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TABLE OF CONTENTS
Exhibit 99.1
SIMON PROPERTY GROUP
EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
UNAUDITED FOURTH QUARTER 2014
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2014 | PAGE | |
---|---|---|
| ||
Earnings Release (1) | 2 | |
Overview | ||
The Company and Reporting Calendar | 15 | |
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants | 16 | |
Financial Data | ||
Selected Financial and Equity Information | 17 | |
Pro-Rata Statements of Operations | 18-19 | |
Pro-Rata Balance Sheet | 20 | |
Net Operating Income (NOI) Composition | 21 | |
Reconciliations of Non-GAAP Financial Measures | 22-23 | |
Consolidated Net Income to NOI | 22 | |
Funds from Operations to Funds Available for Distribution (Our Share) | 23 | |
Other Income, Other Expense and Capitalized Interest | 24 | |
Operational Data | ||
U.S. Malls and Premium Outlets Operating Information | 25 | |
The Mills and International Operating Information | 26 | |
U.S. Malls and Premium Outlets Lease Expirations | 27 | |
U.S. Malls and Premium Outlets Top Tenants | 28 | |
Development Activity | ||
Capital Expenditures | 29 | |
Development Activity Summary | 30 | |
Development Activity Report | 31-32 | |
U.S. Anchor/Big Box Openings | 33-34 | |
Balance Sheet Information | ||
Common and Preferred Stock Information | 35 | |
Changes in Common Share and Limited Partnership Unit Ownership | 35 | |
Preferred Stock/Units Outstanding | 35 | |
Credit Profile | 36 | |
Summary of Indebtedness | 37 | |
Total Debt Amortization and Maturities by Year (Our Share) | 38 | |
Property and Debt Information | 39-50 |
- (1)
- Includes reconciliation of consolidated net income to funds from operations.
4Q 2014 SUPPLEMENTAL | ![]() | 1 |
Contacts: | FOR IMMEDIATE RELEASE | |||
Tom Ward | 317-685-7330 Investors | |||
Les Morris | 317-263-7711 Media |
SIMON PROPERTY GROUP REPORTS FOURTH QUARTER AND FULL YEAR 2014 RESULTS AND
RAISES QUARTERLY DIVIDEND
INDIANAPOLIS, January 30, 2015 - Simon, a leading global retail real estate company, today reported results for the quarter and twelve months ended December 31, 2014.
- •
- Funds from Operations ("FFO") was $896.7 million, or $2.47 per diluted share, as compared to $894.8 million, or $2.47 per diluted share, in the prior year period. FFO per diluted share for the quarter includes a $0.04 impact from the Company's share of Klépierre's costs related to both their recent bond tender offer and tender offer for Corio, as well as the unfavorable effects of foreign currency devaluations during the quarter.
- •
- Net income attributable to common stockholders was $405.0 million, or $1.30 per diluted share, as compared to $381.6 million, or $1.23 per diluted share, in the prior year period.
- •
- Funds from Operations ("FFO") was $3.235 billion, or $8.90 per diluted share, as compared to $3.206 billion, or $8.85 per diluted share, in the prior year period.
- •
- Net income attributable to common stockholders was $1.405 billion, or $4.52 per diluted share, as compared to $1.316 billion, or $4.24 per diluted share, in the prior year period.
4Q 2014 SUPPLEMENTAL | ![]() | 2 |
EARNINGS RELEASE
EFFECT OF WASHINGTON PRIME GROUP INC. SPIN-OFF
- •
- Results for the three and twelve months ended December 31, 2013 included FFO per diluted share of $0.27 and $0.99, respectively, from the Washington Prime Group Inc. ("WPG") properties that were spun-off effective May 28, 2014. Results for the three months ended December 31, 2014 do not include any effect of the WPG properties while results for the twelve months ended December 31, 2014 include a net $0.30 of FFO per diluted share ($0.40 of FFO from the WPG properties' operations net of $0.10 of spin-off related transaction expenses). Results for the twelve months also include a $0.35 per diluted share charge related to the cash tender offers and early notes redemption completed in the third quarter of 2014.
- •
- Growth in FFO per diluted share for the three and twelve month periods in 2014 was 12.3% and 13.9%, respectively, excluding the FFO from the WPG properties and transaction costs related to the spin-off, as well as the loss on the extinguishment of debt related to the cash tender and early redemption transactions as detailed in the table below.
| THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
Reported FFO per share | $ | 2.47 | $ | 2.47 | $ | 8.90 | $ | 8.85 | |||||
Add: Loss on extinguishment of debt | — | — | 0.35 | — | |||||||||
Add: Spin-off transaction expenses | — | — | 0.10 | — | |||||||||
Less: FFO from WPG properties | — | (0.27 | ) | (0.40 | ) | (0.99 | ) | ||||||
| | | | | | | | | | | | | |
Comparable FFO per share | $ | 2.47 | $ | 2.20 | $ | 8.95 | $ | 7.86 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comparable FFO per share growth | 12.3% | 13.9% | |||||||||||
Reported earnings per share | $ | 1.30 | $ | 1.23 | $ | 4.52 | $ | 4.24 | |||||
Comparable earnings per share (1) | $ | 1.30 | $ | 1.09 | $ | 4.79 | $ | 3.73 |
- (1)
- For a reconciliation of Reported EPS to Comparable EPS, please see Footnote H of the Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures.
"We had a very strong fourth quarter concluding an exceptional year," said David Simon, Chairman and CEO. "We produced strong financial and operating results in the fourth quarter, led by growth in comparable net operating income and record year-end occupancy. We continue to strengthen our retail real estate platform through our investment activities resulting in cash flow and FFO per share growth. We are also pleased to again announce an increase in our quarterly dividend to $1.40 per share, growth of 7.7% from last quarter."
COMPARABLE PROPERTY NET OPERATING INCOME
Comparable property NOI growth for the three months ended December 31, 2014 was 4.0%. The full year growth for the twelve months ended December 31, 2014 was 5.1%. Comparable properties include U.S. Malls, Premium Outlets and The Mills.
4Q 2014 SUPPLEMENTAL | ![]() | 3 |
EARNINGS RELEASE
U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS
| AS OF DECEMBER 31, | | ||||||
---|---|---|---|---|---|---|---|---|
| YEAR-OVER-YEAR CHANGE | |||||||
| 2014 (1) | 2013 | ||||||
Occupancy (2) | 97.1% | 96.1% | +100 bps | |||||
Base Minimum Rent per sq. ft. (2) | $ | 47.01 | $ | 42.34 | +11.0% | |||
Releasing Spread per sq. ft. (2)(3) | $ | 9.59 | $ | 8.94 | +$0.65 | |||
Releasing Spread (percentage change) (2)(3) | 16.6% | 16.8% | -20 bps | |||||
Total Sales per sq. ft. (4) | $ | 619 | $ | 582 | +6.4% |
- (1)
- Excludes WPG properties.
- (2)
- Represents mall stores in Malls and all owned square footage in Premium Outlets.
- (3)
- Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period.
- (4)
- Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and all owned square footage in Premium Outlets.
Total sales from the U.S. Malls (less anchors) and Premium Outlets increased 2.3% in the fourth quarter of 2014 compared to the fourth quarter of 2013.
Today Simon's Board of Directors declared a quarterly common stock dividend of $1.40 per share. This is an increase of $0.10 from the previous quarter, and a year-over-year increase of 12%. The dividend will be payable on February 27, 2015 to stockholders of record on February 13, 2015.
Simon's Board of Directors also declared the quarterly dividend on its 83/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 31, 2015 to stockholders of record on March 17, 2015.
Premium Outlets Montreal opened on October 30th. This new 365,000 square foot center offers more than 80 outlet stores featuring high-quality designer and name brands. Simon owns a 50% interest in this property.
During the fourth quarter, construction started on significant projects at Phipps Plaza, including the addition of a 166-room AC Hotel by Marriott and 319 luxury residences.
Construction continues on other significant expansion projects including Roosevelt Field Mall, Del Amo Fashion Center, King of Prussia Mall, Woodbury Common Premium Outlets, Las Vegas North Premium Outlets, Livermore Premium Outlets and Chicago Premium Outlets.
Redevelopment and expansion projects, including the addition of new anchors, are underway at 27 properties in the U.S. and Asia.
4Q 2014 SUPPLEMENTAL | ![]() | 4 |
EARNINGS RELEASE
Construction continues on three new Premium Outlets opening in 2015:
- •
- Gloucester Premium Outlets in Gloucester, New Jersey, serving the greater Philadelphia metropolitan area, is a 375,000 square foot center scheduled to open in August of 2015. Simon owns a 50% interest in this project.
- •
- Tucson Premium Outlets is a 366,000 square foot center scheduled to open in October of 2015. Simon owns 100% of this project.
- •
- Tampa Premium Outlets is a 441,000 square foot center scheduled to open in October of 2015. Simon owns 100% of this project.
Simon's share of the costs of all development and redevelopment projects currently under construction is approximately $2.1 billion.
The Company announced plans to develop the first phase of retail at The Shops at Clearfork in Ft. Worth, Texas. The center will be a 500,000 square foot shopping destination anchored by Neiman Marcus and include 100 high-end specialty stores, a premium luxury theater, and distinctive restaurants. Construction will commence in the spring of 2015 with a planned grand opening in February of 2017. Simon owns a 45% interest in this project.
In January 2015, we completed the acquisition of two properties – Jersey Gardens in Elizabeth, New Jersey (renamed The Mills at Jersey Gardens) and University Park Village in Fort Worth, Texas. The aggregate purchase price was $1.09 billion, including the assumption of existing mortgage debt of $405 million.
The Company was active in both the unsecured and secured debt markets in 2014 continuing to lower our effective borrowing costs and extend our maturity profile.
During the year, we retired $2.9 billion of senior notes at a weighted average coupon rate of 5.76% and we completed two senior notes offerings totaling $2.5 billion, with a weighted average coupon rate of 3.32% and weighted average duration of 12.0 years. The two new notes offerings were 244 basis points lower in rate than the notes we retired during the year.
The Company also amended and extended its $4.0 billion revolving credit facility, which reduced pricing to LIBOR plus 80 basis points and the facility fee to 10 basis points while extending the term to June 30, 2019.
With regard to secured debt activity, we closed 16 new loans totaling approximately $2.8 billion, of which SPG's share is $1.6 billion. The weighted average interest rate on these loans is 3.29% and term is 8.4 years.
In addition to the above capital markets activity, the Company also became the first U.S. REIT to establish a global commercial paper program. The Company had approximately $400 million of CP issuance, split evenly between U.S. dollars and Euros, at December 31, 2014.
As of December 31, 2014, Simon had over $6 billion of liquidity consisting of $1.133 billion of cash on hand, including its share of joint venture cash, and its available revolving credit capacity.
4Q 2014 SUPPLEMENTAL | ![]() | 5 |
EARNINGS RELEASE
The Company estimates that FFO will be within a range of $9.60 to $9.70 per diluted share for the year ending December 31, 2015, and net income will be within a range of $5.05 to $5.15 per diluted share.
The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:
For the year ending December 31, 2015
| LOW END | HIGH END | |||||
---|---|---|---|---|---|---|---|
Estimated net income available to common stockholders per diluted share | $ | 5.05 | $ | 5.15 | |||
Depreciation and amortization including Simon's share of unconsolidated entities | 4.55 | 4.55 | |||||
| | | | | | | |
Estimated FFO per diluted share | $ | 9.60 | $ | 9.70 | |||
| | | | | | | |
| | | | | | | |
Simon will hold a conference call to discuss the quarterly financial results today at 11:00 a.m. Eastern Time, Friday, January 30, 2015. Live streaming audio of the conference call will be accessible at investors.simon.com. An online replay will be available until February 13, 2015 at investors.simon.com.
SUPPLEMENTAL MATERIALS AND WEBSITE
Supplemental information on our fourth quarter 2014 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
4Q 2014 SUPPLEMENTAL | ![]() | 6 |
EARNINGS RELEASE
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, and the intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions, the loss of key management personnel and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly reports filed with the SEC. The Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise unless required by law.
Simon is a global leader in retail real estate ownership, management and development and a S&P100 company (Simon Property Group, NYSE:SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.
4Q 2014 SUPPLEMENTAL | ![]() | 7 |
Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
| FOR THE THREE MONTHS ENDED DECEMBER 31, | FOR THE TWELVE MONTHS ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
REVENUE: | |||||||||||||
Minimum rent | $ | 771,312 | $ | 737,433 | $ | 2,962,295 | $ | 2,775,919 | |||||
Overage rent | 83,769 | 85,300 | 207,104 | 214,758 | |||||||||
Tenant reimbursements | 344,096 | 337,028 | 1,362,412 | 1,258,165 | |||||||||
Management fees and other revenues | 37,081 | 31,816 | 138,226 | 126,972 | |||||||||
Other income | 60,862 | 59,578 | 200,781 | 168,035 | |||||||||
Total revenue | 1,297,120 | 1,251,155 | 4,870,818 | 4,543,849 | |||||||||
EXPENSES: | |||||||||||||
Property operating | 104,280 | 94,483 | 398,598 | 371,044 | |||||||||
Depreciation and amortization | 294,458 | 283,526 | 1,143,827 | 1,107,700 | |||||||||
Real estate taxes | 93,131 | 94,925 | 384,189 | 368,683 | |||||||||
Repairs and maintenance | 27,178 | 29,530 | 100,016 | 98,219 | |||||||||
Advertising and promotion | 37,528 | 42,765 | 136,656 | 117,894 | |||||||||
Provision for credit losses | 3,366 | 3,219 | 12,001 | 7,165 | |||||||||
Home and regional office costs | 37,577 | 34,911 | 158,576 | 140,931 | |||||||||
General and administrative | 15,116 | 15,327 | 59,958 | 59,803 | |||||||||
Other | 29,198 | 24,700 | 91,655 | 83,741 | |||||||||
Total operating expenses | 641,832 | 623,386 | 2,485,476 | 2,355,180 | |||||||||
OPERATING INCOME | 655,288 | 627,769 | 2,385,342 | 2,188,669 | |||||||||
Interest expense | (233,655) | (273,846) | (992,601) | (1,082,081) | |||||||||
Loss on extinguishment of debt | – | – | (127,573) | – | |||||||||
Income and other taxes | (8,008) | (9,764) | (28,085) | (39,538) | |||||||||
Income from unconsolidated entities | 58,301 | 48,569 | 226,774 | 206,380 | |||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net | 4,066 | 7,609 | 158,308 | 93,363 | |||||||||
Consolidated income from continuing operations | 475,992 | 400,337 | 1,622,165 | 1,366,793 | |||||||||
Discontinued operations | – | 48,967 | 67,524 | 184,797 | |||||||||
Discontinued operations transaction expenses | – | – | (38,163) | – | |||||||||
CONSOLIDATED NET INCOME | 475,992 | 449,304 | 1,651,526 | 1,551,590 | |||||||||
Net income attributable to noncontrolling interests | 70,110 | 66,915 | 242,938 | 231,949 | |||||||||
Preferred dividends | 834 | 834 | 3,337 | 3,337 | |||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 405,048 | $ | 381,555 | $ | 1,405,251 | $ | 1,316,304 | |||||
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||||||||||||
Income from continuing operations | $ | 1.30 | $ | 1.09 | $ | 4.44 | $ | 3.73 | |||||
Discontinued operations | – | 0.14 | 0.08 | 0.51 | |||||||||
Net income attributable to common stockholders | $ | 1.30 | $ | 1.23 | $ | 4.52 | $ | 4.24 | |||||
4Q 2014 SUPPLEMENTAL | ![]() | 8 |
Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
| DECEMBER 31, 2014 | DECEMBER 31, 2013 | |||||
---|---|---|---|---|---|---|---|
ASSETS: | |||||||
Investment properties at cost | $ | 31,318,532 | $ | 30,336,639 | |||
Less - accumulated depreciation | 8,950,747 | 8,092,794 | |||||
| | | | | | | |
22,367,785 | 22,243,845 | ||||||
Cash and cash equivalents | 612,282 | 1,691,006 | |||||
Tenant receivables and accrued revenue, net | 580,197 | 520,361 | |||||
Investment in unconsolidated entities, at equity | 2,378,800 | 2,429,845 | |||||
Investment in Klépierre, at equity | 1,786,477 | 2,014,415 | |||||
Deferred costs and other assets | 1,806,789 | 1,422,788 | |||||
Total assets of discontinued operations | – | 3,002,314 | |||||
| | | | | | | |
Total assets | $ | 29,532,330 | $ | 33,324,574 | |||
| | | | | | | |
| | | | | | | |
LIABILITIES: | |||||||
Mortgages and unsecured indebtedness | $ | 20,852,993 | $ | 22,669,917 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,259,681 | 1,223,102 | |||||
Cash distributions and losses in partnerships and joint ventures, at equity | 1,167,163 | 1,050,278 | |||||
Other liabilities | 275,451 | 250,371 | |||||
Total liabilities of discontinued operations | – | 1,117,789 | |||||
| | | | | | | |
Total liabilities | 23,555,288 | 26,311,457 | |||||
| | | | | | | |
Commitments and contingencies | |||||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 25,537 | 190,485 | |||||
EQUITY: | |||||||
Stockholders' Equity | |||||||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | |||||||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 | 44,062 | 44,390 | |||||
Common stock, $0.0001 par value, 511,990,000 shares authorized, 314,320,664 and 314,251,245 issued and outstanding, respectively | 31 | 31 | |||||
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding | – | – | |||||
Capital in excess of par value | 9,422,237 | 9,217,363 | |||||
Accumulated deficit | (4,208,183) | (3,218,686) | |||||
Accumulated other comprehensive loss | (61,041) | (75,795) | |||||
Common stock held in treasury at cost, 3,540,754 and 3,650,680 shares, respectively | (103,929) | (117,897) | |||||
| | | | | | | |
Total stockholders' equity | 5,093,177 | 5,849,406 | |||||
Noncontrolling interests | 858,328 | 973,226 | |||||
| | | | | | | |
Total equity | 5,951,505 | 6,822,632 | |||||
| | | | | | | |
Total liabilities and equity | $ | 29,532,330 | $ | 33,324,574 | |||
| | | | | | | |
| | | | | | | |
4Q 2014 SUPPLEMENTAL | ![]() | 9 |
Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)
| FOR THE THREE MONTHS ENDED DECEMBER 31, | FOR THE YEAR ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
REVENUE: | |||||||||||||
Minimum rent | $ | 457,286 | $ | 453,191 | �� | $ | 1,746,549 | $ | 1,618,802 | ||||
Overage rent | 50,332 | 52,115 | 183,478 | 180,435 | |||||||||
Tenant reimbursements | 197,579 | 191,766 | 786,351 | 747,447 | |||||||||
Other income | 64,626 | 77,045 | 293,419 | 199,197 | |||||||||
| | | | | | | | | | | | | |
Total revenue | 769,823 | 774,117 | 3,009,797 | 2,745,881 | |||||||||
OPERATING EXPENSES: | |||||||||||||
Property operating | 140,559 | 131,055 | 574,706 | 487,144 | |||||||||
Depreciation and amortization | 162,059 | 134,418 | 604,199 | 512,702 | |||||||||
Real estate taxes | 54,222 | 50,623 | 221,745 | 204,894 | |||||||||
Repairs and maintenance | 19,329 | 20,322 | 71,203 | 66,612 | |||||||||
Advertising and promotion | 18,038 | 18,026 | 72,496 | 61,664 | |||||||||
Provision for (recovery of) credit losses | 2,239 | (435) | 6,527 | 1,388 | |||||||||
Other | 46,484 | 45,819 | 187,729 | 155,421 | |||||||||
| | | | | | | | | | | | | |
Total operating expenses | 442,930 | 399,828 | 1,738,605 | 1,489,825 | |||||||||
| | | | | | | | | | | | | |
OPERATING INCOME | 326,893 | 374,289 | 1,271,192 | 1,256,056 | |||||||||
Interest expense | (149,388) | (237,701) | (598,900) | (680,321) | |||||||||
| | | | | | | | | | | | | |
INCOME FROM CONTINUING OPERATIONS | 177,505 | 136,588 | 672,292 | 575,735 | |||||||||
Income from operations of discontinued joint venture interests | – | 4,107 | 5,079 | 14,200 | |||||||||
Gain on disposal of discontinued operations, net | – | 26,228 | – | 51,164 | |||||||||
| | | | | | | | | | | | | |
NET INCOME | $ | 177,505 | $ | 166,923 | $ | 677,371 | $ | 641,099 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
THIRD-PARTY INVESTORS' SHARE OF NET INCOME | $ | 88,789 | $ | 89,782 | $ | 348,127 | $ | 353,708 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
OUR SHARE OF NET INCOME | 88,716 | 77,141 | 329,244 | 287,391 | |||||||||
AMORTIZATION OF EXCESS INVESTMENT (A) | (23,295) | (27,460) | (99,463) | (102,875) | |||||||||
OUR SHARE OF INCOME FROM UNCONSOLIDATED DISCONTINUED OPERATIONS | – | 1,973 | (652) | 1,121 | |||||||||
| | | | | | | | | | | | | |
INCOME FROM UNCONSOLIDATED ENTITIES (B) | $ | 65,421 | $ | 51,654 | $ | 229,129 | $ | 185,637 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Note:- The above financial presentation does not include any information related to our investment in Klépierre S.A. ("Klépierre").
