Rouse Properties (RSE) Inactive 10-K5 Mar 142013 FY Annual reportFinancial data

Company Profile

DOCUMENT_AND_ENTITY_INFORMATIO

DOCUMENT AND ENTITY INFORMATION (USD $)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION (USD $)	Dec. 31, 2013	Feb. 28, 2014	Jun. 30, 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-K	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Amendment Flag	'false	'	'
Entity Common Stock, Shares Outstanding (shares)	'	57,740,516	'
Entity Public Float	'	'	$452,419,647
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investment in real estate:	'	'
Land	$353,061	$339,988
Buildings and equipment	1,595,070	1,312,767
Less accumulated depreciation	-142,432	-116,336
Net investment in real estate	1,805,699	1,536,419
Cash and cash equivalents	14,224	8,092
Restricted cash	46,836	44,559
Demand deposit from affiliate	0	150,163
Accounts receivable, net	30,444	25,976
Deferred expenses, net	46,055	40,406
Prepaid expenses and other assets, net	76,252	99,458
Total assets	2,019,510	1,905,073
Liabilities:	'	'
Mortgages, notes and loans payable	1,454,546	1,283,491
Accounts payable and accrued expenses, net	109,683	88,686
Total liabilities	1,564,229	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 December 31, 2013 and 2012	0	0
Additional paid-in capital	565,798	588,668
Accumulated deficit	-111,125	-56,380
Total stockholders' equity	455,170	532,785
Non-controlling interest	111	111
Total equity	455,281	532,896
Total liabilities and equity	2,019,510	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 $)	Dec. 31, 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)	49,652,596	49,246,087
Common stock, shares outstanding (in shares)	49,648,436	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 (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues:	'	'	'
Minimum rents	$165,097	$148,695	$146,770
Tenant recoveries	66,061	64,638	65,375
Overage rents	5,943	5,912	5,242
Other	6,441	5,054	5,972
Total revenues	243,542	224,299	223,359
Expenses:	'	'	'
Property operating costs	60,288	57,482	54,014
Real estate taxes	22,089	22,827	22,851
Property maintenance costs	11,446	13,242	12,679
Marketing	3,734	3,602	3,902
Provision for doubtful accounts	887	1,855	583
General and administrative	21,971	20,652	11,302
Provision for impairment	15,159	0	0
Depreciation and amortization	66,497	67,709	73,571
Other	4,223	9,905	1,526
Total expenses	206,294	197,274	180,428
Operating income	37,248	27,025	42,931
Interest income	548	755	36
Interest expense	-82,534	-90,103	-64,483
Loss before income taxes and discontinued operations	-44,738	-62,323	-21,516
Provision for income taxes	-844	-445	-533
Loss from continuing operations	-45,582	-62,768	-22,049
Discontinued operations:	'	'	'
Loss from discontinued operations	-23,158	-5,891	-4,927
Gain on extinguishment of debt	13,995	0	0
Discontinued operations, net	-9,163	-5,891	-4,927
Net loss	($54,745)	($68,659)	($26,976)
Loss from continuing operations per share- Basic and Diluted (in dollars per share)	($0.92)	($1.36)	($0.61)
Net loss per share - Basic and diluted (in dollars per share)	($1.11)	($1.49)	($0.75)
Common stock dividend declared (in dollars per share)	$0.52	$0.21	$0

CONSOLIDATED_AND_COMBINED_STAT1

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (USD $)	Total	Additional Paid-In Capital	GGP Equity	Accumulated Deficit	Non-controlling Interest	Common Class A [Member]	Common Class A [Member]	Common Class B [Member]	Common Class B [Member]
In Thousands, except Share data, unless otherwise specified	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)		Common Stock [Member]		Common Stock [Member]
							USD ($)		USD ($)
Balance at Dec. 31, 2010	$329,862	$0	$329,862	$0	$0	'	$0	'	$0
Balance (in shares) at Dec. 31, 2010	'	'	'	'	'	'	0	'	0
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'
Net loss	-26,976	'	-26,976	'	'	'	'	'	'
Equity Contributions from Affiliates	123,442	'	'	'	'	'	'	'	'
Balance at Dec. 31, 2011	426,328	'	426,328	'	'	'	'	'	'
Balance (in shares) at Dec. 31, 2011	'	'	'	'	'	'	'	'	0
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'
Net loss	-68,659	'	-12,279	-56,380	'	'	'	'	'
Comprehensive loss	0	'	'	'	'	'	'	'	'
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)	'	'	'	'	'	35,547,049	35,547,049	359,056	359,056
Stockholders' Equity Note, Spinoff Transaction	0	405,295	-405,655	'	'	'	356	'	4
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 to common shareholders (2012: $0.21 per share, 2013: $0.52 per share)	-10,422	-10,422	'	'	'	'	'	'	'
Treasury stock (shares)	'	'	'	'	'	'	-10,559	'	'
Treasury Stock	-170	-170	'	'	'	'	'	'	'
Issuance and amortization of stock compensation (in shares)	'	'	'	'	'	'	365,705	'	'
Issuance and amortization of stock compensation	2,494	2,490	'	'	'	'	4	'	'
Balance at Dec. 31, 2012	532,896	588,668	0	-56,380	111	'	493	'	4
Balance (in shares) at Dec. 31, 2012	'	'	'	'	'	49,246,087	49,235,528	359,056	359,056
Increase (Decrease) in Shareholders' Equity	'	'	'	'	'	'	'	'	'
Net loss	-54,745	'	'	'	'	'	'	'	'
Offering costs	-417	-417	'	'	'	'	'	'	'
Dividends to common shareholders (2012: $0.21 per share, 2013: $0.52 per share)	-25,820	-25,820	'	'	'	'	'	'	'
Issuance and amortization of stock compensation (in shares)	'	'	'	'	'	'	36,573	'	'
Issuance and amortization of stock compensation	3,019	3,019	'	'	'	'	'	'	'
Conversion of Class B share to common shares (shares)	'	'	'	'	'	'	359,056	'	-359,056
Conversion of Class B share to common shares	0	'	'	'	'	'	4	'	-4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	'	'	'	'	'	'	10,880	'	'
Stock Issued During Period, Value, Stock Options Exercised	161	161	'	'	'	'	'	'	'
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 Dec. 31, 2013	$455,281	$565,798	$0	($111,125)	$111	'	$497	'	$0
Balance (in shares) at Dec. 31, 2013	'	'	'	'	'	49,652,596	49,648,436	0	0

CONSOLIDATED_AND_COMBINED_STAT2

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Dividends (usd per share)	$0.52	$0.21

CONSOLIDATED_AND_COMBINED_STAT3

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]	'	'	'
Net loss	($54,745)	($68,659)	($26,976)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]	'	'	'
Provision for doubtful accounts	888	1,919	601
Depreciation	60,557	64,550	71,592
Amortization	6,702	6,540	6,624
Amortization/write-off of deferred finance costs	12,519	9,926	0
Amortization/write-off of debt market rate adjustments	8,278	19,346	11,309
Amortization of above/below market leases and tenant inducements	16,973	24,153	25,194
Straight-line rent amortization	-3,517	-3,608	-6,031
Provision for impairment	36,821	0	0
Gain on extinguishment of debt	-14,324	0	0
Stock based compensation	3,019	1,801	0
Net changes:	'	'	'
Accounts receivable	-2,563	-6,889	-3,742
Prepaid expenses and other assets	1,220	1,195	-2,371
Deferred expenses	-12,017	-7,140	-5,793
Restricted cash	39	-8,977	10,536
Accounts payable and accrued expenses	2,752	4,120	-220
Net cash provided by operating activities	62,602	38,277	80,723
Cash Flows from Investing Activities:	'	'	'
Acquisitions of investment properties	-81,203	-33,331	0
Development, building and tenant improvements	-63,032	-31,012	-25,167
Demand deposit from affiliate	150,000	-150,000	0
Purchase of short term investment	0	-29,989	0
Sale of short term investment	0	29,989	0
Restricted cash	-6,229	-22,259	-203
Net cash used in investing activities	-464	-236,602	-25,370
Cash Flows from Financing Activities:	'	'	'
Proceeds received from rights offering	0	200,000	0
Proceeds received from stock option exercise	161	0	0
Payments for offering costs	-417	-8,392	0
Sale of treasury stock	187	-170	0
Contributions from noncontrolling interests	0	111	0
Change in GGP investment, net	0	-8,394	111,494
Proceeds from refinance/issuance of mortgages, notes and loans payable	523,500	616,360	0
Borrowing under revolving line of credit	55,000	10,000	0
Principal payments on mortgages, notes and loans payable	-594,389	-558,262	-168,459
Repayment under revolving credit line	-7,000	-10,000	0
Dividends paid	-22,839	-6,943	0
Deferred financing costs	-10,209	-28,097	0
Net cash provided by (used in) financing activities	-56,006	206,213	-56,965
Net change in cash and cash equivalents	6,132	7,888	-1,612
Cash and cash equivalents at beginning of period	8,092	204	1,816
Cash and cash equivalents at end of period	14,224	8,092	204
Supplemental Disclosure of Cash Flow Information:	'	'	'
Interest paid, net of capitalized interest	61,564	67,822	59,943
Capitalized interest	-998	0	0
Non-Cash Transactions:	'	'	'
Change in accrued capital expenditures included in accounts payable and accrued expenses	12,237	4,281	50
Dividends declared, not yet paid	6,454	3,479	0
Other non-cash GGP investment, net	0	0	11,948
Non-cash changes related to acquisition accounting:	'	'	'
Land	51,055	33,674	0
Buildings and equipment, net	217,011	109,601	0
Deferred expenses, net	4,583	1,276	0
Prepaid and other assets	9,983	6,682	0
Mortgages, notes and loans payable	-266,641	-146,363	0
Accounts payable and accrued expenses	-15,991	-4,870	0
Noncash or Part Noncash Divestiture [Abstract]	'	'	'
Land	-26,108	0	0
Buildings and equipment, net	-33,015	0	0
Deferred expenses, net	-1,676	0	0
Prepaid and other assets	-4,281	0	0
Mortgages, notes and loans payable	81,028	0	0
Accounts payable and accrued expenses	$3,494	$0	$0

ORGANIZATION

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION	'
	ORGANIZATION

	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 December 31, 2013 and to RPI Businesses before the Spin-Off Date. 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 December 31, 2013 and 2012 include the accounts of Rouse, as well as all subsidiaries of Rouse. The accompanying consolidated and combined statements of operations for the year ended December 31, 2013 include the consolidated accounts of Rouse and for the year ended December 31, 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 year ended December 31, 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 December 31, 2012. All intercompany transactions have been eliminated in consolidation and combination as of and for the years ended December 31, 2013, 2012 and 2011 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's historical financial results reflect allocations for certain corporate costs and we believe such allocations are reasonable; however, such results do not reflect what our expenses would have been had the Company been operating as a separate stand-alone public company. The corporate allocations for the year ended December 31, 2012 include allocations for the period from January 1, 2012 through January 12, 2012 which aggregated $0.4 million. The allocations for the year ended December 31, 2011 totaled $10.7 million. These allocations have been included in general and administrative expenses on the consolidated and combined statements of operations. Costs of the services that were allocated or charged to us were based on either actual costs incurred or a proportion of costs estimated to be applicable to us based on a number of factors, most significantly our percentages of GGP’s adjusted revenue and gross leaseable area of assets and also the number of properties.

	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	12 Months Ended
	Dec. 31, 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 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 ratios, 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 year ended December 31, 2013, the Company determined there were events and circumstances which changed management's estimated holding period for The Boulevard Mall and The Steeplegate Mall.

	During 2013, the servicer of the loan for 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 higher 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.

	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 (see Note 7).

	During the year ended December 31, 2013, the Company was unable to advance prospective leases at The Steeplegate Mall, which changed management's intended holding period of this asset. Furthermore, the mortgage debt on this asset is due in August 2014 and without having advanced the prospective leasing, the Company does not anticipate funding additional capital for this asset. Without funding additional capital to reduce the mortgage debt to a lower loan to value ratio the Company may not be able to refinance the loan. Management determined that the carrying value of the property was not recoverable and therefore required an impairment charge. This impairment charge is included in the Provision for impairment on the Company's consolidated and combined statements of operations. For the year ended December 31, 2013, the Company recorded an impairment charge of $15.2 million as the aggregate carrying value was higher than the fair value of the property.

	No impairment charges were recorded for the years ended December 31, 2012 and 2011.

	Acquisitions of Operating Properties

	Acquisitions of properties are accounted for utilizing the acquisition method of accounting. Estimates of future cash flows and other valuation techniques were used to allocate the purchase price between land, buildings and improvements, equipment, debt, liabilities assumed and identifiable intangible assets and liabilities such as amounts related to in-place tenant leases, acquired above and below-market tenant and ground leases and tenant relationships. No significant value had been ascribed to tenant relationships of the acquired properties in 2013 (see Note 3).

















	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)
31-Dec-13

Tenant leases:

In-place value	$	100,125			$	(37,888	)		$	62,237

Above-market	132,986				(64,303		)		68,683

Below-market	(59,641		)		19,394				(40,247		)

Ground leases:

Below-market	2,173				(392		)		1,781


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.

Amortization of in-place intangible assets and liabilities decreased the Company's net income by $17.2 million, $22.4 million and $32.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of in place intangibles are included in depreciation and amortization on the Company's consolidated and combined statements of operations.

Amortization of above-market and below-market lease intangibles decreased the Company's revenue by $15.7 million, $21.7 million and $22.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of above-market and below-market leasing intangibles are included in minimum rents on the Company's consolidated and combined statements of operations.

Future amortization/accretion of these intangibles is estimated to decrease the Company's net income as follows:


Year		In-place lease intangibles				Above/(below) market leases, net
		(In thousands)
2014		$	17,477			$	12,071

2015		$	12,181			$	9,305

2016		$	8,758			$	6,609

2017		$	5,884			$	4,275

2018		$	4,094			$	1,169


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 tenant 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 years ended December 31, 2013, 2012 and 2011:



		Years ended December 31,
		2013				2012				2011
		(In thousands)
Straight-line rent amortization		$	3,488			$	3,440			$	5,676

Lease termination income		413				433				1,389

Net amortization of above and below-market tenant leases		(15,672		)		(21,700		)		(22,623		)
Amortization of tenant inducement		(1,000		)		—				—

Percentage rents in lieu of minimum rent		7,071				8,631				9,232


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:



	December 31, 2013				December 31, 2012
	(In thousands)
Straight-line rent receivables, net	$	12,645			$	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. Our experience relative to unbilled straight-line rent receivable is that a certain portion of the amounts recorded as straight-line rental revenue are never collected from (or billed to) tenants due to early lease terminations. For that portion of the recognized deferred rent that is not deemed to be probable of collection, an allowance for doubtful accounts has been provided. Accounts receivable are shown net of an allowance for doubtful accounts of $2.8 million and $2.5 million as of December 31, 2013 and 2012, respectively. The following table summarizes the changes in allowance for doubtful accounts for all receivables:


		2013				2012				2011
		(In thousands)
Balance at beginning of period		$	2,545			$	2,943			$	4,070

Provision for doubtful accounts		887				1,919				601

Write-offs		(634		)		(2,317		)		(1,728		)
Balance at end of period		$	2,798			$	2,545			$	2,943



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 property 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 years ended December 31, 2013 and 2012, there were 2,579,171 and 1,945,643 stock options outstanding, respectively, that potentially could be converted into shares of common stock and 278,617 and 263,669 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.

In connection with the spin-off, on January 12, 2012, GGP distributed to its stockholders 35,547,049 shares of our common stock and retained 359,056 shares of our Class B common stock. This share amount is being utilized for the calculation of basic and diluted earnings per share ("EPS") for all periods presented prior to the spin-off as our common stock was not traded prior to January 12, 2012 and there were no dilutive securities in the prior periods. 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 holders of the Company's Class B common stock.

The Company had the following weighted-average shares outstanding:



		Years ended December 31,
		2013		2012			2011
Weighted average shares - basic and diluted		49,344,927		46,149,893			35,906,105


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 following table summarizes the assets that are measured at fair value on a non-recurring basis as a result of the impairment charges recorded as of December 31, 2013:


		Total Fair Value Measurement				Quoted Price in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Year ended December 31, 2013
Investment in Real Estate (1)		$	33,475			$	—			$	—			$	33,475

Explanatory Note:
(1) Refer to "Impairment" above for additional information regarding impairment.

