Rouse Properties (RSE) 10-Q 4 Nov 13 2013 Q3 Quarterly report Financial data

DOCUMENT_AND_ENTITY_INFORMATIO

DOCUMENT AND ENTITY INFORMATION	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document and Entity Information	'	'
Entity Registrant Name	'Rouse Properties, Inc.	'
Entity Central Index Key	'0001528558	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding (shares)	'	49,641,636

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investment in real estate:	'	'
Land	$314,728	$339,988
Buildings and equipment	1,334,746	1,312,767
Less accumulated depreciation	-135,229	-116,336
Net investment in real estate	1,514,245	1,536,419
Cash and cash equivalents	5,841	8,092
Restricted cash	50,898	44,559
Demand deposit from affiliate	42,565	150,163
Accounts receivable, net	24,643	25,976
Deferred expenses, net	41,488	40,406
Prepaid expenses and other assets, net	75,966	99,458
Total assets	1,755,646	1,905,073
Liabilities:	'	'
Mortgages, notes and loans payable	1,177,305	1,283,491
Accounts payable and accrued expenses, net	92,702	88,686
Total liabilities	1,270,007	1,372,177
Commitments and contingencies	0	0
Equity:	'	'
Preferred stock: $0.01 par value; 50,000,000 shares authorized, 0 issued and outstanding at September 30, 2013 and December 31, 2012	0	0
Additional paid-in capital	571,465	588,668
Accumulated deficit	-86,434	-56,380
Total stockholders' equity	485,528	532,785
Non-controlling interest	111	111
Total equity	485,639	532,896
Total liabilities and equity	1,755,646	1,905,073
Common Class A [Member]	'	'
Equity:	'	'
Common stock	497	493
Common Class B [Member]	'	'
Equity:	'	'
Common stock	$0	$4

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred Stock [Member]	'	'
Par value of shares (in dollars per share)	$0.01	$0.01
Preferred Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Number of preferred shares issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Class A [Member]	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	49,645,796	49,246,087
Common stock, shares outstanding (in shares)	49,641,636	49,235,528
Common Class B [Member]	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	0	359,056
Common stock, shares outstanding (in shares)	0	359,056

CONSOLIDATED_AND_COMBINED_STAT

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:	'	'	'	'
Minimum rents	$40,733	$37,266	$119,296	$109,536
Tenant recoveries	17,918	17,130	50,254	48,701
Overage rents	188	765	2,479	2,779
Other	1,476	1,128	4,161	3,461
Total revenues	60,315	56,289	176,190	164,477
Expenses:	'	'	'	'
Real estate taxes	6,517	5,823	18,300	17,080
Property maintenance costs	2,158	2,724	8,361	9,153
Marketing	720	676	2,032	1,726
Other property operating costs	16,015	15,030	43,831	42,570
Provision for (recovery of) doubtful accounts	-136	688	364	1,334
General and administrative	5,575	5,267	15,675	15,726
Depreciation and amortization	15,748	16,047	47,418	49,210
Other	585	1,476	2,052	7,918
Total expenses	47,182	47,731	138,033	144,717
Operating income	13,133	8,558	38,157	19,760
Interest income	166	253	492	263
Interest expense	-18,002	-20,005	-59,305	-70,325
Loss before income taxes and discontinued operations	-4,703	-11,194	-20,656	-50,302
Provision for income taxes	20	-89	-235	-328
Loss from continuing operations	-4,683	-11,283	-20,891	-50,630
Discontinued operations:	'	'	'	'
Loss from discontinued operations	0	-1,773	-23,158	-4,442
Gain on extinguishment of debt	0	0	13,995	0
Discontinued operations, net	0	-1,773	-9,163	-4,442
Net loss	-4,683	-13,056	-30,054	-55,072
Loss from continuing operations per share- Basic and Diluted (in dollars per share)	($0.09)	($0.23)	($0.42)	($1.12)
Net loss per share - Basic and Diluted (in dollars per share)	($0.09)	($0.27)	($0.61)	($1.22)
Dividends declared per share (in dollars per share)	$0.13	$0.07	$0.39	$0.14
Comprehensive loss:	'	'	'	'
Net loss	-4,683	-13,056	-30,054	-55,072
Other comprehensive income (loss):	'	'	'	'
Net unrealized gain (loss) on financial instrument	0	32	0	-33
Comprehensive loss	($4,683)	($13,024)	($30,054)	($55,105)

CONSOLIDATED_AND_COMBINED_STAT1

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (USD $)	Total	Additional Paid-In Capital	GGP Equity	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-controlling Interest	Common Class B [Member]	Common Class B [Member]	Common Class A [Member]	Common Class A [Member]
In Thousands, except Share data, unless otherwise specified	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)		Common Stock [Member]		Common Stock [Member]
								USD ($)		USD ($)
Balance at Dec. 31, 2011	$426,328	$0	$426,328	$0	$0	$0	'	$0	'	$0
Balance (in shares) at Dec. 31, 2011	'	'	'	'	'	'	'	0	'	0
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'	'
Net loss	-55,072	'	-12,279	-42,793	'	'	'	'	'	'
Comprehensive loss	-33	'	'	'	-33	'	'	'	'	'
Distributions to GGP prior to spin-off	-8,394	'	-8,394	'	'	'	'	'	'	'
Contributions from noncontrolling interest	111	'	'	'	'	111	'	'	'	'
Issuance of 35,547,049 shares of common stock and 359,056 shares of Class B common stock related to the spin-off and transfer of GGP equity on the spin-off date (shares)	'	'	'	'	'	'	359,056	359,056	35,547,049	35,547,049
Stockholders' Equity Note, Spinoff Transaction	0	405,295	-405,655	'	'	'	'	4	'	356
Issuance of 13,333,333 shares of common stock related to the rights offering (shares)	'	'	'	'	'	'	'	'	13,333,333	13,333,333
Issuance of 13,333,333 shares of common stock related to the rights offering	200,000	199,867	'	'	'	'	'	'	'	133
Offering costs	-8,392	-8,392	'	'	'	'	'	'	'	'
Dividends	-6,945	-6,945	'	'	'	'	'	'	'	'
Issuance and amortization of stock compensation (in shares)	'	'	'	'	'	'	'	'	'	344,751
Issuance and amortization of stock compensation	1,651	1,647	'	'	'	'	'	'	'	4
Balance at Sep. 30, 2012	549,254	591,472	0	-42,793	-33	111	'	4	'	493
Balance (in shares) at Sep. 30, 2012	'	'	'	'	'	'	'	359,056	'	49,225,133
Balance at Dec. 31, 2012	532,896	588,668	0	-56,380	0	111	'	4	'	493
Balance (in shares) at Dec. 31, 2012	'	'	'	'	'	'	359,056	359,056	49,246,087	49,235,528
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'	'
Net loss	-30,054	'	'	'	'	'	'	'	'	'
Conversion of Class B share to common shares (shares)	'	'	'	'	'	'	'	-359,056	'	359,056
Conversion of Class B share to common shares	0	'	'	'	'	'	'	-4	'	4
Offering costs	-332	-332	'	'	'	'	'	'	'	'
Dividends	-19,366	-19,366	'	'	'	'	'	'	'	'
Issuance and amortization of stock compensation (in shares)	'	'	'	'	'	'	'	'	'	36,573
Issuance and amortization of stock compensation	2,248	2,248	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	'	'	'	'	'	'	'	'	'	4,080
Stock Issued During Period, Value, Stock Options Exercised	60	60	'	'	'	'	'	'	'	'
Forfeited restricted shares (in shares)	'	'	'	'	'	'	'	'	'	-4,160
Sale of treasury stock (in shares)	'	'	'	'	'	'	'	'	'	10,559
Stock Issued During Period, Value, Treasury Stock Reissued	187	187	'	'	'	'	'	'	'	'
Balance at Sep. 30, 2013	$485,639	$571,465	$0	($86,434)	$0	$111	'	$0	'	$497
Balance (in shares) at Sep. 30, 2013	'	'	'	'	'	'	0	0	49,645,796	49,641,636

CONSOLIDATED_AND_COMBINED_STAT2

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (Parenthetical)	0 Months Ended	9 Months Ended
	Jan. 12, 2012	Sep. 30, 2012
Common	'	'
Issuance of common stock related to the spin-off and transfer of GGP equity on the spin-off date, shares	'	35,547,049
Issuance of common stock related to the rights offering, shares	'	13,333,333
Common Class B [Member]	'	'
Issuance of common stock related to the spin-off and transfer of GGP equity on the spin-off date, shares	359,056	359,056

CONSOLIDATED_AND_COMBINED_STAT3

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities:	'	'
Net loss	($30,054,000)	($55,072,000)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Provision for doubtful accounts	365,000	1,413,000
Depreciation	44,147,000	46,925,000
Amortization	4,784,000	4,921,000
Amortization/write-off of deferred finance costs	6,685,000	7,288,000
Amortization/write-off of debt market rate adjustments	6,821,000	16,876,000
Amortization of above/below market leases and tenant inducements	12,424,000	18,425,000
Straight-line rent amortization	-2,556,000	-3,852,000
Provision for impairment	21,661,000	0
Gain on extinguishment of debt	-14,324,000	0
Stock based compensation	2,248,000	1,651,000
Net changes:	'	'
Accounts receivable	2,738,000	-2,264,000
Prepaid expenses and other assets	-770,000	-379,000
Deferred expenses	-8,203,000	-4,593,000
Restricted cash	-210,000	-3,994,000
Accounts payable and accrued expenses	849,000	6,714,000
Net cash provided by operating activities	46,605,000	34,059,000
Cash Flows from Investing Activities:	'	'
Acquisition/development of real estate and property additions/improvements	-51,887,000	-33,154,000
Demand deposit from affiliate	107,500,000	-150,000,000
Purchase of short term investment	0	-29,989,000
Sale of short term investment	0	29,989,000
Deposit for acquisition	0	-10,000,000
Restricted cash	-10,042,000	-20,251,000
Net cash provided by (used in) investing activities	45,571,000	-213,405,000
Cash Flows from Financing Activities:	'	'
Proceeds received from rights offering	0	200,000,000
Proceeds received from stock option exercise	60,000	0
Payments for offering costs	-332,000	-8,392,000
Sale of treasury stock	187,000	0
Contributions from noncontrolling interests	0	111,000
Change in GGP investment, net	0	-8,394,000
Proceeds from refinance/issuance of mortgages, notes and loans payable	256,500,000	564,560,000
Borrowing under revolving line of credit	0	10,000,000
Principal payments on mortgages, notes and loans payable	-330,429,000	-515,743,000
Repayment under revolving credit line	0	-10,000,000
Dividends paid	-16,383,000	-3,471,000
Deferred financing costs	-4,030,000	-27,117,000
Net cash provided by (used in) financing activities	-94,427,000	201,554,000
Net change in cash and cash equivalents	-2,251,000	22,208,000
Cash and cash equivalents at beginning of period	8,092,000	204,000
Cash and cash equivalents at end of period	5,841,000	22,412,000
Supplemental Disclosure of Cash Flow Information:	'	'
Interest paid, net of capitalized interest	46,842,000	51,894,000
Capitalized interest	-786,000	0
Non-Cash Transactions:	'	'
Change in accrued capital expenditures included in accounts payable and accrued expenses	6,126,000	1,222,000
Dividends declared, not yet paid	6,453,000	3,471,000
Assumption of mortgage related to the acquisition of a property	'	62,000,000
Capitalized market rate adjustments and deferred financing amortization	223,000	0
Non-cash changes related to acquisition accounting:	'	'
Land	9,088,000	0
Buildings and equipment, net	34,818,000	0
Deferred expenses, net	1,430,000	0
Prepaid and other assets	1,098,000	0
Mortgages, notes and loans payable	-41,913,000	0
Accounts payable and accrued expenses	($4,521,000)	$0