For additional information, see footnote B.
4Q 2014 SUPPLEMENTAL | ![]() | 10 |
Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)
| DECEMBER 31, 2014 | DECEMBER 31, 2013 | |||||
---|---|---|---|---|---|---|---|
ASSETS: | |||||||
Investment properties, at cost | $ | 16,087,282 | $ | 15,355,700 | |||
Less - accumulated depreciation | 5,457,899 | 5,080,832 | |||||
| | | | | | | |
10,629,383 | 10,274,868 | ||||||
Cash and cash equivalents | 993,178 | 781,554 | |||||
Tenant receivables and accrued revenue, net | 362,201 | 302,902 | |||||
Investment in unconsolidated entities, at equity | 11,386 | 38,352 | |||||
Deferred costs and other assets | 536,600 | 579,480 | |||||
Total assets of discontinued operations | – | 281,000 | |||||
| | | | | | | |
Total assets | $ | 12,532,748 | $ | 12,258,156 | |||
| | | | | | | |
| | | | | | | |
LIABILITIES AND PARTNERS' DEFICIT: | |||||||
Mortgages | $ | 13,272,557 | $ | 12,753,139 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenue | 1,015,334 | 834,898 | |||||
Other liabilities | 493,718 | 513,897 | |||||
Total liabilities of discontinued operations | – | 286,252 | |||||
| | | | | | | |
Total liabilities | 14,781,609 | 14,388,186 | |||||
Preferred units | 67,450 | 67,450 | |||||
Partners' deficit | (2,316,311) | (2,197,480) | |||||
| | | | | | | |
Total liabilities and partners' deficit | $ | 12,532,748 | $ | 12,258,156 | |||
| | | | | | | |
| | | | | | | |
Our Share of: | |||||||
Partners' deficit | $ | (663,700) | $ | (717,776) | |||
Add: Excess Investment (A) | 1,875,337 | 2,059,584 | |||||
Add: Our Share of investment in discontinued unconsolidated entities, at equity | – | 37,759 | |||||
| | | | | | | |
Our net Investment in unconsolidated entities, at equity | $ | 1,211,637 | $ | 1,379,567 | |||
| | | | | | | |
| | | | | | | |
- Note:
- The above financial presentation does not include any information related to our investment in Klépierre.
For additional information, see footnote B attached hereto.
4Q 2014 SUPPLEMENTAL | ![]() | 11 |
Simon Property Group, Inc. and Subsidiaries
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
| Reconciliation of Consolidated Net Income to FFO | | | | | | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | FOR THE THREE MONTHS ENDED DECEMBER 31, | FOR THE TWELVE MONTHS ENDED DECEMBER 31, | | ||||||||||||
| | 2014 | 2013 | 2014 | 2013 | | ||||||||||
Consolidated Net Income (D) | $ | 475,992 | $ | 449,304 | $ | 1,651,526 | $ | 1,551,590 | ||||||||
Adjustments to Arrive at FFO: | ||||||||||||||||
Depreciation and amortization from consolidated properties | 289,584 | 324,478 | 1,204,624 | 1,273,646 | ||||||||||||
Our share of depreciation and amortization from unconsolidated entities, including Klépierre | 138,291 | 134,768 | 549,138 | 511,200 | ||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (4,066) | (7,609) | (158,550) | (107,515) | ||||||||||||
Net income attributable to noncontrolling interest holders in properties | (772) | (2,474) | (2,491) | (8,990) | ||||||||||||
Noncontrolling interests portion of depreciation and amortization | (968) | (2,391) | (3,697) | (8,986) | ||||||||||||
Preferred distributions and dividends | (1,313) | (1,313) | (5,252) | (5,252) | ||||||||||||
| | | | | | | | | | | | | | | | |
FFO of the Operating Partnership (E) | $ | 896,748 | $ | 894,763 | $ | 3,235,298 | $ | 3,205,693 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Diluted net income per share to diluted FFO per share reconciliation: | ||||||||||||||||
Diluted net income per share | $ | 1.30 | $ | 1.23 | $ | 4.52 | $ | 4.24 | ||||||||
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre, net of noncontrolling interests portion of depreciation and amortization | 1.18 | 1.26 | 4.82 | 4.91 | ||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (0.01) | (0.02) | (0.44) | (0.30) | ||||||||||||
| | | | | | | | | | | | | | | | |
Diluted FFO per share (F) | $ | 2.47 | $ | 2.47 | $ | 8.90 | $ | 8.85 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
| |||||||||||||||
| Details for per share calculations: | |||||||||||||||
| FFO of the Operating Partnership (E) | $ | 896,748 | $ | 894,763 | $ | 3,235,298 | $ | 3,205,693 | |||||||
| Diluted FFO allocable to unitholders | (130,309) | (128,419) | (469,479) | (460,923) | |||||||||||
| | | | | | | | | | | | | | | | |
| Diluted FFO allocable to common stockholders (G) | $ | 766,439 | $ | 766,344 | $ | 2,765,819 | $ | 2,744,770 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Basic and Diluted weighted average shares outstanding | 310,784 | 310,434 | 310,731 | 310,255 | |||||||||||
| Weighted average limited partnership units outstanding | 52,851 | 52,021 | 52,745 | 52,101 | |||||||||||
| | | | | | | | | | | | | | | | |
| Basic and Diluted weighted average shares and units outstanding | 363,635 | 362,455 | 363,476 | 362,356 | |||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Basic and Diluted FFO per Share (F) | $ | 2.47 | $ | 2.47 | $ | 8.90 | $ | 8.85 | |||||||
| Percent Change | 0.0% | 0.6% |
4Q 2014 SUPPLEMENTAL | ![]() | 12 |
Simon Property Group, Inc. and Subsidiaries
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures
- (A)
- Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties.
- (B)
- The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investment in Klépierre. Amounts included in Footnotes D below exclude our share of related activity for our investment in Klépierre. For further information, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.
- (C)
- This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, comparable FFO per share and comparable EPS. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
- (D)
- Includes our share of:
- -
- Gains on land sales of $1.2 million and $2.2 million for the three months ended December 31, 2014 and 2013, respectively, $15.6 million and $7.6 million for the twelve months ended December 31, 2014 and 2013, respectively.
- -
- Straight-line adjustments to minimum rent of $14.2 million and $18.1 million for the three months ended December 31, 2014 and 2013, respectively (including $0.0 million and $0.3 million related to WPG), and $59.1 million and $57.8 million for the twelve months ended December 31, 2014 and 2013, respectively (including $0.3 million and $0.2 million related to WPG).
4Q 2014 SUPPLEMENTAL | ![]() | 13 |
- -
- Amortization of fair market value of leases from acquisitions of $3.7 million and $5.8 million for the three months ended December 31, 2014 and 2013 respectively (including $0.0 million and $0.2 million related to WPG), and $15.9 million and $27.7 million for the twelve months ended December 31, 2014 and 2013, respectively (including $0.3 million and $1.3 million related to WPG).
- -
- Debt premium amortization of $4.9 million and $9.6 million for the three months ended December 31, 2014 and 2013, respectively (including $0.0 million and $0.2 million related to WPG), and $31.5 million and $41.9 million for the twelve months ended December 31, 2014 and 2013, respectively (including $0.2 million and $0.5 million related to WPG).
- (E)
- Includes FFO of the operating partnership and 2014 transaction expenses related to WPG of $98.2 million for the three months ended December 31, 2013, and $108.0 million and $360.3 million for the twelve months ended December 31, 2014 and 2013, respectively.
- (F)
- Includes Basic and Diluted FFO per share related to WPG operations and 2014 transaction expenses of $0.27 for the three months ended December 31, 2013, and $0.30 and $0.99 for the twelve months ended December 31, 2014 and 2013, respectively.
- (G)
- Includes Diluted FFO allocable to common stockholders and 2014 transaction expenses related to WPG of $84.1 million for the three months ended December 31, 2013, and $92.4 million and $308.5 million for the twelve months ended December 31, 2014 and 2013, respectively.
- (H)
- Reconciliation of reported earnings per share to comparable earnings per share
| THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | ||||||||
Reported earnings per share | $ | 1.30 | $ | 1.23 | $ | 4.52 | $ | 4.24 | ||||
Add: Loss on extinguishment of debt | – | – | 0.35 | – | ||||||||
Add: WPG spin-off transaction expenses | – | – | 0.10 | – | ||||||||
Less: Earnings per share from WPG properties | – | (0.14) | (0.18) | (0.51) | ||||||||
| | | | | | | | | | | | |
Comparable earnings per share | $ | 1.30 | $ | 1.09 | $ | 4.79 | $ | 3.73 | ||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Comparable earnings per share growth | 19.3% | 28.4% |
4Q 2014 SUPPLEMENTAL | ![]() | 14 |
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to, Simon Property, Inc., the Operating Partnership, and its subsidiaries. We are engaged primarily in the ownership, development and management of retail real estate properties including Malls, Premium Outlets®, The Mills®, and International Properties. At December 31, 2014, we owned or had an interest in 228 properties comprising 189 million square feet in North America, Asia and Europe. Additionally, at December 31, 2014, we had a 28.9% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 13 European countries.
This package was prepared to provide operational and balance sheet information as of December 31, 2014, for the Company and the Operating Partnership.
On May 28, 2014, we completed the spin-off of 98 smaller malls and community centers to Washington Prime Group Inc. (WPG), the predecessor company to WP GLIMCHER, an independent public company trading on the NYSE under the symbol "WPG". Results from the properties transferred to WPG (WPG properties) are included in our financial information as discontinued operations through May 28, 2014.
Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions, the loss of key management personnel and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in our periodic reports, but except as required by law, otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
Below is a list of estimated dates for future announcements of results. Dates are subject to change.
First Quarter 2015 | April 24, 2015 | |
Second Quarter 2015 | July 24, 2015 | |
Third Quarter 2015 | October 23, 2015 |
4Q 2014 SUPPLEMENTAL | ![]() | 15 |
OVERVIEW
The Company's common stock and one issue of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock | SPG | |||
8.375% Series J Cumulative Redeemable Preferred | SPGPrJ |
Standard & Poor's | ||||
Corporate | A | (Stable Outlook) | ||
Senior Unsecured | A | (Stable Outlook) | ||
Preferred Stock | BBB+ | (Stable Outlook) | ||
Commerical Paper | A1 | (Stable Outlook) | ||
Moody's |
|
| ||
Senior Unsecured | A2 | (Stable Outlook) | ||
Preferred Stock | A3 | (Stable Outlook) | ||
Commerical Paper | P1 | (Stable Outlook) |
SENIOR UNSECURED DEBT COVENANTS (1)
| Required | Actual | Compliance | |||
---|---|---|---|---|---|---|
Total Debt to Total Assets (1) | £65% | 40% | Yes | |||
Total Secured Debt to Total Assets (1) | £50% | 18% | Yes | |||
Fixed Charge Coverage Ratio | >1.5X | 3.8X | Yes | |||
Total Unencumbered Assets to Unsecured Debt | ³125% | 264% | Yes |
- (1)
- Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
4Q 2014 SUPPLEMENTAL | ![]() | 16 |
SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
| THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
Financial Highlights | |||||||||||||
Total Revenue - Consolidated Properties | $ | 1,297,120 | $ | 1,251,155 | $ | 4,870,818 | $ | 4,543,849 | |||||
Consolidated Net Income | $ | 475,992 | $ | 449,304 | $ | 1,651,526 | $ | 1,551,590 | |||||
Net Income Attributable to Common Stockholders | $ | 405,048 | $ | 381,555 | $ | 1,405,251 | $ | 1,316,304 | |||||
Basic and Diluted Earnings per Common Share (EPS) | $ | 1.30 | $ | 1.23 | $ | 4.52 | $ | 4.24 | |||||
Funds from Operations (FFO) of the Operating Partnership (1) | $ | 896,748 | $ | 894,763 | $ | 3,235,298 | $ | 3,205,693 | |||||
Basic and Diluted FFO per Share (FFOPS) (2) | $ | 2.47 | $ | 2.47 | $ | 8.90 | $ | 8.85 | |||||
Dividends/Distributions per Share/Unit | $ | 1.30 | $ | 1.20 | $ | 5.15 | $ | 4.65 |
Stockholders' Equity Information | AS OF DECEMBER 31, 2014 | AS OF DECEMBER 31, 2013 | |||||
---|---|---|---|---|---|---|---|
Limited Partners' Units Outstanding at end of period | 52,847 | �� | 51,846 | ||||
Common Shares Outstanding at end of period | 310,788 | 310,609 | |||||
| | | | | | | |
Total Common Shares and Limited Partnership Units Outstanding at end of period | 363,635 | 362,455 | |||||
| | | | | | | |
| | | | | | | |
Weighted Average Limited Partnership Units Outstanding | 52,745 | 52,101 | |||||
Weighted Average Common Shares Outstanding: | |||||||
Basic and Diluted - for purposes of EPS and FFOPS | 310,731 | 310,255 | |||||
Debt Information | |||||||
Share of Consolidated Debt | $ | 20,773,850 | $ | 22,536,459 | |||
Share of Joint Venture Debt | 6,359,882 | 6,023,740 | |||||
Share of Debt from Discontinued Operations | – | 962,157 | |||||
| | | | | | | |
Share of Total Debt | $ | 27,133,732 | $ | 29,522,356 | |||
| | | | | | | |
| | | | | | | |
Market Capitalization | |||||||
Common Stock Price at end of period | $ | 182.11 | (3) | $ | 152.16 | ||
Common Equity Capitalization, including Limited Partnership Units | $ | 66,221,496 | $ | 55,151,110 | |||
Preferred Equity Capitalization, including Limited Partnership Preferred Units | 81,236 | 73,753 | |||||
| | | | | | | |
Total Equity Market Capitalization | $ | 66,302,732 | $ | 55,224,863 | |||
| | | | | | | |
| | | | | | | |
Total Market Capitalization - Including Share of Total Debt | $ | 93,436,464 | $ | 84,747,219 | |||
Debt to Total Market Capitalization | 29.0% | 34.8% |
- (1)
- Includes FFO of the Operating Partnership and 2014 transaction expenses related to the May 28, 2014 spin-off of the WPG properties of $98.2 million for the three months ended December 31, 2013, and $108.0 million and $360.3 million for the twelve months ended December 31, 2014 and 2013, respectively. Also includes a charge of $127.6 million for loss on extinguishment of debt for the twelve months ended December 31, 2014.
