Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: November 30, 2009
Federal Tax I.D. # 42-1283895
CORPORATE MONTHLY OPERATING REPORT
FOR FILING ENTITIES ONLY
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: November 30, 2009
Federal Tax I.D. # 42-1283895
CORPORATE MONTHLY OPERATING REPORT
FOR FILING ENTITIES ONLY
I declare under penalties of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
GENERAL GROWTH PROPERTIES, INC. | ||||
Date: December 30, 2009 | by: | /s/ Edmund Hoyt | ||
Edmund Hoyt | ||||
Chief Financial Officer |
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Debtors Monthly Operating Report as of and for the Month Ended November 30, 2009
Index
Combined Condensed Statements of Income and Comprehensive Income for the Month Ended November 30, 2009 and Cumulative Post-Petition Period Ended November 30, 2009 | 3 | |||
Combined Condensed Balance Sheet | 4 | |||
Notes to Unaudited Combined Condensed Financial Statements | 5 | |||
Note 1: Chapter 11 Cases and Proceedings | 5 | |||
Note 2: Basis of Presentation | 6 | |||
Note 3: Summary of Significant Accounting Policies | 7 | |||
Note 4: Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders | 7 | |||
Note 5: Certain Other Assets and Liabilities and Liabilities Subject to Compromise | 8 | |||
Note 6: Rejected Contracts and Related Matters | 9 | |||
Note 7: General and Administrative Expenses and Reorganization Items | 10 | |||
Schedules: | ||||
Schedule I Schedule of Combined Condensed Statement of Income and Comprehensive Income for the Month Ended November 30, 2009 | 11 | |||
Schedule II Schedule of Combined Condensed Balance Sheet as of November 30, 2009 | 12 | |||
Schedule III Schedule of Payroll and Payroll Taxes | 13 | |||
Schedule IV Schedule of Federal, State and Local Taxes | 13 | |||
Schedule V Schedule of Total Disbursements by Debtor | 23 | |||
Schedule VI Schedule of Debtors’ Operating Property Aged Tenant Accounts Receivable | 33 | |||
Schedule VII Status of Mortgages Payable For Debtors | 34 | |||
Schedule VIII Chapter 11 Retained Professionals Detail | 37 | |||
Schedule IX Schedule of Non-Noticed andDe MinimisAsset Sales | 38 | |||
Schedule X Debtors Questionnaire | 40 |
2
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
COMBINED CONDENSED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
Month Ended | Cumulative Post-Petition | |||||||
November 30, 2009 | Period Ended November 30, 2009 | |||||||
(In thousands, except for | ||||||||
per share amounts) | ||||||||
Revenues: | ||||||||
Minimum rents | $ | 141,206 | $ | 1,042,035 | ||||
Tenant recoveries | 62,657 | 467,213 | ||||||
Overage rents | 5,776 | 24,580 | ||||||
Land sales | 746 | 5,336 | ||||||
Other | 6,414 | 45,895 | ||||||
Total revenues | 216,799 | 1,585,059 | ||||||
Expenses: | ||||||||
Real estate taxes | 20,157 | 147,640 | ||||||
Repairs and maintenance | 18,143 | 116,734 | ||||||
Marketing | 3,625 | 17,778 | ||||||
Ground and other rents | 932 | 7,812 | ||||||
Other property operating costs | 25,680 | 207,989 | ||||||
Land sales operations | 1,511 | 12,099 | ||||||
Provision for doubtful accounts | 75 | 15,063 | ||||||
Property management and other costs | 9,329 | 63,586 | ||||||
General and administrative | 1,475 | 41,050 | ||||||
Provisions for impairment | — | 133,327 | ||||||
Depreciation and amortization | 50,700 | 385,619 | ||||||
Total expenses | 131,627 | 1,148,697 | ||||||
Operating income | 85,172 | 436,362 | ||||||
Interest (expense) income, net | (94,645 | ) | (724,226 | ) | ||||
Loss before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items | (9,473 | ) | (287,864 | ) | ||||
Benefit (provision) from income taxes | (1,831 | ) | 584 | |||||
Equity in income of Real Estate Affiliates | 10,889 | 75,719 | ||||||
Reorganization items | (4,977 | ) | (63,731 | ) | ||||
Loss from continuing operations | (5,392 | ) | (275,292 | ) | ||||
Net loss | (5,392 | ) | (275,292 | ) | ||||
Allocation to noncontrolling interests | (992 | ) | (2,067 | ) | ||||
Net loss attributable to common stockholders | $ | (6,384 | ) | $ | (277,359 | ) | ||
Basic and Diluted Loss Per Share: | $ | (0.02 | ) | $ | (0.89 | ) | ||
Dividends declared per share | — | — | ||||||
Comprehensive Loss, Net: | ||||||||
Net loss attributable to common stockholders | $ | (6,384 | ) | $ | (277,359 | ) | ||
Other comprehensive income, net: | ||||||||
Unrealized gains, net of unrealized losses, on financial instruments | 1,040 | 13,500 | ||||||
Accrued pension adjustment | 183 | 539 | ||||||
Foreign currency translation | (766 | ) | 47,073 | |||||
Unrealized gains on available-for-sale securities | — | 93 | ||||||
Other comprehensive income, net | 457 | 61,205 | ||||||
Comprehensive loss attributable to common stockholders | $ | (5,927 | ) | $ | (216,154 | ) | ||
The accompanying notes are an integral part of these combined condensed financial statements.
3
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)
(UNAUDITED)
November 30, 2009 | ||||
(Dollars in thousands) | ||||
Assets: | ||||
Investment in real estate: | ||||
Land | $ | 2,946,948 | ||
Buildings and equipment | 19,475,610 | |||
Less accumulated depreciation | (4,074,153 | ) | ||
Developments in progress | 780,120 | |||
Net property and equipment | 19,128,525 | |||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 390,402 | |||
Investment property and property held for development and sale | 1,188,232 | |||
Investment in controlled non-debtor entities | 3,982,625 | |||
Net investment in real estate | 24,689,784 | |||
Cash and cash equivalents | 739,157 | |||
Accounts and notes receivable, net | 332,173 | |||
Goodwill | 205,257 | |||
Deferred expenses, net | 238,635 | |||
Prepaid expenses and other assets | 546,753 | |||
Total assets | $ | 26,751,759 | ||
Liabilities and Equity: | ||||
Mortgages, notes and loans payable | $ | 400,000 | ||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 32,363 | |||
Deferred tax liabilities | 906,021 | |||
Accounts payable and accrued expenses | 735,374 | |||
Liabilities not subject to compromise | 2,073,758 | |||
Liabilities subject to compromise | 22,508,578 | |||
Total liabilities | 24,582,336 | |||
Redeemable noncontrolling interests: | ||||
Preferred | 120,756 | |||
Common | 35,686 | |||
Total redeemable noncontrolling interests | 156,442 | |||
Commitments and Contingencies | — | |||
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding | — | |||
Equity: | ||||
Common stock: $.01 par value; 875,000,000 shares authorized, 313,831,467 shares issued as of November 30, 2009 | 3,138 | |||
Additional paid-in capital | 3,793,991 | |||
Retained earnings (accumulated deficit) | (1,717,855 | ) | ||
Accumulated other comprehensive loss | (3,617 | ) | ||
Less common stock in treasury, at cost, 1,449,939 shares as of November 30, 2009 | (76,752 | ) | ||
Total stockholder’s equity | 1,998,905 | |||
Noncontrolling interests in consolidated real estate affiliates | 14,076 | |||
Total equity | 2,012,981 | |||
Total liabilities and equity | $ | 26,751,759 | ||
The accompanying notes are an integral part of these combined condensed financial statements.
4
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 1 Chapter 11 Cases and Proceedings
As previously disclosed pursuant to the Monthly Operating Report filed on June 15, 2009, for the period ended April 30, 2009 (the “April MOR”), on April 16, 2009 (“the Petition Date”), General Growth Properties, Inc. (the “Company”), GGP Limited Partnership (“GGPLP”) and certain of the Company’s domestic subsidiaries (collectively, the “April 16 Debtors”) each filed voluntary petitions for relief pursuant to Chapter 11 (“Chapter 11”) of Title 11 of the United States Code (the “Bankruptcy Code”). On April 23, 2009, an additional 28 of the Company’s domestic subsidiaries (the “April 22 Debtors”) also filed voluntary petitions for Chapter 11 relief. The 388 Debtors’ cases (collectively, the “Chapter 11 Cases”) are pending in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) and are jointly administered. The April 16 Debtors and April 22 Debtors are collectively referred to in this report as the “Debtors”. As provided by the rules and regulations governing the Chapter 11 Cases, the Company, on behalf of the Debtors, has agreed to supply to the Bankruptcy Court a monthly report detailing the combined operations for the Debtors as of and for the previous month as well as cumulatively from the Petition Date. Such reports for each month are collectively referred to as the “Monthly Operating Reports”.
The Debtors own and operate approximately 166 regional shopping centers. A list of the Debtors and the properties affected by these Chapter 11 Cases (each an “Operating Property” and, collectively, the “Operating Properties”) is included as Annex A to the Monthly Operating Report filed on June 30, 2009 for the period ended May 31, 2009 (the “May MOR”). As many of the parties affected by, or interested in, the Chapter 11 Cases identify a Debtor by the Operating Property that it owns and/or manages, rather than by such Debtor’s legal name, where appropriate, the Company has reported information either on a by Debtor or on an Operating Property basis. For information regarding the Chapter 11 Cases preceding the filing of this monthly operating report, please see Note 1 of each of the respective previously filed Monthly Operating Reports.
Since the Petition Date, the Bankruptcy Court has granted various motions that allow the Company to continue to operate its business in the ordinary course without interruption during the Chapter 11 Cases covering, among other things, employee obligations and incentive compensation, critical service providers, tax matters, insurance matters, tenant and contractor obligations, claim settlements, ordinary course property sales, cash management and cash collateral. The Bankruptcy Court has ruled that until February 26, 2010, the Debtors have the exclusive right to file a plan of reorganization and, if they do so, they have until April 23, 2010 to obtain necessary acceptances of such plan. However, the Debtors have the right to request an extension of such exclusivity period to file a plan of reorganization until October 13, 2010, which extension is subject to the approval of the Bankruptcy Court.
As of the date of this report, the Bankruptcy Court has confirmed plans of reorganization for 214 Debtors (the “Track 1 Debtors”) owning 110 properties with approximately $11.55 billion of secured loans. The plans of reorganization (the “Track 1 Plans”), generally provide for, in exchange for payment of certain extension fees and cure of previously unpaid amounts due on the applicable mortgage loans (primarily, principal amortization otherwise scheduled to have been paid since the Petition Date), the extension of the secured mortgage loans at previously existing non-default interest rates. As a result of the extensions, the weighted average duration of the ninety-three loans associated with these properties is 6.3 years and the weighted average interest rate (including fees) is 5.56%. In addition, the Track 1 Plan provides for the payment in full of all undisputed claims of creditors of the Track 1 Debtors. Effectiveness of the Track 1 Plans and emergence from bankruptcy are subject to various conditions and approvals, including completion of definitive documentation and approval of the Class B noteholders or mezzanine holders in certain circumstances. Effectiveness of the plans of reorganization and emergence from bankruptcy of the Track 1 Debtors is expected to commence in December 2009 and continue through early 2010. The Chapter 11 Cases for the remaining Debtors will continue.
On December 18, 2009, the Bankruptcy Court approved the payment of a $0.19 per share dividend to holders of GGP common stock declared by the GGP Board of Directors. The dividend, comprised of a combination of cash and common stock, is payable on January 28, 2010 to stockholders of record on December 28, 2009. The stockholders may elect to receive payment of the dividend all in cash or all in common stock. The cash component of the dividend will not exceed 10% in the aggregate. To the extent that more than 10% of cash is elected, the cash portion will be prorated. Stockholders who do not make an election will receive 100% in common stock. The number of shares of common stock issued as a result of the dividend will be calculated based on the volume weighted average trading prices of GGP’s common stock on January 20, 21 and 22, 2010.
5
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 2 Basis of Presentation
The Monthly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the Office of the United States Trustee (the “U.S. Trustee”) and the Bankruptcy Court. As a result, only relevant financial information for the Debtors has been included in the information presented in the Monthly Operating Report. Accordingly, a significant number of legal entities owned and controlled by GGP, and the related assets, liabilities and operating results of such entities, have been excluded from this Monthly Operating Report as such entities are operating outside of the provisions of Chapter 11. The Debtors’ ownership interest in such excluded entities (the “Non-Debtors”) has been reflected as investment in controlled Non-Debtors at the Debtors’ ownership share (typically 100%). In addition, the applicable earnings/loss of such controlled Non-Debtor entities, along with the Debtors’ share of the applicable income/loss of Unconsolidated Real Estate Affiliates, has been included in the equity in income of Real Estate Affiliates. Further, in the Combined Condensed Statement of Income and Comprehensive Income, the operations for the Debtors are presented from each of their respective Petition Dates forward. As a result, the unaudited financial statements contained in this Monthly Operating Report are not and will not be consistent with the Company’s financial statement filings submitted to the United States Securities and Exchange Commission (the “SEC”) for this or any previous or future period.
The accompanying combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities of the Debtors in the normal course of business. In particular, as each of the Debtors is currently operating as a debtor-in-possession under the provisions of Chapter 11, these combined condensed financial statements have been prepared in accordance with the specialized accounting guidance for entities in reorganization under the Bankruptcy Code. Accordingly, the Debtors’ combined financial statements do not reflect any adjustments related to the recoverability of assets and satisfaction of liabilities that might be necessary should they be unable to continue as a going concern. However, such specialized guidance provides that all pre-petition liabilities subject to compromise (“LSTC” — see Note 5) have been segregated from liabilities not subject to compromise in the combined balance sheet and have been classified as LSTC, at the estimated amount of allowed claims. Interest expense related to pre-petition LSTC has been reported only to the extent that it is (i) estimated to be paid during the pendency of the Chapter 11 Cases, (ii) permitted by the Bankruptcy Court, or (iii) expected to be an allowed claim and may be paid or settled for less than the amount reported. In addition, to the extent any interest expense is unpaid, such accrued amounts may be paid or settled, in full or partially, in the form of equity and/or cash or any combination thereof. Expenses, provisions for losses resulting from the reorganization and certain other items directly related to the Chapter 11 Cases are reported separately in our combined condensed statement of operations as reorganization items (Note 7).
