Rouse Properties (RSE) 10-K 8 Mar 16 2015 FY Annual report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 26, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Rouse Properties, Inc.
Entity Central Index Key	1,528,558
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		57,855,034
Entity Public Float			$ 616.8
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in real estate:
Land	$ 428,157	$ 371,363
Buildings and equipment	2,151,443	1,820,072
Less accumulated depreciation	(239,091)	(189,838)
Net investment in real estate	2,340,509	2,001,597
Cash and cash equivalents	5,420	14,308
Restricted cash	34,568	48,055
Accounts receivable, net	43,196	35,492
Deferred expenses, net	56,531	52,611
Prepaid expenses and other assets, net	49,034	62,690
Assets of property held for sale	0	55,647
Total assets	2,529,258	2,270,400
Liabilities:
Mortgages, notes and loans payable	1,706,513	1,584,499
Accounts payable and accrued expenses, net	147,288	113,976
Liabilities of property held for sale	0	38,590
Total liabilities	1,853,801	1,737,065
Commitments and contingencies	0	0
Mezzanine Equity:
Non-controlling interest in Operating Partnership	140,953	0
Equity:
Preferred stock: $0.01 par value; 50,000,000 shares authorized, 0 issued and outstanding at December 31, 2015 and 2014	0	0
Additional paid-in capital	643,828	679,275
Accumulated deficit	(121,182)	(162,881)
Accumulated other comprehensive loss	(65)	(482)
Treasury stock, at cost , $0.01 par value, 238,055 shares at December 31, 2015 and 0 shares at December 31, 2014		0
Total stockholders' equity	519,653	516,490
Total equity	534,504	533,335
Total liabilities, mezzanine equity and equity	$ 2,529,258	$ 2,270,400

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
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 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)	58,097,933	57,748,141
Common stock, shares outstanding (in shares)	57,797,475	57,743,981
Treasury stock (in shares)	238,055	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Minimum rents	$ 212,072,000	$ 200,354,000	$ 165,097,000
Tenant recoveries	78,287,000	77,580,000	66,061,000
Overage rents	7,372,000	6,470,000	5,943,000
Other	7,653,000	7,723,000	6,441,000
Total revenues	305,384,000	292,127,000	243,542,000
Expenses:
Property operating costs	68,770,000	70,269,000	60,288,000
Real estate taxes	27,075,000	26,571,000	22,089,000
Property maintenance costs	10,223,000	11,331,000	11,446,000
Marketing	2,146,000	3,257,000	3,734,000
Provision for doubtful accounts	1,746,000	1,228,000	887,000
General and administrative	25,817,000	26,329,000	21,971,000
Provision for impairment	2,900,000	15,965,000	15,159,000
Depreciation and amortization	107,941,000	100,302,000	66,497,000
Other	6,491,000	5,437,000	4,223,000
Other	253,109,000	260,689,000	206,294,000
Operating income	52,275,000	31,438,000	37,248,000
Interest income	18,000	323,000	548,000
Interest expense	(71,420,000)	(82,909,000)	(82,534,000)
Gain on extinguishment of debt	26,558,000	0	0
Income (loss) before income taxes, gain on sale of real estate assets, and discontinued operations	(7,431,000)	51,148,000	44,738,000
Provision for income taxes	(604,000)	(537,000)	(844,000)
Income (loss) from continuing operations before gain on sale of real estate assets	6,827,000	(51,685,000)	(45,582,000)
Gain on sale of real estate assets	34,796,000	0	0
Income (loss) from continuing operations	41,623,000	(51,685,000)	(45,582,000)
Discontinued operations:
Loss from discontinued operations			(23,158,000)
Gain on extinguishment of debt	0	0	13,995,000
Discontinued operations, net	0	0	(9,163,000)
Net income (loss)	41,623,000	(51,685,000)	(54,745,000)
Net (income) loss attributable to non-controlling interests	76,000	(71,000)	0
Net income (loss) attributable to Rouse Properties, Inc.	41,699,000	(51,756,000)	(54,745,000)
Preferred distributions	(953,000)	0	0
Net income (loss) allocable to common shareholders	$ 40,746,000	$ (51,756,000)	$ (54,745,000)
Net income (loss) per share allocable to common shareholders
Basic (in dollars per share)	$ 0.70	$ (0.90)	$ (1.11)
Diluted (in dollars per share)	0.70	(0.90)	(1.11)
Common stock dividend declared (in dollars per share)	$ 0.72	$ 0.68	$ 0.52
Other comprehensive income (loss):
Net unrealized gain (loss) on financial instrument	$ 417,000	$ (482,000)	$ 0
Comprehensive income (loss)	$ 42,040,000	$ (52,167,000)	$ (54,745,000)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interest [Member]	Common Class A [Member]Common Stock [Member]	Common Class B [Member]Common Stock [Member]
Balance (in shares) at Dec. 31, 2012									49,235,528	359,056
Balance at Dec. 31, 2012		$ 532,896			$ 588,668	$ (56,380)		$ 111	$ 493	$ 4
Increase (Decrease) in Shareholders' Equity
Net income (loss)		(54,745)				(54,745)
Conversion of Class B share to common shares (shares)									359,056	(359,056)
Conversion of Class B share to common shares									$ 4	$ (4)
Offering costs		(417)			(417)
Dividends to common shareholders (2012: $0.21 per share, 2013: $0.52 per share)		(25,820)			(25,820)
Issuance and amortization of stock compensation (in shares)									36,573
Issuance and amortization of stock compensation		3,019			3,019
Exercise of options (in shares)									10,880
Exercise of options		161			161
Forfeited restricted shares (in shares)									(4,160)
Sale of treasury stock (in shares)									10,559
Sale of treasury stock		187			187
Balance (in shares) at Dec. 31, 2013									49,648,436
Balance at Dec. 31, 2013		455,281			565,798	(111,125)		111	$ 497
Increase (Decrease) in Shareholders' Equity
Net income (loss)		(51,685)				(51,756)		71
Offering costs		(467)			(467)
Dividends to common shareholders (2012: $0.21 per share, 2013: $0.52 per share)		(40,399)			(40,399)
Issuance and amortization of stock compensation (in shares)									42,489
Issuance and amortization of stock compensation		3,699			3,699
Exercise of options (in shares)									1,680
Exercise of options		28			28
Comprehensive loss		(482)					$ (482)
Issuance of 8,050,000 shares of common stock, net of underwriting discount (in shares)									8,050,000
Issuance of 8,050,000 shares of common stock, net of underwriting discount		150,697			150,616				$ 81
Net assets attributable to Non-controlling interest (as a result of Business Combinations)		$ 16,663						16,663
Issuance of shares under Employee Stock Purchase Plan (ESPP) (in shares)		1,376
Balance (in shares) at Dec. 31, 2014		57,748,141							57,743,981
Balance at Dec. 31, 2014		$ 533,335	$ 578		679,275	(162,881)	(482)	16,845
Increase (Decrease) in Shareholders' Equity
Treasury Stock, Value		0
Net income (loss)		41,623				41,699		(76)
Dividends to common shareholders (2012: $0.21 per share, 2013: $0.52 per share)		(41,710)			(41,710)
Issuance and amortization of stock compensation		2,899			2,899
Exercise of options (in shares)									291,331
Exercise of options		4,320	3		4,317
Comprehensive loss		417					417
Net assets attributable to Non-controlling interest (as a result of Business Combinations)		$ 45						45
Issuance of shares under Employee Stock Purchase Plan (ESPP) (in shares)									4,910
Treasury stock (shares)		(238,055)							(238,055)
Purchase of treasury stock		$ (3,509)
Preferred distributions		(953)			(953)
Issuance and amortization of stock compensation (in shares)									53,550
Distributions to non-controlling interest		(1,421)						(1,421)
Contributions to non-controlling interest		49						49
Purchase of non-controlling interest	[1]	$ (591)						(591)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period									58,242
Balance (in shares) at Dec. 31, 2015		58,097,933							57,797,475
Balance at Dec. 31, 2015		$ 534,504	$ 581	$ (3,509)	$ 643,828	$ (121,182)	$ (65)	$ 14,851
Increase (Decrease) in Shareholders' Equity
Treasury Stock, Value				$ 3,509
[1]	During the year ended December 31, 2015, the Company acquired an additional 1.8% of the JV partnership's interes

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Dividends (usd per share)	$ 0.72	$ 0.68	$ 0.52
Dividends for issuance of stock (usd per share)		$ 0.13

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities:
Income (loss) from continuing operations	$ 41,623	$ (51,685)	$ (45,582)
Net income (loss)	41,623	(51,685)	(54,745)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for doubtful accounts	1,746	1,228	888
Depreciation	97,185	91,248	60,557
Amortization	10,756	9,054	6,702
Amortization/write-off of deferred financing costs	3,984	4,209	12,519
Amortization/write-off of debt market rate adjustments	(1,080)	8,572	8,278
Amortization of above/below market leases and tenant inducements	6,650	13,101	16,973
Straight-line rent amortization	1,217	1,785	3,517
Provision for impairment	2,900	15,965	36,821
Gain on extinguishment of debt	26,558	0	14,324
Gain on sale of assets	34,796	0	0
Stock based compensation	2,899	3,699	3,019
Net changes:
Accounts receivable	8,839	4,491	2,563
Prepaid expenses and other assets	(1,494)	(611)	(1,220)
Deferred expenses	14,695	14,998	12,017
Restricted cash	7	(2,258)	(39)
Accounts payable and accrued expenses	(4,862)	5,315	2,752
Net cash provided by operating activities	77,183	82,301	62,602
Cash Flows from Investing Activities:
Acquisitions of real estate properties	179,213	109,330	81,203
Proceeds from sale of property, net	90,438	0	0
Development, building and tenant improvements	154,882	122,325	63,032
Demand deposit from affiliate	0	0	(150,000)
Purchase of joint venture interest	591	0	0
Joint venture adjustment	45	0	0
Deposit for acquisition	0	1,000	0
Restricted cash	(14,216)	3,477	6,229
Net cash used in investing activities	(229,987)	(236,132)	(464)
Cash Flows from Financing Activities:
Proceeds received from equity offering	0	156,974	0
Discount from equity offering	0	6,278	0
Proceeds received from stock option exercise	4,320	28	161
Payments for offering costs	0	467	417
Purchase of treasury stock	3,509	0	0
Sale of treasury stock	0	0	187
Distributions to non-controlling interest, net	(1,372)	0	0
Proceeds from refinance/issuance of mortgages, notes and loans payable	476,250	183,500	523,500
Borrowing under revolving line of credit	276,500	55,000	55,000
Principal payments on mortgages, notes and loans payable	334,403	103,233	594,389
Repayment under revolving credit line	227,500	93,000	7,000
Dividends paid	41,123	36,968	22,839
Deferred financing costs	5,247	1,641	10,209
Net cash provided by (used in) financing activities	143,916	153,915	(56,006)
Net change in cash and cash equivalents	(8,888)	84	6,132
Cash and cash equivalents at beginning of period	14,308	14,224	8,092
Cash and cash equivalents at beginning of period	5,420	14,308	14,224
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest	68,861	71,855	61,564
Capitalized interest	(3,334)	(2,548)	(998)
Issuance of Series A Preferred Units in Operating Partnership	140,000	0
Non-Cash Transactions:
Change in accrued capital expenditures included in accounts payable and accrued expenses	26,395	(439)	12,237
Dividends declared, not yet paid	10,472	9,885	6,454
Preferred distributions	953	0	0
Capitalized market rate adjustments and deferred financing amortization	426	400	0
Supplemental non-cash information related to acquisition accounting:
Land	0	8,969	51,055
Buildings and equipment, net	0	103,123	217,011
Deferred expenses, net	0	1,841	4,583
Prepaid and other assets	0	5,461	9,983
Mortgages, notes and loans payable	0	(112,505)	(266,641)
Accounts payable and accrued expenses	0	(6,889)	(15,991)
Supplemental non-cash information related to gain on extinguishment of debt:
Land	(18,384)	0	(26,108)
Buildings and equipment, net	(52,317)	0	(33,015)
Deferred expenses, net	(1,555)	0	(1,676)
Prepaid and other assets	(5,492)	0	(4,281)
Mortgages, notes and loans payable	103,369	0	81,028
Accounts payable and accrued expenses	$ 937	$ 0	$ 3,494

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION General Rouse Properties, Inc. is a Delaware corporation that was created to hold certain assets and liabilities of General Growth Properties, Inc. ("GGP"). Prior to January 12, 2012, Rouse Properties, Inc. and its subsidiaries ("Rouse" or the "Company") were a wholly-owned subsidiary of GGP Limited Partnership (“GGP LP”). GGP distributed the assets and liabilities of 30 of its wholly-owned properties (“RPI Businesses”) to Rouse on January 12, 2012 (the “Spin-Off Date”). Before the spin-off, the Company had not conducted any business as a separate company and had no material assets or liabilities. The operations, assets and liabilities of the business were transferred to the Company 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 from January 12, 2012 through December 31, 2015 and to RPI Businesses before the Spin-Off Date. Before the Spin-Off Date, RPI Businesses were operated as subsidiaries of GGP, which operates as a real estate investment trust (“REIT”). After the Spin-Off Date, the Company elected to continue to operate as a REIT. The Company's assets are held by, and all of our operations are conducted through, Rouse Properties, L.P. (the "Operating Partnership"). The Company is the sole managing general partner of the Operating Partnership. As of December 31, 2015, a non-controlling investor held 5,600,000 Series A Preferred Units in the Operating Partnership which we also refer to as the non-controlling interest in Operating Partnership. See Note 10 for additional information regarding the Company's non-controlling interest in Operating Partnership. 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 December 31, 2015 and 2014 include the accounts of Rouse, as well as all subsidiaries of Rouse. The accompanying Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 include the consolidated accounts of Rouse and the Operating Partnership. The accompanying consolidated financial statements include the accounts of Rouse, as well as all subsidiaries of Rouse and all joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner's share of the assets, liabilities and operations of the joint ventures (generally computed as the joint venture partner's ownership percentage) is included in non-controlling interests as permanent equity of the Company. All intercompany transactions have been eliminated in consolidation as of and for the years ended December 31, 2015 , 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. The Company does not distinguish its 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
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 project 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 5 - 10 Tenant improvements Shorter of useful life or applicable lease term The Company reviews depreciable lives of its properties periodically and makes adjustments when necessary to reflect a shorter economic life. Impairment Operating properties and intangible assets Accounting for the impairment or disposal of long-lived assets requires 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 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 a provision for impairment is determined to be necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset. Steeplegate Mall During the year ended December 31, 2013, the Company was unable to advance prospective leases at Steeplegate Mall, which changed management's intended holding period of this asset. Furthermore, the mortgage debt balance on this asset was due in August 2014 and without having advanced the prospective leasing, the Company did not anticipate funding additional capital for this asset. Management determined that the carrying value of the property was not recoverable and therefore required an impairment charge of $15.2 million during the year ended December 31, 2013 , as the aggregate carrying value was higher than the fair value of the property. In August 2014, upon a maturity default on the Steeplegate Mall mortgage loan, the loan servicer appointed a receiver to take over operations of the property until the property could be conveyed to the lender or a third party purchaser. As a result, the Company revised its intended hold period of this property to less than one year. The change in the hold period resulted in a change to undiscounted cash flows utilized in the impairment analysis and the Company concluded that the carrying value of the property was not recoverable. The Company recorded impairment charges on the property of $10.9 million during the year ended December 31, 2014 as the aggregate carrying value was higher than the fair value of the property. Impairment charges are included in "Provision for impairment" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). In March 2015, the property associated with Steeplegate Mall was conveyed to its lender in full satisfaction of the debt. Collin Creek Mall In September 2014, the Company determined there were events and circumstances which changed management's estimated holding period for Collin Creek Mall. Specifically, as a result of the continued decline in operating metrics and results of the property, management had shortened the estimated hold period of the property, and during the year ended December 31, 2014 , the Company recorded an impairment charge of $5.1 million , to reduce the aggregate carrying value to the estimated fair value of the property. Subsequently, the lender placed the loan into special servicing status and communicated to the Company that it would be unwilling to extend the term and discount the loan. As a result of the continued decline in the operating results of the property, management concluded it was in the best interest of the Company to convey the property to its lender prior to maturity in full satisfaction of the debt. Therefore, the Company revised its intended hold period of this property to less than one year. The change in the hold period resulted in a change to undiscounted cash flows utilized in the impairment analysis and the Company concluded that the carrying value of the property was not recoverable. The Company recorded an additional impairment charge of $2.9 million during the year ended December 31, 2015 , to reduce the aggregate carrying value to the estimated fair value of the property. Impairment charges are included in "Provision for impairment" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). In April 2015, the property associated with Collin Creek Mall was conveyed to its lender in full satisfaction of the debt. Boulevard Mall 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 year ended December 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 Income (Loss). During the year ended December 31, 2013, the Company conveyed its interest in the property to the lender, which resulted in a gain on extinguishment of debt of $14.0 million , which is recorded in " Gain on extinguishment of debt from discontinued operations " on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Acquisitions of Operating Properties Acquisitions of properties are accounted for utilizing the acquisition method of accounting and, accordingly, the results of operations of acquired properties have been included in the results of operations from the respective dates of acquisitions. Estimates of future cash flows and other valuation techniques have been used to allocate the purchase price of the acquired property between land, buildings and improvements, equipment, debt, liabilities assumed and identifiable intangible assets and liabilities such as amounts related to in-place tenant leases, acquired above and below-market tenant and ground leases, and tenant relationships. No significant value has been ascribed to tenant relationships (see Note 3). Intangible Assets and Liabilities The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting: Gross Asset Accumulated Net Carrying (In thousands) December 31, 2015 Tenant leases: In-place value $ 96,301 $ (42,446 ) $ 53,855 Above-market 97,421 (57,241 ) 40,180 Below-market (67,081 ) 24,489 (42,592 ) Ground leases: Below-market 3,682 (692 ) 2,990 December 31, 2014 Tenant leases: In-place value $ 97,745 $ (43,481 ) $ 54,264 Above-market 109,862 (58,866 ) 50,996 Below-market (65,476 ) 22,184 (43,292 ) Ground leases: Below-market 3,682 (537 ) 3,145 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 leases and below-market ground leases are included in "Prepaid expenses and other assets, net", and below-market tenant leases are included in "Accounts payable and accrued expenses, net" as detailed in Notes 4 and 6, respectively. Amortization of in-place intangible assets decreased the Company's net income by $22.5 million , $26.6 million , and $17.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization of in-place intangibles is included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Amortization of above-market and below-market lease intangibles decreased the Company's revenue by $6.6 million , $13.1 million , and $15.7 million for the years ended December 31, 2015 , 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 Income (Loss). The intangibles above are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related intangible assets or liabilities, if any, related to the lease are written off to expense or income, as applicable. The net impact of intangible write-offs for the year ended December 31, 2015 was $32.3 million , which is included on the Company's Consolidated Statements of Operations and Comprehensive Income (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) 2016 $ 17,136 $ 2,056 2017 $ 9,291 $ 2,942 2018 $ 6,502 $ 686 2019 $ 4,680 $ (587 ) 2020 $ 3,686 $ (1,158 ) 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. During the year ended December 31, 2015, the Company entered into four derivative agreements that qualify as hedging instruments and were designated, based upon the exposure of being hedged, as cash flow hedges. The fair value of the cash flow hedges as of December 31, 2015 was $0.6 million and $0.7 million and is included in "Prepaid expenses and other assets, net" and "Accounts payable and accrued expenses, net" in the Company's Consolidated Balance Sheets, respectively. 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 for the termination of their leases prior to their scheduled termination dates, amortization related to above and below-market tenant leases on acquired properties and tenant inducements, and percentage rents in lieu of minimum rent from those leases where the Company receives a percentage of tenant revenues. The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 (In thousands) Straight-line rent amortization $ 1,217 $ 1,785 $ 3,488 Lease termination income 1,867 2,204 413 Net amortization of above and below-market tenant leases (6,578 ) (13,073 ) (15,672 ) Amortization of tenant inducement (72 ) (28 ) (1,000 ) Percentage rents in lieu of minimum rent 7,609 6,731 7,071 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 the Company's Consolidated Balance Sheets and are reduced by an allowance for doubtful accounts: December 31, 2015 December 31, 2014 (In thousands) Straight-line rent receivables, net $ 14,856 $ 14,431 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 the Company's leases, as a certain portion of the straight-line rent currently recognizable will not be billed to the tenant until future periods. The Company's 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 $3.4 million as of December 31, 2015 and 2014 . The following table summarizes the changes in allowance for doubtful accounts for all receivables: 2015 2014 2013 (In thousands) Balance at January 1, $ 3,353 $ 2,798 $ 2,545 Provision for doubtful accounts 1,746 1,228 887 Write-offs (1,724 ) (673 ) (634 ) Balance at December 31, $ 3,375 $ 3,353 $ 2,798 Tenant recoveries are amounts due from tenants that are established in the leases or computed based upon a formula related to real estate taxes, insurance and other property operating expenses and are generally recognized as revenues in the period the related costs are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. Overage rent is paid by a tenant when its sales exceed an agreed-upon minimum amount. Overage rent is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. Overage rent is recognized on an accrual basis once tenant sales exceed contractual tenant lease thresholds. Other revenues generally consist of amounts earned by the Company for vending, advertising, and marketing revenues earned at the Company's malls and is recognized on an accrual basis over the related service period. Income (Loss) Per Share Basic net income (loss) per share is computed by dividing the net income (loss) applicable to common shareholders 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 the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common stock at the earliest date possible to the weighted-average number of shares of common stock outstanding for the period. For the years ended December 31, 2015 , 2014 and 2013, there were 3,490,421 , 3,313,869 and 2,579,171 stock options outstanding, respectively, that potentially could be converted into shares of common stock and 72,484 , 205,731 and 278,617 shares of non-vested restricted stock outstanding, respectively. The impact of dilutive stock options and non-vested restricted stock have been considered in the calculation of diluted weighted average shares outstanding for the year ended December 31, 2015 . These stock options and shares of restricted stock have been excluded from this computation for the years ended December 31, 2014 and 2013, as their effect is anti-dilutive. 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 considers 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) December 31, 2015 Recurring basis: Assets: Interest rate cap $ 612 $ — $ 612 $ — Liabilities: Interest rate swap $ (677 ) $ — $ (677 ) $ — Non-recurring basis: Investment in Real Estate $ — $ — $ — $ — December 31, 2014 Recurring basis: Assets: Interest rate cap $ 1 $ — $ 1 $ — Liabilities: Interest rate swap $ (482 ) $ — $ (482 ) $ — Non-recurring basis: Investment in Real Estate (1) $ 74,237 $ — $ — $ 74,237 Explanatory Note: (1) The carrying value includes each mall's respective land, building, and in-place lease value. The following is a reconciliation of the carrying value of properties that were impaired and disposed of during the years ended December 31, 2015 and 2014 : Collin Creek Mall (1)(3) Steeplegate Mall (1)(4) Beginning carrying value, January 1, 2014 $ 60,120 $ 34,789 Capital expenditures 1,449 456 Depreciation and amortization expense (4,723 ) (1,700 ) Loss on impairment of real estate (5,079 ) (10,886 ) Disposition of real estate asset — — Ending carrying value, December 31, 2014 $ 51,767 $ 22,659 Collin Creek Mall (1) Steeplegate Mall (1) Beginning carrying value, January 1, 2015 $ 51,767 $ 22,659 Capital expenditures — — Depreciation and amortization expense (539 ) (219 ) Loss on impairment of real estate (2,900 ) — Disposition of real estate asset (2) (48,328 ) (22,440 ) Ending carrying value, December 31, 2015 $ — $ — Explanatory Note: (1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values. (2) The property was conveyed to its mortgage lender during the year ended December 31, 2015. (3) Valued using a Terminal Capitalization Rate as of December 31, 2014. (4) Valued using a Discounted Cash Flow Analysis with Discount Rate and Terminal Capitalization Rates as of December 31, 2014 as reflected in the table below. The Company estimates fair value relating to impairment assessments utilizing a direct capitalization rate on forecasted net operating income or discounted cash flows that include all projected cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. The determination of which method to use is based on expected market conditions specific to the property being assessed. Based upon these inputs, the Company determined that its valuation of a property using a discounted cash flow model was classified within Level 3 of the fair value hierarchy. The following table sets forth quantitative information about the unobservable inputs of the Company's Level 3 Real Estate, which are recorded at fair values as of December 31, 2014 : As of December 31, Unobservable Quantitative Inputs 2014 Discount Rate 11.0 % Terminal Capitalization Rate 9.5% - 10.0% The properties were conveyed to their lenders during the year ended December 31, 2015. The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps and one interest rate cap as of December 31, 2015 and one interest rate swap and one interest rate cap as of December 31, 2014, and the interest rate swaps qualified for hedge accounting. The interest rate swaps have met the effectiveness test criteria since inception and changes in their fair values are reported in "Other comprehensive income/(loss)" ("OCI/L") and are 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 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 7 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 Balance Sheets except for debt. As of December 31, 2015 and 2014 , management’s estimates of fair value are presented below. The Company estimated the fair value of the debt using a future discounted cash flow analysis based on the use and weighting of multiple market inputs. As a result of the frequency and availability of market data, the inputs used to measure the estimated fair value of debt are Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. December 31, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Fixed-rate debt $ 1,137,818 $ 1,156,729 $ 1,249,195 $ 1,248,928 Variable-rate debt 568,695 571,390 335,304 336,791 Total mortgages, notes and loans payable $ 1,706,513 $ 1,728,119 $ 1,584,499 $ 1,585,719 Offering Costs Costs associated with the issuance of common stock and rights offering to the Company's stockholders were deferred and charged against the gross proceeds of the offering upon the sale of shares during the year ended December 31, 2014 (see Note 11). Leases Leases which transfer substantially all the risks and benefits of ownership to tenants are considered finance leases and the present values of the minimum lease payments and the estimated residual values of the leased properties, if any, are accounted for as receivables. Leases which transfer substantially all the risks and benefits of ownership to the Company are considered capital leases and the present values of the minimum lease payments are accounted for as assets and liabilities. All other leases are treated as operating leases. As of December 31, 2015 and 2014 , all of the Company's leases are treated as operating leases. Deferred Expenses Deferred expenses are comprised of deferred lease costs incurred in connection with obtaining new tenants or renewals of lease agreements with current tenants, which are amortized on a straight-line basis over the terms of the related leases and included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). 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 and included in "Interest expense" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). The following table summarizes our deferred lease and financing costs: Gross Asset Accumulated Amortization Net Carrying Amount (In thousands) December 31, 2015 Deferred lease costs $ 61,626 $ (16,990 ) $ 44,636 Deferred financing costs 18,243 (6,348 ) 11,895 Total $ 79,869 $ (23,338 ) $ 56,531 December 31, 2014 Deferred lease costs $ 55,647 $ (14,683 ) $ 40,964 Deferred financing costs 19,151 (7,504 ) 11,647 Total $ 74,798 $ (22,187 ) $ 52,611 Stock-Based Compensation The Company recognizes all stock-based compensation to employees, including grants of employee stock options and restricted stock awards, in the financial statements as compensation cost. The compensation cost is amortized over the respective vesting period based on its fair value on the date of grant. Asset Retirement Obligations The Company evaluates any potential asset retirement obligations, including those related to disposal of asbestos containing materials and environmental remediation liabilities. The Company recognizes the fair value of such obligations in the period incurred if a reasonable estimate of fair value can be determined. As of December 31, 2015 and 2014 , estimated costs of environmental remediation of approximately $6.1 million and $4.5 million , respectively, have been recorded as a liability in "Accounts payable and accrued expenses, net" on the Company's Consolidated Balance Sheets. The Company does not believe that actual remediation costs will be materially different than the estimates as of December 31, 2015 . 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. Discontinued Operations Prior to 2014, the Company reclassified to discontinued operations any material operations and gains or losses on disposal related to properties that were held for sale or disposed of during the relevant period, in accordance with the applicable accounting standards. In 2014, the Company early adopted Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" issued by the Financial Accounting Standards Board ("FASB"). ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial resu

