Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Jan. 30, 2015 |
Entity Registrant Name | SIMON PROPERTY GROUP INC /DE/ | ||
Entity Central Index Key | 1063761 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $51,280 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Common stock | |||
Entity Common Stock, Shares Outstanding | 314,381,664 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 8,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS: | ||
Investment properties at cost | $31,318,532 | $30,336,639 |
Less - accumulated depreciation | 8,950,747 | 8,092,794 |
Investment properties, net | 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 Klepierre, 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 |
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 8 3/8% 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 |
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, 3,540,427 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 |
Common stock | ||
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): | ||
Common stock | 31 | 31 |
Class B common stock | ||
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): | ||
Common stock |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Capital stock, total shares authorized | 850,000,000 | 850,000,000 |
Capital stock, par value (in dollars per share) | $0.00 | $0.00 |
Capital stock, shares of excess common stock | 238,000,000 | 238,000,000 |
Capital stock, authorized shares of preferred stock | 100,000,000 | 100,000,000 |
Preferred stock stated dividend rate percentage | 8.38% | 8.38% |
Series J 8 3/8% cumulative redeemable preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Series J 8 3/8% cumulative redeemable preferred stock, shares issued | 796,948 | 796,948 |
Series J 8 3/8% cumulative redeemable preferred stock, shares outstanding | 796,948 | 796,948 |
Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars) | $39,847 | $39,847 |
Common stock held in treasury, shares | 3,540,754 | 3,650,680 |
Common stock | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 511,990,000 | 511,990,000 |
Common stock, shares issued | 314,320,664 | 314,251,245 |
Common stock, shares outstanding | 314,320,664 | 314,251,245 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 8,000 | 8,000 |
Common stock, shares outstanding | 8,000 | 8,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUE: | |||
Minimum rent | $2,962,295 | $2,775,919 | $2,593,909 |
Overage rent | 207,104 | 214,758 | 187,613 |
Tenant reimbursements | 1,362,412 | 1,258,165 | 1,157,333 |
Management fees and other revenues | 138,226 | 126,972 | 128,366 |
Other income | 200,781 | 168,035 | 188,936 |
Total revenue | 4,870,818 | 4,543,849 | 4,256,157 |
EXPENSES: | |||
Property operating | 398,598 | 371,044 | 363,514 |
Depreciation and amortization | 1,143,827 | 1,107,700 | 1,068,382 |
Real estate taxes | 384,189 | 368,683 | 342,906 |
Repairs and maintenance | 100,016 | 98,219 | 93,960 |
Advertising and promotion | 136,656 | 117,894 | 109,809 |
Provision for credit losses | 12,001 | 7,165 | 10,905 |
Home and regional office costs | 158,576 | 140,931 | 123,926 |
General and administrative | 59,958 | 59,803 | 57,144 |
Marketable and non-marketable securities charges and realized gains, net | -6,426 | ||
Other | 91,655 | 83,741 | 85,808 |
Total operating expenses | 2,485,476 | 2,355,180 | 2,249,928 |
OPERATING INCOME | 2,385,342 | 2,188,669 | 2,006,229 |
Interest expense | -992,601 | -1,082,081 | -1,068,181 |
Loss on debt extinguishment | -127,573 | ||
Income and other taxes | -28,085 | -39,538 | -15,715 |
Income from unconsolidated entities | 226,774 | 206,380 | 130,879 |
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities and impairment charge on investment in unconsolidated entities, net | 158,308 | 93,363 | 510,030 |
Consolidated income from continuing operations | 1,622,165 | 1,366,793 | 1,563,242 |
Discontinued operations | 67,524 | 184,797 | 156,390 |
Discontinued operations transaction expenses | -38,163 | ||
CONSOLIDATED NET INCOME | 1,651,526 | 1,551,590 | 1,719,632 |
Net income attributable to noncontrolling interests | 242,938 | 231,949 | 285,136 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 1,405,251 | 1,316,304 | 1,431,159 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Income from continuing operations (in dollars per share) | $4.44 | $3.73 | $4.29 |
Discontinued operations (in dollars per share) | $0.08 | $0.51 | $0.43 |
Net income attributable to common stockholders (in dollars per share) | $4.52 | $4.24 | $4.72 |
Consolidated Net Income | 1,651,526 | 1,551,590 | 1,719,632 |
Unrealized gain on derivative hedge agreements | 5,220 | 7,101 | 16,652 |
Net loss reclassified from accumulated other comprehensive loss into earnings | 10,789 | 9,205 | 21,042 |
Currency translation adjustments | -101,799 | 2,865 | 9,200 |
Changes in available-for-sale securities and other | 102,816 | -1,479 | -39,248 |
Comprehensive income | 1,668,552 | 1,569,282 | 1,727,278 |
Comprehensive income attributable to noncontrolling interests | 245,210 | 234,536 | 289,419 |
Comprehensive income attributable to common stockholders | $1,423,342 | $1,334,746 | $1,437,859 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $1,651,526 | $1,551,590 | $1,719,632 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,285,784 | 1,332,950 | 1,301,304 |
Loss on debt extinguishment | 127,573 | ||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | -158,550 | -107,515 | -510,030 |
Marketable and non-marketable securities charges and realized gains, net | -6,426 | ||
Straight-line rent | -48,880 | -48,264 | -37,998 |
Equity in income of unconsolidated entities | -227,426 | -205,259 | -131,907 |
Distributions of income from unconsolidated entities | 202,269 | 179,054 | 151,398 |
Changes in assets and liabilities - | |||
Tenant receivables and accrued revenue, net | -6,730 | -13,938 | -4,815 |
Deferred costs and other assets | -65,569 | -30,013 | -133,765 |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | -29,577 | 42,391 | 165,679 |
Net cash provided by operating activities | 2,730,420 | 2,700,996 | 2,513,072 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | -85,459 | -866,541 | -3,735,718 |
Funding of loans to related parties | -50,892 | -99,079 | -25,364 |
Repayments of loans to related parties | 170,953 | 92,600 | |
Capital expenditures, net | -796,736 | -841,209 | -802,427 |
Cash from acquisitions and cash impact from the consolidation and deconsolidation of properties | 5,402 | 91,163 | |
Net proceeds from sale of assets | 274,058 | 383,804 | |
Investments in unconsolidated entities | -239,826 | -143,149 | -201,330 |
Purchase of marketable and non-marketable securities | -391,188 | -44,117 | -184,804 |
Proceeds from sale of marketable and non-marketable securities | 47,495 | 415,848 | |
Repayments of loans held for investment | 163,908 | ||
Distributions of capital from unconsolidated entities | 490,480 | 724,454 | 221,649 |
Net cash used in investing activities | -897,266 | -948,088 | -3,580,671 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | 277 | 99 | 1,213,840 |
Cash impact of Washington Prime spin-off | -33,776 | ||
Redemption of limited partner units | -14,435 | -248,000 | |
Purchase of noncontrolling interest in consolidated properties and other | -172,652 | -229,595 | |
Distributions to noncontrolling interest holders in properties | -21,259 | -9,335 | -13,623 |
Contributions from noncontrolling interest holders in properties | 1,738 | 6,053 | 4,204 |
Preferred distributions of the Operating Partnership | -1,915 | -1,915 | -1,915 |
Preferred dividends and distributions to stockholders | -1,603,603 | -1,446,042 | -1,244,553 |
Distributions to limited partners | -271,640 | -242,596 | -238,772 |
Loss on debt extinguishment | -127,573 | ||
Proceeds from issuance of debt, net of transaction costs | 3,627,154 | 2,919,364 | 6,772,443 |
Repayments of debt | -5,323,186 | -2,446,191 | -4,560,562 |
Net proceeds from issuance of debt related to Washington Prime properties, net | 1,003,135 | ||
Net cash (used in) provided by financing activities | -2,937,735 | -1,220,563 | 1,453,467 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (NOTE 3) | -1,104,581 | 532,345 | 385,868 |
CASH AND CASH EQUIVALENTS, beginning of period | 1,716,863 | 1,184,518 | 798,650 |
CASH AND CASH EQUIVALENTS, end of period | $612,282 | $1,716,863 | $1,184,518 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Preferred Stock | Common Stock. | Accumulated Other Comprehensive Income (Loss) | Capital in Excess of Par Value | Accumulated Deficit | Common Stock Held in Treasury | Noncontrolling Interests | Total |
In Thousands, unless otherwise specified | Series J Preferred stock | |||||||
Balance at Dec. 31, 2011 | $45,047 | $30 | ($94,263) | $8,103,133 | ($3,251,740) | ($152,541) | $894,622 | $5,544,288 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Exchange of limited partner units (70,291 and 596,051 common shares in 2014 and 2013, respectively, 7,447,921 units for 6,795,296 common shares in 2012, Note 10) | 144,197 | -144,197 | ||||||
Public offering of common stock (9,137,500 common shares) | 1 | 1,213,740 | 1,213,741 | |||||
Issuance of limited partner units | 31,324 | 31,324 | ||||||
Stock options exercised (common shares: 1,567 in 2013, 712 in 2012, respectively) | 41 | 41 | ||||||
Redemption of limited partner units | -209,096 | -38,904 | -248,000 | |||||
Series J preferred stock premium amortization | -328 | -328 | ||||||
Stock incentive program (common shares, net: 83,309 in 2014, 107,123 in 2013, 114,066 in 2012) | -16,760 | 16,760 | ||||||
Amortization of stock incentive | 14,001 | 14,001 | ||||||
Purchase of noncontrolling interests | 25,917 | 58,559 | 84,476 | |||||
Other | 385 | -21,393 | 41,471 | 20,463 | ||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership, including $118,306 related to the spin-off of Washington Prime in 2014 | -99,834 | 99,834 | ||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | -1,244,553 | -238,772 | -1,483,325 | |||||
Distribution to other noncontrolling interest partners | -435 | -435 | ||||||
Other comprehensive income | 3,363 | 4,283 | 7,646 | |||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2014, 2013 and 2012, respectively and $8,858 and $8,520 and $8,946 attributable to noncontrolling redeemable interests in properties in temporary equity during 2013 and 2012, respectively | 1,434,496 | 274,701 | 1,709,197 | |||||
Balance at Dec. 31, 2012 | 44,719 | 31 | -90,900 | 9,175,724 | -3,083,190 | -135,781 | 982,486 | 6,893,089 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Exchange of limited partner units (70,291 and 596,051 common shares in 2014 and 2013, respectively, 7,447,921 units for 6,795,296 common shares in 2012, Note 10) | 11,161 | -11,161 | ||||||
Stock options exercised (common shares: 1,567 in 2013, 712 in 2012, respectively) | 90 | 90 | ||||||
Series J preferred stock premium amortization | -329 | -329 | ||||||
Stock incentive program (common shares, net: 83,309 in 2014, 107,123 in 2013, 114,066 in 2012) | -17,884 | 17,884 | ||||||
Amortization of stock incentive | 18,311 | 18,311 | ||||||
Issuance of unit equivalents and other (25,545 common shares issued in 2014) | 346 | -9,095 | 50,634 | 41,885 | ||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership, including $118,306 related to the spin-off of Washington Prime in 2014 | 29,615 | -29,615 | ||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | -1,446,042 | -242,596 | -1,688,638 | |||||
Distribution to other noncontrolling interest partners | -285 | -285 | ||||||
Other comprehensive income | 15,105 | 2,587 | 17,692 | |||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2014, 2013 and 2012, respectively and $8,858 and $8,520 and $8,946 attributable to noncontrolling redeemable interests in properties in temporary equity during 2013 and 2012, respectively | 1,319,641 | 221,176 | 1,540,817 | |||||
Balance at Dec. 31, 2013 | 44,390 | 31 | -75,795 | 9,217,363 | -3,218,686 | -117,897 | 973,226 | 6,822,632 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Exchange of limited partner units (70,291 and 596,051 common shares in 2014 and 2013, respectively, 7,447,921 units for 6,795,296 common shares in 2012, Note 10) | 1,297 | -1,297 | ||||||
Issuance of limited partner units | 84,910 | 84,910 | ||||||
Redemption of limited partner units | -12,972 | -1,463 | -14,435 | |||||
Series J preferred stock premium amortization | -328 | -328 | ||||||
Stock incentive program (common shares, net: 83,309 in 2014, 107,123 in 2013, 114,066 in 2012) | -14,026 | 14,026 | ||||||
Amortization of stock incentive | 18,256 | 18,256 | ||||||
Spin-off of Washington Prime | -812,763 | -812,763 | ||||||
Long-term incentive performance units | 49,938 | 49,938 | ||||||
Issuance of unit equivalents and other (25,545 common shares issued in 2014) | 662 | 18,281 | -58 | 12,081 | 30,966 | |||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership, including $118,306 related to the spin-off of Washington Prime in 2014 | 211,657 | -211,657 | ||||||
Distributions to common stockholders and limited partners, excluding Operating Partnership preferred interests | -1,603,603 | -271,640 | -1,875,243 | |||||
Distribution to other noncontrolling interest partners | -19,065 | -19,065 | ||||||
Other comprehensive income | 14,754 | 2,272 | 17,026 | |||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2014, 2013 and 2012, respectively and $8,858 and $8,520 and $8,946 attributable to noncontrolling redeemable interests in properties in temporary equity during 2013 and 2012, respectively | 1,408,588 | 241,023 | 1,649,611 | |||||
Balance at Dec. 31, 2014 | $44,062 | $31 | ($61,041) | $9,422,237 | ($4,208,183) | ($103,929) | $858,328 | $5,951,505 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Equity | |||
Exchange of limited partner units, units (in shares) | 7,447,921 | ||
Exchange of limited partner units, common shares | 70,291 | 596,051 | 6,795,296 |
Public offering of common stock, shares | 9,137,500 | ||
Stock options exercised, common shares | 1,567 | 712 | |
Stock incentive program, shares, net | 83,509 | 107,123 | 114,066 |
Issuance of unit equivalents and other, shares | 25,545 | ||
Adjustment to limited partners' interest from change in ownership in Operating Partnership, related to spin-off of Washington Prime | $118,306 | ||
Net income attributable to preferred interests in the Operating Partnership (in dollars) | 1,915 | 1,915 | 1,915 |
Net income attributable to noncontrolling redeemable interests in properties in temporary equity (in dollars) | $8,858 | $8,520 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization | ||
Organization | 1. Organization | |
Simon Property Group, Inc., Simon or the Company, is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended. REITs will generally not be liable for federal corporate income taxes as long as they continue to distribute not less than 100% of their taxable income. 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. The terms "we", "us" and "our" refer to Simon, the Operating Partnership, and its subsidiaries. | ||
We own, develop and manage retail real estate properties, which consist primarily of malls, Premium Outlets® and The Mills®. As of December 31, 2014, we owned or held an interest in 207 income-producing properties in the United States, which consisted of 109 malls, 68 Premium Outlets, 13 Mills, three community centers, and 14 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2014, we had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia. As of December 31, 2014, we had noncontrolling ownership interests in five outlet properties in Europe through our joint venture with McArthurGlen. Of the five properties, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of December 31, 2014, we owned a 28.9% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe. | ||
On May 28, 2014, as further discussed in Note 3, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime Group Inc., or Washington Prime, an independent, publicly traded REIT (now doing business as WP GLIMCHER). The historical results of operations of the Washington Prime properties as well as the related assets and liabilities are presented as discontinued operations in the accompanying consolidated financial statements. | ||
We generate the majority of our revenues from leases with retail tenants including: | ||
• | base minimum rents, | |
• | overage and percentage rents based on tenants' sales volume, and | |
• | recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures. | |
Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. | ||
We also grow by generating supplemental revenues from the following activities: | ||
• | establishing our malls as leading market resource providers for retailers and other businesses and consumer-focused corporate alliances, including payment systems (such as handling fees relating to the sales of bank-issued prepaid cards), national marketing alliances, static and digital media initiatives, business development, sponsorship, and events, | |
• | offering property operating services to our tenants and others, including waste handling and facility services, and the provision of energy services, | |
• | selling or leasing land adjacent to our properties, commonly referred to as "outlots" or "outparcels," and | |
• | generating interest income on cash deposits and investments in loans, including those made to related entities. | |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Basis of Presentation and Consolidation | |||||||||||
Basis of Presentation and Consolidation | 2. Basis of Presentation and Consolidation | ||||||||||
The accompanying consolidated financial statements include the accounts of all controlled subsidiaries, and all significant intercompany amounts have been eliminated. | |||||||||||
We consolidate properties that are wholly owned or properties where we own less than 100% but we control. Control of a property is demonstrated by, among other factors, our ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace us. | |||||||||||
We also consolidate a variable interest entity, or VIE, when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. As described in Note 4, on December 4, 2012, we acquired the remaining 50% noncontrolling interest in two previously consolidated outlet properties. Prior to the acquisition, we had determined these properties were VIEs and we were the primary beneficiary. There have been no changes during 2014 and 2013 in previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During 2014 and 2013, we did not provide financial or other support to a previously identified VIE that we were not previously contractually obligated to provide. | |||||||||||
Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement, cash contributions and distributions, and foreign currency fluctuations, if applicable. The allocation provisions in the partnership or joint venture agreements are not always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income of the joint ventures within cash distributions and losses in partnerships and joint ventures, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. | |||||||||||
As of December 31, 2014, we consolidated 133 wholly-owned properties and 13 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 82 properties, or the joint venture properties, as well as our investment in Klépierre, using the equity method of accounting, as we have determined we have significant influence over their operations. We manage the day-to-day operations of 60 of the 82 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, South Korea, Mexico, Malaysia, and the five properties through our joint venture with McArthurGlen comprise 19 of the remaining 22 properties. These international properties are managed locally by joint ventures in which we share control. | |||||||||||
Preferred distributions of the Operating Partnership are accrued at declaration and represent distributions on outstanding preferred units of partnership interests held by limited partners, or preferred units, and are included in net income attributable to noncontrolling interests. We allocate net operating results of the Operating Partnership after preferred distributions to limited partners and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributable to limited partners are reflected in net income attributable to noncontrolling interests. | |||||||||||
Our weighted average ownership interest in the Operating Partnership was as follows: | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Weighted average ownership interest | 85.5 | % | 85.6 | % | 83.9 | % | |||||
As of December 31, 2014 and 2013, our ownership interest in the Operating Partnership was 85.5% and 85.7%, respectively. We adjust the noncontrolling limited partners' interest at the end of each period to reflect their interest in the net assets of the Operating Partnership. | |||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Significant Accounting Policies | 3. Summary of Significant Accounting Policies | |||||||||||||
Investment Properties | ||||||||||||||
We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Capitalized interest | $ | 16,500 | $ | 15,585 | $ | 20,703 | ||||||||
We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years. | ||||||||||||||
We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property's cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. | ||||||||||||||
Purchase Accounting Allocation | ||||||||||||||
We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: | ||||||||||||||
• | the fair value of land and related improvements and buildings on an as-if-vacant basis, | |||||||||||||
• | the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, | |||||||||||||
• | the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and | |||||||||||||
• | the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. | |||||||||||||
Amounts allocated to building are depreciated over the estimated remaining life of the acquired building or related improvements. We amortize amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. | ||||||||||||||
Discontinued Operations | ||||||||||||||
On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off. | ||||||||||||||
The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. Discontinued operations also include transaction costs of $38.2 million we incurred to spin-off Washington Prime. In addition, the assets and liabilities of Washington Prime are presented separately from assets and liabilities from continuing operations in the accompanying consolidated balance sheets. The accompanying consolidated statements of cash flows include within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties. | ||||||||||||||
The following is a summary of the assets and liabilities transferred to Washington Prime as part of the spin-off (dollars in thousands): | ||||||||||||||
May 28, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
ASSETS: | ||||||||||||||
Investment properties at cost | $ | 4,802,975 | $ | 4,789,705 | ||||||||||
Less — accumulated depreciation | 2,034,615 | 1,974,949 | ||||||||||||
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2,768,360 | 2,814,756 | |||||||||||||
Cash and cash equivalents | 33,776 | 25,857 | ||||||||||||
Tenant receivables and accrued revenue, net | 53,662 | 61,121 | ||||||||||||
Investment in unconsolidated entities, at equity | 5,189 | 3,554 | ||||||||||||
Deferred costs and other assets | 110,365 | 97,026 | ||||||||||||
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Total assets | $ | 2,971,352 | $ | 3,002,314 | ||||||||||
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LIABILITIES: | ||||||||||||||
Mortgages and unsecured indebtedness | $ | 1,929,019 | $ | 918,614 | ||||||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 112,390 | 151,011 | ||||||||||||
Cash distributions and losses in partnerships and joint ventures, at equity | 41,623 | 41,313 | ||||||||||||
Other liabilities | 36,927 | 6,851 | ||||||||||||
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Total liabilities | $ | 2,119,959 | $ | 1,117,789 | ||||||||||
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Net Assets Transferred to Washington Prime | $ | 851,393 | $ | 1,884,525 | ||||||||||
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The results of the discontinued operations through the May 28, 2014 date of the spin-off are included in the consolidated results for the year ended December 31, 2014. Summarized financial information for discontinued operations for the years ended December 31, 2014, 2013, and 2012 is as follows (dollars in thousands). | ||||||||||||||
For the Year Ended | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
TOTAL REVENUE | $ | 262,652 | $ | 626,289 | $ | 623,927 | ||||||||
Property operating | 43,175 | 104,089 | 106,241 | |||||||||||
Depreciation and amortization | 76,992 | 182,828 | 189,187 | |||||||||||
Real estate taxes | 32,474 | 76,216 | 76,361 | |||||||||||
Repairs and maintenance | 10,331 | 22,584 | 22,208 | |||||||||||
Advertising and promotion | 3,340 | 8,316 | 8,981 | |||||||||||
Provision for credit losses | 1,494 | 572 | 1,904 | |||||||||||
Other | 2,028 | 4,664 | 4,674 | |||||||||||
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Total operating expenses | 169,834 | 399,269 | 409,556 | |||||||||||
OPERATING INCOME | 92,818 | 227,020 | 214,371 | |||||||||||
Interest expense | (26,076 | (55,058 | (58,844 | |||||||||||
) | ) | ) | ||||||||||||
Income and other taxes | (112 | ) | (196 | ) | (165 | ) | ||||||||
Income (loss) from unconsolidated entities | 652 | (1,121 | ) | 1,028 | ||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net | 242 | 14,152 | — | |||||||||||
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CONSOLIDATED NET INCOME | 67,524 | 184,797 | 156,390 | |||||||||||
Net income attributable to noncontrolling interests | 9,781 | 26,571 | 25,184 | |||||||||||
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NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 57,743 | $ | 158,226 | $ | 131,206 | ||||||||
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Capital expenditures on a cash basis for the years ended December 31, 2014, 2013, and 2012 were $31.9 million, $93.3 million, and $67.8 million, respectively, related to the discontinued operations. | ||||||||||||||
We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we will provide certain services to Washington Prime and its properties. Pursuant to the terms of the property management agreements, we manage, lease, and maintain Washington Prime's mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice. | ||||||||||||||
We also provide certain support services to the Washington Prime strip centers and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. | ||||||||||||||
Transitional services fees earned for the portion of 2014 subsequent to the spin-off were approximately $3.2 million. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC and SIPC insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. | ||||||||||||||
Marketable and Non-Marketable Securities | ||||||||||||||
Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2014 and 2013, we had marketable securities of $643.0 million and $148.3 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in other comprehensive income (loss) as of December 31, 2014 and 2013 were approximately $103.9 million and $1.1 million, respectively, and represent the valuation adjustments for our marketable securities. | ||||||||||||||
The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. | ||||||||||||||
Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. | ||||||||||||||
We hold an investment in a publicly traded REIT, which is accounted for as an available-for-sale security. At December 31, 2014, we owned 5.71 million shares, representing a market value of $476.4 million with an aggregate net unrealized gain of $102.5 million. | ||||||||||||||
At December 31, 2014 and 2013, we had investments of $167.1 million and $120.3 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required. During the fourth quarter of 2012, as a result of the significance and duration of the impairment, represented by the excess of the carrying value over the estimated fair value of certain cost method investments, we recognized other-than-temporary non-cash charges of $71.0 million, which is included in marketable and non-marketable securities charges and realized gains, net in the accompanying consolidated statements of operations and comprehensive income. The fair value of the remaining investment for the securities that were impaired is not material and was based on Level 2 fair value inputs. | ||||||||||||||
On October 23, 2012 we completed the sale of all of our investments in Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC. These investments were accounted for as available-for-sale securities and their value was adjusted to their quoted market price, including a related foreign exchange component, through other comprehensive income (loss). At the date of sale, we owned 35.4 million shares of CSCG and 38.9 million shares of CAPC. The aggregate proceeds received from the sale were $327.1 million, and we recognized a gain on the sale of $82.7 million, which is included in marketable and non-marketable securities charges and realized gains, net in the accompanying consolidated statements of operations and comprehensive income. The gain includes $79.4 million that was reclassified from accumulated other comprehensive income (loss). | ||||||||||||||
Fair Value Measurements | ||||||||||||||
Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. | ||||||||||||||
The marketable securities we held at December 31, 2014 and 2013 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $2.1 million and $1.2 million at December 31, 2014 and 2013, respectively, and a gross asset value of $20.1 million and $8.4 million at December 31, 2014 and 2013, respectively. | ||||||||||||||
Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include a discussion of the fair values recorded in purchase accounting and impairment, using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. | ||||||||||||||
Use of Estimates | ||||||||||||||
We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. | ||||||||||||||
Segment Disclosure | ||||||||||||||
Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. | ||||||||||||||
Deferred Costs and Other Assets | ||||||||||||||
Deferred costs and other assets include the following as of December 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred financing and lease costs, net | $ | 312,569 | $ | 296,359 | ||||||||||
In-place lease intangibles, net | 216,330 | 265,097 | ||||||||||||
Acquired above market lease intangibles, net | 75,366 | 91,170 | ||||||||||||
Marketable securities of our captive insurance companies | 111,844 | 94,720 | ||||||||||||
Goodwill | 20,098 | 20,098 | ||||||||||||
Other marketable and non-marketable securities | 698,265 | 173,887 | ||||||||||||
Prepaids, notes receivable and other assets, net | 372,317 | 481,457 | ||||||||||||
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$ | 1,806,789 | $ | 1,422,788 | |||||||||||
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Deferred Financing and Lease Costs | ||||||||||||||
Our deferred costs consist primarily of financing fees we incurred in order to obtain long-term financing and internal and external leasing commissions and related costs. We record amortization of deferred financing costs on a straight-line basis over the terms of the respective loans or agreements. Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred financing and lease costs | $ | 533,050 | $ | 525,413 | ||||||||||
Accumulated amortization | (220,481 | ) | (229,054 | ) | ||||||||||
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Deferred financing and lease costs, net | $ | 312,569 | $ | 296,359 | ||||||||||
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We report amortization of deferred financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Amortization of deferred leasing costs is a component of depreciation and amortization expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of the purchase price allocation of the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows: | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Amortization of deferred financing costs | $ | 21,392 | $ | 25,159 | $ | 25,932 | ||||||||
Amortization of debt premiums, net of discounts | (24,092 | ) | (33,026 | ) | (32,143 | ) | ||||||||
Amortization of deferred leasing costs | 39,488 | 34,891 | 32,977 | |||||||||||
Loans Held for Investment | ||||||||||||||
From time to time, we may make investments in mortgage loans or mezzanine loans of third parties that own and operate commercial real estate assets located in the United States. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. Loans held for investment are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value. | ||||||||||||||
We had investments in mortgage and mezzanine loans which were repaid during 2012. We recorded $6.8 million during 2012 in interest income earned from these loans. | ||||||||||||||
Intangibles | ||||||||||||||
The average remaining life of in-place lease intangibles is approximately 3.3 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 4.7 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $103.1 million and $135.1 million as of December 31, 2014 and 2013, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2014, 2013, and 2012 was $11.3 million, $22.8 million, and $15.9 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. | ||||||||||||||
Details of intangible assets as of December 31 are as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
In-place lease intangibles | $ | 416,623 | $ | 443,127 | ||||||||||
Accumulated depreciation | (200,293 | ) | (178,030 | ) | ||||||||||
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In-place lease intangibles, net | $ | 216,330 | $ | 265,097 | ||||||||||
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2014 | 2013 | |||||||||||||
Acquired above market lease intangibles | $ | 225,335 | $ | 239,000 | ||||||||||
Accumulated amortization | (149,969 | ) | (147,830 | ) | ||||||||||
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Acquired above market lease intangibles, net | $ | 75,366 | $ | 91,170 | ||||||||||
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Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2014 are as follows: | ||||||||||||||
Below | Above | Impact to | ||||||||||||
Market | Market | Minimum Rent, | ||||||||||||
Leases | Leases | Net | ||||||||||||
2015 | $ | 29,062 | $ | (19,697 | ) | $ | 9,365 | |||||||
2016 | 23,829 | (17,524 | ) | 6,305 | ||||||||||
2017 | 17,255 | (14,169 | ) | 3,086 | ||||||||||
2018 | 13,146 | (10,810 | ) | 2,336 | ||||||||||
2019 | 10,602 | (7,384 | ) | 3,218 | ||||||||||
Thereafter | 9,218 | (5,782 | ) | 3,436 | ||||||||||
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$ | 103,112 | $ | (75,366 | ) | $ | 27,746 | ||||||||
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Derivative Financial Instruments | ||||||||||||||
We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk: | ||||||||||||||
Interest Rate Derivative | Number of | Notional Amount | ||||||||||||
Instruments | ||||||||||||||
Interest Rate Swaps | 2 | $375.0 million | ||||||||||||
The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets. The carrying value of our interest rate swap agreements, at fair value, at December 31, 2013 was a net asset balance of $3.0 million, of which $0.4 million was included in other liabilities and $3.4 million was included in deferred costs and other assets. The interest rate cap agreements were of nominal value at December 31, 2013 and we generally do not apply hedge accounting to these arrangements. | ||||||||||||||
We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. | ||||||||||||||
The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date. Approximately ¥14.7 million remained as of December 31, 2014 for all Yen forward contracts which matured through January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. The December 31, 2013 asset balance related to these forward contracts was $5.0 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts. | ||||||||||||||
In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. In the fourth quarter of 2013, we entered into a Euro:USD forward contract with a €74.0 million notional value, which we designated as a net investment hedge, that matured on May 30, 2014. The liability balance related to this forward contract was $0.8 million and included in other liabilities as of December 31, 2013. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. | ||||||||||||||
The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $45.8 million and $61.8 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||
New Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of Washington Prime. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. | ||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for us beginning in its first quarter of 2017. Early adoption is not permitted. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating the methods and impact of adopting the new revenue standard on our consolidated financial statements. | ||||||||||||||
Noncontrolling Interests | ||||||||||||||
Details of the carrying amount of our noncontrolling interests are as follows as of December 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Limited partners' interests in the Operating Partnership | $ | 858,557 | $ | 968,962 | ||||||||||
Nonredeemable noncontrolling (deficit) interests in properties, net | (229 | ) | 4,264 | |||||||||||
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Total noncontrolling interests reflected in equity | $ | 858,328 | $ | 973,226 | ||||||||||
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Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. | ||||||||||||||
A rollforward of noncontrolling interests for the years ending December 31 is as follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Noncontrolling interests, beginning of period | $ | 973,226 | $ | 982,486 | $ | 894,622 | ||||||||
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 241,023 | 221,176 | 274,701 | |||||||||||
Distributions to noncontrolling interest holders | (290,705 | ) | (242,881 | ) | (239,207 | ) | ||||||||
Other comprehensive income (loss) allocable to noncontrolling interests: | ||||||||||||||
Unrealized gain on derivative hedge agreements | 617 | 1,057 | 5,634 | |||||||||||
Net loss reclassified from accumulated other comprehensive loss into earnings | 1,568 | 1,317 | 3,021 | |||||||||||
Currency translation adjustments | (14,858 | ) | 426 | 2,435 | ||||||||||
Changes in available-for-sale securities and other | 14,945 | (213 | ) | (6,807 | ) | |||||||||
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2,272 | 2,587 | 4,283 | ||||||||||||
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Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (211,657 | ) | (29,615 | ) | 99,834 | |||||||||
Units issued to limited partners | 84,910 | — | 31,324 | |||||||||||
Units exchanged for common shares | (1,297 | ) | (11,161 | ) | (144,197 | ) | ||||||||
Units redeemed | (1,463 | ) | — | (38,904 | ) | |||||||||
Long-term incentive performance units | 49,938 | 45,341 | 41,470 | |||||||||||
Purchase and disposition of noncontrolling interests, net, and other | 12,081 | 5,293 | 58,560 | |||||||||||
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Noncontrolling interests, end of period | $ | 858,328 | $ | 973,226 | $ | 982,486 | ||||||||
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Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2014: | ||||||||||||||
Currency | Accumulated | Net unrealized | Total | |||||||||||
translation | derivative | gains on | ||||||||||||
adjustments | losses, net | marketable | ||||||||||||
securities | ||||||||||||||
Beginning balance | $ | (23,781 | ) | $ | (52,985 | ) | $ | 971 | $ | (75,795 | ) | |||
Other comprehensive income (loss) before reclassifications | (86,941 | ) | 4,603 | 87,871 | 5,533 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 9,221 | — | 9,221 | ||||||||||
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Net current-period other comprehensive income (loss) | (86,941 | ) | 13,824 | 87,871 | 14,754 | |||||||||
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Ending balance | $ | (110,722 | ) | $ | (39,161 | ) | $ | 88,842 | $ | (61,041 | ) | |||