The unaudited financial statements for the Debtors contained in this Monthly Operating Report have been derived from the books and records of the Company. All significant intercompany balances and transactions between the Debtors have been eliminated. All intercompany balances with Non-Debtors are non-interest bearing (except to the extent such bearers are between taxable and non-taxable entities), unsecured, payable on demand and have been reflected as a component of equity. In addition, the financial information contained in such financial statements for the Debtors is preliminary and unaudited and does not purport to show the results of operations or statements of position in accordance with GAAP as, primarily, only normal recurring adjustments are made for the routine monthly closing of our books. Accordingly, certain reclassifications, eliminations, accruals, valuations, reserve adjustments and disclosure items may not have been made for such purposes of this Monthly Operating Report. If this information had been subject to the procedures performed to prepare our quarterly and annual financial information in accordance with GAAP and the rules and regulations of the SEC, we believe that the financial information could be subject to changes and such changes could be material. Therefore, there can be no assurance that the financial information contained in this Monthly Operating Report for the Debtors is complete and readers are strongly cautioned not to place undue reliance upon this or any previously submitted Monthly Operating Report.
6
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Readers of this Monthly Operating Report should refer to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2008, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (the “Annual Report”) and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2009 (the “2009 Interim Report”), as certain footnote disclosures that would substantially duplicate those contained in our Annual Report and such 2009 Interim Report have been omitted from this Monthly Operating Report. Capitalized terms used, but not defined, in this Monthly Operating Report have the same meaning as set forth in our Annual Report or in the 2009 Interim Report.
NOTE 3 Summary of Significant Accounting Policies
See Note 2 “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in our Annual Report and Note 1 “Organization” in the Notes to Consolidated Financial Statements included in our 2009 Interim Report for a summary of the accounting policies that we consider to be significant.
NOTE 4 Cash and Cash Equivalents and Amounts Applicable to Debtor First-Lien Holders
In general, each of the Operating Properties collects cash receipts in a property-specific lockbox and such receipts are transferred daily to a centralized GGPLP cash management account from which cash disbursements are funded. Accordingly, none of the Debtors that directly or indirectly own specific Operating Properties disburse funds to outside parties; all such disbursements are made by GGPLP on behalf of such Debtors. Therefore, at any and all points in time, GGPLP maintains, for each Debtor, an individual net balance of all such cash transfers and disbursements made that pertain to such Debtor. This intercompany account between GGPLP and the respective Debtor is reconciled monthly. As described in Note 1, the Bankruptcy Court has approved the continuation of this centralized cash management system. Mortgage lenders to the Operating Properties were granted a lien on the centralized GGPLP cash management account. In addition, the Debtors agreed to maintain a cash reserve in such account equal to the net cash transferred from the Operating Properties subject to liens since the Petition Date.
On November 30, 2009, the aggregate cumulative post-petition intercompany amounts due (to) from GGPLP with respect to Debtors that own Operating Properties with mortgage lenders possessing the lien rights on the centralized GGPLP cash management account described above, were $428.8 million. In addition, as of December 24, 2009, the aggregate amount held in the combined GGPLP cash account upon which the first-lien holders have such lien rights was approximately $480.6 million.
All bank accounts, both property specific and centralized, are reconciled monthly. Highly-liquid investments with maturities at dates of purchase of three months or less are classified as cash equivalents. As part of the adequate protection being provided to lenders of the Operating Properties, the Debtors will continue to provide reporting information to those lenders as required by their individual loan agreements. The Debtors have agreed to provide such information to the Office of the United States Trustee on a confidential basis upon reasonable request.
7
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 5 Certain Other Assets and Liabilities and Liabilities Subject to Compromise
The following table summarizes the significant components of prepaid expenses and other assets of the Debtors:
November 30, 2009 | ||||
(In thousands) | ||||
Below-market ground leases | $ | 182,792 | ||
Prepaid expenses | 79,776 | |||
Real estate tax stabilization agreement | 71,934 | |||
Receivables — finance leases and bonds | 69,728 | |||
Special Improvement District receivable | 48,621 | |||
Security and escrow deposits | 43,807 | |||
Above-market tenant leases | 24,434 | |||
Deferred tax, net of valuation allowances | 11,908 | |||
Other | 13,753 | |||
Total prepaid expenses and other assets | $ | 546,753 | ||
The components of combined security and escrow deposits of the Debtors are summarized as follows:
November 30, 2009 | ||||
(In thousands) | ||||
Utility and other security deposits | $ | 28,597 | ||
Operating funds — restricted | 6,879 | |||
Construction/major maintenance reserves | 4,241 | |||
Collateralized letters of credit and other credit support | 1,908 | |||
Real estate tax escrows | 379 | |||
Other miscellaneous escrows | 1,803 | |||
Total security and escrow deposits | $ | 43,807 | ||
8
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
The following table summarizes the significant components of accounts payable and accrued expenses of the Debtors. Substantially all amounts included in the unpaid or accrued balances listed below that are considered LTSC are past due at November 30, 2009, as payment of any of such obligations are limited or precluded by the operation of Chapter 11 (see Schedule X).
November 30, 2009 | ||||
(In thousands) | ||||
Accrued interest | $ | 349,743 | ||
Accounts payable and accrued expenses | 298,342 | |||
Construction payable | 144,886 | |||
Uncertain tax position liabilities | 120,691 | |||
Deferred gains/income | 80,597 | |||
Accrued payroll and other employee liabilities | 76,808 | |||
Accrued real estate taxes | 75,502 | |||
Hughes accrued participation | 69,081 | |||
Below-market tenant leases | 55,824 | |||
Unapplied cash receipts | 40,972 | |||
Accounts payable to affiliates | (90,826 | ) | ||
Other | 188,664 | |||
Total accounts payable and accrued expenses | 1,410,284 | |||
Less: amounts not subject to compromise | (735,374 | ) | ||
Total accounts payable and accrued expenses subject to compromise | $ | 674,910 | ||
The following table summarizes the amounts of LSTC at November 30, 2009:
(In thousands) | ||||
Mortgages and secured notes | $ | 15,839,482 | ||
Unsecured notes | 5,994,186 | |||
Accounts payable and accrued expenses | 674,910 | |||
Total liabilities subject to compromise | $ | 22,508,578 | ||
NOTE 6 Rejected Contracts and Related Matters
In addition to our mortgage and other debt, current liabilities and liens, the Debtors are subject to certain executory contracts. The Debtors, subject to the approval of the Bankruptcy Court, may assume or reject these contracts. Although the Debtors are considering the rejection of certain of such contracts (except for our operating property tenant leases), only one such contract, that of an unexpired lease of office space that was no longer occupied by the Debtors, has been rejected as of November 30, 2009. Additional contracts may have been rejected, or will be rejected, pursuant to the Track 1 Plan. Claims may result if an executory contract is rejected; however, no such potential claims have been recorded or reflected at this time. As of November 12, 2009, the Bankruptcy Court approved time period to assume or reject any unexpired lease where a Debtor is a lessee expired with no additional leases being rejected.
9
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
NOTE 7 General and Administrative Expenses and Reorganization Items
General and Administrative expenses consist of the centralized costs of managing the portfolio of assets owned by the Company, which includes the Debtors. Significant subcategories of such overhead costs are listed in the following schedule:
Cumulative Post- | ||||||||
Month Ended | Petition Period Ended | |||||||
General and Administrative Expenses | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
Insider compensation | $ | 474 | $ | 9,041 | ||||
Public Company expense* | 538 | 29,107 | ||||||
Travel, entertainment, insurance and other | 463 | 2,902 | ||||||
Total general and administrative | $ | 1,475 | $ | 41,050 | ||||
* | This amount includes routine operating professional fees, including any fees incurred for “retained professionals”. Professional fees related to the Chapter 11 Cases are reported separately within reorganization items. |
Reorganization items under the bankruptcy filings are expense and income items that were incurred or realized by the Debtors as a result of the Chapter 11 Cases and are presented separately in the unaudited condensed combined statement of operations of the Debtors. These items include professional fees and similar types of expenses incurred directly related to the bankruptcy filings, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors. Reorganization items are as follows:
Cumulative Post- | ||||||||
Month Ended | Petition Period Ended | |||||||
Reorganization Items income (expense) | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
Gains on liabilities subject to compromise(1) | $ | (1,207 | ) | $ | (6,737 | ) | ||
Interest income(2) | (6 | ) | (30 | ) | ||||
U.S. Trustee fees(3) | 345 | 3,726 | ||||||
Restructuring costs — Chapter 11 Retained Professionals(4) | 5,773 | 61,148 | ||||||
Restructuring costs — other professional fees(5) | 72 | 5,624 | ||||||
Total reorganization items | $ | 4,977 | $ | 63,731 | ||||
(1) | This amount primarily includes repudiation, rejection or termination of contracts or guarantee of obligations. At November 30, 2009, such cumulative gains reflect agreements reached with certain critical vendors (as defined), which were authorized by the Bankruptcy Court and for which certain payments on an installment basis began in July 2009. | |
(2) | Interest income primarily reflects amounts earned on cash accumulated as a result of the Chapter 11 Cases. | |
(3) | Estimate of fees due for applicable reporting periods remain subject to confirmation and review by the U.S. Trustee. | |
(4) | See Schedule VIII which sets forth those professionals whose retention was approved by separate order of the Bankruptcy Court. Certain of the retained professionals have agreements that provide for success or completion fees that are payable upon the consummation of specified restructuring or sale transactions. | |
(5) | These fees relate to costs incurred by the Debtors for services rendered by non-attorney, non-core Chapter 11 professionals. |
10
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE I
COMBINED CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
COMBINED CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
Month Ended November 30, 2009 | ||||||||||||
Combined | ||||||||||||
Debtors | Eliminations | Debtors | ||||||||||
(In thousands, except for per share amounts) | ||||||||||||
Revenues: | ||||||||||||
Minimum rents | $ | 141,216 | $ | (10 | ) | $ | 141,206 | |||||
Tenant recoveries | 62,657 | — | 62,657 | |||||||||
Overage rents | 5,776 | — | 5,776 | |||||||||
Land sales | 746 | — | 746 | |||||||||
Other | 6,414 | — | 6,414 | |||||||||
Total revenues | 216,809 | (10 | ) | 216,799 | ||||||||
Expenses: | ||||||||||||
Real estate taxes | 20,157 | — | 20,157 | |||||||||
Repairs and maintenance | 18,143 | — | 18,143 | |||||||||
Marketing | 3,625 | — | 3,625 | |||||||||
Ground and other rents | 928 | 4 | 932 | |||||||||
Other property operating costs | 25,708 | (28 | ) | 25,680 | ||||||||
Land sales operations | 1,511 | — | 1,511 | |||||||||
Provision for doubtful accounts | 75 | — | 75 | |||||||||
Property management and other costs | 9,300 | 29 | 9,329 | |||||||||
General and administrative | 1,489 | (14 | ) | 1,475 | ||||||||
Provisions for impairment | — | — | — | |||||||||
Depreciation and amortization | 50,700 | — | 50,700 | |||||||||
Total expenses | 131,636 | (9 | ) | 131,627 | ||||||||
Operating income | 85,173 | (1 | ) | 85,172 | ||||||||
Interest (expense) income, net | (94,840 | ) | 195 | (94,645 | ) | |||||||
(Loss) income before income taxes, noncontrolling interests, equity in income of Real Estate Affiliates and reorganization items | (9,667 | ) | 194 | (9,473 | ) | |||||||
Provision for income taxes | (1,831 | ) | — | (1,831 | ) | |||||||
Equity in income of Real Estate Affiliates | 155 | 10,734 | 10,889 | |||||||||
Reorganization items | (4,977 | ) | — | (4,977 | ) | |||||||
Net (loss) income | (16,320 | ) | 10,928 | (5,392 | ) | |||||||
Allocation to noncontrolling interests | (1,067 | ) | 75 | (992 | ) | |||||||
Net (loss) income attributable to common stockholders | $ | (17,387 | ) | $ | 11,003 | $ | (6,384 | ) | ||||
Basic and Diluted Earnings Per Share: | $ | (0.06 | ) | $ | 0.04 | $ | (0.02 | ) | ||||
Comprehensive Loss, Net: | ||||||||||||
Net (loss) income attributable to common stockholders | $ | (17,387 | ) | $ | 11,003 | $ | (6,384 | ) | ||||
Other comprehensive income, net: | ||||||||||||
Unrealized gains, net of unrealized losses, on financial instruments | 1,064 | (24 | ) | 1,040 | ||||||||
Accrued pension adjustment | 183 | — | 183 | |||||||||
Foreign currency translation | (783 | ) | 17 | (766 | ) | |||||||
Other comprehensive income (loss), net | 464 | (7 | ) | 457 | ||||||||
Comprehensive loss attributable to common stockholders | $ | (16,923 | ) | $ | 10,996 | $ | (5,927 | ) | ||||
The accompanying notes are an integral part of these combined condensed financial statements.
11
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE II
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)
COMBINED CONDENSED BALANCE SHEET
(UNAUDITED)
Month Ended November 30, 2009 | ||||||||||||
Combined | ||||||||||||
Debtors | Eliminations | Debtors | ||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Investment in real estate: | ||||||||||||
Land | $ | 2,946,948 | $ | — | $ | 2,946,948 | ||||||
Buildings and equipment | 19,475,610 | — | 19,475,610 | |||||||||
Less accumulated depreciation | (4,074,153 | ) | — | (4,074,153 | ) | |||||||
Developments in progress | 852,507 | (72,387 | ) | 780,120 | ||||||||
Net property and equipment | 19,200,912 | (72,387 | ) | 19,128,525 | ||||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 610,519 | (220,117 | ) | 390,402 | ||||||||
Investment property and property held for development and sale | 1,116,106 | 72,126 | 1,188,232 | |||||||||
Investment in controlled non-debtor entities | 16,682,801 | (12,700,176 | ) | 3,982,625 | ||||||||
Net investment in real estate | 37,610,338 | (12,920,554 | ) | 24,689,784 | ||||||||
Cash and cash equivalents | 718,841 | 20,316 | 739,157 | |||||||||
Accounts and notes receivable, net | 332,173 | — | 332,173 | |||||||||
Goodwill | 205,257 | — | 205,257 | |||||||||
Deferred expenses, net | 238,635 | — | 238,635 | |||||||||
Prepaid expenses and other assets | 576,971 | (30,218 | ) | 546,753 | ||||||||
Total assets | $ | 39,682,215 | $ | (12,930,456 | ) | $ | 26,751,759 | |||||
Liabilities and Equity: | ||||||||||||
Mortgages, notes and loans payable | $ | 400,000 | $ | — | $ | 400,000 | ||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 32,363 | — | 32,363 | |||||||||
Deferred tax liabilities | 906,021 | — | 906,021 | |||||||||
Accounts payable and accrued expenses | 757,938 | (22,564 | ) | 735,374 | ||||||||
Total liabilities not subject to compromise | 2,096,322 | (22,564 | ) | 2,073,758 | ||||||||
Liabilities subject to compromise | 22,989,432 | (480,854 | ) | 22,508,578 | ||||||||
Total liabilities | 25,085,754 | (503,418 | ) | 24,582,336 | ||||||||
Redeemable noncontrolling interests: | ||||||||||||
Preferred | 120,756 | — | 120,756 | |||||||||
Common | 23,254 | 12,432 | 35,686 | |||||||||
Total redeemable noncontrolling interests | 144,010 | 12,432 | 156,442 | |||||||||
Commitments and Contingencies | — | — | — | |||||||||
Preferred Stock: $100 par value; 5,000,000 shares authorized; none issued and outstanding | — | — | — | |||||||||
Equity: | ||||||||||||
Common stock: $.01 par value; 875,000,000 shares authorized, 313,831,467 shares issued as of November 30, 2009 | 3,138 | — | 3,138 | |||||||||
Additional paid-in capital | 9,577,663 | (5,783,672 | ) | 3,793,991 | ||||||||
Retained earnings (accumulated deficit) | 4,938,034 | (6,655,889 | ) | (1,717,855 | ) | |||||||
Accumulated other comprehensive loss | (3,707 | ) | 90 | (3,617 | ) | |||||||
Less common stock in treasury, at cost, 1,449,939 shares as of November 30, 2009 | (76,752 | ) | — | (76,752 | ) | |||||||
Total stockholder’s equity | 14,438,376 | (12,439,471 | ) | 1,998,905 | ||||||||
Noncontrolling interests in consolidated real estate affiliates | 14,076 | — | 14,076 | |||||||||
Total equity | 14,452,452 | (12,439,471 | ) | 2,012,981 | ||||||||
Total liabilities and equity | $ | 39,682,216 | $ | (12,930,457 | ) | $ | 26,751,759 | |||||
The accompanying notes are an integral part of these combined condensed financial statements.
