Exhibit 99.2
Supplemental Financial Information
For the Three and Twelve Months Ended December 31, 2006
The Macerich Company
Supplemental Financial and Operating Information
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
Page No. | |
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Corporate overview |
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Overview | 1 |
Capital information and market capitalization | 2 |
Changes in total common and equivalent shares | 3 |
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Financial data |
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Supplemental FFO information | 4 |
Capital expenditures | 5 |
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Operational data |
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Sales per square foot | 6 |
Occupancy | 7 |
Rent | 8 |
Cost of occupancy | 9 |
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Balance sheet information |
|
Debt summary | 10 |
Outstanding debt by maturity | 11 |
This supplemental financial information should be read in connection with the Company's fourth quarter 2006 earnings announcement (included as Exhibit 99.1 of the Company's Current Report on 8-K, event date February 13, 2007) as certain disclosures, definitions and reconciliations in such announcement have not been included in the supplemental financial information.
The Macerich Company
Supplemental Financial and Operating Information
Overview
The Macerich Company (the “Company”) is involved in the acquisition, ownership, development, redevelopment, and leasing of regional and community shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”).
As of December 31, 2006, the Operating Partnership owned or had an ownership interest in 73 regional shopping centers and 18 community shopping centers aggregating approximately 77 million square feet of gross leasable area (“GLA”). These 91 regional and community shopping centers are referred to hereinafter as the “Centers”, unless the context requires otherwise.
The Company is a self-administered and self-managed real estate investment trust (“REIT”) and conducts all of its operations through the Operating Partnership and the Company’s management companies (collectively, the “Management Companies”).
All references to the Company in this Exhibit include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.
1
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Information and Market Capitalization
|
| Period Ended |
| ||||||||||
dollars in thousands except per share data |
| 12/31/2006 |
| 12/31/2005 |
| 12/31/2004 |
| 12/31/2003 |
| ||||
Closing common stock price per share |
| $ | 86.57 |
| $ | 67.14 |
| $ | 62.80 |
| $ | 44.50 |
|
52 Week High |
| $ | 87.10 |
| $ | 71.22 |
| $ | 64.66 |
| $ | 45.16 |
|
52 Week Low |
| $ | 66.70 |
| $ | 53.10 |
| $ | 38.90 |
| $ | 28.65 |
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| ||||
Shares outstanding at end of period |
|
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|
| ||||
Class A participating convertible preferred units |
| 2,855,393 |
| 2,855,393 |
| — |
| — |
| ||||
Class A non-participating convertible preferred units |
| 287,176 |
| 287,176 |
| — |
| — |
| ||||
Series A cumulative convertible redeemable preferred stock |
| 3,627,131 |
| 3,627,131 |
| 3,627,131 |
| 3,627,131 |
| ||||
Common shares and operating partnership units |
| 84,767,432 |
| 73,446,422 |
| 72,923,605 |
| 72,080,524 |
| ||||
Total common and equivalent shares outstanding |
| 91,537,132 |
| 80,216,122 |
| 76,550,736 |
| 75,707,655 |
| ||||
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| ||||
Portfolio capitalization data |
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| ||||
Total portfolio debt, including joint ventures at pro rata |
| $ | 6,620,271 |
| $ | 6,863,690 |
| $ | 4,377,388 |
| $ | 3,728,645 |
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| ||||
Equity market capitalization at end of period |
| 7,924,369 |
| 5,385,710 |
| 4,807,386 |
| 3,368,991 |
| ||||
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| ||||
Total market capitalization at end of period |
| $ | 14,544,640 |
| $ | 12,249,400 |
| $ | 9,184,774 |
| $ | 7,097,636 |
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| ||||
Leverage ratio (%) (a) |
| 45.5 | % | 56.0 | % | 47.7 | % | 52.5 | % | ||||
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| ||||
Floating rate debt as a percentage of total market capitalization |
| 9.46 | % | 13.00 | % | 13.00 | % | 11.40 | % | ||||
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|
| ||||
Floating rate debt as a percentage of total debt |
| 20.78 | % | 35.71 | % | 27.00 | % | 21.80 | % | ||||
(a) Debt as a percentage of total market capitalization
2
