Exhibit 99.1
General Growth Properties, Inc.
Supplemental Financial Information
For the three months ended March 31, 2005
Supplemental Financial/Operational Data
March 31, 2005
Table of Contents
Corporate Overview | 1 - 3 | |
Corporate Profile | 1 | |
Corporate Overview | 1 | |
Stock Listing | 1 | |
Calendar of Events | 1 | |
Current Dividend | 1 | |
Investor Relations | 1 | |
Transfer Agent | 1 | |
Debt Ratings | 1 | |
Ownership Structure as of March 31, 2005 | 2 | |
Total Market Capitalization | 2 | |
Research Coverage | 3 | |
First Quarter 2005 Earnings Announcement | 4 - 13 | |
Supplemental Financial Data | 14 - 29 | |
Summary Financial Information, Earnings Measures and Retained FFO | 14 | |
Trailing Twelve Month EBITDA and Coverage Ratios | 15 | |
Community Development Net Operating Income | 16 | |
Capital Information | 17 | |
Changes in Common Share and Unit Ownership | 18 | |
Common Dividend History | 19 | |
Debt Maturity and Current Average Interest Rate Summary | 20 | |
Summary of Outstanding Debt | 21 -28 | |
Other Assets and Liabilities Detail | 29 | |
Supplemental Operational Data | 32 - 37 | |
Operating Statistics & Certain Financial Information | 30 | |
Portfolio GLA, Occupancy, Sales & Rent Data | 31 | |
Occupancy, Straight Line Rent, SFAS #141 & 142 and Tenant Allowances | 32 | |
Real Estate Net Operating Income by Geographic Area | 33 | |
Real Estate Net Operating Income by Categorization | 34 | |
Lease Expiration Schedule and Lease Termination Income at Share | 35 | |
Major Developments, Expansions & Acquisitions | 36 - 39 | |
Development in Progress | 36 | |
Developments and Expansions over $10 million | 37 - 38 | |
Acquisitions | 39 |
Corporate Overview
All information included in this supplemental package is unaudited, unless otherwise indicated.
This report may contain forward-looking statements that involve risks and uncertainties. All
statements other than statements of historical fact are statements that may be deemed forward-
looking statements, which are subject to a number of risks, uncertainties and assumptions. Readers
are referred to the documents filed by the company with the SEC, specifically the most recent report
on Form 10-K, which identify important risk factors and estimates which could cause actual
results to differ from those contained in the forward-looking statements.
Corporate Profile
Since going public in 1993, GGP has reported the highest per share funds from operations (FFO) growth in the regional mall sector at 16% on a compounded annualized basis. With a capitalization of $33.9 billion, GGP delivers consistent earnings growth and dividend increases. Average occupancy at March 31, 2005 was 90.0% and sales per square foot were $416. The Bucksbaum family, which founded GGP, is still engaged in the operation of the company’s day-to-day business activities. The senior management together with a majority of its nearly 6,000 employees own approximately 30% of the company.
Corporate Overview
The corporate vision of GGP is to be a CUSTOMer built company, giving our C.O.R.E customers what they want, when they want it and where they want it. We are custom-built and customer-focused on our key audiences:
C Consumer
O Owners
R Retailers
E Employess
Whether you’re a shopper, shareholder, a retailer or an employee, GGP is CUSTOMer built for you.
Stock Listing
NYSE: GGP
Calendar of Events | ||||
Quarter End — Second Quarter 2005 | June 30, 2005 | |||
Earnings Release — After the Market Close | August 2, 2005 | |||
Quarterly Conference Call — 9:00 am CST | August 3, 2005 |
Current Dividend
Transfer Agent
Shareholder Relations
P.O. Box 3315
South Hackensack, NJ 07606
(888) 395-8037
(201) 329-8660
Debt Ratings | ||||
Standard & Poors — Corporate Rating | BBB – | |||
Standard & Poors — Senior Debt Rating | BB + | |||
Standard & Poors — Rouse Bonds Rating | BB + | |||
Moody’s — Senior Debt Rating | Ba2 | |||
Moody’s — Rouse Bonds Rating | Ba1 |
Please visit the GGP web site for additional information: | www.generalgrowth.com |
1
Ownership Structure as of March 31, 2005
Total Market Capitalization - As Measured by Stock Price (dollars in thousands) | 3/31/2005 | ||||||||||||
Total Portfolio Debt (Company consolidated debt plus applicable share from unconsolidated affiliates) (a) | $ | 23,044,218 | |||||||||||
Perpetual Preferred Units | Issuer’s Earliest Redemption Date | ||||||||||||
Perpetual Preferred Units at 8.25% | N/A | $ | 5,000 | ||||||||||
Perpetual Preferred Units at 8.75% (b) | 5/1/2005 | — | |||||||||||
Perpetual Preferred Units at 8.95% (c) | 5/25/2005 | — | |||||||||||
Perpetual Preferred Units at 8.95% | 4/23/2007 | 60,000 | |||||||||||
65,000 | |||||||||||||
Convertible Preferred Units | |||||||||||||
Convertible Preferred Units at 6.50% | 26,637 | ||||||||||||
Convertible Preferred Units at 7.00% | 57,209 | ||||||||||||
Convertible Preferred Units at 8.50% | 70,068 | ||||||||||||
153,914 | |||||||||||||
Other Preferred Stock | 361 | ||||||||||||
Total Preferred Securities | $ | 219,275 | |||||||||||
Common Stock and Common Operating Partnership Units | |||||||||||||
Stock market value of 237.6 million shares of common stock and 53.7 million shares of operating partnership common units (which are convertible into an equal number of shares of common stock) — outstanding at end of period | $ | 9,932,581 | |||||||||||
Total Market Capitalization at end of period | $ | 33,196,074 | |||||||||||
(a) | The total loan balance on this report excludes purchase accounting mark-to-market adjustments on consolidated debt of approximately $146.7 million and unconsolidated debt of approximately $5.5 million. In addition, debt collateralized by Provo Mall & Spokane Mall is reflected at 75% of the total loan balance resulting in a $23.4 million minority interest adjustment to the consolidated debt balance. | |
(b) | Carrying amount of $8,000 reclassified to liabilities due to notices of redemption for May 5, 2005, issued in March 2005. | |
(c) | Carrying amount of $175,000 reclassified to liabilities due to notices of redemption for May 25, 2005, issued in April 2005. |
2
Research Coverage
The following list of research coverage and contact information is included for informational purposes only. The company does not review any third party advice or investment or research report and therefore expressly does not adopt or endorse any such advice or report.
Banc of America Securities | Ross Nussbaum Amy deLone | (212) 847-5668 (617) 856-8820 | ||
Bear Stearns | Amy Young Ross Smotrich | (212) 272-3523 (212) 272-8046 | ||
Deutsche Bank | Louis Taylor | (212) 250-4912 | ||
Friedman Billings Ramsey | Paul Morgan | (415) 874-3412 | ||
Goldman Sachs | Carey Callaghan | (212) 902-4351 | ||
Greenstreet Advisors | Greg Andrews | (949) 640-8780 | ||
J.P. Morgan | Michael Mueller Joshua Bederman | (212) 622-6689 (212) 622-6530 | ||
Lehman Brothers | David B. Harris | (212) 526-1790 | ||
McDonald Investments | Richard C. Moore | (216) 443-2815 | ||
Merrill Lynch | Steve Sakwa Craig Schmidt | (212) 449-0335 (212) 449-1944 | ||
Morgan Stanley Dean Witter | Matt Ostrower | (212) 761-6284 | ||
Prudential Securities | James Sullivan Robert Belzer | (212) 778-2515 (212) 778-1441 | ||
RBC Capital | Jay Leupp | (415) 633-8588 | ||
SalomonSmithBarney | Jonathan Litt Michael Bilerman | (212) 816-0231 (212) 816-1383 | ||
UBS Warburg | Ian Weissman | (212) 713-8602 |
3
First Quarter Earnings Announcement
May 2, 2005
News Release | General Growth Properties, Inc. | |
110 North Wacker Drive | ||
Chicago, IL 60606 | ||
(312) 960-5000 | ||
FAX (312) 960-5475 |
FOR IMMEDIATE RELEASE | CONTACT: | John Bucksbaum | ||
312/960-5005 | ||||
Bernie Freibaum | ||||
312/960-5252 |
General Growth Properties, Inc. Announces First Quarter Results
Chicago, Illinois, May 2, 2005— General Growth Properties, Inc. (NYSE: GGP) today announced first quarter 2005 results. Earnings per share – diluted (EPS) were $.06 for the first quarter of 2005 as compared to $.27 in the first quarter of 2004. Fully diluted Funds From Operations per share (FFO) were $.72 for the first quarter of 2005, a 20% increase over the $.60 reported in the comparable period of 2004.
“The first quarter of 2005 was our first full quarter of combined operations of The Rouse Company and General Growth,” said John Bucksbaum, chief executive officer, General Growth Properties. “Although we have already captured some efficiencies, there are still significant benefits we expect to obtain throughout the remainder of this year and next from the expanded and more valuable platform that we can now offer to all of our constituents.”
FINANCIAL AND OPERATIONAL HIGHLIGHTS
§ | EPSin the first quarter of 2005 were $.06 per share versus $.27 in the comparable period of 2004. Depreciation expense in 2005 was $163.3 million or $.69 per share versus $72.9 million or $.33 per share in 2004. | |||
§ | Fully diluted FFO per shareincreased to $.72 in the first quarter of 2005, 20% above the $.60 reported in the first quarter of 2004.Total FFOfor the quarter increased 28% to $209.6 million, from $163.7 million in the first quarter of 2004. The effects of non-cash rental revenue recognized pursuant to SFAS No. 141 and 142 resulted in approximately $8.4 million or $.03 of FFO per fully diluted share in the first quarter of 2005 as compared to $7.4 million or $.03 in the comparable period of 2004. Straight-line rent resulted in approximately $21.4 million or $.07 of FFO per fully diluted share in the first quarter of 2005, versus $2.9 million or $.01 in the same period of 2004. Straight-line rent in 2005 includes approximately $10.1 million, or approximately $.04 of FFO per fully diluted share, of cumulative incremental straight- |
May 2, 2005
4
line rent related to a modification in our recognition policies for tenant rent holidays and inducements. | ||||
§ | FFO Guidancefor 2005 remains estimated to be at least $3.13 per share. As future short term interest rates cannot be accurately estimated, the Company expects to maintain this guidance until the Federal Reserve Board discontinues its measured increases of interest rates, or until such earlier time, if applicable, that the Company estimates that full year 2005 FFO per share could be below $3.13. |
SEGMENT RESULTS
The Company is presenting for 2005 its operations in two business segments, Retail and Other, and Community Development. As the Community Development properties were acquired in November 2004, only one operating segment has been presented for 2004.
Retail and Other Segment
§ | Real estate property net operating income (NOI)for the first quarter of 2005 increased to $511.2 million, 70.6% above the $299.6 million reported in the first quarter of 2004. | |||
§ | Revenues from consolidated propertieswere $628.2 million for the quarter, an increase of 83.7%, compared to $342.0 million for the same period in 2004. | |||
Revenues from unconsolidated propertiesat share increased 58.9% to $157.1 million, compared to $98.9 million in the first quarter of 2004. | ||||
§ | Total tenant salesincreased 4.2% in 2005 and comparable tenant sales increased 2.7% compared to the same period last year. | |||
§ | Comparable NOI from consolidated propertiesin the first quarter of 2005 increased by 5.0% compared to the same period last year. | |||
Comparable NOI from unconsolidated propertiesat share for the quarter increased by approximately 10.5% compared to the first quarter of 2004. | ||||
§ | Retail Center occupancydecreased to 90.0% at March 31, 2005, compared to 90.4% at March 31, 2004. | |||
§ | Sales per square footfor first quarter 2005 were $416 versus $359 in the first quarter of 2004. | |||
§ | Average rent | |||
For consolidated properties, average rent per square foot for new/renewal leases signed during the quarter was $33.23 versus $30.75 for 2004. For unconsolidated properties, average rent per square foot for new/renewal leases signed in the first quarter of 2005 was $37.35 versus $35.18 for 2004. Average rent for consolidated properties leases expiring in 2005 was $29.63 versus $25.69 in 2004. For |
May 2, 2005
5
unconsolidated properties, average rent for leases expiring in 2005 was $32.31 compared to $32.35 in 2004. |
Community Development Segment
§ | NOIfor the properties in the Community Development segment was $7.6 million for consolidated properties and $2.9 million for unconsolidated properties. | |||
§ | Land sale revenueswere approximately $61.4 million for consolidated properties and approximately $8.6 million for unconsolidated properties, amounts which are comparable to the revenues achieved by The Rouse Company in 2004, excluding bulk sales. |
CONFERENCE CALL/WEBCAST
General Growth Properties, Inc. will host a live Webcast of its conference call regarding this announcement on our Web site,www.generalgrowth.com. This Webcast will take place on Tuesday, May 3, 2005, at 10:00 a.m. Eastern Time (9:00 a.m. CT, 7:00 a.m. PT). The Webcast can be accessed by selecting the conference call icon on the GGP home page.
General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has ownership interest and management responsibility for a portfolio of 209 regional shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The Company portfolio totals approximately 200 million square feet of retail space and includes over 18,000 retailers nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company Web site at http://www.generalgrowth.com.
NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS FUNDS FROM OPERATIONS (FFO)
General Growth, consistent with real estate industry and investment community preferences, uses FFO as a supplemental measure of operating performance for a real estate investment trust (REIT). The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Company’s properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of
May 2, 2005
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a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.
In order to provide a better understanding of the relationship between FFO and GAAP net income, a reconciliation of FFO to GAAP net income has been provided. FFO does not represent cash flow from operating activities in accordance with GAAP, should not be considered as an alternative to GAAP net income and is not necessarily indicative of cash available to fund cash needs. In addition, the Company has presented FFO on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.
REAL ESTATE PROPERTY NET OPERATING INCOME (NOI) AND COMPARABLE NOI
General Growth believes that Real Estate Property Net Operating Income (NOI) is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues from continuing operations (rental income, land sales, tenant recoveries and other income) less property and related expenses from continuing operations (real estate taxes, land sales operating costs, repairs and maintenance, marketing and other property expenses). As with FFO described above, NOI has been reflected on a consolidated and unconsolidated basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.
Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, gains and losses from property dispositions, discontinued operations, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates, land values and operating costs. This measure thereby provides an operating perspective not immediately apparent from GAAP operating or net income. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Company’s operating results, gross margins and investment returns.
In addition, management believes that NOI provides useful information to the investment community about the Company’s operating performance. However, due to the exclusions noted above, NOI should only be used as an alternative measure of the
May 2, 2005
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Company’s financial performance. For reference and as an aid in understanding of management’s computation of NOI, a reconciliation of NOI to consolidated operating income as computed in accordance with GAAP has been presented.
Comparable NOI excludes from both years the NOI of properties with significant physical or merchandising changes and those properties acquired or opened during the relevant comparative accounting periods.
PROPERTY INFORMATION
The Company has presented information on its consolidated and unconsolidated properties separately in the accompanying financial schedules. As a significant portion of the Company’s total operations are structured as joint venture arrangements which are unconsolidated, management of the Company believes that operating data with respect to all properties owned provides important insights into the income produced by such investments for the Company as a whole. In addition, the individual items of revenue and expense for the unconsolidated properties have been presented at the Company’s ownership share of such unconsolidated ventures. As the management operating philosophies and strategies are the same regardless of ownership structure, an aggregate presentation of NOI and other operating statistics yields a more accurate representation of the relative size and significance of the elements of the Company’s overall operations.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including our FFO guidance. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the retail market, tenant occupancy and tenant bankruptcies, the level of our indebtedness and interest rates and our ability to successfully manage our growth. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, specifically the most recent report on Form 10-K, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.
###
May 2, 2005
8
GENERAL GROWTH PROPERTIES, INC.
PORTFOLIO RESULTS
(In thousands)
Three Months Ended | ||||||||
March 31, | ||||||||
2005 | 2004 | |||||||
Funds From Operations (FFO) | ||||||||
Operating Partnership | $ | 209,615 | $ | 163,701 | ||||
Less: Allocations to Operating Partnership unitholders | 39,589 | 33,367 | ||||||
Company stockholders | $ | 170,026 | $ | 130,334 | ||||
FFO per share: | ||||||||
Company stockholders - basic | $ | 0.72 | $ | 0.60 | ||||
Operating Partnership - basic | 0.72 | 0.60 | ||||||
Operating Partnership - diluted | 0.72 | 0.60 | ||||||
Weighted average number of Company shares outstanding: | ||||||||
Basic | 235,812 | 217,553 | ||||||
Basic (assuming full conversion of Operating Partnership units) | 290,719 | 273,249 | ||||||
Diluted (assuming full conversion of Operating Partnership units) | 291,495 | 274,175 | ||||||
Portfolio Results | ||||||||
Total property revenues | $ | 689,558 | $ | 341,955 | ||||
Total property operating expenses | (267,811 | ) | (107,201 | ) | ||||
Equity in real estate property net operating income of Unconsolidated Properties | 99,917 | 64,810 | ||||||
Real estate property net operating income | 521,664 | 299,564 | ||||||
Net property management fees and costs | (1,496 | ) | (148 | ) | ||||
Headquarters/regional costs, general and administrative and depreciation on non-income producing assets | (19,514 | ) | (11,191 | ) | ||||
Net interest expense | (242,811 | ) | (86,670 | ) | ||||
Income taxes | 1,307 | (7 | ) | |||||
Equity in other FFO of Unconsolidated Properties | (39,861 | ) | (27,130 | ) | ||||
Preferred unit distributions | (9,674 | ) | (10,717 | ) | ||||
FFO - Operating Partnership | $ | 209,615 | $ | 163,701 | ||||
Summarized Balance Sheet Information | March 31, | December 31, | ||||||
(In thousands) | 2005 | 2004 | ||||||
Cash and cash equivalents | $ | 45,117 | $ | 39,581 | ||||
Investment in real estate: | ||||||||
Net land, buildings and equipment | $ | 19,570,575 | $ | 19,657,322 | ||||
Developments in progress | 575,129 | 559,969 | ||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 1,978,013 | 1,945,541 | ||||||
Investment land and land held for development and sale | 1,664,299 | 1,638,013 | ||||||
Net investment in real estate | $ | 23,788,016 | $ | 23,800,845 | ||||
Total assets | $ | 25,602,508 | $ | 25,718,625 | ||||
Mortgage and other debt payable | $ | 20,392,810 | $ | 20,310,947 | ||||
Minority interest - Preferred | 219,275 | 403,161 | ||||||
Minority interest - Common | 543,378 | 551,282 | ||||||
Stockholders’ equity | 2,124,639 | 2,143,150 | ||||||
Total capitalization (at cost) | $ | 23,280,102 | $ | 23,408,540 | ||||
9
GENERAL GROWTH PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended | ||||||||
March 31, | ||||||||
2005 | 2004 | |||||||
Revenues: | ||||||||
Minimum rents | $ | 410,484 | $ | 221,694 | ||||
Tenant recoveries | 182,007 | 102,222 | ||||||
Overage rents | 13,586 | 8,352 | ||||||
Land sales | 61,406 | — | ||||||
Management and other fees | 19,563 | 18,701 | ||||||
Other | 22,487 | 8,857 | ||||||
Total revenues | 709,533 | 359,826 | ||||||
Expenses: | ||||||||
Real estate taxes | 53,504 | 28,121 | ||||||
Repairs and maintenance | 53,817 | 24,659 | ||||||
Marketing | 12,368 | 10,440 | ||||||
Other property operating costs | 89,763 | 41,196 | ||||||
Land sales operations | 54,105 | — | ||||||
Provision for doubtful accounts | 4,254 | 2,784 | ||||||
Property management and other costs | 34,637 | 25,012 | ||||||
General and administrative | 2,811 | 2,190 | ||||||
Depreciation and amortization | 163,309 | 72,904 | ||||||
Total expenses | 468,568 | 207,306 | ||||||
Operating income | 240,965 | 152,520 | ||||||
Interest income | 2,217 | 417 | ||||||
Interest expense | (245,028 | ) | (87,087 | ) | ||||
Income taxes | 1,307 | (7 | ) | |||||
Income allocated to minority interests | (12,856 | ) | (25,438 | ) | ||||
Equity in income of unconsolidated affiliates | 26,460 | 17,930 | ||||||
Income from continuing operations | 13,065 | 58,335 | ||||||
Discontinued operations | ||||||||
Income from discontinued operations, net of minority interest | — | 788 | ||||||
Net income | $ | 13,065 | $ | 59,123 | ||||
Basic earnings per share: | ||||||||
Continuing operations | $ | 0.06 | $ | 0.27 | ||||
Discontinued operations | — | — | ||||||
Total basic earnings per share | $ | 0.06 | $ | 0.27 | ||||
Diluted earnings per share: | ||||||||
Continuing operations | $ | 0.06 | $ | 0.27 | ||||
Discontinued operations | — | — | ||||||
Total diluted earnings per share | $ | 0.06 | $ | 0.27 | ||||
10
GENERAL GROWTH PROPERTIES, INC.
BREAKDOWN OF COMPANY PORTFOLIO RESULTS AND FUNDS FROM OPERATIONS
(In thousands)
Three Months Ended | ||||||||||||
March 31, 2005 | ||||||||||||
Consolidated | Unconsolidated | |||||||||||
Properties | Properties (a) | |||||||||||
Property revenues: | ||||||||||||
Minimum rents (b) | $ | 410,484 | $ | 96,668 | ||||||||
Tenant recoveries | 182,007 | 43,724 | ||||||||||
Overage rents | 13,586 | 1,727 | ||||||||||
Land sales | 61,406 | 8,567 | ||||||||||
Other (c) | 22,075 | 14,965 | ||||||||||
Total property revenues | 689,558 | 165,651 | ||||||||||
Property operating expenses: | ||||||||||||
Real estate taxes | 53,504 | 13,678 | ||||||||||
Repairs and maintenance | 53,817 | 10,924 | ||||||||||
Marketing | 12,368 | 3,589 | ||||||||||
Other property operating costs | 89,763 | 30,828 | ||||||||||
Land sales operations | 54,105 | 5,658 | ||||||||||
Provision for doubtful accounts | 4,254 | 1,057 | ||||||||||
Total property operating expenses | 267,811 | 65,734 | ||||||||||
Real estate property net operating income | 421,747 | 99,917 | ||||||||||
Management and other fees | 19,563 | — | ||||||||||
Property management and other costs | (21,059 | ) | — | |||||||||
Headquarters/regional costs (d) | (13,578 | ) | (5,907 | ) | ||||||||
General and administrative | (2,811 | ) | (241 | ) | ||||||||
Depreciation on non-income producing assets, including headquarters buildings | (3,125 | ) | — | |||||||||
Interest income | 2,217 | 769 | ||||||||||
Interest expense | (242,404 | ) | (33,834 | ) | ||||||||
Amortization of deferred finance costs | (1,992 | ) | (648 | ) | ||||||||
Debt extinguishment costs | (632 | ) | — | |||||||||
Income taxes | 1,307 | — | ||||||||||
Preferred unit distributions | (9,674 | ) | — | |||||||||
Funds From Operations | 149,559 | 60,056 | $ | 209,615 | ||||||||
Equity in Funds From Operations of Unconsolidated Properties | 60,056 | (60,056 | ) | — | ||||||||
Operating Partnership Funds From Operations | $ | 209,615 | $ | — | $ | 209,615 | ||||||
Three Months Ended | ||||||||||||
March 31, 2004 | ||||||||||||
Consolidated | Unconsolidated | |||||||||||
Properties | Properties (a) | |||||||||||
Property revenues: | ||||||||||||
Minimum rents (b) | $ | 221,694 | $ | 64,501 | ||||||||
Tenant recoveries | 102,222 | 31,730 | ||||||||||
Overage rents | 8,352 | 1,137 | ||||||||||
Other (c) | 9,687 | 1,514 | ||||||||||
Total property revenues | 341,955 | 98,882 | ||||||||||
Property operating expenses: | ||||||||||||
Real estate taxes | 28,121 | 9,176 | ||||||||||
Repairs and maintenance | 24,659 | 7,475 | ||||||||||
Marketing | 10,440 | 3,292 | ||||||||||
Other property operating costs | 41,196 | 13,424 | ||||||||||
Provision for doubtful accounts | 2,785 | 705 | ||||||||||
Total property operating expenses | 107,201 | 34,072 | ||||||||||
Real estate property net operating income | 234,754 | 64,810 | ||||||||||
Management and other fees | 18,701 | — | ||||||||||
Property management and other costs | (18,849 | ) | — | |||||||||
Headquarters/regional costs (d) | (6,163 | ) | (5,592 | ) | ||||||||
General and administrative | (2,190 | ) | (143 | ) | ||||||||
Depreciation on non-income producing assets, including headquarters buildings | (2,838 | ) | — | |||||||||
Interest income | 417 | 409 | ||||||||||
Interest expense | (78,934 | ) | (20,645 | ) | ||||||||
Amortization of deferred finance costs | (3,074 | ) | (728 | ) | ||||||||
Debt extinguishment costs | (5,079 | ) | (431 | ) | ||||||||
Income taxes | (7 | ) | — | |||||||||
Preferred unit distributions | (10,717 | ) | — | |||||||||
Funds From Operations | 126,021 | 37,680 | $ | 163,701 | ||||||||
Equity in Funds From Operations of Unconsolidated Properties | 37,680 | (37,680 | ) | — | ||||||||
Operating Partnership Funds From Operations | $ | 163,701 | $ | — | $ | 163,701 | ||||||
(a) | Reflect revenues and expenses of Unconsolidated Properties at Operating Partnership’s ownership share of such items. | |
(b) | Minimum rents includes the following for the three months ended March 31: |
Consolidated | Unconsolidated | |||||||
Properties | Properties | |||||||
2005 | ||||||||
Straight-line rent | $ | 15,023 | $ | 6,409 | ||||
Non-cash rental revenue recognized pursuant to SFAS #141 and #142 | 7,631 | 799 | ||||||
2004 | ||||||||
Straight-line rent | $ | 2,115 | $ | 823 | ||||
Non-cash rental revenue recognized pursuant to SFAS #141 and #142 | 5,557 | 1,842 |
(c) | Includes net FFO of investment property sold in 2004 of $1,250 for the three months ended March 31, 2004. | |
(d) | Headquarters/regional costs for the Unconsolidated Properties include property management and other fees to General Growth Management, Inc. and the Rouse Management Company, Inc. |
11
GENERAL GROWTH PROPERTIES, INC.