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The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31, 2014 and 2013: | ||||||||||||||
December 31, 2014 | ||||||||||||||
December 31, 2013 | ||||||||||||||
Amount reclassified | ||||||||||||||
from accumulated | ||||||||||||||
other comprehensive | ||||||||||||||
Details about accumulated other | income (loss) | Amount reclassified from | Affected line item in the | |||||||||||
comprehensive income (loss) | accumulated other | statement where | ||||||||||||
components: | comprehensive income (loss) | net income is presented | ||||||||||||
Accumulated derivative losses, net | ||||||||||||||
$ | (10,789 | ) | $ | (9,205 | ) | Interest expense | ||||||||
1,568 | 1,317 | Net income attributable to noncontrolling interests | ||||||||||||
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$ | (9,221 | ) | $ | (7,888 | ) | |||||||||
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Revenue Recognition | ||||||||||||||
We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight-line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. | ||||||||||||||
We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2014 for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. | ||||||||||||||
Management Fees and Other Revenues | ||||||||||||||
Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the underlying activity. | ||||||||||||||
Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management's estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2014 and 2013 approximated $93.5 million and $103.4 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiaries is included within the "Marketable and Non-Marketable Securities" section above. | ||||||||||||||
Allowance for Credit Losses | ||||||||||||||
We record a provision for credit losses based on our judgment of a tenant's creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years: | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Balance, beginning of period | $ | 32,681 | $ | 29,263 | $ | 24,170 | ||||||||
Consolidation of previously unconsolidated properties | 117 | — | 2,061 | |||||||||||
Provision for credit losses | 12,001 | 7,165 | 10,905 | |||||||||||
Accounts written off, net of recoveries | (11,517 | ) | (3,747 | ) | (7,873 | ) | ||||||||
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Balance, end of period | $ | 33,282 | $ | 32,681 | $ | 29,263 | ||||||||
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Income Taxes | ||||||||||||||
We and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain our REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for federal corporate income taxes as long as they continue to distribute in excess of 100% of their taxable income. Thus, we made no provision for federal income taxes for these entities in the accompanying consolidated financial statements. If we or any of the REIT subsidiaries fail to qualify as a REIT, we or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If we lose our REIT status we could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless our failure to qualify was due to reasonable cause and certain other conditions were satisfied. | ||||||||||||||
We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as "rents from real property". For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. | ||||||||||||||
As of December 31, 2014, we had a net deferred tax liability of $1.1 million and as of December 31, 2013, we had a net deferred tax asset of $1.1 million related to our TRS subsidiaries. The net deferred tax liability is included in other liabilities and the net deferred tax asset is included in deferred costs and other assets in the accompanying consolidated balance sheets. The net deferred tax asset/liability consists primarily of operating losses and other carryforwards for federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries. No valuation allowance has been recorded as we believe these amounts will be realized. | ||||||||||||||
We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. | ||||||||||||||
Corporate Expenses | ||||||||||||||
Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company including certain legal costs, audit fees, regulatory fees, and certain other professional fees. | ||||||||||||||
Real_Estate_Acquisitions_and_D
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate Acquisitions and Dispositions | |
Real Estate Acquisitions and Dispositions | 4. Real Estate Acquisitions and Dispositions |
We acquire interests in properties to generate both current income and long-term appreciation in value. We acquire interests in individual properties or portfolios of retail real estate companies that meet our investment criteria and sell properties which no longer meet our strategic criteria. Unless otherwise noted below, gains and losses on these transactions are included in gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. We expense acquisition, potential acquisition and disposition related costs as they are incurred. We incurred $38.2 million in transaction costs during the first six months of 2014 related to the spin-off of Washington Prime. Other than these transaction costs, we incurred a minimal amount of transaction expenses during 2014, 2013, and 2012. | |
Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are highlighted as follows: | |
2014 and 2015 Acquisitions | |
On January 15, 2015, we acquired a 100% interest in Jersey Gardens (renamed The Mills at Jersey Gardens) in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher Realty Trust for $677.9 million of cash and the assumption of existing mortgage debt of $405.0 million. | |
On April 10, 2014, as discussed further in Note 7, through our joint venture with McArthurGlen, we acquired an additional noncontrolling interest in Ashford Designer Outlet. | |
On January 30, 2014, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner, as well as approximately 39 acres of land in Oyster Bay, New York, for approximately $145.8 million, consisting of cash consideration and 555,150 units of the Operating Partnership. Arizona Mills is subject to a mortgage which was $166.9 million at the time of the acquisition. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. We now own 100% of this property. | |
On January 10, 2014, we acquired one of our partner's redeemable interests in a portfolio of ten properties for approximately $114.4 million subject to a pre-existing contractual arrangement. The amount paid to acquire the interests in the seven properties which were previously consolidated was included in limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interest in properties at December 31, 2013. | |
2013 Acquisitions | |
During 2013, as further discussed in Note 7, we acquired noncontrolling interests in the property management and development companies of McArthurGlen as well as interests in five designer outlet properties. | |
On May 30, 2013, we acquired a 100% interest in a 390,000 square foot outlet center located near Portland, Oregon for cash consideration of $146.7 million. The fair value of the acquisition was recorded primarily as investment property and lease related intangibles. As a result of the excess of fair value over amounts paid, we recognized a gain of approximately $27.3 million. | |
2012 Acquisitions | |
On December 31, 2012, as discussed in Note 7, we contributed a wholly-owned property to a newly formed joint venture in exchange for an interest in a property contributed to the same joint venture by our joint venture partner. | |
On December 4, 2012, we acquired the remaining 50% noncontrolling equity interest in two previously consolidated outlet properties located in Grand Prairie, Texas, and Livermore, California, and, accordingly, we now own 100% of these properties. We paid consideration of $260.9 million for the additional interests in the properties, 90% of which was paid in cash and 10% of which was satisfied through the issuance of units of the Operating Partnership. In addition, the construction loans we had provided to the properties totaling $162.5 million were extinguished on a non-cash basis. The transaction was accounted for as an equity transaction, as the properties had been previously consolidated. | |
On June 4, 2012, we acquired a 50% interest in a 465,000 square foot outlet center located in Destin, Florida for $70.5 million. | |
On March 22, 2012, as discussed in Note 7, we acquired additional interests in 26 of our joint venture properties from SPG-FCM Ventures, LLC, or SPG-FCM, in a transaction valued at approximately $1.5 billion, or the Mills transaction. | |
On March 14, 2012, as discussed in Note 7, we acquired a 28.7% equity stake in Klépierre for approximately $2.0 billion. | |
On January 6, 2012, we paid $50.0 million to acquire an additional 25% interest in Del Amo Fashion Center, thereby increasing our interest to 50%. | |
2014 Dispositions | |
During 2014, we disposed of our interests in three consolidated retail properties. The aggregate gain recognized on these transactions was approximately $21.8 million. | |
On September 26, 2014, we sold our investment in a hotel located at Coconut Point in Estero, Florida. The gain from this sale was $4.5 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. | |
2013 Dispositions | |
During 2013, we increased our economic interest in three unconsolidated community centers and subsequently disposed of our interests in those properties. Additionally, we disposed of our interests in eight consolidated retail properties and three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $80.2 million. | |
On August 8, 2013, we disposed of our interest in an office property located in the Boston, Massachusetts area. The gain on the sale was $7.9 million and is included in other income in the accompanying consolidated statements of operations and comprehensive income. | |
2012 Dispositions | |
During 2012, we disposed of our interests in nine consolidated retail properties and four unconsolidated retail properties. The aggregate net gain on these disposals was $15.5 million. | |
On May 3, 2012, we sold our interests in two residential apartment buildings located at The Domain in Austin, Texas. The gain from the sale was $12.4 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. | |
On January 9, 2012, as discussed in Note 7, we sold our entire ownership interest in Gallerie Commerciali Italia, S.p.A, or GCI. | |
Per_Share_Data
Per Share Data | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Per Share Data | |||||||||||
Per Share Data | 5. Per Share Data | ||||||||||
We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share. | |||||||||||
For the Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net Income attributable to Common Stockholders — Basic and Diluted | $ | 1,405,251 | $ | 1,316,304 | $ | 1,431,159 | |||||
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Weighted Average Shares Outstanding — Basic | 310,731,032 | 310,255,168 | 303,137,350 | ||||||||
Effect of stock options | — | 50 | 1,072 | ||||||||
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Weighted Average Shares Outstanding — Diluted | 310,731,032 | 310,255,218 | 303,138,422 | ||||||||
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For the year ended December 31, 2014, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance, or LTIP, units granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. The only securities that had a dilutive effect for the years ended December 31, 2013 and 2012 were stock options. | |||||||||||
We accrue dividends when they are declared. The taxable nature of the dividends declared for each of the years ended as indicated is summarized as follows: | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Total dividends paid per common share | $5.15 | $4.65 | $4.10 | ||||||||
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Percent taxable as ordinary income | 100.00% | 97.50% | 99.50% | ||||||||
Percent taxable as long-term capital gains | 0.00% | 2.50% | 0.50% | ||||||||
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100.00% | 100.00% | 100.00% | |||||||||
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In January 2015, our Board of Directors declared a cash dividend of $1.40 per share of common stock payable on February 27, 2015 to stockholders of record on February 13, 2015. | |||||||||||
Investment_Properties
Investment Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investment Properties | ||||||||
Investment Properties | 6. Investment Properties | |||||||
Investment properties consist of the following as of December 31: | ||||||||
2014 | 2013 | |||||||
Land | $ | 3,185,624 | $ | 3,086,183 | ||||
Buildings and improvements | 27,828,509 | 26,962,049 | ||||||
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Total land, buildings and improvements | 31,014,133 | 30,048,232 | ||||||
Furniture, fixtures and equipment | 304,399 | 288,407 | ||||||
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Investment properties at cost | 31,318,532 | 30,336,639 | ||||||
Less — accumulated depreciation | 8,950,747 | 8,092,794 | ||||||
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Investment properties at cost, net | $ | 22,367,785 | $ | 22,243,845 | ||||
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Construction in progress included above | $ | 640,081 | $ | 328,705 | ||||
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Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Investment in Unconsolidated Entities | |||||||||||
Investment in Unconsolidated Entities | 7. Investments in Unconsolidated Entities | ||||||||||
Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio of properties. As discussed in Note 2, we held joint venture interests in 82 properties as of December 31, 2014 and 93 properties as of December 31, 2013. As discussed below, on January 9, 2012, we sold our interest in GCI which at the time owned 45 properties in Italy. Additionally, on March 14, 2012, we purchased a 28.7% equity stake in Klépierre. On May 21, 2012, Klépierre paid a dividend, which we elected to receive in additional shares, resulting in an increase in our ownership to approximately 28.9%. | |||||||||||
Certain of our joint venture properties are subject to various rights of first refusal, buy-sell provisions, put and call rights, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. We and our partners in these joint ventures may initiate these provisions (subject to any applicable lock up or similar restrictions), which may result in either the sale of our interest or the use of available cash, borrowings, or the use of limited partnership interests in the Operating Partnership, to acquire the joint venture interest from our partner. | |||||||||||
We may provide financing to joint ventures primarily in the form of interest bearing construction loans. As of December 31, 2014 and 2013, we had construction loans and other advances to related parties totaling $14.9 million and $140.3 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. | |||||||||||
On January 30, 2014, as discussed in Note 4, we acquired the remaining 50% interest in Arizona Mills from our joint venture partner. The consolidation of this previously unconsolidated property resulted in a remeasurement of our previously held interest to fair value and a corresponding non-cash gain of $2.7 million in the first quarter of 2014. As a result of this acquisition, we now own 100% of this property. | |||||||||||
On December 31, 2012, we formed a joint venture with Institutional Mall Investors, or IMI, to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, California, and Woodfield Mall in the Chicago suburb of Schaumburg, Illinois. We and IMI each own a noncontrolling 50% interest in Woodfield Mall and we own a noncontrolling 51% interest in The Shops at Mission Viejo and IMI owns the remaining 49%. Prior to the formation of the joint venture, we owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall. No gain was recorded as the transaction was recorded based on the carryover basis of our previous investment. Woodfield Mall is encumbered by a $425.0 million mortgage loan which matures in March of 2024 and bears interest at 4.5%. In January 2013, the joint venture closed a $295.0 million mortgage on the Shops at Mission Viejo which bears interest at 3.61% and matures in February of 2023. The proceeds from the financing were distributed to the venture partners and, as a result, we received a distribution of $149.7 million. | |||||||||||
On March 22, 2012, we acquired, through an acquisition of substantially all of the assets of TMLP, additional interests in 26 properties. The transaction resulted in additional interests in 16 of the properties which remain unconsolidated, the consolidation of nine previously unconsolidated properties and the purchase of the remaining noncontrolling interest in a previously consolidated property. The transaction was valued at $1.5 billion, which included repayment of the remaining $562.1 million balance on TMLP's senior loan facility, and retirement of $100.0 million of TMLP's trust preferred securities. In connection with the transaction, our $558.4 million loan to SPG-FCM was extinguished on a non-cash basis. We consolidated $2.6 billion in additional property-level mortgage debt in connection with this transaction. This property-level mortgage debt was previously presented as debt of our unconsolidated entities. We and our joint venture partner had equal ownership in these properties prior to the transaction. | |||||||||||
The consolidation of the previously unconsolidated properties resulted in a remeasurement of our previously held interest in each of these nine newly consolidated properties to fair value and recognition of a corresponding non-cash gain of $488.7 million. In addition, we recorded an other-than-temporary impairment charge of $22.4 million for the excess of carrying value of our remaining investment in SPG-FCM over its estimated fair value. The gain on the transaction and impairment charge are included in gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. The assets and liabilities of the newly consolidated properties acquired in the Mills transaction have been reflected at their estimated fair value at the acquisition date. | |||||||||||
We recorded our acquisition of the interest in these nine newly consolidated properties using the acquisition method of accounting. Tangible and intangible assets and liabilities were established based on their fair values at the date of acquisition. The results of operations of the newly consolidated properties have been included in our consolidated results from the date of acquisition. The purchase price allocations were finalized during the first quarter of 2013. No significant adjustments were made to the previously reported purchase price allocations. | |||||||||||
On January 6, 2012, we paid $50.0 million to acquire an additional 25% interest in Del Amo Fashion Center, increasing our interest to 50%. | |||||||||||
International Investments | |||||||||||
We conduct our international operations through joint venture arrangements and account for all of our international joint venture investments using the equity method of accounting | |||||||||||
European Investments. At December 31, 2014, we owned 57,634,148 shares, or approximately 28.9%, of Klépierre, which had a quoted market price of $43.45 per share. Our share of net income, net of amortization of our excess investment, was $131.5 million for the year ended December 31, 2014 and $20.7 million for the year ended December 31, 2013. Based on applicable Euro:USD exchange rates and after our conversion of Klépierre's results to GAAP, Klépierre's total assets, total liabilities, and noncontrolling interests were $12.7 billion, $8.2 billion, and $1.4 billion, respectively, as of December 31, 2014 and $17.1 billion, $12.3 billion, and $1.7 billion, respectively, as of December 31, 2013. Klépierre's total revenues, operating income and consolidated net income were approximately $1.2 billion, $432.1 million and $1.3 billion, respectively, for the year ended December 31, 2014 and $1.5 billion, $989.6 million and $317.3 million, respectively, for the year ended December 31, 2013. On April 16, 2014, Klépierre completed the disposal of a portfolio of 126 retail galleries located in France, Spain and Italy. Total gross consideration for the transaction, including transfer duties, was €1.98 billion (€1.65 billion Klépierre's group share). The net cash proceeds were used by Klépierre to reduce its overall indebtedness. In connection with this transaction, we recorded a gain of $133.9 million, net of the write-off of a portion of our excess investment, which is included in "Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net" in the accompanying consolidated statements of operations and comprehensive income. On January 12, 2015 Klépierre paid an interim dividend, which reduced our carrying amount by approximately $62.0 million. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio N.V., or Corio, pursuant to which Corio shareholders would receive 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed, and it is anticipated that Klépierre will own all of the equity of Corio on March 31, 2015 through a merger transaction, after which our percentage ownership will be diluted to approximately 18.3%. | |||||||||||
During the second quarter of 2013, we signed a definitive agreement with McArthurGlen, an owner, developer, and manager of designer outlets, to form one or more joint ventures to invest in certain of its existing designer outlets, development projects, and its property management and development companies. In conjunction with that agreement, we purchased a noncontrolling interest in the property management and development companies of McArthurGlen, and a noncontrolling interest in a development property located in Vancouver, British Columbia. On August 2, 2013, through our joint venture with McArthurGlen, we acquired a noncontrolling interest in Ashford Designer Outlet in Kent, UK. On October 16, 2013, through our joint venture with McArthurGlen, we completed the remaining transactions contemplated by our previously announced definitive agreement with McArthurGlen by acquiring noncontrolling interests in portions of four existing McArthurGlen Designer Outlets — Parndorf (Vienna, Austria), La Reggia (Naples, Italy), Noventa di Piave (Venice, Italy), and Roermond (Roermond, Netherlands). During the quarter ended June 30, 2014, through our joint venture with McArthurGlen, we purchased an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. At December 31, 2014 our legal percentage ownership interests in these entities range from 45% to 90%. The aggregate consideration for the 2013 transactions was $496.7 million and is subject to further adjustment based upon contractual obligations and customary purchase price adjustments. The carrying amount of our investment in these joint ventures, including all related components of accumulated other comprehensive income (loss) as well as subsequent capital contributions for development, was $677.1 million and $510.7 million as of December 31, 2014 and December 31, 2013, respectively. The change in the carrying amount of the investment in 2014 was driven primarily by the additional investment discussed above and adjustments to our purchase accounting during the one-year measurement period, including our estimate of the aggregate consideration that will ultimately be paid to the seller. Substantially all of our investment has been determined to be excess investment and has been allocated to the underlying investment property based on estimated fair values. In December 2014, Roermond Designer Outlet phases 2 and 3, in which we own a 90% interest, refinanced its $85.1 million mortgage maturing in 2017 with a $218.9 million mortgage that matures in 2021. The fixed interest rate was reduced from 5.12% to 1.86% as a result. Excess proceeds from the financing were distributed to the venture partners in January 2015. | |||||||||||
We also have a minority interest in Value Retail PLC and affiliated entities, which own or have interests in and operate nine luxury outlets throughout Europe and a direct minority ownership in three of those outlets. Our investment in these centers is accounted for under the cost method. At December 31, 2014 and December 31, 2013, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets. | |||||||||||
On January 9, 2012, we sold our entire ownership interest in GCI to our venture partner, Auchan S.A. The aggregate cash we received was $375.8 million and we recognized a gain on the sale of $28.8 million. Our investment carrying value included $39.5 million of accumulated losses related to currency translation and net investment hedge accumulated balances which had been recorded in accumulated other comprehensive income (loss). | |||||||||||
Asian Joint Ventures. We conduct our international Premium Outlet operations in Japan through a joint venture with Mitsubishi Estate Co., Ltd. We have a 40% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $229.8 million and $261.1 million as of December 31, 2014 and December 31, 2013, respectively, including all related components of accumulated other comprehensive income (loss). We conduct our international Premium Outlet operations in South Korea through a joint venture with Shinsegae International Co. We have a 50% ownership interest in this joint venture. The carrying amount of our investment in this joint venture was $104.5 million and $76.4 million as of December 31, 2014 and December 31, 2013, respectively, including all related components of accumulated other comprehensive income (loss). | |||||||||||
Summary Financial Information | |||||||||||
A summary of our equity method investments and share of income from such investments, excluding Klépierre, follows. In addition, we acquired a controlling interest in nine properties in the Mills transaction on March 22, 2012. These previously unconsolidated properties became consolidated properties as of their respective acquisition dates. During 2012, we disposed of our interests in one mall and three retail properties as well as our investment in GCI. During 2013, we disposed of three retail properties. Finally, as discussed in Note 3, on May 28, 2014, we completed the spin-off of Washington Prime, which included ten unconsolidated properties. The net income of these ten properties is included in income from operations of discontinued joint venture interests and the net assets and liabilities of these properties are included in the total assets and total liabilities of discontinued operations, respectively, in the accompanying summary financial information. The above transactions are reported within discontinued operations in the following joint venture statements of operations. | |||||||||||
BALANCE SHEETS | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 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 | 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 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures or other investments acquired and is allocated on a fair value basis primarily to investment property, lease related intangibles, and debt premiums and discounts. We amortize excess investment over the life of the related depreciable components of investment property, typically no greater than 40 years, the terms of the applicable leases and the applicable debt maturity, respectively. The amortization is included in the reported amount of income from unconsolidated entities. | |||||||||||
As of December 31, 2014, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows: | |||||||||||
2015 | $ | 1,567,248 | |||||||||
2016 | 1,217,673 | ||||||||||
2017 | 823,948 | ||||||||||
2018 | 770,447 | ||||||||||
2019 | 526,296 | ||||||||||
Thereafter | 8,359,654 | ||||||||||
| | | | | |||||||
Total principal maturities | 13,265,266 | ||||||||||
Net unamortized debt premium | 7,291 | ||||||||||
| | | | | |||||||
Total mortgages and unsecured indebtedness | $ | 13,272,557 | |||||||||
| | | | | |||||||
| | | | | |||||||
This debt becomes due in installments over various terms extending through 2027 with interest rates ranging from 0.39% to 9.35% and a weighted average rate of 4.44% at December 31, 2014. | |||||||||||
In November 2013, Aventura Mall in which we own a 33% interest refinanced its $430.0 million mortgage maturing December 11, 2017 with a $1.2 billion mortgage that matures December 1, 2020. The fixed interest rate was reduced from 5.91% to 3.75% as a result of this transaction and an extinguishment charge of $82.8 million was incurred which is included in interest expense in the accompanying joint venture statements of operations. Excess proceeds from the financing were distributed to the venture partners. | |||||||||||
STATEMENTS OF OPERATIONS | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue: | |||||||||||
Minimum rent | $ | 1,746,549 | $ | 1,618,802 | $ | 1,435,586 | |||||
Overage rent | 183,478 | 180,435 | 176,255 | ||||||||
Tenant reimbursements | 786,351 | 747,447 | 672,935 | ||||||||
Other income | 293,419 | 199,197 | 170,263 | ||||||||
| | | | | | | | | | | |
Total revenue | 3,009,797 | 2,745,881 | 2,455,039 | ||||||||
Operating Expenses: | |||||||||||
Property operating | 574,706 | 487,144 | 465,333 | ||||||||
Depreciation and amortization | 604,199 | 512,702 | 492,073 | ||||||||
Real estate taxes | 221,745 | 204,894 | 170,292 | ||||||||
Repairs and maintenance | 71,203 | 66,612 | 62,659 | ||||||||
Advertising and promotion | 72,496 | 61,664 | 54,404 | ||||||||
Provision for credit losses | 6,527 | 1,388 | 1,814 | ||||||||
Other | 187,729 | 155,421 | 169,558 | ||||||||
| | | | | | | | | | | |
Total operating expenses | 1,738,605 | 1,489,825 | 1,416,133 | ||||||||
| | | | | | | | | | | |
Operating Income | 1,271,192 | 1,256,056 | 1,038,906 | ||||||||
Interest expense | (598,900 | (680,321 | (584,143 | ||||||||
) | ) | ) | |||||||||
| | | | | | | | | | | |
Income from Continuing Operations | 672,292 | 575,735 | 454,763 | ||||||||
Income from operations of discontinued joint venture interests | 5,079 | 14,200 | (3,881 | ||||||||
) | |||||||||||
Gain(Loss) on disposal of discontinued operations, net | — | 51,164 | (5,354 | ) | |||||||
| | | | | | | | | | | |
Net Income | $ | 677,371 | $ | 641,099 | $ | 445,528 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Third-Party Investors' Share of Net Income | $ | 348,127 | $ | 353,708 | $ | 239,931 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Our Share of Net Income | 329,244 | 287,391 | 205,597 | ||||||||
Amortization of Excess Investment | (99,463 | ) | (102,875 | ) | (83,400 | ) | |||||
Our Share of (Loss) Income from Unconsolidated Discontinued Operations | (652 | ) | 1,121 | (1,028 | ) | ||||||
Our Share of Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net | — | — | 9,245 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income from Unconsolidated Entities | $ | 229,129 | $ | 185,637 | $ | 130,414 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Our share of the loss on sale or disposal of assets and interests in unconsolidated entities, net is reflected within gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. | |||||||||||
2013 Dispositions | |||||||||||
In 2013, we disposed of our interest in three retail properties. We recognized no gain or loss on the disposal of these properties. | |||||||||||
2012 Dispositions | |||||||||||
In July 2012, we disposed of our interest in a mall, and in August 2012 we disposed of our interest in three retail properties. Our share of the net loss on disposition was $9.2 million. | |||||||||||
Indebtedness_and_Derivative_Fi
Indebtedness and Derivative Financial Instruments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Indebtedness and Derivative Financial Instruments | |||||||||||
Indebtedness and Derivative Financial Instruments | 8. Indebtedness and Derivative Financial Instruments | ||||||||||
Our mortgages and unsecured indebtedness, excluding the impact of derivative instruments, consist of the following as of December 31: | |||||||||||
2014 | 2013 | ||||||||||
Fixed-Rate Debt: | |||||||||||
Mortgage notes, including $49,723 and $62,886 net premiums, respectively. Weighted average interest and maturity of 5.48% and 3.9 years at December 31, 2014. | $ | 5,615,351 | $ | 6,975,913 | |||||||
Unsecured notes, including $40,701 and $38,519 net discounts, respectively. Weighted average interest and maturity of 4.41% and 7.6 years at December 31, 2014. | 13,399,920 | 13,931,705 | |||||||||
| | | | | | | | ||||
Total Fixed-Rate Debt | 19,015,271 | 20,907,618 | |||||||||
Variable-Rate Debt: | |||||||||||
Mortgages notes, at face value. Weighted average interest and maturity of 2.03% and 2.3 years at December 31, 2014. | 630,000 | 350,000 | |||||||||
Unsecured Term Loan (see below) | 240,000 | 240,000 | |||||||||
Credit Facility (see below) | 558,537 | 1,172,299 | |||||||||
Commercial Paper (see below) | 409,185 | — | |||||||||
| | | | | | | | ||||
Total Variable-Rate Debt | 1,837,722 | 1,762,299 | |||||||||
| | | | | | | | ||||
Total Mortgages and Unsecured Indebtedness | $ | 20,852,993 | $ | 22,669,917 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
General. Our unsecured debt agreements contain financial covenants and other non-financial covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of December 31, 2014, we were in compliance with all covenants of our unsecured debt. | |||||||||||
At December 31, 2014, we or our subsidiaries were the borrowers under 38 non-recourse mortgage notes secured by mortgages on 52 properties, including five separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 21 properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At December 31, 2014, the applicable borrowers under these non-recourse mortgage notes were in compliance with all covenants where non-compliance could individually, or giving effect to applicable cross-default provisions in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. | |||||||||||
Unsecured Debt | |||||||||||
At December 31, 2014, our unsecured debt consisted of $13.4 billion of senior unsecured notes of the Operating Partnership, net of discounts, $558.5 million outstanding under the Operating Partnership's $4.0 billion unsecured revolving credit facility, or Credit Facility, $240.0 million outstanding under an unsecured term loan, and $409.2 million outstanding under the Operating Partnership's global unsecured commercial paper note program, or the Commercial Paper program. The December 31, 2014 balance on the Credit Facility included $372.2 million (U.S. dollar equivalent) of Euro-denominated borrowings and $186.4 million (U.S. dollar equivalent) of Yen-denominated borrowings. At December 31, 2014 the outstanding amount under the Commercial Paper program was $409.2 million, of which $209.2 million was related to the U.S. dollar equivalent of Euro-denominated notes. Foreign currency denominated borrowings under both the Credit Facility and Commercial Paper program are designated as net investment hedges of a portion of our international investments. | |||||||||||
On December 31, 2014, we had an aggregate available borrowing capacity of approximately $5.0 billion under both the Credit Facility and the Operating Partnership's $2.0 billion supplemental unsecured revolving credit facility, or Supplemental Facility. The maximum outstanding balance of the credit facilities during the year ended December 31, 2014 was $1.2 billion and the weighted average outstanding balance was $855.4 million. Letters of credit of $38.9 million were outstanding under the facilities as of December 31, 2014. | |||||||||||
On April 7, 2014, the Operating Partnership amended and extended the Credit Facility. The initial borrowing capacity of $4.0 billion may be increased to $5.0 billion during its term and provides for borrowings denominated in U.S. Dollars, Euros, Yen, Sterling, Canadian Dollars and Australian Dollars. Borrowings in currencies other than the U.S. Dollar are limited to 75% of the maximum revolving credit amount, as defined. The initial maturity date of the Credit Facility was extended to June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option. The base interest rate on the amended Credit Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. | |||||||||||
The Supplemental Facility's borrowing capacity of $2.0 billion may be increased to $2.5 billion during its term. The Supplemental Facility will initially mature on June 30, 2016 and can be extended for an additional year at our sole option. As of December 31, 2014, the base interest rate on the Supplemental Facility was LIBOR plus 95 basis points with an additional facility fee of 15 basis points. Like the Credit Facility, the Supplemental Facility provides for a money market competitive bid option program and allows for multi-currency borrowings. During the fourth quarter of 2014, we moved $184.9 million (U.S. dollar equivalent) of Yen-denominated borrowings from the Supplemental Facility to the Credit Facility. | |||||||||||
On October 6, 2014, the Operating Partnership entered into a global Commercial Paper program. Under the terms of this program, the Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies, up to a maximum aggregate amount outstanding at any time of $500.0 million, or the non-U.S. dollar equivalent thereof. Notes issued in non-U.S. currencies may be issued by one or more subsidiaries of the Operating Partnership and are guaranteed by the Operating Partnership. Notes will be sold under customary terms in the U.S and Euro commercial paper note markets and will rank (either by themselves or as a result of the guarantee described above) pari passu with all of the Operating Partnership's other unsecured senior indebtedness. Our Commercial Paper program is supported by our credit facilities and if necessary or appropriate, we may make one or more draws under the credit facilities to pay amounts outstanding from time to time on the Commercial Paper program. At December 31, 2014, we had $409.2 million outstanding comprised of $200.0 million of U.S. dollar denominated notes and $209.2 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.19% and 0.13%, respectively. The borrowings mature on various dates from January 7, 2015 to March 18, 2015. | |||||||||||
On September 3, 2014, the Operating Partnership commenced cash tender offers for any and all of five series of its outstanding senior unsecured notes with maturity dates ranging from 2015 to 2017. The total principal amount of notes tendered and accepted for purchase was approximately $1.322 billion, with a weighted average remaining duration of 1.7 years and a weighted average coupon rate of 5.60%. The Operating Partnership purchased the tendered notes using cash on hand and the proceeds from an offering of $1.3 billion of senior unsecured notes that closed on September 10, 2014. The senior notes offering was comprised of $900.0 million of 3.375% notes due 2024 and $400.0 million of 4.25% notes due 2044. Combined, the new issues of senior notes have a weighted average duration of 16.1 years and a weighted average coupon rate of 3.64%. A portion of the proceeds from the senior notes offering was used to fund the redemption on September 30, 2014 of all $250.0 million outstanding principal amount of the 7.875% notes due 2016 issued by one of our subsidiaries. We recorded a $127.6 million loss on extinguishment of debt in the third quarter of 2014 as a result of the tender offers and redemption. | |||||||||||
On January 21, 2014, the Operating Partnership issued $600.0 million of senior unsecured notes at a fixed interest rate of 2.20% with a maturity date of February 1, 2019 and $600.0 million of senior unsecured notes at a fixed interest rate of 3.75% with a maturity date of February 1, 2024. Proceeds from the unsecured notes offering were used to repay debt and for general corporate purposes. | |||||||||||
In addition to the debt tender offers and redemption described above, during the year ended December 31, 2014, we used cash on hand to redeem at par or repay at maturity $1.3 billion of senior unsecured notes with fixed rates ranging from 4.20% to 6.75%. | |||||||||||
Mortgage Debt | |||||||||||
Total mortgage indebtedness was $6.2 billion and $7.3 billion at December 31, 2014 and 2013, respectively. | |||||||||||
On January 2, 2014, we repaid the $820.0 million outstanding mortgage at Sawgrass Mills originally maturing July 1, 2014 and on February 28, 2014, we repaid the $269.0 million outstanding mortgage at Great Mall originally maturing August 28, 2015. During 2014, we disposed of our interests in three retail properties and their related mortgage debt of $90.0 million. | |||||||||||