The following is a reconciliation of the carrying value of properties that were impaired during the year ended December 31, 2013:



		Boulevard Mall (1)			Steeplegate Mall (1)
Beginning carrying value, January 1, 2013		84,175			51,687

Capital expenditures		—			885

Depreciation and amortization expense		(928	)		(2,624	)
Loss on impairment of real estate		(21,661	)		(15,159	)
Disposition of real estate asset		(61,586	)		—

Ending carrying value, December 31, 2013		—			34,789

Explanatory Note:
(1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values.

The Company estimates fair value relating to impairment assessments based upon discounted cash flows that include all projected cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, the Company determined that its valuation of a property using a discounted cash flow model was classified within Level 3 of the fair value hierarchy.

The following table sets forth quantitative information about the unobservable inputs of the Company's Level 3 real estate, which are recorded at fair values as of December 31, 2013:



Unobservable Quantitative Inputs
Discount Rate	10	%
Terminal Capitalization Rate	9	%

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 December 31, 2013 and 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.



	December 31, 2013								December 31, 2012
	Carrying Amount				Estimated Fair				Carrying Amount				Estimated Fair
					Value								Value
	(In thousands)
Fixed-rate debt	$	1,021,432			$	1,013,726			$	995,545			$	1,040,964

Variable-rate debt	433,114				434,508				287,946				287,946

Total mortgages, notes and loans payable	$	1,454,546			$	1,448,234			$	1,283,491			$	1,328,910


Offering Costs

Costs associated with the issuance of common stock and rights offering to the Company's stockholders were deferred and charged against the gross proceeds of the offering upon the sale of shares during the years ended December 31, 2013 and 2012 (see Note 9).

Leases

Leases which transfer substantially all the risks and benefits of ownership to tenants are considered finance leases and the present values of the minimum lease payments and the estimated residual values of the leased properties, if any, are accounted for as receivables. Leases which transfer substantially all the risks and benefits of ownership to the Company are considered capital leases and the present values of the minimum lease payments are accounted for as assets and liabilities. All other leases are treated as operating leases. As of December 31, 2013 and 2012, all of the Company's leases are treated as operating leases.

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)
31-Dec-13

Deferred lease costs	$	43,570			$	(12,039	)		$	31,531

Deferred financing costs	18,979				(4,455		)		14,524

Total	$	62,549			$	(16,494	)		$	46,055


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


Stock-Based Compensation

The Company recognizes all stock-based compensation to employees, including grants of employee stock options and restricted stock awards, in the financial statements as compensation cost. The compensation cost is amortized over the respective vesting period based on their fair value on the date of grant.

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 December 31, 2013 and 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 December 31, 2013.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the 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

As a result of the disposition of The Boulevard Mall, certain prior period amounts included on the Company's consolidated and combined statements of operations and related notes have been reclassified to discontinued operations for all periods presented (see Note 7).

ACQUISITIONS

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Dec. 31, 2013
Business Combinations [Abstract]	'
ACQUISITIONS	'
	ACQUISITIONS

	The Company includes the results of operations of real estate assets acquired in the consolidated and combined statements of operations from the date of the related transaction.



		Date Acquired		Property Name		Location	Square Footage Acquired		Purchase Price
	2013 Acquisitions								(In thousands)
		7/24/13		Greenville Mall (1) (2)		Greenville, NC	413,759		$	48,900
		7/24/13		Greenville Mall (1) (2)		Greenville, NC	413,759		$	48,900
		12/11/13		Chesterfield Towne Center (1) (3)		Richmond, VA	1,016,258		165,500
		12/11/13		Chesterfield Towne Center (1) (3)		Richmond, VA	1,016,258		165,500
		12/11/13		The Centre at Salisbury (1) (4)		Salisbury, MD	721,396		127,000
		12/11/13		The Centre at Salisbury (1) (4)		Salisbury, MD	721,396		127,000
						Total	2,151,413		$	341,400
						Total	2,151,413		$	341,400
	2012 Acquisitions
		2/21/12		Grand Traverse Mall (1)(5)		Grand Traverse, MI	306,241		$	62,000
		2/21/12		Grand Traverse Mall (1)(5)		Grand Traverse, MI	306,241		$	62,000
		12/28/12		The Mall at Turtle Creek (1)(6)		Jonesboro, AR	367,919		96,300
		12/28/12		The Mall at Turtle Creek (1)(6)		Jonesboro, AR	367,919		96,300
						Total	674,160		$	158,300
						Total	674,160		$	158,300
	Explanatory Notes:

	(1) Rouse acquired a 100% interest in the mall.
	(2) 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. A fair value adjustment of $0.2 million was recorded as a result of the mortgage assumption.
	(3) The Company assumed an existing $109.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 4.75%, matures in October 2022, and amortizes over 30 years. A fair value adjustment of $1.3 million was recorded as a result of the mortgage assumption.
	(4) The Company assumed an existing $115.0 million partial recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.79%, matures in May 2016, and is interest only. A fair value adjustment of $1.2 million was recorded as a result of the mortgage assumption.
	(5) The Company assumed a restructured and discounted $62.0 million, non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.02%, matures in February 2017 and amortizes over 30 years. No fair value adjustment was recorded as a result of this mortgage assumption.
	(6) The Company assumed a $79.5 million, non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 6.54%, matures in June 2016 and amortizes over 30 years. A fair value adjustment of $4.8 million was recorded as a result of this mortgage assumption.




	The following table presents certain additional information regarding the Company's acquisitions during 2013 and 2012:


		Property Name		Land			Building and Improvements			Acquired Lease Intangibles		Acquired Above Market Lease Intangibles		Acquired Below Market Lease Intangibles			Other
	2013 Acquisitions			(In thousands)
		Greenville Mall (1)		$	9,088		$	36,961		$	5,076	$	1,098	$	(4,521	)	$	1,430
		Greenville Mall (1)		$	9,088		$	36,961		$	5,076	$	1,098	$	(4,521	)	$	1,430
		Chesterfield Towne Center (2)		19,387			135,825			8,755		4,843		(6,741		)	2,181
		Chesterfield Towne Center (2)		19,387			135,825			8,755		4,843		(6,741		)	2,181
		The Centre at Salisbury (3)		22,580			96,050			9,326		4,043		(4,729		)	972
		The Centre at Salisbury (3)		22,580			96,050			9,326		4,043		(4,729		)	972
		Total		$	51,055		$	268,836		$	23,157	$	9,984	$	(15,991	)	$	4,583
		Total		$	51,055		$	268,836		$	23,157	$	9,984	$	(15,991	)	$	4,583
	2012 Acquisitions
		Grand Traverse Mall		$	11,420		$	40,046		$	6,363	$	4,210	$	(430	)	$	—
		Grand Traverse Mall		$	11,420		$	40,046		$	6,363	$	4,210	$	(430	)	$	—
		The Mall at Turtle Creek (4)		22,254			72,145			7,434		2,472		(4,440		)	1,276
		The Mall at Turtle Creek (4)		22,254			72,145			7,434		2,472		(4,440		)	1,276
		Total		$	33,674		$	112,191		$	13,797	$	6,682	$	(4,870	)	$	1,276
		Total		$	33,674		$	112,191		$	13,797	$	6,682	$	(4,870	)	$	1,276
	Explanatory Notes:
	(1) Excludes fair value adjustment on mortgage assumption of $0.2 million.
	(2) Excludes fair value adjustment on mortgage assumption of $1.3 million.
	(3) Excludes fair value adjustment on mortgage assumption of $1.2 million.
	(4) Excludes fair value adjustment on mortgage assumption of $4.8 million.

	The Company incurred acquisition and transaction related costs of $2.1 million and $1.0 million for the years ended December 31, 2013 and 2012, respectively. No costs were incurred for the year ended December 31, 2011. Acquisition and transaction related costs consist of due diligence costs such as legal fees, environmental studies, and closing costs. These costs were recorded in other expense on our consolidated and combined statements of operations.

During the year ended December 31, 2013, the Company recorded approximately $4.8 million in revenues and $1.1 million in net loss related to the acquisitions of Greenville Mall, Chesterfield Towne Center and the The Centre at Salisbury. During the year ended December 31, 2012, the Company recorded approximately $7.4 million in revenues and $2.8 million in net loss related to the acquisitions of Grand Traverse and The Mall at Turtle Creek.

The following condensed pro forma financial information for the year ended December 31, 2013 includes pro forma adjustments related to the 2013 acquisitions of Greenville Mall, Chesterfield Towne Center and The Centre at Salisbury, which are presented assuming the acquisitions had been consummated as of January 1, 2013. The following condensed pro forma financial information for the year ended December 31, 2012 includes pro forma adjustments related to the 2013 acquisitions of Greenville Mall, Chesterfield Towne Center and The Centre at Salisbury, as well as the 2012 acquisitions of Grand Traverse Mall and The Mall at Turtle Creek, which are presented assuming the acquisitions had been consummated as of January 1, 2012.

The following condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the acquisitions had been consummated as of January 1, 2013 and 2012, nor does it purport to represent the results of operations for future periods. Pro forma adjustments include above and below-market amortization, straight-line rent, interest expense, and depreciation and amortization.



		For the year ended December 31, 2013
		As Adjusted (Unaudited)
		(In thousands, except per share amounts)
Total revenues		$	279,264
Total revenues		$	279,264
Net loss		(56,570		)
Net loss per share - basic and diluted		$	(1.15	)
Weighted average shares - basic and dilutive		49,344,927
Weighted average shares - basic and dilutive		49,344,927



		For the year ended December 31, 2012
		As Adjusted (Unaudited)
		(In thousands, except per share amounts)
Total revenues		$	273,306
Total revenues		$	273,306
Net loss		(72,965		)
Net loss per share - basic and diluted		$	(1.58	)
Weighted average shares - basic and dilutive		46,149,893
Weighted average shares - basic and dilutive		46,149,893

PREPAID_EXPENSES_AND_OTHER_ASS

PREPAID EXPENSES AND OTHER ASSETS, NET	12 Months Ended
	Dec. 31, 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:


		December 31,		December 31,
		2013		2012
		(In thousands)
	Above-market tenant leases, net (Note 2)	$	68,683	$	89,407

	Prepaid expenses	4,776		3,563

	Below-market ground leases, net (Note 2)	1,781		1,906

	Deposits	682		796

	Other	330		3,786

	Total prepaid expenses and other assets, net	$	76,252	$	99,458

MORTGAGES_NOTES_AND_LOANS_PAYA

MORTGAGES, NOTES AND LOANS PAYABLE	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
MORTGAGES, NOTES AND LOANS PAYABLE	'
	MORTGAGES, NOTES AND LOANS PAYABLE

	Mortgages, notes and loans payable are summarized as follows:


		December 31,				December 31,				Interest Rate at December 31, 2013			Schedule Maturity Date
		2013				2012
	Fixed-rate debt:	(In thousands)
	West Valley Mall (1)	$	—			$	48,509			3.43	%		—

	Southland Mall (CA) (1)	—				73,534				3.62			—

	Newpark Mall (1)	—				63,552				7.45			—

	The Boulevard Mall	—				97,972				4.27			—

	Steeplegate	47,970				49,777				4.94			Aug-14

	Greenville Mall (1)	41,375				—				5.29			Dec-15

	Vista Ridge Mall	71,270				73,821				6.87			Apr-16

	Washington Park Mall	10,872				11,219				5.35			Apr-16

	The Centre at Salisbury (1)	115,000				—				5.79			May-16

	The Mall at Turtle Creek	78,615				79,521				6.54			Jun-16

	Collin Creek	60,206				62,147				6.78			Jul-16

	Bayshore Mall	27,720				28,651				7.13			Aug-16

	Grand Traverse	60,429				61,333				5.02			Feb-17

	Sikes Senter	55,494				57,171				5.2			Jun-17

	Knollwood Mall	36,281				37,331				5.35			Oct-17

	Pierre Bossier (1)	47,400				48,055				4.94			May-22

	Pierre Bossier Anchor	3,718				3,791				4.85			May-22

	Southland Center (MI) (1)	77,205				78,314				5.09			Jul-22

	Chesterfield Towne Center (1)	109,737				—				4.75			Oct-22

	Animas Valley (1)	50,911				51,731				4.41			Nov-22

	Lakeland Mall (1)	69,241				50,630				4.17			Mar-23

	Valley Hills Mall (1)	67,572				52,280				4.47			Jul-23

	Total Fixed-rate debt	$	1,031,016			$	1,029,339

	Less: Market rate adjustments	(9,583		)		(33,794		)
		$	1,021,433			$	995,545

	Variable- rate debt:
	NewPark Mall (1)(2)	$	66,113			$	—			4.22	%		May-17

	West Valley Mall (1)(3)	59,000				—				1.92			Sep-18

	2013 Term Loan (4)	260,000				—				2.52			Nov-18

2012 Term Loan (5)	—				287,946				4.71			Jan-15

2013 Revolver (4)	48,000				—				2.51			Nov-17

Total Variable-rate debt:	$	433,113			$	287,946


Total mortgages, notes and loan payable	$	1,454,546			$	1,283,491


Explanatory Notes:

(1) See the significant property loan refinancings and acquisitions table below under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property.
(2) LIBOR (30 day) plus 405 basis points.
(3) LIBOR (30 day) plus 175 basis points.
(4) LIBOR (30 day) plus 235 basis points.
(5) LIBOR (30 day) plus 450 basis points.
Property-Level Debt

The Company had individual property-level debt (the “Property-Level Debt”) on 19 of its 34 assets, representing $1.2 billion (excluding $9.6 million of market rate adjustments) as of December 31, 2013. The Property-Level Debt has a weighted average interest rate of 5.2% and an average remaining term of 5.0 years. The Property-Level Debt is stand-alone (not cross-collateralized) first mortgage debt and is generally non-recourse to the Company with the exception of customary contingent guarantees/indemnities.

The following is a summary of significant property loan refinancings and acquisitions that occurred during the years ended December 31, 2013 and 2012 ($ in thousands):


Property		Date		Balance at Date of Refinancing				Interest Rate			Balance of New Loan			New Interest Rate		Net Proceeds (1)		Maturity
2013
Lakeland Mall (2)		Mar-13		$	50,300			5.12	%		$	70,000		4.17	%	$	13,400	Mar-23

NewPark Mall (3)		May-13		62,900				7.45	%		66,500			LIBOR + 4.05%		1,100		May-17

Valley Hills Mall		Jun-13		51,400				4.73	%		68,000			4.47	%	15,000		Jul-23

Greenville Mall		Jul-13		—				—			41,700			5.29	%	—		Dec-15

West Valley Mall (4)		Sep-13		47,100				3.43	%		59,000			LIBOR + 1.75%		4,400		Sep-18

Chesterfield Towne Center		Dec-13		—				—			109,737			4.75	%	—		Oct-22

The Centre at Salisbury (5)		Dec-13		—				—			115,000			5.79	%	—		May-16


2012
Grand Traverse Mall		Feb-12		$	—			—			$	62,000		5.02	%	$	—	Feb-17

Pierre Bossier Mall		May-12		38,200				LIBOR + 5.00%			48,500			4.94	%	10,300		May-22

Southland Center Mall		Jun-12		70,200				LIBOR + 5.00%			78,800			5.09	%	8,200		Jul-22

Animas Valley Mall		Oct-12		37,100				LIBOR + 4.50%			51,800			4.41	%	14,300		Nov-22

The Mall at Turtle Creek		Dec-12		—				—			79,500			6.54	%	—		Jun-16

Explanatory Notes:
(1) Net proceeds is net of closing costs.
(2) On March 6, 2013, the loan associated with the Lakeland Mall was refinanced for $65.0 million. Subsequently, on March 21, 2013, the loan was increased by $5.0 million to $70.0 million in order to partially fund the acquisition of an anchor building previously owned by a third party.
(3) The loan provides for an additional subsequent funding of $5.0 million upon achieving certain conditions for a total funding of $71.5 million.
(4) The loan is interest-only for the first three years and amortizes on a 30 year schedule thereafter. The loan has a five year extension option subject to the fulfillment of certain conditions.
(5) The loan is interest-only.

