Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'General Growth Properties, Inc. | ' | ' |
Entity Central Index Key | '0001496048 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $11.20 |
Entity Common Stock, Shares Outstanding | ' | 883,679,074 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in real estate: | ' | ' |
Land | $4,320,597 | $4,278,471 |
Buildings and equipment | 18,270,748 | 18,806,858 |
Less accumulated depreciation | -1,884,861 | -1,440,301 |
Construction in progress | 406,930 | 376,529 |
Net property and equipment | 21,113,414 | 22,021,557 |
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 2,407,698 | 2,865,871 |
Net investment in real estate | 23,521,112 | 24,887,428 |
Cash and cash equivalents | 577,271 | 624,815 |
Accounts and notes receivable, net | 478,899 | 260,860 |
Deferred expenses, net | 189,452 | 179,837 |
Prepaid expenses and other assets | 995,569 | 1,329,465 |
Total assets | 25,762,303 | 27,282,405 |
Liabilities: | ' | ' |
Mortgages, notes and loans payable | 15,672,437 | 15,966,866 |
Investment in Unconsolidated Real Estate Affiliates | 17,405 | ' |
Accounts payable and accrued expenses | 989,367 | 1,212,231 |
Dividend payable | 134,476 | 103,749 |
Deferred tax liabilities | 24,667 | 28,174 |
Tax indemnification liability | 303,586 | 303,750 |
Junior subordinated notes | 206,200 | 206,200 |
Warrant liability | ' | 1,488,196 |
Total liabilities | 17,348,138 | 19,309,166 |
Redeemable noncontrolling interests: | ' | ' |
Preferred | 131,881 | 136,008 |
Common | 97,021 | 132,211 |
Total redeemable noncontrolling interests | 228,902 | 268,219 |
Commitments and Contingencies | ' | ' |
Equity: | ' | ' |
Common stock: 11,000,000,000 shares authorized, $0.01 par value, 966,998,908 issued, 911,194,605 outstanding as of December 31, 2013, and 939,049,318 shares issued and outstanding as of December 31, 2012 | 9,395 | 9,392 |
Preferred Stock: 500,000,000 shares authorized, $.01 par value, 10,000,000 shares issued and outstanding as of December 31, 2013 and none issued and outstanding as of December 31, 2012 | 242,042 | ' |
Additional paid-in capital | 11,372,443 | 10,432,447 |
Retained earnings (accumulated deficit) | -2,915,723 | -2,732,787 |
Accumulated other comprehensive loss | -38,173 | -87,354 |
Common stock in treasury, at cost, 28,345,108 shares as of December 31, 2013 and none as of December 31, 2012 | -566,863 | ' |
Total stockholders' equity | 8,103,121 | 7,621,698 |
Noncontrolling interests in consolidated real estate affiliates | 82,142 | 83,322 |
Total equity | 8,185,263 | 7,705,020 |
Total liabilities and equity | $25,762,303 | $27,282,405 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock, shares authorized | 11,000,000,000 | 11,000,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 966,998,908 | 939,049,318 |
Common stock, shares outstanding | 911,194,605 | 939,049,318 |
Preferred Stock, shares authorized | 500,000,000 | 500,000,000 |
Preferred Stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares issued | 10,000,000 | 0 |
Preferred Stock, shares outstanding | 10,000,000 | 0 |
Common stock in treasury, shares | 28,345,108 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Minimum rents | $1,588,883 | $1,549,933 | $1,508,424 |
Tenant recoveries | 723,634 | 700,914 | 694,645 |
Overage rents | 56,212 | 69,756 | 60,021 |
Management fees and other corporate revenues | 68,792 | 71,949 | 61,163 |
Other | 89,866 | 74,286 | 72,707 |
Total revenues | 2,527,387 | 2,466,838 | 2,396,960 |
Expenses: | ' | ' | ' |
Real estate taxes | 243,941 | 219,139 | 215,838 |
Property maintenance costs | 71,334 | 76,139 | 86,461 |
Marketing | 26,214 | 33,263 | 32,857 |
Other property operating costs | 352,466 | 361,345 | 365,404 |
Provision for doubtful accounts | 4,068 | 4,017 | 4,864 |
Property management and other costs | 164,777 | 159,600 | 186,879 |
General and administrative | 49,237 | 39,120 | 30,811 |
Provision for impairment | 18,361 | 32,100 | 916 |
Depreciation and amortization | 764,830 | 782,552 | 854,544 |
Total expenses | 1,695,228 | 1,707,275 | 1,778,574 |
Operating income | 832,159 | 759,563 | 618,386 |
Interest income | 7,699 | 2,374 | 1,950 |
Interest expense | -736,560 | -794,550 | -863,444 |
Loss on foreign currency | -7,312 | ' | ' |
Warrant liability adjustment | -40,546 | -502,234 | 55,042 |
Gains from changes in control of investment properties | 219,784 | 18,547 | ' |
Loss on extinguishment of debt | -36,479 | -15,007 | ' |
Income (loss) before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations and allocation to noncontrolling interests | 238,745 | -531,307 | -188,066 |
Benefit from (provision for) income taxes | -345 | -9,091 | -8,723 |
Equity in income of Unconsolidated Real Estate Affiliates | 58,919 | 54,984 | 2,898 |
Equity in income of Unconsolidated Real Estate Affiliates - gain (loss) on investment (includes ($109.9 million) accumulated other comprehensive loss reclassifications for net foreign currency translation losses) | 9,837 | 23,358 | ' |
Income (loss) from continuing operations | 307,156 | -462,056 | -193,891 |
Discontinued operations: | ' | ' | ' |
Loss from discontinued operations, including gains (losses) on dispositions | -15,851 | -60,242 | -112,913 |
Gain on extinguishment of debt | 25,894 | 50,765 | ' |
Discontinued operations, net | 10,043 | -9,477 | -112,913 |
Net income (loss) | 317,199 | -471,533 | -306,804 |
Allocation to noncontrolling interests | -14,671 | -9,700 | -6,368 |
Net income (loss) attributable to General Growth Properties, Inc. | 302,528 | -481,233 | -313,172 |
Preferred Stock dividends | -14,078 | ' | ' |
Net income (loss) attributable to common stockholders | 288,450 | -481,233 | -313,172 |
Basic Earnings (Loss) Per Share: | ' | ' | ' |
Continuing operations (in dollars per share) | $0.30 | ($0.51) | ($0.21) |
Discontinued operations (in dollars per share) | $0.01 | ($0.01) | ($0.12) |
Total basic earnings (loss) per share (in dollars per share) | $0.31 | ($0.52) | ($0.33) |
Diluted Earnings (Loss) Per Share: | ' | ' | ' |
Continuing operations (in dollars per share) | $0.30 | ($0.51) | ($0.25) |
Discontinued operations (in dollars per share) | $0.01 | ($0.01) | ($0.12) |
Total diluted earnings (loss) per share (in dollars per share) | $0.31 | ($0.52) | ($0.37) |
Comprehensive Income (Loss), Net: | ' | ' | ' |
Net income (loss) | 317,199 | -471,533 | -306,804 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation (year ended December 31, 2013 includes reclassification of ($109.9 million) accumulated other comprehensive loss into Net income attributable to common stockholders) | 49,644 | -39,674 | -48,545 |
Unrealized gains on available-for-sale securities | -70 | -165 | 263 |
Other comprehensive income (loss) | 49,574 | -39,839 | -48,282 |
Comprehensive income (loss) | 366,773 | -511,372 | -355,086 |
Comprehensive loss allocated to noncontrolling interests | -15,064 | -9,442 | -6,031 |
Comprehensive income (loss) attributable to General Growth Properties, Inc. | 351,709 | -520,814 | -361,117 |
Preferred stock dividends | -14,078 | ' | ' |
Comprehensive income (loss), net, attributable to common stockholders | $337,631 | ($520,814) | ($361,117) |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ' |
Amount reclassified from accumulated other comprehensive loss into net income attributable to common stockholders | $109.90 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Noncontrolling Interests in Consolidated Real Estate Affiliates |
In Thousands, unless otherwise specified | ||||||||
Balance at beginning of year at Dec. 31, 2010 | $10,181,749 | $9,419 | ' | $10,681,586 | ($612,075) | $172 | ' | $102,647 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -314,247 | ' | ' | ' | -313,172 | ' | ' | -1,075 |
Issuance of stock, net of issuance costs | ' | 223 | ' | -244 | 21 | ' | ' | ' |
Distributions to noncontrolling interests in consolidated Real Estate Affiliates | -5,556 | ' | ' | ' | ' | ' | ' | -5,556 |
Restricted stock grants, net of forfeitures (18,444, (85,452) and (341,895) common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 11,268 | -3 | ' | 11,578 | -307 | ' | ' | ' |
Stock option grants, net of forfeitures (344,670, 617,842 and 121,439 common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 835 | 1 | ' | 834 | ' | ' | ' | ' |
Purchase and cancellation of common shares ((35,833,537) common shares) | -553,510 | -358 | ' | -398,590 | -154,562 | ' | ' | ' |
Cash dividends reinvested (DRIP) in stock (28,852, 3,111,365 and 7,225,345 common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 115,363 | 71 | ' | 115,292 | ' | ' | ' | ' |
Other comprehensive loss | -47,945 | ' | ' | ' | ' | -47,945 | ' | ' |
Cash distributions declared ($0.51, $0.42 and $0.40 per share for the year ended December 31, 2013, 2012 and 2011, respectively) | -376,840 | ' | ' | -16 | -376,824 | ' | ' | ' |
Cash redemptions for common units in excess of carrying value | -648 | ' | ' | -648 | ' | ' | ' | ' |
Fair value adjustment for noncontrolling interest in Operating Partnership | -4,474 | ' | ' | -4,474 | ' | ' | ' | ' |
Dividend for RPI Spin-off | -426,650 | ' | ' | ' | -426,650 | ' | ' | ' |
Balance at end of year at Dec. 31, 2011 | 8,579,345 | 9,353 | ' | 10,405,318 | -1,883,569 | -47,773 | ' | 96,016 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -480,449 | ' | ' | ' | -481,233 | ' | ' | 784 |
Distributions to noncontrolling interests in consolidated Real Estate Affiliates | -13,478 | ' | ' | ' | ' | ' | ' | -13,478 |
Restricted stock grants, net of forfeitures (18,444, (85,452) and (341,895) common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 8,887 | -1 | ' | 8,888 | ' | ' | ' | ' |
Employee stock purchase program (135,317 and 98,076 common shares for the year ended December 31, 2013 and 2012, respectively) | 1,605 | 1 | ' | 1,604 | ' | ' | ' | ' |
Stock option grants, net of forfeitures (344,670, 617,842 and 121,439 common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 19,859 | 6 | ' | 19,853 | ' | ' | ' | ' |
Cash dividends reinvested (DRIP) in stock (28,852, 3,111,365 and 7,225,345 common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 48,523 | 33 | ' | 48,490 | ' | ' | ' | ' |
Other comprehensive loss | -39,581 | ' | ' | ' | ' | -39,581 | ' | ' |
Cash distributions declared ($0.51, $0.42 and $0.40 per share for the year ended December 31, 2013, 2012 and 2011, respectively) | -394,029 | ' | ' | ' | -394,029 | ' | ' | ' |
Cash redemptions for common units in excess of carrying value | -1,083 | ' | ' | -1,083 | ' | ' | ' | ' |
Fair value adjustment for noncontrolling interest in Operating Partnership | -50,623 | ' | ' | -50,623 | ' | ' | ' | ' |
Dividend for RPI Spin-off | 26,044 | ' | ' | ' | 26,044 | ' | ' | ' |
Balance at end of year at Dec. 31, 2012 | 7,705,020 | 9,392 | ' | 10,432,447 | -2,732,787 | -87,354 | ' | 83,322 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 305,631 | ' | ' | ' | 302,528 | ' | ' | 3,103 |
Issuance of stock, net of issuance costs | 242,042 | ' | 242,042 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests in consolidated Real Estate Affiliates | -4,283 | ' | ' | ' | ' | ' | ' | -4,283 |
Restricted stock grants, net of forfeitures (18,444, (85,452) and (341,895) common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 8,340 | ' | ' | 8,340 | ' | ' | ' | ' |
Employee stock purchase program (135,317 and 98,076 common shares for the year ended December 31, 2013 and 2012, respectively) | 2,708 | ' | ' | 2,708 | ' | ' | ' | ' |
Stock option grants, net of forfeitures (344,670, 617,842 and 121,439 common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 35,998 | 3 | ' | 35,995 | ' | ' | ' | ' |
Treasury stock purchases (28,345,108 common shares) | -566,863 | ' | ' | ' | ' | ' | -566,863 | ' |
Cash dividends reinvested (DRIP) in stock (28,852, 3,111,365 and 7,225,345 common shares for the year ended December 31, 2013, 2012 and 2011, respectively) | 613 | ' | ' | 613 | ' | ' | ' | ' |
Other comprehensive loss before reclassifications | -60,680 | ' | ' | ' | ' | -60,680 | ' | ' |
Amounts reclassified from Accumulated Other Comprehensive Loss | 109,861 | ' | ' | ' | ' | 109,861 | ' | ' |
Cash distributions declared ($0.51, $0.42 and $0.40 per share for the year ended December 31, 2013, 2012 and 2011, respectively) | -471,386 | ' | ' | ' | -471,386 | ' | ' | ' |
Cash distributions on Preferred Stock | -14,078 | ' | ' | ' | -14,078 | ' | ' | ' |
Fair value adjustment for noncontrolling interest in Operating Partnership | -3,173 | ' | ' | -3,173 | ' | ' | ' | ' |
Common stock warrants | 895,513 | ' | ' | 895,513 | ' | ' | ' | ' |
Balance at end of year at Dec. 31, 2013 | $8,185,263 | $9,395 | $242,042 | $11,372,443 | ($2,915,723) | ($38,173) | ($566,863) | $82,142 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted stock grants, forfeitures, shares | 18,444 | -85,452 | -341,895 |
Employee stock purchase program, shares | 135,317 | 98,076 | ' |
Stock option grants, forfeitures, shares | 344,670 | 617,842 | 121,439 |
Treasury stock purchases, shares | 28,345,108 | ' | ' |
Purchase and cancellation of common shares (in shares) | ' | ' | -35,833,537 |
Cash dividends reinvested (DRIP) in stock, shares | 28,852 | 3,111,365 | 7,225,345 |
Cash distributions declared (in dollars per share) | $0.51 | $0.42 | $0.40 |
Common Stock | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | 22,256,121 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows provided by Operating Activities: | ' | ' | ' |
Net income (loss) | $317,199 | ($471,533) | ($306,804) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Equity in income of Unconsolidated Real Estate Affiliates | -58,919 | -54,984 | -2,898 |
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment, net | -9,837 | -23,358 | ' |
Distributions received from Unconsolidated Real Estate Affiliates | 53,592 | 35,399 | 18,226 |
Provision for doubtful accounts | 4,095 | 4,807 | 7,944 |
Depreciation and amortization | 773,255 | 813,953 | 985,686 |
Amortization/write-off of deferred finance costs | 9,453 | 5,380 | 2,705 |
Accretion/write-off of debt market rate adjustments | 9,698 | -39,798 | -60,093 |
Amortization of intangibles other than in-place leases | 84,229 | 105,871 | 144,239 |
Straight-line rent amortization | -49,780 | -61,963 | -89,728 |
Deferred income taxes | -3,847 | 1,655 | -3,148 |
Gain (loss) on dispositions, net | 811 | -24,426 | -4,332 |
Gains from changes in control of investment properties | -219,784 | -18,547 | ' |
Gain on extinguishment of debt | -25,894 | -60,676 | ' |
Provisions for impairment | 30,936 | 118,588 | 68,382 |
Warrant liability adjustment | 40,546 | 502,234 | -55,042 |
Net changes: | ' | ' | ' |
Accounts and notes receivable | -5,615 | 4,985 | -30,239 |
Prepaid expenses and other assets | 25,273 | 8,956 | 13,741 |
Deferred expenses | -44,877 | -45,518 | -67,719 |
Restricted cash | 16,894 | 50,864 | 17,407 |
Accounts payable and accrued expenses | -80,902 | -63,945 | -135,448 |
Other, net | 23,005 | 19,159 | -77 |
Net cash provided by operating activities | 889,531 | 807,103 | 502,802 |
Cash Flows provided by (used in) Investing Activities: | ' | ' | ' |
Acquisition of real estate and property additions | -465,566 | -362,358 | -45,034 |
Development of real estate and property improvements | -516,906 | -339,988 | -208,242 |
Proceeds from sales of investment properties and Unconsolidated Real Estate Affiliates | 1,006,357 | 397,251 | 702,778 |
Contributions to Unconsolidated Real Estate Affiliates | -87,909 | -265,107 | -92,101 |
Distributions received from Unconsolidated Real Estate Affiliates in excess of income | 222,053 | 372,205 | 131,290 |
Increase (decrease) in restricted cash | 8,831 | -23,455 | -2,975 |
Other, net | ' | ' | -293 |
Net cash provided by (used in) investing activities | 166,860 | -221,452 | 485,423 |
Cash Flows used in Financing Activities: | ' | ' | ' |
Proceeds from refinancing/issuance of mortgages, notes and loans payable | 5,501,047 | 5,622,525 | 2,145,848 |
Principal payments on mortgages, notes and loans payable | -5,155,453 | -5,796,656 | -2,797,540 |
Deferred finance costs | -20,548 | -34,137 | -19,541 |
Net proceeds from issuance of Preferred Stock | 242,042 | ' | ' |
Purchase of Warrants | -633,229 | ' | ' |
Treasury stock purchases | -566,863 | ' | ' |
Purchase and cancellation of common shares | ' | ' | -553,510 |
Cash distributions paid to common stockholders | -447,195 | -384,339 | -319,799 |
Cash distributions reinvested (DRIP) in common stock | 614 | 48,523 | 115,363 |
Cash distributions paid to preferred stockholders | -10,093 | ' | ' |
Cash distributions and redemptions paid to holders of common units | -36,894 | -3,812 | -6,802 |
Other, net | 22,637 | 14,188 | -683 |
Net cash used in financing activities | -1,103,935 | -533,708 | -1,436,664 |
Net change in cash and cash equivalents | -47,544 | 51,943 | -448,439 |
Cash and cash equivalents at beginning of year | 624,815 | 572,872 | 1,021,311 |
Cash and cash equivalents at end of year | 577,271 | 624,815 | 572,872 |
Supplemental Disclosure of Cash Flow Information: | ' | ' | ' |
Interest paid | 834,155 | 859,809 | 903,758 |
Interest capitalized | 11,210 | 1,489 | 1,914 |
Income taxes paid | 6,313 | 2,664 | 9,422 |
Reorganization items paid | ' | ' | 128,070 |
Third party property exchange | ' | ' | 44,672 |
Accrued capital expenditures included in accounts payable and accrued expenses | 103,988 | 96,300 | 95,462 |
Non-Cash Transactions: | ' | ' | ' |
Notes receivable related to sale of investment property and Aliansce | 151,127 | ' | ' |
Gain on investment in Unconsolidated Real Estate Affiliates | 9,837 | 23,358 | ' |
Amendment of warrant agreement | 895,513 | ' | ' |
Debt payoffs via deeds in-lieu | ' | ' | 161,524 |
Rouse Properties, Inc. Dividend: | ' | ' | ' |
Non-cash dividend for RPI Spin-off | ' | -26,044 | 426,650 |
Non-Cash Distribution of RPI Spin-off: | ' | ' | ' |
Assets | ' | 1,554,486 | ' |
Liabilities and equity | ' | -1,554,486 | ' |
Non-Cash Acquisition of The Oaks and Westroads | ' | ' | ' |
Assets (Consolidated) | ' | 218,071 | ' |
Liabilities and equity (Consolidated) | ' | -218,071 | ' |
Decrease in assets and liabilities resulting from the contribution of two wholly owned malls into two newly-formed unconsolidated joint ventures | ' | ' | ' |
Assets | ' | ' | -349,942 |
Liabilities and equity | ' | ' | -234,962 |
Regional Mall Sold | ' | ' | ' |
Non-Cash Sale of Property | ' | ' | ' |
Assets | 71,881 | 20,296 | ' |
Liabilities and equity | -71,881 | -20,296 | ' |
Property Sold to HHC | ' | ' | ' |
Non-Cash Sale of Property | ' | ' | ' |
Assets | ' | 17,085 | ' |
Liabilities and equity | ' | -17,085 | ' |
RPI | ' | ' | ' |
Non-Cash Sale of Property | ' | ' | ' |
Assets | ' | 63,672 | ' |
Liabilities and equity | ' | ($63,672) | ' |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION | ' |
ORGANIZATION | ' |
NOTE 1 ORGANIZATION | |
General Growth Properties, Inc. ("GGP" or the "Company"), a Delaware corporation, was organized in July 2010 and is a self-administered and self-managed real estate investment trust, referred to as a "REIT". GGP is the successor registrant, by merger, on November 9, 2010 to GGP Inc. GGP, Inc. had filed for bankruptcy protection under Chapter 11 of Title 11 of the United States Code ("Chapter 11") in the Southern District of New York on April 16, 2009 and emerged from bankruptcy, pursuant to a plan of reorganization (the "Plan") on November 9, 2010, the ("Effective Date"). In these notes, the terms "we," "us" and "our" refer to GGP and its subsidiaries or, in certain contexts, GGP, Inc. and its subsidiaries. | |
The Plan was based on the agreements (collectively, as amended and restated, the "Investment Agreements") with REP Investments LLC, an affiliate of Brookfield Asset Management Inc. (including certain of its affiliates, "Brookfield"), an affiliate of Fairholme Funds, Inc. ("Fairholme") and an affiliate of Pershing Square Capital Management, L.P. ("Pershing Square" and together with Brookfield and Fairholme, the "Plan Sponsors"), pursuant to which GGP, Inc. would be divided into two companies, GGP and The Howard Hughes Corporation ("HHC"), and the Plan Sponsors would invest in the Company's standalone emergence plan. In addition, GGP, Inc. entered into an investment agreement with Teachers Retirement System of Texas ("Texas Teachers") to purchase shares of GGP common stock. The Plan Sponsors also entered into an agreement with affiliates of the Blackstone Group ("Blackstone") whereby Blackstone subscribed for equity in GGP. | |
On the Effective Date, the Plan Sponsors, Blackstone and Texas Teachers owned a majority of the outstanding common stock of GGP. In addition, 120 million warrants (the "Warrants") to purchase our common stock were issued to the Plan Sponsors and Blackstone (Note 9). | |
GGP, through its subsidiaries and affiliates, is an owner and operator of retail properties. As of December 31, 2013, we are the owner, either entirely or with joint venture partners of 120 regional malls. In addition to regional malls, as of December 31, 2013, we owned 13 strip/other retail properties, as well as six stand-alone office buildings. All material operations are within the United States and no customer or tenant accounts for more than 5% of our consolidated revenues. | |
Substantially all of our business is conducted through GGP Limited Partnership (the "Operating Partnership" or "GGPLP"). GGPLP owns an interest in the properties that are part of the consolidated financial statements of GGP. As of December 31, 2013, GGP held approximately a 99% common equity ownership (without giving effect to the potential conversion of the Preferred Units, as defined below) of the Operating Partnership, while the remaining 1% was held by limited partners and certain previous contributors of properties to the Operating Partnership. | |
The Operating Partnership has common units of limited partnership ("Common Units"), which are redeemable for cash or, at our option, shares of GGP common stock. It also has preferred units of limited partnership interest ("Preferred Units"), of which, certain Preferred Units can be converted into Common Units and then redeemed for cash or, at our option, shares of GGP common stock ("Convertible Preferred Units") (Note 11). | |
In addition to holding ownership interests in various joint ventures, the Operating Partnership generally conducts its operations through General Growth Management, Inc. ("GGMI") and General Growth Services, Inc. ("GGSI"). GGMI and GGSI are taxable REIT subsidiaries ("TRS"s), which provide management, leasing, and other services for a majority of our Unconsolidated Real Estate Affiliates (defined below). GGMI and GGSI provide various services, including business development, tenant coordination, marketing, and strategic partnership services at substantially all of our Consolidated Properties, as defined below. GGSI also serves as a contractor to GGMI for these services. | |
We refer to our ownership interests in properties in which we own a majority or controlling interest and, as a result, are consolidated under accounting principles generally accepted in the United States of America ("GAAP") as the "Consolidated Properties." We also own interests in certain properties through joint venture entities in which we own a noncontrolling interest ("Unconsolidated Real Estate Affiliates") and we refer to those properties as the "Unconsolidated Properties." | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||
The accompanying consolidated financial statements include the accounts of GGP, our subsidiaries and joint ventures in which we have a controlling interest. For consolidated joint ventures, the noncontrolling partner's share of the assets, liabilities and operations of the joint ventures (generally computed as the joint venture partner's ownership percentage) is included in noncontrolling interests in consolidated real estate affiliates as permanent equity of the Company. Intercompany balances and transactions have been eliminated. | |||||||||||
We operate in a single reportable segment which includes the operation, development and management of retail and other rental properties, primarily regional malls. Our portfolio is targeted to a range of market sizes and consumer tastes. Each of our operating properties is considered a separate operating segment, as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our operating properties have similar economic characteristics and provide similar products and services to our tenants. Further, all material operations are within the United States and no customer or tenant comprises more than 10% of consolidated revenues. As a result, the Company's operating properties are aggregated into a single reportable segment. | |||||||||||
Reclassifications | |||||||||||
Certain prior period amounts included in the Consolidated Statements of Operations and Comprehensive Income (Loss) and related footnotes associated with properties we have disposed of have been reclassified to discontinued operations for all periods presented (Note 4). | |||||||||||
Properties | |||||||||||
Real estate assets are stated at cost less any provisions for impairments. Expenditures for significant betterments and improvements are capitalized. Maintenance and repairs are charged to expense when incurred. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized. Real estate taxes, interest costs, and internal costs associated with leasing and development overhead incurred during construction periods are capitalized. Capitalization is based on qualified expenditures and interest rates. Capitalized real estate taxes, interest costs, and internal costs associated with leasing and development overhead are amortized over lives which are consistent with the related assets. | |||||||||||
Pre-development costs, which generally include legal and professional fees and other third-party costs directly related to the construction assets, are capitalized as part of the property being developed. In the event a development is no longer deemed to be probable of occuring, the capitalized costs are expensed (see also our impairment policies in this note below). | |||||||||||
We periodically review the estimated useful lives of our properties, and may adjust them as necessary. The estimated useful lives of our properties range from 10-45 years. | |||||||||||
Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: | |||||||||||
Years | |||||||||||
Buildings and improvements | 10 - 45 | ||||||||||
Equipment and fixtures | 3 - 20 | ||||||||||
Tenant improvements | Shorter of useful life or applicable lease term | ||||||||||
Acquisitions of Operating Properties (Note 3) | |||||||||||
Acquisitions of properties are accounted for utilizing the acquisition method of accounting and, accordingly, the results of operations of acquired properties have been included in the results of operations from the respective dates of acquisition. Estimates of future cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, buildings and improvements, equipment, assumed debt liabilities and identifiable intangible assets and liabilities such as amounts related to in-place tenant leases, acquired above and below-market tenant and ground leases, and tenant relationships. No significant value had been ascribed to tenant relationships. | |||||||||||
The fair values of tangible assets are determined on an "if vacant" basis. The "if vacant" fair value is allocated to land, where applicable, buildings, equipment and tenant improvements based on comparable sales and other relevant information with respect to the property. Specifically, the "if vacant" value of the buildings and equipment was calculated using a cost approach utilizing published guidelines for current replacement cost or actual construction costs for similar, recently developed properties; and an income approach. Assumptions used in the income approach to the value of buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. | |||||||||||
The estimated fair value of in-place tenant leases includes lease origination costs (the costs we would have incurred to lease the property to the current occupancy level of the property) and the lost revenues during the period necessary to lease-up from vacant to the current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of acquired in-place tenant leases is included in the balance of buildings and equipment and amortized over the remaining lease term for each tenant. | |||||||||||
Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where we are either the lessor or the lessee. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. The remaining term of leases with renewal options at terms significantly below market reflect the assumed exercise of such below-market renewal options and assume the amortization period would coincide with the extended lease term. | |||||||||||
The gross asset balances of the in-place value of tenant leases are included in buildings and equipment in our Consolidated Balance Sheets. | |||||||||||
Gross Asset | Accumulated | Net Carrying | |||||||||
Amortization | Amount | ||||||||||
As of December 31, 2013 | |||||||||||
Tenant leases: | |||||||||||
In-place value | $ | 797,311 | $ | (420,370 | ) | $ | 376,941 | ||||
As of December 31, 2012 | |||||||||||
Tenant leases: | |||||||||||
In-place value | $ | 972,495 | $ | (423,492 | ) | $ | 549,003 | ||||
The above-market tenant leases and below-market ground leases are included in Prepaid expenses and other assets (Note 14); the below-market tenant leases, above-market ground leases and above-market headquarters office lease are included in Accounts payable and accrued expenses (Note 15) in our Consolidated Balance Sheets. | |||||||||||
Amortization/accretion of all intangibles, including the intangibles in Note 14 and Note 15, had the following effects on our Income (loss) from continuing operations: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Amortization/accretion effect on continuing operations | $ | (242,221 | ) | $ | (335,883 | ) | $ | (447,941 | ) | ||
Future amortization/accretion of these intangibles is estimated to decrease results from continuing operations as follows: | |||||||||||
Year | Amount | ||||||||||
2014 | $ | 177,935 | |||||||||
2015 | 145,417 | ||||||||||
2016 | 113,360 | ||||||||||
2017 | 85,112 | ||||||||||
2018 | 55,527 | ||||||||||
Investments in Unconsolidated Real Estate Affiliates (Note 6) | |||||||||||
We account for investments in joint ventures where we own a non-controlling joint interest using the equity method. Under the equity method, the cost of our investment is adjusted for our share of the earnings of such Unconsolidated Real Estate Affiliates from the date of acquisition, increased by our contributions and reduced by distributions received. | |||||||||||
To determine the method of accounting for partially owned joint ventures, we evaluate the characteristics of associated entities and determine whether an entity is a variable interest entity ("VIE") and, if so, determine which party is primary beneficiary by analyzing whether we have both the power to direct the entity's significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the nature of the entity's operations, future cash flow projections, the entity's financing and capital structure, and contractual relationship and terms. We consolidate a VIE when we have determined that we are the primary beneficiary. | |||||||||||
Primary risks associated with our VIEs include the potential of funding the entities' debt obligations or making additional contributions to fund the entities' operations. | |||||||||||
Generally, the operating agreements with respect to our Unconsolidated Real Estate Affiliates provide that assets, liabilities and funding obligations are shared in accordance with our ownership percentages. Therefore, we generally also share in the profit and losses, cash flows and other matters relating to our Unconsolidated Real Estate Affiliates in accordance with our respective ownership percentages. Except for Retained Debt (as described in Note 7), differences between the carrying amount of our investment in the Unconsolidated Real Estate Affiliates and our share of the underlying equity of our Unconsolidated Real Estate Affiliates are typically amortized over lives ranging from five to 45 years. When cumulative distributions exceed our investment in the joint venture, the investment is reported as a liability in our consolidated financial statements. The liability is limited to our maximum potential obligation to fund contractual obligations, including recourse related to certain debt obligations. | |||||||||||
Partially owned, non-variable interest joint ventures over which we have controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned joint ventures where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method. | |||||||||||
We continually analyze and assess reconsideration events, including changes in the factors mentioned above, to determine if the consolidation treatment remains appropriate. Decisions regarding consolidation of partially owned entities frequently require significant judgment by our management. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Highly-liquid investments with initial maturities of three months or less are classified as cash equivalents, excluding amounts restricted by certain lender and other agreements. | |||||||||||
Leases | |||||||||||
Our leases, in which we are the lessor or lessee, are substantially all accounted for as operating leases. Leases in which we are the lessor that transfer substantially all the risks and benefits of ownership to tenants are considered finance leases and the present values of the minimum lease payments and the estimated residual values of the leased properties, if any, are accounted for as receivables. Leases in which we are the lessee that transfer substantially all the risks and benefits of ownership to us are considered capital leases and the present values of the minimum lease payments are accounted for as assets and liabilities. | |||||||||||
Tenant improvements, either paid directly or in the form of construction allowances paid to tenants, are capitalized as Building and equipment and depreciated over the shorter of the useful life or the applicable lease term. | |||||||||||
In leasing tenant space, we may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, we determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If we are considered the owner of the leasehold improvements, we capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the leasehold improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is capitalized to Deferred expenses and considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. | |||||||||||
Deferred Expenses | |||||||||||
Deferred expenses primarily consist of leasing commissions and related costs and are amortized using the straight-line method over the life of the leases. Deferred expenses also include financing fees we incurred in order to obtain long-term financing and are amortized as interest expense over the terms of the respective financing agreements using the straight-line method, which approximates the effective interest method. | |||||||||||
Revenue Recognition and Related Matters | |||||||||||
Minimum rents are recognized on a straight-line basis over the terms of the related operating leases, including the effect of any free rent periods. Minimum rents also include lease termination income collected from tenants to allow for the tenant to vacate their space prior to their scheduled termination dates, as well as, accretion related to above and below-market tenant leases on acquired properties and properties that were recorded at fair value at the Effective Date. The following is a summary of amortization of straight-line rent, net amortization /accretion related to above and below-market tenant leases and termination income, which is included in Minimum rents: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Amortization of straight-line rent | $ | 49,504 | $ | 59,749 | $ | 76,067 | |||||
Net amortization/accretion of above and below-market tenant leases | (69,311 | ) | (81,726 | ) | (92,459 | ) | |||||
Lease termination income | 10,888 | 8,622 | 15,405 | ||||||||
The following is a summary of straight-line rent receivables, which are included in Accounts and notes receivable, net in our Consolidated Balance Sheets and are reduced for allowances and amounts doubtful of collection: | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Straight-line rent receivables, net | $ | 188,291 | $ | 148,282 | |||||||
Overage rent is paid by a tenant when the tenant's sales exceed an agreed upon minimum amount and is recognized on an accrual basis once tenant sales exceed contractual tenant lease thresholds and is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. | |||||||||||
Tenant recoveries are established in the leases or computed based upon a formula related to real estate taxes, insurance and other property operating expenses and are generally recognized as revenues in the period the related costs are incurred. | |||||||||||
We provide an allowance for doubtful accounts against the portion of accounts receivable, including straight-line rents, which is estimated to be uncollectible. Such allowances are reviewed periodically based upon our recovery experience. The following table summarizes the changes in allowance for doubtful accounts: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance as of January 1, | $ | 24,692 | 32,859 | 40,746 | |||||||
Provision for doubtful accounts(1) | 5,948 | 7,444 | 4,878 | ||||||||
Provisions for doubtful accounts in discontinued operations | 857 | 791 | 1,440 | ||||||||
Write-offs | (13,605 | ) | (16,402 | ) | (14,205 | ) | |||||
| | | | | | | | | | | |
Balance as of December 31, | $ | 17,892 | $ | 24,692 | $ | 32,859 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Excludes recoveries of $2.1 million and $3.4 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
Management Fees and Other Corporate Revenues | |||||||||||
Management fees and other corporate revenues primarily represent management and leasing fees, development fees, financing fees, and fees for other ancillary services performed for the benefit of certain of the Unconsolidated Real Estate Affiliates. Management fees are reported at 100% of the revenue earned from the joint venture in Management fees and other corporate revenues on our Consolidated Statements of Operations and Comprehensive Income (Loss). Our share of the management fee expense incurred by the Unconsolidated Real Estate Affiliates is reported within Equity in income of Unconsolidated Real Estate Affiliates on our Consolidated Statements of Operations and Comprehensive Income (Loss) and in Property management and other costs in the Condensed Combined Statements of Income in Note 6. The following table summarizes the management fees from affiliates and our share of the management fee expense: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Management fees from affiliates | $ | 68,681 | $ | 70,506 | $ | 60,752 | |||||
Management fee expense | (25,551 | ) | (23,061 | ) | (22,473 | ) | |||||
| | | | | | | | | | | |
Net management fees from affiliates | $ | 43,130 | $ | 47,445 | $ | 38,279 | |||||
| | | | | | | | | | | |
Income Taxes (Note 8) | |||||||||||