Debt Maturity and Other | |||||||||||
Our scheduled principal repayments on indebtedness as of December 31, 2014 are as follows: | |||||||||||
2015 | $ | 1,174,796 | |||||||||
2016 | 2,892,728 | ||||||||||
2017 | 3,043,067 | ||||||||||
2018 | 2,024,275 | ||||||||||
2019 | 1,928,394 | ||||||||||
Thereafter | 9,780,711 | ||||||||||
| | | | | |||||||
Total principal maturities | 20,843,971 | ||||||||||
Net unamortized debt premium | 9,022 | ||||||||||
| | | | | |||||||
Total mortgages and unsecured indebtedness | $ | 20,852,993 | |||||||||
| | | | | |||||||
| | | | | |||||||
Our cash paid for interest in each period, net of any amounts capitalized, was as follows: | |||||||||||
For the Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Cash paid for interest | $ | 1,018,911 | $ | 1,086,128 | $ | 1,063,470 | |||||
Derivative Financial Instruments | |||||||||||
Our exposure to market risk due to changes in interest rates primarily relates to our long-term debt obligations. We manage exposure to interest rate market risk through our risk management strategy by a combination of interest rate protection agreements to effectively fix or cap a portion of variable rate debt. We are also exposed to foreign currency risk on financings of certain foreign operations. Our intent is to offset gains and losses that occur on the underlying exposures, with gains and losses on the derivative contracts hedging these exposures. We do not enter into either interest rate protection or foreign currency rate protection agreements for speculative purposes. | |||||||||||
We may enter into treasury lock agreements as part of an anticipated debt issuance. Upon completion of the debt issuance, the fair value of these instruments is recorded as part of accumulated other comprehensive income (loss) and is amortized to interest expense over the life of the debt agreement. | |||||||||||
The unamortized loss on our treasury locks and terminated hedges recorded in accumulated other comprehensive income (loss) was $65.7 million and $67.5 million as of December 31, 2014 and 2013, respectively. As of December 31, 2014, our outstanding LIBOR based derivative contracts consisted of fixed rate swap agreements with a notional amount of $375.0 million. | |||||||||||
Within the next year, we expect to reclassify to earnings approximately $10.9 million of losses related to active and terminated interest rate swaps from the current balance held in accumulated other comprehensive income (loss). | |||||||||||
Fair Value of Debt | |||||||||||
The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows discounted at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The book value of our consolidated fixed-rate mortgages and unsecured indebtedness was $19.0 billion and $20.9 billion as of December 31, 2014 and 2013, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: | |||||||||||
2014 | 2013 | ||||||||||
Fair value of fixed-rate mortgages and unsecured indebtedness | $ | 20,558 | $ | 22,316 | |||||||
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages | 3.02 | % | 3.07 | % | |||||||
Rentals_under_Operating_Leases
Rentals under Operating Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Rentals under Operating Leases | |||||
Rentals under Operating Leases | 9. Rentals under Operating Leases | ||||
Future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2014 are as follows: | |||||
2015 | $ | 2,548,265 | |||
2016 | 2,335,798 | ||||
2017 | 2,099,583 | ||||
2018 | 1,820,246 | ||||
2019 | 1,540,869 | ||||
Thereafter | 4,440,204 | ||||
| | | | | |
$ | 14,784,965 | ||||
| | | | | |
| | | | | |
Equity
Equity | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity | |||||||||||
Equity | 10. Equity | ||||||||||
Our Board of Directors is authorized to reclassify excess common stock into one or more additional classes and series of capital stock, to establish the number of shares in each class or series and to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, and qualifications and terms and conditions of redemption of such class or series, without any further vote or action by the stockholders. The issuance of additional classes or series of capital stock may have the effect of delaying, deferring or preventing a change in control of us without further action of the stockholders. The ability to issue additional classes or series of capital stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, a majority of our outstanding voting stock. | |||||||||||
Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, other than for the election of directors. The holders of our Class B common stock have the right to elect up to four members of the Board of Directors. All 8,000 outstanding shares of the Class B common stock are subject to two voting trusts as to which Herbert Simon and David Simon are the trustees. Shares of Class B common stock convert automatically into an equal number of shares of common stock upon the occurrence of certain events and can be converted into shares of common stock at the option of the holders. | |||||||||||
Common Stock Issuances | |||||||||||
In 2014, we issued 70,291 shares of common stock to seven limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. | |||||||||||
On January 30, 2014, the Operating Partnership issued 555,150 units in connection with the acquisition of the remaining 50% interest in Arizona Mills and approximately 39 acres of land in Oyster Bay, New York, as discussed in Note 4. | |||||||||||
On July 22, 2014, the Operating Partnership redeemed 87,621 units from a limited partner for $14.4 million in cash. | |||||||||||
Temporary Equity | |||||||||||
We classify as temporary equity those securities for which there is the possibility that we could be required to redeem the security for cash irrespective of the probability of such a possibility. As a result, we classify one series of preferred units of the Operating Partnership and noncontrolling redeemable interests in properties in temporary equity. Each of these securities is discussed further below. | |||||||||||
Limited Partners' Preferred Interest in the Operating Partnership and Noncontrolling Redeemable Interests in Properties. The following table summarizes the preferred units of the Operating Partnership and the amount of the noncontrolling redeemable interests in properties as of December 31. The redemption features of the preferred units of the Operating Partnership contain provisions which could require us to settle the redemption in cash. As a result, this series of preferred units in the Operating Partnership remains classified outside permanent equity. The remaining interests in a property or portfolio of properties which are redeemable at the option of the holder or in circumstances that may be outside our control, are accounted for as temporary equity within limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties in the accompanying consolidated balance sheets. The carrying amount of the noncontrolling interest is adjusted to the redemption amount assuming the instrument is redeemable at the balance sheet date. Changes in the redemption value of the underlying noncontrolling interest are recorded within accumulated deficit. There are no noncontrolling interests redeemable at amounts in excess of fair value. | |||||||||||
On January 10, 2014, we acquired one of our partner's remaining redeemable interests in a portfolio of ten properties for approximately $114.4 million subject to a pre-existing contractual arrangement. The amount paid to acquire the interests in the seven properties which were previously consolidated was included in limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interest in properties in the accompanying consolidated balance sheet at December 31, 2013. During the second quarter of 2014, in connection with the resolution of all partnership disputes with related party limited partners in one of our partnerships, we contributed $83.0 million into the partnership in exchange for a new series of preferred partnership units that carry a 2.5% preferred return. Amounts due upon a future exercise of the limited partners' right to cause us to redeem their noncontrolling interests would be net of this preferred investment. Accordingly, this preferred investment contractually offsets the mezzanine liability previously recognized on the accompanying consolidated balance sheet. | |||||||||||
2014 | 2013 | ||||||||||
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding | $ | 25,537 | $ | 25,537 | |||||||
Other noncontrolling redeemable interests in properties | — | 164,948 | |||||||||
| | | | | | | | ||||
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties | $ | 25,537 | $ | 190,485 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
7.50% Cumulative Redeemable Preferred Units. This series of preferred units accrues cumulative quarterly distributions at a rate of $7.50 annually. The preferred units are redeemable by the Operating Partnership upon the death of the survivor of the original holders, or the transfer of any units to any person or entity other than the persons or entities entitled to the benefits of the original holder. The redemption price is the liquidation value ($100.00 per preferred unit) plus accrued and unpaid distributions, payable either in cash or fully registered shares of our common stock at our election. In the event of the death of a holder of the preferred units, the occurrence of certain tax triggering events applicable to the holder, or on or after November 10, 2006, the holder may require the Operating Partnership to redeem the preferred units at the same redemption price payable at the option of the Operating Partnership in either cash or shares of common stock. | |||||||||||
Permanent Equity | |||||||||||
Preferred Stock. Dividends on all series of preferred stock are calculated based upon the preferred stock's preferred return multiplied by the preferred stock's corresponding liquidation value. The Operating Partnership pays preferred distributions to us equal to the dividends we pay on the preferred stock issued. | |||||||||||
Series J 83/8% Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 83/8% per share. We can redeem this series, in whole or in part, on or after October 15, 2027 at a redemption price of $50.00 per share, plus accumulated and unpaid dividends. This preferred stock was issued at a premium of $7.5 million. The unamortized premium included in the carrying value of the preferred stock at December 31, 2014 and 2013 was $4.2 million and $4.5 million, respectively. | |||||||||||
Other Equity Activity | |||||||||||
Notes Receivable from Former CPI Stockholders. Notes receivable of $14.8 million from stockholders of an entity we acquired in 1998 are reflected as a deduction from capital in excess of par value in the consolidated statements of equity in the accompanying financial statements. The notes do not bear interest and become due at the time the underlying shares are sold. | |||||||||||
The Simon Property Group 1998 Stock Incentive Plan, as amended. This plan, or the 1998 plan, provides for the grant of equity-based awards in the form of options to purchase shares, stock appreciation rights, restricted stock grants and performance-based unit awards. Options may be granted which are qualified as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code and options which are not so qualified. An aggregate of 16,300,000 shares of common stock have been reserved for issuance under the 1998 plan. Additionally, the partnership agreement requires us to purchase operating partnership units for cash in an amount equal to the fair market value of such shares. | |||||||||||
Administration. The 1998 plan is administered by the Compensation Committee of the Board of Directors, or the Compensation Committee. The Compensation Committee determines which eligible individuals may participate and the type, extent and terms of the awards to be granted to them. In addition, the Compensation Committee interprets the 1998 plan and makes all other determinations deemed advisable for its administration. Options granted to employees become exercisable over the period determined by the Compensation Committee. The exercise price of an employee option may not be less than the fair market value of the shares on the date of grant. Employee options generally vest over a three-year period and expire ten years from the date of grant. | |||||||||||
Awards for Eligible Directors. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Currently, each eligible director receives on the first day of the first calendar month following his or her initial election an award of restricted stock with a value of $82,500 (pro-rated for partial years of service). Thereafter, as of the date of each annual meeting of stockholders, eligible directors who are re-elected receive an award of restricted stock having a value of $82,500. In addition, eligible directors who serve as chairpersons of the standing committees receive an additional annual award of restricted stock having a value of $10,000 (in the case of the Audit and Compensation Committees) or $7,500 (in the case of the Governance and Nominating Committees). The Lead Independent Director also receives an annual restricted stock award having a value of $12,500. The restricted stock vests in full after one year. | |||||||||||
Once vested, the delivery of the shares of restricted stock (including reinvested dividends) is deferred under our Director Deferred Compensation Plan until the director retires, dies or becomes disabled or otherwise no longer serves as a director. The directors may vote and are entitled to receive dividends on the underlying shares; however, any dividends on the shares of restricted stock must be reinvested in shares of common stock and held in the deferred compensation plan until the shares of restricted stock are delivered to the former director. | |||||||||||
Stock Based Compensation | |||||||||||
Awards under our stock based compensation plans primarily take the form of LTIP units and restricted stock grants. Restricted stock and awards under the LTIP programs are all performance based and are based on various corporate and business unit performance measures as further described below. The expense related to these programs, net of amounts capitalized, is included within home and regional office costs and general and administrative costs in the accompanying statements of operations and comprehensive income. | |||||||||||
LTIP Programs. Every year since 2010, the Compensation Committee has approved long-term, performance based incentive compensation programs, or the LTIP programs, for certain senior executive officers. Awards under the LTIP programs take the form of LTIP units, a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which, applicable total shareholder return, or TSR, performance measures are achieved during the performance period. Once earned, LTIP units are subject to a two year vesting period. One-half of the earned LTIP units will vest on January 1 of each of the 2nd and 3rd years following the end of the applicable performance period, subject to the participant maintaining employment with us through those dates and certain other conditions as described in those agreements. Awarded LTIP units not earned are forfeited. Earned and fully vested LTIP units are the equivalent of units. During the performance period, participants are entitled to receive distributions on the LTIP units awarded to them equal to 10% of the regular quarterly distributions paid on a unit of the Operating Partnership. As a result, we account for these LTIP units as participating securities under the two-class method of computing earnings per share. | |||||||||||
From 2010 to 2014, the Compensation Committee approved LTIP grants as shown in the table below. Grant date fair values of the LTIP units are estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized into expense over the period from the grant date to the date at which the awards, if any, would become vested. The extent to which LTIP units were earned, and the aggregate grant date fair values adjusted for estimated forfeitures, are as follows: | |||||||||||
LTIP Program | LTIP Units Earned | Grant Date Fair Value | |||||||||
2010 LTIP Program | |||||||||||
1-year 2010 LTIP Program | 133,673 | 1-year program — $7.2 million | |||||||||
2-year 2010 LTIP Program | 337,006 | 2-year program — $14.8 million | |||||||||
3-year 2010 LTIP Program | 489,654 | 3-year program — $23.0 million | |||||||||
2011-2013 LTIP Program | 469,848 | $35.0 million | |||||||||
2012-2014 LTIP Program | 401,203 | $35.0 million | |||||||||
2013-2015 LTIP Program | To be determined in 2016 | $33.5 million | |||||||||
2014-2016 LTIP Program | To be determined in 2017 | $30.0 million | |||||||||
We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $27.6 million, $25.7 million, and $22.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Restricted Stock. The 1998 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation Committee related to the most recent year's performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock's fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2014 a total of 5,530,945 shares of restricted stock, net of forfeitures, have been awarded under the plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented: | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Shares of restricted stock awarded during the year, net of forfeitures | 83,509 | 107,123 | 114,066 | ||||||||
Weighted average fair value of shares granted during the year | $ | 166.36 | $ | 160.22 | $ | 146.70 | |||||
Amortization expense | $ | 18,256 | $ | 18,311 | $ | 14,001 | |||||
We recorded compensation expense, net of capitalization, related to restricted stock of approximately $12.3 million, $13.4 million, and $10.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
Other Compensation Arrangements. On July 6, 2011, in connection with the execution of an employment agreement, the Compensation Committee granted David Simon, our Chairman and CEO, a retention award in the form of 1,000,000 LTIP units, or the Award, for his continued service as our Chairman and Chief Executive Officer through July 5, 2019. Effective December 31, 2013, the Award was modified, or the Current Award, and as a result the LTIP units will now become earned and eligible to vest based on the attainment of Company-based performance goals, in addition to the service-based vesting requirement included in the original Award. If the relevant performance criteria are not achieved, all or a portion of the Current Award will be forfeited. The Current Award does not contain an opportunity for Mr. Simon to receive additional LTIP Units above and beyond the original Award should our performance exceed the higher end of the performance criteria. The performance criteria of the Current Award are based on the attainment of specific funds from operations, or FFO, per share. If the performance criteria have been met, a maximum of 360,000 LTIP units, or the A Units, 360,000 LTIP units, or the B Units, and 280,000 LTIP units, or the C Units, may become earned December 31, 2015, 2016 and 2017, respectively. The earned A Units will vest on January 1, 2018, earned B Units will vest on January 1, 2019 and earned C Units will vest on June 30, 2019, subject to Mr. Simon's continued employment through such applicable date. The grant date fair value of the retention award of $120.3 million is being recognized as expense over the eight-year term of his employment agreement on a straight-line basis based through the applicable vesting periods of the A Units, B Units and C Units. | |||||||||||
Since 2001, we have not granted any options to officers, directors or employees, except for a series of reload options we assumed as part of a prior business combination. As of December 31, 2014, there were no remaining options outstanding. | |||||||||||
We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees. | |||||||||||
Exchange Rights | |||||||||||
Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by the Board of Directors. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the trading price of our common stock at that time. At December 31, 2014, we had reserved 56,940,536 shares of common stock for possible issuance upon the exchange of units, stock options and Class B common stock. | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies. | |||||||||||
Commitments and Contingencies | 11. Commitments and Contingencies | ||||||||||
Litigation | |||||||||||
We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. | |||||||||||
In May 2010, Opry Mills sustained significant flood damage. Insurance proceeds of $50 million have been funded by the insurers and remediation work has been completed. The property was re-opened March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) have denied the claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. We and our lenders are continuing our efforts through pending litigation to recover our losses under the excess insurance policies for Opry Mills and we believe recovery is probable, but no assurances can be made that our efforts to recover these funds will be successful. | |||||||||||
Lease Commitments | |||||||||||
As of December 31, 2014, a total of 22 of the consolidated properties are subject to ground leases. The termination dates of these ground leases range from 2017 to 2090. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental plus a percentage rent component based upon the revenues or total sales of the property. In addition, we have several regional office locations that are subject to leases with termination dates ranging from 2016 to 2028. These office leases generally require us to make fixed annual rental payments plus pay our share of common area, real estate and utility expenses. Some of our ground and office leases include escalation clauses and renewal options. We incurred ground lease expense and office lease expense, which are included in other expense and home office and regional expense, respectively, as follows: | |||||||||||
For the Year Ended, | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Ground lease expense | $ | 39,898 | $ | 37,150 | $ | 40,518 | |||||
Office lease expense | 4,577 | 4,057 | 2,004 | ||||||||
Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: | |||||||||||
2015 | $ | 29,775 | |||||||||
2016 | 35,221 | ||||||||||
2017 | 35,436 | ||||||||||
2018 | 35,413 | ||||||||||
2019 | 28,266 | ||||||||||
Thereafter | 907,110 | ||||||||||
| | | | | |||||||
$ | 1,071,221 | ||||||||||
| | | | | |||||||
| | | | | |||||||
Insurance | |||||||||||
We maintain insurance coverage with third party carriers who provide a portion of the coverage for specific layers of potential losses including commercial general liability, fire, flood, extended coverage and rental loss insurance on all of our properties in the United States. The initial portion of coverage not provided by third party carriers is either insured through our wholly-owned captive insurance companies, Rosewood Indemnity, Ltd. and Bridgewood Insurance Company, Ltd., or other financial arrangements controlled by us. The third party carrier has, in turn, agreed to provide evidence of coverage for this layer of losses under the terms and conditions of the carrier's policy. A similar policy written through our captive insurance entities also provides initial coverage for property insurance and certain windstorm risks at the properties located in coastal windstorm locations. | |||||||||||
We currently maintain insurance coverage against acts of terrorism on all of our properties in the United States on an "all risk" basis in the amount of up to $1 billion. The current federal laws which provide this coverage are expected to operate through 2015. Despite the existence of this insurance coverage, any threatened or actual terrorist attacks where we operate could adversely affect our property values, revenues, consumer traffic and tenant sales. | |||||||||||
Guarantees of Indebtedness | |||||||||||
Joint venture debt is the liability of the joint venture and is typically secured by the joint venture property, which is non-recourse to us. As of December 31, 2014 and 2013, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $223.5 million and $190.8 million, respectively (of which we have a right of recovery from our venture partners of $78.7 million and $83.0 million, respectively). Mortgages guaranteed by us are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. | |||||||||||
Concentration of Credit Risk | |||||||||||
Our malls, Premium Outlets and Mills rely heavily upon anchor tenants to attract customers; however, anchor retailers do not contribute materially to our financial results as many anchor retailers own their spaces. All material operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. | |||||||||||
Limited Life Partnerships | |||||||||||
We are the controlling partner in several consolidated partnerships that have a limited life. We estimated the settlement values of these noncontrolling interests as of December 31, 2014 and 2013 as approximately $101.0 million and $125.0 million, respectively. The settlement values are based on the estimated fair values upon a hypothetical liquidation of the partnership interests and estimated yield maintenance or prepayment penalties associated with the payment to settle any underlying secured mortgage debt. | |||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions | |||||||||||
Related Party Transactions | 12. Related Party Transactions | ||||||||||
Our management company provides management, insurance, and other services to Melvin Simon & Associates, Inc., a related party, unconsolidated joint ventures, and other non-owned related party properties. Amounts for services provided by our management company and its affiliates to our unconsolidated joint ventures and other related parties were as follows: | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amounts charged to unconsolidated joint ventures and Washington Prime properties | $ | 133,730 | $ | 121,996 | $ | 119,534 | |||||
Amounts charged to properties owned by related parties | 4,393 | 4,510 | 4,416 | ||||||||
During 2014, 2013 and 2012, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $13.7 million, $14.0 million and $15.5 million, respectively. Also during 2014, 2013 and 2012, we received fees related to financing activities, net of elimination, provided to unconsolidated joint ventures of $4.2 million, $15.9 million and $3.0 million, respectively. The fees related to our international investments and financing activities are included in other income in the accompanying consolidated statements of operations and comprehensive income. | |||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||
Quarterly Financial Data (Unaudited) | 13. Quarterly Financial Data (Unaudited) | |||||||||||||
Quarterly 2014 and 2013 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
2014 | ||||||||||||||
Total revenue | $ | 1,157,022 | $ | 1,181,982 | $ | 1,234,694 | $ | 1,297,120 | ||||||
Operating income | 560,965 | 561,531 | 607,557 | 655,288 | ||||||||||
Consolidated income from continuing operations | 359,601 | 489,609 | 296,963 | 475,992 | ||||||||||
Consolidated net income | 401,103 | 477,468 | 296,963 | 475,992 | ||||||||||
Net income attributable to common stockholders | 341,648 | 406,587 | 251,968 | 405,048 | ||||||||||
Net income per share from continuing operations — Basic and Diluted | $ | 0.99 | $ | 1.34 | $ | 0.81 | $ | 1.30 | ||||||
Net income per share — Basic and Diluted | $ | 1.10 | $ | 1.31 | $ | 0.81 | $ | 1.30 | ||||||
Weighted average shares outstanding — Basic and Diluted | 310,622,570 | 310,743,242 | 310,772,019 | 310,784,070 | ||||||||||
2013 | ||||||||||||||
Total revenue | $ | 1,060,823 | $ | 1,084,993 | $ | 1,146,877 | $ | 1,251,155 | ||||||
Operating income | 502,484 | 509,939 | 548,478 | 627,769 | ||||||||||
Consolidated income from continuing operations | 278,615 | 359,129 | 328,712 | 400,337 | ||||||||||
Consolidated net income | 334,468 | 400,525 | 367,293 | 449,304 | ||||||||||
Net income attributable to common stockholders | 283,138 | 339,936 | 311,675 | 381,555 | ||||||||||
Net income per share from continuing operations — Basic and Diluted | $ | 0.76 | $ | 0.99 | $ | 0.89 | $ | 1.09 | ||||||
Net income per share — Basic and Diluted | $ | 0.91 | $ | 1.10 | $ | 1.00 | $ | 1.23 | ||||||
Weighted average shares outstanding | 309,986,506 | 310,261,278 | 310,332,777 | 310,434,337 | ||||||||||
Diluted weighted average shares outstanding | 309,986,709 | 310,261,278 | 310,332,777 | 310,434,337 | ||||||||||
Schedule_III_Real_Estate_and_A
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||
Schedule III Real Estate and Accumulated Depreciation | SCHEDULE III | |||||||||||||||||||||||||||||||
Simon Property Group, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Cost Capitalized | Gross Amounts | |||||||||||||||||||||||||||||||
Initial Cost (3) | Subsequent to | At Which Carried | ||||||||||||||||||||||||||||||
Acquisition (3) | At Close of Period | Date of | ||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
or | ||||||||||||||||||||||||||||||||
Name | Location | Encumbrances (6) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total (1) | Accumulated | Acquisition | |||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation (2) | |||||||||||||||||||||||||||||
Malls | ||||||||||||||||||||||||||||||||
Bangor Mall | Bangor, ME | 80,000 | 5,478 | 59,740 | — | 12,690 | $ | 5,478 | $ | 72,430 | $ | 77,908 | $ | 32,708 | 2004 (5) | |||||||||||||||||
Barton Creek Square | Austin, TX | — | 2,903 | 20,929 | 7,983 | 63,632 | 10,886 | 84,561 | 95,447 | 54,300 | 1981 | |||||||||||||||||||||
Battlefield Mall | Springfield, MO | 125,000 | 3,919 | 27,231 | 3,000 | 64,575 | 6,919 | 91,806 | 98,725 | 62,825 | 1970 | |||||||||||||||||||||
Bay Park Square | Green Bay, WI | — | 6,358 | 25,623 | 4,106 | 26,725 | 10,464 | 52,348 | 62,812 | 28,608 | 1980 | |||||||||||||||||||||
Brea Mall | Brea (Los Angeles), CA | — | 39,500 | 209,202 | — | 45,199 | 39,500 | 254,401 | 293,901 | 112,583 | 1998 (4) | |||||||||||||||||||||
Broadway Square | Tyler, TX | — | 11,306 | 32,431 | — | 24,612 | 11,306 | 57,043 | 68,349 | 31,339 | 1994 (4) | |||||||||||||||||||||
Burlington Mall | Burlington (Boston), MA | — | 46,600 | 303,618 | 19,600 | 98,850 | 66,200 | 402,468 | 468,668 | 173,559 | 1998 (4) | |||||||||||||||||||||
Castleton Square | Indianapolis, IN | — | 26,250 | 98,287 | 7,434 | 75,531 | 33,684 | 173,818 | 207,502 | 87,897 | 1972 | |||||||||||||||||||||
Cielo Vista Mall | El Paso, TX | — | 1,005 | 15,262 | 608 | 56,279 | 1,613 | 71,541 | 73,154 | 41,384 | 1974 | |||||||||||||||||||||
College Mall | Bloomington, IN | — | 1,003 | 16,245 | 720 | 45,487 | 1,723 | 61,732 | 63,455 | 35,938 | 1965 | |||||||||||||||||||||
Columbia Center | Kennewick, WA | — | 17,441 | 66,580 | — | 26,575 | 17,441 | 93,155 | 110,596 | 46,545 | 1987 | |||||||||||||||||||||
Copley Place | Boston, MA | — | — | 378,045 | — | 134,988 | — | 513,033 | 513,033 | 186,391 | 2002 (4) | |||||||||||||||||||||
Coral Square | Coral Springs (Miami), FL | — | 13,556 | 93,630 | — | 21,772 | 13,556 | 115,402 | 128,958 | 73,716 | 1984 | |||||||||||||||||||||
Cordova Mall | Pensacola, FL | — | 18,626 | 73,091 | 7,321 | 62,190 | 25,947 | 135,281 | 161,228 | 54,859 | 1998 (4) | |||||||||||||||||||||
Domain, The | Austin, TX | 198,454 | 40,436 | 197,010 | — | 140,748 | 40,436 | 337,758 | 378,194 | 95,746 | 2005 | |||||||||||||||||||||
Empire Mall | Sioux Falls, SD | 176,300 | 35,998 | 192,186 | — | 23,023 | 35,998 | 215,209 | 251,207 | 22,834 | 1998 (5) | |||||||||||||||||||||
Fashion Mall at Keystone, The | Indianapolis, IN | — | — | 120,579 | 29,145 | 86,836 | 29,145 | 207,415 | 236,560 | 87,335 | 1997 (4) | |||||||||||||||||||||
Firewheel Town Center | Garland (Dallas), TX | — | 8,485 | 82,716 | — | 28,391 | 8,485 | 111,107 | 119,592 | 43,708 | 2004 | |||||||||||||||||||||
Forum Shops at Caesars, The | Las Vegas, NV | — | — | 276,567 | — | 236,894 | — | 513,461 | 513,461 | 205,871 | 1992 | |||||||||||||||||||||
Greenwood Park Mall | Greenwood (Indianapolis), IN | 75,733 | 2,423 | 23,445 | 5,253 | 116,642 | 7,676 | 140,087 | 147,763 | 69,569 | 1979 | |||||||||||||||||||||
Haywood Mall | Greenville, SC | — | 11,585 | 133,893 | 6 | 28,434 | 11,591 | 162,327 | 173,918 | 89,144 | 1998 (4) | |||||||||||||||||||||
Independence Center | Independence (Kansas City), MO | 200,000 | 5,042 | 45,798 | — | 35,209 | 5,042 | 81,007 | 86,049 | 43,934 | 1994 (4) | |||||||||||||||||||||
Ingram Park Mall | San Antonio, TX | 137,783 | 733 | 17,163 | 37 | 23,977 | 770 | 41,140 | 41,910 | 27,454 | 1979 | |||||||||||||||||||||
King of Prussia Mall | King of Prussia (Philadelphia), PA | 97,661 | 175,063 | 1,128,200 | — | 102,386 | 175,063 | 1,230,586 | 1,405,649 | 149,322 | 2003 (5) | |||||||||||||||||||||
La Plaza Mall | McAllen, TX | — | 1,375 | 9,828 | 6,569 | 51,454 | 7,944 | 61,282 | 69,226 | 31,414 | 1976 | |||||||||||||||||||||
Lakeline Mall | Cedar Park (Austin), TX | — | 10,088 | 81,568 | 14 | 18,189 | 10,102 | 99,757 | 109,859 | 51,916 | 1995 | |||||||||||||||||||||
Lenox Square | Atlanta, GA | — | 38,058 | 492,411 | — | 112,373 | 38,058 | 604,784 | 642,842 | 259,596 | 1998 (4) | |||||||||||||||||||||
Livingston Mall | Livingston (New York), NJ | — | 22,214 | 105,250 | — | 45,782 | 22,214 | 151,032 | 173,246 | 64,746 | 1998 (4) | |||||||||||||||||||||
Mall at Chestnut Hill, The | Chestnut Hill (Boston), MA | 120,000 | 449 | 25,102 | 43,257 | 98,336 | 43,706 | 123,438 | 167,144 | 12,617 | 2002 (5) | |||||||||||||||||||||
Mall of Georgia | Buford (Atlanta), GA | — | 47,492 | 326,633 | — | 12,634 | 47,492 | 339,267 | 386,759 | 141,018 | 1999 (5) | |||||||||||||||||||||
McCain Mall | N. Little Rock, AR | — | — | 9,515 | 10,530 | 27,441 | 10,530 | 36,956 | 47,486 | 10,081 | 1973 | |||||||||||||||||||||
Menlo Park Mall | Edison (New York), NJ | — | 65,684 | 223,252 | — | 47,372 | 65,684 | 270,624 | 336,308 | 137,796 | 1997 (4) | |||||||||||||||||||||
Midland Park Mall | Midland, TX | 81,860 | 687 | 9,213 | — | 24,747 | 687 | 33,960 | 34,647 | 20,380 | 1980 | |||||||||||||||||||||
Miller Hill Mall | Duluth, MN | — | 2,965 | 18,092 | 1,811 | 40,307 | 4,776 | 58,399 | 63,175 | 36,560 | 1973 | |||||||||||||||||||||
Montgomery Mall | North Wales (Philadelphia), PA | 100,000 | 27,105 | 86,915 | — | 56,661 | 27,105 | 143,576 | 170,681 | 48,698 | 2004 (5) | |||||||||||||||||||||
North East Mall | Hurst (Dallas), TX | — | 128 | 12,966 | 19,010 | 151,139 | 19,138 | 164,105 | 183,243 | 93,959 | 1971 | |||||||||||||||||||||
Northgate Mall | Seattle, WA | — | 24,369 | 115,992 | — | 100,121 | 24,369 | 216,113 | 240,482 | 97,943 | 1987 | |||||||||||||||||||||
Cost Capitalized | Gross Amounts | |||||||||||||||||||||||||||||||
Initial Cost (3) | Subsequent to | At Which Carried | ||||||||||||||||||||||||||||||
Acquisition (3) | At Close of Period | Date of | ||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
or | ||||||||||||||||||||||||||||||||
Name | Location | Encumbrances (6) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total (1) | Accumulated | Acquisition | |||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation (2) | |||||||||||||||||||||||||||||
Ocean County Mall | Toms River (New York), NJ | — | 20,404 | 124,945 | — | 30,639 | 20,404 | 155,584 | 175,988 | 71,395 | 1998 (4) | |||||||||||||||||||||
Orland Square | Orland Park (Chicago), IL | — | 35,514 | 129,906 | — | 50,512 | 35,514 | 180,418 | 215,932 | 83,769 | 1997 (4) | |||||||||||||||||||||
Oxford Valley Mall | Langhorne (Philadelphia), PA | 66,514 | 24,544 | 100,287 | — | 18,607 | 24,544 | 118,894 | 143,438 | 69,426 | 2003 (4) | |||||||||||||||||||||
Penn Square Mall | Oklahoma City, OK | 93,998 | 2,043 | 155,958 | — | 48,096 | 2,043 | 204,054 | 206,097 | 96,100 | 2002 (4) | |||||||||||||||||||||
Pheasant Lane Mall | Nashua, NH | — | 3,902 | 155,068 | 550 | 46,155 | 4,452 | 201,223 | 205,675 | 80,931 | 2004 (5) | |||||||||||||||||||||
Phipps Plaza | Atlanta, GA | — | 16,185 | 210,610 | — | 41,356 | 16,185 | 251,966 | 268,151 | 114,662 | 1998 (4) | |||||||||||||||||||||
Plaza Carolina | Carolina (San Juan), PR | 225,000 | 15,493 | 279,560 | — | 62,061 | 15,493 | 341,621 | 357,114 | 111,495 | 2004 (4) | |||||||||||||||||||||
Prien Lake Mall | Lake Charles, LA | — | 1,842 | 2,813 | 3,053 | 49,383 | 4,895 | 52,196 | 57,091 | 23,065 | 1972 | |||||||||||||||||||||
Rockaway Townsquare | Rockaway (New York), NJ | — | 41,918 | 212,257 | — | 43,188 | 41,918 | 255,445 | 297,363 | 112,753 | 1998 (4) | |||||||||||||||||||||
Roosevelt Field | Garden City (New York), NY | — | 163,160 | 702,008 | 93 | 251,214 | 163,253 | 953,222 | 1,116,475 | 346,583 | 1998 (4) | |||||||||||||||||||||
Ross Park Mall | Pittsburgh, PA | — | 23,541 | 90,203 | — | 89,769 | 23,541 | 179,972 | 203,513 | 95,786 | 1986 | |||||||||||||||||||||
Santa Rosa Plaza | Santa Rosa, CA | — | 10,400 | 87,864 | — | 25,222 | 10,400 | 113,086 | 123,486 | 49,437 | 1998 (4) | |||||||||||||||||||||
Shops at Nanuet, The | Nanuet, NY | — | 28,125 | 143,120 | — | 8,019 | 28,125 | 151,139 | 179,264 | 7,630 | 2013 | |||||||||||||||||||||
Shops at Riverside, The | Hackensack (New York), NJ | 130,000 | 13,521 | 238,746 | — | 5,137 | 13,521 | 243,883 | 257,404 | 25,217 | 2007 (4) (5) | |||||||||||||||||||||
South Hills Village | Pittsburgh, PA | — | 23,445 | 125,840 | 1,472 | 56,299 | 24,917 | 182,139 | 207,056 | 75,009 | 1997 (4) | |||||||||||||||||||||
South Shore Plaza | Braintree (Boston), MA | — | 101,200 | 301,495 | — | 158,767 | 101,200 | 460,262 | 561,462 | 179,736 | 1998 (4) | |||||||||||||||||||||
Southdale Center | Edina (Minneapolis), MN | 155,000 | 40,172 | 184,967 | — | 38,599 | 40,172 | 223,566 | 263,738 | 22,300 | 2007 (4) (5) | |||||||||||||||||||||
SouthPark | Charlotte, NC | 187,439 | 42,092 | 188,055 | 100 | 181,111 | 42,192 | 369,166 | 411,358 | 155,981 | 2002 (4) | |||||||||||||||||||||
Southridge Mall | Greendale (Milwaukee), WI | 125,000 | 12,359 | 130,111 | 2,389 | 18,410 | 14,748 | 148,521 | 163,269 | 19,389 | 2007 (4) (5) | |||||||||||||||||||||
St. Charles Towne Center | Waldorf (Washington, D.C.), MD | — | 7,710 | 52,934 | 1,180 | 31,061 | 8,890 | 83,995 | 92,885 | 49,586 | 1990 | |||||||||||||||||||||
Stanford Shopping Center | Palo Alto (San Jose), CA | — | — | 339,537 | — | 66,277 | — | 405,814 | 405,814 | 121,500 | 2003 (4) | |||||||||||||||||||||
Summit Mall | Akron , OH | 65,000 | 15,374 | 51,137 | — | 47,534 | 15,374 | 98,671 | 114,045 | 47,796 | 1965 | |||||||||||||||||||||
Tacoma Mall | Tacoma (Seattle), WA | — | 37,803 | 125,826 | — | 87,784 | 37,803 | 213,610 | 251,413 | 99,336 | 1987 | |||||||||||||||||||||
Tippecanoe Mall | Lafayette, IN | — | 2,897 | 8,439 | 5,517 | 48,508 | 8,414 | 56,947 | 65,361 | 39,480 | 1973 | |||||||||||||||||||||
Town Center at Boca Raton | Boca Raton (Miami), FL | — | 64,200 | 307,317 | — | 168,055 | 64,200 | 475,372 | 539,572 | 213,868 | 1998 (4) | |||||||||||||||||||||
Town Center at Cobb | Kennesaw (Atlanta), GA | 198,095 | 32,355 | 158,225 | — | 18,514 | 32,355 | 176,739 | 209,094 | 86,734 | 1998 (5) | |||||||||||||||||||||
Towne East Square | Wichita, KS | — | 8,525 | 18,479 | 4,108 | 44,870 | 12,633 | 63,349 | 75,982 | 41,034 | 1975 | |||||||||||||||||||||
Treasure Coast Square | Jensen Beach, FL | — | 11,124 | 72,990 | 3,067 | 38,226 | 14,191 | 111,216 | 125,407 | 58,459 | 1987 | |||||||||||||||||||||
Tyrone Square | St. Petersburg (Tampa), FL | — | 15,638 | 120,962 | 1,459 | 35,695 | 17,097 | 156,657 | 173,754 | 79,999 | 1972 | |||||||||||||||||||||
University Park Mall | Mishawaka, IN | — | 16,768 | 112,158 | 7,000 | 58,511 | 23,768 | 170,669 | 194,437 | 135,520 | 1996 (4) | |||||||||||||||||||||
Walt Whitman Shops | Huntington Station (New York), NY | 115,492 | 51,700 | 111,258 | 3,789 | 124,069 | 55,489 | 235,327 | 290,816 | 87,286 | 1998 (4) | |||||||||||||||||||||
White Oaks Mall | Springfield, IL | 50,000 | 3,024 | 35,692 | 2,102 | 62,388 | 5,126 | 98,080 | 103,206 | 41,085 | 1977 | |||||||||||||||||||||
Wolfchase Galleria | Memphis, TN | 225,000 | 15,881 | 128,276 | — | 12,677 | 15,881 | 140,953 | 156,834 | 72,914 | 2002 (4) | |||||||||||||||||||||
Woodland Hills Mall | Tulsa, OK | 91,688 | 34,211 | 187,123 | — | 26,957 | 34,211 | 214,080 | 248,291 | 99,583 | 2004 (5) | |||||||||||||||||||||
