Brookfield Property REIT (BPYU) 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 05, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-34948
Entity Registrant Name	Brookfield Property REIT Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2963337
Entity Address, Address Line One	250 Vesey Street, 15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10281-1023
City Area Code	212
Local Phone Number	417-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,346,260
Entity Central Index Key	0001496048
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Nasdaq Global Select Market \| Class A Stock, par value $.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Class A Stock, par value $.01 per share
Trading Symbol	BPYU
Security Exchange Name	NASDAQ
Nasdaq Global Select Market \| 6.375% Series A Cumulative Perpetual Redeemable Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Perpetual Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	BPYUP

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Investment in real estate:
Land	$ 3,601,549,000	$ 3,620,513,000
Buildings and equipment	13,778,850,000	13,968,906,000
Less accumulated depreciation	(2,978,657,000)	(2,967,879,000)
Construction in progress	270,992,000	256,510,000
Net property and equipment	14,672,734,000	14,878,050,000
Investment in Unconsolidated Real Estate Affiliates	4,256,378,000	4,342,995,000
Net investment in real estate	18,929,112,000	19,221,045,000
Cash and cash equivalents	189,183,000	204,541,000
Accounts receivable, net	406,241,000	524,982,000
Notes receivable	38,244,000	45,553,000
Deferred expenses, net	156,751,000	158,633,000
Prepaid expenses and other assets (see Notes 7 and 14)	866,199,000	827,746,000
Deferred tax assets, net	652,053,000	655,060,000
Assets held for disposition	0	242,404,000
Total assets	21,237,783,000	21,879,964,000
Liabilities:
Mortgages, notes and loans payable (including related party debt - see Note 6)	16,049,687,000	16,114,586,000
Investment in Unconsolidated Real Estate Affiliates	153,247,000	151,095,000
Accounts payable and accrued expenses (see Notes 7 and 15)	935,544,000	993,617,000
Dividend payable	68,000	903,000
Junior subordinated notes	206,200,000	206,200,000
Liabilities held for disposition	0	263,141,000
Total liabilities	17,344,746,000	17,729,542,000
Redeemable Class A equity interests	823,477,000	839,143,000
Redeemable noncontrolling interests	60,453,000	60,826,000
Total redeemable interests	883,930,000	899,969,000
Equity:
Class B Stock	5,275,000	5,261,000
Class C Stock: 1,000,000,000 shares authorized, $0.01 par value, 640,051,301 issued and outstanding as of March 31, 2021 and December 31, 2020	6,401,000	6,401,000
Preferred Stock: 500,000,000 shares authorized, $0.01 par value, 10,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020	242,042,000	242,042,000
Additional paid-in capital	7,392,558,000	7,363,064,000
Accumulated deficit	(5,918,536,000)	(5,674,064,000)
Accumulated other comprehensive loss	(98,374,000)	(99,418,000)
Total stockholders' equity	1,629,366,000	1,843,286,000
Noncontrolling interests in Consolidated Real Estate Affiliates	12,577,000	13,444,000
Noncontrolling interests of the Operating Partnership	1,367,164,000	1,393,723,000
Total equity	3,009,107,000	3,250,453,000
Total liabilities, redeemable interests and equity	$ 21,237,783,000	$ 21,879,964,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020	Mar. 28, 2018
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01
Preferred Stock, Shares Authorized	500,000,000	500,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	10,000,000	10,000,000
Preferred Stock, Shares Outstanding	10,000,000	10,000,000
Common Class B
Common Stock, Shares Authorized	5,907,500,000	5,907,500,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	527,421,814	527,421,814
Common Stock, Shares, Outstanding	526,042,279	526,042,279
Common Class C
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	640,051,301	640,051,301
Common Stock, Shares, Outstanding	640,051,301	640,051,301

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Lease Income	$ 326,923,000	$ 351,829,000
Management fees and other corporate revenues	31,501,000	35,338,000
Other	9,974,000	16,463,000
Total revenues	368,398,000	403,630,000
Operating Expenses:
Real estate taxes	51,093,000	47,807,000
Property maintenance costs	9,803,000	9,146,000
Marketing	808,000	764,000
Other property operating costs	48,877,000	49,821,000
Property management and other costs	49,283,000	60,975,000
General and administrative	5,237,000	4,890,000
Provision for note receivable loss	7,911,000	0
Provision for impairment	106,991,000	0
Depreciation and amortization	151,537,000	157,346,000
Total operating expenses	431,540,000	330,749,000
Interest and dividend income	1,374,000	3,096,000
Interest expense	(169,194,000)	(178,802,000)
Gain on extinguishment of debt	13,123,000	0
Gain from changes in control of investment properties and other, net	1,824,000	0
Loss before income taxes, equity in income (loss) of Unconsolidated Real Estate Affiliates and related gain on investment, and allocation to noncontrolling interests	(216,015,000)	(102,825,000)
Provision for income taxes	(2,943,000)	(5,428,000)
Equity in loss of Unconsolidated Real Estate Affiliates	(34,453,000)	(4,843,000)
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	(2,140,000)	12,647,000
Net loss	(255,551,000)	(100,449,000)
Allocation to noncontrolling interests	26,430,000	18,622,000
Net loss attributable to Brookfield Property REIT Inc.	$ (229,121,000)	$ (81,827,000)
Common Stock Earnings Per Share (See Note 10):
Basic & diluted earnings per share class A stock (in dollars per share)	$ 0.3325	$ 0.3325
Comprehensive Income (Loss), Net:
Net loss	$ (255,551,000)	$ (100,449,000)
Other comprehensive loss
Foreign currency translation	1,102,000	(14,381,000)
Net unrealized losses on other financial instruments	52,000	(1,000)
Other comprehensive loss	1,154,000	(14,382,000)
Comprehensive (loss) income	(254,397,000)	(114,831,000)
Comprehensive loss (income) allocated to noncontrolling interests	26,320,000	18,622,000
Comprehensive (loss) income attributable to Brookfield Property REIT Inc.	$ (228,077,000)	$ (96,209,000)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest [Member]	Common Class A	Common Class ARetained Earnings	Common Class B	Common Class BCommon Stock	Common Class BAdditional Paid-in Capital	Common Class CCommon Stock	Redeemable Common Class A	Redeemable Common Class ACommon Stock
Beginning balance at Dec. 31, 2019	$ 3,295,107	$ 242,042	$ 6,670,844	$ (5,076,455)	$ (85,402)	$ 1,532,740				$ 4,937		$ 6,401		$ 1,354,234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(121,866)			(102,334)		(19,532)							$ 20,507
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates	(195)					(195)
Series K Preferred Unit redemption	(27,107)			1,868		(28,975)
Dividends, Preferred Stock, Cash	(3,984)			(3,984)
Other comprehensive income (loss)	(14,382)				(14,382)
Restricted stock grants, net														1,257
Conversion of shares	153,867		110,187	43,629						51				(153,867)
Dividends on classes of stock														(20,507)
Buyback of stock							$ (2,082)	$ (2,082)						(17,955)
Ending balance at Mar. 31, 2020	3,283,522	242,042	6,781,031	(5,135,194)	(99,784)	1,484,038				4,988		6,401		1,183,669
Beginning balance at Dec. 31, 2020	3,250,453	242,042	7,363,064	(5,674,064)	(99,418)	1,407,167				5,261		6,401		839,143
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(269,986)			(242,632)		(27,354)							$ 13,511
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates	182					(182)
Long Term Incentive Plan & Stock Option Expense	23			23
Series K Preferred Unit redemption	47			47
Dividends, Preferred Stock, Cash	(3,984)			(3,984)
Other comprehensive income (loss)	1,154				1,044	110
Restricted stock grants, net	17		17											2,025
Conversion of shares	10		8	2										(10)
Dividends on classes of stock	0													13,511
Stock Issued									$ 29,500	14	$ 29,486
Buyback of stock							$ (2,055)	$ (2,055)						17,681
Ending balance at Mar. 31, 2021	$ 3,009,107	$ 242,042	$ 7,392,558	$ (5,918,536)	$ (98,374)	$ 1,379,741				$ 5,275		$ 6,401		$ 823,477

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Cash dividends on common stock (in dollars per share)	$ 0.6650
Conversion of common stock (in shares)	7,957,603
Restricted stock grants, net (in shares)	806,275
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.7968	$ 0.3984	$ 0.7968
Common Stock
Cash dividends on common stock (in dollars per share)		0.33
Common Class A
Cash dividends on common stock (in dollars per share)	$ 0.3300	$ 0.33	$ 0.66
Restricted stock grants, net (in shares)	(8,427)	10,948	14,214
Common Class B
Cash dividends on common stock (in dollars per share)	$ 0.3300	$ 18,171,862
Common Class B-1
Conversion of common stock (in shares)	630,686		24,873,824
Preferred Stock
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.3984

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Cash Flows (used in) provided by Operating Activities:
Net income	$ (255,551,000)	$ (100,449,000)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Equity in loss of Unconsolidated Real Estate Affiliates	34,453,000	4,843,000
Distributions received from Unconsolidated Real Estate Affiliates	6,327,000	17,305,000
Provision for doubtful accounts	(171,000)	4,973,000
Depreciation and amortization	151,537,000	157,346,000
Amortization/write-off of deferred finance costs	9,153,000	7,906,000
Accretion/write-off of debt market rate adjustments	(406,000)	(336,000)
Amortization of intangibles other than in-place leases	(3,712,000)	8,054,000
Amortization of right-of-use assets	2,397,000	2,930,000
Straight-line rent amortization	(14,098,000)	(4,476,000)
Deferred income taxes	3,007,000	6,419,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	2,140,000	(12,647,000)
Gain from changes in control of investment properties and other, net	(1,824,000)	0
Provision for impairment	106,991,000	0
Gain on extinguishment of debt	(13,123,000)	0
Provision for note receivable loss	7,911,000	0
Net changes:
Accounts and notes receivable, net	132,177,000	(8,732,000)
Prepaid expenses and other assets (see Notes 7 and 14)	22,298,000	3,420,000
Deferred expenses, net	(4,780,000)	(1,433,000)
Accounts payable and accrued expenses (see Notes 7 and 15)	(30,549,000)	(68,036,000)
Other, net	1,439,000	(6,104,000)
Net cash (used in) provided by operating activities	155,616,000	10,983,000
Cash Flows (used in) Investing Activities:
Development of real estate and property improvements	(67,333,000)	(83,623,000)
Proceeds from repayment of loans to joint venture and joint venture partners	10,000	0
Net proceeds from sales of investment properties and Unconsolidated Real Estate Affiliates	(1,940,000)	81,024,000
Contributions to Unconsolidated Real Estate Affiliates	(22,767,000)	(20,831,000)
Distributions received from Unconsolidated Real Estate Affiliates in excess of income	68,633,000	34,685,000
Net cash (used in) investing activities	(23,397,000)	11,255,000
Cash Flows provided by Financing Activities:
Proceeds from refinancing/issuance of mortgages, notes and loans payable (including related party debt - see Note 6)	40,177,000	246,000,000
Principal payments on mortgages, notes and loans payable - (including related party debt - see Note 6)	(113,820,000)	(222,687,000)
Payment of deferred finance costs	(221,000)	0
Buyback of Class A Stock	(15,625,000)	(15,873,000)
Series K preferred unit redemptions	(326,000)	(28,387,000)
Cash contributions from noncontrolling interests in consolidated real estate affiliates	0	31,688,000
Cash distributions paid to stockholders	(13,511,000)	(20,507,000)
Cash distributions paid to preferred stockholders	(3,984,000)	0
Cash distributions and redemptions paid to unit holders	(1,941,000)	(1,104,000)
Net cash provided by financing activities	(79,751,000)	(10,870,000)
Net change in cash, cash equivalents and restricted cash	52,468,000	11,368,000
Cash, cash equivalents and restricted cash at beginning of period	368,610,000	275,512,000
Cash, cash equivalents and restricted cash at end of period	421,078,000	286,880,000
Supplemental Disclosure of Cash Flow Information:
Interest paid	134,253,000	169,715,000
Interest capitalized	2,509,000	1,687,000
Income taxes paid (refund)	(96,000)	571,000
Accrued capital expenditures included in accounts payable and accrued expenses	253,425,000	279,545,000
Cash paid for amounts included in the measurement of lease liabilities	2,377,000	2,336,000
Common Class B
Cash Flows provided by Financing Activities:
Issuances of Class B Stock	$ 29,500,000	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Readers of this Quarterly Report on Form 10-Q (this "Quarterly Report") should refer to the Company's (as defined below) audited consolidated financial statements for the year ended December 31, 2020 which are included in the Company's Annual Report on Form 10-K (our "Annual Report") for the fiscal year ended December 31, 2020 (Commission File No. 001-34948), as certain footnote disclosures which would substantially duplicate those contained in our Annual Report have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary for a fair presentation (which include only normal recurring adjustments) have been included in this Quarterly Report. Unless context otherwise requires, capitalized terms used, but not defined in this Quarterly Report, have the same meanings as in our Annual Report. General Brookfield Property REIT Inc. (referred to herein as "BPYU" or the "Company"), formerly known as GGP Inc. ("GGP"), a Delaware corporation, was organized in July 2010 and is an externally managed real estate investment trust ("REIT"). On March 26, 2018, GGP and Brookfield Property Partners L.P. ("BPY") entered into an agreement and plan of merger (as amended by the amendment thereto dated June 25, 2018, the "Merger Agreement") pursuant to which BPY acquired all of the shares of GGP common stock, par value $0.01 per share, that BPY and its affiliates did not already own through a series of transactions (collectively, the "BPY Transaction of 2018"), including, among other things, the exchange of all shares of GGP common stock owned by certain affiliates of BPY and any subsidiary of GGP for a newly authorized series of preferred stock of GGP designated Series B Preferred Stock (the "Class B Exchange") and the payment of a special dividend payable to certain holders of record of GGP common stock pursuant to the terms of the Merger Agreement (the "Pre-Closing Dividend"). BPYU is an indirect subsidiary of BPY, one of the world's largest commercial real estate companies. In these notes, the terms "we," "us" and "our" refer to BPYU and its subsidiaries. BPYU, through its subsidiaries and affiliates, is an owner and operator of retail properties. As of March 31, 2021, we were the owner, either entirely or with joint venture partners, of 119 retail properties in the United States. Substantially all of our business is conducted through BPR OP, LP ("BPROP"), which we sometimes refer to herein as the Operating Partnership, and its subsidiaries. As of March 31, 2021, BPYU held approximately 99% of the common equity of BPROP, while the remaining 1% was held by limited partners and certain previous contributors of properties to BPROP. In addition to holding ownership interests in various joint ventures, the Operating Partnership generally conducts its operations through BPR REIT Services LLC ("BPRRS"), Brookfield Properties Retail Inc. ("BPRI") and General Growth Management, Inc. ("GGMI"). Each of GGMI and BPRI is a taxable REIT subsidiary ("TRS"), which earn real estate management, leasing, development, and financing fees for other ancillary services for a majority of our Unconsolidated Real Estate Affiliates (defined below) and for substantially all of our Consolidated Properties (defined below). BPRI also serves as a contractor to GGMI for these services and provides fee-based services to other affiliates of BPY. BPRRS generally provides financial, accounting, tax, legal, development, and other services to our Consolidated Properties. We refer to our ownership interests in properties in which we own a majority or controlling interest and are consolidated under accounting principles generally accepted in the United States of America ("GAAP") as the "Consolidated Properties." We also own interests in certain properties through joint venture entities in which we own a noncontrolling interest ("Unconsolidated Real Estate Affiliates") and we refer to those properties as the "Unconsolidated Properties".