We expect to distribute 100% of our taxable capital gains and taxable ordinary income to shareholders annually. If, with respect to any taxable year, we fail to maintain our qualification as a REIT and cannot correct such failure, we would not be allowed to deduct distributions to shareholders in computing our taxable income and federal income tax. If any of our REIT subsidiaries fail to qualify as a REIT, such failure could result in our loss of REIT status. If we lose our REIT status, corporate level income tax, including any applicable alternative minimum tax, would apply to our taxable income at regular corporate rates. As a result, the amount available for distribution to holders of equity securities that would otherwise receive dividends would be reduced for the year or years involved, and we would no longer be required to make distributions. In addition, unless we were entitled to relief under the relevant statutory provisions, we would be disqualified from treatment as a REIT for four subsequent taxable years. | |||||||||||
Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns and are recorded primarily by certain of our taxable REIT subsidiaries. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax asset, is included in the current tax provision. In 2010, GGP experienced a change in control, as a result of the transactions undertaken to emerge from bankruptcy, pursuant to Section 382 of the Internal Revenue Code that could limit the benefit of deferred tax assets. In addition, we recognize and report interest and penalties, if necessary, related to uncertain tax positions within our provision for income tax expense. | |||||||||||
Impairment | |||||||||||
Operating properties | |||||||||||
We regularly review our consolidated properties for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators are assessed separately for each property and include, but are not limited to, significant decreases in real estate property net operating income, significant decreases in occupancy percentage, debt maturities, management's intent with respect to the properties and prevailing market conditions. | |||||||||||
If an indicator of potential impairment exists, the property is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. Although the carrying amount may exceed the estimated fair value of certain properties, a real estate asset is only considered to be impaired when its carrying amount cannot be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is determined to be necessary, the excess of the carrying amount of the property over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset group. The adjusted carrying amount, which represents the new cost basis of the property, is depreciated over the remaining useful life of the property. | |||||||||||
Although we may market a property for sale, there can be no assurance that the transaction will be complete until the sale is finalized. However, GAAP requires us to utilize the Company's expected holding period of our properties when assessing recoverability. If we cannot recover the carrying value of these properties within the planned holding period, we will estimate the fair values of the assets and record impairment charges for properties when the estimated fair value is less than their carrying value. | |||||||||||
Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and construction in progress, are assessed by project and include, but are not limited to, significant changes in the Company's plans with respect to the project, significant changes in projected completion dates, tenant demand, anticipated revenues or cash flows, development costs, market factors and sustainability of development projects. | |||||||||||
Impairment charges are recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) when the carrying value of a property is not recoverable and it exceeds the estimated fair value of the property, which can occur in accounting periods preceding disposition and / or in the period of disposition. | |||||||||||
During the year ended December 31, 2013, we recorded an $18.4 million impairment charge in continuing operations of our Consolidated Statements of Operations and Comprehensive Income (Loss). This impairment charge related to an operating property that was transferred to a special servicer. Subsequent to December 31, 2013, we sold this property in a lender directed sale in full satisfaction of the related debt for an amount less than the carrying value. Accordingly, we recorded an impairment charge of $18.4 million, resulting in a net book value of $12 million, which is less than the carrying value of the non-recourse debt of $78.7 million. We recorded a gain on extinguishment of debt of approximately $67 million in the first quarter of 2014. During the year ended December 31, 2013, we recorded $12.6 million of impairment charges in discontinued operations of our Consolidated Statement of Operations and Comprehensive Income (Loss), which related to four operating properties. | |||||||||||
During the year ended December 31, 2012, we recorded a $32.1 million impairment charge in continuing operations of our Consolidated Statements of Operations and Comprehensive Income (Loss). This impairment charge related to an operating property and was recorded because the estimated fair value of the property, based on our discounted cash flow analysis, was less than the carrying value of the property. During the year ended December 31, 2012, we recorded $76.6 million of impairment charges in discontinued operations of our Consolidated Statement of Operations and Comprehensive Income (Loss), which related to eight operating properties. | |||||||||||
During the year ended December 31, 2011, we recorded a $0.9 million impairment charge in continuing operations of our Consolidated Statements of Operations and Comprehensive Income (Loss). This impairment charge related to an operating property. During the year ended December 31, 2011, we recorded $67.5 million of impairment charges in discontinued operations of our Consolidated Statement of Operations and Comprehensive Income (Loss), which related to two operating properties and one non-income producing asset. | |||||||||||
Investment in Unconsolidated Real Estate Affiliates | |||||||||||
A series of operating losses of an investee or other factors may indicate that an other-than-temporary decline in value of our investment in an Unconsolidated Real Estate Affiliate has occurred. The investment in each of the Unconsolidated Real Estate Affiliates is evaluated for valuation declines below the carrying amount. Accordingly, in addition to the property-specific impairment analysis that we perform for such joint ventures (as part of our operating property impairment process described above), we also considered whether there were other-than-temporary declines with respect to the carrying values of our Unconsolidated Real Estate Affiliates. No impairments related to our investments in Unconsolidated Real Estate Affiliates were recognized for the years ended December 31, 2013, 2012, and 2011. | |||||||||||
Property Management and Other and General and Administrative Costs | |||||||||||
Property management and other costs represent regional and home office costs and include items such as corporate payroll, rent for office space, supplies and professional fees, which represent corporate overhead costs not generated at the properties. General and administrative costs represent the costs to run the public company and include payroll and other costs for executives, audit fees, professional fees and administrative fees related to the public company. | |||||||||||
Fair Value Measurements (Note 5) | |||||||||||
The accounting principles for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | |||||||||||
• | |||||||||||
Level 1—defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; | |||||||||||
• | |||||||||||
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||||||||
• | |||||||||||
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||
The impairment section above includes a discussion of all impairments recognized during the year ended December 31, 2013, 2012 and 2011, which were based on Level 2 inputs. Note 5 includes a discussion of properties measured at fair value on a non-recurring basis using Level 2 and Level 3 inputs and the fair value of debt, which is estimated on a recurring basis using Level 2 and Level 3 inputs. Note 9 includes a discussion of our outstanding warrants, which were measured at fair value using Level 3 inputs until the warrant agreement was amended on March 28, 2013. Note 11 includes a discussion of certain redeemable noncontrolling interests that are measured at fair value using Level 1 inputs. | |||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, estimates and assumptions have been made with respect to fair values of assets and liabilities for purposes of applying the acquisition method of accounting, the useful lives of assets, capitalization of development and leasing costs, provision for income taxes, recoverable amounts of receivables and deferred taxes, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to acquisitions, impairment of long-lived assets and fair value of debt. Actual results could differ from these and other estimates. | |||||||||||
ACQUISITIONS_AND_JOINT_VENTURE
ACQUISITIONS AND JOINT VENTURE ACTIVITY | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
ACQUISITIONS AND JOINT VENTURE ACTIVITY | ' | ||||
ACQUISITIONS AND JOINT VENTURE ACTIVITY | ' | ||||
NOTE 3 ACQUISITIONS AND JOINT VENTURE ACTIVITY | |||||
During the year ended December 31, 2013, we acquired four retail properties for total consideration of $396.3 million, which included cash of $355.0 million and the assumption of debt of $41.3 million. The four retail properties acquired include a 50% interest in a portfolio comprised of two properties in the Union Square area of San Francisco, which is accounted for as an Unconsolidated Real Estate Affiliate (Note 6). The following table summarizes the allocation of the purchase price to the net assets acquired at the date of acquisition. These allocations were based on the relative fair values of the assets acquired and liabilities assumed. | |||||
Investment in real estate, including intangible assets and liabilities | $ | 314,750 | |||
Investment in Unconsolidated Real Estate Affiliate | 39,774 | ||||
Net working capital | 515 | ||||
| | | | | |
Net assets acquired | $ | 355,039 | |||
| | | | | |
On June 28, 2013, we acquired the remaining 50% interest in Quail Springs Mall, from our joint venture partner, for total consideration of $90.5 million, which included $55.5 million of cash and the assumption of the remaining 50% of debt. The investment property was previously recorded under the equity method of accounting and is now consolidated. The acquisition resulted in a remeasurement of the net assets acquired to fair value and as such, we recorded Gains from changes in control of investment properties of $19.8 million for the year ended December 31, 2013, as the fair value of the net assets acquired was greater than our investment in the Unconsolidated Real Estate Affiliate and the cash paid to acquire our joint venture partner's interest. The table below summarizes the gain calculation: | |||||
Total fair value of net assets acquired | $ | 110,893 | |||
Previous investment in Quail Springs Mall | (35,610 | ) | |||
Cash paid to acquire our joint venture partner's interest | (55,507 | ) | |||
| | | | | |
Gains from changes in control of investment properties | $ | 19,776 | |||
| | | | | |
The following table summarizes the allocation of the purchase price to the net assets acquired at the date of acquisition. These allocations were based on the relative fair values of the assets acquired and liabilities assumed. | |||||
Investment in real estate, including intangible assets and liabilities | $ | 186,627 | |||
Fair value of debt | (77,204 | ) | |||
Net working capital | 1,470 | ||||
| | | | | |
Net assets acquired | $ | 110,893 | |||
| | | | | |
On May 16, 2013, we formed a joint venture with TIAA-CREF Global Investments, LLC ("TIAACREF") that holds 100% of The Grand Canal Shoppes and The Shoppes at The Palazzo. We received $411.5 million in cash, net of debt assumed of $311.9 million, and TIAACREF received a 49.9% economic interest in the joint venture. We recorded Gains from changes in control of investment properties of $200.0 million on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2013, as a result of this transaction. We are the general partner, however we account for the joint venture under the equity method of accounting because we share control over major decisions with TIAACREF and TIAACREF has substantive participating rights. The table below summarizes the gain calculation: | |||||
Cash received from joint venture partner | $ | 411,476 | |||
Proportionate share of previous investment in The Grand Canal Shoppes and The Shoppes at The Palazzo | (211,468 | ) | |||
| | | | | |
Gains from changes in control of investment properties | $ | 200,008 | |||
| | | | | |
On April 5, 2012, we acquired the remaining 49% interest in The Oaks and Westroads, from our joint venture partner for total consideration of $191.1 million, which included $98.3 million of cash and the assumption of the remaining 49% of debt of $92.8 million. The investment properties were previously recorded under the equity method of accounting and are now consolidated. The acquisition resulted in a remeasurement of the net assets acquired to a fair value of $200.3 million. Prior to this transaction, our investment in The Oaks and Westroads had a carrying value of $83.5 million. We recorded Gains from changes in control of investment properties of $18.5 million for the year ended December 31, 2012, as the fair value of the net assets acquired was greater than our investment in the Unconsolidated Real Estate Affiliate and the cash paid to acquire the joint venture partner's interest. | |||||
Our acquisition of the remaining interests in Quail Springs Mall and the formation of the joint venture with TIAACREF constitute the Gains from changes in control of investment properties for the year ended December 31, 2013. Our acquisition of The Oaks and Westroads in 2012 represent the Gains from changes in control of investment properties for the year ended December 31, 2012. These amounts are recognized for their respective year on our Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||
On April 17, 2012, we acquired 11 Sears anchor pads (including fee interests in five anchor pads and long-term leasehold interests in six anchor pads) for the purpose of redevelopment or remerchandising. Total consideration paid was $270.0 million, which was all cash. Of the total purchase price, $212.0 million for the leasehold interests was recorded in construction in progress, as the buy-out costs were necessary costs related to redevelopment projects at these properties, and $58.0 million for the fee interests was recorded in land and building in our Consolidated Balance Sheets as of December 31, 2012. | |||||
DISPOSITIONS_DISCONTINUED_OPER
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES | ' | ||||||||||
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES | ' | ||||||||||
NOTE 4 DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES | |||||||||||
All of our dispositions of consolidated operating properties for which there is no continuing involvement, for all periods presented, are included in discontinued operations in our Consolidated Statements of Operations and Comprehensive Income (Loss) and are summarized in the table below. Gains on disposition and gains on debt extinguishment are recorded in the Consolidated Statements of Comprehensive Income (Loss) in the period the property is disposed. | |||||||||||
During 2013, we sold our interests in for total consideration of $142.6 million, which reduced our property level debt by approximately $143.6 million. Additionally, one property, which was previously transferred to a special servicer, was sold in a lender-directed sale in full satisfaction of the debt. This resulted in a gain on debt extinguishment of $25.9 million and a reduction of property level debt of $96.9 million. | |||||||||||
On January 12, 2012, we completed the RPI Spin-Off, a 30-mall portfolio. The RPI Spin-Off was accomplished through a special dividend of the common stock of RPI to holders of GGP common stock as of December 30, 2011. | |||||||||||
In addition, during 2012, we sold our interests in assets including an office portfolio, three office properties, 11 strip /other retail centers, seven regional malls and an anchor box for total cash proceeds $394.5 million, and reduced our property level debt by $320.6 million. | |||||||||||
The following table summarizes the operations of the properties included in discontinued operations. | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Retail and other revenue | $ | 31,205 | $ | 111,320 | $ | 412,827 | |||||
| | | | | | | | | | | |
Total revenues | 31,205 | 111,320 | 412,827 | ||||||||
| | | | | | | | | | | |
Retail and other operating expenses | 24,905 | 87,174 | 351,525 | ||||||||
Provisions for impairment | 12,575 | 76,581 | 67,517 | ||||||||
| | | | | | | | | | | |
Total expenses | 37,480 | 163,755 | 419,042 | ||||||||
| | | | | | | | | | | |
Operating loss | (6,275 | ) | (52,435 | ) | (6,215 | ) | |||||
Interest expense, net | (8,759 | ) | (32,210 | ) | (110,398 | ) | |||||
Provision for income taxes | — | (23 | ) | (632 | ) | ||||||
(Losses) gains on dispositions | (817 | ) | 24,426 | 4,332 | |||||||
| | | | | | | | | | | |
Net income (loss) from operations | (15,851 | ) | (60,242 | ) | (112,913 | ) | |||||
Gain on debt extinguishment | 25,894 | 50,765 | — | ||||||||
| | | | | | | | | | | |
Net income (loss) from discontinued operations | $ | 10,043 | $ | (9,477 | ) | $ | (112,913 | ) | |||
| | | | | | | | | | |
FAIR_VALUE
FAIR VALUE | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE | ' | |||||||||||||
FAIR VALUE | ' | |||||||||||||
NOTE 5 FAIR VALUE | ||||||||||||||
Fair Value of Certain Operating Properties | ||||||||||||||
The following table summarizes certain of our assets that are measured at fair value on a nonrecurring basis as a result of impairment charges recorded as of December 31, 2013 and 2012. | ||||||||||||||
Total Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||
Measurement | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
for Identical Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
Investments in real estate(1) | $ | 12,000 | $ | — | $ | 12,000 | $ | — | ||||||
Year Ended December 31, 2012 | ||||||||||||||
Investments in real estate(1) | $ | 112,829 | $ | — | $ | 12,070 | $ | 100,759 | ||||||
-1 | ||||||||||||||
Refer to Note 2 for more information regarding impairment. | ||||||||||||||
We estimate fair value relating to impairment assessments based upon discounted cash flow and direct capitalization models that include all projected cash inflows and outflows over a specific holding period, or the negotiated sales price, if applicable. Such projected cash flows are comprised of contractual rental revenues and forecasted rental revenues and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based on a reasonable range of current market rates for each property analyzed. Based upon these inputs, we determined that our valuations of properties using a discounted cash flow or a direct capitalization model were classified within Level 3 of the fair value hierarchy. For our properties for which the estimated fair value was based on negotiated sales prices, we determined that our valuation was classified within Level 2 of the fair value hierarchy. | ||||||||||||||
The following table sets forth quantitative information about the unobservable inputs of our Level 3 real estate, which were recorded at fair value during the year ended December 31, 2012. | ||||||||||||||
Unobservable Quantative Input | Range | |||||||||||||
Discount rates | 9.0% to 10.0% | |||||||||||||
Terminal capitalization rates | 9.0% to 10.0% | |||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
The fair values of our financial instruments approximate their carrying amount in our consolidated financial statements except for debt. Management's estimates of fair value are presented below for our debt as of December 31, 2013 and 2012. | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||
Amount(1) | Fair Value | Amount(1) | Fair Value | |||||||||||
Fixed-rate debt | $ | 13,919,820 | $ | 13,957,952 | $ | 14,954,601 | $ | 16,190,518 | ||||||
Variable-rate debt | 1,752,617 | 1,787,139 | 1,012,265 | 1,040,687 | ||||||||||
| | | | | | | | | | | | | | |
$ | 15,672,437 | $ | 15,745,091 | $ | 15,966,866 | $ | 17,231,205 | |||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Includes market rate adjustments of $0.9 million and $(23.3) million as of December 31, 2013 and 2012, respectively. | ||||||||||||||
The fair value of our Junior Subordinated Notes approximates their carrying amount as of December 31, 2013 and 2012. We estimated the fair value of mortgages, notes and other loans payable using Level 2 and Level 3 inputs based on recent financing transactions, estimates of the fair value of the property that serves as collateral for such debt, historical risk premiums for loans of comparable quality, current London Interbank Offered Rate ("LIBOR"), U.S. treasury obligation interest rates and on the discounted estimated future cash payments to be made on such debt. The discount rates estimated reflect our judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and assume that the debt is outstanding through maturity. We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed. Since such amounts are estimates that are based on limited available market information for similar transactions and do not acknowledge transfer or other repayment restrictions that may exist in specific loans, it is unlikely that the estimated fair value of any such debt could be realized by immediate settlement of the obligation. | ||||||||||||||
UNCONSOLIDATED_REAL_ESTATE_AFF
UNCONSOLIDATED REAL ESTATE AFFILIATES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ||||||||||
UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ||||||||||
NOTE 6 UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||
Following is summarized financial information for all of our Unconsolidated Real Estate Affiliates. | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
(Dollars in thousands) | |||||||||||
Condensed Combined Balance Sheets—Unconsolidated Real Estate Affiliates | |||||||||||
Assets: | |||||||||||
Land | $ | 1,046,354 | $ | 960,335 | |||||||
Buildings and equipment | 8,670,976 | 7,658,965 | |||||||||
Less accumulated depreciation | (2,301,054 | ) | (2,080,361 | ) | |||||||
Construction in progress | 46,339 | 173,419 | |||||||||
| | | | | | | | ||||
Net property and equipment | 7,462,615 | 6,712,358 | |||||||||
Investments in unconsolidated joint ventures | — | 1,201,044 | |||||||||
| | | | | | | | ||||
Net investment in real estate | 7,462,615 | 7,913,402 | |||||||||
Cash and cash equivalents | 260,405 | 485,387 | |||||||||
Accounts and notes receivable, net | 187,533 | 167,548 | |||||||||
Deferred expenses, net | 254,949 | 298,050 | |||||||||
Prepaid expenses and other assets | 147,182 | 140,229 | |||||||||
| | | | | | | | ||||
Total assets | $ | 8,312,684 | $ | 9,004,616 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Liabilities and Owners' Equity: | |||||||||||
Mortgages, notes and loans payable | $ | 6,503,686 | $ | 6,463,377 | |||||||
Accounts payable, accrued expenses and other liabilities | 324,620 | 509,064 | |||||||||
Cumulative effect of foreign currency translation ("CFCT") | (22,896 | ) | (158,195 | ) | |||||||
Owners' equity, excluding CFCT | 1,507,274 | 2,190,370 | |||||||||
| | | | | | | | ||||
Total liabilities and owners' equity | $ | 8,312,684 | $ | 9,004,616 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Investment In and Loans To/From Unconsolidated Real Estate Affiliates, Net: | |||||||||||
Owners' equity | $ | 1,484,378 | $ | 2,032,175 | |||||||
Less: joint venture partners' equity | (760,804 | ) | (1,105,457 | ) | |||||||
Plus: excess investment/basis differences | 1,666,719 | 1,939,153 | |||||||||
| | | | | | | | ||||
Investment in and loans to/from | $ | 2,390,293 | $ | 2,865,871 | |||||||
Unconsolidated Real Estate Affiliates, net | |||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Reconciliation—Investment In and Loans To/From Unconsolidated Real Estate Affiliates: | |||||||||||
Asset—Investment in and loans to/from | $ | 2,407,698 | $ | 2,865,871 | |||||||
Unconsolidated Real Estate Affiliates | |||||||||||
Liability—Investment in Unconsolidated | (17,405 | ) | — | ||||||||
Real Estate Affiliates | |||||||||||
| | | | | | | | ||||
Investment in and loans to/from | $ | 2,390,293 | $ | 2,865,871 | |||||||
Unconsolidated Real Estate Affiliates, net | |||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Condensed Combined Statements of Income—Unconsolidated Real Estate Affiliates | |||||||||||
Revenues: | |||||||||||
Minimum rents | $ | 770,999 | $ | 713,552 | $ | 674,197 | |||||
Tenant recoveries | 327,750 | 297,567 | 297,530 | ||||||||
Overage rents | 32,500 | 25,794 | 19,822 | ||||||||
Other | 34,007 | 32,758 | 27,530 | ||||||||
| | | | | | | | | | | |
Total revenues | 1,165,256 | 1,069,671 | 1,019,079 | ||||||||
| | | | | | | | | | | |
Expenses: | |||||||||||
Real estate taxes | 104,453 | 95,643 | 98,738 | ||||||||
Property maintenance costs | 35,100 | 38,277 | 40,293 | ||||||||
Marketing | 15,981 | 16,573 | 17,791 | ||||||||
Other property operating costs | 160,439 | 153,006 | 143,947 | ||||||||
Provision for doubtful accounts | 1,480 | 1,937 | 5,703 | ||||||||
Property management and other costs(1) | 52,932 | 48,724 | 46,996 | ||||||||
General and administrative | 2,333 | 1,660 | 7,535 | ||||||||
Depreciation and amortization | 279,713 | 260,262 | 254,560 | ||||||||
| | | | | | | | | | | |
Total expenses | 652,431 | 616,082 | 615,563 | ||||||||
| | | | | | | | | | | |
Operating income | 512,825 | 453,589 | 403,516 | ||||||||
Interest income | 1,431 | 746 | 1,729 | ||||||||
Interest expense | (287,716 | ) | (279,756 | ) | (299,755 | ) | |||||
Provision for income taxes | (316 | ) | (935 | ) | (794 | ) | |||||
Equity in income of unconsolidated joint ventures | — | — | 11,568 | ||||||||
| | | | | | | | | | | |
Income from continuing operations | 226,224 | 173,644 | 116,264 | ||||||||
Net income from disposed investment | 26,889 | 50,942 | 213,313 | ||||||||
Allocation to noncontrolling interests | 1 | (74 | ) | (75 | ) | ||||||
| | | | | | | | | | | |
Net income attributable to the ventures | $ | 253,114 | $ | 224,512 | $ | 329,502 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Equity In Income of Unconsolidated Real Estate Affiliates: | |||||||||||
Net income attributable to the ventures | $ | 253,114 | $ | 224,512 | $ | 329,502 | |||||
Joint venture partners' share of income | (140,193 | ) | (131,047 | ) | (181,213 | ) | |||||
Amortization of capital or basis differences | (54,002 | ) | (38,481 | ) | (145,391 | ) | |||||
| | | | | | | | | | | |
Equity in income of Unconsolidated Real Estate Affiliates | $ | 58,919 | $ | 54,984 | $ | 2,898 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes management fees charged to the unconsolidated joint ventures by GGMI, GGSI and GGPLP. | |||||||||||
The Unconsolidated Real Estate Affiliates represents our investments in real estate joint ventures that are not consolidated. We hold interests in 20 domestic joint ventures, comprising 31 U.S. regional malls and 5 strip/other retail centers, and one joint venture in Brazil. Generally, we share in the profits and losses, cash flows and other matters relating to our investments in Unconsolidated Real Estate Affiliates in accordance with our respective ownership percentages. We manage most of the properties owned by these joint ventures. As we have joint control of these ventures with our venture partners, we account for these joint ventures under the equity method. | |||||||||||
On November 18, 2013, we sold a portion of our interest in a joint venture, which resulted in our recognition of a gain of $10.1 million. The $10.1 million gain is recognized within Equity in income of Unconsolidated Real Estate Affiliates—gain on investment on our Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||
Aliansce Shopping Centers S.A. ("Aliansce") | |||||||||||
On September 30, 2013, we closed on the sale of our investment in Aliansce Shopping Centers, S.A. ("Aliansce") to Canada Pension Plan Investment Board and Rique Empreendimentos e Participacoes Ltda. ("Rique"), which includes a member of Aliansce management. The sale of the stock resulted in a loss of $3.7 million on our investment in the Unconsolidated Real Estate Affiliate, including the realization of accumulated foreign currency translation losses and a note receivable issued to Rique. The note receivable is recorded in Accounts and notes receivable on the Consolidated Balance Sheets at December 31, 2013. The note receivable is denominated in Brazilian Reais, bears interest at an effective interest rate of approximately 14%, is collateralized by shares of common stock of Aliansce, and requires annual principal and interest payments over the five year term. We recognize the impact of changes in the exchange rate on the note receivable as Loss on foreign currency in our Consolidated Statements of Operations and Comprehensive Income (Loss). | |||||||||||
The table below summarizes the loss calculation: | |||||||||||
Cash received from acquirers | $ | 446,322 | |||||||||
Note receivable from Rique | 151,127 | ||||||||||
GGP's investment in Aliansce | (491,325 | ) | |||||||||
Accumulated foreign currency translation adjustment realized | (109,861 | ) | |||||||||
| | | | | |||||||
Loss on sale of Aliansce | $ | (3,737 | ) | ||||||||
| | | | | |||||||
| | | | | |||||||
As of December 31, 2013, we still hold a 35% noncontrolling interest in a large regional mall, Shopping Leblon, in Rio de Janeiro, Brazil which is accounted for under the equity method. | |||||||||||
Unconsolidated Mortgages, Notes and Loans Payable and Retained Debt | |||||||||||
Our proportionate share of the mortgages, notes and loans payable of the unconsolidated joint ventures was $3.2 billion as of December 31, 2013 and $3.1 billion as of December 31, 2012, including Retained Debt (as defined below). There can be no assurance that the Unconsolidated Properties will be able to refinance or restructure such debt on acceptable terms or otherwise, or that joint venture operations or contributions by us and/or our partners will be sufficient to repay such loans. | |||||||||||
We have debt obligations in excess of our pro rata share of the debt for one of our Unconsolidated Real Estate Affiliates ("Retained Debt"). This Retained Debt represents distributed debt proceeds of the Unconsolidated Real Estate Affiliates in excess of our pro rata share of the non-recourse mortgage indebtedness. The proceeds of the Retained Debt which were distributed to us are included as a reduction in our investment in Unconsolidated Real Estate Affiliates. We had retained debt of $90.6 million at one property as of December 31, 2013, and $91.8 million as of December 31, 2012. We are obligated to contribute funds on an ongoing basis, as needed, to our Unconsolidated Real Estate Affiliates in amounts sufficient to pay debt service on such Retained Debt. If we do not contribute such funds, our distributions from such Unconsolidated Real Estate Affiliates, or our interest in, could be reduced to the extent of such deficiencies. As of December 31, 2013, we do not anticipate an inability to perform on our obligations with respect to Retained Debt. | |||||||||||
MORTGAGES_NOTES_AND_LOANS_PAYA
MORTGAGES, NOTES AND LOANS PAYABLE | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
MORTGAGES, NOTES AND LOANS PAYABLE | ' | |||||||||||||
MORTGAGES, NOTES AND LOANS PAYABLE | ' | |||||||||||||
NOTE 7 MORTGAGES, NOTES AND LOANS PAYABLE | ||||||||||||||
Mortgages, notes and loans payable and the weighted-average interest rates are summarized as follows: | ||||||||||||||
December 31, | Weighted-Average | December 31, | Weighted-Average | |||||||||||
2013(1) | Interest Rate(2) | 2012(3) | Interest Rate(2) | |||||||||||
Fixed-rate debt: | ||||||||||||||
Collateralized mortgages, notes and loans payable | $ | 13,907,029 | 4.55 | % | $ | 14,225,011 | 4.88 | % | ||||||
Corporate and other unsecured loans | 12,791 | 4.41 | % | 729,590 | 6.51 | % | ||||||||
| | | | | | | | | | | | | | |
Total fixed-rate debt | 13,919,820 | 4.55 | % | 14,954,601 | 4.96 | % | ||||||||
| | | | | | | | | | | | | | |
Variable-rate debt: | ||||||||||||||
Collateralized mortgages, notes and loans payable(4) | 1,700,817 | 2.61 | % | 1,012,265 | 3.42 | % | ||||||||
Corporate revolver | 51,800 | 1.74 | % | — | — | |||||||||
| | | | | | | | | | | | | | |
Total variable-rate debt | 1,752,617 | 2.59 | % | 1,012,265 | 3.42 | % | ||||||||
| | | | | | | | | | | | | | |
Total Mortgages, notes and loans payable | $ | 15,672,437 | 4.33 | % | $ | 15,966,866 | 4.86 | % | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Junior Subordinated Notes | $ | 206,200 | 1.69 | % | $ | 206,200 | 1.76 | % | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Includes net $0.9 million of debt market rate adjustments. | ||||||||||||||
-2 | ||||||||||||||
Represents the weighted-average interest rates on our principal balances, excluding the effects of deferred finance costs. | ||||||||||||||
-3 | ||||||||||||||
Includes net ($23.3) million of debt market rate adjustments. | ||||||||||||||
-4 | ||||||||||||||
Properties provide mortgage collateral as guarantors. $1.5 billion of the balance is cross-collateralized. | ||||||||||||||
Collateralized Mortgages, Notes and Loans Payable | ||||||||||||||
As of December 31, 2013, $20.4 billion of land, buildings and equipment (before accumulated depreciation) and construction in progress have been pledged as collateral for our mortgages, notes and loans payable. Certain of these consolidated secured loans, representing $1.6 billion of debt, are cross-collateralized with other properties. Although a majority of the $15.6 billion of fixed and variable rate collateralized mortgages, notes and loans payable are non-recourse, $1.6 billion of such mortgages, notes and loans payable are recourse to the Company as guarantees on secured financings. In addition, certain mortgage loans contain other credit enhancement provisions which have been provided by GGP. Certain mortgages, notes and loans payable may be prepaid but are generally subject to a prepayment penalty equal to a yield-maintenance premium, defeasance or a percentage of the loan balance. | ||||||||||||||
During the year ended December 31, 2013, we refinanced consolidated mortgage notes totaling $5.0 billion related to 36 properties with net proceeds of $1.3 billion. The prior loans had a weighted-average term-to-maturity of 2.7 years, and a weighted-average interest rate of 4.9%. The new loans have a weighted-average term-to-maturity of 8.3 years, and a weighted-average interest rate of 3.5%. | ||||||||||||||
Of the refinanced debt, $1.5 billion relates to a corporate loan initially secured by cross-collateralized mortgages on 16 properties with a weighted-average interest rate of LIBOR + 2.50% and a term-to-maturity of 3.0 years (with 2 one-year options). The prior loans were secured by 16 properties and had a weighted-average interest rate of 3.98% and a term-to-maturity of 3.3 years. During the year ended December 31, 2013, we expensed financing fees of $6.6 million associated with this loan in Loss on extinguishment of debt on our Consolidated Statements of Operations and Comprehensive Income (Loss), and we capitalized $9.5 million as deferred financing costs within Deferred expenses, net on our Consolidated Balance Sheets. | ||||||||||||||
Corporate and Other Unsecured Loans | ||||||||||||||
We have certain unsecured debt obligations, the terms of which are described below: | ||||||||||||||
December 31, | Weighted-Average | December 31, | Weighted-Average | |||||||||||
2013(2) | Interest Rate | 2012(3) | Interest Rate | |||||||||||
Unsecured debt: | ||||||||||||||
Unsecured Corporate Bonds—2010 Indenture | $ | — | — | $ | 608,688 | 6.75 | % | |||||||
HHC Note(1) | 13,179 | 4.41 | % | 19,347 | 4.41 | % | ||||||||
Unsecured Corporate Bonds—1995 Indenture | — | — | 91,786 | 5.38 | % | |||||||||
Corporate revolver | 51,800 | 1.74 | % | — | — | |||||||||
| | | | | | | | | | | | | | |
Total unsecured debt | $ | 64,979 | 2.28 | % | $ | 719,821 | 6.51 | % | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Matures in December 2015. | ||||||||||||||
-2 | ||||||||||||||
Excludes a market rate discount of $0.4 million that decreases the total amount that appears outstanding in our Consolidated Balance Sheets. The market rate discount amortizes as an addition to interest expense over the life of the loan. | ||||||||||||||
-3 | ||||||||||||||
Excludes a net market rate premium of $9.8 million that increases the total amount that appears outstanding in our Consolidated Balance Sheets. The market rate premium amortizes as a reduction to interest expense over the life of the respective loan. | ||||||||||||||
On February 14, 2013, the Company redeemed $91.8 million of the 5.38% unsecured corporate bonds due November 26, 2013. The bonds were redeemed in cash at the "Make-Whole Price", as defined in the applicable indenture, plus accrued and unpaid interest up to, but excluding, the redemption date. We incurred debt extinguishment costs of $3.5 million in connection with the redemption, which is recorded within Loss on extinguishment of debt on our Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||
On May 1, 2013, the Company redeemed $608.7 million of the 6.75% unsecured corporate bonds due November 9, 2015. The bonds were redeemed in cash at the "Make-Whole Price", as defined in the applicable indenture, plus accrued and unpaid interest up to, but excluding, the redemption date. We incurred debt extinguishment costs of $20.5 million in connection with the redemption, which is recorded within Loss on extinguishment of debt on our Consolidated Statements of Operations and Comprehensive Income (Loss). | ||||||||||||||
The unsecured corporate bonds had covenants, including ratios of secured debt-to-gross assets and total debt-to-gross assets that governed our ability to incur debt for certain assets. As a result of the redemptions of the unsecured corporate bonds, the Company and related assets are no longer subject to the unsecured corporate bonds' covenants. | ||||||||||||||
Our revolving credit facility (the "Facility") as amended on October 23, 2013, provides for revolving loans of up to $1.0 billion. The Facility has an uncommitted accordion feature for a total facility of up to $1.5 billion. The Facility is scheduled to mature in October 2018 and is unsecured. Borrowings under the Facility bear interest at a rate equal to LIBOR plus 132.5 to 195 basis points, which is determined by the Company's leverage level. The Facility contains certain restrictive covenants which limit material changes in the nature of our business conducted, including but not limited to, mergers, dissolutions or liquidations, dispositions of assets, liens, incurrence of additional indebtedness, dividends, transactions with affiliates, prepayment of subordinated debt, negative pledges and changes in fiscal periods. In addition, we are required not to exceed a maximum net debt-to-value ratio, a maximum leverage ratio and a minimum net cash interest coverage ratio; we are not aware of any instances of non-compliance with such covenants as of December 31, 2013. $51.8 million was outstanding on the Facility, as of December 31, 2013. | ||||||||||||||
Junior Subordinated Notes | ||||||||||||||
