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TABLE OF CONTENTS
Table of Contents
Exhibit 99.1
SIMON PROPERTY GROUP
EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
UNAUDITED SECOND QUARTER 2016
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Table of Contents
TABLE OF CONTENTS
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EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED JUNE 30, 2016 | | | PAGE | |
| | | | |
Earnings Release (1) | | | 2-14 | |
Overview | | | | |
The Company and Reporting Calendar | | | 15 | |
Stock Information, Credit Ratings and Senior Unsecured Debt Covenants | | | 16 | |
Financial Data | | | | |
Selected Financial and Equity Information | | | 17 | |
Non-GAAP Pro Rata Statements of Operations and Balance Sheets | | | 18 | |
Non-GAAP Pro-Rata Statements of Operations | | | 19-20 | |
Non-GAAP Pro-Rata Balance Sheets | | | 21 | |
Net Operating Income (NOI) Composition | | | 22 | |
Net Operating Income Overview | | | 23 | |
Reconciliations of Non-GAAP Financial Measures | | | | |
Consolidated Net Income to NOI | | | 24 | |
FFO of the Operating Partnership to Funds Available for Distribution (Our Share) | | | 25 | |
Other Income, Other Expense and Capitalized Interest | | | 26 | |
Operational Data | | | | |
U.S. Malls and Premium Outlets Operating Information | | | 27 | |
The Mills and International Operating Information | | | 28 | |
U.S. Malls and Premium Outlets Lease Expirations | | | 29 | |
U.S. Malls and Premium Outlets Top Tenants | | | 30 | |
Development Activity | | | | |
Capital Expenditures | | | 31 | |
Development Activity Summary | | | 32 | |
Development Activity Report | | | 33-34 | |
U.S. Anchor/Big Box Openings | | | 35-37 | |
Balance Sheet Information | | | | |
Common and Preferred Stock Information | | | 38 | |
Changes in Common Share and Limited Partnership Unit Ownership | | | 38 | |
Preferred Stock/Units Outstanding | | | 38 | |
Credit Profile | | | 39 | |
Summary of Indebtedness | | | 40 | |
Total Debt Amortization and Maturities by Year (Our Share) | | | 41 | |
Property and Debt Information | | | 42-51 | |
- (1)
- Includes reconciliation of consolidated net income to funds from operations.
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EARNINGS RELEASE
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Contacts: | | FOR IMMEDIATE RELEASE |
Tom Ward | | 317-685-7330 Investors | | |
Les Morris | | 317-263-7711 Media | | |
SIMON PROPERTY GROUP REPORTS SECOND QUARTER 2016 RESULTS
AND RAISES QUARTERLY DIVIDEND AND FULL YEAR 2016 GUIDANCE
INDIANAPOLIS, July 27, 2016 - Simon, a global leader in retail real estate, today reported results for the quarter ended June 30, 2016.
RESULTS FOR THE QUARTER (1)
- •
- Net income attributable to common stockholders was $455.4 million, or $1.45 per diluted share, as compared to $472.9 million, or $1.52 per diluted share, in the prior year period. Net income attributable to common stockholders in the prior year period included $80.2 million, or $0.22 per diluted share, related to a gain upon sale of marketable securities.
- •
- Funds from Operations ("FFO") was $952.9 million, or $2.63 per diluted share, as compared to $955.4 million, or $2.63 per diluted share, in the prior year period. Funds from Operations in the prior year period included the aforementioned $0.22 per diluted share gain upon sale of marketable securities.
- •
- Growth in comparable FFO per diluted share, which excludes the $0.22 per diluted share gain in the prior year period, was 9.1% for the three months ended June 30, 2016.
RESULTS FOR THE SIX MONTHS (1)
- •
- Net income attributable to common stockholders was $936.4 million, or $3.01 per diluted share, as compared to $1.012 billion, or $3.26 per diluted share, in the prior year period. Net income attributable to common stockholders in the prior year period included a non-cash gain of $206.9 million, or $0.57 per diluted share, solely related to Klépierre's issuance of additional shares of its common stock to complete its acquisition of Corio N.V.
- •
- Funds from Operations ("FFO") was $1.905 billion, or $5.27 per diluted share, as compared to $1.786 billion, or $4.92 per diluted share, in the prior year period, an increase of 7.1%.
- •
- Growth in comparable FFO per diluted share for the six months ended June 30, 2016 was 12.1%.
"This was an excellent quarter for Simon Property Group, with strong financial and operational performance, the opening of a new outlet center, the groundbreaking for our second Premium Outlet in Malaysia, and the acquisition of The Shops at Crystals, a highly productive center," said David Simon, Chairman and Chief Executive Officer. "Today, we raised our quarterly dividend and are once again increasing our full-year 2016 guidance."
- (1)
- For a reconciliation of FFO and net income per diluted share on a comparable basis, please see Footnote G of the Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures.
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EARNINGS RELEASE
U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS
| | | | | | |
| | AS OF JUNE 30, |
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| | 2016 | | 2015 |
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Occupancy (1) | | | 95.9% | | | 96.1% |
Base Minimum Rent per sq. ft. (1) | | $ | 50.43 | | $ | 48.07 |
Releasing Spread per sq. ft. (1)(2) | | $ | 8.88 | | $ | 10.87 |
Total Sales per sq. ft. (3) | | $ | 607 | | $ | 620 |
- (1)
- Represents mall stores in Malls and all owned square footage in Premium Outlets.
- (2)
- Same space measure that compares opening and closing rates on individual spaces leased during trailing 12-month period.
- (3)
- Trailing 12-month sales per square foot for mall stores less than 10,000 square feet in Malls and stores less than 20,000 square feet in Premium Outlets for 2016.
PORTFOLIO NET OPERATING INCOME ("NOI") AND COMPARABLE PROPERTY NOI
Total portfolio NOI growth for the three months ended June 30, 2016 was 7.4% and was 7.6% for the six months ended June 30, 2016. Total portfolio NOI includes comparable property NOI, NOI from new development, redevelopment, expansion and acquisitions, NOI from international properties and our share of NOI from investments. Comparable property NOI growth for the three months ended June 30, 2016 was 3.2% and was 4.1% for the six months ended June 30, 2016.
DIVIDENDS
Today Simon's Board of Directors declared a quarterly common stock dividend of $1.65 per share. This is a 6.5% increase year-over-year. The dividend will be payable on August 31, 2016 to stockholders of record on August 17, 2016.
Simon's Board of Directors also declared the quarterly dividend on its 83/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2016 to stockholders of record on September 16, 2016.
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EARNINGS RELEASE
DEVELOPMENT ACTIVITY
During the quarter, we completed the transformation of Stanford Shopping Center in Palo Alto, California which included the relocation of Bloomingdale's into a new, 120,000 square foot store. The former Bloomingdale's store has been redeveloped into more than 130,000 square feet of new specialty retail shops and restaurants.
We also opened a 355,000 square foot outlet center in Columbus, Ohio on June 24, 2016. Simon owns 50% of this new center.
Construction continues on two new development projects scheduled to open in 2016:
- •
- The 500,000 square foot retail component to Brickell City Centre in Miami, Florida scheduled to open in November of 2016. Simon owns a 25% interest in this project.
- •
- Clarksburg Premium Outlets, a 392,000 square foot center in Clarksburg, Maryland scheduled to open in October of 2016. Simon owns a 66% interest in this project.
We started construction on two new development projects during the quarter. Norfolk Premium Outlets, a 332,000 square foot center in Norfolk, Virginia is scheduled to open in June of 2017. Simon owns a 65% interest in this project. We also started construction on Genting Highlands Premium Outlets, a 252,000 square foot center in Kuala Lumpur, Malaysia, scheduled to open in the second quarter of 2017. Simon owns a 50% interest in this project.
Construction also continues on four other new development projects scheduled to open in 2017, including The Shops at Clearfork (Fort Worth, Texas), Siheung Premium Outlets (Siheung (Seoul), South Korea), Premium Outlet Collection Edmonton IA (Edmonton, Alberta, Canada) and Provence Designer Outlet (Miramas, France). During the second quarter, we started construction on significant redevelopment and expansion projects including a 221,000 square foot expansion at La Plaza Mall in McAllen, Texas that will include additional specialty stores, four junior anchors and an exciting dining plaza with a number of first-to-market restaurants.
Construction continues on other significant expansion projects including The Fashion Centre at Pentagon City, King of Prussia, The Galleria in Houston, and Woodbury Common Premium Outlets.
At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 33 properties in the U.S. and Europe. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $2.1 billion.
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EARNINGS RELEASE
ACQUISITIONS
In April 2016, we completed the acquisition of The Shops at Crystals in Las Vegas, Nevada in a 50:50 joint venture with Invesco Real Estate. Simon will lease and manage the center for the joint venture. The purchase price was approximately $1.1 billion.
FINANCING ACTIVITY
The Company was active in both the unsecured and secured credit markets in the first half of the year continuing to lower our effective borrowing costs and extend our maturity profile.
During the quarter, the Company completed a Euro senior notes offering totaling €500 million with a 1.25% coupon rate and term of nine years.
During the first six months, we closed or locked rate on 14 new mortgage loans totaling approximately $2.5 billion, or the non-U.S. dollar equivalent thereof, of which Simon's share is $1.6 billion. The weighted average interest rate and term on these loans is 3.73% and 9.4 years, respectively. Included in these loans was a $550 million mortgage for The Shops at Crystals.
As of June 30, 2016, Simon had over $6.0 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.
2016 GUIDANCE
The Company currently estimates net income to be within a range of $6.04 to $6.12 per diluted share for the year ending December 31, 2016 and that FFO will be within a range of $10.77 to $10.85 per diluted share.
The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:
For the year ending December 31, 2016
| | | | | | | |
| | LOW END | | HIGH END | |
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Estimated net income available to common stockholders per diluted share | | $ | 6.04 | | $ | 6.12 | |
Depreciation and amortization including Simon's share of unconsolidated entities | | | 4.80 | | | 4.80 | |
Gain upon acquisition of controlling interest, sale or disposal of assets and interests in unconsolidated entities, net | | | (0.07 | ) | | (0.07 | ) |
| | | | | | | |
Estimated FFO per diluted share | | $ | 10.77 | | $ | 10.85 | |
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EARNINGS RELEASE
CONFERENCE CALL
Simon will hold a conference call to discuss the quarterly financial results today at 9:00 a.m. Eastern Time, Wednesday, July 27, 2016. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 3, 2016. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 36644312.
SUPPLEMENTAL MATERIALS AND WEBSITE
Supplemental information on our second quarter 2016 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
NON-GAAP FINANCIAL MEASURES
This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share, portfolio net operating income growth and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
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EARNINGS RELEASE
FORWARD-LOOKING STATEMENTS
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating or outlook, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
ABOUT SIMON
Simon is a global leader in retail real estate ownership, management and development and an S&P100 company (Simon Property Group) (NYSE:SPG). Our industry-leading retail properties and investments across North America, Europe and Asia provide shopping experiences for millions of consumers every day and generate billions in annual retail sales. For more information, visit simon.com.
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
| | | | | | | | | | | | | |
| | FOR THE THREE MONTHS ENDED JUNE 30, | | FOR THE SIX MONTHS ENDED JUNE 30, | |
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| | 2016 | | 2015 | | 2016 | | 2015 | |
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REVENUE: | | | | | | | | | | | | | |
Minimum rent | | $ | 822,224 | | $ | 768,138 | | $ | 1,640,760 | | $ | 1,521,583 | |
Overage rent | | | 31,250 | | | 37,029 | | | 60,167 | | | 75,986 | |
Tenant reimbursements | | | 367,062 | | | 364,309 | | | 738,676 | | | 704,479 | |
Management fees and other revenues | | | 34,478 | | | 40,027 | | | 67,878 | | | 75,106 | |
Other income | | | 60,366 | | | 139,607 | | | 144,614 | | | 188,191 | |
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Total revenue | | | 1,315,380 | | | 1,349,110 | | | 2,652,095 | | | 2,565,345 | |
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EXPENSES: | | | | | | | | | | | | | |
Property operating | | | 104,756 | | | 99,841 | | | 207,817 | | | 199,598 | |
Depreciation and amortization | | | 303,585 | | | 295,778 | | | 604,199 | | | 583,883 | |
Real estate taxes | | | 107,505 | | | 106,487 | | | 216,929 | | | 213,374 | |
Repairs and maintenance | | | 22,842 | | | 22,676 | | | 48,907 | | | 52,410 | |
Advertising and promotion | | | 33,172 | | | 41,215 | | | 68,210 | | | 59,971 | |
Provision for credit losses | | | 4,944 | | | 2,685 | | | 8,608 | | | 6,533 | |
Home and regional office costs | | | 40,326 | | | 39,346 | | | 78,933 | | | 75,250 | |
General and administrative | | | 15,125 | | | 15,345 | | | 29,989 | | | 30,344 | |
Other | | | 23,889 | | | 23,352 | | | 44,366 | | | 42,426 | |
| | | | | | | | | | | | | |
Total operating expenses | | | 656,144 | | | 646,725 | | | 1,307,958 | | | 1,263,789 | |
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OPERATING INCOME | | | 659,236 | | | 702,385 | | | 1,344,137 | | | 1,301,556 | |
Interest expense | | | (213,995) | | | (230,974) | | | (433,185) | | | (463,147) | |
Income and other taxes | | | (7,115) | | | (3,420) | | | (22,301) | | | (9,781) | |
Income from unconsolidated entities | | | 84,990 | | | 70,196 | | | 175,616 | | | 135,068 | |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | 4,209 | | | 16,339 | | | 26,897 | | | 223,266 | |
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CONSOLIDATED NET INCOME | | | 527,325 | | | 554,526 | | | 1,091,164 | | | 1,186,962 | |
Net income attributable to noncontrolling interests | | | 71,102 | | | 80,748 | | | 153,111 | | | 173,215 | |
Preferred dividends | | | 834 | | | 834 | | | 1,669 | | | 1,669 | |
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NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | | $ | 455,389 | | $ | 472,944 | | $ | 936,384 | | $ | 1,012,078 | |
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BASIC AND DILUTED EARNINGS PER COMMON SHARE: | | | | | | | | | | | | | |
Net income attributable to common stockholders | | $ | 1.45 | | $ | 1.52 | | $ | 3.01 | | $ | 3.26 | |
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
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| | JUNE 30, 2016 | | DECEMBER 31, 2015 | |
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ASSETS: | | | | | | | |
Investment properties at cost | | $ | 34,332,270 | | $ | 33,463,124 | |
Less – accumulated depreciation | | | 10,344,141 | | | 9,915,386 | |
| | | | | | | |
| | | 23,988,129 | | | 23,547,738 | |
Cash and cash equivalents | | | 884,281 | | | 701,134 | |
Tenant receivables and accrued revenue, net | | | 600,817 | | | 624,605 | |
Investment in unconsolidated entities, at equity | | | 2,690,821 | | | 2,481,574 | |
Investment in Klépierre, at equity | | | 1,878,751 | | | 1,943,363 | |
Deferred costs and other assets | | | 1,336,984 | | | 1,266,768 | |
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Total assets | | $ | 31,379,783 | | $ | 30,565,182 | |
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LIABILITIES: | | | | | | | |
Mortgages and unsecured indebtedness | | $ | 22,923,941 | | $ | 22,416,682 | |
Accounts payable, accrued expenses, intangibles, and deferred revenues | | | 1,209,518 | | | 1,323,801 | |
Cash distributions and losses in partnerships and joint ventures, at equity | | | 1,402,230 | | | 1,368,544 | |
Other liabilities | | | 369,281 | | | 214,249 | |
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Total liabilities | | | 25,904,970 | | | 25,323,276 | |
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Commitments and contingencies | | | | | | | |
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties | | | 157,436 | | | 25,537 | |
EQUITY: | | | | | | | |
Stockholders' Equity | | | | | | | |
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): | | | | | | | |
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 | | | 43,569 | | | 43,733 | |
Common stock, $0.0001 par value, 511,990,000 shares authorized, 319,570,466 and 314,806,914 issued and outstanding, respectively | | | 32 | | | 31 | |
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding | | | – | | | – | |
Capital in excess of par value | | | 9,465,862 | | | 9,384,450 | |
Accumulated deficit | | | (4,341,316) | | | (4,266,930) | |
Accumulated other comprehensive loss | | | (119,915) | | | (252,686) | |
Common stock held in treasury at cost, 5,346,843 and 5,394,345 shares, respectively | | | (427,141) | | | (437,134) | |
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Total stockholders' equity | | | 4,621,091 | | | 4,471,464 | |
Noncontrolling interests | | | 696,286 | | | 744,905 | |
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Total equity | | | 5,317,377 | | | 5,216,369 | |
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Total liabilities and equity | | $ | 31,379,783 | | $ | 30,565,182 | |
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)
| | | | | | | | | | | | | |
| | FOR THE THREE MONTHS ENDED JUNE 30, | | FOR THE SIX MONTHS ENDED JUNE 30, | |
---|
| | 2016 | | 2015 | | 2016 | | 2015 | |
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REVENUE: | | | | | | | | | | | | | |
Minimum rent | | $ | 458,267 | | $ | 443,485 | | $ | 897,114 | | $ | 877,266 | |
Overage rent | | | 46,903 | | | 41,342 | | | 96,527 | | | 92,522 | |
Tenant reimbursements | | | 212,265 | | | 199,142 | | | 423,206 | | | 393,629 | |
Other income | | | 54,806 | | | 61,545 | | | 113,486 | | | 115,539 | |
| | | | | | | | | | | | | |
Total revenue | | | 772,241 | | | 745,514 | | | 1,530,333 | | | 1,478,956 | |
OPERATING EXPENSES: | | | | | | | | | | | | | |
Property operating | | | 131,413 | | | 132,257 | | | 262,494 | | | 263,061 | |
Depreciation and amortization | | | 149,721 | | | 148,607 | | | 281,200 | | | 290,265 | |
Real estate taxes | | | 59,429 | | | 56,477 | | | 120,938 | | | 115,051 | |
Repairs and maintenance | | | 18,480 | | | 17,086 | | | 38,234 | | | 37,447 | |
Advertising and promotion | | | 20,777 | | | 17,388 | | | 43,306 | | | 34,090 | |
Provision for credit losses | | | 2,885 | | | 1,296 | | | 5,574 | | | 3,149 | |
Other | | | 43,625 | | | 38,924 | | | 88,679 | | | 83,351 | |
| | | | | | | | | | | | | |
Total operating expenses | | | 426,330 | | | 412,035 | | | 840,425 | | | 826,414 | |
| | | | | | | | | | | | | |
OPERATING INCOME | | | 345,911 | | | 333,479 | | | 689,908 | | | 652,542 | |
Interest expense | | | (151,022 | ) | | (149,041 | ) | | (294,781 | ) | | (296,062 | ) |
Gain on sale or disposal of assets and interests in unconsolidated entities | | | 6,049 | | | 35,779 | | | 60,522 | | | 35,779 | |
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NET INCOME | | $ | 200,938 | | $ | 220,217 | | $ | 455,649 | | $ | 392,259 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
THIRD-PARTY INVESTORS' SHARE OF NET INCOME | | $ | 100,391 | | $ | 112,763 | | $ | 219,200 | | $ | 201,877 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
OUR SHARE OF NET INCOME | | | 100,547 | | | 107,454 | | | 236,449 | | | 190,382 | |
AMORTIZATION OF EXCESS INVESTMENT (A) | | | (25,558 | ) | | (24,387 | ) | | (48,770 | ) | | (48,541 | ) |
OUR SHARE OF GAIN ON SALE OR DISPOSAL OF ASSETS AND INTERESTS IN UNCONSOLIDATED ENTITIES, NET | | | (2,487 | ) | | (16,339 | ) | | (2,487 | ) | | (16,339 | ) |
OUR SHARE OF GAIN ON SALE OR DISPOSAL OF ASSETS AND INTERESTS INCLUDED IN OTHER INCOME IN THE CONSOLIDATED FINANCIAL STATEMENTS | | | — | | | — | | | (36,153 | ) | | — | |
| | | | | | | | | | | | | |
INCOME FROM UNCONSOLIDATED ENTITIES (B) | | $ | 72,502 | | $ | 66,728 | | $ | 149,039 | | $ | 125,502 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | �� | | |
Note:- The above financial presentation does not include any information related to our investments in Klépierre S.A.