FAIR VALUE

FAIR VALUE	3 Months Ended
FAIR VALUE	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Nonrecurring Fair Value Measurements We estimate fair value relating to impairment assessments based upon discounted cash flow and direct capitalization models that include all projected cash inflows and outflows over a specific holding period, or the negotiated sales price, if applicable. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, we determined that our valuations of properties using a discounted cash flow or a direct capitalization model were classified within Level 3 of the fair value hierarchy. For our properties for which the estimated fair value was based on negotiated sales prices, we determined that our valuation was classified within Level 2 of the fair value hierarchy. The following table summarizes certain of our assets that are measured at fair value on a nonrecurring basis as a result of impairment charges recorded. During the three months ended March 31, 2021, we recognized $107.0 million in impairment charges. There were no impairment charges recorded during the three months ended March 31, 2020. Total Fair Value Measurement Quoted Prices in Significant Other Significant Provisions for Impairment Three months ended March 31, 2021 Investments in real estate (1) $ 117,411 $ — $ 38,000 $ 79,411 $ 106,991 Three months ended March 31, 2020 Investments in real estate (1) $ — $ — $ — $ — $ — (1) The impairment recorded on the Investments in real estate balance represents a loss incurred at a consolidated property. Refer to Note 5 for information regarding the impairment losses recorded on our Unconsolidated Real Estate Affiliates. Unobservable Quantitative Input Rate Three months ended March 31, 2021 Discount rate 14.00% Terminal capitalization rate 9.50% Three months ended March 31, 2020 Discount rates N/A Terminal capitalization rate N/A Disclosure of Fair Value of Financial Instruments The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt. Management's estimates of fair value are presented below for our debt as of March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 Carrying Amount (1) Estimated Fair Carrying Amount (2) Estimated Fair Fixed-rate debt $ 8,558,327 $ 8,516,331 $ 8,581,538 $ 8,556,275 Variable-rate debt 7,491,360 7,543,802 7,533,048 7,583,107 $ 16,049,687 $ 16,060,133 $ 16,114,586 $ 16,139,382 (1) Includes net market rate adjustments of $2.7 million and deferred financing costs of $96.8 million, net. (2) Includes net market rate adjustments of $3.2 million and deferred financing costs of $105.9 million, net. The fair value of our junior subordinated notes approximates their carrying amount as of March 31, 2021 and December 31, 2020. We estimated the fair value of mortgages, notes and other loans payable using Level 2 and Level 3 inputs based on recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current LIBOR, U.S. treasury obligation interest rates and on the discounted estimated future cash payments to be made on such debt. The discount rates estimated reflect our judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and assume that the debt is outstanding through maturity. We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed. Since such amounts are estimates that are based on limited available market information for similar transactions and do not acknowledge transfer or other repayment restrictions that may exist in specific loans, it is unlikely that the estimated fair value of any such debt could be realized by immediate settlement of the obligation.

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2021
Leases [Abstract]
LEASES	LEASES Lessee arrangements We are the lessee in several ground lease agreements for the land under some of our owned buildings. Generally, we own the land underlying the properties; however, at certain properties, all or part of the underlying land is owned by a third party that leases the land to us through a long-term ground lease. In addition, we lease office space for our corporate headquarters and field offices. Our material consolidated leases have reasonably certain lease terms ranging from four years to forty years. Certain leases provide the lessee with two to three renewal options which are considered to be termination options unless it is reasonably certain that the Company will elect to renew and generally range from five years to ten years each, with renewal rent payments based on a predetermined annual increase, market rates at the time of exercise of the renewal, or changes in the Consumer Price Index ("CPI"). As of March 31, 2021, the balance of ROU assets was $390.3 million, net and lease liabilities of $73.9 million for seven ground leases and one office lease in the Consolidated Balance Sheets under Topic 842, included in prepaid expenses and other assets and accounts payable and accrued expenses, respectively. The maturity of our operating lease liabilities as of March 31, 2021 is as follows: Year Amount Remainder of 2021 $ 7,093 2022 9,704 2023 9,968 2024 10,200 2025 10,439 2026 10,684 2027 and thereafter 144,328 Total undiscounted lease payments 202,416 Less: Present value adjustment (128,514) Total lease liability $ 73,902 Straight-line rent expense recognized for our consolidated operating leases is as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Ground leases 1,774 2,399 Office leases 1,964 1,964 Straight-line rent expense is included in other property operating costs for ground leases and property management and other costs for the office lease, respectively, in the Consolidated Statements of Operations and Comprehensive Income (Loss). Several lease agreements include variable lease payments which vary based on factors such as sublease income received, the revenues or net operating income of the properties constructed on the leased premises, increases in CPI, and changes in market rents. In addition, our leases require us to reimburse the lessor for the lessor’s tax, insurance and common area costs. Variable lease payments and short-term lease costs recognized as rent expense for operating leases were not significant for each of the three months ended March 31, 2021 and 2020 and are included in other property operating costs in the Consolidated Statements of Operations and Comprehensive Income (Loss). The following summarizes additional information related to our operating leases as of March 31, 2021 and March 31, 2020: March 31, 2021 March 31, 2020 Weighted-average remaining lease term (years) 23.3 23.2 Weighted-average discount rate 7.69% 7.67% Supplemental disclosure for the consolidated statements of cash flows: Cash paid for amounts included in the measurement of lease liabilities $2,377 $2,336 Lessor arrangements We own a property portfolio comprised primarily of Class A retail properties and lease this retail space to tenants. As of March 31, 2021, we own a controlling interest in and consolidated 62 retail properties located throughout the United States comprising approximately 54 million square feet of GLA. We enter into operating leases with a variety of tenants, the majority of which are national and regional retail chains and local retailers. These operating leases expire starting in the remainder of year 2021 and typically include renewal options, which are generally exercisable only by the tenant. Certain leases also include early termination options which are typically exercisable only by the tenant. Our leases do not allow the tenant to purchase the retail space. The maturity analysis of the lease payments we expect to receive from our operating leases as of March 31, 2021 is as follows: Year Amount Remainder of 2021 $ 750,388 2022 923,135 2023 808,919 2024 685,504 2025 568,089 2026 473,326 Subsequent 1,391,642 $ 5,601,003 All lease-related income is reported as a single line item, rental revenues, in our Consolidated Statements of Operations and Comprehensive Income (Loss). Effective January 1, 2019, with the adoption of Topic 842, rental revenues is presented net of provision for doubtful accounts. Rental income recognized on a straight-line basis consists primarily of fixed and in-substance fixed lease payments (including lease payments related to non-lease components which have been combined with the lease component). Variable rental income represents variable lease payments, which consist primarily of overage rents; reimbursements for tenants’ pro rata share of real estate taxes, insurance, property operating and marketing expenses, and utilities; lease payments related to CPI-based escalations and market rent resets; and lease termination income. In accordance with the terms of our operating leases, we bill our tenants separately for minimum rents, tenant recoveries, overage rents and lease termination income as shown below for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Minimum rents, billed $ 235,301 $ 253,509 Tenant recoveries, billed 91,290 99,045 Lease termination income, billed 10,339 854 Overage rent, billed 6,593 5,394 COVID-19 rent abatements granted (36,159) — Total contractual operating lease billings 307,364 358,802 Adjustment to recognize contractual operating lease billings on a straight-line basis 14,098 4,476 Above and below-market tenant leases, net 5,290 (6,476) Less provision for doubtful accounts 171 (4,973) Total rental revenues, net $ 326,923 $ 351,829 As a result of the COVID-19 pandemic, a significant portion of the Company’s tenants requested rental assistance, whether in the form of deferral or rent reduction. Lease concessions granted in response to the COVID-19 pandemic are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. However, prior to the legal execution of the lease concession, when establishing its general allowance, the Company recognizes the portion of estimated concessions that is deemed attributable to the current period through consideration of weighted average remaining lease terms. In the table above, contractual operating lease billings are reduced by rent abatements executed during the period. Such rent abatements, net of estimated lease concessions previously recognized in the general allowance, are recognized as an increase to straight-line rent receivables. In the table above, such amounts are included in the adjustment to recognize contractual operating lease billings on a straight-line basis. Of the total contractual rental revenues we have billed, 71.2% and 79.4% are fixed lease payments for the three months ended March 31, 2021, and 2020, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. We intend to maintain REIT status. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of our taxable ordinary income. In addition, the Company is required to meet certain asset and income tests. As a REIT, we will generally not be subject to corporate level Federal income tax on taxable income we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to Federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income or property, and to Federal income and excise taxes on our undistributed taxable income and capital gains. Depending on the extended due date for partnership and corporate income tax returns, we are statutorily open to audit by the Internal Revenue Service for the years ended December 31, 2017 through 2020 and are generally statutorily open to audit by state taxing authorities for the years ended December 31, 2016 through 2020. We have no unrecognized tax benefits recorded pursuant to uncertain tax positions as of March 31, 2021.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Class A Stock Income available to Class A stockholders is limited to distributed income or dividends declared. Additionally, for purposes of allocating earnings to Class A Stock, the portion of the change in the carrying amount of Class A Stock that reflects a redemption in excess of fair value is considered a dividend to the Class A stockholders. As the Class A Stock redemption value approximates its fair value, basic and diluted earnings per share ("EPS") for Class A Stock is equivalent to the dividends declared for the period January 1, 2021 through March 31, 2021. There were 39,127,335 and 38,662,115 shares of Class A

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	3 Months Ended
STOCK-BASED COMPENSATION PLANS	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS The GGP Inc. 2010 Equity Plan (the "Equity Plan"), renamed as the Amended and Restated Brookfield Property REIT Inc. 2010 Equity Incentive Plan on August 28, 2018 in connection with the BPY Transaction of 2018, reserves for the issuance of 4% of outstanding Class A Stock on a fully diluted basis. The Equity Plan provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, other stock-based awards and performance-based compensation (collectively, the "Awards"). The Company's directors, officers and other employees and those of its subsidiaries and affiliates are eligible for the Awards. The Equity Plan is not subject to the Employee Retirement Income Security Act of 1974, as amended. No participant may be granted more than 4,000,000 shares, or the equivalent dollar value of such shares, in any year. Options granted under the Equity Plan will be designated as either nonqualified stock options or incentive stock options. An option granted as an incentive stock option will, to the extent it fails to qualify as an incentive stock option, be treated as a nonqualified option. The exercise price of an option may not be less than the fair value of a share of BPYU's Class A Stock on the date of grant. The term of each option will be determined prior to the date of grant, but may not exceed 10 years. In addition to the Equity Plan, effective February 20, 2019, the Brookfield Property Group Restricted BPR Class A Stock Plan and Brookfield Property L.P. FV LTIP Unit Plan (the "2019 Plans") provide for grants of Restricted Class A Shares of BPR, now BPYU, stock and FV LTIP Units of Brookfield Property L.P. respectively. Officers and employees of any member of the Brookfield Properties Group and of their respective affiliates are eligible for Awards under these plans. In connection with the BPY Transaction of 2018, the Equity Plan was amended and certain outstanding awards were modified. All outstanding GGP in and out of the money options were canceled and replaced with Class A Stock of BPYU and BPY options, respectively. Certain existing appreciation only LTIP awards were canceled and replaced with substitute awards of a BPY affiliate. Outstanding restricted GGP shares were replaced with restricted shares of Class A Stock. As the awards were modified in conjunction with an equity restructuring, they were accounted for as modifications. Incremental compensation cost was measured as the excess of the fair value of the replacement awards over the fair value of the original awards immediately before the terms were modified. Total compensation cost measured at the date of modification was the grant-date fair value of the original awards for which the requisite service is expected to be rendered (or has already been rendered) plus the incremental cost associated with the replacement awards. For vested awards, incremental compensation cost was recognized on the modification date. For unvested awards, incremental compensation cost is being recognized over the remaining service period. Compensation expense related to stock-based compensation plans for the three months ended March 31, 2021 and 2020 is summarized in the following table in thousands: Three Months Ended March 31, 2021 2020 Stock options - Property management and other costs $ — $ — Stock options - General and administrative — — Restricted stock - Property management and other costs 1,294 851 Restricted stock - General and administrative 754 402 LTIP Units - Property management and other costs 8 3 LTIP Units - General and administrative 15 6 Total $ 2,071 $ 1,262 The following tables summarize stock option, LTIP Unit and restricted stock activity for the Equity Plan and the 2019 Plans for the three months ended March 31, 2021 and 2020: 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Stock options Outstanding at January 1, 136,662 $ 26.05 175,799 $ 25.66 Granted — — — — Exercised — — — — Forfeited — — — — Expired (1) (4,790) 26.05 — — Stock options Outstanding at March 31, 131,872 $ 26.05 175,799 $ 25.66 (1) The expired options shown expired in 2020 but were not reported until Q1 2021. 2021 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value LTIP Units Outstanding at January 1, 1,763,921 $ 23.99 2,177,668 $ 24.11 Granted (1) — — 24,251 18.56 Exercised (42,013) 27.38 (35,820) 26.54 Forfeited — — — — Expired (296,190) 22.54 — — LTIP Units Outstanding at March 31, 1,425,718 $ 24.20 2,166,099 $ 24.00 (1) Granted by an affiliated operating partnership of the Company. 2021 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Restricted Stock Outstanding at January 1, 1,414,558 $ 19.48 1,149,164 $ 20.98 Granted 910,721 18.53 851,102 18.57 Vested (378,135) 20.13 (255,801) 22.08 Forfeited (55,670) 19.04 (36,400) 19.94 Restricted Stock Outstanding at March 31, 1,891,474 $ 18.90 1,708,065 $ 19.63

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	3 Months Ended
ACCOUNTS RECEIVABLE, NET	Mar. 31, 2021
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	ACCOUNTS RECEIVABLE, NET The following table summarizes the significant components of accounts receivable, net. March 31, 2021 December 31, 2020 Trade receivables $ 248,513 $ 384,464 Short-term tenant receivables 6,446 6,703 Straight-line rent receivable 202,969 188,950 Other accounts receivable 14,680 14,894 Total accounts receivable 472,608 595,011 Provision for doubtful accounts (66,367) (70,029) Total accounts receivable, net $ 406,241 $ 524,982 The following table summarizes the significant components of notes receivable. March 31, 2021 December 31, 2020 Notes receivable $ 34,011 $ 40,999 Accrued interest 4,233 4,554 Total notes receivable $ 38,244 $ 45,553 During the three months ended March 31, 2021, the Company wrote off notes receivable deemed uncollectible in the amount of $7.9 million.