Corporate Facilities

2013 Senior Facility

On November 22, 2013, the Company entered into a $510.0 million secured credit facility that provides borrowings on a revolving basis of up to $250.0 million (the "2013 Revolver") and a $260.0 million senior secured term loan (the "2013 Term Loan" and together with the 2013 Revolver, the "2013 Senior Facility"). The Company has the option, subject to the satisfaction of certain conditions precedent, to exercise an "accordion" provision to increase the commitments under the 2013 Revolver and/or incur additional term loans in the aggregate amount of $250.0 million such that the aggregate amount of the commitments and outstanding loans under the 2013 Secured Facility does not exceed $760.0 million. Borrowings on the 2013 Senior Facility bear interest at LIBOR + 185 to 300 basis points based on the Company's corporate leverage. Proceeds from the 2013 Senior Facility were used to retire the Company's 2012 Senior Facility, including the 2012 Revolver and the 2012 Term Loan, and the $70.9 million non recourse mortgage loan on The Southland Mall in California prior to its maturity date in January 2014.

The 2013 Revolver has an initial term of four years with a one year extension option and the 2013 Term Loan has a term of five years. As of December 31, 2013, the Company has drawn $48.0 million on the 2013 Revolver and the outstanding balance on the 2013 Term Loan was $260.0 million.

The Company is required to pay an unused fee related to the 2013 Revolver equal to 0.20% per year if the aggregate unused amount is greater than or equal to 50% of the Revolver or 0.30% per year if the aggregate unused amount is less than 50% of the Revolver. The default interest rate following a payment event of default under the 2013 Senior Facility is 3.00% more than the then-applicable interest rate. During the year ended December 31, 2013, the Company incurred $0.1 million of unused fees related to the 2013 Revolver.

The 2013 Senior Facility contains representations and warranties, affirmative and negative covenants and defaults that are customary for such a real estate loan. In addition, the 2013 Senior Facility requires compliance with certain financial covenants, including borrowing base loan to value and debt yield, corporate maximum leverage ratio, minimum ratio of adjusted consolidated earnings before interest, tax, depreciation and amortization to fixed charges, minimum tangible net worth, minimum mortgaged property requirement, maximum unhedged variable rate debt and maximum recourse indebtedness. Failure to comply with the covenants in the 2013 Senior Facility would result in a default thereunder and, absent a waiver or an amendment from our lenders, permit the acceleration of all outstanding borrowings under the 2013 Senior Facility. No assurance can be given that we would be successful in obtaining such waiver or amendment in this current financial climate, or that any accommodations that we were able to negotiate would be on terms as favorable as those in the 2013 Senior Facility. In addition, any such default may result in the cross-default of our other indebtedness. As of December 31, 2013, the Company was in compliance with all of the debt covenants related to the 2013 Senior Facility.

2012 Senior Facility

On the Spin-Off Date, the Company entered into a senior secured credit facility that provided borrowings on a revolving basis of up to $50.0 million (the “2012 Revolver”) and a senior secured term loan (the “2012 Term Loan” and, together with the Revolver, the “2012 Senior Facility”), which provided an advance of approximately $433.5 million and was a direct obligation of the Company. The 2012 Senior Facility closed concurrently with the consummation of the spin-off and had a term of three years. During 2012, the outstanding balance on the 2012 Term Loan decreased from $433.5 million to $287.9 million due to the repayments on the 2012 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 2012 Term Loan and increased the 2012 Revolver from $50.0 million to $150.0 million. In conjunction with the Company's entrance into the 2013 Senior Facility the 2012 Senior Facility was terminated.

The Company was required to pay an unused fee related to the 2012 Revolver equal to 0.30% per year if the aggregate unused amount was greater than or equal to 50% of the 2012 Revolver or 0.25% per year if the aggregate unused amount was less than 50% of the 2012 Revolver. During the year ended December 31, 2013, the Company incurred $0.4 million of unused fees related to the 2012 Revolver.

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 provided borrowings on a revolving basis of up to $100.0 million (the “Subordinated Facility”). The Subordinated Facility had a term of three years and six months and bore 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 was 2.00% more than the then-applicable interest rate. Interest was payable monthly. In addition, the Company was required to pay a semiannual revolving credit fee of $0.3 million. On November 22, 2013, in conjunction with the Company's entrance into the 2013 Senior Facility, the Subordinated Facility was terminated.


As of December 31, 2013, $1.9 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 4.6% and 5.2%, respectively, as of December 31, 2013 and 2012. As of December 31, 2013, the average remaining term was 4.9 years.








As of December 31, 2013, future scheduled maturities of outstanding long term debt obligations are as follows ($ in thousands):


		Total
2014		$	67,285

2015		60,224

2016		362,579

2017		259,589

2018		325,821

Thereafter		388,631

		$	1,464,129

Unamortized market rate adjustment		(9,583		)
Total mortgages, notes and loans payable		$	1,454,546


Interest Rate Caps

The Company entered into a hedge transaction related to a portion of its 2012 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 capped 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	12 Months Ended
	Dec. 31, 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:


		December 31, 2013		December 31, 2012
		(In thousands)
	Below-market tenant leases, net (Note 2)	$	40,247	$	35,068

	Construction payable	21,821		9,979

	Accounts payable and accrued expenses	10,310		12,696

	Deferred income	6,539		3,201

	Accrued dividend	6,454		3,479

	Accrued payroll and other employee liabilities	7,942		1,230

	Accrued real estate taxes	5,640		9,894

	Asset retirement obligation liability	4,745		4,503

	Accrued interest	4,213		3,546

	Tenant and other deposits	1,249		1,629

	Other	523		3,461

	Total accounts payable and accrued expenses, net	$	109,683	$	88,686

DISPOSITIONS_DISCONTINUED_OPER

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES	12 Months Ended
	Dec. 31, 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 the Company's consolidated and combined statements of operations 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 year ended December 31, 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.


		Years ended December 31,
		2013			2012			2011
		(In thousands, except per share amounts)
	Total revenues	$	4,812		$	9,675		$	11,457

	Operating expenses including depreciation and amortization	3,082			8,780			9,883

	Provision for impairment	21,661			—			—

	Total expenses	24,743			8,780			9,883


	Operating income (loss)	(19,931		)	895			1,574

	Interest expense	(3,227		)	(6,786		)	(6,501		)
	Net loss from discontinued operations	(23,158		)	(5,891		)	(4,927		)
	Gain on extinguishment of debt	13,995			—			—

	Net loss from discontinued operations	$	(9,163	)	$	(5,891	)	$	(4,927	)
	Net loss from discontinued operations per share- Basic and Diluted	$	(0.19	)	$	(0.13	)	$	(0.14	)

INCOME_TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	INCOME TAXES

	The Company has elected to be taxed as a REIT beginning with the filing of its tax return for the 2011 fiscal year. As of December 31, 2013, the Company has met the requirements of a REIT for the 2012 fiscal year and has 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 the years ended December 31, 2013 and 2012, the Company incurred approximately $0.08 million and $0.1 million in taxes associated with the TRS subsidiary, which are recorded in Provision for income taxes on the Company's consolidated and combined statements of operations.

COMMON_STOCK

COMMON STOCK	12 Months Ended
COMMON STOCK	Dec. 31, 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 exchanged for 359,056 shares of our common stock, at the request of the stockholders.

	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.

	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.

	Brookfield Asset Management, Inc. and its affiliates owned (collectively, "Brookfield") approximately 42.5% of the Company as of December 31, 2013.

	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.

	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.

STOCK_BASED_COMPENSATION_PLANS

STOCK BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 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 years ended December 31, 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		1,986,143			14.65

	Exercised	(10,880	)		14.72		—			—

	Forfeited	(51,492	)		14.43		(40,500	)		14.72
	Expired	—			—		—			—

	Stock options outstanding at December 31,	2,579,171			$15.14		1,945,643			$14.64




			Stock Options Outstanding (1)
	Issuance		Shares			Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price
	Mar-12		1,527,714			8.25		$14.72

	May-12		21,900			8.42		13.71

	Aug-12		36,400			8.67		13.75

	Oct-12		297,257			8.84		14.47

	Feb-13		695,900			9.17		16.48

	Stock options outstanding at December 31, 2013		2,579,171			8.57		$15.14


	Explanatory Note:

	(1) As of December 31, 2013, 371,214 stock options became fully vested and are currently exercisable. As of December 31, 2013, the intrinsic value of these options was $2.8 million, and such stock options had a weighted average stock price of
	$14.65, and a weighted average remaining contractual term of 8.4 years.


	The Company recognized $1.4 million and $1.0 million in compensation expense related to the stock options for the years ended December 31, 2013 and 2012, respectively, which are recored in General and administrative on the Company's consolidated and combined statements of operations.

	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 years ended December 31, 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		365,705			14.68

Forfeited	(4,160	)		14.72		—			—

Cancelled	—			—		—			—

Vested	(17,465	)		15.47		(102,036	)		14.72
Nonvested restricted stock grants outstanding at December 31,	278,617			$14.85		263,669			$14.69


The 4,160 shares of restricted stock that were forfeited during the year ended December 31, 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 December 31, 2013 was 1.0 year.

The Company recognized $1.6 million and $1.5 million in compensation expense related to the restricted stock for the years December 31, 2013 and 2012, respectively, which are recored in General and administrative on the Company's consolidated and combined statements of operations.

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 and 2012 weighted-average assumptions:



2013:00:00
Risk-free interest rate	1.1	%
Dividend yield	4.25	%
Expected volatility	26	%
Expected life (in years)	6.5


2012:00:00
Risk-free interest rate	1.37	%
Dividend yield	4.25	%
Expected volatility	30	%
Expected life (in years)	6.5


As of December 31, 2013, total compensation expense which had not yet been recognized related to nonvested options and restricted stock grants was $7.8 million. Of this total, $3.0 million relates to 2014, $2.4 million relates to 2015, $1.7 million relates to 2016, $0.6 million relates to 2017, and $0.1 million relates to 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	12 Months Ended
NON-CONTROLLING INTEREST	Dec. 31, 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.

RENTALS_UNDER_OPERATING_LEASES

RENTALS UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2013
Leases [Abstract]	'
RETAILS UNDER OPERATING LEASES	'
	RENTALS UNDER OPERATING LEASES

	The Company receives rental income from the leasing of retail space under operating leases. The minimum future rentals based on operating leases of the Company's consolidated properties owned as of December 31, 2013 are as follows:



	Year	Amount
		(In thousands)
	2014	$	231,709

	2015	192,912

	2016	152,575

	2017	119,662

	2018	90,499

	Subsequent	363,388

		$	1,150,745


	Minimum future rentals exclude amounts which are not fixed in accordance with the tenant's lease, but are based upon a percentage of their gross sales or reimbursement of actual operating expenses and amortization of above and below-market leases. Such operating leases are with a variety of tenants, the majority of which are national and regional retail chains and local retailers, and consequently, our credit risk is concentrated in the retail industry.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 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 December 31, 2013, the transition services agreement with GGP was terminated. For the years ended December 31, 2013 and 2012 the costs associated were $0.1 million and $1.5 million, respectively.

	Office Leases 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 for the years ended December 31, 2013 and 2012 were $1.1 million and $1.0 million, respectively. There are no outstanding amounts payable as of December 31, 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 December 31, 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 a Brookfield subsidiary, 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. Costs associated with the office lease for the year ended December 31, 2013 were $0.03 million, of which $0.01 million were payable as of December 31, 2013. Effective December 30, 2013, the Brookfield subsidiary sold the office building in which the office space is located to a third party.

	The following table describes the Company's future rental expenses related to the office leases for the Company's New York and Dallas offices:


	Year	Amount
		(In thousands)
	2014	$	1,218

	2015	1,221

	2016	1,235

	2017	1,261

	2018	1,147

	Subsequent	3,377

		$	9,459


	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 was required to pay a semi-annual revolving credit fee of $0.3 million related to this facility. For the years ended December 31, 2013 and 2012, costs associated with the revolving credit fee were $0.5 million and $0.4 million, respectively. On November 22, 2013, in conjunction with the Company's entrance into the 2013 Senior Facility, the Subordinated Facility was terminated (see Note 5).

	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. The Company incurred approximately $2.8 million and $5.2 million of infrastructure costs during the year ended December 31, 2013 and December 31, 2012, respectively. As of December 31, 2013, the Company had $8.0 million of infrastructure costs which are capitalized in buildings and equipment, of which there were $0.1 million costs outstanding and payable as of December 31, 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 $1.2 million in costs were incurred for the year ended December 31, 2013. As of December 31, 2013, there were no costs outstanding and payable.

	The Company was also required to pay a monthly information technology services fee to BCO. Approximately $2.0 million in costs were incurred for the year ended December 31, 2013, of which there were no costs outstanding and payable as of December 31, 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. In August 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 $0.5 million and $0.7 million in interest income for the years ended December 31, 2013 and 2012, respectively. As of December 31, 2013, the Company had no outstanding deposit with U.S. Holdings. As of December 31, 2012, the Company had $150.2 million on deposit with U.S. Holdings. The deposit with U.S.Holdings is recorded as a Demand deposit from affiliate on the Company's consolidated balance sheets.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	COMMITMENTS AND CONTINGENCIES
	In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of the Company's properties. In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material effect on the Company's combined financial position, results of operations or liquidity.
	In connection with the ownership and operation of real estate, the Company may be potentially liable for costs and damages related to environmental matters. In management's opinion, the liabilities, if any, that may ultimately result from such environmental matters are not expected to have a material effect on the Company's combined financial position, results of operations or liquidity.

	In conjunction with the acquisition of the The Centre at Salisbury the Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years.

QUARTERLY_FINANCIAL_INFORMATIO

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	'
	QUARTERLY FINANCIAL INFORMATION (UNAUDITIED)

	The following table sets forth the selected quarterly financial data for the Company (dollars in thousands, except per share amounts).



		For the Quarters Ended
		March 31,			June 30,			September 30,			December 31,
	2013
	Total revenues	$	57,496		$	58,381		$	60,315		$	67,350

	Operating income	12,640			12,387			13,133			(912		)

	Net loss	(29,486		)	4,116			(4,683		)	(24,692		)

	Net loss per share - Basic and diluted	(0.60		)	0.08			(0.09		)	(0.50		)

	Dividends declared per share	0.13			0.13			0.13			0.13

	Weighted average shares outstanding	49,332,151			49,342,013			49,346,798			49,358,281


	2012
	Total revenues	$	53,766		$	54,422		$	56,289		$	59,822

	Operating income	3,723			7,477			8,558			7,267

	Net loss	(26,077		)	(15,940		)	(13,056		)	(13,586		)
	Net loss per share - Basic and diluted	(0.71		)	(0.32		)	(0.27		)	(0.28		)
	Dividends declared per share	—			0.07			0.07			0.07

	Weighted average shares outstanding	36,785,376			49,242,014			49,244,562			49,258,249

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2013
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	In January 2014, the Company issued 8,050,000 shares in an underwritten public offering of its common stock at a public offering price of $19.50 per share and raised approximately $150.7 million after deducting the underwriting discount and offering costs. The proceeds from the offering were used in part to pay down the $48.0 million outstanding balance of the 2013 Revolver as of December 2013. The proceeds from the offering will also be used for general corporate purposes, including to fund future acquisitions, working capital and other needs.
	In February 2014, the Company retired the $27.6 million mortgage debt balance on The Bayshore Mall.
	In February 2014, the Company's Board of Directors declared a first quarter common stock dividend of $0.17 per share which will be paid on April 30, 2014 to stockholders of record on April 15, 2014.
	In March 2014, the Company exercised a portion of its $250.0 million "accordion" feature of our 2013 Senior Facility to increase the available borrowings of our 2013 Revolver thereunder from $250.0 million to $285.0 million. The term and rates of the Company's 2013 Senior Facility were otherwise unchanged.

