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I N V E S T O R P R E S E N T A T I O NS E P T E M B E R 2 0 1 6
A R E T A I L R E A L E S T A T E C O M P A N Y
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GGP OVERVIEW
S&P 500 REAL ESTATE INVESTMENT TRUST (a)
NYSE Ticker GGP
Headquarters Chicago
Employees 1,700
Retail Properties 128
States 40
Total Retail GLA 121 million
Enterprise Value $46.0 billion
THE WOODLANDS MALL, HOUSTON, TX
NATICK MALL, NATICK, MA
a) As of June 30, 2016.
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Own and operate Best-in-Class retail properties that provide an
outstanding environment and experience for our Communities, Retailers,
Employees, Consumers and Shareholders.
GGP MISSION & VALUES
OPERATING HIGHLIGHTS(a)
Tenant Sales Growth(b) 2.8%
Occupancy Cost 13.9%
Leased 96.1%
Lease Spreads(c) 13.7%
RIDGEDALE CENTER, MINNETONKA, MN
Nordstrom Grand Opening – October 2015
SHOPS AT MERRICK PARK, CORAL GABLES, FLH – Humility
A – Attitude
D – Do The Right Thing
T – Together
O – Own It
a) All Same Store operating metrics as of June 30, 2016.
b) All tenant sales less anchors on a rolling 12 months ended June 30, 2016, excluding Christiana Mall. Tenant sales increased 0.8% including Christiana Mall.
c) Lease spreads are suite-to-suite and represent trailing 12 month commencements.
GGP OWNS IRREPLACEABLE RETAIL REAL ESTATE IN THE U.S .
• GGP owns 100 of the top 500 regional shopping centers in the U.S.
• GGP outpaces U.S. retail growth nearly 2-to-1 with “A” centers driving the majority of growth
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Regional Shopping Center Sales and NOI Percentage
by Rank(a)
Top Retail Properties Sales PSF(b) % of Company NOI(c)
Top 10 $792 23%
Top 30 $727 48%
Top 50 $677 67%
Top 100 $598 96%
Total Retail Properties $583 100%
78 Class A Retail Properties $686 78%
a) Retail properties ranked by 2016 YTD NOI ending June 30, 2016.
b) Sales per square foot for trailing 12 months ended June 30, 2016 for comparable tenants occupying space less than 10,000 square feet.
c) For 2016 YTD ending June 30, 2016.
d) Source: U.S. Census Nov. 2015 and GGP. GAFO stands for General Merchandise, Apparel and Accessories, Furniture and Other Sales.
Regional
Shopping
Centers
Urban
Retail
Assets
GAFO Sales Growth 2010 to 2015;
Excluding Department Stores (d)
Sales Volume Growth
Total United States
(From U.S. Census)13%
GGP Portfolio (Inline, Comp, <10k)
23%
SUSTAINABIL I TY
2 0 1 5 I M P A C T A T A G L A N C E
Diverted over 54,300 tons of wastefrom landfills; enough waste to fillover 4,500 garbage trucks.
Reduced our water consumptionby 64 million gallons; enough waterto fill almost 100 Olympic-sizeswimming pools.
GGP will rank among the Top 10U.S. companies by solar capacityonce projects are completed,according to the 2015 SEIARanking.
Reduced our carbon footprint by23,200 metric tons of carbondioxide equivalents, which is theequivalent of taking 4,700 cars offU.S. roads.
Completed lighting and HVACupgrades with an expectedsavings of 44.5 million kilowatthours annually; equal to remo-ving 4,200 homes from theelectrical grid.
Since 2011, GGP has reducedelectricity consumption by 215.8million kilowatt hours; enoughelectricity to power all the homesin Coral Gables, FL for one year.
