SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of 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 goodwill

	Predecessor
	2010
	(In thousands)
Balance as of January 1,
Goodwill before accumulated impairment losses	$	9,819
Accumulated impairment losses		(5,484	)
Goodwill, net		4,335
Goodwill impairment losses during the year		—
Balance as of November 9	$	4,335

Summary of amortization of straight-line rent, lease termination income, net amortization related to above and below-market tenant leases and percentage rent in lieu of minimum rent

				Successor						Predecessor
	December 31, 2012			December 31, 2011			Period from November 10, 2010 through December 31, 2010			Period from January 1, 2010 through November 9, 2010
	(In thousands)
Straight-line rent amortization	$	3,608		$	6,031		$	98		$	(137	)
Lease termination income		433			1,389			15			845
Net amortization of above and below-market tenant leases		(24,028	)		(25,194	)		(3,793	)		688
Percentage rents in lieu of minimum rent		8,856			9,443			2,145			7,430

Schedule of straight-line rent receivables

	2012		2011
	(In thousands)
Straight-line rent receivables, net	$	9,694	$	6,086

Summary of changes in allowance for doubtful accounts for all receivables

				Successor						Predecessor
	2012			2011			2010			2010
	(In thousands)
Balance at beginning of period	$	2,943		$	4,070		$	5,497		$	4,734
Provision for doubtful accounts		1,919			601			378			2,253
Write-offs		(2,317	)		(1,728	)		(1,805	)		(1,490	)
Balance at end of period	$	2,545		$	2,943		$	4,070		$	5,497

Schedule of weighted-average shares outstanding

			Successor				Predecessor
	December 31, 2012		December 31, 2011		Period from November 10, 2010 through December 31, 2010		Period from January 1, 2010 through November 9, 2010
Weighted average shares—basic and dilutive		46,149,893		35,906,105		35,906,105		35,906,105

Schedule of fair value of financial instruments

	December 31, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In thousands)
Fixed-rate debt	$	995,545	$	1,040,964	$	731,235	$	787,551
Variable-rate debt		287,946		287,946		328,449		328,162
Total mortgages, notes and loans payable	$	1,283,491	$	1,328,910	$	1,059,684	$	1,115,713

Summary of deferred lease and financing costs

	Gross Asset		Accumulated Amortization			Net Carrying Amount
	(In thousands)
As of December 31, 2012
Deferred lease costs	$	31,397	$	(9,162	)	$	22,235
Deferred financing costs		25,068		(6,897	)		18,171
Total	$	56,465	$	(16,059	)	$	40,406
As of December 31, 2011
Deferred lease costs	$	25,133	$	(5,367	)	$	19,766
Deferred financing costs		15,783		—			15,783
Total	$	40,916	$	(5,367	)	$	35,549

Schedule of reorganization items

	Predecessor
Reorganization Items	Period from January 1, 2010 to November 9, 2010
	(In thousands)
Loss on liabilities subject to compromise—other	$	868
Gain on liabilities subject to compromise—mortgage debt(1)		(36,581	)
U.S. Trustee fees		748
Restructuring costs(2)		44,480
Total reorganization items	$	9,515

(1)

Such net gains include the fair value adjustments of mortgage debt resulting from the write off of existing fair value of debt adjustments for the entities that emerged from bankruptcy prior to GGP emerging from bankruptcy.

(2)

Restructuring costs primarily include professional fees incurred related to the bankruptcy filings, the estimated Key Employee Incentive Program ("KEIP") payment, finance costs related to the RPI Businesses and the write off of unamortized deferred finance costs related to the RPI Businesses.