Exhibit 99.1
 CONSOLIDATED FINANCIAL STATEMENTS OF THE ROUSE COMPANY LP, A SUBSIDIARY
OF GENERAL GROWTH PROPERTIES, INC.
  Liquidity
     Amount DueOriginal or Extended
    
    
    As
of March 31,Loan/Property
    
    Maturity Date
    
    

2009*Short-term Secured Loan (TRCLP
portion)
    
    
    2/1/09
    
    
    $
    109,368Oakwood Center
    
    
    2/9/09
    
    
    
    94,821Fashion Show
    
    
    2/12/09
    
    
    
    648,219TRCLP Unsecured Bonds
    
    
    3/15/09
    
    
    
    395,000Prince Kuhio
    
    
    4/1/09
    
    
    
    37,826TRCLP Unsecured Bonds
    
    
    4/30/09
    
    
    
    200,000The Grand Canal Shoppes
    
    
    5/1/09
    
    
    
    394,366$
    1,879,600
 
   1




---



##### 



Principles of Consolidation
   Reclassifications and Adoption of New Accounting Pronouncements
  2




---



##### 



Use of Estimates
  Critical Accounting Policies
  MANAGEMENTS DISCUSSION OF TRCLP OPERATIONS
 Revenues
  Operating expenses
  3




---



##### 



Interest Expense
  Benefit from (provision for) income taxes
  Equity in (loss) income of unconsolidated real estate affiliates
  4




---



##### 



THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands)
 March 31,
    
    
    December 31,2009
    
    
    2008AssetsInvestment in real estate:Land
    
    $
    1,585,770
    
    
    $
    1,584,843Buildings and equipment
    
    
    11,042,175
    
    
    
    11,086,224Less accumulated depreciation
    
    
    (1,661,717
    )
    
    
    (1,595,974
    )Developments in progress
    
    
    457,667
    
    
    
    476,472Net property and equipment
    
    
    11,423,895
    
    
    
    11,551,565Investment in and loans to/from Unconsolidated Real Estate Affiliates
    
    
    1,470,965
    
    
    
    1,470,328Investment land and land held for development and sale
    
    
    1,647,435
    
    
    
    1,698,405Net investment in real estate
    
    
    14,542,295
    
    
    
    14,720,298Cash and cash equivalents
    
    
    25,229
    
    
    
    25,411Accounts and notes receivable, net
    
    
    157,660
    
    
    
    154,578Goodwill
    
    
    230,901
    
    
    
    340,291Deferred expenses, net
    
    
    140,791
    
    
    
    135,556Prepaid expenses and other assets
    
    
    633,525
    
    
    
    606,589Total assets
    
    $
    15,730,401
    
    
    $
    15,982,723Liabilities and Partners CapitalMortgages, notes and loans payable
    
    $
    9,668,104
    
    
    $
    9,697,848Investment in and loans to/from Unconsolidated Real Estate Affiliates
    
    
    24,246
    
    
    
    25,048Deferred tax liabilities
    
    
    860,286
    
    
    
    861,399Accounts payable and accrued expenses
    
    
    599,729
    
    
    
    570,473Total liabilities
    
    
    11,152,365
    
    
    
    11,154,768Partners capital:Partners capital
    
    
    8,811,557
    
    
    
    9,028,681Accumulated other comprehensive loss
    
    
    (418
    )
    
    
    (418
    )Receivable from General Growth Properties, Inc.
    
    
    (4,252,834
    )
    
    
    (4,220,504
    )Partners capital attributable to General Growth Properties, Inc.
    
    
    4,558,305
    
    
    
    4,807,759Noncontrolling interests in Consolidated Real Estate Affiliates
    
    
    19,731
    
    
    
    20,196Total partners capital
    
    
    4,578,036
    
    
    
    4,827,955Total liabilities and partners capital
    
    $
    15,730,401
    
    
    $
    15,982,723
 5




---



##### 



THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands)
 Three Months EndedMarch 31,2009
    
    
    2008Revenues:Minimum rents
    
    $
    211,011
    
    
    $
    218,389Tenant recoveries
    
    
    98,691
    
    
    
    98,820Overage rents
    
    
    3,269
    
    
    
