INCOME TAXES	12 Months Ended
Dec. 31, 2012
INCOME TAXES
INCOME TAXES	NOTE 7 INCOME TAXES RPI Businesses historically operated under GGP's REIT structure. We elected to be taxed as a REIT in connection with the filing of our tax return for the 2011 fiscal year. Subject to our ability to meet the requirements of a REIT, we intend to maintain this status in future periods. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our 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, we will generally not be subject to corporate level federal income tax on taxable income we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year, we 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 we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income or property, and to federal income and excise taxes on our undistributed taxable income. We have a subsidiary which we elected to treat as a taxable REIT subsidiary (TRS) which is subject to federal and state income taxes. For the year ended December 31, 2012, the Company incurred approximately $0.1 million in taxes associated with the TRS subsidiary.

INCOME TAXES

12 Months Ended

Dec. 31, 2012

NOTE 7 INCOME TAXES

RPI Businesses historically operated under GGP's REIT structure. We elected to be taxed as a REIT in connection with the filing of our tax return for the 2011 fiscal year. Subject to our ability to meet the requirements of a REIT, we intend to maintain this status in future periods. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our 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, we will generally not be subject to corporate level federal income tax on taxable income we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year, we 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 we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income or property, and to federal income and excise taxes on our undistributed taxable income.

We have a subsidiary which we elected to treat as a taxable REIT subsidiary (TRS) which is subject to federal and state income taxes. For the year ended December 31, 2012, the Company incurred approximately $0.1 million in taxes associated with the TRS subsidiary.