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS The Company includes the results of operations of real estate assets acquired in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) from the date of the related transaction. The following table presents the Company's acquisitions during the years ended December 31, 2015 , 2014 and 2013 : Date Acquired Property Name Location Square Footage Acquired Purchase Price 2015 Acquisitions (In thousands) 1/28/2015 Mt. Shasta Mall (1) (2) Redding, CA 521,000 $ 49,000 6/3/2015 Fig Garden Village (1) (3) Fresno, CA 301,459 106,100 11/12/2015 The Shoppes at Carlsbad (1) (4) Carlsbad, CA 1,117,040 170,000 2015 Acquisitions Total 1,939,499 $ 325,100 2014 Acquisitions 5/22/2014 The Shoppes at Bel Air (1) (5) Mobile, AL 1,004,439 $ 131,917 8/29/2014 The Mall at Barnes Crossing (6) Tupelo, MS 736,607 98,850 2014 Acquisitions Total 1,741,046 $ 230,767 2013 Acquisitions 7/24/2013 Greenville Mall (1) (7) Greenville, NC 413,759 $ 48,900 12/11/2013 Chesterfield Towne Center (1) (8) Richmond, VA 1,016,258 165,500 12/11/2013 The Centre at Salisbury (1) (9) Salisbury, MD 721,396 127,000 2013 Acquisitions Total 2,151,413 $ 341,400 Explanatory Notes: (1) Rouse acquired a 100% interest in the mall. (2) The Company closed on a new $31.9 million non-recourse mortgage loan that bears interest at 4.19% , matures in March 2025, is interest only for the first three years and amortizes over 30 years thereafter. (3) The Company closed on a new $74.2 million non-recourse mortgage loan that bears interest at 4.14% , matures in June 2025, is interest only for the first five years and amortizes over 30 years thereafter. (4) In conjunction with the closing of this transaction, the Operating Partnership issued $140.0 million of its Series A Preferred Units to the seller. Distributions on the Series A Preferred Units accumulate at an annual rate of 5% and are payable quarterly. The Series A Preferred Units may be redeemed by the Company after three years (subject to certain tax protection payments if the Company redeems the Series A Preferred Units prior to 2022) and by the holder after ten years, in either case at par plus accumulated and unpaid distributions and in the form of cash or common units of limited partnership ("Common Units") of the Operating Partnership as determined by us (See Note 10 for further details on our non-controlling interest in operating partnership.) In December 2015, The Shoppes at Carlsbad was added to the 2013 Senior Facility collateral pool (see Note 5 for further details on the 2013 Senior Facility). (5) The Company assumed an existing $112.5 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.30% , matured in December 2015, and amortizes on a 30 year schedule thereafter. In October 2015, the Company refinanced the loan with a new non-recourse mortgage loan for $120.0 million . The initial funding of $110.5 million was used to retire the outstanding mortgage loan of $109.5 million . The loan provides for an additional subsequent funding of $9.5 million upon achieving certain conditions. The loan has an initial maturity of November 2018 with a one year extension option. The loan bears interest at a floating rate of LIBOR (30 day) plus 235 basis points and is interest only for the first two years. (See Note 5 of Consolidated Financial Statements for further details). (6) Rouse acquired a 51% controlling interest in the mall and related properties. In conjunction with the closing of this transaction, the Company closed on a new $67.0 million non-recourse mortgage loan that bears interest at 4.29% , matures in September 2024, is interest only for the first three years and amortizes over a 30 years thereafter. In November 2015, the Company purchased an additional 1.8% interest in the joint venture. As of December 31, 2015, the Company held 52.8% interest in the property. (See Note 13 for further details.) (7) The Company assumed an existing $41.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.29% , matured in December 2015, and amortizes on a 30 year schedule thereafter. A fair value adjustment of $0.2 million was recorded as a result of the mortgage assumption. . In October 2015, the Company refinanced the loan with a new non-recourse mortgage loan for $45.5 million , which bears interest at a fixed rate of 4.46% , matures in November 2025, and amortizes over 30 years thereafter. This loan replaced a $40.2 million non-recourse mortgage loan. (8) The Company assumed an existing $109.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 4.75% , matures in October 2022, and amortizes over 30 years. A fair value adjustment of $1.3 million was recorded as a result of the mortgage assumption. (9) The Company assumed an existing $115.0 million partial recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.79% , matures in May 2016, and is interest only. A fair value adjustment of $1.2 million was recorded as a result of the mortgage assumption. The following table presents certain additional information regarding the Company's acquisitions during the years ended December 31, 2015 , 2014 and 2013 : Property Name Land Building and Improvements Acquired Lease Intangibles Acquired Above Market Lease Intangibles Acquired Below Market Lease Intangibles Other 2015 Acquisitions (In thousands) Mt. Shasta Mall $ 7,809 $ 38,008 $ 3,779 $ 915 $ (1,813 ) $ 302 Fig Garden Village 18,774 79,528 7,366 3,975 (2,907 ) (636 ) The Shoppes at Carlsbad 49,452 111,671 11,841 4,109 (8,395 ) 1,322 Total $ 76,035 $ 229,207 $ 22,986 $ 8,999 $ (13,115 ) $ 988 2014 Acquisitions The Shoppes at Bel Air $ 8,969 $ 111,206 $ 11,329 $ 3,952 $ (6,889 ) $ 3,350 The Mall at Barnes Crossing 17,969 75,949 6,973 4,700 (8,100 ) 1,359 Total $ 26,938 $ 187,155 $ 18,302 $ 8,652 $ (14,989 ) $ 4,709 2013 Acquisitions Greenville Mall $ 9,088 $ 36,961 $ 5,076 $ 1,098 $ (4,521 ) $ 1,430 Chesterfield Towne Center 19,387 135,825 8,755 4,843 (6,741 ) 2,181 The Centre at Salisbury 22,580 96,050 9,326 4,043 (4,729 ) 972 Total $ 51,055 $ 268,836 $ 23,157 $ 9,984 $ (15,991 ) $ 4,583 The Company incurred acquisition and transaction related costs of $2.8 million , $1.0 million , and $ 2.1 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Acquisition and transaction related costs consist of due diligence costs such as legal fees, environmental studies, and closing costs. These costs are recorded in "Other" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). During the year ended December 31, 2015 , the Company recorded approximately $15.3 million in revenues and $2.6 million in net loss related to the acquisitions of Mt. Shasta Mall, Fig Garden Village and The Shoppes at Carlsbad. During the year ended December 31, 2014 , the Company recorded approximately $14.6 million in revenues and $1.6 million in net loss related to the acquisitions of The Shoppes at Bel Air and The Mall at Barnes Crossing. During the year ended December 31, 2013 , the Company recorded approximately $4.8 million in revenues and $1.1 million in net loss related to the acquisitions of Greenville Mall, Chesterfield Towne Center and The Centre at Salisbury. The following condensed pro forma financial information for the years ended December 31, 2015 and 2014 includes pro forma adjustments related to the 2015 acquisitions of Mt. Shasta Mall, Fig Garden Village and The Shoppes at Carlsbad, which are presented assuming the acquisitions had been consummated as of January 1, 2014. The pro forma financial information for the year ended December 31, 2014 includes pro forma adjustments related to the 2014 acquisitions of The Shoppes at Bel Air and The Mall at Barnes Crossing, which are presented assuming the acquisitions had been consummated as of January 1, 2013. The pro forma financial information for the year ended December 31, 2013 includes pro forma adjustments related to the 2013 acquisitions of Greenville Mall, Chesterfield Town Center and The Centre at Salisbury, which are presented assuming the acquisitions had been consummated as of January 1, 2013. The following condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the acquisitions had been consummated as of January 1, 2015, 2014 and 2013, nor does it purport to represent the results of operations for future periods. Pro forma adjustments include above and below-market amortization, straight-line rent, interest expense, and depreciation and amortization. For the Year Ended December 31, 2015 2014 2013 (In thousands, except per share amounts) (Unaudited) Total revenues $ 326,883 $ 343,703 $ 307,790 Net income (loss) allocable to common shareholders 40,465 (53,858 ) (56,836 ) Net income (loss) per share - basic $ 0.70 $ (0.94 ) $ (1.15 ) Net income (loss) per share - dilutive $ 0.70 $ (0.94 ) $ (1.15 ) Weighted average shares - basic 57,874,772 57,203,196 49,344,927 Weighted average shares - dilutive 58,188,741 57,203,196 49,344,927

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS, NET	12 Months Ended
	Dec. 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: December 31, 2015 2014 (In thousands) Above-market tenant leases, net (Note 2) $ 40,180 $ 50,996 Prepaid expenses 4,372 4,755 Below-market ground leases, net (Note 2) 2,990 3,145 Deposits 424 1,447 Other 1,068 2,347 Total prepaid expenses and other assets, net $ 49,034 $ 62,690

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
MORTGAGES, NOTES AND LOANS PAYABLE	MORTGAGES, NOTES AND LOANS PAYABLE Mortgages, notes and loans payable are summarized as follows: December 31, 2015 2014 Interest Rate at December 31, 2015 Schedule Maturity Date Fixed-rate debt: (In thousands) Steeplegate Mall (1) $ — $ 45,858 — % — Washington Park Mall (2) — 10,505 — — Collin Creek Mall (1) — 58,128 — — Grand Traverse Mall (2) — 59,479 — — The Shoppes at Bel Air (3) — 111,276 — — Vista Ridge Mall 65,611 68,537 6.87 April 2016 The Centre at Salisbury (4) 115,000 115,000 5.79 May 2016 The Mall at Turtle Creek 76,615 77,648 6.54 June 2016 West Valley Mall (5) 59,000 59,000 3.24 September 2018 The Shoppes at Gateway (3) 75,000 — 3.64 January 2020 Pierre Bossier Mall 45,875 46,654 4.94 May 2022 Pierre Bossier Anchor 3,550 3,637 4.85 May 2022 Southland Center (MI) 74,806 76,037 5.09 July 2022 Chesterfield Towne Center 106,379 107,967 4.75 October 2022 Animas Valley Mall 49,156 50,053 4.41 November 2022 Lakeland Square 66,814 68,053 4.17 April 2023 Valley Hills Mall 65,362 66,492 4.47 July 2023 Chula Vista Center (3) (6) 70,000 70,000 4.18 July 2024 The Mall at Barnes Crossing (3) 67,000 67,000 4.29 September 2024 Bayshore Mall (3) 46,500 46,500 3.96 November 2024 Mt. Shasta Mall (3) 31,850 — 4.19 March 2025 Fig Garden Village (3) 74,200 — 4.14 June 2025 Greenville Mall (3) 45,440 40,602 4.46 November 2025 Total Fixed-rate debt $ 1,138,158 $ 1,248,426 Less: Market rate adjustments (340 ) 769 $ 1,137,818 $ 1,249,195 Variable- rate debt: NewPark Mall (3) (7) $ 114,245 $ 65,304 2.53 % September 2018 The Shoppes at Bel Air (3) (8) 110,450 — 2.78 November 2018 2013 Term Loan (9) (10) 285,000 260,000 2.77 November 2018 2013 Revolver (9) (10) 59,000 10,000 2.76 November 2017 Total Variable-rate debt $ 568,695 $ 335,304 Total mortgages, notes and loan payable $ 1,706,513 $ 1,584,499 Explanatory Notes: (1) The Company conveyed the related property to its lender in full satisfaction of the debt during 2015. (2) The Company repaid the mortgage debt balance during 2015. (3) See the significant property loan refinancings and acquisitions table below, under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property. (4) The Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years . (5) During January 2014, the Company entered into an interest rate swap transaction which fixed the interest rate on the loan for this property at 3.24% , through June 2018. See Note 7 for further details. (6 ) On July 1, 2014, the Company removed Chula Vista Center from the 2013 Senior Facility (as defined below) collateral pool and placed a new non-recourse mortgage loan on Chula Vista Center. The Sikes Senter mortgage loan was repaid on July 1, 2014 from proceeds from the Chula Vista Center refinancing and upon repayment, Sikes Senter was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility collateral pool balance. 7) LIBOR ( 30 day ) plus 210 basis points. The Company entered into an interest rate swap transaction which fixed the interest rate on the loan for this property at 3.26% beginning January 2016, through September 2018. See Note 7 for further details. (8) LIBOR (30 day) plus 235 basis points. The Company entered into an interest rate swap transaction beginning January 2016, which fixed the interest rate at 3.34% through November 2018. See Note 7 for further details. (9) LIBOR ( 30 day ) plus 233 basis points. (10) On June 30, 2015, the Company exercised a portion of its "accordion feature" on the 2013 Senior Facility, increasing the 2013 Term Loan (as defined below) from $260.0 million to $285.0 million and increasing the availability on the 2013 Revolver (as defined below) from $285.0 million to $310.0 million . Property-Level Debt The Company had individual property-level debt (the “Property-Level Debt”) on 19 of its 36 assets, totaling $1.36 billion (excluding $0.3 million of market rate adjustments) as of December 31, 2015 . As of December 31, 2014, the Company had individual property-level debt on 20 of its 36 assets, representing $1.31 billion (excluding $0.8 million of market rate adjustments) as of December 31, 2014. As of December 31, 2015 and 2014 , the Property-Level Debt had a weighted average interest rate of 4.4% and 5.0% , respectively, and an average remaining term of 5.2 years and 4.9 years, respectively. The Property-Level Debt is generally non-recourse to the Company and is stand-alone (i.e., not cross-collateralized) first mortgage debt with the exception of customary recourse guarantees. The following is a summary of significant property loan refinancings and acquisitions that occurred during the years ended December 31, 2015 and 2014 ($ in thousands): Property Date Balance at Date of Refinancing Interest Rate Balance of New Loan New Interest Rate Net Proceeds (1) Maturity December 31, 2015 The Shoppes at Gateway (2) (3) December 2015 $ — — % $ 75,000 3.64 % $ — January 2020 Greenville Mall (4) October 2015 40,171 5.29 % 45,500 4.46 % 3,281 November 2025 The Shoppes at Bel Air (5) October 2015 109,467 5.30 % 110,450 2.78 % — November 2018 NewPark Mall (6) (7) September 2015 64,665 3.44 % 114,245 2.53 % 47,942 September 2018 Fig Garden Village (8) June 2015 — — % 74,200 4.14 % — June 2025 Mt. Shasta Mall (7) February 2015 — — % 31,850 4.19 % — March 2025 December 31, 2014 Bayshore Mall (7) October 2014 $ — — % $ 46,500 3.96 % $ 43,400 November 2024 The Mall at Barnes Crossing (7) August 2014 — — % 67,000 4.29 % — September 2024 Chula Vista Center (9) July 2014 — — % 70,000 4.18 % 15,000 July 2024 Sikes Senter (9) July 2014 54,618 5.20 % — — % — — The Shoppes at Bel Air May 2014 — — % 112,276 5.30 % — December 2015 Explanatory Notes: (1) Net proceeds are net of closing costs. (2) During 2015, the Company removed The Shoppes at Gateway from the 2013 Senior Facility (as defined below) collateral pool and placed a new $75.0 million non-recourse mortgage loan on the property. The loan bears interest at a floating rate of LIBOR (30 day) plus 220 basis points and has an initial maturity of January 2020 with a one year extension option. The Company entered into an interest swap on the loan which fixed the interest rate at 3.64% through January 2020. See Note 7 for further details. In connection, with the removal of The Shoppes at Gateway from the 2013 Senior Facility, The Shoppes at Carlsbad was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility balance. (3) The loan is interest-only for the first four years. (4) On October 8, 2015, the loan associated with Greenville Mall was refinanced with a new non-recourse mortgage loan for $45.5 million , which bears interest at a fixed rate of 4.46% , matures in November 2025, and amortizes over 30 years. This loan replaced a $40.2 million non-recourse mortgage loan which had a fixed interest rate of 5.29% . (5) On October 8, 2015, the loan associated with The Shoppes at Bel Air was refinanced with a new non-recourse mortgage loan for $120.0 million . The initial funding of $110.5 million was used to retire the outstanding mortgage loan of $109.5 million , which had a fixed interest rate of 5.30% . The loan provides for an additional subsequent funding of $9.5 million upon achieving certain conditions. The loans bears interest at a floating rate of LIBOR (30 day) plus 235 basis points and is interest only for the first two years. The Company entered into an interest rate swap on this loan commencing in January 2016, which fixed the interest rate at 3.34% through November 2018. See Note 7 for further details. (6) In September 2015, the loan associated with NewPark Mall was refinanced for $135.0 million , with an initial funding of $114.3 million . The loan provides for an additional funding of up to $20.8 million upon achieving certain conditions. The loans bears interest at a floating rate of LIBOR (30 day) plus 210 basis points, has an initial maturity of September 2018 with a one year extension option and amortizes over 30 years thereafter. The Company entered into an interest rate swap on this loan beginning January 1, 2016, which fixed the interest rate at 3.26% , through September 2018. This loan replaced a $64.7 million non-recourse mortgage loan which had a floating rate of LIBOR (30 day) plus 235 basis points. See Note 7 for further details. (7) The loan is interest-only for the first three years. (8) The loan is interest-only for the first five years. (9) On July 1, 2014, the Company removed Chula Vista Center, located in Chula Vista, CA, from the 2013 Senior Facility collateral pool and placed a new non-recourse mortgage loan on the property. Sikes Senter, located in Wichita Falls, TX, had an outstanding mortgage loan which was repaid on July 1, 2014 from proceeds from the Chula Vista Center refinancing. Upon repayment, Sikes Senter was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility balance. In January 2015, the loan associated with The Shoppes at Knollwood with a mortgage debt balance of $35.1 million was defeased simultaneously with the sale of the property. As of December 31, 2014, the loan was shown as a component of "Liabilities of property held for sale" on the Consolidated Balance Sheets. In February 2015, the Company repaid the $10.4 million mortgage debt balance on Washington Park Mall, which had a fixed interest rate of 5.35% . In February 2015, the loan associated with Vista Ridge Mall was transferred to special servicing. In March 2015, the property associated with Steeplegate Mall was conveyed to its lender in full satisfaction of the debt. The loan had an outstanding balance of approximately $45.9 million . In April 2015, the property associated with Collin Creek Mall was conveyed to its lender in full satisfaction of the debt. The loan had an outstanding balance of approximately $57.6 million . On July 1, 2015, the Company repaid the $59.0 million mortgage debt balance on Grand Traverse Mall, which had a fixed interest rate of 5.02% . On July 29, 2015, Grand Traverse Mall was added to the 2013 Senior Facility collateral pool. Corporate Facility 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. The Company has the option, subject to the satisfaction of certain conditions precedent, to exercise an "accordion" feature 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 year ended December 31, 2014 , through an amendment to the 2013 Senior Facility (the "2014 Amendment"), the Company exercised a portion of the "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 . Then, during the year ended December 31, 2015 , through an amendment to the 2013 Senior Facility, the Company exercised another portion of the "accordion" feature which increased the aggregate amount of commitments under the 2013 Senior Facility from $545.0 million to $595.0 million . The exercise increased availability on the 2013 Revolver from $285.0 million to $310.0 million and increased the 2013 Term Loan from $260.0 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. As of December 31, 2015 , the Company had drawn $59.0 million on the 2013 Revolver. 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. During the years ended December 31, 2015 and 2014, the Company incurred $0.7 million and $0.8 million , respectively, of unused fees related to the 2013 Revolver. Under the 2013 Revolver, letters of credit totaling $5.6 million were outstanding as of December 31, 2015 in connection with three properties. Additionally, the Company had $0.1 million of letters of credit outstanding in relation to The Shoppes at Knollwood Mall. During each of the years ended December 31, 2015 and 2014, the Company incurred $0.1 million of letter of credit fees. The 2013 Senior Facility contains representations and warranties, affirmative and negative covenants and defaults and cross-default provisions 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, cause the acceleration of all outstanding borrowings under the 2013 Senior Facility. The default interest rate following a payment event of default under the 2013 Senior Facility is 3.0% more than the then-applicable interest rate. No assurance can be given that the Company would be successful in obtaining such waiver or amendment, or that any accommodations that the Company was able to negotiate would be on terms as favorable as those in the 2013 Senior Facility. In connection with the 2014 Amendment, certain modifications were made to the financial covenant calculations in the 2013 Senior Facility. As of December 31, 2015 , the Company was in compliance with all of the debt covenants related to the 2013 Senior Facility. 2012 Senior 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 the 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 January 2013, in order to maintain the same level of liquidity, the Company paid down an additional $100.0 million on the 2012 Term Loan and increased the 2012 Revolver from $50.0 million to $150.0 million . In conjunction with the Company's entrance into the 2013 Senior Facility, the 2012 Senior Facility was terminated. The Company was required to pay an unused fee related to the 2012 Revolver equal to 0.30% per year if the aggregate unused amount was greater than or equal to 50% of the 2012 Revolver or 0.25% per year if the aggregate unused amount was less than 50% of the 2012 Revolver. During the year ended December 31, 2013 , the Company incurred $0.4 million of unused fees related to the 2012 Revolver. Total Mortgage and Corporate Debt As of December 31, 2015 , $2.41 billion of land, buildings and equipment (before accumulated depreciation) have been pledged as collateral for our mortgages, notes and loans payable. Certain mortgage notes payable may be prepaid but are generally subject to a prepayment penalty equal to a yield-maintenance premium, defeasance or a percentage of the loan balance. The weighted-average interest rate on our collateralized mortgages, notes and loans payable was approximately 4.1% and 4.6% as of December 31, 2015 and December 31, 2014 , respectively. The average remaining term was 4.7 years as of December 31, 2015 and December 31, 2014 , respectively. As of December 31, 2015 , future scheduled maturities of outstanding long term debt obligations are as follows ($ in thousands): Total 2016 $ 265,493 2017 69,814 2018 579,480 2019 13,109 2020 89,243 Thereafter 689,714 $ 1,706,853 Unamortized market rate adjustment (340 ) Total mortgages, notes and loans payable $ 1,706,513

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET	12 Months Ended
	Dec. 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: December 31, 2015 2014 (In thousands) Construction payable $ 47,572 $ 16,272 Below-market tenant leases, net (Note 2) 42,592 43,292 Accrued dividend 10,472 9,885 Accrued real estate taxes 8,773 9,028 Accounts payable and accrued expenses 8,096 9,901 Accrued payroll and other employee liabilities 7,778 9,352 Accrued interest 6,868 4,380 Deferred income 5,420 5,471 Asset retirement obligation liability 6,085 4,545 Tenant and other deposits 1,706 1,336 Other 1,926 514 Total accounts payable and accrued expenses, net $ 147,288 $ 113,976

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	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 years ended December 31, 2015 and 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 years ended December 31, 2015 and 2014, the Company recorded no hedge ineffectiveness for the interest rate swaps. 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 December 31, 2015 , the Company expects that an additional $1.9 million will be reclassified as an increase to interest expense over the next 12 months. Interest Rate Swaps 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 in January 2014 through June 2018. The interest related to this loan was computed at a variable rate of LIBOR plus 1.75% and the Company swapped this for a fixed rate of 1.49% plus a spread of 1.75% . In September 2015, the Company entered into an interest rate swap to hedge the risk of changes in cash flows on borrowings related to NewPark Mall through September 2018. The interest related to this loan was computed at a variable rate of LIBOR plus 2.10% with a forward starting swap, beginning on January 1, 2016 with a fixed interest rate of 1.16% plus a spread of 2.10% . In October 2015, the Company entered into an interest rate swap to hedge the risk of changes in cash flows on borrowings related to The Shoppes at Bel Air through November 2018. The interest related to this loan was computed at a variable rate of LIBOR plus 2.35% with a forward starting swap, beginning on January 1, 2016 with a fixed interest rate of 0.99% plus a spread of 2.35% . In December 2015, the Company entered into an interest rate swap to hedge the risk of changes in cash flows on borrowings related to The Shoppes at Gateway through January 2020. The interest related to this loan was computed at a variable rate of LIBOR plus 2.33% and the Company swapped this for a fixed rate of 1.44% plus a spread of 2.33% . The interest rate swaps protect the Company from increases in the hedged cash flows attributable to increases in LIBOR. As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount (in thousands) Interest rate swap 4 $358,700 Non-Designated Hedges - Interest Rate Cap 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 each of the years ended December 31, 2015 and 2014 , such amounts equaled $578 and $0.04 million . As of December 31, 2015 , the Company had the following outstanding derivative: Interest Rate Derivative Number of Instruments Notional Amount (in thousands) Interest rate cap 1 $64,445 The t able below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company's Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 : Instrument Type Location in consolidated balance sheets Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at December 31, 2015 Fair Value at December 31, 2014 Maturity Date Derivative not designated as hedging instruments (dollars in thousands) Interest Rate Cap Prepaid expenses and other assets, net $ 64,445 One-month LIBOR 4.5 % $ — $ 1 May 2016 Derivative designated as hedging instruments Pay fixed / receive variable rate swap Accounts payable and accrued expenses, net $ 59,000 One-month LIBOR 1.5 % $ (577 ) $ (482 ) June 2018 Pay fixed / receive variable rate swap Accounts payable and accrued expenses, net $ 114,250 One-month LIBOR 1.2 % $ (24 ) $ — September 2018 Pay fixed / receive variable rate swap Prepaid expenses and other assets, net $ 110,450 One-month LIBOR 1.0 % $ 612 $ — November 2018 Pay fixed / receive variable rate swap Accounts payable and accrued expenses, net $ 75,000 One-month LIBOR 1.4 % $ (75 ) $ — January 2020 The table below presents the effect of the Company’s derivative financial instruments on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2015 and December 31, 2014 . Location of Losses Reclassified from OCI/L Into Earnings (Effective Portion) Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) Hedging Instrument Gain (Loss) Recognized in OCI/L (Effective Portion) Loss Recognized in Earnings (Effective Portion) Gain Recognized in Earnings (Ineffective Portion) (dollars in thousands) Year Ended December 31, 2015 2014 2015 2014 2015 2014 Pay fixed / receive variable rate swap $ (397 ) $ (1,210 ) Interest expense $ 813 $ 728 n.a. $ — $ — Credit Risk-Related Contingent Features The borrower (a special purpose entity) has an agreement with its derivative counterparty that contains a provision whereby if the borrower defaults on any of its indebtedness, including a default whereby repayment of such indebtedness has not been accelerated by the lender, the borrower could also be declared in default on its derivative obligations. The borrower has not posted any collateral related to this agreement. As of December 31, 2015 , the fair value of the derivative liability, which includes accrued interest but excludes any adjustment for nonperformance risk, related to this agreement was $0.8 million . If the borrower had breached this provision as of December 31, 2015 , it would have been required to settle its obligations under the agreement at its termination value of $0.8 million .