GGP Capital Trust I, a Delaware statutory trust (the "Trust") and a wholly-owned subsidiary of GGPLP, completed a private placement of $200.0 million of trust preferred securities ("TRUPS") in 2006. The Trust also issued $6.2 million of Common Securities to GGPLP. The Trust used the proceeds from the sale of the TRUPS and Common Securities to purchase $206.2 million of floating rate Junior Subordinated Notes of GGPLP due 2041. Distributions on the TRUPS are equal to LIBOR plus 1.45%. Distributions are cumulative and accrue from the date of original issuance. The TRUPS mature on April 30, 2041, but may be redeemed beginning on April 30, 2011 if the Trust exercises its right to redeem a like amount of Junior Subordinated Notes. The Junior Subordinated Notes bear interest at LIBOR plus 1.45% and are fully recourse to the Company. Though the Trust is a wholly-owned subsidiary of GGPLP, we are not the primary beneficiary of the Trust and, accordingly, it is not consolidated for accounting purposes. We have recorded the Junior Subordinated Notes as a liability and our common equity interest in the Trust as prepaid expenses and other assets in our Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012. | ||||||||||||||
Letters of Credit and Surety Bonds | ||||||||||||||
We had outstanding letters of credit and surety bonds of $19.4 million as of December 31, 2013 and $21.7 million as of December 31, 2012. These letters of credit and bonds were issued primarily in connection with insurance requirements, special real estate assessments and construction obligations. | ||||||||||||||
We are not aware of any instances of non-compliance with our financial covenants related to our mortgages, notes and loans payable as of December 31, 2013 with the exception of one property transferred to a special servicer which is currently in default. | ||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
INCOME TAXES | ' | ||||||||||
INCOME TAXES | ' | ||||||||||
NOTE 8 INCOME TAXES | |||||||||||
We have elected to be taxed as a REIT under the Internal Revenue Code. We intend to maintain REIT status. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our taxable ordinary income and to either distribute taxable capital gains to stockholders, or pay corporate income tax on the undistributed capital gains. In addition, the Company is required to meet certain asset and income tests. | |||||||||||
As a REIT, we will generally not be subject to corporate level Federal income tax on taxable income we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to Federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income or property, and to Federal income and excise taxes on our undistributed taxable income. Generally, we are currently open to audit by the Internal Revenue Service for the years ended December 31, 2010 through 2013 and are open to audit by state taxing authorities for the years ended December 31, 2009 through 2013. | |||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||
Current | $ | 3,855 | $ | 5,036 | $ | 11,548 | |||||
Deferred | (3,510 | ) | 4,055 | (2,825 | ) | ||||||
| | | | | | | | | | | |
Total from Continuing Operations | 345 | 9,091 | 8,723 | ||||||||
Current | — | 23 | 632 | ||||||||
Deferred | — | — | — | ||||||||
| | | | | | | | | | | |
Total from Discontinued Operations | — | 23 | 632 | ||||||||
| | | | | | | | | | | |
Total | $ | 345 | $ | 9,114 | $ | 9,355 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Realization of a deferred tax benefit is dependent upon generating sufficient taxable income in future periods. Our TRS net operating loss carryforwards of $20.0 million are currently scheduled to expire in subsequent years through 2033. Our capital loss carryforwards of $6.6 million are scheduled to expire in 2016. Substantially all of these attributes are limited under Section 382 of the Code and are subject to valuation allowances. All of the REIT net operating loss carryforward amounts are subject to annual limitations under Section 382 of the Code, although it is not expected that there will be a significant impact. | |||||||||||
Each TRS and certain REIT entities subject to state income taxes is a tax paying component for purposes of classifying deferred tax assets and liabilities. Net deferred tax assets (liabilities) are summarized as follows: | |||||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Total deferred tax assets | $ | 16,077 | $ | 17,778 | $ | 21,574 | |||||
Valuation allowance | (15,171 | ) | (16,876 | ) | (16,996 | ) | |||||
| | | | | | | | | | | |
Net deferred tax assets | 906 | 902 | 4,578 | ||||||||
Total deferred tax liabilities | (24,667 | ) | (28,174 | ) | (29,220 | ) | |||||
| | | | | | | | | | | |
Net deferred tax liabilities | $ | (23,761 | ) | $ | (27,272 | ) | $ | (24,642 | ) | ||
| | | | | | | | | | | |
| | | | | | | | | | | |
Due to the uncertainty of the realization of certain tax carryforwards, we have established valuation allowances on those deferred tax assets that we do not reasonably expect to realize. Deferred tax assets that we believe have only a remote possibility of realization have not been recorded. | |||||||||||
The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31, 2013 and December 31, 2012 are summarized as follows: | |||||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Operating loss and tax credit carryforwards | $ | 15,477 | $ | 15,051 | $ | 5,489 | |||||
Other TRS property, primarily differences in basis of assets and liabilities | (24,067 | ) | (25,447 | ) | (13,135 | ) | |||||
Valuation allowance | (15,171 | ) | (16,876 | ) | (16,996 | ) | |||||
| | | | | | | | | | | |
Net deferred tax liabilities | $ | (23,761 | ) | $ | (27,272 | ) | $ | (24,642 | ) | ||
| | | | | | | | | | | |
| | | | | | | | | | | |
We had unrecognized tax benefits recorded pursuant to uncertain tax positions of $5.1 million and $5.4 million as of December 31, 2013 and December 31, 2012 respectively, excluding interest, all of which would impact our effective tax rate. We do not expect significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2013. | |||||||||||
WARRANTS
WARRANTS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
WARRANTS | ' | ||||||||||
WARRANTS | ' | ||||||||||
NOTE 9 WARRANTS | |||||||||||
Pursuant to the terms of the Investment Agreements, the Plan Sponsors and Blackstone were issued 120,000,000 warrants (the "Warrants") to purchase common stock of GGP with an initial weighted average exercise price of $10.63. Each Warrant was originally recorded as a liability, as the holders of the Warrants could have required GGP to settle such Warrants in cash upon certain changes of control events. The Warrants were fully vested upon issuance. Each Warrant has a term of seven years and expires on November 9, 2017. Below is a summary of the Warrants initially received by the Plan Sponsors and Blackstone. | |||||||||||
Initial Warrant Holder | Number of Warrants | Initial | |||||||||
Exercise Price | |||||||||||
Brookfield | 57,500,000 | $ | 10.75 | ||||||||
Blackstone—B(2) | 2,500,000 | 10.75 | |||||||||
Fairholme(2) | 41,070,000 | 10.5 | |||||||||
Pershing Square(1) | 16,430,000 | 10.5 | |||||||||
Blackstone—A(2) | 2,500,000 | 10.5 | |||||||||
| | | | | | | | ||||
120,000,000 | |||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
-1 | |||||||||||
On December 31, 2012, the Pershing Square Warrants were purchased by the Brookfield Investor. | |||||||||||
-2 | |||||||||||
On January 28, 2013, the Fairholme and Blackstone Warrants (A and B) were purchased by GGP. | |||||||||||
The Brookfield Warrants and the Blackstone Warrants (A and B) were immediately exercisable, while the Fairholme Warrants and the Pershing Square Warrants were exercisable (for the initial 6.5 years from the issuance) only upon 90 days prior notice, but there is no obligation to exercise at any point from the end of the 90 day notification period through maturity. | |||||||||||
The exercise prices of the Warrants are subject to adjustment for future dividends, stock dividends, distribution of assets, stock splits or reverse splits of our common stock or certain other events. In accordance with the agreement, these calculations adjust both the exercise price and the number of shares issuable for the 120,000,000 Warrants that were initially issued to the Plan Sponsors. During 2012 and 2013, the number of shares issuable upon exercise of the outstanding Warrants changed as follows: | |||||||||||
Exercise Price | |||||||||||
Record Date | Issuable Shares(1) | Brookfield and | Fairholme, | ||||||||
Blackstone—B(2) | Pershing Square and | ||||||||||
Blackstone—A(2)(3) | |||||||||||
April 16, 2012 | 132,372,000 | $ | 9.75 | $ | 9.52 | ||||||
July 16, 2012 | 133,116,000 | 9.69 | 9.47 | ||||||||
October 15, 2012 | 133,884,000 | 9.64 | 9.41 | ||||||||
December 14, 2012 | 134,640,000 | 9.58 | 9.36 | ||||||||
April 16, 2013 | 83,443,178 | 9.53 | 9.3 | ||||||||
July 16, 2013 | 83,945,892 | 9.47 | 9.25 | ||||||||
October 15, 2013 | 84,507,750 | 9.41 | 9.19 | ||||||||
December 13, 2013 | 85,084,392 | 9.34 | 9.12 | ||||||||
-1 | |||||||||||
Issuable shares as of April 16, 2013 exlcude the Fairholme and Blackstone A and B warrants purchased by GGPLP. | |||||||||||
-2 | |||||||||||
On January 28, 2013, the Fairholme and Blackstone Warrants (A and B) were purchased by GGPLP. | |||||||||||
-3 | |||||||||||
On December 31, 2012, the Pershing Square Warrants were purchased by the Brookfield Investor. | |||||||||||
On December 31, 2012, Brookfield acquired all of the 16,430,000 Warrants held by Pershing Square for a purchase price of approximately $272 million. At the time of purchase, the Pershing Square Warrants were exercisable into approximately 10 million common shares of the Company at a weighted-average exercise price of approximately $9.36 per share, assuming net share settlement (i.e. receive shares in common stock equivalent to the intrinsic value of the warrant at the time of exercise). In connection with the transaction, Brookfield and Pershing Square are required to abide by certain undertakings outlined in their Warrant Purchase Agreement dated December 31, 2012, filed on the same date. | |||||||||||
On January 28, 2013, GGPLP acquired the 41,070,000 Warrants held by Fairholme and the 5,000,000 Warrants held by Blackstone for an aggregate purchase price of approximately $633 million. At the time of purchase, the GGPLP Warrants were exercisable into approximately 27 million common shares of the Company at a weighted-average exercise price of approximately $9.37 per share, assuming net share settlement. On March 26, 2013, GGPLP exercised its warrants and was issued approximately 27.5 million shares of GGP's common stock, under net share settlement (See Note 12 for further discussion). | |||||||||||
As a result of the transactions occurring on December 31, 2012, and January 28, 2013, Brookfield now owns or manages on behalf of third parties all of the outstanding Warrants. Brookfield has the option for 57,500,000 Warrants to either full share settle (i.e. deliver cash for the exercise price of the Warrants in the amount of approximately $618 million in exchange for approximately 65,000,000 shares of common stock) or net share settle. The remaining 16,430,000 Warrants owned or managed by Brookfield must be net share settled. As of December 31, 2013, the remaining Warrants are exercisable into approximately 46 million common shares of the Company, at a weighted-average exercise price of approximately $9.29 per share. Due to their ownership of Warrants, Brookfield's potential ownership of the Company may change as a result of payments of dividends and changes in our stock price. | |||||||||||
On March 28, 2013, we amended the warrant agreement to replace the right of warrant holders to receive cash from the Company under a change of control to the right to, instead, receive shares of the Company, changing the method of settlement. This amendment results in the classification of the Warrants as a component of permanent equity on our Consolidated Balance Sheets. Prior to the amendment, the Warrants were classified as a liability, due to the cash settlement feature, and marked to fair value, with changes in fair value recognized in earnings. As a result of the amendment, the fair value was determined as of March 28, 2013 with the change in fair value recognized in our Consolidated Statements of Operations and Comprehensive Income (Loss) and the determined fair value was reclassified to equity. | |||||||||||
The estimated fair value of the Warrants was $895.5 million as of March 28, 2013 and $1.5 billion as of December 31, 2012. The fair value of the Warrants was estimated using the Black Scholes option pricing model using our stock price, the Warrant term, and Level 3 inputs (Note 2). As discussed above, the modification of the warrant agreement resulted in the classification of the Warrants as equity as of March 28, 2013. From December 31, 2012 through March 28, 2013, changes in the fair value of the Warrants were recognized in earnings. An increase in GGP's common stock price or in the expected volatility of the Warrants would increase the fair value; whereas, a decrease in GGP's common stock price or an increase in the lack of marketability would decrease the fair value. | |||||||||||
The following table summarizes the change in fair value of the Warrants which is measured on a recurring basis using Level 3 inputs: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance as of January 1, | $ | 1,488,196 | $ | 985,962 | $ | 1,041,004 | |||||
Warrant liability adjustment | 40,546 | 502,234 | (55,042 | ) | |||||||
Purchase of Warrants by GGPLP | (633,229 | ) | — | — | |||||||
Reclassification to equity | (895,513 | ) | — | — | |||||||
| | | | | | | | | | | |
Balance as of December 31, | $ | — | $ | 1,488,196 | $ | 985,962 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following table summarizes the estimated fair value of the Warrants and significant observable and unobservable inputs used in the valuation as of March 28, 2013 and December 31, 2012: | |||||||||||
March 28, 2013 | December 31, 2012 | ||||||||||
Fair value of Warrants | $895,513 | $1,488,196 | |||||||||
Observable Inputs | |||||||||||
GGP stock price per share | $19.88 | $19.85 | |||||||||
Warrant term | 4.62 | 4.86 | |||||||||
Unobservable Inputs | |||||||||||
Expected volatility | 30% | 33% | |||||||||
Range of values considered | (15% - 65%) | (20% - 65%) | |||||||||
Discount for lack of marketability | 3% | 3% | |||||||||
Range of values considered | (3% - 7%) | (3% - 7%) |
RENTALS_UNDER_OPERATING_LEASES
RENTALS UNDER OPERATING LEASES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
RENTALS UNDER OPERATING LEASES | ' | ||||
RENTALS UNDER OPERATING LEASES | ' | ||||
NOTE 10 RENTALS UNDER OPERATING LEASES | |||||
We receive rental income from the leasing of retail and other space under operating leases. The minimum future rentals based on operating leases of our Consolidated Properties as of December 31, 2013 are as follows: | |||||
Year | Amount | ||||
2014 | $ | 1,381,256 | |||
2015 | 1,261,589 | ||||
2016 | 1,118,800 | ||||
2017 | 976,692 | ||||
2018 | 833,062 | ||||
Subsequent | 2,764,500 | ||||
| | | | | |
$ | 8,335,899 | ||||
| | | | | |
| | | | | |
Minimum future rentals exclude amounts which are payable by certain tenants based upon a percentage of their gross sales or as reimbursement of operating expenses and amortization of above and below-market tenant leases. Such operating leases are with a variety of tenants, the majority of which are national and regional retail chains and local retailers, and consequently, our credit risk is concentrated in the retail industry. | |||||
EQUITY_AND_REDEEMABLE_NONCONTR
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | ' | ||||||||||||||||
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | ' | ||||||||||||||||
NOTE 11 EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||
Allocation to Noncontrolling Interests | |||||||||||||||||
Noncontrolling interests consists of the redeemable interests related to our common and preferred Operating Partnership units and the noncontrolling interest in our consolidated joint ventures. The following table reflects the activity included in the allocation to noncontrolling interests. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Distributions to preferred Operating Partnership units | $ | (9,287 | ) | $ | (12,414 | ) | $ | (9,655 | ) | ||||||||
Net (income) loss allocation to noncontrolling interests in operating partnership from continuing operations (common units) | (2,281 | ) | 3,498 | 2,212 | |||||||||||||
Net (income) loss allocated to noncontrolling interest in consolidated real estate affiliates | (3,103 | ) | (784 | ) | 1,075 | ||||||||||||
| | | | | | | | | | | |||||||
Allocation to noncontrolling interests | (14,671 | ) | (9,700 | ) | (6,368 | ) | |||||||||||
Other comprehensive loss allocated to noncontrolling interests | (393 | ) | 258 | 337 | |||||||||||||
| | | | | | | | | | | |||||||
Comprehensive loss allocated to noncontrolling interests | $ | (15,064 | ) | $ | (9,442 | ) | $ | (6,031 | ) | ||||||||
| | | | | | | | | | | |||||||
Redeemable Noncontrolling Interests | |||||||||||||||||
The minority interest related to the Common and Preferred Units of the Operating Partnership are presented as redeemable noncontrolling interests in our Consolidated Balance Sheets since it is possible we could be required, under certain events outside of our control, to redeem the securities for cash by the holders of the securities. | |||||||||||||||||
The Common and Preferred Units of the Operating Partnership are recorded at the greater of the carrying amount adjusted for the noncontrolling interest's share of the allocation of income or loss (and its share of other comprehensive income or loss) and dividends or their fair value as of each measurement date. The excess of the fair value over the carrying amount from period to period is recorded within Additional paid-in capital (loss) in our Consolidated Balance Sheets. Allocation to noncontrolling interests is presented as an adjustment to net income to arrive at net loss attributable to GGP. | |||||||||||||||||
The common redeemable noncontrolling interests have been recorded at fair value for all periods presented. One tranche of preferred redeemable noncontrolling interests has been recorded at fair value, while the other tranches of preferred redeemable noncontrolling interests have been recorded at carrying value. | |||||||||||||||||
Generally, the holders of the Common Units share in any distributions by the Operating Partnership with our common stockholders. However, the Operating Partnership agreement permits distributions solely to GGP if such distributions were required to allow GGP to comply with the REIT distribution requirements or to avoid the imposition of excise tax. Under certain circumstances, the conversion rate for each Common Unit is required to be adjusted to give effect to stock distributions. If the holders had requested redemption of the Common Units as of December 31, 2013, the aggregate amount of cash we would have paid would have been $131.9 million. | |||||||||||||||||
The Operating Partnership issued Convertible Preferred Units that are convertible into Common Units of the Operating Partnership at the rates below (subject to adjustment). The holder may convert the Convertible Preferred Units into Common Units of the Operating Partnership at any time, subject to certain restrictions. The Common Units are convertible into common stock at a one-to-one ratio at the current stock price. | |||||||||||||||||
Number of Common | Number of | Converted Basis to | Conversion Price | Redemption Value | |||||||||||||
Units for each | Contractual | Common Units | |||||||||||||||
Preferred Unit | Convertible | Outstanding as of | |||||||||||||||
Preferred Units | December 31, 2013 | ||||||||||||||||
Outstanding as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Series B(1) | 3 | 1,279,632 | 3,991,540 | $ | 16.6667 | 80,110 | |||||||||||
Series D | 1.50821 | 532,750 | 803,499 | 33.15188 | 26,638 | ||||||||||||
Series E | 1.29836 | 502,658 | 652,631 | 38.51 | 25,133 | ||||||||||||
| | | | | | | | | | | | | | | | | |
$ | 131,881 | ||||||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
-1 | |||||||||||||||||
The conversion price of Series B preferred units is lower than the GGP December 31, 2013 closing common stock price of $20.07. Therefore, a common stock price of $20.07 is used to calculate the Series B redemption value. | |||||||||||||||||
The following table reflects the activity of the redeemable noncontrolling interests for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||
Balance at January 1, 2011 | $ | 232,364 | |||||||||||||||
Net loss | (2,212 | ) | |||||||||||||||
Distributions | (5,879 | ) | |||||||||||||||
Redemption of operating partnership units | (4,615 | ) | |||||||||||||||
Other comprehensive loss | (337 | ) | |||||||||||||||
Fair value adjustment for noncontrolling interests in Operating Partnership | 4,474 | ||||||||||||||||
| | | | | |||||||||||||
Balance at December 31, 2011 | $ | 223,795 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Balance at January 1, 2012 | $ | 223,795 | |||||||||||||||
Net loss | (3,498 | ) | |||||||||||||||
Distributions | (2,850 | ) | |||||||||||||||
Redemption of operating partnership units | (2,730 | ) | |||||||||||||||
Dividend for RPI Spin-Off | 3,137 | ||||||||||||||||
Other comprehensive loss | (258 | ) | |||||||||||||||
Fair value adjustment for noncontrolling interests in Operating Partnership | 50,623 | ||||||||||||||||
| | | | | |||||||||||||
Balance at December 31, 2012 | $ | 268,219 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Balance at January 1, 2013 | $ | 268,219 | |||||||||||||||
Net income | 2,281 | ||||||||||||||||
Distributions | (3,275 | ) | |||||||||||||||
Redemption of operating partnership units(1) | (41,889 | ) | |||||||||||||||
Other comprehensive income | 393 | ||||||||||||||||
Fair value adjustment for noncontrolling interests in Operating Partnership | 3,173 | ||||||||||||||||
| | | | | |||||||||||||
Balance at December 31, 2013 | $ | 228,902 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
-1 | |||||||||||||||||
Operating partnership unit holders redeemed 1,756,521 units in 2013. | |||||||||||||||||
Common Stock Dividend and Purchase of Common Stock | |||||||||||||||||
Our Board of Directors declared common stock dividends during 2013 and 2012 as follows: | |||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend Per Share | ||||||||||||||
2013 | |||||||||||||||||
October 28 | December 13 | January 2, 2014 | 0.14 | ||||||||||||||
July 29 | October 15 | October 29, 2013 | 0.13 | ||||||||||||||
May 10 | July 16 | July 30, 2013 | 0.12 | ||||||||||||||
February 4 | April 16 | April 30, 2013 | 0.12 | ||||||||||||||
2012 | |||||||||||||||||
November 20 | December 14 | January 4, 2013 | 0.11 | ||||||||||||||
July 31 | October 15 | October 29, 2012 | 0.11 | ||||||||||||||
April 26 | July 16 | July 30, 2012 | 0.1 | ||||||||||||||
February 23 | April 16 | April 30, 2012 | 0.1 | ||||||||||||||
Distributions paid on our common stock and their tax status, as sent to our shareholders, is presented in the following table. The tax status of GGP distributions in 2013, 2012, and 2011 may not be indicative of future periods. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Ordinary income | $ | 0.33 | $ | 0.316 | $ | 0.303 | |||||||||||
Return of capital | — | — | — | ||||||||||||||
Qualified dividends | — | — | — | ||||||||||||||
Capital gain distributions | 0.29 | 0.221 | 0.296 | ||||||||||||||
| | | | | | | | | | | |||||||
Distributions per share | $ | 0.62 | $ | 0.537 | $ | 0.599 | |||||||||||
| | | | | | | | | | | |||||||
Our Dividend Reinvestment Plan ("DRIP") provides eligible holders of GGP's common stock with a convenient method of increasing their investment in the Company by reinvesting all or a portion of cash dividends in additional shares of common stock. Eligible stockholders who enroll in the DRIP on or before the fourth business day preceding the record date for a dividend payment will be able to have that dividend reinvested. As a result of the DRIP elections, 28,852 shares were issued during the year ended December 31, 2013 and 3,111,365 shares were issued during the year ended December 31, 2012. | |||||||||||||||||
Preferred Stock | |||||||||||||||||
On February 13, 2013, we issued, in a public offering, 10,000,000 shares of 6.375% Series A Cumulative Perpetual Preferred Stock (the "Preferred Stock") at a price of $25.00 per share, resulting in net proceeds of $242.0 million after issuance costs. The Preferred Stock is recorded net of issuance costs within equity on our Consolidated Balance Sheets, and accrues a quarterly dividend at an annual rate of 6.375%. The dividend is paid in arrears in preference to dividends on our common stock, and reduces net income available to common stockholders, and therefore, earnings per share. | |||||||||||||||||
The Preferred Stock does not have a stated maturity date but we may redeem the Preferred Stock after February 12, 2018, for $25.00 per share plus all accrued and unpaid dividends. We may redeem the Preferred Stock prior to February 12, 2018, in limited circumstances that preserve ownership limits and/or our status as a REIT, as well as during certain circumstances surrounding a change of control. Upon certain circumstances surrounding a change of control, holders of Preferred Stock may elect to convert each share of their Preferred Stock into a number of shares of GGP common stock equivalent to $25.00 plus accrued and unpaid dividends, but not to exceed a cap of 2.4679 common shares (subject to certain adjustments related to GGP common share splits, subdivisions, or combinations). | |||||||||||||||||
Our Board of Directors declared preferred stock dividends during 2013 as follows: | |||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend Per Share | ||||||||||||||
2013 | |||||||||||||||||
October 28 | December 13 | January 2, 2014 | $ | 0.3984 | |||||||||||||
July 29 | September 13 | October 1, 2013 | 0.3984 | ||||||||||||||
May 10 | June 14 | July 1, 2013 | 0.3984 | ||||||||||||||
March 4 | March 15 | April 1, 2013 | 0.2125 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
EARNINGS PER SHARE | ' | ||||||||||
EARNINGS PER SHARE | ' | ||||||||||
NOTE 12 EARNINGS PER SHARE | |||||||||||
Basic earnings per share ("EPS") is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of the Warrants are computed using the "if-converted" method and the dilutive effect of options and their equivalents (including fixed awards and nonvested stock issued under stock-based compensation plans), is computed using the "treasury" method. | |||||||||||
Information related to our EPS calculations is summarized as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerators—Basic: | |||||||||||
Income (loss) from continuing operations | $ | 307,156 | $ | (462,056 | ) | $ | (193,891 | ) | |||
Preferred Stock dividend | (14,078 | ) | — | — | |||||||
Allocation to noncontrolling interests | (14,602 | ) | (9,663 | ) | (6,411 | ) | |||||
| | | | | | | | | | | |
Income (loss) from continuing operations—net of noncontrolling interests | 278,476 | (471,719 | ) | (200,302 | ) | ||||||
Discontinued operations | 10,043 | (9,477 | ) | (112,913 | ) | ||||||
Allocation to noncontrolling interests | (69 | ) | (37 | ) | 43 | ||||||
| | | | | | | | | | | |
Discontinued operations—net of noncontrolling interests | 9,974 | (9,514 | ) | (112,870 | ) | ||||||
Net income (loss) | 317,199 | (471,533 | ) | (306,804 | ) | ||||||
Preferred Stock dividend | (14,078 | ) | — | — | |||||||
Allocation to noncontrolling interests | (14,671 | ) | (9,700 | ) | (6,368 | ) | |||||
| | | | | | | | | | | |
Net income (loss) attributable to common stockholders | $ | 288,450 | $ | (481,233 | ) | $ | (313,172 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Numerators—Diluted: | |||||||||||
Income (loss) from continuing operations—net of noncontrolling interests | $ | 278,476 | $ | (471,719 | ) | $ | (200,302 | ) | |||
Exclusion of warrant adjustment | — | — | (55,042 | ) | |||||||
| | | | | | | | | | | |
Diluted income (loss) from continuing operations | $ | 278,476 | $ | (471,719 | ) | $ | (255,344 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income (loss) attributable to common stockholders | $ | 288,450 | $ | (481,233 | ) | $ | (313,172 | ) | |||
Exclusion of Warrant adjustment | — | — | (55,042 | ) | |||||||
| | | | | | | | | | | |
Diluted net income (loss) attributable to common stockholders | $ | 288,450 | $ | (481,233 | ) | $ | (368,214 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominators: | |||||||||||
Weighted-average number of common shares outstanding—basic | 930,643 | 938,049 | 943,669 | ||||||||
Effect of dilutive securities | 3,425 | — | 37,467 | ||||||||
| | | | | | | | | | | |
Weighted-average number of common shares outstanding—diluted | 934,068 | 938,049 | 981,136 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Anti-dilutive Securities: | |||||||||||
Effect of Preferred Units | 5,506 | 5,526 | 5,526 | ||||||||
Effect of Common Units | 6,434 | 6,819 | 6,929 | ||||||||
Effect of Stock Options | — | 2,352 | 671 | ||||||||
Effect of Warrants | 46,724 | 61,065 | — | ||||||||
| | | | | | | | | | | |
58,664 | 75,762 | 13,126 | |||||||||
| | | | | | | | | | | |
Options were anti-dilutive for the years ended December 31, 2012 and December 31, 2011 periods presented because of net losses, and, as such, their effect has not been included in the calculation of diluted net loss per share. For the year ended December 31, 2013 dilutive options are included in the denominator of EPS. In addition, potentially dilutive shares related to the Warrants for the years ended December 31, 2013 and December 31, 2012 have been excluded from the denominator in the computation of diluted EPS because they are also anti-dilutive. In 2011, dilutive shares related to the Warrants are included in the denominator of EPS because they are dilutive. Outstanding Common Units have also been excluded from the diluted earnings per share calculation because including such Common Units would also require that the share of GGPLP income attributable to such Common Units be added back to net income therefore resulting in no effect on EPS. | |||||||||||
During the year ended December 31, 2013, GGPLP repurchased 28,345,108 shares of GGP's common stock for $566.9 million, and these shares are presented as Common stock in treasury, at cost, on our Consolidated Balance Sheets. Accordingly, these shares have been excluded from the calculation of EPS. In addition, GGPLP was issued 27,459,195 shares of GGP common stock on March 26, 2013, as a result of GGPLP's purchase and subsequent exercising of the Fairholme and Blackstone Warrants (Note 9). These shares are presented as issued, but not outstanding on our Consolidated Balance Sheets. Accordingly, these shares have been excluded from the calculation of EPS. | |||||||||||
As a result of these transactions, GGPLP owns 55,804,303 shares of GGP common stock as of December 31, 2013. | |||||||||||
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||||||||||
NOTE 13 STOCK-BASED COMPENSATION PLANS | ||||||||||||||||||||
Incentive Stock Plans | ||||||||||||||||||||
The General Growth Properties, Inc. 2010 Equity Plan (the "Equity Plan") which remains in effect after the Effective Date, reserved for issuance of 4% of GGP outstanding shares on a fully diluted basis as of the Effective Date. The Equity Plan provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, other stock-based awards and performance-based compensation (collectively, "the Awards"). Directors, officers and other employees of GGP's and its subsidiaries and affiliates are eligible for Awards. The Equity Plan is not subject to the Employee Retirement Income Security Act of 1974, as amended. No participant may be granted more than 4,000,000 shares, or the equivalent dollar value of such shares, in any year. Options granted under the Equity Plan will be designated as either nonqualified stock options or incentive stock options. An option granted as an incentive stock option will, to the extent it fails to qualify as an incentive stock option, be treated as a nonqualified option. The exercise price of an option may not be less than the fair value of a share of GGP's common stock on the date of grant. The term of each option will be determined prior to the date of grant, but may not exceed ten years. | ||||||||||||||||||||
Stock Options | ||||||||||||||||||||
The following tables summarize stock option activity for the Equity Plan for GGP for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||
Average | Average | Average | ||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||
Price | Price | Price | ||||||||||||||||||
Stock options Outstanding at January 1, | 9,692,499 | $ | 13.59 | 11,503,869 | $ | 15.65 | 5,427,011 | $ | 20.21 | |||||||||||
Granted | 12,740,784 | 19.97 | — | — | 8,662,716 | 15.26 | ||||||||||||||
Exercised | (339,723 | ) | 14.33 | (607,473 | ) | 13.89 | (51,988 | ) | 11.05 | |||||||||||
Forfeited | (488,969 | ) | 16.27 | (703,183 | ) | 14.68 | (1,606,792 | ) | 14.96 | |||||||||||
Expired | (39,310 | ) | 14.35 | (500,714 | ) | 46.28 | (927,078 | ) | 39.31 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Stock options Outstanding at December 31, | 21,565,281 | $ | 17.28 | 9,692,499 | $ | 13.59 | 11,503,869 | $ | 15.65 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Intrinsic value of exercised options in period (in millions): | $ | 4.9 | $ | 3.3 | $ | 0.2 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
The weighted average remaining contractual term of nonvested awards as of December 31, 2013 was 1.0 year. | ||||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | |||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted | Shares | Weighted Average | Weighted | ||||||||||||||
Remaining Contractual | Average | Remaining Contractual | Average | |||||||||||||||||
Term (in years) | Exercise | Term (in years) | Exercise | |||||||||||||||||
Price | Price | |||||||||||||||||||
$8.00 - $12.00 | 2,000,000 | 6.8 | $ | 9.69 | 1,500,000 | 6.8 | $ | 9.69 | ||||||||||||
$13.00 - $17.00 | 6,996,034 | 7.4 | 14.61 | 2,965,960 | 7.3 | 14.58 | ||||||||||||||
$18.00 - $22.00 | 12,569,247 | 9.5 | 19.98 | — | — | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total | 21,565,281 | 8.6 | $ | 17.28 | 4,465,960 | 7.1 | $ | 12.94 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Intrinsic value ($20.07 stock price) | $ | 60,167 | $ | 31,842 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Stock options under the Equity Plan generally vest in 20% increments annually from one year from the grant date. Options under certain previous equity plans were replaced under the Plan with options, fully vested, in GGP common stock. | ||||||||||||||||||||
The weighted-average fair value of stock options as of the grant date was $5.11 for stock options granted during the year ended December 31, 2013 and $4.59 for stock options granted during the year ended December 31, 2011. | ||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||
Pursuant to the Equity Plan, GGP and GGP Inc. made restricted stock grants to certain employees and non-employee directors. The vesting terms of these grants are specific to the individual grant. The vesting terms varied in that a portion of the shares vested either immediately or on the first anniversary and the remainder vested in equal annual amounts over the next two to five years. Participating employees were required to remain employed for vesting to occur (subject to certain exceptions in the case of retirement). Shares that did not vest were forfeited. Dividends are paid on restricted stock and are not returnable, even if the underlying stock does not ultimately vest. | ||||||||||||||||||||
The following table summarizes restricted stock activity for the respective grant year ended December 31, 2013, December 31, 2012 and December 31, 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||
Average Grant | Average Grant | Average Grant | ||||||||||||||||||
Date Fair Value | Date Fair Value | Date Fair Value | ||||||||||||||||||
Nonvested restricted stock grants outstanding as of beginning of period | 1,426,338 | $ | 14.07 | 1,716,932 | $ | 14.19 | 2,807,682 | $ | 14.24 | |||||||||||
Granted | 37,352 | 19.97 | 37,731 | 14.89 | 84,659 | 14.98 | ||||||||||||||
Canceled | (164,970 | ) | 15.69 | (123,183 | ) | 14.89 | (329,292 | ) | 14.73 | |||||||||||
Vested | (55,796 | ) | 15.15 | (205,142 | ) | 14.73 | (846,117 | ) | 14.23 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Nonvested restricted stock grants outstanding as of end of period | 1,242,924 | $ | 13.99 | 1,426,338 | $ | 14.07 | 1,716,932 | $ | 14.19 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Vested fair value (in millions): | $ | 3.4 | $ | 3.9 | $ | 12.1 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Other Required Disclosures | ||||||||||||||||||||
Historical data, such as the past performance of our common stock and the length of service by employees, is used to estimate expected life of the stock options and our restricted stock and represents the period of time the options or grants are expected to be outstanding. The weighted average estimated values of options granted were based on the following assumptions: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Risk-free interest rate(*) | 1.71 | % | No options granted | 1.25 | % | |||||||||||||||
Dividend yield(*) | 2.52 | % | No options granted | 2.5 | % | |||||||||||||||
Expected volatility | 32.32 | % | No options granted | 41.16 | % | |||||||||||||||
Expected life (in years) | 6.5 | No options granted | 6.5 | |||||||||||||||||
(*) | ||||||||||||||||||||
Weighted average | ||||||||||||||||||||
Compensation expense related to stock-based compensation plans is summarized in the following table: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Stock options—Property management and other costs | $ | 5,104 | $ | 3,111 | $ | 2,975 | ||||||||||||||
Stock options—General and administrative | 10,178 | 6,282 | 5,650 | |||||||||||||||||
Restricted stock—Property management and other costs | 1,504 | 1,553 | 2,843 | |||||||||||||||||
Restricted stock—General and administrative | 6,230 | 7,922 | 8,591 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Total | $ | 23,016 | $ | 18,868 | $ | 20,059 | ||||||||||||||
| | | | | | | | | | | ||||||||||
Unrecognized compensation expense as of December 31, 2013 is as follows: | ||||||||||||||||||||
Year | Amount | |||||||||||||||||||
2014 | $ | 23,935 | ||||||||||||||||||
2015 | 20,335 | |||||||||||||||||||
2016 | 16,057 | |||||||||||||||||||
2017 | 15,492 | |||||||||||||||||||
2018 | 3,420 | |||||||||||||||||||
| | | | | ||||||||||||||||
79,239 | ||||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
These amounts may be impacted by future grants, changes in forfeiture estimates or vesting terms, and actual forfeiture rates which differ from estimated forfeitures. | ||||||||||||||||||||
PREPAID_EXPENSES_AND_OTHER_ASS
PREPAID EXPENSES AND OTHER ASSETS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
PREPAID EXPENSES AND OTHER ASSETS | ' | |||||||||||||||||||
PREPAID EXPENSES AND OTHER ASSETS | ' | |||||||||||||||||||
NOTE 14 PREPAID EXPENSES AND OTHER ASSETS | ||||||||||||||||||||
The following table summarizes the significant components of Prepaid expenses and other assets. | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Gross Asset | Accumulated | Balance | Gross Asset | Accumulated | Balance | |||||||||||||||
Amortization | Amortization | |||||||||||||||||||
Intangible assets: | ||||||||||||||||||||
Above-market tenant leases, net | $ | 1,022,398 | $ | (478,998 | ) | $ | 543,400 | $ | 1,230,117 | $ | (425,837 | ) | $ | 804,280 | ||||||
Below-market ground leases, net | 164,017 | (13,597 | ) | 150,420 | 169,539 | (9,825 | ) | 159,714 | ||||||||||||
