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Business Description
General Growth Properties Inc. is primarily engaged in the ownership, operation, management, leasing, acquisition, development and expansion of regional malls and community shopping centers in the United States. The Company, either directly or through GGP Limited Partnership (the Operating Partnership) and subsidiaries, owns 120 operating retail properties or regional malls and community centers (the Consolidated Centers), and has ownership interests in 43 regional mall shopping centers (the Unconsolidated Centers). Together, these comprise the Company Portfolio. The Company also owns General Growth Management, Inc. (GGMI) and certain other miscellaneous mixed-use commercial business properties and potential development sites.

Financial Information
For the nine months ended 9/04, revenues rose 29% to $1.13 billion. Net income applicable to Common from continuing operations rose 19% to $171.6 million. Results reflect the acquisition and higher base rental revenue, partially offset by an increase in depreciation and amortization.