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About GGP

GGP to Acquire 11 Sears Anchor Pads

Portfolio Totals 1.8 million Square Feet of Gross Leasable Area

Portfolio Totals 1.8 million Square Feet of Gross Leasable Area

CHICAGO (February 23, 2012) – General Growth Properties, Inc. (NYSE: GGP) (“GGP”) todayannounced a definitive agreement for the acquisition of 11 Sears anchor pads withinits portfolio for $270 million. The acquisition is expected to close in the secondquarter of 2012 subject to customary closing conditions.

“This portfolio represents a significant opportunity to recapture valuable real estate within our portfolio,” said Shobi Khan, chiefoperating officer, General Growth Properties.  “This acquisition also enhances several expansionand redevelopment opportunities including re-tenanting the anchor space andadding new in-line GLA.   Over the nextseveral years we anticipate adding 319,000 square feet of new in-line space,the majority at Ala Moana Center, our most productive mall with sales surpassing$1,200 per square foot.  In addition, welook forward to continuing to work with Sears as they represent an importantanchor tenant within our portfolio.”

PORTFOLIO INFORMATION

Upon closing, GGPwill own the following anchor pads. GGP anticipates Sears to continue occupyingeach space into 2013 until the final closing dates are determined.

 

Mall

Location

Ala Moana Center

Honolulu, HI

Apache Mall

Rochester, MN

Bellis Fair

Bellingham, WA

Coral Ridge Mall

Coralville, IA

Fashion Place

Murray, UT

Mall of the Bluffs

Council Bluffs, IA

Market Place Shopping Center

Champaign, IL

Provo Towne Centre

Provo, UT

Quail Springs Mall

Oklahoma City, OK

West Oaks Mall

Ocoee, FL

The Woodlands Mall

Woodlands, TX

 

ABOUT GGP

General Growth Properties, Inc. owns or hasan interest in 136 regional shopping malls comprising approximately 140 millionsquare feet of gross leasable area in the United States. GGP is headquarteredin Chicago, Illinois, and publicly traded on the NYSE under the symbolGGP.  For further information pleasevisit the GGP website at www.GGP.com.

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