("Klépierre") and HBS Global Properties ("HBS"). For additional information, see footnote B.
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)
| | | | | | | |
| | JUNE 30, 2016 | | DECEMBER 31, 2015 | |
---|
ASSETS: | | | | | | | |
Investment properties, at cost | | $ | 17,928,316 | | $ | 17,186,884 | |
Less — accumulated depreciation | | | 5,915,080 | | | 5,780,261 | |
| | | | | | | |
| | | 12,013,236 | | | 11,406,623 | |
Cash and cash equivalents | | | 745,868 | | | 818,805 | |
Tenant receivables and accrued revenue, net | | | 331,377 | | | 354,133 | |
Deferred costs and other assets | | | 336,854 | | | 482,024 | |
| | | | | | | |
Total assets | | $ | 13,427,335 | | $ | 13,061,585 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
LIABILITIES AND PARTNERS' DEFICIT: | | | | | | | |
Mortgages | | $ | 14,272,584 | | $ | 13,827,215 | |
Accounts payable, accrued expenses, intangibles, and deferred revenue | | | 759,250 | | | 985,159 | |
Other liabilities | | | 441,536 | | | 468,005 | |
| | | | | | | |
Total liabilities | | | 15,473,370 | | | 15,280,379 | |
Preferred units | | | 67,450 | | | 67,450 | |
Partners' deficit | | | (2,113,485) | | | (2,286,244) | |
| | | | | | | |
Total liabilities and partners' deficit | | $ | 13,427,335 | | $ | 13,061,585 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
OUR SHARE OF: | | | | | | | |
Partners' deficit | | $ | (914,222) | | $ | (854,562) | |
Add: Excess Investment (A) | | | 2,015,542 | | | 1,788,749 | |
| | | | | | | |
Our net Investment in unconsolidated entities, at equity | | $ | 1,101,320 | | $ | 934,187 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
- Note:
- The above financial presentation does not include any information related to our investments in Klépierre and HBS Global Properties. For additional information, see footnote B attached hereto.
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EARNINGS RELEASE
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | Reconciliation of Consolidated Net Income to FFO
| | FOR THE THREE MONTHS ENDED JUNE 30, | | FOR THE SIX MONTHS ENDED JUNE 30, | |
|
---|
| |
| | 2016 | | 2015 | | 2016 | | 2015 | |
|
---|
| | Consolidated Net Income (D) | | $ | 527,325 | | $ | 554,526 | | $ | 1,091,164 | | $ | 1,186,962 | | |
| | Adjustments to Arrive at FFO: | | | | | | | | | | | | | | |
| | Depreciation and amortization from consolidated properties | | | 300,179 | | | 291,853 | | | 597,376 | | | 576,080 | | |
| | Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS | | | 134,893 | | | 128,184 | | | 253,135 | | | 252,068 | | |
| | Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | (4,209) | | | (16,339) | | | (26,897) | | | (223,266) | | |
| | Net income attributable to noncontrolling interest holders in properties | | | (565) | | | (609) | | | (1,294) | | | (1,298) | | |
| | Noncontrolling interests portion of depreciation and amortization | | | (3,439) | | | (946) | | | (6,155) | | | (1,833) | | |
| | Preferred distributions and dividends | | | (1,313) | | | (1,313) | | | (2,626) | | | (2,626) | | |
| | | | | | | | | | | | | | | | |
| | FFO of the Operating Partnership (E) | | $ | 952,871 | | $ | 955,356 | | $ | 1,904,703 | | $ | 1,786,087 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Diluted net income per share to diluted FFO per share reconciliation: | | | | | | | | | | | | | | |
| | Diluted net income per share | | $ | 1.45 | | $ | 1.52 | | $ | 3.01 | | $ | 3.26 | | |
| | Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS, net of noncontrolling interests portion of depreciation and amortization | | | 1.19 | | | 1.16 | | | 2.33 | | | 2.28 | | |
| | Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | (0.01) | | | (0.05) | | | (0.07) | | | (0.62) | | |
| | | | | | | | | | | | | | | | |
| | Diluted FFO per share (F) | | $ | 2.63 | | $ | 2.63 | | $ | 5.27 | | $ | 4.92 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Details for per share calculations: | | | | | | | | | | | | | | |
| | FFO of the Operating Partnership (E) | | $ | 952,871 | | $ | 955,356 | | $ | 1,904,703 | | $ | 1,786,087 | | |
| | Diluted FFO allocable to unitholders | | | (127,386) | | | (137,682) | | | (264,285) | | | (257,987) | | |
| | | | | | | | | | | | | | | | |
| | Diluted FFO allocable to common stockholders | | $ | 825,485 | | $ | 817,674 | | $ | 1,640,418 | | $ | 1,528,100 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Basic and Diluted weighted average shares outstanding | | | 313,399 | | | 310,499 | | | 311,408 | | | 310,799 | | |
| | Weighted average limited partnership units outstanding | | | 48,363 | | | 52,263 | | | 50,170 | | | 52,472 | | |
| | | | | | | | | | | | | | | | |
| | Basic and Diluted weighted average shares and units outstanding | | | 361,762 | | | 362,762 | | | 361,578 | | | 363,271 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | Basic and Diluted FFO per Share (F) | | $ | 2.63 | | $ | 2.63 | | $ | 5.27 | | $ | 4.92 | | |
| | Percent Change | | | 0.0% | | | | | | 7.1% | | | | | |
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EARNINGS RELEASE
Simon Property Group, Inc.
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures
Notes:
- (A)
- Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related properties.
- (B)
- The Unaudited Joint Venture Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre and HBS Global Properties. Amounts included in Footnotes D below exclude our share of related activity for our investments in Klépierre and HBS Global Properties. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-Q.
- (C)
- This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, comparable FFO per share and comparable EPS. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
- (D)
- Includes our share of:
- -
- Gains on land sales of $0.5 million and $3.6 million for the three months ended June 30, 2016 and 2015, respectively, and $2.1 million and $3.7 million for the six months ended June 30, 2016 and 2015, respectively.
- -
- Straight-line adjustments increased minimum rent by $15.9 million and $16.8 million for the three months ended June 30, 2016 and 2015, respectively, and $31.0 million and $33.2 million for the six months ended June 30, 2016 and 2015, respectively.
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- -
- Amortization of fair market value of leases from acquisitions increased income by $2.2 million and $3.2 million for the three months ended June 30, 2016 and 2015, respectively, and $4.8 million and $6.6 million for the six months ended June 30, 2016 and 2015, respectively.
- -
- Debt premium amortization of $3.8 million and $5.4 million for the three months ended June 30, 2016 and 2015, respectively, and $8.0 million and $12.6 million for the six months ended June 30, 2016 and 2015, respectively.
- (E)
- Includes FFO of the operating partnership related to the sale of marketable securities of $80.2 million for the three and six months ended June 30, 2015.
- (F)
- Includes Basic and Diluted FFO per share related to the sale of marketable securities of $0.22 for the three and six months ended June 30, 2015.
- (G)
- Reconciliation of reported earnings per share to comparable earnings per share and FFO per share to comparable FFO per share:
| | | | | | | | | | | | | |
| | THREE MONTHS ENDED JUNE 30, | | SIX MONTHS ENDED JUNE 30, | |
---|
| | 2016 | | 2015 | | 2016 | | 2015 | |
---|
Reported earnings per share | | $ | 1.45 | | $ | 1.52 | | $ | 3.01 | | $ | 3.26 | |
Less: Gain upon sale of marketable securities | | | — | | | (0.22) | | | — | | | (0.22) | |
Less: Non-cash gain on equity method investment | | | — | | | — | | | — | | | (0.57) | |
| | | | | | | | | | | | | |
Comparable earnings per share | | $ | 1.45 | | $ | 1.30 | | $ | 3.01 | | $ | 2.47 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comparable earnings per share growth | | | 11.5% | | | | | | 21.9% | | | | |
| | | | | | | | | | | | | |
| | THREE MONTHS ENDED JUNE 30, | | SIX MONTHS ENDED JUNE 30, | |
---|
| | 2016 | | 2015 | | 2016 | | 2015 | |
---|
Reported FFO per share | | $ | 2.63 | | $ | 2.63 | | $ | 5.27 | | $ | 4.92 | |
Less: Gain upon sale of marketable securities | | | — | | | (0.22) | | | — | | | (0.22) | |
| | | | | | | | | | | | | |
Comparable FFO per share | | $ | 2.63 | | $ | 2.41 | | $ | 5.27 | | $ | 4.70 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comparable FFO per share growth | | | 9.1% | | | | | | 12.1% | | | | |
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OVERVIEW
THE COMPANY
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We are engaged primarily in the ownership, development and management of retail real estate properties including Malls, Premium Outlets®, The Mills®, and International Properties. At June 30, 2016, we owned or had an interest in 230 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at June 30, 2016, we had a 20.3% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 16 European countries.
This package was prepared to provide operational and balance sheet information as of June 30, 2016 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating or outlook, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in our periodic reports, but except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
REPORTING CALENDAR
Below is a list of estimated dates for future announcements of results. Dates are subject to change.
| | |
Third Quarter 2016 | | October 26, 2016 |
Fourth Quarter 2016 | | January 31, 2017 |
First Quarter 2017 | | April 28, 2017 |
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OVERVIEW
STOCK INFORMATION
The Company's common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
| | | | | | | | |
| | Common Stock | | SPG | | | | |
| | 8.375% Series J Cumulative Redeemable Preferred | | SPGPrJ | | | | |
CREDIT RATINGS
|
| | Standard & Poor's | | | | | | |
| | Corporate | | A | | (Stable Outlook) | | |
| | Senior Unsecured | | A | | (Stable Outlook) | | |
| | Commercial Paper | | A1 | | (Stable Outlook) | | |
| | Preferred Stock | | BBB+ | | (Stable Outlook) | | |
| | Moody's | | | | | | |
| | Senior Unsecured | | A2 | | (Stable Outlook) | | |
| | Commercial Paper | | P1 | | (Stable Outlook) | | |
| | Preferred Stock | | A3 | | (Stable Outlook) | | |
SENIOR UNSECURED DEBT COVENANTS (1)
| | | | | | |
| | Required | | Actual | | Compliance
|
| | | | | | |
Total Debt to Total Assets (1) | | £65% | | 40% | | Yes |
Total Secured Debt to Total Assets (1) | | £50% | | 18% | | Yes |
Fixed Charge Coverage Ratio | | >1.5X | | 4.8X | | Yes |
Total Unencumbered Assets to Unsecured Debt | | ³125% | | 275% | | Yes |
- (1)
- Covenants for indentures dated June 7, 2005 and later. Total Assets are calculated in accordance with the indenture and essentially represent net operating income (NOI) divided by a 7.0% capitalization rate plus the value of other assets at cost.
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SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
| | | | | | | | | | | | | |
| |
| THREE MONTHS ENDED JUNE 30, | |
| SIX MONTHS ENDED JUNE 30, | |
| | | | | | | | | | | | | |
| |
| 2016 |
| | 2015 | |
| 2016 |
| | 2015 | |
Financial Highlights | | | | | | | | | | | | | |
Total Revenue - Consolidated Properties | | $ | 1,315,380 | | $ | 1,349,110 | | $ | 2,652,095 | | $ | 2,565,345 | |
Consolidated Net Income | | $ | 527,325 | | $ | 554,526 | | $ | 1,091,164 | | $ | 1,186,962 | |
Net Income Attributable to Common Stockholders | | $ | 455,389 | | $ | 472,944 | | $ | 936,384 | | $ | 1,012,078 | |
Basic and Diluted Earnings per Common Share (EPS) | | $ | 1.45 | | $ | 1.52 | | $ | 3.01 | | $ | 3.26 | |
Funds from Operations (FFO) of the Operating Partnership | | $ | 952,871 | | $ | 955,356 | | $ | 1,904,703 | | $ | 1,786,087 | |
Basic and Diluted FFO per Share (FFOPS) | | $ | 2.63 | | $ | 2.63 | | $ | 5.27 | | $ | 4.92 | |
Dividends/Distributions per Share/Unit | | $ | 1.60 | | $ | 1.50 | | $ | 3.20 | | $ | 2.90 | |
| | | | | | | |
Stockholders' Equity Information | |
| AS OF JUNE 30, 2016 |
|
| AS OF DECEMBER 31, 2015 | |
Limited Partners' Units Outstanding at end of period | | | 47,533 | | | 51,814 | |
Common Shares Outstanding at end of period | | | 314,232 | | | 309,421 | |
| | | | | | | |
Total Common Shares and Limited Partnership Units Outstanding at end of period | | | 361,765 | | | 361,235 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Weighted Average Limited Partnership Units Outstanding | | | 50,170 | | | 52,141 | |
Weighted Average Common Shares Outstanding: | | | | | | | |
Basic and Diluted - for purposes of EPS and FFOPS | | | 311,408 | | | 310,103 | |
| | | | | | | |
Debt Information | | | | | | | |
Share of Consolidated Debt | | $ | 22,803,191 | | $ | 22,411,398 | |
Share of Joint Venture Debt | | | 6,773,356 | | | 6,692,809 | |
| | | | | | | |
Share of Total Debt | | $ | 29,576,547 | | $ | 29,104,207 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Market Capitalization | | | | | | | |
Common Stock Price at end of period | | $ | 216.90 | | $ | 194.44 | |
Common Equity Capitalization, including Limited Partnership Units | | $ | 78,466,789 | | $ | 70,238,495 | |
Preferred Equity Capitalization, including Limited Partnership Preferred Units | | | 88,345 | | | 82,918 | |
| | | | | | | |
Total Equity Market Capitalization | | $ | 78,555,134 | | $ | 70,321,413 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total Market Capitalization - Including Share of Total Debt | | $ | 108,131,681 | | $ | 99,425,620 | |
| | | | | | | |
Debt to Total Market Capitalization | | | 27.4% | | | 29.3% | |
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NON-GAAP PRO RATA STATEMENTS OF OPERATIONS AND BALANCE SHEETS
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The Pro-Rata Statements of Operations and Balance Sheets reflect our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts shown in the column labeled "Consolidated" reflect the amounts contained in the Company's consolidated financial statements as filed with the SEC on the most recent Form 10-Q or 10-K, as applicable. The amounts in the column labeled "Our Share of Joint Ventures" were derived on a property-by-property basis by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets attributable to noncontrolling interests.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro rata statements of operations and balance sheets information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of pro rata financial statements has limitations as an analytical tool. Some of these limitations include:
- •
- The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and
- •
- Other companies in our industry may calculate their pro rata interest differently than we do, limiting the usefulness as a comparative measure.
Because of these limitations, the pro rata statements of operations and balance sheets should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro rata statements of operations and balance sheets only supplementally.
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Table of Contents
PRO-RATA STATEMENT OF OPERATIONS
(In thousands)
| | | | | | | | | | | | | | | | | | | |
| |
| FOR THE THREE MONTHS ENDED JUNE 30, 2016
| | | FOR THE | |
| | | | | | | | | | | | | | | | | | | |
| |
| CONSOLIDATED |
|
| NONCONTROLLING INTERESTS (1) |
|
| OUR CONSOLIDATED SHARE |
|
| OUR SHARE OF JOINT VENTURES |
| | OUR TOTAL SHARE | |
| THREE MONTHS ENDED JUNE 30, 2015 OUR TOTAL SHARE | |
REVENUE: | | | | | | | | | | | | | | | | | | | |
Minimum rent | | $ | 822,224 | | $ | (4,913) | | $ | 817,311 | | $ | 216,439 | | $ | 1,033,750 | | $ | 978,459 | |
Overage rent | | | 31,250 | | | (28) | | | 31,222 | | | 20,280 | | | 51,502 | | | 54,880 | |
Tenant reimbursements | | | 367,062 | | | (2,310) | | | 364,752 | | | 100,024 | | | 464,776 | | | 455,881 | |
Management fees and other revenues | | | 34,478 | | | — | | | 34,478 | | | — | | | 34,478 | | | 40,027 | |
Other income | | | 60,366 | | | (207) | | | 60,159 | | | 25,613 | | | 85,772 | | | 168,788 | |
| | | | | | | | | | | | | | | | | | | |
Total revenue | | | 1,315,380 | | | (7,458) | | | 1,307,922 | | | 362,356 | | | 1,670,278 | | | 1,698,035 | |
| | | | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | |
Property operating | | | 104,756 | | | (1,126) | | | 103,630 | | | 57,067 | | | 160,697 | | | 157,882 | |
Depreciation and amortization | | | 303,585 | | | (1,954) | | | 301,631 | | | 97,654 | | | 399,285 | | | 393,931 | |
Real estate taxes | | | 107,505 | | | (569) | | | 106,936 | | | 27,857 | | | 134,793 | | | 132,560 | |
Repairs and maintenance | | | 22,842 | | | (207) | | | 22,635 | | | 8,501 | | | 31,136 | | | 30,491 | |
Advertising and promotion | | | 33,172 | | | (288) | | | 32,884 | | | 10,154 | | | 43,038 | | | 49,282 | |
Provision for credit losses | | | 4,944 | | | (27) | | | 4,917 | | | 1,284 | | | 6,201 | | | 3,301 | |
Home and regional office costs | | | 40,326 | | | — | | | 40,326 | | | — | | | 40,326 | | | 39,346 | |
General and administrative | | | 15,125 | | | — | | | 15,125 | | | — | | | 15,125 | | | 15,345 | |
Other | | | 23,889 | | | (1,022) | | | 22,867 | | | 17,874 | | | 40,741 | | | 39,524 | |
| | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 656,144 | | | (5,193) | | | 650,951 | | | 220,391 | | | 871,342 | | | 861,662 | |
| | | | | | | | | | | | | | | | | | | |
OPERATING INCOME | | | 659,236 | | | (2,265) | | | 656,971 | | | 141,965 | | | 798,936 | | | 836,373 | |
Interest expense | | | (213,995) | | | 1,406 | | | (212,589) | | | (69,168) | | | (281,757) | | | (298,843) | |
Income and other taxes | | | (7,115) | | | — | | | (7,115) | | | — | | | (7,115) | | | (3,420) | |
Income from unconsolidated entities | | | 84,990 | | | 294 | | | 85,284 | | | (72,797) | | | 12,487 | (2) | | 3,468 | |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | 4,209 | | | — | | | 4,209 | | | — | | | 4,209 | | | 16,339 | |
| | | | | | | | | | | | | | | | | | | |
CONSOLIDATED NET INCOME | | | 527,325 | | | (565) | | | 526,760 | | | — | | | 526,760 | | | 553,917 | |
Net income attributable to noncontrolling interests | | | 71,102 | | | (565) | | | 70,537 | | | — | | | 70,537 | (3) | | 80,139 | |
Preferred dividends | | | 834 | | | — | | | 834 | | | — | | | 834 | | | 834 | |
| | | | | | | | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | | $ | 455,389 | | $ | — | | $ | 455,389 | | $ | — | | $ | 455,389 | | $ | 472,944 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO: | | | | | | | | | | | | | | | | | | | |
Consolidated Net Income | | | | | | | | $ | 527,325 | | $ | — | | $ | 527,325 | | $ | 554,526 | |
Adjustments to Consolidated Net Income to Arrive at FFO: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization from consolidated properties | | | | | | | | | 300,179 | | | | | | 300,179 | | | 291,853 | |
Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS | | | | | | | | | | | | 134,893 | | | 134,893 | | | 128,184 | |
Income from unconsolidated entities | | | | | | | | | (84,990) | | | 84,990 | | | — | | | — | |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | | | | | | | (4,209) | | | | | | (4,209) | | | (16,339) | |
Net income attributable to noncontrolling interest holders in properties | | | | | | | | | (565) | | | | | | (565) | | | (609) | |
Noncontrolling interests portion of depreciation and amortization | | | | | | | | | (3,439) | | | | | | (3,439) | | | (946) | |
Preferred distributions and dividends | | | | | | | | | (1,313) | | | | | | (1,313) | | | (1,313) | |
| | | | | | | | | | | | | | | | | | | |
FFO of the Operating Partnership | | | | | | | | $ | 732,988 | | $ | 219,883 | | $ | 952,871 | | $ | 955,356 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Percentage of FFO of the Operating Partnership | | | | | | | | | 76.92% | | | 23.08% | | | 100.00% | | | 100.00% | |
- (1)
- Represents our venture partners' share of operations from consolidated properties.