- (2)
- Includes Basic and Diluted FFO per share related to WPG properties and 2014 transaction expenses of $0.27 for the three months ended December 31, 2013, and $0.30 and $0.99 for the twelve months ended December 31, 2014 and 2013, respectively. Also includes a charge of $0.35 for loss on extinguishment of debt for the twelve months ended December 31, 2014.
- (3)
- Reflects value after WPG spin-off.
4Q 2014 SUPPLEMENTAL | ![]() | 17 |
PRO-RATA STATEMENT OF OPERATIONS
(In thousands)
| FOR THE THREE MONTHS ENDED DECEMBER 31, 2014 | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED | NONCONTROLLING INTERESTS (1) | OUR CONSOLIDATED SHARE | OUR SHARE OF JOINT VENTURES | OUR TOTAL SHARE | FOR THE THREE MONTHS ENDED DECEMBER 31, 2013 OUR TOTAL SHARE | |||||||||||||
REVENUE: | |||||||||||||||||||
Minimum rent | $ | 771,312 | $ | (3,536) | $ | 767,776 | $ | 221,234 | $ | 989,010 | $ | 946,600 | |||||||
Overage rent | 83,769 | (107) | 83,662 | 22,364 | 106,026 | 107,861 | |||||||||||||
Tenant reimbursements | 344,096 | (1,992) | 342,104 | 93,442 | 435,546 | 423,178 | |||||||||||||
Management fees and other revenues | 37,081 | – | 37,081 | – | 37,081 | 31,816 | |||||||||||||
Other income | 60,862 | (196) | 60,666 | 30,418 | 91,084 | 92,977 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total revenue | 1,297,120 | (5,831) | 1,291,289 | 367,458 | 1,658,747 | 1,602,432 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
EXPENSES: | |||||||||||||||||||
Property operating | 104,280 | (994) | 103,286 | 63,588 | 166,874 | 150,305 | |||||||||||||
Depreciation and amortization | 294,458 | (968) | 293,490 | 104,308 | 397,798 | 373,206 | |||||||||||||
Real estate taxes | 93,131 | (539) | 92,592 | 25,893 | 118,485 | 117,810 | |||||||||||||
Repairs and maintenance | 27,178 | (215) | 26,963 | 9,105 | 36,068 | 38,573 | |||||||||||||
Advertising and promotion | 37,528 | (103) | 37,425 | 8,682 | 46,107 | 51,172 | |||||||||||||
Provision for credit losses | 3,366 | (23) | 3,343 | 1,061 | 4,404 | 2,926 | |||||||||||||
Home and regional office costs | 37,577 | – | 37,577 | – | 37,577 | 34,911 | |||||||||||||
General and administrative | 15,116 | – | 15,116 | – | 15,116 | 15,327 | |||||||||||||
Other | 29,198 | (1,014) | 28,184 | 20,521 | 48,705 | 43,790 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total operating expenses | 641,832 | (3,856) | 637,976 | 233,158 | 871,134 | 828,020 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
OPERATING INCOME | 655,288 | (1,975) | 653,313 | 134,300 | 787,613 | 774,412 | |||||||||||||
Interest expense | (233,655) | 1,203 | (232,452) | (68,879) | (301,331) | (371,308) | |||||||||||||
Loss on extinguishment of debt | – | – | – | – | – | – | |||||||||||||
Income and other taxes | (8,008) | – | (8,008) | – | (8,008) | (9,765) | |||||||||||||
Income from unconsolidated entities | 58,301 | – | 58,301 | (65,421) | (7,120) | (2) | (3,085) | ||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, net | 4,066 | – | 4,066 | – | 4,066 | 7,609 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Consolidated income from continuing operations | 475,992 | (772) | 475,220 | – | 475,220 | 397,863 | |||||||||||||
Discontinued operations | – | – | – | – | – | 48,967 | |||||||||||||
Discontinued operations transaction expenses | – | – | – | – | – | – | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
CONSOLIDATED NET INCOME | 475,992 | (772) | 475,220 | – | 475,220 | 446,830 | |||||||||||||
Net income attributable to noncontrolling interests | 70,110 | (772) | 69,338 | – | 69,338 | (3) | 64,441 | ||||||||||||
Preferred dividends | 834 | – | 834 | – | 834 | 834 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 405,048 | $ | – | $ | 405,048 | $ | – | $405,048 | $ | 381,555 | ||||||||
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO: | |||||||||||||||||||
Consolidated Net Income | $ | 475,992 | $ | – | $475,992 | $ | 449,304 | ||||||||||||
Adjustments to Consolidated Net Income to Arrive at FFO: | |||||||||||||||||||
Depreciation and amortization from consolidated properties | 289,584 | 289,584 | 324,478 | ||||||||||||||||
Our share of depreciation and amortization from unconsolidated entities, including Klépierre | 138,291 | 138,291 | 134,768 | ||||||||||||||||
Income from unconsolidated entities | (58,301) | 58,301 | – | – | |||||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (4,066) | (4,066) | (7,609) | ||||||||||||||||
Net income attributable to noncontrolling interest holders in properties | (772) | (772) | (2,474) | ||||||||||||||||
Noncontrolling interests portion of depreciation and amortization | (968) | (968) | (2,391) | ||||||||||||||||
Preferred distributions and dividends | (1,313) | (1,313) | (1,313) | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
FFO of the Operating Partnership | $ | 700,156 | $ | 196,592 | $896,748 | $ | 894,763 | ||||||||||||
Percentage of FFO of the Operating Partnership | 78.08% | 21.92% | 100.00% | 100.00% |
- (1)
- Represents our venture partners' share of operations on consolidated properties.
- (2)
- Our Total Share of the remaining results from unconsolidated entities represents our share of net results related to our investment in Klépierre.
- (3)
- Represents limited partners' interest in the Operating Partnership.
4Q 2014 SUPPLEMENTAL | ![]() | 18 |
PRO-RATA STATEMENT OF OPERATIONS
(In thousands)
| FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014 | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED | NONCONTROLLING INTERESTS (1) | OUR CONSOLIDATED SHARE | OUR SHARE OF JOINT VENTURES | OUR TOTAL SHARE | FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 OUR TOTAL SHARE | |||||||||||||
REVENUE: | |||||||||||||||||||
Minimum rent | $ | 2,962,295 | $ | (13,413) | $ | 2,948,882 | $ | 845,700 | $ | 3,794,582 | $ | 3,510,933 | |||||||
Overage rent | 207,104 | (206) | 206,898 | 79,401 | 286,299 | 291,206 | |||||||||||||
Tenant reimbursements | 1,362,412 | (8,194) | 1,354,218 | 371,574 | 1,725,792 | 1,592,434 | |||||||||||||
Management fees and other revenues | 138,226 | – | 138,226 | – | 138,226 | 126,972 | |||||||||||||
Other income | 200,781 | (699) | 200,082 | 143,529 | 343,611 | 257,452 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total revenue | 4,870,818 | (22,512) | 4,848,306 | 1,440,204 | 6,288,510 | 5,778,997 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
EXPENSES: | |||||||||||||||||||
Property operating | 398,598 | (4,211) | 394,387 | 259,600 | 653,987 | 575,235 | |||||||||||||
Depreciation and amortization | 1,143,827 | (3,697) | 1,140,130 | 412,765 | 1,552,895 | 1,451,956 | |||||||||||||
Real estate taxes | 384,189 | (2,260) | 381,929 | 105,400 | 487,329 | 460,446 | |||||||||||||
Repairs and maintenance | 100,016 | (776) | 99,240 | 33,755 | 132,995 | 127,845 | |||||||||||||
Advertising and promotion | 136,656 | (399) | 136,257 | 34,002 | 170,259 | 145,782 | |||||||||||||
Provision for credit losses | 12,001 | (101) | 11,900 | 3,213 | 15,113 | 7,860 | |||||||||||||
Home and regional office costs | 158,576 | – | 158,576 | – | 158,576 | 140,931 | |||||||||||||
General and administrative | 59,958 | – | 59,958 | – | 59,958 | 59,803 | |||||||||||||
Other | 91,655 | (3,711) | 87,944 | 83,942 | 171,886 | 145,809 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total operating expenses | 2,485,476 | (15,155) | 2,470,321 | 932,677 | 3,402,998 | 3,115,667 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
OPERATING INCOME | 2,385,342 | (7,357) | 2,377,985 | 507,527 | 2,885,512 | 2,663,330 | |||||||||||||
Interest expense | (992,601) | 4,866 | (987,735) | (278,398) | (1,266,133) | (1,380,095) | |||||||||||||
Loss on extinguishment of debt | (127,573) | – | (127,573) | – | (127,573) | – | |||||||||||||
Income and other taxes | (28,085) | – | (28,085) | – | (28,085) | (39,538) | |||||||||||||
Income from unconsolidated entities | 226,774 | – | 226,774 | (229,129) | (2,355) | (2) | 20,743 | ||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 158,308 | – | 158,308 | – | 158,308 | 93,363 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Consolidated income from continuing operations | 1,622,165 | (2,491) | 1,619,674 | – | 1,619,674 | 1,357,803 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Discontinued operations | 67,524 | – | 67,524 | – | 67,524 | 184,797 | |||||||||||||
Discontinued operations transaction expenses | (38,163) | – | (38,163) | – | (38,163) | – | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
CONSOLIDATED NET INCOME | 1,651,526 | (2,491) | 1,649,035 | – | 1,649,035 | 1,542,600 | |||||||||||||
Net income attributable to noncontrolling interests | 242,938 | (2,491) | 240,447 | – | 240,447 | (3) | 222,959 | ||||||||||||
Preferred dividends | 3,337 | – | 3,337 | – | 3,337 | 3,337 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 1,405,251 | $ | – | $ | 1,405,251 | $ | – | $ | 1,405,251 | $ | 1,316,304 | |||||||
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO: | |||||||||||||||||||
Consolidated Net Income | $ | 1,651,526 | $ | – | $ | 1,651,526 | $ | 1,551,590 | |||||||||||
Adjustments to Consolidated Net Income to Arrive at FFO: | |||||||||||||||||||
Depreciation and amortization from consolidated properties | 1,204,624 | 1,204,624 | 1,273,646 | ||||||||||||||||
Our share of depreciation and amortization from unconsolidated entities, including Klépierre | 549,138 | 549,138 | 511,200 | ||||||||||||||||
Income from unconsolidated entities | (227,426) | 227,426 | – | – | |||||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (158,550) | (158,550) | (107,515) | ||||||||||||||||
Net income attributable to noncontrolling interest holders in properties | (2,491) | (2,491) | (8,990) | ||||||||||||||||
Noncontrolling interests portion of depreciation and amortization | (3,697) | (3,697) | (8,986) | ||||||||||||||||
Preferred distributions and dividends | (5,252) | (5,252) | (5,252) | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
FFO of the Operating Partnership | $ | 2,458,734 | $ | 776,564 | $ | 3,235,298 | $ | 3,205,693 | |||||||||||
Percentage of FFO of the Operating Partnership | 76.00% | 24.00% | 100.00% | 100.00% |
- (1)
- Represents our venture partners' share of operations from consolidated properties.
- (2)
- Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre.
- (3)
- Represents limited partners' interest in the Operating Partnership.
4Q 2014 SUPPLEMENTAL | ![]() | 19 |
PRO-RATA BALANCE SHEET
(In thousands)
| AS OF DECEMBER 31, 2014 | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED | NONCONTROLLING INTERESTS | OUR CONSOLIDATED SHARE | OUR SHARE OF JOINT VENTURES | OUR TOTAL SHARE | AS OF DECEMBER 31, 2013 OUR TOTAL SHARE | |||||||||||||
ASSETS: | |||||||||||||||||||
Investment properties, at cost | $ | 31,318,532 | $ | (124,408) | $ | 31,194,124 | $ | 10,019,756 | $ | 41,213,880 | $ | 39,792,597 | |||||||
Less - accumulated depreciation | 8,950,747 | (53,683) | 8,897,064 | 2,613,601 | 11,510,665 | 10,399,807 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
22,367,785 | (70,725) | 22,297,060 | 7,406,155 | 29,703,215 | 29,392,790 | ||||||||||||||
Cash and cash equivalents | 612,282 | (4,414) | 607,868 | 524,807 | 1,132,675 | 2,053,790 | |||||||||||||
Tenant receivables and accrued revenue, net | 580,197 | (2,037) | 578,160 | 174,405 | 752,565 | 660,235 | |||||||||||||
Investment in unconsolidated entities, at equity | 2,378,800 | – | 2,378,800 | (2,378,800) | – | – | |||||||||||||
Investment in Klépierre, at equity | 1,786,477 | – | 1,786,477 | – | 1,786,477 | 2,014,415 | |||||||||||||
Deferred costs and other assets | 1,806,789 | (7,214) | 1,799,575 | 296,201 | 2,095,776 | 1,723,503 | |||||||||||||
Total assets of discontinued operations | – | – | – | – | – | 3,041,057 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total assets | $ | 29,532,330 | $ | (84,390) | $ | 29,447,940 | $ | 6,022,768 | $ | 35,470,708 | $ | 38,885,790 | |||||||
LIABILITIES: | |||||||||||||||||||
Mortgages and unsecured indebtedness | $ | 20,852,993 | $ | (79,143) | $ | 20,773,850 | $ | 6,359,882 | $ | 27,133,732 | $ | 28,560,199 | |||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,259,681 | (4,973) | 1,254,708 | 582,608 | 1,837,316 | 1,628,779 | |||||||||||||
Cash distributions and losses in partnerships and joint ventures, at equity | 1,167,163 | – | 1,167,163 | (1,167,163) | – | – | |||||||||||||
Other liabilities | 275,451 | (503) | 274,948 | 247,441 | 522,389 | 521,910 | |||||||||||||
Total liabilities of discontinued operations | – | – | – | – | – | 1,194,291 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total liabilities | 23,555,288 | (84,619) | 23,470,669 | 6,022,768 | 29,493,437 | 31,905,179 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Commitments and contingencies | |||||||||||||||||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | 25,537 | – | 25,537 | – | 25,537 | 162,243 | |||||||||||||
EQUITY: | |||||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Capital stock | |||||||||||||||||||
Series J 83/8% cumulative redeemable preferred stock | 44,062 | – | 44,062 | – | 44,062 | 44,390 | |||||||||||||
Common stock, $.0001 par value | 31 | – | 31 | – | 31 | 31 | |||||||||||||
Class B common stock, $.0001 par value | – | – | – | – | – | – | |||||||||||||
Capital in excess of par value | 9,422,237 | – | 9,422,237 | – | 9,422,237 | 9,217,363 | |||||||||||||
Accumulated deficit | (4,208,183) | – | (4,208,183) | – | (4,208,183) | (3,218,686) | |||||||||||||
Accumulated other comprehensive loss | (61,041) | – | (61,041) | – | (61,041) | (75,795) | |||||||||||||
Common stock held in treasury at cost | (103,929) | – | (103,929) | – | (103,929) | (117,897) | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total stockholders' equity | 5,093,177 | – | 5,093,177 | – | 5,093,177 | 5,849,406 | |||||||||||||
Noncontrolling interests | 858,328 | 229 | 858,557 | – | 858,557 | 968,962 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total equity | 5,951,505 | 229 | 5,951,734 | – | 5,951,734 | 6,818,368 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | $ | 29,532,330 | $ | (84,390) | $ | 29,447,940 | $ | 6,022,768 | $ | 35,470,708 | $ | 38,885,790 | |||||||
We present balance sheet and income statement data on a pro-rata basis reflecting our proportionate economic ownership of each asset in our portfolio. The consolidated amounts shown are prepared on a consistent basis with our consolidated financial statements. Our Share of Joint Ventures column was derived on a property-by-property basis by applying the same joint venture ownership percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for noncontrolling interests.
4Q 2014 SUPPLEMENTAL | ![]() | 20 |
NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Twelve Months Ended December 31, 2014
![]() |
- (1)
- Based on our share of total NOI and does not reflect any property, entity or corporate-level debt. Does not include WPG properties.
- (2)
- Includes Klépierre, international Premium Outlets and international Designer Outlets.
