Exhibit 99.2
SUPPLEMENTAL INFORMATION
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2012
BASIS OF PRESENTATION |
GENERAL INFORMATION
Unless the context indicates otherwise, references in the accompanying financial information (the “Supplemental”) to the “Corporation” refer to General Growth Properties, Inc. and references to “GGP” or the “Company” refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities. Additionally, where reference is made to “GAAP”, this refers to accounting principles generally accepted in the United States.
PROPERTY INFORMATION
The Company has presented information on its consolidated and unconsolidated properties (“Proportionate” or “at share”) in certain schedules included within this Supplemental. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company’s unconsolidated property operations that are owned through investments accounted for under the equity method.
NON-GAAP MEASURES
This Supplemental makes reference to net operating income (“NOI”), earnings before interest, taxes, depreciation and amortization (“EBITDA”), and funds from operations (“FFO”). NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. EBITDA is defined as NOI less certain property management and administrative expenses, net of management fees and other operational items. FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, less preferred unit distributions, plus real estate related depreciation and amortization including adjustments for unconsolidated entities. NOI, EBITDA and FFO are presented in the Supplemental on a proportionate basis, which includes GGP’s share from consolidated and unconsolidated properties. As we conduct substantially all of our business through GGP Limited Partnership (the “Operating Partnership”, which is 99% owned by GGP) and we include the conversion of non-GGP limited common units of the Operating Partnership in the total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnership.
In order to present GGP’s operations in a manner most relevant to its future operations, Core EBITDA, Core FFO and Core NOI have been presented to exclude certain non-cash and non-recurring revenue and expenses. A reconciliation of NOI to Core NOI, EBITDA to Core EBITDA, and FFO to Core FFO has been included in the “Reconciliation of NOI, EBITDA, and FFO” schedule included within. Specific to the Company’s U.S. Regional Mall portfolio, same store Core NOI is presented to exclude the effects of acquisitions, dispositions and changes in ownership.
NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) attributable to common stockholders. For reference, as an aid in understanding management’s computation of NOI, EBITDA, and FFO, a reconciliation of NOI to consolidated operating income, EBITDA, and FFO to net income (loss) in accordance with GAAP has been included in the “Reconciliation of Non-GAAP to GAAP Financial Measures” schedule.
TABLE OF CONTENTS |
| Page |
|
|
Financial Overview |
|
GAAP Financial Schedules: |
|
Consolidated Balance Sheets | 1 |
Consolidated Statements of Operations | 2 |
|
|
Proportionate Financial Schedules: |
|
Proportionate Balance Sheet | 3 |
Overview | 4 |
Reconciliation of NOI, EBITDA, and FFO | 5-6 |
Portfolio Results and FFO | 7-8 |
NOI Summary | 9 |
|
|
Debt: |
|
Debt Summary, at Share | 10 |
Debt Detail, at Share | 11-14 |
|
|
Asset Transactions: |
|
Summary of Acquisitions and Dispositions | 15 |
Properties Included in Discontinued Operations | 16 |
FFO from Discontinued Operations | 17-18 |
|
|
Reconciliations: |
|
Reconciliation of Non-GAAP to GAAP Financial Measures | 19-20 |
|
|
Portfolio Operating Metrics: |
|
Key Operating Performance Indicators | 21 |
Signed Leases All Less Anchors | 22 |
Lease Expiration Schedule and Top Ten Tenants | 23 |
Property Schedule | 24-31 |
|
|
Miscellaneous: |
|
Capital Information | 32 |
Change in Total Common and Equivalent Shares | 33 |
Development Summary | 34 |
Corporate Information | 35 |
Glossary of Terms | 36 |
This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this Supplemental. The Company disclaims any obligation to update any forward-looking statements.
SELECT SCHEDULE DEFINITIONS |
Page |
| Schedule |
| Description |
Proportionate Financial Schedules: |
|
| ||
3 |
| Proportionate Balance Sheet |
| The proportionate balance sheet adjusts GGP’s GAAP balance sheet for noncontrolling interests and adds the Company’s proportionate share of assets and liabilities related to investments in Unconsolidated Properties accounted for under the equity method. |
5-6 |
| Reconciliation of NOI, EBITDA, and FFO |
| Reconciliation of NOI to Core NOI, EBITDA to Core EBITDA, and FFO to Core FFO, where “Core” figures exclude certain non-cash and non-recurring revenues and expenses that are not indicative of future operations. |
7-8 |
| Portfolio Results and FFO |
| Proportionate detail of Portfolio Results and FFO for the three and six months ended June 30, 2012 and 2011. |
9 |
| NOI Summary |
| Proportionate detail of Core NOI and Sam Store NOI for the three and six months ended June 30, 2012 and 2011. |
Portfolio Operating Metrics: |
|
| ||
21 |
| Key Operating Performance Indicators |
| Certain mall operating measures presented on a comparable basis.
See Glossary of Terms for detailed descriptions. |
24-31 |
| Property Schedule |
| By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage
See Glossary of Terms for detailed descriptions. |
GAAP Financial Schedules
FINANCIAL OVERVIEW |
Consolidated Balance Sheets(1)
(In thousands)
|
| June 30, 2012 |
| December 31, 2011 |
| ||
Assets: |
|
|
|
|
| ||
Investment in real estate: |
|
|
|
|
| ||
Land |
| $ | 4,391,969 |
| $ | 4,623,944 |
|
Buildings and equipment |
| 19,051,095 |
| 19,837,750 |
| ||
Less accumulated depreciation |
| (1,150,028 | ) | (974,185 | ) | ||
Construction in progress |
| 336,391 |
| 135,807 |
| ||
Net property and equipment |
| 22,629,427 |
| 23,623,316 |
| ||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
| 2,783,540 |
| 3,052,973 |
| ||
Net investment in real estate |
| 25,412,967 |
| 26,676,289 |
| ||
Cash and cash equivalents |
| 497,194 |
| 572,872 |
| ||
Accounts and notes receivable, net |
| 227,783 |
| 218,749 |
| ||
Deferred expenses, net |
| 175,263 |
| 170,012 |
| ||
Prepaid expenses and other assets |
| 1,501,390 |
| 1,805,535 |
| ||
Assets held for disposition |
| — |
| 74,694 |
| ||
Total assets |
| $ | 27,814,597 |
| $ | 29,518,151 |
|
Liabilities: |
|
|
|
|
| ||
Mortgages, notes and loans payable |
| $ | 16,279,320 |
| $ | 17,143,014 |
|
Accounts payable and accrued expenses |
| 1,284,085 |
| 1,445,738 |
| ||
Dividend payable |
| 96,802 |
| 526,332 |
| ||
Deferred tax liabilities |
| 29,146 |
| 29,220 |
| ||
Tax indemnification liability |
| 303,750 |
| 303,750 |
| ||
Junior Subordinated Notes |
| 206,200 |
| 206,200 |
| ||
Warrant liability |
| 1,275,662 |
| 985,962 |
| ||
Liabilities held for disposition |
| — |
| 74,795 |
| ||
Total liabilities |
| 19,474,965 |
| 20,715,011 |
| ||
Redeemable noncontrolling interests: |
|
|
|
|
| ||
Preferred |
| 128,982 |
| 120,756 |
| ||
Common |
| 123,145 |
| 103,039 |
| ||
Total redeemable noncontrolling interests |
| 252,127 |
| 223,795 |
| ||
Equity: |
|
|
|
|
| ||
Total stockholders’ equity |
| 7,998,635 |
| 8,483,329 |
| ||
Noncontrolling interests in consolidated real estate affiliates |
| 88,870 |
| 96,016 |
| ||
Total equity |
| 8,087,505 |
| 8,579,345 |
| ||
Total liabilities and equity |
| $ | 27,814,597 |
| $ | 29,518,151 |
|
(1) Presented in accordance with GAAP.
FINANCIAL OVERVIEW |
Consolidated Statements of Operations(1)
(In thousands, except per share)
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| June 30, 2012 |
| June 30, 2011 |
| June 30, 2012 |
| June 30, 2011 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues: |
|
|
|
|
|
|
|
|
| ||||
Minimum rents |
| $ | 395,649 |
| $ | 390,402 |
| $ | 783,639 |
| $ | 787,177 |
|
Tenant recoveries |
| 180,189 |
| 176,607 |
| 359,591 |
| 358,792 |
| ||||
Overage rents |
| 8,165 |
| 5,997 |
| 21,445 |
| 16,488 |
| ||||
Management fees and other corporate revenues |
| 21,652 |
| 14,235 |
| 37,823 |
| 29,587 |
| ||||
Other |
| 18,473 |
| 15,616 |
| 33,600 |
| 31,065 |
| ||||
Total revenues |
| 624,128 |
| 602,857 |
| 1,236,098 |
| 1,223,109 |
| ||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||
Real estate taxes |
| 59,127 |
| 60,541 |
| 116,918 |
| 119,331 |
| ||||
Property maintenance costs |
| 21,500 |
| 22,357 |
| 44,575 |
| 50,819 |
| ||||
Marketing |
| 7,512 |
| 6,059 |
| 14,441 |
| 12,345 |
| ||||
Other property operating costs |
| 97,271 |
| 94,616 |
| 188,252 |
| 187,243 |
| ||||
(Recovery from) provision for doubtful accounts |
| (688 | ) | 1,319 |
| 1,774 |
| 1,234 |
| ||||
Property management and other costs |
| 39,179 |
| 44,638 |
| 81,171 |
| 92,338 |
| ||||
General and administrative |
| 10,865 |
| 2,219 |
| 21,119 |
| 2,720 |
| ||||
Depreciation and amortization |
| 191,563 |
| 227,340 |
| 409,128 |
| 455,140 |
| ||||
Total expenses |
| 426,329 |
| 459,089 |
| 877,378 |
| 921,170 |
| ||||
Operating income |
| 197,799 |
| 143,768 |
| 358,720 |
| 301,939 |
| ||||
Interest income |
| 875 |
| 553 |
| 1,541 |
| 1,232 |
| ||||
Interest expense |
| (188,812 | ) | (236,476 | ) | (404,638 | ) | (456,097 | ) | ||||
Warrant liability adjustment |
| (146,588 | ) | (94,769 | ) | (289,700 | ) | (18,321 | ) | ||||
Gain from change in control of investment properties |
| 18,547 |
| — |
| 18,547 |
| — |
| ||||
Loss before income taxes, equity in income (loss) of Unconsolidated Real Estate Affiliates, discontinued operations and noncontrolling interests |
| (118,179 | ) | (186,924 | ) | (315,530 | ) | (171,247 | ) | ||||
Provision for income taxes |
| (1,709 | ) | (887 | ) | (3,104 | ) | (3,928 | ) | ||||
Equity in income (loss) of Unconsolidated Real Estate Affiliates |
| 11,843 |
| (9,433 | ) | 17,795 |
| (12,366 | ) | ||||
Loss from continuing operations |
| (108,045 | ) | (197,244 | ) | (300,839 | ) | (187,541 | ) | ||||
Discontinued operations (2) |
| 1,699 |
| (4,869 | ) | 248 |
| (7,638 | ) | ||||
Net loss |
| (106,346 | ) | (202,113 | ) | (300,591 | ) | (195,179 | ) | ||||
Allocation to noncontrolling interests |
| (1,590 | ) | (935 | ) | (4,957 | ) | (2,205 | ) | ||||
Net loss attributable to common stockholders |
| $ | (107,936 | ) | $ | (203,048 | ) | $ | (305,548 | ) | $ | (197,384 | ) |
Basic and Diluted Loss Per Share: |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
| $ | (0.12 | ) | $ | (0.21 | ) | $ | (0.33 | ) | $ | (0.20 | ) |
Discontinued operations |
| — |
| (0.01 | ) | — |
| (0.01 | ) | ||||
Total basic and diluted loss per share |
| $ | (0.12 | ) | $ | (0.22 | ) | $ | (0.33 | ) | $ | (0.21 | ) |
(1) Presented in accordance with GAAP.
(2) Refer to Pages 16-18 (Discontinued Operations).
Proportionate Financial Schedules
PROPORTIONATE FINANCIAL SCHEDULES |
Proportionate Balance Sheet
(In thousands)
|
| As of June 30, 2012 |
| |||||||||||||
|
| Consolidated (1) |
| Non-Controlling Interests |
| Our Consolidated Share |
| Our Share of Joint Ventures |
| Our Total Share |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment in real estate: |
|
|
|
|
|
|
|
|
|
|
| |||||
Land |
| $ | 4,391,969 |
| $ | (23,031 | ) | $ | 4,368,938 |
| $ | 680,979 |
| $ | 5,049,917 |
|
Buildings and equipment |
| 19,051,095 |
| (154,841 | ) | 18,896,254 |
| 5,475,917 |
| 24,372,171 |
| |||||
Less accumulated depreciation |
| (1,150,028 | ) | 24,962 |
| (1,125,066 | ) | (746,585 | ) | (1,871,651 | ) | |||||
Construction in progress |
| 336,391 |
| (1,386 | ) | 335,005 |
| 42,838 |
| 377,843 |
| |||||
Net property and equipment |
| 22,629,427 |
| (154,296 | ) | 22,475,131 |
| 5,453,149 |
| 27,928,280 |
| |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
| 2,783,540 |
| — |
| 2,783,540 |
| (2,783,540 | ) | — |
| |||||
Net investment in real estate |
| 25,412,967 |
| (154,296 | ) | 25,258,671 |
| 2,669,609 |
| 27,928,280 |
| |||||
Cash and cash equivalents |
| 497,194 |
| (3,702 | ) | 493,492 |
| 123,202 |
| 616,694 |
| |||||
Accounts and notes receivable, net |
| 227,783 |
| (2,789 | ) | 224,994 |
| 40,355 |
| 265,349 |
| |||||
Deferred expenses, net |
| 175,263 |
| (8,880 | ) | 166,383 |
| 92,453 |
| 258,836 |
| |||||
Prepaid expenses and other assets |
| 1,501,390 |
| (6,059 | ) | 1,495,331 |
| 215,978 |
| 1,711,309 |
| |||||
Total assets |
| $ | 27,814,597 |
| $ | (175,726 | ) | $ | 27,638,871 |
| $ | 3,141,597 |
| $ | 30,780,468 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages, notes and loans payable |
| $ | 16,279,320 |
| $ | (82,578 | ) | $ | 16,196,742 |
| $ | 2,876,340 |
| $ | 19,073,082 |
|
Accounts payable and accrued expenses |
| 1,284,085 |
| (4,278 | ) | 1,279,807 |
| 265,257 |
| 1,545,064 |
| |||||
Dividend payable |
| 96,802 |
| — |
| 96,802 |
| — |
| 96,802 |
| |||||
Deferred tax liabilities |
| 29,146 |
| — |
| 29,146 |
| — |
| 29,146 |
| |||||
Tax indemnification liability |
| 303,750 |
| — |
| 303,750 |
| — |
| 303,750 |
| |||||
Junior Subordinated Notes |
| 206,200 |
| — |
| 206,200 |
| — |
| 206,200 |
| |||||
Warrant liability |
| 1,275,662 |
| — |
| 1,275,662 |
| — |
| 1,275,662 |
| |||||
Total liabilities |
| 19,474,965 |
| (86,856 | ) | 19,388,109 |
| 3,141,597 |
| 22,529,706 |
| |||||
Redeemable noncontrolling interests: |
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred |
| 128,982 |
| — |
| 128,982 |
| — |
| 128,982 |
| |||||
Common |
| 123,145 |
| — |
| 123,145 |
| — |
| 123,145 |
| |||||
Total redeemable noncontrolling interests |
| 252,127 |
| — |
| 252,127 |
| — |
| 252,127 |
| |||||
Equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total stockholders’ equity |
| 7,998,635 |
| — |
| 7,998,635 |
| — |
| 7,998,635 |
| |||||
Noncontrolling interests in consolidated real estate affiliates |
| 88,870 |
| (88,870 | ) | — |
| — |
| — |
| |||||
Total equity |
| 8,087,505 |
| (88,870 | ) | 7,998,635 |
| — |
| 7,998,635 |
| |||||
Total liabilities and equity |
| $ | 27,814,597 |
| $ | (175,726 | ) | $ | 27,638,871 |
| $ | 3,141,597 |
| $ | 30,780,468 |
|
(1) Presented in accordance with GAAP.
PROPORTIONATE FINANCIAL SCHEDULES |
Overview
(In thousands, except per share)
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| June 30, 2012 |
| June 30, 2011 |
| June 30, 2012 |
| June 30, 2011 |
| ||||
Core FFO (1) |
| $ | 228,318 |
| $ | 183,992 |
| $ | 450,316 |
| $ | 392,081 |
|
|
|
|
|
|
|
|
|
|
| ||||
Core FFO per share - diluted |
| $ | 0.23 |
| $ | 0.18 |
| $ | 0.45 |
| $ | 0.39 |
|
|
|
|
|
|
|
|
|
|
| ||||
Core FFO from Discontinued Operations |
| $ | 1,815 |
| $ | 26,577 |
| $ | 16,497 |
| $ | 55,245 |
|
|
|
|
|
|
|
|
|
|
| ||||
Discontinued Core FFO per share - diluted |
| $ | 0.00 |
| $ | 0.03 |
| $ | 0.02 |
| $ | 0.06 |
|
|
|
|
|
|
|
|
|
|
| ||||
FFO (1) |
| $ | 102,173 |
| $ | 92,755 |
| $ | 176,596 |
| $ | 398,663 |
|
|
|
|
|
|
|
|
|
|
| ||||
FFO per share (2) |
| $ | 0.10 |
| $ | 0.09 |
| $ | 0.18 |
| $ | 0.40 |
|
|
|
|
|
|
|
|
|
|
| ||||
Core EBITDA (1) |
| $ | 485,839 |
| $ | 445,013 |
| $ | 964,580 |
| $ | 910,281 |
|
|
|
|
|
|
|
|
|
|
| ||||
Core NOI (1) |
| $ | 521,278 |
| $ | 491,795 |
| $ | 1,044,628 |
| $ | 998,230 |
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average diluted common shares outstanding (3) |
| 1,004,878 |
| 998,236 |
| 1,001,642 |
| 1,001,117 |
|
(1) Refer to Page 5 and 6 (Reconciliation of NOI, EBITDA, and FFO).
(2) The anti-dilutive impact of the warrant adjustment is excluded from the numerator in the calculation of FFO per share-diluted.
(3) Refer to Page 33 (Change in Total Common and Equivalent Shares).