- (2)
- Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre and HBS Global Properties (HBS).
- (3)
- Represents limited partners' interest in the Operating Partnership.
|
2Q 2016 SUPPLEMENTAL |  | 19 |
Table of Contents
PRO-RATA STATEMENT OF OPERATIONS
(In thousands)
| | | | | | | | | | | | | | | | | | | |
| |
| FOR THE SIX MONTHS ENDED JUNE 30, 2016
| | | FOR THE | |
| | | | | | | | | | | | | | | | | | | |
| |
| CONSOLIDATED |
|
| NONCONTROLLING INTERESTS (1) |
|
| OUR CONSOLIDATED SHARE |
|
| OUR SHARE OF JOINT VENTURES |
| | OUR TOTAL SHARE | |
| SIX MONTHS ENDED JUNE 30, 2015 OUR TOTAL SHARE | |
REVENUE: | | | | | | | | | | | | | | | | | | | |
Minimum rent | | $ | 1,640,760 | | $ | (9,711) | | $ | 1,631,049 | | $ | 421,768 | | $ | 2,052,817 | | $ | 1,936,851 | |
Overage rent | | | 60,167 | | | (59) | | | 60,108 | | | 41,283 | | | 101,391 | | | 115,472 | |
Tenant reimbursements | | | 738,676 | | | (4,634) | | | 734,042 | | | 198,634 | | | 932,676 | | | 885,339 | |
Management fees and other revenues | | | 67,878 | | | — | | | 67,878 | | | — | | | 67,878 | | | 75,106 | |
Other income | | | 144,614 | | | (437) | | | 144,177 | | | 53,570 | | | 197,747 | | | 243,259 | |
| | | | | | | | | | | | | | | | | | | |
Total revenue | | | 2,652,095 | | | (14,841) | | | 2,637,254 | | | 715,255 | | | 3,352,509 | | | 3,256,027 | |
| | | | | | | | | | | | | | | | | | | |
EXPENSES: | | | | | | | | | | | | | | | | | | | |
Property operating | | | 207,817 | | | (2,332) | | | 205,485 | | | 114,239 | | | 319,724 | | | 315,165 | |
Depreciation and amortization | | | 604,199 | | | (4,137) | | | 600,062 | | | 181,728 | | | 781,790 | | | 776,880 | |
Real estate taxes | | | 216,929 | | | (1,141) | | | 215,788 | | | 56,159 | | | 271,947 | | | 266,079 | |
Repairs and maintenance | | | 48,907 | | | (461) | | | 48,446 | | | 17,731 | | | 66,177 | | | 69,826 | |
Advertising and promotion | | | 68,210 | | | (488) | | | 67,722 | | | 21,044 | | | 88,766 | | | 75,630 | |
Provision for credit losses | | | 8,608 | | | (68) | | | 8,540 | | | 2,625 | | | 11,165 | | | 8,020 | |
Home and regional office costs | | | 78,933 | | | — | | | 78,933 | | | — | | | 78,933 | | | 75,250 | |
General and administrative | | | 29,989 | | | — | | | 29,989 | | | — | | | 29,989 | | | 30,343 | |
Other | | | 44,366 | | | (2,088) | | | 42,278 | | | 38,159 | | | 80,437 | | | 78,736 | |
| | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 1,307,958 | | | (10,715) | | | 1,297,243 | | | 431,685 | | | 1,728,928 | | | 1,695,929 | |
| | | | | | | | | | | | | | | | | | | |
OPERATING INCOME | | | 1,344,137 | | | (4,126) | | | 1,340,011 | | | 283,570 | | | 1,623,581 | | | 1,560,098 | |
Interest expense | | | (433,185) | | | 2,700 | | | (430,485) | | | (134,399) | | | (564,884) | | | (597,485) | |
Income and other taxes | | | (22,301) | | | — | | | (22,301) | | | — | | | (22,301) | | | (9,781) | |
Income from unconsolidated entities | | | 175,616 | | | 132 | | | 175,748 | | | (149,171) | | | 26,577 | (2) | | 9,566 | |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | 26,897 | | | — | | | 26,897 | | | — | | | 26,897 | | | 223,266 | |
| | | | | | | | | | | | | | | | | | | |
CONSOLIDATED NET INCOME | | | 1,091,164 | | | (1,294) | | | 1,089,870 | | | — | | | 1,089,870 | | | 1,185,664 | |
Net income attributable to noncontrolling interests | | | 153,111 | | | (1,294) | | | 151,817 | | | — | | | 151,817 | (3) | | 171,917 | |
Preferred dividends | | | 1,669 | | | — | | | 1,669 | | | — | | | 1,669 | | | 1,669 | |
| | | | | | | | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | | $ | 936,384 | | $ | — | | $ | 936,384 | | $ | — | | $ | 936,384 | | $ | 1,012,078 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO: | | | | | | | | | | | | | | | | | | | |
Consolidated Net Income | | | | | | | | $ | 1,091,164 | | $ | — | | $ | 1,091,164 | | $ | 1,186,962 | |
Adjustments to Consolidated Net Income to Arrive at FFO: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization from consolidated properties | | | | | | | | | 597,376 | | | | | | 597,376 | | | 576,080 | |
Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS | | | | | | | | | | | | 253,135 | | | 253,135 | | | 252,068 | |
Income from unconsolidated entities | | | | | | | | | (175,616) | | | 175,616 | | | — | | | — | |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | | | | | | | (26,897) | | | | | | (26,897) | | | (223,266) | |
Net income attributable to noncontrolling interest holders in properties | | | | | | | | | (1,294) | | | | | | (1,294) | | | (1,298) | |
Noncontrolling interests portion of depreciation and amortization | | | | | | | | | (6,155) | | | | | | (6,155) | | | (1,833) | |
Preferred distributions and dividends | | | | | | | | | (2,626) | | | | | | (2,626) | | | (2,626) | |
| | | | | | | | | | | | | | | | | | | |
FFO of the Operating Partnership | | | | | | | | $ | 1,475,952 | | $ | 428,751 | | $ | 1,904,703 | | $ | 1,786,087 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Percentage of FFO of the Operating Partnership | | | | | | | | | 77.49% | | | 22.51% | | | 100.00% | | | 100.00% | |
- (1)
- Represents our venture partners' share of operations from consolidated properties.
- (2)
- Our Total Share of income from unconsolidated entities represents our share of net results related to our investment in Klépierre and HBS.
- (3)
- Represents limited partners' interest in the Operating Partnership.
|
2Q 2016 SUPPLEMENTAL |  | 20 |
Table of Contents
PRO-RATA BALANCE SHEET
(In thousands)
| | | | | | | | | | | | | | | | | | | |
| |
| AS OF JUNE 30, 2016
| | | | |
| | | | | | | | | | | | | | | | | | | |
| |
| CONSOLIDATED |
|
| NONCONTROLLING INTERESTS |
|
| OUR CONSOLIDATED SHARE |
|
| OUR SHARE OF JOINT VENTURES |
| | OUR TOTAL SHARE | |
| AS OF DECEMBER 31, 2015 OUR TOTAL SHARE | |
ASSETS: | | | | | | | | | | | | | | | | | | | |
Investment properties, at cost | | $ | 34,332,270 | | $ | (263,720) | | $ | 34,068,550 | | $ | 10,645,432 | | $ | 44,713,982 | | $ | 43,697,587 | |
Less - accumulated depreciation | | | 10,344,141 | | | (60,382) | | | 10,283,759 | | | 2,733,309 | | | 13,017,068 | | | 12,537,102 | |
| | | | | | | | | | | | | | | | | | | |
| | | 23,988,129 | | | (203,338) | | | 23,784,791 | | | 7,912,123 | | | 31,696,914 | | | 31,160,485 | |
Cash and cash equivalents | | | 884,281 | | | (8,648) | | | 875,633 | | | 350,357 | | | 1,225,990 | | | 1,083,296 | |
Tenant receivables and accrued revenue, net | | | 600,817 | | | (4,493) | | | 596,324 | | | 155,748 | | | 752,072 | | | 791,031 | |
Investment in unconsolidated entities, at equity | | | 2,690,821 | | | (47,551) | | | 2,643,270 | | | (2,643,270) | | | – | | | – | |
Investment in Klépierre, at equity | | | 1,878,751 | | | – | | | 1,878,751 | | | – | | | 1,878,751 | | | 1,943,363 | |
Deferred costs and other assets | | | 1,336,984 | | | (26,149) | | | 1,310,835 | | | 142,923 | | | 1,453,758 | | | 1,534,276 | |
| | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 31,379,783 | | $ | (290,179) | | $ | 31,089,604 | | $ | 5,917,881 | | $ | 37,007,485 | | $ | 36,512,451 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
LIABILITIES: | | | | | | | | | | | | | | | | | | | |
Mortgages and unsecured indebtedness | | $ | 22,923,941 | | $ | (120,750) | | $ | 22,803,191 | | $ | 6,773,356 | | $ | 29,576,547 | | $ | 28,989,974 | |
Accounts payable, accrued expenses, intangibles, and deferred revenues | | | 1,209,518 | | | (5,629) | | | 1,203,889 | | | 357,337 | | | 1,561,226 | | | 1,869,587 | |
Cash distributions and losses in partnerships and joint ventures, at equity | | | 1,402,230 | | | – | | | 1,402,230 | | | (1,402,230) | | | – | | | – | |
Other liabilities | | | 369,281 | | | (28,048) | | | 341,233 | | | 189,418 | | | 530,651 | | | 414,440 | |
| | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 25,904,970 | | | (154,427) | | | 25,750,543 | | | 5,917,881 | | | 31,668,424 | | | 31,274,001 | |
| | | | | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | |
Limited partners' preferred interest in the Operating Partnership | | | 157,436 | | | (131,899) | | | 25,537 | | | – | | | 25,537 | | | 25,537 | |
EQUITY: | | | | | | | | | | | | | | | | | | | |
Stockholders' equity | | | | | | | | | | | | | | | | | | | |
Capital stock | | | | | | | | | | | | | | | | | | | |
Series J 83/8% cumulative redeemable preferred stock | | | 43,569 | | | – | | | 43,569 | | | – | | | 43,569 | | | 43,733 | |
Common stock, $.0001 par value | | | 32 | | | – | | | 32 | | | – | | | 32 | | | 31 | |
Class B common stock, $.0001 par value | | | – | | | – | | | – | | | – | | | – | | | – | |
Capital in excess of par value | | | 9,465,862 | | | – | | | 9,465,862 | | | – | | | 9,465,862 | | | 9,384,450 | |
Accumulated deficit | | | (4,341,316) | | | – | | | (4,341,316) | | | – | | | (4,341,316) | | | (4,266,930) | |
Accumulated other comprehensive income (loss) | | | (119,915) | | | – | | | (119,915) | | | – | | | (119,915) | | | (252,686) | |
Common stock held in treasury at cost | | | (427,141) | | | – | | | (427,141) | | | – | | | (427,141) | | | (437,134) | |
| | | | | | | | | | | | | | | | | | | |
Total stockholders' equity | | | 4,621,091 | | | – | | | 4,621,091 | | | – | | | 4,621,091 | | | 4,471,464 | |
Noncontrolling interests | | | 696,286 | | | (3,853) | | | 692,433 | | | – | | | 692,433 | | | 741,449 | |
| | | | | | | | | | | | | | | | | | | |
Total equity | | | 5,317,377 | | | (3,853) | | | 5,313,524 | | | – | | | 5,313,524 | | | 5,212,913 | |
| | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 31,379,783 | | $ | (290,179) | | $ | 31,089,604 | | $ | 5,917,881 | | $ | 37,007,485 | | $ | 36,512,451 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
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2Q 2016 SUPPLEMENTAL |  | 21 |
Table of Contents
NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Six Months Ended June 30, 2016

- (1)
- Based on our share of total NOI and does not reflect any property, entity or corporate-level debt.
- (2)
- Includes Klépierre, international Premium Outlets and international Designer Outlets.
- (3)
- Includes Lifestyle Centers.
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2Q 2016 SUPPLEMENTAL |  | 22 |
Table of Contents
NET OPERATING INCOME OVERVIEW (1)
(In thousands)
| | | | | | | | | | | | | | | | |
| |
| FOR THE THREE MONTHS ENDED JUNE 30, | | % GROWTH | |
| FOR THE SIX MONTHS ENDED JUNE 30, | | % GROWTH |
| | | | | | | | | | | | | | | | |
| |
| 2016 |
| | 2015 | | | |
| 2016 |
| | 2015 | | |
| | | | | | | | | | | | | | | | |
Comparable Property NOI (2) | | $ | 1,269,586 | | $ | 1,230,111 | | 3.2% | | $ | 2,526,019 | | $ | 2,426,119 | | 4.1% |
NOI from New Development, Redevelopment, Expansion and Acquisitions (3) | | | 56,219 | | | 21,687 | | | | | 98,749 | | | 38,480 | | |
International Properties (4) | | | 99,337 | | | 89,654 | | | | | 190,059 | | | 173,202 | | |
Our share of NOI from Investments (5) | | | 62,219 | | | 43,364 | | | | | 116,930 | | | 86,661 | | |
| | | | | | | | | | | | | | | | |
Portfolio NOI | | $ | 1,487,361 | | $ | 1,384,816 | | 7.4% | | $ | 2,931,757 | | $ | 2,724,462 | | 7.6% |
Corporate and Other NOI Sources (6) | | | 33,311 | | | 138,797 | | | | | 104,617 | | | 190,445 | | |
| | | | | | | | | | | | | | | | |
Total NOI — See reconciliation on following page | | $ | 1,520,672 | | $ | 1,523,613 | | | | $ | 3,036,374 | | $ | 2,914,907 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Less: Joint Venture Partners' Share of NOI | | | 260,232 | | | 249,945 | | | | | 514,073 | | | 491,268 | | |
| | | | | | | | | | | | | | | | |
Our Share of Total NOI | | $ | 1,260,440 | | $ | 1,273,668 | | | | $ | 2,522,301 | | $ | 2,423,639 | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
- (1)
- All amounts are presented at gross values unless otherwise indicated as our share.
- (2)
- Includes Malls, Premium Outlets, The Mills and Lifestyle Centers held as of the beginning of the prior year.
- (3)
- Includes total property NOI for properties undergoing redevelopment as well as incremental NOI for expansion properties not yet included in comparable properties.
- (4)
- Includes International Premium Outlets and International Designer Outlets.
- (5)
- Includes our share of NOI of Klépierre and HBS.
- (6)
- Includes income components excluded from Portfolio NOI and Comparable NOI (domestic lease termination income, interest income, land sale gains, straight line rent, above/below market lease adjustments), gains on sale of marketable securities, Simon management company operations, and our TMLP interests and other assets.
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2Q 2016 SUPPLEMENTAL |  | 23 |
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
| | | | | | | | | | | | |
RECONCILIATION OF NET INCOME TO NOI | | | | | | |
| | | | | | | | | | | | |
| |
| THREE MONTHS ENDED JUNE 30, | |
| SIX MONTHS ENDED JUNE 30, |
| | | | | | | | | | | | |
| | | 2016 | | | 2015 | | | 2016 | | | 2015 |
Reconciliation of NOI of consolidated entities: | | | | | | | | | | | | |
Consolidated Net Income | | $ | 527,325 | | $ | 554,526 | | $ | 1,091,164 | | $ | 1,186,962 |
Income and other taxes | | | 7,115 | | | 3,420 | | | 22,301 | | | 9,781 |
Interest expense | | | 213,995 | | | 230,974 | | | 433,185 | | | 463,147 |
Income from unconsolidated entities | | | (84,990) | | | (70,196) | | | (175,616) | | | (135,068) |
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net | | | (4,209) | | | (16,339) | | | (26,897) | | | (223,266) |
| | | | | | | | | | | | |
Operating Income | | | 659,236 | | | 702,385 | | | 1,344,137 | | | 1,301,556 |
Depreciation and amortization | | | 303,585 | | | 295,778 | | | 604,199 | | | 583,883 |
| | | | | | | | | | | | |
NOI of consolidated entities | | $ | 962,821 | | $ | 998,163 | | $ | 1,948,336 | | $ | 1,885,439 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Reconciliation of NOI of unconsolidated entities: | | | | | | | | | | | | |
Net Income | | $ | 200,938 | | $ | 220,217 | | $ | 455,649 | | $ | 392,259 |
Interest expense | | | 151,022 | | | 149,041 | | | 294,781 | | | 296,062 |
Gain on sale or disposal of assets and interests in unconsolidated entities | | | (6,049) | | | (35,779) | | | (60,522) | | | (35,779) |
| | | | | | | | | | | | |
Operating Income | | | 345,911 | | | 333,479 | | | 689,908 | | | 652,542 |
Depreciation and amortization | | | 149,721 | | | 148,607 | | | 281,200 | | | 290,265 |
| | | | | | | | | | | | |
NOI of unconsolidated entities | | $ | 495,632 | | $ | 482,086 | | $ | 971,108 | | $ | 942,807 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Add: Our share of NOI from Klépierre and HBS | | | 62,219 | | | 43,364 | | | 116,930 | | | 86,661 |
| | | | | | | | | | | | |
Total NOI | | $ | 1,520,672 | | $ | 1,523,613 | | $ | 3,036,374 | | $ | 2,914,907 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | –0.2% | (1) | | | | | 4.2% | (1) | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
- (1)
- The 2015 periods include $80.2 million of gains on sale of marketable securities.
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2Q 2016 SUPPLEMENTAL |  | 24 |
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
| | | | | | | |
RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE) | | | | | | | |
| | | | | | | |
| |
| THREE MONTHS ENDED JUNE 30, 2016 | |
| SIX MONTHS ENDED JUNE 30, 2016 | |
FFO of the Operating Partnership | | $ | 952,871 | | $ | 1,904,703 | |
Non-cash impacts to FFO (1) | | | 1,352 | | | 2,784 | |
| | | | | | | |
FFO of the Operating Partnership excluding non-cash impacts | | | 954,223 | | | 1,907,487 | |
Tenant allowances | | | (18,686) | | | (53,103) | |
Operational capital expenditures | | | (33,955) | | | (51,490) | |
| | | | | | | |
Funds available for distribution | | $ | 901,582 | | $ | 1,802,894 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
- (1)
- Non-cash impacts to FFO of the Operating Partnership include:
| | | | | | | | |
| | |
| THREE MONTHS ENDED JUNE 30, 2016 | |
| SIX MONTHS ENDED JUNE 30, 2016 | |
| Deductions: | | | | | | | |
| Straight-line rent | | $ | (15,856) | | $ | (30,971) | |
| Fair value of debt amortization | | | (3,816) | | | (7,992) | |
| Fair market value of lease amortization | | | (2,218) | | | (4,845) | |
| Additions: | | | | | | | |
| Stock based compensation expense | | | 12,806 | | | 25,472 | |
| Mortgage, financing fee and terminated swap amortization expense | | | 10,436 | | | 21,120 | |
| | | | | | | | |
| | | $ | 1,352 | | $ | 2,784 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, comparable FFO per share, comparable earnings per share, funds available for distribution, net operating income (NOI), portfolio NOI, and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 19-21 and 23-25 and in the Earnings Release for the latest period.