Real estate tax stabilization agreement, net | 111,506 | (19,834 | ) | 91,672 | 111,506 | (13,523 | ) | 97,983 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total intangible assets | $ | 1,297,921 | $ | (512,429 | ) | $ | 785,492 | $ | 1,511,162 | $ | (449,185 | ) | $ | 1,061,977 | ||||||
| | | | | | | | | | | | | | | | | | | | |
Remaining Prepaid expenses and other assets: | ||||||||||||||||||||
Security and escrow deposits | 145,999 | 181,481 | ||||||||||||||||||
Prepaid expenses | 23,283 | 54,514 | ||||||||||||||||||
Other non-tenant receivables | 25,988 | 12,450 | ||||||||||||||||||
Deferred tax, net of valuation allowances | 906 | 902 | ||||||||||||||||||
Other | 13,901 | 18,141 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total remaining Prepaid expenses and other assets | 210,077 | 267,488 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Prepaid expenses and other assets | $ | 995,569 | $ | 1,329,465 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
ACCOUNTS_PAYABLE_AND_ACCRUED_E
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ' | |||||||||||||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ' | |||||||||||||||||||
NOTE 15 ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||||||||||||||||
The following table summarizes the significant components of Accounts payable and accrued expenses. | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Gross Liability | Accumulated | Balance | Gross Liability | Accumulated | Balance | |||||||||||||||
Accretion | Accretion | |||||||||||||||||||
Intangible liabilities: | ||||||||||||||||||||
Below-market tenant leases, net | $ | 622,710 | $ | (271,215 | ) | $ | 351,495 | $ | 725,878 | $ | (251,896 | ) | $ | 473,982 | ||||||
Above-market headquarters office leases, net | 15,268 | (5,130 | ) | 10,138 | 15,268 | (3,393 | ) | 11,875 | ||||||||||||
Above-market ground leases, net | 9,756 | (1,181 | ) | 8,575 | 9,756 | (805 | ) | 8,951 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total intangible liabilities | $ | 647,734 | $ | (277,526 | ) | $ | 370,208 | $ | 750,902 | $ | (256,094 | ) | $ | 494,808 | ||||||
| | | | | | | | | | | | | | | | | | | | |
Remaining Accounts payable and accrued expenses: | ||||||||||||||||||||
Accrued interest | 80,409 | 185,461 | ||||||||||||||||||
Accounts payable and accrued expenses | 98,986 | 160,861 | ||||||||||||||||||
Accrued real estate taxes | 92,663 | 67,581 | ||||||||||||||||||
Deferred gains/income | 115,354 | 98,376 | ||||||||||||||||||
Accrued payroll and other employee liabilities | 34,006 | 34,802 | ||||||||||||||||||
Construction payable | 103,988 | 70,609 | ||||||||||||||||||
Tenant and other deposits | 21,434 | 22,870 | ||||||||||||||||||
Insurance reserve liability | 16,643 | 15,796 | ||||||||||||||||||
Capital lease obligations | 12,703 | 13,292 | ||||||||||||||||||
Conditional asset retirement obligation liability | 10,424 | 12,134 | ||||||||||||||||||
Uncertain tax position liability | 5,536 | 5,873 | ||||||||||||||||||
Other | 27,013 | 29,768 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total remaining Accounts payable and accrued expenses | 619,159 | 717,423 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Accounts payable and accrued expenses | $ | 989,367 | $ | 1,212,231 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||
NOTE 16 ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||
Components of accumulated other comprehensive loss as of December 31, 2013 and 2012 are as follows: | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Net unrealized gains on financial instruments | $ | 124 | $ | 129 | ||||
Foreign currency translation | (38,297 | ) | (87,547 | ) | ||||
Unrealized gains on available-for-sale securities | — | 64 | ||||||
| | | | | | | | |
$ | (38,173 | ) | $ | (87,354 | ) | |||
| | | | | | | | |
| | | | | | | | |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2013 | |
LITIGATION | ' |
LITIGATION | ' |
NOTE 17 LITIGATION | |
In the normal course of business, from time to time, we are involved in legal proceedings relating to the ownership and operations of our properties. In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a material effect on our consolidated financial position, results of operations or liquidity. | |
Urban Litigation | |
In October 2004, certain limited partners (the "Urban Plaintiffs") of Urban Shopping Centers, L.P. ("Urban") filed a lawsuit against Urban's general partner, Head Acquisition, L.P. ("Head"), as well as TRCLP, Simon Property Group, Inc., Westfield America, Inc., and various of their affiliates, including Head's general partners (collectively, the "Urban Defendants"), in Circuit Court in Cook County, Illinois. GGP Inc., GGPLP and other affiliates were later included as Urban Defendants. The lawsuit alleges, among other things, that the Urban Defendants breached the Urban partnership agreement, unjustly enriched themselves through misappropriation of partnership opportunities, failed to grow the partnership, breached their fiduciary duties, and tortiously interfered with several contractual relationships. The plaintiffs seek relief in the form of unspecified monetary damages and equitable relief requiring, among other things, the Urban Defendants, including GGP, Inc. and its affiliates, to engage in certain future transactions through the Urban Partnership. On June 24, 2013, the court held oral argument on the parties' cross-motions for partial summary judgment. The court rendered its decisions on these motions on November 7, 2013, affirming certain of the motions for plaintiffs and the co-defendants and denying others. A trial date has been scheduled for May 2014. While the parties have entered into discussions regarding potential settlement terms, it is not possible to determine whether such discussions will ultimately result in a settlement acceptable to all parties. | |
As a result of our consideration of the risks associated with this matter, the uncertainty regarding the outcome of the settlement discussions, as well as discussions with counsel, the Company has concluded that we cannot reasonably estimate a possible range of potential loss related to the Urban Plaintiffs' lawsuit due to the broad spectrum of monetary and non-monetary remedies that may result from the outcome of the matter and the difficulty in calculating and allocating damages (if any) among the defendants. Therefore, no liability has been accrued and no range of loss has been disclosed in the accompanying consolidated financial statements as of and for the year ended December 31, 2013. | |
John Schreiber, one of our former directors, serves on the board of directors of, and is an investor in, an entity that is a principal investor in the Urban Plaintiffs, and is himself an investor in the Urban Plaintiffs and, therefore, has a financial interest in the outcome of the litigation that may be adverse to us. | |
Default Interest | |
Pursuant to the Plan, the Company cured and reinstated that certain note (the "Homart Note") in the original principal amount of $254.0 million between GGPLP and The Comptroller of the State of New York as Trustee of the Common Retirement Fund ("CRF") by payment in cash of accrued interest at the contractual non-default rate. CRF, however, contended that the Company's bankruptcy caused the Company to default under the Homart Note and, therefore, post-petition interest accrued under the Homart Note at the contractual default rate was due for the period June 1, 2009 until November 9, 2010. On June 16, 2011, the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") ruled in favor of CRF, and, on June 22, 2011, the Company elected to satisfy the Homart Note in full by paying CRF the outstanding default interest and principal amount on the Homart Note totaling $246.0 million. As a result of the ruling, the Company incurred and paid $11.7 million of default interest expense during the year ended December 31, 2011. The Company appealed the Bankruptcy Court's order and reserved its right to recover the payment of default interest. On March 13, 2013, the parties reached a settlement. In exchange for the Company's dismissal of its appeal, CRF waived all claims to attorneys' fees. | |
Pursuant to the Plan, the Company agreed to pay to the holders of claims (the "2006 Lenders") under a revolving and term loan facility (the "2006 Credit Facility") the principal amount of their claims outstanding of approximately $2.6 billion plus post-petition interest at the contractual non-default rate. However, the 2006 Lenders asserted that they were entitled to receive interest at the contractual default rate. In July 2011, the Bankruptcy Court ruled in favor of the 2006 Lenders. The Company had accrued $96.1 million as of December 31, 2012. The Company appealed the Bankruptcy Court ruling, and on March 13, 2013, the parties reached a settlement. In exchange for the Company's dismissal of its appeal, and a payment by the Company of $97.4 million, the 2006 Lenders waived all claim to attorneys' fees. | |
Tax Indemnification Liability | |
Pursuant to the Investment Agreements, GGP has indemnified HHC from and against 93.75% of any and all losses, claims, damages, liabilities and reasonable expenses to which HHC and its subsidiaries become subject, in each case solely to the extent directly attributable to MPC Taxes (as defined in the Investment Agreements) in an amount up to $303.8 million. Under certain circumstances, we agreed to be responsible for interest or penalties attributable to such MPC Taxes in excess of the $303.8 million. The IRS disagrees with the method used to report gains for income tax purposes that are the subject of the MPC taxes. As a result of this disagreement, The Howard Hughes Company, LLC and Howard Hughes Properties, Inc. filed petitions in the United States Tax Court on May 6, 2011, contesting this liability for the 2007 and 2008 years and a trial was held in early November 2012. The Internal Revenue Service has opened an audit for these two taxpayers for 2009 through 2011 with respect to MPC Taxes. The outcome of this Tax Court decision will impact the timing of the payment of the MPC taxes to HHC. We anticipate the Tax Court's decision in 2014. We have accrued $303.6 million as of December 31, 2013 and $303.8 million as of December 31, 2012 related to the tax indemnification liability. In addition, we have accrued $21.6 million of interest related to the tax indemnification liability in accounts payable and accrued expenses on our Consolidated Balance Sheets as of December 31, 2013, and December 31, 2012. As a result of our consideration of the risks associated with this matter, as well as discussions with counsel, the Company believes that the aggregate liability recorded of $325.2 million represents management's best estimate of our liability as of December 31, 2013 and that the probability that we will incur a loss in excess of this amount is remote. Depending on the outcome of the Tax Court litigation, it is possible that we may make potentially significant payments on the tax indemnification liability in the next twelve months. We do not expect that these payments will exceed the tax indemnification liability accrued as of December 31, 2013. | |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||||
NOTE 18 COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||
We lease land or buildings at certain properties from third parties. The leases generally provide us with a right of first refusal in the event of a proposed sale of the property by the landlord. Rental payments are expensed as incurred and have, to the extent applicable, been straight-lined over the term of the lease. The following is a summary of our contractual rental expense as presented in our Consolidated Statements of Operations and Comprehensive Income (Loss): | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Contractual rent expense, including participation rent | $ | 13,568 | $ | 14,248 | $ | 13,034 | |||||||||||||||||
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent | 8,750 | 9,188 | 7,886 | ||||||||||||||||||||
See Note 8 and Note 17 for our obligations related to uncertain tax positions and for disclosure of additional contingencies. | |||||||||||||||||||||||
The following table summarizes the contractual maturities of our long-term commitments. Long-term debt and ground leases include the related acquisition accounting fair value adjustments: | |||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Subsequent/ | Total | |||||||||||||||||
Other | |||||||||||||||||||||||
Mortgages, notes and loans payable(1) | $ | 392,982 | $ | 836,291 | $ | 1,033,884 | $ | 887,418 | $ | 1,928,647 | $ | 10,593,215 | $ | 15,672,437 | |||||||||
Retained debt-principal | 1,445 | 1,527 | 1,598 | 1,702 | 1,798 | 82,485 | 90,555 | ||||||||||||||||
Purchase obligations | 138,798 | — | — | — | — | — | 138,798 | ||||||||||||||||
Ground lease payments | 5,902 | 5,912 | 5,911 | 5,941 | 5,859 | 190,376 | 219,901 | ||||||||||||||||
Junior Subordinated Notes(2) | — | — | — | — | — | 206,200 | 206,200 | ||||||||||||||||
Tax indemnification liability(3) | — | — | — | — | — | 303,586 | 303,586 | ||||||||||||||||
Uncertain tax position liability(4) | — | — | — | — | — | 5,536 | 5,536 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 539,127 | $ | 843,730 | $ | 1,041,393 | $ | 895,061 | $ | 1,936,304 | $ | 11,381,398 | $ | 16,637,013 | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
-1 | |||||||||||||||||||||||
The $51.8 million outstanding on the revolving credit facility as of December 31, 2013 is included in 2014. | |||||||||||||||||||||||
-2 | |||||||||||||||||||||||
The $206.2 million of Junior Subordinated Notes are due in 2041, but may be redeemed any time after April 30, 2011. As we do not expect to redeem the notes prior to maturity, they are included in the consolidated debt maturing subsequent to 2018. | |||||||||||||||||||||||
-3 | |||||||||||||||||||||||
The outcome of the Tax Court's decision will impact the timing of the payment. We expect the Tax Court's decision in 2014 (Note 17). | |||||||||||||||||||||||
-4 | |||||||||||||||||||||||
The uncertain income tax liability for which reasonable estimates about the timing of payments cannot be made is disclosed within the Subsequent/Other column. | |||||||||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
NOTE 19 SUBSEQUENT EVENTS | |
On February 14, 2014, we sold one operating property in a lender-directed sale in full satisfaction of the related debt. The sale resulted in a Gain on extinguishment of debt of approximately $67 million in the first quarter of 2014. | |
On February 10, 2014, GGP acquired 27,624,282 shares of its common stock from Pershing Square for approximately $556 million. | |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||
NOTE 20 QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||
Quarterly data for the year ended December 31, 2013 and 2012 is summarized in the table below. Figures presented below have been adjusted for discontinued operations (Note 4), and include the impact of Provisions for impairment (Note 2), the Warrant liability adjustment (Note 9), and Gains from changes in control of investment properties (Note 3) in continuing operations. | ||||||||||||||
2013 | ||||||||||||||
First Quarter | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | ||||||||||||
Total revenues | $ | 629,109 | $ | 604,410 | $ | 612,505 | $ | 681,363 | ||||||
Operating income | 198,473 | 200,329 | 195,707 | 237,650 | ||||||||||
Income (loss) from continuing operations | (27,719 | ) | 215,790 | 30,843 | 88,243 | |||||||||
Income (loss) from discontinued operations | 18,983 | (1,867 | ) | 12 | (7,085 | ) | ||||||||
Net income (loss) income attributable to common shareholders | (13,651 | ) | 205,391 | 23,499 | 73,212 | |||||||||
Basic Earnings (Loss) Per Share: | ||||||||||||||
Continuing operations | (0.03 | ) | 0.22 | 0.03 | 0.09 | |||||||||
Discontinued operations | 0.02 | — | — | (0.01 | ) | |||||||||
Diluted Earnings (Loss) Per Share: | ||||||||||||||
Continuing operations | (0.03 | ) | 0.21 | 0.03 | 0.08 | |||||||||
Discontinued operations | 0.02 | — | — | (0.01 | ) | |||||||||
Dividends declared per share | 0.12 | 0.12 | 0.13 | 0.14 | ||||||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 939,271 | 939,434 | 932,964 | 911,185 | ||||||||||
Diluted | 939,271 | 989,461 | 980,767 | 960,765 | ||||||||||
2012 | ||||||||||||||
First Quarter | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | ||||||||||||
Total revenues | $ | 589,082 | $ | 597,958 | $ | 616,038 | $ | 663,760 | ||||||
Operating income | 164,547 | 190,126 | 154,033 | 250,857 | ||||||||||
Loss from continuing operations | (182,202 | ) | (107,439 | ) | (148,196 | ) | (24,219 | ) | ||||||
Income (loss) from discontinued operations | (12,047 | ) | 1,095 | (58,410 | ) | 59,885 | ||||||||
Net income (loss) income attributable to common shareholders | (197,615 | ) | (107,933 | ) | (207,886 | ) | 32,201 | |||||||
Basic Earnings (Loss) Per Share:(1) | ||||||||||||||
Continuing operations | (0.20 | ) | (0.12 | ) | (0.17 | ) | (0.03 | ) | ||||||
Discontinued operations | (0.01 | ) | — | (0.06 | ) | 0.07 | ||||||||
Diluted Earnings (Loss) Per Share:(1) | ||||||||||||||
Continuing operations | (0.20 | ) | (0.12 | ) | (0.16 | ) | (0.03 | ) | ||||||
Discontinued operations | (0.01 | ) | — | (0.06 | ) | 0.07 | ||||||||
Dividends declared per share | 0.1 | 0.1 | 0.11 | 0.11 | ||||||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 937,274 | 937,789 | 938,316 | 938,049 | ||||||||||
Diluted | 937,274 | 937,789 | 938,316 | 938,049 | ||||||||||
-1 | ||||||||||||||
Earnings (loss) per share for the quarters do not add up to annual earnings per share due to the issuance of additional common stock during the year. | ||||||||||||||
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||
GENERAL GROWTH PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Costs Capitalized | Gross Amounts at Which Carriedat | |||||||||||||||||||||||||||||||||||
Subsequent to | Close of Period(c) | |||||||||||||||||||||||||||||||||||
Acquistion Cost(b) | Acquisition | Life Upon | ||||||||||||||||||||||||||||||||||
Which Latest | ||||||||||||||||||||||||||||||||||||
Statement of | ||||||||||||||||||||||||||||||||||||
Operation is | ||||||||||||||||||||||||||||||||||||
Name of Center | Location | Encumbrances(a) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total | Accumulated | Date | Computed | ||||||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation(d) | Acquired | ||||||||||||||||||||||||||||||||
Ala Moana Center | Honolulu, HI | 1,400,000 | $ | 571,836 | 1,738,740 | $ | 954 | $ | 12,357 | $ | 572,790 | $ | 1,751,097 | $ | 2,323,887 | $ | 164,383 | November, 2010 | (d) | |||||||||||||||||
Apache Mall | Rochester, MN | 97,851 | 17,738 | 116,663 | — | 1,836 | 17,738 | 118,499 | 136,237 | 12,713 | November, 2010 | (d) | ||||||||||||||||||||||||
Augusta Mall | Augusta, GA | 170,000 | 25,450 | 137,376 | — | 6,177 | 25,450 | 143,553 | 169,003 | 17,954 | November, 2010 | (d) | ||||||||||||||||||||||||
Baybrook Mall | Friendswood, TX | 261,771 | 76,527 | 288,241 | — | 3,200 | 76,527 | 291,441 | 367,968 | 27,998 | November, 2010 | (d) | ||||||||||||||||||||||||
Bayside Marketplace | Miami, FL | 1,269 | — | 198,396 | — | 2,607 | — | 201,003 | 201,003 | 33,602 | November, 2010 | (d) | ||||||||||||||||||||||||
Beachwood Place | Beachwood, OH | 218,222 | 59,156 | 196,205 | — | 2,222 | 59,156 | 198,427 | 257,583 | 19,002 | November, 2010 | (d) | ||||||||||||||||||||||||
Bellis Fair | Bellingham, WA | 91,223 | 14,122 | 102,033 | — | 20,337 | 14,122 | 122,370 | 136,492 | 12,316 | November, 2010 | (d) | ||||||||||||||||||||||||
Boise Towne Square | Boise, ID | 144,442 | 44,182 | 163,118 | — | 6,893 | 44,182 | 170,011 | 214,193 | 17,555 | November, 2010 | (d) | ||||||||||||||||||||||||
Brass Mill Center | Waterbury, CT | 101,588 | 31,496 | 99,107 | — | 658 | 31,496 | 99,765 | 131,261 | 13,274 | November, 2010 | (d) | ||||||||||||||||||||||||
Coastland Center | Naples, FL | 127,479 | 24,470 | 166,038 | — | 1,295 | 24,470 | 167,333 | 191,803 | 17,470 | November, 2010 | (d) | ||||||||||||||||||||||||
Columbia Mall | Columbia, MO | — | 7,943 | 107,969 | (154 | ) | (1,141 | ) | 7,789 | 106,828 | 114,617 | 11,718 | November, 2010 | (d) | ||||||||||||||||||||||
Columbiana Centre | Columbia, SC | — | 22,178 | 125,061 | — | (994 | ) | 22,178 | 124,067 | 146,245 | 15,291 | November, 2010 | (d) | |||||||||||||||||||||||
Coral Ridge Mall | Coralville, IA | 113,714 | 20,178 | 134,515 | 2,219 | 14,367 | 22,397 | 148,882 | 171,279 | 16,355 | November, 2010 | (d) | ||||||||||||||||||||||||
Coronado Center | Albuquerque, NM | 148,020 | 28,312 | 153,526 | 4,545 | 20,815 | 32,857 | 174,341 | 207,198 | 16,527 | November, 2010 | (d) | ||||||||||||||||||||||||
Crossroads Center | St. Cloud, MN | 105,941 | 15,499 | 103,077 | — | 877 | 15,499 | 103,954 | 119,453 | 11,385 | November, 2010 | (d) | ||||||||||||||||||||||||
Cumberland Mall | Atlanta, GA | 160,000 | 36,913 | 138,795 | — | 4,284 | 36,913 | 143,079 | 179,992 | 17,099 | November, 2010 | (d) | ||||||||||||||||||||||||
Deerbrook Mall | Humble, TX | 148,302 | 36,761 | 133,448 | — | 2,307 | 36,761 | 135,755 | 172,516 | 15,154 | November, 2010 | (d) | ||||||||||||||||||||||||
Eastridge Mall | Casper, WY | — | 5,484 | 36,756 | — | 6,762 | 5,484 | 43,518 | 49,002 | 5,733 | November, 2010 | (d) | ||||||||||||||||||||||||
Eastridge Mall | San Jose, CA | 151,512 | 30,368 | 135,317 | (3,127 | ) | 1,879 | 27,241 | 137,196 | 164,437 | 16,381 | November, 2010 | (d) | |||||||||||||||||||||||
Fashion Place | Murray, UT | 226,730 | 24,068 | 232,456 | 2,079 | 52,076 | 26,147 | 284,532 | 310,679 | 26,736 | November, 2010 | (d) | ||||||||||||||||||||||||
Fashion Show | Las Vegas, NV | 839,913 | 564,310 | 627,327 | 8,635 | 47,263 | 572,945 | 674,590 | 1,247,535 | 68,216 | November, 2010 | (d) | ||||||||||||||||||||||||
Four Seasons Town Centre | Greensboro, NC | 86,894 | 17,259 | 126,570 | — | 3,529 | 17,259 | 130,099 | 147,358 | 13,524 | November, 2010 | (d) | ||||||||||||||||||||||||
Fox River Mall | Appleton, WI | 180,808 | 42,259 | 217,932 | — | 3,341 | 42,259 | 221,273 | 263,532 | 21,382 | November, 2010 | (d) | ||||||||||||||||||||||||
Glenbrook Square | Fort Wayne, IN | 153,041 | 30,965 | 147,002 | 2,444 | 15,066 | 33,409 | 162,068 | 195,477 | 15,778 | November, 2010 | (d) | ||||||||||||||||||||||||
Governor's Square | Tallahassee, FL | 72,912 | 18,289 | 123,088 | — | 1,716 | 18,289 | 124,804 | 143,093 | 19,572 | November, 2010 | (d) | ||||||||||||||||||||||||
Grand Teton Mall | Idaho Falls, ID | — | 13,066 | 59,658 | — | 957 | 13,066 | 60,615 | 73,681 | 7,423 | November, 2010 | (d) | ||||||||||||||||||||||||
Greenwood Mall | Bowling Green, KY | 63,000 | 12,459 | 85,370 | — | 2,435 | 12,459 | 87,805 | 100,264 | 11,182 | November, 2010 | (d) | ||||||||||||||||||||||||
Hulen Mall | Fort Worth, TX | 129,657 | 8,665 | 112,252 | — | 14,560 | 8,665 | 126,812 | 135,477 | 12,358 | November, 2010 | (d) | ||||||||||||||||||||||||
Jordan Creek Town Center | West Des Moines, IA | 220,000 | 54,663 | 262,608 | (226 | ) | 3,024 | 54,437 | 265,632 | 320,069 | 30,274 | November, 2010 | (d) | |||||||||||||||||||||||
Lakeside Mall | Sterling Heights, MI | 151,162 | 36,993 | 130,460 | — | 2,225 | 36,993 | 132,685 | 169,678 | 14,462 | November, 2010 | (d) | ||||||||||||||||||||||||
Lynnhaven Mall | Virginia Beach, VA | 210,590 | 54,628 | 219,013 | (90 | ) | 10,139 | 54,538 | 229,152 | 283,690 | 24,621 | November, 2010 | (d) | |||||||||||||||||||||||
Mall of Louisiana | Baton Rouge, LA | 223,440 | 88,742 | 319,097 | — | (36 | ) | 88,742 | 319,061 | 407,803 | 28,921 | November, 2010 | (d) | |||||||||||||||||||||||
Mall St. Matthews | Louisville, KY | 186,662 | 42,014 | 155,809 | (5,981 | ) | 7,973 | 36,033 | 163,782 | 199,815 | 16,435 | November, 2010 | (d) | |||||||||||||||||||||||
Market Place Shopping Center | Champaign, IL | 113,425 | 21,611 | 111,515 | — | 2,035 | 21,611 | 113,550 | 135,161 | 11,739 | November, 2010 | (d) | ||||||||||||||||||||||||
Mayfair Mall | Wauwatosa, WI | — | 84,473 | 352,140 | (79 | ) | (1,342 | ) | 84,394 | 350,798 | 435,192 | 33,360 | November, 2010 | (d) | ||||||||||||||||||||||
Meadows Mall | Las Vegas, NV | 162,936 | 30,275 | 136,846 | — | 764 | 30,275 | 137,610 | 167,885 | 14,219 | November, 2010 | (d) | ||||||||||||||||||||||||
Mondawmin Mall | Baltimore, MD | — | 19,707 | 63,348 | — | 15,141 | 19,707 | 78,489 | 98,196 | 8,821 | November, 2010 | (d) | ||||||||||||||||||||||||
Newgate Mall | Ogden, UT | 58,000 | 17,856 | 70,318 | — | 7,665 | 17,856 | 77,983 | 95,839 | 11,654 | November, 2010 | (d) | ||||||||||||||||||||||||
North Point Mall | Alpharetta, GA | 250,000 | 57,900 | 228,517 | — | 9,045 | 57,900 | 237,562 | 295,462 | 31,430 | November, 2010 | (d) | ||||||||||||||||||||||||
North Star Mall | San Antonio, TX | 332,135 | 91,135 | 392,422 | — | 5,249 | 91,135 | 397,671 | 488,806 | 35,469 | November, 2010 | (d) | ||||||||||||||||||||||||
Northridge Fashion Center | Northridge, CA | 241,431 | 66,774 | 238,023 | — | 27,440 | 66,774 | 265,463 | 332,237 | 25,752 | November, 2010 | (d) | ||||||||||||||||||||||||
NorthTown Mall | Spokane, WA | — | 12,310 | 108,857 | — | 393 | 12,310 | 109,250 | 121,560 | 11,690 | November, 2010 | (d) | ||||||||||||||||||||||||
Oak View Mall | Omaha, NE | 81,709 | 20,390 | 107,216 | — | 324 | 20,390 | 107,540 | 127,930 | 11,256 | November, 2010 | (d) | ||||||||||||||||||||||||
Oakwood Center | Gretna, LA | — | 21,105 | 74,228 | — | 17,714 | 21,105 | 91,942 | 113,047 | 8,460 | November, 2010 | (d) | ||||||||||||||||||||||||
Oakwood Mall | Eau Claire, WI | — | 13,786 | 92,114 | — | 4,399 | 13,786 | 96,513 | 110,299 | 10,617 | November, 2010 | (d) | ||||||||||||||||||||||||
Oglethorpe Mall | Savannah, GA | 150,000 | 27,075 | 157,100 | — | (154 | ) | 27,075 | 156,946 | 184,021 | 16,491 | November, 2010 | (d) | |||||||||||||||||||||||
Oxmoor Center | Louisville, KY | 91,796 | — | 117,814 | — | 9,275 | — | 127,089 | 127,089 | 11,934 | November, 2010 | (d) | ||||||||||||||||||||||||
GENERAL GROWTH PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Costs Capitalized | Gross Amounts at Which Carried at | |||||||||||||||||||||||||||||||||||
Subsequent to | Close of Period(c) | |||||||||||||||||||||||||||||||||||
Acquistion Cost(b) | Acquisition | Life Upon | ||||||||||||||||||||||||||||||||||
Which Latest | ||||||||||||||||||||||||||||||||||||
Statement of | ||||||||||||||||||||||||||||||||||||
Operation is | ||||||||||||||||||||||||||||||||||||
Name of Center | Location | Encumbrances(a) | Land | Buildings and | Land | Buildings and | Land | Buildings and | Total | Accumulated | Date | Computed | ||||||||||||||||||||||||
Improvements | Improvements | Improvements | Depreciation(d) | Acquired | ||||||||||||||||||||||||||||||||
Paramus Park | Paramus, NJ | 93,390 | 31,320 | 102,054 | — | 4,323 | 31,320 | 106,377 | 137,697 | 12,490 | November, 2010 | (d) | ||||||||||||||||||||||||
Park City Center | Lancaster, PA | 190,317 | 42,451 | 195,409 | — | 1,788 | 42,451 | 197,197 | 239,648 | 19,076 | November, 2010 | (d) | ||||||||||||||||||||||||
Park Place | Tucson, AZ | 192,764 | 61,907 | 236,019 | — | 1,185 | 61,907 | 237,204 | 299,111 | 22,075 | November, 2010 | (d) | ||||||||||||||||||||||||
Peachtree Mall | Columbus, GA | 79,859 | 13,855 | 92,143 | — | 1,787 | 13,855 | 93,930 | 107,785 | 12,158 | November, 2010 | (d) | ||||||||||||||||||||||||
Pecanland Mall | Monroe, LA | 90,000 | 12,943 | 73,231 | — | 7,301 | 12,943 | 80,532 | 93,475 | 9,905 | November, 2010 | (d) | ||||||||||||||||||||||||
Pembroke Lakes Mall | Pembroke Pines, FL | 260,000 | 64,883 | 254,910 | — | (9,947 | ) | 64,883 | 244,963 | 309,846 | 25,335 | November, 2010 | (d) | |||||||||||||||||||||||
Pioneer Place | Portland, OR | — | — | 97,096 | — | 2,475 | — | 99,571 | 99,571 | 7,727 | November, 2010 | (d) | ||||||||||||||||||||||||
Prince Kuhio Plaza | Hilo, HI | 44,695 | — | 52,373 | — | 3,953 | — | 56,326 | 56,326 | 7,610 | November, 2010 | (d) | ||||||||||||||||||||||||
Providence Place | Providence, RI | 408,991 | — | 400,893 | — | 5,433 | — | 406,326 | 406,326 | 36,004 | November, 2010 | (d) | ||||||||||||||||||||||||
Provo Towne Centre | Provo, UT | 48,321 | 17,027 | 75,871 | 943 | (9,647 | ) | 17,970 | 66,224 | 84,194 | 12,626 | November, 2010 | (d) | |||||||||||||||||||||||
Quail Springs Mall | Oklahoma City, OK | 74,751 | 40,523 | 149,571 | — | 322 | 40,523 | 149,893 | 190,416 | 3,816 | June, 2013 | (d) | ||||||||||||||||||||||||
Red Cliffs Mall | St. George, UT | — | 6,811 | 33,930 | — | 1,248 | 6,811 | 35,178 | 41,989 | 5,170 | November, 2010 | (d) | ||||||||||||||||||||||||
Ridgedale Center | Minnetonka, MN | 154,737 | 39,495 | 151,090 | 1,108 | 4,910 | 40,603 | 156,000 | 196,603 | 14,066 | November, 2010 | (d) | ||||||||||||||||||||||||
River Hills Mall | Mankato, MN | — | 16,207 | 85,608 | — | 1,656 | 16,207 | 87,264 | 103,471 | 9,337 | November, 2010 | (d) | ||||||||||||||||||||||||
Rivertown Crossings | Grandville, MI | 163,323 | 47,790 | 181,770 | — | 2,685 | 47,790 | 184,455 | 232,245 | 18,723 | November, 2010 | (d) | ||||||||||||||||||||||||
Rogue Valley Mall | Medford, OR | 55,000 | 9,042 | 61,558 | — | 1,813 | 9,042 | 63,371 | 72,413 | 5,737 | November, 2010 | (d) | ||||||||||||||||||||||||
Sooner Mall | Norman, OK | — | 9,902 | 69,570 | — | 2,172 | 9,902 | 71,742 | 81,644 | 8,017 | November, 2010 | (d) | ||||||||||||||||||||||||
Spokane Valley Mall | Spokane, WA | 61,498 | 16,817 | 100,209 | — | (7,996 | ) | 16,817 | 92,213 | 109,030 | 10,937 | November, 2010 | (d) | |||||||||||||||||||||||
Staten Island Mall | Staten Island, NY | 272,089 | 102,227 | 375,612 | — | 1,064 | 102,227 | 376,676 | 478,903 | 40,459 | November, 2010 | (d) | ||||||||||||||||||||||||
Stonestown Galleria | San Francisco, CA | 180,000 | 65,962 | 203,043 | — | 7,887 | 65,962 | 210,930 | 276,892 | 19,934 | November, 2010 | (d) | ||||||||||||||||||||||||
The Crossroads | Portage, MI | 100,000 | 20,261 | 95,463 | 1,110 | 2,478 | 21,371 | 97,941 | 119,312 | 10,430 | November, 2010 | (d) | ||||||||||||||||||||||||
The Gallery At Harborplace | Baltimore, MD | 89,212 | 15,930 | 112,117 | — | 5,281 | 15,930 | 117,398 | 133,328 | 13,412 | November, 2010 | (d) | ||||||||||||||||||||||||
The Maine Mall | South Portland, ME | 191,599 | 36,205 | 238,067 | — | 10,366 | 36,205 | 248,433 | 284,638 | 24,268 | November, 2010 | (d) | ||||||||||||||||||||||||
The Mall In Columbia | Columbia, MD | 350,000 | 124,540 | 479,171 | — | 4,348 | 124,540 | 483,519 | 608,059 | 41,870 | November, 2010 | (d) | ||||||||||||||||||||||||
The Oaks Mall | Gainesville, FL | 136,504 | 21,954 | 173,353 | — | (3,327 | ) | 21,954 | 170,026 | 191,980 | 13,295 | April, 2012 | (d) | |||||||||||||||||||||||
The Parks at Arlington | Arlington, TX | 259,409 | 19,807 | 299,708 | 49 | 11,508 | 19,856 | 311,216 | 331,072 | 28,401 | November, 2010 | (d) | ||||||||||||||||||||||||
The Shoppes at Buckland | Manchester, CT | 126,887 | 35,180 | 146,474 | — | (1,302 | ) | 35,180 | 145,172 | 180,352 | 16,286 | November, 2010 | (d) | |||||||||||||||||||||||
The Shops At Fallen Timbers | Maumee, OH | — | 3,785 | 31,771 | (16 | ) | 2,005 | 3,769 | 33,776 | 37,545 | 5,858 | November, 2010 | (d) | |||||||||||||||||||||||
The Shops At La Cantera | San Antonio, TX | 162,858 | 80,016 | 350,737 | — | 25,168 | 80,016 | 375,905 | 455,921 | 40,430 | November, 2010 | (d) | ||||||||||||||||||||||||
The Streets At SouthPoint | Durham, NC | 260,000 | 66,045 | 242,189 | — | (211 | ) | 66,045 | 241,978 | 308,023 | 23,757 | November, 2010 | (d) | |||||||||||||||||||||||
The Woodlands Mall | The Woodlands, TX | 259,727 | 84,889 | 349,315 | 2,291 | 2,310 | 87,180 | 351,625 | 438,805 | 33,774 | November, 2010 | (d) | ||||||||||||||||||||||||
Town East Mall | Mesquite, TX | 160,270 | 9,928 | 168,555 | — | 3,465 | 9,928 | 172,020 | 181,948 | 16,527 | November, 2010 | (d) | ||||||||||||||||||||||||
Tucson Mall | Tucson, AZ | 246,000 | 2,071 | 193,815 | — | 92,832 | 2,071 | 286,647 | 288,718 | 40,341 | November, 2010 | (d) | ||||||||||||||||||||||||
Tysons Galleria | McLean, VA | 323,641 | 90,317 | 351,005 | — | 3,016 | 90,317 | 354,021 | 444,338 | 29,512 | November, 2010 | (d) | ||||||||||||||||||||||||
Valley Plaza Mall | Bakersfield, CA | 240,000 | 38,964 | 211,930 | — | (1,112 | ) | 38,964 | 210,818 | 249,782 | 21,540 | November, 2010 | (d) | |||||||||||||||||||||||
Visalia Mall | Visalia, CA | 74,000 | 11,912 | 80,185 | — | 1,129 | 11,912 | 81,314 | 93,226 | 8,088 | November, 2010 | (d) | ||||||||||||||||||||||||
Westlake Center | Seattle, WA | 4,255 | 19,055 | 129,295 | (14,819 | ) | (93,252 | ) | 4,236 | 36,043 | 40,279 | 3,743 | November, 2010 | (d) | ||||||||||||||||||||||
Westroads Mall | Omaha, NE | 154,181 | 32,776 | 184,253 | — | 3,439 | 32,776 | 187,692 | 220,468 | 12,762 | April, 2012 | (d) | ||||||||||||||||||||||||
White Marsh Mall | Baltimore, MD | 190,000 | 43,880 | 177,194 | 4,125 | 5,631 | 48,005 | 182,825 | 230,830 | 19,320 | November, 2010 | (d) | ||||||||||||||||||||||||
Willowbrook | Wayne, NJ | 360,000 | 110,660 | 419,822 | — | 626 | 110,660 | 420,448 | 531,108 | 42,005 | November, 2010 | (d) | ||||||||||||||||||||||||
Woodbridge Center | Woodbridge, NJ | 183,303 | 67,825 | 242,744 | — | 21,577 | 67,825 | 264,321 | 332,146 | 31,385 | November, 2010 | (d) | ||||||||||||||||||||||||
Office, other and construction in progress(e) | 1,969,481 | 199,339 | 783,305 | 18,696 | 392,428 | 218,035 | 1,175,733 | 1,393,768 | 90,969 | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 15,878,637 | $ | 4,295,891 | $ | 17,795,909 | $ | 24,706 | $ | 881,769 | $ | 4,320,597 | $ | 18,677,678 | $ | 22,998,275 | $ | 1,884,861 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GENERAL GROWTH PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||
NOTES TO SCHEDULE III | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
(a) | ||||||||||||||||||||||||||||||||||||
See description of mortages, notes and other loans payable in Note 7 of Notes to Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||
(b) | ||||||||||||||||||||||||||||||||||||
Acquisition for individual properties represents historical cost at the end of the month acquired. | ||||||||||||||||||||||||||||||||||||
(c) | ||||||||||||||||||||||||||||||||||||
The aggregate cost of land, buildings and improvements for federal income tax purposes is approximately $11.1 billion (unaudited). | ||||||||||||||||||||||||||||||||||||
(d) | ||||||||||||||||||||||||||||||||||||
Depreciation is computed based upon the following estimated useful lives: | ||||||||||||||||||||||||||||||||||||
Years | ||||||||||||||||||||||||||||||||||||
Buildings and improvements | Oct-45 | |||||||||||||||||||||||||||||||||||
Equipment and fixtures | 20-Mar | |||||||||||||||||||||||||||||||||||
Tenant improvements | Shorter of useful life or applicable lease term | |||||||||||||||||||||||||||||||||||
(e) | ||||||||||||||||||||||||||||||||||||
Office and other retail properties, as well as properties, that have been de-leased for redevelopment. | ||||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 23,461,858 | $ | 24,597,501 | $ | 25,140,166 | ||||||||||||||||||||||||||||||
Additions | 1,049,417 | 1,034,439 | 383,001 | |||||||||||||||||||||||||||||||||
Impairments | (18,361 | ) | (131,156 | ) | (63,910 | ) | ||||||||||||||||||||||||||||||
Dispositions and write-offs | (1,494,639 | ) | (2,038,926 | ) | (861,756 | ) | ||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||
Balance at end of period | $ | 22,998,275 | $ | 23,461,858 | $ | 24,597,501 | ||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,440,301 | $ | 974,185 | $ | 129,794 | ||||||||||||||||||||||||||||||
Depreciation expense | 737,565 | 775,768 | 942,661 | |||||||||||||||||||||||||||||||||
Dispositions and write-offs | (293,005 | ) | (309,652 | ) | (98,270 | ) | ||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||||||||
Balance at end of period | $ | 1,884,861 | $ | 1,440,301 | $ | 974,185 | ||||||||||||||||||||||||||||||
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| | | | | | | | | | | ||||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
Principles of Consolidation and Basis of Presentation | ' | ||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||
The accompanying consolidated financial statements include the accounts of GGP, our subsidiaries and joint ventures in which we have a controlling interest. For consolidated joint ventures, the noncontrolling partner's share of the assets, liabilities and operations of the joint ventures (generally computed as the joint venture partner's ownership percentage) is included in noncontrolling interests in consolidated real estate affiliates as permanent equity of the Company. Intercompany balances and transactions have been eliminated. | |||||||||||
We operate in a single reportable segment which includes the operation, development and management of retail and other rental properties, primarily regional malls. Our portfolio is targeted to a range of market sizes and consumer tastes. Each of our operating properties is considered a separate operating segment, as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on geography, size or type. Our operating properties have similar economic characteristics and provide similar products and services to our tenants. Further, all material operations are within the United States and no customer or tenant comprises more than 10% of consolidated revenues. As a result, the Company's operating properties are aggregated into a single reportable segment. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications | |||||||||||
Certain prior period amounts included in the Consolidated Statements of Operations and Comprehensive Income (Loss) and related footnotes associated with properties we have disposed of have been reclassified to discontinued operations for all periods presented (Note 4). | |||||||||||
Properties | ' | ||||||||||
Properties | |||||||||||
Real estate assets are stated at cost less any provisions for impairments. Expenditures for significant betterments and improvements are capitalized. Maintenance and repairs are charged to expense when incurred. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized. Real estate taxes, interest costs, and internal costs associated with leasing and development overhead incurred during construction periods are capitalized. Capitalization is based on qualified expenditures and interest rates. Capitalized real estate taxes, interest costs, and internal costs associated with leasing and development overhead are amortized over lives which are consistent with the related assets. | |||||||||||
Pre-development costs, which generally include legal and professional fees and other third-party costs directly related to the construction assets, are capitalized as part of the property being developed. In the event a development is no longer deemed to be probable of occuring, the capitalized costs are expensed (see also our impairment policies in this note below). | |||||||||||
We periodically review the estimated useful lives of our properties, and may adjust them as necessary. The estimated useful lives of our properties range from 10-45 years. | |||||||||||
Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives: | |||||||||||
Years | |||||||||||
Buildings and improvements | 10 - 45 | ||||||||||
Equipment and fixtures | 3 - 20 | ||||||||||
Tenant improvements | Shorter of useful life or applicable lease term | ||||||||||
Acquisitions of Operating Properties | ' | ||||||||||
Acquisitions of Operating Properties (Note 3) | |||||||||||