PROPORTIONATE FINANCIAL SCHEDULES |
Reconciliation of NOI, EBITDA, and FFO
For the Three Months Ended June 30, 2012 and 2011
(In thousands)
|
| Three Months Ended June 30, 2012 |
| Three Months Ended June 30, 2011 |
| ||||||||||||||
|
| Pro Rata Basis |
| Adjustments |
| Core |
| Pro Rata Basis |
| Adjustments |
| Core |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents (1) |
| $ | 491,190 |
| $ | 5,411 |
| $ | 496,601 |
| $ | 472,645 |
| $ | 4,214 |
| $ | 476,859 |
|
Tenant recoveries |
| 215,782 |
| — |
| 215,782 |
| 211,269 |
| — |
| 211,269 |
| ||||||
Overage rents |
| 10,651 |
| — |
| 10,651 |
| 7,415 |
| — |
| 7,415 |
| ||||||
Other revenue |
| 23,785 |
| — |
| 23,785 |
| 18,531 |
| — |
| 18,531 |
| ||||||
Noncontrolling interests |
| (3,275 | ) | — |
| (3,275 | ) | (3,324 | ) | — |
| (3,324 | ) | ||||||
Total property revenues |
| 738,133 |
| 5,411 |
| 743,544 |
| 706,536 |
| 4,214 |
| 710,750 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
| 70,750 |
| (1,578 | ) | 69,172 |
| 71,435 |
| (1,578 | ) | 69,857 |
| ||||||
Property maintenance costs |
| 25,670 |
| — |
| 25,670 |
| 26,586 |
| — |
| 26,586 |
| ||||||
Marketing |
| 9,157 |
| — |
| 9,157 |
| 7,522 |
| — |
| 7,522 |
| ||||||
Other property operating costs |
| 120,559 |
| (1,612 | ) | 118,947 |
| 114,653 |
| (1,681 | ) | 112,972 |
| ||||||
(Recovery from) provision for doubtful accounts |
| (680 | ) | — |
| (680 | ) | 2,018 |
| — |
| 2,018 |
| ||||||
Total property operating expenses |
| 225,456 |
| (3,190 | ) | 222,266 |
| 222,214 |
| (3,259 | ) | 218,955 |
| ||||||
NOI |
| $ | 512,677 |
| $ | 8,601 |
| $ | 521,278 |
| $ | 484,322 |
| $ | 7,473 |
| $ | 491,795 |
|
Management fees and other corporate revenues |
| 23,942 |
| — |
| 23,942 |
| 15,848 |
| (195 | ) | 15,653 |
| ||||||
Property management and other costs |
| (44,985 | ) | (424 | ) | (45,409 | ) | (50,050 | ) | 3,419 |
| (46,631 | ) | ||||||
General and administrative (2) |
| (13,972 | ) | — |
| (13,972 | ) | (5,852 | ) | (9,952 | ) | (15,804 | ) | ||||||
EBITDA |
| $ | 477,662 |
| $ | 8,177 |
| $ | 485,839 |
| $ | 444,268 |
| $ | 745 |
| $ | 445,013 |
|
Depreciation on non-income producing assets |
| (2,007 | ) | — |
| (2,007 | ) | (859 | ) | — |
| (859 | ) | ||||||
Preferred unit distributions |
| (2,336 | ) | — |
| (2,336 | ) | (2,336 | ) | — |
| (2,336 | ) | ||||||
Interest income |
| 1,993 |
| — |
| 1,993 |
| 3,223 |
| — |
| 3,223 |
| ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
| (1,650 | ) | 1,650 |
| — |
| (58,947 | ) | 58,947 |
| — |
| ||||||
Interest expense relating to extinguished debt |
| — |
| — |
| — |
| (4,681 | ) | 4,681 |
| — |
| ||||||
Mark-to-market adjustments on debt |
| 6,386 |
| (6,386 | ) | — |
| 5,048 |
| (5,048 | ) | — |
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
| 23,884 |
| (23,884 | ) | — |
| 43,215 |
| (43,215 | ) | — |
| ||||||
Debt extinguishment expenses |
| (13 | ) | 13 |
| — |
| (2 | ) | 2 |
| — |
| ||||||
Interest on existing debt |
| (256,146 | ) | — |
| (256,146 | ) | (262,556 | ) | — |
| (262,556 | ) | ||||||
Warrant liability adjustment |
| (146,588 | ) | 146,588 |
| — |
| (94,769 | ) | 94,769 |
| — |
| ||||||
Provision for income taxes |
| (1,820 | ) | 1,820 |
| — |
| (973 | ) | 973 |
| — |
| ||||||
Other FFO from noncontrolling interests |
| 975 |
| — |
| 975 |
| 1,507 |
| — |
| 1,507 |
| ||||||
FFO from discontinued operations (3) |
| 1,833 |
| (1,833 | ) | — |
| 20,617 |
| (20,617 | ) | — |
| ||||||
FFO |
| $ | 102,173 |
| $ | 126,145 |
| $ | 228,318 |
| $ | 92,755 |
| $ | 91,237 |
| $ | 183,992 |
|
(1) | Adjustments include amounts for straight-line rent of ($24,199) and ($26,376) and above/below market lease amortization of $29,610 and $30,590 for the three months ended June 30, 2012 and 2011, respectively. |
|
|
(2) | Non-comparable general and administrative costs include bankruptcy-related items such as the reversal of previously accrued bankruptcy costs and gains on settlements, partially offset by legal and professional fees. |
|
|
(3) | Refer to Pages 16-18 (Discontinued Operations). |
PROPORTIONATE FINANCIAL SCHEDULES |
Reconciliation of NOI, EBITDA, and FFO
For the Six Months Ended June 30, 2012 and 2011
(In thousands)
|
| Six Months Ended June 30, 2012 |
| Six Months Ended June 30, 2011 |
| ||||||||||||||
|
| Pro Rata Basis |
| Adjustments |
| Core |
| Pro Rata Basis |
| Adjustments |
| Core |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents (1) |
| $ | 973,809 |
| $ | 15,605 |
| $ | 989,414 |
| $ | 959,593 |
| $ | (1,212 | ) | $ | 958,381 |
|
Tenant recoveries |
| 432,566 |
| — |
| 432,566 |
| 428,805 |
| — |
| 428,805 |
| ||||||
Overage rents |
| 27,567 |
| — |
| 27,567 |
| 19,588 |
| — |
| 19,588 |
| ||||||
Other revenue |
| 46,268 |
| — |
| 46,268 |
| 37,414 |
| — |
| 37,414 |
| ||||||
Noncontrolling interests |
| (5,951 | ) | — |
| (5,951 | ) | (7,018 | ) | — |
| (7,018 | ) | ||||||
Total property revenues |
| 1,474,259 |
| 15,605 |
| 1,489,864 |
| 1,438,382 |
| (1,212 | ) | 1,437,170 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
| 140,458 |
| (3,156 | ) | 137,302 |
| 141,482 |
| (3,156 | ) | 138,326 |
| ||||||
Property maintenance costs |
| 53,608 |
| — |
| 53,608 |
| 60,315 |
| — |
| 60,315 |
| ||||||
Marketing |
| 17,721 |
| — |
| 17,721 |
| 15,394 |
| — |
| 15,394 |
| ||||||
Other property operating costs |
| 237,790 |
| (3,224 | ) | 234,566 |
| 225,207 |
| (3,266 | ) | 221,941 |
| ||||||
Provision for doubtful accounts |
| 2,039 |
| — |
| 2,039 |
| 2,964 |
| — |
| 2,964 |
| ||||||
Total property operating expenses |
| 451,616 |
| (6,380 | ) | 445,236 |
| 445,362 |
| (6,422 | ) | 438,940 |
| ||||||
NOI |
| $ | 1,022,643 |
| $ | 21,985 |
| $ | 1,044,628 |
| $ | 993,020 |
| $ | 5,210 |
| $ | 998,230 |
|
Management fees and other corporate revenues |
| 41,640 |
| — |
| 41,640 |
| 32,346 |
| (402 | ) | 31,944 |
| ||||||
Property management and other costs |
| (93,188 | ) | (848 | ) | (94,036 | ) | (103,217 | ) | 10,396 |
| (92,821 | ) | ||||||
General and administrative (2) |
| (27,652 | ) | — |
| (27,652 | ) | (7,572 | ) | (19,500 | ) | (27,072 | ) | ||||||
EBITDA |
| $ | 943,443 |
| $ | 21,137 |
| $ | 964,580 |
| $ | 914,577 |
| $ | (4,296 | ) | $ | 910,281 |
|
Depreciation on non-income producing assets |
| (3,704 | ) | — |
| (3,704 | ) | (2,314 | ) | — |
| (2,314 | ) | ||||||
Preferred unit distributions (3) |
| (7,769 | ) | 3,098 |
| (4,671 | ) | (4,671 | ) | — |
| (4,671 | ) | ||||||
Interest income |
| 3,365 |
| — |
| 3,365 |
| 4,716 |
| — |
| 4,716 |
| ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
| (3,103 | ) | 3,103 |
| — |
| (61,066 | ) | 61,066 |
| — |
| ||||||
Interest expense relating to extinguished debt |
| — |
| — |
| — |
| (9,671 | ) | 9,671 |
| — |
| ||||||
Mark-to-market adjustments on debt |
| 10,595 |
| (10,595 | ) | — |
| 10,396 |
| (10,396 | ) | — |
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
| 22,962 |
| (22,962 | ) | — |
| 43,215 |
| (43,215 | ) | — |
| ||||||
Debt extinguishment expenses |
| (190 | ) | 190 |
| — |
| (11 | ) | 11 |
| — |
| ||||||
Interest on existing debt |
| (511,960 | ) | — |
| (511,960 | ) | (519,826 | ) | — |
| (519,826 | ) | ||||||
Warrant liability adjustment |
| (289,700 | ) | 289,700 |
| — |
| (18,321 | ) | 18,321 |
| — |
| ||||||
Provision for income taxes |
| (3,318 | ) | 3,318 |
| — |
| (4,108 | ) | 4,108 |
| — |
| ||||||
Other FFO from noncontrolling interests |
| 2,706 |
| — |
| 2,706 |
| 3,895 |
| — |
| 3,895 |
| ||||||
FFO from discontinued operations (4) |
| 13,269 |
| (13,269 | ) | — |
| 41,852 |
| (41,852 | ) | — |
| ||||||
FFO |
| $ | 176,596 |
| $ | 273,720 |
| $ | 450,316 |
| $ | 398,663 |
| $ | (6,582 | ) | $ | 392,081 |
|
(1) | Adjustments include amounts for straight-line rent of ($42,011) and ($58,367) and above/below market lease amortization of $57,616 and $57,155 for the six months ended June 30, 2012 and 2011, respectively. |
|
|
(2) | Non-comparable general and administrative costs include bankruptcy-related items such as the reversal of previously accrued bankruptcy costs and gains on settlements, partially offset by legal and professional fees. |
|
|
(3) | Adjustment is related to the distribution of Rouse Properties, Inc. shares to preferred unit holders as a result of the spin-off. |
|
|
(4) | Refer to Pages 16-18 (Discontinued Operations). |
PROPORTIONATE FINANCIAL SCHEDULES |
Portfolio Results and FFO
For the Three Months Ended June 30, 2012 and 2011
(In thousands)
|
| Three Months Ended June 30, 2012 |
| Three Months Ended June 30, 2011 |
| ||||||||||||||
|
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents |
| $ | 395,649 |
| $ | 95,541 |
| $ | 491,190 |
| $ | 390,402 |
| $ | 82,243 |
| $ | 472,645 |
|
Tenant recoveries |
| 180,189 |
| 35,593 |
| 215,782 |
| 176,607 |
| 34,662 |
| 211,269 |
| ||||||
Overage rents |
| 8,165 |
| 2,486 |
| 10,651 |
| 5,997 |
| 1,418 |
| 7,415 |
| ||||||
Other revenue |
| 17,564 |
| 6,221 |
| 23,785 |
| 15,616 |
| 2,915 |
| 18,531 |
| ||||||
Noncontrolling interests |
| (2,969 | ) | (306 | ) | (3,275 | ) | (3,100 | ) | (224 | ) | (3,324 | ) | ||||||
Total property revenues |
| 598,598 |
| 139,535 |
| 738,133 |
| 585,522 |
| 121,014 |
| 706,536 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
| 59,127 |
| 11,623 |
| 70,750 |
| 60,541 |
| 10,894 |
| 71,435 |
| ||||||
Property maintenance costs |
| 21,500 |
| 4,170 |
| 25,670 |
| 22,357 |
| 4,229 |
| 26,586 |
| ||||||
Marketing |
| 7,512 |
| 1,645 |
| 9,157 |
| 6,059 |
| 1,463 |
| 7,522 |
| ||||||
Other property operating costs |
| 97,271 |
| 23,288 |
| 120,559 |
| 94,616 |
| 20,037 |
| 114,653 |
| ||||||
(Recovery from) provision for doubtful accounts |
| (688 | ) | 8 |
| (680 | ) | 1,319 |
| 699 |
| 2,018 |
| ||||||
Total property operating expenses |
| 184,722 |
| 40,734 |
| 225,456 |
| 184,892 |
| 37,322 |
| 222,214 |
| ||||||
NOI |
| $ | 413,876 |
| $ | 98,801 |
| $ | 512,677 |
| $ | 400,630 |
| $ | 83,692 |
| $ | 484,322 |
|
Management fees and other corporate revenues |
| 21,652 |
| 2,290 |
| 23,942 |
| 14,235 |
| 1,613 |
| 15,848 |
| ||||||
Property management and other costs (1) |
| (39,179 | ) | (5,806 | ) | (44,985 | ) | (44,638 | ) | (5,412 | ) | (50,050 | ) | ||||||
General and administrative (3) |
| (10,865 | ) | (3,107 | ) | (13,972 | ) | (2,219 | ) | (3,633 | ) | (5,852 | ) | ||||||
EBITDA |
| $ | 385,484 |
| $ | 92,178 |
| $ | 477,662 |
| $ | 368,008 |
| $ | 76,260 |
| $ | 444,268 |
|
Depreciation on non-income producing assets |
| (2,007 | ) | — |
| (2,007 | ) | (859 | ) | — |
| (859 | ) | ||||||
Preferred unit distributions |
| (2,336 | ) | — |
| (2,336 | ) | (2,336 | ) | — |
| (2,336 | ) | ||||||
Interest income |
| 875 |
| 1,118 |
| 1,993 |
| 553 |
| 2,670 |
| 3,223 |
| ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
| (1,650 | ) | — |
| (1,650 | ) | (57,791 | ) | (1,156 | ) | (58,947 | ) | ||||||
Interest expense relating to extinguished debt |
| — |
| — |
| — |
| (4,681 | ) | — |
| (4,681 | ) | ||||||
Mark-to-market adjustments on debt |
| 5,492 |
| 894 |
| 6,386 |
| 4,888 |
| 160 |
| 5,048 |
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
| 23,884 |
| — |
| 23,884 |
| 43,215 |
| — |
| 43,215 |
| ||||||
Debt extinguishment expenses |
| (9 | ) | (4 | ) | (13 | ) | (1 | ) | (1 | ) | (2 | ) | ||||||
Interest on existing debt |
| (216,529 | ) | (39,617 | ) | (256,146 | ) | (222,106 | ) | (40,450 | ) | (262,556 | ) | ||||||
Warrant liability adjustment |
| (146,588 | ) | — |
| (146,588 | ) | (94,769 | ) | — |
| (94,769 | ) | ||||||
Provision for income taxes |
| (1,709 | ) | (111 | ) | (1,820 | ) | (887 | ) | (86 | ) | (973 | ) | ||||||
Other FFO from noncontrolling interests |
| 954 |
| 21 |
| 975 |
| 1,485 |
| 22 |
| 1,507 |
| ||||||
FFO from discontinued operations (2) |
| 1,833 |
| — |
| 1,833 |
| 19,935 |
| 682 |
| 20,617 |
| ||||||
|
| 47,694 |
| 54,479 |
| 102,173 |
| 54,654 |
| 38,101 |
| 92,755 |
| ||||||
Equity in FFO of Unconsolidated Properties |
| 54,479 |
| (54,479 | ) | — |
| 38,101 |
| (38,101 | ) | — |
| ||||||
FFO |
| $ | 102,173 |
| $ | — |
| $ | 102,173 |
| $ | 92,755 |
| $ | — |
| $ | 92,755 |
|
(1) | Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues. |
|
|
(2) | Refer to Pages 16-18 (Discontinued Operations). |
|
|
(3) | Unconsolidated amounts represent administrative costs of our Brazilian joint venture. |
PROPORTIONATE FINANCIAL SCHEDULES |
Portfolio Results and FFO
For the Six Months Ended June 30, 2012 and 2011
(In thousands)
|
| Six Months Ended June 30, 2012 |
| Six Months Ended June 30, 2011 |
| ||||||||||||||
|
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents |
| $ | 783,639 |
| $ | 190,170 |
| $ | 973,809 |
| $ | 787,177 |
| $ | 172,416 |
| $ | 959,593 |
|
Tenant recoveries |
| 359,591 |
| 72,975 |
| 432,566 |
| 358,792 |
| 70,013 |
| 428,805 |
| ||||||
Overage rents |
| 21,445 |
| 6,122 |
| 27,567 |
| 16,488 |
| 3,100 |
| 19,588 |
| ||||||
Other revenue |
| 32,691 |
| 13,577 |
| 46,268 |
| 31,065 |
| 6,349 |
| 37,414 |
| ||||||
Noncontrolling interests |
| (5,627 | ) | (324 | ) | (5,951 | ) | (5,995 | ) | (1,023 | ) | (7,018 | ) | ||||||
Total property revenues |
| 1,191,739 |
| 282,520 |
| 1,474,259 |
| 1,187,527 |
| 250,855 |
| 1,438,382 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
| 116,918 |
| 23,540 |
| 140,458 |
| 119,331 |
| 22,151 |
| 141,482 |
| ||||||
Property maintenance costs |
| 44,575 |
| 9,033 |
| 53,608 |
| 50,819 |
| 9,496 |
| 60,315 |
| ||||||
Marketing |
| 14,441 |
| 3,280 |
| 17,721 |
| 12,345 |
| 3,049 |
| 15,394 |
| ||||||
Other property operating costs |
| 188,252 |
| 49,538 |
| 237,790 |
| 187,243 |
| 37,964 |
| 225,207 |
| ||||||
Provision for doubtful accounts |
| 1,774 |
| 265 |
| 2,039 |
| 1,234 |
| 1,730 |
| 2,964 |
| ||||||
Total property operating expenses |
| 365,960 |
| 85,656 |
| 451,616 |
| 370,972 |
| 74,390 |
| 445,362 |
| ||||||
NOI |
| $ | 825,779 |
| $ | 196,864 |
| $ | 1,022,643 |
| $ | 816,555 |
| $ | 176,465 |
| $ | 993,020 |
|
Management fees and other corporate revenues |
| 37,823 |
| 3,817 |
| 41,640 |
| 29,587 |
| 2,759 |
| 32,346 |
| ||||||
Property management and other costs (1) |
| (81,171 | ) | (12,017 | ) | (93,188 | ) | (92,338 | ) | (10,879 | ) | (103,217 | ) | ||||||
General and administrative (3) |
| (21,119 | ) | (6,533 | ) | (27,652 | ) | (2,720 | ) | (4,852 | ) | (7,572 | ) | ||||||
EBITDA |
| $ | 761,312 |
| $ | 182,131 |
| $ | 943,443 |
| $ | 751,084 |
| $ | 163,493 |
| $ | 914,577 |
|
Depreciation on non-income producing assets |
| (3,704 | ) | — |
| (3,704 | ) | (2,314 | ) | — |
| (2,314 | ) | ||||||
Preferred unit distributions |
| (7,769 | ) | — |
| (7,769 | ) | (4,671 | ) | — |
| (4,671 | ) | ||||||
Interest income |
| 1,541 |
| 1,824 |
| 3,365 |
| 1,232 |
| 3,484 |
| 4,716 |
| ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
| (2,794 | ) | (309 | ) | (3,103 | ) | (58,766 | ) | (2,300 | ) | (61,066 | ) | ||||||
Interest expense relating to extinguished debt |
| — |
| — |
| — |
| (9,671 | ) | — |
| (9,671 | ) | ||||||
Mark-to-market adjustments on debt |
| 9,156 |
| 1,439 |
| 10,595 |
| 10,605 |
| (209 | ) | 10,396 |
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
| 22,962 |
| — |
| 22,962 |
| 43,215 |
| — |
| 43,215 |
| ||||||
Debt extinguishment expenses |
| (186 | ) | (4 | ) | (190 | ) | (1 | ) | (10 | ) | (11 | ) | ||||||
Interest on existing debt |
| (433,776 | ) | (78,184 | ) | (511,960 | ) | (441,479 | ) | (78,347 | ) | (519,826 | ) | ||||||
Warrant liability adjustment |
| (289,700 | ) | — |
| (289,700 | ) | (18,321 | ) | — |
| (18,321 | ) | ||||||
Provision for income taxes |
| (3,104 | ) | (214 | ) | (3,318 | ) | (3,928 | ) | (180 | ) | (4,108 | ) | ||||||
Other FFO from noncontrolling interests |
| 2,663 |
| 43 |
| 2,706 |
| 3,851 |
| 44 |
| 3,895 |
| ||||||
FFO from discontinued operations (2) |
| 13,269 |
| — |
| 13,269 |
| 41,850 |
| 2 |
| 41,852 |
| ||||||
|
| 69,870 |
| 106,726 |
| 176,596 |
| 312,686 |
| 85,977 |
| 398,663 |
| ||||||
Equity in FFO of Unconsolidated Properties |
| 106,726 |
| (106,726 | ) | — |
| 85,977 |
| (85,977 | ) | — |
| ||||||
FFO |
| $ | 176,596 |
| $ | — |
| $ | 176,596 |
| $ | 398,663 |
| $ | — |
| $ | 398,663 |
|
(1) | Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues. |
|
|
(2) | Refer to Pages 16-18 (Discontinued Operations). |
|
|
(3) | Unconsolidated amounts represent administrative costs of our Brazilian joint venture. |
PROPORTIONATE FINANCIAL SCHEDULES |
NOI Summary
For the Three and Six Months Ended June 30, 2012 and 2011
(In thousands)
|
| Three Months Ended |
| Six Months Ended |
| ||||||||||||
|
| June 30, 2012 |
| June 30, 2011 |
| Percentage |
| June 30, 2012 |
| June 30, 2011 |
| Percentage |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Same Store NOI - U.S. Regional Malls |
| $ | 496,146 |
| $ | 476,546 |
| 4.1% |
| $ | 999,983 |
| $ | 960,201 |
| 4.1% |
|
International |
| 10,920 |
| 3,873 |
| 182.0% |
| 20,357 |
| 14,804 |
| 37.5% |
| ||||
Same Store and International NOI |
| 507,066 |
| 480,419 |
| 5.5% |
| 1,020,340 |
| 975,005 |
| 4.6% |
| ||||
Acquisitions - U.S. Regional Malls |
| 4,149 |
| 196 |
| 2016.8% |
| 4,081 |
| 371 |
| 1000.0% |
| ||||
GGP Malls NOI |
| 511,215 |
| 480,615 |
| 6.4% |
| 1,024,421 |
| 975,376 |
| 5.0% |
| ||||
Office and Strip Centers |
| 10,063 |
| 11,180 |
| -10.0% |
| 20,207 |
| 22,854 |
| -11.6% |
| ||||
Core NOI |
| $ | 521,278 |
| $ | 491,795 |
| 6.0% |
| $ | 1,044,628 |
| $ | 998,230 |
| 4.6% |
|
DEBT
DEBT |
SUMMARY, AT SHARE(1)
As of June 30, 2012
(In thousands)
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| Proportionate |
| Average |
| Maturities |
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| Coupon Rate |
| Balance |
| Term (Years) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| Subsequent |
| Total |
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Fixed Rate |
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Property Level Consolidated |
| 5.21 | % | $ | 12,792,189 |
| 5.6 |
| $ | 591,250 |
| $ |
| 286,575 |
| $ | 1,710,464 |
| $ | 1,104,554 |
| $ | 1,657,389 |
| $ | 6,201,808 |
| $ | 11,552,040 |
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Property Level Unconsolidated |
| 5.04 | % | 2,655,619 |
| 5.8 |
| 353,918 |
| 146,426 |
| 138,168 |
| 213,735 |
| — |
| 1,606,530 |
| 2,458,777 |
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Corporate Consolidated (2) |
| 6.74 | % | 1,672,330 |
| 1.7 |
| 349,472 |
| 691,840 |
| — |
| 609,261 |
| — |
| — |
| 1,650,573 |
| |||||||||||||||
Total Fixed Rate |
| 5.34 | % | $ |
| 17,120,138 |
| 5.3 |
| $ | 1,294,640 |
| $ |
| 1,124,841 |
| $ | 1,848,632 |
| $ |
| 1,927,550 |
| $ |
| 1,657,389 |
| $ |
| 7,808,338 |
| $ | 15,661,390 |
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Variable Rate |
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Property Level Consolidated |
| 3.37 | % | $ | 1,721,502 |
| 4.3 |
| $ | — |
| $ |
| — |
| $ | 45,057 |
| $ | — |
| $ | 948,996 |
| $ | 538,366 |
| $ | 1,532,419 |
| ||||||
Junior Subordinated Notes Due 2041 |
| 1.92 | % | 206,200 |
| 28.9 |
| — |
| — |
| — |
| — |
| — |
| 206,200 |
| 206,200 |
| |||||||||||||||
Total Variable Rate |
| 3.22 | % | $ | 1,927,702 |
| 6.9 |
| $ | — |
| $ |
| — |
| $ | 45,057 |
| $ | — |
| $ | 948,996 |
| $ | 744,566 |
| $ | 1,738,619 |
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Total |
| 5.12 | % | $ | 19,047,840 |
| 5.4 |
| $ | 1,294,640 |
| $ |
| 1,124,841 |
| $ | 1,893,689 |
| $ | 1,927,550 |
| $ | 2,606,385 |
| $ | 8,552,904 |
| $ | 17,400,009 |
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| Total Amortization |
| $ | 129,221 |
| $ |
| 291,397 |
| $ | 256,228 |
| $ | 240,942 |
| $ | 227,187 |
| $ | 502,856 |
| $ | 1,647,831 |
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| Total Maturities and Amortization (3), (4) |
| $ | 19,047,840 |
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(1) Excludes 70 Columbia Corporate Center as this asset will be transferred to the lender.