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2Q 2016 SUPPLEMENTAL |  | 25 |
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OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)
| | | | | | | | | | | | |
| |
| THREE MONTHS ENDED JUNE 30, | |
| SIX MONTHS ENDED JUNE 30, |
| | | | | | | | | | | | |
| |
| 2016 |
| | 2015 | |
| 2016 |
| | 2015 |
Consolidated Properties | | | | | | | | | | | | |
Other Income | | | | | | | | | | | | |
Interest and dividend income | | $ | 10,568 | | $ | 6,832 | | $ | 13,696 | | $ | 13,497 |
Lease settlement income | | | 4,307 | | | 13,280 | | | 10,897 | | | 17,065 |
Gains on land sales | | | 537 | | | 3,635 | | | 2,206 | | | 4,361 |
Realized gains on sale of marketable securities | | | – | | | 80,187 | | | – | | | 80,187 |
Other (1) | | | 44,954 | | | 35,673 | | | 117,815 | | | 73,081 |
| | | | | | | | | | | | |
Totals | | $ | 60,366 | | $ | 139,607 | | $ | 144,614 | | $ | 188,191 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Other Expense | | | | | | | | | | | | |
Ground leases | | $ | 9,882 | | $ | 9,601 | | $ | 19,483 | | $ | 18,718 |
Professional fees and other | | | 14,007 | | | 13,751 | | | 24,883 | | | 23,708 |
| | | | | | | | | | | | |
Totals | | $ | 23,889 | | $ | 23,352 | | $ | 44,366 | | $ | 42,426 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Capitalized Interest | |
| THREE MONTHS ENDED JUNE 30, | |
| SIX MONTHS ENDED JUNE 30, |
| | | | | | | | | | | | |
| |
| 2016 |
| | 2015 | |
| 2016 |
| | 2015 |
Interest Capitalized during the Period: | | | | | | | | | | | | |
Our Share of Consolidated Properties | | $ | 10,799 | | $ | 8,231 | | $ | 17,745 | | $ | 15,306 |
Our Share of Joint Venture Properties | | $ | 638 | | $ | 719 | | $ | 1,286 | | $ | 1,278 |
- (1)
- Includes ancillary property revenues, gift cards, marketing, media, parking and sponsorship revenues and other miscellaneous income items.
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2Q 2016 SUPPLEMENTAL |  | 26 |
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U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION (1)
| | | | | | |
| |
| AS OF JUNE 30, |
| | | | | | |
| |
| 2016 |
| | 2015 |
Total Number of Properties | | | 179 | | | 178 |
Total Square Footage of Properties (in millions) | | | 153.0 | | | 151.6 |
Ending Occupancy (1): | | | | | | |
Consolidated Assets | | | 96.2% | | | 96.4% |
Unconsolidated Assets | | | 94.9% | | | 95.3% |
Total Portfolio | | | 95.9% | | | 96.1% |
Total Sales per Square Foot (PSF) (2): | | | | | | |
Consolidated Assets | | $ | 592 | | $ | 608 |
Unconsolidated Assets | | $ | 657 | | $ | 662 |
Total Portfolio | | $ | 607 | | $ | 620 |
Base Minimum Rent PSF (3): | | | | | | |
Consolidated Assets | | $ | 48.48 | | $ | 46.40 |
Unconsolidated Assets | | $ | 56.22 | | $ | 53.08 |
Total Portfolio | | $ | 50.43 | | $ | 48.07 |
Releasing Activity for the Trailing Twelve Month Period Ended:
| | | | | | | | | | | | | | | |
| | | | |
| TOTAL RENT PSF |
| | | | | |
| | | | | | | | | | | | | | | |
| |
| SQUARE FOOTAGE OF OPENINGS
|
|
| OPENING RATE PSF (4)
|
|
| CLOSING RATE PSF (4)
|
|
| RELEASING SPREAD (4) |
6/30/16 | | | 7,857,210 | | $ | 69.04 | | $ | 60.16 | | $ | 8.88 | | | 14.8% |
3/31/16 | | | 8,037,800 | | $ | 68.84 | | $ | 58.60 | | $ | 10.24 | | | 17.5% |
12/31/15 | | | 7,384,864 | | $ | 69.64 | | $ | 59.02 | | $ | 10.62 | | | 18.0% |
9/30/15 | | | 7,469,197 | | $ | 70.78 | | $ | 59.78 | | $ | 11.00 | | | 18.4% |
6/30/15 | | | 7,323,872 | | $ | 69.90 | | $ | 59.03 | | $ | 10.87 | | | 18.4% |
Occupancy Cost as a Percentage of Sales (5): |
6/30/2016 | | | 12.7% | | | | | | | | | | | | |
3/31/16 | | | 12.5% | | | | | | | | | | | | |
12/31/15 | | | 12.3% | | | | | | | | | | | | |
9/30/15 | | | 12.1% | | | | | | | | | | | | |
6/30/15 | | | 11.9% | | | | | | | | | | | | |
- (1)
- Ending Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. We include all company owned space except for mall anchors, mall majors, mall freestanding and mall outlots in the calculation.
- (2)
- Total Sales PSF is defined as total sales of the tenants open and operating in the center during the reporting period divided by the associated company owned and occupied GLA on a trailing 12-month basis. Includes tenant sales activity for all months a tenant is open within the trailing 12-month period. In accordance with the standard definition of sales for regional malls adopted by the International Council of Shopping Centers, stores with less than 10,000 square feet are included for malls and stores with less than 20,000 square feet are included for Premium Outlets for 2016.
- (3)
- Base Minimum Rent PSF is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in Ending Occupancy as defined above.
- (4)
- Releasing Spread is a "same space" measure that compares opening and closing rates on individual spaces, including spaces greater than 10,000 square feet. The Opening Rate is the average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals, amendments and relocations (including expansions and downsizings). The Closing Rate is the average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants that would qualify to be included in Ending Occupancy as defined above as long as the opening and closing dates are within 24 months of one another.
- (5)
- Occupancy Cost as a Percentage of Sales is the trailing 12-month Base Minimum Rent, plus all applicable ancillary charges, plus overage rent, if applicable (based on last 12 months of sales), divided by the trailing 12-month Total Sales PSF for the same tenants.
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2Q 2016 SUPPLEMENTAL |  | 27 |
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THE MILLS AND INTERNATIONAL OPERATING INFORMATION
| | | | | | |
| |
| AS OF JUNE 30, |
| | | | | | |
| |
| 2016 |
| | 2015 |
The Mills | | | | | | |
Total Number of Properties | | | 14 | | | 14 |
Total Square Footage of Properties (in millions) | | | 21.0 | | | 20.9 |
Ending Occupancy (1) | | | 98.7% | | | 98.2% |
Total Sales PSF (2) | | $ | 562 | | $ | 571 |
Base Minimum Rent PSF (3) | | $ | 28.12 | | $ | 26.53 |
Releasing Spread PSF (4) | | $ | 9.48 | | $ | 13.19 |
Releasing Spread (Percentage Change) (4) | | | 23.5% | | | 33.0% |
| | | | | | |
International Properties | | | | | | |
Premium Outlets | | | | | | |
Total Number of Properties | | | 16 | | | 16 |
Total Square Footage of Properties (in millions) | | | 5.9 | | | 5.9 |
Designer Outlets | | | | | | |
Total Number of Properties | | | 7 | | | 5 |
Total Square Footage of Properties (in millions) | | | 1.5 | | | 1.0 |
Statistics for Premium Outlets in Japan (5) | | | | | | |
Ending Occupancy | | | 99.8% | | | 99.8% |
Total Sales PSF | | | ¥ 100,783 | | | ¥ 99,582 |
Base Minimum Rent PSF | | | ¥ 5,005 | | | ¥ 4,967 |
- (1)
- See footnote 1 on page 27 for definition, except Ending Occupancy is calculated on all company owned space.
- (2)
- See footnote 2 on page 27 for definition; calculation methodology is the same as for malls.
- (3)
- See footnote 3 on page 27 for definition.
- (4)
- See footnote 4 on page 27 for definition.
- (5)
- Information supplied by the managing venture partner; includes 9 properties.
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2Q 2016 SUPPLEMENTAL |  | 28 |
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U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)
| | | | | | | | | | | | |
YEAR | |
| NUMBER OF LEASES EXPIRING |
|
| SQUARE FEET |
|
| AVG. BASE MINIMUM RENT PSF AT 6/30/16 |
|
| PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES (2) |
| | | | | | | | | | | | |
Inline Stores and Freestanding | | | | | | | | | | | | |
Month to Month Leases | | | 583 | | | 1,874,418 | | $ | 45.94 | | | 1.7% |
2016 (7/1/16 - 12/31/16) | | | 595 | | | 1,636,514 | | $ | 47.59 | | | 1.5% |
2017 | | | 2,621 | | | 8,645,831 | | $ | 46.29 | | | 7.9% |
2018 | | | 2,582 | | | 9,192,148 | | $ | 48.66 | | | 8.7% |
2019 | | | 2,017 | | | 7,710,637 | | $ | 47.91 | | | 7.2% |
2020 | | | 1,716 | | | 6,354,207 | | $ | 50.22 | | | 6.2% |
2021 | | | 1,640 | | | 6,645,265 | | $ | 47.99 | | | 6.3% |
2022 | | | 1,511 | | | 5,852,953 | | $ | 51.04 | | | 5.9% |
2023 | | | 1,714 | | | 6,496,426 | | $ | 54.55 | | | 7.0% |
2024 | | | 1,519 | | | 5,885,233 | | $ | 56.68 | | | 6.6% |
2025 | | | 1,511 | | | 5,570,343 | | $ | 60.66 | | | 6.6% |
2026 | | | 894 | | | 3,452,484 | | $ | 56.20 | | | 3.8% |
2027 and Thereafter | | | 424 | | | 2,162,920 | | $ | 46.00 | | | 2.0% |
Specialty Leasing Agreements w/ terms in excess of 12 months | | | 945 | | | 2,503,182 | | $ | 18.90 | | | 0.9% |
| | | | | | | | | | | | |
Anchors | | | | | | | | | | | | |
2017 | | | 11 | | | 1,297,782 | | $ | 4.14 | | | 0.1% |
2018 | | | 17 | | | 2,177,984 | | $ | 4.60 | | | 0.2% |
2019 | | | 20 | | | 2,267,601 | | $ | 4.90 | | | 0.2% |
2020 | | | 25 | | | 3,008,524 | | $ | 4.60 | | | 0.3% |
2021 | | | 13 | | | 1,505,184 | | $ | 4.70 | | | 0.1% |
2022 | | | 12 | | | 1,567,601 | | $ | 7.27 | | | 0.2% |
2023 | | | 8 | | | 1,085,762 | | $ | 9.90 | | | 0.2% |
2024 | | | 11 | | | 659,968 | | $ | 11.82 | | | 0.2% |
2025 | | | 18 | | | 2,095,999 | | $ | 9.56 | | | 0.4% |
2026 | | | 4 | | | 413,455 | | $ | 5.95 | | | 0.1% |
2027 and Thereafter | | | 22 | | | 2,973,231 | | $ | 4.95 | | | 0.3% |
- (1)
- Does not consider the impact of renewal options that may be contained in leases.
- (2)
- Annual rental revenues represent 2015 consolidated and joint venture combined base rental revenue.
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2Q 2016 SUPPLEMENTAL |  | 29 |
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U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS
Top Inline Store Tenants(sorted by percentage of total base minimum rent for U.S. properties)
| | | | | | | | | | | | |
TENANT |
|
| NUMBER OF STORES |
|
| SQUARE FEET (000's) |
|
| PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES |
|
| PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES |
| | | | | | | | | | | | |
The Gap, Inc. | | | 360 | | | 3,641 | | | 2.0% | | | 3.4% |
L Brands, Inc. | | | 299 | | | 1,815 | | | 1.0% | | | 2.1% |
Ascena Retail Group Inc | | | 488 | | | 2,739 | | | 1.5% | | | 2.0% |
Signet Jewelers, Ltd. | | | 411 | | | 608 | | | 0.3% | | | 1.6% |
PVH Corporation | | | 235 | | | 1,448 | | | 0.8% | | | 1.5% |
Abercrombie & Fitch Co. | | | 172 | | | 1,225 | | | 0.7% | | | 1.4% |
VF Corporation | | | 261 | | | 1,328 | | | 0.7% | | | 1.3% |
Forever 21, Inc. | | | 82 | | | 1,323 | | | 0.7% | | | 1.3% |
Foot Locker, Inc. | | | 253 | | | 1,075 | | | 0.6% | | | 1.2% |
Luxottica Group SPA | | | 394 | | | 716 | | | 0.4% | | | 1.2% |
Top Anchors(sorted by percentage of total square footage in U.S. properties) (1)
| | | | | | | | | | | | |
TENANT |
|
| NUMBER OF STORES |
|
| SQUARE FEET (000's) |
|
| PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES |
|
| PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES |
| | | | | | | | | | | | |
Macy's Inc. | | | 122 | | | 23,250 | | | 12.6% | | | 0.4% |
Sears Holdings Corporation (2) | | | 71 | | | 11,850 | | | 6.4% | | | 0.4% |
J.C. Penney Co., Inc. | | | 70 | | | 11,370 | | | 6.2% | | | 0.4% |
Dillard's, Inc. | | | 38 | | | 6,839 | | | 3.7% | | | * |
Nordstrom, Inc. | | | 28 | | | 4,679 | | | 2.5% | | | 0.1% |
Hudson's Bay Company | | | 15 | | | 2,020 | | | 1.1% | | | 0.1% |
Dick's Sporting Goods, Inc. | | | 28 | | | 1,909 | | | 1.0% | | | 0.5% |
Belk, Inc. | | | 10 | | | 1,674 | | | 0.9% | | | 0.1% |
The Neiman Marcus Group, Inc. | | | 11 | | | 1,365 | | | 0.7% | | | * |
The Bon-Ton Stores, Inc. | | | 8 | | | 1,081 | | | 0.6% | | | * |
Target Corporation | | | 6 | | | 895 | | | 0.5% | | | * |
- (1)
- Includes space leased and owned by anchors in U.S. Malls; does not include Bloomingdale's The Outlet Store, Neiman Marcus Last Call, Nordstrom Rack, and Saks Fifth Avenue Off 5th.
- (2)
- Includes 10 stores contributed to a joint venture with Seritage.
- *
- Less than one-tenth of one percent.
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CAPITAL EXPENDITURES
(In thousands)
| | | | | | | | | |
| | | | |
| UNCONSOLIDATED PROPERTIES |
| | | | | | | | | |
| |
| CONSOLIDATED PROPERTIES | | | TOTAL | |
| OUR SHARE |
New development projects | | $ | 47,872 | | $ | 269,441 | | $ | 126,430 |
Redevelopment projects with incremental square footage and/or anchor replacement | | | 118,060 | | | 83,169 | | | 40,480 |
Redevelopment projects with no incremental square footage | | | 57,526 | | | 34,752 | | | 16,440 |
| | | | | | | | | |
| | | | | | | | | |
Subtotal new development and redevelopment projects | | | 223,458 | | | 387,362 | | | 183,350 |
Tenant allowances | | | 44,794 | | | 19,132 | | | 8,309 |
Operational capital expenditures at properties: | | | | | | | | | |
CAM expenditures (1) | | | 23,268 | | | 11,997 | | | 5,546 |
Non-CAM expenditures | | | 7,844 | | | 43,758 | | | 14,832 |
| | | | | | | | | |
| | | | | | | | | |
Totals | | $ | 299,364 | | $ | 462,249 | | $ | 212,037 |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Conversion from accrual to cash basis | | | 84,096 | | | 71,559 | | | 32,824 |
| | | | | | | | | |
| | | | | | | | | |
Capital Expenditures for the Six Months Ended 6/30/16 (2) | | $ | 383,460 | | $ | 533,808 | | $ | 244,861 |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Capital Expenditures for the Six Months Ended 6/30/15 (2) | | $ | 488,950 | | $ | 756,887 | | $ | 299,282 |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
- (1)
- Expenditures included in the pool of expenses allocated to tenants as CAM.
- (2)
- Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
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2Q 2016 SUPPLEMENTAL |  | 31 |
Table of Contents
DEVELOPMENT ACTIVITY SUMMARY (1)
As of June 30, 2016
(in millions, except percent)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | PLATFORM PROJECT TYPE | | | |
| PROJECTED GROSS COST (2) |
| | |
| PROJECTED NET COST (3) |
| | |
| OUR SHARE OF NET COST (4) |
| | |
| EXPECTED STABILIZED RATE OF RETURN (4) |
| | |
| TOTAL CONSTRUCTION IN PROGRESS |
| | |
| OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS |
| |
| | Malls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New Developments | | | | $ | 685 | | | | $ | 657 | | | | $ | 212 | | | | | 7% | | | | $ | 551 | | | | $ | 165 | | |
| | Redevelopments | | | | $ | 1,489 | | | | $ | 1,422 | | | | $ | 1,001 | | | | | 7% | | | | $ | 758 | | | | $ | 547 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Premium Outlets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | New Developments | | | | $ | 908 | | | | $ | 872 | | | | $ | 534 | | | | | 10% | | | | $ | 298 | | | | $ | 194 | | |
| | Redevelopments | | | | $ | 355 | | | | $ | 342 | | | | $ | 266 | | | | | 9% | | | | $ | 214 | | | | $ | 195 | | |
| | The Mills | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Redevelopments | | | | $ | 204 | | | | $ | 138 | | | | $ | 108 | | | | | 7% | | | | $ | 62 | | | | $ | 49 | | |
| | Totals | | | | $ | 3,641 | | | | $ | 3,431 | | | | $ | 2,121 | | | | | 8% | | | | $ | 1,883 | | | | $ | 1,150 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes:
- (1)
- Represents projects under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box/restaurant additions with budgeted gross costs in excess of $2 million. Includes both domestic and international properties.
- (2)
- Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.
- (3)
- Projected Net Cost includes cost recoveries such as land sales, tenant reimbursements, Tax Increment Financing (TIF), CAM, and other such recoveries.
- (4)
- Costs and returns are based upon current budget assumptions; actual costs may vary and no assurance can be given that expected returns will be achieved.