Schedule_III_Real_Estate_and_A

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
Schedule III Real Estate and Accumulated Depreciation	'



									Initial Cost							Cost Capitalized Subsequent to Acquisition							Gross Amounts at Which Carried at Close of Period (2)
	Name of Center		Location		Encumbrance (1)				Land				Building & Improvements			Land			Building & Improvements				Land			Building & Improvements			Total			Accumulated Depreciation			Date Acquired		Life Which Latest Income Statement is Computed
	Animas Valley Mall		Farmington, NM		$	50,911			$	6,509			$	32,270		—			$	289			$	6,509		$	32,559		$	39,068		$	4,531		2010		-3

	Bayshore Mall		Eureka, CA		28,384				4,770				33,305			—			7,043				4,770			40,348			45,118			4,302			2010		-3

	Birchwood Mall		Port Huron, MI		—				8,316				44,884			—			913				8,316			45,797			54,113			5,350			2010		-3

	Cache Valley Mall		Logan, UT		—				3,962				26,842			(70	)		906				3,892			27,748			31,640			3,481			2010		-3

	Chesterfield Towne Center		Chesterfiled, VA		108,486				19,387				144,580			—			—				19,387			144,580			163,967			274			2013		-3

	Chula Vista Center		Chula Vista, CA		—				13,214				71,598			1,149			9,847				14,363			81,445			95,808			7,370			2010		-3

	Collin Creek		Plano, TX		60,245				14,747				48,103			—			640				14,747			48,743			63,490			6,199			2010		-3

	Colony Square Mall		Zenesville, OH		—				4,253				29,578			—			1,182				4,253			30,760			35,013			3,547			2010		-3

	Gateway Mall		Springfield, OR		—				7,097				36,573			—			2,674				7,097			39,247			46,344			5,656			2010		-3

	Grand Traverse Mall		Grand Traverse, MI		60,430				11,420				46,409			—			(1,589		)		11,420			44,820			56,240			3,995			2012		-3

	Greenville Mall		Greenville, NC		41,567				9,088				42,088			—			—				9,088			42,088			51,176			1,061			2013		-3

	Knollwood Mall		St. Louis park, MN		34,053				6,127				32,905			—			138				6,127			33,043			39,170			3,755			2010		-3

	Lakeland Square Mall		Lakeland, FL		69,241				10,938				56,867			1,308			16,759				12,246			73,626			85,872			6,999			2010		-3

	Lansing Mall		Lansing, MI		—				9,615				49,220			350			9,611				9,965			58,831			68,796			6,043			2010		-3

	The Mall at Sierra Vista		Sierra Vista, AZ		—				7,078				36,441			—			653				7,078			37,094			44,172			4,058			2010		-3

	Mall St Vincent		Shreveport, LA		—				4,604				21,927			—			2,607				4,604			24,534			29,138			2,659			2010		-3

	New Park Mall LP		Newpark, CA		66,113				17,848				58,384			2,867			5,834				20,715			64,218			84,933			6,306			2010		-3

	North Plains Mall		Cjovja, NM		—				2,218				11,768			—			1,132				2,218			12,900			15,118			1,632			2010		-3

	Pierre Bossier Mall		Bossier City, LA		51,118				7,522				38,247			817			10,301				8,339			48,548			56,887			4,495			2010		-3

	Sikes Senter		Wichita Falls, TX		47,915				5,915				34,075			—			3,789				5,915			37,864			43,779			4,861			2010		-3

	Silver Lake Mall		Coeur d'Alene, ID		—				3,237				12,914			—			3,459				3,237			16,373			19,610			1,848			2010		-3

	Southland Mall		Hayward, CA		—				23,407				81,474			—			7,313				23,407			88,787			112,194			12,188			2010		-3

	Southland Center		Taylor, MI		77,205				13,697				51,860			1			1,226				13,698			53,086			66,784			5,367			2010		-3

	Spring Hill Mall		West Dundee, IL		—				8,219				23,679			1,206			1,481				9,425			25,160			34,585			3,013			2010		-3

	Steeplegate Mall		Concord, NH		45,494				11,438				42,030			(3,565	)		(15,337		)		7,873			26,693			34,566			462			2010		-3

	Centre at Salisbury		Salisbury, MD		116,243				22,580				105,376			—			—				22,580			105,376			127,956			213			2013		-3

	Three Rivers		Kelso, WA		—				2,080				11,142			—			648				2,080			11,790			13,870			1,190			2010		-3

	Turtle Creek		Jonesboro, AR		82,019				22,254				79,579			—			361				22,254			79,940			102,194			4,241			2012		-3

	Valley Hills		Hickory, NC		67,572				10,047				61,817			—			(179		)		10,047			61,638			71,685			7,525			2010		-3

Vista Ridge		Lewisville, TX		70,274				15,965				46,560			—			133				15,965			46,693			62,658			5,443			2010		-3

Washington Park Mall		Bartlesville, OK		10,276				1,388				8,213			—			407				1,388			8,620			10,008			1,319			2010		-3

West Valley Mall		Tracy, CA		59,000				31,340				38,316			—			3,335				31,340			41,651			72,991			5,866			2010		-3

Westwood Mall		Jackson, MI		—				5,708				28,006			—			150				5,708			28,156			33,864			3,008			2010		-3

White Mountain Mall		Rock springs, WY		—				3,010				11,418			—			2,056				3,010			13,474			16,484			2,250			2010		-3

Total Properties				$	1,146,546			$	348,998			$	1,498,448		$	4,063		$	77,782			$	353,061		$	1,576,230		$	1,929,291		$	140,507

Other				308,000				—				—			—			18,840				—			18,840			18,840			1,925

Total Portfolio				$	1,454,546			$	348,998			$	1,498,448		$	4,063		$	96,622			$	353,061		$	1,595,070		$	1,948,131		$	142,432

Explanatory Notes:


	(1) See description of mortgages, notes, and loans payable in Note 5 to the consolidated and combined financial statements.
(2) The aggregate cost of land, buildings, and improvements for federal income tax payments is approximately $1.5 billion.
(3) Depreciation is computed based upon the following estimated lives:


		Years
Buildings and improvements		40
Equipment and fixtures		10-May
Tenant improvements		Shorter of useful life or applicable lease term




1. Reconciliation of Real Estate:

The following table reconciles Real Estate from January 1, 2011 to December 31, 2013:



		2013				2012				2011
		(In thousands)
Balance at January 1,		$	1,652,755			$	1,462,482			$	1,434,197

Improvements and additions		68,236				34,865				37,165

Acquisitions		349,269				176,242				—

Dispositions and write-offs		(85,308		)		(20,834		)		(8,880		)
Impairments		(36,821		)		—				—

Balance at December 31,		$	1,948,131			$	1,652,755			$	1,462,482



2. Reconciliation of Accumulated Depreciation:

The following table reconciles Accumulated Depreciation from January 1, 2011 to December 31, 2013:


		2013				2012				2011
		(In thousands)
Balance at January 1,		$	116,336			$	72,620			$	9,908

Depreciation Expense		66,497				64,550				71,592

Impairments		(8,386		)		—				—

Dispositions		(32,015		)		(20,834		)		(8,880		)
Balance at December 31,		$	142,432			$	116,336			$	72,620

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

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 December 31, 2013 and 2012 include the accounts of Rouse, as well as all subsidiaries of Rouse. The accompanying consolidated and combined statements of operations for the year ended December 31, 2013 include the consolidated accounts of Rouse and for the year ended December 31, 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 year ended December 31, 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 December 31, 2012. All intercompany transactions have been eliminated in consolidation and combination as of and for the years ended December 31, 2013, 2012 and 2011 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's historical financial results reflect allocations for certain corporate costs and we believe such allocations are reasonable; however, such results do not reflect what our expenses would have been had the Company been operating as a separate stand-alone public company. The corporate allocations for the year ended December 31, 2012 include allocations for the period from January 1, 2012 through January 12, 2012 which aggregated $0.4 million. The allocations for the year ended December 31, 2011 totaled $10.7 million. These allocations have been included in general and administrative expenses on the consolidated and combined statements of operations. Costs of the services that were allocated or charged to us were based on either actual costs incurred or a proportion of costs estimated to be applicable to us based on a number of factors, most significantly our percentages of GGP’s adjusted revenue and gross leaseable area of assets and also the number of properties.

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

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 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

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 ratios, 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.

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.

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 tenant 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 years ended December 31, 2013, 2012 and 2011:

Years ended December 31,

2013

2012

2011

(In thousands)

Straight-line rent amortization

3,488

3,440

5,676

Lease termination income

413

433

1,389

Net amortization of above and below-market tenant leases

(15,672

)

(21,700

)

(22,623

)

Amortization of tenant inducement

(1,000

)

—

Percentage rents in lieu of minimum rent

7,071

8,631

9,232

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:

December 31, 2013

December 31, 2012

(In thousands)

Straight-line rent receivables, net

12,645

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. Our experience relative to unbilled straight-line rent receivable is that a certain portion of the amounts recorded as straight-line rental revenue are never collected from (or billed to) tenants due to early lease terminations. For that portion of the recognized deferred rent that is not deemed to be probable of collection, an allowance for doubtful accounts has been provided. Accounts receivable are shown net of an allowance for doubtful accounts of $2.8 million and $2.5 million as of December 31, 2013 and 2012, respectively. The following table summarizes the changes in allowance for doubtful accounts for all receivables:

2013

2012

2011

(In thousands)

Balance at beginning of period

2,545

2,943

4,070

Provision for doubtful accounts

887

1,919

601

Write-offs

(634

)

(2,317

)

(1,728

)

Balance at end of period

2,798

2,545

2,943

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 property 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.

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 following table summarizes the assets that are measured at fair value on a non-recurring basis as a result of the impairment charges recorded as of December 31, 2013:

Total Fair Value Measurement

Quoted Price in Active Markets for Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Year ended December 31, 2013

Investment in Real Estate (1)

33,475

—

33,475

Explanatory Note:

(1) Refer to "Impairment" above for additional information regarding impairment.

The following is a reconciliation of the carrying value of properties that were impaired during the year ended December 31, 2013:

Boulevard Mall (1)

Steeplegate Mall (1)

Beginning carrying value, January 1, 2013

84,175

51,687

Capital expenditures

—

885

Depreciation and amortization expense

(928

)

(2,624

)

Loss on impairment of real estate

(21,661

)

(15,159

)

Disposition of real estate asset

(61,586

)

—

Ending carrying value, December 31, 2013

—

34,789

Explanatory Note:

(1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values.

The Company estimates fair value relating to impairment assessments based upon discounted cash flows that include all projected cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, the Company determined that its valuation of a property using a discounted cash flow model was classified within Level 3 of the fair value hierarchy.

The following table sets forth quantitative information about the unobservable inputs of the Company's Level 3 real estate, which are recorded at fair values as of December 31, 2013:

Unobservable Quantitative Inputs

Discount Rate

Terminal Capitalization Rate

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 December 31, 2013 and 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.

Offering Costs

Costs associated with the issuance of common stock and rights offering to the Company's stockholders were deferred and charged against the gross proceeds of the offering upon the sale of shares during the years ended December 31, 2013 and 2012 (see Note 9).

Leases

Leases which transfer substantially all the risks and benefits of ownership to tenants are considered finance leases and the present values of the minimum lease payments and the estimated residual values of the leased properties, if any, are accounted for as receivables. Leases which transfer substantially all the risks and benefits of ownership to the Company are considered capital leases and the present values of the minimum lease payments are accounted for as assets and liabilities. All other leases are treated as operating leases. As of December 31, 2013 and 2012, all of the Company's leases are treated as operating leases.

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.

Stock-Based Compensation

The Company recognizes all stock-based compensation to employees, including grants of employee stock options and restricted stock awards, in the financial statements as compensation cost. The compensation cost is amortized over the respective vesting period based on their fair value on the date of grant.

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

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the 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

As a result of the disposition of The Boulevard Mall, certain prior period amounts included on the Company's consolidated and combined statements of operations and related notes have been reclassified to discontinued operations for all periods presented (see Note 7).

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Schedule of estimated useful lives	'
	The following is a reconciliation of the carrying value of properties that were impaired during the year ended December 31, 2013:



			Boulevard Mall (1)			Steeplegate Mall (1)
	Beginning carrying value, January 1, 2013		84,175			51,687

	Capital expenditures		—			885

	Depreciation and amortization expense		(928	)		(2,624	)
	Loss on impairment of real estate		(21,661	)		(15,159	)
	Disposition of real estate asset		(61,586	)		—

	Ending carrying value, December 31, 2013		—			34,789

	Explanatory Note:
	(1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values.
	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
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)
	31-Dec-13

	Tenant leases:

	In-place value	$	100,125			$	(37,888	)		$	62,237

	Above-market	132,986				(64,303		)		68,683

	Below-market	(59,641		)		19,394				(40,247		)

	Ground leases:

	Below-market	2,173				(392		)		1,781


	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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	'
	Future amortization/accretion of these intangibles is estimated to decrease the Company's net income as follows:


	Year		In-place lease intangibles				Above/(below) market leases, net
			(In thousands)
	2014		$	17,477			$	12,071

	2015		$	12,181			$	9,305

	2016		$	8,758			$	6,609

	2017		$	5,884			$	4,275

	2018		$	4,094			$	1,169

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 years ended December 31, 2013, 2012 and 2011:



			Years ended December 31,
			2013				2012				2011
			(In thousands)
	Straight-line rent amortization		$	3,488			$	3,440			$	5,676

	Lease termination income		413				433				1,389

	Net amortization of above and below-market tenant leases		(15,672		)		(21,700		)		(22,623		)
	Amortization of tenant inducement		(1,000		)		—				—

	Percentage rents in lieu of minimum rent		7,071				8,631				9,232

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:



		December 31, 2013				December 31, 2012
		(In thousands)
	Straight-line rent receivables, net	$	12,645			$	9,694

Schedule of Accounts, Notes, Loans and Financing Receivable	'
	The following table summarizes the changes in allowance for doubtful accounts for all receivables:


			2013				2012				2011
			(In thousands)
	Balance at beginning of period		$	2,545			$	2,943			$	4,070

	Provision for doubtful accounts		887				1,919				601

	Write-offs		(634		)		(2,317		)		(1,728		)
	Balance at end of period		$	2,798			$	2,545			$	2,943


Schedule of weighted-average shares outstanding	'



			Years ended December 31,
			2013		2012			2011
	Weighted average shares - basic and diluted		49,344,927		46,149,893			35,906,105

Fair Value, Measurement Inputs, Disclosure	'
	The following table sets forth quantitative information about the unobservable inputs of the Company's Level 3 real estate, which are recorded at fair values as of December 31, 2013:



	Unobservable Quantitative Inputs
	Discount Rate	10	%
	Terminal Capitalization Rate	9	%
Fair Value Measurements, Nonrecurring	'
	The following table summarizes the assets that are measured at fair value on a non-recurring basis as a result of the impairment charges recorded as of December 31, 2013:


			Total Fair Value Measurement				Quoted Price in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	Year ended December 31, 2013
	Investment in Real Estate (1)		$	33,475			$	—			$	—			$	33,475

	Explanatory Note:
	(1) Refer to "Impairment" above for additional information regarding impairment.
Schedule of fair value of financial instruments	'
	The primary sensitivity in these calculations is based on the selection of appropriate discount rates.



		December 31, 2013								December 31, 2012
		Carrying Amount				Estimated Fair				Carrying Amount				Estimated Fair
						Value								Value
		(In thousands)
	Fixed-rate debt	$	1,021,432			$	1,013,726			$	995,545			$	1,040,964

	Variable-rate debt	433,114				434,508				287,946				287,946

	Total mortgages, notes and loans payable	$	1,454,546			$	1,448,234			$	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)
	31-Dec-13

	Deferred lease costs	$	43,570			$	(12,039	)		$	31,531

	Deferred financing costs	18,979				(4,455		)		14,524

	Total	$	62,549			$	(16,494	)		$	46,055


	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

ACQUISITIONS_Tables

ACQUISITIONS (Tables)	12 Months Ended
ACQUISITIONS (Tables)	Dec. 31, 2013
Business Combinations [Abstract]	'
Schedule of Business Acquisitions, by Acquisition	'


		Date Acquired		Property Name		Location	Square Footage Acquired		Purchase Price
	2013 Acquisitions								(In thousands)
		7/24/13		Greenville Mall (1) (2)		Greenville, NC	413,759		$	48,900
		7/24/13		Greenville Mall (1) (2)		Greenville, NC	413,759		$	48,900
		12/11/13		Chesterfield Towne Center (1) (3)		Richmond, VA	1,016,258		165,500
		12/11/13		Chesterfield Towne Center (1) (3)		Richmond, VA	1,016,258		165,500
		12/11/13		The Centre at Salisbury (1) (4)		Salisbury, MD	721,396		127,000
		12/11/13		The Centre at Salisbury (1) (4)		Salisbury, MD	721,396		127,000
						Total	2,151,413		$	341,400
						Total	2,151,413		$	341,400
	2012 Acquisitions
		2/21/12		Grand Traverse Mall (1)(5)		Grand Traverse, MI	306,241		$	62,000
		2/21/12		Grand Traverse Mall (1)(5)		Grand Traverse, MI	306,241		$	62,000
		12/28/12		The Mall at Turtle Creek (1)(6)		Jonesboro, AR	367,919		96,300
		12/28/12		The Mall at Turtle Creek (1)(6)		Jonesboro, AR	367,919		96,300
						Total	674,160		$	158,300
						Total	674,160		$	158,300


		Property Name		Land			Building and Improvements			Acquired Lease Intangibles		Acquired Above Market Lease Intangibles		Acquired Below Market Lease Intangibles			Other
	2013 Acquisitions			(In thousands)
		Greenville Mall (1)		$	9,088		$	36,961		$	5,076	$	1,098	$	(4,521	)	$	1,430
		Greenville Mall (1)		$	9,088		$	36,961		$	5,076	$	1,098	$	(4,521	)	$	1,430
		Chesterfield Towne Center (2)		19,387			135,825			8,755		4,843		(6,741		)	2,181
		Chesterfield Towne Center (2)		19,387			135,825			8,755		4,843		(6,741		)	2,181
		The Centre at Salisbury (3)		22,580			96,050			9,326		4,043		(4,729		)	972
		The Centre at Salisbury (3)		22,580			96,050			9,326		4,043		(4,729		)	972
		Total		$	51,055		$	268,836		$	23,157	$	9,984	$	(15,991	)	$	4,583
		Total		$	51,055		$	268,836		$	23,157	$	9,984	$	(15,991	)	$	4,583
	2012 Acquisitions
		Grand Traverse Mall		$	11,420		$	40,046		$	6,363	$	4,210	$	(430	)	$	—
		Grand Traverse Mall		$	11,420		$	40,046		$	6,363	$	4,210	$	(430	)	$	—
		The Mall at Turtle Creek (4)		22,254			72,145			7,434		2,472		(4,440		)	1,276
		The Mall at Turtle Creek (4)		22,254			72,145			7,434		2,472		(4,440		)	1,276
		Total		$	33,674		$	112,191		$	13,797	$	6,682	$	(4,870	)	$	1,276
		Total		$	33,674		$	112,191		$	13,797	$	6,682	$	(4,870	)	$	1,276
Business Acquisition, Pro Forma Information	'
	Pro forma adjustments include above and below-market amortization, straight-line rent, interest expense, and depreciation and amortization.



			For the year ended December 31, 2013
			As Adjusted (Unaudited)
			(In thousands, except per share amounts)
	Total revenues		$	279,264
	Total revenues		$	279,264
	Net loss		(56,570		)
	Net loss per share - basic and diluted		$	(1.15	)
	Weighted average shares - basic and dilutive		49,344,927
	Weighted average shares - basic and dilutive		49,344,927



			For the year ended December 31, 2012
			As Adjusted (Unaudited)
			(In thousands, except per share amounts)
	Total revenues		$	273,306
	Total revenues		$	273,306
	Net loss		(72,965		)
	Net loss per share - basic and diluted		$	(1.58	)
	Weighted average shares - basic and dilutive		46,149,893
	Weighted average shares - basic and dilutive		46,149,893

PREPAID_EXPENSES_AND_OTHER_ASS1

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 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:


		December 31,		December 31,
		2013		2012
		(In thousands)
	Above-market tenant leases, net (Note 2)	$	68,683	$	89,407

	Prepaid expenses	4,776		3,563

	Below-market ground leases, net (Note 2)	1,781		1,906

	Deposits	682		796

	Other	330		3,786

	Total prepaid expenses and other assets, net	$	76,252	$	99,458

MORTGAGES_NOTES_AND_LOANS_PAYA1

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Summary of Mortgages, notes and loans payable	'


	Property		Date		Balance at Date of Refinancing			Interest Rate			Balance of New Loan		New Interest Rate		Net Proceeds (1)		Maturity
	2013
	Lakeland Mall (2)		Mar-13		$	50,300		5.12	%		$	70,000	4.17	%	$	13,400	Mar-23

	NewPark Mall (3)		May-13		62,900			7.45	%		66,500		LIBOR + 4.05%		1,100		May-17

	Valley Hills Mall		Jun-13		51,400			4.73	%		68,000		4.47	%	15,000		Jul-23

	Greenville Mall		Jul-13		—			—			41,700		5.29	%	—		Dec-15

	West Valley Mall (4)		Sep-13		47,100			3.43	%		59,000		LIBOR + 1.75%		4,400		Sep-18

	Chesterfield Towne Center		Dec-13		—			—			109,737		4.75	%	—		Oct-22

	The Centre at Salisbury (5)		Dec-13		—			—			115,000		5.79	%	—		May-16


	2012
	Grand Traverse Mall		Feb-12		$	—		—			$	62,000	5.02	%	$	—	Feb-17

	Pierre Bossier Mall		May-12		38,200			LIBOR + 5.00%			48,500		4.94	%	10,300		May-22

	Southland Center Mall		Jun-12		70,200			LIBOR + 5.00%			78,800		5.09	%	8,200		Jul-22

	Animas Valley Mall		Oct-12		37,100			LIBOR + 4.50%			51,800		4.41	%	14,300		Nov-22

	The Mall at Turtle Creek		Dec-12		—			—			79,500		6.54	%	—		Jun-16

	Explanatory Notes:
	(1) Net proceeds is net of closing costs.
	(2) On March 6, 2013, the loan associated with the Lakeland Mall was refinanced for $65.0 million. Subsequently, on March 21, 2013, the loan was increased by $5.0 million to $70.0 million in order to partially fund the acquisition of an anchor building previously owned by a third party.
	(3) The loan provides for an additional subsequent funding of $5.0 million upon achieving certain conditions for a total funding of $71.5 million.
	(4) The loan is interest-only for the first three years and amortizes on a 30 year schedule thereafter. The loan has a five year extension option subject to the fulfillment of certain conditions.
	(5) The loan is interest-only.
	Mortgages, notes and loans payable are summarized as follows:


		December 31,				December 31,			Interest Rate at December 31, 2013			Schedule Maturity Date
		2013				2012
	Fixed-rate debt:	(In thousands)
	West Valley Mall (1)	$	—			$	48,509		3.43	%		—

	Southland Mall (CA) (1)	—				73,534			3.62			—

	Newpark Mall (1)	—				63,552			7.45			—

	The Boulevard Mall	—				97,972			4.27			—

	Steeplegate	47,970				49,777			4.94			Aug-14

	Greenville Mall (1)	41,375				—			5.29			Dec-15

	Vista Ridge Mall	71,270				73,821			6.87			Apr-16

	Washington Park Mall	10,872				11,219			5.35			Apr-16

	The Centre at Salisbury (1)	115,000				—			5.79			May-16

	The Mall at Turtle Creek	78,615				79,521			6.54			Jun-16

	Collin Creek	60,206				62,147			6.78			Jul-16

Bayshore Mall	27,720				28,651			7.13			Aug-16

Grand Traverse	60,429				61,333			5.02			Feb-17

Sikes Senter	55,494				57,171			5.2			Jun-17

Knollwood Mall	36,281				37,331			5.35			Oct-17

Pierre Bossier (1)	47,400				48,055			4.94			May-22

Pierre Bossier Anchor	3,718				3,791			4.85			May-22

Southland Center (MI) (1)	77,205				78,314			5.09			Jul-22

Chesterfield Towne Center (1)	109,737				—			4.75			Oct-22

Animas Valley (1)	50,911				51,731			4.41			Nov-22

Lakeland Mall (1)	69,241				50,630			4.17			Mar-23

Valley Hills Mall (1)	67,572				52,280			4.47			Jul-23

Total Fixed-rate debt	$	1,031,016			$	1,029,339

Less: Market rate adjustments	(9,583		)		(33,794		)
	$	1,021,433			$	995,545

Variable- rate debt:
NewPark Mall (1)(2)	$	66,113			$	—		4.22	%		May-17

West Valley Mall (1)(3)	59,000				—			1.92			Sep-18

2013 Term Loan (4)	260,000				—			2.52			Nov-18

2012 Term Loan (5)	—				287,946			4.71			Jan-15

2013 Revolver (4)	48,000				—			2.51			Nov-17

Total Variable-rate debt:	$	433,113			$	287,946


Total mortgages, notes and loan payable	$	1,454,546			$	1,283,491


Explanatory Notes:

(1) See the significant property loan refinancings and acquisitions table below under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property.
(2) LIBOR (30 day) plus 405 basis points.
(3) LIBOR (30 day) plus 175 basis points.
(4) LIBOR (30 day) plus 235 basis points.
(5) LIBOR (30 day) plus 450 basis points.
Mortgages, notes and loans payable are summarized as follows:


	December 31,				December 31,			Interest Rate at December 31, 2013			Schedule Maturity Date
	2013				2012
Fixed-rate debt:	(In thousands)
West Valley Mall (1)	$	—			$	48,509		3.43	%		—

Southland Mall (CA) (1)	—				73,534			3.62			—

Newpark Mall (1)	—				63,552			7.45			—

The Boulevard Mall	—				97,972			4.27			—

Steeplegate	47,970				49,777			4.94			Aug-14

Greenville Mall (1)	41,375				—			5.29			Dec-15

Vista Ridge Mall	71,270				73,821			6.87			Apr-16

Washington Park Mall	10,872				11,219			5.35			Apr-16

The Centre at Salisbury (1)	115,000				—			5.79			May-16

The Mall at Turtle Creek	78,615				79,521			6.54			Jun-16

Collin Creek	60,206				62,147			6.78			Jul-16

Bayshore Mall	27,720				28,651			7.13			Aug-16

Grand Traverse	60,429				61,333			5.02			Feb-17

Sikes Senter	55,494				57,171			5.2			Jun-17

Knollwood Mall	36,281				37,331			5.35			Oct-17

Pierre Bossier (1)	47,400				48,055			4.94			May-22

Pierre Bossier Anchor	3,718				3,791			4.85			May-22

Southland Center (MI) (1)	77,205				78,314			5.09			Jul-22

Chesterfield Towne Center (1)	109,737				—			4.75			Oct-22

Animas Valley (1)	50,911				51,731			4.41			Nov-22

Lakeland Mall (1)	69,241				50,630			4.17			Mar-23

Valley Hills Mall (1)	67,572				52,280			4.47			Jul-23

Total Fixed-rate debt	$	1,031,016			$	1,029,339

Less: Market rate adjustments	(9,583		)		(33,794		)
	$	1,021,433			$	995,545

Variable- rate debt:
NewPark Mall (1)(2)	$	66,113			$	—		4.22	%		May-17

West Valley Mall (1)(3)	59,000				—			1.92			Sep-18

2013 Term Loan (4)	260,000				—			2.52			Nov-18

2012 Term Loan (5)	—				287,946			4.71			Jan-15

2013 Revolver (4)	48,000				—			2.51			Nov-17

Total Variable-rate debt:	$	433,113			$	287,946


Total mortgages, notes and loan payable	$	1,454,546			$	1,283,491


Explanatory Notes:

(1) See the significant property loan refinancings and acquisitions table below under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property.
(2) LIBOR (30 day) plus 405 basis points.
(3) LIBOR (30 day) plus 175 basis points.
(4) LIBOR (30 day) plus 235 basis points.
(5) LIBOR (30 day) plus 450 basis points.
Schedule of Maturities of Long-term Debt	'
	As of December 31, 2013, future scheduled maturities of outstanding long term debt obligations are as follows ($ in thousands):


			Total
	2014		$	67,285

	2015		60,224

	2016		362,579

	2017		259,589

	2018		325,821

	Thereafter		388,631

			$	1,464,129

	Unamortized market rate adjustment		(9,583		)
	Total mortgages, notes and loans payable		$	1,454,546

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Tables)	12 Months Ended
	Dec. 31, 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:


		December 31, 2013		December 31, 2012
		(In thousands)
	Below-market tenant leases, net (Note 2)	$	40,247	$	35,068

	Construction payable	21,821		9,979

	Accounts payable and accrued expenses	10,310		12,696

	Deferred income	6,539		3,201

	Accrued dividend	6,454		3,479

	Accrued payroll and other employee liabilities	7,942		1,230

	Accrued real estate taxes	5,640		9,894

	Asset retirement obligation liability	4,745		4,503

	Accrued interest	4,213		3,546

	Tenant and other deposits	1,249		1,629

	Other	523		3,461

	Total accounts payable and accrued expenses, net	$	109,683	$	88,686

DISPOSITIONS_DISCONTINUED_OPER1

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	'


		Years ended December 31,
		2013			2012			2011
		(In thousands, except per share amounts)
	Total revenues	$	4,812		$	9,675		$	11,457

	Operating expenses including depreciation and amortization	3,082			8,780			9,883

	Provision for impairment	21,661			—			—

	Total expenses	24,743			8,780			9,883


	Operating income (loss)	(19,931		)	895			1,574

	Interest expense	(3,227		)	(6,786		)	(6,501		)
	Net loss from discontinued operations	(23,158		)	(5,891		)	(4,927		)
	Gain on extinguishment of debt	13,995			—			—

	Net loss from discontinued operations	$	(9,163	)	$	(5,891	)	$	(4,927	)
	Net loss from discontinued operations per share- Basic and Diluted	$	(0.19	)	$	(0.13	)	$	(0.14	)

STOCK_BASED_COMPENSATION_PLANS1

STOCK BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 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		1,986,143		14.65

	Exercised	(10,880	)	14.72		—		—

	Forfeited	(51,492	)	14.43		(40,500	)	14.72
	Expired	—		—		—		—

	Stock options outstanding at December 31,	2,579,171		$15.14		1,945,643		$14.64

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		1,527,714		8.25		$14.72

	May-12		21,900		8.42		13.71

	Aug-12		36,400		8.67		13.75

	Oct-12		297,257		8.84		14.47

	Feb-13		695,900		9.17		16.48

	Stock options outstanding at December 31, 2013		2,579,171		8.57		$15.14


	Explanatory Note:

	(1) As of December 31, 2013, 371,214 stock options became fully vested and are currently exercisable. As of December 31, 2013, the intrinsic value of these options was $2.8 million, and such stock options had a weighted average stock price of
	$14.65, and a weighted average remaining contractual term of 8.4 years.

Summary of restricted stock activity	'
	The following table summarizes restricted stock activity for the years ended December 31, 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		365,705		14.68

	Forfeited	(4,160	)	14.72		—		—

	Cancelled	—		—		—		—

	Vested	(17,465	)	15.47		(102,036	)	14.72
	Nonvested restricted stock grants outstanding at December 31,	278,617		$14.85		263,669		$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 and 2012 weighted-average assumptions:



	2013:00:00
	Risk-free interest rate	1.1	%
	Dividend yield	4.25	%
	Expected volatility	26	%
	Expected life (in years)	6.5


	2012:00:00
	Risk-free interest rate	1.37	%
	Dividend yield	4.25	%
	Expected volatility	30	%
	Expected life (in years)	6.5

RENTALS_UNDER_OPERATING_LEASES1

RENTALS UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2013
Leases [Abstract]	'
Schedule of Minimum Future Rental Based on Operating Leases of the Entity's Consolidated Properties Held	'
	The minimum future rentals based on operating leases of the Company's consolidated properties owned as of December 31, 2013 are as follows:



	Year	Amount
		(In thousands)
	2014	$	231,709

	2015	192,912

	2016	152,575

	2017	119,662

	2018	90,499

	Subsequent	363,388

		$	1,150,745

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party Transaction, Schedule of Future Minimum Rental Payments for Operating Leases	'
	The following table describes the Company's future rental expenses related to the office leases for the Company's New York and Dallas offices:


	Year	Amount
		(In thousands)
	2014	$	1,218

	2015	1,221

	2016	1,235

	2017	1,261

	2018	1,147

	Subsequent	3,377

		$	9,459

QUARTERLY_FINANCIAL_INFORMATIO1

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]	'
Schedule of Quarterly Financial Information	'


		For the Quarters Ended
		March 31,			June 30,			September 30,			December 31,
	2013
	Total revenues	$	57,496		$	58,381		$	60,315		$	67,350

	Operating income	12,640			12,387			13,133			(912		)

	Net loss	(29,486		)	4,116			(4,683		)	(24,692		)

	Net loss per share - Basic and diluted	(0.60		)	0.08			(0.09		)	(0.50		)

	Dividends declared per share	0.13			0.13			0.13			0.13

	Weighted average shares outstanding	49,332,151			49,342,013			49,346,798			49,358,281


	2012
	Total revenues	$	53,766		$	54,422		$	56,289		$	59,822

	Operating income	3,723			7,477			8,558			7,267

	Net loss	(26,077		)	(15,940		)	(13,056		)	(13,586		)
	Net loss per share - Basic and diluted	(0.71		)	(0.32		)	(0.27		)	(0.28		)
	Dividends declared per share	—			0.07			0.07			0.07

	Weighted average shares outstanding	36,785,376			49,242,014			49,244,562			49,258,249

ORGANIZATION_Details

ORGANIZATION (Details) (USD $)	12 Months Ended			0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jan. 12, 2012	Dec. 31, 2012	Dec. 31, 2011
	segment			GGP [Member]	Corporate, Non-Segment [Member]	Corporate, Non-Segment [Member]
				property
Organization [Line Items]	'	'	'	'	'	'
Number of properties assets and liabilities are split over	'	'	'	30	'	'
Number of operating segments	1,000	'	'	'	'	'
Corporate costs	$206,294	$197,274	$180,428	'	$400	$10,700

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2013
Building and improvements [Member]	'
Properties	'
Estimated useful lives	'40 years
Equipment and Fixtures [Member] \| Maximum [Member]	'
Properties	'
Estimated useful lives	'10 years
Equipment and Fixtures [Member] \| Minimum [Member]	'
Properties	'
Estimated useful lives	'5 years

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impairment) (Details) (USD $)	3 Months Ended	12 Months Ended			1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	The Boulevard Mall [Member]	The Boulevard Mall [Member]	The Boulevard Mall [Member]	The Boulevard Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'	'	'	'
Provision for impairment	$21,700	$36,821	$0	$0	'	'	'	'
Gain on extinguishment of debt	'	$13,995	$0	$0	$14,000	$13,995	$0	$0

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets and Liabilities) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Intangible assets and liabilities	'	'	'
Net Carrying Amount	($40,247,000)	($35,068,000)	'
Amortization of intangible assets	17,200,000	22,400,000	32,700,000
Amortization of intangible assets and liabilities	15,700,000	21,700,000	22,600,000
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]	'	'	'
2014	17,477,000	'	'
2015	12,181,000	'	'
2016	8,758,000	'	'
2017	5,884,000	'	'
2018	4,094,000	'	'
Estimated decrease to income due to future amortization	'	'	'
2014	12,071,000	'	'
2015	9,305,000	'	'
2016	6,609,000	'	'
2017	4,275,000	'	'
2018	1,169,000	'	'
Tenant leases	'	'	'
Intangible assets and liabilities	'	'	'
Gross Liability	-59,641,000	-53,558,000	'
Accumulated Accretion	19,394,000	18,490,000	'
Net Carrying Amount	-40,247,000	-35,068,000	'
Tenant leases \| In-place value	'	'	'
Intangible assets and liabilities	'	'	'
Gross Assets	100,125,000	97,887,000	'
Accumulated Amortization	-37,888,000	-39,681,000	'
Net Carrying Amount	62,237,000	58,206,000	'
Tenant leases \| Acquired Above Market Lease Intangibles	'	'	'
Intangible assets and liabilities	'	'	'
Gross Assets	132,986,000	151,936,000	'
Accumulated Amortization	-64,303,000	-62,529,000	'
Net Carrying Amount	68,683,000	89,407,000	'
Ground leases	'	'	'
Intangible assets and liabilities	'	'	'
Gross Assets	2,173,000	2,173,000	'
Accumulated Amortization	-392,000	-267,000	'
Net Carrying Amount	$1,781,000	$1,906,000	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition and Related Matters) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Abstract]	'	'	'
Straight-line rent amortization	$3,488	$3,440	$5,676
Lease termination income	413	433	1,389
Net amortization of above and below-market tenant leases	-15,672	-21,700	-22,623
Amortization of lease inducement	-1,000	0	0
Percentage rents in lieu of minimum rent	7,071	8,631	9,232
Straight-line rent receivables, net	12,645	9,694	'
Allowance for Doubtful Accounts Receivable [Roll Forward]	'	'	'
Balance at beginning of period	2,545	2,943	4,070
Provision for doubtful accounts	887	1,919	601
Write-offs	-634	-2,317	-1,728
Balance at end of period	$2,798	$2,545	$2,943

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Loss Per Share) (Details)	12 Months Ended				0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jan. 12, 2012	Feb. 06, 2013	Jan. 12, 2012
	Employee Stock Option [Member]	Employee Stock Option [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Common Stock [Member]	Common Class B [Member]	Common Class B [Member]
Loss per share	'	'	'	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,579,171	1,945,643	278,617	263,669	'	'	'
Issuance of common stock related to the spin-off date, shares	'	'	'	'	35,547,049	'	359,056
Shares converted (shares)	'	'	'	'	'	359,056	'
Conversion of Class B share to common shares (shares)	'	'	'	'	'	359,056	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted Average Shares Outstanding) (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Weighted-average shares outstanding	'	'	'	'	'	'	'	'	'	'	'
Weighted average shares - basic and diluted (shares)	49,358,281	49,346,798	49,342,013	49,332,151	49,258,000	49,245,000	49,242,000	36,785,000	49,344,927	46,149,893	35,906,105

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Fair Value of Assets) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Total Fair Value Measurement	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Investment in Real Estate	$33,475	[1]
Quoted Price in Active Markets for Identical Assets (Level 1)	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Investment in Real Estate	0	[1]
Significant Other Observable Inputs (Level 2)	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Investment in Real Estate	0	[1]
Significant Unobservable Inputs (Level 3)	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Investment in Real Estate	$33,475	[1]
Discount Rate	10.00%
Terminal Capitalization Rate	9.00%

[1]	Refer to "Impairment" above for additional information regarding impairment.

Recovered_Sheet1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment Roll-forward (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Movement in Property, Plant and Equipment [Roll Forward]	'		'	'
Depreciation and amortization expense	($66,497)		($67,709)	($73,571)
The Boulevard Mall [Member]	'		'	'
Movement in Property, Plant and Equipment [Roll Forward]	'		'	'
Beginning carrying value, December 31, 2013	84,175	[1]	'	'
Capital expenditures	0		'	'
Depreciation and amortization expense	-928		'	'
Loss on impairment of real estate	-21,661		'	'
Disposition of real estate asset	-61,586		'	'
Ending carrying value, December 31, 2013	0	[1]	'	'
Steeplegate Mall [Member]	'		'	'
Movement in Property, Plant and Equipment [Roll Forward]	'		'	'
Beginning carrying value, December 31, 2013	51,687	[1]	'	'
Capital expenditures	885		'	'
Depreciation and amortization expense	-2,624		'	'
Loss on impairment of real estate	-15,159		'	'
Disposition of real estate asset	0		'	'
Ending carrying value, December 31, 2013	$34,789	[1]	'	'

[1]	The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values.

Recovered_Sheet2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value of Financial Instruments	'	'
Fixed-rate debt	$1,031,016	$1,029,339
Variable-rate debt	433,113	287,946
Total Mortgages, notes and loans payable	1,454,546	1,283,491
Carrying Amount	'	'
Fair Value of Financial Instruments	'	'
Fixed-rate debt	1,021,432	995,545
Variable-rate debt	433,114	287,946
Total Mortgages, notes and loans payable	1,454,546	1,283,491
Total Fair Value Measurement	'	'
Fair Value of Financial Instruments	'	'
Fixed-rate debt	1,013,726	1,040,964
Variable-rate debt	434,508	287,946
Total Mortgages, notes and loans payable	$1,448,234	$1,328,910

Recovered_Sheet3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Expenses) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred lease costs	'	'
Gross Asset	$43,570	$31,397
Accumulated Amortization	-12,039	-9,162
Net Carrying Amount	31,531	22,235
Deferred finance costs	'	'
Gross Asset	18,979	25,068
Accumulated Amortization	-4,455	-6,897
Net Carrying Amount	14,524	18,171
Total	'	'
Gross Asset	62,549	56,465
Accumulated Amortization	-16,494	-16,059
Deferred expenses, net	$46,055	$40,406

Recovered_Sheet4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Asset Retirement Obligations) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Asset Retirement Obligations	'	'
Preliminary estimate of the cost of the environmental remediation liability	$4,745	$4,503

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 24, 2013

Dec. 31, 2013

Dec. 11, 2013

Dec. 31, 2013

Dec. 11, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 28, 2012

Feb. 21, 2012

Dec. 31, 2012

Dec. 31, 2013

In-place value

Above-market tenant leases, net

Land [Member]

Building and improvements [Member]

Other Assets [Member]

GreenvilleMall [Member]

ChesterfieldTowneCenter [Member]

The Centre at Salisbury [Member]

Grand Traverse Mall [Member]

The Mall at Turtle Creek [Member]

Mall [Member]

Greenville Mall, Chesterfield Towne Center and The Centre at Salisbury [Member]

Grand Traverse and The Mall at Turtle Creek [Member]

Retail Site [Member]

In-place value

Above-market tenant leases, net

Land [Member]

Building and improvements [Member]

Other Assets [Member]

In-place value

Above-market tenant leases, net

Land [Member]

Building and improvements [Member]

Other Assets [Member]

In-place value

Above-market tenant leases, net

Land [Member]

Building and improvements [Member]

Other Assets [Member]

In-place value

Above-market tenant leases, net

Land [Member]

Building and improvements [Member]

Other Assets [Member]

In-place value

Above-market tenant leases, net

Land [Member]

Building and improvements [Member]

Other Assets [Member]

sqft

GreenvilleMall [Member]

ChesterfieldTowneCenter [Member]

The Centre at Salisbury [Member]

Grand Traverse Mall [Member]

The Mall at Turtle Creek [Member]

sqft

Business Acquisition [Line Items]

Date Acquired

24-Jul-13

[1]

11-Dec-13

[1],[2]

11-Dec-13

[1],[3]

21-Feb-12

[1],[4]

28-Dec-12

[1],[5]

Square Footage Acquired (sqft)

2,151,413

674,160

413,759

1,016,258

721,396

306,241

[1],[4]

367,919

[1],[5]

Purchase Price

$23,157,000

$13,797,000

$9,984,000

$6,682,000

$51,055,000

$33,674,000

$268,836,000

$112,191,000

$4,583,000

$1,276,000

$5,076,000

[6]

$1,098,000

[6]

$9,088,000

[6]

$36,961,000

[6]

$1,430,000

[6]

$8,755,000

[7]

$4,843,000

[7]

$19,387,000

[7]

$135,825,000

[7]

$2,181,000

[7]

$9,326,000

[8]

$4,043,000

[8]

$22,580,000

[8]

$96,050,000

[8]

$972,000

[8]

$6,363,000

$4,210,000

$11,420,000

$40,046,000

$7,434,000

[9]

$2,472,000

[9]

$22,254,000

[9]

$72,145,000

[9]

$1,276,000

[9]

$341,400,000

$158,300,000

$48,900,000

[1]

$165,500,000

[1],[2]

$127,000,000

[1],[3]

$62,000,000

[1],[4]

$96,300,000

[1],[5]

Acquired Below Market Lease Intangibles

-15,991,000

-4,870,000

-4,521,000

[6]

-6,741,000

[7]

-4,729,000

[8]

-430,000

-4,440,000

[9]

Premium or discount recorded

200,000

1,300,000

1,200,000

79,500,000

62,000,000

4,800,000

Acquisition related costs

2,100,000

1,000,000

Interest acquired

100.00%

Debt assumed

41,700,000

109,700,000

115,000,000

Stated percentage

5.29%

4.75%

5.79%

6.54%

5.02%

Amortization term

'30 years

Total revenues

67,350,000

60,315,000

58,381,000

57,496,000

59,822,000

56,289,000

54,422,000

53,766,000

243,542,000

224,299,000

223,359,000

4,800,000

7,400,000

Net Income (Loss) Attributable to Parent

1,100,000

2,800,000

Total revenues

279,264,000

273,306,000

Net loss

($56,570,000)

($72,965,000)

Net loss per share - basic and diluted (usd per share)

($1.15)

($1.58)

Weighted average shares - basic and diluted (shares)

49,358,281

49,346,798

49,342,013

49,332,151

49,258,000

49,245,000

49,242,000

36,785,000

49,344,927

46,149,893

35,906,105

[1]

Rouse acquired a 100% interest in the mall.

[2]

The Company assumed an existing $109.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 4.75%, matures in October 2022, and amortizes over 30 years. A fair value adjustment of $1.3 million was recorded as a result of the mortgage assumption.

[3]

The Company assumed an existing $115.0 million partial recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.79%, matures in May 2016, and is interest only. A fair value adjustment of $1.2 million was recorded as a result of the mortgage assumption.

[4]

The Company assumed a restructured and discounted $62.0 million, non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.02%, matures in February 2017 and amortizes over 30 years. No fair value adjustment was recorded as a result of this mortgage assumption.

[5]

The Company assumed a $79.5 million, non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 6.54%, matures in June 2016 and amortizes over 30 years. A fair value adjustment of $4.8 million was recorded as a result of this mortgage assumption.

[6]

Excludes fair value adjustment on mortgage assumption of $0.2 million.

[7]

Excludes fair value adjustment on mortgage assumption of $1.3 million.

[8]

Excludes fair value adjustment on mortgage assumption of $1.2 million.

[9]

Excludes fair value adjustment on mortgage assumption of $4.8 million

PREPAID_EXPENSES_AND_OTHER_ASS2

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Prepaid expenses and other assets	'	'
Prepaid expenses	$4,776	$3,563
Deposits	682	796
Other	330	3,786
Prepaid expenses and other assets, net	76,252	99,458
Ground leases	'	'
Prepaid expenses and other assets	'	'
Finite-lived intangible assets, net	1,781	1,906
Above-market tenant leases, net \| Tenant leases	'	'
Prepaid expenses and other assets	'	'
Finite-lived intangible assets, net	$68,683	$89,407

MORTGAGES_NOTES_AND_LOANS_PAYA2

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

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Aug. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

31-May-13

Apr. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 30, 2013

Jun. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Nov. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Feb. 29, 2012

Jan. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

31-May-12

Apr. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

31-May-12

Dec. 31, 2013

Nov. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Oct. 31, 2012

Sep. 30, 2012

Dec. 31, 2013

Mar. 31, 2013

Mar. 21, 2013

Mar. 20, 2013

Mar. 06, 2013

Feb. 28, 2013

Dec. 31, 2012

Dec. 31, 2013

Jun. 30, 2013

31-May-13

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

West Valley Mall [Member]

Southland Mall [Member]

NewPark Mall [Member]

The Boulevard Mall [Member]

Steeplegate Mall [Member]

GreenvilleMall [Member]

Vista Ridge Mall [Member]

Washington Park Mall [Member]

The Centre at Salisbury [Member]

The Mall at Turtle Creek [Member]

Collin Creek [Member]

Bay Shore Mall [Member]

Grand Traverse Mall [Member]

Sikes Center [Member]

Knollwood Mall [Member]

Pierre Bossier Mall [Member]

Pierre Bossier Anchor [Member]

Southland Center [Member]

ChesterfieldTowneCenter [Member]

Animas Valley Mall [Member]

LakelandMall [Member]

Valley Hills [Member]

2013 Term Loan [Member]

2012 Term Loan [Member]

2013 Revolver [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$1,031,016

$1,029,339

[1]

$48,509

[1]

$73,534

[1]

$63,552

[1]

$97,972

$47,970

$49,777

$41,375

[1]

$71,270

$73,821

$10,872

$11,219

$115,000

[1]

$78,615

$79,521

$60,206

$62,147

$27,720

$28,651

$60,429

$61,333

$55,494

$57,171

$36,281

$37,331

$47,400

[1]

$48,055

[1]

$3,718

$3,791

$77,205

[1]

$78,314

[1]

$109,737

[1]

$50,911

[1]

$51,731

[1]

$69,241

[1]

$50,630

[1]

$67,572

[1]

$52,280

[1]

Less: Market rate adjustments

-9,583

-33,794

Fixed-rate debt at fair value

1,021,433

995,545

Variable-rate debt

433,113

287,946

59,000

[1],[2]

66,113

[1],[3]

260,000

[4]

[5]

287,946

[5]

48,000

[4]

Total Mortgages, notes and loans payable

$1,454,546

$1,283,491

$59,000

[6]

$47,100,000

[6]

$66,500

[7]

$62,900

[7]

$41,700

$115,000,000

[5]

$79,500

$62,000

[5]

$48,500

$38,200

$78,800

$70,200

$109,737

$51,800

$37,100

$70,000

[8]

$70,000

$5,000

$65,000

$50,300

[8]

$68,000

$51,400

Fixed rate debt, interest rate

3.43%

[1]

3.62%

[1]

7.45%

[1]

4.27%

4.94%

5.29%

[1]

6.87%

5.35%

5.79%

[1]

6.54%

6.78%

7.13%

5.02%

5.20%

5.35%

4.94%

[1]

4.85%

5.09%

[1]

4.75%

[1]

4.41%

[1]

4.17%

[1]

4.47%

[1]

Variable-rate debt, interest rate

1.92%

[1],[2]

4.22%

[1],[3]

2.52%

[4]

4.71%

[9]

2.51%

[4]

[1]

See the significant property loan refinancings and acquisitions table below under "bProperty-Level Debt" in this Note 5 for additional information regarding the debt related to each property.