NOTES RECEIVABLE

NOTES RECEIVABLE	3 Months Ended
NOTES RECEIVABLE	Mar. 31, 2021
Receivables [Abstract]
NOTES RECEIVABLE	ACCOUNTS RECEIVABLE, NET The following table summarizes the significant components of accounts receivable, net. March 31, 2021 December 31, 2020 Trade receivables $ 248,513 $ 384,464 Short-term tenant receivables 6,446 6,703 Straight-line rent receivable 202,969 188,950 Other accounts receivable 14,680 14,894 Total accounts receivable 472,608 595,011 Provision for doubtful accounts (66,367) (70,029) Total accounts receivable, net $ 406,241 $ 524,982 The following table summarizes the significant components of notes receivable. March 31, 2021 December 31, 2020 Notes receivable $ 34,011 $ 40,999 Accrued interest 4,233 4,554 Total notes receivable $ 38,244 $ 45,553 During the three months ended March 31, 2021, the Company wrote off notes receivable deemed uncollectible in the amount of $7.9 million.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
PREPAID EXPENSES AND OTHER ASSETS	Mar. 31, 2021
Prepaid Expense and Other Assets [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS The following table summarizes the significant components of prepaid expenses and other assets. March 31, 2021 December 31, 2020 Gross Asset Accumulated Balance Gross Asset Accumulated Balance Intangible assets: Above-market tenant leases, net $ 128,754 $ (55,144) $ 73,610 $ 133,220 $ (54,922) $ 78,298 Real estate tax stabilization agreement, net 111,506 (65,594) 45,912 111,506 (64,016) 47,490 Total intangible assets $ 240,260 $ (120,738) $ 119,522 $ 244,726 $ (118,938) $ 125,788 Remaining prepaid expenses and other assets: Restricted cash 231,895 164,069 Security and escrow deposits 1,164 1,160 Prepaid expenses 31,276 45,266 Other non-tenant receivables 63,229 70,916 Operating lease right of use assets, net 390,263 392,634 Finance lease right of use assets, net 7,847 7,873 Other 21,003 20,040 Total remaining prepaid expenses and other assets 746,677 701,958 Total prepaid expenses and other assets $ 866,199 $ 827,746

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Mar. 31, 2021
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES The following table summarizes the significant components of accounts payable and accrued expenses. March 31, 2021 December 31, 2020 Gross Accumulated Balance Gross Accumulated Balance Intangible liabilities: Below-market tenant leases, net 201,969 (61,879) $ 140,090 222,432 (72,364) $ 150,068 Total intangible liabilities $ 201,969 $ (61,879) $ 140,090 $ 222,432 $ (72,364) $ 150,068 Remaining accounts payable and accrued expenses: Accrued interest 92,993 63,693 Accounts payable and accrued expenses 64,421 83,041 Accrued real estate taxes 66,756 76,401 Deferred gains/income 99,216 94,752 Accrued payroll and other employee liabilities 30,480 57,134 Construction payable 253,425 272,080 Tenant and other deposits 14,754 14,644 Insurance reserve liability 12,477 12,793 Finance lease obligations 9,093 9,093 Conditional asset retirement obligation liability 2,375 2,342 Lease liability right of use 73,902 74,896 Other 75,562 82,680 Total remaining Accounts payable and accrued expenses 795,454 843,549 Total Accounts payable and accrued expenses $ 935,544 $ 993,617

LITIGATION

LITIGATION	3 Months Ended
LITIGATION	Mar. 31, 2021
LITIGATION
LITIGATION	LITIGATION In the normal course of business, from time to time, we are involved in legal proceedings relating to the ownership and operations of our properties. In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material effect on our consolidated financial position, results of operations or liquidity. The Company is subject to litigation related to the BPY Transaction of 2018. The Company cannot predict the outcome of pending litigation, nor can it predict the amount of time and expense that will be required to resolve such litigation.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We lease land or buildings at certain properties from third parties. The leases generally provide us with a right of first refusal in the event of a proposed sale of the property by the landlord. Rental payments are expensed as incurred and have, to the extent applicable, been straight-lined over the term of the lease. The following is a summary of our contractual rental expense as presented in our Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended March 31, 2021 2020 (Dollars in thousands) Contractual rent expense, including participation rent $ 4,314 $ 3,310 Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent 3,376 3,310 We expect to be able to refinance the majority of debt obligations maturing in the near term or to exercise contractual extension options thereon, although there is no guarantee we will be able to do so. In certain instances, we plan to seek certain modifications to mortgages, including lease restructuring approvals and technical default waivers, and potentially interest deferrals. In addition, certain debt obligations are subject to financial covenants. As a result, in the shorter-term, the global economic shutdown may negatively impact our ability to meet such covenants. We are reviewing the financial covenants of each debt instrument and, where applicable, working with our lenders to address debt instruments which may potentially approach or breach covenant limits. Such adjustments may include, but are not limited to, adjustment to the covenant limits, interest payment holidays, and temporary suspension of covenant testing. In order to maintain financial flexibility, we maintain capacity under the Facility. As of March 31, 2021, the available liquidity under such credit facility was $515.0 million. We believe we will be able to continue to borrow funds on the Facility when and as required.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of BPYU, our subsidiaries and joint ventures in which we have a controlling interest. For consolidated joint ventures, the noncontrolling partner's share of the assets, liabilities and operations of the joint ventures (generally computed as the joint venture partner's ownership percentage) is included in noncontrolling interests in consolidated real estate affiliates as permanent equity of the Company. Intercompany balances and transactions have been eliminated. Noncontrolling interests are included on our Consolidated Balance Sheets related to the Common, Preferred, and LTIP Units of BPROP and are presented either as redeemable noncontrolling interests or as noncontrolling interests in our permanent equity. The Operating Partnership and each of our consolidated joint ventures are variable interest entities as the limited partners do not have substantive kick-out rights or substantive participating rights. However, as the Company holds a majority voting interest in the Operating Partnership and our consolidated joint ventures, it qualifies for the exemption from providing certain of the disclosure requirements associated with variable interest entities. We operate in a single reportable segment, which includes the operation, development and management of retail and other rental properties. Our portfolio is targeted to a range of market sizes and consumer tastes. Each of our operating properties is considered a separate operating segment, as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. The Company's chief operating decision maker is comprised of a team of several members of executive management who use property operations in assessing segment operating performance. We do not distinguish or group our consolidated operations based on geography, size or type for purposes of making property operating decisions. Our operating properties have similar economic characteristics and provide similar products and services to our tenants. There are no individual operating segments that are greater than 10% of combined revenue or combined assets. When assessing segment operating performance, certain non-cash and non-comparable items such as straight-line rent, depreciation expense and intangible asset and liability amortization are excluded from property operations, which are a result of GGP's emergence from bankruptcy, acquisition accounting and other capital contribution or restructuring events. Further, all material operations are within the United States and no customer or tenant comprises more than 10% of consolidated revenues. As a result, the Company's operating properties are aggregated into a single reportable segment.
Acquisitions of Operating Properties	Acquisitions of Operating Properties (Note 3) The fair values of tangible assets are determined on an "if vacant" basis. The "if vacant" fair value is allocated to land, where applicable, buildings, equipment and tenant improvements based on comparable sales and other relevant information with respect to the property. Specifically, the "if vacant" value of the buildings and equipment was calculated using a cost approach utilizing published guidelines for current replacement cost or actual construction costs for similar, recently developed properties; and an income approach. Assumptions used in the income approach to the value of buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. The estimated fair value of in-place tenant leases includes lease origination costs (costs we would have incurred to lease the property to the current occupancy level of the property) and the lost revenues during the period necessary to lease-up from vacant to current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance, and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of the acquired in-place tenant leases is included in the balance of buildings and equipment and amortized over the remaining lease term for each tenant. Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where we are the lessor or the lessee. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably certain. The remaining term of leases with renewal options at terms significantly below market reflect the assumed exercise of such below-market renewal options and assume the amortization period would coincide with the extended lease term.
Management Fees and Other Corporate Revenues	Management Fees and Other Corporate RevenuesManagement fees and other corporate revenues primarily represent real estate management and leasing fees, development fees, financing fees and fees for other ancillary services performed for the benefit of certain of the Unconsolidated Real Estate Affiliates. Management fees are reported at 100% of the revenue earned from the joint venture in management fees and other corporate revenues on our Consolidated Statements of Operations and Comprehensive Income (Loss). Our share of the management fee expense incurred by the Unconsolidated Real Estate Affiliates is reported within equity in income (loss) of Unconsolidated Real Estate Affiliates on our Consolidated Statements of Operations and Comprehensive Income (Loss) and in property management and other costs in the Condensed Combined Statements of Income in Note 5.
Impairment	Impairment Operating Properties We regularly review our Consolidated Properties for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators are assessed separately for each property and include, but are not limited to, significant decreases in real estate property net operating income, significant decreases in occupancy, debt maturities, changes in management's intent with respect to the properties and prevailing market conditions. If an indicator of potential impairment exists, the property is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. Although the carrying amount may exceed the estimated fair value of certain properties, a real estate asset is only considered to be impaired when its carrying amount cannot be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is determined to be necessary, the excess of the carrying amount of the property over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset group. The adjusted carrying amount, which represents the new cost basis of the property, is depreciated over the remaining useful life of the property. Although we may market a property for sale, there can be no assurance that the transaction will be complete until the sale is finalized. However, GAAP requires us to utilize the Company's expected holding period of our properties when assessing recoverability. If we cannot recover the carrying value of these properties within the planned holding period, we will estimate the fair values of the assets and record impairment charges for properties when the estimated fair value is less than their carrying value. Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and construction in progress, are assessed by project and include, but are not limited to, significant changes in the Company's plans with respect to the project, significant changes in projected completion dates, tenant demand, anticipated revenues or cash flows, development costs, market factors and sustainability of development projects. Impairment charges are recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) when the carrying value of a property is not recoverable and it exceeds the estimated fair value of the property, which can occur in accounting periods preceding disposition and/or in the period of disposition. The Company continues to evaluate its strategies as to individual assets which could impact the evaluation and timing of when an impairment is recorded.
Concentrations of Credit Risk	Concentrations of Credit RiskFinancial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions and access to our credit facility.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic ("COVID-19" or "the global economic shutdown" or "the shutdown"), lessors may provide rent deferrals and other lease concessions to lessees. In April 2020, the Financial Accounting Standards Board ("FASB") staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the global economic shutdown. Under existing lease guidance, economic relief that is agreed to or negotiated outside of the original lease agreement is typically considered a lease modification, in which case both the lessee and lessor would be required to apply the respective modification frameworks. However, if the lessee was entitled to the economic relief because of either contractual or legal rights, the relief would be accounted for outside of the modification framework. Although the original lease modification guidance in ASC 842, Leases remain appropriate to address routine lease modifications, the Lease Modification Q&A established a different framework to account for certain lease concessions granted in response to the global economic shutdown. The Lease Modification Q&A allows the Company, if certain criteria have been met, to make an accounting policy election to account for COVID-19 related lease concessions as either a lease modification or a negative variable adjustment to rental revenue. Such election is required to be applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to treat leases as lease modifications, thereby avoiding performing a lease by lease analysis for the lease concessions that were (1) granted as relief due to the shutdown and (2) result in the cash flows remaining substantially the same or less than the original contract. The adoption of this standard did not materially impact the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform . This temporary guidance is effective as of March 12, 2020 through December 31, 2022 to ease potential burdens related to the accounting for, or recognizing the effects of, reference rate reform on financial reporting. The guidance provides optional expedients for applying existing GAAP to contract modifications and hedging relationships affected by the move of global capital markets away from interbank offered rates, most notably the London Interbank Offered Rate (LIBOR). The Company has not adopted any of the optional expedients or exceptions as of March 31, 2021 , but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, estimates and assumptions have been made with respect to allocating the purchase price of real estate acquisitions, the useful lives of assets, capitalization of development and leasing costs, provision for income taxes, recoverable amounts of receivables and deferred taxes, provision for loan loss, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to acquisitions, impairment of long-lived assets, litigation related accruals and disclosures and fair value of debt. Actual results could differ from these and other estimates.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of gross asset balances of in-place value of tenant leases	The gross asset balances and accumulated amortization of the in-place value of tenant leases are included in buildings and equipment in our Consolidated Balance Sheets. Gross Asset Accumulated Net Carrying As of March 31, 2021 Tenant leases: In-place value $ 273,556 $ (95,810) $ 177,746 As of December 31, 2020 Tenant leases: In-place value $ 302,296 $ (107,210) $ 195,086
Schedule of effects of amortization/accretion of all intangibles on Income (loss) from continuing operations	Amortization/accretion of all intangibles, including the intangibles in Note 14 and Note 15, had the following effects on our income from continuing operations: Three Months Ended March 31, 2021 2020 Amortization/accretion effect on continuing operations $ (13,629) $ (29,059)
Schedule of future amortization/accretion of all intangibles, estimated to decrease results from continuing operations	Future amortization/accretion of all intangibles, including the intangibles in Note 14 and Note 15, is estimated to decrease results from continuing operations as follows: Year Amount 2021 Remaining $ 29,775 2022 31,049 2023 23,649 2024 19,514 2025 16,967
Summary of management fees from affiliates and entity's share of management fee expense	The following table summarizes the management fees from affiliates and our share of the management fee expense: Three Months Ended March 31, 2021 2020 Management fees from affiliates $ 31,501 $ 35,338 Management fee expense (11,027) (11,286) Net management fees from affiliates $ 20,474 $ 24,052

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
FAIR VALUE (Tables)	Mar. 31, 2021	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Nonrecurring Basis	The following table summarizes certain of our assets that are measured at fair value on a nonrecurring basis as a result of impairment charges recorded. During the three months ended March 31, 2021, we recognized $107.0 million in impairment charges. There were no impairment charges recorded during the three months ended March 31, 2020. Total Fair Value Measurement Quoted Prices in Significant Other Significant Provisions for Impairment Three months ended March 31, 2021 Investments in real estate (1) $ 117,411 $ — $ 38,000 $ 79,411 $ 106,991 Three months ended March 31, 2020 Investments in real estate (1) $ — $ — $ — $ — $ — (1) The impairment recorded on the Investments in real estate balance represents a loss incurred at a consolidated property. Refer to Note 5 for information regarding the impairment losses recorded on our Unconsolidated Real Estate Affiliates. Unobservable Quantitative Input Rate Three months ended March 31, 2021 Discount rate 14.00% Terminal capitalization rate 9.50% Three months ended March 31, 2020 Discount rates N/A Terminal capitalization rate N/A
Fair Value of Debt		Management's estimates of fair value are presented below for our debt as of March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 Carrying Amount (1) Estimated Fair Carrying Amount (2) Estimated Fair Fixed-rate debt $ 8,558,327 $ 8,516,331 $ 8,581,538 $ 8,556,275 Variable-rate debt 7,491,360 7,543,802 7,533,048 7,583,107 $ 16,049,687 $ 16,060,133 $ 16,114,586 $ 16,139,382 (1) Includes net market rate adjustments of $2.7 million and deferred financing costs of $96.8 million, net.