    5,652Land sales
    
    
    8,986
    
    
    
    9,066Other
    
    
    7,186
    
    
    
    15,704Total revenues
    
    
    329,143
    
    
    
    347,631Expenses:Real estate taxes
    
    
    29,555
    
    
    
    27,939Repairs and maintenance
    
    
    23,890
    
    
    
    26,486Marketing
    
    
    2,511
    
    
    
    4,509Other property operating costs
    
    
    50,780
    
    
    
    54,220Land sales operations
    
    
    10,614
    
    
    
    9,921Provisions for impairment
    
    
    208,197
    
    
    
    3Property management and other costs
    
    
    13,117
    
    
    
    17,056Provision for doubtful accounts
    
    
    4,353
    
    
    
    1,291Depreciation and amortization
    
    
    85,771
    
    
    
    86,325Total expenses
    
    
    428,788
    
    
    
    227,750Operating (loss) income
    
    
    (99,645
    )
    
    
    119,881Interest income
    
    
    2,664
    
    
    
    682Interest expense
    
    
    (132,160
    )
    
    
    (124,114
    )Loss from continuing operations before income taxes,
noncontrolling interests and equity in income of Unconsolidated
Real Estate Affiliates
    
    
    (229,141
    )
    
    
    (3,551
    )Benefit from (provision for) income taxes
    
    
    15,116
    
    
    
    (6,180
    )Equity in (loss) income of Unconsolidated Real Estate Affiliates
    
    
    (2,406
    )
    
    
    15,097(Loss) income from continuing operations
    
    
    (216,431
    )
    
    
    5,366Loss from discontinued operations
    
    
    (240
    )
    
    
    Net (loss) income
    
    
    (216,671
    )
    
    
    5,366Allocation to noncontrolling interests
    
    
    (453
    )
    
    
    (402
    )Net (loss) income attributable to General Growth Properties, Inc.
    
    $
    (217,124
    )
    
    $
    4,964
 6




---



##### 



THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
(UNAUDITED)
(In thousands)
 Receivable
    
    
    NoncontrollingAccumulated
    
    
    from General
    
    
    Interests inother
    
    
    Growth
    
    
    ConsolidatedPartners
    
    
    comprehensive
    
    
    Properties,
    
    
    Real Estate
    
    
    Total PartnersCapital
    
    
    loss
    
    
    Inc.
    
    
    Affiliates
    
    
    CapitalBalance at December 31, 2007
    
    $
    8,934,378
    
    
    $
    (419
    )
    
    $
    (4,015,284
    )
    
    $
    
    
    
    $
    4,918,675Cumulative effect of change in accounting principles
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,983
    
    
    
    3,983Adjusted balance January 1, 2008
    
    
    8,934,378
    
    
    
    (419
    )
    
    
    (4,015,284
    )
    
    
    3,983
    
    
    
    4,922,658Net income
    
    
    4,964
    
    
    
    
    
    
    
    
    
    
    
    402
    
    
    
    5,366Other comprehensive income
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    1Receivable from General Growth Properties, Inc.
    
    
    
    
    
    
    
    
    
    
    (226,633
    )
    
    
    
    
    
    
    (226,633
    )Contributions to (distributions from) non
controlling interests in consolidated Real Estate
Affiliates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,921
    
    
    
    2,921Balance at March 31, 2008
    
    $
    8,939,342
    
    
    $
    (418
    )
    
    $
    (4,241,917
    )
    
    $
    7,306
    
    
    $
    4,704,313Balance
at December 31, 2008 (as previously reported
    
    $
    9,028,681
    
    
    $
    (418
    )
    
    $
    (4,220,504
    )
    
    $
    
    
    
    $
    4,807,759Adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,196
    
    
    
    20,196Adjusted
balance, January 1, 2009
    
    
    9,028,681
    
    
    
    (418
    )
    
    
    (4,220,504
    )
    
    
    20,196
    
    
    
    4,827,955Net (loss) income
    
    
    (217,124
    )
    
    
    
    
    
    
    
    
    
    
    453
    
    
    
    (216,671
    )Receivable from General Growth Properties, Inc.
    