(2) Comprised primarily of The Rouse Company, LLC of $1.65B.
(3) Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:
Total Debt, from above |
| 19,047,840 |
| |
Special improvement districts |
| 354 |
| |
Market rate adjustments, net |
| (9,949 | ) | |
Junior Subordinated Notes Due 2041 |
| (206,200 | ) | |
Shopping Leblon / Aliansce (Brazil) |
| 221,871 |
| |
70 Columbia Corporate Center |
| 19,166 |
| |
Mortgages, notes, and loans payable |
| $ | 19,073,082 |
|
(4) Reflects maturities and amortization for periods subsequent to June 30, 2012.
DEBT | |
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DETAIL, AT SHARE(1),(2) |
|
As of June 30, 2012 |
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(In thousands) |
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| Proportionate |
| Maturity |
| Balloon Pmt |
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| Parent Recourse |
| Amortization |
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Property |
| Own % |
| Balance |
| Year (3) |
| at Maturity |
| Coupon Rate |
| as of 6/30/2012 (4) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| Subsequent |
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Fixed Rate |
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Consolidated Property Level |
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The Mall In Columbia |
| 100 | % | $ | 400,000 |
| 2012 |
| $ | 400,000 |
| 5.83 | % | No |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
The Oaks Mall |
| 100 | % | 102,000 |
| 2012 |
| 102,000 |
| 5.74 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Westroads Mall |
| 100 | % | 89,250 |
| 2012 |
| 89,250 |
| 5.74 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Meadows Mall |
| 100 | % | 96,170 |
| 2013 |
| 93,631 |
| 5.45 | % | No |
| 1,143 |
| 1,396 |
| — |
| — |
| — |
| — |
| ||||||||
Pembroke Lakes Mall |
| 100 | % | 120,870 |
| 2013 |
| 118,449 |
| 4.94 | % | No |
| 1,588 |
| 833 |
| — |
| — |
| — |
| — |
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Senate Plaza |
| 100 | % | 11,220 |
| 2013 |
| 10,956 |
| 5.71 | % | No |
| 129 |
| 135 |
| — |
| — |
| — |
| — |
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West Oaks |
| 100 | % | 65,659 |
| 2013 |
| 63,539 |
| 5.25 | % | No |
| 1,164 |
| 956 |
| — |
| — |
| — |
| — |
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Austin Bluffs Plaza |
| 100 | % | 1,980 |
| 2014 |
| 1,812 |
| 4.40 | % | No |
| 55 |
| 113 |
| — |
| — |
| — |
| — |
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Bayside Marketplace |
| 100 | % | 76,270 |
| 2014 |
| 74,832 |
| 7.50 | % | No |
| 462 |
| 976 |
| — |
| — |
| — |
| — |
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Bayside Marketplace (Bond) |
| 100 | % | 3,575 |
| 2014 |
| 1,255 |
| 5.75 | % | No |
| 1,130 |
| 1,190 |
| — |
| — |
| — |
| — |
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Crossroads Center (MN) |
| 100 | % | 78,678 |
| 2014 |
| 74,943 |
| 4.73 | % | No |
| 1,168 |
| 2,567 |
| — |
| — |
| — |
| — |
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Cumberland Mall |
| 100 | % | 101,125 |
| 2014 |
| 99,219 |
| 7.50 | % | No |
| 612 |
| 1,294 |
| — |
| — |
| — |
| — |
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Eden Prairie Mall |
| 100 | % | 74,331 |
| 2014 |
| 69,893 |
| 4.67 | % | No |
| 943 |
| 1,963 |
| 1,532 |
| — |
| — |
| — |
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Fashion Place |
| 100 | % | 136,367 |
| 2014 |
| 130,124 |
| 5.30 | % | No |
| 1,406 |
| 3,825 |
| 1,012 |
| — |
| — |
| — |
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Fort Union |
| 100 | % | 2,381 |
| 2014 |
| 2,180 |
| 4.40 | % | No |
| 65 |
| 136 |
| — |
| — |
| — |
| — |
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Governor’s Square |
| 100 | % | 72,408 |
| 2014 |
| 71,043 |
| 7.50 | % | No |
| 438 |
| 927 |
| — |
| — |
| — |
| — |
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Jordan Creek Town Center |
| 100 | % | 173,231 |
| 2014 |
| 164,537 |
| 4.57 | % | Yes - Partial |
| 2,127 |
| 5,628 |
| 939 |
| — |
| — |
| — |
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Mall St. Matthews |
| 100 | % | 135,289 |
| 2014 |
| 129,452 |
| 4.81 | % | No |
| 1,593 |
| 4,244 |
| — |
| — |
| — |
| — |
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Newgate Mall |
| 100 | % | 38,144 |
| 2014 |
| 36,028 |
| 4.84 | % | No |
| 490 |
| 1,288 |
| 338 |
| — |
| — |
| — |
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North Point Mall |
| 100 | % | 204,296 |
| 2014 |
| 195,971 |
| 5.48 | % | No |
| 1,979 |
| 5,444 |
| 902 |
| — |
| — |
| — |
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Oak View Mall |
| 100 | % | 81,097 |
| 2014 |
| 79,569 |
| 7.50 | % | No |
| 490 |
| 1,038 |
| — |
| — |
| — |
| — |
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Oakwood Center |
| 100 | % | 46,477 |
| 2014 |
| 45,057 |
| 4.38 | % | Yes - Full |
| 308 |
| 653 |
| 459 |
| — |
| — |
| — |
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Orem Plaza Center Street |
| 100 | % | 2,128 |
| 2014 |
| 1,948 |
| 4.40 | % | No |
| 58 |
| 122 |
| — |
| — |
| — |
| — |
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Orem Plaza State Street |
| 100 | % | 1,317 |
| 2014 |
| 1,206 |
| 4.40 | % | No |
| 36 |
| 75 |
| — |
| — |
| — |
| — |
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Pecanland Mall |
| 100 | % | 51,766 |
| 2014 |
| 48,586 |
| 4.28 | % | No |
| 1,035 |
| 2,145 |
| — |
| — |
| — |
| — |
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Prince Kuhio Plaza |
| 100 | % | 34,650 |
| 2014 |
| 32,793 |
| 3.45 | % | Yes - Partial |
| 628 |
| 1,229 |
| — |
| — |
| — |
| — |
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River Pointe Plaza |
| 100 | % | 3,297 |
| 2014 |
| 3,018 |
| 4.40 | % | No |
| 91 |
| 188 |
| — |
| — |
| — |
| — |
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Rogue Valley Mall |
| 100 | % | 24,924 |
| 2014 |
| 23,607 |
| 7.85 | % | No |
| 258 |
| 690 |
| 369 |
| — |
| — |
| — |
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Town East Mall |
| 100 | % | 96,557 |
| 2014 |
| 91,387 |
| 3.46 | % | No |
| 1,449 |
| 3,721 |
| — |
| — |
| — |
| — |
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Tucson Mall |
| 100 | % | 112,119 |
| 2014 |
| 106,556 |
| 4.26 | % | No |
| 1,544 |
| 4,019 |
| — |
| — |
| — |
| — |
| ||||||||
University Crossing |
| 100 | % | 4,792 |
| 2014 |
| 4,202 |
| 4.70 | % | No |
| 174 |
| 416 |
| — |
| — |
| — |
| — |
| ||||||||
Visalia Mall |
| 100 | % | 36,765 |
| 2014 |
| 34,264 |
| 3.78 | % | No |
| 815 |
| 1,686 |
| — |
| — |
| — |
| — |
| ||||||||
Woodbridge Center |
| 100 | % | 193,317 |
| 2014 |
| 181,464 |
| 4.24 | % | No |
| 2,488 |
| 6,535 |
| 2,830 |
| — |
| — |
| — |
| ||||||||
Woodlands Village |
| 100 | % | 6,028 |
| 2014 |
| 5,518 |
| 4.40 | % | No |
| 166 |
| 344 |
| — |
| — |
| — |
| — |
| ||||||||
10000 West Charleston |
| 100 | % | 20,433 |
| 2015 |
| 19,016 |
| 7.88 | % | No |
| 244 |
| 517 |
| 559 |
| 97 |
| — |
| — |
| ||||||||
Boise Towne Plaza |
| 100 | % | 10,134 |
| 2015 |
| 9,082 |
| 4.70 | % | No |
| 134 |
| 354 |
| 371 |
| 193 |
| — |
| — |
| ||||||||
Burlington Town Center |
| 100 | % | 25,058 |
| 2015 |
| 23,360 |
| 5.03 | % | No |
| 202 |
| 575 |
| 605 |
| 316 |
| — |
| — |
| ||||||||
Coastland Center |
| 100 | % | 113,922 |
| 2015 |
| 110,204 |
| 7.50 | % | No |
| 689 |
| 1,458 |
| 1,571 |
| — |
| — |
| — |
| ||||||||
Coral Ridge Mall |
| 100 | % | 85,924 |
| 2015 |
| 83,120 |
| 7.50 | % | No |
| 519 |
| 1,100 |
| 1,185 |
| — |
| — |
| — |
| ||||||||
Hulen Mall |
| 100 | % | 105,985 |
| 2015 |
| 96,621 |
| 5.03 | % | No |
| 1,213 |
| 3,246 |
| 3,415 |
| 1,490 |
| — |
| — |
| ||||||||
Lynnhaven Mall |
| 100 | % | 222,872 |
| 2015 |
| 203,367 |
| 5.05 | % | No |
| 2,435 |
| 6,562 |
| 6,906 |
| 3,602 |
| — |
| — |
| ||||||||
North Star Mall |
| 100 | % | 216,675 |
| 2015 |
| 199,315 |
| 4.43 | % | No |
| 2,714 |
| 7,159 |
| 7,487 |
| — |
| — |
| — |
| ||||||||
Paramus Park |
| 100 | % | 97,805 |
| 2015 |
| 90,242 |
| 4.86 | % | No |
| 1,257 |
| 2,267 |
| 2,381 |
| 1,658 |
| — |
| — |
| ||||||||
Peachtree Mall |
| 100 | % | 84,248 |
| 2015 |
| 77,085 |
| 5.08 | % | No |
| 922 |
| 2,484 |
| 2,615 |
| 1,142 |
| — |
| — |
| ||||||||
Regency Square Mall |
| 100 | % | 85,889 |
| 2015 |
| 75,797 |
| 3.59 | % | No |
| 1,330 |
| 3,408 |
| 3,534 |
| 1,820 |
| — |
| — |
| ||||||||
The Shops at La Cantera |
| 75 | % | 122,923 |
| 2015 |
| 117,345 |
| 5.95 | % | No |
| 862 |
| 1,803 |
| 1,913 |
| 1,000 |
| — |
| — |
| ||||||||
Baybrook Mall |
| 100 | % | 164,125 |
| 2016 |
| 156,329 |
| 7.50 | % | No |
| 994 |
| 2,100 |
| 2,263 |
| 2,439 |
| — |
| — |
| ||||||||
Brass Mill Center |
| 100 | % | 111,076 |
| 2016 |
| 93,347 |
| 4.55 | % | No |
| 2,145 |
| 4,454 |
| 4,664 |
| 4,884 |
| 1,582 |
| — |
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DEBT | |
|
|
DETAIL, AT SHARE(1),(2) |
|
|
|
|
| Proportionate |
| Maturity |
| Balloon Pmt |
|
|
| Parent Recourse |
| Amortization |
| ||||||||||
Property |
| Own % |
| Balance |
| Year (3) |
| at Maturity |
| Coupon Rate |
| as of 6/30/2012 (4) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| Subsequent |
|
Coronado Center |
| 100 | % | 158,725 |
| 2016 |
| 135,704 |
| 5.08 | % | No |
| 1,739 |
| 4,683 |
| 4,930 |
| 5,189 |
| 6,480 |
| — |
|
Eastridge (WY) |
| 100 | % | 33,847 |
| 2016 |
| 28,284 |
| 5.08 | % | No |
| 436 |
| 1,127 |
| 1,206 |
| 1,270 |
| 1,524 |
| — |
|
Glenbrook Square |
| 100 | % | 166,442 |
| 2016 |
| 141,325 |
| 4.91 | % | No |
| 1,859 |
| 4,989 |
| 5,243 |
| 5,510 |
| 7,516 |
| — |
|
Harborplace |
| 100 | % | 48,442 |
| 2016 |
| 44,547 |
| 5.79 | % | No |
| 335 |
| 992 |
| 1,052 |
| 1,115 |
| 401 |
| — |
|
Lakeside Mall |
| 100 | % | 167,696 |
| 2016 |
| 144,451 |
| 4.28 | % | No |
| 2,147 |
| 5,644 |
| 5,894 |
| 6,155 |
| 3,405 |
| — |
|
Lincolnshire Commons |
| 100 | % | 27,188 |
| 2016 |
| 24,629 |
| 5.98 | % | No |
| 181 |
| 538 |
| 572 |
| 607 |
| 661 |
| — |
|
Pine Ridge Mall |
| 100 | % | 22,821 |
| 2016 |
| 19,070 |
| 5.08 | % | No |
| 294 |
| 760 |
| 813 |
| 856 |
| 1,028 |
| — |
|
Red Cliffs Mall |
| 100 | % | 21,690 |
| 2016 |
| 18,125 |
| 5.08 | % | No |
| 279 |
| 722 |
| 773 |
| 814 |
| 977 |
| — |
|
Ridgedale Center |
| 100 | % | 167,061 |
| 2016 |
| 149,112 |
| 4.86 | % | No |
| 1,916 |
| 3,997 |
| 4,199 |
| 4,410 |
| 3,427 |
| — |
|
The Maine Mall |
| 100 | % | 202,877 |
| 2016 |
| 172,630 |
| 4.84 | % | No |
| 2,307 |
| 6,176 |
| 6,486 |
| 6,811 |
| 8,467 |
| — |
|
The Parks At Arlington |
| 100 | % | 169,917 |
| 2016 |
| 161,847 |
| 7.50 | % | No |
| 1,027 |
| 2,174 |
| 2,343 |
| 2,526 |
| — |
| — |
|
Valley Plaza Mall |
| 100 | % | 87,571 |
| 2016 |
| 75,790 |
| 3.90 | % | No |
| 1,302 |
| 3,356 |
| 3,491 |
| 3,632 |
| — |
| — |
|
White Marsh Mall |
| 100 | % | 181,255 |
| 2016 |
| 163,196 |
| 5.62 | % | No |
| 1,698 |
| 3,951 |
| 4,179 |
| 4,557 |
| 3,674 |
| — |
|
Willowbrook Mall |
| 100 | % | 148,616 |
| 2016 |
| 129,003 |
| 6.82 | % | No |
| 1,425 |
| 4,567 |
| 4,894 |
| 5,243 |
| 3,484 |
| — |
|
Augusta Mall |
| 100 | % | 169,205 |
| 2017 |
| 145,438 |
| 5.49 | % | No |
| 1,248 |
| 3,627 |
| 3,834 |
| 4,053 |
| 5,851 |
| 5,154 |
|
Beachwood Place |
| 100 | % | 227,817 |
| 2017 |
| 190,177 |
| 5.60 | % | No |
| 2,150 |
| 5,944 |
| 6,290 |
| 6,656 |
| 9,274 |
| 7,326 |
|
Columbia Mall |
| 100 | % | 87,425 |
| 2017 |
| 77,540 |
| 6.05 | % | No |
| 573 |
| 1,713 |
| 1,821 |
| 1,935 |
| 2,843 |
| 1,000 |
|
Eastridge (CA) |
| 100 | % | 164,867 |
| 2017 |
| 143,626 |
| 5.79 | % | Yes - Partial |
| 1,140 |
| 3,364 |
| 3,566 |
| 3,781 |
| 5,509 |
| 3,881 |
|
Four Seasons Town Centre |
| 100 | % | 91,342 |
| 2017 |
| 72,532 |
| 5.60 | % | No |
| 1,586 |
| 3,324 |
| 3,517 |
| 3,722 |
| 4,940 |
| 1,721 |
|
Mall of Louisiana |
| 100 | % | 223,621 |
| 2017 |
| 191,409 |
| 5.81 | % | No |
| 1,750 |
| 5,023 |
| 5,326 |
| 5,647 |
| 8,074 |
| 6,392 |
|
Market Place Shopping Center |
| 100 | % | 102,967 |
| 2017 |
| 91,325 |
| 6.05 | % | No |
| 676 |
| 2,017 |
| 2,144 |
| 2,279 |
| 3,348 |
| 1,178 |
|
Oglethorpe Mall |
| 100 | % | 132,734 |
| 2017 |
| 115,990 |
| 4.89 | % | No |
| 1,488 |
| 3,105 |
| 3,262 |
| 3,428 |
| 3,585 |
| 1,876 |
|
Provo Towne Center |
| 75 | % | 31,500 |
| 2017 |
| 28,886 |
| 4.53 | % | No |
| 238 |
| 497 |
| 520 |
| 544 |
| 566 |
| 249 |
|
Stonestown Galleria |
| 100 | % | 209,869 |
| 2017 |
| 183,227 |
| 5.79 | % | No |
| 1,422 |
| 4,213 |
| 4,467 |
| 4,736 |
| 6,925 |
| 4,879 |
|
Tysons Galleria |
| 100 | % | 246,947 |
| 2017 |
| 214,755 |
| 5.72 | % | No |
| 1,739 |
| 5,107 |
| 5,411 |
| 5,734 |
| 8,334 |
| 5,867 |
|
Fallbrook Center |
| 100 | % | 82,612 |
| 2018 |
| 71,473 |
| 6.14 | % | No |
| 532 |
| 1,596 |
| 1,698 |
| 1,807 |
| 2,661 |
| 2,845 |
|
River Hills Mall |
| 100 | % | 77,753 |
| 2018 |
| 67,269 |
| 6.14 | % | No |
| 502 |
| 1,502 |
| 1,598 |
| 1,700 |
| 2,504 |
| 2,678 |
|
Sooner Mall |
| 100 | % | 58,315 |
| 2018 |
| 50,452 |
| 6.14 | % | No |
| 376 |
| 1,127 |
| 1,199 |
| 1,275 |
| 1,878 |
| 2,008 |
|
The Gallery at Harborplace - Other |
| 100 | % | 11,504 |
| 2018 |
| 190 |
| 6.05 | % | No |
| 807 |
| 1,691 |
| 1,796 |
| 1,907 |
| 2,026 |
| 3,087 |
|
10450 West Charleston Blvd |
| 100 | % | 3,402 |
| 2019 |
| 53 |
| 6.84 | % | No |
| 208 |
| 438 |
| 469 |
| 502 |
| 538 |
| 1,194 |
|
The Grand Canal Shoppes |
| 100 | % | 468,750 |
| 2019 |
| 468,750 |
| 4.24 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
|
The Shoppes At The Palazzo |
| 100 | % | 156,250 |
| 2019 |
| 156,250 |
| 4.24 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
