Brookfield Property REIT (BPYU) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - USD ($)

Jul. 26, 2021

Jul. 20, 2021

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Apr. 01, 2021

Mar. 31, 2021

Dec. 31, 2020

Aug. 18, 2020

Jun. 19, 2019

Mar. 28, 2018

Entity Information [Line Items]

Document Type

10-Q

Document Quarterly Report

true

Document Period End Date

Jun. 30, 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

Title of 12(b) Security

6.375% Series A Cumulative Perpetual Redeemable Preferred Stock, par value $0.01 per share

Trading Symbol

BPYUP

Security Exchange Name

NASDAQ

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Accelerated Filer

Smaller Reporting Company

false

Emerging Growth Company

false

Entity Shell Company

false

Entity Common Stock, Shares Outstanding

0

0

Entity Central Index Key

0001496048

Amendment Flag

false

Current Fiscal Year End Date

--12-31

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

Q2

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Dividends, Preferred Stock, Cash

$ 3,985,000

$ 3,985,000

$ 7,969,000

$ 7,969,000

Share Price

$ 18.56

$ 18.57

$ 12

Class A Stock, par value $.01 per share

Entity Information [Line Items]

Share Price

$ 11.46

$ 11.46

Class A Stock, par value $.01 per share | Subsequent Event

Entity Information [Line Items]

Common Stock, Par or Stated Value Per Share

$ 0.01

Dividends, Preferred Stock, Cash

$ 12.38

Series B Preferred Stock [Member]

Entity Information [Line Items]

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Series E [Member]

Entity Information [Line Items]

Dividends, Preferred Stock, Cash

$ 18.8613

Series E [Member] | Subsequent Event

Entity Information [Line Items]

Dividends, Preferred Stock, Cash

$ 12.38

BAM Class A Shares

Entity Information [Line Items]

Shares Issued, Price Per Share

$ 0.3979

BAM Class A Shares | Subsequent Event

Entity Information [Line Items]

Shares Issued, Price Per Share

$ 0.0913

$ 0.0913

Preferred Class A [Member] | Subsequent Event

Entity Information [Line Items]

Shares Issued, Price Per Share

0.0657

0.0657

Series A Preferred Stock [Member] | Subsequent Event

Entity Information [Line Items]

Share Price

$ 0.21250

$ 0.21250

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investment in real estate:
Land	$ 3,588,914,000	$ 3,620,513,000
Buildings and equipment	13,744,497,000	13,968,906,000
Less accumulated depreciation	(3,090,601,000)	(2,967,879,000)
Construction in progress	288,869,000	256,510,000
Net property and equipment	14,531,679,000	14,878,050,000
Investment in Unconsolidated Real Estate Affiliates	4,153,575,000	4,342,995,000
Net investment in real estate	18,685,254,000	19,221,045,000
Cash and cash equivalents	417,049,000	204,541,000
Accounts receivable, net	371,097,000	524,982,000
Notes receivable	38,123,000	45,553,000
Deferred expenses, net	153,635,000	158,633,000
Prepaid expenses and other assets (see Notes 7 and 14)	854,268,000	827,746,000
Deferred tax assets, net	652,492,000	655,060,000
Assets held for disposition	49,308,000	242,404,000
Total assets	21,221,226,000	21,879,964,000
Liabilities:
Mortgages, notes and loans payable (including related party debt - see Note 6)	15,772,236,000	16,114,586,000
Investment in Unconsolidated Real Estate Affiliates	148,436,000	151,095,000
Accounts payable and accrued expenses (see Notes 7 and 15)	916,669,000	993,617,000
Dividend payable	3,992,000	903,000
Junior subordinated notes	206,200,000	206,200,000
Liabilities held for disposition	0	263,141,000
Total liabilities	17,047,533,000	17,729,542,000
Redeemable Class A equity interests	709,119,000	839,143,000
Redeemable noncontrolling interests	55,274,000	60,826,000
Total redeemable interests	764,393,000	899,969,000
Equity:
Class B Stock	5,486,000	5,261,000
Class C Stock: 1,000,000,000 shares authorized, $0.01 par value, 640,051,301 issued and outstanding as of June 30, 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 June 30, 2021 and December 31, 2020	242,042,000	242,042,000
Additional paid-in capital	7,845,164,000	7,363,064,000
Accumulated deficit	(6,056,738,000)	(5,674,064,000)
Accumulated other comprehensive loss	(120,000)	(99,418,000)
Total stockholders' equity	2,042,235,000	1,843,286,000
Noncontrolling interests in Consolidated Real Estate Affiliates	13,295,000	13,444,000
Noncontrolling interests of the Operating Partnership	1,353,770,000	1,393,723,000
Total equity	3,409,300,000	3,250,453,000
Total liabilities, redeemable interests and equity	$ 21,221,226,000	$ 21,879,964,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	548,591,421	548,591,421
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Lease Income	$ 323,949,000	$ 341,073,000	$ 650,872,000	$ 692,902,000
Management fees and other corporate revenues	29,269,000	26,565,000	60,770,000	61,903,000
Other	14,534,000	6,827,000	24,508,000	23,290,000
Total revenues	367,752,000	374,465,000	736,150,000	778,095,000
Operating Expenses:
Real estate taxes	48,838,000	48,656,000	99,931,000	96,463,000
Property maintenance costs	6,650,000	6,414,000	16,453,000	15,560,000
Marketing	1,095,000	1,641,000	1,903,000	2,405,000
Other property operating costs	50,680,000	37,262,000	99,557,000	87,083,000
Property management and other costs	45,405,000	57,524,000	94,688,000	118,499,000
General and administrative	4,783,000	5,002,000	10,020,000	9,892,000
Provision for note receivable loss	800,000	0	8,711,000	0
Provision for impairment	0	71,455,000	106,991,000	71,455,000
Depreciation and amortization	148,734,000	162,896,000	300,271,000	320,242,000
Total operating expenses	306,985,000	390,850,000	738,525,000	721,599,000
Interest and dividend income	1,588,000	763,000	2,962,000	3,859,000
Interest expense	(168,617,000)	(163,964,000)	(337,811,000)	(342,766,000)
(Loss) gain on extinguishment of debt	(1,337,000)	14,320,000	11,786,000	14,320,000
(Loss) gain from changes in control of investment properties and other, net	0	(15,433,000)	1,824,000	(15,433,000)
Loss before income taxes, equity in loss of Unconsolidated Real Estate Affiliates and related gain on investment, and allocation to noncontrolling interests	(107,599,000)	(180,699,000)	(323,614,000)	(283,524,000)
Benefit from (provision for) income taxes	210,000	6,640,000	(2,733,000)	1,212,000
Equity in loss of Unconsolidated Real Estate Affiliates	(40,245,000)	(56,426,000)	(74,698,000)	(61,269,000)
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	(14,077,000)	(1,120,000)	(16,217,000)	11,527,000
Net loss	(161,711,000)	(231,605,000)	(417,262,000)	(332,054,000)
Allocation to noncontrolling interests	13,779,000	22,555,000	40,209,000	41,177,000
Net loss attributable to Brookfield Property REIT Inc.	$ (147,932,000)	$ (209,050,000)	$ (377,053,000)	$ (290,877,000)
Common Stock Earnings Per Share (See Note 10):
Basic & diluted earnings per share class A stock (in dollars per share)	$ 0	$ 0.3325	$ 0.3325	$ 0.6650
Comprehensive Income (Loss), Net:
Net loss	$ (161,711,000)	$ (231,605,000)	$ (417,262,000)	$ (332,054,000)
Other comprehensive loss
Foreign currency translation	100,292,000	(3,612,000)	101,392,000	(17,993,000)
Net unrealized losses on other financial instruments	(186,000)	56,000	(133,000)	54,000
Other comprehensive loss	100,106,000	(3,556,000)	101,259,000	(17,939,000)
Comprehensive (loss) income	(61,605,000)	(235,161,000)	(316,003,000)	(349,993,000)
Comprehensive loss (income) allocated to noncontrolling interests	11,927,000	24,181,000	38,248,000	42,803,000
Comprehensive (loss) income attributable to Brookfield Property REIT Inc.	$ (49,678,000)	$ (210,980,000)	$ (277,755,000)	$ (307,190,000)

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)	(373,425)			(330,432)		(42,993)							$ 39,555
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates	(132)					(132)
Long Term Incentive Plan & Stock Option Expense	31			31
Series K Preferred Unit redemption	(27,548)			1,879		(29,427)
Dividends, Preferred Stock, Cash	(7,969)			(7,969)
Other comprehensive income (loss)	(17,939)				(16,313)	(1,626)
Restricted stock grants, net														3,577
Conversion of shares	167,111		117,338	49,718						55				(167,111)
Dividends on classes of stock														(39,555)
Buyback of stock							$ (2,082)	$ (2,082)						(17,955)
Ending balance at Jun. 30, 2020	3,037,318	242,042	6,788,182	(5,361,146)	(101,715)	1,458,562				4,992		6,401		1,172,745
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(228,098)		(23,461)							19,048
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates	63					63
Long Term Incentive Plan & Stock Option Expense	31			31
Series K Preferred Unit redemption	(441)			11		(452)
Dividends, Preferred Stock, Cash	(3,985)			(3,985)
Other comprehensive income (loss)	(3,557)				(1,931)	(1,626)
Restricted stock grants, net														2,320
Conversion of shares	13,244		7,151	6,089						4				(13,244)
Dividends on classes of stock														(19,048)
Ending balance at Jun. 30, 2020	3,037,318	242,042	6,788,182	(5,361,146)	(101,715)	1,458,562				4,992		6,401		1,172,745
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)	(432,318)			(390,564)		(41,754)							$ 13,511
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates	(309)					(309)
Long Term Incentive Plan & Stock Option Expense	24			24
Series K Preferred Unit redemption	669			669
Dividends, Preferred Stock, Cash	(7,969)			(7,969)
Other comprehensive income (loss)	101,259				99,298	1,961
Restricted stock grants, net	17			17										4,575
Conversion of shares	116,921		103,778	13,094						49				(116,918)
Dividends on classes of stock	0													13,511
Stock Issued									$ 378,498	176	$ 378,322
Buyback of stock							$ (2,055)	$ (2,055)						17,681
Ending balance at Jun. 30, 2021	3,409,300	242,042	7,845,164	(6,056,738)	(120)	1,367,065				5,486		6,401		709,119
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(251,559)			(147,932)		(14,400)
Acquisition/disposition of partner's noncontrolling interests in consolidated Real Estate Affiliates	(127)					(127)
Long Term Incentive Plan & Stock Option Expense	1			1
Series K Preferred Unit redemption	622			622
Dividends, Preferred Stock, Cash	(3,985)			(3,985)
Other comprehensive income (loss)	100,105				98,254	1,851
Restricted stock grants, net														2,550
Conversion of shares	116,911		103,770	13,092						49				(116,908)
Stock Issued			348,836						$ 348,998	162
Ending balance at Jun. 30, 2021	$ 3,409,300	$ 242,042	$ 7,845,164	$ (6,056,738)	$ (120)	$ 1,367,065				$ 5,486		$ 6,401		$ 709,119

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cash dividends on common stock (in dollars per share)			$ 0.3325
Restricted stock grants, net (in shares)			773,148
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0.3984	$ 0.7968		$ 0.7968
Common Class A
Cash dividends on common stock (in dollars per share)	$ 0.3300	$ 0.33			$ 0.67
Conversion of common stock (in shares)	5,566,997	630,686	5,567,476	7,957,603
Restricted stock grants, net (in shares)	81,903	8,427			806,275
Common Class B-1
Conversion of common stock (in shares)	4,853,570	334,503	4,853,955	5,488,251
Preferred Stock
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.3984