Cost Capitalized | Gross Amounts | |||||||||||||||||||||||||||||||
Initial Cost (3) | Subsequent to | At Which Carried | ||||||||||||||||||||||||||||||
Acquisition (3) | At Close of Period | Date of | ||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
or | ||||||||||||||||||||||||||||||||
Name | Location | Encumbrances (6) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total (1) | Accumulated | Acquisition | |||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation (2) | |||||||||||||||||||||||||||||
Premium Outlets | ||||||||||||||||||||||||||||||||
Albertville Premium Outlets | Albertville (Minneapolis), MN | — | 3,900 | 97,059 | — | 6,217 | 3,900 | 103,276 | 107,176 | 38,433 | 2004 (4) | |||||||||||||||||||||
Allen Premium Outlets | Allen (Dallas), TX | — | 13,855 | 43,687 | 97 | 14,418 | 13,952 | 58,105 | 72,057 | 24,704 | 2004 (4) | |||||||||||||||||||||
Aurora Farms Premium Outlets | Aurora (Cleveland), OH | — | 2,370 | 24,326 | — | 4,466 | 2,370 | 28,792 | 31,162 | 18,722 | 2004 (4) | |||||||||||||||||||||
Birch Run Premium Outlets | Birch Run (Detroit), MI | 102,362 | 11,477 | 77,856 | — | 3,926 | 11,477 | 81,782 | 93,259 | 17,898 | 2010 (4) | |||||||||||||||||||||
Calhoun Premium Outlets | Calhoun, GA | 19,683 | 1,745 | 12,529 | — | 887 | 1,745 | 13,416 | 15,161 | 5,788 | 2010 (4) | |||||||||||||||||||||
Camarillo Premium Outlets | Camarillo (Los Angeles), CA | — | 16,670 | 224,721 | 395 | 64,570 | 17,065 | 289,291 | 306,356 | 95,495 | 2004 (4) | |||||||||||||||||||||
Carlsbad Premium Outlets | Carlsbad (San Diego), CA | — | 12,890 | 184,990 | 96 | 4,469 | 12,986 | 189,459 | 202,445 | 59,242 | 2004 (4) | |||||||||||||||||||||
Carolina Premium Outlets | Smithfield (Raleigh), NC | 48,448 | 3,175 | 59,863 | 5,311 | 5,438 | 8,486 | 65,301 | 73,787 | 28,294 | 2004 (4) | |||||||||||||||||||||
Chicago Premium Outlets | Aurora (Chicago), IL | — | 659 | 118,005 | 13,050 | 31,524 | 13,709 | 149,529 | 163,238 | 50,063 | 2004 (4) | |||||||||||||||||||||
Cincinnati Premium Outlets | Monroe (Cincinnati), OH | — | 14,117 | 71,520 | — | 4,589 | 14,117 | 76,109 | 90,226 | 21,254 | 2008 | |||||||||||||||||||||
Clinton Crossing Premium Outlets | Clinton, CT | — | 2,060 | 107,556 | 1,532 | 3,065 | 3,592 | 110,621 | 114,213 | 41,027 | 2004 (4) | |||||||||||||||||||||
Columbia Gorge Premium Outlets | Troutdale (Portland), OR | — | 7,900 | 16,492 | — | 2,735 | 7,900 | 19,227 | 27,127 | 10,171 | 2004 (4) | |||||||||||||||||||||
Desert Hills Premium Outlets | Cabazon (Palm Springs), CA | — | 3,440 | 338,679 | — | 94,260 | 3,440 | 432,939 | 436,379 | 108,736 | 2004 (4) | |||||||||||||||||||||
Edinburgh Premium Outlets | Edinburgh (Indianapolis), IN | — | 2,857 | 47,309 | — | 13,791 | 2,857 | 61,100 | 63,957 | 25,458 | 2004 (4) | |||||||||||||||||||||
Ellenton Premium Outlets | Ellenton (Tampa), FL | 100,466 | 15,807 | 182,412 | — | 4,102 | 15,807 | 186,514 | 202,321 | 46,572 | 2010 (4) | |||||||||||||||||||||
Folsom Premium Outlets | Folsom (Sacramento), CA | — | 9,060 | 50,281 | — | 4,235 | 9,060 | 54,516 | 63,576 | 24,502 | 2004 (4) | |||||||||||||||||||||
Gaffney Premium Outlets | Gaffney (Greenville/Charlotte), SC | 35,721 | 4,056 | 32,371 | — | 2,203 | 4,056 | 34,574 | 38,630 | 9,268 | 2010 (4) | |||||||||||||||||||||
Gilroy Premium Outlets | Gilroy (San Jose), CA | — | 9,630 | 194,122 | — | 10,060 | 9,630 | 204,182 | 213,812 | 73,554 | 2004 (4) | |||||||||||||||||||||
Grand Prairie Premium Outlets | Grand Prairie (Dallas), TX | 120,000 | 9,497 | 197,242 | — | — | 9,497 | 197,242 | 206,739 | 15,463 | 2012 | |||||||||||||||||||||
Grove City Premium Outlets | Grove City (Pittsburgh), PA | 108,453 | 6,421 | 121,880 | — | 3,101 | 6,421 | 124,981 | 131,402 | 32,630 | 2010 (4) | |||||||||||||||||||||
Gulfport Premium Outlets | Gulfport, MS | 24,198 | — | 27,949 | — | 2,198 | — | 30,147 | 30,147 | 8,209 | 2010 (4) | |||||||||||||||||||||
Hagerstown Premium Outlets | Hagerstown (Baltimore/Washington DC), MD | 86,045 | 3,576 | 85,883 | — | 900 | 3,576 | 86,783 | 90,359 | 19,215 | 2010 (4) | |||||||||||||||||||||
Houston Premium Outlets | Cypress (Houston), TX | — | 8,695 | 69,350 | — | 46,294 | 8,695 | 115,644 | 124,339 | 31,069 | 2007 | |||||||||||||||||||||
Jackson Premium Outlets | Jackson (New York), NJ | — | 6,413 | 104,013 | 3 | 5,458 | 6,416 | 109,471 | 115,887 | 34,827 | 2004 (4) | |||||||||||||||||||||
Jersey Shore Premium Outlets | Tinton Falls (New York), NJ | 67,306 | 15,390 | 50,979 | — | 75,614 | 15,390 | 126,593 | 141,983 | 36,202 | 2007 | |||||||||||||||||||||
Johnson Creek Premium Outlets | Johnson Creek, WI | — | 2,800 | 39,546 | — | 6,778 | 2,800 | 46,324 | 49,124 | 16,685 | 2004 (4) | |||||||||||||||||||||
Kittery Premium Outlets | Kittery , ME | — | 11,832 | 94,994 | — | 7,515 | 11,832 | 102,509 | 114,341 | 30,769 | 2004 (4) | |||||||||||||||||||||
Las Americas Premium Outlets | San Diego, CA | 176,605 | 45,168 | 251,878 | — | 6,561 | 45,168 | 258,439 | 303,607 | 55,965 | 2007 (4) | |||||||||||||||||||||
Las Vegas North Premium Outlets | Las Vegas, NV | — | 25,435 | 134,973 | 16,536 | 132,127 | 41,971 | 267,100 | 309,071 | 72,952 | 2004 (4) | |||||||||||||||||||||
Las Vegas South Premium Outlets | Las Vegas, NV | — | 13,085 | 160,777 | — | 23,993 | 13,085 | 184,770 | 197,855 | 52,538 | 2004 (4) | |||||||||||||||||||||
Lebanon Premium Outlets | Lebanon (Nashville), TN | 14,877 | 1,758 | 10,189 | — | 896 | 1,758 | 11,085 | 12,843 | 3,509 | 2010 (4) | |||||||||||||||||||||
Lee Premium Outlets | Lee, MA | 49,134 | 9,167 | 52,212 | — | 1,209 | 9,167 | 53,421 | 62,588 | 14,077 | 2010 (4) | |||||||||||||||||||||
Leesburg Corner Premium Outlets | Leesburg (Washington D.C.), VA | — | 7,190 | 162,023 | — | 4,689 | 7,190 | 166,712 | 173,902 | 63,162 | 2004 (4) | |||||||||||||||||||||
Cost Capitalized | Gross Amounts At Which | |||||||||||||||||||||||||||||||
Initial Cost (3) | Subsequent to | Carried At Close of Period | ||||||||||||||||||||||||||||||
Acquisition (3) | Date of | |||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
or | ||||||||||||||||||||||||||||||||
Name | Location | Encumbrances (6) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total (1) | Accumulated | Acquisition | |||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation (2) | |||||||||||||||||||||||||||||
Liberty Village Premium Outlets | Flemington (New York), NJ | — | 5,670 | 28,904 | — | 1,606 | 5,670 | 30,510 | 36,180 | 15,494 | 2004 (4) | |||||||||||||||||||||
Lighthouse Place Premium Outlets | Michigan City (Chicago, IL), IN | — | 6,630 | 94,138 | — | 8,542 | 6,630 | 102,680 | 109,310 | 42,698 | 2004 (4) | |||||||||||||||||||||
Merrimack Premium Outlets | Merrimack, NH | 130,000 | 17,028 | 118,428 | — | 813 | 17,028 | 119,241 | 136,269 | 14,076 | 2012 | |||||||||||||||||||||
Napa Premium Outlets | Napa, CA | — | 11,400 | 45,023 | — | 4,498 | 11,400 | 49,521 | 60,921 | 18,889 | 2004 (4) | |||||||||||||||||||||
North Bend Premium Outlets | North Bend (Seattle), WA | — | 2,143 | 36,197 | — | 3,499 | 2,143 | 39,696 | 41,839 | 12,705 | 2004 (4) | |||||||||||||||||||||
North Georgia Premium Outlets | Dawsonville (Atlanta), GA | — | 4,300 | 132,325 | — | 2,883 | 4,300 | 135,208 | 139,508 | 48,183 | 2004 (4) | |||||||||||||||||||||
Orlando International Premium Outlets | Orlando, FL | — | 31,998 | 472,815 | — | 3,108 | 31,998 | 475,923 | 507,921 | 81,925 | 2010 (4) | |||||||||||||||||||||
Orlando Vineland Premium Outlets | Orlando, FL | — | 14,040 | 304,410 | 38,656 | 78,186 | 52,696 | 382,596 | 435,292 | 109,502 | 2004 (4) | |||||||||||||||||||||
Osage Beach Premium Outlets | Osage Beach, MO | — | 9,460 | 85,804 | — | 6,661 | 9,460 | 92,465 | 101,925 | 35,800 | 2004 (4) | |||||||||||||||||||||
Petaluma Village Premium Outlets | Petaluma (San Francisco), CA | — | 13,322 | 13,710 | — | 1,774 | 13,322 | 15,484 | 28,806 | 9,106 | 2004 (4) | |||||||||||||||||||||
Philadelphia Premium Outlets | Limerick (Philadelphia), PA | — | 16,676 | 105,249 | — | 16,604 | 16,676 | 121,853 | 138,529 | 42,832 | 2006 | |||||||||||||||||||||
Phoenix Premium Outlets | Chandler (Phoenix), AZ | — | — | 63,751 | — | 51 | — | 63,802 | 63,802 | 6,337 | 2013 | |||||||||||||||||||||
Pismo Beach Premium Outlets | Pismo Beach, CA | 33,850 | 4,317 | 19,044 | — | 1,667 | 4,317 | 20,711 | 25,028 | 6,394 | 2010 (4) | |||||||||||||||||||||
Pleasant Prairie Premium Outlets | Pleasant Prairie (Chicago, IL/Milwaukee), WI | 92,998 | 16,823 | 126,686 | — | 3,346 | 16,823 | 130,032 | 146,855 | 25,459 | 2010 (4) | |||||||||||||||||||||
Puerto Rico Premium Outlets | Barceloneta, PR | 125,000 | 20,586 | 114,021 | — | 3,003 | 20,586 | 117,024 | 137,610 | 23,285 | 2010 (4) | |||||||||||||||||||||
Queenstown Premium Outlets | Queenstown (Baltimore), MD | 66,150 | 8,129 | 61,950 | — | 2,979 | 8,129 | 64,929 | 73,058 | 13,832 | 2010 (4) | |||||||||||||||||||||
Rio Grande Valley Premium Outlets | Mercedes (McAllen), TX | — | 12,229 | 41,547 | — | 32,929 | 12,229 | 74,476 | 86,705 | 29,930 | 2005 | |||||||||||||||||||||
Round Rock Premium Outlets | Round Rock (Austin), TX | — | 14,706 | 82,252 | — | 1,686 | 14,706 | 83,938 | 98,644 | 35,433 | 2005 | |||||||||||||||||||||
San Francisco Premium Outlets | Livermore (San Francisco), CA | — | 21,925 | 308,694 | 40,046 | 16,991 | 61,971 | 325,685 | 387,656 | 22,827 | 2012 | |||||||||||||||||||||
San Marcos Premium Outlets | San Marcos (Austin/San Antonio), TX | 137,569 | 13,180 | 287,179 | — | 6,897 | 13,180 | 294,076 | 307,256 | 50,624 | 2010 (4) | |||||||||||||||||||||
Seattle Premium Outlets | Tulalip (Seattle), WA | — | — | 103,722 | — | 53,354 | — | 157,076 | 157,076 | 47,499 | 2004 (4) | |||||||||||||||||||||
St. Augustine Premium Outlets | St. Augustine (Jacksonville), FL | — | 6,090 | 57,670 | 2 | 9,480 | 6,092 | 67,150 | 73,242 | 27,592 | 2004 (4) | |||||||||||||||||||||
The Crossings Premium Outlets | Tannersville , PA | 115,000 | 7,720 | 172,931 | — | 12,969 | 7,720 | 185,900 | 193,620 | 59,249 | 2004 (4) | |||||||||||||||||||||
Vacaville Premium Outlets | Vacaville , CA | — | 9,420 | 84,850 | — | 12,825 | 9,420 | 97,675 | 107,095 | 40,848 | 2004 (4) | |||||||||||||||||||||
Waikele Premium Outlets | Waipahu (Honolulu), HI | — | 22,630 | 77,316 | — | 10,033 | 22,630 | 87,349 | 109,979 | 30,727 | 2004 (4) | |||||||||||||||||||||
Waterloo Premium Outlets | Waterloo , NY | — | 3,230 | 75,277 | — | 8,382 | 3,230 | 83,659 | 86,889 | 34,507 | 2004 (4) | |||||||||||||||||||||
Williamsburg Premium Outlets | Williamsburg, VA | 99,406 | 10,323 | 223,789 | — | 2,969 | 10,323 | 226,758 | 237,081 | 39,553 | 2010 (4) | |||||||||||||||||||||
Woodburn Premium Outlets | Woodburn (Portland), OR | — | 9,414 | 150,414 | — | 281 | 9,414 | 150,695 | 160,109 | 10,953 | 2013 (4) | |||||||||||||||||||||
Woodbury Common Premium Outlets | Central Valley (New York), NY | — | 11,110 | 862,559 | 1,658 | 116,994 | 12,768 | 979,553 | 992,321 | 276,603 | 2004 (4) | |||||||||||||||||||||
Wrentham Village Premium Outlets | Wrentham (Boston), MA | — | 4,900 | 282,031 | — | 8,858 | 4,900 | 290,889 | 295,789 | 98,278 | 2004 (4) | |||||||||||||||||||||
The Mills | ||||||||||||||||||||||||||||||||
Arizona Mills | Tempe (Phoenix), AZ | 164,566 | 41,936 | 297,289 | — | 3,290 | 41,936 | 300,579 | 342,515 | 9,976 | 2007 (4)(5) | |||||||||||||||||||||
Great Mall | Milpitas (San Jose), CA | — | 70,496 | 463,101 | — | 11,751 | 70,496 | 474,852 | 545,348 | 47,214 | 2007 (4)(5) | |||||||||||||||||||||
Gurnee Mills | Gurnee (Chicago), IL | 321,000 | 41,133 | 297,911 | — | 7,914 | 41,133 | 305,825 | 346,958 | 31,813 | 2007 (4)(5) | |||||||||||||||||||||
Opry Mills | Nashville, TN | 371,427 | 51,000 | 327,503 | — | 9,765 | 51,000 | 337,268 | 388,268 | 34,648 | 2007 (4)(5) | |||||||||||||||||||||
Potomac Mills | Woodbridge (Washington, D.C.), VA | 410,000 | 61,755 | 425,370 | — | 27,701 | 61,755 | 453,071 | 514,826 | 46,933 | 2007 (4)(5) | |||||||||||||||||||||
Sawgrass Mills | Sunrise (Miami), FL | — | 194,002 | 1,641,153 | — | 38,809 | 194,002 | 1,679,962 | 1,873,964 | 161,050 | 2007 (4)(5) | |||||||||||||||||||||
Cost Capitalized | Gross Amounts At Which | |||||||||||||||||||||||||||||||
Initial Cost (3) | Subsequent to | Carried At Close of Period | ||||||||||||||||||||||||||||||
Acquisition (3) | Date of | |||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
or | ||||||||||||||||||||||||||||||||
Name | Location | Encumbrances (6) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total (1) | Accumulated | Acquisition | |||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation (2) | |||||||||||||||||||||||||||||
Community Centers | ||||||||||||||||||||||||||||||||
ABQ Uptown | Albuquerque, NM | — | 6,374 | 75,333 | 4,054 | 4,360 | 10,428 | 79,693 | 90,121 | 10,949 | 2011 (4) | |||||||||||||||||||||
Other Properties | ||||||||||||||||||||||||||||||||
Florida Keys Outlet Center | Florida City, FL | 10,253 | 1,560 | 1,748 | — | 2,462 | 1,560 | 4,210 | 5,770 | 1,351 | 2010 (4) | |||||||||||||||||||||
Huntley Outlet Center | Huntley, IL | 28,679 | 3,477 | 2,027 | — | 345 | 3,477 | 2,372 | 5,849 | 922 | 2010 (4) | |||||||||||||||||||||
Lincoln Plaza | King of Prussia (Philadelphia), PA | — | — | 21,299 | — | 2,858 | — | 24,157 | 24,157 | 13,311 | 2003 (4) | |||||||||||||||||||||
Naples Outlet Center | Naples, FL | 15,415 | 1,514 | 519 | — | 79 | 1,514 | 598 | 2,112 | 424 | 2010 (4) | |||||||||||||||||||||
Outlet Marketplace | Orlando , FL | — | 3,367 | 1,557 | — | 380 | 3,367 | 1,937 | 5,304 | 961 | 2010 (4) | |||||||||||||||||||||
Development Projects | ||||||||||||||||||||||||||||||||
Tampa Premium Outlets | Tampa, FL | — | 14,298 | 14,996 | — | — | 14,298 | 14,996 | 29,294 | — | ||||||||||||||||||||||
Tucson Premium Outlets | Marana (Tucson), AZ | — | 12,507 | 12,561 | — | — | 12,507 | 12,561 | 25,068 | — | ||||||||||||||||||||||
Other pre-development costs | — | 72,983 | 9,630 | — | — | 72,983 | 9,630 | 82,613 | 78 | |||||||||||||||||||||||
Other | — | 2,615 | 10,045 | — | — | 2,615 | 10,045 | 12,660 | 4,568 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 6,195,628 | $ | 2,861,905 | $ | 22,230,768 | $ | 323,719 | $ | 5,597,741 | $ | 3,185,624 | $ | 27,828,509 | $ | 31,014,133 | $ | 8,740,928 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Simon Property Group, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
Notes to Schedule III as of December 31, 2014 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
All periods presented exclude properties which were spun-off to Washington Prime Group Inc. as further discussed in Note 3 to the consolidated financial statements. | ||||||||||||||||||||||||||||||||
-1 | Reconciliation of Real Estate Properties: | |||||||||||||||||||||||||||||||
The changes in real estate assets for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 30,048,230 | $ | 29,263,463 | $ | 24,736,546 | ||||||||||||||||||||||||||
Acquisitions and consolidations (5) | 393,351 | 288,835 | 4,408,870 | |||||||||||||||||||||||||||||
Improvements | 791,453 | 874,240 | 746,161 | |||||||||||||||||||||||||||||
Disposals and deconsolidations | (218,901 | ) | (378,308 | ) | (628,114 | ) | ||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||
Balance, close of year | $ | 31,014,133 | $ | 30,048,230 | $ | 29,263,463 | ||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||
The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2014 was $23,893,426. | ||||||||||||||||||||||||||||||||
-2 | Reconciliation of Accumulated Depreciation: | |||||||||||||||||||||||||||||||
The changes in accumulated depreciation for the years ended December 31, 2014, 2013, and 2012 are as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 7,896,614 | $ | 7,055,622 | $ | 6,483,917 | ||||||||||||||||||||||||||
Depreciation expense | 997,482 | 948,811 | 908,029 | |||||||||||||||||||||||||||||
Disposals and deconsolidations | (153,168 | ) | (107,819 | ) | (336,324 | ) | ||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||
Balance, close of year | $ | 8,740,928 | $ | 7,896,614 | $ | 7,055,622 | ||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||
Depreciation of our investment in buildings and improvements reflected in the consolidated statements of operations and comprehensive income is calculated over the estimated original lives of the assets as noted below. | ||||||||||||||||||||||||||||||||
• | Buildings and Improvements — typically 10-35 years for the structure, 15 years for landscaping and parking lot, and 10 years for HVAC equipment. | |||||||||||||||||||||||||||||||
• | Tenant Allowances and Improvements — shorter of lease term or useful life. | |||||||||||||||||||||||||||||||
-3 | Initial cost generally represents net book value at December 20, 1993, except for acquired properties and new developments after December 20, 1993. Initial cost also includes any new developments that are opened during the current year. Costs of disposals and impairments of property are first reflected as a reduction to cost capitalized subsequent to acquisition. | |||||||||||||||||||||||||||||||
-4 | Not developed/constructed by us or our predecessors. The date of construction represents the initial acquisition date for assets in which we have acquired multiple interests. | |||||||||||||||||||||||||||||||
-5 | Initial cost for these properties is the cost at the date of consolidation for properties previously accounted for under the equity method of accounting. | |||||||||||||||||||||||||||||||
-6 | Encumbrances represent face amount of mortgage debt and exclude any premiums or discounts. | |||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Investment Properties | Investment Properties | |||||||||||||
We record investment properties at cost. Investment properties include costs of acquisitions; development, predevelopment, and construction (including allocable salaries and related benefits); tenant allowances and improvements; and interest and real estate taxes incurred during construction. We capitalize improvements and replacements from repair and maintenance when the repair and maintenance extends the useful life, increases capacity, or improves the efficiency of the asset. All other repair and maintenance items are expensed as incurred. We capitalize interest on projects during periods of construction until the projects are ready for their intended purpose based on interest rates in place during the construction period. The amount of interest capitalized during each year is as follows: | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Capitalized interest | $ | 16,500 | $ | 15,585 | $ | 20,703 | ||||||||
We record depreciation on buildings and improvements utilizing the straight-line method over an estimated original useful life, which is generally 10 to 35 years. We review depreciable lives of investment properties periodically and we make adjustments when necessary to reflect a shorter economic life. We amortize tenant allowances and tenant improvements utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. We record depreciation on equipment and fixtures utilizing the straight-line method over seven to ten years. | ||||||||||||||
We review investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in a property's cash flows, ending occupancy or total sales per square foot. We measure any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization plus its residual value is less than the carrying value of the property. To the extent impairment has occurred, we charge to income the excess of carrying value of the property over its estimated fair value. We estimate fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. We may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. We also review our investments, including investments in unconsolidated entities, if events or circumstances change indicating that the carrying amount of our investments may not be recoverable. We will record an impairment charge if we determine that a decline in the fair value of the investments is other-than-temporary. Changes in economic and operating conditions that occur subsequent to our review of recoverability of investment property and other investments could impact the assumptions used in that assessment and could result in future charges to earnings if assumptions regarding those investments differ from actual results. | ||||||||||||||
Purchase Accounting Allocation | Purchase Accounting Allocation | |||||||||||||
We allocate the purchase price of acquisitions and any excess investment in unconsolidated entities to the various components of the acquisition based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, we may utilize third party valuation specialists. These components typically include buildings, land and intangibles related to in-place leases and we estimate: | ||||||||||||||
• | the fair value of land and related improvements and buildings on an as-if-vacant basis, | |||||||||||||
• | the market value of in-place leases based upon our best estimate of current market rents and amortize the resulting market rent adjustment into revenues, | |||||||||||||
• | the value of costs to obtain tenants, including tenant allowances and improvements and leasing commissions, and | |||||||||||||
• | the value of revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant. | |||||||||||||
Amounts allocated to building are depreciated over the estimated remaining life of the acquired building or related improvements. We amortize amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. We also estimate the value of other acquired intangible assets, if any, which are amortized over the remaining life of the underlying related intangibles. | ||||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||||
On May 28, 2014, we completed the spin-off of our interests in 98 properties comprised of substantially all of our strip center business and our smaller enclosed malls to Washington Prime, an independent, publicly traded REIT. The spin-off was effectuated through a distribution of the common shares of Washington Prime to holders of Simon common stock as of the distribution record date, and qualified as a tax-free distribution for U.S. federal income tax purposes. For every two shares of Simon common stock held as of the record date of May 16, 2014, Simon stockholders received one Washington Prime common share on May 28, 2014. At the time of the separation and distribution, Washington Prime owned a percentage of the outstanding units of partnership interest of Washington Prime Group, L.P. that was approximately equal to the percentage of outstanding units of partnership interest of the Operating Partnership, or units, owned by us. The remaining units of Washington Prime Group, L.P. were owned by limited partners of the Operating Partnership who received one Washington Prime Group, L.P. unit for every two units they owned in the Operating Partnership. Subsequent to the spin-off, we retained a nominal interest in Washington Prime Group, L.P. We also retained approximately $1.0 billion of proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off. | ||||||||||||||
The historical results of operations of the Washington Prime properties have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. Discontinued operations also include transaction costs of $38.2 million we incurred to spin-off Washington Prime. In addition, the assets and liabilities of Washington Prime are presented separately from assets and liabilities from continuing operations in the accompanying consolidated balance sheets. The accompanying consolidated statements of cash flows include within operating, investing and financing cash flows those activities which related to our period of ownership of the Washington Prime properties. | ||||||||||||||
The following is a summary of the assets and liabilities transferred to Washington Prime as part of the spin-off (dollars in thousands): | ||||||||||||||
May 28, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
ASSETS: | ||||||||||||||
Investment properties at cost | $ | 4,802,975 | $ | 4,789,705 | ||||||||||
Less — accumulated depreciation | 2,034,615 | 1,974,949 | ||||||||||||
| | | | | | | | |||||||
2,768,360 | 2,814,756 | |||||||||||||
Cash and cash equivalents | 33,776 | 25,857 | ||||||||||||
Tenant receivables and accrued revenue, net | 53,662 | 61,121 | ||||||||||||
Investment in unconsolidated entities, at equity | 5,189 | 3,554 | ||||||||||||
Deferred costs and other assets | 110,365 | 97,026 | ||||||||||||
| | | | | | | | |||||||
Total assets | $ | 2,971,352 | $ | 3,002,314 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
LIABILITIES: | ||||||||||||||
Mortgages and unsecured indebtedness | $ | 1,929,019 | $ | 918,614 | ||||||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 112,390 | 151,011 | ||||||||||||
Cash distributions and losses in partnerships and joint ventures, at equity | 41,623 | 41,313 | ||||||||||||
Other liabilities | 36,927 | 6,851 | ||||||||||||
| | | | | | | | |||||||
Total liabilities | $ | 2,119,959 | $ | 1,117,789 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Net Assets Transferred to Washington Prime | $ | 851,393 | $ | 1,884,525 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
The results of the discontinued operations through the May 28, 2014 date of the spin-off are included in the consolidated results for the year ended December 31, 2014. Summarized financial information for discontinued operations for the years ended December 31, 2014, 2013, and 2012 is as follows (dollars in thousands). | ||||||||||||||
For the Year Ended | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
TOTAL REVENUE | $ | 262,652 | $ | 626,289 | $ | 623,927 | ||||||||
Property operating | 43,175 | 104,089 | 106,241 | |||||||||||
Depreciation and amortization | 76,992 | 182,828 | 189,187 | |||||||||||
Real estate taxes | 32,474 | 76,216 | 76,361 | |||||||||||
Repairs and maintenance | 10,331 | 22,584 | 22,208 | |||||||||||
Advertising and promotion | 3,340 | 8,316 | 8,981 | |||||||||||
Provision for credit losses | 1,494 | 572 | 1,904 | |||||||||||
Other | 2,028 | 4,664 | 4,674 | |||||||||||
| | | | | | | | | | | ||||
Total operating expenses | 169,834 | 399,269 | 409,556 | |||||||||||
OPERATING INCOME | 92,818 | 227,020 | 214,371 | |||||||||||
Interest expense | (26,076 | (55,058 | (58,844 | |||||||||||
) | ) | ) | ||||||||||||
Income and other taxes | (112 | ) | (196 | ) | (165 | ) | ||||||||
Income (loss) from unconsolidated entities | 652 | (1,121 | ) | 1,028 | ||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net | 242 | 14,152 | — | |||||||||||
| | | | | | | | | | | ||||
CONSOLIDATED NET INCOME | 67,524 | 184,797 | 156,390 | |||||||||||
Net income attributable to noncontrolling interests | 9,781 | 26,571 | 25,184 | |||||||||||
| | | | | | | | | | | ||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 57,743 | $ | 158,226 | $ | 131,206 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Capital expenditures on a cash basis for the years ended December 31, 2014, 2013, and 2012 were $31.9 million, $93.3 million, and $67.8 million, respectively, related to the discontinued operations. | ||||||||||||||
We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we will provide certain services to Washington Prime and its properties. Pursuant to the terms of the property management agreements, we manage, lease, and maintain Washington Prime's mall properties under the direction of Washington Prime. In exchange, Washington Prime pays us annual fixed rate property management fees ranging from 2.5% to 4.0% of base minimum and percentage rents, reimburses us for direct out-of-pocket costs and expenses and also pays us separate fees for any leasing and development services we provide. The property management agreements have an initial term of two years with automatic one year renewals unless terminated. Either party may terminate the property management agreements on or after the two-year anniversary of the spin-off upon 180 days prior written notice. | ||||||||||||||
We also provide certain support services to the Washington Prime strip centers and certain of its central functions to assist Washington Prime as it establishes its stand-alone processes for various activities that were previously provided by us and does not constitute significant continuing support of Washington Prime's operations. These services include assistance in the areas of information technology, treasury and financial management, payroll, lease administration, taxation and procurement. The charges for such services are intended to allow us to recover costs of providing these services. The transition services agreement will terminate no later than two years following the date of the spin-off subject to a minimum notice period equal to the shorter of 180 days or one-half of the original service period. | ||||||||||||||
Transitional services fees earned for the portion of 2014 subsequent to the spin-off were approximately $3.2 million. | ||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||||
We consider all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents generally consist of commercial paper, bankers acceptances, Eurodollars, repurchase agreements, and money market deposits or securities. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with institutions with high credit quality. However, at certain times, such cash and cash equivalents may be in excess of FDIC and SIPC insurance limits. See Notes 4 and 10 for disclosures about non-cash investing and financing transactions. | ||||||||||||||
Marketable and Non-Marketable Securities | Marketable and Non-Marketable Securities | |||||||||||||
Marketable securities consist primarily of the investments of our captive insurance subsidiaries, available-for-sale securities, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties. At December 31, 2014 and 2013, we had marketable securities of $643.0 million and $148.3 million, respectively, generally accounted for as available-for-sale, which are adjusted to their quoted market price with a corresponding adjustment in other comprehensive income (loss). Net unrealized gains recorded in other comprehensive income (loss) as of December 31, 2014 and 2013 were approximately $103.9 million and $1.1 million, respectively, and represent the valuation adjustments for our marketable securities. | ||||||||||||||
The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from less than 1 to 10 years. These securities are classified as available-for-sale and are valued based upon quoted market prices or other observable inputs when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. We review any declines in value of these securities for other-than-temporary impairment and consider the severity and duration of any decline in value. To the extent an other-than-temporary impairment is deemed to have occurred, an impairment charge is recorded and a new cost basis is established. | ||||||||||||||
Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability as the amounts are fully payable to the employees that earned the compensation. Changes in value of these securities and changes to the matching liability to employees are both recognized in earnings and, as a result, there is no impact to consolidated net income. | ||||||||||||||
We hold an investment in a publicly traded REIT, which is accounted for as an available-for-sale security. At December 31, 2014, we owned 5.71 million shares, representing a market value of $476.4 million with an aggregate net unrealized gain of $102.5 million. | ||||||||||||||
At December 31, 2014 and 2013, we had investments of $167.1 million and $120.3 million, respectively, in non-marketable securities that we account for under the cost method. We regularly evaluate these investments for any other-than-temporary impairment in their estimated fair value and determined that no adjustment in the carrying value was required. During the fourth quarter of 2012, as a result of the significance and duration of the impairment, represented by the excess of the carrying value over the estimated fair value of certain cost method investments, we recognized other-than-temporary non-cash charges of $71.0 million, which is included in marketable and non-marketable securities charges and realized gains, net in the accompanying consolidated statements of operations and comprehensive income. The fair value of the remaining investment for the securities that were impaired is not material and was based on Level 2 fair value inputs. | ||||||||||||||
On October 23, 2012 we completed the sale of all of our investments in Capital Shopping Centres Group PLC, or CSCG, and Capital & Counties Properties PLC, or CAPC. These investments were accounted for as available-for-sale securities and their value was adjusted to their quoted market price, including a related foreign exchange component, through other comprehensive income (loss). At the date of sale, we owned 35.4 million shares of CSCG and 38.9 million shares of CAPC. The aggregate proceeds received from the sale were $327.1 million, and we recognized a gain on the sale of $82.7 million, which is included in marketable and non-marketable securities charges and realized gains, net in the accompanying consolidated statements of operations and comprehensive income. The gain includes $79.4 million that was reclassified from accumulated other comprehensive income (loss). | ||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||
Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect our best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. We have no investments for which fair value is measured on a recurring basis using Level 3 inputs. | ||||||||||||||
The marketable securities we held at December 31, 2014 and 2013 were primarily classified as having Level 1 fair value inputs. In addition, we had derivative instruments which were classified as having Level 2 inputs which consist primarily of interest rate swap agreements and foreign currency forward contracts with a gross liability balance of $2.1 million and $1.2 million at December 31, 2014 and 2013, respectively, and a gross asset value of $20.1 million and $8.4 million at December 31, 2014 and 2013, respectively. | ||||||||||||||
Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include a discussion of the fair values recorded in purchase accounting and impairment, using Level 2 and Level 3 inputs. Level 3 inputs to our purchase accounting and impairment analyses include our estimations of net operating results of the property, capitalization rates and discount rates. | ||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||
We prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. | ||||||||||||||
Segment Disclosure | Segment Disclosure | |||||||||||||
Our primary business is the ownership, development, and management of retail real estate. We have aggregated our retail operations, including malls, Premium Outlets, The Mills, and our international investments into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. | ||||||||||||||
Deferred Costs and Other Assets | Deferred Costs and Other Assets | |||||||||||||
Deferred costs and other assets include the following as of December 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred financing and lease costs, net | $ | 312,569 | $ | 296,359 | ||||||||||
In-place lease intangibles, net | 216,330 | 265,097 | ||||||||||||
Acquired above market lease intangibles, net | 75,366 | 91,170 | ||||||||||||
Marketable securities of our captive insurance companies | 111,844 | 94,720 | ||||||||||||
Goodwill | 20,098 | 20,098 | ||||||||||||
Other marketable and non-marketable securities | 698,265 | 173,887 | ||||||||||||
Prepaids, notes receivable and other assets, net | 372,317 | 481,457 | ||||||||||||
| | | | | | | | |||||||
$ | 1,806,789 | $ | 1,422,788 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Deferred Financing and Lease Costs | Deferred Financing and Lease Costs | |||||||||||||
Our deferred costs consist primarily of financing fees we incurred in order to obtain long-term financing and internal and external leasing commissions and related costs. We record amortization of deferred financing costs on a straight-line basis over the terms of the respective loans or agreements. Our deferred leasing costs consist primarily of capitalized salaries and related benefits in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. Details of these deferred costs as of December 31 are as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred financing and lease costs | $ | 533,050 | $ | 525,413 | ||||||||||
Accumulated amortization | (220,481 | ) | (229,054 | ) | ||||||||||
| | | | | | | | |||||||
Deferred financing and lease costs, net | $ | 312,569 | $ | 296,359 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
We report amortization of deferred financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Amortization of deferred leasing costs is a component of depreciation and amortization expense. We amortize debt premiums and discounts, which are included in mortgages and unsecured indebtedness, over the remaining terms of the related debt instruments. These debt premiums or discounts arise either at the time of the debt issuance or as part of the purchase price allocation of the fair value of debt assumed in acquisitions. The accompanying consolidated statements of operations and comprehensive income include amortization from continuing operations as follows: | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Amortization of deferred financing costs | $ | 21,392 | $ | 25,159 | $ | 25,932 | ||||||||
Amortization of debt premiums, net of discounts | (24,092 | ) | (33,026 | ) | (32,143 | ) | ||||||||
Amortization of deferred leasing costs | 39,488 | 34,891 | 32,977 | |||||||||||
Loans Held for Investment | Loans Held for Investment | |||||||||||||
From time to time, we may make investments in mortgage loans or mezzanine loans of third parties that own and operate commercial real estate assets located in the United States. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mezzanine loans are secured, in part, by pledges of ownership interests of the entities that own the underlying real estate. Loans held for investment are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value. | ||||||||||||||
We had investments in mortgage and mezzanine loans which were repaid during 2012. We recorded $6.8 million during 2012 in interest income earned from these loans. | ||||||||||||||
Intangibles | Intangibles | |||||||||||||
The average remaining life of in-place lease intangibles is approximately 3.3 years and is being amortized on a straight-line basis and is included with depreciation and amortization in the consolidated statements of operations and comprehensive income. The fair market value of above and below market leases is amortized into revenue over the remaining lease life as a component of reported minimum rents. The weighted average remaining life of these intangibles is approximately 4.7 years. The unamortized amount of below market leases is included in accounts payable, accrued expenses, intangibles and deferred revenues in the consolidated balance sheets and was $103.1 million and $135.1 million as of December 31, 2014 and 2013, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2014, 2013, and 2012 was $11.3 million, $22.8 million, and $15.9 million, respectively. If a lease is terminated prior to the original lease termination, any remaining unamortized intangible is written off to earnings. | ||||||||||||||
Details of intangible assets as of December 31 are as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
In-place lease intangibles | $ | 416,623 | $ | 443,127 | ||||||||||
Accumulated depreciation | (200,293 | ) | (178,030 | ) | ||||||||||
| | | | | | | | |||||||
In-place lease intangibles, net | $ | 216,330 | $ | 265,097 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
2014 | 2013 | |||||||||||||
Acquired above market lease intangibles | $ | 225,335 | $ | 239,000 | ||||||||||
Accumulated amortization | (149,969 | ) | (147,830 | ) | ||||||||||
| | | | | | | | |||||||
Acquired above market lease intangibles, net | $ | 75,366 | $ | 91,170 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2014 are as follows: | ||||||||||||||
Below | Above | Impact to | ||||||||||||
Market | Market | Minimum Rent, | ||||||||||||
Leases | Leases | Net | ||||||||||||
2015 | $ | 29,062 | $ | (19,697 | ) | $ | 9,365 | |||||||
2016 | 23,829 | (17,524 | ) | 6,305 | ||||||||||
2017 | 17,255 | (14,169 | ) | 3,086 | ||||||||||
2018 | 13,146 | (10,810 | ) | 2,336 | ||||||||||
2019 | 10,602 | (7,384 | ) | 3,218 | ||||||||||
Thereafter | 9,218 | (5,782 | ) | 3,436 | ||||||||||
| | | | | | | | | | | ||||
