Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011		Sep. 30, 2010
Cash Flows from Operating Activities:
Net income (loss)	$ 116,528		$ (64,680)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Equity in earnings from Real Estate Affiliates	(3,727)		(6,394)
Distributions received from Real Estate Affiliates	34
Investment in Real Estate Affiliate basis adjustment	6,053
Provision for doubtful accounts	590		1,101
Depreciation	11,235		11,012
Amortization	2,357		1,523
Amortization (accretion) of deferred financing costs and debt market rate adjustments	393		1,600
Amortization of intangibles other than in-place leases	(1,205)		144
Straight-line rent amortization	(1,223)		(574)
Restricted stock and stock option amortization	2,500
Warrant liability adjustment	(100,762)
Provisions for impairment			578
Real estate acquisition and development expenditures	(65,813)		(39,115)
Master Planned Community and condominium cost of sales	65,359		7,089
Reorganization items			(1,569)
Accounts and notes receivable	(1,822)	[1]	9,383	[1]
Prepaid expenses and other assets	(5,754)	[1]	4,132	[1]
Deferred expenses	(872)	[1]	(1,426)	[1]
Accounts payable and accrued expenses and deferred tax liabilities	(46)	[1]	16,529	[1]
Other, net	(1,873)	[1]	168	[1]
Cash provided by (used in) operating activities	21,952	[1]	(60,499)	[1]
Cash Flows from Investing Activities:
Cash acquired from The Woodlands acquisition, net of cash consideration	5,493
Real estate and property expenditures	(25,015)		(71,069)
Reimbursement for infrastructure improvements from municipality	5,560
Proceeds from dispositions	1,130
Investments in Real Estate Affiliates			(10)
Cash used in investing activities	(12,832)		(71,079)
Cash Flows from Financing Activities:
Change in GGP investment, net			137,411
Proceeds from issuance of mortgages, notes and loans payable	241,644
Principal payments on mortgages, notes and loans payable	(241,148)		(4,697)
Finance costs related to emerged entities			(1,311)
Deferred financing costs	(2,935)
Proceeds from issuance of Warrants	2,000
Distributions to noncontrolling interests			(218)
Cash (used in) provided by financing activities	(439)		131,185
Net change in cash and cash equivalents	8,681		(393)
Cash and cash equivalents at beginning of period	284,682		3,204
Cash and cash equivalents at end of period	293,363		2,811
Supplemental Disclosure of Cash Flow Information:
Interest paid	15,272		14,831
Interest capitalized	16,687		15,443
Reorganization items paid			46,009
Non-Cash Investing and Financing Transactions:
Reduction in investments in Real Estate Affiliates due to The Woodlands' acquisition	(128,764)
Acquisition note related to The Woodlands (See Note 5)	96,500
Debt assumed from The Woodlands acquisition (See Note 1)	296,695
Prepetition liabilities funded by GGP	3,323
Mortgage debt market rate adjustment related to emerged entities			2,382
Other non-cash GGP equity transactions			$ (36,117)

[1] As a result of The Woodlands acquisition and consolidation, changes in certain accounts cannot be derived from the balance sheet because these changes are non-cash related (See Note 1).