UNCONSOLIDATED REAL ESTATE AFFI

UNCONSOLIDATED REAL ESTATE AFFILIATES (Tables)	3 Months Ended
UNCONSOLIDATED REAL ESTATE AFFILIATES (Tables)	Mar. 31, 2021
UNCONSOLIDATED REAL ESTATE AFFILIATES
Schedule of summarized financial information for Unconsolidated Real Estate Affiliates	(Note 2). March 31, 2021 December 31, 2020 Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates Assets: Land $ 3,432,054 $ 3,436,531 Buildings and equipment 21,814,067 21,861,373 Less accumulated depreciation (4,749,001) (4,584,222) Construction in progress 383,079 360,681 Net investment in real estate 20,880,199 21,074,363 Cash and cash equivalents 594,774 601,138 Accounts receivable, net 605,614 684,035 Notes receivable 20,637 20,490 Deferred expenses, net 376,640 387,073 Prepaid expenses and other assets 581,907 592,288 Total assets $ 23,059,771 $ 23,359,387 Liabilities and Owners' Equity: \ Mortgages, notes and loans payable $ 14,552,203 $ 14,648,187 Accounts payable, accrued expenses, and other liabilities 978,257 996,380 Cumulative effect of foreign currency translation ("CFCT") (33,821) (29,453) Owners' equity, excluding CFCT 7,563,132 7,744,273 Total liabilities and owners' equity $ 23,059,771 $ 23,359,387 Investment in Unconsolidated Real Estate Affiliates, Net: Owners' equity $ 7,529,311 $ 7,714,820 Less: joint venture partners' equity (4,230,516) (4,317,525) Plus: excess investment/basis differences 769,130 761,503 Investment in Unconsolidated Real Estate Affiliates, net (equity method) 4,067,925 4,158,798 Investment in Unconsolidated Real Estate Affiliates, net (securities) 35,206 33,102 Investment in Unconsolidated Real Estate Affiliates, net $ 4,103,131 $ 4,191,900 Reconciliation - Investment in Unconsolidated Real Estate Affiliates: Asset - Investment in Unconsolidated Real Estate Affiliates $ 4,256,378 $ 4,342,995 Liability - Investment in Unconsolidated Real Estate Affiliates (153,247) (151,095) Investment in Unconsolidated Real Estate Affiliates, net $ 4,103,131 $ 4,191,900 Three Months Ended March 31, 2021 2020 Condensed Combined Statements of Loss - Unconsolidated Real Estate Affiliates Revenues: Rental revenues, net $ 462,366 $ 550,595 Condominium sales — 16,215 Other 9,816 18,144 Total revenues 472,182 584,954 Operating Expenses: Real estate taxes 50,005 58,359 Property maintenance costs 12,530 12,930 Marketing 5,196 6,326 Other property operating costs 68,883 75,983 Condominium cost of sales — 9,918 Property management and other costs (1) 25,995 25,509 General and administrative 783 408 Provision for impairment 6,677 — Depreciation and amortization 210,707 230,394 Total operating expenses 380,776 419,827 Interest income 251 2,551 Interest expense (165,832) (169,817) Provision for income taxes (299) (503) Loss from continuing operations (74,474) (2,642) Allocation to noncontrolling interests 148 (12) Net loss attributable to the ventures $ (74,326) $ (2,654) Equity In Loss of Unconsolidated Real Estate Affiliates: Net loss attributable to the ventures $ (74,326) $ (2,654) Joint venture partners' share of loss 42,295 3,798 Amortization of capital or basis differences (2,422) (5,987) Equity in loss of Unconsolidated Real Estate Affiliates $ (34,453) $ (4,843) (1) Includes management fees charged to the unconsolidated joint ventures by BPRRS and BPRI.

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	3 Months Ended
MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of mortgages, notes and loans payable and weighted average interest rates	Mortgages, notes and loans payable and the weighted-average interest rates are summarized as follows: March 31, 2021 (1) Weighted-Average December 31, 2020 (3) Weighted-Average Fixed-rate debt: Collateralized mortgages, notes and loans payable $ 7,625,076 4.20 % $ 7,649,040 4.19 % Senior secured notes - silver bonds 933,251 5.75 % 932,498 5.75 % Total fixed-rate debt 8,558,327 4.37 % 8,581,538 4.36 % Variable-rate debt: Collateralized mortgages, notes and loans payable (4) 2,527,295 3.84 % 2,534,781 4.01 % Unsecured corporate debt (5) 4,964,065 2.76 % 4,998,267 2.80 % Total variable-rate debt 7,491,360 3.12 % 7,533,048 3.21 % Total Mortgages, notes and loans payable $ 16,049,687 3.79 % $ 16,114,586 3.82 % Junior subordinated notes $ 206,200 1.66 % $ 206,200 1.66 % (1) Includes $2.7 million of market rate adjustments and $96.8 million of deferred financing costs, net. (2) Represents the weighted-average interest rates on our principal balances, excluding the effects of market rate adjustments and deferred financing costs. (3) Includes $3.2 million of market rate adjustments and $105.9 million of deferred financing costs, net. (4) $1.3 billion of the variable-rate balance is cross-collateralized. (5) Includes deferred financing costs, which are shown as a reduction to the debt balance. See table below for the balance excluding deferred financing costs.
Schedule of terms of unsecured debt obligations	We have certain debt obligations, the terms of which are described below: March 31, 2021 (1) Weighted-Average December 31, 2020 (2) Weighted-Average Corporate debt: Senior secured corporate debt $ 5,024,904 2.76 % $ 5,064,522 2.80 % Senior secured notes - silver bonds 945,360 5.75 % 945,360 5.75 % Total corporate debt $ 5,970,264 3.23 % 6,009,882 3.26 % (1) Excludes deferred financing costs of $72.9 million in 2021 that decrease the total amount that appears outstanding in our Consolidated Balance Sheets. (2) Excludes deferred financing costs of $79.1 million in 2020 that decrease the total amount that appears outstanding in our Consolidated Balance Sheets.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2021
Leases [Abstract]
Schedule of Maturity of Operating Leases	The maturity of our operating lease liabilities as of March 31, 2021 is as follows: Year Amount Remainder of 2021 $ 7,093 2022 9,704 2023 9,968 2024 10,200 2025 10,439 2026 10,684 2027 and thereafter 144,328 Total undiscounted lease payments 202,416 Less: Present value adjustment (128,514) Total lease liability $ 73,902
Schedule of Lease Payments to be Received From Operating Leases	The maturity analysis of the lease payments we expect to receive from our operating leases as of March 31, 2021 is as follows: Year Amount Remainder of 2021 $ 750,388 2022 923,135 2023 808,919 2024 685,504 2025 568,089 2026 473,326 Subsequent 1,391,642 $ 5,601,003
Schedule of Rental Revenues from Operating Leases	In accordance with the terms of our operating leases, we bill our tenants separately for minimum rents, tenant recoveries, overage rents and lease termination income as shown below for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Minimum rents, billed $ 235,301 $ 253,509 Tenant recoveries, billed 91,290 99,045 Lease termination income, billed 10,339 854 Overage rent, billed 6,593 5,394 COVID-19 rent abatements granted (36,159) — Total contractual operating lease billings 307,364 358,802 Adjustment to recognize contractual operating lease billings on a straight-line basis 14,098 4,476 Above and below-market tenant leases, net 5,290 (6,476) Less provision for doubtful accounts 171 (4,973) Total rental revenues, net $ 326,923 $ 351,829 As a result of the COVID-19 pandemic, a significant portion of the Company’s tenants requested rental assistance, whether in the form of deferral or rent reduction. Lease concessions granted in response to the COVID-19 pandemic are accounted for as a lease modification and are recognized prospectively over the remaining lease term when they become legally enforceable. However, prior to the legal execution of the lease concession, when establishing its general allowance, the Company recognizes the portion of estimated concessions that is deemed attributable to the current period through consideration of weighted average remaining lease terms. In the table above, contractual operating lease billings are reduced by rent abatements executed during the period. Such rent abatements, net of estimated lease concessions previously recognized in the general allowance, are recognized as an increase to straight-line rent receivables. In the table above, such amounts are included in the adjustment to recognize contractual operating lease billings on a straight-line basis.

EQUITY AND REDEEMABLE NONCONTRO

EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)	3 Months Ended
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)	Mar. 31, 2021
Equity [Abstract]
Schedule of activity included in allocation to noncontrolling interests	The following table reflects the activity included in the allocation to noncontrolling interests. Three Months Ended March 31, 2021 2020 Distributions to preferred BPROP units ("Preferred Units") $ (924) $ (910) Net loss allocated to noncontrolling interest in consolidated real estate affiliates 53,913 9,030 Net loss allocated to noncontrolling interest of the Operating Partnership (1) (26,559) 10,502 Allocation to noncontrolling interests 26,430 18,622 Other comprehensive loss allocated to noncontrolling interests (110) — Comprehensive loss allocated to noncontrolling interests $ 26,320 $ 18,622 _______________________________________________________________________________ (1) Represents the noncontrolling interest of our institutional investor.
Schedule of Redeemable Noncontrolling Interest Activity [Table Text Block]	The following table reflects the activity of the common redeemable noncontrolling interests for the three months ended March 31, 2021 and 2020. Balance at January 1, 2020 $ 62,235 Net income (441) Series K Preferred Unit redemption (388) Balance at March 31, 2020 61,406 Balance at January 1, 2021 $ 60,826 Series K Preferred Unit redemption (373) Balance at March 31, 2021 $ 60,453
Summary of dividends declared	Our Board of Directors declared Class A Stock dividends during 2021 and 2020 as follows: Declaration Date Record Date Payment Date Dividend Per Share 2021 February 1 February 26, 2021 March 31, 2021 $ 0.3325 2020 November 5 November 30, 2020 December 31, 2020 $ 0.3325 August 5 August 31, 2020 September 30, 2020 $ 0.3325 May 7 May 29, 2020 June 30, 2020 $ 0.3325 February 5 February 28, 2020 March 31, 2020 $ 0.3325
Schedule of Preferred Dividends Payable	Our Board of Directors declared preferred stock dividends during 2021 and 2020 as follows: Declaration Date Record Date Payment Date Dividend Per Share 2021 May 6 June 15, 2021 July 1, 2021 $ 0.3984 February 1 March 15, 2021 April 1, 2021 $ 0.3984 2020 November 5 December 15, 2020 January 1, 2021 $ 0.3984 August 5 September 15, 2020 October 1, 2020 $ 0.3984 May 7 June 15, 2020 July 1, 2020 $ 0.3984 February 5 March 15, 2020 April 1, 2020 $ 0.3984
Schedule of accumulated other comprehensive loss	The following table reflects the components of accumulated other comprehensive loss as of March 31, 2021 and 2020: March 31, 2021 March 31, 2020 Net unrealized gains on financial instruments $ 81 $ (10) Foreign currency translation (99,724) (99,774) AOCI - minority interest 1,269 — Accumulated other comprehensive loss $ (98,374) $ (99,784)

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	3 Months Ended
STOCK-BASED COMPENSATION PLANS (Tables)	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of compensation expense related to stock-based compensation plans	Compensation expense related to stock-based compensation plans for the three months ended March 31, 2021 and 2020 is summarized in the following table in thousands: Three Months Ended March 31, 2021 2020 Stock options - Property management and other costs $ — $ — Stock options - General and administrative — — Restricted stock - Property management and other costs 1,294 851 Restricted stock - General and administrative 754 402 LTIP Units - Property management and other costs 8 3 LTIP Units - General and administrative 15 6 Total $ 2,071 $ 1,262
Summary of stock option activity	The following tables summarize stock option, LTIP Unit and restricted stock activity for the Equity Plan and the 2019 Plans for the three months ended March 31, 2021 and 2020: 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Stock options Outstanding at January 1, 136,662 $ 26.05 175,799 $ 25.66 Granted — — — — Exercised — — — — Forfeited — — — — Expired (1) (4,790) 26.05 — — Stock options Outstanding at March 31, 131,872 $ 26.05 175,799 $ 25.66
Summary of LTIP Unit and Restricted stock activity	2021 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value LTIP Units Outstanding at January 1, 1,763,921 $ 23.99 2,177,668 $ 24.11 Granted (1) — — 24,251 18.56 Exercised (42,013) 27.38 (35,820) 26.54 Forfeited — — — — Expired (296,190) 22.54 — — LTIP Units Outstanding at March 31, 1,425,718 $ 24.20 2,166,099 $ 24.00 (1) Granted by an affiliated operating partnership of the Company. 2021 2020 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Restricted Stock Outstanding at January 1, 1,414,558 $ 19.48 1,149,164 $ 20.98 Granted 910,721 18.53 851,102 18.57 Vested (378,135) 20.13 (255,801) 22.08 Forfeited (55,670) 19.04 (36,400) 19.94 Restricted Stock Outstanding at March 31, 1,891,474 $ 18.90 1,708,065 $ 19.63

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	3 Months Ended
ACCOUNTS RECEIVABLE, NET (Tables)	Mar. 31, 2021
Receivables [Abstract]
Summary of significant components of accounts receivable, net	The following table summarizes the significant components of accounts receivable, net. March 31, 2021 December 31, 2020 Trade receivables $ 248,513 $ 384,464 Short-term tenant receivables 6,446 6,703 Straight-line rent receivable 202,969 188,950 Other accounts receivable 14,680 14,894 Total accounts receivable 472,608 595,011 Provision for doubtful accounts (66,367) (70,029) Total accounts receivable, net $ 406,241 $ 524,982 The following table summarizes the significant components of notes receivable. March 31, 2021 December 31, 2020 Notes receivable $ 34,011 $ 40,999 Accrued interest 4,233 4,554 Total notes receivable $ 38,244 $ 45,553

