Exhibit 99.1
SIMON PROPERTY GROUP
OVERVIEW
THE COMPANY
Simon Property Group, Inc. ("SPG") (NYSE:SPG) is a self-administered and
self-managed real estate investment trust ("REIT"). Simon Property Group, L.P.
(the "Operating Partnership") is a subsidiary partnership of SPG. Shares of SPG
are paired with beneficial interests in shares of stock of SPG Realty
Consultants, Inc. ("SRC", and together with SPG, the "Company"). The Company and
the Operating Partnership (collectively the "Simon Group") are engaged primarily
in the ownership, operation, management, leasing, acquisition, expansion and
development of real estate properties, primarily regional malls and community
shopping centers.
At December 31, 2000, the Company, directly or through the Operating
Partnership, owned or had an interest in 252 properties which consisted of
regional malls, community shopping centers, and specialty and mixed-use
properties containing an aggregate of 186 million square feet of gross leasable
area (GLA) in 36 states and five assets in Europe. The Company, together with
its affiliated management companies, owned or managed approximately 191 million
square feet of GLA in retail and mixed-use properties.
This package was prepared to provide (1) ownership information, (2) certain
operational information, and (3) debt information as of December 31, 2000, for
the Company and the Operating Partnership.
Certain statements contained in this Supplemental Package may constitute
"forward-looking statements" made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Readers are cautioned that
forward-looking statements involve risks and uncertainties, which may affect the
business and prospects of the Company and the Operating Partnership. We direct
you to the Company's various filings with the Securities and Exchange Commission
including Form 10-K and Form 10-Q for a detailed discussion of risks and
uncertainties.
We hope you find this Supplemental Package beneficial. Any questions, comments
or suggestions should be directed to: Shelly J. Doran, Director of Investor
Relations-Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207.
Telephone: (317) 685-7330; e-mail: sdoran@simon.com
5 of 45
SIMON PROPERTY GROUP
ECONOMIC OWNERSHIP STRUCTURE (1)
DECEMBER 31, 2000
SIMON PROPERTY GROUP, L.P. 235,241,042 units
Partners: Units %
- --------- ----------- -------
Simon Property Group, Inc.(2)(3)(4)
Public Shareholders 166,528,352 96.9%
Simon Family 4,293,311 2.5%
DeBartolo Family 32,206 0.0%
Executive Management (5) 1,091,891 0.6%
----------- ------
171,945,760 100.00%
----------- ------
Limited Partners:
Simon Family 34,584,455 53.2%
DeBartolo Family 21,759,328 33.5%
Executive Management (5) 153,498 0.2%
Other Limited Partners 8,468,945 13.1%
----------- ------
64,966,226 100.0%
----------- ------
Ownership of Simon Property Group, L.P.
Simon Property Group, Inc.
Public Shareholders 70.1%
Simon Family 1.8%
DeBartolo Family 0.0%
Executive Management (5) 0.5%
------
72.4%
------
Limited Partners
Simon Family 14.7%
DeBartolo Family 9.2%
Executive Management (5) 0.1%
Other Limited Partners 3.6%
------
27.6%
------
100.0%
------
(1) Schedule excludes preferred stock (see "Preferred Stock/Units Outstanding")
and units not convertible into common stock.
(2) General partner of Simon Property Group, L.P.
(3) Shares of Simon Property Group, Inc. ("SPG") are paired with beneficial
interests in shares of stock of SPG Realty Consultants, Inc.
(4) The number of outstanding shares of common stock of SPG exceeds the number
of Simon Property Group, L.P. units owned by SPG by 1,670,944. This is the
result of the direct ownership of Ocean County Mall by SPG, partially
offset by units issued to SPG in exchange for Northshore Mall.
(5) Executive management excludes Simon family members.
Page 6 of 45
SIMON PROPERTY GROUP
CHANGES IN COMMON SHARES AND UNIT OWNERSHIP
FOR THE PERIOD FROM DECEMBER 31, 1999 THROUGH DECEMBER 31, 2000
OPERATING
PARTNERSHIP COMPANY
UNITS(1) COMMON SHARES(2)
-------- ----------------
Number Outstanding at December 31, 1999 65,444,680 173,165,255
Restricted Stock Awards (Stock Incentive Program), net -- 417,994
Issuance of Stock for Stock Option Exercises -- 27,910
Conversion of Series A Preferred Stock into Common Stock -- 85,288
Conversion of Series B Preferred Stock into Common Stock -- 36,913
Conversion of Units into Cash (478,454) --
Stock Purchased as Treasury Stock -- (1,596,100)
Stock Purchased by Affiliated Captive Insurance Company -- (191,500)
NUMBER OUTSTANDING AT DECEMBER 31, 2000 64,966,226 171,945,760
- --------------------------------------------------------------------------------
TOTAL COMMON SHARES AND UNITS OUTSTANDING AT DECEMBER 31, 2000:
236,911,986(2)
- --------------------------------------------------------------------------------
DETAILS FOR DILUTED FFO CALCULATION:
Company Common Shares Outstanding at December 31, 2000 171,945,760
Number of Common Shares Issuable Assuming Conversion of:
Series A Preferred 6.5% Convertible(3) 1,940,005
Series B Preferred 6.5% Convertible(3) 12,490,773
Net Number of Common Shares Issuable Assuming Exercise of Stock Options 107,740
Diluted Common Shares Outstanding at December 31, 2000 186,484,278
- --------------------------------------------------------------------------------
FULLY DILUTED COMMON SHARES AND UNITS OUTSTANDING AT DECEMBER 31, 2000:
251,450,504
- --------------------------------------------------------------------------------
(1) Excludes units owned by the Company (shown here as Company Common Shares)
and units not convertible into common shares.
(2) Excludes preferred units relating to preferred stock outstanding (see
Schedule of Preferred Stock Outstanding).
(3) Conversion terms provided in footnotes (1) and (2) on page 8 of this
document.