SEGMENT RESULTS
(In thousands)
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2005 | March 31, 2004 | |||||||||||||||
Retail | Community | Retail | ||||||||||||||
and Other | Development | Total | and Other | |||||||||||||
Segment Basis(a) | ||||||||||||||||
Property revenues: | ||||||||||||||||
Minimum rents | $ | 507,152 | $ | — | $ | 507,152 | $ | 286,195 | ||||||||
Tenant recoveries | 225,731 | — | 225,731 | 133,952 | ||||||||||||
Overage rents | 15,313 | — | 15,313 | 9,489 | ||||||||||||
Land sales | — | 69,973 | 69,973 | — | ||||||||||||
Other | 37,039 | 1 | 37,040 | 11,201 | ||||||||||||
Total property revenues | 785,235 | 69,974 | 855,209 | 440,837 | ||||||||||||
Property operating expenses | ||||||||||||||||
Real estate taxes | 67,182 | — | 67,182 | 37,297 | ||||||||||||
Repairs and maintenance | 64,741 | — | 64,741 | 32,134 | ||||||||||||
Marketing | 15,957 | — | 15,957 | 13,732 | ||||||||||||
Other property operating costs | 120,590 | 1 | 120,591 | 54,620 | ||||||||||||
Land sales operations | 259 | 59,504 | 59,763 | — | ||||||||||||
Provision for doubtful accounts | 5,311 | — | 5,311 | 3,490 | ||||||||||||
Total property operating expenses | 274,040 | 59,505 | 333,545 | 141,273 | ||||||||||||
Real estate property net operating income | $ | 511,195 | $ | 10,469 | $ | 521,664 | $ | 299,564 | ||||||||
Unconsolidated Properties | ||||||||||||||||
Property revenues: | ||||||||||||||||
Minimum rents | $ | 96,668 | $ | — | $ | 96,668 | $ | 64,501 | ||||||||
Tenant recoveries | 43,724 | — | 43,724 | 31,730 | ||||||||||||
Overage rents | 1,727 | — | 1,727 | 1,137 | ||||||||||||
Land sales | — | 8,567 | 8,567 | — | ||||||||||||
Other | 14,965 | — | 14,965 | 1,514 | ||||||||||||
Total property revenues | 157,084 | 8,567 | 165,651 | 98,882 | ||||||||||||
Property operating expenses | ||||||||||||||||
Real estate taxes | 13,678 | — | 13,678 | 9,176 | ||||||||||||
Repairs and maintenance | 10,924 | — | 10,924 | 7,475 | ||||||||||||
Marketing | 3,589 | — | 3,589 | 3,292 | ||||||||||||
Other property operating costs | 30,828 | — | 30,828 | 13,424 | ||||||||||||
Land sales operations | 1 | 5,657 | 5,658 | — | ||||||||||||
Provision for doubtful accounts | 1,057 | — | 1,057 | 705 | ||||||||||||
Total property operating expenses | 60,077 | 5,657 | 65,734 | 34,072 | ||||||||||||
Real estate property net operating income | $ | 97,007 | $ | 2,910 | $ | 99,917 | $ | 64,810 | ||||||||
Consolidated Properties | ||||||||||||||||
Property revenues: | ||||||||||||||||
Minimum rents | $ | 410,484 | $ | — | $ | 410,484 | $ | 221,694 | ||||||||
Tenant recoveries | 182,007 | — | 182,007 | 102,222 | ||||||||||||
Overage rents | 13,586 | — | 13,586 | 8,352 | ||||||||||||
Land sales | — | 61,406 | 61,406 | — | ||||||||||||
Other | 22,074 | 1 | 22,075 | 9,687 | ||||||||||||
Total property revenues | 628,151 | 61,407 | 689,558 | 341,955 | ||||||||||||
Property operating expenses | ||||||||||||||||
Real estate taxes | $ | 53,504 | — | 53,504 | 28,121 | |||||||||||
Repairs and maintenance | 53,817 | — | 53,817 | 24,659 | ||||||||||||
Marketing | 12,368 | — | 12,368 | 10,440 | ||||||||||||
Other property operating costs | 89,762 | 1 | 89,763 | 41,196 | ||||||||||||
Land sales operations | 258 | 53,847 | 54,105 | — | ||||||||||||
Provision for doubtful accounts | 4,254 | — | 4,254 | 2,785 | ||||||||||||
Total property operating expenses | 213,963 | 53,848 | 267,811 | 107,201 | ||||||||||||
Real estate property net operating income | $ | 414,188 | $ | 7,559 | $ | 421,747 | $ | 234,754 | ||||||||
(a) | Segment basis results include both Consolidated Properties and the Operating Partnership’s ownership share of the results of operations of Unconsolidated Properties. |
12
GENERAL GROWTH PROPERTIES, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
(In thousands)
Three Months Ended | ||||||||
March 31, | ||||||||
2005 | 2004 | |||||||
Reconciliation of Real Estate Property Net Operating Income to GAAP Operating Income | ||||||||
Real estate property net operating income including Unconsolidated Properties | $ | 521,664 | $ | 299,564 | ||||
Unconsolidated Properties | (99,917 | ) | (64,810 | ) | ||||
Consolidated Properties | 421,747 | 234,754 | ||||||
Management and other fees | 19,563 | 18,701 | ||||||
Property management and other costs | (21,059 | ) | (18,849 | ) | ||||
Headquarters/regional costs | (13,578 | ) | (6,163 | ) | ||||
General and administrative | (2,811 | ) | (2,190 | ) | ||||
Depreciation and amortization | (163,309 | ) | (72,904 | ) | ||||
Other (a) | 412 | (829 | ) | |||||
GAAP Operating income — Consolidated GGPI | $ | 240,965 | $ | 152,520 | ||||
(a) | Reflects discontinued operations and minority interest in Consolidated Properties real estate property net operating income. |
Reconciliation of Funds From Operations (FFO) to GAAP Net Income | ||||||||
FFO: | ||||||||
Company stockholders | $ | 170,026 | $ | 130,334 | ||||
Operating Partnership unitholders | 39,589 | 33,367 | ||||||
Operating Partnership | 209,615 | 163,701 | ||||||
Depreciation and amortization of capitalized real estate costs (including SFAS #141 and #142 in-place lease costs) other than amortization of financing costs | (193,508 | ) | (89,527 | ) | ||||
FFO of discontinued operations | — | (1,250 | ) | |||||
Allocations to Operating Partnership unitholders | (3,042 | ) | (14,589 | ) | ||||
Income from continuing operations | 13,065 | 58,335 | ||||||
Income from discontinued operations, net of minority interest | — | 788 | ||||||
Net income | $ | 13,065 | $ | 59,123 | ||||
Reconciliation of Equity in Real Estate Property Net Operating Income of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Affiliates | ||||||||
Equity in Real Estate Property Net Operating Income of Unconsolidated Properties | $ | 99,917 | $ | 64,810 | ||||
Equity in net interest expense of Unconsolidated Properties | (33,713 | ) | (21,395 | ) | ||||
Equity in headquarters and general and administrative expenses of Unconsolidated Properties | (6,148 | ) | (5,735 | ) | ||||
Operating Partnership Equity in FFO from Unconsolidated Properties | 60,056 | 37,680 | ||||||
Depreciation and amortization of capitalized real estate costs (including SFAS #141 and #142 in-place lease costs) other than amortization of financing costs | (33,596 | ) | (19,750 | ) | ||||
Equity in income of unconsolidated affiliates | $ | 26,460 | $ | 17,930 | ||||
Reconciliation of Weighted Average Shares Outstanding | ||||||||
Basic: | ||||||||
Weighted average number of shares outstanding - - FFO per share | 290,719 | 273,249 | ||||||
Full conversion of Operating Partnership units | (54,907 | ) | (55,696 | ) | ||||
Weighted average number of Company shares outstanding - GAAP EPS | 235,812 | 217,553 | ||||||
Diluted: | ||||||||
Weighted average number of shares outstanding - - FFO per share | 291,495 | 274,175 | ||||||
Full conversion of Operating Partnership units | (54,907 | ) | (55,696 | ) | ||||
Weighted average number of Company shares outstanding - GAAP EPS | 236,588 | 218,479 | ||||||
13
Supplemental Financial Data
The following supplemental financial data should be read in conjunction with the company’s first
quarter 2005 earnings announcement (included as pages 4-13 of this supplemental report) as certain
disclosures and reconciliations required in these reports have not been included in the attached
supplemental data.
General Growth Properties, Inc.
Summary Financial Information, Earnings Measures and Retained FFO
For the Three Months ended March 31, 2005
Three Months | ||||
Ended | ||||
3/31/2005 | ||||
Funds from Operations (FFO) | ||||
FFO per share — Basic | $ | 0.72 | ||
FFO per share — Diluted | $ | 0.72 | ||
Diluted FFO per share growth rate | 20.0 | % | ||
Net Income available to common stockholders | ||||
EPS — Basic | $ | 0.06 | ||
EPS — Diluted | $ | 0.06 | ||
Dividends paid per share and per unit | ||||
FFO per share — Diluted | $ | 0.72 | ||
Dividend paid per share | $ | 0.36 | ||
Payout ratio (% of diluted FFO paid out) | 50.0 | % | ||
Cash From Recurring Operations | ||||
FFO — Operating Partnership (From Earnings Release Dated May 2, 2005) | $ | 209,615 | ||
Plus (Less): | ||||
Excess cash from Community Development land sales | 17,193 | |||
Deferred Taxes | (1,307 | ) | ||
Straight line rents adjustment | (21,432 | ) | ||
Tenant allowances and capitalized leasing costs (a) | (26,301 | ) | ||
Non-cash rental revenue recognized pursuant to SFAS #141 and #142 | (8,430 | ) | ||
Cash From Recurring Operations — Operating Partnership | $ | 169,338 | ||
Retained Funds From Recurring Operations | ||||
Cash From Recurring Operations — Operating Partnership (From Above) | $ | 169,338 | ||
Plus (Less): | ||||
Common dividends/distributions paid (b) | (104,497 | ) | ||
Retained Funds From Recurring Operations — Operating Partnership | $ | 64,841 | ||
(a) | Adjusted to exclude new development and redevelopment tenant allowances. | |
(b) | FFO has already been reduced by distributions on preferred partnership units. |
14
General Growth Properties, Inc.
Trailing Twelve Month EBITDA and Coverage Ratios(a)
For the Twelve Month Periods Ending
March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004
(dollars in thousands except per share data)
3/31/2005 | 12/31/2004 | 9/30/2004 | 6/30/2004 | |||||||||||||
Pro Rata EBITDA | ||||||||||||||||
GAAP Net Income | 221,794 | 267,852 | 273,630 | 271,091 | ||||||||||||
Income: Discontinued Operations, net | 2,239 | 3,028 | 3,734 | 3,461 | ||||||||||||
Income Allocated to Minority Interests | 152,651 | 105,473 | 111,182 | 114,983 | ||||||||||||
Interest expense | 725,053 | 535,902 | 423,830 | 397,645 | ||||||||||||
Income Taxes, primarily deferred | 1,076 | 2,383 | 1 | 2 | ||||||||||||
Amortization of Deferred Financing Fees | 12,232 | 13,394 | 13,955 | 12,861 | ||||||||||||
Debt Extinguishment Costs | 11,643 | 16,521 | 6,707 | 7,921 | ||||||||||||
Interest income | (7,427 | ) | (5,270 | ) | (3,416 | ) | (3,603 | ) | ||||||||
Depreciation | 559,992 | 452,890 | 371,033 | 348,786 | ||||||||||||
Pro Rata EBITDA (a) | 1,679,253 | 1,392,173 | 1,200,656 | 1,153,147 | ||||||||||||
Net Interest(a) | ||||||||||||||||
Amortization of Deferred Financing Fees | (12,232 | ) | (13,394 | ) | (13,955 | ) | (12,861 | ) | ||||||||
Debt Extinguishment Costs | (11,643 | ) | (16,521 | ) | (6,707 | ) | (7,921 | ) | ||||||||
Interest expense | (725,053 | ) | (535,902 | ) | (423,830 | ) | (397,645 | ) | ||||||||
Interest income | 7,427 | 5,270 | 3,416 | 3,603 | ||||||||||||
Net Interest | (741,501 | ) | (560,547 | ) | (441,076 | ) | (414,824 | ) | ||||||||
Interest Coverage Ratio | 2.26 | 2.48 | 2.72 | 2.78 | ||||||||||||
Fixed Charges(b) | ||||||||||||||||
Net Interest | (741,501 | ) | (560,547 | ) | (441,076 | ) | (414,824 | ) | ||||||||
Preferred Unit Distributions | (35,394 | ) | (37,577 | ) | (39,399 | ) | (41,088 | ) | ||||||||
Fixed Charges | (776,895 | ) | (598,124 | ) | (480,475 | ) | (455,912 | ) | ||||||||
Ratio of Fixed Charges to Pro Rata EBITDA | 2.16 | 2.33 | 2.50 | 2.53 | ||||||||||||
Fixed Charges & Common Dividend | ||||||||||||||||
Fixed Charges | (776,895 | ) | (598,124 | ) | (480,475 | ) | (455,912 | ) | ||||||||
Common Dividend/Distributions | (271,912 | ) | (345,263 | ) | (328,397 | ) | (305,542 | ) | ||||||||
Fixed Charges + Dividend | (1,048,807 | ) | (943,387 | ) | (808,872 | ) | (761,454 | ) | ||||||||
Ratio of Fixed Charges + Common Dividend to Pro Rata EBITDA | 1.60 | 1.48 | 1.48 | 1.51 | ||||||||||||
(a) | Includes operations of the Unconsolidated Real Estate Affiliates at the Company’s share | |
(b) | Excludes principal amortization payments |
15
General Growth Properties, Inc.
