Exhibit 99.2
Supplemental Financial Information
For the three and nine months ending September 30, 2007
The Macerich Company
Supplemental Financial and Operating Information
Table of Contents
All information included in this supplemental financial package is unaudited, unless otherwise indicated.
This supplemental financial information should be read in connection with the Company’s third quarter 2007 earnings announcement (included as Exhibit 99.1 of the Company’s Current Report on 8-K, event date October 31, 2007) as certain disclosures, definitions and reconciliations in such announcement have not been included in this 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, management 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 September 30, 2007, the Operating Partnership owned or had an ownership interest in 73 regional shopping centers and 18 community shopping centers aggregating approximately 78 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 |
| 9/30/2007 |
| 12/31/2006 |
| 12/31/2005 |
| 12/31/2004 |
| ||||
Closing common stock price per share |
| $ | 87.58 |
| $ | 86.57 |
| $ | 67.14 |
| $ | 62.80 |
|
52 week high |
| $ | 103.59 |
| $ | 87.10 |
| $ | 71.22 |
| $ | 64.66 |
|
52 week low |
| $ | 71.22 |
| $ | 66.70 |
| $ | 53.10 |
| $ | 38.90 |
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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 |
| 2,855,393 |
| — |
| ||||
Class A non-participating convertible preferred units |
| 219,828 |
| 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 |
| 84,202,813 |
| 84,767,432 |
| 73,446,422 |
| 72,923,605 |
| ||||
Total common and equivalent shares outstanding |
| 90,905,165 |
| 91,537,132 |
| 80,216,122 |
| 76,550,736 |
| ||||
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| ||||
Portfolio capitalization data |
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| ||||
Total portfolio debt, including joint ventures at pro rata |
| $ | 6,888,142 |
| $ | 6,620,271 |
| $ | 6,863,690 |
| $ | 4,377,388 |
|
|
|
|
|
|
|
|
|
|
| ||||
Equity market capitalization |
| 7,961,474 |
| 7,924,369 |
| 5,385,710 |
| 4,807,386 |
| ||||
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|
|
|
|
|
|
|
|
| ||||
Total market capitalization |
| $ | 14,849,616 |
| $ | 14,544,640 |
| $ | 12,249,400 |
| $ | 9,184,774 |
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| ||||
Leverage ratio (%) (a) |
| 46.4 | % | 45.5 | % | 56.0 | % | 47.7 | % | ||||
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|
|
|
|
|
|
|
| ||||
Floating rate debt as a percentage of total market capitalization |
| 3.2 | % | 9.5 | % | 13.0 | % | 13.0 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
Floating rate debt as a percentage of total debt |
| 7.0 | % | 20.8 | % | 35.7 | % | 27.0 | % | ||||
(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/Units
|
| Partnership |
| Company |
| Class A |
| Class A Non- |
| Series A |
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2006 |
| 13,199,524 |
| 71,567,908 |
| 2,855,393 |
| 287,176 |
| 3,627,131 |
| 91,537,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of common shares |
| — |
| (807,000 | ) | — |
| — |
| — |
| (807,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of partnership units to common shares |
| (395,756 | ) | 395,756 |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of NPCPU's to common shares |
| — |
| 67,348 |
| — |
| (67,348 | ) | — |
| — |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Conversion of partnership units to cash |
| (598 | ) | — |
| — |
| — |
| — |
| (598 | ) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock from stock option exercises, restricted stock issuance or other share-based plans |
| — |
| 225,704 |
| — |
| — |
| — |
| 225,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2007 |
| 12,803,170 |
| 71,449,716 |
| 2,855,393 |
| 219,828 |
| 3,627,131 |
| 90,955,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of partnership units to common shares |
| (191,263 | ) | 191,263 |
| — |
| — |
| — |
| — |
|
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|
|
|
|
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|
|
|
|
|