Acquisitions of properties are accounted for utilizing the acquisition method of accounting and, accordingly, the results of operations of acquired properties have been included in the results of operations from the respective dates of acquisition. Estimates of future cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, buildings and improvements, equipment, assumed debt liabilities and identifiable intangible assets and liabilities such as amounts related to in-place tenant leases, acquired above and below-market tenant and ground leases, and tenant relationships. No significant value had been ascribed to tenant relationships. | |||||||||||
The fair values of tangible assets are determined on an "if vacant" basis. The "if vacant" fair value is allocated to land, where applicable, buildings, equipment and tenant improvements based on comparable sales and other relevant information with respect to the property. Specifically, the "if vacant" value of the buildings and equipment was calculated using a cost approach utilizing published guidelines for current replacement cost or actual construction costs for similar, recently developed properties; and an income approach. Assumptions used in the income approach to the value of buildings include: capitalization and discount rates, lease-up time, market rents, make ready costs, land value, and site improvement value. | |||||||||||
The estimated fair value of in-place tenant leases includes lease origination costs (the costs we would have incurred to lease the property to the current occupancy level of the property) and the lost revenues during the period necessary to lease-up from vacant to the current occupancy level. Such estimates include the fair value of leasing commissions, legal costs and tenant coordination costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which generally ranges up to one year. The fair value of acquired in-place tenant leases is included in the balance of buildings and equipment and amortized over the remaining lease term for each tenant. | |||||||||||
Identifiable intangible assets and liabilities are calculated for above-market and below-market tenant and ground leases where we are either the lessor or the lessee. The difference between the contractual rental rates and our estimate of market rental rates is measured over a period equal to the remaining non-cancelable term of the leases, including significantly below-market renewal options for which exercise of the renewal option appears to be reasonably assured. The remaining term of leases with renewal options at terms significantly below market reflect the assumed exercise of such below-market renewal options and assume the amortization period would coincide with the extended lease term. | |||||||||||
The gross asset balances of the in-place value of tenant leases are included in buildings and equipment in our Consolidated Balance Sheets. | |||||||||||
Gross Asset | Accumulated | Net Carrying | |||||||||
Amortization | Amount | ||||||||||
As of December 31, 2013 | |||||||||||
Tenant leases: | |||||||||||
In-place value | $ | 797,311 | $ | (420,370 | ) | $ | 376,941 | ||||
As of December 31, 2012 | |||||||||||
Tenant leases: | |||||||||||
In-place value | $ | 972,495 | $ | (423,492 | ) | $ | 549,003 | ||||
The above-market tenant leases and below-market ground leases are included in Prepaid expenses and other assets (Note 14); the below-market tenant leases, above-market ground leases and above-market headquarters office lease are included in Accounts payable and accrued expenses (Note 15) in our Consolidated Balance Sheets. | |||||||||||
Amortization/accretion of all intangibles, including the intangibles in Note 14 and Note 15, had the following effects on our Income (loss) from continuing operations: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Amortization/accretion effect on continuing operations | $ | (242,221 | ) | $ | (335,883 | ) | $ | (447,941 | ) | ||
Future amortization/accretion of these intangibles is estimated to decrease results from continuing operations as follows: | |||||||||||
Year | Amount | ||||||||||
2014 | $ | 177,935 | |||||||||
2015 | 145,417 | ||||||||||
2016 | 113,360 | ||||||||||
2017 | 85,112 | ||||||||||
2018 | 55,527 | ||||||||||
Investments in Unconsolidated Real Estate Affiliates | ' | ||||||||||
Investments in Unconsolidated Real Estate Affiliates (Note 6) | |||||||||||
We account for investments in joint ventures where we own a non-controlling joint interest using the equity method. Under the equity method, the cost of our investment is adjusted for our share of the earnings of such Unconsolidated Real Estate Affiliates from the date of acquisition, increased by our contributions and reduced by distributions received. | |||||||||||
To determine the method of accounting for partially owned joint ventures, we evaluate the characteristics of associated entities and determine whether an entity is a variable interest entity ("VIE") and, if so, determine which party is primary beneficiary by analyzing whether we have both the power to direct the entity's significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the nature of the entity's operations, future cash flow projections, the entity's financing and capital structure, and contractual relationship and terms. We consolidate a VIE when we have determined that we are the primary beneficiary. | |||||||||||
Primary risks associated with our VIEs include the potential of funding the entities' debt obligations or making additional contributions to fund the entities' operations. | |||||||||||
Generally, the operating agreements with respect to our Unconsolidated Real Estate Affiliates provide that assets, liabilities and funding obligations are shared in accordance with our ownership percentages. Therefore, we generally also share in the profit and losses, cash flows and other matters relating to our Unconsolidated Real Estate Affiliates in accordance with our respective ownership percentages. Except for Retained Debt (as described in Note 7), differences between the carrying amount of our investment in the Unconsolidated Real Estate Affiliates and our share of the underlying equity of our Unconsolidated Real Estate Affiliates are typically amortized over lives ranging from five to 45 years. When cumulative distributions exceed our investment in the joint venture, the investment is reported as a liability in our consolidated financial statements. The liability is limited to our maximum potential obligation to fund contractual obligations, including recourse related to certain debt obligations. | |||||||||||
Partially owned, non-variable interest joint ventures over which we have controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned joint ventures where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method. | |||||||||||
We continually analyze and assess reconsideration events, including changes in the factors mentioned above, to determine if the consolidation treatment remains appropriate. Decisions regarding consolidation of partially owned entities frequently require significant judgment by our management. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
Highly-liquid investments with initial maturities of three months or less are classified as cash equivalents, excluding amounts restricted by certain lender and other agreements. | |||||||||||
Leases | ' | ||||||||||
Leases | |||||||||||
Our leases, in which we are the lessor or lessee, are substantially all accounted for as operating leases. Leases in which we are the lessor that transfer substantially all the risks and benefits of ownership to tenants are considered finance leases and the present values of the minimum lease payments and the estimated residual values of the leased properties, if any, are accounted for as receivables. Leases in which we are the lessee that transfer substantially all the risks and benefits of ownership to us are considered capital leases and the present values of the minimum lease payments are accounted for as assets and liabilities. | |||||||||||
Tenant improvements, either paid directly or in the form of construction allowances paid to tenants, are capitalized as Building and equipment and depreciated over the shorter of the useful life or the applicable lease term. | |||||||||||
In leasing tenant space, we may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, we determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If we are considered the owner of the leasehold improvements, we capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the leasehold improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is capitalized to Deferred expenses and considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. | |||||||||||
Deferred Expenses | ' | ||||||||||
Deferred Expenses | |||||||||||
Deferred expenses primarily consist of leasing commissions and related costs and are amortized using the straight-line method over the life of the leases. Deferred expenses also include financing fees we incurred in order to obtain long-term financing and are amortized as interest expense over the terms of the respective financing agreements using the straight-line method, which approximates the effective interest method. | |||||||||||
Revenue Recognition and Related Matters | ' | ||||||||||
Revenue Recognition and Related Matters | |||||||||||
Minimum rents are recognized on a straight-line basis over the terms of the related operating leases, including the effect of any free rent periods. Minimum rents also include lease termination income collected from tenants to allow for the tenant to vacate their space prior to their scheduled termination dates, as well as, accretion related to above and below-market tenant leases on acquired properties and properties that were recorded at fair value at the Effective Date. The following is a summary of amortization of straight-line rent, net amortization /accretion related to above and below-market tenant leases and termination income, which is included in Minimum rents: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Amortization of straight-line rent | $ | 49,504 | $ | 59,749 | $ | 76,067 | |||||
Net amortization/accretion of above and below-market tenant leases | (69,311 | ) | (81,726 | ) | (92,459 | ) | |||||
Lease termination income | 10,888 | 8,622 | 15,405 | ||||||||
The following is a summary of straight-line rent receivables, which are included in Accounts and notes receivable, net in our Consolidated Balance Sheets and are reduced for allowances and amounts doubtful of collection: | |||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Straight-line rent receivables, net | $ | 188,291 | $ | 148,282 | |||||||
Overage rent is paid by a tenant when the tenant's sales exceed an agreed upon minimum amount and is recognized on an accrual basis once tenant sales exceed contractual tenant lease thresholds and is calculated by multiplying the sales in excess of the minimum amount by a percentage defined in the lease. | |||||||||||
Tenant recoveries are established in the leases or computed based upon a formula related to real estate taxes, insurance and other property operating expenses and are generally recognized as revenues in the period the related costs are incurred. | |||||||||||
We provide an allowance for doubtful accounts against the portion of accounts receivable, including straight-line rents, which is estimated to be uncollectible. Such allowances are reviewed periodically based upon our recovery experience. The following table summarizes the changes in allowance for doubtful accounts: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance as of January 1, | $ | 24,692 | 32,859 | 40,746 | |||||||
Provision for doubtful accounts(1) | 5,948 | 7,444 | 4,878 | ||||||||
Provisions for doubtful accounts in discontinued operations | 857 | 791 | 1,440 | ||||||||
Write-offs | (13,605 | ) | (16,402 | ) | (14,205 | ) | |||||
| | | | | | | | | | | |
Balance as of December 31, | $ | 17,892 | $ | 24,692 | $ | 32,859 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Excludes recoveries of $2.1 million and $3.4 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
Management Fees and Other Corporate Revenues | ' | ||||||||||
Management Fees and Other Corporate Revenues | |||||||||||
Management fees and other corporate revenues primarily represent management and leasing fees, development fees, financing fees, and fees for other ancillary services performed for the benefit of certain of the Unconsolidated Real Estate Affiliates. Management fees are reported at 100% of the revenue earned from the joint venture in Management fees and other corporate revenues on our Consolidated Statements of Operations and Comprehensive Income (Loss). Our share of the management fee expense incurred by the Unconsolidated Real Estate Affiliates is reported within Equity in income of Unconsolidated Real Estate Affiliates on our Consolidated Statements of Operations and Comprehensive Income (Loss) and in Property management and other costs in the Condensed Combined Statements of Income in Note 6. The following table summarizes the management fees from affiliates and our share of the management fee expense: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Management fees from affiliates | $ | 68,681 | $ | 70,506 | $ | 60,752 | |||||
Management fee expense | (25,551 | ) | (23,061 | ) | (22,473 | ) | |||||
| | | | | | | | | | | |
Net management fees from affiliates | $ | 43,130 | $ | 47,445 | $ | 38,279 | |||||
| | | | | | | | | | | |
Income Taxes | ' | ||||||||||
Income Taxes (Note 8) | |||||||||||
We expect to distribute 100% of our taxable capital gains and taxable ordinary income to shareholders annually. If, with respect to any taxable year, we fail to maintain our qualification as a REIT and cannot correct such failure, we would not be allowed to deduct distributions to shareholders in computing our taxable income and federal income tax. If any of our REIT subsidiaries fail to qualify as a REIT, such failure could result in our loss of REIT status. If we lose our REIT status, corporate level income tax, including any applicable alternative minimum tax, would apply to our taxable income at regular corporate rates. As a result, the amount available for distribution to holders of equity securities that would otherwise receive dividends would be reduced for the year or years involved, and we would no longer be required to make distributions. In addition, unless we were entitled to relief under the relevant statutory provisions, we would be disqualified from treatment as a REIT for four subsequent taxable years. | |||||||||||
Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns and are recorded primarily by certain of our taxable REIT subsidiaries. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax asset, is included in the current tax provision. In 2010, GGP experienced a change in control, as a result of the transactions undertaken to emerge from bankruptcy, pursuant to Section 382 of the Internal Revenue Code that could limit the benefit of deferred tax assets. In addition, we recognize and report interest and penalties, if necessary, related to uncertain tax positions within our provision for income tax expense. | |||||||||||
Impairment | ' | ||||||||||
Impairment | |||||||||||
Operating properties | |||||||||||
We regularly review our consolidated properties for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment indicators are assessed separately for each property and include, but are not limited to, significant decreases in real estate property net operating income, significant decreases in occupancy percentage, debt maturities, management's intent with respect to the properties and prevailing market conditions. | |||||||||||
If an indicator of potential impairment exists, the property is tested for recoverability by comparing its carrying amount to the estimated future undiscounted cash flows. Although the carrying amount may exceed the estimated fair value of certain properties, a real estate asset is only considered to be impaired when its carrying amount cannot be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is determined to be necessary, the excess of the carrying amount of the property over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset group. The adjusted carrying amount, which represents the new cost basis of the property, is depreciated over the remaining useful life of the property. | |||||||||||
Although we may market a property for sale, there can be no assurance that the transaction will be complete until the sale is finalized. However, GAAP requires us to utilize the Company's expected holding period of our properties when assessing recoverability. If we cannot recover the carrying value of these properties within the planned holding period, we will estimate the fair values of the assets and record impairment charges for properties when the estimated fair value is less than their carrying value. | |||||||||||
Impairment indicators for pre-development costs, which are typically costs incurred during the beginning stages of a potential development and construction in progress, are assessed by project and include, but are not limited to, significant changes in the Company's plans with respect to the project, significant changes in projected completion dates, tenant demand, anticipated revenues or cash flows, development costs, market factors and sustainability of development projects. | |||||||||||
Impairment charges are recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) when the carrying value of a property is not recoverable and it exceeds the estimated fair value of the property, which can occur in accounting periods preceding disposition and / or in the period of disposition. | |||||||||||
During the year ended December 31, 2013, we recorded an $18.4 million impairment charge in continuing operations of our Consolidated Statements of Operations and Comprehensive Income (Loss). This impairment charge related to an operating property that was transferred to a special servicer. Subsequent to December 31, 2013, we sold this property in a lender directed sale in full satisfaction of the related debt for an amount less than the carrying value. Accordingly, we recorded an impairment charge of $18.4 million, resulting in a net book value of $12 million, which is less than the carrying value of the non-recourse debt of $78.7 million. We recorded a gain on extinguishment of debt of approximately $67 million in the first quarter of 2014. During the year ended December 31, 2013, we recorded $12.6 million of impairment charges in discontinued operations of our Consolidated Statement of Operations and Comprehensive Income (Loss), which related to four operating properties. | |||||||||||
During the year ended December 31, 2012, we recorded a $32.1 million impairment charge in continuing operations of our Consolidated Statements of Operations and Comprehensive Income (Loss). This impairment charge related to an operating property and was recorded because the estimated fair value of the property, based on our discounted cash flow analysis, was less than the carrying value of the property. During the year ended December 31, 2012, we recorded $76.6 million of impairment charges in discontinued operations of our Consolidated Statement of Operations and Comprehensive Income (Loss), which related to eight operating properties. | |||||||||||
During the year ended December 31, 2011, we recorded a $0.9 million impairment charge in continuing operations of our Consolidated Statements of Operations and Comprehensive Income (Loss). This impairment charge related to an operating property. During the year ended December 31, 2011, we recorded $67.5 million of impairment charges in discontinued operations of our Consolidated Statement of Operations and Comprehensive Income (Loss), which related to two operating properties and one non-income producing asset. | |||||||||||
Investment in Unconsolidated Real Estate Affiliates | |||||||||||
A series of operating losses of an investee or other factors may indicate that an other-than-temporary decline in value of our investment in an Unconsolidated Real Estate Affiliate has occurred. The investment in each of the Unconsolidated Real Estate Affiliates is evaluated for valuation declines below the carrying amount. Accordingly, in addition to the property-specific impairment analysis that we perform for such joint ventures (as part of our operating property impairment process described above), we also considered whether there were other-than-temporary declines with respect to the carrying values of our Unconsolidated Real Estate Affiliates. No impairments related to our investments in Unconsolidated Real Estate Affiliates were recognized for the years ended December 31, 2013, 2012, and 2011. | |||||||||||
Property Management and Other and General and Administrative Costs | ' | ||||||||||
Property Management and Other and General and Administrative Costs | |||||||||||
Property management and other costs represent regional and home office costs and include items such as corporate payroll, rent for office space, supplies and professional fees, which represent corporate overhead costs not generated at the properties. General and administrative costs represent the costs to run the public company and include payroll and other costs for executives, audit fees, professional fees and administrative fees related to the public company. | |||||||||||
Fair Value Measurements | ' | ||||||||||
Fair Value Measurements (Note 5) | |||||||||||
The accounting principles for fair value measurements establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | |||||||||||
• | |||||||||||
Level 1—defined as observable inputs such as quoted prices for identical assets or liabilities in active markets; | |||||||||||
• | |||||||||||
Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and | |||||||||||
• | |||||||||||
Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||
The impairment section above includes a discussion of all impairments recognized during the year ended December 31, 2013, 2012 and 2011, which were based on Level 2 inputs. Note 5 includes a discussion of properties measured at fair value on a non-recurring basis using Level 2 and Level 3 inputs and the fair value of debt, which is estimated on a recurring basis using Level 2 and Level 3 inputs. Note 9 includes a discussion of our outstanding warrants, which were measured at fair value using Level 3 inputs until the warrant agreement was amended on March 28, 2013. Note 11 includes a discussion of certain redeemable noncontrolling interests that are measured at fair value using Level 1 inputs. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, estimates and assumptions have been made with respect to fair values of assets and liabilities for purposes of applying the acquisition method of accounting, the useful lives of assets, capitalization of development and leasing costs, provision for income taxes, recoverable amounts of receivables and deferred taxes, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to acquisitions, impairment of long-lived assets and fair value of debt. Actual results could differ from these and other estimates. | |||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
Schedule of depreciation or amortization expense computed using the straight-line method based upon the estimated useful lives | ' | ||||||||||
Years | |||||||||||
Buildings and improvements | 10 - 45 | ||||||||||
Equipment and fixtures | 3 - 20 | ||||||||||
Tenant improvements | Shorter of useful life or applicable lease term | ||||||||||
Schedule of gross asset balances of the in-place value of tenant leases | ' | ||||||||||
Gross Asset | Accumulated | Net Carrying | |||||||||
Amortization | Amount | ||||||||||
As of December 31, 2013 | |||||||||||
Tenant leases: | |||||||||||
In-place value | $ | 797,311 | $ | (420,370 | ) | $ | 376,941 | ||||
As of December 31, 2012 | |||||||||||
Tenant leases: | |||||||||||
In-place value | $ | 972,495 | $ | (423,492 | ) | $ | 549,003 | ||||
Schedule of effects of amortization/accretion of all intangibles on Income (loss) from continuing operations | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Amortization/accretion effect on continuing operations | $ | (242,221 | ) | $ | (335,883 | ) | $ | (447,941 | ) | ||
Schedule of future amortization/accretion of all intangibles, estimated to decrease results from continuing operations | ' | ||||||||||
Year | Amount | ||||||||||
2014 | $ | 177,935 | |||||||||
2015 | 145,417 | ||||||||||
2016 | 113,360 | ||||||||||
2017 | 85,112 | ||||||||||
2018 | 55,527 | ||||||||||
Summary of amortization of straight-line rent, net amortization /accretion related to above and below-market tenant leases and termination income | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Amortization of straight-line rent | $ | 49,504 | $ | 59,749 | $ | 76,067 | |||||
Net amortization/accretion of above and below-market tenant leases | (69,311 | ) | (81,726 | ) | (92,459 | ) | |||||
Lease termination income | 10,888 | 8,622 | 15,405 | ||||||||
Summary of straight-line rent receivables | ' | ||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||
Straight-line rent receivables, net | $ | 188,291 | $ | 148,282 | |||||||
Summary of changes in allowance for doubtful accounts | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Balance as of January 1, | $ | 24,692 | 32,859 | 40,746 | |||||||
Provision for doubtful accounts(1) | 5,948 | 7,444 | 4,878 | ||||||||
Provisions for doubtful accounts in discontinued operations | 857 | 791 | 1,440 | ||||||||
Write-offs | (13,605 | ) | (16,402 | ) | (14,205 | ) | |||||
| | | | | | | | | | | |
Balance as of December 31, | $ | 17,892 | $ | 24,692 | $ | 32,859 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Excludes recoveries of $2.1 million and $3.4 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
Summary of management fees from affiliates and the entity's share of the management fee expense | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Management fees from affiliates | $ | 68,681 | $ | 70,506 | $ | 60,752 | |||||
Management fee expense | (25,551 | ) | (23,061 | ) | (22,473 | ) | |||||
| | | | | | | | | | | |
Net management fees from affiliates | $ | 43,130 | $ | 47,445 | $ | 38,279 | |||||
| | | | | | | | | | |
ACQUISITIONS_AND_JOINT_VENTURE1
ACQUISITIONS AND JOINT VENTURE ACTIVITY (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
The Grand Canal Shoppes and The Shoppes at The Palazzo | ' | ||||
ACQUISITIONS AND JOINT VENTURE ACTIVITY | ' | ||||
Schedule of gains from changes in control of investment properties recognized on the entity's Consolidated Statements of Operations and Comprehensive Income (Loss) | ' | ||||
Cash received from joint venture partner | $ | 411,476 | |||
Proportionate share of previous investment in The Grand Canal Shoppes and The Shoppes at The Palazzo | (211,468 | ) | |||
| | | | | |
Gains from changes in control of investment properties | $ | 200,008 | |||
| | | | | |
Properties acquired | ' | ||||
ACQUISITIONS AND JOINT VENTURE ACTIVITY | ' | ||||
Summary of preliminary allocation of purchase price to net assets acquired at the date of acquisition | ' | ||||
Investment in real estate, including intangible assets and liabilities | $ | 314,750 | |||
Investment in Unconsolidated Real Estate Affiliate | 39,774 | ||||
Net working capital | 515 | ||||
| | | | | |
Net assets acquired | $ | 355,039 | |||
| | | | | |
Quail Springs Mall | ' | ||||
ACQUISITIONS AND JOINT VENTURE ACTIVITY | ' | ||||
Schedule of gains from changes in control of investment properties recognized on the entity's Consolidated Statements of Operations and Comprehensive Income (Loss) | ' | ||||
Total fair value of net assets acquired | $ | 110,893 | |||
Previous investment in Quail Springs Mall | (35,610 | ) | |||
Cash paid to acquire our joint venture partner's interest | (55,507 | ) | |||
| | | | | |
Gains from changes in control of investment properties | $ | 19,776 | |||
| | | | | |
Summary of preliminary allocation of purchase price to net assets acquired at the date of acquisition | ' | ||||
Investment in real estate, including intangible assets and liabilities | $ | 186,627 | |||
Fair value of debt | (77,204 | ) | |||
Net working capital | 1,470 | ||||
| | | | | |
Net assets acquired |
DISPOSITIONS_DISCONTINUED_OPER1
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES | ' | ||||||||||
Summary of operations of the properties included in discontinued operations | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Retail and other revenue | $ | 31,205 | $ | 111,320 | $ | 412,827 | |||||
| | | | | | | | | | | |
Total revenues | 31,205 | 111,320 | 412,827 | ||||||||
| | | | | | | | | | | |
Retail and other operating expenses | 24,905 | 87,174 | 351,525 | ||||||||
Provisions for impairment | 12,575 | 76,581 | 67,517 | ||||||||
| | | | | | | | | | | |
Total expenses | 37,480 | 163,755 | 419,042 | ||||||||
| | | | | | | | | | | |
Operating loss | (6,275 | ) | (52,435 | ) | (6,215 | ) | |||||
Interest expense, net | (8,759 | ) | (32,210 | ) | (110,398 | ) | |||||
Provision for income taxes | — | (23 | ) | (632 | ) | ||||||
(Losses) gains on dispositions | (817 | ) | 24,426 | 4,332 | |||||||
| | | | | | | | | | | |
Net income (loss) from operations | (15,851 | ) | (60,242 | ) | (112,913 | ) | |||||
Gain on debt extinguishment | 25,894 | 50,765 | — | ||||||||
| | | | | | | | | | | |
Net income (loss) from discontinued operations | $ | 10,043 | $ | (9,477 | ) | $ | (112,913 | ) | |||
| | | | | | | | | | |
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
FAIR VALUE | ' | |||||||||||||
Summary of assets that are measured at fair value on a nonrecurring basis | ' | |||||||||||||
Total Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||
Measurement | Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||
for Identical Assets | (Level 2) | (Level 3) | ||||||||||||
(Level 1) | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||
Investments in real estate(1) | $ | 12,000 | $ | — | $ | 12,000 | $ | — | ||||||
Year Ended December 31, 2012 | ||||||||||||||
Investments in real estate(1) | $ | 112,829 | $ | — | $ | 12,070 | $ | 100,759 | ||||||
-1 | ||||||||||||||
Refer to Note 2 for more information regarding impairment. | ||||||||||||||
Schedule of quantitative information about the unobservable inputs of Level 3 real estate | ' | |||||||||||||
Unobservable Quantative Input | Range | |||||||||||||
Discount rates | 9.0% to 10.0% | |||||||||||||
Terminal capitalization rates | 9.0% to 10.0% | |||||||||||||
Schedule of components of debt eligible for Fair Value option and similar items not eligible for Fair Value option | ' | |||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||
Amount(1) | Fair Value | Amount(1) | Fair Value | |||||||||||
Fixed-rate debt | $ | 13,919,820 | $ | 13,957,952 | $ | 14,954,601 | $ | 16,190,518 | ||||||
Variable-rate debt | 1,752,617 | 1,787,139 | 1,012,265 | 1,040,687 | ||||||||||
| | | | | | | | | | | | | | |
$ | 15,672,437 | $ | 15,745,091 | $ | 15,966,866 | $ | 17,231,205 | |||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Includes market rate adjustments of $0.9 million and $(23.3) million as of December 31, 2013 and 2012, respectively. | ||||||||||||||
UNCONSOLIDATED_REAL_ESTATE_AFF1
UNCONSOLIDATED REAL ESTATE AFFILIATES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ||||||||||
Schedule of financial information for entity's Unconsolidated Real Estate Affiliates | ' | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
(Dollars in thousands) | |||||||||||
Condensed Combined Balance Sheets—Unconsolidated Real Estate Affiliates | |||||||||||
Assets: | |||||||||||
Land | $ | 1,046,354 | $ | 960,335 | |||||||
Buildings and equipment | 8,670,976 | 7,658,965 | |||||||||
Less accumulated depreciation | (2,301,054 | ) | (2,080,361 | ) | |||||||
Construction in progress | 46,339 | 173,419 | |||||||||
| | | | | | | | ||||
Net property and equipment | 7,462,615 | 6,712,358 | |||||||||
Investments in unconsolidated joint ventures | — | 1,201,044 | |||||||||
| | | | | | | | ||||
Net investment in real estate | 7,462,615 | 7,913,402 | |||||||||
Cash and cash equivalents | 260,405 | 485,387 | |||||||||
Accounts and notes receivable, net | 187,533 | 167,548 | |||||||||
Deferred expenses, net | 254,949 | 298,050 | |||||||||
Prepaid expenses and other assets | 147,182 | 140,229 | |||||||||
| | | | | | | | ||||
Total assets | $ | 8,312,684 | $ | 9,004,616 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Liabilities and Owners' Equity: | |||||||||||
Mortgages, notes and loans payable | $ | 6,503,686 | $ | 6,463,377 | |||||||
Accounts payable, accrued expenses and other liabilities | 324,620 | 509,064 | |||||||||
Cumulative effect of foreign currency translation ("CFCT") | (22,896 | ) | (158,195 | ) | |||||||
Owners' equity, excluding CFCT | 1,507,274 | 2,190,370 | |||||||||
| | | | | | | | ||||
Total liabilities and owners' equity | $ | 8,312,684 | $ | 9,004,616 | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Investment In and Loans To/From Unconsolidated Real Estate Affiliates, Net: | |||||||||||
Owners' equity | $ | 1,484,378 | $ | 2,032,175 | |||||||
Less: joint venture partners' equity | (760,804 | ) | (1,105,457 | ) | |||||||
Plus: excess investment/basis differences | 1,666,719 | 1,939,153 | |||||||||
| | | | | | | | ||||
Investment in and loans to/from | $ | 2,390,293 | $ | 2,865,871 | |||||||
Unconsolidated Real Estate Affiliates, net | |||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Reconciliation—Investment In and Loans To/From Unconsolidated Real Estate Affiliates: | |||||||||||
Asset—Investment in and loans to/from | $ | 2,407,698 | $ | 2,865,871 | |||||||
Unconsolidated Real Estate Affiliates | |||||||||||
Liability—Investment in Unconsolidated | (17,405 | ) | — | ||||||||
Real Estate Affiliates | |||||||||||
| | | | | | | | ||||
Investment in and loans to/from | $ | 2,390,293 | $ | 2,865,871 | |||||||
Unconsolidated Real Estate Affiliates, net | |||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
Year Ended | Year Ended | Year Ended | |||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Condensed Combined Statements of Income—Unconsolidated Real Estate Affiliates | |||||||||||
Revenues: | |||||||||||
Minimum rents | $ | 770,999 | $ | 713,552 | $ | 674,197 | |||||
Tenant recoveries | 327,750 | 297,567 | 297,530 | ||||||||
Overage rents | 32,500 | 25,794 | 19,822 | ||||||||
Other | 34,007 | 32,758 | 27,530 | ||||||||
| | | | | | | | | | | |
Total revenues | 1,165,256 | 1,069,671 | 1,019,079 | ||||||||
| | | | | | | | | | | |
Expenses: | |||||||||||
Real estate taxes | 104,453 | 95,643 | 98,738 | ||||||||
Property maintenance costs | 35,100 | 38,277 | 40,293 | ||||||||
Marketing | 15,981 | 16,573 | 17,791 | ||||||||
Other property operating costs | 160,439 | 153,006 | 143,947 | ||||||||
Provision for doubtful accounts | 1,480 | 1,937 | 5,703 | ||||||||
Property management and other costs(1) | 52,932 | 48,724 | 46,996 | ||||||||
General and administrative | 2,333 | 1,660 | 7,535 | ||||||||
Depreciation and amortization | 279,713 | 260,262 | 254,560 | ||||||||
| | | | | | | | | | | |
Total expenses | 652,431 | 616,082 | 615,563 | ||||||||
| | | | | | | | | | | |
Operating income | 512,825 | 453,589 | 403,516 | ||||||||
Interest income | 1,431 | 746 | 1,729 | ||||||||
Interest expense | (287,716 | ) | (279,756 | ) | (299,755 | ) | |||||
Provision for income taxes | (316 | ) | (935 | ) | (794 | ) | |||||
Equity in income of unconsolidated joint ventures | — | — | 11,568 | ||||||||
| | | | | | | | | | | |
Income from continuing operations | 226,224 | 173,644 | 116,264 | ||||||||
Net income from disposed investment | 26,889 | 50,942 | 213,313 | ||||||||
Allocation to noncontrolling interests | 1 | (74 | ) | (75 | ) | ||||||
| | | | | | | | | | | |
Net income attributable to the ventures | $ | 253,114 | $ | 224,512 | $ | 329,502 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Equity In Income of Unconsolidated Real Estate Affiliates: | |||||||||||
Net income attributable to the ventures | $ | 253,114 | $ | 224,512 | $ | 329,502 | |||||
Joint venture partners' share of income | (140,193 | ) | (131,047 | ) | (181,213 | ) | |||||
Amortization of capital or basis differences | (54,002 | ) | (38,481 | ) | (145,391 | ) | |||||
| | | | | | | | | | | |
Equity in income of Unconsolidated Real Estate Affiliates | $ | 58,919 | $ | 54,984 | $ | 2,898 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
-1 | |||||||||||
Includes management fees charged to the unconsolidated joint ventures by GGMI, GGSI and GGPLP. | |||||||||||
Summary of loss calculation | ' | ||||||||||
Cash received from acquirers | $ | 446,322 | |||||||||
Note receivable from Rique | 151,127 | ||||||||||
GGP's investment in Aliansce | (491,325 | ) | |||||||||
Accumulated foreign currency translation adjustment realized | (109,861 | ) | |||||||||
| | | | | |||||||
Loss on sale of Aliansce | $ | (3,737 | ) | ||||||||
| | | | | |||||||
| | | | | |||||||
MORTGAGES_NOTES_AND_LOANS_PAYA1
MORTGAGES, NOTES AND LOANS PAYABLE (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
MORTGAGES, NOTES AND LOANS PAYABLE | ' | |||||||||||||
Summary of Mortgages, notes and loans payable | ' | |||||||||||||
December 31, | Weighted-Average | December 31, | Weighted-Average | |||||||||||
2013(1) | Interest Rate(2) | 2012(3) | Interest Rate(2) | |||||||||||
Fixed-rate debt: | ||||||||||||||
Collateralized mortgages, notes and loans payable | $ | 13,907,029 | 4.55 | % | $ | 14,225,011 | 4.88 | % | ||||||
Corporate and other unsecured loans | 12,791 | 4.41 | % | 729,590 | 6.51 | % | ||||||||
| | | | | | | | | | | | | | |
Total fixed-rate debt | 13,919,820 | 4.55 | % | 14,954,601 | 4.96 | % | ||||||||
| | | | | | | | | | | | | | |
Variable-rate debt: | ||||||||||||||
Collateralized mortgages, notes and loans payable(4) | 1,700,817 | 2.61 | % | 1,012,265 | 3.42 | % | ||||||||
Corporate revolver | 51,800 | 1.74 | % | — | — | |||||||||
| | | | | | | | | | | | | | |
Total variable-rate debt | 1,752,617 | 2.59 | % | 1,012,265 | 3.42 | % | ||||||||
| | | | | | | | | | | | | | |
Total Mortgages, notes and loans payable | $ | 15,672,437 | 4.33 | % | $ | 15,966,866 | 4.86 | % | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Junior Subordinated Notes | $ | 206,200 | 1.69 | % | $ | 206,200 | 1.76 | % | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Includes net $0.9 million of debt market rate adjustments. | ||||||||||||||
-2 | ||||||||||||||
Represents the weighted-average interest rates on our principal balances, excluding the effects of deferred finance costs. | ||||||||||||||
-3 | ||||||||||||||
Includes net ($23.3) million of debt market rate adjustments. | ||||||||||||||
-4 | ||||||||||||||
Properties provide mortgage collateral as guarantors. $1.5 billion of the balance is cross-collateralized. | ||||||||||||||
Schedule of unsecured debt obligations | ' | |||||||||||||
December 31, | Weighted-Average | December 31, | Weighted-Average | |||||||||||
2013(2) | Interest Rate | 2012(3) | Interest Rate | |||||||||||
Unsecured debt: | ||||||||||||||
Unsecured Corporate Bonds—2010 Indenture | $ | — | — | $ | 608,688 | 6.75 | % | |||||||
HHC Note(1) | 13,179 | 4.41 | % | 19,347 | 4.41 | % | ||||||||
Unsecured Corporate Bonds—1995 Indenture | — | — | 91,786 | 5.38 | % | |||||||||
Corporate revolver | 51,800 | 1.74 | % | — | — | |||||||||
| | | | | | | | | | | | | | |
Total unsecured debt | $ | 64,979 | 2.28 | % | $ | 719,821 | 6.51 | % | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Matures in December 2015. | ||||||||||||||
-2 | ||||||||||||||
Excludes a market rate discount of $0.4 million that decreases the total amount that appears outstanding in our Consolidated Balance Sheets. The market rate discount amortizes as an addition to interest expense over the life of the loan. | ||||||||||||||