NOTES RECEIVABLE (Tables)

NOTES RECEIVABLE (Tables)	3 Months Ended
NOTES RECEIVABLE (Tables)	Mar. 31, 2021
Receivables [Abstract]
Summary of significant components of notes receivable	The following table summarizes the significant components of accounts receivable, net. March 31, 2021 December 31, 2020 Trade receivables $ 248,513 $ 384,464 Short-term tenant receivables 6,446 6,703 Straight-line rent receivable 202,969 188,950 Other accounts receivable 14,680 14,894 Total accounts receivable 472,608 595,011 Provision for doubtful accounts (66,367) (70,029) Total accounts receivable, net $ 406,241 $ 524,982 The following table summarizes the significant components of notes receivable. March 31, 2021 December 31, 2020 Notes receivable $ 34,011 $ 40,999 Accrued interest 4,233 4,554 Total notes receivable $ 38,244 $ 45,553

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
PREPAID EXPENSES AND OTHER ASSETS (Tables)	Mar. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Summary of significant components of Prepaid expenses and other assets	The following table summarizes the significant components of prepaid expenses and other assets. March 31, 2021 December 31, 2020 Gross Asset Accumulated Balance Gross Asset Accumulated Balance Intangible assets: Above-market tenant leases, net $ 128,754 $ (55,144) $ 73,610 $ 133,220 $ (54,922) $ 78,298 Real estate tax stabilization agreement, net 111,506 (65,594) 45,912 111,506 (64,016) 47,490 Total intangible assets $ 240,260 $ (120,738) $ 119,522 $ 244,726 $ (118,938) $ 125,788 Remaining prepaid expenses and other assets: Restricted cash 231,895 164,069 Security and escrow deposits 1,164 1,160 Prepaid expenses 31,276 45,266 Other non-tenant receivables 63,229 70,916 Operating lease right of use assets, net 390,263 392,634 Finance lease right of use assets, net 7,847 7,873 Other 21,003 20,040 Total remaining prepaid expenses and other assets 746,677 701,958 Total prepaid expenses and other assets $ 866,199 $ 827,746

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Mar. 31, 2021
Payables and Accruals [Abstract]
Summary of significant components of Accounts payable and accrued expenses	The following table summarizes the significant components of accounts payable and accrued expenses. March 31, 2021 December 31, 2020 Gross Accumulated Balance Gross Accumulated Balance Intangible liabilities: Below-market tenant leases, net 201,969 (61,879) $ 140,090 222,432 (72,364) $ 150,068 Total intangible liabilities $ 201,969 $ (61,879) $ 140,090 $ 222,432 $ (72,364) $ 150,068 Remaining accounts payable and accrued expenses: Accrued interest 92,993 63,693 Accounts payable and accrued expenses 64,421 83,041 Accrued real estate taxes 66,756 76,401 Deferred gains/income 99,216 94,752 Accrued payroll and other employee liabilities 30,480 57,134 Construction payable 253,425 272,080 Tenant and other deposits 14,754 14,644 Insurance reserve liability 12,477 12,793 Finance lease obligations 9,093 9,093 Conditional asset retirement obligation liability 2,375 2,342 Lease liability right of use 73,902 74,896 Other 75,562 82,680 Total remaining Accounts payable and accrued expenses 795,454 843,549 Total Accounts payable and accrued expenses $ 935,544 $ 993,617

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of contractual rental expense	The following is a summary of our contractual rental expense as presented in our Consolidated Statements of Operations and Comprehensive Loss: Three Months Ended March 31, 2021 2020 (Dollars in thousands) Contractual rent expense, including participation rent $ 4,314 $ 3,310 Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent 3,376 3,310

ORGANIZATION (Details)

ORGANIZATION (Details)	Apr. 01, 2021USD ($)$ / shares	Mar. 31, 2021property$ / shares	Sep. 30, 2020$ / shares	Aug. 18, 2020$ / shares	Mar. 28, 2018$ / shares
Real estate properties
Common Stock, Par or Stated Value Per Share		$ 0.01			$ 0.01
Cash dividends on common stock (in dollars per share)		$ 0.6650
Share Price			$ 18.57	$ 12
BAM Class A Shares \| Subsequent Event
Real estate properties
Cash dividends on common stock (in dollars per share)	$ 18.17
Shares Issued, Price Per Share	0.3979
BPY Common Stock A \| Subsequent Event
Real estate properties
Shares Issued, Price Per Share	18.17
Share Price	6.5
BPY Preferred Units \| Subsequent Event
Real estate properties
Shares Issued, Price Per Share	0.7268
Share Price	$ 59.3
Liquidation Basis of Accounting, Liquidation Plan	$25.00
BPY Preferred Units \| Subsequent Event \| BPY Preferred Units, Pro-Ration
Real estate properties
Business Combination, Contingent Consideration, Liability \| $	$ 3.27
BPY Preferred Units \| Subsequent Event \| BPY New Preferred Units
Real estate properties
Business Combination, Contingent Consideration, Liability \| $	$ 500
Series A Preferred Stock [Member] \| Subsequent Event
Real estate properties
Share Price	$ 6.375
Proceeds from (Repurchase of) Redeemable Preferred Stock \| $	$ 25
United States \| Regional Malls
Real estate properties
Number of Real Estate Properties \| property		119
Brookfield Property REIT Inc.
Real estate properties
Common equity ownership in GGP Limited Partnership (as a percent)		99.00%
Limited Partners and Certain Previous Contributors of Properties to BPROP
Real estate properties
Ownership in GGP Limited held by limited partners (as a percent)		1.00%
BPY Preferred Units \| Subsequent Event \| BPY Preferred Units, Pro-Ration
Real estate properties
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	42.00%
BPY Preferred Units \| Subsequent Event \| BPY New Preferred Units
Real estate properties
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	800.00%
BPY Preferred Units \| Subsequent Event \| BPY Preferred Units
Real estate properties
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	50.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications and Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 189,183		$ 204,541
Restricted cash	231,895		164,069
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	421,078	$ 286,880	$ 368,610	$ 275,512
Change in restricted cash related to operating activities	155,616	10,983
Change in restricted cash related to investing activities	(23,397)	11,255
Change in restricted cash related to financing activities	$ (79,751)	$ (10,870)
Minimum \| Buildings and improvements
Cash and Cash Equivalents [Abstract]
Estimated useful lives	10 years
Minimum \| Equipment and fixtures
Cash and Cash Equivalents [Abstract]
Estimated useful lives	3 years
Maximum \| Buildings and improvements
Cash and Cash Equivalents [Abstract]
Estimated useful lives	45 years
Maximum \| Equipment and fixtures
Cash and Cash Equivalents [Abstract]
Estimated useful lives	20 years
Revolving Credit Facility
Cash and Cash Equivalents [Abstract]
Credit risk exposure amount	$ 1,500,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Acquisitions of Operating Properties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Acquisitions of operating properties
Gross Asset	$ 240,260,000		$ 244,726,000
Accumulated Amortization	(120,738,000)		(118,938,000)
Balance	119,522,000		125,788,000
Amortization/accretion effect on continuing operations	(13,629,000)	$ (29,059,000)
Future amortization/accretion of intangibles
2021 Remaining	29,775,000
2022	31,049,000
2023	23,649,000
2024	19,514,000
2025	16,967,000
Tenant leases, In-place value
Acquisitions of operating properties
Gross Asset	273,556,000		302,296,000
Accumulated Amortization	(95,810,000)		(107,210,000)
Balance	$ 177,746,000		$ 195,086,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Management Fees and Other Corporate Revenues, and Impairment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Management Fees and Other Corporate Revenues
Percentage of revenue earned from joint venture reported as management fees	100.00%
Management fees from affiliates	$ 31,501,000	$ 35,338,000
Management fee expense	(11,027,000)	(11,286,000)
Net management fees from affiliates	20,474,000	24,052,000
Revenue from Related Parties	$ 4,100,000	$ 4,500,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Mar. 31, 2020	Dec. 31, 2020	Sep. 29, 2020	Jun. 29, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration Risk, Percentage		10.00%
Assets	$ 21,237,783,000	$ 21,237,783,000				$ 21,879,964,000
Minimum rents		235,301,000			$ 253,509,000
Tenant recoveries		91,290,000			99,045,000
Overage rent		6,593,000			5,394,000
Total contractual operating lease billings		307,364,000			$ 358,802,000
Total lease liability	73,902,000	73,902,000				74,896,000
Variable-rate debt	7,491,360,000	7,491,360,000				7,533,048,000
Accumulated deficit	(5,918,536,000)	(5,918,536,000)				(5,674,064,000)
Recognition of right-of-use asset	$ 390,263,000	$ 390,263,000				392,634,000
Weighted-average discount rate	7.69%	7.69%			7.67%
Straight-line rent receivable	$ 202,969,000	$ 202,969,000				188,950,000
Amortization of right-of-use assets		$ 2,397,000			$ 2,930,000
Collection of Rental Income, Percent		86.00%
Contract with Customer, Refund Liability							$ 3,700,000
Provision for impairment	107,000,000	$ 106,991,000	$ 106,991,000	$ 106,991	0
Revenue from Related Parties		4,100,000			4,500,000
Operating Lease, Lease Income, COVID Rent Abatements Granted	(36,159,000)	(36,159,000)			$ 0
Real Estate Investment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for impairment		77,500,000
Real Estate Investment \| Below-market tenant leases, net
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for impairment		29,500,000
Unconsolidated Properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	23,059,771,000	$ 23,059,771,000				23,359,387,000
Contract with Customer, Refund Liability						68,700,000		$ 1,600,000
Consolidated Properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with Customer, Refund Liability						42,300,000
Rent Deferrals
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Collection of Rental Income, Percent		1.00%
Rent Abatements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Collection of Rental Income, Percent		3.00%
Portion at Fair Value Measurement \| Unconsolidated Properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with Customer, Refund Liability							600,000
Straight Line Rent Receivable [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with Customer, Refund Liability						5,300,000
Straight Line Rent Receivable [Member] \| Unconsolidated Properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with Customer, Refund Liability						8,600,000	700,000
Straight Line Rent Receivable [Member] \| Portion at Fair Value Measurement \| Unconsolidated Properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with Customer, Refund Liability							$ 300,000
Revolving Credit Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable-rate debt						6,009,882,000
Amount outstanding	$ 985,000,000	$ 985,000,000				$ 1,015,000,000

ACQUISITIONS, SALES AND JOINT V

ACQUISITIONS, SALES AND JOINT VENTURE ACTIVITY - Narrative (Details) - USD ($)	Jan. 01, 2021	Jul. 29, 2020	Mar. 11, 2020	Feb. 21, 2020	Feb. 07, 2020	Feb. 06, 2020	Jan. 14, 2020	Jan. 09, 2020	Aug. 24, 2018	Jan. 30, 2021	Mar. 31, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 24, 2020	May 01, 2019
Business Acquisition [Line Items]
Recognition of right-of-use asset											$ 390,263,000	$ 390,263,000				$ 392,634,000
Preferred Stock, Par or Stated Value Per Share											$ 0.01	$ 0.01				$ 0.01
Net proceeds from sales of investment properties and Unconsolidated Real Estate Affiliates												$ (1,940,000)			$ 81,024,000
Real Estate Investments, Net											$ 18,929,112,000	18,929,112,000				$ 19,221,045,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net												(2,140,000)			12,647,000
Real Estate Investment Property, Net											14,672,734,000	14,672,734,000				14,878,050,000
Security and escrow deposits											1,164,000	1,164,000				1,160,000
Gain from changes in control of investment properties and other, net												1,824,000			0
Provision for impairment											107,000,000	106,991,000	$ 106,991,000	$ 106,991	0
Gain on extinguishment of debt												13,123,000			$ 0
Debt Instrument, Debt Default, Amount											723,800,000	723,800,000
Variable-rate debt											7,491,360,000	7,491,360,000				7,533,048,000
Interest rate																		5.75%
Repayments of Related Party Debt												54,600,000
Term Loan A-1
Business Acquisition [Line Items]
Repayments of Related Party Debt												4,800,000
Secured Debt
Business Acquisition [Line Items]
Variable-rate debt											2,527,295,000	2,527,295,000				2,534,781,000
Revolving Credit Facility
Business Acquisition [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.00%							2.25%						225.00%
Cross-collateralized \| Secured Debt
Business Acquisition [Line Items]
Variable-rate debt											1,300,000,000	1,300,000,000
Loans in default [Member]
Business Acquisition [Line Items]
Debt Instrument, Debt Default, Amount											$ 8,400,000	8,400,000				$ 26,800,000
Extended Maturity [Member] \| Cross-collateralized \| Secured Debt
Business Acquisition [Line Items]
Loan Processing Fee															$ 1,600,000
Variable-rate debt																	$ 1,300,000,000
Number of Real Estate Properties																	15
Interest rate																	1.75%
Camp NYC, INC [Member]
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement			$ 5,000,000
Ownership in investment properties by joint venture, percentage			5.50%
Outparcels [Member]
Business Acquisition [Line Items]
Proceeds from Sale of Real Estate				$ 12,100,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net				$ 7,800,000
SoNo Collection [Member]
Business Acquisition [Line Items]
Ownership in investment properties by joint venture, percentage					12.90%	17.00%
Proceeds from Partnership Contribution					$ 70,800,000
Authentic Brands Group, LLC [Member]
Business Acquisition [Line Items]
Ownership in investment properties by joint venture, percentage								1.20%
Proceeds from Sales of Business, Affiliate and Productive Assets								$ 33,500,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net								$ 1,400,000
Aeropostale [Member]
Business Acquisition [Line Items]
Ownership in investment properties by joint venture, percentage								27.00%
Proceeds from Sales of Business, Affiliate and Productive Assets								$ 36,000,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net								$ 15,100,000
Allied Esports Entertainment [Member]
Business Acquisition [Line Items]
Shares, Outstanding							758,725
Shares Issued, Price Per Share							$ 6.59
Business Acquisition, Date of Acquisition Agreement							$ 5,000,000
Fair Value, Option, Changes in Fair Value, Gain (Loss)												$ 3,800,000	$ 1,000,000
Ownership in investment properties by joint venture, percentage							3.20%
North Point Mall
Business Acquisition [Line Items]
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	$ 13,100,000
Gain on extinguishment of debt	1,800,000
Real Estate Acquired In Satisfaction Of Debt	247,000,000
Florence Mall
Business Acquisition [Line Items]
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	4,200,000
Real Estate Acquired In Satisfaction Of Debt	$ 90,000,000
PFC Associates
Business Acquisition [Line Items]
Shares, Outstanding											1,118,060	1,118,060
Shares Issued, Price Per Share											$ 1	$ 1
Business Acquisition, Date of Acquisition Agreement										$ 11,500,000		$ 1,100,000
PF Chang
Business Acquisition [Line Items]
Preferred Stock, Par or Stated Value Per Share											$ 0.01	$ 0.01
Fox River Mall
Business Acquisition [Line Items]
Repayments of Debt															187,000,000
Loan Processing Fee															3,100,000
Series B Preferred Stock [Member]
Business Acquisition [Line Items]
Shares, Outstanding											9,717.658	9,717.658
Series B Preferred Stock [Member] \| Camp NYC, INC [Member]
Business Acquisition [Line Items]
Shares, Outstanding			690,427
Preferred Stock, Par or Stated Value Per Share			$ 0.01
Shares Issued, Price Per Share			$ 7.24
Common Class A
Business Acquisition [Line Items]
Shares, Outstanding											38,662,115	38,662,115				39,127,335
Series D [Member]
Business Acquisition [Line Items]
Shares, Outstanding											532,749.6574	532,749.6574
Common Stock
Business Acquisition [Line Items]
Shares, Outstanding											776,734.3886	776,734.3886
Unconsolidated Real Estate Affiliates
Business Acquisition [Line Items]
Recognition of right-of-use asset											$ 67,400,000	$ 67,400,000				$ 67,700,000
Provision for impairment												$ 6,677,000			$ 0