12
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE III
SCHEDULE OF PAYROLL AND PAYROLL TAXES
(UNAUDITED)
SCHEDULE OF PAYROLL AND PAYROLL TAXES
(UNAUDITED)
as of and for the month ended November 30, 2009
Gross Wage | Employee Payroll | Employer Payroll | ||
Expense | Taxes Withheld (a) | Taxes Remitted (b) | ||
(In thousands) | ||||
$15,741 | $3,407 | $854 |
(a) | Employee Payroll Taxes are withheld each pay period and remitted by the Company, together with the Employer Payroll Taxes, to the appropriate tax authorities. | |
(b) | Gross Wages are generally paid by the Company on behalf of the Debtors every two weeks, and were last paid in this period, including withholding amounts, on November 20, 2009. |
SCHEDULE IV
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES
(UNAUDITED)
SCHEDULE OF FEDERAL, STATE AND LOCAL TAXES
(UNAUDITED)
Amounts Paid | ||||||||
Amount Accrued | Month Ended | |||||||
November 30, 2009 | November 30, 2009 | |||||||
(In thousands) | ||||||||
Federal and state income taxes | $ | 2,996 | $ | — | ||||
State and local taxes: | ||||||||
Property * | 75,502 | 31,463 | ||||||
Sales and use | 1,487 | 1,331 | ||||||
Franchise | 1,792 | 42 | ||||||
Other | 68 | 50 | ||||||
Total state and local taxes | 78,849 | 32,886 | ||||||
Total taxes | $ | 81,845 | $ | 32,886 | ||||
* | Additional detail on the property taxes by Operating Property is listed below. |
13
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
10 COLUMBIA CORPORATE CENTER | $ | — | $ | — | ||||
10000 COVINGTON CROSS | — | — | ||||||
10000 WEST CHARLESTON | — | — | ||||||
10190 COVINGTON CROSS | — | — | ||||||
1120/40 TOWN CENTER DRIVE | — | — | ||||||
1160/80 TOWN CENTER DRIVE | — | — | ||||||
1201/41 TOWN CENTER DR 2ND U3 | — | — | ||||||
1201/41 TOWN CENTER DRIVE | — | — | ||||||
1240 ALA MOANA BLVD | — | — | ||||||
1251/81 TOWN CENTER DRIVE | — | — | ||||||
1290 ALA MOANA BLVD | — | — | ||||||
1551 HILLSHIRE DRIVE | — | 30 | ||||||
1635 VILLAGE CENTER CIRCLE | — | — | ||||||
1645 VILLAGE CENTER CIRCLE | — | — | ||||||
20 COLUMBIA CORPORATE CENTER | — | — | ||||||
30 COLUMBIA CORPORATE CENTER | — | — | ||||||
306 KAMANI STREET | — | — | ||||||
324 KAMAUNI STREET | — | — | ||||||
330 KAMANI STREET | — | — | ||||||
40 COLUMBIA CORPORATE CENTER | — | — | ||||||
404 WARD AVENUE | — | — | ||||||
420 WARD AVENUE | — | — | ||||||
4848 OUTPARCEL | 19 | — | ||||||
50 COLUMBIA CORPORATE CENTER | — | — | ||||||
506 AHUI STREET | — | — | ||||||
532 AHUI STREET BUILDING | — | — | ||||||
60 COLUMBIA CORPORATE CENTER | — | — | ||||||
801 HALEKAUWILA STREET | — | — | ||||||
834 POHUKAINA ST. | — | — | ||||||
837 HALEKAUWILA STREET | — | — | ||||||
849/863 HALEKAUWILA STREET | — | — | ||||||
900 HALEKAUWILA STREET | — | — | ||||||
955 KAWAIAHAO STREET | — | — | ||||||
955 WAIMANU STREET | — | — | ||||||
956 KAWAIAAHAO (PARK LOT) | — | — | ||||||
956 QUEEN STREET | — | — | ||||||
9901/21 COVINGTON CROSS | — | — | ||||||
9950/80 COVINGTON CROSS | — | — | ||||||
ALA MOANA CENTER | 2,427 | — | ||||||
ALA MOANA PACIFIC CENTER | — | — |
14
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
ALA MOANA PLAZA | — | — | ||||||
ALA MOANA TOWER | — | — | ||||||
ALA MOANA-KAPIOLANI PROPERTIES | — | — | ||||||
ALA MOANA-KONA STREET | — | — | ||||||
ALAMEDA PLAZA | 167 | — | ||||||
ANIMAS VALLEY MALL | 94 | 114 | ||||||
APACHE MALL | — | — | ||||||
ARIZONA CENTER | 10 | 184 | ||||||
ARIZONA CENTER ARIZONA CENTER ONE | 19 | 402 | ||||||
ARIZONA CENTER ARIZONA CENTER TWO | 16 | 545 | ||||||
ARIZONA CENTER CINEMA | 17 | — | ||||||
ARIZONA CENTER GARDEN OFFICE | 4 | — | ||||||
ARIZONA CENTER OFFICE | 10 | — | ||||||
ARIZONA CENTER OTHER | — | — | ||||||
ARIZONA CENTER PARKING | 13 | 113 | ||||||
ARIZONA CENTER-WEST PRKNG LOT | — | — | ||||||
AUGUSTA MALL | — | 638 | ||||||
AUGUSTA MALL ANCHOR ACQ | — | 347 | ||||||
AUSTIN BLUFFS PLAZA | 46 | — | ||||||
AUSTIN MALL LTD PARTNERSHIP | — | — | ||||||
BAILEY HILL | — | 20 | ||||||
BASKIN ROBBINS | 6 | — | ||||||
BAY CITY MALL | — | — | ||||||
BAYSHORE MALL | 200 | — | ||||||
BEACHWOOD PLACE | 3,580 | — | ||||||
BELLIS FAIR | — | 54 | ||||||
BIRCHWOOD MALL | 69 | — | ||||||
BOISE TOWN SQUARE ANCHOR ACQ | 69 | — | ||||||
BOISE TOWNE PLAZA | 193 | — | ||||||
BOISE TOWNE SQUARE | 1,647 | — | ||||||
BRASS MILL CENTER | — | — | ||||||
BRASS MILL COMMONS | — | — | ||||||
BURLINGTON TOWN CENTER | — | 147 | ||||||
BURLINGTON TOWN CENTER OFFICE | — | 26 | ||||||
CACHE VALLEY MALL | — | 248 | ||||||
CACHE VALLEY MARKETPLACE | — | 109 | ||||||
CALENDONIAN HOLDING | — | — | ||||||
CANYON POINT | — | — | ||||||
CAPITAL MALL | 282 | — | ||||||
CENTURY PLAZA | 73 | — |
15
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
CHAPEL HILLS MALL | 1,144 | — | ||||||
CHICO MALL | 206 | — | ||||||
CHULA VISTA CENTER | 329 | — | ||||||
COLLIN CREEK | 1,672 | — | ||||||
COLLIN CREEK-DILLARDS | — | — | ||||||
COLONY SQUARE MALL | 352 | — | ||||||
COLUMBIA BANK DRIVE THRU | — | — | ||||||
COLUMBIA CENTER-C.A. BUILDING | — | — | ||||||
COLUMBIA CENTER-EXHIBIT BLDG | — | — | ||||||
COLUMBIA DEVELOPMENT CORPORATION | — | — | ||||||
COLUMBIA MALL | 514 | — | ||||||
COLUMBIANA CENTER | 1,403 | — | ||||||
CORONADO MALL | 318 | 385 | ||||||
CORPORATE POINTE #2 | — | 26 | ||||||
CORPORATE POINTE #3 | — | 38 | ||||||
COTTONWOOD MALL | — | 283 | ||||||
COTTONWOOD SQUARE | — | 41 | ||||||
COUNTRY HILL PLAZA | — | 135 | ||||||
CROSSING BUSINESS CENTER #6 | — | — | ||||||
CROSSING BUSINESS CENTER #7 | — | — | ||||||
CROSSROADS CENTER (MN) | — | — | ||||||
DEERBROOK MALL | 1,305 | — | ||||||
DEERBROOK MALL ANCHOR ACQ | 61 | — | ||||||
DIVISION CROSSING | — | 235 | ||||||
DMV BUILDING | — | — | ||||||
EAGLE RIDGE MALL | — | 538 | ||||||
EASTRIDGE MALL (CA) | 71 | 43 | ||||||
EASTRIDGE MALL (WY) | 112 | 134 | ||||||
EDEN PRAIRIE CENTER | — | — | ||||||
EDEN PRAIRIE CENTER ANCHOR ACQ | — | — | ||||||
ELK GROVE PROMENADE | 1,284 | — | ||||||
FALLBROOK CENTER | — | 750 | ||||||
FANEUIL HALL MARKETPLACE | — | — | ||||||
FANEUIL HALL MKTPL.-N.OFFICE | — | — | ||||||
FANEUIL HALL MKTPL.-N.RETAIL | — | — | ||||||
FANEUIL HALL MKTPL.-QUINCY | — | — | ||||||
FANEUIL HALL MKTPL.-S.RETAIL | — | — | ||||||
FANEUIL HALL OFFICE | — | — | ||||||
FANUEUIL HALL MKTPL.-S.OFFICE | — | — | ||||||
FASHION PLACE | 5 | 904 |
16
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
FASHION PLACE ANCHOR ACQ | — | — | ||||||
FASHION SHOW | — | 5 | ||||||
FIFTY COLUMBIA CORPORATE CTR, INC. | — | — | ||||||
FOODMAKER, INC. | — | — | ||||||
FOOTHILLS MALL | 850 | — | ||||||
FORT UNION | — | 66 | ||||||
FORTY COLUMBIA CORP CTR, INC. | — | — | ||||||
FOUR SEASONS TOWN CENTRE MALL | — | — | ||||||
FOUR STATE/TRC OF NEVADA | — | — | ||||||
FOX RIVER MALL | 1,317 | — | ||||||
FREMONT VILLAGE | — | — | ||||||
GARDEN OFFICE BUILDING | — | — | ||||||
GATEWAY CROSSING SHOPPING CTR | — | 194 | ||||||
GATEWAY MALL | — | 952 | ||||||
GGPLP-SHARED | 1,038 | 446 | ||||||
GGPLP-VICTORIA WARD | — | — | ||||||
GLENBROOK SQUARE | 4,106 | 2,319 | ||||||
GLENBROOK SQUARE ANCHOR ACQ | 120 | — | ||||||
GRAND TETON MALL | 729 | — | ||||||
GRAND TETON PLAZA | 164 | — | ||||||
GRAND TRAVERSE MALL | 59 | — | ||||||
GREENGATE MALL, INC. | — | — | ||||||
GREENWOOD MALL | 70 | — | ||||||
HALEKAUWILA BUILDING | — | — | ||||||
HALSEY CROSSING | — | 75 | ||||||
HARBORPLACE | — | — | ||||||
COLUMBIA HRD BENSON LEASES | — | — | ||||||
HUGHES SUMMERLIN OTHER | — | — | ||||||
HULEN MALL | 1,839 | — | ||||||
JORDAN CREEK TOWN CENTER | 3,898 | — | ||||||
JP REALTY ADJUSTMENTS | — | — | ||||||
KADOWAKI, JAY | — | — | ||||||
KAMAKEE BUILDING | — | — | ||||||
KAMANI BUILDING | — | — | ||||||
KENDALL TOWN CENTER | (860 | ) | 860 | |||||
KLING TRUST (CLIFFORD ET AL) | — | — | ||||||
KNOLLWOOD MALL | — | — | ||||||
LAKEMOOR | — | — | ||||||
LAKESIDE MALL | — | — |
17
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
LAKEVIEW SQUARE | 163 | — | ||||||
LANDMARK MALL | — | 244 | ||||||
LANSING MALL | 378 | — | ||||||
LINCOLNSHIRE COMMONS | 384 | — | ||||||
LOCKPORT MALL | — | — | ||||||
LYNNHAVEN MALL | — | 1,237 | ||||||
MALL AT SIERRA VISTA | 181 | — | ||||||
MALL OF LOUISIANA | 839 | — | ||||||
MALL OF LOUSIANA POWER CENTER | 134 | — | ||||||
MALL OF THE BLUFFS | 1,996 | — | ||||||
MALL ST. MATHEWS | — | 684 | ||||||
MALL ST. VINCENT | 573 | — | ||||||
MARKET PLACE SHOPPING CENTER | 1,533 | — | ||||||
MAYFAIR BANK TOWER | 282 | — | ||||||
MAYFAIR MALL | 4,070 | — | ||||||
MAYFAIR NORTH TOWER | 295 | — | ||||||
MAYFAIR PROFESSIONAL | 112 | — | ||||||
MAYFAIR-AURORA HEALTH CENTER | 268 | — | ||||||
MONDAWMIN MALL | — | — | ||||||
MONDAWMIN MALL-OFFICE | — | — | ||||||
MORENO VALLEY MALL | 214 | — | ||||||
NATICK-NOUVELLE AT NATICK | (399 | ) | — | |||||
NEIGHBORHOOD STORES | — | — | ||||||
NEWGATE MALL | — | 723 | ||||||
NEWPARK MALL | 33 | 38 | ||||||
NEWPARK MALL ANCHOR ACQ | — | — | ||||||
NORTH PLAINS MALL | 24 | — | ||||||
NORTH POINT MALL | 2,196 | — | ||||||
NORTH STAR MALL | 1,415 | 1,927 | ||||||
NORTH STAR MALL ANCHOR ACQ | 174 | — | ||||||
NORTH TOWN MALL | — | 15 | ||||||
NORTHGATE MALL | 594 | — | ||||||
NORTHRIDGE FASHION CENTER | 36 | 1,173 | ||||||
OAKWOOD CENTER | 419 | — | ||||||
OAKWOOD MALL | 1,083 | — | ||||||
OGLETHORPE MALL | — | 439 | ||||||
OREM PLAZA CENTER STREET | — | 71 | ||||||
OREM PLAZA STATE STREET | — | 35 | ||||||
OTHER HUGHES PROPERTIES | — | — | ||||||
OVIEDO MARKETPLACE | — | 659 | ||||||
OWINGS MALL | — | — |
18
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
OWINGS MILLS-OFFICE ALLOCATIONS | — | — | ||||||
OXMOOR MALL | (38 | ) | 729 | |||||
PARK CITY CENTER | — | — | ||||||
PARK MEADOWS | — | — | ||||||
PARK PLACE | 544 | — | ||||||
PARK WEST | 364 | 227 | ||||||
PEACHTREE MALL | — | 844 | ||||||
PECANLAND MALL | 584 | — | ||||||
PECANLAND MALL ANCHOR ACQ | 46 | — | ||||||
PIEDMONT MALL | — | 117 | ||||||
PIERRE BOSSIER MALL | 216 | — | ||||||
PINE RIDGE MALL | 417 | — | ||||||
PIONEER PLACE | — | 2,178 | ||||||
PIONEER PLACE LP EXPANSION | — | — | ||||||
PIONEER TOWER | — | — | ||||||
PIONEER TOWER GARAGE | — | — | ||||||
PLAZA 800 | — | — | ||||||
PLAZA 9400 | — | 147 | ||||||
POHUKAINA CENTER | — | — | ||||||
POHUKAINA COURT | — | — | ||||||
PRICE NT CORP | — | — | ||||||
PRINCE KUHIO PLAZA | — | — | ||||||
PROVIDENCE PLACE | — | — | ||||||
PROVO PLAZA | — | 43 | ||||||
RED CLIFFS MALL | — | 269 | ||||||
