General Growth Properties is the 2nd largest Real Estate Investment Trust ("REIT") in the United States by revenue. GGP's primary business is managing shopping malls, and it owns properties in 44 states. As of 12/31/08, GGP has ownership interest in, or management responsibility for, over 200 regional shopping malls in 44 states, as well as ownership in master planned communities and commercial office buildings. GGP's properties are usually major shopping centers with at least one large "anchor" department store to draw customers and attract additional tenants. Mall tenants rent store space and pay rent to GGP; these rental fees, along with management fees received from third party owners who manage the malls themselves, are the source of GGP's revenues.
General Growth Properties is larger than most of its competitors, excluding Simon Property Group. It is one of the few retail REITs to own international assets, with projects underway in Brazil, Costa Rica, and Turkey as of December 31, 2007. Within the US it also has a more diversified geographic scope than many of its competitors, operating in 44 of the 50 states. As of February 20, 2009, the company had approximately 3,500 employees. (Read more at Wikinvest )