WARRANT LIABILITY (Tables)

6 Months Ended

Jun. 30, 2012

WARRANT LIABILITY

Schedule of Warrants received

Warrant Holder	Number of Warrants	Exercise Price
Brookfield Investor	57,500,000	$	10.75
Blackstone - B	2,500,000	10.75
Fairholme	41,070,000	10.50
Pershing Square	16,430,000	10.50
Blackstone - A	2,500,000	10.50
	120,000,000

Schedule of shares issuable upon exercise of the outstanding GGP warrants

		Exercise Price
Record Date	Issuable Shares	Brookfield Investor and Blackstone - B		Fairholme, Pershing Square and Blackstone - A
April 15, 2011	123,960,000	$	10.41	$	10.16
July 15, 2011	124,704,000	10.34		10.10
December 30, 2011	131,748,000	9.79		9.56
April 16, 2012	132,372,000	9.75		9.52

Schedule of estimated fair value of Warrants and significant observable and unobservable inputs used in valuation

	June 30, 2012			December 31, 2011
Warrant liability	$	1,275,662		$	985,962
Observable Inputs
GGP stock price per share	$	18.09		$	15.02
Warrant term	5.36			5.86
Unobservable Inputs
Expected volatility	34		%	37		%
Range of values considered	(20% - 65%)			(20% - 65%)
Discount for lack of marketability	3		%	3		%
Range of values considered	(3% - 7%)			(3% - 7%)

Schedule of change in fair value of the Warrant

	2012		2011
Balance as of January 1,	$	985,962	$	1,041,004
Warrant liability adjustment	289,700		18,321
Balance as of June 30,	$	1,275,662	$	1,059,325