Community Development Net Operating Income
For the Three Months Ended March 31, 2005
(dollars in thousands)
Unconsolidated | Company Portfolio | |||||||||||||||||||||||
Consolidated Properties | Property @ share | Total | ||||||||||||||||||||||
Columbia | Summerlin | Houston | Total | Woodlands | Community | |||||||||||||||||||
Operations | Operations | Operations | Consolidated | Operations | Development | |||||||||||||||||||
For the three months ended March 31, 2005 | ||||||||||||||||||||||||
Land sales | $ | 19,723 | $ | 41,684 | $ | — | $ | 61,407 | $ | 8,567 | $ | 69,974 | ||||||||||||
Land sales operations | 17,794 | 35,848 | 206 | 53,848 | 5,657 | 59,505 | ||||||||||||||||||
Net Operating Income (a) | $ | 1,929 | $ | 5,836 | $ | (206 | ) | $ | 7,559 | $ | 2,910 | $ | 10,469 | |||||||||||
(a) Without the purchase accounting mark-to-market adjustments NOI would have been $39.9 million.
Value
Net Book Value — Balance Sheet as of 3/31/2005 | $ | 1,664,299 | ||
Estimated Value as of 12/31/2004 | 3,182,395 |
The net book value reflects the recorded carrying amount of the assets in the Company’s financial statements. The estimated value reflects management’s current valuation of the gross assets based upon a number of assumptions including historical sales rate and historical price appreciation. The estimated value is not based on any third party purchase offers and does not reflect any reduction for the value of stock that may be issued pursuant to the contingent stock agreement relating to Summerlin.
16
General Growth Properties, Inc.
Capital Information
For March 31, 2005 and the Three Years Ended December 31, 2004
(dollars in thousands except per share data)
Capital Information | 3/31/2005 | 12/31/2004 | 12/31/2003 | 12/31/2002 | ||||||||||||
Closing common stock price per share | $ | 34.10 | $ | 36.16 | $ | 27.75 | $ | 17.33 | ||||||||
52 Week High (a) | $ | 37.75 | $ | 36.90 | $ | 27.89 | $ | 17.43 | ||||||||
52 Week Low (a) | $ | 24.31 | $ | 24.31 | $ | 16.09 | $ | 12.67 | ||||||||
Total Return — Trailing Twelve Months (share appreciation and dividend) | -4.7 | % | 34.8 | % | 66.0 | % | 41.4 | % | ||||||||
Common Shares and Common Units Outstanding at end of period | 291,278,044 | 291,313,310 | 274,075,356 | 272,105,865 | ||||||||||||
Portfolio Capitalization Data | ||||||||||||||||
Total Portfolio Debt (b) | $ | 23,044,218 | $ | 22,981,134 | $ | 8,527,348 | $ | 6,739,727 | ||||||||
Convertible preferred stock (greater of market or par) | — | — | — | 449,415 | ||||||||||||
Total Preferred Minority Interest | 219,275 | 403,161 | 495,211 | 468,201 | ||||||||||||
Stock market value of common stock and Operating Partnership units outstanding at end of period | 9,932,581 | 10,495,669 | 7,575,923 | 4,261,573 | ||||||||||||
Total Market Capitalization at end of period | $ | 33,196,074 | $ | 33,879,964 | $ | 16,598,482 | $ | 11,918,916 | ||||||||
Leverage Ratio (%) | 69.4 | % | 67.8 | % | 51.4 | % | 56.5 | % | ||||||||
(a) | 52-week pricing information includes intra-day highs and lows. | |
(b) | Excludes Spokane Mall and Provo Mall minority interest and purchase accounting mark-to-market adjustments. |
17
General Growth Properties, Inc.
Changes in Common Shares and Unit Ownership
For the Period from December 31, 2004 through March 31, 2005
Operating | Company | Total Common | ||||||||||
Partnership | Common | & Equivalent | ||||||||||
Units | Shares | Shares | ||||||||||
Number Outstanding at December 31, 2004 | 55,532,263 | 234,724,082 | 290,256,345 | |||||||||
Direct Stock Purchase and Dividend Reinvestment Plan | — | 21,180 | 21,180 | |||||||||
Employee Stock Purchase Plan | — | — | — | |||||||||
Conversion of OP Units into Common Shares | (1,851,822 | ) | 1,851,822 | — | ||||||||
Conversion of Preferred Units to OP Units and then to Common Shares | — | 59,229 | 59,229 | |||||||||
Issuance of Stock for Stock Option Exercises & Restricted Stock Grants | — | 422,126 | 422,126 | |||||||||
Issuance of Stock pursuant to the Hughes Contingent Stock Agreement | — | 519,164 | 519,164 | |||||||||
Number Outstanding at March 31, 2005 | 53,680,441 | 237,597,603 | 291,278,044 | |||||||||
Total Common Shares and Units Outstanding at March 31, 2005:
291,278,044
Total Common | ||||
& Equivalent | ||||
Shares | ||||
Details for Diluted Common Shares and Units Outstanding: | ||||
Common Shares and Units Outstanding at March 31, 2005 | 291,278,044 | |||
Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options at March 31, 2005 | 770,205 | |||
Diluted Common Shares at March 31, 2005 | 292,048,249 | |||
Fully Diluted Common Shares and Units Outstanding at March 31, 2005:
292,048,249
Total Common | ||||
& Equivalent | ||||
Shares | ||||
Details for Weighted Average Diluted Common Shares and Units Outstanding: | ||||
Weighted Average Common Shares and Units Outstanding for the three months ended March 31, 2005 (Basic) | 290,718,980 | |||
Weighted Average Net Number of Common Shares Issuable Assuming Exercise of Dilutive Stock Options | 775,759 | |||
Fully Diluted Weighted Average Common Shares for the three months ended March 31, 2005 | 291,494,739 | |||
Weighted Average Fully Diluted Common Shares and Units Outstanding for the Three Months Ended March 31, 2005:
291,494,739
18
General Growth Properties, Inc.
Common Dividend History
(a) | 1993 annualized |
(a) | Based on FFO definitions that existed during the specified reporting period | |
| ||
(b) | Dividend paid is assumed to be $1.44 ($.36/Share x 4), per the dividend policy, this will be reviewed on October 31st. |
19
General Growth Properties, Inc.
Debt Maturity and Current Average Interest Rate Summary
As of March 31, 2005
(dollars in thousands)
Consolidated | Unconsolidated | Company | ||||||||||||||||||||||||||
Properties | Properties (b) | Portfolio | ||||||||||||||||||||||||||
Current | Current | Current | ||||||||||||||||||||||||||
Average | Average | Average | % of | |||||||||||||||||||||||||
Maturing | Interest | Maturing | Interest | Maturing | Interest | Total | ||||||||||||||||||||||
Year | Amount (a) | Rate (c) | Amount (a) | Rate (c) | Amount (a) | Rate (c) | Debt | |||||||||||||||||||||
2005 | $ | 543,734 | 4.91 | % | $ | 89,872 | 5.71 | % | $ | 633,606 | 5.02 | % | 2.75 | % | ||||||||||||||
2006 | 1,043,524 | 6.07 | % | 312,204 | 5.53 | % | 1,355,728 | 5.95 | % | 5.88 | % | |||||||||||||||||
2007 | 5,166,597 | 5.18 | % | 728,806 | 4.39 | % | 5,895,403 | 5.08 | % | 25.58 | % | |||||||||||||||||
2008 | 4,626,463 | 5.02 | % | 331,290 | 5.06 | % | 4,957,753 | 5.02 | % | 21.51 | % | |||||||||||||||||
2009 | 3,744,243 | 4.90 | % | 367,370 | 5.23 | % | 4,111,613 | 4.93 | % | 17.84 | % | |||||||||||||||||
2010 | 1,891,020 | 4.99 | % | 267,477 | 4.76 | % | 2,158,497 | 4.97 | % | 9.37 | % | |||||||||||||||||
2011 | 1,170,568 | 6.58 | % | 222,622 | 7.03 | % | 1,393,190 | 6.65 | % | 6.05 | % | |||||||||||||||||
2012 | 768,423 | 5.14 | % | 206,605 | 5.17 | % | 975,028 | 5.93 | % | 4.23 | % | |||||||||||||||||
2013 | 875,400 | 5.42 | % | 200,452 | 5.13 | % | 1,075,852 | 5.36 | % | 4.67 | % | |||||||||||||||||
2014 | 83,232 | 5.49 | % | 75,284 | 4.62 | % | 158,516 | 5.08 | % | 0.69 | % | |||||||||||||||||
Subsequent | 309,569 | 7.31 | % | 19,463 | 7.33 | % | 329,032 | 7.31 | % | 1.43 | % | |||||||||||||||||
Totals | $ | 20,222,773 | (d) | 5.28 | % | $ | 2,821,445 | 5.13 | % | $ | 23,044,218 | (d) | 5.26 | % | 100.00 | % | ||||||||||||
Fixed Rate (e) (f) | 12,307,055 | 5.58 | % | 1,965,588 | 5.53 | % | 14,272,643 | 5.57 | % | 61.94 | % | |||||||||||||||||
Variable Rate (e) (f) | 7,915,718 | 4.81 | % | 855,857 | 4.21 | % | 8,771,575 | 4.75 | % | 38.06 | % | |||||||||||||||||
Totals | $ | 20,222,773 | (d) | 5.28 | % | $ | 2,821,445 | 5.13 | % | $ | 23,044,218 | (d) | 5.26 | % | 100.00 | % | ||||||||||||
Average Years to Maturity
Fixed Rate Debt | 5.60 years | 5.50 years | 5.59 years | |||
Variable Rate Debt | 3.42 years | 3.44 years | 3.42 years | |||
All GGP Debt | 4.74 years | 4.88 years | 4.76 years | |||
(a) | Excludes principal amortization. | |
(b) | Unconsolidated Properties debt reflects the company’s share of debt relating to the properties owned by the Unconsolidated Properties. | |
(c) | For the variable rate loans, the interest rate reflected is the current variable contract rate as of March 31, 2005. | |
(d) | Reconciliation to GGP Consolidated GAAP debt |
Consolidated | ||||
Consolidated debt, from above | $ | 20,222,773 | ||
Spokane Mall & Provo Mall minority interest ownership adjustment | 23,391 | |||
Purchase accounting mark-to-market adjustment | 146,644 | |||
GGP Consolidated GAAP debt | 20,392,808 |
(e) | Includes the effect of swaps. | |
(f) | Rates are after effect of deferred financing fees. |
20
General Growth Properties, Inc.
Summary of Outstanding Debt
As of March 31, 2005
(dollars in thousands)
21
General Growth Properties, Inc.