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	3 Months Ended
FAIR VALUE (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Mar. 31, 2020	Dec. 31, 2020
Carrying Amount
Fixed-rate debt	$ 8,558,327,000	$ 8,558,327,000				$ 8,581,538,000
Variable-rate debt	7,491,360,000	7,491,360,000				7,533,048,000
Total Mortgages, notes and loans payable	16,049,687,000	16,049,687,000				16,114,586,000
Estimated Fair Value
Fixed-rate debt	8,516,331,000	8,516,331,000				8,556,275,000
Variable-rate debt	7,543,802,000	7,543,802,000				7,583,107,000
Total long-term debt, fair value	16,060,133,000	16,060,133,000				16,139,382,000
Market rate adjustments	2,700,000	2,700,000				3,200,000
Deferred Finance Costs, Net	96,800,000	$ 96,800,000				$ 105,900,000
Variable rate basis		LIBOR
Provision for impairment	107,000,000	$ 106,991,000	$ 106,991,000	$ 106,991	$ 0
Fair Value, Inputs, Level 3 \| Fair Value, Nonrecurring
Estimated Fair Value
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	79,411	79,411			0
Estimate of Fair Value Measurement \| Fair Value, Nonrecurring
Estimated Fair Value
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	$ 117,411	$ 117,411			$ 0
Minimum
Estimated Fair Value
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate					9.75%
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other, Fair Value Volatility, Rate					9.50%
Maximum
Estimated Fair Value
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate					11.00%
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other, Fair Value Volatility, Rate					10.25%

UNCONSOLIDATED REAL ESTATE AF_2

UNCONSOLIDATED REAL ESTATE AFFILIATES - Summarized Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Assets:
Land	$ 3,601,549,000	$ 3,601,549,000				$ 3,620,513,000
Buildings and equipment	13,778,850,000	13,778,850,000				13,968,906,000
Less accumulated depreciation	(2,978,657,000)	(2,978,657,000)				(2,967,879,000)
Construction in progress	270,992,000	270,992,000				256,510,000
Net property and equipment	14,672,734,000	14,672,734,000				14,878,050,000
Net investment in real estate	18,929,112,000	18,929,112,000				19,221,045,000
Cash and cash equivalents	189,183,000	189,183,000				204,541,000
Accounts receivable, net	406,241,000	406,241,000				524,982,000
Notes receivable	38,244,000	38,244,000				45,553,000
Deferred expenses, net	156,751,000	156,751,000				158,633,000
Prepaid expenses and other assets (see Notes 7 and 14)	866,199,000	866,199,000				827,746,000
Total assets	21,237,783,000	21,237,783,000				21,879,964,000
Liabilities and Owners' Equity:
Redeemable noncontrolling interests	60,453,000	60,453,000				60,826,000
Cumulative effect of foreign currency translation ("CFCT")	(99,724,000)	(99,724,000)			$ (99,774,000)
Total liabilities, redeemable interests and equity	21,237,783,000	21,237,783,000				21,879,964,000
Investment in Unconsolidated Real Estate Affiliates, Net:
Owners' equity	(3,009,107,000)	(3,009,107,000)			(3,283,522,000)	(3,250,453,000)	$ (3,295,107,000)
Investment in Unconsolidated Real Estate Affiliates	4,256,378,000	4,256,378,000				4,342,995,000
Liability - Investment in Unconsolidated Real Estate Affiliates	(153,247,000)	(153,247,000)				(151,095,000)
Revenues:
Other		9,974,000			16,463,000
Total revenues		368,398,000			403,630,000
Operating Expenses:
Real estate taxes		51,093,000			47,807,000
Property maintenance costs		9,803,000			9,146,000
Marketing		808,000			764,000
Other property operating costs		48,877,000			49,821,000
Property management and other costs		49,283,000			60,975,000
General and administrative		5,237,000			4,890,000
Depreciation and amortization		151,537,000			157,346,000
Total operating expenses		431,540,000			330,749,000
Interest and dividend income		1,374,000			3,096,000
Interest expense		(169,194,000)			(178,802,000)
Provision for income taxes		(2,943,000)			(5,428,000)
Allocation to noncontrolling interests		26,430,000			18,622,000
Equity In Loss of Unconsolidated Real Estate Affiliates:
Equity in loss of Unconsolidated Real Estate Affiliates		(34,453,000)			(4,843,000)
Provision for impairment	107,000,000	106,991,000	$ 106,991,000	$ 106,991	0
Unconsolidated Properties
Assets:
Land	3,432,054,000	3,432,054,000				3,436,531,000
Buildings and equipment	21,814,067,000	21,814,067,000				21,861,373,000
Less accumulated depreciation	(4,749,001,000)	(4,749,001,000)				(4,584,222,000)
Construction in progress	383,079,000	383,079,000				360,681,000
Net investment in real estate	20,880,199,000	20,880,199,000				21,074,363,000
Cash and cash equivalents	594,774,000	594,774,000				601,138,000
Accounts receivable, net	605,614,000	605,614,000				684,035,000
Notes receivable	20,637,000	20,637,000				20,490,000
Deferred expenses, net	376,640,000	376,640,000				387,073,000
Prepaid expenses and other assets (see Notes 7 and 14)	581,907,000	581,907,000				592,288,000
Total assets	23,059,771,000	23,059,771,000				23,359,387,000
Liabilities and Owners' Equity:
Mortgages, notes and loans payable	14,552,203,000	14,552,203,000				14,648,187,000
Accounts payable, accrued expenses, and other liabilities	978,257,000	978,257,000				996,380,000
Cumulative effect of foreign currency translation ("CFCT")	(33,821,000)	(33,821,000)				(29,453,000)
Owners' equity, excluding CFCT	7,563,132,000	7,563,132,000				7,744,273,000
Total liabilities, redeemable interests and equity	23,059,771,000	23,059,771,000				23,359,387,000
Investment in Unconsolidated Real Estate Affiliates, Net:
Owners' equity	7,529,311,000	7,529,311,000				7,714,820,000
Less: joint venture partners' equity	(4,230,516,000)	(4,230,516,000)				(4,317,525,000)
Plus: excess investment/basis differences	769,130,000	769,130,000				761,503,000
Investment in Unconsolidated Real Estate Affiliates, net (equity method)	4,067,925,000	4,067,925,000				4,158,798,000
Cost-method Investments
Investment in Unconsolidated Real Estate Affiliates, Net:
Investment in Unconsolidated Real Estate Affiliates, net (securities)	35,206,000	35,206,000				33,102,000
Joint Venture Partner
Investment in Unconsolidated Real Estate Affiliates, Net:
Investment in Unconsolidated Real Estate Affiliates	$ 4,103,131,000	4,103,131,000				$ 4,191,900,000
Unconsolidated Real Estate Affiliates
Revenues:
Rental revenues, net		462,366,000			550,595,000
Condominium sales		0			16,215,000
Other		9,816,000			18,144,000
Total revenues		472,182,000			584,954,000
Operating Expenses:
Real estate taxes		50,005,000			58,359,000
Property maintenance costs		12,530,000			12,930,000
Marketing		5,196,000			6,326,000
Other property operating costs		68,883,000			75,983,000
Condominium cost of sales		0			9,918,000
Property management and other costs		25,995,000			25,509,000
General and administrative		783,000			408,000
Depreciation and amortization		210,707,000			230,394,000
Total operating expenses		380,776,000			419,827,000
Interest and dividend income		251,000			2,551,000
Interest expense		(165,832,000)			(169,817,000)
Provision for income taxes		(299,000)			(503,000)
Loss from continuing operations		(74,474,000)			(2,642,000)
Allocation to noncontrolling interests		148,000			(12,000)
Net income attributable to common stockholders		(74,326,000)			(2,654,000)
Equity In Loss of Unconsolidated Real Estate Affiliates:
Net loss attributable to the ventures		(74,326,000)			(2,654,000)
Joint venture partners' share of loss		42,295,000			3,798,000
Amortization of capital or basis differences		(2,422,000)			(5,987,000)
Equity in loss of Unconsolidated Real Estate Affiliates		(34,453,000)			(4,843,000)
Provision for impairment		$ 6,677,000			$ 0

UNCONSOLIDATED REAL ESTATE AF_3

UNCONSOLIDATED REAL ESTATE AFFILIATES - Narrative (Details)	3 Months Ended
UNCONSOLIDATED REAL ESTATE AFFILIATES - Narrative (Details)	Mar. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 30, 2021USD ($)	Mar. 25, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021joint_venture	Mar. 31, 2021numberOfProperties	Mar. 31, 2021Asset	Dec. 31, 2020USD ($)Asset	Feb. 28, 2020USD ($)	Feb. 27, 2020USD ($)	May 01, 2019
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Recognition of right-of-use asset	$ 390,263,000	$ 390,263,000							$ 392,634,000
Total lease liability	73,902,000	73,902,000							$ 74,896,000
Number of Properties Subject to Ground Leases \| Asset								24	24
Provision for impairment	107,000,000	106,991,000	$ 106,991,000	$ 106,991	$ 0
Interest rate												5.75%
Non-Recourse Debt	10,200,000,000	10,200,000,000
Debt Instrument, Debt Default, Amount	723,800,000	723,800,000
Loans in default [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Non-Recourse Debt	484,100,000	484,100,000
Debt Instrument, Debt Default, Amount	8,400,000	8,400,000							$ 26,800,000
Carrying Value [Member] \| Loans in default [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Non-Recourse Debt	451,200,000	451,200,000
Miami Design District [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Mortgage Loans on Real Estate, Commercial and Consumer, Net										$ 500,000,000	$ 480,000,000
Interest rate										4.13%	2.50%
Debt Issuance Costs, Gross											$ 3,700,000
Unconsolidated Real Estate Affiliates
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Recognition of right-of-use asset	67,400,000	67,400,000							67,700,000
Total lease liability	69,600,000	69,600,000							69,900,000
Provision for impairment		6,677,000			$ 0
Unconsolidated Properties
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Entity's proportionate share in indebtedness secured by Unconsolidated Properties including retained debt	6,900,000,000	6,900,000,000							6,900,000,000
Number of unconsolidated properties with retained debt \| joint_venture						1
Aggregate carrying value of retained debt, reflected as a reduction in entity's investment in Unconsolidated Real Estate Affiliates	$ 79,900,000	$ 79,900,000							$ 79,700,000
United States \| Unconsolidated Real Estate Affiliates
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Number of Real Estate Properties						23	57
Brazil \| Unconsolidated Real Estate Affiliates
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Number of Joint Ventures in which Entity Holds Interest \| joint_venture						1