4Q 2014 SUPPLEMENTAL | ![]() | 21 |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
The following schedule reconciles net income to NOI and provides our calculation of comparable property NOI. | |||||||||||||
| |||||||||||||
| THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
Reconciliation of NOI of consolidated properties: | |||||||||||||
Consolidated Net Income | $ | 475,992 | $ | 449,304 | $ | 1,651,526 | $ | 1,551,590 | |||||
Discontinued operations | – | (48,967) | (67,524) | (184,797) | |||||||||
Discontinued operations transaction expenses | – | – | 38,163 | – | |||||||||
Income and other taxes | 8,008 | 9,764 | 28,085 | 39,538 | |||||||||
Interest expense | 233,655 | 273,846 | 992,601 | 1,082,081 | |||||||||
Income from unconsolidated entities | (58,301) | (48,569) | (226,774) | (206,380) | |||||||||
Loss on extinguishment of debt | – | – | 127,573 | – | |||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (4,066) | (7,609) | (158,308) | (93,363) | |||||||||
| | | | | | | | | | | | | |
Operating Income | 655,288 | 627,769 | 2,385,342 | 2,188,669 | |||||||||
Depreciation and amortization | 294,458 | 283,526 | 1,143,827 | 1,107,700 | |||||||||
| | | | | | | | | | | | | |
NOI of consolidated properties | $ | 949,746 | $ | 911,295 | $ | 3,529,169 | $ | 3,296,369 | |||||
Reconciliation of NOI of unconsolidated entities: | |||||||||||||
Net Income | $ | 177,505 | $ | 166,923 | $ | 677,371 | $ | 641,099 | |||||
Interest expense | 149,388 | 237,701 | 598,900 | 680,321 | |||||||||
Income from operations of discontinued joint venture interests | – | (4,107) | (5,079) | (14,200) | |||||||||
Gain on disposal of discontinued operations, net | – | (26,228) | – | (51,164) | |||||||||
| | | | | | | | | | | | | |
Operating Income | 326,893 | 374,289 | 1,271,192 | 1,256,056 | |||||||||
Depreciation and amortization | 162,059 | 134,418 | 604,199 | 512,702 | |||||||||
| | | | | | | | | | | | | |
NOI of unconsolidated entities | $ | 488,952 | $ | 508,707 | $ | 1,875,391 | $ | 1,768,758 | |||||
Total consolidated and unconsolidated NOI from continuing operations | $ | 1,438,698 | $ | 1,420,002 | $ | 5,404,560 | $ | 5,065,127 | |||||
Change in total NOI from continuing operations from prior period | 1.3% | 6.7% | |||||||||||
Adjustments to NOI: | |||||||||||||
NOI of discontinued consolidated properties | – | 110,434 | 169,828 | 409,848 | |||||||||
NOI of discontinued unconsolidated properties | – | 11,408 | 17,445 | 44,352 | |||||||||
| | | | | | | | | | | | | |
Total NOI of our portfolio | $ | 1,438,698 | $ | 1,541,844 | $ | 5,591,833 | $ | 5,519,327 | |||||
Add: Our share of NOI from Klépierre | 51,507 | 67,571 | 223,013 | 276,391 | |||||||||
Less: Joint venture partners' share of NOI from continuing operations | 253,287 | 272,385 | 966,154 | 949,841 | |||||||||
Less: Joint venture partners' share of NOI from discontinued operations | – | 8,579 | 12,998 | 33,620 | |||||||||
| | | | | | | | | | | | | |
Our share of NOI | $ | 1,236,918 | $ | 1,328,451 | $ | 4,835,694 | $ | 4,812,257 | |||||
Total NOI of our portfolio | $ | 1,438,698 | $ | 1,541,844 | $ | 5,591,833 | $ | 5,519,327 | |||||
NOI from non comparable properties (1) | 177,672 | 329,369 | 961,053 | 1,112,166 | |||||||||
| | | | | | | | | | | | | |
Total NOI of comparable properties (2) | $ | 1,261,026 | $ | 1,212,475 | $ | 4,630,780 | $ | 4,407,161 | |||||
Increase in NOI of U.S. Malls, Premium Outlets and The Mills that are comparable properties | 4.0% | 5.1% | |||||||||||
- (1)
- NOI excluded from comparable property NOI relates to WPG properties, international properties, other retail properties, TMLP properties, any of our non-retail holdings and results of our corporate and management company operations, NOI of U.S. Malls, Premium Outlets and The Mills not owned and operated in both periods under comparison and excluded income noted in footnote 2 below.
- (2)
- Excludes lease termination income, interest income, land sale gains, straight line rent, above/below market rent adjustments, and the impact of significant redevelopment activities.
4Q 2014 SUPPLEMENTAL | ![]() | 22 |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
- (1)
- Non-cash impacts to FFO include:
| THREE MONTHS ENDED DECEMBER 31, 2014 | | TWELVE MONTHS ENDED DECEMBER 31, 2014 | | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Deductions: | ||||||||||||||
Straight-line rent | (14,207 | ) | (59,099 | ) | ||||||||||
Fair value of debt amortization | (4,879 | ) | (31,522 | ) | ||||||||||
Fair market value of lease amortization | (3,738 | ) | (15,944 | ) | ||||||||||
Additions: | ||||||||||||||
Stock based compensation expense | 13,186 | 56,529 | ||||||||||||
Mortgage, financing fee and terminated swap amortization expense | 8,972 | 41,295 | ||||||||||||
| | | | | | | | | | | | | ||
(666 | ) | (8,741 | ) | |||||||||||
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, diluted FFO per share, funds available for distribution, net operating income (NOI), and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 22 and 23 and in the Earnings Release for the latest period.
4Q 2014 SUPPLEMENTAL | ![]() | 23 |
OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)
| THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
Consolidated Properties | |||||||||||||
Other Income (1) | |||||||||||||
Interest and dividend income | $ | 7,843 | $ | 2,766 | $ | 19,096 | $ | 9,054 | |||||
Lease settlement income | 2,042 | 2,705 | 22,085 | 5,824 | |||||||||
Gains on land sales | 1,035 | 1,972 | 15,262 | 7,363 | |||||||||
Other (2) | 49,942 | 52,135 | 144,338 | 145,794 | |||||||||
| | | | | | | | | | | | | |
Totals | $ | 60,862 | $ | 59,578 | $ | 200,781 | $ | 168,035 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Other Expense | |||||||||||||
Ground rent | $ | 10,419 | $ | 5,513 | $ | 39,934 | $ | 37,170 | |||||
Professional fees and other | 18,779 | 19,187 | 51,721 | 46,571 | |||||||||
| | | | | | | | | | | | | |
Totals | $ | 29,198 | $ | 24,700 | $ | 91,655 | $ | 83,741 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| |||||||||||||
Capitalized Interest(1) | THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |||||||||
Interest Capitalized during the Period: | |||||||||||||
Our Share of Consolidated Properties | $ | 5,902 | $ | 2,471 | $ | 16,485 | $ | 15,304 | |||||
Our Share of Joint Venture Properties | $ | 1,015 | $ | 83 | $ | 1,456 | $ | 613 |
- (1)
- Excludes WPG properties in all periods presented as those items are reported as discontinued operations.
- (2)
- Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues and other miscellaneous income items.
4Q 2014 SUPPLEMENTAL | ![]() | 24 |
U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION (1)
| AS OF DECEMBER 31, | ||||||
---|---|---|---|---|---|---|---|
| 2014 | 2013 (1) | |||||
Total Number of Properties | 177 | 178 | |||||
Total Square Footage of Properties (in millions) | 151.5 | 152.7 | |||||
Ending Occupancy (2): | |||||||
Consolidated Assets | 97.3% | 97.5% | |||||
Unconsolidated Assets | 96.4% | 95.4% | |||||
Total Portfolio | 97.1% | 96.9% | |||||
Total Sales per Square Foot (PSF) (3): | |||||||
Consolidated Assets | $ | 603 | $ | 603 | |||
Unconsolidated Assets | $ | 679 | $ | 670 | |||
Total Portfolio | $ | 619 | $ | 618 | |||
Base Minimum Rent PSF (4): | |||||||
Consolidated Assets | $ | 45.34 | $ | 43.33 | |||
Unconsolidated Assets | $ | 51.89 | $ | 50.00 | |||
Total Portfolio | $ | 47.01 | $ | 45.01 |
Releasing Activity for the Trailing Twelve Month Period Ended:
| TOTAL RENT PSF | | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SQUARE FOOTAGE OF OPENINGS | OPENING RATE PSF (5) | CLOSING RATE PSF (5) | RELEASING SPREAD (5) | ||||||||||||
12/31/14 | 7,560,601 | $ | 67.51 | $ | 57.92 | $ | 9.59 | 16.6% | ||||||||
9/30/14 | 7,263,578 | $ | 65.46 | $ | 55.79 | $ | 9.67 | 17.3% | ||||||||
6/30/14 | 7,174,353 | $ | 66.28 | $ | 55.22 | $ | 11.06 | 20.0% | ||||||||
3/31/14 | 6,653,281 | $ | 65.89 | $ | 54.42 | $ | 11.47 | 21.1% | ||||||||
12/31/13 | 6,697,286 | $ | 67.06 | $ | 56.72 | $ | 10.34 | 18.2% | ||||||||
9/30/13 | 6,587,881 | $ | 65.86 | $ | 56.50 | $ | 9.36 | 16.6% | ||||||||
6/30/13 | 6,366,446 | $ | 64.84 | $ | 56.08 | $ | 8.76 | 15.6% | ||||||||
3/31/13 | 6,268,787 | $ | 63.61 | $ | 55.16 | $ | 8.45 | 15.3% | ||||||||
Occupancy Cost as a Percentage of Sales (6): | ||||||||||||||||
12/31/14 | 11.7% | |||||||||||||||
9/30/14 | 11.7% | |||||||||||||||
6/30/14 | 11.6% | |||||||||||||||
3/31/14 | 11.4% | |||||||||||||||
12/31/13 | 11.3% | |||||||||||||||
9/30/13 | 11.2% | |||||||||||||||
6/30/13 | 11.2% | |||||||||||||||
3/31/13 | 11.1% |
- (1)
- Excludes WPG properties and all prior periods have been restated.
- (2)
- Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
- (3)
- Total Sales PSF is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated company owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, only stores with less than 10,000 square feet are included for malls. All company owned space is included for Premium Outlets.
- (4)
- Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
- (5)
- Releasing Spread is a "same space" measure that compares opening and closing rates on individual spaces, including spaces greater than 10,000 square feet. The Opening Rate is the average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals, amendments and relocations (including expansions and downsizings). The Closing Rate is the average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants that would qualify to be included in Ending Occupancy as defined above as long as the opening and closing dates are within 24 months of one another.
- (6)
- Occupancy Cost as a Percentage of Sales is the trailing 12-month Base Minimum Rent, plus all applicable ancillary charges, plus overage rent, if applicable (based on last 12 months of sales), divided by the trailing 12-month Total Sales PSF for the same tenants.
4Q 2014 SUPPLEMENTAL | ![]() | 25 |
THE MILLS AND INTERNATIONAL OPERATING INFORMATION
| AS OF DECEMBER 31, | ||||||
---|---|---|---|---|---|---|---|
| 2014 | 2013 | |||||
The Mills | |||||||
Total Number of Properties | 13 | 13 | |||||
Total Square Footage of Properties (in millions) | 19.6 | 19.6 | |||||
Ending Occupancy (1) | 98.4% | 98.5% | |||||
Total Sales PSF (2) | $ | 541 | $ | 529 | |||
Base Minimum Rent PSF (3) | $ | 25.43 | $ | 23.79 | |||
Releasing Spread PSF (4) | $ | 13.05 | $ | 11.00 | |||
Releasing Spread (Percentage Change) (4) | 39.9% | 30.4% | |||||
International Properties | |||||||
Premium Outlets | |||||||
Total Number of Properties | 16 | 15 | |||||
Total Square Footage of Properties (in millions) | 5.5 | 4.9 | |||||
Designer Outlets | |||||||
Total Number of Properties | 5 | 5 | |||||
Total Square Footage of Properties (in millions) | 1.0 | 1.0 | |||||
Statistics for Premium Outlets in Japan (5) | |||||||
Ending Occupancy | 99.1% | 99.4% | |||||
Total Sales PSF | ¥ | 94,933 | ¥ | 90,959 | |||
Base Minimum Rent PSF | ¥ | 4,810 | ¥ | 4,888 |
- (1)
- See footnote 2 on page 25 for definition, except Ending Occupancy is calculated on all company owned space.
- (2)
- See footnote 3 on page 25 for definition; calculation methodology is the same as for malls.
- (3)
- See footnote 4 on page 25 for definition.
- (4)
- See footnote 5 on page 25 for definition.
- (5)
- Information supplied by the managing venture partner; includes 9 properties.
4Q 2014 SUPPLEMENTAL | ![]() | 26 |
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)
YEAR | NUMBER OF LEASES EXPIRING | SQUARE FEET | AVG. BASE MINIMUM RENT PSF AT 12/31/14 | PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES (2) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Inline Stores and Freestanding | |||||||||||||
Month to Month Leases | 434 | 1,242,185 | $ | 44.68 | 1.2% | ||||||||
2015 | 2,085 | 6,506,235 | $ | 44.74 | 6.4% | ||||||||
2016 | 2,444 | 8,274,653 | $ | 42.38 | 7.7% | ||||||||
2017 | 2,402 | 8,186,466 | $ | 44.84 | 8.3% | ||||||||
2018 | 2,218 | 8,259,805 | $ | 47.00 | 8.6% | ||||||||
2019 | 1,834 | 7,070,956 | $ | 46.48 | 7.4% | ||||||||
2020 | 1,342 | 5,239,299 | $ | 46.74 | 5.5% | ||||||||
2021 | 1,209 | 4,867,902 | $ | 49.87 | 5.5% | ||||||||
2022 | 1,447 | 5,589,313 | $ | 48.97 | 6.1% | ||||||||
2023 | 1,757 | 6,653,525 | $ | 51.16 | 7.7% | ||||||||
2024 | 1,551 | 5,897,684 | $ | 53.19 | 6.9% | ||||||||
2025 and Thereafter | 572 | 3,126,265 | $ | 45.09 | 3.2% | ||||||||
Specialty Leasing Agreements w/ terms in excess of 12 months | 766 | 1,795,916 | $ | 21.95 | 0.9% | ||||||||
Anchor Tenants | |||||||||||||
2015 | 7 | 736,118 | $ | 4.38 | 0.1% | ||||||||
2016 | 9 | 1,192,928 | $ | 2.43 | 0.1% | ||||||||
2017 | 18 | 2,546,584 | $ | 2.59 | 0.1% | ||||||||
2018 | 17 | 2,130,629 | $ | 4.99 | 0.2% | ||||||||
2019 | 21 | 2,231,012 | $ | 5.16 | 0.3% | ||||||||
2020 | 22 | 2,502,850 | $ | 5.35 | 0.3% | ||||||||
2021 | 9 | 732,696 | $ | 9.26 | 0.1% | ||||||||
2022 | 8 | 957,917 | $ | 9.59 | 0.2% | ||||||||
2023 | 9 | 1,223,016 | $ | 10.54 | 0.3% | ||||||||
2024 | 12 | 703,770 | $ | 11.67 | 0.2% | ||||||||
2025 and Thereafter | 27 | 2,978,780 | $ | 5.71 | 0.4% |
- (1)
- Does not consider the impact of renewal options that may be contained in leases. Excludes WPG properties.
- (2)
- Annual rental revenues represent domestic 2014 consolidated and joint venture combined base rental revenue excluding WPG properties.
4Q 2014 SUPPLEMENTAL | ![]() | 27 |
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS (1)
TOP INLINE STORE TENANTS(sorted by percentage of total base minimum rent for U.S. properties)
TENANT | NUMBER OF STORES | SQUARE FEET (000's) | PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES | PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |||||||||||||
The Gap, Inc. | 367 | 3,740 | 2.1% | 3.5% | |||||||||
L Brands, Inc. | 293 | 1,741 | 1.0% | 2.1% | |||||||||
Signet Jewelers, Ltd. | 412 | 599 | 0.3% | 1.6% | |||||||||
PVH Corporation | 278 | 1,524 | 0.8% | 1.5% | |||||||||
Abercrombie & Fitch Co. | 181 | 1,293 | 0.7% | 1.5% | |||||||||
Forever 21, Inc. | 79 | 1,307 | 0.7% | 1.4% | |||||||||
VF Corporation | 243 | 1,232 | 0.7% | 1.2% | |||||||||
American Eagle Outfitters, Inc. | 177 | 1,149 | 0.6% | 1.2% | |||||||||
Foot Locker, Inc. | 250 | 1,003 | 0.6% | 1.2% | |||||||||
Luxottica Group S.P.A. | 386 | 704 | 0.4% | 1.2% |
TOP ANCHORS(sorted by percentage of total square footage in U.S. properties) (2)
TENANT | NUMBER OF STORES | SQUARE FEET (000's) | PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES | PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |||||||||||||
Macy's, Inc. | 124 | 23,613 | 13.0% | 0.4% | |||||||||
Sears Holdings Corporation | 75 | 12,419 | 6.8% | 0.1% | |||||||||
J.C. Penney Co., Inc. | 71 | 11,370 | 6.3% | 0.4% | |||||||||
Dillard's, Inc. | 38 | 6,839 | 3.8% | * | |||||||||
Nordstrom, Inc. | 28 | 4,701 | 2.6% | 0.1% | |||||||||
Hudson's Bay Company | 16 | 2,111 | 1.2% | 0.1% | |||||||||
Belk, Inc. | 10 | 1,674 | 0.9% | 0.1% | |||||||||
Dick's Sporting Goods, Inc. | 23 | 1,565 | 0.9% | 0.5% | |||||||||
The Neiman Marcus Group, Inc. | 10 | 1,265 | 0.8% | * | |||||||||
Target Corporation | 7 | 1,091 | 0.7% | 0.1% | |||||||||
The Bon-Ton Stores, Inc. | 8 | 1,081 | 0.6% | * |
- (1)
- Excludes WPG properties.
- (2)
- Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
- *
- Less than one-tenth of one percent.
4Q 2014 SUPPLEMENTAL | ![]() | 28 |
CAPITAL EXPENDITURES
(In thousands)
| | UNCONSOLIDATED PROPERTIES | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED PROPERTIES (1) | TOTAL | OUR SHARE | |||||||
New development projects | $ | 55,462 | $ | 321,389 | $ | 152,273 | ||||
Redevelopment projects with incremental square footage and/or anchor replacement | 545,888 | 399,662 | 194,969 | |||||||
Redevelopment projects with no incremental square footage | 45,960 | 38,860 | 15,543 | |||||||
| | | | | | | | | | |
Subtotal new development and redevelopment projects | 647,310 | 759,911 | 362,785 | |||||||
Tenant allowances | 126,283 | 46,011 | 22,664 | |||||||
Operational capital expenditures at properties: | ||||||||||
CAM expenditures (2) | 54,456 | 54,945 | 26,277 | |||||||
Non-CAM expenditures | 33,324 | 10,198 | 4,315 | |||||||
| | | | | | | | | | |
Totals | $ | 861,373 | $ | 871,065 | $ | 416,041 | ||||
| | | | | | | | | | |
| | | | | | | | | | |
Conversion from accrual to cash basis | (64,637 | ) | (130,098 | ) | (62,138 | ) | ||||
| | | | | | | | | | |
Capital Expenditures for the Twelve Months Ended 12/31/14 (3) | $ | 796,736 | $ | 740,967 | $ | 353,903 | ||||
| | | | | | | | | | |
| | | | | | | | | | |
| ||||||||||
Capital Expenditures for the Twelve Months Ended 12/31/13 (3) | $ | 841,209 | $ | 814,216 | $ | 383,527 | ||||
| | | | | | | | | | |
| | | | | | | | | | |
- (1)
- WPG properties comprised $16.0 million, $4.5 million, and $2.3 million of current year new development and redevelopment projects, tenant allowances, and operational capital expenditures, respectively. Our share of unconsolidated capital expenditures relating to WPG properties was not significant.