7 of 45
SIMON PROPERTY GROUP
PREFERRED STOCK/UNITS OUTSTANDING
AS OF DECEMBER 31, 2000
($ IN 000'S)
NUMBER OF LIQUIDATION TICKER
ISSUER DESCRIPTION SHARES/UNITS PREFERENCE $ SYMBOL
------ ----------- ------------ ----------- ------- ------
PREFERRED SHARES:
CONVERTIBLE
- -------------------------------------------------------------------------------------------------------------------------
Simon Property Group, Inc. Series A Preferred 51,059 $1,000 $ 51,059 N/A
6.5% Convertible (1)
- -------------------------------------------------------------------------------------------------------------------------
Simon Property Group, Inc. Series B Preferred 4,830,057 $100 $483,006 SPGPrB
6.5% Convertible (2)
- -------------------------------------------------------------------------------------------------------------------------
PERPETUAL
- -------------------------------------------------------------------------------------------------------------------------
SPG Properties, Inc. Series B Preferred 8,000,000 $25 $200,000 SGVPrB
8 3/4% Perpetual (3)
- -------------------------------------------------------------------------------------------------------------------------
SPG Properties, Inc. Series C Preferred 3,000,000 $50 $150,000 N/A
7.89% Perpetual (4)
- -------------------------------------------------------------------------------------------------------------------------
Simon Property Group, Inc. Series E Preferred 8% 1,000,000 $25 $ 25,000 N/A
Cumulative Redeemable (5)
- -------------------------------------------------------------------------------------------------------------------------
PREFERRED UNITS:
- -------------------------------------------------------------------------------------------------------------------------
Simon Property Group, L.P. Series C 7% Cumulative 2,584,227 $28 $ 72,358 N/A
Convertible Preferred(6)
- -------------------------------------------------------------------------------------------------------------------------
Simon Property Group, L.P. Series D 8% Cumulative 2,584,227 $30 $ 77,527 N/A
Redeemable Preferred (7)
- -------------------------------------------------------------------------------------------------------------------------
(1) Assumed in connection with the CPI merger. Each share is convertible into a
number of shares of common stock obtained by dividing $1,000 by $26.319
(conversion price), which is subject to adjustment as outlined below. The
stock is not redeemable, except as needed to maintain or bring the direct
or indirect ownership of the capital stock of the Company into conformity
with the requirements of Section 856(a)(6) of the Code.
(2) Issued as part of the consideration for the CPI merger. Each share is
convertible into a number of shares of common stock of the Company obtained
by dividing $100 by $38.669 (the conversion price), which is subject to
adjustment as outlined below. The Company may redeem the stock on or after
September 24, 2003 at a price beginning at 105% of the liquidation
preference plus accrued dividends and declining to 100% of the liquidation
preference plus accrued dividends any time on or after September 24, 2008.
The shares are traded on the New York Stock Exchange. The closing price on
December 29, 2000, was $69 per share.
THE CONVERSION PRICES OF THE SERIES A AND SERIES B CONVERTIBLE
PREFERRED STOCK ARE SUBJECT TO ADJUSTMENT BY THE COMPANY IN CONNECTION
WITH CERTAIN EVENTS.
(3) SPG Properties, Inc. may redeem the stock on or after September 29, 2006.
The shares are not convertible into any other securities of SPG Properties,
Inc. or the Company. The shares are traded on the New York Stock Exchange.
The closing price on December 29, 2000, was $23.375 per share.
(4) The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%.
The shares are redeemable after September 30, 2007. Beginning October 1,
2012, the rate increases to 9.89%.
(5) Issued in connection with the acquisition of Mall of America. Simon
Property Group, Inc. Series E Preferred 8% Cumulative Redeemable Stock is
not redeemable prior to August 27, 2004.
(6) Issued in connection with the New England Development Acquisition. Each
unit/share is convertible into 0.75676 shares of common stock on or after
August 27, 2004 if certain conditions are met. Each unit/share is not
redeemable prior to August 27, 2009.
(7) Issued in connection with the New England Development Acquisition. Each
unit/share is not redeemable prior to August 27, 2009.
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SIMON PROPERTY GROUP
RECONCILIATION OF INCOME TO FUNDS FROM OPERATIONS ("FFO")
AS OF DECEMBER 31, 2000
(Amounts in thousands, except per share data)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
2000 1999 2000 1999
------- ------- ------ ------
THE OPERATING PARTNERSHIP
Income Before Extraordinary Items and Cumulative Effect
of Accounting Change $122,937 $ 94,249 $347,419 $316,100
Plus: Real Estate Depreciation and Amortization from Combined
Consolidated Properties 115,929 109,002 418,670 381,265
Plus: Simon Group's Share of Real Estate Depreciation and
Amortization, Extraordinary Items and Other Items from
Unconsolidated Affiliates 32,310 38,056 119,562 97,247
Less: Unusual Item (1) -- -- -- (12,000)
Less: (Gain) Loss on Sale of Real Estate, Net (2) (323) (2,246) (9,132) 7,062
Less: Minority Interest Portion of Real Estate Depreciation and
Amortization (1,505) (1,562) (5,951) (5,128)
Less: Preferred Distributions (including those of subsidiary) (19,336) (18,805) (77,410) (69,323)
-------- -------- -------- --------
FFO of the Simon Group Portfolio $250,012 $218,694 $793,158 $715,223
-------- -------- -------- --------
PERCENT INCREASE 14.3% 10.9%
================================================================================================================================
FFO of the Simon Group Portfolio $250,012 $218,694 $793,158 $715,223
BASIC FFO PER PAIRED SHARE:
Basic FFO Allocable to the Company $181,629 $158,737 $575,655 $520,346
Basic Weighted Average Paired Shares Outstanding 171,934 173,167 172,895 172,089
Basic FFO per Paired Share $ 1.06 $ 0.92 $ 3.33 $ 3.02
======== ======== ======== ========
PERCENT INCREASE 15.2% (3) 10.3% (3)
DILUTED FFO PER PAIRED SHARE:
Diluted FFO Allocable to the Company $192,034 $168,687 $614,034 $559,752
Diluted Weighted Average Number of Equivalent Paired Shares 186,468 187,735 187,469 187,732
Diluted FFO per Paired Share $ 1.03 $ 0.90 $ 3.28 $ 2.98
======== ======== ======== ========
PERCENT INCREASE 14.4% (3) 10.1% (3)
================================================================================================================================
(1) Relates to litigation filed by former employees/shareholders of DeBartolo
Realty Corporation (purchased by SPG in 1996) regarding stock incentive
plan shares. Judgment was rendered in favor of SPG in district court, but
reversed by appellate court on August 18, 1999.