Incremental Loan Proceeds and Summary of Outstanding Debt
As of March 31, 2005
(dollars in thousands)
Net Incremental | ||||||||||||
New Loans | Old Loans | Proceeds | ||||||||||
Property Related Total | $ | 1,018,800 | $ | (691,287 | ) | $ | 327,513 | |||||
Non-Property Related Total | $ | 73,000 | $ | (337,429 | ) | $ | (264,429 | ) |
December 31, 2004 Debt* | $ | 22,981,134 | ||
Quarterly Property Activity | 327,513 | |||
Quarterly Non-Property Activity | (264,429 | ) | ||
March 31, 2005 Debt* | $ | 23,044,218 |
* | Includes Pro-Rata share of Unconsolidated Real Estate Affiliates |
22
General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Consolidated Properties
As of March 31, 2005
(dollars in thousands)
FIXED RATE
Loan | Maturity Date | Rate | Total Debt | Balance | ||||||||||||
CMBS | ||||||||||||||||
GGP-MP Trust (b) | 11/15/06 | 5.65 | % | $ | 331,191 | $ | 331,191 | |||||||||
13 Affiliates (a) | 11/15/07 | 5.63 | % | 868,765 | 868,765 | |||||||||||
Secured Asset Loans | ||||||||||||||||
New Orleans Riverwalk | 11/01/05 | 9.94 | % | 41,003 | 41,003 | |||||||||||
Two Willow-Part in Riverwalk | 11/01/05 | 9.94 | % | (39,800 | ) | (39,800 | ) | |||||||||
Arizona Center | 01/01/06 | 9.22 | % | 12,138 | 12,138 | |||||||||||
Fashion Place | 01/01/06 | 7.27 | % | 64,371 | 64,371 | |||||||||||
Oakwood Shopping Center | 01/01/06 | 8.41 | % | 49,398 | 49,398 | |||||||||||
Chapel Hills | 02/15/06 | 6.88 | % | 34,143 | 34,143 | |||||||||||
Grand Traverse | 02/15/06 | 6.88 | % | 47,846 | 47,846 | |||||||||||
The Pines | 02/15/06 | 7.10 | % | 24,852 | 24,852 | |||||||||||
Country Hills | 05/01/06 | 7.38 | % | 5,248 | 5,248 | |||||||||||
Woodlands | 06/01/06 | 7.00 | % | 1,698 | 1,698 | |||||||||||
Lakeview Square | 06/15/06 | 10.02 | % | 22,896 | 22,896 | |||||||||||
Beachwood | 07/01/06 | 8.05 | % | 95,929 | 95,929 | |||||||||||
10190 Covington Cross Drive | 12/01/06 | 8.45 | % | 6,038 | 6,038 | |||||||||||
Covington Ctr, Village Ctr, Town Ctr, Ctr Crossing | 12/01/06 | 8.45 | % | 25,216 | 25,216 | |||||||||||
South Street | 12/11/06 | 6.84 | % | 14,100 | 14,100 | |||||||||||
Augusta Mall | 02/01/07 | 8.13 | % | 49,396 | 49,396 | |||||||||||
Columbia | 04/01/07 | 8.20 | % | 66,215 | 66,215 | |||||||||||
Columbia Mall | 04/01/07 | 7.95 | % | 9,004 | 9,004 | |||||||||||
Gwynns Falls Shopping Center | 04/01/07 | 7.95 | % | 16,791 | 16,791 | |||||||||||
White Marsh | 12/01/07 | 7.91 | % | 73,078 | 73,078 | |||||||||||
Columbia Development | 01/01/08 | 7.50 | % | 190,200 | 190,200 | |||||||||||
Fashion Show | 01/01/08 | 3.82 | % | 378,291 | 378,291 | |||||||||||
Mall St Vincent | 01/01/08 | 7.11 | % | 17,766 | 17,766 | |||||||||||
Corporate Asset Debt | 02/01/08 | 9.00 | % | 41,238 | 41,238 | |||||||||||
Provo Mall | 02/01/08 | 4.49 | % | 49,474 | 37,105 | |||||||||||
Spokane Valley Mall | 02/01/08 | 4.48 | % | 40,911 | 30,683 | |||||||||||
Rouse Phoenix Theatre | 04/01/08 | 8.39 | % | 4,011 | 4,011 | |||||||||||
Three Owings Mills Corp Ctr | 04/01/08 | 7.03 | % | 14,732 | 14,732 | |||||||||||
Two Owings Mills | 04/01/08 | 8.88 | % | 18,205 | 18,205 | |||||||||||
Mall St Matthews | 05/01/08 | 9.00 | % | 508 | 508 | |||||||||||
Mayfair | 06/11/08 | 3.13 | % | 193,252 | 193,252 | |||||||||||
Animas Valley | 07/01/08 | 3.64 | % | 26,833 | 26,833 | |||||||||||
Grand Teton | 07/01/08 | 3.64 | % | 28,749 | 28,749 | |||||||||||
Salem Center | 07/01/08 | 3.16 | % | 27,791 | 27,791 | |||||||||||
Tucson Mall | 07/11/08 | 4.29 | % | 126,984 | 126,984 | |||||||||||
Pioneer Place | 08/01/08 | 7.19 | % | 126,583 | 126,583 | |||||||||||
Foothills | 09/01/08 | 6.63 | % | 44,800 | 44,800 | |||||||||||
Northtown Mall | 09/01/08 | 6.68 | % | 77,947 | 77,947 | |||||||||||
Pierre Bossier | 10/01/08 | 6.54 | % | 38,402 | 38,402 | |||||||||||
Spring Hill | 10/01/08 | 6.61 | % | 84,206 | 84,206 | |||||||||||
Bayside | 11/01/08 | 5.92 | % | 57,439 | 57,439 | |||||||||||
Birchwood | 11/01/08 | 6.73 | % | 41,309 | 41,309 | |||||||||||
Mall of the Bluffs | 11/01/08 | 6.72 | % | 41,309 | 41,309 | |||||||||||
Oakwood | 11/01/08 | 6.70 | % | 55,078 | 55,078 | |||||||||||
Southwest Plaza | 11/01/08 | 6.54 | % | 78,749 | 78,749 | |||||||||||
Chico Mall | 02/11/09 | 4.78 | % | 60,907 | 60,907 | |||||||||||
Jordan Creek | 03/01/09 | 4.59 | % | 199,217 | 199,217 | |||||||||||
Southland | 03/01/09 | 3.64 | % | 88,488 | 88,488 | |||||||||||
Austin Bluffs | 04/01/09 | 4.58 | % | 2,889 | 2,889 | |||||||||||
Center Street | 04/01/09 | 4.46 | % | 6,106 | 6,106 | |||||||||||
Division Crossing | 04/01/09 | 4.53 | % | 2,754 | 2,754 | |||||||||||
Fort Union | 04/01/09 | 4.63 | % | 1,705 | 1,705 | |||||||||||
Halsey Crossing | 04/01/09 | 4.48 | % | 4,267 | 4,267 | |||||||||||
JP Comm Sr. Austin Bluffs | 04/01/09 | 4.60 | % | 2,562 | 2,562 |
(a) | The “13 Affiliates” CMBS pool is comprised of the following GGP properties: Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Mall, Fox River Plaza Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall, and Westroads Mall. | |
(b) | The “GGP-MP Trust” CMBS pool is currently comprised of the following GGP properties: 110 N. Wacker Drive, Ala Moana Center, Piedmont Mall, Alderwood Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall, Northgate Mall, and Oglethorpe Mall. |
23
General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Consolidated Properties
As of March 31, 2005
(dollars in thousands)
FIXED RATE
Loan | Maturity Date | Rate | Total Debt | Balance | ||||||||||||
Secured Asset Loans Cont. | ||||||||||||||||
JP Comm Sr. Division Crossing | 04/01/09 | 4.47 | % | $ | 5,904 | $ | 5,904 | |||||||||
JP Comm Sr. Fort Union | 04/01/09 | 4.52 | % | 3,082 | 3,082 | |||||||||||
Riverpointe | 04/01/09 | 3.51 | % | 41,273 | 41,273 | |||||||||||
State Street | 04/01/09 | 4.43 | % | 7,801 | 7,801 | |||||||||||
Riverside | 04/10/09 | 3.51 | % | 114,977 | 114,977 | |||||||||||
Woodlands Village | 05/01/09 | 4.79 | % | 422,289 | 422,289 | |||||||||||
Coastland | 06/01/09 | 6.72 | % | 103,908 | 103,908 | |||||||||||
The Crossroads (MI) | 06/01/09 | 7.43 | % | 42,421 | 42,421 | |||||||||||
Woodbridge | 06/01/09 | 4.25 | % | 224,054 | 224,054 | |||||||||||
Apache | 08/01/09 | 7.05 | % | 53,183 | 53,183 | |||||||||||
Summerlin | 08/01/09 | 7.04 | % | 12,656 | 12,656 | |||||||||||
Cumberland | 08/10/09 | 7.86 | % | 94,207 | 94,207 | |||||||||||
Oakview | 10/01/09 | 7.82 | % | 78,254 | 78,254 | |||||||||||
Baybrook | 11/01/09 | 6.65 | % | 157,506 | 157,506 | |||||||||||
Coral Ridge | 11/01/09 | 6.15 | % | 106,000 | 106,000 | |||||||||||
North Star | 11/12/09 | 4.47 | % | 249,992 | 249,992 | |||||||||||
Corporate Asset Debt | 12/01/09 | 7.66 | % | 63,992 | 63,992 | |||||||||||
Lakeside Mall | 12/01/09 | 4.31 | % | 194,185 | 194,185 | |||||||||||
Mall St Matthews | 01/01/10 | 4.83 | % | 154,993 | 154,993 | |||||||||||
Ward Centre & Ward Entertainment | 01/01/10 | 4.41 | % | 62,743 | 62,743 | |||||||||||
Park Place | 01/11/10 | 5.17 | % | 188,281 | 188,281 | |||||||||||
Visalia | 01/11/10 | 3.83 | % | 47,019 | 47,019 | |||||||||||
Lansing I | 01/15/10 | 9.90 | % | 27,899 | 27,899 | |||||||||||
Pecanland | 03/01/10 | 4.32 | % | 64,531 | 64,531 | |||||||||||
Southland Mall | 03/05/10 | 5.01 | % | 116,000 | 116,000 | |||||||||||
Providence Place | 03/11/10 | 5.14 | % | 380,000 | 380,000 | |||||||||||
Lansing | 04/01/10 | 4.87 | % | 190,000 | 190,000 | |||||||||||
West Valley | 04/01/10 | 3.47 | % | 64,152 | 64,152 | |||||||||||
Regency Square | 07/01/10 | 3.60 | % | 102,721 | 102,721 | |||||||||||
Boise Towne Plaza | 07/09/10 | 4.90 | % | 11,776 | 11,776 | |||||||||||
JP Comm Jr. Gateway Crossing | 07/09/10 | 5.91 | % | 16,426 | 16,426 | |||||||||||
JP Comm Jr. Univ. Crossing | 07/09/10 | 4.75 | % | 12,264 | 12,264 | |||||||||||
Gateway Crossing | 08/01/10 | 4.82 | % | 90,408 | 90,408 | |||||||||||
Staten Island | 10/01/10 | 6.55 | % | 162,674 | 162,674 | |||||||||||
University Crossing | 10/01/10 | 5.21 | % | 159,805 | 159,805 | |||||||||||
Westlake Center | 01/01/11 | 7.89 | % | 68,488 | 68,488 | |||||||||||
Rogue Valley | 01/11/11 | 7.85 | % | 27,723 | 27,723 | |||||||||||
Boise Mall | 02/09/11 | 6.64 | % | 75,409 | 75,409 | |||||||||||
10000 West Charleston | 03/01/11 | 7.88 | % | 23,073 | 23,073 | |||||||||||
Capital | 04/01/11 | 7.41 | % | 21,453 | 21,453 | |||||||||||
Eden Prairie | 04/01/11 | 4.72 | % | 85,800 | 85,800 | |||||||||||
Gateway | 04/01/11 | 7.38 | % | 42,043 | 42,043 | |||||||||||
Greenwood | 04/01/11 | 7.38 | % | 47,203 | 47,203 | |||||||||||
Northridge Fashion | 07/01/11 | 7.29 | % | 134,362 | 134,362 | |||||||||||
Rivertown | 07/01/11 | 7.57 | % | 125,135 | 125,135 | |||||||||||
Willowbrook Mall | 07/01/11 | 6.82 | % | 168,151 | 168,151 | |||||||||||
Collin Creek Mall | 07/10/11 | 6.78 | % | 71,141 | 71,141 | |||||||||||
Bayshore | 09/01/11 | 7.26 | % | 32,997 | 32,997 | |||||||||||
One Owings Mills | 12/01/11 | 8.50 | % | 7,453 | 7,453 | |||||||||||
Eastridge (WY ) | 12/05/11 | 5.12 | % | 41,751 | 41,751 | |||||||||||
Pine Ridge | 12/05/11 | 5.15 | % | 28,149 | 28,149 | |||||||||||
Red Cliffs | 12/05/11 | 5.18 | % | 26,754 | 26,754 | |||||||||||
Three Rivers | 12/05/11 | 5.16 | % | 22,918 | 22,918 | |||||||||||
Hulen Mall | 12/07/11 | 5.07 | % | 120,565 | 120,565 | |||||||||||
Southpoint Mall | 04/06/12 | 5.36 | % | 255,000 | 255,000 | |||||||||||
Valley Plaza | 07/11/12 | 3.93 | % | 103,870 | 103,870 | |||||||||||
Corporate Point | 09/11/12 | 6.83 | % | 9,553 | 9,553 | |||||||||||
Oxmoor | 06/01/13 | 6.85 | % | 59,912 | 59,912 | |||||||||||
One Bank Plaza | 06/30/13 | 10.00 | % | 5,045 | 5,045 | |||||||||||
Senate Plaza | 06/30/13 | 5.71 | % | 12,733 | 12,733 | |||||||||||
1180 Town Center Drive | 07/15/13 | 6.99 | % | 10,615 | 10,615 | |||||||||||
The Boulevard | 08/01/13 | 4.30 | % | 116,726 | 116,726 | |||||||||||
The Meadows | 08/01/13 | 5.49 | % | 109,693 | 109,693 | |||||||||||
Four Seasons | 12/11/13 | 5.60 | % | 109,974 | 109,974 |
24
General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Consolidated Properties
As of March 31, 2005
(dollars in thousands)
FIXED RATE
Loan | Maturity Date | Rate | Total Debt | Balance | ||||||||||||