RED CLIFFS PLAZA | — | 60 | ||||||
REDLANDS PROMENADE | 92 | — | ||||||
REGENCY SQUARE MALL | — | 1,556 | ||||||
RIDGEDALE CENTER | — | — | ||||||
RIDGLEY BUILDING | — | — | ||||||
RIO WEST MALL | 88 | 106 | ||||||
RIVER FALLS | 692 | 760 | ||||||
RIVER HILLS MALL | 1,463 | — | ||||||
RIVER POINTE PLAZA | — | 95 | ||||||
RIVERLANDS SHOPPING CENTER | 53 | — | ||||||
RIVERSIDE PLAZA | — | 151 | ||||||
RIVERTOWN CROSSINGS | 67 | — | ||||||
ROGUE VALLEY MALL | — | 806 | ||||||
SAINT LOUIS GALLERIA | 3,488 | — | ||||||
SALEM CENTER | — | 548 | ||||||
SIKES SENTER | 1,107 | — |
19
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
SILVER LAKE MALL | 219 | — | ||||||
SOONER MALL | 366 | — | ||||||
SOUTH STREET MARKETPLACE THEAT | 162 | — | ||||||
SOUTH STREET SEAPORT | — | — | ||||||
SOUTHLAKE MALL | — | 1,097 | ||||||
SOUTHLAND CENTER (MI) | — | — | ||||||
SOUTHLAND MALL (CA) | — | — | ||||||
SOUTHSHORE MALL | — | — | ||||||
SOUTHWEST OFF CTR I | 155 | — | ||||||
SOUTHWEST OFF CTR II | 48 | — | ||||||
SOUTHWEST PLAZA | 2,096 | — | ||||||
SPRING HILL MALL | 2,100 | — | ||||||
ST LOUIS GALLERIA ANCH ACQ | 70 | — | ||||||
STATEN ISLAND ALLOCATION-B | — | — | ||||||
STATEN ISLAND MALL | — | — | ||||||
STATEN ISLAND MALL CENTER, INC | — | — | ||||||
STATEN ISLAND MALL PHASE I | — | — | ||||||
STATEN ISLAND MALL PHASE II | — | — | ||||||
STATEN ISLAND THE CROSSINGS | — | — | ||||||
STATEN ISLAND-ALLOCATION A | — | — | ||||||
STEEPLEGATE MALL | — | — | ||||||
STONESTOWN GALLERIA | — | — | ||||||
STONESTOWN MEDICAL BUILDING | — | — | ||||||
THE BOULEVARD MALL | — | — | ||||||
THE BRIDGES AT MINT HILL | 18 | — | ||||||
THE COMMONS AT FOOTHILLS MALL | 29 | — | ||||||
THE CROSSROADS (MI) | — | — | ||||||
THE GALLERY AT HARBORPLACE | — | — | ||||||
THE GALLERY AT HARBORPLACE-GARAGE | 1,059 | — | ||||||
THE GALLERY AT HARBORPLACE-OFFICE | — | — | ||||||
THE GALLERY AT HARBORPLACE-OTHER | — | — | ||||||
THE GRAND CANAL SHOPPES | — | — | ||||||
THE HUGHES CORPORATION | — | — | ||||||
THE MAINE MALL | 34 | 925 | ||||||
THE PINES | 90 | — | ||||||
THE PLAZA AT FOOTHILLS MALL | 70 | — | ||||||
THE SHOPPES AT DETROIT GATEWAY | — | — | ||||||
THE SHOPPES AT THE PALAZZO | — | — | ||||||
THE SHOPS AT FALLEN TIMBERS | 1,670 | — | ||||||
THE SHOPS AT FOOTHILLS MALL | 112 | — |
20
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
THE SHOPS AT SUMMERLIN CENTRE | — | 264 | ||||||
THE VILLAGE AT REDLANDS | — | — | ||||||
THE VILLAGE OF CROSS KEYS | — | 4 | ||||||
THE VILLAGE OF CROSS KEYS OFFICE | — | — | ||||||
THE WOODLANDS MALL | 1,456 | — | ||||||
THE WOODLANDS MALL ANCHOR ACQ | 85 | — | ||||||
THHC LAND (WOBU) | — | — | ||||||
THREE RIVERS MALL | — | — | ||||||
TOWN EAST MALL | 3,262 | — | ||||||
TRCLP | — | — | ||||||
TRCLP OPER PROP ADJ | — | — | ||||||
TRCLP-SOLD/CLOSED | — | — | ||||||
TRS — PARK WEST | — | — | ||||||
TRS 9 | — | — | ||||||
TRS1 LAND ADJUSTMENT | — | — | ||||||
TRS2-SOLD PROPERTIES | — | — | ||||||
TRS3-SOLD PROPERTIES | — | — | ||||||
TRS5-SOLD PROPERTIES | — | — | ||||||
TUCSON ANCHOR ACQ | 27 | — | ||||||
TUCSON ENTERTAINMENT PAVILION | 17 | — | ||||||
TUCSON MALL | 401 | — | ||||||
TWINS FALLS CROSSINGS | 31 | — | ||||||
TYSONS GALLERIA | — | 1,221 | ||||||
UNIVERSITY CROSSING | — | 243 | ||||||
VALLEY HILLS MALL | 445 | — | ||||||
VALLEY PLAZA ANCHOR ACQ | — | — | ||||||
VALLEY PLAZA MALL | 492 | — | ||||||
VCK ALLOCATION | — | — | ||||||
VCK ALLOCATION-ALL | — | — | ||||||
VCK CROSS KEYS INN | — | — | ||||||
VICTORIA WARD ADJ | — | — | ||||||
VICTORIA WARD SHARED OPERATION | (26 | ) | — | |||||
VILLAGE AT JORDAN CREEK | 1,024 | — | ||||||
VILLAGE SQUARE-RETAIL PH III | — | — | ||||||
VISALIA MALL | 184 | 5 | ||||||
VISTA COMMONS | — | — | ||||||
VISTA RIDGE MALL | 1,909 | — | ||||||
WARD ENTERTAINMENT CENTER | — | 1 | ||||||
WARD PLAZA | — | 1 | ||||||
WASHINGTON PARK MALL | 145 | — | ||||||
WEST VALLEY MALL | 306 | 118 | ||||||
WESTWOOD MALL | 26 | — |
21
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IV — Continued
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
SCHEDULE OF PROPERTY TAXES
(UNAUDITED)
Property Tax | ||||||||
Amount Paid | ||||||||
Amount Accrued | Month Ended | |||||||
Operating Property | November 30, 2009 | November 30, 2009 | ||||||
(In thousands) | ||||||||
WHITE MARSH MALL | — | 10 | ||||||
WHITE MOUNTAIN MALL | 45 | 54 | ||||||
WILLOWBROOK MALL (NJ) | — | 233 | ||||||
WOODBRIDGE CENTER | — | — | ||||||
WOODLANDS VILLAGE | 44 | — | ||||||
YELLOWSTONE SQUARE | 84 | — | ||||||
LUFKIN MALL | — | — | ||||||
$ | 75,502 | $ | 31,463 | |||||
22
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
South Street Seaport Limited Partnership | 09-11963 | $ | 724 | |||||
Seaport Marketplace, LLC | 09-11964 | — | ||||||
Seaport Marketplace Theatre, LLC | 09-11965 | 6 | ||||||
Lockport L.L.C. | 09-11966 | 2 | ||||||
RASCAP Realty, Ltd. | 09-11967 | — | ||||||
Bellis Fair Partners | 09-11968 | 616 | ||||||
GGP-Mint Hill L.L.C. | 09-11969 | — | ||||||
Pines Mall Partners | 09-11970 | 162 | ||||||
GGP-Grandville L.L.C. | 09-11971 | 1,004 | ||||||
GGP-Grandville II L.L.C. | 09-11972 | — | ||||||
GGP-Redlands Mall, L.P. | 09-11973 | 45 | ||||||
La Place Shopping, L.P. | 09-11974 | 179 | ||||||
GGP-Tucson Land L.L.C. | 09-11975 | 4 | ||||||
Tucson Anchor Acquisition, LLC | 09-11976 | 185 | ||||||
General Growth Properties, Inc. | 09-11977 | — | ||||||
GGP Limited Partnership | 09-11978 | 35,117 | ||||||
Rouse LLC | 09-11979 | — | ||||||
GGP American Properties Inc. | 09-11980 | — | ||||||
Caledonian Holding Company, Inc. | 09-11981 | — | ||||||
GGPLP L.L.C. | 09-11982 | — | ||||||
Rouse Company LP, The | 09-11983 | 2,892 | ||||||
TRC Co-Issuer, Inc. | 09-11984 | — | ||||||
Oakwood Shopping Center Limited Partnership | 09-11985 | 467 | ||||||
Alameda Mall Associates | 09-11986 | 495 | ||||||
Bay Shore Mall Partners | 09-11987 | 300 | ||||||
Chico Mall, L.P. | 09-11988 | 450 | ||||||
Lansing Mall Limited Partnership | 09-11989 | 325 | ||||||
GGP-Pecanland, L.P. | 09-11990 | 415 | ||||||
GGP-Pecanland II, L.P. | 09-11991 | — | ||||||
Southland Mall, L.P. | 09-11992 | 879 | ||||||
South Shore Partners, L.P. | 09-11993 | 39 | ||||||
Price Financing Partnership, L.P. | 09-11994 | — | ||||||
Price GP L.L.C. | 09-11995 | — | ||||||
HHP Government Services, Limited Partnership | 09-11996 | — | ||||||
Ho Retail Properties I Limited Partnership | 09-11997 | 265 | ||||||
New Orleans Riverwalk Associates | 09-11998 | 337 | ||||||
New Orleans Riverwalk Limited Partnership | 09-11999 | — | ||||||
White Marsh General Partnership | 09-12000 | 685 | ||||||
White Marsh Mall Associates | 09-12001 | 685 | ||||||
White Marsh Phase II Associates | 09-12002 | 685 |
23
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
Parke West, LLC | 09-12003 | 281 | ||||||
GGP-Newpark L.L.C. | 09-12004 | 495 | ||||||
Elk Grove Town Center, L.P. | 09-12005 | 39 | ||||||
Baltimore Center Associates Limited Partnership | 09-12006 | 1,254 | ||||||
Baltimore Center Garage Limited Partnership | 09-12007 | 87 | ||||||
Century Plaza L.L.C. | 09-12008 | 36 | ||||||
Harbor Place Associates Limited Partnership | 09-12009 | 336 | ||||||
Price Development Company, Limited Partnership | 09-12010 | 369 | ||||||
Rouse-Phoenix Theatre Limited Partnership | 09-12011 | 6 | ||||||
Rouse-Arizona Retail Center Limited Partnership | 09-12012 | 451 | ||||||
Rouse-Phoenix Master Limited Partnership | 09-12013 | — | ||||||
Saint Louis Land L.L.C. | 09-12014 | — | ||||||
Southland Center, LLC | 09-12015 | 937 | ||||||
GGP-North Point Land L.L.C. | 09-12016 | — | ||||||
Majestic Partners-Provo, LLC | 09-12017 | 49 | ||||||
GGP-Mall of Louisiana, L.P. | 09-12018 | 3,795 | ||||||
NewPark Anchor Acquisition, LLC | 09-12019 | — | ||||||
Parkview Office Building Limited Partnership | 09-12020 | 47 | ||||||
Parkside Limited Partnership | 09-12021 | 27 | ||||||
Park Square Limited Partnership | 09-12022 | 101 | ||||||
Rouse SI Shopping Center, LLC | 09-12023 | 2,226 | ||||||
Augusta Mall, LLC | 09-12024 | 1,883 | ||||||
Burlington Town Center LLC, The | 09-12025 | 462 | ||||||
Fashion Show Mall LLC | 09-12026 | 4,414 | ||||||
GGP Ala Moana L.L.C. | 09-12027 | 9,740 | ||||||
GGP Jordan Creek L.L.C. | 09-12028 | 1,119 | ||||||
GGP Village at Jordan Creek L.L.C. | 09-12029 | 15 | ||||||
GGP-Four Seasons L.L.C. | 09-12030 | 789 | ||||||
Lincolnshire Commons, LLC | 09-12031 | 221 | ||||||
Phase II Mall Subsidiary, LLC | 09-12032 | 2,277 | ||||||
St. Cloud Mall L.L.C. | 09-12033 | 729 | ||||||
Valley Hills Mall L.L.C. | 09-12034 | 463 | ||||||
GGP Holding, Inc. | 09-12035 | 212 | ||||||
The Rouse Company BT, LLC | 09-12036 | — | ||||||
Rouse Company Operating Partnership LP, The | 09-12037 | — | ||||||
10000 West Charleston Boulevard, LLC | 09-12040 | 177 | ||||||
10190 Covington Cross, LLC | 09-12041 | 14 | ||||||
1120/1140 Town Center Drive, LLC | 09-12042 | 51 | ||||||
1160/1180 Town Center Drive, LLC | 09-12043 | 26 | ||||||
1201-1281 Town Center Drive, LLC | 09-12044 | 41 |
24
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
1251 Center Crossing, LLC | 09-12045 | — | ||||||
1450 Center Crossing Drive, LLC | 09-12046 | 11 | ||||||
1451 Center Crossing Drive, LLC | 09-12047 | 5 | ||||||
1551 Hillshire Drive, LLC | 09-12048 | 150 | ||||||
1635 Village Centre Circle, LLC | 09-12049 | 14 | ||||||
1645 Village Center Circle, LLC | 09-12050 | 41 | ||||||
9901-9921 Covington Cross, LLC | 09-12051 | 5 | ||||||
9950-9980 Covington Cross, LLC | 09-12052 | 6 | ||||||
Alameda Mall, L.L.C. | 09-12053 | — | ||||||
Apache Mall, LLC | 09-12054 | 321 | ||||||
Arizona Center Parking, LLC | 09-12055 | 167 | ||||||
Augusta Mall Anchor Acquisition, LLC | 09-12056 | 361 | ||||||
Augusta Mall Anchor Holding, LLC | 09-12057 | — | ||||||
Augusta Mall Holding, LLC | 09-12058 | — | ||||||
Austin Mall Limited Partnership | 09-12059 | — | ||||||
Austin Mall, LLC | 09-12060 | — | ||||||
Bakersfield Mall, Inc. | 09-12061 | — | ||||||
Bakersfield Mall LLC | 09-12062 | 3,003 | ||||||
Baltimore Center, LLC | 09-12063 | — | ||||||
Bay City Mall Associates L.L.C. | 09-12064 | 227 | ||||||
Bay Shore Mall II L.L.C. | 09-12065 | — | ||||||
Bay Shore Mall, Inc. | 09-12066 | — | ||||||
Beachwood Place Holding, LLC | 09-12067 | — | ||||||
Beachwood Place Mall, LLC | 09-12068 | 1,470 | ||||||
Benson Park Business Trust | 09-12069 | — | ||||||