Issuance of stock from stock option exercises, restricted stock issuance or other share-based plans |
| — |
| 910 |
| — |
| — |
| — |
| 910 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2007 |
| 12,611,907 |
| 71,641,889 |
| 2,855,393 |
| 219,828 |
| 3,627,131 |
| 90,956,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of partnership units to common shares |
| (61,650 | ) | 61,650 |
| — |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Conversion of partnership units to cash |
| (60,000 | ) | — |
| — |
| — |
| — |
| (60,000 | ) |
|
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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 |
| — |
| 9,017 |
| — |
| — |
| — |
| 9,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2007 |
| 12,490,257 |
| 71,712,556 |
| 2,855,393 |
| 219,828 |
| 3,627,131 |
| 90,905,165 |
|
3
Supplemental Financial and Operating Information (unaudited)
Supplemental Funds from Operations ("FFO") Information (a)
|
| As of September 30, |
| ||||
|
| 2007 |
| 2006 |
| ||
|
|
|
|
|
| ||
Straight line rent receivable (dollars in millions) |
| $ | 56.4 |
| $ | 46.0 |
|
|
| For the Three Months Ended |
| For the Nine Months Ended |
| ||||||||
dollars in millions |
| 2007 |
| 2006 |
| 2007 |
| 2006 |
| ||||
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| ||||
Lease termination fees |
| $ | 5.1 |
| $ | 0.9 |
| $ | 11.6 |
| $ | 12.2 |
|
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|
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|
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| ||||
Straight line rental income |
| $ | 4.1 |
| $ | 3.6 |
| $ | 8.9 |
| $ | 9.1 |
|
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|
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|
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| ||||
Gain on sales of undepreciated assets |
| $ | 0.1 |
| $ | 2.3 |
| $ | 0.8 |
| $ | 6.0 |
|
|
|
|
|
|
|
|
|
|
| ||||
Amortization of acquired above- and below-market leases (SFAS 141) |
| $ | 4.0 |
| $ | 4.0 |
| $ | 11.5 |
| $ | 12.9 |
|
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| ||||
Amortization of debt premiums |
| $ | 3.2 |
| $ | 5.0 |
| $ | 10.6 |
| $ | 14.3 |
|
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| ||||
Interest capitalized |
| $ | 10.4 |
| $ | 4.5 |
| $ | 26.0 |
| $ | 12.9 |
|
(a) All joint venture amounts included at pro rata.
4
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Capital Expenditures
|
| For the Nine |
| Year Ended |
| Year Ended |
| Year Ended |
| ||||
dollars in millions |
| 9/30/07 |
| 12/31/06 |
| 12/31/05 |
| 12/31/04 |
| ||||
Consolidated Centers |
|
|
|
|
|
|
|
|
| ||||
Acquisitions of property and equipment |
| $ | 29.3 |
| $ | 580.5 |
| $ | 1,767.2 |
| $ | 301.1 |
|
Development, redevelopment and expansions of Centers |
| 378.7 |
| 184.3 |
| 77.2 |
| 139.3 |
| ||||
Renovations of Centers |
| 19.1 |
| 51.4 |
| 51.1 |
| 21.2 |
| ||||
Tenant allowances |
| 15.0 |
| 27.0 |
| 21.8 |
| 10.9 |
| ||||
Deferred leasing charges |
| 17.1 |
| 21.6 |
| 21.8 |
| 16.8 |
| ||||
Total |
| $ | 459.2 |
| $ | 864.8 |
| $ | 1,939.1 |
| $ | 489.3 |
|
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| ||||
Joint Venture Centers (a) |
|
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| ||||
Acquisitions of property and equipment |
| $ | 4.3 |
| $ | 28.7 |
| $ | 736.4 |
| $ | 41.1 |
|
Development, redevelopment and expansions of Centers |
| 20.7 |
| 48.8 |
| 79.4 |
| 6.6 |
| ||||
Renovations of Centers |
| 8.9 |
| 8.1 |
| 32.2 |
| 10.1 |
| ||||
Tenant allowances |
| 9.7 |
| 13.8 |
| 8.9 |
| 10.5 |
| ||||
Deferred leasing charges |
| 2.9 |
| 4.3 |
| 5.1 |
| 3.7 |
| ||||
Total |
| $ | 46.5 |
| $ | 103.7 |
| $ | 862.0 |
| $ | 72.0 |
|
(a) All joint venture amounts at pro rata.
5
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Sales Per Square Foot (a)
|
| Consolidated |
| Unconsolidated |
| Total Centers |
| |||
9/30/2007 (b) |
| $ | 448 |
| $ | 472 |
| $ | 460 |
|
12/31/06 |
| $ | 435 |
| $ | 470 |
| $ | 452 |
|
12/31/05 |
| $ | 395 |
| $ | 440 |
| $ | 417 |
|
12/31/04 |
| $ | 368 |
| $ | 414 |
| $ | 391 |
|
(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.