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2Q 2016 SUPPLEMENTAL |  | 32 |
Table of Contents
DEVELOPMENT ACTIVITY REPORT (1)
As of June 30, 2016
| | | | | | |
PROPERTY/ LOCATION |
| PROJECT DESCRIPTION |
| ACTUAL/ PROJECTED OPENING |
| COMPANY'S OWNERSHIP PERCENTAGE |
| | | | | | |
Malls - New Developments | | | | | | |
Brickell City Centre - Miami, FL | | 500,000 SF retail development | | 11/16 | | 25% |
The Shops at Clearfork - Fort Worth, TX | | 545,000 SF retail/office development | | 9/17 | | 45% |
| | | | | | |
Malls - Redevelopments | | | | | | |
Montgomery Mall - North Wales (Philadelphia), PA | | Redevelopment of the Wegmans wing | | 7/16 | | 79% |
Phipps Plaza - Atlanta, GA | | 166 room AC Hotel by Marriott | | 7/16 | | 50% |
Columbia Center - Kennewick, WA | | Home Goods | | 8/16 | | 100% |
Del Amo Fashion Center - Torrance (Los Angeles), CA | | Phase III includes the redevelopment of the two-level and single level south mall | | 8/16 | | 50% |
Fashion Centre at Pentagon City, The - Arlington, VA | | Redevelopment (opened 12/15) and 50,000 SF expansion (8/16) | | 8/16 | | 43% |
King of Prussia - King of Prussia (Philadelphia), PA | | 150,000 SF small shop expansion including restaurants to connect The Plaza and The Court | | 8/16 | | 100% |
Phipps Plaza - Atlanta, GA | | 319 residential units | | 8/16 | | 50% |
Coddingtown Mall - Santa Rosa, CA | | Nordstrom Rack | | 9/16 | | 50% |
Mall of Georgia - Buford (Atlanta), GA | | Von Maur | | 9/16 | | 100% |
Copley Place - Boston, MA | | Southwest corridor redevelopment | | 10/16 | | 94% |
Galleria, The - Houston, TX | | The Webster (opened 1/16) and Yauatcha Restaurant (10/16) | | 10/16 | | 50% |
Galleria, The - Houston, TX | | Common area redevelopment | | 11/16 | | 50% |
Meadowood Mall - Reno, NV | | Dick's Sporting Goods and redevelopment | | 11/16 | | 50% |
Northgate Mall - Seattle, WA | | Addition of two-level parking deck | | 11/16 | | 100% |
Westchester, The - White Plains (New York), NY | | Redevelopment including dining pavilion | | 11/16 | | 40% |
Burlington Mall - Burlington (Boston), MA | | Arhaus Furniture | | 12/16 | | 100% |
Domain, The - Austin, TX | | Grand Lux Café | | 12/16 | | 100% |
Tacoma Mall - Tacoma (Seattle), WA | | The Cheesecake Factory | | 12/16 | | 100% |
Barton Creek Square - Austin, TX | | AMC Theatre redevelopment | | 1/17 | | 100% |
Midland Park Mall - Midland, TX | | Bubba's 33 | | 2/17 | | 100% |
King of Prussia - King of Prussia (Philadelphia), PA | | True Food Kitchen | | 4/17 | | 100% |
Del Amo Fashion Center - Torrance (Los Angeles), CA | | Dick's Sporting Goods and 9,000 SF small shops | | 5/17 | | 50% |
Forum Shops at Caesars, The - Las Vegas, NV | | Redevelopment | | 6/17 | | 100% |
Galleria, The - Houston, TX | | Relocation of Saks Fifth Avenue (4/16), redevelopment (4/16) and 105,000 SF small shop and restaurant expansion (6/17) | | 6/17 | | 50% |
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2Q 2016 SUPPLEMENTAL |  | 33 |
Table of Contents
DEVELOPMENT ACTIVITY REPORT (1)
As of June 30, 2016
| | | | | | |
PROPERTY/ LOCATION |
| PROJECT DESCRIPTION |
| ACTUAL/ PROJECTED OPENING |
| COMPANY'S OWNERSHIP PERCENTAGE |
| | | | | | |
Copley Place - Boston, MA | | Redevelopment | | 9/17 | | 94% |
Shops at Riverside, The - Hackensack (New York), NJ | | Redevelopment of the Saks building to include an AMC Theatre | | 9/17 | | 100% |
College Mall - Bloomington, IN | | Redevelopment including the addition of 365 by Whole Foods, Ulta and small shops | | 10/17 | | 100% |
La Plaza Mall - McAllen, TX | | Redevelopment and 221,000 SF expansion | | 10/17 | | 100% |
Aventura Mall - Miami Beach (Miami), FL | | 175,000 SF expansion | | 11/17 | | 33% |
Florida Mall, The - Orlando, FL | | Redevelopment of the Saks building to an indoor/outdoor dining pavilion (opened 6/15) and small shops (11/17) | | 11/17 | | 50% |
| | | | | | |
Premium Outlets - New Developments | | | | | | |
Clarksburg Premium Outlets - Clarksburg, MD | | 392,000 SF upscale Premium Outlet Center | | 10/16 | | 66% |
Siheung Premium Outlets - Siheung (Seoul), South Korea | | 399,000 SF upscale Premium Outlet Center | | 5/17 | | 50% |
Norfolk Premium Outlets - Norfolk, VA | | 332,000 SF upscale Premium Outlet Center | | 6/17 | | 65% |
Genting Highlands Premium Outlets - Kuala Lumpur, Malaysia | | 252,000 SF upscale Premium Outlet Center | | Q2 2017 | | 50% |
Premium Outlet Collection Edmonton IA - Edmonton, Canada | | 428,000 SF upscale Premium Outlet Center | | 10/17 | | 50% |
| | | | | | |
Designer Outlets - New Developments | | | | | | |
Provence Designer Outlet - Miramas, France | | 269,000 SF Designer Outlet Center | | 3/17 | | 90% |
| | | | | | |
Premium Outlets - Redevelopments | | | | | | |
Woodbury Common Premium Outlets - Central Valley (New York), NY | | Redevelopment and 63,000 SF expansion | | 12/16 | | 100% |
| | | | | | |
Designer Outlets - Redevelopments | | | | | | |
Noventa Di Piave Designer Outlet - Venice, Italy | | 67,000 SF Phase IV expansion | | 11/16 | | 60% |
Roermond Designer Outlet - Roermond, Holland | | 125,000 SF Phase IV expansion | | 4/17 | | 29% |
| | | | | | |
The Mills - Redevelopments | | | | | | |
Ontario Mills - Ontario (Riverside), CA | | Redevelopment including the addition of 80,000 SF of small shops and restaurants | | 9/16 | | 50% |
Sawgrass Mills - Sunrise (Miami), FL | | Century 21 Department Store | | 10/16 | | 100% |
Concord Mills - Concord (Charlotte), NC | | H & M | | 11/16 | | 59% |
Outlets at Orange, The - Orange (Los Angeles), CA | | 60,000 SF expansion and addition of Bloomingdale's | | 11/16 | | 50% |
Sawgrass Mills - Sunrise (Miami), FL | | Matchbox Restaurant | | 11/16 | | 100% |
Concord Mills - Concord (Charlotte), NC | | Redevelopment | | 12/16 | | 59% |
Sawgrass Mills - Sunrise (Miami), FL | | Redevelopment | | 12/16 | | 100% |
Concord Mills - Concord (Charlotte), NC | | 13,000 SF restaurants expansion | | 2/17 | | 59% |
Great Mall - Milpitas (San Jose), CA | | Redevelopment | | 3/17 | | 100% |
Sawgrass Mills - Sunrise (Miami), FL | | Texas de Brazil (12/16) and Yard House (3/17) | | 3/17 | | 100% |
Opry Mills - Nashville, TN | | Madame Tussauds | | 4/17 | | 100% |
Sawgrass Mills - Sunrise (Miami), FL | | Addition of parking deck #1 (8/16) and parking deck #2 (8/18) | | 8/18 | | 100% |
- (1)
- Projects listed represent projects that are under construction; new development and redevelopment projects with budgeted gross costs in excess of $5 million; and anchor/big box/restaurant additions with budgeted gross costs in excess of $2 million.
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Table of Contents
U.S. ANCHOR/BIG BOX OPENINGS
| | | | | | |
PROPERTY NAME/LOCATION | | PROPERTY TYPE | | NEW TENANT | | FORMER TENANT |
Openings during the First Six Months of 2016 | | | | | | |
Arizona Mills - Tempe (Phoenix), AZ | | Mills | | Legoland | | Sports Authority (1) |
Cordova Mall - Pensacola, FL | | Mall | | B.J.'s Restaurant & Brewhouse | | N/A |
Fashion Centre at Pentagon, The - Arlington (Washington, DC), VA | | Mall | | Shake Shack | | N/A |
| | | | Zara | | N/A |
Galleria, The - Houston, TX | | Mall | | The Webster | | N/A |
| | | | Saks Fifth Avenue (1) | | N/A |
Grapevine Mills - Grapevine (Dallas), TX | | Mills | | Round 1 Entertainment | | Polar Ice House |
Haywood Mall - Greenville, SC | | Mall | | The Cheesecake Factory | | Panera Bread (1) |
Independence Center - Independence (Kansas City), MO | | Mall | | Dick's Sporting Goods | | N/A |
Ingram Park Mall - San Antonio, TX | | Mall | | Macy's Backstage (3) | | Macy's (3) |
Montgomery Mall - North Wales (Philadelphia), PA | | Mall | | Macy's Backstage (3) | | Macy's (3) |
Potomac Mills - Woodbridge (Washington, DC), VA | | Mills | | Matchbox Restaurant | | N/A |
Rockaway Townsquare - Rockaway (New York), NJ | | Mall | | Macy's Backstage (3) | | Macy's (3) |
Roosevelt Field - Garden City (New York), NY | | Mall | | Neiman Marcus | | N/A |
Shops at Nanuet, The - Nanuet, NY | | Mall | | Macy's Backstage (3) | | Macy's (3) |
Tucson Premium Outlets - Marana (Tucson), AZ | | Premium Outlets | | Saks Fifth Avenue OFF 5TH | | N/A |
Tyrone Square - St. Petersburg (Tampa), FL | | Mall | | Cobb 10 Luxury Theatre | | N/A |
Woodland Hills Mall - Tulsa, OK | | Mall | | Texas de Brazil | | N/A |
| | | | | | |
Openings Projected for the Remainder of 2016 | | | | | | |
Burlington Mall - Burlington (Boston), MA | | Mall | | Arhaus Furniture | | Rainforest Café |
| | | | Primark | | Sears (2) |
Coddingtown Mall - Santa Rosa, CA | | Mall | | Nordstrom Rack | | N/A |
Columbia Center - Kennewick, WA | | Mall | | Home Goods | | N/A |
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Table of Contents
U.S. ANCHOR/BIG BOX OPENINGS
| | | | | | |
PROPERTY NAME/LOCATION | | PROPERTY TYPE | | NEW TENANT | | FORMER TENANT |
Concord Mills - Concord (Charlotte), NC | | Mills | | H&M | | Saks Fifth Avenue OFF 5TH |
Del Amo Fashion Center - Torrence (Los Angeles), CA | | Mall | | Brio Tuscan Grille | | N/A |
Domain, The - Austin, TX | | Mall | | Grand Lux Café | | Jasper's Restaurant |
Fashion Centre at Pentagon, The - Arlington (Washington, DC), VA | | Mall | | Matchbox Restaurant | | N/A |
Galleria, The - Houston, TX | | Mall | | Yauatcha Restaurant | | N/A |
| | | | Shake Shack | | Gregory's |
Gurnee Mills - Gurnee (Chicago), IL | | Mills | | Floor & Décor | | Shoppers World |
Mall of Georgia - Buford (Atlanta), GA | | Mall | | Von Maur | | Nordstrom |
Meadowood Mall - Reno, NV | | Mall | | Dick's Sporting Goods | | N/A |
Ontario Mills - Ontario (Riverside), CA | | Mills | | Uniqlo | | JC Five Star |
| | | | Ulta | | Cost Plus World Market |
| | | | Restoration Hardware Outlet | | Bed Bath & Beyond |
Outlets at Orange, The - Orange (Los Angeles), CA | | Mills | | Bloomingdale's Outlet | | N/A |
Penn Square - Oklahoma City, OK | | Mall | | Texas de Brazil | | Cantina Laredo |
Rockaway Townsquare - Rockaway (New York), NY | | Mall | | Raymour & Flanigan | | Sears (2) |
Sawgrass Mills - Sunrise (Miami), FL | | Mills | | Century 21 Department Store | | VF Outlet |
| | | | Matchbox Restaurant | | N/A |
| | | | Texas de Brazil | | N/A |
South Hills Village - Pittsburgh, PA | | Mall | | B.J.'s Restaurant & Brewhouse | | N/A |
Tacoma Mall - Tacoma (Seattle), WA | | Mall | | The Cheesecake Factory | | Coldwater Creek/Sleep Number (1) |
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Table of Contents
U.S. ANCHOR/BIG BOX OPENINGS
| | | | | | |
PROPERTY NAME/LOCATION | | PROPERTY TYPE | | NEW TENANT | | FORMER TENANT |
| | | | | | |
Openings Projected for 2017 and Beyond | | | | | | |
College Mall - Bloomington, IN | | Mall | | Ulta | | Sears |
| | | | 365 by Whole Foods | | Sears |
| | | | B.J.'s Restaurant & Brewhouse | | N/A |
Del Amo Fashion Center - Torrence (Los Angeles), CA | | Mall | | Dick's Sporting Goods | | Macy's Home Store |
| | | | EMC Seafood | | N/A |
Galleria, The - Houston, TX | | Mall | | Fig & Olive | | N/A |
King of Prussia - King of Prussia (Philadelphia), PA | | Mall | | True Food Kitchen | | N/A |
| | | | Outback Steakhouse | | Sears |
| | | | Yard House | | Sears |
Midland Park Mall - Midland, TX | | Mall | | Bubba's 33 | | N/A |
Opry Mills - Nashville, TN | | Mills | | Madame Tussauds | | Barnes & Noble |
Phipps Plaza - Atlanta, GA | | Mall | | Ecco Restaurant | | N/A |
Sawgrass Mills - Sunrise (Miami), FL | | Mills | | Yard House | | N/A |
Shops at Riverside, The - Hackensack (New York), NJ | | Mall | | AMC Theatre | | Saks Fifth Avenue |
South Shore Plaza - Braintree (Boston), MA | | Mall | | Primark | | Sears (2) |
Southridge Mall - Greendale (Milwaukee), WI | | Mall | | Marcus Cinema | | N/A |
Tacoma Mall - Tacoma (Seattle), WA | | Mall | | Dick's Sporting Goods | | Forever 21 (1) |
- (1)
- Tenant has an existing store at this center but will relocate to a new location.
- (2)
- Tenant to remain in a portion of its existing space.
- (3)
- Tenant to operate within the current open and operating Macy's store.
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Table of Contents
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2015 through June 30, 2016
| | | | | | |
| |
| COMMON SHARES (1) | |
| LIMITED PARTNERSHIP UNITS (2) |
Number Outstanding at December 31, 2015 | | | 309,420,569 | | | 51,814,235 |
First Quarter Activity: | | | | | | |
Exchange of Limited Partnership Units for Common Stock | | | 1,095 | | | (1,095) |
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other | | | (4,563) | | | – |
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) | | | (265) | | | 482,779 |
| | | | | | |
Number Outstanding at March 31, 2016 | | | 309,416,836 | | | 52,295,919 |
| | | | | | |
| | | | | | |
| | | | | | |
Second Quarter Activity: | | | | | | |
Exchange of Limited Partnership Units for Common Stock | | | 4,762,722 | | | (4,762,722) |
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other | | | (15,770) | | | – |
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) | | | 67,835 | | | – |
| | | | | | |
Number Outstanding at June 30, 2016 | | | 314,231,623 | | | 47,533,197 |
| | | | | | |
| | | | | | |
| | | | | | |
Number of Limited Partnership Units and Common Shares at June 30, 2016 | | | 361,764,820 | | | |
| | | | | | |
| | | | | | |
| | | | | | |
PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2016
($ in 000's, except per share amounts)
| | | | | | | | | | | | | | |
ISSUER | | DESCRIPTION | |
| NUMBER OF SHARES/UNITS | |
| PER SHARE LIQUIDATION PREFERENCE |
|
| AGGREGATE LIQUIDATION PREFERENCE |
|
| TICKER SYMBOL |
Preferred Stock: | | | | | | | | | | | | | | |
Simon Property Group, Inc. | | Series J 8.375% Cumulative Redeemable (4) | | | 796,948 | | $ | 50.00 | | $ | 39,847 | | | SPGPrJ |
Preferred Units: | | | | | | | | | | | | | | |
Simon Property Group, L.P. | | 7.50% Cumulative Redeemable (5) | | | 255,373 | | $ | 100.00 | | $ | 25,537 | | | N/A |
- (1)
- Excludes Limited Partnership preferred units relating to preferred stock outstanding.
- (2)
- Excludes units owned by the Company (shown here as Common Shares) and Limited Partnership Units not exchangeable for common shares.
- (3)
- Represents restricted stock awards and earned LTIP units issued pursuant to the Operating Partnership's 1998 Stock Incentive Plan, net of forfeitures.
- (4)
- Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 30, 2016 was $78.81 per share.
- (5)
- Each preferred unit is redeemable upon the occurrence of certain tax triggering events.
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2Q 2016 SUPPLEMENTAL |  | 38 |
Table of Contents
CREDIT PROFILE
(As of June 30, unless otherwise indicated)

- (1)
- Includes WPG properties NOI and FFO through the effective date of the WPG spin-off, net of transaction expenses related to the spin-off of WPG.
- (2)
- Includes a $0.35 per share charge for loss on extinguishment of debt.
- (3)
- Includes a $0.33 per share charge for loss on extinguishment of debt and $0.22 per share for gain upon sale of marketable securities.
- (4)
- Includes a $0.33 per share charge for loss on extinguishment of debt.
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2Q 2016 SUPPLEMENTAL |  | 39 |
Table of Contents
SUMMARY OF INDEBTEDNESS
As of June 30, 2016
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| TOTAL INDEBTEDNESS |
| | | | |
| OUR SHARE OF INDEBTEDNESS |
| | | | |
| WEIGHTED AVERAGE END OF PERIOD INTEREST RATE |
| | | | |
| WEIGHTED AVERAGE YEARS TO MATURITY |
| |
Consolidated Indebtedness | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage Debt | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Rate | | $ | 6,030,018 | | | | | | $ | 5,918,770 | | | | | | | 4.57% | | | | | | | 5.7 | | |
Variable Rate Debt | | | 402,000 | | | | | | | 391,953 | | | | | | | 1.96% | | | | | | | 1.9 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Mortgage Debt | | | 6,432,018 | | | | | | | 6,310,723 | | | | | | | 4.41% | | | | | | | 5.5 | | |
Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Rate | | | 15,347,315 | | | | | | | 15,347,315 | | | | | | | 3.72% | | | | | | | 7.1 | | |
Supplemental Credit Facility - USD Currency | | | 125,000 | | | | | | | 125,000 | | | | | | | 1.27% | | | | | | | 4.0 | | |
Revolving Credit Facility - Yen Currency | | | 216,632 | | | | | | | 216,632 | | | | | | | 0.80% | | | | | | | 3.0 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Revolving Credit Facilities | | | 341,632 | | | | | | | 341,632 | | | | | | | 0.97% | | | | | | | 3.4 | | |
Global Commercial Paper - USD | | | 910,393 | | | | | | | 910,393 | | | | | | | 0.55% | | | | | | | 0.2 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Unsecured Debt | | | 16,599,340 | | | | | | | 16,599,340 | | | | | | | 3.49% | | | | | | | 6.6 | | |
Premium | | | 34,667 | | | | | | | 34,667 | | | | | | | | | | | | | | | | |
Discount | | | (48,999) | | | | | | | (48,999) | | | | | | | | | | | | | | | | |
Debt Issue Costs | | | (93,085) | | | | | | | (92,540) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Mortgages and Unsecured Indebtedness (1) | | $ | 22,923,941 | | | | | | $ | 22,803,191 | | | | | | | 3.74% | | | | | | | 6.3 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Joint Venture Indebtedness | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage Debt | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Rate | | $ | 11,948,801 | | | | | | $ | 5,729,404 | | | | | | | 4.43% | | | | | | | 6.3 | | |
Variable Rate Debt | | | 1,666,020 | | | | | | | 766,805 | | | | | | | 1.96% | | | | | | | 3.4 | | |
TMLP Debt (2) | | | 718,159 | | | | | | | 304,600 | | | | | | | – | | | | | | | – | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Mortgage Debt | | | 14,332,980 | | | | | | | 6,800,809 | | | | | | | 4.14% | | | | | | | 5.9 | | |
Premium | | | 3,615 | | | | | | | 1,806 | | | | | | | | | | | | | | | | |
Discount | | | – | | | | | | | – | | | | | | | | | | | | | | | | |
Debt Issue Costs | | | (64,011) | | | | | | | (29,259) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Joint Venture Mortgages and Other Indebtedness (1) | | $ | 14,272,584 | | | | | | $ | 6,773,356 | | | | | | | 4.14% | | | | | | | 5.9 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Our Share of Total Indebtedness | | | | | | | | | $ | 29,576,547 | | | | | | | 3.83% | | | | | | | 6.2 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| TOTAL INDEBTEDNESS |
| | | | |
| OUR SHARE OF INDEBTEDNESS |
| | | | |
| WEIGHTED AVERAGE END OF PERIOD INTEREST RATE |
| | | | |
| WEIGHTED AVERAGE YEARS TO MATURITY |
| |
Summary of Our Share of Fixed and Variable Rate Debt | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed | | | 96.9% | | | | | | $ | 22,089,501 | | | | | | | 3.82% | | | | | | | 6.4 | | |
Variable | | | 3.1% | | | | | | | 713,690 | | | | | | | 1.50% | | | | | | | 2.6 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 100.0% | | | | | | | 22,803,191 | | | | | | | 3.74% | | | | | | | 6.3 | | |
Joint Venture | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed | | | 86.7% | | | | | | $ | 5,870,708 | | | | | | | 4.43% | | | | | | | 6.3 | | |
Variable | | | 13.3% | | | | | | | 902,648 | | | | | | | 1.96% | | | | | | | 3.1 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 100.0% | | | | | | | 6,773,356 | | | | | | | 4.14% | | | | | | | 5.9 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Debt | | | | | | | | | $ | 29,576,547 | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Fixed Debt | | | 94.5% | | | | | | $ | 27,960,209 | | | | | | | 3.94% | | | | | | | 6.4 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Variable Debt | | | 5.5% | | | | | | $ | 1,616,338 | | | | | | | 1.74% | | | | | | | 2.9 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
- (1)
- Amounts give effect to outstanding derivative instruments as footnoted in the Property and Debt Information.