Birchwood Mall, LLC | 09-12070 | 105 | ||||||
Boise Mall, LLC | 09-12071 | 1,015 | ||||||
Boise Town Square Anchor Acquisition, LLC | 09-12072 | 1 | ||||||
Boise Towne Plaza L.L.C. | 09-12073 | 53 | ||||||
Boulevard Associates | 09-12074 | 758 | ||||||
Boulevard Mall, Inc. | 09-12075 | — | ||||||
Boulevard Mall I LLC | 09-12076 | — | ||||||
Boulevard Mall II LLC | 09-12077 | — | ||||||
BTS Properties L.L.C. | 09-12078 | — | ||||||
Cache Valley, LLC | 09-12079 | 432 | ||||||
Century Plaza, Inc. | 09-12080 | — | ||||||
Champaign Market Place L.L.C. | 09-12081 | 721 | ||||||
Chapel Hills Mall L.L.C. | 09-12082 | 818 | ||||||
Chattanooga Mall, Inc. | 09-12083 | — | ||||||
Chico Mall L.L.C. | 09-12084 | — |
25
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
Chula Vista Center, LLC | 09-12085 | 285 | ||||||
Collin Creek Anchor Acquisition, LLC | 09-12086 | — | ||||||
Collin Creek Mall, LLC | 09-12087 | 630 | ||||||
Colony Square Mall L.L.C. | 09-12088 | 116 | ||||||
Columbia Mall L.L.C. | 09-12089 | 1,498 | ||||||
Coronado Center L.L.C. | 09-12090 | 1,481 | ||||||
Coronado Center Holding L.L.C. | 09-12091 | — | ||||||
Cottonwood Mall, LLC | 09-12092 | 487 | ||||||
Country Hills Plaza, LLC | 09-12093 | 215 | ||||||
Deerbrook Mall, LLC | 09-12094 | 1,319 | ||||||
DK Burlington Town Center LLC | 09-12095 | — | ||||||
Eagle Ridge Mall, Inc. | 09-12096 | — | ||||||
Eagle Ridge Mall, L.P. | 09-12097 | 1,039 | ||||||
Eastridge Shopping Center L.L.C. | 09-12098 | 1,323 | ||||||
Eden Prairie Anchor Building L.L.C. | 09-12099 | 6 | ||||||
Eden Prairie Mall, Inc. | 09-12100 | — | ||||||
Eden Prairie Mall L.L.C. | 09-12101 | 596 | ||||||
Elk Grove Town Center L.L.C. | 09-12102 | — | ||||||
ER Land Acquisition L.L.C. | 09-12103 | — | ||||||
Fallbrook Square Partners Limited Partnership | 09-12104 | 1,281 | ||||||
Fallbrook Square Partners L.L.C. | 09-12105 | — | ||||||
Fallen Timbers Shops, LLC | 09-12106 | 252 | ||||||
Fallen Timbers Shops II, LLC | 09-12107 | — | ||||||
Faneuil Hall Marketplace, LLC | 09-12108 | 1,262 | ||||||
Fashion Place, LLC | 09-12109 | 2,761 | ||||||
Fashion Place Anchor Acquisition, LLC | 09-12110 | — | ||||||
Fifty Columbia Corporate Center, LLC | 09-12111 | — | ||||||
Forty Columbia Corporate Center, LLC | 09-12112 | — | ||||||
Fox River Shopping Center, LLC | 09-12113 | 1,370 | ||||||
Franklin Park Mall, LLC | 09-12114 | — | ||||||
Franklin Park Mall Company, LLC | 09-12115 | — | ||||||
Gateway Crossing L.L.C. | 09-12116 | 266 | ||||||
Gateway Overlook Business Trust | 09-12117 | 424 | ||||||
Gateway Overlook II Business Trust | 09-12118 | — | ||||||
GGP Acquisition, L.L.C. | 09-12119 | — | ||||||
GGP Ala Moana Holdings L.L.C. | 09-12120 | — | ||||||
GGP American Holdings Inc. | 09-12121 | — | ||||||
GGP General II, Inc. | 09-12122 | — | ||||||
GGP Holding II, Inc. | 09-12123 | — | ||||||
GGP Holding Services, Inc. | 09-12124 | — |
26
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
GGP Ivanhoe II, Inc. | 09-12125 | — | ||||||
GGP Ivanhoe IV Services, Inc. | 09-12126 | — | ||||||
GGP Kapiolani Development L.L.C. | 09-12127 | 29 | ||||||
GGP Knollwood Mall, LP | 09-12128 | 401 | ||||||
GGP Natick Residence LLC | 09-12129 | 417 | ||||||
GGP Savannah L.L.C. | 09-12130 | — | ||||||
GGP/Homart, Inc. | 09-12131 | 12 | ||||||
GGP/Homart Services, Inc. | 09-12132 | — | ||||||
GGP-Bay City One, Inc. | 09-12133 | — | ||||||
GGP-Brass Mill, Inc. | 09-12134 | 1,038 | ||||||
GGP-Burlington L.L.C. | 09-12135 | — | ||||||
GGP-Canal Shoppes L.L.C. | 09-12136 | — | ||||||
GGP-Foothills L.L.C. | 09-12137 | 189 | ||||||
GGP-Glenbrook L.L.C. | 09-12138 | 3,315 | ||||||
GGP-Glenbrook Holding L.L.C. | 09-12139 | 3 | ||||||
GGP-Grandville Land L.L.C. | 09-12140 | — | ||||||
GGP-La Place, Inc. | 09-12141 | — | ||||||
GGP-Lakeview Square, Inc. | 09-12142 | — | ||||||
GGP-Lansing Mall, Inc. | 09-12143 | — | ||||||
GGP-Maine Mall L.L.C. | 09-12144 | 2,026 | ||||||
GGP-Maine Mall Holding L.L.C. | 09-12145 | — | ||||||
GGP-Maine Mall Land L.L.C. | 09-12146 | — | ||||||
GGP-Moreno Valley, Inc. | 09-12147 | 754 | ||||||
GGP-Newgate Mall, LLC | 09-12148 | 1,178 | ||||||
GGP-Newpark, Inc. | 09-12149 | — | ||||||
GGP-North Point, Inc. | 09-12150 | 1,270 | ||||||
GGP-Pecanland, Inc. | 09-12151 | — | ||||||
GGP-Redlands Mall L.L.C. | 09-12152 | — | ||||||
GGP-South Shore Partners, Inc. | 09-12153 | — | ||||||
GGP-Steeplegate, Inc. | 09-12154 | 133 | ||||||
GGP-Tucson Mall L.L.C. | 09-12155 | 961 | ||||||
GGP-UC L.L.C. | 09-12156 | 317 | ||||||
Grand Canal Shops II, LLC | 09-12157 | 2,843 | ||||||
Grandville Mall II, Inc. | 09-12158 | — | ||||||
Grandville Mall, Inc. | 09-12159 | — | ||||||
Greengate Mall, Inc. | 09-12160 | — | ||||||
Greenwood Mall Land, LLC | 09-12161 | — | ||||||
Harborplace Borrower, LLC | 09-12162 | — | ||||||
Hickory Ridge Village Center, Inc. | 09-12163 | — | ||||||
HMF Properties, LLC | 09-12164 | — |
27
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
Ho Retail Properties II Limited Partnership | 09-12165 | 109 | ||||||
Hocker Oxmoor, LLC | 09-12166 | 1,255 | ||||||
Hocker Oxmoor Partners, LLC | 09-12167 | — | ||||||
Howard Hughes Canyon Pointe Q4, LLC | 09-12168 | 34 | ||||||
Howard Hughes Corporation, The | 09-12169 | 302 | ||||||
Howard Hughes Properties, Inc. | 09-12170 | 2,109 | ||||||
Howard Hughes Properties, Limited Partnership | 09-12171 | 14 | ||||||
Howard Hughes Properties IV, LLC | 09-12172 | 29 | ||||||
Howard Hughes Properties V, LLC | 09-12173 | 42 | ||||||
HRD Parking, Inc. | 09-12174 | 3 | ||||||
HRD Remainder, Inc. | 09-12175 | — | ||||||
Hulen Mall, LLC | 09-12176 | 706 | ||||||
Hughes Corporation, The | 09-12177 | — | ||||||
Kapiolani Condominium Development, LLC | 09-12178 | — | ||||||
Kapiolani Retail, LLC | 09-12179 | — | ||||||
Knollwood Mall, Inc. | 09-12180 | — | ||||||
Lakeside Mall Holding, LLC | 09-12181 | — | ||||||
Lakeside Mall Property LLC | 09-12182 | 1,040 | ||||||
Lakeview Square Limited Partnership | 09-12183 | 388 | ||||||
Land Trust No. 89433 | 09-12184 | — | ||||||
Land Trust No. 89434 | 09-12185 | — | ||||||
Land Trust No. FHB-TRES 200601 | 09-12186 | — | ||||||
Land Trust No. FHB-TRES 200602 | 09-12187 | — | ||||||
Landmark Mall L.L.C. | 09-12188 | 391 | ||||||
Lynnhaven Holding L.L.C. | 09-12189 | — | ||||||
Lynnhaven Mall L.L.C. | 09-12190 | 2,682 | ||||||
Mall of Louisiana Holding, Inc. | 09-12191 | — | ||||||
Mall of Louisiana Land, LP | 09-12192 | 11 | ||||||
Mall of Louisiana Land Holding, LLC | 09-12193 | — | ||||||
Mall of the Bluffs, LLC | 09-12194 | 114 | ||||||
Mall St. Matthews Company, LLC | 09-12195 | — | ||||||
Mall St. Vincent, Inc. | 09-12196 | — | ||||||
Mall St. Vincent, L.P. | 09-12197 | 390 | ||||||
Mayfair Mall, LLC | 09-12198 | 620 | ||||||
MSAB Holdings, Inc. | 09-12199 | — | ||||||
MSAB Holdings L.L.C. | 09-12200 | — | ||||||
MSM Property L.L.C. | 09-12201 | 1,450 | ||||||
Natick Retail, LLC | 09-12202 | — | ||||||
Newgate Mall Land Acquisition, LLC | 09-12203 | — | ||||||
NewPark Mall L.L.C. | 09-12204 | — |
28
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
North Plains Mall, LLC | 09-12205 | 17 | ||||||
North Star Anchor Acquisition, LLC | 09-12206 | 67 | ||||||
North Star Mall, LLC | 09-12207 | 3,420 | ||||||
North Town Mall, LLC | 09-12208 | 292 | ||||||
Northgate Mall L.L.C. | 09-12209 | 306 | ||||||
NSMJV, LLC | 09-12210 | — | ||||||
Oakwood Hills Mall, LLC | 09-12211 | 398 | ||||||
Oglethorpe Mall L.L.C. | 09-12212 | 1,441 | ||||||
Oklahoma Mall L.L.C. | 09-12213 | — | ||||||
OM Borrower, LLC | 09-12214 | — | ||||||
One Willow Company, LLC | 09-12215 | — | ||||||
Orem Plaza Center Street, LLC | 09-12216 | — | ||||||
Owings Mills Limited Partnership | 09-12217 | 151 | ||||||
Park Mall, Inc. | 09-12218 | — | ||||||
Park Mall L.L.C. | 09-12219 | 1,138 | ||||||
PDC Community Centers L.L.C. | 09-12220 | 942 | ||||||
PDC-Eastridge Mall L.L.C. | 09-12221 | 607 | ||||||
PDC-Red Cliffs Mall L.L.C. | 09-12222 | 467 | ||||||
Peachtree Mall L.L.C. | 09-12223 | 1,433 | ||||||
Pecanland Anchor Acquisition, LLC | 09-12224 | — | ||||||
Piedmont Mall, LLC | 09-12225 | 438 | ||||||
Pierre Bossier Mall, LLC | 09-12226 | 181 | ||||||
Pine Ridge Mall L.L.C. | 09-12227 | 192 | ||||||
Pioneer Office Limited Partnership | 09-12228 | 172 | ||||||
Pioneer Place Limited Partnership | 09-12229 | 2,401 | ||||||
Price Development TRS, Inc. | 09-12230 | — | ||||||
Price-ASG L.L.C. | 09-12231 | 1,182 | ||||||
Prince Kuhio Plaza, Inc. | 09-12232 | — | ||||||
Providence Place Holdings, LLC | 09-12233 | — | ||||||
Redlands Land Acquisition Company L.L.C. | 09-12234 | — | ||||||
Redlands Land Acquisition Company, L.P. | 09-12235 | — | ||||||
Redlands Land Holding L.L.C. | 09-12236 | — | ||||||
Ridgedale Center, LLC | 09-12237 | 1,100 | ||||||
Rio West L.L.C. | 09-12238 | 220 | ||||||
River Falls Mall, LLC | 09-12239 | 787 | ||||||
River Hills Land, LLC | 09-12240 | — | ||||||
River Hills Mall, LLC | 09-12241 | 607 | ||||||
Rogue Valley Mall L.L.C. | 09-12242 | 1,085 | ||||||
Rogue Valley Mall Holding L.L.C. | 09-12243 | — | ||||||
The Rouse Company at Owings Mills, LLC | 09-12244 | — |
29
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
Rouse Company of Florida, LLC, The | 09-12245 | — | ||||||
The Rouse Company of Louisiana, LLC | 09-12246 | — | ||||||
The Rouse Company of Michigan, LLC | 09-12247 | — | ||||||
The Rouse Company of Minnesota, LLC | 09-12248 | — | ||||||
The Rouse Company of Ohio, LLC | 09-12249 | — | ||||||
Rouse F.S., LLC | 09-12250 | — | ||||||
Rouse Office Management of Arizona, LLC | 09-12251 | — | ||||||
Rouse Providence LLC | 09-12252 | 2,143 | ||||||
Rouse Ridgedale, LLC | 09-12253 | — | ||||||
Rouse Ridgedale Holding, LLC | 09-12254 | — | ||||||
Rouse Southland, LLC | 09-12255 | — | ||||||
Rouse-Arizona Center, LLC | 09-12256 | — | ||||||
Rouse-Fairwood Development Corporation | 09-12257 | 1 | ||||||
Rouse-New Orleans, LLC | 09-12258 | — | ||||||
Rouse-Oakwood Shopping Center, LLC | 09-12259 | — | ||||||
Rouse-Orlando, LLC | 09-12260 | 1,094 | ||||||
Rouse-Phoenix Cinema, LLC | 09-12261 | — | ||||||
Rouse-Phoenix Corporate Center Limited Partnership | 09-12262 | 578 | ||||||
Rouse-Phoenix Development Company, LLC | 09-12263 | — | ||||||
Rouse-Portland, LLC | 09-12264 | — | ||||||
RS Properties Inc. | 09-12265 | 2,397 | ||||||