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows (used in) provided by Operating Activities:
Net income	$ (417,262,000)	$ (332,054,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Equity in loss of Unconsolidated Real Estate Affiliates	74,698,000	61,269,000
Distributions received from Unconsolidated Real Estate Affiliates	10,876,000	24,993,000
Provision for doubtful accounts	1,735,000	19,728,000
Depreciation and amortization	300,271,000	320,242,000
Amortization/write-off of deferred finance costs	18,584,000	16,391,000
Accretion/write-off of debt market rate adjustments	(817,000)	(719,000)
Amortization of intangibles other than in-place leases	(4,586,000)	2,353,000
Amortization of right-of-use assets	4,813,000	5,250,000
Straight-line rent amortization	(17,888,000)	(4,186,000)
Deferred income taxes	2,568,000	2,638,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	16,217,000	(11,527,000)
(Loss) gain from changes in control of investment properties and other, net	(1,824,000)	15,433,000
Provision for impairment	106,991,000	71,455,000
Gain on extinguishment of debt	(11,786,000)	(14,320,000)
Provision for note receivable loss	8,711,000	0
Net changes:
Accounts and notes receivable, net	165,887,000	(282,131,000)
Prepaid expenses and other assets (see Notes 7 and 14)	31,163,000	(20,464,000)
Deferred expenses, net	(7,935,000)	(776,000)
Accounts payable and accrued expenses (see Notes 7 and 15)	(32,979,000)	(23,997,000)
Other, net	(1,302,000)	(4,202,000)
Net cash (used in) provided by operating activities	246,135,000	(154,624,000)
Cash Flows (used in) provided by Investing Activities:
Development of real estate and property improvements	(124,518,000)	(159,482,000)
Proceeds from repayment of loans to joint venture and joint venture partners	371,000	0
Net proceeds from sales of investment properties and Unconsolidated Real Estate Affiliates	76,239,000	81,024,000
Contributions to Unconsolidated Real Estate Affiliates	(36,591,000)	(54,917,000)
Distributions received from Unconsolidated Real Estate Affiliates in excess of income	147,500,000	30,933,000
Net cash (used in) provided by investing activities	63,001,000	(102,442,000)
Cash Flows (used in) provided by Financing Activities:
Proceeds from refinancing/issuance of mortgages, notes and loans payable (including related party debt - see Note 6)	480,635,000	661,000,000
Principal payments on mortgages, notes and loans payable - (including related party debt - see Note 6)	(832,769,000)	(328,895,000)
Payment of deferred finance costs	(8,201,000)	34,000
Buyback of Class A Stock	(15,626,000)	(15,873,000)
Series K preferred unit redemptions	(4,884,000)	(27,946,000)
Cash contributions from noncontrolling interests in consolidated real estate affiliates	0	31,688,000
Cash distributions paid to stockholders	(13,511,000)	(39,555,000)
Cash distributions paid to preferred stockholders	(3,984,000)	(7,969,000)
Cash distributions and redemptions paid to unit holders	(2,372,000)	(2,209,000)
Net cash (used in) provided by financing activities	(22,214,000)	270,275,000
Net change in cash, cash equivalents and restricted cash	286,922,000	13,209,000
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	655,532,000	288,721,000
Supplemental Disclosure of Cash Flow Information:
Interest paid	301,849,000	326,120,000
Interest capitalized	5,178,000	3,462,000
Income taxes paid	2,782,000	1,059,000
Accrued capital expenditures included in accounts payable and accrued expenses	244,596,000	262,136,000
Cash paid for amounts included in the measurement of lease liabilities	4,739,000	4,639,000
Common Class B
Cash Flows (used in) provided by Financing Activities:
Issuances of Class B Stock	$ 378,498,000	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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". On April 1, 2021, Brookfield Asset Management Inc. ("Brookfield Asset Management" or "BAM") announced an agreement to acquire all of the limited partnership units of BPY that it does not already own ("BPY units") at a value of $18.17 per BPY unit, or $6.5 billion in total value (the "BPY Transaction"). Under the agreement, BPY unitholders had the ability to elect to receive, per BPY unit and subject to pro ration, a combination of (i) 0.3979 Class A limited voting shares of BAM ("Brookfield Shares"), (ii) $18.17 in cash, and/or (iii) 0.7268 of BPY preferred units with a liquidation preference of $25.00 per unit. Pro-ration was based on a maximum cash consideration of approximately 50% of the total value of the BPY units ($3.27 billion in total cash payable to public unitholders), a maximum amount of Brookfield Shares equal to approximately 42% of the total value of the BPY units (59.3 million Brookfield Shares payable to public unitholders), and a maximum amount of BPY preferred units with a liquidation value of approximately 8% of the total value of the BPY units ($500 million in liquidation preference of BPY preferred units payable to public unitholders). The BPY Transaction closed on July 26, 2021. BPY unitholders who failed to properly make an election, did not make an election prior to the election deadline of 5:00 p.m. (Toronto time) on July 20, 2021 (or for beneficial holders an earlier deadline that may have been set by their broker or other intermediary), or elected to receive the default consideration received, per BPY unit, approximately $12.38 in cash, 0.0913 BAM shares and 0.0657 BPY preferred units (the "Default Consideration"). In accordance with the terms of the Company's charter, any holders of the Company's Class A Stock at the closing of the BPY Transaction were entitled to the same Default Consideration per share of Class A Stock that the BPY unitholders received per BPY unit, in an automatic exchange for their shares of Class A Stock. As a result of the BPY Transaction, the Company's Class A Stock ceased trading and was not listed on the Nasdaq Stock Market effective prior to the opening of the market on July 27, 2021. In addition, on July 20, 2021, in anticipation of the closing of the BPY Transaction, the Company announced that it will be redeeming all of its outstanding 6.375% Series A Cumulative Redeemable Preferred Stock (Nasdaq: BPYUP) (the “BPYU Series A Preferred Stock”) for cash on August 19, 2021 at its par value of $25.00 per share, plus all accumulated and unpaid dividends (whether or not declared) to, but not including, August 19, 2021, which equals approximately $0.21250 per share, without interest, for total proceeds of $25.21250. Upon redemption, the BPYU Series A Preferred Stock will no longer trade on the Nasdaq Stock Market.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 (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. 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 June 30, 2021 Tenant leases: In-place value $ 264,520 $ (101,164) $ 163,356 As of December 31, 2020 Tenant leases: In-place value $ 302,296 $ (107,210) $ 195,086 The above-market tenant leases are included in prepaid expenses and other assets (Note 14); the below-market tenant leases are included in accounts payable and accrued expenses (Note 15) in our Consolidated Balance Sheets. 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization/accretion effect on continuing operations $ (13,513) $ (16,097) $ (27,142) $ (45,155) 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 $ 19,619 2022 30,856 2023 23,419 2024 19,401 2025 16,862 Revenue Recognition and Related Matters Accounting for real estate sales distinguishes between sales to a customer or non-customer for purposes of revenue recognition. Once we, as the seller, determine that we have a contract, we will identify each distinct non-financial asset promised to the counter-party and whether the counter-party obtains control and transfers risks and rewards of ownership of each non-financial asset to determine if we should derecognize the asset. Leases We have entered into lease arrangements for the land and buildings at certain properties, as well as for the use of office space in Chicago, Illinois. We account for leases under Accounting Standards Update ("ASU") 2016-02, Leases ("ASC 842", "Topic 842", or "the new leasing standard"). The new leasing standard requires lessees to record a right-of-use ("ROU") asset and a related lease liability for the rights and obligations associated with all lessee leases. Accounting Standards Codification ("ASC") 842 also modified the lease classification criteria through the elimination of "bright-line" tests, the removal of historical real estate specific lease provisions, and changes to lessor accounting to align with the new revenue recognition standard ASC 606, Revenue from Contracts with Customers . We elected to use the following additional practical expedients permitted by the new leasing standard: • The short-term lease election that allows a lessee not to apply the balance sheet recognition requirements to leases with a term of 12 months or less; lease payments associated with these leases are recognized on a straight-line basis as an expense over the lease term and are not material. • The practical expedient which allows a lessee to not separate lease and non-lease components. We have elected to apply this election to all classes of underlying assets. Lessee arrangements To account for leases for which we are the lessee under the new leasing standard, contracts must be analyzed upon inception to determine if the arrangement is, or contains, a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification tests and measurement procedures are performed at the lease commencement date. Differences in lease classification will affect only the pattern and classification of expense recognition in our Consolidated Statements of Operations and Comprehensive Income (Loss). The lease liability is initially measured as the present value of the lease payments over the lease term, discounted using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the lessee’s incremental borrowing rate is used. The lease liability balance is subsequently amortized using the effective interest method. The incremental borrowing rate is determined using an approach based on the rate of interest that the lessee would pay to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. We utilized a market-based approach to estimate the Incremental Borrowing Rate ("IBR") for each individual lease. The approach required significant judgment. Therefore, we utilized different data sets to estimate base IBRs via an analysis of (i) yields on outstanding public debt of BPYU, as well as comparable companies, (ii) observable mortgage rates, and (iii) unlevered property yields and discount rates. We then applied adjustments to account for considerations related to (i) term and (ii) security that may not be fully incorporated by the aforementioned data sets. Based on individual characteristics of each lease, we selected an IBR taking into consideration how each data approach and adjustments thereto incorporate term, currency and security. The lease term is the noncancelable period of the lease, and includes any renewal and termination options we are reasonably certain to exercise. The reasonably certain threshold is evaluated at lease commencement and is typically met if substantial economic incentives or termination penalties are identified. Lease payments measured at the commencement date include fixed payments, in-substance fixed payments, variable lease payments dependent on a rate or index (using the index or rate in effect at lease commencement), any purchase option the lessee is reasonably certain to exercise, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising the termination option. Fully variable lease payments without an in-substance fixed component are not included in the measurement of the lease liability and are recognized in the period in which the underlying contingency is resolved. The lease liability is remeasured when the contract is modified, upon the resolution of a contingency such that variable payments become fixed or if our assessment of exercising an extension, termination or purchase option changes. Once remeasured, an adjustment is made to the ROU asset. However, if the carrying amount of the right-of-use asset is reduced to zero, any remaining amount of the remeasurement is recognized in earnings. The ROU asset balance is initially measured as the lease liability amount, adjusted for any lease payments made prior to the commencement date, initial direct costs, estimated costs to dismantle, remove, or restore the underlying asset and incentives received. Our current lessee lease portfolio is comprised primarily of operating leases. If we enter into a finance lease, the new leasing standard requires us to initially recognize and measure these leases using the same method as described above for operating leases. Subsequent to initial recognition, each lease payment would be allocated between interest expense and a reduction of the lease liability. This expense would be recognized over the lease term using the interest method to produce a constant periodic rate of interest on the remaining balance of the liability for each period and would be included in interest expense in our Consolidated Statements of Operations and Comprehensive Income (Loss). The ROU asset would be amortized on a straight-line basis over the lease term, with depreciation recorded in depreciation and amortization in our Consolidated Statements of Operations and Comprehensive Income (Loss). The ROU assets in our operating leases are evaluated for impairment in a manner similar to our operating properties, as described below under "Impairment". Lessor arrangements At the inception of a new lease arrangement, including new leases that arise from amendments, we assess the terms and conditions to determine the proper lease classification. When the terms of a lease effectively transfer control of the underlying asset, the lease is classified as a sales-type lease. When a lease does not effectively transfer control of the underlying asset to the lessee, but we obtain a guarantee for the value of the asset from a third party, we classify the lease as a direct financing lease. All other leases are classified as operating leases. Control of the underlying asset is transferred to the lessee if any of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has an option to purchase the underlying property that the lessee is reasonably certain to exercise, (iii) the lease term is for the major part of the underlying property’s remaining economic life, (iv) the present value of the sum of lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments is equal to or exceeds substantially all of the fair value of the leased property or (v) the underlying property is of such a specialized nature that it is expected to have no alternative use at the end of the lease term. As of June 30, 2021, we do not have any material sales-type or direct financing leases. For operating leases with minimum scheduled rent increases, we recognize rental income on a straight-line basis, including the effect of any free rent periods, over the lease term when collectability of lease payments (and, if applicable, any amounts necessary to satisfy a residual value guarantee) is probable. Variable lease payments are recognized as rental income in the period when the changes in facts and circumstances on which the variable lease payments are based occur. Variable lease payments include overage rent, which is paid by a tenant when the tenant's sales exceed an agreed upon minimum amount, is recognized once tenant sales exceed contractual tenant lease thresholds and is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. Our leases also contain provisions for tenants to reimburse us for real estate taxes and insurance, as well as for other property operating expenses, marketing costs, and utilities, which are considered to be non-lease components. These tenant reimbursements are most often established in the leases or in less frequent cases computed based upon a formula. W e have elected the practical expedient to not separate non-lease components from the lease component for all classes of underlying assets and determined that the lease component is the predominant component in the contract; therefore, these recoveries are recognized in a manner similar to minimum rents and variable rents within rental revenues on our Consolidated Statements of Operations and Comprehensive Income (Loss). Recognizing rental and related income on a straight-line basis results in a difference in the timing of revenue recognition from what is contractually due from tenants. Straight-line rents are recorded in accounts receivable, net in our Consolidated Balance Sheets. For leases where collectability of substantially all the lease payments is probable, we establish an allowance for doubtful accounts against the portion of accounts receivable, net, including straight-line rents, which is estimated to be uncollectible. Such estimates are based on our previous recovery experience and expectations of future lease concessions. Lease concessions are generally considered a lease modification and thus are recognized prospectively over the remaining lease term. However, the Company does include its estimate of potential lease concessions when establishing its general reserve, based on its best estimates of total lease concessions expected, recognizing the portion of the total concession that is deemed attributable to the current period through consideration of weighted average remaining lease terms. Changes in the general allowance are recognized in rental income on our Consolidated Statements of Operations and Comprehensive Income (Loss). If we determine that collectability of substantially all the lease payments is not probable, we record a current-period adjustment to rental income to amount of cash collected from the lessee. This adjustment effectively reduces cumulative income recognized since lease commencement from an accrual basis to cash basis. In addition, future revenue recognition is limited to amounts paid by the lessee. We will generally return to an accrual basis of accounting, if and when, all delinquent payments become current under the terms of the lease agreement and collectability of substantially all the remaining contractual lease payments is reasonably probable. With respect to our consolidated properties, for the three and six months ended June 30, 2021, our balance associated with potentially uncollectible revenues decreased by $10.4 million and $14.1 million, respectively. With respect to our Unconsolidated Real Estate Affiliates, for the three and six months ended June 30, 2021, our balance associated with potentially uncollectible revenues for our Unconsolidated Real Estate Affiliates increased by $5.9 million and $4.3 million, respectively, which includes $3.3 million and $2.6 million, respectively, for straight-line rent receivables. Of these amounts for the three and six months ended June 30, 2021, our share totaled $2.3 million and $1.7 million, respectively, which includes $1.6 million and $1.3 million, respectively, for straight-line rent receivables. With respect to our consolidated properties, for the year ended December 31, 2020, we have recorded $42.3 million, associated with potentially uncollectible revenues, which includes $5.3 million, for straight-line rent receivables. With respect to our Unconsolidated Real Estate Affiliates, for the year ended December 31, 2020, our Unconsolidated Real Estate Affiliates have recorded $68.7 million, associated with potentially uncollectible revenues, which includes $8.6 million, for straight-line rent receivables. Of these amounts for the year ended December 31, 2020, our share totaled $33.8 million, which includes $4.2 million, for straight-line rent receivables. As of June 30, 2021, the Company, including consideration of our share of Unconsolidated Real Estate Affiliates, has collected approximate ly 89% o f second quarter rents. While working to preserve our profitability and cash flow, we are also working with our tenants regarding requests for lease concessions and other forms of assistance. The Company continues to make meaningful progress in its negotiations with local tenants to secure rental payments, despite a significant portion of the Company's tenants requesting rental assistance, whether in the form of deferral or rent reduction. As of June 30, 2021, in response to the COVID-19 pandemic, the Company granted rent deferrals and rent abatements of 1% and 3% of rents, respectively. The rent abatements granted were considered lease modifications and will be recognized prospectively over the remaining lease terms from the period of the rent that was abated. While we anticipate that we may grant further rent concessions, such as the deferral or abatement of lease payments, such rent concession requests are evaluated on a case-by-case basis. Not all requests for rent relief will be granted as the Company does not intend to forgo its legally enforceable contractual rights that exist under its lease agreements. Rental revenues also includes lease termination income collected from tenants to allow for the tenant to vacate their space prior to their scheduled termination dates, as well as accretion related to above-market and below-market tenant leases on acquired properties and properties that were recorded at fair value at the emergence from bankruptcy. In leasing tenant space, we may provide funding to the lessee through a tenant allowance. To account for a tenant allowance, we determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the control and ownership of such improvements. If we are considered the owner of the leasehold improvements, we capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the leasehold improveme nts or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the leasehold improvements, the allowance is capitalized to deferred expenses and considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Deferred expenses The new leasing standard defines initial direct costs as incremental costs of a lease that would not have been incurred if the lease had not been obtained. These initial direct costs (consisting primarily of leasing commissions) are recognized as deferred expenses on our Consolidated Balance Sheet and are amortized using the straight-line method over the life of the leases. Other leasing costs which do not meet the definition of initial direct costs (consisting primarily of internal legal and leasing overhead costs) are expensed as incurred and included in property management and other costs in our Consolidated Statements of Operations and Comprehensive Income (Loss). Management Fees and Other Corporate Revenues Management 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. The following table summarizes the management fees from affiliates and our share of the management fee expense: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Management fees from affiliates $ 29,269 $ 26,565 $ 60,770 $ 61,903 Management fee expense (9,829) (5,619) (20,856) (16,904) Net management fees from affiliates $ 19,440 $ 20,946 $ 39,914 $ 44,999 Management Fee Expense Following the BPY Transaction of 2018, certain BAM owned entities provide certain management and administration services to BPYU. BPYU and its affiliates pay a management fee based on market capitalization and metrics defined by management. For the first twelve months following closing of the BPY Transaction of 2018, BAM agreed to waive management fees payable by BPYU. For the three and six months ended June 30, 2021, respectively, the Company accrued base management fees of $3.7 million and $7.8 million due to BAM; which are included in the accounts payable and accrued expenses on the Consolidated Balance Sheets and in property management and other costs on the Consolidated Statements of Operations and Comprehensive Loss. For the three and six months ended June 30, 2020, respectively, the Company accrued base management fees of $3.4 million and $7.9 million due to BAM. Following the BPY Transaction of 2018, an affiliate of BAM is entitled to receive incentive distributions based on an amount by which quarterly distributions exceed specified target levels. There were no such amounts payable for the six months ended June 30, 2021 and 2020. 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. During the three months ended June 30, 2021, no provisions for impairment were recognized. During the six months ended June 30, 2021, we recorded an impairment charge of $107.0 million on our Consolidated Statements of Operations and Comprehensive Loss. Specifically, $77.5 million of impairment was recognized for two operating properties where the Company’s expected holding period for the assets changed due to an increased probability of a near-term disposition and $29.5 million of impairment was recognized based on an update to the Company’s estimated probability of obtaining concessions from the creditor at an operating property for which the Company has suspended funding equity contributions to make contractual interest and/or principal payments. During the three and six months ended June 30, 2020, we recorded a $71.5 million impairment charge on our Consolidated Statements of Comprehensive Income (Loss) related to one operating property. A significant judgment is made as to if and when impairment should be taken. The Company’s assessment of impairment as of June 30, 2021 was based on the most current information available to the Company. Based upon current market conditions, certain of the Company’s properties may have fair values less than their carrying amounts. However, based on the Company’s plans with respect to those properties, the Company believes that their carrying amounts are recoverable and therefore, under applicable GAAP guidance, no impairment charges were recognized. If the operating conditions mentioned above deteriorate or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in impairment charges in the future. Investment in Unconsolidated Real Estate Affiliates A series of operating losses of an investee or other factors may indicate that an other-than-temporary decline in value of our investment in an Unconsolidated Real Estate Affiliate has occurred. The investment in each of the Unconsolidated Real Estate Affiliates is evaluated for valuation declines below the carrying amount. Accordingly, in addition to the property-specific impairment analysis that we performed for such joint ventures (as part of our operating property impairment process described above), we also considered whether there were other-than-temporary declines with respect to the carrying values of our Unconsolidated Real Estate Affiliates. Refer to Note 5 for more information. Concentrations of Credit Risk Financial 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. Our credit risk exposure with regard to our cash and the $1.5 billion available under our credit facility is spread among a diversified group of investment grade financial institutions. We had $1,225.0 million and $1,015.0 million outstanding under our credit facility as of June 30, 2021 and December 31, 2020, respectively. 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

ACQUISITIONS, SALES AND JOINT V

ACQUISITIONS, SALES AND JOINT VENTURE ACTIVITY	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
ACQUISITIONS, SALES AND JOINT VENTURE ACTIVITY	ACQUISITIONS, SALES AND JOINT VENTURE ACTIVITY On April 23, 2021, we completed the sale of our 35% interest in Shopping Leblon for a gross sale price of $85.2 million. Accordingly, the Company recognized a loss of $13.6 million included in Unconsolidated Real Estate Affiliates - gain (loss) on investment, net on our Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2021. During the six months ended June 30, 2021, BPR Cumulus LLC (an indirect subsidiary of the Company) purchased an additional 1,118,060 shares of Class A Units in PFC Associates LLC (P.F. Chang's) (par value $0.01 per share) at a price of $1.00 per share, for a $1.1 million additional investment and a total investment of $11.5 million. P.F. Chang's is a tenant at certain properties for which we receive rental income included in rental revenues, net on the Consolidated Statements of Operations and Comprehensive Loss. The investment is accounted for using the cost method as the Company has neither control nor significant influence over P.F. Chang's and is included in Investment in Unconsolidated Real Estate Affiliates on the Consolidated Balance Sheets. As of January 1, 2021, the Company conveyed North Point Mall to the property's lender in satisfaction of $247.0 million in outstanding debt. Accordingly, the Company recognized a gain of $13.1 million and $1.8 million included in gain on extinguishment of debt and gain on changes in control of investment properties, respectively on our Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021. As of January 1, 2021, the Company conveyed Florence Mall to the property's lender in satisfaction of $90.0 million in outstanding debt. Accordingly, the Company recognized a loss of $4.2 million included in Unconsolidated Real Estate Affiliates - gain (loss) on investment, net on our Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021. On May 27, 2020, the Company completed a restructuring with respect to Water Tower Place with its joint venture partner for nominal consideration and assumption of the partner’s share of the debt, resulting in the Company obtaining control of the entity with a total ownership percentage for the Company of 93.93%. Accordingly, the Company recognized a loss of $15.4 million included in loss from changes in control of investment properties on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2020. On March 11, 2020, BPR Nimbus LLC (an indirect subsidiary of the Company) purchased 690,427 shares of Series B Convertible Preferred Stock in Camp NYC, Inc. (par value $0.01 per share) at a price of approximately of $7.24 per share, for a $5.0 million total investment, resulting in a 5.5% ownership interest in Camp NYC, Inc. The investment is accounted for using the cost method (adjusted for impairment and observable price changes) as the Company has neither control nor significant influence over Camp NYC, Inc. and is included in Investment in Unconsolidated Real Estate Affiliates on the Consolidated Balance Sheets. On February 21, 2020, the Company completed the sale of eight outparcels for a gross sales price of $12.1 million, which resulted in a gain of $7.8 million included in Other Revenues on the Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2020. All of the eight outparcels were located at consolidated entities. On February 7, 2020, our joint venture partner at the SoNo Collection contributed $70.8 million in additional capital to the joint venture, resulting in a dilution of the Company’s ownership interest from 17.0% to 12.9%. On January 14, 2020, BPR Cumulus LLC (an indirect subsidiary of the Company) purchased 758,725 shares of Common Stock in Allied Esports Entertainment, Inc. (par value $0.01 per share) at a price of $6.59 per share, for a $5.0 million total investment. The investment was marked to fair value for the three and six months ended June 30, 2021 and 2020, respectively, which resulted in a loss of $0.4 million and a gain of $0.5 million, respectively and a gain of $0.4 million and a loss of $3.4 million, respectively, included in Unconsolidated Real Estate Affiliates - (loss) gain on investment, net on the Consolidated Statements of Operations and Comprehensive Loss. This investment resulted in a 3.2% ownership interest in Allied Esports Entertainment, Inc. The investment is accounted for at fair value as the Company has neither control nor significant influence over Allied Esports Entertainment, Inc. and is included in Investment in Unconsolidated Real Estate Affiliates on the Consolidated Balance Sheets. On January 9, 2020, the Company completed the sale of its 27.0% interest in Aero OpCo LLC ("Aeropostale") for a gross sales price of $36.0 million, which resulted in a gain on the sale of $15.1 million included in Unconsolidated Real Estate Affiliates - (loss) gain on investment, net on the Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2020. On January 9, 2020, the Company completed the sale of its 1.2% interest in Authentic Brands Group LLC ("ABG") for a gross sales price of $33.5 million, which resulted in a gain on the sale of $1.4 million included in Unconsolidated Real Estate Affiliates - (loss) gain on investment, net on the Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2020.

FAIR VALUE

FAIR VALUE	3 Months Ended
	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 June 30, 2021, no provisions for impairment were recognized. During the six months ended June 30, 2021, we recognized $107.0 million in impairment charges. During the three and six months ended June 30, 2020, we recognized $71.5 million in impairment charges. Total Fair Value Measurement Quoted Prices in Significant Other Significant Provisions for Impairment Six months ended June 30, 2021 Investments in real estate (1) $ 117,411 $ — $ 38,000 $ 79,411 $ 106,991 Three and six months ended June 30, 2020 Investments in real estate (1) $ 86,337 $ — $ — $ 86,337 $ 71,455 (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 Six months ended June 30, 2021 Discount rate 14.00% Terminal capitalization rate 9.50% Three and six months ended June 30, 2020 Discount rates 10.75% Terminal capitalization rate 9.50% 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 June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Carrying Amount (1) Estimated Fair Carrying Amount (2) Estimated Fair Fixed-rate debt $ 8,400,542 $ 8,365,289 $ 8,581,538 $ 8,556,275 Variable-rate debt 7,371,694 7,452,495 7,533,048 7,583,107 $ 15,772,236 $ 15,817,784 $ 16,114,586 $ 16,139,382 (1) Includes net market rate adjustments of $2.3 million and deferred financing costs of $95.3 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 June 30, 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.

UNCONSOLIDATED REAL ESTATE AFFI

UNCONSOLIDATED REAL ESTATE AFFILIATES	6 Months Ended
	Jun. 30, 2021
UNCONSOLIDATED REAL ESTATE AFFILIATES
UNCONSOLIDATED REAL ESTATE AFFILIATES	UNCONSOLIDATED REAL ESTATE AFFILIATES Following is summarized financial information for all of our real estate related Unconsolidated Real Estate Affiliates accounted for using the equity method and a reconciliation to our total investment in Unconsolidated Real Estate Affiliates. The reconciliation to our total investment in Unconsolidated Real Estate Affiliates is inclusive of investments accounted for using the cost method (adjusted for impairment and observable price changes) (Note 2). June 30, 2021 December 31, 2020 Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates Assets: Land $ 3,432,054 $ 3,436,531 Buildings and equipment 21,837,802 21,861,373 Less accumulated depreciation (4,901,207) (4,584,222) Construction in progress 321,274 360,681 Net investment in real estate 20,689,923 21,074,363 Cash and cash equivalents 583,913 601,138 Accounts receivable, net 540,523 684,035 Notes receivable 19,656 20,490 Deferred expenses, net 367,195 387,073 Prepaid expenses and other assets 557,041 592,288 Total assets $ 22,758,251 $ 23,359,387 Liabilities and Owners' Equity: \ Mortgages, notes and loans payable $ 14,582,418 $ 14,648,187 Accounts payable, accrued expenses, and other liabilities 897,951 996,380 Cumulative effect of foreign currency translation ("CFCT") — (29,453) Owners' equity, excluding CFCT 7,277,882 7,744,273 Total liabilities and owners' equity $ 22,758,251 $ 23,359,387 Investment in Unconsolidated Real Estate Affiliates, Net: Owners' equity $ 7,277,882 $ 7,714,820 Less: joint venture partners' equity (4,099,387) (4,317,525) Plus: excess investment/basis differences 791,878 761,503 Investment in Unconsolidated Real Estate Affiliates, net (equity method) 3,970,373 4,158,798 Investment in Unconsolidated Real Estate Affiliates, net (securities) 34,766 33,102 Investment in Unconsolidated Real Estate Affiliates, net $ 4,005,139 $ 4,191,900 Reconciliation - Investment in Unconsolidated Real Estate Affiliates: Asset - Investment in Unconsolidated Real Estate Affiliates $ 4,153,575 $ 4,342,995 Liability - Investment in Unconsolidated Real Estate Affiliates (148,436) (151,095) Investment in Unconsolidated Real Estate Affiliates, net $ 4,005,139 $ 4,191,900 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Condensed Combined Statements of Loss - Unconsolidated Real Estate Affiliates Revenues: Rental revenues, net $ 457,311 $ 493,673 $ 919,676 $ 1,044,268 Condominium sales 2,796 — 2,796 16,215 Other 10,441 7,810 20,258 25,955 Total revenues 470,548 501,483 942,730 1,086,438 Operating Expenses: Real estate taxes 49,804 52,681 99,808 111,040 Property maintenance costs 10,106 10,728 22,636 23,658 Marketing 2,899 2,788 8,096 9,114 Other property operating costs 72,367 59,521 141,224 135,504 Condominium cost of sales 1,638 6 1,664 9,924 Property management and other costs (1) 23,261 13,684 49,256 39,193 General and administrative 4,208 563 4,991 970 Provision for impairment — 83,917 6,677 83,917 Depreciation and amortization 220,131 223,059 430,838 452,209 Total operating expenses 384,414 446,947 765,190 865,529 Interest income 3,610 1,163 3,861 3,715 Interest expense (168,750) (163,794) (334,582) (333,612) Provision for income taxes (377) (328) (676) (831) Loss from continuing operations (79,383) (108,423) (153,857) (109,819) Allocation to noncontrolling interests 5 (12) 153 (24) Net loss attributable to the ventures $ (79,378) $ (108,435) $ (153,704) $ (109,843) Equity In Loss of Unconsolidated Real Estate Affiliates: Net loss attributable to the ventures $ (79,378) $ (108,435) $ (153,704) $ (109,843) Joint venture partners' share of loss 46,308 58,733 88,602 62,531 Amortization of capital or basis differences (7,175) (6,724) (9,596) (13,957) Equity in loss of Unconsolidated Real Estate Affiliates $ (40,245) $ (56,426) $ (74,698) $ (61,269) (1) Includes management fees charged to the unconsolidated joint ventures by BPRRS and BPRI. The Unconsolidated Real Estate Affiliates represent our investments in real estate joint ventures that are not consolidated. We hold interests in 23 domestic joint ventures, comprising 57 U.S. retail properties. Generally, we share in the profits and losses, cash flows and other matters relating to our investments in Unconsolidated Real Estate Affiliates in accordance with our respective ownership percentages. We manage most of the properties owned by these joint ventures. We account for investments in joint ventures where we own a non-controlling joint interest using either the equity method or the cost method (adjusted for impairment and observable price changes). If we have significant influence but not control over the investment, we utilize the equity method. If we have neither control nor significant influence, we utilize the cost method. If we control the joint venture, we account for the venture as a consolidated investment. As of June 30, 2021, the balance of ROU assets was $67.1 million, net and lease liabilities of $69.3 million for 24 ground leases in the Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates under Topic 842, included in prepaid expenses and other assets and accounts payable, accrued expenses, and other liabilities, respectively. As of December 31, 2020, the balance of ROU assets was $67.7 million, net and lease liabilities was $69.9 million for 24 ground leases in the Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates under Topic 842, included in prepaid expenses and other assets and accounts payable, accrued expenses, and other liabilities, respectively. All of these leases are operating leases; we do not have any finance leases. On May 27, 2020, the Company acquired an additional ownership interest of 49.5% in the Water Tower Joint Venture from its joint venture partner for nominal consideration. Following this, the Company has a 93.93% ownership interest in the joint venture and its wholly owned subsidiary. During the three months ended June 30, 2021, we recorded no provisions for impairment. During the six months ended we recorded $6.7 million impairment charge on our Condensed Combined Statements of Income (Loss) - Unconsolidated Real Estate Affiliates related to one operating property. During the three and six months ended June 30, 2020, we recorded impairment charges of $83.9 million on our Condensed Combined Statements of Income (Loss) - Unconsolidated Real Estate Affiliates related to two operating properties . Unconsolidated Mortgages, Notes and Loans Payable, and Retained Debt Our proportionate share of the mortgages, notes and loans payable of the unconsolidated joint ventures was $6.9 billion as of June 30, 2021 and $6.9 billion as of December 31, 2020, including Retained Debt (as defined below). There can be no assurance that the Unconsolidated Properties will be able to refinance or restructure such debt on acceptable terms or otherwise, or that joint venture operations or contributions by us and/or our partners will be sufficient to repay such loans. On June 1, 2021, the Company closed on a new loan at Fashion Place in the amount of $290.0 million at LIBOR plus 3.53% which matures on June 9, 2026. The loan replaced the previous loan in the amount of $226.7 million which matured on June 1, 2021. The origination of the loan incurred fees of $4.5 million, and an upfront reserve of $2.6 million. On May 14, 2021, the Company closed on a new loan at Willowbrook Mall in the amount of $155.0 million at LIBOR plus 3.68% which matures on June 9, 2026. The new loan replaced the previous loan in the amount of $177.5 million which matured on June 5, 2021. The origination of the loan incurred fees of $3.9 million, and an upfront reserve of $1.7 million. On May 4, 2021, the Company closed on a new loan at Whalers Village in the amount of $83.5 million at LIBOR plus 2.50% which matures on May 4, 2024. The loan replaced the previous loan in the amount of $80.0 million which was scheduled to mature on January 6, 2022. The origination of the loan incurred fees of $0.9 million as well as an upfront minimum liquidity reserve of $2.5 million. As of January 1, 2021, the Company conveyed Florence Mall to the lender in satisfaction of $90.0 million in outstanding debt. Accordingly, the Company recognized a loss of $4.2 million included in Unconsolidated Real Estate Affiliates - gain (loss) on investment, net on our Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021. On February 28, 2020, the Company closed a new loan at the Miami Design District joint venture in the amount of $500.0 million with an interest rate of 4.13%, which matures on March 1, 2030. The loan replaced the previous debt of $480.0 million with an interest rate of LIBOR plus 2.50% that was scheduled to mature on May 14, 2021. As a result of the refinancing, the joint venture incurred $3.7 million of deferred financing costs that were capitalized. During the six months ended June 30, 2021, the Company suspended equity contributions to make contractual interest and/or principal payments on six property level mortgages, including two mortgages that are in maturity default. During the year ended December 31, 2020, the Company suspended equity contributions to make contractual interest and/or principal payments on eight property level mortgages. The Company is currently engaging in negotiations with the creditors on these mortgages to obtain potential lender concessions or other relief. If the Company is unsuccessful in obtaining concessions from these creditors, it is possible that the property securing these loans would be transferred to the lenders. In such circumstances, the carrying value of the property may no longer be recoverable and may trigger an impairment charge. These mortgages are non-recourse and the creditors do not have security claims against the Company aside from the collateral property. During the six months ended June 30, 2021, the Company accrued $16.8 million of default interest related to these mortgages per contractual debt agreements. As of December 31, 2020, the Company accrued $26.8 million of default interest related to these mortgages per contractual debt agreements. In total at share, the Company suspended equity contributions to make contractual interest and/or principal payments on a total of $480.3 million of property level mortgages and the related Investment in Real Estate securing these loans has a carrying value of $445.3 million. We have debt obligations in excess of our pro rata share of the debt for one of our Unconsolidated Real Estate Affiliates ("Retained Debt"). This Retained Debt represents distributed debt proceeds of the Unconsolidated Real Estate Affiliates in excess of our pro rata share of the non-recourse mortgage indebtedness. The proceeds of the Retained Debt which were distributed to us are included as a reduction in our investment in Unconsolidated Real Estate Affiliates. We had Retained Debt of $79.9 million at one property as of June 30, 2021, and $79.7 million as of December 31, 2020. We are obligated to contribute funds on an ongoing basis, as needed, to our Unconsolidated Real Estate Affiliates in amounts sufficient to pay debt service on such Retained Debt. If we do not contribute such funds, our interest in or our distributions from such Unconsolidated Real Estate Affiliates could be reduced to the extent of such deficiencies. As of June 30, 2021, we do not anticipate an inability to perform on our obligations with respect to Retained Debt.

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
MORTGAGES, NOTES AND LOANS PAYABLE	MORTGAGES, NOTES AND LOANS PAYABLE Mortgages, notes and loans payable and the weighted-average interest rates are summarized as follows: June 30, 2021 (1) Weighted-Average December 31, 2020 (3) Weighted-Average Fixed-rate debt: Collateralized mortgages, notes and loans payable $ 7,466,539 4.14 % $ 7,649,040 4.19 % Senior secured notes - silver bonds 934,003 5.75 % 932,498 5.75 % Total fixed-rate debt 8,400,542 4.32 % 8,581,538 4.36 % Variable-rate debt: Collateralized mortgages, notes and loans payable (4) 2,264,233 3.94 % 2,534,781 4.01 % Unsecured corporate debt (5) 5,107,461 2.74 % 4,998,267 2.80 % Total variable-rate debt 7,371,694 3.11 % 7,533,048 3.21 % Total Mortgages, notes and loans payable $ 15,772,236 3.75 % $ 16,114,586 3.82 % Junior subordinated notes $ 206,200 1.64 % $ 206,200 1.66 % (1) Includes $2.3 million of market rate adjustments and $95.3 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) $1.0 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. Collateralized Mortgages, Loan Extension, Notes and Loans Payable As of June 30, 2021, $15.1 billion of land, buildings and equipment (before accumulated depreciation) and construction in progress have been pledged as collateral for our mortgages, notes and loans payable. Certain of these consolidated secured loans, representing $1.0 billion of debt, are cross-collateralized. Although a majority of the $9.7 billion of fixed and variable rate collateralized mortgages, notes and loans payable are non-recourse, $637.4 million of such mortgages, notes and loans payable are recourse to the Company as guarantees on secured financings. In addition, certain mortgage loans contain other credit enhancement provisions which have been provided by BPYU. Certain mortgages, notes and loans payable may be prepaid but are generally subject to a prepayment penalty equal to a yield-maintenance premium, defeasance or a percentage of the loan balance. During the six months ended June 30, 2021, the Company suspended equity contributions to make contractual interest and/or principal payments on six consolidated property level mortgages, including two mortgages that are in maturity default. During the year ended December 31, 2020, the Company suspended equity contributions to make contractual interest and/or principal payments on ten property level mortgages. The Company is currently engaging in negotiations with the creditors on these mortgages to obtain potential lender concessions or other relief. If the Company is unsuccessful in obtaining concessions from these creditors, it is possible that the property securing these loans would be transferred to the lenders. In such circumstances, the carrying value of the property may no longer be recoverable and may trigger an impairment charge. These mortgages are non-recourse and the creditors do not have security claims against the Company aside from the collateral property. During the six months ended June 30, 2021, the Company accrued $7.3 million of default interest related to these mortgages per contractual debt agreements. As of December 31, 2020, the Company had accrued $19.8 million of default interest related to these mortgages per contractual debt agreements. As of June 30, 2021, the Company suspended equity contributions to make contractual interest and/or principal payments on a total of $705.9 million of consolidated property level mortgages and the related investment in real estate securing these loans has a carrying value of $737.1 million. On May 28, 2021, the Company paid off the loan at Deerbrook Mall i n the amount of $127.9 million. The transaction incurred debt extinguishment costs in the amount of $1.3 million. On April 20, 2021, the Company closed on a new $1.0 billion loan secured by cross-collateralized mortgages at 16 properties with an interest rate of LIBOR plus 3.25% which matures on April 20, 2024. The loan replaced the previous loan which was encumbered by a $1.3 billion mortgage and matured on April 23, 2021. The origination of the loan incurred fees of $8.2 million, includes an additional property as collateral, as well as an upfront working capital reserve of $5.0 million. As of January 1, 2021, the Company conveyed North Point Mall to the property's lender in satisfaction of $247.0 million in outstanding debt. Accordingly, the Company recognized a gain of $13.1 million and $1.8 million included in gain on extinguishment of debt and gain on changes in control of investment properties, respectively on our Consolidated Statements of Operations and Comprehensive Loss for the six months ended June 30, 2021. During the year ended December 31, 2020, the Company completed the following transactions: • Three-year extension of the indebtedness on Fox River Mall in amount of $187.0 million with a maturity date of June 1, 2024. The transaction incurred fees in the amount of $3.1 million, due on December 31, 2020. • One-year extension of a $1.3 billion loan secured by cross-collateralized mortgages on 15 properties with an interest rate of LIBOR plus 1.75%, which matured on April 25, 2021. An extension fee of $1.6 million was paid in conjunction with the extension. Corporate and Other Unsecured Loans We have certain debt obligations, the terms of which are described below: June 30, 2021 (1) Weighted-Average December 31, 2020 (2) Weighted-Average Corporate debt: Senior secured corporate debt $ 5,162,855 2.74 % $ 5,064,522 2.80 % Senior secured notes - silver bonds 945,360 5.75 % 945,360 5.75 % Total corporate debt $ 6,108,215 3.21 % $ 6,009,882 3.26 % (1) Excludes deferred financing costs of $66.8 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. On May 24, 2020, the Company executed a series of transactions to repurchase corporate debt on the open market, funded by intercompany loans from BPY. The total amounts of debt repurchased had a par value of $59.6 million, and a cash repurchase price of $45.3 million. Following each repurchase, the repurchased debt is formally cancelled. As a result of the debt repurchase and cancellation, the Company recognized a gain of $14.3 million included in Gain on extinguishment of debt on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2020. On May 1, 2019, the Company and BPR Cumulus LLC, BPR Nimbus LLC and GGSI Sellco LLC (each, an indirect subsidiary of the Company) issued $1.0 billion aggregate principal amount of 5.75% Senior Secured Notes - Silver Bonds due 2026. The notes bear interest at an annual rate of 5.75% payable on May 15 and November 15 of each year, beginning on November 15, 2019 and will mature on May 15, 2026. During the year ended December 31, 2020, the Company made principal payments totaling $54.6 million. T he remaining outstanding balance as of June 30, 2021 was $945.4 million. On June 25, 2019, the Company secured a $70.5 million subordinated unsecured note with Brookfield BPY Holdings Inc., a related party. The note bore interest at a rate equal to LIBOR plus 2.75% and was scheduled to mature on June 25, 2029. During the year ended December 31, 2020, the Company repaid this loan in full. On February 10, 2020, the Company secured an additional $27.0 million subordinated unsecured note with Brookfield BPY Holdings Inc. The note bears interest at rate equal to LIBOR plus 2.75%, and matures on February 10, 2030. On August 27, 2020, the Company made a principal payment of $19.5 million. On March 25, 2020, the Company secured another $29.0 million note. The note bears interest at rate equal to LIBOR plus 2.75%, and matures on March 25, 2030. On May 19, 2020, the Company secured an additional $25.0 million subordinated unsecured note with Brookfield BPY Holdings Inc., and another $45.0 million on May 22, 2020. The notes were repaid in full on June 18, 2020 and July 16, 2020, respectively. On June 25, 2020, the Company secured another $25.0 million subordinated unsecured note at an interest rate equal to LIBOR plus 1.94% that is scheduled to mature on August 27, 2022. On April 29, 2021, the Company secured a $100.0 million note with Brookfield BPY Holdings Inc., a related party. The note bears interest at a rate equal LIBOR plus 2.69%, and was repaid in full on May 11, 2021. The total outstanding balance of the notes as of June 30, 2021 was $63.8 million, including $2.4 million of payment-in-kind interest. The Company entered into a new credit agreement (the "Credit Agreement") dated as of August 24, 2018 consisting of a revolving credit facility (the "Facility"), Term A-1 and A-2 loans, and a Term B loan. The Facility provides for revolving loans of up to $1.5 billion and borrowings bear interest at a rate equal to LIBOR plus 2.25%. The Facility is scheduled to mature in August 2022 and had outstanding borrowings of $1.2 billion as of June 30, 2021 .The Term A-1 Loan had a total commitment outstanding of $900.0 million, with $700.0 million attributable to BPYU and $200.0 million attributable to an affiliate, and is scheduled to mature in August 2021, bearing interest at a rate equal to LIBOR plus 2.25%. During the six months ended June 30, 2021, BPYU paid off the Term A-1 loan in the amount of $21.0 million. The Term A-2 Loan has a total commitment outstanding of $2.0 billion and is scheduled to mature in August 2023, bearing interest at a rate equal to LIBOR plus 2.25%. During the six months ended June 30, 2021, the Company made principal payments in the total amount of $76.5 million, and the outstanding balance at June 30, 2021 was $1,923.5 million. The Term B Loan has a total commitment outstanding of $2.0 billion and is scheduled to mature in August 2025 bearing interest at a rate equal to LIBOR plus 2.50%. During the six months ended June 30, 2021, the Company made a principal payment in the amount of $10.0 million. The total outstanding balance of the Term B loan as of June 30, 2021 was $1,940.0 million. The Term A-1, A-2, and B Loans are contractually obligated to be prepaid through net proceeds from property level refinances and asset sales as outlined in the Credit Agreement. The Credit Agreement contains certain restrictive covenants which limit material changes in the nature of our business conducted, including, but not limited to, mergers, dissolutions or liquidations, dispositions of assets, liens, incurrence of additional indebtedness, dividends, transactions with affiliates, prepayment of subordinated debt, negative pledges and changes in fiscal periods. In addition, we are required to maintain compliance with certain financial covenants related to a maximum net debt-to-value ratio and a minimum fixed-charge-coverage ratio, as defined in the Credit Agreement. On July 29, 2020, the Company entered into the First Amendment of its Credit Agreement in order to give effect to certain amendments, including, but not limited to the following: • The lenders have agreed to certain covenant relief in respect of the financial covenants through the fiscal quarter ending June 30, 2021 (the “Covenant Relief Period”). The maximum total indebtedness to value ratio financial maintenance covenant is being eliminated permanently. The minimum fixed charge coverage ratio is being reduced to 1.20x during the Covenant Relief Period and increasing to 1.35x thereafter. • The Company agreed to maintain an ongoing liquidity covenant (set at $500 million) which will be tested as of the last day of each month against the amount of unrestricted cash, undrawn available amounts under the Facility and undrawn amounts under the new Brookfield Liquidity Facility. The Company will enter into and maintain a $500 million Brookfield Liquidity Facility (the “Brookfield Liquidity Facility”) and prior to the date the Company demonstrates compliance with the financial covenants in effect under the Credit Agreement prior to the First Amendment, any interest and principal payments thereunder must be paid-in-kind. • The Company will be required to "match-fund" drawings under the Facility in excess of $1.0 billion using proceeds of either the Brookfield Liquidity Facility or issuances of qualified equity interests. The match-funding requirement will be required to be made (i) monthly, whereby any drawing during that month is in excess of the prior highest balance of the revolver (in excess of $1.0 billion), (ii) within 10 business days of a request from the agent if as of any day during a month, the excess draw amount would exceed $10 million and (iii) at any time of request for a revolving loan that the excess would be $100 million or greater (which would be match-funded substantially concurrently with the requested revolving loan draw). • The Company will also be required to make additional prepayments of the Term A-2 loan with proceeds of certain equity, debt issuances and asset sales. • The Company also agreed to a number of additional restrictions, including restrictions on incurring additional indebtedness, making of certain restricted payments and the use of proceeds under the revolving facility, which will apply either through the end of the Covenant Relief Period – and in the case of certain provisions, until the Company demonstrates compliance with the financial covenants in effect under the Credit Agreement prior to the First Amendment. As of June 30, 2021, we are not aware of any instances of non-compliance with such covenants. Though there is potential for a risk of default (See Note 17 for discussion specific to COVID-19), in the event the Company fails to maintain compliance with its financial covenants, the Credit Agreement provides for a cure period, during which the Company has the opportunity to raise additional cash and reduce net debt balance, such as through capital contributions from BPY, or disposition of assets. Management has determined that in the event of a default, it is probable that these market-based alternatives would be available, and that these actions would provide the necessary cash flows to prevent or cure an event of default, although there is no guarantee that these market-based alternatives would be available. Junior Subordinated Notes GGP Capital Trust I, a Delaware statutory trust (the "Trust"), completed a private placement of $200.0 million of trust preferred securities ("TRUPS") in 2006. The Trust also issued $6.2 million of common securities to BPROP. The Trust used the proceeds from the sale of the TRUPS and common securities to purchase $206.2 million of floating rate junior subordinated notes of BPROP due 2036. Distributions on the TRUPS are equal to LIBOR plus 1.45%. Distributions are cumulative and accrue from the date of original issuance. The TRUPS mature on April 30, 2036, but may be redeemed beginning on April 30, 2011 if the Trust exercises its right to redeem a like amount of junior subordinated notes. The junior subordinated notes bear interest at LIBOR plus 1.45% and are fully recourse to the Company. We have recorded the junior subordinated notes as a liability and our common equity interest in the Trust as prepaid expenses and other assets in our Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020. Letters of Credit and Surety Bonds We had outstanding letters of credit and surety bonds of $48.6 million as of June 30, 2021 and $50.1 million as of December 31, 2020. These letters of credit and bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. We are not aware of any instances of material non-compliance with our financial covenants related to our mortgages, notes and loans payable as of June 30, 2021.

LEASES

LEASES	6 Months Ended
	Jun. 30, 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 June 30, 2021, the balance of ROU assets was $387.9 million, net and lease liabilities of $72.9 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 June 30, 2021 is as follows: Year Amount Remainder of 2021 $ 4,731 2022 9,704 2023 9,968 2024 10,200 2025 10,439 2026 10,684 2027 and thereafter 144,328 Total undiscounted lease payments 200,054 Less: Present value adjustment (127,165) Total lease liability $ 72,889 Straight-line rent expense recognized for our consolidated operating leases is as follows: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Ground leases 1,775 1,772 3,549 4,171 Office leases 1,964 1,964 3,928 3,928 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 and six months ended June 30, 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 June 30, 2021 and June 30, 2020: June 30, 2021 June 30, 2020 Weighted-average remaining lease term (years) 23.3 23.2 Weighted-average discount rate 7.70% 7.68% Supplemental disclosure for the consolidated statements of cash flows: Cash paid for amounts included in the measurement of lease liabilities $4,739 $4,639 Lessor arrangements We own a property portfolio comprised primarily of Class A retail properties and lease this retail space to tenants. As of June 30, 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 June 30, 2021 is as follows: Year Amount Remainder of 2021 $ 503,139 2022 932,408 2023 816,610 2024 689,686 2025 572,729 2026 478,465 Subsequent 1,415,080 $ 5,408,117 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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Minimum rents, billed $ 240,489 $ 249,461 $ 475,791 $ 502,971 Tenant recoveries, billed 90,313 97,851 181,603 196,896 Lease termination income, billed 2,677 1,512 13,016 2,367 Overage rent, billed 6,358 100 12,950 5,493 COVID-19 rent abatements granted (20,223) (85) (56,382) (85) Total contractual operating lease billings 319,614 348,839 626,978 707,642 Adjustment to recognize contractual operating lease billings on a straight-line basis 3,790 (291) 17,888 4,186 Above and below-market tenant leases, net 2,451 7,279 7,741 802 Less provision for doubtful accounts (1,906) (14,754) (1,735) (19,728) Total rental revenues, net $ 323,949 $ 341,073 $ 650,872 $ 692,902 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, 74.1% and 72.7% are fixed lease payments for the three and six months ended June 30, 2021, and 82.5% and 81.0% are fixed lease payments for the three and six months ended June 30, 2020, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 June 30, 2021.

EQUITY AND REDEEMABLE NONCONTRO

EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS	EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS Allocation to Noncontrolling Interests Noncontrolling interests consists of the redeemable interests related to BPROP Common, Preferred, and LTIP Units and the noncontrolling interest in our consolidated joint ventures. The following table reflects the activity included in the allocation to noncontrolling interests. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Distributions to preferred BPROP units ("Preferred Units") $ (621) $ (906) $ (1,545) $ (1,816) Net loss allocated to noncontrolling interest in consolidated real estate affiliates 27,794 335 81,707 9,365 Net loss allocated to noncontrolling interest of the Operating Partnership (1) (13,394) 23,126 (39,953) 33,628 Allocation to noncontrolling interests 13,779 22,555 40,209 41,177 Other comprehensive loss allocated to noncontrolling interests (1,852) 1,626 (1,962) 1,626 Comprehensive loss allocated to noncontrolling interests $ 11,927 $ 24,181 $ 38,247 $ 42,803 _______________________________________________________________________________ (1) Represents the noncontrolling interest of our institutional investor. Noncontrolling Interests The noncontrolling interest related to the Common, Preferred, and LTIP Units of BPROP are presented either as redeemable noncontrolling interests in mezzanine equity or as noncontrolling interests in our permanent equity on our Consolidated Balance Sheets. Classification as redeemable or permanent equity is considered on a tranche-by-tranche basis and is dependent on whether we could be required, under certain events outside of our control, to redeem the securities for cash by the holders of the securities. Those tranches for which we could be required to redeem the security for cash are included in redeemable equity. If we control the decision to redeem the securities for cash, the securities are classified as permanent equity. The redeemable Common and Preferred Units of BPROP are recorded at the greater of the carrying amount adjusted for the noncontrolling interest’s share of the allocation of income or loss (and its share of other comprehensive income or loss) and dividends or their redemption value (i.e. fair value) as of each measurement date. The excess of the fair value over the carrying amount from period to period is recorded within additional paid-in capital in our Consolidated Balance Sheets. Allocation to noncontrolling interests is presented as an adjustment to net income (loss) to arrive at net income (loss) attributable to BPYU. The preferred redeemable noncontrolling interests have been recorded at carrying value. Holders of Series B Preferred Units, Series D Preferred Units, Series E Preferred Units and Series G Preferred Units of BPROP are each entitled to periodic distributions at the rates set forth in the agreement of limited partnership of BPROP. Generally as of June 30, 2021, each Series K Preferred Unit of BPROP entitled its holder to distributions and a liquidation preference identical to those established for each share of BPYU's Class A Stock. The holders of Series L Preferred Units of BPROP are generally entitled to a pro rata distribution of an aggregate cash amount equal to the sum of (i) the aggregate cash dividends declared on all outstanding shares of BPYU's Class B Stock and (ii) the aggregate cash dividends declared on all outstanding shares of BPYU's Series B Preferred Stock. Holders of Common Units of BPROP are entitled to distributions of all or a portion of BPROP’s remaining net operating cash flow, when and as declared by BPROP’s general partner. However, the agreement of limited partnership of BPROP permits distributions solely to BPYU if such distributions were required to allow the Company to comply with the REIT distribution requirements or to avoid the imposition of excise tax. Noncontrolling Interests - Permanent As of June 30, 2021, there were 9,717.658 Series B Preferred Units of BPROP outstanding. The Series B Preferred Units have a carrying value of $50 per unit. Also, as of June 30, 2021, there were 776,734.3886 Common Units of BPROP outstanding and 315,992.1238 Series K Preferred Units of BPROP (held by former common unit holders). These Series K Units were established at $21 per unit and are not subject to adjustment based on fair value. Noncontrolling Interests - Redeemable The Series D Preferred Units of BPROP are convertible based on a conversion ratio of 1.50821, which is the quotient of the Series D Preferred Unit’s $50 liquidation preference and $33.151875 conversion price. As of June 30, 2021, upon conversion, each Series D Preferred Unit entitled its holder to (i) $21.9097 in cash, (ii) a number of Series K Preferred Units of BPROP equal to (x) 0.40682134 Series K Preferred Units (which is subject to adjustment), multiplied by (y) the Series D conversion ratio; and (iii) a number of Common Units of BPROP equal to (x) one Common Unit (which is subject to adjustment), multiplied by (y) the Series D conversion ratio. As of June 30, 2021, there were 532,749.6574 Series D Preferred Units of BPROP outstanding. The Series E Preferred Units of BPROP are convertible based on a conversion ratio of 1.29836, which is the quotient of the Series E Preferred Unit’s $50 liquidation preference and $38.51 conversion price. As of June 30, 2021, upon conversion, each Series E Preferred Unit entitled its holder to (i) $18.8613 in cash, (ii) a number of Series K Preferred Units of BPROP equal to (x) 0.40682134 Series K Preferred Units (which is subject to adjustment), multiplied by (y) the Series E conversion ratio; and (iii) a number of Common Units of BPROP equal to (x) one Common Unit (which is subject to adjustment), multiplied by (y) the Series E conversion ratio. As of June 30, 2021, there were 502,657.8128 Series E Preferred Units of BPROP outstanding. The holder of each Series K Preferred Unit of BPROP issued upon conversion of Series D Preferred Units or Series E Preferred Units of BPROP had the right to redeem such Series K Preferred Unit for a cash amount equal to the average closing price of BPYU’s Class A Stock for the five consecutive trading days ending on the date of the notice of redemption, provided that BPYU had the option to satisfy such redemption by delivering one share of BPYU’s Class A Stock. The holder of each Common Unit of BPROP issued upon conversion of Series D Preferred Units or Series E Preferred Units of BPROP had the right to redeem such Common Unit for a cash amount equal to $0.324405869, subject to adjustment. As of June 30, 2021, each LTIP Unit of BPROP was convertible into, and, except for the level of preference, entitled its holder to regular and liquidating distributions equivalent to that of 0.016256057 Series K Preferred Units, subject to adjustment. Each Series K Preferred Unit received by an LTIP holder in connection with the BPY Transaction of 2018 was redeemable for a cash amount equal to the average closing price of BPYU's Class A Stock for five consecutive trading days ending on the date of the notice of redemption, provided that BPYU had the option to satisfy such redemption by delivering one share of BPYU's Class A Stock. If the holders had requested redemption of the Class A Stock and Preferred Units as of June 30, 2021, the aggregate amount of cash the Company would have paid would have been $627.0 million and $51.8 million, respectively. The following table reflects the activity of the common redeemable noncontrolling interests for the three and six months ended June 30, 2021 and 2020. Balance at January 1, 2020 $ 62,235 Net loss (441) Series K Preferred Unit redemption (388) Balance at March 31, 2020 61,406 Net income 441 Series K Preferred Unit redemption (10) Balance at June 30, 2020 61,837 Balance at January 1, 2021 $ 60,826 Series K Preferred Unit redemption (373) Balance at March 31, 2021 $ 60,453 Series K Preferred Unit redemption (5,179) Balance at June 30, 2021 $ 55,274 Redeemable Class A Stock Class A Stock refers to the Company's Class A Stock, par value $0.01 per share, authorized and issued to GGP common stockholders that were unaffiliated with BPY as part of the BPY Transaction of 2018. Until July 27, 2021, following the BPY Transaction, our Class A Stock had traded on Nasdaq Global Select Market ("Nasdaq") under the symbol "BPYU" since March 2, 2020, prior to which it traded under the symbol "BPR". The following description of the Class A Stock describes the stock as of June 30, 2021 prior to the closing of the BPY Transaction. Each share of Class A Stock is entitled to cumulative dividends per share in a cash amount equal in value to the amount of any distribution made on a BPY limited partnership unit ("BPY unit"). In addition, each share of Class A Stock is exchangeable for one BPY unit or its cash equivalent (the form of payment to be determined by BPY or an affiliate, in its sole discretion). Such exchange and distribution rights are subject to adjustment in the event of certain dilutive or other capital events by BPY or BPYU. If and to the extent declared by the Company's board of directors, the record and payment dates for the dividends or other distributions upon the shares of Class A Stock, to the extent not prohibited by applicable law, is expected to be the same as the record and payment dates for the dividends or other distributions upon the BPY units. Pursuant to the terms of the Company's charter, all such dividends to holders of Class A Stock will be paid prior and in preference to any dividends or distributions on the Class B Stock, Series B Preferred Stock or Class C Stock will be fully declared and paid before any dividends are declared and paid or any other distributions are made on any Class B Stock, Series B Preferred Stock or Class C Stock. The holders of Class A Stock shall not be entitled to any dividends from BPYU other than the Class A dividend. Upon any liquidation, dissolution or winding up of the Company that is not a Market Capitalization Liquidation Event (as defined below) or substantially concurrent with the liquidation, dissolution or winding up of BPY, the holders of Class A Stock are entitled to a cash amount, for each share of Class A Stock, equal to the market price of one BPY unit (subject to adjustment in the event of certain dilutive or other capital events by BPY or BPYU) on the date immediately preceding announcement of such liquidation, dissolution or winding up, plus all declared and unpaid dividends. If, upon any such liquidation, dissolution or winding up, the assets of BPYU are insufficient to make such payment in full, then the assets of BPYU will be distributed among the holders of Class A Stock ratably in proportion to the full amounts to which they would otherwise be respectively entitled to receive. If the market capitalization of the Class A Stock (i.e., if the price per share of Class A Stock, multiplied by the number of shares of Class A Stock outstanding) averages, over any period of 30 consecutive trading days, less than one (1) billion dollars, the BPYU board will have the right to liquidate BPYU’s assets and wind up BPYU’s operations (a "Market Capitalization Liquidation Event"). Upon any Market Capitalization Liquidation Event, the holders of Class A Stock shall be entitled to a cash amount, for each share of Class A Stock, equal to the dollar volume-weighted average price of one BPY unit over the ten (10) trading days immediately following the public announcement of such Market Capitalization Liquidation Event, plus all declared and unpaid dividends. If, upon any such Market Capitalization Liquidation Event, the assets of BPYU are insufficient to make such payment in full, then the assets of BPYU will be distributed among the holders of Class A Stock ratably in proportion to the full amounts which they would otherwise be respectively entitled to receive. Notwithstanding the foregoing, upon any Market Capitalization Liquidation Event, BPY may elect to exchange all of the outstanding shares of the Class A Stock for BPY units on a one-for-one basis, subject to adjustment in the event of certain dilutive or other capital events by BPY or BPYU. Holders of Class A Stock shall have the right to exchange all or a portion of their Class A Stock for cash at a price equal to the value of an equivalent number of BPY units, subject to adjustment in the event of certain dilutive or other capital events by BPY or BPYU. Upon receipt of a request for exchange, BPYU will deliver a notice of exchange to BPY within one (1) business day and will have ten (10) business days to deliver the cash amount to the tendering holder. Upon receipt of the notice of exchange, BPY or an affiliate may elect to satisfy BPYU’s exchange obligation by exchanging all of the shares of the Class A Stock tendered for BPY units on a one-for-one basis. This initial one-for-one conversion factor is subject to adjustment in the event of certain dilutive or other capital events by BPY or BPYU. If so elected, BPY will have to satisfy such obligation within ten (10) business days from the date of the notice of exchange. If BPY exercises its right to assume the exchange obligation, units of BPY units will be delivered in exchange for the Class A Stock and such Class A Stock will automatically be converted into Class B Stock. As there are certain events outside of the Company’s control whereby it could be required to redeem the Class A Stock for cash by the holders of the securities, the Class A Stock is included in redeemable equity. Accordingly, the Class A Stock are recorded at the greater of the carrying amount or their redemption value (i.e. fair value) as of each measurement date. The excess of the fair value over the carrying amount from period to period is recorded within additional paid-in capital in the Company’s Consolidated Balance Sheets. There is no adjustment within additional paid-in capital for the Class A stock when the fair value is less than the carrying value. Class B Stock The Company’s shareholders approved the amendment and restatement of the Company’s charter at its annual stockholder meeting on June 19, 2019 (the "Restated Charter"), which became effective on June 26, 2019 and, among other things, authorized the Company’s issuance of up to 965,000,000 shares of a new class of stock called Class B-2 Stock, par value of $0.01 per share. Each share of Class B-2 Stock shall have terms (including the same powers, preferences and relative, participating, optional and other special rights, and qualifications, limitations and restrictions) identical to the terms of a share of Class B-1 Stock other than voting rights. The following description sets forth certain general terms and provisions of the Company's Class B-1 Stock and Class B-2 Stock (together the "Class B Stock"). Pursuant to the Restated Charter and subject to the prior rights of holders of all classes, including the Class A Stock, and any series of preferred stock at the time outstanding having prior rights as to dividends, each share of Class B Stock entitles its holder to cumulative dividends per share in a cash amount at a rate of 6.5% per year of the Class B liquidation amount per share (which rate was 10.0% per year until the effective date of the Restated Charter on June 26, 2019) equal to $21.39 per share. On October 18, 2018, each holder of the Class B-1 Stock hereby irrevocably waived, all of its right, title and interest in and to 2.5% of the dividend rate, including without elimination all rights and entitlement to payment of such amounts. This partial dividend waiver resulted in a 7.5% effective rate per year of the Class B Liquidation Amount per share and was terminated upon the effectiveness of the Restated Charter. Dividends on the Class B Stock may also be paid by an in-kind distribution of additional shares of Class B Stock or any other class of shares of capital stock of BPYU ranking junior to the Class A Stock. Dividends on the Class B Stock shall be cumulative and shall be payable quarterly in arrears, when, as and if declared by the Company's Board of Directors with respect to dividends on the Class B Stock. Holders of the Class B Stock are not entitled to receive dividends, redemptions or other distributions: (i) unless and until (a) BPYU has paid the aggregate dividends owed to the holders of Class A Stock and (b) the dividend coverage ratio (as defined below) is equal to or greater than 1.25:1, (ii) if any tendering holder of Class A Stock has not received the cash or BPY units due upon exchange or (iii) if holders of Class A Stock are owed cash in the event of an adjustment to the conversion factor. The dividend coverage ratio is referred to as a ratio of (i) BPYU’s funds from operations, as calculated in accordance with the definition of funds from operations used by the National Association of Real Estate Investment Trusts ("Nareit"), for the immediately preceding fiscal quarter, to (ii) the product of (a) the amount of the most recent regular quarterly distribution declared by BPY on each BPY unit, times (b) the number of shares of Class A Stock outstanding at such time. Series B Preferred Stock The following description sets forth certain general terms and provisions of the Series B Preferred Stock, par value $0.01 per share, of the Company (the "Series B Preferred Stock"). Pursuant to the Restated Charter and subject to the prior rights of holders of all classes, including the Class A Stock, Class B Stock and any series of preferred stock at the time outstanding having prior rights as to dividends, each share of Series B Preferred Stock will entitle its holder to cumulative dividends per share in a cash amount at a rate of 8.65% per year of the Class B liquidation amount per share (which rate was 10.0% until the effective date of the Restated Charter on June 26, 2019), with such Class B liquidation amount per share equal to $21.39. Dividends on the Series B Preferred Stock may also be paid by an in-kind distribution of additional shares of Series B Preferred Stock or any other class of shares of capital stock of BPYU ranking junior to the Class A Stock and Class B Stock. Dividends on the Series B Preferred Stock shall be cumulative and shall be payable quarterly in arrears, when, as and if declared by the Company's Board of Directors with respect to dividends on the Series B Preferred Stock. Holders of the Series B Preferred Stock are not entitled to receive dividends, redemptions or other distributions: (i) unless and until (a) BPYU has paid the aggregate dividends owed to the holders of Class A Stock and Class B Stock and (b) the dividend coverage ratio (as defined below) is equal to or greater than 1.25:1, (ii) if any tendering holder of Class A Stock has not received the cash or BPY units due upon exchange or (iii) if holders of Class A Stock are owed cash in the event of an adjustment to the conversion factor. The dividend coverage ratio is referred to as a ratio of (i) BPYU’s funds from operations, as calculated in accordance with the definition of funds from operations used by Nareit, for the immediately preceding fiscal quarter, to (ii) the product of (a) the amount of the most recent regular quarterly distribution declared by BPY on each BPY unit, times (b) the number of shares of Class A Stock outstanding at such time. Class C Stock Class C Stock refers to the Company's Class C Stock, par value $0.01 per share, authorized as part of the BPY Transaction of 2018. Pursuant to the amended charter and subject to the prior rights of holders of all classes, including the holders of Class A Stock, Class B Stock, Series B Preferred Stock and any series of preferred stock at the time outstanding having prior rights as to dividends, each share of Class C Stock will entitle its holder to dividends when, as and if declared by the Company's Board of Directors out of any assets of BPYU legally available therefore. The record and payment date for dividends on shares of Class C Stock shall be such date that the Company's Board of Directors shall designate. Notwithstanding the foregoing, holders of the Class C Stock are not entitled to receive dividends, redemptions or other distributions: (i) unless and until (a) BPYU has paid the aggregate dividends owed to the holders of Class A Stock and (b) the dividend coverage ratio is equal to or greater than 1.25:1, (ii) if any tendering holder of Class A Stock has not received the cash or BPY units due upon exchange, (iii) if holders of Class A Stock are owed cash in the event of an adjustment to the conversion factor or (iv) unless and until the full cumulative dividends on the Class B Stock and Series B Preferred Stock for all past dividend periods and any current dividend periods have been (or contemporaneously are) (a) declared or paid in cash or (b) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. Voting Rights Stock Class Authorized Issued Shares Outstanding Votes per Share Class A Stock 4,517,500,000 34,971,769 33,089,027 1:1 Class B-1 Stock 4,517,500,000 224,949,583 224,949,583 1:1 Class B-2 Stock 965,000,000 121,203,654 121,203,654 0:1 Series B Preferred Stock 425,000,000 202,438,184 202,438,184 1:1 Class C Stock 1,000,000,000 640,051,301 640,051,301 1:1 All share counts in table above are as of June 30, 2021. Class A Stock Dividend 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 Our Board of Directors did not declare a dividend on Class A Stock during the three months ended June 30, 2021. Class A Stock Repurchases and Conversions In the first quarter of 2020, BPYU purchased 855,000 shares of Class A Stock and deposited them in a trust account maintained by the Company's transfer agent for the benefit of individuals who received grants of restricted shares of Class A Stock pursuant to the Brookfield Property Group Restricted BPR Class A Stock Plan (the "Restricted Stock Plan"). These shares were purchased at an average price of $18.57 per share for an aggregate cost of approximately $15.87 million. On August 5, 2020, the Company’s Board of Directors authorized the repurchase of the greater of (i) 5% of the Company’s Class A Stock that are issued or outstanding or (ii) 10% of its public float of Class A Stock over the next 12 months from time to time as market conditions warrant. On August 18, 2020, a total of 7,321,155 shares of Class A stock were properly tendered for an aggregate cost of approximately $87.9 million, equal to $12.00 per share. In the third quarter of 2020, BPYU purchased for cancellation 2,606,289 shares of Class A Stock at an average purchase price of $11.46 per share for an aggregate cost of approximately $29.87 million. In the first quarter of 2021, BPYU purchased 841,950 shares of Class A Stock and deposited them in a trust account maintained by the Company's transfer agent for the benefit of individuals who received grants of restricted shares of Class A Stock pursuant to the Restricted Stock Plan. These shares were purchased at an average price of $18.56 per share for an aggregate cost of approximately $15.63 million. During the six months ended June 30, 2021, there were 5,567,476 shares of Class A Stock converted to 4,853,955 shares of Class B-1 Stock, at a weighted average price of $18.65 and $21.39, respectively. Class B Stock and Series B Preferred Stock Dividends Our Board of Directors did not declare dividends on Class B-1 Stock, Class B-2 Stock, or Series B Preferred Stock during the six months ended June 30, 2021 or in 2020. Class B-1 Stock Issuance & Repurchase In the third quarter 2020, BPYU issued 19,367,288 shares of Class B-1 Stock to BPR FIN I Subco LLC, a related party, due to total contributions of $414.3 million, equal to $21.39 per share. In the first quarter 2021, BPYU issued 1,379,150 shares of Class B-1 Stock to BPR FIN I Subco LLC, a related party, due to total contributions of $29.5 million, equal to $21.39 per share. During the three months ended June 30, 2021, BPYU issued 16,316,037 shares of Class B-1 Stock to BPR FIN I Subco LLC, a related party, due to total contributions of $349 million, equal to $21.39 per share. Preferred Stock On February 13, 2013, we issued, in a public offering, 10,000,000 shares of 6.375% Series A Cumulative Perpetual Preferred Stock (the "Pre-Merger Preferred Stock") at a price of $25.00 per share, resulting in net proceeds of $242.0 million after issuance costs. In connection with the BPY Transaction of 2018, each share of Pre-Merger Preferred Stock was converted into one share of 6.375% Series A cumulative redeemable preferred stock of BPYU (the "Series A Preferred Stock"). The Company's Series A Preferred Stock is listed on Nasdaq. Our Series A Preferred Stock has traded on Nasdaq under the symbol "BPYUP" since March 2, 2020, prior to which it traded under the symbol "BPRAP". The Series A Preferred Stock is recorded net of issuance costs within equity on our Consolidated Balance Sheets, and accrues a quarterly dividend at an annual rate of 6.375%. The dividend is paid in arrears in preference to dividends on our Class A Stock, and reduces net income available to stockholders, and therefore, earnings per share. The Series A Preferred Stock does not have a stated maturity date but we may redeem the Series A Preferred Stock for $25.00 per share plus all accrued and unpaid dividends. Upon certain circumstances surrounding a change of control, holders of Series A Preferred Stock may elect to convert each share of their Series A Preferred Stock into a number of shares of Class A Stock or Class C Stock, at the option of the holder, equivalent to $25.00 plus accrued and unpaid dividends, but not to exceed a cap of 2.4679 shares of Class A Stock or Class C Stock (subject to certain adjustments related to splits, subdivisions, or combinations). The BPY Transaction of 2018 did not meet the definition of a change in control per the certificate of designation governing the Series A Preferred Stock. 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 Accumulated Other Comprehensive Loss The following table reflects the components of accumulated other comprehensive loss as of June 30, 2021 and 2020: June 30, 2021 June 30, 2020 Net unrealized gains on financial instruments $ (120) $ 45 Foreign currency translation — (103,386) AOCI - minority interest — 1,626 Accumulated other comprehensive loss $ (120) $ (101,715)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020 is summarized in the following table in thousands: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options - Property management and other costs $ — $ — $ — $ — Stock options - General and administrative — — — — Restricted stock - Property management and other costs 1,678 1,473 2,972 2,324 Restricted stock - General and administrative 871 847 1,624 1,249 LTIP Units - Property management and other costs 8 8 15 10 LTIP Units - General and administrative (6) 15 9 21 Total $ 2,551 $ 2,343 $ 4,620 $ 3,604 The following tables summarize stock option, LTIP Unit and restricted stock activity for the Equity Plan and the 2019 Plans for the six months ended June 30, 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 June 30, 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 (650,455) 26.57 (35,820) 26.54 Forfeited — — — — Expired (296,190) 22.54 (271,463) 22.42 LTIP Units Outstanding at June 30, 817,276 $ 22.47 1,894,636 $ 24.23 (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 (390,890) 20.10 (256,329) 22.09 Forfeited (137,573) 19.03 (44,827) 19.85 Restricted Stock Outstanding at June 30, 1,796,816 $ 18.90 1,699,110 $ 19.63

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	ACCOUNTS RECEIVABLE, NET The following table summarizes the significant components of accounts receivable, net. June 30, 2021 December 31, 2020 Trade receivables $ 203,086 $ 384,464 Short-term tenant receivables 3,819 6,703 Straight-line rent receivable 205,866 188,950 Other accounts receivable 14,256 14,894 Total accounts receivable 427,027 595,011 Provision for doubtful accounts (55,930) (70,029) Total accounts receivable, net $ 371,097 $ 524,982 Receivables related to legally executed rent deferrals are presented within trade receivables in the table above. At the time of the legal execution of a lease concession that abates previously recognized trade receivables, such amounts (net of estimated lease concessions previously recognized in the provision for doubtful accounts) are reclassified to straight-line rent receivables. Refer to Notes 2 and 7 for additional information regarding the Company's consideration of the collectability of accounts receivable. The following table summarizes the significant components of notes receivable. June 30, 2021 December 31, 2020 Notes receivable $ 33,198 $ 40,999 Accrued interest 4,925 4,554 Total notes receivable $ 38,123 $ 45,553 During the three and six months ended June 30, 2021, the Company wrote off notes receivable deemed uncollectible in the amount of $0.8 million and $8.7 million, respectively.

NOTES RECEIVABLE

NOTES RECEIVABLE	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
NOTES RECEIVABLE	ACCOUNTS RECEIVABLE, NET The following table summarizes the significant components of accounts receivable, net. June 30, 2021 December 31, 2020 Trade receivables $ 203,086 $ 384,464 Short-term tenant receivables 3,819 6,703 Straight-line rent receivable 205,866 188,950 Other accounts receivable 14,256 14,894 Total accounts receivable 427,027 595,011 Provision for doubtful accounts (55,930) (70,029) Total accounts receivable, net $ 371,097 $ 524,982 Receivables related to legally executed rent deferrals are presented within trade receivables in the table above. At the time of the legal execution of a lease concession that abates previously recognized trade receivables, such amounts (net of estimated lease concessions previously recognized in the provision for doubtful accounts) are reclassified to straight-line rent receivables. Refer to Notes 2 and 7 for additional information regarding the Company's consideration of the collectability of accounts receivable. The following table summarizes the significant components of notes receivable. June 30, 2021 December 31, 2020 Notes receivable $ 33,198 $ 40,999 Accrued interest 4,925 4,554 Total notes receivable $ 38,123 $ 45,553 During the three and six months ended June 30, 2021, the Company wrote off notes receivable deemed uncollectible in the amount of $0.8 million and $8.7 million, respectively.

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	6 Months Ended
	Jun. 30, 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. June 30, 2021 December 31, 2020 Gross Asset Accumulated Balance Gross Asset Accumulated Balance Intangible assets: Above-market tenant leases, net $ 120,186 $ (52,118) $ 68,068 $ 133,220 $ (54,922) $ 78,298 Real estate tax stabilization agreement, net 111,506 (67,172) 44,334 111,506 (64,016) 47,490 Total intangible assets $ 231,692 $ (119,290) $ 112,402 $ 244,726 $ (118,938) $ 125,788 Remaining prepaid expenses and other assets: Restricted cash 238,483 164,069 Security and escrow deposits 1,173 1,160 Prepaid expenses 30,279 45,266 Other non-tenant receivables 56,090 70,916 Operating lease right of use assets, net 387,873 392,634 Finance lease right of use assets, net 7,821 7,873 Other 20,147 20,040 Total remaining prepaid expenses and other assets 741,866 701,958 Total prepaid expenses and other assets $ 854,268 $ 827,746

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 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. June 30, 2021 December 31, 2020 Gross Accumulated Balance Gross Accumulated Balance Intangible liabilities: Below-market tenant leases, net 197,723 (65,627) $ 132,096 222,432 (72,364) $ 150,068 Total intangible liabilities $ 197,723 $ (65,627) $ 132,096 $ 222,432 $ (72,364) $ 150,068 Remaining accounts payable and accrued expenses: Accrued interest 87,440 63,693 Accounts payable and accrued expenses 79,525 83,041 Accrued real estate taxes 58,813 76,401 Deferred gains/income 92,151 94,752 Accrued payroll and other employee liabilities 43,575 57,134 Construction payable 244,596 272,080 Tenant and other deposits 15,055 14,644 Insurance reserve liability 11,956 12,793 Finance lease obligations 9,093 9,093 Conditional asset retirement obligation liability 2,415 2,342 Lease liability right of use 72,889 74,896 Other 67,065 82,680 Total remaining Accounts payable and accrued expenses 784,573 843,549 Total Accounts payable and accrued expenses $ 916,669 $ 993,617

LITIGATION

LITIGATION	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Contractual rent expense, including participation rent $ 4,502 $ 4,050 $ 8,816 $ 8,926 Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent 3,563 3,111 6,939 6,421 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 June 30, 2021, the available liquidity under such credit facility was $275.0 million. We believe we will be able to continue to borrow funds on the Facility when and as required.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 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

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 Tenant leases: In-place value $ 264,520 $ (101,164) $ 163,356 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization/accretion effect on continuing operations $ (13,513) $ (16,097) $ (27,142) $ (45,155)
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 $ 19,619 2022 30,856 2023 23,419 2024 19,401 2025 16,862
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Management fees from affiliates $ 29,269 $ 26,565 $ 60,770 $ 61,903 Management fee expense (9,829) (5,619) (20,856) (16,904) Net management fees from affiliates $ 19,440 $ 20,946 $ 39,914 $ 44,999

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 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 June 30, 2021, no provisions for impairment were recognized. During the six months ended June 30, 2021, we recognized $107.0 million in impairment charges. During the three and six months ended June 30, 2020, we recognized $71.5 million in impairment charges. Total Fair Value Measurement Quoted Prices in Significant Other Significant Provisions for Impairment Six months ended June 30, 2021 Investments in real estate (1) $ 117,411 $ — $ 38,000 $ 79,411 $ 106,991 Three and six months ended June 30, 2020 Investments in real estate (1) $ 86,337 $ — $ — $ 86,337 $ 71,455 (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 Six months ended June 30, 2021 Discount rate 14.00% Terminal capitalization rate 9.50% Three and six months ended June 30, 2020 Discount rates 10.75% Terminal capitalization rate 9.50%
Fair Value of Debt		Management's estimates of fair value are presented below for our debt as of June 30, 2021 and December 31, 2020. June 30, 2021 December 31, 2020 Carrying Amount (1) Estimated Fair Carrying Amount (2) Estimated Fair Fixed-rate debt $ 8,400,542 $ 8,365,289 $ 8,581,538 $ 8,556,275 Variable-rate debt 7,371,694 7,452,495 7,533,048 7,583,107 $ 15,772,236 $ 15,817,784 $ 16,114,586 $ 16,139,382 (1) Includes net market rate adjustments of $2.3 million and deferred financing costs of $95.3 million, net.

UNCONSOLIDATED REAL ESTATE AF_2

UNCONSOLIDATED REAL ESTATE AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 2021
UNCONSOLIDATED REAL ESTATE AFFILIATES
Schedule of summarized financial information for Unconsolidated Real Estate Affiliates	(Note 2). June 30, 2021 December 31, 2020 Condensed Combined Balance Sheets - Unconsolidated Real Estate Affiliates Assets: Land $ 3,432,054 $ 3,436,531 Buildings and equipment 21,837,802 21,861,373 Less accumulated depreciation (4,901,207) (4,584,222) Construction in progress 321,274 360,681 Net investment in real estate 20,689,923 21,074,363 Cash and cash equivalents 583,913 601,138 Accounts receivable, net 540,523 684,035 Notes receivable 19,656 20,490 Deferred expenses, net 367,195 387,073 Prepaid expenses and other assets 557,041 592,288 Total assets $ 22,758,251 $ 23,359,387 Liabilities and Owners' Equity: \ Mortgages, notes and loans payable $ 14,582,418 $ 14,648,187 Accounts payable, accrued expenses, and other liabilities 897,951 996,380 Cumulative effect of foreign currency translation ("CFCT") — (29,453) Owners' equity, excluding CFCT 7,277,882 7,744,273 Total liabilities and owners' equity $ 22,758,251 $ 23,359,387 Investment in Unconsolidated Real Estate Affiliates, Net: Owners' equity $ 7,277,882 $ 7,714,820 Less: joint venture partners' equity (4,099,387) (4,317,525) Plus: excess investment/basis differences 791,878 761,503 Investment in Unconsolidated Real Estate Affiliates, net (equity method) 3,970,373 4,158,798 Investment in Unconsolidated Real Estate Affiliates, net (securities) 34,766 33,102 Investment in Unconsolidated Real Estate Affiliates, net $ 4,005,139 $ 4,191,900 Reconciliation - Investment in Unconsolidated Real Estate Affiliates: Asset - Investment in Unconsolidated Real Estate Affiliates $ 4,153,575 $ 4,342,995 Liability - Investment in Unconsolidated Real Estate Affiliates (148,436) (151,095) Investment in Unconsolidated Real Estate Affiliates, net $ 4,005,139 $ 4,191,900 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Condensed Combined Statements of Loss - Unconsolidated Real Estate Affiliates Revenues: Rental revenues, net $ 457,311 $ 493,673 $ 919,676 $ 1,044,268 Condominium sales 2,796 — 2,796 16,215 Other 10,441 7,810 20,258 25,955 Total revenues 470,548 501,483 942,730 1,086,438 Operating Expenses: Real estate taxes 49,804 52,681 99,808 111,040 Property maintenance costs 10,106 10,728 22,636 23,658 Marketing 2,899 2,788 8,096 9,114 Other property operating costs 72,367 59,521 141,224 135,504 Condominium cost of sales 1,638 6 1,664 9,924 Property management and other costs (1) 23,261 13,684 49,256 39,193 General and administrative 4,208 563 4,991 970 Provision for impairment — 83,917 6,677 83,917 Depreciation and amortization 220,131 223,059 430,838 452,209 Total operating expenses 384,414 446,947 765,190 865,529 Interest income 3,610 1,163 3,861 3,715 Interest expense (168,750) (163,794) (334,582) (333,612) Provision for income taxes (377) (328) (676) (831) Loss from continuing operations (79,383) (108,423) (153,857) (109,819) Allocation to noncontrolling interests 5 (12) 153 (24) Net loss attributable to the ventures $ (79,378) $ (108,435) $ (153,704) $ (109,843) Equity In Loss of Unconsolidated Real Estate Affiliates: Net loss attributable to the ventures $ (79,378) $ (108,435) $ (153,704) $ (109,843) Joint venture partners' share of loss 46,308 58,733 88,602 62,531 Amortization of capital or basis differences (7,175) (6,724) (9,596) (13,957) Equity in loss of Unconsolidated Real Estate Affiliates $ (40,245) $ (56,426) $ (74,698) $ (61,269) (1) Includes management fees charged to the unconsolidated joint ventures by BPRRS and BPRI.

MORTGAGES, NOTES AND LOANS PA_2

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2021 (1) Weighted-Average December 31, 2020 (3) Weighted-Average Fixed-rate debt: Collateralized mortgages, notes and loans payable $ 7,466,539 4.14 % $ 7,649,040 4.19 % Senior secured notes - silver bonds 934,003 5.75 % 932,498 5.75 % Total fixed-rate debt 8,400,542 4.32 % 8,581,538 4.36 % Variable-rate debt: Collateralized mortgages, notes and loans payable (4) 2,264,233 3.94 % 2,534,781 4.01 % Unsecured corporate debt (5) 5,107,461 2.74 % 4,998,267 2.80 % Total variable-rate debt 7,371,694 3.11 % 7,533,048 3.21 % Total Mortgages, notes and loans payable $ 15,772,236 3.75 % $ 16,114,586 3.82 % Junior subordinated notes $ 206,200 1.64 % $ 206,200 1.66 % (1) Includes $2.3 million of market rate adjustments and $95.3 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) $1.0 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: June 30, 2021 (1) Weighted-Average December 31, 2020 (2) Weighted-Average Corporate debt: Senior secured corporate debt $ 5,162,855 2.74 % $ 5,064,522 2.80 % Senior secured notes - silver bonds 945,360 5.75 % 945,360 5.75 % Total corporate debt $ 6,108,215 3.21 % $ 6,009,882 3.26 % (1) Excludes deferred financing costs of $66.8 million in 2021 that decrease the total amount that appears outstanding in our Consolidated Balance Sheets.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Maturity of Operating Leases	The maturity of our operating lease liabilities as of June 30, 2021 is as follows: Year Amount Remainder of 2021 $ 4,731 2022 9,704 2023 9,968 2024 10,200 2025 10,439 2026 10,684 2027 and thereafter 144,328 Total undiscounted lease payments 200,054 Less: Present value adjustment (127,165) Total lease liability $ 72,889
Schedule of Leases	Straight-line rent expense recognized for our consolidated operating leases is as follows: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Ground leases 1,775 1,772 3,549 4,171 Office leases 1,964 1,964 3,928 3,928 The following summarizes additional information related to our operating leases as of June 30, 2021 and June 30, 2020: June 30, 2021 June 30, 2020 Weighted-average remaining lease term (years) 23.3 23.2 Weighted-average discount rate 7.70% 7.68% Supplemental disclosure for the consolidated statements of cash flows: Cash paid for amounts included in the measurement of lease liabilities $4,739 $4,639
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 June 30, 2021 is as follows: Year Amount Remainder of 2021 $ 503,139 2022 932,408 2023 816,610 2024 689,686 2025 572,729 2026 478,465 Subsequent 1,415,080 $ 5,408,117
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 and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Minimum rents, billed $ 240,489 $ 249,461 $ 475,791 $ 502,971 Tenant recoveries, billed 90,313 97,851 181,603 196,896 Lease termination income, billed 2,677 1,512 13,016 2,367 Overage rent, billed 6,358 100 12,950 5,493 COVID-19 rent abatements granted (20,223) (85) (56,382) (85) Total contractual operating lease billings 319,614 348,839 626,978 707,642 Adjustment to recognize contractual operating lease billings on a straight-line basis 3,790 (291) 17,888 4,186 Above and below-market tenant leases, net 2,451 7,279 7,741 802 Less provision for doubtful accounts (1,906) (14,754) (1,735) (19,728) Total rental revenues, net $ 323,949 $ 341,073 $ 650,872 $ 692,902

EQUITY AND REDEEMABLE NONCONT_2

EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Distributions to preferred BPROP units ("Preferred Units") $ (621) $ (906) $ (1,545) $ (1,816) Net loss allocated to noncontrolling interest in consolidated real estate affiliates 27,794 335 81,707 9,365 Net loss allocated to noncontrolling interest of the Operating Partnership (1) (13,394) 23,126 (39,953) 33,628 Allocation to noncontrolling interests 13,779 22,555 40,209 41,177 Other comprehensive loss allocated to noncontrolling interests (1,852) 1,626 (1,962) 1,626 Comprehensive loss allocated to noncontrolling interests $ 11,927 $ 24,181 $ 38,247 $ 42,803 _______________________________________________________________________________ (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 and six months ended June 30, 2021 and 2020. Balance at January 1, 2020 $ 62,235 Net loss (441) Series K Preferred Unit redemption (388) Balance at March 31, 2020 61,406 Net income 441 Series K Preferred Unit redemption (10) Balance at June 30, 2020 61,837 Balance at January 1, 2021 $ 60,826 Series K Preferred Unit redemption (373) Balance at March 31, 2021 $ 60,453 Series K Preferred Unit redemption (5,179) Balance at June 30, 2021 $ 55,274
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 Our Board of Directors did not declare a dividend on Class A Stock during the three months ended June 30, 2021.
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 June 30, 2021 and 2020: June 30, 2021 June 30, 2020 Net unrealized gains on financial instruments $ (120) $ 45 Foreign currency translation — (103,386) AOCI - minority interest — 1,626 Accumulated other comprehensive loss $ (120) $ (101,715)

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020 is summarized in the following table in thousands: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock options - Property management and other costs $ — $ — $ — $ — Stock options - General and administrative — — — — Restricted stock - Property management and other costs 1,678 1,473 2,972 2,324 Restricted stock - General and administrative 871 847 1,624 1,249 LTIP Units - Property management and other costs 8 8 15 10 LTIP Units - General and administrative (6) 15 9 21 Total $ 2,551 $ 2,343 $ 4,620 $ 3,604
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 six months ended June 30, 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 June 30, 131,872 $ 26.05 175,799 $ 25.66 (1) The expired options shown expired in 2020 but were not reported until Q1 2021.
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 (650,455) 26.57 (35,820) 26.54 Forfeited — — — — Expired (296,190) 22.54 (271,463) 22.42 LTIP Units Outstanding at June 30, 817,276 $ 22.47 1,894,636 $ 24.23 (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 (390,890) 20.10 (256,329) 22.09 Forfeited (137,573) 19.03 (44,827) 19.85 Restricted Stock Outstanding at June 30, 1,796,816 $ 18.90 1,699,110 $ 19.63

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Summary of significant components of accounts receivable, net	The following table summarizes the significant components of accounts receivable, net. June 30, 2021 December 31, 2020 Trade receivables $ 203,086 $ 384,464 Short-term tenant receivables 3,819 6,703 Straight-line rent receivable 205,866 188,950 Other accounts receivable 14,256 14,894 Total accounts receivable 427,027 595,011 Provision for doubtful accounts (55,930) (70,029) Total accounts receivable, net $ 371,097 $ 524,982 The following table summarizes the significant components of notes receivable. June 30, 2021 December 31, 2020 Notes receivable $ 33,198 $ 40,999 Accrued interest 4,925 4,554 Total notes receivable $ 38,123 $ 45,553

NOTES RECEIVABLE (Tables)

NOTES RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Summary of significant components of notes receivable	The following table summarizes the significant components of accounts receivable, net. June 30, 2021 December 31, 2020 Trade receivables $ 203,086 $ 384,464 Short-term tenant receivables 3,819 6,703 Straight-line rent receivable 205,866 188,950 Other accounts receivable 14,256 14,894 Total accounts receivable 427,027 595,011 Provision for doubtful accounts (55,930) (70,029) Total accounts receivable, net $ 371,097 $ 524,982 The following table summarizes the significant components of notes receivable. June 30, 2021 December 31, 2020 Notes receivable $ 33,198 $ 40,999 Accrued interest 4,925 4,554 Total notes receivable $ 38,123 $ 45,553

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2021 December 31, 2020 Gross Asset Accumulated Balance Gross Asset Accumulated Balance Intangible assets: Above-market tenant leases, net $ 120,186 $ (52,118) $ 68,068 $ 133,220 $ (54,922) $ 78,298 Real estate tax stabilization agreement, net 111,506 (67,172) 44,334 111,506 (64,016) 47,490 Total intangible assets $ 231,692 $ (119,290) $ 112,402 $ 244,726 $ (118,938) $ 125,788 Remaining prepaid expenses and other assets: Restricted cash 238,483 164,069 Security and escrow deposits 1,173 1,160 Prepaid expenses 30,279 45,266 Other non-tenant receivables 56,090 70,916 Operating lease right of use assets, net 387,873 392,634 Finance lease right of use assets, net 7,821 7,873 Other 20,147 20,040 Total remaining prepaid expenses and other assets 741,866 701,958 Total prepaid expenses and other assets $ 854,268 $ 827,746

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2021 December 31, 2020 Gross Accumulated Balance Gross Accumulated Balance Intangible liabilities: Below-market tenant leases, net 197,723 (65,627) $ 132,096 222,432 (72,364) $ 150,068 Total intangible liabilities $ 197,723 $ (65,627) $ 132,096 $ 222,432 $ (72,364) $ 150,068 Remaining accounts payable and accrued expenses: Accrued interest 87,440 63,693 Accounts payable and accrued expenses 79,525 83,041 Accrued real estate taxes 58,813 76,401 Deferred gains/income 92,151 94,752 Accrued payroll and other employee liabilities 43,575 57,134 Construction payable 244,596 272,080 Tenant and other deposits 15,055 14,644 Insurance reserve liability 11,956 12,793 Finance lease obligations 9,093 9,093 Conditional asset retirement obligation liability 2,415 2,342 Lease liability right of use 72,889 74,896 Other 67,065 82,680 Total remaining Accounts payable and accrued expenses 784,573 843,549 Total Accounts payable and accrued expenses $ 916,669 $ 993,617

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (Dollars in thousands) Contractual rent expense, including participation rent $ 4,502 $ 4,050 $ 8,816 $ 8,926 Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent 3,563 3,111 6,939 6,421

ORGANIZATION (Details)

ORGANIZATION (Details)

Jul. 26, 2021USD ($)$ / shares

Jul. 20, 2021USD ($)$ / shares

Apr. 01, 2021USD ($)$ / shares

Feb. 13, 2013USD ($)$ / shares

Jun. 30, 2021USD ($)property$ / shares

Jun. 30, 2020USD ($)$ / shares

Jun. 30, 2021USD ($)property$ / shares

Jun. 30, 2020USD ($)

Jun. 30, 2019$ / shares

Mar. 31, 2021USD ($)$ / shares

Dec. 31, 2020$ / shares

Aug. 18, 2020$ / shares

May 01, 2019USD ($)

Mar. 28, 2018$ / shares

Real estate properties

Common Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Cash dividends on common stock (in dollars per share)

$ 0.3325

Share Price

$ 18.56

$ 18.57

$ 12

Contract with Customer, Refund Liability | $

$ 14,100,000

$ 14,100,000

$ 10,400,000

Dividends, Preferred Stock, Cash | $

$ 3,985,000

$ 3,985,000

$ 7,969,000

$ 7,969,000

Preferred Stock, Par or Stated Value Per Share

$ 0.01

$ 0.01

$ 0.01

Secured Debt

Real estate properties

Mortgages, notes and loans payable | $

$ 1,000,000,000

BAM Class A Shares

Real estate properties

Cash dividends on common stock (in dollars per share)

$ 18.17

Shares Issued, Price Per Share

0.3979

BAM Class A Shares | Subsequent Event

Real estate properties

Shares Issued, Price Per Share

$ 0.0913

$ 0.0913

BPY Common Stock A

Real estate properties

Shares Issued, Price Per Share

18.17

Share Price

6.5

BPY Preferred Units

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 | BPY Preferred Units, Pro-Ration

Real estate properties

Business Combination, Contingent Consideration, Liability | $

$ 3.27

BPY Preferred Units | 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

$ 0.21250

$ 0.21250

Proceeds from Issuance of Redeemable Preferred Stock | $

$ 25.21250

$ 25.21250

Preferred Stock, Par or Stated Value Per Share

$ 25

$ 25

Series E [Member]

Real estate properties

Dividends, Preferred Stock, Cash | $

$ 18.8613

Series E [Member] | Subsequent Event

Real estate properties

Dividends, Preferred Stock, Cash | $

$ 12.38

Preferred Class A [Member] | Subsequent Event

Real estate properties

Shares Issued, Price Per Share

$ 0.0657

$ 0.0657

6.375% series A cumulative redeemable perpetual preferred stock

Real estate properties

Shares Issued, Price Per Share

$ 25

Preferred shares dividend (as a percent)

6.375%

Proceeds from Issuance of Redeemable Preferred Stock | $

$ 242,000,000

6.375% series A cumulative redeemable perpetual preferred stock | Subsequent Event

Real estate properties

Preferred shares dividend (as a percent)

637.50%

637.50%

Common Class A

Real estate properties

Cash dividends on common stock (in dollars per share)

0.3300

$ 0.33

$ 0.67

Share Price

$ 11.46

$ 11.46

Common Class A | Subsequent Event

Real estate properties

Common Stock, Par or Stated Value Per Share

$ 0.01

Dividends, Preferred Stock, Cash | $

$ 12.38

United States | Regional Malls

Real estate properties

Number of Real Estate Properties | property

119

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 | BPY Preferred Units, Pro-Ration

Real estate properties

Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount

42.00%

BPY Preferred Units | BPY New Preferred Units

Real estate properties

Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount

800.00%

BPY Preferred Units | BPY Preferred Units

Real estate properties

Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount

50.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications and Properties (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 417,049,000			$ 204,541,000
Restricted cash	238,483,000			164,069,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	655,532,000	$ 288,721,000		368,610,000	$ 275,512,000
Change in restricted cash related to operating activities	246,135,000	(154,624,000)
Change in restricted cash related to investing activities	63,001,000	(102,442,000)
Change in restricted cash related to financing activities	(22,214,000)	$ 270,275,000
Contract with Customer, Refund Liability	14,100,000		$ 10,400,000
Unconsolidated Properties
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	583,913,000			601,138,000
Contract with Customer, Refund Liability	4,300,000		5,900,000	$ 68,700,000
Unconsolidated Properties | Portion at Fair Value Measurement
Cash and Cash Equivalents [Abstract]
Contract with Customer, Refund Liability	$ 1,700,000		$ 2,300,000
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	$ 1,500,000,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Acquisitions of Operating Properties (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Acquisitions of operating properties
Gross Asset	$ 231,692,000		$ 231,692,000		$ 244,726,000
Accumulated Amortization	(119,290,000)		(119,290,000)		(118,938,000)
Balance	112,402,000		112,402,000		125,788,000
Amortization/accretion effect on continuing operations	(13,513,000)	$ (16,097,000)	(27,142,000)	$ (45,155,000)
Future amortization/accretion of intangibles
2021 Remaining	19,619,000		19,619,000
2022	30,856,000		30,856,000
2023	23,419,000		23,419,000
2024	19,401,000		19,401,000
2025	16,862,000		16,862,000
Tenant leases, In-place value
Acquisitions of operating properties
Gross Asset	264,520,000		264,520,000		302,296,000
Accumulated Amortization	(101,164,000)		(101,164,000)		(107,210,000)
Balance	$ 163,356,000		$ 163,356,000		$ 195,086,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Management Fees and Other Corporate Revenues, and Impairment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Management Fees and Other Corporate Revenues
Percentage of revenue earned from joint venture reported as management fees	100.00%
Management fees from affiliates	$ 29,269,000	$ 26,565,000	$ 60,770,000	$ 61,903,000
Management fee expense	(9,829,000)	(5,619,000)	(20,856,000)	(16,904,000)
Net management fees from affiliates	19,440,000	20,946,000	39,914,000	44,999,000
Revenue from Related Parties	$ 3,700,000	$ 3,400,000	$ 7,800,000	$ 7,900,000

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	3 Months Ended					6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 29, 2021	Jun. 30, 2020	Jun. 29, 2020	Dec. 31, 2020	Mar. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	$ 21,221,226,000					$ 21,221,226,000				$ 21,879,964,000
Minimum rents	240,489,000				$ 249,461,000	475,791,000		$ 502,971,000
Tenant recoveries	90,313,000				97,851,000	181,603,000		196,896,000
Overage rent	6,358,000				100,000	12,950,000		5,493,000
Total contractual operating lease billings	319,614,000				$ 348,839,000	626,978,000		$ 707,642,000
Total lease liability	72,889,000					72,889,000				74,896,000
Variable-rate debt	7,371,694,000					7,371,694,000				7,533,048,000
Accumulated deficit	(6,056,738,000)					(6,056,738,000)				(5,674,064,000)
Recognition of right-of-use asset	$ 387,873,000					$ 387,873,000				392,634,000
Weighted-average discount rate	7.70%				7.68%	7.70%		7.68%
Straight-line rent receivable	$ 205,866,000					$ 205,866,000				188,950,000
Amortization of right-of-use assets						4,813,000		$ 5,250,000
Collection of Rental Income, Percent	89.00%
Contract with Customer, Refund Liability	$ 14,100,000	$ 10,400,000				14,100,000
Provision for impairment	0	107,000,000	$ 106,991,000	$ 106,991	$ 71,455,000	106,991,000	$ 71,455,000	71,455,000	$ 71,455
Revenue from Related Parties	3,700,000				3,400,000	7,800,000		7,900,000
Operating Lease, Lease Income, COVID Rent Abatements Granted	(56,382,000)	(20,223,000)			$ (85,000)	(56,382,000)		$ (85,000)			$ (85,000)
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	22,758,251,000					22,758,251,000				23,359,387,000
Contract with Customer, Refund Liability	$ 4,300,000	5,900,000				4,300,000				68,700,000
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	$ 1,700,000	2,300,000				1,700,000
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	2,600,000	3,300,000				2,600,000				8,600,000
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	1,300,000	$ 1,600,000				1,300,000
Revolving Credit Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable-rate debt										6,009,882,000
Amount outstanding	$ 1,225,000,000					$ 1,225,000,000				$ 1,015,000,000

ACQUISITIONS, SALES AND JOINT_2

ACQUISITIONS, SALES AND JOINT VENTURE ACTIVITY - Narrative (Details) - USD ($)	Apr. 23, 2021	Jan. 01, 2021	May 28, 2020	May 27, 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	Jun. 30, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 29, 2021	Jun. 30, 2020	Jun. 29, 2020	Apr. 20, 2021	Dec. 31, 2020	Apr. 24, 2020	May 01, 2019
Business Acquisition [Line Items]
Recognition of right-of-use asset													$ 387,873,000							$ 387,873,000					$ 392,634,000
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate																				14.00%		10.75%
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																				$ 76,239,000		$ 81,024,000
Real Estate Investments, Net													$ 18,685,254,000							18,685,254,000					$ 19,221,045,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net													(14,077,000)					$ (1,120,000)		(16,217,000)		11,527,000
Real Estate Investment Property, Net													14,531,679,000							14,531,679,000					14,878,050,000
Security and escrow deposits													1,173,000							1,173,000					1,160,000
(Loss) gain from changes in control of investment properties and other, net													0					(15,433,000)		1,824,000		(15,433,000)
Provision for impairment													0	$ 107,000,000	$ 106,991,000	$ 106,991		71,455,000		106,991,000	$ 71,455,000	71,455,000	$ 71,455
(Loss) gain on extinguishment of debt													(1,337,000)					14,320,000		11,786,000		$ 14,320,000
Debt Instrument, Debt Default, Amount													705,900,000							705,900,000
Variable-rate debt													7,371,694,000							7,371,694,000					7,533,048,000
Interest rate																											5.75%
Repayments of Related Party Debt													54,600,000
Secured Debt
Business Acquisition [Line Items]
Variable-rate debt													2,264,233,000							$ 2,264,233,000					2,534,781,000
Revolving Credit Facility
Business Acquisition [Line Items]
Debt Instrument, Basis Spread on Variable Rate											2.25%									2.25%		225.00%
Cross-collateralized | Secured Debt
Business Acquisition [Line Items]
Variable-rate debt													1,000,000,000							$ 1,000,000,000
Loans in default [Member]
Business Acquisition [Line Items]
Debt Instrument, Debt Default, Amount													16,800,000							$ 16,800,000					$ 26,800,000
Extended Maturity [Member] | Cross-collateralized | Secured Debt
Business Acquisition [Line Items]
Loan Processing Fee																						$ 1,600,000
Variable-rate debt																								$ 1,000,000,000		$ 1,300,000,000
Number of Real Estate Properties																								16		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)													$ 400,000		$ 400,000			3,400,000	$ 500,000
Ownership in investment properties by joint venture, percentage									3.20%
Water Tower Place [Member]
Business Acquisition [Line Items]
Ownership in investment properties by joint venture, percentage			9393.00%	93.93%
(Loss) gain from changes in control of investment properties and other, net																		15,400,000
North Point Mall
Business Acquisition [Line Items]
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net		$ 13,100,000
(Loss) 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
Shopping Leblon
Business Acquisition [Line Items]
Ownership in investment properties by joint venture, percentage	35.00%
Proceeds from Sales of Business, Affiliate and Productive Assets	$ 85,200,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net	$ 13,600,000
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
Series B Preferred Stock [Member] | Allied Esports Entertainment [Member]
Business Acquisition [Line Items]
Preferred Stock, Par or Stated Value Per Share									$ 0.01
Common Class A
Business Acquisition [Line Items]
Shares, Outstanding													33,089,027							33,089,027					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													$ 67,100,000							$ 67,100,000					$ 67,700,000
Provision for impairment													$ 0				$ 83,900,000	$ 83,917,000		$ 6,677,000		$ 83,917,000

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)	3 Months Ended					6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 29, 2021	Jun. 30, 2020	Jun. 29, 2020	Dec. 31, 2020
Carrying Amount
Fixed-rate debt	$ 8,400,542,000					$ 8,400,542,000				$ 8,581,538,000
Variable-rate debt	7,371,694,000					7,371,694,000				7,533,048,000
Total Mortgages, notes and loans payable	15,772,236,000					15,772,236,000				16,114,586,000
Estimated Fair Value
Fixed-rate debt	8,365,289,000					8,365,289,000				8,556,275,000
Variable-rate debt	7,452,495,000					7,452,495,000				7,583,107,000
Total long-term debt, fair value	15,817,784,000					15,817,784,000				16,139,382,000
Market rate adjustments	2,300,000					2,300,000				3,200,000
Deferred Finance Costs, Net	95,300,000					$ 95,300,000				$ 105,900,000
Variable rate basis						LIBOR
Provision for impairment	0	$ 107,000,000	$ 106,991,000	$ 106,991	$ 71,455,000	$ 106,991,000	$ 71,455,000	$ 71,455,000	$ 71,455
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate						14.00%		10.75%
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Other, Fair Value Volatility, Rate						9.50%		9.50%
Fair Value, Inputs, Level 3
Estimated Fair Value
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross	38,000					$ 38,000
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				86,337	79,411		$ 86,337
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				$ 86,337	$ 117,411		$ 86,337
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_3

UNCONSOLIDATED REAL ESTATE AFFILIATES - Summarized Financial Information (Details) - USD ($)	3 Months Ended						6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 30, 2021	Mar. 25, 2021	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 29, 2021	Jun. 30, 2020	Jun. 29, 2020	Dec. 31, 2020	Mar. 31, 2020	Feb. 28, 2020	Feb. 27, 2020	Dec. 31, 2019
Assets:
Land	$ 3,588,914,000						$ 3,588,914,000				$ 3,620,513,000
Buildings and equipment	13,744,497,000						13,744,497,000				13,968,906,000
Less accumulated depreciation	(3,090,601,000)						(3,090,601,000)				(2,967,879,000)
Construction in progress	288,869,000						288,869,000				256,510,000
Net property and equipment	14,531,679,000						14,531,679,000				14,878,050,000
Net investment in real estate	18,685,254,000						18,685,254,000				19,221,045,000
Cash and cash equivalents	417,049,000						417,049,000				204,541,000
Accounts receivable, net	371,097,000						371,097,000				524,982,000
Notes receivable	38,123,000						38,123,000				45,553,000
Deferred expenses, net	153,635,000						153,635,000				158,633,000
Prepaid expenses and other assets (see Notes 7 and 14)	854,268,000						854,268,000				827,746,000
Total assets	21,221,226,000						21,221,226,000				21,879,964,000
Liabilities and Owners' Equity:
Redeemable noncontrolling interests	55,274,000						55,274,000				60,826,000
Cumulative effect of foreign currency translation ("CFCT")	0					$ (103,386,000)	0		$ (103,386,000)
Total liabilities, redeemable interests and equity	21,221,226,000						21,221,226,000				21,879,964,000
Investment in Unconsolidated Real Estate Affiliates, Net:
Owners' equity	(3,409,300,000)	$ (3,009,107,000)				(3,037,318,000)	(3,409,300,000)		(3,037,318,000)		(3,250,453,000)	$ (3,283,522,000)			$ (3,295,107,000)
Investment in Unconsolidated Real Estate Affiliates	4,153,575,000						4,153,575,000				4,342,995,000
Liability - Investment in Unconsolidated Real Estate Affiliates	(148,436,000)						(148,436,000)	$ (148,436,000)			(151,095,000)
Revenues:
Other	14,534,000					6,827,000	24,508,000		23,290,000
Total revenues	367,752,000					374,465,000	736,150,000		778,095,000
Operating Expenses:
Real estate taxes	48,838,000					48,656,000	99,931,000		96,463,000
Property maintenance costs	6,650,000					6,414,000	16,453,000		15,560,000
Marketing	1,095,000					1,641,000	1,903,000		2,405,000
Other property operating costs	50,680,000					37,262,000	99,557,000		87,083,000
Property management and other costs	45,405,000					57,524,000	94,688,000		118,499,000
General and administrative	4,783,000					5,002,000	10,020,000		9,892,000
Depreciation and amortization	148,734,000					162,896,000	300,271,000		320,242,000
Total operating expenses	306,985,000					390,850,000	738,525,000		721,599,000
Interest and dividend income	1,588,000					763,000	2,962,000		3,859,000
Interest expense	(168,617,000)					(163,964,000)	(337,811,000)		(342,766,000)
Provision for income taxes	210,000					6,640,000	(2,733,000)		1,212,000
Allocation to noncontrolling interests	13,779,000					22,555,000	40,209,000		41,177,000
Equity In Loss of Unconsolidated Real Estate Affiliates:
Equity in loss of Unconsolidated Real Estate Affiliates	(40,245,000)					(56,426,000)	(74,698,000)		(61,269,000)
Provision for impairment	0	$ 107,000,000	$ 106,991,000	$ 106,991		71,455,000	106,991,000	$ 71,455,000	71,455,000	$ 71,455
Miami Design District [Member]
Equity In Loss of Unconsolidated Real Estate Affiliates:
Mortgage Loans on Real Estate, Commercial and Consumer, Net													$ 500,000,000	$ 480,000,000
Unconsolidated Properties
Assets:
Land	3,432,054,000						3,432,054,000				3,436,531,000
Buildings and equipment	21,837,802,000						21,837,802,000				21,861,373,000
Less accumulated depreciation	(4,901,207,000)						(4,901,207,000)				(4,584,222,000)
Construction in progress	321,274,000						321,274,000				360,681,000
Net investment in real estate	20,689,923,000						20,689,923,000				21,074,363,000
Cash and cash equivalents	583,913,000						583,913,000				601,138,000
Accounts receivable, net	540,523,000						540,523,000				684,035,000
Notes receivable	19,656,000						19,656,000				20,490,000
Deferred expenses, net	367,195,000						367,195,000				387,073,000
Prepaid expenses and other assets (see Notes 7 and 14)	557,041,000						557,041,000				592,288,000
Total assets	22,758,251,000						22,758,251,000				23,359,387,000
Liabilities and Owners' Equity:
Mortgages, notes and loans payable	14,582,418,000						14,582,418,000				14,648,187,000
Accounts payable, accrued expenses, and other liabilities	897,951,000						897,951,000				996,380,000
Cumulative effect of foreign currency translation ("CFCT")	0						0				(29,453,000)
Owners' equity, excluding CFCT	7,277,882,000						7,277,882,000				7,744,273,000
Total liabilities, redeemable interests and equity	22,758,251,000						22,758,251,000				23,359,387,000
Investment in Unconsolidated Real Estate Affiliates, Net:
Owners' equity	7,277,882,000						7,277,882,000				7,714,820,000
Less: joint venture partners' equity	(4,099,387,000)						(4,099,387,000)				(4,317,525,000)
Plus: excess investment/basis differences	791,878,000						791,878,000				761,503,000
Investment in Unconsolidated Real Estate Affiliates, net (equity method)	3,970,373,000						3,970,373,000				4,158,798,000
Cost-method Investments
Investment in Unconsolidated Real Estate Affiliates, Net:
Investment in Unconsolidated Real Estate Affiliates, net (securities)	34,766,000						34,766,000				33,102,000
Joint Venture Partner
Investment in Unconsolidated Real Estate Affiliates, Net:
Investment in Unconsolidated Real Estate Affiliates	4,005,139,000						4,005,139,000				$ 4,191,900,000
Unconsolidated Real Estate Affiliates
Revenues:
Rental revenues, net	457,311,000					493,673,000	919,676,000		1,044,268,000
Condominium sales	2,796,000					0	2,796,000		16,215,000
Other	10,441,000					7,810,000	20,258,000		25,955,000
Total revenues	470,548,000					501,483,000	942,730,000		1,086,438,000
Operating Expenses:
Real estate taxes	49,804,000					52,681,000	99,808,000		111,040,000
Property maintenance costs	10,106,000					10,728,000	22,636,000		23,658,000
Marketing	2,899,000					2,788,000	8,096,000		9,114,000
Other property operating costs	72,367,000					59,521,000	141,224,000		135,504,000
Condominium cost of sales	1,638,000					6,000	1,664,000		9,924,000
Property management and other costs	23,261,000					13,684,000	49,256,000		39,193,000
General and administrative	4,208,000					563,000	4,991,000		970,000
Depreciation and amortization	220,131,000					223,059,000	430,838,000		452,209,000
Total operating expenses	384,414,000					446,947,000	765,190,000		865,529,000
Interest and dividend income	3,610,000					1,163,000	3,861,000		3,715,000
Interest expense	(168,750,000)					(163,794,000)	(334,582,000)		(333,612,000)
Provision for income taxes	(377,000)					(328,000)	(676,000)		(831,000)
Loss from continuing operations	(79,383,000)					(108,423,000)	(153,857,000)		(109,819,000)
Allocation to noncontrolling interests	5,000					(12,000)	153,000		(24,000)
Net income attributable to common stockholders	(79,378,000)					(108,435,000)	(153,704,000)		(109,843,000)
Equity In Loss of Unconsolidated Real Estate Affiliates:
Net loss attributable to the ventures	(79,378,000)					(108,435,000)	(153,704,000)		(109,843,000)
Joint venture partners' share of loss	46,308,000					58,733,000	88,602,000		62,531,000
Amortization of capital or basis differences	(7,175,000)					(6,724,000)	(9,596,000)		(13,957,000)
Equity in loss of Unconsolidated Real Estate Affiliates	(40,245,000)					(56,426,000)	(74,698,000)		(61,269,000)
Provision for impairment	$ 0				$ 83,900,000	$ 83,917,000	$ 6,677,000		$ 83,917,000

UNCONSOLIDATED REAL ESTATE AF_4

UNCONSOLIDATED REAL ESTATE AFFILIATES - Narrative (Details)	May 28, 2020	May 27, 2020	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 30, 2021USD ($)	Mar. 25, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 29, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 29, 2020USD ($)	Jun. 30, 2021joint_venture	Jun. 30, 2021numberOfProperties	Jun. 30, 2021Asset	Jun. 02, 2021USD ($)	Jun. 01, 2021USD ($)	May 14, 2021USD ($)	May 13, 2021USD ($)	May 04, 2021USD ($)	May 03, 2021USD ($)	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			$ 387,873,000						$ 387,873,000													$ 392,634,000
Total lease liability			72,889,000						72,889,000													$ 74,896,000
Number of Properties Subject to Ground Leases | Asset															24							24
Provision for impairment			0	$ 107,000,000	$ 106,991,000	$ 106,991		$ 71,455,000	106,991,000	$ 71,455,000	$ 71,455,000	$ 71,455
Interest rate																									5.75%
Non-Recourse Debt			9,700,000,000						9,700,000,000
Debt Instrument, Debt Default, Amount			705,900,000						705,900,000
Water Tower Place [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Ownership in Investment Properties by Joint Venture Percentage		49.50%
Loans in default [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Non-Recourse Debt			480,300,000						480,300,000
Debt Instrument, Debt Default, Amount			16,800,000						16,800,000													$ 26,800,000
Carrying Value [Member] | Loans in default [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Non-Recourse Debt			445,300,000						445,300,000
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
Fashion Place
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Mortgage Loans on Real Estate, Commercial and Consumer, Net																$ 226,700,000	$ 290,000,000
Interest rate																	3.53%
Loan Processing Fee									4,500,000	2,600,000
Fox River Mall
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Loan Processing Fee											3,100,000
Willowbrook Mall
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Mortgage Loans on Real Estate, Commercial and Consumer, Net																		$ 155,000,000	$ 177,500,000
Interest rate																		3.68%
Loan Processing Fee									3,900,000	1.7
Whalers Village
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Mortgage Loans on Real Estate, Commercial and Consumer, Net																				$ 83,500,000	$ 80,000,000
Interest rate																				2.50%
Loan Processing Fee									2,500,000	$ 900,000
Unconsolidated Real Estate Affiliates
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Recognition of right-of-use asset			67,100,000						67,100,000													67,700,000
Total lease liability			69.3						69.3													69,900,000
Provision for impairment			0				$ 83,900,000	$ 83,917,000	6,677,000		$ 83,917,000
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
Water Tower Place [Member]
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates
Ownership in Investment Properties by Joint Venture Percentage	9393.00%	93.93%

MORTGAGES, NOTES AND LOANS PA_3

MORTGAGES, NOTES AND LOANS PAYABLE (Details) - USD ($)	May 28, 2021	Apr. 20, 2021	Jan. 01, 2021	Aug. 27, 2020	Jul. 29, 2020	May 24, 2020	Feb. 07, 2020	Apr. 09, 2019	Aug. 24, 2018	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2008	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jul. 29, 2021	Jun. 29, 2021	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	Jun. 25, 2019	May 01, 2019	Mar. 28, 2018
Mortgages, notes and loans payable
Deferred Finance Costs, Net										$ 95,300,000				$ 95,300,000							$ 105,900,000
Fixed-rate debt										8,400,542,000				8,400,542,000							8,581,538,000
Variable-rate debt										7,371,694,000				7,371,694,000							7,533,048,000
Non-Recourse Debt										9,700,000,000				9,700,000,000
Total Mortgages, notes and loans payable										$ 15,772,236,000				$ 15,772,236,000							16,114,586,000
Weighted-average fixed interest rate (as a percent)										4.32%				4.32%								4.36%
Weighted-average variable interest rate (as a percent)										3.11%				3.11%		3.21%
Long-term Debt, Weighted Average Interest Rate, at Point in Time										3.75%				3.75%		3.82%
Market rate adjustments										$ 2,300,000				$ 2,300,000							3,200,000
Notes receivable										$ 38,123,000				$ 38,123,000							45,553,000
Debt, Weighted Average Interest Rate										3.21%				3.21%								3.26%
Variable rate basis														LIBOR
Outstanding letter of credit and surety bonds										$ 48,600,000				$ 48,600,000							50,100,000
Interest rate																														5.75%
Repayments of Related Party Debt										54,600,000
Debt Instrument, Debt Default, Amount										705,900,000				705,900,000
Debt Instrument, Increase, Accrued Interest														2,400,000
Unconsolidated Real Estate Affiliates - (loss) gain on investment, net										(14,077,000)		$ (1,120,000)		(16,217,000)	$ 11,527,000
(Loss) gain on extinguishment of debt										$ (1,337,000)		$ 14,320,000		$ 11,786,000	$ 14,320,000
Lessor, Operating Lease, Fixed Payments, Percentage Of Total Contractual Revenues										74.10%		82.50%		72.70%	81.00%
Management fee expense										$ (9,829,000)		$ (5,619,000)		$ (20,856,000)	$ (16,904,000)
Common Stock, Par or Stated Value Per Share										$ 0.01				$ 0.01																	$ 0.01
Common Class B-1
Mortgages, notes and loans payable
Stock Issued During Period, Shares, New Issues										16,316,037	1,379,150					19,367,288
Proceeds from Contributions from Affiliates										$ 349,000,000	$ 29.5					$ 414,300,000
Sale of Stock, Price Per Share										$ 21.39	$ 21.39			$ 21.39						$ 21.39
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
(Loss) gain on extinguishment of debt			$ 1,800,000
SoNo Collection [Member]
Mortgages, notes and loans payable
Proceeds from Partnership Contribution							$ 70,800,000
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%				1.45%
Unsecured Debt
Mortgages, notes and loans payable
Variable-rate debt										$ 5,162,855,000				$ 5,162,855,000							5,064,522,000
Revolving Credit Facility
Mortgages, notes and loans payable
Fixed-rate debt										$ 6,108,215,000				$ 6,108,215,000
Variable-rate debt																					6,009,882,000
Weighted-average variable interest rate (as a percent)										2.74%				2.74%		2.80%
Long-term Line of Credit										$ 1,225,000,000				$ 1,225,000,000							1,015,000,000
Term Loan A-1
Mortgages, notes and loans payable
Unsecured Debt										900,000,000				900,000,000				$ 21
Term Loan A-2
Mortgages, notes and loans payable
Due to Other Related Parties										1,923,500,000				1,923,500,000
Unsecured Debt										2,000,000,000				2,000,000,000
Payments for Loans														76,500,000
Term Loan B
Mortgages, notes and loans payable
Fixed-rate debt										1,940,000,000				1,940,000,000
Unsecured Debt										2,000,000,000				$ 2,000,000,000
Debt Instrument, Basis Spread on Variable Rate														250.00%
Repayments of Related Party Debt										10,000,000
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										5,107,461,000				$ 5,107,461,000							4,998,267,000
Secured Debt
Mortgages, notes and loans payable
Fixed-rate debt										7,466,539,000				7,466,539,000							7,649,040,000
Variable-rate debt										$ 2,264,233,000				$ 2,264,233,000							2,534,781,000
Weighted-average fixed interest rate (as a percent)										4.14%				4.14%		4.19%
Weighted-average variable interest rate (as a percent)										3.94%				3.94%		4.01%
Mortgages, notes and loans payable																														$ 1,000,000,000
Amount of recourse fixed and variable rate debt										$ 637,400,000				$ 637,400,000
Bonds Net of Financing Costs [Member]
Mortgages, notes and loans payable
Fixed-rate debt										934,003,000				934,003,000							932,498,000
Bonds [Member]
Mortgages, notes and loans payable
Fixed-rate debt										$ 945,360,000				$ 945,360,000							945,360,000
Weighted-average fixed interest rate (as a percent)										5.75%				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										$ 15,100,000,000				$ 15,100,000,000
Revolving Credit Facility
Mortgages, notes and loans payable
Deferred Finance Costs, Net										66,800,000				66,800,000							79,100,000
Loans Payable									$ 1,500,000,000	$ 1,200,000,000				$ 1,200,000,000
Debt Instrument, Basis Spread on Variable Rate									2.25%					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 | 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)										1.64%				1.64%		1.66%
Mortgages, notes and loans payable										$ 206,200,000				$ 206,200,000							206,200,000
Portion at Fair Value Measurement
Mortgages, notes and loans payable
Debt Instrument, Debt Default, Amount										737,100,000				737,100,000
Contractual Rights
Mortgages, notes and loans payable
Mortgages, notes and loans payable										7,300,000				7,300,000							$ 19,800,000
Cross-collateralized | Secured Debt
Mortgages, notes and loans payable
Variable-rate debt										1,000,000,000				$ 1,000,000,000
Cross-collateralized | Secured Debt | Extended Maturity [Member]
Mortgages, notes and loans payable
Variable-rate debt		$ 1,000,000,000																								$ 1,300,000,000
Interest rate																										1.75%
Loan Processing Fee															$ 1,600,000
Number of Real Estate Properties		16																								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						$ 45,300,000				63,800,000				$ 63,800,000					$ 100				$ 25,000,000	$ 45,000,000	$ 25,000,000		$ 29,000,000	$ 27,000,000	$ 70,500,000
Interest rate												2.75%			2.75%								1.94%
Repayments of Related Party Debt				$ 19,500,000
Brookfield BPY Holdings Inc [Member] | Par Value of Debt [Member]
Mortgages, notes and loans payable
Unsecured Debt						59,600,000
Gain (Loss) on Repurchase of Debt Instrument						$ 14,300,000
Park Meadows [Member] | Subsequent Event
Mortgages, notes and loans payable
Mortgage Loans on Real Estate, Commercial and Consumer, Net																	$ 7,000,000
BPR (Multiple Properties) [Member] | Term Loan A-1
Mortgages, notes and loans payable
Unsecured Debt										700,000,000				700,000,000
Affiliated Entity | Term Loan A-1
Mortgages, notes and loans payable
Unsecured Debt										$ 200,000,000				$ 200,000,000
Deerbrook Mall
Mortgages, notes and loans payable
Repayments of Debt	$ 127,900,000
(Loss) gain on extinguishment of debt	$ (1,300,000)
16-Property Loan
Mortgages, notes and loans payable
Mortgage Loans on Real Estate, Commercial and Consumer, Net		$ 1,300,000,000
Interest rate		3.25%
Loan Processing Fee		$ 8,200,000
Partners' Capital, Other		$ 5,000,000
Fox River Mall
Mortgages, notes and loans payable
Repayments of Debt															$ 187,000,000
Loan Processing Fee															$ 3,100,000

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)retail_propertycontractrenewal_optionft²	Jun. 30, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Minimum rents	$ 240,489,000	$ 249,461,000	$ 475,791,000	$ 502,971,000
Weighted-average discount rate	7.70%	7.68%	7.70%	7.68%
Overage rent	$ 6,358,000	$ 100,000	$ 12,950,000	$ 5,493,000
Tenant recoveries	90,313,000	97,851,000	181,603,000	196,896,000
Operating Lease, Lease Income, Contractual Rent Billed	$ 319,614,000	$ 348,839,000	$ 626,978,000	$ 707,642,000
Lessor, Operating Lease, Fixed Payments, Percentage Of Total Contractual Revenues	74.10%	82.50%	72.70%	81.00%
Operating lease right-of-use asset	$ 387,873,000		$ 387,873,000			$ 392,634,000
Operating lease liability	72,889,000		$ 72,889,000			$ 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	2,677,000	$ 1,512,000	$ 13,016,000	$ 2,367,000
Adjustment to recognize contractual operating lease billings on a straight-line basis	3,790,000	(291,000)	17,888,000	4,186,000
Above and below-market tenant leases, net	2,451,000	7,279,000	7,741,000	802,000
Less provision for doubtful accounts	(1,906,000)	(14,754,000)	(1,735,000)	(19,728,000)
Operating Lease, Lease Income	323,949,000	341,073,000	650,872,000	692,902,000
Operating Lease, Lease Income, COVID Rent Abatements Granted	(56,382,000)	(85,000)	$ (56,382,000)	(85,000)	$ (20,223,000)		$ (85,000)
Ground
Lessee, Lease, Description [Line Items]
Number of operating lease contracts | contract			7
Straight-line rent expense	1,775,000	1,772,000	$ 3,549,000	4,171,000
Office
Lessee, Lease, Description [Line Items]
Number of operating lease contracts | contract			1
Straight-line rent expense	$ 1,964,000	$ 1,964,000	$ 3,928,000	$ 3,928,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease terms	4 years		4 years
Number of renewal options | renewal_option			2
Operating lease renewal term	5 years		5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	40 years		40 years
Number of renewal options | renewal_option			3
Operating lease renewal term	10 years		10 years

LEASES - Schedule of Maturity o

LEASES - Schedule of Maturity of Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 4,731
2022	9,704
2023	9,968
2024	10,200
2025	10,439
2026	10,684
2027 and thereafter	144,328
Total undiscounted lease payments	200,054
Less: Present value adjustment	(127,165)
Total lease liability	$ 72,889	$ 74,896

LEASES - Schedule of Lease Paym

LEASES - Schedule of Lease Payments to be Received From Operating Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Lessor, Operating Leases After Adoption of 842
Remainder of 2021	$ 503,139
2022	932,408
2023	816,610
2024	689,686
2025	572,729
2026	478,465
Subsequent	1,415,080
Total payments to be received from operating leases after adoption	$ 5,408,117