[2]

LIBOR (30 day) plus 175 basis points.

[3]

LIBOR (30 day) plus 405 basis points.

[4]

LIBOR (30 day) plus 235 basis points.

[5]

The loan is interest-only.

[6]

The loan is interest-only for the first three years and amortizes on a 30 year schedule thereafter. The loan has a five year extension option subject to the fulfillment of certain conditions.

[7]

The loan provides for an additional subsequent funding of $5.0 million upon achieving certain conditions for a total funding of $71.5 million.

[8]

On March 6, 2013, the loan associated with the Lakeland Mall was refinanced for $65.0 million. Subsequently, on March 21, 2013, the loan was increased by $5.0 million to $70.0 million in order to partially fund the acquisition of an anchor building previously owned by a third party.

[9]

LIBOR (30 day) plus 450 basis points.

MORTGAGES_NOTES_AND_LOANS_PAYA3

MORTGAGES, NOTES AND LOANS PAYABLE - Schedule of Property Refinancing (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 31, 2013

Mar. 21, 2013

Mar. 20, 2013

Mar. 06, 2013

Feb. 28, 2013

31-May-13

Dec. 31, 2013

Dec. 31, 2012

Apr. 30, 2013

Jun. 30, 2013

31-May-13

Jul. 31, 2013

Jul. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Aug. 31, 2013

Dec. 31, 2013

Nov. 30, 2013

Dec. 31, 2013

Nov. 30, 2013

Mar. 21, 2012

Feb. 29, 2012

Jan. 31, 2012

31-May-12

Apr. 30, 2012

Jun. 30, 2012

31-May-12

Oct. 31, 2012

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Nov. 30, 2012

Sep. 30, 2013

31-May-13

LakelandMall [Member]

NewPark Mall [Member]

Valley Hills [Member]

GreenvilleMall [Member]

West Valley Mall [Member]

ChesterfieldTowneCenter [Member]

The Centre at Salisbury [Member]

Grand Traverse Mall [Member]

Pierre Bossier Mall [Member]

Southland Center [Member]

Animas Valley Mall [Member]

2013 Term Loan [Member]

2012 Term Loan [Member]

2013 Revolver [Member]

The Mall at Turtle Creek [Member]

West Valley [Member]

NewPark Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$1,454,546

$1,283,491

$70,000

[1]

$70,000

$5,000

$65,000

$50,300

[1]

$66,500

[2]

$62,900

[2]

$68,000

$51,400

$41,700

$59,000

[3]

$47,100,000

[3]

$109,737

$115,000,000

[4]

$62,000

[4]

$48,500

$38,200

$78,800

$70,200

$51,800

$37,100

$79,500

Interest rate, effective percentage

4.17%

[1]

5.12%

[1]

7.45%

[2]

4.47%

4.73%

5.29%

0.00%

3.43%

[3]

4.75%

0.00%

5.79%

[4]

0.00%

[4]

5.02%

0.00%

[4]

4.94%

5.09%

4.41%

6.54%

0.00%

Net proceeds

$523,500

$616,360

$13,400

[1],[5]

$1,100

[2],[5]

$15,000

[5]

$4,400,000

[3],[5]

[5]

[4],[5]

$10,300

[5]

$8,200

[5]

$14,300

[5]

Basis spread on variable rate

4.05%

[6]

4.05%

[6]

1.75%

[6]

1.75%

[6]

2.35%

[7]

2.35%

[7]

4.50%

2.35%

[7]

4.50%

[7]

1.75%

4.05%

[1]

[2]

The loan provides for an additional subsequent funding of $5.0 million upon achieving certain conditions for a total funding of $71.5 million.

[3]

The loan is interest-only for the first three years and amortizes on a 30 year schedule thereafter. The loan has a five year extension option subject to the fulfillment of certain conditions.

[4]

The loan is interest-only.

[5]

Net proceeds is net of closing costs.

[6]

See the significant property loan refinancings and acquisitions table below under "bProperty-Level Debt" in this Note 5 for additional information regarding the debt related to each property.

[7]

LIBOR (30 day) plus 235 basis points.

MORTGAGES_NOTES_AND_LOANS_PAYA4

MORTGAGES, NOTES AND LOANS PAYABLE - Maturities, Repayments of Principal (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]	'	'
2014	$67,285	'
2015	60,224	'
2016	362,579	'
2017	259,589	'
2018	325,821	'
Thereafter	388,631	'
Long-term Debt, Gross	1,464,129	'
Unamortized market rate adjustment	-9,583	'
Total Mortgages, notes and loans payable	$1,454,546	$1,283,491

MORTGAGES_NOTES_AND_LOANS_PAYA5

MORTGAGES, NOTES AND LOANS PAYABLE - Property Level Debt Narrative (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

31-May-13

Apr. 30, 2013

Dec. 31, 2013

Mar. 31, 2013

Mar. 21, 2013

Mar. 20, 2013

Mar. 06, 2013

Feb. 28, 2013

Sep. 03, 2013

Sep. 30, 2013

Aug. 31, 2013

property

NewPark Mall [Member]

Property Level Debt [Member]

LakelandMall [Member]

West Valley Mall [Member]

property

Weighted Average [Member]

Debt Instrument [Line Items]

Number of real estate properties

Long-term debt

$1,454,546,000

$1,283,491,000

$66,500,000

[1]

$62,900,000

[1]

$1,200,000,000

$70,000,000

[2]

$70,000,000

$5,000,000

$65,000,000

$50,300,000

[2]

$59,000,000

[3]

$47,100,000,000

[3]

Subsequent Funding

5,000,000

Funding Including Subsequent Funding

71,500,000

Market rate adjustments

$9,600,000

Debt Instrument, Interest Rate Term

'3 years

Weighted average interest rate

5.20%

Term

'4 years 11 months 27 days

'30 years

Extension period

'5 years

[1]

The loan provides for an additional subsequent funding of $5.0 million upon achieving certain conditions for a total funding of $71.5 million.

[2]

[3]

The loan is interest-only for the first three years and amortizes on a 30 year schedule thereafter. The loan has a five year extension option subject to the fulfillment of certain conditions.

MORTGAGES_NOTES_AND_LOANS_PAYA6

MORTGAGES, NOTES AND LOANS PAYABLE - Corporate Facilities (Details) (USD $)	0 Months Ended	12 Months Ended
	Nov. 22, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Current borrowing capacity	$510,000,000	'
Maximum increase in borrowing capacity	'	250,000,000
Line of credit, maximum credit	'	760,000,000
Extinguishment of debt	70,900,000	'
Revolving Credit Facility [Member] \| 2013 Revolver [Member]	'	'
Debt Instrument [Line Items]	'	'
Current borrowing capacity	250,000,000	'
Term	'	'4 years
Extension period	'	'1 year
Amount Outstanding	'	48,000,000
Commitment Fee Percentage, If Greater Than 50 Percent	'	0.20%
Commitment Fee Percentage, If Less Than 50 Percent	'	0.30%
Commitment Fee Amount	'	100,000
Secured Debt [Member] \| 2013 Term Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Current borrowing capacity	260,000,000	'
Term	'	'5 years
Amount Outstanding	'	260,000,000
Minimum [Member] \| Secured Debt [Member] \| 2013 Term Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Line of credit, maximum credit	0	'
Maximum [Member] \| Secured Debt [Member] \| 2013 Term Loan [Member]	'	'
Debt Instrument [Line Items]	'	'
Line of credit, maximum credit	$0	'
Revolving Credit Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt Instrument Default Interest Rate	3.00%	'

MORTGAGES_NOTES_AND_LOANS_PAYA7

MORTGAGES, NOTES AND LOANS PAYABLE - Senior Credit Facility (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 30, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Line of Credit [Member]

Senior Secured Term Loan [Member]

2012 Revolver [Member]

Senior Secured Credit Facility [Member]

Renegotiated Senior Secured Facility [Member]

Subordinated Unsecured Revolving Credit Facility [Member]

Secured Debt [Member]

Brookfield Asset Management Inc [Member]

Weighted Average [Member]

Debt Instrument [Line Items]

Line of credit, maximum credit

$760,000,000

$50,000,000

$150,000,000

$50,000,000

$100,000,000

Secured debt

433,500,000

287,900,000

Term

'3 years

'3 years 6 months

'4 years 11 months 8 days

Description of Variable Rate Basis

'LIBOR

Basis spread on variable rate

5.00%

4.50%

8.50%

Variable Rate Basis Floor

1.00%

0.00%

1.00%

Repayments of drawn

100,000,000

Fee Percentage for Unused Credit Facility Greater than or Equal to Fifty Percent

0.30%

Fee Percentage for Unused Credit Facility Less than Fifty Percent

0.25%

Default Interest Rate

2.00%

Commitment Fee Amount

400,000

300,000

Pledged assets

$1,900,000,000

Weighted average interest rate

4.60%

5.20%

MORTGAGES_NOTES_AND_LOANS_PAYA8

MORTGAGES, NOTES AND LOANS PAYABLE - Interest Rate (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013	10-May-13
	Senior Secured Term Loan [Member]	NewPark Mall [Member]	NewPark Mall [Member]
Debt Instrument [Line Items]	'	'	'
Amount hedged	$0.10	'	$0.10
Notional Amount	$110	'	$66.50
Description of variable rate basis	'LIBOR	'LIBOR	'
Cap interest rate	1.00%	'	4.50%

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts Payable and Accrued Liabilities, Current [Abstract]	'	'	'
Below-market tenant leases, net (Note 2)	$40,247	$35,068	'
Construction payable	21,821	9,979	'
Accounts payable and accrued expenses	10,310	12,696	'
Deferred income	6,539	3,201	'
Dividends declared, not yet paid	6,454	3,479	0
Accrued payroll and other employee liabilities	7,942	1,230	'
Accrued real estate taxes	5,640	9,894	'
Asset retirement obligation liability	4,745	4,503	'
Accrued interest	4,213	3,546	'
Tenant and other deposits	1,249	1,629	'
Other	523	3,461	'
Total accounts payable and accrued expenses, net	$109,683	$88,686	'

DISPOSITIONS_DISCONTINUED_OPER2

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Net loss from discontinued operations	'	($23,158)	($5,891)	($4,927)
Gain on extinguishment of debt	'	13,995	0	0
Net loss from discontinued operations	'	-9,163	-5,891	-4,927
The Boulevard Mall [Member]	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Total revenues	'	4,812	9,675	11,457
Operating expenses including depreciation and amortization	'	3,082	8,780	9,883
Provision for impairment	'	21,661	0	0
Total expenses	'	24,743	8,780	9,883
Operating income (loss)	'	-19,931	895	1,574
Interest expense	'	-3,227	-6,786	-6,501
Net loss from discontinued operations	'	-23,158	-5,891	-4,927
Gain on extinguishment of debt	14,000	13,995	0	0
Net loss from discontinued operations	'	($9,163)	($5,891)	($4,927)
Net loss from discontinued operations per share- Basic and Diluted (in usd per share)	'	($0.19)	($0.13)	($0.14)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 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	$0.08	$0.10

COMMON_STOCK_Details

COMMON STOCK (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

In Millions, except Share data, unless otherwise specified

Oct. 31, 2013

Aug. 01, 2013

2-May-13

Feb. 28, 2013

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jan. 12, 2012

Feb. 06, 2013

Mar. 26, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Feb. 06, 2013

Jan. 12, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 12, 2012

Dec. 31, 2011

Mar. 26, 2012

Dec. 31, 2013

Additional Paid-In Capital

Common stock

Common Class A [Member]

Common Class B [Member]

GGP [Member]

Brookfield

Common stock

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

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

Shares converted (in shares)

359,056

Issuance of common stock related to the rights offering, shares

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

42.50%

Sale of treasury stock (in shares)

10,559

Treasury shares sold (in dollars per share)

$17.91

Common stock dividend declared (in dollars per share)

$0.13

$0.07

$0.52

$0.21

STOCK_BASED_COMPENSATION_PLANS2

STOCK BASED COMPENSATION PLANS (Details) (USD $)	1 Months Ended	12 Months Ended
	Jan. 31, 2012	Dec. 31, 2013		Dec. 31, 2012
	Jan. 31, 2012	Stock options [Member]		Stock options [Member]
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 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		1,986,143
Exercised (in shares)	'	-10,880		0
Forfeited (in shares)	'	-51,492		-40,500
Expired (in shares)	'	0		0
Stock options outstanding at the end of the year (in shares)	'	2,579,171	[1]	1,945,643
Weighted Average Exercise Price	'	'		'
Stock options outstanding, beginning period (in dollars per share)	'	$14.64		$0
Granted (in dollars per share)	'	$16.48		$14.65
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		$14.64

[1]	As of DecemberB 31, 2013, 371,214 stock options became fully vested and are currently exercisable. As of DecemberB 31, 2013, the intrinsic value of these options was $2.8 million, and such stock options had a weighted average stock price of $14.65, and a weighted average remaining contractual term of 8.4 years.

STOCK_BASED_COMPENSATION_PLANS3

STOCK BASED COMPENSATION PLANS (Details 2) (Employee Stock Option [Member], USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Stock options outstanding	'		'	'
Shares	2,579,171	[1]	1,945,643	0
Weighted Average Remaining Contractual Term (in years)	'8 years 6 months 25 days		'	'
Weighted Average Exercise Price (in dollars per share)	$15.14		$14.64	$0
Stock options becoming fully vested and exercisable (in shares)	371,214		'	'
Intrinsic value of options vested	$2.80		'	'
Weighted Average Exercise Price (in dollars per share)	$14.65		'	'
Weighted average contractual term	'8 years 4 months 7 days		'	'
Recognition of share-based compensation expense	$1.40		$1	'
March 2012 [Member]	'		'	'
Stock options outstanding	'		'	'
Shares	1,527,714		'	'
Weighted Average Remaining Contractual Term (in years)	'8 years 3 months		'	'
Weighted Average Exercise Price (in dollars per share)	$14.72		'	'
May 2012 [Member]	'		'	'
Stock options outstanding	'		'	'
Shares	21,900		'	'
Weighted Average Remaining Contractual Term (in years)	'8 years 5 months 1 day		'	'
Weighted Average Exercise Price (in dollars per share)	$13.71		'	'
August 2012 [Member]	'		'	'
Stock options outstanding	'		'	'
Shares	36,400		'	'
Weighted Average Remaining Contractual Term (in years)	'8 years 8 months 1 day		'	'
Weighted Average Exercise Price (in dollars per share)	$13.75		'	'
October 2012 [Member]	'		'	'
Stock options outstanding	'		'	'
Shares	297,257		'	'
Weighted Average Remaining Contractual Term (in years)	'8 years 10 months 1 day		'	'
Weighted Average Exercise Price (in dollars per share)	$14.47		'	'
February 2013 [Member]	'		'	'
Stock options outstanding	'		'	'
Shares	695,900		'	'
Weighted Average Remaining Contractual Term (in years)	'9 years 2 months 1 day		'	'
Weighted Average Exercise Price (in dollars per share)	$16.48		'	'

[1]	As of DecemberB 31, 2013, 371,214 stock options became fully vested and are currently exercisable. As of DecemberB 31, 2013, the intrinsic value of these options was $2.8 million, and such stock options had a weighted average stock price of $14.65, and a weighted average remaining contractual term of 8.4 years.