Saint Louis Galleria L.L.C. | 09-12266 | 1,544 | ||||||
Saint Louis Galleria Anchor Acquisition, LLC | 09-12267 | 1 | ||||||
Saint Louis Galleria Holding L.L.C. | 09-12268 | — | ||||||
Sierra Vista Mall, LLC | 09-12269 | 95 | ||||||
Sikes Senter, LLC | 09-12270 | 471 | ||||||
Silver Lake Mall, LLC | 09-12271 | 142 | ||||||
Sixty Columbia Corporate Center, LLC | 09-12272 | — | ||||||
Sooner Fashion Mall L.L.C. | 09-12273 | 521 | ||||||
Southlake Mall L.L.C. | 09-12274 | 1,856 | ||||||
Southland Center Holding, LLC | 09-12275 | — | ||||||
Southland Mall, Inc. | 09-12276 | — | ||||||
Southwest Denver Land L.L.C. | 09-12277 | — | ||||||
Southwest Plaza L.L.C. | 09-12278 | 266 | ||||||
Spring Hill Mall L.L.C. | 09-12279 | 130 | ||||||
St. Cloud Land L.L.C. | 09-12280 | — | ||||||
St. Cloud Mall Holding L.L.C. | 09-12281 | — | ||||||
Stonestown Shopping Center L.L.C. | 09-12282 | — | ||||||
Stonestown Shopping Center, L.P. | 09-12283 | 1,604 | ||||||
Summerlin Centre, LLC | 09-12284 | 267 |
30
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
Summerlin Corporation | 09-12285 | — | ||||||
Three Rivers Mall L.L.C. | 09-12286 | 161 | ||||||
Three Willow Company, LLC | 09-12287 | — | ||||||
Town East Mall, LLC | 09-12288 | 853 | ||||||
Tracy Mall, Inc. | 09-12289 | — | ||||||
Tracy Mall Partners, L.P. | 09-12290 | 498 | ||||||
Tracy Mall Partners I L.L.C. | 09-12291 | — | ||||||
Tracy Mall Partners II, L.P. | 09-12292 | — | ||||||
TRC Willow, LLC | 09-12293 | — | ||||||
TV Investment, LLC | 09-12294 | — | ||||||
Two Arizona Center, LLC | 09-12295 | 630 | ||||||
Two Willow Company, LLC | 09-12296 | — | ||||||
Tysons Galleria L.L.C. | 09-12297 | 2,787 | ||||||
U.K.-American Properties, Inc. | 09-12298 | 2,557 | ||||||
Valley Hills Mall, Inc. | 09-12299 | — | ||||||
Valley Plaza Anchor Acquisition, LLC | 09-12300 | 293 | ||||||
VCK Business Trust | 09-12301 | 326 | ||||||
Victoria Ward Center L.L.C. | 09-12302 | 119 | ||||||
Victoria Ward Entertainment Center L.L.C. | 09-12303 | 95 | ||||||
Victoria Ward, Limited | 09-12304 | 1,384 | ||||||
Victoria Ward Services, Inc. | 09-12305 | — | ||||||
Village of Cross Keys, LLC, The | 09-12306 | 40 | ||||||
Visalia Mall L.L.C. | 09-12307 | — | ||||||
Vista Commons, LLC | 09-12308 | 30 | ||||||
Visalia Mall, L.P. | 09-12309 | 253 | ||||||
Vista Ridge Mall, LLC | 09-12310 | 768 | ||||||
VW Condominium Development, LLC | 09-12311 | — | ||||||
Ward Gateway-Industrial-Village, LLC | 09-12312 | 118 | ||||||
Ward Plaza-Warehouse, LLC | 09-12313 | 220 | ||||||
Weeping Willow RNA, LLC | 09-12314 | — | ||||||
West Kendall Holdings, LLC | 09-12315 | 2,030 | ||||||
Westwood Mall, LLC | 09-12316 | 99 | ||||||
White Marsh Mall, LLC | 09-12317 | — | ||||||
White Mountain Mall, LLC | 09-12318 | 128 | ||||||
Willow SPE, LLC | 09-12319 | — | ||||||
Willowbrook II, LLC | 09-12320 | — | ||||||
Willowbrook Mall, LLC | 09-12321 | 1,440 | ||||||
Woodbridge Center Property, LLC | 09-12322 | 1,561 | ||||||
Woodlands Mall Associates, LLC, The | 09-12323 | 1,592 | ||||||
10000 Covington Cross, LLC | 09-12324 | 3 |
31
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE V — Continued
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
SCHEDULE OF TOTAL DISBURSEMENTS BY DEBTOR
(UNAUDITED)
Disbursements | ||||||||
Month Ended | ||||||||
Legal Entity | Case Number | November 30, 2009 | ||||||
(In thousands) | ||||||||
10 CCC Business Trust | 09-12457 | 24 | ||||||
20 CCC Business Trust | 09-12458 | 34 | ||||||
30 CCC Business Trust | 09-12459 | 51 | ||||||
Capital Mall L.L.C. | 09-12462 | 210 | ||||||
GGP-Columbiana Trust | 09-12464 | 184 | ||||||
GGP-Gateway Mall L.L.C. | 09-12467 | 1,399 | ||||||
Grand Traverse Mall Partners, LP | 09-12469 | 566 | ||||||
Greenwood Mall L.L.C. | 09-12471 | 537 | ||||||
Kalamazoo Mall L.L.C. | 09-12472 | 635 | ||||||
Lancaster Trust | 09-12473 | 885 | ||||||
Mondawmin Business Trust | 09-12474 | 1,998 | ||||||
Running Brook Business Trust | 09-12475 | — | ||||||
Town Center East Business Trust | 09-12476 | 27 | ||||||
Burlington Town Center II LLC | 09-12477 | — | ||||||
GGP-Mall of Louisiana, Inc. | 09-12478 | — | ||||||
Stonestown Shopping Center Holding L.L.C. | 09-12479 | — | ||||||
Capital Mall, Inc. | 09-12480 | — | ||||||
GGP-Gateway Mall, Inc. | 09-12481 | — | ||||||
GGP-Mall of Louisiana II, L.P. | 09-12482 | — | ||||||
Grand Traverse Mall Holding, Inc. | 09-12483 | — | ||||||
Greenwood Mall, Inc. | 09-12484 | — | ||||||
Kalamazoo Mall, Inc. | 09-12485 | — | ||||||
Parcit-IIP Lancaster Venture | 09-12486 | — | ||||||
Parcity L.L.C. | 09-12487 | — | ||||||
Parcity Trust | 09-12488 | — | ||||||
Park City Holding, Inc. | 09-12489 | — | ||||||
PC Lancaster L.L.C. | 09-12490 | — | ||||||
PC Lancaster Trust | 09-12491 | — | ||||||
$ | 189,691 | |||||||
32
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VI
SCHEDULE OF DEBTORS’ OPERATING PROPERTY
AGED TENANT ACCOUNTS RECEIVABLE
(UNAUDITED)
SCHEDULE OF DEBTORS’ OPERATING PROPERTY
AGED TENANT ACCOUNTS RECEIVABLE
(UNAUDITED)
November 30, 2009 | ||||
(In thousands) | ||||
Current | $ | (30,769) | * | |
31 - 60 days | 7,904 | |||
61 - 90 days | 6,866 | |||
91 - 120 days | 304 | |||
Over 120 days | 49,305 | |||
Gross Amount | $ | 33,610 | ||
* | In general, reflects tenant rents paid in advance. |
33
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VII
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
Total Debt Balance | Interest Expense | |||||||||||||||
Property | Maturity Date | Rate (a) | November 30, 2009 | Month Ended November 30 (b) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Fixed Rate Loans | ||||||||||||||||
Secured Asset Loans: | ||||||||||||||||
10000 West Charleston | 3/1/2011 | 7.88 | % | $ | 21,772 | $ | 143 | |||||||||
1160/80 Town Center | 7/15/2013 | 6.99 | % | 8,803 | 51 | |||||||||||
Ala Moana A1 | 9/1/2011 | 5.52 | % | 750,000 | 3,451 | |||||||||||
Ala Moana A2 | 9/1/2011 | 5.65 | % | 750,000 | 3,532 | |||||||||||
Augusta Mall | 11/11/2011 | 5.49 | % | 175,000 | 800 | |||||||||||
Baltimore Center Garage Ltd Partnership | 6/1/2018 | 6.05 | % | 16,092 | 81 | |||||||||||
Bay City | 12/2/2013 | 5.30 | % | 24,120 | 107 | |||||||||||
Bayshore | 9/1/2011 | 7.13 | % | 31,005 | 184 | |||||||||||
Beachwood Place | 4/7/2011 | 5.60 | % | 240,164 | 1,121 | |||||||||||
Bellis Fair | 2/15/2016 | 7.34 | % | 61,586 | 377 | |||||||||||
Boise Towne Plaza | 7/9/2010 | 4.70 | % | 10,921 | 43 | |||||||||||
Boise Towne Square | 2/10/2011 | 6.64 | % | 70,738 | 391 | |||||||||||
Brass Mill | 4/11/2014 | 4.55 | % | 123,593 | 469 | |||||||||||
Burlington | 7/1/2010 | 5.03 | % | 26,000 | 109 | |||||||||||
Burlington 2 (*) | 7/1/2010 | 6.30 | % | 5,500 | 29 | |||||||||||
Capital | 4/1/2011 | 7.28 | % | 20,291 | 123 | |||||||||||
Chapel Hills | 10/11/2010 | 5.04 | % | 115,653 | 485 | |||||||||||
Chico Mall | 2/11/2009 | 4.74 | % | 57,203 | 226 | |||||||||||
Collin Creek Mall | 7/11/2011 | 6.78 | % | 66,997 | 378 | |||||||||||
Columbia Mall (MO) | 2/1/2013 | 6.05 | % | 90,000 | 454 | |||||||||||
Coronado | 6/7/2010 | 5.08 | % | 168,798 | 714 | |||||||||||
Corporate Pointe 2 (10650 W. Charleston) | 9/11/2012 | 6.83 | % | 4,526 | 26 | |||||||||||
Corporate Pointe 3 (10750 W. Charleston) | 9/11/2012 | 6.83 | % | 4,526 | 26 | |||||||||||
Country Hills | 6/1/2016 | 6.04 | % | 13,526 | 68 | |||||||||||
Crossroads Center (MN) | 7/30/2010 | 4.73 | % | 84,306 | 332 | |||||||||||
Deerbrook | 3/2/2009 | 3.46 | % | 73,964 | 213 | |||||||||||
Eagle Ridge | 10/12/2015 | 5.41 | % | 47,578 | 215 | |||||||||||
Eastridge (CA) | 9/1/2011 | 5.79 | % | 170,000 | 820 | |||||||||||
Eastridge (WY ) | 12/5/2011 | 5.08 | % | 39,162 | 166 | |||||||||||
Eden Prairie | 4/1/2011 | 4.67 | % | 79,828 | 311 | |||||||||||
Fallbrook | 6/3/2013 | 6.14 | % | 85,000 | 435 | |||||||||||
Faneuil Hall | 4/1/2013 | 5.57 | % | 94,122 | 437 | |||||||||||
Fashion Place | 10/5/2010 | 5.30 | % | 144,483 | 638 | |||||||||||
Four Seasons | 12/11/2013 | 5.60 | % | 100,429 | 469 | |||||||||||
Fox River | 12/3/2012 | 5.96 | % | 195,000 | 969 | |||||||||||
Gallery at Harborplace 1 (Baltimore Center Land, Garage & Office) | 12/1/2010 | 7.89 | % | 49,387 | 325 | |||||||||||
Gallery at Harborplace 2 (Baltimore Center Land, Garage & Office) | 12/1/2010 | 7.03 | % | 3,200 | 19 | |||||||||||
Gallery at Harborplace 3 (Baltimore Center Land, Garage & Office) | 12/1/2010 | 7.49 | % | 5,100 | 32 | |||||||||||
Gallery at Harborplace 4 (Baltimore Center Land, Garage & Office) | 12/1/2010 | 7.93 | % | 2,200 | 15 | |||||||||||
Gallery at Harborplace 5 (Baltimore Center Land, Garage & Office) | 12/1/2010 | 8.89 | % | 4,705 | 35 | |||||||||||
Gateway | 4/1/2011 | 7.28 | % | 39,767 | 241 | |||||||||||
Gateway Overlook | 3/1/2013 | 5.78 | % | 55,000 | 265 | |||||||||||
Glenbrook | 7/1/2010 | 4.91 | % | 177,235 | 726 | |||||||||||
Grand Canal Shoppes | 5/1/2009 | 4.78 | % | 393,754 | 1,568 | |||||||||||
Grand Traverse | 10/1/2012 | 5.02 | % | 85,302 | 357 | |||||||||||
Greenwood | 4/1/2011 | 7.28 | % | 44,647 | 271 | |||||||||||
Harborplace | 10/5/2012 | 5.79 | % | 50,000 | 241 | |||||||||||
Homart I (*) | 2/28/2013 | 5.95 | % | 245,115 | 1,215 | |||||||||||
Hulen Mall | 12/7/2011 | 5.03 | % | 113,021 | 474 | |||||||||||
Ivanhoe Capital (*) | 12/3/2012 | 5.74 | % | 93,713 | 448 | |||||||||||
Jordan Creek | 3/2/2009 | 4.57 | % | 185,950 | 707 | |||||||||||
JP Comm Jr. Gateway Crossing | 7/9/2010 | 4.70 | % | 15,234 | 60 | |||||||||||
JP Comm Jr. Univ. Crossing | 7/9/2010 | 4.70 | % | 11,373 | 45 | |||||||||||
JP Comm Sr. Austin Bluffs | 4/9/2009 | 4.40 | % | 2,288 | 8 | |||||||||||
JP Comm Sr. Division Crossing | 4/9/2009 | 4.40 | % | 5,273 | 19 | |||||||||||
JP Comm Sr. Fort Union | 4/9/2009 | 4.40 | % | 2,753 | 10 | |||||||||||
JP Comm Sr. Halsey Crossing | 4/9/2009 | 4.40 | % | 2,581 | 9 | |||||||||||
JP Comm Sr. Orem Plaza Center St | 4/9/2009 | 4.40 | % | 2,460 | 9 | |||||||||||
JP Comm Sr. Orem Plaza State St | 4/9/2009 | 4.40 | % | 1,523 | 6 | |||||||||||
JP Comm Sr. Riverpointe Plaza | 4/9/2009 | 4.40 | % | 3,811 | 14 | |||||||||||
JP Comm Sr. Riverside Plaza | 4/9/2009 | 4.40 | % | 5,454 | 20 | |||||||||||
JP Comm Sr. Woodlands Village | 4/9/2009 | 4.40 | % | 6,968 | 26 | |||||||||||
Knollwood | 10/12/2015 | 5.35 | % | 39,942 | 178 | |||||||||||
Lakeside Mall | 12/1/2009 | 4.28 | % | 180,302 | 643 | |||||||||||
