General Growth Properties Announces Tax Reporting Information for 2001 Common And Preferred Share Distributions

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General Growth Properties Announces Tax Reporting Information for 2001 Common And Preferred Share Distributions

		GENERAL GROWTH PROPERTIES LOGO General Growth Properties logo. (PR NewsFoto)[AS] CHICAGO, IL USA

    CHICAGO, Jan. 10 /PRNewswire/ -- General Growth Properties, Inc.
(NYSE: GGP) announced the tax reporting information (Federal Form 1099) for
the year 2001 distributions on its common shares and its Preferred Income
Equity Redeemable Stock, Series A ("PIERS") Depository Shares.

    The 2001 distributions paid with respect to General Growth Properties,
Inc. Common Stock (NYSE CUSIP no. 370021107) are as follows:

                                          Total     Taxable As Return of
    Declaration   Record      Payment Distributions Ordinary   Capital
    Date          Date        Date      Per Share   Dividend   Portion

    12/15/2000  01/05/2001   01/31/2001  $0.5300    $0.4028  $0.1272
    03/21/2001  04/06/2001   04/30/2001  $0.5300    $0.4028  $0.1272
    06/19/2001  07/06/2001   07/31/2001  $0.5300    $0.4028  $0.1272
    09/20/2001  10/15/2001   10/31/2001  $0.6500    $0.4940  $0.1560

    TOTALS                               $2.2400    $1.7024  $0.5376
    PERCENTAGES                           100.00%     76.00%   24.00%

    Amounts reported to GGP Dividend Reinvestment and Stock Purchase Plan
participants will differ due to administrative costs.  Participants should
refer to their Form 1099 which will be mailed in late January and contact
Mellon Investor Services at 888-395-8037 for further information. Taxability
of the 2001 common stock distributions is not indicative of the taxability of
future distributions.

    The 2001 distributions paid with respect to General Growth Properties,
Inc. Preferred Income Equity Redeemable Stock, Series A ("PIERS") Depository
Shares. (NYSE CUSIP no. 370021206) are as follows:

                                               Total      Taxable As
    Declaration    Record        Payment    Distributions  Ordinary
       Date         Date          Date        Per Share    Dividend

    12/15/2000   01/05/2001    01/15/2001     $0.4531      $0.4531
    03/21/2001   04/06/2001    04/16/2001     $0.4531      $0.4531
    06/19/2001   07/06/2001    07/16/2001     $0.4531      $0.4531
    09/20/2001   10/05/2001    10/15/2001     $0.4531      $0.4531

    TOTALS                                    $1.8124      $1.8124
    PERCENTAGES                                100.00%      100.00%


    Taxability of the 2001 preferred distributions is not indicative of the
taxability of future distributions.

    For additional information, please contact Rick Dennert, Vice President,
Taxation, at 312/960-5205.

    General Growth Properties, Inc. is one of the oldest and most experienced
shopping center owners, developers and managers in the United States.  It
currently owns interests in and/or manages 145 shopping malls in 39 states,
comprising approximately 125 million square feet of retail space.

SOURCE General Growth Properties, Inc.

http://www.generalgrowth.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990208/CGM015
AP Archive: http://photoarchive.ap.org PR Newswire Photo
Desk, +1-888-776-6555 or +1-212-782-2840
Company News On-Call:

http://www.prnewswire.com/comp/110740.html
CONTACT:
Rick Dennert, +1-312-960-5205, or Beth
Coronelli, +1-312-960-2750, both of General Growth Properties,
Inc.