(2) Net of asset write downs of $10.57 million for the twelve months ended
December 31, 2000.
(3) On January 1, 2000, the Company adopted Staff Accounting Bulletin 101 ("SAB
101"), which addresses certain revenue recognition policies, including the
accounting for overage rent by a landlord. In addition, the Company adopted
NAREIT's FFO definition clarification, which requires inclusion in FFO of
the effects of non-recurring items. 1999 results include a charge related
to litigation for $12 million as well as the $7.3 million write-down of
land held for disposition.
9 of 45
SIMON PROPERTY GROUP
SELECTED FINANCIAL INFORMATION
AS OF DECEMBER 31, 2000
(In thousands, except as noted)
AS OF OR FOR THE
TWELVE MONTHS ENDED
DECEMBER 31,
2000 1999 % CHANGE
---- ---- --------
FINANCIAL HIGHLIGHTS OF THE COMPANY
Total Revenue - Consolidated Properties $2,020,751 $1,892,703 6.8%
Total EBITDA of the Simon Group Portfolio $2,102,146 $1,843,131 14.1%
Simon Group's Share of EBITDA $1,616,616 $1,455,272 11.1%
Net Income Available to Common Shareholders $ 186,528 $ 167,314 11.5%
Basic Net Income per Paired Share $ 1.08 $ 0.97 11.3%
Diluted Net Income per Paired Share $ 1.08 $ 0.97 11.3%
FFO of the Simon Group Portfolio $ 793,158 $ 715,223 10.9%
Basic FFO Allocable to the Company $ 575,655 $ 520,346 10.6%
Diluted FFO Allocable to the Company $ 614,034 $ 559,752 9.7%
Basic FFO per Paired Share $ 3.33 $ 3.02 10.3%
Diluted FFO per Paired Share $ 3.28 $ 2.98 10.1%
Distributions per Paired Share $ 2.0200 $ 2.0200 0.0%
10 of 45
SIMON PROPERTY GROUP
SELECTED FINANCIAL INFORMATION
AS OF DECEMBER 31, 2000
(In thousands, except as noted)
AS OF OR FOR THE
TWELVE MONTHS ENDED
DECEMBER 31,
2000 1999 % CHANGE
-------- --------- --------
OPERATIONAL STATISTICS
Occupancy at End of Period:
Regional Malls (1) 91.8% 90.6% 1.2 %
Community Shopping Centers (2) 91.5% 88.6% 2.9 %
Average Base Rent per Square Foot:
Regional Malls (1) $ 28.31 $ 27.33 3.6 %
Community Shopping Centers (2) $ 9.36 $ 8.36 12.0 %
Regional Malls:
Total Tenant Sales Volume, in millions (3)(4) $ 16,561 $ 15,542 6.6 %
Comparable Sales per Square Foot (4) $ 384 $ 377 1.9 %
Total Sales per Square Foot (4) $ 377 $ 367 2.7 %
Number of U.S. Properties Open at End of Period 252 259 (2.7)%
Total U.S. GLA at End of Period, in millions of square feet 185.6 184.6 0.5 %
(1) Includes mall and freestanding stores.
(2) Includes all Owned GLA.
(3) Represents only those tenants who report sales.
(4) Based upon the standard definition of sales for regional malls adopted by
the International Council of Shopping Centers which includes only mall and
freestanding stores less than 10,000 square feet.
11 of 45
SIMON PROPERTY GROUP
SELECTED FINANCIAL INFORMATION
AS OF DECEMBER 31, 2000
(In thousands, except as noted)
DECEMBER 31, DECEMBER 31,
2000 1999
---- ----
EQUITY INFORMATION
Limited Partner Units Outstanding at End of Period 64,966 65,445
Paired Shares Outstanding at End of Period 171,946 173,165
------- -------
Total Common Shares and Units Outstanding at End of Period 236,912 238,610
======= =======
Basic Weighted Average Paired Shares Outstanding 172,895 172,089
Diluted Weighted Average Number of Equivalent Paired Shares(1) 187,469 187,732
DECEMBER 31, DECEMBER 31,
2000 1999
------------ ------------
DEBT INFORMATION
Consolidated Debt $ 8,728,582 $ 8,768,951
Simon Group's Share of Joint Venture Debt $ 2,186,197 $ 1,886,360
DEBT-TO-MARKET CAPITALIZATION
Common Stock Price at End of Period $ 24.0000 $ 22.9375
Equity Market Capitalization (2) $ 6,596,008 $ 6,320,891
Total Consolidated Capitalization $15,324,590 $15,089,842
Total Capitalization - Including Simon Group's Share of JV Debt $17,510,787 $16,976,202
(1) Diluted for purposes of computing FFO per share.
(2) Market value of Common Stock, Units and all issues of Preferred Stock of
SPG and SPG Properties, Inc.
12 of 45
SIMON PROPERTY GROUP
PORTFOLIO GLA, OCCUPANCY & RENT DATA
AS OF DECEMBER 31, 2000
- -------------------------------------------------------------------------------------------------------------
AVG. ANNUALIZED
% OF OWNED BASE RENT PER
TOTAL % OF GLA WHICH LEASED SQ. FT.