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION	'
	ORGANIZATION
	Readers of this Quarterly Report should refer to the Company’s (as defined below) audited Consolidated and Combined Financial Statements for the year ended December 31, 2012 which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 (the “Annual Report”), as certain footnote disclosures which would substantially duplicate those contained in the Annual Report have been omitted from this Quarterly Report.  Capitalized terms used, but not defined in this Quarterly Report, have the same meanings as in the Annual Report.
	General
	Rouse Properties, Inc. is a Delaware corporation that was created to hold certain assets and liabilities of General Growth Properties, Inc ("GGP"). Prior to January 12, 2012, Rouse Properties, Inc. and its subsidiaries ("Rouse" or the "Company") were a wholly-owned subsidiary of GGP Limited Partnership (“GGP LP”). GGP distributed the assets and liabilities of 30 of its wholly-owned properties (“RPI Businesses”) to Rouse on January 12, 2012 (the “Spin-Off Date”). Before the spin-off, the Company had not conducted any business as a separate company and had no material assets or liabilities. The operations, assets and liabilities of the business were transferred to us by GGP on the Spin-Off Date and are presented as if the transferred business was our business for all historical periods described. As such, the Company's assets and liabilities on the Spin-Off Date are reflective of GGP's respective carrying values. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Rouse from January 12, 2012 through September 30, 2013 and RPI Businesses before January 12, 2012. Before the Spin-Off Date, RPI Businesses were operated as subsidiaries of GGP, which operates as a real estate investment trust (“REIT”). After the Spin-Off Date, the Company elected to continue to operate as a REIT.
	Principles of Combination and Consolidation and Basis of Presentation
	The accompanying consolidated and combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The consolidated balance sheets as of September 30, 2013 and December 31, 2012 include the accounts of Rouse, as well as all subsidiaries of Rouse.  The accompanying consolidated and combined statements of operations and comprehensive loss for the three and nine months ended September 30, 2013 and 2012 include the consolidated accounts of Rouse and for the nine months ended September 30, 2012 include the consolidated accounts of Rouse and the combined accounts of RPI Businesses. The accompanying financial statements for the periods prior to the Spin-Off Date are prepared on a carve out basis from the consolidated financial statements of GGP using the historical results of operations and bases of the assets and liabilities of the transferred businesses and including allocations from GGP. Accordingly, the results presented for the nine months ended September 30, 2012 reflect the aggregate operations and changes in cash flows and equity on a carved-out basis for the period from January 1, 2012 through January 12, 2012 and on a consolidated basis from January 13, 2012 through September 30, 2012.  All intercompany transactions have been eliminated in consolidation and combination as of and for the three and nine months ended September 30, 2013 and 2012 except end-of-period intercompany balances on the Spin-Off Date between GGP and RPI Businesses which have been considered elements of RPI Businesses' equity.
	The Company operates in a single reportable segment referred to as its retail segment, which includes the operation, development and management of regional malls. Each of the Company's 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. We do not distinguish our operations based on geography, size or type and all operations are within the United States. No customer or tenant comprises more than 10% of consolidated and combined revenues, and the properties have similar economic characteristics. As a result, the Company’s operating properties are aggregated into a single reportable segment.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Properties
	Acquisition accounting was applied to real estate assets within the Rouse portfolio either when GGP emerged from bankruptcy in November 2010 or upon any subsequent acquisition. After acquisition accounting is applied, the real estate assets are carried at the cost basis less accumulated depreciation. Real estate taxes and interest costs (including amortization of market rate adjustments and deferred financing costs) incurred during development periods are capitalized. Capitalized interest costs are based on qualified expenditures and interest rates in place during the development period. Capitalized real estate taxes, interest and interest related costs are amortized over lives which are consistent with the developed assets.
	Pre-development costs, which generally include legal and professional fees and other directly-related third party costs, are capitalized as part of the property being developed. In the event a development is no longer deemed to be probable, the costs previously capitalized are expensed.
	Tenant improvements, either paid directly or in the form of construction allowances paid to tenants, are capitalized and depreciated over the shorter of the useful life or applicable lease term. Maintenance and repair costs are expensed when incurred. Expenditures for significant betterments and improvements are capitalized. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, it capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event that the Company is not considered the owner of the improvements for accounting purposes, the allowance is capitalized as a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis.
	Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives:
		Years
	Buildings and improvements	40
	Equipment and fixtures	10-May
	Tenant improvements	Shorter of useful life or applicable lease term
	Impairment
	Operating properties and intangible assets
	Accounting for the impairment or disposal of long-lived assets require that if impairment indicators exist and the undiscounted cash flows expected to be generated by an asset are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of such asset to its fair value. The Company reviews all real estate assets 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 and occupancy percentages, high loan to value ratio, and carrying values in excess of the fair values. Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and developments in progress, are assessed by project and include, but are not limited to, significant changes to the Company’s plans with respect to the project, significant changes in projected completion dates, revenues or cash flows, development costs, market factors and sustainability of development projects.
	If an indicator of potential impairment exists, the asset is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may exceed the carrying amount, 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 asset 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 asset, is depreciated over the remaining useful life of the asset.
	During the nine months ended September 30, 2013, the Company determined there were events and circumstances which changed management's estimated holding period for the Boulevard Mall. During 2013, the servicer of the loan on the Boulevard Mall placed the loan into special servicing status and communicated to the Company that they would be unwilling to extend the term and discount the loan. As a result of this and the continued decline in operating results of the property, management concluded that it was in the best interest of the Company to convey the property to the lender. As the Company intended on conveying the property to the lender during 2013, the Company revised its intended hold period of this property to less than one year. The change in the hold period adjusted the undiscounted cash flows utilized in the impairment analysis and the Company concluded that the property was not recoverable. The Company recorded an impairment charge on the property of $21.7 million during the first quarter of 2013, as the aggregate carrying value was less than the fair value of the property. This impairment charge is included in Loss from discontinued operations on the Company's Consolidated and Combined Statements of Operations and Comprehensive Loss. No impairment charges were recorded for the three months ended September 30, 2013 or the three and nine months ended September 30, 2012.
	In June 2013, the Company conveyed its interest in the Boulevard Mall to the lender, which resulted in a gain on extinguishment of debt of $14.0 million, which is recorded in Discontinued operations, net on the Company's Consolidated and Combined Statements of Operations and Comprehensive Loss (see Note 7) for the nine months ended September 30, 2013.
	Intangible Assets and Liabilities
	The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting:
		Gross Asset				Accumulated				Net Carrying
		(Liability)				(Amortization)/				Amount
						Accretion
		(In thousands)
	30-Sep-13
	Tenant leases:
	In-place value	$	86,654			$	(37,958	)		$	48,696
	Above-market	130,721				(64,596		)		66,125
	Below-market	(50,003		)		18,725				(31,278		)
	Ground leases:
	Below-market	2,173				(360		)		1,813
	31-Dec-12
	Tenant leases:
	In-place value	$	97,887			$	(39,681	)		$	58,206
	Above-market	151,936				(62,529		)		89,407
	Below-market	(53,558		)		18,490				(35,068		)
	Ground leases:
	Below-market	2,173				(267		)		1,906
	The gross asset balances of the in-place value of tenant leases are included in buildings and equipment on the Company's Consolidated Balance Sheets. Acquired in-place tenant leases are amortized over periods that approximate the related lease terms. The above-market tenant and below-market ground leases are included in prepaid expenses and other assets, and below-market tenant leases are included in accounts payable and accrued expenses as detailed in Notes 4 and 6, respectively. Above and below-market lease values are amortized to revenue over the non-cancelable terms of the respective leases (averaging approximately five years for tenant leases and approximately 35 years for ground leases).
	Amortization of these intangible assets and liabilities decreased the Company's income by $7.8 million and $11.1 million for the three months ended September 30, 2013 and 2012, respectively. Amortization of these intangible assets and liabilities decreased the Company's income by $25.5 million and $36.8 million for the nine months ended September 30, 2013 and 2012, respectively.
	Future amortization of our intangible assets and liabilities is estimated to decrease income by an additional $7.7 million for the remainder of 2013, $24.8 million in 2014, $18.2 million in 2015, $12.8 million in 2016, $8.6 million in 2017, and $4.5 million in 2018.
	Cash and Cash Equivalents
	The Company considers all demand deposits with a maturity of three months or less, at the date of purchase, to be cash equivalents.
	Restricted Cash
	Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, capital renovations and capital improvements.
	Revenue Recognition and Related Matters
	Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Minimum rent revenues also include amounts collected from tenants to allow the termination of their leases prior to their scheduled termination dates as well as the amortization related to above and below-market tenant leases on acquired properties and lease inducements. Minimum rent revenues also includes percentage rents in lieu of minimum rent from those leases where we receive a percentage of tenant revenues. The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three and nine months ended September 30, 2013 and 2012:
			For the three months ended September 30,								For the nine months ended September 30,
			2013				2012				2013				2012
			(In thousands)
	Straight-line rent amortization		$	684			$	652			$	2,507			$	3,667
	Lease termination income		30				120				283				337
	Net amortization of above and below-market tenant leases		(3,740		)		(4,886		)		(12,154		)		(16,668		)
	Amortization of lease inducement		(250		)		—				(750		)		—
	Percentage rents in lieu of minimum rent		1,853				1,917				5,339				5,853
	Straight-line rent receivables represent the current net cumulative rents recognized prior to when billed and collectible, as provided by the terms of the leases. The following is a summary of straight-line rent receivables, which are included in accounts receivable, net, in our Consolidated Balance Sheets and are reduced for allowances for doubtful accounts:
		September 30, 2013				December 31, 2012
		(In thousands)
	Straight-line rent receivables, net	$	11,664			$	9,694
	The Company provides an allowance for doubtful accounts against the portion of accounts receivable, including straight-line rents, which is estimated to be uncollectible. Such allowances are reviewed periodically based upon our recovery experience. The Company also evaluates the probability of collecting future rent which is recognized currently under a straight-line methodology. This analysis considers the long term nature of our leases, as a certain portion of the straight-line rent currently recognizable will not be billed to the tenant until future periods. Accounts receivable are shown net of an allowance for doubtful accounts of $2.8 million and $2.5 million as of September 30, 2013 and December 31, 2012, respectively.
	Tenant recoveries are recoveries from tenants that are established in the leases or computed based upon a formula related to real estate taxes, insurance and other shopping center operating expenses and are generally recognized as revenues in the period the related costs are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement.
	Overage rent is paid by a tenant when its sales exceed an agreed-upon minimum amount. Overage rent is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. Overage rent is recognized on an accrual basis once tenant sales exceed contractual tenant lease thresholds.
	Other revenues generally consist of amounts earned by the Company for vending, advertising, and marketing revenues earned at our malls and is recognized on an accrual basis over the related service period.
	Loss Per Share
	Basic net loss per share is computed by dividing the net loss applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share is calculated similarily, however it reflects potential dilution of securities by adding other potential shares of common stock, including stock options and nonvested restricted stock, to the weighted-average number of shares of common stock outstanding for the period. For the three and nine months ended September 30, 2013 and 2012, there were 2,585,971 and 1,648,386 stock options outstanding, respectively, that potentially could be converted into shares of common stock and 286,132 and 337,107 shares of nonvested restricted stock outstanding, respectively. These stock options and shares of restricted stock have been excluded from this computation, as their effect is anti-dilutive. The Company had the following weighted-average shares outstanding:
	For the three months ended September 30,				For the nine months ended September 30,
	2013		2012		2013		2012
Weighted average shares - basic and diluted	49,346,798		49,244,562		49,340,373		45,105,947
Fair Value
The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).  GAAP establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value:
•	Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities;
•	Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and
•	Level 3 — unobservable inputs that are used when little or no market data is available.
The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value.  Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities.  Accordingly, the Company's fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon the sale or disposition of these assets.
The Company's financial instruments are short term in nature and as such their fair values approximate their carrying amount in our consolidated and combined financial statements except for debt. As of September 30, 2013 and December 31, 2012, management’s estimates of fair value are presented below. The Company estimated the fair value of the debt using a future discounted cash flow analysis based on the use and weighting of multiple market inputs. Based on the frequency and availability of market data, the inputs used to measure the estimated fair value of debt are Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate discount rates.
	September 30, 2013								December 31, 2012
	Carrying Amount				Estimated Fair				Carrying Amount				Estimated Fair
					Value								Value
	(In thousands)
Fixed-rate debt	$	871,050			$	880,172			$	995,545			$	1,040,964
Variable-rate debt	306,255				310,898				287,946				287,946
Total mortgages, notes and loans payable	$	1,177,305			$	1,191,070			$	1,283,491			$	1,328,910
Deferred Expenses
Deferred expenses are comprised of deferred lease costs incurred in connection with obtaining new tenants or renewals of lease agreements with current tenants, which are amortized on a straight-line basis over the terms of the related leases. Deferred financing costs are amortized on a straight-line basis (which approximates the effective interest method) over the lives of the related mortgages, notes, and loans payable.  The following table summarizes our deferred lease and financing costs:
	Gross Asset				Accumulated				Net Carrying
					Amortization				Amount
	(In thousands)
30-Sep-13
Deferred lease costs	$	38,191			$	(10,959	)		$	27,232
Deferred financing costs	24,535				(10,279		)		14,256
Total	$	62,726			$	(21,238	)		$	41,488
31-Dec-12
Deferred lease costs	$	31,397			$	(9,162	)		$	22,235
Deferred financing costs	25,068				(6,897		)		18,171
Total	$	56,465			$	(16,059	)		$	40,406
Asset Retirement Obligations
The Company evaluates any potential asset retirement obligations, including those related to disposal of asbestos containing materials and environmental remediation liabilities. The Company recognizes the fair value of such obligations in the period incurred if a reasonable estimate of fair value can be determined. As of September 30, 2013 and December 31, 2012, a preliminary estimate of the cost of the environmental remediation liability is approximately $4.7 million and $4.5 million, respectively, which is included in accounts payable and accrued expenses on the accompanying Consolidated Balance Sheets. The ultimate cost of remediation to be incurred by the Company in the future may differ from the estimates as of September 30, 2013.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 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 fair values of assets and liabilities for purposes of applying the acquisition method of accounting, the useful lives of assets, capitalization of development and leasing costs, recoverable amounts of receivables, impairment of long-lived assets and fair value of debt. Actual results could differ from these and other estimates.
Reclassification
Certain prior period amounts included on the Company's Consolidated and Combined Statements of Operations and Comprehensive Loss and related notes that are associated with the property that the Company disposed of have been reclassified to discontinued operations for all periods presented.

