now consolidated in our results of
operations, GGMI no longer receives a management fee from these properties. These decreases were partially
oÅset by increased development fees resulting from renovations at certain of our Unconsolidated Properties.
Total expenses, including depreciation and amortization, increased primarily as a result of acquisitions.
Real estate taxes increased $37.2 million as a result of acquisitions and $2.8 million as a result of increased
property taxes at certain of our properties. Repairs and maintenance increased $39.5 million due to
acquisitions and $3.1 million primarily due to miscellaneous increases across substantially all properties and to
the opening of Jordan Creek Town Center in August 2004. Property operating costs increased $66.4 million as
a result of acquisitions and decreased $12.1 million as a result of lower operating costs at substantially all
properties. Real estate taxes, repairs and maintenance and other property operating expenses are generally
recoverable from tenants and the increases in these expenses are generally consistent with the increase in
tenant recovery revenues.
Marketing expenses increased primarily due to acquisitions. Depreciation and amortization increased
$107.2 million as a result of acquisitions and $28.2 million as a result of additional depreciation on completed
developments and other capitalized building and equipment costs.
34
Property management and other costs decreased primarily as a result of lower costs in 2004 as the TSOs
granted in 2002 vested in 2003 and there were no other previous groups of TSO grants that vested in 2004.
Interest expense increased $173.8 million as a result of increased debt associated with acquisitions and
$19.8 million as a result of higher debt levels primarily as a result of redevelopments and other working capital
requirements. Interest expense also includes debt extinguishment costs of $15.9 million in 2004 and
$2.5 million in 2003. This increase is primarily due to the write-oÅ of unamortized deferred Ñnance costs
related to debt which was repaid in conjunction with the TRC Merger.
Equity in income of unconsolidated aÇliates decreased primarily due to acquisition of controlling interests in
joint ventures. We acquired the remaining 49% interest in GGP/Ivanhoe III from our joint venture partner in
July 2003 and the remaining 50% interest in Town East in March 2004. As a result, these joint ventures are
now consolidated in our results of operations. These decreases were partially oÅset by increases resulting from
the acquisition of interests in the Riverchase and GGP/NIG Brazil joint ventures in 2004.
Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002
Acquisitions were the main reason for the increases in the table below which compares major revenue and
expense items for the years ended December 31, 2003 and 2002.
For the Year Ended December 31,
2003 2002 $ Change % Change
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,262,791 $973,440 $289,351 29.7%
Minimum rentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 775,320 581,551 193,769 33.3
Tenant recoveries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 332,137 254,999 77,138 30.3
Overage rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 34,928 28,044 6,884 24.5
Management and other fees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 84,138 75,479 8,659 11.5
Total expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 714,391 545,842 168,549 30.9
Real estate taxesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 88,276 60,726 27,550 45.4
Repairs and maintenance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 81,433 62,449 18,984 30.4
Other property operating costs ÏÏÏÏÏÏÏÏÏÏÏÏÏ 153,370 107,726 45,644 42.4
Marketing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35,797 28,681 7,116 24.8
Property management and other costs ÏÏÏÏÏÏÏ 109,746 94,676 15,070 15.9
Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏ 230,195 179,036 51,159 28.6
Interest expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 278,543 219,029 59,514 27.2
Equity in income of unconsolidated aÇliates ÏÏÏ 94,480 80,825 13,655 16.9
Acquisitions accounted for approximately $249.5 million of the $289.4 million increase in total revenues.
Minimum rents increased $151.8 million as a result of acquisitions and $42.0 million due to additional rents
from higher occupancies, higher base rents from lease renewals, as well as increased specialty leasing
activities. Included in minimum rents is the eÅect of below-market lease rent accretion pursuant to SFAS 141
and 142 (Note 2) of $16.6 million in 2003 and $4.6 million in 2002.
Tenant recoveries increased $70.5 million due to acquisitions and $6.6 million due to increased recoverable
operating costs.
Overage rents increased primarily as a result of acquisitions. The increase in management and other fees was
primarily due to increases in acquisition, Ñnancing, leasing and development fees at GGMI, the components of
which are discussed below.
Acquisitions accounted for $117.9 million of the $168.5 million increase in total expenses, including
depreciation and amortization.
35
Real estate taxes increased $21.6 million due to acquisitions and $6.0 million due to reassessments and
increased real estate tax rates at the properties. The increase in repairs and maintenance was substantially due
to acquisitions. Real estate taxes, repairs and maintenance and other property operating expenses are generally
recoverable from tenants and the increases in these expenses are generally consistent with the increase in
tenant recovery revenues.
Other property operating costs increased $29.3 million as a result of acquisitions, $7.5 million due to increases
in insurance costs and $5.5 million due to increases in net payroll costs including approximately $3.1 million in
incremental compensation expenses recognized in 2003 over 2002 due to the vesting of certain of our TSOs as
described in Note 10.
The increase in management and other fees and property management and other costs was primarily due to
increased fees and expenses related to late 2003 acquisition activity of the Unconsolidated Real Estate
AÇliates. Third party management fees and expenses were generally comparable between the two years.
Acquisitions accounted for $41.5 million of the $51.2 million increase in depreciation and amortization. The
increase in interest expense, including amortization of deferred financing costs, due to the loans and financings
related to acquisitions, was $48.6 million. Interest rates were generally stable during 2003 but certain reductions in
interest expense were achieved through the refinancing of existing higher rate mortgage debt.
The increase in equity in income of unconsolidated aÇliates in 2003 was primarily due to an increase in our
equity in the income of GGP/Teachers which resulted in an increase of approximately $14.2 million. This
increase is due to a full year of operations being reÖected in 2003 versus only four months in 2002 as GGP/
Teachers was formed in August 2002. In addition, our equity in the income of GGP/Homart II increased
approximately $7.2 million, primarily as a result of the acquisition of Glendale Galleria and First Colony Mall
during the fourth quarter of 2002. These increases were partially oÅset by the acquisition of the 49% ownership
interest in GGP Ivanhoe III in July 2003 which caused the operations of GGP Ivanhoe III to be fully
consolidated for the remaining six months of 2003.
Liquidity and Capital Resources

Our primary uses and sources of cash are as follows:
Uses Sources
Short-term liquidity and capital needs such as:

‚ Tenant construction allowances ‚ Operating cash Öow, including the distributions of
‚ Minor improvements made to individual our share of cash Öow produced by our
properties that are not recoverable through Unconsolidated Real Estate AÇliates
common area maintenance charges to tenants
‚ Dividend payments
‚ Debt repayment requirements, including both
principal and interest
Longer-term liquidity needs such as:
‚ Acquisitions ‚ Secured loans collateralized by individual
‚ New development properties
‚ Expansion ‚ Unsecured loans at either a property or company
‚ Major renovation programs at individual level
properties ‚ Construction loans
‚ Debt repayment requirements, including both ‚ Mini-permanent loans
principal and interest ‚ Long-term project Ñnancing
‚ Joint venture Ñnancing with institutional partners
‚ Equity securities
‚ Asset sales, including land sales from the
Community Development segment
As of December 31, 2004, we had consolidated debt of approximately $20.3 billion, of which approximately
$11.8 billion bears interest at Ñxed rates (after taking into eÅect certain interest rate swap agreements) and
36
approximately $8.5 billion bears interest at variable rates. In addition, our Unconsolidated Real Estate
AÇliates have mortgage loans of which our allocable portion based on our respective ownership percentages is
approximately $2.8 billion, including $2.1 billion which bears interest at Ñxed rates (after taking into eÅect
certain interest rate swap agreements) and $0.7 billion which bears interest at variable rates. We intend to
reduce the percentage of variable-rate debt to total debt throughout 2005 and 2006 until it returns to levels
maintained before the TRC Merger. See also Item 7A of this Annual Report for additional information
regarding the impact of interest rate Öuctuations.
Except in instances where certain Consolidated Properties are cross-collateralized with the Unconsolidated
Properties or we have retained a portion of the debt of a property when it was contributed to an
Unconsolidated Real Estate AÇliate, we have not otherwise guaranteed the debt of the Unconsolidated Real
Estate AÇliates.
Our net cash Öows were as follows:

2004 2003 2002
(In thousands)
Net cash provided by operating activitiesÏÏÏÏÏÏÏÏÏÏÏÏ $ 751,911 $ 578,487 $ 460,495
Net cash used in investing activitiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (9,053,018) (1,745,455) (949,411)
Net cash provided by Ñnancing activities ÏÏÏÏÏÏÏÏÏÏÏÏ 8,330,011 1,124,005 381,801
Substantially all of the changes were the result of acquisitions.
TRC Merger Financing
Funding for the TRC Merger is summarized as follows:

(In millions)
Sources:
2004 Credit FacilityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 7,045.0
Warrants oÅering ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 512.7
Mortgage reÑnancings ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,040.1
Total cash sources ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,597.8
Assumption of TRC debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,137.8
Total sources ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $14,735.6
Uses:
Purchase TRC common equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 6,763.0
Retire existing General Growth credit facilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,651.6
Retire existing TRC credit facilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 687.8
Transaction and other costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 495.4
Total cash usesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,597.8
Assumption of TRC debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,137.8
Total uses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $14,735.6
37
2004 Credit Facility
The signiÑcant terms of the notes comprising the 2004 Credit Facility are as follows:
Initial Outstanding at
Capacity December 31, 2004
(In millions)
Six-month bridge loanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,145.0 $ 749.9
Three-year term loanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,650.0 3,650.0
Four-year term loanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,000.0 2,000.0
Revolving credit facility ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 500.0 150.0
$7,295.0 $6,549.9
We have the ability to extend the maturity of up to $600 million of the bridge loan for an additional six
months. Principal repayment of the three-year $3.65 billion term loan begins in November 2005 with semi-
annual payments in 2006, quarterly payments in 2007 and a Ñnal $1.775 billion payment in November 2007.
Principal repayment of the four-year $2 billion term loan begins in March 2005 with quarterly payments
through September 2008 and a Ñnal $1.925 billion payment in November 2008. The credit agreement bears
interest at a weighted-average rate of LIBOR plus approximately 2.22 percent as of December 31, 2004.
It is our current intention to repay the 2004 Credit Facility prior to maturity. Funds required for this
repayment are expected to come from a variety of sources which may include any or all of the following:
‚ Increased cash Öow from new and existing properties, including the Community Development segment
‚ ReÑnancing low loan-to-value mortgages on existing properties
‚ Placing mortgages on currently unencumbered properties, including the Community Development segment
‚ Selective asset sales of oÇce properties
‚ Strategic joint ventures
‚ Equity issuances
We are generally required to apply the net proceeds of future mortgage Ñnancings and reÑnancings, sales of
equity, and asset dispositions (including by casualty or condemnation) toward prepayment of the credit
agreement in accordance with various priorities set out in the credit agreement. Exceptions to this requirement
include capital expenditures, $500 million annually per our written request to the lenders and other items. The
credit agreement is secured by a pledge of the Operating Partnership's ownership interest in TRCLP and in
GGPLP L.L.C and also by a pledge of the interest in an operating account in which we will deposit any
distributions the Operating Partnership receives from our interests in the TRCLP companies.
During the term of the facility, we are subject to customary aÇrmative and negative covenants including
limitations on indebtedness, a Ñxed charge coverage ratio and debt to equity levels. We do not believe these
covenants create material limitations on our liquidity or our ability to conduct our business. Upon the
occurrence of an event of default contained in the credit agreement, the lenders under the facilities will have
the option of declaring immediately due and payable all amounts outstanding under the agreement. The credit
agreement contains events of default including failure to maintain our status as a REIT under the Internal
Revenue Code, failure to remain listed on the New York Stock Exchange and such customary events as
nonpayment of principal, interest, fees or other amounts, breach of representations and warranties, breach of
covenant, cross-default to other indebtedness and certain bankruptcy events.
Warrant OÅering
On November 17, 2004, we sold 15.9 million shares of our common stock for $32.23 per share pursuant to a
warrant oÅering.
38
Contractual Cash Obligations and Commitments
The following table aggregates our contractual cash obligations and commitments subsequent to Decem-
ber 31, 2004:
2005 2006 2007 2008 2009 Subsequent Total
(In thousands)
Long-term debt-principal ÏÏÏÏÏ $2,038,929 $2,084,985 $3,929,614 $4,521,833 $3,436,967 $4,157,050 $20,169,378(1)
Retained debt-principal ÏÏÏÏÏÏ 132,942 61 15,734 Ì Ì Ì 148,737
Ground lease paymentsÏÏÏÏÏÏÏ 7,511 7,450 7,445 7,445 7,445 257,142 294,438(1)
Committed real estate
acquisition contracts ÏÏÏÏÏÏÏ Ì 30,000 250,000 Ì Ì Ì 280,000(2)
Purchase obligations ÏÏÏÏÏÏÏÏÏ 38,004 Ì Ì Ì Ì Ì 38,004(3)
Other long-term liabilities ÏÏÏÏ Ì Ì Ì Ì Ì Ì Ì(4)
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,217,386 $2,122,496 $4,202,793 $4,529,278 $3,444,412 $4,414,192 $20,930,557
(1) Excludes non-cash purchase accounting adjustments.

(2) ReÖects $250 million related to the Palazzo (Note 3) and $30 million related to a commitment to
purchase Whaler's Village, a shopping center on the island of Maui, Hawaii. We have also committed to
invest $17.7 million in joint ventures in Costa Rica and Brazil.
(3) ReÖects accrued and incurred construction costs payable. Routine trade payables have been excluded.
Other construction costs related to current redevelopment and development projects are currently
expected to be approximately $774.6 million for consolidated properties and $297.4 for unconsolidated
properties.
(4) Other long-term liabilities related to interest expense on long-term debt or ongoing real estate taxes have
not been included in the table as such amounts depend upon future amounts outstanding and future
applicable real estate tax and interest rates. Interest expense was $472.2 million in 2004, $278.5 million in
2003 and $219.0 million in 2002. Real estate tax expense was $128.3 million in 2004, $88.3 million in
2003 and $60.7 million in 2002.
We anticipate that all of our debt will be repaid or reÑnanced on or prior to maturity. Other than as described
above or in conjunction with possible future new developments or acquisitions, there are no current plans to
incur additional debt, increase the amounts available under our credit facilities or raise equity capital.
We have established certain special purpose entities, primarily to facilitate Ñnancing arrangements. Such
special purpose entities are either fully consolidated in the accompanying consolidated Ñnancial statements or
are not owned or consolidated and we have no Ñxed or contingent obligations with respect to such
unconsolidated entities.
If additional capital is required for any of the above listed obligations or for other purposes, we believe that we
can increase the amounts drawn or available under our credit facilities, obtain new revolving credit facilities,
obtain an interim bank loan, obtain additional mortgage Ñnancing on under-leveraged or unencumbered assets,
enter into new joint venture partnership arrangements or raise additional debt or equity capital. However,
there can be no assurance that we can obtain such Ñnancing on satisfactory terms. We will continue to monitor
our capital structure, investigate potential investments or joint venture partnership arrangements and purchase
additional properties if they can be acquired and Ñnanced on terms that we reasonably believe will enhance
long-term stockholder value. In addition, we anticipate that we will continue our current practice of initially
Ñnancing acquisitions with variable-rate debt. When the acquired property operating cash Öow has been
increased, we anticipate reÑnancing portions of such variable-rate acquisition debt with pooled or property-
speciÑc, non-recourse Ñxed-rate mortgage Ñnancing. Such replacement Ñnancing, if based on increased
property cash Öow, should yield increased reÑnancing proceeds or other more favorable Ñnancing terms.
TRC acquired Summerlin, a master-planned community in suburban Las Vegas, Nevada, in the acquisition of
The Hughes Corporation (""Hughes'') in 1996. In connection with the acquisition of Hughes, TRC entered
39
into a Contingent Stock Agreement (""CSA'') for the beneÑt of the former Hughes owners or their successors
(""beneÑciaries''). Under terms of the CSA, shares of common stock are issuable to the beneÑciaries based on
the appraised values of deÑned asset groups, including Summerlin, at speciÑed termination dates to 2009
and/or cash Öows from the development and/or sale of those assets prior to the termination dates. Subsequent
to the TRC Merger, shares of our common stock will be used to satisfy distribution requirements. We account
for the beneÑciaries' share of earnings from the assets as an operating expense. We account for any
distributions to the beneÑciaries as of the termination dates related to assets we own as of the termination date
as additional investments in the related assets (that is, contingent consideration). We have Ñled a shelf
registration statement and reserved 4 million shares of our common stock for issuance under the CSA. A total
of 519,135 shares were issued in February 2005 pursuant to the CSA.
REIT Requirements
In order to remain qualiÑed as a real estate investment trust for federal income tax purposes, we must
distribute or pay tax on 100% of our capital gains and at least 90% of our ordinary taxable income to
stockholders. The following factors, among others, will aÅect operating cash Öow and, accordingly, inÖuence
the decisions of the Board of Directors regarding distributions:
‚ Scheduled increases in base rents of existing leases
‚ Changes in minimum base rents and/or overage rents attributable to replacement of existing leases with
new or renewal leases
‚ Changes in occupancy rates at existing properties and procurement of leases for newly developed properties
‚ Necessary capital improvement expenditures or debt repayments at existing properties
‚ Our share of distributions of operating cash Öow generated by the Unconsolidated Real Estate AÇliates,
less management costs and debt service on additional loans that have been or will be incurred.
‚ Anticipated proceeds from sales in our Community Development segment.
We anticipate that our operating cash Öow, and potential new debt or equity from future oÅerings, new
Ñnancings or reÑnancings will provide adequate liquidity to conduct our operations, fund general and
administrative expenses, fund operating costs and interest payments and allow distributions to our preferred
and common stockholders in accordance with the requirements of the Code.
Recently Issued Accounting Pronouncements and Developments

As described in Note 14, new accounting pronouncements have been issued which are eÅective for the current
or subsequent year. We do not expect a signiÑcant impact on our Ñnancial statements due to the application of
these new statements.
Economic Conditions
InÖation has been relatively low in recent years and has not had a signiÑcant detrimental impact on us. Should
inÖation rates increase in the future, substantially all of our tenant leases contain provisions designed to
partially mitigate the negative impact of inÖation. Such provisions include clauses enabling us to receive
percentage rents based on tenants' gross sales, which generally increase as prices rise, and/or escalation
clauses, which generally increase rental rates during the terms of the leases. In addition, many of the leases
expire each year which may enable us to replace or renew such expiring leases with new leases at higher base
and/or percentage rents, if rents under the expiring leases are below the then-existing market rates. Finally,
many of the existing leases require the tenants to pay amounts related to all or substantially all of their share of
certain operating expenses, including common area maintenance, real estate taxes and insurance, thereby
partially reducing our exposure to increases in costs and operating expenses resulting from inÖation.
InÖation also poses a risk to us due to the probability of future increases in interest rates. Such increases would
adversely impact us due to our outstanding variable-rate debt which has increased substantially as a result of
40
the TRC Merger. We have limited our exposure to interest rate Öuctuations related to a portion of our
variable-rate debt by the use of interest rate cap and swap agreements. Finally, subject to current market
conditions, we have a policy of replacing variable-rate debt with Ñxed-rate debt. However, in an increasing
interest rate environment (which generally follows improved market conditions), the Ñxed rates we can obtain
with such replacement Ñxed-rate debt will also continue to increase.
According to the National Retail Federation, 2004 was the strongest holiday season since 1999. Despite these
favorable trends, some economists remain cautious about prospects for continued improvements in retail
markets and about future increases in interest rates. Growth in retail markets would lead to stronger demand
for leaseable space, ability to increase rents to tenants with stronger sales performance and increased rents
computed as a percentage of tenant sales.
As of December 31, 2004 we had ownership interests in 179 regional malls primarily in the United States. Our
properties are diversiÑed both geographically and by property type (both major and middle market properties)
and this may mitigate the impact of any economic decline at a particular property or in a particular region of
the country. In addition, the diverse combination of our tenants is important because no single tenant (by
trade name) comprises more than 2.79% of our annualized total rents.
Forward-Looking Information
We may make forward-looking statements in this Annual Report and in other reports and proxy statements
which we Ñle with the SEC. In addition, our senior management might make forward-looking statements
orally to analysts, investors, the media and others.
Forward-looking statements include:
‚ Projections of our revenues, income, earnings per share, Funds From Operations, capital expenditures,
dividends, capital structure or other Ñnancial items;
‚ Descriptions of plans or objectives of our management for future operations, including pending acquisitions;
‚ Forecasts of our future economic performance; and
‚ Descriptions of assumptions underlying or relating to any of the foregoing.
In this Annual Report, for example, we make forward-looking statements discussing our expectations about:
‚ Future repayment of debt, including the ratio of variable to Ñxed-rate debt in our portfolio
‚ Future interest rates
‚ BeneÑts of the TRC Merger
Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or
conditions, forward-looking statements often include words such as ""anticipate'', ""believe,'' ""estimate,''
""expect,'' ""intend,'' ""plan,'' ""project,'' ""target,'' ""can,'' ""could,'' ""may,'' ""should,'' ""will,'' ""would'' or similar
expressions. Forward-looking statements should not be unduly relied upon. They give our expectations about
the future and are not guarantees. Forward-looking statements speak only as of the date they are made and we
might not update them to reÖect changes that occur after the date they are made.
There are several factors, many beyond our control, which could cause results to diÅer signiÑcantly from our
expectations. Some of these factors are described below. Other factors, such as credit, market, operational,
liquidity, interest rate and other risks, are described elsewhere in this Annual Report. Any factor described in
this Annual Report could by itself, or together with one or more other factors, adversely aÅect our business,
results of operations or Ñnancial condition. There are also other factors that we have not described in this
Annual Report that could cause results to diÅer from our expectations.
41
Risk Factors
Risks Related to Real Estate Investments
We invest primarily in regional mall shopping centers and other retail properties, which are subject to a
number of signiÑcant risks which are beyond our control
Real property investments are subject to varying degrees of risk that may aÅect the ability of our retail
properties to generate suÇcient revenues to meet operating and other expenses, including debt service, lease
payments, capital expenditures and tenant improvements, and to make distributions to us and our stockhold-
ers. A number of factors may decrease the income generated by a retail property, including:
‚ the regional and local economy, which may be negatively impacted by plant closings, industry slowdowns,
adverse weather conditions, natural disasters and other factors;
‚ local real estate conditions, such as an oversupply of, or a reduction in demand for, retail space or retail
goods, and the availability and creditworthiness of current and prospective tenants;
‚ perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property; and
‚ the convenience and quality of competing retail properties and other retailing options such as the Internet.
Income from retail properties and retail property values are also aÅected by applicable laws and regulations,
including tax and zoning laws, and by interest rate levels and the availability and cost of Ñnancing.
We depend on leasing space to tenants on economically favorable terms and collecting rent from these
tenants, who may not be able to pay
Our results of operations will depend on our ability to continue to lease space in our properties on economically
favorable terms. If the sales of stores operating in our centers decline suÇciently, tenants might be unable to
pay their existing minimum rents or expense recovery charges, since these rents and charges would represent a
higher percentage of their sales. If our tenants' sales decline, new tenants would be less likely to be willing to
pay minimum rents as high as they would otherwise pay. In addition, as substantially all of our income is
derived from rentals of real property, our income and cash available for distribution to our stockholders would
be adversely aÅected if a signiÑcant number of lessees were unable to meet their obligations to us. During
times of economic recession, these risks will increase.
Bankruptcy or store closures of tenants may decrease our revenues and available cash
A number of companies in the retail industry, including some of our tenants, have declared bankruptcy or
voluntarily closed certain of their stores in recent years. The bankruptcy or closure of a major tenant,
particularly an Anchor tenant, may have a material adverse eÅect on the retail properties aÅected and the
income produced by these properties and may make it substantially more diÇcult to lease the remainder of the
aÅected retail properties. Our leases generally do not contain provisions designed to ensure the creditworthi-
ness of the tenant. As a result, the bankruptcy or closure of a major tenant could result in a lower level of cash
available for distribution to our stockholders.
We may be negatively impacted by department store consolidations
Department store consolidations, such as K-Mart's pending acquisition of Sears and Federated's pending
acquisition of May Department Stores, may result in the closure of existing department stores. With respect to
existing department stores, we may be unable to re-lease this area or to re-lease it on comparable or more
favorable terms. Additionally, department store closures could result in decreased customer traÇc which could
lead to decreased sales at other stores. Rents obtained from other tenants may also be adversely impacted.
Consolidations may also negatively aÅect current and future development and redevelopment projects.
42
It may be diÇcult to buy and sell real estate quickly, and transfer restrictions apply to some of our
mortgaged properties
Equity real estate investments are relatively illiquid, and this characteristic tends to limit our ability to vary our
portfolio promptly in response to changes in economic or other conditions. In addition, signiÑcant expenditures
associated with each equity investment, such as mortgage payments, real estate taxes and maintenance costs,
are generally not reduced when circumstances cause a reduction in income from the investment. If income
from a property declines while the related expenses do not decline, our income and cash available for
distribution to our stockholders would be adversely aÅected. A signiÑcant portion of our properties are
mortgaged to secure payment of indebtedness, and if we were unable to meet our mortgage payments, we
could lose money as a result of foreclosure on the properties by the various mortgagees. In addition, if it
becomes necessary or desirable for us to dispose of one or more of the mortgaged properties, we might not be
able to obtain a release of the lien on the mortgaged property without payment of the associated debt. The
foreclosure of a mortgage on a property or inability to sell a property could adversely aÅect the level of cash
available for distribution to our stockholders. If persons selling properties to us wish to defer the payment of
taxes on the sales proceeds, we are likely to pay them in units of limited partnership interest in the Operating
Partnership. In transactions of this kind, we may also agree, subject to certain exceptions, not to sell the
acquired properties for signiÑcant periods of time.
Risks Related to Our Business

We may acquire or develop new properties, and this activity is subject to various risks
We intend to continue to pursue development and expansion activities as opportunities arise. In connection
with any development or expansion, we will be subject to various risks, including the following:
‚ we may abandon development or expansion activities;
‚ construction costs of a project may exceed original estimates or available Ñnancing, possibly making the
project unfeasible or unproÑtable;
‚ we may not be able to obtain Ñnancing or to reÑnance construction loans, which generally have full recourse
to us;
‚ we may not be able to obtain zoning, occupancy or other required governmental permits and authorizations;
‚ occupancy rates and rents at a completed project may not meet projections and, therefore, the project may
not be proÑtable; and
‚ we may need Anchor, mortgage lender and property partner approvals, if applicable, for expansion activities.
If a development project is unsuccessful, our loss could exceed our investment in the project.
If we are unable to manage our growth eÅectively, our Ñnancial condition and results of operations may be
adversely aÅected
We have experienced rapid growth in recent years, increasing our total consolidated assets from approximately
$1.8 billion at December 31, 1996 to approximately $25.7 billion at December 31, 2004. We may continue this
rapid growth for the foreseeable future by acquiring or developing properties when we believe that market
circumstances and investment opportunities are attractive. We may not, however, be able to manage our
growth eÅectively or to maintain a similar rate of growth in the future, and the failure to do so may have a
material adverse eÅect on our Ñnancial condition and results of operations.
We may incur costs to comply with environmental laws

Under various federal, state or local laws, ordinances and regulations, a current or previous owner or operator
of real estate may be required to investigate and clean up hazardous or toxic substances released at a property,
and may be held liable to a governmental entity or to third parties for property damage or personal injuries and
for investigation and clean-up costs incurred by the parties in connection with the contamination. These laws
43
often impose liability without regard to whether the owner or operator knew of, or was responsible for, the
release of the hazardous or toxic substances. The presence of contamination or the failure to remediate
contamination may adversely aÅect the owner's ability to sell or lease real estate or to borrow using the real
estate as collateral. Other federal, state and local laws, ordinances and regulations require abatement or
removal of asbestos-containing materials in the event of demolition or some renovations or remodeling and
also govern emissions of and exposure to asbestos Ñbers in the air. Federal and state laws also regulate the
operation and removal of underground storage tanks. In connection with the ownership, operation and
management of our properties, we could be held liable for the costs of remedial action with respect to these
regulated substances or tanks or related claims.
Each of our properties has been subjected to varying degrees of environmental assessment at various times.
However, the identiÑcation of new areas of contamination, a change in the extent or known scope of
contamination or changes in cleanup requirements could result in signiÑcant costs to us.
We are in a competitive business
There are numerous shopping facilities that compete with our properties in attracting retailers to lease space.
In addition, retailers at our properties face continued competition from discount shopping centers, lifestyle
centers, outlet malls, wholesale and discount shopping clubs, direct mail, telemarketing, television shopping
networks and shopping via the Internet. Competition of this type could adversely aÅect our revenues and cash
available for distribution to stockholders.
We compete with other major real estate investors with signiÑcant capital for attractive investment
opportunities. These competitors include other REITs, investment banking Ñrms and private institutional
investors. This competition has increased prices for commercial properties and may impair our ability to make
suitable property acquisitions on favorable terms in the future.
We may not be able to obtain capital to make investments
We depend primarily on external Ñnancing to fund the growth of our business. This is because one of the
requirements of the Internal Revenue Code of 1986, as amended, which we refer to as the ""Code,'' for a REIT
generally is that it distributes 90% of its net taxable income, excluding net capital gains, to its stockholders.
Our access to debt or equity Ñnancing depends on banks' willingness to lend to us and on conditions in the
capital markets in general. We and other companies in the real estate industry have experienced less favorable
terms for bank loans and capital markets Ñnancing from time to time. Although we believe, based on current
market conditions, that we will be able to Ñnance investments we wish to make in the foreseeable future,
Ñnancing might not be available on acceptable terms or may be aÅected by the amount of debt we have
outstanding as a result of the TRC Merger.
Some of our potential losses may not be covered by insurance
We carry comprehensive liability, Ñre, Öood, earthquake, terrorism, extended coverage and rental loss
insurance on all of our properties. We believe the policy speciÑcations and insured limits of these policies are
adequate and appropriate. There are, however, some types of losses, including lease and other contract claims,
that generally are not insured. If an uninsured loss or a loss in excess of insured limits occurs, we could lose all
or a portion of the capital we have invested in a property, as well as the anticipated future revenue from the
property. If this happens, we might nevertheless remain obligated for any mortgage debt or other Ñnancial
obligations related to the property.
If the Terrorism Risk Insurance Act is not extended beyond 2005, we may incur higher insurance costs and
greater diÇculty in obtaining insurance which covers terrorist-related damages. Our tenants may also
experience similar diÇculties.
44
We are subject to risks that aÅect the general retail environment
Our concentration in the regional mall market means that we are subject to factors that aÅect the retail
environment generally, including the level of consumer spending, the willingness of retailers to lease space in
our shopping centers and tenant bankruptcies. In addition, we are exposed to the risk that terrorist activities, or
the threat of such activities, may discourage consumers from visiting our malls and impact consumer
conÑdence.
InÖation may adversely aÅect our Ñnancial condition and results of operations
Should inÖation rates increase in the future, we may experience any or all of the following:
‚ Tenant sales may decrease as a result of decreased consumer spending which could result in lower
percentage rents
‚ We may be unable to replace or renew expiring leases with new leases at higher base and/or percentage
rents
‚ We may be unable to receive reimbursement from our tenants for their share of certain operating expenses,
including common area maintenance, real estate taxes and insurance.
InÖation also poses a potential threat to us due to the probability of future increases in interest rates. Such
increases would adversely impact us due to our outstanding variable-rate debt as well as result in higher
interest rates on new Ñxed-rate debt.
Risks Relating to the TRC Merger