- (2)
- Expenditures included in the pool of expenses allocated to tenants as CAM.
- (3)
- Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
4Q 2014 SUPPLEMENTAL | ![]() | 29 |
DEVELOPMENT ACTIVITY SUMMARY (1)
As of December 31, 2014
(in millions, except percent)
| ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PLATFORM PROJECT TYPE | | PROJECTED GROSS COST (2) | | PROJECTED NET COST (3) | | OUR SHARE OF NET COST | | EXPECTED STABILIZED RATE OF RETURN | | TOTAL CONSTRUCTION IN PROGRESS | | OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS | | ||||||||||||||||||||
| Malls | |||||||||||||||||||||||||||||||||
| Redevelopments | $ | 1,563 | $ | 1,511 | $ | 1,151 | 7% | $ | 564 | $ | 447 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
| Premium Outlets | |||||||||||||||||||||||||||||||||
| New Developments | $ | 481 | $ | 479 | $ | 345 | 11% | $ | 141 | $ | 95 | ||||||||||||||||||||||
| Redevelopments | $ | 746 | $ | 709 | $ | 601 | 12% | $ | 316 | $ | 271 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
| The Mills | |||||||||||||||||||||||||||||||||
| Redevelopments | $ | 62 | $ | 48 | $ | 45 | 16% | $ | 5 | $ | 5 | ||||||||||||||||||||||
| Totals | $ | 2,852 | $ | 2,747 | $ | 2,142 | 9% | $ | 1,026 | $ | 818 | ||||||||||||||||||||||
- (1)
- Represents projects under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box additions with budgeted gross costs in excess of $2 million. Excludes WPG properties.
- (2)
- Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.
- (3)
- Projected Net Cost includes cost recoveries such as land sales, tenant reimbursements, Tax Increment Financing (TIF), CAM, and other such recoveries.
- (4)
- Costs and returns are based upon current budget assumptions; actual costs may vary.
4Q 2014 SUPPLEMENTAL | ![]() | 30 |
DEVELOPMENT ACTIVITY REPORT (1)
As of December 31, 2014
PROPERTY/ LOCATION | PROJECT DESCRIPTION | ACTUAL/ PROJECTED OPENING | COMPANY'S OWNERSHIP PERCENTAGE | |||
---|---|---|---|---|---|---|
Malls - Redevelopments | ||||||
Domain, The - Austin, TX | Common area enhancements | 2/15 | 100% | |||
Prien Lake Mall - Lake Charles, LA | Ulta and Maurice's | 2/15 | 100% | |||
Walt Whitman Shops - Huntington Station, NY | Zara | 2/15 | 100% | |||
Haywood Mall - Greenville, SC | Redevelopment | 3/15 | 100% | |||
Forum Shops at Caesars, The - Las Vegas, NV | Transition Hall redevelopment | 5/15 | 100% | |||
King of Prussia - King of Prussia, PA | Grand Lux | 5/15 | 100% | |||
Montgomery Mall - North Wales, PA | Redevelopment of the Wegmans wing | 5/15 | 79% | |||
Phipps Plaza - Atlanta, GA | Redevelopment | 5/15 | 100% | |||
Florida Mall, The - Orlando, FL | Dick's Sporting Goods (6/15) and Crayola (9/15) | 6/15 | 50% | |||
Southdale Center - Edina, MN | Dave & Busters | 7/15 | 100% | |||
Copley Place Office - Boston, MA | Redevelopment | 8/15 | 94% | |||
Southdale Center - Edina, MN | Gordmans | 8/15 | 100% | |||
Barton Creek Square - Austin, TX | The Cheesecake Factory | 9/15 | 100% | |||
Florida Mall, The - Orlando, FL | Redevelopment of the Saks building to an indoor/outdoor dining pavilion and small shops | 9/15 | 50% | |||
Phipps Plaza - Atlanta, GA | Peachtree Road façade redevelopment | 9/15 | 100% | |||
Del Amo Fashion Center - Torrance (Los Angeles), CA | Phase II includes 260,000 SF small shop expansion and addition of Nordstrom | 10/15 | 50% | |||
Del Amo Fashion Center - Torrance (Los Angeles), CA | Phase III includes the redevelopment of the two-level and single level south mall | 11/15 | 50% | |||
Phipps Plaza - Atlanta, GA | 166 room AC Hotel by Marriott | 1/16 | 50% | |||
Roosevelt Field Mall - Garden City, NY | Redevelopment (11/15), 50,000 SF small shop expansion and addition of Neiman Marcus | 2/16 | 100% | |||
Fashion Centre at Pentagon City, The - Arlington, VA | Redevelopment (11/15) and 50,000 SF expansion (3/16) | 3/16 | 43% | |||
Stanford Shopping Center - Palo Alto, CA | Relocation of Bloomingdale's (opened 10/14), redevelopment and 120,000 SF small shop expansion | 3/16 | 100% | |||
Tyrone Square - St. Petersburg, FL | Cobb Theatre | 3/16 | 100% | |||
Phipps Plaza - Atlanta, GA | 319 residential units | 7/16 | 50% | |||
King of Prussia Mall - King of Prussia, PA | 150,000 SF small shop expansion including restaurants to connect The Plaza and The Court | 8/16 | 100% | |||
Houston Galleria - Houston, TX | Relocation of Saks Fifth Avenue (4/16), redevelopment and 105,000 SF small shop expansion | 6/17 | 50% |
4Q 2014 SUPPLEMENTAL | ![]() | 31 |
DEVELOPMENT ACTIVITY REPORT (1)
As of December 31, 2014
PROPERTY/ LOCATION | PROJECT DESCRIPTION | ACTUAL/ PROJECTED OPENING | COMPANY'S OWNERSHIP PERCENTAGE | |||
---|---|---|---|---|---|---|
Premium Outlets - New Developments | ||||||
Gloucester Premium Outlets - Gloucester (Philadelphia, PA), NJ | 375,000 SF upscale Premium Outlet Center | 8/15 | 50% | |||
Tucson Premium Outlets - Marana (Tucson), AZ | 366,000 SF upscale Premium Outlet Center | 10/15 | 100% | |||
Tampa Premium Outlets - Tampa, FL | 441,000 SF upscale Premium Outlet Center | 10/15 | 100% | |||
Designer Outlet - New Development | ||||||
Vancouver Designer Outlet - Vancouver, British Columbia, Canada | 242,000 SF Designer Outlet Center | Summer 2015 | 45% | |||
Premium Outlets - Redevelopments | ||||||
Waikele Premium Outlets - Waipahu (Honolulu), HI | Redevelopment and 5,000 SF expansion | 3/15 | 100% | |||
Yeoju Premium Outlets - Gyeonggi Province, South Korea | 259,000 SF expansion | 3/15 | 50% | |||
Las Vegas North Premium Outlets - Las Vegas, NV | 140,000 SF expansion | 5/15 | 100% | |||
Shisui Premium Outlets - Shisui, Japan | 130,000 SF expansion | 5/15 | 40% | |||
Chicago Premium Outlets - Aurora (Chicago), IL | 260,000 SF expansion | 8/15 | 100% | |||
Livermore Premium Outlets - Livermore (San Francisco), CA | 185,000 SF expansion | 8/15 | 100% | |||
Woodbury Common Premium Outlets - Central Valley (New York), NY | Redevelopment and 63,000 SF expansion | 8/16 | 100% | |||
The Mills - Redevelopments | ||||||
Colonnade at Sawgrass, The - Sunrise (Miami), FL | 56,000 SF expansion | 12/15 | 100% | |||
Grapevine Mills - Grapevine (Dallas), TX | Redevelopment | 12/15 | 59% |
- (1)
- Projects listed represent projects that are under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box additions with budgeted gross costs in excess of $2 million. Excludes WPG properties.
4Q 2014 SUPPLEMENTAL | ![]() | 32 |
U.S. ANCHOR/BIG BOX OPENINGS (1)
PROPERTY NAME/LOCATION | PROPERTY TYPE | NEW TENANT | FORMER TENANT | |||
---|---|---|---|---|---|---|
Openings during 2014 | ||||||
Arizona Mills - Tempe (Phoenix), AZ | Mills | At Home | JCPenney | |||
Briarwood Mall - Ann Arbor, MI | Mall | Bravo | N/A | |||
Coddingtown Mall - Santa Rosa, CA | Mall | Target | Gottschalks | |||
Concord Mills - Concord (Charlotte), NC | Mills | Sea Life | Nascar Speed Park | |||
Domain, The - Austin, TX | Mall | Punch Bowl Social | N/A | |||
Florida Mall, The - Orlando, FL | Mall | American Girl | N/A | |||
Great Mall - Milpitas (San Jose), CA | Mills | Uniqlo | N/A | |||
Katy Mills - Katy (Houston), TX | Mills | H&M | Old Navy | |||
King of Prussia Mall - King of Prussia (Philadelphia), PA | Mall | Container Store | N/A | |||
Liberty Tree Mall - Danvers (Boston), MA | Mall | Sky Zone | Sports Authority (2) | |||
Meadowood Mall - Reno, NV | Mall | The Cheesecake Factory | N/A | |||
Pier Park - Panama City Beach, FL | Comm Ctr | Dave & Buster's | N/A | |||
Plaza Carolina - Carolina (San Juan), PR | Mall | Sports Authority | N/A | |||
Potomac Mills - Woodbridge (Washington, D.C.), VA | Mills | Buy Buy Baby/and That! | N/A | |||
South Hills Village - Pittsburgh, PA | Mall | DSW | Dick's Sporting Goods (2) | |||
Square One Mall - Saugus (Boston), MA | Mall | T.J. Maxx (2) | N/A | |||
St. Johns Town Center - Jacksonville, FL | Mall | Nordstrom | N/A | |||
Stanford Shopping Center - Palo Alto, CA | Mall | Bloomingdale's (2) | N/A | |||
Woodfield Mall - Schaumburg (Chicago), IL | Mall | Arhaus Furniture | N/A |
4Q 2014 SUPPLEMENTAL | ![]() | 33 |
U.S. ANCHOR/BIG BOX OPENINGS (1)
PROPERTY NAME/LOCATION | PROPERTY TYPE | NEW TENANT | FORMER TENANT | |||
---|---|---|---|---|---|---|
Openings Projected for 2015 | ||||||
Arizona Mills - Tempe (Phoenix), AZ | Mills | Sports Authority (3) | Saks Fifth Avenue Off 5th | |||
Columbia Center - Kennewick, WA | Mall | DSW | N/A | |||
Del Amo Fashion Center - Los Angeles, CA | Mall | Nordstrom | N/A | |||
Florida Mall, The - Orlando, FL | Mall | Dick's Sporting Goods | Nordstrom | |||
King of Prussia Mall - King of Prussia (Philadelphia), PA | Mall | Grand Lux Café | N/A | |||
Mall at Rockingham Park, The - Salem (Boston), NH | Mall | Dick's Sporting Goods | Sears | |||
McCain Mall - N. Little Rock, AR | Mall | B.J.'s Brewhouse | N/A | |||
Prien Lake Mall - Lake Charles, LA | Mall | Ulta | Piccadilly Cafeteria | |||
Southdale Center - Edina (Minneapolis), MN | Mall | Dave & Buster's | N/A | |||
Walt Whitman Shops - Huntington Station (New York), NY | Mall | Zara | N/A | |||
Openings Projected for 2016 and Beyond | ||||||
Arizona Mills - Tempe (Phoenix), AZ | Mills | Legoland | Sports Authority (3) | |||
College Mall - Bloomington, IN | Mall | Ulta | Sears | |||
Galleria, The - Houston, TX | Mall | Saks Fifth Avenue (3) | N/A | |||
King of Prussia Mall - King of Prussia (Philadelphia), PA | Mall | Primark | Sears | |||
Mall of Georgia - Buford (Atlanta), GA | Mall | Von Maur | Nordstrom | |||
Roosevelt Field - Garden City (New York), NY | Mall | Neiman Marcus | N/A | |||
Tyrone Square - St. Petersburg (Tampa), FL | Mall | Cobb 10 Luxury Theatre | N/A |
- (1)
- Excludes WPG properties.
- (2)
- Tenant has relocated to another space within the center.
- (3)
- Tenant has an existing store at this center but will move to a new location.
4Q 2014 SUPPLEMENTAL | ![]() | 34 |
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2013 through December 31, 2014
| COMMON SHARES (1) | LIMITED PARTNERSHIP UNITS (2) | |||||
---|---|---|---|---|---|---|---|
Number Outstanding at December 31, 2013 | 310,608,565 | 51,846,157 | |||||
Activity During the First Nine Months of 2014: | |||||||
Exchange of Limited Partnership Units for Common Stock | 64,129 | (64,129 | ) | ||||
Redemption of Limited Partnership Units | – | (87,621 | ) | ||||
Issuance of Limited Partnership Units | – | 555,150 | |||||
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) | 83,509 | 469,848 | |||||
Incremental Shares and Units Issued in Connection with the Spin-off of WPG | 25,872 | 133,439 | |||||
| | | | | | | |
Number Outstanding at September 30, 2014 | 310,782,075 | 52,852,844 | |||||
Fourth Quarter Activity: | |||||||
Exchange of Limited Partnership Units for Common Stock | 6,162 | (6,162 | ) | ||||
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations | (327 | ) | – | ||||
| | | | | | | |
Number Outstanding at December 31, 2014 | 310,787,910 | 52,846,682 | |||||
Number of Limited Partnership Units and Common Shares at December 31, 2014 | 363,634,592 | ||||||
PREFERRED STOCK/UNITS OUTSTANDING AS OF DECEMBER 31, 2014
($ in 000's, except per share amounts)
ISSUER | DESCRIPTION | NUMBER OF SHARES/UNITS | PER SHARE LIQUIDATION PREFERENCE | AGGREGATE LIQUIDATION PREFERENCE | TICKER SYMBOL | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Preferred Stock: | |||||||||||||||
Simon Property Group, Inc. | Series J 8.375% Cumulative Redeemable (4) | 796,948 | $ | 50.00 | $ | 39,847 | SPGPrJ | ||||||||
Preferred Units: |
| �� | |||||||||||||
Simon Property Group, L.P. | 7.50% Cumulative Redeemable (5) | 255,373 | $ | 100.00 | $ | 25,537 | N/A |
- (1)
- Excludes Limited Partnership preferred units relating to preferred stock outstanding.
- (2)
- Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
- (3)
- Represents restricted stock awards and earned LTIP units issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan, net of forfeitures.
- (4)
- Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on December 31, 2014 was $69.89 per share.
- (5)
- Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
4Q 2014 SUPPLEMENTAL | ![]() | 35 |
CREDIT PROFILE
(As of December 31, unless otherwise indicated)
- (1)
- Includes WPG properties NOI and FFO through the effective date of the WPG spin-off.
- (2)
- FFO payout ratio includes a $0.35 per share charge for loss on extinguishment of debt and $0.10 per share of transaction expenses related to the spin-off of WPG.
4Q 2014 SUPPLEMENTAL | ![]() | 36 |
SUMMARY OF INDEBTEDNESS
As of December 31, 2014
(In thousands)
| TOTAL INDEBTEDNESS | OUR SHARE OF INDEBTEDNESS | WEIGHTED AVERAGE END OF PERIOD INTEREST RATE | WEIGHTED AVERAGE YEARS TO MATURITY | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated Indebtedness | |||||||||||||
Mortgage Debt | |||||||||||||
Fixed Rate | $ | 5,565,628 | $ | 5,486,485 | 5.48% | 3.9 | |||||||
Variable Rate Debt | 630,000 | 630,000 | 2.03% | 2.3 | |||||||||
| | | | | | | | | | | | | |
Total Mortgage Debt | 6,195,628 | 6,116,485 | 5.13% | 3.8 | |||||||||
Unsecured Debt | |||||||||||||
Fixed Rate | 13,440,621 | 13,440,621 | 4.41% | 7.6 | |||||||||
Revolving Credit Facility - Euro Currency | 372,154 | 372,154 | 0.81% | 4.5 | |||||||||
Revolving Credit Facility - Yen Currency | 186,383 | 186,383 | 0.88% | 4.5 | |||||||||
| | | | | | | | | | | | | |
Total Revolving Credit Facilities | 558,537 | 558,537 | 0.83% | 4.5 | |||||||||
Unsecured Term Loan | 240,000 | 240,000 | 1.27% | 3.2 | |||||||||
Global Commercial Paper - USD | 200,000 | 200,000 | 0.19% | 0.1 | |||||||||
Global Commercial Paper - Euro | 209,185 | 209,185 | 0.17% | 0.2 | |||||||||
| | | | | | | | | | | | | |
Total Unsecured Debt | 14,648,343 | 14,648,343 | 4.10% | 7.2 | |||||||||
Premium | 50,133 | 50,133 | |||||||||||
Discount | (41,111 | ) | (41,111 | ) | |||||||||
| | | | | | | | | | | | | |
| |||||||||||||
Consolidated Mortgages and Unsecured Indebtedness (1) | $ | 20,852,993 | $ | 20,773,850 | 4.40% | 6.2 | |||||||
Joint Venture Indebtedness | |||||||||||||
Mortgage Debt | |||||||||||||
Fixed Rate | $ | 11,276,973 | $ | 5,421,057 | 4.61% | 6.1 | |||||||
Variable Rate Debt | 1,261,819 | 628,564 | 2.04% | 4.5 | |||||||||
TMLP Debt (2) | 726,474 | 305,478 | – | – | |||||||||
| | | | | | | | | | | | | |
Total Mortgage Debt | 13,265,266 | 6,355,099 | 4.35% | 5.9 | |||||||||
Premium | 7,291 | 4,783 | |||||||||||
| | | | | | | | | | | | | |
| |||||||||||||
Joint Venture Mortgages and Other Indebtedness (1) | $ | 13,272,557 | $ | 6,359,882 | 4.35% | 5.9 | |||||||
| |||||||||||||
Our Share of Total Indebtedness | $ | 27,133,732 | 4.39% | 6.1 | |||||||||
| TOTAL INDEBTEDNESS | OUR SHARE OF INDEBTEDNESS | WEIGHTED AVERAGE END OF PERIOD INTEREST RATE | WEIGHTED AVERAGE YEARS TO MATURITY | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Summary of Our Share of Fixed and Variable Rate Debt | |||||||||||||
Consolidated | |||||||||||||
Fixed | 91.2% | $ | 18,936,128 | 4.72% | 6.5 | ||||||||
Variable | 8.8% | 1,837,722 | 1.16% | 2.6 | |||||||||
| | | | | | | | | | | | | |
100.0% | 20,773,850 | 4.40% | 6.2 | ||||||||||
Joint Venture | |||||||||||||
Fixed | 87.9% | $ | 5,590,817 | 4.61% | 6.1 | ||||||||
Variable | 12.1% | 769,065 | 2.04% | 4.1 | |||||||||
| | | | | | | | | | | | | |
100.0% | 6,359,882 | 4.35% | 5.9 | ||||||||||
Total Debt | $ | 27,133,732 | |||||||||||
| |||||||||||||
Total Fixed Debt | 90.4% | $ | 24,526,945 | 4.70% | 6.4 | ||||||||
| |||||||||||||
Total Variable Debt | 9.6% | $ | 2,606,787 | 1.38% | 3.0 | ||||||||
- (1)
- Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
- (2)
- See footnote 23 on the Property and Debt information.