ACQUISITIONS_Notes

ACQUISITIONS (Notes)	9 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Acquisitions	'
	ACQUISITIONS
	On July 24, 2013, the Company completed the acquisition of Greenville Mall, located in Greenville, NC, for a total purchase price of approximately $48.9 million, net of closing costs and adjustments. The Company assumed an existing $41.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.29%, matures in December 2015, and amortizes over 30 years. In addition, the Company also paid $0.3 million for acquisition costs.

PREPAID_EXPENSES_AND_OTHER_ASS

PREPAID EXPENSES AND OTHER ASSETS, NET	9 Months Ended
	Sep. 30, 2013
Prepaid Expense and Other Assets [Abstract]	'
PREPAID EXPENSES AND OTHER ASSETS, NET	'
	PREPAID EXPENSES AND OTHER ASSETS, NET
	The following table summarizes the significant components of prepaid expenses and other assets, net:
		September 30,		December 31,
		2013		2012
		(In thousands)
	Above-market tenant leases, net (Note 2)	$	66,125	$	89,407
	Deposits	1,768		796
	Below-market ground leases, net (Note 2)	1,813		1,906
	Prepaid expenses	5,825		3,563
	Other	435		3,786
	Total prepaid expenses and other assets, net	$	75,966	$	99,458

MORTGAGES_NOTES_AND_LOANS_PAYA

MORTGAGES, NOTES AND LOANS PAYABLE	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
MORTGAGES, NOTES AND LOANS PAYABLE	'
	MORTGAGES, NOTES AND LOANS PAYABLE
	Mortgages, notes and loans payable are summarized as follows:
		September 30,		December 31,
		2013		2012
		(In thousands)
	Fixed-rate debt:
	Collateralized mortgages, notes and loans payable	$	871,050	$	995,545
	Variable-rate debt:
	Collateralized mortgages, notes and loans payable	306,255		287,946
	Total mortgages, notes and loans payable (1)	$	1,177,305	$	1,283,491
	Explanatory Note:
	(1) Net of $11.2 million and $33.8 million of non-cash debt market rate adjustments as of September 30, 2013 and December 31, 2012, respectively.
	On the Spin-Off Date, the Company entered into a senior secured credit facility (“Senior Facility”) with a syndicate of banks, as lenders, and Wells Fargo Bank, National Association, as administrative agent, and Wells Fargo Securities, LLC, RBC Capital Markets, LLC, and U.S. Bank National Association, as joint lead arrangers, that provided borrowings on a revolving basis of up to $50.0 million (the “Revolver”) and a senior secured term loan (the “Term Loan” and, together with the Revolver, the “Facilities”), which provided an advance of approximately $433.5 million and is a direct obligation of the Company. The Facilities closed concurrently with the consummation of the spin-off and have a term of three years. During 2012, the outstanding balance on the Term Loan decreased from $433.5 million to $287.9 million due to the repayments on the Term Loan concurrent with the refinancing of the Pierre Bossier, Southland Center, and Animas Valley Malls. In addition, during 2012, the interest rate was renegotiated from LIBOR plus 5.0% (with a LIBOR floor of 1.0%) to LIBOR plus 4.5% (with no LIBOR floor). In January 2013, in order to maintain the same level of liquidity, the Company paid down an additional $100.0 million on the Term Loan and increased the Revolver from $50.0 million to $150.0 million. As of September 30, 2013, the outstanding balance on the Term Loan was $187.9 million and no amounts were drawn on the Revolver.
	The Company is required to pay an unused fee related to the Revolver equal to 0.30% per year if the aggregate unused amount is greater than or equal to 50% of the Revolver or 0.25% per year if the aggregate unused amount is less that 50% of the Revolver.
	The Senior Facility has affirmative and negative covenants that are customary for a real estate loan, including, without limitation, restrictions on incurrence of indebtedness and liens on the mortgage collateral; restrictions on pledges; restrictions on subsidiary distributions; with respect to the mortgage collateral, limitations on our ability to enter into transactions including mergers, consolidations, sales of assets for less than fair market value and similar transactions; conduct of business; restricted distributions; transactions with affiliates; and limitation on speculative hedge agreements. In addition, we are required to comply with financial maintenance covenants relating to the following: (1) net indebtedness to value ratio, (2) liquidity, (3) minimum fixed charge coverage ratio, (4) minimum tangible net worth, and (5) minimum portfolio debt yield. Failure to comply with the covenants in the Senior Facility would result in a default under the credit agreement governing the Facilities and, absent a waiver or an amendment from our lenders, permit the acceleration of all outstanding borrowings under the Senior Facility, which would also result in a cross-default of our Subordinated Facility (as described below).  The Company is in compliance with these financial covenants as of September 30, 2013.
	During 2012, the Company also entered into a subordinated unsecured revolving credit facility with a wholly-owned subsidiary of Brookfield Asset Management, Inc., a related party, that provides borrowings on a revolving basis of up to $100.0 million (the “Subordinated Facility”). The Subordinated Facility has a term of three years and six months and will bear interest at LIBOR (with a LIBOR floor of 1%) plus 8.50%. The default interest rate following a payment event of default under the Subordinated Facility will be 2.00% more than the then-applicable interest rate. Interest will be payable monthly.  In addition, the Company is required to pay a semiannual revolving credit fee of $0.3 million. As of September 30, 2013, no amounts have been drawn from the Subordinated Facility.
	The Company has individual Property-Level Debt (the “Property-Level Debt”) on 18 of its 32 assets, representing $1.0 billion (excluding $11.2 million of market rate adjustments) as of September 30, 2013. The Property-Level Debt has a weighted average interest rate of 5.0% and an average remaining term of 4.8 years. The Property-Level Debt is stand-alone (not cross-collateralized) first mortgage debt and is non-recourse to the Company with the exception of customary contingent guarantees/indemnities.
	On March 6, 2013, the Company placed a new non-recourse mortgage loan on the Lakeland Mall located in Lakeland, FL for $65.0 million. The loan bears interest at a fixed rate of 4.17%, has a term of 10 years, and amortizes over 30 years. This loan replaced a $50.3 million loan that had a fixed rate of 5.12% and was the only mortgage in its portfolio that was due in 2013. Net proceeds to the Company after related closing costs and defeasance were approximately $13.4 million.
	On March 21, 2013, the loan associated with the Lakeland Mall was increased by $5.0 million in order to partially fund the acquisition of an anchor building previously owned by a third party. The additional $5.0 million loan has the same terms as the Lakeland Mall loan that closed on March 6, 2013.
	On May 10, 2013, the Company placed a new non-recourse mortgage loan on the NewPark Mall located in Newark, CA for $71.5 million, with an initial funding of $66.5 million. The loan provides for an additional subsequent funding of $5.0 million upon achieving certain conditions. The loan bears interest at a floating rate of LIBOR plus 405 basis points and amortizes over 30 years. The loan has a term of four years with a one year extension subject to the fulfillment of certain conditions. This loan replaced a $62.9 million loan that had a fixed rate of 7.45%. Net proceeds to the Company after related closing costs were approximately $1.1 million.
	On June 19, 2013, the Company placed a new non-recourse mortgage loan on the Valley Hills Mall located in Hickory, NC for $68.0 million. The loan bears interest at a fixed rate of 4.47%, has a term of 10 years, and amortizes over 30 years. This loan replaced a $51.4 million loan that had a fixed rate of 4.73%. Net proceeds to the Company after related closing and defeasance costs were approximately $15.0 million.
	On June 21, 2013, the Company conveyed the Boulevard Mall located in Las Vegas, NV to the lender related to the property in full satisfaction of the loan. The loan had a net outstanding balance of approximately $81.3 million and the Company recorded a gain on extinguishment of debt of $14.0 million for the nine months ended September 30, 2013 (see Notes 2 and 7).
	On July 24, 2013, the Company assumed an existing $41.7 million non-recourse mortgage loan with the acquisition of Greenville Mall located in Greenville, NC. The loan bears interest at a fixed rate of 5.29%, matures in December 2015, and amortizes over 30 years.
	On September 3, 2013, the Company placed a new non-recourse mortgage loan on West Valley Mall located in Tracy, CA for $52.0 million. The loan bears interest at a floating rate of LIBOR plus 175 basis points is interest-only for the first three years and amortizes on a 30 year schedule, thereafter. The loan has a term of five years with a five year extension option subject to the fulfillment of certain conditions. This loan replaced a $47.1 million loan that had a fixed rate of 3.43%. Net proceeds to the Company after related closing costs were approximately $4.4 million.
	As of September 30, 2013, $1.6 billion of land, buildings and equipment (before accumulated depreciation) have been pledged as collateral for our mortgages, notes and loans payable. Certain mortgage notes 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. The weighted-average interest rate on our collateralized mortgages, notes and loans payable was approximately 5.0% and 5.2%, respectively, as of September 30, 2013 and December 31, 2012. As of September 30, 2013, the average remaining term was 4.2 years.
	Interest Rate Caps
	The Company entered into a hedge transaction related to a portion of its Term Loan at a cost of approximately $0.1 million during 2012.  This hedge transaction was for an interest rate cap with a notional amount of $110.0 million and caps the daily LIBOR at 1%. The interest rate cap expired on January 12, 2013.
	On May 10, 2013, the Company entered into a hedge transaction related to the non-recourse mortgage loan on NewPark Mall for a cost of approximately $0.1 million. This hedge transaction was for an interest rate cap with a notional amount of $66.5 million and caps the LIBOR at 4.5%. The interest rate cap expires on May 10, 2016.

