Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 29, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | SIMON PROPERTY GROUP INC /DE/ | ||
Entity Central Index Key | 1,063,761 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 53,152 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Common stock | |||
Entity Common Stock, Shares Outstanding | 314,806,649 | ||
Class B common stock | |||
Entity Common Stock, Shares Outstanding | 8,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Investment properties at cost | $ 33,463,124 | $ 31,318,532 |
Less - accumulated depreciation | 9,915,386 | 8,950,747 |
Investment properties at cost, net | 23,547,738 | 22,367,785 |
Cash and cash equivalents | 701,134 | 612,282 |
Tenant receivables and accrued revenue, net | 624,605 | 580,197 |
Investment in unconsolidated entities, at equity | 2,481,574 | 2,378,800 |
Investment in Klepierre, at equity | 1,943,363 | 1,786,477 |
Deferred costs and other assets | 1,352,259 | 1,806,789 |
Total assets | 30,650,673 | 29,532,330 |
LIABILITIES: | ||
Mortgages and unsecured indebtedness | 22,502,173 | 20,852,993 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,323,801 | 1,259,681 |
Cash distributions and losses in partnerships and joint ventures, at equity | 1,368,544 | 1,167,163 |
Other liabilities | 214,249 | 275,451 |
Total liabilities | $ 25,408,767 | $ 23,555,288 |
Commitments and contingencies | ||
Limited partners' preferred interest in the Operating Partnership | $ 25,537 | $ 25,537 |
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 | 43,733 | 44,062 |
Capital in excess of par value | 9,384,450 | 9,422,237 |
Accumulated deficit | (4,266,930) | (4,208,183) |
Accumulated other comprehensive loss | (252,686) | (61,041) |
Common stock held in treasury at cost, 5,394,345 and 3,540,754 shares, respectively | (437,134) | (103,929) |
Total stockholders' equity | 4,471,464 | 5,093,177 |
Noncontrolling interests | 744,905 | 858,328 |
Total equity | 5,216,369 | 5,951,505 |
Total liabilities and equity | 30,650,673 | 29,532,330 |
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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital stock, total shares authorized | 850,000,000 | 850,000,000 |
Capital stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
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 | 8.375% | 8.375% |
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 | 5,394,345 | 3,540,754 |
Common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 511,990,000 | 511,990,000 |
Common stock, shares issued | 314,806,914 | 314,320,664 |
Common stock, shares outstanding | 314,806,914 | 314,320,664 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
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 Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUE: | |||
Minimum rent | $ 3,142,347 | $ 2,962,295 | $ 2,775,919 |
Overage rent | 194,070 | 207,104 | 214,758 |
Tenant reimbursements | 1,445,623 | 1,362,412 | 1,258,165 |
Management fees and other revenues | 158,466 | 138,226 | 126,972 |
Other income | 325,597 | 200,781 | 168,035 |
Total revenue | 5,266,103 | 4,870,818 | 4,543,849 |
EXPENSES: | |||
Property operating | 425,983 | 398,598 | 371,044 |
Depreciation and amortization | 1,177,568 | 1,143,827 | 1,107,700 |
Real estate taxes | 432,840 | 384,189 | 368,683 |
Repairs and maintenance | 101,369 | 100,016 | 98,219 |
Advertising and promotion | 134,854 | 136,656 | 117,894 |
Provision for credit losses | 6,635 | 12,001 | 7,165 |
Home and regional office costs | 154,816 | 158,576 | 140,931 |
General and administrative | 60,329 | 59,958 | 59,803 |
Other | 102,836 | 91,655 | 83,741 |
Total operating expenses | 2,597,230 | 2,485,476 | 2,355,180 |
OPERATING INCOME | 2,668,873 | 2,385,342 | 2,188,669 |
Interest expense | (923,697) | (992,601) | (1,082,081) |
Loss on extinguishment of debt | (120,953) | (127,573) | |
Income and other taxes | (20,170) | (28,085) | (39,538) |
Income from unconsolidated entities | 284,806 | 226,774 | 206,380 |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 250,516 | 158,308 | 93,363 |
Consolidated income from continuing operations | 2,139,375 | 1,622,165 | 1,366,793 |
Discontinued operations and gain on disposal | 67,524 | 184,797 | |
Discontinued operations transaction expenses | (38,163) | ||
CONSOLIDATED NET INCOME | 2,139,375 | 1,651,526 | 1,551,590 |
Net income attributable to noncontrolling interests | 311,655 | 242,938 | 231,949 |
Preferred dividends | 3,337 | 3,337 | 3,337 |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 1,824,383 | $ 1,405,251 | $ 1,316,304 |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: | |||
Income from continuing operations (in dollars per share) | $ 5.88 | $ 4.44 | $ 3.73 |
Discontinued operations (in dollars per share) | 0.08 | 0.51 | |
Net income attributable to common stockholders (in dollars per share) | $ 5.88 | $ 4.52 | $ 4.24 |
Consolidated Net Income | $ 2,139,375 | $ 1,651,526 | $ 1,551,590 |
Unrealized gain on derivative hedge agreements | 17,122 | 5,220 | 7,101 |
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings | (69,189) | 10,789 | 9,205 |
Currency translation adjustments | (160,312) | (101,799) | 2,865 |
Changes in available-for-sale securities and other | (11,200) | 102,816 | (1,479) |
Comprehensive income | 1,915,796 | 1,668,552 | 1,569,282 |
Comprehensive income attributable to noncontrolling interests | 279,720 | 245,210 | 234,536 |
Comprehensive income attributable to common stockholders | $ 1,636,076 | $ 1,423,342 | $ 1,334,746 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Consolidated Net Income | $ 2,139,375 | $ 1,651,526 | $ 1,551,590 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,239,214 | 1,285,784 | 1,332,950 |
Loss on debt extinguishment | 120,953 | 127,573 | |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | (250,516) | (158,550) | (107,515) |
Gain on sale of marketable securities | (80,187) | ||
Straight-line rent | (54,129) | (48,880) | (48,264) |
Equity in income of unconsolidated entities | (284,806) | (227,426) | (205,259) |
Distributions of income from unconsolidated entities | 271,998 | 202,269 | 179,054 |
Changes in assets and liabilities - | |||
Tenant receivables and accrued revenue, net | 9,918 | (6,730) | (13,938) |
Deferred costs and other assets | (122,677) | (65,569) | (30,013) |
Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities | 35,542 | (29,577) | 42,391 |
Net cash provided by operating activities | 3,024,685 | 2,730,420 | 2,700,996 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisitions | (1,410,881) | (85,459) | (866,541) |
Funding of loans to related parties | (50,892) | (99,079) | |
Repayments of loans to related parties | 170,953 | ||
Capital expenditures, net | (1,020,924) | (796,736) | (841,209) |
Cash impact from the consolidation of properties | 5,402 | ||
Net proceeds from sale of assets | 33,015 | 274,058 | |
Investments in unconsolidated entities | (329,928) | (239,826) | (143,149) |
Purchase of marketable and non-marketable securities | (59,523) | (391,188) | (44,117) |
Proceeds from sale of marketable and non-marketable securities | 504,012 | 47,495 | |
Distributions of capital from unconsolidated entities and other | 821,509 | 490,480 | 724,454 |
Net cash used in investing activities | (1,462,720) | (897,266) | (948,088) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from sales of common stock and other, net of transaction costs | (285) | 277 | 99 |
Purchase of shares related to stock grant recipients' tax withholdings | (3,301) | ||
Cash impact of Washington Prime spin-off | (33,776) | ||
Redemption of limited partner units | (14,435) | ||
Purchase of limited partner units and treasury stock | (505,691) | ||
Purchase of noncontrolling interest in consolidated properties and other | (172,652) | ||
Distributions to noncontrolling interest holders in properties | (8,041) | (21,259) | (9,335) |
Contributions from noncontrolling interest holders in properties | 4,552 | 1,738 | 6,053 |
Preferred distributions of the Operating Partnership | (1,915) | (1,915) | (1,915) |
Preferred dividends and distributions to stockholders | (1,879,182) | (1,603,603) | (1,446,042) |
Distributions to limited partners | (314,944) | (271,640) | (242,596) |
Loss on debt extinguishment | (120,953) | (127,573) | |
Proceeds from issuance of debt, net of transaction costs | 10,468,667 | 3,627,154 | 2,919,364 |
Repayments of debt | (9,112,020) | (5,323,186) | (2,446,191) |
Proceeds from issuance of debt related to Washington Prime properties, net | 1,003,135 | ||
Net cash used in financing activities | (1,473,113) | (2,937,735) | (1,220,563) |
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 88,852 | (1,104,581) | 532,345 |
CASH AND CASH EQUIVALENTS, beginning of period | 612,282 | 1,716,863 | 1,184,518 |
CASH AND CASH EQUIVALENTS, end of period | $ 701,134 | $ 612,282 | $ 1,716,863 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Preferred StockSeries J 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 |
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 (489,291, 70,291 and 596,051 common shares respectively in 2015, 2014 and 2013, Note 10) | 11,161 | (11,161) | ||||||
Stock options exercised (1,567 common shares) | 90 | 90 | ||||||
Series J preferred stock premium amortization | (329) | (329) | ||||||
Stock incentive program (common shares, net: 63,738 in 2015, 83,509 in 2014, 107,123 in 2013) | (17,884) | 17,884 | ||||||
Amortization of stock incentive | 18,311 | 18,311 | ||||||
Issuance of unit equivalents and other, net (17, 030 common shares repurchased in 2015, 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 shareholders 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 2015, 2014 and 2013, respectively and $8,858 attributable to noncontrolling redeemable interests in properties in 2013) | 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 (489,291, 70,291 and 596,051 common shares respectively in 2015, 2014 and 2013, Note 10) | 1,297 | (1,297) | ||||||
Issuance of limited partner units | 84,910 | 84,910 | ||||||
Series J preferred stock premium amortization | (328) | (328) | ||||||
Stock incentive program (common shares, net: 63,738 in 2015, 83,509 in 2014, 107,123 in 2013) | (14,026) | 14,026 | ||||||
Redemption of limited partner units | (12,972) | (1,463) | (14,435) | |||||
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, net (17, 030 common shares repurchased in 2015, 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 shareholders 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 2015, 2014 and 2013, respectively and $8,858 attributable to noncontrolling redeemable interests in properties in 2013) | 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 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Exchange of limited partner units (489,291, 70,291 and 596,051 common shares respectively in 2015, 2014 and 2013, Note 10) | 7,942 | (7,942) | ||||||
Series J preferred stock premium amortization | (329) | (329) | ||||||
Stock incentive program (common shares, net: 63,738 in 2015, 83,509 in 2014, 107,123 in 2013) | (13,103) | 13,103 | ||||||
Redemption of limited partner units | (147,841) | (14,843) | (162,684) | |||||
Amortization of stock incentive | 13,692 | 13,692 | ||||||
Treasury stock purchase (1,903,340 shares in 2015) | (343,007) | (343,007) | ||||||
Long-term incentive performance units | 47,279 | 47,279 | ||||||
Issuance of unit equivalents and other, net (17, 030 common shares repurchased in 2015, 25,545 common shares issued in 2014) | 43 | (7,285) | (3,301) | 4,537 | (6,006) | |||
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 | 101,480 | (101,480) | ||||||
Distributions to common shareholders and limited partners, excluding Operating Partnership preferred interests | (1,879,182) | (314,944) | (2,194,126) | |||||
Distribution to other noncontrolling interest partners | (3,836) | (3,836) | ||||||
Other comprehensive income | (191,645) | (31,934) | (223,579) | |||||
Net income, excluding $1,915, $1,915 and $1,915 attributable to preferred interests in the Operating Partnership during 2015, 2014 and 2013, respectively and $8,858 attributable to noncontrolling redeemable interests in properties in 2013) | 1,827,720 | 309,740 | 2,137,460 | |||||
Balance at Dec. 31, 2015 | $ 43,733 | $ 31 | $ (252,686) | $ 9,384,450 | $ (4,266,930) | $ (437,134) | $ 744,905 | $ 5,216,369 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Equity | |||
Exchange of limited partner units, common shares | 489,291 | 70,291 | 596,051 |
Stock options exercised, common shares | 1,567 | ||
Stock incentive program, shares, net | 63,738 | 83,509 | 107,123 |
Treasury stock purchase, shares | 1,903,340 | ||
Issuance of unit equivalents and other, shares | 17,030 | 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 dollars) | $ 8,858 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
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, or the Internal Revenue Code. REITs will generally not be liable for federal corporate income taxes as long as they distribute not less than 100% of their REIT 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, 2015, we owned or held an interest in 209 income-producing properties in the United States, which consisted of 108 malls, 71 Premium Outlets, 14 Mills, four lifestyle centers, and 12 other retail properties in 37 states and Puerto Rico. Internationally, as of December 31, 2015, 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, 2015, we had a noncontrolling ownership interest in a joint venture that holds five outlet properties in Europe and one outlet property in Canada. Of the five properties in Europe, two are located in Italy and one each is located in Austria, the Netherlands, and the United Kingdom. Additionally, as of December 31, 2015, we owned a 20.3% 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 16 countries in Europe. 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 Conso
Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2015 | |
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. There have been no changes during 2015 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 2015, 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, 2015, we consolidated 137 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 81 properties, or the joint venture properties, as well as our investment in Klépierre and our joint venture with Hudson's Bay Company, or HBC, 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 58 of the 81 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 six outlet properties owned by our European joint venture comprise 20 of the remaining 23 properties. These international properties are managed 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 limited partnership interests, 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, 2015 2014 2013 Weighted average ownership interest % % % As of December 31, 2015 and 2014, our ownership interest in the Operating Partnership was 85.7% and 85.5%, 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies | |
Summary of 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, 2015 2014 2013 Capitalized interest $ $ $ 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 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. The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize 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 WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or 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 limited partnership interest in 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 completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime. The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties. Summarized financial information for discontinued operations for the years ended December 31, 2014 and 2013 is present below. For the Year Ended 2014 2013 TOTAL REVENUE $ $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses OPERATING INCOME Interest expense ) ) Income and other taxes ) ) Income (loss) from unconsolidated entities ) 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 ​ ​ ​ ​ ​ ​ ​ ​ CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures on a cash basis for the years ended December 31, 2014 and 2013 were $31.9 million and $93.3 million, respectively. We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime 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 had an initial term of two years and will terminate upon the two-year anniversary of the spinoff. 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 that were previously owned by us 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. These services, which do not constitute significant continuing support of Washington Prime's operations, 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 upon the two-year anniversary of the spinoff. Transitional services fees earned for 2015 and for the portion of 2014 subsequent to the spin-off were approximately $5.7 million and $3.2 million, respectively. 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 of high credit quality. However, at certain times, such cash and cash equivalents are 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, 2015 and 2014, we had marketable securities of $183.8 million and $643.0 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 accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 were approximately $12.6 million and $103.9 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. On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. At December 31, 2015 and 2014, we had investments of $181.4 million and $167.1 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. 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, 2015 and 2014 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 at December 31, 2014, and a gross asset value of $27.8 million and $20.1 million at December 31, 2015 and 2014, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting 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. Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre's issuance of shares in connection with Klépierre's acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. 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: 2015 2014 Deferred financing and lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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: 2015 2014 Deferred financing and lease costs $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing and lease costs, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 purchase accounting for 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, 2015 2014 2013 Amortization of deferred financing costs $ $ $ Amortization of debt premiums, net of discounts ) ) ) Amortization of deferred leasing costs Intangibles The average remaining life of in-place lease intangibles is approximately 3.1 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 5.3 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 $117.8 million and $103.1 million as of December 31, 2015 and 2014, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2015, 2014, and 2013 was $13.6 million, $11.3 million, and $22.8 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: 2015 2014 In-place lease intangibles $ $ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ In-place lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 2014 Acquired above market lease intangibles $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Acquired above market lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2015 are as follows: Below Market Leases Above Market Leases Impact to Minimum Rent, Net 2016 $ $ ) $ 2017 ) 2018 ) 2019 ) 2020 ) Thereafter ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2015, we had no outstanding interest rate derivatives. As of December 31, 2014, we had two interest rate swaps with an aggregate notional amount of $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. 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 U.S. dollars for their fair value at or close to their settlement date. As of December 31, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained as of December 31, 2014 for our Yen forward contracts that matured on 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. 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. During the second quarter of 2015, one forward contract with a €50.0 million notional value was settled. The December 31, 2015 asset balance related to the remaining €100.0 million forward contracts was $26.0 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. During the fourth quarter of 2015, we entered into a Euro:USD forward contract, which was designated as a net investment hedge, with an aggregate €50.0 million notional value that matures on May 15, 2019. The December 31, 2015 asset balance related to this forward contract was $1.8 million and is included in deferred costs and other assets. 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 $17.7 million and $45.8 million as of December 31, 2015 and 2014, 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. In July 2015, the FASB delayed the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter of 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard (and the transition method of such adoption) will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements, but we do not currently believe it will result in material changes to our previous consolidation conclusions. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our consolidated balance sheets for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 will be effective beginning January 1, 2016. We do not expect the adoption of this standard to have a significant impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact of adopting the new standard will have on our consolidated financial statements. Noncontrolling Interests Details of the carrying amount of our noncontrolling interests are as follows as of December 31: 2015 2014 Limited partners' interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests (deficit) in properties, net ) ​ ​ ​ ​ ​ ​ ​ ​ Total noncontrolling interests reflected in equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ended December 31 is as follows: 2015 2014 2013 Noncontrolling interests, beginning of period $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders ) ) ) Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized gain on derivative hedge agreements Net (gain) loss reclassified from accumulated other comprehensive loss into earnings ) Currency translation adjustments ) ) Changes in available-for-sale securities and other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment to limited partners' interest from change in ownership in the Operating Partnership ) ) ) Units issued to limited partners — — Units exchanged for common shares ) ) ) Units redeemed ) ) — Long-term incentive performance units Contributions by noncontrolling interest holders, net and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interests, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2015: Currency translation adjustments Accumulated derivative losses, net Net unrealized gains on marketable securities Total Beginning balance $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Real Estate Acquisitions and Di
Real Estate Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
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 and sale or disposal of assets and interests 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 $4.4 million in transaction costs during 2015 in connection with the acquisitions of Jersey Gardens and University Park Village, which are included in other expenses in the accompanying consolidated statements of operations and comprehensive income. We also 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 2015, 2014, and 2013. Our consolidated and unconsolidated acquisition and disposition activity for the periods presented are as follows: 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. We recorded the assets and liabilities of these properties at estimated fair value at the acquisition date and the determination of fair value was finalized during the fourth quarter of 2015 resulting in a valuation of investment property of $1.1 billion, net lease related intangibles of $3.6 million and mortgage debt premiums of $17.9 million. We amortize these amounts over the estimated 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 maturities, respectively. 2014 Acquisitions On April 10, 2014, as discussed further in Note 7, through a European joint venture, we acquired an additional 22.5% noncontrolling interest in Ashford Designer Outlet, increasing our percentage ownership to 45%. 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 in 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 interests in a portfolio of ten properties for approximately $114.4 million, seven of which were previously consolidated. 2013 Acquisitions During 2013, as further discussed in Note 7, we acquired noncontrolling interests in the property management and development companies of our European joint venture 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. 2015 and 2016 Dispositions During 2015, we disposed of our interests in three unconsolidated retail properties. The aggregate gain recognized on these transactions was approximately $43.6 million. In January of 2016, we disposed of our interests in two residential properties and a consolidated retail property. The aggregate gain from these transactions was $36.8 million. 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. |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Net Income attributable to Common Stockholders — Basic and Diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding — Basic Effect of stock options — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding — Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2015 and 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. No securities had a material dilutive effect for the years ended December 31, 2015 and 2014. The only securities that had a dilutive effect for the year ended December 31, 2013 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, 2015 2014 2013 Total dividends paid per common share $6.05 $5.15 $4.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent taxable as ordinary income 94.30% 100.0% 97.50% Percent taxable as long-term capital gains 5.70% 0.00% 2.50% ​ ​ ​ ​ ​ ​ ​ 100.0% 100.0% 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In January 2016, our Board of Directors declared a quarterly cash dividend of $1.60 per share of common stock payable on February 29, 2016 to stockholders of record on February 12, 2016. |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2015 | |