MORTGAGES, NOTES AND LOANS PA_2

MORTGAGES, NOTES AND LOANS PAYABLE (Details) - USD ($)	Jan. 01, 2021	Aug. 27, 2020	Jul. 29, 2020	Apr. 09, 2019	Aug. 24, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2007	Apr. 29, 2021	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Jun. 25, 2020	May 22, 2020	May 19, 2020	Apr. 24, 2020	Mar. 25, 2020	Feb. 10, 2020	May 01, 2019
Mortgages, notes and loans payable
Deferred Finance Costs, Net						$ 96,800,000					$ 105,900,000
Fixed-rate debt						8,558,327,000					8,581,538,000
Variable-rate debt						7,491,360,000					7,533,048,000
Non-Recourse Debt						10,200,000,000
Total Mortgages, notes and loans payable						$ 16,049,687,000					16,114,586,000
Weighted-average fixed interest rate (as a percent)						4.37%						4.36%
Weighted-average variable interest rate (as a percent)						3.12%				3.21%
Long-term Debt, Weighted Average Interest Rate, at Point in Time						3.79%				3.82%
Market rate adjustments						$ 2,700,000					3,200,000
Notes receivable						$ 38,244,000					45,553,000
Debt, Weighted Average Interest Rate						3.23%						3.26%
Variable rate basis						LIBOR
Outstanding letter of credit and surety bonds						$ 49,800,000					50,100,000
Interest rate																			5.75%
Repayments of Related Party Debt						54,600,000
Debt Instrument, Debt Default, Amount						723,800,000
Debt Instrument, Increase, Accrued Interest						1,900,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net						(2,140,000)	$ 12,647,000
Gain on extinguishment of debt						$ 13,123,000	$ 0
North Point Mall
Mortgages, notes and loans payable
Real Estate Acquired In Satisfaction Of Debt	$ 247,000,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	13,100,000
Gain on extinguishment of debt	$ 1,800,000
GGP Capital Trust I
Mortgages, notes and loans payable
Issuance of trust preferred securities								$ 200,000,000
Issuance of Equity Securities								$ 6,200,000
Variable rate basis						LIBOR
Trust Preferred Securities, basis spread on variable rate						1.45%
Unsecured Debt
Mortgages, notes and loans payable
Variable-rate debt						$ 5,024,904,000					5,064,522,000
Revolving Credit Facility
Mortgages, notes and loans payable
Fixed-rate debt						$ 5,970,264,000
Variable-rate debt											6,009,882,000
Weighted-average variable interest rate (as a percent)						2.76%				2.80%
Long-term Line of Credit						$ 985,000,000					1,015,000,000
Term Loan A-1
Mortgages, notes and loans payable
Due to Other Related Parties						21,000,000
Unsecured Debt						900,000,000
Repayments of Related Party Debt						4,800,000
Term Loan A-2
Mortgages, notes and loans payable
Due to Other Related Parties						2,000,000,000
Unsecured Debt						$ 2,000,000,000
Debt Instrument, Basis Spread on Variable Rate						225.00%
Term Loan B
Mortgages, notes and loans payable
Fixed-rate debt						$ 1,945
Unsecured Debt						$ 2,000,000,000
Debt Instrument, Basis Spread on Variable Rate						250.00%
Repayments of Related Party Debt						$ 5,000,000
Unsecured Debt
Mortgages, notes and loans payable
Debt Instrument, Basis Spread on Variable Rate						2.75%
Revolver Net of Financing Costs
Mortgages, notes and loans payable
Variable-rate debt						$ 4,964,065,000					4,998,267,000
Secured Debt
Mortgages, notes and loans payable
Fixed-rate debt						7,625,076,000					7,649,040,000
Variable-rate debt						$ 2,527,295,000					2,534,781,000
Weighted-average fixed interest rate (as a percent)						4.20%				4.19%
Weighted-average variable interest rate (as a percent)						3.84%				4.01%
Mortgages, notes and loans payable																			$ 1,000,000,000
Amount of recourse fixed and variable rate debt						$ 707,700,000
Bonds Net of Financing Costs [Member]
Mortgages, notes and loans payable
Fixed-rate debt						933,251,000					932,498,000
Bonds [Member]
Mortgages, notes and loans payable
Fixed-rate debt						$ 945,360,000					945,360,000
Weighted-average fixed interest rate (as a percent)						5.75%				5.75%		5.75%
Collateralized Debt Obligations [Member]
Mortgages, notes and loans payable
Land, buildings and equipment and developments in progress (before accumulated depreciation) pledged as collateral						$ 15,300,000,000
Revolving Credit Facility
Mortgages, notes and loans payable
Deferred Finance Costs, Net						72,900,000					79,100,000
Loans Payable					$ 1,500,000,000	$ 985,000,000
Debt Instrument, Basis Spread on Variable Rate			3.00%		2.25%		225.00%
Revolving Credit Facility \| Minimum
Mortgages, notes and loans payable
Fixed Charge Coverage Ratio			120.00%
Revolving Credit Facility \| Maximum
Mortgages, notes and loans payable
Fixed Charge Coverage Ratio			135.00%
Revolving Credit Facility \| Debt-to-Value Ratio, 70 to 100 Percent [Member]
Mortgages, notes and loans payable
Debt Instrument, Redemption Price, Percentage			70.00%
Revolving Credit Facility \| Revolving Credit Liquidity [Member]
Mortgages, notes and loans payable
Loans Payable			$ 500,000,000
Line of Credit Facility, Commitment Fee Amount			1,000,000,000
Revolving Credit Facility \| Revolving Credit Liquidity [Member] \| Minimum
Mortgages, notes and loans payable
Line of Credit Facility, Commitment Fee Amount			10,000,000
Revolving Credit Facility \| Revolving Credit Liquidity [Member] \| Maximum
Mortgages, notes and loans payable
Line of Credit Facility, Commitment Fee Amount			$ 100,000,000
Junior subordinated notes
Mortgages, notes and loans payable
Weighted-average variable interest rate (as a percent)						1.66%				1.66%
Mortgages, notes and loans payable						$ 206,200,000					206,200,000
Portion at Fair Value Measurement
Mortgages, notes and loans payable
Debt Instrument, Debt Default, Amount						697,400,000
Contractual Rights
Mortgages, notes and loans payable
Mortgages, notes and loans payable						4,800,000					$ 19,800,000
Cross-collateralized \| Secured Debt
Mortgages, notes and loans payable
Variable-rate debt						$ 1,300,000,000
Cross-collateralized \| Secured Debt \| Extended Maturity [Member]
Mortgages, notes and loans payable
Variable-rate debt																$ 1,300,000,000
Interest rate																1.75%
Loan Processing Fee							$ 1,600,000
Number of Real Estate Properties																15
LIBOR \| Revolving Credit Facility
Mortgages, notes and loans payable
Debt Instrument, Basis Spread on Variable Rate						2.25%
LIBOR \| Term Loan A-1
Mortgages, notes and loans payable
Debt Instrument, Basis Spread on Variable Rate						2.25%
LIBOR \| Term Loan A-2
Mortgages, notes and loans payable
Debt Instrument, Basis Spread on Variable Rate						2.25%
LIBOR \| Term Loan B
Mortgages, notes and loans payable
Debt Instrument, Basis Spread on Variable Rate						2.50%
LIBOR \| Secured Debt
Mortgages, notes and loans payable
Debt Instrument, Basis Spread on Variable Rate				3.40%
Brookfield BPY Holdings Inc [Member]
Mortgages, notes and loans payable
Unsecured Debt						$ 63,400,000			$ 100,000,000				$ 25,000,000	$ 45,000,000	$ 25,000,000		$ 29,000,000	$ 27,000,000
Interest rate							2.75%						1.94%
Repayments of Related Party Debt		$ 19,500,000
BPR (Multiple Properties) [Member] \| Term Loan A-1
Mortgages, notes and loans payable
Unsecured Debt						700,000,000
Affiliated Entity \| Term Loan A-1
Mortgages, notes and loans payable
Unsecured Debt						$ 200,000,000

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended
LEASES - Narrative (Details)	Mar. 31, 2021USD ($)renewal_optionft²contractretail_property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Minimum rents	$ 235,301,000	$ 253,509,000
Weighted-average discount rate	7.69%	7.67%
Overage rent	$ 6,593,000	$ 5,394,000
Tenant recoveries	91,290,000	99,045,000
Operating Lease, Lease Income, Contractual Rent Billed	$ 307,364,000	$ 358,802,000
Lessor, Operating Lease, Fixed Payments, Percentage Of Total Contractual Revenues	71.20%	79.40%
Operating lease right-of-use asset	$ 390,263,000		$ 392,634,000
Operating lease liability	$ 73,902,000		$ 74,896,000
Number of retail properties under controlling interest \| retail_property	62
Number of square feet of retail properties under controlling interest \| ft²	54,000,000
Lease termination income, billed	$ 10,339,000	$ 854,000
Adjustment to recognize contractual operating lease billings on a straight-line basis	14,098,000	4,476,000
Above and below-market tenant leases, net	5,290,000	(6,476,000)
Less provision for doubtful accounts	171,000	(4,973,000)
Operating Lease, Lease Income	326,923,000	351,829,000
Operating Lease, Lease Income, COVID Rent Abatements Granted	$ (36,159,000)	0
Ground
Lessee, Lease, Description [Line Items]
Number of operating lease contracts \| contract	7
Straight-line rent expense	$ 1,774,000	2,399,000
Office
Lessee, Lease, Description [Line Items]
Number of operating lease contracts \| contract	1
Straight-line rent expense	$ 1,964,000	$ 1,964,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease terms	4 years
Number of renewal options \| renewal_option	2
Operating lease renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	40 years
Number of renewal options \| renewal_option	3
Operating lease renewal term	10 years

LEASES - Schedule of Maturity o

LEASES - Schedule of Maturity of Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 7,093
2022	9,704
2023	9,968
2024	10,200
2025	10,439
2026	10,684
2027 and thereafter	144,328
Total undiscounted lease payments	202,416
Less: Present value adjustment	(128,514)
Total lease liability	$ 73,902	$ 74,896

LEASES - Schedule of Lease Paym

LEASES - Schedule of Lease Payments to be Received From Operating Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)
Lessor, Operating Leases After Adoption of 842
Remainder of 2021	$ 750,388
2022	923,135
2023	808,919
2024	685,504
2025	568,089
2026	473,326
Subsequent	1,391,642
Total payments to be received from operating leases after adoption	$ 5,601,003

LEASES - Summary of Additional

LEASES - Summary of Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	23 years 3 months 18 days	23 years 2 months 12 days
Weighted-average discount rate	7.69%	7.67%
Supplemental disclosure for the consolidated statements of cash flows:
Cash paid for amounts included in the measurement of lease liabilities	$ 2,377	$ 2,336

LEASES - Schedule of Rental Rev

LEASES - Schedule of Rental Revenues from Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Lease, Lease Income [Abstract]
Minimum rents, billed	$ 235,301	$ 253,509
Tenant recoveries, billed	91,290	99,045
Lease termination income, billed	10,339	854
Overage rent, billed	6,593	5,394
Total contractual operating lease billings	307,364	358,802
Adjustment to recognize contractual operating lease billings on a straight-line basis	14,098	4,476
Above and below-market tenant leases, net	5,290	(6,476)
Less provision for doubtful accounts	171	(4,973)
Total rental revenues, net	$ 326,923	$ 351,829

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT	90.00%
Unrecognized tax benefits	$ 0

EQUITY AND REDEEMABLE NONCONT_2

EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Details)	May 06, 2021$ / shares	Apr. 16, 2021USD ($)$ / sharesshares	Feb. 02, 2021$ / shares	Nov. 05, 2020$ / shares	Nov. 04, 2020$ / shares	Aug. 18, 2020USD ($)$ / sharesshares	Aug. 06, 2020$ / shares	Aug. 05, 2020$ / shares	May 07, 2020$ / shares	Feb. 05, 2020$ / shares	Jun. 26, 2019$ / shares	Jun. 25, 2019$ / shares	Feb. 13, 2013USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesRateshares	Sep. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / shares	Sep. 30, 2019USD ($)	Mar. 31, 2019$ / shares	Sep. 30, 2020USD ($)$ / sharesshares	Mar. 30, 2021USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 29, 2020USD ($)	Apr. 24, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 19, 2019USD ($)	May 01, 2019	Oct. 18, 2018$ / shares	Mar. 28, 2018$ / shares
Equity and redeemable noncontrolling interest
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation \| shares						7,321,155								2,606,289	855,000
Share Price \| $ / shares						$ 12									$ 18.57				$ 18.57
Common Unit, Issuance Value						$ 87,900,000								$ 29,870,000	$ 15,870,000				$ 15,870,000
Redeemable noncontrolling interests														60,453,000							$ 60,826,000
Allocation to Noncontrolling Interests
Distributions to preferred Operating Partnership units														(924,000)		$ (910,000)
Net (income) loss allocated to noncontrolling interest in consolidated real estate affiliates														53,913,000		9,030,000
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest														(26,559,000)		10,502,000
Allocation to noncontrolling interests														26,430,000		18,622,000
Comprehensive (income) loss allocated to noncontrolling interests														26,320,000		18,622,000
Activity of redeemable noncontrolling interests
Balance at the beginning of the period																62,235,000			$ 62,235,000
Distributions																	$ (388,000)
Equity, Fair Value Adjustment																	441,000
Redeemable Noncontrolling Interest Cash Redemption of Operating Partnership Units															$ (373,000)
Balance at the end of the period														$ 60,453,000			$ 61,406,000
Common Stock Dividend
Dividends declared per share (in dollars per share) \| $ / shares			$ 0.3325		$ 0.3325		$ 0.3325		$ 0.3325	$ 0.3325
Conversion of preferred share per common share issued upon conversion \| shares														0.016256057
Preferred Stock dividends declared (in dollars per share) \| $ / shares	$ 0.3984		$ 0.3984	$ 0.3984				$ 0.3984	$ 0.3984	$ 0.3984
Preferred Stock, Liquidation Preference, Value														$ 50
Dividends, Preferred Stock, Cash														3,984,000		$ 3,984,000
Common Stock, Other Value, Outstanding														$ 0.324405869
Common Stock, Par or Stated Value Per Share \| $ / shares														$ 0.01														$ 0.01
Preferred Stock, Shares Authorized \| shares														500,000,000							500,000,000
Preferred Stock, Shares Issued \| shares														10,000,000							10,000,000
Preferred Stock, Shares Outstanding \| shares														10,000,000							10,000,000
Class B Stock														$ 5,275,000							$ 5,261,000
Preferred Stock, Dividends, Per Share, Cash Paid \| $ / shares												$ 0.100		$ 0.7968		$ 0.3984		$ 0.7968
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest														$ (110,000)		$ 0
Contract with Customer, Refund Liability																						$ 3,700,000
Interest rate																										5.75%
Variable-rate debt														7,491,360,000							7,533,048,000
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net unrealized gains on financial instruments														81,000		(10,000)
Cumulative effect of foreign currency translation ("CFCT")														(99,724,000)		(99,774,000)
AOCI - Minority Interest														1,269,000		0
Total equity														3,009,107,000		3,283,522,000					3,250,453,000			$ 3,295,107,000
Secured Debt
Common Stock Dividend
Variable-rate debt														2,527,295,000							$ 2,534,781,000
Cross-collateralized \| Secured Debt
Common Stock Dividend
Variable-rate debt														$ 1,300,000,000
Cross-collateralized \| Extended Maturity [Member] \| Secured Debt
Common Stock Dividend
Interest rate																							1.75%
Variable-rate debt																							$ 1,300,000,000
Class B-2 [Member]
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized \| shares														965,000,000
Common Stock Dividend
Common stock, shares issued (in shares) \| shares														121,203,654
Common Stock, Shares, Outstanding \| shares														121,203,654
Common Stock, Voting Rights														0:1
Class B Stock																									$ 965,000,000
Common Class B
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized \| shares														5,907,500,000							5,907,500,000
Common Stock Dividend
Common stock, shares issued (in shares) \| shares														527,421,814							527,421,814
Common Stock, Shares, Outstanding \| shares														526,042,279							526,042,279
Common Stock, Par or Stated Value Per Share \| $ / shares														$ 0.01							$ 0.01
Preferred Stock, Dividends, Per Share, Cash Paid \| $ / shares											$ 0.065
Preferred Stock, Liquidation Preference Per Share \| $ / shares											21.39
Common Class A
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized \| shares														4,517,500,000
Common Stock, Shares, Outstanding \| Rate														4.00%
Share Price \| $ / shares														$ 11.46
Common Stock Dividend
Shares, Outstanding \| shares														38,662,115							39,127,335
Common stock, shares issued (in shares) \| shares														40,633,040
Common Stock, Shares, Outstanding \| shares														38,662,115
Common Stock, Voting Rights														1:1
Conversion of Stock, Shares Issued \| shares														479
Conversion Price \| $ / shares														$ 17.17
Preferred Stock
Common Stock Dividend
Preferred Stock, Dividends, Per Share, Cash Paid \| $ / shares														$ 0.3984
Restricted Stock
Equity and redeemable noncontrolling interest
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation \| shares														841,950
Share Price \| $ / shares														$ 18.56
Common Unit, Issuance Value														$ 15.63
6.375% series A cumulative redeemable perpetual preferred stock
Common Stock Dividend
Shares Issued, Price Per Share \| $ / shares													$ 25
Redemption price per share (in dollars per share) \| $ / shares														$ 25
Number of preferred shares redeemed through public offering \| shares													10,000,000
Preferred shares dividend (as a percent)													6.375%
Net proceeds from preferred shares issued after issuance costs													$ 242,000,000
Conversion of preferred share per common share issued upon conversion \| shares														2.4679
Common Class B-1
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized \| shares														4,517,500,000
Common Stock Dividend
Common stock, shares issued (in shares) \| shares														203,779,976
Common Stock, Shares, Outstanding \| shares														203,779,976
Common Stock, Voting Rights														1:1
Sale of Stock, Price Per Share \| $ / shares		$ 21.39												$ 21.39	$ 21.39				$ 21.39
Stock Issued During Period, Shares, New Issues \| shares		9,911,174												1,379,150					19,367,288
Proceeds from Contributions from Affiliates		$ 212														29.5			$ 414,300,000
Preferred Stock, Dividends, Per Share, Cash Paid \| $ / shares											0.025
Preferred Stock, Liquidation Preference Per Share \| $ / shares																											$ 0.075
Conversion of Stock, Shares Issued \| shares														385
Conversion Price \| $ / shares														$ 21.39
Series B Preferred Stock [Member]
Common Stock Dividend
Shares, Outstanding \| shares														9,717.658
Common Stock, Par or Stated Value Per Share \| $ / shares														$ 0.01
Preferred Stock, Shares Authorized \| shares														425,000,000
Preferred Stock, Shares Issued \| shares														202,438,184
Preferred Stock, Shares Outstanding \| shares														202,438,184
Preferred Stock, Voting Rights														1:1
Common Class C
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized \| shares														1,000,000,000							1,000,000,000
Common Stock Dividend
Common stock, shares issued (in shares) \| shares														640,051,301							640,051,301
Common Stock, Shares, Outstanding \| shares														640,051,301							640,051,301
Common Stock, Voting Rights														1:1
Common Stock, Par or Stated Value Per Share \| $ / shares														$ 0.01							$ 0.01
Series B [Member]
Common Stock Dividend
Preferred Stock, Dividends, Per Share, Cash Paid \| $ / shares											0.0865
Preferred Stock, Liquidation Preference Per Share \| $ / shares											$ 21.39
Series K [Member]
Common Stock Dividend
Shares Issued, Price Per Share \| $ / shares														$ 21
Conversion of preferred share per common share issued upon conversion \| shares														0.40682134
Shares, Outstanding \| shares														315,992.1238
Common Stock
Common Stock Dividend
Shares, Outstanding \| shares														776,734.3886
Series D [Member]
Equity and redeemable noncontrolling interest
Conversion ratio for convertible common units to common stock														1.50821
Common Stock Dividend
Shares, Outstanding \| shares														532,749.6574
Preferred Stock, Liquidation Preference, Value														$ 50
Preferred Stock Conversions, Inducements														33.151875
Dividends, Preferred Stock, Cash														$ 21.9097
Series E [Member]
Equity and redeemable noncontrolling interest
Conversion ratio for convertible common units to common stock														1.29836
Common Stock Dividend
Shares, Outstanding \| shares														502,657.8128
Preferred Stock, Liquidation Preference, Value														$ 50
Preferred Stock Conversions, Inducements														38.51
Dividends, Preferred Stock, Cash														18.8613
Redeemable Common Class A
Common Stock Dividend
Option Indexed to Issuer's Equity, Redeemable Stock, Redemption Requirements, Amount														694,000,000
6.375% Series A Cumulative Perpetual Redeemable Preferred Stock, par value $0.01 per share
Common Stock Dividend
Option Indexed to Issuer's Equity, Redeemable Stock, Redemption Requirements, Amount														56,200,000
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total equity														(98,374,000)		(99,784,000)				$ (98,374,000)	$ (99,418,000)			(85,402,000)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total equity														$ 1,379,741,000		$ 1,484,038,000					$ 1,407,167,000			$ 1,532,740,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	3 Months Ended
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Numerators - Basic and Diluted:
Net income	$ (255,551)	$ (100,449)
Allocation to noncontrolling interests	26,430	18,622
Net Income (Loss) Distributed to Preferred Operating Partnership Units	$ 924	$ 910
Common Class A
Basic and diluted
Shares, Outstanding	38,662,115		39,127,335
Common Stock
Basic and diluted
Shares, Outstanding	776,734.3886