$ | 103,112 | $ | (75,366 | ) | $ | 27,746 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||
We record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of our derivative activities. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities. As of December 31, 2014, we had the following outstanding interest rate derivatives related to managing our interest rate risk: | ||||||||||||||
Interest Rate Derivative | Number of | Notional Amount | ||||||||||||
Instruments | ||||||||||||||
Interest Rate Swaps | 2 | $375.0 million | ||||||||||||
The carrying value of our interest rate swap agreements, at fair value, as of December 31, 2014, was a net liability balance of $1.2 million, of which $2.1 million was included in other liabilities and $0.9 million was included in deferred costs and other assets. The carrying value of our interest rate swap agreements, at fair value, at December 31, 2013 was a net asset balance of $3.0 million, of which $0.4 million was included in other liabilities and $3.4 million was included in deferred costs and other assets. The interest rate cap agreements were of nominal value at December 31, 2013 and we generally do not apply hedge accounting to these arrangements. | ||||||||||||||
We are also exposed to fluctuations in foreign exchange rates on financial instruments which are denominated in foreign currencies, primarily in Japan and Europe. We use currency forward contracts and foreign currency denominated debt to manage our exposure to changes in foreign exchange rates on certain Yen and Euro-denominated receivables and net investments. Currency forward contracts involve fixing the Yen:USD or Euro:USD exchange rate for delivery of a specified amount of foreign currency on a specified date. | ||||||||||||||
The currency forward contracts are typically cash settled in US dollars for their fair value at or close to their settlement date. Approximately ¥14.7 million remained as of December 31, 2014 for all Yen forward contracts which matured through January 5, 2015. The December 31, 2014 asset balance related to these forward contracts was $0.1 million and was included in deferred costs and other assets. The December 31, 2013 asset balance related to these forward contracts was $5.0 million and was included in deferred costs and other assets. We have reported the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign currency denominated receivables are also reported in income and generally offset the amounts in earnings for these forward contracts. | ||||||||||||||
In the third quarter of 2014, we entered into Euro:USD forward contracts, which were designated as net investment hedges, with an aggregate €150.0 million notional value which mature through August 11, 2017. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. In the fourth quarter of 2013, we entered into a Euro:USD forward contract with a €74.0 million notional value, which we designated as a net investment hedge, that matured on May 30, 2014. The liability balance related to this forward contract was $0.8 million and included in other liabilities as of December 31, 2013. We apply hedge accounting to these forward contracts and report the changes in fair value in other comprehensive income (loss). Changes in the value of these forward contracts are offset by changes in the underlying hedged Euro-denominated joint venture investment. | ||||||||||||||
The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $45.8 million and $61.8 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements | |||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 became effective prospectively for fiscal years beginning after December 15, 2014, but could be early-adopted. We early adopted ASU 2014-08 in the first quarter of 2014 and are applying the revised definition to all disposals on a prospective basis, including the spin-off of Washington Prime. ASU 2014-08 also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. | ||||||||||||||
In May 2014, the FASB issued ASU 2014-09, "Revenue From Contracts With Customers." ASU 2014-09 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. ASU 2014-09 will be effective for us beginning in its first quarter of 2017. Early adoption is not permitted. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating the methods and impact of adopting the new revenue standard on our consolidated financial statements. | ||||||||||||||
Noncontrolling Interests | Noncontrolling Interests | |||||||||||||
Details of the carrying amount of our noncontrolling interests are as follows as of December 31: | ||||||||||||||
2014 | 2013 | |||||||||||||
Limited partners' interests in the Operating Partnership | $ | 858,557 | $ | 968,962 | ||||||||||
Nonredeemable noncontrolling (deficit) interests in properties, net | (229 | ) | 4,264 | |||||||||||
| | | | | | | | |||||||
Total noncontrolling interests reflected in equity | $ | 858,328 | $ | 973,226 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership, redeemable noncontrolling interests in consolidated properties, and preferred distributions payable by the Operating Partnership on its outstanding preferred units) is a component of consolidated net income. In addition, the individual components of other comprehensive income (loss) are presented in the aggregate for both controlling and noncontrolling interests, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. | ||||||||||||||
A rollforward of noncontrolling interests for the years ending December 31 is as follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Noncontrolling interests, beginning of period | $ | 973,226 | $ | 982,486 | $ | 894,622 | ||||||||
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 241,023 | 221,176 | 274,701 | |||||||||||
Distributions to noncontrolling interest holders | (290,705 | ) | (242,881 | ) | (239,207 | ) | ||||||||
Other comprehensive income (loss) allocable to noncontrolling interests: | ||||||||||||||
Unrealized gain on derivative hedge agreements | 617 | 1,057 | 5,634 | |||||||||||
Net loss reclassified from accumulated other comprehensive loss into earnings | 1,568 | 1,317 | 3,021 | |||||||||||
Currency translation adjustments | (14,858 | ) | 426 | 2,435 | ||||||||||
Changes in available-for-sale securities and other | 14,945 | (213 | ) | (6,807 | ) | |||||||||
| | | | | | | | | | | ||||
2,272 | 2,587 | 4,283 | ||||||||||||
| | | | | | | | | | | ||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (211,657 | ) | (29,615 | ) | 99,834 | |||||||||
Units issued to limited partners | 84,910 | — | 31,324 | |||||||||||
Units exchanged for common shares | (1,297 | ) | (11,161 | ) | (144,197 | ) | ||||||||
Units redeemed | (1,463 | ) | — | (38,904 | ) | |||||||||
Long-term incentive performance units | 49,938 | 45,341 | 41,470 | |||||||||||
Purchase and disposition of noncontrolling interests, net, and other | 12,081 | 5,293 | 58,560 | |||||||||||
| | | | | | | | | | | ||||
Noncontrolling interests, end of period | $ | 858,328 | $ | 973,226 | $ | 982,486 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2014: | ||||||||||||||
Currency | Accumulated | Net unrealized | Total | |||||||||||
translation | derivative | gains on | ||||||||||||
adjustments | losses, net | marketable | ||||||||||||
securities | ||||||||||||||
Beginning balance | $ | (23,781 | ) | $ | (52,985 | ) | $ | 971 | $ | (75,795 | ) | |||
Other comprehensive income (loss) before reclassifications | (86,941 | ) | 4,603 | 87,871 | 5,533 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 9,221 | — | 9,221 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive income (loss) | (86,941 | ) | 13,824 | 87,871 | 14,754 | |||||||||
| | | | | | | | | | | | | | |
Ending balance | $ | (110,722 | ) | $ | (39,161 | ) | $ | 88,842 | $ | (61,041 | ) | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31, 2014 and 2013: | ||||||||||||||
December 31, 2014 | ||||||||||||||
December 31, 2013 | ||||||||||||||
Amount reclassified | ||||||||||||||
from accumulated | ||||||||||||||
other comprehensive | ||||||||||||||
Details about accumulated other | income (loss) | Amount reclassified from | Affected line item in the | |||||||||||
comprehensive income (loss) | accumulated other | statement where | ||||||||||||
components: | comprehensive income (loss) | net income is presented | ||||||||||||
Accumulated derivative losses, net | ||||||||||||||
$ | (10,789 | ) | $ | (9,205 | ) | Interest expense | ||||||||
1,568 | 1,317 | Net income attributable to noncontrolling interests | ||||||||||||
| | | | | | | | | ||||||
$ | (9,221 | ) | $ | (7,888 | ) | |||||||||
| | | | | | | | | ||||||
| | | | | | | | | ||||||
Revenue Recognition | Revenue Recognition | |||||||||||||
We, as a lessor, retain substantially all of the risks and benefits of ownership of the investment properties and account for our leases as operating leases. We accrue minimum rents on a straight-line basis over the terms of their respective leases. Substantially all of our retail tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold. We amortize any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. | ||||||||||||||
We structure our leases to allow us to recover a significant portion of our property operating, real estate taxes, repairs and maintenance, and advertising and promotion expenses from our tenants. A substantial portion of our leases, other than those for anchor stores, require the tenant to reimburse us for a substantial portion of our operating expenses, including common area maintenance, or CAM, real estate taxes and insurance. This significantly reduces our exposure to increases in costs and operating expenses resulting from inflation. Such property operating expenses typically include utility, insurance, security, janitorial, landscaping, food court and other administrative expenses. As of December 31, 2014 for substantially all of our leases in the U.S. mall portfolio, we receive a fixed payment from the tenant for the CAM component which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We also receive escrow payments for these reimbursements from substantially all our non-fixed CAM tenants and monthly fixed CAM payments throughout the year. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. Our advertising and promotional costs are expensed as incurred. | ||||||||||||||
Management Fees and Other Revenues | Management Fees and Other Revenues | |||||||||||||
Management fees and other revenues are generally received from our unconsolidated joint venture properties as well as third parties. Management fee revenue is earned based on a contractual percentage of joint venture property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. Leasing fee revenue is earned on a contractual per square foot charge based on the square footage of current year leasing activity. We recognize revenue for these services provided when earned based on the underlying activity. | ||||||||||||||
Revenues from insurance premiums charged to unconsolidated properties are recognized on a pro-rata basis over the terms of the policies. Insurance losses on these policies and our self-insurance for our consolidated properties are reflected in property operating expenses in the accompanying consolidated statements of operations and comprehensive income and include estimates for losses incurred but not reported as well as losses pending settlement. Estimates for losses are based on evaluations by third-party actuaries and management's estimates. Total insurance reserves for our insurance subsidiaries and other self-insurance programs as of December 31, 2014 and 2013 approximated $93.5 million and $103.4 million, respectively, and are included in other liabilities in the consolidated balance sheets. Information related to the securities included in the investment portfolio of our captive insurance subsidiaries is included within the "Marketable and Non-Marketable Securities" section above. | ||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses | |||||||||||||
We record a provision for credit losses based on our judgment of a tenant's creditworthiness, ability to pay and probability of collection. In addition, we also consider the retail sector in which the tenant operates and our historical collection experience in cases of bankruptcy, if applicable. Accounts are written off when they are deemed to be no longer collectible. Presented below is the activity in the allowance for credit losses during the following years: | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Balance, beginning of period | $ | 32,681 | $ | 29,263 | $ | 24,170 | ||||||||
Consolidation of previously unconsolidated properties | 117 | — | 2,061 | |||||||||||
Provision for credit losses | 12,001 | 7,165 | 10,905 | |||||||||||
Accounts written off, net of recoveries | (11,517 | ) | (3,747 | ) | (7,873 | ) | ||||||||
| | | | | | | | | | | ||||
Balance, end of period | $ | 33,282 | $ | 32,681 | $ | 29,263 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Income Taxes | Income Taxes | |||||||||||||
We and certain subsidiaries of the Operating Partnership have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the entity to distribute at least 90% of taxable income to its owners and meet certain other asset and income tests as well as other requirements. We intend to continue to adhere to these requirements and maintain our REIT status and that of the REIT subsidiaries. As REITs, these entities will generally not be liable for federal corporate income taxes as long as they continue to distribute in excess of 100% of their taxable income. Thus, we made no provision for federal income taxes for these entities in the accompanying consolidated financial statements. If we or any of the REIT subsidiaries fail to qualify as a REIT, we or that entity will be subject to tax at regular corporate rates for the years in which it failed to qualify. If we lose our REIT status we could not elect to be taxed as a REIT for four taxable years following the year during which qualification was lost unless our failure to qualify was due to reasonable cause and certain other conditions were satisfied. | ||||||||||||||
We have also elected taxable REIT subsidiary, or TRS, status for some of our subsidiaries. This enables us to provide services that would otherwise be considered impermissible for REITs and participate in activities that do not qualify as "rents from real property". For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income. | ||||||||||||||
As of December 31, 2014, we had a net deferred tax liability of $1.1 million and as of December 31, 2013, we had a net deferred tax asset of $1.1 million related to our TRS subsidiaries. The net deferred tax liability is included in other liabilities and the net deferred tax asset is included in deferred costs and other assets in the accompanying consolidated balance sheets. The net deferred tax asset/liability consists primarily of operating losses and other carryforwards for federal income tax purposes as well as the timing of the deductibility of losses or reserves from insurance subsidiaries. No valuation allowance has been recorded as we believe these amounts will be realized. | ||||||||||||||
We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. | ||||||||||||||
Corporate Expenses | Corporate Expenses | |||||||||||||
Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company including certain legal costs, audit fees, regulatory fees, and certain other professional fees. | ||||||||||||||
Basis_of_Presentation_and_Cons1
Basis of Presentation and Consolidation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Basis of Presentation and Consolidation | |||||||||||
Schedule of weighted average ownership interest in the operating partnership | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Weighted average ownership interest | 85.5 | % | 85.6 | % | 83.9 | % | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||
Schedule of interest capitalized | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Capitalized interest | $ | 16,500 | $ | 15,585 | $ | 20,703 | ||||||||
Summary of the assets and liabilities transferred to Washington Prime as part of the spin-off | The following is a summary of the assets and liabilities transferred to Washington Prime as part of the spin-off (dollars in thousands): | |||||||||||||
May 28, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
ASSETS: | ||||||||||||||
Investment properties at cost | $ | 4,802,975 | $ | 4,789,705 | ||||||||||
Less — accumulated depreciation | 2,034,615 | 1,974,949 | ||||||||||||
| | | | | | | | |||||||
2,768,360 | 2,814,756 | |||||||||||||
Cash and cash equivalents | 33,776 | 25,857 | ||||||||||||
Tenant receivables and accrued revenue, net | 53,662 | 61,121 | ||||||||||||
Investment in unconsolidated entities, at equity | 5,189 | 3,554 | ||||||||||||
Deferred costs and other assets | 110,365 | 97,026 | ||||||||||||
| | | | | | | | |||||||
Total assets | $ | 2,971,352 | $ | 3,002,314 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
LIABILITIES: | ||||||||||||||
Mortgages and unsecured indebtedness | $ | 1,929,019 | $ | 918,614 | ||||||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 112,390 | 151,011 | ||||||||||||
Cash distributions and losses in partnerships and joint ventures, at equity | 41,623 | 41,313 | ||||||||||||
Other liabilities | 36,927 | 6,851 | ||||||||||||
| | | | | | | | |||||||
Total liabilities | $ | 2,119,959 | $ | 1,117,789 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Net Assets Transferred to Washington Prime | $ | 851,393 | $ | 1,884,525 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Summarized financial information for discontinued operations | Summarized financial information for discontinued operations for the years ended December 31, 2014, 2013, and 2012 is as follows (dollars in thousands). | |||||||||||||
For the Year Ended | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
TOTAL REVENUE | $ | 262,652 | $ | 626,289 | $ | 623,927 | ||||||||
Property operating | 43,175 | 104,089 | 106,241 | |||||||||||
Depreciation and amortization | 76,992 | 182,828 | 189,187 | |||||||||||
Real estate taxes | 32,474 | 76,216 | 76,361 | |||||||||||
Repairs and maintenance | 10,331 | 22,584 | 22,208 | |||||||||||
Advertising and promotion | 3,340 | 8,316 | 8,981 | |||||||||||
Provision for credit losses | 1,494 | 572 | 1,904 | |||||||||||
Other | 2,028 | 4,664 | 4,674 | |||||||||||
| | | | | | | | | | | ||||
Total operating expenses | 169,834 | 399,269 | 409,556 | |||||||||||
OPERATING INCOME | 92,818 | 227,020 | 214,371 | |||||||||||
Interest expense | (26,076 | (55,058 | (58,844 | |||||||||||
) | ) | ) | ||||||||||||
Income and other taxes | (112 | ) | (196 | ) | (165 | ) | ||||||||
Income (loss) from unconsolidated entities | 652 | (1,121 | ) | 1,028 | ||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net | 242 | 14,152 | — | |||||||||||
| | | | | | | | | | | ||||
CONSOLIDATED NET INCOME | 67,524 | 184,797 | 156,390 | |||||||||||
Net income attributable to noncontrolling interests | 9,781 | 26,571 | 25,184 | |||||||||||
| | | | | | | | | | | ||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 57,743 | $ | 158,226 | $ | 131,206 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of deferred costs and other assets | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred financing and lease costs, net | $ | 312,569 | $ | 296,359 | ||||||||||
In-place lease intangibles, net | 216,330 | 265,097 | ||||||||||||
Acquired above market lease intangibles, net | 75,366 | 91,170 | ||||||||||||
Marketable securities of our captive insurance companies | 111,844 | 94,720 | ||||||||||||
Goodwill | 20,098 | 20,098 | ||||||||||||
Other marketable and non-marketable securities | 698,265 | 173,887 | ||||||||||||
Prepaids, notes receivable and other assets, net | 372,317 | 481,457 | ||||||||||||
| | | | | | | | |||||||
$ | 1,806,789 | $ | 1,422,788 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of deferred financing and leasing costs | ||||||||||||||
2014 | 2013 | |||||||||||||
Deferred financing and lease costs | $ | 533,050 | $ | 525,413 | ||||||||||
Accumulated amortization | (220,481 | ) | (229,054 | ) | ||||||||||
| | | | | | | | |||||||
Deferred financing and lease costs, net | $ | 312,569 | $ | 296,359 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of amortization, included in statements of operations and comprehensive income | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Amortization of deferred financing costs | $ | 21,392 | $ | 25,159 | $ | 25,932 | ||||||||
Amortization of debt premiums, net of discounts | (24,092 | ) | (33,026 | ) | (32,143 | ) | ||||||||
Amortization of deferred leasing costs | 39,488 | 34,891 | 32,977 | |||||||||||
Schedule of intangible assets | ||||||||||||||
2014 | 2013 | |||||||||||||
In-place lease intangibles | $ | 416,623 | $ | 443,127 | ||||||||||
Accumulated depreciation | (200,293 | ) | (178,030 | ) | ||||||||||
| | | | | | | | |||||||
In-place lease intangibles, net | $ | 216,330 | $ | 265,097 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
2014 | 2013 | |||||||||||||
Acquired above market lease intangibles | $ | 225,335 | $ | 239,000 | ||||||||||
Accumulated amortization | (149,969 | ) | (147,830 | ) | ||||||||||
| | | | | | | | |||||||
Acquired above market lease intangibles, net | $ | 75,366 | $ | 91,170 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of estimated future amortization and the increasing (decreasing) effect on minimum rents for above and below market leases | Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2014 are as follows: | |||||||||||||
Below | Above | Impact to | ||||||||||||
Market | Market | Minimum Rent, | ||||||||||||
Leases | Leases | Net | ||||||||||||
2015 | $ | 29,062 | $ | (19,697 | ) | $ | 9,365 | |||||||
2016 | 23,829 | (17,524 | ) | 6,305 | ||||||||||
2017 | 17,255 | (14,169 | ) | 3,086 | ||||||||||
2018 | 13,146 | (10,810 | ) | 2,336 | ||||||||||
2019 | 10,602 | (7,384 | ) | 3,218 | ||||||||||
Thereafter | 9,218 | (5,782 | ) | 3,436 | ||||||||||
| | | | | | | | | | | ||||
$ | 103,112 | $ | (75,366 | ) | $ | 27,746 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of outstanding interest rate derivatives related to interest rate risk | ||||||||||||||
Interest Rate Derivative | Number of | Notional Amount | ||||||||||||
Instruments | ||||||||||||||
Interest Rate Swaps | 2 | $375.0 million | ||||||||||||
Schedule of carrying amount of noncontrolling interests | ||||||||||||||
2014 | 2013 | |||||||||||||
Limited partners' interests in the Operating Partnership | $ | 858,557 | $ | 968,962 | ||||||||||
Nonredeemable noncontrolling (deficit) interests in properties, net | (229 | ) | 4,264 | |||||||||||
| | | | | | | | |||||||
Total noncontrolling interests reflected in equity | $ | 858,328 | $ | 973,226 | ||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of rollforward of noncontrolling interests | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Noncontrolling interests, beginning of period | $ | 973,226 | $ | 982,486 | $ | 894,622 | ||||||||
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 241,023 | 221,176 | 274,701 | |||||||||||
Distributions to noncontrolling interest holders | (290,705 | ) | (242,881 | ) | (239,207 | ) | ||||||||
Other comprehensive income (loss) allocable to noncontrolling interests: | ||||||||||||||
Unrealized gain on derivative hedge agreements | 617 | 1,057 | 5,634 | |||||||||||
Net loss reclassified from accumulated other comprehensive loss into earnings | 1,568 | 1,317 | 3,021 | |||||||||||
Currency translation adjustments | (14,858 | ) | 426 | 2,435 | ||||||||||
Changes in available-for-sale securities and other | 14,945 | (213 | ) | (6,807 | ) | |||||||||
| | | | | | | | | | | ||||
2,272 | 2,587 | 4,283 | ||||||||||||
| | | | | | | | | | | ||||
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (211,657 | ) | (29,615 | ) | 99,834 | |||||||||
Units issued to limited partners | 84,910 | — | 31,324 | |||||||||||
Units exchanged for common shares | (1,297 | ) | (11,161 | ) | (144,197 | ) | ||||||||
Units redeemed | (1,463 | ) | — | (38,904 | ) | |||||||||
Long-term incentive performance units | 49,938 | 45,341 | 41,470 | |||||||||||
Purchase and disposition of noncontrolling interests, net, and other | 12,081 | 5,293 | 58,560 | |||||||||||
| | | | | | | | | | | ||||
Noncontrolling interests, end of period | $ | 858,328 | $ | 973,226 | $ | 982,486 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest | The changes in components of our accumulated other comprehensive income (loss) consisted of the following net of noncontrolling interest as of December 31, 2014: | |||||||||||||
Currency | Accumulated | Net unrealized | Total | |||||||||||
translation | derivative | gains on | ||||||||||||
adjustments | losses, net | marketable | ||||||||||||
securities | ||||||||||||||
Beginning balance | $ | (23,781 | ) | $ | (52,985 | ) | $ | 971 | $ | (75,795 | ) | |||
Other comprehensive income (loss) before reclassifications | (86,941 | ) | 4,603 | 87,871 | 5,533 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 9,221 | — | 9,221 | ||||||||||
| | | | | | | | | | | | | | |
Net current-period other comprehensive income (loss) | (86,941 | ) | 13,824 | 87,871 | 14,754 | |||||||||
| | | | | | | | | | | | | | |
Ending balance | $ | (110,722 | ) | $ | (39,161 | ) | $ | 88,842 | $ | (61,041 | ) | |||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | ||||||||||||||
December 31, 2014 | ||||||||||||||
December 31, 2013 | ||||||||||||||
Amount reclassified | ||||||||||||||
from accumulated | ||||||||||||||
other comprehensive | ||||||||||||||
Details about accumulated other | income (loss) | Amount reclassified from | Affected line item in the | |||||||||||
comprehensive income (loss) | accumulated other | statement where | ||||||||||||
components: | comprehensive income (loss) | net income is presented | ||||||||||||
Accumulated derivative losses, net | ||||||||||||||
$ | (10,789 | ) | $ | (9,205 | ) | Interest expense | ||||||||
1,568 | 1,317 | Net income attributable to noncontrolling interests | ||||||||||||
| | | | | | | | | ||||||
$ | (9,221 | ) | $ | (7,888 | ) | |||||||||
| | | | | | | | | ||||||
| | | | | | | | | ||||||
Schedule of activity in the allowance for credit losses | ||||||||||||||
For the Year Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Balance, beginning of period | $ | 32,681 | $ | 29,263 | $ | 24,170 | ||||||||
Consolidation of previously unconsolidated properties | 117 | — | 2,061 | |||||||||||
Provision for credit losses | 12,001 | 7,165 | 10,905 | |||||||||||
Accounts written off, net of recoveries | (11,517 | ) | (3,747 | ) | (7,873 | ) | ||||||||
| | | | | | | | | | | ||||
Balance, end of period | $ | 33,282 | $ | 32,681 | $ | 29,263 | ||||||||
| | | | | | | | | | | ||||
| | | | | | | | | | | ||||
Per_Share_Data_Tables
Per Share Data (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Per Share Data | |||||||||||
Schedule of computation of basic and diluted earnings per share | |||||||||||
For the Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net Income attributable to Common Stockholders — Basic and Diluted | $ | 1,405,251 | $ | 1,316,304 | $ | 1,431,159 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Weighted Average Shares Outstanding — Basic | 310,731,032 | 310,255,168 | 303,137,350 | ||||||||
Effect of stock options | — | 50 | 1,072 | ||||||||
| | | | | | | | | | | |
Weighted Average Shares Outstanding — Diluted | 310,731,032 | 310,255,218 | 303,138,422 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of taxable nature of dividend declared | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Total dividends paid per common share | $5.15 | $4.65 | $4.10 | ||||||||
| | | | | | | |||||
| | | | | | | |||||
Percent taxable as ordinary income | 100.00% | 97.50% | 99.50% | ||||||||
Percent taxable as long-term capital gains | 0.00% | 2.50% | 0.50% | ||||||||
| | | | | | | |||||
100.00% | 100.00% | 100.00% | |||||||||
| | | | | | | |||||
| | | | | | | |||||
Investment_Properties_Tables
Investment Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investment Properties | ||||||||
Schedule of investment properties | ||||||||
2014 | 2013 | |||||||
Land | $ | 3,185,624 | $ | 3,086,183 | ||||
Buildings and improvements | 27,828,509 | 26,962,049 | ||||||
| | | | | | | | |
Total land, buildings and improvements | 31,014,133 | 30,048,232 | ||||||
Furniture, fixtures and equipment | 304,399 | 288,407 | ||||||
| | | | | | | | |
Investment properties at cost | 31,318,532 | 30,336,639 | ||||||
Less — accumulated depreciation | 8,950,747 | 8,092,794 | ||||||
| | | | | | | | |
Investment properties at cost, net | $ | 22,367,785 | $ | 22,243,845 | ||||
| | | | | | | | |
| | | | | | | | |
Construction in progress included above | $ | 640,081 | $ | 328,705 | ||||
| | | | | | | | |
| | | | | | | | |
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Investment in Unconsolidated Entities | |||||||||||
Summary of equity method investments and share of income from such investments, balance sheet | BALANCE SHEETS | ||||||||||
December 31, | December 31, | ||||||||||
2014 | 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 | 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 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of principal repayments on joint venture properties' mortgage and other indebtedness | As of December 31, 2014, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows: | ||||||||||
2015 | $ | 1,567,248 | |||||||||
2016 | 1,217,673 | ||||||||||
2017 | 823,948 | ||||||||||
2018 | 770,447 | ||||||||||
2019 | 526,296 | ||||||||||
Thereafter | 8,359,654 | ||||||||||
| | | | | |||||||
Total principal maturities | 13,265,266 | ||||||||||
Net unamortized debt premium | 7,291 | ||||||||||
| | | | | |||||||
Total mortgages and unsecured indebtedness | $ | 13,272,557 | |||||||||
| | | | | |||||||
| | | | | |||||||
Summary of equity method investments and share of income from such investments, statement of operations | STATEMENTS OF OPERATIONS | ||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Revenue: | |||||||||||
Minimum rent | $ | 1,746,549 | $ | 1,618,802 | $ | 1,435,586 | |||||
Overage rent | 183,478 | 180,435 | 176,255 | ||||||||
Tenant reimbursements | 786,351 | 747,447 | 672,935 | ||||||||
Other income | 293,419 | 199,197 | 170,263 | ||||||||
| | | | | | | | | | | |
Total revenue | 3,009,797 | 2,745,881 | 2,455,039 | ||||||||
Operating Expenses: | |||||||||||
Property operating | 574,706 | 487,144 | 465,333 | ||||||||
Depreciation and amortization | 604,199 | 512,702 | 492,073 | ||||||||
Real estate taxes | 221,745 | 204,894 | 170,292 | ||||||||
Repairs and maintenance | 71,203 | 66,612 | 62,659 | ||||||||
Advertising and promotion | 72,496 | 61,664 | 54,404 | ||||||||
Provision for credit losses | 6,527 | 1,388 | 1,814 | ||||||||
Other | 187,729 | 155,421 | 169,558 | ||||||||
| | | | | | | | | | | |
Total operating expenses | 1,738,605 | 1,489,825 | 1,416,133 | ||||||||
| | | | | | | | | | | |
Operating Income | 1,271,192 | 1,256,056 | 1,038,906 | ||||||||
Interest expense | (598,900 | (680,321 | (584,143 | ||||||||
) | ) | ) | |||||||||
| | | | | | | | | | | |
Income from Continuing Operations | 672,292 | 575,735 | 454,763 | ||||||||
Income from operations of discontinued joint venture interests | 5,079 | 14,200 | (3,881 | ||||||||
) | |||||||||||
Gain(Loss) on disposal of discontinued operations, net | — | 51,164 | (5,354 | ) | |||||||
| | | | | | | | | | | |
Net Income | $ | 677,371 | $ | 641,099 | $ | 445,528 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Third-Party Investors' Share of Net Income | $ | 348,127 | $ | 353,708 | $ | 239,931 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Our Share of Net Income | 329,244 | 287,391 | 205,597 | ||||||||
Amortization of Excess Investment | (99,463 | ) | (102,875 | ) | (83,400 | ) | |||||
Our Share of (Loss) Income from Unconsolidated Discontinued Operations | (652 | ) | 1,121 | (1,028 | ) | ||||||
Our Share of Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net | — | — | 9,245 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income from Unconsolidated Entities | $ | 229,129 | $ | 185,637 | $ | 130,414 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Indebtedness_and_Derivative_Fi1
Indebtedness and Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Indebtedness and Derivative Financial Instruments | |||||||||||
Schedule of mortgages and unsecured indebtedness | |||||||||||
2014 | 2013 | ||||||||||
Fixed-Rate Debt: | |||||||||||
Mortgage notes, including $49,723 and $62,886 net premiums, respectively. Weighted average interest and maturity of 5.48% and 3.9 years at December 31, 2014. | $ | 5,615,351 | $ | 6,975,913 | |||||||
Unsecured notes, including $40,701 and $38,519 net discounts, respectively. Weighted average interest and maturity of 4.41% and 7.6 years at December 31, 2014. | 13,399,920 | 13,931,705 | |||||||||
| | | | | | | | ||||
Total Fixed-Rate Debt | 19,015,271 | 20,907,618 | |||||||||
Variable-Rate Debt: | |||||||||||
Mortgages notes, at face value. Weighted average interest and maturity of 2.03% and 2.3 years at December 31, 2014. | 630,000 | 350,000 | |||||||||
Unsecured Term Loan (see below) | 240,000 | 240,000 | |||||||||
Credit Facility (see below) | 558,537 | 1,172,299 | |||||||||
Commercial Paper (see below) | 409,185 | — | |||||||||
| | | | | | | | ||||
Total Variable-Rate Debt | 1,837,722 | 1,762,299 | |||||||||
| | | | | | | | ||||
Total Mortgages and Unsecured Indebtedness | $ | 20,852,993 | $ | 22,669,917 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2014 are as follows: | ||||||||||
2015 | $ | 1,174,796 | |||||||||
2016 | 2,892,728 | ||||||||||
2017 | 3,043,067 | ||||||||||
2018 | 2,024,275 | ||||||||||
2019 | 1,928,394 | ||||||||||
Thereafter | 9,780,711 | ||||||||||
| | | | | |||||||
Total principal maturities | 20,843,971 | ||||||||||
Net unamortized debt premium | 9,022 | ||||||||||
| | | | | |||||||
Total mortgages and unsecured indebtedness | $ | 20,852,993 | |||||||||
| | | | | |||||||
| | | | | |||||||
Schedule of cash paid for interest in each period, net of any amounts capitalized | |||||||||||
For the Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Cash paid for interest | $ | 1,018,911 | $ | 1,086,128 | $ | 1,063,470 | |||||
Schedule of fair value of fixed rate mortgages and the related discount rate assumptions | |||||||||||
2014 | 2013 | ||||||||||
Fair value of fixed-rate mortgages and unsecured indebtedness | $ | 20,558 | $ | 22,316 | |||||||
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages | 3.02 | % | 3.07 | % | |||||||
Rentals_under_Operating_Leases1
Rentals under Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Rentals under Operating Leases | |||||
Schedule of future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter | Future minimum rentals to be received under non-cancelable tenant operating leases for each of the next five years and thereafter, excluding tenant reimbursements of operating expenses and percentage rent based on tenant sales volume as of December 31, 2014 are as follows: | ||||
2015 | $ | 2,548,265 | |||
2016 | 2,335,798 | ||||
2017 | 2,099,583 | ||||
2018 | 1,820,246 | ||||
2019 | 1,540,869 | ||||
Thereafter | 4,440,204 | ||||
| | | | | |
$ | 14,784,965 | ||||
| | | | | |
| | | | | |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Equity | |||||||||||
Schedule of Limited Partners' Preferred Interests in the Operating Partnership and Other Noncontrolling Redeemable Interests in Properties | |||||||||||
2014 | 2013 | ||||||||||
7.50% Cumulative Redeemable Preferred Units, 260,000 units authorized, 255,373 issued and outstanding | $ | 25,537 | $ | 25,537 | |||||||
Other noncontrolling redeemable interests in properties | — | 164,948 | |||||||||
| | | | | | | | ||||
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties | $ | 25,537 | $ | 190,485 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of LTIP units earned and aggregate grant date fair values adjusted for estimated forfeitures | |||||||||||
LTIP Program | LTIP Units Earned | Grant Date Fair Value | |||||||||
2010 LTIP Program | |||||||||||
1-year 2010 LTIP Program | 133,673 | 1-year program — $7.2 million | |||||||||
2-year 2010 LTIP Program | 337,006 | 2-year program — $14.8 million | |||||||||
3-year 2010 LTIP Program | 489,654 | 3-year program — $23.0 million | |||||||||
2011-2013 LTIP Program | 469,848 | $35.0 million | |||||||||
2012-2014 LTIP Program | 401,203 | $35.0 million | |||||||||
2013-2015 LTIP Program | To be determined in 2016 | $33.5 million | |||||||||
2014-2016 LTIP Program | To be determined in 2017 | $30.0 million | |||||||||
Schedule of restricted stock awards | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Shares of restricted stock awarded during the year, net of forfeitures | 83,509 | 107,123 | 114,066 | ||||||||
Weighted average fair value of shares granted during the year | $ | 166.36 | $ | 160.22 | $ | 146.70 | |||||
Amortization expense | $ | 18,256 | $ | 18,311 | $ | 14,001 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies. | |||||||||||
Schedule of ground lease expense and home office and regional expense incurred, included in other expense | |||||||||||
For the Year Ended, | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Ground lease expense | $ | 39,898 | $ | 37,150 | $ | 40,518 | |||||
Office lease expense | 4,577 | 4,057 | 2,004 | ||||||||
Schedule of future minimum lease payments due under leases, excluding applicable extension options and any sublease income | Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: | ||||||||||
2015 | $ | 29,775 | |||||||||
2016 | 35,221 | ||||||||||
2017 | 35,436 | ||||||||||
2018 | 35,413 | ||||||||||
2019 | 28,266 | ||||||||||
Thereafter | 907,110 | ||||||||||
| | | | | |||||||
$ | 1,071,221 | ||||||||||
| | | | | |||||||
| | | | | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions | |||||||||||
Schedule of related party transactions | |||||||||||
For the Year Ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amounts charged to unconsolidated joint ventures and Washington Prime properties | $ | 133,730 | $ | 121,996 | $ | 119,534 | |||||
Amounts charged to properties owned by related parties | 4,393 | 4,510 | 4,416 | ||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||
Schedule of quarterly financial data | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
2014 | ||||||||||||||
Total revenue | $ | 1,157,022 | $ | 1,181,982 | $ | 1,234,694 | $ | 1,297,120 | ||||||
Operating income | 560,965 | 561,531 | 607,557 | 655,288 | ||||||||||
Consolidated income from continuing operations | 359,601 | 489,609 | 296,963 | 475,992 | ||||||||||
Consolidated net income | 401,103 | 477,468 | 296,963 | 475,992 | ||||||||||
Net income attributable to common stockholders | 341,648 | 406,587 | 251,968 | 405,048 | ||||||||||
Net income per share from continuing operations — Basic and Diluted | $ | 0.99 | $ | 1.34 | $ | 0.81 | $ | 1.30 | ||||||
Net income per share — Basic and Diluted | $ | 1.10 | $ | 1.31 | $ | 0.81 | $ | 1.30 | ||||||
Weighted average shares outstanding — Basic and Diluted | 310,622,570 | 310,743,242 | 310,772,019 | 310,784,070 | ||||||||||
2013 | ||||||||||||||
Total revenue | $ | 1,060,823 | $ | 1,084,993 | $ | 1,146,877 | $ | 1,251,155 | ||||||
Operating income | 502,484 | 509,939 | 548,478 | 627,769 | ||||||||||
Consolidated income from continuing operations | 278,615 | 359,129 | 328,712 | 400,337 | ||||||||||
Consolidated net income | 334,468 | 400,525 | 367,293 | 449,304 | ||||||||||
Net income attributable to common stockholders | 283,138 | 339,936 | 311,675 | 381,555 | ||||||||||
Net income per share from continuing operations — Basic and Diluted | $ | 0.76 | $ | 0.99 | $ | 0.89 | $ | 1.09 | ||||||
Net income per share — Basic and Diluted | $ | 0.91 | $ | 1.10 | $ | 1.00 | $ | 1.23 | ||||||
Weighted average shares outstanding | 309,986,506 | 310,261,278 | 310,332,777 | 310,434,337 | ||||||||||
Diluted weighted average shares outstanding | 309,986,709 | 310,261,278 | 310,332,777 | 310,434,337 | ||||||||||
Organization_Details
Organization (Details) | 0 Months Ended | ||
28-May-14 | Dec. 31, 2014 | Mar. 14, 2012 | |
property | property | ||
state | |||
Strip Center Business and Small Malls | |||
Real Estate Properties | |||
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | 98 | ||
U.S. and Puerto Rico | |||
Real Estate Properties | |||
Number of income-producing properties | 207 | ||
Number of U.S. states containing property locations | 37 | ||
U.S. and Puerto Rico | Malls | |||
Real Estate Properties | |||
Number of income-producing properties | 109 | ||
U.S. and Puerto Rico | Premium Outlets | |||