Secured Asset Loans Cont. | ||||||||||||||||
Valley Hills | 03/05/14 | 4.66 | % | $ | 61,081 | $ | 61,081 | |||||||||
Beachwood Place | 06/01/14 | 9.00 | % | 12,117 | 12,117 | |||||||||||
Bayside | 07/01/14 | 5.92 | % | 10,036 | 10,036 | |||||||||||
Bellis Fair | 02/15/16 | 7.34 | % | 68,139 | 68,139 | |||||||||||
New Orleans Riverwalk | 01/01/17 | 6.55 | % | 11,277 | 11,277 | |||||||||||
Houston Land | 12/01/17 | 5.30 | % | 5,583 | 5,583 | |||||||||||
Baltimore Center Garage | 06/01/18 | 6.05 | % | 20,850 | 20,850 | |||||||||||
10450 W. Charleston | 01/01/19 | 6.84 | % | 5,743 | 5,744 | |||||||||||
Summerlin Regional Center | 02/01/20 | 8.25 | % | 6,095 | 6,095 | |||||||||||
Houston Land | 12/01/21 | 5.30 | % | 979 | 979 | |||||||||||
Providence Place | 07/01/28 | 7.77 | % | 50,159 | 50,159 | |||||||||||
Baltimore Center | 12/01/30 | 7.89 | % | 67,959 | 67,959 | |||||||||||
Provo Land | 05/01/31 | 5.30 | % | 20,428 | 20,428 | |||||||||||
Provo Land Loan | 08/01/95 | 11.20 | % | 3,000 | 3,000 | |||||||||||
Corporate Unsecured Debt | ||||||||||||||||
Public Indenture | 04/27/05 | 8.43 | % | 15,000 | 15,000 | |||||||||||
Public Indenture | 05/16/05 | 8.09 | % | 20,000 | 20,000 | |||||||||||
Houston Land | 09/26/05 | 3.75 | % | 2,484 | 2,484 | |||||||||||
JP Realty Public Notes Series B | 03/11/06 | 7.29 | % | 25,000 | 25,000 | |||||||||||
JP Realty Public Notes Series C | 03/11/07 | 7.29 | % | 25,000 | 25,000 | |||||||||||
Public Indenture | 03/13/07 | 8.61 | % | 2,000 | 2,000 | |||||||||||
JP Realty Public Notes Series D | 03/11/08 | 7.29 | % | 25,000 | 25,000 | |||||||||||
Houston Land | 05/05/08 | 4.75 | % | 26,005 | 26,005 | |||||||||||
Princeton Land | 07/01/08 | 3.00 | % | 28,000 | 28,000 | |||||||||||
Rouse Teachers Property | 11/30/08 | 6.94 | % | 58,000 | 58,000 | |||||||||||
Three Owings Mills | 01/01/09 | 12.50 | % | 2,500 | 2,500 | |||||||||||
Public Indenture | 03/15/09 | 3.65 | % | 400,000 | 400,000 | |||||||||||
Public Indenture | 04/30/09 | 8.00 | % | 200,000 | 200,000 | |||||||||||
Public Indenture | 09/15/12 | 7.20 | % | 400,000 | 400,000 | |||||||||||
Rouse Public Indenture | 11/26/13 | 5.38 | % | 450,000 | 450,000 | |||||||||||
Swaps | ||||||||||||||||
Swapped Term Loan | 01/31/07 | 3.43 | % | 350,000 | 350,000 | |||||||||||
CMBS Swap | 02/15/06 | 4.59 | % | 100,000 | 100,000 | |||||||||||
CMBS Swap | 02/15/07 | 4.59 | % | 25,000 | 25,000 | |||||||||||
Special Improvement Districts | ||||||||||||||||
SID Summerlin | 02/01/17 | 7.63 | % | 2,987 | 2,987 | |||||||||||
SID Summerlin | 02/01/20 | 8.25 | % | 4,190 | 1,204 | |||||||||||
SID Summerlin | 05/01/21 | 7.75 | % | 13,092 | 13,092 | |||||||||||
SID Summerlin | 05/01/21 | 7.88 | % | 11,725 | 11,725 | |||||||||||
SID Summerlin | 06/01/16 | 5.48 | % | 323 | 323 | |||||||||||
SID Summerlin | 06/01/21 | 7.75 | % | 13,759 | 13,759 | |||||||||||
SID Summerlin | 06/01/23 | 6.65 | % | 3,200 | 3,200 | |||||||||||
SID’s | 10/01/09 | 5.43 | % | 1,096 | 1,096 | |||||||||||
Other SID’s | 04/01/16 | 5.49 | % | 587 | 587 | |||||||||||
Total Consolidated Fixed Rate Debt | $ | 12,307,055 | ||||||||||||||
VARIABLE RATE
Loan | Maturity Date | Rate (a) | Total Debt | Balance | ||||||||||||
Secured Asset Loans | ||||||||||||||||
GGP-MP Trust (c) | 02/15/09 | 5.99 | % | 235,123 | 235,123 | |||||||||||
Oviedo | 04/26/05 | 4.75 | % | 53,395 | 53,395 | |||||||||||
Rouse Teachers Finance | 12/01/05 | 3.95 | % | 18,416 | 18,416 | |||||||||||
La Cantera | 06/20/06 | 4.88 | % | 45,154 | 45,154 | |||||||||||
Lansing | 07/21/06 | 4.42 | % | 40,000 | 40,000 | |||||||||||
Paramus Park | 08/01/07 | 4.34 | % | 98,131 | 98,131 | |||||||||||
Century Plaza | 10/01/07 | 4.12 | % | 30,800 | 30,800 | |||||||||||
Eagle Ridge | 10/01/07 | 4.20 | % | 26,800 | 26,800 | |||||||||||
Knollwood | 10/01/07 | 4.17 | % | 18,400 | 18,400 |
(a) | For the variable rate loans, the interest rate reflected is the current variable contract rate as of March 31, 2005. |
25
General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Consolidated Properties
As of March 31, 2005
(dollars in thousands)
VARIABLE RATE
Loan | Maturity Date | Rate (a) | Total Debt | Balance | ||||||||||||
Secured Asset Loans Cont. | ||||||||||||||||
Peachtree | 05/09/08 | 3.79 | % | $ | 53,000 | $ | 53,000 | |||||||||
Lynnhaven | 09/10/08 | 4.23 | % | 180,000 | 180,000 | |||||||||||
St. Louis Galleria | 10/09/08 | 4.61 | % | 176,250 | 176,250 | |||||||||||
Coronado | 10/11/08 | 3.91 | % | 101,250 | 101,250 | |||||||||||
Sikes Senter | 11/09/08 | 3.72 | % | 41,500 | 41,500 | |||||||||||
Maine | 11/14/08 | 4.14 | % | 162,000 | 162,000 | |||||||||||
Glenbrook | 04/10/09 | 4.28 | % | 164,250 | 164,250 | |||||||||||
Stonestown | 08/09/09 | 3.48 | % | 220,000 | 220,000 | |||||||||||
Mall of Louisianna | 11/10/09 | 4.20 | % | 185,000 | 185,000 | |||||||||||
Arizona Retail Ctr | 03/01/10 | 4.65 | % | 9,000 | 9,000 | |||||||||||
Crossroads Center (MN) Mezzanine | 08/01/10 | 4.84 | % | 28,617 | 28,617 | |||||||||||
Houston Land | 06/01/33 | 6.25 | % | 2,480 | 2,480 | |||||||||||
Corporate Unsecured Debt | ||||||||||||||||
GGPLP/GGPLPLLC Bridge Loan | 11/12/05 | 4.69 | % | 433,236 | 433,236 | |||||||||||
GGPLP/GGPLPLLC Revolver | 11/12/07 | 4.95 | % | 223,000 | 223,000 | |||||||||||
GGPLP/GGPLPLLC Term A | 11/12/07 | 4.96 | % | 3,284,216 | 3,284,216 | |||||||||||
GGPLP/GGPLPLLC Term B | 11/12/08 | 4.94 | % | 1,995,000 | 1,995,000 | |||||||||||
Seaport Marketplace Theater | 11/30/13 | 5.34 | % | 700 | 700 | |||||||||||
Victoria Ward | 12/15/06 | 4.07 | % | 90,000 | 90,000 | |||||||||||
Total Consolidated Variable Rate Debt | $ | 7,915,718 | ||||||||||||||
Total Consolidated Debt & Swaps | 5.28 | % | (b | ) | $ | 20,222,773 | ||||||||||
(a) | For the variable rate loans, the interest rate reflected is the current variable contract rate as of March 31, 2005. | |
(b) | After the effect of interest rate swaps |
26
General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Unconsolidated Properties
As of March 31, 2005
(dollars in thousands)
FIXED RATE
Loan | Maturity Date | Rate | Total Debt | Balance | ||||||||||||
CMBS | ||||||||||||||||
GGP-MP Trust (b) | 11/15/06 | 5.87 | % | $ | 225,137 | $ | 115,433 | |||||||||
13 Affiliates (a) | 11/15/07 | 5.13 | % | 138,635 | 70,704 | |||||||||||
Secured Asset Loans | ||||||||||||||||
Silver City | 08/15/05 | 7.46 | % | 72,047 | 37,731 | |||||||||||
Riverchase | 08/15/05 | 3.27 | % | 200,000 | 100,000 | |||||||||||
Northpoint | 06/01/06 | 7.58 | % | 98,929 | 49,464 | |||||||||||
The Woodlands | 12/01/06 | 8.04 | % | 60,492 | 30,246 | |||||||||||
Park Meadows | 10/01/07 | 7.72 | % | 137,450 | 48,108 | |||||||||||
Columbiana | 05/11/08 | 4.24 | % | 69,775 | 34,887 | |||||||||||
Quail Springs | 06/01/08 | 6.88 | % | 41,451 | 20,726 | |||||||||||
Neshaminy | 07/01/08 | 6.76 | % | 60,000 | 15,000 | |||||||||||
Altamonte | 09/01/08 | 6.55 | % | 114,155 | 57,077 | |||||||||||
Chula Vista | 10/01/08 | 4.18 | % | 63,452 | 31,726 | |||||||||||
Towson Town Center | 11/10/08 | 6.75 | % | 137,019 | 47,956 | |||||||||||
Deerbrook | 03/01/09 | 3.53 | % | 83,040 | 41,520 | |||||||||||
Perimeter Shopping Center | 05/01/09 | 6.77 | % | 125,106 | 62,553 | |||||||||||
Mizner Park | 07/01/09 | 4.84 | % | 61,403 | 30,702 | |||||||||||
Steeplegate | 08/01/09 | 5.03 | % | 83,301 | 41,650 | |||||||||||
The Parks at Arlington | 09/01/09 | 7.08 | % | 147,246 | 73,623 | |||||||||||
Trails Village Center | 11/01/09 | 6.91 | % | 237 | 118 | |||||||||||
Carolina Place | 01/11/10 | 4.63 | % | 168,540 | 84,270 | |||||||||||
Christiana Mall | 08/01/10 | 4.61 | % | 120,000 | 60,000 | |||||||||||
Water Tower Place | 09/01/10 | 4.97 | % | 183,952 | 101,174 | |||||||||||
Newgate | 10/01/10 | 4.89 | % | 44,066 | 22,033 | |||||||||||
Newpark | 02/01/11 | 7.48 | % | 72,071 | 36,036 | |||||||||||
Willowbrook | 04/01/11 | 7.05 | % | 97,422 | 48,711 | |||||||||||
Vista Ridge | 04/11/11 | 6.89 | % | 85,932 | 42,966 | |||||||||||
Highland Mall | 07/10/11 | 6.83 | % | 68,289 | 34,144 | |||||||||||
Northbrook Court | 09/01/11 | 7.17 | % | 94,291 | 47,145 | |||||||||||
Arrowhead | 10/01/11 | 6.92 | % | 81,725 | 13,619 | |||||||||||
Oakbrook | 10/01/12 | 5.12 | % | 231,631 | 116,997 | |||||||||||
Stonebriar | 12/11/12 | 5.26 | % | 179,216 | 89,608 | |||||||||||
Bridgewater Commons | 01/01/13 | 5.27 | % | 145,285 | 50,850 | |||||||||||
Pembroke | 04/11/13 | 4.99 | % | 139,996 | 69,998 | |||||||||||
West Oaks | 08/01/13 | 5.29 | % | 74,628 | 37,314 | |||||||||||
Lakeland | 10/01/13 | 5.17 | % | 58,822 | 29,411 | |||||||||||
Bay City | 12/01/13 | 5.36 | % | 25,759 | 12,879 | |||||||||||
CenterPointe Village Ctr | 01/08/14 | 6.31 | % | 420 | 210 | |||||||||||
Lake Meade Blvd & Buffalo Part | 01/08/14 | 7.20 | % | 4 | 2 | |||||||||||
Washington Park | 04/01/14 | 5.21 | % | 12,893 | 6,446 | |||||||||||
Brass Mill | 04/11/14 | 4.57 | % | 137,254 | 68,626 | |||||||||||
CenterPointe Village Ctr | 01/01/17 | 6.31 | % | 14,503 | 7,251 | |||||||||||
Trails Village Center Prtnrshp | 07/10/23 | 8.21 | % | 17,844 | 8,922 | |||||||||||
Lake Meade Blvd & Buffalo | 07/15/23 | 7.20 | % | 6,583 | 3,291 | |||||||||||
Corporate Unsecured Debt | ||||||||||||||||
Park Meadows | 07/15/06 | 5.00 | % | 5,600 | 1,960 | |||||||||||
Swaps | ||||||||||||||||
CMBS Swap | 02/15/06 | 4.65 | % | 75,000 | 37,500 | |||||||||||
CMBS Swap | 02/15/07 | 4.65 | % | 50,000 | 25,000 | |||||||||||
Total Unconsolidated Fixed Rate Debt | $ | 1,965,587 | ||||||||||||||
(a) | The “13 Affiliates” CMBS pool is comprised of the following GGP properties: Colony Square Mall, Columbia Mall, Fallbrook Center, Fox River Mall, Fox River Plaza Mall, Marketplace Shopping Center, Rio West Mall, River Hills Mall, Sooner Fashion Mall, Southlake Mall, Westwood Mall, The Oaks Mall, and Westroads Mall. | |
(b) | The “GGP-MP Trust” CMBS pool is currently comprised of the following GGP properties: 110 N. Wacker Drive, Ala Moana Center, Piedmont Mall, Alderwood Mall, Montclair Plaza, Moreno Valley Mall, Superstition Springs, Tysons Galleria, Eastridge Mall, Landmark Mall, Northgate Mall, and Oglethorpe Mall. |
27
General Growth Properties, Inc.