TYPE OF PROPERTY GLA-SQ. FT. OWNED GLA OWNED GLA IS LEASED OF OWNED GLA
- -------------------------------------------------------------------------------------------------------------
REGIONAL MALLS
- -Anchor 96,726,235 29,277,595 26.5% 98.9% $ 3.87
- -Mall Store 56,215,386 56,167,489 50.9% 91.7% $29.00
- -Freestanding 3,693,816 1,838,938 1.7% 95.3% $ 9.27
----------- ----------- ------
SUBTOTAL 59,909,202 58,006,427 52.6% 91.8% $28.31
REGIONAL MALL TOTAL 156,635,437 87,284,022 79.1% 94.2% $19.53
COMMUNITY SHOPPING CENTERS
- -Anchor 12,862,106 8,175,109 7.4% 94.8% $ 7.64
- -Mall Store 4,343,802 4,258,044 3.9% 85.4% 13.00
- -Freestanding 798,590 324,098 .3% 90.8% 9.07
----------- ----------- ------
COMMUNITY CTR. TOTAL 18,004,498 12,757,251 11.6% 91.5% $ 9.36
OFFICE PORTION OF
MIXED-USE PROPERTIES 2,543,235 2,543,235 2.3% 88.2% $18.41
VALUE-ORIENTED
SUPER-REGIONAL MALLS 6,465,886 6,340,886 5.7% 92.9% $17.45
OTHER 1,964,571 1,480,021 1.3%
GRAND TOTAL 185,613,627 110,405,415 100.00%
- --------------------------------------------------------------------------------
OCCUPANCY HISTORY
- --------------------------------------------------------------------------------
COMMUNITY
AS OF REGIONAL MALLS(1) SHOPPING CENTERS(2)
----- ----------------- -------------------
12/31/00 91.8% 91.5%
12/31/99 90.6% 88.6%
12/31/98 90.0% 91.4%
12/31/97 87.3% 91.3%
12/31/96 84.7% 91.6%
(1) Includes mall and freestanding stores.
(2) Includes all Owned GLA.
13 of 45
SIMON PROPERTY GROUP
RENT INFORMATION
AS OF DECEMBER 31, 2000
- -----------------
AVERAGE BASE RENT
- -----------------
MALL & FREESTANDING % COMMUNITY %
AS OF STORES AT REGIONAL MALLS CHANGE SHOPPING CENTERS CHANGE
----- ------------------------- ------ ---------------- ------
12/31/00 $28.31 3.6% $9.36 12.0%
12/31/99 27.33 6.3 8.36 8.9
12/31/98 25.70 8.7 7.68 3.2
12/31/97 23.65 14.4 7.44 (2.7)
12/31/96 20.68 7.8 7.65 4.9
- ------------
RENTAL RATES
- ------------
BASE RENT (1)
-------------
STORE OPENINGS STORE CLOSINGS AMOUNT OF CHANGE
YEAR DURING PERIOD DURING PERIOD DOLLAR PERCENTAGE
- ---- ------------- ------------- ------ ----------
REGIONAL MALLS:
2000 $35.13 $29.24 $5.89 20.1%
1999 31.25 24.55 6.70 27.3
1998 27.33 23.63 3.70 15.7
1997 29.66 21.26 8.40 39.5
1996 23.59 18.73 4.86 25.9
COMMUNITY SHOPPING CENTERS:
2000 $14.21 $11.51 $2.70 23.5%
1999 10.26 7.44 2.82 37.9
1998 10.43 10.95 (0.52) (4.7)
1997 8.63 9.44 (0.81) (8.6)
1996 8.18 6.16 2.02 32.8
(1) Represents the average base rent in effect during the period for those
tenants who signed leases as compared to the average base rent in effect
during the period for those tenants whose leases terminated or expired.
14 of 45
SIMON PROPERTY GROUP
LEASE EXPIRATIONS(1)
AS OF DECEMBER 31, 2000
AVG. BASE RENT
NUMBER OF SQUARE PER SQUARE FOOT
YEAR LEASES EXPIRING FEET AT 12/31/00
---- --------------- ------------ ---------------
- -------------------------------------------
Regional Malls - Mall & Freestanding Stores
- -------------------------------------------
2001 1,456 3,182,615 $26.55
2002 1,857 3,583,635 28.01
2003 1,994 4,488,498 30.15
2004 1,736 4,579,376 29.15
2005 1,723 5,347,386 28.23
2006 1,597 4,473,182 29.84
2007 1,440 4,207,431 31.74
2008 1,298 4,479,484 30.16
2009 1,371 4,496,472 28.21
2010 1,548 4,670,875 32.26
------ ----------
TOTALS 16,020 43,508,954 $29.54
- -------------------------------
Regional Malls - Anchor Tenants
- -------------------------------
2001 9 1,090,608 $1.86
2002 16 1,948,271 1.85
2003 18 2,156,140 2.29
2004 25 2,462,680 3.31
2005 22 2,812,358 2.28
2006 18 2,095,152 3.25
2007 6 766,048 1.77
2008 14 1,400,573 4.81
2009 16 1,986,791 2.82
2010 15 1,505,476 4.27
------ ----------
TOTALS 159 18,224,097 $2.86
- -----------------------------------------------------
Community Centers - Mall Stores & Freestanding Stores
- -----------------------------------------------------
2001 140 364,600 $12.81
2002 222 557,460 11.59
2003 158 562,287 11.91
2004 138 472,969 13.41
2005 178 656,188 14.17
2006 53 267,627 11.93
2007 19 167,367 11.34
2008 15 117,334 13.36
2009 14 84,118 16.25
2010 25 191,998 14.75
------ ----------
TOTALS 962 3,441,948 $12.88
(1) Does not consider the impact of options to renew that may be contained in
leases.
15 of 45
SIMON PROPERTY GROUP
LEASE EXPIRATIONS(1)
AS OF DECEMBER 31, 2000
AVG. BASE RENT
NUMBER OF SQUARE PER SQUARE FOOT
YEAR LEASES EXPIRING FEET AT 12/31/00
---- --------------- ------------ ---------------
- ----------------------------------
Community Centers - Anchor Tenants
- ----------------------------------
2001 7 227,142 $ 4.59
2002 8 234,940 6.89
2003 14 570,752 4.81
2004 12 410,586 5.03
2005 17 751,911 6.71
2006 13 604,074 5.61
2007 11 466,173 6.28
2008 9 237,172 10.94
2009 15 689,636 6.92
2010 19 694,260 9.88
------ ----------
TOTALS 125 4,886,646 $ 6.78
(1) Does not consider the impact of options to renew that may be contained in
leases.
