Rouse Properties (RSE) 10-Q 5 May 14 2014 Q1 Quarterly report Financial data

DOCUMENT_AND_ENTITY_INFORMATIO

DOCUMENT AND ENTITY INFORMATION	3 Months Ended
	Mar. 31, 2014	1-May-14
Document and Entity Information	'	'
Entity Registrant Name	'Rouse Properties, Inc.	'
Entity Central Index Key	'0001528558	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding (shares)	'	57,740,925

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in real estate:	'	'
Land	$353,061	$353,061
Buildings and equipment	1,602,658	1,595,070
Less accumulated depreciation	-157,957	-142,432
Net investment in real estate	1,797,762	1,805,699
Cash and cash equivalents	16,120	14,224
Restricted cash	45,269	46,836
Demand deposit from affiliate	50,051	0
Accounts receivable, net	33,618	30,444
Deferred expenses, net	47,259	46,055
Prepaid expenses and other assets, net	70,036	76,252
Total assets	2,060,115	2,019,510
Liabilities:	'	'
Mortgages, notes and loans payable	1,374,256	1,454,546
Accounts payable and accrued expenses, net	95,179	109,683
Total liabilities	1,469,435	1,564,229
Commitments and contingencies	0	0
Equity:	'	'
Preferred stock: $0.01 par value; 50,000,000 shares authorized, 0 issued and outstanding as of March 31, 2014 and December 31, 2013	0	0
Common stock	578	497
Additional paid-in capital	705,827	565,798
Accumulated deficit	-115,550	-111,125
Accumulated Other Comprehensive Income (Loss), Net of Tax	-286	0
Total stockholders' equity	590,569	455,170
Non-controlling interest	111	111
Total equity	590,680	455,281
Total liabilities and equity	$2,060,115	$2,019,510

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
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)	57,745,085	49,652,596
Common stock, shares outstanding (in shares)	57,740,925	49,648,436

CONSOLIDATED_AND_COMBINED_STAT

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Minimum rents	$45,970	$38,729
Tenant recoveries	19,184	16,180
Overage rents	1,464	1,450
Other	1,221	1,134
Total revenues	67,839	57,493
Expenses:	'	'
Property operating costs	16,736	13,607
Real estate taxes	6,193	5,714
Property maintenance costs	3,176	3,278
Marketing	541	651
Provision for doubtful accounts	193	150
General and administrative	5,941	4,852
Depreciation and amortization	21,045	16,107
Other	674	497
Total expenses	54,499	44,856
Operating income	13,340	12,637
Interest income	172	201
Interest expense	-17,813	-19,645
Loss before income taxes and discontinued operations	-4,301	-6,807
Provision for income taxes	-124	-35
Loss from continuing operations	-4,425	-6,842
Discontinued operations:	'	'
Loss from discontinued operations	0	-22,644
Net loss	-4,425	-29,486
Loss from continuing operations per share- Basic and Diluted (in dollars per share)	($0.08)	($0.14)
Net loss per share - Basic and Diluted (in dollars per share)	($0.08)	($0.60)
Dividends declared per share (in dollars per share)	$0.17	$0.13
Comprehensive loss:	'	'
Net loss	-4,425	-29,486
Other comprehensive loss:	'	'
Unrealized loss on financial instrument	-286	0
Comprehensive loss	($4,711)	($29,486)

CONSOLIDATED_AND_COMBINED_STAT1

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

In Thousands, except Share data, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Additional Paid-In Capital

Additional Paid-In Capital

Additional Paid-In Capital

Additional Paid-In Capital

Accumulated Deficit

Accumulated Deficit

Accumulated Deficit

Accumulated Deficit

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Non-controlling Interest

Non-controlling Interest

Non-controlling Interest

Non-controlling Interest

Common Class B [Member]

Common Class B [Member]

Common Class B [Member]

Common Class B [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Common Stock [Member]

Increase (Decrease) in Shareholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

359,056

0

0

0

49,648,436

49,235,528

57,740,925

49,641,716

Balance

$455,281

$532,896

$532,896

'

$588,668

$705,827

$583,124

'

($56,380)

($115,550)

($85,866)

$0

($286)

$0

$0

$111

$111

$111

$111

$4

$0

$0

$0

'

$493

$578

$497

Net loss

-4,425

-29,486

'

'

'

'

'

-4,425

-29,486

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Comprehensive loss

-286

'

'

'

'

'

'

'

'

'

'

-286

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Issued During Period, Shares, New Issues

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,050,000

'

'

'

Stock Issued During Period, Value, New Issues

150,697

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

81

'

'

'

Proceeds from Issuance of Common Stock

156,976

0

'

150,616

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of Class B share to common shares (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-359,056

'

'

'

'

-359,056

'

'

Stock Issued During Period, Value, Conversion of Convertible Securities

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-4

'

'

'

'

-4

'

'

Offering costs

-470

'

'

-470

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends

-10,937

-6,453

'

-10,937

-6,453

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance and amortization of stock compensation (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42,489

36,573

'

'

Issuance and amortization of stock compensation

820

722

'

820

722

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

Sale of treasury stock (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,559

'

'

'

Stock Issued During Period, Value, Treasury Stock Reissued

$187

'

'

$187

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CONSOLIDATED_AND_COMBINED_STAT2

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (Parenthetical) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Common Stock, Dividends, Per Share, Cash Paid	$170	$0.13
Underwriting Discount	$6,279	$0
Common Stock [Member]	'	'
Underwriting Discount	$6,200	'
Common Stock [Member] | Common Class A [Member]	'	'
Common Stock, Dividends, Per Share, Cash Paid	$0.13	'
Stock Issued During Period, Shares, New Issues	8,050,000	'

CONSOLIDATED_AND_COMBINED_STAT3

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities:	'	'
Net loss	($4,425,000)	($29,486,000)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Provision for doubtful accounts	193,000	139,000
Depreciation	19,161,000	15,334,000
Amortization	1,884,000	1,341,000
Amortization/write-off of deferred finance costs	1,272,000	2,154,000
Amortization/write-off of debt market rate adjustments	500,000	1,886,000
Amortization of above/below market leases and tenant inducements	3,789,000	4,650,000
Straight-line rent amortization	-631,000	-964,000
Provision for impairment	0	21,661,000
Stock based compensation	820,000	722,000
Net changes:	'	'
Accounts receivable	-2,737,000	903,000
Prepaid expenses and other assets	352,000	3,045,000
Deferred expenses	-4,104,000	-2,759,000
Restricted cash	2,827,000	-1,359,000
Accounts payable and accrued expenses	-6,377,000	-6,244,000
Net cash provided by operating activities	12,524,000	11,023,000
Cash Flows from Investing Activities:	'	'
Acquisition/development of real estate and property additions/improvements	-19,917,000	-13,984,000
Demand deposit from affiliate	-50,051,000	110,000,000
Deposit for acquisition	-1,000,000	-1,000,000
Restricted cash	-1,259,000	-9,209,000
Net cash provided by (used in) investing activities	-72,227,000	85,807,000
Cash Flows from Financing Activities:	'	'
Proceeds received from rights offering	156,976,000	0
Underwriting Discount	-6,279,000	0
Payments for offering costs	-470,000	0
Proceeds from refinance/issuance of mortgages, notes and loans payable	0	70,000,000
Borrowing under revolving line of credit	10,000,000	0
Principal payments on mortgages, notes and loans payable	-32,820,000	-156,974,000
Repayment under revolving credit line	-58,000,000	0
Dividends paid	-7,506,000	-3,470,000
Deferred financing costs	-302,000	-1,183,000
Net cash provided by (used in) financing activities	61,599,000	-91,627,000
Net change in cash and cash equivalents	1,896,000	5,203,000
Cash and cash equivalents at beginning of period	14,224,000	8,092,000
Cash and cash equivalents at end of period	16,120,000	13,295,000
Supplemental Disclosure of Cash Flow Information:	'	'
Interest paid, net of capitalized interest	16,651,000	16,640,000
Capitalized interest	-482,000	0
Non-Cash Transactions:	'	'
Change in accrued capital expenditures included in accounts payable and accrued expenses	8,770,000	1,899,000
Dividends declared, not yet paid	9,884,000	6,461,000
Capitalized market rate adjustments and deferred financing amortization	$76,000	$0

