Exhibit 99.1
 CONSOLIDATED FINANCIAL STATEMENTS OF THE ROUSE COMPANY LP, A SUBSIDIARY
OF GENERAL GROWTH PROPERTIES, INC.
  Basis of Presentation
   Use of Estimates
  Critical Accounting Policies
  MANAGEMENTS DISCUSSION OF TRCLP OPERATIONS AND LIQUIDITY
 Overview
  Revenues
  1




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CONSOLIDATED FINANCIAL STATEMENTS OF THE ROUSE COMPANY LP, A SUBSIDIARY
OF GENERAL GROWTH PROPERTIES, INC.
 Operating expenses
  Net income
   Cash position and liquidity at June 30, 2008
   2




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 June 30,
    
    
    December 31,2008
    
    
    2007(In thousands)AssetsInvestment in real estate:Land
    
    $
    1,556,360
    
    
    $
    1,556,115Buildings and equipment
    
    
    11,027,424
    
    
    
    11,040,398Less accumulated depreciation
    
    
    (1,453,279
    )
    
    
    (1,318,032
    )Developments in progress
    
    
    416,632
    
    
    
    291,643Net property and equipment
    
    
    11,547,137
    
    
    
    11,570,124Investment in and loans to/from Unconsolidated Real Estate Affiliates
    
    
    1,418,852
    
    
    
    1,377,634Investment land and land held for development and sale
    
    
    1,678,838
    
    
    
    1,639,372Net investment in real estate
    
    
    14,644,827
    
    
    
    14,587,130Cash and cash equivalents
    
    
    25,465
    
    
    
    23,679Accounts and notes receivable, net
    
    
    151,545
    
    
    
    155,950Goodwill
    
    
    385,683
    
    
    
    385,683Deferred expenses, net
    
    
    107,716
    
    
    
    106,028Prepaid expenses and other assets
    
    
    611,015
    
    
    
    622,645Total assets
    
    $
    15,926,251
    
    
    $
    15,881,115Liabilities and Partners CapitalMortgages, notes and loans payable
    
    $
    9,576,173
    
    
    $
    9,455,727Investment in and loans to/from Unconsolidated Real Estate Affiliates
    
    
    26,006
    
    
    
    25,632Deferred tax liabilities
    
    
    859,436
    
    
    
    854,000Accounts payable and accrued expenses
    
    
    617,059
    
    
    
    623,098Total liabilities
    
    
    11,078,674
    
    
    
    10,958,457Minority interests
    
    
    11,652
    
    
    
    3,983Commitments and contingencies
    
    
    
    
    
    
    Partners capital:Partners capital
    
    
    9,011,296
    
    
    
    8,934,378Accumulated other comprehensive loss
    
    
    (418
    )
    
    
    (419
    )Total partners capital, before receivable from General Growth Properties, Inc.
    
    
    9,010,878
    
    
    
    8,933,959Receivable from General Growth Properties, Inc.
    
    
    (4,174,953
    )
    
    
    (4,015,284
    )Total partners capital
    
    
    4,835,925
    
    
    
    4,918,675Total liabilities and partners capital
    
    $
    15,926,251
    
    
    $
    15,881,115
 3




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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)
 Six Months EndedJune 30,2008
    
    
    2007(In thousands)Revenues:Minimum rents
    
    $
    433,474
    
    
    $
    432,867Tenant recoveries
    
    
    198,202
    
    
    
    194,116Overage rents
    
    
    11,802
    
    
    
    13,558Land sales
    
    
    24,921
    
    
    
    59,923Other
    
    
    28,953
    
    
    
    26,323Total revenues
    
    
    697,352
    
    
    
    726,787Expenses:Real estate taxes
    
    
    56,222
    
    
    
    53,096Repairs and maintenance
    
    
    50,845
    
    
    
    50,195Marketing
    
    
    7,541
    
    
    
    9,514Other property operating costs
    
    
    103,204
    
    
    
    110,566Land sales operations
    
    
    25,131
    
    
    
    49,686Property management and other costs
    
    
    34,078
    
    
    
    33,391Provision for doubtful accounts
    
    
    2,872
    
    
    
    2,639Depreciation and amortization
    
    
    171,288
    
    
    
    193,531Total expenses
    
    
    451,181
    
    
    
    502,618Operating income
    
    
    246,171
    
    
    
    224,169Interest income
    
    
    1,303
    
    
    
    2,186Interest expense
    
    
    (243,851
    )
    
    
    (221,040
    )Income before income taxes, minority interest and equity in income of Unconsolidated Real Estate
Affiliates
    
    
    3,623
    
    
    
    5,315(Provision for) benefit from income taxes
    
    
    (11,491
    )
    
    
    278,390Minority interest
    
    
    (673
    )
    