16 of 45
SIMON PROPERTY GROUP
SPG'S SHARE OF TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR
AS OF DECEMBER 31, 2000
(In thousands)
- ------------------------------------------------ ----------------------- ------------------ --------------- --------------
SPG'S SHARE OF SPG'S SHARE OF SPG'S SHARE OF
SECURED UNSECURED UNCONSOLIDATED SPG'S SHARE OF
CONSOLIDATED CONSOLIDATED JOINT VENTURE TOTAL
YEAR DEBT DEBT DEBT DEBT
- ------------------------------------------------ ----------------------- ------------------ --------------- --------------
2001 .......................................... 1 220,355 925,000(a) 139,840 1,285,195
2002 .......................................... 2 355,854 422,929 102,694 881,477
2003 .......................................... 3 604,223 1,220,000 318,846 2,143,069
2004 .......................................... 4 683,312 733,192 198,195 1,614,699
2005 .......................................... 5 155,975 660,000 346,640 1,162,615
2006 .......................................... 6 133,589 250,000 301,185 684,774
2007 .......................................... 7 271,199 180,000 139,693 590,892
2008 .......................................... 8 44,928 200,000 300,491 545,419
2009 .......................................... 9 331,849 450,000 42,017 823,866
2010 .......................................... 10 99,071 0 262,378 361,449
Thereafter 106,231 525,000 3,584 634,815
----------- ----------- ----------- -----------
Subtotal Face Amounts $ 3,006,586 $ 5,566,121 $ 2,155,563 $10,728,270
----------- ----------- ----------- -----------
Premiums and Discounts on Indebtedness, Net (568) 0 11,226 10,658
----------- ----------- ----------- -----------
SPG's Share of Total Indebtedness $ 3,006,018 $ 5,566,121 $ 2,166,789 $10,738,928
=========== =========== =========== ===========
(a) $490 million was retired on January 18, 2001 from the net proceeds of a
$500 million offering of unsecured notes, with $300 million maturing in
2006 and $200 million maturing in 2011.
17 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
SPG'S WEIGHTED
TOTAL SHARE OF WEIGHTED AVG. AVG. YEARS
INDEBTEDNESS INDEBTEDNESS INTEREST RATE TO MATURITY
------------ ------------ ------------- -----------
Consolidated Indebtedness
Mortgage Debt
Fixed Rate (1) 2,541,971 2,392,284 7.45% 5.5
Other Hedged Debt 51,000 51,000 9.62% 1.2
Floating Rate Debt 571,061 563,302 7.95% 3.0
---------- ---------- ---- ---
Total Mortgage Debt 3,164,032 3,006,586 7.58% 5.0
Unsecured Debt
Fixed Rate (1) 3,818,200 3,818,200 7.17% 6.1
Floating Rate Debt 177,921 177,921 7.47% 1.2
---------- ---------- ---- ---
Subtotal 3,996,121 3,996,121 7.19% 5.9
Acquisition Facility 925,000 925,000 7.30% 0.5
Revolving Corporate Credit Facility 505,000 505,000 7.30% 2.6
Revolving Corporate Credit Facility (Hedged) 140,000 140,000 7.30% 2.6
---------- ---------- ---- ---
Total Unsecured Debt 5,566,121 5,566,121 7.22% 4.6
Adjustment to Fair Market Value - Fixed Rate (1,946) (946) N/A N/A
Adjustment to Fair Market Value - Variable Rate 375 378 N/A N/A
---------- ---------- ---- ---
Consolidated Mortgages and Other Indebtedness 8,728,582 8,572,140 7.34% 4.7
========== ========== ==== ===
Joint Venture Indebtedness
Mortgage Debt
Fixed Rate 3,379,861 1,478,475 7.61% 6.1
Other Hedged Debt 973,164 349,953 7.49% 3.5
Floating Rate Debt 750,296 319,702 7.96% 2.5
---------- ---------- ---- ---
Subtotal 5,103,321 2,148,130 7.65% 5.2
Unsecured Fixed Rate Debt 6,609 3,305 7.93% 5.0
Unsecured Floating Rate Debt 8,400 4,128 9.15% 1.5
Total Unsecured Debt 15,009 7,432 8.61% 3.1
Adjustment to Fair Market Value - Fixed Rate 17,158 11,226 N/A N/A
---------- ---------- ---- ---
Joint Venture Mortgages and Other Indebtedness 5,135,488 2,166,788 7.65% 5.1
========== ========== ==== ===
---------- ---- ---
SPG'S SHARE OF TOTAL INDEBTEDNESS 10,738,928 7.40% 4.8
---------- ---- ---
(1) Includes $213,200 of variable rate debt, of which $177,169 is SPG's share,
that is effectively fixed to maturity through the use of interest rate
hedges.