Lakeview Square | 3/1/2016 | 5.81 | % | 41,334 | 200 | |||||||||||
Lansing I | 1/15/2010 | 9.35 | % | 24,144 | 186 | |||||||||||
Lincolnshire Commons | 4/1/2013 | 5.98 | % | 28,000 | 140 |
34
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VII — Continued
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
Total Debt Balance | Interest Expense | |||||||||||||||
Property | Maturity Date | Rate (a) | November 30, 2009 | Month Ended November 30 (b) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Lynnhaven | 7/6/2010 | 5.05 | % | 236,988 | 997 | |||||||||||
Maine | 6/11/2010 | 4.84 | % | 216,295 | 872 | |||||||||||
Mall of Louisiana Mezz (*) | 4/1/2011 | 6.40 | % | 62,343 | 333 | |||||||||||
Mall of Louisiana Note A | 4/1/2011 | 5.46 | % | 118,469 | 539 | |||||||||||
Mall of Louisiana Note B | 4/1/2011 | 5.92 | % | 54,362 | 268 | |||||||||||
Mall St Matthews Ltd Partnership | 1/4/2010 | 4.81 | % | 144,565 | 579 | |||||||||||
Mall St Vincent | 7/7/2014 | 6.30 | % | 49,000 | 257 | |||||||||||
Market Place | 2/1/2013 | 6.05 | % | 106,000 | 534 | |||||||||||
Moreno Valley | 9/11/2013 | 5.96 | % | 87,402 | 434 | |||||||||||
Newgate | 10/1/2010 | 4.84 | % | 40,991 | 165 | |||||||||||
Newpark | 2/1/2011 | 7.45 | % | 68,201 | 423 | |||||||||||
North Point | 3/1/2011 | 5.48 | % | 215,691 | 986 | |||||||||||
North Star | 1/4/2010 | 4.43 | % | 232,570 | 859 | |||||||||||
Northgate | 9/1/2016 | 5.88 | % | 45,025 | 221 | |||||||||||
Northridge Fashion | 7/1/2011 | 7.24 | % | 126,403 | 763 | |||||||||||
Oglethorpe | 7/2/2012 | 4.89 | % | 141,375 | 576 | |||||||||||
Oviedo | 5/7/2012 | 5.12 | % | 51,819 | 221 | |||||||||||
Oxmoor | 6/3/2013 | 6.85 | % | 56,922 | 325 | |||||||||||
Park City Note A | 10/1/2010 | 4.74 | % | 120,029 | 474 | |||||||||||
Park City Note B | 10/1/2010 | 7.10 | % | 29,206 | 173 | |||||||||||
Park Place | 1/11/2010 | 5.15 | % | 176,443 | 757 | |||||||||||
Peachtree | 6/1/2010 | 5.08 | % | 89,590 | 379 | |||||||||||
Pecanland | 3/1/2010 | 4.28 | % | 57,838 | 206 | |||||||||||
Piedmont | 9/6/2016 | 5.98 | % | 33,911 | 169 | |||||||||||
Pine Ridge | 12/5/2011 | 5.08 | % | 26,404 | 112 | |||||||||||
Pioneer Place Limited Partners Land | 4/27/2010 | 10.00 | % | 346 | 3 | |||||||||||
Prince Kuhio | 4/1/2009 | 3.45 | % | 37,826 | 109 | |||||||||||
Providence Place 2 | 3/11/2010 | 5.03 | % | 258,525 | 1,083 | |||||||||||
Providence Place 3 (*) | 3/11/2010 | 5.12 | % | 59,529 | 254 | |||||||||||
Providence Place 4 (*) | 3/11/2010 | 5.93 | % | 39,044 | 193 | |||||||||||
Providence Place Pilot A1 | 7/1/2016 | 7.75 | % | 23,754 | 153 | |||||||||||
Providence Place Pilot A2 | 6/30/2028 | 7.75 | % | 22,253 | 144 | |||||||||||
Red Cliffs | 12/5/2011 | 5.08 | % | 25,095 | 106 | |||||||||||
Regency Square | 7/1/2010 | 3.59 | % | 93,790 | 281 | |||||||||||
Ridgedale | 4/1/2010 | 4.86 | % | 178,194 | 722 | |||||||||||
River Hills | 6/3/2013 | 6.14 | % | 80,000 | 409 | |||||||||||
RiverTown Junior Loan (*) | 7/1/2011 | 9.15 | % | 15,788 | 120 | |||||||||||
RiverTown Senior Loan | 7/1/2011 | 7.29 | % | 102,111 | 620 | |||||||||||
Rogue Valley | 12/31/2010 | 7.85 | % | 26,347 | 172 | |||||||||||
Sikes Senter | 6/1/2012 | 5.20 | % | 61,381 | 266 | |||||||||||
Sooner Fashion | 6/3/2013 | 6.14 | % | 60,000 | 307 | |||||||||||
Southlake | 12/5/2017 | 6.44 | % | 100,000 | 537 | |||||||||||
Southland | 3/2/2009 | 3.62 | % | 81,477 | 246 | |||||||||||
Southland (RSE) | 3/5/2010 | 4.97 | % | 108,788 | 451 | |||||||||||
St. Louis Galleria | 7/5/2010 | 4.86 | % | 237,412 | 961 | |||||||||||
Staten Island 1 | 10/1/2010 | 5.09 | % | 85,000 | 356 | |||||||||||
Staten Island 2 | 10/1/2010 | 8.15 | % | 70,616 | 473 | |||||||||||
Staten Island 3 | 10/1/2010 | 5.61 | % | 125,000 | 584 | |||||||||||
Steeplegate | 7/31/2009 | 4.94 | % | 77,889 | 321 | |||||||||||
Stonestown Note A | 9/1/2011 | 5.85 | % | 155,600 | 759 | |||||||||||
Stonestown Note B | 9/1/2011 | 5.65 | % | 60,000 | 283 | |||||||||||
Stonestown Mezz (*) | 9/1/2011 | 5.79 | % | 57,400 | 277 | |||||||||||
The Boulevard | 7/1/2013 | 4.27 | % | 107,630 | 383 | |||||||||||
The Crossroads (MI) | 6/1/2009 | 7.40 | % | 39,791 | 245 | |||||||||||
The Woodlands Note A | 6/13/2011 | 5.91 | % | 185,000 | 912 | |||||||||||
The Woodlands Note B | 6/13/2011 | 5.91 | % | 55,000 | 271 | |||||||||||
Three Rivers | 12/5/2011 | 5.08 | % | 21,497 | 91 | |||||||||||
Town East | 4/13/2009 | 3.46 | % | 105,182 | 303 | |||||||||||
Tucson Mall | 10/11/2033 | 4.26 | % | 119,627 | 425 | |||||||||||
Tysons Galleria | 9/12/2011 | 5.72 | % | 255,000 | 1,216 | |||||||||||
Valley Hills | 3/5/2014 | 4.73 | % | 56,851 | 224 | |||||||||||
Valley Plaza | 7/11/2012 | 3.90 | % | 95,268 | 310 | |||||||||||
Victoria Ward (Village/Industrial/Gateway) | 10/1/2011 | 5.61 | % | 88,500 | 414 | |||||||||||
Victoria Ward (Warehouse/Plaza) | 10/6/2011 | 5.52 | % | 68,500 | 315 | |||||||||||
Village of Cross Keys | 7/31/2009 | 7.04 | % | 10,257 | 60 | |||||||||||
Visalia | 1/11/2010 | 3.78 | % | 41,595 | 131 | |||||||||||
Vista Ridge | 4/11/2011 | 6.87 | % | 80,351 | 460 | |||||||||||
Ward Centre & Ward Entertainment | 1/4/2010 | 4.33 | % | 58,294 | 210 | |||||||||||
Washington Park | 4/1/2014 | 5.35 | % | 12,099 | 54 | |||||||||||
West Valley | 4/1/2010 | 3.43 | % | 56,436 | 161 | |||||||||||
White Marsh | 9/1/2012 | 5.62 | % | 187,000 | 876 | |||||||||||
Willowbrook Mall | 7/1/2011 | 6.82 | % | 158,587 | 902 | |||||||||||
Woodbridge Corporation | 6/1/2009 | 4.24 | % | 207,934 | 735 |
35
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VII — Continued
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
STATUS OF MORTGAGES PAYABLE FOR DEBTORS
(UNAUDITED)
Total Debt Balance | Interest Expense | |||||||||||||||
Property | Maturity Date | Rate (a) | November 30, 2009 | Month Ended November 30 (b) | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Unsecured Asset Loans: | ||||||||||||||||
GGPLP/GGPLPLLC Exchangable Debt (*) | 4/15/2012 | 3.98 | % | 1,550,000 | 5,141 | |||||||||||
Public Indenture — Company Debt (*) | 9/17/2012 | 7.20 | % | 400,000 | 2,400 | |||||||||||
Public Indenture — Senior Bond (*) | 3/16/2009 | 3.63 | % | 395,000 | 1,193 | |||||||||||
Public Indenture 100 (*) | 11/26/2013 | 5.38 | % | 100,000 | 448 | |||||||||||
Public Indenture 350 (*) | 11/26/2013 | 5.38 | % | 350,000 | 1,568 | |||||||||||
Public Indenture Senior Note (*) | 4/30/2009 | 8.00 | % | 200,000 | 1,333 | |||||||||||
Rouse Senior Notes (*) | 5/1/2013 | 6.75 | % | 800,000 | 4,500 | |||||||||||
Fixed Rate Debt | $ | 16,528,628 | $ | 73,998 | ||||||||||||
Variable Rate Loans | ||||||||||||||||
Secured Asset Loans: | ||||||||||||||||
Bank Note — Animas Valley | 7/11/2013 | 2.50 | % | 35,054 | 73 | |||||||||||
Bank Note — Birchwood Mall | 7/11/2013 | 2.50 | % | 44,308 | 92 | |||||||||||
Bank Note — Cache Valley | 7/11/2013 | 2.50 | % | 28,043 | 58 | |||||||||||
Bank Note — Colony Square | 7/11/2013 | 2.50 | % | 25,239 | 52 | |||||||||||
Bank Note — Columbiana | 7/11/2013 | 2.50 | % | 105,441 | 219 | |||||||||||
Bank Note — Fallen Timbers | 7/11/2013 | 2.50 | % | 42,401 | 88 | |||||||||||
Bank Note — Foothills | 7/11/2013 | 2.50 | % | 50,758 | 105 | |||||||||||
Bank Note — Grand Teton | 7/11/2013 | 2.50 | % | 48,795 | 101 | |||||||||||
Bank Note — Mall at Sierra Vista | 7/11/2013 | 2.50 | % | 23,556 | 49 | |||||||||||
Bank Note — Mall of the Bluffs | 7/11/2013 | 2.50 | % | 35,951 | 75 | |||||||||||
Bank Note — Mayfair | 7/11/2013 | 2.50 | % | 274,932 | 571 | |||||||||||
Bank Note — Mondawmin | 7/11/2013 | 2.50 | % | 84,689 | 176 | |||||||||||
Bank Note — North Plains | 7/11/2013 | 2.50 | % | 10,656 | 22 | |||||||||||
Bank Note — North Town Mall | 7/11/2013 | 2.50 | % | 114,976 | 239 | |||||||||||
Bank Note — Oakwood | 7/11/2013 | 2.50 | % | 75,772 | 157 | |||||||||||
Bank Note — Owings Mills | 7/11/2013 | 2.50 | % | 53,281 | 111 | |||||||||||
Bank Note — Pierre Bossiere | 7/11/2013 | 2.50 | % | 40,382 | 84 | |||||||||||
Bank Note — Pioneer Place | 7/11/2013 | 2.50 | % | 156,764 | 326 | |||||||||||
Bank Note — Salem Center | 7/11/2013 | 2.50 | % | 41,728 | 87 | |||||||||||
Bank Note — Silver Lake Mall | 7/11/2013 | 2.50 | % | 18,228 | 38 | |||||||||||
Bank Note — Southwest Plaza | 7/11/2013 | 2.50 | % | 96,187 | 200 | |||||||||||
Bank Note — Spring Hill | 7/11/2013 | 2.50 | % | 68,088 | 142 | |||||||||||
Bank Note — Westwood Mall | 7/11/2013 | 2.50 | % | 24,117 | 50 | |||||||||||
Bank Note — White Mountain | 7/11/2013 | 2.50 | % | 10,656 | 22 | |||||||||||
Fashion Show | 3/15/2009 | 6.25 | % | 645,918 | 3,359 | |||||||||||
Oakwood Center | 3/16/2009 | 1.75 | % | 95,000 | 138 | |||||||||||
Palazzo | 3/15/2009 | 6.25 | % | 249,623 | 1,298 | |||||||||||
Unsecured Asset Loans: | ||||||||||||||||
DIP (c) | 3/16/2011 | 13.50 | % | 400,000 | 4,500 | |||||||||||
GGPLP/GGPLPLLC Revolver (*) | 2/24/2010 | 1.50 | % | 590,000 | 733 | |||||||||||
GGPLP/GGPLPLLC Senior Term (*) | 2/24/2010 | 1.50 | % | 1,987,500 | 2,468 | |||||||||||
TRUPS (*)(d) | 4/30/2036 | 1.78 | % | 206,200 | 297 | |||||||||||
Variable Rate Debt | 5,684,243 | 15,930 | ||||||||||||||
Total Filing Entity Debt | $ | 22,212,871 | (e) | $ | 89,928 | |||||||||||
(a) | Reflects the variable contract rate as of November 30, 2009. | |
(b) | All amounts for current period were paid as scheduled, except where noted (*). | |
(c) | Loan obtained in May 2009. | |
(d) | Junior subordinated notes of GGPLP purchased by GGP Capital Trust I, a Non-Debtor Delaware statutory trust and wholly-owned subsidiary of GGPLP, with proceeds from the sale of trust preferred securities. | |
(e) | Excludes liabilities to special improvement districts, discount on GGPLP Exchangable Debt and purchase accounting mark-to-market adjustments. |
36
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE VIII
CHAPTER 11 RETAINED PROFESSIONALS DETAIL
(UNAUDITED)
CHAPTER 11 RETAINED PROFESSIONALS DETAIL
(UNAUDITED)
Period Expense | Cash Paid | Expense | Cash Paid | |||||||||||||
Month Ended | Month Ended | Cumulative Post-Petition | Cumulative Post-Petition | |||||||||||||
Name | November 30, 2009 | November 30, 2009 | Period Ended November 30, 2009 | Period Ended November 30, 2009 | ||||||||||||
(In thousands) | ||||||||||||||||
Akin Gump Strauss Hauer & Feld, LLP | $ | 173 | $ | 968 | $ | 8,485 | $ | 5,114 | ||||||||
AlixPartners, LLP | 1,110 | 868 | 8,725 | 4,225 | ||||||||||||