(b) Due to tenant sales reporting timelines, the data presented is as of August 31, 2007.
6
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Occupancy
Period Ended |
| Consolidated |
| Unconsolidated |
| Total |
|
9/30/07 |
| 93.2 | % | 93.8 | % | 93.5 | % |
12/31/06 |
| 93.0 | % | 94.2 | % | 93.6 | % |
12/31/05 |
| 93.2 | % | 93.8 | % | 93.5 | % |
12/31/04 |
| 92.6 | % | 92.4 | % | 92.5 | % |
(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 |
|
|
|
|
|
|
| |||
09/30/07 |
| $ | 38.38 |
| $ | 42.93 |
| $ | 34.21 |
|
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 |
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Joint Venture Centers |
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| |||
09/30/07 |
| $ | 38.47 |
| $ | 45.86 |
| $ | 34.87 |
|
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 |
|
(a) Average base rent per square foot is based on Mall and Freestanding Store GLA for spaces 10,000 square feet and under, occupied as of the applicable date, for each of the Centers owned by the Company. Leases for La Encantada and the expansion area of Queens Center were excluded for Years 2005 and 2004.
(b) The average base rent per square foot on lease signings commencing during the period represents the actual rent to be paid 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 for Years 2005 and 2004. Lease signings for Casa Grande and San Tan Village were excluded for the nine months ending September 30, 2007.
(c) The average base rent per square foot 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 for Years 2005 and 2004.
8
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Cost of Occupancy
|
| For Years Ended December 31, |
| ||||
|
| 2006 |
| 2005 |
| 2004 |
|
Consolidated Centers |
|
|
|
|
|
|
|
Minimum rents |
| 8.1 | % | 8.3 | % | 8.3 | % |
Percentage rents |
| 0.4 | % | 0.5 | % | 0.4 | % |
Expense recoveries (a) |
| 3.7 | % | 3.6 | % | 3.7 | % |
Total |
| 12.2 | % | 12.4 | % | 12.4 | % |
|
| For Years Ended December 31, |
| ||||
|
| 2006 |
| 2005 |
| 2004 |
|
Joint Venture Centers |
|
|
|
|
|
|
|
Minimum rents |
| 7.2 | % | 7.4 | % | 7.7 | % |
Percentage rents |
| 0.6 | % | 0.5 | % | 0.5 | % |
Expense recoveries (a) |
| 3.1 | % | 3.0 | % | 3.2 | % |
Total |
| 10.9 | % | 10.9 | % | 11.4 | % |
(a) Represents real estate tax and common area maintenance charges.
9
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Debt Summary
|
| As of September 30, 2007 |
| ||||
dollars in thousands |
| Fixed Rate |
| Variable Rate (a) |
| Total |
|
Consolidated debt |
| 4,777,863 |
| 288,662 |
| 5,066,525 |
|
Unconsolidated debt |
| 1,627,889 |
| 193,728 |
| 1,821,617 |
|
Total debt |
| 6,405,752 |
| 482,390 |
| 6,888,142 |
|
|
|
|
|
|
|
|
|
Weighted average interest rate |
| 5.58 | % | 6.38 | % | 5.64 | % |
|
|
|
|
|
|
|
|
Weighted average maturity (years) |
|
|
|
|
| 4.4 |
|
(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
|
| As of September 30, 2007 |
| |||||||||||
Center/Entity (dollars in thousands) |
| Maturity Date |
| Interest |
| Fixed |
| Floating |
| Total Debt |
| |||
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I. Consolidated Assets: |
|