We may be unable to integrate the operations of TRCLP successfully and may not realize the full
anticipated beneÑts of the TRC Merger
Achieving the anticipated beneÑts of the TRC Merger will depend in part upon our ability to integrate the two
companies' businesses in an eÇcient and eÅective manner. Our attempt to integrate two companies that have
previously operated independently may result in signiÑcant challenges, and we may be unable to accomplish
the integration smoothly or successfully. In particular, the necessity of coordinating geographically dispersed
organizations and addressing possible diÅerences in corporate cultures and management philosophies may
increase the diÇculties of integration. The integration will continue to require the dedication of signiÑcant
management resources, which may temporarily distract management's attention from the day-to-day opera-
tions of the businesses of the combined company. The process of integrating operations may cause further
interruption of, or loss of momentum in, the activities of one or more of the combined company's businesses
and the further loss of key personnel. Employee uncertainty and lack of focus during the integration process
may also further disrupt the businesses of the combined company. In addition, we may face diÇculties
integrating aspects of the combined company's business that we have not historically focused on, such as the
community development business. Any inability of management to integrate the operations of TRCLP
successfully could have a material adverse eÅect on our business and Ñnancial condition.
Limitations on the sale of the TRCLP assets may aÅect our cash Öow
We may be restricted in our ability to dispose of certain TRCLP assets until the ten-year period after TRC's
election of REIT status expires in 2008 due to the potential incurrence of substantial tax liabilities on such
dispositions due to applicable REIT regulations.
Representatives of the holders of interests of a contingent stock agreement have asserted that the TRC
merger is a prohibited transaction.
In connection with the acquisition of The Hughes Corporation in 1996, TRC entered into a Contingent Stock
Agreement (""CSA'') under which TRC agreed to issue a formula-based number of additional shares of TRC
common stock to holders of interests under the CSA for a period running through December 31, 2009. Under
the CSA, TRC cannot enter into a ""prohibited transaction'' without consent of a majority of the interests
45
under the CSA. A ""prohibited transaction'' includes a merger that (1) would render TRC or a successor
incapable of, or restricted from, delivering (on a timely basis) freely tradable and readily marketable securities
comparable to TRC common stock or (2) could reasonably be expected to have a prejudicial eÅect on the
holders of interests under the CSA with respect to their non-taxable receipt of securities pursuant to the CSA.
On October 15, 2004, the representatives of the holders of interests under the CSA advised us that they
believed that the merger constitutes a ""prohibited transaction'' because, among other reasons, it could
reasonably be expected to have a prejudicial eÅect on the holders with respect to their non-taxable receipt of
securities pursuant to the CSA.
On October 19, 2004, we delivered to the representatives an executed assumption agreement whereby we
agreed, for the beneÑt of the holders of interests under the CSA and the representatives, to perform the CSA
as successor to TRC, in the same manner and to the same extent that TRC would be required to perform the
CSA if no succession had taken place. Under the assumption agreement, we assumed TRC's obligation under
the CSA to issue shares of common stock twice a year to holders of interests under the CSA and the
representatives. The amount of shares is based upon a formula set forth under the CSA and upon our stock
price. Such issuances could be dilutive to our existing stockholders. In addition, under the assumption
agreement, we agreed that following the eÅective time of the TRC Merger there will not be a prejudicial eÅect
on the holders of interests under the CSA and the representatives with respect to their non-taxable receipt of
securities pursuant to the CSA as a result of the TRC Merger and that securities delivered pursuant to the
CSA will be freely tradable and readily marketable. We further agreed to indemnify and hold harmless the
holders against losses arising out of any breach by us of the foregoing covenants.
We believe that all applicable requirements of the CSA have been satisÑed in connection with the TRC
Merger and that the TRC Merger does not constitute a ""prohibited transaction''. In order to minimize any
uncertainty and any risk of delay in consummation of the merger, on October 19, 2004, we Ñled an action in
Delaware Chancery Court against the representatives and the class of all holders of interests under the CSA
seeking a declaratory judgment that the merger is not a ""prohibited transaction''.
Risks Related to our Organizational and Financial Structure that give rise to Operational and Financial
Risks, Including those Described Below
We share control of some of our properties with other investors and may have conÖicts of interest with
those investors
As of December 31, 2004, we owned partial interests in various retail and commercial properties (referred to
in our Annual Report as the Unconsolidated Properties). We generally make all operating decisions for these
properties, but we are required to make other decisions with the other investors who have interests in the
relevant property or properties. For example, the consent of certain of the other relevant investors is required
with respect to approving operating budgets, reÑnancing, encumbering, expanding or selling any of these
properties. We might not have the same interests as the other investors in relation to these transactions.
Accordingly, we might not be able to favorably resolve any of these issues, or we might have to provide
Ñnancial or other inducement to the other investors to obtain a favorable resolution.
In addition, various restrictive provisions and rights apply to sales or transfers of interests in our jointly owned
properties. These may work to our disadvantage because, among other things, we might be required to make
decisions about buying or selling interests in a property or properties at a time that is disadvantageous to us or
we might be required to purchase the interests of our partners in our jointly owned properties.
Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned
retail properties
The bankruptcy of one of the other investors in any of our jointly owned shopping centers could materially and
adversely aÅect the relevant property or properties. Under the bankruptcy laws, we would be precluded by the
automatic stay from taking some actions aÅecting the estate of the other investor without prior approval of the
bankruptcy court, which would, in most cases, entail prior notice to other parties and a hearing in the
46
bankruptcy court. At a minimum, the requirement to obtain court approval may delay the actions we would or
might want to take. If the relevant joint venture through which we have invested in a property has incurred
recourse obligations, the discharge in bankruptcy of one of the other investors might result in our ultimate
liability for a greater portion of those obligations than we would otherwise bear.
Payments by our direct and indirect subsidiaries of dividends and distributions to us may be adversely
aÅected by prior payments to these subsidiaries' creditors and preferred security holders
Substantially all of our assets are owned through our general partnership interest in the Operating Partnership,
including TRCLP. The Operating Partnership holds substantially all of its properties and assets through
subsidiaries, including subsidiary partnerships, limited liability companies and corporations that have elected
to be taxed as REITs. The Operating Partnership therefore derives substantially all of its cash Öow from cash
distributions to it by its subsidiaries, and we, in turn, derive substantially all of our cash Öow from cash
distributions to us by the Operating Partnership. The creditors and preferred security holders, if any, of each of
our direct and indirect subsidiaries are entitled to payment of that subsidiary's obligations to them, when due
and payable, before that subsidiary may make distributions to us. Thus, the Operating Partnership's ability to
make distributions to its partners, including us, depends on its subsidiaries' ability Ñrst to satisfy their
obligations to their creditors and preferred security holders, if any, and then to make distributions to the
Operating Partnership. Similarly, our ability to pay dividends to holders of our common stock depends on the
Operating Partnership's ability Ñrst to satisfy its obligations to its creditors and preferred security holders, if
any, and then to make distributions to us.
In addition, we will have the right to participate in any distribution of the assets of any of our direct or indirect
subsidiaries upon the liquidation, reorganization or insolvency of the subsidiary only after the claims of the
creditors, including trade creditors, and preferred security holders, if any, of the subsidiary are satisÑed. Our
common stockholders, in turn, will have the right to participate in any distribution of our assets upon the
liquidation, reorganization or insolvency of us only after the claims of our creditors, including trade creditors,
and preferred security holders are satisÑed.
Our substantial indebtedness could adversely aÅect our Ñnancial health and operating Öexibility
We have a substantial amount of indebtedness. As of December 31, 2004, we had an aggregate consolidated
indebtedness outstanding of approximately $11.9 billion, approximately $12.1 billion of which was secured by
our properties. A majority of the secured indebtedness was non-recourse to us, while approximately
$8.4 billion of our aggregate indebtedness was unsecured, recourse indebtedness of the Operating Partnership
and consolidated subsidiaries. This indebtedness does not include our proportionate share of indebtedness
incurred by our joint ventures. As a result of this substantial indebtedness, we are required to use a portion of
our cash Öow to service principal and interest on our debt, which will limit the free cash Öow available for
other desirable business opportunities.
Our substantial indebtedness could have important consequences to us and the value of our common stock
including:
‚ limiting our ability to borrow additional amounts for working capital, capital expenditures, debt service
requirements, execution of our growth strategy or other purposes;
‚ limiting our ability to use operating cash Öow in other areas of our business because we must dedicate a
substantial portion of these funds to service the debt;
‚ increasing our vulnerability to general adverse economic and industry conditions;
‚ limiting our ability to capitalize on business opportunities, including the acquisition of additional properties,
and to react to competitive pressures and adverse changes in government regulation;
‚ placing us at a competitive disadvantage as compared to our competitors that have less leverage;
‚ limiting our ability or increasing the costs to reÑnance indebtedness; and
47
‚ limiting our ability to enter into marketing and hedging transactions by reducing the number of
counterparties with whom we can enter into such transactions as well as the volume of those transactions
The terms of the 2004 credit facility obtained in conjunction with the trc merger contain covenants and
events of default that may limit our Öexibility and prevent us from taking certain actions or result in the
acceleration of our obligations under the facility
The terms of the 2004 Credit Facility require us to satisfy certain customary aÇrmative and negative
covenants and to meet Ñnancial ratios and tests including ratios and tests based on leverage, interest coverage
and net worth. The covenants under our 2004 Credit Facility aÅect, among other things, our ability to:
‚ incur indebtedness;
‚ create liens on assets;
‚ sell assets; and
‚ engage in mergers and acquisitions
Given the restrictions in our debt covenants on such activities as making capital expenditures, incurring
additional indebtedness and selling or disposing of assets, we may be restricted in our ability to pursue other
acquisitions, may be signiÑcantly limited in our operating and Ñnancial Öexibility and may be limited in our
ability to respond to changes in our business or competitive activities.
A failure to comply with these covenants, including a failure to meet the Ñnancial tests or ratios, would likely
result in an event of default under the 2004 Credit Facility and would allow the lenders to accelerate our debt
under the facility. If our debt is accelerated, our assets may not be suÇcient to repay such debt in full.
We might fail to qualify or remain qualiÑed as a REIT

Although we believe that we will remain structured and will continue to operate so as to qualify as a REIT for
federal income tax purposes, we might not continue to be so qualiÑed. QualiÑcation as a REIT for federal
income tax purposes involves the application of highly technical and complex provisions of the Code for which
there are only limited judicial or administrative interpretations. Therefore, the determination of various factual
matters and circumstances not entirely within our control may impact our ability to qualify as a REIT. In
addition, legislation, new regulations, administrative interpretations or court decisions might signiÑcantly
change the tax laws with respect to the requirements for qualiÑcation as a REIT or the federal income tax
consequences of qualiÑcation as a REIT.
If, with respect to any taxable year, we fail to maintain our qualiÑcation as a REIT, we would not be allowed
to deduct distributions to stockholders in computing our taxable income and federal income tax. The corporate
level income tax, including any applicable alternative minimum tax, would apply to our taxable income at
regular corporate rates. As a result, the amount available for distribution to stockholders would be reduced for
the year or years involved, and we would no longer be required to make distributions. In addition, unless we
were entitled to relief under the relevant statutory provisions, we would be disqualiÑed from treatment as a
REIT for the taxable years following the year during which qualiÑcation was lost. Notwithstanding that we
currently intend to operate in a manner designed to allow us to qualify as a REIT, future economic, market,
legal, tax or other considerations may cause us to determine that it is in our best interest and the best interest
of our stockholders to revoke the REIT election.
An ownership limit and certain anti-takeover defenses and applicable law may hinder any attempt to
acquire us
The Ownership Limit. Generally, for us to maintain our qualiÑcation as a REIT under the Code, not more
than 50% in value of the outstanding shares of our capital stock may be owned, directly or indirectly, by Ñve or
fewer individuals at any time during the last half of our taxable year. The Code deÑnes ""individuals'' for
purposes of the requirement described in the preceding sentence to include some types of entities. Under our
Second Amended and Restated CertiÑcate of Incorporation, as amended, no person other than Martin
48
Bucksbaum (deceased), Matthew Bucksbaum (the Chairman of our Board of Directors), their families and
related trusts and entities, including M.B. Capital Partners III, may own more than 7.5% of the value of our
outstanding capital stock. These restrictions on transferability and ownership may delay, deter or prevent a
change in control of our company or other transaction that might involve a premium price or otherwise be in
the best interest of our stockholders.
Selected Provisions of Our Charter Documents. Our board of directors is divided into three classes of
directors. Directors of each class are chosen for three-year staggered terms. Staggered terms of directors may
reduce the possibility of a tender oÅer or an attempt to change control of our company, even though a tender
oÅer or change in control might be in the best interest of our stockholders. Our charter authorizes the board of
directors:
‚ to cause us to issue additional authorized but unissued shares of common stock or preferred stock;
‚ to classify or reclassify, in one or more series, any unissued preferred stock; and
‚ to set the preferences, rights and other terms of any classiÑed or reclassiÑed stock that we issue.
The board of directors could establish a series of preferred stock whose terms could delay, deter or prevent a
change in control of us or other transaction that might involve a premium price or otherwise be in the best
interest of our stockholders.
Stockholder Rights Plan. We have a stockholder rights plan, which may delay, deter or prevent a change in
control unless the acquirer negotiates with our board of directors and the board of directors approves the
transaction. Our charter and bylaws contain other provisions that may delay, deter or prevent a change in
control or other transaction that might involve a premium price or otherwise be in the best interest of our
stockholders.
Selected Provisions of Delaware Law. We are a Delaware corporation, and Section 203 of the Delaware
General Corporation Law applies to us. In general, Section 203 prevents an ""interested stockholder,'' as
deÑned in the next sentence, from engaging in a ""business combination,'' as deÑned in the statute, with us for
three years following the date that person becomes an interested stockholder unless:
‚ before that person became an interested stockholder, our board of directors approved the transaction in
which the interested stockholder became an interested stockholder or approved the business combination;
‚ upon completion of the transaction that resulted in the interested stockholder becoming an interested
stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the
transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the
outstanding voting stock owned by the interested stockholder) stock held by directors who are also oÇcers
of the company and by employee stock plans that do not provide employees with the right to determine
conÑdentially whether shares held under the plan will be tendered in a tender or exchange oÅer; or
‚ following the transaction in which that person became an interested stockholder, the business combination
is approved by our board of directors and authorized at a meeting of stockholders by the aÇrmative vote of
the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder.
The statute deÑnes ""interested stockholder'' to mean generally any person that is the owner of 15% or more of
our outstanding voting stock or is an aÇliate or associate of us and was the owner of 15% or more of our
outstanding voting stock at any time within the three-year period immediately before the date of determina-
tion. The provisions of this statute may delay, deter or prevent a change in control of us or other transaction
that might involve a premium price or otherwise be in the best interest of our stockholders.
We have partners who have tax protection arrangements and other tax-related obligations to certain
partners
We own properties through partnerships which have arrangements in place that protect the deferred tax
situation of our existing third party limited partners. Violation of these arrangements could impose costs on us.
49
As a result, we may be restricted with respect to decisions such as Ñnancing, encumbering, expanding or
selling these properties.
Several of our joint venture partners are tax-exempt. As such, they are taxable to the extent of their share of
unrelated business taxable income generated from these properties. As the managing partner in these joint
ventures, we have obligations to avoid the creation of unrelated business taxable income at these properties.
Breach of these obligations could impose costs on us. As a result, we may be restricted with respect to
decisions such as Ñnancing and revenue generation with respect to these properties.
Risks Relating to our Common Stock

Our common stock price may be volatile, and consequently investors may not be able to resell their
common stock at or above their purchase price
The price at which our common stock will trade may be volatile and may Öuctuate due to factors such as:
‚ our historical and anticipated quarterly and annual operating results;
‚ variations between our actual results and analyst and investor expectations or changes in Ñnancial estimates
and recommendations by securities analysts;
‚ the performance and prospects of our industry;
‚ the depth and liquidity of the market for our common stock;
‚ investor perception of us and the industry in which we operate;
‚ domestic and international economic conditions;
‚ the extent of institutional investor interest in us;
‚ the reputation of REITs generally and the attractiveness of their equity securities in comparison to other
equity securities, including securities issued by other real estate companies, and Ñxed income securities;
‚ our Ñnancial condition and performance; and
‚ conditions and trends in general market conditions.
Fluctuations may be unrelated to or disproportionate to our Ñnancial performance. These Öuctuations may
result in a material decline in the trading price of our common stock.
Future sales of our common stock may depress our stock price
No prediction can be made as to the eÅect, if any, that future sales of our common stock, or the availability of
common stock for future sales, will have on the market price of the stock. Sales in the public market of
substantial amounts of our common stock, or the perception that such sales could occur, could adversely aÅect
prevailing market prices for our common stock. As of December 31, 2004, approximately 62.8 million shares
of common stock were reserved for issuance upon exercise of conversion and/or redemption rights as to units
of limited partnership interest in the operating partnership. Under our shelf registration statement, we may
oÅer from time to time up to $2 billion worth of common stock, preferred stock, depositary shares, debt
securities, warrants, stock purchase contracts and/or purchase units. Approximately $.5 billion was drawn
against this shelf in connection with our November 2004 warrants oÅering. As a result of the CSA for issuance
assumed with the TRC Merger, an additional 4 million shares of our common stock have been reserved. In
addition, we have reserved a number of shares of common stock for issuance under our employee beneÑt plans
and in connection with certain other obligations, and these shares will be available for sale from time to time.
We have granted options to purchase additional common stock to some of our directors, executive oÇcers and
employees. We cannot predict the eÅect that future sales of common stock, or the perception that sales of
common stock could occur, will have on the market prices of our equity securities.
50
Increases in market interest rates may hurt the market price of our common stock
We believe that investors consider the distribution rate on REIT stocks, expressed as a percentage of the price
of the stocks, relative to market interest rates as an important factor in deciding whether to buy or sell the
stocks. If market interest rates go up, prospective purchasers of REIT stocks may expect a higher distribution
rate. Higher interest rates would not, however, result in more funds being available for us to distribute and, in
fact, would likely increase our borrowing costs and might decrease our funds available for distribution. Thus,
higher market interest rates could cause the market price of our common stock to decline.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We have not entered into any transactions using derivative commodity instruments. We are subject to market
risk associated with changes in interest rates both in terms of variable-rate debt and the price of new Ñxed-rate
debt upon maturity of existing debt and for acquisitions. As of December 31, 2004, we had consolidated debt
of $20.3 billion, including $9.2 billion of variable-rate debt of which approximately $740.4 million is subject to
interest rate swap agreements, which Ñx the interest rate we are required to pay on such debt at approximately
3.9% per annum. Although the majority of the remaining variable-rate debt is subject to interest rate cap
agreements pursuant to the loan agreements and Ñnancing terms, such interest rate caps generally limit our
interest rate exposure only if LIBOR exceeds a rate per annum signiÑcantly higher (generally above 8% per
annum) than current LIBOR rates (2.4% at December 31, 2004). A 25 basis point movement in the interest
rate on the $8.5 billion of variable-rate debt which is not subject to interest rate swap agreements would result
in an approximately $21 million annualized increase or decrease in consolidated interest expense and operating
cash Öows.
In addition, we are subject to interest rate exposure as a result of variable-rate debt collateralized by the
Unconsolidated Properties for which similar interest rate swap agreements have not been obtained. Our share
(based on our respective equity ownership interests in the Unconsolidated Real Estate AÇliates) of such
remaining variable-rate debt was approximately $722.9 million at December 31, 2004. A similar 25 basis point
annualized movement in the interest rate on the variable-rate debt of the Unconsolidated Real Estate
AÇliates would result in approximately $2 million annualized increase or decrease in our equity in the income
and operating cash Öows from Unconsolidated Real Estate AÇliates.
We are further subject to interest rate risk with respect to our Ñxed-rate Ñnancing in that changes in interest
rates will impact the fair value of our Ñxed-rate Ñnancing. To determine fair market value, the Ñxed-rate debt
is discounted at a rate based on an estimate of current lending rates, assuming the debt is outstanding through
maturity and considering the collateral. At December 31, 2004, the fair value of our debt is estimated to be
approximately $235 million higher than the carrying value of $20.3 billion. If LIBOR were to increase by
25 basis points, the fair value of our debt would be approximately $147 million higher than the carrying value
and the fair value of our swap agreements would increase by approximately $2 million. For additional
information concerning our debt, reference is made to Item 7, Liquidity and Capital Resources and Note 6.
Item 8. Financial Statements and Supplementary Data

Reference is made to the Index to Consolidated Financial Statements and Consolidated Financial Statement
Schedule on page F-1 for the required information.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None
Item 9A. Controls and Procedures

Disclosure Controls and Procedures. As of the end of the period covered by this report, we carried out an
evaluation, under the supervision and with the participation of our management, including the Chief Executive
OÇcer (""CEO'') and Chief Financial OÇcer (""CFO''), of the eÅectiveness of the design and operation of
our disclosure controls and procedures (as deÑned in Rules 13a-15(e) and 15(d)-15(e) under the Securities
51
Exchange Act of 1934, as amended, (the ""Exchange Act'')). Based on that evaluation, the CEO and the
CFO have concluded that our disclosure controls and procedures are eÅective to ensure that information that
we are required to disclose in the reports we Ñle or submit under the Exchange Act is recorded, processed,
summarized and reported within the time periods speciÑed in the Securities and Exchange Commission rules
and forms.
Internal Controls Over Financing Reporting. There have been no changes in our internal controls during our
most recently completed Ñscal quarter that have materially aÅected or are reasonably likely to materially
aÅect our internal control over Ñnancial reporting or in other factors that could signiÑcantly aÅect internal
controls subsequent to the end of the period covered by this report.
MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over Ñnancial
reporting. Our internal control over Ñnancial reporting is a process designed under the supervision of our
principal executive and principal Ñnancial oÇcers to provide reasonable assurance regarding the reliability of
Ñnancial reporting and preparation of our Ñnancial statements for external reporting purposes in accordance
with generally accepted accounting principles in the U.S.
As of December 31, 2004, we conducted an assessment of the eÅectiveness of our internal control over
Ñnancial reporting based on the framework utilizing the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission in ""Internal Control Ì Integrated Framework.'' The scope of our
assessment of the eÅectiveness of internal control over Ñnancial reporting includes all of our businesses except
for TRCLP, a material business acquired on November 12, 2004. For the year ended December 31, 2004, our
total revenues were $1.8 billion, of which TRCLP represented $205.9 million. Our total assets as of
December 31, 2004, were $25.7 billion, of which TRCLP represented $14.8 billion. Based on this assessment,
management believes that, as of December 31, 2004, our internal control over Ñnancial reporting is eÅective.
Deloitte & Touche LLP, the Company's independent registered public accounting Ñrm, audited manage-
ment's assessment of the eÅectiveness of internal control over Ñnancial reporting as of December 31, 2004
and, based on that audit, issued the report set forth below.
52
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of

Chicago, Illinois
We have audited management's assessment, included within this December 31, 2004 Form 10-K of General
Growth Properties, Inc. (the ""Company'') at Item 9A under the heading of ""Management's Report on
Internal Control Over Financial Reporting,'' that the Company maintained eÅective internal control over
Ñnancial reporting as of December 31, 2004, based on criteria established in Internal Control Ì Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. As described
in ""Management's Report on Internal Control Over Financial Reporting,'' management excluded from their
assessment the internal control over Ñnancial reporting at The Rouse Company, which was acquired on
November 12, 2004 and whose Ñnancial statements reÖect total assets and revenues constituting 57.7 and
5.7 percent, respectively, of the related consolidated Ñnancial statement amounts as of and for the year ended
December 31, 2004. Accordingly, our audit did not include the internal control over Ñnancial reporting at The
Rouse Company. The Company's management is responsible for maintaining eÅective internal control over
Ñnancial reporting and for its assessment of the eÅectiveness on internal control over Ñnancial reporting. Our
responsibility is to express an opinion on management's assessment and an opinion on the eÅectiveness of the
Company's internal control over Ñnancial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether eÅective internal control over Ñnancial reporting was maintained in all material
respects. Our audit included obtaining an understanding of internal control over Ñnancial reporting, evaluating
management's assessment, testing and evaluating the design and operating eÅectiveness on internal control,
and performing such other procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinions.
A company's internal control over Ñnancial reporting is a process designed by, or under the supervision of, the
company's principal executive and principal Ñnancial oÇcers, or persons performing similar functions, and
eÅected by the company's board of directors, management, and other personnel to provide reasonable
assurance regarding the reliability of Ñnancial reporting and the preparation of Ñnancial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal control over
Ñnancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reÖect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ñnancial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material eÅect on the Ñnancial
statements.
Because of the inherent limitations of internal control over Ñnancial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may not
be prevented or detected on a timely basis. Also, projections of any evaluation of the eÅectiveness on the
internal control over Ñnancial reporting to future periods are subject to the risk that the controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
In our opinion, management's assessment that the Company maintained eÅective internal control over
Ñnancial reporting as of December 31, 2004, is fairly stated, in all material respects, based on the criteria
established in Internal Control Ì Integrated Framework issued by the Committee of Sponsoring Organiza-
tions of the Treadway Commission. Also in our opinion, the Company maintained, in all material respects,
eÅective internal control over Ñnancial reporting as of December 31, 2004, based on the criteria established in
53
Internal Control Ì Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated Ñnancial statements and consolidated Ñnancial statement schedule as of and
for the year ended December 31, 2004 of the Company and our report dated March 21, 2005 expressed an
unqualiÑed opinion on those consolidated Ñnancial statements and consolidated Ñnancial statement schedule
and included an explanatory paragraph relating to the change in method of accounting for debt extinguishment
costs in 2003.
DELOITTE & TOUCHE LLP
Chicago, Illinois
March 21, 2005
54
Item 9B. Other Information
None
PART III
Item 10. Directors and Executive OÇcers of the Company

The information which appears under the captions ""Election of Directors'', ""Executive OÇcers'', ""Govern-
ance of the Company Ì Committees of the Board of Directors Ì Audit Committee'' and ""Ì Nominating &
Governance Committee'' and ""Stock Ownership Ì Section 16(a) BeneÑcial Ownership Reporting Compli-
ance'' in our proxy statement for our 2005 Annual Meeting of Stockholders is incorporated by reference into
this Item 10.
We have a Code of Business Conduct and Ethics which applies to all of our employees, oÇcers and directors,
including our Chairman, Chief Executive OÇcer and Chief Financial OÇcer. The Code of Business Conduct
and Ethics is available on the Corporate Governance page of our website at www.generalgrowth.com and we
will provide a copy of the Code of Business Conduct and Ethics without charge to any person who requests it
by writing to the address indicated under Available Information. We will post on our website amendments to
or waivers of our Code of Ethics for executive oÇcers or directors, in accordance with applicable laws and
regulations.
Our Chief Executive OÇcer and Chief Financial OÇcer have signed certiÑcates under Sections 302 and 906
of the Sarbanes-Oxley Act, which are Ñled as Exhibits 31.1 and 31.2 and 32.1 and 32.2, respectively, to this
Form 10-K. In addition, our Chief Executive OÇcer submitted his most recent annual certiÑcation to the
NYSE pursuant to Section 303A 12(a) of the NYSE listing standards on May 25, 2004, in which he
indicated that he was not aware of any violations by us of NYSE corporate governance listing standards.
Item 11. Executive Compensation

The information which appears under the caption ""Executive Compensation'' in our proxy statement for our
2005 Annual Meeting of Stockholders is incorporated by reference into this Item 11; provided, however, that
the Report of the Compensation Committee of the Board of Directors on Executive Compensation shall not
be incorporated by reference herein, in any of our previous Ñlings under the Securities Act of 1933, as
amended, or the Exchange Act or in any of our future Ñlings.
Item 12. Security Ownership of Certain BeneÑcial Owners and Management

The information which appears under the captions ""Stock Ownership Ì Common Stock Ownership of
Certain BeneÑcial Owners'' and ""Ì Equity Ownership of Management'' in our proxy statement for our 2005
Annual Meeting of Stockholders is incorporated by reference into this Item 12.
55
The following table sets forth certain information with respect to shares of our common stock that may be
issued under our equity compensation plans as of December 31, 2004.
(a) (c)
Number of Number of Securities
Securities (b) Remaining Available for
to be Issued upon Weighted-Average Future Issuance Under
Exercise of Exercise Price of Equity Compensation
Outstanding Outstanding Plans (Excluding
Options, Warrants Options, Warrants Securities ReÖected in
Plan Category and Rights and Rights Column (a))
Equity compensation plans approved by

security holders(1) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,136,784 $22.17 9,430,305(2)
Equity compensation plans not approved
by security holders(3) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ N/A N/A 461,710
TotalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,136,784 9,892,015
(1) Includes shares of common stock under the 1993 Stock Incentive Plan (which terminated on April 4,
2003), the 1998 Incentive Stock Plan and the 2003 Incentive Stock Plan.
(2) Includes 7,994,000 shares of common stock available for issuance under the 2003 Incentive Stock Plan
and 1,436,305 shares of common stock available for issuance under the 1998 Incentive Stock Plan.
(3) Represents shares of common stock under our Employee Stock Purchase Plan, which was adopted by the
Board of Directors in November 1998. Under the Employee Stock Purchase Plan, eligible employees
make payroll deductions over a six-month period, at which time the amounts withheld are used to
purchase shares of common stock at a purchase price equal to 85% of the lesser of the closing price of a
share of common stock on the Ñrst or last trading day of the purchase period. Purchases of common stock
under the Employee Stock Purchase Plan are made on the Ñrst business day of the next month after the
close of the purchase period. Under New York Stock Exchange rules then in eÅect, stockholder approval
was not required for the Employee Stock Purchase Plan because it is a broad-based plan available
generally to all employees.
Item 13. Certain Relationships and Related Transactions