MORTGAGES_NOTES_AND_LOANS_PAYA

MORTGAGES, NOTES AND LOANS PAYABLE	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
MORTGAGES, NOTES AND LOANS PAYABLE	'
	MORTGAGES, NOTES AND LOANS PAYABLE
	Mortgages, notes and loans payable are summarized as follows:
		March 31,				December 31,				Interest Rate at March 31, 2014			Scheduled Maturity Date
		2014				2013
	Fixed-rate debt:	(in thousands)
	Steeplegate	$	47,488			$	47,970			4.94	%		Aug-14
	Greenville Mall (1)	41,178				41,375				5.29			Dec-15
	Vista Ridge Mall	70,604				71,270				6.87			Apr-16
	Washington Park Mall	10,780				10,872				5.35			Apr-16
	The Centre at Salisbury (1)	115,000				115,000				5.79			May-16
	The Mall at Turtle Creek	78,362				78,615				6.54			Jun-16
	Collin Creek	59,686				60,206				6.78			Jul-16
	Bayshore Mall	—				27,720				—			—
	Grand Traverse	60,185				60,429				5.02			Feb-17
	Sikes Senter	55,051				55,494				5.2			Jun-17
	Knollwood Mall	36,003				36,281				5.35			Oct-17
	West Valley Mall (1)(2)	59,000				—				3.24			Sep-18
	Pierre Bossier	47,209				47,400				4.94			May-22
	Pierre Bossier Anchor	3,697				3,718				4.85			May-22
	Southland Center (MI)	76,905				77,205				5.09			Jul-22
	Chesterfield Towne Center (1)	109,317				109,737				4.75			Oct-22
	Animas Valley	50,692				50,911				4.41			Nov-22
	Lakeland Mall (1)	68,939				69,241				4.17			Mar-23
	Valley Hills Mall (1)	67,296				67,572				4.47			Jul-23
	Total fixed-rate debt	$	1,057,392			$	1,031,016
	Less: Market rate adjustments	(9,052		)		(9,583		)
		$	1,048,340			$	1,021,433
	Variable-rate debt:
	NewPark Mall (1)(3)	$	65,916			$	66,113			4.2	%		May-17
	West Valley Mall (1)	—				59,000				—			Sep-18
	2013 Term Loan (4)	260,000				260,000				2.5			Nov-18
	2013 Revolver (4)	—				48,000				—			Nov-17
	Total variable-rate debt:	$	325,916			$	433,113
	Total mortgages, notes and loans payable	$	1,374,256			$	1,454,546
	Explanatory Notes:
	(1) See the significant property loan refinancings and acquisitions table below under "—Property-Level Debt" in this Note 4 for additional information regarding the debt related to each property.
	(2) As of December 31, 2013, the interest rate related to West Valley Mall was variable rate at LIBOR plus 175 basis points. During the three months ended March 31, 2014, the Company entered into a swap transaction and now has a fixed interest rate of 3.24%. See Note 6 for further details.
	(3) LIBOR (30 day) plus 405 basis points.
	(4) LIBOR (30 day) plus 235 basis points.
	Property-Level Debt
	The Company had individual property-level debt (the “Property-Level Debt”) on 18 of its 34 assets, representing $1.1 billion (excluding $9.1 million of market rate adjustments) as of March 31, 2014. As of March 31, 2014, the Property-Level Debt had a weighted average interest rate of 5.2% and an average remaining term of 4.8 years. The Property-Level Debt is generally non-recourse to the Company and is stand-alone (i.e., not cross-collateralized) first mortgage debt with the exception of customary contingent guarantees/indemnities.
	During the three months ended March 31, 2014, the Company retired the $27.6 million mortgage debt balance on Bayshore Mall.
	During the three months ended March 31, 2014, there were no significant property loan refinancings. The following is a summary of significant property loan refinancings and acquisitions that occurred during the year ended December 31, 2013 ($ in thousands):
	Property		Date		Balance at Date of Refinancing				Interest Rate			Balance of New Loan		New Interest Rate		Net Proceeds (1)		Maturity
	31-Dec-13
	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
	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. During the three months ended March 31, 2014, the Company entered into a swap transaction and the interest rate now has a fixed interest rate of 3.24%.
	(5) The loan is interest-only. In conjunction with the acquisition of the Centre at Salisbury the Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years.
	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"). Borrowings on the 2013 Senior Facility bear interest at LIBOR plus 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 (as each term is defined below), and the $70.9 million non-recourse mortgage loan on The Southland Mall in California prior to its maturity date in January 2014. 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. During the three months ended March 31, 2014, the Company exercised a portion of its "accordion" feature on the 2013 Senior Facility to increase the available borrowings of the 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.
	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. During the three months ended March 31, 2014, the Company borrowed an additional $10.0 million under the 2013 Revolver, bringing the then outstanding balance on the 2013 Revolver to $58.0 million. During the three months ended March 31, 2014, the Company repaid the $58.0 million outstanding balance on the 2013 Revolver. As a result, there was no outstanding balance as of March 31, 2014.
	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 2013 Revolver or 0.30% per year if the aggregate unused amount is less than 50% of the 2013 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 three months ended March 31, 2014, the Company incurred $0.2 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 March 31, 2014, the Company was in compliance with all of the debt covenants related to the 2013 Senior Facility.
As of March 31, 2014, $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 4.7% and 4.6% as of March 31, 2014 and December 31, 2013, respectively. As of March 31, 2014, the average remaining term was 4.8 years.
As of March 31, 2014, the Company issued letters of credit totaling $5.0 million in connection with three of its properties.
2012 Senior Facility and Subordinated Facility
On January 12, 2012, 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 2012 Revolver, the "2012 Senior Facility"). The interest rate during the year ended 2012 was renegotiated from LIBOR plus 5.0% (with a LIBOR floor of 1.0%) to LIBOR plus 4.5% (with no LIBOR floor). 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 three months ended March 31, 2013, the Company incurred $0.1 million of unused fees related to the 2012 Revolver.
During 2012, the Company also entered into a subordinated unsecured revolving credit facility (the "Subordinated Facility") with a wholly-owned subsidiary of Brookfield Asset Management, Inc., a related party, which 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.

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION	'
	ORGANIZATION
	Readers of this Quarterly Report should refer to the Company’s (as defined below) audited Consolidated and Combined Financial Statements for the year ended December 31, 2013 which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Annual Report”), as certain footnote disclosures which would substantially duplicate those contained in the Annual Report have been omitted from this Quarterly Report.  Capitalized terms used, but not defined in this Quarterly Report, have the same meanings as in the Annual Report.
	General
	Rouse Properties, Inc. is a Delaware corporation that was created to hold certain assets and liabilities of General Growth Properties, Inc. ("GGP"). Prior to January 12, 2012, Rouse Properties, Inc. and its subsidiaries ("Rouse" or the "Company") were a wholly-owned subsidiary of GGP Limited Partnership (“GGP LP”). GGP distributed the assets and liabilities of 30 of its wholly-owned properties (“RPI Businesses”) to Rouse on January 12, 2012 (the “Spin-Off Date”). Before the spin-off, the Company had not conducted any business as a separate company and had no material assets or liabilities. The operations, assets and liabilities of the business were transferred to us by GGP on the Spin-Off Date and are presented as if the transferred business was our business for all historical periods prior to the Spin-Off Date. As such, the Company's assets and liabilities on the Spin-Off Date were reflective of GGP's respective carrying values. Unless the context otherwise requires, references to “we”, “us” and “our” refer to Rouse.
	Principles of Consolidation and Basis of Presentation
	The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The consolidated balance sheets as of March 31, 2014 and December 31, 2013 and the accompanying consolidated statements of operations and comprehensive loss for each of the three months ended March 31, 2014 and 2013, include the accounts of Rouse, as well as all subsidiaries of Rouse. All intercompany transactions have been eliminated in consolidation as of and for each of the three months ended March 31, 2014 and 2013.
	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 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	3 Months Ended
	Mar. 31, 2014
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 and 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.
	The Company determined there were events and circumstances which changed management's estimated holding period for Boulevard Mall during the three months ended March 31, 2013. During 2013, the servicer of the loan for 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 three months ended March 31, 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 statements of operations and comprehensive loss for the three months ended March 31, 2013. No impairment charges were recorded for the three months ended March 31, 2014.
	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-Mar-14
	Tenant leases:
	In-place value	$	97,484			$	(41,145	)		$	56,339
	Above-market	128,609				(66,759		)		61,850
	Below-market	(58,202		)		21,030				(37,172		)
	Ground leases:
	Below-market	2,173				(423		)		1,750
	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
	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 3 and 5, respectively.
	Amortization of in-place intangible assets and liabilities decreased the Company's income by $5.9 million and $4.8 million for the three months ended March 31, 2014 and 2013, respectively. Amortization of in-place intangibles are included in depreciation and amortization on the Company's consolidated statements of operations and comprehensive loss.
	Amortization of above-market and below-market lease intangibles decreased the Company's revenue by $3.8 million and $4.3 million for the three months ended March 31, 2014 and 2013, respectively. Amortization of above-market and below-market leasing intangibles are included in minimum rents on the Company's consolidated statements of operations and comprehensive loss.
	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)
	Remainder of 2014		$	12,920			$	8,319
	2015		$	11,754			$	9,309
	2016		$	8,554			$	6,630
	2017		$	5,707			$	4,292
	2018		$	3,936			$	1,241
	2019		$	3,099			$	(171	)
	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.
	Interest Rate Hedging Instruments
	The Company recognizes its derivative financial instruments in either prepaid expenses and other assets, net or accounts payable and accrued expenses, net, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both quantitative and qualitative methods. The Company has entered into a derivative agreement as of March 31, 2014 that qualifies as a hedging instrument and was designated, based upon the exposure being hedged, as a cash flow hedge. The fair value of this cash flow hedge as of March 31, 2014 was $0.3 million, and is included in accounts payable and accrued expenses, net in the Company's consolidated balance sheets. The fair value of the Company's interest rate hedge is classified as Level 2 in the fair value measurement table. To the extent they are effective, changes in fair value of cash flow hedges are reported in accumulated other comprehensive income (loss) ("AOCI/L") and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in AOCI/L and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract.
	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 include percentage rents in lieu of minimum rent from those leases where we receive a percentage of tenant revenues. The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three months ended March 31, 2014 and 2013:
			For the three months ended March 31,
			2014				2013
			(In thousands)
	Straight-line rent amortization		$	625			$	944
	Lease termination income		—				34
	Net amortization of above and below-market tenant leases		(3,757		)		(4,299		)
	Amortization of lease inducement		—				(250		)
	Percentage rents in lieu of minimum rent		1,607				2,104
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:
	March 31, 2014				December 31, 2013
	(In thousands)
Straight-line rent receivables, net	$	13,271			$	12,645
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 $2.6 million and $2.8 million as of March 31, 2014 and December 31, 2013, respectively.
Tenant recoveries are recoveries from tenants that are established in the leases or computed based upon a formula related to real estate taxes, insurance and other property operating expenses and are generally recognized as revenues in the period in which 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 similarly; however, it reflects potential dilution of securities by adding other potential shares of common stock, including stock options and nonvested restricted stock, to the weighted-average number of shares of common stock outstanding for the period. For the three months ended March 31, 2014 and 2013, there were 3,294,071 and 2,610,485 stock options outstanding, respectively, that potentially could be converted into shares of common stock and 219,642 and 293,237 shares of nonvested restricted stock outstanding, respectively. These stock options and shares of restricted stock have been excluded from this computation, as their effect is anti-dilutive. The Company had the following weighted-average shares outstanding:
	For the three months ended March 31,
	2014		2013
Weighted average shares - basic and diluted	56,129,522		49,332,151
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 sets forth information regarding the Company's financial and non-financial instruments that are measured at fair value on a recurring and non-recurring basis by the above categories:
		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)
		(In thousands)
31-Mar-14
Recurring basis:
Assets:
Interest rate cap		$	40			$	—			$	40			$	—
Liabilities:
Interest rate swap		$	(286	)		$	—			$	(286	)		$	—
31-Dec-13
Recurring basis:
Assets:
Interest rate cap		$	45			$	—			$	45			$	—
Non-recurring basis:
Investment in Real Estate		$	33,475			$	—			$	—			$	33,475
The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company has one interest rate swap and one interest rate cap as of March 31, 2014 and the interest rate swap qualified for hedge accounting. The interest rate swap has met the effectiveness test criteria since inception and changes in its fair value is reported in other comprehensive income (loss) ("OCI/L") and is reclassified into earnings in the same period or periods during which the hedged item affects earnings. The interest rate cap did not qualify for hedge accounting and so the changes in its fair value are reported in earnings during the period incurred. The fair value of the Company's interest rate hedges, classified under Level 2, are determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company's credit standing, credit risk of the counterparty, and reasonable estimates about relevant future market conditions. See Note 6 for additional information regarding the Company's interest rate hedging instruments.
The Company's financial instruments are short term in nature and as such their fair values approximate their carrying amount in our consolidated financial statements except for debt. As of March 31, 2014 and December 31, 2013, management’s estimates of fair value are presented below. The Company estimated the fair value of the debt by 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.
	March 31, 2014								December 31, 2013
	Carrying Amount				Estimated Fair				Carrying Amount				Estimated Fair
					Value								Value
	(In thousands)
Fixed-rate debt	$	1,048,340			$	1,043,286			$	1,021,432			$	1,013,726
Variable-rate debt	325,916				327,207				433,114				434,508
Total mortgages, notes and loans payable	$	1,374,256			$	1,370,493			$	1,454,546			$	1,448,234
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-Mar-14
Deferred lease costs	$	47,020			$	(13,270	)		$	33,750
Deferred financing costs	18,689				(5,180		)		13,509
Total	$	65,709			$	(18,450	)		$	47,259
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
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 March 31, 2014 and December 31, 2013, a preliminary estimate of the cost of the environmental remediation liability was approximately $4.8 million and $4.7 million, respectively, which is included in accounts payable and accrued expenses, net on the Company's consolidated balance sheets. The ultimate cost of remediation to be incurred by the Company in the future may differ from the estimates as of March 31, 2014.
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, valuation of hedging instruments and fair value of debt. Actual results could differ from these and other estimates.
Reclassification
As a result of the disposition of Boulevard Mall, certain prior period amounts included on the Company's consolidated statements of operations and comprehensive loss and related notes have been reclassified to discontinued operations for the prior periods presented.
Recent Accounting Pronouncements
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which requires entities to disclose only disposals representing a strategic shift in operations as discontinued operations. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new standard is effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. We are evaluating the impact that this update may have on the Company's consolidated financial statements.