Committed to being an environmentally responsible business
Concentrated on investments that increase environmental performance
Awarded the 2015 GreenStar and recognized as the North American leader in the Retail – Large Cap Sector by GRESB in 2014(a)
a) GRESB stands for Global Real Estate Sustainability Benchmark. 5
GGP invests in solving for customer pain
points
INVEST ING IN THE CUSTOMER EXPERIENCE: PARKING
• GGP customers reported parking as the biggest pain point during the shopping experience
• An upgraded parking availability notification system and spot identifiers reduce time customers spend parking, and enable more time spent shopping
• A recently released upgrade to GGP’s app includes a new pilot feature now at Ridgedale Center, Alderwood Mall, Stonestown Galleria, and Oakbrook Center, which allows customers to glean how busy certain blocks of parking are at any given time
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INVEST ING IN THE CUSTOMER EXPERIENCE:
WAYFINDING
Goal is to have customers start a product search on Google, find
that product at a GGP retail property, and digitally guide them to
an open parking space at the property, and then to the store to
find the desired product
GGP is putting resources towards preparing for the future of retail
USING DIGITAL TO AID IN
BRICK AND MORTAR SALES
CHANGING THE VOCABULARY: RETAIL REAL ESTATE
RETAIL REAL
ESTATE
As lines continue to blur between where certain retail tenants would traditionally
choose to reside, there is less segmentation by property type and the industry
can now be defined simply as Retail Real Estate
High quality locations with high quality customer experiences will win
Restaurants Entertainment
Sources of
Demand
Services
Grocery
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THE U.S . IS OVER RETAILED
9Source: ICSC, Knight Frank Research
U.S. has the highest GLA per capita by far among all developed
countries
U.S. also leads the world in retail sales per capita, but the margin is likely
not wide enough to support the excessive GLA
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10
5 42 2
$11,687
$8,560$8,014 $8,056
$7,167
$2,238
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
0
5
10
15
20
25
30
U.S. Australia U.K. France Germany China
RETAIL REAL ESTATE GLA AND SALES PER CAPITA
RET
AIL
SF
PER
CA
PIT
A
RET
AIL
SA
LES
PER
CA
PIT
A
Retail SF per Capita Retail Sales per Capita
1”High Quality” has been defined as a regional shopping center rated B+ or better by Green Street Advisors.2 “High Quality “ has been defined as a Trade Area Power score of 75-100 for strip centers, as rated by Green Street Advisors. The 11% of high quality Strip Centers was extrapolated to project
High Quality GLA for the entire 6.4B sf classified by ICSC as Open-Air Centers.
GLA (in millions)
SF Per Capita% of Total
High Quality GLA
High Quality1 Regional Shopping Center GLA 495 1.6 40%
High Quality2 Open-Air Center GLA 732 2.3 60%
Total High Quality Retail Real Estate 1,227 3.9 100%
By Type By Quality
3.9 SF PER CAPITA OF
U.S . RETAIL REAL ESTATE IS HIGH QUALITY TOTAL U.S. RETAIL REAL ESTATE GLA
LOOKING AT U.S. RETAIL REAL ESTATE GLA BY QUALITY RATHER THAN TYPE
vs.
GGP owns 8.2% of
all High Quality
Retail Real Estate
Mid to Low Quality
Retail Real Estate
6.3 billion sf
19.7 sf per capita
High Quality
Retail Real Estate
1.2 billion sf
3.9 sf per capita
High QualityOpen-Air Centers
High Quality
Regional
Shopping
Centers
Open-Air Centers6.4 billion sf
20.2 sf per capita
Regional Shopping Centers
1.1 billion sf3.4 sf per capita
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BRICK AND MORTAR REMAINS AT THE CENTER OF RETAIL ING
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Physical stores account for 90% of
all retail activity 1
― Catalog sales at its peak in
1995 was 10% of all retail
sales
― Today catalog sales and
online sales combined are
10% of all retail sales
Omni-channel shoppers spend
twice as much as individuals who
just shop in one channel
― The Multiplier Effect:
customers who browse
both channels shop more
frequently
Source: Kurt Salmon Review 2013 / Wharton Report1 In 2014, Pure Play E-Commerce accounted for just 3.3% of all retail sales based on the 2014 U.S. Census Retail Trade Sales Annual Report, and Omni-channel retailer e-
commerce sales from ICSC report “Deconstructing the Census Bureau’s Retail Trade E-Commerce Figures” in Retail Property Insights Vol. 23, No. 1, 2016
CURATION IS KEY TO PERFORMANCE
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RESTAURANTS PERSONAL CARE
HOME FURNISHINGS
APPAREL
ENTERTAINMENT
ELECTRONICS
BIG BOX
GROCERY
TRAFF IC IS DRIVEN BY INL INE TENANTS
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ESTIMATED TOTAL VISITS
TO GGP CENTERS (a)
Year-Over-Year Traffic Growth
2012 2013 2014 2015
4% 3% - 2%
Tra
ffic
(in
millio
ns)
–B
ar
Gra
ph
Sa
les
Pe
r Sq
ua
re F
oo
t –
Lin
e G
rap
h
a) Source: GGP
b) All tenant sales less anchors on a rolling 12 months ended June 30, 2016, excluding Christiana Mall. Tenant sales increased 0.8% including Christiana Mall.
c) Sources: U.S. Census Bureau, FactSet, and GGP.