-3 | ||||||||||||||
Excludes a net market rate premium of $9.8 million that increases the total amount that appears outstanding in our Consolidated Balance Sheets. The market rate premium amortizes as a reduction to interest expense over the life of the respective loan. | ||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
INCOME TAXES | ' | ||||||||||
Schedule of provision for income taxes | ' | ||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||
Current | $ | 3,855 | $ | 5,036 | $ | 11,548 | |||||
Deferred | (3,510 | ) | 4,055 | (2,825 | ) | ||||||
| | | | | | | | | | | |
Total from Continuing Operations | 345 | 9,091 | 8,723 | ||||||||
Current | — | 23 | 632 | ||||||||
Deferred | — | — | — | ||||||||
| | | | | | | | | | | |
Total from Discontinued Operations | — | 23 | 632 | ||||||||
| | | | | | | | | | | |
Total | $ | 345 | $ | 9,114 | $ | 9,355 | |||||
| | | | | | | | | | | |
| | | | | | | |||||
Summary of net deferred tax assets (liabilities) | ' | ||||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Total deferred tax assets | $ | 16,077 | $ | 17,778 | $ | 21,574 | |||||
Valuation allowance | (15,171 | ) | (16,876 | ) | (16,996 | ) | |||||
| | | | | | | | | | | |
Net deferred tax assets | 906 | 902 | 4,578 | ||||||||
Total deferred tax liabilities | (24,667 | ) | (28,174 | ) | (29,220 | ) | |||||
| | | | | | | | | | | |
Net deferred tax liabilities | $ | (23,761 | ) | $ | (27,272 | ) | $ | (24,642 | ) | ||
| | | | | | | | | | | |
Schedule of tax effects of temporary differences and carryforwards included in net deferred tax liabilities | ' | ||||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
Operating loss and tax credit carryforwards | $ | 15,477 | $ | 15,051 | $ | 5,489 | |||||
Other TRS property, primarily differences in basis of assets and liabilities | (24,067 | ) | (25,447 | ) | (13,135 | ) | |||||
Valuation allowance | (15,171 | ) | (16,876 | ) | (16,996 | ) | |||||
| | | | | | | | | | | |
Net deferred tax liabilities | $ | (23,761 | ) | $ | (27,272 | ) | $ | (24,642 | ) | ||
| | | | | | | | | | | |
| | | | | | | | | | | |
WARRANTS_Tables
WARRANTS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
WARRANTS | ' | ||||||||||
Schedule of Warrants received | ' | ||||||||||
Initial Warrant Holder | Number of Warrants | Initial | |||||||||
Exercise Price | |||||||||||
Brookfield | 57,500,000 | $ | 10.75 | ||||||||
Blackstone—B(2) | 2,500,000 | 10.75 | |||||||||
Fairholme(2) | 41,070,000 | 10.5 | |||||||||
Pershing Square(1) | 16,430,000 | 10.5 | |||||||||
Blackstone—A(2) | 2,500,000 | 10.5 | |||||||||
| | | | | | | | ||||
120,000,000 | |||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
-1 | |||||||||||
On December 31, 2012, the Pershing Square Warrants were purchased by the Brookfield Investor. | |||||||||||
-2 | |||||||||||
On January 28, 2013, the Fairholme and Blackstone Warrants (A and B) were purchased by GGP. | |||||||||||
Schedule of shares issuable upon exercise of the outstanding GGP warrants | ' | ||||||||||
Exercise Price | |||||||||||
Record Date | Issuable Shares(1) | Brookfield and | Fairholme, | ||||||||
Blackstone—B(2) | Pershing Square and | ||||||||||
Blackstone—A(2)(3) | |||||||||||
April 16, 2012 | 132,372,000 | $ | 9.75 | $ | 9.52 | ||||||
July 16, 2012 | 133,116,000 | 9.69 | 9.47 | ||||||||
October 15, 2012 | 133,884,000 | 9.64 | 9.41 | ||||||||
December 14, 2012 | 134,640,000 | 9.58 | 9.36 | ||||||||
April 16, 2013 | 83,443,178 | 9.53 | 9.3 | ||||||||
July 16, 2013 | 83,945,892 | 9.47 | 9.25 | ||||||||
October 15, 2013 | 84,507,750 | 9.41 | 9.19 | ||||||||
December 13, 2013 | 85,084,392 | 9.34 | 9.12 | ||||||||
-1 | |||||||||||
Issuable shares as of April 16, 2013 exlcude the Fairholme and Blackstone A and B warrants purchased by GGPLP. | |||||||||||
-2 | |||||||||||
On January 28, 2013, the Fairholme and Blackstone Warrants (A and B) were purchased by GGPLP. | |||||||||||
-3 | |||||||||||
On December 31, 2012, the Pershing Square Warrants were purchased by the Brookfield Investor. | |||||||||||
Schedule of change in fair value of the Warrant liability | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Balance as of January 1, | $ | 1,488,196 | $ | 985,962 | $ | 1,041,004 | |||||
Warrant liability adjustment | 40,546 | 502,234 | (55,042 | ) | |||||||
Purchase of Warrants by GGPLP | (633,229 | ) | — | — | |||||||
Reclassification to equity | (895,513 | ) | — | — | |||||||
| | | | | | | | | | | |
Balance as of December 31, | $ | — | $ | 1,488,196 | $ | 985,962 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of estimated fair value of Warrants and significant observable and unobservable inputs used in valuation | ' | ||||||||||
March 28, 2013 | December 31, 2012 | ||||||||||
Fair value of Warrants | $895,513 | $1,488,196 | |||||||||
Observable Inputs | |||||||||||
GGP stock price per share | $19.88 | $19.85 | |||||||||
Warrant term | 4.62 | 4.86 | |||||||||
Unobservable Inputs | |||||||||||
Expected volatility | 30% | 33% | |||||||||
Range of values considered | (15% - 65%) | (20% - 65%) | |||||||||
Discount for lack of marketability | 3% | 3% | |||||||||
Range of values considered | (3% - 7%) | (3% - 7%) |
RENTALS_UNDER_OPERATING_LEASES1
RENTALS UNDER OPERATING LEASES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
RENTALS UNDER OPERATING LEASES | ' | ||||
Schedule of minimum future rentals under operating leases | ' | ||||
Year | Amount | ||||
2014 | $ | 1,381,256 | |||
2015 | 1,261,589 | ||||
2016 | 1,118,800 | ||||
2017 | 976,692 | ||||
2018 | 833,062 | ||||
Subsequent | 2,764,500 | ||||
| | | | | |
$ | 8,335,899 | ||||
| | | | | |
| | | | | |
EQUITY_AND_REDEEMABLE_NONCONTR1
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Redeemable noncontrolling interest | ' | ||||||||||||||||
Schedule of activity included in the allocation to noncontrolling interests | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Distributions to preferred Operating Partnership units | $ | (9,287 | ) | $ | (12,414 | ) | $ | (9,655 | ) | ||||||||
Net (income) loss allocation to noncontrolling interests in operating partnership from continuing operations (common units) | (2,281 | ) | 3,498 | 2,212 | |||||||||||||
Net (income) loss allocated to noncontrolling interest in consolidated real estate affiliates | (3,103 | ) | (784 | ) | 1,075 | ||||||||||||
| | | | | | | | | | | |||||||
Allocation to noncontrolling interests | (14,671 | ) | (9,700 | ) | (6,368 | ) | |||||||||||
Other comprehensive loss allocated to noncontrolling interests | (393 | ) | 258 | 337 | |||||||||||||
| | | | | | | | | | | |||||||
Comprehensive loss allocated to noncontrolling interests | $ | (15,064 | ) | $ | (9,442 | ) | $ | (6,031 | ) | ||||||||
| | | | | | | | | | | |||||||
Schedule of redeemable noncontrolling interests | ' | ||||||||||||||||
Number of Common | Number of | Converted Basis to | Conversion Price | Redemption Value | |||||||||||||
Units for each | Contractual | Common Units | |||||||||||||||
Preferred Unit | Convertible | Outstanding as of | |||||||||||||||
Preferred Units | December 31, 2013 | ||||||||||||||||
Outstanding as of | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Series B(1) | 3 | 1,279,632 | 3,991,540 | $ | 16.6667 | 80,110 | |||||||||||
Series D | 1.50821 | 532,750 | 803,499 | 33.15188 | 26,638 | ||||||||||||
Series E | 1.29836 | 502,658 | 652,631 | 38.51 | 25,133 | ||||||||||||
| | | | | | | | | | | | | | | | | |
$ | 131,881 | ||||||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
-1 | |||||||||||||||||
The conversion price of Series B preferred units is lower than the GGP December 31, 2013 closing common stock price of $20.07. Therefore, a common stock price of $20.07 is used to calculate the Series B redemption value. | |||||||||||||||||
Schedule of activity of redeemable noncontrolling interests | ' | ||||||||||||||||
Balance at January 1, 2011 | $ | 232,364 | |||||||||||||||
Net loss | (2,212 | ) | |||||||||||||||
Distributions | (5,879 | ) | |||||||||||||||
Redemption of operating partnership units | (4,615 | ) | |||||||||||||||
Other comprehensive loss | (337 | ) | |||||||||||||||
Fair value adjustment for noncontrolling interests in Operating Partnership | 4,474 | ||||||||||||||||
| | | | | |||||||||||||
Balance at December 31, 2011 | $ | 223,795 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Balance at January 1, 2012 | $ | 223,795 | |||||||||||||||
Net loss | (3,498 | ) | |||||||||||||||
Distributions | (2,850 | ) | |||||||||||||||
Redemption of operating partnership units | (2,730 | ) | |||||||||||||||
Dividend for RPI Spin-Off | 3,137 | ||||||||||||||||
Other comprehensive loss | (258 | ) | |||||||||||||||
Fair value adjustment for noncontrolling interests in Operating Partnership | 50,623 | ||||||||||||||||
| | | | | |||||||||||||
Balance at December 31, 2012 | $ | 268,219 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
Balance at January 1, 2013 | $ | 268,219 | |||||||||||||||
Net income | 2,281 | ||||||||||||||||
Distributions | (3,275 | ) | |||||||||||||||
Redemption of operating partnership units(1) | (41,889 | ) | |||||||||||||||
Other comprehensive income | 393 | ||||||||||||||||
Fair value adjustment for noncontrolling interests in Operating Partnership | 3,173 | ||||||||||||||||
| | | | | |||||||||||||
Balance at December 31, 2013 | $ | 228,902 | |||||||||||||||
| | | | | |||||||||||||
| | | | | |||||||||||||
-1 | |||||||||||||||||
Operating partnership unit holders redeemed 1,756,521 units in 2013. | |||||||||||||||||
Summary of common stock dividends declared | ' | ||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend Per Share | ||||||||||||||
2013 | |||||||||||||||||
October 28 | December 13 | January 2, 2014 | 0.14 | ||||||||||||||
July 29 | October 15 | October 29, 2013 | 0.13 | ||||||||||||||
May 10 | July 16 | July 30, 2013 | 0.12 | ||||||||||||||
February 4 | April 16 | April 30, 2013 | 0.12 | ||||||||||||||
2012 | |||||||||||||||||
November 20 | December 14 | January 4, 2013 | 0.11 | ||||||||||||||
July 31 | October 15 | October 29, 2012 | 0.11 | ||||||||||||||
April 26 | July 16 | July 30, 2012 | 0.1 | ||||||||||||||
February 23 | April 16 | April 30, 2012 | 0.1 | ||||||||||||||
Common Stock | ' | ||||||||||||||||
Redeemable noncontrolling interest | ' | ||||||||||||||||
Summary of common stock dividends declared | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Ordinary income | $ | 0.33 | $ | 0.316 | $ | 0.303 | |||||||||||
Return of capital | — | — | — | ||||||||||||||
Qualified dividends | — | — | — | ||||||||||||||
Capital gain distributions | 0.29 | 0.221 | 0.296 | ||||||||||||||
| | | | | | | | | | | |||||||
Distributions per share | $ | 0.62 | $ | 0.537 | $ | 0.599 | |||||||||||
| | | | | | | | | | | |||||||
6.375% series a cumulative redeemable perpetual preferred stock | ' | ||||||||||||||||
Redeemable noncontrolling interest | ' | ||||||||||||||||
Schedule of distributions paid on common stock | ' | ||||||||||||||||
Declaration Date | Record Date | Payment Date | Dividend Per Share | ||||||||||||||
2013 | |||||||||||||||||
October 28 | December 13 | January 2, 2014 | $ | 0.3984 | |||||||||||||
July 29 | September 13 | October 1, 2013 | 0.3984 | ||||||||||||||
May 10 | June 14 | July 1, 2013 | 0.3984 | ||||||||||||||
March 4 | March 15 | April 1, 2013 | 0.2125 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
EARNINGS PER SHARE | ' | ||||||||||
Information related to EPS calculation | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerators—Basic: | |||||||||||
Income (loss) from continuing operations | $ | 307,156 | $ | (462,056 | ) | $ | (193,891 | ) | |||
Preferred Stock dividend | (14,078 | ) | — | — | |||||||
Allocation to noncontrolling interests | (14,602 | ) | (9,663 | ) | (6,411 | ) | |||||
| | | | | | | | | | | |
Income (loss) from continuing operations—net of noncontrolling interests | 278,476 | (471,719 | ) | (200,302 | ) | ||||||
Discontinued operations | 10,043 | (9,477 | ) | (112,913 | ) | ||||||
Allocation to noncontrolling interests | (69 | ) | (37 | ) | 43 | ||||||
| | | | | | | | | | | |
Discontinued operations—net of noncontrolling interests | 9,974 | (9,514 | ) | (112,870 | ) | ||||||
Net income (loss) | 317,199 | (471,533 | ) | (306,804 | ) | ||||||
Preferred Stock dividend | (14,078 | ) | — | — | |||||||
Allocation to noncontrolling interests | (14,671 | ) | (9,700 | ) | (6,368 | ) | |||||
| | | | | | | | | | | |
Net income (loss) attributable to common stockholders | $ | 288,450 | $ | (481,233 | ) | $ | (313,172 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Numerators—Diluted: | |||||||||||
Income (loss) from continuing operations—net of noncontrolling interests | $ | 278,476 | $ | (471,719 | ) | $ | (200,302 | ) | |||
Exclusion of warrant adjustment | — | — | (55,042 | ) | |||||||
| | | | | | | | | | | |
Diluted income (loss) from continuing operations | $ | 278,476 | $ | (471,719 | ) | $ | (255,344 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income (loss) attributable to common stockholders | $ | 288,450 | $ | (481,233 | ) | $ | (313,172 | ) | |||
Exclusion of Warrant adjustment | — | — | (55,042 | ) | |||||||
| | | | | | | | | | | |
Diluted net income (loss) attributable to common stockholders | $ | 288,450 | $ | (481,233 | ) | $ | (368,214 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Denominators: | |||||||||||
Weighted-average number of common shares outstanding—basic | 930,643 | 938,049 | 943,669 | ||||||||
Effect of dilutive securities | 3,425 | — | 37,467 | ||||||||
| | | | | | | | | | | |
Weighted-average number of common shares outstanding—diluted | 934,068 | 938,049 | 981,136 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Anti-dilutive Securities: | |||||||||||
Effect of Preferred Units | 5,506 | 5,526 | 5,526 | ||||||||
Effect of Common Units | 6,434 | 6,819 | 6,929 | ||||||||
Effect of Stock Options | — | 2,352 | 671 | ||||||||
Effect of Warrants | 46,724 | 61,065 | — | ||||||||
| | | | | | | | | | | |
58,664 | 75,762 | 13,126 | |||||||||
| | | | | | | | | | |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||||||||||
Summary of stock option activity | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||
Average | Average | Average | ||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||
Price | Price | Price | ||||||||||||||||||
Stock options Outstanding at January 1, | 9,692,499 | $ | 13.59 | 11,503,869 | $ | 15.65 | 5,427,011 | $ | 20.21 | |||||||||||
Granted | 12,740,784 | 19.97 | — | — | 8,662,716 | 15.26 | ||||||||||||||
Exercised | (339,723 | ) | 14.33 | (607,473 | ) | 13.89 | (51,988 | ) | 11.05 | |||||||||||
Forfeited | (488,969 | ) | 16.27 | (703,183 | ) | 14.68 | (1,606,792 | ) | 14.96 | |||||||||||
Expired | (39,310 | ) | 14.35 | (500,714 | ) | 46.28 | (927,078 | ) | 39.31 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Stock options Outstanding at December 31, | 21,565,281 | $ | 17.28 | 9,692,499 | $ | 13.59 | 11,503,869 | $ | 15.65 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Intrinsic value of exercised options in period (in millions): | $ | 4.9 | $ | 3.3 | $ | 0.2 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Summary of stock options by range of exercise prices | ' | |||||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | |||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted | Shares | Weighted Average | Weighted | ||||||||||||||
Remaining Contractual | Average | Remaining Contractual | Average | |||||||||||||||||
Term (in years) | Exercise | Term (in years) | Exercise | |||||||||||||||||
Price | Price | |||||||||||||||||||
$8.00 - $12.00 | 2,000,000 | 6.8 | $ | 9.69 | 1,500,000 | 6.8 | $ | 9.69 | ||||||||||||
$13.00 - $17.00 | 6,996,034 | 7.4 | 14.61 | 2,965,960 | 7.3 | 14.58 | ||||||||||||||
$18.00 - $22.00 | 12,569,247 | 9.5 | 19.98 | — | — | — | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total | 21,565,281 | 8.6 | $ | 17.28 | 4,465,960 | 7.1 | $ | 12.94 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Intrinsic value ($20.07 stock price) | $ | 60,167 | $ | 31,842 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Summary or restricted stock activity | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||
Average Grant | Average Grant | Average Grant | ||||||||||||||||||
Date Fair Value | Date Fair Value | Date Fair Value | ||||||||||||||||||
Nonvested restricted stock grants outstanding as of beginning of period | 1,426,338 | $ | 14.07 | 1,716,932 | $ | 14.19 | 2,807,682 | $ | 14.24 | |||||||||||
Granted | 37,352 | 19.97 | 37,731 | 14.89 | 84,659 | 14.98 | ||||||||||||||
Canceled | (164,970 | ) | 15.69 | (123,183 | ) | 14.89 | (329,292 | ) | 14.73 | |||||||||||
Vested | (55,796 | ) | 15.15 | (205,142 | ) | 14.73 | (846,117 | ) | 14.23 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Nonvested restricted stock grants outstanding as of end of period | 1,242,924 | $ | 13.99 | 1,426,338 | $ | 14.07 | 1,716,932 | $ | 14.19 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Vested fair value (in millions): | $ | 3.4 | $ | 3.9 | $ | 12.1 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Schedule of assumptions used for weighted average estimated values of stock options granted | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Risk-free interest rate(*) | 1.71 | % | No options granted | 1.25 | % | |||||||||||||||
Dividend yield(*) | 2.52 | % | No options granted | 2.5 | % | |||||||||||||||
Expected volatility | 32.32 | % | No options granted | 41.16 | % | |||||||||||||||
Expected life (in years) | 6.5 | No options granted | 6.5 | |||||||||||||||||
(*) | ||||||||||||||||||||
Weighted average | ||||||||||||||||||||
Summary of compensation expense related to stock-based compensation plans | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Stock options—Property management and other costs | $ | 5,104 | $ | 3,111 | $ | 2,975 | ||||||||||||||
Stock options—General and administrative | 10,178 | 6,282 | 5,650 | |||||||||||||||||
Restricted stock—Property management and other costs | 1,504 | 1,553 | 2,843 | |||||||||||||||||
Restricted stock—General and administrative | 6,230 | 7,922 | 8,591 | |||||||||||||||||
| | | | | | | | | | | ||||||||||
Total | $ | 23,016 | $ | 18,868 | $ | 20,059 | ||||||||||||||
| | | | | | | | | | | ||||||||||
Schedule of unrecognized compensation expense | ' | |||||||||||||||||||
Year | Amount | |||||||||||||||||||
2014 | $ | 23,935 | ||||||||||||||||||
2015 | 20,335 | |||||||||||||||||||
2016 | 16,057 | |||||||||||||||||||
2017 | 15,492 | |||||||||||||||||||
2018 | 3,420 | |||||||||||||||||||
| | | | | ||||||||||||||||
79,239 | ||||||||||||||||||||
| | | | | ||||||||||||||||
| | | | | ||||||||||||||||
PREPAID_EXPENSES_AND_OTHER_ASS1
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
PREPAID EXPENSES AND OTHER ASSETS | ' | |||||||||||||||||||
Components of Prepaid expenses and other assets | ' | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Gross Asset | Accumulated | Balance | Gross Asset | Accumulated | Balance | |||||||||||||||
Amortization | Amortization | |||||||||||||||||||
Intangible assets: | ||||||||||||||||||||
Above-market tenant leases, net | $ | 1,022,398 | $ | (478,998 | ) | $ | 543,400 | $ | 1,230,117 | $ | (425,837 | ) | $ | 804,280 | ||||||
Below-market ground leases, net | 164,017 | (13,597 | ) | 150,420 | 169,539 | (9,825 | ) | 159,714 | ||||||||||||
Real estate tax stabilization agreement, net | 111,506 | (19,834 | ) | 91,672 | 111,506 | (13,523 | ) | 97,983 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total intangible assets | $ | 1,297,921 | $ | (512,429 | ) | $ | 785,492 | $ | 1,511,162 | $ | (449,185 | ) | $ | 1,061,977 | ||||||
| | | | | | | | | | | | | | | | | | | | |
Remaining Prepaid expenses and other assets: | ||||||||||||||||||||
Security and escrow deposits | 145,999 | 181,481 | ||||||||||||||||||
Prepaid expenses | 23,283 | 54,514 | ||||||||||||||||||
Other non-tenant receivables | 25,988 | 12,450 | ||||||||||||||||||
Deferred tax, net of valuation allowances | 906 | 902 | ||||||||||||||||||
Other | 13,901 | 18,141 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total remaining Prepaid expenses and other assets | 210,077 | 267,488 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Prepaid expenses and other assets | $ | 995,569 | $ | 1,329,465 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
ACCOUNTS_PAYABLE_AND_ACCRUED_E1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ' | |||||||||||||||||||
Schedule of significant components of Accounts payable and accrued expenses | ' | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Gross Liability | Accumulated | Balance | Gross Liability | Accumulated | Balance | |||||||||||||||
Accretion | Accretion | |||||||||||||||||||
Intangible liabilities: | ||||||||||||||||||||
Below-market tenant leases, net | $ | 622,710 | $ | (271,215 | ) | $ | 351,495 | $ | 725,878 | $ | (251,896 | ) | $ | 473,982 | ||||||
Above-market headquarters office leases, net | 15,268 | (5,130 | ) | 10,138 | 15,268 | (3,393 | ) | 11,875 | ||||||||||||
Above-market ground leases, net | 9,756 | (1,181 | ) | 8,575 | 9,756 | (805 | ) | 8,951 | ||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total intangible liabilities | $ | 647,734 | $ | (277,526 | ) | $ | 370,208 | $ | 750,902 | $ | (256,094 | ) | $ | 494,808 | ||||||
| | | | | | | | | | | | | | | | | | | | |
Remaining Accounts payable and accrued expenses: | ||||||||||||||||||||
Accrued interest | 80,409 | 185,461 | ||||||||||||||||||
Accounts payable and accrued expenses | 98,986 | 160,861 | ||||||||||||||||||
Accrued real estate taxes | 92,663 | 67,581 | ||||||||||||||||||
Deferred gains/income | 115,354 | 98,376 | ||||||||||||||||||
Accrued payroll and other employee liabilities | 34,006 | 34,802 | ||||||||||||||||||
Construction payable | 103,988 | 70,609 | ||||||||||||||||||
Tenant and other deposits | 21,434 | 22,870 | ||||||||||||||||||
Insurance reserve liability | 16,643 | 15,796 | ||||||||||||||||||
Capital lease obligations | 12,703 | 13,292 | ||||||||||||||||||
Conditional asset retirement obligation liability | 10,424 | 12,134 | ||||||||||||||||||
Uncertain tax position liability | 5,536 | 5,873 | ||||||||||||||||||
Other | 27,013 | 29,768 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total remaining Accounts payable and accrued expenses | 619,159 | 717,423 | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
Total Accounts payable and accrued expenses | $ | 989,367 | $ | 1,212,231 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||
Schedule of components of accumulated other comprehensive loss | ' | |||||||
December 31, 2013 | December 31, 2012 | |||||||
Net unrealized gains on financial instruments | $ | 124 | $ | 129 | ||||
Foreign currency translation | (38,297 | ) | (87,547 | ) | ||||
Unrealized gains on available-for-sale securities | — | 64 | ||||||
| | | | | | | | |
$ | (38,173 | ) | $ | (87,354 | ) | |||
| | | | | | | | |
| | | | | | | | |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||||
Summary of contractual rental expenses | ' | ||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Contractual rent expense, including participation rent | $ | 13,568 | $ | 14,248 | $ | 13,034 | |||||||||||||||||
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent | 8,750 | 9,188 | 7,886 | ||||||||||||||||||||
Summary of contractual maturities of the entity's long-term commitments | ' | ||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Subsequent/ | Total | |||||||||||||||||
Other | |||||||||||||||||||||||
Mortgages, notes and loans payable(1) | $ | 392,982 | $ | 836,291 | $ | 1,033,884 | $ | 887,418 | $ | 1,928,647 | $ | 10,593,215 | $ | 15,672,437 | |||||||||
Retained debt-principal | 1,445 | 1,527 | 1,598 | 1,702 | 1,798 | 82,485 | 90,555 | ||||||||||||||||
Purchase obligations | 138,798 | — | — | — | — | — | 138,798 | ||||||||||||||||
Ground lease payments | 5,902 | 5,912 | 5,911 | 5,941 | 5,859 | 190,376 | 219,901 | ||||||||||||||||
Junior Subordinated Notes(2) | — | — | — | — | — | 206,200 | 206,200 | ||||||||||||||||
Tax indemnification liability(3) | — | — | — | — | — | 303,586 | 303,586 | ||||||||||||||||
Uncertain tax position liability(4) | — | — | — | — | — | 5,536 | 5,536 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Total | $ | 539,127 | $ | 843,730 | $ | 1,041,393 | $ | 895,061 | $ | 1,936,304 | $ | 11,381,398 | $ | 16,637,013 | |||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
-1 | |||||||||||||||||||||||
The $51.8 million outstanding on the revolving credit facility as of December 31, 2013 is included in 2014. | |||||||||||||||||||||||
-2 | |||||||||||||||||||||||
The $206.2 million of Junior Subordinated Notes are due in 2041, but may be redeemed any time after April 30, 2011. As we do not expect to redeem the notes prior to maturity, they are included in the consolidated debt maturing subsequent to 2018. | |||||||||||||||||||||||
-3 | |||||||||||||||||||||||
The outcome of the Tax Court's decision will impact the timing of the payment. We expect the Tax Court's decision in 2014 (Note 17). | |||||||||||||||||||||||
-4 | |||||||||||||||||||||||
The uncertain income tax liability for which reasonable estimates about the timing of payments cannot be made is disclosed within the Subsequent/Other column. | |||||||||||||||||||||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ' | |||||||||||||
Schedule of quarterly financial information (unaudited) | ' | |||||||||||||
2013 | ||||||||||||||
First Quarter | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | ||||||||||||
Total revenues | $ | 629,109 | $ | 604,410 | $ | 612,505 | $ | 681,363 | ||||||
Operating income | 198,473 | 200,329 | 195,707 | 237,650 | ||||||||||
Income (loss) from continuing operations | (27,719 | ) | 215,790 | 30,843 | 88,243 | |||||||||
Income (loss) from discontinued operations | 18,983 | (1,867 | ) | 12 | (7,085 | ) | ||||||||
Net income (loss) income attributable to common shareholders | (13,651 | ) | 205,391 | 23,499 | 73,212 | |||||||||
Basic Earnings (Loss) Per Share: | ||||||||||||||
Continuing operations | (0.03 | ) | 0.22 | 0.03 | 0.09 | |||||||||
Discontinued operations | 0.02 | — | — | (0.01 | ) | |||||||||
Diluted Earnings (Loss) Per Share: | ||||||||||||||
Continuing operations | (0.03 | ) | 0.21 | 0.03 | 0.08 | |||||||||
Discontinued operations | 0.02 | — | — | (0.01 | ) | |||||||||
Dividends declared per share | 0.12 | 0.12 | 0.13 | 0.14 | ||||||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 939,271 | 939,434 | 932,964 | 911,185 | ||||||||||
Diluted | 939,271 | 989,461 | 980,767 | 960,765 | ||||||||||
2012 | ||||||||||||||
First Quarter | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | ||||||||||||
Total revenues | $ | 589,082 | $ | 597,958 | $ | 616,038 | $ | 663,760 | ||||||
Operating income | 164,547 | 190,126 | 154,033 | 250,857 | ||||||||||
Loss from continuing operations | (182,202 | ) | (107,439 | ) | (148,196 | ) | (24,219 | ) | ||||||
Income (loss) from discontinued operations | (12,047 | ) | 1,095 | (58,410 | ) | 59,885 | ||||||||
Net income (loss) income attributable to common shareholders | (197,615 | ) | (107,933 | ) | (207,886 | ) | 32,201 | |||||||
Basic Earnings (Loss) Per Share:(1) | ||||||||||||||
Continuing operations | (0.20 | ) | (0.12 | ) | (0.17 | ) | (0.03 | ) | ||||||
Discontinued operations | (0.01 | ) | — | (0.06 | ) | 0.07 | ||||||||
Diluted Earnings (Loss) Per Share:(1) | ||||||||||||||
Continuing operations | (0.20 | ) | (0.12 | ) | (0.16 | ) | (0.03 | ) | ||||||
Discontinued operations | (0.01 | ) | — | (0.06 | ) | 0.07 | ||||||||
Dividends declared per share | 0.1 | 0.1 | 0.11 | 0.11 | ||||||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | 937,274 | 937,789 | 938,316 | 938,049 | ||||||||||
Diluted | 937,274 | 937,789 | 938,316 | 938,049 | ||||||||||
-1 | ||||||||||||||
Earnings (loss) per share for the quarters do not add up to annual earnings per share due to the issuance of additional common stock during the year. | ||||||||||||||
ORGANIZATION_Details
ORGANIZATION (Details) | 9 Months Ended | |||||||||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 13, 2013 | Oct. 15, 2013 | Jul. 16, 2013 | Apr. 16, 2013 | Dec. 14, 2012 | Oct. 15, 2012 | Jul. 16, 2012 | Apr. 16, 2012 | |
warrant | warrant | warrant | warrant | warrant | warrant | warrant | warrant | warrant | ||
ORGANIZATION | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to purchase common stock | ' | 120,000,000 | 85,084,392 | 84,507,750 | 83,945,892 | 83,443,178 | 134,640,000 | 133,884,000 | 133,116,000 | 132,372,000 |
Common equity ownership in GGP Limited Partnership (as a percent) | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership in GGP Limited held by limited partners (as a percent) | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | Regional Malls | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties in portfolio | ' | 120 | ' | ' | ' | ' | ' | ' | ' | ' |
Western region of the United States | Strip/other retail centers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties in portfolio | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' |
Columbia, Maryland | Stand-alone office buildings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties in portfolio | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue Recognition and Related Matters | ' | ' | ' |
Amortization of straight-line rent | $49,504,000 | $59,749,000 | $76,067,000 |
Net amortization/accretion of above and below-market tenant leases | -69,311,000 | -81,726,000 | -92,459,000 |
Lease termination income | 10,888,000 | 8,622,000 | 15,405,000 |
Straight-line rent receivables, net | 188,291,000 | 148,282,000 | ' |
Changes in allowance for doubtful accounts | ' | ' | ' |
Balance at beginning of the period | 24,692,000 | 32,859,000 | 40,746,000 |
Provisions for doubtful accounts | 5,948,000 | 7,444,000 | 4,878,000 |
Write-offs | -13,605,000 | -16,402,000 | -14,205,000 |
Balance at end of the period | 17,892,000 | 24,692,000 | 32,859,000 |
Allowance for doubtful accounts in discontinued operations | ' | ' | ' |
Changes in allowance for doubtful accounts | ' | ' | ' |
Provisions for doubtful accounts in discontinued operations | 857,000 | 791,000 | 1,440,000 |
Recoveries | $2,100,000 | $3,400,000 | ' |
Minimum | Buildings and improvements | ' | ' | ' |
Properties | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Minimum | Equipment and fixtures | ' | ' | ' |
Properties | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Minimum | Properties | ' | ' | ' |
Properties | ' | ' | ' |
Estimated useful lives | '10 years | ' | ' |
Maximum | Buildings and improvements | ' | ' | ' |
Properties | ' | ' | ' |
Estimated useful lives | '45 years | ' | ' |
Maximum | Equipment and fixtures | ' | ' | ' |
Properties | ' | ' | ' |
Estimated useful lives | '20 years | ' | ' |
Maximum | Properties | ' | ' | ' |
Properties | ' | ' | ' |
Estimated useful lives | '45 years | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquisitions of operating properties | ' | ' | ' |
Gross Asset | $1,297,921 | $1,511,162 | ' |
Accumulated Amortization | -512,429 | -449,185 | ' |
Net Carrying Amount | 785,492 | 1,061,977 | ' |
Amortization/accretion effect on continuing operations | -242,221 | -335,883 | -447,941 |
Future amortization/accretion of intangibles | ' | ' | ' |
2014 | 177,935 | ' | ' |
2015 | 145,417 | ' | ' |
2016 | 113,360 | ' | ' |
2017 | 85,112 | ' | ' |
2018 | 55,527 | ' | ' |
Minimum | ' | ' | ' |
Investments in Unconsolidated Real Estate Affiliates | ' | ' | ' |
Amortization period for difference between carrying amount of investment in unconsolidated real estate affiliates and share of underlying equity of unconsolidated real estate affiliates | '5 years | ' | ' |
Maximum | ' | ' | ' |
Investments in Unconsolidated Real Estate Affiliates | ' | ' | ' |
Amortization period for difference between carrying amount of investment in unconsolidated real estate affiliates and share of underlying equity of unconsolidated real estate affiliates | '45 years | ' | ' |
Tenant leases, In-place value | ' | ' | ' |
Acquisitions of operating properties | ' | ' | ' |
Gross Asset | 797,311 | 972,495 | ' |
Accumulated Amortization | -420,370 | -423,492 | ' |
Net Carrying Amount | $376,941 | $549,003 | ' |
Tenant leases, In-place value | Maximum | ' | ' | ' |
Acquisitions of operating properties | ' | ' | ' |
Lease-up period | '1 year | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2014 | |
Property transferred to a special servicer | Continuing operations | Continuing operations | Discontinuing operations | Discontinuing operations | Discontinuing operations | Discontinuing operations | Operating properties and producing asset | Subsequent event | ||||
property | property | property | Property transferred to a special servicer | property | Property transferred to a special servicer | |||||||
Management Fees and Other Corporate Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of revenue earned from joint venture reported as management fees | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees from affiliates | $68,681,000 | $70,506,000 | $60,752,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee expense | -25,551,000 | -23,061,000 | -22,473,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net management fees from affiliates | 43,130,000 | 47,445,000 | 38,279,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital gains and ordinary income expected to be distributed to shareholders annually to qualify as REIT | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of disqualification of REIT status | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | ' | ' | ' | 18,400,000 | 32,100,000 | 900,000 | 12,600,000 | 76,600,000 | 67,500,000 | ' | ' | ' |
Net book value | 21,113,414,000 | 22,021,557,000 | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the non-recourse debt | ' | ' | ' | 78,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on debt extinguishment | -36,479,000 | -15,007,000 | ' | ' | ' | ' | 25,894,000 | 50,765,000 | ' | 25,900,000 | ' | 67,000,000 |
Number of impaired operating properties | ' | ' | ' | ' | ' | ' | 4 | 8 | 2 | ' | ' | ' |
Number of impaired non-income producing assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Provision for impairment from Equity in income of Unconsolidated Real Estate Affiliates | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_AND_JOINT_VENTURE2
ACQUISITIONS AND JOINT VENTURE ACTIVITY (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Jun. 28, 2013 | Apr. 17, 2012 | Dec. 31, 2012 | |
Union Square area | Properties acquired | Quail Springs Mall | Sears Anchor Pads | Sears Anchor Pads | |
item | property | item | |||
Acquisitions | ' | ' | ' | ' | ' |
Number of properties acquired | 2 | 4 | ' | ' | ' |
Debt assumed | ' | $41,300,000 | ' | ' | ' |
Ownership interest acquired (as a percent) | 50.00% | ' | 50.00% | ' | ' |
Investment in real estate, including intangible assets and liabilities | ' | 314,750,000 | 186,627,000 | ' | ' |
Investment in Unconsolidated Real Estate Affiliates | ' | 39,774,000 | ' | ' | ' |
Net working capital | ' | 515,000 | 1,470,000 | ' | ' |
Net assets acquired | ' | 355,039,000 | 110,893,000 | ' | ' |
Number of anchor pads acquired | ' | ' | ' | 11 | ' |
Number of anchor pads in which fee interest acquired | ' | ' | ' | 5 | ' |
Number of anchor pads in which long-term leasehold interests acquired | ' | ' | ' | 6 | ' |
Leasehold interests recorded as construction in progress | ' | ' | ' | 212,000,000 | ' |
Fee interests recorded as land and buildings | ' | ' | ' | ' | 58,000,000 |
Consideration for acquisition | ' | 396,300,000 | 90,500,000 | ' | ' |
Remaining percentage of debt assumed | ' | ' | 50.00% | ' | ' |
Gain calculation | ' | ' | ' | ' | ' |
Total fair value of net assets acquired | ' | 355,039,000 | 110,893,000 | ' | ' |
Previous investment in joint venture | ' | ' | -35,610,000 | ' | ' |
Cash paid to acquire our joint venture partner's interest | ' | -355,000,000 | -55,507,000 | -270,000,000 | ' |
Gain from changes in control of investment properties | ' | ' | 19,776,000 | ' | ' |
Preliminary allocation of the purchase price to the net assets acquired at the date of acquisition | ' | ' | ' | ' | ' |
Investment in real estate, including intangible assets and liabilities | ' | 314,750,000 | 186,627,000 | ' | ' |
Fair value of debt | ' | ' | -77,204,000 | ' | ' |
Net working capital | ' | 515,000 | 1,470,000 | ' | ' |
Net assets acquired | ' | $355,039,000 | $110,893,000 | ' | ' |
ACQUISITIONS_AND_JOINT_VENTURE3
ACQUISITIONS AND JOINT VENTURE ACTIVITY (Details 2) (The Grand Canal Shoppes and The Shoppes at The Palazzo, USD $) | 0 Months Ended |
16-May-13 | |
Joint venture | ' |
Ownership percentage in investment properties by joint venture | 100.00% |
Debt assumed joint venture by TIAACREF | $311,900,000 |
Gains from changes in control of investment properties recognized | ' |
Cash received from joint venture | 411,476,000 |
Proportionate share of previous investment in The Grand Canal Shoppes and The Shoppes at The Palazzo | -211,468,000 |
Gain from changes in control of investment property | $200,008,000 |
TIAACREF | ' |
Joint venture | ' |
Percentage of economic interest in joint venture received by Co-venture | 49.90% |
ACQUISITIONS_AND_JOINT_VENTURE4
ACQUISITIONS AND JOINT VENTURE ACTIVITY (Details 3) (USD $) | Mar. 31, 2012 | Apr. 05, 2012 | Dec. 31, 2012 |
The Oaks and Westroads | The Oaks and Westroads, equity method investment | The Oaks and Westroads, equity method investment | |
Acquisitions | ' | ' | ' |
Ownership interest acquired (as a percent) | ' | 49.00% | ' |
Remaining debt assumed | ' | $92,800,000 | ' |
Total fair value of net assets acquired | ' | 200,300,000 | ' |
Previous investment in joint venture | 83,500,000 | ' | ' |
Consideration for acquisition | ' | 191,100,000 | ' |
Cash included in total consideration | ' | 98,300,000 | ' |
Remaining percentage of debt and net working capital assumed | ' | 49.00% | ' |
Gain from changes in control of investment property | ' | ' | $18,500,000 |
DISPOSITIONS_DISCONTINUED_OPER2
DISPOSITIONS, DISCONTINUED OPERATIONS AND GAINS (LOSSES) ON DISPOSITIONS OF INTERESTS IN OPERATING PROPERTIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 12, 2012 | |
Discontinuing operations | Discontinuing operations | Discontinuing operations | Property interests sold in 2013 | Property transferred to a special servicer | Office Properties | Regional Malls | Strip/other retail centers | Rouse Properties, Inc. (Rouse) | ||||||||||||
Discontinuing operations | Discontinuing operations | property | property | property | Discontinuing operations | |||||||||||||||
property | property | |||||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 7 | 11 | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $394,500,000 | ' | $142,600,000 | ' | ' | ' | ' | ' |
Debt on the property paid down with proceeds from sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320,600,000 | ' | 143,600,000 | 96,900,000 | ' | ' | ' | ' |
Number of properties previously transferred to a special servicer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of malls in portfolio spun-off in the form of a special dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 |
Retail and other revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,205,000 | 111,320,000 | 412,827,000 | ' | ' | ' | ' | ' | ' |
Total revenues | 681,363,000 | 612,505,000 | 604,410,000 | 629,109,000 | 663,760,000 | 616,038,000 | 597,958,000 | 589,082,000 | 2,527,387,000 | 2,466,838,000 | 2,396,960,000 | 31,205,000 | 111,320,000 | 412,827,000 | ' | ' | ' | ' | ' | ' |
Retail and other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,905,000 | 87,174,000 | 351,525,000 | ' | ' | ' | ' | ' | ' |
Provision for impairment | ' | ' | ' | ' | ' | ' | ' | ' | 18,361,000 | 32,100,000 | 916,000 | 12,575,000 | 76,581,000 | 67,517,000 | ' | ' | ' | ' | ' | ' |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,695,228,000 | 1,707,275,000 | 1,778,574,000 | 37,480,000 | 163,755,000 | 419,042,000 | ' | ' | ' | ' | ' | ' |