The information which appears under the caption ""Certain Relationships and Related Party Transactions'' in
our proxy statement for our 2005 Annual Meeting of Stockholders is incorporated by reference into this
Item 13.
Item 14. Principal Accounting Fees and Services

The information which appears under the caption ""Independent Auditors Ì Fees Billed by Independent
Auditors Ì Audit Fees Ì Audit-Related Fees'', ""Ì Tax Fees'', ""Ì All Other Fees'' and ""Independent
Auditors Ì Audit Committee Pre-Approval Policies and Procedures'' in our proxy statement for our 2005
Annual Meeting of Stockholders is incorporated by reference into this Item 14.
56
PART IV
Item 15. Exhibits and Financial Statement Schedules

(a) Financial Statements and Financial Statement Schedules.
The consolidated Ñnancial statements and schedules listed in the accompanying Index to Consoli-
dated Financial Statements and Financial Statement Schedules are Ñled as part of this Annual Report on
Form 10-K.
(b) Exhibits.
See Exhibit Index on page S-1.
(c) Separate Ñnancial statements.
Not applicable.
57
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GENERAL GROWTH PROPERTIES, INC.
By: /s/ JOHN BUCKSBAUM

John Bucksbaum
Chief Executive OÇcer
March 21, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature Title Date
/s/ MATTHEW BUCKSBAUM Chairman of the Board March 21, 2005

Matthew Bucksbaum
/s/ JOHN BUCKSBAUM Chief Executive OÇcer March 21, 2005

John Bucksbaum (Principal Executive OÇcer)
/s/ ROBERT MICHAELS Director, President and March 21, 2005

Robert Michaels Chief Operating OÇcer
/s/ BERNARD FREIBAUM Director, Executive Vice President March 21, 2005
Bernard Freibaum and Chief Financial OÇcer
(Principal Financial
and Accounting OÇcer)
/s/ ANTHONY DOWNS Director March 21, 2005

Anthony Downs
/s/ BETH STEWART Director March 21, 2005

Beth Stewart
/s/ ALAN COHEN Director March 21, 2005

Alan Cohen
/s/ JOHN RIORDAN Director March 21, 2005

John Riordan
/s/ FRANK PTAK Director March 21, 2005

Frank Ptak
58
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND
CONSOLIDATED FINANCIAL STATEMENT SCHEDULE
The following consolidated Ñnancial statements and consolidated Ñnancial statement schedule are included in
Item 8 of this Annual Report on Form 10-K:
Page(s)
Financial Statements
Report of Independent Registered Public Accounting Firm Ì General Growth Properties, Inc. F-2
Report of Independent Registered Public Accounting Firm Ì GGP/Homart, Inc. ÏÏÏÏÏÏÏÏÏÏÏ F-3
Report of Independent Registered Public Accounting Firm Ì GGP/Homart II L.L.C. ÏÏÏÏÏÏÏ F-4
Consolidated Balance Sheets as of December 31, 2004 and 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-5
Consolidated Statements of Operations and Comprehensive Income for the years ended
December 31, 2004, 2003, and 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-6
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2004, 2003
and 2002 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-7
Consolidated Statements of Cash Flows for the years ended December 31, 2004, 2003 and 2002 F-8
Notes to Consolidated Financial Statements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-9
Financial Statement Schedule
Report of Independent Registered Public Accounting Firm ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-48
Schedule III Ì Real Estate and Accumulated Depreciation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ F-49
All other schedules are omitted since the required information is either not present in any amounts, is not
present in amounts suÇcient to require submission of the schedule or because the information required is
included in the consolidated Ñnancial statements and related notes.
F-1

Chicago, Illinois
We have audited the accompanying consolidated balance sheets of General Growth Properties, Inc. (the
""Company'') as of December 31, 2004 and 2003, and the related consolidated statements of operations and
comprehensive income, stockholders' equity and cash Öows for each of the three years in the period ended
December 31, 2004. These consolidated Ñnancial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated Ñnancial statements based on
our audits. We did not audit the consolidated Ñnancial statements of GGP/Homart, Inc. and GGP/Homart II
L.L.C., the Company's investments in which are accounted for by use of the equity method. The Company's
equity of $126,855,000 and $150,170,000 in GGP/Homart Inc.'s net assets as of December 31, 2004 and 2003,
respectively, and $21,148,000, $23,815,000 and $23,418,000 in GGP/Homart Inc.'s net income, respectively,
for each of the three years in the period ended December 31, 2004 are included in the accompanying
consolidated Ñnancial statements. The Company's equity of $319,537,000 and $259,363,000 in GGP/
Homart II L.L.C.'s net assets as of December 31, 2004 and 2003, respectively, and $36,724,000, $33,448,000
and $26,421,000 in GGP/Homart II L.L.C.'s net income, respectively, for each of the three years in the
period ended December 31, 2004 are included in the accompanying consolidated Ñnancial statements. The
consolidated Ñnancial statements of GGP/Homart, Inc. and GGP/Homart II L.L.C. were audited by other
auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included
for such companies, is based solely on the reports of such other auditors.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
assurance about whether the Ñnancial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An
audit also includes assessing the accounting principles used and signiÑcant estimates made by management, as
well as evaluating the overall Ñnancial statement presentation. We believe that our audits and the reports of
other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, such consolidated Ñnancial statements
present fairly, in all material respects, the Ñnancial position of General Growth Properties, Inc. at Decem-
ber 31, 2004 and 2003, and the results of its operations and its cash Öows for each of the three years in the
period ended December 31, 2004, in conformity with accounting principles generally accepted in the United
States of America.
As discussed in Note 14 to the consolidated Ñnancial statements, the Company changed its method of
accounting for debt extinguishment costs in 2003.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the eÅectiveness on the Company's internal control over Ñnancial reporting as of Decem-
ber 31, 2004, based on the criteria established in Internal Control Ì Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 21, 2005
expressed an unqualiÑed opinion on management's assessment on the eÅectiveness of the Company's internal
control over Ñnancial reporting and an unqualiÑed opinion on the eÅectiveness of the Company's internal
control over Ñnancial reporting.
Chicago, Illinois
March 21, 2005
F-2
The Stockholders
GGP/Homart, Inc.:
We have audited the consolidated balance sheets of GGP/Homart, Inc. (a Delaware Corporation) and
subsidiaries (the Company) as of December 31, 2004 and 2003, and the related consolidated statements of
income and comprehensive income, stockholders' equity, and cash Öows for each of the years in the three-year
period ended December 31, 2004 (not presented separately herein). These consolidated Ñnancial statements
are the responsibility of the Company's management. Our responsibility is to express an opinion on these
consolidated Ñnancial statements based on our audits.
well as evaluating the overall Ñnancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material respects,
the Ñnancial position of GGP/Homart, Inc. and subsidiaries as of December 31, 2004 and 2003, and the
results of their operations and their cash Öows for each of the years in the three-year period ended
December 31, 2004, in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Chicago, Illinois
March 1, 2005
F-3
To Members
GGP/Homart II L.L.C.:
We have audited the consolidated balance sheets of GGP/Homart II L.L.C. (a Delaware Limited Liability
Company) and subsidiaries (the Company) as of December 31, 2004 and 2003, and the related consolidated
statements of income and comprehensive income, changes in members' capital, and cash Öows for each of the
years in the three-year period ended December 31, 2004 (not presented separately herein). These consoli-
dated Ñnancial statements are the responsibility of the Company's management. Our responsibility is to
express an opinion on these consolidated Ñnancial statements based on our audits.
well as evaluating the overall Ñnancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated Ñnancial statements referred to above present fairly, in all material respects,
the Ñnancial position of GGP/Homart II L.L.C. and subsidiaries as of December 31, 2004 and 2003, and the
results of their operations and their cash Öows for each of the years in the three-year period ended
December 31, 2004, in conformity with U.S. generally accepted accounting principles.
KPMG LLP
Chicago, Illinois
March 1, 2005
F-4
CONSOLIDATED BALANCE SHEETS
December 31,
2004 2003
Assets
Investment in real estate:
Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,859,552 $ 1,384,662
Buildings and equipmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,251,258 8,124,165
Less accumulated depreciationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,453,488) (1,101,235)
Developments in progress ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 559,969 168,521
Net property and equipmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,217,291 8,576,113
Investment in and loans to/from Unconsolidated Real Estate AÇliatesÏÏÏÏ 1,945,541 630,613
Investment land and land held for development and sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,638,013 Ì
Net investment in real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,800,845 9,206,726
Cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 39,581 10,677
Tenant accounts receivable, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 242,425 148,485
Deferred expenses, netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 153,231 138,201
Prepaid expenses and other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,482,543 78,808
$25,718,625 $ 9,582,897
Liabilities and Stockholders' Equity

Mortgage notes and other property debt payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $20,310,947 $ 6,649,490
Deferred tax liability ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,414,565 Ì
Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 895,520 359,174
22,621,032 7,008,664
Minority interests:
Preferred ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 403,161 495,211
Common ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 551,282 408,613
954,443 903,824
Commitments and contingencies ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and
outstanding ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì
Stockholders' Equity:
Common stock: $.01 par value; 875,000,000 shares authorized; 234,724,082
and 217,293,976 shares issued and outstanding as of December 31, 2004
and 2003, respectively ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,347 2,173
Additional paid-in capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,378,237 1,913,447
Retained earnings (accumulated deÑcit) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (227,511) (220,512)
Notes receivable-common stock purchaseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (5,178) (6,475)
Unearned compensation-restricted stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,060) (1,949)
Accumulated other comprehensive lossÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (3,685) (16,275)
Total stockholders' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,143,150 1,670,409
$25,718,625 $ 9,582,897
The accompanying notes are an integral part of these consolidated Ñnancial statements.
F-5
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Years Ended December 31,
2004 2003 2002
(Dollars in thousands, except for per
share amounts)
Revenues:
Minimum rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,060,963 $ 775,320 $ 581,551
Tenant recoveries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 473,428 332,137 254,999
Overage rentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 54,105 34,928 28,044
Land sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 68,643 Ì Ì
Management and other feesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 82,896 84,138 75,479
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 62,810 36,268 33,367
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,802,845 1,262,791 973,440
Expenses:
Real estate taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 128,320 88,276 60,726
Repairs and maintenance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 123,984 81,433 62,449
MarketingÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 48,220 35,797 28,681
Other property operating costsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 207,655 153,370 107,726
Land sales operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 66,100 Ì Ì
Provision for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,382 7,041 3,828
Property management and other costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 100,788 109,746 94,676
General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,499 8,533 8,720
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 365,622 230,195 179,036
Total expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,060,570 714,391 545,842
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 742,275 548,400 427,598
Interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,227 2,308 3,689
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (472,185) (278,543) (219,029)
Income allocated to minority interests ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (105,473) (110,984) (86,213)
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,383) (98) (119)
Equity in income of unconsolidated aÇliatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 88,191 94,480 80,825
Income from continuing operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 253,652 255,563 206,751
Discontinued operations, net of minority interest:
Income from operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,028 4,128 2,488
Gain on disposition ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,172 3,720 19
14,200 7,848 2,507
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 267,852 $ 263,411 $ 209,258
Convertible preferred stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (13,030) (24,467)
Net income available to common stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 267,852 $ 250,381 $ 184,791
Basic Earnings Per Share:
Continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.16 $ 1.21 $ 0.98
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.06 0.04 0.01
Total basic earnings per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.22 $ 1.25 $ 0.99
Diluted Earnings Per Share:
Continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.15 $ 1.19 $ 0.97
Discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.06 0.03 0.01
Total diluted earnings per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1.21 $ 1.22 $ 0.98
Comprehensive Income, Net:
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 267,852 $ 263,411 $ 209,258
Other comprehensive income, net of minority interest:
Net unrealized gains (losses) on Ñnancial instruments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,992 12,542 (30,774)
Minimum pension liability adjustment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 102 308 (740)
Foreign currency translationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,590 Ì Ì
Equity in unrealized gains (losses) on available-for-sale securitiesÏÏÏÏÏÏÏ (94) Ì 169
Comprehensive income, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 280,442 $ 276,261 $ 177,913
F-6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Notes
Retained Receivable- Unearned Accumulated
Additional Earnings Common Compensation Other Total
Common Stock Paid-In (Accumulated Stock Restricted Comprehensive Stockholders'
Shares Amount Capital DeÑcit) Purchase Stock Loss Equity
(Dollars in thousands, except for per share amounts)
Balance, December 31, 2001 ÏÏÏÏÏÏÏÏÏ 185,771,796 $1,858 $1,527,547 $(328,349) $(19,890) $ Ì $ 2,220 $1,183,386
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 209,258 209,258
Cash distributions declared ($0.92 per
share) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (170,614) (170,614)
Convertible Preferred Stock dividends (24,467) (24,467)
Conversion of operating partnership
units to common stock ÏÏÏÏÏÏÏÏÏÏÏÏ 48,738 Ì 636 636
Issuance of common stock, net of
employee stock option loansÏÏÏÏÏÏÏÏ 1,370,721 14 19,344 12,118 31,476
Issuance costs, preferred units ÏÏÏÏÏÏÏÏ (1,672) (1,672)
Restricted stock grant, net of
compensation expenseÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,248) (2,248)
Other comprehensive losses ÏÏÏÏÏÏÏÏÏÏ (31,345) (31,345)
Adjustment for minority interest in
operating partnershipÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,115 2,115
Balance, December 31, 2002 ÏÏÏÏÏÏÏÏÏ 187,191,255 $1,872 $1,549,642 $(315,844) $ (7,772) $(2,248) $(29,125) $1,196,525
Convertible Preferred Stock dividends (13,030) (13,030)
PIERS redemption and conversion, net 25,503,543 255 337,837 338,092
units to common stock ÏÏÏÏÏÏÏÏÏÏÏÏ 2,956,491 30 22,134 22,164
employee stock option
loans/repaymentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,642,687 16 30,108 1,297 31,421
compensation expenseÏÏÏÏÏÏÏÏÏÏÏÏÏ 299 299
Other comprehensive gains ÏÏÏÏÏÏÏÏÏÏ 12,850 12,850
operating partnershipÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (26,274) (26,274)
Balance, December 31, 2003 ÏÏÏÏÏÏÏÏÏ 217,293,976 $2,173 $1,913,447 $(220,512) $ (6,475) $(1,949) $(16,275) $1,670,409
units to common stock ÏÏÏÏÏÏÏÏÏÏÏÏ 179,987 2 1,371 1,373
Conversion of convertible preferred
units to common stock ÏÏÏÏÏÏÏÏÏÏÏÏ 456,463 4 9,297 9,301
employee stock option
loans/repaymentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,793,656 168 530,920 1,297 532,385
compensation expenseÏÏÏÏÏÏÏÏÏÏÏÏÏ 889 889
Other comprehensive gains ÏÏÏÏÏÏÏÏÏÏ 12,590 12,590
operating partnershipÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (76,798) (76,798)
Balance, December 31, 2004 ÏÏÏÏÏÏÏÏÏ 234,724,082 $2,347 $2,378,237 $(227,511) $ (5,178) $(1,060) $ (3,685) $2,143,150
F-7
CONSOLIDATED STATEMENTS OF CASH FLOWS

2004 2003 2002
(In thousands)
Cash Flows from Operating Activities:
Net Income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 267,852 $ 263,411 $ 209,258
Adjustments to reconcile net income to net cash provided by operating activities:
Minority interests, including discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 106,233 113,289 87,003
Equity in income of unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (88,191) (94,480) (80,825)
Provision for doubtful accounts, including discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,393 7,009 3,859
Distributions received from unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 87,906 91,613 80,177
Depreciation, including discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 348,303 205,385 172,593
Amortization, including discontinued operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28,753 34,849 12,045
Gain on disposition ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (11,172) (4,831) (25)
Proceeds from sale of investment land and notes receivable from land sales ÏÏÏÏÏÏ 94,138 Ì Ì
Net changes:
Tenant accounts receivableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (21,177) (29,304) (33,004)
Prepaid expenses and other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (9,434) 8,298 (5,926)
Deferred expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (27,585) (51,435) (20,785)
Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (34,108) 34,683 36,125
Net cash provided by operating activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 751,911 578,487 460,495
Cash Flows from Investing Activities:
Acquisition/development of real estate and improvements and additions to properties (9,044,868) (1,732,358) (1,006,368)
Proceeds from sale of investment property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 65,268 14,978 Ì
Increase in investments in unconsolidated aÇliatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (211,247) (26,418) (165,581)
Distributions received from unconsolidated aÇliates in excess of income ÏÏÏÏÏÏÏÏÏÏÏÏ 134,116 90,925 50,276
Proceeds from repayment of notes receivable for common stock purchasesÏÏÏÏÏÏÏÏÏÏÏ 1,297 1,297 16,361
Loan repayments from unconsolidated aÇliates, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (8,884) (94,355) 1,274
Proceeds from sale of investments in marketable securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,300 476 154,627
Net cash used in investing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (9,053,018) (1,745,455) (949,411)
Cash Flows from Financing Activities:
Cash distributions paid to common stockholders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (274,851) (199,986) (165,942)
Cash distributions paid to holders of Common Units ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (70,412) (59,815) (52,334)
Cash distributions paid to holders of perpetual and convertible preferred unitsÏÏÏÏÏÏÏÏ (37,152) (40,257) (25,014)
Payment of dividends on PIERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (19,145) (24,467)
Proceeds from issuance of common stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 512,663 Ì Ì
Proceeds from issuance of common stock for employee stock plans ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 19,313 31,308 12,867
Redemption of preferred minority interests:
PDC Series A Perpetual Preferred Units ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (12,750) Ì Ì
PDC Series B Perpetual Preferred Units ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (95,000) Ì Ì
Other preferred stock of consolidated subsidiariesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (173) Ì Ì
Proceeds from issuance of Preferred UnitsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 63,326
Proceeds from issuance of mortgage notes and other debt payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 12,733,339 3,140,750 792,344
Principal payments on mortgage notes and other debt payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (4,431,558) (1,715,752) (218,449)
Deferred Ñnancing costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (13,408) (13,098) (530)
Net cash provided by Ñnancing activities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8,330,011 1,124,005 381,801
Net change in cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 28,904 (42,963) (107,115)
Cash and cash equivalents at beginning of period ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,677 53,640 160,755
Cash and cash equivalents at end of period ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 39,581 $ 10,677 $ 53,640
Supplemental Disclosure of Cash Flow Information:
Interest paid ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 424,380 $ 258,395 $ 224,573
Interest capitalized ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,272 5,679 5,195
Non-Cash Investing and Financing Activities:
Common stock issued in exchange for PIERS ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ Ì $ 337,483 $ Ì
Common stock issued in exchange for Operating Partnership UnitsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,373 22,134 636
Common stock issued in exchange for convertible preferred units ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,301 Ì Ì
Assumption of debt in conjunction with acquisition of property ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 134,902 552,174 812,293
Notes receivable issued for exercised stock optionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 4,243
Operating Partnership Units issued as consideration for purchase of real estate ÏÏÏÏÏÏÏ 25,132 26,637 41,131
TRC Merger:
Fair value of assets acquired ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 14,327,519 Ì Ì
Cash paid ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (7,150,844) Ì Ì
Liabilities assumed ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,176,675 Ì Ì
F-8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Organization
General
General Growth Properties, Inc., a Delaware corporation (""General Growth''), is a self-administered and self-
managed real estate investment trust, referred to as a ""REIT.'' General Growth was organized in 1986 and
through its subsidiaries and aÇliates owns, operates, manages, leases, acquires, develops, expands and Ñnances
operating properties located primarily throughout the United States and develops and sells land for residential,
commercial and other uses primarily in master-planned communities. The operating properties consist of retail
centers, oÇce and industrial buildings and mixed-use and other properties. The retail centers are primarily
regional shopping centers in suburban market areas, but also include specialty marketplaces in certain
downtown areas and community retail centers. The oÇce and industrial properties are located primarily in the
Baltimore-Washington and Las Vegas markets or are components of large-scale mixed-use properties (which
include retail, parking and other uses) located in other urban markets. Land development and sales operations
are predominantly related to large-scale, long-term community development projects in and around Columbia,
Maryland; Summerlin, Nevada; and Houston, Texas. In these notes, the terms ""we'', ""us'' and ""our'' refer to
General Growth and its subsidiaries (the ""Company'').
Substantially all of our business is conducted through GGP Limited Partnership (the ""Operating Partnership''
or ""GGPLP''). As of December 31, 2004, General Growth owned an approximate 81% general partnership
interest in the Operating Partnership. The remaining approximate 19% minority interest is held by limited
partners that include trusts for the beneÑt of the families of the original stockholders of the Company and
subsequent contributors of properties to the Company. These minority interests are represented by common
units of limited partnership interest in the Operating Partnership (the ""Common Units'').
In addition to holding ownership interests in various joint ventures, the Operating Partnership generally
conducts its operations through the following subsidiaries:
‚ GGPLP L.L.C., a Delaware limited liability company (the ""LLC''), has ownership interests in the majority
of our properties (other than those acquired in The Rouse Company merger (the ""TRC Merger'',
Note 3)).
‚ The Rouse Company LP (""TRCLP''), which includes both a REIT and taxable REIT subsidiaries
(""TRS''), has ownership interests in Consolidated Properties and Unconsolidated Properties (as deÑned
below).
‚ General Growth Management, Inc. (""GGMI''), a TRS, manages, leases, and performs various other
services for some of our Unconsolidated Real Estate AÇliates (as deÑned below) and over 30 properties
owned by unaÇliated third parties, all located in the United States.
In this report, we refer to our ownership interests in majority owned or controlled properties as ""Consolidated
Properties'' and to our ownership interests in joint ventures in which we own a non-controlling interest as
""Unconsolidated Real Estate AÇliates'' and the properties owned by such joint ventures as the ""Unconsoli-
dated Properties.'' Our ""Company Portfolio'' includes both the Unconsolidated Properties and our Consoli-
dated Properties.
On November 17, 2004, we sold 15.9 million shares of our common stock for $32.23 per share pursuant to a
warrant oÅering. The proceeds of this oÅering were used to partially fund the TRC Merger (Note 3).
Preferred Stock
During June 1998, we issued 13,500,000 depositary shares, each representing 1/40th of a share of 7.25%
Preferred Income Equity Redeemable Stock, Series A (""PIERS''), or a total of 337,500 PIERS. During May
2003, we called for redemption all of our outstanding depositary shares. The depositary shares (and the related
F-9
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
PIERS) were convertible into our common stock at the rate of 1.8891 shares of common stock per depositary
share. Through July 14, 2003, holders of 6,861,800 shares elected to convert their depositary shares and
received a total of 12,963,357 shares of our common stock. We redeemed the remaining 6,638,200 depositary
shares on July 15, 2003. As a result of this redemption, we issued an additional 12,540,186 shares of our
common stock and paid approximately $17,000 in cash to redeem fractional shares of PIERS.
We have also created other classes of preferred stock to permit the future potential conversion of certain
equity interests, which we have issued in conjunction with acquisitions, into General Growth equity interests.
For certain classes of such preferred stock, the conditions to allow such a conversion have not yet occurred. As
of December 31, 2004 and 2003, 5.0 million shares of such preferred stock, with a par value of $100 per share,
have been authorized, but none has been issued.
Shareholder Rights Plan

We have a shareholder rights plan pursuant to which one preferred share purchase right (a ""Right'') is
attached to each currently outstanding or subsequently issued share of our common stock. Prior to becoming
exercisable, the Rights trade together with our common stock. In general, the Rights will become exercisable
if a person or group acquires or announces a tender or exchange oÅer for 15% or more of our common stock.
Each Right will initially entitle the holder to purchase from General Growth one-third of one-thousandth of a
share of Series A Junior Participating Preferred Stock, par value $100 per share (the ""Preferred Stock''), at
an exercise price of $148 per one one-thousandth of a share, subject to adjustment. If a person or group
acquires 15% or more of our common stock, each Right will entitle the holder (other than the acquirer) to
purchase shares of our common stock (or, in certain circumstances, cash or other securities) having a market
value of twice the exercise price of a Right at such time. Under certain circumstances, each Right will entitle
the holder (other than the acquirer) to purchase the common stock of the acquirer having a market value of
twice the exercise price of a Right at such time. In addition, under certain circumstances, our Board of
Directors may exchange each Right (other than those held by the acquirer) for one share of our common
stock, subject to adjustment. If the Rights become exercisable, holders of common units of partnership
interest in the Operating Partnership, other than General Growth, will receive the number of Rights they
would have received if their units had been redeemed and the purchase price paid in our common stock. The
Rights expire on November 18, 2008, unless earlier redeemed by our Board of Directors for one-third of
$0.01 per Right or such expiration date is extended.
Dividend Reinvestment and Stock Purchase Plan

We have reserved up to 3.0 million shares of our common stock for issuance under the Dividend Reinvestment
and Stock Purchase Plan (""DRSP''). In general, the DRSP allows participants in the plan to make purchases
of our common stock from dividends received or additional cash investments. Although the purchase price of
the common stock is determined by the current market price, the purchases will be made without fees or
commissions. We have and will continue to satisfy DRSP common stock purchase needs through the issuance
of new shares of our common stock or by repurchases of currently outstanding common stock. As of
December 31, 2004, an aggregate of 464,952 shares of our common stock have been issued under the DRSP.
Note 2 Summary of SigniÑcant Accounting Policies

Principles of Consolidation
The accompanying consolidated Ñnancial statements include the accounts of General Growth, our subsidiaries
and joint ventures in which we have a controlling interest. We also consolidate the accounts of certain variable
interest entities that were acquired in the TRC Merger and are considered special purpose entities and where
we are the primary beneÑciary. Income allocated to minority interests in these joint ventures includes the
share of such properties' operations (generally computed as the respective joint venture partner ownership
F-10
percentage) applicable to such non-controlling venturers. All signiÑcant intercompany balances and transac-
tions have been eliminated.
Properties
Real estate assets are stated at cost. For redevelopment of existing operating properties, the net carrying value
of the existing property under redevelopment plus the cost for the construction and improvements incurred in
connection with the redevelopment are capitalized to the extent the capitalized costs of the property do not
exceed the estimated fair value of the redeveloped property when complete. Real estate taxes incurred during
construction periods are capitalized and amortized on the same basis as the related assets. Interest costs are
capitalized during periods of active construction for qualiÑed expenditures based upon interest rates in place
during the construction period until construction is substantially complete. Capitalized interest costs are
amortized over lives which are consistent with the constructed assets.
Pre-development costs, which generally include legal and professional fees and other third-party costs related
directly to the acquisition of a property, are capitalized as part of the property being developed. In the event a
development is no longer deemed to be probable, the costs previously capitalized are written oÅ as a
component of operating expenses.
Construction allowances paid to tenants are capitalized and depreciated over the average lease term.
Maintenance and repairs are charged to expense when incurred. Expenditures for signiÑcant betterments and
improvements are capitalized.
Our real estate assets, including developments in progress, are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is
considered to be impaired when the estimated future undiscounted operating cash Öow is less than its carrying
value. To the extent an impairment has occurred, the excess of carrying value of the asset over its estimated
fair value will be charged to operations.
Depreciation or amortization expense is computed using the straight-line method based upon the following
estimated useful lives:
Years
Buildings and improvements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 40-45

Equipment, tenant improvements and Ñxtures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5-10
Purchased intangiblesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5-15
Acquisitions of Operating Properties

Acquisitions of properties are accounted for utilizing the purchase method and, accordingly, the results of
operations of acquired properties are included in our results of operations from the respective dates of
acquisition. Estimates of future cash Öows and other valuation techniques are used to allocate the purchase
price of acquired property between land, buildings and improvements, equipment and identiÑable intangible
assets and liabilities such as amounts related to in-place at-market leases, acquired above and below-market
leases and tenant relationships. Initial valuations are subject to change until such information is Ñnalized no
later than 12 months from the acquisition date.
The fair values of tangible assets are determined on an ""if vacant'' basis. The ""if-vacant'' fair value is allocated
to land, where applicable, buildings, tenant improvements and equipment based on comparable sales and other
relevant information obtained in connection with the acquisition of the property.
The estimated fair value of acquired in-place at-market leases are the costs we would have incurred to lease
the property to the occupancy level of the property at the date of acquisition. Such estimate includes the fair
F-11
value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the
property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level
would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance
and utilities) incurred during the lease-up period, which generally ranges up to one year. Acquired in-place at-
market leases are amortized over the average lease term.
Above-market and below-market in-place lease values are recorded based on the present value (using an
interest rate which reÖects the risks associated with the leases acquired) of the diÅerence between the
contractual amounts to be paid pursuant to the in-place leases and our estimate of fair market lease rates for
the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the
lease. The capitalized above- and below-market lease values are amortized as adjustments to minimum rent
revenue over the remaining non-cancelable terms of the respective leases (approximately Ñve years).
Purchase price allocations for properties acquired in 2004, 2003 and 2002 have resulted in acquired in-place
leases of approximately $595.2 million ($565.7 million net of accumulated amortization) and acquired below-
market leases (net of above-market leases) of approximately $162.4 million ($113.9 million net of
accumulated amortization) as of December 31, 2004. Purchase price allocations for certain recent acquisitions
may be subsequently revised as additional information becomes available. Amortization of these intangible
assets and liabilities, and similar assets and liabilities from our Unconsolidated Real Estate AÇliates, resulted
in additional net income, including our share of such items from Unconsolidated Real Estate AÇliates, of
approximately $8.4 million in 2004, $19.6 million in 2003 and $1.9 million in 2002. Future amortization,
including our share of such items from Unconsolidated Real Estate AÇliates, is estimated to decrease net
income by approximately $90 million in 2005 and 2006, $97 million in 2007, $108 million in 2008 and
$102 million in 2009.
Due to existing contacts and relationships with tenants at our currently owned properties and at properties
currently managed for others, no signiÑcant value has been ascribed to the tenant relationships at the
properties acquired.
The excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired (including
identiÑed intangible assets) and liabilities assumed is recorded as goodwill. Goodwill is not amortized but is
tested for impairment at a level of reporting referred to as a reporting unit on an annual basis, or more
frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment loss
for an asset group is allocated to the long-lived assets of the group on a pro-rata basis using the relative
carrying amounts of those assets, unless the fair value of speciÑc components of the reporting group are
determinable without undue cost and eÅort.
Investments in Unconsolidated Real Estate AÇliates
We account for investments in joint ventures where we own a non-controlling joint interest using the equity
method. Under the equity method, the cost of our investment is adjusted for our share of the equity in earnings
of such Unconsolidated Real Estate AÇliates from the date of acquisition and reduced by distributions
received. Generally, the operating agreements with respect to our Unconsolidated Real Estate AÇliates
provide that assets, liabilities and funding obligations are shared in accordance with our ownership percent-
ages. Therefore, we generally also share in the proÑt and losses, cash Öows and other matters relating to our
Unconsolidated Real Estate AÇliates in accordance with our respective ownership percentages. Except for
Retained Debt (as described and deÑned in Note 5), diÅerences between the carrying value of our investment
in the Unconsolidated Real Estate AÇliates and our share of the underlying equity of such Unconsolidated
Real Estate AÇliates are amortized over lives ranging from Ñve to forty years. These diÅerences totaled
approximately $80.2 million as of December 31, 2004 and $49.0 million as of December 31, 2003.
F-12
For those joint ventures where we own less than a 5% interest and have virtually no inÖuence on the joint
venture's operating and Ñnancial policies, we account for our investments using the cost method.
Cash and Cash Equivalents