18 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNESS BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
CONSOLIDATED INDEBTEDNESS
FIXED RATE MORTGAGE DEBT:
Great Lakes Mall - 1 3/1/2001 6.74% 52,632 52,632
Windsor Park Mall - 1 3/1/2001 8.00% 5,610 5,610
Great Lakes Mall - 2 3/1/2001 7.07% 8,489 8,489
Chesapeake Square 7/1/2001 7.28% 45,207 33,905
Orland Square 9/1/2001 7.74% 50,000 50,000
---------- ----------
SUBTOTAL 2001 161,938 150,636 7.26%
Lima Mall - 1 3/1/2002 7.12% 14,180 14,180
Lima Mall - 2 3/1/2002 7.12% 4,723 4,723
Columbia Center 3/15/2002 7.62% 42,326 42,326
Northgate Shopping Center 3/15/2002 7.62% 79,035 79,035
Tacoma Mall 3/15/2002 7.62% 92,474 92,474
River Oaks Center 6/1/2002 8.67% 32,500 32,500
North Riverside Park Plaza - 1 9/1/2002 9.38% 3,679 3,679
North Riverside Park Plaza - 2 9/1/2002 10.00% 3,543 3,543
Palm Beach Mall 12/15/2002 7.50% 48,282 48,282
Other 5/31/2002 6.80% 387 387
Other 12/1/2002 8.00% 667 667
---------- ----------
SUBTOTAL 2002 321,796 321,796 7.72%
Principal Mutual Mortgages - Pool 1 (1) 3/15/2003 6.79% 102,943 102,943
Principal Mutual Mortgages - Pool 2 (2) 3/15/2003 6.77% 137,542 137,542
Century III Mall 7/1/2003 6.78% 66,000 66,000
Miami International Mall 12/21/2003 6.91% 45,316 27,190
---------- ----------
SUBTOTAL 2003 351,801 333,675 6.79%
Battlefield Mall - 1 1/1/2004 7.50% 46,373 46,373
Battlefield Mall - 2 1/1/2004 6.81% 44,053 44,053
Forum Phase I - Class A-2 5/15/2004 6.19% 44,386 26,632
Forum Phase II - Class A-2 5/15/2004 6.19% 40,614 22,338
Forum Phase I - Class A-1 5/15/2004 7.13% 46,996 28,198
Forum Phase II - Class A-1 5/15/2004 7.13% 43,004 23,652
CMBS Loan - Variable Component (5) 12/15/2004 6.16% 50,000 50,000
CMBS Loan - Fixed Component 12/15/2004 7.31% 175,000 175,000
---------- ----------
SUBTOTAL 2004 490,426 416,245 6.98%
Tippecanoe Mall - 1 (3) 1/1/2005 8.45% 44,649 44,649
Tippecanoe Mall - 2 (3) 1/1/2005 6.81% 15,666 15,666
Melbourne Square 2/1/2005 7.42% 38,362 38,362
Cielo Vista Mall - 2 11/1/2005 8.13% 1,501 1,501
---------- ----------
SUBTOTAL 2005 100,178 100,178 7.79%
Treasure Coast Square - 1 1/1/2006 7.42% 51,575 51,575
Treasure Coast Square - 2 1/1/2006 8.06% 11,892 11,892
Gulf View Square 10/1/2006 8.25% 36,447 36,447
Paddock Mall 10/1/2006 8.25% 28,988 28,988
---------- ----------
SUBTOTAL 2006 128,902 128,902 7.90%
19 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNESS BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
Lakeline Mall 5/1/2007 7.65% 71,373 71,373
Cielo Vista Mall - 1 (4) 5/1/2007 9.38% 53,753 53,753
Cielo Vista Mall - 3 (4) 5/1/2007 6.76% 38,140 38,140
McCain Mall - 1 (4) 5/1/2007 9.38% 25,100 25,100
McCain Mall - 2 (4) 5/1/2007 6.76% 17,604 17,604
Valle Vista Mall - 1 (4) 5/1/2007 9.38% 33,243 33,243
Valle Vista Mall - 2 (4) 5/1/2007 6.81% 7,826 7,826
University Park Mall 10/1/2007 7.43% 59,500 35,700
---------- ----------
SUBTOTAL 2007 306,539 282,739 8.11%
Arsenal Mall - 1 9/28/2008 6.75% 34,268 34,268
---------- ----------
SUBTOTAL 2008 34,268 34,268 6.75%
College Mall - 1 (3) 1/1/2009 7.00% 40,568 40,568
College Mall - 2 (3) 1/1/2009 6.76% 11,747 11,747
Greenwood Park Mall - 1 (3) 1/1/2009 7.00% 33,977 33,977
Greenwood Park Mall - 2 (3) 1/1/2009 6.76% 60,696 60,696
Towne East Square - 1 (3) 1/1/2009 7.00% 53,638 53,638
Towne East Square - 2 (3) 1/1/2009 6.81% 24,478 24,478
Bloomingdale Court 10/1/2009 7.78% 29,617 29,617
Forest Plaza 10/1/2009 7.78% 16,244 16,244
Lake View Plaza 10/1/2009 7.78% 21,593 21,593
Lakeline Plaza 10/1/2009 7.78% 23,673 23,673
Lincoln Crossing 10/1/2009 7.78% 3,269 3,269
Matteson Plaza 10/1/2009 7.78% 9,509 9,509
Muncie Plaza 10/1/2009 7.78% 8,221 8,221
Regency Plaza 10/1/2009 7.78% 4,457 4,457
St. Charles Towne Plaza 10/1/2009 7.78% 28,527 28,527
West Ridge Plaza 10/1/2009 7.78% 5,745 5,745
White Oaks Plaza 10/1/2009 7.78% 17,532 17,532
---------- ----------
SUBTOTAL 2009 393,491 393,491 7.28%
Trolley Square 8/1/2010 9.03% 29,700 26,730
Crystal River 11/11/2010 7.63% 16,288 16,288
Biltmore Square 12/11/2010 7.95% 26,000 17,342
Port Charlotte Town Center 12/11/2010 7.98% 53,250 42,600
---------- ----------
SUBTOTAL 2010 125,238 102,960 8.19%
Windsor Park Mall - 2 5/1/2012 8.00% 8,625 8,625
---------- ----------
SUBTOTAL 2012 8,625 8,625 8.00%
Chesapeake Center 5/15/2015 8.44% 6,563 6,563
Grove at Lakeland Square, The 5/15/2015 8.44% 3,750 3,750
Terrace at Florida Mall, The 5/15/2015 8.44% 4,688 4,688
---------- ----------
SUBTOTAL 2015 15,001 15,001 8.44%
Arsenal Mall - 2 5/15/2016 8.20% 2,164 2,164
---------- ----------
SUBTOTAL 2016 2,164 2,164 8.20%
Sunland Park Mall 1/1/2026 8.63% 38,710 38,710
---------- ----------
SUBTOTAL 2026 38,710 38,710 8.63%
