Exhibit 99.1
 CONSOLIDATED FINANCIAL STATEMENTS OF THE ROUSE COMPANY LP, A SUBSIDIARY
OF GENERAL GROWTH PROPERTIES, INC.
  Principles of Consolidation
   Liquidity
  Use of Estimates
  Critical Accounting Policies
  1




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Goodwill
 Goodwill and Other Intangible Assets
   MANAGEMENTS DISCUSSION OF TRCLP OPERATIONS AND LIQUIDITY
 Overview
    2




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Revenues
  Operating expenses
  Net income
    Cash position and liquidity at September 30, 2008
   3




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CONSOLIDATED FINANCIAL STATEMENTS OF THE ROUSE COMPANY LP, A SUBSIDIARY
OF GENERAL GROWTH PROPERTIES, INC.
   4




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 September 30,
    
    
    December 31,2008
    
    
    2007(In thousands)AssetsInvestment in real estate:Land
    
    $
    1,549,205
    
    
    $
    1,556,115Buildings and equipment
    
    
    11,027,035
    
    
    
    11,040,398Less accumulated depreciation
    
    
    (1,527,169
    )
    
    
    (1,318,032
    )Developments in progress
    
    
    508,537
    
    
    
    291,643Net property and equipment
    
    
    11,557,608
    
    
    
    11,570,124Investment in and loans to/from Unconsolidated Real Estate Affiliates
    
    
    1,426,761
    
    
    
    1,377,634Investment land and land held for development and sale
    
    
    1,696,202
    
    
    
    1,639,372Net investment in real estate
    
    
    14,680,571
    
    
    
    14,587,130Cash and cash equivalents
    
    
    15,238
    
    
    
    23,679Accounts and notes receivable, net
    
    
    150,547
    
    
    
    155,950Goodwill
    
    
    373,415
    
    
    
    385,683Deferred expenses, net
    
    
    126,737
    
    
    
    106,028Prepaid expenses and other assets
    
    
    620,184
    
    
    
    622,645Total assets
    
    $
    15,966,692
    
    
    $
    15,881,115Liabilities and Partners CapitalMortgages, notes and loans payable
    
    $
    9,774,796
    
    
    $
    9,455,727Investment in and loans to/from Unconsolidated Real Estate Affiliates
    
    
    25,996
    
    
    
    25,632Deferred tax liabilities
    
    
    856,351
    
    
    
    854,000Accounts payable and accrued expenses
    
    
    651,276
    
    
    
    623,098Total liabilities
    
    
    11,308,419
    
    
    
    10,958,457Minority interests
    
    
    14,668
    
    
    
    3,983Commitments and contingencies
    
    
    
    
    
    
    Partners capital:Partners capital
    
    
    9,025,834
    
    
    
    8,934,378Accumulated other comprehensive loss
    
    
    (418
    )
    
    
    (419
    )Total partners capital, before
receivable from General Growth Properties, Inc.
    
    
    9,025,416
    
    
    
    8,933,959Receivable from General Growth Properties, Inc.
    
    
    (4,381,811
    )
    
    
    (4,015,284
    )Total partners capital
    
    
    4,643,605
    
    
    
    4,918,675Total liabilities and partners capital
    
    $
    15,966,692
    
    
    $
    15,881,115
 5




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
 Nine Months EndedSeptember 30,2008
    
    
    2007(In thousands)Revenues:Minimum rents
    
    $
    649,267
    
    
    $
    651,796Tenant recoveries
    
    
    298,737
    
    
    
    296,700Overage rents
    
    
    20,016
    
    
    
    23,217Land sales
    
    
    31,080
    
    
    
    114,111Other
    
    
    41,844
    
    
    
    37,959Total revenues
    
    
    1,040,944
    
    
    
    1,123,783Expenses:Real estate taxes
    
    
    85,277
    
    
    
    80,505Repairs and maintenance
    
    
    75,432
    
    
    
    73,727Marketing
    
    
    11,527
    
    
    
    14,063Other property operating costs
    
    
    162,337
    
    
    
    167,967Land sales operations
    
    
    33,645
    
    
    
    92,845Property management and other costs
    
    
    50,569
    
    
    
    47,777Provision for doubtful accounts
    
    
    5,500
    
    
    
    7,376Depreciation and amortization
    
    
    256,507
    
    
    
    288,425Total expenses
    
    
    680,794
    
    
    
    772,685Operating income
    
    
    360,150
    
    
    
    351,098Interest income
    
    
    1,945
    
    
    
    3,091Interest expense
    
    
    (372,836
    )
    
    
    (330,488
    )Income before income taxes, minority interest and
equity in income of Unconsolidated Real Estate Affiliates
    
    
    (10,741
    )
    
    
    23,701(Provision for) benefit from income taxes
    
    
    (9,865
    )
    
    
    263,516Minority interest
    
    
    (945
    )
    