    
    (717
    )Equity in income of Unconsolidated Real Estate Affiliates
    
    
    30,400
    
    
    
    23,061Income from
continuing operations
    
    
    21,859
    
    
    
    306,049Discontinued
operations - gains on dispositions
    
    
    37,060
    
    
    
    Net income
    
    $
    58,919
    
    
    $
    306,049Comprehensive income, net:Net income
    
    $
    58,919
    
    
    $
    306,049Other comprehensive income:Unrealized losses on available-for-sale securities
    
    
    (7
    )
    
    
    (91
    )Net unrealized gains/(losses) on financial instruments
    
    
    8
    
    
    
    (54
    )Comprehensive income, net
    
    $
    58,920
    
    
    $
    305,904
 4




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months EndedJune 30,2008
    
    
    2007(In thousands)Cash flows from operating activities:Net income
    
    $
    58,919
    
    
    $
    306,049Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    171,288
    
    
    
    193,531Minority interests
    
    
    673
    
    
    
    717Equity in income of Unconsolidated Real Estate Affiliates
    
    
    (30,400
    )
    
    
    (23,061
    )Distributions received from Unconsolidated Real Estate Affiliates
    
    
    13,266
    
    
    
    14,336Gains on dispositions
    
    
    (37,060
    )
    
    
    Participation expense pursuant to Contingent Stock Agreement
    
    
    1,252
    
    
    
    11,736Land development and acquisition expenditures
    
    
    (59,530
    )
    
    
    (84,001
    )Cost of land sales
    
    
    5,472
    
    
    
    21,031Provision for doubtful accounts
    
    
    2,872
    
    
    
    2,639Tax restructuring benefit
    
    
    
    
    
    
    (296,742
    )Straight-line rent amortization
    
    
    (9,910
    )
    
    
    (9,699
    )Amortization of intangibles other than in-place leases
    
    
    1,684
    
    
    
    (1,371
    )Amortization of debt market rate adjustment and other non cash interest expense
    
    
    (4,973
    )
    
    
    (15,283
    )Net changes:Accounts and notes receivable
    
    
    11,285
    
    
    
    (82
    )Other assets
    
    
    (680
    )
    
    
    7,152Accounts payable and accrued expenses and deferred tax liabilities
    
    
    (6,947
    )
    
    
    (38,158
    )Other, net
    
    
    (6,273
    )
    
    
    742Net cash provided by operating activities
    
    
    110,938
    
    
    
    89,536Cash flows from investing activities:Development of real estate and property additions/improvements
    
    
    (176,615
    )
    
    
    (150,628
    )Proceeds from sales of investment properties
    
    
    29,144
    
    
    
    499Distributions received from Unconsolidated Real Estate Affiliates in excess of income
    
    
    2,111
    
    
    
    11,615Increase in investments in Unconsolidated Real Estate Affiliates
    
    
    (25,763
    )
    
    
    (4,914
    )Decrease (increase) in restricted cash
    
    
    1,936
    
    
    
    (5,006
    )Other, net
    
    
    2,999
    
    
    
    5,289Net cash used in investing activities
    
    
    (166,188
    )
    
    
    (143,145
    )
 5




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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES
A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months EndedJune 30,2008
    
    
    2007(In thousands)Cash flows from financing activities:Proceeds from issuance of mortgages, notes and loans payable
    
    
    650,516
    
    
    
    209,000Principal payments on mortgages, notes and loans payable
    
    
    (436,983
    )
    
    
    (148,496
    )Advances to General Growth Properties, Inc.
    
    
    (175,202
    )
    
    
    (137,378
    )Capital contribution from GGPLP
    
    
    18,000
    
    
    
    100,000Deferred financing costs
    
    
    (6,023
    )
    
    
    Other, net
    
    
    6,728
    
    
    
    (1,666
    )Net cash provided by financing activities
    
    
    57,036
    
    
    
    21,460Net change in cash and cash equivalents
    
    
    1,786
    
    
    
    (32,149
    )Cash and cash equivalents at beginning of period
    
    
    23,679
    
    
    
    65,416Cash and cash equivalents at end of period
    
    $
    25,465
    
    
    $
    33,267Supplemental disclosure of cash flow information:Interest paid
    
    $

    266,470
    
    
    $
    260,800Interest capitalized
    
    
    17,994
    
    
    
    25,870Income taxes paid
    
    
    34,348
    
    
    
    56,565Non-Cash Transactions:Change in accrued capital expenditures included in accounts payable,
accrued expenses and deferred tax liabilities
    
    
    30,856
    
    
    
    (22,931
    )Assumption
of debt by purchaser in conjunction with sale of office buildings
    
    
    84,000
    
    
    
    
 6