PREPAID_EXPENSES_AND_OTHER_ASS

PREPAID EXPENSES AND OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2014
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:
		March 31,		December 31,
		2014		2013
		(In thousands)
	Above-market tenant leases, net (Note 2)	$	61,850	$	68,683
	Deposits	1,585		682
	Below-market ground leases, net (Note 2)	1,750		1,781
	Prepaid expenses	4,346		4,776
	Other	505		330
	Total prepaid expenses and other assets, net	$	70,036	$	76,252

DERIVATIVES_DERIVATIVES

DERIVATIVES DERIVATIVES

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

'

DERIVATIVES

'

DERIVATIVES

Cash Flow Hedges of Interest Rate Risk

The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from the counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.

The effective portion of changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) ("AOCI/L") and is subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings. During the three months ended March 31, 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate borrowings. The ineffective portion of the change in fair value of the derivatives is recognized in earnings. During the three months ended March 31, 2014, the Company recorded no hedge ineffectiveness for the interest rate swap.

Amounts reported in AOCI/L related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of March 31, 2014, the Company expects that an additional $0.8 million will be reclassified as an increase to interest expense over the next 12 months.

Interest Rate Swap

The Company entered into an interest rate swap to hedge the risk of changes in cash flows on borrowings related to the West Valley Mall during the three months ended March 31, 2014. The interest related to this loan was computed at a variable rate of LIBOR + 1.75% and the Company swapped this for a fixed rate of 3.24%. The interest rate swap protects the Company from increases in the hedged cash flows attributable to increases in LIBOR. The interest rate swap matures in June 2018.

As of March 31, 2014, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:

Interest Rate Derivative

Number of Instruments

Notional Amount

(in thousands)

Interest rate swap

1

$59,000

Non-Designated Hedges - Interest Rate Caps

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the hedge accounting requirements. Changes in the fair value of the derivative not designated as hedges are recorded directly in earnings. For the three months ended March 31, 2014, such amounts equaled $0.01 million. The Company did not have any non-designated hedges during the three months ended March 31, 2013. As of March 31, 2014, the Company had the following outstanding derivative that was not designated as a hedge in qualifying hedging relationships:

Interest Rate Derivative

Number of Instruments

Notional Amount

(in thousands)

Interest rate cap

1

$66,500

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company's consolidated balance sheet as of March 31, 2014 and December 31, 2013:

Instrument Type

Location in consolidated balance sheets

Notional Amount

Designated Benchmark Interest Rate

Strike Rate

Fair Value at March 31, 2014

Fair Value at December 31, 2013

Maturity Date

Derivative not designated as hedging instruments

(dollars in thousands)

Interest Rate Cap

Prepaid expenses and other assets, net

$

66,500

One-month LIBOR

4.5

%

$

40

$

45

May-16

Derivative designated as hedging instruments

Pay fixed / receive variable rate swap

Accounts payable and accrued expenses, net

59,000

One-month LIBOR

1.5

%

(286

)

—

Jun-18

The table below presents the effect of the Company’s derivative financial instruments on the Company's consolidated statement of operations and comprehensive loss for the three months ended March 31, 2014. The Company had no cash flow hedges during the three months ended March 31, 2013.

Gain (Loss) Recognized in OCI/L (Effective Portion)

Location of Losses Reclassified from OCI/L Into Earnings (Effective Portion)

Loss Recognized in Earnings (Effective Portion)

Location of Gain (Loss) Recognized in Earnings (Ineffective Portion)

Gain Recognized in Earnings (Ineffective Portion)

March 31,

March 31,

March 31,

Hedging Instrument

2014

2013

2014

2013

2014

2013

(dollars in thousands)

Pay fixed / receive variable rate swap

$

(411

)

—

Interest expense

$

125

—

n.a.

$

—

—

Credit Risk-Related Contingent Features

The Company has an agreement with its derivative counterparty that contains a provision where if the Company defaults on any of its indebtedness, including a default where by repayment of such indebtedness has not been accelerated by the lender, the Company could also be declared in default on its derivative obligations. The Company has not posted any collateral related to this agreement. As of March 31, 2014, the fair value of the derivative liability, which includes accrued interest but excludes any adjustment for nonperformance risk, related to this agreement was $0.3 million. If the Company had breached this provision as of March 31, 2014, it would have been required to settle its obligations under the agreement at its termination value of $0.3 million.

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET	3 Months Ended
	Mar. 31, 2014
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:
		March 31, 2014		December 31, 2013
		(In thousands)
	Below-market tenant leases, net (Note 2)	$	37,172	$	40,247
	Construction payable	13,051		21,821
	Accounts payable and accrued expenses	9,202		10,310
	Accrued dividend	9,884		6,454
	Accrued interest	4,011		4,213
	Accrued real estate taxes	7,596		5,640
	Deferred income	4,941		6,539
	Accrued payroll and other employee liabilities	2,186		7,942
	Tenant and other deposits	1,261		1,249
	Asset retirement obligation liability	4,805		4,745
	Derivative liability	286		—
	Other	784		523
	Total accounts payable and accrued expenses, net	$	95,179	$	109,683

DISPOSITIONS_DISCONTINUED_OPER

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES	3 Months Ended
	Mar. 31, 2014
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, for the periods presented, are included in loss from discontinued operations in the Company's consolidated statements of operations and comprehensive loss and are summarized in the table set forth below.
	In June 2013, the Company conveyed its interest in 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. Additionally, the conveyance of the property was structured as a reverse like-kind exchange transaction under Internal Revenue Code of 1986 (IRC) Section 1031 for income tax purposes.
		For the three months ended March 31,
		2013
		(in thousands)
	Total revenues	$	2,387
	Operating expenses including depreciation and amortization	1,680
	Provision for impairment	21,661
	Total expenses	23,341
	Operating loss	(20,954		)
	Interest expense	(1,690		)
	Loss from discontinued operations	$	(22,644	)
	Loss from discontinued operations per share-Basic and Diluted	$	(0.46	)

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014, the Company has met the requirements of a REIT and has filed its tax returns for the 2012 fiscal year 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 its 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 its 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 its income or property, and to federal income and excise taxes on its 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 three months ended March 31, 2014 and 2013, the Company incurred approximately $0.02 million and $0.03 million, respectively, in taxes associated with the TRS.

COMMON_STOCK

COMMON STOCK	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
COMMON STOCK	'
	COMMON STOCK
	On January 13, 2014, the Company issued 8,050,000 shares of common stock in an underwritten public offering at a public offering price of $19.50 per share. Net proceeds of the public offering were approximately $150.7 million after deducting the underwriting discount.
	During the year ended December 31, 2013, 359,056 shares of the Company's Class B common stock were converted into 359,056 shares of the Company's common stock, at the request of the then holders of the Class B common stock. During the year ended December 31, 2013, the Company also sold 10,559 shares of common stock which was held as treasury stock at a stock price of $17.91 per share.
	Brookfield Asset Management, Inc. and its affiliates (collectively, “Brookfield”) owned approximately 33.6% of the Company's common stock as of March 31, 2014.
	Dividends
	On February 27, 2014, the Company's Board of Directors declared a first quarter common stock dividend of $0.17 per share, which was paid on April 30, 2014 to stockholders of record on April 15, 2014.