Investment Properties | |
Investment Properties | 6. Investment Properties Investment properties consist of the following as of December 31: 2015 2014 Land $ $ Buildings and improvements ​ ​ ​ ​ ​ ​ ​ ​ Total land, buildings and improvements Furniture, fixtures and equipment ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction in progress included above $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Unconsolidated Entities | |
Investments in Unconsolidated Entities | 7. Investments in Unconsolidated Entities Real Estate Joint Ventures and Investments 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. We held joint venture interests in 81 properties as of December 31, 2015 and 82 properties as of December 31, 2014. 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, 2015 and 2014, we had construction loans and other advances to related parties totaling $13.9 million and $14.9 million, respectively, which are included in deferred costs and other assets in the accompanying consolidated balance sheets. Unconsolidated Property Transactions On July 22, 2015, we closed on our previously announced joint venture with HBC, to which HBC contributed 42 properties in the U.S. and we committed to contribute $100.0 million for improvements to the properties contributed by HBC in exchange for a noncontrolling interest in the newly formed joint venture. As of December 31, 2015, we have funded $1.0 million of this commitment. On September 30, 2015, HBC announced it had closed on the acquisition of Galeria Holding, the parent company of Germany's leading department store, Kaufhof. In conjunction with the closing, the joint venture acquired 41 Kaufhof properties in Germany from HBC. All of the joint venture's properties have been leased to affiliates of HBC. We contributed an additional $178.5 million to the joint venture upon closing of the Galeria Holding transaction. Our noncontrolling interest in the joint venture is approximately 8.9%. Our share of net loss was $0.7 million from the date of our investment through December 31, 2015. The joint venture's total assets and total liabilities as of December 31, 2015 were $4.2 billion and $2.9 billion, respectively, and the joint venture's total revenues, operating income and consolidated net loss were approximately $55.0 million, $10.0 million and $8.0 million, respectively, for the period of our ownership in 2015. On April 23, 2015, we announced a partnership with Swire Properties Inc. and Whitman Family Development to jointly develop the approximately 500,000 square foot shopping center component of Brickell City Centre, a mixed-use development in downtown Miami. We own a 25% interest in the retail component of this project, which is scheduled to open in September 2016. Our share of the estimated cost of this project including development fees is approximately $110.0 million. As of December 31, 2015, we have contributed substantially all of our share of the cost of this project. On April 13, 2015, we announced a joint venture with Sears Holdings, or Sears, whereby Sears contributed 10 of its properties located at our malls to the joint venture in exchange for a 50% noncontrolling interest in the joint venture. We contributed $114.0 million in cash in exchange for a 50% noncontrolling interest in the joint venture. Sears or its affiliates are leasing back each of the 10 properties from the joint venture. The joint venture has the right to recapture not less than 50% of the space leased to Sears to be used for purposes of redeveloping and releasing the recaptured space. We will provide development, leasing and management services to the joint venture for any recaptured space. On July 7, 2015, we separately invested approximately $33.0 million in exchange for 1,125,760 common shares of Seritage Growth Properties, or Seritage, a public REIT recently formed by Sears, which we account for as an available-for-sale security. Seritage now holds Sears' interest in the joint venture. On February 24, 2015, Houston Galleria, in which we own a 50.4% noncontrolling interest, refinanced its $821.0 million mortgage with a $1.2 billion mortgage that matures on March 1, 2025. The fixed interest rate was reduced from 5.44% to 3.55% as a result. Excess proceeds of $377.1 million from the financing were distributed to the venture partners in February 2015. 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. 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, 2015, we owned 63,924,148 shares, or approximately 20.3%, of Klépierre, which had a quoted market price of $44.82 per share. On July 29, 2014 Klépierre announced that it had entered into a conditional agreement to acquire Corio pursuant to which Corio shareholders received 1.14 Klépierre ordinary shares for each Corio ordinary share. On January 15, 2015 the tender offer transaction closed and the merger was completed on March 31, 2015, reducing our ownership from 28.9% at December 31, 2014 to 18.3%, resulting in a non-cash gain of $206.9 million that was required to be recognized in the first quarter of 2015 as if we had sold a proportionate share of our investment. On May 11, 2015, we purchased 6,290,000 additional shares of Klépierre for $279.4 million bringing our ownership to 20.3%. All of the excess investment related to this additional purchase has been determined to relate to investment property. Our share of net income, net of amortization of our excess investment, was $6.7 million and $131.5 million for the year ended December 31, 2015 and 2014, respectively. 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 $20.8 billion, $12.4 billion, and $1.4 billion, respectively, as of December 31, 2015 and $12.7 billion, $8.2 billion, and $1.4 billion, respectively, as of December 31, 2014. Klépierre's total revenues, operating income and consolidated net income were approximately $1.5 billion, $414.8 million and $181.2 million, respectively, for the year ended December 31, 2015 and $1.2 billion, $432.1 million and $1.3 billion, respectively, for the year ended December 31, 2014. 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. Our joint venture in Europe has interests in six outlet properties, as well as a property management and development company. As of December 31, 2015, our legal percentage ownership interests in these entities ranged from 45% to 90%. 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 $577.3 million and $677.1 million as of December 31, 2015 and 2014, respectively. 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 of approximately $106.0 million from the financing were distributed to the venture partners in January 2015. In the first quarter of 2016, we will consolidate the entity that holds our interests in the six outlet properties as we obtain control of the investee entity. This will result in the consolidation of two of the six operating properties and will be accounted for as a step acquisition, requiring a remeasurement of our previously held equity interest to fair value and the recognition of a non-cash gain in earnings during the first quarter of 2016. Consolidation will require us to recognize the investee's identifiable assets and liabilities at fair value in our consolidated financial statements along with the related noncontrolling interest representing our partners' share. In February 2016, our joint venture acquired a 75% interest in an outlet center in Ochtrup, Germany for cash consideration of approximately $34.9 million. We also have minority interests 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 entities is accounted for under the cost method. At both December 31, 2015 and 2014, the carrying value of these non-marketable investments was $115.4 million and is included in deferred costs and other assets. On March 19, 2015, we disposed of our interest in a joint venture which had held interests in rights to pre-development projects in Europe, for total proceeds of $19.0 million. We recognized a gain on the sale of $8.3 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income. 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 $224.6 million and $229.8 million as of December 31, 2015 and 2014, 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 $117.0 million and $104.5 million as of December 31, 2015 and 2014, 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 and our joint venture with HBC, is included below. During 2015, we disposed of three retail properties. During 2013, we disposed of three retail properties. 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 in the accompanying summary financial information. BALANCE SHEETS December 31, 2015 December 31, 2014 Assets: Investment properties, at cost $ $ Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents Tenant receivables and accrued revenue, net Investment in unconsolidated entities, at equity — Deferred costs and other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Partners' Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities Preferred units Partners' deficit ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and partners' deficit $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of: Partners' deficit $ ) $ ) Add: Excess Investment ​ ​ ​ ​ ​ ​ ​ ​ Our net Investment in unconsolidated entities, at equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ "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 has been determined to relate to the fair value of the 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, 2015, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt premium ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ This debt becomes due in installments over various terms extending through 2035 with interest rates ranging from 0.37% to 9.35% and a weighted average interest rate of 4.15% at December 31, 2015. In November 2013, Aventura Mall in which we own a 33% interest refinanced its $430.0 million mortgage maturing on December 11, 2017 with a $1.2 billion mortgage that matures on 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, 2015 2014 2013 Revenue: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue Operating Expenses: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income Interest expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Continuing Operations Income from operations of discontinued joint venture interests — Gain on disposal of discontinued operations, net — — Gain on sale or disposal of assets and interests in unconsolidated entities, net — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-Party Investors' Share of Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of Net Income Amortization of Excess Investment ) ) ) Our Share of (Loss) Income from Unconsolidated Discontinued Operations — ) Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Unconsolidated Entities $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our share of income from unconsolidated entities in the above table, aggregated with our share of results of Klépierre and our joint venture with HBC, is presented in income from unconsolidated entities in the accompanying consolidated statements of operations and comprehensive income. Our share of the gain 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, net in the accompanying consolidated statements of operations and comprehensive income. 2015 Dispositions In 2015, we disposed of our interests in three retail properties. Our share of the net gain on disposition was $43.6 million. 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. |
Indebtedness and Derivative Fin
Indebtedness and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Fixed-Rate Debt: Mortgage notes, including $44,594 and $49,723 net premiums, respectively. Weighted average interest and maturity of 5.12% and 4.6 years at December 31, 2015. $ $ Unsecured notes, including $44,698 and $40,701 net discounts, respectively. Weighted average interest and maturity of 3.93% and 7.3 years at December 31, 2015. Commercial Paper (see below) ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed-Rate Debt Variable-Rate Debt: Mortgages notes, at face value. Weighted average interest and maturity of 2.29% and 1.3 years at December 31, 2015. Unsecured Term Loan (see below) Credit Facility (see below) Total Variable-Rate Debt ​ ​ ​ ​ ​ ​ ​ ​ Total Mortgages and Unsecured Indebtedness $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2015, we were in compliance with all covenants of our unsecured debt. At December 31, 2015, we or our subsidiaries were the borrowers under 44 non-recourse mortgage notes secured by mortgages on 49 properties, including four separate pools of cross-defaulted and cross-collateralized mortgages encumbering a total of 11 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 applicable borrower under these non-recourse mortgage notes fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. At December 31, 2015, 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, liquidity or results of operations. Unsecured Debt At December 31, 2015, our unsecured debt consisted of $13.5 billion of senior unsecured notes of the Operating Partnership, net of discounts, $1.2 billion 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 $878.7 million outstanding under the Operating Partnership's global unsecured commercial paper note program, or Commercial Paper program. The December 31, 2015 balance on the Credit Facility included $237.8 million (U.S. dollar equivalent) of Euro-denominated borrowings and $184.8 million (U.S. dollar equivalent) of Yen-denominated borrowings. At December 31, 2015 the outstanding amount under the Commercial Paper program was $878.7 million, of which $188.1 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, 2015, we had an aggregate available borrowing capacity of $4.6 billion under the Credit Facility and the Operating Partnership's $2.75 billion supplemental unsecured revolving credit facility, or Supplemental Facility, and together with the Credit Facility, the Credit Facilities. The maximum aggregate outstanding balance under the two Credit Facilities during the year ended December 31, 2015 was $1.8 billion and the weighted average outstanding balance was $1.2 billion. Letters of credit of $36.9 million were outstanding under the two Credit Facilities as of December 31, 2015. The Credit Facility's 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 is June 30, 2018 and can be extended for an additional year to June 30, 2019 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the Credit Facility is LIBOR plus 80 basis points with an additional facility fee of 10 basis points. On March 2, 2015, the Operating Partnership amended and extended the Supplemental Facility. The initial borrowing capacity of $2.0 billion was increased to $2.75 billion, may be further increased to $3.5 billion during its term, will initially mature on June 30, 2019 and can be extended for an additional year to June 30, 2020 at our sole option, subject to our continued compliance with the terms thereof. The base interest rate on the amended Supplemental Facility was reduced to LIBOR plus 80 basis points and the additional facility fee was reduced to 10 basis points. The Supplemental Facility provides for borrowings denominated in U.S. dollars, Euros, Yen, Sterling, Canadian dollars and Australian dollars. On March 2, 2015, the Operating Partnership increased the maximum aggregate program size of its Commercial Paper program from $500.0 million to $1.0 billion, or the non-U.S. dollar equivalent thereof. The Operating Partnership may issue unsecured commercial paper notes, denominated in U.S. dollars, Euros and other currencies. 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 rank (either by themselves or as a result of the guarantee described above) pari passu with the Operating Partnership's other unsecured senior indebtedness. The Commercial Paper program is supported by the Credit Facilities and if necessary or appropriate, we may make one or more draws under either of the Credit Facilities to pay amounts outstanding from time to time on the Commercial Paper program. At December 31, 2015, we had $878.7 million outstanding under the Commercial Paper program, comprised of $690.6 million outstanding in U.S. dollar denominated notes and $188.1 million (U.S. dollar equivalent) of Euro denominated notes with weighted average interest rates of 0.43% and 0.03%, respectively. The borrowings mature on various dates from January 4, 2016 to April 18, 2016 and reduce amounts otherwise available under the Credit Facilities. On August 17, 2015, the Operating Partnership issued $500.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of September 1, 2020 and $600.0 million of senior unsecured notes at a fixed interest rate of 3.50% with a maturity date of September 1, 2025. Proceeds from the unsecured notes offering were used to repay debt and for general corporate purposes. On November 18, 2015, a wholly-owned subsidiary of the Operating Partnership issued €750.0 million ($798.3 million U.S. dollar equivalent) of senior unsecured notes at a fixed interest rate of 1.38% with a maturity date of November 18, 2022. Proceeds from the unsecured notes offering were used to pay down a portion of Euro-denominated borrowings on the Credit Facility. During 2015, we redeemed at par or repaid at maturity $693.5 million of senior unsecured notes with fixed interest rates ranging from 5.10% to 5.75% and completed the early redemption of two series of senior unsecured notes comprising $1.0 billion with fixed interest rates of 6.13% and 7.38%. We recorded a $121.0 million loss on extinguishment of debt in the fourth quarter of 2015 as a result of the early redemption. Further, on February 1, 2016, we redeemed at par $163.3 million of senior unsecured notes with a fixed interest rate of 6.10%. On January 13, 2016, the Operating Partnership issued $550.0 million of senior unsecured notes at a fixed interest rate of 2.50% with a maturity date of July 15, 2021 and $800.0 million of senior unsecured notes at a fixed interest rate of 3.30% with a maturity date of January 15, 2026. Proceeds from the unsecured notes offering were used to pay down the Credit Facility, unencumber three assets and redeem senior unsecured notes at par in February 2016 and for general corporate purposes. Mortgage Debt Total mortgage indebtedness was $6.6 billion and $6.2 billion at December 31, 2015 and 2014, respectively. During the year ended December 31, 2015, we repaid $259.3 million in mortgage loans, with a weighted average interest rate of 5.51%, unencumbering five properties. On January 15, 2015, we acquired two properties — Jersey Gardens in Elizabeth, New Jersey (renamed The Mills at Jersey Gardens) and University Park Village in Fort Worth, Texas, subject to existing fixed-rate mortgage loans of $350.0 million and $55.0 million, respectively. The loans mature on November 1, 2020 and May 1, 2028 and bear interest at 3.83% and 3.85%, respectively. Debt Maturity and Other Our scheduled principal repayments on indebtedness as of December 31, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt discount ) ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our cash paid for interest in each period, net of any amounts capitalized, was as follows: For the Year Ended December 31, 2015 2014 2013 Cash paid for interest $ $ $ 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 $60.8 million and $65.7 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, we had no outstanding interest rate derivatives. 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 $12.4 million of losses related to 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 including Commercial Paper was $20.4 billion and $19.4 billion as of December 31, 2015 and 2014, respectively. The fair values of these financial instruments and the related discount rate assumptions as of December 31 are summarized as follows: 2015 2014 Fair value of fixed-rate mortgages and unsecured indebtedness (in millions) $ $ Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages % % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness % % |
Rentals under Operating Leases
Rentals under Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
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 our 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 2015, we issued 489,291 shares of common stock to nine limited partners of the Operating Partnership in exchange for an equal number of units pursuant to the partnership agreement of the Operating Partnership. On April 2, 2015, our Board of Directors authorized us to repurchase up to $2.0 billion of our common stock over a twenty-four month period as market conditions warrant. We may repurchase the shares in the open market or in privately negotiated transactions. Through December 31, 2015, we repurchased 1,903,340 shares at an average price of $180.19 per share as part of this program. On May 14, 2015, the Operating Partnership redeemed 944,359 units from a limited partner for $162.7 million. 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 in 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 redemption features of the preferred units in 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. 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 and as of December 31, 2015 and 2014, there were no material noncontrolling redeemable interests in properties. 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 had been included in temporary equity 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. 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 preferred 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. These preferred units have a carrying value of $25.5 million and are included in limited partners' preferred interest in the Operating Partnership in the consolidated balance sheets at December 31, 2015 and 2014. 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 8 3 / 8 % Cumulative Redeemable Preferred Stock. Dividends accrue quarterly at an annual rate of 8 3 / 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, 2015 and 2014 was $3.9 million and $4.2 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 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 our 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 and Compensation for Eligible Directors. Directors who are not also our employees or employees of our affiliates are eligible to receive awards under the 1998 plan. Each independent director receives an annual cash retainer of $100,000, and an annual restricted stock award with a grant date value of $150,000. Committee chairs receive annual retainers for the Company's Audit, Compensation, and Nominating and Governance Committees of $35,000, $35,000 and $25,000, respectively. Directors receive fixed annual retainers for service on the Audit, Compensation and Nominating and Governance Committees, of $15,000, $15,000, and $10,000, respectively. The Lead Director receives an annual retainer of $50,000. These retainers are paid 50% in cash and 50% in restricted stock. Restricted stock awards vest 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 Director 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 individual, 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 second and third 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 2015, the Compensation Committee approved LTIP unit 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 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $29.9 million We recorded compensation expense, net of capitalization, related to these LTIP programs of approximately $24.9 million, $27.6 million, and $25.7 million for the years ended December 31, 2015, 2014 and 2013, 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, 2015 a total of 5,594,683 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2015 2014 2013 Shares of restricted stock awarded during the year, net of forfeitures Weighted average fair value of shares granted during the year $ $ $ Amortization expense $ $ $ We recorded compensation expense, net of capitalization, related to restricted stock of approximately $9.4 million, $12.3 million, and $13.4 million for the years ended December 31, 2015, 2014 and 2013, 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 Chief Executive Officer, 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 on December 31, 2015, December 31, 2016 and December 31, 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 our 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, 2015, we had reserved 55,589,413 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, 2015 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 11. Commitments and Contingencies Litigation We are involved from time-to-time in various legal and regulatory 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 such as acquisitions and divestitures. We believe that our current proceedings will not have a material adverse effect on our financial condition, liquidity or 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 primary insurer and remediation and restoration work has been completed. The property was re-opened on March 29, 2012. The excess insurance carriers (those providing coverage above $50 million) denied our claim under the policy for additional proceeds (of up to $150 million) to pay further amounts for restoration costs and business interruption losses. In the first quarter of 2015, summary judgment was granted in our favor, concluding that up to $150 million of additional coverage is available under our excess insurance policy for this claim. In July and August 2015, trial on the damages portion of our claim was completed and the jury entered a verdict for damages in the amount of $204.1 million (inclusive of the $50.0 million previously paid by the primary carrier). The court has also ruled that we are entitled to recover prejudgment interest and legal fees paid to our lender's counsel, all in amounts to be determined by the court. We will continue our efforts through the conclusion of the pending litigation to recover our losses, including consequential damages, 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, 2015, 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 payment 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, 2015 2014 2013 Ground lease expense $ $ $ Office lease expense Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, if required, 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 2020. 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, 2015 and 2014, the Operating Partnership guaranteed joint venture related mortgage indebtedness of $353.7 million and $223.5 million, respectively (of which we have a right of recovery from our venture partners of $112.8 million and $78.7 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 managed by us 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, 2015 and 2014, as approximately $90.0 million and $101.0 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, 2015 | |