- (2)
- See footnote 23 on the Property and Debt information.
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2Q 2016 SUPPLEMENTAL |  | 40 |
Table of Contents
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of June 30, 2016
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | |
Year |
|
| OUR SHARE OF UNSECURED CONSOLIDATED DEBT |
|
| WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT |
|
| OUR SHARE OF SECURED CONSOLIDATED DEBT |
|
| WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT |
|
| OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT |
|
| WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT |
|
| OUR SHARE OF TOTAL DEBT |
|
| TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT |
| | | | | | | | | | | | | | | | | | | | | | | | |
2016 | | | 1,274,669 | | | 1.89% | | | 165,281 | | | 5.88% | | | 527,447 | | | 6.62% | | | 1,967,397 | | | 3.14% |
2017 | | | 1,307,453 | | | 2.99% | | | 1,715,615 | | | 4.95% | | | 261,557 | | | 4.78% | | | 3,284,625 | | | 4.14% |
2018 | | | 750,000 | | | 1.50% | | | 37,681 | | | – | | | 152,257 | | | 1.69% | | | 939,938 | | | 1.52% |
2019 | | | 1,466,632 | | | 5.61% | | | 121,981 | | | 7.79% | | | 343,597 | | | 1.80% | | | 1,932,210 | | | 5.46% |
2020 | | | 2,709,595 | | | 3.86% | | | 588,296 | | | 4.47% | | | 1,289,380 | | | 3.78% | | | 4,587,271 | | | 3.91% |
2021 | | | 2,150,000 | | | 3.81% | | | 511,245 | | | 4.15% | | | 819,429 | | | 4.70% | | | 3,480,674 | | | 4.08% |
2022 | | | 1,434,595 | | | 2.21% | | | 607,175 | | | 3.82% | | | 712,233 | | | 4.11% | | | 2,754,003 | | | 3.10% |
2023 | | | 500,000 | | | 2.75% | | | 739,830 | | | 3.82% | | | 410,156 | | | 3.36% | | | 1,649,986 | | | 3.40% |
2024 | | | 1,500,000 | | | 3.53% | | | 88,242 | | | 4.57% | | | 1,075,697 | | | 4.50% | | | 2,663,939 | | | 3.96% |
2025 | | | 1,156,396 | | | 2.42% | | | 559,919 | | | 4.31% | | | 748,339 | | | 3.68% | | | 2,464,654 | | | 3.24% |
2026 | | | 800,000 | | | 3.30% | | | 1,127,762 | | | 4.08% | | | 442,806 | | | 3.95% | | | 2,370,568 | | | 3.80% |
Thereafter | | | 1,550,000 | | | 5.40% | | | 47,696 | | | 3.85% | | | 17,911 | | | 2.35% | | | 1,615,607 | | | 5.24% |
| | | | | | | | | | | | | | | | | | | | | | | | |
Face Amounts of Indebtedness | | $ | 16,599,340 | | | 3.49% | | $ | 6,310,723 | | | 4.41% | | $ | 6,800,809 | | | 4.14% | | $ | 29,710,872 | | | 3.83% |
Premiums (Discounts) on Indebtedness, Net | | | (48,999) | | | | | | 34,667 | | | | | | 1,806 | | | | | | (12,526) | | | |
Debt Issue Costs | | | (78,040) | | | | | | (14,500) | | | | | | (29,259) | | | | | | (121,799) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Our Share of Total Indebtedness | | $ | 16,472,301 | | | | | $ | 6,330,890 | | | | | $ | 6,773,356 | | | | | $ | 29,576,547 | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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2Q 2016 SUPPLEMENTAL |  | 41 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ in 000'S) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE | | | TOTAL | | | OUR SHARE | |
| | Malls | | | | | | | | | | | | | | | | | | | | | | | |
1. | | Apple Blossom Mall | | VA | | Winchester | | 49.1% | | 473,104 | | (2) | | | | | | | | | | | | | |
2. | | Auburn Mall | | MA | | Auburn | | 56.4% | | 585,707 | | 09/01/20 | | | | 6.02% | | Fixed | | | 38,815 | | | 21,880 | |
3. | | Aventura Mall (3) | | FL | | Miami Beach (Miami) | | 33.3% | | 2,087,465 | | 12/01/20 | | | | 3.75% | | Fixed | | | 1,200,000 | | | 400,000 | |
| | | | | | | | | | | | 12/30/20 | | | | 2.42% | | Variable | | | 38,042 | | | 12,679 | |
4. | | Avenues, The | | FL | | Jacksonville | | 25.0% | (4) | 1,112,431 | | 02/06/23 | | | | 3.60% | | Fixed | | | 110,000 | | | 27,500 | |
5. | | Bangor Mall | | ME | | Bangor | | 87.6% | | 652,549 | | 10/01/17 | | | | 6.15% | | Fixed | | | 80,000 | | | 70,087 | |
6. | | Barton Creek Square | | TX | | Austin | | 100.0% | | 1,429,494 | | (2) | | | | | | | | | | | | | |
7. | | Battlefield Mall | | MO | | Springfield | | 100.0% | | 1,201,477 | | 09/01/22 | | | | 3.95% | | Fixed | | | 123,398 | | | 123,398 | |
8. | | Bay Park Square | | WI | | Green Bay | | 100.0% | | 711,918 | | (2) | | | | | | | | | | | | | |
9. | | Brea Mall | | CA | | Brea (Los Angeles) | | 100.0% | | 1,319,852 | | (2) | | | | | | | | | | | | | |
10. | | Briarwood Mall | | MI | | Ann Arbor | | 50.0% | | 980,024 | | 11/30/16 | | (6) | | 7.50% | | Fixed | | | 106,082 | | | 53,041 | |
11. | | Broadway Square | | TX | | Tyler | | 100.0% | | 627,894 | | (2) | | | | | | | | | | | | | |
12. | | Burlington Mall | | MA | | Burlington (Boston) | | 100.0% | | 1,317,412 | | (2) | | | | | | | | | | | | | |
13. | | Cape Cod Mall | | MA | | Hyannis | | 56.4% | | 722,540 | | 03/06/21 | | | | 5.75% | | Fixed | | | 92,869 | | | 52,350 | |
14. | | Castleton Square | | IN | | Indianapolis | | 100.0% | | 1,380,204 | | (2) | | | | | | | | | | | | | |
15. | | Cielo Vista Mall | | TX | | El Paso | | 100.0% | | 1,245,977 | | (2) | | | | | | | | | | | | | |
16. | | Coconut Point | | FL | | Estero | | 50.0% | | 1,205,024 | | 12/10/16 | | | | 5.83% | | Fixed | | | 230,000 | | | 115,000 | |
17. | | Coddingtown Mall | | CA | | Santa Rosa | | 50.0% | | 821,397 | | 03/01/17 | | | | 2.22% | | Variable | | | 10,950 | | | 10,950 | |
18. | | College Mall | | IN | | Bloomington | | 100.0% | | 636,413 | | (2) | | | | | | | | | | | | | |
19. | | Columbia Center | | WA | | Kennewick | | 100.0% | | 772,657 | | (2) | | | | | | | | | | | | | |
20. | | Copley Place | | MA | | Boston | | 94.4% | (7) | 1,256,711 | | (2) | | | | | | | | | | | | | |
21. | | Coral Square | | FL | | Coral Springs (Miami) | | 97.2% | | 943,891 | | (2) | | | | | | | | | | | | | |
22. | | Cordova Mall | | FL | | Pensacola | | 100.0% | | 928,709 | | (2) | | | | | | | | | | | | | |
23. | | Crystal Mall | | CT | | Waterford | | 78.2% | | 782,866 | | 06/06/22 | | | | 4.46% | | Fixed | | | 91,976 | | | 71,912 | |
24. | | Dadeland Mall | | FL | | Miami | | 50.0% | | 1,498,710 | | 12/05/21 | | | | 4.50% | | Fixed | | | 431,221 | | | 215,611 | |
25. | | Del Amo Fashion Center | | CA | | Torrance (Los Angeles) | | 50.0% | | 2,412,639 | | 01/20/20 | | (8) | | 1.97% | | Variable | | | 510,000 | | | 255,000 | |
26. | | Domain, The | | TX | | Austin | | 100.0% | | 1,234,087 | | 08/01/21 | | | | 5.44% | | Fixed | | | 193,823 | | | 193,823 | |
27. | | Dover Mall | | DE | | Dover | | 68.1% | | 928,121 | | 08/06/21 | | | | 5.57% | | Fixed | | | 87,681 | | | 59,702 | |
28. | | Emerald Square | | MA | | North Attleboro (Providence, RI) | | 56.4% | | 1,022,435 | | 08/11/22 | | | | 4.71% | | Fixed | | | 107,987 | | | 60,873 | |
29. | | Empire Mall | | SD | | Sioux Falls | | 100.0% | | 1,125,724 | | 12/01/25 | | | | 4.31% | | Fixed | | | 190,000 | | | 190,000 | |
30. | | Falls, The | | FL | | Miami | | 50.0% | | 838,458 | | 11/30/16 | | (6) | | 7.50% | | Fixed | | | 102,546 | | | 51,273 | |
31. | | Fashion Centre at Pentagon City, The | | VA | | Arlington (Washington, DC) | | 42.5% | | 1,038,397 | | 07/01/21 | | | | 5.11% | | Fixed | | | 40,000 | | | 17,000 | |
| | | | | | | | | | | | 07/01/21 | | | | 4.87% | | Fixed | | | 410,000 | | | 174,250 | |
32. | | Fashion Mall at Keystone, The | | IN | | Indianapolis | | 100.0% | | 712,457 | | (2) | | | | | | | | | | | | | |
33. | | Fashion Valley | | CA | | San Diego | | 50.0% | | 1,720,768 | | 01/04/21 | | | | 4.30% | | Fixed | | | 454,498 | | | 227,249 | |
34. | | Firewheel Town Center | | TX | | Garland (Dallas) | | 100.0% | | 998,368 | | (2) | | | | | | | | | | | | | |
35. | | Florida Mall, The | | FL | | Orlando | | 50.0% | | 1,702,527 | | 09/05/20 | | | | 5.25% | | Fixed | | | 340,441 | | | 170,221 | |
36. | | Forum Shops at Caesars, The | | NV | | Las Vegas | | 100.0% | | 676,304 | | (2) | | | | | | | | | | | | | |
37. | | Galleria, The | | TX | | Houston | | 50.4% | | 1,926,881 | | 03/01/25 | | | | 3.55% | | Fixed | | | 1,200,000 | | | 604,440 | |
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2Q 2016 SUPPLEMENTAL |  | 42 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ in 000'S) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE | | | TOTAL | | | OUR SHARE | |
38. | | Greenwood Park Mall | | IN | | Greenwood (Indianapolis) | | 100.0% | | 1,288,090 | | (2) | | | | | | | | | | | | | |
39. | | Haywood Mall | | SC | | Greenville | | 100.0% | | 1,236,842 | | (2) | | | | | | | | | | | | | |
40. | | Independence Center | | MO | | Independence (Kansas City) | | 100.0% | | 881,955 | | 07/10/17 | | | | 5.94% | | Fixed | | | 200,000 | | | 200,000 | |
41. | | Ingram Park Mall | | TX | | San Antonio | | 100.0% | | 1,120,324 | | 06/01/21 | | | | 5.38% | | Fixed | | | 134,497 | | | 134,497 | |
42. | | King of Prussia | | PA | | King of Prussia (Philadelphia) | | 100.0% | | 2,471,486 | | 01/01/17 | | | | 7.49% | | Fixed | | | 13,042 | | | 13,042 | |
| | | | | | | | | | | | 01/01/17 | | | | 8.53% | | Fixed | | | 953 | | | 953 | |
| | | | | | | | | | | | 01/01/17 | | | | 4.50% | | Fixed | | | 50,000 | | | 50,000 | |
43. | | La Plaza Mall | | TX | | McAllen | | 100.0% | | 1,079,307 | | (2) | | | | | | | | | | | | | |
44. | | Lakeline Mall | | TX | | Cedar Park (Austin) | | 100.0% | | 1,097,800 | | (2) | | | | | | | | | | | | | |
45. | | Lehigh Valley Mall | | PA | | Whitehall | | 50.0% | | 1,180,775 | | 07/05/20 | | | | 5.88% | | Fixed | | | 127,926 | | | 63,963 | |
46. | | Lenox Square | | GA | | Atlanta | | 100.0% | | 1,558,328 | | (2) | | | | | | | | | | | | | |
47. | | Livingston Mall | | NJ | | Livingston (New York) | | 100.0% | | 969,050 | | (2) | | | | | | | | | | | | | |
48. | | Mall at Rockingham Park, The | | NH | | Salem (Boston) | | 28.2% | | 1,025,432 | | 06/01/26 | | | | 4.04% | | Fixed | | | 262,000 | | | 73,845 | |
49. | | Mall at Tuttle Crossing, The | | OH | | Dublin (Columbus) | | 50.0% | | 1,122,891 | | 05/01/23 | | | | 3.56% | | Fixed | | | 124,818 | | | 62,409 | |
50. | | Mall of Georgia | | GA | | Buford (Atlanta) | | 100.0% | | 1,818,615 | | (2) | | | | | | | | | | | | | |
51. | | Mall of New Hampshire, The | | NH | | Manchester | | 56.4% | | 812,312 | | 07/01/25 | | | | 4.11% | | Fixed | | | 150,000 | | | 84,555 | |
52. | | McCain Mall | | AR | | N. Little Rock | | 100.0% | | 793,736 | | (2) | | | | | | | | | | | | | |
53. | | Meadowood Mall | | NV | | Reno | | 50.0% | | 844,597 | | 11/06/21 | | | | 5.82% | | Fixed | | | 117,440 | | | 58,720 | |
54. | | Menlo Park Mall | | NJ | | Edison (New York) | | 100.0% | | 1,334,749 | | (2) | | | | | | | | | | | | | |
55. | | Miami International Mall | | FL | | Miami | | 47.8% | | 1,082,543 | | 02/06/24 | | | | 4.42% | | Fixed | | | 160,000 | | | 76,442 | |
56. | | Midland Park Mall | | TX | | Midland | | 100.0% | | 622,016 | | 09/06/22 | | | | 4.35% | | Fixed | | | 79,593 | | | 79,593 | |
57. | | Miller Hill Mall | | MN | | Duluth | | 100.0% | | 832,526 | | (2) | | | | | | | | | | | | | |
58. | | Montgomery Mall | | PA | | North Wales (Philadelphia) | | 79.4% | | 1,102,714 | | 05/01/24 | | | | 4.57% | | Fixed | | | 100,000 | | | 79,351 | |
59. | | North East Mall | | TX | | Hurst (Dallas) | | 100.0% | | 1,669,150 | | (2) | | | | | | | | | | | | | |
60. | | Northgate Mall | | WA | | Seattle | | 100.0% | | 1,045,838 | | (2) | | | | | | | | | | | | | |
61. | | Northshore Mall | | MA | | Peabody (Boston) | | 56.4% | | 1,591,266 | | 07/05/23 | | | | 3.30% | | Fixed | | | 258,560 | | | 145,751 | |
62. | | Ocean County Mall | | NJ | | Toms River (New York) | | 100.0% | | 898,300 | | (2) | | | | | | | | | | | | | |
63. | | Orland Square | | IL | | Orland Park (Chicago) | | 100.0% | | 1,231,947 | | (2) | | | | | | | | | | | | | |
64. | | Oxford Valley Mall | | PA | | Langhorne (Philadelphia) | | 85.5% | | 1,331,743 | | 12/07/20 | | | | 4.77% | | Fixed | | | 64,599 | | | 55,258 | |
65. | | Penn Square Mall | | OK | | Oklahoma City | | 94.5% | | 1,063,652 | | 01/01/26 | | | | 3.84% | | Fixed | | | 310,000 | | | 292,938 | |
66. | | Pheasant Lane Mall | | NH | | Nashua | | | (10) | 979,426 | | (2) | | | | | | | | | | | | | |
67. | | Phipps Plaza | | GA | | Atlanta | | 100.0% | | 829,515 | | (2) | | | | | | | | | | | | | |
68. | | Plaza Carolina | | PR | | Carolina (San Juan) | | 100.0% | | 1,158,001 | | 09/30/17 | | (8) | | 1.82% | | Variable | | | 225,000 | | | 225,000 | |
69. | | Prien Lake Mall | | LA | | Lake Charles | | 100.0% | | 848,423 | | (2) | | | | | | | | | | | | | |
70. | | Quaker Bridge Mall | | NJ | | Lawrenceville | | 50.0% | | 1,083,790 | | 05/01/26 | | | | 4.50% | | Fixed | | | 180,000 | | | 90,000 | |
71. | | Rockaway Townsquare | | NJ | | Rockaway (New York) | | 100.0% | | 1,245,642 | | (2) | | | | | | | | | | | | | |
72. | | Roosevelt Field | | NY | | Garden City (New York) | | 100.0% | | 2,366,142 | | (2) | | | | | | | | | | | | | |
73. | | Ross Park Mall | | PA | | Pittsburgh | | 100.0% | | 1,244,732 | | (2) | | | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 43 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ in 000'S) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE | | | TOTAL | | | OUR SHARE | |
74. | | Santa Rosa Plaza | | CA | | Santa Rosa | | 100.0% | | 692,808 | | (2) | | | | | | | | | | | | | |
75. | | Shops at Chestnut Hill, The | | MA | | Chestnut Hill (Boston) | | 94.4% | | 470,094 | | 11/01/23 | | | | 4.69% | | Fixed | | | 120,000 | | | 113,328 | |
76. | | Shops at Crystals, The | | NV | | Las Vegas | | 50.0% | | 262,354 | | 07/01/26 | | | | 3.74% | | Fixed | | | 550,000 | | | 275,000 | |
77. | | Shops at Mission Viejo, The | | CA | | Mission Viejo (Los Angeles) | | 51.0% | | 1,249,683 | | 02/01/23 | | | | 3.61% | | Fixed | | | 295,000 | | | 150,450 | |
78. | | Shops at Nanuet, The | | NY | | Nanuet | | 100.0% | | 757,928 | | (2) | | | | | | | | | | | | | |
79. | | Shops at Riverside, The | | NJ | | Hackensack (New York) | | 100.0% | | 659,630 | | 02/01/23 | | | | 3.37% | | Fixed | | | 130,000 | | | 130,000 | |
80. | | Smith Haven Mall | | NY | | Lake Grove (New York) | | 25.0% | (4) | 1,300,368 | | 05/29/20 | | (8) | | 1.67% | | Variable | | | 180,000 | | | 45,000 | |
81. | | Solomon Pond Mall | | MA | | Marlborough (Boston) | | 56.4% | | 886,466 | | 11/01/22 | | | | 4.01% | | Fixed | | | 102,925 | | | 58,019 | |
82. | | South Hills Village | | PA | | Pittsburgh | | 100.0% | | 1,120,903 | | (2) | | | | | | | | | | | | | |
83. | | South Shore Plaza | | MA | | Braintree (Boston) | | 100.0% | | 1,588,724 | | (2) | | | | | | | | | | | | | |
84. | | Southdale Center | | MN | | Edina (Minneapolis) | | 100.0% | �� | 1,297,608 | | 04/01/23 | | | | 3.84% | | Fixed | | | 151,835 | | | 151,835 | |
85. | | SouthPark | | NC | | Charlotte | | 100.0% | | 1,676,180 | | (2) | | | | | | | | | | | | | |
86. | | Southridge Mall | | WI | | Greendale (Milwaukee) | | 100.0% | | 1,177,776 | | 06/06/23 | | | | 3.85% | | Fixed | | | 122,823 | | | 122,823 | |
87. | | Springfield Mall(3) | | PA | | Springfield (Philadelphia) | | 50.0% | | 610,582 | | 10/06/25 | | | | 4.45% | | Fixed | | | 64,413 | | | 32,206 | |
