DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | ||
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 | ||
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 |
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 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Total | 2,151,413 | $ | 341,400 | |||||||||||||||||||||||
2012 Acquisitions | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | |||||||||||||
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 | |||||||||||||||||||
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 | ) | $ | — | |||||||||||||
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 | |||||||||||||
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 | ||||||||||||||||||||||||
Net loss | (56,570 | ) | ||||||||||||||||||||||||
Net loss per share - basic and diluted | $ | (1.15 | ) | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Net loss | (72,965 | ) | ||||||||||||||||||||||||
Net loss per share - basic and diluted | $ | (1.58 | ) | |||||||||||||||||||||||
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 |
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 |
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 |
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 |
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 |
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 | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all demand deposits with a maturity of three months or less, at the date of purchase, to be cash equivalents. | |||||||||||||||||
Restricted Cash | ' | ||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, capital renovations and capital improvements. | |||||||||||||||||
Revenue Recognition and Related Matters | ' | ||||||||||||||||
Revenue Recognition and Related Matters | |||||||||||||||||
Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Minimum rent revenues also include amounts collected from tenants to allow the termination of their leases prior to their scheduled termination dates as well as the amortization related to above and below-market tenant leases on acquired properties and 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 | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
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. | |||||||||||||||||
Offering Costs | ' | ||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
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 | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||
The Company evaluates any potential asset retirement obligations, including those related to disposal of asbestos containing materials and environmental remediation liabilities. The Company recognizes the fair value of such obligations in the period incurred if a reasonable estimate of fair value can be determined. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with 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 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Total | 2,151,413 | $ | 341,400 | |||||||||||||||||||||||
2012 Acquisitions | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | |||||||||||||
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 | |||||||||||||||||||
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 | ) | $ | — | |||||||||||||
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 | |||||||||||||
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 | ||||||||||||||||||||||||
Net loss | (56,570 | ) | ||||||||||||||||||||||||
Net loss per share - basic and diluted | $ | (1.15 | ) | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Net loss | (72,965 | ) | ||||||||||||||||||||||||
Net loss per share - basic and diluted | $ | (1.58 | ) | |||||||||||||||||||||||
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 |
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 | ||
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 | ||
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 | ||
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 | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 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, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | 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 | In-place value | Above-market tenant leases, net | Above-market tenant leases, net | Land [Member] | Land [Member] | Building and improvements [Member] | Building and improvements [Member] | Other Assets [Member] | Other Assets [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [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] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [Member] | Retail Site [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 | sqft | GreenvilleMall [Member] | GreenvilleMall [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
sqft | sqft | sqft | sqft | 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 | $0 | ' | $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 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||
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 | ' | '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 | ||
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] | West Valley Mall [Member] | West Valley Mall [Member] | West Valley Mall [Member] | Southland Mall [Member] | Southland Mall [Member] | NewPark Mall [Member] | NewPark Mall [Member] | NewPark Mall [Member] | NewPark Mall [Member] | The Boulevard Mall [Member] | The Boulevard Mall [Member] | Steeplegate Mall [Member] | Steeplegate Mall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | Vista Ridge Mall [Member] | Vista Ridge Mall [Member] | Vista Ridge Mall [Member] | Washington Park Mall [Member] | Washington Park Mall [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [Member] | The Mall at Turtle Creek [Member] | Collin Creek [Member] | Collin Creek [Member] | Bay Shore Mall [Member] | Bay Shore Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Sikes Center [Member] | Sikes Center [Member] | Knollwood Mall [Member] | Knollwood Mall [Member] | Pierre Bossier Mall [Member] | Pierre Bossier Mall [Member] | Pierre Bossier Mall [Member] | Pierre Bossier Mall [Member] | Pierre Bossier Anchor [Member] | Pierre Bossier Anchor [Member] | Southland Center [Member] | Southland Center [Member] | Southland Center [Member] | Southland Center [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | Animas Valley Mall [Member] | Animas Valley Mall [Member] | Animas Valley Mall [Member] | Animas Valley Mall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | Valley Hills [Member] | Valley Hills [Member] | Valley Hills [Member] | Valley Hills [Member] | 2013 Term Loan [Member] | 2013 Term Loan [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | 2013 Revolver [Member] | 2013 Revolver [Member] | |||||||||||||||||||||||||||||||||||||
Mortgages, notes and loans payable [Line Item] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||
Fixed-rate debt | $1,031,016 | $1,029,339 | $0 | [1] | ' | ' | $48,509 | [1] | $0 | [1] | $73,534 | [1] | $0 | [1] | ' | ' | $63,552 | [1] | $0 | $97,972 | $47,970 | $49,777 | $41,375 | [1] | ' | ' | $0 | [1] | $71,270 | $73,821 | ' | $10,872 | $11,219 | $115,000 | [1] | ' | $0 | [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] | ' | ' | 0 | [1],[2] | ' | ' | 66,113 | [1],[3] | ' | ' | 0 | [1],[3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000 | [4] | 0 | [4] | 0 | [5] | 287,946 | [5] | 48,000 | [4] | 0 | [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 | $0 | ' | ' | ' | ' | ' | ' | $115,000,000 | [5] | $0 | [5] | ' | ' | $79,500 | $0 | ' | ' | ' | ' | ' | ' | $62,000 | $0 | [5] | ' | ' | ' | ' | ' | ' | $48,500 | $38,200 | ' | ' | ' | ' | $78,800 | $70,200 | $109,737 | $0 | ' | ' | $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 | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 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 | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | 31-May-13 | |||||||||||||||||||||||||
LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | NewPark Mall [Member] | NewPark Mall [Member] | NewPark Mall [Member] | NewPark Mall [Member] | Valley Hills [Member] | Valley Hills [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | GreenvilleMall [Member] | West Valley Mall [Member] | West Valley Mall [Member] | West Valley Mall [Member] | West Valley Mall [Member] | ChesterfieldTowneCenter [Member] | ChesterfieldTowneCenter [Member] | The Centre at Salisbury [Member] | The Centre at Salisbury [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Grand Traverse Mall [Member] | Pierre Bossier Mall [Member] | Pierre Bossier Mall [Member] | Southland Center [Member] | Southland Center [Member] | Animas Valley Mall [Member] | Animas Valley Mall [Member] | 2013 Term Loan [Member] | 2013 Term Loan [Member] | 2012 Term Loan [Member] | 2012 Term Loan [Member] | 2013 Revolver [Member] | 2013 Revolver [Member] | The Mall at Turtle Creek [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 | $0 | $59,000 | [3] | ' | ' | $47,100,000 | [3] | $109,737 | $0 | $115,000,000 | [4] | $0 | [4] | ' | $62,000 | $0 | [4] | $48,500 | $38,200 | $78,800 | $70,200 | $51,800 | $37,100 | ' | ' | ' | ' | ' | ' | $79,500 | $0 | ' | ' | ||||||||||||||||
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 | $0 | $13,400 | [1],[5] | ' | ' | ' | ' | $1,100 | [2],[5] | ' | ' | ' | $15,000 | [5] | ' | $0 | [5] | ' | ' | $4,400,000 | [3],[5] | ' | ' | ' | $0 | [5] | ' | $0 | [4],[5] | ' | $0 | [4],[5] | ' | ' | $10,300 | [5] | ' | $8,200 | [5] | ' | $14,300 | [5] | ' | ' | ' | ' | ' | ' | ' | $0 | [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% | 4.50% | 2.35% | [7] | 4.50% | [7] | ' | ' | 1.75% | 4.05% | |||||||||||||||||
[1] | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 | ||
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 | 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] | NewPark Mall [Member] | Property Level Debt [Member] | Property Level Debt [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | LakelandMall [Member] | West Valley Mall [Member] | West Valley Mall [Member] | West Valley Mall [Member] | ||||||||
property | Weighted Average [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of real estate properties | 19 | ' | ' | ' | 34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
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] | 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 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, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Line of Credit [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | 2012 Revolver [Member] | 2012 Revolver [Member] | 2012 Revolver [Member] | Senior Secured Credit Facility [Member] | Renegotiated Senior Secured Facility [Member] | Subordinated Unsecured Revolving Credit Facility [Member] | Secured Debt [Member] | Secured Debt [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 | ' | ' | ' | ' | ' | 'LIBOR | '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 | |||
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 | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 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, 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 A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | GGP [Member] | GGP [Member] | Brookfield | Brookfield | ||||||||||||||||
Common stock | Common stock | Common stock | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | |||||||||||||||||||||||||
Common Stock disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock related to the spin-off and transfer of GGP equity on the spin-off date (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,547,049 | ' | ' | 35,547,049 | ' | 359,056 | 359,056 | ' | 359,056 | 35,547,049 | ' | ' | ' |
Value of contributed capital during the period upon spin-off (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $405.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share conversion ratio (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' |
Par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Shares converted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 359,056 | ' | ' | ' | ' | ' | 359,056 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock related to the rights offering, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,333,333 | ' | ' | 13,333,333 | ' | ' | ' | ' | ' | ' | ' | 13,333,333 | ' |
Subscription price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' |
Net proceeds from rights offering and backstop purchase (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $191.60 | ' |
Percentage of ownership interest held by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.50% |
Sale of treasury stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,559 | ' | ' | 10,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury shares sold (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock dividend declared (in dollars per share) | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.07 | $0.07 | $0.07 | $0 | $0.52 | $0.21 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ||
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 | |
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, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 |
GGP [Member] | GGP [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | Brookfield Asset Management Inc [Member] | BCO [Member] | BCO [Member] | BCO [Member] | U.S. Holdings [Member] | U.S. Holdings [Member] | U.S. Holdings [Member] | |||
Transition services agreement [Member] | Transition services agreement [Member] | Office leases [Member] | Office leases [Member] | Office leases [Member] | Office leases [Member] | Office leases [Member] | Office Lease Agreement Two [Member] | Office Lease Agreement Two [Member] | Office Lease Agreement Two [Member] | Credit agreement [Member] | Credit agreement [Member] | Buildings and Equipment [Member] | ||||||||
Building [Member] | Building [Member] | Building [Member] | Build out of office space [Member] | Build out of office space [Member] | Building [Member] | Building [Member] | Building [Member] | Revolving subordinated credit facility [Member] | Revolving subordinated credit facility [Member] | |||||||||||
Related party transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period for which services will be provided by related party to the reporting entity following the spin-off | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost associated with agreement entered with the related party | ' | ' | $100,000 | $1,500,000 | ' | $1,100,000 | $1,000,000 | $0 | $1,700,000 | ' | ' | ' | $500,000 | $400,000 | $1,200,000 | ' | ' | ' | ' | ' |
Amount payable to related party | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | 5,382 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' |
Term of lease agreement assumed upon spin off | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent free period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity under revolving subordinated credit facility with a wholly-owned subsidiary of Brookfield | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
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 | $0 | $150,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $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 | |
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 | |
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 | 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] | Subsequent Event [Member] | Subsequent Event [Member] | 2013 Revolver [Member] | Bay Shore Mall [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | ||||||||||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Subsequent Event [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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $200,000,000 | $0 | ' | ' | $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 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.07 | $0.07 | $0.07 | $0 | $0.52 | $0.21 | $0 | ' | $0.17 | ' | ' | ' | ' | ' |
Maximum increase in borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' |
Line of credit, maximum credit | ' | ' | ' | ' | $760,000,000 | ' | ' | ' | ' | ' | ' | ' | $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 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Equipment and Fixtures [Member] | 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] | $0 | [1] | $0 | [1] | $108,486,000 | [1] | $0 | [1] | $60,245,000 | [1] | $0 | [1] | $0 | [1] | $60,430,000 | [1] | $41,567,000 | [1] | $34,053,000 | [1] | $69,241,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $66,113,000 | [1] | $0 | [1] | $51,118,000 | [1] | $47,915,000 | [1] | $0 | [1] | $0 | [1] | $77,205,000 | [1] | $0 | [1] | $45,494,000 | [1] | $116,243,000 | [1] | $0 | [1] | $82,019,000 | [1] | $67,572,000 | [1] | $70,274,000 | [1] | $10,276,000 | [1] | $59,000,000 | [1] | $0 | [1] | $0 | [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 | 0 | |||
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 | 0 | |||
Cost Capitalized Subsequent to Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||
Land | 4,063,000 | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | -70,000 | [2] | 0 | [2] | 1,149,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 1,308,000 | [2] | 350,000 | [2] | 0 | [2] | 0 | [2] | 2,867,000 | [2] | 0 | [2] | 817,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 1,000 | [2] | 1,206,000 | [2] | -3,565,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 4,063,000 | 0 | |||
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] | 0 | [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 |