|
Park City Center |
| 100 | % | 194,446 |
| 2019 |
| 172,224 |
| 5.34 | % | No |
| 1,330 |
| 2,800 |
| 2,955 |
| 3,119 |
| 3,264 |
| 8,754 |
|
Southlake Mall |
| 100 | % | 97,364 |
| 2019 |
| 77,877 |
| 6.44 | % | No |
| 589 |
| 1,792 |
| 1,913 |
| 2,042 |
| 3,035 |
| 10,116 |
|
Deerbrook Mall |
| 100 | % | 151,616 |
| 2021 |
| 127,934 |
| 5.25 | % | No |
| 1,068 |
| 2,246 |
| 2,368 |
| 2,497 |
| 2,612 |
| 12,891 |
|
Fashion Show - Other |
| 100 | % | 5,388 |
| 2021 |
| 1,577 |
| 6.06 | % | Yes - Full |
| 154 |
| 322 |
| 342 |
| 364 |
| 386 |
| 2,243 |
|
Fox River Mall |
| 100 | % | 184,637 |
| 2021 |
| 156,373 |
| 5.46 | % | No |
| 1,231 |
| 2,597 |
| 2,745 |
| 2,901 |
| 3,038 |
| 15,752 |
|
Northridge Fashion Center |
| 100 | % | 246,990 |
| 2021 |
| 207,503 |
| 5.10 | % | No |
| 1,793 |
| 3,766 |
| 3,965 |
| 4,175 |
| 4,362 |
| 21,426 |
|
Oxmoor Center |
| 100 | % | 93,776 |
| 2021 |
| 79,217 |
| 5.37 | % | No |
| 638 |
| 1,342 |
| 1,417 |
| 1,497 |
| 1,566 |
| 8,099 |
|
Park Place |
| 100 | % | 197,105 |
| 2021 |
| 165,815 |
| 5.18 | % | No |
| 1,400 |
| 2,941 |
| 3,099 |
| 3,266 |
| 3,414 |
| 17,170 |
|
Providence Place |
| 100 | % | 376,008 |
| 2021 |
| 320,526 |
| 5.65 | % | No |
| 2,425 |
| 5,125 |
| 5,426 |
| 5,745 |
| 6,025 |
| 30,736 |
|
Rivertown Crossings |
| 100 | % | 166,756 |
| 2021 |
| 141,356 |
| 5.52 | % | No |
| 1,104 |
| 2,329 |
| 2,462 |
| 2,604 |
| 2,728 |
| 14,173 |
|
Westlake Center - Land |
| 100 | % | 2,437 |
| 2021 |
| 2,437 |
| 12.63 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
|
Ala Moana Center |
| 100 | % | 1,400,000 |
| 2022 |
| 1,400,000 |
| 4.23 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
|
Bellis Fair |
| 100 | % | 93,247 |
| 2022 |
| 77,060 |
| 5.23 | % | No |
| 652 |
| 1,371 |
| 1,446 |
| 1,524 |
| 1,594 |
| 9,600 |
|
Spokane Valley Mall |
| 75 | % | 47,250 |
| 2022 |
| 38,484 |
| 4.65 | % | No |
| 348 |
| 728 |
| 763 |
| 800 |
| 833 |
| 5,294 |
|
The Gallery at Harborplace |
| 100 | % | 81,918 |
| 2022 |
| 68,096 |
| 5.24 | % | No |
| 538 |
| 1,132 |
| 1,193 |
| 1,258 |
| 1,315 |
| 8,386 |
|
The Shoppes at Buckland Hills |
| 100 | % | 129,583 |
| 2022 |
| 107,820 |
| 5.19 | % | No |
| 868 |
| 1,827 |
| 1,926 |
| 2,030 |
| 2,121 |
| 12,991 |
|
Greenwood Mall |
| 100 | % | 63,000 |
| 2022 |
| 57,469 |
| 4.19 | % | No |
| — |
| — |
| — |
| — |
| — |
| 5,531 |
|
The Streets at Southpoint |
| 94 | % | 245,440 |
| 2022 |
| 207,909 |
| 4.36 | % | No |
| — |
| — |
| 2,346 |
| 4,163 |
| 4,348 |
| 26,674 |
|
DEBT | |
|
|
DETAIL, AT SHARE(1),(2) |
|
|
|
|
| Proportionate |
| Maturity |
| Balloon Pmt |
|
|
| Parent Recourse |
| Amortization |
| ||||||||||||||||||
Property |
| Own % |
| Balance |
| Year (3) |
| at Maturity |
| Coupon Rate |
| as of 6/30/2012 (4) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| Subsequent |
| ||||||||
Boise Towne Square |
| 100 | % | 138,581 |
| 2023 |
| 106,372 |
| 4.79 | % | No |
| 1,093 |
| 2,268 |
| 2,379 |
| 2,495 |
| 2,618 |
| 21,356 |
| ||||||||
Staten Island Mall |
| 100 | % | 269,445 |
| 2023 |
| 206,942 |
| 4.77 | % | No |
| 2,146 |
| 4,448 |
| 4,665 |
| 4,892 |
| 5,131 |
| 41,221 |
| ||||||||
The Woodlands |
| 100 | % | 266,045 |
| 2023 |
| 207,057 |
| 5.04 | % | No |
| 2,053 |
| 4,265 |
| 4,485 |
| 4,716 |
| 4,959 |
| 38,510 |
| ||||||||
Providence Place - Other |
| 100 | % | 42,332 |
| 2028 |
| 2,381 |
| 7.75 | % | No |
| 697 |
| 1,480 |
| 1,597 |
| 1,724 |
| 1,861 |
| 32,592 |
| ||||||||
Provo Towne Center Land |
| 75 | % | 2,250 |
| 2095 |
| 37 |
| 10.00 | % | Yes - Full |
| — |
| — |
| — |
| — |
| — |
| 2,213 |
| ||||||||
Consolidated Property Level |
|
|
| $ | 12,792,189 |
|
|
| $ | 11,552,040 |
| 5.21 | % |
|
| $ | 95,199 |
| $ | 224,006 |
| $ | 188,335 |
| $ | 168,854 |
| $ | 166,692 |
| $ | 397,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Unconsolidated Property Level |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Clackamas Town Center |
| 50 | % | $ | 100,000 |
| 2012 |
| $ | 100,000 |
| 6.05 | % | No |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Glendale Galleria |
| 50 | % | 178,088 |
| 2012 |
| 177,133 |
| 4.93 | % | No |
| 955 |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Stonebriar Centre |
| 50 | % | 77,616 |
| 2012 |
| 76,785 |
| 5.23 | % | No |
| 831 |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Altamonte Mall |
| 50 | % | 75,000 |
| 2013 |
| 75,000 |
| 5.05 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Bridgewater Commons |
| 35 | % | 43,741 |
| 2013 |
| 43,143 |
| 5.27 | % | No |
| 598 |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Plaza Frontenac |
| 55 | % | 28,797 |
| 2013 |
| 28,283 |
| 7.00 | % | No |
| 175 |
| 339 |
| — |
| — |
| — |
| — |
| ||||||||
Carolina Place |
| 50 | % | 71,903 |
| 2014 |
| 68,168 |
| 4.60 | % | No |
| 1,214 |
| 2,521 |
| — |
| — |
| — |
| — |
| ||||||||
Pinnacle Hills Promenade |
| 50 | % | 70,000 |
| 2014 |
| 70,000 |
| 5.57 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Alderwood |
| 50 | % | 126,783 |
| 2015 |
| 120,409 |
| 6.65 | % | No |
| 947 |
| 1,991 |
| 2,128 |
| 1,308 |
| — |
| — |
| ||||||||
Quail Springs Mall |
| 50 | % | 35,495 |
| 2015 |
| 33,432 |
| 6.74 | % | No |
| 320 |
| 684 |
| 732 |
| 327 |
| — |
| — |
| ||||||||
Towson Town Center |
| 35 | % | 62,002 |
| 2015 |
| 59,894 |
| 3.88 | % | No |
| 298 |
| 634 |
| 687 |
| 489 |
| — |
| — |
| ||||||||
Center Pointe Plaza |
| 50 | % | 6,354 |
| 2017 |
| 5,570 |
| 6.31 | % | No |
| 75 |
| 161 |
| 171 |
| 183 |
| 194 |
| — |
| ||||||||
Riverchase Galleria |
| 50 | % | 152,500 |
| 2017 |
| 152,500 |
| 5.65 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Saint Louis Galleria |
| 74 | % | 164,012 |
| 2017 |
| 139,096 |
| 4.86 | % | No |
| 1,848 |
| 4,954 |
| 5,203 |
| 5,465 |
| 7,446 |
| — |
| ||||||||
First Colony Mall |
| 50 | % | 92,500 |
| 2019 |
| 84,473 |
| 4.50 | % | No |
| — |
| — |
| 121 |
| 1,498 |
| 1,567 |
| 4,841 |
| ||||||||
Natick Mall |
| 50 | % | 225,000 |
| 2019 |
| 209,699 |
| 4.60 | % | No |
| — |
| — |
| — |
| 583 |
| 3,593 |
| 11,125 |
| ||||||||
Christiana Mall |
| 50 | % | 117,495 |
| 2020 |
| 108,697 |
| 5.10 | % | No |
| — |
| — |
| — |
| 401 |
| 1,622 |
| 6,775 |
| ||||||||
Kenwood Towne Centre |
| 70 | % | 161,230 |
| 2020 |
| 137,191 |
| 5.37 | % | No |
| 1,131 |
| 2,383 |
| 2,517 |
| 2,659 |
| 2,784 |
| 12,565 |
| ||||||||
Oakbrook Center |
| 48 | % | 202,725 |
| 2020 |
| 202,725 |
| 3.65 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Water Tower Place |
| 52 | % | 100,648 |
| 2020 |
| 83,850 |
| 4.85 | % | No |
| 838 |
| 1,739 |
| 1,825 |
| 1,916 |
| 2,011 |
| 8,469 |
| ||||||||
Northbrook Court |
| 50 | % | 65,500 |
| 2021 |
| 56,811 |
| 4.25 | % | No |
| — |
| — |
| 90 |
| 1,108 |
| 1,156 |
| 6,335 |
| ||||||||
Village of Merrick Park |
| 40 | % | 72,965 |
| 2021 |
| 62,398 |
| 5.73 | % | No |
| 466 |
| 984 |
| 1,043 |
| 1,105 |
| 1,160 |
| 5,809 |
| ||||||||
Whaler’s Village |
| 50 | % | 40,000 |
| 2021 |
| 40,000 |
| 5.42 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Willowbrook Mall (TX) |
| 50 | % | 105,794 |
| 2021 |
| 88,965 |
| 5.13 | % | No |
| 764 |
| 1,603 |
| 1,688 |
| 1,778 |
| 1,858 |
| 9,138 |
| ||||||||
Florence Mall |
| 50 | % | 45,000 |
| 2022 |
| 45,000 |
| 4.15 | % | No |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Galleria at Tyler |
| 50 | % | 99,156 |
| 2023 |
| 76,716 |
| 5.05 | % | No |
| 744 |
| 1,544 |
| 1,624 |
| 1,708 |
| 1,796 |
| 15,024 |
| ||||||||
Lake Mead and Buffalo |
| 50 | % | 2,468 |
| 2023 |
| 27 |
| 7.20 | % | No |
| 74 |
| 157 |
| 168 |
| 181 |
| 194 |
| 1,667 |
| ||||||||
Park Meadows |
| 35 | % | 126,000 |
| 2023 |
| 112,734 |
| 4.60 | % | No |
| — |
| — |
| — |
| — |
| — |
| 13,266 |
| ||||||||
The Trails Village Center |
| 50 | % | 6,847 |
| 2023 |
| 78 |
| 8.21 | % | No |
| 193 |
| 412 |
| 447 |
| 485 |
| 527 |
| 4,705 |
| ||||||||
Unconsolidated Property Level |
|
|
| $ | 2,655,619 |
|
|
| $ | 2,458,777 |
| 5.04 | % |
|
| $ | 11,471 |
| $ | 20,106 |
| $ | 18,444 |
| $ | 21,194 |
| $ | 25,908 |
| $ | 99,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Fixed - Property Level |
|
|
| $ | 15,447,808 |
|
|
| $ | 14,010,817 |
| 5.18 | % |
|
| $ | 106,670 |
| $ | 244,112 |
| $ | 206,779 |
| $ | 190,048 |
| $ | 192,600 |
| $ | 496,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Rouse Bonds - 1995 Indenture |
| 100 | % | $ | 349,472 |
| 2012 |
| $ | 349,472 |
| 7.20 | % | No (5) |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Rouse Bonds - 1995 Indenture |
| 100 | % | 91,786 |
| 2013 |
| 91,786 |
| 5.38 | % | No (5) |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Rouse Bonds - 2006 Indenture |
| 100 | % | 600,054 |
| 2013 |
| 600,054 |
| 6.75 | % | No (5) |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Arizona Two (HHC) |
| 100 | % | 22,330 |
| 2015 |
| 573 |
| 4.41 | % | Yes - Full |
| 2,983 |
| 6,167 |
| 6,445 |
| 6,162 |
| — |
| — |
| ||||||||
Rouse Bonds - 2010 Indenture |
| 100 | % | 608,688 |
| 2015 |
| 608,688 |
| 6.75 | % | No (5) |
| — |
| — |
| — |
| — |
| — |
| — |
| ||||||||
Consolidated Corporate |
|
|
| $ | 1,672,330 |
|
|
| $ | 1,650,573 |
| 6.74 | % |
|
| $ | 2,983 |
| $ | 6,167 |
| $ | 6,445 |
| $ | 6,162 |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Fixed Rate Debt |
|
|
| $ | 17,120,138 |
|
|
| $ | 15,661,390 |
| 5.34 | % |
|
| $ | 109,653 |
| $ | 250,279 |
| $ | 213,224 |
| $ | 196,210 |
| $ | 192,600 |
| $ | 496,782 |
|
DEBT | |
|
|
DETAIL, AT SHARE(1),(2) |
|
As of June 30, 2012 |
|
(In thousands) |
|
|
|
|
| Proportionate |
| Maturity |
| Balloon Pmt |
|
|
| Parent Recourse |
| Amortization |
| ||||||||||||||||||
Property |
| Own % |
| Balance |
| Year (3) |
| at Maturity |
| Coupon Rate |
| as of 6/30/2012 (4) |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| Subsequent |
| ||||||||
Variable Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Property Level |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Oakwood Center |
| 100 | % | $ | 46,477 |
| 2014 |
| $ | 45,057 |
| Libor + 225 bps |
| Yes - Full |
| $ | 309 |
| $ | 653 |
| $ | 458 |
| $ | — |
| $ | — |
| $ | — |
|
Columbiana Centre |
| 100 | % | 99,046 |
| 2016 |
| 88,866 |
| Libor + 325 bps |
| Yes - Partial |
| 1,118 |
| 2,367 |
| 2,489 |
| 2,618 |
| 1,588 |
| — |
| ||||||||
Foothills Mall |
| 100 | % | 36,910 |
| 2016 |
| 33,116 |
| Libor + 325 bps |
| Yes - Partial |
| 416 |
| 882 |
| 928 |
| 976 |
| 592 |
| — |
| ||||||||
Grand Teton Mall |
| 100 | % | 48,410 |
| 2016 |
| 43,434 |
| Libor + 325 bps |
| Yes - Partial |
| 547 |
| 1,157 |
| 1,217 |
| 1,279 |
| 776 |
| — |
| ||||||||
Mall Of The Bluffs |
| 100 | % | 24,722 |
| 2016 |
| 22,181 |
| Libor + 325 bps |
| Yes - Partial |
| 280 |
| 591 |
| 621 |
| 653 |
| 396 |
| — |
| ||||||||
Mayfair |
| 100 | % | 283,460 |
| 2016 |
| 254,326 |
| Libor + 325 bps |
| Yes - Partial |
| 3,200 |
| 6,774 |
| 7,124 |
| 7,492 |
| 4,544 |
| — |
| ||||||||
Mondawmin Mall |
| 100 | % | 69,233 |
| 2016 |
| 62,117 |
| Libor + 325 bps |
| Yes - Partial |
| 782 |
| 1,654 |
| 1,740 |
| 1,830 |
| 1,110 |
| — |
| ||||||||
North Town Mall |
| 100 | % | 85,463 |
| 2016 |
| 76,679 |
| Libor + 325 bps |
| Yes - Partial |
| 965 |
| 2,042 |
| 2,148 |
| 2,259 |
| 1,370 |
| — |
| ||||||||
Oakwood |
| 100 | % | 77,855 |
| 2016 |
| 69,853 |
| Libor + 325 bps |
| Yes - Partial |
| 879 |
| 1,860 |
| 1,957 |
| 2,058 |
| 1,248 |
| — |
| ||||||||
Pioneer Place |
| 100 | % | 150,565 |
| 2016 |
| 135,090 |
| Libor + 325 bps |
| Yes - Partial |
| 1,700 |
| 3,598 |
| 3,784 |
| 3,979 |
| 2,414 |
| — |
| ||||||||
Salem Center |
| 100 | % | 35,703 |
| 2016 |
| 32,033 |
| Libor + 325 bps |
| Yes - Partial |
| 404 |
| 853 |
| 897 |
| 944 |
| 572 |
| — |
| ||||||||
Southwest Plaza |
| 100 | % | 101,503 |
| 2016 |
| 91,070 |
| Libor + 325 bps |
| Yes - Partial |
| 1,146 |
| 2,426 |
| 2,551 |
| 2,683 |
| 1,627 |
| — |
| ||||||||
The Shops at Fallen Timbers |
| 100 | % | 44,839 |
| 2016 |
| 40,231 |
| Libor + 325 bps |
| Yes - Partial |
| 505 |
| 1,072 |
| 1,127 |
| 1,185 |
| 719 |
| — |
| ||||||||
Fashion Show |
| 100 | % | 617,316 |
| 2017 |
| 538,366 |
| Libor + 300 bps |
| Yes - Full |
| 7,317 |
| 15,189 |
| 15,963 |
| 16,776 |
| 17,631 |
| 6,074 |
| ||||||||
Consolidated Property Level |
|
|
| $ | 1,721,502 |
|
|
| $ | 1,532,419 |
| 3.37 | % |
|
| $ | 19,568 |
| $ | 41,118 |
| $ | 43,004 |
| $ | 44,732 |
| $ | 34,587 |
| $ | 6,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Junior Subordinated Notes Due 2041 |
| 100 | % | $ | 206,200 |
| 2041 |
| $ | 206,200 |
| Libor + 145 bps |
| Yes - Full |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Consolidated Corporate |
|
|
| $ | 206,200 |
|
|
| $ | 206,200 |
| 1.92 | % |
|
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Variable Rate Debt |
|
|
| $ | 1,927,702 |
|
|
| $ | 1,738,619 |
| 3.22 | % |
|
| $ | 19,568 |
| $ | 41,118 |
| $ | 43,004 |
| $ | 44,732 |
| $ | 34,587 |
| $ | 6,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total (6),(7) |
|
|
| $ | 19,047,840 |
|
|
| $ | 17,400,009 |
| 5.12 | % |
|
| $ | 129,221 |
| $ | 291,397 |
| $ | 256,228 |
| $ | 240,942 |
| $ | 227,187 |
| $ | 502,856 |
|
(1) Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.
(2) Excludes Discontinued Operations.
(3) Assumes that all maturity extensions are exercised.
(4) Total recourse to GGP or its subsidiaries of approximately $1.60B.
(5) Total recourse to The Rouse Company, LLC of $1.65B.
(6) Excludes the $1B corporate revolver. As of June 30, 2012 the corporate revolver was undrawn.
(7) Reflects amortization for the period subsequent to June 30, 2012.