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET	9 Months Ended
	Sep. 30, 2013
Accounts Payable and Accrued Liabilities, Current [Abstract]	'
ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET	'
	ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET
	The following table summarizes the significant components of accounts payable and accrued expenses, net:
		September 30, 2013		December 31, 2012
		(In thousands)
	Below-market tenant leases, net (Note 2)	$	31,278	$	35,068
	Accounts payable and accrued expenses	8,593		12,696
	Accrued interest	3,428		3,546
	Accrued real estate taxes	11,943		9,894
	Accrued dividend	6,453		3,479
	Deferred income	4,245		3,201
	Accrued payroll and other employee liabilities	5,027		1,230
	Construction payable	15,710		9,979
	Tenant and other deposits	1,096		1,629
	Asset retirement obligation liability	4,683		4,503
	Other	246		3,461
	Total accounts payable and accrued expenses, net	$	92,702	$	88,686

DISPOSITIONS_DISCONTINUED_OPER

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES	'
	DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES
	The Company's disposition and gain on extinguishment of debt, for the periods presented, are included in discontinued operations in our Consolidated and Combined Statements of Operations and Comprehensive Loss and are summarized in the table set forth below.
	In June 2013, the Company conveyed its interest in the Boulevard Mall to the lender of the loan related to the property. The property had been transferred to special servicing in January 2013 and was conveyed to the lender in June 2013 in full satisfaction of the debt. This resulted in a gain on extinguishment of debt of $14.0 million for the nine months ended September 30, 2013. Additionally, the conveyance of the property was structured as a reverse like-kind exchange transaction under Internal Revenue Code of 1986 (IRC) Section 1031 for income tax purposes.
		For the three months ended September 30,					For the nine months ended September 30,
		2013		2012			2013			2012
		(In thousands)
	Total revenues	$	—	$	2,174		$	4,812		$	7,343
	Operating expenses including depreciation and amortization	—		2,240			3,082			6,710
	Provision for impairment	—		—			21,661			—
	Total expenses	—		2,240			24,743			6,710
	Operating income (loss)	—		(66		)	(19,931		)	633
	Interest expense	—		(1,707		)	(3,227		)	(5,075		)
	Net loss from discontinued operations	—		(1,773		)	(23,158		)	(4,442		)
	Gain on extinguishment of debt	—		—			13,995			—
	Net loss from discontinued operations	$	—	$	(1,773	)	$	(9,163	)	$	(4,442	)
	Net loss from discontinued operations per share- Basic and Diluted	$	—	$	(0.04	)	$	(0.19	)	$	(0.10	)

INCOME_TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	INCOME TAXES
	The Company has historically operated as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our ordinary taxable income and to either distribute capital gains to stockholders, or pay corporate income tax on the undistributed capital gains. In addition, the Company is required to meet certain asset and income tests.
	The Company has elected to be taxed as a REIT in connection with the filing of its tax return for the 2011 fiscal year. As of September 30, 2013, the Company has met the requirements of a REIT for the 2012 fiscal year and have filed the tax returns accordingly. Subject to its ability to meet the requirements of a REIT, the Company intends to maintain this status in future periods.
	To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our ordinary taxable income and to either distribute capital gains to stockholders, or pay corporate income tax on the undistributed capital gains. In addition, the Company is required to meet certain asset and income tests.
	As a REIT, the Company will generally not be subject to corporate level federal income tax on taxable income that it distributes currently to our stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax, and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, it 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.
	The Company has a subsidiary that it elected to treat as a taxable REIT subsidiary (TRS), which is subject to federal and state income taxes. For each of the three months ended September 30, 2013 and 2012, the Company incurred approximately $0.02 million in taxes associated with the TRS subsidiary. For each of the nine months ended September 30, 2013 and 2012, the Company incurred approximately $0.06 million in taxes associated with the TRS subsidiary.

COMMON_STOCK

COMMON STOCK	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
COMMON STOCK	'
	COMMON STOCK
	On January 12, 2012, GGP distributed the assets and liabilities of RPI Businesses to Rouse. Pursuant to the spin-off, the Company received certain of the assets and liabilities of GGP. Upon this spin-off the Company issued 35,547,049 shares of our common stock to the existing GGP shareholders. In connection therewith $405.3 million of GGP’s equity was converted to paid-in capital. The GGP shareholders received approximately 0.0375 shares of Rouse common stock for every share of GGP common stock owned as of the record date of December 31, 2011. The Company also issued 359,056 shares of our Class B common stock, par value $0.01 per share, to GGP LP.  The Class B common stock has the same rights as the Rouse common stock, except the holders of Class B common stock do not have any voting rights. On February 6, 2013, the 359,056 shares of our Class B common stock were converted into 359,056 shares of our common stock, at the request of the stockholder.
	On March 26, 2012, the Company completed a rights offering and backstop purchase. Under the terms of the rights offering and backstop purchase, the Company issued 13,333,333 shares of our common stock at a subscription price of $15.00 per share. Net proceeds of the rights offering and backstop purchase approximated $191.6 million.
	Brookfield Asset Management, Inc. and its affiliates and co-investors (collectively, “Brookfield”) own approximately 53.55% of the common stock as of September 30, 2013.
	On March 26, 2013, the Company sold 10,559 shares of the Company's common stock that were held as treasury stock at a stock price of $17.91 per share.
	Dividends
	On February 28, 2013, the Company's Board of Directors declared a first quarter common stock dividend of $0.13 per share which was paid on April 29, 2013 to stockholders of record on April 15, 2013.
	On May 2, 2013, the Company's Board of Directors declared a second quarter common stock dividend of $0.13 per share which was paid on July 31, 2013 to stockholders of record on July 15, 2013.
	On August 1, 2013, the Company's Board of Directors declared a third quarter common stock dividend of $0.13 per share which was paid on October 31, 2013 to stockholders of record on October 15, 2013.

STOCK_BASED_COMPENSATION_PLANS

STOCK BASED COMPENSATION PLANS	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
STOCK BASED COMPENSATION PLANS	'
	STOCK BASED COMPENSATION PLANS
	Incentive Stock Plans
	In January 2012, the Company adopted the Rouse Properties, Inc. 2012 Equity Incentive Plan (the “Equity Plan”).  The number of shares of common stock reserved for issuance under the Equity Plan is 4,887,997. 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”). Directors, officers, other employees and consultants of Rouse and its subsidiaries and affiliates are eligible for Awards.  No participant may be granted more than 2,500,000 shares.  The Equity Plan is not subject to the Employee Retirement Income Security Act of 1974, as amended.
	Stock Options
	Pursuant to the Equity Plan, the Company granted stock options to certain employees of the Company.  The vesting terms of these grants are specific to the individual grant.  In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions).  In the event that a participating employee ceases to be employed by the Company, any options that have not vested will generally be forfeited. Stock options generally vest annually over a five year period.
	The following tables summarize stock option activity for the Equity Plan for the nine months ended September 30, 2013 and 2012:
		2013				2012
		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
	Stock options outstanding at January 1,	1,945,643		$14.64		—		$—
	Granted	695,900		16.48		1,688,886		14.68
	Exercised	(4,080	)	14.72		—		—
	Forfeited	(51,492	)	14.43		(40,500	)	14.72
	Expired	—		—		—		—
	Stock options outstanding at September 30,	2,585,971		$15.14		1,648,386		$14.68
			Stock Options Outstanding (1)
	Issuance		Shares		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price
	Mar-12		1,534,514		8.5		$14.72
	May-12		21,900		8.67		13.71
	Aug-12		36,400		8.92		13.75
	Oct-12		297,257		9.09		14.47
	Feb-13		695,900		9.42		16.48
	Stock options outstanding at September 30, 2013		2,585,971		8.82		$15.14
	Explanatory Note:
	(1) As of September 30, 2013, 318,563 stock options became fully vested and are currently exercisable. As of September 30, 2013, the intrinsic value of these options was $1.9 million, and such stock options had a weighted average stock price of $14.68, and a weighted average remaining contractual term of 8.5 years.
	The Company recognized $0.3 million and $0.3 million in compensation expense related to the stock options for the three months ended September 30, 2013 and 2012, respectively. The Company recognized $1.0 million and $0.7 million in compensation expense related to the stock options for the nine months ended September 30, 2013 and 2012, respectively.
	Restricted Stock
	Pursuant to the Equity Plan, the Company granted restricted stock to certain employees and non-employee directors.  The vesting terms of these grants are specific to the individual grant, and are generally three to four year periods. In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions).  In the event that a participating employee ceases to be employed by the Company, any shares that have not vested will generally be forfeited. Dividends are paid on restricted stock and are not returnable, even if the underlying stock does not ultimately vest.
	The following table summarizes restricted stock activity for the nine months ended September 30, 2013 and 2012:
		2013				2012
		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
	Nonvested restricted stock grants outstanding at January 1,	263,669		$14.69		—		$—
	Granted	36,573		16.48		344,751		14.69
	Forfeited	(4,160	)	14.72		—		—
	Cancelled	—		—		—		—
	Vested	(9,950	)	15.77		(7,644	)	14.72
	Nonvested restricted stock grants outstanding at September 30,	286,132		$14.85		337,107		$14.69
	The 4,160 shares of restricted stock that were forfeited during the nine months ended September 30, 2013 will be held in treasury for future restricted stock or option issuances.
	The weighted average remaining contractual term (in years) of granted, nonvested awards as of September 30, 2013 was 1.3 years.
	The Company recognized $0.4 million and $0.4 million in compensation expense related to the restricted stock for the three months ended September 30, 2013 and 2012, respectively. The Company recognized $1.2 million and $1.0 million in compensation expense related to the restricted stock for the nine months ended September 30, 2013 and 2012, respectively.
	Other Disclosures
	The estimated values of options granted in the table above are based on the Black-Scholes pricing model using the assumptions in the table below.  The estimate of the risk-free interest rate is based on the average of a 5- and 10-year U.S. Treasury note on the date the options were granted.  The estimate of the dividend yield and expected volatility is based on a review of publicly-traded peer companies.  The expected life is computed using the simplified method as the Company does not have historical share option data. The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model with the following 2013 weighted-average assumptions:
	Risk-free interest rate	1.1	%
	Dividend yield	4.25	%
	Expected volatility	26	%
	Expected life (in years)	6.5
	As of September 30, 2013, total compensation expense which had not yet been recognized related to nonvested options and restricted stock grants was $8.6 million. Of this total, $0.8 million is expected to be recognized in 2013, $3.0 million in 2014, $2.4 million in 2015, $1.7 million in 2016, $0.6 million in 2017, and $0.1 million in 2018.  These amounts may be impacted by future grants, changes in forfeiture estimates or vesting terms, and actual forfeiture rates differing from estimated forfeiture rates.