LEASES - Summary of Additional

LEASES - Summary of Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	23 years 2 months 12 days	23 years 3 months 18 days	23 years 2 months 12 days
Weighted-average discount rate	7.68%	7.70%	7.68%
Supplemental disclosure for the consolidated statements of cash flows:
Cash paid for amounts included in the measurement of lease liabilities	$ 4,639	$ 4,739	$ 4,639

LEASES - Schedule of Rental Rev

LEASES - Schedule of Rental Revenues from Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Lease, Lease Income [Abstract]
Minimum rents, billed	$ 240,489	$ 249,461	$ 475,791	$ 502,971
Tenant recoveries, billed	90,313	97,851	181,603	196,896
Lease termination income, billed	2,677	1,512	13,016	2,367
Overage rent, billed	6,358	100	12,950	5,493
Total contractual operating lease billings	319,614	348,839	626,978	707,642
Adjustment to recognize contractual operating lease billings on a straight-line basis	3,790	(291)	17,888	4,186
Above and below-market tenant leases, net	2,451	7,279	7,741	802
Less provision for doubtful accounts	(1,906)	(14,754)	(1,735)	(19,728)
Total rental revenues, net	$ 323,949	$ 341,073	$ 650,872	$ 692,902

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Jun. 30, 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_3

EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Details)	May 06, 2021$ / shares	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	Jan. 30, 2021USD ($)	Jun. 30, 2021USD ($)$ / sharesRateshares	Mar. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)	Mar. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesRateshares	Jun. 29, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019$ / shares	Dec. 31, 2020USD ($)$ / sharesshares	Apr. 20, 2021USD ($)	Mar. 30, 2021USD ($)	Apr. 24, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 19, 2019USD ($)$ / shares	May 01, 2019	Oct. 18, 2018$ / shares	Mar. 28, 2018$ / shares
Equity and redeemable noncontrolling interest
Common Stock, Shares, Outstanding							500.00%
Percentage of Public Float							1000.00%
Weighted Average Number of Shares, Common Stock Subject to Repurchase or Cancellation | shares					7,321,155										841,950	855,000	2,606,289
Share Price | $ / shares					$ 12										$ 18.56	$ 18.57									$ 18.57
Common Unit, Issuance Value					$ 87,900,000									$ 29,870,000	$ 15.63	$ 15,870,000					$ 29,870,000				$ 15,870,000
Redeemable noncontrolling interests														55,274,000		$ 60,826,000					55,274,000				60,826,000
Allocation to Noncontrolling Interests
Distributions to preferred Operating Partnership units														(621,000)				$ (906,000)			(1,545,000)		$ (1,816,000)
Net (income) loss allocated to noncontrolling interest in consolidated real estate affiliates														27,794,000				335,000			81,707,000		9,365,000
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest														(13,394,000)				23,126,000			(39,953,000)		33,628,000
Allocation to noncontrolling interests														13,779,000				22,555,000			40,209,000		41,177,000
Comprehensive (income) loss allocated to noncontrolling interests														11,927,000				24,181,000			38,248,000	$ 38,247,000	42,803,000
Activity of redeemable noncontrolling interests
Balance at the beginning of the period																	$ 61,837,000		$ 62,235,000	$ 62,235,000			62,235,000		$ 62,235,000
Distributions													$ 60,453,000		(5,179,000)			(10,000)	(388,000)	$ 61,406,000
Equity, Fair Value Adjustment																		(441,000)	441,000
Redeemable Noncontrolling Interest Cash Redemption of Operating Partnership Units															(373,000)
Balance at the end of the period														$ 55,274,000				61,837,000			$ 55,274,000		61,837,000
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							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							$ 50
Dividends, Preferred Stock, Cash														3,985,000				$ 3,985,000			7,969,000		7,969,000
Common Stock, Other Value, Outstanding														$ 0.324405869							$ 0.324405869
Common Stock, Par or Stated Value Per Share | $ / shares														$ 0.01							$ 0.01												$ 0.01
Preferred Stock, Shares Authorized | shares														500,000,000		500,000,000					500,000,000				500,000,000
Preferred Stock, Shares Issued | shares														10,000,000		10,000,000					10,000,000				10,000,000
Preferred Stock, Shares Outstanding | shares														10,000,000		10,000,000					10,000,000				10,000,000
Class B Stock														$ 5,486,000		$ 5,261,000					$ 5,486,000				$ 5,261,000
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares											$ 0.100							$ 0.3984			$ 0.7968			$ 0.7968
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest														(1,852,000)				$ 1,626,000			$ (1,962,000)		1,626,000
Contract with Customer, Refund Liability														14,100,000	10,400,000						14,100,000
Interest rate																															5.75%
Variable-rate debt														7,371,694,000		7,533,048,000					7,371,694,000				7,533,048,000
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net unrealized gains on financial instruments														(120,000)				45,000			(120,000)		45,000
Cumulative effect of foreign currency translation ("CFCT")														0				(103,386,000)			0		(103,386,000)
AOCI - Minority Interest														0				1,626,000			0		1,626,000
Total equity														3,409,300,000	$ 3,009,107,000	3,250,453,000		3,037,318,000	3,283,522,000		3,409,300,000		3,037,318,000		3,250,453,000				$ 3,295,107,000
Secured Debt
Common Stock Dividend
Variable-rate debt														2,264,233,000		$ 2,534,781,000					2,264,233,000				$ 2,534,781,000
Cross-collateralized | Secured Debt
Common Stock Dividend
Variable-rate debt														$ 1,000,000,000							$ 1,000,000,000
Cross-collateralized | Extended Maturity [Member] | Secured Debt
Common Stock Dividend
Interest rate																												1.75%
Variable-rate debt																										$ 1,000,000,000		$ 1,300,000,000
Class B-2 [Member]
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized | shares														965,000,000							965,000,000
Common Stock Dividend
Common stock, shares issued (in shares) | shares														121,203,654							121,203,654
Common Stock, Shares, Outstanding | shares														121,203,654							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					5,907,500,000				5,907,500,000
Common Stock Dividend
Common stock, shares issued (in shares) | shares														548,591,421		548,591,421					548,591,421				548,591,421
Common Stock, Shares, Outstanding | shares														526,042,279		526,042,279					526,042,279				526,042,279
Common Stock, Par or Stated Value Per Share | $ / shares														$ 0.01		$ 0.01					$ 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							4,517,500,000
Common Stock, Shares, Outstanding | Rate														4.00%							4.00%
Share Price | $ / shares														$ 11.46							$ 11.46
Common Stock Dividend
Shares, Outstanding | shares														33,089,027		39,127,335					33,089,027				39,127,335
Common stock, shares issued (in shares) | shares														34,971,769							34,971,769
Common Stock, Shares, Outstanding | shares														33,089,027							33,089,027
Common Stock, Voting Rights																					1:1
Conversion of Stock, Shares Issued | shares																					5,567,476
Conversion Price | $ / shares																					$ 18.65
Preferred Stock
Common Stock Dividend
Preferred Stock, Dividends, Per Share, Cash Paid | $ / shares														$ 0.3984
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							$ 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							2.4679
Common Class B-1
Equity and redeemable noncontrolling interest
Common Stock, Shares Authorized | shares														4,517,500,000							4,517,500,000
Common Stock Dividend
Common stock, shares issued (in shares) | shares														224,949,583							224,949,583
Common Stock, Shares, Outstanding | shares														224,949,583							224,949,583
Common Stock, Voting Rights																					1:1
Sale of Stock, Price Per Share | $ / shares														$ 21.39	$ 21.39	$ 21.39					$ 21.39				$ 21.39
Stock Issued During Period, Shares, New Issues | shares														16,316,037	1,379,150										19,367,288
Proceeds from Contributions from Affiliates														$ 349,000,000	$ 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																					4,853,955
Conversion Price | $ / shares																					$ 21.39
Series B Preferred Stock [Member]
Common Stock Dividend
Shares, Outstanding | shares														9,717.658							9,717.658
Common Stock, Par or Stated Value Per Share | $ / shares														$ 0.01							$ 0.01									$ 0.01
Preferred Stock, Shares Authorized | shares														425,000,000							425,000,000
Preferred Stock, Shares Issued | shares														202,438,184							202,438,184
Preferred Stock, Shares Outstanding | shares														202,438,184							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					1,000,000,000				1,000,000,000
Common Stock Dividend
Common stock, shares issued (in shares) | shares														640,051,301		640,051,301					640,051,301				640,051,301
Common Stock, Shares, Outstanding | shares														640,051,301		640,051,301					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					$ 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							$ 21
Conversion of preferred share per common share issued upon conversion | shares														0.40682134							0.40682134
Shares, Outstanding | shares														315,992.1238							315,992.1238
Common Stock
Common Stock Dividend
Shares, Outstanding | shares														776,734.3886							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							532,749.6574
Preferred Stock, Liquidation Preference, Value														$ 50							$ 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							502,657.8128
Preferred Stock, Liquidation Preference, Value														$ 50							$ 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														627,000,000							627,000,000
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														51,800,000							51,800,000
Accumulated  Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total equity														(120,000)	(98,374,000)	$ (99,418,000)		(101,715,000)	(99,784,000)		(120,000)		(101,715,000)		$ (99,418,000)		$ (120,000)		(85,402,000)
Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Total equity														$ 1,367,065,000	$ 1,379,741,000	$ 1,407,167,000		$ 1,458,562,000	$ 1,484,038,000		$ 1,367,065,000		$ 1,458,562,000		$ 1,407,167,000				$ 1,532,740,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Numerators - Basic and Diluted:
Net income	$ (161,711)	$ (231,605)	$ (417,262)	$ (332,054)
Allocation to noncontrolling interests	13,779	22,555	40,209	41,177
Net Income (Loss) Distributed to Preferred Operating Partnership Units	$ 621	$ 906	$ 1,545	$ 1,816
Common Class A
Basic and diluted
Shares, Outstanding	33,089,027		33,089,027		39,127,335
Common Stock
Basic and diluted
Shares, Outstanding	776,734.3886		776,734.3886

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Aug. 05, 2020	Dec. 31, 2019
Stock-Based Compensation Plans
Common Stock, Shares, Outstanding					500.00%
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	1,796,816	1,796,816	1,699,110	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	$ 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		(390,890)	(256,329)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value		$ 20.10	$ 22.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		(137,573)	(44,827)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		$ 19.03	$ 19.85
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%	4.00%

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation Plans
Compensation expense	$ 2,551	$ 2,343	$ 4,620	$ 3,604
Stock options
Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	131,872	175,799	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	$ 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	$ 0	$ 0
Stock options | General and administrative
Stock-Based Compensation Plans
Compensation expense	0	0	0	0
Restricted Stock | Property management and other costs
Stock-Based Compensation Plans
Compensation expense	1,678	1,473	2,972	2,324
Restricted Stock | General and administrative
Stock-Based Compensation Plans
Compensation expense	$ 871	$ 847	$ 1,624	$ 1,249
LTIP Common Units
Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	817,276	1,894,636	817,276	1,894,636	1,763,921	2,177,668
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 22.47	$ 24.23	$ 22.47	$ 24.23	$ 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)			(650,455)	(35,820)
Exercised (in dollars per share)			$ 26.57	$ 26.54
Forfeited (in shares)			0	0
Forfeited (in dollars per share)			$ 0	$ 0
Expired (in shares)			(296,190)	(271,463)
Expired (in dollars per share)			$ 22.54	$ 22.42
LTIP Common Units | Property management and other costs
Stock-Based Compensation Plans
Compensation expense	$ 8	$ 8	$ 15	$ 10
LTIP Common Units | General and administrative
Stock-Based Compensation Plans
Compensation expense	$ (6)	$ 15	$ 9	$ 21

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS (Details 3) - LTIP Common Units - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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)	(650,455)	(35,820)
Forfeited (in shares)	0	0
Expired (in shares)	(296,190)	(271,463)
Stock options Outstanding at the end of the period (in shares)	817,276	1,894,636
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)	26.57	26.54
Forfeited (in dollars per share)	0	0
Expired (in dollars per share)	22.54	22.42
Stock options Outstanding at the end of the period (in dollars per share)	$ 22.47	$ 24.23

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 203,086	$ 384,464
Short-term tenant receivables	3,819	6,703
Straight-line rent receivable	205,866	188,950
Other accounts receivable	14,256	14,894
Total accounts receivable	427,027	595,011
Provision for doubtful accounts	(55,930)	(70,029)
Total accounts receivable, net	$ 371,097	$ 524,982

NOTES RECEIVABLE (Details)

NOTES RECEIVABLE (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Receivables [Abstract]
Notes receivable	$ 33,198			$ 33,198		$ 40,999
Interest Receivable	4,925			4,925		4,554
Total notes receivable	38,123			38,123		$ 45,553
Provision for note receivable loss	$ 800	$ 800	$ 0	$ 8,711	$ 0

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible assets:
Gross Asset	$ 231,692	$ 244,726
Accumulated Amortization	(119,290)	(118,938)
Balance	112,402	125,788
Recognition of right-of-use asset	387,873	392,634
Finance Lease, Right-of-Use Asset	7,821	7,873
Restricted cash	238,483	164,069
Remaining prepaid expenses and other assets:
Security and escrow deposits	1,173	1,160
Prepaid expenses	30,279	45,266
Other non-tenant receivables	56,090	70,916
Other	20,147	20,040
Total remaining prepaid expenses and other assets	741,866	701,958
Total prepaid expenses and other assets	854,268	827,746
Above-market tenant leases, net
Intangible assets:
Gross Asset	120,186	133,220
Accumulated Amortization	(52,118)	(54,922)
Balance	68,068	78,298
Real estate tax stabilization agreement, net
Intangible assets:
Gross Asset	111,506	111,506
Accumulated Amortization	(67,172)	(64,016)
Balance	$ 44,334	$ 47,490

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible liabilities:
Gross  Liability	$ 197,723	$ 222,432
Accumulated Accretion	(65,627)	(72,364)
Balance	132,096	150,068
Remaining accounts payable and accrued expenses:
Accrued interest	87,440	63,693
Accounts payable and accrued expenses	79,525	83,041
Accrued real estate taxes	58,813	76,401
Deferred gains/income	92,151	94,752
Accrued payroll and other employee liabilities	43,575	57,134
Construction payable	244,596	272,080
Tenant and other deposits	15,055	14,644
Total lease liability	72,889	74,896
Insurance reserve liability	11,956	12,793
Finance lease obligations	9,093	9,093
Conditional asset retirement obligation liability	2,415	2,342
Other	67,065	82,680
Total remaining Accounts payable and accrued expenses	784,573	843,549
Total Accounts payable and accrued expenses	916,669	993,617
Below-market tenant leases, net
Intangible liabilities:
Gross  Liability	197,723	222,432
Accumulated Accretion	(65,627)	(72,364)
Balance	$ 132,096	$ 150,068

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contractual rent expense, including participation rent	$ 4,502	$ 4,050	$ 8,816	$ 8,926
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent	3,563	$ 3,111	6,939	$ 6,421
Revolving Credit Liquidity [Member]
Line of Credit Facility, Remaining Borrowing Capacity	$ 275,000		$ 275,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 26, 2021	Jul. 20, 2021	Jul. 16, 2021	Jul. 01, 2021	Apr. 23, 2021	Aug. 18, 2020	Aug. 05, 2020	Jan. 09, 2020	Feb. 13, 2013	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Aug. 04, 2021	Jul. 29, 2021	Jun. 29, 2021	May 04, 2021	May 03, 2021	Apr. 29, 2021	Apr. 20, 2021	Jun. 30, 2020	Jun. 25, 2020	May 24, 2020	May 22, 2020	May 19, 2020	Apr. 24, 2020	Mar. 25, 2020	Feb. 28, 2020	Feb. 27, 2020	Feb. 10, 2020	Jun. 25, 2019	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					841,950	855,000	2,606,289
Share Price						$ 12					$ 18.56	$ 18.57		$ 18.57
Common Stock, Par or Stated Value Per Share										$ 0.01																								$ 0.01
Common Stock, Shares, Outstanding							500.00%
Percentage of Public Float							1000.00%
Common Unit, Issuance Value						$ 87,900,000				$ 29,870,000	$ 15.63	$ 15,870,000		$ 15,870,000
Variable-rate debt										$ 7,371,694,000		$ 7,533,048,000		$ 7,533,048,000
Preferred Stock, Par or Stated Value Per Share										$ 0.01		$ 0.01		$ 0.01
Brookfield BPY Holdings Inc [Member]
Subsequent Event [Line Items]
Interest rate																						2.75%	1.94%
Unsecured Debt										$ 63,800,000										$ 100			$ 25,000,000	$ 45,300,000	$ 45,000,000	$ 25,000,000		$ 29,000,000			$ 27,000,000	$ 70,500,000
Term Loan A-1
Subsequent Event [Line Items]
Unsecured Debt										900,000,000							$ 21
Term Loan A-2
Subsequent Event [Line Items]
Due to Other Related Parties										1,923,500,000
Unsecured Debt										2,000,000,000
Shopping Leblon
Subsequent Event [Line Items]
Ownership in Investment Properties by Joint Venture Percentage					35.00%
Proceeds from Sales of Business, Affiliate and Productive Assets					$ 85,200,000
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]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																					$ 1,300,000,000
Interest rate																					3.25%
Whalers Village
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																		$ 83,500,000	$ 80,000,000
Interest rate																		2.50%
Miami Design District [Member]
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																													$ 500,000,000	$ 480,000,000
Interest rate																													4.13%	2.50%
SoNo Collection [Member]
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net															$ 10,000,000
Common Class B-1
Subsequent Event [Line Items]
Proceeds from Contributions from Affiliates										$ 349,000,000	$ 29.5			$ 414,300,000
Sale of Stock, Price Per Share										$ 21.39	$ 21.39	21.39		$ 21.39
Stock Issued During Period, Shares, New Issues										16,316,037	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		$ 0.01		$ 0.01
6.375% series A cumulative redeemable perpetual preferred stock
Subsequent Event [Line Items]
Preferred shares dividend (as a percent)									6.375%
Proceeds from Issuance of Redeemable Preferred Stock									$ 242,000,000
Subsequent Event | Grand Teton Plaza
Subsequent Event [Line Items]
Proceeds from Partnership Contribution				$ 13,000,000
Subsequent Event | River Hills and Eastridge Mall
Subsequent Event [Line Items]
Proceeds from Partnership Contribution			$ 29,500,000
Subsequent Event | Eastridge Mall
Subsequent Event [Line Items]
Proceeds from Partnership Contribution			$ 9,500,000
Subsequent Event | Tucson Mall
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																$ 203,300,000
Interest rate																3.57%
Subsequent Event | Tucson Mall Mezz
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																$ 40,500,000
Interest rate																6.25%
Subsequent Event | Town East Mall
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																$ 160,300,000
Interest rate																3.57%
Subsequent Event | Park Meadows [Member]
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																$ 7,000,000
Subsequent Event | Stonebriar
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net																$ 10,500,000
Subsequent Event | SoNo Collection [Member]
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Commercial and Consumer, Net															$ 295,000,000
Subsequent Event | Common Class A
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01
Subsequent Event | 6.375% series A cumulative redeemable perpetual preferred stock
Subsequent Event [Line Items]
Preferred shares dividend (as a percent)	637.50%	637.50%
Subsequent Event | Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Share Price	$ 0.21250	$ 0.21250
Proceeds from Issuance of Redeemable Preferred Stock	$ 25.21250	$ 25.21250
Preferred Stock, Par or Stated Value Per Share	$ 25	$ 25
Secured Debt
Subsequent Event [Line Items]
Variable-rate debt										$ 2,264,233,000		$ 2,534,781,000		$ 2,534,781,000
Secured Debt | Cross-collateralized
Subsequent Event [Line Items]
Variable-rate debt										$ 1,000,000,000
Secured Debt | Cross-collateralized | Extended Maturity [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties																					16						15
Interest rate																											1.75%
Variable-rate debt																					$ 1,000,000,000						$ 1,300,000,000

Uncategorized Items - ggp-20210

Label	Element	Value
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest and Long Term Incentive Plan Adjustments	ggp_NetIncomeLossIncludingPortionAttributabletoNoncontrollingInterestandLongTermIncentivePlanAdjustments	$ (162,332,000)
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