General Growth Properties Announces Tax Reporting Information For 2002 Common and Preferred Share Distributions

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General Growth Properties Announces Tax Reporting Information For 2002 Common and Preferred Share Distributions

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

    CHICAGO, Jan. 10 /PRNewswire-FirstCall/ -- General Growth Properties, Inc.
(NYSE: GGP) announced the tax reporting information (Federal Form 1099) for
the year 2002 distributions on its common shares and its Preferred Income
Equity Redeemable Stock, Series A ("PIERS") Depository Shares.
    The 2002 distributions paid with respect to General Growth Properties,
Inc. Common Stock are as follows:

               COMMON SHARES-CUSIP #370021107-Ticker Symbol GGP

                                                    Unrecaptured
            Payment     Distributions    Ordinary   Section 1250   Return of
             Dates        Per Share       Income        Gain        Capital

            1/31/02         $0.65          $0.52        .00          $0.13
            4/30/02         $0.65          $0.52        .00          $0.13
            7/31/02         $0.65          $0.52        .00          $0.13
           10/31/02         $0.72          $0.57        .01          $0.14
            TOTALS          $2.67          $2.13        .01          $0.53

          % of Total         100%          79.8%       0.4%          19.8%

    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 2002 common stock distributions is not indicative of the taxability of
future distributions.
    The 2002 distributions paid with respect to General Growth Properties,
Inc. Preferred Income Equity Redeemable Stock, Series A ("P IERS") Depository
Shares are as follows:

            PREFERRED SHARES-CUSIP #370021206-Ticker Symbol GGPPrA

                                                    Unrecaptured
            Payment     Distributions    Ordinary   Section 1250
             Dates        Per Share       Income       Gain

            1/15/02        $0.4531       $0.4504      0.0027
            4/15/02        $0.4531       $0.4504      0.0027
            7/15/02        $0.4531       $0.4504      0.0027
           10/15/02        $0.4531       $0.4504      0.0027
            TOTALS         $1.8124       $1.8016      0.0108
          % of Total         100%          99.4%        0.6%

    Taxability of the 2002 preferred distributions is not indicative of the
taxability of future distributions.

SOURCE General Growth Properties, Inc.

http://www.generalgrowth.com
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Company News On-Call:

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