NONCONTROLLING_INTEREST

NON-CONTROLLING INTEREST	9 Months Ended
	Sep. 30, 2013
Noncontrolling Interest [Abstract]	'
NON-CONTROLLING INTEREST	'
	NON-CONTROLLING INTEREST
	The non-controlling interest on the Company's Consolidated Balance Sheets represents Series A Cumulative Non-Voting Preferred Stock ("Preferred Shares") of Rouse Holdings, Inc. (Holdings), a subsidiary of Rouse. Holdings issued 111 Preferred Shares at a par value of $1,000 per share to third parties on June 29, 2012. The Preferred Shareholders are entitled to a cumulative preferential annual cash dividend of 12.5%. These Preferred Shares may only be redeemed at the option of Holdings for $1,000 per share plus all accrued and unpaid dividends. Furthermore, in the event of a voluntary or involuntary liquidation of Holdings the Preferred Shareholders are entitled to a liquidation preference of $1,000 per share plus all accrued and unpaid dividends. The Preferred Shares are not convertible into or exchangeable for any property or securities of Holdings.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS
	Transition Services Agreement with GGP
	The Company entered into a transition services agreement with GGP whereby GGP or its subsidiaries provided to us, on a transitional basis, certain specified services for various terms not exceeding 18 months following the spin-off. The services that GGP provided to the Company included, amongst others, payroll, human resources and employee benefits, financial systems management, treasury and cash management, accounts payable services, telecommunications services, information technology services, asset management services, legal and accounting services and various other corporate services. The charges for the transition services generally were intended to allow GGP to fully recover their costs directly associated with providing the services, plus a level of profit consistent with an arm’s length transaction together with all out-of-pocket costs and expenses. The charges of each of the transition services were generally based on an hourly fee arrangement and pass-through out-of-pocket costs. As of September 30, 2013, the transition services agreement with GGP was terminated. For the three months ended September 30, 2013 and 2012, costs associated with the transition services agreement were $0.01 million and $0.3 million, respectively, and for the nine months ended September 30, 2013 and 2012 the costs associated were $0.1 million and $1.3 million, respectively. Approximately $0.04 million of these costs were outstanding and payable as of September 30, 2013.
	Office Lease with Brookfield
	Upon its spin-off from GGP, the Company assumed a 10-year lease agreement with Brookfield, as landlord, for office space for our corporate office in New York City. Costs associated with the office lease were $0.3 million for the three months ended September 30, 2013 and 2012 and $0.8 million for the nine months ended September 30, 2013 and 2012. There are no outstanding amounts payable as of September 30, 2013.  In addition, the landlord completed the build out of the Company's office space during 2012 for $1.7 million and there were no outstanding costs payable as of September 30, 2013. The costs associated with the build out of the Company's office space were capitalized in buildings and equipment.
	During 2012, the Company entered into a 5-year lease agreement with Brookfield, as landlord, for office space for our regional office in Dallas, Texas. The lease commenced in October 2012 with no payments due for the first 12 months. During April 2013, the Company amended the lease and expanded its current space with no payments due under the amended lease until December 2013 and no outstanding amounts are payable as of September 30, 2013.
	Subordinated Credit Facility with Brookfield
	On the Spin-Off Date the Company entered into a Subordinated Facility with a wholly-owned subsidiary of Brookfield, as lender, for a $100.0 million revolving credit facility.  The Company paid a one time upfront fee of $0.5 million related to this facility in 2012. In addition, the Company is required to pay a semi-annual revolving credit fee of $0.3 million related to this facility. For the three and nine months ended September 30, 2013, costs associated with the revolving credit fee were $0.1 million and $0.4 million, respectively. As of September 30, 2013, no amounts have been drawn on this Subordinated Facility and $0.1 million are payable related to the revolving credit fee.
	Business Infrastructure Costs
	Upon its spin-off from GGP, the Company commenced the development of its information technology platform. The development of this platform requires us to purchase, design and create various information technology applications and infrastructure. Brookfield Corporate Operations, LLC ("BCO") has been engaged to assist in the project development and to procure the various applications and infrastructure of the Company. As of September 30, 2013 and December 31, 2012, the Company incurred $7.8 million and $5.2 million, respectively, of infrastructure costs which are capitalized in buildings and equipment, of which there were no costs outstanding and payable as of September 30, 2013.
	Financial Service Center
	During 2013, the Company engaged BCO's financial service center to manage certain administrative services of Rouse, such as accounts payable and receivable, employee expenses, lease administration, and other similar types of services. Approximately $0.3 million and $0.9 million in costs were incurred for the three and nine months ended September 30, 2013, respectively. As of September 30, 2013, there were no costs outstanding and payable.
	The Company was also required to pay a monthly information technology services fee to BCO. Approximately $0.6 million and $1.5 million in costs were incurred for the three and nine months ended September 30, 2013, respectively, of which there were no costs outstanding and payable as of September 30, 2013.
	Demand Deposit from Brookfield U.S. Holdings
	In August 2012, the Company entered into an agreement with Brookfield U.S. Holdings (U.S. Holdings) to place funds into an interest bearing account which earns interest at LIBOR plus 1.05% per annum. The demand deposit is secured by a note from U.S. Holdings and guaranteed by Brookfield Asset Management Inc. The demand deposit had an original maturity of February 14, 2013 and was originally extended to August 14, 2013. During the three months ended September 30, 2013, the Company further extended the term of the demand deposit to February 14, 2014. However, the Company may demand the funds earlier by providing U.S. Holdings with three days notice. The Company earned approximately $0.2 million and $0.5 million in interest income for the three and nine months ended September 30, 2013, respectively, and $0.2 million for the three and nine months ended September 30, 2012. As of September 30, 2013, the Company has $42.6 million on deposit with Brookfield, which is recorded as a demand deposit from affiliate on the Company's Consolidated Balance Sheets.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	On October 18, 2013, the Company entered into a purchase and sale agreement (the “Agreement”) with certain affiliates of The Macerich Company pursuant to which the Company expects to acquire two enclosed regional malls (the “Properties”) for a purchase price of approximately $292.5 million (the “Acquisition”). The Company will assume the outstanding debt on the Properties of approximately $224.6 million, with the remainder of the purchase price anticipated to be funded from cash on hand and available credit lines. The Acquisition is subject to the completion of due diligence and customary closing conditions.
	On October 31, 2013, the Company's Board of Directors declared a fourth quarter common stock dividend of $0.13 per share which will be paid on January 31, 2014 to stockholders of record on January 15, 2014.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

'

Principles of Combination and Consolidation and Basis of Presentation

'

Principles of Combination and Consolidation and Basis of Presentation

The accompanying consolidated and combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The consolidated balance sheets as of September 30, 2013 and December 31, 2012 include the accounts of Rouse, as well as all subsidiaries of Rouse.  The accompanying consolidated and combined statements of operations and comprehensive loss for the three and nine months ended September 30, 2013 and 2012 include the consolidated accounts of Rouse and for the nine months ended September 30, 2012 include the consolidated accounts of Rouse and the combined accounts of RPI Businesses. The accompanying financial statements for the periods prior to the Spin-Off Date are prepared on a carve out basis from the consolidated financial statements of GGP using the historical results of operations and bases of the assets and liabilities of the transferred businesses and including allocations from GGP. Accordingly, the results presented for the nine months ended September 30, 2012 reflect the aggregate operations and changes in cash flows and equity on a carved-out basis for the period from January 1, 2012 through January 12, 2012 and on a consolidated basis from January 13, 2012 through September 30, 2012.  All intercompany transactions have been eliminated in consolidation and combination as of and for the three and nine months ended September 30, 2013 and 2012 except end-of-period intercompany balances on the Spin-Off Date between GGP and RPI Businesses which have been considered elements of RPI Businesses' equity.

The Company operates in a single reportable segment referred to as its retail segment, which includes the operation, development and management of regional malls. Each of the Company's 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. We do not distinguish our operations based on geography, size or type and all operations are within the United States. No customer or tenant comprises more than 10% of consolidated and combined revenues, and the properties have similar economic characteristics. As a result, the Company’s operating properties are aggregated into a single reportable segment.

Properties

'

Properties

Acquisition accounting was applied to real estate assets within the Rouse portfolio either when GGP emerged from bankruptcy in November 2010 or upon any subsequent acquisition. After acquisition accounting is applied, the real estate assets are carried at the cost basis less accumulated depreciation. Real estate taxes and interest costs (including amortization of market rate adjustments and deferred financing costs) incurred during development periods are capitalized. Capitalized interest costs are based on qualified expenditures and interest rates in place during the development period. Capitalized real estate taxes, interest and interest related costs are amortized over lives which are consistent with the developed assets.

Pre-development costs, which generally include legal and professional fees and other directly-related third party costs, are capitalized as part of the property being developed. In the event a development is no longer deemed to be probable, the costs previously capitalized are expensed.

Tenant improvements, either paid directly or in the form of construction allowances paid to tenants, are capitalized and depreciated over the shorter of the useful life or applicable lease term. Maintenance and repair costs are expensed when incurred. Expenditures for significant betterments and improvements are capitalized. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, it capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event that the Company is not considered the owner of the improvements for accounting purposes, the allowance is capitalized as a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis.

Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives:

Years

Buildings and improvements

40

Equipment and fixtures

10-May

Tenant improvements

Shorter of useful life or applicable lease term

Impairment

'

Impairment

Operating properties and intangible assets

Accounting for the impairment or disposal of long-lived assets require that if impairment indicators exist and the undiscounted cash flows expected to be generated by an asset are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of such asset to its fair value. The Company reviews all real estate assets 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 and occupancy percentages, high loan to value ratio, and carrying values in excess of the fair values. Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and developments in progress, are assessed by project and include, but are not limited to, significant changes to the Company’s plans with respect to the project, significant changes in projected completion dates, revenues or cash flows, development costs, market factors and sustainability of development projects.

If an indicator of potential impairment exists, the asset is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may exceed the carrying amount, 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 asset 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 asset, is depreciated over the remaining useful life of the asset.

Cash and Cash Equivalents

'

Cash and Cash Equivalents

The Company considers all demand deposits with a maturity of three months or less, at the date of purchase, to be cash equivalents.

Restricted Cash

'

Restricted Cash

Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, capital renovations and capital improvements.

Revenue Recognition and Related Matters

'

Revenue Recognition and Related Matters

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Minimum rent revenues also include amounts collected from tenants to allow the termination of their leases prior to their scheduled termination dates as well as the amortization related to above and below-market tenant leases on acquired properties and lease inducements. Minimum rent revenues also includes percentage rents in lieu of minimum rent from those leases where we receive a percentage of tenant revenues. The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three and nine months ended September 30, 2013 and 2012:

For the three months ended September 30,

For the nine months ended September 30,

2013

2012

2013

2012

(In thousands)

Straight-line rent amortization

$

684

$

652

$

2,507

$

3,667

Lease termination income

30

120

283

337

Net amortization of above and below-market tenant leases

(3,740

)

(4,886

)

(12,154

)

(16,668

)

Amortization of lease inducement

(250

)

—

(750

)

—

Percentage rents in lieu of minimum rent

1,853

1,917

5,339

5,853

Straight-line rent receivables represent the current net cumulative rents recognized prior to when billed and collectible, as provided by the terms of the leases. The following is a summary of straight-line rent receivables, which are included in accounts receivable, net, in our Consolidated Balance Sheets and are reduced for allowances for doubtful accounts:

September 30, 2013

December 31, 2012

(In thousands)

Straight-line rent receivables, net

$

11,664

$

9,694

The Company provides an allowance for doubtful accounts against the portion of accounts receivable, including straight-line rents, which is estimated to be uncollectible. Such allowances are reviewed periodically based upon our recovery experience. The Company also evaluates the probability of collecting future rent which is recognized currently under a straight-line methodology. This analysis considers the long term nature of our leases, as a certain portion of the straight-line rent currently recognizable will not be billed to the tenant until future periods. Accounts receivable are shown net of an allowance for doubtful accounts of $2.8 million and $2.5 million as of September 30, 2013 and December 31, 2012, respectively.

Tenant recoveries are recoveries from tenants that are established in the leases or computed based upon a formula related to real estate taxes, insurance and other shopping center operating expenses and are generally recognized as revenues in the period the related costs are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement.

Overage rent is paid by a tenant when its sales exceed an agreed-upon minimum amount. Overage rent is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. Overage rent is recognized on an accrual basis once tenant sales exceed contractual tenant lease thresholds.

Other revenues generally consist of amounts earned by the Company for vending, advertising, and marketing revenues earned at our malls and is recognized on an accrual basis over the related service period.

Loss Per Share

'

Loss Per Share

Basic net loss per share is computed by dividing the net loss applicable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share

Fair Value

'

Fair Value

The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).  GAAP establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value:

•

Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities;

•

Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and

•

Level 3 — unobservable inputs that are used when little or no market data is available.

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as consider counterparty credit risk in our assessment of fair value.  Considerable judgment is necessary to interpret Level 2 and 3 inputs in determining the fair value of our financial and non-financial assets and liabilities.  Accordingly, the Company's fair value estimates, which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon the sale or disposition of these assets.

The Company's financial instruments are short term in nature and as such their fair values approximate their carrying amount in our consolidated and combined financial statements except for debt. As of September 30, 2013 and December 31, 2012, management’s estimates of fair value are presented below. The Company estimated the fair value of the debt using a future discounted cash flow analysis based on the use and weighting of multiple market inputs. Based on the frequency and availability of market data, the inputs used to measure the estimated fair value of debt are Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate discount rates.

Deferred Expenses

'

Deferred Expenses

Deferred expenses are comprised of deferred lease costs incurred in connection with obtaining new tenants or renewals of lease agreements with current tenants, which are amortized on a straight-line basis over the terms of the related leases. Deferred financing costs are amortized on a straight-line basis (which approximates the effective interest method) over the lives of the related mortgages, notes, and loans payable.

Intangible Assets and Liabilities

'

The gross asset balances of the in-place value of tenant leases are included in buildings and equipment on the Company's Consolidated Balance Sheets. Acquired in-place tenant leases are amortized over periods that approximate the related lease terms. The above-market tenant and below-market ground leases are included in prepaid expenses and other assets, and below-market tenant leases are included in accounts payable and accrued expenses as detailed in Notes 4 and 6, respectively. Above and below-market lease values are amortized to revenue over the non-cancelable terms of the respective leases (averaging approximately five years for tenant leases and approximately 35 years for ground leases).