Real Estate Properties | |||
Number of income-producing properties | 68 | ||
U.S. and Puerto Rico | The Mills | |||
Real Estate Properties | |||
Number of income-producing properties | 13 | ||
U.S. and Puerto Rico | Community Centers | |||
Real Estate Properties | |||
Number of income-producing properties | 3 | ||
U.S. and Puerto Rico | Other | |||
Real Estate Properties | |||
Number of income-producing properties | 14 | ||
Japan | Premium Outlets | |||
Real Estate Properties | |||
Number of income-producing properties | 9 | ||
South Korea | Premium Outlets | |||
Real Estate Properties | |||
Number of income-producing properties | 3 | ||
Canada | Premium Outlets | |||
Real Estate Properties | |||
Number of income-producing properties | 2 | ||
Mexico | Premium Outlets | |||
Real Estate Properties | |||
Number of income-producing properties | 1 | ||
Malaysia | Premium Outlets | |||
Real Estate Properties | |||
Number of income-producing properties | 1 | ||
Europe | |||
Real Estate Properties | |||
Number of income-producing properties | 5 | ||
Europe | Klepierre | |||
Real Estate Properties | |||
Joint venture ownership percentage | 28.90% | 28.70% | |
Number of countries | 13 | ||
Italy | |||
Real Estate Properties | |||
Number of income-producing properties | 2 | ||
Austria | |||
Real Estate Properties | |||
Number of income-producing properties | 1 | ||
Netherlands | |||
Real Estate Properties | |||
Number of income-producing properties | 1 | ||
United Kingdom | |||
Real Estate Properties | |||
Number of income-producing properties | 1 |
Basis_of_Presentation_and_Cons2
Basis of Presentation and Consolidation (Details) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 04, 2012 | Dec. 31, 2012 | |
property | property | property | ||
Real Estate Properties | ||||
Total number of joint venture properties | 82 | 93 | ||
Number of joint venture properties managed by the entity | 60 | |||
Number of International joint venture properties | 19 | |||
Number of joint venture properties managed by others | 22 | |||
Ownership interest: | ||||
Ownership percentage in the Operating Partnership | 85.50% | 85.70% | ||
McArthurGlen Group | ||||
Real Estate Properties | ||||
Number of properties in which interest is acquired | 5 | 5 | ||
Weighted average | ||||
Ownership interest: | ||||
Ownership percentage in the Operating Partnership | 85.50% | 85.60% | 83.90% | |
Wholly owned properties | ||||
Real Estate Properties | ||||
Number of properties included in consolidation | 133 | |||
Partially owned properties | ||||
Real Estate Properties | ||||
Number of properties included in consolidation | 13 | |||
Consolidated properties | ||||
Real Estate Properties | ||||
Ownership interests acquired (as a percent) | 50.00% | |||
Number of properties in which interest is acquired | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment properties | |||
Capitalized interest | $16,500 | $15,585 | $20,703 |
Buildings and improvements | Minimum | |||
Investment properties | |||
Useful life | 10 years | ||
Buildings and improvements | Maximum | |||
Investment properties | |||
Useful life | 35 years | ||
Equipment and fixtures | Minimum | |||
Investment properties | |||
Useful life | 7 years | ||
Equipment and fixtures | Maximum | |||
Investment properties | |||
Useful life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 7 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 28-May-14 | Jun. 30, 2014 | Dec. 31, 2014 | |
property | ||||||
Discontinued Operations | ||||||
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off | $1,003,135,000 | |||||
Transaction Expenses | ||||||
Discontinued operations transaction expenses | 38,163,000 | |||||
ASSETS: | ||||||
Total assets | 3,002,314,000 | |||||
LIABILITIES: | ||||||
Total liabilities | 1,117,789,000 | |||||
Summarized financial information for discontinued operations | ||||||
CONSOLIDATED NET INCOME | 67,524,000 | 184,797,000 | 156,390,000 | |||
Strip Center Business and Small Malls | ||||||
Discontinued Operations | ||||||
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | 98 | |||||
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off | 1,000,000,000 | |||||
Transaction Expenses | ||||||
Discontinued operations transaction expenses | 38,200,000 | |||||
ASSETS: | ||||||
Investment properties at cost | 4,789,705,000 | 4,802,975,000 | ||||
Less - accumulated depreciation | 1,974,949,000 | 2,034,615,000 | ||||
Investment properties, net | 2,814,756,000 | 2,768,360,000 | ||||
Cash and cash equivalents | 25,857,000 | 33,776,000 | ||||
Tenant receivables and accrued revenue, net | 61,121,000 | 53,662,000 | ||||
Investment in unconsolidated entities, at equity | 3,554,000 | 5,189,000 | ||||
Deferred costs and other assets | 97,026,000 | 110,365,000 | ||||
Total assets | 3,002,314,000 | 2,971,352,000 | ||||
LIABILITIES: | ||||||
Mortgages and unsecured indebtedness | 918,614,000 | 1,929,019,000 | ||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 151,011,000 | 112,390,000 | ||||
Cash distributions and losses in partnerships and joint ventures, at equity attributable to disposal group. | 41,313,000 | 41,623,000 | ||||
Other liabilities | 6,851,000 | 36,927,000 | ||||
Total liabilities | 1,117,789,000 | 2,119,959,000 | ||||
Net assets transferred to Washington Prime | 1,884,525,000 | 851,393,000 | ||||
Summarized financial information for discontinued operations | ||||||
TOTAL REVENUE | 262,652,000 | 626,289,000 | 623,927,000 | |||
Property operating | 43,175,000 | 104,089,000 | 106,241,000 | |||
Depreciation and amortization | 76,992,000 | 182,828,000 | 189,187,000 | |||
Real estate taxes | 32,474,000 | 76,216,000 | 76,361,000 | |||
Repairs and maintenance | 10,331,000 | 22,584,000 | 22,208,000 | |||
Advertising and promotion | 3,340,000 | 8,316,000 | 8,981,000 | |||
Provision for credit losses | 1,494,000 | 572,000 | 1,904,000 | |||
Other | 2,028,000 | 4,664,000 | 4,674,000 | |||
Total operating expenses | 169,834,000 | 399,269,000 | 409,556,000 | |||
OPERATING INCOME | 92,818,000 | 227,020,000 | 214,371,000 | |||
Interest expense | -26,076,000 | -55,058,000 | -58,844,000 | |||
Income and other taxes | -112,000 | -196,000 | -165,000 | |||
Income from unconsolidated entities | 652,000 | -1,121,000 | 1,028,000 | |||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 242,000 | 14,152,000 | ||||
CONSOLIDATED NET INCOME | 67,524,000 | 184,797,000 | 156,390,000 | |||
Net income attributable to noncontrolling interests | 9,781,000 | 26,571,000 | 25,184,000 | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 57,743,000 | 158,226,000 | 131,206,000 | |||
Additional disclosures | ||||||
Capital expenditures on a cash basis | 31,900,000 | 93,300,000 | 67,800,000 | |||
Washington Prime Group Inc | ||||||
Additional disclosures | ||||||
Transition services fees earned | $3,200,000 | |||||
Washington Prime Group Inc | Strip Center Business and Small Malls | ||||||
Additional disclosures | ||||||
Term of property management agreement | 2 years | |||||
Renewal term of property management agreement | 1 year | |||||
Termination period of property management agreement | 2 years | |||||
Period of prior written notice for termination of property management agreement | 180 days | |||||
Termination period of transition services agreement | 2 years | |||||
Minimum notice period for transition services agreement | 180 days | |||||
Minimum notice period as percentage of original service period | 50.00% | |||||
Exchange ratio of common shares for entity's stockholders to receive under spin off | 0.5 | |||||
Washington Prime Group Inc | Minimum | ||||||
Additional disclosures | ||||||
Annual fixed rate property management fees (as a percent) | 2.50% | |||||
Washington Prime Group Inc | Maximum | ||||||
Additional disclosures | ||||||
Annual fixed rate property management fees (as a percent) | 4.00% | |||||
Washington Prime Group LP | Strip Center Business and Small Malls | ||||||
Additional disclosures | ||||||
Exchange ratio of common units for entity's stockholders to receive under spin off | 0.5 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 23, 2012 | Dec. 31, 2013 |
Marketable and Non-Marketable Securities | ||||
Carrying value of investments under the cost method | $167.10 | $120.30 | ||
Other-than-temporary non-cash charges | 71 | |||
Market value of investments | 643 | 148.3 | ||
Available for sale securities | ||||
Marketable and Non-Marketable Securities | ||||
Net unrealized gains (losses) recorded in other comprehensive income (loss) | 103.9 | 1.1 | ||
Number of shares owned | 5,710,000 | |||
Market value of investments | 476.4 | |||
Aggregate unrealized gain (loss) on available-for-sale investments, net | 102.5 | |||
Available for sale securities | Securities in captive insurance subsidiary portfolio | Minimum | ||||
Marketable and Non-Marketable Securities | ||||
Investment maturity period | 1 year | |||
Available for sale securities | Securities in captive insurance subsidiary portfolio | Maximum | ||||
Marketable and Non-Marketable Securities | ||||
Investment maturity period | 10 years | |||
Available for sale securities | Original investment de-merged into CSCG and CAPC | ||||
Marketable and Non-Marketable Securities | ||||
Proceeds received from the sale of investments | 327.1 | |||
Gain recognized on sale of investment | 82.7 | |||
Amount included in gain reclassified from accumulated other comprehensive income (loss) | $79.40 | |||
Available for sale securities | CSCG | ||||
Marketable and Non-Marketable Securities | ||||
Number of shares owned | 35,400,000 | |||
Available for sale securities | CAPC | ||||
Marketable and Non-Marketable Securities | ||||
Number of shares owned | 38,900,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (Recurring, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 2 | ||
Fair Value Measurements | ||
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | $2.10 | $1.20 |
Interest rate swap agreements and foreign currency forward contracts, gross asset balance | 20.1 | 8.4 |
Level 3 | ||
Fair Value Measurements | ||
Investments | $0 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | |||
Segment Disclosure | |||
Number of reportable segments | 1 | ||
Deferred costs and other assets | |||
Deferred financing and lease costs, net | $312,569 | $296,359 | |
In-place lease intangibles, net | 216,330 | 265,097 | |
Acquired above market lease intangibles, net | 75,366 | 91,170 | |
Marketable securities of our captive insurance companies | 111,844 | 94,720 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 698,265 | 173,887 | |
Prepaids, notes receivable and other assets, net | 372,317 | 481,457 | |
Deferred costs and other assets | 1,806,789 | 1,422,788 | |
Deferred Financing and Lease Costs | |||
Deferred financing and lease costs, gross | 533,050 | 525,413 | |
Accumulated amortization | -220,481 | -229,054 | |
Deferred financing and lease costs, net | 312,569 | 296,359 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred financing costs | 21,392 | 25,159 | 25,932 |
Amortization of debt premiums, net of discounts | -24,092 | -33,026 | -32,143 |
Amortization of deferred leasing costs | $39,488 | $34,891 | $32,977 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Details 6) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Loans Held for Investment | |
Interest income on loans held for investment | $6.80 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Details 7) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $103,100,000 | $135,100,000 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2015 | 29,062,000 | ||
2016 | 23,829,000 | ||
2017 | 17,255,000 | ||
2018 | 13,146,000 | ||
2019 | 10,602,000 | ||
Thereafter | 9,218,000 | ||
Lease intangibles assets, net | 103,112,000 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2015 | 9,365,000 | ||
2016 | 6,305,000 | ||
2017 | 3,086,000 | ||
2018 | 2,336,000 | ||
2019 | 3,218,000 | ||
Thereafter | 3,436,000 | ||
Lease intangibles assets, net | 27,746,000 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 3 years 3 months 18 days | ||
Lease intangibles assets, gross | 416,623,000 | 443,127,000 | |
Accumulated amortization | -200,293,000 | -178,030,000 | |
Lease intangibles assets, net | 216,330,000 | 265,097,000 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 4 years 8 months 12 days | ||
Amount of amortization expenses | 11,300,000 | 22,800,000 | 15,900,000 |
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | 225,335,000 | 239,000,000 | |
Accumulated amortization | -149,969,000 | -147,830,000 | |
Lease intangibles assets, net | 75,366,000 | 91,170,000 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2015 | -19,697,000 | ||
2016 | -17,524,000 | ||
2017 | -14,169,000 | ||
2018 | -10,810,000 | ||
2019 | -7,384,000 | ||
Thereafter | -5,782,000 | ||
Lease intangibles assets, net | ($75,366,000) |
Recovered_Sheet1
Summary of Significant Accounting Policies (Details 8) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | USD-Yen currency forward contract | USD-Yen currency forward contract | USD-Yen currency forward contract | USD-Euro currency forward contract | USD-Euro currency forward contract | USD-Euro currency forward contract | USD-Euro currency forward contract |
USD ($) | USD ($) | Other liabilities. | Other liabilities. | Deferred costs and other assets | Deferred costs and other assets | JPY (¥) | Deferred costs and other assets | Deferred costs and other assets | EUR (€) | EUR (€) | Other liabilities. | Deferred costs and other assets | |||
DerivativeInstrument | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Derivative financial instruments | |||||||||||||||
Number of Instruments | 2 | ||||||||||||||
Notional Amount | $375 | ¥ 14.7 | € 150 | € 74 | |||||||||||
Interest rate net, fair value | -1.2 | 3 | -2.1 | -0.4 | 0.9 | 3.4 | |||||||||
Forward contract net, fair value | 0.1 | 5 | -0.8 | 19.1 | |||||||||||
Gross accumulated other comprehensive income or loss related to derivative activities | $45.80 | $61.80 |
Recovered_Sheet2
Summary of Significant Accounting Policies (Details 9) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling interests, carrying amounts, reclassified to permanent equity: | ||
Limited partners' interests in the Operating Partnership | $858,557 | $968,962 |
Nonredeemable noncontrolling (deficit) interests in properties, net | -229 | 4,264 |
Total noncontrolling interests reflected in equity | $858,328 | $973,226 |
Recovered_Sheet3
Summary of Significant Accounting Policies (Details 10) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Noncontrolling interests: | |||
Balance | $6,822,632 | $6,893,089 | $5,544,288 |
Other comprehensive income (loss) allocable to noncontrolling interests: | |||
Unrealized gain on derivative hedge agreements | 5,220 | 7,101 | 16,652 |
Net loss reclassified from accumulated other comprehensive loss into earnings | 10,789 | 9,205 | 21,042 |
Currency translation adjustments | -101,799 | 2,865 | 9,200 |
Changes in available-for-sale securities and other | 102,816 | -1,479 | -39,248 |
Other comprehensive income (loss) | 17,026 | 17,692 | 7,646 |
Balance | 5,951,505 | 6,822,632 | 6,893,089 |
Noncontrolling Interests | |||
Noncontrolling interests: | |||
Balance | 973,226 | 982,486 | 894,622 |
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 241,023 | 221,176 | 274,701 |
Distributions to noncontrolling interest holders | -290,705 | -242,881 | -239,207 |
Other comprehensive income (loss) allocable to noncontrolling interests: | |||
Unrealized gain on derivative hedge agreements | 617 | 1,057 | 5,634 |
Net loss reclassified from accumulated other comprehensive loss into earnings | 1,568 | 1,317 | 3,021 |
Currency translation adjustments | -14,858 | 426 | 2,435 |
Changes in available-for-sale securities and other | 14,945 | -213 | -6,807 |
Other comprehensive income (loss) | 2,272 | 2,587 | 4,283 |
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | -211,657 | -29,615 | 99,834 |
Units issued to limited partners | 84,910 | 31,324 | |
Units exchanged for common shares | -1,297 | -11,161 | -144,197 |
Units Redeemed | -1,463 | -38,904 | |
Long-term incentive performance units | 49,938 | 45,341 | 41,470 |
Purchase of noncontrolling interests, noncontrolling interests in newly consolidated properties and other | 12,081 | 5,293 | 58,560 |
Balance | $858,328 | $973,226 | $982,486 |
Recovered_Sheet4
Summary of Significant Accounting Policies (Details 11) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Significant Accounting Policies | |
Beginning balance | ($75,795) |
Other comprehensive income (loss) before reclassifications | 5,533 |
Amounts reclassified from accumulated other comprehensive income (loss) | 9,221 |
Net current-period other comprehensive income (loss) | 14,754 |
Ending balance | -61,041 |
Currency translation adjustments | |
Significant Accounting Policies | |
Beginning balance | -23,781 |
Other comprehensive income (loss) before reclassifications | -86,941 |
Net current-period other comprehensive income (loss) | -86,941 |
Ending balance | -110,722 |
Accumulated derivative losses, net | |
Significant Accounting Policies | |
Beginning balance | -52,985 |
Other comprehensive income (loss) before reclassifications | 4,603 |
Amounts reclassified from accumulated other comprehensive income (loss) | 9,221 |
Net current-period other comprehensive income (loss) | 13,824 |
Ending balance | -39,161 |
Net unrealized gains on marketable securities | |
Significant Accounting Policies | |
Beginning balance | 971 |
Other comprehensive income (loss) before reclassifications | 87,871 |
Net current-period other comprehensive income (loss) | 87,871 |
Ending balance | $88,842 |
Recovered_Sheet5
Summary of Significant Accounting Policies (Details 12) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Accounting Policies | |||||||||||
Interest expense | ($992,601) | ($1,082,081) | ($1,068,181) | ||||||||
Net income attributable to noncontrolling interests | 242,938 | 231,949 | 285,136 | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 405,048 | 251,968 | 406,587 | 341,648 | 381,555 | 311,675 | 339,936 | 283,138 | 1,405,251 | 1,316,304 | 1,431,159 |
Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | -9,221 | -7,888 | |||||||||
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | -10,789 | -9,205 | |||||||||
Net income attributable to noncontrolling interests | $1,568 | $1,317 |
Recovered_Sheet6
Summary of Significant Accounting Policies (Details 13) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $93,500,000 | $103,400,000 | |
Allowance for Credit Losses | |||
Balance, beginning of period | 32,681,000 | 29,263,000 | 24,170,000 |
Consolidation of previously unconsolidated properties | 117,000 | 2,061,000 | |
Provision for credit losses | 12,001,000 | 7,165,000 | 10,905,000 |
Accounts written off, net of recoveries | -11,517,000 | -3,747,000 | -7,873,000 |
Balance, end of period | 33,282,000 | 32,681,000 | 29,263,000 |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred tax (liabilities) assets related to TRS subsidiaries, net | -1,100,000 | 1,100,000 | |
Valuation allowance | $0 |
Real_Estate_Acquisitions_and_D1
Real Estate Acquisitions and Dispositions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Oct. 16, 2013 | Apr. 16, 2014 | 21-May-12 | Mar. 14, 2012 | Jan. 06, 2012 | Jun. 30, 2014 | Aug. 08, 2013 | 3-May-12 | Sep. 26, 2014 | Jan. 15, 2015 | 30-May-13 | Jan. 30, 2014 | Mar. 31, 2014 | Jan. 10, 2014 | Jun. 04, 2012 | Dec. 04, 2012 | Dec. 31, 2012 | Mar. 22, 2012 | |
property | property | property | property | sqft | property | sqft | property | |||||||||||||
item | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Discontinued operations transaction expenses | $38,163,000 | |||||||||||||||||||
Europe | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties | 5 | |||||||||||||||||||
McArthurGlen Group | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 5 | 5 | ||||||||||||||||||
McArthurGlen Group | Europe | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 4 | |||||||||||||||||||
Purchase price of equity method investment acquired | 496,700,000 | |||||||||||||||||||
Klepierre | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties disposed of during the period | 126 | |||||||||||||||||||
Gain (loss) on disposition | 133,900,000 | |||||||||||||||||||
Klepierre | Europe | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Joint venture ownership percentage | 28.90% | 28.70% | ||||||||||||||||||
Joint venture ownership percentage after transactions | 28.90% | |||||||||||||||||||
Purchase price of equity method investment acquired | 2,000,000,000 | |||||||||||||||||||
Del Amo Fashion Center | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Joint venture ownership percentage | 25.00% | |||||||||||||||||||
Joint venture ownership percentage after transactions | 50.00% | |||||||||||||||||||
Purchase price of equity method investment acquired | 50,000,000 | |||||||||||||||||||
Strip Center Business and Small Malls | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Discontinued operations transaction expenses | 38,200,000 | |||||||||||||||||||
Office property, Boston, Massachusetts | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Gain (loss) on disposition | 7,900,000 | |||||||||||||||||||
Domain, The, Austin, TX | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Gain (loss) on disposition | 12,400,000 | |||||||||||||||||||
Number of properties sold | 2 | |||||||||||||||||||
Hotel | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Gain (loss) on disposition | 4,500,000 | |||||||||||||||||||
Jersey Gardens and University Park Village Member | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Ownership interests acquired (as a percent) | 100.00% | |||||||||||||||||||
Mortgage debt including debt premiums | 405,000,000 | |||||||||||||||||||
Cash purchase price for acquisition | 677,900,000 | |||||||||||||||||||
Outlet center, Portland OR | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Property interest acquired (as a percent) | 100.00% | |||||||||||||||||||
Area of property acquired (in square feet or acre) | 390,000 | |||||||||||||||||||
Property interest acquired | 146,700,000 | |||||||||||||||||||
Gain on acquisition of property interests | 27,300,000 | |||||||||||||||||||
Arizona Mills | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Area of property acquired (in square feet or acre) | 39 | |||||||||||||||||||
Consideration paid | 145,800,000 | |||||||||||||||||||
Gain due to acquisition of controlling interest | 2,700,000 | |||||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||||||||||||
Mortgage debt including debt premiums | 166,900,000 | |||||||||||||||||||
Arizona Mills | Operating Partnership | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills | 555,150 | |||||||||||||||||||
Portfolio of ten properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 10 | |||||||||||||||||||
Consideration paid | 114,400,000 | |||||||||||||||||||
Number of partner's interest acquired | 1 | |||||||||||||||||||
Outlet center, Destin, FL | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Property interest acquired (as a percent) | 50.00% | |||||||||||||||||||
Area of property acquired (in square feet or acre) | 465,000 | |||||||||||||||||||
Property interest acquired | 70,500,000 | |||||||||||||||||||
Grand Prairie and Livermore properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Consideration paid | 260,900,000 | |||||||||||||||||||
Consideration paid in cash, percentage | 90.00% | |||||||||||||||||||
Consideration paid by issuance of units, percentage | 10.00% | |||||||||||||||||||
Construction loans extinguished upon acquisition | 162,500,000 | |||||||||||||||||||
Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||||||||||||
San Francisco Premium Outlets, Livermore (San Francisco), CA | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||||||||||||
TMLP 2012 acquisition | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Mortgage debt including debt premiums | 2,600,000,000 | |||||||||||||||||||
Transaction value | 1,500,000,000 | |||||||||||||||||||
Retail properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Gain (loss) on disposition | 15,500,000 | |||||||||||||||||||
Partially owned properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Gain (loss) on disposition | 80,200,000 | |||||||||||||||||||
Number of properties | 13 | |||||||||||||||||||
Partially owned properties | TMLP 2012 acquisition | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties | 26 | |||||||||||||||||||
Unconsolidated properties | TMLP 2012 acquisition | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties | 16 | |||||||||||||||||||
Unconsolidated properties | Community Centers | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 3 | |||||||||||||||||||
Number of properties disposed of during the period | 3 | |||||||||||||||||||
Unconsolidated properties | Retail properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties disposed of during the period | 3 | 4 | ||||||||||||||||||
Consolidated properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 2 | |||||||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||||||||||||
Consolidated properties | Portfolio of ten properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 7 | |||||||||||||||||||
Consolidated properties | Grand Prairie and Livermore properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties in which interest is acquired | 2 | |||||||||||||||||||
Consolidated properties | TMLP 2012 acquisition | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Gain due to acquisition of controlling interest | 488,700,000 | |||||||||||||||||||
Number of properties | 9 | |||||||||||||||||||
Consolidated properties | Retail properties | ||||||||||||||||||||
Real Estate Acquisitions and Dispositions | ||||||||||||||||||||
Number of properties disposed of during the period | 3 | 8 | 9 | |||||||||||||||||
Gain (loss) on disposition | $21,800,000 |
Per_Share_Data_Details
Per Share Data (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Per Share Data | ||||||||||||
Net Income attributable to Common Stockholders - Basic | $405,048 | $251,968 | $406,587 | $341,648 | $381,555 | $311,675 | $339,936 | $283,138 | $1,405,251 | $1,316,304 | $1,431,159 | |
Net Income attributable to Common Stockholders - Diluted | $1,405,251 | $1,316,304 | $1,431,159 | |||||||||
Weighted Average Shares Outstanding - Basic | 310,784,070 | 310,772,019 | 310,743,242 | 310,622,570 | 310,434,337 | 310,332,777 | 310,261,278 | 309,986,506 | 310,731,032 | 310,255,168 | 303,137,350 | |
Effect of stock options (in shares) | 50 | 1,072 | ||||||||||
Weighted Average Shares Outstanding - Diluted | 310,784,070 | 310,772,019 | 310,743,242 | 310,622,570 | 310,434,337 | 310,332,777 | 310,261,278 | 309,986,709 | 310,731,032 | 310,255,218 | 303,138,422 | |
Dividends paid per common share (in dollars per share) | $5.15 | $4.65 | $4.10 | |||||||||
Percent taxable as ordinary income | 100.00% | 97.50% | 99.50% | |||||||||
Percent taxable as long-term capital gains | 0.00% | 2.50% | 0.50% | |||||||||
Total percentage of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||
Dividends declared per common share (in dollars per share) | $1.40 |
Investment_Properties_Details
Investment Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Properties | ||
Land | $3,185,624 | $3,086,183 |
Buildings and improvements | 27,828,509 | 26,962,049 |
Total land, buildings and improvements | 31,014,133 | 30,048,232 |
Furniture, fixtures and equipment | 304,399 | 288,407 |
Investment properties at cost | 31,318,532 | 30,336,639 |
Less - accumulated depreciation | 8,950,747 | 8,092,794 |
Investment properties, net | 22,367,785 | 22,243,845 |
Construction in progress, included above | $640,081 | $328,705 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jan. 31, 2013 | Jan. 12, 2015 | 21-May-12 | Jan. 09, 2012 | Jan. 30, 2014 | Mar. 14, 2012 | |
property | property | |||||||||
Schedule of Equity Method Investments | ||||||||||
Total number of joint venture properties | 82 | 93 | ||||||||
Distribution from joint venture financing proceeds | $202,269,000 | $179,054,000 | $151,398,000 | |||||||
Arizona Mills | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||
Gain due to acquisition of controlling interest | 2,700,000 | |||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||
Construction and other related party loans | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Loans to related party | 14,900,000 | 140,300,000 | ||||||||
The Shops at Mission Viejo | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage before transaction | 100.00% | |||||||||
Gain due to formation of joint venture | 0 | |||||||||
IMI | Woodfield Mall | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage before transaction | 100.00% | |||||||||
IMI Joint Venture | Woodfield Mall | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage after transactions | 50.00% | |||||||||
Aggregate face amount of mortgage notes | 425,000,000 | |||||||||
Interest rate on mortgage loan (as a percent) | 4.50% | |||||||||
IMI Joint Venture | The Shops at Mission Viejo | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage after transactions | 51.00% | |||||||||
Aggregate face amount of mortgage notes | 295,000,000 | |||||||||
Interest rate on mortgage loan (as a percent) | 3.61% | |||||||||
Distribution from joint venture financing proceeds | 149,700,000 | |||||||||
IMI Joint Venture | IMI | Woodfield Mall | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage after transactions | 50.00% | |||||||||
IMI Joint Venture | IMI | The Shops at Mission Viejo | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage after transactions | 49.00% | |||||||||
Europe | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Number of properties | 5 | |||||||||
Europe | Klepierre | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Joint venture ownership percentage | 28.90% | 28.70% | ||||||||
Joint venture ownership percentage after transactions | 28.90% | |||||||||
Distribution from joint venture financing proceeds | 62,000,000 | |||||||||
Europe | GCI | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Gain due to formation of joint venture | $28,800,000 | |||||||||
Italy | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Number of properties | 2 | |||||||||
Italy | GCI | ||||||||||
Schedule of Equity Method Investments | ||||||||||
Number of properties | 45 |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Details 2) (USD $) | 0 Months Ended | ||
Jan. 06, 2012 | Mar. 22, 2012 | Dec. 31, 2014 | |
property | |||
Del Amo Fashion Center | |||
Business acquisition | |||
Purchase price of equity method investment acquired | $50,000,000 | ||
Joint venture ownership percentage | 25.00% | ||
Joint venture ownership percentage after transactions | 50.00% | ||
Partially owned properties | |||
Business acquisition | |||
Number of properties | 13 | ||
TMLP 2012 acquisition | |||
Business acquisition | |||
Mortgage debt assumed, consolidated | 2,600,000,000 | ||
Other than temporary impairment charge | 22,400,000 | ||
Transaction value | 1,500,000,000 | ||
TMLP 2012 acquisition | TMLP Senior Loan Facility | |||
Business acquisition | |||
Repayment of TMLP senior loan facility | 562,100,000 | ||
TMLP 2012 acquisition | TMLP Trust Preferred Securities | |||
Business acquisition | |||
Repayment of TMLP senior loan facility | 100,000,000 | ||
TMLP 2012 acquisition | SPG-FCM Loan | |||
Business acquisition | |||
Debt extinguished, noncash | 558,400,000 | ||
TMLP 2012 acquisition | Partially owned properties | |||
Business acquisition | |||
Number of properties | 26 | ||
TMLP 2012 acquisition | Unconsolidated properties | |||
Business acquisition | |||
Number of properties | 16 | ||
TMLP 2012 acquisition | Consolidated properties | |||
Business acquisition | |||
Gain due to acquisition of controlling interest | $488,700,000 | ||
Number of properties | 9 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Details 3) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 16, 2014 | Apr. 16, 2014 | Jul. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 12, 2015 | Mar. 14, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Oct. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Klepierre | Klepierre | Klepierre | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | Europe | Europe | Europe | Europe | Europe | Europe | Europe | Europe | Europe | Europe | |
USD ($) | EUR (€) | Corio | property | property | Minimum | Ashford Designer Outlets | Roermond Designer Outlet | Roermond Designer Outlet | Roermond Designer Outlet | Klepierre | Klepierre | Klepierre | Klepierre | Klepierre | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | McArthurGlen Group | ||||
property | item | Mortgage Maturing 2017 | Mortgage Maturing 2021 | USD ($) | USD ($) | USD ($) | USD ($) | Forecast | USD ($) | USD ($) | USD ($) | Minimum | Maximum | ||||||||||
USD ($) | USD ($) | property | |||||||||||||||||||||
Schedule of Equity Method Investments | |||||||||||||||||||||||
Shares owned | 57,634,148 | ||||||||||||||||||||||
Joint venture ownership percentage | 45.00% | 90.00% | 28.70% | 28.90% | 18.30% | 45.00% | 90.00% | ||||||||||||||||
Additional noncontrolling interest purchased | 22.50% | ||||||||||||||||||||||
Quoted market price per share (in dollars per share) | $43.45 | ||||||||||||||||||||||
Share of net income, net of amortization of our excess investment | $226,774,000 | $206,380,000 | $130,879,000 | $131,500,000 | $20,700,000 | ||||||||||||||||||
Total assets | 12,700,000,000 | 17,100,000,000 | |||||||||||||||||||||
Total liabilities | 8,200,000,000 | 12,300,000,000 | |||||||||||||||||||||
Noncontrolling interests | 1,400,000,000 | 1,700,000,000 | |||||||||||||||||||||
Total revenues | 1,200,000,000 | 1,500,000,000 | |||||||||||||||||||||
Total operating income | 432,100,000 | 989,600,000 | |||||||||||||||||||||
Consolidated net income | 1,300,000,000 | 317,300,000 | |||||||||||||||||||||
Number of properties disposed of during the period | 126 | 126 | |||||||||||||||||||||
Total gross consideration | 1,980,000,000 | ||||||||||||||||||||||
Group's share of total consideration | 1,650,000,000 | ||||||||||||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net | 133,900,000 | ||||||||||||||||||||||
Distributions of income from unconsolidated entities | 202,269,000 | 179,054,000 | 151,398,000 | 62,000,000 | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 1.14 | ||||||||||||||||||||||
Number of joint ventures to invest in per definitive agreement | 1 | ||||||||||||||||||||||
Number of outlets in which interest acquired | 5 | 5 | 4 | ||||||||||||||||||||
Purchase price of business acquired | 2,000,000,000 | 496,700,000 | |||||||||||||||||||||
Equity investment | 2,378,800,000 | 2,429,845,000 | 677,100,000 | 510,700,000 | |||||||||||||||||||
Debt refinanced | 85,100,000 | ||||||||||||||||||||||
Debt issued to refinance previous mortgage | $218,900,000 | ||||||||||||||||||||||
Interest rate on debt (as a percent) | 5.12% | 1.86% |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
property | ||
Cost method investments | ||
Cost method investments included in deferred costs and other assets | $167.10 | $120.30 |
Europe | Value Retail PLC | ||
Cost method investments | ||
Number of luxury outlets owned and operated | 9 | |
Number of outlets in which the entity has a minority direct ownership | 3 | |
Cost method investments included in deferred costs and other assets | $115.40 | $115.40 |
Investment_in_Unconsolidated_E6
Investment in Unconsolidated Entities (Details 5) (USD $) | 0 Months Ended | ||
Jan. 09, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments | |||
Accumulated losses recorded in AOCI | $61,041,000 | $75,795,000 | |
Currency translation adjustments | |||
Schedule of Equity Method Investments | |||
Accumulated losses recorded in AOCI | 110,722,000 | 23,781,000 | |
Europe | GCI | |||
Schedule of Equity Method Investments | |||
Aggregate cash received | 375,800,000 | ||
Gain (loss) on disposal of equity method investment | 28,800,000 | ||
Europe | GCI | Currency translation adjustments | |||
Schedule of Equity Method Investments | |||
Accumulated losses recorded in AOCI | $39,500,000 |
Investment_in_Unconsolidated_E7
Investment in Unconsolidated Entities (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments | ||
Equity investment | $2,378,800 | $2,429,845 |
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets | ||
Schedule of Equity Method Investments | ||
Joint venture ownership percentage | 40.00% | |
Equity investment | 229,800 | 261,100 |
South Korea | Shinsegae International Co | Premium Outlets | ||
Schedule of Equity Method Investments | ||
Joint venture ownership percentage | 50.00% | |
Equity investment | $104,500 | $76,400 |
Investment_in_Unconsolidated_E8
Investment in Unconsolidated Entities (Details 7) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | 28-May-14 | Nov. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Mar. 22, 2012 | |
property | property | property | property | property | |||
Assets: | |||||||
Investment properties, at cost | $31,318,532,000 | 30,336,639,000 | |||||
Less - accumulated depreciation | 8,950,747,000 | 8,092,794,000 | |||||
Investment properties, net | 22,367,785,000 | 22,243,845,000 | |||||
Cash and cash equivalents | 612,282,000 | 1,691,006,000 | |||||
Tenant receivables and accrued revenue, net | 580,197,000 | 520,361,000 | |||||
Deferred costs and other assets | 1,806,789,000 | 1,422,788,000 | |||||
Total assets of discontinued operations | 3,002,314,000 | ||||||
Liabilities and Partners' Deficit: | |||||||
Mortgages and unsecured indebtedness | 20,852,993,000 | 22,669,917,000 | |||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,259,681,000 | 1,223,102,000 | |||||
Other liabilities | 275,451,000 | 250,371,000 | |||||
Total liabilities of discontinued operations | 1,117,789,000 | ||||||
Total liabilities | 23,555,288,000 | 26,311,457,000 | |||||
Partners' deficit | -4,208,183,000 | -3,218,686,000 | |||||
Total liabilities and equity | 29,532,330,000 | 33,324,574,000 | |||||
Our Share of: | |||||||
Our net Investment in unconsolidated entities, at equity | 2,378,800,000 | 2,429,845,000 | |||||
Debt Maturity and Other | |||||||
2015 | 1,174,796,000 | ||||||
2016 | 2,892,728,000 | ||||||
2017 | 3,043,067,000 | ||||||
2018 | 2,024,275,000 | ||||||
2019 | 1,928,394,000 | ||||||
Thereafter | 9,780,711,000 | ||||||
Total principal maturities | 20,843,971,000 | ||||||
Net unamortized debt premium | 9,022,000 | ||||||
Total mortgages and other indebtedness | 20,852,993,000 | 22,669,917,000 | |||||
Loss on debt extinguishment | 127,573,000 | ||||||
Retail properties | |||||||
Debt Maturity and Other | |||||||
Number of properties disposed of during the period | 3 | ||||||
Unconsolidated properties | |||||||
Debt Maturity and Other | |||||||
Number of unconsolidated properties in the spin-off of Washington Prime | 10 | ||||||
TMLP 2012 acquisition | Unconsolidated properties | |||||||
Debt Maturity and Other | |||||||
Number of properties | 16 | ||||||
TMLP 2012 acquisition | Consolidated properties | |||||||
Debt Maturity and Other | |||||||
Number of properties | 9 | ||||||
Equity Method Investments | Unconsolidated properties | |||||||
Assets: | |||||||
Investment properties, at cost | 16,087,282,000 | 15,355,700,000 | |||||
Less - accumulated depreciation | 5,457,899,000 | 5,080,832,000 | |||||
Investment properties, net | 10,629,383,000 | 10,274,868,000 | |||||
Cash and cash equivalents | 993,178,000 | 781,554,000 | |||||
Tenant receivables and accrued revenue, net | 362,201,000 | 302,902,000 | |||||
Investment in unconsolidated entities, at equity | 11,386,000 | 38,352,000 | |||||
Deferred costs and other assets | 536,600,000 | 579,480,000 | |||||
Total assets of discontinued operations | 281,000,000 | ||||||
Total assets | 12,532,748,000 | 12,258,156,000 | |||||
Liabilities and Partners' Deficit: | |||||||
Mortgages and unsecured indebtedness | 13,272,557,000 | 12,753,139,000 | |||||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,015,334,000 | 834,898,000 | |||||
Other liabilities | 493,718,000 | 513,897,000 | |||||
Total liabilities of discontinued operations | 286,252,000 | ||||||
Total liabilities | 14,781,609,000 | 14,388,186,000 | |||||
Preferred units | 67,450,000 | 67,450,000 | |||||
Partners' deficit | -2,316,311,000 | -2,197,480,000 | |||||
Total liabilities and equity | 12,532,748,000 | 12,258,156,000 | |||||
Our Share of: | |||||||
Partners' deficit | -663,700,000 | -717,776,000 | |||||
Add: Excess Investment | 1,875,337,000 | 2,059,584,000 | |||||