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Changes in Total Common and Equivalent Shares
|
| Operating |
| Company |
| Class A |
| Class A Non |
| Series A |
| Total |
|
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Balance as of December 31, 2005 |
| 13,504,870 |
| 59,941,552 |
| 2,855,393 |
| 287,176 |
| 3,627,131 |
| 80,216,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock offering |
| — |
| 10,952,381 |
| — |
| — |
| — |
| 10,952,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of OP units to common shares |
| (179,789 | ) | 179,789 |
| — |
| — |
| — |
| — |
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|
|
|
|
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|
|
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Conversion of OP units to cash |
| (4,987 | ) | — |
| — |
| — |
| — |
| (4,987 | ) |
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|
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Issuance of stock from stock option exercises, restricted stock issuance or other share-based plans |
| — |
| 284,181 |
| — |
| — |
| — |
| 284,181 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2006 |
| 13,320,094 |
| 71,357,903 |
| 2,855,393 |
| 287,176 |
| 3,627,131 |
| 91,447,697 |
|
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|
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|
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|
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|
|
|
|
|
|
Conversion of OP units to cash |
| (58,567 | ) | — |
| — |
| — |
| — |
| (58,567 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock from stock option exercises, restricted stock issuance or other share-based plans |
| — |
| 100,754 |
| — |
| — |
| — |
| 100,754 |
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|
|
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|
|
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|
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|
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|
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Balance as of June 30, 2006 |
| 13,261,527 |
| 71,458,657 |
| 2,855,393 |
| 287,176 |
| 3,627,131 |
| 91,489,884 |
|
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|
|
|
|
|
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|
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Conversion of OP units to common shares |
| (17,378 | ) | 17,378 |
| — |
| — |
| — |
| — |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock from stock option exercises, restricted stock issuance or other share-based plans |
| — |
| 6,039 |
| — |
| — |
| — |
| 6,039 |
|
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|
|
|
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|
|
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Balance as of September 30, 2006 |
| 13,244,149 |
| 71,482,074 |
| 2,855,393 |
| 287,176 |
| 3,627,131 |
| 91,495,923 |
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Conversion of OP units to common shares |
| (44,625 | ) | 44,625 |
| — |
| — |
| — |
| — |
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|
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|
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|
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Issuance of stock from stock option exercises, restricted stock issuance or other share-based plans |
| — |
| 41,209 |
| — |
| — |
| — |
| 41,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2006 |
| 13,199,524 |
| 71,567,908 |
| 2,855,393 |
| 287,176 |
| 3,627,131 |
| 91,537,132 |
|
3
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Supplemental Funds from Operations (“FFO”) Information (a)
|
| Quarter Ended December 31, |
| Year Ended December 31, |
| ||||||||
dollars in millions |
| 2006 |
| 2005 |
| 2006 |
| 2005 |
| ||||
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| ||||
Lease termination fees |
| $ | 7.9 |
| $ | 0.6 |
| $ | 20.0 |
| $ | 5.9 |
|
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|
|
|
|
|
| ||||
Straight line rental income |
| $ | 2.8 |
| $ | 4.5 |
| $ | 11.9 |
| $ | 12.3 |
|
|
|
|
|
|
|
|
|
|
| ||||
Gain on sales of undepreciated assets |
| $ | 3.6 |
| $ | 0.2 |
| $ | 9.5 |
| $ | 3.4 |
|
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|
|
| ||||
Amortization of acquired above- and below-market leases (SFAS 141) |
| $ | 4.0 |
| $ | 4.4 |
| $ | 16.9 |
| $ | 15.3 |
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| ||||
Amortization of debt premiums |
| $ | 4.2 |
| $ | 6.0 |
| $ | 17.7 |
| $ | 17.3 |
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| ||||
Interest capitalized |
| $ | 4.0 |
| $ | 3.9 |
| $ | 17.0 |
| $ | 16.3 |
|
(a) All joint venture amounts included at pro rata.
