Our personalized attention and customized
solutions combined with the unmatched array of
GGP corporate resources create the optimal
environment for success.

THE GENERAL GROWTH ADVANTAGE
\"Customer Built\" – we customize our services to meet the unique needs
of individual owners and properties.
We are experts at getting your properties noticed by retailers.
Our experience in repositioning and redeveloping retail properties is
unparalleled.
Five regional offices provide personalized service and focused attention
to your properties.
Resources dedicated exclusively to third party services – the collective
strengths of GGP internal and external resources maximize the value of
your property.
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GGP’s BEST IN CLASS SERVICES INCLUDE:
Leasing Services (p.3)
Property Management Services (p.10)
Accounting & Financial Reporting (p.22)
Business Development Services (p.26)
Marketing Services (p.30)
Development Services (p.37)
Galleria Dallas
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LEASING SERVICES
General Growth’s leasing professionals are among the most
experienced in the industry. Strong retailer relationships and our
trend-setting Portfolio Review program allow us to maximize leasing
productivity.
Working on a diverse portfolio of centers with tenant mixes ranging
from moderate to luxury, our leasing teams make sure each property
is merchandised appropriately to meet the needs of the local market
to ensure long-term success and profitability.
American Girl – Galleria Dallas Coach – King’s Shops Children’s Place – Windward Mall 3

Leasing Strategy
GGP will develop a long-term merchandising plan that ranges from
traditional mall retailers to a dynamic mix of traditional and non-traditional
anchor stores, restaurants and entertainment uses along with lifestyle and
big box retailers. The merchandising plan will be tailored to the needs of
the property and the dynamics of the market.
GGP’s relationships with retailers are critical in introducing new retail
venues.
We evaluate rent rolls, sales, occupancy costs, lease expiration, termination
rights, renewal potential and overall financial health. After completing this
evaluation, we compare these metrics to the GGP portfolio.
Market research is conducted along with an analysis of like
projects/markets in the GGP portfolio to assist in developing the appropriate
merchandise mix.
A prospect list and merchandise plan will be delivered based on the owner’s
objectives and strategic direction for the property.
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Leasing Process
Retailer Contacts and Commitments
GGP Lease Committee Approval
Ownership Approval
Dealmaker document sent to ownership to begin
lease documentation process
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Portfolio Review
Portfolio Review is GGP’s customized leasing
program designed for merchants looking to
expand into multiple locations. Retailers are
enticed by General Growth’s portfolio of 200+
properties in 45 states.
Portfolio Review plays an integral part in the
marketing of a center to retailers and is a key
method to expose the center to hundreds of
potential retailers over a short period of
time. GGP conducts more than 1,000 retailer
Portfolio Review meetings annually in our
corporate and regional offices.
The value that this deal-making program brings
to a center is unparalleled in the industry.
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Portfolio Review Benefits
Multiple deals can be negotiated in one
meeting.
Highly efficient process for retailers to do
business with GGP owned and managed
centers.
Pre-meeting agendas include each retailer’s
selection criteria and space needs so the focus
during the meeting is on deal making.
When the retailer arrives, applicable malls and
economics are reviewed.
Portfolio Review allows GGP to reach every
national retailer.
In addition to traditional mall retailers, Portfolio
Review also includes big box retailers,
restaurants, theaters, food court tenants and
hotel developers.
Portfolio Review Lobby
GGP Chicago 7

Tenant Coordination
GGP has on-staff Tenant Coordinators, CAD Specialists and a Director of
Tenant Coordination.
Supporting tools and benefits include:
LODs typically within 24 hours
Lease construction exhibits
Property lease plans
Review of tenant construction documents for significant LL work
Tenant Coordinator handles negotiations and manages the General
Contractor
Tenant Coordinator manages the budget and payment requests
Tenant Coordinator manages the tenant allowance requests
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Leasing Structure
Vice President of Leasing
Ensures owner’s leasing strategies are implemented
Reviews and approves all leasing deals
Regional Vice President of Leasing
Works with Leasing Representative to ensure complete focus on center
and owner’s leasing objectives
Spearheads leasing communications with owner
Leasing Representative
Responsible for day-to-day leasing, completing new and renewal deals
Completes monthly updates for ownership
Participates in leasing communications with the owner
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PROPERTY MANAGEMENT SERVICES
General Growth Properties combines the knowledge and experience of
over 50 years in the shopping center business with the efficiencies of
managing more than 200 regional malls to give its clients the most
effective property management systems in the industry.
General Growth has established best practices and processes for all
aspects of property management, including those listed below which are
described in greater detail on the following pages.