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, 2015 2014 2013 Amounts charged to unconsolidated joint ventures $ $ $ Amounts charged to properties owned by related parties During 2015, 2014 and 2013, we recorded development, royalty and other fee income, net of elimination, related to our international investments of $13.6 million, $13.7 million and $14.0 million, respectively. Also during 2015, 2014 and 2013, we received fees related to financing activities, net of elimination, provided to unconsolidated joint ventures of $2.3 million, $4.2 million and $15.9 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, 2015 | |
Quarterly Financial Data (Unaudited) | |
Quarterly Financial Data (Unaudited) | 13. Quarterly Financial Data (Unaudited) Quarterly 2015 and 2014 data is summarized in the table below. Quarterly amounts may not sum to annual amounts due to rounding. First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Total revenue $ $ $ $ Operating income Consolidated net income Net income attributable to common stockholders Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted 2014 Total revenue $ $ $ $ Operating income Consolidated income from continuing operations Consolidated net income Net income attributable to common stockholders Net income per share from continuing operations — Basic and Diluted $ $ $ $ Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Malls Bangor Mall Bangor, ME $ $ $ $ — $ $ $ $ $ 2004 (5) Barton Creek Square Austin, TX — 1981 Battlefield Mall Springfield, MO 1970 Bay Park Square Green Bay, WI — 1980 Brea Mall Brea (Los Angeles), CA — — 1998 (4) Broadway Square Tyler, TX — — 1994 (4) Burlington Mall Burlington (Boston), MA — 1998 (4) Castleton Square Indianapolis, IN — 1972 Cielo Vista Mall El Paso, TX — 1974 College Mall Bloomington, IN — 1965 Columbia Center Kennewick, WA — — 1987 Copley Place Boston, MA — — — — 2002 (4) Coral Square Coral Springs (Miami), FL — — 1984 Cordova Mall Pensacola, FL — 1998 (4) Domain, The Austin, TX — 2005 Empire Mall Sioux Falls, SD — 1998 (5) Fashion Mall at Keystone, The Indianapolis, IN — — 1997 (4) Firewheel Town Center Garland (Dallas), TX — — 2004 Forum Shops at Caesars, The Las Vegas, NV — — — — 1992 Greenwood Park Mall Greenwood (Indianapolis), IN 1979 Haywood Mall Greenville, SC — 1998 (4) Independence Center Independence (Kansas City), MO — 1994 (4) Ingram Park Mall San Antonio, TX 1979 King of Prussia King of Prussia (Philadelphia), PA — 2003 (5) La Plaza Mall McAllen, TX — 1976 Lakeline Mall Cedar Park (Austin), TX — 1995 Lenox Square Atlanta, GA — — 1998 (4) Livingston Mall Livingston (New York), NJ — — 1998 (4) Mall of Georgia Buford (Atlanta), GA — — 1999 (5) McCain Mall N. Little Rock, AR — — 1973 Menlo Park Mall Edison (New York), NJ — — 1997 (4) Midland Park Mall Midland, TX — 1980 Miller Hill Mall Duluth, MN — 1973 Montgomery Mall North Wales (Philadelphia), PA — 2004 (5) North East Mall Hurst (Dallas), TX — 1971 Northgate Mall Seattle, WA — — 1987 Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Ocean County Mall Toms River (New York), NJ — — 1998 (4) Orland Square Orland Park (Chicago), IL — — 1997 (4) Oxford Valley Mall Langhorne (Philadelphia), PA — 2003 (4) Penn Square Mall Oklahoma City, OK — 2002 (4) Pheasant Lane Mall Nashua, NH — 2004 (5) Phipps Plaza Atlanta, GA — — 1998 (4) Plaza Carolina Carolina (San Juan), PR — 2004 (4) Prien Lake Mall Lake Charles, LA — 1972 Rockaway Townsquare Rockaway (New York), NJ — — 1998 (4) Roosevelt Field Garden City (New York), NY — 1998 (4) Ross Park Mall Pittsburgh, PA — — 1986 Santa Rosa Plaza Santa Rosa, CA — — 1998 (4) Shops at Chestnut Hill, The Chestnut Hill (Boston), MA 2002 (5) Shops at Nanuet, The Nanuet, NY — — 2013 Shops at Riverside, The Hackensack (New York), NJ — 2007 (4) (5) South Hills Village Pittsburgh, PA — 1997 (4) South Shore Plaza Braintree (Boston), MA — — 1998 (4) Southdale Center Edina (Minneapolis), MN — 2007 (4) (5) SouthPark Charlotte, NC 2002 (4) Southridge Mall Greendale (Milwaukee), WI 2007 (4) (5) St. Charles Towne Center Waldorf (Washington, DC), MD — 1990 Stanford Shopping Center Palo Alto (San Jose), CA — — — — 2003 (4) Summit Mall Akron, OH — 1965 Tacoma Mall Tacoma (Seattle), WA — — 1987 Tippecanoe Mall Lafayette, IN — 1973 Town Center at Boca Raton Boca Raton (Miami), FL — — 1998 (4) Town Center at Cobb Kennesaw (Atlanta), GA — 1998 (5) Towne East Square Wichita, KS — 1975 Treasure Coast Square Jensen Beach, FL — 1987 Tyrone Square St. Petersburg (Tampa), FL — 1972 University Park Mall Mishawaka, IN — 1996 (4) Walt Whitman Shops Huntington Station (New York), NY 1998 (4) White Oaks Mall Springfield, IL 1977 Wolfchase Galleria Memphis, TN — 2002 (4) Woodland Hills Mall Tulsa, OK — 2004 (5) Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Premium Outlets Albertville Premium Outlets Albertville (Minneapolis), MN — — 2004 (4) Allen Premium Outlets Allen (Dallas), TX — 2004 (4) Aurora Farms Premium Outlets Aurora (Cleveland), OH — — 2004 (4) Birch Run Premium Outlets Birch Run (Detroit), MI — 2010 (4) Calhoun Premium Outlets Calhoun, GA — 2010 (4) Camarillo Premium Outlets Camarillo (Los Angeles), CA — 2004 (4) Carlsbad Premium Outlets Carlsbad (San Diego), CA — 2004 (4) Carolina Premium Outlets Smithfield (Raleigh), NC 2004 (4) Chicago Premium Outlets Aurora (Chicago), IL — 2004 (4) Cincinnati Premium Outlets Monroe (Cincinnati), OH — — 2008 Clinton Crossing Premium Outlets Clinton, CT — 2004 (4) Columbia Gorge Premium Outlets Troutdale (Portland), OR — — 2004 (4) Desert Hills Premium Outlets Cabazon (Palm Springs), CA — — 2004 (4) Edinburgh Premium Outlets Edinburgh (Indianapolis), IN — — 2004 (4) Ellenton Premium Outlets Ellenton (Tampa), FL — 2010 (4) Folsom Premium Outlets Folsom (Sacramento), CA — — 2004 (4) Gaffney Premium Outlets Gaffney (Greenville/Charlotte), SC — 2010 (4) Gilroy Premium Outlets Gilroy (San Jose), CA — — 2004 (4) Grand Prairie Premium Outlets Grand Prairie (Dallas), TX — — 2012 Grove City Premium Outlets Grove City (Pittsburgh), PA — 2010 (4) Gulfport Premium Outlets Gulfport, MS — — — 2010 (4) Hagerstown Premium Outlets Hagerstown (Baltimore/Washington, DC), MD — 2010 (4) Houston Premium Outlets Cypress (Houston), TX — — 2007 Jackson Premium Outlets Jackson (New York), NJ — 2004 (4) Jersey Shore Premium Outlets Tinton Falls (New York), NJ — — 2007 Johnson Creek Premium Outlets Johnson Creek, WI — — 2004 (4) Kittery Premium Outlets Kittery, ME — — 2004 (4) Las Americas Premium Outlets San Diego, CA — 2007 (4) Las Vegas North Premium Outlets Las Vegas, NV — 2004 (4) Las Vegas South Premium Outlets Las Vegas, NV — — 2004 (4) Lebanon Premium Outlets Lebanon (Nashville), TN — — 2010 (4) Lee Premium Outlets Lee, MA — 2010 (4) Leesburg Corner Premium Outlets Leesburg (Washington, DC), VA — — 2004 (4) Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) Liberty Village Premium Outlets Flemington (New York), NJ — — 2004 (4) Lighthouse Place Premium Outlets Michigan City (Chicago, IL), IN — — 2004 (4) Merrimack Premium Outlets Merrimack, NH — 2012 Napa Premium Outlets Napa, CA — — 2004 (4) North Bend Premium Outlets North Bend (Seattle), WA — — 2004 (4) North Georgia Premium Outlets Dawsonville (Atlanta), GA — — 2004 (4) Orlando International Premium Outlets Orlando, FL — — 2010 (4) Orlando Vineland Premium Outlets Orlando, FL — 2004 (4) Osage Beach Premium Outlets Osage Beach, MO — — 2004 (4) Petaluma Village Premium Outlets Petaluma (San Francisco), CA — — 2004 (4) Philadelphia Premium Outlets Limerick (Philadelphia), PA — — 2006 Phoenix Premium Outlets Chandler (Phoenix), AZ — — — — — 2013 Pismo Beach Premium Outlets Pismo Beach, CA — 2010 (4) Pleasant Prairie Premium Outlets Pleasant Prairie (Chicago, IL/Milwaukee), WI — 2010 (4) Puerto Rico Premium Outlets Barceloneta, PR — 2010 (4) Queenstown Premium Outlets Queenstown (Baltimore), MD — 2010 (4) Rio Grande Valley Premium Outlets Mercedes (McAllen), TX — — 2005 Round Rock Premium Outlets Round Rock (Austin), TX — — 2005 San Francisco Premium Outlets Livermore (San Francisco), CA — 2012 San Marcos Premium Outlets San Marcos (Austin/San Antonio), TX — — 2010 (4) Seattle Premium Outlets Tulalip (Seattle), WA — — — — 2004 (4) St. Augustine Premium Outlets St. Augustine (Jacksonville), FL — 2004 (4) Tampa Premium Outlets Lutz (Tampa), FL — — — 2015 The Crossings Premium Outlets Tannersville, PA — 2004 (4) Tucson Premium Outlets Marana (Tucson), AZ — — — 2015 Vacaville Premium Outlets Vacaville, CA — — 2004 (4) Waikele Premium Outlets Waipahu (Honolulu), HI — — 2004 (4) Waterloo Premium Outlets Waterloo, NY — — 2004 (4) Williamsburg Premium Outlets Williamsburg, VA — 2010 (4) Woodburn Premium Outlets Woodburn (Portland), OR — — 2013 (4) Woodbury Common Premium Outlets Central Valley (New York), NY — 2004 (4) Wrentham Village Premium Outlets Wrentham (Boston), MA — — 2004 (4) Simon Property Group, Inc. and Subsidiaries Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in thousands) Cost Capitalized Subsequent to Acquisition (3) Gross Amounts At Which Carried At Close of Period Initial Cost (3) Date of Construction or Acquisition Name Location Encumbrances (6) Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements Total (1) Accumulated Depreciation (2) The Mills Arizona Mills Tempe (Phoenix), AZ — 2007 (4) (5) Great Mall Milpitas (San Jose), CA — — 2007 (4) (5) Gurnee Mills Gurnee (Chicago), IL — 2007 (4) (5) Mills at Jersey Gardens, The Elizabeth, NJ — 2015 (4) Opry Mills Nashville, TN — 2007 (4) (5) Potomac Mills Woodbridge (Washington, DC), VA — 2007 (4) (5) Sawgrass Mills Sunrise (Miami), FL — 2007 (4) (5) Community Centers ABQ Uptown Albuquerque, NM — 2011 (4) University Park Village Fort Worth, TX — 2015 (4) Other Properties Florida Keys Outlet Center Florida City, FL — 2010 (4) Huntley Outlet Center Huntley, IL — — 2010 (4) Lincoln Plaza King of Prussia (Philadelphia), PA — — — — 2003 (4) Naples Outlet Center Naples, FL — — 2010 (4) Outlet Marketplace Orlando, FL — — 2010 (4) Development Projects Other pre-development costs — — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Simon Property Group, Inc. and Subsidiaries Notes to Schedule III as of December 31, 2015 (Dollars in thousands) All periods presented exclude properties which were spun-off to Washington Prime 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, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Balance, beginning of year $ $ $ Acquisitions and consolidations (5) Improvements Disposals and deconsolidations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, close of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The unaudited aggregate cost of real estate assets for federal income tax purposes as of December 31, 2015 was $29,771,725. (2) Reconciliation of Accumulated Depreciation: The changes in accumulated depreciation for the years ended December 31, 2015, 2014, and 2013 are as follows: 2015 2014 2013 Balance, beginning of year $ $ $ Depreciation expense Disposals and deconsolidations ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, close of year $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Capitalized interest $ $ $ 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 | Purchase Accounting 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. The fair value of buildings is depreciated over the estimated remaining life of the acquired building or related improvements. We amortize 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 WP Glimcher Inc. (formerly known as Washington Prime Group Inc.), or 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 limited partnership interest in 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 completed unsecured debt and mortgage debt as part of the spin-off and incurred $38.2 million in transaction costs during 2014 related to the spin-off of Washington Prime. The historical results of operations of the Washington Prime properties have been presented as discontinued operations in our consolidated statements of operations and comprehensive income. The accompanying consolidated statement of cash flows includes, within operating, investing and financing cash flows, those activities which related to our period of ownership of the Washington Prime properties. Summarized financial information for discontinued operations for the years ended December 31, 2014 and 2013 is present below. For the Year Ended 2014 2013 TOTAL REVENUE $ $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses OPERATING INCOME Interest expense ) ) Income and other taxes ) ) Income (loss) from unconsolidated entities ) 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 ​ ​ ​ ​ ​ ​ ​ ​ CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures on a cash basis for the years ended December 31, 2014 and 2013 were $31.9 million and $93.3 million, respectively. We and Washington Prime entered into property management and transitional services agreements in connection with the spin-off whereby we provide certain services to Washington Prime and its properties that were previously owned by us. Pursuant to the terms of the property management agreements, we manage, lease, and maintain those Washington Prime 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 had an initial term of two years and will terminate upon the two-year anniversary of the spinoff. 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 that were previously owned by us 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. These services, which do not constitute significant continuing support of Washington Prime's operations, 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 upon the two-year anniversary of the spinoff. Transitional services fees earned for 2015 and for the portion of 2014 subsequent to the spin-off were approximately $5.7 million and $3.2 million, respectively. |
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 of high credit quality. However, at certain times, such cash and cash equivalents are 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, 2015 and 2014, we had marketable securities of $183.8 million and $643.0 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 accumulated other comprehensive income (loss) as of December 31, 2015 and 2014 were approximately $12.6 million and $103.9 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. On June 24, 2015, we sold our investment in certain marketable securities that were accounted for as an available-for-sale security, with the value adjusted to its quoted market price through other comprehensive income (loss). At the date of sale, we owned 5.71 million shares. The aggregate proceeds received from the sale were $454.0 million, and we recognized a gain on the sale of $80.2 million, which is included in other income in the accompanying consolidated statements of operations and comprehensive income for the year ended December 31, 2015. At December 31, 2015 and 2014, we had investments of $181.4 million and $167.1 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. |
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, 2015 and 2014 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 at December 31, 2014, and a gross asset value of $27.8 million and $20.1 million at December 31, 2015 and 2014, respectively. Note 8 includes a discussion of the fair value of debt measured using Level 2 inputs. Notes 3 and 4 include discussions of the fair values recorded in purchase accounting 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, ca |
Gains on Issuances of Stock by Equity Method Investees | Gains on Issuances of Stock by Equity Method Investees When one of our equity method investees issues additional shares to third parties, our percentage ownership interest in the investee may decrease. In the event the issuance price per share is higher or lower than our average carrying amount per share, we recognize a noncash gain or loss on the issuance, when appropriate. This noncash gain or loss is recognized in our net income in the period the change of ownership interest occurs. In 2015, as discussed in Note 7, we recorded a non-cash gain of $206.9 million related to Klépierre's issuance of shares in connection with Klépierre's acquisition of Corio N.V., or Corio, which is included in gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net in the accompanying consolidated statements of operations and comprehensive income. |
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: 2015 2014 Deferred financing and lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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: 2015 2014 Deferred financing and lease costs $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing and lease costs, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 purchase accounting for 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, 2015 2014 2013 Amortization of deferred financing costs $ $ $ Amortization of debt premiums, net of discounts ) ) ) Amortization of deferred leasing costs |
Intangibles | Intangibles The average remaining life of in-place lease intangibles is approximately 3.1 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 5.3 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 $117.8 million and $103.1 million as of December 31, 2015 and 2014, respectively. The amount of amortization from continuing operations of above and below market leases, net for the years ended December 31, 2015, 2014, and 2013 was $13.6 million, $11.3 million, and $22.8 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: 2015 2014 In-place lease intangibles $ $ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ In-place lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 2014 Acquired above market lease intangibles $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Acquired above market lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated future amortization and the increasing (decreasing) effect on minimum rents for our above and below market leases as of December 31, 2015 are as follows: Below Market Leases Above Market Leases Impact to Minimum Rent, Net 2016 $ $ ) $ 2017 ) 2018 ) 2019 ) 2020 ) Thereafter ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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, 2015, we had no outstanding interest rate derivatives. As of December 31, 2014, we had two interest rate swaps with an aggregate notional amount of $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. 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 U.S. dollars for their fair value at or close to their settlement date. As of December 31, 2015, we had no outstanding Yen:USD forward contracts. Approximately ¥14.7 million remained as of December 31, 2014 for our Yen forward contracts that matured on 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. 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. During the second quarter of 2015, one forward contract with a €50.0 million notional value was settled. The December 31, 2015 asset balance related to the remaining €100.0 million forward contracts was $26.0 million and is included in deferred costs and other assets. The December 31, 2014 asset balance related to these forward contracts was $19.1 million and is included in deferred costs and other assets. During the fourth quarter of 2015, we entered into a Euro:USD forward contract, which was designated as a net investment hedge, with an aggregate €50.0 million notional value that matures on May 15, 2019. The December 31, 2015 asset balance related to this forward contract was $1.8 million and is included in deferred costs and other assets. 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 $17.7 million and $45.8 million as of December 31, 2015 and 2014, 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. In July 2015, the FASB delayed the effective date of the new revenue recognition standard by one year, which will result in the new standard being effective for us beginning with the first quarter of 2018. The new standard can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently evaluating the impact adopting the new accounting standard (and the transition method of such adoption) will have on our consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, "Amendments to the Consolidation Analysis." ASU 2015-02 makes changes to both the variable interest model and the voting model. This guidance becomes effective for annual and interim periods beginning after December 15, 2015. All reporting entities involved with limited partnerships will have to re-evaluate whether these entities qualify for consolidation and revise documentation accordingly. We are currently evaluating the impact adopting the new accounting standard will have on our consolidated financial statements, but we do not currently believe it will result in material changes to our previous consolidation conclusions. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 will be effective for us retrospectively beginning in the first quarter of 2016. We expect this new guidance will reduce total assets and total mortgage and unsecured indebtedness on our consolidated balance sheets for amounts classified as deferred costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments," which requires adjustments to provisional amounts used in business combinations during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. It also requires the disclosure of the impact on changes in estimates on earnings, depreciation, amortization and other income effects. ASU 2015-16 will be effective beginning January 1, 2016. We do not expect the adoption of this standard to have a significant impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which will require entities to measure their investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The practicability exception will be available for equity investments that do not have readily determinable fair values. The guidance will be effective for us beginning with the first quarter of 2018. We are currently evaluating the impact of adopting the new standard will have 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: 2015 2014 Limited partners' interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests (deficit) in properties, net ) ​ ​ ​ ​ ​ ​ ​ ​ Total noncontrolling interests reflected in equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ended December 31 is as follows: 2015 2014 2013 Noncontrolling interests, beginning of period $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders ) ) ) Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized gain on derivative hedge agreements Net (gain) loss reclassified from accumulated other comprehensive loss into earnings ) Currency translation adjustments ) ) Changes in available-for-sale securities and other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment to limited partners' interest from change in ownership in the Operating Partnership ) ) ) Units issued to limited partners — — Units exchanged for common shares ) ) ) Units redeemed ) ) — Long-term incentive performance units Contributions by noncontrolling interest holders, net and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interests, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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, 2015: Currency translation adjustments Accumulated derivative losses, net Net unrealized gains on marketable securities Total Beginning balance $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The reclassifications out of accumulated other comprehensive income (loss) consisted of the following as of December 31, 2015, 2014 and 2013: December 31, 2015 December 31, 2014 December 31, 2013 Details about accumulated other comprehensive income (loss) components: Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the statement where net income is presented Accumulated derivative losses, net $ ) $ ) $ ) Interest expense Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities $ $ — $ — Other income ) — — Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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, 2015 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, 2015 and 2014 approximated $88.1 million and $93.5 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, 2015 2014 2013 Balance, beginning of period $ $ $ Provision for credit losses Accounts written off, net of recoveries ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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 REIT 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 distribute in excess of 100% of their REIT 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, 2015 we had no net deferred tax asset or liability. As of December 31, 2014, we had a net deferred tax liability of $1.1 million related to our TRS subsidiaries. The net deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets and 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 Con23