4
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
dollars in millions |
| 31-Dec-06 |
| 31-Dec-05 |
| 31-Dec-04 |
| 31-Dec-03 |
| ||||
Consolidated Centers |
|
|
|
|
|
|
|
|
| ||||
Acquisitions of property and equipment |
| $ | 580.5 |
| $ | 1,767.2 |
| $ | 301.1 |
| $ | 359.2 |
|
Development, redevelopment and expansions of centers |
| 174.5 |
| 77.2 |
| 139.3 |
| 166.3 |
| ||||
Renovations of centers |
| 51.4 |
| 51.1 |
| 21.2 |
| 21.7 |
| ||||
Tenant allowances |
| 35.6 |
| 21.8 |
| 10.9 |
| 7.3 |
| ||||
Deferred leasing charges |
| 22.8 |
| 21.8 |
| 16.8 |
| 15.2 |
| ||||
Total |
| $ | 864.8 |
| $ | 1,939.1 |
| $ | 489.3 |
| $ | 569.7 |
|
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|
|
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| ||||
Joint Venture Centers (a) |
|
|
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|
| ||||
Acquisitions of property and equipment (b) |
| $ | 28.7 |
| $ | 736.4 |
| $ | 41.1 |
| $ | (19.2 | ) |
Development, redevelopment and expansions of centers |
| 48.8 |
| 79.4 |
| 6.6 |
| 17.6 |
| ||||
Renovations of centers |
| 8.1 |
| 32.2 |
| 10.1 |
| 2.8 |
| ||||
Tenant allowances |
| 13.8 |
| 8.9 |
| 10.5 |
| 4.7 |
| ||||
Deferred leasing charges |
| 4.3 |
| 5.1 |
| 3.7 |
| 3.3 |
| ||||
Total |
| $ | 103.7 |
| $ | 862.0 |
| $ | 72.0 |
| $ | 9.2 |
|
(a) All joint venture amounts at pro rata.
(b) Includes the Company's purchase of joint venture partner's 50% interest in FlatIron Crossing on January 31, 2003.
5
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Sales Per Square Foot (a)
| Consolidated |
| Unconsolidated |
| Total Centers |
| ||||
|
|
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|
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|
|
| |||
12/31/06 |
| $ | 435 |
| $ | 470 |
| $ | 452 |
|
12/31/05 |
| $ | 395 |
| $ | 440 |
| $ | 417 |
|
12/31/04 |
| $ | 368 |
| $ | 414 |
| $ | 391 |
|
12/31/03 |
| $ | 350 |
| $ | 372 |
| $ | 361 |
|
(a) Sales are based on reports by retailers leasing mall and freestanding stores for the trailing 12 months for tenants which have occupied such stores for a minimum of 12 months. Sales per square foot are based on tenants, 10,000 square feet and under, for regional malls.
6
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy (a)
Period Ended |
| Consolidated |
| Unconsolidated |
| Total Centers |
|
12/31/06 |
| 93.1 | % | 93.7 | % | 93.6 | % |
12/31/05 |
| 93.4 | % | 93.2 | % | 93.5 | % |
12/31/04 |
| 92.6 | % | 92.5 | % | 92.5 | % |
12/31/03 |
| 92.6 | % | 93.6 | % | 93.3 | % |
(a) Occupancy data excludes space under development and redevelopment.
7
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Rent
|
| Average Base Rent |
| Average Base Rent |
| Average Base Rent |
| |||
Consolidated Centers |
|
|
|
|
|
|
| |||
12/31/06 |
| $ | 37.55 |
| $ | 38.40 |
| $ | 31.92 |
|
12/31/05 |
| $ | 34.23 |
| $ | 35.60 |
| $ | 30.71 |
|
12/31/04 |
| $ | 32.60 |
| $ | 35.31 |
| $ | 28.84 |
|
12/31/03 |
| $ | 31.71 |
| $ | 36.77 |
| $ | 29.93 |
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| |||
Joint Venture Centers |
|
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|
| |||
12/31/06 |
| $ | 37.94 |
| $ | 41.43 |
| $ | 36.19 |
|
12/31/05 |
| $ | 36.35 |
| $ | 39.08 |
| $ | 30.18 |
|
12/31/04 |
| $ | 33.39 |
| $ | 36.86 |
| $ | 29.32 |
|
12/31/03 |
| $ | 31.29 |
| $ | 37.00 |
| $ | 27.83 |
|
(a) Average base rent per square foot is based on mall and freestanding GLA for spaces, 10,000 square feet and under, occupied as of the applicable date. Leases for La Encantada and the expansion area of Queens Center were excluded in Years 2003, 2004 and 2005.
(b) The average base rent on lease signings commencing during the period represents the actual rent to be paid on a per square foot basis during the first twelve months for tenant leases 10,000 square feet and under. Lease signings for La Encantada and the expansion area of Queens Center were excluded in Years 2003, 2004 and 2005.