Asset Transactions
ASSET TRANSACTIONS | |
|
|
Summary of Acquisitions and Dispositions |
|
For the Six Months Ended June 30, 2012 |
|
(In thousands, except GLA) |
|
|
| Property |
| Property |
| GGP |
| Total |
| Gross Purchase |
| Debt |
| Net Purchase |
| |||
Closing Date |
| Name |
| Location |
| Ownership % |
| GLA |
| Price at Share |
| at Share |
| Price |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1/26/2012 |
| Mall of the Bluffs (Anchor Box) |
| Council Bluffs, IA |
| 100.0 | % | 50,420 |
| $ | 800 |
| $ | — |
| $ | 800 |
|
2/17/2012 |
| Riverchase Galleria (Anchor Box) |
| Birmingham, AL |
| 100.0 | % | 132,894 |
| 12,000 |
| — |
| 12,000 |
| |||
3/30/2012 |
| Oakbrook Center (Anchor Box) |
| Chicago, IL |
| 47.7 | % | 91,634 |
| 3,914 |
| — |
| 3,914 |
| |||
3/30/2012 |
| Perimeter Mall (Lease Buy-out) |
| Atlanta, GA |
| 50.0 | % | 222,056 |
| 6,500 |
| — |
| 6,500 |
| |||
4/5/2012 |
| Westroads Mall (49% share) |
| Omaha, NE |
| 100.0 | % | 1,069,223 |
| 104,321 |
| 43,733 |
| 60,588 |
| |||
4/5/2012 |
| The Oaks Mall (49% share) |
| Gainesville, FL |
| 100.0 | % | 897,824 |
| 86,779 |
| 49,980 |
| 36,799 |
| |||
4/17/2012 |
| Sears acquisition / lease buy-out |
| Various |
| 100.0 | % | 1,019,008 |
| 270,000 |
| — |
| 270,000 |
| |||
5/1/2012 |
| Coronado Center (Anchor Box) |
| Albuquerque, NM |
| 100.0 | % | 159,378 |
| 2,700 |
| — |
| 2,700 |
| |||
5/1/2012 |
| Mall of the Bluffs (Anchor Box) |
| Council Bluffs, IA |
| 100.0 | % | 91,034 |
| 800 |
| — |
| 800 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Total |
|
|
|
|
| 3,733,471 |
| $ | 487,814 |
| $ | 93,713 |
| $ | 394,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1/20/2012 |
| Marley Station (Box) |
| Baltimore, MD |
| 100.0 | % | 264,621 |
| $ | 1,597 |
| $ | — |
| $ | 1,597 |
|
2/21/2012 |
| Grand Traverse Mall |
| Traverse City, MI |
| 100.0 | % | 589,488 |
| 62,000 |
| 62,000 |
| — |
| |||
3/2/2012 |
| Village of Cross Keys |
| Baltimore, MD |
| 100.0 | % | 296,652 |
| 25,000 |
| — |
| 25,000 |
| |||
6/19/2012 |
| Boise Plaza |
| Boise, ID |
| 73.3 | % | 114,404 |
| 3,392 |
| — |
| 3,392 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
| Total |
|
|
|
|
| 1,265,165 |
| $ | 91,989 |
| $ | 62,000 |
| $ | 29,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Spin-off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
1/12/2012 |
| Rouse Properties, Inc. (30 properties) |
| Various |
| 100.0 | % | 9,084,925 |
| $ | — |
| $ | 1,075,000 |
| $ | — |
|
ASSET TRANSACTIONS | |
|
|
Properties Included in Discontinued Operations |
|
Consolidated Properties |
| Method of Disposition |
| Date of Disposition |
|
Boise Plaza |
| Sold |
| June 2012 |
|
The Village of Cross Keys |
| Sold |
| March 2012 |
|
Grand Traverse Mall |
| Sold |
| February 2012 |
|
The Pines |
| Sold |
| December 2011 |
|
River Falls |
| Sold |
| December 2011 |
|
Faneuil Hall Marketplace |
| Sold |
| October 2011 |
|
Northgate Mall |
| Sold |
| September 2011 |
|
Riverside Plaza |
| Sold |
| August 2011 |
|
Westlake Office and Garage |
| Sold |
| August 2011 |
|
Bailey Hills Village |
| Sold |
| July 2011 |
|
Chico Mall |
| Sold |
| July 2011 |
|
Twin Falls Crossing |
| Sold |
| June 2011 |
|
Chapel Hills Mall |
| Sold |
| June 2011 |
|
Gateway Crossing |
| Sold |
| May 2011 |
|
Arizona Center |
| Sold |
| March 2011 |
|
Canyon Point |
| Sold |
| March 2011 |
|
Anaheim Crossing |
| Sold |
| February 2011 |
|
Yellowstone Square |
| Sold |
| February 2011 |
|
Riverlands |
| Sold |
| January 2011 |
|
Vista Commons |
| Sold |
| January 2011 |
|
Piedmont Mall |
| Transferred to lender |
| September 2011 |
|
Country Hills Plaza |
| Transferred to lender |
| July 2011 |
|
Bay City Mall |
| Transferred to lender |
| February 2011 |
|
Lakeview Square |
| Transferred to lender |
| February 2011 |
|
Moreno Valley Mall |
| Transferred to lender |
| February 2011 |
|
Rouse Properties, Inc. |
| Spin-off |
| January 2012 |
|
|
|
|
|
|
|
Unconsolidated Properties |
|
|
|
|
|
Arrowhead Towne Center |
| Sold |
| June 2011 |
|
Superstition Springs Center |
| Sold |
| June 2011 |
|
Silver City Galleria |
| Transferred to lender |
| December 2011 |
|
ASSET TRANSACTIONS | |
|
|
FFO from Discontinued Operations |
|
For the Three Months Ended June 30, 2012 and 2011 |
|
(In thousands) |
|
|
| Three Months Ended June 30, 2012 |
| Three Months Ended June 30, 2011 |
| ||||||||||||||
|
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| ||||||
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Retail and other revenues |
| $ | 1,436 |
| $ | — |
| $ | 1,436 |
| $ | 77,034 |
| $ | 4,445 |
| $ | 81,479 |
|
Retail and other operating expenses |
| (488 | ) | — |
| (488 | ) | 59,090 |
| 2,574 |
| 61,664 |
| ||||||
Operating income |
| $ | 1,924 |
| $ | — |
| $ | 1,924 |
| $ | 17,944 |
| $ | 1,871 |
| $ | 19,815 |
|
Interest expense, net |
| (71 | ) | — |
| (71 | ) | (21,911 | ) | (1,607 | ) | (23,518 | ) | ||||||
Net income (loss) from operations |
| 1,853 |
| — |
| 1,853 |
| (3,967 | ) | 264 |
| (3,703 | ) | ||||||
Provision for income taxes |
| (7 | ) | — |
| (7 | ) | (171 | ) | — |
| (171 | ) | ||||||
Noncontrolling interest |
| — |
| — |
| — |
| (41 | ) | (1 | ) | (42 | ) | ||||||
(Loss) gain on disposition of properties |
| (147 | ) | 465 |
| 318 |
| (690 | ) | (99 | ) | (789 | ) | ||||||
Net income (loss) from discontinued operations |
| $ | 1,699 |
| $ | 465 |
| $ | 2,164 |
| $ | (4,869 | ) | $ | 164 |
| $ | (4,705 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Reconciliation of Net income (loss) from discontinued operations to FFO from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) from discontinued operations |
| $ | 1,699 |
| $ | 465 |
| $ | 2,164 |
| $ | (4,869 | ) | $ | 164 |
| $ | (4,705 | ) |
Loss (gain) on disposition of properties |
| 147 |
| (465 | ) | (318 | ) | 690 |
| 99 |
| 789 |
| ||||||
Depreciation and amortization of discontinued operations |
| 15 |
| — |
| 15 |
| 24,194 |
| 481 |
| 24,675 |
| ||||||
Noncontrolling interests in depreciation of discontinued operations and other |
| (28 | ) | — |
| (28 | ) | (80 | ) | (62 | ) | (142 | ) | ||||||
FFO from discontinued operations |
| $ | 1,833 |
| $ | — |
| $ | 1,833 |
| $ | 19,935 |
| $ | 682 |
| $ | 20,617 |
|
Adjustments |
| (18 | ) | — |
| (18 | ) | 5,856 |
| 104 |
| 5,960 |
| ||||||
Core FFO from discontinued operations |
| $ | 1,815 |
| $ | — |
| $ | 1,815 |
| $ | 25,791 |
| $ | 786 |
| $ | 26,577 |
|
ASSET TRANSACTIONS | |
|
|
FFO from Discontinued Operations |
|
For the Six Months Ended June 30, 2012 and 2011 |
|
(In thousands) |
|
|
| Six Months Ended June 30, 2012 |
| Six Months Ended June 30, 2011 |
| ||||||||||||||
|
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| Consolidated |
| Unconsolidated |
| Pro Rata Basis |
| ||||||
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Retail and other revenues |
| $ | 22,317 |
| $ | — |
| $ | 22,317 |
| $ | 163,867 |
| $ | 12,466 |
| $ | 176,333 |
|
Retail and other operating expenses |
| 6,860 |
| — |
| 6,860 |
| 123,528 |
| 8,305 |
| 131,833 |
| ||||||
Provisions for impairment and other gains/losses |
| 10,393 |
| — |
| 10,393 |
| 51 |
| — |
| 51 |
| ||||||
Total expenses |
| 17,253 |
| — |
| 17,253 |
| 123,579 |
| 8,305 |
| 131,884 |
| ||||||
Operating income |
| $ | 5,064 |
| $ | — |
| $ | 5,064 |
| $ | 40,288 |
| $ | 4,161 |
| $ | 44,449 |
|
Interest expense, net |
| (4,618 | ) | — |
| (4,618 | ) | (46,985 | ) | (6,554 | ) | (53,539 | ) | ||||||
Net income (loss) from operations |
| 446 |
| — |
| 446 |
| (6,697 | ) | (2,393 | ) | (9,090 | ) | ||||||
Provision for income taxes |
| (23 | ) | — |
| (23 | ) | (342 | ) | — |
| (342 | ) | ||||||
Noncontrolling interest |
| — |
| — |
| — |
| (53 | ) | (261 | ) | (314 | ) | ||||||
(Loss) gain on disposition of properties |
| (175 | ) | 1 |
| (174 | ) | (546 | ) | 3,171 |
| 2,625 |
| ||||||
Net income (loss) from discontinued operations |
| $ | 248 |
| $ | 1 |
| $ | 249 |
| $ | (7,638 | ) | $ | 517 |
| $ | (7,121 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Reconciliation of Net income (loss) from discontinued operations to FFO from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net income (loss) from discontinued operations |
| $ | 248 |
| $ | 1 |
| $ | 249 |
| $ | (7,638 | ) | $ | 517 |
| $ | (7,121 | ) |
Loss (gain) on disposition of properties |
| 175 |
| (1 | ) | 174 |
| 546 |
| (3,171 | ) | (2,625 | ) | ||||||
Provisions for impairment excluded from FFO |
| 10,393 |
| — |
| 10,393 |
| 51 |
| — |
| 51 |
| ||||||
Depreciation and amortization of discontinued operations |
| 2,518 |
| — |
| 2,518 |
| 49,753 |
| 2,924 |
| 52,677 |
| ||||||
Noncontrolling interests in depreciation of discontinued operations and other |
| (65 | ) | — |
| (65 | ) | (862 | ) | (268 | ) | (1,130 | ) | ||||||
FFO from discontinued operations |
| $ | 13,269 |
| $ | — |
| $ | 13,269 |
| $ | 41,850 |
| $ | 2 |
| $ | 41,852 |
|
Adjustments |
| 3,228 |
| — |
| 3,228 |
| 12,355 |
| 1,038 |
| 13,393 |
| ||||||
Core FFO from discontinued operations |
| $ | 16,497 |
| $ | — |
| $ | 16,497 |
| $ | 54,205 |
| $ | 1,040 |
| $ | 55,245 |
|
Reconciliations
RECONCILIATIONS | |
|
|
Reconciliation of Non-GAAP to GAAP Financial Measures |
|
(In thousands) |
|
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| June 30, 2012 |
| June 30, 2011 |
| June 30, 2012 |
| June 30, 2011 |
| ||||
Reconciliation of NOI to GAAP Operating Income |
|
|
|
|
|
|
|
|
| ||||
NOI: |
|
|
|
|
|
|
|
|
| ||||
Pro Rata basis |
| $ | 512,677 |
| $ | 484,322 |
| $ | 1,022,643 |
| $ | 993,020 |
|
Unconsolidated Properties |
| (98,801 | ) | (83,692 | ) | (196,864 | ) | (176,465 | ) | ||||
Consolidated Properties |
| 413,876 |
| 400,630 |
| 825,779 |
| 816,555 |
| ||||
Management fees and other corporate revenues |
| 21,652 |
| 14,235 |
| 37,823 |
| 29,587 |
| ||||
Property management and other costs |
| (39,179 | ) | (44,638 | ) | (81,171 | ) | (92,338 | ) | ||||
General and administrative |
| (10,865 | ) | (2,219 | ) | (21,119 | ) | (2,720 | ) | ||||
Depreciation and amortization |
| (191,563 | ) | (227,340 | ) | (409,128 | ) | (455,140 | ) | ||||
Noncontrolling interest in NOI of Consolidated Properties and other |
| 3,878 |
| 3,100 |
| 6,536 |
| 5,995 |
| ||||
Operating income |
| $ | 197,799 |
| $ | 143,768 |
| $ | 358,720 |
| $ | 301,939 |
|
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of EBITDA to GAAP Net Loss Income Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
| ||||
EBITDA: |
|
|
|
|
|
|
|
|
| ||||
Pro Rata basis |
| $ | 477,662 |
| $ | 444,268 |
| $ | 943,443 |
| $ | 914,577 |
|
Unconsolidated Properties |
| (92,178 | ) | (76,260 | ) | (182,131 | ) | (163,493 | ) | ||||
Consolidated Properties |
| 385,484 |
| 368,008 |
| 761,312 |
| 751,084 |
| ||||
Depreciation and amortization |
| (191,563 | ) | (227,340 | ) | (409,128 | ) | (455,140 | ) | ||||
Noncontrolling interest in NOI of Consolidated Properties |
| 2,969 |
| 3,100 |
| 5,627 |
| 5,995 |
| ||||
Interest income |
| 875 |
| 553 |
| 1,541 |
| 1,232 |
| ||||
Interest expense |
| (188,812 | ) | (236,476 | ) | (404,638 | ) | (456,097 | ) | ||||
Warrant liability adjustment |
| (146,588 | ) | (94,769 | ) | (289,700 | ) | (18,321 | ) | ||||
Provision for income taxes |
| (1,709 | ) | (887 | ) | (3,104 | ) | (3,928 | ) | ||||
Equity in income (loss) of Unconsolidated Real Estate Affiliates |
| 11,843 |
| (9,433 | ) | 17,795 |
| (12,366 | ) | ||||
Discontinued operations |
| 1,699 |
| (4,869 | ) | 248 |
| (7,638 | ) | ||||
Gain from change in control of investment properties |
| 18,547 |
| — |
| 18,547 |
| — |
| ||||
Allocation to noncontrolling interests and other |
| (681 | ) | (935 | ) | (4,048 | ) | (2,205 | ) | ||||
Net loss attributable to common stockholders |
| $ | (107,936 | ) | $ | (203,048 | ) | $ | (305,548 | ) | $ | (197,384 | ) |
RECONCILIATIONS | |
|
|
Reconciliation of Non-GAAP to GAAP Financial Measures |
|
(In thousands) |
|
|
| Three Months Ended |
| Six Months Ended |
| ||||||||
|
| June 30, 2012 |
| June 30, 2011 |
| June 30, 2012 |
| June 30, 2011 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of FFO to GAAP Net Loss Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
| ||||
FFO: |
|
|
|
|
|
|
|
|
| ||||
Consolidated Properties |
| $ | 47,694 |
| $ | 54,654 |
| $ | 69,870 |
| $ | 312,686 |
|
Unconsolidated Properties |
| 54,479 |
| 38,101 |
| 106,726 |
| 85,977 |
| ||||
Pro Rata basis |
| 102,173 |
| 92,755 |
| 176,596 |
| 398,663 |
| ||||
Depreciation and amortization of capitalized real estate costs |
| (234,673 | ) | (273,497 | ) | (498,986 | ) | (553,122 | ) | ||||
Gain from change in control of investment properties |
| 18,547 |
| — |
| 18,547 |
| — |
| ||||
Gains (losses) on sales of investment properties |
| 3,226 |
| (790 | ) | 5,327 |
| 2,624 |
| ||||
Noncontrolling interests in depreciation of Consolidated Properties |
| 1,973 |
| 1,627 |
| 3,729 |
| 4,014 |
| ||||
Provision for impairment excluded from FFO of discontinued operations |
| — |
| — |
| (10,393 | ) | — |
| ||||
Redeemable noncontrolling interests |
| 833 |
| 1,464 |
| 2,150 |
| 1,426 |
| ||||
Depreciation and amortization of discontinued operations |
| (15 | ) | (24,607 | ) | (2,518 | ) | (50,989 | ) | ||||
Net loss attributable to common stockholders |
| $ | (107,936 | ) | $ | (203,048 | ) | $ | (305,548 | ) | $ | (197,384 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income (Loss) of Unconsolidated Real Estate Affiliates |
|
|
|
|
|
|
|
|
| ||||
Equity in Unconsolidated Properties: |
|
|
|
|
|
|
|
|
| ||||
NOI |
| $ | 98,801 |
| $ | 83,692 |
| $ | 196,864 |
| $ | 176,465 |
|
Net property management fees and costs |
| (3,516 | ) | (3,799 | ) | (8,200 | ) | (8,120 | ) | ||||
Net interest expense |
| (37,609 | ) | (38,777 | ) | (75,234 | ) | (77,382 | ) | ||||
General and administrative, provisions for impairment, income taxes and noncontrolling interest in FFO |
| (3,197 | ) | (3,697 | ) | (6,704 | ) | (4,988 | ) | ||||
FFO of discontinued Unconsolidated Properties |
| — |
| 682 |
| — |
| 2 |
| ||||
FFO of Unconsolidated Properties |
| 54,479 |
| 38,101 |
| 106,726 |
| 85,977 |
| ||||
Depreciation and amortization of capitalized real estate costs |
| (45,117 | ) | (47,457 | ) | (93,562 | ) | (101,553 | ) | ||||
Other, including gain on sales of investment properties |
| 2,481 |
| (77 | ) | 4,631 |
| 3,210 |
| ||||
Equity in income (loss) of Unconsolidated Real Estate Affiliates |
| $ | 11,843 |
| $ | (9,433 | ) | $ | 17,795 |
| $ | (12,366 | ) |
Portfolio Operating Metrics
PORTFOLIO OPERATING METRICS |
Key Operating Performance Indicators(1)
As of and for the Six Months Ended June 30, 2012
(GLA in thousands)
GLA Summary (2)
|
| Number of |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Total Mall |
| Strip Center |
| Office GLA |
| Total GLA |
| Total GLA at |
| % Leased |
|
Consolidated Malls |
| 102 |
| 42,409 |
| 15,397 |
| 39,293 |
| 97,099 |
| 1,262 |
| 1,767 |
| 100,128 |
| 60,367 |
| 94.1 | % |
Unconsolidated Malls |
| 33 |
| 15,283 |
| 3,652 |
| 15,760 |
| 34,695 |
| 452 |
| 1,189 |
| 36,336 |
| 10,599 |
| 94.7 | % |
Regional U.S. Malls |
| 135 |
| 57,692 |
| 19,049 |
| 55,053 |
| 131,794 |
| 1,714 |
| 2,956 |
| 136,464 |
| 70,966 |
| 94.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
| 16 |
| 5,669 |
| — |
| — |
| 5,669 |
| — |
| — |
| 5,669 |
| 1,245 |
| 97.7 | % |
Total U.S. Malls and International |
| 151 |
| 63,361 |
| 19,049 |
| 55,053 |
| 137,463 |
| 1,714 |
| 2,956 |
| 142,133 |
| 72,211 |
| 94.6 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Properties |
| 25 |
| 40 |
| — |
| — |
| 40 |
| — |
| 2,178 |
| 2,218 |
| 2,218 |
| 37.3 | % |
Strip Centers |
| 17 |
| 135 |
| — |
| — |
| 135 |
| 2,348 |
| — |
| 2,483 |
| 2,248 |
| 90.5 | % |
Total Real Estate |
| 193 |
| 63,536 |
| 19,049 |
| 55,053 |
| 137,638 |
| 4,062 |
| 5,134 |
| 146,834 |
| 76,677 |
| 92.6 | % |
Operating Metrics (4)
|
|
|
|
|
| In-Place Rent (7) |
|
|
|
|
| |||||
June 30, 2012 |
| % Leased (5) |
| % Occupied (6) |
| <10K SF |
| All Less Anchors |
| Tenant sales (8) |
| Occupancy Cost (9) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Consolidated Malls |
| 94.1 | % | 90.7 | % | 66.37 |
| 53.15 |
| 510 |
| 13.2 | % | |||
Unconsolidated Malls |
| 94.7 | % | 92.2 | % | 72.93 |
| 60.48 |
| 594 |
| 12.5 | % | |||
Total Malls |
| 94.3 | % | 91.1 | % | $ | 68.16 |
| $ | 55.17 |
| $ | 533 |
| 13.0 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
| In-Place Rent (7) |
|
|
|
|
| |||||
June 30, 2011 |
| % Leased (5) |
| % Occupied (6) |
| <10K SF |