STOCK_BASED_COMPENSATION_PLANS

STOCK BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
STOCK BASED COMPENSATION PLANS	'
	NOTE 10                                                    STOCK BASED COMPENSATION PLANS
	Incentive Stock Plans
	On January 12, 2012, the Company adopted the Rouse Properties, Inc. 2012 Equity Incentive Plan ("the Equity Plan").
	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 three months ended March 31, 2014 and 2013:
		2014				2013
		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
	Stock options outstanding at January 1,	2,579,171		$15.14		1,945,643		$14.64
	Granted	750,300		18.4		695,900		16.48
	Exercised	—		—		—		—
	Forfeited	(35,400	)	15.13		(31,058	)	14.25
	Expired	—		—		—		—
	Stock options outstanding at March 31,	3,294,071		$15.89		2,610,485		$15.14
			Stock Options Outstanding (1)
	Issuance		Shares		Weighted Average Remaining Contractual Term (in years)		Weighted Average Exercise Price
	Mar-12		1,500,514		8		$14.72
	May-12		21,900		8.17		13.71
	Aug-12		36,400		8.42		13.75
	Oct-12		297,257		8.58		14.47
	Feb-13		687,700		8.92		16.48
	Feb-14		750,300		9.92		18.4
	Stock options outstanding at March 31, 2014		3,294,071		8.69		$15.89
	Explanatory Note:
	(1) As of March 31, 2014, 808,857 stock options became fully vested and are currently exercisable. As of March 31, 2014, the intrinsic value of these options was $1.8 million, and such stock options had a weighted average stock price of $14.99 and a weighted average remaining contractual term of 8.22 years.
	The Company recognized $0.4 million and $0.3 million in compensation expense related to the stock options for the three months ended March 31, 2014 and 2013, respectively, which are recorded in general and administrative on the Company's consolidated statements of operations and comprehensive loss.
	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 3 to 4 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 three months ended March 31, 2014 and 2013:
		2014				2013
		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
	Nonvested restricted stock grants outstanding at January 1,	278,617		$14.85		263,669		$14.69
	Granted	42,489		18.4		36,573		16.48
	Forfeited	—		—		(4,160	)	14.72
	Canceled	—		—		—		—
	Vested	(101,464	)	14.95		(2,845	)	16.48
	Nonvested restricted stock grants outstanding at March 31,	219,642		$15.49		293,237		$14.87
	The 4,160 shares of restricted stock that were forfeited during the three months ended March 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 restricted awards as of March 31, 2014 was 1.4 years.
	The Company recognized $0.4 million in compensation expense related to the restricted stock for each of the three months ended March 31, 2014 and 2013, which are recorded in general and administrative on the Company's consolidated statements of operations and comprehensive loss.
	Other Disclosures
	The estimated values of options granted in the stock option activity 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 are 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 certain historical and future projections of the Company.  The expected life is computed using the simplified method as the Company does not have historical stock 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 2014 weighted-average assumptions:
	Risk-free interest rate	1.83	%
	Dividend yield	3.7	%
	Expected volatility	27.75	%
	Expected life (in years)	6.5
	As of March 31, 2014, there was $10.2 million of total unrecognized compensation expense related to all nonvested options and restricted stock grants. Of this total, $2.9 million in 2014, $3.1 million in 2015, $2.4 million in 2016, $1.1 million in 2017, $0.6 million in 2018 and $0.1 million in 2019, will be recognized, respectively.  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	3 Months Ended
	Mar. 31, 2014
Noncontrolling Interest [Abstract]	'
NON-CONTROLLING INTEREST	'
	NON-CONTROLLING INTEREST
	The non-controlling interest on the Company's consolidated balance sheets represents Series A Cumulative Non-Voting Preferred Stock ("Preferred Shares") of Rouse Holdings, Inc. (Holdings), a subsidiary of Rouse. Holdings issued 111 Preferred Shares at a par value of $1,000 per share to third parties on June 29, 2012. The Preferred Shareholders are entitled to a cumulative preferential annual cash dividend of 12.5%. These Preferred Shares may only be redeemed at the option of Holdings for $1,000 per share plus all accrued and unpaid dividends. Furthermore, in the event of a voluntary or involuntary liquidation of Holdings, the Preferred Shareholders are entitled to a liquidation preference of $1,000 per share plus all accrued and unpaid dividends. The Preferred Shares are not convertible into or exchangeable for any property or securities of Holdings.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2014
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 the Company, 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, among 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 three months ended March 31, 2013, costs associated with the transition services agreement were $0.1 million.
	Office Lease with Brookfield
	Upon its spin-off from GGP, the Company assumed a 10-year lease agreement with Brookfield, as landlord, for office space for its corporate office in New York City. Costs associated with the office lease were $0.3 million for each of the three months ended March 31, 2014 and 2013. There are no outstanding amounts payable as of March 31, 2014 and 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 March 31, 2014. The costs associated with the build out of the Company's office space were capitalized in buildings and equipment on the Company's consolidated balance sheets.
	During 2012, the Company entered into a 5-year lease agreement with Brookfield, as landlord, for office space for its 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. Effective December 30, 2013, the Brookfield subsidiary sold the office building in which the office space is located to a third party.
	Subordinated Credit Facility with Brookfield
	On the Spin-Off Date, the Company entered into the 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. On November 22, 2013, in conjunction with the Company's entrance into the 2013 Senior Facility, the Subordinated Facility was terminated (see Note 4).
	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 $0.1 million and $1.7 million of infrastructure costs during the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, the Company had $8.2 million of infrastructure costs which were capitalized in buildings and equipment on the Company's consolidated balance sheets, of which there were no costs outstanding and payable.
	Financial Service Center
	During 2013, the Company engaged BCO's financial service center to manage certain administrative services of Rouse, such as accounts payable and receivable, employee expenses, lease administration, and other similar types of services. Approximately $0.5 million and $0.3 million in costs were incurred for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and 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 $0.8 million and $0.5 million in costs were incurred for the three months ended March 31, 2014 and 2013, respectively, of which there were no costs outstanding and payable as of March 31, 2014 and 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 has now been extended to August 14, 2014. However, the Company may demand the funds earlier by providing U.S. Holdings with three days notice. The Company earned approximately $0.2 million in interest income for each of the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, the Company has $50.1 million on deposit with U.S. Holdings, which is recorded as a demand deposit from affiliate on the Company's consolidated balance sheets. As of December 31, 2013, the Company had no outstanding deposit with U.S. Holdings.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	In April 2014, the loan associated with the Steeplegate Mall was transferred to special servicing. Rouse has not commenced any discussions with the special servicer as of the date of this report regarding this loan, however there is a heightened probability of this asset being conveyed to its lender absent substantive renegotiation.
	On May 1, 2014, the Company's Board of Directors declared a second quarter common stock dividend of $0.17 per share which will be paid on July 31, 2014 to stockholders of record on July 15, 2014.
	The Company has executed a contract and completed its due diligence to acquire Bel Air Mall, in Mobile, Alabama, for approximately $135.0 million.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

'

Principles of Combination and Consolidation and Basis of Presentation

'

Principles of Consolidation and Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The consolidated balance sheets as of March 31, 2014 and December 31, 2013 and the accompanying consolidated statements of operations and comprehensive loss for each of the three months ended March 31, 2014 and 2013, include the accounts of Rouse, as well as all subsidiaries of Rouse. All intercompany transactions have been eliminated in consolidation as of and for each of the three months ended March 31, 2014 and 2013.

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 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 and capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may exceed the carrying amount, a real estate asset is only considered to be impaired when its carrying amount cannot be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is determined to be necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset group. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset.

Cash and Cash Equivalents

'

Cash and Cash Equivalents

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

Restricted Cash

'

Restricted Cash

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

Derivatives

'

Interest Rate Hedging Instruments

The Company recognizes its derivative financial instruments in either prepaid expenses and other assets, net or accounts payable and accrued expenses, net, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both quantitative and qualitative methods. The Company has entered into a derivative agreement as of March 31, 2014 that qualifies as a hedging instrument and was designated, based upon the exposure being hedged, as a cash flow hedge. The fair value of this cash flow hedge as of March 31, 2014 was $0.3 million, and is included in accounts payable and accrued expenses, net in the Company's consolidated balance sheets. The fair value of the Company's interest rate hedge is classified as Level 2 in the fair value measurement table. To the extent they are effective, changes in fair value of cash flow hedges are reported in accumulated other comprehensive income (loss) ("AOCI/L") and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in AOCI/L and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract.

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 include percentage rents in lieu of minimum rent from those leases where we receive a percentage of tenant revenues. The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three months ended March 31, 2014 and 2013:

For the three months ended March 31,

2014

2013

(In thousands)

Straight-line rent amortization

$

625

$

944

Lease termination income

—

34

Net amortization of above and below-market tenant leases

(3,757

)

(4,299

)

Amortization of lease inducement

—

(250

)

Percentage rents in lieu of minimum rent

1,607

2,104

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:

March 31, 2014

December 31, 2013

(In thousands)

Straight-line rent receivables, net

$

13,271

$

12,645

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 $2.6 million and $2.8 million as of March 31, 2014 and December 31, 2013, respectively.

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

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

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

Loss Per Share

'

Loss Per Share

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

Fair Value

'

Fair Value

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

•

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

•

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

•

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

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

The following table sets forth information regarding the Company's financial and non-financial instruments that are measured at fair value on a recurring and non-recurring basis by the above categories:

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)

(In thousands)

31-Mar-14

Recurring basis:

Assets:

Interest rate cap

$

40

$

—

$

40

$

—

Liabilities:

Interest rate swap

$

(286

)

$

—

$

(286

)

$

—

31-Dec-13

Recurring basis:

Assets:

Interest rate cap

$

45

$

—

$

45

$

—

Non-recurring basis:

Investment in Real Estate

$

33,475

$

—

$

—

$

33,475

The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company has one interest rate swap and one interest rate cap as of March 31, 2014 and the interest rate swap qualified for hedge accounting. The interest rate swap has met the effectiveness test criteria since inception and changes in its fair value is reported in other comprehensive income (loss) ("OCI/L") and is reclassified into earnings in the same period or periods during which the hedged item affects earnings. The interest rate cap did not qualify for hedge accounting and so the changes in its fair value are reported in earnings during the period incurred. The fair value of the Company's interest rate hedges, classified under Level 2, are determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company's credit standing, credit risk of the counterparty, and reasonable estimates about relevant future market conditions. See Note 6 for additional information regarding the Company's interest rate hedging instruments.

The Company's financial instruments are short term in nature and as such their fair values approximate their carrying amount in our consolidated financial statements except for debt. As of March 31, 2014 and December 31, 2013, management’s estimates of fair value are presented below. The Company estimated the fair value of the debt by using a future discounted cash flow analysis based on the use and weighting of multiple market inputs. Based on the frequency and availability of market data, the inputs used to measure the estimated fair value of debt are Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate discount rates.

Deferred Expenses

'

Deferred Expenses

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

Intangible Assets and Liabilities

'

The gross asset balances of the in-place value of tenant leases are included in buildings and equipment on the Company's consolidated balance sheets. Acquired in-place tenant leases are amortized over periods that approximate the related lease terms. The above-market tenant and below-market ground leases are included in prepaid expenses and other assets, and below-market tenant leases are included in accounts payable and accrued expenses as detailed in Notes 3 and 5, respectively.

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, valuation of hedging instruments and fair value of debt. Actual results could differ from these and other estimates.

Reclassifications

'

Reclassification

As a result of the disposition of Boulevard Mall, certain prior period amounts included on the Company's consolidated statements of operations and comprehensive loss and related notes have been reclassified to discontinued operations for the prior periods presented.