(c) The average base rent on leases expiring during the period represents the final year minimum rent, on a cash basis, for all tenant leases 10,000 square feet and under expiring during the year. Leases for La Encantada and the expansion area of Queens Center were excluded in Years 2003, 2004 and 2005.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
|
| For years ended December 31, |
| ||||||
Consolidated Centers |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
|
Minimum rents |
| 8.1 | % | 8.3 | % | 8.3 | % | 8.7 | % |
Percentage rents |
| 0.4 | % | 0.5 | % | 0.4 | % | 0.3 | % |
Expense recoveries (a) |
| 3.7 | % | 3.6 | % | 3.7 | % | 3.8 | % |
Total |
| 12.2 | % | 12.4 | % | 12.4 | % | 12.8 | % |
|
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| For years ended December 31, |
| ||||||
Joint Venture Centers |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
|
Minimum rents |
| 7.2 | % | 7.4 | % | 7.7 | % | 8.1 | % |
Percentage rents |
| 0.6 | % | 0.5 | % | 0.5 | % | 0.4 | % |
Expense recoveries (a) |
| 3.1 | % | 3.0 | % | 3.2 | % | 3.2 | % |
Total |
| 10.9 | % | 10.9 | % | 11.4 | % | 11.7 | % |
(a) Represents real estate tax and common area maintenance charges.
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary
dollars in thousands |
| Fixed Rate |
| Variable Rate (a) |
| Total |
| |||
Consolidated debt |
| $ | 3,778,498 |
| $ | 1,177,326 |
| $ | 4,955,824 |
|
Unconsolidated debt |
| 1,466,016 |
| 198,431 |
| 1,664,447 |
| |||
Total debt |
| $ | 5,244,514 |
| $ | 1,375,757 |
| $ | 6,620,271 |
|
|
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|
|
| |||
Weighted average interest rate |
| 5.96 | % | 6.56 | % | 6.09 | % | |||
|
|
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|
|
|
|
| |||
Weighted average maturity (years) |
|
|
|
|
| 4.81 |
| |||
(a) Excludes swapped floating rate debt. Swapped debt is included in fixed debt category.
10
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Outstanding Debt by Maturity
dollars in thousands
Center/Entity |
| Maturity |
| Interest |
| Fixed |
| Floating |
| Total Debt |
| |||
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| |||
I. Consolidated Assets: |
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| |||
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| |||
Paradise Valley Mall (b) |
| 01/01/07 |
| 5.39 | % | $ | 74,990 |
| $ | — |
| $ | 74,990 |
|
Borgata |
| 10/11/07 |
| 5.39 | % | 14,885 |
| — |
| 14,885 |
| |||
Victor Valley, Mall of |
| 03/01/08 |
| 4.60 | % | 52,429 |
| — |
| 52,429 |
| |||
Westside Pavilion |
| 07/01/08 |
| 6.67 | % | 93,513 |
| — |
| 93,513 |
| |||
Village Fair North |
| 07/15/08 |
| 5.89 | % | 11,210 |
| — |
| 11,210 |
| |||
Fresno Fashion Fair |
| 08/10/08 |
| 6.52 | % | 64,595 |
| — |
| 64,595 |
| |||
South Towne Center |
| 10/10/08 |
| 6.61 | % | 64,000 |
| — |
| 64,000 |
| |||
Queens Center |
| 03/01/09 |
| 6.88 | % | 92,039 |
| — |
| 92,039 |
| |||
South Plains Mall |
| 03/01/09 |
| 8.22 | % | 59,681 |
| — |
| 59,681 |
| |||
Carmel Plaza |
| 05/01/09 |
| 8.18 | % | 26,674 |
| — |
| 26,674 |
| |||
Paradise Valley Mall |
| 05/01/09 |