| All Less Anchors |
| Tenant sales (8) |
| Occupancy Cost (9) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Consolidated Malls |
| 93.0 | % | 90.1 | % | 65.15 |
| 52.55 |
| 475 |
| 13.7 | % | |||
Unconsolidated Malls |
| 94.0 | % | 90.6 | % | 71.70 |
| 59.72 |
| 526 |
| 13.8 | % | |||
Total Malls |
| 93.2 | % | 90.2 | % | $ | 66.91 |
| $ | 54.49 |
| $ | 489 |
| 13.7 | % |
(1) | For comparability purposes, prior period operating metric statistics have been restated to exclude properties classified as discontinued operations. |
(2) | See Property Schedule on pages 24-31 for individual property details. |
(3) | Total GLA at Share includes assets at their respective ownership percentages and excludes tenant owned area. |
(4) | Reflects results for Regional U.S. malls. |
(5) | Represents contractual obligations for space in regional malls or predominantly retail centers and excludes traditional anchor stores. |
(6) | Represents tenants’ physical and/or economic presence in regional malls or predominantly retail centers and excludes traditional anchor stores. |
(7) | Weighted average rent of mall stores as of June 30, 2012. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
(8) | Comparative rolling twelve month tenant sales for mall stores less than 10,000 square feet. |
(9) | Represents tenants less than 10,000 square feet utilizing comparative tenant sales. |
PORTFOLIO OPERATING METRICS |
Signed Leases
All Less Anchors
As of June 30, 2012
All Leases - Lease Spread (1)
|
| Commencement 2012 |
| ||||||||||
|
| # of Leases |
| SF |
| Term |
| Initial Rent |
| Average |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
New Leases |
| 948 |
| 3,757,014 |
| 9.3 |
| $ | 52.87 |
| $ | 59.14 |
|
Renewal Leases |
| 820 |
| 2,502,062 |
| 5.3 |
| 58.75 |
| 61.83 |
| ||
Total New/Renewal Leases |
| 1,768 |
| 6,259,076 |
| 7.7 |
| $ | 55.22 |
| $ | 60.22 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Percent in Lieu |
| 75 |
| 389,037 |
| N/A |
| N/A |
| N/A |
| ||
Total New/Renewal Leases |
| 1,843 |
| 6,648,113 |
| 7.7 |
| $ | 55.22 |
| $ | 60.22 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Commencement 2013 |
| ||||||||||
|
| # of Leases |
| SF |
| Term |
| Initial Rent |
| Average |
| ||
New Leases |
| 52 |
| 401,875 |
| 11.4 |
| $ | 54.79 |
| $ | 61.21 |
|
Renewal Leases |
| 107 |
| 349,157 |
| 4.8 |
| 57.86 |
| 60.58 |
| ||
Total New/Renewal Leases |
| 159 |
| 751,032 |
| 8.3 |
| $ | 56.22 |
| $ | 60.92 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Percent in Lieu |
| 3 |
| 7,072 |
| N/A |
| N/A |
| N/A |
| ||
Total New/Renewal Leases |
| 162 |
| 758,104 |
| 8.3 |
| $ | 56.22 |
| $ | 60.92 |
|
SUITE TO SUITE - Lease Spread (3)
|
| Commencement 2012 |
| |||||||||||||||||||||||
|
| # of Leases |
| SF |
| Term |
| Initial Rent |
| Average Rent |
| Expiring Rent |
| Initial Rent |
| Average Rent |
| |||||||||
New Leases (5) |
| 575 |
| 1,693,552 |
| 8.4 |
| $ | 61.28 |
| $ | 68.15 |
| $ | 50.66 |
| $ | 10.62 |
| 21.0 | % | $ | 17.48 |
| 34.5 | % |
Renewal Leases |
| 787 |
| 2,364,529 |
| 5.4 |
| 60.27 |
| 63.54 |
| 58.96 |
| 1.31 |
| 2.2 | % | 4.58 |
| 7.8 | % | |||||
New/Renewal Leases |
| 1,362 |
| 4,058,081 |
| 6.7 |
| $ | 60.69 |
| $ | 65.46 |
| $ | 55.38 |
| $ | 5.31 |
| 9.6 | % | $ | 10.08 |
| 18.2 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Commencement 2013 |
| |||||||||||||||||||||||
|
| # of Leases |
| SF |
| Term |
| Initial Rent |
| Average Rent |
| Expiring Rent |
| Initial Rent |
| Average Rent |
| |||||||||
New Leases (5) |
| 30 |
| 164,518 |
| 9.8 |
| $ | 85.63 |
| $ | 96.14 |
| $ | 68.00 |
| $ | 17.62 |
| 25.9 | % | $ | 28.13 |
| 41.4 | % |
Renewal Leases |
| 106 |
| 340,957 |
| 4.9 |
| 59.26 |
| 62.04 |
| 57.46 |
| 1.79 |
| 3.1 | % | 4.57 |
| 8.0 | % | |||||
New/Renewal Leases |
| 136 |
| 505,475 |
| 6.5 |
| $ | 67.84 |
| $ | 73.14 |
| $ | 60.89 |
| $ | 6.94 |
| 11.4 | % | $ | 12.24 |
| 20.1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
| Total 2012/2013 |
| |||||||||||||||||||||||
|
| # of Leases |
| SF |
| Term |
| Initial Rent |
| Average Rent |
| Expiring Rent |
| Initial Rent |
| Average Rent |
| |||||||||
New Leases (5) |
| 605 |
| 1,858,070 |
| 8.5 |
| $ | 63.44 |
| $ | 70.62 |
| $ | 52.11 |
| $ | 11.33 |
| 21.7 | % | $ | 18.52 |
| 35.5 | % |
Renewal Leases |
| 893 |
| 2,705,486 |
| 5.4 |
| 60.14 |
| 63.35 |
| 58.77 |
| 1.37 |
| 2.3 | % | 4.58 |
| 7.8 | % | |||||
New/Renewal Leases |
| 1,498 |
| 4,563,556 |
| 6.6 |
| $ | 61.48 |
| $ | 66.31 |
| $ | 55.99 |
| $ | 5.49 |
| 9.8 | % | $ | 10.32 |
| 18.4 | % |
(1) Represents signed leases that are scheduled to commence in the respective period, excluding anchors.
(2) Represents initial rent or average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.
(3) Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for the prior tenant in the same suite.
(4) Represents expiring rent at end of lease consisting of base minimum rent, common area costs, and real estate taxes.
(5) Represents new leases where downtime between the new and old tenant in the suite was less than 9 months.
PORTFOLIO OPERATING METRICS |
Lease Expiration Schedule and Top Ten Tenants
Year |
| Number of Expiring Leases |
| Expiring GLA (000’s) |
| Percent of Total |
| Expiring Rent (000’s) |
| Expiring Rent ($psf) |
| ||
Specialty Leasing |
| 1,584 |
| 3,632 |
| 6.7% |
| $ | 64,598 |
| $ | 19.58 |
|
2012 (1) |
| 746 |
| 1,978 |
| 3.6% |
| 101,174 |
| 59.09 |
| ||
2013 |
| 1,760 |
| 5,101 |
| 9.4% |
| 261,459 |
| 59.03 |
| ||
2014 |
| 1,690 |
| 5,293 |
| 9.7% |
| 270,107 |
| 58.18 |
| ||
2015 |
| 1,593 |
| 5,054 |
| 9.3% |
| 300,065 |
| 64.46 |
| ||
2016 |
| 1,540 |
| 5,206 |
| 9.6% |
| 338,897 |
| 67.13 |
| ||
2017 |
| 1,569 |
| 5,381 |
| 9.9% |
| 313,413 |
| 67.62 |
| ||
2018 |
| 1,187 |
| 4,643 |
| 8.5% |
| 344,179 |
| 75.01 |
| ||
2019 |
| 800 |
| 4,007 |
| 7.4% |
| 261,489 |
| 66.45 |
| ||
2020 |
| 665 |
| 2,855 |
| 5.2% |
| 194,004 |
| 69.86 |
| ||
Subsequent |
| 1,789 |
| 11,231 |
| 20.7% |
| 559,278 |
| 54.40 |
| ||
Total |
| 14,923 |
| 54,381 |
| 100.0% |
| $ | 3,008,663 |
| $ | 60.17 |
|
(1) Reflects expirations subsequent to June 30, 2012
Top Ten Largest Tenants (Retail Portfolio) |
| Primary DBA |
| Percent of Minimum Rents, |
|
|
|
|
|
|
|
LIMITED BRANDS, INC. |
| Victoria’s Secret, Bath & Body Works, PINK |
| 3.0% |
|
THE GAP, INC. |
| Gap, Banana Repubic, Old Navy |
| 2.8% |
|
ABERCROMBIE & FITCH STORES, INC. |
| Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks |
| 2.2% |
|
FOOT LOCKER, INC. |
| Footlocker, Champs Sports, Footaction USA |
| 2.2% |
|
FOREVER 21, INC. |
| Forever 21 |
| 1.9% |
|
GOLDEN GATE CAPITAL |
| Express, J. Jill, Eddie Bauer |
| 1.8% |
|
AMERICAN EAGLE OUTFITTERS, INC. |
| American Eagle, Aerie, Martin + Osa |
| 1.6% |
|
MACY’S INC. |
| Macy’s, Bloomingdale’s |
| 1.4% |
|
GENESCO INC. |
| Journeys, Lids, Underground Station, Johnston & Murphy |
| 1.3% |
|
AMERICAN MULTI-CINEMA, INC. |
| AMC Theatres |
| 1.3% |
|
Total |
|
|
| 19.5% |
|
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Consolidated Regional Malls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ala Moana Center |
| Macy’s, Neiman Marcus, Sears, Nordstrom |
| 100 | % | Honolulu, HI |
| 972,720 |
| 829,114 |
| 200,000 |
| 14,042 |
| 364,261 |
| 2,380,137 |
| 97.1 | % |
Apache Mall |
| Herberger’s, JCPenney, Macy’s, Sears |
| 100 | % | Rochester, MN |
| 269,972 |
| 320,202 |
| 162,790 |
| — |
| — |
| 752,964 |
| 98.8 | % |
Augusta Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Augusta, GA |
| 489,207 |
| — |
| 597,223 |
| — |
| — |
| 1,086,430 |
| 98.4 | % |
Baybrook Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Friendswood (Houston), TX |
| 442,755 |
| 97,906 |
| 720,931 |
| — |
| — |
| 1,261,592 |
| 99.5 | % |
Bayside Marketplace |
|
|
| 100 | % | Miami, FL |
| 218,711 |
| — |
| — |
| — |
| — |
| 218,711 |
| 95.5 | % |
Beachwood Place |
| Dillard’s, Nordstrom, Saks Fifth Avenue |
| 100 | % | Beachwood, OH |
| 349,153 |
| 317,347 |
| 247,000 |
| — |
| — |
| 913,500 |
| 93.8 | % |
Bellis Fair |
| JCPenney, Kohl’s, Macy’s, Sears, Target |
| 100 | % | Bellingham (Seattle), WA |
| 357,563 |
| 181,020 |
| 237,910 |
| — |
| — |
| 776,493 |
| 99.9 | % |
Boise Towne Square |
| Dillard’s, JCPenney, Macy’s, Sears, Kohl’s |
| 100 | % | Boise, ID |
| 424,259 |
| 425,556 |
| 247,714 |
| 114,173 |
| — |
| 1,211,702 |
| 90.7 | % |
Brass Mill Center |
| Burlington Coat Factory, JCPenney, Macy’s, Sears |
| 100 | % | Waterbury, CT |
| 397,615 |
| 267,471 |
| 319,391 |
| 197,033 |
| — |
| 1,181,510 |
| 91.8 | % |
Burlington Town Center |
| Macy’s |
| 100 | % | Burlington, VT |
| 154,886 |
| — |
| 146,753 |
| — |
| 54,617 |
| 356,256 |
| 88.5 | % |
Capital Mall |
| Dillard’s, JCPenney, Sears |
| 100 | % | Jefferson City, MO |
| 326,898 |
| 87,905 |
| 135,540 |
| — |
| — |
| 550,343 |
| 77.9 | % |
Coastland Center |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Naples, FL |
| 331,307 |
| 123,921 |
| 466,469 |
| — |
| — |
| 921,697 |
| 91.2 | % |
Columbia Mall |
| Dillard’s, JCPenney, Sears, Target |
| 100 | % | Columbia, MO |
| 315,071 |
| 85,972 |
| 335,088 |
| — |
| — |
| 736,131 |
| 90.7 | % |
Columbiana Centre |
| Belk, Dillard’s, JCPenney, Sears |
| 100 | % | Columbia, SC |
| 267,189 |
| 198,334 |
| 360,643 |
| — |
| — |
| 826,166 |
| 98.0 | % |
Coral Ridge Mall |
| Dillard’s, JCPenney, Sears, Target, Younkers |
| 100 | % | Coralville (Iowa City), IA |
| 524,890 |
| 108,800 |
| 442,366 |
| — |
| — |
| 1,076,056 |
| 96.0 | % |
Coronado Center |
| JCPenney, Kohl’s, Macy’s, Sears, Target |
| 100 | % | Albuquerque, NM |
| 401,797 |
| 277,650 |
| 468,375 |
| — |
| — |
| 1,147,822 |
| 97.1 | % |
Crossroads Center |
| JCPenney, Macy’s, Sears, Target |
| 100 | % | St. Cloud, MN |
| 367,165 |
| 394,167 |
| 129,275 |
| — |
| — |
| 890,607 |
| 97.1 | % |
Cumberland Mall |
| Costco, Macy’s, Sears |
| 100 | % | Atlanta, GA |
| 383,874 |
| 147,409 |
| 500,575 |
| — |
| — |
| 1,031,858 |
| 96.3 | % |
Deerbrook Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Humble (Houston), TX |
| 554,233 |
| — |
| 653,540 |
| — |
| — |
| 1,207,773 |
| 96.6 | % |
Eastridge Mall WY |
| JCPenney, Macy’s, Sears, Target |
| 100 | % | Casper, WY |
| 269,969 |
| 213,913 |
| 75,883 |
| — |
| — |
| 559,765 |
| 78.1 | % |
Eastridge Mall CA |
| JCPenney, Macy’s, Sears |
| 100 | % | San Jose, CA |
| 628,491 |
| 246,261 |
| 426,000 |
| — |
| — |
| 1,300,752 |
| 99.9 | % |
Eden Prairie Center |
| Kohl’s, Sears, Target, Von Maur, JCPenney |
| 100 | % | Eden Prairie (Minneapolis), MN |
| 404,046 |
| 279,422 |
| 454,220 |
| — |
| — |
| 1,137,688 |
| 97.4 | % |
Fashion Place |
| Dillard’s, Nordstrom, Sears |
| 100 | % | Murray, UT |
| 440,754 |
| 281,175 |
| 319,604 |
| — |
| — |
| 1,041,533 |
| 95.6 | % |
Fashion Show |
| Bloomingdale’s Home, Dillard’s, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue |
| 100 | % | Las Vegas, NV |
| 665,209 |
| 167,001 |
| 1,059,614 |
| — |
| — |
| 1,891,824 |
| 99.7 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Foothills Mall |
| Macy’s, Sears |
| 100 | % | Fort Collins, CO |
| 283,794 |
| 75,337 |
| 202,760 |
| 181,829 |
| — |
| 743,720 |
| 60.7 | % |
Four Seasons Town Centre |
| Belk, Dillard’s, JCPenney |
| 100 | % | Greensboro, NC |
| 445,363 |
| 429,969 |
| 212,047 |
| — |
| 27,720 |
| 1,115,099 |
| 90.4 | % |
Fox River Mall |
| JCPenney, Macy’s, Sears, Target, Younkers |
| 100 | % | Appleton, WI |
| 617,406 |
| 30,000 |
| 564,914 |
| — |
| — |
| 1,212,320 |
| 98.3 | % |
Glenbrook Square |
| JCPenney, Macy’s, Sears |
| 100 | % | Fort Wayne, IN |
| 450,383 |
| 555,870 |
| 221,000 |
| — |
| — |
| 1,227,253 |
| 96.3 | % |
Governor’s Square |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Tallahassee, FL |
| 329,981 |
| — |
| 691,605 |
| — |
| — |
| 1,021,586 |
| 96.9 | % |
Grand Teton Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Idaho Falls, ID |
| 209,934 |
| 323,925 |
| — |
| 93,274 |
| — |
| 627,133 |
| 99.8 | % |
Greenwood Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Bowling Green, KY |
| 416,726 |
| 156,096 |
| 272,957 |
| — |
| — |
| 845,779 |
| 96.9 | % |
Harborplace |
|
|
| 100 | % | Baltimore, MD |
| 148,798 |
| — |
| — |
| — |
| — |
| 148,798 |
| 93.9 | % |
Hulen Mall |
| Dillard’s, Macy’s, Sears |
| 100 | % | Ft. Worth, TX |
| 368,895 |
| — |
| 596,570 |
| — |
| — |
| 965,465 |
| 98.0 | % |
Jordan Creek Town Center |
| Dillard’s, Younkers |
| 100 | % | West Des Moines, IA |
| 723,316 |
| — |
| 349,760 |
| 233,077 |
| — |
| 1,306,153 |
| 99.4 | % |
Lakeside Mall |
| JCPenney, Lord & Taylor, Macy’s, Macy’s Mens & Home, Sears |
| 100 | % | Sterling Heights, MI |
| 487,149 |
| 115,300 |
| 905,418 |
| — |
| — |
| 1,507,867 |
| 83.9 | % |
Lynnhaven Mall |
| Dillard’s, JCPenney, Macy’s |
| 100 | % | Virginia Beach, VA |
| 640,097 |
| 150,434 |
| 500,958 |
| — |
| — |
| 1,291,489 |
| 98.7 | % |
Mall Of Louisiana |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Baton Rouge, LA |
| 617,649 |
| — |
| 805,630 |
| 143,619 |
| — |
| 1,566,898 |
| 97.9 | % |
Mall Of The Bluffs |
| Dillard’s, Sears |
| 100 | % | Council Bluffs (Omaha, NE), IA |
| 375,608 |
| 130,660 |
| 184,768 |
| — |
| — |
| 691,036 |
| 70.7 | % |
Mall St. Matthews |
| Dillard’s, Dillard’s Men’s & Home, JCPenney |
| 100 | % | Louisville, KY |
| 501,637 |
| 120,000 |
| 395,705 |
| — |
| — |
| 1,017,342 |
| 97.7 | % |
Market Place Shopping Center |
| Bergner’s, JCPenney, Macy’s, Sears |
| 100 | % | Champaign, IL |
| 416,331 |
| 536,698 |
| 149,980 |
| — |
| — |
| 1,103,009 |
| 97.5 | % |
Mayfair |
| Boston Store, Macy’s |
| 100 | % | Wauwatosa (Milwaukee), WI |
| 614,012 |
| 288,596 |
| 210,714 |
| — |
| 402,589 |
| 1,515,911 |
| 99.9 | % |
Meadows Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Las Vegas, NV |
| 308,599 |
| — |
| 636,853 |
| — |
| — |
| 945,452 |
| 94.1 | % |
Mondawmin Mall |
|
|
| 99 | % | Baltimore, MD |
| 373,724 |
| — |
| — |
| — |
| 65,317 |
| 439,041 |
| 91.5 | % |
Newgate Mall |
| Dillard’s, Sears |
| 100 | % | Ogden (Salt Lake City), UT |
| 468,432 |
| 149,624 |
| 118,919 |
| — |
| — |
| 736,975 |
| 84.7 | % |
North Point Mall |
| Dillard’s, JCPenney, Macy’s, Sears, Von Maur |
| 100 | % | Alpharetta (Atlanta), GA |
| 430,867 |
| 539,850 |
| 363,151 |
| — |
| — |
| 1,333,868 |
| 97.7 | % |
North Star Mall |
| Dillard’s, Macy’s, Saks Fifth Avenue, JCPenney |
| 100 | % | San Antonio, TX |
| 548,364 |
| 173,198 |
| 522,126 |
| — |
| — |
| 1,243,688 |
| 98.5 | % |
Northridge Fashion Center |
| JCPenney, Macy’s, Sears |
| 100 | % | Northridge (Los Angeles), CA |
| 641,345 |
| — |
| 824,443 |
| — |
| — |
| 1,465,788 |
| 96.3 | % |
Northtown Mall |
| JCPenney, Kohl’s, Macy’s, Sears |
| 100 | % | Spokane, WA |
| 519,052 |
| 242,117 |
| 242,392 |
| — |
| — |
| 1,003,561 |
| 85.0 | % |
Oak View Mall |
| Dillard’s, JCPenney, Sears, Younkers |
| 100 | % | Omaha, NE |
| 257,725 |
| 149,400 |
| 454,860 |
| — |
| — |
| 861,985 |
| 90.5 | % |
Oakwood Center |
| Dillard’s, JCPenney, Sears |
| 100 | % | Gretna, LA |
| 277,402 |
| — |
| 514,028 |
| — |
| — |
| 791,430 |
| 99.6 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Oakwood Mall |
| JCPenney, Macy’s, Sears, Younkers |
| 100 | % | Eau Claire, WI |
| 398,792 |
| 116,620 |
| 298,224 |
| — |
| — |
| 813,636 |
| 92.9 | % |
Oglethorpe Mall |
| Belk, JCPenney, Macy’s, Sears |
| 100 | % | Savannah, GA |
| 407,355 |
| 220,824 |
| 315,760 |
| — |
| — |
| 943,939 |
| 97.5 | % |
Oxmoor Center |
| Macy’s, Sears, Von Maur |
| 100 | % | Louisville, KY |
| 358,150 |
| 156,000 |
| 411,210 |
| — |
| — |
| 925,360 |
| 95.2 | % |
Paramus Park |
| Macy’s, Sears |
| 100 | % | Paramus, NJ |
| 305,441 |
| — |
| 459,057 |
| — |
| — |
| 764,498 |
| 96.5 | % |
Park City Center |
| Bon Ton, Boscov’s, JCPenney, Kohl’s, Sears |
| 100 | % | Lancaster (Philadelphia), PA |
| 540,204 |
| 514,917 |
| 384,980 |
| — |
| — |
| 1,440,101 |
| 97.0 | % |
Park Place |
| Dillard’s, Macy’s, Sears |
| 100 | % | Tucson, AZ |
| 476,912 |
| — |
| 581,457 |
| — |
| — |
| 1,058,369 |
| 99.2 | % |
Peachtree Mall |
| Dillard’s, JCPenney, Macy’s |
| 100 | % | Columbus, GA |
| 296,684 |
| — |
| 508,615 |
| — |
| 12,600 |
| 817,899 |
| 95.4 | % |
Pecanland Mall |
| Belk, Dillard’s, JCPenney, Sears, Burlington Coat Factory |
| 100 | % | Monroe, LA |
| 350,234 |
| 83,398 |
| 532,038 |
| — |
| — |
| 965,670 |
| 97.1 | % |
Pembroke Lakes Mall |
| Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s, Macy’s Home Store, Sears |
| 100 | % | Pembroke Pines (Fort Lauderdale), FL |
| 350,047 |
| 395,219 |
| 386,056 |