Highly-liquid investments with maturities at dates of purchase of three months or less are classiÑed as cash
equivalents.
Leases
Leases which transfer substantially all the risks and beneÑts of ownership to tenants are considered Ñnance
leases and the present values of the minimum lease payments and the estimated residual values of the leased
properties, if any, are accounted for as receivables. Leases which transfer substantially all the risks and beneÑts
of ownership to us are considered capital leases and the present values of the minimum lease payments are
accounted for as assets and liabilities.
Deferred Expenses
Deferred expenses consist principally of Ñnancing fees and leasing costs and commissions. Deferred Ñnancing
fees are amortized to interest expense using the interest method (or other methods which approximate the
interest method) over the terms of the respective agreements. Deferred leasing costs and commissions are
amortized using the straight-line method over the average life of the tenant leases. Deferred expenses in the
accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of $128.3 mil-
lion as of December 31, 2004 and $94.1 million as of December 31, 2003.
Minority Interest Ì Common (Note 11)

Income is allocated to the holders of the Common Units (the ""OP Minority Interests'') based on their
ownership percentage of the Operating Partnership. This ownership percentage, as well as the total net assets
of the Operating Partnership, change when additional shares of our common stock or Operating Partnership
Common Units are issued. Such changes result in an allocation between stockholders' equity and OP Minority
Interests in the accompanying consolidated balance sheets. Due to the number of such capital transactions
that occur each period, we have presented a single net eÅect of all such allocations for the period as the
""Adjustment for Minority Interest in Operating Partnership'' (rather than separately allocating the minority
interest for each individual capital transaction).
Revenue Recognition and Related Matters

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases (Note 14).
Minimum rent revenues also include amounts collected from tenants to allow the termination of their leases
prior to their scheduled termination dates and accretion related to above and below-market leases on
properties acquired as provided by FASB Statements No. 141, ""Business Combinations'' (""SFAS 141'') and
No. 142, ""Goodwill and Intangible Assets'' (""SFAS 142'') as follows:
2004 2003 2002
(In thousands)
Lease termination fees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 7,942 $ 9,694 $8,303
Above and below-market lease accretion ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27,591 16,551 4,589
As of December 31, 2004, straight-line rents receivable, which represent the current net cumulative rents
recognized prior to when billed and collectible as provided by the terms of the leases, of approximately
$91.8 million are included in tenant accounts receivable, net in the accompanying consolidated balance sheet.
F-13
We provide an allowance for doubtful accounts against the portion of accounts receivable, including straight-
line rents, which is estimated to be uncollectible. Such allowances are reviewed periodically based upon our
recovery experience. We also evaluate the probability of collecting future rent which is recognized currently
under a straight-line methodology. This analysis considers the long-term nature of our leases, as a certain
portion of the straight-line rent currently recognizable will not be billed to the tenant until many years into the
future. Our experience relative to unbilled deferred rent receivable is that a certain portion of the amounts
straight-lined into revenue are never collected from (or billed to) the tenant due to early lease terminations.
For that portion of the otherwise recognizable deferred rent that is not deemed to be probable of collection, no
revenue is recognized. Accounts receivable in the accompanying consolidated balance sheets are shown net of
an allowance for doubtful accounts of $48.6 million as of December 31, 2004 and $12.9 million as of
December 31, 2003.
Overage rents are recognized on an accrual basis once tenant sales revenues exceed contractual tenant lease
thresholds. Recoveries from tenants are computed as a formula related to real estate taxes, insurance and other
shopping center operating expenses and are generally recognized as revenues in the period the related costs are
incurred.
Management and other fees primarily represent management and leasing fees, Ñnancing fees and fees for other
ancillary services performed by GGMI and other subsidiaries (generally TRS entities owned by TRCLP) for
the beneÑt of the Unconsolidated Real Estate AÇliates and for independent third-party investors. Such fees
are recognized as revenue as the services are rendered.
Revenues from land sales are recognized using the full accrual method provided that various criteria relating
to the terms of the transactions and our subsequent involvement with the land sold are met. Revenues relating
to transactions that do not meet the established criteria are deferred and recognized when the criteria are met
or using the installment or cost recovery methods, as appropriate in the circumstances. For land sale
transactions in which we are required to perform additional services and incur signiÑcant costs after title has
passed, revenues and cost of sales are recognized on a percentage of completion basis.
Cost of land sales is determined as a speciÑed percentage of land sales revenues recognized for each
community development project. The cost ratios used are based on actual costs incurred and estimates of
development costs and sales revenues to completion of each project. The ratios are reviewed regularly and
revised for changes in sales and cost estimates or development plans. SigniÑcant changes in these estimates or
development plans, whether due to changes in market conditions or other factors, could result in changes to
the cost ratio used for a speciÑc project. The speciÑc identiÑcation method is used to determine cost of sales
for certain parcels of land, including acquired parcels we do not intend to develop or for which development is
complete at the date of acquisition.
Income Taxes (Note 7)

Deferred income taxes are accounted for using the asset and liability method, which reÖects the impact of the
temporary diÅerences between the amounts of assets and liabilities for Ñnancial reporting purposes and the
bases of such assets and liabilities as measured for tax purposes. Deferred income taxes also reÖect the impact
of operating loss and tax credit carry forwards based on enacted tax rates expected to be in eÅect when such
amounts are realized or settled. Deferred tax assets are reduced by a valuation allowance to the amount where
realization is more likely than not assured after considering all available evidence, including tax planning
strategies and other factors.
Earnings Per Share (""EPS'')

Basic earnings per share (""EPS'') is computed by dividing net income available to common stockholders by
the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the
F-14
numerator and denominator of the basic EPS computation for the eÅects of all potentially dilutive common
shares during the period. The dilutive eÅects of convertible securities are computed using the ""if-converted''
method and the dilutive eÅects of options, warrants and their equivalents (including Ñxed awards and
nonvested stock issued under stock-based compensation plans) are computed using the ""treasury stock''
method.
Dilutive EPS excludes options where the exercise price was higher than the average market price of our
common stock and, therefore, the eÅect would be anti-dilutive and options for which the conditions which
must be satisÑed prior to the issuance of any such shares were not achieved. Such options totaled 1,590,974 in
2004, 21,000 in 2003 and 384,375 in 2002. Outstanding Common Units have also been excluded from the
diluted earnings per share calculation because there would be no eÅect on EPS as the minority interests' share
of income would also be added back to net income.
Information related to our EPS calculations is summarized as follows:

2004 2003 2002
Basic Diluted Basic Diluted Basic Diluted
(In thousands)
Numerators:
Income from continuing
operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $253,652 $253,652 $255,563 $255,563 $206,751 $206,751
Convertible preferred stock
dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì (13,030)* Ì (24,467)* Ì
Income from continuing
operations available to common
stockholdersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 253,652 253,652 242,533 255,563 182,284 206,751
Discontinued operations, net of
minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏ 14,200 14,200 7,848 7,848 2,507 2,507
stockholdersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $267,852 $267,852 $250,381 $263,411 $184,791 $209,258
Denominators:
Weighted average number of
common shares outstanding Ì
basicÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 220,149 220,149 200,875 200,875 186,544 186,544
EÅect of dilutive securities Ì
options (and PIERS in 2003
and 2002*) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 680 Ì 14,204 Ì 26,009
Weighted average number of
common shares outstanding ÏÏÏ 220,149 220,829 200,875 215,079 186,544 212,553
* For the twelve months ended December 31, 2003 and 2002, the eÅect of the issuance of the PIERS is
dilutive and, therefore, no adjustment of net income is made as the PIERS dilution is reÖected in the
denominator of the diluted EPS calculation.
Derivative Financial Instruments
We use derivative Ñnancial instruments to reduce risk associated with movements in interest rates. We may
choose to reduce cash Öow and earnings volatility associated with interest rate risk exposure on variable-rate
borrowings and/or forecasted Ñxed-rate borrowings. In some instances, lenders may require us to do so. In
F-15
order to limit interest rate risk on variable-rate borrowings, we may enter into interest rate swaps or interest
rate caps to hedge speciÑc risks. We do not use derivative Ñnancial instruments for speculative purposes.
Under interest rate cap agreements, we make initial premium payments to the counterparties in exchange for
the right to receive payments from them if interest rates exceed speciÑed levels during the agreement period.
Under interest rate swap agreements, we and the counterparties agree to exchange the diÅerence between
Ñxed-rate and variable-rate interest amounts calculated by reference to speciÑed notional principal amounts
during the agreement period. Notional principal amounts are used to express the volume of these transactions,
but the cash requirements and amounts subject to credit risk are substantially less.
Parties to interest rate exchange agreements are subject to market risk for changes in interest rates and risk of
credit loss in the event of nonperformance by the counterparty. We do not require any collateral under these
agreements but deal only with highly-rated Ñnancial institution counterparties (which, in certain cases, are
also the lenders on the related debt) and expect that all counterparties will meet their obligations.
Substantially all of the interest rate swap and other derivative Ñnancial instruments we used in 2004, 2003 and
2002 qualiÑed as cash Öow hedges and hedged our exposure to forecasted interest payments on variable-rate
LIBOR-based debt. Accordingly, the eÅective portion of the instruments' gains or losses is reported as a
component of other comprehensive income and reclassiÑed into earnings when the related forecasted
transactions aÅect earnings. If we discontinue a cash Öow hedge because it is no longer probable that the
original forecasted transaction will occur, the net gain or loss in accumulated other comprehensive income
(loss) is immediately reclassiÑed into earnings. If we discontinue a cash Öow hedge because the variability of
the probable forecasted transaction has been eliminated, the net gain or loss in accumulated other
comprehensive income is reclassiÑed to earnings over the term of the designated hedging relationship.
We have not recognized any losses as a result of hedge discontinuance, and the expense that we recognized
related to changes in the time value of interest rate cap agreements was insigniÑcant for 2004, 2003 and 2002.
Amounts receivable or payable under interest rate cap and swap agreements are accounted for as adjustments
to interest expense on the related debt.
Fair Value of Financial Instruments

FASB Statement No. 107, ""Disclosure about the Fair Value of Financial Instruments'' (""SFAS 107'')
requires disclosure of the fair value of Ñnancial instruments for which it is practicable to estimate that value.
SFAS 107 does not apply to all balance sheet items. Fair values of Ñnancial instruments approximate their
carrying value in our Ñnancial statements except for debt.
We estimated the fair value of our debt based on quoted market prices for publicly-traded debt and on the
discounted estimated future cash payments to be made for other debt. The discount rates used approximate
current lending rates for loans or groups of loans with similar maturities and credit quality, assume the debt is
outstanding through maturity and consider the debt's collateral. We have utilized market information as
available or present value techniques to estimate the amounts required to be disclosed. Since such amounts are
estimates, there can be no assurance that the disclosed value of any Ñnancial instrument could be realized by
immediate settlement of the instrument.
2004 2003
Carrying Estimated Carrying Estimated
Amount Fair Value Amount Fair Value
(In millions)
Fixed-rate debtÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $11,120 $11,368 $4,052 $4,165
Variable-rate debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,191 9,187 2,597 2,597
$20,311 $20,555 $6,649 $6,762
F-16
Stock Options (Note 10)
During the second quarter of 2002, we elected to prospectively adopt the fair value based employee stock-
based compensation expense recognition provisions of FASB Statement No. 123, ""Accounting for Stock-
Based Compensation'' (""SFAS 123''). We had previously applied the intrinsic value based expense
recognition provisions set forth in APB Opinion No. 25, ""Accounting for Stock Issued to Employees''
(""APB 25''). Under APB 25, compensation cost is recognized for awards of shares of common stock or stock
options only if the quoted market price of the stock as of the grant date (or other measurement date, if later)
is greater than the amount the grantee must pay to acquire the stock. Had compensation costs for options
granted in 2001 and prior years been determined in accordance with SFAS 123, our net income available to
common stockholders would have been nominally reduced but there would have been no eÅect on reported
basic or diluted earnings per share.
Foreign Currency Translation
The functional currency for our joint venture in Brazil is its local currency. Assets and liabilities of this
investment are translated at the rate of exchange in eÅect on the balance sheet date. Translation adjustments
resulting from this process are accumulated in stockholders' equity as a component of accumulated other
comprehensive income.
Use of Estimates
The preparation of Ñnancial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions. These estimates and
assumptions aÅect the reported amounts of assets and liabilities and the disclosure of contingent assets and
liabilities at the date of the Ñnancial statements and the reported amounts of revenues and expenses during the
reporting period. For example, signiÑcant estimates and assumptions have been made with respect to useful
lives of assets, capitalization of development and leasing costs, recoverable amounts of receivables and
deferred taxes, initial valuations and related amortization periods of deferred costs and intangibles, particularly
with respect to acquisitions, and cost ratios and completion percentages used for land sales. Actual results
could diÅer from these and other estimates.
ReclassiÑcations
Certain amounts in the 2003 and 2002 consolidated Ñnancial statements, including discontinued operations
(Note 4), have been reclassiÑed to conform to the current year presentation.
Note 3 Acquisitions
The Rouse Company
We acquired The Rouse Company (""TRC''), a real estate development and management company, on
November 12, 2004 (the ""TRC Merger''). Immediately following the TRC Merger, TRC was, through a
series of transactions, converted to a limited partnership (""TRCLP'') wholly-owned by the Operating
Partnership and its subsidiaries. The results of TRCLP's operations have been included in our consolidated
Ñnancial statements since that date. We believe the TRCLP acquisition will further strengthen our retail
property portfolio, further diversify our portfolio geographically and with our tenants, provide us with an
entrance into new lines of business and result in improved productivity at the former TRCLP properties as
well as create other merger synergies.
F-17
The aggregate purchase price was as follows:

(In thousands)
Purchase of outstanding Rouse shares:
Shares purchased ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 103,718,038
Price per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 65.20526 $ 6,762,962
Liabilities assumed:
Debt:
TRCLP historicalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 5,023,444
Purchase price adjustmentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 114,331 5,137,775
Below-market leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 154,651
Liabilities:
TRCLP historicalÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 826,679
Purchase price adjustmentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,057,570 1,884,249
Merger costs:
Employee related ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 260,612
Legal, investment advisory, accounting and other fees ÏÏÏÏÏÏÏÏÏ 127,270
Total purchase price ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $14,327,519
The following table summarizes the estimated fair values of the assets acquired at the date of acquisition.
These fair values were based, in part, on preliminary third-party market valuations. Because these fair values
were based on currently available information and assumptions and estimates that we believe are reasonable at
this time, they are subject to reallocation as additional information becomes available.
(In thousands)
Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,314,711
Building and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 8,206,370
Developments in progressÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 383,996
Investment in and loans to/from Unconsolidated Real Estate AÇliates ÏÏÏÏÏÏÏÏÏÏ 1,236,299
Investment land and land held for development and sale ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,645,700
Cash ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 29,077
Tenant accounts receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 84,424
Prepaid expenses and other assets:
Below-market ground leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 382,328
Above-market tenant leases ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 141,048
Deferred tax assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 145,243
GoodwillÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 356,796
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 401,527
1,426,942
$14,327,519
F-18
Other Acquisitions in 2004

‚ On January 7, 2004, we acquired a 50% membership interest in a limited liability company (""Burlington
LLC'') which owns Burlington Town Center, an enclosed mall in Burlington, Vermont for approximately
$10.25 million. Approximately $9.0 million was funded in cash at closing with the remaining amounts to be
funded in cash as necessary. In addition, at closing we made a $31.5 million mortgage loan to Burlington
LLC to replace the existing mortgage Ñnancing which had been collateralized by the property. The new
mortgage loan requires monthly payments of principal and interest, bears interest at an annual rate of 5.5%
and is scheduled to mature in January 2009. We have an annual preferential return of 10% on our
investment and an option to purchase the remaining 50% interest in Burlington LLC on or before January
2007 for approximately $10.25 million.
‚ On January 16, 2004, we acquired Redlands Mall, an enclosed mall in Redlands, California, which is
currently under redevelopment, for approximately $14.25 million. The consideration was paid from cash on
hand and proceeds from borrowings under our credit facilities.
‚ On March 1, 2004, we acquired the remaining 50% general partnership interest in Town East Mall in
Mesquite, Texas from our unaÇliated joint venture partner for approximately $44.5 million, which was paid
in cash from cash on hand and proceeds from borrowings under our credit facilities.
‚ On March 5, 2004, we acquired Four Seasons Town Centre, an enclosed mall in Greensboro, North
Carolina, for approximately $161.0 million. The consideration was paid by the assumption of approximately
$134.4 million in existing long-term non-recourse mortgage debt (bearing interest at an annual rate of
approximately 5.6% and scheduled to mature in December 2013), approximately $25.1 million in
7% convertible preferred units of Operating Partnership interest (which are more fully described in
Note 11) and the remaining amounts in cash, primarily from amounts borrowed under our credit facilities.
Immediately following the closing, we prepaid approximately $22.4 million of the assumed debt using cash
on hand.
‚ On April 30, 2004, we completed an agreement to form a joint venture to develop and subsequently own and
manage a retail center in San Jose, Costa Rica. The venture, GSG de Costa Rica SRL (""GGP/Sambil
Costa Rica''), is owned by a wholly-owned subsidiary of the Operating Partnership and two independent
Latin American real estate investment and development Ñrms. We have committed to invest approximately
$12.2 million in GGP/Sambil Costa Rica, of which approximately $9.0 million was paid as of December 31,
2004. An additional $3.2 million, a portion of which will be drawn on a letter of credit provided by us, will be
contributed as additional construction and development costs of the project are incurred. Our cash
investments, the $16.0 million of capital contributions made by the Latin American co-venture partners and
construction Ñnancing to be arranged, are expected to be suÇcient to complete the project, an approxi-
mately 500,000 square foot retail center. The center is expected to open in 2007 or 2008.
‚ On May 11, 2004, we acquired a 50% interest in a joint venture (Hoover Mall Holding, L.L.C.) which
owns, though a wholly-owned subsidiary, Riverchase Galleria, an enclosed regional mall in Birmingham,
Alabama, for approximately $166.0 million. In conjunction with the purchase, the existing loan collateral-
ized by the property was reÑnanced with a new, non-recourse mortgage loan of $200.0 million. The new loan
bears interest at a rate of LIBOR plus 88 basis points, requires monthly payments of interest only and,
assuming all no-cost extension options are exercised, is scheduled to mature in June 2009. In addition, we
have Ñxed the interest rate to be paid on this loan (initially 3.26% per annum with steps up to 5.99% per
annum in 2007) through the use of interest rate swaps.
‚ On May 12, 2004, we acquired the Mall of Louisiana, an enclosed regional mall in Baton Rouge, Louisiana.
The purchase price of $265.0 million was paid with the proceeds of a new $185.0 million acquisition loan
which, at December 31, 2004, bore interest at LIBOR plus 58 basis points. The interest rate will increase in
future periods (to a potential maximum of LIBOR plus 134 basis points) depending upon certain factors
F-19
and certain options regarding the loan rates and maturities elected by us. The loan, which requires monthly
payments of interest only, will mature in July 2009 if all no-cost options to extend are exercised.
‚ On May 17, 2004, we acquired the Grand Canal Shoppes in Las Vegas, Nevada. The purchase price of
approximately $766.0 million was funded by a new $427.0 million non-recourse mortgage loan and a new
unsecured term loan. The new mortgage loan bears interest at an annual rate of 4.78%, provides for monthly
payments of principal and interest and is scheduled to mature in May 2009. The new term loan, with an
initial funding of $350.0 million, was repaid in conjunction with the Ñnancing of the TRC Merger.
‚ On July 30, 2004, we formed a joint venture to own, manage and develop retail properties in Brazil. We
have committed to invest up to approximately $32.0 million for a 50% membership interest in the joint
venture (""GGP/NIG Brazil'') of which approximately $17.5 million was funded as of December 31, 2004.
We will invest the remaining funds (upon the decision of both partners) to acquire additional interests in
the properties currently owned or to acquire interests in other retail centers. The other 50% member in
GGP/NIG Brazil contributed to the joint venture upon formation a 29% interest in an existing retail center
in Salvador, Bahia, a 16.25% interest in an existing retail center in Sao Paulo, Sao Paulo and a 66.25%
interest in an existing retail property management Ñrm. In December 2004, GGP/NIG Brazil acquired a
50% interest in a retail center to be developed in Rio de Janeiro, using funds contributed by us. The property
management Ñrm currently manages the two centers partially owned by GGP/NIG Brazil and seven other
existing retail centers in various urban areas of Brazil for the other member of GGP/NIG Brazil and other
independent owners.
‚ On August 13, 2004, we acquired Stonestown Galleria, an enclosed regional mall in San Francisco,
California. The purchase price was approximately $312.0 million and was paid through a combination of
cash on hand, borrowings under our credit facilities and a $220.0 million variable-rate term loan
collateralized by the property. The term loan bears interest at LIBOR plus 60 basis points, requires monthly
interest-only payments and matures in August 2009 if all no-cost options to extend are exercised. We drew
$27.2 million on the term loan in September 2004 and the remaining available amount of $192.8 million in
October 2004.
In addition to the acquisitions discussed above, we have entered into a separate agreement (the ""Phase II
Agreement''), to acquire the multi-level retail space that is planned to be part of The Palazzo in Las Vegas,
Nevada (the working title of The Venetian's Phase II property), a new approximately 3,000 room
hotel/casino that will be connected to the existing Venetian and the Sands Expo and Convention Center
facilities (the ""Phase II Acquisition'') and the Grand Canal Shoppes described above. The Palazzo is
currently under development and is expected to be completed in 2007. If completed as speciÑed under the
terms of the Phase II Agreement, we will purchase, payable upon grand opening, the Phase II Acquisition
retail space at a price computed on a 6% capitalization rate on the projected net operating income of the
Phase II retail space, as deÑned by the Phase II Agreement (""Phase II NOI''), up to $38.0 million and on a
capitalization rate of 8% on Phase II NOI in excess of $38.0 million, all subject to a minimum purchase price
of $250.0 million. Based on current preliminary plans and estimated rents, the actual purchase price would be
more than double the minimum purchase price. The Phase II Agreement is subject to the satisfaction of
separate and customary closing conditions.
F-20
2003 and 2002 Acquisitions

Gross
Purchase New or
(In millions)
2003
Peachtree Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ April 30 $ 87.6 $ 53.0
Saint Louis Galleria ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ June 11 235.0 176.0
Coronado CenterÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ June 11 175.0 131.0
The remaining 49% ownership interest in GGP
Ivanhoe III ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 1 459.0 268.0
Lynnhaven Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 27 256.5 180.0
Sikes Senter ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 14 61.0 41.5
The Maine Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 29 270.0 202.5
Glenbrook SquareÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ October 31 219.0 164.3
Foothills Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 5 100.5 45.7
Chico Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 23 62.4 30.6
Rogue Valley Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 23 57.5 28.0
$1,983.5 $1,320.6
2002
Victoria Ward, Limited ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ May 28 $ 250.0 $ 50.0
JP Realty, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 10 1,100.0 460.0
Prince Kuhio ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 5 39.0 24.0
50% ownership interest in GGP-TRS L.L.C.
(""GGP/Teachers'') ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ August 26 477.0 412.0
Pecanland Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ September 13 72.0 50.0
Southland Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 4 89.0 65.0
$2,027.0 $1,061.0
(1) Additional funding, including for those acquisitions for which a speciÑc and separate loan was not
obtained, was paid from cash on hand or proceeds from borrowings under our credit facilities.
The principal Victoria Ward, Limited assets include 65 fee simple acres in Kakaako, central Honolulu,
Hawaii, currently improved with, among other uses, an entertainment, shopping and dining district which
includes Ward Entertainment Center, Ward Warehouse, Ward Village and Village Shops. At acquisition in
2002, Victoria Ward owned 17 land parcels each of which was individually ground leased to tenants and
29 buildings containing approximately 878,000 square feet of retail space, as well as approximately
441,000 square feet of oÇce, commercial and industrial leaseable area.
Pursuant to the terms of the 2002 merger agreement with JP Realty, Inc. (""JP Realty''), a publicly-held real
estate investment trust, and its operating partnership subsidiary, Price Development Company, Limited
Partnership (""PDC''), the outstanding shares of JP Realty common stock were converted into $26.10 per
share of cash (approximately $431.5 million). Holders of common units of limited partnership interest in PDC
were entitled to receive $26.10 per unit in cash or, at the election of the holder, .522 8.5% Series B Preferred
Units per unit. Based upon the elections of such holders, 1,426,393 Series B Preferred Units were issued and
the holders of the remaining common units of limited partnership interest of PDC received approximately
F-21
$23.6 million in cash. JP Realty owned or had an interest in 51 properties, including 18 enclosed regional mall
centers (two of which were owned through controlling general partnership interests), 26 anchored community
centers (two of which were owned through controlling general partnership interests), one free-standing retail
property and six mixed-use commercial/business properties, containing an aggregate of over 15.2 million
square feet of GLA in 10 western states. As further described in Note 4, during 2004 we sold certain of the
commercial/business properties acquired in this acquisition.
Concurrent with the formation of GGP/Teachers in 2002, we, through GGP/Teachers, acquired Galleria at
Tyler in Riverside, California, Kenwood Towne Centre in Cincinnati, Ohio and Silver City Galleria in
Taunton, Massachusetts from an institutional investor.
Note 4 Discontinued Operations
In August 2004, our Board of Directors approved plans to dispose of certain of the commercial/business
properties originally acquired in the JP Realty acquisition in July 2002. The sale closed on November 1, 2004
for $67.4 million and a gain of approximately $11.2 million was recognized.
The carrying amounts for these properties as of December 31, 2003 were as follows:
(In thousands)
Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $13,246
Buildings and equipment, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 38,062
Tenant accounts receivable, netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,337
Deferred expenses, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27
Cash, prepaid and other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 60
Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (110)
Net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $52,622
On March 31, 2003, we sold McCreless Mall in San Antonio, Texas for aggregate consideration of
$15.0 million (which was paid in cash at closing). We recorded a gain of approximately $4.0 million for
Ñnancial reporting purposes on the sale of the mall. McCreless Mall was purchased in 1998 as part of a
portfolio of eight shopping centers.
Pursuant to SFAS No. 144, the operations of the JP Realty commercial/business properties and McCreless
Mall (net of minority interest) have been reported as discontinued operations in the accompanying
consolidated Ñnancial statements. Revenues and net income, before minority interests, were as follows:
2004 2003 2002
(In thousands)
Revenues:
JP Realty commercial/business propertiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $6,118 $7,937 $3,236
McCreless ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 859 3,789
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $6,118 $8,796 $7,025
Net Income:
JP Realty commercial/business propertiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,801 $5,030 $1,911
McCreless ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 292 1,361
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,801 $5,322 $3,272
F-22
Note 5 Investments in Unconsolidated AÇliates

As of December 31, 2004, we held ownership interests in various unconsolidated joint ventures, collectively,
the ""Unconsolidated Real Estate AÇliates.'' Generally, we share in the proÑts and losses, cash Öows and other
matters relating to our investments in Unconsolidated Real Estate AÇliates in accordance with our respective
ownership percentages. We manage most of the properties owned by these joint ventures. Some of the joint
ventures have elected to be taxed as REITs.
Certain of the properties were contributed to the joint venture subject to existing Ñnancing, as modiÑed by
certain replacement Ñnancing (""Retained Debt''), in order to balance the net equity values of the properties
contributed by each of the venture partners. We are obligated to fund all amounts related to Retained Debt
including any shortfalls of any subsequent sale or reÑnancing proceeds of the properties against their respective
loan balances to the extent of such Retained Debt. Retained Debt totaled $148.7 million as of December 31,
2004 and $222.7 million as of December 31, 2003.
New York State Common Retirement Fund (""NYSCRF''), our partner in GGP/Homart, Inc. (""GGP/
Homart''), has an exchange right which permits it to convert its ownership interest in GGP/Homart to shares
of our common stock. If this exchange right is exercised, we may alternatively satisfy it in cash.
During certain periods in 2006 or 2009, our partner in GGP Ivanhoe, IV, Inc. has the right to require us to
purchase all of its GGP Ivanhoe IV, Inc. common stock for a purchase price equal to the fair value of such
stock. We can satisfy this obligation in any combination of cash or our common stock.
The signiÑcant accounting policies used by the Unconsolidated Real Estate AÇliates are the same as ours.
F-23
Summarized Financial Information of our Investments in Unconsolidated Real Estate AÇliates

Following is summarized Ñnancial information for our Unconsolidated Real Estate AÇliates as of Decem-
ber 31, 2004 and 2003 and for the years ended December 31, 2004, 2003 and 2002.
December 31,
2004 2003
(In thousands)
Combined Balance Sheets Ì Unconsolidated Real Estate AÇliates
Assets:
Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 852,137 $ 532,036
Buildings and equipmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,398,555 4,698,202
Less accumulated depreciationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (982,616) (600,432)
Developments in progress ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 220,486 100,197
Net property and equipmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,488,562 4,730,003
Investment in unconsolidated joint ventures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 56,362 11,876
Investment land and land held for development and sale ÏÏÏÏÏÏÏÏÏÏÏ 257,555 Ì
Net investment in real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,802,479 4,741,879
Cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 134,399 107,214
Tenant accounts receivable, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 119,446 82,090
Deferred expenses, netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 175,446 120,156
Prepaid expenses and other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 261,555 99,042
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 8,493,325 $5,150,381
Liabilities and Owners' Equity:

Mortgage notes and other property debt payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 5,601,137 $3,542,173
Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 416,426 232,120
Minority interestÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 991 117
Owners' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,474,771 1,375,971
Total liabilities and owners' equityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 8,493,325 $5,150,381
Investment in and Loans to/from Unconsolidated Real Estate
AÇliates
Owners' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,474,771 $1,375,971
Less joint venture partners' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,258,133) (794,402)
Capital or basis diÅerences and loans ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 728,903 49,044
Investment in and loans to/from Unconsolidated Real Estate
AÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,945,541 $ 630,613
F-24

2004 2003 2002
(In thousands)
Combined Statements of Operations Ì Unconsolidated Real Estate
AÇliates
Revenues:
Minimum rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 569,287 $ 559,020 $ 484,539
Tenant recoveries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 265,296 272,536 236,700
Overage rentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 21,421 15,592 16,769
Land sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 38,681 Ì Ì
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 35,636 15,123 13,001
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 930,321 862,271 751,009
Expenses:
Real estate taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 77,513 78,449 65,904
Repairs and maintenance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 59,051 64,865 56,340
MarketingÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 25,859 27,504 25,294
Other property operating costsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 145,655 117,053 98,767
Land sales operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,101 Ì Ì
Provision for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,389 3,197 3,433
Property management and other costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 47,042 48,807 40,818
General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,427 2,099 536
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 171,756 158,483 136,717
Total expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 557,793 500,457 427,809
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 372,528 361,814 323,200
Interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,779 5,757 14,976
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (179,808) (174,862) (161,339)
Equity in income of unconsolidated joint ventures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,110 4,640 4,938
Net income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 201,609 $ 197,349 $ 181,775
Equity in Income of Unconsolidated AÇliates
Total income of Unconsolidated Real Estate AÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 201,609 $ 197,349 $ 181,775
Joint venture partners' share of income of Unconsolidated Real Estate
AÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (103,768) (98,226) (90,449)
Amortization of capital or basis diÅerences ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (9,633) (3,263) (4,717)
Elimination of Unconsolidated Real Estate AÇliate loan interest ÏÏÏÏÏ (17) (1,380) (5,784)
Equity in income of unconsolidated aÇliatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 88,191 $ 94,480 $ 80,825
F-25
Summarized Financial Information of Individually SigniÑcant Unconsolidated Real Estate AÇliates

We own 50% of the membership interest of GGP/Homart II L.L.C. (""GGP/Homart II''), a limited liability
company. The remaining 50% interest in GGP/Homart II is owned by NYSCRF. GGP Homart II owns 10
retail properties.
December 31,
2004 2003
(In thousands)
Assets:
Land ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 190,707 $ 214,740
Buildings and equipmentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,957,969 1,863,033
Less accumulated depreciationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (205,637) (151,663)
Developments in progress ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 63,970 40,261
Net investment in real estate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,007,009 1,966,371
Cash and cash equivalents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 23,149 5,999
Tenant accounts receivable, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 32,265 28,241
Deferred expenses, netÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 59,102 59,658
Prepaid expenses and other assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 36,236 39,662
Total assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,157,761 $2,099,931
Liabilities and Owners' Equity:

Mortgage notes and other property debt payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,331,301 $1,317,607
Accounts payable and accrued expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 81,574 76,290
Minority interestÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 117 117
Owners' equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 744,769 705,917
Total liabilities and owners' equityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,157,761 $2,099,931
F-26
Years Ended December 31

2004 2003 2002
Revenues:
Minimum rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $184,402 $177,739 $136,405
Tenant recoveries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 90,969 85,194 65,837
Overage rentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,530 5,552 4,063
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,279 5,727 2,745
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 286,180 274,212 209,050
Expenses:
Real estate taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 27,030 24,493 19,068
Repairs and maintenance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 18,734 18,455 13,506
MarketingÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,504 9,271 6,901
Other property operating costsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 34,224 34,387 23,152
Provision for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,591 1,733 578
Property management and other costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 16,176 15,892 11,357
General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,223 577 63
Depreciation and amortizationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 56,420 53,243 39,397
Total expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 167,902 158,051 114,022
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 118,278 116,161 95,028
Interest income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,493 4,189 11,074
Interest expenseÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (55,780) (60,491) (49,657)
Net Income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 63,991 $ 59,859 $ 56,445
Note 6 Mortgage Notes and Other Property Debt Payable

Mortgage notes and other debt payable are summarized as follows:
December 31,
2004 2003
(In thousands)
Fixed-rate debt:
Commercial mortgage-backed securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 332,526 $ 307,802
Other collateralized mortgage notes and other debt payable ÏÏÏÏÏÏ 9,036,659 3,645,163
Corporate and other unsecured term loans ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,750,882 99,279
Total Ñxed-rate debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,120,067 4,052,244
Variable-rate debt:
Commercial mortgage-backed securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 361,239 495,746
Other collateralized mortgage notes and other debt payable ÏÏÏÏÏÏ 2,189,059 1,176,750
Credit facilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 150,000 789,000
Corporate and other unsecured term loans ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,490,582 135,750
Total variable-rate debt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,190,880 2,597,246
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $20,310,947 $6,649,490
F-27
As of December 31, 2004, approximately $21.6 billion of land, buildings and equipment and investment land
and land held for development and sale have been pledged as collateral for our collateralized mortgage notes
and other debt payable. Certain properties, including those within the portfolios collateralized by commercial
mortgage-backed securities, are subject to Ñnancial performance covenants, primarily debt service coverage
ratios.
Our mortgage notes and other debt payable have various maturities through 2095. The weighted-average
remaining term of our mortgage notes and other debt payable was 4.5 years as of December 31, 2004.
Commercial Mortgage-Backed Securities
In early December 2001, the Operating Partnership and certain Unconsolidated Real Estate AÇliates
completed the placement of $2.55 billion of non-recourse commercial mortgage pass-through certiÑcates (the
""GGP MPTC''). As of December 31, 2004, the GGP MPTC had an outstanding balance of approximately
$1.1 billion (including $390.9 million by Unconsolidated Real Estate AÇliates) and was collateralized by
11 malls and one oÇce building, including six malls owned by Unconsolidated Real Estate AÇliates.
The GGP MPTC requires monthly payments of principal and interest. The certiÑcates represent beneÑcial
interests in three loan groups made by three sets of borrowers (the Operating Partnership and certain
Unconsolidated Real Estate AÇliates). The terms of the notes comprising the GGP MPTC are as follows:
Initial Maturity Interest Term Interest Rate Weighted-average Interest Rate
36 months(1) ÏÏÏÏÏÏÏ Variable LIBOR plus 60 to 235 basis points LIBOR plus 79 basis points
51 months(2) ÏÏÏÏÏÏÏ Variable LIBOR plus 70 to 250 basis points LIBOR plus 103 basis points
5 years ÏÏÏÏÏÏÏÏÏÏÏÏÏ Fixed 5.01 to 6.18% 5.38%
(1) With two no-cost 12-month extension options, one of which was exercised in 2004.
(2) With two no-cost 18-month extension options.
The extension options are subject to obtaining extensions of the interest rate protection agreements which
were required to be obtained in conjunction with the GGP MPTC.
Other Collateralized Mortgage Notes and Other Debt Payable
Collateralized mortgage notes and other debt payable consist primarily of non-recourse notes collateralized by
individual or groups of properties and equipment. Substantially all of the mortgage notes are non-recourse to
us. Certain mortgage notes payable may be prepaid but are generally subject to a prepayment penalty equal to
a yield-maintenance premium or a percentage of the loan balance. Certain loans have cross-default provisions
and are cross-collateralized. Under certain cross-default provisions, a default under any mortgage note
included in a cross-defaulted package may constitute a default under all such mortgage notes in the package
and may lead to acceleration of the indebtedness due on each property within the collateral package. In
general, the cross-defaulted properties are under common ownership. However, Ñxed-rate debt collateralized
by two joint venture properties (totaling $138.6 million) is cross-defaulted and cross-collateralized with debt
(totaling $868.8 million) collateralized by 11 Consolidated Properties.
The Ñxed-rate collateralized mortgage notes and other debt payable bear interest ranging from 3.11% to
10.15%. The variable-rate collateralized mortgage notes and other debt payable bear interest at LIBOR plus
58 to 213 basis points.
F-28
2004 Credit Facility

We entered into a credit agreement on November 12, 2004 to fund the cash portion of the TRC Merger
consideration and, with other cash and Ñnancing sources, fund other costs of the merger transaction. The
terms of the notes comprising the 2004 Credit Facility are as follows:
Initial Outstanding At
Capacity December 31, 2004
(In millions)
Six-month bridge loanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,145.0 $ 749.9
Three-year term loanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,650.0 3,650.0
Four-year term loanÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,000.0 2,000.0
Revolving credit facility ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 500.0 150.0
$7,295.0 $6,549.9
We have the ability to extend the maturity of up to $600 million of the bridge loan for an additional six
months. Principal repayment of the three-year $3.65 billion term loan begins in November 2005 with semi-
annual payments in 2006, quarterly payments in 2007 and a Ñnal $1.775 billion payment in November 2007.
Principal repayment of the four-year $2 billion term loan begins in March 2005 with quarterly payments
through September 2008 and a Ñnal $1.925 billion payment in November 2008. The credit agreement
currently bears interest at a weighted-average rate of LIBOR plus approximately 2.22 percent.
We are generally required to apply the net proceeds of future mortgage Ñnancings and reÑnancings, sales of
equity, and asset dispositions (including by casualty or condemnation) toward prepayment of the credit
agreement in accordance with various priorities set out in the credit agreement. Exceptions to this requirement
include capital expenditures, $500 million annually per our written request to the lenders and other items. The
credit agreement is secured by a pledge of the Operating Partnership's ownership interest in TRCLP and in
GGPLP L.L.C and also by a pledge of the interest in an operating account in which we will deposit any
distributions the Operating Partnership receives from our interests in the TRCLP companies.
During the term of the facility, we are subject to customary aÇrmative and negative covenants. Upon the
occurrence of an event of default contained in the credit agreement, the lenders under the facilities will have
the option of declaring immediately due and payable all amounts outstanding under the agreement. The credit
agreement contains events of default including failure to maintain our status as a REIT under the Internal
Revenue Code, failure to remain listed on the New York Stock Exchange and such customary events as
nonpayment of principal, interest, fees or other amounts, breach of representations and warranties, breach of
covenant, cross-default to other indebtedness and certain bankruptcy events.
Credit Facilities
In April 2003, we established the ""2003 Credit Facility,'' a revolving credit facility and term loan with initial
borrowing availability of approximately $779.0 million (which was subsequently increased to approximately
$1.25 billion). The 2003 Credit Facility was repaid in November 2004, had a term of three years and provided
for partial amortization of the principal balance of the term loan in the second and third years.
Unsecured Term Loans

In conjunction with the TRC Merger, we assumed $1.6 billion of publicly-traded unsecured debt. Included in
this total is $46.6 million of unsecured, medium-term notes which bear interest at Ñxed rates of 8.09% to
8.78% and mature at various dates from 2005 to 2007. The remaining $1.1 billion of publicly-traded unsecured
debt bears interest at Ñxed rates ranging from 3.65% to 8.00% and matures at various dates from 2008 to 2013.
F-29
During August 2002, we arranged for an aggregate of $150.0 million in loans from two separate groups of
banks. We borrowed $80.0 million on this loan in August 2002 and $70.0 million in September 2002. These
two-year loans were repaid in 2004, provided for quarterly partial amortization of principal, bore interest at
LIBOR plus 100 basis points and required the remaining balance to be paid at maturity (unless extended,
under certain circumstances, for an additional nine months).
In conjunction with our acquisition of JP Realty in 2002, we assumed $100 million of ten-year senior
unsecured notes which bear interest at a Ñxed rate of 7.29% and were issued by PDC in March 1998. The
notes require semi-annual interest payments. Annual principal payments will begin in March 2005.
Interest Rate Swaps

Concurrent with the issuance of the GGP MPTC certiÑcates, we purchased interest rate protection
agreements which were structured to limit our exposure to interest rate Öuctuations. An equal amount of
interest rate protection agreements were simultaneously sold to fully oÅset the eÅect of these agreements and
to recoup a substantial portion of the cost of such agreements.
To achieve a more desirable balance between Ñxed and variable-rate debt, we have also entered into certain
swap agreements as follows:
2004 Credit
GGP MPTC Agreement Property SpeciÑc
Total notional amount (in millions)ÏÏÏÏ $ 375.0 $ 350.0 $ 15.4

Average Ñxed eÅective rate (pay rate) 4.26% 3.43% 4.71%
Average variable interest rate of related
debt (receive rate) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ LIBOR ° .92 LIBOR ° 2.25 LIBOR ° 2.13
Such swap agreements have been designated as cash Öow hedges and are intended to hedge our exposure to
future interest payments on the related variable-rate debt.
Letters of Credit and Surety Bonds

We had outstanding letters of credit and surety bonds of approximately $194 million as of December 31, 2004,
primarily in connection with insurance requirements, special real estate assessments and construction
obligations.
Note 7 Income Taxes

We elected to be taxed as a real estate investment (""REIT'') trust under sections 856-860 of the Internal
Revenue Code of 1986 (the ""Code''), commencing with our taxable year beginning January 1, 1993. To
qualify as a REIT, we must meet a number of organizational and operational requirements, including
requirements to distribute at least 90% of our ordinary taxable income and to distribute to stockholders or pay
tax on 100% of capital gains and to meet certain asset and income tests. It is management's current intention
to adhere to these requirements.
As a REIT, we will generally not be subject to corporate level Federal income tax on taxable income we
distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject
to Federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and
may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a
REIT, we may be subject to certain state and local taxes on our income or property, and to Federal income
and excise taxes on our undistributed taxable income. In addition, we are subject to rules which may impose
corporate income tax on certain built-in gains recognized upon the disposition of assets owned by our
subsidiaries where such subsidiaries (or other predecessors) had formerly been C corporations. These rules
F-30
apply only where the disposition occurs within certain speciÑed recognition periods. SpeciÑcally, in the case of
the TRC assets, we may be subject to tax on built-in gain recognized upon the disposition prior to January 1,
2008 of assets owned by TRC on January 1, 1998, the eÅective date of TRC's REIT election. At
December 31, 2004, the total amount of built-in gains with respect to our assets is substantial. However, we
intend to utilize tax strategies such as dispositions through like-kind exchanges and the use of net operating
loss carryforwards to limit or oÅset the amount of such gains and therefore the amount of tax paid.
We also have subsidiaries which we have elected to be treated as taxable real estate investment trust
subsidiaries (""TRSs'') and which are, therefore, subject to Federal and state income taxes. Our primary TRSs
include GGMI, entities which own our planned community properties and other TRSs acquired in the TRC
Merger. Current Federal income taxes of certain of these TRSs are likely to increase in future years as we
exhaust certain net loss carry forwards of such entities and as certain planned community developments are
completed. Such increases could be signiÑcant.
The income tax provision was insigniÑcant in 2003 and 2002. The income tax provision (beneÑt) for the year
ended December 31, 2004 primarily relates to the TRS operations acquired in the TRC Merger. Accordingly,
the current year provision reÖects the operations of the acquired TRSs for the period November 13, 2004
through December 31, 2004.
(In thousands)
Current ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 390
Deferred ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,993
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,383
Income tax expense for the year ended December 31, 2004 is reconciled to the amount computed by applying
the Federal corporate tax rate as follows:
(In thousands)
Tax at statutory rate on earnings from continuing operations before income taxesÏÏ $ 89,612
Increase (decrease) in valuation allowances, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,110)
State income taxes, net of Federal income tax beneÑt ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 115
Tax at statutory rate on earnings not subject to Federal income taxes and other ÏÏÏ (85,234)
Income tax expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,383
SFAS No. 109 requires recognition of deferred tax assets and liabilities for the expected future tax
consequences of events that have been included in the Ñnancial statements or tax returns. Under this method,
deferred tax assets and liabilities are determined based on the diÅerences between the Ñnancial reporting and
tax bases of assets and liabilities using enacted tax rates in eÅect for the year in which the diÅerences are
expected to reverse. The deferred tax assets and liabilities of the TRSs related primarily to diÅerences in the
book and tax bases of property and to operating loss and interest deduction carryforwards for federal income
tax purposes. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not
that all or some portion of the deferred tax asset will not be realized. An increase or decrease in the valuation
allowance that results from the change in circumstances, and which causes a change in our judgment about
the realizability of the related deferred tax asset, would be included in the current tax provision.
In connection with the TRC Merger, we allocated the purchase price to the various components of the
acquisition based upon the relative value of each component in accordance with SFAS No. 141, ""Business
Combinations.'' With respect to income taxes, SFAS No. 109, paragraph 30 requires that a deferred tax
liability or asset be recognized for diÅerences between the assigned values and the tax bases of the assets and
liabilities recognized in a purchase business combination. As part of the TRC Merger, we acquired a
controlling Ñnancial interest in an entity whose assets include, among other things, approximately
F-31
$464.5 million of temporary diÅerences (primarily interest deduction carryforwards with no set expiration).
We have evaluated the nature of this tax attribute and believe that it is more likely than not that we will realize
the beneÑt of these carryforwards that do not expire, and, accordingly, we have recorded an additional deferred
tax asset of approximately $140 million related to this acquired tax attribute for a total deferred tax asset
related to interest deduction carryforwards of approximately $154.5 million.
In connection with purchase accounting and SFAS No. 141, we recorded a deferred tax liability of
approximately $1.5 billion, which relates to the diÅerence between the tax bases of the property owned by the
TRSs acquired in the TRC Merger and the assigned values for Ñnancial reporting purposes. We also recorded
a net deferred tax asset of $169 million, which relates to loss carryforwards and interest expense. Realization of
deferred tax assets is dependent on generating suÇcient taxable income in future periods. The net operating
loss carryforwards are currently scheduled to expire in subsequent years through 2025. Some of the
carryforward beneÑts are subject to annual limitation imposed under section 382 of the Code and the deferred
tax asset is recorded based on the net operating loss remaining after considering the section 382 limitation.
Except to the extent that valuation allowances have been established, we believe these limitations will not
prevent the carryforward beneÑts from being realized.
Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. Net
deferred tax assets (liabilities) are summarized as follows:
2004 2003
(In thousands)
Total deferred tax assetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 180,374 $13,276
Valuation allowance ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (29,998) (8,143)
Net deferred tax assetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 150,376 5,133
Total deferred tax liabilities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,414,565) Ì
Net deferred tax assets (liabilities) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(1,264,189) $ 5,133
Due to the uncertainty of the realization of certain tax carryforwards, we established valuation allowances. The
majority of the valuation allowances related to net operating loss carryforwards where there is uncertainty
regarding their realizability and will more likely than not expire unused.
The tax eÅects of temporary diÅerences and carryforwards included in the net deferred tax assets (liabili-
ties) at December 31, 2004 and 2003 are summarized as follows:
2004 2003
(In thousands)
Property, primarily diÅerences in depreciation and amortization, the tax
basis of land assets and treatment of interest and certain other costsÏÏÏ $(1,475,858) Ì
Interest deduction carryforwards ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 154,523 Ì
Operating loss and tax credit carryforwards ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 57,146 $5,133
Net deferred tax assets (liabilities) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(1,264,189) $5,133
Several of our subsidiaries or partnerships in which we have an interest are currently under examination by the
Internal Revenue Service. Although we believe our tax returns are correct, the Ñnal determination of tax
audits and any related litigation could be diÅerent than that which was reported on the returns. In the opinion
of management, we have made adequate tax provisions for years subject to examination.
Earnings and proÑts, which determine the taxability of dividends to stockholders, diÅer from net income
reported for Ñnancial reporting purposes due to diÅerences for Federal income tax reporting purposes in,
among other things, estimated useful lives, depreciable basis of properties and permanent and temporary
F-32
diÅerences on the inclusion of deductibility of elements of income and deductibility of expense for such
purposes.
Distributions paid on our common and preferred stock and their tax status are presented in the following table.
The tax status of our distributions in 2004, 2003 and 2002 may not be indicative of future periods. The portion
of distributions shown below as unrecaptured Section 1250 capital gains are designated as capital gain
distributions for tax purposes.
2004 2003 2002
Common Shares
Ordinary income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1.260 $1.003 $0.710
Return of capital ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì 0.177
Distributions declared per common share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1.260 $1.020 $0.890
Preferred Shares(*)
Ordinary income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ Ì $1.403 $1.802
Distributions declared per common share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ Ì $1.431 $1.812
(*) All outstanding preferred shares of General Growth were redeemed in 2003 (Note 1).
Note 8 Rentals Under Operating Leases
We receive rental income from the leasing of retail and other space under operating leases. The minimum
future rentals based on operating leases of Consolidated Centers held as of December 31, 2004 are as follows:
Year Amount
(In thousands)
2005 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,225,101
2006 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,109,692
2007 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 997,971
SubsequentÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,515,781
Minimum future rentals do not include amounts which are payable by certain tenants based upon a percentage
of their gross sales or as reimbursement of operating expenses.
Such operating leases are with a variety of tenants the majority of which are national and regional retail chains
and local retailers, and consequently, our credit risk is concentrated in the retail industry.
Note 9 Transactions with AÇliates

Property Management and Other Fees
GGMI and other property management aÇliates recognized fees primarily from the Unconsolidated Real
Estate AÇliates of $61.8 million in 2004, $63.0 million in 2003 and $52.6 million in 2002.
F-33
Notes Receivable Ì OÇcers

Notes receivable Ì oÇcers were as follows:
2004 2003
(In thousands)
Income tax withholdings reported in Prepaid and Other AssetsÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 623 $ 775
Reported as a reduction to Stockholders' Equity ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,178 6,475
$5,801 $7,250
Between 1998 and April 30, 2002, some of our oÇcers issued $25.0 million of promissory notes to us. The
notes were issued in connection with the oÇcers' exercises of options to purchase 2,703,000 shares of our
common stock. The notes bore interest at a rate equal to LIBOR plus 50 basis points, were full recourse to the
oÇcers, were collateralized by the shares of our common stock issued upon exercise of such options, provided
for quarterly payments of interest and were payable to us on demand.
As of April 30, 2002, our Board of Directors terminated the availability of such loans to oÇcers. In
conjunction with this decision, the terms of the promissory notes, including approximately $2.8 million related
to income tax withholding payments which we had made on behalf of the oÇcers, were restructured. As of
April 30, 2002, each oÇcer repaid at least 60% of the principal and 100% of the interest due under such
oÇcer's note and the remaining amounts, approximately $10.1 million, were represented by amended and
restated promissory notes. These amended and restated, fully recourse notes are payable in monthly
installments of principal and interest (at a market rate which varies monthly computed at LIBOR plus
125 basis points) until fully repaid in May 2009 (or within 90 days of the oÇcer's separation from the
Company, if earlier). In October 2002, a voluntary prepayment of approximately $500,000 was received from
one of the oÇcers.
Note 10 Employee BeneÑt and Stock Plans

Incentive Stock Plans
We provide incentives to attract and retain oÇcers and key employees through the 2003 Incentive Stock Plan
and, prior to April 2003, the 1993 Stock Incentive Plan. In addition to certain grants of restricted stock as
discussed below, options are granted by the Compensation Committee of the Board of Directors at an exercise
price of not less than 100% of the fair market value of our common stock on the date of the grant. The terms of
the options are Ñxed by the Compensation Committee. Options granted to oÇcers and key employees under
the 2003 Incentive Stock Plan are for 5-year terms and under the 1993 Incentive Stock Plan are for 10-year
terms and are generally exercisable in either 331/3% or 20% annual increments from the date of the grants.
However, during 2000, 159,957 options were granted to certain employees under the 1993 Stock Incentive
Plan with the same terms as the threshold-vesting stock options granted in 2000 under the 1998 Incentive
Stock Plan (as described below). Options granted to non-employee directors are exercisable in full
commencing on the date of grant and are scheduled to expire on the tenth anniversary of the date of the grant.
The 2003 Incentive Stock Plan provides for the issuance of up to 9.0 million shares of our common stock.
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A summary of the status of options granted under the 2003 and 1993 Stock Incentive Plans as of
December 31, 2004, 2003 and 2002 and changes during the years ended on those dates is presented below.
2004 2003 2002
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of year ÏÏ 1,482,087 $14.86 1,590,309 $12.45 1,629,657 $10.64

Granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 922,500 30.80 760,500 16.96 612,000 15.84
Exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (521,100) 16.83 (845,922) 12.28 (642,048) 11.13
Forfeited ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (7,800) 11.26 (22,800) 11.76 (9,300) 9.99
Outstanding at end of year ÏÏÏÏÏÏÏ 1,875,687 $22.17 1,482,087 $14.86 1,590,309 $12.45
Exercisable at end of yearÏÏÏÏÏÏÏÏ 369,687 $19.49 234,087 $13.67 586,809 $10.93
Options available for future grants 7,994,000 8,971,500 3,876,642
Weighted average per share fair
value of options granted during
the year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2.97 $ 1.33 $ 1.21
The following table summarizes information about stock options outstanding pursuant to the 2003 and 1993
Stock Incentive Plans as of December 31, 2004:
Options Outstanding Options Exercisable
Weighted Weighted Weighted
Number Average Remaining Average Options Average
Range of Exercise Prices Outstanding Contractual Life Exercise Price Exercisable Exercise Price
$7.08 - $10.62 ÏÏÏÏÏÏÏÏ 11,457 4.3 years $ 9.99 11,457 $ 9.99

$10.62 - $14.16 ÏÏÏÏÏÏÏ 334,230 6.2 years 12.17 148,230 12.33
$14.16 - $17.71 ÏÏÏÏÏÏÏ 688,000 8.0 years 16.74 76,000 16.75
$21.25 - $24.79 ÏÏÏÏÏÏÏ 12,000 8.6 years 21.96 12,000 21.96
$24.79 - $28.33 ÏÏÏÏÏÏÏ 15,000 9.0 years 27.67 15,000 27.67
$28.33 - $31.87 ÏÏÏÏÏÏÏ 815,000 4.1 years 30.94 107,000 30.94
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,875,687 6.0 years $22.17 369,687 $19.49
1998 Incentive Plan
Under the 1998 Incentive Stock Plan (the ""1998 Incentive Plan''), we may also grant stock incentive awards
to employees in the form of threshold-vesting stock options (""TSOs''). The exercise price of the TSO is the
Fair Market Value (""FMV'') of a share of our common stock on the date the TSO is granted. The threshold
price (the ""Threshold Price''), which must be achieved for the TSO to vest is determined by multiplying the
FMV on the date of grant by the Estimated Annual Growth Rate (currently 7%) and compounding the
product over a Ñve-year period. Shares of our common stock must achieve and sustain the Threshold Price for
at least 20 consecutive trading days at any time over the Ñve years following the date of grant for the TSO to
vest. TSOs granted in 2004 and thereafter must vest within Ñve years of the grant date in order to avoid
forfeiture and must be exercised within 30 days of the vesting date. TSOs granted prior to 2004 have a term of
up to 10 years but must vest within Ñve years of the grant date in order to avoid forfeiture. The aggregate
number of shares of our common stock which may be subject to TSOs may not exceed 6.0 million, subject to
certain customary adjustments to prevent dilution. As of December 31, 2004, 1,436,305 shares were available
for future grants.
F-35
As a result of increases in the price of our common stock, TSOs granted in 2002 and 2003 vested in 2003 and
TSOs granted in 1999, 2000 and 2001 vested in 2002, as detailed below. The vesting of the TSOs resulted in
the recognition of $3.0 million of compensation expense in 2004, $14.9 million in 2003 and $11.8 million in
2002.
The following is a summary of the options under the 1998 Incentive Plan that have been awarded as of
December 31, 2004:
TSO Grant Year
2004 2003 2002 2001 2000 1999
Exercise price ÏÏÏÏÏÏÏÏ $ 30.94 $ 16.77 $ 13.58 $ 11.58 $ 9.99 $ 10.56

Threshold Vesting
Stock Price ÏÏÏÏÏÏÏÏ 43.39 23.52 19.04 16.23 14.01 14.81
Fair value of options on
grant dateÏÏÏÏÏÏÏÏÏÏ 1.59 1.31 1.13 0.74 0.50 0.45
Shares:
Original Grant ÏÏÏÏÏÏÏÏ 1,031,480 900,000 779,025 989,988 753,090 941,892
ForfeitedÏÏÏÏÏÏÏÏÏÏÏÏÏ (54,798) (58,734) (120,312) (147,225) (168,726) (281,985)
Vested and exchanged
for cash ÏÏÏÏÏÏÏÏÏÏÏ Ì (549,594) (495,693) (610,011) (438,288) (460,623)
Vested and exercised ÏÏ Ì (140,904) (107,124) (169,980) (141,000) (189,381)
Outstanding ÏÏÏÏÏÏÏÏÏÏ 976,682 150,768 55,896 62,772 5,076 9,903
The fair value of each option granted pursuant to the 2003 and 1993 Stock Incentive Plans and TSOs granted
pursuant to the 1998 Incentive Plan in 2003 and 2002 was estimated on the date of grant using the Black-
Scholes option pricing model. In 2004, the fair value of TSO grants was estimated using the binomial method.
The following assumptions were used in determining these values:
2004 2003 2002
Risk-free interest rate ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3.44% 4.28% 4.49%

Dividend yield ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.09 6.21 6.37
Expected life ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5.2 years 9.9 years 7.6 years
Expected volatilityÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20.10% 16.95% 19.57%
Employee Stock Purchase Plan