MORTGAGES_NOTES_AND_LOANS_PAYA1

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Summary of Mortgages, notes and loans payable	'
	Mortgages, notes and loans payable are summarized as follows:
		March 31,				December 31,				Interest Rate at March 31, 2014			Scheduled Maturity Date
		2014				2013
	Fixed-rate debt:	(in thousands)
	Steeplegate	$	47,488			$	47,970			4.94	%		Aug-14
	Greenville Mall (1)	41,178				41,375				5.29			Dec-15
	Vista Ridge Mall	70,604				71,270				6.87			Apr-16
	Washington Park Mall	10,780				10,872				5.35			Apr-16
	The Centre at Salisbury (1)	115,000				115,000				5.79			May-16
	The Mall at Turtle Creek	78,362				78,615				6.54			Jun-16
	Collin Creek	59,686				60,206				6.78			Jul-16
	Bayshore Mall	—				27,720				—			—
	Grand Traverse	60,185				60,429				5.02			Feb-17
	Sikes Senter	55,051				55,494				5.2			Jun-17
	Knollwood Mall	36,003				36,281				5.35			Oct-17
	West Valley Mall (1)(2)	59,000				—				3.24			Sep-18
	Pierre Bossier	47,209				47,400				4.94			May-22
	Pierre Bossier Anchor	3,697				3,718				4.85			May-22
	Southland Center (MI)	76,905				77,205				5.09			Jul-22
	Chesterfield Towne Center (1)	109,317				109,737				4.75			Oct-22
	Animas Valley	50,692				50,911				4.41			Nov-22
	Lakeland Mall (1)	68,939				69,241				4.17			Mar-23
	Valley Hills Mall (1)	67,296				67,572				4.47			Jul-23
	Total fixed-rate debt	$	1,057,392			$	1,031,016
	Less: Market rate adjustments	(9,052		)		(9,583		)
		$	1,048,340			$	1,021,433
	Variable-rate debt:
	NewPark Mall (1)(3)	$	65,916			$	66,113			4.2	%		May-17
	West Valley Mall (1)	—				59,000				—			Sep-18
	2013 Term Loan (4)	260,000				260,000				2.5			Nov-18
	2013 Revolver (4)	—				48,000				—			Nov-17
	Total variable-rate debt:	$	325,916			$	433,113
	Total mortgages, notes and loans payable	$	1,374,256			$	1,454,546
	Explanatory Notes:
	(1) See the significant property loan refinancings and acquisitions table below under "—Property-Level Debt" in this Note 4 for additional information regarding the debt related to each property.
	(2) As of December 31, 2013, the interest rate related to West Valley Mall was variable rate at LIBOR plus 175 basis points. During the three months ended March 31, 2014, the Company entered into a swap transaction and now has a fixed interest rate of 3.24%. See Note 6 for further details.
	(3) LIBOR (30 day) plus 405 basis points.
	(4) LIBOR (30 day) plus 235 basis points.
	The following is a summary of significant property loan refinancings and acquisitions that occurred during the year ended December 31, 2013 ($ in thousands):
	Property		Date		Balance at Date of Refinancing				Interest Rate			Balance of New Loan		New Interest Rate		Net Proceeds (1)		Maturity
	31-Dec-13
	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
	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. During the three months ended March 31, 2014, the Company entered into a swap transaction and the interest rate now has a fixed interest rate of 3.24%.
	(5) The loan is interest-only. In conjunction with the acquisition of the Centre at Salisbury the Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Schedule of Finite-Lived Intangible Assets [Table Text Block]	'
	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)
	Remainder of 2014		$	12,920			$	8,319
	2015		$	11,754			$	9,309
	2016		$	8,554			$	6,630
	2017		$	5,707			$	4,292
	2018		$	3,936			$	1,241
	2019		$	3,099			$	(171	)
Schedule of estimated useful lives	'
	Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives:
		Years
	Buildings and improvements	40
	Equipment and fixtures	10-May
	Tenant improvements	Shorter of useful life or applicable lease term
Summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent	'
	The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three months ended March 31, 2014 and 2013:
			For the three months ended March 31,
			2014				2013
			(In thousands)
	Straight-line rent amortization		$	625			$	944
	Lease termination income		—				34
	Net amortization of above and below-market tenant leases		(3,757		)		(4,299		)
	Amortization of lease inducement		—				(250		)
	Percentage rents in lieu of minimum rent		1,607				2,104
Schedule of straight-line rent receivables	'
	The following is a summary of straight-line rent receivables, which are included in accounts receivable, net, in our consolidated balance sheets and are reduced for allowances for doubtful accounts:
		March 31, 2014				December 31, 2013
		(In thousands)
	Straight-line rent receivables, net	$	13,271			$	12,645
Schedule of weighted-average shares outstanding	'
	The Company had the following weighted-average shares outstanding:
		For the three months ended March 31,
		2014		2013
	Weighted average shares - basic and diluted	56,129,522		49,332,151
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis	'
	The following table sets forth information regarding the Company's financial and non-financial instruments that are measured at fair value on a recurring and non-recurring basis by the above categories:
			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)
			(In thousands)
	31-Mar-14
	Recurring basis:
	Assets:
	Interest rate cap		$	40			$	—			$	40			$	—
	Liabilities:
	Interest rate swap		$	(286	)		$	—			$	(286	)		$	—
	31-Dec-13
	Recurring basis:
	Assets:
	Interest rate cap		$	45			$	—			$	45			$	—
	Non-recurring basis:
	Investment in Real Estate		$	33,475			$	—			$	—			$	33,475
Schedule of fair value of financial instruments	'
	The primary sensitivity in these calculations is based on the selection of appropriate discount rates.
		March 31, 2014								December 31, 2013
		Carrying Amount				Estimated Fair				Carrying Amount				Estimated Fair
						Value								Value
		(In thousands)
	Fixed-rate debt	$	1,048,340			$	1,043,286			$	1,021,432			$	1,013,726
	Variable-rate debt	325,916				327,207				433,114				434,508
	Total mortgages, notes and loans payable	$	1,374,256			$	1,370,493			$	1,454,546			$	1,448,234
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-Mar-14
	Deferred lease costs	$	47,020			$	(13,270	)		$	33,750
	Deferred financing costs	18,689				(5,180		)		13,509
	Total	$	65,709			$	(18,450	)		$	47,259
	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
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-Mar-14
	Tenant leases:
	In-place value	$	97,484			$	(41,145	)		$	56,339
	Above-market	128,609				(66,759		)		61,850
	Below-market	(58,202		)		21,030				(37,172		)
	Ground leases:
	Below-market	2,173				(423		)		1,750
	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

PREPAID_EXPENSES_AND_OTHER_ASS1

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2014
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:
		March 31,		December 31,
		2014		2013
		(In thousands)
	Above-market tenant leases, net (Note 2)	$	61,850	$	68,683
	Deposits	1,585		682
	Below-market ground leases, net (Note 2)	1,750		1,781
	Prepaid expenses	4,346		4,776
	Other	505		330
	Total prepaid expenses and other assets, net	$	70,036	$	76,252

DERIVATIVES_Tables

DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2014

Derivative [Line Items]

'

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

'

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company's consolidated balance sheet as of March 31, 2014 and December 31, 2013:

Instrument Type

Location in consolidated balance sheets

Notional Amount

Designated Benchmark Interest Rate

Strike Rate

Fair Value at March 31, 2014

Fair Value at December 31, 2013

Maturity Date

Derivative not designated as hedging instruments

(dollars in thousands)

Interest Rate Cap

Prepaid expenses and other assets, net

$

66,500

One-month LIBOR

4.5

%

$

40

$

45

May-16

Derivative designated as hedging instruments

Pay fixed / receive variable rate swap

Accounts payable and accrued expenses, net

59,000

One-month LIBOR

1.5

%

(286

)

—

Jun-18

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

'

The table below presents the effect of the Company’s derivative financial instruments on the Company's consolidated statement of operations and comprehensive loss for the three months ended March 31, 2014. The Company had no cash flow hedges during the three months ended March 31, 2013.

Gain (Loss) Recognized in OCI/L (Effective Portion)

Location of Losses Reclassified from OCI/L Into Earnings (Effective Portion)

Loss Recognized in Earnings (Effective Portion)

Location of Gain (Loss) Recognized in Earnings (Ineffective Portion)

Gain Recognized in Earnings (Ineffective Portion)

March 31,

March 31,

March 31,

Hedging Instrument

2014

2013

2014

2013

2014

2013

(dollars in thousands)

Pay fixed / receive variable rate swap

$

(411

)

—

Interest expense

$

125

—

n.a.

$

—

—

Designated as Hedging Instrument [Member]

'

Derivative [Line Items]

'

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

'

As of March 31, 2014, the Company had the following outstanding interest rate derivative that was designated as a cash flow hedge of interest rate risk:

Interest Rate Derivative

Number of Instruments

Notional Amount

(in thousands)

Interest rate swap

1

$59,000

Not Designated as Hedging Instrument

'

Derivative [Line Items]

'

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

'

As of March 31, 2014, the Company had the following outstanding derivative that was not designated as a hedge in qualifying hedging relationships:

Interest Rate Derivative

Number of Instruments

Notional Amount

(in thousands)

Interest rate cap

1

$66,500

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Tables)	3 Months Ended
	Mar. 31, 2014
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:
		March 31, 2014		December 31, 2013
		(In thousands)
	Below-market tenant leases, net (Note 2)	$	37,172	$	40,247
	Construction payable	13,051		21,821
	Accounts payable and accrued expenses	9,202		10,310
	Accrued dividend	9,884		6,454
	Accrued interest	4,011		4,213
	Accrued real estate taxes	7,596		5,640
	Deferred income	4,941		6,539
	Accrued payroll and other employee liabilities	2,186		7,942
	Tenant and other deposits	1,261		1,249
	Asset retirement obligation liability	4,805		4,745
	Derivative liability	286		—
	Other	784		523
	Total accounts payable and accrued expenses, net	$	95,179	$	109,683

DISPOSITIONS_DISCONTINUED_OPER1

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		For the three months ended March 31,
		2013
		(in thousands)
	Total revenues	$	2,387
	Operating expenses including depreciation and amortization	1,680
	Provision for impairment	21,661
	Total expenses	23,341
	Operating loss	(20,954		)
	Interest expense	(1,690		)
	Loss from discontinued operations	$	(22,644	)
	Loss from discontinued operations per share-Basic and Diluted	$	(0.46	)

STOCK_BASED_COMPENSATION_PLANS1

STOCK BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 and 2013:
		2014				2013
		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
	Stock options outstanding at January 1,	2,579,171		$15.14		1,945,643		$14.64
	Granted	750,300		18.4		695,900		16.48
	Exercised	—		—		—		—
	Forfeited	(35,400	)	15.13		(31,058	)	14.25
	Expired	—		—		—		—
	Stock options outstanding at March 31,	3,294,071		$15.89		2,610,485		$15.14
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		1,500,514		8		$14.72
	May-12		21,900		8.17		13.71
	Aug-12		36,400		8.42		13.75
	Oct-12		297,257		8.58		14.47
	Feb-13		687,700		8.92		16.48
	Feb-14		750,300		9.92		18.4
	Stock options outstanding at March 31, 2014		3,294,071		8.69		$15.89
	Explanatory Note:
	(1) As of March 31, 2014, 808,857 stock options became fully vested and are currently exercisable. As of March 31, 2014, the intrinsic value of these options was $1.8 million, and such stock options had a weighted average stock price of $14.99 and a weighted average remaining contractual term of 8.22 years.
Summary of restricted stock activity	'
	The following table summarizes restricted stock activity for the three months ended March 31, 2014 and 2013:
		2014				2013
		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
	Nonvested restricted stock grants outstanding at January 1,	278,617		$14.85		263,669		$14.69
	Granted	42,489		18.4		36,573		16.48
	Forfeited	—		—		(4,160	)	14.72
	Canceled	—		—		—		—
	Vested	(101,464	)	14.95		(2,845	)	16.48
	Nonvested restricted stock grants outstanding at March 31,	219,642		$15.49		293,237		$14.87
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 2014 weighted-average assumptions:
	Risk-free interest rate	1.83	%
	Dividend yield	3.7	%
	Expected volatility	27.75	%
	Expected life (in years)	6.5