Inline tenants with strong brands and unique products drive consumer spending and continuous traffic
Total Sales in GGP Portfolio 2005-2015 %Change
Total Non-Anchor GAFO Sales, Comp Basis
+33%
Sales-Reporting Anchor/Department Stores
-10%
Total Industry Sales 2005-2015 % Change
GAFO Sales excluding DepartmentStores
+30%
Department Stores excluding Leased Departments
-23%
Over the past decade, department store performance has lagged that of inline shops within the GGP portfolio
On a rolling 12 month basis as of June 2016, anchor sales are down 1.9% while total inline sales are up 2.8%(b)
Lines form at Oakbrook Center in Oak Brook, IL for the Tesla Model 3 release
DEPARTMENT STORES vs. GGP INLINE SHOPS(c)
2005-2015
Sources: GGP Strategy & Analytics, Nielsen Local, 2014-2015. 400,489 respondents.
Metlife Investment Management, U.S. Census Bureau, BLS
REGIONAL SHOPPING CENTER VISITATION BY GENERATION
PROPENSITY TO SHOP AT LEAST ONCE EVERY THREE MONTHS, 100 = AVG SHOPPER
116107
9283
0
20
40
60
80
100
120
140
Millennials Gen Xers Baby
Boomers
Silents
UNDERSTANDING THE MILLENNIAL CONSUMER
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1.001.01
1.14
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1989 2007 2014
U.S. EXPERIENCE TO STUFF RATIO AGE 25-34Millennials have the highest “experience-to-stuff
ratio,” meaning they spend a majority of their disposable income on experiences, and do so at a higher rate than generations past did at the same age.
The regional shopping center is the retail format best positioned to capitalize on the shift towards experienced-based retail spending, with an emphasis on apparel, personal care, and electronics retailers with high levels of customer service and unique product offerings, as well as dining and entertainment options.
Millennials have the highest propensity of any generation to visit regional shopping centers on a regular basis.
MillennialsGen XBaby Boomers
Overall, inline regional shopping center retailers are outperforming the
department stores given how well they are attracting millennial consumers,
who have the highest propensity to spend on retail.
Sources: GGP Strategy & Analytics, Nielsen Local, 2014-2015. 400,489 respondents.
RETAIL ORIENTATION BY GENERATIONPROPENSITY TO SHOP AT LEAST ONCE EVERY THREE MONTHS, 100 = AVG SHOPPER
MAINSTREAM RETAILERS
Including Fashion Department Stores
MAINSTREAM RETAILERS
Excluding Fashion Department Stores
INL INE STORES ATTRACT MILLENNIAL SHOPPERS
15
114 117
107
9283
145136
118
78
43
0
20
40
60
80
100
120
140
160
Yo
un
ge
r
Mille
nn
ials
Old
er
Mille
nn
ials
Ge
n X
ers
Ba
by
Bo
om
ers
Sile
nts
Yo
un
ge
r
Mille
nn
ials
Old
er
Mille
nn
ials
Ge
n X
ers
Ba
by
Bo
om
ers
Sile
nts
RETAILER DEMAND IS STRONG
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Significant retail demand exists from new or expanding retailers, dining concepts,
and brand extensions
RETAILERS DINING BRAND EXTENSIONS
A'Gaci Kendra Scott Restoration Hardware Bar Louie Athleta (Gap)
Alex and Ani Kiehl's Rue 21 Blaze Pizza Box Lunch (Hot Topic)
Allen Edmonds Kiko Cosmetics Serena & Lily Buffalo Wild Wings COS (H&M)
Altar'd States Kipling Skechers California Pizza Kitchen Dry Goods (Von Maur)
Anthropologie LL Bean Splendid Cheesecake Factory Dynamite (Garage)
Apricot Lane Lolli & Pops Soft Surroundings Chipotle Ivivva (lululemon)
Arc'teryx Lush Sur la Table Doc B's Lou & Grey (Ann Taylor)
Asics MAC Tempur-Pedic Earl’s Love Sick (Hot Topic)
Capital Teas Marbles Tervis Five Guys Massimo Dutti (Zara)
Charming Charlie's Massage Envy Tesla Kona Grill Mercantile (J. Crew)
Crayola Mitchell Gold + Bob Williams Tumi Lyfe Kitchen Oliver Peoples (Luxottica)
David's Tea Nespresso Ulta Matchbox Other Stories (H&M)
Dyptique The North Face Under Armour MOD Pizza Pink (L Brands)
Francesca's NYX Urban Outfitters Nando's Red (Forever 21)
Frontgate Oakley Vans Red Robin Six:02 (Foot Locker)
Frye Boots Pandora Vineyard Vines Shake Shack Torrid (Hot Topic)
Hammermade Peloton Bike Walking Company Smashburger Tory Burch Sport (Tory Burch)
Hanna Andersson Pirch West Elm Sweetgreen Typo (Cotton On)
Joie Pressed Juicery Z Gallerie Zinburger Under 10 (Forever 21)
Juice Generation Rebecca Minkoff White Barn Candles (L Brands)
RETAILER DEMAND IS STRONG (cont ’d)
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International, and luxury retailers are also looking for a stronger brick and mortar
presence
LUXURY
Agent Provocateur Hugo Boss
Bally John Hardy
Bottega Veneta Longchamp
Burberry Loro Piana
Bulgari Louis Vuitton