    
    
    
    
    
    
    
    
    
    (32,330
    )
    
    
    
    
    
    
    (32,330
    )Contributions to (distributions from) non
controlling interests in consolidated Real Estate
Affiliates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (918
    )
    
    
    (918
    )Balance at March 31, 2009
    
    $
    8,811,557
    
    
    $
    (418
    )
    
    $
    (4,252,834
    )
    
    $
    19,731
    
    
    $
    4,578,036
 7




---



##### 



THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
 Three Months EndedMarch 31,2009
    
    
    2008Cash flows from operating activities:Net (loss) income
    
    $
    (216,670
    )
    
    $
    5,366Adjustments to reconcile net (loss) income to net cash
provided by operating activities:Depreciation and amortization
    
    
    85,771
    
    
    
    86,325Equity in loss (income) of Unconsolidated Real Estate Affiliates
    
    
    2,406
    
    
    
    (15,097
    )Distributions received from Unconsolidated Real Estate Affiliates
    
    
    3,282
    
    
    
    3,242Loss on dispositions
    
    
    239
    
    
    
    Provisions for impairment
    
    
    208,197
    
    
    
    3Participation expense pursuant to Contingent Stock Agreement
    
    
    (177
    )
    
    
    91Land development and acquisition expenditures
    
    
    (13,317
    )
    
    
    (31,740
    )Cost of land sales
    
    
    2,716
    
    
    
    1,082Provision for doubtful accounts
    
    
    4,353
    
    
    
    1,291Straight-line rent amortization
    
    
    (3,870
    )
    
    
    (4,939
    )Amortization of intangibles other than in-place leases
    
    
    1,437
    
    
    
    642Amortization of debt market rate adjustment and other non-cash interest expense
    
    
    6,765
    
    
    
    556Net changes:Accounts and notes receivable
    
    
    (3,566
    )
    
    
    7,304Other assets
    
    
    (9,108
    )
    
    
    (10,892
    )Accounts payable and accrued expenses and deferred tax liabilities
    
    
    27,060
    
    
    
    14,570Other, net
    
    
    (6,908
    )
    
    
    (3,793
    )Net cash provided by operating activities
    
    
    88,610
    
    
    
    54,011Cash flows from investing activities:Development of real estate and property
additions/improvements
    
    
    (24,474
    )
    
    
    (76,148
    )Proceeds from sales of investment properties
    
    
    6,393
    
    
    
    17,166Distributions received from Unconsolidated Real Estate Affiliates
in excess of income
    
    
    2,944
    
    
    
    3,999Increase in investments in Unconsolidated Real Estate Affiliates
    
    
    (10,059
    )
    
    
    (11,268
    )(Increase) decrease in restricted cash
    
    
    (2,181
    )
    
    
    4,798Other, net
    
    
    (752
    )
    
    
    1,491Net cash used in investing activities
    
    
    (28,129
    )
    
    
    (59,962
    )
 8




---



##### 



THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
 Three Months EndedMarch 31,2009
    
    
    2008Cash flows from financing activities:Proceeds from issuance of mortgages, notes and loans payable
    
    
    
    
    
    
    650,000Principal payments on mortgages, notes and loans payable
    
    
    (26,672
    )
    
    
    (399,846
    )Advances to General Growth Properties, Inc.
    
    
    (32,330
    )
    
    
    (242,165
    )Deferred financing costs
    
    
    (604
    )
    
    
    (4,578
    )Contributions to (distributions from) noncontrolling interests
    
    
    (918
    )
    
    
    2,921Other, net
    
    
    (139
    )
    
    
    Net cash (used in) provided by financing activities
    
    
    (60,663
    )
    
    
    6,332Net change in cash and cash equivalents
    
    
    (182
    )
    
    
    381Cash and cash equivalents at beginning of period
    
    
    25,411
    
    
    
    23,679Cash and cash equivalents at end of period
    
    $
    25,229
    
    
    $
    24,060Supplemental disclosure of cash flow information:Interest paid
    
    $
    98,785
    
    
    $
    118,423Interest capitalized
    
    
    10,716
    
    
    
    9,248Income taxes paid
    
    
    31
    
    
    
    19,988Non-Cash Transactions:Change in accrued capital expenditures incurred in accounts
payable and accrued expenses
    
    $
    (462
    )
    
    $
    18,990
 9