Operating income | 237,650,000 | 195,707,000 | 200,329,000 | 198,473,000 | 250,857,000 | 154,033,000 | 190,126,000 | 164,547,000 | 832,159,000 | 759,563,000 | 618,386,000 | -6,275,000 | -52,435,000 | -6,215,000 | ' | ' | ' | ' | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,759,000 | -32,210,000 | -110,398,000 | ' | ' | ' | ' | ' | ' |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,000 | -632,000 | ' | ' | ' | ' | ' | ' |
(Losses) gains on dispositions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -817,000 | 24,426,000 | 4,332,000 | ' | ' | ' | ' | ' | ' |
Net income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,851,000 | -60,242,000 | -112,913,000 | ' | ' | ' | ' | ' | ' |
Gain on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | -36,479,000 | -15,007,000 | ' | 25,894,000 | 50,765,000 | ' | ' | 25,900,000 | ' | ' | ' | ' |
Discontinued operations, net | ($7,085,000) | $12,000 | ($1,867,000) | $18,983,000 | $59,885,000 | ($58,410,000) | $1,095,000 | ($12,047,000) | $10,043,000 | ($9,477,000) | ($112,913,000) | $10,043,000 | ($9,477,000) | ($112,913,000) | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_Details
FAIR VALUE (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Fair Value Measurements, Non-recurring | Fair Value Measurements, Non-recurring | Fair Value Measurements, Non-recurring | Fair Value Measurements, Non-recurring | Fair Value Measurements, Non-recurring | |
Minimum | Maximum | Total Fair Value Measurement | Total Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |
Investment in real estate: | ' | ' | ' | ' | ' | ' | ' |
Total investments in real estate | ' | ' | $12,000 | $112,829 | $12,000 | $12,070 | $100,759 |
Unobservable Quantitative Input | ' | ' | ' | ' | ' | ' | ' |
Discount rates | 9.00% | 10.00% | ' | ' | ' | ' | ' |
Terminal capitalization rates | 9.00% | 10.00% | ' | ' | ' | ' | ' |
FAIR_VALUE_Details_2
FAIR VALUE (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Carrying Amount | ' | ' |
Fixed-rate debt | $13,919,820,000 | $14,954,601,000 |
Variable-rate debt | 1,752,617,000 | 1,012,265,000 |
Total mortgages, notes and loans payable | 15,672,437,000 | 15,966,866,000 |
Estimated Fair Value | ' | ' |
Fixed-rate debt | 13,957,952,000 | 16,190,518,000 |
Variable-rate debt | 1,787,139,000 | 1,040,687,000 |
Total long-term debt, fair value | 15,745,091,000 | 17,231,205,000 |
Variable rate basis | 'LIBOR | ' |
Market rate adjustments | $900,000 | ($23,300,000) |
UNCONSOLIDATED_REAL_ESTATE_AFF2
UNCONSOLIDATED REAL ESTATE AFFILIATES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Land | $4,320,597 | $4,278,471 | ' | ' |
Buildings and equipment | 18,270,748 | 18,806,858 | ' | ' |
Less accumulated depreciation | -1,884,861 | -1,440,301 | ' | ' |
Construction in progress | 406,930 | 376,529 | ' | ' |
Net property and equipment | 21,113,414 | 22,021,557 | ' | ' |
Net investment in real estate | 23,521,112 | 24,887,428 | ' | ' |
Cash and cash equivalents | 577,271 | 624,815 | 572,872 | 1,021,311 |
Accounts and notes receivable, net | 478,899 | 260,860 | ' | ' |
Deferred expenses, net | 189,452 | 179,837 | ' | ' |
Prepaid expenses and other assets | 995,569 | 1,329,465 | ' | ' |
Total assets | 25,762,303 | 27,282,405 | ' | ' |
Liabilities and Owners' Equity: | ' | ' | ' | ' |
Total liabilities and equity | 25,762,303 | 27,282,405 | ' | ' |
Investment In and Loans To/From Unconsolidated Real Estate Affiliates, Net: | ' | ' | ' | ' |
Owners' equity | -8,185,263 | -7,705,020 | -8,579,345 | -10,181,749 |
Investment in and loans to/from Unconsolidated Real Estate Affiliates, Net | 2,407,698 | 2,865,871 | ' | ' |
Reconciliation - Investment In and Loans To/From Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' |
Investment in and loans to/from Unconsolidated Real Estate Affiliates, Net | 2,407,698 | 2,865,871 | ' | ' |
Unconsolidated | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Land | 1,046,354 | 960,335 | ' | ' |
Buildings and equipment | 8,670,976 | 7,658,965 | ' | ' |
Less accumulated depreciation | -2,301,054 | -2,080,361 | ' | ' |
Construction in progress | 46,339 | 173,419 | ' | ' |
Net property and equipment | 7,462,615 | 6,712,358 | ' | ' |
Investments in unconsolidated joint ventures | ' | 1,201,044 | ' | ' |
Net investment in real estate | 7,462,615 | 7,913,402 | ' | ' |
Cash and cash equivalents | 260,405 | 485,387 | ' | ' |
Accounts and notes receivable, net | 187,533 | 167,548 | ' | ' |
Deferred expenses, net | 254,949 | 298,050 | ' | ' |
Prepaid expenses and other assets | 147,182 | 140,229 | ' | ' |
Total assets | 8,312,684 | 9,004,616 | ' | ' |
Liabilities and Owners' Equity: | ' | ' | ' | ' |
Mortgages, notes and loans payable | 6,503,686 | 6,463,377 | ' | ' |
Accounts payable, accrued expenses and other liabilities | 324,620 | 509,064 | ' | ' |
Cumulative effect of foreign currency translation ("CFCT") | -22,896 | -158,195 | ' | ' |
Owners' equity, excluding CFCT | 1,507,274 | 2,190,370 | ' | ' |
Total liabilities and equity | 8,312,684 | 9,004,616 | ' | ' |
Investment In and Loans To/From Unconsolidated Real Estate Affiliates, Net: | ' | ' | ' | ' |
Owners' equity | 1,484,378 | 2,032,175 | ' | ' |
Less: joint venture partners' equity | -760,804 | -1,105,457 | ' | ' |
Plus: excess investment/basis differences | 1,666,719 | 1,939,153 | ' | ' |
Investment in and loans to/from Unconsolidated Real Estate Affiliates, Net | 2,390,293 | 2,865,871 | ' | ' |
Reconciliation - Investment In and Loans To/From Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' |
Asset - Investment in and loans to/from Unconsolidated Real Estate Affiliates | 2,407,698 | 2,865,871 | ' | ' |
Liability - Investment in Unconsolidated Real Estate Affiliates | -17,405 | ' | ' | ' |
Investment in and loans to/from Unconsolidated Real Estate Affiliates, Net | $2,390,293 | $2,865,871 | ' | ' |
UNCONSOLIDATED_REAL_ESTATE_AFF3
UNCONSOLIDATED REAL ESTATE AFFILIATES (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | $1,588,883 | $1,549,933 | $1,508,424 |
Tenant recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 723,634 | 700,914 | 694,645 |
Overage rents | ' | ' | ' | ' | ' | ' | ' | ' | 56,212 | 69,756 | 60,021 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 89,866 | 74,286 | 72,707 |
Total revenues | 681,363 | 612,505 | 604,410 | 629,109 | 663,760 | 616,038 | 597,958 | 589,082 | 2,527,387 | 2,466,838 | 2,396,960 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 243,941 | 219,139 | 215,838 |
Property maintenance costs | ' | ' | ' | ' | ' | ' | ' | ' | 71,334 | 76,139 | 86,461 |
Marketing | ' | ' | ' | ' | ' | ' | ' | ' | 26,214 | 33,263 | 32,857 |
Other property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 352,466 | 361,345 | 365,404 |
Provision for doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | 4,068 | 4,017 | 4,864 |
Property management and other costs | ' | ' | ' | ' | ' | ' | ' | ' | 164,777 | 159,600 | 186,879 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 49,237 | 39,120 | 30,811 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 764,830 | 782,552 | 854,544 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,695,228 | 1,707,275 | 1,778,574 |
Operating income | 237,650 | 195,707 | 200,329 | 198,473 | 250,857 | 154,033 | 190,126 | 164,547 | 832,159 | 759,563 | 618,386 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 7,699 | 2,374 | 1,950 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -736,560 | -794,550 | -863,444 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -345 | -9,091 | -8,723 |
Income (loss) from continuing operations | 88,243 | 30,843 | 215,790 | -27,719 | -24,219 | -148,196 | -107,439 | -182,202 | 307,156 | -462,056 | -193,891 |
Allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -14,671 | -9,700 | -6,368 |
Net income (loss) attributable to common stockholders | 73,212 | 23,499 | 205,391 | -13,651 | 32,201 | -207,886 | -107,933 | -197,615 | 288,450 | -481,233 | -313,172 |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to the venture | 73,212 | 23,499 | 205,391 | -13,651 | 32,201 | -207,886 | -107,933 | -197,615 | 288,450 | -481,233 | -313,172 |
Equity in income of Unconsolidated Real Estate Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 58,919 | 54,984 | 2,898 |
Regional Malls | United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties in portfolio | 120 | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' |
Unconsolidated Real Estate Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 770,999 | 713,552 | 674,197 |
Tenant recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 327,750 | 297,567 | 297,530 |
Overage rents | ' | ' | ' | ' | ' | ' | ' | ' | 32,500 | 25,794 | 19,822 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 34,007 | 32,758 | 27,530 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,165,256 | 1,069,671 | 1,019,079 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 104,453 | 95,643 | 98,738 |
Property maintenance costs | ' | ' | ' | ' | ' | ' | ' | ' | 35,100 | 38,277 | 40,293 |
Marketing | ' | ' | ' | ' | ' | ' | ' | ' | 15,981 | 16,573 | 17,791 |
Other property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 160,439 | 153,006 | 143,947 |
Provision for doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | 1,480 | 1,937 | 5,703 |
Property management and other costs | ' | ' | ' | ' | ' | ' | ' | ' | 52,932 | 48,724 | 46,996 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 2,333 | 1,660 | 7,535 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 279,713 | 260,262 | 254,560 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 652,431 | 616,082 | 615,563 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 512,825 | 453,589 | 403,516 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,431 | 746 | 1,729 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -287,716 | -279,756 | -299,755 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -316 | -935 | -794 |
Equity in income of unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,568 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 226,224 | 173,644 | 116,264 |
Net income from disposed investment | ' | ' | ' | ' | ' | ' | ' | ' | 26,889 | 50,942 | 213,313 |
Allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -74 | -75 |
Net income (loss) attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 253,114 | 224,512 | 329,502 |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to the venture | ' | ' | ' | ' | ' | ' | ' | ' | 253,114 | 224,512 | 329,502 |
Joint venture partners' share of income | ' | ' | ' | ' | ' | ' | ' | ' | -140,193 | -131,047 | -181,213 |
Amortization of capital or basis differences | ' | ' | ' | ' | ' | ' | ' | ' | -54,002 | -38,481 | -145,391 |
Equity in income of Unconsolidated Real Estate Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | $58,919 | $54,984 | $2,898 |
Unconsolidated Real Estate Affiliates | United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint ventures in which the entity holds interest | 20 | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' |
Unconsolidated Real Estate Affiliates | Brazil | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of joint ventures in which the entity holds interest | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Unconsolidated Real Estate Affiliates | Regional Malls | United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties in portfolio | 31 | ' | ' | ' | ' | ' | ' | ' | 31 | ' | ' |
Unconsolidated Real Estate Affiliates | Strip/other retail centers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In Income of Unconsolidated Real Estate Affiliates: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties in portfolio | 5 | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
UNCONSOLIDATED_REAL_ESTATE_AFF4
UNCONSOLIDATED REAL ESTATE AFFILIATES (Details 3) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | |
Water Tower Place | Shopping Leblon, in Rio de Janeiro | Unconsolidated | Unconsolidated | Unconsolidated | Unconsolidated | |||
Regional Malls | property | property | Aliansce Shopping Centers S.A | Aliansce Shopping Centers S.A | ||||
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in joint venture (as a percent) | ' | ' | ' | 35.00% | ' | ' | ' | ' |
Effective interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 14.00% |
Term of note | ' | ' | ' | ' | ' | ' | ' | '5 years |
Cash received from acquirers | ' | ' | ' | ' | ' | ' | $446,322,000 | ' |
Notes receivable from Rique | 151,127,000 | ' | ' | ' | ' | ' | 151,127,000 | ' |
GGP's investment in Aliansce | ' | ' | ' | ' | ' | -1,201,044,000 | -491,325,000 | ' |
Accumulated foreign currency translation adjustment realized | 109,900,000 | ' | ' | ' | ' | ' | -109,861,000 | ' |
Gain on investment | 9,837,000 | 23,358,000 | 10,100,000 | ' | ' | ' | -3,737,000 | ' |
Entity's proportionate share in indebtedness secured by Unconsolidated Properties including retained debt | ' | ' | ' | ' | 3,200,000,000 | 3,100,000,000 | ' | ' |
Aggregate carrying value of retained debt, reflected as a reduction in entity's investment in Unconsolidated Real Estate Affiliates | ' | ' | ' | ' | $90,600,000 | $91,800,000 | ' | ' |
Number of unconsolidated properties with retained debt | ' | ' | ' | ' | 1 | 1 | ' | ' |
MORTGAGES_NOTES_AND_LOANS_PAYA2
MORTGAGES, NOTES AND LOANS PAYABLE (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
GGP Capital Trust I | GGP Capital Trust I | Collateralized mortgages, notes and loans payable | Collateralized mortgages, notes and loans payable | Corporate and other unsecured loans | Corporate and other unsecured loans | Junior Subordinated Notes due 2041 | Junior Subordinated Notes due 2041 | Prior loans | Prior loans | New Loan | New Loan | Unsecured fixed-rate debt | Unsecured fixed-rate debt | Unsecured Corporate Bonds - 2010 Indenture | Unsecured Corporate Bonds - 2010 Indenture | Unsecured Corporate Bonds - 2010 Indenture | HHC Note | HHC Note | Unsecured Corporate Bonds - 1995 Indenture | Unsecured Corporate Bonds - 1995 Indenture | Unsecured Corporate Bonds - 1995 Indenture | Revolving credit facility, (the "Facility") | Revolving credit facility, (the "Facility") | Revolving credit facility, (the "Facility") | Corporate revolver | |||
property | Corporate Loan | Corporate Loan | Minimum | Maximum | ||||||||||||||||||||||||
item | item | item | ||||||||||||||||||||||||||
Mortgages, notes and loans payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed-rate debt | $13,919,820,000 | $14,954,601,000 | ' | ' | $13,907,029,000 | $14,225,011,000 | $12,791,000 | $729,590,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable-rate debt | 1,752,617,000 | 1,012,265,000 | ' | ' | 1,700,817,000 | 1,012,265,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,800,000 |
Total mortgages, notes and loans payable | 15,672,437,000 | 15,966,866,000 | ' | ' | 15,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 206,200,000 | 206,200,000 | ' | ' | ' | 1,500,000,000 | 64,979,000 | 719,821,000 | ' | ' | 608,688,000 | 13,179,000 | 19,347,000 | ' | ' | 91,786,000 | ' | ' | ' | 51,800,000 |
Weighted-average fixed interest rate (as a percent) | 4.55% | 4.96% | ' | ' | 4.55% | 4.88% | 4.41% | 6.51% | ' | ' | ' | ' | ' | ' | 2.28% | 6.51% | ' | ' | 6.75% | 4.41% | 4.41% | ' | ' | 5.38% | ' | ' | ' | ' |
Weighted-average variable interest rate (as a percent) | 2.59% | 3.42% | ' | ' | 2.61% | 3.42% | ' | ' | 1.69% | 1.76% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.74% |
Weighted-average interest rate (as a percent) | 4.33% | 4.86% | ' | ' | ' | ' | ' | ' | ' | ' | 4.90% | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market rate adjustment excluded from corporate and other unsecured loans | 900,000 | -23,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land, buildings and equipment and developments in progress (before accumulated depreciation) pledged as collateral | ' | ' | ' | ' | 20,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt, cross-collateralized with other properties | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of recourse fixed and variable rate debt | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of mortgage notes refinanced | ' | ' | ' | ' | 5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties with mortgage notes refinanced | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from mortgage loans refinanced | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties subject to collateralized debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term to maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 12 days | '3 years 3 months 18 days | '8 years 3 months 18 days | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extensions to maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of extension option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average, interest rate (as percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | -36,479,000 | -15,007,000 | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of bond redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 608,700,000 | ' | ' | ' | ' | 91,800,000 | ' | ' | ' | ' | ' | ' |
Debt extinguishment costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,500,000 | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' |
Uncommitted accordion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' |
Variable rate basis | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' |
Basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.33% | 1.95% | ' |
Issuance of trust preferred securities | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common securities issued to GGLP | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of Junior Subordinated Notes | ' | ' | ' | 206,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trust Preferred Securities, basis spread on variable rate | ' | ' | 1.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letter of credit and surety bonds | $19,400,000 | $21,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties transferred to a special servicer | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 12 Months Ended |
Dec. 31, 2013 | |
INCOME TAXES | ' |
Required minimum percentage distribution of ordinary taxable income to stockholders to qualify as a REIT | 90.00% |
Period of disqualification of REIT status | '4 years |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provision for income taxes from continuing operations | ' | ' | ' |
Current | $3,855 | $5,036 | $11,548 |
Deferred | -3,510 | 4,055 | -2,825 |
Total from Continuing Operations | 345 | 9,091 | 8,723 |
Provision for income taxes from discontinued operations | ' | ' | ' |
Current | ' | 23 | 632 |
Total from Discontinued Operations | ' | 23 | 632 |
Total | $345 | $9,114 | $9,355 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INCOME TAXES | ' | ' | ' |
Net operating loss carryforwards | $20,000,000 | ' | ' |
Capital loss carryforwards | 6,600,000 | ' | ' |
Net deferred tax assets (liabilities) | ' | ' | ' |
Total deferred tax assets | 16,077,000 | 17,778,000 | 21,574,000 |
Valuation allowance | -15,171,000 | -16,876,000 | -16,996,000 |
Net deferred tax assets | 906,000 | 902,000 | 4,578,000 |
Total deferred tax liabilities | -24,667,000 | -28,174,000 | -29,220,000 |
Net deferred tax liabilities | -23,761,000 | -27,272,000 | -24,642,000 |
Tax effects of temporary differences and carryforwards included in net deferred tax liabilities | ' | ' | ' |
Operating loss and tax credit forwards | 15,477,000 | 15,051,000 | 5,489,000 |
Other TRS property, primarily differences in basis of assets and liabilities | -24,067,000 | -25,447,000 | -13,135,000 |
Valuation allowance | -15,171,000 | -16,876,000 | -16,996,000 |
Net deferred tax liabilities | -23,761,000 | -27,272,000 | -24,642,000 |
Unrecognized tax benefits, excluding interest | $5,100,000 | $5,400,000 | ' |
WARRANTS_Details
WARRANTS (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 13, 2013 | Oct. 15, 2013 | Jul. 16, 2013 | Apr. 16, 2013 | Dec. 14, 2012 | Oct. 15, 2012 | Jul. 16, 2012 | Apr. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 13, 2013 | Oct. 15, 2013 | Jul. 16, 2013 | Apr. 16, 2013 | Dec. 14, 2012 | Oct. 15, 2012 | Jul. 16, 2012 | Apr. 16, 2012 | Dec. 31, 2012 | Dec. 13, 2013 | Oct. 15, 2013 | Jul. 16, 2013 | Apr. 16, 2013 | Dec. 14, 2012 | Oct. 15, 2012 | Jul. 16, 2012 | Apr. 16, 2012 |
warrant | warrant | warrant | warrant | warrant | warrant | warrant | warrant | warrant | Brookfield | Brookfield | Blackstone. | Fairholme | Pershing Square | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | The Brookfield Investor and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | Fairholme, Pershing Square and Blackstone | |
warrant | Pershing Square | warrant | warrant | warrant | Pershing Square | ||||||||||||||||||||||||||
warrant | |||||||||||||||||||||||||||||||
WARRANT LIABILITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,500,000 | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 41,070,000 | 16,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuable Shares | 120,000,000 | 85,084,392 | 84,507,750 | 83,945,892 | 83,443,178 | 134,640,000 | 133,884,000 | 133,116,000 | 132,372,000 | 46,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | $10.63 | ' | ' | ' | ' | ' | ' | ' | ' | $10.75 | ' | $10.75 | $10.50 | $10.50 | $9.34 | $9.41 | $9.47 | $9.53 | $9.58 | $9.64 | $9.69 | $9.75 | ' | $9.12 | $9.19 | $9.25 | $9.30 | $9.36 | $9.41 | $9.47 | $9.52 |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of remaining warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.36 | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Warrants, in number of years from the effective date | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial period of term of Warrants in number of years during which prior notice is to be given | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 6 months | '6 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period to exercise permanent warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,430,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of warrants acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
WARRANTS_Details_2
WARRANTS (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2013 | Oct. 15, 2013 | Jul. 16, 2013 | Apr. 16, 2013 | Dec. 14, 2012 | Oct. 15, 2012 | Jul. 16, 2012 | Apr. 16, 2012 | Mar. 26, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Jan. 28, 2013 | Dec. 31, 2013 | Jan. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2012 | Mar. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
warrant | warrant | warrant | warrant | warrant | warrant | warrant | warrant | warrant | GGPLP | GGPLP | Fairholme | Blackstone. | The Brookfield Investor | The Brookfield Investor | Minimum | Minimum | Maximum | Maximum | Fair Value Measurements, Recurring | Fair Value Measurements, Recurring | Fair Value Measurements, Recurring | |||
warrant | GGPLP | GGPLP | warrant | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
WARRANT LIABILITY | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,070,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of warrants acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $633,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuable Shares | ' | 120,000,000 | ' | 85,084,392 | 84,507,750 | 83,945,892 | 83,443,178 | 134,640,000 | 133,884,000 | 133,116,000 | 132,372,000 | ' | 27,000,000 | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,500,000 | ' | ' | ' | ' | ' | ' | ' |
Warrant option exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 618,000,000 | ' | ' | ' | ' | ' | ' | ' |
Remaining outstanding warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,430,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued in warrant settlement transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500,000 | ' | ' | ' | ' | 65,000,000 | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Warrant Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,488,196,000 | 985,962,000 | 1,041,004,000 |
Warrant liability adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,546,000 | 502,234,000 | -55,042,000 |
Purchase of warrants by GGPLP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -633,229,000 | ' | ' |
Reclassification to equity | ' | -895,513,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -895,513,000 | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,488,196,000 | 985,962,000 |
Estimated fair value of Warrants and significant assumptions used in valuation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of Warrants | $895,513,000 | ' | $1,488,196,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Observable Inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GGP stock price per share | $19.88 | $20.07 | $19.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant term | '4 years 7 months 13 days | ' | '4 years 10 months 10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unobservable Inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | 30.00% | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 20.00% | 65.00% | 65.00% | ' | ' | ' |
Discount for lack of marketability (as a percent) | 3.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 7.00% | 7.00% | ' | ' | ' |
RENTALS_UNDER_OPERATING_LEASES2
RENTALS UNDER OPERATING LEASES (Details) (Consolidated, USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Consolidated | ' |
Minimum future rentals | ' |
2014 | $1,381,256 |
2015 | 1,261,589 |
2016 | 1,118,800 |
2017 | 976,692 |
2018 | 833,062 |
Subsequent | 2,764,500 |
Total | $8,335,899 |
EQUITY_AND_REDEEMABLE_NONCONTR2
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
Oct. 28, 2013 | Jul. 29, 2013 | 10-May-13 | Feb. 04, 2013 | Nov. 20, 2012 | Jul. 31, 2012 | Apr. 26, 2012 | Feb. 23, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 13, 2013 | Dec. 31, 2013 | |
Series B | Series D | Series E | 6.375% series a cumulative redeemable perpetual preferred stock | 6.375% series a cumulative redeemable perpetual preferred stock | |||||||||||||||||||||
EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated payments for repurchase of redeemable noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $131,900,000 | ' | ' | ' | ' | ' | ' | ' | $131,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio for convertible common units to common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to preferred Operating Partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,287,000 | -12,414,000 | -9,654,000 | ' | ' | ' | ' | ' | ' |
Net (income) loss allocation to noncontrolling interests in operating partnership from continuing operations (common units) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,281,000 | 3,498,000 | 2,211,000 | ' | ' | ' | ' | ' | ' |
Net (income) loss allocated to noncontrolling interest in consolidated real estate affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,103,000 | -784,000 | 1,075,000 | ' | ' | ' | ' | ' | ' |
Allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,671,000 | -9,700,000 | -6,368,000 | ' | ' | ' | ' | ' | ' |
Other comprehensive loss allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -393,000 | 258,000 | 337,000 | ' | ' | ' | ' | ' | ' |
Comprehensive loss allocated to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,064,000 | -9,442,000 | -6,031,000 | ' | ' | ' | ' | ' | ' |
Unit Conversions Disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Units for each Preferred unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 1.50821 | 1.29836 | ' | ' |
Number of Contractual Convertible Preferred Units Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,279,632 | 532,750 | 502,658 | ' | ' |
Converted Basis to Common Units Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,991,540 | 803,499 | 652,631 | ' | ' |
Conversion Price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16.67 | $33.15 | $38.51 | ' | ' |
Redemption Value | ' | ' | ' | ' | ' | ' | ' | ' | 131,881,000 | ' | ' | ' | ' | ' | ' | ' | 131,881,000 | ' | ' | ' | 80,110,000 | 26,638,000 | 25,133,000 | ' | ' |
GGP stock price per share | ' | ' | ' | ' | ' | ' | ' | ' | $20.07 | ' | ' | ' | $19.85 | ' | ' | ' | $20.07 | $19.85 | ' | $19.88 | $20.07 | ' | ' | ' | ' |
Activity of redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 268,219,000 | ' | ' | ' | 223,795,000 | 268,219,000 | 223,795,000 | 232,364,000 | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,281,000 | -3,498,000 | -2,212,000 | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,275,000 | -2,850,000 | -5,879,000 | ' | ' | ' | ' | ' | ' |
Redemption of operating partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,889,000 | -2,730,000 | -4,615,000 | ' | ' | ' | ' | ' | ' |
Dividend for RPI Spin-Off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,137,000 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 393,000 | -258,000 | -337,000 | ' | ' | ' | ' | ' | ' |
Fair value adjustment for noncontrolling interests in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,173,000 | 50,623,000 | 4,474,000 | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | 228,902,000 | ' | ' | ' | 268,219,000 | ' | ' | ' | 228,902,000 | 268,219,000 | 223,795,000 | ' | ' | ' | ' | ' | ' |
Number of units redeemed by operating partnership unit holders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,756,521 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per share (in dollars per share) | $0.14 | $0.13 | $0.12 | $0.12 | $0.11 | $0.11 | $0.10 | $0.10 | $0.14 | $0.13 | $0.12 | $0.12 | $0.11 | $0.11 | $0.10 | $0.10 | $0.51 | $0.42 | $0.40 | ' | ' | ' | ' | ' | ' |
Distributions paid on common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.33 | $0.32 | $0.30 | ' | ' | ' | ' | ' | ' |
Capital gain distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.29 | $0.22 | $0.30 | ' | ' | ' | ' | ' | ' |
Distributions per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.62 | $0.54 | $0.60 | ' | ' | ' | ' | ' | ' |
Number of shares issued due to DRIP elections for dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,852 | 3,111,365 | ' | ' | ' | ' | ' | ' | ' |
Number of business days preceding the record date of dividend for enrolling in DRIP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 days | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from preferred shares issued after issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $242,042,000 | ' | ' | ' | ' | ' | ' | $242,000,000 | ' |
Redemption price per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 |
Conversion of preferred share per common share issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4679 |
Preferred Stock dividends declared (in dollars per share) | $0.40 | $0.40 | $0.40 | $0.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 26, 2013 | Dec. 31, 2013 |
GGPLP | GGPLP | ||||||||||||
Numerators - Basic and Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | $88,243 | $30,843 | $215,790 | ($27,719) | ($24,219) | ($148,196) | ($107,439) | ($182,202) | $307,156 | ($462,056) | ($193,891) | ' | ' |
Preferred Stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -14,078 | ' | ' | ' | ' |
Allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -14,602 | -9,663 | -6,411 | ' | ' |
Income (loss) from continuing operations - net of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 278,476 | -471,719 | -200,302 | ' | ' |
(Loss) income from discontinued operations | -7,085 | 12 | -1,867 | 18,983 | 59,885 | -58,410 | 1,095 | -12,047 | 10,043 | -9,477 | -112,913 | ' | ' |
Allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -69 | -37 | 43 | ' | ' |
Discontinued operations - net of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 9,974 | -9,514 | -112,870 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 317,199 | -471,533 | -306,804 | ' | ' |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -14,078 | ' | ' | ' | ' |
Allocation to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -14,671 | -9,700 | -6,368 | ' | ' |
Net income (loss) attributable to common stockholders | 73,212 | 23,499 | 205,391 | -13,651 | 32,201 | -207,886 | -107,933 | -197,615 | 288,450 | -481,233 | -313,172 | ' | ' |
Numerators - Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations - net of noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 278,476 | -471,719 | -200,302 | ' | ' |
Exclusion of Warrant adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,042 | ' | ' |
Diluted income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 278,476 | -471,719 | -255,344 | ' | ' |
Net income (loss) attributable to common stockholders | 73,212 | 23,499 | 205,391 | -13,651 | 32,201 | -207,886 | -107,933 | -197,615 | 288,450 | -481,233 | -313,172 | ' | ' |
Exclusion of Warrant adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,042 | ' | ' |
Diluted net income (loss) attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | 288,450 | -481,233 | -368,214 | ' | ' |
Denominators: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of common shares outstanding - basic | 911,185,000 | 932,964,000 | 939,434,000 | 939,271,000 | 938,049,000 | 938,316,000 | 937,789,000 | 937,274,000 | 930,643,000 | 938,049,000 | 943,669,000 | ' | ' |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 3,425,000 | ' | 37,467,000 | ' | ' |
Weighted average number of common shares outstanding - diluted | 960,765,000 | 980,767,000 | 989,461,000 | 939,271,000 | 938,049,000 | 938,316,000 | 937,789,000 | 937,274,000 | 934,068,000 | 938,049,000 | 981,136,000 | ' | ' |
Treasury stock purchases, shares | ' | ' | ' | ' | ' | ' | ' | ' | 28,345,108 | ' | ' | ' | 28,345,108 |
Treasury shares, value | ' | ' | ' | ' | ' | ' | ' | ' | $566,863 | ' | ' | ' | $566,900 |
Purchase and subsequent exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,459,195 | ' |
Shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,804,303 |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effect of anti-dilutive Securities | ' | ' | ' |
Anti-dilutive securities (in shares) | 58,664 | 75,762 | 13,126 |
Preferred Units | ' | ' | ' |
Effect of anti-dilutive Securities | ' | ' | ' |
Anti-dilutive securities (in shares) | 5,506 | 5,526 | 5,526 |
Common Units | ' | ' | ' |
Effect of anti-dilutive Securities | ' | ' | ' |
Anti-dilutive securities (in shares) | 6,434 | 6,819 | 6,929 |
Stock Options | ' | ' | ' |
Effect of anti-dilutive Securities | ' | ' | ' |
Anti-dilutive securities (in shares) | ' | 2,352 | 671 |
Warrant | ' | ' | ' |
Effect of anti-dilutive Securities | ' | ' | ' |
Anti-dilutive securities (in shares) | 46,724 | 61,065 | ' |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Stock-Based Compensation Plans | ' |
Shares of common stock reserved for issuance as a percentage of outstanding shares on a fully diluted basis | 4.00% |
Maximum number of shares that can be granted to participant | 4,000,000 |
Stock options | Maximum | Certain employees | ' |
Stock-Based Compensation Plans | ' |
Term of awards | '10 years |
STOCKBASED_COMPENSATION_PLANS_2
STOCK-BASED COMPENSATION PLANS (Details 2) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shares | ' | ' | ' |
Exercised (in shares) | -344,670 | -617,842 | -121,439 |
Stock options | ' | ' | ' |
Shares | ' | ' | ' |
Stock options Outstanding at the beginning of the period (in shares) | 9,692,499 | 11,503,869 | 5,427,011 |
Granted (in shares) | 12,740,784 | ' | 8,662,716 |
Exercised (in shares) | -339,723 | -607,473 | -51,988 |
Forfeited (in shares) | -488,969 | -703,183 | -1,606,792 |
Expired (in shares) | -39,310 | -500,714 | -927,078 |
Stock options Outstanding at the end of the period (in shares) | 21,565,281 | 9,692,499 | 11,503,869 |
Weighted Average Exercise Price | ' | ' | ' |
Stock options Outstanding at the beginning of the period (in dollars per share) | 13.59 | 15.65 | 20.21 |
Granted (in dollars per share) | 19.97 | ' | 15.26 |
Exercised (in dollars per share) | 14.33 | 13.89 | 11.05 |
Forfeited (in dollars per share) | 16.27 | 14.68 | 14.96 |
Expired (in dollars per share) | 14.35 | 46.28 | 39.31 |
Stock options Outstanding at the end of the period (in dollars per share) | 17.28 | 13.59 | 15.65 |
Intrinsic value for exercised options in period | 4.9 | 3.3 | 0.2 |
STOCKBASED_COMPENSATION_PLANS_3
STOCK-BASED COMPENSATION PLANS (Details 3) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Stock options | Stock options | Range of Exercise Prices, $8.00 - $12.00 | Range of Exercise Prices, $13.00 - $17.00 | Range of Exercise Prices, $18.00 - $22.00 | ||||
Stock-Based Compensation Plans | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, low end of range (in dollars per share) | ' | ' | ' | ' | ' | $8 | $13 | $18 |
Exercise price, high end of range (in dollars per share) | ' | ' | ' | ' | ' | $12 | $17 | $22 |
Stock Options Outstanding | ' | ' | ' | ' | ' | ' | ' | ' |
Shares | 21,565,281 | ' | ' | ' | ' | 2,000,000 | 6,996,034 | 12,569,247 |
Weighted Average Remaining Contractual Term | '8 years 7 months 6 days | ' | ' | ' | ' | '6 years 9 months 18 days | '7 years 4 months 24 days | '9 years 6 months |
Weighted Average Exercise Price (in dollars per share) | $17.28 | ' | ' | ' | ' | $9.69 | $14.61 | $19.98 |
Intrinsic value | $60,167 | ' | ' | ' | ' | ' | ' | ' |
Stock price (in dollar per share) | $20.07 | $19.88 | $19.85 | ' | ' | ' | ' | ' |
Stock Options Exercisable | ' | ' | ' | ' | ' | ' | ' | ' |
Shares | 4,465,960 | ' | ' | ' | ' | 1,500,000 | 2,965,960 | ' |
Weighted Average Remaining Contractual Term | '7 years 1 month 6 days | ' | ' | ' | ' | '6 years 9 months 18 days | '7 years 3 months 18 days | ' |
Weighted Average Exercise Price (in dollars per share) | $12.94 | ' | ' | ' | ' | $9.69 | $14.58 | ' |
Intrinsic value | $31,842 | ' | ' | ' | ' | ' | ' | ' |
Annual vesting percentage | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Vesting period from grant date | ' | ' | ' | '1 year | ' | ' | ' | ' |
Weighted-average fair value for stock options granted (in dollars per share) | ' | ' | ' | $5.11 | $4.59 | ' | ' | ' |
STOCKBASED_COMPENSATION_PLANS_4
STOCK-BASED COMPENSATION PLANS (Details 4) (Restricted Stock, USD $) | 10 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 09, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation Plans | ' | ' | ' | ' |
Vesting period of a portion of the shares | '1 year | ' | ' | ' |
Shares | ' | ' | ' | ' |
Outstanding at the beginning of the year (in shares) | ' | 1,426,338 | 1,716,932 | 2,807,682 |
Granted (in shares) | ' | 37,352 | 37,731 | 84,659 |
Canceled (in shares) | ' | -164,970 | -123,183 | -329,292 |
Vested (in shares) | ' | -55,796 | -205,142 | -846,117 |
Outstanding at the end of the year (in shares) | ' | 1,242,924 | 1,426,338 | 1,716,932 |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Outstanding at the beginning of the year (in dollars per share) | ' | $14.07 | $14.19 | $14.24 |
Granted (in dollars per share) | ' | $19.97 | $14.89 | $14.98 |
Canceled (in dollars per share) | ' | $15.69 | $14.89 | $14.73 |
Vested (in dollars per share) | ' | $15.15 | $14.73 | $14.23 |
Outstanding at the end of the year (in dollars per share) | ' | $13.99 | $14.07 | $14.19 |
Total fair value of vested awards | ' | $3.40 | $3.90 | $12.10 |
Minimum | ' | ' | ' | ' |
Stock-Based Compensation Plans | ' | ' | ' | ' |
Vesting period of a portion of the shares | ' | '2 years | ' | ' |
Maximum | ' | ' | ' | ' |
Stock-Based Compensation Plans | ' | ' | ' | ' |
Vesting period of a portion of the shares | ' | '5 years | ' | ' |
STOCKBASED_COMPENSATION_PLANS_5
STOCK-BASED COMPENSATION PLANS (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Required Disclosures | ' | ' | ' |
Risk-free interest rate (as a percent) | 1.71% | 0.00% | 1.25% |
Dividend yield (as a percent) | 2.52% | 0.00% | 2.50% |
Expected volatility (as a percent) | 32.32% | 0.00% | 41.16% |