Asset Retirement Obligations

'

Asset Retirement Obligations

The Company evaluates any potential asset retirement obligations, including those related to disposal of asbestos containing materials and environmental remediation liabilities. The Company recognizes the fair value of such obligations in the period incurred if a reasonable estimate of fair value can be determined.

Use of Estimates

'

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 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 fair values of assets and liabilities for purposes of applying the acquisition method of accounting, the useful lives of assets, capitalization of development and leasing costs, recoverable amounts of receivables, impairment of long-lived assets and fair value of debt. Actual results could differ from these and other estimates.

Reclassifications

'

Reclassification

Certain prior period amounts included on the Company's Consolidated and Combined Statements of Operations and Comprehensive Loss and related notes that are associated with the property that the Company disposed of have been reclassified to discontinued operations for all periods presented.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Schedule of estimated useful lives	'
	Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives:
		Years
	Buildings and improvements	40
	Equipment and fixtures	10-May
	Tenant improvements	Shorter of useful life or applicable lease term
Summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent	'
	The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three and nine months ended September 30, 2013 and 2012:
			For the three months ended September 30,								For the nine months ended September 30,
			2013				2012				2013				2012
			(In thousands)
	Straight-line rent amortization		$	684			$	652			$	2,507			$	3,667
	Lease termination income		30				120				283				337
	Net amortization of above and below-market tenant leases		(3,740		)		(4,886		)		(12,154		)		(16,668		)
	Amortization of lease inducement		(250		)		—				(750		)		—
	Percentage rents in lieu of minimum rent		1,853				1,917				5,339				5,853
Schedule of straight-line rent receivables	'
	The following is a summary of straight-line rent receivables, which are included in accounts receivable, net, in our Consolidated Balance Sheets and are reduced for allowances for doubtful accounts:
		September 30, 2013				December 31, 2012
		(In thousands)
	Straight-line rent receivables, net	$	11,664			$	9,694
Schedule of weighted-average shares outstanding	'
	The Company had the following weighted-average shares outstanding:
		For the three months ended September 30,				For the nine months ended September 30,
		2013		2012		2013		2012
	Weighted average shares - basic and diluted	49,346,798		49,244,562		49,340,373		45,105,947
Schedule of fair value of financial instruments	'
	The primary sensitivity in these calculations is based on the selection of appropriate discount rates.
		September 30, 2013								December 31, 2012
		Carrying Amount				Estimated Fair				Carrying Amount				Estimated Fair
						Value								Value
		(In thousands)
	Fixed-rate debt	$	871,050			$	880,172			$	995,545			$	1,040,964
	Variable-rate debt	306,255				310,898				287,946				287,946
	Total mortgages, notes and loans payable	$	1,177,305			$	1,191,070			$	1,283,491			$	1,328,910
Summary of deferred lease and financing costs	'
	The following table summarizes our deferred lease and financing costs:
		Gross Asset				Accumulated				Net Carrying
						Amortization				Amount
		(In thousands)
	30-Sep-13
	Deferred lease costs	$	38,191			$	(10,959	)		$	27,232
	Deferred financing costs	24,535				(10,279		)		14,256
	Total	$	62,726			$	(21,238	)		$	41,488
	31-Dec-12
	Deferred lease costs	$	31,397			$	(9,162	)		$	22,235
	Deferred financing costs	25,068				(6,897		)		18,171
	Total	$	56,465			$	(16,059	)		$	40,406
Schedule of intangible assets and liabilities	'
	The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting:
		Gross Asset				Accumulated				Net Carrying
		(Liability)				(Amortization)/				Amount
						Accretion
		(In thousands)
	30-Sep-13
	Tenant leases:
	In-place value	$	86,654			$	(37,958	)		$	48,696
	Above-market	130,721				(64,596		)		66,125
	Below-market	(50,003		)		18,725				(31,278		)
	Ground leases:
	Below-market	2,173				(360		)		1,813
	31-Dec-12
	Tenant leases:
	In-place value	$	97,887			$	(39,681	)		$	58,206
	Above-market	151,936				(62,529		)		89,407
	Below-market	(53,558		)		18,490				(35,068		)
	Ground leases:
	Below-market	2,173				(267		)		1,906

PREPAID_EXPENSES_AND_OTHER_ASS1

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	9 Months Ended
	Sep. 30, 2013
Prepaid Expense and Other Assets [Abstract]	'
Summary of the significant components of prepaid expenses and other assets, net	'
	The following table summarizes the significant components of prepaid expenses and other assets, net:
		September 30,		December 31,
		2013		2012
		(In thousands)
	Above-market tenant leases, net (Note 2)	$	66,125	$	89,407
	Deposits	1,768		796
	Below-market ground leases, net (Note 2)	1,813		1,906
	Prepaid expenses	5,825		3,563
	Other	435		3,786
	Total prepaid expenses and other assets, net	$	75,966	$	99,458

MORTGAGES_NOTES_AND_LOANS_PAYA1

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Summary of Mortgages, notes and loans payable	'
	Mortgages, notes and loans payable are summarized as follows:
		September 30,		December 31,
		2013		2012
		(In thousands)
	Fixed-rate debt:
	Collateralized mortgages, notes and loans payable	$	871,050	$	995,545
	Variable-rate debt:
	Collateralized mortgages, notes and loans payable	306,255		287,946
	Total mortgages, notes and loans payable (1)	$	1,177,305	$	1,283,491
	Explanatory Note:
	(1) Net of $11.2 million and $33.8 million of non-cash debt market rate adjustments as of September 30, 2013 and December 31, 2012, respectively.

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Tables)	9 Months Ended
	Sep. 30, 2013
Accounts Payable and Accrued Liabilities, Current [Abstract]	'
Summary of the significant components of accounts payable and accrued expenses, net	'
	The following table summarizes the significant components of accounts payable and accrued expenses, net:
		September 30, 2013		December 31, 2012
		(In thousands)
	Below-market tenant leases, net (Note 2)	$	31,278	$	35,068
	Accounts payable and accrued expenses	8,593		12,696
	Accrued interest	3,428		3,546
	Accrued real estate taxes	11,943		9,894
	Accrued dividend	6,453		3,479
	Deferred income	4,245		3,201
	Accrued payroll and other employee liabilities	5,027		1,230
	Construction payable	15,710		9,979
	Tenant and other deposits	1,096		1,629
	Asset retirement obligation liability	4,683		4,503
	Other	246		3,461
	Total accounts payable and accrued expenses, net	$	92,702	$	88,686

DISPOSITIONS_DISCONTINUED_OPER1

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		For the three months ended September 30,					For the nine months ended September 30,
		2013		2012			2013			2012
		(In thousands)
	Total revenues	$	—	$	2,174		$	4,812		$	7,343
	Operating expenses including depreciation and amortization	—		2,240			3,082			6,710
	Provision for impairment	—		—			21,661			—
	Total expenses	—		2,240			24,743			6,710
	Operating income (loss)	—		(66		)	(19,931		)	633
	Interest expense	—		(1,707		)	(3,227		)	(5,075		)
	Net loss from discontinued operations	—		(1,773		)	(23,158		)	(4,442		)
	Gain on extinguishment of debt	—		—			13,995			—
	Net loss from discontinued operations	$	—	$	(1,773	)	$	(9,163	)	$	(4,442	)
	Net loss from discontinued operations per share- Basic and Diluted	$	—	$	(0.04	)	$	(0.19	)	$	(0.10	)

STOCK_BASED_COMPENSATION_PLANS1

STOCK BASED COMPENSATION PLANS (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of stock options activity for the equity plan	'
	The following tables summarize stock option activity for the Equity Plan for the nine months ended September 30, 2013 and 2012:
		2013				2012
		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
	Stock options outstanding at January 1,	1,945,643		$14.64		—		$—
	Granted	695,900		16.48		1,688,886		14.68
	Exercised	(4,080	)	14.72		—		—
	Forfeited	(51,492	)	14.43		(40,500	)	14.72
	Expired	—		—		—		—
	Stock options outstanding at September 30,	2,585,971		$15.14		1,648,386		$14.68
Summary of stock options outstanding by issuance period	'
			Stock Options Outstanding (1)
	Issuance		Shares		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price
	Mar-12		1,534,514		8.5		$14.72
	May-12		21,900		8.67		13.71
	Aug-12		36,400		8.92		13.75
	Oct-12		297,257		9.09		14.47
	Feb-13		695,900		9.42		16.48
	Stock options outstanding at September 30, 2013		2,585,971		8.82		$15.14
	Explanatory Note:
	(1) As of September 30, 2013, 318,563 stock options became fully vested and are currently exercisable. As of September 30, 2013, the intrinsic value of these options was $1.9 million, and such stock options had a weighted average stock price of $14.68, and a weighted average remaining contractual term of 8.5 years.
Summary of restricted stock activity	'
	The following table summarizes restricted stock activity for the nine months ended September 30, 2013 and 2012:
		2013				2012
		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
	Nonvested restricted stock grants outstanding at January 1,	263,669		$14.69		—		$—
	Granted	36,573		16.48		344,751		14.69
	Forfeited	(4,160	)	14.72		—		—
	Cancelled	—		—		—		—
	Vested	(9,950	)	15.77		(7,644	)	14.72
	Nonvested restricted stock grants outstanding at September 30,	286,132		$14.85		337,107		$14.69
Schedule of weighted average assumptions under the Black-Scholes option-pricing model for estimation of fair value of options	'
	The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model with the following 2013 weighted-average assumptions:
	Risk-free interest rate	1.1	%
	Dividend yield	4.25	%
	Expected volatility	26	%
	Expected life (in years)	6.5

ORGANIZATION_Details

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 2013
	segment
Organization [Line Items]	'
Number of operating segments	1,000
GGP [Member]	'
Organization [Line Items]	'
Number of properties assets and liabilities are split over	30

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment)	9 Months Ended
	Sep. 30, 2013
Building and improvements	'
Properties	'
Estimated useful lives	'40 years
Equipment and fixtures | Maximum [Member]	'
Properties	'
Estimated useful lives	'10 years
Equipment and fixtures | Minimum [Member]	'
Properties	'
Estimated useful lives	'5 years

SUMMARY_OF_SIGNIGANT_ACCOUNTIN

SUMMARY OF SIGNIGANT ACCOUNTING POLICIES (Impairment) (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'
Provision for impairment	$0	$21,700	$0	$21,661	$0
Gain on extinguishment of debt	0	'	0	13,995	0
The Boulevard Mall [Member]	'	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'
Gain on extinguishment of debt	$0	'	$0	$13,995	$0