ORGANIZATION_Details

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2014
	segment
Organization [Line Items]	'
Number of operating segments	1,000
GGP [Member]	'
Organization [Line Items]	'
Number of properties assets and liabilities are split over	30

MORTGAGES_NOTES_AND_LOANS_PAYA2

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

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jul. 30, 2013

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Nov. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Aug. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Nov. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 21, 2013

Mar. 20, 2013

Mar. 06, 2013

Feb. 28, 2013

Mar. 31, 2014

Dec. 31, 2013

Jun. 30, 2013

31-May-13

Mar. 31, 2014

Dec. 31, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2012

In Thousands, unless otherwise specified

Steeplegate Mall [Member]

Steeplegate Mall [Member]

GreenvilleMall [Member]

GreenvilleMall [Member]

GreenvilleMall [Member]

GreenvilleMall [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]

Collin Creek [Member]

Collin Creek [Member]

Bay Shore Mall [Member]

Bay Shore Mall [Member]

Grand Traverse Mall [Member]

Grand Traverse Mall [Member]

Sikes Center [Member]

Sikes Center [Member]

Knollwood Mall [Member]

Knollwood Mall [Member]

West Valley Mall [Member]

West Valley Mall [Member]

West Valley Mall [Member]

West Valley Mall [Member]

Pierre Bossier Mall [Member]

Pierre Bossier Mall [Member]

Pierre Bossier Anchor [Member]

Pierre Bossier Anchor [Member]

Southland Center [Member]

Southland Center [Member]

ChesterfieldTowneCenter [Member]

ChesterfieldTowneCenter [Member]

ChesterfieldTowneCenter [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]

NewPark Mall [Member]

NewPark Mall [Member]

NewPark Mall [Member]

NewPark Mall [Member]

2013 Term Loan [Member]

2013 Term Loan [Member]

2013 Revolver [Member]

2013 Revolver [Member]

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

West Valley Mall [Member]

West Valley Mall [Member]

NewPark Mall [Member]

NewPark Mall [Member]

2013 Term Loan [Member]

2013 Term Loan [Member]

2013 Revolver [Member]

2013 Revolver [Member]

Mortgages, notes and loans payable [Line Item]

'

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'

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'

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'

'

'

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'

'

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'

'

'

'

'

'

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'

'

'

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'

'

'

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'

'

'

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'

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'

Fixed-rate debt

$1,057,392

$1,031,016

$47,488

$47,970

$41,178

[1]

$41,375

[1]

'

'

$70,604

$71,270

$10,780

$10,872

$115,000

[1]

$115,000

[1]

'

$78,362

$78,615

$59,686

$60,206

$0

$27,720

$60,185

$60,429

$55,051

$55,494

$36,003

$36,281

$59,000

[1],[2]

$0

[1],[2]

'

'

$47,209

$47,400

$3,697

$3,718

$76,905

$77,205

$109,317

[1]

$109,737

[1]

'

$50,692

$50,911

$68,939

[1]

$69,241

[1]

'

'

'

'

'

$67,296

[1]

$67,572

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Market rate adjustments

-9,052

-9,583

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed-rate debt at fair value

1,048,340

1,021,433

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable-rate debt

325,916

433,113

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

[1]

59,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

65,916

[1],[3]

66,113

[1],[3]

'

'

260,000

[4]

260,000

[4]

0

[4]

48,000

[4]

'

'

'

'

'

'

'

'

Total Mortgages, notes and loans payable

$1,374,256

$1,454,546

'

'

'

'

$41,700

$0

'

'

'

'

'

$115,000

[5]

$0

[5]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$59,000

[6]

$47,100

[6]

'

'

'

'

'

'

'

$109,737

$0

'

'

'

'

$70,000

[7]

$70,000

$5,000

$65,000

$50,300

[7]

'

'

$68,000

$51,400

'

'

$66,500

[8]

$62,900

[8]

'

'

'

'

'

'

'

'

'

'

'

'

Fixed rate debt, interest rate

'

'

4.94%

'

5.29%

[1]

'

'

'

6.87%

'

5.35%

'

5.79%

[1]

'

'

6.54%

'

6.78%

'

0.00%

'

5.02%

'

5.20%

'

5.35%

'

3.24%

[1],[2]

'

'

'

4.94%

'

4.85%

'

5.09%

'

4.75%

[1]

'

'

4.41%

'

4.17%

[1]

'

'

'

'

'

'

4.47%

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable-rate debt, interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.20%

[1],[3]

'

'

'

2.50%

[4]

'

0.00%

[4]

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

1.75%

4.05%

4.05%

2.35%

2.35%

0.00%

2.35%

[1]

See the significant property loan refinancings and acquisitions table below under "bProperty-Level Debt" in this Note 4 for additional information regarding the debt related to each property.

[2]

As of December 31, 2013, the interest rate related to West Valley Mall was variable rate at LIBOR plus 175 basis points. During the three months ended March 31, 2014, the Company entered into a swap transaction and now has a fixed interest rate of 3.24%. See Note 6 for further details.

[3]

LIBOR (30 day) plus 405 basis points.

[4]

LIBOR (30 day) plus 235 basis points.

[5]

(5) The loan is interest-only. In conjunction with the acquisition of the Centre at Salisbury the Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years.

[6]

(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. During the three months ended March 31, 2014, the Company entered into a swap transaction and the interest rate now has a fixed interest rate of 3.24%.

[7]

(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

[8]

(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.

MORTGAGES_NOTES_AND_LOANS_PAYA3

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

3 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

31-May-13

Apr. 30, 2013

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2014

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]

Bay Shore Mall [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

'

'

18

'

'

34

'

'

'

'

'

'

'

'

'

'

Long-term Debt

$1,374,256,000

'

$1,454,546,000

$66,500,000

[1]

$62,900,000

[1]

$1,100,000,000

'

'

$70,000,000

[2]

$70,000,000

$5,000,000

$65,000,000

$50,300,000

[2]

'

$59,000,000

[3]

$47,100,000

[3]

Market rate adjustments

'

'

'

'

'

9,100,000

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate

'

'

'

'

'

5.20%

'

'

'

'

'

'

'

'

'

'

Term

'

'

'

'

'

'

'4 years 9 months

'

'

'

'

'

'

'30 years

'

'

Repayment of long term debt

$32,820,000

$156,974,000

'

'

'

'

'

$27,600,000

'

'

'

'

'

'

'

'

[1]

(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.

[2]

(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]

(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. During the three months ended March 31, 2014, the Company entered into a swap transaction and the interest rate now has a fixed interest rate of 3.24%.

MORTGAGES_NOTES_AND_LOANS_PAYA4

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

3 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Mar. 21, 2013

Mar. 20, 2013

Mar. 06, 2013

Feb. 28, 2013

31-May-13

Apr. 30, 2013

Jun. 30, 2013

31-May-13

Jul. 31, 2013

Jul. 30, 2013

Jun. 30, 2013

Sep. 03, 2013

Sep. 30, 2013

Aug. 31, 2013

Dec. 31, 2013

Nov. 30, 2013

Dec. 31, 2013

Nov. 30, 2013

Mar. 31, 2014

LakelandMall [Member]

LakelandMall [Member]

LakelandMall [Member]

LakelandMall [Member]

LakelandMall [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]

ChesterfieldTowneCenter [Member]

ChesterfieldTowneCenter [Member]

The Centre at Salisbury [Member]

The Centre at Salisbury [Member]

Maximum [Member]

The Centre at Salisbury [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt

$1,374,256,000

'

$1,454,546,000

$70,000,000

[1]

$70,000,000

$5,000,000

$65,000,000

$50,300,000

[1]

$66,500,000

[2]

$62,900,000

[2]

$68,000,000

$51,400,000

'

$41,700,000

$0

'

$59,000,000

[3]

$47,100,000

[3]

$109,737,000

$0

$115,000,000

[4]

$0

[4]

$3,500,000

[4]

Debt Instrument, 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]

'

Proceeds from Issuance of Long-term Debt

0

70,000,000

'

13,400,000

[1],[5]

'

'

'

'

1,100,000

[2],[5]

'

15,000,000

[5]

'

0

[5]

'

'

'

4,400,000

[3],[5]

'

0

[5]

'

0

[4],[5]

'

'

Debt Instrument, Subsequent Funding

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Funding Including Subsequent Funding

'

'

'

'

'

'

'

'

$71,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate Term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

Term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

'

'

'

'

'

'

'

Extension option

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

[1]

(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

[2]

(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.

[3]

(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. During the three months ended March 31, 2014, the Company entered into a swap transaction and the interest rate now has a fixed interest rate of 3.24%.

[4]

(5) The loan is interest-only. In conjunction with the acquisition of the Centre at Salisbury the Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years.

[5]

(1) Net proceeds is net of closing costs.