| — |
| — |
| 1,131,322 |
| 93.6 | % |
Pine Ridge Mall |
| Herberger’s, JCPenney, Sears, Shopko |
| 100 | % | Pocatello, ID |
| 190,174 |
| 437,987 |
| — |
| — |
| — |
| 628,161 |
| 70.8 | % |
Pioneer Place |
|
|
| 100 | % | Portland, OR |
| 314,964 |
| — |
| 49,379 |
| — |
| 287,526 |
| 651,869 |
| 84.5 | % |
Prince Kuhio Plaza |
| Macy’s, Sears |
| 100 | % | Hilo, HI |
| 317,416 |
| 124,547 |
| 61,873 |
| — |
| — |
| 503,836 |
| 97.3 | % |
Providence Place |
| JCPenney, Macy’s, Nordstrom |
| 100 | % | Providence, RI |
| 748,981 |
| — |
| 513,691 |
| — |
| — |
| 1,262,672 |
| 98.7 | % |
Provo Towne Centre |
| Dillard’s, JCPenney, Sears |
| 75 | % | Provo, UT |
| 300,337 |
| 285,479 |
| 206,241 |
| — |
| — |
| 792,057 |
| 87.4 | % |
Red Cliffs Mall |
| Dillard’s, JCPenney, Sears |
| 100 | % | St. George, UT |
| 148,020 |
| 235,031 |
| — |
| 57,304 |
| — |
| 440,355 |
| 94.8 | % |
Regency Square Mall |
| Belk, Dillard’s, JCPenney, Sears |
| 100 | % | Jacksonville, FL |
| 556,169 |
| 479,846 |
| 399,155 |
| — |
| — |
| 1,435,170 |
| 64.5 | % |
Ridgedale Center |
| JCPenney, Macy’s, Sears |
| 100 | % | Minnetonka, MN |
| 325,999 |
| — |
| 702,380 |
| — |
| — |
| 1,028,379 |
| 87.1 | % |
River Hills Mall |
| Herberger’s, JCPenney, Sears, Target |
| 100 | % | Mankato, MN |
| 352,840 |
| 189,559 |
| 174,383 |
| — |
| — |
| 716,782 |
| 97.6 | % |
Rivertown Crossings |
| JCPenney, Kohl’s, Macy’s, Sears, Younkers |
| 100 | % | Grandville (Grand Rapids), MI |
| 639,501 |
| — |
| 635,625 |
| — |
| — |
| 1,275,126 |
| 93.3 | % |
Rogue Valley Mall |
| JCPenney, Kohl’s, Macy’s, Macy’s Home Store |
| 100 | % | Medford (Portland), OR |
| 283,310 |
| 170,625 |
| 186,359 |
| — |
| — |
| 640,294 |
| 88.7 | % |
Salem Center |
| JCPenney, Kohl’s, Macy’s, Nordstrom |
| 100 | % | Salem, OR |
| 200,210 |
| — |
| 438,000 |
| — |
| — |
| 638,210 |
| 95.2 | % |
Sooner Mall |
| Dillard’s, JCPenney, Sears |
| 100 | % | Norman, OK |
| 204,692 |
| 129,823 |
| 137,082 |
| — |
| — |
| 471,597 |
| 100.0 | % |
Southlake Mall |
| Macy’s, Sears |
| 100 | % | Morrow (Atlanta), GA |
| 272,254 |
| — |
| 740,252 |
| — |
| — |
| 1,012,506 |
| 90.0 | % |
Southshore Mall |
| JCPenney, Sears |
| 100 | % | Aberdeen, WA |
| 139,514 |
| 68,979 |
| 64,796 |
| — |
| — |
| 273,289 |
| 60.4 | % |
Southwest Plaza |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Littleton (Denver), CO |
| 636,949 |
| 93,630 |
| 541,851 |
| — |
| 90,067 |
| 1,362,497 |
| 87.8 | % |
Spokane Valley Mall |
| JCPenney, Macy’s, Sears |
| 75 | % | Spokane, WA |
| 345,848 |
| 126,243 |
| 252,841 |
| 132,048 |
| — |
| 856,980 |
| 95.6 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Staten Island Mall |
| Macy’s, Sears, JCPenney |
| 100 | % | Staten Island, NY |
| 535,679 |
| — |
| 657,363 |
| 83,151 |
| — |
| 1,276,193 |
| 95.6 | % |
Stonestown Galleria |
| Macy’s, Nordstrom |
| 100 | % | San Francisco, CA |
| 426,083 |
| 160,505 |
| 267,788 |
| — |
| 54,314 |
| 908,690 |
| 97.2 | % |
The Crossroads |
| Burlington Coat Factory, JCPenney, Macy’s, Sears |
| 100 | % | Portage (Kalamazoo), MI |
| 266,836 |
| — |
| 502,960 |
| — |
| — |
| 769,796 |
| 94.2 | % |
The Gallery At Harborplace |
|
|
| 100 | % | Baltimore, MD |
| 131,904 |
| — |
| — |
| — |
| 263,771 |
| 395,675 |
| 94.4 | % |
The Grand Canal Shoppes |
|
|
| 100 | % | Las Vegas, NV |
| 464,870 |
| — |
| — |
| — |
| 34,414 |
| 499,284 |
| 96.6 | % |
The Maine Mall |
| JCPenney, Macy’s, Sears |
| 100 | % | South Portland, ME |
| 510,331 |
| 120,844 |
| 377,662 |
| — |
| — |
| 1,008,837 |
| 97.6 | % |
The Mall In Columbia |
| JCPenney, Lord & Taylor, Macy’s, Nordstrom, Sears |
| 100 | % | Columbia, MD |
| 603,967 |
| 212,847 |
| 587,321 |
| — |
| — |
| 1,404,135 |
| 99.5 | % |
The Oaks Mall |
| Belk, Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Gainesville, FL |
| 339,892 |
| 233,367 |
| 324,500 |
| — |
| — |
| 897,759 |
| 95.8 | % |
The Parks At Arlington |
| Dillard’s, Jcpenney, Macy’s, Sears |
| 100 | % | Arlington (Dallas), TX |
| 697,600 |
| 63,857 |
| 748,945 |
| — |
| — |
| 1,510,402 |
| 98.3 | % |
The Shoppes At Buckland Hills |
| JCPenney, Macy’s, Macy’s Mens & Home, Sears |
| 100 | % | Manchester, CT |
| 525,572 |
| — |
| 512,611 |
| — |
| — |
| 1,038,183 |
| 90.7 | % |
The Shoppes At The Palazzo |
| Barneys New York |
| 100 | % | Las Vegas, NV |
| 204,061 |
| 84,743 |
| — |
| — |
| — |
| 288,804 |
| 98.6 | % |
The Shops At Fallen Timbers |
| Dillard’s, JCPenney |
| 100 | % | Maumee, OH |
| 328,778 |
| — |
| 261,502 |
| — |
| — |
| 590,280 |
| 96.6 | % |
The Shops at La Cantera |
| Dillard’s, Macy’s, Neiman Marcus, Nordstrom |
| 75 | % | San Antonio, TX |
| 591,186 |
| — |
| 627,597 |
| — |
| 70,169 |
| 1,288,952 |
| 98.6 | % |
The Streets At Southpoint |
| Hudson Belk, JCPenney, Macy’s, Nordstrom, Sears |
| 94 | % | Durham, NC |
| 607,552 |
| — |
| 726,347 |
| — |
| — |
| 1,333,899 |
| 97.3 | % |
The Woodlands Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Woodlands (Houston), TX |
| 575,044 |
| 167,480 |
| 575,439 |
| — |
| 39,471 |
| 1,357,434 |
| 98.8 | % |
Town East Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Mesquite (Dallas), TX |
| 416,580 |
| — |
| 809,386 |
| — |
| — |
| 1,225,966 |
| 99.2 | % |
Tucson Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 100 | % | Tucson, AZ |
| 634,337 |
| — |
| 641,458 |
| 12,000 |
| — |
| 1,287,795 |
| 94.6 | % |
Tysons Galleria |
| Macy’s, Neiman Marcus, Saks Fifth Avenue |
| 100 | % | McLean (Washington, D.C.), VA |
| 300,214 |
| — |
| 511,933 |
| — |
| — |
| 812,147 |
| 95.5 | % |
Valley Plaza Mall |
| JCPenney, Macy’s, Sears, Target |
| 100 | % | Bakersfield, CA |
| 519,199 |
| 147,792 |
| 509,176 |
| — |
| — |
| 1,176,167 |
| 97.3 | % |
Visalia Mall |
| JCPenney, Macy’s |
| 100 | % | Visalia, CA |
| 180,955 |
| 257,000 |
| — |
| — |
| — |
| 437,955 |
| 90.4 | % |
West Oaks Mall |
| Dillard’s, JCPenney, Sears |
| 100 | % | Ocoee (Orlando), FL |
| 410,735 |
| 368,720 |
| 286,070 |
| — |
| — |
| 1,065,525 |
| 67.0 | % |
Westlake Center |
|
|
| 100 | % | Seattle, WA |
| 102,859 |
| — |
| — |
| — |
| — |
| 102,859 |
| 90.2 | % |
Westroads Mall |
| JCPenney, Von Maur, Younkers |
| 100 | % | Omaha, NE |
| 541,163 |
| — |
| 529,402 |
| — |
| — |
| 1,070,565 |
| 95.0 | % |
White Marsh Mall |
| Boscov’s, JCPenney, Macy’s, Macy’s Home Store, Sears |
| 100 | % | Baltimore, MD |
| 438,859 |
| 257,345 |
| 466,011 |
| — |
| — |
| 1,162,215 |
| 98.2 | % |
Willowbrook |
| Bloomingdale’s, Lord & Taylor, Macy’s, Sears |
| 100 | % | Wayne, NJ |
| 493,021 |
| 2,060 |
| 1,028,000 |
| — |
| — |
| 1,523,081 |
| 98.0 | % |
Woodbridge Center |
| JCPenney, Lord & Taylor, Macy’s, Sears |
| 100 | % | Woodbridge, NJ |
| 670,886 |
| 274,100 |
| 711,873 |
| — |
| — |
| 1,656,859 |
| 95.9 | % |
Total Consolidated Regional Malls |
|
|
|
|
| Count: 102 |
| 42,409,483 |
| 15,397,007 |
| 39,293,111 |
| 1,261,550 |
| 1,766,836 |
| 100,127,987 |
| 94.1 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Unconsolidated Regional Malls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alderwood |
| JCPenney, Macy’s, Nordstrom, Sears |
| 50 | % | Lynnwood (Seattle), WA |
| 577,788 |
| — |
| 705,898 |
| — |
| — |
| 1,283,686 |
| 98.7 | % |
Altamonte Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 50 | % | Altamonte Springs (Orlando), FL |
| 475,979 |
| 158,658 |
| 519,890 |
| — |
| — |
| 1,154,527 |
| 96.5 | % |
Bridgewater Commons |
| Bloomingdale’s, Lord & Taylor, Macy’s |
| 35 | % | Bridgewater, NJ |
| 395,849 |
| 150,525 |
| 352,351 |
| 93,799 |
| — |
| 992,524 |
| 98.0 | % |
Carolina Place |
| Belk, Dillard’s, JCPenney, Macy’s, Sears |
| 50 | % | Pineville (Charlotte), NC |
| 383,517 |
| 277,404 |
| 496,098 |
| — |
| — |
| 1,157,019 |
| 98.7 | % |
Christiana Mall |
| JCPenney, Macy’s, Nordstrom, Target |
| 50 | % | Newark, DE |
| 467,274 |
| — |
| 641,312 |
| — |
| — |
| 1,108,586 |
| 98.9 | % |
Clackamas Town Center |
| JCPenney, Macy’s, Macy’s Home Store, Nordstrom, Sears |
| 50 | % | Happy Valley, OR |
| 596,650 |
| — |
| 774,842 |
| — |
| — |
| 1,371,492 |
| 97.7 | % |
First Colony Mall |
| Dillard’s, Dillard’s Men’s & Home, JCPenney, Macy’s |
| 50 | % | Sugar Land, TX |
| 504,182 |
| — |
| 619,048 |
| — |
| — |
| 1,123,230 |
| 97.0 | % |
Florence Mall |
| JCPenney, Macy’s, Macy’s Home Store, Sears |
| 50 | % | Florence (Cincinnati, OH), KY |
| 405,036 |
| — |
| 552,407 |
| — |
| — |
| 957,443 |
| 93.4 | % |
Galleria At Tyler |
| JCPenney, Macy’s, Nordstrom |
| 50 | % | Riverside, CA |
| 555,599 |
| — |
| 468,208 |
| — |
| — |
| 1,023,807 |
| 94.1 | % |
Glendale Galleria |
| JCPenney, Macy’s, Nordstrom, Target |
| 50 | % | Glendale, CA |
| 515,414 |
| 90,000 |
| 715,000 |
| — |
| 138,177 |
| 1,458,591 |
| 85.0 | % |
Kenwood Towne Centre |
| Dillard’s, Macy’s, Nordstrom |
| 50 | % | Cincinnati, OH |
| 520,030 |
| 240,656 |
| 400,665 |
| — |
| — |
| 1,161,351 |
| 97.0 | % |
Mizner Park |
| Lord & Taylor |
| 50 | % | Boca Raton, FL |
| 177,509 |
| 79,822 |
| — |
| — |
| 259,492 |
| 516,823 |
| 87.3 | % |
Natick Mall |
| JCPenney, Lord & Taylor, Macy’s, Sears |
| 50 | % | Natick (Boston), MA |
| 477,027 |
| 194,558 |
| 516,662 |
| — |
| — |
| 1,188,247 |
| 97.1 | % |
Natick West |
| Neiman Marcus, Nordstrom |
| 50 | % | Natick (Boston), MA |
| 265,517 |
| — |
| 236,430 |
| — |
| — |
| 501,947 |
| 95.7 | % |
Neshaminy Mall |
| Boscov’s, Macy’s, Sears |
| 50 | % | Bensalem, PA |
| 411,418 |
| 188,394 |
| 418,595 |
| — |
| — |
| 1,018,407 |
| 97.1 | % |
Northbrook Court |
| Lord & Taylor, Macy’s, Neiman Marcus |
| 50 | % | Northbrook (Chicago), IL |
| 476,317 |
| 126,000 |
| 410,277 |
| — |
| — |
| 1,012,594 |
| 96.5 | % |
Oakbrook Center |
| Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Sears |
| 48 | % | Oak Brook (Chicago), IL |
| 790,941 |
| 413,667 |
| 771,911 |
| — |
| 239,292 |
| 2,215,811 |
| 95.7 | % |
Otay Ranch Town Center |
| Macy’s |
| 50 | % | Chula Vista (San Diego), CA |
| 514,151 |
| — |
| 140,000 |
| — |
| — |
| 654,151 |
| 93.8 | % |
Owings Mills Mall(2) |
| JCPenney, Macy’s |
| 51 | % | Owings Mills, MD |
| 438,017 |
| 340,000 |
| 307,037 |
| — |
| 330,601 |
| 1,415,655 |
| 51.6 | % |
Park Meadows |
| Dillard’s, JCPenney, Macy’s, Nordstrom |
| 35 | % | Lone Tree, CO |
| 753,660 |
| — |
| 823,000 |
| — |
| — |
| 1,576,660 |
| 97.6 | % |
Perimeter Mall |
| Dillard’s, Macy’s, Nordstrom, Von Maur |
| 50 | % | Atlanta, GA |
| 503,333 |
| 222,056 |
| 831,218 |
| — |
| — |
| 1,556,607 |
| 91.1 | % |
Pinnacle Hills Promenade |
| Dillard’s, JCPenney |
| 50 | % | Rogers, AR |
| 360,344 |
| 98,540 |
| 162,140 |
| 358,195 |
| 31,999 |
| 1,011,218 |
| 95.3 | % |
Plaza Frontenac |
| Neiman Marcus, Saks Fifth Avenue, |
| 55 | % | St. Louis, MO |
| 222,027 |
| 125,669 |
| 135,044 |
|
|
|
|
| 482,740 |
| 94.7 | % |
Quail Springs Mall |
| Dillard’s, JCPenney, Macy’s, Sears |
| 50 | % | Oklahoma City, OK |
| 452,185 |
| 182,257 |
| 505,597 |
| — |
| — |
| 1,140,039 |
| 98.4 | % |
Riverchase Galleria |
| Belk, Belk Home Store, JCPenney, Macy’s, Sears, Von Maur |
| 50 | % | Hoover (Birmingham), AL |
| 502,361 |
| 467,220 |
| 610,026 |
| — |
| — |
| 1,579,607 |
| 94.9 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Saint Louis Galleria |
| Dillard’s, Macy’s, Nordstrom |
| 74 | % | St. Louis, MO |
| 463,428 |
| — |
| 714,052 |
| — |
| — |
| 1,177,480 |
| 96.7 | % |
Stonebriar Centre |
| Dillard’s, JCPenney, Macy’s, Nordstrom, Sears |
| 50 | % | Frisco (Dallas), TX |
| 789,030 |
| — |
| 865,192 |
| — |
| — |
| 1,654,222 |
| 99.3 | % |
The Shoppes At River Crossing |
| Belk, Dillard’s |
| 50 | % | Macon, GA |
| 371,293 |
| — |
| 333,219 |
| — |
| — |
| 704,512 |
| 99.4 | % |
Towson Town Center |
| Macy’s, Nordstrom |
| 35 | % | Towson, MD |
| 596,511 |
| — |
| 419,129 |
| — |
| — |
| 1,015,640 |
| 99.7 | % |
Village Of Merrick Park |
| Neiman Marcus, Nordstrom |
| 40 | % | Coral Gables, FL |
| 408,329 |
| — |
| 330,000 |
| — |
| 101,263 |
| 839,592 |
| 85.2 | % |
Water Tower Place |
| Macy’s |
| 52 | % | Chicago, IL |
| 391,879 |
| 296,128 |
| — |
| — |
| 88,809 |
| 776,816 |
| 98.2 | % |
Whaler’s Village |
|
|
| 50 | % | Lahaina, HI |
| 105,493 |
| — |
| — |
| — |
| — |
| 105,493 |
| 99.4 | % |
Willowbrook Mall |
| Dillard’s, JCPenney, Macy’s, Macy’s Mens, Sears |
| 50 | % | Houston, TX |
| 414,876 |
| — |
| 984,372 |
| — |
| — |
| 1,399,248 |
| 98.1 | % |
Total Unconsolidated Regional Malls |
|
|
|
|
| Count: 33 |
| 15,282,964 |
| 3,651,554 |
| 15,759,620 |
| 451,994 |
| 1,189,633 |
| 36,335,765 |
| 94.7 | % |
Total Regional Malls (5) |
|
|
|
|
| Count: 135 |
| 57,692,447 |
| 19,048,561 |
| 55,052,731 |
| 1,713,544 |
| 2,956,469 |
| 136,463,752 |
| 94.3 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Properties (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangu Shopping |
|
|
| 31 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 562,263 |
| — |
| — |
| — |
| — |
| 562,263 |
| 100.0 | % |
Boulevard Shopping Brasilia |
|
|
| 16 | % | Brasilia, Brazil |
| 182,179 |
| — |
| — |
| — |
| — |
| 182,179 |
| 92.8 | % |
Boulevard Shopping Belem |
|
|
| 24 | % | Belem, Brazil |
| 369,901 |
| — |
| — |
| — |
| — |
| 369,901 |
| 99.1 | % |
Boulevard Shopping Belo Horizonte |
|
|
| 22 | % | Belo Horizonte, Minas Gerais (Brazil) |
| 463,020 |
| — |
| — |
| — |
| — |
| 463,020 |
| 93.6 | % |
Boulevard Shopping Campina Grande |
|
|
| 24 | % | Campina Grande, Paraiba (Brazil) |
| 186,119 |
| — |
| — |
| — |
| — |
| 186,119 |
| 99.8 | % |
Boulevard Shopping Campos |
|
|
| 31 | % | Campose dos Goytacazes (Brazil) |
| 204,514 |
|
|
|
|
|
|
|
|
| 204,514 |
| 100.0 | % |
Carioca Shopping |
|
|
| 31 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 256,235 |
| — |
| — |
| — |
| — |
| 256,235 |
| 97.0 | % |
Caxias Shopping |
|
|
| 28 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 275,115 |
| — |
| — |
| — |
| — |
| 275,115 |
| 98.7 | % |
Santana Parque Shopping |
|
|
| 16 | % | Sao Paulo, Sao Paulo (Brazil) |
| 285,233 |
| — |
| — |
| — |
| — |
| 285,233 |
| 96.1 | % |
Shopping Grande Rio |
|
|
| 8 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 395,789 |
| — |
| — |
| — |
| — |
| 395,789 |
| 99.0 | % |
Shopping Iguatemi Salvador |
|
|
| 17 | % | Salvador, Bahia (Brazil) |
| 671,032 |
| — |
| — |
| — |
| — |
| 671,032 |
| 99.4 | % |
Shopping Leblon |
|
|
| 35 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 247,591 |
| — |
| — |
| — |
| — |
| 247,591 |
| 99.0 | % |
Shopping Santa Ursula |
|
|
| 12 | % | Ribeirao Preto, Brazil |
| 240,336 |
| — |
| — |
| — |
| — |
| 240,336 |
| 96.9 | % |
Shopping Taboao |
|
|
| 25 | % | Taboao da Serra, Sao Paulo (Brazil) |
| 383,206 |
| — |
| — |
| — |
| — |
| 383,206 |
| 99.7 | % |
Via Parque Shopping |
|
|
| 22 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 611,411 |
| — |
| — |
| — |
| — |
| 611,411 |
| 99.5 | % |
Parque Shopping Belem |
|
|
| 16 | % | Rio de Janeiro, Rio de Janeiro (Brazil) |
| 334,725 |
| — |
| — |
| — |
| — |
| 334,725 |
| 87.8 | % |
International Properties (3) |
|
|
|
|
| Count: 16 |
| 5,668,669 |
| — |
| — |
| — |
| — |
| 5,668,669 |
| 97.7 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Stand Alone Offices and Strip Centers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| 6,500 |
| — |
| — |
| — |
| 87,264 |
| 93,764 |
| 72.5 | % |
20 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| — |
| — |
| — |
| — |
| 103,497 |
| 103,497 |
| 81.0 | % |
30 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| 14,165 |
| — |
| — |
| — |
| 129,167 |
| 143,332 |
| 78.5 | % |
40 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| — |
| — |
| — |
| — |
| 135,064 |
| 135,064 |
| 90.4 | % |
50 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| 7,750 |
| — |
| — |
| — |
| 111,871 |
| 119,621 |
| 78.2 | % |
60 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| — |
| — |
| — |
| — |
| 102,013 |
| 102,013 |
| 81.3 | % |
70 Columbia Corporate Center |
|
|
| 100 | % | Columbia, MD |
| — |
| — |
| — |
| — |
| 169,639 |
| 169,639 |
| 29.0 | % |
10000 Covington Cross |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 35,867 |
| 35,867 |
| 100.0 | % |
10000 West Charleston |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 71,388 |
| 71,388 |
| 84.6 | % |
10190 Covington Cross |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 74,895 |
| 74,895 |
| 84.9 | % |
10450 West Charleston Blvd |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 71,607 |
| 71,607 |
| 100.0 | % |
1120-1140 Town Center Drive |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 104,220 |