88. | | Square One Mall | | MA | | Saugus (Boston) | | 56.4% | | 929,844 | | 01/06/22 | | | | 5.47% | | Fixed | | | 93,803 | | | 52,877 | |
89. | | St. Charles Towne Center | | MD | | Waldorf (Washington, DC) | | 100.0% | | 980,618 | | (2) | | | | | | | | | | | | | |
90. | | St. Johns Town Center | | FL | | Jacksonville | | 50.0% | | 1,390,658 | | 09/11/24 | | | | 3.82% | | Fixed | | | 350,000 | | | 175,000 | |
91. | | Stanford Shopping Center | | CA | | Palo Alto (San Jose) | | 94.4% | (7) | 1,349,064 | | (2) | | | | | | | | | | | | | |
92. | | Stoneridge Shopping Center | | CA | | Pleasanton (San Francisco) | | 49.9% | | 1,299,422 | | 11/30/16 | | (6) | | 7.50% | | Fixed | | | 211,708 | | | 105,642 | |
93. | | Summit Mall | | OH | | Akron | | 100.0% | | 777,669 | | 06/10/17 | | | | 5.42% | | Fixed | | | 65,000 | | | 65,000 | |
94. | | Tacoma Mall | | WA | | Tacoma (Seattle) | | 100.0% | | 1,312,994 | | (2) | | | | | | | | | | | | | |
95. | | Tippecanoe Mall | | IN | | Lafayette | | 100.0% | | 862,740 | | (2) | | | | | | | | | | | | | |
96. | | Town Center at Boca Raton | | FL | | Boca Raton (Miami) | | 100.0% | | 1,779,224 | | (2) | | | | | | | | | | | | | |
97. | | Town Center at Cobb | | GA | | Kennesaw (Atlanta) | | 100.0% | | 1,281,435 | | 05/01/22 | | | | 4.76% | | Fixed | | | 193,738 | | | 193,738 | |
98. | | Towne East Square | | KS | | Wichita | | 100.0% | | 1,134,926 | | (2) | | | | | | | | | | | | | |
99. | | Treasure Coast Square | | FL | | Jensen Beach | | 100.0% | | 876,324 | | (2) | | | | | | | | | | | | | |
100. | | Tyrone Square | | FL | | St. Petersburg (Tampa) | | 100.0% | | 1,149,556 | | (2) | | | | | | | | | | | | | |
101. | | University Park Mall | | IN | | Mishawaka | | 100.0% | | 918,559 | | (2) | | | | | | | | | | | | | |
102. | | Walt Whitman Shops | | NY | | Huntington Station (New York) | | 100.0% | | 1,089,624 | | (2) | | | | | | | | | | | | | |
103. | | West Town Mall | | TN | | Knoxville | | 50.0% | | 1,341,519 | | 12/01/17 | | | | 6.34% | | Fixed | | | 210,000 | | | 105,000 | |
104. | | Westchester, The | | NY | | White Plains (New York) | | 40.0% | | 800,564 | | 05/05/20 | | | | 6.00% | | Fixed | | | 342,205 | | | 136,883 | |
105. | | White Oaks Mall | | IL | | Springfield | | 80.7% | | 930,057 | | 06/01/23 | | (8) | | 3.21% | | Variable | | | 52,000 | | | 41,953 | |
106. | | Wolfchase Galleria | | TN | | Memphis | | 94.5% | | 1,151,350 | | 04/01/17 | | | | 5.64% | | Fixed | | | 225,000 | | | 212,616 | |
107. | | Woodfield Mall | | IL | | Schaumburg (Chicago) | | 50.0% | | 2,150,195 | | 03/05/24 | | | | 4.50% | | Fixed | | | 425,000 | | | 212,500 | |
108. | | Woodland Hills Mall | | OK | | Tulsa | | 94.5% | | 1,091,383 | | 04/05/19 | | | | 7.79% | | Fixed | | | 89,670 | | | 84,710 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Mall Square Footage | | | | | | | | 122,244,076 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Lifestyle Centers | | | | | | | | | | | | | | | | | |
1. | | ABQ Uptown | | NM | | Albuquerque | | 100.0% | | 230,026 | | (2) | | | | | | | | | | | | | |
2. | | Hamilton Town Center | | IN | | Noblesville (Indianapolis) | | 50.0% | | 672,896 | | 04/01/22 | | | | 4.81% | | Fixed | | | 82,577 | | | 41,289 | |
3. | | Pier Park | | FL | | Panama City Beach | | 65.6% | | 895,816 | | (2) | | | | | | | | | | | | | |
4. | | University Park Village | | TX | | Fort Worth | | 100.0% | | 160,080 | | 05/01/28 | | | | 3.85% | | Fixed | | | 55,000 | | | 55,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Lifestyle Centers Square Footage | | 1,958,818 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 44 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ IN 000's) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE |
|
| TOTAL |
| | OUR SHARE | |
| | Premium Outlets | | | | | | | | | | | | | | | | | | | | | | | |
1. | | Albertville Premium Outlets | | MN | | Albertville (Minneapolis) | | 100.0% | | 429,061 | | (2) | | | | | | | | | | | | | |
2. | | Allen Premium Outlets | | TX | | Allen (Dallas) | | 100.0% | | 441,775 | | (2) | | | | | | | | | | | | | |
3. | | Aurora Farms Premium Outlets | | OH | | Aurora (Cleveland) | | 100.0% | | 285,309 | | (2) | | | | | | | | | | | | | |
4. | | Birch Run Premium Outlets | | MI | | Birch Run (Detroit) | | 100.0% | | 680,782 | | 02/06/26 | | | | 4.21% | | Fixed | | | 123,000 | | | 123,000 | |
5. | | Calhoun Premium Outlets | | GA | | Calhoun | | 100.0% | | 254,257 | | 06/01/26 | | (15) | | 4.17% | | Fixed | | | 19,500 | | | 19,500 | |
6. | | Camarillo Premium Outlets | | CA | | Camarillo (Los Angeles) | | 100.0% | | 675,274 | | (2) | | | | | | | | | | | | | |
7. | | Carlsbad Premium Outlets | | CA | | Carlsbad (San Diego) | | 100.0% | | 289,412 | | (2) | | | | | | | | | | | | | |
8. | | Carolina Premium Outlets | | NC | | Smithfield (Raleigh) | | 100.0% | | 438,852 | | 12/01/22 | | | | 3.36% | | Fixed | | | 46,965 | | | 46,965 | |
9. | | Charlotte Premium Outlets | | NC | | Charlotte | | 50.0% | | 398,697 | | 11/24/19 | | (8) | | 1.92% | | Variable | | | 90,000 | | | 45,000 | |
10. | | Chicago Premium Outlets | | IL | | Aurora (Chicago) | | 100.0% | | 687,399 | | (2) | | | | | | | | | | | | | |
11. | | Cincinnati Premium Outlets | | OH | | Monroe (Cincinnati) | | 100.0% | | 398,717 | | (2) | | | | | | | | | | | | | |
12. | | Clinton Crossing Premium Outlets | | CT | | Clinton | | 100.0% | | 276,221 | | (2) | | | | | | | | | | | | | |
13. | | Desert Hills Premium Outlets | | CA | | Cabazon (Palm Springs) | | 100.0% | | 651,440 | | (2) | | | | | | | | | | | | | |
14. | | Edinburgh Premium Outlets | | IN | | Edinburgh (Indianapolis) | | 100.0% | | 377,734 | | (2) | | | | | | | | | | | | | |
15. | | Ellenton Premium Outlets | | FL | | Ellenton (Tampa) | | 100.0% | | 476,506 | | 12/01/25 | | | | 4.30% | | Fixed | | | 178,000 | | | 178,000 | |
16. | | Folsom Premium Outlets | | CA | | Folsom (Sacramento) | | 100.0% | | 297,502 | | (2) | | | | | | | | | | | | | |
17. | | Gaffney Premium Outlets | | SC | | Gaffney (Greenville/Charlotte) | | 100.0% | | 359,942 | | 06/01/26 | | (15) | | 4.17% | | Fixed | | | 31,500 | | | 31,500 | |
18. | | Gilroy Premium Outlets | | CA | | Gilroy (San Jose) | | 100.0% | | 578,102 | | (2) | | | | | | | | | | | | | |
19. | | Gloucester Premium Outlets | | NJ | | Blackwood (Philadelphia) | | 50.0% | | 369,657 | | 06/19/19 | | (8) | | 1.87% | | Variable | | | 82,057 | | | 41,029 | |
20. | | Grand Prairie Premium Outlets | | TX | | Grand Prairie (Dallas) | | 100.0% | | 417,175 | | 04/01/23 | | | | 3.66% | | Fixed | | | 119,644 | | | 119,644 | |
21. | | Grove City Premium Outlets | | PA | | Grove City (Pittsburgh) | | 100.0% | | 531,292 | | 12/01/25 | | | | 4.31% | | Fixed | | | 140,000 | | | 140,000 | |
22. | | Gulfport Premium Outlets | | MS | | Gulfport | | 100.0% | | 300,036 | | 12/01/25 | | | | 4.35% | | Fixed | | | 50,000 | | | 50,000 | |
23. | | Hagerstown Premium Outlets | | MD | | Hagerstown (Baltimore/ Washington, DC) | | 100.0% | | 485,046 | | 02/06/26 | | | | 4.26% | | Fixed | | | 77,000 | | | 77,000 | |
24. | | Houston Premium Outlets | | TX | | Cypress (Houston) | | 100.0% | | 541,848 | | (2) | | | | | | | | | | | | | |
25. | | Jackson Premium Outlets | | NJ | | Jackson (New York) | | 100.0% | | 285,498 | | (2) | | | | | | | | | | | | | |
26. | | Jersey Shore Premium Outlets | | NJ | | Tinton Falls (New York) | | 100.0% | | 434,400 | | (2) | | | | | | | | | | | | | |
27. | | Johnson Creek Premium Outlets | | WI | | Johnson Creek | | 100.0% | | 276,372 | | (2) | | | | | | | | | | | | | |
28. | | Kittery Premium Outlets | | ME | | Kittery | | 100.0% | | 259,323 | | (2) | | | | | | | | | | | | | |
29. | | Las Americas Premium Outlets | | CA | | San Diego | | 100.0% | | 555,804 | | (2) | | | | | | | | | | | | | |
30. | | Las Vegas North Premium Outlets | | NV | | Las Vegas | | 100.0% | | 676,085 | | (2) | | | | | | | | | | | | | |
31. | | Las Vegas South Premium Outlets | | NV | | Las Vegas | | 100.0% | | 535,407 | | (2) | | | | | | | | | | | | | |
32. | | Lebanon Premium Outlets | | TN | | Lebanon (Nashville) | | 100.0% | | 227,523 | | (2) | | | | | | | | | | | | | |
33. | | Lee Premium Outlets | | MA | | Lee | | 100.0% | | 224,833 | | 06/01/26 | | (15) | | 4.17% | | Fixed | | | 54,000 | | | 54,000 | |
34. | | Leesburg Corner Premium Outlets | | VA | | Leesburg (Washington, DC) | | 100.0% | | 478,217 | | (2) | | | | | | | | | | | | | |
35. | | Liberty Village Premium Outlets | | NJ | | Flemington (New York) | | 100.0% | | 162,239 | | (2) | | | | | | | | | | | | | |
36. | | Lighthouse Place Premium Outlets | | IN | | Michigan City (Chicago, IL) | | 100.0% | | 454,730 | | (2) | | | | | | | | | | | | | |
37. | | Merrimack Premium Outlets | | NH | | Merrimack | | 100.0% | | 408,996 | | 07/01/23 | | | | 3.78% | | Fixed | | | 127,904 | | | 127,904 | |
38. | | Napa Premium Outlets | | CA | | Napa | | 100.0% | | 179,175 | | (2) | | | | | | | | | | | | | |
39. | | North Bend Premium Outlets | | WA | | North Bend (Seattle) | | 100.0% | | 223,560 | | (2) | | | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 45 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ IN 000's) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE |
|
| TOTAL |
| | OUR SHARE | |
40. | | North Georgia Premium Outlets | | GA | | Dawsonville (Atlanta) | | 100.0% | | 540,478 | | (2) | | | | | | | | | | | | | |
41. | | Orlando International Premium Outlets | | FL | | Orlando | | 100.0% | | 773,615 | | (2) | | | | | | | | | | | | | |
42. | | Orlando Vineland Premium Outlets | | FL | | Orlando | | 100.0% | | 657,041 | | (2) | | | | | | | | | | | | | |
43. | | Osage Beach Premium Outlets | | MO | | Osage Beach | | 100.0% | | 390,127 | | (2) | | | | | | | | | | | | | |
44. | | Petaluma Village Premium Outlets | | CA | | Petaluma (San Francisco) | | 100.0% | | 201,781 | | (2) | | | | | | | | | | | | | |
45. | | Philadelphia Premium Outlets | | PA | | Limerick (Philadelphia) | | 100.0% | | 549,155 | | (2) | | | | | | | | | | | | | |
46. | | Phoenix Premium Outlets | | AZ | | Chandler (Phoenix) | | 100.0% | | 356,500 | | (2) | | | | | | | | | | | | | |
47. | | Pismo Beach Premium Outlets | | CA | | Pismo Beach | | 100.0% | | 147,416 | | 11/06/16 | | (17) | | 5.84% | | Fixed | | | 33,850 | | | 33,850 | |
48. | | Pleasant Prairie Premium Outlets | | WI | | Pleasant Prairie (Chicago, IL/ Milwaukee) | | 100.0% | | 402,537 | | 12/01/16 | | | | 6.01% | | Fixed | | | 34,285 | | | 34,285 | |
49. | | Puerto Rico Premium Outlets | | PR | | Barceloneta | | 100.0% | | 349,978 | | 09/30/17 | | (8) | | 1.82% | | Variable | | | 125,000 | | | 125,000 | |
50. | | Queenstown Premium Outlets | | MD | | Queenstown (Baltimore) | | 100.0% | | 289,570 | | 11/06/16 | | (17) | | 5.84% | | Fixed | | | 66,150 | | | 66,150 | |
51. | | Rio Grande Valley Premium Outlets | | TX | | Mercedes (McAllen) | | 100.0% | | 604,105 | | (2) | | | | | | | | | | | | | |
52. | | Round Rock Premium Outlets | | TX | | Round Rock (Austin) | | 100.0% | | 488,608 | | (2) | | | | | | | | | | | | | |
53. | | San Francisco Premium Outlets | | CA | | Livermore (San Francisco) | | 100.0% | | 696,968 | | (2) | | | | | | | | | | | | | |
54. | | San Marcos Premium Outlets | | TX | | San Marcos (Austin/ San Antonio) | | 100.0% | | 732,704 | | (2) | | | | | | | | | | | | | |
55. | | Seattle Premium Outlets | | WA | | Tulalip (Seattle) | | 100.0% | | 554,814 | | (2) | | | | | | | | | | | | | |
56. | | Silver Sands Premium Outlets | | FL | | Destin | | 50.0% | | 451,219 | | 06/01/22 | | | | 3.93% | | Fixed | | | 100,000 | | | 50,000 | |
57. | | St. Augustine Premium Outlets | | FL | | St. Augustine (Jacksonville) | | 100.0% | | 327,592 | | (2) | | | | | | | | | | | | | |
58. | | St. Louis Premium Outlets | | MO | | St. Louis (Chesterfield) | | 60.0% | | 351,513 | | 10/06/24 | | | | 4.06% | | Fixed | | | 95,000 | | | 57,000 | |
59. | | Tampa Premium Outlets | | FL | | Lutz (Tampa) | | 100.0% | | 441,246 | | (2) | | | | | | | | | | | | | |
60. | | Tanger Outlets - Columbus | | OH | | Sunbury (Columbus) | | 50.0% | | 355,220 | | (2) | | | | | | | | | | | | | |
61. | | Tanger Outlets - Galveston/Houston (3) | | TX | | Texas City | | 50.0% | | 352,705 | | 07/01/18 | | (8) | | 1.97% | | Variable | | | 65,000 | | | 32,500 | |
62. | | The Crossings Premium Outlets | | PA | | Tannersville | | 100.0% | | 411,605 | | 12/01/22 | | | | 3.41% | | Fixed | | | 113,923 | | | 113,923 | |
63. | | Tucson Premium Outlets | | AZ | | Marana (Tucson) | | 100.0% | | 363,432 | | (2) | | | | | | | | | | | | | |
64. | | Twin Cities Premium Outlets | | MN | | Eagan | | 35.0% | | 408,936 | | 11/06/24 | | | | 4.32% | | Fixed | | | 115,000 | | | 40,250 | |
65. | | Vacaville Premium Outlets | | CA | | Vacaville | | 100.0% | | 440,118 | | (2) | | | | | | | | | | | | | |
66. | | Waikele Premium Outlets | | HI | | Waipahu (Honolulu) | | 100.0% | | 219,139 | | (2) | | | | | | | | | | | | | |
67. | | Waterloo Premium Outlets | | NY | | Waterloo | | 100.0% | | 417,823 | | (2) | | | | | | | | | | | | | |
68. | | Williamsburg Premium Outlets | | VA | | Williamsburg | | 100.0% | | 522,237 | | 02/06/26 | | | | 4.23% | | Fixed | | | 185,000 | | | 185,000 | |
69. | | Woodburn Premium Outlets | | OR | | Woodburn (Portland) | | 100.0% | | 389,717 | | (2) | | | | | | | | | | | | | |
70. | | Woodbury Common Premium Outlets | | NY | | Central Valley (New York) | | 100.0% | | 864,307 | | (2) | | | | | | | | | | | | | |
71. | | Wrentham Village Premium Outlets | | MA | | Wrentham (Boston) | | 100.0% | | 660,091 | | (2) | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total U.S. Premium Outlet Square Footage | | 30,736,495 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 46 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| INDEBTEDNESS ($ IN 000's) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE |
|
| TOTAL |
| | OUR SHARE | |
| | The Mills | | | | | | | | | | | | | | | | | | | | | | | |
1. | | Arizona Mills | | AZ | | Tempe (Phoenix) | | 100.0% | | 1,238,291 | | 07/01/20 | | | | 5.76% | | Fixed | | | 160,646 | | | 160,646 | |
2. | | Arundel Mills | | MD | | Hanover (Baltimore) | | 59.3% | | 1,663,145 | | 02/06/24 | | | | 4.29% | | Fixed | | | 385,000 | | | 228,113 | |
3. | | Colorado Mills | | CO | | Lakewood (Denver) | | 37.5% | | 1,410,543 | | 11/01/24 | | | | 4.28% | | Fixed | | | 136,000 | | | 51,000 | |
| | | | | | | | | | | | 07/01/21 | | | | 5.04% | | Fixed | | | 27,236 | | | 10,213 | |
4. | | Concord Mills | | NC | | Concord (Charlotte) | | 59.3% | | 1,346,910 | | 11/01/22 | | | | 3.84% | | Fixed | | | 235,000 | | | 139,261 | |
5. | | Grapevine Mills | | TX | | Grapevine (Dallas) | | 59.3% | | 1,781,272 | | 10/01/24 | | | | 3.83% | | Fixed | | | 268,000 | | | 158,817 | |
6. | | Great Mall | | CA | | Milpitas (San Jose) | | 100.0% | | 1,366,208 | | (2) | | | | | | | | | | | | | |
7. | | Gurnee Mills | | IL | | Gurnee (Chicago) | | 100.0% | | 1,935,759 | | 07/01/17 | | | | 5.77% | | Fixed | | | 321,000 | | | 321,000 | |
8. | | Katy Mills | | TX | | Katy (Houston) | | 62.5% | (4) | 1,790,859 | | 12/06/22 | | | | 3.49% | | Fixed | | | 140,000 | | | 35,000 | |