| 5.89 | % | 22,154 |
| — |
| 22,154 |
| |||
Northridge |
| 07/01/09 |
| 4.84 | % | 82,514 |
| — |
| 82,514 |
| |||
Wilton Mall |
| 11/01/09 |
| 4.79 | % | 46,604 |
| — |
| 46,604 |
| |||
Macerich Partnership Term Loan (c) |
| 04/25/10 |
| 6.30 | % | 450,000 |
| — |
| 450,000 |
| |||
Macerich Partnership Line of Credit (d) |
| 04/25/10 |
| 6.23 | % | 400,000 |
| — |
| 400,000 |
| |||
Vintage Faire Mall |
| 09/01/10 |
| 7.89 | % | 65,363 |
| — |
| 65,363 |
| |||
Eastview Commons |
| 09/30/10 |
| 5.46 | % | 9,117 |
| — |
| 9,117 |
| |||
Santa Monica Place |
| 11/01/10 |
| 7.70 | % | 80,073 |
| — |
| 80,073 |
| |||
Valley View Center |
| 01/01/11 |
| 5.72 | % | 125,000 |
| — |
| 125,000 |
| |||
Danbury Fair Mall |
| 02/01/11 |
| 4.64 | % | 182,877 |
| — |
| 182,877 |
| |||
Shoppingtown Mall |
| 05/11/11 |
| 5.01 | % | 46,217 |
| — |
| 46,217 |
| |||
Capitola Mall |
| 05/15/11 |
| 7.13 | % | 40,999 |
| — |
| 40,999 |
| |||
Freehold Raceway |
| 07/07/11 |
| 4.68 | % | 183,505 |
| — |
| 183,505 |
| |||
Pacific View |
| 08/31/11 |
| 7.16 | % | 83,511 |
| — |
| 83,511 |
| |||
Pacific View |
| 08/31/11 |
| 7.00 | % | 6,720 |
| — |
| 6,720 |
| |||
Rimrock Mall |
| 10/01/11 |
| 7.45 | % | 43,452 |
| — |
| 43,452 |
| |||
Prescott Gateway |
| 12/01/11 |
| 5.78 | % | 60,000 |
| — |
| 60,000 |
| |||
Chandler Fashion Center |
| 11/01/12 |
| 5.14 | % | 104,400 |
| — |
| 104,400 |
| |||
Chandler Fashion Center |
| 11/01/12 |
| 6.00 | % | 68,504 |
| — |
| 68,504 |
| |||
Towne Mall |
| 11/01/12 |
| 4.99 | % | 15,291 |
| — |
| 15,291 |
| |||
Pittsford Plaza (e) |
| 01/01/13 |
| 5.02 | % | 16,077 |
| — |
| 16,077 |
| |||
Deptford |
| 01/15/13 |
| 5.44 | % | 100,000 |
| — |
| 100,000 |
| |||
Queens Center |
| 03/01/13 |
| 7.00 | % | 220,625 |
| — |
| 220,625 |
| |||
Greeley - Defeaseance |
| 09/01/13 |
| 6.18 | % | 28,281 |
| — |
| 28,281 |
| |||
FlatIron Crossing |
| 12/01/13 |
| 5.23 | % | 191,046 |
| — |
| 191,046 |
| |||
Great Northern |
| 12/01/13 |
| 5.19 | % | 40,947 |
| — |
| 40,947 |
| |||
Eastview Mall |
| 01/18/14 |
| 5.10 | % | 102,873 |
| — |
| 102,873 |
| |||
Fiesta Mall |
| 01/01/15 |
| 4.88 | % | 84,000 |
| — |
| 84,000 |
| |||
Flagstaff Mall |
| 11/01/15 |
| 4.97 | % | 37,000 |
| — |
| 37,000 |
| |||
Valley River Center (f) |
| 02/01/16 |
| 5.58 | % | 100,000 |
| — |
| 100,000 |
| |||
Salisbury, Center at |
| 05/01/16 |
| 5.79 | % | 115,000 |
| — |
| 115,000 |
| |||
Marketplace Mall (g) |
| 12/10/17 |
| 5.30 | % | 15,177 |
| — |
| 15,177 |
| |||
Chesterfield Towne Center |
| 01/01/24 |
| 9.07 | % | 57,155 |
| — |
| 57,155 |
| |||
Total Fixed Rate Debt for Consolidated Assets |
|
|
| 5.99 | % | $ | 3,778,498 |
| $ | — |
| $ | 3,778,498 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Macerich Partnership Term Loan |
| 05/13/07 |
| 6.94 | % | $ | — |
| $ | 250,000 |
| $ | 250,000 |
|
Twenty Ninth Street |
| 06/15/07 |
| 6.67 | % | — |
| 94,080 |
| 94,080 |
| |||
Oaks, The (h) |
| 07/01/07 |
| 6.05 | % | — |
| 92,000 |
| 92,000 |
| |||
La Cumbre |
| 08/09/07 |
| 6.23 | % | — |
| 30,000 |
| 30,000 |
| |||
Greece Ridge |
| 11/06/07 |
| 6.00 | % | — |
| 72,000 |
| 72,000 |
| |||