    
    (976
    )Equity in income of Unconsolidated Real Estate Affiliates
    
    
    40,144
    
    
    
    39,227Income from continuing operations
    
    
    18,593
    
    
    
    325,468Discontinued operations-gains on dispositions
    
    
    55,083
    
    
    
    Net income
    
    $
    73,676
    
    
    $
    325,468Comprehensive income, net:Net income
    
    $
    73,676
    
    
    $
    325,468Other comprehensive income:Unrealized losses on available-for-sale securities
    
    
    (7
    )
    
    
    (40
    )Net unrealized gains/(losses) on financial
instruments
    
    
    8
    
    
    
    (293
    )Minimum pension liability adjustment
Foreign currency translationComprehensive income, net
    
    $
    73,677
    
    
    $
    325,135
 6




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months EndedSeptember 30,2008
    
    
    2007(In thousands)Cash flows from operating activities:Net income
    
    $
    73,676
    
    
    $
    325,468Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    256,507
    
    
    
    288,425Minority interests
    
    
    945
    
    
    
    976Equity in income of Unconsolidated Real Estate Affiliates
    
    
    (40,144
    )
    
    
    (39,227
    )Distributions received from Unconsolidated Real Estate Affiliates
    
    
    25,403
    
    
    
    36,252Gains on dispositions
    
    
    (55,083
    )
    
    
    Participation expense pursuant to Contingent Stock Agreement
    
    
    (528
    )
    
    
    25,944Land development and acquisition expenditures
    
    
    (82,290
    )
    
    
    (140,977
    )Cost of land sales
    
    
    6,269
    
    
    
    40,485Provision for doubtful accounts
    
    
    5,500
    
    
    
    7,376Tax restructuring benefit
    
    
    
    
    
    
    (296,742
    )Straight-line rent amortization
    
    
    (14,759
    )
    
    
    (13,503
    )Amortization of intangibles other than in-place leases
    
    
    2,739
    
    
    
    (2,257
    )Amortization of debt market rate adjustment and other non cash interest expense
    
    
    (4,646
    )
    
    
    (24,645
    )Net changes:Accounts and notes receivable
    
    
    14,402
    
    
    
    (12,071
    )Other assets
    
    
    (32,749
    )
    
    
    (3,753
    )Accounts payable and accrued expenses and deferred tax liabilities
    
    
    32,576
    
    
    
    (22,081
    )Other including insurance recoveries, net
    
    
    (1,119
    )
    
    
    13,552Net cash provided by operating activities
    
    
    186,699
    
    
    
    183,222Cash flows from investing activities:Development of real estate and property additions/improvements
    
    
    (276,942
    )
    
    
    (222,590
    )Proceeds from sales of investment properties
    
    
    72,075
    
    
    
    205Distributions received from Unconsolidated Real Estate Affiliates in excess of income
    
    
    13,824
    
    
    
    102,899Increase in investments in Unconsolidated Real Estate Affiliates
    
    
    (47,790
    )
    
    
    (9,179
    )Decrease in restricted cash
    
    
    1,761
    
    
    
    2,952Other including insurance recoveries, net
    
    
    4,524
    
    
    
    8,601Net cash used in investing activities
    
    
    (232,548
    )
    
    
    (117,112
    )
 7




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months EndedSeptember 30,2008
    
    
    2007(In thousands)Cash flows from financing activities:Proceeds from issuance of mortgages, notes and loans payable
    
    
    1,220,183
    
    
    
    446,000Principal payments on mortgages, notes and loans payable
    
    
    (803,880
    )
    
    
    (326,282
    )Advances to General Growth Properties, Inc.
    
    
    (382,060
    )
    
    
    (321,571
    )Capital contribution from GGPLP
    
    
    18,000
    
    
    
    100,000Deferred financing costs
    
    
    (24,168
    )
    
    
    (2,876
    )Other, net
    
    
    9,333
    
    
    
    (2,534
    )Net cash provided by (used in) financing activities
    
    
    37,408
    
    
    
    (107,263
    )Net change in cash and cash equivalents
    
    
    (8,441
    )
    
    
    (41,153
    )Cash and cash equivalents at beginning of period
    
    
    23,679
    
    
    
    65,416Cash and cash equivalents at end of period
    
    $
    15,238
    
    
    $
    24,263Supplemental disclosure of cash flow information:Interest paid
    
    $
    387,886
    
    
    $
    383,475Interest capitalized
    
    
    27,412
    
    
    
    40,781Income taxes paid
    
    
    36,930
    
    
    
    70,897Non-Cash Transactions:Change in accrued capital expenditures included in accounts payable, accrued expenses
and deferred tax liabilities
    
    
    39,860
    
    
    
    (17,695
    )Assumption of debt by purchaser in conjunction with sale of office buildings
    
    
    84,000
    
    
    
    
 8