20 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ---------- -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNE BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ---------- -------------
Keystone at the Crossing 7/1/2027 7.85% 62,894 62,894
---------- ----------
SUBTOTAL 2027 62,894 62,894 7.85%
---------- ---------- -----
Total Consolidated Fixed Rate Mortgage Debt 2,541,971 2,392,284 7.45%
========== ========== =====
VARIABLE RATE MORTGAGE DEBT:
White Oaks Mall 3/1/2001 8.57% 16,500 9,062
Randall Park Mall - 1 12/11/2001 9.75% 35,000 35,000
Randall Park Mall - 2 12/11/2001 11.65% 5,000 5,000
---------- ----------
SUBTOTAL 2001 56,500 49,062 9.69%
Highland Lakes Center 3/1/2002 8.15% 14,377 14,377
Mainland Crossing 3/31/2002 8.15% 1,603 1,282
---------- ----------
SUBTOTAL 2002 15,980 15,659 8.15%
Raleigh Springs Mall 2/23/2003 8.30% 11,000 11,000
Richmond Towne Square (6) 7/15/2003 7.65% 56,851 56,851
Shops @ Mission Viejo (6) 8/31/2003 7.80% 141,314 141,314
Arboretum (6) 11/30/2003 8.15% 34,000 34,000
Bowie Mall 12/14/2003 8.15% 8,657 8,657
---------- ----------
SUBTOTAL 2003 251,822 251,822 7.84%
Jefferson Valley Mall (6) 1/11/2004 7.90% 60,000 60,000
North East Mall (6) 5/20/2004 8.02% 135,761 135,761
Waterford Lakes (6) 8/15/2004 8.05% 56,998 56,998
---------- ----------
SUBTOTAL 2004 252,759 252,759 8.00%
Brunswick Square (6) 6/12/2005 8.15% 45,000 45,000
---------- ----------
SUBTOTAL 2005 45,000 45,000 8.15%
---------- ---------- -----
Total Variable Rate Mortgage Debt 622,061 614,302 8.08%
========== ========== =====
---------- ---------- -----
Total Consolidated Mortgage Debt 3,164,032 3,006,586 7.58%
========== ========== =====
FIXED RATE UNSECURED DEBT:
Unsecured Notes - CPI 1 3/15/2002 9.00% 250,000 250,000
---------- ----------
SUBTOTAL 2002 250,000 250,000 9.00%
Unsecured Notes - CPI 2 4/1/2003 7.05% 100,000 100,000
SPG, LP (Bonds) 6/15/2003 6.63% 375,000 375,000
SPG, LP (PATS) 11/15/2003 6.75% 100,000 100,000
---------- ----------
SUBTOTAL 2003 575,000 575,000 6.72%
SCA (Bonds) 1/15/2004 6.75% 150,000 150,000
SPG, LP (Bonds) 2/9/2004 6.75% 300,000 300,000
SPG, LP (Bonds) 7/15/2004 6.75% 100,000 100,000
Simon ERE Facility (6) 7/31/2004 7.75% 28,200 28,200
21 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ---------- -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNE BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ---------- -------------
Unsecured Notes - CPI 3 8/15/2004 7.75% 150,000 150,000
---------- ----------
SUBTOTAL 2004 728,200 728,200 6.99%
SCA (Bonds) 5/15/2005 7.63% 110,000 110,000
SPG, LP (Bonds) 6/15/2005 6.75% 300,000 300,000
SPG, LP (MTN) 6/24/2005 7.13% 100,000 100,000
SPG, LP (Bonds) 10/27/2005 6.88% 150,000 150,000
---------- ----------
SUBTOTAL 2005 660,000 660,000 6.98%
SPG, LP (Bonds) 11/15/2006 6.88% 250,000 250,000
---------- ----------
SUBTOTAL 2006 250,000 250,000 6.88%
SPG, LP (MTN) 9/20/2007 7.13% 180,000 180,000
---------- ----------
SUBTOTAL 2007 180,000 180,000 7.13%
SPG, LP (MOPPRS) 6/15/2008 7.00% 200,000 200,000
---------- ----------
SUBTOTAL 2008 200,000 200,000 7.00%
SPG, LP (Bonds) 2/9/2009 7.13% 300,000 300,000
SPG, LP (Bonds) 7/15/2009 7.00% 150,000 150,000
---------- ----------
SUBTOTAL 2009 450,000 450,000 7.08%
Unsecured Notes - CPI 4 9/1/2013 7.18% 75,000 75,000
---------- ----------
SUBTOTAL 2013 75,000 75,000 7.18%
Unsecured Notes - CPI 5 3/15/2016 7.88% 250,000 250,000
---------- ----------
SUBTOTAL 2016 250,000 250,000 7.88%
SPG, LP (Bonds) 6/15/2018 7.38% 200,000 200,000
---------- ----------
SUBTOTAL 2018 200,000 200,000 7.38%
---------- ----------
Total Unsecured Fixed Rate Debt 3,818,200 3,818,200 7.17%
========== ==========
VARIABLE RATE UNSECURED DEBT:
Acquisition Facility - 2 3/24/2001 7.30% 450,000 450,000
Acquisition Facility - 3 9/24/2001 7.30% 475,000 475,000
---------- ----------
SUBTOTAL 2001 925,000 925,000 7.30%
SPG, L.P. Unsecured Loan - 1 (6) 2/28/2002 7.45% 150,000 150,000
SPG, L.P. Unsecured Loan - 3 (8) 3/30/2002 7.65% 22,929 22,929
---------- ----------
SUBTOTAL 2002 172,929 172,929 7.47%
Corporate Revolving Credit Facility (6) 8/25/2003 7.30% 645,000 645,000
---------- ----------
SUBTOTAL 2003 645,000 645,000 7.30%
Simon ERE Facility (6) 7/31/2004 7.25% 4,992 4,992
---------- ----------
SUBTOTAL 2003 4,992 4,992 7.25%
---------- ----------
Total Unsecured Variable Rate Debt 1,747,921 1,747,921 7.31%
========== ==========
---------- ----------
Total Unsecured Debt 5,566,121 5,566,121 7.22%
========== ==========
22 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNESS BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
Net Premium on Fixed-Rate Indebtedness (1,946) (946) N/A
Net Premium on Variable-Rate Indebtedness 375 378 N/A
---------- ---------- -----
