CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total		Common Stock	Additional Paid-In Capital	Accumulated Deficit	GGP Equity	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Ventures
Balance at Dec. 31, 2009	$ 1,503,520					$ 1,504,364	$ (1,744)	$ 900
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(69,230)				(528,505)	459,074		201
Pension plan adjustment	117
Distributions to noncontrolling interests	(277)							(277)
Issuance of common stock	182,663		379	182,284
Issuance of common stock (in shares)			37,896,259
Stock plan activity	85			85
Stock plan activity (in shares)			8,247
Contributions from GGP prior to the Separation	562,229					562,229
Transfer from GGP on Effective Date				2,525,667		(2,525,667)
Balance at Dec. 31, 2010	2,179,107		379	2,708,036	(528,505)		(1,627)	824
Balance (in shares) at Dec. 31, 2010			37,904,506
Increase (Decrease) in Stockholders' Equity
Net income (loss)	148,470				147,180			1,290
Adjustment to noncontrolling interests	3,700							3,700
Acquisitions	(777)							(777)
Preferred dividend payment on behalf of subsidiary	(23)							(23)
Interest rate swaps, net of tax $55 and $1,016 for the year ended December 2012 and 2011, respectively	(3,351)	[1]					(3,351)
Capitalized swap interest, net of tax $724 and $358 for the year ended December 2012 and 2011, respectively	(600)	[2]					(600)
Stock plan activity	3,073			3,073
Stock plan activity (in shares)			41,201
Balance at Dec. 31, 2011	2,329,599		379	2,711,109	(381,325)		(5,578)	5,014
Balance (in shares) at Dec. 31, 2011			37,945,707
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(127,543)				(128,288)			745
Interest rate swaps, net of tax $55 and $1,016 for the year ended December 2012 and 2011, respectively	(2,770)	[1]					(2,770)
Capitalized swap interest, net of tax $724 and $358 for the year ended December 2012 and 2011, respectively	(1,227)	[2]					(1,227)
Warrants exercised	108,660		15	108,645
Warrants exercised (in shares)	1,525,272		1,525,272
Stock plan activity	4,278		1	4,277
Stock plan activity (in shares)			27,933
Balance at Dec. 31, 2012	$ 2,310,997		$ 395	$ 2,824,031	$ (509,613)		$ (9,575)	$ 5,759
Balance (in shares) at Dec. 31, 2012			39,498,912

[1] Net of deferred taxes of $0.1 million and $1.0 million for the years ended December 31, 2012 and 2011, respectively.

[2] Net of deferred taxes of $0.7 million and $0.4 million for the years ended December 31, 2012 and 2011, respectively.