Expected life | '6 years 6 months | '0 years | '6 years 6 months |
Compensation expense | $23,016 | $18,868 | $20,059 |
2014 | 23,935 | ' | ' |
2015 | 20,335 | ' | ' |
2016 | 16,057 | ' | ' |
2017 | 15,492 | ' | ' |
2018 | 3,420 | ' | ' |
Unrecognized compensation expense | 79,239 | ' | ' |
Stock options | Property management and other costs | ' | ' | ' |
Other Required Disclosures | ' | ' | ' |
Compensation expense | 5,104 | 3,111 | 2,975 |
Stock options | General and administrative | ' | ' | ' |
Other Required Disclosures | ' | ' | ' |
Compensation expense | 10,178 | 6,282 | 5,650 |
Restricted Stock | Property management and other costs | ' | ' | ' |
Other Required Disclosures | ' | ' | ' |
Compensation expense | 1,504 | 1,553 | 2,843 |
Restricted Stock | General and administrative | ' | ' | ' |
Other Required Disclosures | ' | ' | ' |
Compensation expense | $6,230 | $7,922 | $8,591 |
PREPAID_EXPENSES_AND_OTHER_ASS2
PREPAID EXPENSES AND OTHER ASSETS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Intangible assets: | ' | ' | ' |
Gross Asset | $1,297,921 | $1,511,162 | ' |
Accumulated Amortization | -512,429 | -449,185 | ' |
Net Carrying Amount | 785,492 | 1,061,977 | ' |
Remaining prepaid expenses and other assets: | ' | ' | ' |
Security and escrow deposits | 145,999 | 181,481 | ' |
Prepaid expenses | 23,283 | 54,514 | ' |
Other non-tenant receivables | 25,988 | 12,450 | ' |
Deferred tax, net of valuation allowances | 906 | 902 | 4,578 |
Other | 13,901 | 18,141 | ' |
Total remaining Prepaid expenses and other assets | 210,077 | 267,488 | ' |
Total Prepaid expenses and other assets | 995,569 | 1,329,465 | ' |
Above-market tenant leases, net | ' | ' | ' |
Intangible assets: | ' | ' | ' |
Gross Asset | 1,022,398 | 1,230,117 | ' |
Accumulated Amortization | -478,998 | -425,837 | ' |
Net Carrying Amount | 543,400 | 804,280 | ' |
Below-market ground leases, net | ' | ' | ' |
Intangible assets: | ' | ' | ' |
Gross Asset | 164,017 | 169,539 | ' |
Accumulated Amortization | -13,597 | -9,825 | ' |
Net Carrying Amount | 150,420 | 159,714 | ' |
Real estate tax stabilization agreement, net | ' | ' | ' |
Intangible assets: | ' | ' | ' |
Gross Asset | 111,506 | 111,506 | ' |
Accumulated Amortization | -19,834 | -13,523 | ' |
Net Carrying Amount | $91,672 | $97,983 | ' |
ACCOUNTS_PAYABLE_AND_ACCRUED_E2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible liabilities: | ' | ' |
Gross Liability | $647,734 | $750,902 |
Accumulated Accretion | -277,526 | -256,094 |
Balance | 370,208 | 494,808 |
Remaining Accounts payable and accrued expenses: | ' | ' |
Accrued interest | 80,409 | 185,461 |
Accounts payable and accrued expenses | 98,986 | 160,861 |
Accrued real estate taxes | 92,663 | 67,581 |
Deferred gains/income | 115,354 | 98,376 |
Accrued payroll and other employee liabilities | 34,006 | 34,802 |
Construction payable | 103,988 | 70,609 |
Tenant and other deposits | 21,434 | 22,870 |
Insurance reserve liability | 16,643 | 15,796 |
Capital lease obligation | 12,703 | 13,292 |
Conditional asset retirement obligation liability | 10,424 | 12,134 |
Uncertain tax position liability | 5,536 | 5,873 |
Other | 27,013 | 29,768 |
Total remaining Accounts payable and accrued expenses | 619,159 | 717,423 |
Total Accounts payable and accrued expenses | 989,367 | 1,212,231 |
Below-market tenant leases, net | ' | ' |
Intangible liabilities: | ' | ' |
Gross Liability | 622,710 | 725,878 |
Accumulated Accretion | -271,215 | -251,896 |
Balance | 351,495 | 473,982 |
Above-market office lessee leases, net | ' | ' |
Intangible liabilities: | ' | ' |
Gross Liability | 15,268 | 15,268 |
Accumulated Accretion | -5,130 | -3,393 |
Balance | 10,138 | 11,875 |
Above-market ground leases, net | ' | ' |
Intangible liabilities: | ' | ' |
Gross Liability | 9,756 | 9,756 |
Accumulated Accretion | -1,181 | -805 |
Balance | $8,575 | $8,951 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized gains on financial instruments | $124 | $129 |
Foreign currency translation | -38,297 | -87,547 |
Unrealized gains on available-for-sale securities | ' | 64 |
Accumulated other comprehensive loss | ($38,173) | ($87,354) |
LITIGATION_Details
LITIGATION (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 22, 2011 | Mar. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
item | Urban Litigation | HHC | Homart Note | Homart Note | Homart Note | 2006 Credit Facility | 2006 Credit Facility | 2006 Credit Facility | |||
Litigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liability | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Range of loss | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Default Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding | ' | ' | ' | ' | ' | ' | 254,000,000 | ' | ' | 2,600,000,000 | ' |
Outstanding default interest and principal amount | ' | ' | ' | ' | ' | ' | ' | 246,000,000 | ' | ' | ' |
Default interest expense | ' | ' | ' | ' | ' | 11,700,000 | ' | ' | ' | ' | ' |
Default interest accrued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,100,000 |
Payment of Litigation Settlement | ' | ' | ' | ' | ' | ' | ' | ' | 97,400,000 | ' | ' |
Tax Indemnification Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Successor indemnified percentage of losses of HHC and its subsidiaries | ' | ' | ' | ' | 93.75% | ' | ' | ' | ' | ' | ' |
Maximum amount indemnified, solely to the extent directly attributable to MPC Taxes | ' | ' | ' | ' | 303,800,000 | ' | ' | ' | ' | ' | ' |
Number of taxpayers under audit | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax indemnification liability | 303,586,000 | 303,750,000 | 303,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest related to tax indemnification liability | 21,600,000 | 21,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management's best estimate of aggregate liability | $325,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period during which the entity does not expect to make any potentially significant payments on tax indemnification liability | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and contingencies | ' | ' | ' |
Contractual rental expense, including participation rent | $13,568,000 | $14,248,000 | $13,034,000 |
Contractual rent expense, including participation rent and excluding amortization of above and below-market ground leases and straight-line rent | 8,750,000 | 9,188,000 | 7,886,000 |
2014 | 539,127,000 | ' | ' |
2015 | 843,730,000 | ' | ' |
2016 | 1,041,393,000 | ' | ' |
2017 | 895,061,000 | ' | ' |
2018 | 1,936,304,000 | ' | ' |
Subsequent/Other | 11,381,398,000 | ' | ' |
Total | 16,637,013,000 | ' | ' |
Revolving credit facility, (the "Facility") | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Debt outstanding | 51,800,000 | ' | ' |
Mortgages, notes and loans payable | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
2014 | 392,982,000 | ' | ' |
2015 | 836,291,000 | ' | ' |
2016 | 1,033,884,000 | ' | ' |
2017 | 887,418,000 | ' | ' |
2018 | 1,928,647,000 | ' | ' |
Subsequent/Other | 10,593,215,000 | ' | ' |
Total | 15,672,437,000 | ' | ' |
Retained debt-principal | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
2014 | 1,445,000 | ' | ' |
2015 | 1,527,000 | ' | ' |
2016 | 1,598,000 | ' | ' |
2017 | 1,702,000 | ' | ' |
2018 | 1,798,000 | ' | ' |
Subsequent/Other | 82,485,000 | ' | ' |
Total | 90,555,000 | ' | ' |
Purchase obligations | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
2014 | 138,798,000 | ' | ' |
Total | 138,798,000 | ' | ' |
Ground lease payments | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
2014 | 5,902,000 | ' | ' |
2015 | 5,912,000 | ' | ' |
2016 | 5,911,000 | ' | ' |
2017 | 5,941,000 | ' | ' |
2018 | 5,859,000 | ' | ' |
Subsequent/Other | 190,376,000 | ' | ' |
Total | 219,901,000 | ' | ' |
Junior Subordinated Notes due 2041 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Subsequent/Other | 206,200,000 | ' | ' |
Total | 206,200,000 | ' | ' |
Tax indemnification liability | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Subsequent/Other | 303,586,000 | ' | ' |
Total | 303,586,000 | ' | ' |
Uncertain tax position liability | ' | ' | ' |
Commitments and contingencies | ' | ' | ' |
Subsequent/Other | 5,536,000 | ' | ' |
Total | $5,536,000 | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2014 | Mar. 31, 2014 | Feb. 10, 2014 | |
Subsequent event | Subsequent event | Subsequent event | |||
Property transferred to a special servicer | Property transferred to a special servicer | Pershing Square | |||
property | |||||
SUBSEQUENT EVENTS | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | 1 | ' | ' |
Gain on extinguishment of debt | ($36,479,000) | ($15,007,000) | ' | $67,000,000 | ' |
Number of shares acquired | ' | ' | ' | ' | 27,624,282 |
Purchase price of shares acquired | ' | ' | ' | ' | $556,000,000 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 28, 2013 | Jul. 29, 2013 | 10-May-13 | Feb. 04, 2013 | Nov. 20, 2012 | Jul. 31, 2012 | Apr. 26, 2012 | Feb. 23, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $681,363 | $612,505 | $604,410 | $629,109 | $663,760 | $616,038 | $597,958 | $589,082 | $2,527,387 | $2,466,838 | $2,396,960 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 237,650 | 195,707 | 200,329 | 198,473 | 250,857 | 154,033 | 190,126 | 164,547 | 832,159 | 759,563 | 618,386 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 88,243 | 30,843 | 215,790 | -27,719 | -24,219 | -148,196 | -107,439 | -182,202 | 307,156 | -462,056 | -193,891 |
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -7,085 | 12 | -1,867 | 18,983 | 59,885 | -58,410 | 1,095 | -12,047 | 10,043 | -9,477 | -112,913 |
Net income (loss) attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $73,212 | $23,499 | $205,391 | ($13,651) | $32,201 | ($207,886) | ($107,933) | ($197,615) | $288,450 | ($481,233) | ($313,172) |
Basic Earnings (Loss) Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | $0.03 | $0.22 | ($0.03) | ($0.03) | ($0.17) | ($0.12) | ($0.20) | $0.30 | ($0.51) | ($0.21) |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.01) | ' | ' | $0.02 | $0.07 | ($0.06) | ' | ($0.01) | $0.01 | ($0.01) | ($0.12) |
Diluted Earnings (Loss) Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.08 | $0.03 | $0.21 | ($0.03) | ($0.03) | ($0.16) | ($0.12) | ($0.20) | $0.30 | ($0.51) | ($0.25) |
Discontinued operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.01) | ' | ' | $0.02 | $0.07 | ($0.06) | ' | ($0.01) | $0.01 | ($0.01) | ($0.12) |
Dividends declared per share (in dollars per share) | $0.14 | $0.13 | $0.12 | $0.12 | $0.11 | $0.11 | $0.10 | $0.10 | $0.14 | $0.13 | $0.12 | $0.12 | $0.11 | $0.11 | $0.10 | $0.10 | $0.51 | $0.42 | $0.40 |
Weighted-average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 911,185 | 932,964 | 939,434 | 939,271 | 938,049 | 938,316 | 937,789 | 937,274 | 930,643 | 938,049 | 943,669 |
Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 960,765 | 980,767 | 989,461 | 939,271 | 938,049 | 938,316 | 937,789 | 937,274 | 934,068 | 938,049 | 981,136 |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Ala Moana Center | Ala Moana Center | Ala Moana Center | Ala Moana Center | Ala Moana Center | Apache Mall | Apache Mall | Apache Mall | Apache Mall | Apache Mall | Augusta Mall | Augusta Mall | Augusta Mall | Augusta Mall | Augusta Mall | Baybrook Mall | Baybrook Mall | Baybrook Mall | Baybrook Mall | Baybrook Mall | Bayside Marketplace | Bayside Marketplace | Bayside Marketplace | Bayside Marketplace | Bayside Marketplace | Beachwood Place | Beachwood Place | Beachwood Place | Beachwood Place | Beachwood Place | Bellis Fair | Bellis Fair | Bellis Fair | Bellis Fair | Bellis Fair | Boise Towne Square | Boise Towne Square | Boise Towne Square | Boise Towne Square | Boise Towne Square | Brass Mill Center | Brass Mill Center | Brass Mill Center | Brass Mill Center | Brass Mill Center | Coastland Center | Coastland Center | Coastland Center | Coastland Center | Coastland Center | Columbia Mall | Columbia Mall | Columbia Mall | Columbia Mall | Columbia Mall | Columbiana Centre | Columbiana Centre | Columbiana Centre | Columbiana Centre | Columbiana Centre | Coral Ridge Mall | Coral Ridge Mall | Coral Ridge Mall | Coral Ridge Mall | Coral Ridge Mall | Coronado Center | Coronado Center | Coronado Center | Coronado Center | Coronado Center | Crossroads Center | Crossroads Center | Crossroads Center | Crossroads Center | Crossroads Center | Cumberland Mall | Cumberland Mall | Cumberland Mall | Cumberland Mall | Cumberland Mall | Deerbrook Mall | Deerbrook Mall | Deerbrook Mall | Deerbrook Mall | Deerbrook Mall | Eastridge Mall, Casper, WY | Eastridge Mall, Casper, WY | Eastridge Mall, Casper, WY | Eastridge Mall, Casper, WY | Eastridge Mall, Casper, WY | Eastridge Mall, San Jose, CA | Eastridge Mall, San Jose, CA | Eastridge Mall, San Jose, CA | Eastridge Mall, San Jose, CA | Eastridge Mall, San Jose, CA | Fashion Place | Fashion Place | Fashion Place | Fashion Place | Fashion Place | Fashion Show | Fashion Show | Fashion Show | Fashion Show | Fashion Show | Four Seasons Town Centre | Four Seasons Town Centre | Four Seasons Town Centre | Four Seasons Town Centre | Four Seasons Town Centre | Fox River Mall | Fox River Mall | Fox River Mall | Fox River Mall | Fox River Mall | Glenbrook Square | Glenbrook Square | Glenbrook Square | Glenbrook Square | Glenbrook Square | Governor's Square | Governor's Square | Governor's Square | Governor's Square | Governor's Square | Grand Teton Mall | Grand Teton Mall | Grand Teton Mall | Grand Teton Mall | Grand Teton Mall | Greenwood Mall | Greenwood Mall | Greenwood Mall | Greenwood Mall | Greenwood Mall | Hulen Mall | Hulen Mall | Hulen Mall | Hulen Mall | Hulen Mall | Jordan Creek Town Center | Jordan Creek Town Center | Jordan Creek Town Center | Jordan Creek Town Center | Jordan Creek Town Center | Lakeside Mall | Lakeside Mall | Lakeside Mall | Lakeside Mall | Lakeside Mall | Lynnhaven Mall | Lynnhaven Mall | Lynnhaven Mall | Lynnhaven Mall | Lynnhaven Mall | Mall of Louisiana | Mall of Louisiana | Mall of Louisiana | Mall of Louisiana | Mall of Louisiana | Mall St. Matthews | Mall St. Matthews | Mall St. Matthews | Mall St. Matthews | Mall St. Matthews | Market Place Shopping Center | Market Place Shopping Center | Market Place Shopping Center | Market Place Shopping Center | Market Place Shopping Center | Mayfair Mall | Mayfair Mall | Mayfair Mall | Mayfair Mall | Mayfair Mall | Meadows Mall | Meadows Mall | Meadows Mall | Meadows Mall | Meadows Mall | Mondawmin Mall | Mondawmin Mall | Mondawmin Mall | Mondawmin Mall | Mondawmin Mall | Newgate Mall | Newgate Mall | Newgate Mall | Newgate Mall | Newgate Mall | North Point Mall | North Point Mall | North Point Mall | North Point Mall | North Point Mall | North Star Mall | North Star Mall | North Star Mall | North Star Mall | North Star Mall | Northridge Fashion Center | Northridge Fashion Center | Northridge Fashion Center | Northridge Fashion Center | Northridge Fashion Center | NorthTown Mall | NorthTown Mall | NorthTown Mall | NorthTown Mall | NorthTown Mall | Oak View Mall | Oak View Mall | Oak View Mall | Oak View Mall | Oak View Mall | Oakwood Center | Oakwood Center | Oakwood Center | Oakwood Center | Oakwood Center | Oakwood Mall | Oakwood Mall | Oakwood Mall | Oakwood Mall | Oakwood Mall | Oglethorpe Mall | Oglethorpe Mall | Oglethorpe Mall | Oglethorpe Mall | Oglethorpe Mall | Oxmoor Center | Oxmoor Center | Oxmoor Center | Oxmoor Center | Oxmoor Center | Paramus Park | Paramus Park | Paramus Park | Paramus Park | Paramus Park | Park City Center | Park City Center | Park City Center | Park City Center | Park City Center | Park Place | Park Place | Park Place | Park Place | Park Place | Peachtree Mall | Peachtree Mall | Peachtree Mall | Peachtree Mall | Peachtree Mall | Pecanland Mall | Pecanland Mall | Pecanland Mall | Pecanland Mall | Pecanland Mall | Pembroke Lakes Mall | Pembroke Lakes Mall | Pembroke Lakes Mall | Pembroke Lakes Mall | Pembroke Lakes Mall | Pioneer Place | Pioneer Place | Pioneer Place | Pioneer Place | Pioneer Place | Prince Kuhio Plaza | Prince Kuhio Plaza | Prince Kuhio Plaza | Prince Kuhio Plaza | Prince Kuhio Plaza | Providence Place | Providence Place | Providence Place | Providence Place | Providence Place | Provo Towne Centre | Provo Towne Centre | Provo Towne Centre | Provo Towne Centre | Provo Towne Centre | Quail Springs Mall | Quail Springs Mall | Quail Springs Mall | Quail Springs Mall | Quail Springs Mall | Red Cliffs Mall | Red Cliffs Mall | Red Cliffs Mall | Red Cliffs Mall | Red Cliffs Mall | Ridgedale Center | Ridgedale Center | Ridgedale Center | Ridgedale Center | Ridgedale Center | River Hills Mall | River Hills Mall | River Hills Mall | River Hills Mall | River Hills Mall | Rivertown Crossings | Rivertown Crossings | Rivertown Crossings | Rivertown Crossings | Rivertown Crossings | Rogue Valley Mall | Rogue Valley Mall | Rogue Valley Mall | Rogue Valley Mall | Rogue Valley Mall | Sooner Mall | Sooner Mall | Sooner Mall | Sooner Mall | Sooner Mall | Spokane Valley Mall | Spokane Valley Mall | Spokane Valley Mall | Spokane Valley Mall | Spokane Valley Mall | Staten Island Mall | Staten Island Mall | Staten Island Mall | Staten Island Mall | Staten Island Mall | Stonestown Galleria | Stonestown Galleria | Stonestown Galleria | Stonestown Galleria | Stonestown Galleria | The Crossroads | The Crossroads | The Crossroads | The Crossroads | The Crossroads | The Gallery At Harborplace | The Gallery At Harborplace | The Gallery At Harborplace | The Gallery At Harborplace | The Gallery At Harborplace | The Maine Mall | The Maine Mall | The Maine Mall | The Maine Mall | The Maine Mall | The Mall In Columbia | The Mall In Columbia | The Mall In Columbia | The Mall In Columbia | The Mall In Columbia | The Oaks Mall | The Oaks Mall | The Oaks Mall | The Oaks Mall | The Oaks Mall | The Parks at Arlington | The Parks at Arlington | The Parks at Arlington | The Parks at Arlington | The Parks at Arlington | The Shoppes at Buckland | The Shoppes at Buckland | The Shoppes at Buckland | The Shoppes at Buckland | The Shoppes at Buckland | The Shops At Fallen Timbers | The Shops At Fallen Timbers | The Shops At Fallen Timbers | The Shops At Fallen Timbers | The Shops At Fallen Timbers | The Shops At La Cantera | The Shops At La Cantera | The Shops At La Cantera | The Shops At La Cantera | The Shops At La Cantera | The Streets At SouthPoint | The Streets At SouthPoint | The Streets At SouthPoint | The Streets At SouthPoint | The Streets At SouthPoint | The Woodlands Mall | The Woodlands Mall | The Woodlands Mall | The Woodlands Mall | The Woodlands Mall | Town East Mall | Town East Mall | Town East Mall | Town East Mall | Town East Mall | Tucson Mall | Tucson Mall | Tucson Mall | Tucson Mall | Tucson Mall | Tysons Galleria | Tysons Galleria | Tysons Galleria | Tysons Galleria | Tysons Galleria | Valley Plaza Mall | Valley Plaza Mall | Valley Plaza Mall | Valley Plaza Mall | Valley Plaza Mall | Visalia Mall | Visalia Mall | Visalia Mall | Visalia Mall | Visalia Mall | Westlake Center | Westlake Center | Westlake Center | Westlake Center | Westlake Center | Westroads Mall | Westroads Mall | Westroads Mall | Westroads Mall | Westroads Mall | White Marsh Mall | White Marsh Mall | White Marsh Mall | White Marsh Mall | White Marsh Mall | Willowbrook | Willowbrook | Willowbrook | Willowbrook | Willowbrook | Woodbridge Center | Woodbridge Center | Woodbridge Center | Woodbridge Center | Woodbridge Center | Office, other and construction in progress | Office, other and construction in progress | Office, other and construction in progress | Office, other and construction in progress | Office, other and construction in progress | ||||
Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | Buildings and improvements | Buildings and improvements | Equipment and fixtures | Equipment and fixtures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Encumbrances | $15,878,637 | ' | ' | ' | $1,400,000 | ' | ' | ' | ' | $97,851 | ' | ' | ' | ' | $170,000 | ' | ' | ' | ' | $261,771 | ' | ' | ' | ' | $1,269 | ' | ' | ' | ' | $218,222 | ' | ' | ' | ' | $91,223 | ' | ' | ' | ' | $144,442 | ' | ' | ' | ' | $101,588 | ' | ' | ' | ' | $127,479 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $113,714 | ' | ' | ' | ' | $148,020 | ' | ' | ' | ' | $105,941 | ' | ' | ' | ' | $160,000 | ' | ' | ' | ' | $148,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $151,512 | ' | ' | ' | ' | $226,730 | ' | ' | ' | ' | $839,913 | ' | ' | ' | ' | $86,894 | ' | ' | ' | ' | $180,808 | ' | ' | ' | ' | $153,041 | ' | ' | ' | ' | $72,912 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,000 | ' | ' | ' | ' | $129,657 | ' | ' | ' | ' | $220,000 | ' | ' | ' | ' | $151,162 | ' | ' | ' | ' | $210,590 | ' | ' | ' | ' | $223,440 | ' | ' | ' | ' | $186,662 | ' | ' | ' | ' | $113,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $162,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $58,000 | ' | ' | ' | ' | $250,000 | ' | ' | ' | ' | $332,135 | ' | ' | ' | ' | $241,431 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $81,709 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000 | ' | ' | ' | ' | $91,796 | ' | ' | ' | ' | $93,390 | ' | ' | ' | ' | $190,317 | ' | ' | ' | ' | $192,764 | ' | ' | ' | ' | $79,859 | ' | ' | ' | ' | $90,000 | ' | ' | ' | ' | $260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $44,695 | ' | ' | ' | ' | $408,991 | ' | ' | ' | ' | $48,321 | ' | ' | ' | ' | $74,751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $154,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $163,323 | ' | ' | ' | ' | $55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,498 | ' | ' | ' | ' | $272,089 | ' | ' | ' | ' | $180,000 | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | $89,212 | ' | ' | ' | ' | $191,599 | ' | ' | ' | ' | $350,000 | ' | ' | ' | ' | $136,504 | ' | ' | ' | ' | $259,409 | ' | ' | ' | ' | $126,887 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $162,858 | ' | ' | ' | ' | $260,000 | ' | ' | ' | ' | $259,727 | ' | ' | ' | ' | $160,270 | ' | ' | ' | ' | $246,000 | ' | ' | ' | ' | $323,641 | ' | ' | ' | ' | $240,000 | ' | ' | ' | ' | $74,000 | ' | ' | ' | ' | $4,255 | ' | ' | ' | ' | $154,181 | ' | ' | ' | ' | $190,000 | ' | ' | ' | ' | $360,000 | ' | ' | ' | ' | $183,303 | ' | ' | ' | ' | $1,969,481 | ' | ' | ' | ' |
Land | 4,295,891 | ' | ' | ' | 571,836 | ' | ' | ' | ' | 17,738 | ' | ' | ' | ' | 25,450 | ' | ' | ' | ' | 76,527 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,156 | ' | ' | ' | ' | 14,122 | ' | ' | ' | ' | 44,182 | ' | ' | ' | ' | 31,496 | ' | ' | ' | ' | 24,470 | ' | ' | ' | ' | 7,943 | ' | ' | ' | ' | 22,178 | ' | ' | ' | ' | 20,178 | ' | ' | ' | ' | 28,312 | ' | ' | ' | ' | 15,499 | ' | ' | ' | ' | 36,913 | ' | ' | ' | ' | 36,761 | ' | ' | ' | ' | 5,484 | ' | ' | ' | ' | 30,368 | ' | ' | ' | ' | 24,068 | ' | ' | ' | ' | 564,310 | ' | ' | ' | ' | 17,259 | ' | ' | ' | ' | 42,259 | ' | ' | ' | ' | 30,965 | ' | ' | ' | ' | 18,289 | ' | ' | ' | ' | 13,066 | ' | ' | ' | ' | 12,459 | ' | ' | ' | ' | 8,665 | ' | ' | ' | ' | 54,663 | ' | ' | ' | ' | 36,993 | ' | ' | ' | ' | 54,628 | ' | ' | ' | ' | 88,742 | ' | ' | ' | ' | 42,014 | ' | ' | ' | ' | 21,611 | ' | ' | ' | ' | 84,473 | ' | ' | ' | ' | 30,275 | ' | ' | ' | ' | 19,707 | ' | ' | ' | ' | 17,856 | ' | ' | ' | ' | 57,900 | ' | ' | ' | ' | 91,135 | ' | ' | ' | ' | 66,774 | ' | ' | ' | ' | 12,310 | ' | ' | ' | ' | 20,390 | ' | ' | ' | ' | 21,105 | ' | ' | ' | ' | 13,786 | ' | ' | ' | ' | 27,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,320 | ' | ' | ' | ' | 42,451 | ' | ' | ' | ' | 61,907 | ' | ' | ' | ' | 13,855 | ' | ' | ' | ' | 12,943 | ' | ' | ' | ' | 64,883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,027 | ' | ' | ' | ' | 40,523 | ' | ' | ' | ' | 6,811 | ' | ' | ' | ' | 39,495 | ' | ' | ' | ' | 16,207 | ' | ' | ' | ' | 47,790 | ' | ' | ' | ' | 9,042 | ' | ' | ' | ' | 9,902 | ' | ' | ' | ' | 16,817 | ' | ' | ' | ' | 102,227 | ' | ' | ' | ' | 65,962 | ' | ' | ' | ' | 20,261 | ' | ' | ' | ' | 15,930 | ' | ' | ' | ' | 36,205 | ' | ' | ' | ' | 124,540 | ' | ' | ' | ' | 21,954 | ' | ' | ' | ' | 19,807 | ' | ' | ' | ' | 35,180 | ' | ' | ' | ' | 3,785 | ' | ' | ' | ' | 80,016 | ' | ' | ' | ' | 66,045 | ' | ' | ' | ' | 84,889 | ' | ' | ' | ' | 9,928 | ' | ' | ' | ' | 2,071 | ' | ' | ' | ' | 90,317 | ' | ' | ' | ' | 38,964 | ' | ' | ' | ' | 11,912 | ' | ' | ' | ' | 19,055 | ' | ' | ' | ' | 32,776 | ' | ' | ' | ' | 43,880 | ' | ' | ' | ' | 110,660 | ' | ' | ' | ' | 67,825 | ' | ' | ' | ' | 199,339 | ' | ' | ' | ' |
Buildings and Improvements | 17,795,909 | ' | ' | ' | 1,738,740 | ' | ' | ' | ' | 116,663 | ' | ' | ' | ' | 137,376 | ' | ' | ' | ' | 288,241 | ' | ' | ' | ' | 198,396 | ' | ' | ' | ' | 196,205 | ' | ' | ' | ' | 102,033 | ' | ' | ' | ' | 163,118 | ' | ' | ' | ' | 99,107 | ' | ' | ' | ' | 166,038 | ' | ' | ' | ' | 107,969 | ' | ' | ' | ' | 125,061 | ' | ' | ' | ' | 134,515 | ' | ' | ' | ' | 153,526 | ' | ' | ' | ' | 103,077 | ' | ' | ' | ' | 138,795 | ' | ' | ' | ' | 133,448 | ' | ' | ' | ' | 36,756 | ' | ' | ' | ' | 135,317 | ' | ' | ' | ' | 232,456 | ' | ' | ' | ' | 627,327 | ' | ' | ' | ' | 126,570 | ' | ' | ' | ' | 217,932 | ' | ' | ' | ' | 147,002 | ' | ' | ' | ' | 123,088 | ' | ' | ' | ' | 59,658 | ' | ' | ' | ' | 85,370 | ' | ' | ' | ' | 112,252 | ' | ' | ' | ' | 262,608 | ' | ' | ' | ' | 130,460 | ' | ' | ' | ' | 219,013 | ' | ' | ' | ' | 319,097 | ' | ' | ' | ' | 155,809 | ' | ' | ' | ' | 111,515 | ' | ' | ' | ' | 352,140 | ' | ' | ' | ' | 136,846 | ' | ' | ' | ' | 63,348 | ' | ' | ' | ' | 70,318 | ' | ' | ' | ' | 228,517 | ' | ' | ' | ' | 392,422 | ' | ' | ' | ' | 238,023 | ' | ' | ' | ' | 108,857 | ' | ' | ' | ' | 107,216 | ' | ' | ' | ' | 74,228 | ' | ' | ' | ' | 92,114 | ' | ' | ' | ' | 157,100 | ' | ' | ' | ' | 117,814 | ' | ' | ' | ' | 102,054 | ' | ' | ' | ' | 195,409 | ' | ' | ' | ' | 236,019 | ' | ' | ' | ' | 92,143 | ' | ' | ' | ' | 73,231 | ' | ' | ' | ' | 254,910 | ' | ' | ' | ' | 97,096 | ' | ' | ' | ' | 52,373 | ' | ' | ' | ' | 400,893 | ' | ' | ' | ' | 75,871 | ' | ' | ' | ' | 149,571 | ' | ' | ' | ' | 33,930 | ' | ' | ' | ' | 151,090 | ' | ' | ' | ' | 85,608 | ' | ' | ' | ' | 181,770 | ' | ' | ' | ' | 61,558 | ' | ' | ' | ' | 69,570 | ' | ' | ' | ' | 100,209 | ' | ' | ' | ' | 375,612 | ' | ' | ' | ' | 203,043 | ' | ' | ' | ' | 95,463 | ' | ' | ' | ' | 112,117 | ' | ' | ' | ' | 238,067 | ' | ' | ' | ' | 479,171 | ' | ' | ' | ' | 173,353 | ' | ' | ' | ' | 299,708 | ' | ' | ' | ' | 146,474 | ' | ' | ' | ' | 31,771 | ' | ' | ' | ' | 350,737 | ' | ' | ' | ' | 242,189 | ' | ' | ' | ' | 349,315 | ' | ' | ' | ' | 168,555 | ' | ' | ' | ' | 193,815 | ' | ' | ' | ' | 351,005 | ' | ' | ' | ' | 211,930 | ' | ' | ' | ' | 80,185 | ' | ' | ' | ' | 129,295 | ' | ' | ' | ' | 184,253 | ' | ' | ' | ' | 177,194 | ' | ' | ' | ' | 419,822 | ' | ' | ' | ' | 242,744 | ' | ' | ' | ' | 783,305 | ' | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 24,706 | ' | ' | ' | 954 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -154 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,219 | ' | ' | ' | ' | 4,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,127 | ' | ' | ' | ' | 2,079 | ' | ' | ' | ' | 8,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -226 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,981 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,819 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,696 | ' | ' | ' | ' |
Buildings and Improvements | 881,769 | ' | ' | ' | 12,357 | ' | ' | ' | ' | 1,836 | ' | ' | ' | ' | 6,177 | ' | ' | ' | ' | 3,200 | ' | ' | ' | ' | 2,607 | ' | ' | ' | ' | 2,222 | ' | ' | ' | ' | 20,337 | ' | ' | ' | ' | 6,893 | ' | ' | ' | ' | 658 | ' | ' | ' | ' | 1,295 | ' | ' | ' | ' | -1,141 | ' | ' | ' | ' | -994 | ' | ' | ' | ' | 14,367 | ' | ' | ' | ' | 20,815 | ' | ' | ' | ' | 877 | ' | ' | ' | ' | 4,284 | ' | ' | ' | ' | 2,307 | ' | ' | ' | ' | 6,762 | ' | ' | ' | ' | 1,879 | ' | ' | ' | ' | 52,076 | ' | ' | ' | ' | 47,263 | ' | ' | ' | ' | 3,529 | ' | ' | ' | ' | 3,341 | ' | ' | ' | ' | 15,066 | ' | ' | ' | ' | 1,716 | ' | ' | ' | ' | 957 | ' | ' | ' | ' | 2,435 | ' | ' | ' | ' | 14,560 | ' | ' | ' | ' | 3,024 | ' | ' | ' | ' | 2,225 | ' | ' | ' | ' | 10,139 | ' | ' | ' | ' | -36 | ' | ' | ' | ' | 7,973 | ' | ' | ' | ' | 2,035 | ' | ' | ' | ' | -1,342 | ' | ' | ' | ' | 764 | ' | ' | ' | ' | 15,141 | ' | ' | ' | ' | 7,665 | ' | ' | ' | ' | 9,045 | ' | ' | ' | ' | 5,249 | ' | ' | ' | ' | 27,440 | ' | ' | ' | ' | 393 | ' | ' | ' | ' | 324 | ' | ' | ' | ' | 17,714 | ' | ' | ' | ' | 4,399 | ' | ' | ' | ' | -154 | ' | ' | ' | ' | 9,275 | ' | ' | ' | ' | 4,323 | ' | ' | ' | ' | 1,788 | ' | ' | ' | ' | 1,185 | ' | ' | ' | ' | 1,787 | ' | ' | ' | ' | 7,301 | ' | ' | ' | ' | -9,947 | ' | ' | ' | ' | 2,475 | ' | ' | ' | ' | 3,953 | ' | ' | ' | ' | 5,433 | ' | ' | ' | ' | -9,647 | ' | ' | ' | ' | 322 | ' | ' | ' | ' | 1,248 | ' | ' | ' | ' | 4,910 | ' | ' | ' | ' | 1,656 | ' | ' | ' | ' | 2,685 | ' | ' | ' | ' | 1,813 | ' | ' | ' | ' | 2,172 | ' | ' | ' | ' | -7,996 | ' | ' | ' | ' | 1,064 | ' | ' | ' | ' | 7,887 | ' | ' | ' | ' | 2,478 | ' | ' | ' | ' | 5,281 | ' | ' | ' | ' | 10,366 | ' | ' | ' | ' | 4,348 | ' | ' | ' | ' | -3,327 | ' | ' | ' | ' | 11,508 | ' | ' | ' | ' | -1,302 | ' | ' | ' | ' | 2,005 | ' | ' | ' | ' | 25,168 | ' | ' | ' | ' | -211 | ' | ' | ' | ' | 2,310 | ' | ' | ' | ' | 3,465 | ' | ' | ' | ' | 92,832 | ' | ' | ' | ' | 3,016 | ' | ' | ' | ' | -1,112 | ' | ' | ' | ' | 1,129 | ' | ' | ' | ' | -93,252 | ' | ' | ' | ' | 3,439 | ' | ' | ' | ' | 5,631 | ' | ' | ' | ' | 626 | ' | ' | ' | ' | 21,577 | ' | ' | ' | ' | 392,428 | ' | ' | ' | ' |
Gross Amounts at Which Carried at Close of Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | 4,320,597 | ' | ' | ' | 572,790 | ' | ' | ' | ' | 17,738 | ' | ' | ' | ' | 25,450 | ' | ' | ' | ' | 76,527 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,156 | ' | ' | ' | ' | 14,122 | ' | ' | ' | ' | 44,182 | ' | ' | ' | ' | 31,496 | ' | ' | ' | ' | 24,470 | ' | ' | ' | ' | 7,789 | ' | ' | ' | ' | 22,178 | ' | ' | ' | ' | 22,397 | ' | ' | ' | ' | 32,857 | ' | ' | ' | ' | 15,499 | ' | ' | ' | ' | 36,913 | ' | ' | ' | ' | 36,761 | ' | ' | ' | ' | 5,484 | ' | ' | ' | ' | 27,241 | ' | ' | ' | ' | 26,147 | ' | ' | ' | ' | 572,945 | ' | ' | ' | ' | 17,259 | ' | ' | ' | ' | 42,259 | ' | ' | ' | ' | 33,409 | ' | ' | ' | ' | 18,289 | ' | ' | ' | ' | 13,066 | ' | ' | ' | ' | 12,459 | ' | ' | ' | ' | 8,665 | ' | ' | ' | ' | 54,437 | ' | ' | ' | ' | 36,993 | ' | ' | ' | ' | 54,538 | ' | ' | ' | ' | 88,742 | ' | ' | ' | ' | 36,033 | ' | ' | ' | ' | 21,611 | ' | ' | ' | ' | 84,394 | ' | ' | ' | ' | 30,275 | ' | ' | ' | ' | 19,707 | ' | ' | ' | ' | 17,856 | ' | ' | ' | ' | 57,900 | ' | ' | ' | ' | 91,135 | ' | ' | ' | ' | 66,774 | ' | ' | ' | ' | 12,310 | ' | ' | ' | ' | 20,390 | ' | ' | ' | ' | 21,105 | ' | ' | ' | ' | 13,786 | ' | ' | ' | ' | 27,075 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,320 | ' | ' | ' | ' | 42,451 | ' | ' | ' | ' | 61,907 | ' | ' | ' | ' | 13,855 | ' | ' | ' | ' | 12,943 | ' | ' | ' | ' | 64,883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,970 | ' | ' | ' | ' | 40,523 | ' | ' | ' | ' | 6,811 | ' | ' | ' | ' | 40,603 | ' | ' | ' | ' | 16,207 | ' | ' | ' | ' | 47,790 | ' | ' | ' | ' | 9,042 | ' | ' | ' | ' | 9,902 | ' | ' | ' | ' | 16,817 | ' | ' | ' | ' | 102,227 | ' | ' | ' | ' | 65,962 | ' | ' | ' | ' | 21,371 | ' | ' | ' | ' | 15,930 | ' | ' | ' | ' | 36,205 | ' | ' | ' | ' | 124,540 | ' | ' | ' | ' | 21,954 | ' | ' | ' | ' | 19,856 | ' | ' | ' | ' | 35,180 | ' | ' | ' | ' | 3,769 | ' | ' | ' | ' | 80,016 | ' | ' | ' | ' | 66,045 | ' | ' | ' | ' | 87,180 | ' | ' | ' | ' | 9,928 | ' | ' | ' | ' | 2,071 | ' | ' | ' | ' | 90,317 | ' | ' | ' | ' | 38,964 | ' | ' | ' | ' | 11,912 | ' | ' | ' | ' | 4,236 | ' | ' | ' | ' | 32,776 | ' | ' | ' | ' | 48,005 | ' | ' | ' | ' | 110,660 | ' | ' | ' | ' | 67,825 | ' | ' | ' | ' | 218,035 | ' | ' | ' | ' |
Buildings and Improvements | 18,677,678 | ' | ' | ' | 1,751,097 | ' | ' | ' | ' | 118,499 | ' | ' | ' | ' | 143,553 | ' | ' | ' | ' | 291,441 | ' | ' | ' | ' | 201,003 | ' | ' | ' | ' | 198,427 | ' | ' | ' | ' | 122,370 | ' | ' | ' | ' | 170,011 | ' | ' | ' | ' | 99,765 | ' | ' | ' | ' | 167,333 | ' | ' | ' | ' | 106,828 | ' | ' | ' | ' | 124,067 | ' | ' | ' | ' | 148,882 | ' | ' | ' | ' | 174,341 | ' | ' | ' | ' | 103,954 | ' | ' | ' | ' | 143,079 | ' | ' | ' | ' | 135,755 | ' | ' | ' | ' | 43,518 | ' | ' | ' | ' | 137,196 | ' | ' | ' | ' | 284,532 | ' | ' | ' | ' | 674,590 | ' | ' | ' | ' | 130,099 | ' | ' | ' | ' | 221,273 | ' | ' | ' | ' | 162,068 | ' | ' | ' | ' | 124,804 | ' | ' | ' | ' | 60,615 | ' | ' | ' | ' | 87,805 | ' | ' | ' | ' | 126,812 | ' | ' | ' | ' | 265,632 | ' | ' | ' | ' | 132,685 | ' | ' | ' | ' | 229,152 | ' | ' | ' | ' | 319,061 | ' | ' | ' | ' | 163,782 | ' | ' | ' | ' | 113,550 | ' | ' | ' | ' | 350,798 | ' | ' | ' | ' | 137,610 | ' | ' | ' | ' | 78,489 | ' | ' | ' | ' | 77,983 | ' | ' | ' | ' | 237,562 | ' | ' | ' | ' | 397,671 | ' | ' | ' | ' | 265,463 | ' | ' | ' | ' | 109,250 | ' | ' | ' | ' | 107,540 | ' | ' | ' | ' | 91,942 | ' | ' | ' | ' | 96,513 | ' | ' | ' | ' | 156,946 | ' | ' | ' | ' | 127,089 | ' | ' | ' | ' | 106,377 | ' | ' | ' | ' | 197,197 | ' | ' | ' | ' | 237,204 | ' | ' | ' | ' | 93,930 | ' | ' | ' | ' | 80,532 | ' | ' | ' | ' | 244,963 | ' | ' | ' | ' | 99,571 | ' | ' | ' | ' | 56,326 | ' | ' | ' | ' | 406,326 | ' | ' | ' | ' | 66,224 | ' | ' | ' | ' | 149,893 | ' | ' | ' | ' | 35,178 | ' | ' | ' | ' | 156,000 | ' | ' | ' | ' | 87,264 | ' | ' | ' | ' | 184,455 | ' | ' | ' | ' | 63,371 | ' | ' | ' | ' | 71,742 | ' | ' | ' | ' | 92,213 | ' | ' | ' | ' | 376,676 | ' | ' | ' | ' | 210,930 | ' | ' | ' | ' | 97,941 | ' | ' | ' | ' | 117,398 | ' | ' | ' | ' | 248,433 | ' | ' | ' | ' | 483,519 | ' | ' | ' | ' | 170,026 | ' | ' | ' | ' | 311,216 | ' | ' | ' | ' | 145,172 | ' | ' | ' | ' | 33,776 | ' | ' | ' | ' | 375,905 | ' | ' | ' | ' | 241,978 | ' | ' | ' | ' | 351,625 | ' | ' | ' | ' | 172,020 | ' | ' | ' | ' | 286,647 | ' | ' | ' | ' | 354,021 | ' | ' | ' | ' | 210,818 | ' | ' | ' | ' | 81,314 | ' | ' | ' | ' | 36,043 | ' | ' | ' | ' | 187,692 | ' | ' | ' | ' | 182,825 | ' | ' | ' | ' | 420,448 | ' | ' | ' | ' | 264,321 | ' | ' | ' | ' | 1,175,733 | ' | ' | ' | ' |
Total | 22,998,275 | 23,461,858 | 24,597,501 | 25,140,166 | 2,323,887 | ' | ' | ' | ' | 136,237 | ' | ' | ' | ' | 169,003 | ' | ' | ' | ' | 367,968 | ' | ' | ' | ' | 201,003 | ' | ' | ' | ' | 257,583 | ' | ' | ' | ' | 136,492 | ' | ' | ' | ' | 214,193 | ' | ' | ' | ' | 131,261 | ' | ' | ' | ' | 191,803 | ' | ' | ' | ' | 114,617 | ' | ' | ' | ' | 146,245 | ' | ' | ' | ' | 171,279 | ' | ' | ' | ' | 207,198 | ' | ' | ' | ' | 119,453 | ' | ' | ' | ' | 179,992 | ' | ' | ' | ' | 172,516 | ' | ' | ' | ' | 49,002 | ' | ' | ' | ' | 164,437 | ' | ' | ' | ' | 310,679 | ' | ' | ' | ' | 1,247,535 | ' | ' | ' | ' | 147,358 | ' | ' | ' | ' | 263,532 | ' | ' | ' | ' | 195,477 | ' | ' | ' | ' | 143,093 | ' | ' | ' | ' | 73,681 | ' | ' | ' | ' | 100,264 | ' | ' | ' | ' | 135,477 | ' | ' | ' | ' | 320,069 | ' | ' | ' | ' | 169,678 | ' | ' | ' | ' | 283,690 | ' | ' | ' | ' | 407,803 | ' | ' | ' | ' | 199,815 | ' | ' | ' | ' | 135,161 | ' | ' | ' | ' | 435,192 | ' | ' | ' | ' | 167,885 | ' | ' | ' | ' | 98,196 | ' | ' | ' | ' | 95,839 | ' | ' | ' | ' | 295,462 | ' | ' | ' | ' | 488,806 | ' | ' | ' | ' | 332,237 | ' | ' | ' | ' | 121,560 | ' | ' | ' | ' | 127,930 | ' | ' | ' | ' | 113,047 | ' | ' | ' | ' | 110,299 | ' | ' | ' | ' | 184,021 | ' | ' | ' | ' | 127,089 | ' | ' | ' | ' | 137,697 | ' | ' | ' | ' | 239,648 | ' | ' | ' | ' | 299,111 | ' | ' | ' | ' | 107,785 | ' | ' | ' | ' | 93,475 | ' | ' | ' | ' | 309,846 | ' | ' | ' | ' | 99,571 | ' | ' | ' | ' | 56,326 | ' | ' | ' | ' | 406,326 | ' | ' | ' | ' | 84,194 | ' | ' | ' | ' | 190,416 | ' | ' | ' | ' | 41,989 | ' | ' | ' | ' | 196,603 | ' | ' | ' | ' | 103,471 | ' | ' | ' | ' | 232,245 | ' | ' | ' | ' | 72,413 | ' | ' | ' | ' | 81,644 | ' | ' | ' | ' | 109,030 | ' | ' | ' | ' | 478,903 | ' | ' | ' | ' | 276,892 | ' | ' | ' | ' | 119,312 | ' | ' | ' | ' | 133,328 | ' | ' | ' | ' | 284,638 | ' | ' | ' | ' | 608,059 | ' | ' | ' | ' | 191,980 | ' | ' | ' | ' | 331,072 | ' | ' | ' | ' | 180,352 | ' | ' | ' | ' | 37,545 | ' | ' | ' | ' | 455,921 | ' | ' | ' | ' | 308,023 | ' | ' | ' | ' | 438,805 | ' | ' | ' | ' | 181,948 | ' | ' | ' | ' | 288,718 | ' | ' | ' | ' | 444,338 | ' | ' | ' | ' | 249,782 | ' | ' | ' | ' | 93,226 | ' | ' | ' | ' | 40,279 | ' | ' | ' | ' | 220,468 | ' | ' | ' | ' | 230,830 | ' | ' | ' | ' | 531,108 | ' | ' | ' | ' | 332,146 | ' | ' | ' | ' | 1,393,768 | ' | ' | ' | ' |
Accumulated Depreciation | $1,884,861 | $1,440,301 | $974,185 | $129,794 | $164,383 | ' | ' | ' | ' | $12,713 | ' | ' | ' | ' | $17,954 | ' | ' | ' | ' | $27,998 | ' | ' | ' | ' | $33,602 | ' | ' | ' | ' | $19,002 | ' | ' | ' | ' | $12,316 | ' | ' | ' | ' | $17,555 | ' | ' | ' | ' | $13,274 | ' | ' | ' | ' | $17,470 | ' | ' | ' | ' | $11,718 | ' | ' | ' | ' | $15,291 | ' | ' | ' | ' | $16,355 | ' | ' | ' | ' | $16,527 | ' | ' | ' | ' | $11,385 | ' | ' | ' | ' | $17,099 | ' | ' | ' | ' | $15,154 | ' | ' | ' | ' | $5,733 | ' | ' | ' | ' | $16,381 | ' | ' | ' | ' | $26,736 | ' | ' | ' | ' | $68,216 | ' | ' | ' | ' | $13,524 | ' | ' | ' | ' | $21,382 | ' | ' | ' | ' | $15,778 | ' | ' | ' | ' | $19,572 | ' | ' | ' | ' | $7,423 | ' | ' | ' | ' | $11,182 | ' | ' | ' | ' | $12,358 | ' | ' | ' | ' | $30,274 | ' | ' | ' | ' | $14,462 | ' | ' | ' | ' | $24,621 | ' | ' | ' | ' | $28,921 | ' | ' | ' | ' | $16,435 | ' | ' | ' | ' | $11,739 | ' | ' | ' | ' | $33,360 | ' | ' | ' | ' | $14,219 | ' | ' | ' | ' | $8,821 | ' | ' | ' | ' | $11,654 | ' | ' | ' | ' | $31,430 | ' | ' | ' | ' | $35,469 | ' | ' | ' | ' | $25,752 | ' | ' | ' | ' | $11,690 | ' | ' | ' | ' | $11,256 | ' | ' | ' | ' | $8,460 | ' | ' | ' | ' | $10,617 | ' | ' | ' | ' | $16,491 | ' | ' | ' | ' | $11,934 | ' | ' | ' | ' | $12,490 | ' | ' | ' | ' | $19,076 | ' | ' | ' | ' | $22,075 | ' | ' | ' | ' | $12,158 | ' | ' | ' | ' | $9,905 | ' | ' | ' | ' | $25,335 | ' | ' | ' | ' | $7,727 | ' | ' | ' | ' | $7,610 | ' | ' | ' | ' | $36,004 | ' | ' | ' | ' | $12,626 | ' | ' | ' | ' | $3,816 | ' | ' | ' | ' | $5,170 | ' | ' | ' | ' | $14,066 | ' | ' | ' | ' | $9,337 | ' | ' | ' | ' | $18,723 | ' | ' | ' | ' | $5,737 | ' | ' | ' | ' | $8,017 | ' | ' | ' | ' | $10,937 | ' | ' | ' | ' | $40,459 | ' | ' | ' | ' | $19,934 | ' | ' | ' | ' | $10,430 | ' | ' | ' | ' | $13,412 | ' | ' | ' | ' | $24,268 | ' | ' | ' | ' | $41,870 | ' | ' | ' | ' | $13,295 | ' | ' | ' | ' | $28,401 | ' | ' | ' | ' | $16,286 | ' | ' | ' | ' | $5,858 | ' | ' | ' | ' | $40,430 | ' | ' | ' | ' | $23,757 | ' | ' | ' | ' | $33,774 | ' | ' | ' | ' | $16,527 | ' | ' | ' | ' | $40,341 | ' | ' | ' | ' | $29,512 | ' | ' | ' | ' | $21,540 | ' | ' | ' | ' | $8,088 | ' | ' | ' | ' | $3,743 | ' | ' | ' | ' | $12,762 | ' | ' | ' | ' | $19,320 | ' | ' | ' | ' | $42,005 | ' | ' | ' | ' | $31,385 | ' | ' | ' | ' | $90,969 | ' | ' | ' | ' |
Life Upon Which Latest Income Statement is Computed | ' | ' | ' | ' | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years | ' | '10 years | '45 years | '3 years | '20 years |
SCHEDULE_III_REAL_ESTATE_AND_A2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Real Estate | ' | ' | ' |
Balance at beginning of period | $23,461,858 | $24,597,501 | $25,140,166 |
Additions | 1,049,417 | 1,034,439 | 383,001 |
Impairments | -18,361 | -131,156 | -63,910 |
Dispositions and write-offs | -1,494,639 | -2,038,926 | -861,756 |
Balance at end of period | 22,998,275 | 23,461,858 | 24,597,501 |
Reconciliation of Accumulated Depreciation | ' | ' | ' |
Balance at beginning of period | 1,440,301 | 974,185 | 129,794 |
Depreciation expense | 737,565 | 775,768 | 942,661 |
Dispositions and write-offs | -293,005 | -309,652 | -98,270 |
Balance at end of period | $1,884,861 | $1,440,301 | $974,185 |