Strategic planning
Clean – Safe – Secure Program
National Vendor Program
Preventive and recurring maintenance
Efficiency of building systems and energy consumption
Security and risk management
Capital improvement planning
Lease administration
Ongoing tenant viability
Reporting and client communications
Branson Landing 10

Property Management Services
Strategic Planning
The strategic planning process is critical in evaluating the potential of a property
and determining the overall strategic direction. A strategic plan is developed for
each asset, taking into consideration the unique set of circumstances that impact
the property.
A team approach is utilized which includes the following:
Full day of strategic planning at the property.
The process involves all regional and local team members.
Ownership is invited to ensure consensus on the proposed strategies.
The property team provides a situation analysis that includes key facts relating to the
market, center, customer and competition.
The property and regional teams complete a S.W.O.T. (Strengths, Weaknesses,
Opportunities, Threats) analysis of the center.
This process provides the foundation for the strategic initiatives for the center.
The annual business plan and budget are developed in support of the strategic plan.
The strategic plan is reviewed annually or sooner if changing property or market
conditions warrant this need.
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Property Management Services
Clean - Safe - Secure
GGP’s mission is to manage properties through an established set of
consistent operating standards to meet the needs of the owner, retailers and
shoppers, by providing a Clean-Safe-Secure environment.
National Vendor Program
Because of GGP’s size, we have been able to negotiate national vendor
contracts that take advantage of economies of scale to ensure the best
pricing as well as establish uniform vendor standards and expectations.
Maintenance
A review of preventative and recurring maintenance is conducted on an
ongoing basis to ensure the highest standards are being maintained. GGP
recommends the utilization of preventative maintenance software. The
savings driven from the software is expected to deliver a return on
investment of less than one year.
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Property Management Services
Efficiency of Building Systems and Energy Consumption
GGP has established strong relationships with a variety of
energy consultants.
Upon assuming responsibility for a property, we
recommend a comprehensive review of all electrical and
mechanical systems including lighting, temperature and
fire/life/safety to ensure optimum cost effectiveness of
these systems.
Depending upon the owner’s hold strategy, installing or
updating an Energy Management System may be
appropriate. An EMS System decreases energy costs and
provides a more comfortable environment for customers
and retailers.
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Property Management Services
Security and Risk Management
Security is contracted through preferred providers that
require certain levels of training, reporting and audits of
compliance that we believe are second to none in the
contracted management industry.
The Security Director and General Manager frequently
meet with local law enforcement in order to stay abreast of
local issues while maintaining a strong working relationship.
Each property has an emergency procedure manual that
includes contingency plans for disasters, bomb threats, civil
disorder and other occurrences.
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Property Management Services
Security and Risk Management
GGP has a corporate emergency disaster team consisting of
representatives from all major departments and regional
office employees.
If a disaster occurs, we are prepared to mobilize and assist
the property in recovery, loss evaluation and reconstruction.
All preferred vendors meet our stringent insurance
requirements as well as the owners.
All property team members are very aware of the risk
management issues at their property and are alert for any
potential problems during daily walks through the property.
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Property Management Services
Capital Improvement Planning
Capital Improvement recommendations are made during the
budgeting process.
GGP utilizes consultants for recommendations regarding major
repair and replacement programs for assets such as mechanical
systems, roofs and parking lots.
GGP has established national contracts with vendors in the areas
of roofs, elevators, escalators, parking lots, etc.
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Property Management Services
Lease Administration
The Management Team handles leases from submission of the deal
internally through owner approval and sends the leases to legal
counsel.
Financial abstracting of a new lease is typically handled by the
corporate staff accountant assigned to the property.
The process from lease draft to lease execution is usually handled by
the owner’s outside legal counsel.
Implementation of legal requirements of the lease (e.g., notices,
subordination agreements, etc.) is the responsibility of the on-site
management team to track, utilizing legal counsel as the resource to
implement with owner’s approval.
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Property Management Services
Ongoing Tenant Viability
Ongoing tenant viability is monitored on a monthly basis via
the sales, leasing, asset recovery and legal reports.
In the budget process, at-risk tenants are identified and
budgeted for accordingly.
Ongoing analysis is performed and decisions are made
regarding tenant retention, rent concessions, recapturing the
space, receivables and collections.
Ultimately, decisions are made in a proactive manner that will
be in the best long-term interests of the property with owner’s
approval.
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Property Management Services
Management Reporting and Client Communications
General Growth has a proven track record of consistently meeting the
information needs of our owners with accurate and timely reports.
Monthly status reports are produced for performance results, property
issues and income/expense variances.