9. | | Mills at Jersey Gardens, The | | NJ | | Elizabeth | | 100.0% | | 1,304,126 | | 11/01/20 | | | | 3.83% | | Fixed | | | 350,000 | | | 350,000 | |
10. | | Ontario Mills | | CA | | Ontario (Riverside) | | 50.0% | | 1,433,032 | | 03/05/22 | | | | 4.25% | | Fixed | | | 323,099 | | | 161,549 | |
11. | | Opry Mills | | TN | | Nashville | | 100.0% | | 1,168,354 | | 07/01/26 | | | | 4.09% | | Fixed | | | 375,000 | | | 375,000 | |
12. | | Outlets at Orange, The | | CA | | Orange (Los Angeles) | | 50.0% | | 806,333 | | 04/01/24 | | | | 4.22% | | Fixed | | | 215,000 | | | 107,500 | |
13. | | Potomac Mills | | VA | | Woodbridge (Washington, DC) | | 100.0% | | 1,540,126 | | 07/11/17 | | | | 5.83% | | Fixed | | | 410,000 | | | 410,000 | |
14. | | Sawgrass Mills | | FL | | Sunrise (Miami) | | 100.0% | | 2,262,904 | | (2) | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total The Mills Square Footage | | 21,047,862 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | TMLP Properties | | | | | | | | | | | | | | | | | |
| | The Esplanade, The Galleria at White Plains, Northpark Mall, Philadelphia Mills, and Sugarloaf Mills | | | | | | (23) | | | | | | | | | 718,158 | | | 304,600 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total TMLP Properties Square Footage | | 5,748,026 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Other Properties | | | | | | | | | | | | | | | | | |
| | Circle Centre, Florida Keys Outlet Center, Liberty Tree Mall, Lincoln Plaza, and Outlet Marketplace | | | | | | (21) | | | | | | | | | 115,380 | | | 42,758 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Other Properties Square Footage | | 2,255,854 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | TOTAL U.S. SQUARE FOOTAGE (11)(24) | | 183,991,131 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 47 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ IN 000's) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE |
|
| TOTAL |
| | OUR SHARE | |
| | International Properties | | | | | | | | | | | | | | | | | |
| | AUSTRIA | | | | | | | | | | | | | | | | | |
1. | | Parndorf Designer Outlet Phases 3 & 4 | | Vienna | | 90.0% | | 118,000 | | 05/20/22 | | (20) | | 1.95% | | Fixed | | | 102,377 | | | 92,139 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Austria Square Footage | | 118,000 | | | | | | | | | | | | | | | |
| | CANADA | | | | | | | | | | | | | | | | | |
2. | | Premium Outlets Montréal | | Montréal (Quebec) | | 50.0% | | 365,500 | | 09/10/17 | | (8)(29) | | 2.18% | | Variable | | | 84,039 | | | 42,020 | |
3. | | Toronto Premium Outlets | | Toronto (Ontario) | | 50.0% | | 358,400 | | 06/01/22 | | (29) | | 3.13% | | Fixed | | | 131,432 | | | 65,716 | |
4. | | Vancouver Designer Outlet | | Vancouver (British Columbia) | | 45.0% | | 242,000 | | 04/01/18 | | (14) | | 2.73% | | Variable | | | 75,800 | | | 34,110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Canada Square Footage | | 965,900 | | | | | | | | | | | | | | | |
| | GERMANY | | | | | | | | | | | | | | | | | |
5. | | Ochtrup Designer Outlet | | Ochtrup | | 70.5% | | 191,500 | | 06/30/21 | | (20) | | 2.49% | | Fixed | | | 48,885 | | | 34,464 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Germany Square Footage | | 191,500 | | | | | | | | | | | | | | | |
| | ITALY | | | | | | | | | | | | | | | | | |
6. | | La Reggia Designer Outlet Phases 1 & 2 | | Marcianise (Naples) | | 60.0% | | 288,000 | | 03/31/27 | | (20) | | 1.17% | | Variable | | | 62,131 | | | 37,279 | |
7. | | Noventa Di Piave Designer Outlet Phases 1, 2 & 3 | | Venice | | 60.0% | | 280,000 | | 06/30/20 | | (20) | | 2.00% | | Variable | | | 89,023 | | | 53,414 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Italy Square Footage | | 568,000 | | | | | | | | | | | | | | | |
| | JAPAN | | | | | | | | | | | | | | | | | |
8. | | Ami Premium Outlets | | Ami (Tokyo) | | 40.0% | | 315,000 | | 09/25/23 | | (25) | | 1.81% | | Fixed | | | 73,782 | | | 29,513 | |
9. | | Gotemba Premium Outlets | | Gotemba City (Tokyo) | | 40.0% | | 481,500 | | 02/28/18 | | (25) | | 0.24% | | Variable | | | 10,216 | | | 4,086 | |
10. | | Kobe-Sanda Premium Outlets | | Kobe (Osaka) | | 40.0% | | 441,000 | | 01/31/20 | | (25) | | 0.31% | | Variable | | | 35,845 | | | 14,338 | |
11. | | Rinku Premium Outlets | | Izumisano (Osaka) | | 40.0% | | 416,500 | | 07/31/17 | | (25) | | 0.27% | | Variable | | | 12,649 | | | 5,060 | |
12. | | Sano Premium Outlets | | Sano (Tokyo) | | 40.0% | | 390,800 | | 05/31/18 | | (25) | | 0.35% | | Variable | | | 3,308 | | | 1,323 | |
13. | | Sendai-Izumi Premium Outlets | | Izumi Park Town (Sendai) | | 40.0% | | 164,200 | | 10/31/18 | | (25) | | 0.29% | | Variable | | | 9,243 | | | 3,697 | |
14. | | Shisui Premium Outlets | | Shisui (Chiba) | | 40.0% | | 365,900 | | 05/31/18 | | (25) | | 0.24% | | Variable | | | 38,141 | | | 15,256 | |
| | | | | | | | | | | | 05/29/22 | | (25) | | 0.38% | | Fixed | | | 48,649 | | | 19,460 | |
15. | | Toki Premium Outlets | | Toki (Nagoya) | | 40.0% | | 367,700 | | 05/31/20 | | (25) | | 0.78% | | Variable | | | 6,054 | | | 2,422 | |
| | | | | | | | | | | | 11/30/19 | | (25) | | 0.38% | | Fixed | | | 29,190 | | | 11,676 | |
16. | | Tosu Premium Outlets | | Fukuoka (Kyushu) | | 40.0% | | 290,400 | | 12/31/18 | | (25) | | 0.31% | | Variable | | | 16,978 | | | 6,791 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Japan Square Footage | | 3,233,000 | | | | | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 48 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | DEBT INFORMATION | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | LEGAL |
| TOTAL |
| MATURITY |
| | | INTEREST |
| | | | INDEBTEDNESS ($ IN 000's) | |
| | PROPERTY NAME | | STATE | | CITY (CBSA) | | OWNERSHIP |
| SQUARE FEET |
| DATE |
| | | RATE (1) |
| TYPE |
|
| TOTAL |
| | OUR SHARE | |
| | KOREA | | | | | | | | | | | | | | | | | |
17. | | Busan Premium Outlets | | Busan | | 50.0% | | 360,200 | | 06/20/22 | | (26) | | 4.87% | | Fixed | | | 70,042 | | | 35,021 | |
| | | | | | | | | | | | 02/13/17 | | (26) | | 3.37% | | Variable | | | 31,680 | | | 15,840 | |
18. | | Paju Premium Outlets | | Paju (Seoul) | | 50.0% | | 442,900 | | 03/27/20 | | (26) | | 4.12% | | Fixed | | | 70,650 | | | 35,325 | |
19. | | Yeoju Premium Outlets | | Yeoju (Seoul) | | 50.0% | | 551,600 | | 09/06/20 | | (26) | | 4.69% | | Fixed | | | 74,907 | | | 37,454 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal South Korea Square Footage | | 1,354,700 | | | | | | | | | | | | | | | |
| | MALAYSIA | | | | | | | | | | | | | | | | | |
20. | | Johor Premium Outlets | | Johor (Singapore) | | 50.0% | | 264,400 | | 10/14/20 | | (27) | | 5.20% | | Variable | | | 15,617 | | | 7,808 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Malaysia Square Footage | | 264,400 | | | | | | | | | | | | | | | |
| | MEXICO | | | | | | | | | | | | | | | | | |
21. | | Premium Outlets Punta Norte | | Mexico City | | 50.0% | | 333,000 | | (2) | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Mexico Square Footage | | 333,000 | | | | | | | | | | | | | | | |
| | NETHERLANDS | | | | | | | | | | | | | | | | | |
22. | | Roermond Designer Outlet Phases 2 & 3 | | Roermond | | 90.0% | | 173,000 | | 12/01/21 | | (20) | | 1.86% | | Fixed | | | 200,303 | | | 180,273 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal Netherlands Square Footage | | 173,000 | | | | | | | | | | | | | | | |
| | UNITED KINGDOM | | | | | | | | | | | | | | | | | |
23. | | Ashford Designer Outlet | | Kent | | 45.0% | | 183,000 | | 07/31/16 | | (5) | | 2.72% | | Variable | | | 53,863 | | | 24,236 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Subtotal United Kingdom Square Footage | | 183,000 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(28) | | 7,384,500 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | TOTAL SQUARE FOOTAGE | | 191,375,631 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Other Secured Indebtedness: | | | | | | | | (13) | | | | | | | 256,443 | | | 130,429 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | TOTAL SECURED INDEBTEDNESS | | | | | | | | | | | | | | | | | $ | 13,111,532 | (30) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Our Share of Consolidated Mortgage Debt | | | | | | | | | | | | | | | $ | 6,310,723 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Our Share of Joint Venture Mortgage Debt | | | | | | | | | | | | | | | $ | 6,800,809 | |
|
2Q 2016 SUPPLEMENTAL |  | 49 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
| | | | | | | | | | | | |
| |
| DEBT INFORMATION | |
| | | | | | | | | | | | |
UNSECURED INDEBTEDNESS: | |
| MATURITY DATE |
|
| INTEREST RATE (1) |
| TYPE |
|
| INDEBTEDNESS ($ IN 000'S) TOTAL | |
Global Commercial Paper - USD | | | 09/22/16 | (12) | | 0.55% | | Fixed | | | 910,393 | |
Simon Property Group, LP (Sr. Notes) | | | 12/01/16 | | | 5.25% | | Fixed | | | 364,276 | |
Simon Property Group, LP (Sr. Notes) | | | 01/30/17 | | | 2.80% | | Fixed | | | 500,000 | |
Simon Property Group, LP (Sr. Notes) | | | 03/01/17 | | | 5.88% | | Fixed | | | 207,453 | |
Simon Property Group, LP (Sr. Notes) | | | 09/15/17 | | | 2.15% | | Fixed | | | 600,000 | |
Simon Property Group, LP (Sr. Notes) | | | 02/01/18 | | | 1.50% | | Fixed | | | 750,000 | |
Simon Property Group, LP (Sr. Notes) | | | 02/01/19 | | | 2.20% | | Fixed | | | 600,000 | |
Simon Property Group, LP (Sr. Notes) | | | 04/01/19 | | | 10.35% | | Fixed | | | 650,000 | |
Revolving Credit Facility - Yen Currency | | | 06/30/19 | (8)(19) | | 0.80% | | Variable | | | 216,632 | |
Simon Property Group, LP (Sr. Notes) | | | 02/01/20 | | | 5.65% | | Fixed | | | 1,250,000 | |
Supplemental Credit Facility - USD Currency | | | 06/30/20 | (8) | | 1.27% | | Variable | | | 125,000 | |
Simon Property Group, LP (Sr. Notes) | | | 09/01/20 | | | 2.50% | | Fixed | | | 500,000 | |
Simon Property Group, LP (Euro Sr. Notes) | | | 10/02/20 | (22) | | 2.38% | | Fixed | | | 834,595 | |
Simon Property Group, LP (Sr. Notes) | | | 03/01/21 | | | 4.38% | | Fixed | | | 900,000 | |
Simon Property Group, LP (Sr. Notes) | | | 07/15/21 | | | 2.50% | | Fixed | | | 550,000 | |
Simon Property Group, LP (Sr. Notes) | | | 12/01/21 | | | 4.13% | | Fixed | | | 700,000 | |
Simon Property Group, LP (Sr. Notes) | | | 03/15/22 | | | 3.38% | | Fixed | | | 600,000 | |
Simon Property Group, LP (Euro Sr. Notes) | | | 11/18/22 | (16) | | 1.38% | | Fixed | | | 834,595 | |
Simon Property Group, LP (Sr. Notes) | | | 02/01/23 | | | 2.75% | | Fixed | | | 500,000 | |
Simon Property Group, LP (Sr. Notes) | | | 02/01/24 | | | 3.75% | | Fixed | | | 600,000 | |
Simon Property Group, LP (Sr. Notes) | | | 10/01/24 | | | 3.38% | | Fixed | | | 900,000 | |
Simon Property Group, LP (Euro Sr. Notes) | | | 05/13/25 | (9) | | 1.25% | | Fixed | | | 556,396 | |
Simon Property Group, LP (Sr. Notes) | | | 09/01/25 | | | 3.50% | | Fixed | | | 600,000 | |
Simon Property Group, LP (Sr. Notes) | | | 01/15/26 | | | 3.30% | | Fixed | | | 800,000 | |
Simon Property Group, LP (Sr. Notes) | | | 02/01/40 | | | 6.75% | | Fixed | | | 600,000 | |
Simon Property Group, LP (Sr. Notes) | | | 03/15/42 | | | 4.75% | | Fixed | | | 550,000 | |
Simon Property Group, LP (Sr. Notes) | | | 10/01/44 | | | 4.25% | | Fixed | | | 400,000 | |
| | | | | | | | | | | | |
Total Unsecured Indebtedness | | | | | | | | | | $ | 16,599,340 | (18) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
|
2Q 2016 SUPPLEMENTAL |  | 50 |
Table of Contents
PROPERTY AND DEBT INFORMATION
As of June 30, 2016
- FOOTNOTES:
-
- (1)
- Variable rate debt interest rates are based on the following base rates as of June 30, 2016: 1M LIBOR at .47%; 1M EUR LIBOR at -.36%; 1M EURIBOR at -.36%; 3M EURIBOR at
-.29%; 6M EURIBOR at -.18%; 1M YEN LIBOR at -.05%; 6M YEN LIBOR at -.01%; 1M CDOR at .88%; KLIBOR at 3.37% and 91 Day Korean CD rate at 1.37%. - (2)
- Unencumbered asset.
- (3)
- This property is managed by a third party.
- (4)
- The Operating Partnership's direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners or the Operating Partnership.
- (5)
- Amount shown in USD Equivalent; GBP equivalent is 40.0 million.
- (6)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (7)
- The Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
- (8)
- Includes applicable extensions available at our option.
- (9)
- Amount shown in USD equivalent; Euro equivalent is 500.0 million.
- (10)
- The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
- (11)
- Does not include any other spaces in joint ventures which are not listed above.
- (12)
- Reflects the latest maturity date and weighted average interest rate of all outstanding tranches of commercial paper at June 30, 2016.
- (13)
- Consists of eight loans with interest rates ranging from 2.07% to 6.53% and maturities between 2017 and 2035.
- (14)
- Amount shown in USD Equivalent; CAD equivalent is 98.0 million.
- (15)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (16)
- Amount shown in USD equivalent; Euro equivalent is 750.0 million.
- (17)
- These two properties are secured by cross-collateralized and cross-defaulted mortgages.
- (18)
- Also represents our share of Total Unsecured Indebtedness.
- (19)
- Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 22.3 billion.
- (20)
- Amount shown in USD Equivalent; Euro equivalent is 451.8 million.
- (21)
- Consists of three encumbered properties with interest rates ranging from 3.37% to 4.17% and maturities between 2020 and 2025.
- (22)
- Amount shown in USD Equivalent; Euro equivalent is 750.0 million.
- (23)
- Includes five properties with interest rates ranging from 4.50% to 7.32% and maturities between 2016 and 2023.
- (24)
- Includes office space of 1,798,725 square feet including the following centers with more than 20,000 square feet of office space:
| | |
Circle Centre - 129,944 sq. ft. | | Menlo Park Mall - 49,481 sq. ft. |
Copley Place - 887,924 sq. ft. | | Oxford Valley Mall - 134,024 sq. ft. |
Domain, The - 156,240 sq. ft. | | Plaza Carolina - 27,398 sq. ft. |
Fashion Centre at Pentagon City - 169,089 sq. ft. | | Southdale Center - 20,393 sq. ft. |
Firewheel Town Center - 74,172 sq. ft. | | Stanford Shopping Center - 39,474 sq. ft. |
- (25)
- Amounts shown in USD Equivalent; Yen equivalent is 29.2 billion.
- (26)
- Amounts shown in USD Equivalent; Won equivalent is 284.9 billion.
- (27)
- Amounts shown in USD Equivalent; Ringgit equivalent is 62.2 million.
- (28)
- Does not include Klépierre.
- (29)
- Amounts shown in USD Equivalent; CAD equivalent is 278.7 million.
- (30)
- Our share of total indebtedness includes a pro rata share of the mortgage debt on joint venture properties, including TMLP. To the extent total indebtedness is secured by a property, it is non-recourse to us, with the exception of approximately $317.5 million of payment guarantees provided by the Operating Partnership (of which $76.5 million is recoverable from our venture partner under the partnership agreement).
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2Q 2016 SUPPLEMENTAL |  | 51 |