MORTGAGES_NOTES_AND_LOANS_PAYA5

MORTGAGES, NOTES AND LOANS PAYABLE - Corporate Facility, 2013 Senior Facility Narrative (Details) (USD $)

0 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

Nov. 22, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jan. 31, 2014

Nov. 22, 2013

Mar. 02, 2014

Feb. 28, 2013

Dec. 31, 2013

Nov. 22, 2013

Nov. 22, 2013

Mar. 31, 2014

Secured Debt [Member]

Secured Debt [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Secured Debt [Member]

Secured Debt [Member]

Revolving Credit Facility [Member]

Weighted Average [Member]

2013 Revolver [Member]

2013 Revolver [Member]

2013 Revolver [Member]

2013 Revolver [Member]

Senior Secured Credit Facility [Member]

Senior Secured Credit Facility [Member]

2013 Term Loan [Member]

2013 Term Loan [Member]

Secured Debt [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Current borrowing capacity

$510,000,000

'

'

'

'

'

'

$250,000,000

'

'

'

$260,000,000

'

'

Extinguishment of debt

70,900,000

'

'

'

58,000,000

'

'

'

'

'

'

'

'

'

Maximum increase in borrowing capacity

'

250,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit, maximum credit

'

760,000,000

'

'

'

'

'

'

285,000,000

250,000,000

'

'

'

'

Term

'

'

'

'

'

'4 years

'

'

'

'

'5 years

'

'

'4 years 9 months 6 days

Debt Instrument, Additional Amount Borrowed

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

Extension option

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

Amount Outstanding

'

'

'

'

0

'

58,000,000

'

'

'

'

'

'

'

Commitment Fee Percentage, If Greater Than 50 Percent

'

'

'

'

'

0.20%

'

'

'

'

'

'

'

'

Commitment Fee Percentage, If Less Than 50 Percent

'

'

'

'

'

0.30%

'

'

'

'

'

'

'

'

Debt Instrument Default Interest Rate

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

Commitment Fee Amount

'

'

'

'

200,000

'

'

'

'

'

'

'

'

'

Pledged assets

'

'

1,900,000,000

'

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate

'

'

4.70%

4.60%

'

'

'

'

'

'

'

'

'

'

Liabilities Subject to Compromise, Environmental Contingencies

'

$5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

MORTGAGES_NOTES_AND_LOANS_PAYA6

MORTGAGES, NOTES AND LOANS PAYABLE - Corporate Facility, 2012 Senior Facility Narrative (Details) (USD $)	12 Months Ended		3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2012	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2012
	Senior Secured Term Loan [Member]	Renegotiated Senior Secured Facility [Member]	Line of Credit [Member]	2012 Revolver [Member]	Brookfield Asset Management Inc [Member]
					Subordinated Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]	'	'	'	'	'
Description of Variable Rate Basis	'LIBOR	'LIBOR	'	'	'LIBOR
Basis spread on variable rate	5.00%	4.50%	'	'	8.50%
Debt Instrument Default Interest Rate	'	'	'	'	2.00%
Variable Rate Basis Floor	1.00%	0.00%	'	'	1.00%
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%	'	'
Commitment Fee Amount	'	'	'	$0.10	$0.30

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment)	3 Months Ended
	Mar. 31, 2014
Building and improvements	'
Properties	'
Estimated useful lives	'40 years
Equipment and fixtures | Maximum [Member]	'
Properties	'
Estimated useful lives	'10 years
Equipment and fixtures | Minimum [Member]	'
Properties	'
Estimated useful lives	'5 years

SUMMARY_OF_SIGNIGANT_ACCOUNTIN

SUMMARY OF SIGNIGANT ACCOUNTING POLICIES (Impairment)(Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Provision for impairment	$0	$21,661

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets and Liabilities)(Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Intangible assets and liabilities	'	'	'
Net Carrying Amount	($37,172,000)	'	($40,247,000)
Amortization of Intangible Assets	5,900,000	4,800,000	'
Amortization of intangible assets and liabilities	3,800,000	4,300,000	'
Estimated decrease to income due to future amortization	'	'	'
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	12,920,000	'	'
Future Amortization and Accretion Expense Next Twelve Months	8,319,000	'	'
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	11,754,000	'	'
2015	9,309,000	'	'
Finite-Lived Intangible Assets, Amortization Expense, Year Two	8,554,000	'	'
2016	6,630,000	'	'
Finite-Lived Intangible Assets, Amortization Expense, Year Three	5,707,000	'	'
2017	4,292,000	'	'
Finite-Lived Intangible Assets, Amortization Expense, Year Four	3,936,000	'	'
2018	1,241,000	'	'
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,099,000	'	'
2019	-171,000	'	'
Tenant leases	'	'	'
Intangible assets and liabilities	'	'	'
Gross Liability	-58,202,000	'	-59,641,000
Accumulated Accretion	21,030,000	'	19,394,000
Net Carrying Amount	-37,172,000	'	-40,247,000
Tenant leases | In-place value	'	'	'
Intangible assets and liabilities	'	'	'
Gross Assets	97,484,000	'	100,125,000
Accumulated Amortization	-41,145,000	'	-37,888,000
Net Carrying Amount	56,339,000	'	62,237,000
Tenant leases | Acquired Above Market Lease Intangibles	'	'	'
Intangible assets and liabilities	'	'	'
Gross Assets	128,609,000	'	132,986,000
Accumulated Amortization	-66,759,000	'	-64,303,000
Net Carrying Amount	61,850,000	'	68,683,000
Ground leases	'	'	'
Intangible assets and liabilities	'	'	'
Gross Assets	2,173,000	'	2,173,000
Accumulated Amortization	-423,000	'	-392,000
Net Carrying Amount	$1,750,000	'	$1,781,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition and Related Matters)(Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Accounting Policies [Abstract]	'	'	'
Straight-line rent amortization	$625,000	$944,000	'
Lease termination income	0	34,000	'
Net amortization of above and below-market tenant leases	-3,757,000	-4,299,000	'
Amortization of lease inducement	0	-250,000	'
Percentage rents in lieu of minimum rent	1,607,000	2,104,000	'
Straight-line rent receivables, net	13,271,000	'	12,645,000
Allowance for doubtful accounts	$2,600,000	'	$2,800,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Loss Per Share)(Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Employee Stock Option [Member]	'	'
Loss per share	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,294,071	2,610,485
Restricted Stock [Member]	'	'
Loss per share	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	219,642	293,237

SUMMARY_OF_SIGNIFICANT_ACCOUNT7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Weighted Average Shares Outstanding)(Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Weighted-average shares outstanding	'	'
Weighted average shares - basic and diluted	56,129,522	49,332,151

SUMMARY_OF_SIGNIFICANT_ACCOUNT8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value)(Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value of Financial Instruments	'	'
Fixed-rate debt	$1,057,392	$1,031,016
Variable-rate debt	325,916	433,113
Total Mortgages, notes and loans payable	1,374,256	1,454,546
Carrying Amount	'	'
Fair Value of Financial Instruments	'	'
Fixed-rate debt	1,048,340	1,021,432
Variable-rate debt	325,916	433,114
Total Mortgages, notes and loans payable	1,374,256	1,454,546
Estimated Fair Value	'	'
Fair Value of Financial Instruments	'	'
Fixed-rate debt	1,043,286	1,013,726
Variable-rate debt	327,207	434,508
Total Mortgages, notes and loans payable	$1,370,493	$1,448,234

SUMMARY_OF_SIGNIFICANT_ACCOUNT9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurements)(Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative Liability	($286)	$0
Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment in Real Estate, Fair Value Disclosure	'	33,475
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment in Real Estate, Fair Value Disclosure	'	33,475
Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative Asset	40	45
Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative Asset	40	45
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative Liability	-286	'
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Derivative Liability	($286)	'

Recovered_Sheet1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Expenses)(Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred lease costs	'	'
Gross Asset	$47,020	$43,570
Accumulated Amortization	-13,270	-12,039
Net Carrying Amount	33,750	31,531
Deferred finance costs	'	'
Gross Asset	18,689	18,979
Accumulated Amortization	-5,180	-4,455
Net Carrying Amount	13,509	14,524
Total	'	'
Gross Asset	65,709	62,549
Accumulated Amortization	-18,450	-16,494
Net Carrying Amount	$47,259	$46,055

Recovered_Sheet2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Asset Retirement Obligations)(Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Asset Retirement Obligations	'	'
Preliminary estimate of the cost of the environmental remediation liability	$4,805	$4,745

Recovered_Sheet3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Rate Hedging Instruments) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Total liabilities	$1,469,435	$1,564,229
Mortgages, notes and loans payable	1,374,256	1,454,546
Derivative Liability	286	0
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]	'	'
Derivative [Line Items]	'	'
Derivative Liability	$300	'

PREPAID_EXPENSES_AND_OTHER_ASS2

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Prepaid expenses and other assets	'	'
Deposits	$1,585	$682
Prepaid expenses	4,346	4,776
Other	505	330
Total Prepaid expenses and other assets, net	70,036	76,252
Ground leases	'	'
Prepaid expenses and other assets	'	'
Finite-lived intangible assets, net	1,750	1,781
Above-market tenant leases, net | Tenant leases	'	'
Prepaid expenses and other assets	'	'
Finite-lived intangible assets, net	$61,850	$68,683

DERIVATIVES_Details

DERIVATIVES (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Interest Rate Cap [Member]	Cash Flow Hedging [Member]	Designated as Hedging Instrument [Member]	Designated as Hedging Instrument [Member]	Designated as Hedging Instrument [Member]	Designated as Hedging Instrument [Member]	Not Designated as Hedging Instrument	Not Designated as Hedging Instrument
		Interest Rate Swap [Member]	Interest Expense	Interest Expense	Cash Flow Hedging [Member]	Cash Flow Hedging [Member]	Interest Rate Cap [Member]	Interest Rate Cap [Member]
					Interest Rate Swap [Member]	Interest Rate Swap [Member]	Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets
					Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Derivative [Line Items]	'	'	'	'	'	'	'	'
Number of Instruments	0	1	'	'	'	'	'	'
Notional Amount	'	'	'	'	$59,000	'	$66,500	'
Strike Rate	'	'	'	'	1.50%	'	4.50%	'
Fair Value	'	'	'	'	'	'	40	45
Fair Value	'	'	'	'	-286	0	'	'
Gain (Loss) Recognized in OCI/L (Effective Portion)	'	'	-411	0	'	'	'	'
Loss Recognized in Earnings (Effective Portion)	'	'	125	0	'	'	'	'
Gain Recognized in Earnings (Ineffective Portion)	'	'	$0	$0	'	'	'	'

DERIVATIVES_Additional_Details

DERIVATIVES - Additional (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2013
Derivative [Line Items]	'
Fixed rate	3.24%
Fair value of derivatives is in a liability position	$0.30
Amount needed to settle its obligations under the agreement at its termination value	0.3
LIBOR	'
Derivative [Line Items]	'
Basis spread on variable rate	1.75%
Not Designated as Hedging Instrument	'
Derivative [Line Items]	'
Unrealized gain (loss) on derivatives	$0.01

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
In Thousands, unless otherwise specified
Accounts Payable and Accrued Liabilities, Current [Abstract]	'	'	'
Below-market tenant leases, net (Note 2)	$37,172	$40,247	'
Construction payable	13,051	21,821	'
Accounts payable and accrued expenses	9,202	10,310	'
Accrued dividend	9,884	6,454	6,461
Accrued interest	4,011	4,213	'
Accrued real estate taxes	7,596	5,640	'
Deferred income	4,941	6,539	'
Accrued payroll and other employee liabilities	2,186	7,942	'
Tenant and other deposits	1,261	1,249	'
Asset retirement obligation liability	4,805	4,745	'
Derivative Liability	286	0	'
Other	784	523	'
Total accounts payable and accrued expenses, net	$95,179	$109,683	'

DISPOSITIONS_DISCONTINUED_OPER2

DISPOSITIONS, DISCONTINUED OPERATIONS AND GAIN (LOSSES) ON DISPOSITIONS OF INTEREST IN OPERATING PROPERTIES (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Net loss from discontinued operations	$0	($22,644)
The Boulevard Mall [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Total revenues	'	2,387
Operating expenses including depreciation and amortization	'	1,680
Provision for impairment	'	21,661
Total expenses	'	23,341
Operating loss	'	-20,954
Interest expense	'	-1,690
Discontinued operations, net	'	($22,644)
Net loss from discontinued operations per share- Basic and Diluted (in usd per share)	'	($0.46)