Regularly scheduled leasing calls and monthly leasing status reports
provide the current status of leasing efforts and performance to budget.
GGP is flexible in creating customized reports requested by ownership.
The regional and property teams generally meet with ownership on a
quarterly basis to discuss the property’s current performance and future
direction. Frequency of meetings can be adjusted based upon the needs
of the property and ownership.
Regular communication is considered critical for timely and accurate
decision-making.
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Property Management Services
Reporting and Client Communications
General Growth’s standard reporting package is JDEdwards
Standard reports include:
Income Statement – Summary and Detail
Balance Sheet – Summary and Detail
Tenant A/R Report
Tenant Billing Report
Cash Receipts Journal
Cash Disbursement Report
Retail Tenant Sales Report
Leasing Activity Report
Expense Variance Report
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Asset Management Structure
Vice President of Asset Management
Strategic planning
National Operations liaison
Management oversight and support
Regional Vice President, Asset Management
Primary owner contact
Transition
Strategic planning
Team leader
General Manager
Property team leader
Primary focus is increasing Net Operating Income
Focus on creating environment that enhances customer satisfaction and tenant sales
Operations
Responsible for overseeing maintenance, housekeeping and tenant construction
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ACCOUNTING & FINANCIAL REPORTING
Our dedicated team of accounting and financial professionals will
ensure you have the information you need when you need it in order
to make the most timely and accurate decisions, thus allowing for
maximization of asset value.
Our accounting team has the flexibility to accommodate the types of
reports desired, the systems requested to run those reports and
within the timelines desired by ownership.
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Accounting & Financial Reporting
GGP offers exceptional accounting services to our clients. Notable
competitive advantages are outlined below:
We have a high level of expertise in retail real estate accounting and
reporting.
A Property Accounting Controller is assigned to each owner who
serves as the primary client contact and oversees all accounting
activities.
A specific accounting team is assigned to each property.
GGP utilizes on-site accounting personnel to support the center’s
activities.
We employ multiple levels of review for accounting transactions and
reports.
We have the ability to handle cash, accrual or modified accrual methods
of accounting.
Our fully staffed IT Department supports accounting and financial
reporting.
We offer flexible financial reporting in the owner’s desired format.
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Accounting & Financial Reporting
GGP utilizes JDEdwards, one of the top property management
software packages available.
JDEdwards is capable of report customization,
exporting data sets and interfacing with Excel.
We can transmit reports to you in the formats you
need to analyze and consolidate information.
Reports can be transmitted electronically or accessed
at a time of your choosing over the internet, speeding
up their availability.
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Accounting Structure
Vice President of Accounting
Accounting oversight and support
Oversees accounting controllers
Additional accounting contact for owner
Property Controller
Key accounting contact for owner
Responsible for coordinating all property accounting services
Accounting Manager
Reviews the work of mall accountants
Reviews general ledger activity
Reviews monthly reporting packages for owners
Assists in the preparation of annual budgets
Reviews year-end true-up calculations and billings
Mall Accountant
General Manager
Rent collections and tenant billings
Maintaining general ledger activities
Prepares monthly financial reporting packages for owners
Maintaining detailed accounts receivable listings
Initiating operating cash disbursements
Assisting with monthly variance comments
Collecting retail sales data
Assisting with annual budgets
Year-end true-up adjustment analysis and billings
Providing other analysis and assistance as needed
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BUSINESS DEVELOPMENT SERVICES
GGP is the industry leader in maximizing specialty leasing programs.
Over the past several years, GGP has led the industry in tapping into
additional revenue streams such as advertising, sponsorships, events
and promotions.
GGP has the expertise at the local, regional and national levels to
capitalize on all of these revenue opportunities.
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Specialty Leasing
GGP has a strong reputation for quality common
area merchandising. GGP drives short term
revenue through RMUs, kiosks and temporary
inline leasing.
Year over year increases have been achieved by:
Revamping existing programs with strategies
that focus on rent evaluation, retail furniture
upgrades and inventory placement.
Due to GGP's extensive exposure to
Specialty Retail tenants, the best operators
in each merchandise category are identified
thus ensuring higher revenue potential while
achieving superior merchandising standards.
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Strategic Partnerships
GGP has been a leader in generating income
through advertising, sponsorship, sampling and
event opportunities which include:
Local and national sponsorships are pursued for
amenities such as valet parking, play areas, soft
seating and wifi. Targeted categories include auto,
health, cable and financial services.
Advertising opportunities for both local and national
advertisers: sky murals, banners, window clings
and food court signage are key inventory items.
