EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Jun. 30, 2012

EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

Schedule of redeemable noncontrolling interests

	Number of Common Units for each  Preferred Unit	Number of  Contractual  Convertible  Preferred Units  Outstanding as of June 30, 2012	Converted Basis to Common Units Outstanding as of June 30, 2012	Conversion Price		Redemption Value
Series B (1)	3.000	1,279,715	3,991,799	$	16.6667	$	72,211,647
Series D	1.508	532,750	803,498	33.1519		26,637,477
Series E	1.298	502,658	652,633	38.5100		25,132,889
Series C	1.000	20,000	20,000	250.0000		5,000,000
						$	128,982,013

(1)  The conversion price of Series B preferred units is lower than the GGP June 29, 2012 closing common stock price of $18.09.  Therefore, a conversion price of $18.09 is used to calculate the Series B redemption value.

Activity of redeemable noncontrolling interests

Balance at January 1, 2011	$	232,364
Net loss	(1,424		)
Distributions	(1,378		)
Cash redemption of operating partnership units	(4,202		)
Other comprehensive income	310
Adjustment for noncontrolling interests in Operating Partnership	10,085
Balance at June 30, 2011	$	235,755
Balance at January 1, 2012	$	223,795
Net loss	(2,150		)
Distributions	(1,372		)
Dividend for RPI Spin-off	3,137
Other comprehensive income	(238		)
Adjustment for noncontrolling interests in Operating Partnership	28,955
Balance at June 30, 2012	$	252,127