Basis of Presentation and Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and Consolidation | |
Schedule of weighted average ownership interest in the operating partnership | For the Year Ended December 31, 2015 2014 2013 Weighted average ownership interest % % % |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies | |
Schedule of interest capitalized | For the Year Ended December 31, 2015 2014 2013 Capitalized interest $ $ $ |
Summarized financial information for discontinued operations | For the Year Ended 2014 2013 TOTAL REVENUE $ $ Property Operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses OPERATING INCOME Interest expense ) ) Income and other taxes ) ) Income (loss) from unconsolidated entities ) 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 ​ ​ ​ ​ ​ ​ ​ ​ CONSOLIDATED NET INCOME Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of deferred costs and other assets | 2015 2014 Deferred financing and lease costs, net $ $ In-place lease intangibles, net Acquired above market lease intangibles, net Marketable securities of our captive insurance companies Goodwill Other marketable and non-marketable securities Prepaids, notes receivable and other assets, net ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of deferred financing and leasing costs | 2015 2014 Deferred financing and lease costs $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred financing and lease costs, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of amortization from continuing operations, included in statements of operations and comprehensive income | For the Year Ended December 31, 2015 2014 2013 Amortization of deferred financing costs $ $ $ Amortization of debt premiums, net of discounts ) ) ) Amortization of deferred leasing costs |
Schedule of intangible assets | 2015 2014 In-place lease intangibles $ $ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ In-place lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 2014 Acquired above market lease intangibles $ $ Accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Acquired above market lease intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
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, 2015 are as follows: Below Market Leases Above Market Leases Impact to Minimum Rent, Net 2016 $ $ ) $ 2017 ) 2018 ) 2019 ) 2020 ) Thereafter ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of carrying amount of noncontrolling interests | 2015 2014 Limited partners' interests in the Operating Partnership $ $ Nonredeemable noncontrolling interests (deficit) in properties, net ) ​ ​ ​ ​ ​ ​ ​ ​ Total noncontrolling interests reflected in equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of rollforward of noncontrolling interests | 2015 2014 2013 Noncontrolling interests, beginning of period $ $ $ Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties Distributions to noncontrolling interest holders ) ) ) Other comprehensive income (loss) allocable to noncontrolling interests: Unrealized gain on derivative hedge agreements Net (gain) loss reclassified from accumulated other comprehensive loss into earnings ) Currency translation adjustments ) ) Changes in available-for-sale securities and other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjustment to limited partners' interest from change in ownership in the Operating Partnership ) ) ) Units issued to limited partners — — Units exchanged for common shares ) ) ) Units redeemed ) ) — Long-term incentive performance units Contributions by noncontrolling interest holders, net and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interests, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of changes in components of accumulated other comprehensive income (loss) net of noncontrolling interest | Currency translation adjustments Accumulated derivative losses, net Net unrealized gains on marketable securities Total Beginning balance $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of reclassifications out of accumulated other comprehensive income (loss) | December 31, 2015 December 31, 2014 December 31, 2013 Details about accumulated other comprehensive income (loss) components: Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) Affected line item in the statement where net income is presented Accumulated derivative losses, net $ ) $ ) $ ) Interest expense Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Realized gain on sale of marketable securities $ $ — $ — Other income ) — — Net income attributable to noncontrolling interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of activity in the allowance for credit losses | For the Year Ended December 31, 2015 2014 2013 Balance, beginning of period $ $ $ Provision for credit losses Accounts written off, net of recoveries ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, end of period $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Per Share Data (Tables)
Per Share Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Per Share Data | |
Schedule of computation of basic and diluted earnings per share | For the Year Ended December 31, 2015 2014 2013 Net Income attributable to Common Stockholders — Basic and Diluted $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding — Basic Effect of stock options — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Shares Outstanding — Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of taxable nature of dividends declared | For the Year Ended December 31, 2015 2014 2013 Total dividends paid per common share $6.05 $5.15 $4.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percent taxable as ordinary income 94.30% 100.0% 97.50% Percent taxable as long-term capital gains 5.70% 0.00% 2.50% ​ ​ ​ ​ ​ ​ ​ 100.0% 100.0% 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Properties | |
Schedule of investment properties | 2015 2014 Land $ $ Buildings and improvements ​ ​ ​ ​ ​ ​ ​ ​ Total land, buildings and improvements Furniture, fixtures and equipment ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Investment properties at cost, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction in progress included above $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Investments in Unconsolidated27
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Unconsolidated Entities | |
Summary of equity method investments and share of income from such investments, balance sheet | BALANCE SHEETS December 31, 2015 December 31, 2014 Assets: Investment properties, at cost $ $ Less — accumulated depreciation ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents Tenant receivables and accrued revenue, net Investment in unconsolidated entities, at equity — Deferred costs and other assets ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Partners' Deficit: Mortgages $ $ Accounts payable, accrued expenses, intangibles, and deferred revenue Other liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities Preferred units Partners' deficit ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and partners' deficit $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of: Partners' deficit $ ) $ ) Add: Excess Investment ​ ​ ​ ​ ​ ​ ​ ​ Our net Investment in unconsolidated entities, at equity $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of principal repayments on joint venture properties' mortgage and unsecured indebtedness | As of December 31, 2015, scheduled principal repayments on joint venture properties' mortgage indebtedness are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt premium ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Summary of equity method investments and share of income from such investments, statements of operations | STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015 2014 2013 Revenue: Minimum rent $ $ $ Overage rent Tenant reimbursements Other income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue Operating Expenses: Property operating Depreciation and amortization Real estate taxes Repairs and maintenance Advertising and promotion Provision for credit losses Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income Interest expense ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Continuing Operations Income from operations of discontinued joint venture interests — Gain on disposal of discontinued operations, net — — Gain on sale or disposal of assets and interests in unconsolidated entities, net — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third-Party Investors' Share of Net Income $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Our Share of Net Income Amortization of Excess Investment ) ) ) Our Share of (Loss) Income from Unconsolidated Discontinued Operations — ) Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from Unconsolidated Entities $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Indebtedness and Derivative F28
Indebtedness and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Indebtedness and Derivative Financial Instruments | |
Schedule of mortgages and unsecured indebtedness | 2015 2014 Fixed-Rate Debt: Mortgage notes, including $44,594 and $49,723 net premiums, respectively. Weighted average interest and maturity of 5.12% and 4.6 years at December 31, 2015. $ $ Unsecured notes, including $44,698 and $40,701 net discounts, respectively. Weighted average interest and maturity of 3.93% and 7.3 years at December 31, 2015. Commercial Paper (see below) ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed-Rate Debt Variable-Rate Debt: Mortgages notes, at face value. Weighted average interest and maturity of 2.29% and 1.3 years at December 31, 2015. Unsecured Term Loan (see below) Credit Facility (see below) Total Variable-Rate Debt ​ ​ ​ ​ ​ ​ ​ ​ Total Mortgages and Unsecured Indebtedness $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of principal repayments of indebtedness | Our scheduled principal repayments on indebtedness as of December 31, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total principal maturities Net unamortized debt discount ) ​ ​ ​ ​ ​ Total mortgages and unsecured indebtedness $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of cash paid for interest in each period, net of any amounts capitalized | For the Year Ended December 31, 2015 2014 2013 Cash paid for interest $ $ $ |
Schedule of fair value of financial instruments and the related discount rate assumptions | 2015 2014 Fair value of fixed-rate mortgages and unsecured indebtedness (in millions) $ $ Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages % % Weighted average discount rates assumed in calculation of fair value for unsecured indebtedness % % |
Rentals under Operating Leases
Rentals under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 are as follows: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity | |
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 $29.5 million 2014-2016 LTIP program To be determined in 2017 $30.0 million 2015-2017 LTIP program To be determined in 2018 $29.9 million |
Schedule of restricted stock awards | Future minimum lease payments due under these leases for years ending December 31, excluding applicable extension options and any sublease income, are as follows: For the Year Ended December 31, 2015 2014 2013 Shares of restricted stock awarded during the year, net of forfeitures Weighted average fair value of shares granted during the year $ $ $ Amortization expense $ $ $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies. | |
Schedule of ground lease expense and office lease expense | For the Year Ended, December 31, 2015 2014 2013 Ground lease expense $ $ $ Office lease expense |
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: 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions | |
Schedule of related party transactions | For the Year Ended December 31, 2015 2014 2013 Amounts charged to unconsolidated joint ventures $ $ $ Amounts charged to properties owned by related parties |
Quarterly Financial Data (Una33
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) | |
Schedule of quarterly financial data | First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Total revenue $ $ $ $ Operating income Consolidated net income Net income attributable to common stockholders Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted 2014 Total revenue $ $ $ $ Operating income Consolidated income from continuing operations Consolidated net income Net income attributable to common stockholders Net income per share from continuing operations — Basic and Diluted $ $ $ $ Net income per share — Basic and Diluted $ $ $ $ Weighted average shares outstanding — Basic and Diluted |
Organization (Details)
Organization (Details) | Dec. 31, 2015statepropertyitem | May. 11, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 6 | |||
U.S. and Puerto Rico | ||||
Real Estate Properties | ||||
Number of properties | 209 | |||
Number of U.S. states containing property locations | state | 37 | |||
U.S. and Puerto Rico | Malls | ||||
Real Estate Properties | ||||
Number of properties | 108 | |||
U.S. and Puerto Rico | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 71 | |||
U.S. and Puerto Rico | The Mills | ||||
Real Estate Properties | ||||
Number of properties | 14 | |||
U.S. and Puerto Rico | Lifestyle/Community Centers | ||||
Real Estate Properties | ||||
Number of properties | 4 | |||
U.S. and Puerto Rico | Other | ||||
Real Estate Properties | ||||
Number of properties | 12 | |||
Japan | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 9 | |||
South Korea | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 3 | |||
Canada | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 2 | |||
Canada | Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Mexico | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Malaysia | Premium Outlets | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Europe | Klepierre | ||||
Real Estate Properties | ||||
Joint venture ownership percentage | 20.30% | 20.30% | 18.30% | 28.90% |
Number of countries | item | 16 | |||
Europe | Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 5 | |||
Italy | Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 2 | |||
Austria | Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
Netherlands | Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 1 | |||
United Kingdom | Premium Outlets | European Joint Venture | ||||
Real Estate Properties | ||||
Number of properties | 1 |
Basis of Presentation and Con35
Basis of Presentation and Consolidation (Details) - property | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Properties | |||
Total number of joint venture properties | 81 | 82 | |
Number of joint venture properties managed by the entity | 58 | ||
Number of International joint venture properties | 20 | ||
Number of joint venture properties managed by others | 23 | ||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 85.70% | 85.50% | |
Weighted average | |||
Ownership interest: | |||
Ownership interest in the Operating Partnership (as a percent) | 85.60% | 85.50% | 85.60% |
Wholly owned properties | |||
Real Estate Properties | |||
Number of properties included in consolidation | 137 | ||
Partially owned properties | |||
Real Estate Properties | |||
Number of properties included in consolidation | 13 | ||
Premium Outlets | European Joint Venture | |||
Real Estate Properties | |||
Number of properties included in consolidation | 6 | ||
Number of properties in which interest is acquired | 6 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Investment Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment properties | |||
Capitalized interest | $ 32,664 | $ 16,500 | $ 15,585 |
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 Accoun37
Summary of Significant Accounting Policies - Discontinued Operations (Details) $ in Thousands | May. 28, 2014USD ($)property | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Discontinued Operations | ||||||
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off | $ 1,003,135 | |||||
Transaction Expenses | ||||||
Discontinued operations transaction expenses | 38,163 | |||||
Spinoff | Strip Center Business and Small Malls | ||||||
Discontinued Operations | ||||||
Number of properties merged under spin off into Washington Prime, an independent publicly traded REIT | property | 98 | |||||
Amount of retained proceeds from recently completed unsecured debt and mortgage debt as part of the spin-off | $ 1,000,000 | |||||
Transaction Expenses | ||||||
Discontinued operations transaction expenses | $ 38,200 | |||||
Summarized financial information for discontinued operations | ||||||
TOTAL REVENUE | 262,652 | $ 626,289 | ||||
Property Operating | 43,175 | 104,089 | ||||
Depreciation and amortization | 76,992 | 182,828 | ||||
Real estate taxes | 32,474 | 76,216 | ||||
Repairs and maintenance | 10,331 | 22,584 | ||||
Advertising and promotion | 3,340 | 8,316 | ||||
Provision for credit losses | 1,494 | 572 | ||||
Other | 2,028 | 4,664 | ||||
Total operating expenses | 169,834 | 399,269 | ||||
OPERATING INCOME | 92,818 | 227,020 | ||||
Interest expense | (26,076) | (55,058) | ||||
Income and other taxes | (112) | (196) | ||||
Income (loss) from unconsolidated entities | 652 | (1,121) | ||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net | 242 | 14,152 | ||||
CONSOLIDATED NET INCOME | 67,524 | 184,797 | ||||
Net income attributable to noncontrolling interests | 9,781 | 26,571 | ||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | 57,743 | 158,226 | ||||
Additional disclosures | ||||||
Capital expenditures on a cash basis | $ 31,900 | $ 93,300 | ||||
Washington Prime Group Inc | Transitional Services | ||||||
Additional disclosures | ||||||
Transition services fees earned | $ 3,200 | $ 5,700 | ||||
Washington Prime Group Inc | Spinoff | Strip Center Business and Small Malls | ||||||
Discontinued Operations | ||||||
Exchange ratio of common shares for entity's stockholders to receive under spin off | 0.50 | |||||
Additional disclosures | ||||||
Term of property management agreement | 2 years | |||||
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 | |||||
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 | Spinoff | Strip Center Business and Small Malls | ||||||
Discontinued Operations | ||||||
Exchange ratio of common units for entity's stockholders to receive under spin off | 0.50 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Marketable and Non Marketable Securities (Details) - USD ($) shares in Thousands, $ in Millions | Jun. 24, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Marketable and Non-Marketable Securities | |||
Market value of investments | $ 183.8 | $ 643 | |
Net unrealized gains (losses) recorded in other comprehensive income (loss) | 12.6 | ||
Carrying value of investments under the cost method | 181.4 | 167.1 | |
Available for sale securities | |||
Marketable and Non-Marketable Securities | |||
Net unrealized gains (losses) recorded in other comprehensive income (loss) | $ 103.9 | ||
Number of shares owned | 5,710 | ||
Proceeds received from the sale of investments | $ 454 | ||
Recognized gain on sale of investments | $ 80.2 | ||
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 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Level 3 | ||
Fair Value Measurements | ||
Investments | $ 0 | |
Level 2 | ||
Fair Value Measurements | ||
Interest rate swap agreements and foreign currency forward contracts, gross liability balance | $ 2.1 | |
Interest rate swap agreements and foreign currency forward contracts, gross asset balance | $ 27.8 | $ 20.1 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Gains On Issuances Of Stock By Equity Method Investees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Joint Ventures and Investments | |||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 250,516 | $ 158,308 | $ 93,363 |
Klepierre | |||
Real Estate Joint Ventures and Investments | |||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 206,900 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Deferred Costs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Disclosure | |||
Number of reportable segments | item | 1 | ||
Deferred costs and other assets | |||
Deferred financing and lease costs, net | $ 325,720 | $ 312,569 | |
In-place lease intangibles, net | 188,219 | 216,330 | |
Acquired above market lease intangibles, net | 67,363 | 75,366 | |
Marketable securities of our captive insurance companies | 87,257 | 111,844 | |
Goodwill | 20,098 | 20,098 | |
Other marketable and non-marketable securities | 278,026 | 698,265 | |
Prepaids, notes receivable and other assets, net | 385,576 | 372,317 | |
Deferred costs and other assets | 1,352,259 | 1,806,789 | |
Deferred Financing and Lease Costs | |||
Deferred financing and lease costs, gross | 567,862 | 533,050 | |
Accumulated amortization | (242,142) | (220,481) | |
Deferred financing and lease costs, net | 325,720 | 312,569 | |
Amortization, included in statements of operations and comprehensive income | |||
Amortization of deferred financing costs | 19,349 | 21,392 | $ 25,159 |
Amortization of debt premiums, net of discounts | (16,107) | (24,092) | (33,026) |
Amortization of deferred leasing costs | $ 43,788 | $ 39,488 | $ 34,891 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets | |||
Unamortized below market leases included in accounts payable, accrued expenses, intangibles and deferred revenues | $ 117,800 | $ 103,100 | |
Estimated future amortization, and the increasing (decreasing) effect on below market minimum rents | |||
2,016 | 30,568 | ||
2,017 | 23,517 | ||
2,018 | 18,424 | ||
2,019 | 15,347 | ||
2,020 | 12,131 | ||
Thereafter | 17,801 | ||
Lease intangibles assets, net | 117,788 | ||
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2,016 | 10,891 | ||
2,017 | 7,362 | ||
2,018 | 6,002 | ||
2,019 | 6,383 | ||
2,020 | 5,589 | ||
Thereafter | 14,198 | ||
Lease intangibles assets, net | $ 50,425 | ||
In-place lease intangibles | |||
Intangible Assets | |||
Average life of in-place lease intangibles | 3 years 1 month 6 days | ||
Lease intangibles assets, gross | $ 431,712 | 416,623 | |
Accumulated amortization | (243,493) | (200,293) | |
Lease intangibles assets, net | $ 188,219 | 216,330 | |
Above and below market leases | |||
Intangible Assets | |||
Weighted average remaining life of intangible | 5 years 3 months 18 days | ||
Amount of amortization expenses | $ 13,600 | 11,300 | $ 22,800 |
Above Market Leases | |||
Intangible Assets | |||
Lease intangibles assets, gross | 183,625 | 225,335 | |
Accumulated amortization | (116,262) | (149,969) | |
Lease intangibles assets, net | 67,363 | $ 75,366 | |
Estimated future amortization, and the increasing (decreasing) effect on minimum rents | |||
2,016 | (19,677) | ||
2,017 | (16,155) | ||
2,018 | (12,422) | ||
2,019 | (8,964) | ||
2,020 | (6,542) | ||
Thereafter | (3,603) | ||
Lease intangibles assets, net | $ (67,363) |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) € in Millions, ¥ in Millions, $ in Millions | 3 Months Ended | ||||||
Jun. 30, 2015EUR (€)DerivativeInstrument | Dec. 31, 2015JPY (¥)DerivativeInstrument | Dec. 31, 2015EUR (€)DerivativeInstrument | Dec. 31, 2015USD ($)DerivativeInstrument | Dec. 31, 2014JPY (¥)DerivativeInstrument | Dec. 31, 2014USD ($)DerivativeInstrument | Sep. 30, 2014EUR (€) | |
Derivative Financial Instruments | |||||||
Gross accumulated other comprehensive income or loss related to derivative activities | $ 17.7 | $ 45.8 | |||||