Exposure to national partnerships with companies
such as Bank of America, Discover, American
Express, Pepsi, Fox and Universal.
Third party backlit and digital advertising providers.
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Business Development Structure
Vice President of Business Development
Oversees strategic direction of Specialty Leasing and Alternative Revenue
Oversees Regional Vice Presidents
Responsible for coordinating National Specialty Leasing and Alternative Revenue initiatives
Regional Vice President of Business Development
Oversees property Specialty Leasing and Alternative Revenue programs
Oversees Business Development Representatives
Serves as the primary point of contact with the owner on all Business Development issues
Responsibilities also include employing, training and developing the Business Development Representatives
Business Development Representative
Responsible for executing strategic direction for the property including:
Attaining revenue goals
Merchandising Plan
Operational Standards
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MARKETING SERVICES
General Growth takes a unique approach to marketing its centers.
Most management companies either implement corporate
programs with little to no flexibility or rely heavily on local
marketing efforts and the strengths of the marketing managers.
General Growth offers both – property-driven marketing programs
that are supported and enhanced with extensive corporate
resources, resulting in the strongest possible marketing programs
and the best results.
Branson Landing Children’s Play Area – Galleria Dallas Shops at Tanforan
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Marketing Platforms
GGP Marketing utilizes three platforms to create a strong foundation for
effective marketing:
Market Intelligence – GGP utilizes appropriate primary and secondary
research to identify opportunities to increase market share and sales.
Customer Experience – Based upon market intelligence data, GGP
marketers determine what elements are critical in creating positive
experiences. Focus areas include customer service, amenities,
environmental elements, entertainment and more.
Strategic Communications – To drive action and impact shopping,
entertainment and purchase decisions, GGP utilizes branded, integrated,
consistent and frequent messaging in internal and external
communications.
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Marketing Focus Areas
General Growth marketing teams have four primary areas of focus to create
additional asset value.
Brand Equity – Marketing takes an active role in establishing a vision for
the center through determination of the appropriate merchandise mix,
service offerings and marketplace positioning.
Leasing Partnership – Marketing proactively works with Leasing to
create tools to create business-to-business marketing initiatives, providing
information and ideas to overcome retailer objections and developing
effective marketing tools.
Direct Revenue – Marketing generates revenue through sponsorships,
advertising, special events, sampling and other strategies.
Retail Sales – Marketing develops and implements strategies that drive
retail sales.
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Marketing Resources
GGP’s Third Party Marketing team has access to numerous internal
resources and departments which gives GGP a distinct advantage over other
management service organizations.
Research – GGP offers research services for all managed properties at
costs significantly lower than market rates with higher quality.
Market and Trade Area Research – All primary and secondary
trade area demographics are updated annually.
Market Analysis Books – For key lease negotiations, customized
market analysis books are available for a nominal fee. Leasing and
Marketing work in tandem to ensure the appropriate data is
provided to overcome specific retailer objections.
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Marketing Resources
Customized Reports
Reports include competitive center demographic
comparisons, maps of high growth and high income areas,
lifestyle segmentation and consumer behavior data.
Consumer Research
Intercept surveys
Telephone surveys
Focus groups
E-Surveys
Palm Pilot surveys
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Marketing Resources
Retailer Productivity – This department’s primary responsibility is to focus on
developing sales strategies for national retailer sales maximization. Strategies
range from grand opening promotions to in- mall advertising campaigns.
Public Relations – GGP’s PR professionals train center personnel in dealing
with crisis situations as well as assist in garnering positive publicity both locally
and in national trade publications.
Website Development – GGP’s Web Product Group designs consumer-friendly
websites at costs significantly lower than market rates. The websites are easy to
update for store openings, center and retailer events, job openings and movie
times.
Consumer Relationship Marketing – GGP has developed an email-based
marketing program named The Club which each property’s customers can opt
into.
Once shoppers become a member of The Club, they receive email updates on events, savings and
special promotions emailed directly to them.
The Club allows GGP to conduct research on a one-to-one level.
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Marketing Structure
Vice President of Marketing
Strategic planning
Corporate Marketing liaison
Marketing oversight and support
Regional Vice President of Marketing
Responsible for leading strategic direction of the property.
Works directly with on-site Marketing Manager to manage the development and implementation of
the annual marketing plan in support of the center’s overall business plan and financial objectives.
Serves as the primary point of contact with the owner on all marketing issues.
Responsibilities also include employing, training and developing the center Marketing Managers.