4Q 2014 SUPPLEMENTAL | ![]() | 37 |
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of December 31, 2014
(In thousands)
Year | OUR SHARE OF UNSECURED CONSOLIDATED DEBT | WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT | OUR SHARE OF SECURED CONSOLIDATED DEBT | WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT | OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT | WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT | OUR SHARE OF TOTAL DEBT | TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |||||||||||||||||||||||||
2015 | 1,102,636 | 3.49% | 71,828 | – | 794,315 | 5.27% | 1,968,779 | 4.11% | |||||||||||||||||
2016 | 527,574 | 5.51% | 2,350,125 | 5.78% | 575,614 | 5.96% | 3,453,313 | 5.76% | |||||||||||||||||
2017 | 1,307,453 | 2.99% | 1,713,031 | 4.94% | 353,451 | 5.10% | 3,373,935 | 4.18% | |||||||||||||||||
2018 | 1,990,000 | 3.92% | 33,971 | – | 323,477 | 1.84% | 2,347,448 | 3.67% | |||||||||||||||||
2019 | 1,808,537 | 4.71% | 114,892 | 7.79% | 261,133 | 2.67% | 2,184,562 | 4.73% | |||||||||||||||||
2020 | 2,162,143 | 4.27% | 230,398 | 5.51% | 876,901 | 4.66% | 3,269,442 | 4.46% | |||||||||||||||||
2021 | 1,600,000 | 4.27% | 322,303 | 5.41% | 995,878 | 4.24% | 2,918,181 | 4.39% | |||||||||||||||||
2022 | 600,000 | 3.38% | 506,025 | 4.13% | 676,752 | 4.34% | 1,782,777 | 3.97% | |||||||||||||||||
2023 | 500,000 | 2.75% | 694,561 | 3.85% | 404,945 | 3.36% | 1,599,506 | 3.40% | |||||||||||||||||
2024 | 1,500,000 | 3.53% | 79,351 | 4.57% | 1,067,366 | 4.18% | 2,646,717 | 3.83% | |||||||||||||||||
2025 | – | – | – | – | 7,574 | – | 7,574 | – | |||||||||||||||||
Thereafter | 1,550,000 | 5.40% | – | – | 17,693 | 1.71% | 1,567,693 | 5.18% | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
Face Amounts of Indebtedness | $ | 14,648,343 | 4.10% | $ | 6,116,485 | 5.13% | $ | 6,355,099 | 4.35% | $ | 27,119,927 | 4.39% | |||||||||||||
Premiums (Discounts) on Indebtedness, Net | (40,701 | ) | 49,723 | 4,783 | 13,805 | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
Our Share of Total Indebtedness | $ | 14,607,642 | $ | 6,166,208 | $ | 6,359,882 | $ | 27,133,732 | |||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
4Q 2014 SUPPLEMENTAL | ![]() | 38 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ in 000's) | ||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | RATE (1) | TYPE | TOTAL | OUR SHARE | ||||||||||||||||
Malls | ||||||||||||||||||||||||||
1. | Apple Blossom Mall | VA | Winchester | 49.1% | 473,153 | (2) | ||||||||||||||||||||
2. | Auburn Mall | MA | Auburn | 56.4% | 586,242 | 09/01/20 | 6.02% | Fixed | 39,755 | 22,410 | ||||||||||||||||
3. | Aventura Mall (3) | FL | Miami Beach (Miami) | 33.3% | 2,104,735 | 12/01/20 | 3.75% | Fixed | 1,200,000 | 400,000 | ||||||||||||||||
4. | Avenues, The | FL | Jacksonville | 25.0% | (4) | 1,114,367 | 02/06/23 | 3.60% | Fixed | 110,000 | 27,500 | |||||||||||||||
5. | Bangor Mall | ME | Bangor | 87.6% | 652,531 | 10/01/17 | 6.15% | Fixed | 80,000 | 70,087 | ||||||||||||||||
6. | Barton Creek Square | TX | Austin | 100.0% | 1,429,568 | (2) | ||||||||||||||||||||
7. | Battlefield Mall | MO | Springfield | 100.0% | 1,201,576 | 09/01/22 | 3.95% | Fixed | 125,000 | 125,000 | ||||||||||||||||
8. | Bay Park Square | WI | Green Bay | 100.0% | 711,747 | (2) | ||||||||||||||||||||
9. | Brea Mall | CA | Brea (Los Angeles) | 100.0% | 1,319,398 | (2) | ||||||||||||||||||||
10. | Briarwood Mall | MI | Ann Arbor | 50.0% | 983,111 | 11/30/16 | (6) | 7.50% | Fixed | 109,680 | 54,840 | |||||||||||||||
11. | Broadway Square | TX | Tyler | 100.0% | 627,361 | (2) | ||||||||||||||||||||
12. | Burlington Mall | MA | Burlington (Boston) | 100.0% | 1,317,237 | (2) | ||||||||||||||||||||
13. | Cape Cod Mall | MA | Hyannis | 56.4% | 721,896 | 03/06/21 | 5.75% | Fixed | 95,139 | 53,630 | ||||||||||||||||
14. | Castleton Square | IN | Indianapolis | 100.0% | 1,383,066 | (2) | ||||||||||||||||||||
15. | Cielo Vista Mall | TX | El Paso | 100.0% | 1,245,895 | (2) | �� | |||||||||||||||||||
16. | Coconut Point | FL | Estero | 50.0% | 1,204,897 | 12/10/16 | 5.83% | Fixed | 230,000 | 115,000 | ||||||||||||||||
17. | Coddingtown Mall | CA | Santa Rosa | 50.0% | 822,943 | 03/01/17 | (8) | 1.92% | Variable | 11,850 | 11,850 | |||||||||||||||
18. | College Mall | IN | Bloomington | 100.0% | 636,255 | (2) | ||||||||||||||||||||
19. | Columbia Center | WA | Kennewick | 100.0% | 771,137 | (2) | ||||||||||||||||||||
20. | Copley Place | MA | Boston | 94.4% | (7) | 1,242,603 | (2) | |||||||||||||||||||
21. | Coral Square | FL | Coral Springs (Miami) | 97.2% | 943,886 | (2) | ||||||||||||||||||||
22. | Cordova Mall | FL | Pensacola | 100.0% | 918,079 | (2) | ||||||||||||||||||||
23. | Crystal Mall | CT | Waterford | 78.2% | 783,116 | 06/06/22 | 4.46% | Fixed | 94,272 | 73,707 | ||||||||||||||||
24. | Dadeland Mall | FL | Miami | 50.0% | 1,498,402 | 12/05/21 | 4.50% | Fixed | 442,740 | 221,370 | ||||||||||||||||
25. | Del Amo Fashion Center | CA | Torrance (Los Angeles) | 50.0% | 2,094,060 | 01/17/18 | (8) | 2.17% | Variable | 310,000 | 155,000 | |||||||||||||||
26. | Domain, The | TX | Austin | 100.0% | 1,232,899 | 08/01/21 | 5.44% | Fixed | 198,454 | 198,454 | ||||||||||||||||
27. | Dover Mall | DE | Dover | 68.1% | 928,189 | 08/06/21 | 5.57% | Fixed | 89,831 | 61,166 | ||||||||||||||||
28. | Emerald Square | MA | North Attleboro (Providence, RI) | 56.4% | 1,022,661 | 08/11/22 | 4.71% | Fixed | 110,883 | 62,505 | ||||||||||||||||
29. | Empire Mall | SD | Sioux Falls | 100.0% | 1,125,295 | 06/01/16 | 5.79% | Fixed | 176,300 | 176,300 | ||||||||||||||||
30. | Falls, The | FL | Miami | 50.0% | 837,626 | 11/30/16 | (6) | 7.50% | Fixed | 106,024 | 53,012 | |||||||||||||||
31. | Fashion Centre at Pentagon City, The | VA | Arlington (Washington, DC) | 42.5% | 990,432 | 07/01/21 | 5.11% | Fixed | 40,000 | 17,000 | ||||||||||||||||
07/01/21 | 4.87% | Fixed | 410,000 | 174,250 | ||||||||||||||||||||||
32. | Fashion Mall at Keystone, The | IN | Indianapolis | 100.0% | 710,663 | (2) | ||||||||||||||||||||
33. | Fashion Valley | CA | San Diego | 50.0% | 1,721,237 | 01/04/21 | 4.30% | Fixed | 466,385 | 233,187 | ||||||||||||||||
34. | Firewheel Town Center | TX | Garland (Dallas) | 100.0% | 999,502 | (2) | ||||||||||||||||||||
35. | Florida Mall, The | FL | Orlando | 50.0% | 1,676,299 | 09/05/20 | 5.25% | Fixed | 350,483 | 175,241 | ||||||||||||||||
36. | Forum Shops at Caesars, The | NV | Las Vegas | 100.0% | 674,730 | (2) | ||||||||||||||||||||
37. | Galleria, The | TX | Houston | 50.4% | 1,902,091 | 12/01/15 | 5.44% | Fixed | 643,583 | 324,173 | ||||||||||||||||
12/01/15 | 5.44% | Fixed | 177,417 | 89,365 | ||||||||||||||||||||||
38. | Greendale Mall | MA | Worcester (Boston) | 56.4% | 428,818 | 10/01/16 | 6.00% | Fixed | 45,000 | 25,367 |
4Q 2014 SUPPLEMENTAL | ![]() | 39 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ in 000's) | ||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | RATE (1) | TYPE | TOTAL | OUR SHARE | ||||||||||||||||
|
|
| ||||||||||||||||||||||||
39. | Greenwood Park Mall | IN | Greenwood (Indianapolis) | 100.0% | 1,287,991 | 08/01/16 | (9) | 8.00% | Fixed | 75,733 | 75,733 | |||||||||||||||
40. | Haywood Mall | SC | Greenville | 100.0% | 1,228,948 | (2) | ||||||||||||||||||||
41. | Independence Center | MO | Independence (Kansas City) | 100.0% | 865,948 | 07/10/17 | 5.94% | Fixed | 200,000 | 200,000 | ||||||||||||||||
42. | Ingram Park Mall | TX | San Antonio | 100.0% | 1,120,874 | 06/01/21 | 5.38% | Fixed | 137,783 | 137,783 | ||||||||||||||||
43. | King of Prussia Mall | PA | King of Prussia (Philadelphia) | 100.0% | 2,450,177 | 01/01/17 | 7.49% | Fixed | 44,457 | 44,457 | ||||||||||||||||
01/01/17 | 8.53% | Fixed | 3,204 | 3,204 | ||||||||||||||||||||||
01/01/17 | 4.50% | Fixed | 50,000 | 50,000 | ||||||||||||||||||||||
44. | La Plaza Mall | TX | McAllen | 100.0% | 1,220,878 | (2) | ||||||||||||||||||||
45. | Lakeline Mall | TX | Cedar Park (Austin) | 100.0% | 1,097,510 | (2) | ||||||||||||||||||||
46. | Lehigh Valley Mall | PA | Whitehall | 50.0% | 1,180,862 | 07/05/20 | 5.88% | Fixed | 131,394 | 65,697 | ||||||||||||||||
47. | Lenox Square | GA | Atlanta | 100.0% | 1,560,091 | (2) | ||||||||||||||||||||
48. | Liberty Tree Mall | MA | Danvers (Boston) | 49.1% | 856,039 | 05/06/23 | 3.41% | Fixed | 33,940 | 16,677 | ||||||||||||||||
49. | Livingston Mall | NJ | Livingston (New York) | 100.0% | 969,348 | (2) | ||||||||||||||||||||
50. | Mall at Chestnut Hill, The | MA | Chestnut Hill (Boston) | 94.4% | 469,006 | 11/01/23 | 4.69% | Fixed | 120,000 | 113,328 | ||||||||||||||||
51. | Mall at Rockingham Park, The | NH | Salem (Boston) | 28.2% | 1,025,214 | 03/10/17 | 5.61% | Fixed | 260,000 | 73,282 | ||||||||||||||||
52. | Mall at Tuttle Crossing, The | OH | Dublin (Columbus) | 50.0% | 1,125,123 | 05/01/23 | 3.56% | Fixed | 125,000 | 62,500 | ||||||||||||||||
53. | Mall of Georgia | GA | Buford (Atlanta) | 100.0% | 1,817,941 | (2) | ||||||||||||||||||||
54. | Mall of New Hampshire, The | NH | Manchester | 56.4% | 812,357 | 10/05/15 | 6.23% | Fixed | 124,989 | 70,457 | ||||||||||||||||
55. | McCain Mall | AR | N. Little Rock | 100.0% | 788,155 | (2) | ||||||||||||||||||||
56. | Meadowood Mall | NV | Reno | 50.0% | 883,751 | 11/06/21 | 5.82% | Fixed | 120,139 | 60,070 | ||||||||||||||||
57. | Menlo Park Mall | NJ | Edison (New York) | 100.0% | 1,332,363 | (2) | ||||||||||||||||||||
58. | Miami International Mall | FL | Miami | 47.8% | 1,081,955 | 02/06/24 | 4.42% | Fixed | 160,000 | 76,442 | ||||||||||||||||
59. | Midland Park Mall | TX | Midland | 100.0% | 622,190 | 09/06/22 | 4.35% | Fixed | 81,860 | 81,860 | ||||||||||||||||
60. | Miller Hill Mall | MN | Duluth | 100.0% | 832,803 | (2) | ||||||||||||||||||||
61. | Montgomery Mall | PA | North Wales (Philadelphia) | 79.4% | 1,107,025 | 05/01/24 | 4.57% | Fixed | 100,000 | 79,351 | ||||||||||||||||
62. | North East Mall | TX | Hurst (Dallas) | 100.0% | 1,669,001 | (2) | ||||||||||||||||||||
63. | Northgate Mall | WA | Seattle | 100.0% | 1,048,104 | (2) | ||||||||||||||||||||
64. | Northshore Mall | MA | Peabody (Boston) | 56.4% | 1,591,973 | 07/05/23 | 3.30% | Fixed | 267,212 | 150,628 | ||||||||||||||||
65. | Ocean County Mall | NJ | Toms River (New York) | 100.0% | 898,359 | (2) | ||||||||||||||||||||
66. | Orland Square | IL | Orland Park (Chicago) | 100.0% | 1,231,958 | (2) | ||||||||||||||||||||
67. | Oxford Valley Mall | PA | Langhorne (Philadelphia) | 85.5% | 1,332,378 | 12/07/20 | 4.77% | Fixed | 66,514 | 56,896 | ||||||||||||||||
68. | Penn Square Mall | OK | Oklahoma City | 94.5% | 1,063,809 | 04/01/16 | 7.75% | Fixed | 93,998 | 88,824 | ||||||||||||||||
69. | Pheasant Lane Mall | NH | Nashua | (10) | 979,338 | (2) | ||||||||||||||||||||
70. | Phipps Plaza | GA | Atlanta | 100.0% | 830,318 | (2) | ||||||||||||||||||||
71. | Plaza Carolina | PR | Carolina (San Juan) | 100.0% | 1,157,721 | 09/30/17 | (8) | 1.52% | Variable | 225,000 | 225,000 | |||||||||||||||
72. | Prien Lake Mall | LA | Lake Charles | 100.0% | 848,040 | (2) |
4Q 2014 SUPPLEMENTAL | ![]() | 40 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ in 000's) | ||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | RATE (1) | TYPE | TOTAL | OUR SHARE | ||||||||||||||||
|
|
| ||||||||||||||||||||||||
73. | Quaker Bridge Mall | NJ | Lawrenceville | 50.0% | 1,083,298 | 04/01/16 | 7.03% | Fixed | 12,273 | 6,137 | ||||||||||||||||
04/01/16 | 2.95% | Fixed | 62,000 | 31,000 | ||||||||||||||||||||||
74. | Rockaway Townsquare | NJ | Rockaway (New York) | 100.0% | 1,245,658 | (2) | ||||||||||||||||||||
75. | Roosevelt Field | NY | Garden City (New York) | 100.0% | 2,209,817 | (2) | ||||||||||||||||||||
76. | Ross Park Mall | PA | Pittsburgh | 100.0% | 1,245,629 | (2) | ||||||||||||||||||||
77. | Santa Rosa Plaza | CA | Santa Rosa | 100.0% | 692,820 | (2) | ||||||||||||||||||||
78. | Shops at Mission Viejo, The | CA | Mission Viejo (Los Angeles) | 51.0% | 1,151,131 | 02/01/23 | 3.61% | Fixed | 295,000 | 150,450 | ||||||||||||||||
79. | Shops at Nanuet, The | NY | Nanuet | 100.0% | 752,872 | (2) | ||||||||||||||||||||
80. | Shops at Riverside, The | NJ | Hackensack (New York) | 100.0% | 770,764 | 02/01/23 | 3.37% | Fixed | 130,000 | 130,000 | ||||||||||||||||
81. | Smith Haven Mall | NY | Lake Grove (New York) | 25.0% | (4) | 1,300,240 | 03/01/16 | 5.16% | Fixed | 180,000 | 45,000 | |||||||||||||||
82. | Solomon Pond Mall | MA | Marlborough (Boston) | 56.4% | 885,178 | 11/01/22 | 4.01% | Fixed | 105,847 | 59,666 | ||||||||||||||||
83. | South Hills Village | PA | Pittsburgh | 100.0% | 1,118,429 | (2) | ||||||||||||||||||||
84. | South Shore Plaza | MA | Braintree (Boston) | 100.0% | 1,588,885 | (2) | ||||||||||||||||||||
85. | Southdale Center | MN | Edina (Minneapolis) | 100.0% | 1,258,482 | 04/01/23 | 3.84% | Fixed | 155,000 | 155,000 | ||||||||||||||||
86. | SouthPark | NC | Charlotte | 100.0% | 1,680,545 | 08/01/16 | (9) | 8.00% | Fixed | 187,439 | 187,439 | |||||||||||||||
87. | Southridge Mall | WI | Greendale (Milwaukee) | 100.0% | 1,176,807 | 06/06/23 | 3.85% | Fixed | 125,000 | 125,000 | ||||||||||||||||
88. | Springfield Mall (3) | PA | Springfield (Philadelphia) | 50.0% | 611,200 | 11/30/15 | (11) | 4.77% | Fixed | 62,611 | 31,306 | |||||||||||||||
89. | Square One Mall | MA | Saugus (Boston) | 56.4% | 929,779 | 01/06/22 | 5.47% | Fixed | 96,077 | 54,159 | ||||||||||||||||
90. | St. Charles Towne Center | MD | Waldorf (Washington, D.C.) | 100.0% | 980,765 | (2) | ||||||||||||||||||||
91. | St. Johns Town Center | FL | Jacksonville | 50.0% | 1,390,913 | 09/11/24 | 3.82% | Fixed | 350,000 | 175,000 | ||||||||||||||||