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT	90.00%	'
Period of disqualification of REIT status	'4 years	'
Amount incurred in taxes with the TRS subsidiary	$0.02	$0.03

COMMON_STOCK_Details

COMMON STOCK (Details) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Feb. 28, 2013

Jan. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Feb. 06, 2013

Mar. 26, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Feb. 06, 2013

Mar. 31, 2014

Additional Paid-In Capital

Common stock

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class A [Member]

Common Class B [Member]

Brookfield

Common stock

Common Class A [Member]

Common Stock disclosures

'

'

'

'

'

'

'

'

'

'

'

'

Par value (in dollars per share)

'

'

'

'

'

'

'

$0.01

$0.01

'

'

'

Shares converted (in shares)

'

'

'

'

'

359,056

'

'

'

'

359,056

'

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

'

8,050,000

'

'

'

'

'

'

'

8,050,000

'

'

Share Price

'

$19.50

'

'

'

'

'

'

'

'

'

'

Proceeds from Issuance of Common Stock

'

$150,700

$156,976

$0

$150,616

'

'

'

'

'

'

'

Sale of treasury stock (in shares)

'

'

'

'

'

'

10,559

'

'

10,559

'

'

Treasury shares sold (in dollars per share)

'

'

'

'

'

'

$17.91

'

'

'

'

'

Related Party Beneficial Ownership Percentage Held in Reporting Entity

'

'

'

'

'

'

'

'

'

'

'

33.60%

Common stock dividend declared (in dollars per share)

$0.17

'

$0.17

$0.13

'

'

'

'

'

'

'

'

STOCK_BASED_COMPENSATION_PLANS2

STOCK BASED COMPENSATION PLANS (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Weighted Average Exercise Price	'		'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$10.20		'
Stock options [Member]	'		'
Stock Based Compensation Plans	'		'
Vesting period	'5 years		'
Shares	'		'
Stock options outstanding at beginning of the year (in shares)	2,579,171		1,945,643
Granted (in shares)	750,300		695,900
Exercised (in shares)	0		0
Forfeited (in shares)	-35,400		-31,058
Expired (in shares)	0		0
Stock options outstanding at the end of the year (in shares)	3,294,071	[1]	2,610,485
Weighted Average Exercise Price	'		'
Stock options outstanding, beginning period (in dollars per share)	$15.14		$14.64
Granted (in dollars per share)	$18.40		$16.48
Exercised (in dollars per share)	$0		$0
Forfeited (in dollars per share)	$15.13		$14.25
Expired (in dollars per share)	$0		$0
Stock options outstanding, ending period (in dollars per share)	$15.89		'
Stock options becoming fully vested and exercisable (in shares)	808,857		'
Intrinsic value of options vested	1.8		'
Weighted Average Exercise Price (in dollars per share)	$14.99		'
Weighted average contractual term	'8 years 2 months 20 days		'
Allocated Share-based Compensation Expense	$0.40		$0.30
[1]	(1) As of MarchB 31, 2014, 808,857 stock options became fully vested and are currently exercisable. As of MarchB 31, 2014, the intrinsic value of these options was $1.8 million, and such stock options had a weighted average stock price of $14.99 and a weighted average remaining contractual term of 8.22 years.

STOCK_OPTIONS_OUTSTANDING_Deta

STOCK OPTIONS OUTSTANDING (Details 2) (Employee Stock Option [Member], USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Stock options outstanding	'		'	'	'
Shares	3,294,071	[1]	2,610,485	2,579,171	1,945,643
Weighted Average Remaining Contractual Term (in years)	'8 years 8 months 10 days		'	'	'
Weighted Average Exercise Price (in dollars per share)	$15.89		'	$15.14	$14.64
Stock options becoming fully vested and exercisable (in shares)	808,857		'	'	'
Intrinsic value of options vested	$1.80		'	'	'
Weighted Average Exercise Price (in dollars per share)	$14.99		'	'	'
Weighted average contractual term	'8 years 2 months 20 days		'	'	'
Recognition of share-based compensation expense	$0.40		$0.30	'	'
March 2012 [Member]	'		'	'	'
Stock options outstanding	'		'	'	'
Shares	1,500,514		'	'	'
Weighted Average Remaining Contractual Term (in years)	'8 years		'	'	'
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 2 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 5 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 7 months		'	'	'
Weighted Average Exercise Price (in dollars per share)	$14.47		'	'	'
February 2013 [Member]	'		'	'	'
Stock options outstanding	'		'	'	'
Shares	687,700		'	'	'
Weighted Average Remaining Contractual Term (in years)	'8 years 11 months 1 day		'	'	'
Weighted Average Exercise Price (in dollars per share)	$16.48		'	'	'
Award Issuance Period February 2014 [Member]	'		'	'	'
Stock options outstanding	'		'	'	'
Shares	750,300		'	'	'
Weighted Average Remaining Contractual Term (in years)	'9 years 11 months		'	'	'
Weighted Average Exercise Price (in dollars per share)	$18.40		'	'	'
[1]	(1) As of MarchB 31, 2014, 808,857 stock options became fully vested and are currently exercisable. As of MarchB 31, 2014, the intrinsic value of these options was $1.8 million, and such stock options had a weighted average stock price of $14.99 and a weighted average remaining contractual term of 8.22 years.

STOCK_BASED_COMPENSATION_PLANS3

STOCK BASED COMPENSATION PLANS STOCK OPTIONS OUTSTANDING (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
Assumptions used in estimating values of options granted	'	'	'
Unrecognized compensation cost (in dollars)	$10.20	'	'
Compensation expense expected to be recognized in 2013	2.9	'	'
Compensation expense expected to be recognized in 2014	3.1	'	'
Compensation expense expected to be recognized in 2015	2.4	'	'
Compensation expense expected to be recognized in 2016	1.1	'	'
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)	278,617	263,669	263,669
Granted (in shares)	42,489	36,573	'
Forfeited (in shares)	0	-4,160	'
Cancelled (in shares)	0	0	'
Vested (in shares)	-101,464	-2,845	'
Nonvested restricted stock grants outstanding as of end of period (in shares)	219,642	293,237	'
Weighted average grant date fair value	'	'	'
Nonvested restricted stock grants outstanding as of beginning of period (in dollars per share)	$14.85	$14.69	$14.69
Granted (in dollars per share)	$18.40	$16.48	'
Forfeited (in dollars per share)	$0	$14.72	'
Cancelled (in dollars per share)	$0	$0	'
Vested (in dollars per share)	$14.95	$16.48	'
Nonvested restricted stock grants outstanding as of end of period (in dollars per share)	$15.49	$14.87	'
Additional disclosures	'	'	'
Weighted average remaining contractual term	'	'	'1 year 4 months 20 days
Recognition of share-based compensation expense	0.4	'	'
Restricted Stock [Member] | Minimum [Member]	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'
Vesting period	'3 years	'	'
Restricted Stock [Member] | Maximum [Member]	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'
Vesting period	'4 years	'	'
Stock options [Member]	'	'	'
STOCK BASED COMPENSATION PLANS	'	'	'
Vesting period	'5 years	'	'
Additional disclosures	'	'	'
Recognition of share-based compensation expense	$0.40	$0.30	'
Assumptions used in estimating values of options granted	'	'	'
Risk-free interest rate (as a percent)	1.83%	'	'
Dividend yield (as a percent)	3.70%	'	'
Expected volatility (as a percent)	27.75%	'	'
Expected life	'6 years 6 months	'	'
Stock options [Member] | Minimum [Member]	'	'	'
Assumptions used in estimating values of options granted	'	'	'
Term of US treasury note used to determine estimated risk-free interest rate	'10 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	'5 years	'	'

NONCONTROLLING_INTEREST_Detail

NON-CONTROLLING INTEREST (Details) (Holdings, Preferred Shares, USD $)	3 Months Ended
	Mar. 31, 2014	Jun. 29, 2012
Holdings | Preferred Shares	'	'
Non-controlling interest	'	'
Number of preferred shares issued (in shares)	'	111
Par value of shares (in dollars per share)	'	$1,000
Cumulative preferential annual cash dividend (as a percent)	12.50%	'
Redemption price (in dollars per share)	$1,000	'
Liquidation preference (in dollars per share)	$1,000	'

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Jan. 12, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Oct. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 12, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Aug. 31, 2012

Mar. 31, 2014

GGP [Member]

GGP [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

Brookfield Asset Management Inc [Member]

BCO [Member]

BCO [Member]

BCO [Member]

U.S. Holdings [Member]

U.S. Holdings [Member]

U.S. Holdings [Member]

Buildings and Equipment [Member]

Transition services agreement [Member]

Transition services agreement [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office leases [Member]

Office Lease Agreement Two [Member]

Office Lease Agreement Two [Member]

Credit agreement [Member]

Credit agreement [Member]

Credit agreement [Member]

BCO [Member]

Building [Member]

Building [Member]

Building [Member]

Building [Member]

Build out of office space [Member]

Build out of office space [Member]

Building [Member]

Building [Member]

Revolving subordinated credit facility [Member]

Revolving subordinated credit facility [Member]

Revolving subordinated credit facility [Member]

Related party transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'18 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost associated with agreement entered with the related party

'

'

'

$100,000

'

$300,000

$300,000

'

$1,700,000

'

'

'

'

'

'

$500,000

$300,000

'

'

'

'

'

Amount payable to related party

'

'

'

'

'

0

'

0

'

0

0

'

'

'

'

0

'

0

'

'

'

'

Term of lease agreement assumed upon spin off

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term of lease

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

Rent free period

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

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

'

760,000,000

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

Upfront fee related to credit facility

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

Semi annual revolving credit fee

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

'

Infrastructure costs incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

1,700,000

'

'

'

'

'

Related Party Transaction Business Infrastructure Total Costs Incurred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,200,000

Monthly information technology services fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

500,000

'

'

'

'

'

Monthly information technology services fee payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

0

'

'

'

'

Interest rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

Interest receivable (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.05%

'

Note receivable funds notice period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 days

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000

200,000

'

'

Due from affiliate

$50,051,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Feb. 28, 2013	Mar. 31, 2014	Mar. 31, 2013	Jul. 31, 2014	5-May-14
				Subsequent Event [Member]	Bel Air Mall [Member]
					Subsequent Event [Member]
SUBSEQUENT EVENTS	'	'	'	'	'
Common stock dividend declared (in dollars per share)	$0.17	$0.17	$0.13	$0.17	'
Business Combination, Consideration Transferred	'	'	'	'	$135