The General Growth Properties, Inc. Employee Stock Purchase Plan (the ""ESPP'') was established to assist
eligible employees in acquiring a stock ownership interest in General Growth. Under the ESPP, eligible
employees make payroll deductions over a six-month purchase period. At the end of the six-month purchase
period, the amounts withheld are used to purchase shares of our common stock at a purchase price equal to
85% of the lesser of the closing price of a share of our common stock on the Ñrst or last trading day of the
purchase period. A maximum of 1.5 million shares of our common stock are reserved for issuance under the
ESPP. Since the inception of the ESPP, an aggregate of 1,038,290 shares of our common stock have been sold
under the ESPP, including 65,176 shares for the purchase period ending December 31, 2004 which were
purchased at a price of $25.18 per share.
Restricted Stock
Pursuant to the 2003 Stock Incentive Plan, in February 2004, certain oÇcers were granted a total of
55,000 shares of restricted common stock. In addition, pursuant to the 1993 Stock Incentive Plan, certain
F-36
oÇcers were granted a total of 105,000 shares of restricted common stock in February 2003 and
150,000 shares in September 2002. The 2004 grant and 60,000 of the shares granted in 2003 have a one-year
vesting period. The remaining 45,000 shares granted in 2003 and the 2002 grants vest over three years. As this
restricted stock represents an incentive for future periods, we are recognizing the related compensation
expense ratably over the applicable vesting periods.
Management Savings Plan
We sponsor the General Growth Management Savings and Employee Stock Ownership Plan (the ""401(k)
Plan'') which permits all eligible employees to defer a portion of their compensation in accordance with the
provisions of Section 401(k) of the Code. Under the 401(k) Plan, we make contributions to match the
contributions of the participants. We match 100% of the Ñrst 4% of earnings contributed by plan participants
and 50% of the next 2% of the participant's earnings contributions. We made matching contributions of
approximately $5.3 million in 2004, $4.4 million in 2003 and $4.2 million in 2002.
TRC Plan
As a result of the TRC Merger, we assumed a retiree beneÑts plan that provides postretirement medical and
life insurance beneÑts to former TRC employees who met minimum age and service requirements. We pay a
portion of the cost of participants' life insurance coverage and make contributions to the cost of participants'
medical coverage based on years of service, subject to a maximum annual contribution. Amounts related to
this plan, which has now been frozen, were not material as of or for the period ended December 31, 2004.
Note 11 Minority Interest
Common
Changes in outstanding Operating Partnership Common Units for the three years ended December 31, 2004
are as follows:
December 31, 2001 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 58,717,479
Exchanges for General Growth common stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (48,738)
Exchanges for General Growth common stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,956,491)
Exchanges for General Growth common stock ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (179,987)
Under certain circumstances, the Common Units can be redeemed at the option of the holders for cash or, at
our election, for shares of our common stock on a one-for-one basis. The holders of the Common Units also
share equally with our common stockholders on a per share basis in any distributions by the Operating
Partnership on the basis that one Common Unit is equivalent to one share of our common stock.
Also included in minority interest-common is minority interest in consolidated joint ventures of approximately
$1.7 million as of December 31, 2004 and $1.9 million as of December 31, 2003.
F-37
Preferred
Components of minority interest Ì preferred as of December 31, 2004 and 2003 are as follows:
Per Unit
Coupon Issuing Number of Liquidation Redeemable Carrying Amount
Security Type Rate Entity Units Preference by Issuer 2004 2003
Perpetual Preferred
Units
Redeemable Preferred
Units (""RPUs'') ÏÏÏÏ 8.95% LLC 940,000 $ 250 (1) $235,000 $235,000
Cumulative Preferred
Units (""CPUs'') ÏÏÏÏ 8.25% LLC 20,000 250 N/A 5,000 5,000
PDC Series A ÏÏÏÏÏÏÏÏ 8.75% PDC 510,000 25 (2) Ì 12,750
PDC Series BÏÏÏÏÏÏÏÏÏ 8.95% PDC 3,800,000 25 (3) Ì 95,000
PDC Series C ÏÏÏÏÏÏÏÏ 8.75% PDC 320,000 25 May 2005 8,000 8,000
248,000 355,750
Convertible Preferred
Units
Series BÌJP Realty ÏÏÏ 8.50% GGPLP 1,419,493 50 N/A 70,975 71,320
Series CÌGlendale
Galleria ÏÏÏÏÏÏÏÏÏÏÏÏ 7.00% GGPLP 643,504 50 N/A 32,176 41,131
Series DÌFoothills
MallÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6.50% GGPLP 532,750 50 N/A 26,637 26,637
Series EÌFour Seasons
Town Centre ÏÏÏÏÏÏÏ 7.00% GGPLP 502,658 50 N/A 25,132 Ì
154,920 139,088
Other preferred stock of
consolidated
subsidiaries ÏÏÏÏÏÏÏÏÏ N/A various 241 1,000 (4) 241 373
Total Minority Interest-
Preferred ÏÏÏÏÏÏÏÏÏÏÏ $403,161 $495,211
(1) $175,000 redeemable by issuer in May 2005 and $60,000 in April 2007.
(2) Redeemed in April 2004.
(3) Redeemed in July 2004.
(4) Redeemable on demand, under certain circumstances.
Holders of the RPUs and CPUs are entitled to receive cumulative preferential cash distributions prior to any
distributions by the LLC to the Operating Partnership. Subject to certain limitations, the RPUs may be
redeemed in cash by the LLC for the liquidation preference amount plus accrued and unpaid distributions and
may be exchanged by the holders of the RPUs for an equivalent amount of redeemable preferred stock of
General Growth. Such preferred stock provides for an equivalent 8.95% annual preferred distribution and is
redeemable at our option for cash equal to the liquidation preference amount plus accrued and unpaid
distributions.
The PDC Series C is convertible, at the option of the preferred holders in 2010, into 0.025 shares of a newly
created series of General Growth preferred stock with an equivalent base liquidation preference and with
payment and liquidation rights comparable to such preferred units.
F-38
The Convertible Preferred Units are convertible, with certain restrictions, at any time by the holder into
Common Units of the Operating Partnership at the following rates:
Number of Common
Units for Each
Preferred Unit
Series B Ì JP Realty ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3.000

Series C Ì Glendale Galleria ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.433
Series D Ì Foothills Mall ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.508
Series E Ì Four Seasons Town Center ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1.298
Note 12 Accumulated Other Comprehensive Income

Components of accumulated other comprehensive income as of December 31, 2004 and 2003 are as follows:
2004 2003
(In thousands)
Net unrealized losses on Ñnancial instruments ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $(4,852) $(15,844)
Minimum pension liability adjustment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (329) (431)
Foreign currency translation ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,590 Ì
Equity in unrealized losses on available-for-sale securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (94) Ì
$(3,685) $(16,275)
Note 13 Commitments and Contingencies

In the normal course of business, from time to time, we are involved in legal actions relating to the ownership
and operations of our properties. In management's opinion, the liabilities, if any, that may ultimately result
from such legal actions are not expected to have a material adverse eÅect on our consolidated Ñnancial
position, results of operations or liquidity.
We lease land or buildings at certain properties from third parties. The leases generally provide us with a right
of Ñrst refusal in the event of a proposed sale of the property by the landlord. All of our ground leases are
classiÑed as operating leases. Accordingly, rental payments are expensed as incurred and have, to the extent
applicable, been straight-lined over the term of the lease. Rental expense, including participation rent related
to these leases, was $3.6 million in 2004, $2.5 million in 2003 and $1.6 million in 2002.
From time to time, we have entered into contingent agreements for the acquisition of properties. Each
acquisition is subject to satisfactory completion of due diligence and, in the case of developments, completion
and occupancy of the project.
TRC acquired various assets, including Summerlin, a master-planned community in suburban Las Vegas,
Nevada, in the acquisition of The Hughes Corporation (""Hughes'') in 1996. In connection with the
acquisition of Hughes, TRC entered into a Contingent Stock Agreement (""CSA'') for the beneÑt of the
former Hughes owners or their successors (""beneÑciaries''). Under the terms of the CSA, shares of TRC
common stock were issuable to the beneÑciaries based on the appraised values of deÑned asset groups,
including Summerlin, at speciÑed termination dates through 2009 and/or cash Öows from the development
and/or sale of those assets prior to the termination dates.
On October 19, 2004, we delivered to the representatives an executed assumption agreement whereby we
agreed, for the beneÑt of the holders of interests under the CSA and the representatives, to perform the CSA
as successor to TRC, in the same manner and to the same extent that TRC would be required to perform the
CSA if no succession had taken place. Under the assumption agreement, we assumed TRC's obligation under
F-39
the CSA to issue shares of common stock twice a year to holders of interests under the CSA and the
representatives. The amount of shares is based upon a formula set forth under the CSA and upon our stock
price. Such issuances could be dilutive to our existing stockholders. In addition, under the assumption
agreement, we agreed that following the eÅective time of the TRC Merger there will not be a prejudicial eÅect
on the holders of interests under the CSA and the representatives with respect to their receipt of securities
pursuant to the CSA as a result of the TRC Merger and that securities delivered pursuant to the CSA will be
freely tradable and readily marketable. We further agreed to indemnify and hold harmless the holders against
losses arising out of any breach by us of the foregoing covenants.
We account for the beneÑciaries' share of earnings from the assets as an operating expense. We account for
any distributions to the beneÑciaries as of the termination dates related to assets we own as of the termination
date as additional investments in the related assets (that is, contingent consideration). A total of
519,135 shares of our common stock were issued in February 2005 pursuant to the CSA.
The following table summarizes the contractual maturities of our long-term and retained debt and commit-
ments under ground leases. Both long-term debt and ground leases include the related purchase accounting
fair value adjustments:
2005 2006 2007 2008 2009 Subsequent Total
(In thousands)
Long-term debtÏÏÏÏÏÏÏÏÏÏÏ $2,054,095 $2,093,735 $3,942,278 $4,542,475 $3,463,625 $4,214,739 $20,310,947
Retained debt ÏÏÏÏÏÏÏÏÏÏÏÏ 132,942 61 15,734 Ì Ì Ì 148,737
Ground leases ÏÏÏÏÏÏÏÏÏÏÏÏ 14,935 14,874 14,870 14,870 14,870 601,351 675,770
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,201,972 $2,108,670 $3,972,882 $4,557,345 $3,478,495 $4,816,090 $21,135,454
Note 14 Recently Issued Accounting Pronouncements
In January 2004, the FASB issued Interpretation No. 46 (""FIN 46''), ""Consolidation of Variable Interest
Entities'' (""VIEs''), to improve Ñnancial reporting of special purpose and other entities. We adopted FIN 46,
as amended, as of December 31, 2003. Certain VIEs that are qualifying special purpose entities (""QSPEs'')
will not be required to be consolidated under the provisions of FIN 46. In addition, FIN 46 expands the
disclosure requirements for the beneÑciary of a signiÑcant or a majority of the variable interests to provide
information regarding the nature, purpose and Ñnancial characteristics of the entities. We have certain special
purpose entities, primarily created to facilitate the issuance of our commercial mortgage-backed securities
(Note 6) and other securitized debt or to facilitate the tax-increment Ñnancing of certain improvements at its
properties. Because these special purpose entities are QSPEs, they are not required to be consolidated in our
consolidated Ñnancial statements. As our Unconsolidated Real Estate AÇliates have operating agreements
granting the independent third-party joint venturers substantive participating rights, the implementation of
FIN 46 did not result in the consolidation of any previously unconsolidated aÇliates.
In May 2003, the FASB issued Statement of Financial Accounting Standards (""SFAS'') No. 150,
""Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity,''
(""SFAS 150'') which establishes standards for how an issuer classiÑes and measures certain Ñnancial
instruments with characteristics of both liabilities and equity. It requires that an issuer classify a Ñnancial
instrument that is within its scope as a liability. The eÅective date of a portion of the Statement has been
indeÑnitely postponed by the FASB. We did not enter into new Ñnancial instruments subsequent to May 2003
which would fall within the scope of this statement. None of our transactions, arrangements or Ñnancial
instruments has been identiÑed that appear to meet the criteria for liability recognition in accordance with
paragraphs 9 and 10 under SFAS 150 due to the indeÑnite life of the joint venture arrangements. Accordingly,
even if the eÅectiveness of the measurement and classiÑcation provision of these paragraphs is no longer
F-40
postponed, we do not expect that it will be required to reclassify the liquidation amounts of such minority
interests to liabilities.
On December 16, 2004, the FASB issued SFAS No. 153, ""Exchanges of Nonmonetary Assets Ì An
Amendment of APB Opinion No. 29''. The amendments made by SFAS No. 153 are based on the principle
that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged.
Further, the amendments eliminate the narrow exception for nonmonetary exchanges of similar productive
assets and replace it with at broader exception for exchanges of nonmonetary assets that do not have
""commercial substance''. SFAS No. 153 is eÅective for nonmonetary asset exchanges occurring in Ñscal
periods beginning after June 15, 2005. We do not believe the adoption of SFAS No. 153 on June 15, 2005 will
have a material eÅect on our consolidated Ñnancial statements.
On December 16, 2004, the FASB issued SFAS No. 123 (Revised 2004), ""Share-Based Payment''
(""SFAS No. 123R''). SFAS 123R replaces SFAS No. 123, which we adopted in the second quarter of 2002.
SFAS 123R requires that the compensation cost relating to share-based payment transactions be recognized
in Ñnancial statements and be measured based on the fair value of the equity or liability instruments used.
SFAS No. 123R is eÅective as of the Ñrst interim or annual reporting period that begins after June 15, 2005.
We do not believe that the adoption of SFAS No. 123R will have a material eÅect on our consolidated
Ñnancial statements.
On February 7, 2005, the SEC staÅ published certain views concerning the accounting by lessees for leasehold
improvements, rent holidays, lessor funding of lessee expenditures and other tenant inducements. Although
the application of these views to lessors was not speciÑed by the SEC and a formal accounting standard
modifying existing practice on these items has not been issued or proposed, we have conducted a review of our
accounting relative to such items. We believe that our leasing practices and agreements with a majority of our
tenants provide that leasehold improvements that we fund represent Ñxed assets that we own and control and
that leases with such arrangements are properly accounted for as commencing at the completion of
construction of such assets. A smaller percentage of our tenant leases do not provide for landlord funding but
rather provide for tenant funded construction and furnishing of the leased premises prior to the formal
commencement of the lease. We have concluded that the cumulative incremental straight-line rental revenue
that would have been recognized on such leases if it had commenced with the turn-over of such space rather
than the lease-speciÑed commencement date to be immaterial to current and previous periods. The
recognition of straight-line rental revenue on this accelerated basis is not expected to have a material eÅect on
future periods and will have no eÅect on periodic or cumulative cash Öows to be received pursuant to a tenant
lease.
In February 2002, the FASB announced the rescission of Statement No. 4, ""Reporting Gains and Losses from
Extinguishment of Debt''. Generally, such rescission has the eÅect of suspending the treatment of debt
extinguishment costs as extraordinary items. The rescission was eÅective for the year ended December 31,
2003. Accordingly, in the comparative statements presented in 2003, we reclassiÑed to other interest costs
approximately $1.3 million of debt extinguishment costs recorded in 2002 that had been classiÑed under then
current accounting standards as extraordinary items.
Note 15 Segments
We have the following reportable segments:
‚ Retail and Other Ì includes the operation and management of regional shopping centers, oÇce and
industrial properties, downtown specialty marketplaces, the retail and non-retail rental components of
mixed-use projects and community retail centers
F-41
‚ Community Development Ì includes the development and sale of land, primarily in large-scale, long-term
community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston,
Texas
Our two business segments oÅer diÅerent products or services and are managed separately because each
requires diÅerent operating strategies or management expertise. Prior to the TRC Merger, substantially all of
our business involved ownership and operation of shopping centers. As we evaluated operating results and
resource allocation on a property-by-property basis, we had concluded that we had a single reportable
segment. We do not distinguish or group our consolidated operations on a geographic basis. Further, all
material operations are within the United States and no customer or tenant comprises more than 10% of
consolidated revenues.
The operating measure used to assess operating results for the business segments is Real Estate Property Net
Operating Income (""NOI''). Management believes that NOI provides useful information about a property's
operating performance.
The accounting policies of the segments are the same as those described in Note 1, except that we account for
real estate ventures in which we have joint interest and control and certain other minority interest ventures
using the proportionate share method rather than the equity method. This diÅerence aÅects only the reported
revenues and operating expenses of the segments and has no eÅect on our reported net earnings.
F-42
Operating results for the segments and reconciliations of real estate property net operating income to income
from continuing operations in the consolidated Ñnancial statements are as follows:
2004 2003 2002
Retail Community Retail Retail
and Other Development Total and Other and Other
(In thousands)
Property revenues:
Minimum rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,354,138 $ Ì $1,354,138 $1,061,772 $ 835,423
Tenant recoveries ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 608,989 Ì 608,989 472,471 380,537
Overage rents ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 65,065 Ì 65,065 43,552 36,451
Land sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 105,813 105,813 Ì Ì
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 84,184 Ì 84,184 49,456 42,653
Total property revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,112,376 105,813 2,218,189 1,627,251 1,295,064
Property operating expenses:
Real estate taxesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 167,866 Ì 167,866 128,332 95,062
Repairs and maintenanceÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 157,134 Ì 157,134 115,149 92,359
Marketing ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 61,571 Ì 61,571 49,934 41,961
Other property operating costs ÏÏÏÏÏÏÏÏÏ 282,244 Ì 282,244 Ì Ì
Land sales operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 125 103,200 103,325 214,181 161,241
Provision for doubtful accountsÏÏÏÏÏÏÏÏÏ 13,148 Ì 13,148 8,705 5,670
Total property operating expenses ÏÏÏÏ 682,690 103,200 785,288 516,301 396,293
Real estate property net operating income $1,429,686 $ 2,613 $1,432,901 $1,110,950 $ 898,771
Real estate property net operating income of unconsolidated
propertiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (294,933) (293,104) (261,340)
Management and other fees ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 82,896 84,138 75,479
Discontinued operations and other revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,680) (5,110) (2,880)
Property management and other costsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (100,788) (109,746) (94,676)
General and administrative ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (9,499) (8,533) (8,720)
Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (365,622) (230,195) (179,036)
Operating incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 742,275 548,400 427,598
Interest incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,227 2,308 3,689
Interest expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (472,185) (278,543) (219,029)
Income allocated to minority interest ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (105,473) (110,984) (86,213)
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,383) (98) (119)
Equity in income of unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 88,191 94,480 80,825
Income from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 253,652 $ 255,563 $ 206,751
F-43
The assets by segment and the reconciliation of total segment assets to the total assets in the consolidated
Ñnancial statements at December 31, 2004, and 2003 are summarized as follows:
2004 2003
(In thousands)
Retail and Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $25,630,362 $11,414,148
Community Development ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,818,660 Ì
27,449,022 11,414,148
Unconsolidated PropertiesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (3,918,661) (2,516,504)
Corporate and Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,188,264 685,253
Total Assets ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $25,718,625 $ 9,582,897
Note 16 Pro Forma Financial Information (Unaudited)

The following pro forma Ñnancial information has been presented as a result of acquisitions made during 2004
and 2003 (Note 3). The pro forma condensed consolidated statements of operations are based upon the
historical Ñnancial information of General Growth, excluding discontinued operations, and the historical
Ñnancial information of each of the acquisitions as if the acquisitions had occurred on the Ñrst day of the
earliest period presented.
F-44
The following pro forma Ñnancial information may not necessarily be indicative of what our actual results
would have been if such transactions had been completed as of the dates assumed nor does it purport to
represent our results of operations for future periods. Management believes that the TRC Merger will create
potential cost savings and operating eÇciencies, such as elimination of redundant administrative and property
management costs. Additionally, we expect to continue to Ñnance or reÑnance certain properties with secured
debt which is expected to bear interest at rates lower than the interest rates assumed in determining the pro
forma interest expense adjustments in this pro forma Ñnancial information. These potential cost and interest
savings have not been reÖected in the accompanying unaudited pro forma condensed consolidated statements
of operations as we are currently unable to quantify them and there is no assurance that any anticipated
savings will be realized.
2004 2003
(Unaudited)
(In thousands except for per
share amounts)
Revenues:
Minimum rentsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,601,606 $1,520,928
Tenant charges ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 771,565 716,284
Land sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 297,636 243,411
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 212,577 208,948
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,883,384 2,689,571
Expenses:
Real estate taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 190,607 178,362
Other property operating ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 676,191 551,285
Land sales operationsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 96,141 56,387
Property management, general and administrative costs ÏÏÏÏÏÏÏÏÏÏÏ 149,756 171,449
Depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 610,295 545,077
Total expenses ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,722,990 1,502,560
Operating incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,160,394 1,187,011
Interest expense, net ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (987,422) (877,081)
Income allocated to minority interestsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (105,786) (114,291)
Income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15,502 (3,941)
Equity in income of unconsolidated aÇliates ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 56,022 63,557
Income from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 138,710 255,255
Convertible preferred stock dividends ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì (13,030)
Income from continuing operations available to common stockholders $ 138,710 $ 242,225
Earnings from continuining operations per share:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.59 $ 1.12
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.59 1.11
Weighted-average common shares used in earnings per share
calculation:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 234,143 216,781
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 234,823 230,985
F-45
Note 17 Quarterly Financial Information (Unaudited)

2004
First Second Third Fourth
Quarter Quarter Quarter Quarter(b)
(In thousands except for per share amounts)
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $359,829 $374,375 $397,501 $671,140
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 152,522 145,469 168,291 275,993
Income from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏ 58,336 50,247 62,973 82,096
Income from discontinued operations ÏÏÏÏÏÏÏÏÏÏ 786 901 1,000 11,513
Net income available to common shareholders ÏÏ 59,122 51,148 63,973 93,609
Earnings from continuing operations:
Basic(a) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.27 0.23 0.29 0.36
Diluted(a) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.27 0.22 0.29 0.36
Earnings from discontinued operations:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 0.01 Ì 0.05
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 0.01 Ì 0.05
Earnings per share:
Distributions declared per shareÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.30 0.30 0.66 Ì
Weighted-average shares outstanding:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 217,553 218,075 218,605 226,312
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 218,479 218,882 219,298 227,200
F-46
2003
First Second Third Fourth
Quarter Quarter Quarter Quarter
(In thousands except for per share amounts)
Total revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $271,788 $282,766 $325,565 $382,672
Operating incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 108,408 115,451 142,741 181,800
Income from continuing operations ÏÏÏÏÏÏÏÏÏÏÏÏ 47,199 49,969 60,055 98,340
Income from discontinued operations ÏÏÏÏÏÏÏÏÏÏ 4,389 1,034 1,378 1,047
Net income available to common shareholders ÏÏ 45,511 44,050 61,433 99,387
Earnings from continuing operations:
Earnings from discontinued operations:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.02 Ì 0.01 0.01
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.02 Ì Ì 0.01
Earnings per share:
Distributions declared per share ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 0.24 0.24 Ì 0.30
Weighted-average shares outstanding:
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 187,785 188,623 210,889 215,785
Diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 213,696 189,386 215,264 216,790
(a) Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the
issuance of additional stock during the year.
(b) Includes results of operations of TRCLP subsequent to the November 12, 2004 TRC Merger.
F-47

Chicago, Illinois
We have audited the consolidated Ñnancial statements of General Growth Properties, Inc. (the ""Company'')
as of December 31, 2004 and 2003, and for each of the three years in the period ended December 31, 2004,
management's assessment of the eÅectiveness on the Company's internal control over Ñnancial reporting as of
December 31, 2004, and the eÅectiveness on the Company's internal control over Ñnancial reporting as of
December 31, 2004, and have issued our reports thereon dated March 21, 2005 (which report on the
consolidated Ñnancial statements expresses an unqualiÑed opinion and includes an explanatory paragraph
relating to the change in accounting for debt extinguishment costs in 2003); such consolidated Ñnancial
statements and reports are included elsewhere in this Form 10-K. Our audit also included the consolidated
Ñnancial statement schedule of the Company listed in the Index to Consolidated Financial Statements and
Consolidated Financial Statement Schedule on page F-1 of this Form 10-K. This consolidated Ñnancial
statement schedule is the responsibility of the Company's management. Our responsibility is to express an
opinion based on our audit. In our opinion, such consolidated Ñnancial statement schedule, when considered in
relation to the basic consolidated Ñnancial statements taken as a whole, presents fairly, in all material respects,
the information set forth therein.
Chicago, Illinois
March 21, 2005
F-48
SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2004
Col. A Col. B Col. C Col. D Col. E Col. F Col. G Col. H

Costs Capitalized
Subsequent to Acquisition
Net Land and Gross Amounts at Which
Initial Cost Buildings and Carried at Close of Period
Buildings and Equipment Carrying Buildings and Accumulated Date of Date
Description Encumbrances(a) Land Equipment(b) Improvements Costs(c) Land Equipment Total(d) Depreciation(e) Construction Acquired
Alameda Plaza
Pocatello, ID ÏÏÏ $ Ì $ 740,000 $ 2,060,000 $ 3,854 $ Ì $ 740,040 $ 2,063,814 $ 2,803,854 $ 127,786 2002
Ala Moana Center
Honolulu, HI ÏÏÏ 557,260,648 336,229,260 473,770,740 18,479,206 5,520,385 336,229,497 497,770,094 833,999,591 89,458,940 1999
Anaheim Property
Anaheim, CA ÏÏÏ Ì Ì 2,058,000 (72,470) Ì Ì 1,985,530 1,985,530 124,550 2002
Animas Valley Mall
Farmington, NM 27,015,824 10,783,000 30,165,000 5,235,054 21,325 6,464,479 39,739,900 46,204,379 2,611,777 2002
Apache Mall
Rochester, MN 53,387,740 8,110,292 72,992,628 19,386,141 219,692 8,110,292 92,598,461 100,708,753 14,602,088 1998
Austin BluÅs Plaza
Colorado Springs,
COÏÏÏÏÏÏÏÏÏÏÏÏ 2,577,471 1,080,000 3,007,000 116,605 Ì 1,080,183 3,123,422 4,203,605 190,755 2002
Bailey Hills Plaza
Eugene, OR ÏÏÏÏ Ì 290,000 806,000 35,152 Ì 290,168 840,984 1,131,152 50,414 2002
KIDK/Baskin
Robbins
F-49
Idaho Falls, ID ÏÏ Ì 60,000 168,000 814 Ì 60,476 168,338 228,814 10,435 2002
Baybrook Mall
Friendswood, TX 157,971,610 13,300,000 117,162,546 17,283,553 13,693 13,852,978 133,906,814 147,759,792 18,687,713 1999
Bayshore Mall
Eureka, CAÏÏÏÏÏ 33,101,341 3,004,345 27,398,907 30,537,783 2,913,529 3,005,039 60,849,525 63,854,564 24,795,601 1986-1987
Bellis Fair
Bellingham, WA 68,480,546 7,616,458 47,040,131 14,520,560 6,145,403 7,485,224 67,837,328 75,322,552 31,795,548 1987-1988
Birchwood Mall
Port Huron, MI 41,485,906 1,768,935 34,574,635 18,074,234 1,980,603 3,042,616 53,355,791 56,398,407 21,944,059 1989-1990
Boise Plaza
Boise, IDÏÏÏÏÏÏÏ Ì 465,000 1,293,000 (309,382) Ì 374,355 1,074,263 1,448,618 70,531 2002
Boise Towne Plaza
Boise, IDÏÏÏÏÏÏÏ 11,825,425 3,988,000 11,101,000 (627) Ì 3,987,857 11,100,516 15,088,373 694,923 2002
Boise Towne
Square
Boise, IDÏÏÏÏÏÏÏ 79,240,031 36,452,000 101,853,000 20,194,389 Ì 23,448,775 135,050,614 158,499,389 8,884,758 2002
The Boulevard Mall
Las Vegas, NVÏÏ 117,251,214 16,490,343 148,413,086 6,377,958 Ì 15,307,949 155,973,438 171,281,387 26,507,606 1998
Burlington
Town Center
Burlington, VT ÏÏ Ì 1,479,658 43,552,632 11,394 Ì 1,637,035 43,406,649 45,043,684 1,158,425 2004
Cache Valley Mall
Logan, UT ÏÏÏÏÏ Ì 6,451,000 18,422,000 9,685,268 196,926 3,874,744 30,880,450 34,755,194 1,540,127 2002
Cache Valley
Marketplace
Logan, UT ÏÏÏÏÏ Ì 1,500,000 1,583,000 3,645,459 42,847 3,139,246 3,632,060 6,771,306 115,627 2002
SCHEDULE III Ì REAL ESTATE AND ACCUMULATED DEPRECIATION Ì (Continued)

Costs Capitalized
Capital Mall
JeÅerson City,
MO ÏÏÏÏÏÏÏÏÏÏÏ 21,518,791 4,200,000 14,201,000 9,384,049 Ì 3,912,935 23,872,114 27,785,049 8,282,033 1993
Century Plaza
Birmingham, AL 30,800,000 3,164,000 28,513,908 5,836,221 Ì 3,164,000 34,350,129 37,514,129 7,444,339 1997
Chapel Hills Mall
Colorado Springs,
COÏÏÏÏÏÏÏÏÏÏÏÏ 34,324,274 4,300,000 34,017,000 61,938,764 36,805 4,300,000 95,992,569 100,292,569 26,626,032 1993
Chico Mall
Chico, CAÏÏÏÏÏÏ 30,600,000 8,110,390 54,093,129 714,372 Ì 16,957,589 45,960,302 62,917,891 1,402,577 2003
Coastland Center
Naples, FL ÏÏÏÏÏ 104,278,996 11,450,000 103,050,200 8,648,621 Ì 11,450,000 111,698,821 123,148,821 18,136,148 1998
Colony Square Mall
Zanesville, OH ÏÏ 41,083,300 1,000,000 24,500,000 17,788,169 Ì 1,243,184 42,044,985 43,288,169 19,251,327 1986
Columbia Mall
Columbia, MO ÏÏ 89,225,600 5,383,208 19,663,231 24,481,509 1,422,457 5,383,208 45,567,197 50,950,405 19,694,237 1984-1985
Coral Ridge Mall
Coralville, IA ÏÏÏ 106,405,706 3,363,602 64,217,772 12,363,389 4,501,780 3,412,857 81,033,686 84,446,543 17,634,442 1998-1999
F-50
Coronado Center
Albuquerque,
NM ÏÏÏÏÏÏÏÏÏÏÏ 101,250,000 33,072,272 148,799,184 1,280,949 Ì 33,072,272 150,080,133 183,152,405 7,988,270 2003
Cottonwood Mall
Salt Lake City,
UT ÏÏÏÏÏÏÏÏÏÏÏÏ Ì 12,616,000 35,697,000 1,904,009 Ì 7,613,427 42,603,582 50,217,009 2,824,794 2002
Cottonwood Square
Salt Lake City,
UT ÏÏÏÏÏÏÏÏÏÏÏÏ Ì 1,558,000 4,339,000 22,916 Ì 1,558,221 4,361,695 5,919,916 269,169 2002
Country Hill Plaza
Portage, UT ÏÏÏÏ 5,276,057 3,620,000 9,080,000 321,695 Ì 3,620,000 9,401,695 13,021,695 568,847 2002
The Crossroads
Kalamazoo, MI 42,568,961 6,800,000 61,200,000 19,860,230 298,358 6,800,000 81,358,588 88,158,588 11,799,875 1999
Crossroads Center
St Cloud, MN ÏÏ 119,460,218 10,812,523 72,202,847 30,235,367 1,488,014 13,206,441 101,532,310 114,738,751 9,775,388 2000
Cumberland Mall
Atlanta, GA ÏÏÏÏ 94,524,385 15,198,568 136,787,110 11,106,737 188,458 16,749,496 146,531,377 163,280,873 23,981,769 1998
Developments in
ProgressÏÏÏÏÏÏÏÏ 60,327,000 173,536,919 256,022,000 130,410,365 Ì 45,243,769 514,725,515 559,969,284 Ì
Division Crossing
Portland, OR ÏÏÏ 5,939,810 1,773,000 4,935,000 234,296 Ì 1,772,915 5,169,381 6,942,296 312,383 2002
Eagle Ridge Mall
Lake Wales, FL 26,800,000 7,619,865 49,560,538 11,421,254 5,719,079 7,619,865 66,700,871 74,320,736 17,632,459 1995-1996
Eastridge Mall
Casper, WY ÏÏÏÏ 41,900,000 9,902,000 27,596,000 5,396,347 Ì 6,171,589 36,722,758 42,894,347 2,376,942 2002
Eden Prairie Center
Eden Prairie,
MN ÏÏÏÏÏÏÏÏÏÏÏ 86,144,788 465,063 19,024,047 115,705,065 9,506,545 492,585 144,208,135 144,700,720 17,216,391 1997