Interest rate swap | |||||||
Derivative Financial Instruments | |||||||
Number of Instruments | DerivativeInstrument | 0 | 0 | 0 | 2 | 2 | ||
Notional amount | $ 375 | ||||||
Interest rate net, fair value | (1.2) | ||||||
Interest rate swap | Other liabilities. | |||||||
Derivative Financial Instruments | |||||||
Interest rate net, fair value | (2.1) | ||||||
Interest rate swap | Deferred costs and other assets | |||||||
Derivative Financial Instruments | |||||||
Interest rate net, fair value | 0.9 | ||||||
USD-Yen currency forward contract | |||||||
Derivative Financial Instruments | |||||||
Notional amount | ¥ | ¥ 0 | ¥ 14.7 | |||||
USD-Yen currency forward contract | Deferred costs and other assets | |||||||
Derivative Financial Instruments | |||||||
Forward contract net, fair value | 0.1 | ||||||
USD-Euro currency forward contract | Third quarter of 2014 | Designated as Hedging Instrument | |||||||
Derivative Financial Instruments | |||||||
Notional amount | € | € 100 | € 150 | |||||
Number of contracts settled | DerivativeInstrument | 1 | ||||||
Notional contract settled during period | € | € 50 | ||||||
USD-Euro currency forward contract | Third quarter of 2014 | Deferred costs and other assets | Designated as Hedging Instrument | |||||||
Derivative Financial Instruments | |||||||
Forward contract net, fair value | $ 26 | $ 19.1 | |||||
USD-Euro currency forward contract | Fourth quarter of 2015 | Designated as Hedging Instrument | |||||||
Derivative Financial Instruments | |||||||
Notional amount | € | € 50 | ||||||
USD-Euro currency forward contract | Fourth quarter of 2015 | Other liabilities. | |||||||
Derivative Financial Instruments | |||||||
Forward contract net, fair value | $ 1.8 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Carrying Amount of Noncontrolling Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Noncontrolling interests, carrying amounts, reclassified to permanent equity: | ||
Limited partners' interests in the Operating Partnership | $ 741,449 | $ 858,557 |
Nonredeemable noncontrolling interests (deficits) in properties, net | 3,456 | (229) |
Total noncontrolling interests reflected in equity | $ 744,905 | $ 858,328 |
Summary of Significant Accoun45
Summary of Significant Accounting Policie - Rollforward of noncontrolling interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling interests: | |||
Balance | $ 5,951,505 | $ 6,822,632 | $ 6,893,089 |
Other comprehensive income (loss) allocable to noncontrolling interests: | |||
Unrealized gain on derivative hedge agreements | 17,122 | 5,220 | 7,101 |
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings | (69,189) | 10,789 | 9,205 |
Currency translation adjustments | (160,312) | (101,799) | 2,865 |
Changes in available-for-sale securities and other | (11,200) | 102,816 | (1,479) |
Other comprehensive income (loss) | (223,579) | 17,026 | 17,692 |
Balance | 5,216,369 | 5,951,505 | 6,822,632 |
Noncontrolling Interests | |||
Noncontrolling interests: | |||
Balance | 858,328 | 973,226 | 982,486 |
Net income attributable to noncontrolling interests after preferred distributions and income attributable to redeemable noncontrolling interests in consolidated properties | 309,740 | 241,023 | 221,176 |
Distributions to noncontrolling interest holders | (318,780) | (290,705) | (242,881) |
Other comprehensive income (loss) allocable to noncontrolling interests: | |||
Unrealized gain on derivative hedge agreements | 2,543 | 617 | 1,057 |
Net (gain) loss reclassified from accumulated other comprehensive loss into earnings | (9,925) | 1,568 | 1,317 |
Currency translation adjustments | (22,749) | (14,858) | 426 |
Changes in available-for-sale securities and other | (1,803) | 14,945 | (213) |
Other comprehensive income (loss) | (31,934) | 2,272 | 2,587 |
Adjustment to limited partners' interest from change in ownership in the Operating Partnership | (101,480) | (211,657) | (29,615) |
Units issued to limited partners | 84,910 | ||
Units exchanged for common shares | (7,942) | (1,297) | (11,161) |
Units redeemed | (14,843) | (1,463) | |
Long-term incentive performance units | 47,279 | 49,938 | 45,341 |
Contributions by noncontrolling interest holders, net and other | 4,537 | 12,081 | 5,293 |
Balance | $ 744,905 | $ 858,328 | $ 973,226 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | $ 5,093,177 |
Ending balance | 4,471,464 |
Accumulated Other Comprehensive Income (Loss) | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (61,041) |
Other comprehensive income (loss) before reclassifications | (132,381) |
Amounts reclassified from accumulated other comprehensive income (loss) | (59,264) |
Net current-period other comprehensive income (loss) | (191,645) |
Ending balance | (252,686) |
Currency translation adjustments | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (110,722) |
Other comprehensive income (loss) before reclassifications | (137,563) |
Net current-period other comprehensive income (loss) | (137,563) |
Ending balance | (248,285) |
Accumulated derivative losses, net | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | (39,161) |
Other comprehensive income (loss) before reclassifications | 14,579 |
Amounts reclassified from accumulated other comprehensive income (loss) | 9,421 |
Net current-period other comprehensive income (loss) | 24,000 |
Ending balance | (15,161) |
Net gains on marketable securities | |
Changes in accumulated other comprehensive income (loss) | |
Beginning balance | 88,842 |
Other comprehensive income (loss) before reclassifications | (9,397) |
Amounts reclassified from accumulated other comprehensive income (loss) | (68,685) |
Net current-period other comprehensive income (loss) | (78,082) |
Ending balance | $ 10,760 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies | |||||||||||
Interest expense | $ (923,697) | $ (992,601) | $ (1,082,081) | ||||||||
Other income | 325,597 | 200,781 | 168,035 | ||||||||
Net income attributable to noncontrolling interests | (311,655) | (242,938) | (231,949) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | $ 405,048 | $ 251,968 | $ 406,587 | $ 341,648 | 1,824,383 | 1,405,251 | 1,316,304 |
Accumulated Net Gain (Loss) from Derivatives Including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Interest expense | (10,998) | (10,789) | (9,205) | ||||||||
Accumulated Net Gain (Loss) from Derivatives Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | 1,577 | 1,568 | 1,317 | ||||||||
Accumulated derivative losses, net | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | (9,421) | $ (9,221) | $ (7,888) | ||||||||
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Other income | 80,187 | ||||||||||
Accumulated Net Investment Gain (Loss) Attributable to Noncontrolling Interest | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
Net income attributable to noncontrolling interests | (11,502) | ||||||||||
Net gains on marketable securities | Amount reclassified from accumulated other comprehensive income (loss) | |||||||||||
Significant Accounting Policies | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 68,685 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Allowance for Credit Losses and Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Management Fees and Other Revenues | |||
Insurance reserve for insurance subsidiaries and other self-insurance programs | $ 88,100 | $ 93,500 | |
Allowance for Credit Losses | |||
Balance, beginning of period | 33,282 | 32,681 | $ 29,263 |
Provision for credit losses | 6,635 | 12,001 | 7,165 |
Accounts written off, net of recoveries | (9,823) | (11,400) | (3,747) |
Balance, end of period | 30,094 | 33,282 | $ 32,681 |
Income Taxes | |||
Provision for federal income taxes for REIT entities | 0 | ||
Deferred tax assets related to TRS subsidiaries, net | 0 | ||
Deferred tax liabilities related to TRS subsidiaries, net | 0 | ||
Deferred tax (liabilities) assets related to TRS subsidiaries, net | $ 1,100 | ||
Valuation allowance related to TRS subsidiaries, net | $ 0 |
Real Estate Acquisitions and 49
Real Estate Acquisitions and Dispositions (Details) $ in Thousands | Jan. 15, 2015USD ($)property | Sep. 26, 2014USD ($) | Apr. 10, 2014 | Jan. 30, 2014USD ($)ashares | Jan. 10, 2014USD ($)propertyitem | Jan. 10, 2014propertyitem | Aug. 08, 2013USD ($) | May. 30, 2013USD ($)ft² | Jan. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property |
Real Estate Acquisitions and Dispositions | |||||||||||||||
Discontinued operations transaction expenses | $ 38,163 | ||||||||||||||
Subsequent Event | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Gain (loss) on disposition of interest in properties | $ 36,800 | ||||||||||||||
Number of properties disposed of during the period | property | 2 | ||||||||||||||
McArthurGlen Group | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Number of properties in which interest is acquired | property | 5 | ||||||||||||||
Hotel | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Gain (loss) on disposition of interest in properties | $ 4,500 | ||||||||||||||
Office property, Boston, Massachusetts | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Gain (loss) on disposition of interest in properties | $ 7,900 | ||||||||||||||
Jersey Gardens and University Park Village | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Acquisition related transaction costs | $ 4,400 | ||||||||||||||
Ownership interests acquired (as a percent) | 100.00% | ||||||||||||||
Cash purchase price for acquisition | $ 677,900 | ||||||||||||||
Mortgage debt including debt premiums | $ 405,000 | $ 17,900 | 17,900 | ||||||||||||
Investment properties | 1,100,000 | 1,100,000 | |||||||||||||
Lease related intangibles | $ 3,600 | 3,600 | |||||||||||||
Number of properties in which interest is acquired | property | 2 | ||||||||||||||
Jersey Gardens and University Park Village | Maximum | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Life of joint ventures with excess investment | 40 years | ||||||||||||||
Arizona Mills | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Ownership interests acquired (as a percent) | 50.00% | ||||||||||||||
Mortgage debt including debt premiums | $ 166,900 | ||||||||||||||
Area of property (in square feet) | a | 39 | ||||||||||||||
Consideration paid | $ 145,800 | ||||||||||||||
Gain due to acquisition of controlling interest | $ 2,700 | ||||||||||||||
Ownership interest after acquisition (as a percent) | 100.00% | ||||||||||||||
Arizona Mills | Operating Partnership | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Number of units issued in connection with acquisition of the remaining interest in Arizona Mills | shares | 555,150 | ||||||||||||||
Portfolio of ten properties | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Consideration paid | $ 114,400 | ||||||||||||||
Number of partner's interest acquired | item | 1 | 1 | |||||||||||||
Number of properties in which interest is acquired | property | 10 | ||||||||||||||
Outlet center, Portland OR | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Area of property (in square feet) | ft² | 390,000 | ||||||||||||||
Property interest acquired (as a percent) | 100.00% | ||||||||||||||
Property interest acquired | $ 146,700 | ||||||||||||||
Gain on acquisition of property interests | $ 27,300 | ||||||||||||||
Partially owned properties | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Gain (loss) on disposition of interest in properties | $ 80,200 | ||||||||||||||
Consolidated properties | Portfolio of ten properties | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Number of properties in which interest is acquired | property | 7 | 7 | |||||||||||||
Consolidated properties | Retail properties | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Gain (loss) on disposition | $ 21,800 | ||||||||||||||
Number of properties disposed of during the period | property | 3 | 8 | |||||||||||||
Unconsolidated properties | Retail properties | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Gain (loss) on disposition of interest in properties | $ 43,600 | ||||||||||||||
Number of properties disposed of during the period | property | 3 | 3 | |||||||||||||
Unconsolidated properties | Lifestyle/Community Centers | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Number of properties in which interest is acquired | property | 3 | ||||||||||||||
Number of properties disposed of during the period | property | 3 | ||||||||||||||
Ashford Designer Outlets | European Joint Venture | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Joint venture ownership percentage before transaction | 22.50% | ||||||||||||||
Joint venture ownership percentage after transactions | 45.00% | ||||||||||||||
Spinoff | Strip Center Business and Small Malls | |||||||||||||||
Real Estate Acquisitions and Dispositions | |||||||||||||||
Discontinued operations transaction expenses | $ 38,200 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income attributable to Common Stockholders - Basic | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | $ 405,048 | $ 251,968 | $ 406,587 | $ 341,648 | $ 1,824,383 | $ 1,405,251 | $ 1,316,304 | |
Net Income attributable to Common Stockholders - Diluted | $ 1,824,383 | $ 1,405,251 | $ 1,316,304 | |||||||||
Weighted Average Shares Outstanding - Basic | 310,102,746 | 310,731,032 | 310,255,168 | |||||||||
Effect of stock options (in shares) | 50 | |||||||||||
Weighted Average Shares Outstanding - Diluted | 310,102,746 | 310,731,032 | 310,255,218 | |||||||||
Effect of dilutive securities: | ||||||||||||
Securities with dilutive effect | $ 0 | $ 0 | ||||||||||
Dividends | ||||||||||||
Total dividends paid per common share (in dollars per share) | $ 6.05 | $ 5.15 | $ 4.65 | |||||||||
Percent taxable as ordinary income | 94.30% | 100.00% | 97.50% | |||||||||
Percent taxable as long-term capital gains | 5.70% | 0.00% | 2.50% | |||||||||
Total percentage of dividends paid | 100.00% | 100.00% | 100.00% | |||||||||
Subsequent Event | ||||||||||||
Dividends | ||||||||||||
Dividends declared per common share (in dollars per share) | $ 1.60 |
Investment Properties (Details)
Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Properties | ||
Land | $ 3,417,716 | $ 3,185,624 |
Buildings and improvements | 29,715,169 | 27,828,509 |
Total land, buildings and improvements | 33,132,885 | 31,014,133 |
Furniture, fixtures and equipment | 330,239 | 304,399 |
Investment properties at cost | 33,463,124 | 31,318,532 |
Less - accumulated depreciation | 9,915,386 | 8,950,747 |
Investment properties at cost, net | 23,547,738 | 22,367,785 |
Construction in progress, included above | $ 663,271 | $ 640,081 |
Investments in Unconsolidated52
Investments in Unconsolidated Entities - Retail Estate Joint Venture and Investements (Details) $ in Millions | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property |
Investments in Unconsolidated Entities | ||
Total number of joint venture properties | property | 81 | 82 |
Construction and other related party loans | ||
Investments in Unconsolidated Entities | ||
Loans to related party | $ | $ 13.9 | $ 14.9 |
Investments in Unconsolidated53
Investments in Unconsolidated Entities - Unconsolidated Property Transactsions (Details) $ in Millions | Jul. 22, 2015USD ($)property | Jul. 07, 2015USD ($)shares | Apr. 23, 2015USD ($)ft² | Apr. 13, 2015USD ($)property | Feb. 24, 2015USD ($) | Feb. 28, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)property | Jan. 30, 2014a |
Arizona Mills | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Area of property (in square feet) | a | 39 | |||||||||
Ownership interests acquired (as a percent) | 50.00% | |||||||||
Gain due to acquisition of controlling interest | $ 2.7 | |||||||||
Ownership interest after acquisition (as a percent) | 100.00% | |||||||||
Hudson's Bay Company (HBC) Joint Venture | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Committed amount to contribute | $ 100 | |||||||||
Contributions for improvements to properties | $ 1 | |||||||||
Contribution to form joint venture | $ 178.5 | |||||||||
Joint venture ownership percentage | 8.90% | 8.90% | ||||||||
Share of net loss | $ 0.7 | |||||||||
Total assets | 4,200 | $ 4,200 | ||||||||
Total liabilities | 2,900 | $ 2,900 | ||||||||
Total revenues | 55 | |||||||||
Total operating income | 10 | |||||||||
Consolidated net income | $ 8 | |||||||||
Hudson's Bay Company (HBC) Joint Venture | Hudson Bay Company | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Number of properties contributed to form joint venture | property | 42 | |||||||||
Number of Kaufhof properties purchased by the joint venture | property | 41 | |||||||||
Sears Joint Venture | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Contribution to form joint venture | $ 114 | |||||||||
Joint venture ownership percentage | 50.00% | |||||||||
Sears Joint Venture | Sears | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Number of properties contributed to form joint venture | property | 10 | |||||||||
Joint venture ownership percentage | 50.00% | |||||||||
Number of property being leased back | property | 10 | |||||||||
Sears Joint Venture | Sears | Minimum | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Percentage of property space subject to recapture | 50.00% | |||||||||
Seritage Growth Properties | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Payments to acquire equity method investment | $ 33 | |||||||||
Additional shares acquired (in shares) | shares | 1,125,760 | |||||||||
Houston Galleria | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Joint venture ownership percentage | 50.40% | |||||||||
Houston Galleria | Mortgages | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Debt refinanced | $ 821 | |||||||||
Interest rate on debt (as a percent) | 5.44% | |||||||||
Houston Galleria | Mortgage Maturing March 2025 | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Debt issued to refinance previous mortgage | $ 1,200 | |||||||||
Interest rate on debt (as a percent) | 3.55% | |||||||||
Excess proceeds from debt financing distributed to venture partners | $ 377.1 | |||||||||
Development project | Brickell City Centre | ||||||||||
Investments in Unconsolidated Entities | ||||||||||
Area of property (in square feet) | ft² | 500,000 | |||||||||
Property ownership interest (as a percent) | 25.00% | |||||||||
Estimated cost of project, including development fees | $ 110 |
Investments in Unconsolidated54
Investments in Unconsolidated Entities - European Investments (Details) $ / shares in Units, $ in Thousands, € in Millions | May. 11, 2015USD ($)shares | Jan. 15, 2015 | Apr. 16, 2014EUR (€)property | Apr. 16, 2014USD ($)property | Feb. 25, 2016USD ($) | Jan. 31, 2016property | Jan. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)property$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015 |
Investments in Unconsolidated Entities | ||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | $ 250,516 | $ 158,308 | $ 93,363 | |||||||||
Share of net income, net of amortization of our excess investment | 284,806 | 226,774 | $ 206,380 | |||||||||
Equity investment | $ 2,378,800 | 2,481,574 | 2,378,800 | |||||||||
Subsequent Event | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Number of properties disposed of during the period | property | 2 | |||||||||||
Klepierre | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | 206,900 | |||||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interest in unconsolidated entities, net | $ 133,900 | |||||||||||
Number of properties disposed of during the period | property | 126 | 126 | ||||||||||
Total gross consideration | € | € 1,980 | |||||||||||
Group's share of total consideration | € | € 1,650 | |||||||||||
Klepierre | Corio | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Ordinary share conversion ratio | 1.14 | |||||||||||
European Joint Venture | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Equity investment | $ 677,100 | $ 577,300 | $ 677,100 | |||||||||
European Joint Venture | Minimum | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Joint venture ownership percentage | 45.00% | |||||||||||
European Joint Venture | Maximum | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Joint venture ownership percentage | 90.00% | |||||||||||
European Joint Venture | Outlet Center In Ochtrup Germany | Subsequent Event | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Joint venture ownership percentage | 75.00% | |||||||||||
Payments to acquire equity method investment | $ 34,900 | |||||||||||
Europe | Klepierre | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Shares owned | shares | 63,924,148 | |||||||||||
Joint venture ownership percentage | 20.30% | 28.90% | 20.30% | 28.90% | 18.30% | |||||||
Quoted market price per share (in dollars per share) | $ / shares | $ 44.82 | |||||||||||
Additional shares acquired (in shares) | shares | 6,290,000 | |||||||||||
Payments to acquire equity method investment | $ 279,400 | |||||||||||
Share of net income, net of amortization of our excess investment | $ 6,700 | $ 131,500 | ||||||||||
Total assets | $ 12,700,000 | 20,800,000 | 12,700,000 | |||||||||
Total liabilities | 8,200,000 | 12,400,000 | 8,200,000 | |||||||||
Noncontrolling interests equity | $ 1,400,000 | 1,400,000 | 1,400,000 | |||||||||
Total revenues | 1,500,000 | 1,200,000 | ||||||||||
Total operating income | 414,800 | 432,100 | ||||||||||
Consolidated net income | $ 181,200 | $ 1,300,000 | ||||||||||
Premium Outlets | European Joint Venture | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Number of properties | property | 6 | |||||||||||
Number of properties that will be consolidated in first quarter of 2016 | property | 2 | |||||||||||
Premium Outlets | Europe | European Joint Venture | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Number of properties | property | 5 | |||||||||||
Roermond Designer Outlet | European Joint Venture | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Joint venture ownership percentage | 90.00% | 90.00% | ||||||||||
Roermond Designer Outlet | European Joint Venture | Mortgage Maturing 2017 | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Debt refinanced | $ 85,100 | |||||||||||
Interest rate on debt (as a percent) | 5.12% | 5.12% | ||||||||||
Roermond Designer Outlet | European Joint Venture | Mortgage Maturing 2021 | ||||||||||||
Investments in Unconsolidated Entities | ||||||||||||
Debt issued to refinance previous mortgage | $ 218,900 | $ 218,900 | ||||||||||
Interest rate on debt (as a percent) | 1.86% | 1.86% | ||||||||||
Excess proceeds from debt financing distributed to venture partners | $ 106,000 |
Investments in Unconsolidated55
Investments in Unconsolidated Entities - Value Retail PLC (Details) $ in Millions | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) |
Cost method investments | ||
Cost method investments included in deferred costs and other assets | $ | $ 181.4 | $ 167.1 |
Europe | Value Retail PLC | ||
Cost method investments | ||
Number of luxury outlets owned and operated | property | 9 | |
Number of outlets in which the entity has a minority direct ownership | property | 3 | |
Cost method investments included in deferred costs and other assets | $ | $ 115.4 | $ 115.4 |
Investments in Unconsolidated56
Investments in Unconsolidated Entities - Pre-Development Projects (Details) - Europe - Pre-Development Europe Projects Joint Venture - Disposed by Sales $ in Millions | Mar. 19, 2015USD ($) |
Investments in Unconsolidated Entities | |
Aggregate proceeds received | $ 19 |
Gain on disposal of equity method investment | $ 8.3 |
Investments in Unconsolidated57
Investments in Unconsolidated Entities - Asian Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in Unconsolidated Entities | ||
Equity investment | $ 2,481,574 | $ 2,378,800 |
Japan | Mitsubishi Estate Co., Ltd. | Premium Outlets | ||
Investments in Unconsolidated Entities | ||
Joint venture ownership percentage | 40.00% | |
Equity investment | $ 224,600 | 229,800 |
South Korea | Shinsegae International Co | Premium Outlets | ||
Investments in Unconsolidated Entities | ||
Joint venture ownership percentage | 50.00% | |
Equity investment | $ 117,000 | $ 104,500 |
Investments in Unconsolidated58
Investments in Unconsolidated Entities - Balance Sheets (Details) $ in Thousands | May. 28, 2014property | Dec. 31, 2015USD ($)property | Dec. 31, 2013property | Dec. 31, 2014USD ($) |
Assets: | ||||
Investment properties, at cost | $ 33,463,124 | $ 31,318,532 | ||
Less - accumulated depreciation | 9,915,386 | 8,950,747 | ||
Investment properties at cost, net | 23,547,738 | 22,367,785 | ||
Cash and cash equivalents | 701,134 | 612,282 | ||
Tenant receivables and accrued revenue, net | 624,605 | 580,197 | ||
Deferred costs and other assets | 1,352,259 | 1,806,789 | ||
Liabilities and Partners' Deficit: | ||||
Mortgages | 22,502,173 | 20,852,993 | ||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 1,323,801 | 1,259,681 | ||
Other liabilities | 214,249 | 275,451 | ||
Total liabilities | 25,408,767 | 23,555,288 | ||
Partners' deficit | (4,266,930) | (4,208,183) | ||
Total liabilities and equity | 30,650,673 | 29,532,330 | ||
Our Share of: | ||||
Our net investment in unconsolidated entities, at equity | 2,481,574 | 2,378,800 | ||
Unconsolidated properties | ||||
Investments in Unconsolidated Entities | ||||
Number of unconsolidated properties in the spin-off of Washington Prime | property | 10 | |||
Equity Method Investments | Unconsolidated properties | ||||
Assets: | ||||
Investment properties, at cost | 17,186,884 | 16,087,282 | ||