La Encantada |
| 08/01/08 |
| 7.08 | % | — |
| 51,000 |
| 51,000 |
| |||
Casa Grande (i) |
| 08/16/09 |
| 6.75 | % | — |
| 3,746 |
| 3,746 |
| |||
Panorama Mall |
| 02/28/10 |
| 6.23 | % | — |
| 50,000 |
| 50,000 |
| |||
Macerich Partnership Line of Credit |
| 04/25/10 |
| 6.60 | % | — |
| 534,500 |
| 534,500 |
| |||
Total Floating Rate Debt for Consolidated Assets |
|
|
| 6.59 | % | $ | — |
| $ | 1,177,326 |
| $ | 1,177,326 |
|
Total Debt for Consolidated Assets |
|
|
| 6.14 | % | $ | 3,778,498 |
| $ | 1,177,326 |
| $ | 4,955,824 |
|
11
Center/Entity |
| Maturity |
| Interest |
| Fixed |
| Floating |
| Total Debt |
| |||
II. Unconsolidated Joint Ventures (at Company's pro rata share): |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Hilton Village (50%) (j) |
| 01/01/07 |
| 5.39 | % | $ | 3,996 |
| $ | — |
| $ | 3,996 |
|
Scottsdale Fashion Square I (50%) |
| 08/31/07 |
| 5.39 | % | 78,768 |
| — |
| 78,768 |
| |||
Scottsdale Fashion Square II (50%) |
| 08/31/07 |
| 5.39 | % | 33,774 |
| — |
| 33,774 |
| |||
Metrocenter (15%) (k) |
| 02/09/08 |
| 4.80 | % | 16,800 |
| — |
| 16,800 |
| |||
Broadway Plaza (50%) |
| 08/01/08 |
| 6.68 | % | 31,012 |
| — |
| 31,012 |
| |||
Chandler Festival (50%) |
| 10/01/08 |
| 4.37 | % | 15,157 |
| — |
| 15,157 |
| |||
Chandler Gateway (50%) |
| 10/01/08 |
| 5.19 | % | 9,548 |
| — |
| 9,548 |
| |||
Washington Square (51%) |
| 02/01/09 |
| 6.70 | % | 51,577 |
| — |
| 51,577 |
| |||
Inland Center (50%) |
| 02/11/09 |
| 4.64 | % | 27,000 |
| — |
| 27,000 |
| |||
Biltmore Fashion Park (50%) |
| 07/10/09 |
| 4.68 | % | 39,790 |
| — |
| 39,790 |
| |||
Redmond Office (51%) |
| 07/10/09 |
| 6.77 | % | 35,774 |
| — |
| 35,774 |
| |||
Redmond Retail (51%) |
| 08/01/09 |
| 4.81 | % | 37,415 |
| — |
| 37,415 |
| |||
West Acres (19%) |
| 09/30/09 |
| 6.41 | % | 13,264 |
| — |
| 13,264 |
| |||
Corte Madera, The Village at (50.1%) |
| 11/01/09 |
| 7.75 | % | 33,201 |
| — |
| 33,201 |
| |||
Ridgmar (50%) |
| 04/11/10 |
| 6.07 | % | 28,700 |
| — |
| 28,700 |
| |||
Kitsap Mall/Place (51%) |
| 06/01/10 |
| 8.06 | % | 29,592 |
| — |
| 29,592 |
| |||
Cascade (51%) |
| 07/01/10 |
| 5.10 | % | 20,424 |
| — |
| 20,424 |
| |||
Stonewood Mall (51%) |
| 12/11/10 |
| 7.41 | % | 38,180 |
| — |
| 38,180 |
| |||
Arrowhead Towne Center (33.3%) |
| 10/01/11 |
| 6.38 | % | 27,096 |
| — |
| 27,096 |
| |||
Northpark Center (50%) |
| 05/10/12 |
| 5.41 | % | 94,782 |
| — |
| 94,782 |
| |||
NorthPark Center (50%) |
| 05/10/12 |
| 8.33 | % | 82,881 |
| — |
| 82,881 |
| |||
Kierland Greenway (24.5%) |
| 01/01/13 |
| 5.85 | % | 16,231 |
| — |
| 16,231 |
| |||
Kierland Main Street (24.5%) |
| 01/02/13 |
| 4.99 | % | 3,821 |
| — |
| 3,821 |
| |||
Tyson's Corner (50%) |
| 02/17/14 |
| 5.22 | % | 172,021 |
| — |
| 172,021 |
| |||
Lakewood (51%) |
| 06/01/15 |
| 5.41 | % | 127,500 |
| — |
| 127,500 |
| |||
Eastland (50%) |
| 06/01/16 |
| 5.79 | % | 84,000 |
| — |
| 84,000 |
| |||
Empire Mall (50%) |
| 06/01/16 |
| 5.79 | % | 88,150 |
| — |
| 88,150 |
| |||
Granite Run (50%) |
| 06/01/16 |
| 5.83 | % | 60,595 |
| — |
| 60,595 |
| |||
Mesa Mall (50%) |
| 06/01/16 |
| 5.79 | % | 43,625 |