| 104,220 |
| 79.3 | % |
1160-1180 Town Center Drive |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 104,567 |
| 104,567 |
| 17.5 | % |
1201-1241 Town Center Drive |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 75,831 |
| 75,831 |
| 2.4 | % |
1251-1281 Town Center Drive |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 54,168 |
| 54,168 |
| 0.0 | % |
1551 Hillshire Drive |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 69,500 |
| 69,500 |
| 0.0 | % |
1635 Village Center Circle |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 38,539 |
| 38,539 |
| 24.1 | % |
1645 Village Center Circle |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 47,399 |
| 47,399 |
| 76.9 | % |
9901-9921 Covington Cross |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 57,110 |
| 57,110 |
| 20.1 | % |
9950-9980 Covington Cross |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 81,712 |
| 81,712 |
| 0.0 | % |
Corporate Pointe 2 |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 41,390 |
| 41,390 |
| 100.0 | % |
Corporate Pointe 3 |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 68,346 |
| 68,346 |
| 100.0 | % |
Crossing Business Center 6 |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 52,975 |
| 52,975 |
| 0.0 | % |
Crossing Business Center 7 |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| — |
| 58,950 |
| 58,950 |
| 100.0 | % |
Senate Plaza |
|
|
| 100 | % | Harrisburg-Carlisle, PA |
| 11,186 |
| — |
| — |
| — |
| 230,760 |
| 241,946 |
| 88.6 | % |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of June 30, 2012
Property Name |
| Anchors |
| GGP |
| Location |
| Mall and |
| Anchor GLA |
| Anchor GLA |
| Strip Center |
| Office GLA |
| Total GLA |
| Retail |
|
Austin Bluffs Plaza |
|
|
| 100 | % | Colorado Springs, CO |
| — |
| — |
| — |
| 109,402 |
| — |
| 109,402 |
| 47.1 | % |
Baskin Robbins |
|
|
| 100 | % | Idaho Falls, ID |
| — |
| — |
| — |
| 1,814 |
| — |
| 1,814 |
| 100.0 | % |
Center Point Plaza (4) |
|
|
| 50 | % | Las Vegas, NV |
| 70,299 |
| — |
| — |
| 74,336 |
| — |
| 144,635 |
| 95.7 | % |
Columbia Bank Drive Thru |
|
|
| 100 | % | Columbia, MD |
| — |
| — |
| — |
| 17,000 |
| — |
| 17,000 |
| 100.0 | % |
Fallbrook Center |
|
|
| 100 | % | West Hills (Los Angeles), CA |
| — |
| — |
| — |
| 875,702 |
| — |
| 875,702 |
| 88.7 | % |
Fort Union |
|
|
| 100 | % | Midvale (Salt Lake City), UT |
| — |
| — |
| — |
| 30,793 |
| — |
| 30,793 |
| 80.5 | % |
Fremont Plaza |
|
|
| 100 | % | Las Vegas, NV |
| — |
| — |
| — |
| 54,076 |
| — |
| 54,076 |
| 78.7 | % |
Lake Mead & Buffalo (4) |
|
|
| 50 | % | Las Vegas, NV |
| 64,991 |
| — |
| — |
| 85,957 |
| — |
| 150,948 |
| 98.4 | % |
Lincolnshire Commons |
|
|
| 100 | % | Lincolnshire (Chicago), IL |
| — |
| — |
| — |
| 118,562 |
| — |
| 118,562 |
| 100.0 | % |
Lockport Mall |
|
|
| 100 | % | Lockport, NY |
| — |
| — |
| — |
| 90,734 |
| — |
| 90,734 |
| 100.0 | % |
Orem Plaza Center Street |
|
|
| 100 | % | Orem, UT |
| — |
| — |
| — |
| 90,218 |
| — |
| 90,218 |
| 100.0 | % |
Orem Plaza State Street |
|
|
| 100 | % | Orem, UT |
| — |
| — |
| — |
| 27,240 |
| — |
| 27,240 |
| 46.2 | % |
Plaza 800 |
|
|
| 100 | % | Sparks (Reno), NV |
| — |
| — |
| — |
| 72,431 |
| — |
| 72,431 |
| 87.5 | % |
River Pointe Plaza |
|
|
| 100 | % | West Jordan (Salt Lake City), UT |
| — |
| — |
| — |
| 224,234 |
| — |
| 224,234 |
| 96.6 | % |
The Trails Village Center (4) |
|
|
| 50 | % | Las Vegas, NV |
| — |
| — |
| — |
| 174,644 |
| — |
| 174,644 |
| 97.2 | % |
University Crossing |
|
|
| 100 | % | Orem, UT |
| — |
| — |
| — |
| 209,324 |
| — |
| 209,324 |
| 97.0 | % |
Woodlands Village |
|
|
| 100 | % | Flagstaff, AZ |
| — |
| — |
| — |
| 91,810 |
| — |
| 91,810 |
| 87.4 | % |
Total Stand Alone Offices and Strip Centers |
|
|
|
|
| Office Count: 25 |
| 174,891 |
| — |
| — |
| 2,348,277 |
| 2,177,739 |
| 4,700,907 |
| Office: 37.3 | % |
|
|
|
|
| Strip Center Count: 17 |
|
|
|
|
|
|
|
|
|
|
|
|
| Strip: 90.5 | % |
(1) For stand alone offices, office occupancy is presented.
(2) For the 320K s.f. of office area at Owings Mills Mall, GGP owns 65% of One Corporate Center and 55% of Two Corporate Center.
(3) GGP’s Investment in Brazil is through an ownership interest in Aliansce and Luanda. For these properties, only Mall and Freestanding GLA is presented.
(4) Third party managed strip center.
(5) Refer to page 21 (Key Operating Performance Indicators).
Miscellaneous
MISCELLANEOUS |
Capital Information
(in thousands, except per share amounts)
|
| June 30, 2012 |
| |
|
|
|
| |
Closing common stock price per share |
| $ | 18.09 |
|
52 Week High (1) |
| 18.44 |
| |
52 Week Low (1) |
| 10.68 |
| |
|
|
|
| |
Portfolio Net Debt |
|
|
| |
Portfolio Debt |
|
|
| |
Fixed |
| $ | 17,120,138 |
|
Variable (2) |
| 2,149,573 |
| |
Total Portfolio Debt |
| 19,269,711 |
| |
Warrant Liability |
| 1,275,662 |
| |
Less: Cash and Cash Equivalents |
| (616,694 | ) | |
Portfolio Net Debt |
| $ | 19,928,679 |
|
|
|
|
| |
Portfolio Capitalization Data |
|
|
| |
Portfolio Net Debt |
| $ | 19,928,679 |
|
Preferred Securities: |
|
|
| |
Perpetual Preferred Units at 8.25% |
| 5,000 |
| |
Convertible Preferred Units at 6.50% |
| 26,637 |
| |
Convertible Preferred Units at 7.00% |
| 25,133 |
| |
Convertible Preferred Units at 8.50% |
| 72,212 |
| |
Preferred redeemable noncontrolling interests |
| $ | 128,982 |
|
Other Preferred Stock |
| 360 |
| |
Total Preferred Securities |
| $ | 129,342 |
|
|
|
|
| |
Common stock and Operating Partnership units outstanding at end of period (3) |
| $ | 18,250,852 |
|
Total Market Capitalization at end of period |
| $ | 38,308,873 |
|
(1) 52-week pricing information includes the intra-day highs and lows.
(2) Includes Shopping Leblon / Aliansce (Brazil) debt of approximately $222 million.
(3) Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of 1.0397624 multiplied by the closing share price.
MISCELLANEOUS |
Change in Total Common and Equivalent Shares
|
| Operating |
| Company Common |
| Total Common & |
|
|
|
|
|
|
|
|
|
Common Shares and Operating Partnership Units (“OP Units”) Outstanding at December 31, 2011 |
| 6,597,748 |
| 935,307,487 |
| 941,905,235 |
|
DRIP |
|
|
| 2,582,327 |
| 2,582,327 |
|
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised |
|
|
| (11,162 | ) | (11,162 | ) |
Issuance of stock for employee stock purchase program |
|
|
| 99,533 |
| 99,533 |
|
Common Shares and OP Units Outstanding at June 30, 2012 |
| 6,597,748 |
| 937,978,185 |
| 944,575,933 |
|
|
|
|
|
|
|
|
|
Common Shares issuable assuming exercise of warrants (1) |
|
|
| 61,888,483 |
|
|
|
Common Shares issuable assuming exercise of in-the-money stock options (2) |
|
|
| 2,165,017 |
|
|
|
Common Shares issuable assuming exchange of OP Units |
|
|
| 6,860,090 |
|
|
|
Diluted Common Shares and OP Units Outstanding at June 30, 2012 |
|
|
| 1,008,891,775 |
|
|
|
|
| Three Months Ended |
| Six Months Ended |
| ||||
|
| June 30, 2012 |
| June 30, 2011 |
| June 30, 2012 |
| June 30, 2011 |
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Diluted weighted average number of Company shares outstanding (in thousands) - GAAP EPS |
| 937,789 |
| 946,769 |
| 937,531 |
| 952,072 |
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Diluted weighted average number of Company shares outstanding (in thousands) - FFO/Core FFO |
| 1,004,878 |
| 998,236 |
| 1,001,642 |
| 1,001,117 |
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(1) GGP has 120 million warrants outstanding, each convertible to 1.1031 Common Shares with a weighted average exercise price of $9.64, with a scheduled expiration of November 9, 2017. 57.5 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.
Pursuant to the Plan, warrants to purchase equity were issued to the Plan Sponsors on the Effective Date. The warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration. Under certain circumstances, holders of the warrants may elect to require GGP to redeem the warrants in cash (“Cash Settlement”), based on a defined formula related to GGP’s common stock. The existence of the Cash Settlement feature, however remote, results in the warrants to be classified as a liability for GAAP, carried at fair value with changes in fair value accounted for in net income.
Shares Subject to |
| Weighted Average Exercise Price |
| Expiration Date |
| Impact of Dividend issued to stockholders of record as of April 16, |
| Impact of settling warrants via net share | |||
66,186,000 |
| $ | 9.75 |
| Nov 9, 2017 |
| Reduces exercise price to $9.7456 |
| Increases number of Common shares per warrant to 1.1031 |
| Net share: 66,186,000 x [18.09 - 9.7456] / |
66,186,000 |
| $ | 9.52 |
| Nov 9, 2017 |
| Reduces exercise price to $9.5190 |
| Increases number of Common shares per warrant to 1.1031 |
| Net share: 66,186,000 x [18.09 - 9.5190] / |
132,372,000 |
| $ | 9.64 |
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| 61,888,483 shares delivered |
(2) The options are included at net share settlement.
(3) Based on dividend of $93.7 million in cash and 287,463 shares issued to stockholders of record on April 16, 2011. Common stock price of $16.07 on April 13, 2012.
MISCELLANEOUS | |
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Development Summary |
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Selected Expansions and Redevelopments (in millions, at share unless otherwise noted) (1)
Property |
| Description |
| Ownership % |
| GGP’s Total |
| GGP’s Investment |
| Expected Return |
| Estimated |
| Estimated |
| Percentage Leased |
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Major Redevelopment Summary |
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Fashion Show Las Vegas, NV |
| Addition of anchor, inline and new vertical transportation |
| 100 | % | $ | 51.6 |
| $ | 0.2 |
| 13.0 | % | Under Construction |
| Q4 2013 |
| 0 | % |
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Glendale Galleria Glendale, CA |
| Addition of Bloomingdale’s, Remerchandising, Business Development and Renovation |
| 50 | % | 57.5 |
| 2.2 |
| 10.0 | % | Under Construction |
| Q4 2013 |
| N/A | (6) | ||
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North Point Alpharetta, GA |
| Demolish vacant Parisian store and construct new theater |
| 100 | % | 10.1 |
| 0.0 |
| 12.4 | % | Q3 2012 |
| Q4 2013 |
| 100 | % | ||
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Northridge Fashion Center Northridge, CA |
| Addition of Sports Authority, Restaurants and Plaza Improvements |
| 100 | % | 12.2 |
| 2.8 |
| 13.0 | % | Under Construction |
| Q4 2012 |
| 92 | % | ||
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| $ | 131.4 |
| $ | 5.2 |
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Capital Expenditures ( $in thousands)
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| Six Months Ended |
| Six Months Ended |
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Capital Expenditures (3), (4) |
| $ | 46,004 |
| $ | 23,267 |
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Tenant Allowances and Capitalized Leasing Costs (5) |
| 60,896 |
| 48,160 |
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Total |
| $ | 106,900 |
| $ | 71,427 |
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(1) | Excludes international projects. |
(2) | Return on Investment represents first year stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary. |
(3) | Reflects only non-tenant operating capital expenditures at our proportionate share. Certain prior period amounts have been reclassified to conform to the current period presentation. |
(4) | Restated from prior filings to exclude discontinued operations. |
(5) | Reflects tenant allowances on current operating properties at our proportionate share. |
(6) | Redevelopment will not add GLA, mall is 85% leased. |
MISCELLANEOUS | |
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Corporate Information |
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Stock Listing
Common Stock
NYSE: GGP
Common Stock Dividend
The Company declared a Cash Dividend for the first quarter 2012 of $0.10 per share on February 27, 2012, paid on April 30, 2012, to Common shareholders of record on April 13, 2012. The Company declared a Cash Dividend for the second quarter 2012 of $0.10 per share on May 1, 2012, paid on July 30, 2012, to Common shareholders of record on July 16, 2012. The Company declared a third quarter common stock dividend of $0.11 per share payable on October 29, 2012 to stockholders of record on October 15, 2012. In addition, we maintain a Dividend Reinvestment Plan (“DRIP”) in which all eligible stockholders may participate. There can be no assurance that we will not determine to pay a portion of our 2012 dividends in shares of our common stock, as permitted by REIT distribution requirements. GGP may suspend, terminate or amend the DRIP at any time.
Investor Relations |
| Transfer Agent |
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Kevin Berry |
| American Stock Transfer & Trust Company, LLC |
Vice President, Investor Relations |
| 6201 15th Avenue |
General Growth Properties |
| Brooklyn, NY 11219 |
110 North Wacker Drive |
| Phone: (866) 627-2643 |
Chicago, IL 60606 |
| Foreign Investor Line: |
Phone (312) 960-5529 |
| +1 718 921-8124 |
kevin.berry@ggp.com |
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Media Contact |
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David Keating |
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Vice President, Corporate Communications |
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General Growth Properties |
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110 North Wacker Drive |
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Chicago, IL 60606 |
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Phone (312) 960-6325 |
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david.keating@ggp.com |
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MISCELLANEOUS | |
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Glossary of Terms |
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Terms |
| Description |
Gross Leasable Area (GLA) |
| Total gross leasable space at 100%. |
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Mall and Freestanding |
| Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores. |
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Anchor/Traditional Anchor |
| Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants. |
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Strip Center |
| An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. |
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Office |
| Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component. |
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Specialty Leasing |
| Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice. |
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Same Store Core NOI |
| Comparative Core NOI that excludes the periodic effects of acquisitions, dispositions and changes in ownership specific to the U.S. Regional Mall Portfolio. |
Operating Metrics |
| Description |
Leased |
| Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area. |
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Occupied |
| Occupied area represents the sum of: (1) tenant occupied space under lease (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area. |
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Tenant Sales |
| Comparative rolling twelve month sales for mall stores less than 10,000 square feet. |
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Occupancy Cost |
| Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet. |
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In-Place Rent |
| Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
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Expiring Rent |
| Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes. |
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Initial Rent |
| Represents initial rent at the time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes. |
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Average Rent |
| Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes. |
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Initial Rent Spread |
| Dollar spread between Initial Rent and Expiring Rent. |
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Average Rent Spread |
| Dollar spread between Average Rent and Expiring Rent. |