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| |||
Victor Valley, Mall of |
| 03/01/08 |
| 4.60 | % | $ | 51,522 |
| $ | — |
| $ | 51,522 |
|
Westside Pavilion |
| 07/01/08 |
| 6.67 | % | 92,419 |
| — |
| 92,419 |
| |||
Village Fair North |
| 07/15/08 |
| 5.89 | % | 10,964 |
| — |
| 10,964 |
| |||
Fresno Fashion Fair |
| 08/10/08 |
| 6.52 | % | 63,850 |
| — |
| 63,850 |
| |||
South Towne Center |
| 10/10/08 |
| 6.61 | % | 64,000 |
| — |
| 64,000 |
| |||
Queens Center |
| 03/01/09 |
| 6.88 | % | 90,913 |
| — |
| 90,913 |
| |||
South Plains Mall |
| 03/01/09 |
| 8.22 | % | 58,979 |
| — |
| 58,979 |
| |||
Carmel Plaza |
| 05/01/09 |
| 8.18 | % | 26,362 |
| — |
| 26,362 |
| |||
Paradise Valley Mall |
| 05/01/09 |
| 5.89 | % | 21,466 |
| — |
| 21,466 |
| |||
Northridge Mall |
| 07/01/09 |
| 4.84 | % | 81,476 |
| — |
| 81,476 |
| |||
Wilton Mall |
| 11/01/09 |
| 4.79 | % | 45,126 |
| — |
| 45,126 |
| |||
Macerich Partnership Term Loan (b) |
| 04/25/10 |
| 6.30 | % | 450,000 |
| — |
| 450,000 |
| |||
Macerich Partnership Line of Credit (c) |
| 04/25/10 |
| 6.23 | % | 400,000 |
| — |
| 400,000 |
| |||
Vintage Faire Mall |
| 09/01/10 |
| 7.89 | % | 64,638 |
| — |
| 64,638 |
| |||
Eastview Commons |
| 09/30/10 |
| 5.46 | % | 8,891 |
| — |
| 8,891 |
| |||
Santa Monica Place |
| 11/01/10 |
| 7.70 | % | 79,291 |
| — |
| 79,291 |
| |||
Valley View Center |
| 01/01/11 |
| 5.72 | % | 125,000 |
| — |
| 125,000 |
| |||
Danbury Fair Mall |
| 02/01/11 |
| 4.64 | % | 178,095 |
| — |
| 178,095 |
| |||
Shoppingtown Mall |
| 05/11/11 |
| 5.01 | % | 45,046 |
| — |
| 45,046 |
| |||
Capitola Mall |
| 05/15/11 |
| 7.13 | % | 39,746 |
| — |
| 39,746 |
| |||
Freehold Raceway Mall |
| 07/07/11 |
| 4.68 | % | 179,164 |
| — |
| 179,164 |
| |||
Pacific View |
| 08/31/11 |
| 7.16 | % | 82,558 |
| — |
| 82,558 |
| |||
Pacific View |
| 08/31/11 |
| 7.00 | % | 6,653 |
| — |
| 6,653 |
| |||
Rimrock Mall |
| 10/01/11 |
| 7.45 | % | 42,988 |
| — |
| 42,988 |
| |||
Prescott Gateway |
| 12/01/11 |
| 5.78 | % | 60,000 |
| — |
| 60,000 |
| |||
Hilton Village |
| 02/01/12 |
| 5.21 | % | 8,600 |
| — |
| 8,600 |
| |||
The Macerich Company - Convertible Senior Notes (d) |
| 03/15/12 |
| 3.48 | % | 941,534 |
| — |
| 941,534 |
| |||
Tucson La Encantada |
| 06/01/12 |
| 5.60 | % | 78,000 |
| — |
| 78,000 |
| |||
Chandler Fashion Center |
| 11/01/12 |
| 5.14 | % | 102,926 |
| — |
| 102,926 |
| |||
Chandler Fashion Center |
| 11/01/12 |
| 6.00 | % | 67,658 |
| — |
| 67,658 |
| |||
Towne Mall |
| 11/01/12 |
| 4.99 | % | 14,954 |
| — |
| 14,954 |
| |||
Pittsford Plaza (e) |
| 01/01/13 |
| 5.02 | % | 15,753 |
| — |
| 15,753 |
| |||
Pittsford Plaza (e) |
| 01/01/13 |
| 6.19 | % | 3,503 |
| — |
| 3,503 |
| |||
Deptford Mall |
| 01/15/13 |
| 5.41 | % | 172,500 |
| — |
| 172,500 |
| |||
Queens Center |
| 03/31/13 |
| 7.00 | % | 217,998 |
| — |
| 217,998 |
| |||
Greeley – Defeaseance |
| 09/01/13 |
| 6.18 | % | 27,832 |
| — |
| 27,832 |
| |||
FlatIron Crossing |
| 12/01/13 |
| 5.23 | % | 188,580 |
| — |
| 188,580 |
| |||
Great Northern Mall |
| 12/01/13 |
| 5.19 | % | 40,455 |
| — |
| 40,455 |
| |||
Eastview Mall |
| 01/18/14 |
| 5.10 | % | 101,484 |
| — |
| 101,484 |