Assessment Technologies | — | — | 29 | 25 | ||||||||||||
Baker & Daniels LLP | — | — | — | — | ||||||||||||
Bracewell Giuliani | 92 | — | 711 | 160 | ||||||||||||
Calvo & Clark LLP | — | — | — | — | ||||||||||||
Cushman & Wakefield | — | 509 | 1,054 | 538 | ||||||||||||
Deloitte & Touche LLP | 335 | 988 | 3,204 | 988 | ||||||||||||
Deloitte Tax LLP | 42 | 11 | 458 | 13 | ||||||||||||
Epiq Solutions | — | 2 | 17 | 13 | ||||||||||||
Ernst & Young LLP | 91 | 75 | 632 | 307 | ||||||||||||
FTI Consulting | 293 | 220 | 2,176 | 1,043 | ||||||||||||
Grant Thornton | — | — | 19 | — | ||||||||||||
Halperin Battaglia Raicht LLP | 16 | 9 | 61 | 29 | ||||||||||||
Hewitt Associates | 78 | — | 586 | — | ||||||||||||
Houlihan Lokey | 49 | 232 | 3,523 | 990 | ||||||||||||
Jenner & Block | 148 | 75 | 1,163 | 590 | ||||||||||||
Kirkland & Ellis LLP | 1,250 | — | 11,670 | 5,924 | ||||||||||||
Kurtzman Carson Consultants LLC | — | 75 | 3,155 | 2,049 | ||||||||||||
Miller Buckfire & Co LLC (1) | 986 | 305 | 5,472 | 3,102 | ||||||||||||
PricewaterhouseCoopers | 4 | — | 42 | — | ||||||||||||
Silverstein & Pomerantz LLP | — | — | — | — | ||||||||||||
Weil, Gotshal & Manges LLP | 1,726 | 1,228 | 15,638 | 8,266 | ||||||||||||
Total | $ | 6,393 | $ | 5,565 | $ | 66,820 | $ | 33,376 | ||||||||
Professional Fees Summary (See Note 7) | ||||||||||||||||
Restructuring costs | $ | 5,773 | $ | 4,426 | $ | 61,148 | $ | 31,339 | ||||||||
General & administrative | 578 | 1,063 | 4,979 | 1,578 | ||||||||||||
Other(2) | 42 | 76 | 693 | 459 | ||||||||||||
Total | $ | 6,393 | $ | 5,565 | $ | 66,820 | $ | 33,376 | ||||||||
(1) | The amount paid to Miller Buckfire & Co LLC (“Miller Buckfire”) includes $3.2 million related to financing fees for the DIP Facility (see Note 1) which were capitalized. Additionally, the return of a retainer fee from Miller Buckfire to GGP of $1.3 million is also included in cash payments as a refund in the cash paid cumulative post-petition amounts. | |
(2) | The amounts included in Other Professional Fees relate to expenses incurred for Retained Professionals not classified as restructuring or general & administrative costs. |
37
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IX
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED NOVEMBER 30, 2009
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED NOVEMBER 30, 2009
Debtor | Property | Date and Transaction Description | Counterparty | Consideration | ||||||
(In thousands) | ||||||||||
HHPI (consenting to West Charleston Lofts III,LLC) | Summerlin Village 19 — Power Substation (APN:164-02-510-004) | 11/10/2009 — Electric easement | Nevada Power Company | None | ||||||
HHPI (consenting to West Charleston Lofts III,LLC) | Summerlin Village 19 — Power Substation (APN:164-02-510-004) | 11/10/2009 — Electric easement (wall construction) | Nevada Power Company | None | ||||||
GGP Natick Residence LLC | Condominium Unit # 632 Natick, MA | 11/02/2009 Condominium Unit Sale | Six Three Two Nouvelle Realty Trust | $ | 391 | |||||
GGP Natick Residence LLC | Condominium Unit #303 Natick, MA | 11/02/2009 Condominium Unit Sale | Brian Guarente | $ | 255 | |||||
GGP Natick Residence LLC | Condominium Unit # 701 Natick, MA | 11/03/2009 Condominium Unit Sale | Andrei Soran | $ | 333 | |||||
GGP Natick Residence LLC | Condominium Unit #726 Natick, MA | 11/03/2009 Condominium Unit Sale | Rita Kapur | $ | 349 | |||||
GGP Natick Residence LLC | Condominium Unit #744 Natick, MA | 11/02/2009 Condominium Unit Sale | Micheal Yee | $ | 281 | |||||
GGP Natick Residence LLC | Condominium Unit # 748 Natick, MA | 11/03/2009 Condominium Unit Sale | April Eldred | $ | 385 | |||||
GGP Natick Residence LLC | Condominium Unit # 832 Natick, MA | 11/03/2009 Condominium Unit Sale | Hinson Investment | $ | 360 | |||||
GGP Natick Residence LLC | Condominium Unit # 842 Natick, MA | 11/02/2009 Condominium Unit Sale | Markopoulos | $ | 249 | |||||
GGP Natick Residence LLC | Condominium Unit # 843 Natick, MA | 11/03/2009 Condominium Unit Sale | Anthony Chin | $ | 417 | |||||
GGP Natick Residence LLC | Condominium Unit # 848 Natick, MA | 11/03/2009 Condominium Unit Sale | Chris Kotsiopoulos | $ | 402 | |||||
GGP Natick Residence LLC | Condominium Unit # 902 Natick, MA | 11/02/2009 Condominium Unit Sale | Xiangyang Li and Wei Shen | $ | 355 | |||||
GGP Natick Residence LLC | Condominium Unit # 903 Natick, MA | 11/02/2009 Condominium Unit Sale | Wing Hang Wong | $ | 260 | |||||
GGP Natick Residence LLC | Condominium Unit #942 Natick, MA | 11/02/2009 Condominium Unit Sale | Shihao Pan and Jianjing Ling | $ | 249 | |||||
GGP Natick Residence LLC | Condominium Unit # 944 Natick, MA | 11/02/2009 Condominium Unit Sale | Olivia S. Guo | $ | 290 | |||||
GGP Natick Residence LLC | Condominium Unit # 1002 Natick, MA | 11/03/2009 Condominium Unit Sale | Annie Shum | $ | 363 | |||||
GGP Natick Residence LLC | Condominium Unit # 1006 Natick, MA | 11/03/2009 Condominium Unit Sale | Bharat Dave and Soroj Dave | $ | 367 | |||||
GGP Natick Residence LLC | Condominium Unit # 1105 Natick, MA | 11/03/2009 Condominium Unit Sale | Srikanth Sharma | $ | 604 |
38
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
SCHEDULE IX
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED NOVEMBER 30, 2009
NON-NOTICED ASSET CONVEYANCES
AND AUTHORIZED DE MINIMIS SALES FOR
THE MONTH ENDED NOVEMBER 30, 2009
Debtor | Property | Date and Transaction Description | Counterparty | Consideration | ||||||
(In thousands) | ||||||||||
GGP Natick Residence LLC | Condominium Unit # 1109 Natick, MA | 11/03/2009 Condominium Unit Sale | Hinson Investment | $ | 560 | |||||
GGP Natick Residence LLC | Condominium Unit # 743 Natick, MA | 11/03/2009 Condominium Unit Sale | Robert Toner | $ | 415 | |||||
GGP Natick Residence LLC | Condominium Unit # 905 Natick, MA | 11/04/2009 Condominium Unti Sale | Jeffrey Weisberg and Debra Weisberg | $ | 484 | |||||
GGP Natick Residence LLC | Condominium Unit # 704 Natick, MA | 11/04/2009 Condominium Unit Sale | Micheal Sack | $ | 364 | |||||
GGP Natick Residence LLC | Condominium Unit # 926 Natick, MA | 11/13/2009 Condominium Unit Sale | Ramachandra Vallurupalli and Usharani Raminemi | $ | 346 | |||||
GGP Natick Residence LLC | Condominium Unit # 631 Natick, MA | 11/16/2009 Condominium Unit Sale | Giridhar Immandi | $ | 439 | |||||
GGP Natick Residence LLC | Condominium Unit # 1113 Natick, MA | 11/18/2009 Condominium Unit Sale | Sean Martin/Adam Rogers | $ | 545 | |||||
GGP Natick Residence LLC | Condominium Unit # 1208 Natick, MA | 11/18/2009 Condominium Unit Sale | Richard and Cynthia Maloney | $ | 569 | |||||
GGP Natick Residence LLC | Condominium Unit # 1005 Natick, MA | 11/16/2009 Condominium Unit Sale | Dong Liu | $ | 484 | |||||
GGP Natick Residence LLC | Condominium Unit # 545 Natick, MA | 11/20/2009 Condominium Unit Sale | Neelam Rand | $ | 359 | |||||
GGP Natick Residence LLC | Condominium Unit # 1008 Natick, MA | 11/20/2009 Condominium Unit Sale | Ducksoo and Eunjoo Kim | $ | 559 | |||||
GGP Natick Residence LLC | Condominium Unit # 547 Natick, MA | 11/23/2009 Condominium Unit Sale | David Diamond | $ | 279 | |||||
GGP Natick Residence LLC | Condominium Unit # 829 Natick, MA | 11/24/2009 Condominium Unit Sale | Liyu Yang | $ | 395 | |||||
GGP Natick Residence LLC | Condominium Unit # 801 Natick, MA | 11/24/2009 Condominium Unit Sale | Roger Chen | $ | 330 | |||||
GGP Natick Residence LLC | Condominium Unit # 1001 Natick, MA | 11/30/2009 Condominium Unit Sale | Sai Zhu XU | $ | 335 | |||||
GGP Natick Residence LLC | Condominium Unit # 11 Walden Drive, Natick, MA | 11/06/2009 Condominium Unit Sale | Laura Ebrecht | $ | 142 | |||||
GGP Natick Residence LLC | Condominium Unit # 44 Silver Hill Lane, Unit#13, Natick, MA | 11/23/2009 Condominium Unit Sale | Viola Said | $ | 137 |
39
GENERAL GROWTH PROPERTIES, INC.
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Combined Debtors Monthly Operating Report
CASE NO. 09-11977 (Jointly Administered)
Reporting Period: November 2009
SCHEDULE X
DEBTORS QUESTIONNAIRE*
DEBTORS QUESTIONNAIRE*
Yes | No | |||||
1 | Have any assets been sold or transferred outside the normal course of business this reporting period? | X | ||||
2 | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | X | ||||
3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | X | ||||
4 | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | X | ||||
5 | Is the Debtor delinquent in paying any insurance premium payment? | X | ||||
6 | Have any payments been made on pre-petition liabilities this reporting period? | X(1) | ||||
7 | Are any post petition receivables (accounts, notes or loans) due from related parties? | X(2) | ||||
8 | Are any post petition payroll taxes past due? | X | ||||
9 | Are any post petition State or Federal income taxes past due? | X | ||||
10 | Are any post petition real estate taxes past due? | X | ||||
11 | Are any other post petition taxes past due? | X | ||||
12 | Have any pre-petition taxes been paid during this reporting period? | X | ||||
13 | Are any amounts owed to post petition creditors delinquent? | X | ||||
14 | Are any wage payments past due? | X | ||||
15 | Have any post petition loans been received by the Debtor from any party? | X(3) | ||||
16 | Is the Debtor delinquent in paying any U.S. Trustee fees? | X | ||||
17 | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | X | ||||
18 | Have the owners or shareholders received any compensation outside of the normal course of business? | X |
* | Unless otherwise indicated, answer is for the combined group of Debtors (see Note 1). | |
(1) | An aggregate of $9.5 million has been paid in the reporting period by or on behalf of the Debtors with respect to pre-petition liabilities as approved by the Bankruptcy Court. Such disbursements have been for employee salaries, commissions and reimbursements, taxes to government entities and for other services rendered pre-petition. | |
(2) | The net change in the aggregate Debtors intercompany accounts with affiliated non-debtors for the period was an increase in the amounts due to Non-Debtors of $11.45 million. | |
(3) | As previously described in Note 6 of the May MOR, which description is incorporated into this response by reference, the DIP Term Loan of $400 million was funded on May 15, 2009. |
40