Summary of Outstanding Debt by Maturity Date at Share
Unconsolidated Properties
As of March 31, 2005
(dollars in thousands)
VARIABLE RATE
Loan | Maturity Date | Rate (a) | Total Debt | Balance | ||||||||||||
CMBS | ||||||||||||||||
GGP-MP Trust (b) | 02/15/09 | 4.36 | % | $ | 39,408 | $ | 17,204 | |||||||||
Secured Asset Loans | ||||||||||||||||
Woodlands | 07/01/05 | 3.75 | % | 1,057 | 555 | |||||||||||
Woodlands | 08/30/05 | 4.94 | % | 60,000 | 31,500 | |||||||||||
Woodlands | 12/31/05 | 5.91 | % | 38,159 | 20,033 | |||||||||||
Village of Merrick Park | 10/29/06 | 3.29 | % | 194,000 | 77,600 | |||||||||||
Natick Mall | 01/10/07 | 3.47 | % | 159,574 | 124,843 | |||||||||||
Galleria at Tyler | 09/02/07 | 3.87 | % | 94,500 | 49,490 | |||||||||||
Clackamas | 09/09/07 | 4.13 | % | 95,000 | 49,752 | |||||||||||
Kenwood Towne Centre | 09/10/07 | 3.92 | % | 144,439 | 75,643 | |||||||||||
Woodlands | 11/01/07 | 6.00 | % | 3,435 | 1,803 | |||||||||||
Glendale Galleria | 11/09/07 | 4.03 | % | 225,678 | 112,839 | |||||||||||
Woodlands | 11/30/07 | 5.25 | % | 325,000 | 170,625 | |||||||||||
Woodlands | 01/01/08 | 6.22 | % | 7,938 | 4,168 | |||||||||||
First Colony | 01/01/08 | 3.80 | % | 67,000 | 33,500 | |||||||||||
Florence | 01/13/08 | 4.10 | % | 60,000 | 30,000 | |||||||||||
Buckland Hills | 10/12/08 | 3.67 | % | 112,500 | 56,250 | |||||||||||
Woodlands | 5.50 | % | 101 | 53 | ||||||||||||
Total Unconsolidated Variable Rate Debt | $ | 855,858 | ||||||||||||||
Total Unconsolidated Debt & Swaps | 5.13 | % | $ | 2,821,445 | ||||||||||||
Total Debt & Swaps | 5.26 | %(b)(c) | $ | 23,044,218 | ||||||||||||
(a) | For the variable rate loans, the interest rate reflected is the current variable contract rate as of March 31, 2005. | |
(b) | Rates are after effect of deferred financing fees. | |
(c) | After the effect of interest rate swaps |
28
General Growth Properties, Inc.
Detail of Other Assets and Liabilities
As of March 31, 2005
(dollars in thousands)
Three Months | ||||
Ended | ||||
3/31/2005 | ||||
Total Prepaid and Other Assets | ||||
Acquired Above Market Leases | $ | 132,900 | ||
Cash Escrow/Deposits | 28,197 | |||
Deferred Tax Asset | 13,593 | |||
Goodwill | 411,900 | |||
Ground Leases | 382,300 | |||
Interest Rate Swap — Market Value | 3,574 | |||
Other Property (Columbia HQ) | 8,365 | |||
Prepaid Expenses, Including Real Estate Taxes/Rent/Insurance | 63,878 | |||
Receivables — Finance Leases & Bonds | 69,746 | |||
Remaining To Be Drawn Under SIDS | 48,300 | |||
Tax Treaty — Providence Place | 92,500 | |||
Other | 59,457 | |||
$ | 1,314,710 | |||
Total Accounts Payable and Accrued Expenses | ||||
A/P | $ | 191,917 | ||
Accrued Expenses | 485,182 | |||
Capital Leases | 21,699 | |||
Deferred Gains/Income | 23,218 | |||
Other | 329,648 | |||
$ | 1,051,664 | |||
29
Supplemental Operational Data
General Growth Properties, Inc.
Operating Statistics & Certain Financial Information
As of March 31, 2005
(dollars in thousands)
Consolidated | Unconsolidated | Company | ||||||||||
Retail | Retail | Retail | ||||||||||
Properties | Properties | Portfolio (b) | ||||||||||
OPERATING STATISTICS (a) | ||||||||||||
Space leased at properties not under redevelopment (as a %) | 89.8 | % | 90.4 | % | 90.0 | % | ||||||
Trailing 12 month total tenant sales per sq. ft. (c) | $ | 407 | $ | 434 | $ | 416 | ||||||
% change in total sales (c) | 3.7 | % | 5.0 | % | 4.2 | % | ||||||
% change in comparable sales (c) | 2.6 | % | 2.9 | % | 2.7 | % | ||||||
Mall and freestanding GLA excluding space under redevelopment (in sq. ft.) | 42,493,200 | 18,849,753 | 61,342,953 | |||||||||
CERTAIN FINANCIAL INFORMATION | ||||||||||||
Average annualized in place rent per sq. ft. | $ | 32.49 | $ | 35.47 | ||||||||
Average rent per sq. ft. for new/renewal leases (excludes 2005 acquisitions) | $ | 33.23 | $ | 37.35 | ||||||||
Average rent per sq. ft. for leases expiring in 2005 (excludes 2005 acquisitions) | $ | 29.63 | $ | 32.31 | ||||||||
Percentage change in comparable real estate property net operating income (versus prior year comparable period) (d) | 5.0 | % | 10.5 | % |
(a) | Data is for 100% of the Mall GLA in each portfolio, including those properties that are owned in part by unconsolidated real estate affiliates. Data excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties. | |
(b) | Data presented in the column “Company Retail Portfolio” are weighted average amounts. | |
(c) | Due to tenant sales reporting timelines, data presented is as of February. | |
(d) | Comparable properties are those properties that have been owned and operated for the entire time during the compared accounting periods, and at which no significant physical or merchandising changes have been made in the last twelve months. |
30
General Growth Properties, Inc.
Retail Portfolio GLA, Occupancy, Sales & Rent Data
As of March 31, 2005
GLA
Avg. Mall/Outparcel | ||||||||||||||||||||
Total Anchor GLA | Avg. Anchor GLA | Total Mall/Outparcel GLA | GLA | Total GLA | ||||||||||||||||
Consolidated (a) | 67,952,174 | 388,298 | 46,812,746 | 267,501 | 114,764,920 | |||||||||||||||
Unconsolidated (a) | 34,833,269 | 611,110 | 19,914,719 | 349,381 | 54,747,988 | |||||||||||||||
Grand Total | 102,785,443 | 439,254 | 66,727,465 | 285,160 | 169,512,908 | |||||||||||||||
% of Total | 60.6 | % | 39.4 | % | 100 | % |
Occupancy History
As of | Consolidated | Unconsolidated | Weighted Average | |||||||||
3/31/2005 | 89.8 | % | 90.4 | % | 90.0 | % | ||||||
3/31/2004 (a) | 90.4 | % | 90.3 | % | 90.4 | % | ||||||
12/31/2004 | 92.1 | % | 91.9 | % | 92.1 | % | ||||||
12/31/2003 (a) | 91.2 | % | 91.4 | % | 91.3 | % | ||||||
12/31/2002 (a) | 90.5 | % | 91.5 | % | 91.0 | % | ||||||
12/31/2001 (a) (b) | 90.6 | % | 91.4 | % | 91.0 | % |
Trailing 12 Month Total Sales per Square Foot in Dollars
As of | Consolidated | Unconsolidated | Weighted Average | |||||||||
3/31/2005 | $ | 407 | $ | 434 | $ | 416 | ||||||
3/31/2004 (a) | 347 | 385 | 359 | |||||||||
12/31/2004 | 402 | 427 | 410 | |||||||||
12/31/2003 (a) | 337 | 376 | 351 | |||||||||
12/31/2002 (a) | 329 | 379 | 355 | |||||||||
12/31/2001 (a) (b) | 348 | 362 | 355 |
Rental Rates in Dollars
Base Rent | ||||||||||||
New/Renewals | Expirations | Releasing | ||||||||||
Year | During Period | During Period | Spread | |||||||||
Consolidated | ||||||||||||
3/31/2005 | $ | 33.23 | $ | 29.63 | $ | 3.60 | ||||||
3/31/2004 (a) | 33.53 | 25.69 | 7.84 | |||||||||
12/31/2004 | 33.53 | 25.69 | 7.84 | |||||||||
12/31/2003 (a) | 31.83 | 22.16 | 9.67 | |||||||||
12/31/2002 (a) | 34.11 | 27.35 | 6.76 | |||||||||
12/31/2001 (a) (b) | 31.54 | 26.30 | 5.24 | |||||||||
Unconsolidated | ||||||||||||
3/31/2005 | $ | 37.35 | $ | 32.31 | $ | 5.04 | ||||||
3/31/2004 (a) | 35.18 | 32.35 | 2.83 | |||||||||
12/31/2004 | 36.45 | 32.35 | 4.10 | |||||||||
12/31/2003 (a) | 34.71 | 31.29 | 3.42 | |||||||||
12/31/2002 (a) | 37.80 | 32.03 | 5.77 | |||||||||
12/31/2001 (a) (b) | 35.04 | 28.42 | 6.62 |
Average in Place Base Minimum Rent in Dollars
As of | Consolidated | Unconsolidated | ||||||
3/31/2005 | $ | 32.49 | $ | 35.47 | ||||
3/31/2004 (a) | 29.04 | 33.39 | ||||||
12/31/2004 | 32.71 | 35.67 | ||||||
12/31/2003 (a) | 28.37 | 32.63 |
Occupancy Cost as a % of Sales
As of | Consolidated | Unconsolidated | Weighted Average | |||||||||
3/31/2005 | 10.5 | % | 12.3 | % | 11.0 | % | ||||||
3/31/2004 (a) | 11.3 | % | 12.4 | % | 11.8 | % | ||||||
12/31/2004 | 12.5 | % | 13.0 | % | 12.7 | % | ||||||
12/31/2003 (a) | 11.4 | % | 12.4 | % | 11.8 | % |
(a) | Data excludes the Rouse portfolio, acquired November 12, 2004. | |
(b) | Data excludes the JP Reality portfolio, acquired July 2002. |
31
General Growth Properties, Inc.
Occupancy, Straight Line Rent, SFAS #141 & #142 and Tenant Allowances
(dollars in thousands)
As of March 31, 2005
(a) | Dollars at share; To reflect only recurring tenant allowances, new development costs have been excluded. | |
(b) | Excludes results from the Rouse portfolio, acquired November 12, 2004. | |
(c) | Excludes discontinued operations. | |
(d) | Includes approximately $10.1 million of cumulative incremental straight-line rent related to a modification in our recognition policies for tenant holidays and inducements. |
32
General Growth Properties, Inc.
Real Estate Net Operating Income by Geographic Area at Share
For the Three Months Ended March 31, 2005 and March 31, 2004
(dollars in thousands)
3/31/2005 | 3/31/2004 | |||||||||||||||
(in thousands) | YTD | % of Total | YTD | % of Total | ||||||||||||
** Does not include 110 N. Wacker or Brazil | ||||||||||||||||
West | ||||||||||||||||
Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming | $ | 170,673 | 32.7 | % | $ | 121,986 | 40.7 | % | ||||||||
North Central | ||||||||||||||||
Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin | 64,662 | 12.3 | % | 47,679 | 15.8 | % | ||||||||||
South Central | ||||||||||||||||
Arkansas, Louisiana, Oklahoma, Texas | 57,534 | 11.0 | % | 30,613 | 10.2 | % | ||||||||||
Northeast | ||||||||||||||||
Connecticut, Delaware, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia | 151,742 | 29.1 | % | 57,180 | 19.1 | % | ||||||||||
Southeast | ||||||||||||||||
Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee | 77,052 | 14.8 | % | 42,103 | 14.1 | % | ||||||||||
TOTAL | $ | 521,663 | 100.0 | % | $ | 299,561 | 100.0 | % | ||||||||
33
General Growth Properties, Inc.
Real Estate Property Net Operating Income Categorization at Share
For the Three Months Ended March 31, 2005
(NOI dollars in thousands)
(a) | Includes office buildings that are adjacent to malls but excludes community centers | |
(b) | Excludes in-line spaces that are leased for periods of less than one year |
34
General Growth Properties, Inc.