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Details) - $ / shares	3 Months Ended
STOCK-BASED COMPENSATION PLANS (Details) - $ / shares	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation Plans
Maximum number of shares that can be granted to participant	4,000,000
Restricted Stock
Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,891,474	1,708,065	1,414,558	1,149,164
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 18.90	$ 19.63	$ 19.48	$ 20.98
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	910,721	851,102
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 18.53	$ 18.57
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(378,135)	(255,801)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 20.13	$ 22.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(55,670)	(36,400)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 19.04	$ 19.94
Stock options \| Maximum \| Certain employees
Stock-Based Compensation Plans
Term of awards	10 years
Common Class A
Stock-Based Compensation Plans
Common Stock, Shares, Outstanding	4.00%

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation Plans
Compensation expense	$ 2,071	$ 1,262
Stock options
Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	131,872	175,799	136,662	175,799
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 26.05	$ 25.66	$ 26.05	$ 25.66
Granted (in shares)	0	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0	$ 0
Exercised (in shares)	0	0
Exercised (in dollars per share)	$ 0	$ 0
Forfeited (in shares)	0	0
Forfeited (in dollars per share)	$ 0	$ 0
Expired (in shares)	(4,790)	0
Expired (in dollars per share)	$ 26.05	$ 0
Stock options \| Property management and other costs
Stock-Based Compensation Plans
Compensation expense	$ 0	$ 0
Stock options \| General and administrative
Stock-Based Compensation Plans
Compensation expense	0	0
Restricted Stock \| Property management and other costs
Stock-Based Compensation Plans
Compensation expense	1,294	851
Restricted Stock \| General and administrative
Stock-Based Compensation Plans
Compensation expense	$ 754	$ 402
LTIP Common Units
Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,425,718	2,166,099	1,763,921	2,177,668
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 24.20	$ 24	$ 23.99	$ 24.11
Granted (in shares)	0	24,251
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0	$ 18.56
Exercised (in shares)	(42,013)	(35,820)
Exercised (in dollars per share)	$ 27.38	$ 26.54
Forfeited (in shares)	0	0
Forfeited (in dollars per share)	$ 0	$ 0
Expired (in shares)	(296,190)	0
Expired (in dollars per share)	$ 22.54	$ 0
LTIP Common Units \| Property management and other costs
Stock-Based Compensation Plans
Compensation expense	$ 8	$ 3
LTIP Common Units \| General and administrative
Stock-Based Compensation Plans
Compensation expense	$ 15	$ 6

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS (Details 3) - LTIP Common Units - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shares
Stock options Outstanding at the beginning of the period (in shares)	1,763,921	2,177,668
Granted (in shares)	0	24,251
Exercised (in shares)	(42,013)	(35,820)
Forfeited (in shares)	0	0
Expired (in shares)	(296,190)	0
Stock options Outstanding at the end of the period (in shares)	1,425,718	2,166,099
Weighted Average Exercise Price
Stock options Outstanding at the beginning of the period (in dollars per share)	$ 23.99	$ 24.11
Granted (in dollars per share)	0	18.56
Exercised (in dollars per share)	27.38	26.54
Forfeited (in dollars per share)	0	0
Expired (in dollars per share)	22.54	0
Stock options Outstanding at the end of the period (in dollars per share)	$ 24.20	$ 24

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 248,513	$ 384,464
Short-term tenant receivables	6,446	6,703
Straight-line rent receivable	202,969	188,950
Other accounts receivable	14,680	14,894
Total accounts receivable	472,608	595,011
Provision for doubtful accounts	(66,367)	(70,029)
Total accounts receivable, net	$ 406,241	$ 524,982

NOTES RECEIVABLE (Details)

NOTES RECEIVABLE (Details) - USD ($) $ in Thousands	3 Months Ended
NOTES RECEIVABLE (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Receivables [Abstract]
Notes receivable	$ 34,011		$ 40,999
Interest Receivable	4,233		4,554
Total notes receivable	38,244		$ 45,553
Provision for note receivable loss	$ 7,911	$ 0

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible assets:
Gross Asset	$ 240,260	$ 244,726
Accumulated Amortization	(120,738)	(118,938)
Balance	119,522	125,788
Recognition of right-of-use asset	390,263	392,634
Finance Lease, Right-of-Use Asset	7,847	7,873
Restricted cash	231,895	164,069
Remaining prepaid expenses and other assets:
Security and escrow deposits	1,164	1,160
Prepaid expenses	31,276	45,266
Other non-tenant receivables	63,229	70,916
Other	21,003	20,040
Total remaining prepaid expenses and other assets	746,677	701,958
Total prepaid expenses and other assets	866,199	827,746
Above-market tenant leases, net
Intangible assets:
Gross Asset	128,754	133,220
Accumulated Amortization	(55,144)	(54,922)
Balance	73,610	78,298
Real estate tax stabilization agreement, net
Intangible assets:
Gross Asset	111,506	111,506
Accumulated Amortization	(65,594)	(64,016)
Balance	$ 45,912	$ 47,490

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Intangible liabilities:
Gross Liability	$ 201,969	$ 222,432
Accumulated Accretion	(61,879)	(72,364)
Balance	140,090	150,068
Remaining accounts payable and accrued expenses:
Accrued interest	92,993	63,693
Accounts payable and accrued expenses	64,421	83,041
Accrued real estate taxes	66,756	76,401
Deferred gains/income	99,216	94,752
Accrued payroll and other employee liabilities	30,480	57,134
Construction payable	253,425	272,080
Tenant and other deposits	14,754	14,644
Total lease liability	73,902	74,896
Insurance reserve liability	12,477	12,793
Finance lease obligations	9,093	9,093
Conditional asset retirement obligation liability	2,375	2,342
Other	75,562	82,680
Total remaining Accounts payable and accrued expenses	795,454	843,549
Total Accounts payable and accrued expenses	935,544	993,617
Below-market tenant leases, net
Intangible liabilities:
Gross Liability	201,969	222,432
Accumulated Accretion	(61,879)	(72,364)
Balance	$ 140,090	$ 150,068

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contractual rent expense, including participation rent	$ 4,314	$ 3,310
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent	3,376	$ 3,310
Revolving Credit Liquidity [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 515,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)

Apr. 27, 2021

Apr. 23, 2021

Apr. 20, 2021

Apr. 16, 2021

Aug. 18, 2020

Jan. 09, 2020

Mar. 31, 2021

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2020

May 06, 2021

Apr. 29, 2021

Dec. 31, 2020

Jun. 25, 2020

May 22, 2020

May 19, 2020

Apr. 24, 2020

Mar. 25, 2020

Feb. 10, 2020

May 01, 2019

Mar. 28, 2018

Subsequent Event [Line Items]

Interest rate

5.75%

Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation

7,321,155

2,606,289

855,000

Share Price

$ 12

$ 18.57

Common Stock, Par or Stated Value Per Share

$ 0.01

Common Unit, Issuance Value

$ 87,900,000

$ 29,870,000

$ 15,870,000

Variable-rate debt

7,491,360,000

$ 7,533,048,000

Brookfield BPY Holdings Inc [Member]

Subsequent Event [Line Items]

Interest rate

2.75%

1.94%

Unsecured Debt

63,400,000

$ 100,000,000

$ 25,000,000

$ 45,000,000

$ 25,000,000

$ 29,000,000

$ 27,000,000

Term Loan A-1

Subsequent Event [Line Items]

Due to Other Related Parties

21,000,000

Unsecured Debt

900,000,000

Term Loan A-2

Subsequent Event [Line Items]

Due to Other Related Parties

2,000,000,000

Unsecured Debt

$ 2,000,000,000

Aeropostale [Member]

Subsequent Event [Line Items]

Ownership in Investment Properties by Joint Venture Percentage

27.00%

Proceeds from Sales of Business, Affiliate and Productive Assets

$ 36,000,000

16-Property Loan

Subsequent Event [Line Items]

Repayments of Debt

$ 240,000,000

Whalers Village

Subsequent Event [Line Items]

Mortgage Loans on Real Estate, Commercial and Consumer, Net

$ 83,500,000

Interest rate

2.50%

Common Class B-1

Subsequent Event [Line Items]

Proceeds from Contributions from Affiliates

$ 212

$ 29.5

$ 414,300,000

Sale of Stock, Price Per Share

$ 21.39

Stock Issued During Period, Shares, New Issues

9,911,174

1,379,150

19,367,288

Common Class A

Subsequent Event [Line Items]

Share Price

$ 11.46

Common Stock, Shares, Outstanding

4.00%

Common Class B

Subsequent Event [Line Items]

Common Stock, Par or Stated Value Per Share

$ 0.01

Subsequent Event | Term Loan A-1

Subsequent Event [Line Items]

Due to Other Related Parties

$ 21,000,000

Subsequent Event | Term Loan A-2

Subsequent Event [Line Items]

Repayments of Debt

48,100,000

Unsecured Debt

$ 1,952,000,000

Subsequent Event | Shopping Leblon

Subsequent Event [Line Items]

Ownership in Investment Properties by Joint Venture Percentage

3500.00%

Proceeds from Sales of Business, Affiliate and Productive Assets

$ 85.2

Subsequent Event | 16-Property Loan

Subsequent Event [Line Items]

Interest rate

325.00%

Secured Debt

Subsequent Event [Line Items]

Variable-rate debt

$ 2,527,295,000

$ 2,534,781,000

Secured Debt | Cross-collateralized

Subsequent Event [Line Items]

Variable-rate debt

$ 1,300,000,000

Secured Debt | Cross-collateralized | Extended Maturity [Member]

Subsequent Event [Line Items]

Number of Real Estate Properties

Interest rate

1.75%

Variable-rate debt

$ 1,300,000,000

Secured Debt | Subsequent Event | Cross-collateralized | Extended Maturity [Member]

Subsequent Event [Line Items]

Number of Real Estate Properties

Variable-rate debt

$ 1,000,000,000

Uncategorized Items - ggp-20210

Label	Element	Value
Estimate of Fair Value Measurement [Member] \| Unconsolidated Properties [Member]
Contract with Customer, Refund Liability	us-gaap_ContractWithCustomerRefundLiability	$ 33,800,000
Estimate of Fair Value Measurement [Member] \| Unconsolidated Properties [Member] \| Straight Line Rent Receivable [Member]
Contract with Customer, Refund Liability	us-gaap_ContractWithCustomerRefundLiability	$ 4,200,000