DISPOSITIONS OF REAL ESTATE ASS

DISPOSITIONS OF REAL ESTATE ASSETS	12 Months Ended
	Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS OF REAL ESTATE ASSETS	DISPOSITIONS OF REAL ESTATE ASSETS Boulevard Mall 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 the Company conveyed its interest in the property for the full satisfaction of the debt. This resulted in a gain on extinguishment of debt of $14.0 million for the year ended December 31, 2013. The Company's disposition and gain on extinguishment of debt are included in "Loss from discontinued operations" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Additionally, the conveyance of the property was structured as a reverse like-kind exchange transaction under Internal Revenue Code of 1986 ("the Code") Section 1031 for income tax purposes. In June 2014, the Company reversed its value on an outstanding environmental liability on Boulevard Mall of $0.4 million which is included in "Other" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). The Company's disposition and gain on extinguishment of debt, for the period presented, are included in "Loss from discontinued operations" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss), the components of which are summarized below: Year ended December 31, 2013 (In thousands, except per share amounts) Total revenues 4,812 Operating expenses including depreciation and amortization 3,082 Provision for impairment 21,661 Total expenses 24,743 Operating income (loss) (19,931 ) Interest expense (3,227 ) Net loss from discontinued operations (23,158 ) Gain on extinguishment of debt 13,995 Net loss from discontinued operations $ (9,163 ) Net loss from discontinued operations per share- Basic and Diluted $ (0.19 ) In 2014, the Company adopted ASU 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" , which changed the definition and criteria of property dispositions classified as discontinued operations, on a prospective basis. Under terms of the new guidance, the dispositions described below were not considered to be discontinued operations. The results of operations of the properties below, as well as any gain on extinguishment of debt and impairment losses related to the properties, are included in "Income from continuing operations" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented, as applicable. The Shoppes at Knollwood Mall In January 2015, the Company sold The Shoppes at Knollwood Mall located in St. Louis Park, MN, for gross proceeds of $106.7 million . At closing, the Company entered into a development agreement with the buyer to complete the redevelopment of the property. The Company estimated $7.9 million of costs remained to complete the redevelopment project and escrowed the same amount of proceeds. The mortgage debt of $35.1 million was defeased simultaneously with the sale of the property. The Company recognized a gain of $34.8 million as a result of the disposition, which is reflected in "Gain on sale of real estate assets" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2015 . The gain includes $2.3 million recognized upon completion of the redevelopment project for the new owner for the difference between actual costs to complete the project and the original estimated costs. Steeplegate Mall In March 2015, the Company conveyed Steeplegate Mall, located in Concord, NH, to its mortgage lender in full satisfaction of the debt. The loan had a net outstanding balance of approximately $45.9 million . The Company recognized a $22.8 million on gain related to the debt extinguishment, which is reflected in "Gain on extinguishment of debt" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2015 . Collin Creek Mall In April 2015, the Company conveyed Collin Creek Mall, located in Plano, TX, to its mortgage lender in full satisfaction of the debt. The loan had a net outstanding balance of approximately $57.6 million . The Company recognized a $3.8 million gain related to the debt extinguishment, which is reflected in "Gain on extinguishment of debt" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2015 .

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company elected to be taxed as a REIT beginning with the filing of its tax return for the 2011 fiscal year. As of December 31, 2015 , the Company has met the requirements of a REIT and has filed its tax returns for the 2014 calendar 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 years ended December 31, 2015 , 2014 and 2013 , the Company incurred approximately $0.06 million , $0.07 million and $0.08 million , respectively, in taxes associated with the TRS, which are recorded in "Provision for income taxes" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).

NON-CONTROLLING INTEREST IN OPE

NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP	12 Months Ended
	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
NON-CONTROLLING INTEREST	NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP In November 2015, the Operating Partnership issued 5,600,000 in Series A Preferred Units with a liquidation preference of $25.00 per unit, to an affiliate of Westfield U.S. Holdings, LLC (the “Holder”) as a portion of the consideration for the Operating Partnership's acquisition of The Shoppes at Carlsbad. The Series A Preferred Units provide for a cumulative quarterly preferential cash distribution of 5% per annum of the Series A Liquidation Preference (i.e., $1.25 per unit). Subject to the obligations under the tax protection agreement described below, the Series A Preferred Units will be redeemable at the option of the Operating Partnership, in whole or in part, on or after November 12, 2018, at a redemption price equal to the Series A Liquidation Preference for the redeemed Series A Preferred Units plus accumulated and unpaid distributions to the redemption date (the "Redemption Price"). In addition, on or after November 12, 2025, the Holder will have the right to require the Operating Partnership to redeem all of the then-outstanding Series A Preferred Units at the Redemption Price. Further, if, at any time after January 1, 2022, the aggregate Series A Liquidation Preference exceeds 15% of the "equity base" (i.e., the value of the Operating Partnership's outstanding common units of limited partnership interest ("Common Units") (with such value to be determined pursuant to a formula set forth in the Operating Partnership’s partnership agreement) plus the liquidation preference of the Operating Partnership's outstanding preferred units of limited partnership interest) as of the end of a calendar quarter, then the Holder will have the right to require the Operating Partnership to redeem, at the Redemption Price, up to the amount of Series A Preferred Units necessary for the outstanding Series A Preferred Units to represent 15% of the equity base. Except as noted below, any redemption of the Series A Preferred Units may be satisfied, at the Operating Partnership's option, in cash or Common Units, or a combination thereof. The value of any Common Units issued in connection with a redemption will equal 96% of the volume-weighted average price (VWAP) of the Company's shares of common stock over the 30 trading days prior to the applicable redemption date. Pursuant to the Operating Partnership’s partnership agreement, holders of Common Units have the right to cause the Operating Partnership to redeem their Common Units for cash or, at the Company's election, shares of common stock on a one -for-one basis, subject to adjustment as provided in the Operating Partnership’s partnership agreement. Notwithstanding the foregoing, the issuance by the Operating Partnership of Common Units, and the issuance by the Company of shares of common stock, as applicable, in connection with a redemption is subject to certain limitations, including that (i) a resale shelf registration statement with respect to such shares of common stock shall have been filed and become effective, in accordance with a registration rights agreement entered into between the Company and the Holder and (ii) as a result of the redemption, the Holder would not own more than 15% of the outstanding shares of the Company's common stock (assuming all Common Units issued in the redemption were immediately exchanged for common stock (the "As Exchanged Common Shares"). If the conditions of either (i) or (ii) in the prior sentence are not met, the redemption may only be satisfied in cash (in the case of (ii), only with respect to the number of Series A Preferred Units necessary such that the Holder would not own more than 15% of the As Exchanged Common Shares). Also in connection with the acquisition of The Shoppes at Carlsbad, in November 2015, the Operating Partnership, the Company and the Holder entered into a tax protection agreement, pursuant to which the Operating Partnership agreed not to transfer the property for a period of six years (through December 31, 2021) (the "Tax Protection Period") if such transfer would result in the recognition of taxable income or gain to the Holder. The tax protection agreement also requires the Company and the Operating Partnership to indemnify the Holder against certain tax liabilities (calculated pursuant to the tax protection agreement) resulting from specified events (all of which depend upon actions initiated by the Operating Partnership or the Company), including, among others: (i) a transfer of the property during the Tax Protection Period; (ii) the redemption of Series A Preferred Units for cash during the Tax Protection Period; (iii) the redemption of Common Units (previously received by the Holder in connection with an optional redemption of Series A Preferred Units) for cash or shares of common stock during the Tax Protection Period; and (iv) the sale by the Holder of shares of common stock to the extent such shares had been received pursuant to a redemption of Common Units (previously received by the Holder in connection with an optional redemption of Series A Preferred Units during the Tax Protection Period), subject to certain limitations. The following table summarizes activity relating to the non-controlling interest in the Operating Partnership for the year ended December 31, 2015: (In thousands) 2015 Balance at January 1, $ — Issuance of Series A Preferred Units 140,000 Preferred distribution accrued 953 Balance at December 31, $ 140,953

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
EQUITY	EQUITY On January 13, 2014, the Company issued 8,050,000 shares of common stock in an underwritten public offering of its common stock 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 of $6.3 million but before deducting offering costs. Brookfield Asset Management, Inc. ("Brookfield Asset Management) and, together with its affiliates ("Brookfield") owned approximately 33.5% of the Company as of December 31, 2015 . Common Stock Dividends On February 26, 2015, the Company's Board of Directors declared a first quarter common stock dividend of $0.18 per share, which was paid on April 30, 2015 to stockholders of record on April 15, 2015. On May 4, 2015, the Company's Board of Directors declared a second quarter common stock dividend of $0.18 per share, which was paid on July 31, 2015 to stockholders of record on July 15, 2015. On July 30, 2015, the Company's Board of Directors declared a third quarter common stock dividend of $0.18 per share, which was paid on October 30, 2015 to stockholders of record on October 15, 2015. On October 29, 2015, the Company's Board of Directors declared a fourth quarter common stock dividend of $0.18 per share, which was paid on January 29, 2016 to stockholders of record on January 15, 2016. Distributions paid on our common stock and their tax status, as sent to our shareholders, is presented in the following tables. The tax status of Rouse distributions in 2015, 2014, and 2013 may not be indicative of future periods. Year Ended December 31, 2015 2014 2013 Ordinary dividends $ 0.20 $ 0.26 $ 0.26 Nontaxable distributions 0.51 0.38 0.20 Total $ 0.71 0.64 0.46 Dividend Reinvestment and Stock Purchase Plan On May 12, 2014, the Company established a Dividend Reinvestment and Stock Purchase Plan ("DRIP"). Under the DRIP, the Company's stockholders may purchase additional shares of common stock by automatically reinvesting all or a portion of the cash dividends paid on their shares of common stock or by making optional cash payments, or both, at fees described in the DRIP prospectus. The DRIP commenced with the dividend paid on July 31, 2014 to stockholders of record on July 15, 2014. To date, the Company has purchased the shares needed to satisfy the DRIP elections in the open market. No additional shares have been issued. Employee Stock Purchase Plan On July 1, 2014, the Company commenced enrollment under its Employee Stock Purchase Plan (the "ESPP"). The ESPP was implemented to provide eligible employees of the Company and its participating subsidiaries with an opportunity to purchase common stock of the Company at a discount of 5% , through accumulated payroll deductions or other permitted contributions. The ESPP was adopted by the Company's Board of Directors on February 27, 2014 and approved by its stockholders on May 9, 2014. The maximum number of shares of common stock that may be issued under the ESPP is 500,000 subject to adjustments under certain circumstances. As of December 31, 2015 , 6,286 shares were issued under the ESPP since its commencement. Stock Repurchase Program On October 29, 2015 , the Board of Directors authorized management to implement a stock repurchase program in the maximum amount of $50.0 million over a period of up to two years. Purchases made pursuant to the stock repurchase program may be made in the open market from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The stock repurchase program may be suspended or discontinued at any time. During the year ended December 31, 2015 , the Company repurchased 238,055 shares of its outstanding Common Stock for approximately $3.5 million , at an average cost of $14.73 per share. As of December 31, 2015 , the Company had $46.5 million of remaining capacity to repurchase common stock under the stock repurchase program.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION PLANS	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”). The number of shares of common stock originally reserved for issuance under the Equity Plan was 4,887,997 . The Equity Plan provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, other stock-based awards and performance-based compensation (collectively, the "Awards"). Directors, officers, other employees and consultants of Rouse and its subsidiaries and affiliates are eligible for Awards. No participant may be granted more than 2,500,000 shares in any year, subject to certain adjustments. On February 26, 2015, the Company's Board of Directors approved an amendment ("Plan Amendment") to the Equity Plan increasing the total number of shares available for issuance to 7,387,997 . On May 8, 2015, the Plan Amendment was approved by the Company's stockholders. Stock Options Pursuant to the Equity Plan, the Company granted stock options to certain employees of the Company. The vesting terms of these grants are specific to the individual grant. In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). In the event that a participating employee ceases to be employed by the Company, any options that have not vested will generally be forfeited. Stock options generally vest annually over a five year period. The following tables summarize stock option activity for the Equity Plan for the years ended December 31, 2015 and 2014 : 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Stock options outstanding at January 1, 3,313,869 $15.89 2,579,171 $15.14 Granted 1,057,000 17.67 778,498 18.36 Exercised (326,645 ) 15.06 (1,680 ) 16.48 Forfeited (527,763 ) 16.51 (42,120 ) 15.34 Expired (26,040 ) 18.40 — — Stock options outstanding at December 31, (1) 3,490,421 $16.40 3,313,869 $15.89 Stock Options Outstanding (1) Issuance Shares Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price March 2012 1,108,860 6.25 $14.72 August 2012 36,400 6.67 13.75 October 2012 276,623 6.83 14.47 February 2013 526,440 7.17 16.48 February 2014 596,400 8.17 18.40 July 2014 28,198 8.58 17.20 February 2015 717,500 9.17 17.18 March 2015 200,000 9.25 19.76 Stock options outstanding at December 31, 2015 3,490,421 7.56 $16.40 Explanatory Note: (1) As of December 31, 2015 and December 31, 2014 , 1,181,330 and 878,288 , respectively, stock options became fully vested and are currently exercisable. As of December 31, 2015 and December 31, 2014 , the intrinsic value of these options was $(0.9) million and $3.2 million , respectively, and such stock options had a weighted average stock price of $15.35 and $14.93 , respectively. The weighted average remaining contractual term as of December 31, 2015 and December 31, 2014 was 6.7 years and 7.5 years, respectively. The Company recognized $2.0 million , $1.8 million and $1.4 million in compensation expense related to the stock options for the years ended December 31, 2015 , 2014 and 2013 , respectively, which is recorded in "General and administrative" on the Company's Consolidated Statements of Operations and Comprehensive Income (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 three to four year periods. In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). In the event that a participating employee ceases to be employed by the Company, any shares that have not vested will generally be forfeited. Dividends are paid on restricted stock and are not returnable, even if the underlying stock does not ultimately vest. The following table summarizes restricted stock activity for the years ended December 31, 2015 and 2014 : 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested restricted stock grants outstanding at January 1, 205,731 $15.45 278,617 $14.85 Granted 53,550 17.18 42,489 18.40 Forfeited (58,242 ) 15.41 — — Cancelled — — — — Vested (128,555 ) 15.33 (115,375 ) 15.08 Nonvested restricted stock grants outstanding at December 31, 72,484 $16.97 205,731 $15.45 The 58,242 shares of restricted stock that were forfeited during the year ended December 31, 2015 will be held in treasury for future restricted stock or option issuances. As of December 31, 2015 , a total of 62,403 shares of restricted stock were forfeited and are currently being held in treasury for future restricted stock or options issuances. The weighted average remaining contractual term (in years) of granted, non-vested restricted stock awards as of December 31, 2015 was 0.9 years. The Company recognized $0.9 million , $1.9 million and $1.6 million in compensation expense related to the restricted stock for the years ended December 31, 2015 , 2014 and 2013 , respectively, which is included in "General and administrative" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Other Disclosures The estimated values of options granted in the table above are based on the Black-Scholes pricing model using the assumptions in the table below. The estimate of the risk-free interest rate is based on the average of a 5 - and 10 -year U.S. Treasury note on the date the options were granted. The estimate of the dividend yield and expected volatility is based on a review of publicly-traded peer companies. The expected life is computed using the simplified method as the Company does not have historical share option data. The fair value of each option grant is estimated on the date of grant using the Black-Scholes pricing model with the following 2015 and 2014 weighted-average assumptions: 2015: Risk-free interest rate 1.56 % Dividend yield 4.19 % Expected volatility 27.19 % Expected life (in years) 6.5 2014: Risk-free interest rate 1.83% - 1.95% Dividend yield 3.70% - 3.95% Expected volatility 27.75% - 28.27% Expected life (in years) 6.5 As of December 31, 2015 , total compensation expense, which had not yet been recognized, related to nonvested options and restricted stock grants was $6.1 million . Of this total, $2.6 million relates to 2016 , $1.7 million relates to 2017 , $1.1 million relates to 2018 , $0.6 million relates to 2019 , and $0.1 million relates to 2020 , will be recognized, respectively, in "General and administrative" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). 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

NONCONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTERESTS	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 Holding, Inc. ("Holding"), a subsidiary of Rouse, and the interest in the Mall at Barnes Crossing entities. Holding 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 Holding for $1,000 per share plus all accrued and unpaid dividends. Furthermore, in the event of a voluntary or involuntary liquidation of Holding, 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 Holding. On August 29, 2014, the Company purchased a 51% interest in three limited liability companies which together own and operate The Mall at Barnes Crossing, the Market Center, a strip shopping center located adjacent to the property, and various vacant land parcels associated with the development (collectively referred to as "The Mall at Barnes Crossing"). The Company determined it holds the controlling interest in the The Mall at Barnes Crossing. As a result, the joint venture is presented on the Company's Consolidated Financial Statements as of December 31, 2015 and December 31, 2014 and for the year ended December 31, 2015 and December 31, 2014, on a consolidated basis, with the interests of the third parties reflected as a non-controlling interest. In connection with the acquisition, the Company formed a joint venture with other interest holders in the properties. Pursuant to the joint venture arrangements, the Company has the exclusive authority to manage the business of the joint venture, except for certain actions (e.g., disposing of the properties and incurring debt under certain circumstances) that would require the consent of a joint venture partner. At any time after August 29, 2017 (or earlier under certain circumstances), the Company will have the right to purchase its partners' interests in the joint venture at a purchase price generally equal to their fair market value (the "Call Price"). In addition, during the 30-day period beginning on August 29, 2017, a third-party partner will have a one-time option to cause us to purchase each third-party partner's respective interests in the joint venture at a purchase price calculated in the same manner as the Call Price. Consideration paid to our partners for their interests in the joint venture may, under certain circumstances, be in the form of shares of our common stock and/or Common Units of the Operating Partnership. If the consideration for the Call Price includes Common Units, the Company and a third-party partner will enter into a tax protection agreement that will provide for indemnification of such partner under certain circumstances against certain tax liabilities incurred by such partner, if such liabilities result from a transaction involving a taxable disposition of The Mall at Barnes Crossing or the failure to offer such partner the opportunity to guarantee certain indebtedness. On November 4, 2015, the Company purchased a 1.8% interest from one of the interest holders for $ 0.6 million. As of December 31, 2015, the Company held a 52.8% interest in The Mall at Barnes Crossing.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS PER SHARE Earnings per share ("EPS") is calculated using the two class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, unvested restricted stock of the Company is considered a participating security. The dilutive effect of options and their equivalents (including fixed awards and nonvested stock issued under stock-based compensation plans), is computed using the “treasury” method. The following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (dollars in thousands, except per share data): Years Ended December 31, 2015 2014 2013 Numerator for basic and diluted earnings per share Income (loss) from continuing operations $ 41,623 $ (51,685 ) $ (45,582 ) Net (income) loss attributable to non-controlling interests 76 (71 ) — Preferred distributions (953 ) — — Loss from discontinued operations — — (9,163 ) Net income (loss) allocable to common shareholders $ 40,746 $ (51,756 ) $ (54,745 ) Earnings allocated to unvested participating security holders — — (150 ) Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders $ 40,746 $ (51,756 ) $ (54,895 ) Denominator for basic and diluted earnings per share Weighted average common shares outstanding - basic 57,874,772 57,203,196 49,344,927 Add: effect of assumed shares issued under treasury stock method for stock options and restricted shares 313,969 — — Weighted average common shares outstanding - diluted 58,188,741 57,203,196 49,344,927 Basic and Diluted earnings per share Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders- basic $ 0.70 $ (0.90 ) $ (1.11 ) Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders- diluted $ 0.70 $ (0.90 ) $ (1.11 )

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
RETAILS UNDER OPERATING LEASES	RENTALS UNDER OPERATING LEASES The Company receives rental income from the leasing of retail space under operating leases. The minimum future rentals based on operating leases of the Company's consolidated properties owned as of December 31, 2015 are as follows: Year Amount (In thousands) 2016 $ 193,423 2017 156,601 2018 128,947 2019 109,935 2020 93,902 Subsequent 1,117,512 $ 1,800,320 Minimum future rentals exclude amounts which are not fixed in accordance with the tenant's lease, but are based upon a percentage of their gross sales or reimbursement of actual operating expenses and amortization of above and below-market leases. Such operating leases are with a variety of tenants, the majority of which are national and regional retail chains and local retailers, and consequently, our credit risk is concentrated in the retail industry.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 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 us, on a transitional basis, certain specified services for various terms not exceeding 18 months following the spin-off. The services that GGP provided to the Company included, amongst others, payroll, human resources and employee benefits, financial systems management, treasury and cash management, accounts payable services, telecommunications services, information technology services, asset management services, legal and accounting services and various other corporate services. The charges for the transition services generally were intended to allow GGP to fully recover their costs directly associated with providing the services, plus a level of profit consistent with an arm’s length transaction together with all out-of-pocket costs and expenses. The charges of each of the transition services were generally based on an hourly fee arrangement and pass-through out-of-pocket costs. As of December 31, 2013 , the transition services agreement with GGP was terminated. For the year ended December 31, 2013 , the costs associated with the transition services agreement were $0.1 million . Office Leases with Brookfield Upon its spin-off from GGP, the Company assumed a 10 -year lease agreement with Brookfield, as landlord, for office space for its corporate office in New York City. Costs associated with the office lease for each of the years ended December 31, 2015 , 2014 and 2013 were $1.1 million . There are no outstanding amounts payable as of December 31, 2015 . 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. Costs associated with the office lease for the year ended December 31, 2013 were $ 0.03 million , of which $0.01 million was payable as of December 31, 2013 . Effective December 30, 2013, the Brookfield subsidiary sold the office building in which the office space is located to a third party. The following table describes the Company's future rental expenses related to the office leases for the Company's New York office: Year Amount (In thousands) 2016 $ 1,086 2017 1,147 2018 1,147 2019 1,147 2020 1,147 Subsequent 1,083 $ 6,757 Subordinated Credit Facility with Brookfield On the Spin-Off Date, the Company entered into a Subordinated Facility with a wholly-owned subsidiary of Brookfield, as lender, for a $100.0 million revolving credit facility. The Company paid a one time upfront fee of $0.5 million related to this facility in 2012. In addition, the Company was required to pay a semi-annual revolving credit fee of $0.3 million related to this facility. For the year ended December 31, 2013 , costs associated with the revolving credit fee were $0.5 million . On November 22, 2013, in conjunction with the Company's entrance into the 2013 Senior Facility, the Subordinated Facility was terminated (see Note 5 for further details). Business Information and Technology Costs As part of the spin-off from GGP, the Company commenced the development of its initial information technology platform ("Brookfield Platform"). The development of the Brookfield Platform required the Company to purchase, design and create various information technology applications and infrastructure. Brookfield Corporate Operations, LLC ("BCO") had been engaged to assist in the project development and to procure the various applications and infrastructure of the Company. The Company incurred approximately $0.3 million and $2.8 million of infrastructure costs during the years ended December 31, 2014 and 2013 , respectively. For the years ended December 31, 2014 and 2013 , the Company had approximately $8.3 million and $8.0 million , respectively, of infrastructure costs which were capitalized in "Buildings and equipment" on the Company's Consolidated Balance Sheets. As of December 31, 2015 , the Company had accelerated and written off any remaining infrastructure costs related to the Brookfield Platform. The Company was also required to pay a monthly information technology services fee to BCO. Approximately $1.1 million , $3.1 million and $2.0 million in costs were incurred for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of the years ended December 31, 2015 and 2014 , $0.2 million and $0.3 million were 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. The Company no longer engages BCO's financial service center to manage such administrative services. Approximately $0.1 million , $2.2 million and $1.2 million in costs were incurred for the years ended December 31, 2015 , 2014 and 2013 , respectively, and are recorded in "General and administrative" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). As of the years ended December 31, 2015 and 2014 , there were no costs and $0.2 million outstanding and payable, respectively. Demand Deposit from Brookfield U.S. Holdings In August 2012, the Company entered into an agreement with Brookfield U.S. Holdings ("U.S. Holdings") to place funds into an interest bearing account which earns interest at LIBOR plus 1.05% per annum. The demand deposit is secured by a note from U.S. Holdings and guaranteed by Brookfield Asset Management Inc. The demand deposit had an original maturity of February 14, 2013 and was extended to November 14, 2014. However, the Company may have demanded the funds earlier by providing U.S. Holdings with a three day notice. The Company earned approximately $0.3 million and $0.5 million in interest income for the years ended December 31, 2014 and 2013 , respectively. As of the year ended December 31, 2014 , the agreement was terminated.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of the Company's properties. In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material effect on the Company's financial position, results of operations or liquidity. In connection with the ownership and operation of real estate, the Company may be potentially liable for costs and damages related to environmental matters. In management's opinion, the liabilities, if any, that may ultimately result from such environmental matters are not expected to have a material effect on the Company's financial position, results of operations or liquidity. 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.

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table sets forth the selected quarterly financial data for the Company (dollars in thousands, except per share amounts). For the Quarters Ended March 31, (1) June 30, September 30, December 31, 2015 Total revenues $ 74,561 $ 72,409 $ 73,553 $ 84,861 Operating income 8,426 12,960 16,843 14,045 Net income (loss) allocable to common shareholders 44,407 (688 ) (1,302 ) (1,680 ) Per common share data: Net income (loss) per share allocable to common shareholders (2) Basic 0.77 (0.01 ) (0.02 ) (0.03 ) Diluted 0.76 (0.01 ) (0.02 ) (0.03 ) Dividends declared per share 0.18 0.18 0.18 0.18 Weighted average shares outstanding - Basic 57,603,340 57,726,603 57,930,453 57,939,535 Weighted average shares outstanding - Diluted 58,287,256 57,726,603 57,930,453 57,939,535 2014 Total revenues $ 67,839 $ 67,790 $ 74,783 $ 81,715 Operating income 13,340 10,677 322 7,100 Net income (loss) allocable to common shareholders (4,425 ) (8,175 ) (26,566 ) (12,589 ) Per common share data: Net income (loss) per share allocable to common shareholders (2) Basic (0.08 ) (0.14 ) (0.46 ) (0.22 ) Diluted (0.08 ) (0.14 ) (0.46 ) (0.22 ) Dividends declared per share 0.17 0.17 0.17 0.17 Weighted average shares outstanding - Basic 56,129,522 57,519,079 57,519,412 57,531,859 Weighted average shares outstanding - Diluted 56,129,522 57,519,079 57,519,412 57,531,859 Explanatory Note: (1) During the three months ended March 31, 2015, net income increased due to the sale of The Shoppes at Knollwood and the conveyance of Steeplegate Mall to its mortgage lender. (2) The total for the year may differ from the sum of the quarters as a result of weighting.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to December 31, 2015, the Company repurchased 105,000 shares of its outstanding common stock for $1.6 million , at an average cost of $14.87 per share. On January 16, 2016, the Company’s Board of Directors received a written, unsolicited, non-binding proposal from Brookfield Asset Management Inc. (“Brookfield Asset Management” and, together with its affiliates, “Brookfield”) on behalf of a real estate fund managed by Brookfield Asset Management, to acquire all the outstanding shares of the Company’s common stock, other than those shares currently held by Brookfield, collectively the beneficial owners of approximately 33.5% of the Company’s outstanding shares of common stock, for a purchase price of $17.00 per share in cash. The Company’s Board of Directors established a special committee of the Board (the “Special Committee”), comprised of all of the directors of the Board, other than those directors who are also representatives of Brookfield, to, among other matters, evaluate and negotiate the Brookfield proposal, solicit other proposals and/or evaluate alternatives to the Brookfield proposal, as determined by the Special Committee in its sole discretion. In light of Brookfield’s unsolicited proposal, on January 29, 2016, the Special Committee approved a Retention Plan for the Company’s four named executive officers (Andrew Silberfein, Brian Harper, John Wain and Susan Elman) and certain other senior executives. The Retention Plan, which was developed with the advice of an independent compensation consultant, is intended to enhance retention of the Retention Plan participants. Under the terms of the Retention Plan, each participant will be eligible to receive an aggregate cash retention award based on a percentage of such participant’s 2015 base salary and 2015 target performance bonus. Awards under the Retention Plan are payable in two equal installments of 50% of the aggregate award payable to each participant. The first installment is payable on the earlier of (i) a determination by the Special Committee that it has terminated the process of considering and responding to Brookfield’s unsolicited offer and any related process to explore strategic alternatives thereto in which the Special Committee may decide to engage (a “Process Termination”) and (ii) the closing date of any merger, business combination or other similar transaction in respect of the Company. The second installment is payable on the earlier of (i) six months after any Process Termination and (ii) six months after the closing date of any merger, business combination or other similar transaction in respect of the Company. A participant in the Retention Plan must be employed by the Company on a payment date in order to receive his or her award, unless the participant’s employment is terminated by the Company without cause, by the participant for good reason or due to the participant’s death or disability (as each such term is defined in the Retention Plan). If a participant’s employment is terminated under one of the foregoing circumstances prior to payment of the first retention award payment, such participant’s first and second installment will be paid when the first retention award installment is paid to the other participants (but in no event later than two months after the end of the year in which such termination occurs). If a participant’s employment is terminated under one of the foregoing circumstances after payment of the first installment but prior to payment of the second installment, such participant’s second installment will be paid at the time of such termination of the participant’s employment. The total retention awards that participants are eligible to receive under the Retention Plan, in the aggregate, is $7.5 million. On February 25, 2016, the Company entered into a definitive merger agreement (and other related agreements) to be acquired by affiliates of Brookfield Asset Management for $18.25 per share in an all-cash transaction, a portion of which may be paid out as a special dividend. Under the terms of the merger agreement, Brookfield will acquire all of the outstanding shares of the Company’s common stock, other than those shares currently held by Brookfield Property Partners L.P. and its affiliates, in a transaction valued at approximately $2.8 billion , including the Company’s indebtedness. The merger agreement prohibits the payment of any further dividends by the Company, other than as necessary to maintain the Company's REIT status and a closing dividend as part of the $18.25 per share consideration payable in the transaction. The purchase price represents a premium of approximately 35% over the Company’s closing stock price on January 15, 2016, the last trading day prior to Brookfield’s announcement of the proposal to acquire the Company. The Special Committee unanimously approved the merger agreement. Completion of the transaction is expected to occur in the third quarter of 2016, and is contingent upon customary closing conditions, including the approval of the holders of a majority of the outstanding shares of the Company’s common stock and a majority of the outstanding shares of the Company's common stock not currently held by Brookfield Property Partners L.P. and its affiliates. The transaction is not subject to a financing contingency.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Initial Cost Cost Capitalized Subsequent to Acquisition Gross Amounts at Which Carried at Close of Period (2) Name of Center Location Encumbrance (1) Land Building & Improvements Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Acquired Life Which Latest Income Statement is Computed Animas Valley Mall Farmington, NM $ 49,156 $ 6,509 $ 32,270 — $ (854 ) $ 6,509 $ 31,416 $ 37,925 $ 5,054 2010 (3) Barnes Crossing, The Mall at Tupelo, MS 67,000 18,300 82,583 (241 ) 1,038 18,059 83,621 101,680 5,535 2014 (3) Bayshore Mall Eureka, CA 46,500 4,770 33,306 780 18,943 5,550 52,249 57,799 6,193 2010 (3) Bel Air, The Shoppes at Mobile, AL 110,450 8,969 122,537 — 4,216 8,969 126,753 135,722 10,978 2014 (3) Birchwood Mall Port Huron, MI — 8,316 44,884 — 267 8,316 45,151 53,467 6,334 2010 (3) Cache Valley Mall Logan, UT — 3,963 26,842 (70 ) 7,536 3,893 34,378 38,271 5,381 2010 (3) Carlsbad, The Shoppes at Carlsbad, CA — 49,452 123,530 — — 49,452 123,530 172,982 1,942 2015 (3) Chesterfield Towne Center Richmond, VA 105,429 19,546 146,148 (159 ) 10,178 19,387 156,326 175,713 10,933 2013 (3) Chula Vista Center Chula Vista, CA 70,000 13,214 71,598 1,149 15,758 14,363 87,356 101,719 11,985 2010 (3) Colony Square Mall Zanesville, OH — 4,253 29,577 — 510 4,253 30,087 34,340 4,801 2010 (3) Fig Garden Village Fresno, CA 74,200 18,774 86,894 — 386 18,774 87,280 106,054 2,964 2015 (3) Gateway, The Shoppes at Springfield, OR 75,000 7,097 36,573 — 37,529 7,097 74,102 81,199 6,284 2010 (3) Grand Traverse Mall Traverse City, MI — 11,420 46,409 — 510 11,420 46,919 58,339 7,897 2012 (3) Greenville Mall Greenville, NC 45,439 9,088 42,087 — (496 ) 9,088 41,591 50,679 4,282 2013 (3) Lakeland Square Lakeland, FL 66,814 10,938 56,867 1,308 16,383 12,246 73,250 85,496 10,819 2010 (3) Lansing Mall Lansing, MI — 9,615 49,220 350 17,667 9,965 66,887 76,852 9,180 2010 (3) Mall St. Vincent Shreveport, LA — 4,604 21,927 — 12,592 4,604 34,519 39,123 4,185 2010 (3) Mt. Shasta Mall Redding, CA 31,850 7,809 41,788 — 1,488 7,809 43,276 51,085 2,956 2015 (3) NewPark Mall Newpark, CA 114,245 17,847 58,384 2,867 65,010 20,714 123,394 144,108 8,993 2010 (3) North Plains Mall Clovis, NM — 2,217 11,768 — 1,124 2,217 12,892 15,109 1,969 2010 (3) Pierre Bossier Mall Bossier City, LA 49,426 7,522 38,247 818 11,526 8,340 49,773 58,113 7,180 2010 (3) Salisbury, The Centre at Salisbury, MD 115,214 22,580 105,376 — (805 ) 22,580 104,571 127,151 9,345 2013 (3) Sierra Vista, The Mall at Sierra Vista, AZ — 7,078 36,441 — 197 7,078 36,638 43,716 5,899 2010 (3) Sikes Senter Wichita Falls, TX — 5,915 34,075 — 4,751 5,915 38,826 44,741 5,426 2010 (3) Silver Lake Mall Coeur d'Alene, ID — 3,237 12,914 — 3,356 3,237 16,270 19,507 2,778 2010 (3) Southland Center Taylor, MI 74,806 13,697 51,860 — 21,305 13,697 73,165 86,862 9,155 2010 (3) Southland Mall Hayward, CA — 23,407 81,474 — 9,449 23,407 90,923 114,330 14,264 2010 (3) Spring Hill Mall West Dundee, IL — 8,219 23,679 1,206 7,391 9,425 31,070 40,495 3,722 2010 (3) Three Rivers Mall Kelso, WA — 2,079 11,142 — 18,535 2,079 29,677 31,756 2,531 2010 (3) Turtle Creek, The Mall at Jonesboro, AR 77,194 22,254 79,579 — 1,563 22,254 81,142 103,396 11,581 2012 (3) Valley Hills Mall Hickory, NC 65,362 10,047 61,817 — 1,439 10,047 63,256 73,303 10,083 2010 (3) Vista Ridge Mall Lewisville, TX 65,428 15,965 46,560 — (107 ) 15,965 46,453 62,418 7,130 2010 (3) Washington Park Mall Bartlesville, OK — 1,389 8,213 — 271 1,389 8,484 9,873 1,592 2010 (3) West Valley Mall Tracy, CA 59,000 31,341 38,316 — 5,430 31,341 43,746 75,087 9,052 2010 (3) Westwood Mall Jackson, MI — 5,708 28,006 — 235 5,708 28,241 33,949 4,000 2010 (3) White Mountain Mall Rock Springs, WY — 3,010 11,419 — 4,664 3,010 16,083 19,093 2,517 2010 (3) Total Held For Use Properties 1,362,513 420,149 1,834,310 8,008 298,985 428,157 2,133,295 2,561,452 234,920 Other 344,000 — — — 18,148 — 18,148 18,148 4,171 Total Portfolio $ 1,706,513 $ 420,149 $ 1,834,310 $ 8,008 $ 317,133 $ 428,157 $ 2,151,443 $ 2,579,600 $ 239,091 Explanatory Notes: (1 ) See description of mortgages, notes, and loans payable in Note 5 to the consolidated financial statements. (2 ) The aggregate cost of land, buildings, and improvements for federal income tax purposes was approximately $2.6 billion as of December 31, 2015. (3 ) Depreciation is computed based upon the following estimated useful lives: Years Buildings and improvements 40 Equipment and fixtures 5-10 Tenant improvements Shorter of useful life or applicable lease term 1. Reconciliation of Real Estate: The changes in real estate for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (In thousands) Balance at January 1, $ 2,251,956 $ 1,948,131 $ 1,652,755 Improvements and additions 181,701 120,031 68,236 Acquisitions 328,229 238,510 349,269 Dispositions and write-offs (179,060 ) (31,752 ) (85,308 ) Impairments (3,226 ) (22,964 ) (36,821 ) Balance at December 31, $ 2,579,600 $ 2,251,956 $ 1,948,131 2. Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 are as follows: 2015 2014 2013 (In thousands) Balance at January 1, $ 194,712 $ 142,432 $ 116,336 Depreciation expense 97,185 91,248 66,497 Dispositions and write-offs (52,480 ) (31,752 ) (32,015 ) Impairments (326 ) (7,216 ) (8,386 ) Balance at December 31, $ 239,091 $ 194,712 $ 142,432

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
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 December 31, 2015 and 2014 include the accounts of Rouse, as well as all subsidiaries of Rouse. The accompanying Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 and 2013 include the consolidated accounts of Rouse and the Operating Partnership. The accompanying consolidated financial statements include the accounts of Rouse, as well as all subsidiaries of Rouse and all joint ventures in which the Company has a controlling interest. For consolidated joint ventures, the non-controlling partner's share of the assets, liabilities and operations of the joint ventures (generally computed as the joint venture partner's ownership percentage) is included in non-controlling interests as permanent equity of the Company. All intercompany transactions have been eliminated in consolidation as of and for the years ended December 31, 2015 , 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. The Company does not distinguish its 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.
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 project 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 5 - 10 Tenant improvements Shorter of useful life or applicable lease term The Company reviews depreciable lives of its properties periodically and makes adjustments when necessary to reflect a shorter economic life.
Impairment	Impairment Operating properties and intangible assets Accounting for the impairment or disposal of long-lived assets requires 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 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 a provision for impairment is determined to be necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset.
Intangible Assets and Liabilities	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 (In thousands) December 31, 2015 Tenant leases: In-place value $ 96,301 $ (42,446 ) $ 53,855 Above-market 97,421 (57,241 ) 40,180 Below-market (67,081 ) 24,489 (42,592 ) Ground leases: Below-market 3,682 (692 ) 2,990 December 31, 2014 Tenant leases: In-place value $ 97,745 $ (43,481 ) $ 54,264 Above-market 109,862 (58,866 ) 50,996 Below-market (65,476 ) 22,184 (43,292 ) Ground leases: Below-market 3,682 (537 ) 3,145 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 leases and below-market ground leases are included in "Prepaid expenses and other assets, net", and below-market tenant leases are included in "Accounts payable and accrued expenses, net" as detailed in Notes 4 and 6, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits with a maturity of three months or less, at the date of purchase, to be cash equivalents.
Restricted Cash	Restricted Cash Restricted cash consists of security deposits and cash escrowed under loan agreements for debt service, real estate taxes, property insurance, tenant improvements, capital renovations and capital improvements.
Interest Rate Hedging Instruments	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. During the year ended December 31, 2015, the Company entered into four derivative agreements that qualify as hedging instruments and were designated, based upon the exposure of being hedged, as cash flow hedges. The fair value of the cash flow hedges as of December 31, 2015 was $0.6 million and $0.7 million and is included in "Prepaid expenses and other assets, net" and "Accounts payable and accrued expenses, net" in the Company's Consolidated Balance Sheets, respectively. 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 for the termination of their leases prior to their scheduled termination dates, amortization related to above and below-market tenant leases on acquired properties and tenant inducements, and percentage rents in lieu of minimum rent from those leases where the Company receives a percentage of tenant revenues. The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 (In thousands) Straight-line rent amortization $ 1,217 $ 1,785 $ 3,488 Lease termination income 1,867 2,204 413 Net amortization of above and below-market tenant leases (6,578 ) (13,073 ) (15,672 ) Amortization of tenant inducement (72 ) (28 ) (1,000 ) Percentage rents in lieu of minimum rent 7,609 6,731 7,071 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 the Company's Consolidated Balance Sheets and are reduced by an allowance for doubtful accounts: December 31, 2015 December 31, 2014 (In thousands) Straight-line rent receivables, net $ 14,856 $ 14,431 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 the Company's leases, as a certain portion of the straight-line rent currently recognizable will not be billed to the tenant until future periods. The Company's 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 $3.4 million as of December 31, 2015 and 2014 . The following table summarizes the changes in allowance for doubtful accounts for all receivables: 2015 2014 2013 (In thousands) Balance at January 1, $ 3,353 $ 2,798 $ 2,545 Provision for doubtful accounts 1,746 1,228 887 Write-offs (1,724 ) (673 ) (634 ) Balance at December 31, $ 3,375 $ 3,353 $ 2,798 Tenant recoveries are amounts due from tenants that are established in the leases or computed based upon a formula related to real estate taxes, insurance and other property operating expenses and are generally recognized as revenues in the period the related costs are incurred. The Company makes certain assumptions and judgments in estimating the reimbursements at the end of each reporting period. The Company does not expect the actual results to materially differ from the estimated reimbursement. Overage rent is paid by a tenant when its sales exceed an agreed-upon minimum amount. Overage rent is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. Overage rent is recognized on an accrual basis once tenant sales exceed contractual tenant lease thresholds. Other revenues generally consist of amounts earned by the Company for vending, advertising, and marketing revenues earned at the Company's malls and is recognized on an accrual basis over the related service period.
Income (Loss) Per Share	Income (Loss) Per Share Basic net income (loss) per share is computed by dividing the net income (loss) applicable to common shareholders 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 the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common stock at the earliest date possible to the weighted-average number of shares of common stock outstanding for the period.
Fair Value	Fair Value The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). GAAP establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value: • Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; • Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and • Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considers 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) December 31, 2015 Recurring basis: Assets: Interest rate cap $ 612 $ — $ 612 $ — Liabilities: Interest rate swap $ (677 ) $ — $ (677 ) $ — Non-recurring basis: Investment in Real Estate $ — $ — $ — $ — December 31, 2014 Recurring basis: Assets: Interest rate cap $ 1 $ — $ 1 $ — Liabilities: Interest rate swap $ (482 ) $ — $ (482 ) $ — Non-recurring basis: Investment in Real Estate (1) $ 74,237 $ — $ — $ 74,237 Explanatory Note: (1) The carrying value includes each mall's respective land, building, and in-place lease value. The following is a reconciliation of the carrying value of properties that were impaired and disposed of during the years ended December 31, 2015 and 2014 : Collin Creek Mall (1)(3) Steeplegate Mall (1)(4) Beginning carrying value, January 1, 2014 $ 60,120 $ 34,789 Capital expenditures 1,449 456 Depreciation and amortization expense (4,723 ) (1,700 ) Loss on impairment of real estate (5,079 ) (10,886 ) Disposition of real estate asset — — Ending carrying value, December 31, 2014 $ 51,767 $ 22,659 Collin Creek Mall (1) Steeplegate Mall (1) Beginning carrying value, January 1, 2015 $ 51,767 $ 22,659 Capital expenditures — — Depreciation and amortization expense (539 ) (219 ) Loss on impairment of real estate (2,900 ) — Disposition of real estate asset (2) (48,328 ) (22,440 ) Ending carrying value, December 31, 2015 $ — $ — Explanatory Note: (1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values. (2) The property was conveyed to its mortgage lender during the year ended December 31, 2015. (3) Valued using a Terminal Capitalization Rate as of December 31, 2014. (4) Valued using a Discounted Cash Flow Analysis with Discount Rate and Terminal Capitalization Rates as of December 31, 2014 as reflected in the table below. The Company estimates fair value relating to impairment assessments utilizing a direct capitalization rate on forecasted net operating income or discounted cash flows that include all projected cash inflows and outflows over a specific holding period. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. The determination of which method to use is based on expected market conditions specific to the property being assessed. Based upon these inputs, the Company determined that its valuation of a property using a discounted cash flow model was classified within Level 3 of the fair value hierarchy. The following table sets forth quantitative information about the unobservable inputs of the Company's Level 3 Real Estate, which are recorded at fair values as of December 31, 2014 : As of December 31, Unobservable Quantitative Inputs 2014 Discount Rate 11.0 % Terminal Capitalization Rate 9.5% - 10.0% The properties were conveyed to their lenders during the year ended December 31, 2015. The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps and one interest rate cap as of December 31, 2015 and one interest rate swap and one interest rate cap as of December 31, 2014, and the interest rate swaps qualified for hedge accounting. The interest rate swaps have met the effectiveness test criteria since inception and changes in their fair values are reported in "Other comprehensive income/(loss)" ("OCI/L") and are 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 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 7 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 Balance Sheets except for debt. As of December 31, 2015 and 2014 , management’s estimates of fair value are presented below. The Company estimated the fair value of the debt using a future discounted cash flow analysis based on the use and weighting of multiple market inputs. As a result of the frequency and availability of market data, the inputs used to measure the estimated fair value of debt are Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate discount rates.
Offering Costs	Offering Costs Costs associated with the issuance of common stock and rights offering to the Company's stockholders were deferred and charged against the gross proceeds of the offering upon the sale of shares during the year ended December 31, 2014 (see Note 11).
Leases	Leases Leases which transfer substantially all the risks and benefits of ownership to tenants are considered finance leases and the present values of the minimum lease payments and the estimated residual values of the leased properties, if any, are accounted for as receivables. Leases which transfer substantially all the risks and benefits of ownership to the Company are considered capital leases and the present values of the minimum lease payments are accounted for as assets and liabilities. All other leases are treated as operating leases. As of December 31, 2015 and 2014 , all of the Company's leases are treated as operating leases.
Deferred Expenses	Deferred Expenses Deferred expenses are comprised of deferred lease costs incurred in connection with obtaining new tenants or renewals of lease agreements with current tenants, which are amortized on a straight-line basis over the terms of the related leases and included in "Depreciation and amortization" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). 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 and included in "Interest expense" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).
Stock-Based Compensation	Stock-Based Compensation The Company recognizes all stock-based compensation to employees, including grants of employee stock options and restricted stock awards, in the financial statements as compensation cost. The compensation cost is amortized over the respective vesting period based on its fair value on the date of grant.
Asset Retirement Obligations	Asset Retirement Obligations The Company evaluates any potential asset retirement obligations, including those related to disposal of asbestos containing materials and environmental remediation liabilities. The Company recognizes the fair value of such obligations in the period incurred if a reasonable estimate of fair value can be determined.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, estimates and assumptions have been made with respect to fair values of assets and liabilities for purposes of applying the acquisition method of accounting, the useful lives of assets, capitalization of development and leasing costs, recoverable amounts of receivables, impairment of long-lived assets, valuation of hedging instruments and fair value of debt. Actual results could differ from these and other estimates.
Discontinued Operations	Discontinued Operations Prior to 2014, the Company reclassified to discontinued operations any material operations and gains or losses on disposal related to properties that were held for sale or disposed of during the relevant period, in accordance with the applicable accounting standards. In 2014, the Company early adopted Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" issued by the Financial Accounting Standards Board ("FASB"). ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The Company applied the revised definition to all disposals on a prospective basis beginning January 1, 2014.
Recent Accounting Pronouncement	Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers (Topic 606) ". This topic provides for five principles which should be followed to determine the appropriate amount and timing of revenue recognition for the transfer of goods and services to customers. The principles in this ASU should be applied to all contracts with customers regardless of industry. The amendments in this ASU are effective for reporting periods beginning after December 15, 2017, with two transition methods of adoption allowed. Early adoption for reporting periods prior to December 15, 2017 is not permitted. The Company is evaluating the financial statement impact of the guidance in this ASU. In August 2014, the FASB issued ASU 2014-15, " Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ". This topic provides guidance on management's responsibility to evaluate whether there is substantial doubt about a company's ability to continue as a going concern and requires related footnote disclosures. The amendments in this ASU are effective for the annual period after December 15, 2016, and for annual and interim periods thereafter. The Company is currently evaluating the impact of the guidance in this ASU. In February 2015, the FASB issued ASU 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis”, which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant impact on the Consolidated Financial Statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs", which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability. For public business entities, this ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The Company had $11.9 million in debt issuance costs included in "Deferred Expenses, Net" on the Consolidated Balance Sheet as of December 31, 2015. The Company will adopt this ASU effective January 1, 2016. In August 2015, the FASB issued an update ASU 2015-15, " Interest – Imputation of Interest" to ASC Topic 835, " Capitalization of Interest". For debt issuance costs related to line-of-credit arrangements, ASU 2015-15 allows entities to present debt issuance costs as an asset and subsequently amortize the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company will adopt this ASU effective January 1, 2016. In January 2016, the FASB issued an update ASU 2016-01, " Recognition and Measurement of Financial Assets and Financial Liabilities" to ASC Topic 825, " Financial Instruments" (“ASC 825”). ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. We are currently evaluating the impact of the adoption of ASU 2016-01 on our Consolidated Financial Statements.

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Schedule of estimated useful lives	The following is a reconciliation of the carrying value of properties that were impaired and disposed of during the years ended December 31, 2015 and 2014 : Collin Creek Mall (1)(3) Steeplegate Mall (1)(4) Beginning carrying value, January 1, 2014 $ 60,120 $ 34,789 Capital expenditures 1,449 456 Depreciation and amortization expense (4,723 ) (1,700 ) Loss on impairment of real estate (5,079 ) (10,886 ) Disposition of real estate asset — — Ending carrying value, December 31, 2014 $ 51,767 $ 22,659 Collin Creek Mall (1) Steeplegate Mall (1) Beginning carrying value, January 1, 2015 $ 51,767 $ 22,659 Capital expenditures — — Depreciation and amortization expense (539 ) (219 ) Loss on impairment of real estate (2,900 ) — Disposition of real estate asset (2) (48,328 ) (22,440 ) Ending carrying value, December 31, 2015 $ — $ — Explanatory Note: (1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values. (2) The property was conveyed to its mortgage lender during the year ended December 31, 2015. (3) Valued using a Terminal Capitalization Rate as of December 31, 2014. (4) Valued using a Discounted Cash Flow Analysis with Discount Rate and Terminal Capitalization Rates as of December 31, 2014 as reflected in the table below. 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 5 - 10 Tenant improvements Shorter of useful life or applicable lease term
Schedule of intangible assets and liabilities	The following table summarizes our intangible assets and liabilities as a result of the application of acquisition accounting: Gross Asset Accumulated Net Carrying (In thousands) December 31, 2015 Tenant leases: In-place value $ 96,301 $ (42,446 ) $ 53,855 Above-market 97,421 (57,241 ) 40,180 Below-market (67,081 ) 24,489 (42,592 ) Ground leases: Below-market 3,682 (692 ) 2,990 December 31, 2014 Tenant leases: In-place value $ 97,745 $ (43,481 ) $ 54,264 Above-market 109,862 (58,866 ) 50,996 Below-market (65,476 ) 22,184 (43,292 ) Ground leases: Below-market 3,682 (537 ) 3,145
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Future amortization/accretion of these intangibles is estimated to decrease the Company's net income as follows: Year In-place lease intangibles Above/(below) market leases, net (In thousands) 2016 $ 17,136 $ 2,056 2017 $ 9,291 $ 2,942 2018 $ 6,502 $ 686 2019 $ 4,680 $ (587 ) 2020 $ 3,686 $ (1,158 )
Summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent	The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 (In thousands) Straight-line rent amortization $ 1,217 $ 1,785 $ 3,488 Lease termination income 1,867 2,204 413 Net amortization of above and below-market tenant leases (6,578 ) (13,073 ) (15,672 ) Amortization of tenant inducement (72 ) (28 ) (1,000 ) Percentage rents in lieu of minimum rent 7,609 6,731 7,071
Straight Line Rent Receivables	The following is a summary of straight-line rent receivables, which are included in "Accounts receivable, net," in the Company's Consolidated Balance Sheets and are reduced by an allowance for doubtful accounts: December 31, 2015 December 31, 2014 (In thousands) Straight-line rent receivables, net $ 14,856 $ 14,431
Schedule of Accounts, Notes, Loans and Financing Receivable	The following table summarizes the changes in allowance for doubtful accounts for all receivables: 2015 2014 2013 (In thousands) Balance at January 1, $ 3,353 $ 2,798 $ 2,545 Provision for doubtful accounts 1,746 1,228 887 Write-offs (1,724 ) (673 ) (634 ) Balance at December 31, $ 3,375 $ 3,353 $ 2,798
Fair Value, Measurement Inputs, Disclosure		The following table sets forth quantitative information about the unobservable inputs of the Company's Level 3 Real Estate, which are recorded at fair values as of December 31, 2014 : As of December 31, Unobservable Quantitative Inputs 2014 Discount Rate 11.0 % Terminal Capitalization Rate 9.5% - 10.0%
Fair Value Measurements, Nonrecurring	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) December 31, 2015 Recurring basis: Assets: Interest rate cap $ 612 $ — $ 612 $ — Liabilities: Interest rate swap $ (677 ) $ — $ (677 ) $ — Non-recurring basis: Investment in Real Estate $ — $ — $ — $ — December 31, 2014 Recurring basis: Assets: Interest rate cap $ 1 $ — $ 1 $ — Liabilities: Interest rate swap $ (482 ) $ — $ (482 ) $ — Non-recurring basis: Investment in Real Estate (1) $ 74,237 $ — $ — $ 74,237 Explanatory Note: (1) The carrying value includes each mall's respective land, building, and in-place lease value.
Schedule of Reconciliation of Carrying Value of Properties [Table Text Block]	The following is a reconciliation of the carrying value of properties that were impaired and disposed of during the years ended December 31, 2015 and 2014 : Collin Creek Mall (1)(3) Steeplegate Mall (1)(4) Beginning carrying value, January 1, 2014 $ 60,120 $ 34,789 Capital expenditures 1,449 456 Depreciation and amortization expense (4,723 ) (1,700 ) Loss on impairment of real estate (5,079 ) (10,886 ) Disposition of real estate asset — — Ending carrying value, December 31, 2014 $ 51,767 $ 22,659 Collin Creek Mall (1) Steeplegate Mall (1) Beginning carrying value, January 1, 2015 $ 51,767 $ 22,659 Capital expenditures — — Depreciation and amortization expense (539 ) (219 ) Loss on impairment of real estate (2,900 ) — Disposition of real estate asset (2) (48,328 ) (22,440 ) Ending carrying value, December 31, 2015 $ — $ — Explanatory Note: (1) The carrying value includes each mall's respective land, building, in-place lease value, and above and below market lease values. (2) The property was conveyed to its mortgage lender during the year ended December 31, 2015.
Schedule of fair value of financial instruments	The primary sensitivity in these calculations is based on the selection of appropriate discount rates. December 31, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Fixed-rate debt $ 1,137,818 $ 1,156,729 $ 1,249,195 $ 1,248,928 Variable-rate debt 568,695 571,390 335,304 336,791 Total mortgages, notes and loans payable $ 1,706,513 $ 1,728,119 $ 1,584,499 $ 1,585,719
Summary of deferred lease and financing costs	The following table summarizes our deferred lease and financing costs: Gross Asset Accumulated Amortization Net Carrying Amount (In thousands) December 31, 2015 Deferred lease costs $ 61,626 $ (16,990 ) $ 44,636 Deferred financing costs 18,243 (6,348 ) 11,895 Total $ 79,869 $ (23,338 ) $ 56,531 December 31, 2014 Deferred lease costs $ 55,647 $ (14,683 ) $ 40,964 Deferred financing costs 19,151 (7,504 ) 11,647 Total $ 74,798 $ (22,187 ) $ 52,611

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the Company's acquisitions during the years ended December 31, 2015 , 2014 and 2013 : Date Acquired Property Name Location Square Footage Acquired Purchase Price 2015 Acquisitions (In thousands) 1/28/2015 Mt. Shasta Mall (1) (2) Redding, CA 521,000 $ 49,000 6/3/2015 Fig Garden Village (1) (3) Fresno, CA 301,459 106,100 11/12/2015 The Shoppes at Carlsbad (1) (4) Carlsbad, CA 1,117,040 170,000 2015 Acquisitions Total 1,939,499 $ 325,100 2014 Acquisitions 5/22/2014 The Shoppes at Bel Air (1) (5) Mobile, AL 1,004,439 $ 131,917 8/29/2014 The Mall at Barnes Crossing (6) Tupelo, MS 736,607 98,850 2014 Acquisitions Total 1,741,046 $ 230,767 2013 Acquisitions 7/24/2013 Greenville Mall (1) (7) Greenville, NC 413,759 $ 48,900 12/11/2013 Chesterfield Towne Center (1) (8) Richmond, VA 1,016,258 165,500 12/11/2013 The Centre at Salisbury (1) (9) Salisbury, MD 721,396 127,000 2013 Acquisitions Total 2,151,413 $ 341,400 Explanatory Notes: (1) Rouse acquired a 100% interest in the mall. (2) The Company closed on a new $31.9 million non-recourse mortgage loan that bears interest at 4.19% , matures in March 2025, is interest only for the first three years and amortizes over 30 years thereafter. (3) The Company closed on a new $74.2 million non-recourse mortgage loan that bears interest at 4.14% , matures in June 2025, is interest only for the first five years and amortizes over 30 years thereafter. (4) In conjunction with the closing of this transaction, the Operating Partnership issued $140.0 million of its Series A Preferred Units to the seller. Distributions on the Series A Preferred Units accumulate at an annual rate of 5% and are payable quarterly. The Series A Preferred Units may be redeemed by the Company after three years (subject to certain tax protection payments if the Company redeems the Series A Preferred Units prior to 2022) and by the holder after ten years, in either case at par plus accumulated and unpaid distributions and in the form of cash or common units of limited partnership ("Common Units") of the Operating Partnership as determined by us (See Note 10 for further details on our non-controlling interest in operating partnership.) In December 2015, The Shoppes at Carlsbad was added to the 2013 Senior Facility collateral pool (see Note 5 for further details on the 2013 Senior Facility). (5) The Company assumed an existing $112.5 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.30% , matured in December 2015, and amortizes on a 30 year schedule thereafter. In October 2015, the Company refinanced the loan with a new non-recourse mortgage loan for $120.0 million . The initial funding of $110.5 million was used to retire the outstanding mortgage loan of $109.5 million . The loan provides for an additional subsequent funding of $9.5 million upon achieving certain conditions. The loan has an initial maturity of November 2018 with a one year extension option. The loan bears interest at a floating rate of LIBOR (30 day) plus 235 basis points and is interest only for the first two years. (See Note 5 of Consolidated Financial Statements for further details). (6) Rouse acquired a 51% controlling interest in the mall and related properties. In conjunction with the closing of this transaction, the Company closed on a new $67.0 million non-recourse mortgage loan that bears interest at 4.29% , matures in September 2024, is interest only for the first three years and amortizes over a 30 years thereafter. In November 2015, the Company purchased an additional 1.8% interest in the joint venture. As of December 31, 2015, the Company held 52.8% interest in the property. (See Note 13 for further details.) (7) The Company assumed an existing $41.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.29% , matured in December 2015, and amortizes on a 30 year schedule thereafter. A fair value adjustment of $0.2 million was recorded as a result of the mortgage assumption. . In October 2015, the Company refinanced the loan with a new non-recourse mortgage loan for $45.5 million , which bears interest at a fixed rate of 4.46% , matures in November 2025, and amortizes over 30 years thereafter. This loan replaced a $40.2 million non-recourse mortgage loan. (8) The Company assumed an existing $109.7 million non-recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 4.75% , matures in October 2022, and amortizes over 30 years. A fair value adjustment of $1.3 million was recorded as a result of the mortgage assumption. (9) The Company assumed an existing $115.0 million partial recourse mortgage loan with the acquisition. The loan bears interest at a fixed rate of 5.79% , matures in May 2016, and is interest only. A fair value adjustment of $1.2 million was recorded as a result of the mortgage assumption. The following table presents certain additional information regarding the Company's acquisitions during the years ended December 31, 2015 , 2014 and 2013 : Property Name Land Building and Improvements Acquired Lease Intangibles Acquired Above Market Lease Intangibles Acquired Below Market Lease Intangibles Other 2015 Acquisitions (In thousands) Mt. Shasta Mall $ 7,809 $ 38,008 $ 3,779 $ 915 $ (1,813 ) $ 302 Fig Garden Village 18,774 79,528 7,366 3,975 (2,907 ) (636 ) The Shoppes at Carlsbad 49,452 111,671 11,841 4,109 (8,395 ) 1,322 Total $ 76,035 $ 229,207 $ 22,986 $ 8,999 $ (13,115 ) $ 988 2014 Acquisitions The Shoppes at Bel Air $ 8,969 $ 111,206 $ 11,329 $ 3,952 $ (6,889 ) $ 3,350 The Mall at Barnes Crossing 17,969 75,949 6,973 4,700 (8,100 ) 1,359 Total $ 26,938 $ 187,155 $ 18,302 $ 8,652 $ (14,989 ) $ 4,709 2013 Acquisitions Greenville Mall $ 9,088 $ 36,961 $ 5,076 $ 1,098 $ (4,521 ) $ 1,430 Chesterfield Towne Center 19,387 135,825 8,755 4,843 (6,741 ) 2,181 The Centre at Salisbury 22,580 96,050 9,326 4,043 (4,729 ) 972 Total $ 51,055 $ 268,836 $ 23,157 $ 9,984 $ (15,991 ) $ 4,583
Business Acquisition, Pro Forma Information	Pro forma adjustments include above and below-market amortization, straight-line rent, interest expense, and depreciation and amortization. For the Year Ended December 31, 2015 2014 2013 (In thousands, except per share amounts) (Unaudited) Total revenues $ 326,883 $ 343,703 $ 307,790 Net income (loss) allocable to common shareholders 40,465 (53,858 ) (56,836 ) Net income (loss) per share - basic $ 0.70 $ (0.94 ) $ (1.15 ) Net income (loss) per share - dilutive $ 0.70 $ (0.94 ) $ (1.15 ) Weighted average shares - basic 57,874,772 57,203,196 49,344,927 Weighted average shares - dilutive 58,188,741 57,203,196 49,344,927

PREPAID EXPENSES AND OTHER AS31

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	12 Months Ended
	Dec. 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: December 31, 2015 2014 (In thousands) Above-market tenant leases, net (Note 2) $ 40,180 $ 50,996 Prepaid expenses 4,372 4,755 Below-market ground leases, net (Note 2) 2,990 3,145 Deposits 424 1,447 Other 1,068 2,347 Total prepaid expenses and other assets, net $ 49,034 $ 62,690

MORTGAGES, NOTES AND LOANS PA32

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Summary of Mortgages, notes and loans payable	Mortgages, notes and loans payable are summarized as follows: December 31, 2015 2014 Interest Rate at December 31, 2015 Schedule Maturity Date Fixed-rate debt: (In thousands) Steeplegate Mall (1) $ — $ 45,858 — % — Washington Park Mall (2) — 10,505 — — Collin Creek Mall (1) — 58,128 — — Grand Traverse Mall (2) — 59,479 — — The Shoppes at Bel Air (3) — 111,276 — — Vista Ridge Mall 65,611 68,537 6.87 April 2016 The Centre at Salisbury (4) 115,000 115,000 5.79 May 2016 The Mall at Turtle Creek 76,615 77,648 6.54 June 2016 West Valley Mall (5) 59,000 59,000 3.24 September 2018 The Shoppes at Gateway (3) 75,000 — 3.64 January 2020 Pierre Bossier Mall 45,875 46,654 4.94 May 2022 Pierre Bossier Anchor 3,550 3,637 4.85 May 2022 Southland Center (MI) 74,806 76,037 5.09 July 2022 Chesterfield Towne Center 106,379 107,967 4.75 October 2022 Animas Valley Mall 49,156 50,053 4.41 November 2022 Lakeland Square 66,814 68,053 4.17 April 2023 Valley Hills Mall 65,362 66,492 4.47 July 2023 Chula Vista Center (3) (6) 70,000 70,000 4.18 July 2024 The Mall at Barnes Crossing (3) 67,000 67,000 4.29 September 2024 Bayshore Mall (3) 46,500 46,500 3.96 November 2024 Mt. Shasta Mall (3) 31,850 — 4.19 March 2025 Fig Garden Village (3) 74,200 — 4.14 June 2025 Greenville Mall (3) 45,440 40,602 4.46 November 2025 Total Fixed-rate debt $ 1,138,158 $ 1,248,426 Less: Market rate adjustments (340 ) 769 $ 1,137,818 $ 1,249,195 Variable- rate debt: NewPark Mall (3) (7) $ 114,245 $ 65,304 2.53 % September 2018 The Shoppes at Bel Air (3) (8) 110,450 — 2.78 November 2018 2013 Term Loan (9) (10) 285,000 260,000 2.77 November 2018 2013 Revolver (9) (10) 59,000 10,000 2.76 November 2017 Total Variable-rate debt $ 568,695 $ 335,304 Total mortgages, notes and loan payable $ 1,706,513 $ 1,584,499 Explanatory Notes: (1) The Company conveyed the related property to its lender in full satisfaction of the debt during 2015. (2) The Company repaid the mortgage debt balance during 2015. (3) See the significant property loan refinancings and acquisitions table below, under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property. (4) The Company guaranteed a maximum amount of $3.5 million until certain financial covenants are met for two consecutive years . (5) During January 2014, the Company entered into an interest rate swap transaction which fixed the interest rate on the loan for this property at 3.24% , through June 2018. See Note 7 for further details. (6 ) On July 1, 2014, the Company removed Chula Vista Center from the 2013 Senior Facility (as defined below) collateral pool and placed a new non-recourse mortgage loan on Chula Vista Center. The Sikes Senter mortgage loan was repaid on July 1, 2014 from proceeds from the Chula Vista Center refinancing and upon repayment, Sikes Senter was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility collateral pool balance. 7) LIBOR ( 30 day ) plus 210 basis points. The Company entered into an interest rate swap transaction which fixed the interest rate on the loan for this property at 3.26% beginning January 2016, through September 2018. See Note 7 for further details. (8) LIBOR (30 day) plus 235 basis points. The Company entered into an interest rate swap transaction beginning January 2016, which fixed the interest rate at 3.34% through November 2018. See Note 7 for further details. (9) LIBOR ( 30 day ) plus 233 basis points. (10) On June 30, 2015, the Company exercised a portion of its "accordion feature" on the 2013 Senior Facility, increasing the 2013 Term Loan (as defined below) from $260.0 million to $285.0 million and increasing the availability on the 2013 Revolver (as defined below) from $285.0 million to $310.0 million . The following is a summary of significant property loan refinancings and acquisitions that occurred during the years ended December 31, 2015 and 2014 ($ in thousands): Property Date Balance at Date of Refinancing Interest Rate Balance of New Loan New Interest Rate Net Proceeds (1) Maturity December 31, 2015 The Shoppes at Gateway (2) (3) December 2015 $ — — % $ 75,000 3.64 % $ — January 2020 Greenville Mall (4) October 2015 40,171 5.29 % 45,500 4.46 % 3,281 November 2025 The Shoppes at Bel Air (5) October 2015 109,467 5.30 % 110,450 2.78 % — November 2018 NewPark Mall (6) (7) September 2015 64,665 3.44 % 114,245 2.53 % 47,942 September 2018 Fig Garden Village (8) June 2015 — — % 74,200 4.14 % — June 2025 Mt. Shasta Mall (7) February 2015 — — % 31,850 4.19 % — March 2025 December 31, 2014 Bayshore Mall (7) October 2014 $ — — % $ 46,500 3.96 % $ 43,400 November 2024 The Mall at Barnes Crossing (7) August 2014 — — % 67,000 4.29 % — September 2024 Chula Vista Center (9) July 2014 — — % 70,000 4.18 % 15,000 July 2024 Sikes Senter (9) July 2014 54,618 5.20 % — — % — — The Shoppes at Bel Air May 2014 — — % 112,276 5.30 % — December 2015 Explanatory Notes: (1) Net proceeds are net of closing costs. (2) During 2015, the Company removed The Shoppes at Gateway from the 2013 Senior Facility (as defined below) collateral pool and placed a new $75.0 million non-recourse mortgage loan on the property. The loan bears interest at a floating rate of LIBOR (30 day) plus 220 basis points and has an initial maturity of January 2020 with a one year extension option. The Company entered into an interest swap on the loan which fixed the interest rate at 3.64% through January 2020. See Note 7 for further details. In connection, with the removal of The Shoppes at Gateway from the 2013 Senior Facility, The Shoppes at Carlsbad was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility balance. (3) The loan is interest-only for the first four years. (4) On October 8, 2015, the loan associated with Greenville Mall was refinanced with a new non-recourse mortgage loan for $45.5 million , which bears interest at a fixed rate of 4.46% , matures in November 2025, and amortizes over 30 years. This loan replaced a $40.2 million non-recourse mortgage loan which had a fixed interest rate of 5.29% . (5) On October 8, 2015, the loan associated with The Shoppes at Bel Air was refinanced with a new non-recourse mortgage loan for $120.0 million . The initial funding of $110.5 million was used to retire the outstanding mortgage loan of $109.5 million , which had a fixed interest rate of 5.30% . The loan provides for an additional subsequent funding of $9.5 million upon achieving certain conditions. The loans bears interest at a floating rate of LIBOR (30 day) plus 235 basis points and is interest only for the first two years. The Company entered into an interest rate swap on this loan commencing in January 2016, which fixed the interest rate at 3.34% through November 2018. See Note 7 for further details. (6) In September 2015, the loan associated with NewPark Mall was refinanced for $135.0 million , with an initial funding of $114.3 million . The loan provides for an additional funding of up to $20.8 million upon achieving certain conditions. The loans bears interest at a floating rate of LIBOR (30 day) plus 210 basis points, has an initial maturity of September 2018 with a one year extension option and amortizes over 30 years thereafter. The Company entered into an interest rate swap on this loan beginning January 1, 2016, which fixed the interest rate at 3.26% , through September 2018. This loan replaced a $64.7 million non-recourse mortgage loan which had a floating rate of LIBOR (30 day) plus 235 basis points. See Note 7 for further details. (7) The loan is interest-only for the first three years. (8) The loan is interest-only for the first five years. (9) On July 1, 2014, the Company removed Chula Vista Center, located in Chula Vista, CA, from the 2013 Senior Facility collateral pool and placed a new non-recourse mortgage loan on the property. Sikes Senter, located in Wichita Falls, TX, had an outstanding mortgage loan which was repaid on July 1, 2014 from proceeds from the Chula Vista Center refinancing. Upon repayment, Sikes Senter was added to the 2013 Senior Facility collateral pool with no change to the outstanding 2013 Senior Facility balance.
Schedule of Maturities of Long-term Debt	As of December 31, 2015 , future scheduled maturities of outstanding long term debt obligations are as follows ($ in thousands): Total 2016 $ 265,493 2017 69,814 2018 579,480 2019 13,109 2020 89,243 Thereafter 689,714 $ 1,706,853 Unamortized market rate adjustment (340 ) Total mortgages, notes and loans payable $ 1,706,513

ACCOUNTS PAYABLE AND ACCRUED 33

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Tables)	12 Months Ended
	Dec. 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: December 31, 2015 2014 (In thousands) Construction payable $ 47,572 $ 16,272 Below-market tenant leases, net (Note 2) 42,592 43,292 Accrued dividend 10,472 9,885 Accrued real estate taxes 8,773 9,028 Accounts payable and accrued expenses 8,096 9,901 Accrued payroll and other employee liabilities 7,778 9,352 Accrued interest 6,868 4,380 Deferred income 5,420 5,471 Asset retirement obligation liability 6,085 4,545 Tenant and other deposits 1,706 1,336 Other 1,926 514 Total accounts payable and accrued expenses, net $ 147,288 $ 113,976

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The t able below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Company's Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 : Instrument Type Location in consolidated balance sheets Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at December 31, 2015 Fair Value at December 31, 2014 Maturity Date Derivative not designated as hedging instruments (dollars in thousands) Interest Rate Cap Prepaid expenses and other assets, net $ 64,445 One-month LIBOR 4.5 % $ — $ 1 May 2016 Derivative designated as hedging instruments Pay fixed / receive variable rate swap Accounts payable and accrued expenses, net $ 59,000 One-month LIBOR 1.5 % $ (577 ) $ (482 ) June 2018 Pay fixed / receive variable rate swap Accounts payable and accrued expenses, net $ 114,250 One-month LIBOR 1.2 % $ (24 ) $ — September 2018 Pay fixed / receive variable rate swap Prepaid expenses and other assets, net $ 110,450 One-month LIBOR 1.0 % $ 612 $ — November 2018 Pay fixed / receive variable rate swap Accounts payable and accrued expenses, net $ 75,000 One-month LIBOR 1.4 % $ (75 ) $ — January 2020
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 Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2015 and December 31, 2014 . Location of Losses Reclassified from OCI/L Into Earnings (Effective Portion) Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) Hedging Instrument Gain (Loss) Recognized in OCI/L (Effective Portion) Loss Recognized in Earnings (Effective Portion) Gain Recognized in Earnings (Ineffective Portion) (dollars in thousands) Year Ended December 31, 2015 2014 2015 2014 2015 2014 Pay fixed / receive variable rate swap $ (397 ) $ (1,210 ) Interest expense $ 813 $ 728 n.a. $ — $ —
Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount (in thousands) Interest rate swap 4 $358,700
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	As of December 31, 2015 , the Company had the following outstanding derivative: Interest Rate Derivative Number of Instruments Notional Amount (in thousands) Interest rate cap 1 $64,445

DISPOSITIONS OF REAL ESTATE A35

DISPOSITIONS OF REAL ESTATE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposition and Gain on Extinguishment of Debt	The Company's disposition and gain on extinguishment of debt, for the period presented, are included in "Loss from discontinued operations" in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss), the components of which are summarized below: Year ended December 31, 2013 (In thousands, except per share amounts) Total revenues 4,812 Operating expenses including depreciation and amortization 3,082 Provision for impairment 21,661 Total expenses 24,743 Operating income (loss) (19,931 ) Interest expense (3,227 ) Net loss from discontinued operations (23,158 ) Gain on extinguishment of debt 13,995 Net loss from discontinued operations $ (9,163 ) Net loss from discontinued operations per share- Basic and Diluted $ (0.19 )

NON-CONTROLLING INTEREST IN O36

NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP (Tables)	12 Months Ended
	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
Schedule of Temporary Equity

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Dividends Paid on Common Stock	Distributions paid on our common stock and their tax status, as sent to our shareholders, is presented in the following tables. The tax status of Rouse distributions in 2015, 2014, and 2013 may not be indicative of future periods. Year Ended December 31, 2015 2014 2013 Ordinary dividends $ 0.20 $ 0.26 $ 0.26 Nontaxable distributions 0.51 0.38 0.20 Total $ 0.71 0.64 0.46

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock options activity for the equity plan	The following tables summarize stock option activity for the Equity Plan for the years ended December 31, 2015 and 2014 : 2015 2014 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Stock options outstanding at January 1, 3,313,869 $15.89 2,579,171 $15.14 Granted 1,057,000 17.67 778,498 18.36 Exercised (326,645 ) 15.06 (1,680 ) 16.48 Forfeited (527,763 ) 16.51 (42,120 ) 15.34 Expired (26,040 ) 18.40 — — Stock options outstanding at December 31, (1) 3,490,421 $16.40 3,313,869 $15.89
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 March 2012 1,108,860 6.25 $14.72 August 2012 36,400 6.67 13.75 October 2012 276,623 6.83 14.47 February 2013 526,440 7.17 16.48 February 2014 596,400 8.17 18.40 July 2014 28,198 8.58 17.20 February 2015 717,500 9.17 17.18 March 2015 200,000 9.25 19.76 Stock options outstanding at December 31, 2015 3,490,421 7.56 $16.40 Explanatory Note: (1) As of December 31, 2015 and December 31, 2014 , 1,181,330 and 878,288 , respectively, stock options became fully vested and are currently exercisable. As of December 31, 2015 and December 31, 2014 , the intrinsic value of these options was $(0.9) million and $3.2 million , respectively, and such stock options had a weighted average stock price of $15.35 and $14.93 , respectively. The weighted average remaining contractual term as of December 31, 2015 and December 31, 2014 was 6.7 years and 7.5 years, respectively.
Summary of restricted stock activity	The following table summarizes restricted stock activity for the years ended December 31, 2015 and 2014 : 2015 2014 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Nonvested restricted stock grants outstanding at January 1, 205,731 $15.45 278,617 $14.85 Granted 53,550 17.18 42,489 18.40 Forfeited (58,242 ) 15.41 — — Cancelled — — — — Vested (128,555 ) 15.33 (115,375 ) 15.08 Nonvested restricted stock grants outstanding at December 31, 72,484 $16.97 205,731 $15.45
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 2015 and 2014 weighted-average assumptions: 2015: Risk-free interest rate 1.56 % Dividend yield 4.19 % Expected volatility 27.19 % Expected life (in years) 6.5 2014: Risk-free interest rate 1.83% - 1.95% Dividend yield 3.70% - 3.95% Expected volatility 27.75% - 28.27% Expected life (in years) 6.5

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method	Years Ended December 31, 2015 2014 2013 Numerator for basic and diluted earnings per share Income (loss) from continuing operations $ 41,623 $ (51,685 ) $ (45,582 ) Net (income) loss attributable to non-controlling interests 76 (71 ) — Preferred distributions (953 ) — — Loss from discontinued operations — — (9,163 ) Net income (loss) allocable to common shareholders $ 40,746 $ (51,756 ) $ (54,745 ) Earnings allocated to unvested participating security holders — — (150 ) Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders $ 40,746 $ (51,756 ) $ (54,895 ) Denominator for basic and diluted earnings per share Weighted average common shares outstanding - basic 57,874,772 57,203,196 49,344,927 Add: effect of assumed shares issued under treasury stock method for stock options and restricted shares 313,969 — — Weighted average common shares outstanding - diluted 58,188,741 57,203,196 49,344,927 Basic and Diluted earnings per share Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders- basic $ 0.70 $ (0.90 ) $ (1.11 ) Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders- diluted $ 0.70 $ (0.90 ) $ (1.11 )

RENTALS UNDER OPERATING LEASES

RENTALS UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of Minimum Future Rental Based on Operating Leases of the Entity's Consolidated Properties Held	The minimum future rentals based on operating leases of the Company's consolidated properties owned as of December 31, 2015 are as follows: Year Amount (In thousands) 2016 $ 193,423 2017 156,601 2018 128,947 2019 109,935 2020 93,902 Subsequent 1,117,512 $ 1,800,320

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transaction, Schedule of Future Minimum Rental Payments for Operating Leases	The following table describes the Company's future rental expenses related to the office leases for the Company's New York office: Year Amount (In thousands) 2016 $ 1,086 2017 1,147 2018 1,147 2019 1,147 2020 1,147 Subsequent 1,083 $ 6,757

QUARTERLY FINANCIAL INFORMATI42

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	For the Quarters Ended March 31, (1) June 30, September 30, December 31, 2015 Total revenues $ 74,561 $ 72,409 $ 73,553 $ 84,861 Operating income 8,426 12,960 16,843 14,045 Net income (loss) allocable to common shareholders 44,407 (688 ) (1,302 ) (1,680 ) Per common share data: Net income (loss) per share allocable to common shareholders (2) Basic 0.77 (0.01 ) (0.02 ) (0.03 ) Diluted 0.76 (0.01 ) (0.02 ) (0.03 ) Dividends declared per share 0.18 0.18 0.18 0.18 Weighted average shares outstanding - Basic 57,603,340 57,726,603 57,930,453 57,939,535 Weighted average shares outstanding - Diluted 58,287,256 57,726,603 57,930,453 57,939,535 2014 Total revenues $ 67,839 $ 67,790 $ 74,783 $ 81,715 Operating income 13,340 10,677 322 7,100 Net income (loss) allocable to common shareholders (4,425 ) (8,175 ) (26,566 ) (12,589 ) Per common share data: Net income (loss) per share allocable to common shareholders (2) Basic (0.08 ) (0.14 ) (0.46 ) (0.22 ) Diluted (0.08 ) (0.14 ) (0.46 ) (0.22 ) Dividends declared per share 0.17 0.17 0.17 0.17 Weighted average shares outstanding - Basic 56,129,522 57,519,079 57,519,412 57,531,859 Weighted average shares outstanding - Diluted 56,129,522 57,519,079 57,519,412 57,531,859 Explanatory Note: (1) During the three months ended March 31, 2015, net income increased due to the sale of The Shoppes at Knollwood and the conveyance of Steeplegate Mall to its mortgage lender. (2) The total for the year may differ from the sum of the quarters as a result of weighting.

ORGANIZATION (Details)

ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2015propertyshares	Nov. 30, 2015shares
Organization [Line Items]
Temporary equity shares issued | shares	5,600,000	5,600,000
GGP [Member]
Organization [Line Items]
Number of properties assets and liabilities are split over | property	30

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Building and improvements [Member]
Properties
Useful life	40 years
Equipment and Fixtures [Member] | Maximum [Member]
Properties
Useful life	10 years
Equipment and Fixtures [Member] | Minimum [Member]
Properties
Useful life	5 years
Significant Unobservable Inputs (Level 3) | Maximum [Member]
Properties
Fair Value Inputs, Terminal Capitalization Rate		10.00%
Significant Unobservable Inputs (Level 3) | Minimum [Member]
Properties
Fair Value Inputs, Terminal Capitalization Rate		9.50%

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impairment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment		$ 2,900	$ 15,965	$ 36,821
Gain on extinguishment of debt		$ 0	0	13,995
The Boulevard Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on extinguishment of debt				13,995
The Boulevard Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment	$ 21,700
Gain on extinguishment of debt				14,000
Collin Creek Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment			5,100
Steeplegate Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Provision for impairment			$ 10,900	$ 15,200

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible assets and liabilities
Net Carrying Amount	$ (42,592)	$ (43,292)
Amortization of intangible assets	22,500	26,600	$ 17,200
Amortization of intangible assets and liabilities	6,600	13,100	$ 15,700
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,016	17,136
2,017	9,291
2,018	6,502
2,019	4,680
2,020	3,686
Estimated decrease to income due to future amortization
2,016	2,056
2,017	2,942
2,018	686
2,019	(587)
2,020	(1,158)
Increase (Decrease) in Intangible Assets, Current	32,300
Tenant Leases [Member]
Intangible assets and liabilities
Gross Liability	(67,081)	(65,476)
Accumulated Accretion	24,489	22,184
Net Carrying Amount	(42,592)	(43,292)
Tenant Leases [Member] | In-place value [Member]
Intangible assets and liabilities
Gross Assets	96,301	97,745
Accumulated Amortization	(42,446)	(43,481)
Finite-lived intangible assets, net	53,855	54,264
Tenant Leases [Member] | Acquired Above Market Lease Intangibles [Member]
Intangible assets and liabilities
Gross Assets	97,421	109,862
Accumulated Amortization	(57,241)	(58,866)
Finite-lived intangible assets, net	40,180	50,996
Ground Leases [Member]
Intangible assets and liabilities
Gross Assets	3,682	3,682
Accumulated Amortization	(692)	(537)
Finite-lived intangible assets, net	$ 2,990	$ 3,145

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Hedging Instruments) (Details) $ in Thousands	Dec. 31, 2015USD ($)derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | derivative	4
Prepaid Expenses and Other Current Assets [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	$ 612
Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability	$ 700

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition and Related Matters) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Straight-line rent amortization	$ 1,217	$ 1,785	$ 3,488
Lease termination income	1,867	2,204	413
Net amortization of above and below-market tenant leases	(6,578)	(13,073)	(15,672)
Amortization of tenant inducement	(72)	(28)	(1,000)
Percentage rents in lieu of minimum rent	7,609	6,731	7,071
Straight-line rent receivables, net	14,856	14,431
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at January 1,	3,353	2,798	2,545
Provision for doubtful accounts	1,746	1,228	887
Write-offs	(1,724)	(673)	(634)
Balance at December 31,	$ 3,375	$ 3,353	$ 2,798

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income (Loss )Per Share) (Details) - shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Stock Option [Member]
Loss per share
Shares	3,490,421	3,313,869	2,579,171
Restricted Stock [Member]
Loss per share
Nonvested restricted stock grants outstanding (in shares)	72,484	205,731	278,617

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Real Estate	$ 74,237	$ 0
Quoted Price in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Real Estate	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Real Estate	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in Real Estate	$ 74,237	0
Discount Rate	11.00%
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 1	612
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	1
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(482)	(677)
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ (482)	$ (677)

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment Roll-forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Property, Plant and Equipment [Roll Forward 2014]
Depreciation and amortization expense	$ (107,941)	$ (100,302)	$ (66,497)
Loss on impairment of real estate	(2,900)
Gain on sale of assets	34,796	0	0
Collin Creek Mall [Member]
Movement in Property, Plant and Equipment [Roll Forward 2014]
Beginning carrying value	51,767	60,120
Capital expenditures	0	1,449
Depreciation and amortization expense	(539)	(4,723)
Loss on impairment of real estate	(2,900)	(5,079)
Gain on sale of assets	(48,328)	0
Ending carrying value	0	51,767	60,120
Steeplegate Mall [Member]
Movement in Property, Plant and Equipment [Roll Forward 2014]
Beginning carrying value	22,659	34,789
Capital expenditures	0	456
Depreciation and amortization expense	(219)	(1,700)
Loss on impairment of real estate	0	(10,886)
Gain on sale of assets	(22,440)	0
Ending carrying value	$ 0	$ 22,659	$ 34,789

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Financial Instruments
Fixed-rate debt	$ 1,138,158	$ 1,248,426
Variable-rate debt	568,695	335,304
Total Mortgages, notes and loans payable	1,706,513	1,584,499
Carrying Amount
Fair Value of Financial Instruments
Fixed-rate debt	1,137,818	1,249,195
Variable-rate debt	568,695	335,304
Total Mortgages, notes and loans payable	1,706,513	1,584,499
Total Fair Value Measurement
Fair Value of Financial Instruments
Fixed-rate debt	1,156,729	1,248,928
Variable-rate debt	571,390	336,791
Total Mortgages, notes and loans payable	$ 1,728,119	$ 1,585,719

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred lease costs
Gross Asset	$ 61,626	$ 55,647
Accumulated Amortization	(16,990)	(14,683)
Net Carrying Amount	44,636	40,964
Deferred finance costs
Gross Asset	18,243	19,151
Accumulated Amortization	(6,348)	(7,504)
Net Carrying Amount	11,895	11,647
Total
Gross Asset	79,869	74,798
Accumulated Amortization	(23,338)	(22,187)
Deferred expenses, net	$ 56,531	$ 52,611

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Asset Retirement Obligations) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligations
Preliminary estimate of the cost of the environmental remediation liability	$ 6,085	$ 4,545

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Thousands

1 Months Ended

12 Months Ended

Nov. 30, 2015

Jun. 30, 2015

Jan. 31, 2015

Aug. 31, 2014

May. 30, 2014

Dec. 31, 2013USD ($)

Jul. 31, 2013

Dec. 31, 2015USD ($)ft²

Dec. 31, 2014USD ($)ft²

Dec. 31, 2013USD ($)ft²

Nov. 04, 2015

Oct. 31, 2015

Aug. 29, 2014

Business Acquisition [Line Items]

Mortgages, notes and loans payable

$ 1,706,513

$ 1,584,499

Noncontrolling Interest, ownership percentage by parent

52.80%

1.80%

51.00%

Temporary equity dividend rate

5.00%

Debt market rate adjustments

$ 340

(769)

In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

22,986

18,302

$ 23,157

Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

8,999

8,652

9,984

Land [Member]

Business Acquisition [Line Items]

Purchase Price

76,035

26,938

51,055

Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

229,207

187,155

268,836

Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

988

4,709

4,583

Mt. Shasta Mall [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

3,779

Mt. Shasta Mall [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

915

Mt. Shasta Mall [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

7,809

Mt. Shasta Mall [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

38,008

Mt. Shasta Mall [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

302

Fig Garden Village [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

7,366

Fig Garden Village [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

3,975

Fig Garden Village [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

18,774

Fig Garden Village [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

79,528

Fig Garden Village [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

(636)

The Shoppes at Carlsbad [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

11,841

The Shoppes at Carlsbad [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

4,109

The Shoppes at Carlsbad [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

49,452

The Shoppes at Carlsbad [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

111,671

The Shoppes at Carlsbad [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

$ 1,322

Bel Air Mall [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

11,329

Bel Air Mall [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

3,952

Bel Air Mall [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

8,969

Bel Air Mall [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

111,206

Bel Air Mall [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

3,350

The Mall at Barnes Crossing [Member] | Retail Site [Member]

Business Acquisition [Line Items]

Stated percentage

4.29%

The Mall at Barnes Crossing [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

6,973

The Mall at Barnes Crossing [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

4,700

The Mall at Barnes Crossing [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

17,969

The Mall at Barnes Crossing [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

75,949

The Mall at Barnes Crossing [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

$ 1,359

GreenvilleMall [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

5,076

GreenvilleMall [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

1,098

GreenvilleMall [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

9,088

GreenvilleMall [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

36,961

GreenvilleMall [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

1,430

ChesterfieldTowneCenter [Member] | Retail Site [Member]

Business Acquisition [Line Items]

Stated percentage

4.75%

Amortization term

30 years

ChesterfieldTowneCenter [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

8,755

ChesterfieldTowneCenter [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

4,843

ChesterfieldTowneCenter [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

19,387

ChesterfieldTowneCenter [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

135,825

ChesterfieldTowneCenter [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

2,181

The Centre at Salisbury [Member] | Retail Site [Member]

Business Acquisition [Line Items]

Stated percentage

5.79%

The Centre at Salisbury [Member] | In-place value [Member]

Business Acquisition [Line Items]

Purchase Price

9,326

The Centre at Salisbury [Member] | Above-market tenant leases, net [Member]

Business Acquisition [Line Items]

Purchase Price

4,043

The Centre at Salisbury [Member] | Land [Member]

Business Acquisition [Line Items]

Purchase Price

22,580

The Centre at Salisbury [Member] | Building and improvements [Member]

Business Acquisition [Line Items]

Purchase Price

96,050

The Centre at Salisbury [Member] | Other Assets [Member]

Business Acquisition [Line Items]

Purchase Price

$ 972

Retail Site [Member]

Business Acquisition [Line Items]

Square Footage Acquired | ft²

1,939,499

1,741,046

2,151,413

Purchase Price

$ 325,100

$ 230,767

$ 341,400

Retail Site [Member] | Mt. Shasta Mall [Member]

Business Acquisition [Line Items]

Date Acquired

Jan. 28, 2015

Square Footage Acquired | ft²

521,000

Purchase Price

$ 49,000

Interest acquired

100.00%

Mortgages, notes and loans payable

$ 31,900

Stated percentage

4.19%

Amortization term

30 years

Debt interest only term

3 years

Retail Site [Member] | Fig Garden Village [Member]

Business Acquisition [Line Items]

Date Acquired

Jun. 3, 2015

Square Footage Acquired | ft²

301,459

Purchase Price

$ 106,100

Mortgages, notes and loans payable

$ 74,200

Stated percentage

4.14%

Amortization term

30 years

Debt interest only term

5 years

Retail Site [Member] | The Shoppes at Carlsbad [Member]

Business Acquisition [Line Items]

Date Acquired

Nov. 12, 2015

Square Footage Acquired | ft²

1,117,040

Purchase Price

$ 170,000

Issuance of Series A Preferred Units

140,000

Temporary equity dividend rate

5.00%

Retail Site [Member] | Bel Air Mall [Member]

Business Acquisition [Line Items]

Date Acquired

May 22, 2014

Square Footage Acquired | ft²

1,004,439

Purchase Price

$ 131,917

Mortgages, notes and loans payable

$ 120,000

$ 112,500

Stated percentage

5.30%

Amortization term

30 years

Debt interest only term

2 years

Debt basis spread on variable rate

235.00%

Debt initial funding

$ 110,500

Repayments of Debt

109,500

Subsequent funding

9,500

Retail Site [Member] | The Mall at Barnes Crossing [Member]

Business Acquisition [Line Items]

Date Acquired

Aug. 29, 2014

Square Footage Acquired | ft²

736,607

Purchase Price

$ 98,850

Mortgages, notes and loans payable

$ 67,000

Amortization term

30 years

Debt interest only term

3 years

Noncontrolling interest additional ownership percentage by parent acquired

1.80%

Noncontrolling Interest, ownership percentage by parent

52.80%

51.00%

Retail Site [Member] | GreenvilleMall [Member]

Business Acquisition [Line Items]

Date Acquired

Jul. 24, 2013

Square Footage Acquired | ft²

413,759

Purchase Price

$ 48,900

Mortgages, notes and loans payable

$ 41,700

$ 45,500

$ 41,700

Stated percentage

5.29%

4.46%

5.29%

Amortization term

30 years

30 years

Repayments of Debt

$ 40,200

Debt market rate adjustments

$ 200

$ 200

Retail Site [Member] | ChesterfieldTowneCenter [Member]

Business Acquisition [Line Items]

Date Acquired

Dec. 11, 2013

Square Footage Acquired | ft²

1,016,258

Purchase Price

$ 165,500

Mortgages, notes and loans payable

109,700

Debt market rate adjustments

1,300

Retail Site [Member] | The Centre at Salisbury [Member]

Business Acquisition [Line Items]

Date Acquired

Dec. 11, 2013

Square Footage Acquired | ft²

721,396

Purchase Price

$ 127,000

Mortgages, notes and loans payable

115,000

Debt market rate adjustments

$ 1,200

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles									$ (13,115)	$ (14,989)	$ (15,991)
Acquisition related costs									2,800	1,000	2,100
Net income (loss) allocable to common shareholders	$ (1,680)	$ (1,302)	$ (688)	$ 44,407	$ (12,589)	$ (26,566)	$ (8,175)	$ (4,425)	41,699	(51,756)	(54,745)
Total revenues	$ 84,861	$ 73,553	$ 72,409	$ 74,561	$ 81,715	$ 74,783	$ 67,790	$ 67,839	305,384	292,127	243,542
Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles									(1,813)
Net income (loss) allocable to common shareholders									2,600
Total revenues									15,300
Fig Garden Village [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles									(2,907)
The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles									(8,395)
Bel Air Mall [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles										(6,889)
Net income (loss) allocable to common shareholders										1,600
Total revenues										14,600
The Mall at Barnes Crossing [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles										(8,100)
GreenvilleMall [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles											(4,521)
Net income (loss) allocable to common shareholders											1,100
Total revenues											4,800
ChesterfieldTowneCenter [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles											(6,741)
The Centre at Salisbury [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles											(4,729)
Land [Member]
Business Acquisition [Line Items]
Purchase Price									76,035	26,938	51,055
Land [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price									7,809
Land [Member] | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price									18,774
Land [Member] | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price									49,452
Land [Member] | Bel Air Mall [Member]
Business Acquisition [Line Items]
Purchase Price										8,969
Land [Member] | The Mall at Barnes Crossing [Member]
Business Acquisition [Line Items]
Purchase Price										17,969
Land [Member] | GreenvilleMall [Member]
Business Acquisition [Line Items]
Purchase Price											9,088
Land [Member] | ChesterfieldTowneCenter [Member]
Business Acquisition [Line Items]
Purchase Price											19,387
Land [Member] | The Centre at Salisbury [Member]
Business Acquisition [Line Items]
Purchase Price											22,580
Building and improvements [Member]
Business Acquisition [Line Items]
Purchase Price									229,207	187,155	268,836
Building and improvements [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price									38,008
Building and improvements [Member] | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price									79,528
Building and improvements [Member] | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price									111,671
Building and improvements [Member] | Bel Air Mall [Member]
Business Acquisition [Line Items]
Purchase Price										111,206
Building and improvements [Member] | The Mall at Barnes Crossing [Member]
Business Acquisition [Line Items]
Purchase Price										75,949
Building and improvements [Member] | GreenvilleMall [Member]
Business Acquisition [Line Items]
Purchase Price											36,961
Building and improvements [Member] | ChesterfieldTowneCenter [Member]
Business Acquisition [Line Items]
Purchase Price											135,825
Building and improvements [Member] | The Centre at Salisbury [Member]
Business Acquisition [Line Items]
Purchase Price											96,050
Other Assets [Member]
Business Acquisition [Line Items]
Purchase Price									988	4,709	4,583
Other Assets [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price									302
Other Assets [Member] | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price									(636)
Other Assets [Member] | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price									1,322
Other Assets [Member] | Bel Air Mall [Member]
Business Acquisition [Line Items]
Purchase Price										3,350
Other Assets [Member] | The Mall at Barnes Crossing [Member]
Business Acquisition [Line Items]
Purchase Price										1,359
Other Assets [Member] | GreenvilleMall [Member]
Business Acquisition [Line Items]
Purchase Price											1,430
Other Assets [Member] | ChesterfieldTowneCenter [Member]
Business Acquisition [Line Items]
Purchase Price											2,181
Other Assets [Member] | The Centre at Salisbury [Member]
Business Acquisition [Line Items]
Purchase Price											972
In-place value [Member]
Business Acquisition [Line Items]
Purchase Price									22,986	18,302	23,157
In-place value [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price									3,779
In-place value [Member] | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price									7,366
In-place value [Member] | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price									11,841
In-place value [Member] | Bel Air Mall [Member]
Business Acquisition [Line Items]
Purchase Price										11,329
In-place value [Member] | The Mall at Barnes Crossing [Member]
Business Acquisition [Line Items]
Purchase Price										6,973
In-place value [Member] | GreenvilleMall [Member]
Business Acquisition [Line Items]
Purchase Price											5,076
In-place value [Member] | ChesterfieldTowneCenter [Member]
Business Acquisition [Line Items]
Purchase Price											8,755
In-place value [Member] | The Centre at Salisbury [Member]
Business Acquisition [Line Items]
Purchase Price											9,326
Acquired Above Market Lease Intangibles [Member]
Business Acquisition [Line Items]
Purchase Price									8,999	8,652	9,984
Acquired Above Market Lease Intangibles [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price									915
Acquired Above Market Lease Intangibles [Member] | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price									3,975
Acquired Above Market Lease Intangibles [Member] | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price									$ 4,109
Acquired Above Market Lease Intangibles [Member] | Bel Air Mall [Member]
Business Acquisition [Line Items]
Purchase Price										3,952
Acquired Above Market Lease Intangibles [Member] | The Mall at Barnes Crossing [Member]
Business Acquisition [Line Items]
Purchase Price										$ 4,700
Acquired Above Market Lease Intangibles [Member] | GreenvilleMall [Member]
Business Acquisition [Line Items]
Purchase Price											1,098
Acquired Above Market Lease Intangibles [Member] | ChesterfieldTowneCenter [Member]
Business Acquisition [Line Items]
Purchase Price											4,843
Acquired Above Market Lease Intangibles [Member] | The Centre at Salisbury [Member]
Business Acquisition [Line Items]
Purchase Price											$ 4,043

ACQUISITIONS - Pro Forma (Detai

ACQUISITIONS - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Total revenues									$ 326,883	$ 343,703	$ 307,790
Net income (loss) allocable to common shareholders									$ 40,465	$ (53,858)	$ (56,836)
Net income (loss) per share - basic (in dollars per share)									$ 0.70	$ (0.94)	$ (1.15)
Net income (loss) per share - dilutive (in dollars per share)									$ 0.70	$ (0.94)	$ (1.15)
Weighted average shares - basic (in shares)	57,939,535	57,930,453	57,726,603	57,603,340	57,531,859	57,519,412	57,519,079	56,129,522	57,874,772	57,203,196	49,344,927
Weighted average shares - diluted (in shares)	57,939,535	57,930,453	57,726,603	58,287,256	57,531,859	57,519,412	57,519,079	56,129,522	58,188,741	57,203,196	49,344,927

PREPAID EXPENSES AND OTHER AS58

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Prepaid expenses and other assets
Prepaid expenses	$ 4,372	$ 4,755
Deposits	424	1,447
Other	1,068	2,347
Total prepaid expenses and other assets, net	49,034	62,690
Ground Leases [Member]
Prepaid expenses and other assets
Finite-lived intangible assets, net	2,990	3,145
Above-market tenant leases, net [Member] | Tenant Leases [Member]
Prepaid expenses and other assets
Finite-lived intangible assets, net	$ 40,180	$ 50,996

MORTGAGES, NOTES AND LOANS PA59

MORTGAGES, NOTES AND LOANS PAYABLE - Summary (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 31, 2016	Dec. 01, 2015	Oct. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Apr. 30, 2015	Mar. 31, 2015	Feb. 28, 2015	Dec. 31, 2014	Oct. 31, 2014	Aug. 31, 2014	Jul. 31, 2014	May. 31, 2014	Jan. 31, 2014	Nov. 22, 2013
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 1,138,158,000									$ 1,248,426,000
Less: Market rate adjustments	(340,000)									769,000
Variable-rate debt	568,695,000									335,304,000
Total Mortgages, notes and loans payable	1,706,513,000									1,584,499,000
Guarantee	$ 3,500,000									3,500,000
Guarantee term	2 years
Secured Debt [Member]
Mortgages, notes and loans payable [Line Item]
Current borrowing capacity	$ 595,000,000									545,000,000
West Valley [Member]
Mortgages, notes and loans payable [Line Item]
Fixed rate debt, interest rate															3.24%
Steeplegate Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 0									45,858,000
Total Mortgages, notes and loans payable								$ 45,900,000
Fixed rate debt, interest rate	0.00%
Washington Park Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 0									10,505,000
Fixed rate debt, interest rate	0.00%								5.35%
Collin Creek Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 0									58,128,000
Total Mortgages, notes and loans payable							$ 57,600,000
Fixed rate debt, interest rate	0.00%
Grand Traverse Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 0									59,479,000
Fixed rate debt, interest rate	0.00%
Bel Air Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 0									111,276,000
Variable-rate debt	110,450,000									0
Total Mortgages, notes and loans payable	$ 110,450,000			$ 109,467,000						112,276,000				$ 0
Fixed rate debt, interest rate	0.00%
Variable-rate debt, interest rate	2.78%
Bel Air Mall [Member] | LIBOR
Mortgages, notes and loans payable [Line Item]
Debt basis spread on variable rate	2.35%
Vista Ridge Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 65,611,000									68,537,000
Fixed rate debt, interest rate	6.87%
The Centre at Salisbury [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 115,000,000									115,000,000
Fixed rate debt, interest rate	5.79%
The Mall at Turtle Creek [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 76,615,000									77,648,000
Fixed rate debt, interest rate	6.54%
West Valley Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 59,000,000									59,000,000
Fixed rate debt, interest rate	3.24%
Gateway Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 75,000,000									0
Total Mortgages, notes and loans payable	$ 75,000,000		$ 0
Fixed rate debt, interest rate	3.64%
Pierre Bossier Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 45,875,000									46,654,000
Fixed rate debt, interest rate	4.94%
Pierre Bossier Anchor [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 3,550,000									3,637,000
Fixed rate debt, interest rate	4.85%
Southland Center [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 74,806,000									76,037,000
Fixed rate debt, interest rate	5.09%
ChesterfieldTowneCenter [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 106,379,000									107,967,000
Fixed rate debt, interest rate	4.75%
Animas Valley Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 49,156,000									50,053,000
Fixed rate debt, interest rate	4.41%
LakelandMall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 66,814,000									68,053,000
Fixed rate debt, interest rate	4.17%
Valley Hills [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 65,362,000									66,492,000
Fixed rate debt, interest rate	4.47%
Chula Vista Center [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 70,000,000									70,000,000
Total Mortgages, notes and loans payable										70,000,000			$ 0
Fixed rate debt, interest rate	4.18%
The Mall at Barnes Crossing [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 67,000,000									67,000,000
Total Mortgages, notes and loans payable										67,000,000		$ 0
Fixed rate debt, interest rate	4.29%
Bay Shore Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 46,500,000									46,500,000
Total Mortgages, notes and loans payable										46,500,000	$ 0
Fixed rate debt, interest rate	3.96%
Mt. Shasta Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 31,850,000									0
Total Mortgages, notes and loans payable	$ 31,850,000								$ 0
Fixed rate debt, interest rate	4.19%
Fig Garden Village [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 74,200,000									0
Total Mortgages, notes and loans payable	$ 74,200,000					$ 0
Fixed rate debt, interest rate	4.14%
GreenvilleMall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	$ 45,440,000									40,602,000
Total Mortgages, notes and loans payable	$ 45,500,000			$ 40,171,000
Fixed rate debt, interest rate	4.46%
Sikes Center [Member]
Mortgages, notes and loans payable [Line Item]
Total Mortgages, notes and loans payable										0			$ 54,618,000
NewPark Mall [Member]
Mortgages, notes and loans payable [Line Item]
Variable-rate debt	$ 114,245,000									65,304,000
Total Mortgages, notes and loans payable	$ 114,245,000				$ 64,665,000
Fixed rate debt, interest rate	3.26%
Variable-rate debt, interest rate	2.53%
NewPark Mall [Member] | LIBOR
Mortgages, notes and loans payable [Line Item]
Debt basis spread on variable rate	2.10%
2013 Term Loan [Member]
Mortgages, notes and loans payable [Line Item]
Variable-rate debt	$ 285,000,000									260,000,000
Variable-rate debt, interest rate	2.77%
2013 Term Loan [Member] | LIBOR
Mortgages, notes and loans payable [Line Item]
Debt basis spread on variable rate	2.33%
2013 Term Loan [Member] | Secured Debt [Member]
Mortgages, notes and loans payable [Line Item]
Current borrowing capacity						285,000,000				260,000,000						$ 260,000,000
2013 Term Loan [Member] | Revolving Credit Facility [Member]
Mortgages, notes and loans payable [Line Item]
Current borrowing capacity	$ 285,000,000									260,000,000
2013 Revolver [Member]
Mortgages, notes and loans payable [Line Item]
Variable-rate debt	$ 59,000,000									10,000,000
Variable-rate debt, interest rate	2.76%
2013 Revolver [Member] | Revolving Credit Facility [Member]
Mortgages, notes and loans payable [Line Item]
Current borrowing capacity	$ 310,000,000					$ 310,000,000				285,000,000						$ 250,000,000
Carrying Amount
Mortgages, notes and loans payable [Line Item]
Fixed-rate debt	1,137,818,000									1,249,195,000
Variable-rate debt	568,695,000									335,304,000
Total Mortgages, notes and loans payable	$ 1,706,513,000									$ 1,584,499,000
Subsequent Event | Bel Air Mall [Member]
Mortgages, notes and loans payable [Line Item]
Fixed rate debt, interest rate		3.34%

MORTGAGES, NOTES AND LOANS PA60

MORTGAGES, NOTES AND LOANS PAYABLE - Schedule of Property Refinancing (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 01, 2015	Oct. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Feb. 28, 2015	Oct. 31, 2014	Aug. 31, 2014	Jul. 31, 2014	May. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 1,706,513	$ 1,584,499
Net proceeds	476,250	183,500	$ 523,500
Gateway Mall [Member]
Debt Instrument [Line Items]
Long-term debt	$ 75,000			$ 0
Interest rate, effective percentage	3.64%			0.00%
Net proceeds	$ 0
GreenvilleMall [Member]
Debt Instrument [Line Items]
Long-term debt	$ 45,500				$ 40,171
Interest rate, effective percentage	4.46%				5.29%
Net proceeds	$ 3,281
Bel Air Mall [Member]
Debt Instrument [Line Items]
Long-term debt	$ 110,450	$ 112,276			$ 109,467							$ 0
Interest rate, effective percentage	2.78%	5.30%			5.30%							0.00%
Net proceeds	$ 0	$ 0
NewPark Mall [Member]
Debt Instrument [Line Items]
Long-term debt	$ 114,245					$ 64,665
Interest rate, effective percentage	2.53%					3.44%
Net proceeds	$ 47,942
Fig Garden Village [Member]
Debt Instrument [Line Items]
Long-term debt	$ 74,200						$ 0
Interest rate, effective percentage	4.14%						0.00%
Net proceeds	$ 0
Mt. Shasta Mall [Member]
Debt Instrument [Line Items]
Long-term debt	$ 31,850							$ 0
Interest rate, effective percentage	4.19%							0.00%
Net proceeds	$ 0
Bay Shore Mall [Member]
Debt Instrument [Line Items]
Long-term debt		$ 46,500							$ 0
Interest rate, effective percentage		3.96%							0.00%
Net proceeds		$ 43,400
The Mall at Barnes Crossing [Member]
Debt Instrument [Line Items]
Long-term debt		$ 67,000								$ 0
Interest rate, effective percentage		4.29%								0.00%
Net proceeds		$ 0
Chula Vista Center [Member]
Debt Instrument [Line Items]
Long-term debt		$ 70,000									$ 0
Interest rate, effective percentage		4.18%									0.00%
Net proceeds		$ 15,000
Sikes Center [Member]
Debt Instrument [Line Items]
Long-term debt		$ 0									$ 54,618
Interest rate, effective percentage		0.00%									5.20%
Net proceeds		$ 0

MORTGAGES, NOTES AND LOANS PA61

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

Oct. 08, 2015USD ($)

Aug. 31, 2015

Sep. 30, 2015USD ($)

Jul. 31, 2015USD ($)

Feb. 28, 2015USD ($)

Dec. 31, 2015USD ($)property

Dec. 31, 2014USD ($)property

Dec. 31, 2013USD ($)

Dec. 01, 2015USD ($)

Oct. 31, 2015USD ($)

Oct. 07, 2015

Jul. 01, 2015

Jun. 30, 2015USD ($)

Apr. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Jan. 31, 2015USD ($)

Oct. 31, 2014USD ($)

Aug. 31, 2014USD ($)

Jul. 31, 2014USD ($)

May. 31, 2014USD ($)

Debt Instrument [Line Items]

Number of real estate properties | property

36

36

Long-term debt

$ 1,706,513

$ 1,584,499

Principal payments on mortgages, notes and loans payable

334,403

103,233

$ 594,389

Mt. Shasta Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 0

$ 31,850

Fixed rate debt, interest rate

4.19%

Debt interest only term

3 years

Gateway Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 75,000

$ 0

Fixed rate debt, interest rate

3.64%

Debt interest only term

4 years

GreenvilleMall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 45,500

$ 40,171

Fixed rate debt, interest rate

4.46%

Bel Air Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 110,450

$ 112,276

$ 109,467

$ 0

Fixed rate debt, interest rate

0.00%

Bel Air Mall [Member] | Retail Site [Member]

Debt Instrument [Line Items]

Stated percentage

3.34%

NewPark Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 64,665

$ 114,245

Fixed rate debt, interest rate

3.26%

Debt interest only term

3 years

Amortization term

30 years

NewPark Mall [Member] | Retail Site [Member]

Debt Instrument [Line Items]

Long-term debt

$ 135,000

Debt initial funding

114,300

Subsequent funding

$ 20,800

Debt extension term

1 year

Stated percentage

3.26%

Repayments of Debt

$ 64,700

Steeplegate Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 45,900

Fixed rate debt, interest rate

0.00%

Fig Garden Village [Member]

Debt Instrument [Line Items]

Long-term debt

$ 74,200

$ 0

Fixed rate debt, interest rate

4.14%

Debt interest only term

5 years

Knollwood Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 35,100

Property Level Debt [Member]

Debt Instrument [Line Items]

Number of real estate properties | property

19

20

Long-term debt

$ 1,360,000

$ 1,310,000

Market rate adjustments

$ 300

$ 800

Debt, weighted average interest rate

4.40%

5.00%

Property Level Debt [Member] | Weighted Average [Member]

Debt Instrument [Line Items]

Term

5 years 1 month 28 days

4 years 10 months 24 days

LakelandMall [Member]

Debt Instrument [Line Items]

Fixed rate debt, interest rate

4.17%

West Valley Mall [Member]

Debt Instrument [Line Items]

Fixed rate debt, interest rate

3.24%

Bay Shore Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 46,500

$ 0

Fixed rate debt, interest rate

3.96%

Debt interest only term

3 years

Sikes Center [Member]

Debt Instrument [Line Items]

Long-term debt

$ 0

$ 54,618

Washington Park Mall [Member]

Debt Instrument [Line Items]

Principal payments on mortgages, notes and loans payable

$ 10,400

Fixed rate debt, interest rate

5.35%

0.00%

Collin Creek Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 57,600

Fixed rate debt, interest rate

0.00%

Mortgages [Member] | Grand Traverse Mall [Member]

Debt Instrument [Line Items]

Principal payments on mortgages, notes and loans payable

$ 59,000

Fixed rate debt, interest rate

5.02%

The Mall at Barnes Crossing [Member]

Debt Instrument [Line Items]

Long-term debt

$ 67,000

$ 0

Fixed rate debt, interest rate

4.29%

Debt interest only term

3 years

Non Recourse Mortgage Loan [Member] | Gateway Mall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 75,000

Debt basis spread on variable rate

2.20%

Debt extension term

1 year

Non Recourse Mortgage Loan [Member] | Gateway Mall [Member] | Retail Site [Member]

Debt Instrument [Line Items]

Stated percentage

3.64%

Non Recourse Mortgage Loan [Member] | GreenvilleMall [Member]

Debt Instrument [Line Items]

Long-term debt

$ 45,500

Stated percentage

4.46%

5.29%

Repayments of Debt

$ 40,200

Amortization term

30 years

Non Recourse Mortgage Loan [Member] | Bel Air Mall [Member] | Retail Site [Member]

Debt Instrument [Line Items]

Long-term debt

$ 120,000

Debt initial funding

110,500

Subsequent funding

$ 9,500

Stated percentage

5.30%

Debt interest only term

2 years

Repayments of Debt

$ 109,500

LIBOR | Bel Air Mall [Member]

Debt Instrument [Line Items]

Debt basis spread on variable rate

2.35%

LIBOR | NewPark Mall [Member]

Debt Instrument [Line Items]

Debt basis spread on variable rate

2.10%

LIBOR | NewPark Mall [Member] | Retail Site [Member]

Debt Instrument [Line Items]

Debt basis spread on variable rate

23500.00%

21000.00%

LIBOR | Non Recourse Mortgage Loan [Member] | Bel Air Mall [Member] | Retail Site [Member]

Debt Instrument [Line Items]

Debt basis spread on variable rate

23500.00%

MORTGAGES, NOTES AND LOANS PA62

MORTGAGES, NOTES AND LOANS PAYABLE - Corporate Facilities (Details) - USD ($)	Nov. 22, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015	Dec. 30, 2012	Jan. 12, 2012
Debt Instrument [Line Items]
Maximum increase in borrowing capacity			$ 250,000,000
Line of credit, maximum credit			$ 760,000,000
Guarantee		$ 5,600,000
Fees, Letter of Credit		90,000
Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, maximum credit							$ 50,000,000
Knollwood Mall [Member]
Debt Instrument [Line Items]
Guarantee		100,000
Secured Debt [Member]
Debt Instrument [Line Items]
Pledged Assets Not Separately Reported Real Estate before Accumulated Depreciation		$ 2,410,000,000
Debt, weighted average interest rate		4.10%	4.60%
Senior Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis				LIBOR
Debt basis spread on variable rate				5.00%
Debt Instrument Variable Rate Basis Floor				1.00%
Repayments of Debt				$ 100,000,000
Renegotiated Senior Secured Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis				LIBOR
Debt basis spread on variable rate				4.50%
Debt Instrument Variable Rate Basis Floor				0.00%
2012 Revolver [Member]
Debt Instrument [Line Items]
Line of credit, maximum credit				$ 150,000,000		$ 50,000,000
Commitment Fee Amount				$ 400,000
Line of Credit Facility Unused Capacity Commitment Fee Percentage for Unused Credit Facility Greater than or Equal to Fifty Percent				0.30%
Line of Credit Facility Unused Capacity Commitment Fee Percentage for Unused Credit Facility Less than Fifty Percent				0.25%
Line of Credit [Member]
Debt Instrument [Line Items]
Current borrowing capacity	$ 510,000,000
Revolving Credit Facility [Member] | 2013 Revolver [Member]
Debt Instrument [Line Items]
Current borrowing capacity	250,000,000	$ 310,000,000	$ 285,000,000		$ 310,000,000
Term			4 years
Extension period			1 year
Amount Outstanding		59,000,000
Commitment Fee Amount		$ 700,000	$ 800,000
Line of Credit Facility Unused Capacity Commitment Fee Percentage for Unused Credit Facility Greater than or Equal to Fifty Percent		0.20%
Unused commitment fee percentage for unused credit facility		50.00%
Line of Credit Facility Unused Capacity Commitment Fee Percentage for Unused Credit Facility Less than Fifty Percent		0.30%
Revolving Credit Facility [Member] | 2013 Term Loan [Member]
Debt Instrument [Line Items]
Current borrowing capacity		$ 285,000,000	260,000,000
Secured Debt [Member]
Debt Instrument [Line Items]
Current borrowing capacity		$ 595,000,000	545,000,000
Secured Debt [Member] | 2013 Term Loan [Member]
Debt Instrument [Line Items]
Current borrowing capacity	$ 260,000,000		$ 260,000,000		$ 285,000,000
Term			5 years
Weighted Average [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Term			4 years 8 months
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Default Interest Rate	3.00%
LIBOR | 2013 Term Loan [Member]
Debt Instrument [Line Items]
Debt basis spread on variable rate		2.33%
LIBOR | Minimum [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Debt basis spread on variable rate		1.85%
LIBOR | Maximum [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Debt basis spread on variable rate		3.00%

MORTGAGES, NOTES AND LOANS PA63

MORTGAGES, NOTES AND LOANS PAYABLE - Maturities, Repayments of Principal (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 265,493
2,017	69,814
2,018	579,480
2,019	13,109
2,020	89,243
Thereafter	689,714
Long-term Debt, Gross	1,706,853
Unamortized market rate adjustment	(340)
Total Mortgages, notes and loans payable	$ 1,706,513	$ 1,584,499

ACCOUNTS PAYABLE AND ACCRUED 64

ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts Payable and Accrued Liabilities, Current [Abstract]
Construction payable	$ 47,572	$ 16,272
Below-market tenant leases, net	42,592	43,292
Dividends declared, not yet paid	10,472	9,885	$ 6,454
Accrued real estate taxes	8,773	9,028
Accounts payable and accrued expenses	8,096	9,901
Accrued payroll and other employee liabilities	7,778	9,352
Accrued interest	6,868	4,380
Deferred income	5,420	5,471
Asset retirement obligation liability	6,085	4,545
Tenant and other deposits	1,706	1,336
Other	1,926	514
Total accounts payable and accrued expenses, net	$ 147,288	$ 113,976

DERIVATIVES (Details)

DERIVATIVES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)derivative	Dec. 31, 2014USD ($)
Derivative [Line Items]
Number of Instruments | derivative	4
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Liability	$ (677)	$ (482)
Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
Gain Recognized in Earnings (Effective Portion)	(397)	(1,210)
Loss Recognized in Earnings (Effective Portion)	813	728
Gain Recognized in Earnings (Ineffective Portion)	0	0
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Derivative Asset	612
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivative [Line Items]
Derivative Liability	$ (700)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivative [Line Items]
Number of Instruments | derivative	4
Notional Amount	$ 358,700
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Asset		1
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivative [Line Items]
Number of Instruments	1
Notional Amount	$ 64,445
May 2016 | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Notional Amount	$ 64,445
Strike Rate	4.50%
May 2016 | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	1
June 2018 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivative [Line Items]
Notional Amount	$ 59,000
Strike Rate	1.50%
June 2018 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Liability	$ (577)
Derivative Liability, Fair Value, Gross Liability		(482)
September 2018 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivative [Line Items]
Notional Amount	$ 114,250
Strike Rate	1.20%
September 2018 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Liability	$ (24)
Derivative Liability, Fair Value, Gross Liability		0
November 2018 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Notional Amount	$ 110,450
Strike Rate	1.00%
November 2018 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Asset	$ 612	0
January 2020 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivative [Line Items]
Notional Amount	$ 75,000
Strike Rate	1.40%
January 2020 | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative Liability	$ (75)
Derivative Liability, Fair Value, Gross Liability		$ 0

DERIVATIVES Additional (Details

DERIVATIVES Additional (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2015	Sep. 30, 2015
Debt Instrument [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain	$ 578	$ 44,286
Reclassification to interest expense	$ 1,900,000
Fixed rate	1.44%	1.49%	0.99%	1.16%
Amount needed to settle its obligations under the agreement at its termination value	$ 800,000
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.33%	1.75%	2.35%	2.10%

DISPOSITIONS OF REAL ESTATE A67

DISPOSITIONS OF REAL ESTATE ASSETS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of property held for sale		$ 0	$ 55,647
Net loss from discontinued operations				$ (23,158)
Gain on extinguishment of debt		0	0	13,995
Liabilities of property held for sale		0	38,590
Knollwood Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income (loss)	$ 106,700
Mortgage debt balance	35,100
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	34,800
Escrow Deposit	$ 7,900	2,300
The Boulevard Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income (loss)				(19,931)
Net loss from discontinued operations				(23,158)
Gain on extinguishment of debt				$ 13,995
Payments for Environmental Liabilities			$ (400)
Steeplegate Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on extinguishment of debt		22,800
Disposal Group, Including Discontinued Operation, Mortgage Loans		45,900
Collin Creek [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Mortgage Loans		57,600
Collin Creek Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on extinguishment of debt		$ 3,800

DISPOSITIONS OF REAL ESTATE A68

DISPOSITIONS OF REAL ESTATE ASSETS - Schedule of Disposition and Gain on Extinguishment of Debt(Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net loss from discontinued operations			$ (23,158)
Gain on extinguishment of debt	$ 0	$ 0	13,995
Discontinued operations, net	$ 0	$ 0	(9,163)
The Boulevard Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues			4,812
Operating expenses including depreciation and amortization			3,082
Provision for impairment			21,661
Total expenses			24,743
Operating income (loss)			(19,931)
Interest expense			(3,227)
Net loss from discontinued operations			(23,158)
Gain on extinguishment of debt			13,995
Discontinued operations, net			$ (9,163)
Net loss from discontinued operations per share- Basic and Diluted (in dollars per share)			$ (0.19)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 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	$ 60	$ 70	$ 80

NON-CONTROLLING INTEREST IN O70

NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2015day$ / sharesshares	Dec. 31, 2015USD ($)shares
Temporary Equity Disclosure [Abstract]
Temporary equity shares issued | shares	5,600,000	5,600,000
Temporary equity liquidation preference per share (in dollars per share) | $ / shares	$ 25
Temporary equity dividend rate	5.00%
Temporary equity dividend rate, per dollar amount (in dollars per share) | $ / shares	$ 1.25
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at January 1, | $		$ 140,953
Balance at December 31, | $		$ 0
Redemption percentage of equity base	15.00%
Redemption price percent of VWAP	96.00%
Redemption trading days | day	30
Temporary equity conversion ratio	1
Tax protection period	6 years

EQUITY (Details)

EQUITY (Details) - USD ($)	Oct. 29, 2015	Jul. 30, 2015	May. 04, 2015	Feb. 26, 2015	Jul. 01, 2014	Jan. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 12, 2012
Common Stock disclosures
Issuance of common stock related to the rights offering, shares						8,050,000
Share price (in dollars per share)						$ 19.50
Proceeds received from equity offering						$ 150,700,000									$ 0	$ 156,974,000	$ 0
Discount from equity offering						$ 6,300,000									$ 0	$ 6,278,000	$ 0
Common stock dividend declared (in dollars per share)	$ 0.18	$ 0.18	$ 0.18	$ 0.18			$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.72	$ 0.68	$ 0.52
Common stock dividends, ordinary income (in dollars per share)															0.20	0.26	0.26
Common stock dividends, nontaxable (in dollars per share)															0.51	0.38	0.20
Dividends (in dollars per share)															$ 0.71	$ 0.64	$ 0.46
Number of shares authorized				7,387,997														4,887,997
Stock repurchase program, authorized amount	$ 50,000,000
Stock repurchase program period															2 years
Shares repurchased (shares)															238,055
Purchase of treasury stock															$ 3,509,000	$ 0	$ 0
Treasury stock average cost per share (in dollars per share)															$ 14.73
Stock repurchase program, remaining authorized repurchase amount							$ 46,500,000								$ 46,500,000
Brookfield | Common Class A [Member]
Common Stock disclosures
Percentage of ownership interest held by related party							33.50%								33.50%
Employee Stock [Member]
Common Stock disclosures
Employee stock purchase plan discount from market price					5.00%
Number of shares authorized					500,000
Shares issued under ESPP							6,286								6,286

STOCK BASED COMPENSATION PLAN72

STOCK BASED COMPENSATION PLANS (Details) - $ / shares	Jan. 12, 2012	Dec. 31, 2015	Dec. 31, 2014	Feb. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of shares authorized	4,887,997			7,387,997
Maximum number of shares per employee	2,500,000
Employee Stock Option [Member]
Stock Based Compensation Plans
Vesting period			5 years
Shares
Stock options outstanding at beginning of the year (in shares)		3,313,869
Granted (in shares)		1,057,000	778,498
Exercised (in shares)		(326,645)	(1,680)
Forfeited (in shares)		(527,763)	(42,120)
Expired (in shares)		(26,040)	0
Stock options outstanding at the end of the year (in shares)		3,490,421	3,313,869
Weighted Average Exercise Price
Stock options outstanding, beginning period (in dollars per share)		$ 15.89
Granted (in dollars per share)		17.67	$ 18.36
Exercised (in dollars per share)		15.06	16.48
Forfeited (in dollars per share)		16.51	15.34
Expired (in dollars per share)		18.40	0
Stock options outstanding, ending period (in dollars per share)		$ 16.40	$ 15.89

STOCK BASED COMPENSATION PLAN73

STOCK BASED COMPENSATION PLANS (Details 2) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 01, 2015	Jan. 01, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognition of share-based compensation expense	$ 2	$ 1.8	$ 1.4
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	3,490,421	3,313,869		3,313,869	2,579,171
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	7 years 6 months 22 days
Weighted Average Exercise Price (in dollars per share)	$ 16.40	$ 15.89		$ 15.89	$ 15.14
Stock options becoming fully vested and exercisable (in shares)	1,181,330	878,288
Intrinsic value of options vested	$ (0.9)	$ 3.2
Weighted Average Exercise Price (in dollars per share)	$ 15.35	$ 14.93
Weighted average contractual term	6 years 8 months 13 days	7 years 6 months
Employee Stock Option [Member] | March 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	1,108,860
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 3 months
Weighted Average Exercise Price (in dollars per share)	$ 14.72
Employee Stock Option [Member] | August 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	36,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 8 months 1 day
Weighted Average Exercise Price (in dollars per share)	$ 13.75
Employee Stock Option [Member] | October 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	276,623
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 10 months
Weighted Average Exercise Price (in dollars per share)	$ 14.47
Employee Stock Option [Member] | February 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	526,440
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	7 years 2 months 1 day
Weighted Average Exercise Price (in dollars per share)	$ 16.48
Employee Stock Option [Member] | Award Issuance Period February 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	596,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 2 months
Weighted Average Exercise Price (in dollars per share)	$ 18.40
Employee Stock Option [Member] | Award Issuance Period July 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	28,198
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 7 months
Weighted Average Exercise Price (in dollars per share)	$ 17.20
Employee Stock Option [Member] | Award Issuance Period February 2015 [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	717,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	9 years 2 months
Weighted Average Exercise Price (in dollars per share)	$ 17.18
Employee Stock Option [Member] | Award Issuance Period March 2015 [Member] [Domain] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	200,000
Weighted Average Exercise Price (in dollars per share)	$ 19.76
Employee Stock Option [Member] | Award Issuance Period March 2015 [Member] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	9 years 3 months
Common Class A [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	58,242
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Total Forfeited	(62,403)

STOCK BASED COMPENSATION PLAN74

STOCK BASED COMPENSATION PLANS (Details 3) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Additional disclosures
Recognition of share-based compensation expense	$ 2	$ 1.8	$ 1.4
Assumptions used in estimating values of options granted
Risk-free interest rate (as a percent)	1.56%
Dividend yield (as a percent)	4.19%
Expected volatility (as a percent)	27.19%
Unrecognized compensation cost (in dollars)	$ 6.1
Compensation expense expected to be recognized in 2015	2.6
Compensation expense expected to be recognized in 2016	1.7
Compensation expense expected to be recognized in 2017	1.1
Compensation expense expected to be recognized in 2018	0.6
Compensation expense expected to be recognized in 2019	$ 0.1
Restricted Stock [Member]
Shares
Nonvested restricted stock grants outstanding as of beginning of period (in shares)	205,731	278,617
Granted (in shares)		42,489
Forfeited (in shares)		0
Cancelled (in shares)	0	0
Vested (in shares)	(128,555)	(115,375)
Nonvested restricted stock grants outstanding as of end of period (in shares)	72,484	205,731	278,617
Weighted average grant date fair value
Nonvested restricted stock grants outstanding as of beginning of period (in dollars per share)	$ 15.45	$ 14.85
Granted (in dollars per share)	17.18	18.40
Forfeited (in dollars per share)	15.41	0
Cancelled (in dollars per share)	0	0
Vested (in dollars per share)	15.33	15.08
Nonvested restricted stock grants outstanding as of end of period (in dollars per share)	$ 16.97	$ 15.45	$ 14.85
Additional disclosures
Weighted average remaining contractual term	10 months 22 days
Recognition of share-based compensation expense	$ 0.9	$ 1.9	$ 1.6
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
Employee Stock Option [Member]
STOCK BASED COMPENSATION PLANS
Vesting period		5 years
Assumptions used in estimating values of options granted
Expected life		6 years 6 months
Employee Stock Option [Member] | Minimum [Member]
Assumptions used in estimating values of options granted
Term of US treasury note used to determine estimated risk-free interest rate		5 years
Risk-free interest rate (as a percent)		1.83%
Dividend yield (as a percent)		3.70%
Expected volatility (as a percent)		27.75%
Employee Stock Option [Member] | Maximum [Member]
Assumptions used in estimating values of options granted
Term of US treasury note used to determine estimated risk-free interest rate		10 years
Risk-free interest rate (as a percent)		1.95%
Dividend yield (as a percent)		3.95%
Expected volatility (as a percent)		28.27%
Common Stock [Member] | Common Class A [Member]
Shares
Granted (in shares)	53,550
Forfeited (in shares)	(58,242)

NONCONTROLLING INTEREST (Detail

NONCONTROLLING INTEREST (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Nov. 04, 2015	Aug. 29, 2014	Jun. 29, 2012
Noncontrolling Interest [Line Items]
Number of preferred shares issued (in shares)	0	0
Par value of shares (in dollars per share)	$ 0.01	$ 0.01
Noncontrolling Interest, ownership percentage by parent		52.80%	1.80%	51.00%
Series A Cumulative Non Voting Preferred Stock [Member] | Rouse Holdings Inc [Member]
Noncontrolling Interest [Line Items]
Number of preferred shares issued (in shares)					111
Par value of shares (in dollars per share)					$ 1,000
Preferred stock cumulative annual cash dividend rate	12.50%
Preferred stock redemption price per share (in dollars per share)	$ 1,000
Preferred stock liquidation preference per share (in dollars per share)	$ 1,000
Non-controlling Interest [Member]
Noncontrolling Interest [Line Items]
DecreaseinNoncontrollingInterest			$ 0.6

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Income (loss) from continuing operations									$ 41,623,000	$ (51,685,000)	$ (45,582,000)
Net (income) loss attributable to non-controlling interests									76,000	(71,000)	0
Preferred distributions									(953,000)	0	0
Loss from discontinued operations									0	0	(9,163,000)
Net income (loss) allocable to common shareholders									40,746,000	(51,756,000)	(54,745,000)
Earnings allocated to unvested participating security holders									0	0	(150,000)
Net income (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders									$ 40,746,000	$ (51,756,000)	$ (54,895,000)
Weighted average shares - basic (in shares)	57,939,535	57,930,453	57,726,603	57,603,340	57,531,859	57,519,412	57,519,079	56,129,522	57,874,772	57,203,196	49,344,927
Add: effect of assumed shares issued under treasury stock method for stock options and restricted shares (in shares)									313,969	0	0
Weighted average shares - diluted (in shares)	57,939,535	57,930,453	57,726,603	58,287,256	57,531,859	57,519,412	57,519,079	56,129,522	58,188,741	57,203,196	49,344,927
Basic (in dollars per share)	$ (0.03)	$ (0.02)	$ (0.01)	$ 0.77	$ (0.22)	$ (0.46)	$ (0.14)	$ (0.08)	$ 0.70	$ (0.90)	$ (1.11)
Diluted (in dollars per share)	$ (0.03)	$ (0.02)	$ (0.01)	$ 0.76	$ (0.22)	$ (0.46)	$ (0.14)	$ (0.08)	$ 0.70	$ (0.90)	$ (1.11)

RENTALS UNDER OPERATING LEASE77

RENTALS UNDER OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 193,423
2,017	156,601
2,018	128,947
2,019	109,935
2,020	93,902
Subsequent	1,117,512
Operating Leases, Future Minimum Payments Receivable	$ 1,800,320

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 12, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 31, 2012	Aug. 31, 2012
Related party transactions
Maximum borrowing capacity under revolving subordinated credit facility with a wholly-owned subsidiary of Brookfield			$ 760,000,000
2,016		$ 17,136,000
GGP [Member] | Transition services agreement [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
Brookfield Asset Management Inc [Member] | Office Lease Agreement [Member] | Building [Member]
Related party transactions
Amount payable to related party		0
Term of lease agreement assumed upon spin off	10 years
Related Party Costs		1,100,000	$ 1,100,000	1,100,000
Brookfield Asset Management Inc [Member] | Office Lease Agreement [Member] | Build out of office space [Member]
Related party transactions
Amount payable to related party				$ 10,000
Brookfield Asset Management Inc [Member] | Office Lease Agreement Two [Member] | Building [Member]
Related party transactions
Amount payable to related party						$ 0
Term of lease				5 years
Rent free period				12 months
Brookfield Asset Management Inc [Member] | Office Lease Agreement Two [Member] | Build out of office space [Member]
Related party transactions
Cost associated with agreement entered with the related party				$ 30,000
Brookfield Asset Management Inc [Member] | Credit agreement [Member] | Revolving subordinated credit facility [Member]
Related party transactions
Cost associated with agreement entered with the related party				500,000
Maximum borrowing capacity under revolving subordinated credit facility with a wholly-owned subsidiary of Brookfield	$ 100,000,000
Upfront fee related to credit facility					$ 500,000
Semi annual revolving credit fee				300,000
BCO [Member]
Related party transactions
Cost associated with agreement entered with the related party		100,000	2,200,000	1,200,000
Amount payable to related party		0	200,000
Infrastructure costs incurred			300,000	2,800,000
Monthly information technology services fee		1,100,000	3,100,000	2,000,000
Monthly information technology services fee payable		$ 150,000	260,000
BCO [Member] | Buildings and Equipment [Member]
Related party transactions
Related Party Transaction Business Infrastructure Total Costs Incurred			$ 8,300,000	8,000,000
U.S. Holdings [Member]
Related party transactions
Interest rate basis			LIBOR
Interest receivable (as a percent)							1.05%
Note receivable funds notice period			3 days
Interest income			$ 300,000	$ 500,000

RELATED PARTY TRANSACTIONS - Fu

RELATED PARTY TRANSACTIONS - Future Minimum Lease Payments Due (Details) $ in Thousands	Dec. 31, 2015USD ($)
Related Party Transactions [Abstract]
2,016	$ 1,086
2,017	1,147
2,018	1,147
2,019	1,147
2,020	1,147
Subsequent	1,083
Total future minimum lease payments due	$ 6,757

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Guarantee	$ 3,500,000	$ 3,500,000
Guarantee term	2 years

QUARTERLY FINANCIAL INFORMATI81

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 29, 2015	Jul. 30, 2015	May. 04, 2015	Feb. 26, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues					$ 84,861	$ 73,553	$ 72,409	$ 74,561	$ 81,715	$ 74,783	$ 67,790	$ 67,839	$ 305,384	$ 292,127	$ 243,542
Operating income					14,045	16,843	12,960	8,426	7,100	322	10,677	13,340	52,275	31,438	37,248
Net income (loss) attributable to Rouse Properties, Inc.					$ (1,680)	$ (1,302)	$ (688)	$ 44,407	$ (12,589)	$ (26,566)	$ (8,175)	$ (4,425)	$ 41,699	$ (51,756)	$ (54,745)
Basic (in dollars per share)					$ (0.03)	$ (0.02)	$ (0.01)	$ 0.77	$ (0.22)	$ (0.46)	$ (0.14)	$ (0.08)	$ 0.70	$ (0.90)	$ (1.11)
Diluted (in dollars per share)					(0.03)	(0.02)	(0.01)	0.76	(0.22)	(0.46)	(0.14)	(0.08)	0.70	(0.90)	(1.11)
Common stock dividend declared (in dollars per share)	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17	$ 0.17	$ 0.72	$ 0.68	$ 0.52
Weighted average shares - basic (in shares)					57,939,535	57,930,453	57,726,603	57,603,340	57,531,859	57,519,412	57,519,079	56,129,522	57,874,772	57,203,196	49,344,927
Weighted average shares - diluted (in shares)					57,939,535	57,930,453	57,726,603	58,287,256	57,531,859	57,519,412	57,519,079	56,129,522	58,188,741	57,203,196	49,344,927

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	Feb. 25, 2016USD ($)$ / shares	Jan. 29, 2016USD ($)executiveinstallment	Mar. 04, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / shares	Jan. 16, 2016$ / shares
Subsequent Event [Line Items]
Stock repurchased | $				$ 3,509
Treasury stock average cost per share (in dollars per share) | $ / shares				$ 14.73
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased (in shares) | shares			105,000
Stock repurchased | $			$ 1,600
Treasury stock average cost per share (in dollars per share) | $ / shares			$ 14.87
Percentage of company owned by beneficial owners					33.50%
Retention plan, number of employees | executive		4
Retention plan, number of installments | installment		2
Retention plan, installment percentage		50.00%
Payment award period after termination		6 months
Payment award period after closing date		6 months
Retention plan, eligible awards | $		$ 7,500
Subsequent Event | Brookfield Asset Management | Rouse Properties Inc
Subsequent Event [Line Items]
Business acquisition proposed share price (in dollars per share) | $ / shares					$ 17
Business acquisition share price (in dollars per share) | $ / shares	$ 18.25
Purchase Price | $	$ 2,800,000
Business combination, premium percentage	35.00%

Schedule III Real Estate and 83

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 1,706,513
Initial Cost
Land		420,149
Building & Improvements		1,834,310
Cost Capitalized Subsequent to Acquisition
Land		8,008
Building & Improvements		317,133
Gross Amounts at Which Carried at Close of Period (2)
Land	[2]	428,157
Building & Improvements	[2]	2,151,443
Total		2,579,600	$ 2,251,956	$ 1,948,131	$ 1,652,755
Accumulated Depreciation		$ 239,091	$ 194,712	$ 142,432	$ 116,336
Equipment and Fixtures [Member] | Minimum [Member]
Gross Amounts at Which Carried at Close of Period (2)
Useful life			5 years
Equipment and Fixtures [Member] | Maximum [Member]
Gross Amounts at Which Carried at Close of Period (2)
Useful life			10 years
Building and improvements [Member]
Gross Amounts at Which Carried at Close of Period (2)
Useful life		40 years
Animas Valley Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 49,156
Initial Cost
Land	[3]	6,509
Building & Improvements	[3]	32,270
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	(854)
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	6,509
Building & Improvements	[2],[3]	31,416
Total	[3]	37,925
Accumulated Depreciation	[3]	$ 5,054
Date Acquired	[3]	Dec. 31, 2010
The Mall at Barnes Crossing [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 67,000
Initial Cost
Land	[3]	18,300
Building & Improvements	[3]	82,583
Cost Capitalized Subsequent to Acquisition
Land	[3]	(241)
Building & Improvements	[3]	1,038
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	18,059
Building & Improvements	[2],[3]	83,621
Total	[3]	101,680
Accumulated Depreciation	[3]	$ 5,535
Date Acquired	[3]	Dec. 31, 2014
Bay Shore Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 46,500
Initial Cost
Land	[3]	4,770
Building & Improvements	[3]	33,306
Cost Capitalized Subsequent to Acquisition
Land	[3]	780
Building & Improvements	[3]	18,943
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	5,550
Building & Improvements	[2],[3]	52,249
Total	[3]	57,799
Accumulated Depreciation	[3]	$ 6,193
Date Acquired	[3]	Dec. 31, 2010
Bel Air Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 110,450
Initial Cost
Land	[3]	8,969
Building & Improvements	[3]	122,537
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	4,216
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	8,969
Building & Improvements	[2],[3]	126,753
Total	[3]	135,722
Accumulated Depreciation	[3]	$ 10,978
Date Acquired	[3]	Dec. 31, 2014
Birchwood Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	8,316
Building & Improvements	[3]	44,884
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	267
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	8,316
Building & Improvements	[2],[3]	45,151
Total	[3]	53,467
Accumulated Depreciation	[3]	$ 6,334
Date Acquired	[3]	Dec. 31, 2010
Cache Valley Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	3,963
Building & Improvements	[3]	26,842
Cost Capitalized Subsequent to Acquisition
Land	[3]	(70)
Building & Improvements	[3]	7,536
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	3,893
Building & Improvements	[2],[3]	34,378
Total	[3]	38,271
Accumulated Depreciation	[3]	$ 5,381
Date Acquired	[3]	Dec. 31, 2010
The Shoppes at Carlsbad [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	49,452
Building & Improvements	[3]	123,530
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	0
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	49,452
Building & Improvements	[2],[3]	123,530
Total	[3]	172,982
Accumulated Depreciation	[3]	$ 1,942
Date Acquired	[3]	Dec. 31, 2015
ChesterfieldTowneCenter [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 105,429
Initial Cost
Land	[3]	19,546
Building & Improvements	[3]	146,148
Cost Capitalized Subsequent to Acquisition
Land	[3]	(159)
Building & Improvements		10,178
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	19,387
Building & Improvements	[2],[3]	156,326
Total	[3]	175,713
Accumulated Depreciation	[3]	$ 10,933
Date Acquired	[3]	Dec. 31, 2013
Chula Vista Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 70,000
Initial Cost
Land	[3]	13,214
Building & Improvements	[3]	71,598
Cost Capitalized Subsequent to Acquisition
Land	[3]	1,149
Building & Improvements	[3]	15,758
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	14,363
Building & Improvements	[2],[3]	87,356
Total	[3]	101,719
Accumulated Depreciation	[3]	$ 11,985
Date Acquired	[3]	Dec. 31, 2010
Colony Square Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	4,253
Building & Improvements	[3]	29,577
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	510
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	4,253
Building & Improvements	[2],[3]	30,087
Total	[3]	34,340
Accumulated Depreciation	[3]	$ 4,801
Date Acquired	[3]	Dec. 31, 2010
Fig Garden Village [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 74,200
Initial Cost
Land	[3]	18,774
Building & Improvements	[3]	86,894
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	386
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	18,774
Building & Improvements	[2],[3]	87,280
Total	[3]	106,054
Accumulated Depreciation	[3]	$ 2,964
Date Acquired	[3]	Dec. 31, 2015
Gateway Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 75,000
Initial Cost
Land	[3]	7,097
Building & Improvements	[3]	36,573
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	37,529
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	7,097
Building & Improvements	[2],[3]	74,102
Total	[3]	81,199
Accumulated Depreciation	[3]	$ 6,284
Date Acquired	[3]	Dec. 31, 2010
Grand Traverse Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	11,420
Building & Improvements	[3]	46,409
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	510
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	11,420
Building & Improvements	[2],[3]	46,919
Total	[3]	58,339
Accumulated Depreciation	[3]	$ 7,897
Date Acquired	[3]	Dec. 31, 2012
GreenvilleMall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 45,439
Initial Cost
Land	[3]	9,088
Building & Improvements	[3]	42,087
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements		(496)
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	9,088
Building & Improvements	[2],[3]	41,591
Total	[3]	50,679
Accumulated Depreciation	[3]	$ 4,282
Date Acquired	[3]	Dec. 31, 2013
Lakeland Square Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 66,814
Initial Cost
Land	[3]	10,938
Building & Improvements	[3]	56,867
Cost Capitalized Subsequent to Acquisition
Land	[3]	1,308
Building & Improvements	[3]	16,383
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	12,246
Building & Improvements	[2],[3]	73,250
Total	[3]	85,496
Accumulated Depreciation	[3]	$ 10,819
Date Acquired	[3]	Dec. 31, 2010
Lansing Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	9,615
Building & Improvements	[3]	49,220
Cost Capitalized Subsequent to Acquisition
Land	[3]	350
Building & Improvements	[3]	17,667
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	9,965
Building & Improvements	[2],[3]	66,887
Total	[3]	76,852
Accumulated Depreciation	[3]	$ 9,180
Date Acquired	[3]	Dec. 31, 2010
The Mall at Sierra Vista [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	7,078
Building & Improvements	[3]	36,441
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	197
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	7,078
Building & Improvements	[2],[3]	36,638
Total	[3]	43,716
Accumulated Depreciation	[3]	$ 5,899
Date Acquired	[3]	Dec. 31, 2010
Mall St Vincent [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	4,604
Building & Improvements	[3]	21,927
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	12,592
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	4,604
Building & Improvements	[2],[3]	34,519
Total	[3]	39,123
Accumulated Depreciation	[3]	$ 4,185
Date Acquired	[3]	Dec. 31, 2010
Mt. Shasta Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 31,850
Initial Cost
Land	[3]	7,809
Building & Improvements	[3]	41,788
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	1,488
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	7,809
Building & Improvements	[2],[3]	43,276
Total	[3]	51,085
Accumulated Depreciation	[3]	$ 2,956
Date Acquired	[3]	Dec. 31, 2015
New Park Mall LP [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 114,245
Initial Cost
Land	[3]	17,847
Building & Improvements	[3]	58,384
Cost Capitalized Subsequent to Acquisition
Land	[3]	2,867
Building & Improvements	[3]	65,010
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	20,714
Building & Improvements	[2],[3]	123,394
Total	[3]	144,108
Accumulated Depreciation	[3]	$ 8,993
Date Acquired	[3]	Dec. 31, 2010
North Plains Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	2,217
Building & Improvements	[3]	11,768
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	1,124
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	2,217
Building & Improvements	[2],[3]	12,892
Total	[3]	15,109
Accumulated Depreciation	[3]	$ 1,969
Date Acquired	[3]	Dec. 31, 2010
Pierre Bossier Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 49,426
Initial Cost
Land	[3]	7,522
Building & Improvements	[3]	38,247
Cost Capitalized Subsequent to Acquisition
Land	[3]	818
Building & Improvements	[3]	11,526
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	8,340
Building & Improvements	[2],[3]	49,773
Total	[3]	58,113
Accumulated Depreciation	[3]	$ 7,180
Date Acquired	[3]	Dec. 31, 2010
Sikes Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	5,915
Building & Improvements	[3]	34,075
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	4,751
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	5,915
Building & Improvements	[2],[3]	38,826
Total	[3]	44,741
Accumulated Depreciation	[3]	$ 5,426
Date Acquired	[3]	Dec. 31, 2010
Silver Lake Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	3,237
Building & Improvements	[3]	12,914
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	3,356
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	3,237
Building & Improvements	[2],[3]	16,270
Total	[3]	19,507
Accumulated Depreciation	[3]	$ 2,778
Date Acquired	[3]	Dec. 31, 2010
Southland Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	23,407
Building & Improvements	[3]	81,474
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	9,449
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	23,407
Building & Improvements	[2],[3]	90,923
Total	[3]	114,330
Accumulated Depreciation	[3]	$ 14,264
Date Acquired	[3]	Dec. 31, 2010
Southland Center [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 74,806
Initial Cost
Land	[3]	13,697
Building & Improvements	[3]	51,860
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	21,305
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	13,697
Building & Improvements	[2],[3]	73,165
Total	[3]	86,862
Accumulated Depreciation	[3]	$ 9,155
Date Acquired	[3]	Dec. 31, 2010
Spring Hill Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	8,219
Building & Improvements	[3]	23,679
Cost Capitalized Subsequent to Acquisition
Land	[3]	1,206
Building & Improvements	[3]	7,391
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	9,425
Building & Improvements	[2],[3]	31,070
Total	[3]	40,495
Accumulated Depreciation	[3]	$ 3,722
Date Acquired	[3]	Dec. 31, 2010
The Centre at Salisbury [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 115,214
Initial Cost
Land	[3]	22,580
Building & Improvements	[3]	105,376
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	(805)
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	22,580
Building & Improvements	[2],[3]	104,571
Total	[3]	127,151
Accumulated Depreciation	[3]	$ 9,345
Date Acquired	[3]	Dec. 31, 2013
Three Rivers [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	2,079
Building & Improvements	[3]	11,142
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	18,535
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	2,079
Building & Improvements	[2],[3]	29,677
Total	[3]	31,756
Accumulated Depreciation	[3]	$ 2,531
Date Acquired	[3]	Dec. 31, 2010
Turtle Creek [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 77,194
Initial Cost
Land	[3]	22,254
Building & Improvements	[3]	79,579
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	1,563
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	22,254
Building & Improvements	[2],[3]	81,142
Total	[3]	103,396
Accumulated Depreciation	[3]	$ 11,581
Date Acquired	[3]	Dec. 31, 2012
Valley Hills [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 65,362
Initial Cost
Land	[3]	10,047
Building & Improvements	[3]	61,817
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	1,439
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	10,047
Building & Improvements	[2],[3]	63,256
Total	[3]	73,303
Accumulated Depreciation	[3]	$ 10,083
Date Acquired	[3]	Dec. 31, 2010
Vista Ridge [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 65,428
Initial Cost
Land	[3]	15,965
Building & Improvements	[3]	46,560
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	(107)
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	15,965
Building & Improvements	[2],[3]	46,453
Total	[3]	62,418
Accumulated Depreciation	[3]	$ 7,130
Date Acquired	[3]	Dec. 31, 2010
Washington Park Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	1,389
Building & Improvements	[3]	8,213
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	271
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	1,389
Building & Improvements	[2],[3]	8,484
Total	[3]	9,873
Accumulated Depreciation	[3]	$ 1,592
Date Acquired	[3]	Dec. 31, 2010
West Valley Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 59,000
Initial Cost
Land	[3]	31,341
Building & Improvements	[3]	38,316
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	5,430
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	31,341
Building & Improvements	[2],[3]	43,746
Total	[3]	75,087
Accumulated Depreciation	[3]	$ 9,052
Date Acquired	[3]	Dec. 31, 2010
Westwood Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	5,708
Building & Improvements	[3]	28,006
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	235
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	5,708
Building & Improvements	[2],[3]	28,241
Total	[3]	33,949
Accumulated Depreciation	[3]	$ 4,000
Date Acquired	[3]	Dec. 31, 2010
White Mountain Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 0
Initial Cost
Land	[3]	3,010
Building & Improvements	[3]	11,419
Cost Capitalized Subsequent to Acquisition
Land	[3]	0
Building & Improvements	[3]	4,664
Gross Amounts at Which Carried at Close of Period (2)
Land	[2],[3]	3,010
Building & Improvements	[2],[3]	16,083
Total	[3]	19,093
Accumulated Depreciation	[3]	$ 2,517
Date Acquired	[3]	Dec. 31, 2010
Properties Excluding Other Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	$ 1,362,513
Initial Cost
Land		420,149
Building & Improvements		1,834,310
Cost Capitalized Subsequent to Acquisition
Land		8,008
Building & Improvements		298,985
Gross Amounts at Which Carried at Close of Period (2)
Land	[2]	428,157
Building & Improvements	[2]	2,133,295
Total		2,561,452
Accumulated Depreciation		234,920
Other Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrance	[1]	344,000
Initial Cost
Land		0
Building & Improvements		0
Cost Capitalized Subsequent to Acquisition
Land		0
Building & Improvements		18,148
Gross Amounts at Which Carried at Close of Period (2)
Land	[2]	0
Building & Improvements	[2]	18,148
Total		18,148
Accumulated Depreciation		$ 4,171
[1]	See description of mortgages, notes, and loans payable in Note 5 to the consolidated financial statements.
[2]	YearsBuildings and improvements 40Equipment and fixtures 5-10Tenant improvements Shorter of useful life or applicable lease term
[3]	YearsBuildings and improvements 40Equipment and fixtures 5-10Tenant improvements Shorter of useful life or applicable lease term

Schedule III Real Estate and 84

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at January 1,		$ 2,251,956	$ 1,948,131	$ 1,652,755
Improvements and additions		181,701	120,031	68,236
Acquisitions		328,229	238,510	349,269
Dispositions and write-offs		(179,060)	(31,752)	(85,308)
Impairments		(3,226)	(22,964)	(36,821)
Balance at December 31,		2,579,600	2,251,956	1,948,131
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at January 1,		194,712	142,432	116,336
Depreciation expense		97,185	91,248	66,497
Dispositions and write-offs		(52,480)	(31,752)	(32,015)
Impairments		(326)	(7,216)	(8,386)
Balance at December 31,		$ 239,091	$ 194,712	$ 142,432
Building and improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation		40 years
Other Properties [Member]
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at December 31,		$ 18,148
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at December 31,		4,171
Animas Valley Mall [Member]
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at December 31,	[1]	37,925
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at December 31,	[1]	$ 5,054
[1]	YearsBuildings and improvements 40Equipment and fixtures 5-10Tenant improvements Shorter of useful life or applicable lease term