Costs Capitalized
Fallbrook Center
West Hills, CA 74,957,000 6,117,338 10,076,520 90,198,476 6,445,196 6,127,138 106,710,392 112,837,530 36,837,812 1984
Foothills Mall
Fort Collins, CO 44,996,631 10,052,653 90,495,739 5,949,442 Ì 9,263,802 97,234,032 106,497,834 3,227,329 2003
Fort Union
Midvale, UT ÏÏÏÏ 3,100,716 141,000 3,701,000 22,828 Ì Ì 3,864,828 3,864,828 244,920 2002
Four Seasons Town
Center
Greensboro, NC 110,512,930 24,976,933 136,636,477 8,308,196 Ì 27,231,494 142,690,112 169,921,606 3,609,102 2004
Fox River Mall
Appleton, WI ÏÏÏ 195,222,700 2,700,566 18,291,067 60,142,280 2,350,734 4,787,291 78,697,356 83,484,647 27,942,182 1983-1984
Fremont Plaza
Las Vegas, NVÏÏ Ì Ì 3,956,000 156,594 Ì Ì 4,112,594 4,112,594 246,778 2002
Gateway Crossing
Shopping Center
Bountiful, UT ÏÏÏ 16,494,902 4,104,000 11,422,000 286,518 Ì 4,103,858 11,708,660 15,812,518 769,538 2002
Gateway Mall
SpringÑeld, OR 42,172,919 8,728,263 34,707,170 22,776,289 7,698,614 8,728,263 65,182,073 73,910,336 26,415,977 1989-1990
F-51
Glenbrook Square
Fort Wayne, IN 164,250,000 30,414,372 195,896,270 370,595 Ì 30,380,606 196,300,631 226,681,237 6,388,889 2003
GGPLP Corp.
Chicago, IL ÏÏÏÏ 6,702,815,060 Ì 556,740 91,157,850 4,215,742 Ì 95,930,332 95,930,332 54,363,669
Corporate
Headquarters
Chicago, IL ÏÏÏÏ 23,160,764 Ì 29,035,310 2,184,058 Ì Ì 31,219,368 31,219,368 5,468,986 1997
The Grand Canal
Shoppes at the
Venetian
Las Vegas, NVÏÏ 423,933,659 Ì 766,232,339 10,551,199 Ì Ì 776,783,538 776,783,538 13,442,266 2004
Grand Teton Mall
Idaho Falls, IDÏÏ 28,945,548 13,104,000 36,813,000 14,214,911 103,094 9,322,131 54,912,874 64,235,005 3,016,930 2002
Grand Traverse
Mall
Traverse City,
MI ÏÏÏÏÏÏÏÏÏÏÏÏ 48,100,683 3,529,966 20,775,772 24,684,989 3,643,793 3,533,746 49,100,774 52,634,520 21,013,228 1990-1991
Greenwood Mall
Bowling Green,
KYÏÏÏÏÏÏÏÏÏÏÏÏ 47,348,098 3,200,000 40,202,000 30,907,045 108,960 3,387,160 71,030,845 74,418,005 23,890,194 1993
Halsey Crossing
Gresham, OR ÏÏÏ 2,906,922 Ì 4,363,000 109,033 Ì Ì 4,472,033 4,472,033 274,491 2002
Jordan Creek Town
Center
West Des
Moines, IA ÏÏÏÏÏ 200,000,000 18,141,510 139,192,444 Ì 4,962,935 18,141,510 144,155,379 162,296,889 2,608,552 2004

Costs Capitalized
Knollwood Mall
St. Louis Park,
MN ÏÏÏÏÏÏÏÏÏÏÏ 18,400,000 Ì 9,748,047 36,750,600 3,891,475 7,025,606 43,364,516 50,390,122 19,346,894 1978
Lakeview Square
Battle Creek, MI 23,131,857 3,578,619 32,209,980 16,641,406 375,998 3,578,619 49,227,384 52,806,003 10,817,580 1996
Landmark Mall
Alexandria, VA 26,315,360 28,395,945 67,234,703 (1,636,606) 1,087,044 28,395,945 66,685,141 95,081,086 11,494,529 2003
Lansing Mall
Lansing, MI ÏÏÏÏ 68,095,397 6,977,798 62,800,179 44,485,243 768,954 11,496,394 103,535,780 115,032,174 19,294,599 1996
Lockport Mall
Lockport, NYÏÏÏ Ì 800,000 10,000,000 4,272,423 23,656 800,000 14,296,079 15,096,079 6,989,654 1986
Lynnhaven Mall
Virginia Beach,
VA ÏÏÏÏÏÏÏÏÏÏÏÏ 180,000,000 39,225,630 222,321,434 2,422,971 2,662 33,697,604 230,275,093 263,972,697 8,476,144 2003
The Maine Mall
Portland, MA ÏÏÏ 162,000,000 41,373,998 238,457,053 1,990,282 Ì 41,373,998 240,447,335 281,821,333 7,202,948 2003
Mall of Louisiana
Baton Rouge, LA 185,000,000 24,590,822 246,452,070 349,214 Ì 24,590,822 246,801,284 271,392,106 4,402,659 2004
F-52
Mall at Sierra Vista
Sierra Vista, AZ Ì 4,550,000 18,658,000 1,402,323 Ì 3,651,670 20,958,653 24,610,323 1,430,388 2002
Mall of the BluÅs
Council BluÅs,
IA ÏÏÏÏÏÏÏÏÏÏÏÏ 41,485,906 1,860,116 24,016,343 20,847,345 2,585,988 1,895,220 47,414,572 49,309,792 20,380,503 1985-1986
Mall St. Vincent
Shreveport, LAÏÏ 17,839,575 2,640,000 23,760,000 8,108,712 1,392 2,640,000 31,870,104 34,510,104 6,047,411 1998
Marketplace
Shopping Center
Champaign, ILÏÏ 106,737,300 7,000,000 63,972,357 44,750,728 601,899 7,000,000 109,324,984 116,324,984 21,304,433 1997
Mayfair
Wauwatosa, WI 194,309,464 14,706,639 224,846,565 7,833,031 1,066,454 14,706,639 233,746,050 248,452,689 33,823,316 2003
Meadows Mall
Las Vegas, NVÏÏ 110,091,727 24,633,921 104,088,306 15,404,623 69,253 24,894,746 119,301,357 144,196,103 16,853,209 2003
MEPC Acquisition
Financing ÏÏÏÏÏÏ Ì Ì (1,549,401) 265,038 Ì Ì (1,284,363) (1,284,363) 53,815
Northgate Mall
Chattanooga, TN 21,483,687 2,524,869 43,943,539 1,630,088 2,226 2,524,869 45,575,853 48,100,722 7,647,575 2003
Northridge Fashion
Center
Northridge, CA 134,786,902 16,618,095 149,562,583 28,881,783 3,540,766 16,866,397 181,736,830 198,603,227 30,455,093 1998
North Plains Mall
Clovis, NMÏÏÏÏÏ Ì 4,676,000 13,033,000 1,363,670 Ì 2,722,314 16,350,356 19,072,670 1,060,723 2002
North Temple
Shops
Salt Lake City,
UT ÏÏÏÏÏÏÏÏÏÏÏÏ Ì 168,000 468,000 5,431 Ì 167,987 473,444 641,431 29,334 2002

Costs Capitalized
NorthTown Mall
Spokane, WA ÏÏÏ 80,557,531 38,445,000 107,330,000 4,282,616 Ì 22,407,494 127,650,122 150,057,616 8,421,535 2002
Oak View Mall
Omaha, NE ÏÏÏÏ 78,519,494 12,056,062 113,041,871 2,547,429 Ì 12,056,062 115,589,300 127,645,362 13,454,576 2003
Oakwood Mall
Eau Claire, WIÏÏ 55,314,543 3,266,669 18,281,160 23,174,460 1,723,991 3,266,669 43,179,611 46,446,280 20,561,513 1985-1986
Oglethorpe Mall
Savannah, GA ÏÏ 39,386,760 16,036,395 92,977,582 4,263,526 177,709 16,036,395 97,418,817 113,455,212 14,356,446 2003
Orem Plaza Center
Street
Orem, UT ÏÏÏÏÏÏ 2,771,265 1,069,000 2,974,000 22,311 Ì 1,068,592 2,996,719 4,065,311 185,287 2002
Orem Plaza State
Street
Orem, UT ÏÏÏÏÏÏ 1,715,084 592,000 1,649,000 39,776 Ì 592,396 1,688,380 2,280,776 103,297 2002
Park City Center
Lancaster, PAÏÏÏ 160,413,688 8,465,148 177,191,205 4,144,926 12,944 8,465,148 181,349,075 189,814,223 28,040,119 2003
Park Place
Tucson, AZÏÏÏÏÏ 188,962,627 4,996,024 44,993,177 96,385,331 13,523,774 4,715,836 155,182,470 159,898,306 23,714,539 1996
F-53
Pecanland Mall
Monroe, LA ÏÏÏÏ 64,913,732 7,190,000 64,710,000 10,658,506 Ì 10,101,102 72,457,404 82,558,506 5,312,951 2002
Peachtree Mall
Columbus, GA ÏÏ 53,000,000 22,051,603 67,678,571 2,552,142 Ì 22,051,603 70,230,713 92,282,316 3,911,406 2003
Piedmont Mall
Danville, VAÏÏÏÏ 26,158,039 2,000,000 38,000,000 10,636,888 20,787 2,000,000 48,657,675 50,657,675 11,569,850 1995
Pierre Bossier Mall
Bossier City, LA 38,571,826 5,280,707 47,558,468 7,937,364 2,186 5,283,970 55,494,755 60,778,725 9,781,376 1998
Pine Ridge Mall
Pocatello, ID ÏÏÏ 28,250,000 8,375,000 23,337,000 1,129,715 Ì 4,905,207 27,936,508 32,841,715 1,845,571 2002
The Pines
Pine BluÅ, AR ÏÏ 24,984,335 1,488,928 17,627,258 13,954,108 1,365,091 1,247,414 33,187,971 34,435,385 14,982,620 1985-1986
Plaza 800
Sparks, NV ÏÏÏÏÏ Ì 1,435,000 3,995,000 11,889 Ì Ì 5,441,889 5,441,889 274,347 2002
Plaza 9400
Sandy, UT ÏÏÏÏÏ Ì Ì 9,114,000 188,936 Ì Ì 9,302,936 9,302,936 578,437 2002
Prince Kuhio Plaza
Hilo, HI ÏÏÏÏÏÏÏ 41,476,942 Ì 42,028,685 1,756,659 10,737 9,082 43,786,999 43,796,081 6,892,447 2002
Provo Towne
Centre
Provo, UT ÏÏÏÏÏÏ 52,881,491 21,767,302 68,296,000 (1,082,382) 59,165 13,485,901 75,554,184 89,040,085 5,075,185 2002
Red CliÅs Mall
St. George, UT 26,850,000 7,019,000 19,644,000 7,994,833 Ì 5,116,379 29,541,454 34,657,833 1,975,671 2002
Red CliÅs Plaza
St. George, UT Ì Ì 2,366,000 499,957 Ì Ì 2,865,957 2,865,957 146,657 2002
Regency Square
Mall
Jacksonville, FL 103,239,181 16,497,552 148,477,968 17,410,602 118,881 17,884,037 164,620,966 182,505,003 26,614,044 1998

Costs Capitalized
Rio West Mall
Gallup, NM ÏÏÏÏ 22,844,000 Ì 19,500,000 6,657,454 Ì Ì 26,157,454 26,157,454 11,542,937 1986
River Falls Mall
Clarksville, IN ÏÏ Ì 3,177,688 54,610,421 13,756,847 5,281,892 4,825,545 72,001,303 76,826,848 31,104,512 1989-1990
River Hills Mall
Mankato, MN ÏÏ 83,017,800 3,713,529 29,013,757 22,295,189 2,674,311 4,707,482 52,989,304 57,696,786 21,519,153 1990-1991
Riverlands
Shopping Center
LaPlace, LA ÏÏÏÏ Ì 500,000 4,500,000 3,425,594 43,842 1,100,950 7,368,486 8,469,436 952,338 1998
River Pointe Plaza
West Jordan, UT 4,292,554 1,302,000 3,623,000 115,029 Ì 1,301,531 3,738,498 5,040,029 231,621 2002
Riverside Plaza
Provo, UT ÏÏÏÏÏÏ 6,143,294 2,475,000 6,890,000 1,390,317 6,877 2,475,227 8,286,967 10,762,194 476,005 2002
RiverTown
Crossings
Grandville, MI ÏÏ 125,510,999 10,972,923 97,141,738 30,563,679 13,280,645 7,246,462 144,712,523 151,958,985 24,407,601 1998-1999
Rogue Valley Mall
Medford, OR ÏÏÏ 27,801,951 5,728,225 51,564,598 1,325,905 Ì 21,913,520 36,705,208 58,618,728 1,433,839 2003
F-54
Saint Louis Galleria
St. Louis, MO ÏÏ 176,250,000 36,773,639 184,645,237 2,059,048 Ì 36,773,639 186,704,285 223,477,924 8,115,220 2003
Salem Center
Salem, OR ÏÏÏÏÏ 27,980,686 11,885,000 33,253,000 1,621,416 Ì 6,966,434 39,792,982 46,759,416 2,644,513 2002
Sikes Senter
Wichita Falls,
TX ÏÏÏÏÏÏÏÏÏÏÏÏ 41,500,000 12,758,642 50,566,596 701,179 Ì 12,758,642 51,267,775 64,026,417 2,602,107 2003
Silver Lake Mall
Coeur d'Alene,
ID ÏÏÏÏÏÏÏÏÏÏÏÏ Ì 7,704,000 21,472,000 204,357 Ì 4,447,556 24,932,801 29,380,357 1,642,831 2002
Sooner Mall
Norman, OK ÏÏÏ 59,205,800 2,700,000 24,300,000 17,430,011 Ì 2,580,578 41,849,433 44,430,011 9,035,091 1996
Southlake Mall
Morrow, GA ÏÏÏÏ 105,996,100 6,700,000 60,406,902 12,491,652 192,535 6,700,000 73,091,089 79,791,089 14,890,277 1997
Southland Mall
Hayward, CA ÏÏÏ 88,915,063 8,904,277 80,142,961 6,567,767 Ì 14,120,774 81,494,231 95,615,005 4,777,092 2002
Southshore Mall
Aberdeen, WA ÏÏ Ì 650,000 15,350,000 5,589,170 Ì 650,000 20,939,170 21,589,170 10,142,304 1986
Southwest Plaza
Littleton, CO ÏÏÏ 79,095,272 9,000,000 103,983,673 27,125,015 973,804 9,000,000 132,082,492 141,082,492 23,146,758 1998
Spokane Valley
Mall
Spokane, WA ÏÏÏ 41,248,340 19,297,000 54,970,000 3,803,452 Ì 11,455,446 66,615,006 78,070,452 4,387,720 2002
Spokane Valley
Plaza
Spokane, WA ÏÏÏ Ì 3,558,000 10,150,000 2,653 Ì 3,557,601 10,153,052 13,710,653 626,883 2002
Spring Hill Mall
West Dundee, IL 84,575,560 12,400,000 111,643,525 12,545,263 44,540 12,400,000 124,233,328 136,633,328 20,748,904 1998

Costs Capitalized
Stonestown
San Francisco,
CA ÏÏÏÏÏÏÏÏÏÏÏÏ 220,000,000 67,000,000 246,272,110 6,407,278 Ì 67,000,000 252,679,388 319,679,388 2,957,666 2004
Three Rivers Mall
Kelso, WA ÏÏÏÏÏ 23,000,000 7,068,000 19,917,000 1,580,545 Ì 4,312,238 24,253,307 28,565,545 1,594,870 2002
Town East Mall
Mesquite
(Dallas), TX ÏÏÏ 115,547,423 9,528,518 141,627,727 7,367,954 Ì 7,710,985 150,813,214 158,524,199 14,496,422
Twin Falls Crossing
Twin Falls, ID ÏÏ Ì 275,000 767,000 373 Ì 275,499 766,874 1,042,373 47,536 2002
Tucson Mall
Tucson, AZÏÏÏÏÏ 127,547,820 Ì 181,424,484 20,771,036 405,608 Ì 202,601,128 202,601,128 16,442,225 2001
University Crossing
Orem, UT ÏÏÏÏÏÏ 12,314,888 3,420,000 9,526,000 443,397 Ì 3,419,812 9,969,585 13,389,397 619,486 2002
Valley Hills Mall
Hickory, NCÏÏÏÏ 61,325,090 3,443,594 31,025,471 40,859,458 1,699,275 5,656,275 71,371,523 77,027,798 12,697,580 1997
Valley Plaza Mall
BakersÑeld, CA 104,367,801 12,685,151 114,166,356 10,677,012 228,553 12,685,151 125,071,921 137,757,072 19,898,341 1998
F-55
Victoria Ward
Centers(g)
Honolulu, HI ÏÏÏ 153,000,000 164,006,531 89,320,759 10,108,155 Ì 165,504,492 97,930,953 263,435,445 10,085,887 2002
Visalia Mall
Visalia, CA ÏÏÏÏÏ 47,330,972 16,466,000 47,699,000 9,570,164 Ì 11,052,128 62,683,036 73,735,164 4,079,691 2002
West Valley Mall
Tracy, CA ÏÏÏÏÏÏ 64,598,455 9,295,045 47,789,310 27,090,024 8,072,671 10,885,507 81,361,543 92,247,050 20,626,736 1995
Westwood Mall
Jackson, MI ÏÏÏÏ 37,110,400 2,658,208 23,923,869 6,491,247 538 3,571,208 29,502,654 33,073,862 6,724,592 1996
White Mountain
Mall
Rock Springs,
WY ÏÏÏÏÏÏÏÏÏÏÏ Ì 2,335,000 6,520,000 4,887,882 4,495 1,362,805 12,384,572 13,747,377 799,798 2002
Woodlands Village
FlagstaÅ, AZ ÏÏÏ 7,848,688 2,689,000 7,484,000 32,124 Ì 2,688,652 7,516,472 10,205,124 464,082 2002
Yellowstone Square
Idaho Falls, IDÏÏ Ì 1,057,000 2,943,000 10,465 Ì 1,057,200 2,953,265 4,010,465 183,250 2002
Miscellaneous Real
Estate ÏÏÏÏÏÏÏÏÏ Ì 1,306,800 1,586,000 (1,584,678) 108,462 1,306,800 109,784 1,416,584 242 2002
The Rouse
Company
Operating
Properties(f):
Fashion Show
Las Vegas, NVÏÏ 380,000,000 87,544,000 120,347,000 385,285,000 Ì 87,544,000 505,632,000 593,176,000 64,336,000 1981 1996
Providence Place
Providence, RI ÏÏ 302,524,000 Ì 463,568,000 Ì Ì Ì 463,568,000 463,568,000 6,225,000 1999 2004

Costs Capitalized
Staten Island Mall
Staten Island,
NY ÏÏÏÏÏÏÏÏÏÏÏ 169,602,000 37,867,000 197,274,000 5,417,000 Ì 37,867,000 202,691,000 240,558,000 10,102,000 1973 2003
North Star
San Antonio, TX 251,000,000 54,000,000 173,343,000 8,367,000 Ì 54,000,000 181,710,000 235,710,000 19,267,000 1960 2002
Lakeside Mall
Sterling Heights,
MI ÏÏÏÏÏÏÏÏÏÏÏÏ 195,000,000 51,300,000 175,161,000 4,793,000 Ì 51,300,000 179,954,000 231,254,000 15,988,000 1976 2002
The Mall in
Columbia
Columbia, MD ÏÏ 160,657,000 7,179,000 Ì 203,347,000 Ì 7,179,000 203,347,000 210,526,000 47,509,000 1971
Willowbrook
Wayne, NJ ÏÏÏÏÏ 172,288,000 56,819,000 114,629,000 15,702,000 Ì 56,819,000 130,331,000 187,150,000 12,101,000 1969 2002
Pioneer Place
Portland, OR ÏÏÏ 127,058,000 2,813,000 Ì 178,319,000 Ì 2,813,000 178,319,000 181,132,000 44,307,000 1990
Woodbridge Center
Woodbridge, NJ 225,000,000 27,032,000 Ì 135,731,000 Ì 27,032,000 135,731,000 162,763,000 51,827,000 1971
The Streets at
F-56
South Point
Durham, NC ÏÏÏ 134,592,000 18,266,000 143,474,000 658,000 Ì 18,266,000 144,132,000 162,398,000 13,804,000 2002 2002
Ridgedale Center
Minneapolis, MN 105,000,000 20,216,000 129,171,000 2,563,000 Ì 20,216,000 131,734,000 151,950,000 11,333,000 1974 2002
Arizona Center
Phoenix, AZ ÏÏÏÏ 29,345,000 96,000 Ì 151,151,000 Ì 96,000 151,151,000 151,247,000 48,852,000 1990
Paramus Park
Paramus, NJÏÏÏÏ 98,349,000 13,476,000 Ì 131,906,000 Ì 13,476,000 131,906,000 145,382,000 32,278,000 1974
Fashion Place
Salt Lake City,
UT ÏÏÏÏÏÏÏÏÏÏÏÏ 65,229,000 19,379,000 119,715,000 4,062,000 Ì 19,379,000 123,777,000 143,156,000 13,355,000 1972 1998
Beachwood Place
Cleveland, OH ÏÏ 108,633,000 10,673,000 Ì 129,461,000 Ì 10,673,000 129,461,000 140,134,000 26,656,000 1978
Owings Mills
Baltimore, MD ÏÏ Ì 25,170,000 Ì 112,933,000 Ì 25,170,000 112,933,000 138,103,000 24,538,000 1986
Oviedo Marketplace
Orlando, FL ÏÏÏÏ 53,656,000 9,389,000 Ì 122,350,000 Ì 9,389,000 122,350,000 131,739,000 14,986,000 1998
Collin Creek
Plano, TX ÏÏÏÏÏÏ 72,972,000 26,419,000 102,037,000 1,994,000 Ì 26,419,000 104,031,000 130,450,000 9,385,000 1981 2002
Oxmoor
Louisville, KY ÏÏ 66,364,000 Ì 124,487,000 Ì Ì Ì 124,487,000 124,487,000 623,000 1971 2004
Westlake Center
Seattle, WA ÏÏÏÏ 68,680,000 10,582,000 Ì 105,553,000 Ì 10,582,000 105,553,000 116,135,000 38,356,000 1988
The Gallery at
Harborplace
Baltimore, MD ÏÏ 89,256,000 6,648,000 Ì 107,267,000 Ì 6,648,000 107,267,000 113,915,000 38,541,000 1987

Costs Capitalized
Bayside
Marketplace
Miami, FL ÏÏÏÏÏ 67,744,000 Ì Ì 109,311,000 Ì Ì 109,311,000 109,311,000 31,279,000 1987
Mall St. Matthews
Louisville, KY ÏÏ 155,896,000 Ì Ì 107,800,000 Ì Ì 107,800,000 107,800,000 32,895,000 1962
White Marsh
Faneuil Hall
Marketplace
Boston, MA ÏÏÏÏ Ì Ì Ì 100,956,000 Ì Ì 100,956,000 100,956,000 25,250,000 1976
Governor's Square
Tallahassee, FL 64,336,000 Ì Ì 88,931,000 Ì Ì 88,931,000 88,931,000 27,534,000 1979
Oakwood Center
Gretna, LA ÏÏÏÏÏ 49,615,000 15,938,000 Ì 69,777,000 Ì 15,938,000 69,777,000 85,715,000 22,706,000 1966
Augusta Mall
Augusta, GA ÏÏÏ 50,006,000 4,697,000 Ì 76,654,000 Ì 4,697,000 76,654,000 81,351,000 12,583,000 1978
Riverwalk
New Orleans, LA 12,399,000 Ì Ì 75,035,000 Ì Ì 75,035,000 75,035,000 21,319,000 1986
F-57
Hulen Mall
Ft. Worth, TX ÏÏ 121,000,000 7,575,000 Ì 67,426,000 Ì 7,575,000 67,426,000 75,001,000 19,699,000 1977
Southland Center
Taylor, MI ÏÏÏÏÏ 56,500,000 6,581,000 62,362,000 669,000 Ì 6,581,000 63,031,000 69,612,000 5,635,000 1970 2002
Harborplace
Baltimore, MD ÏÏ 30,545,000 Ì Ì 63,447,000 Ì Ì 63,447,000 63,447,000 17,470,000 1980
South Street
Seaport
New York, NY 16,050,000 Ì Ì 46,100,000 Ì Ì 46,100,000 46,100,000 Ì 1983
Blue Cross & Blue
Shield Building I
Village of Cross
Keys
Baltimore, MD ÏÏ 12,782,000 925,000 Ì 41,147,000 Ì 925,000 41,147,000 42,072,000 15,192,000 1965
Mondawmin Mall
Aon Building II
Hunt Valley 75
Hunt Valley, MD 14,538,000 8,136,000 14,187,000 4,455,000 Ì 8,136,000 18,642,000 26,778,000 3,865,000 1984 1998
Seventy Columbia
Corp Ctr
Columbia, MD ÏÏ 20,429,000 857,000 Ì 24,504,000 Ì 857,000 24,504,000 25,361,000 8,611,000 1992
Senate Plaza
Camp Hill, PA ÏÏ 12,778,000 2,284,000 13,319,000 3,944,000 Ì 2,284,000 17,263,000 19,547,000 7,278,000 1972 1998
Woodlands
Houston, TXÏÏÏÏ 1,715,000 4,527,000 15,043,000 (938,000) Ì 4,527,000 14,105,000 18,632,000 589,000 1996 2003

Costs Capitalized
Blue Cross & Blue
Shield
Building II
Fifty Columbia
Corp Ctr
Columbia, MD ÏÏ 10,842,000 463,000 Ì 15,740,000 Ì 463,000 15,740,000 16,203,000 6,696,000 1989
Centerpointe
Baltimore, MD ÏÏ 5,901,000 3,855,000 11,302,000 883,000 Ì 3,855,000 12,185,000 16,040,000 2,447,000 1987 1998
Aon Building I
Baltimore, MD ÏÏ 7,656,000 650,000 Ì 15,326,000 Ì 650,000 15,326,000 15,976,000 6,956,000 1988
Forty Columbia
Corp Ctr
Columbia, MD ÏÏ 10,468,000 636,000 Ì 15,147,000 Ì 636,000 15,147,000 15,783,000 7,085,000 1987
Sixty Columbia
Corp Ctr
Columbia, MD ÏÏ 13,468,000 1,050,000 Ì 14,594,000 Ì 1,050,000 14,594,000 15,644,000 2,256,000 1999
Schilling Plaza
F-58
North Baltimore,
MD ÏÏÏÏÏÏÏÏÏÏÏ 5,225,000 4,470,000 8,059,000 2,305,000 Ì 4,470,000 10,364,000 14,834,000 2,398,000 1980 1998
Canyon Center
Las Vegas, NVÏÏ 10,797,000 2,081,000 7,161,000 5,589,000 Ì 2,081,000 12,750,000 14,831,000 3,538,000 1998
Schilling Plaza
South
Baltimore, MD ÏÏ Ì 5,000,000 7,402,000 1,688,000 Ì 5,000,000 9,090,000 14,090,000 2,567,000 1987 1998
Canyon Center
C&D
Las Vegas, NVÏÏ 92,000 1,722,000 Ì 12,101,000 Ì 1,722,000 12,101,000 13,823,000 3,217,000 1998
Thirty Columbia
Corp Ctr
Columbia, D ÏÏÏÏ 7,852,000 1,160,000 Ì 12,172,000 Ì 1,160,000 12,172,000 13,332,000 6,500,000 1986
Crossing Business
Center Phase III
Las Vegas, NVÏÏ 7,318,000 2,842,000 1,416,000 8,216,000 Ì 2,842,000 9,632,000 12,474,000 2,630,000 1996
American City
Building
Columbia, MD ÏÏ Ì Ì Ì 12,288,000 Ì Ì 12,288,000 12,288,000 9,979,000 1969
Twenty Columbia
Corp Ctr
Columbia, MD ÏÏ 3,512,000 927,000 Ì 10,039,000 Ì 927,000 10,039,000 10,966,000 5,857,000 1981
10000 W.
Charleston
Arbors
Summerlin, NV 23,254,000 695,000 Ì 9,665,000 Ì 695,000 9,665,000 10,360,000 2,929,000 1999