Marketing Manager
Responsible for long-term strategic planning/execution of the Marketing Plan
Leasing support including development of customized leasing/sales materials
Retailer relations and sales productivity
Revenue generation through advertising, events and sponsorships
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DEVELOPMENT SERVICES
GGP has a highly experienced and dedicated Third Party
Development team with the ability to analyze and execute the most
effective strategies for each asset based on market needs and
demographic trends with the goal of preserving and/or improving
asset value.
In addition to our Third Party development experts, we have the
ability to engage specialists from the owned side of our company
with office and residential expertise. In this manner, we can truly
offer you the best of both worlds in the development arena.
Stones River Mall Windward Mall 37

Development Capabilities
General Growth’s Third Party Division has a dedicated development group
that has in-depth experience with developments from ground-up projects to
redevelopments. Over the past four years, GGP’s Third Party Development
group has developed and redeveloped 10 properties valued at nearly $400
million.
General Growth has expertise in the following areas:
Residential and mixed use projects
Urban redevelopments and international projects
We also have in-house expertise in hotel and office development as
well as architectural and construction management
Government financing assistance (i.e. TIF, Real Estate Tax
Abatement)
The structure of GGP’s Development Department allows the Third Party
group to tap into expanded corporate resources while maintaining a team
dedicated to serving Third Party clients.
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Development Services
Listed below is a summary of the services GGP provides throughout
the development process:
Responsible for oversight on all phases of development
Development of financial proforma
Design coordination
Contracting
City planning and zoning
Oversight of major tenant leases and/or REA agreements
Major tenant/department store issues
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Renovation / Redevelopment Projects
Listed below are examples of properties that are currently under
renovation/redevelopment or that have been recently renovated/
redeveloped by the Third Party Team.
Mall Location Completion
Laurel Commons Laurel, MD Spring 2010
Kingsport Town Center Kingsport, TN Fall 2009
University Mall Tampa, FL Fall 2008
Stones River Mall Murfreesboro, TN Fall 2008
Windward Mall Kaneohe, HI Fall 2007
Golf Mill Shopping Center Niles, IL Fall 2007
Queen Ka’ahumanuCtr. Kahului, HI Fall 2006
Galleria Dallas Dallas, TX Fall 2004
Burbank Town Center Burbank, CA Fall 2004
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Development Structure
Vice President of Development
Development oversight and support
Oversees department store relationships including negotiations
Oversees Development Directors
Senior Director of Development
Lead contact on all phases of development
Responsible for developing financial proforma
Responsible for negotiating project contracts
Project Manager
Located onsite and responsible for the day-to-day development activities
Oversees the permitting and code compliance process
Responsible for general contractor oversight
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Third Party Portfolio
Name Location Total GLA
Alexandria Mall Alexandria, LA 898,232
Branson Landing Branson, MO 420,000
Burbank Town Center Burbank, CA 1,235,478
Centerpointe Mall Grand Rapids, MI 767,425
Embarcadero ** Laredo, TX 669,125
Festival Bay Mall Orlando, FL 863,148
Galleria Dallas Dallas, TX 1,298,430
Golf Mill Shopping Center Niles, IL 1,075,590
Kapolei Commons Kapolei (Oahu), HI 610,000
Kingsport Town Center Kingsport, TN 530,446
Kings’ Shops * Waikoloa Beach, HI 75,000
Laurel Commons Laurel, MD 663,252
Northwest Plaza St. Ann, MO 1,672,338
Novi Town Center Novi, MI 462,146
Palladio at Broadstone * Folsom, CA 930,000
Prairiefire at LionsGate * Overland, KS 638,000
Queen Ka'ahumanu Kahului, HI 540,901
Redlands Mall Redlands, CA 250,000
Redlands Promenade Redlands, CA 150,000
Shops at Georgetown Park, The Washington, DC 300,000
Shops at Tanforan, The San Bruno, CA 872,873
SouthBay Pavillion Carson, CA 961,751
St. Lawrence Centre Massena, NY 513,520
Stones River Mall Murfreesboro, TN 412,320
Swansea Mall Swansea, MA 702,577
Terraces of Murrieta Springs ** Murietta, CA 315,000
Tessera Reno, NV 500,000
Towson Commons Towson, MD 322,000
University Mall Tampa, FL 1,200,000
Westdale Mall Cedar Rapids, IA 653,000
Windward Mall Kaneohe, HI 505,825
21,008,377
* Leasing Assignment
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** Consulting Assignment

CONTACT INFORMATION
David Brown
Vice President of Client Development
General Growth Properties, Inc.
110 N. Wacker Drive, Chicago, IL 60606
TEL (312) 960-5041 FAX (312) 960-2725
david.brown@ggp.com
Also reference our Third Party website at www.ggpthirdparty.com
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