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets and Liabilities) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Intangible assets and liabilities	'	'	'	'	'
Net Carrying Amount	($31,278,000)	'	($31,278,000)	'	($35,068,000)
Amortization of intangible assets and liabilities	7,800,000	11,100,000	25,500,000	36,800,000	'
Estimated decrease to income due to future amortization	'	'	'	'	'
Estimated decrease in income due to amortization expense, remainder of 2013	'	'	7,700,000	'	'
2014	'	'	24,800,000	'	'
2015	'	'	18,200,000	'	'
2016	'	'	12,800,000	'	'
2017	'	'	8,600,000	'	'
2018	'	'	4,500,000	'	'
Tenant leases	'	'	'	'	'
Intangible assets and liabilities	'	'	'	'	'
Gross Liability	-50,003,000	'	-50,003,000	'	-53,558,000
Accumulated Accretion	18,725,000	'	18,725,000	'	18,490,000
Net Carrying Amount	-31,278,000	'	-31,278,000	'	-35,068,000
Average amortization period	'	'	'5 years	'	'
Tenant leases | In-place value	'	'	'	'	'
Intangible assets and liabilities	'	'	'	'	'
Gross Assets	86,654,000	'	86,654,000	'	97,887,000
Accumulated Amortization	-37,958,000	'	-37,958,000	'	-39,681,000
Net Carrying Amount	48,696,000	'	48,696,000	'	58,206,000
Tenant leases | Acquired Above Market Lease Intangibles	'	'	'	'	'
Intangible assets and liabilities	'	'	'	'	'
Gross Assets	130,721,000	'	130,721,000	'	151,936,000
Accumulated Amortization	-64,596,000	'	-64,596,000	'	-62,529,000
Net Carrying Amount	66,125,000	'	66,125,000	'	89,407,000
Ground leases	'	'	'	'	'
Intangible assets and liabilities	'	'	'	'	'
Gross Assets	2,173,000	'	2,173,000	'	2,173,000
Accumulated Amortization	-360,000	'	-360,000	'	-267,000
Net Carrying Amount	$1,813,000	'	$1,813,000	'	$1,906,000
Average amortization period	'	'	'35 years	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition and Related Matters) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Accounting Policies [Abstract]	'	'	'	'	'
Straight-line rent amortization	$684,000	$652,000	$2,507,000	$3,667,000	'
Lease termination income	30,000	120,000	283,000	337,000	'
Net amortization of above and below-market tenant leases	-3,740,000	-4,886,000	-12,154,000	-16,668,000	'
Amortization of lease inducement	-250,000	0	-750,000	0	'
Percentage rents in lieu of minimum rent	1,853,000	1,917,000	5,339,000	5,853,000	'
Straight-line rent receivables, net	11,664,000	'	11,664,000	'	9,694,000
Allowance for doubtful accounts	$2,800,000	'	$2,800,000	'	$2,500,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Loss Per Share)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Employee Stock Option [Member]	'	'	'	'
Loss per share	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,585,971	1,648,386	2,585,971	1,648,386
Restricted Stock [Member]	'	'	'	'
Loss per share	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	286,132	337,107	286,132	337,107

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted Average Shares Outstanding)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Weighted-average shares outstanding	'	'	'	'
Weighted average shares - basic and diluted	49,346,798	49,244,562	49,340,373	45,105,947

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value of Financial Instruments	'	'
Total Mortgages, notes and loans payable	$1,177,305	$1,283,491
Carrying Amount	'	'
Fair Value of Financial Instruments	'	'
Fixed-rate debt	871,050	995,545
Variable-rate debt	306,255	287,946
Total Mortgages, notes and loans payable	1,177,305	1,283,491
Estimated Fair Value	'	'
Fair Value of Financial Instruments	'	'
Fixed-rate debt	880,172	1,040,964
Variable-rate debt	310,898	287,946
Total Mortgages, notes and loans payable	$1,191,070	$1,328,910

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Expenses) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deferred lease costs	'	'
Gross Asset	$38,191	$31,397
Accumulated Amortization	-10,959	-9,162
Net Carrying Amount	27,232	22,235
Deferred finance costs	'	'
Gross Asset	24,535	25,068
Accumulated Amortization	-10,279	-6,897
Net Carrying Amount	14,256	18,171
Total	'	'
Gross Asset	62,726	56,465
Accumulated Amortization	-21,238	-16,059
Net Carrying Amount	$41,488	$40,406

Recovered_Sheet1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Asset Retirement Obligations) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Asset Retirement Obligations	'	'
Preliminary estimate of the cost of the environmental remediation liability	$4,683	$4,503

ACQUISITIONS_Details

ACQUISITIONS (Details) (Retail Site [Member], GreenvilleMall [Member], USD $)	0 Months Ended
In Millions, unless otherwise specified	Jul. 24, 2013
Retail Site [Member] | GreenvilleMall [Member]	'
Business Acquisition [Line Items]	'
Consideration transferred	$48.90
Debt assumed	41.7
Amortization term	'30 years
Stated percentage	5.29%
Acquisition related costs	$0.30

PREPAID_EXPENSES_AND_OTHER_ASS2

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Prepaid expenses and other assets	'	'
Deposits	$1,768	$796
Prepaid expenses	5,825	3,563
Other	435	3,786
Total prepaid expenses and other assets, net	75,966	99,458
Tenant leases | Above-market tenant leases, net	'	'
Prepaid expenses and other assets	'	'
Finite-lived intangible assets, net	66,125	89,407
Ground leases	'	'
Prepaid expenses and other assets	'	'
Finite-lived intangible assets, net	$1,813	$1,906

MORTGAGES_NOTES_AND_LOANS_PAYA2

MORTGAGES, NOTES AND LOANS PAYABLE (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Mar. 21, 2013

Mar. 06, 2013

10-May-13

Sep. 30, 2013

Jun. 19, 2013

Jun. 21, 2013

Sep. 03, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Jan. 31, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2011

Dec. 31, 2012

Sep. 30, 2013

Jan. 31, 2013

Dec. 31, 2012

Jan. 12, 2012

Jan. 12, 2012

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

10-May-13

Lakeland Mall

Lakeland Mall

NewPark Mall [Member]

NewPark Mall [Member]

Valley Hills [Member]

The Boulevard Mall [Member]

West Valley [Member]

Collateralized mortgages, notes and loans payable [Member]

Collateralized mortgages, notes and loans payable [Member]

Collateralized mortgages, notes and loans payable [Member]

Senior secured term loan [Member]

Senior secured term loan [Member]

Senior secured term loan [Member]

Senior secured term loan [Member]

Renegotiated Senior facility [Member]

Revolver [Member]

Revolver [Member]

Revolver [Member]

Revolver [Member]

Senior Facility [Member}

Subordinated Facility {Member]

Subordinated Facility {Member]

Property-Level Debt [Member]

Property-Level Debt [Member]

NewPark Mall [Member]

NewPark Mall [Member]

Average

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

property

Average

Mortgages, notes and loans payable [Line Item]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Collateralized mortgages, notes and loans payable

'

'

'

'

'

'

'

'

'

'

'

'

$871,050,000

$995,545,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Collateralized mortgages, notes and loans payable

'

'

'

'

'

'

'

'

'

'

'

'

306,255,000

287,946,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Mortgages, notes and loans payable

1,177,305,000

'

1,177,305,000

'

1,283,491,000

'

'

'

'

'

'

'

1,177,305,000

[1]

1,283,491,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000,000

'

'

'

Non-cash debt market rate adjustments

'

'

'

'

'

'

'

'

'

'

'

'

11,200,000

33,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

11,200,000

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

50,000,000

50,000,000

'

100,000,000

'

'

'

'

'

Outstanding balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

287,900,000

187,900,000

433,500,000

'

'

'

'

'

'

'

0

'

'

'

'

Term

'

'

'

'

'

'

'10 years

'4 years 0 months 0 days

'

'10 years 0 months 0 days

'

'5 years

'

'

'4 years 2 months

'

'

'

'

'

'

'

'

'

'3 years

'3 years 6 months

'

'

'4 years 9 months

'

'

Variable interest rate base

'

'

'

'

'

'

'

'

'LIBOR

'

'

'LIBOR

'

'

'

'

'LIBOR

'

'

'LIBOR

'

'

'

'

'

'LIBOR

'

'

'

'

'

Interest rate margin

'

'

'

'

'

'

'

4.05%

'

'

'

1.75%

'

'

'

'

5.00%

'

'

4.50%

'

'

'

'

'

8.50%

'

'

'

'

'

Variable interest rate floor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

0.00%

'

'

'

'

'

1.00%

'

'

'

'

'

Amount of debt paid down

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unused fee, if aggregate unused amount is greater than or equal to 50% of credit facility (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.30%

'

'

'

'

'

'

'

'

'

'

Unused fee, if aggregate unused amount is less than 50% of credit facility (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

Default interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

Semi annual revolving credit fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

Number of properties with Property-Level Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18

'

'

'

Total number of assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32

'

'

'

Weighted Average interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

5.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

Amount of new non-recourse mortgage loan

'

'

'

'

'

'

65,000,000

'

'

68,000,000

'

52,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stated percentage

'

'

'

'

'

'

4.17%

'

'

4.47%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of replaced loan

'

'

'

'

'

'

50,300,000

62,900,000

'

51,400,000

'

47,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed rate of interest on replaced loan

'

'

'

'

'

'

5.12%

7.45%

'

4.73%

'

3.43%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from loan after related closing costs and defeasance

'

'

'

'

'

'

13,400,000

1,100,000

'

15,000,000

'

4,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in borrowings

'

'

'

'

'

5,000,000

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

71,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial funding

'

'

'

'

'

'

'

66,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortization term

'

'

'

'

'

'

'30 years

'30 years 0 months 0 days

'

'30 years 0 months 0 days

'

'30 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extension option

'

'

'

'

'

'

'

'1 year 0 months 0 days

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Disposed loan balance

'

'

'

'

'

'

'

'

'

'

81,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on extinguishment of debt

0

0

13,995,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land, buildings and equipment and developments in progress (before accumulated depreciation) pledged as collateral

'

'

'

'

'

'

'

'

'

'

'

'

1,600,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of hedge transaction

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

Notional amount of derivative

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$110,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$66,500,000

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

Interest rate cap rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

4.50%

[1]

Net of $11.2 million and $33.8 million of non-cash debt market rate adjustments as of SeptemberB 30, 2013 and December 31, 2012, respectively.

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012
In Thousands, unless otherwise specified
Accounts Payable and Accrued Liabilities, Current [Abstract]	'	'	'
Below-market tenant leases, net (Note 2)	$31,278	$35,068	'
Accounts payable and accrued expenses	8,593	12,696	'
Accrued interest	3,428	3,546	'
Accrued real estate taxes	11,943	9,894	'
Accrued dividend	6,453	3,479	3,471
Deferred income	4,245	3,201	'
Accrued payroll and other employee liabilities	5,027	1,230	'
Construction payable	15,710	9,979	'
Tenant and other deposits	1,096	1,629	'
Asset retirement obligation liability	4,683	4,503	'
Other	246	3,461	'
Total accounts payable and accrued expenses, net	$92,702	$88,686	'

DISPOSITIONS_DISCONTINUED_OPER2

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Net loss from discontinued operations	$0	($1,773)	($23,158)	($4,442)
Gain on extinguishment of debt	0	0	13,995	0
Discontinued operations, net	0	-1,773	-9,163	-4,442
The Boulevard Mall [Member]	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Total revenues	0	2,174	4,812	7,343
Operating expenses including depreciation and amortization	0	2,240	3,082	6,710
Provision for impairment	0	0	21,661	0
Total expenses	0	2,240	24,743	6,710
Operating income (loss)	0	-66	-19,931	633
Interest expense	0	-1,707	-3,227	-5,075
Net loss from discontinued operations	0	-1,773	-23,158	-4,442
Gain on extinguishment of debt	0	0	13,995	0
Discontinued operations, net	$0	($1,773)	($9,163)	($4,442)
Net loss from discontinued operations per share- Basic and Diluted (in usd per share)	$0	($0.04)	($0.19)	($0.10)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Tax Disclosure [Abstract]	'	'	'	'
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT	'	'	90.00%	'
Period of disqualification of REIT status	'	'	'4 years	'
Amount incurred in taxes with the TRS subsidiary	$0.02	$0.02	$0.06	$0

COMMON_STOCK_Details

COMMON STOCK (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

In Millions, except Share data, unless otherwise specified

Aug. 01, 2013

2-May-13

Feb. 28, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jan. 12, 2012

Feb. 06, 2013

Mar. 26, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Feb. 06, 2013

Jan. 12, 2012

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2012

Jan. 12, 2012

Dec. 31, 2011

Mar. 26, 2013

Sep. 30, 2013

Additional Paid-In Capital

Common stock

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class B [Member]

Common Class B [Member]

Common Class B [Member]

Common Class B [Member]

Common Class B [Member]

Common Class B [Member]

GGP [Member]

GGP [Member]

Brookfield

Brookfield

Common stock

Common stock

Common stock

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Stock disclosures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock related to the spin-off and transfer of GGP equity on the spin-off date (in shares)

'

'

'

'

'

'

'

'

'

'

35,547,049

'

'

'

35,547,049

'

359,056

359,056

'

'

359,056

35,547,049

'

'

'

Value of contributed capital during the period upon spin-off (in dollars)

'

'

'

'

'

'

'

$405.30

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share conversion ratio (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.75%

'

'

Par value (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$0.01

$0.01

'

'

'

$0.01

'