| |||
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 |
| 02/01/16 |
| 5.59 | % | 120,000 |
| — |
| 120,000 |
| |||
Salisbury, Center at |
| 05/01/16 |
| 5.79 | % | 115,000 |
| — |
| 115,000 |
| |||
Marketplace Mall (f) |
| 12/10/17 |
| 5.30 | % | 14,862 |
| — |
| 14,862 |
| |||
Chesterfield Towne Center |
| 01/01/24 |
| 9.07 | % | 56,077 |
| — |
| 56,077 |
| |||
Total Fixed Rate Debt for Consolidated Assets |
|
|
| 5.49 | % | $ | 4,777,863 |
| $ | — |
| $ | 4,777,863 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
La Cumbre Plaza |
| 08/09/08 |
| 6.63 | % | — |
| 30,000 |
| 30,000 |
| |||
Greece Ridge Center |
| 11/06/08 |
| 6.40 | % | — |
| 72,000 |
| 72,000 |
| |||
Twenty Ninth Street |
| 06/05/09 |
| 5.95 | % | — |
| 108,302 |
| 108,302 |
| |||
Casa Grande (g) |
| 08/16/09 |
| 6.67 | % | — |
| 23,360 |
| 23,360 |
| |||
Panorama Mall |
| 02/28/10 |
| 5.98 | % | — |
| 50,000 |
| 50,000 |
| |||
Macerich Partnership Line of Credit |
| 04/25/10 |
| 6.03 | % | — |
| 5,000 |
| 5,000 |
| |||
Total Floating Rate Debt for Consolidated Assets |
|
|
| 6.20 | % | $ | — |
| $ | 288,662 |
| $ | 288,662 |
|
Total Debt for Consolidated Assets |
|
|
| 5.53 | % | $ | 4,777,863 |
| $ | 288,662 |
| $ | 5,066,525 |
|
11
The Macerich Company
Supplemental Financial and Operating Information (unaudited)
Outstanding Debt by Maturity
|
| As of September 30, 2007 |
| |||||||||||
Center/Entity (dollars in thousands) |
| Maturity Date |
| Interest |
| Fixed |
| Floating |
| Total Debt |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
II. Unconsolidated Joint Ventures (At Company’s pro rata share): |
|
|
|
|
|
|
|
|
|
|
| |||
Metrocenter Mall (15%) (h) |
| 02/09/08 |
| 4.80 | % | $ | 16,800 |
| $ | — |
| $ | 16,800 |
|
Broadway Plaza (50%) |
| 08/01/08 |
| 6.68 | % | 30,233 |
| — |
| 30,233 |
| |||
Chandler Festival (50%) |
| 10/01/08 |
| 4.37 | % | 14,940 |
| — |
| 14,940 |
| |||
Chandler Gateway (50%) |
| 10/01/08 |
| 5.19 | % | 9,430 |
| — |
| 9,430 |
| |||
Washington Square (51%) |
| 02/01/09 |
| 6.70 | % | 50,353 |
| — |
| 50,353 |
| |||
Inland Center (50%) |
| 02/11/09 |
| 4.64 | % | 27,000 |
| — |
| 27,000 |
| |||
Biltmore Fashion Park (50%) |
| 07/10/09 |
| 4.68 | % | 38,604 |
| — |
| 38,604 |
| |||
Redmond Office (51%) |
| 07/10/09 |
| 6.77 | % | 34,226 |
| — |
| 34,226 |
| |||
Redmond Retail (51%) |
| 08/01/09 |
| 4.81 | % | 36,948 |
| — |
| 36,948 |
| |||
Corte Madera, The Village at (50.1%) |
| 11/01/09 |
| 7.75 | % | 32,794 |
| — |
| 32,794 |
| |||
Ridgmar (50%) |
| 04/11/10 |
| 6.07 | % | 28,700 |
| — |
| 28,700 |
| |||
Kitsap Mall/Place (51%) |
| 06/01/10 |
| 8.06 | % | 29,308 |
| — |
| 29,308 |
| |||
Cascade (51%) |
| 07/01/10 |
| 5.10 | % | 20,191 |
| — |
| 20,191 |
| |||
Stonewood Mall (51%) |
| 12/11/10 |
| 7.41 | % | 37,851 |
| — |
| 37,851 |
| |||
Arrowhead Towne Center (33.3%) |
| 10/01/11 |
| 6.38 | % | 26,702 |
| — |
| 26,702 |
| |||
SanTan Village Phase 2 (34.9%) |
| 02/01/12 |
| 5.33 | % | 15,705 |
| — |
| 15,705 |
| |||
Northpark Center (50%) |
| 05/10/12 |
| 5.41 | % | 93,839 |
| — |
| 93,839 |
| |||
NorthPark Center (50%) |
| 05/10/12 |
| 8.33 | % | 41,786 |
| — |
| 41,786 |
| |||