Costs Capitalized
201 International
Circle
Baltimore, MD ÏÏ 3,420,000 5,464,000 3,763,000 906,000 Ì 5,464,000 4,669,000 10,133,000 1,324,000 1982 1998
Metro Plaza
Baltimore, MD ÏÏ Ì 205,000 Ì 9,834,000 Ì 205,000 9,834,000 10,039,000 5,911,000 1982
Crossing Business
Center Phase I
Las Vegas, NVÏÏ 6,528,000 1,326,000 7,951,000 659,000 Ì 1,326,000 8,610,000 9,936,000 2,206,000 1994 1996
Riverspark/
Building 2
Columbia, MD ÏÏ 1,266,000 2,783,000 6,594,000 286,000 Ì 2,783,000 6,880,000 9,663,000 1,274,000 1987 1998
Ten Columbia
Corp Ctr
Columbia, D ÏÏÏÏ Ì 733,000 Ì 8,281,000 Ì 733,000 8,281,000 9,014,000 4,826,000 1981
10190 Covington
Cross
Las Vegas, NVÏÏ 6,157,000 1,257,000 398,000 7,061,000 Ì 1,257,000 7,459,000 8,716,000 1,735,000 1997
Riverspark
F-59
Building B
Columbia, MD ÏÏ Ì 2,117,000 2,545,000 3,366,000 Ì 2,117,000 5,911,000 8,028,000 1,067,000 1985 1998
USA Group
Las Vegas, NVÏÏ 6,006,000 1,197,000 4,880,000 1,557,000 Ì 1,197,000 6,437,000 7,634,000 1,317,000 1998
Miscellaneous Real
Estate ÏÏÏÏÏÏÏÏÏ 98,798,000 48,633,000 90,692,000 64,665,000 48,633,000 155,357,000 203,990,000 47,816,000
Purchase
accounting
related
adjustmentsÏÏÏÏÏ 155,635,000 673,023,000 6,086,090,000 (3,121,262,000) 670,033,000 2,967,818,000 3,637,851,000 (969,419,000) 2004
Total The Rouse
Company
Operating
Properties ÏÏÏÏÏÏ 4,073,001,000 1,314,711,000 8,206,370,000 1,925,000 Ì 1,311,721,000 8,211,285,000 9,523,006,000 36,083,000
The Rouse
Company
Investment Land
and Land Held
for Development
and Sale(f):
Summerlin
Summerlin, NV 18,147,000 74,029,000 Ì 169,471,000 Ì 243,500,000 Ì 243,500,000 Ì 1996
The Bridgelands
Houston, TXÏÏÏÏ 57,917,000 104,898,000 Ì 13,117,000 Ì 118,015,000 Ì 118,015,000 Ì 2003
Columbia and
Emerson
Howard County, MD Ì 53,000,000 Ì 39,595,000 Ì 92,595,000 Ì 92,595,000 Ì 1985

Costs Capitalized
Fairwood
Prince George's
County, MD ÏÏÏÏ Ì 58,266,000 Ì Ì Ì 58,266,000 Ì 58,266,000 Ì 2004
Miscellaneous Real
Estate ÏÏÏÏÏÏÏÏÏ Ì Ì Ì 74,000 Ì 74,000 Ì 74,000 Ì
Purchase
accounting
related
adjustmentsÏÏÏÏÏ Ì 1,355,507,000 Ì (229,944,000) Ì 1,125,563,000 Ì 1,125,563,000 2004
Total Investment
Land and Land
Held for
Development and
Sale ÏÏÏÏÏÏÏÏÏÏÏ 76,064,000 1,645,700,000 Ì (7,687,000) Ì 1,638,013,000 Ì 1,638,013,000 Ì
Total Net Property
and Equipment
and Investment
Land and Land
F-60
Held for
Development and
Sale ÏÏÏÏÏÏÏÏÏÏÏ $18,776,021,843 $4,719,160,914 $16,708,656,316 $1,747,178,902 $133,796,047 $4,542,808,561 $18,765,983,618 $23,308,792,179 $1,453,487,719
NOTES TO SCHEDULE III
(a) See description of mortgage notes and other debt payable in Note 6 of Notes to Consolidated Financial
Statements.
(b) Initial cost for constructed malls is cost at end of Ñrst complete calendar year subsequent to opening.
(c) Carrying costs consist of capitalized construction-period interest and taxes.
(d) The aggregate cost of land, buildings and equipment for federal income tax purposes is approximately
$16,570,519.
Reconciliation of Real Estate

2004 2003 2002
Balance at beginning of yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 9,677,348 $6,957,996 $5,090,106

Acquisitions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11,235,608 2,474,222 1,089,643
Investment land and land held for development and
saleÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,645,700 Ì Ì
AdditionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 804,556 257,372 778,247
DispositionsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (54,420) (12,242) Ì
Balance at end of yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $23,308,792 $9,677,348 $6,957,996
Reconciliation of Accumulated Depreciation

2004 2003 2002
Balance at beginning of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,101,235 $ 798,431 $625,544

Depreciation expense ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 352,253 205,780 172,887
Other additions (primarily purchase of interest in GGP
Ivanhoe III) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì 97,024 Ì
Balance at end of year ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,453,488 $1,101,235 $798,431
(e) Depreciation is computed based upon the following estimated lives:

Years
Buildings, improvements and carrying costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 40-45

Equipment, tenant improvements and Ñxtures ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5-10
Purchased intangiblesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5-15
(f) Represents historical carrying values of properties acquired in the TRC Merger. As individual property
values have not been Ñnalized, purchase accounting related adjustments are presented in total.
(g) Includes Ward Entertainment Center, Ward Warehouse, Ward Village and Village Shops.
F-61
2.1 Agreement and Plan of Merger by and Among The Rouse Company, General Growth Properties,
Inc. and Red Acquisition, LLC dated as of August 19, 2004 (previously Ñled as Exhibit 2.1 to our
Current Report on Form 8-K/A Ñled August 24, 2004, incorporated herein by reference).
3.1 Second Amended and Restated CertiÑcate of Incorporation of General Growth Properties, Inc. Ñled
with the Delaware Secretary of State on May 24, 1995 (previously Ñled as an exhibit to our Annual
Report on Form 10-K for the year ended December 31, 2003, incorporated herein by reference).
3.2 CertiÑcate of Correction Ñled to correct an error in the Second Amended and Restated CertiÑcate of
Incorporation of General Growth Properties, Inc. Ñled with the Delaware Secretary of State on
December 21, 1995 (previously Ñled as an exhibit to our Annual Report on Form 10-K for the year
ended December 31, 1995, incorporated herein by reference).
3.3 CertiÑcate of Amendment of Second Amended and Restated CertiÑcate of Incorporation of General
Growth Properties, Inc. Ñled with the Delaware Secretary of State on May 20, 1997 (previously Ñled
as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 1997,
incorporated herein by reference).
3.4 Second CertiÑcate of Amendment of Second Amended and Restated CertiÑcate of Incorporation of
General Growth Properties, Inc. Ñled with the Delaware Secretary of State on May 17, 1999
(previously Ñled as an exhibit to our Current Report on Form 8-K, dated July 12, 1999, incorporated
herein by reference).
3.5 CertiÑcate of Amendment of Second Amended and Restated CertiÑcate of Incorporation of General
Growth Properties, Inc. Ñled with the Delaware Secretary of State on November 20, 2003
(previously Ñled as an exhibit to our Annual Report on Form 10-K for the year ended December 31,
2003, incorporated herein by reference).
3.6 Bylaws of General Growth Properties, Inc. (previously Ñled as an exhibit to our Current Report on
Form 8-K Ñled on February 25, 1994, incorporated herein by reference).
3.7 Amendment to Article IV, Section 4.1 of the Bylaws (previously Ñled as an exhibit to our Annual
3.8 Amended and Restated Section 3.9 of the Bylaws of General Growth Properties, Inc. (as of
February 5, 2003) (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated
May 9, 2003, incorporated herein by reference).
3.9 Purchase Agreement, dated April 17, 2002, among General Growth Properties, Inc., the Operating
Partnership, GGPLP L.L.C., Goldman Sachs 2002 Exchange Place Fund, L.P. and GSEP 2002
Realty Corp. (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated May 10,
3.10 Purchase Agreement dated April 23, 2002, among General Growth Properties, Inc., the Operating
Partnership, GGPLP L.L.C., the Goldman Sachs 2002 Exchange Place Fund, L.P. and GSEP 2002
Realty Corp. (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated May 10,
4.1 Redemption Rights Agreement, dated July 13, 1995, by and among the Operating Partnership,
General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously
Ñled as an exhibit to our Current Report on Form 8-K dated July 17, 1996, incorporated herein by
reference).
4.2 Redemption Rights Agreement dated December 6, 1996, among the Operating Partnership,
Forbes/Cohen Properties, a Michigan general partnership, Lakeview Square Associates, a Michigan
general partnership, and Jackson Properties, a Michigan general partnership (previously Ñled as an
exhibit to our Current Report on Form 8-K dated January 3, 1997, incorporated herein by reference).
4.3 Redemption Rights Agreement, dated June 19, 1997, among the Operating Partnership, General
Growth Properties, Inc., and CA Southlake Investors, Ltd., a Georgia limited partnership (previously
Ñled as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 1997,
4.4 Redemption Rights Agreement dated October 23, 1997, among General Growth Properties, Inc., the
Operating Partnership and Peter Leibowits (previously Ñled as an exhibit to our Annual Report on
Form 10-K for the year ended December 31, 1997, incorporated herein by reference).
S-1
4.5 CertiÑcate of Designation of Series A Junior Participating Preferred Stock Ñled with the Delaware
Secretary of State on November 18, 1998 (previously Ñled as an exhibit to our Current Report from
on 8-K, dated November 18, 1998, incorporated herein by reference).
4.6 CertiÑcate of Amendment and Restatement of CertiÑcate of Designations, Preferences and Rights of
8.95% Cumulative Redeemable Preferred Stock, Series B Ñled with the Delaware Secretary of State
on May 8, 2002 (previously Ñled as an exhibit to our Current Report on Form 8-K dated July 10,
4.7 CertiÑcate of Designations, Preferences and Rights of 8.5% Cumulative Convertible Preferred Stock,
Series C Ñled with the Delaware Secretary of State on July 10, 2002 (previously Ñled as an exhibit to
our Current Report on Form 8-K dated July 10, 2002, incorporated herein by reference).
4.8 CertiÑcate of Designations, Preferences and Rights of 8.75% Cumulative Redeemable Preferred
Stock, Series D Ñled with the Delaware Secretary of State on July 10, 2002 (previously Ñled as an
exhibit to our Current Report on Form 8-K dated July 10, 2002, incorporated herein by reference).
Stock, Series E Ñled with the Delaware Secretary of State on July 10, 2002 (previously Ñled as an
Stock, Series F Ñled with the Delaware Secretary of State on July 10, 2002 (previously Ñled as an
Stock, Series G Ñled with the Delaware Secretary of State on April 17, 2002 (previously Ñled with
the Delaware Secretary of State as an exhibit to our Quarterly Report on Form 10-Q dated May 10,
4.12 CertiÑcate of Correction of CertiÑcate of Designations, Preferences and Rights of 8.95% Cumulative
Redeemable Preferred Stock Series G Ñled with the Delaware Secretary of State on April 29, 2002
(previously Ñled as an exhibit to our Current Report on Form 8-K dated July 24, 2002, incorporated
4.13 CertiÑcate of Designations, Preferences and Rights of 7% Cumulative Convertible Preferred Stock,
Series H Ñled with the Delaware Secretary of State on November 27, 2002 (previously Ñled as an
exhibit to our Annual Report on Form 10-K for the year ended December 31, 2002, incorporated
4.14 Redemption Rights Agreement dated April 2, 1998, among the Operating Partnership, General
Growth Properties, Inc. and Southwest Properties Venture (previously Ñled as an exhibit to our
Current Report on Form 8-K dated May 26, 1998, incorporated herein by reference).
4.15 Rights Agreement, dated November 18, 1998, between General Growth Properties, Inc. and Norwest
Bank Minnesota, N.A., as Rights Agent (including the Form of CertiÑcate of Designation of
Series A Junior Participating Preferred Stock attached thereto as Exhibit A, the Form of Right
CertiÑcate attached thereto as Exhibit B and the Summary of Rights to Purchase Preferred Shares
attached thereto as Exhibit C) (previously Ñled as an exhibit to our current report on Form 8-K,
dated November 18, 1998, incorporated herein by reference).
4.16 First Amendment to Rights Agreement, dated as of November 10, 1999, between General Growth
Properties, Inc. and Norwest Bank Minnesota, N.A. (previously Ñled as an exhibit to our Current
Report on Form 8-K, dated November 23, 1999, incorporated herein by reference).
4.17 Second Amendment to Rights Agreement, dated as of December 31, 2001, between General Growth
Properties, Inc. and Mellon Investor Services, LLC, successor to Norwest Bank Minnesota, N.A.
(previously Ñled as an exhibit to our Registration Statement on Form S-3 (No. 333-82134) dated
February 5, 2002, incorporated herein by reference).
4.18 Form of Common Stock CertiÑcate (previously Ñled as an exhibit to our Annual Report on
4.19 Letter Agreement concerning Rights Agreement, dated November 10, 1999, between the Operating
Partnership and NYSCRF (previously Ñled as an exhibit to our Current Report on Form 8-K, dated
November 23, 1999, incorporated herein by reference).
S-2
4.20 Redemption Rights Agreement, dated October 21, 1998, among the Operating Partnership, General
Growth Properties, Inc. and the persons on the signature pages thereof (previously Ñled as an exhibit
to our Current Report on Form 8-K dated November 13, 1998, incorporated herein by reference).
4.21 Redemption Rights Agreement, dated July 21, 1998, among the Operating Partnership, General
Growth Properties, Inc., Nashland Associates, a Tennessee general partnership, and HRE Al-
tamonte, Inc., a Delaware corporation (previously Ñled as an exhibit to our Current Report on
Form 8-K/A dated October 2, 1998, incorporated herein by reference).
4.22 Redemption Rights Agreement, dated December 11, 2003, by and among the Operating Partnership,
General Growth Properties, Inc. and Everitt Enterprises, Inc. (previously Ñled as an exhibit to our
Annual Report on Form 10-K for the year ended December 31, 2002, incorporated herein by
reference).
4.23 The Rouse Company and The First National Bank of Chicago (Trustee) Indenture dated as of
February 24, 1995.
10.1 Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership,
dated April 1, 1998 (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated
May 14, 1998, as amended May 21, 1998, incorporated herein by reference).
10.2 First Amendment to Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership, dated as of June 10, 1998 (previously Ñled as an exhibit to our Annual Report
on Form 10-K for the year ended December 31, 2002, incorporated herein by reference).
10.3 Second Amendment to Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership, dated as of June 29, 1998 (previously Ñled as an exhibit to our Annual Report
on Form 10-K for the year ended December 31, 2002, incorporated herein by reference).
10.4 Third Amendment to Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership, dated as of February 15, 2002 (previously Ñled as an exhibit to our Current
Report on Form 8-K dated July 10, 2002, incorporated herein by reference).
10.5 Amendment to Second Amended and Restated Agreement of Limited Partnership of the Operating
Partnership, dated as of April 24, 2002 (previously Ñled as an exhibit to our Current Report on
Form 8-K dated July 10, 2002, incorporated herein by reference).
10.6 Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership, dated as of July 10, 2002 (previously Ñled as an exhibit to our Current Report
on Form 8-K dated July 10, 2002, incorporated herein by reference).
Partnership, dated as of November 27, 2002 (previously Ñled as an exhibit to our Annual Report on
10.8 Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership, and Exhibit A to the Amendment, dated as of November 20, 2003
(previously Ñled as an exhibit to our Annual Report on Form 10-K for the year ended December 31,
Partnership, and Exhibit A to the Amendment, dated as of December 11, 2003 (previously Ñled as an
10.10 Amendment dated November 12, 2004 to the Second Amended and Restated Agreement of Limited
Partnership of GGP Limited Partnership (previously Ñled as an exhibit to our Current Report on
Form 8-K/A dated November 12, 2004, incorporated herein by reference).
10.11 Rights Agreement, dated July 27, 1993, between General Growth Properties, Inc. and certain other
parties named therein (previously Ñled as an exhibit to our Annual Report on Form 10-K for the year
ended December 31, 1993, incorporated herein by reference).
10.12 Amendment to Rights Agreement, dated as of February 1, 2000, between General Growth
Properties, Inc. and certain other parties named therein (previously Ñled as an exhibit to our Annual
S-3
10.13 Form of IndemniÑcation Agreement between the Operating Partnership, Martin Bucksbaum,
Matthew Bucksbaum, Mall Investment L.P. and M. Bucksbaum Company (previously Ñled as an
exhibit to our Registration Statement on Form S-11 (No. 33-56640), incorporated herein by
reference).
10.14 Form of Registration Rights Agreement, dated April 15, 1993, between General Growth Properties,
Inc., Martin Bucksbaum, Matthew Bucksbaum and the other parties named therein (previously Ñled
as an exhibit to our Registration Statement on Form S-11 (No. 33-56640), incorporated herein by
reference).
10.15 Amendment to Registration Rights Agreement, dated February 1, 2000, between General Growth
Properties, Inc. and certain other parties named therein (previously Ñled as an exhibit to our Annual
10.16 Form of Registration Rights Agreement between General Growth Properties, Inc., Chase Manhattan
Bank, as trustee for the IBM Retirement Plan and WFA Growth Realty Associates Limited
Partnership (previously Ñled as an exhibit to our Registration Statement on Form S-11
(No. 33-56640), incorporated herein by reference).
10.17 Form of Incidental Registration Rights Agreement between General Growth Properties, Inc., the
Equitable Life Assurance Society of the United States, Frank Russell Trust Company Commingled
Employee BeneÑt Trust Real Estate Equity Fund and WFC Management Corporation (previously
Ñled as an exhibit to our Registration Statement on Form S-11 (No. 33-56640), incorporated herein
by reference).
10.18 Form of Letter Agreements restricting sale of certain shares of Common Stock (previously Ñled as an
exhibit to our Registration Statement on Form S-11 (No. 33-56640), incorporated herein by
reference).
10.19* Letter Agreement dated October 14, 1993, between General Growth Properties, Inc. and Bernard
Freibaum (previously Ñled as an exhibit to our Annual Report on Form 10-K for the year ended
December 31, 1993, incorporated herein by reference).
10.20* General Growth Properties, Inc. 1998 Incentive Stock Plan (previously Ñled as an exhibit to our
Annual Report on Form 10-K for the year ended December 31, 1998, incorporated herein by
reference).
10.21* Amendment to General Growth Properties, Inc. 1998 Incentive Stock Plan, dated May 9, 2000
(previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated August 13, 2001,
10.22* General Growth Properties, Inc. 2003 Incentive Stock Plan (previously Ñled as an exhibit to our
Registration Statement (333-105882) on Form S-8 dated June 6, 2003, incorporated herein by
reference).
10.23 Second Amended and Restated Operating Partnership Agreement of GGPLP L.L.C., dated
April 17, 2002 (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated May 10,
10.24 First Amendment to the Second Amended and Restated Operating Agreement of GGPLP L.L.C.,
10.25 Second Amendment to the Second Amended and Restated Operating Agreement of GGPLP
L.L.C., dated May 13, 2002 (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q
dated August 13, 2002, incorporated herein by reference).
10.26 Third Amendment to the Second Amended and Restated Operating Agreement of GGPLP L.L.C.,
dated October 30, 2002 (previously Ñled as an exhibit to our Annual Report on Form 10-K for the
year ended December 31, 2002, incorporated herein by reference).
10.27 Fourth Amendment to the Second Amended and Restated Operating Agreement of GGPLP L.L.C.,
10.28 Fifth Amendment to the Second Amended and Restated Operating Agreement of GGPLP L.L.C.,
S-4
10.29 Sixth Amendment dated November 10, 2004 to the Second Amended and Restated Operating
Agreement of GGPLP, L.L.C. (previously Ñled as an exhibit to our Current Report on Form 8-K/A,
dated November 12, 2004, incorporated herein by reference).
10.30 Registration Rights Agreement dated May 25, 2000 between General Growth Properties, Inc. and
Goldman Sachs 2000 Exchange Place Fund, L.P. (previously Ñled as an exhibit to our Quarterly
Report on Form 10-Q dated August 9, 2000, incorporated herein by reference).
10.31 Registration Rights Agreement, dated April 17, 2002, between General Growth Properties, Inc. and
GSEP 2002 Realty Corp. (previously Ñled as an exhibit to our Quarterly Report on Form 10-Q dated
10.32 Redemption Rights Agreement (PDC Common Units), dated July 10, 2002, by and among the
Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages
thereof (previously Ñled as an exhibit to our Current Report on Form 8-K dated July 10, 2002,
10.33 Redemption Rights Agreement (PDC Series B Preferred Units), dated July 10, 2002, by and among
the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature
pages thereof (previously Ñled as an exhibit to our Current Report on Form 8-K dated July 10, 2002,
10.34 Redemption Rights Agreement (PDC Series C Preferred Units), dated November 27, 2002, by and
among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously Ñled
as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2002,
10.35 Redemption Rights Agreement (PDC Common Units), dated November 27, 2002, by and among
the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously Ñled as an
10.36 Operating Agreement, dated November 10, 1999, between the Operating Partnership, The Comp-
troller of the State of New York as Trustee of the Common Retirement Fund ("NYSCRF''), and
GGP/Homart II L.L.C. a Delaware limited liability company ("GGP/ Homart II'') (previously Ñled
as an exhibit to our Current Report on Form 8-K, dated November 23, 1999, incorporated herein by
reference).
10.37 Contribution Agreement dated November 10, 1999, by and between the Operating Partnership and
GGP/Homart II (Northbrook Court) (previously Ñled as an exhibit to our Current Report on
Form 8-K/A, dated January 11, 2000, incorporated herein by reference).
GGP/Homart II (Altamonte Mall) (previously Ñled as an exhibit to our Current Report on
GGP/Homart II (Natick Trust) (previously Ñled as an exhibit to our Current Report on
GGP/Homart II (Stonebriar Centre) (previously Ñled as an exhibit to our Current Report on
10.41 Contribution Agreement dated November 10, 1999, by and between NYSCRF and GGP/Homart II
(Carolina Place) (previously Ñled as an exhibit to our Current Report on Form 8-K/A, dated
January 11, 2000, incorporated herein by reference).
(Alderwood Mall) (previously Ñled as an exhibit to our Current Report on Form 8-K/A, dated
(Montclair Plaza) (previously Ñled as an exhibit to our Current Report on Form 8-K/A, dated
S-5
10.44 $7,295,000,000 Amended and Restated Credit Agreement among General Growth Properties, Inc.,
GGP Limited Partnership and GGPLP L.L.C, as Borrowers, the Several Lenders from Time to
Time Parties hereto, Lehman Brothers Inc., Banc of America Securities LLC, Credit Suisse First
Boston and Wachovia Capital Markets, LLC, as Arrangers, Bank of America, N.A. and Credit
Suisse First Boston, as Syndication Agents, Eurohypo AG, New York Branch, as Documentation
Agent, Lehman Commercial Paper Inc., as Tranche B Administrative Agent, and Wachovia Bank,
National Association, as General Administrative Agent dated as of November 12, 2004 (previously
Ñled as an exhibit to our Current Report on Form 8-K/A, dated November 12, 2004, incorporated
10.45 Form of Contingent Stock Agreement, eÅective January 1, 1996, by The Rouse Company and in
favor of and for the beneÑt of the Holders and the Representatives (as deÑned therein) (previously
Ñled as an exhibit to our Registration Statement on Form S-3/A (No. 333-120373), incorporated
10.46 Assumption Agreement dated October 19, 2004 by General Growth Properties, Inc. and The Rouse
Company in favor of and for the beneÑt of the Holders and the Representatives (as deÑned therein).
10.47 Form of Option Agreement pursuant to 1998 Incentive Stock Plan.
10.48 Form of Option Agreement pursuant to 2003 Incentive Stock Plan.
21 List of our Subsidiaries.
23.1 Consent of Deloitte & Touche LLP.
23.2 Consent of KPMG LLP.
31.1 CertiÑcation of Chief Executive OÇcer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 CertiÑcation of Chief Financial OÇcer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 CertiÑcation of Chief Executive OÇcer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 CertiÑcation of Chief Financial OÇcer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(*) A compensatory plan or arrangement required to be Ñled.
S-6
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002
I, John Bucksbaum, certify that:

1. I have reviewed this annual report on Form 10-K of General Growth Properties, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the Ñnancial statements, and other Ñnancial information included in this report,
fairly present in all material respects the Ñnancial condition, results of operations and cash Öows of the
registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying oÇcer and I are responsible for establishing and maintaining disclosure
controls and procedures (as deÑned in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over Ñnancial reporting (as deÑned in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
b) Designed such internal control over Ñnancial reporting, or caused such internal control over
Ñnancial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of Ñnancial reporting and the preparation of Ñnancial statements for external purposes in
accordance with generally accepted accounting principles;
c) Evaluated the eÅectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the eÅectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over Ñnancial reporting
that occurred during the registrant's most recent Ñscal quarter (the registrant's fourth Ñscal quarter in the
case of an annual report) that has materially aÅected, or is reasonably likely to materially aÅect, the
registrant's internal control over Ñnancial reporting; and
5. The registrant's other certifying oÇcer and I have disclosed, based on our most recent evaluation of internal
control over Ñnancial reporting, to the registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent functions):
a) All signiÑcant deÑciencies and material weaknesses in the design or operation of internal control
over Ñnancial reporting which are reasonably likely to adversely aÅect the registrant's ability to record,
process, summarize and report Ñnancial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a
signiÑcant role in the registrant's internal control over Ñnancial reporting.
/s/ JOHN BUCKSBAUM

John Bucksbaum
Date: March 21, 2005

EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002
I, Bernard Freibaum, certify that:

1. I have reviewed this annual report on Form 10-K of General Growth Properties, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the Ñnancial statements, and other Ñnancial information included in this report,
fairly present in all material respects the Ñnancial condition, results of operations and cash Öows of the
registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying oÇcer and I are responsible for establishing and maintaining disclosure
controls and procedures (as deÑned in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over Ñnancial reporting (as deÑned in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and
have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
b) Designed such internal control over Ñnancial reporting, or caused such internal control over
Ñnancial reporting to be designed under our supervision, to provide reasonable assurance regarding the
reliability of Ñnancial reporting and the preparation of Ñnancial statements for external purposes in
accordance with generally accepted accounting principles;
c) Evaluated the eÅectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the eÅectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over Ñnancial reporting
that occurred during the registrant's most recent Ñscal quarter (the registrant's fourth Ñscal quarter in the
case of an annual report) that has materially aÅected, or is reasonably likely to materially aÅect, the
registrant's internal control over Ñnancial reporting; and
5. The registrant's other certifying oÇcer and I have disclosed, based on our most recent evaluation of internal
control over Ñnancial reporting, to the registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent functions):
a) All signiÑcant deÑciencies and material weaknesses in the design or operation of internal control
over Ñnancial reporting which are reasonably likely to adversely aÅect the registrant's ability to record,
process, summarize and report Ñnancial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a
signiÑcant role in the registrant's internal control over Ñnancial reporting.
/s/ BERNARD FREIBAUM

Bernard Freibaum
Executive Vice President and
Chief Financial OÇcer
Date: March 21, 2005

EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of General Growth Properties, Inc. (the ""Company'') on Form 10-K
for the period ending December 31, 2004, as Ñled with the Securities and Exchange Commission on the date
hereof (the ""Report''), I, John Bucksbaum, in my capacity as Chief Executive OÇcer of the Company, do
hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the Ñnancial
condition and results of operations of the Company.
/s/ JOHN BUCKSBAUM

John Bucksbaum
March 21, 2005

EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of General Growth Properties, Inc. (the ""Company'') on Form 10-K
for the period ending December 31, 2004, as Ñled with the Securities and Exchange Commission on the date
hereof (the ""Report''), I, Bernard Freibaum, in my capacity as Chief Financial OÇcer of the Company, do
hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the Ñnancial
condition and results of operations of the Company.
/s/ BERNARD FREIBAUM

Bernard Freibaum
Chief Financial OÇcer
March 21, 2005

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people creating

FINANCIAL HIGHLIGHTS Dollars in Thousands, Except Per Share Amounts

Consolidated Property Revenues 45.5% $ 1,722,629 $ 1,183,763 $ 898,424 $ 803,709 $ 693,847

STOCK AND PARTNERSHIP UNITS Outstanding at Year End

Shares of Common Stock 234,724,082 217,293,976 187,191,255 185,771,796 156,843,777

REGIONAL MALLS TOTAL SQUARE CONSOLIDATED MALL SHOP DIVIDEND GROWTH

Mall Shop Tenant Sales(2) $ 12,753 $ 10,258 $ 9,061 $ 7,326 $ 7,243

...and this year,

3 The Woodlands Mall, The Woodlands (Houston), Texas

2 general growth properties 2004 annual report

general growth properties 2004 annual report

3Tysons Galleria, McLean, Virginia

Boldness • Excellence • Innovation • Passion Bernard Freibaum

Moreno Valley (Riverside) Orlando Galesburg The Mall in Columbia Mississippi

Park Place The Shops at Tanforan 44 West Oaks Mall Jackson

Hilo The Crossroads Las Vegas Messina

Buckland Hills Honolulu Lakeside Mall New Hampshire Massapequa

Coeur d'Alene Rocky Mount

Ohio Texas Vermont Directors Officers

Murfreesboro (Nashville) Red Cliffs Mall

18 general growth properties 2004 annual report

Corporate Office Annual Meeting

2004 Price Declared

March 31 $ 35.15 $ 27.25 $ .30

2003 Price Declared

March 31 $ 18.40 $ 15.90 $ .24

Inc., Des Moines, Iowa

2002 Price Declared

1 Designed by: Conyers Design,

Common Stock Price and Dividends NYSE Symbol: GGP (Common)

n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

General Growth Properties, Inc.

110 N. Wacker Dr., Chicago, IL 60606

Title of Each Class Name of Each Exchange on Which Registered

Common Stock, $.01 par value New York Stock Exchange

DOCUMENTS INCORPORATED BY REFERENCE

General Development of Business

Financial Information About Industry Segments

Narrative Description of Business

Total GLAÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 115,206,093 57,965,724

The GapÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2.79%

(1) Under common ownership by The Limited, Inc.

Specialty ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 22% Specialty Retail/Misc. & Mastercuts, One Hour

Columbia Industrial (6 buildings) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Columbia, MD 306,000

Community Development Segment

QualiÑcation as a Real Estate Investment Trust and Taxability of Distributions

General Growth Properties, Inc.

Consolidated Retail Properties

Bayside Marketplace(4) 1987 223,821/ The Disney Store, None

Country Hill Plaza 1978 140,097/ McKay-Dee Hospital None

Lynnhaven Mall 1981/1991, 1996 1,296,252/ AMC Theatres, Dick's None

NorthTown Mall 1955/1961, 1977, 1,046,534/ The Bon Marche, One

Provo Towne Centre(7) 1998 801,014/ Cinemark Theatres, None

Southland Mall 1964/1968, 1972, 1984 1,260,918/ JCPenney, Macy's, None

Westwood Mall 1972/1978, 1993 508,243/ Elder-Beerman, JCPenney, None

Unconsolidated Retail Properties

Carolina Place 1991/1994 50 1,136,627/ Belk, Dillard's, Hecht's, One

NewPark Mall 1980/1993 50 1,208,856/ JCPenney, Macy's, None

Hecht'sÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7 1,173 2 341 9 1,514