92. | Stanford Shopping Center | CA | Palo Alto (San Jose) | 94.4% | (7) | 1,233,578 | (2) | |||||||||||||||||||
93. | Stoneridge Shopping Center | CA | Pleasanton (San Francisco) | 49.9% | 1,301,214 | 11/30/16 | (6) | 7.50% | Fixed | 216,178 | 107,873 | |||||||||||||||
94. | Summit Mall | OH | Akron | 100.0% | 769,431 | 06/10/17 | 5.42% | Fixed | 65,000 | 65,000 | ||||||||||||||||
95. | Tacoma Mall | WA | Tacoma (Seattle) | 100.0% | 1,335,516 | (2) | ||||||||||||||||||||
96. | Tippecanoe Mall | IN | Lafayette | 100.0% | 864,039 | (2) | ||||||||||||||||||||
97. | Town Center at Boca Raton | FL | Boca Raton (Miami) | 100.0% | 1,779,596 | (2) | ||||||||||||||||||||
98. | Town Center at Cobb | GA | Kennesaw (Atlanta) | 100.0% | 1,280,798 | 05/01/22 | 4.76% | Fixed | 198,095 | 198,095 | ||||||||||||||||
99. | Towne East Square | KS | Wichita | 100.0% | 1,134,396 | (2) | ||||||||||||||||||||
100. | Treasure Coast Square | FL | Jensen Beach | 100.0% | 876,437 | (2) | ||||||||||||||||||||
101. | Tyrone Square | FL | St. Petersburg (Tampa) | 100.0% | 1,094,153 | (2) | ||||||||||||||||||||
102. | University Park Mall | IN | Mishawaka | 100.0% | 920,985 | (2) | ||||||||||||||||||||
103. | Walt Whitman Shops | NY | Huntington Station (New York) | 100.0% | 1,087,715 | 08/01/16 | (9) | 8.00% | Fixed | 115,492 | 115,492 | |||||||||||||||
104. | West Town Mall | TN | Knoxville | 50.0% | 1,334,851 | 12/01/17 | 6.34% | Fixed | 210,000 | 105,000 | ||||||||||||||||
105. | Westchester, The | NY | White Plains (New York) | 40.0% | 826,292 | 05/05/20 | 6.00% | Fixed | 351,434 | 140,574 | ||||||||||||||||
106. | White Oaks Mall | IL | Springfield | 80.7% | 924,615 | 11/01/16 | 5.54% | Fixed | 50,000 | 40,339 | ||||||||||||||||
107. | Wolfchase Galleria | TN | Memphis | 94.5% | 1,151,233 | 04/01/17 | 5.64% | Fixed | 225,000 | 212,616 | ||||||||||||||||
108. | Woodfield Mall | IL | Schaumburg (Chicago) | 50.0% | 2,172,855 | 03/05/24 | 4.50% | Fixed | 425,000 | 212,500 | ||||||||||||||||
109. | Woodland Hills Mall | OK | Tulsa | 94.5% | 1,087,032 | 04/05/19 | 7.79% | Fixed | 91,688 | 86,616 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Mall Square Footage | 122,673,199 | |||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
4Q 2014 SUPPLEMENTAL | ![]() | 41 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | TOTAL | OUR SHARE | |||||||||||||||||
Premium Outlets | ||||||||||||||||||||||||||||
1. | Albertville Premium Outlets | MN | Albertville (Minneapolis) | 100.0% | 429,555 | (2) | ||||||||||||||||||||||
2. | Allen Premium Outlets | TX | Allen (Dallas) | 100.0% | 441,762 | (2) | ||||||||||||||||||||||
3. | Aurora Farms Premium Outlets | OH | Aurora (Cleveland) | 100.0% | 285,307 | (2) | ||||||||||||||||||||||
4. | Birch Run Premium Outlets | MI | Birch Run (Detroit) | 100.0% | 678,703 | 04/11/16 | (14) | 5.95% | Fixed | 102,362 | 102,362 | |||||||||||||||||
5. | Calhoun Premium Outlets | GA | Calhoun | 100.0% | 254,053 | 09/01/16 | (15) | 5.79% | Fixed | 19,683 | 19,683 | |||||||||||||||||
6. | Camarillo Premium Outlets | CA | Camarillo (Los Angeles) | 100.0% | 674,834 | (2) | ||||||||||||||||||||||
7. | Carlsbad Premium Outlets | CA | Carlsbad (San Diego) | 100.0% | 289,461 | (2) | ||||||||||||||||||||||
8. | Carolina Premium Outlets | NC | Smithfield (Raleigh) | 100.0% | 438,870 | 12/01/22 | 3.36% | Fixed | 48,448 | 48,448 | ||||||||||||||||||
9. | Charlotte Premium Outlets | NC | Charlotte | 50.0% | 398,690 | 11/24/19 | (8) | 1.62% | Variable | 90,000 | 45,000 | |||||||||||||||||
10. | Chicago Premium Outlets | IL | Aurora (Chicago) | 100.0% | 437,483 | (2) | ||||||||||||||||||||||
11. | Cincinnati Premium Outlets | OH | Monroe (Cincinnati) | 100.0% | 398,835 | (2) | ||||||||||||||||||||||
12. | Clinton Crossing Premium Outlets | CT | Clinton | 100.0% | 276,188 | (2) | ||||||||||||||||||||||
13. | Columbia Gorge Premium Outlets | OR | Troutdale (Portland) | 100.0% | 163,736 | (2) | ||||||||||||||||||||||
14. | Desert Hills Premium Outlets | CA | Cabazon (Palm Springs) | 100.0% | 650,941 | (2) | ||||||||||||||||||||||
15. | Edinburgh Premium Outlets | IN | Edinburgh (Indianapolis) | 100.0% | 377,839 | (2) | ||||||||||||||||||||||
16. | Ellenton Premium Outlets | FL | Ellenton (Tampa) | 100.0% | 476,467 | 01/11/16 | (16) | 5.51% | Fixed | 100,466 | 100,466 | |||||||||||||||||
17. | Folsom Premium Outlets | CA | Folsom (Sacramento) | 100.0% | 297,701 | (2) | ||||||||||||||||||||||
18. | Gaffney Premium Outlets | SC | Gaffney (Greenville/Charlotte) | 100.0% | 359,825 | 09/01/16 | (15) | 5.79% | Fixed | 35,721 | 35,721 | |||||||||||||||||
19. | Gilroy Premium Outlets | CA | Gilroy (San Jose) | 100.0% | 577,872 | (2) | ||||||||||||||||||||||
20. | Grand Prairie Premium Outlets | TX | Grand Prairie (Dallas) | 100.0% | 417,211 | 04/01/23 | 3.66% | Fixed | 120,000 | 120,000 | ||||||||||||||||||
21. | Grove City Premium Outlets | PA | Grove City (Pittsburgh) | 100.0% | 531,459 | 01/11/16 | (16) | 5.51% | Fixed | 108,453 | 108,453 | |||||||||||||||||
22. | Gulfport Premium Outlets | MS | Gulfport | 100.0% | 300,233 | 01/11/16 | (16) | 5.51% | Fixed | 24,198 | 24,198 | |||||||||||||||||
23. | Hagerstown Premium Outlets | MD | Hagerstown (Baltimore/ | 100.0% | 485,132 | 04/11/16 | (14) | 5.95% | Fixed | 86,045 | 86,045 | |||||||||||||||||
Washington DC) | ||||||||||||||||||||||||||||
24. | Houston Premium Outlets | TX | Cypress (Houston) | 100.0% | 541,760 | (2) | ||||||||||||||||||||||
25. | Jackson Premium Outlets | NJ | Jackson (New York) | 100.0% | 285,617 | (2) | ||||||||||||||||||||||
26. | Jersey Shore Premium Outlets | NJ | Tinton Falls (New York) | 100.0% | 434,363 | 01/11/16 | (16) | 5.51% | Fixed | 67,306 | 67,306 | |||||||||||||||||
27. | Johnson Creek Premium Outlets | WI | Johnson Creek | 100.0% | 276,373 | (2) | ||||||||||||||||||||||
28. | Kittery Premium Outlets | ME | Kittery | 100.0% | 259,403 | (2) | ||||||||||||||||||||||
29. | Las Americas Premium Outlets | CA | San Diego | 100.0% | 555,261 | 06/11/16 | 5.84% | Fixed | 176,605 | 176,605 |
4Q 2014 SUPPLEMENTAL | ![]() | 42 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | TOTAL | OUR SHARE | |||||||||||||||||
|
|
| ||||||||||||||||||||||||||
30. | Las Vegas North Premium Outlets | NV | Las Vegas | 100.0% | 527,779 | (2) | ||||||||||||||||||||||
31. | Las Vegas South Premium Outlets | NV | Las Vegas | 100.0% | 535,772 | (2) | ||||||||||||||||||||||
32. | Lebanon Premium Outlets | TN | Lebanon (Nashville) | 100.0% | 227,271 | 01/11/16 | (16) | 5.51% | Fixed | 14,877 | 14,877 | |||||||||||||||||
33. | Lee Premium Outlets | MA | Lee | 100.0% | 224,850 | 09/01/16 | (15) | 5.79% | Fixed | 49,134 | 49,134 | |||||||||||||||||
34. | Leesburg Corner Premium Outlets | VA | Leesburg (Washington D.C.) | 100.0% | 517,992 | (2) | ||||||||||||||||||||||
35. | Liberty Village Premium Outlets | NJ | Flemington (New York) | 100.0% | 162,217 | (2) | ||||||||||||||||||||||
36. | Lighthouse Place Premium Outlets | IN | Michigan City (Chicago, IL) | 100.0% | 454,730 | (2) | ||||||||||||||||||||||
37. | Livermore Premium Outlets | CA | Livermore (San Francisco) | 100.0% | 511,926 | (2) | ||||||||||||||||||||||
38. | Merrimack Premium Outlets | NH | Merrimack | 100.0% | 408,996 | 07/01/23 | 3.78% | Fixed | 130,000 | 130,000 | ||||||||||||||||||
39. | Napa Premium Outlets | CA | Napa | 100.0% | 179,168 | (2) | ||||||||||||||||||||||
40. | North Bend Premium Outlets | WA | North Bend (Seattle) | 100.0% | 223,552 | (2) | ||||||||||||||||||||||
41. | North Georgia Premium Outlets | GA | Dawsonville (Atlanta) | 100.0% | 540,312 | (2) | ||||||||||||||||||||||
42. | Orlando International Premium Outlets | FL | Orlando | 100.0% | 773,644 | (2) | ||||||||||||||||||||||
43. | Orlando Vineland Premium Outlets | FL | Orlando | 100.0% | 655,004 | (2) | ||||||||||||||||||||||
44. | Osage Beach Premium Outlets | MO | Osage Beach | 100.0% | 392,450 | (2) | ||||||||||||||||||||||
45. | Petaluma Village Premium Outlets | CA | Petaluma (San Francisco) | 100.0% | 195,566 | (2) | ||||||||||||||||||||||
46. | Philadelphia Premium Outlets | PA | Limerick (Philadelphia) | 100.0% | 549,137 | (2) | ||||||||||||||||||||||
47. | Phoenix Premium Outlets | AZ | Chandler (Phoenix) | 100.0% | 356,496 | (2) | ||||||||||||||||||||||
48. | Pismo Beach Premium Outlets | CA | Pismo Beach | 100.0% | 147,416 | 11/06/16 | (17) | 5.84% | Fixed | 33,850 | 33,850 | |||||||||||||||||
49. | Pleasant Prairie Premium | WI | Pleasant Prairie (Chicago, | 100.0% | 402,540 | 01/11/16 | (16) | 5.51% | Fixed | 57,806 | 57,806 | |||||||||||||||||
Outlets | IL/Milwaukee) | 12/01/16 | 6.01% | Fixed | 35,192 | 35,192 | ||||||||||||||||||||||
50. | Puerto Rico Premium Outlets | PR | Barceloneta | 100.0% | 341,951 | 09/30/17 | (8) | 1.52% | Variable | 125,000 | 125,000 | |||||||||||||||||
51. | Queenstown Premium Outlets | MD | Queenstown (Baltimore) | 100.0% | 289,472 | 11/06/16 | (17) | 5.84% | Fixed | 66,150 | 66,150 | |||||||||||||||||
52. | Rio Grande Valley Premium Outlets | TX | Mercedes (McAllen) | 100.0% | 604,105 | (2) | ||||||||||||||||||||||
53. | Round Rock Premium Outlets | TX | Round Rock (Austin) | 100.0% | 488,672 | (2) |
4Q 2014 SUPPLEMENTAL | ![]() | 43 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | TOTAL | OUR SHARE | |||||||||||||||||
|
|
| ||||||||||||||||||||||||||
54. | San Marcos Premium Outlets | TX | San Marcos (Austin/San Antonio) | 100.0% | 731,991 | 01/11/16 | (16) | 5.51% | Fixed | 137,569 | 137,569 | |||||||||||||||||
55. | Seattle Premium Outlets | WA | Tulalip (Seattle) | 100.0% | 554,766 | (2) | ||||||||||||||||||||||
56. | Silver Sands Premium Outlets | FL | Destin | 50.0% | 451,087 | 06/01/22 | 3.93% | Fixed | 100,000 | 50,000 | ||||||||||||||||||
57. | St. Augustine Premium Outlets | FL | St. Augustine (Jacksonsville) | 100.0% | 328,539 | (2) | ||||||||||||||||||||||
58. | St. Louis Premium Outlets | MO | St. Louis (Chesterfield) | 60.0% | 351,462 | 10/06/24 | 4.06% | Fixed | 95,000 | 57,000 | ||||||||||||||||||
59. | Tanger Outlets - Galveston/Houston (3) | TX | Texas City | 50.0% | 352,705 | 07/01/18 | (8) | 1.67% | Variable | 65,000 | 32,500 | |||||||||||||||||
60. | The Crossings Premium Outlets | PA | Tannersville | 100.0% | 411,520 | 12/01/22 | 3.41% | Fixed | 115,000 | 115,000 | ||||||||||||||||||
61. | Twin Cities Premium Outlets | MN | Eagan | 35.0% | 408,944 | 11/06/24 | 4.32% | Fixed | 115,000 | 40,250 | ||||||||||||||||||
62. | Vacaville Premium Outlets | CA | Vacaville | 100.0% | 440,040 | (2) | ||||||||||||||||||||||
63. | Waikele Premium Outlets | HI | Waipahu (Honolulu) | 100.0% | 215,546 | (2) | ||||||||||||||||||||||
64. | Waterloo Premium Outlets | NY | Waterloo | 100.0% | 417,752 | (2) | ||||||||||||||||||||||
65. | Williamsburg Premium Outlets | VA | Williamsburg | 100.0% | 521,931 | 04/11/16 | (14) | 5.95% | Fixed | 99,406 | 99,406 | |||||||||||||||||
66. | Woodburn Premium Outlets | OR | Woodburn (Portland) | 100.0% | 389,773 | (2) | ||||||||||||||||||||||
67. | Woodbury Common Premium Outlets | NY | Central Valley (New York) | 100.0% | 854,448 | (2) | ||||||||||||||||||||||
68. | Wrentham Village Premium Outlets | MA | Wrentham (Boston) | 100.0% | 660,101 | (2) | ||||||||||||||||||||||
Total U.S. Premium Outlet Square Footage | 28,796,557 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Mall and U.S. Premium Outlet Square Footage | 151,469,756 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4Q 2014 SUPPLEMENTAL | ![]() | 44 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | TOTAL | OUR SHARE | |||||||||||||||||
The Mills | ||||||||||||||||||||||||||||
1. | Arizona Mills | AZ | Tempe (Phoenix) | 100.0% | 1,239,804 | 07/01/20 | 5.76% | Fixed | 164,566 | 164,566 | ||||||||||||||||||
2. | Arundel Mills | MD | Hanover (Baltimore) | 59.3% | 1,662,640 | 02/06/24 | 4.29% | Fixed | 385,000 | 228,113 | ||||||||||||||||||
3. | Colorado Mills | CO | Lakewood (Denver) | 37.5% | 1,410,205 | 11/01/24 | 4.28% | Fixed | 136,000 | 51,000 | ||||||||||||||||||
07/01/21 | 5.04% | Fixed | 27,843 | 10,441 | ||||||||||||||||||||||||
4. | Concord Mills | NC | Concord (Charlotte) | 59.3% | 1,343,551 | 11/01/22 | 3.84% | Fixed | 235,000 | 139,261 | ||||||||||||||||||
5. | Grapevine Mills | TX | Grapevine (Dallas) | 59.3% | 1,778,483 | 10/01/24 | 3.83% | Fixed | 268,000 | 158,817 | ||||||||||||||||||
6. | Great Mall | CA | Milpitas (San Jose) | 100.0% | 1,366,245 | (2) | ||||||||||||||||||||||
7. | Gurnee Mills | IL | Gurnee (Chicago) | 100.0% | 1,918,263 | 07/01/17 | 5.77% | Fixed | 321,000 | 321,000 | ||||||||||||||||||
8. | Katy Mills | TX | Katy (Houston) | 62.5% | (4) | 1,747,461 | 12/06/22 | 3.49% | Fixed | 140,000 | 35,000 | |||||||||||||||||
9. | Ontario Mills | CA | Ontario (Riverside) | 50.0% | 1,471,353 | 03/05/22 | 4.25% | Fixed | 333,152 | 166,576 | ||||||||||||||||||
10. | Opry Mills | TN | Nashville | 100.0% | 1,153,536 | 10/10/16 | 2.67% | Variable | 280,000 | 280,000 | ||||||||||||||||||
10/10/16 | 5.00% | Fixed | 91,427 | 91,427 | ||||||||||||||||||||||||
11. | Outlets at Orange, The | CA | Orange (Los Angeles) | 50.0% | 805,311 | 04/01/24 | 4.22% | Fixed | 215,000 | 107,500 | ||||||||||||||||||
12. | Potomac Mills | VA | Woodbridge (Washington, D.C.) | 100.0% | 1,525,636 | 07/11/17 | 5.83% | Fixed | 410,000 | 410,000 | ||||||||||||||||||
13. | Sawgrass Mills | FL | Sunrise (Miami) | 100.0% | 2,197,314 | (2) | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total The Mills Square Footage | 19,619,802 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Community Centers | ||||||||||||||||||||||||||||
1. | ABQ Uptown | NM | Albuquerque | 100.0% | 230,036 | (2) | ||||||||||||||||||||||
2. | Hamilton Town Center | IN | Noblesville (Indianapolis) | 50.0% | 672,896 | 04/01/22 | 4.81% | Fixed | 84,000 | 42,000 | ||||||||||||||||||