Cartier Marc Jacobs
Celine MCM
CH Carolina Herrera Paul & Shark
Chanel Phillip Plein
Christian Louboutin Polo
David Yurman Prada
Dior Rebecca Taylor
Djula Jewelry Saint Laurent
Escada The Webster
Fendi Tiffany
Givenchy Valentino
Gucci Zegna
INTERNATIONAL
Aritzia (Canada) Marc Cain (Germany)
Ardene (Canada) Melissa Shoes (Brazil)
Baldinini (Italy) Muji (Japan)
Camper (Spain) Ondademar (Colombia)
Colette (Australia) Pret A Manger (UK)
Cotton On (Australia) Primark (UK)
Flying Tiger (Denmark) Rabeanco (China)
Garage (Canada) Seafolly (Australia)
Grom (Italy) Sephora (France)
H&M (Sweden) Suit Supply (Netherlands)
Hackett London (UK) Superdry (UK)
Havianas (Brazil) TopShop (UK)
Jack Wills (UK) Tous (Spain)
Jins (Japan) Track & Field (Brazil)
Kneipp (Germany) Urban Planet (Canada)
L.K. Bennett (UK) V1969 (Italy)
Lego (Denmark) White Company (UK)
L’Occitane (France) Zara (Spain)
lululemon (Canada)
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eCOMMERCE RETAILERS OPENING BRICK AND MORTAR
ELECTRONICS APPAREL ACCESSORIES
Apple Trunk Club Warby Parker
Microsoft ModCloth Just Fab
Dyson NastyGal Shinola
SPORTSWEAR Rent the Runway Classic Specs
Athleta Combatant Gentlemen Adore Me
Fabletics Duluth Trading Co. The Tie Bar
BEAUTY Refinery29 Raden
Birchbox 1701 Bespoke Jewelry
The Honest Company Weddington Way Baublebar
FOOD/CANDY Frank & Oak Blue Nile
Vosges Haut-Chocolat Untuckit OTHER
Try the World Chubbies Amazon
CHILDREN’S APPAREL Everlane
Monica & Andy Indochino
FURNITURE/HOME Bonobos
Essentia
eCOMMERCE RETAILERS OPENING BR ICK AND MORTAR
OMNICHANNEL GENERATES HIGHER PROFITS
Source: L2
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REDEVELOPMENT: A WIN-WIN FOR LANDLORDS AND TENANTS
ADVANTAGES OF REPLACING UNDERPERFORMING ANCHOR SPACE
WITH TYPICAL STRIP TENANTS
Landlord Advantages Tenant Advantages
Increased traffic and in some cases (e.g., grocery) makes the regional
shopping center a part of consumer habit
Necessary capital to upgrade stores, with rent similar to strip center rent
Further regional shopping center curation to include non-traditional regional
shopping center tenants
A wider trade area (5-25 miles) than strip centers (1-6 miles) is accessible
Substantial ROI compared to a space formerly earning just $3-4 psf on average
Generation of greater, and more diverse traffic than strip centers
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OAKBROOK CENTER
Former Store
Sears
Bloomingdale's
Neiman Marcus
(Lower Level)
Sales psf
2010 2015 Change
Inline Retail $668 $911 +36%
Anchors $233 $271 +17%
New Stores
Dining/Entertainment
Pirch, Aritzia, Boss, lululemon,
Tommy Bahama
Perry's Steakhouse,
Old Town Pour House
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NATICK MALL
Former Store
JCPenney
Sears
Sales psf
2010 2015 Change
Inline Retail $552 $671 +22%
Anchors $181 $201 +11%
New Stores
Wegmans
Entertainment
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FORWARD-LOOKING STATEMENTS
Certain statements made in this presentation may be deemed "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in anyforward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will beattained, and it is possible that actual results may differ materially from those indicated by these forward-lookingstatements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, theCompany's ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, itsability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit marketconditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risksand uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. TheCompany may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update orrevise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Investors and others should note that the Company posts this Investor Presentation on the Investors page of its websiteat www.ggp.com. From time to time, the Company updates the Investor Presentation and when it does, it will beposted on the Investors section of its website at www.ggp.com. It is possible that the updates could include informationdeemed to be material information. Therefore, the Company encourages investors, the media and others interested inthe Company to review the information posted on the Investors section of its website at www.ggp.com from time totime.
Michael Berman
Executive Vice President and
Chief Financial Officer
(312) 960-5044
Kevin Berry
Senior Vice President
Investor & Public Relations
(312) 960-5529
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Contact Information: