Rouse Properties (RSE) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (shares)		57,882,048

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investment in real estate:
Land	$ 427,952	$ 428,157
Buildings and equipment	2,180,341	2,151,443
Less accumulated depreciation	(257,953)	(239,091)
Net investment in real estate	2,350,340	2,340,509
Cash and cash equivalents	6,516	5,420
Restricted cash	32,752	34,568
Accounts receivable, net	43,434	43,196
Deferred expenses, net	45,975	44,859
Prepaid expenses and other assets, net	44,540	49,034
Total assets	2,523,557	2,517,586
Liabilities:
Mortgages, notes and loans payable, net	1,735,926	1,694,841
Accounts payable and accrued expenses, net	127,992	147,288
Total liabilities	1,863,918	1,842,129
Commitments and contingencies	0	0
Mezzanine Equity:
Non-controlling interest in Operating Partnership	141,965	140,953
Equity:
Preferred stock: $0.01 par value; 50,000,000 shares authorized, 0 issued and outstanding at March 31, 2016 and December 31, 2015	0	0
Common stock: $0.01 par value; 500,000,000 shares authorized, 58,287,506 issued and 57,882,048 outstanding at March 31, 2016 and 58,097,933 issued and 57,797,475 outstanding at December 31, 2015	581	581
Additional paid-in capital	643,203	643,828
Accumulated deficit	(131,264)	(121,182)
Accumulated other comprehensive loss	(4,257)	(65)
Treasury stock, at cost, $0.01 par value, 343,055 shares at March 31, 2016 and 238,055 shares at December 31, 2015	(5,073)	(3,509)
Total stockholders' equity	503,190	519,653
Non-controlling interest	14,484	14,851
Total equity	(517,674)	(534,504)
Total liabilities, mezzanine equity and equity	$ 2,523,557	$ 2,517,586

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury Stock, Shares	343,055	238,055
Preferred Stock [Member]
Par value of shares (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Number of preferred shares issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	58,287,506	58,097,933
Common stock, shares outstanding (in shares)	57,882,048	57,797,475

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues [Abstract]
Minimum rents	$ 56,265	$ 51,534
Tenant recoveries	20,843	19,949
Overage rents	1,744	1,590
Other	1,780	1,488
Total revenues	80,632	74,561
Costs and Expenses [Abstract]
Property operating costs	16,959	16,875
Real estate taxes	7,032	7,474
Property maintenance costs	2,899	3,385
Marketing	421	389
Provision for doubtful accounts	613	497
General and administrative	6,839	6,470
Provision for impairment	0	2,900
Depreciation and amortization	26,348	25,986
Other	11,361	2,159
Total expenses	72,472	66,135
Operating income	8,160	8,426
Interest income	4	13
Interest expense	(17,953)	(19,151)
Gain on extinguishment of debt	0	22,840
(Loss) income before income taxes and gain on sale of real estate assets	(9,789)	12,128
Provision for income taxes	(158)	(236)
(Loss) income before gain on sale of real estate assets	(9,947)	11,892
Gain on sale of real estate assets	0	32,509
Net (loss) income	(9,947)	44,401
Net (income) loss attributable to non-controlling interests	135	(6)
Net loss	(10,082)	44,407
Preferred Distributions	(1,750)	0
Net Income (Loss) Available to Common Stockholders, Basic	$ (11,832)	$ 44,407
Earnings Per Share, Basic	$ (0.21)	$ 0.77
Earnings Per Share, Diluted	(0.21)	0.76
Dividends declared per share (in dollars per share)	$ 0	$ 0.18
Other comprehensive income (loss):
Net unrealized loss on financial instruments	$ (4,192)	$ (406)
Comprehensive (loss) income	$ (14,139)	$ 43,995

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock [Member]	Accumulated Other Comprehensive Loss	Non-controlling Interest	Common Class A [Member]	Common Class A [Member]Common Stock [Member]
Net (income) loss attributable to non-controlling interests	$ (6)
Balance (in shares) at Dec. 31, 2014								57,743,981
Beginning balance at Dec. 31, 2014	533,335	$ 679,275	$ (162,881)		$ (482)	$ 16,845		$ 578
Increase (Decrease) in Shareholders' Equity
Net (loss) income	44,401		44,407			(6)
Comprehensive loss	(406)				(406)
Dividends	(10,410)	(10,410)
Issuance and amortization of stock compensation (in shares)								53,550
Issuance and amortization of stock compensation	(865)	(865)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period								34,248
Stock Issued During Period, Value, Stock Options Exercised	553	553
Noncontrolling Interest, Increase from Business Combination	45					45
Stock Issued During Period, Shares, Employee Stock Purchase Plans								1,437
Ending balance (in shares) at Mar. 31, 2015								57,833,216
Ending balance at Mar. 31, 2015	568,383	670,283	(118,474)		(888)	16,884		$ 578
Treasury Stock, Value	3,509
Net (income) loss attributable to non-controlling interests	135
Balance (in shares) at Dec. 31, 2015							58,097,933	57,797,475
Beginning balance at Dec. 31, 2015	534,504	643,828	(121,182)	$ (3,509)	(65)	14,851		$ 581
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(9,947)					135
Comprehensive loss	(4,192)				(4,192)
Issuance and amortization of stock compensation (in shares)								169,910
Issuance and amortization of stock compensation	(822)	(822)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period								18,567
Stock Issued During Period, Value, Stock Options Exercised	303	303
Payment of distribution	$ (502)					(502)
Stock Issued During Period, Shares, Employee Stock Purchase Plans								1,096
Treasury Stock, Shares, Acquired	(105,000)							(105,000)
Treasury Stock, Value, Acquired, Cost Method	$ 1,564			$ 1,564
Preferred Distributions	(1,750)	(1,750)
Ending balance (in shares) at Mar. 31, 2016							58,287,506	57,882,048
Ending balance at Mar. 31, 2016	517,674	$ 643,203	$ (131,264)		$ (4,257)	$ 14,484		$ 581
Treasury Stock, Value	$ 5,073

CONSOLIDATED STATEMENTS OF EQU6

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Sep. 30, 2015
Common Stock, Dividends, Per Share, Cash Paid
Common Stock [Member]
Underwriting Discount
Common Stock [Member] | Common Class A [Member]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.18

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net (loss) income	$ (9,947)	$ 44,401
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Provision for doubtful accounts	613	497
Depreciation	23,585	23,715
Amortization	2,763	2,271
Amortization/write-off of deferred finance costs	901	899
Amortization/write-off of debt market rate adjustments	(333)	(9)
Amortization of above/below market leases and tenant inducements	8	2,498
Straight-line rent amortization	(811)	42
Provision for impairment	0	2,900
Gain on extinguishment of debt	0	22,840
Gain (Loss) on Sale of Properties	0	(32,509)
Stock based compensation	822	865
Net changes:
Accounts receivable	(40)	380
Prepaid expenses and other assets	1,313	1,581
Deferred expenses	(3,874)	(2,889)
Restricted cash	(1,435)	(1,536)
Accounts payable and accrued expenses	1,080	(1,779)
Net cash provided by operating activities	14,645	18,487
Cash Flows from Investing Activities:
Acquisition/development of real estate and property additions/improvements	0	(48,000)
Proceeds from Sale of Productive Assets	205	90,197
Payments Development, Building and Tenant Improvement	44,582	27,388
Restricted cash	3,251	1,917
Net cash (used in) provided by investing activities	(41,126)	16,726
Cash Flows from Financing Activities:
Proceeds from Stock Options Exercised	303	553
Payments for offering costs	(1,564)	0
Proceeds from refinance/issuance of mortgages, notes and loans payable	108,250	31,850
Borrowing under revolving line of credit	63,000	40,000
Principal payments on mortgages, notes and loans payable	(118,230)	(50,487)
Repayments under revolving line of credit	(11,000)	(50,000)
Dividends paid	(10,404)	(9,817)
Distributions on preferred OP units	(738)	0
Proceeds from (Payments to) Noncontrolling Interests	(502)	0
Deferred financing costs	(1,538)	(289)
Net cash provided by (used in) financing activities	27,577	(38,190)
Net change in cash and cash equivalents	1,096	(2,977)
Cash and cash equivalents at beginning of period	5,420	14,308
Cash and cash equivalents at end of period	6,516	11,331
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of capitalized interest	18,067	16,485
Capitalized interest	(1,047)	(446)
Non-Cash Transactions:
Change in accrued capital expenditures included in accounts payable and accrued expenses	(10,991)	(5,938)
Dividends declared, not yet paid	0	10,478
Capitalized market rate adjustments and deferred financing amortization	30	61
Supplemental non-cash information related to acquisition accounting:
Land	0	(5,320)
Buildings and equipment, net	0	(16,966)
Accounts receivable	0	490
Deferred expenses, net	0	(681)
Prepaid expenses and other assets	0	(224)
Mortgages, notes and loan payable	0	(45,960)
Accounts payable and accrued expenses	$ 0	$ (1,803)

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Readers of this Quarterly Report should refer to the Company’s (as defined below) audited Consolidated Financial Statements for the year ended December 31, 2015, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the “Annual Report”), as certain footnote disclosures which would substantially duplicate those contained in the Annual Report have been omitted from this Quarterly Report. In the opinion of management, all adjustments necessary for a fair presentation (which include only normal recurring adjustments) have been included in this Quarterly Report . Capitalized terms used, but not defined in this Quarterly Report, have the same meanings as in the Annual Report. General Rouse Properties, Inc. is a Delaware corporation that was created to hold certain assets and liabilities of General Growth Properties, Inc. ("GGP"). Prior to January 12, 2012, Rouse Properties, Inc. and its subsidiaries ("Rouse" or the "Company") were a wholly-owned subsidiary of GGP Limited Partnership (“GGP LP”). GGP distributed the assets and liabilities of 30 of its wholly-owned properties (“RPI Businesses”) to Rouse on January 12, 2012 (the “Spin-Off Date”). Before the spin-off, the Company had not conducted any business as a separate company and had no material assets or liabilities. The operations, assets and liabilities of the business were transferred to 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. 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 Inc. (“Brookfield Asset Management” and, together with its affiliates, “Brookfield”) for $18.25 per share in an all-cash transaction, a portion of which may be paid out as a special dividend. See Note 16 for additional information regarding the proposed merger with Brookfield. 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 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 each of the three months ended March 31, 2016 and 2015 . 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	3 Months Ended
	Mar. 31, 2016
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 their cost basis less accumulated depreciation. Real estate taxes and interest costs incurred during development periods are capitalized. Capitalized interest costs are based on qualified expenditures and interest rates in place during the development period. Capitalized real estate taxes, interest and interest related costs are amortized over lives which are consistent with the developed assets. Pre-development costs, which generally include legal and professional fees and other directly-related third party costs, are capitalized as part of the property being developed. In the event a development is no longer deemed to be probable, the costs previously capitalized are expensed. Tenant improvements, either paid directly or in the form of construction allowances paid to tenants, are capitalized and depreciated over the shorter of the useful life or applicable lease term. Maintenance and repair costs are expensed when incurred. Expenditures for significant betterments and improvements are capitalized. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, it capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event that the Company is not considered the owner of the improvements for accounting purposes, the allowance is capitalized as a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Depreciation and 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 provision should be recorded to write down the carrying amount of such asset to its fair value. The Company reviews all real estate assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators are assessed separately for each property and include, but are not limited to, significant decreases in real estate property net operating income and occupancy percentages, high loan to value ratios, and carrying values in excess of the fair values. Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and developments in progress, are assessed by project and include, but are not limited to, significant changes to the Company’s plans with respect to the project, significant changes in projected completion dates, revenues or cash flows, development costs, market factors and sustainability of development projects. If an indicator of potential impairment exists, the asset is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy and capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may exceed the carrying amount, a real estate asset is only considered to be impaired when its carrying amount cannot be recovered through estimated future undiscounted cash flows. To the extent 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. Collin Creek Mall The Company determined there were events and circumstances which changed management's estimated holding period for Collin Creek Mall during the year ended December 31, 2014. During the three months ended March 31, 2015, the lender had placed the loan into special servicing. As a result of the continued decline in the property's operating results, the Company recorded an impairment charge of $2.9 million during the three months ended March 31, 2015 , 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 April 2015, the property associated with Collin Creek Mall was conveyed to its lender in full satisfaction of the debt. No impairment charges were recorded for the three months ended March 31, 2016. 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) March 31, 2016 Tenant leases: In-place value $ 94,030 $ (44,858 ) $ 49,172 Above-market 96,610 (59,611 ) 36,999 Below-market (66,215 ) 26,796 (39,419 ) Ground leases: Below-market 3,682 (731 ) 2,951 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 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 income by $4.7 million and $6.0 million for the three months ended March 31, 2016 and 2015 , 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 $0.01 million and by $2.5 million for the three months ended March 31, 2016 and 2015 , respectively. Amortization of above-market and below-market lease intangibles is included in "Minimum rents" 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) Remainder of 2016 $ 11,974 $ 1,704 2017 9,205 2,953 2018 6,457 658 2019 4,675 (606 ) 2020 3,681 (1,174 ) 2021 2,492 (913 ) 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, on the Consolidated Balance Sheets and measures those instruments at fair value. The accounting for changes in fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both quantitative and qualitative methods. The Company entered into five derivative agreements that qualify as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of the cash flow hedges as of March 31, 2016 was $5,083 and $4.3 million is included in "Prepaid expenses and other assets, net" and "Accounts payable and accrued expenses, net" on 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 three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (In thousands) Straight-line rent amortization $ 811 $ (42 ) Lease termination income 154 433 Net amortization of above and below-market tenant leases (8 ) (2,459 ) Amortization of tenant inducements 4 (8 ) Percentage rent in lieu of minimum rent 2,124 1,597 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," on the Company's Consolidated Balance Sheets and are reduced for allowances for doubtful accounts: March 31, 2016 December 31, 2015 (In thousands) Straight-line rent receivables, net $ 15,668 $ 14,856 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 the 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 $3.6 million and $3.4 million as of March 31, 2016 and December 31, 2015 , respectively. 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. (Loss) Income Per Share Basic net (loss) income per share is computed by dividing the net (loss) income allocable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share is calculated similarly; however, it reflects potential dilution of securities by adding 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. As of March 31, 2016 and 2015 , there were 3,465,674 and 4,104,412 stock options outstanding, respectively, that potentially could be converted into shares of common stock and 205,143 and 145,939 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 three months ended March 31, 2015 . The stock options and shares of restricted stock are excluded from the weighted average shares dilution computation for the three months ended March 31, 2016 , as their effect is anti-dilutive due to the Company's net loss position. 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) March 31, 2016 Recurring basis: Assets: Interest rate cap $ 5 $ — $ 5 $ — Liabilities: Interest rate swaps $ (4,274 ) $ — $ (4,274 ) $ — December 31, 2015 Recurring basis: Assets: Interest rate cap $ 612 $ — $ 612 $ — Liabilities: Interest rate swap $ (677 ) $ — $ (677 ) $ — The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company has one interest rate cap and five interest rate swaps as of March 31, 2016 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 value 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 amounts on our Consolidated Balance Sheets except for debt. As of March 31, 2016 and December 31, 2015 , management’s estimates of fair value are presented below. The Company estimated the fair value of the debt by using a future discounted cash flow analysis based on the use and weighting of multiple market inputs including U.S. market lending data and index rates, which are provided by a third party specialist. 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. March 31, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Fixed-rate debt $ 1,254,613 $ 1,290,722 $ 1,137,818 $ 1,156,729 Variable-rate debt 493,500 496,207 568,695 571,390 Total mortgages, notes and loans payable, net (1) $ 1,748,113 $ 1,786,929 $ 1,706,513 $ 1,728,119 ` Explanatory Note: 1. Includes $(0.8) million and $(0.3) as of March 31, 2015 and December 31, 2015, respectively, but excludes amortization of deferred financing costs of $12.2 million and $11.7 million as of March 31, 2016 and December 31, 2015, respectively. Deferred Expenses Deferred expenses are comprised of deferred leasing 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) and deferred financing costs related to the 2013 Revolver (as defined below), which are amortized on a straight-line basis (which approximates the effective interest method) over the life of the 2013 Revolver and are included in "Interest expense" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). As of March 31, 2016 and December 31, 2015, "Deferred expenses, net" primarily consist of deferred leasing costs, net,of $45.7 million and $44.6 million , respectively. Asset Retirement Obligations The Company evaluates any potential asset retirement obligations, including those related to disposal of asbestos containing materials and environmental remediation liabilities. The Company recognizes the fair value of such obligations in the period incurred if a reasonable estimate of fair value can be determined. As of March 31, 2016 and December 31, 2015 , estimated costs of environmental remediation of approximately $6.2 million and $6.1 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 actual remediation costs will be materially different than the estimates as of March 31, 2016 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, estimates and assumptions have been made with respect to fair values of assets and liabilities for purposes of applying the acquisition method of accounting, the useful lives of assets, capitalization of development and leasing costs, recoverable amounts of receivables, impairment of long-lived assets, valuation of hedging instruments and fair value of debt. Actual results could differ from these and other estimates. Reclassifications The Company adopted Accounting Standards Update (ASU) No. 2015-03, " Simplifying the Presentation of Debt Issuance Costs " issued by the Financial Accounting Standards Board (FASB) on a retrospective basis. This ASU amends Accounting Standards Codification (ASC) 835-30 and requires debt issuance costs related to borrowings to be presented in the Consolidated Balance Sheets as a direct reduction from the carrying amount of the debt. As a result, unamortized debt issuance costs of $12.2 million and $11.7 million as of March 31, 2016 and December 31, 2015, respectively, were reclassified from "Deferred expenses, net" to " Mortgages, notes and loans payable, net " on the Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015. 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. 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 adopted ASU 2015-02 during the three months ended March 31, 2016 and it did not have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued an update to 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. In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) .” ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) ”. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the requirements of ASU 2016-02 and have not yet determined its impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting .” ASU 2016-09 simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the requirements of ASU 2016-09 and have not yet determined its impact on our consolidated financial statements.

ACQUISITIONS (Notes)

ACQUISITIONS (Notes)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Acquisitions	PROPOSED ACQUISITION OF THE COMPANY BY BROOKFIELD On January 16, 2016, the Company’s Board of Directors received a written, unsolicited, non-binding proposal from Brookfield Asset Management 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. 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. ("BPY") 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 by 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 BPY and its affiliates. The transaction is not subject to a financing contingency. Retention Plan In light of Brookfield’s unsolicited acquisition 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. As of March 31, 2016, $7.3 million is outstanding and payable and included in "Other" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).	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 transactions. The Company did not acquire any properties during the three months ended March 31, 2016. The following table presents the Company's acquisitions as of December 31, 2015 : Date Acquired Property Name Location Square Footage Acquired Purchase Price 2015 Acquisitions (In thousands) 01/28/2015 Mt. Shasta Mall (1) (2) Redding, CA 521,000 $ 49,000 06/03/2015 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 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, Rouse Properties, L.P., our operating partnership (the "Operating Partnership'"), issued $140.0 million of its Series A Preferred Units of limited partnership interest (the "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 the Operating Partnership.) In December 2015, The Shoppes at Carlsbad was added to the 2013 Senior Facility (as defined below) collateral pool (see Note 5 for details on the 2013 Senior Facility. The following table presents certain additional information regarding the Company's acquisitions for the year ended December 31, 2015 : 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 The Company incurred acquisition and transaction related costs of $0.3 million and $0.4 million for the three months ended March 31, 2016 and 2015 , respectively. Acquisition and transaction related costs consist of due diligence costs such as legal fees, environmental studies and closing costs. These costs were recorded in "Other" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended March 31, 2015 , the Company recorded approximately $1.3 million in revenues and $0.03 million in net loss related to the acquisition of Mt. Shasta Mall. There were no acquisitions made during the three months ended March 31, 2016 . The following condensed pro forma financial information for the three months ended March 31, 2015 includes pro forma adjustments related to the acquisition of Mt. Shasta Mall which is presented assuming the acquisitions had been consummated as of January 1, 2015. 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, 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. Three months ended March 31, 2015 As Adjusted (Unaudited) (Dollars in thousands, except per share amounts) Total revenues $ 75,195 Net income $ 44,385 Net income per share - basic $ 0.77 Net income per share - diluted $ 0.76 Weighted average shares - basic 57,603,340 Weighted average shares - diluted 58,287,256

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2016
Prepaid Expense and Other Assets [Abstract]
PREPAID EXPENSES AND OTHER ASSETS, NET	PREPAID EXPENSES AND OTHER ASSETS, NET The following table summarizes the significant components of prepaid expenses and other assets, net: March 31, December 31, (In thousands) Above-market tenant leases, net (Note 2) $ 36,999 $ 40,180 Prepaid expenses 3,629 4,372 Below-market ground leases, net (Note 2) 2,951 2,990 Deposits 494 424 Other 467 1,068 Total prepaid expenses and other assets, net $ 44,540 $ 49,034

MORTGAGES, NOTES AND LOANS PAYA

MORTGAGES, NOTES AND LOANS PAYABLE	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
MORTGAGES, NOTES AND LOANS PAYABLE	MORTGAGES, NOTES AND LOANS PAYABLE, NET Mortgages, notes and loans payable are summarized as follows: March 31, December 31, Interest Rate at March 31, 2016 Scheduled Maturity Date Fixed-rate debt: (in thousands) The Centre at Salisbury (1) $ — $ 115,000 — % — Vista Ridge Mall 64,660 65,611 6.87 April 2016 The Mall at Turtle Creek 76,343 76,615 6.54 June 2016 NewPark Mall (1) (2) 125,000 — 3.22 September 2018 West Valley Mall (3) 59,000 59,000 3.24 September 2018 The Shoppes at Bel Air (1) (2) 110,450 — 3.34 November 2018 The Shoppes at Gateway (1) (3) 75,000 75,000 3.64 January 2020 Pierre Bossier Mall 45,672 45,875 4.94 May 2022 Pierre Bossier Anchor 3,528 3,550 4.85 May 2022 Southland Center (MI) 74,486 74,806 5.09 July 2022 Chesterfield Towne Center 105,933 106,379 4.75 October 2022 Animas Valley 48,924 49,156 4.41 November 2022 Lakeland Square 66,494 66,814 4.17 April 2023 Valley Hills Mall 65,070 65,362 4.47 July 2023 Chula Vista Center 70,000 70,000 4.18 July 2024 The Mall at Barnes Crossing 67,000 67,000 4.29 September 2024 Bayshore Mall 46,500 46,500 3.96 November 2024 Mt. Shasta Mall (1) 31,850 31,850 4.19 March 2025 Fig Garden Village (1) 74,200 74,200 4.14 June 2025 Greenville Mall (1) 45,263 45,440 4.46 November 2025 Total fixed-rate debt $ 1,255,373 $ 1,138,158 Market rate adjustments (760 ) (340 ) $ 1,254,613 $ 1,137,818 Variable-rate debt: NewPark Mall (1) (2) $ — $ 114,245 — % — The Shoppes at Bel Air (1) (2) — 110,450 — — The Centre at Salisbury (1) (4) 97,500 — 3.04 March 2019 2013 Term Loan (5) (6) 285,000 285,000 2.79 November 2018 2013 Revolver (5) (6) 111,000 59,000 2.79 November 2017 Total variable-rate debt $ 493,500 $ 568,695 Unamortized deferred financing costs (7) (12,187 ) (11,672 ) Total mortgages, notes and loans payable, net $ 1,735,926 $ 1,694,841 Explanatory Notes: (1) See the significant property loan refinancings and acquisitions table below, under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property. (2) The Company entered into a forward interest rate swap transaction which fixed the interest rate on the loan, which is variable, for this property beginning January 2016. Therefore, the amounts are reflected in fixed-rate debt as of March 31, 2016 and variable-rate debt as of December 31 2015. (3) The Company entered into an interest swap transaction which fixed the interest rate on the loan, which is variable, for this property. Therefore, the amounts are reflected in fixed-rate debt as of March 31, 2016 and December 31, 2015. (4) LIBOR (30 day) plus 260 basis points. (5) LIBOR (30 day) plus 235 basis points. (6) During 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 from $285.0 million to $310.0 million . (7) See Note 2 for information related to the adoption of a new accounting pronouncement during the three months ended March 31, 2016 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from "Deferred expenses, net" to "Mortgages, notes and loan payable, net." Property-Level Debt The Company had individual property-level debt (the “Property-Level Debt”) on 19 of its 36 assets, totaling $1.35 billion (excluding $0.8 million of market rate adjustments) as of March 31, 2016 . As of December 31, 2015 , the Company had individual property-level debt on 19 of its 36 assets, totaling $1.36 billion (excluding $0.3 million of market rate adjustments). As of March 31, 2016 and December 31, 2015 , the Property-Level Debt had a weighted average interest rate of 4.3% and 4.4% , respectively, and an average remaining term of 5.2 years, unchanged from December 31, 2015. 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 have occurred during the three months ended March 31, 2016 and the year ended December 31, 2015 (dollars in thousands): Property Refinancing Date Balance at Date of Refinancing Prior Interest Rate Balance of New Loan New Interest Rate Initial Maturity March 31, 2016: The Centre at Salisbury (1) (2) March 2016 $ 115,574 5.79 % $ 97,500 3.04 % March 2019 December 31, 2015: The Shoppes at Gateway (3) December 2015 $ — — % $ 75,000 3.64 % January 2020 Greenville Mall (4) October 2015 40,171 5.29 % 45,500 4.46 % November 2025 The Shoppes at Bel Air (5) October 2015 109,467 5.30 % 110,450 2.78 % November 2018 NewPark Mall (2) (6) September 2015 64,655 3.44 % 114,245 2.53 % September 2018 Fig Garden Village (7) June 2015 — — % 74,200 4.14 % June 2025 Mt. Shasta Mall (2) February 2015 — — % 31,850 4.19 % March 2025 Explanatory Notes: (1) In March 2016, the loan associated with The Centre at Salisbury was refinanced with a partial non-recourse mortgage loan for $105.0 million . The initial funding of $97.5 million was used to retire the outstanding mortgage loan. The loan bears interest at floating rate of LIBOR (30 day) plus 260 basis points, matures in March 2019 and has a one year extension option. (2) The loan is interest-only for the first three years. (3) During 2015, the Company removed the Shoppes at Gateway from the 2013 Senior Facility collateral pool and placed a new $75.0 million non-recourse mortgage loan on the property which has an initial maturity date of January 2020 with a one year extension option and is interest-only for the first four years. In connection with the removal of The Shoppes at Gateway Mall 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. In December 2015, the Company entered into an interest rate swap on the loan which fixed the interest rate at 3.64% through January 2020 (see Note 7 for further details). (4) In October 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) In October 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 Company entered into an interest rate swap on this loan which fixed the interest rate at 3.34% through November 2018 (see Note 7 for further details). The loan is interest-only for the first two years. (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 matures in 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, which fixed the interest rate at 3.26% through September 2018. In February 2016, the Company received $10.8 million of the available additional funding which bears interest at LIBOR (30 day) plus 210 basis points. Upon receiving the additional funding, the Company entered into an interest rate swap which fixed the interest rate. 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 five years. In February 2015, the loan associated with Vista Ridge Mall was transferred to special servicing. The Company has commenced discussions with the special servicer and is working vigorously with the lender to convey the property in full satisfaction of the debt. 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 March 31, 2016 , the Company has drawn $111.0 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 each of the three months ended March 31, 2016 and 2015 , the Company incurred $0.2 million of unused fees related to the 2013 Revolver. Under the 2013 Revolver, letters of credit totaling $5.4 million were outstanding as of March 31, 2016 in connection with various properties. During the three months ended March 31, 2016 and 2015 , the Company incurred $0.03 million and $0.04 million , respectively, of letters of credit fees. The 2013 Senior Facility contains representations and warranties, affirmative and negative covenants and default 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 March 31, 2016 , the Company was in compliance with all of the debt covenants related to the 2013 Senior Facility. Total Mortgage and Corporate Debt As of March 31, 2016 , $2.43 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 3.9% and 4.1% as of March 31, 2016 and December 31, 2015 , respectively. The average remaining term was 4.5 and 4.7 years as of March 31, 2016 and December 31, 2015 , respectively.

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2016
Accounts Payable and Accrued Liabilities, Current [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET	ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET The following table summarizes the significant components of accounts payable and accrued expenses, net: March 31, 2016 December 31, 2015 (In thousands) Below-market tenant leases, net (Note 2) $ 39,419 $ 42,592 Construction payable 36,582 47,572 Accounts payable and accrued expenses 9,799 8,096 Accrued payroll and employee liabilities 9,367 7,778 Accrued real estate taxes 8,463 8,773 Accrued interest 7,378 6,868 Asset retirement obligation liability 6,154 6,085 Derivative liability 4,274 677 Deferred income 3,880 5,420 Tenant and other deposits 1,659 1,706 Accrued dividend — 10,472 Other 1,017 1,249 Total accounts payable and accrued expenses, net $ 127,992 $ 147,288 The following table summarizes the significant components of accounts payable and accrued expenses, net: March 31, 2016 December 31, 2015 (In thousands) Below-market tenant leases, net (Note 2) $ 39,419 $ 42,592 Construction payable 36,582 47,572 Accounts payable and accrued expenses 9,799 8,096 Accrued payroll and employee liabilities 9,367 7,778 Accrued real estate taxes 8,463 8,773 Accrued interest 7,378 6,868 Asset retirement obligation liability 6,154 6,085 Derivative liability 4,274 677 Deferred income 3,880 5,420 Tenant and other deposits 1,659 1,706 Accrued dividend — 10,472 Other 1,017 1,249 Total accounts payable and accrued expenses, net $ 127,992 $ 147,288

DERIVATIVES DERIVATIVES

DERIVATIVES DERIVATIVES	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES Cash Flow Hedges of Interest Rate Risk The Company records its derivative instruments on its Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative, whether the derivative has been designated as a hedge and if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from the counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) ("AOCI/L") and is subsequently reclassified into earnings in the period in which the hedged forecasted transactions affect earnings. During the three months ended March 31, 2016 and 2015, such derivatives were used to hedge the variable cash flows associated with existing variable-rate borrowings. The ineffective portion of the change in fair value of the derivatives is recognized in earnings. During the three months ended March 31, 2016 , the Company recorded a loss of $0.01 million of ineffectiveness in earnings. Amounts reported in AOCI/L related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of March 31, 2016 , the Company expects that an additional $2.3 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 February 2016, the Company received an additional funding related to the NewPark Mall and entered into an interest rate swap to hedge the risk of changes in cash flows on borrowings related to the funding through September 2018. The interest related to the additional funding of this loan was computed at a variable rate of LIBOR plus 2.10% and the Company swapped this for a fixed rate of 0.71% 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 March 31, 2016 , 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 swaps 5 $369,450 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 derivatives not designated as hedges are recorded directly in earnings. For the three months ended March 31, 2015, such amounts equaled $475 . As of March 31, 2016 , the Company had the following outstanding derivative: Interest Rate Derivative Number of Instruments Notional Amount (in thousands) Interest rate cap 1 $64,221 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 March 31, 2016 and December 31, 2015 : Instrument Type Location in consolidated balance sheets Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at March 31, 2016 Fair Value at December 31, 2015 Maturity Date Derivatives not designated as hedging instruments (dollars in thousands) Interest Rate Cap Prepaid expenses and other assets, net $ 64,221 One-month LIBOR 4.50 % $ — $ — May 2016 Derivatives designated as hedging instruments Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 59,000 One-month LIBOR 1.49 % $ (1,001 ) $ (577 ) June 2018 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 114,250 One-month LIBOR 1.16 % $ (1,177 ) $ (24 ) September 2018 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 110,450 One-month LIBOR 0.99 % $ (666 ) $ 612 November 2018 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 75,000 One-month LIBOR 1.44 % $ (1,430 ) $ (75 ) January 2020 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 10,750 One-month LIBOR 0.71 % $ 5 $ — September 2018 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 three months ended March 31, 2016 and 2015: 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) Three Months Ended March 31, 2016 2015 2016 2015 2016 2105 Pay fixed / receive variable rate swaps $ (4,895 ) $ (601 ) Interest expense $ 703 $ 195 Interest expense $ (13 ) $ — 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 March 31, 2016 , the fair value of the derivative liability, which includes accrued interest but excludes any adjustment for nonperformance risk, related to this agreement was $4.6 million . If the borrower had breached this provision as of March 31, 2016 , it would have been required to settle its obligations under the agreement at its termination value of $4.6 million .

DISPOSITIONS OF REAL ESTATE ASS

DISPOSITIONS OF REAL ESTATE ASSETS	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS OF REAL ESTATE ASSETS	DISPOSITIONS OF REAL ESTATE ASSETS 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 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 $32.5 million as a result of the disposition, which is reflected in "Gain (loss) on sale of real estate assets" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2015 . During the three months ended December 31, 2015, the Company recognized an additional $2.3 million gain upon completion of the redevelopment project 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 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 three months ended March 31, 2015 . There were no material dispositions that took place during the three months ended March 31, 2016 .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , 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 each of the three months ended March 31, 2016 and 2015 , the Company incurred approximately $0.01 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	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP	NOTE 10 NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP In November 2015, the Operating Partnership issued 5,600,000 Series A Preferred Units with a liquidation preference of $25.00 per unit (the "Series A Liquidation Preference"), 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 (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 Series A Preferred Units are included within mezzanine equity and are recorded at fair value on the date of issuance and have been adjusted to the greater of their carrying amount or redemption value as of March 31, 2016 and December 31, 2015. Adjustments to increase the carrying amount to redemption value are recorded on the Consolidated Statement of Operations and Comprehensive Income (Loss) as a redemption measurement adjustment. The following table summarizes activity relating to the non-controlling interest in the Operating Partnership which is included in "Mezzanine equity" on the Company's Consolidated Balance Sheets: Non-controlling interest in Operating Partnership (In thousands) As of November 12, 2015 $ — Issuance of Series A Preferred Units 140,000 Preferred distribution accrual 953 As of December 31, 2015 $ 140,953 Payment of distribution (738 ) Preferred distribution accrual 1,750 As of March 31, 2016 $ 141,965

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
COMMON STOCK	On January 13, 2014, the Company issued 8,050,000 shares of common stock in an underwritten public offering at a public offering price of $19.50 per share. Net proceeds of the public offering were approximately $150.7 million after deducting the underwriting discount of $6.3 million , but before deducting offering expenses. Brookfield owned approximately 33.5% of the Company's common stock as of March 31, 2016 . Common Stock Dividends As described in Note 16, the merger agreement with Brookfield 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. 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. As of February 29, 2016, due to the proposed merger with Brookfield described in Note 16, the Company suspended the Dividend Reinvestment and Stock Purchase Plan. 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 March 31, 2016 , 7,382 shares have been issued under the ESPP since its commencement. As of February 29, 2016, due to the proposed merger with Brookfield described in Note 16 , employees of the Company will not be eligible to further enroll under the ESPP. 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 three months ended March 31, 2016 , the Company settled the repurchase of 105,000 shares of its outstanding stock for $1.6 million , at an average cost of $14.87 . As of March 31, 2016 , the Company repurchased a total of 343,055 shares of its outstanding common stock for approximately $5.1 million , at an average cost of $ 14.78 per share. As of March 31, 2016 , the Company had $44.9 million of remaining capacity to repurchase common stock under the stock repurchase program.

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION PLANS	NOTE 12 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"). 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. 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 three months ended March 31, 2016 and 2015 : 2016 2015 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Stock options outstanding at January 1, 3,490,421 $16.40 3,313,869 $15.89 Granted — — 857,000 17.18 Exercised (18,567 ) 16.34 (34,248 ) 15.11 Forfeited (6,180 ) 15.95 (32,209 ) 17.18 Expired — — — — Stock options outstanding at March 31, 3,465,674 $16.30 4,104,412 $16.16 Stock Options Outstanding (1) Issuance Shares Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price March 2012 1,101,160 6.00 $14.72 August 2012 36,400 6.42 13.75 October 2012 276,623 6.58 14.47 February 2013 520,360 6.92 16.48 February 2014 596,400 7.92 18.40 July 2014 25,291 8.33 17.20 February 2015 709,440 8.92 17.18 March 2015 200,000 9.08 17.98 Stock options outstanding at March 31, 2016 3,465,674 7.31 $16.30 Explanatory Note: (1) As of March 31, 2016 , 1,792,875 stock options are fully vested and are currently exercisable. As of March 31, 2016 , the intrinsic value of these options was $4.7 million , and such stock options had a weighted average exercise price of $15.74 and a weighted average remaining contractual term of 6.8 years. The Company recognized $0.5 million in compensation expense related to the stock options for each of the three months ended March 31, 2016 and 2015 , 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 three months ended March 31, 2016 and 2015 : 2016 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Non-vested restricted stock grants outstanding at January 1, 72,484 $16.97 205,731 $15.45 Granted 169,910 17.26 53,550 17.18 Forfeited — — — — Vested (37,251 ) 16.87 (113,342 ) 14.99 Non-vested restricted stock grants outstanding at March 31, 205,143 $17.23 145,939 $16.21 The weighted average remaining contractual term (in years) of granted, non-vested restricted stock awards as of March 31, 2016 was 1.8 years. The Company recognized $0.3 million and $0.4 million in compensation expense related to restricted stock for the three months ended March 31, 2016 and 2015 , respectively, which is recorded in "General and administrative" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). Other Disclosures As of March 31, 2016 , there was $8.1 million of total unrecognized compensation expense related to all nonvested options and restricted stock grants. Of this total, $2.7 million in 2016, $2.6 million in 2017, $2.0 million in 2018, $0.7 million in 2019 and $ 0.1 million in 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.

NON-CONTROLLING INTEREST

NON-CONTROLLING INTEREST	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interest	NON-CONTROLLING INTEREST The non-controlling interest on the Company's Consolidated Balance Sheets represents Series A Cumulative Non-Voting Preferred Stock ("Preferred Shares") of Rouse 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 Mall at Barnes Crossing. As a result, the joint venture is presented on the Company's Consolidated Financial Statements as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 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 March 31, 2016 , the Company held a 52.8% interest in The Mall at Barnes Crossing.

EARNINGS PER SHARE (Notes)

EARNINGS PER SHARE (Notes)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	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 (loss) income used in basic and diluted EPS calculations (dollars in thousands, except per share data): Three Months Ended March 31 2016 2015 Numerator for basic and diluted earnings per share Net (loss) income $ (9,947 ) $ 44,401 Net (income) loss attributable to non-controlling interests (135 ) 6 Preferred Distributions (1,750 ) — Net (loss) income allocable to common shareholders $ (11,832 ) $ 44,407 Earnings allocated to unvested participating security holders — — Net (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders $ (11,832 ) $ 44,407 Denominator for basic and diluted earnings per share Weighted average common shares outstanding - basic 57,643,017 57,603,340 Add: effect of assumed shares issued under treasury stock method for stock options and restricted shares — 683,916 Weighted average common shares outstanding - diluted 57,643,017 58,287,256 Basic and Diluted earnings per share Net (loss) income attributable to Rouse Properties, Inc. and allocable to common shareholders- basic $ (0.21 ) $ 0.77 Net (loss) income attributable to Rouse Properties, Inc. and allocable to common shareholders- diluted $ (0.21 ) $ 0.76

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Office Lease with Brookfield Upon its spin-off from GGP, the Company assumed a 10 -year lease agreement with Brookfield, as landlord, for office space for its corporate office in New York City. Costs associated with the office lease were $0.3 million for each of the three months ended March 31, 2016 and 2015 . There were no costs outstanding and payable to Brookfield as of March 31, 2016 . 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. As of December 31, 2014 , the Company had approximately $8.3 million of infrastructure costs which were capitalized in "Buildings and equipment" on the Company's Consolidated Balance Sheets. As of March 31, 2016 , 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 $0.01 million and $0.5 million in costs were incurred for the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , there were $0.2 million of costs outstanding and payable. Financial Service Center During 2013, the Company engaged BCO's financial service center to manage certain administrative services of Rouse, such as accounts payable and receivable, lease administration, and other similar types of services. The Company no longer engages BCO's financial service center to manage such administrative services. There were no costs incurred for the three months ended March 31, 2016 . Approximately $0.03 million in costs were incurred for the three months ended March 31, 2015 .

PROPOSED ACQUISITION OF THE COM

PROPOSED ACQUISITION OF THE COMPANY BY BROOKFIELD	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Proposed Acquisition of the Company by Brookfield	PROPOSED ACQUISITION OF THE COMPANY BY BROOKFIELD On January 16, 2016, the Company’s Board of Directors received a written, unsolicited, non-binding proposal from Brookfield Asset Management 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. 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. ("BPY") 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 by 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 BPY and its affiliates. The transaction is not subject to a financing contingency. Retention Plan In light of Brookfield’s unsolicited acquisition 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. As of March 31, 2016, $7.3 million is outstanding and payable and included in "Other" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss).	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 transactions. The Company did not acquire any properties during the three months ended March 31, 2016. The following table presents the Company's acquisitions as of December 31, 2015 : Date Acquired Property Name Location Square Footage Acquired Purchase Price 2015 Acquisitions (In thousands) 01/28/2015 Mt. Shasta Mall (1) (2) Redding, CA 521,000 $ 49,000 06/03/2015 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 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, Rouse Properties, L.P., our operating partnership (the "Operating Partnership'"), issued $140.0 million of its Series A Preferred Units of limited partnership interest (the "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 the Operating Partnership.) In December 2015, The Shoppes at Carlsbad was added to the 2013 Senior Facility (as defined below) collateral pool (see Note 5 for details on the 2013 Senior Facility. The following table presents certain additional information regarding the Company's acquisitions for the year ended December 31, 2015 : 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 The Company incurred acquisition and transaction related costs of $0.3 million and $0.4 million for the three months ended March 31, 2016 and 2015 , respectively. Acquisition and transaction related costs consist of due diligence costs such as legal fees, environmental studies and closing costs. These costs were recorded in "Other" on the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended March 31, 2015 , the Company recorded approximately $1.3 million in revenues and $0.03 million in net loss related to the acquisition of Mt. Shasta Mall. There were no acquisitions made during the three months ended March 31, 2016 . The following condensed pro forma financial information for the three months ended March 31, 2015 includes pro forma adjustments related to the acquisition of Mt. Shasta Mall which is presented assuming the acquisitions had been consummated as of January 1, 2015. 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, 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. Three months ended March 31, 2015 As Adjusted (Unaudited) (Dollars in thousands, except per share amounts) Total revenues $ 75,195 Net income $ 44,385 Net income per share - basic $ 0.77 Net income per share - diluted $ 0.76 Weighted average shares - basic 57,603,340 Weighted average shares - diluted 58,287,256

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 5, 2016, the loan for Vista Ridge Mall matured and was not repaid. On April 19, 2016, the Company was notified by the lender of the default related to the maturity. The Company is working vigorously with the lender to convey the property in full satisfaction of the debt. On April 11, 2016, certain Company stockholders filed a putative class action lawsuit in the Court of Chancery of the State of Delaware against the members of the Special Committee, Brookfield Asset Management, BPY and the Brookfield entities party to the merger agreement (Brookfield Asset Management, BPY and such other Brookfield entities being referred to as the “Brookfield Parties”), alleging that: (i) the Brookfield Parties, as purported controlling stockholders of the Company, breached their fiduciary duties to Company stockholders by causing the Company to agree to the merger transactions for inadequate consideration and pursuant to an unfair process; (ii) the Special Committee members breached their fiduciary duties to Company stockholders by agreeing to sell the Company for inadequate consideration and pursuant to an unreasonable process; and (iii) the Brookfield Parties, in the alternative, aided and abetted the Special Committee members’ alleged breaches. In particular, the plaintiffs allege, among other things, that the Brookfield Parties used their purported “control” of the Company to obtain a below-market price, that the Special Committee was “tainted by conflicts,” and that the Special Committee’s attempts to seek an alternative buyer were “perfunctory.” Among other relief, the plaintiffs are seeking injunctive relief preventing the parties from consummating the merger transactions, rescissionary damages in the event the merger transactions are consummated, and an award of attorneys’ fees and expenses. The Company believes the claims asserted in the lawsuit are without merit and the Special Committee intends to vigorously defend the lawsuit. It is possible that additional claims beyond the lawsuit described above will be brought by the current plaintiffs or by others in an effort to enjoin the proposed merger or seek monetary relief. We are not able to predict the outcome of this action, or others, nor can the Company predict the amount of time and expense that will be required to resolve the actions. An unfavorable resolution of any such litigation surrounding the proposed merger could delay or prevent the consummation of the merger. In addition, the cost to the Company of defending the actions, even if resolved favorably, could be substantial. Such actions could also divert the attention of the Company's management and resources from day-to-day operations.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
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 their cost basis less accumulated depreciation. Real estate taxes and interest costs incurred during development periods are capitalized. Capitalized interest costs are based on qualified expenditures and interest rates in place during the development period. Capitalized real estate taxes, interest and interest related costs are amortized over lives which are consistent with the developed assets. Pre-development costs, which generally include legal and professional fees and other directly-related third party costs, are capitalized as part of the property being developed. In the event a development is no longer deemed to be probable, the costs previously capitalized are expensed. Tenant improvements, either paid directly or in the form of construction allowances paid to tenants, are capitalized and depreciated over the shorter of the useful life or applicable lease term. Maintenance and repair costs are expensed when incurred. Expenditures for significant betterments and improvements are capitalized. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company determines whether the allowance represents funding for the construction of leasehold improvements and evaluates the ownership of such improvements. If the Company is considered the owner of the leasehold improvements for accounting purposes, it capitalizes the amount of the tenant allowance and depreciates it over the shorter of the useful life of the leasehold improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event that the Company is not considered the owner of the improvements for accounting purposes, the allowance is capitalized as a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Depreciation and 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
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 provision should be recorded to write down the carrying amount of such asset to its fair value. The Company reviews all real estate assets for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators are assessed separately for each property and include, but are not limited to, significant decreases in real estate property net operating income and occupancy percentages, high loan to value ratios, and carrying values in excess of the fair values. Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and developments in progress, are assessed by project and include, but are not limited to, significant changes to the Company’s plans with respect to the project, significant changes in projected completion dates, revenues or cash flows, development costs, market factors and sustainability of development projects. If an indicator of potential impairment exists, the asset is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy and capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may exceed the carrying amount, a real estate asset is only considered to be impaired when its carrying amount cannot be recovered through estimated future undiscounted cash flows. To the extent 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	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, on the Consolidated Balance Sheets and measures those instruments at fair value. The accounting for changes in fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both quantitative and qualitative methods. The Company entered into five derivative agreements that qualify as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of the cash flow hedges as of March 31, 2016 was $5,083 and $4.3 million is included in "Prepaid expenses and other assets, net" and "Accounts payable and accrued expenses, net" on 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 three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (In thousands) Straight-line rent amortization $ 811 $ (42 ) Lease termination income 154 433 Net amortization of above and below-market tenant leases (8 ) (2,459 ) Amortization of tenant inducements 4 (8 ) Percentage rent in lieu of minimum rent 2,124 1,597 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," on the Company's Consolidated Balance Sheets and are reduced for allowances for doubtful accounts: March 31, 2016 December 31, 2015 (In thousands) Straight-line rent receivables, net $ 15,668 $ 14,856 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 the 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 $3.6 million and $3.4 million as of March 31, 2016 and December 31, 2015 , respectively. 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.
Loss Per Share	er Share Basic net (loss) income per share is computed by dividing the net (loss) income allocable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share
Fair Value	Fair Value The objective of fair value is to determine the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). GAAP establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value: • Level 1 — quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; • Level 2 — observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and • Level 3 — unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as 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) March 31, 2016 Recurring basis: Assets: Interest rate cap $ 5 $ — $ 5 $ — Liabilities: Interest rate swaps $ (4,274 ) $ — $ (4,274 ) $ — December 31, 2015 Recurring basis: Assets: Interest rate cap $ 612 $ — $ 612 $ — Liabilities: Interest rate swap $ (677 ) $ — $ (677 ) $ — The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company has one interest rate cap and five interest rate swaps as of March 31, 2016 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 value 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 amounts on our Consolidated Balance Sheets except for debt. As of March 31, 2016 and December 31, 2015 , management’s estimates of fair value are presented below. The Company estimated the fair value of the debt by using a future discounted cash flow analysis based on the use and weighting of multiple market inputs including U.S. market lending data and index rates, which are provided by a third party specialist. 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.
Deferred Expenses	Deferred Expenses
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.
New Accounting Pronouncements, Policy [Policy Text Block]	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. 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 adopted ASU 2015-02 during the three months ended March 31, 2016 and it did not have a material impact on the Company's consolidated financial statements. In January 2016, the FASB issued an update to 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. In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) .” ASU 2016-02 requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet and aligns many of the underlying principles of the new lessor model with those in ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606) ”. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the requirements of ASU 2016-02 and have not yet determined its impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting .” ASU 2016-09 simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the requirements of ASU 2016-09 and have not yet determined its impact on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of estimated useful lives	Depreciation and 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) March 31, 2016 Tenant leases: In-place value $ 94,030 $ (44,858 ) $ 49,172 Above-market 96,610 (59,611 ) 36,999 Below-market (66,215 ) 26,796 (39,419 ) Ground leases: Below-market 3,682 (731 ) 2,951 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
Schedule of Finite-Lived Intangible Assets	Future amortization/accretion of these intangibles is estimated to decrease the Company's net income as follows: Year In-place lease intangibles Above/(below) market leases, net (In thousands) Remainder of 2016 $ 11,974 $ 1,704 2017 9,205 2,953 2018 6,457 658 2019 4,675 (606 ) 2020 3,681 (1,174 ) 2021 2,492 (913 )
Summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent	The following is a summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases, amortization of tenant inducements, and percentage rent in lieu of minimum rent for the three months ended March 31, 2016 and 2015 : Three Months Ended 2016 2015 (In thousands) Straight-line rent amortization $ 811 $ (42 ) Lease termination income 154 433 Net amortization of above and below-market tenant leases (8 ) (2,459 ) Amortization of tenant inducements 4 (8 ) Percentage rent in lieu of minimum rent 2,124 1,597
Schedule of straight-line rent receivables	The following is a summary of straight-line rent receivables, which are included in "Accounts receivable, net," on the Company's Consolidated Balance Sheets and are reduced for allowances for doubtful accounts: March 31, 2016 December 31, 2015 (In thousands) Straight-line rent receivables, net $ 15,668 $ 14,856
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis	The following table sets forth information regarding the Company's financial and non-financial instruments that are measured at fair value on a recurring and non-recurring basis by the above categories: Total Fair Value Measurement Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) March 31, 2016 Recurring basis: Assets: Interest rate cap $ 5 $ — $ 5 $ — Liabilities: Interest rate swaps $ (4,274 ) $ — $ (4,274 ) $ — December 31, 2015 Recurring basis: Assets: Interest rate cap $ 612 $ — $ 612 $ — Liabilities: Interest rate swap $ (677 ) $ — $ (677 ) $ —
Schedule of fair value of financial instruments	The primary sensitivity in these calculations is based on the selection of appropriate discount rates. March 31, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (In thousands) Fixed-rate debt $ 1,254,613 $ 1,290,722 $ 1,137,818 $ 1,156,729 Variable-rate debt 493,500 496,207 568,695 571,390 Total mortgages, notes and loans payable, net (1) $ 1,748,113 $ 1,786,929 $ 1,706,513 $ 1,728,119

ACQUISITIONS Acquisitions (Tabl

ACQUISITIONS Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Pro Forma Information	Three months ended March 31, 2015 As Adjusted (Unaudited) (Dollars in thousands, except per share amounts) Total revenues $ 75,195 Net income $ 44,385 Net income per share - basic $ 0.77 Net income per share - diluted $ 0.76 Weighted average shares - basic 57,603,340 Weighted average shares - diluted 58,287,256
Schedule of Acquistions	The following table presents certain additional information regarding the Company's acquisitions for the year ended December 31, 2015 : 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 The following table presents the Company's acquisitions as of December 31, 2015 : Date Acquired Property Name Location Square Footage Acquired Purchase Price 2015 Acquisitions (In thousands) 01/28/2015 Mt. Shasta Mall (1) (2) Redding, CA 521,000 $ 49,000 06/03/2015 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 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, Rouse Properties, L.P., our operating partnership (the "Operating Partnership'"), issued $140.0 million of its Series A Preferred Units of limited partnership interest (the "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 the Operating Partnership.) In December 2015, The Shoppes at Carlsbad was added to the 2013 Senior Facility (as defined below) collateral pool (see Note 5 for details on the 2013 Senior Facility.

PREPAID EXPENSES AND OTHER AS28

PREPAID EXPENSES AND OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2016
Prepaid Expense and Other Assets [Abstract]
Summary of the significant components of prepaid expenses and other assets, net	The following table summarizes the significant components of prepaid expenses and other assets, net: March 31, December 31, (In thousands) Above-market tenant leases, net (Note 2) $ 36,999 $ 40,180 Prepaid expenses 3,629 4,372 Below-market ground leases, net (Note 2) 2,951 2,990 Deposits 494 424 Other 467 1,068 Total prepaid expenses and other assets, net $ 44,540 $ 49,034

MORTGAGES, NOTES AND LOANS PA29

MORTGAGES, NOTES AND LOANS PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Mortgages, notes and loans payable	Mortgages, notes and loans payable are summarized as follows: March 31, December 31, Interest Rate at March 31, 2016 Scheduled Maturity Date Fixed-rate debt: (in thousands) The Centre at Salisbury (1) $ — $ 115,000 — % — Vista Ridge Mall 64,660 65,611 6.87 April 2016 The Mall at Turtle Creek 76,343 76,615 6.54 June 2016 NewPark Mall (1) (2) 125,000 — 3.22 September 2018 West Valley Mall (3) 59,000 59,000 3.24 September 2018 The Shoppes at Bel Air (1) (2) 110,450 — 3.34 November 2018 The Shoppes at Gateway (1) (3) 75,000 75,000 3.64 January 2020 Pierre Bossier Mall 45,672 45,875 4.94 May 2022 Pierre Bossier Anchor 3,528 3,550 4.85 May 2022 Southland Center (MI) 74,486 74,806 5.09 July 2022 Chesterfield Towne Center 105,933 106,379 4.75 October 2022 Animas Valley 48,924 49,156 4.41 November 2022 Lakeland Square 66,494 66,814 4.17 April 2023 Valley Hills Mall 65,070 65,362 4.47 July 2023 Chula Vista Center 70,000 70,000 4.18 July 2024 The Mall at Barnes Crossing 67,000 67,000 4.29 September 2024 Bayshore Mall 46,500 46,500 3.96 November 2024 Mt. Shasta Mall (1) 31,850 31,850 4.19 March 2025 Fig Garden Village (1) 74,200 74,200 4.14 June 2025 Greenville Mall (1) 45,263 45,440 4.46 November 2025 Total fixed-rate debt $ 1,255,373 $ 1,138,158 Market rate adjustments (760 ) (340 ) $ 1,254,613 $ 1,137,818 Variable-rate debt: NewPark Mall (1) (2) $ — $ 114,245 — % — The Shoppes at Bel Air (1) (2) — 110,450 — — The Centre at Salisbury (1) (4) 97,500 — 3.04 March 2019 2013 Term Loan (5) (6) 285,000 285,000 2.79 November 2018 2013 Revolver (5) (6) 111,000 59,000 2.79 November 2017 Total variable-rate debt $ 493,500 $ 568,695 Unamortized deferred financing costs (7) (12,187 ) (11,672 ) Total mortgages, notes and loans payable, net $ 1,735,926 $ 1,694,841 Explanatory Notes: (1) See the significant property loan refinancings and acquisitions table below, under "—Property-Level Debt" in this Note 5 for additional information regarding the debt related to each property. (2) The Company entered into a forward interest rate swap transaction which fixed the interest rate on the loan, which is variable, for this property beginning January 2016. Therefore, the amounts are reflected in fixed-rate debt as of March 31, 2016 and variable-rate debt as of December 31 2015. (3) The Company entered into an interest swap transaction which fixed the interest rate on the loan, which is variable, for this property. Therefore, the amounts are reflected in fixed-rate debt as of March 31, 2016 and December 31, 2015. (4) LIBOR (30 day) plus 260 basis points. (5) LIBOR (30 day) plus 235 basis points. The following is a summary of significant property loan refinancings and acquisitions that have occurred during the three months ended March 31, 2016 and the year ended December 31, 2015 (dollars in thousands): Property Refinancing Date Balance at Date of Refinancing Prior Interest Rate Balance of New Loan New Interest Rate Initial Maturity March 31, 2016: The Centre at Salisbury (1) (2) March 2016 $ 115,574 5.79 % $ 97,500 3.04 % March 2019 December 31, 2015: The Shoppes at Gateway (3) December 2015 $ — — % $ 75,000 3.64 % January 2020 Greenville Mall (4) October 2015 40,171 5.29 % 45,500 4.46 % November 2025 The Shoppes at Bel Air (5) October 2015 109,467 5.30 % 110,450 2.78 % November 2018 NewPark Mall (2) (6) September 2015 64,655 3.44 % 114,245 2.53 % September 2018 Fig Garden Village (7) June 2015 — — % 74,200 4.14 % June 2025 Mt. Shasta Mall (2) February 2015 — — % 31,850 4.19 % March 2025 Explanatory Notes: (1) In March 2016, the loan associated with The Centre at Salisbury was refinanced with a partial non-recourse mortgage loan for $105.0 million . The initial funding of $97.5 million was used to retire the outstanding mortgage loan. The loan bears interest at floating rate of LIBOR (30 day) plus 260 basis points, matures in March 2019 and has a one year extension option. (2) The loan is interest-only for the first three years. (3) During 2015, the Company removed the Shoppes at Gateway from the 2013 Senior Facility collateral pool and placed a new $75.0 million non-recourse mortgage loan on the property which has an initial maturity date of January 2020 with a one year extension option and is interest-only for the first four years. In connection with the removal of The Shoppes at Gateway Mall 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. In December 2015, the Company entered into an interest rate swap on the loan which fixed the interest rate at 3.64% through January 2020 (see Note 7 for further details). (4) In October 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) In October 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 Company entered into an interest rate swap on this loan which fixed the interest rate at 3.34% through November 2018 (see Note 7 for further details). The loan is interest-only for the first two years. (6)

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Payable and Accrued Liabilities, Current [Abstract]
Summary of the significant components of accounts payable and accrued expenses, net	ACCOUNTS PAYABLE AND ACCRUED EXPENSES, NET The following table summarizes the significant components of accounts payable and accrued expenses, net: March 31, 2016 December 31, 2015 (In thousands) Below-market tenant leases, net (Note 2) $ 39,419 $ 42,592 Construction payable 36,582 47,572 Accounts payable and accrued expenses 9,799 8,096 Accrued payroll and employee liabilities 9,367 7,778 Accrued real estate taxes 8,463 8,773 Accrued interest 7,378 6,868 Asset retirement obligation liability 6,154 6,085 Derivative liability 4,274 677 Deferred income 3,880 5,420 Tenant and other deposits 1,659 1,706 Accrued dividend — 10,472 Other 1,017 1,249 Total accounts payable and accrued expenses, net $ 127,992 $ 147,288 The following table summarizes the significant components of accounts payable and accrued expenses, net: March 31, 2016 December 31, 2015 (In thousands) Below-market tenant leases, net (Note 2) $ 39,419 $ 42,592 Construction payable 36,582 47,572 Accounts payable and accrued expenses 9,799 8,096 Accrued payroll and employee liabilities 9,367 7,778 Accrued real estate taxes 8,463 8,773 Accrued interest 7,378 6,868 Asset retirement obligation liability 6,154 6,085 Derivative liability 4,274 677 Deferred income 3,880 5,420 Tenant and other deposits 1,659 1,706 Accrued dividend — 10,472 Other 1,017 1,249 Total accounts payable and accrued expenses, net $ 127,992 $ 147,288

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative [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 March 31, 2016 and December 31, 2015 : Instrument Type Location in consolidated balance sheets Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at March 31, 2016 Fair Value at December 31, 2015 Maturity Date Derivatives not designated as hedging instruments (dollars in thousands) Interest Rate Cap Prepaid expenses and other assets, net $ 64,221 One-month LIBOR 4.50 % $ — $ — May 2016 Derivatives designated as hedging instruments Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 59,000 One-month LIBOR 1.49 % $ (1,001 ) $ (577 ) June 2018 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 114,250 One-month LIBOR 1.16 % $ (1,177 ) $ (24 ) September 2018 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 110,450 One-month LIBOR 0.99 % $ (666 ) $ 612 November 2018 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 75,000 One-month LIBOR 1.44 % $ (1,430 ) $ (75 ) January 2020 Pay fixed / receive variable rate swaps Accounts payable and accrued expenses, net $ 10,750 One-month LIBOR 0.71 % $ 5 $ — September 2018
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 three months ended March 31, 2016 and 2015: 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) Three Months Ended March 31, 2016 2015 2016 2015 2016 2105 Pay fixed / receive variable rate swaps $ (4,895 ) $ (601 ) Interest expense $ 703 $ 195 Interest expense $ (13 ) $ —
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	As of March 31, 2016 , 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 swaps 5 $369,450
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	As of March 31, 2016 , the Company had the following outstanding derivative: Interest Rate Derivative Number of Instruments Notional Amount (in thousands) Interest rate cap 1 $64,221

NON-CONTROLLING INTEREST IN O32

NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Schedule of Non-controlling Interest Activity	The following table summarizes activity relating to the non-controlling interest in the Operating Partnership which is included in "Mezzanine equity" on the Company's Consolidated Balance Sheets: Non-controlling interest in Operating Partnership (In thousands) As of November 12, 2015 $ — Issuance of Series A Preferred Units 140,000 Preferred distribution accrual 953 As of December 31, 2015 $ 140,953 Payment of distribution (738 ) Preferred distribution accrual 1,750 As of March 31, 2016 $ 141,965

STOCK BASED COMPENSATION PLANS

STOCK BASED COMPENSATION PLANS (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock options activity for the equity plan	The following tables summarize stock option activity for the Equity Plan for the three months ended March 31, 2016 and 2015 : 2016 2015 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Stock options outstanding at January 1, 3,490,421 $16.40 3,313,869 $15.89 Granted — — 857,000 17.18 Exercised (18,567 ) 16.34 (34,248 ) 15.11 Forfeited (6,180 ) 15.95 (32,209 ) 17.18 Expired — — — — Stock options outstanding at March 31, 3,465,674 $16.30 4,104,412 $16.16
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 1,101,160 6.00 $14.72 August 2012 36,400 6.42 13.75 October 2012 276,623 6.58 14.47 February 2013 520,360 6.92 16.48 February 2014 596,400 7.92 18.40 July 2014 25,291 8.33 17.20 February 2015 709,440 8.92 17.18 March 2015 200,000 9.08 17.98 Stock options outstanding at March 31, 2016 3,465,674 7.31 $16.30 Explanatory Note: (1) As of March 31, 2016 , 1,792,875 stock options are fully vested and are currently exercisable. As of March 31, 2016 , the intrinsic value of these options was $4.7 million , and such stock options had a weighted average exercise price of $15.74 and a weighted average remaining contractual term of 6.8 years.
Summary of restricted stock activity	The following table summarizes restricted stock activity for the three months ended March 31, 2016 and 2015 : 2016 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Non-vested restricted stock grants outstanding at January 1, 72,484 $16.97 205,731 $15.45 Granted 169,910 17.26 53,550 17.18 Forfeited — — — — Vested (37,251 ) 16.87 (113,342 ) 14.99 Non-vested restricted stock grants outstanding at March 31, 205,143 $17.23 145,939 $16.21

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Net Income (Loss)	The following table presents a reconciliation of net (loss) income used in basic and diluted EPS calculations (dollars in thousands, except per share data): Three Months Ended March 31 2016 2015 Numerator for basic and diluted earnings per share Net (loss) income $ (9,947 ) $ 44,401 Net (income) loss attributable to non-controlling interests (135 ) 6 Preferred Distributions (1,750 ) — Net (loss) income allocable to common shareholders $ (11,832 ) $ 44,407 Earnings allocated to unvested participating security holders — — Net (loss) attributable to Rouse Properties, Inc. and allocable to common shareholders $ (11,832 ) $ 44,407 Denominator for basic and diluted earnings per share Weighted average common shares outstanding - basic 57,643,017 57,603,340 Add: effect of assumed shares issued under treasury stock method for stock options and restricted shares — 683,916 Weighted average common shares outstanding - diluted 57,643,017 58,287,256 Basic and Diluted earnings per share Net (loss) income attributable to Rouse Properties, Inc. and allocable to common shareholders- basic $ (0.21 ) $ 0.77 Net (loss) income attributable to Rouse Properties, Inc. and allocable to common shareholders- diluted $ (0.21 ) $ 0.76

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2016segment	Feb. 25, 2016$ / shares	Jan. 12, 2012property
GGP [Member]
Organization [Line Items]
Number of properties assets and liabilities are split over | property			30
Brookfield Asset Management | Rouse Properties Inc
Organization [Line Items]
Merger agreement, share price (in dollars per share) | $ / shares		$ 18.25
Retail Site [Member]
Organization [Line Items]
Reportable Segment | segment	1

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment)(Details)	3 Months Ended
	Mar. 31, 2016
Building and improvements
Properties
Estimated useful lives	40 years
Equipment and fixtures | Maximum [Member]
Properties
Estimated useful lives	10 years
Equipment and fixtures | Minimum [Member]
Properties
Estimated useful lives	5 years

SUMMARY OF SIGNIGANT ACCOUNTING

SUMMARY OF SIGNIGANT ACCOUNTING POLICIES (Impairment)(Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Provision for impairment	$ 0	$ 2,900
Collin Creek Mall [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Provision for impairment	$ 0	$ 2,900

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets and Liabilities)(Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Intangible assets and liabilities
Net Carrying Amount	$ (39,419)		$ (42,592)
Amortization of Intangible Assets	4,700	$ 6,000
Amortization of intangible assets and liabilities	0	$ 2,500
Estimated decrease to income due to future amortization
Remainder of 2016	11,974
2,017	9,205
2,018	6,457
2,019	4,675
2,020	3,681
2,021	2,492
Future Amortization and Accretion Expense Future Amortization [Abstract]
Remainder of 2016	1,704
2,017	2,953
2,018	658
2,019	(606)
2,020	(1,174)
2,021	(913)
Tenant leases | Leases, Acquired-in-Place
Intangible assets and liabilities
Gross Assets	94,030		96,301
Accumulated Amortization	(44,858)		(42,446)
Net Carrying Amount	49,172		53,855
Tenant leases | Above-market tenant leases, net
Intangible assets and liabilities
Gross Assets	96,610		97,421
Accumulated Amortization	(59,611)		(57,241)
Net Carrying Amount	36,999		40,180
Ground leases
Intangible assets and liabilities
Gross Assets	3,682		3,682
Accumulated Amortization	(731)		(692)
Net Carrying Amount	2,951		2,990
Below Market Leases [Domain] | Tenant leases
Intangible assets and liabilities
Gross Liability	(66,215)		(67,081)
Accumulated Accretion	26,796		24,489
Net Carrying Amount	$ (39,419)		$ (42,592)

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Rate Hedging Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative Liability	$ 4,274	$ 677
Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Asset		612
Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Liability	4,300
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative Asset	5
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	$ 4,274	$ 677

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition and Related Matters)(Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accounting Policies [Abstract]
Straight-line rent amortization	$ 811	$ (42)
Lease termination income	154	433
Net amortization of above and below-market tenant leases	(8)	(2,459)
Amortization of lease inducement	4	(8)
Percentage rents in lieu of minimum rent	2,124	$ 1,597
Straight-line rent receivables, net	15,668		$ 14,856
Allowance for doubtful accounts	$ 3,600		$ 3,400

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ((Loss) Income Per Share)(Details) - shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Employee Stock Option [Member]
Income (Loss) per share
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,465,674	3,490,421	4,104,412	3,313,869
Restricted Stock [Member]
Income (Loss) per share
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	205,143	72,484	145,939	205,731
Restricted Stock [Member]
Income (Loss) per share
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			145,939
Employee Stock Option [Member]
Income (Loss) per share
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	3,465,674		4,104,412

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value Measurements)(Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value		$ 1,137,818
Derivative Liability	$ (4,274)	(677)
Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	5	612
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(4,274)	(677)
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(4,274)	(677)
Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 5
Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset		$ 612

SUMMARY OF SIGNIFICIANT ACCOUNT

SUMMARY OF SIGNIFICIANT ACCOUNTING POLICIES (Schedule of Reconciliation of Carrying Value of Properties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Real Estate Properties [Line Items]
Depreciation and amortization expense	$ 257,953		$ 239,091
Provision for impairment	$ 0	$ 2,900

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Fair Value)(Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Fixed-rate debt	$ 1,255,373	$ 1,138,158
Variable-rate debt		568,695
Total Mortgages, notes and loans payable	1,735,926	1,694,841
Estimated Fair Value
Fair Value of Financial Instruments
Fixed-rate debt	1,290,722	1,156,729
Variable-rate debt	496,207	571,390
Total Mortgages, notes and loans payable	1,786,929	1,728,119
Carrying Amount
Fair Value of Financial Instruments
Fixed-rate debt	1,254,613	1,137,818
Variable-rate debt	493,500	568,695
Total Mortgages, notes and loans payable	$ 1,748,113	$ 1,706,513

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Expenses)(Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Deferred Costs, Leasing, Net	$ 45,700	$ 44,600

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Asset Retirement Obligations)(Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Asset Retirement Obligations
Preliminary estimate of the cost of the environmental remediation liability	$ 6,154	$ 6,085

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassifications) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Unamortized debt issuance costs	$ 12,187	$ 11,672

ACQUISITIONS (Schedule of Acqui

ACQUISITIONS (Schedule of Acquistions) (Details)	1 Months Ended			3 Months Ended				12 Months Ended
	Nov. 30, 2015	Jun. 30, 2015	Jan. 31, 2015	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)ft²	Sep. 30, 2015USD ($)ft²	Mar. 31, 2015USD ($)ft²	Dec. 31, 2015USD ($)ft²	Nov. 04, 2015	Aug. 29, 2014
Business Acquisition [Line Items]
Long-term Debt				$ 1,735,926,000	$ 1,694,841,000			$ 1,694,841,000
Controlling interest percentage				52.80%					1.80%	51.00%
Retail Site [Member]
Business Acquisition [Line Items]
Square Footage Acquired | ft²								1,939,499
Purchase Price								$ 325,100,000
Acquired interest				100.00%
Fig Garden Village [Member] | Retail Site [Member]
Business Acquisition [Line Items]
Date Acquired		Jun. 3, 2015
Square Footage Acquired | ft²						301,459
Purchase Price						$ 106,100,000
Long-term Debt				$ 74,200,000
Interest rate				4.14%
Debt Instrument, Interest Rate Terms				P5Y
Amortization term				30 years
The Shoppes at Carlsbad [Member] | Retail Site [Member]
Business Acquisition [Line Items]
Date Acquired	Nov. 12, 2015
Square Footage Acquired | ft²					1,117,040
Purchase Price					$ 170,000,000
Issuance of Series A Preferred Units				$ 140,000,000
Mt. Shasta Mall [Member] | Retail Site [Member]
Business Acquisition [Line Items]
Date Acquired			Jan. 28, 2015
Square Footage Acquired | ft²							521,000
Purchase Price							$ 49,000,000
Long-term Debt				$ 31,900,000
Interest rate				4.19%
Non Recourse Mortgage Loan [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Amortization term				30 years

ACQUISITIONS (Additional Inform

ACQUISITIONS (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Nov. 30, 2015	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Dividend rate	5.00%
Acquired Below Market Lease Intangibles					$ (13,115)
Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Acquired Below Market Lease Intangibles					(1,813)
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)
Land
Business Acquisition [Line Items]
Purchase Price					76,035
Land | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price					7,809
Land | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price					18,774
Land | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price					49,452
Building and improvements
Business Acquisition [Line Items]
Purchase Price					229,207
Building and improvements | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price					38,008
Building and improvements | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price					79,528
Building and improvements | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price					111,671
Other
Business Acquisition [Line Items]
Purchase Price					988
Other | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price					302
Other | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price					(636)
Other | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price					1,322
Leases, Acquired-in-Place
Business Acquisition [Line Items]
Purchase Price					22,986
Leases, Acquired-in-Place | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price					3,779
Leases, Acquired-in-Place | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price					7,366
Leases, Acquired-in-Place | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price					11,841
Above-market tenant leases, net
Business Acquisition [Line Items]
Purchase Price					8,999
Above-market tenant leases, net | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price					915
Above-market tenant leases, net | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price					3,975
Above-market tenant leases, net | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Purchase Price					4,109
Retail Site [Member]
Business Acquisition [Line Items]
Purchase Price					$ 325,100
Retail Site [Member] | Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Purchase Price				$ 49,000
Retail Site [Member] | Fig Garden Village [Member]
Business Acquisition [Line Items]
Purchase Price			$ 106,100
Retail Site [Member] | The Shoppes at Carlsbad [Member]
Business Acquisition [Line Items]
Dividend rate	5.00%
Purchase Price		$ 170,000

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Acquisition and transaction related costs	$ 300	$ 400
Revenues	80,632	74,561
Net loss	$ 10,082	(44,407)
Mt. Shasta Mall [Member]
Business Acquisition [Line Items]
Revenues		1,300
Net loss		$ 32

ACQUISITIONS (Pro Forma) (Detai

ACQUISITIONS (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Combinations [Abstract]
Total revenues		$ 75,195
Net income		$ 44,385
Net income per share - basic		$ 0.77
Net income per share - diluted		$ 0.76
Weighted average shares - basic	57,643,017	57,603,340
Weighted average shares - diluted	57,643,017	58,287,256

PREPAID EXPENSES AND OTHER AS52

PREPAID EXPENSES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prepaid expenses and other assets
Prepaid expenses	$ 3,629	$ 4,372
Deposits	494	424
Other	467	1,068
Prepaid expenses and other assets, net	44,540	49,034
Above-market tenant leases, net | Tenant leases
Prepaid expenses and other assets
Finite-lived intangible assets, net	$ 36,999	$ 40,180

(Mortgages, Notes and Loans Pay

(Mortgages, Notes and Loans Payable Schedule) (Details) - USD ($)

Mar. 31, 2016

Mar. 30, 2016

Dec. 31, 2015

Dec. 01, 2015

Oct. 31, 2015

Oct. 08, 2015

Sep. 30, 2015

Sep. 11, 2015

Jun. 03, 2015

Feb. 28, 2015

Dec. 31, 2014

Nov. 22, 2013

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 1,255,373,000

$ 1,138,158,000

Market rate adjustments

(760,000)

(340,000)

Fixed-rate debt at fair value

1,137,818,000

Variable-rate debt

568,695,000

Deferred Finance Costs, Current, Net

12,187,000

11,672,000

Total Mortgages, notes and loans payable

1,735,926,000

1,694,841,000

Current borrowing capacity

$ 510,000,000

Vista Ridge Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 64,660,000

[1]

65,611,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

6.87%

The Centre at Salisbury [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

[1]

$ 0

115,000,000

Variable-rate debt

[2]

97,500,000

0

Total Mortgages, notes and loans payable

$ 97,500,000

[3]

$ 115,574,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

0.00%

Variable-rate debt, interest rate

[2]

3.04%

Gateway Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 75,000,000

[4]

75,000,000

Total Mortgages, notes and loans payable

[5]

75,000,000

$ 0

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[4]

3.64%

The Mall at Turtle Creek [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 76,343,000

76,615,000

[1]

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

6.54%

West Valley Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 59,000,000

59,000,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.24%

Bel Air Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 110,450,000

0

Variable-rate debt

[2]

$ 0

110,450,000

Total Mortgages, notes and loans payable

110,450,000

$ 109,467,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.34%

Variable-rate debt, interest rate

[2]

0.00%

Pierre Bossier Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 45,672,000

45,875,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.94%

Pierre Bossier Anchor [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 3,528,000

3,550,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.85%

Southland Center [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 74,486,000

74,806,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

5.09%

ChesterfieldTowneCenter [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 105,933,000

106,379,000

[4]

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.75%

Animas Valley Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 48,924,000

49,156,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.41%

LakelandMall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 66,494,000

66,814,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.17%

Valley Hills [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 65,070,000

65,362,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.47%

Chula Vista Center [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 70,000,000

70,000,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.18%

The Mall at Barnes Crossing [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 67,000,000

[1]

67,000,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

4.29%

Bay Shore Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 46,500,000

[1]

46,500,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

3.96%

Mt. Shasta Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 31,850,000

[1]

31,850,000

Total Mortgages, notes and loans payable

31,850,000

$ 0

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

4.19%

Fig Garden Village [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 74,200,000

74,200,000

[1],[6]

Total Mortgages, notes and loans payable

74,200,000

$ 0

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

4.14%

GreenvilleMall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 45,263,000

45,440,000

[1],[6]

Total Mortgages, notes and loans payable

[5]

45,500,000

40,171,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[1]

4.46%

NewPark Mall [Member]

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 125,000,000

0

Variable-rate debt

[2]

$ 0

114,245,000

Total Mortgages, notes and loans payable

114,245,000

$ 64,655,000

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.22%

Variable-rate debt, interest rate

[2]

0.00%

2013 Term Loan [Member]

Mortgages, notes and loans payable [Line Item]

Variable-rate debt

[7],[8]

$ 285,000,000

285,000,000

Variable-rate debt, interest rate

[7],[8]

2.79%

2013 Revolver [Member]

Mortgages, notes and loans payable [Line Item]

Variable-rate debt

[7],[8]

$ 111,000,000

$ 59,000,000

Variable-rate debt, interest rate

[7],[8]

2.79%

London Interbank Offered Rate (LIBOR) [Member]

Mortgages, notes and loans payable [Line Item]

Derivative, basis spread on variable rate

2.10%

2.33%

2.35%

2.10%

1.75%

London Interbank Offered Rate (LIBOR) [Member] | The Centre at Salisbury [Member]

Mortgages, notes and loans payable [Line Item]

Derivative, basis spread on variable rate

0.00%

Secured Debt [Member]

Mortgages, notes and loans payable [Line Item]

Current borrowing capacity

$ 595,000,000

$ 545,000,000

Secured Debt [Member] | 2013 Term Loan [Member]

Mortgages, notes and loans payable [Line Item]

Current borrowing capacity

285,000,000

260,000,000

260,000,000

Revolving Credit Facility [Member] | 2013 Term Loan [Member]

Mortgages, notes and loans payable [Line Item]

Current borrowing capacity

285,000,000

260,000,000

Revolving Credit Facility [Member] | 2013 Revolver [Member]

Mortgages, notes and loans payable [Line Item]

Current borrowing capacity

310,000,000

$ 285,000,000

$ 250,000,000

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

Mortgages, notes and loans payable [Line Item]

Total Mortgages, notes and loans payable

$ 75,000,000

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

Mortgages, notes and loans payable [Line Item]

Total Mortgages, notes and loans payable

$ 45,500,000

Carrying Amount

Mortgages, notes and loans payable [Line Item]

Fixed-rate debt

$ 1,254,613,000

1,137,818,000

Variable-rate debt

493,500,000

568,695,000

Total Mortgages, notes and loans payable

$ 1,748,113,000

$ 1,706,513,000

[1]

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

[2]

LIBOR (30 day) plus 235 basis points.

[3]

In October 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 Company entered into an interest rate swap on this loan which fixed the interest rate at 3.34% through November 2018 (see Note 7 for further details). The loan is interest-only for the first two years.

[4]

{F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjYxMDM4OWJjMjRlZTRiMmI5NWJjMDFjNTUwYTAxNjk3fFRleHRTZWxlY3Rpb246NjFBQTAzQzc3MjNGNTQwMEEzNDk3Q0M0NTc3QkVENzMM}

[5]

In March 2016, the loan associated with The Centre at Salisbury was refinanced with a partial non-recourse mortgage loan for $105.0 million. The initial funding of $97.5 million was used to retire the outstanding mortgage loan. The loan bears interest at floating rate of LIBOR (30 day) plus 260 basis points, matures in March 2019 and has a one year extension option.

[6]

LIBOR (30 day) plus 260 basis points.

[7]

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 from $285.0 million to $310.0 million.

[8]

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 from $285.0 million to $310.0 million.(7) See Note 2 for information related to the adoption of a new accounting pronouncement during the three months ended March 31, 2016 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from "Deferred expenses, net" to "Mortgages, notes and loan payable, net."

MORTGAGES, NOTES AND LOANS PA54

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

Oct. 08, 2015

Mar. 30, 2016

Sep. 30, 2015

Jan. 31, 2015

Mar. 31, 2016

Mar. 31, 2015

Sep. 30, 2014

Feb. 09, 2016

Jan. 01, 2016

Dec. 31, 2015

Dec. 01, 2015

Oct. 31, 2015

Sep. 11, 2015

Jun. 03, 2015

Feb. 28, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Long-term Debt

$ 1,735,926

$ 1,694,841

Proceeds from Issuance of Long-term Debt

108,250

$ 31,850

Principal payments on mortgages, notes and loans payable

$ (118,230)

$ (50,487)

The Centre at Salisbury [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Only Term

3 years

Long-term Debt

$ 115,574

$ 97,500

[1]

Debt Instrument, Interest Rate, Effective Percentage

[1]

6.00%

3.04%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[2]

0.00%

Gateway Mall [Member]

Debt Instrument [Line Items]

Long-term Debt

[3]

$ 75,000

$ 0

Debt Instrument, Interest Rate, Effective Percentage

[3]

3.64%

0.00%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[4]

3.64%

GreenvilleMall [Member]

Debt Instrument [Line Items]

Long-term Debt

[3]

$ 40,171

$ 45,500

Debt Instrument, Interest Rate, Effective Percentage

[3]

4.46%

5.00%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[2]

4.46%

Fig Garden Village [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 74,200

$ 0

Debt Instrument, Interest Rate, Effective Percentage

4.14%

0.00%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[2]

4.14%

Mt. Shasta Mall [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 31,850

$ 0

Debt Instrument, Interest Rate, Effective Percentage

4.19%

0.00%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[2]

4.19%

Bay Shore Mall [Member]

Debt Instrument [Line Items]

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[2]

3.96%

The Mall at Barnes Crossing [Member]

Debt Instrument [Line Items]

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

[2]

4.29%

Bel Air Mall [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 109,467

$ 110,450

Debt Instrument, Interest Rate, Effective Percentage

2.78%

5.30%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.34%

NewPark Mall [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 114,245

$ 64,655

Debt Instrument, Interest Rate, Effective Percentage

2.53%

3.44%

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

3.22%

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

Debt Instrument [Line Items]

Long Term Debt, Length of Extension

1 year

Debt Instrument, Interest Only Term

4 years

Long-term Debt

$ 75,000

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

Debt Instrument [Line Items]

Interest rate

4.46%

5.29%

Long-term Debt

$ 45,500

Amortization term

30 years

Repayments of Debt

$ 40,200

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

Debt Instrument [Line Items]

Long Term Debt, Length of Extension

1 year

Long Term Debt, Initial Funding Amount

$ 97,500

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

Debt Instrument [Line Items]

Interest rate

3.34%

Retail Site [Member] | NewPark Mall [Member]

Debt Instrument [Line Items]

Long Term Debt, Length of Extension

1 year

Interest rate

3.26%

Debt Instrument, Subsequent Funding

$ 10,800

$ 20,800

Long-term Debt

135,000

Long Term Debt, Initial Funding Amount

$ 114,300

Repayments of Debt

$ 64,700

Retail Site [Member] | Non Recourse Mortgage Loan [Member] | The Centre at Salisbury [Member]

Debt Instrument [Line Items]

Long-term Debt

$ 105,000

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

Debt Instrument [Line Items]

Interest rate

3.64%

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

Debt Instrument [Line Items]

Interest rate

5.30%

Debt Instrument, Subsequent Funding

$ 9,500

Debt Instrument, Interest Only Term

2 years

Long-term Debt

$ 120,000

Long Term Debt, Initial Funding Amount

110,500

Repayments of Debt

$ 109,500

London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Derivative, basis spread on variable rate

2.10%

2.10%

2.33%

2.35%

1.75%

London Interbank Offered Rate (LIBOR) [Member] | The Centre at Salisbury [Member]

Debt Instrument [Line Items]

Derivative, basis spread on variable rate

0.00%

[1]

In October 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 Company entered into an interest rate swap on this loan which fixed the interest rate at 3.34% through November 2018 (see Note 7 for further details). The loan is interest-only for the first two years.

[2]

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.

[3]

In March 2016, the loan associated with The Centre at Salisbury was refinanced with a partial non-recourse mortgage loan for $105.0 million. The initial funding of $97.5 million was used to retire the outstanding mortgage loan. The loan bears interest at floating rate of LIBOR (30 day) plus 260 basis points, matures in March 2019 and has a one year extension option.

[4]

{F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjYxMDM4OWJjMjRlZTRiMmI5NWJjMDFjNTUwYTAxNjk3fFRleHRTZWxlY3Rpb246NjFBQTAzQzc3MjNGNTQwMEEzNDk3Q0M0NTc3QkVENzMM}

MORTGAGES, NOTES AND LOANS PA55

MORTGAGES, NOTES AND LOANS PAYABLE (Property Level Debt Narrative) (Details) $ in Thousands		1 Months Ended	3 Months Ended
		Jan. 31, 2015	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)property	Dec. 01, 2015USD ($)	Oct. 08, 2015USD ($)	Sep. 30, 2015	Sep. 11, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 22, 2013USD ($)
Debt Instrument [Line Items]
Current borrowing capacity											$ 510,000
Number of real estate properties | property			36		36
Long-term Debt			$ 1,735,926		$ 1,694,841
Principal payments on mortgages, notes and loans payable			(118,230)	$ (50,487)
Liabilities Subject to Compromise, Environmental Contingencies			$ 5,400
Gateway Mall [Member]
Debt Instrument [Line Items]
Long-term Debt	[1]				$ 75,000	$ 0
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	[2]		3.64%
Property Level Debt [Member]
Debt Instrument [Line Items]
Number of real estate properties | property			19		19
Long-term Debt			$ 1,350,000		$ 1,360,000
Market rate adjustments			$ 800		$ 300
Weighted average interest rate			4.30%		4.40%
NewPark Mall [Member]
Debt Instrument [Line Items]
Long-term Debt					$ 114,245				$ 64,655
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.22%
GreenvilleMall [Member]
Debt Instrument [Line Items]
Long-term Debt	[1]				45,500		$ 40,171
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	[3]		4.46%
Non Recourse Mortgage Loan [Member] | Gateway Mall [Member]
Debt Instrument [Line Items]
Long Term Debt, Length of Extension		1 year
Debt Instrument, Interest Only Term		4 years
Long-term Debt						$ 75,000
Non Recourse Mortgage Loan [Member] | GreenvilleMall [Member]
Debt Instrument [Line Items]
Long-term Debt							$ 45,500
Interest rate							4.46%	5.29%
Weighted Average [Member] | Property Level Debt [Member]
Debt Instrument [Line Items]
Term			5 years 2 months
Secured Debt [Member]
Debt Instrument [Line Items]
Current borrowing capacity					$ 595,000					$ 545,000
[1]	In March 2016, the loan associated with The Centre at Salisbury was refinanced with a partial non-recourse mortgage loan for $105.0 million. The initial funding of $97.5 million was used to retire the outstanding mortgage loan. The loan bears interest at floating rate of LIBOR (30 day) plus 260 basis points, matures in March 2019 and has a one year extension option.
[2]	{F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjYxMDM4OWJjMjRlZTRiMmI5NWJjMDFjNTUwYTAxNjk3fFRleHRTZWxlY3Rpb246NjFBQTAzQzc3MjNGNTQwMEEzNDk3Q0M0NTc3QkVENzMM}
[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.

MORTGAGES, NOTES AND LOANS PA56

MORTGAGES, NOTES AND LOANS PAYABLE (Corporate Facility, 2013 Senior Facility Narrative) (Details) - USD ($)	Nov. 22, 2013	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Current borrowing capacity	$ 510,000,000
Maximum increase in borrowing capacity	250,000,000
Line of credit, maximum credit	760,000,000
Liabilities Subject to Compromise, Environmental Contingencies		$ 5,400,000
Fees, Letter of Credit		30,000	$ 40,000
Secured Debt [Member]
Debt Instrument [Line Items]
Pledged assets		$ 2,430,000,000
Weighted average interest rate		3.90%		4.10%
Revolving Credit Facility [Member] | 2013 Revolver [Member]
Debt Instrument [Line Items]
Current borrowing capacity	250,000,000			$ 310,000,000	$ 285,000,000
Term					4 years
Long-term Line of Credit		$ 111,000,000
Extension option					1 year
Line of Credit Facility Unused Capacity Commitment Fee Percentage for Unused Credit Facility Greater than or Equal to Fifty Percent		0.20%
Commitment Fee Percentage, If Less Than 50 Percent		0.30%
Line of Credit Facility, Commitment Fee Amount		$ 200,000
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			$ 285,000,000	$ 260,000,000
Term					5 years
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Default Interest Rate	3.00%
Weighted Average [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Term		4 years 6 months		4 years 8 months

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Accounts Payable and Accrued Liabilities, Current [Abstract]
Below-market tenant leases, net (Note 2)	$ 39,419	$ 42,592
Construction payable	36,582	47,572
Accounts payable and accrued expenses	9,799	8,096
Accrued payroll and other employee liabilities	9,367	7,778
Accrued real estate taxes	8,463	8,773
Accrued interest	7,378	6,868
Asset retirement obligation liability	6,154	6,085
Derivative Liability	4,274	677
Deferred income	3,880	5,420
Tenant and other deposits	1,659	1,706
Dividends Payable	0	10,472	$ 10,478
Other	1,017	1,249
Total accounts payable and accrued expenses, net	$ 127,992	$ 147,288

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Oct. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Additional reclassification	$ 2,300
Derivative, fixed interest rate	0.71%		1.44%	0.99%	1.16%	1.49%
Assets needed for immediate settlement, aggregate fair value	$ 4,600
London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	2.10%		2.33%	2.35%	2.10%	1.75%
Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
Gain Recognized in Earnings (Ineffective Portion)	$ (13)	$ 0

DERIVATIVES (Interest Rate Deri

DERIVATIVES (Interest Rate Derivative Designated as Cash Flow Hedge) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Oct. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative, fixed interest rate	0.71%	1.44%	0.99%	1.16%	1.49%
Designated as Hedging Instrument [Member] | Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Number of Instruments	5
Notional Amount	$ 369,450
London Interbank Offered Rate (LIBOR) [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	2.10%	2.33%	2.35%	2.10%	1.75%

DERIVATIVES (Interest Rate De60

DERIVATIVES (Interest Rate Derivative Not Designated as Cash Flow Hedge) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain	$ 475
Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Number of Instruments	5
Notional Amount	$ 369,450,000
Accounts Payable and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Number of Instruments	1
Notional Amount	$ 64,221,000

DERIVATIVES (Fair Value Derivat

DERIVATIVES (Fair Value Derivative FInancial Instruments Balance Sheet Classification) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative Liability	$ (4,274)	$ (677)
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	(4,274)	(677)
Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset		(612)
Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	64,221
Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Liability	(4,300)
Cash Flow Hedging [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	369,450
Cash Flow Hedging [Member] | Fair Value, Measurements, Recurring [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Derivative Asset	(5)
Maturity Date May Two Thousand Sixteen [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Notional Amount	$ 64,221
Strike Rate	4.50%
Maturity Date May Two Thousand Sixteen [Member] | Fair Value, Measurements, Recurring [Member] | Prepaid Expenses and Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 0	0
Maturity Date June Two Thousand Eighteen [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 59,000
Strike Rate	1.49%
Maturity Date June Two Thousand Eighteen [Member] | Fair Value, Measurements, Recurring [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	$ (1,001)
Derivative Liability, Fair Value		(577)
Maturity Date September Two Thousand Eighteen [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 114,250
Strike Rate	1.16%
Maturity Date September Two Thousand Eighteen [Member] | Fair Value, Measurements, Recurring [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	$ (1,177)
Derivative Liability, Fair Value		(24)
Maturity Date November Two Thousand Eighteen [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 110,450
Strike Rate	0.99%
Maturity Date November Two Thousand Eighteen [Member] | Fair Value, Measurements, Recurring [Member] | Prepaid Expenses and Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset	$ 666	612
Maturity Date January Two Thousand Twenty [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 75,000
Strike Rate	1.44%
Maturity Date January Two Thousand Twenty [Member] | Fair Value, Measurements, Recurring [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	$ (1,430)
Derivative Liability, Fair Value		(75)
Maturity Date September Two Thousand Eighteen Two [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 10,750
Strike Rate	0.71%
Maturity Date September Two Thousand Eighteen Two [Member] | Fair Value, Measurements, Recurring [Member] | Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	$ 5
Derivative Liability, Fair Value		$ 0

DERIVATIVES (Derivative FInanci

DERIVATIVES (Derivative FInancial Instruments Statement of Operations and Comprehensive Income (Loss) Classification) (Details) - Interest Expense [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Gain (Loss) Recognized in OCI/L (Effective Portion)	$ (4,895)	$ (601)
Loss Recognized in Earnings (Effective Portion)	703	195
Gain Recognized in Earnings (Ineffective Portion)	$ (13)	$ 0

DISPOSITIONS OF REAL ESTATE A63

DISPOSITIONS OF REAL ESTATE ASSETS (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on extinguishment of debt		$ 0	$ 22,840,000
Knollwood Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds	$ 106,700,000
Mortgage debt	35,100,000
Gain on disposition	32,500,000
Escrow Deposit	$ 7,900,000			$ 2,300,000
Steeplegate Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net outstanding balance			45,900,000
Gain on extinguishment of debt			$ 22,800,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ 10	$ 10

NON-CONTROLLING INTEREST IN O65

NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP (Details)	1 Months Ended
	Nov. 30, 2015day$ / sharesshares
Noncontrolling Interest [Abstract]
Series A Preferred Units (in shares) | shares	5,600,000
Liquidation preference (dollars per share)	$ 25
Dividend rate	5.00%
Dividend rate (dollars per share)	$ 1.25
Redemption, percentage of equity base	15.00%
Redemption price, percent of VWAP	96.00%
Redemption, trading dats | day	30
Conversion ratio	1
Tax protection period	6 years

NON-CONTROLLING INTEREST IN O66

NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP - Activity (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended
	Dec. 31, 2015	Mar. 31, 2016
Increase (Decrease) in Temporary Equity [Roll Forward]
Non-controlling interest, beginning of period		$ 140,953
Non-controlling interest, end of period	$ 140,953	141,965
Westfield U.S. Holdings, LLC
Increase (Decrease) in Temporary Equity [Roll Forward]
Non-controlling interest, beginning of period	0	140,953
Issuance of Series A Preferred Units	140,000
Preferred distribution accrual	953	1,750
Payment of distribution		(738)
Non-controlling interest, end of period	$ 140,953	$ 141,965

EQUITY (Details)

EQUITY (Details) - USD ($)	Oct. 29, 2015	Jul. 01, 2014	Jan. 31, 2014	Mar. 31, 2016	Mar. 31, 2016	Feb. 25, 2016	Dec. 31, 2015	Mar. 31, 2015
Common Stock disclosures
Issuance of common stock related to the rights offering (in shares)			8,050,000
Share Price			$ 19.50
Proceeds from Issuance of Common Stock			$ 150,700,000
Underwriting Discount			$ (6,279,000)
Dividends Payable				$ 0	$ 0		$ 10,472,000	$ 10,478,000
Stock repurchase program, authorized amount	$ 50,000,000
Stock repurchase program, period	2 years
Treasury Stock, Shares, Acquired				105,000	343,055
Payments for Repurchase of Common Stock				$ 1,560,000	$ 5,070,000
Treasury Stock Acquired, Average Cost Per Share				$ 14.87	$ 14.78
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 44,900,000	$ 44,900,000
Employee Stock [Member]
Common Stock disclosures
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date		5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		500,000
Common Stock, Shares Held in Employee Trust, Shares				7,382	7,382
Common Class A [Member] | Brookfield
Common Stock disclosures
Related Party Beneficial Ownership Percentage Held in Reporting Entity				33.50%	33.50%
Rouse Properties Inc | Brookfield Asset Management
Common Stock disclosures
Merger agreement, share price (in dollars per share)						$ 18.25

STOCK BASED COMPENSATION PLAN68

STOCK BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Option [Member]
Shares
Stock options outstanding at beginning of the year (in shares)	3,490,421	3,313,869
Granted (in shares)	0	857,000
Exercised (in shares)	(18,567)	(34,248)
Forfeited (in shares)	(6,180)	(32,209)
Expired (in shares)	0	0
Stock options outstanding at the end of the year (in shares)	3,465,674	4,104,412
Weighted Average Exercise Price
Stock options outstanding, beginning period (in dollars per share)	$ 16.40	$ 15.89
Granted (in dollars per share)	0	17.18
Exercised (in dollars per share)	16.34	15.11
Forfeited (in dollars per share)	15.95	17.18
Expired (in dollars per share)	0	0
Stock options outstanding, ending period (in dollars per share)	$ 16.30	$ 16.16
Stock options becoming fully vested and exercisable (in shares)	1,792,875
Intrinsic value of options vested	$ 4.7
Weighted Average Exercise Price (in dollars per share)	$ 15.74
Weighted average contractual term	6 years 9 months 6 days
Allocated Share-based Compensation Expense		$ 0.5
Restricted Stock [Member]
Weighted Average Exercise Price
Allocated Share-based Compensation Expense	$ 0.3	$ 0.4
Weighted average remaining contractual term	1 year 9 months 26 days

STOCK OPTIONS OUTSTANDING (Deta

STOCK OPTIONS OUTSTANDING (Details 2) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Stock options outstanding
Allocated Share-based Compensation Expense		$ 0.5
Shares	3,465,674	4,104,412	3,490,421	3,313,869
Weighted Average Remaining Contractual Term (in years)	7 years 3 months 22 days
Weighted Average Exercise Price (in dollars per share)	$ 16.30	$ 16.16	$ 16.40	$ 15.89
Stock options becoming fully vested and exercisable (in shares)	1,792,875
Intrinsic value of options vested	$ 4.7
Weighted Average Exercise Price (in dollars per share)	$ 15.74
Weighted average contractual term	6 years 9 months 6 days
March 2012 [Member]
Stock options outstanding
Shares	1,101,160
Weighted Average Remaining Contractual Term (in years)	6 years
Weighted Average Exercise Price (in dollars per share)	$ 14.72
August 2012 [Member]
Stock options outstanding
Shares	36,400
Weighted Average Remaining Contractual Term (in years)	6 years 5 months 1 day
Weighted Average Exercise Price (in dollars per share)	$ 13.75
October 2012 [Member]
Stock options outstanding
Shares	276,623
Weighted Average Remaining Contractual Term (in years)	6 years 7 months
Weighted Average Exercise Price (in dollars per share)	$ 14.47
February 2013 [Member]
Stock options outstanding
Shares	520,360
Weighted Average Remaining Contractual Term (in years)	6 years 11 months 1 day
Weighted Average Exercise Price (in dollars per share)	$ 16.48
February 2014 [Member]
Stock options outstanding
Shares	596,400
Weighted Average Remaining Contractual Term (in years)	7 years 11 months
Weighted Average Exercise Price (in dollars per share)	$ 18.40
July 2014 [Member]
Stock options outstanding
Shares	25,291
Weighted Average Remaining Contractual Term (in years)	8 years 4 months
Weighted Average Exercise Price (in dollars per share)	$ 17.20
February 2015 [Member]
Stock options outstanding
Shares	709,440
Weighted Average Remaining Contractual Term (in years)	8 years 11 months
Weighted Average Exercise Price (in dollars per share)	$ 17.18
Award Issuance Period April 2015 [Member] [Domain] [Member]
Stock options outstanding
Shares	200,000
Weighted Average Remaining Contractual Term (in years)	9 years 1 month
Weighted Average Exercise Price (in dollars per share)	$ 17.98

STOCK BASED COMPENSATION PLAN70

STOCK BASED COMPENSATION PLANS STOCK OPTIONS OUTSTANDING (Details 3) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Assumptions used in estimating values of options granted
Unrecognized compensation cost (in dollars)	$ 8.1
Compensation expense expected to be recognized in 2016	2.7
Compensation expense expected to be recognized in 2017	2.6
Compensation expense expected to be recognized in 2018	2
Compensation expense expected to be recognized in 2019	0.7
Compensation expense expected to be recognized in 2020	$ 0.1
Restricted Stock [Member]
Shares
Nonvested restricted stock grants outstanding as of beginning of period (in shares)	72,484	205,731
Granted (in shares)		53,550
Forfeited (in shares)	0	0
Vested (in shares)	(37,251)	(113,342)
Nonvested restricted stock grants outstanding as of end of period (in shares)	205,143	145,939
Weighted average grant date fair value
Nonvested restricted stock grants outstanding as of beginning of period (in dollars per share)	$ 16.97	$ 15.45
Granted (in dollars per share)	17.26	17.18
Forfeited (in dollars per share)	0	0
Vested (in dollars per share)	16.87	14.99
Nonvested restricted stock grants outstanding as of end of period (in dollars per share)	$ 17.23	$ 16.21
Additional disclosures
Weighted average remaining contractual term	1 year 9 months 26 days
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

NON-CONTROLLING INTEREST (Detai

NON-CONTROLLING INTEREST (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Nov. 04, 2015	Aug. 29, 2014	Jun. 29, 2012
Non-controlling interest
Controlling interest percentage	52.80%	1.80%	51.00%
Non-controlling Interest
Non-controlling interest
Noncontrolling Interest in Operating Partnerships		$ 0.6
Holdings | Preferred Shares
Non-controlling interest
Number of preferred shares issued (in shares)				111
Par value of shares (in dollars per share)				$ 1,000
Cumulative preferential annual cash dividend (as a percent)	12.50%
Redemption price (in dollars per share)	$ 1,000
Liquidation preference (in dollars per share)	$ 1,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net (loss) income	$ (9,947)	$ 44,401
Net (income) loss attributable to non-controlling interests	(135)	6
Preferred Distributions	(1,750)	0
Income (Loss) From Continuing Operations Attributable to Parent Available to Common Stockholders	$ (11,832)	$ 44,407
Earnings Allocable to Common Shares [Abstract]
Weighted average shares - basic	57,643,017	57,603,340
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	683,916
Weighted average shares - diluted	57,643,017	58,287,256
Earnings Per Share, Basic	$ (0.21)	$ 0.77
Earnings Per Share, Diluted	$ (0.21)	$ 0.76
Earnings Allocable to Participating Security Holders [Abstract]
Weighted average shares - basic	57,643,017	57,603,340
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	683,916
Weighted average shares - diluted	57,643,017	58,287,256

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	Jan. 12, 2012	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014
Brookfield Asset Management Inc [Member] | Office leases [Member] | Building [Member]
Related party transactions
Term of lease agreement assumed upon spin off	10 years
Operating Leases, Rent Expense, Net		$ 0.3	$ 0
Brookfield Corporate Operations LLC [Member]
Related party transactions
Cost associated with agreement entered with the related party			0
Monthly information technology services fee		0	$ 0.5
Monthly information technology services fee payable		$ 0.2
Buildings and Equipment [Member] | Brookfield Corporate Operations LLC [Member]
Related party transactions
Related Party Transaction Business Infrastructure Total Costs Incurred				$ 8.3

PROPOSED ACQUISITION OF THE C74

PROPOSED ACQUISITION OF THE COMPANY BY BROOKFIELD (Details) $ / shares in Units, $ in Millions	Feb. 25, 2016USD ($)$ / shares	Jan. 29, 2016USD ($)circumstanceinstallmentexecutive	Jan. 16, 2016$ / shares
Business Acquisition [Line Items]
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
Retention plan, number of foregoing circumstances affecting retention payments | circumstance		1
Retention plan, eligible awards		$ 7.5
Retention plan, remaining eligible awards		$ 7.3
Brookfield Asset Management | Rouse Properties Inc
Business Acquisition [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
Business combination, premium percentage	35.00%