Lease Expiration Schedule and Lease Termination Income at Share
As of March 31, 2005
Lease Expiration Schedule (a)(b)
All Expirations | Expirations at Share | |||||||||||||||||||||||
Base Rent | Square Footage | Rent/Sq. Ft. | Base Rent | Square Footage | Rent/Sq. Ft. | |||||||||||||||||||
Consolidated | ||||||||||||||||||||||||
2005 | $ | 63,069,462 | 2,026,202 | $ | 31.13 | $ | 61,373,612 | 1,962,041 | $ | 31.28 | ||||||||||||||
2006 | 99,672,861 | 3,402,771 | 29.29 | 99,150,920 | 3,388,413 | 29.26 | ||||||||||||||||||
2007 | 104,407,255 | 3,420,769 | 30.52 | 103,812,024 | 3,399,346 | 30.54 | ||||||||||||||||||
2008 | 102,478,706 | 3,101,620 | 33.04 | 101,940,414 | 3,078,564 | 33.11 | ||||||||||||||||||
2009 | 115,902,274 | 3,043,876 | 38.08 | 115,615,393 | 3,031,934 | 38.13 | ||||||||||||||||||
2010 | 98,199,805 | 2,807,314 | 34.98 | 97,800,117 | 2,796,081 | 34.98 | ||||||||||||||||||
2011 | 88,665,325 | 2,383,363 | 37.20 | 88,529,356 | 2,380,756 | 37.19 | ||||||||||||||||||
2012 | 117,072,210 | 2,900,739 | 40.36 | 116,709,920 | 2,887,042 | 40.43 | ||||||||||||||||||
2013 | 80,907,846 | 2,098,626 | 38.55 | 80,673,664 | 2,087,493 | 38.65 | ||||||||||||||||||
2014 | 81,126,410 | 2,220,032 | 36.54 | 80,699,003 | 2,203,563 | 36.62 | ||||||||||||||||||
Subsequent | 76,261,496 | 2,243,060 | 34.00 | 76,048,356 | 2,233,339 | 34.05 | ||||||||||||||||||
Total | $ | 1,027,763,650 | 29,648,372 | $ | 34.67 | $ | 1,022,352,779 | 29,448,572 | $ | 34.72 | ||||||||||||||
All Expirations | Expirations at Share (b) | |||||||||||||||||||||||
Base Rent | Square Footage | Rent/Sq. Ft. | Base Rent | Square Footage | Rent/Sq. Ft. | |||||||||||||||||||
Unconsolidated | ||||||||||||||||||||||||
2005 | $ | 31,828,058 | 873,449 | $ | 36.44 | $ | 15,432,491 | 425,250 | $ | 36.29 | ||||||||||||||
2006 | 56,852,494 | 1,668,915 | 34.07 | 27,352,339 | 812,214 | 33.68 | ||||||||||||||||||
2007 | 49,186,804 | 1,396,984 | 35.21 | 23,258,975 | 660,632 | 35.21 | ||||||||||||||||||
2008 | 48,632,623 | 1,366,530 | 35.59 | 23,469,131 | 661,168 | 35.50 | ||||||||||||||||||
2009 | 45,542,628 | 1,158,809 | 39.30 | 21,755,586 | 557,577 | 39.02 | ||||||||||||||||||
2010 | 41,718,991 | 1,074,360 | 38.83 | 20,460,398 | 523,635 | 39.07 | ||||||||||||||||||
2011 | 50,722,250 | 1,271,247 | 39.90 | 24,548,818 | 609,181 | 40.30 | ||||||||||||||||||
2012 | 54,788,667 | 1,290,138 | 42.47 | 26,751,949 | 587,402 | 45.54 | ||||||||||||||||||
2013 | 49,304,103 | 1,294,661 | 38.08 | 23,080,755 | 608,225 | 37.95 | ||||||||||||||||||
2014 | 46,882,258 | 1,241,757 | 37.75 | 22,797,010 | 599,264 | 38.04 | ||||||||||||||||||
Subsequent | 39,305,982 | 1,145,334 | 34.32 | 27,672,211 | 786,332 | 35.19 | ||||||||||||||||||
Total | $ | 514,764,858 | 13,782,184 | $ | 37.35 | $ | 256,579,663 | 6,830,880 | $ | 37.56 | ||||||||||||||
Grand Total | $ | 1,542,528,508 | 43,430,556 | $ | 35.52 | $ | 1,278,932,442 | 36,279,452 | $ | 35.25 | ||||||||||||||
(a) | Excludes leases on Mall Stores of 30,000 square feet or more and tenants paying percentage rent in lieu of base minimum rent. | |
(b) | Expirations at share reflect the company’s direct or indirect ownership interest in a joint venture. |
Three Months Ended March 31, | ||||||||
2005 | 2004 (c) | |||||||
Consolidated | $ | 2,566,180 | $ | 2,988,690 | ||||
Unconsolidated | 513,238 | 351,029 | ||||||
Total Termination Income at Share (d) | $ | 3,079,418 | $ | 3,339,719 | ||||
(c) | 3/31/2004 data does not include results from the Rouse portfolio, acquired November 12, 2004. | |
(d) | Includes retail only. |
35
Developments, Expansions & Acquisitions
General Growth Properties, Inc.
Major Developments in Progress *
(New and Redevelopment Projects)
As of March 31, 2005
Unconsolidated | ||||||||||||
Consolidated | Centers | |||||||||||
Centers | @ GGP Share | Total | ||||||||||
Ala Moana Center (Honolulu, HI) | $ | 58,453,513 | (b) | $ | 58,453,513 | |||||||
Alderwood Mall (Lynnwood (Seattle), WA) | $ | 4,386,682 | (b) | 4,386,682 | ||||||||
Arizona Center (Phoenix, AZ) | 9,400,000 | 9,400,000 | ||||||||||
Bridgewater Commons ( Bridgewater, NJ) | 10,923,000 | 10,923,000 | ||||||||||
Circle T (Westlake (Dallas), TX) | 12,882,985 | 12,882,985 | ||||||||||
Eastridge Mall (San Jose, CA) | 33,706,298 | 33,706,298 | ||||||||||
Elk Grove Promenade (Elk Grove (Sacramento), CA) | 15,444,938 | 15,444,938 | ||||||||||
Fashion Show (Las Vegas, NV) | 6,252,000 | (b) | 6,252,000 | |||||||||
First Colony (Sugar Land (Houston), TX) | 2,837,037 | 2,837,037 | ||||||||||
Jordan Creek Town Center (West Des Moines, IA) | 14,618,289 | (b) | 14,618,289 | |||||||||
Kenwood Towne Centre (Cincinnati, OH) | 8,639,224 | 8,639,224 | ||||||||||
Shops at La Cantera (San Antonio, TX) | 235,159,000 | (a) | 235,159,000 | |||||||||
Lincolnshire Commons (Lincolnshire, IL) | 11,343,444 | 11,343,444 | ||||||||||
Natick West (Natick (Boston), MA) | 16,404,156 | 16,404,156 | ||||||||||
North Point (Alpharetta (Atlanta), GA) | 4,984,055 | 4,984,055 | ||||||||||
West Windsor Center (Princeton, NJ) | 41,357,000 | 41,357,000 | ||||||||||
Redlands Mall (Redlands, CA) | 16,206,823 | 16,206,823 | ||||||||||
River Falls (Clarksville, IN) | 7,752,146 | 7,752,146 | ||||||||||
Summerlin Town Center (Las Vegas, NV) | 49,839,000 | 49,839,000 | ||||||||||
The Shops at Fallen Timbers (Maumee (Toledo), OH) | 21,605,321 | 21,605,321 | ||||||||||
West Kendall Center (West Kendall, FL) | 32,693,000 | 32,693,000 | ||||||||||
Woodlands (The Woodlands, TX) | 12,578,000 | 12,578,000 | ||||||||||
All other projects (of $5 million or less each) | 55,004,902 | 13,974,109 | 68,979,011 | |||||||||
Total Development in Progress | $ | 575,129,376 | $ | 121,315,546 | $ | 696,444,922 | ||||||
* | Includes land held for redevelopment | |
(a) | The total cost of the project includes a $120 Million purchase accounting mark-to-market adjustment. | |
(b) | Project is substantially complete. Costs pertain to the portion of the project not yet complete. |
36
Developments & Expansions
Approved Redevelopment Projects (over $10 million)
Forecasted Cost | ||||||||
($millions at | Projected | |||||||
Property | Description | share) | Opening | |||||
Boise Towne Square Boise, ID | Food court renovation with addition of square footage, family restrooms and new restaurants | 13.7 | Q3 2005 | |||||
Bridgewater Commons Bridgewater, NJ | Development of a 94,000 sf life style center (Forecasted cost is before purchase price allocation adjustment) | 14.2 | Q3 2006 | |||||
Carolina Place Pineville, NC | Lifestyle addition with an REI, Linens ‘N Things, Barnes & Noble and two restaurant outparcels; renovation of food court and restrooms; refurbishing of mall interior | 14.9 | Q3 2006 | |||||
Clackamas Town Center Portland, OR | Lifestyle addition in two phases including interior renovation and parking structure | 45.4 | Q2 2007 | |||||
Cumberland Mall Atlanta, GA | Demolish old JCPenney along with a portion of parking lot and replace with Costco | 17.9 | Q3 2007 | |||||
Cumberland Mall Atlanta, GA | Buy vacant Macy’s space and convert to a one-level lifestyle center | 35.0 | Q3 2007 | |||||
Eastridge Mall San Jose, CA | Renovation and remerchandising of interior including the repositioning of the food court and the addition of a streetscape and an AMC theater | 57.2 | Q3 2005 | |||||
First Colony Sugarland, TX | Lifestyle addition with 19 retailers and 4 restaurants | 29.1 | Q3 2006 | |||||
Galleria at Tyler Riverside, CA | Addition of retail, restaurants, theater and parking structure | 23.8 | Q4 2006 | |||||
Kenwood Towne Centre Cincinatti, OH | Development of a streetscape consisting of 81,000 sf of additional GLA, parking lot renovation and reconfiguration, common area enhancements and new graphics | 17.1 | Q4 2005 | |||||
Mayfair Wauwautosa, WI | Addition of Cheesecake Factory, Crate & Barrel, Wild Fire and a parking deck | 27.5 | Q3 2005 | |||||
NewPark Mall Newark, CA | Addition of a theater, 3 parking decks, 3 restaurant pads and a big box bump-out | 42.7 | Q3 2007 | |||||
North Star Mall San Antonio, TX | Renovation of mall interior, including reconfiguration of the main court, new signage and exterior canopies (Forecasted cost is before purchase price allocation adjustment.) | 24.6 | Q3 2006 | |||||
River Falls Mall Clarksville, IN | Purchase of Wal-Mart and Dillard’s building, and an addition of Bass Pro Shop, five big boxes and a theater | 67.5 | Q3 2006 | |||||
River Hills Mall Mankato, MN | Relocate Scheel’s All Sports and add Barnes & Noble | 16.7 | Q4 2006 | |||||
Victoria Ward Centers Honolulu, HI | Village shops | 177.1 | Q2 2007 |
37
General Growth Properties, Inc.
Developments & Expansions
New Development Projects Under Construction
Forecasted Cost | ||||||||
($millions at | ||||||||
Property | Description | share) | Opening | |||||
Shops at La Cantera San Antonio, TX | New Open Air Center anchored by Nieman’s, Nordstrom, Dillard’s, and Foley’s (Forecasted cost is before purchase price allocation adjustment) | 205.6 | Q3 2005 | |||||
Lincolnshire Commons Lincolnshire, IL | Acquire land and build restaurant Pavilion with Big Box tenants | 38.4 | Q3 2006 |
Potential Retail New Development Projects
Possible | ||||||||
Property | Description | Ownership % | Opening | |||||
Bridges at Mint Hill Charlotte, NC | New Development anchored by Belks and 2 other department stores | 100 | % | Q4 2007 | ||||
Circle T Westlake, TX | New Development of a 1.3 million sf center | 50 | % | Q3 2008 | ||||
Elk Grove Promenade Elk Grove, CA | New 1.3 million sf Open Air Lifestyle Center | 100 | % | Q3 2007 | ||||
Otay Ranch Chula Vista (San Diego), CA | New 800,000 sf Open Air Lifestyle Center | 50 | % | Q4 2006 | ||||
Pinnacle Hills Promenade Rogers, AK | New Open Air Hybrid Center featuring Dillard’s Department Store | 50 | % | Q3 2006 | ||||
West Windsor Center Princeton, NJ | New 800,000 sf center that will include 2 department stores, a strong mix of retailers, multi-family residential and a full service hotel | 100 | % | Q2 2008 | ||||
Summerlin Town Center Las Vegas, NV | New 800,000 sf center located in the center of the Summerlin Community that will include Macy’s, Dillard’s and a strong mix of lifestyle retailers | 100 | % | Q2 2008 | ||||
The Shops at Fallen Timbers Maumee (Toledo), OH | 750,000 sf Open Air Lifestyle Center featuring 2 anchors and a cinema | 100 | % | Q3 2006 | ||||
Vista Commons Las Vegas, NV | New 99,000 sf neighborhood shopping center in the Summerlin community | 100 | % | Q3 2006 | ||||
West Kendall Center West Kendall, FL | New 600,000 sf center that will include a Dillard’s, a cinema and a wide range of retailers in an open-air configuration | 100 | % | Q2 2007 |
38
General Growth Properties, Inc.
Acquisitions
Through March 31, 2005
2004 # of properties does not include Rouse Community Centers/Office Properties/Planned Communities
2002 # of properties does not include JP Realty Community Center/Industrial Parks
* | Acquisition purchase prices are reflected at 100% |
Pending Acquisitions | |||||||||||||||||||||||||||
Minimum Purchase | |||||||||||||||||||||||||||
Property | Location | Purchase Date | Total Retail GLA | Ownership | Price ** | ||||||||||||||||||||||
Grand Canal Shoppes - - The Palazzo | Las Vegas, NV | Q3 2007 | * | * | 100 | % | $250.0 million | ||||||||||||||||||||
**Price is subject to possible upward adjustments based upon the actual square footage built and the actual net operating income achieved during the 30 months after opening. |
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