ROUSE PROPERTIES, INC.
Schedule III
Real Estate and Accumulated Depreciation
December 31, 2012
(Dollars in thousands)

								Cost Capitalized Subsequent Acquisition					Gross Amounts at Which Carried at Close of Period(b)

				Initial Cost				Cost Capitalized Subsequent Acquisition					Gross Amounts at Which Carried at Close of Period(b)										Life Which Latest Income Statement is Computed
Name of Center	Location	Encumbrance(a)		Land		Building & Improvements		Land		Building & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation(c)		Date Acquired		Life Which Latest Income Statement is Computed
Animas Valley Mall	Farmington, NM		51,731		6,509		32,270		—		875			6,509		33,145		39,654		4,042		2010		(c)
Bayshore Mall	Eureka, CA		29,530		4,770		33,305		—		131			4,770		33,436		38,206		3,192		2010		(c)
Birchwood Mall	Port Huron, MI		—		8,316		44,884		—		(346	)		8,316		44,538		52,854		3,884		2010		(c)
Cache Valley Mall	Logan, UT		—		2,890		19,402		—		660			2,890		20,062		22,952		1,661		2010		(c)
Cache Valley Marktplace	Logan, UT		—		1,072		7,440		—		13			1,072		7,453		8,525		960		2010		(c)
Chula Vista Center	Chula Vista, CA		—		13,214		71,598		1,150		9,754			14,364		81,352		95,716		6,028		2010		(c)
Collin Creek	Plano, TX		62,204		14,746		48,103		—		308			14,746		48,411		63,157		4,228		2010		(c)
Colony Square Mall	Zenesville, OH		—		4,253		29,578		—		50			4,253		29,628		33,881		3,001		2010		(c)
Gateway Mall	Springfield, OR		—		7,097		36,573		—		2,615			7,097		39,188		46,285		4,328		2010		(c)
Grand Traverse Mall	Traverse City, MI		61,333		11,420		46,409		—		(764	)		11,420		45,645		57,065		2,579		2012		(c)
Knollwood Mall	St. Louis park, MN		34,594		6,127		32,905		—		(31	)		6,127		32,874		39,001		3,148		2010		(c)
Lakeland Square Mall	Lakeland, FL		50,387		10,938		56,867		375		873			11,313		57,740		69,053		5,093		2010		(c)
Lansing Mall	Lansing, MI		—		9,615		49,220		350		271			9,965		49,491		59,456		4,672		2010		(c)
The Mall At Sierra Vista	Sierra Vista, AZ		—		7,078		36,441		—		(71	)		7,078		36,370		43,448		3,009		2010		(c)
Mall St Vincent	Shreveport, LA		—		4,604		21,927		—		(325	)		4,604		21,602		26,206		2,300		2010		(c)
New Park Mall LP	Newpark, CA		64,913		17,848		58,384		2,867		2,472			20,715		60,856		81,571		5,697		2010		(c)
North Plains Mall	Cjovja, NM		—		2,218		11,768		—		919			2,218		12,687		14,905		1,127		2010		(c)
Pierre Bossier Mall	Bossier City, LA		51,846		7,522		38,247		817		11,470			8,339		49,717		58,056		3,415		2010		(c)
Sikes Senter	Wichita Falls, TX		47,822		5,915		34,075		—		2,494			5,915		36,569		42,484		4,721		2010		(c)
Silver Lake Mall	Coeur d'Alene, ID		—		3,237		12,914		—		205			3,237		13,119		16,356		1,254		2010		(c)
Southland Mall	Hayward, CA		72,067		23,407		81,474		—		6,729			23,407		88,203		111,610		8,994		2010		(c)
Southland Center	Taylor, MI		78,314		13,697		51,860		—		(378	)		13,697		51,482		65,179		3,746		2010		(c)
Spring Hill Mall	West Dundee, IL		—		8,219		23,679		1,206		1,220			9,425		24,899		34,324		2,427		2010		(c)
Steeplegate Mall	Concord, NH		43,861		11,438		42,032		—		608			11,438		42,640		54,078		4,138		2010		(c)
The Boulevard Mall	Las Vegas, NV		81,353		34,523		46,428		758		3,829			35,281		50,257		85,538		5,278		2010		(c)
Three Rivers Mall	Kelso, WA		—		2,080		11,142		—		976			2,080		12,118		14,198		1,661		2010		(c)
Valley Hills Mall	Hickory, NC		51,107		10,047		61,817		—		625			10,047		62,442		72,489		6,112		2010		(c)
Vista Ridge Mall	Lewisville, TX		72,460		15,965		46,560		—		420			15,965		46,980		62,945		5,185		2010		(c)
Washington Park Mall	Bartlesville, OK		10,400		1,388		8,213		—		435			1,388		8,648		10,036		1,101		2010		(c)
West Valley Mall	Tracy, CA		47,260		31,340		38,316		—		3,515			31,340		41,831		73,171		4,799		2010		(c)
Westwood Mall	Jackson, MI		—		5,708		28,006		—		11			5,708		28,017		33,725		2,268		2010		(c)
White Mountain Mall	Rock Springs, WY		—		3,010		11,418		—		1,490			3,010		12,908		15,918		2,074		2010		(c)
Turtle Creek	Jonesboro, AR		84,363		22,254		79,579		—		—			22,254		79,579		101,833		—		2012		(c)

Total Properties			995,545		332,465		1,252,834		7,523		51,053			339,988		1,303,887		1,643,875		116,122
Other			287,946		—		—		—		8,880			—		8,880		8,880		214

Total Portfolio			1,283,491		332,465		1,252,834		7,523		59,933			339,988		1,312,767		1,652,755		116,336

(a): See description of mortgages, notes, and loans payable in note 5 to the consolidated and combined financial statements.

(b): The aggregate cost of land, buildings and improvements for federal income tax payments is approximately $1.6 billion.
(c): Depreciation is computed based upon the following estimated lives:

		Years

Buildings and improvements		40
Equipment and fixtures		5 - 10
Tenant improvements		Shorter of useful life or applicable lease term

Reconciliation of Real Estate

	2012

	(In thousands)
Balance at beginning of period		1,462,482		1,434,197		2,181,029
Additions		34,865		37,165		23,152
Acquisitions		176,242		—		—
Impairments		—		—		—
Acquisition accounting adjustments at emergence		—		—		(768,074	)
Disposition and write-offs		(20,834	)	(8,880	)	(1,910	)

Balance at end of period		1,652,755		1,462,482		1,434,197

Reconciliation of Accumulated Depreciation

	2012

	(In thousands)
Balance at beginning of period		72,620		9,908		536,216
Depreciation expense		64,550		71,592		57,306
Acquisition accounting adjustments at emergence		—		—		(580,290	)
Disposition and write-offs		(20,834	)	(8,880	)	(3,324	)

Balance at end of period		116,336		72,620		9,908