NorthPark Land (50%) |
| 05/10/12 |
| 8.33 | % | 40,361 |
| — |
| 40,361 |
| |||
Kierland Greenway (24.5%) |
| 01/01/13 |
| 5.85 | % | 15,944 |
| — |
| 15,944 |
| |||
Kierland Main Street (24.5%) |
| 01/02/13 |
| 4.99 | % | 3,821 |
| — |
| 3,821 |
| |||
Scottsdale Fashion Square (50%) |
| 07/08/13 |
| 5.66 | % | 275,000 |
| — |
| 275,000 |
| |||
Tyson's Corner (50%) |
| 02/17/14 |
| 4.78 | % | 169,734 |
| — |
| 169,734 |
| |||
Lakewood Mall (51%) |
| 06/01/15 |
| 5.41 | % | 127,500 |
| — |
| 127,500 |
| |||
Eastland Mall (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 | % | 60,098 |
| — |
| 60,098 |
| |||
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 | % | 23,399 |
| — |
| 23,399 |
| |||
West Acres (19%) |
| 10/01/16 |
| 6.41 | % | 13,097 |
| — |
| 13,097 |
| |||
Total Fixed Rate Debt for Unconsolidated Assets |
|
|
| 5.84 | % | $ | 1,627,889 |
| $ | — |
| $ | 1,627,889 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Boulevard Shops (50%) |
| 12/16/07 |
| 7.07 | % | — |
| 10,700 |
| 10,700 |
| |||
Chandler Village Center (50%) |
| 12/19/07 |
| 7.22 | % | — |
| 8,643 |
| 8,643 |
| |||
Metrocenter Mall (15%) |
| 02/09/08 |
| 8.93 | % | — |
| 3,240 |
| 3,240 |
| |||
Desert Sky Mall (50%) |
| 03/06/08 |
| 6.90 | % | — |
| 25,750 |
| 25,750 |
| |||
NorthPark Land (50%) |
| 08/30/08 |
| 8.25 | % | — |
| 3,500 |
| 3,500 |
| |||
Superstition Springs Center (33.3%) |
| 09/09/08 |
| 5.98 | % | — |
| 22,498 |
| 22,498 |
| |||
Camelback Colonnade (75%) |
| 10/09/08 |
| 6.49 | % | — |
| 31,125 |
| 31,125 |
| |||
Kierland Tower Lofts (15%) |
| 12/14/08 |
| 6.94 | % | — |
| 5,313 |
| 5,313 |
| |||
Washington Square (51%) |
| 02/01/09 |
| 7.67 | % | — |
| 16,659 |
| 16,659 |
| |||
Los Cerritos Center (51%) |
| 07/01/11 |
| 6.22 | % | — |
| 66,300 |
| 66,300 |
| |||
Total Floating Rate Debt for Unconsolidated Assets |
|
|
| 6.64 | % | $ | — |
| $ | 193,728 |
| $ | 193,728 |
|
Total Debt for Unconsolidated Assets |
|
|
| 5.92 | % | $ | 1,627,889 |
| $ | 193,728 |
| $ | 1,821,617 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Debt |
|
|
| 5.64 | % | $ | 6,405,752 |
| $ | 482,390 |
| $ | 6,888,142 |
|
Percentage to Total |
|
|
|
|
| 93.00 | % | 7.00 | % | 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 debt has an interest rate swap agreement which effectively fixed the interest rate from December 1, 2005 to April 25, 2010.
(c) This debt has an interest rate swap agreement which effectively fixed the interest rate from September 12, 2006 to April 25, 2011.
(d) These convertible senior notes were issued on 3/16/07 in an aggregate amount of $950.0 million. The above table includes the unamortized discount of $9.4 million and the annual interest rate represents the effective interest rate, including the discount.
(e) This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 63.64%.
(f) This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 37.5%.
(g) This property is a consolidated joint venture. The above debt balance represents the Company's pro rata share of 51.3%.
(h) This debt has an interest rate swap agreement which effectively fixed the interest rate from January 15, 2005 to February 15, 2008.
12