Add: Our Share of investment in discontinued unconsolidated entities, at equity | 37,759,000 | ||||||
Our net Investment in unconsolidated entities, at equity | 1,211,637,000 | 1,379,567,000 | |||||
Debt Maturity and Other | |||||||
2015 | 1,567,248,000 | ||||||
2016 | 1,217,673,000 | ||||||
2017 | 823,948,000 | ||||||
2018 | 770,447,000 | ||||||
2019 | 526,296,000 | ||||||
Thereafter | 8,359,654,000 | ||||||
Total principal maturities | 13,265,266,000 | ||||||
Net unamortized debt premium | 7,291,000 | ||||||
Total mortgages and other indebtedness | 13,272,557,000 | 12,753,139,000 | |||||
Interest rate, low end of range (as a percent) | 0.39% | ||||||
Interest rate, high end of range (as a percent) | 9.35% | ||||||
Weighted average interest rate (as a percent) | 4.44% | ||||||
Equity Method Investments | Unconsolidated properties | Aventura Mall | |||||||
Our Share of: | |||||||
Joint venture ownership percentage | 33.00% | ||||||
Debt Maturity and Other | |||||||
Fixed interest rate before reduction (as a percent) | 5.91% | ||||||
Fixed interest rate (as a percent) | 3.75% | ||||||
Loss on debt extinguishment | 82,800,000 | ||||||
Equity Method Investments | Unconsolidated properties | Mortgages maturing December 11, 2017 | Aventura Mall | |||||||
Debt Maturity and Other | |||||||
Debt refinanced | 430,000,000 | ||||||
Equity Method Investments | Unconsolidated properties | Mortgages maturing December 01, 2020 | Aventura Mall | |||||||
Debt Maturity and Other | |||||||
Debt issued to refinance previous mortgage | $1,200,000,000 | ||||||
Equity Method Investments | Unconsolidated properties | Maximum | |||||||
Our Share of: | |||||||
Life of joint ventures with excess investment | 40 years | ||||||
Equity Method Investments | Unconsolidated properties | Mall | |||||||
Debt Maturity and Other | |||||||
Number of properties disposed of during the period | 1 | ||||||
Equity Method Investments | Unconsolidated properties | Retail properties | |||||||
Debt Maturity and Other | |||||||
Number of properties disposed of during the period | 3 | 3 | 3 |
Investment_in_Unconsolidated_E9
Investment in Unconsolidated Entities (Details 8) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | |
Revenue: | ||||||||||||
Minimum rent | $2,962,295,000 | $2,775,919,000 | $2,593,909,000 | |||||||||
Overage rent | 207,104,000 | 214,758,000 | 187,613,000 | |||||||||
Tenant reimbursements | 1,362,412,000 | 1,258,165,000 | 1,157,333,000 | |||||||||
Other income | 200,781,000 | 168,035,000 | 188,936,000 | |||||||||
Total revenue | 1,297,120,000 | 1,234,694,000 | 1,181,982,000 | 1,157,022,000 | 1,251,155,000 | 1,146,877,000 | 1,084,993,000 | 1,060,823,000 | 4,870,818,000 | 4,543,849,000 | 4,256,157,000 | |
Operating Expenses: | ||||||||||||
Property operating | 398,598,000 | 371,044,000 | 363,514,000 | |||||||||
Depreciation and amortization | 1,143,827,000 | 1,107,700,000 | 1,068,382,000 | |||||||||
Real estate taxes | 384,189,000 | 368,683,000 | 342,906,000 | |||||||||
Repairs and maintenance | 100,016,000 | 98,219,000 | 93,960,000 | |||||||||
Advertising and promotion | 136,656,000 | 117,894,000 | 109,809,000 | |||||||||
Provision for credit losses | 12,001,000 | 7,165,000 | 10,905,000 | |||||||||
Other | 91,655,000 | 83,741,000 | 85,808,000 | |||||||||
Total operating expenses | 2,485,476,000 | 2,355,180,000 | 2,249,928,000 | |||||||||
OPERATING INCOME | 655,288,000 | 607,557,000 | 561,531,000 | 560,965,000 | 627,769,000 | 548,478,000 | 509,939,000 | 502,484,000 | 2,385,342,000 | 2,188,669,000 | 2,006,229,000 | |
Interest expense | -992,601,000 | -1,082,081,000 | -1,068,181,000 | |||||||||
Income from Unconsolidated Entities | 226,774,000 | 206,380,000 | 130,879,000 | |||||||||
Retail properties | ||||||||||||
Operating Expenses: | ||||||||||||
Number of properties disposed of during the period | 3 | |||||||||||
Equity Method Investments | Unconsolidated properties | ||||||||||||
Revenue: | ||||||||||||
Minimum rent | 1,746,549,000 | 1,618,802,000 | 1,435,586,000 | |||||||||
Overage rent | 183,478,000 | 180,435,000 | 176,255,000 | |||||||||
Tenant reimbursements | 786,351,000 | 747,447,000 | 672,935,000 | |||||||||
Other income | 293,419,000 | 199,197,000 | 170,263,000 | |||||||||
Total revenue | 3,009,797,000 | 2,745,881,000 | 2,455,039,000 | |||||||||
Operating Expenses: | ||||||||||||
Property operating | 574,706,000 | 487,144,000 | 465,333,000 | |||||||||
Depreciation and amortization | 604,199,000 | 512,702,000 | 492,073,000 | |||||||||
Real estate taxes | 221,745,000 | 204,894,000 | 170,292,000 | |||||||||
Repairs and maintenance | 71,203,000 | 66,612,000 | 62,659,000 | |||||||||
Advertising and promotion | 72,496,000 | 61,664,000 | 54,404,000 | |||||||||
Provision for credit losses | 6,527,000 | 1,388,000 | 1,814,000 | |||||||||
Other | 187,729,000 | 155,421,000 | 169,558,000 | |||||||||
Total operating expenses | 1,738,605,000 | 1,489,825,000 | 1,416,133,000 | |||||||||
OPERATING INCOME | 1,271,192,000 | 1,256,056,000 | 1,038,906,000 | |||||||||
Interest expense | -598,900,000 | -680,321,000 | -584,143,000 | |||||||||
Income from Continuing Operations | 672,292,000 | 575,735,000 | 454,763,000 | |||||||||
Income from operations of discontinued joint venture interests | 5,079,000 | 14,200,000 | -3,881,000 | |||||||||
Gain on disposal of discontinued operations, net | 51,164,000 | -5,354,000 | ||||||||||
Net Income | 677,371,000 | 641,099,000 | 445,528,000 | |||||||||
Third-Party Investors' Share of Net Income | 348,127,000 | 353,708,000 | 239,931,000 | |||||||||
Our Share of Net Income | 329,244,000 | 287,391,000 | 205,597,000 | |||||||||
Amortization of Excess Investment | -99,463,000 | -102,875,000 | -83,400,000 | |||||||||
Our Share of (Loss) Income from Unconsolidated Discontinued Operations | -652,000 | 1,121,000 | -1,028,000 | |||||||||
Our Share of Loss on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net | 9,245,000 | |||||||||||
Income from Unconsolidated Entities | 229,129,000 | 185,637,000 | 130,414,000 | |||||||||
Equity Method Investments | Unconsolidated properties | Non-core retail property and Mall | ||||||||||||
Operating Expenses: | ||||||||||||
Gain (loss) on disposal of equity method investment | -9,200,000 | |||||||||||
Equity Method Investments | Unconsolidated properties | Mall | ||||||||||||
Operating Expenses: | ||||||||||||
Number of properties disposed of during the period | 1 | |||||||||||
Equity Method Investments | Unconsolidated properties | Retail properties | ||||||||||||
Operating Expenses: | ||||||||||||
Number of properties disposed of during the period | 3 | 3 | 3 | |||||||||
Gain (loss) on disposal of equity method investment | $0 |
Indebtedness_and_Derivative_Fi2
Indebtedness and Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Feb. 28, 2014 | Jan. 02, 2014 | Sep. 10, 2014 | Sep. 03, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Apr. 07, 2014 | Dec. 31, 2013 | Jan. 21, 2014 | Oct. 06, 2014 | |
item | |||||||||||
Fixed-Rate Debt: | |||||||||||
Fixed-rate mortgages and other indebtedness | $19,015,271,000 | $19,015,271,000 | $20,907,618,000 | ||||||||
Variable-Rate Debt: | |||||||||||
Variable-rate mortgages and other indebtedness | 1,837,722,000 | 1,837,722,000 | 1,762,299,000 | ||||||||
Total Mortgages and Other Indebtedness | 20,852,993,000 | 20,852,993,000 | 22,669,917,000 | ||||||||
Loss on debt extinguishment | 127,573,000 | ||||||||||
Retail properties | |||||||||||
Variable-Rate Debt: | |||||||||||
Number of properties disposed of during the period | 3 | ||||||||||
Mortgages disposed during period | 90,000,000 | 90,000,000 | |||||||||
Subsidiary Issuer | |||||||||||
Variable-Rate Debt: | |||||||||||
Amount of debt redeemed | 250,000,000 | ||||||||||
Interest rate on debt (as a percent) | 7.88% | ||||||||||
Secured Debt | Mortgages | |||||||||||
Fixed-Rate Debt: | |||||||||||
Fixed-rate mortgages and other indebtedness | 5,615,351,000 | 5,615,351,000 | 6,975,913,000 | ||||||||
Net premiums | 49,723,000 | 49,723,000 | 62,886,000 | ||||||||
Weighted-average interest rate, fixed-rate debt (as a percent) | 5.48% | 5.48% | |||||||||
Weighted average maturity period, fixed-rate debt | 3 years 10 months 24 days | ||||||||||
Variable-Rate Debt: | |||||||||||
Variable-rate mortgages and other indebtedness | 630,000,000 | 630,000,000 | 350,000,000 | ||||||||
Weighted average interest rate, variable-rate debt (as a percent) | 2.03% | 2.03% | |||||||||
Weighted average maturity period, variable-rate debt | 2 years 3 months 18 days | ||||||||||
Total Mortgages and Other Indebtedness | 6,200,000,000 | 6,200,000,000 | 7,300,000,000 | ||||||||
Debt repaid | 269,000,000 | 820,000,000 | |||||||||
Debt covenants | |||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | 38 | ||||||||||
Number of properties secured by non-recourse mortgage notes | 52 | 52 | |||||||||
Number of cross-defaulted and cross-collateralized mortgage pools | 5 | 5 | |||||||||
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | 21 | 21 | |||||||||
Unsecured Debt | Senior unsecured notes | |||||||||||
Fixed-Rate Debt: | |||||||||||
Fixed-rate mortgages and other indebtedness | 13,399,920,000 | 13,399,920,000 | 13,931,705,000 | ||||||||
Net discount | 40,701,000 | 40,701,000 | 38,519,000 | ||||||||
Weighted-average interest rate, fixed-rate debt (as a percent) | 4.41% | 4.41% | |||||||||
Weighted average maturity period, fixed-rate debt | 7 years 7 months 6 days | ||||||||||
Unsecured Debt | Senior unsecured notes | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Total Mortgages and Other Indebtedness | 13,400,000,000 | 13,400,000,000 | |||||||||
Number of senior unsecured notes included in tender offer | 5 | ||||||||||
Principal amount of cash tender offer | 1,322,000,000 | ||||||||||
Proceeds from senior unsecured notes | 1,300,000,000 | ||||||||||
Weighted average interest rate (as a percent) | 3.64% | 5.60% | |||||||||
Loss on debt extinguishment | 127,600,000 | ||||||||||
Unsecured Debt | Senior unsecured notes | Weighted average | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Debt term | 16 years 1 month 6 days | 1 year 8 months 12 days | |||||||||
Unsecured Debt | Senior unsecured notes 2.20% due February 2019 | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Debt issued | 600,000,000 | ||||||||||
Interest rate on debt (as a percent) | 2.20% | ||||||||||
Unsecured Debt | Senior unsecured notes 3.75% due February 2024 | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Debt issued | 600,000,000 | ||||||||||
Interest rate on debt (as a percent) | 3.75% | ||||||||||
Unsecured Debt | Senior Unsecured Notes 3.375% due 2024 | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Debt issued | 900,000,000 | ||||||||||
Interest rate on debt (as a percent) | 3.38% | ||||||||||
Unsecured Debt | Senior Unsecured Notes 4.25% due 2044 | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Debt issued | 400,000,000 | ||||||||||
Interest rate on debt (as a percent) | 4.25% | ||||||||||
Unsecured Debt | Senior Unsecured Notes 4.20% to 6.75% | |||||||||||
Variable-Rate Debt: | |||||||||||
Amount of debt redeemed | 1,300,000,000 | 1,300,000,000 | |||||||||
Interest rate, low end of range (as a percent) | 4.20% | ||||||||||
Interest rate, high end of range (as a percent) | 6.75% | ||||||||||
Unsecured Debt | Credit Facility and the Supplemental Facility | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Available borrowing capacity | 5,000,000,000 | 5,000,000,000 | |||||||||
Maximum amount outstanding during period | 1,200,000,000 | ||||||||||
Credit facility, weighted average amount outstanding | 855,400,000 | ||||||||||
Letters of credit outstanding | 38,900,000 | 38,900,000 | |||||||||
Unsecured Debt | Credit Facility | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 558,537,000 | 558,537,000 | 1,172,299,000 | ||||||||
Unsecured Debt | Credit Facility | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 558,500,000 | 558,500,000 | |||||||||
Maximum borrowing capacity | 4,000,000,000 | 4,000,000,000 | |||||||||
Unsecured Debt | Credit Facility | Operating Partnership | Euro | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 372,200,000 | 372,200,000 | |||||||||
Unsecured Debt | Credit Facility | Operating Partnership | Yen | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 186,400,000 | 186,400,000 | |||||||||
Unsecured Debt | Supplemental Facility | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Maximum borrowing capacity | 2,000,000,000 | 2,000,000,000 | |||||||||
Optional expanded maximum borrowing capacity | 2,500,000,000 | ||||||||||
Yen-denominated borrowings transferred to the Credit Facility | 184,900,000 | ||||||||||
Additional facility fee (as a percent) | 0.15% | ||||||||||
Unsecured Debt | Supplemental Facility | Operating Partnership | LIBOR | |||||||||||
Variable-Rate Debt: | |||||||||||
Reference rate | LIBOR | ||||||||||
Interest added to reference rate (as a percent) | 0.95% | ||||||||||
Unsecured Debt | Amended Credit Facility | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Maximum borrowing capacity | 4,000,000,000 | ||||||||||
Optional expanded maximum borrowing capacity | 5,000,000,000 | ||||||||||
Additional facility fee (as a percent) | 0.10% | ||||||||||
Unsecured Debt | Amended Credit Facility | Operating Partnership | LIBOR | |||||||||||
Variable-Rate Debt: | |||||||||||
Reference rate | LIBOR | ||||||||||
Interest added to reference rate (as a percent) | 0.80% | ||||||||||
Unsecured Debt | Amended Credit Facility | Maximum | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Percentage of borrowings in currencies other than the U.S. Dollar | 0.75% | ||||||||||
Unsecured Debt | Term loan | |||||||||||
Variable-Rate Debt: | |||||||||||
Total Mortgages and Other Indebtedness | 240,000,000 | 240,000,000 | 240,000,000 | ||||||||
Unsecured Debt | Commercial Paper | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 409,185,000 | 409,185,000 | |||||||||
Unsecured Debt | Commercial Paper | Operating Partnership | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 409,200,000 | 409,200,000 | |||||||||
Maximum borrowing capacity | 500,000,000 | ||||||||||
Unsecured Debt | Commercial Paper | Operating Partnership | Euro | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | 209,200,000 | 209,200,000 | |||||||||
Weighted average interest rate (as a percent) | 0.13% | 0.13% | |||||||||
Unsecured Debt | Commercial Paper | Operating Partnership | USD | |||||||||||
Variable-Rate Debt: | |||||||||||
Credit facility, amount outstanding | $200,000,000 | $200,000,000 | |||||||||
Weighted average interest rate (as a percent) | 0.19% | 0.19% |
Indebtedness_and_Derivative_Fi3
Indebtedness and Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative financial instruments | |||
Unamortized loss of benefits from treasury and interest rate hedge agreements | $67,500,000 | $65,700,000 | |
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | 10,900,000 | ||
Fair value of debt | |||
Carrying value of fixed-rate mortgages and unsecured indebtedness | 19,000,000,000 | 20,900,000,000 | |
Fair value of fixed-rate mortgages and unsecured indebtedness | 20,558,000,000 | 22,316,000,000 | |
Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages (as a percent) | 3.02% | 3.07% | |
Debt Maturity and Other | |||
2015 | 1,174,796,000 | ||
2016 | 2,892,728,000 | ||
2017 | 3,043,067,000 | ||
2018 | 2,024,275,000 | ||
2019 | 1,928,394,000 | ||
Thereafter | 9,780,711,000 | ||
Total principal maturities | 20,843,971,000 | ||
Net unamortized debt premium | 9,022,000 | ||
Total mortgages and other indebtedness | 20,852,993,000 | 22,669,917,000 | |
Cash paid for interest | 1,018,911,000 | 1,086,128,000 | 1,063,470,000 |
Interest rate swap | |||
Derivative financial instruments | |||
Notional Amount | $375,000,000 |
Rentals_under_Operating_Leases2
Rentals under Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future minimum rentals to be received under noncancelable tenant operating leases | |
2015 | $2,548,265 |
2016 | 2,335,798 |
2017 | 2,099,583 |
2018 | 1,820,246 |
2019 | 1,540,869 |
Thereafter | 4,440,204 |
Future minimum rental receivables | $14,784,965 |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Jul. 22, 2014 | Jan. 30, 2014 |
item | ||||
Equity | ||||
Redemption of Limited Partner units during the period | $14,435 | $248,000 | ||
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock | 1 | |||
Arizona Mills | ||||
Equity | ||||
Ownership interests acquired (as a percent) | 50.00% | |||
Area of land acquired (in acre) in Oyster Bay, New York | 39 | |||
Operating Partnership | ||||
Equity | ||||
Operating Partnership units redeemed | 87,621 | |||
Redemption of Limited Partner units during the period | $14,400 | |||
Operating Partnership | Arizona Mills | ||||
Equity | ||||
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills | 555,150 | |||
Common Stock. | ||||
Equity | ||||
Number of votes entitled per share to holders of common stock | 1 | |||
Class B common stock | ||||
Equity | ||||
Common stock, shares outstanding | 8,000 | |||
Number of voting trusts which are subject to outstanding shares common stock | 2 | |||
Partnership agreement of Operating Partnership | ||||
Equity | ||||
Common stock, shares issued | 70,291 | |||
The number of limited partners who received common stock in exchange for an equal number of units, during the period. | 7 | |||
Maximum | Class B common stock | ||||
Equity | ||||
Number of members of board of directors elected under entitlement of right | 4 |
Equity_Details_2
Equity (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 04, 2012 | Jan. 10, 2014 | |
item | property | property | |||
item | |||||
Redeemable preferred stock | |||||
Other noncontrolling redeemable interests in properties | $164,948,000 | ||||
Limited partners' preferred interest in the Operating Partnership and other noncontrolling redeemable interests in properties | 25,537,000 | 190,485,000 | |||
Preferred Stock, Dividend Rate, Percentage | 8.38% | 8.38% | |||
Number of Series of Units Classified Into Temporary Equity | 1 | ||||
Noncontrolling Interests Redeemable at Amount in Excess of Fair Value | 0 | ||||
Contribution to Noncontrolling Interest Partnership | 83,000,000 | ||||
Noncontrolling Interest Preferred Return Percentage | 2.50% | ||||
Consolidated properties | |||||
Redeemable preferred stock | |||||
Number of properties contained in a portfolio | 2 | ||||
Portfolio of ten properties | |||||
Redeemable preferred stock | |||||
Number of partner's interest acquired | 1 | ||||
Number of properties contained in a portfolio | 10 | ||||
Consideration transferred for partner's interests acquired | 114,400,000 | ||||
Portfolio of ten properties | Consolidated properties | |||||
Redeemable preferred stock | |||||
Number of properties contained in a portfolio | 7 | ||||
7.5% Cumulative Redeemable Preferred Units | |||||
Redeemable preferred stock | |||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | 7.50% | |||
Temporary equity, shares authorized | 260,000 | 260,000 | |||
Temporary equity, shares issued | 255,373 | 255,373 | |||
Temporary equity, shares outstanding | 255,373 | 255,373 | |||
Limited partners' preferred interest in the Operating Partnership | $25,537,000 | $25,537,000 | |||
Cumulative quarterly distributions on preferred units (in dollars per share) | $7.50 | ||||
Temporary equity redemption price (in dollars per share) | $100 | ||||
Liquidation preference (in dollars per share) | $100 |
Equity_Details_3
Equity (Details 3) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity | ||
Preferred stock stated dividend rate percentage | 8.38% | 8.38% |
Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate percentage | 8.38% | 8.38% |
Redemption price of preferred stock (in dollars per share) | 50 | |
Premium received on preferred stock issued | 7.5 | |
Preferred stock unamortized premium | 4.2 | 4.5 |
Equity_Details_4
Equity (Details 4) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | |
item | ||||
Stock-based incentive plan awards | ||||
Notes Receivable from Former CPI Stockholders | $14,800,000 | |||
Exercised (in shares) | 1,567 | 712 | ||
Exchange Rights | ||||
Limited partners units, exchange ratio | 1 | |||
Common stock reserved for possible conversion (in shares) | 56,940,536 | |||
Restricted stock | ||||
Stock-based incentive plan awards | ||||
Compensation expense, net of capitalization | 12,300,000 | 13,400,000 | 10,400,000 | |
Total number of shares awarded, net of forfeiture | 5,530,945 | |||
Shares of restricted stock awarded during the year, net of forfeitures | 83,509 | 107,123 | 114,066 | |
Weighted average fair value of shares granted during the year (in dollars per share) | $166.36 | 160.22 | 146.7 | |
Amortization expense | 18,256,000 | 18,311,000 | 14,001,000 | |
Restricted stock | Minimum | ||||
Stock-based incentive plan awards | ||||
Vesting period | 3 years | |||
Restricted stock | Maximum | ||||
Stock-based incentive plan awards | ||||
Vesting period | 4 years | |||
Restricted stock | Automatic Awards for Eligible Directors | ||||
Stock-based incentive plan awards | ||||
Vesting period | 1 year | |||
Value of restricted shares awarded to directors on initial election | 82,500 | |||
Value of restricted shares awarded to director on re-election | 82,500 | |||
Value of additional restricted shares awarded to director serving as the chairperson of the Audit and Compensation Committees | 10,000 | |||
Value of additional restricted shares awarded to a director serving as chairperson of a Governance and Nominating Committees | 7,500 | |||
Value of additional restricted shares awarded to the Lead Director | 12,500 | |||
LTIP Retention Award to Chairman and CEO | ||||
Stock-based incentive plan awards | ||||
Award of restricted stock (in shares) | 1,000,000 | |||
Aggregate grant date fair value | 120,300,000 | |||
Service period | 8 years | |||
LTIP Retention Award to Chairman and CEO | A Units | Maximum | ||||
Stock-based incentive plan awards | ||||
Units to be earned under LTIP program (in shares) | 360,000 | |||
LTIP Retention Award to Chairman and CEO | B Units | Maximum | ||||
Stock-based incentive plan awards | ||||
Units to be earned under LTIP program (in shares) | 360,000 | |||
LTIP Retention Award to Chairman and CEO | C Units | Maximum | ||||
Stock-based incentive plan awards | ||||
Units to be earned under LTIP program (in shares) | 280,000 | |||
Employee Options | ||||
Stock-based incentive plan awards | ||||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Options outstanding (in shares) | 0 | |||
1998 Stock Incentive Plan | ||||
Stock-based incentive plan awards | ||||
Shares reserved for issuance (in shares) | 16,300,000 | |||
LTIP programs | ||||
Stock-based incentive plan awards | ||||
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period | 10.00% | |||
Compensation expense, net of capitalization | 27,600,000 | 25,700,000 | 22,000,000 | |
Vesting period | 2 years | |||
Vesting rights percentage | 50.00% | |||
One-year 2010 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Performance period | 1 year | |||
Units earned under LTIP program (in shares) | 133,673 | |||
Aggregate grant date fair value | 7,200,000 | |||
Two-year 2010 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Performance period | 2 years | |||
Units earned under LTIP program (in shares) | 337,006 | |||
Aggregate grant date fair value | 14,800,000 | |||
Three-year 2010 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Performance period | 3 years | |||
Units earned under LTIP program (in shares) | 489,654 | |||
Aggregate grant date fair value | 23,000,000 | |||
2011-2013 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Units earned under LTIP program (in shares) | 469,848 | |||
Aggregate grant date fair value | 35,000,000 | |||
2012-2014 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Units earned under LTIP program (in shares) | 401,203 | |||
Aggregate grant date fair value | 35,000,000 | |||
2013-2015 LTIP program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | 33,500,000 | |||
2014-2016 LTIP program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $30,000,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-10 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
property | ||||
Insurance | ||||
Insurance proceeds funded by insurers | $50,000,000 | |||
Minimum insurance coverage | 50,000,000 | |||
Additional insurance proceeds | 150,000,000 | |||
Insurance coverage, acts of terrorism | 1,000,000,000 | |||
Future minimum lease payments due under ground leases | ||||
2015 | 29,775,000 | |||
2016 | 35,221,000 | |||
2017 | 35,436,000 | |||
2018 | 35,413,000 | |||
2019 | 28,266,000 | |||
Thereafter | 907,110,000 | |||
Total | 1,071,221,000 | |||
Lease Commitments | ||||
Properties subject to ground leases | 22 | |||
Ground | ||||
Lease Commitments | ||||
Lease expense | 39,898,000 | 37,150,000 | 40,518,000 | |
Office | ||||
Lease Commitments | ||||
Lease expense | $4,577,000 | $4,057,000 | $2,004,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Limited Life Partnerships | ||
Approximate settlement values of noncontrolling interest | $101 | $125 |
Joint Venture Mortgage and Indebtedness | ||
Guarantor Obligations [Line Items] | ||
Loan guarantee | 223.5 | 190.8 |
Loan guarantees recoverable | $78.70 | $83 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) (Consolidated revenues, Concentration of credit risk, Minimum) | 12 Months Ended |
Dec. 31, 2014 | |
Consolidated revenues | Concentration of credit risk | Minimum | |
Concentration of Credit Risk | |
Percentage of consolidated revenues from a single customer or tenant | 5.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Development, royalty and other fees | |||
Related party transactions | |||
Amounts charged to related party | $13,700 | $14,000 | $15,500 |
Fees for financing activities | |||
Related party transactions | |||
Amounts charged to related party | 4,200 | 15,900 | 3,000 |
Unconsolidated joint ventures and Washington Prime properties | Amounts for services provided | |||
Related party transactions | |||
Amounts charged to related party | 133,730 | 121,996 | 119,534 |
Properties owned by related parties | Amounts for services provided | |||
Related party transactions | |||
Amounts charged to related party | $4,393 | $4,510 | $4,416 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data (Unaudited) | |||||||||||
Total revenue | $1,297,120 | $1,234,694 | $1,181,982 | $1,157,022 | $1,251,155 | $1,146,877 | $1,084,993 | $1,060,823 | $4,870,818 | $4,543,849 | $4,256,157 |
Operating Income | 655,288 | 607,557 | 561,531 | 560,965 | 627,769 | 548,478 | 509,939 | 502,484 | 2,385,342 | 2,188,669 | 2,006,229 |
Consolidated income from continuing operations | 475,992 | 296,963 | 489,609 | 359,601 | 400,337 | 328,712 | 359,129 | 278,615 | 1,622,165 | 1,366,793 | 1,563,242 |
Consolidated Net Income | 475,992 | 296,963 | 477,468 | 401,103 | 449,304 | 367,293 | 400,525 | 334,468 | 1,651,526 | 1,551,590 | 1,719,632 |
Net income attributable to common stockholders | $405,048 | $251,968 | $406,587 | $341,648 | $381,555 | $311,675 | $339,936 | $283,138 | $1,405,251 | $1,316,304 | $1,431,159 |
Net income per share from continuing operations - Basic and Diluted | $1.30 | $0.81 | $1.34 | $0.99 | $1.09 | $0.89 | $0.99 | $0.76 | $4.44 | $3.73 | $4.29 |
Net income per share - Basic and Diluted | $1.30 | $0.81 | $1.31 | $1.10 | $1.23 | $1 | $1.10 | $0.91 | $4.52 | $4.24 | $4.72 |
Weighted Average Shares Outstanding - Basic | 310,784,070 | 310,772,019 | 310,743,242 | 310,622,570 | 310,434,337 | 310,332,777 | 310,261,278 | 309,986,506 | 310,731,032 | 310,255,168 | 303,137,350 |
Diluted weighted average shares outstanding | 310,784,070 | 310,772,019 | 310,743,242 | 310,622,570 | 310,434,337 | 310,332,777 | 310,261,278 | 309,986,709 | 310,731,032 | 310,255,218 | 303,138,422 |
Schedule_III_Real_Estate_and_A1
Schedule III Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $6,195,628 | |||
Initial Cost | ||||
Land | 2,861,905 | |||
Buildings and Improvements | 22,230,768 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 323,719 | |||
Buildings and Improvements | 5,597,741 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,185,624 | |||
Buildings and Improvements | 27,828,509 | |||
Total | 31,014,133 | 30,048,230 | 29,263,463 | 24,736,546 |
Accumulated Depreciation | 8,740,928 | 7,896,614 | 7,055,622 | 6,483,917 |
Malls | Bangor Mall, Bangor, ME | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 80,000 | |||
Initial Cost | ||||
Land | 5,478 | |||
Buildings and Improvements | 59,740 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,690 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,478 | |||
Buildings and Improvements | 72,430 | |||
Total | 77,908 | |||
Accumulated Depreciation | 32,708 | |||
Malls | Barton Creek Square, Austin, TX | ||||
Initial Cost | ||||
Land | 2,903 | |||
Buildings and Improvements | 20,929 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,983 | |||
Buildings and Improvements | 63,632 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 84,561 | |||
Total | 95,447 | |||
Accumulated Depreciation | 54,300 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 125,000 | |||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 64,575 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 91,806 | |||
Total | 98,725 | |||
Accumulated Depreciation | 62,825 | |||
Malls | Bay Park Square, Green Bay, WI | ||||
Initial Cost | ||||
Land | 6,358 | |||
Buildings and Improvements | 25,623 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,106 | |||
Buildings and Improvements | 26,725 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,464 | |||
Buildings and Improvements | 52,348 | |||
Total | 62,812 | |||
Accumulated Depreciation | 28,608 | |||
Malls | Brea Mall, Brea (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 39,500 | |||
Buildings and Improvements | 209,202 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 45,199 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,500 | |||
Buildings and Improvements | 254,401 | |||
Total | 293,901 | |||
Accumulated Depreciation | 112,583 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 24,612 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 57,043 | |||
Total | 68,349 | |||
Accumulated Depreciation | 31,339 | |||
Malls | Burlington Mall, Burlington (Boston), MA | ||||
Initial Cost | ||||
Land | 46,600 | |||
Buildings and Improvements | 303,618 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 19,600 | |||
Buildings and Improvements | 98,850 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 66,200 | |||
Buildings and Improvements | 402,468 | |||
Total | 468,668 | |||
Accumulated Depreciation | 173,559 | |||
Malls | Castleton Square, Indianapolis, IN | ||||
Initial Cost | ||||
Land | 26,250 | |||
Buildings and Improvements | 98,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,434 | |||
Buildings and Improvements | 75,531 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 173,818 | |||
Total | 207,502 | |||
Accumulated Depreciation | 87,897 | |||
Malls | Cielo Vista Mall, El Paso, TX | ||||
Initial Cost | ||||
Land | 1,005 | |||
Buildings and Improvements | 15,262 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 608 | |||
Buildings and Improvements | 56,279 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 71,541 | |||
Total | 73,154 | |||
Accumulated Depreciation | 41,384 | |||
Malls | College Mall, Bloomington, IN | ||||
Initial Cost | ||||
Land | 1,003 | |||
Buildings and Improvements | 16,245 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 720 | |||
Buildings and Improvements | 45,487 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 61,732 | |||
Total | 63,455 | |||
Accumulated Depreciation | 35,938 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 26,575 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 93,155 | |||
Total | 110,596 | |||
Accumulated Depreciation | 46,545 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 134,988 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 513,033 | |||
Total | 513,033 | |||
Accumulated Depreciation | 186,391 | |||
Malls | Coral Square, Coral Springs (Miami), FL | ||||
Initial Cost | ||||
Land | 13,556 | |||
Buildings and Improvements | 93,630 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 21,772 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,556 | |||
Buildings and Improvements | 115,402 | |||
Total | 128,958 | |||
Accumulated Depreciation | 73,716 | |||
Malls | Cordova Mall, Pensacola, FL | ||||
Initial Cost | ||||
Land | 18,626 | |||
Buildings and Improvements | 73,091 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,321 | |||
Buildings and Improvements | 62,190 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 135,281 | |||
Total | 161,228 | |||
Accumulated Depreciation | 54,859 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 198,454 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 140,748 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 337,758 | |||
Total | 378,194 | |||
Accumulated Depreciation | 95,746 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 176,300 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 23,023 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 215,209 | |||
Total | 251,207 | |||
Accumulated Depreciation | 22,834 | |||
Malls | Fashion Mall at Keystone, The, Indianapolis, IN | ||||
Initial Cost | ||||
Buildings and Improvements | 120,579 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 29,145 | |||
Buildings and Improvements | 86,836 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 207,415 | |||
Total | 236,560 | |||
Accumulated Depreciation | 87,335 | |||
Malls | Firewheel Town Center, Garland (Dallas), TX | ||||
Initial Cost | ||||
Land | 8,485 | |||
Buildings and Improvements | 82,716 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,391 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,485 | |||
Buildings and Improvements | 111,107 | |||
Total | 119,592 | |||
Accumulated Depreciation | 43,708 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 236,894 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 513,461 | |||
Total | 513,461 | |||
Accumulated Depreciation | 205,871 | |||
Malls | Greenwood Park Mall, Greenwood (Indianapolis), IN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 75,733 | |||
Initial Cost | ||||
Land | 2,423 | |||
Buildings and Improvements | 23,445 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,253 | |||
Buildings and Improvements | 116,642 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 140,087 | |||
Total | 147,763 | |||
Accumulated Depreciation | 69,569 | |||
Malls | Haywood Mall, Greenville, SC | ||||
Initial Cost | ||||
Land | 11,585 | |||
Buildings and Improvements | 133,893 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6 | |||
Buildings and Improvements | 28,434 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 162,327 | |||
Total | 173,918 | |||
Accumulated Depreciation | 89,144 | |||
Malls | Independence Center, Independence (Kansas City), MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 200,000 | |||
Initial Cost | ||||
Land | 5,042 | |||
Buildings and Improvements | 45,798 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 35,209 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,042 | |||
Buildings and Improvements | 81,007 | |||
Total | 86,049 | |||
Accumulated Depreciation | 43,934 | |||
Malls | Ingram Park Mall, San Antonio, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 137,783 | |||
Initial Cost | ||||
Land | 733 | |||
Buildings and Improvements | 17,163 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 37 | |||
Buildings and Improvements | 23,977 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 770 | |||
Buildings and Improvements | 41,140 | |||
Total | 41,910 | |||
Accumulated Depreciation | 27,454 | |||
Malls | King of Prussia Mall, King of Prussia (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 97,661 | |||
Initial Cost | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,128,200 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 102,386 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,230,586 | |||
Total | 1,405,649 | |||
Accumulated Depreciation | 149,322 | |||
Malls | La Plaza Mall, McAllen, TX | ||||
Initial Cost | ||||
Land | 1,375 | |||
Buildings and Improvements | 9,828 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,569 | |||
Buildings and Improvements | 51,454 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,944 | |||
Buildings and Improvements | 61,282 | |||
Total | 69,226 | |||
Accumulated Depreciation | 31,414 | |||
Malls | Lakeline Mall, Cedar Park (Austin), TX | ||||
Initial Cost | ||||
Land | 10,088 | |||
Buildings and Improvements | 81,568 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 14 | |||
Buildings and Improvements | 18,189 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 99,757 | |||
Total | 109,859 | |||
Accumulated Depreciation | 51,916 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 38,058 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 112,373 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,058 | |||
Buildings and Improvements | 604,784 | |||
Total | 642,842 | |||
Accumulated Depreciation | 259,596 | |||
Malls | Livingston Mall, Livingston (New York), NJ | ||||
Initial Cost | ||||
Land | 22,214 | |||
Buildings and Improvements | 105,250 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 45,782 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,214 | |||
Buildings and Improvements | 151,032 | |||
Total | 173,246 | |||
Accumulated Depreciation | 64,746 | |||
Malls | Mall at Chestnut Hill, The, Chestnut Hill (Boston), MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 120,000 | |||
Initial Cost | ||||
Land | 449 | |||
Buildings and Improvements | 25,102 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 43,257 | |||
Buildings and Improvements | 98,336 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 43,706 | |||
Buildings and Improvements | 123,438 | |||
Total | 167,144 | |||
Accumulated Depreciation | 12,617 | |||
Malls | Mall of Georgia, Buford (Atlanta), GA | ||||
Initial Cost | ||||
Land | 47,492 | |||
Buildings and Improvements | 326,633 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,634 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 339,267 | |||
Total | 386,759 | |||
Accumulated Depreciation | 141,018 | |||
Malls | McCain Mall, N. Little Rock, AR | ||||
Initial Cost | ||||
Buildings and Improvements | 9,515 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 10,530 | |||
Buildings and Improvements | 27,441 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,530 | |||
Buildings and Improvements | 36,956 | |||
Total | 47,486 | |||
Accumulated Depreciation | 10,081 | |||
Malls | Menlo Park Mall, Edison (New York), NJ | ||||
Initial Cost | ||||
Land | 65,684 | |||
Buildings and Improvements | 223,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 47,372 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 270,624 | |||
Total | 336,308 | |||
Accumulated Depreciation | 137,796 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 81,860 | |||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 24,747 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 687 | |||
Buildings and Improvements | 33,960 | |||
Total | 34,647 | |||
Accumulated Depreciation | 20,380 | |||
Malls | Miller Hill Mall, Duluth, MN | ||||
Initial Cost | ||||
Land | 2,965 | |||
Buildings and Improvements | 18,092 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,811 | |||
Buildings and Improvements | 40,307 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 58,399 | |||
Total | 63,175 | |||
Accumulated Depreciation | 36,560 | |||
Malls | Montgomery Mall, North Wales (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 100,000 | |||
Initial Cost | ||||
Land | 27,105 | |||
Buildings and Improvements | 86,915 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 56,661 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 27,105 | |||
Buildings and Improvements | 143,576 | |||
Total | 170,681 | |||
Accumulated Depreciation | 48,698 | |||
Malls | North East Mall, Hurst (Dallas), TX | ||||
Initial Cost | ||||
Land | 128 | |||
Buildings and Improvements | 12,966 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 19,010 | |||
Buildings and Improvements | 151,139 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 164,105 | |||
Total | 183,243 | |||
Accumulated Depreciation | 93,959 | |||
Malls | Northgate Mall, Seattle, WA | ||||
Initial Cost | ||||
Land | 24,369 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 100,121 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,369 | |||