3. | Pier Park | FL | Panama City Beach | 65.6% | 882,654 | (2) | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Community Centers Square Footage | 1,785,586 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TMLP Properties | ||||||||||||||||||||||||||||
The Esplanade, The Galleria at White Plains, Northpark Mall, Philadelphia Mills, and Sugarloaf Mills | (23) | 726,474 | 305,478 | |||||||||||||||||||||||||
Total TMLP Properties Square Footage | 5,787,887 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Properties | ||||||||||||||||||||||||||||
Circle Centre, Florida Keys Outlet Center, Huntley Outlet Center, | (13) | 263,089 | 125,995 | |||||||||||||||||||||||||
Indian River Commons, Indian River Mall, Lincoln Plaza, Naples Outlet Center, | (16)(21) | |||||||||||||||||||||||||||
Outlet Marketplace, The Shops at Sunset Place | ||||||||||||||||||||||||||||
Total Other Properties Square Footage | 3,360,449 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TOTAL U.S. SQUARE FOOTAGE (24) | 182,023,480 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4Q 2014 SUPPLEMENTAL | ![]() | 45 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LEGAL | TOTAL | MATURITY | | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | TOTAL | OUR SHARE | |||||||||||||||||
International Properties | ||||||||||||||||||||||||||||
AUSTRIA | ||||||||||||||||||||||||||||
1. | Parndorf Designer Outlet Phases 3 & 4 | Vienna | 90.0% | 118,000 | 06/30/16 | (20) | 2.21% | Variable | 42,160 | 37,943 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal Austria Square Footage | 118,000 | |||||||||||||||||||||||||||
CANADA |
|
| ||||||||||||||||||||||||||
2. | Premium Outlets Montréal | Montréal (Quebec) | 50.0% | 365,500 | 09/10/17 | (8)(29) | 2.60% | Variable | 80,570 | 40,285 | ||||||||||||||||||
3. | Toronto Premium Outlets | Toronto (Ontario) | 50.0% | 358,400 | 07/09/15 | (29) | 2.45% | Variable | 83,069 | 41,535 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal Canada Square Footage | 723,900 | |||||||||||||||||||||||||||
ITALY |
|
| ||||||||||||||||||||||||||
4. | La Reggia Designer Outlet Phases 1 & 2 | Marcianise (Naples) | 60.0% | 288,000 | 03/31/27 | (20) | 1.52% | Variable | 75,411 | 45,247 | ||||||||||||||||||
5. | Noventa Di Piave Designer Outlet | Venice | 60.0% | 280,000 | 08/29/26 | (20) | 1.12% | Variable | 40,098 | 24,059 | ||||||||||||||||||
Phases 1, 2 & 3 | 06/30/27 | (20) | 2.58% | Variable | 42,911 | 25,747 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal Italy Square Footage | 568,000 | |||||||||||||||||||||||||||
JAPAN |
|
| ||||||||||||||||||||||||||
6. | Ami Premium Outlets | Ami (Tokyo) | 40.0% | 315,000 | 09/25/23 | (25) | 1.82% | Fixed | 76,881 | 30,752 | ||||||||||||||||||
7. | Gotemba Premium Outlets | Gotemba City (Tokyo) | 40.0% | 481,500 | 02/28/18 | (25) | 0.39% | Variable | 15,382 | 6,153 | ||||||||||||||||||
8. | Kobe-Sanda Premium Outlets | Kobe (Osaka) | 40.0% | 441,000 | 01/31/20 | (25) | 0.47% | Variable | 33,100 | 13,240 | ||||||||||||||||||
9. | Rinku Premium Outlets | Izumisano (Osaka) | 40.0% | 416,500 | 07/31/17 | (25) | 0.42% | Variable | 13,394 | 5,358 | ||||||||||||||||||
10. | Sano Premium Outlets | Sano (Tokyo) | 40.0% | 390,800 | 05/31/18 | (25) | 0.48% | Variable | 6,990 | 2,796 | ||||||||||||||||||
11. | Sendai-Izumi Premium Outlets | Izumi Park Town (Sendai) | 40.0% | 164,200 | 10/31/18 | (25) | 0.44% | Variable | 12,724 | 5,090 | ||||||||||||||||||
12. | Shisui Premium Outlets | Shisui (Chiba) | 40.0% | 234,800 | 05/31/18 | (25) | 0.39% | Variable | 39,847 | 15,939 | ||||||||||||||||||
13. | Toki Premium Outlets | Toki (Nagoya) | 40.0% | 367,700 | 11/30/19 | (25) | 0.94% | Variable | 30,974 | 12,390 | ||||||||||||||||||
14. | Tosu Premium Outlets | Fukuoka (Kyushu) | 40.0% | 290,400 | 12/31/18 | (25) | 0.45% | Variable | 17,496 | 6,998 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal Japan Square Footage | 3,101,900 | |||||||||||||||||||||||||||
KOREA |
|
| ||||||||||||||||||||||||||
15. | Busan Premium Outlets | Busan | 50.0% | 360,200 | 06/20/22 | (26) | 5.44% | Fixed | 73,678 | 36,839 | ||||||||||||||||||
02/13/17 | (26) | 4.42% | Variable | 51,584 | 25,792 | |||||||||||||||||||||||
16. | Paju Premium Outlets | Paju (Seoul) | 50.0% | 442,900 | 11/28/19 | (26) | 4.08% | Fixed | 98,968 | 49,484 | ||||||||||||||||||
17. | Yeoju Premium Outlets | Yeoju (Seoul) | 50.0% | 286,200 | 09/06/20 | (26) | 4.68% | Fixed | 51,404 | 25,702 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subtotal South Korea Square Footage | 1,089,300 |
4Q 2014 SUPPLEMENTAL | ![]() | 46 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||||||||||||||||||
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| LEGAL | TOTAL | MATURITY | | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||||||
| PROPERTY NAME | STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | TOTAL | OUR SHARE | |||||||||||||||||
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MALAYSIA | ||||||||||||||||||||||||||||
18. | Johor Premium Outlets | Johor (Singapore) | 50.0% | 264,400 | 10/14/20 | (27) | 5.06% | Variable | 21,443 | 10,722 | ||||||||||||||||||
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Subtotal Malaysia Square Footage | 264,400 | |||||||||||||||||||||||||||
MEXICO |
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19. | Premium Outlets Punta Norte | Mexico City | 50.0% | 333,000 | (2) | |||||||||||||||||||||||
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Subtotal Mexico Square Footage | 333,000 | |||||||||||||||||||||||||||
NETHERLANDS |
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20. | Roermond Designer Outlet Phases 2 & 3 | Roermond | 90.0% | 173,000 | 12/01/21 | (20) | 1.86% | Fixed | 218,914 | 197,023 | ||||||||||||||||||
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Subtotal Netherlands Square Footage | 173,000 | |||||||||||||||||||||||||||
UNITED KINGDOM |
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21. | Ashford Designer Outlet | Kent | 45.0% | 183,000 | 07/31/16 | (5) | 2.42% | Variable | 6,228 | 2,802 | ||||||||||||||||||
07/31/16 | (11)(5) | 4.27% | Fixed | 56,048 | 25,222 | |||||||||||||||||||||||
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Subtotal United Kingdom Square Footage | 183,000 | |||||||||||||||||||||||||||
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TOTAL INTERNATIONAL SQUARE FOOTAGE (28) | 6,554,500 | |||||||||||||||||||||||||||
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TOTAL SQUARE FOOTAGE | 188,577,980 | |||||||||||||||||||||||||||
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Other Secured Indebtedness: | (30) | 179,645 | 82,406 | |||||||||||||||||||||||||
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TOTAL SECURED INDEBTEDNESS | $ | 12,471,584 | (31) | |||||||||||||||||||||||||
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Our Share of Consolidated Mortgage Debt | $ | 6,116,485 | ||||||||||||||||||||||||||
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Our Share of Joint Venture Mortgage Debt | $ | 6,355,099 |
4Q 2014 SUPPLEMENTAL | ![]() | 47 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
| DEBT INFORMATION | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
UNSECURED INDEBTEDNESS: | MATURITY DATE | INTEREST RATE (1) | TYPE | INDEBTEDNESS ($ in 000's) TOTAL | ||||||||
Global Commercial Paper - USD | 02/11/15 | 0.19% | Variable | 200,000 | ||||||||
Global Commercial Paper - Euro | 03/18/15 | (12) | 0.17% | Variable | 209,185 | |||||||
Simon Property Group, LP (Sr. Notes) | 06/15/15 | 5.10% | Fixed | 326,816 | ||||||||
Simon Property Group, LP (Sr. Notes) | 12/01/15 | 5.75% | Fixed | 366,635 | ||||||||
Simon Property Group, LP (Sr. Notes) | 05/01/16 | 6.10% | Fixed | 163,298 | ||||||||
Simon Property Group, LP (Sr. Notes) | 12/01/16 | 5.25% | Fixed | 364,276 | ||||||||
Simon Property Group, LP (Sr. Notes) | 01/30/17 | 2.80% | Fixed | 500,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 03/01/17 | 5.88% | Fixed | 207,453 | ||||||||
Simon Property Group, LP (Sr. Notes) | 09/15/17 | 2.15% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 02/01/18 | 1.50% | Fixed | 750,000 | ||||||||
Unsecured Term Loan | 02/28/18 | (8) | 1.26% | Variable | 240,000 | |||||||
Simon Property Group, LP (Sr. Notes) | 05/30/18 | 6.13% | Fixed | 800,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 06/15/18 | 7.38% | Fixed | 200,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 02/01/19 | 2.20% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 04/01/19 | 10.35% | Fixed | 650,000 | ||||||||
Revolving Credit Facility - Euro Currency | 06/30/19 | (8)(32) | 0.81% | Variable | 372,154 | |||||||
Revolving Credit Facility - Yen Currency | 06/30/19 | (8)(19) | 0.88% | Variable | 186,383 | |||||||
Simon Property Group, LP (Sr. Notes) | 02/01/20 | 5.65% | Fixed | 1,250,000 | ||||||||
Simon Property Group, LP (Euro Sr. Notes) | 10/02/20 | (22) | 2.38% | Fixed | 912,143 | |||||||
Simon Property Group, LP (Sr. Notes) | 03/01/21 | 4.38% | Fixed | 900,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 12/01/21 | 4.13% | Fixed | 700,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 03/15/22 | 3.38% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 02/01/23 | 2.75% | Fixed | 500,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 02/01/24 | 3.75% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 10/01/24 | 3.38% | Fixed | 900,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 02/01/40 | 6.75% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 03/15/42 | 4.75% | Fixed | 550,000 | ||||||||
Simon Property Group, LP (Sr. Notes) | 10/01/44 | 4.25% | Fixed | 400,000 | ||||||||
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Total Unsecured Indebtedness | $ | 14,648,343 | (18) | |||||||||
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4Q 2014 SUPPLEMENTAL | ![]() | 48 |
PROPERTY AND DEBT INFORMATION
As of December 31, 2014
- FOOTNOTES:
- (1)
- Variable rate debt interest rates are based on the following base rates as of December 31, 2014: 1M LIBOR at .17%; 1M EUR LIBOR at .01%; 1M EURIBOR at .02%; 3M EURIBOR at .08%; 6M EURIBOR at .17%; 1M YEN LIBOR at .08%; 6M YEN LIBOR at .14%; 1M CDOR at 1.30%; KLIBOR at 3.34% and 91 Day Korean CD rate at 2.13%.
- (2)
- Unencumbered asset
- (3)
- This property is managed by a third party.
- (4)
- The Operating Partnership's direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
- (5)
- Amounts shown in USD equivalent; GBP equivalent is 40.0 million.
- (6)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (7)
- The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
- (8)
- Includes applicable extensions available at our option.
- (9)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (10)
- The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
- (11)
- Through an interest rate swap agreement, interest is essentially fixed at the all-in-rate presented.
- (12)
- Amount shown in USD Equivalent; Euro equivalent is 172.0 million.
- (13)
- Indian River and Indian River Crossings are secured by cross-collateralized and cross-defaulted mortgages.
- (14)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (15)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (16)
- These ten properties (which includes Florida Keys Outlet Center, Huntley Outlet Center and Naples Outlet Center) are secured by cross-collateralized and cross-defaulted mortgages.
- (17)
- These two properties are secured by cross-collateralized and cross-defaulted mortgages.
- (18)
- Also represents our share of Total Unsecured Indebtedness.
- (19)
- Amounts shown in USD equivalent; Balance includes borrowings on multi-currency tranche of Yen 22.3 billion.
- (20)
- Amounts shown in USD equivalent; Euro equivalent is 344.9 million.
- (21)
- Consists of six encumbered properties with interest rates ranging from 3.07% to 5.62% and maturities between 2015 and 2020.
- (22)
- Amount shown in USD equivalent; Euro equivalent is 750.0 million.
- (23)
- Consists of five properties with interest rates ranging from 4.50% to 7.32% and maturities between 2015 and 2023.
- (24)
- Includes office space of 1,874,137 square feet including the following centers with more than 20,000 square feet of office space:
Circle Centre - 129,944 sq. ft. | Greendale Mall - 119,860 sq. ft. | |
Copley Place - 869,018 sq. ft. | Menlo Park Mall - 49,481 sq. ft. | |
Domain, The - 156,240 sq. ft. | Oxford Valley Mall - 111,038 sq. ft. | |
Fashion Centre at Pentagon City - 169,550 sq. ft. | Plaza Carolina - 27,343 sq. ft. | |
Firewheel Town Center - 75,303 sq. ft. | Southdale Center - 20,393 sq. ft. |
- (25)
- Amounts shown in USD equivalent; Yen equivalent is 29.5 billion.
- (26)
- Amounts shown in USD equivalent; Won equivalent is 301.9 billion.
- (27)
- Amounts shown in USD equivalent; Ringgit equivalent is 75.0 million.
- (28)
- Does not include Klépierre.
- (29)
- Amount shown in USD equivalent; CAD equivalent is 189.9 million.
- (30)
- Consists of eight loans with interest rates ranging from 1.67% to 6.53% and maturities between 2016 and 2021.
4Q 2014 SUPPLEMENTAL | ![]() | 49 |
- (31)
- Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including The Mills Limited Partnership. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $223.5 million of payment guarantees provided by the Operating Partnership (of which $78.7 million is recoverable from our venture partner under the partnership agreement).
- (32)
- Amounts shown in USD equivalent; Balance includes borrowings on multi-currency tranche of Euro 306.0 million.
4Q 2014 SUPPLEMENTAL | ![]() | 50 |