Less - accumulated depreciation | 5,780,261 | 5,457,899 | ||
Investment properties at cost, net | 11,406,623 | 10,629,383 | ||
Cash and cash equivalents | 818,805 | 993,178 | ||
Tenant receivables and accrued revenue, net | 354,133 | 362,201 | ||
Investment in unconsolidated entities, at equity | 11,386 | |||
Deferred costs and other assets | 545,850 | 536,600 | ||
Total assets | 13,125,411 | 12,532,748 | ||
Liabilities and Partners' Deficit: | ||||
Mortgages | 13,891,041 | 13,272,557 | ||
Accounts payable, accrued expenses, intangibles, and deferred revenues | 985,159 | 1,015,334 | ||
Other liabilities | 468,005 | 493,718 | ||
Total liabilities | 15,344,205 | 14,781,609 | ||
Preferred units | 67,450 | 67,450 | ||
Partners' deficit | (2,286,244) | (2,316,311) | ||
Total liabilities and equity | 13,125,411 | 12,532,748 | ||
Our Share of: | ||||
Partners' deficit | (854,562) | (663,700) | ||
Add: Excess investment | 1,788,749 | 1,875,337 | ||
Our net investment in unconsolidated entities, at equity | $ 934,187 | $ 1,211,637 | ||
Equity Method Investments | Unconsolidated properties | Retail properties | ||||
Investments in Unconsolidated Entities | ||||
Number of properties disposed of during the period | property | 3 | 3 |
Investments in Unconsolidated59
Investments in Unconsolidated Entities - Repayments of Mortgages (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Scheduled principal repayments on mortgage indebtedness | |||
2,016 | $ 2,928,580 | ||
2,017 | 3,043,067 | ||
2,018 | 1,024,275 | ||
2,019 | 2,607,519 | ||
2,020 | 3,159,632 | ||
Thereafter | 9,739,204 | ||
Total principal maturities | 22,502,277 | ||
Net unamortized debt premium | (104) | ||
Total mortgages and unsecured indebtedness | 22,502,173 | $ 20,852,993 | |
Loss on debt extinguishment | 120,953 | 127,573 | |
Equity Method Investments | Unconsolidated properties | |||
Scheduled principal repayments on mortgage indebtedness | |||
2,016 | 1,325,067 | ||
2,017 | 810,684 | ||
2,018 | 433,362 | ||
2,019 | 599,718 | ||
2,020 | 3,049,673 | ||
Thereafter | 7,668,576 | ||
Total principal maturities | 13,887,080 | ||
Net unamortized debt premium | 3,961 | ||
Total mortgages and unsecured indebtedness | $ 13,891,041 | $ 13,272,557 | |
Debt repaid interest rate, low end of range (as a percent) | 0.37% | ||
Debt repaid interest rate, high end of range (as a percent) | 9.35% | ||
Weighted average interest rate (as a percent) | 4.15% | ||
Equity Method Investments | Unconsolidated properties | Maximum | |||
Investments in Unconsolidated Entities | |||
Life of joint ventures with excess investment | 40 years | ||
Equity Method Investments | Unconsolidated properties | Aventura Mall | |||
Scheduled principal repayments on mortgage indebtedness | |||
Joint venture ownership percentage | 33.00% | ||
Loss on debt extinguishment | $ 82,800 | ||
Equity Method Investments | Unconsolidated properties | Aventura Mall | Mortgages maturing December 11, 2017 | |||
Scheduled principal repayments on mortgage indebtedness | |||
Debt refinanced | $ 430,000 | ||
Fixed interest rate (as a percent) | 5.91% | ||
Equity Method Investments | Unconsolidated properties | Aventura Mall | Mortgages maturing December 01, 2020 | |||
Scheduled principal repayments on mortgage indebtedness | |||
Debt issued to refinance previous mortgage | $ 1,200,000 | ||
Fixed interest rate (as a percent) | 3.75% |
Investments in Unconsolidated60
Investments in Unconsolidated Entities -Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||||||||||
Minimum rent | $ 3,142,347 | $ 2,962,295 | $ 2,775,919 | ||||||||
Overage rent | 194,070 | 207,104 | 214,758 | ||||||||
Tenant reimbursements | 1,445,623 | 1,362,412 | 1,258,165 | ||||||||
Other income | 325,597 | 200,781 | 168,035 | ||||||||
Total revenue | $ 1,380,621 | $ 1,320,137 | $ 1,349,110 | $ 1,216,235 | $ 1,297,120 | $ 1,234,694 | $ 1,181,982 | $ 1,157,022 | 5,266,103 | 4,870,818 | 4,543,849 |
Operating Expenses: | |||||||||||
Property operating | 425,983 | 398,598 | 371,044 | ||||||||
Depreciation and amortization | 1,177,568 | 1,143,827 | 1,107,700 | ||||||||
Real estate taxes | 432,840 | 384,189 | 368,683 | ||||||||
Repairs and maintenance | 101,369 | 100,016 | 98,219 | ||||||||
Advertising and promotion | 134,854 | 136,656 | 117,894 | ||||||||
Provision for credit losses | 6,635 | 12,001 | 7,165 | ||||||||
Other | 102,836 | 91,655 | 83,741 | ||||||||
Total operating expenses | 2,597,230 | 2,485,476 | 2,355,180 | ||||||||
OPERATING INCOME | $ 709,730 | $ 657,587 | $ 702,385 | $ 599,171 | $ 655,288 | $ 607,557 | $ 561,531 | $ 560,965 | 2,668,873 | 2,385,342 | 2,188,669 |
Interest expense | (923,697) | (992,601) | (1,082,081) | ||||||||
Income from Unconsolidated Entities | 284,806 | 226,774 | 206,380 | ||||||||
Equity Method Investments | Unconsolidated properties | |||||||||||
Revenue: | |||||||||||
Minimum rent | 1,801,023 | 1,746,549 | 1,618,802 | ||||||||
Overage rent | 191,249 | 183,478 | 180,435 | ||||||||
Tenant reimbursements | 799,420 | 786,351 | 747,447 | ||||||||
Other income | 236,726 | 293,419 | 199,197 | ||||||||
Total revenue | 3,028,418 | 3,009,797 | 2,745,881 | ||||||||
Operating Expenses: | |||||||||||
Property operating | 530,798 | 574,706 | 487,144 | ||||||||
Depreciation and amortization | 594,973 | 604,199 | 512,702 | ||||||||
Real estate taxes | 231,154 | 221,745 | 204,894 | ||||||||
Repairs and maintenance | 73,286 | 71,203 | 66,612 | ||||||||
Advertising and promotion | 75,773 | 72,496 | 61,664 | ||||||||
Provision for credit losses | 4,153 | 6,527 | 1,388 | ||||||||
Other | 169,504 | 187,729 | 155,421 | ||||||||
Total operating expenses | 1,679,641 | 1,738,605 | 1,489,825 | ||||||||
OPERATING INCOME | 1,348,777 | 1,271,192 | 1,256,056 | ||||||||
Interest expense | (593,187) | (598,900) | (680,321) | ||||||||
Income from Continuing Operations | 755,590 | 672,292 | 575,735 | ||||||||
Income from operations of discontinued joint venture interests | 5,079 | 14,200 | |||||||||
Gain on disposal of discontinued operations, net | 51,164 | ||||||||||
Gain on sale or disposal of assets and interests in unconsolidated entities | 67,176 | ||||||||||
Net Income | 822,766 | 677,371 | 641,099 | ||||||||
Third-Party Investors' Share of Net Income | 405,456 | 348,127 | 353,708 | ||||||||
Our Share of Net Income | 417,310 | 329,244 | 287,391 | ||||||||
Amortization of Excess Investment | 94,828 | 99,463 | 102,875 | ||||||||
Our Share of (Loss) Income from Unconsolidated Discontinued Operations | 652 | (1,121) | |||||||||
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net | (43,589) | ||||||||||
Income from Unconsolidated Entities | $ 278,893 | $ 229,129 | $ 185,637 |
Investments in Unconsolidated61
Investments in Unconsolidated Entities - Dispositions (Details) - Equity Method Investments - Unconsolidated properties - Retail properties $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)property | Dec. 31, 2013USD ($)property | |
Investments in Unconsolidated Entities | ||
Number of properties disposed of during the period | property | 3 | 3 |
Gain on disposal of equity method investment | $ | $ 43.6 | $ 0 |
Indebtedness and Derivative F62
Indebtedness and Derivative Financial Instruments (Details) $ in Thousands, € in Millions | Jan. 13, 2016USD ($)item | Mar. 02, 2015USD ($) | Jan. 15, 2015USD ($)property | Dec. 31, 2015USD ($)propertyitem | Dec. 31, 2015USD ($)propertyitem | Dec. 31, 2014USD ($) | Feb. 01, 2016USD ($) | Nov. 18, 2015EUR (€) | Nov. 18, 2015USD ($) | Aug. 17, 2015USD ($) |
Fixed-Rate Debt: | ||||||||||
Fixed-rate mortgages and unsecured indebtedness | $ 20,394,511 | $ 20,394,511 | $ 19,424,456 | |||||||
Variable-Rate Debt: | ||||||||||
Variable-rate mortgages and unsecured indebtedness | 2,107,662 | 2,107,662 | 1,428,537 | |||||||
Total Mortgages and Unsecured Indebtedness | 22,502,173 | 22,502,173 | 20,852,993 | |||||||
Debt covenants | ||||||||||
Loss on debt extinguishment | 120,953 | 127,573 | ||||||||
Operating Partnership | Subsequent Event | ||||||||||
Debt covenants | ||||||||||
Number of unencumbered properties released on repayment of debt | item | 3 | |||||||||
Senior unsecured notes | ||||||||||
Debt covenants | ||||||||||
Loss on debt extinguishment | 121,000 | |||||||||
Senior Unsecured Notes 1.38% due 2022 | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Debt issued | € 750 | $ 798,300 | ||||||||
Interest rate on debt (as a percent) | 1.38% | 1.38% | ||||||||
Senior Unsecured Notes 5.10% to 5.75% | ||||||||||
Debt covenants | ||||||||||
Amount of debt redeemed | 693,500 | $ 693,500 | ||||||||
Debt repaid interest rate, low end of range (as a percent) | 5.10% | |||||||||
Debt repaid interest rate, high end of range (as a percent) | 5.75% | |||||||||
Senior Unsecured Notes 6.13% to 7.38% | ||||||||||
Debt covenants | ||||||||||
Amount of debt redeemed | 1,000,000 | $ 1,000,000 | ||||||||
Debt repaid interest rate, low end of range (as a percent) | 6.13% | |||||||||
Debt repaid interest rate, high end of range (as a percent) | 7.38% | |||||||||
Senior Unsecured Notes 6.10% | Subsequent Event | ||||||||||
Debt covenants | ||||||||||
Interest rate on debt (as a percent) | 6.10% | |||||||||
Amount of debt redeemed | $ 163,300 | |||||||||
Senior Unsecured Notes 2.50% due 2021 | Operating Partnership | Subsequent Event | ||||||||||
Debt covenants | ||||||||||
Debt issued | $ 550,000 | |||||||||
Interest rate on debt (as a percent) | 2.50% | |||||||||
Senior Unsecured Notes 3.30% due 2026 | Operating Partnership | Subsequent Event | ||||||||||
Debt covenants | ||||||||||
Debt issued | $ 800,000 | |||||||||
Interest rate on debt (as a percent) | 3.30% | |||||||||
Secured Debt | Mortgages | ||||||||||
Fixed-Rate Debt: | ||||||||||
Fixed-rate mortgages and unsecured indebtedness | 5,985,427 | $ 5,985,427 | 5,615,351 | |||||||
Net premiums | $ 44,594 | $ 44,594 | 49,723 | |||||||
Weighted-average interest rate, fixed-rate debt (as a percent) | 5.12% | 5.12% | ||||||||
Weighted average maturity period, fixed-rate debt | 4 years 7 months 6 days | |||||||||
Variable-Rate Debt: | ||||||||||
Variable-rate mortgages and unsecured indebtedness | $ 630,000 | $ 630,000 | 630,000 | |||||||
Weighted average interest rate, variable-rate debt (as a percent) | 2.29% | 2.29% | ||||||||
Weighted average maturity period, variable-rate debt | 1 year 3 months 18 days | |||||||||
Total Mortgages and Unsecured Indebtedness | $ 6,600,000 | $ 6,600,000 | 6,200,000 | |||||||
Debt covenants | ||||||||||
Number of non-recourse mortgage notes under which the Company and subsidiaries are borrowers | item | 44 | |||||||||
Number of properties secured by non-recourse mortgage notes | property | 49 | 49 | ||||||||
Number of cross-defaulted and cross-collateralized mortgage pools | item | 4 | 4 | ||||||||
Total number of properties pledged as collateral for cross defaulted and cross collateralized mortgages | property | 11 | 11 | ||||||||
Interest rate on debt (as a percent) | 5.51% | 5.51% | ||||||||
Number of unencumbered properties released on repayment of debt | property | 5 | |||||||||
Debt repaid | $ 259,300 | |||||||||
Unsecured Debt | Senior unsecured notes | ||||||||||
Fixed-Rate Debt: | ||||||||||
Fixed-rate mortgages and unsecured indebtedness | $ 13,530,427 | 13,530,427 | 13,399,920 | |||||||
Net discount | $ 44,698 | $ 44,698 | 40,701 | |||||||
Weighted-average interest rate, fixed-rate debt (as a percent) | 3.93% | 3.93% | ||||||||
Weighted average maturity period, fixed-rate debt | 7 years 3 months 18 days | |||||||||
Unsecured Debt | Senior unsecured notes | Operating Partnership | ||||||||||
Variable-Rate Debt: | ||||||||||
Total Mortgages and Unsecured Indebtedness | $ 13,500,000 | $ 13,500,000 | ||||||||
Unsecured Debt | Senior unsecured notes 2.20% due February 2019 | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Debt issued | $ 500,000 | |||||||||
Interest rate on debt (as a percent) | 2.50% | |||||||||
Unsecured Debt | Senior unsecured notes 3.75% due February 2024 | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Debt issued | $ 600,000 | |||||||||
Interest rate on debt (as a percent) | 3.50% | |||||||||
Unsecured Debt | Commercial Paper | ||||||||||
Fixed-Rate Debt: | ||||||||||
Fixed-rate mortgages and unsecured indebtedness | 878,657 | 878,657 | 409,185 | |||||||
Unsecured Debt | Commercial Paper | Operating Partnership | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | 878,700 | 878,700 | ||||||||
Debt covenants | ||||||||||
Maximum borrowing capacity | $ 500,000 | |||||||||
Expanded maximum borrowing capacity | 1,000,000 | |||||||||
Unsecured Debt | Commercial Paper | Operating Partnership | Euro | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | $ 188,100 | $ 188,100 | ||||||||
Debt covenants | ||||||||||
Weighted average interest rate (as a percent) | 0.03% | 0.03% | ||||||||
Unsecured Debt | Commercial Paper | Operating Partnership | USD | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | $ 690,600 | $ 690,600 | ||||||||
Debt covenants | ||||||||||
Weighted average interest rate (as a percent) | 0.43% | 0.43% | ||||||||
Unsecured Debt | Credit Facility and the Supplemental Facility | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Available borrowing capacity | $ 4,600,000 | $ 4,600,000 | ||||||||
Maximum amount outstanding during period | 1,800,000 | |||||||||
Credit facility, weighted average amount outstanding | 1,200,000 | |||||||||
Letters of credit outstanding | 36,900 | $ 36,900 | ||||||||
Number of credit facilities | item | 2 | |||||||||
Unsecured Debt | Credit Facility | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | 1,237,662 | $ 1,237,662 | 558,537 | |||||||
Unsecured Debt | Credit Facility | Operating Partnership | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | 1,200,000 | 1,200,000 | ||||||||
Debt covenants | ||||||||||
Maximum borrowing capacity | 4,000,000 | 4,000,000 | ||||||||
Optional expanded maximum borrowing capacity | $ 5,000,000 | |||||||||
Additional facility fee (as a percent) | 0.10% | |||||||||
Unsecured Debt | Credit Facility | Operating Partnership | LIBOR | ||||||||||
Debt covenants | ||||||||||
Interest added to reference rate (as a percent) | 0.80% | |||||||||
Unsecured Debt | Credit Facility | Operating Partnership | Euro | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | 237,800 | $ 237,800 | ||||||||
Unsecured Debt | Credit Facility | Operating Partnership | Yen | ||||||||||
Variable-Rate Debt: | ||||||||||
Credit facility, amount outstanding | 184,800 | $ 184,800 | ||||||||
Unsecured Debt | Credit Facility | Maximum | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Percentage of borrowings in currencies other than the U.S. dollar | 0.75% | |||||||||
Unsecured Debt | Supplemental Facility | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Maximum borrowing capacity | 2,000,000 | |||||||||
Unsecured Debt | Amended Supplemental Facility | Operating Partnership | ||||||||||
Debt covenants | ||||||||||
Maximum borrowing capacity | 2,750,000 | 2,750,000 | $ 2,750,000 | |||||||
Optional expanded maximum borrowing capacity | $ 3,500,000 | |||||||||
Additional facility fee (as a percent) | 0.10% | |||||||||
Unsecured Debt | Amended Supplemental Facility | Operating Partnership | LIBOR | ||||||||||
Debt covenants | ||||||||||
Interest added to reference rate (as a percent) | 0.80% | |||||||||
Unsecured Debt | Term loan | ||||||||||
Variable-Rate Debt: | ||||||||||
Total Mortgages and Unsecured Indebtedness | $ 240,000 | $ 240,000 | $ 240,000 | |||||||
Jersey Gardens and University Park Village | ||||||||||
Debt covenants | ||||||||||
Number of properties in which interest is acquired | property | 2 | |||||||||
Jersey Gardens (The Mills at Jersey Gardens) | Mortgage Maturing November 1, 2020 | ||||||||||
Variable-Rate Debt: | ||||||||||
Total Mortgages and Unsecured Indebtedness | $ 350,000 | |||||||||
Debt covenants | ||||||||||
Interest rate on debt (as a percent) | 3.83% | |||||||||
University Park Village | Mortgage Maturing May 1, 2028 | ||||||||||
Variable-Rate Debt: | ||||||||||
Total Mortgages and Unsecured Indebtedness | $ 55,000 | |||||||||
Debt covenants | ||||||||||
Interest rate on debt (as a percent) | 3.85% |
Indebtedness and Derivative F63
Indebtedness and Derivative Financial Instruments - Maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Maturity and Other | |||
2,016 | $ 2,928,580 | ||
2,017 | 3,043,067 | ||
2,018 | 1,024,275 | ||
2,019 | 2,607,519 | ||
2,020 | 3,159,632 | ||
Thereafter | 9,739,204 | ||
Total principal maturities | 22,502,277 | ||
Net unamortized debt premium | (104) | ||
Total mortgages and unsecured indebtedness | 22,502,173 | $ 20,852,993 | |
Cash paid for interest | $ 943,683 | $ 1,018,911 | $ 1,086,128 |
Indebtedness and Derivative F64
Indebtedness and Derivative Financial Instruments - Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Financial Instruments | ||
Unamortized loss of benefits from treasury and interest rate hedge agreements | $ 60.8 | $ 65.7 |
Amount expected to be reclassified from accumulated other comprehensive loss to earnings within the next year | 12.4 | |
Interest rate swap | ||
Derivative Financial Instruments | ||
Notional amount | $ 0 | $ 375 |
Indebtedness and Derivative F65
Indebtedness and Derivative Financial Instruments - Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Book value | ||
Fair Value of Debt | ||
Fixed-rate mortgages and unsecured indebtedness | $ 20,400 | $ 19,400 |
Fixed-rate mortagages and unsecured indebtedness | Fair value | ||
Fair Value of Debt | ||
Fixed-rate mortgages and unsecured indebtedness | $ 21,331 | $ 20,967 |
Mortgages | ||
Fair Value of Debt | ||
Weighted average discount rates assumed in calculation of fair value for debt (as a percent) | 3.46% | 3.02% |
Unsecured Debt | ||
Fair Value of Debt | ||
Weighted average discount rates assumed in calculation of fair value for debt (as a percent) | 3.59% | 3.51% |
Rentals under Operating Lease66
Rentals under Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future minimum rentals to be received under noncancelable tenant operating leases | |
2,016 | $ 2,754,732 |
2,017 | 2,516,302 |
2,018 | 2,230,521 |
2,019 | 1,948,366 |
2,020 | 1,714,945 |
Thereafter | 4,823,612 |
Future minimum rental receivables | $ 15,988,478 |
Equity - Common Stock (Details)
Equity - Common Stock (Details) $ / shares in Units, $ in Thousands | May. 14, 2015USD ($)shares | Apr. 02, 2015USD ($) | Dec. 31, 2015USD ($)item$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares |
Equity | |||||
Minimum number of additional classes or series of common stock that the Board is authorized to reclassify from excess common stock | item | 1 | ||||
Exchange of limited partner units, common shares | shares | 489,291 | 70,291 | 596,051 | ||
Period common stock is authorized to repurchase | 24 months | ||||
Shares repurchased (in shares) | shares | 1,903,340 | ||||
Average share price repurchased (in dollars per share) | $ / shares | $ 180.19 | ||||
Redemption of Limited Partner units during the period | $ | $ 162,684 | $ 14,435 | |||
Common Stock. | |||||
Equity | |||||
Number of votes entitled per share to holders of common stock | item | 1 | ||||
Class B common stock | |||||
Equity | |||||
Common stock, shares outstanding | shares | 8,000 | ||||
Number of voting trusts which are subject to outstanding shares common stock | item | 2 | ||||
Limited Partner | Operating Partnership | |||||
Equity | |||||
Operating Partnership units redeemed | shares | 944,359 | ||||
Redemption of Limited Partner units during the period | $ | $ 162,700 | ||||
Partnership agreement of Operating Partnership | Limited Partner | |||||
Equity | |||||
Exchange of limited partner units, common shares | shares | 489,291 | ||||
Number of limited partners who received common stock | item | 9 | ||||
Maximum | |||||
Equity | |||||
Common stock authorized for repurchase | $ | $ 2,000,000 | ||||
Maximum | Class B common stock | |||||
Equity | |||||
Number of members of board of directors elected under entitlement of right | item | 4 |
Equity - Temporary Equity (Deta
Equity - Temporary Equity (Details) $ / shares in Units, $ in Thousands | Jan. 10, 2014propertyitem | Jan. 10, 2014USD ($)propertyitem | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)item$ / shares | Dec. 31, 2014USD ($) |
Redeemable preferred stock | |||||
Number of series of units classified into temporary equity | item | 1 | ||||
Noncontrolling interests redeemable at amounts in excess of fair value | $ 0 | $ 0 | |||
Contribution to noncontrolling interest partnership | $ 83,000 | ||||
Noncontrolling interest preferred return percentage | 2.50% | ||||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% | |||
Limited partners' preferred interest in the Operating Partnership | $ 25,537 | $ 25,537 | |||
Portfolio of ten properties | |||||
Redeemable preferred stock | |||||
Number of partner's interest acquired | item | 1 | 1 | |||
Number of properties contained in a portfolio | property | 10 | ||||
Consideration transferred for partner's interests acquired | $ 114,400 | ||||
Portfolio of ten properties | Consolidated properties | |||||
Redeemable preferred stock | |||||
Number of properties contained in a portfolio | property | 7 | 7 | |||
7.5% Cumulative Redeemable Preferred Units | |||||
Redeemable preferred stock | |||||
Preferred stock stated dividend rate percentage | 7.50% | 7.50% | |||
Cumulative quarterly distributions on preferred units (in dollars per share) | $ / shares | $ 7.50 | ||||
Temporary equity redemption price (in dollars per share) | $ / shares | 100 | ||||
Liquidation preference (in dollars per share) | $ / shares | $ 100 |
Equity - Permanent Equity (Deta
Equity - Permanent Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Series J Preferred stock | ||
Equity | ||
Preferred stock stated dividend rate percentage | 8.375% | 8.375% |
Redemption price of preferred stock (in dollars per share) | $ 50 | |
Premium received on preferred stock issued | $ 7.5 | |
Preferred stock unamortized premium | $ 3.9 | $ 4.2 |
Equity - Other (Details)
Equity - Other (Details) | Jul. 06, 2011USD ($)shares | Dec. 31, 2015USD ($)item$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares |
Stock-based incentive plan awards | ||||
Notes Receivable from Former CPI Stockholders | $ 14,800,000 | |||
Exchange Rights | ||||
Limited partners units, exchange ratio | item | 1 | |||
Common stock reserved for possible conversion (in shares) | shares | 55,589,413 | |||
Audit Committee Chairman | ||||
Stock-based incentive plan awards | ||||
Retainer | $ 35,000 | |||
Compensation Committee Chairman | ||||
Stock-based incentive plan awards | ||||
Retainer | 35,000 | |||
Nominating And Governance Committee Chairman | ||||
Stock-based incentive plan awards | ||||
Retainer | 25,000 | |||
Audit Committee Member | ||||
Stock-based incentive plan awards | ||||
Retainer | 15,000 | |||
Compensation Committee Member | ||||
Stock-based incentive plan awards | ||||
Retainer | 15,000 | |||
Nominating And Governance Committee Member | ||||
Stock-based incentive plan awards | ||||
Retainer | $ 10,000 | |||
Directors | ||||
Stock-based incentive plan awards | ||||
Retainer fee paid cash (as a percent) | 50.00% | |||
Independent director | ||||
Stock-based incentive plan awards | ||||
Cash retainer | $ 100,000 | |||
Lead director | ||||
Stock-based incentive plan awards | ||||
Retainer | $ 50,000,000 | |||
Employee Options | ||||
Stock-based incentive plan awards | ||||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Options outstanding (in shares) | shares | 0 | |||
Restricted stock | ||||
Stock-based incentive plan awards | ||||
Compensation expense, net of capitalization | $ 9,400,000 | $ 12,300,000 | $ 13,400,000 | |
Total number of shares awarded, net of forfeiture | shares | 5,594,683 | |||
Shares of restricted stock awarded during the year, net of forfeitures | shares | 63,738 | 83,509 | 107,123 | |
Weighted average fair value of shares granted during the period (in dollars per share) | $ / shares | $ 197.17 | $ 166.36 | $ 160.22 | |
Amortization expense | $ 13,692,000 | $ 18,256,000 | $ 18,311,000 | |
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 | Directors | ||||
Stock-based incentive plan awards | ||||
Vesting period | 1 year | |||
Retainer fee paid in restricted shares (as a percent) | 50.00% | |||
LTIP Retention Award to Chairman and CEO | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 120,300,000 | |||
Award of restricted stock (in shares) | shares | 1,000,000 | |||
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) | 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) | 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) | shares | 280,000 | |||
1998 Stock Incentive Plan | ||||
Stock-based incentive plan awards | ||||
Shares reserved for issuance (in shares) | shares | 16,300,000 | |||
1998 Stock Incentive Plan | Restricted stock | Independent director | ||||
Stock-based incentive plan awards | ||||
Retainer | $ 150,000 | |||
LTIP programs | ||||
Stock-based incentive plan awards | ||||
Vesting period | 2 years | |||
Vesting rights percentage | 50.00% | |||
Percent of distributions of Operating Partnership that participants are entitled to receive during performance period | 10.00% | |||
Compensation expense, net of capitalization | $ 24,900,000 | $ 27,600,000 | $ 25,700,000 | |
One-year 2010 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 7,200,000 | |||
Units earned under LTIP program (in shares) | shares | 133,673 | |||
Performance period | 1 year | |||
Two-year 2010 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 14,800,000 | |||
Units earned under LTIP program (in shares) | shares | 337,006 | |||
Performance period | 2 years | |||
Three-year 2010 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 23,000,000 | |||
Units earned under LTIP program (in shares) | shares | 489,654 | |||
Performance period | 3 years | |||
2011-2013 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 35,000,000 | |||
Units earned under LTIP program (in shares) | shares | 469,848 | |||
2012-2014 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 35,000,000 | |||
Units earned under LTIP program (in shares) | shares | 401,203 | |||
2013-2015 LTIP program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 29,500,000 | |||
2014-2016 LTIP program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | 30,000,000 | |||
2015-2017 LTIP Program | ||||
Stock-based incentive plan awards | ||||
Aggregate grant date fair value | $ 29,900,000 |
Commitments and Contingencies -
Commitments and Contingencies - Litigation (Details) - Opry Mills, Nashville, TN - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
May. 31, 2010 | Aug. 31, 2015 | Mar. 31, 2015 | |
Insurance | |||
Insurance proceeds funded by insurers | $ 50 | ||
Minimum insurance coverage | 50 | ||
Additional insurance proceeds | $ 150 | ||
Positive Outcome of Litigation | |||
Insurance | |||
Damages awarded, including amounts previously paid | $ 204.1 | ||
Positive Outcome of Litigation | Maximum | |||
Insurance | |||
Summary judgment of additional insurance coverage available under excess insurance policy | $ 150 |
Commitments and Contingencies72
Commitments and Contingencies - Lease and Insurance (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Lease Commitments | |||
Properties subject to ground leases | property | 22 | ||
Future minimum lease payments due under leases | |||
2,016 | $ 30,474 | ||
2,017 | 30,687 | ||
2,018 | 30,744 | ||
2,019 | 27,205 | ||
2,020 | 24,634 | ||
Thereafter | 984,431 | ||
Total | 1,128,175 | ||
Insurance | |||
Insurance coverage, acts of terrorism | 1,000,000 | ||
Ground | |||
Lease Commitments | |||
Lease expense | 38,851 | $ 39,898 | $ 37,150 |
Office | |||
Lease Commitments | |||
Lease expense | $ 4,067 | $ 4,577 | $ 4,057 |
Commitments and Contingencies73
Commitments and Contingencies - Guarantees Of Indebtedness (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Limited Life Partnerships | ||
Settlement values of noncontrolling interest | $ 90 | $ 101 |
Joint venture mortgage indebtedness | ||
Guarantees of Indebtedness | ||
Loan guarantee | 353.7 | 223.5 |
Loan guarantees recoverable | $ 112.8 | $ 78.7 |
Commitments and Contingencies74
Commitments and Contingencies -Limited Life Partnerships (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Development, royalty and other fees | |||
Related Party Transactions | |||
Amounts charged to related party | $ 13,600 | $ 13,700 | $ 14,000 |
Unconsolidated joint ventures | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | 154,098 | 133,730 | 121,996 |
Unconsolidated joint ventures | Fees for financing activities | |||
Related Party Transactions | |||
Amounts charged to related party | 2,300 | 4,200 | 15,900 |
Properties owned by related parties | Amounts for services provided | |||
Related Party Transactions | |||
Amounts charged to related party | $ 4,324 | $ 4,393 | $ 4,510 |
Quarterly Financial Data (Una76
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data (Unaudited) | |||||||||||
Total revenue | $ 1,380,621 | $ 1,320,137 | $ 1,349,110 | $ 1,216,235 | $ 1,297,120 | $ 1,234,694 | $ 1,181,982 | $ 1,157,022 | $ 5,266,103 | $ 4,870,818 | $ 4,543,849 |
Operating income | 709,730 | 657,587 | 702,385 | 599,171 | 655,288 | 607,557 | 561,531 | 560,965 | 2,668,873 | 2,385,342 | 2,188,669 |
Consolidated income from continuing operations | 475,992 | 296,963 | 489,609 | 359,601 | 2,139,375 | 1,622,165 | 1,366,793 | ||||
Consolidated net income | 459,917 | 492,496 | 554,526 | 632,435 | 475,992 | 296,963 | 477,468 | 401,103 | 2,139,375 | 1,651,526 | 1,551,590 |
Net income attributable to common stockholders | $ 392,297 | $ 420,009 | $ 472,944 | $ 539,134 | $ 405,048 | $ 251,968 | $ 406,587 | $ 341,648 | $ 1,824,383 | $ 1,405,251 | $ 1,316,304 |
Net income per share from continuing operations - Basic and Diluted | $ 1.30 | $ 0.81 | $ 1.34 | $ 0.99 | $ 5.88 | $ 4.44 | $ 3.73 | ||||
Net income per share - Basic and Diluted | $ 1.27 | $ 1.36 | $ 1.52 | $ 1.73 | $ 1.30 | $ 0.81 | $ 1.31 | $ 1.10 | $ 5.88 | $ 4.52 | $ 4.24 |
Weighted average shares outstanding - Basic and Diluted | 309,418,757 | 309,417,298 | 310,498,911 | 311,101,297 | 310,784,070 | 310,772,019 | 310,743,242 | 310,622,570 |
Schedule III Real Estate and 77
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | $ 6,570,833 | |||
Initial Cost | ||||
Land | 3,081,047 | |||
Buildings and Improvements | 23,341,842 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 336,669 | |||
Buildings and Improvements | 6,373,327 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,417,716 | |||
Buildings and Improvements | 29,715,169 | |||
Total | 33,132,885 | $ 31,014,133 | $ 30,048,230 | $ 29,263,463 |
Accumulated Depreciation | 9,696,420 | $ 8,740,928 | $ 7,896,614 | $ 7,055,622 |
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 | 13,599 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,478 | |||
Buildings and Improvements | 73,339 | |||
Total | 78,817 | |||
Accumulated Depreciation | 35,268 | |||
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 | 67,405 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,886 | |||
Buildings and Improvements | 88,334 | |||
Total | 99,220 | |||
Accumulated Depreciation | 56,790 | |||
Malls | Battlefield Mall, Springfield, MO | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 124,467 | |||
Initial Cost | ||||
Land | 3,919 | |||
Buildings and Improvements | 27,231 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,000 | |||
Buildings and Improvements | 63,987 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,919 | |||
Buildings and Improvements | 91,218 | |||
Total | 98,137 | |||
Accumulated Depreciation | 64,580 | |||
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 | 25,912 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,464 | |||
Buildings and Improvements | 51,535 | |||
Total | 61,999 | |||
Accumulated Depreciation | 28,944 | |||
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 | 45,970 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 39,500 | |||
Buildings and Improvements | 255,172 | |||
Total | 294,672 | |||
Accumulated Depreciation | 120,465 | |||
Malls | Broadway Square, Tyler, TX | ||||
Initial Cost | ||||
Land | 11,306 | |||
Buildings and Improvements | 32,431 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,175 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,306 | |||
Buildings and Improvements | 59,606 | |||
Total | 70,912 | |||
Accumulated Depreciation | 33,195 | |||
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 | 99,494 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 66,200 | |||
Buildings and Improvements | 403,112 | |||
Total | 469,312 | |||
Accumulated Depreciation | 186,168 | |||
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 | 76,214 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 33,684 | |||
Buildings and Improvements | 174,501 | |||
Total | 208,185 | |||
Accumulated Depreciation | 93,721 | |||
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 | 56,005 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,613 | |||
Buildings and Improvements | 71,267 | |||
Total | 72,880 | |||
Accumulated Depreciation | 43,202 | |||
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 | 46,585 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,723 | |||
Buildings and Improvements | 62,830 | |||
Total | 64,553 | |||
Accumulated Depreciation | 37,926 | |||
Malls | Columbia Center, Kennewick, WA | ||||
Initial Cost | ||||
Land | 17,441 | |||
Buildings and Improvements | 66,580 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 28,108 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,441 | |||
Buildings and Improvements | 94,688 | |||
Total | 112,129 | |||
Accumulated Depreciation | 49,309 | |||
Malls | Copley Place, Boston, MA | ||||
Initial Cost | ||||
Buildings and Improvements | 378,045 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 164,956 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 543,001 | |||
Total | 543,001 | |||
Accumulated Depreciation | 202,102 | |||
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 | 21,636 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,556 | |||
Buildings and Improvements | 115,266 | |||
Total | 128,822 | |||
Accumulated Depreciation | 78,296 | |||
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 | 64,641 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 25,947 | |||
Buildings and Improvements | 137,732 | |||
Total | 163,679 | |||
Accumulated Depreciation | 58,541 | |||
Malls | Domain, The, Austin, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 195,224 | |||
Initial Cost | ||||
Land | 40,436 | |||
Buildings and Improvements | 197,010 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 139,994 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,436 | |||
Buildings and Improvements | 337,004 | |||
Total | 377,440 | |||
Accumulated Depreciation | 110,570 | |||
Malls | Empire Mall, Sioux Falls, SD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 190,000 | |||
Initial Cost | ||||
Land | 35,998 | |||
Buildings and Improvements | 192,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 23,833 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,998 | |||
Buildings and Improvements | 216,019 | |||
Total | 252,017 | |||
Accumulated Depreciation | 30,463 | |||
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 | 90,392 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 29,145 | |||
Buildings and Improvements | 210,971 | |||
Total | 240,116 | |||
Accumulated Depreciation | 94,575 | |||
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 | 27,079 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,485 | |||
Buildings and Improvements | 109,795 | |||
Total | 118,280 | |||
Accumulated Depreciation | 47,765 | |||
Malls | Forum Shops at Caesars, The, Las Vegas, NV | ||||
Initial Cost | ||||
Buildings and Improvements | 276,567 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 241,471 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 518,038 | |||
Total | 518,038 | |||
Accumulated Depreciation | 219,881 | |||
Malls | Greenwood Park Mall, Greenwood (Indianapolis), IN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 74,710 | |||
Initial Cost | ||||
Land | 2,423 | |||
Buildings and Improvements | 23,445 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,253 | |||
Buildings and Improvements | 116,410 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,676 | |||
Buildings and Improvements | 139,855 | |||
Total | 147,531 | |||
Accumulated Depreciation | 71,929 | |||
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 | 36,461 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,591 | |||
Buildings and Improvements | 170,354 | |||
Total | 181,945 | |||
Accumulated Depreciation | 93,940 | |||
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 | 43,166 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,042 | |||
Buildings and Improvements | 88,964 | |||
Total | 94,006 | |||
Accumulated Depreciation | 46,127 | |||
Malls | Ingram Park Mall, San Antonio, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 135,491 | |||
Initial Cost | ||||
Land | 733 | |||
Buildings and Improvements | 17,163 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 37 | |||
Buildings and Improvements | 23,970 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 770 | |||
Buildings and Improvements | 41,133 | |||
Total | 41,903 | |||
Accumulated Depreciation | 28,372 | |||
Malls | King of Prussia Mall, King of Prussia (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 75,641 | |||
Initial Cost | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,128,200 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 241,420 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 175,063 | |||
Buildings and Improvements | 1,369,620 | |||
Total | 1,544,683 | |||
Accumulated Depreciation | 194,201 | |||
Malls | La Plaza Mall, McAllen, TX | ||||
Initial Cost | ||||
Land | 87,912 | |||
Buildings and Improvements | 9,828 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 6,569 | |||
Buildings and Improvements | 54,620 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 94,481 | |||
Buildings and Improvements | 64,448 | |||
Total | 158,929 | |||
Accumulated Depreciation | 32,951 | |||
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 | 17,689 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,102 | |||
Buildings and Improvements | 99,257 | |||
Total | 109,359 | |||
Accumulated Depreciation | 54,030 | |||
Malls | Lenox Square, Atlanta, GA | ||||
Initial Cost | ||||
Land | 38,058 | |||
Buildings and Improvements | 492,411 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 116,271 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 38,058 | |||
Buildings and Improvements | 608,682 | |||
Total | 646,740 | |||
Accumulated Depreciation | 278,923 | |||
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 | 45,506 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,214 | |||
Buildings and Improvements | 150,756 | |||
Total | 172,970 | |||
Accumulated Depreciation | 69,295 | |||
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 | 20,673 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 47,492 | |||
Buildings and Improvements | 347,306 | |||
Total | 394,798 | |||
Accumulated Depreciation | 156,378 | |||
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 | 27,992 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,530 | |||
Buildings and Improvements | 37,507 | |||
Total | 48,037 | |||
Accumulated Depreciation | 11,225 | |||
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 | 65,851 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 65,684 | |||
Buildings and Improvements | 289,103 | |||
Total | 354,787 | |||
Accumulated Depreciation | 145,610 | |||
Malls | Midland Park Mall, Midland, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 80,362 | |||
Initial Cost | ||||
Land | 687 | |||
Buildings and Improvements | 9,213 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 24,594 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 687 | |||
Buildings and Improvements | 33,807 | |||
Total | 34,494 | |||
Accumulated Depreciation | 20,849 | |||
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 | 40,222 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,776 | |||
Buildings and Improvements | 58,314 | |||
Total | 63,090 | |||
Accumulated Depreciation | 37,094 | |||
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 | 61,554 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 27,105 | |||
Buildings and Improvements | 148,469 | |||
Total | 175,574 | |||
Accumulated Depreciation | 53,682 | |||
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 | 151,594 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 19,138 | |||
Buildings and Improvements | 164,560 | |||
Total | 183,698 | |||
Accumulated Depreciation | 99,013 | |||
Malls | Northgate Mall, Seattle, WA | ||||
Initial Cost | ||||
Land | 24,369 | |||
Buildings and Improvements | 115,992 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 106,816 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,369 | |||
Buildings and Improvements | 222,808 | |||
Total | 247,177 | |||
Accumulated Depreciation | 105,543 | |||
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 | 31,772 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,404 | |||
Buildings and Improvements | 156,717 | |||
Total | 177,121 | |||
Accumulated Depreciation | 76,563 | |||
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 | 50,868 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 35,514 | |||
Buildings and Improvements | 180,774 | |||
Total | 216,288 | |||
Accumulated Depreciation | 89,356 | |||
Malls | Oxford Valley Mall, Langhorne (Philadelphia), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 65,249 | |||
Initial Cost | ||||
Land | 24,544 | |||
Buildings and Improvements | 100,287 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 20,367 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,544 | |||
Buildings and Improvements | 120,654 | |||
Total | 145,198 | |||
Accumulated Depreciation | 72,266 | |||
Malls | Penn Square Mall, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 310,000 | |||
Initial Cost | ||||
Land | 2,043 | |||
Buildings and Improvements | 155,958 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 49,533 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,043 | |||
Buildings and Improvements | 205,491 | |||
Total | 207,534 | |||
Accumulated Depreciation | 102,945 | |||
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 | 46,296 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,452 | |||
Buildings and Improvements | 201,364 | |||
Total | 205,816 | |||
Accumulated Depreciation | 86,814 | |||
Malls | Phipps Plaza, Atlanta, GA | ||||
Initial Cost | ||||
Land | 15,005 | |||
Buildings and Improvements | 210,610 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 59,887 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,005 | |||
Buildings and Improvements | 270,497 | |||
Total | 285,502 | |||
Accumulated Depreciation | 122,663 | |||
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 | 62,451 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,493 | |||
Buildings and Improvements | 342,011 | |||
Total | 357,504 | |||
Accumulated Depreciation | 124,038 | |||
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 | 49,413 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,895 | |||
Buildings and Improvements | 52,226 | |||
Total | 57,121 | |||
Accumulated Depreciation | 24,866 | |||
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 | 44,919 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,918 | |||
Buildings and Improvements | 257,176 | |||
Total | 299,094 | |||
Accumulated Depreciation | 120,410 | |||
Malls | Roosevelt Field, Garden City (New York), NY | ||||
Initial Cost | ||||
Land | 163,160 | |||
Buildings and Improvements | 702,008 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 1,246 | |||
Buildings and Improvements | 339,761 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 164,406 | |||
Buildings and Improvements | 1,041,769 | |||
Total | 1,206,175 | |||
Accumulated Depreciation | 371,047 | |||
Malls | Ross Park Mall, Pittsburgh, PA | ||||
Initial Cost | ||||
Land | 23,541 | |||
Buildings and Improvements | 90,203 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 91,305 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,541 | |||
Buildings and Improvements | 181,508 | |||
Total | 205,049 | |||
Accumulated Depreciation | 102,132 | |||
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 | 26,267 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,400 | |||
Buildings and Improvements | 114,131 | |||
Total | 124,531 | |||
Accumulated Depreciation | 52,621 | |||
Malls | Shops 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 | 102,405 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 43,706 | |||
Buildings and Improvements | 127,507 | |||
Total | 171,213 | |||
Accumulated Depreciation | 17,569 | |||
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 | 10,175 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 28,125 | |||
Buildings and Improvements | 153,295 | |||
Total | 181,420 | |||
Accumulated Depreciation | 14,340 | |||
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 | 16,255 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,521 | |||
Buildings and Improvements | 255,001 | |||
Total | 268,522 | |||
Accumulated Depreciation | 34,240 | |||
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 | 58,817 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 24,917 | |||
Buildings and Improvements | 184,657 | |||
Total | 209,574 | |||
Accumulated Depreciation | 80,596 | |||
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 | 159,976 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 101,200 | |||
Buildings and Improvements | 461,471 | |||
Total | 562,671 | |||
Accumulated Depreciation | 195,016 | |||
Malls | Southdale Center, Edina (Minneapolis), MN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 152,990 | |||
Initial Cost | ||||
Land | 40,172 | |||
Buildings and Improvements | 184,967 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 45,050 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 40,172 | |||
Buildings and Improvements | 230,017 | |||
Total | 270,189 | |||
Accumulated Depreciation | 30,404 | |||
Malls | SouthPark, Charlotte, NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 184,908 | |||
Initial Cost | ||||
Land | 42,092 | |||
Buildings and Improvements | 188,055 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 100 | |||
Buildings and Improvements | 186,322 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 42,192 | |||
Buildings and Improvements | 374,377 | |||
Total | 416,569 | |||
Accumulated Depreciation | 167,958 | |||
Malls | Southridge Mall, Greendale (Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 123,922 | |||
Initial Cost | ||||
Land | 12,359 | |||
Buildings and Improvements | 130,111 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 2,389 | |||
Buildings and Improvements | 18,403 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,748 | |||
Buildings and Improvements | 148,514 | |||
Total | 163,262 | |||
Accumulated Depreciation | 26,086 | |||
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 | 30,898 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,890 | |||
Buildings and Improvements | 83,832 | |||
Total | 92,722 | |||
Accumulated Depreciation | 52,033 | |||
Malls | Stanford Shopping Center, Palo Alto (San Jose), CA | ||||
Initial Cost | ||||
Buildings and Improvements | 339,537 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 104,531 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 444,068 | |||
Total | 444,068 | |||
Accumulated Depreciation | 133,697 | |||
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 | 47,643 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,374 | |||
Buildings and Improvements | 98,780 | |||
Total | 114,154 | |||
Accumulated Depreciation | 49,922 | |||
Malls | Tacoma Mall, Tacoma (Seattle), WA | ||||
Initial Cost | ||||
Land | 37,803 | |||
Buildings and Improvements | 125,826 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 87,545 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 37,803 | |||
Buildings and Improvements | 213,371 | |||
Total | 251,174 | |||
Accumulated Depreciation | 106,676 | |||
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 | 48,227 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,414 | |||
Buildings and Improvements | 56,666 | |||
Total | 65,080 | |||
Accumulated Depreciation | 40,768 | |||
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 | 176,802 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 64,200 | |||
Buildings and Improvements | 484,119 | |||
Total | 548,319 | |||
Accumulated Depreciation | 229,468 | |||
Malls | Town Center at Cobb, Kennesaw (Atlanta), GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 195,052 | |||
Initial Cost | ||||
Land | 32,355 | |||
Buildings and Improvements | 158,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 18,869 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 32,355 | |||
Buildings and Improvements | 177,094 | |||
Total | 209,449 | |||
Accumulated Depreciation | 94,183 | |||
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 | 45,317 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,633 | |||
Buildings and Improvements | 63,796 | |||
Total | 76,429 | |||
Accumulated Depreciation | 42,464 | |||
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 | 37,728 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,191 | |||
Buildings and Improvements | 110,718 | |||
Total | 124,909 | |||
Accumulated Depreciation | 61,410 | |||
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 | 50,226 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,097 | |||
Buildings and Improvements | 171,188 | |||
Total | 188,285 | |||
Accumulated Depreciation | 85,056 | |||
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 | 58,184 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 23,768 | |||
Buildings and Improvements | 170,342 | |||
Total | 194,110 | |||
Accumulated Depreciation | 137,801 | |||
Malls | Walt Whitman Shops, Huntington Station (New York), NY | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 113,933 | |||
Initial Cost | ||||
Land | 51,700 | |||
Buildings and Improvements | 111,258 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 3,789 | |||
Buildings and Improvements | 126,352 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 55,489 | |||
Buildings and Improvements | 237,610 | |||
Total | 293,099 | |||
Accumulated Depreciation | 94,988 | |||
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 | 62,858 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,126 | |||
Buildings and Improvements | 98,550 | |||
Total | 103,676 | |||
Accumulated Depreciation | 44,361 | |||
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 | 16,002 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,881 | |||
Buildings and Improvements | 144,278 | |||
Total | 160,159 | |||
Accumulated Depreciation | 77,313 | |||