Buildings and Improvements | 216,113 | |||
Total | 240,482 | |||
Accumulated Depreciation | 97,943 | |||
Malls | Ocean County Mall, Toms River (New York), NJ | ||||
Initial Cost | ||||
Land | 20,404 | |||
Buildings and Improvements | 124,945 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 30,639 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,404 | |||
Buildings and Improvements | 155,584 | |||
Total | 175,988 | |||
Accumulated Depreciation | 71,395 | |||
Malls | Orland Square, Orland Park (Chicago), IL | ||||
Initial Cost | ||||
Land | 35,514 | |||
Buildings and Improvements | 129,906 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 50,512 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,514 | |||
Buildings and Improvements | 180,418 | |||
Total | 215,932 | |||
Accumulated Depreciation | 83,769 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 66,514 | |||
Initial Cost | ||||
Land | 24,544 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,607 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,544 | |||
Buildings and Improvements | 118,894 | |||
Total | 143,438 | |||
Accumulated Depreciation | 69,426 | |||
Malls | Penn Square Mall, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 93,998 | |||
Initial Cost | ||||
Land | 2,043 | |||
Buildings and Improvements | 155,958 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 48,096 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 204,054 | |||
Total | 206,097 | |||
Accumulated Depreciation | 96,100 | |||
Malls | Pheasant Lane Mall, Nashua, NH | ||||
Initial Cost | ||||
Land | 3,902 | |||
Buildings and Improvements | 155,068 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 550 | |||
Buildings and Improvements | 46,155 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 201,223 | |||
Total | 205,675 | |||
Accumulated Depreciation | 80,931 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 16,185 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 41,356 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,185 | |||
Buildings and Improvements | 251,966 | |||
Total | 268,151 | |||
Accumulated Depreciation | 114,662 | |||
Malls | Plaza Carolina, Carolina (San Juan), PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 225,000 | |||
Initial Cost | ||||
Land | 15,493 | |||
Buildings and Improvements | 279,560 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 62,061 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 341,621 | |||
Total | 357,114 | |||
Accumulated Depreciation | 111,495 | |||
Malls | Prien Lake Mall, Lake Charles, LA | ||||
Initial Cost | ||||
Land | 1,842 | |||
Buildings and Improvements | 2,813 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,053 | |||
Buildings and Improvements | 49,383 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 52,196 | |||
Total | 57,091 | |||
Accumulated Depreciation | 23,065 | |||
Malls | Rockaway Townsquare, Rockaway (New York), NJ | ||||
Initial Cost | ||||
Land | 41,918 | |||
Buildings and Improvements | 212,257 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 43,188 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 255,445 | |||
Total | 297,363 | |||
Accumulated Depreciation | 112,753 | |||
Malls | Roosevelt Field, Garden City (New York), NY | ||||
Initial Cost | ||||
Land | 163,160 | |||
Buildings and Improvements | 702,008 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 93 | |||
Buildings and Improvements | 251,214 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 163,253 | |||
Buildings and Improvements | 953,222 | |||
Total | 1,116,475 | |||
Accumulated Depreciation | 346,583 | |||
Malls | Ross Park Mall, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,541 | |||
Buildings and Improvements | 90,203 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 89,769 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,541 | |||
Buildings and Improvements | 179,972 | |||
Total | 203,513 | |||
Accumulated Depreciation | 95,786 | |||
Malls | Santa Rosa Plaza, Santa Rosa, CA | ||||
Initial Cost | ||||
Land | 10,400 | |||
Buildings and Improvements | 87,864 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 25,222 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 113,086 | |||
Total | 123,486 | |||
Accumulated Depreciation | 49,437 | |||
Malls | Shops at Nanuet, The, Nanuet, NY | ||||
Initial Cost | ||||
Land | 28,125 | |||
Buildings and Improvements | 143,120 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,019 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 151,139 | |||
Total | 179,264 | |||
Accumulated Depreciation | 7,630 | |||
Malls | Shops at Riverside, The, Hackensack (New York), NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 130,000 | |||
Initial Cost | ||||
Land | 13,521 | |||
Buildings and Improvements | 238,746 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,137 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 243,883 | |||
Total | 257,404 | |||
Accumulated Depreciation | 25,217 | |||
Malls | South Hills Village, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,445 | |||
Buildings and Improvements | 125,840 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,472 | |||
Buildings and Improvements | 56,299 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 182,139 | |||
Total | 207,056 | |||
Accumulated Depreciation | 75,009 | |||
Malls | South Shore Plaza, Braintree (Boston), MA | ||||
Initial Cost | ||||
Land | 101,200 | |||
Buildings and Improvements | 301,495 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 158,767 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 101,200 | |||
Buildings and Improvements | 460,262 | |||
Total | 561,462 | |||
Accumulated Depreciation | 179,736 | |||
Malls | Southdale Center, Edina (Minneapolis), MN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 155,000 | |||
Initial Cost | ||||
Land | 40,172 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 38,599 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,172 | |||
Buildings and Improvements | 223,566 | |||
Total | 263,738 | |||
Accumulated Depreciation | 22,300 | |||
Malls | SouthPark, Charlotte, NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 187,439 | |||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 181,111 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 369,166 | |||
Total | 411,358 | |||
Accumulated Depreciation | 155,981 | |||
Malls | Southridge Mall, Greendale (Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 125,000 | |||
Initial Cost | ||||
Land | 12,359 | |||
Buildings and Improvements | 130,111 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,389 | |||
Buildings and Improvements | 18,410 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,748 | |||
Buildings and Improvements | 148,521 | |||
Total | 163,269 | |||
Accumulated Depreciation | 19,389 | |||
Malls | St. Charles Towne Center, Waldorf (Washington, D.C.), MD | ||||
Initial Cost | ||||
Land | 7,710 | |||
Buildings and Improvements | 52,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,180 | |||
Buildings and Improvements | 31,061 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 83,995 | |||
Total | 92,885 | |||
Accumulated Depreciation | 49,586 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 66,277 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 405,814 | |||
Total | 405,814 | |||
Accumulated Depreciation | 121,500 | |||
Malls | Summit Mall, Akron, OH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 65,000 | |||
Initial Cost | ||||
Land | 15,374 | |||
Buildings and Improvements | 51,137 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 47,534 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 98,671 | |||
Total | 114,045 | |||
Accumulated Depreciation | 47,796 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,803 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 87,784 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,803 | |||
Buildings and Improvements | 213,610 | |||
Total | 251,413 | |||
Accumulated Depreciation | 99,336 | |||
Malls | Tippecanoe Mall, Lafayette, IN | ||||
Initial Cost | ||||
Land | 2,897 | |||
Buildings and Improvements | 8,439 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,517 | |||
Buildings and Improvements | 48,508 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 56,947 | |||
Total | 65,361 | |||
Accumulated Depreciation | 39,480 | |||
Malls | Town Center at Boca Raton, Boca Raton (Miami), FL | ||||
Initial Cost | ||||
Land | 64,200 | |||
Buildings and Improvements | 307,317 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 168,055 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 475,372 | |||
Total | 539,572 | |||
Accumulated Depreciation | 213,868 | |||
Malls | Town Center at Cobb, Kennesaw (Atlanta), GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 198,095 | |||
Initial Cost | ||||
Land | 32,355 | |||
Buildings and Improvements | 158,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,514 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 32,355 | |||
Buildings and Improvements | 176,739 | |||
Total | 209,094 | |||
Accumulated Depreciation | 86,734 | |||
Malls | Towne East Square, Wichita, KS | ||||
Initial Cost | ||||
Land | 8,525 | |||
Buildings and Improvements | 18,479 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,108 | |||
Buildings and Improvements | 44,870 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,633 | |||
Buildings and Improvements | 63,349 | |||
Total | 75,982 | |||
Accumulated Depreciation | 41,034 | |||
Malls | Treasure Coast Square, Jensen Beach, FL | ||||
Initial Cost | ||||
Land | 11,124 | |||
Buildings and Improvements | 72,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,067 | |||
Buildings and Improvements | 38,226 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,191 | |||
Buildings and Improvements | 111,216 | |||
Total | 125,407 | |||
Accumulated Depreciation | 58,459 | |||
Malls | Tyrone Square, St. Petersburg (Tampa), FL | ||||
Initial Cost | ||||
Land | 15,638 | |||
Buildings and Improvements | 120,962 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,459 | |||
Buildings and Improvements | 35,695 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 156,657 | |||
Total | 173,754 | |||
Accumulated Depreciation | 79,999 | |||
Malls | University Park Mall, Mishawaka, IN | ||||
Initial Cost | ||||
Land | 16,768 | |||
Buildings and Improvements | 112,158 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Buildings and Improvements | 58,511 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,768 | |||
Buildings and Improvements | 170,669 | |||
Total | 194,437 | |||
Accumulated Depreciation | 135,520 | |||
Malls | Walt Whitman Shops, Huntington Station (New York), NY | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 115,492 | |||
Initial Cost | ||||
Land | 51,700 | |||
Buildings and Improvements | 111,258 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,789 | |||
Buildings and Improvements | 124,069 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 235,327 | |||
Total | 290,816 | |||
Accumulated Depreciation | 87,286 | |||
Malls | White Oaks Mall, Springfield, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,000 | |||
Initial Cost | ||||
Land | 3,024 | |||
Buildings and Improvements | 35,692 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,102 | |||
Buildings and Improvements | 62,388 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,126 | |||
Buildings and Improvements | 98,080 | |||
Total | 103,206 | |||
Accumulated Depreciation | 41,085 | |||
Malls | Wolfchase Galleria, Memphis, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 225,000 | |||
Initial Cost | ||||
Land | 15,881 | |||
Buildings and Improvements | 128,276 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,677 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,881 | |||
Buildings and Improvements | 140,953 | |||
Total | 156,834 | |||
Accumulated Depreciation | 72,914 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 91,688 | |||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 26,957 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 34,211 | |||
Buildings and Improvements | 214,080 | |||
Total | 248,291 | |||
Accumulated Depreciation | 99,583 | |||
Premium Outlets | Albertville Premium Outlets, Albertville (Minneapolis), MN | ||||
Initial Cost | ||||
Land | 3,900 | |||
Buildings and Improvements | 97,059 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,217 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 103,276 | |||
Total | 107,176 | |||
Accumulated Depreciation | 38,433 | |||
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX | ||||
Initial Cost | ||||
Land | 13,855 | |||
Buildings and Improvements | 43,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 97 | |||
Buildings and Improvements | 14,418 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,952 | |||
Buildings and Improvements | 58,105 | |||
Total | 72,057 | |||
Accumulated Depreciation | 24,704 | |||
Premium Outlets | Aurora Farms Premium Outlets, Aurora (Cleveland), OH | ||||
Initial Cost | ||||
Land | 2,370 | |||
Buildings and Improvements | 24,326 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,466 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 28,792 | |||
Total | 31,162 | |||
Accumulated Depreciation | 18,722 | |||
Premium Outlets | Birch Run Premium Outlets, Birch Run (Detroit), MI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 102,362 | |||
Initial Cost | ||||
Land | 11,477 | |||
Buildings and Improvements | 77,856 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,926 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 81,782 | |||
Total | 93,259 | |||
Accumulated Depreciation | 17,898 | |||
Premium Outlets | Calhoun Premium Outlets, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 19,683 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 887 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 13,416 | |||
Total | 15,161 | |||
Accumulated Depreciation | 5,788 | |||
Premium Outlets | Camarillo Premium Outlets, Camarillo (Los Angeles), CA | ||||
Initial Cost | ||||
Land | 16,670 | |||
Buildings and Improvements | 224,721 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 395 | |||
Buildings and Improvements | 64,570 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,065 | |||
Buildings and Improvements | 289,291 | |||
Total | 306,356 | |||
Accumulated Depreciation | 95,495 | |||
Premium Outlets | Carlsbad Premium Outlets, Carlsbad (San Diego), CA | ||||
Initial Cost | ||||
Land | 12,890 | |||
Buildings and Improvements | 184,990 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 96 | |||
Buildings and Improvements | 4,469 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 189,459 | |||
Total | 202,445 | |||
Accumulated Depreciation | 59,242 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 48,448 | |||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 5,438 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 65,301 | |||
Total | 73,787 | |||
Accumulated Depreciation | 28,294 | |||
Premium Outlets | Chicago Premium Outlets, Aurora (Chicago), IL | ||||
Initial Cost | ||||
Land | 659 | |||
Buildings and Improvements | 118,005 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 13,050 | |||
Buildings and Improvements | 31,524 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 149,529 | |||
Total | 163,238 | |||
Accumulated Depreciation | 50,063 | |||
Premium Outlets | Cincinnati Premium Outlets, Monroe (Cincinnati), OH | ||||
Initial Cost | ||||
Land | 14,117 | |||
Buildings and Improvements | 71,520 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,589 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 76,109 | |||
Total | 90,226 | |||
Accumulated Depreciation | 21,254 | |||
Premium Outlets | Clinton Crossing Premium Outlets, Clinton, CT | ||||
Initial Cost | ||||
Land | 2,060 | |||
Buildings and Improvements | 107,556 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,532 | |||
Buildings and Improvements | 3,065 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 110,621 | |||
Total | 114,213 | |||
Accumulated Depreciation | 41,027 | |||
Premium Outlets | Columbia Gorge Premium Outlets, Troutdale (Portland), OR | ||||
Initial Cost | ||||
Land | 7,900 | |||
Buildings and Improvements | 16,492 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,735 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,900 | |||
Buildings and Improvements | 19,227 | |||
Total | 27,127 | |||
Accumulated Depreciation | 10,171 | |||
Premium Outlets | Desert Hills Premium Outlets, Cabazon (Palm Springs), CA | ||||
Initial Cost | ||||
Land | 3,440 | |||
Buildings and Improvements | 338,679 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 94,260 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 432,939 | |||
Total | 436,379 | |||
Accumulated Depreciation | 108,736 | |||
Premium Outlets | Edinburgh Premium Outlets, Edinburgh (Indianapolis), IN | ||||
Initial Cost | ||||
Land | 2,857 | |||
Buildings and Improvements | 47,309 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 13,791 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 61,100 | |||
Total | 63,957 | |||
Accumulated Depreciation | 25,458 | |||
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 100,466 | |||
Initial Cost | ||||
Land | 15,807 | |||
Buildings and Improvements | 182,412 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,102 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 186,514 | |||
Total | 202,321 | |||
Accumulated Depreciation | 46,572 | |||
Premium Outlets | Folsom Premium Outlets, Folsom (Sacramento), CA | ||||
Initial Cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 50,281 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,235 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 54,516 | |||
Total | 63,576 | |||
Accumulated Depreciation | 24,502 | |||
Premium Outlets | Gaffney Premium Outlets, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 35,721 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,203 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 34,574 | |||
Total | 38,630 | |||
Accumulated Depreciation | 9,268 | |||
Premium Outlets | Gilroy Premium Outlets, Gilroy (San Jose), CA | ||||
Initial Cost | ||||
Land | 9,630 | |||
Buildings and Improvements | 194,122 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,060 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 204,182 | |||
Total | 213,812 | |||
Accumulated Depreciation | 73,554 | |||
Premium Outlets | Grand Prairie Premium Outlets, Grand Prairie (Dallas), TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 120,000 | |||
Initial Cost | ||||
Land | 9,497 | |||
Buildings and Improvements | 197,242 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 197,242 | |||
Total | 206,739 | |||
Accumulated Depreciation | 15,463 | |||
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 108,453 | |||
Initial Cost | ||||
Land | 6,421 | |||
Buildings and Improvements | 121,880 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,101 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 124,981 | |||
Total | 131,402 | |||
Accumulated Depreciation | 32,630 | |||
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 24,198 | |||
Initial Cost | ||||
Buildings and Improvements | 27,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,198 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 30,147 | |||
Total | 30,147 | |||
Accumulated Depreciation | 8,209 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington DC), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 86,045 | |||
Initial Cost | ||||
Land | 3,576 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 900 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,576 | |||
Buildings and Improvements | 86,783 | |||
Total | 90,359 | |||
Accumulated Depreciation | 19,215 | |||
Premium Outlets | Houston Premium Outlets, Cypress (Houston), TX | ||||
Initial Cost | ||||
Land | 8,695 | |||
Buildings and Improvements | 69,350 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 46,294 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 115,644 | |||
Total | 124,339 | |||
Accumulated Depreciation | 31,069 | |||
Premium Outlets | Jackson Premium Outlets, Jackson (New York), NJ | ||||
Initial Cost | ||||
Land | 6,413 | |||
Buildings and Improvements | 104,013 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3 | |||
Buildings and Improvements | 5,458 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 109,471 | |||
Total | 115,887 | |||
Accumulated Depreciation | 34,827 | |||
Premium Outlets | Jersey Shore Premium Outlets, Tinton Falls (New York), NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 67,306 | |||
Initial Cost | ||||
Land | 15,390 | |||
Buildings and Improvements | 50,979 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 75,614 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 126,593 | |||
Total | 141,983 | |||
Accumulated Depreciation | 36,202 | |||
Premium Outlets | Johnson Creek Premium Outlets, Johnson Creek, WI | ||||
Initial Cost | ||||
Land | 2,800 | |||
Buildings and Improvements | 39,546 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,778 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 46,324 | |||
Total | 49,124 | |||
Accumulated Depreciation | 16,685 | |||
Premium Outlets | Kittery Premium Outlets, Kittery , ME | ||||
Initial Cost | ||||
Land | 11,832 | |||
Buildings and Improvements | 94,994 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,515 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 102,509 | |||
Total | 114,341 | |||
Accumulated Depreciation | 30,769 | |||
Premium Outlets | Las Americas Premium Outlets, San Diego, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 176,605 | |||
Initial Cost | ||||
Land | 45,168 | |||
Buildings and Improvements | 251,878 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,561 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 258,439 | |||
Total | 303,607 | |||
Accumulated Depreciation | 55,965 | |||
Premium Outlets | Las Vegas Premium Outlets - North, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 25,435 | |||
Buildings and Improvements | 134,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 16,536 | |||
Buildings and Improvements | 132,127 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 267,100 | |||
Total | 309,071 | |||
Accumulated Depreciation | 72,952 | |||
Premium Outlets | Las Vegas Premium Outlets - South, Las Vegas, NV | ||||
Initial Cost | ||||
Land | 13,085 | |||
Buildings and Improvements | 160,777 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 23,993 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 184,770 | |||
Total | 197,855 | |||
Accumulated Depreciation | 52,538 | |||
Premium Outlets | Lebanon Premium Outlets, Lebanon (Nashville), TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 14,877 | |||
Initial Cost | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,189 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 896 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,758 | |||
Buildings and Improvements | 11,085 | |||
Total | 12,843 | |||
Accumulated Depreciation | 3,509 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 49,134 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,209 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 53,421 | |||
Total | 62,588 | |||
Accumulated Depreciation | 14,077 | |||
Premium Outlets | Leesburg Corner Premium Outlets, Leesburg (Washington D.C.), VA | ||||
Initial Cost | ||||
Land | 7,190 | |||
Buildings and Improvements | 162,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,689 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 166,712 | |||
Total | 173,902 | |||
Accumulated Depreciation | 63,162 | |||
Premium Outlets | Liberty Village Premium Outlets, Flemington (New York), NJ | ||||
Initial Cost | ||||
Land | 5,670 | |||
Buildings and Improvements | 28,904 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,606 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,670 | |||
Buildings and Improvements | 30,510 | |||
Total | 36,180 | |||
Accumulated Depreciation | 15,494 | |||
Premium Outlets | Lighthouse Place Premium Outlets, Michigan City (Chicago, IL), IN | ||||
Initial Cost | ||||
Land | 6,630 | |||
Buildings and Improvements | 94,138 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,542 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 102,680 | |||
Total | 109,310 | |||
Accumulated Depreciation | 42,698 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 130,000 | |||
Initial Cost | ||||
Land | 17,028 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 813 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,028 | |||
Buildings and Improvements | 119,241 | |||
Total | 136,269 | |||
Accumulated Depreciation | 14,076 | |||
Premium Outlets | Napa Premium Outlets, Napa, CA | ||||
Initial Cost | ||||
Land | 11,400 | |||
Buildings and Improvements | 45,023 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,498 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 49,521 | |||
Total | 60,921 | |||
Accumulated Depreciation | 18,889 | |||
Premium Outlets | North Bend Premium Outlets, North Bend (Seattle), WA | ||||
Initial Cost | ||||
Land | 2,143 | |||
Buildings and Improvements | 36,197 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,499 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 39,696 | |||
Total | 41,839 | |||
Accumulated Depreciation | 12,705 | |||
Premium Outlets | North Georgia Premium Outlets, Dawsonville (Atlanta), GA | ||||
Initial Cost | ||||
Land | 4,300 | |||
Buildings and Improvements | 132,325 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,883 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 135,208 | |||
Total | 139,508 | |||
Accumulated Depreciation | 48,183 | |||
Premium Outlets | Orlando International Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 31,998 | |||
Buildings and Improvements | 472,815 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,108 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 475,923 | |||
Total | 507,921 | |||
Accumulated Depreciation | 81,925 | |||
Premium Outlets | Orlando Vineland Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 14,040 | |||
Buildings and Improvements | 304,410 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 38,656 | |||
Buildings and Improvements | 78,186 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 52,696 | |||
Buildings and Improvements | 382,596 | |||
Total | 435,292 | |||
Accumulated Depreciation | 109,502 | |||
Premium Outlets | Osage Beach Premium Outlets, Osage Beach, MO | ||||
Initial Cost | ||||
Land | 9,460 | |||
Buildings and Improvements | 85,804 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,661 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,460 | |||
Buildings and Improvements | 92,465 | |||
Total | 101,925 | |||
Accumulated Depreciation | 35,800 | |||
Premium Outlets | Petaluma Village Premium Outlets, Petaluma (San Francisco), CA | ||||
Initial Cost | ||||
Land | 13,322 | |||
Buildings and Improvements | 13,710 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,774 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 15,484 | |||
Total | 28,806 | |||
Accumulated Depreciation | 9,106 | |||
Premium Outlets | Philadelphia Premium Outlets, Limerick (Philadelphia), PA | ||||
Initial Cost | ||||
Land | 16,676 | |||
Buildings and Improvements | 105,249 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 16,604 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 121,853 | |||
Total | 138,529 | |||
Accumulated Depreciation | 42,832 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,751 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 51 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,802 | |||
Total | 63,802 | |||
Accumulated Depreciation | 6,337 | |||
Premium Outlets | Pismo Beach Premium Outlets, Pismo Beach, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 33,850 | |||
Initial Cost | ||||
Land | 4,317 | |||
Buildings and Improvements | 19,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,667 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 20,711 | |||
Total | 25,028 | |||
Accumulated Depreciation | 6,394 | |||
Premium Outlets | Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 92,998 | |||
Initial Cost | ||||
Land | 16,823 | |||
Buildings and Improvements | 126,686 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,346 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 130,032 | |||
Total | 146,855 | |||
Accumulated Depreciation | 25,459 | |||
Premium Outlets | Puerto Rico Premium Outlets, Barceloneta, PR | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 125,000 | |||
Initial Cost | ||||
Land | 20,586 | |||
Buildings and Improvements | 114,021 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,003 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 117,024 | |||
Total | 137,610 | |||
Accumulated Depreciation | 23,285 | |||
Premium Outlets | Queenstown Premium Outlets, Queenstown (Baltimore), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 66,150 | |||
Initial Cost | ||||
Land | 8,129 | |||
Buildings and Improvements | 61,950 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,979 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 64,929 | |||
Total | 73,058 | |||
Accumulated Depreciation | 13,832 | |||
Premium Outlets | Rio Grande Valley Premium Outlets, Mercedes (McAllen), TX | ||||
Initial Cost | ||||
Land | 12,229 | |||
Buildings and Improvements | 41,547 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 32,929 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 74,476 | |||
Total | 86,705 | |||
Accumulated Depreciation | 29,930 | |||
Premium Outlets | Round Rock Premium Outlets, Round Rock (Austin), TX | ||||
Initial Cost | ||||
Land | 14,706 | |||
Buildings and Improvements | 82,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,686 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,706 | |||
Buildings and Improvements | 83,938 | |||
Total | 98,644 | |||
Accumulated Depreciation | 35,433 | |||
Premium Outlets | San Francisco Premium Outlets, Livermore (San Francisco), CA | ||||
Initial Cost | ||||
Land | 21,925 | |||
Buildings and Improvements | 308,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 40,046 | |||
Buildings and Improvements | 16,991 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,971 | |||
Buildings and Improvements | 325,685 | |||
Total | 387,656 | |||
Accumulated Depreciation | 22,827 | |||
Premium Outlets | San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 137,569 | |||
Initial Cost | ||||
Land | 13,180 | |||
Buildings and Improvements | 287,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,897 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 294,076 | |||
Total | 307,256 | |||
Accumulated Depreciation | 50,624 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 53,354 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 157,076 | |||
Total | 157,076 | |||
Accumulated Depreciation | 47,499 | |||
Premium Outlets | St. Augustine Premium Outlets, St. Augustine (Jacksonville), FL | ||||
Initial Cost | ||||
Land | 6,090 | |||
Buildings and Improvements | 57,670 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2 | |||
Buildings and Improvements | 9,480 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 67,150 | |||
Total | 73,242 | |||
Accumulated Depreciation | 27,592 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville , PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 115,000 | |||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,969 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 185,900 | |||
Total | 193,620 | |||
Accumulated Depreciation | 59,249 | |||
Premium Outlets | Vacaville Premium Outlets, Vacaville , CA | ||||
Initial Cost | ||||
Land | 9,420 | |||
Buildings and Improvements | 84,850 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 12,825 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 97,675 | |||
Total | 107,095 | |||
Accumulated Depreciation | 40,848 | |||
Premium Outlets | Waikele Premium Outlets, Waipahu (Honolulu), HI | ||||
Initial Cost | ||||
Land | 22,630 | |||
Buildings and Improvements | 77,316 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,033 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 87,349 | |||
Total | 109,979 | |||
Accumulated Depreciation | 30,727 | |||
Premium Outlets | Waterloo Premium Outlets, Waterloo , NY | ||||
Initial Cost | ||||
Land | 3,230 | |||
Buildings and Improvements | 75,277 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,382 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 83,659 | |||
Total | 86,889 | |||
Accumulated Depreciation | 34,507 | |||
Premium Outlets | Williamsburg Premium Outlets, Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 99,406 | |||
Initial Cost | ||||
Land | 10,323 | |||
Buildings and Improvements | 223,789 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,969 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 226,758 | |||
Total | 237,081 | |||
Accumulated Depreciation | 39,553 | |||
Premium Outlets | Woodburn Premium Outlets, Woodburn (Portland), OR | ||||
Initial Cost | ||||
Land | 9,414 | |||
Buildings and Improvements | 150,414 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 281 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 150,695 | |||
Total | 160,109 | |||
Accumulated Depreciation | 10,953 | |||
Premium Outlets | Woodbury Common Premium Outlets, Central Valley (New York), NY | ||||
Initial Cost | ||||
Land | 11,110 | |||
Buildings and Improvements | 862,559 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,658 | |||
Buildings and Improvements | 116,994 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,768 | |||
Buildings and Improvements | 979,553 | |||
Total | 992,321 | |||
Accumulated Depreciation | 276,603 | |||
Premium Outlets | Wrentham Village Premium Outlets, Wrentham (Boston), MA | ||||
Initial Cost | ||||
Land | 4,900 | |||
Buildings and Improvements | 282,031 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 290,889 | |||
Total | 295,789 | |||
Accumulated Depreciation | 98,278 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 164,566 | |||
Initial Cost | ||||
Land | 41,936 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,290 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,936 | |||
Buildings and Improvements | 300,579 | |||
Total | 342,515 | |||
Accumulated Depreciation | 9,976 | |||
The Mills | Great Mall, Milpitas (San Jose), CA | ||||
Initial Cost | ||||
Land | 70,496 | |||
Buildings and Improvements | 463,101 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 11,751 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 70,496 | |||
Buildings and Improvements | 474,852 | |||
Total | 545,348 | |||
Accumulated Depreciation | 47,214 | |||
The Mills | Gurnee Mills, Gurnee (Chicago), IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 321,000 | |||
Initial Cost | ||||
Land | 41,133 | |||
Buildings and Improvements | 297,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 7,914 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 305,825 | |||
Total | 346,958 | |||
Accumulated Depreciation | 31,813 | |||
The Mills | Opry Mills, Nashville, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 371,427 | |||
Initial Cost | ||||
Land | 51,000 | |||
Buildings and Improvements | 327,503 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,765 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 337,268 | |||
Total | 388,268 | |||
Accumulated Depreciation | 34,648 | |||
The Mills | Potomac Mills, Woodbridge (Washington, D.C.), VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 410,000 | |||
Initial Cost | ||||
Land | 61,755 | |||
Buildings and Improvements | 425,370 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,701 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,755 | |||
Buildings and Improvements | 453,071 | |||
Total | 514,826 | |||
Accumulated Depreciation | 46,933 | |||
The Mills | Sawgrass Mills, Sunrise (Miami), FL | ||||
Initial Cost | ||||
Land | 194,002 | |||
Buildings and Improvements | 1,641,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 38,809 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 194,002 | |||
Buildings and Improvements | 1,679,962 | |||
Total | 1,873,964 | |||
Accumulated Depreciation | 161,050 | |||
Community Centers | ABQ Uptown, Albuquerque, NM | ||||
Initial Cost | ||||
Land | 6,374 | |||
Buildings and Improvements | 75,333 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 4,054 | |||
Buildings and Improvements | 4,360 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 79,693 | |||
Total | 90,121 | |||
Accumulated Depreciation | 10,949 | |||
Other Properties | Florida Keys Outlet Center, Florida City, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 10,253 | |||
Initial Cost | ||||
Land | 1,560 | |||
Buildings and Improvements | 1,748 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,462 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,560 | |||
Buildings and Improvements | 4,210 | |||
Total | 5,770 | |||
Accumulated Depreciation | 1,351 | |||
Other Properties | Huntley Outlet Center, Huntley, IL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 28,679 | |||
Initial Cost | ||||
Land | 3,477 | |||
Buildings and Improvements | 2,027 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 345 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,477 | |||
Buildings and Improvements | 2,372 | |||
Total | 5,849 | |||
Accumulated Depreciation | 922 | |||
Other Properties | Lincoln Plaza, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Buildings and Improvements | 21,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 24,157 | |||
Total | 24,157 | |||
Accumulated Depreciation | 13,311 | |||
Other Properties | Naples Outlet Center, Naples, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 15,415 | |||
Initial Cost | ||||
Land | 1,514 | |||
Buildings and Improvements | 519 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 79 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,514 | |||
Buildings and Improvements | 598 | |||
Total | 2,112 | |||
Accumulated Depreciation | 424 | |||
Other Properties | Outlet Marketplace, Orlando , FL | ||||
Initial Cost | ||||
Land | 3,367 | |||
Buildings and Improvements | 1,557 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 380 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 1,937 | |||
Total | 5,304 | |||
Accumulated Depreciation | 961 | |||
Development Projects | Tampa Premium Outlets, Tampa, FL | ||||
Initial Cost | ||||
Land | 14,298 | |||
Buildings and Improvements | 14,996 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,298 | |||
Buildings and Improvements | 14,996 | |||
Total | 29,294 | |||
Development Projects | Tucson Premium Outlets, Marana (Tucson), AZ | ||||
Initial Cost | ||||
Land | 12,507 | |||
Buildings and Improvements | 12,561 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,507 | |||
Buildings and Improvements | 12,561 | |||
Total | 25,068 | |||
Development Projects | Other pre-development costs | ||||
Initial Cost | ||||
Land | 72,983 | |||
Buildings and Improvements | 9,630 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 72,983 | |||
Buildings and Improvements | 9,630 | |||
Total | 82,613 | |||
Accumulated Depreciation | 78 | |||
Other | ||||
Initial Cost | ||||
Land | 2,615 | |||
Buildings and Improvements | 10,045 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,615 | |||
Buildings and Improvements | 10,045 | |||
Total | 12,660 | |||
Accumulated Depreciation | $4,568 |
Schedule_III_Real_Estate_and_A2
Schedule III Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $30,048,230 | $29,263,463 | $24,736,546 |
Acquisitions and consolidations | 393,351 | 288,835 | 4,408,870 |
Improvements | 791,453 | 874,240 | 746,161 |
Disposals and deconsolidations | -218,901 | -378,308 | -628,114 |
Balance, close of year | 31,014,133 | 30,048,230 | 29,263,463 |
Unaudited aggregate cost of real estate for federal income tax purposes | 23,893,426 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 7,896,614 | 7,055,622 | 6,483,917 |
Depreciation expense | 997,482 | 948,811 | 908,029 |
Disposals and deconsolidations | -153,168 | -107,819 | -336,324 |
Balance, close of year | $8,740,928 | $7,896,614 | $7,055,622 |
Structure | Minimum | |||
Estimated original lives | |||
Depreciable life | 10 years | ||
Structure | Maximum | |||
Estimated original lives | |||
Depreciable life | 35 years | ||
Landscaping and parking lot | |||
Estimated original lives | |||
Depreciable life | 15 years | ||
HVAC equipment | |||
Estimated original lives | |||
Depreciable life | 10 years |