| — |
| 43,625 |
| |||
Rushmore (50%) |
| 06/01/16 |
| 5.79 | % | 47,000 |
| — |
| 47,000 |
| |||
Southern Hills (50%) |
| 06/01/16 |
| 5.79 | % | 50,750 |
| — |
| 50,750 |
| |||
Valley Mall (50%) |
| 06/01/16 |
| 5.83 | % | 23,592 |
| — |
| 23,592 |
| |||
Total Fixed Rate Debt for Unconsolidated Assets |
|
|
| 5.89 | % | $ | 1,466,016 |
| $ | — |
| $ | 1,466,016 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
NorthPark Center (50%) |
| 08/30/07 |
| 8.25 | % | $ | — |
| $ | 3,500 |
| $ | 3,500 |
|
Camelback Colonnade (75%) |
| 10/09/07 |
| 6.04 | % | — |
| 31,125 |
| 31,125 |
| |||
SanTan Village Phase 2 (34.9%) (l) |
| 11/02/07 |
| 7.36 | % | — |
| 8,978 |
| 8,978 |
| |||
Boulevard Shops (50%) |
| 12/16/07 |
| 6.60 | % | — |
| 10,700 |
| 10,700 |
| |||
Chandler Village Center (50%) |
| 12/19/07 |
| 7.01 | % | — |
| 8,578 |
| 8,578 |
| |||
Metrocenter (15%) |
| 02/09/08 |
| 8.74 | % | — |
| 1,868 |
| 1,868 |
| |||
Desert Sky Mall (50%) |
| 03/06/08 |
| 6.45 | % | — |
| 25,750 |
| 25,750 |
| |||
Superstition Springs (33.3%) |
| 09/09/08 |
| 5.72 | % | — |
| 22,498 |
| 22,498 |
| |||
Kierland Tower Lofts (15%) |
| 12/14/08 |
| 7.13 | % | — |
| 2,146 |
| 2,146 |
| |||
Washington Square (51%) |
| 02/01/09 |
| 7.35 | % | — |
| 16,988 |
| 16,988 |
| |||
Los Cerritos Center (51%) |
| 07/01/11 |
| 5.91 | % | — |
| 66,300 |
| 66,300 |
| |||
Total Floating Rate Debt for Unconsolidated Assets |
|
|
| 6.33 | % | $ | — |
| $ | 198,431 |
| $ | 198,431 |
|
Total Debt for Unconsolidated Assets |
|
|
| 5.95 | % | $ | 1,466,016 |
| $ | 198,431 |
| $ | 1,664,447 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Debt |
|
|
| 6.09 | % | $ | 5,244,514 |
| $ | 1,375,757 |
| $ | 6,620,271 |
|
Percentage to Total |
|
|
|
|
| 79.22 | % | 20.78 | % | 100.00 | % | |||
(a) The debt balances include the unamortized debt premiums (discounts). Debt premiums (discounts) represent the excess of the fair value of debt over the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The annual interest rate in the above table represents the effective interest rate, including the debt premiums (discounts).
(b) This loan was paid off in full on January 2, 2007.
(c) This debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 25, 2010.
(d) This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.
(e) This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 63.6%.
(f) An additional $20.0 million was borrowed under this mortgage in January 2007 at a fixed rate of 5.64%. The weighted average interest rate on the total $120.0 million is 5.59%.
(g) This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 37.5%.
(h) This loan was paid off in full on February 2, 2007.
(i) This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(j) This loan was refinanced in January 2007 with an $8.6 million fixed rate loan at 5.21%, maturing February 1, 2012.
(k) This debt has an interest rate swap agreement which effectively fixed the interest rate from January 15, 2005 to February 15, 2008.
(l) This debt was refinanced in January 2007 with a $45.0 million fixed rate loan at 5.33%, maturing March 1, 2012.
12