Malls | Woodland Hills Mall, Tulsa, OK | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 90,370 | |||
Initial Cost | ||||
Land | 34,211 | |||
Buildings and Improvements | 187,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 27,751 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 34,211 | |||
Buildings and Improvements | 214,874 | |||
Total | 249,085 | |||
Accumulated Depreciation | 106,778 | |||
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 | 7,651 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,900 | |||
Buildings and Improvements | 104,710 | |||
Total | 108,610 | |||
Accumulated Depreciation | 41,127 | |||
Premium Outlets | Allen Premium Outlets, Allen (Dallas), TX | ||||
Initial Cost | ||||
Land | 13,855 | |||
Buildings and Improvements | 43,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 9,132 | |||
Buildings and Improvements | 14,883 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,987 | |||
Buildings and Improvements | 58,570 | |||
Total | 81,557 | |||
Accumulated Depreciation | 26,551 | |||
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 | 5,075 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,370 | |||
Buildings and Improvements | 29,401 | |||
Total | 31,771 | |||
Accumulated Depreciation | 19,612 | |||
Premium Outlets | Birch Run Premium Outlets, Birch Run (Detroit), MI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 100,460 | |||
Initial Cost | ||||
Land | 11,477 | |||
Buildings and Improvements | 77,856 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,212 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,477 | |||
Buildings and Improvements | 83,068 | |||
Total | 94,545 | |||
Accumulated Depreciation | 21,469 | |||
Premium Outlets | Calhoun Premium Outlets, Calhoun, GA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 19,309 | |||
Initial Cost | ||||
Land | 1,745 | |||
Buildings and Improvements | 12,529 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,187 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,745 | |||
Buildings and Improvements | 13,716 | |||
Total | 15,461 | |||
Accumulated Depreciation | 6,683 | |||
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 | 65,372 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,065 | |||
Buildings and Improvements | 290,093 | |||
Total | 307,158 | |||
Accumulated Depreciation | 104,629 | |||
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 | 6,034 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,986 | |||
Buildings and Improvements | 191,024 | |||
Total | 204,010 | |||
Accumulated Depreciation | 64,132 | |||
Premium Outlets | Carolina Premium Outlets, Smithfield (Raleigh), NC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 47,409 | |||
Initial Cost | ||||
Land | 3,175 | |||
Buildings and Improvements | 59,863 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,311 | |||
Buildings and Improvements | 6,101 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,486 | |||
Buildings and Improvements | 65,964 | |||
Total | 74,450 | |||
Accumulated Depreciation | 30,147 | |||
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 | 94,636 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,709 | |||
Buildings and Improvements | 212,641 | |||
Total | 226,350 | |||
Accumulated Depreciation | 54,598 | |||
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 | 5,199 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,117 | |||
Buildings and Improvements | 76,719 | |||
Total | 90,836 | |||
Accumulated Depreciation | 24,572 | |||
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 | 3,831 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 111,387 | |||
Total | 114,979 | |||
Accumulated Depreciation | 44,404 | |||
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 | 2,189 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,900 | |||
Buildings and Improvements | 18,681 | |||
Total | 26,581 | |||
Accumulated Depreciation | 10,423 | |||
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 | 98,699 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,440 | |||
Buildings and Improvements | 437,378 | |||
Total | 440,818 | |||
Accumulated Depreciation | 121,914 | |||
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 | 15,158 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,857 | |||
Buildings and Improvements | 62,467 | |||
Total | 65,324 | |||
Accumulated Depreciation | 27,262 | |||
Premium Outlets | Ellenton Premium Outlets, Ellenton (Tampa), FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 178,000 | |||
Initial Cost | ||||
Land | 15,807 | |||
Buildings and Improvements | 182,412 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 5,159 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,807 | |||
Buildings and Improvements | 187,571 | |||
Total | 203,378 | |||
Accumulated Depreciation | 56,859 | |||
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 | 4,544 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,060 | |||
Buildings and Improvements | 54,825 | |||
Total | 63,885 | |||
Accumulated Depreciation | 26,112 | |||
Premium Outlets | Gaffney Premium Outlets, Gaffney (Greenville/Charlotte), SC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 35,042 | |||
Initial Cost | ||||
Land | 4,056 | |||
Buildings and Improvements | 32,371 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,672 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,056 | |||
Buildings and Improvements | 35,043 | |||
Total | 39,099 | |||
Accumulated Depreciation | 11,354 | |||
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 | 10,697 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,630 | |||
Buildings and Improvements | 204,819 | |||
Total | 214,449 | |||
Accumulated Depreciation | 79,050 | |||
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 | 196,271 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,497 | |||
Buildings and Improvements | 196,271 | |||
Total | 205,768 | |||
Accumulated Depreciation | 22,660 | |||
Premium Outlets | Grove City Premium Outlets, Grove City (Pittsburgh), PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 140,000 | |||
Initial Cost | ||||
Land | 6,421 | |||
Buildings and Improvements | 121,880 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,380 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,421 | |||
Buildings and Improvements | 126,260 | |||
Total | 132,681 | |||
Accumulated Depreciation | 39,372 | |||
Premium Outlets | Gulfport Premium Outlets, Gulfport, MS | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 50,000 | |||
Initial Cost | ||||
Buildings and Improvements | 27,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,434 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 30,383 | |||
Total | 30,383 | |||
Accumulated Depreciation | 9,717 | |||
Premium Outlets | Hagerstown Premium Outlets, Hagerstown (Baltimore/Washington DC), MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 84,410 | |||
Initial Cost | ||||
Land | 3,576 | |||
Buildings and Improvements | 85,883 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,333 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,576 | |||
Buildings and Improvements | 88,216 | |||
Total | 91,792 | |||
Accumulated Depreciation | 22,933 | |||
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 | 45,070 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,695 | |||
Buildings and Improvements | 114,420 | |||
Total | 123,115 | |||
Accumulated Depreciation | 35,097 | |||
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 | 6,218 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,416 | |||
Buildings and Improvements | 110,231 | |||
Total | 116,647 | |||
Accumulated Depreciation | 37,818 | |||
Premium Outlets | Jersey Shore Premium Outlets, Tinton Falls (New York), NJ | ||||
Initial Cost | ||||
Land | 15,390 | |||
Buildings and Improvements | 50,979 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 75,287 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 15,390 | |||
Buildings and Improvements | 126,266 | |||
Total | 141,656 | |||
Accumulated Depreciation | 41,045 | |||
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 | 6,951 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,800 | |||
Buildings and Improvements | 46,497 | |||
Total | 49,297 | |||
Accumulated Depreciation | 17,956 | |||
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 | 8,099 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,832 | |||
Buildings and Improvements | 103,093 | |||
Total | 114,925 | |||
Accumulated Depreciation | 33,778 | |||
Premium Outlets | Las Americas Premium Outlets, San Diego, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 174,269 | |||
Initial Cost | ||||
Land | 45,168 | |||
Buildings and Improvements | 251,878 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 6,713 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 45,168 | |||
Buildings and Improvements | 258,591 | |||
Total | 303,759 | |||
Accumulated Depreciation | 63,471 | |||
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 | 147,840 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,971 | |||
Buildings and Improvements | 282,813 | |||
Total | 324,784 | |||
Accumulated Depreciation | 81,049 | |||
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 | 31,102 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,085 | |||
Buildings and Improvements | 191,879 | |||
Total | 204,964 | |||
Accumulated Depreciation | 59,268 | |||
Premium Outlets | Lebanon Premium Outlets, Lebanon (Nashville), TN | ||||
Initial Cost | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,189 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 741 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,758 | |||
Buildings and Improvements | 10,930 | |||
Total | 12,688 | |||
Accumulated Depreciation | 4,164 | |||
Premium Outlets | Lee Premium Outlets, Lee, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 48,201 | |||
Initial Cost | ||||
Land | 9,167 | |||
Buildings and Improvements | 52,212 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,510 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,167 | |||
Buildings and Improvements | 53,722 | |||
Total | 62,889 | |||
Accumulated Depreciation | 16,887 | |||
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 | 5,292 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,190 | |||
Buildings and Improvements | 167,315 | |||
Total | 174,505 | |||
Accumulated Depreciation | 66,955 | |||
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 | 1,660 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 5,670 | |||
Buildings and Improvements | 30,564 | |||
Total | 36,234 | |||
Accumulated Depreciation | 16,815 | |||
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 | 9,051 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,630 | |||
Buildings and Improvements | 103,189 | |||
Total | 109,819 | |||
Accumulated Depreciation | 45,349 | |||
Premium Outlets | Merrimack Premium Outlets, Merrimack, NH | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 128,876 | |||
Initial Cost | ||||
Land | 17,028 | |||
Buildings and Improvements | 118,428 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,117 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 17,028 | |||
Buildings and Improvements | 119,545 | |||
Total | 136,573 | |||
Accumulated Depreciation | 19,546 | |||
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 | 4,808 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 11,400 | |||
Buildings and Improvements | 49,831 | |||
Total | 61,231 | |||
Accumulated Depreciation | 20,261 | |||
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 | 3,645 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,143 | |||
Buildings and Improvements | 39,842 | |||
Total | 41,985 | |||
Accumulated Depreciation | 13,875 | |||
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 | 3,174 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,300 | |||
Buildings and Improvements | 135,499 | |||
Total | 139,799 | |||
Accumulated Depreciation | 51,543 | |||
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 | 3,148 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 31,998 | |||
Buildings and Improvements | 475,963 | |||
Total | 507,961 | |||
Accumulated Depreciation | 99,605 | |||
Premium Outlets | Orlando Vineland Premium Outlets, Orlando, FL | ||||
Initial Cost | ||||
Land | 14,040 | |||
Buildings and Improvements | 304,410 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 36,023 | |||
Buildings and Improvements | 79,938 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 50,063 | |||
Buildings and Improvements | 384,348 | |||
Total | 434,411 | |||
Accumulated Depreciation | 121,507 | |||
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 | 7,176 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,460 | |||
Buildings and Improvements | 92,980 | |||
Total | 102,440 | |||
Accumulated Depreciation | 38,512 | |||
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 | 3,178 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,322 | |||
Buildings and Improvements | 16,888 | |||
Total | 30,210 | |||
Accumulated Depreciation | 9,542 | |||
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 | 17,114 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,676 | |||
Buildings and Improvements | 122,363 | |||
Total | 139,039 | |||
Accumulated Depreciation | 48,133 | |||
Premium Outlets | Phoenix Premium Outlets, Chandler (Phoenix), AZ | ||||
Initial Cost | ||||
Buildings and Improvements | 63,724 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 63,724 | |||
Total | 63,724 | |||
Accumulated Depreciation | 9,960 | |||
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 | 1,866 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,317 | |||
Buildings and Improvements | 20,910 | |||
Total | 25,227 | |||
Accumulated Depreciation | 7,621 | |||
Premium Outlets | Pleasant Prairie Premium Outlets, Pleasant Prairie (Chicago, IL/Milwaukee), WI | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 34,560 | |||
Initial Cost | ||||
Land | 16,823 | |||
Buildings and Improvements | 126,686 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,508 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 16,823 | |||
Buildings and Improvements | 131,194 | |||
Total | 148,017 | |||
Accumulated Depreciation | 30,877 | |||
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 | 4,737 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 20,586 | |||
Buildings and Improvements | 118,758 | |||
Total | 139,344 | |||
Accumulated Depreciation | 27,930 | |||
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 | 3,831 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 8,129 | |||
Buildings and Improvements | 65,781 | |||
Total | 73,910 | |||
Accumulated Depreciation | 16,751 | |||
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 | 32,538 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,229 | |||
Buildings and Improvements | 74,085 | |||
Total | 86,314 | |||
Accumulated Depreciation | 33,103 | |||
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 | 3,631 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,706 | |||
Buildings and Improvements | 85,883 | |||
Total | 100,589 | |||
Accumulated Depreciation | 38,818 | |||
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 | 50,266 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,971 | |||
Buildings and Improvements | 358,960 | |||
Total | 420,931 | |||
Accumulated Depreciation | 33,858 | |||
Premium Outlets | San Marcos Premium Outlets, San Marcos (Austin/San Antonio), TX | ||||
Initial Cost | ||||
Land | 13,180 | |||
Buildings and Improvements | 287,179 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 8,249 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 13,180 | |||
Buildings and Improvements | 295,428 | |||
Total | 308,608 | |||
Accumulated Depreciation | 61,969 | |||
Premium Outlets | Seattle Premium Outlets, Tulalip (Seattle), WA | ||||
Initial Cost | ||||
Buildings and Improvements | 103,722 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 54,487 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 158,209 | |||
Total | 158,209 | |||
Accumulated Depreciation | 53,196 | |||
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 | 10,128 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 6,092 | |||
Buildings and Improvements | 67,798 | |||
Total | 73,890 | |||
Accumulated Depreciation | 29,324 | |||
Premium Outlets | Tampa Premium Outlets, Tampa, FL | ||||
Initial Cost | ||||
Land | 14,298 | |||
Buildings and Improvements | 97,188 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 14,298 | |||
Buildings and Improvements | 97,188 | |||
Total | 111,486 | |||
Accumulated Depreciation | 1,146 | |||
Premium Outlets | The Crossings Premium Outlets, Tannersville , PA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 114,827 | |||
Initial Cost | ||||
Land | 7,720 | |||
Buildings and Improvements | 172,931 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 14,177 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 7,720 | |||
Buildings and Improvements | 187,108 | |||
Total | 194,828 | |||
Accumulated Depreciation | 64,181 | |||
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 | 13,957 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,420 | |||
Buildings and Improvements | 98,807 | |||
Total | 108,227 | |||
Accumulated Depreciation | 43,736 | |||
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 | 18,519 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 22,630 | |||
Buildings and Improvements | 95,835 | |||
Total | 118,465 | |||
Accumulated Depreciation | 33,442 | |||
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 | 8,656 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,230 | |||
Buildings and Improvements | 83,933 | |||
Total | 87,163 | |||
Accumulated Depreciation | 36,662 | |||
Premium Outlets | Williamsburg Premium Outlets, Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 97,517 | |||
Initial Cost | ||||
Land | 10,323 | |||
Buildings and Improvements | 223,789 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 4,684 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,323 | |||
Buildings and Improvements | 228,473 | |||
Total | 238,796 | |||
Accumulated Depreciation | 48,100 | |||
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 | 536 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 9,414 | |||
Buildings and Improvements | 150,950 | |||
Total | 160,364 | |||
Accumulated Depreciation | 17,456 | |||
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 | 176,467 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 12,768 | |||
Buildings and Improvements | 1,039,026 | |||
Total | 1,051,794 | |||
Accumulated Depreciation | 301,038 | |||
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 | 9,637 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 4,900 | |||
Buildings and Improvements | 291,668 | |||
Total | 296,568 | |||
Accumulated Depreciation | 105,572 | |||
The Mills | Arizona Mills, Tempe (Phoenix), AZ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 161,834 | |||
Initial Cost | ||||
Land | 41,936 | |||
Buildings and Improvements | 297,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 9,686 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,936 | |||
Buildings and Improvements | 306,975 | |||
Total | 348,911 | |||
Accumulated Depreciation | 21,076 | |||
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 | 15,318 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 70,496 | |||
Buildings and Improvements | 478,419 | |||
Total | 548,915 | |||
Accumulated Depreciation | 64,259 | |||
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 | 9,722 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 41,133 | |||
Buildings and Improvements | 307,633 | |||
Total | 348,766 | |||
Accumulated Depreciation | 42,976 | |||
The Mills | Mills At Jersey Gardens, The, Elizabeth, NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 350,000 | |||
Initial Cost | ||||
Land | 120,417 | |||
Buildings and Improvements | 865,605 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,088 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 120,417 | |||
Buildings and Improvements | 868,693 | |||
Total | 989,110 | |||
Accumulated Depreciation | 33,444 | |||
The Mills | Opry Mills, Nashville, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 350,800 | |||
Initial Cost | ||||
Land | 51,000 | |||
Buildings and Improvements | 327,503 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 10,063 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 51,000 | |||
Buildings and Improvements | 337,566 | |||
Total | 388,566 | |||
Accumulated Depreciation | 46,444 | |||
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 | 34,324 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 61,755 | |||
Buildings and Improvements | 459,694 | |||
Total | 521,449 | |||
Accumulated Depreciation | 64,120 | |||
The Mills | Sawgrass Mills, Sunrise (Miami), FL | ||||
Initial Cost | ||||
Land | 194,002 | |||
Buildings and Improvements | 1,641,153 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land | 5,395 | |||
Buildings and Improvements | 94,365 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 199,397 | |||
Buildings and Improvements | 1,735,518 | |||
Total | 1,934,915 | |||
Accumulated Depreciation | 218,917 | |||
Lifestyle/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 | 4,522 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 10,428 | |||
Buildings and Improvements | 79,855 | |||
Total | 90,283 | |||
Accumulated Depreciation | 14,299 | |||
Lifestyle/Community Centers | University Park Village, Fort Worth TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 55,000 | |||
Initial Cost | ||||
Land | 18,031 | |||
Buildings and Improvements | 100,354 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,362 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 18,031 | |||
Buildings and Improvements | 102,716 | |||
Total | 120,747 | |||
Accumulated Depreciation | 3,542 | |||
Other Properties | Florida Keys Outlet Center, Florida City, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances as of Year End | 17,000 | |||
Initial Cost | ||||
Land | 1,560 | |||
Buildings and Improvements | 1,748 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 3,017 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,560 | |||
Buildings and Improvements | 4,765 | |||
Total | 6,325 | |||
Accumulated Depreciation | 1,738 | |||
Other Properties | Huntley Outlet Center, Huntley, IL | ||||
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 | 1,462 | |||
Other Properties | Lincoln Plaza, King of Prussia (Philadelphia), PA | ||||
Initial Cost | ||||
Buildings and Improvements | 21,299 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 2,925 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Buildings and Improvements | 24,224 | |||
Total | 24,224 | |||
Accumulated Depreciation | 14,042 | |||
Other Properties | Naples Outlet Center, Naples, FL | ||||
Initial Cost | ||||
Land | 1,514 | |||
Buildings and Improvements | 519 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 107 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 1,514 | |||
Buildings and Improvements | 626 | |||
Total | 2,140 | |||
Accumulated Depreciation | 458 | |||
Other Properties | Outlet Marketplace, Orlando , FL | ||||
Initial Cost | ||||
Land | 3,367 | |||
Buildings and Improvements | 1,557 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Buildings and Improvements | 1,891 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 3,367 | |||
Buildings and Improvements | 3,448 | |||
Total | 6,815 | |||
Accumulated Depreciation | 1,209 | |||
Development Projects | Other pre-development costs | ||||
Initial Cost | ||||
Land | 68,319 | |||
Buildings and Improvements | 15,607 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 68,319 | |||
Buildings and Improvements | 15,607 | |||
Total | 83,926 | |||
Accumulated Depreciation | 78 | |||
Other | ||||
Initial Cost | ||||
Land | 2,615 | |||
Buildings and Improvements | 10,873 | |||
Gross Amounts At Which Carried At Close of Period | ||||
Land | 2,615 | |||
Buildings and Improvements | 10,873 | |||
Total | 13,488 | |||
Accumulated Depreciation | $ 5,423 |
Schedule III Real Estate and 78
Schedule III Real Estate and Accumulated Depreciation - Changes in Real Estate Properties (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Real Estate Properties: | |||
Balance, beginning of year | $ 31,014,133 | $ 30,048,230 | $ 29,263,463 |
Acquisitions and consolidations | 1,190,944 | 393,351 | 288,835 |
Improvements | 995,964 | 791,453 | 874,240 |
Disposals and deconsolidations | (68,156) | (218,901) | (378,308) |
Balance, close of year | 33,132,885 | 31,014,133 | 30,048,230 |
Unaudited aggregate cost of real estate for federal income tax purposes | 29,771,725 | ||
Reconciliation of Accumulated Depreciation: | |||
Balance, beginning of year | 8,740,928 | 7,896,614 | 7,055,622 |
Depreciation expense | 1,018,078 | 997,482 | 948,811 |
Disposals and deconsolidations | (62,586) | (153,168) | (107,819) |
Balance, close of year | $ 9,696,420 | $ 8,740,928 | $ 7,896,614 |
Structure | Minimum | |||
Real estate and accumulated depreciation | |||
Depreciable life | 10 years | ||
Structure | Maximum | |||
Real estate and accumulated depreciation | |||
Depreciable life | 35 years | ||
Landscaping and parking lot | |||
Real estate and accumulated depreciation | |||
Depreciable life | 15 years | ||
HVAC equipment | |||
Real estate and accumulated depreciation | |||
Depreciable life | 10 years |