$0.01

$0.01

'

'

'

'

'

Shares converted (in shares)

'

'

'

'

'

'

'

'

359,056

'

'

'

'

'

'

359,056

'

'

'

'

'

'

'

'

'

Issuance of common stock related to the rights offering (in shares)

'

'

'

'

'

'

'

'

'

'

13,333,333

'

'

'

13,333,333

'

'

'

'

'

'

'

'

13,333,333

'

Subscription price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$15

'

Net proceeds from rights offering and backstop purchase (in dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$191.60

'

Percentage of ownership interest held by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53.55%

Sale of treasury stock (in shares)

'

'

'

'

'

'

'

'

'

10,559

'

'

'

10,559

'

'

'

'

'

'

'

'

'

'

'

Treasury shares sold (in dollars per share)

'

'

'

'

'

'

'

'

'

$17.91

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock dividend declared (in dollars per share)

$0.13

$0.13

$0.13

$0.13

$0.07

$0.39

$0.14

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

STOCK_BASED_COMPENSATION_PLANS2

STOCK BASED COMPENSATION PLANS (Details) (USD $)	9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'		'
Common stock reserved for issuance (in shares)	4,887,997		'
Maximum number of shares that can be granted to participant	2,500,000		'
Stock options [Member]	'		'
Stock Based Compensation Plans	'		'
Vesting period	'5 years		'
Shares	'		'
Stock options outstanding at beginning of the year (in shares)	1,945,643		0
Granted (in shares)	695,900		1,688,886
Exercised (in shares)	-4,080		0
Forfeited (in shares)	-51,492		-40,500
Expired (in shares)	0		0
Stock options outstanding at the end of the year (in shares)	2,585,971	[1]	1,648,386
Weighted Average Exercise Price	'		'
Stock options outstanding, beginning period (in dollars per share)	$14.64		$0
Granted (in dollars per share)	$16.48		$14.68
Exercised (in dollars per share)	$14.72		$0
Forfeited (in dollars per share)	$14.43		$14.72
Expired (in dollars per share)	$0		$0
Stock options outstanding, ending period (in dollars per share)	$15.14		$14.68
[1]	Text selection found with no content.

STOCK_OPTIONS_OUTSTANDING_Deta

STOCK OPTIONS OUTSTANDING (Details 2) (Employee Stock Option [Member], USD $)	3 Months Ended			9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011
Stock options outstanding	'		'	'		'	'	'
Shares	2,585,971	[1]	1,648,386	2,585,971	[1]	1,648,386	1,945,643	0
Weighted Average Remaining Contractual Term (in years)	'		'	'8 years 9 months 25 days		'	'	'
Weighted Average Exercise Price (in dollars per share)	$15.14		$14.68	$15.14		$14.68	$14.64	$0
Stock options becoming fully vested and exercisable (in shares)	318,563		'	318,563		'	'	'
Intrinsic value of options vested	'		'	$1.90		'	'	'
Weighted Average Exercise Price (in dollars per share)	$14.68		'	$14.68		'	'	'
Weighted average contractual term	'		'	'8 years 6 months		'	'	'
Recognition of share-based compensation expense	$0.30		$0.30	$1		$0.70	'	'
March 2012 [Member]	'		'	'		'	'	'
Stock options outstanding	'		'	'		'	'	'
Shares	1,534,514		'	1,534,514		'	'	'
Weighted Average Remaining Contractual Term (in years)	'		'	'8 years 6 months		'	'	'
Weighted Average Exercise Price (in dollars per share)	$14.72		'	$14.72		'	'	'
May 2012 [Member]	'		'	'		'	'	'
Stock options outstanding	'		'	'		'	'	'
Shares	21,900		'	21,900		'	'	'
Weighted Average Remaining Contractual Term (in years)	'		'	'8 years 8 months 1 day		'	'	'
Weighted Average Exercise Price (in dollars per share)	$13.71		'	$13.71		'	'	'
August 2012 [Member]	'		'	'		'	'	'
Stock options outstanding	'		'	'		'	'	'
Shares	36,400		'	36,400		'	'	'
Weighted Average Remaining Contractual Term (in years)	'		'	'8 years 11 months 1 day		'	'	'
Weighted Average Exercise Price (in dollars per share)	$13.75		'	$13.75		'	'	'
October 2012 [Member]	'		'	'		'	'	'
Stock options outstanding	'		'	'		'	'	'
Shares	297,257		'	297,257		'	'	'
Weighted Average Remaining Contractual Term (in years)	'		'	'9 years 1 month 1 day		'	'	'
Weighted Average Exercise Price (in dollars per share)	$14.47		'	$14.47		'	'	'
February 2013 [Member]	'		'	'		'	'	'
Stock options outstanding	'		'	'		'	'	'
Shares	695,900		'	695,900		'	'	'
Weighted Average Remaining Contractual Term (in years)	'		'	'9 years 5 months 1 day		'	'	'
Weighted Average Exercise Price (in dollars per share)	$16.48		'	$16.48		'	'	'
[1]	Text selection found with no content.

STOCK_BASED_COMPENSATION_PLANS3

STOCK BASED COMPENSATION PLANS (Details 3) (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
Assumptions used in estimating values of options granted	'	'	'	'	'
Unrecognized compensation cost (in dollars)	$8.60	'	'	$8.60	'
Compensation expense expected to be recognized in 2013	0.8	'	'	0.8	'
Compensation expense expected to be recognized in 2014	3	'	'	3	'
Compensation expense expected to be recognized in 2015	2.4	'	'	2.4	'
Compensation expense expected to be recognized in 2016	1.7	'	'	1.7	'
Compensation expense expected to be recognized in 2017	0.6	'	'	0.6	'
Compensation expense expected to be recognized in 2018	0.1	'	'	0.1	'
Restricted Stock [Member]	'	'	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'	'	'
Forfeited restricted shares to Treasury	'	'	'	4,160	'
Shares	'	'	'	'	'
Nonvested restricted stock grants outstanding as of beginning of period (in shares)	'	'	263,669	263,669	0
Granted (in shares)	'	'	'	36,573	344,751
Forfeited (in shares)	'	'	'	-4,160	0
Cancelled (in shares)	'	'	'	0	0
Vested (in shares)	'	'	'	-9,950	-7,644
Nonvested restricted stock grants outstanding as of end of period (in shares)	286,132	337,107	'	286,132	337,107
Weighted average grant date fair value	'	'	'	'	'
Nonvested restricted stock grants outstanding as of beginning of period (in dollars per share)	'	'	$14.69	$14.69	$0
Granted (in dollars per share)	'	'	'	$16.48	$14.69
Forfeited (in dollars per share)	'	'	'	$14.72	$0
Cancelled (in dollars per share)	'	'	'	$0	$0
Vested (in dollars per share)	'	'	'	$15.77	$14.72
Nonvested restricted stock grants outstanding as of end of period (in dollars per share)	$14.85	$14.69	'	$14.85	$14.69
Additional disclosures	'	'	'	'	'
Weighted average remaining contractual term	'	'	'1 year 3 months	'	'
Recognition of share-based compensation expense	0.4	0.4	'	1.2	1
Restricted Stock [Member] | Minimum [Member]	'	'	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'	'	'
Vesting period	'	'	'	'3 years	'
Restricted Stock [Member] | Maximum [Member]	'	'	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'	'	'
Vesting period	'	'	'	'4 years	'
Stock options [Member]	'	'	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'	'	'
Vesting period	'	'	'	'5 years	'
Additional disclosures	'	'	'	'	'
Recognition of share-based compensation expense	$0.30	$0.30	'	$1	$0.70
Assumptions used in estimating values of options granted	'	'	'	'	'
Risk-free interest rate (as a percent)	'	'	'	1.10%	'
Dividend yield (as a percent)	'	'	'	4.25%	'
Expected volatility (as a percent)	'	'	'	26.00%	'
Expected life	'	'	'	'6 years 6 months	'
Stock options [Member] | Minimum [Member]	'	'	'	'	'
Assumptions used in estimating values of options granted	'	'	'	'	'
Term of US treasury note used to determine estimated risk-free interest rate	'	'	'	'5 years	'
Stock options [Member] | Maximum [Member]	'	'	'	'	'
Assumptions used in estimating values of options granted	'	'	'	'	'
Term of US treasury note used to determine estimated risk-free interest rate	'	'	'	'10 years	'

NONCONTROLLING_INTEREST_Detail

NON-CONTROLLING INTEREST (Details) (Holdings, Preferred Shares, USD $)	9 Months Ended
	Sep. 30, 2013	Jun. 29, 2012
Holdings | Preferred Shares	'	'
Non-controlling interest	'	'
Number of preferred shares issued (in shares)	'	111
Par value of shares (in dollars per share)	'	$1,000
Cumulative preferential annual cash dividend (as a percent)	12.50%	'
Redemption price (in dollars per share)	$1,000	'
Liquidation preference (in dollars per share)	$1,000	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jan. 12, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Sep. 30, 2013

Oct. 31, 2012

Dec. 31, 2012

Sep. 30, 2013

Apr. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Aug. 31, 2012

GGP [Member]

GGP [Member]

GGP [Member]

GGP [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

BCO [Member]

BCO [Member]

BCO [Member]

U.S. Holdings [Member]

U.S. Holdings [Member]

U.S. Holdings [Member]

U.S. Holdings [Member]

U.S. Holdings [Member]

Transition services agreement [Member]

Transition services agreement [Member]

Transition services agreement [Member]

Transition services agreement [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office Lease Agreement Two [Member]

Office Lease Agreement Two [Member]

Office Lease Agreement Two [Member]

Office Lease Agreement Two Amended [Member]

Credit agreement [Member]

Credit agreement [Member]

Credit agreement [Member]

Building [Member]

Building [Member]

Building [Member]

Building [Member]

Building [Member]

Build out of office space [Member]

Build out of office space [Member]

Building [Member]

Building [Member]

Building [Member]

Building [Member]

Revolving subordinated credit facility [Member]

Revolving subordinated credit facility [Member]

Revolving subordinated credit facility [Member]

Related party transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum period for which services will be provided by related party to the reporting entity following the spin-off

'

'

'

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost associated with agreement entered with the related party

'

'

$0

$300,000

$100,000

$1,300,000

'

$300,000

$300,000

$800,000

$800,000

$1,700,000

'

'

'

'

'

$100,000

$400,000

'

$300,000

$900,000

'

'

'

'

'

'

Amount payable to related party

'

'

40,000

'

40,000

'

'

0

'

0

'

'

0

0

'

0

0

'

'

'

0

0

'

'

'

'

'

'

Term of lease agreement assumed upon spin off

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term of lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Rent free period

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity under revolving subordinated credit facility with a wholly-owned subsidiary of Brookfield

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

100,000,000

'

'

'

'

'

'

'

'

'

Upfront fee related to credit facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

Semi annual revolving credit fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

'

Amount drawn

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Amount payable related to the revolving credit fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

100,000

'

'

'

'

'

'

'

'

'

Infrastructure costs incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,800,000

7,800,000

5,200,000

'

'

'

'

'

Related Party Transaction Business Infrastructure Costs Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

Monthly information technology services fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

1,500,000

'

'

'

'

'

'

Monthly information technology services fee payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

Interest rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

Interest receivable (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.05%

Note receivable funds notice period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 days

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

200,000

500,000

200,000

'

Due from affiliate

$42,565,000

$150,163,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$42,600,000

'

$42,600,000

'

'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	0 Months Ended			3 Months Ended		9 Months Ended		0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Aug. 01, 2013	2-May-13	Feb. 28, 2013	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Oct. 31, 2013	Oct. 18, 2013
								Subsequent Event [Member]	The Macerich Company [Member]
									Subsequent Event [Member]
									Malls
SUBSEQUENT EVENTS	'	'	'	'	'	'	'	'	'
Business Combinations, Number of Properties to be Acquired	'	'	'	'	'	'	'	'	2
Consideration transferred	'	'	'	'	'	'	'	'	$292.50
Debt assumed	'	'	'	'	'	'	'	'	$224.60
Common stock dividend declared (in dollars per share)	$0.13	$0.13	$0.13	$0.13	$0.07	$0.39	$0.14	$0.13	'