STOCK_BASED_COMPENSATION_PLANS4

STOCK BASED COMPENSATION PLANS (Details 3) (USD $)	6 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Assumptions used in estimating values of options granted	'	'	'
Unrecognized compensation cost (in dollars)	'	$7.80	'
Compensation expense expected to be recognized in 2014	'	3	'
Compensation expense expected to be recognized in 2015	'	2.4	'
Compensation expense expected to be recognized in 2016	'	1.7	'
Compensation expense expected to be recognized in 2017	'	0.6	'
Compensation expense expected to be recognized in 2018	'	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	365,705
Forfeited (in shares)	'	-4,160	0
Cancelled (in shares)	'	0	0
Vested (in shares)	'	-17,465	-102,036
Nonvested restricted stock grants outstanding as of end of period (in shares)	'	278,617	263,669
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	$14.68
Forfeited (in dollars per share)	'	$14.72	$0
Cancelled (in dollars per share)	'	$0	$0
Vested (in dollars per share)	'	$15.47	$14.72
Nonvested restricted stock grants outstanding as of end of period (in dollars per share)	'	$14.85	$14.69
Additional disclosures	'	'	'
Weighted average remaining contractual term	'1 year 0 months 7 days	'	'
Recognition of share-based compensation expense	'	1.6	1.5
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	'	$1.40	$1
Assumptions used in estimating values of options granted	'	'	'
Risk-free interest rate (as a percent)	'	1.10%	1.37%
Dividend yield (as a percent)	'	4.25%	4.25%
Expected volatility (as a percent)	'	26.00%	30.00%
Expected life	'	'6 years 6 months	'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 $)	12 Months Ended
	Dec. 31, 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	'

RENTALS_UNDER_OPERATING_LEASES2

RENTALS UNDER OPERATING LEASES (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Leases [Abstract]	'
2014	$231,709
2015	192,912
2016	152,575
2017	119,662
2018	90,499
Subsequent	363,388
Operating Leases, Future Minimum Payments Receivable	$1,150,745

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 12, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Oct. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Aug. 31, 2012

GGP [Member]

Brookfield Asset Management Inc [Member]

BCO [Member]

U.S. Holdings [Member]

Transition services agreement [Member]

Office leases [Member]

Office Lease Agreement Two [Member]

Credit agreement [Member]

Buildings and Equipment [Member]

Building [Member]

Build out of office space [Member]

Building [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

$100,000

$1,500,000

$1,100,000

$1,000,000

$1,700,000

$500,000

$400,000

$1,200,000

Amount payable to related party

5,382

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

760,000,000

100,000,000

Upfront fee related to credit facility

500,000

Semi annual revolving credit fee

300,000

Infrastructure costs incurred

2,800,000

5,200,000

8,000,000

Business infrastructure costs payable

100,000

Monthly information technology services fee

2,000,000

Monthly information technology services fee payable

Interest rate basis

'LIBOR

Interest receivable (as a percent)

1.05%

Note receivable funds notice period

'3 days

Interest income

500,000

700,000

Due from affiliate

$150,163,000

$150,200,000

RELATED_PARTY_TRANSACTIONS_Fut

RELATED PARTY TRANSACTIONS - Future Minimum Lease Payments Due (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Related Party Transactions [Abstract]	'
2014	$1,218
2015	1,221
2016	1,235
2017	1,261
2018	1,147
Subsequent	3,377
Total future minimum lease payments due	$9,459

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES - Narrative (Details) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Guarantee	$3.50

QUARTERLY_FINANCIAL_INFORMATIO2

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)	0 Months Ended				3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Oct. 31, 2013	Aug. 01, 2013	2-May-13	Feb. 28, 2013	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Total revenues	'	'	'	'	$67,350	$60,315	$58,381	$57,496	$59,822	$56,289	$54,422	$53,766	$243,542	$224,299	$223,359
Operating income	'	'	'	'	-912	13,133	12,387	12,640	7,267	8,558	7,477	3,723	37,248	27,025	42,931
Net loss	'	'	'	'	($24,692)	($4,683)	$4,116	($29,486)	($13,586)	($13,056)	($15,940)	($26,077)	($54,745)	($68,659)	($26,976)
Net loss per share - Basic and diluted (in dollars per share)	'	'	'	'	($0.50)	($0.09)	$0.08	($0.60)	($0.28)	($0.27)	($0.32)	($0.71)	($1.11)	($1.49)	($0.75)
Common stock dividend declared (in dollars per share)	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13	$0.07	$0.07	$0.07	$0	$0.52	$0.21	$0
Weighted average shares outstanding (shares)	'	'	'	'	49,358,281	49,346,798	49,342,013	49,332,151	49,258,000	49,245,000	49,242,000	36,785,000	49,344,927	46,149,893	35,906,105

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

Oct. 31, 2013

Aug. 01, 2013

2-May-13

Feb. 28, 2013

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 05, 2014

Feb. 28, 2014

Jan. 31, 2014

Dec. 31, 2013

Feb. 28, 2014

Mar. 02, 2014

Feb. 28, 2013

Subsequent Event [Member]

2013 Revolver [Member]

Bay Shore Mall [Member]

Senior Secured Credit Facility [Member]

Revolving Credit Facility [Member]

Subsequent Event [Member]

Revolving Credit Facility [Member]

Subsequent Event [Member]

Subsequent Event [Line Items]

Issuance of common stock related to the rights offering, shares

8,050,000

Share price (usd per share)

$19.50

Proceeds received from rights offering

$200,000,000

$150,700,000

Amount Outstanding

48,000,000

Repayments of long term debt

594,389,000

558,262,000

168,459,000

27,600,000

Common stock dividend declared (in dollars per share)

$0.13

$0.07

$0.52

$0.21

$0.17

Maximum increase in borrowing capacity

250,000,000

Line of credit, maximum credit

$760,000,000

$285,000,000

$250,000,000

Schedule_III_Real_Estate_and_A1

Schedule III Real Estate and Accumulated Depreciation (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Equipment and Fixtures [Member]

Building and improvements [Member]

Animas Valley Mall [Member]

Bay Shore Mall [Member]

Birchwood Mall [Member]

Cache Valley Mall [Member]

ChesterfieldTowneCenter [Member]

Chula Vista Center [Member]

Collin Creek [Member]

Colony Square Mall [Member]

Gateway Mall [Member]

Grand Traverse Mall [Member]

GreenvilleMall [Member]

Knollwood Mall [Member]

Lakeland Square Mall [Member]

Lansing Mall [Member]

The Mall at Sierra Vista [Member]

Mall St Vincent [Member]

New Park Mall LP [Member]

North Plains Mall [Member]

Pierre Bossier Mall [Member]

Sikes Center [Member]

Silver Lake Mall [Member]

Southland Mall [Member]

Southland Center [Member]

Spring Hill Mall [Member]

Steeplegate Mall [Member]

The Centre at Salisbury [Member]

Three Rivers [Member]

Turtle Creek [Member]

Valley Hills [Member]

Vista Ridge [Member]

Washington Park Mall [Member]

West Valley Mall [Member]

Westwood Mall [Member]

White Mountain Mall [Member]

Properties Excluding Other Properties [Member]

Other Properties [Member]

Minimum [Member]

Maximum [Member]

SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]

Encumbrance

$1,454,546,000

[1]

$50,911,000

[1]

$28,384,000

[1]

$108,486,000

[1]

$60,245,000

[1]

$60,430,000

[1]

$41,567,000

[1]

$34,053,000

[1]

$69,241,000

[1]

$66,113,000

[1]

$51,118,000

[1]

$47,915,000

[1]

$77,205,000

[1]

$45,494,000

[1]

$116,243,000

[1]

$82,019,000

[1]

$67,572,000

[1]

$70,274,000

[1]

$10,276,000

[1]

$59,000,000

[1]

$1,146,546,000

[1]

$308,000,000

[1]

Initial Cost

Land

348,998,000

6,509,000

[2]

4,770,000

[2]

8,316,000

[2]

3,962,000

[2]

19,387,000

[2]

13,214,000

[2]

14,747,000

[2]

4,253,000

[2]

7,097,000

[2]

11,420,000

[2]

9,088,000

[2]

6,127,000

[2]

10,938,000

[2]

9,615,000

[2]

7,078,000

[2]

4,604,000

[2]

17,848,000

[2]

2,218,000

[2]

7,522,000

[2]

5,915,000

[2]

3,237,000

[2]

23,407,000

[2]

13,697,000

[2]

8,219,000

[2]

11,438,000

[2]

22,580,000

[2]

2,080,000

[2]

22,254,000

[2]

10,047,000

[2]

15,965,000

[2]

1,388,000

[2]

31,340,000

[2]

5,708,000

[2]

3,010,000

[2]

348,998,000

Building & Improvements

1,498,448,000

32,270,000

[2]

33,305,000

[2]

44,884,000

[2]

26,842,000

[2]

144,580,000

[2]

71,598,000

[2]

48,103,000

[2]

29,578,000

[2]

36,573,000

[2]

46,409,000

[2]

42,088,000

[2]

32,905,000

[2]

56,867,000

[2]

49,220,000

[2]

36,441,000

[2]

21,927,000

[2]

58,384,000

[2]

11,768,000

[2]

38,247,000

[2]

34,075,000

[2]

12,914,000

[2]

81,474,000

[2]

51,860,000

[2]

23,679,000

[2]

42,030,000

[2]

105,376,000

[2]

11,142,000

[2]

79,579,000

[2]

61,817,000

[2]

46,560,000

[2]

8,213,000

[2]

38,316,000

[2]

28,006,000

[2]

11,418,000

[2]

1,498,448,000

Cost Capitalized Subsequent to Acquisition

Land

4,063,000

[2]

-70,000

[2]

1,149,000

[2]

1,308,000

[2]

350,000

[2]

2,867,000

[2]

817,000

[2]

1,000

[2]

1,206,000

[2]

-3,565,000

[2]

4,063,000

Building & Improvements

96,622,000

289,000

[2]

7,043,000

[2]

913,000

[2]

906,000

[2]

9,847,000

[2]

640,000

[2]

1,182,000

[2]

2,674,000

[2]

-1,589,000

[2]

138,000

[2]

16,759,000

[2]

9,611,000

[2]

653,000

[2]

2,607,000

[2]

5,834,000

[2]

1,132,000

[2]

10,301,000

[2]

3,789,000

[2]

3,459,000

[2]

7,313,000

[2]

1,226,000

[2]

1,481,000

[2]

-15,337,000

[2]

648,000

[2]

361,000

[2]

-179,000

[2]

133,000

[2]

407,000

[2]

3,335,000

[2]

150,000

[2]

2,056,000

[2]

77,782,000

18,840,000

Gross Amounts at Which Carried at Close of Period (2)

Land

353,061,000

[3]

6,509,000

[2],[3]

4,770,000

[2],[3]

8,316,000

[2],[3]

3,892,000

[2],[3]

19,387,000

[2],[3]

14,363,000

[2],[3]

14,747,000

[2],[3]

4,253,000

[2],[3]

7,097,000

[2],[3]

11,420,000

[2],[3]

9,088,000

[2],[3]

6,127,000

[2],[3]

12,246,000

[2],[3]

9,965,000

[2],[3]

7,078,000

[2],[3]

4,604,000

[2],[3]

20,715,000

[2],[3]

2,218,000

[2],[3]

8,339,000

[2],[3]

5,915,000

[2],[3]

3,237,000

[2],[3]

23,407,000

[2],[3]

13,698,000

[2],[3]

9,425,000

[2],[3]

7,873,000

[2],[3]

22,580,000

[2],[3]

2,080,000

[2],[3]

22,254,000

[2],[3]

10,047,000

[2],[3]

15,965,000

[2],[3]

1,388,000

[2],[3]

31,340,000

[2],[3]

5,708,000

[2],[3]

3,010,000

[2],[3]

353,061,000

[3]

Building & Improvements

1,595,070,000

[3]

32,559,000

[2],[3]

40,348,000

[2],[3]

45,797,000

[2],[3]

27,748,000

[2],[3]

144,580,000

[2],[3]

81,445,000

[2],[3]

48,743,000

[2],[3]

30,760,000

[2],[3]

39,247,000

[2],[3]

44,820,000

[2],[3]

42,088,000

[2],[3]

33,043,000

[2],[3]

73,626,000

[2],[3]

58,831,000

[2],[3]

37,094,000

[2],[3]

24,534,000

[2],[3]

64,218,000

[2],[3]

12,900,000

[2],[3]

48,548,000

[2],[3]

37,864,000

[2],[3]

16,373,000

[2],[3]

88,787,000

[2],[3]

53,086,000

[2],[3]

25,160,000

[2],[3]

26,693,000

[2],[3]

105,376,000

[2],[3]

11,790,000

[2],[3]

79,940,000

[2],[3]

61,638,000

[2],[3]

46,693,000

[2],[3]

8,620,000

[2],[3]

41,651,000

[2],[3]

28,156,000

[2],[3]

13,474,000

[2],[3]

1,576,230,000

[3]

18,840,000

[3]

Total

1,948,131,000

1,652,755,000

1,462,482,000

1,434,197,000

39,068,000

[2]

45,118,000

[2]

54,113,000

[2]

31,640,000

[2]

163,967,000

[2]

95,808,000

[2]

63,490,000

[2]

35,013,000

[2]

46,344,000

[2]

56,240,000

[2]

51,176,000

[2]

39,170,000

[2]

85,872,000

[2]

68,796,000

[2]

44,172,000

[2]

29,138,000

[2]

84,933,000

[2]

15,118,000

[2]

56,887,000

[2]

43,779,000

[2]

19,610,000

[2]

112,194,000

[2]

66,784,000

[2]

34,585,000

[2]

34,566,000

[2]

127,956,000

[2]

13,870,000

[2]

102,194,000

[2]

71,685,000

[2]

62,658,000

[2]

10,008,000

[2]

72,991,000

[2]

33,864,000

[2]

16,484,000

[2]

1,929,291,000

18,840,000

Accumulated Depreciation

142,432,000

116,336,000

72,620,000

9,908,000

4,531,000

[2]

4,302,000

[2]

5,350,000

[2]

3,481,000

[2]

274,000

[2]

7,370,000

[2]

6,199,000

[2]

3,547,000

[2]

5,656,000

[2]

3,995,000

[2]

1,061,000

[2]

3,755,000

[2]

6,999,000

[2]

6,043,000

[2]

4,058,000

[2]

2,659,000

[2]

6,306,000

[2]

1,632,000

[2]

4,495,000

[2]

4,861,000

[2]

1,848,000

[2]

12,188,000

[2]

5,367,000

[2]

3,013,000

[2]

462,000

[2]

213,000

[2]

1,190,000

[2]

4,241,000

[2]

7,525,000

[2]

5,443,000

[2]

1,319,000

[2]

5,866,000

[2]

3,008,000

[2]

2,250,000

[2]

140,507,000

1,925,000

Date Acquired

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-13

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-12

[2]

31-Dec-13

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-13

[2]

31-Dec-10

[2]

31-Dec-12

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

31-Dec-10

[2]

Useful life

'5 years

'10 years

'40 years

Cost of land for federal income tax basis

$1,500,000,000

[1]

See description of mortgages, notes, and loans payable in Note 5 to the consolidated and combined financial statements.

[2]

Depreciation is computed based upon the following estimated lives: YearsBuildings and improvementsB 40Equipment and fixturesB 5-10Tenant improvements Shorter of useful life or applicable lease term

[3]

The aggregate cost of land, buildings, and improvements for federal income tax payments is approximately $1.5 billion.

Schedule_III_Real_Estate_and_A2

Schedule III Real Estate and Accumulated Depreciation (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'		'	'
Balance at January 1,	$1,652,755		$1,462,482	$1,434,197
Improvements and additions	68,236		34,865	37,165
Acquisitions	349,269		176,242	0
Dispositions and write-offs	-85,308		-20,834	-8,880
Impairments	-36,821		0	0
Balance at December 31,	1,948,131		1,652,755	1,462,482
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'		'	'
Balance at January 1,	116,336		72,620	9,908
Depreciation Expense	66,497		64,550	71,592
Impairments	-8,386		0	0
Dispositions	-32,015		-20,834	-8,880
Balance at December 31,	142,432		116,336	72,620
Building and improvements [Member]	'		'	'
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'		'	'
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	'40 years		'	'
Other Properties [Member]	'		'	'
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'		'	'
Balance at December 31,	18,840		'	'
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'		'	'
Balance at December 31,	1,925		'	'
Animas Valley Mall [Member]	'		'	'
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]	'		'	'
Balance at December 31,	39,068	[1]	'	'
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]	'		'	'
Balance at December 31,	$4,531	[1]	'	'
Minimum [Member] \| Equipment and Fixtures [Member]	'		'	'
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'		'	'
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	'5 years		'	'
Maximum [Member] \| Equipment and Fixtures [Member]	'		'	'
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]	'		'	'
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation	'10 years		'	'

[1]	Depreciation is computed based upon the following estimated lives: YearsBuildings and improvementsB 40Equipment and fixturesB 5-10Tenant improvements Shorter of useful life or applicable lease term