TOTAL CONSOLIDATED DEBT 8,728,582 8,572,140 7.34%
========== ========== =====
JOINT VENTURE INDEBTEDNESS
FIXED RATE MORTGAGE DEBT:
Atrium at Chestnut Hill - 1 4/1/2001 7.29% 42,117 20,695
Atrium at Chestnut Hill - 2 4/1/2001 8.16% 11,550 5,675
Seminole Towne Center 6/30/2001 8.00% 70,500 31,725
Highland Mall - 2 10/1/2001 8.50% 83 42
Highland Mall - 3 11/1/2001 9.50% 869 435
Square One 12/1/2001 8.40% 104,526 51,361
---------- ----------
SUBTOTAL 2001 229,645 109,933 8.07%
Crystal Mall 2/1/2003 8.66% 48,068 35,844
Avenues, The 5/15/2003 8.36% 56,126 14,032
---------- ----------
SUBTOTAL 2003 104,194 49,875 8.58%
Solomon Pond 2/1/2004 7.83% 95,185 46,772
Northshore Mall 5/14/2004 9.05% 161,000 79,111
Indian River Commons 11/1/2004 7.58% 8,386 4,193
Indian River Mall 11/1/2004 7.58% 46,533 23,267
---------- ----------
SUBTOTAL 2004 311,104 153,342 8.41%
Westchester, The - 1 9/1/2005 8.74% 149,525 74,763
Westchester, The - 2 9/1/2005 7.20% 53,099 26,550
---------- ----------
SUBTOTAL 2005 202,624 101,312 8.34%
Cobblestone Court 1/1/2006 7.64% 6,180 2,163
Crystal Court 1/1/2006 7.64% 3,570 1,250
Fairfax Court 1/1/2006 7.64% 10,320 2,709
Gaitway Plaza 1/1/2006 7.64% 7,350 1,715
Plaza at Buckland Hills, The 1/1/2006 7.64% 17,625 6,037
Ridgewood Court 1/1/2006 7.64% 8,035 2,812
Royal Eagle Plaza 1/1/2006 7.64% 7,920 2,772
Village Park Plaza 1/1/2006 7.64% 8,960 3,136
West Town Corners 1/1/2006 7.64% 10,330 2,411
Westland Park Plaza 1/1/2006 7.64% 4,950 1,155
Willow Knolls Court 1/1/2006 7.64% 6,490 2,272
Yards Plaza, The 1/1/2006 7.64% 8,270 2,895
CMBS Loan - Fixed Component (IBM) (7) 5/1/2006 7.41% 300,000 150,000
CMBS Loan - Fixed Component - 2 (IBM) (7) 5/15/2006 8.13% 57,100 28,550
Great Northeast Plaza 6/1/2006 9.04% 17,353 8,677
Smith Haven Mall 6/1/2006 7.86% 115,000 28,750
Mall of Georgia Crossing 6/9/2006 7.25% 34,470 17,235
Greendale Mall 11/1/2006 8.23% 41,725 20,503
---------- ----------
SUBTOTAL 2006 665,648 285,040 7.65%
Town Center at Cobb - 1 4/1/2007 7.54% 49,681 24,841
23 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNESS BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
Town Center at Cobb - 2 4/1/2007 7.25% 64,883 32,442
Gwinnett Place - 1 4/1/2007 7.54% 38,994 19,497
Gwinnett Place - 2 4/1/2007 7.25% 85,257 42,629
Mall at Rockingham 8/1/2007 7.88% 99,782 24,515
---------- ----------
SUBTOTAL 2007 338,597 143,923 7.45%
Metrocenter 2/28/2008 8.45% 30,360 15,180
Aventura Mall - A 4/6/2008 6.55% 141,000 47,000
Aventura Mall - B 4/6/2008 6.60% 25,400 8,467
Aventura Mall - C 4/6/2008 6.89% 33,600 11,200
West Town Mall 5/1/2008 6.90% 76,000 38,000
Mall of New Hampshire - 1 10/1/2008 6.96% 103,811 51,010
Mall of New Hampshire - 2 10/1/2008 8.53% 8,431 4,143
Grapevine Mills - 1 10/1/2008 6.47% 155,000 58,125
Ontario Mills - 5 11/2/2008 6.75% 142,117 35,529
Source, The 11/6/2008 6.65% 124,000 31,000
Ontario Mills - 6 12/5/2008 8.00% 10,500 2,625
Grapevine Mills - 2 11/5/2008 8.39% 14,491 5,434
---------- ----------
SUBTOTAL 2008 864,710 307,713 6.86%
Apple Blossom Mall 9/10/2009 7.99% 40,633 19,966
Auburn Mall 9/10/2009 7.99% 47,570 23,375
Highland Mall - 1 12/1/2009 9.75% 6,983 3,492
Ontario Mills - 4 12/28/2009 6.00% 4,198 1,050
---------- ----------
SUBTOTAL 2009 99,384 47,882 8.07%
Mall of Georgia 7/1/2010 7.09% 200,000 100,000
Coral Square 10/1/2010 8.00% 90,000 45,000
Florida Mall, The 11/13/2010 7.55% 270,000 135,000
---------- ----------
SUBTOTAL 2010 560,000 280,000 7.46%
Polska Shopping Mall 12/31/2011 6.49% 12,355 3,583
---------- ----------
SUBTOTAL 2011 12,355 3,583 6.49%
---------- ---------- -----
Total Joint Venture Fixed Rate Mortgage Debt 3,388,261 1,482,603 7.61%
========== ========== =====
VARIABLE RATE MORTGAGE DEBT:
Liberty Tree Mall 10/1/2001 8.15% 46,680 22,937
---------- ----------
SUBTOTAL 2001 46,680 22,937 8.15%
Montreal Forum 1/31/2002 7.50% 24,931 8,882
Arizona Mills (6) 2/1/2002 7.95% 145,764 38,359
Shops at Sunset Place, The (6) 6/30/2002 7.80% 114,218 42,832
---------- ----------
SUBTOTAL 2002 284,913 90,072 7.83%
Dadeland Mall (6) 2/1/2003 7.45% 140,000 70,000
Cape Cod Mall (6) 4/1/2003 8.45% 67,348 33,093
CMBS Loan - Floating Component (IBM) (7) 5/1/2003 7.14% 184,500 92,250
Concord Mills (6) 12/2/2003 8.00% 179,883 67,456
---------- ----------
SUBTOTAL 2003 571,731 262,799 7.61%
24 of 45
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
SPG'S WEIGHTED AVG
PROPERTY MATURITY INTEREST TOTAL SHARE OF INTEREST RATE
NAME DATE RATE INDEBTEDNESS INDEBTEDNESS BY YEAR
- ---------------------------------------------------- --------------- -------- ------------ ------------ -------------
Circle Centre Mall - 1 (6) 1/31/2004 7.09% 60,000 8,802
Circle Centre Mall - 2 (6) 1/31/2004 8.15% 7,500 1,100
Orlando Premium Outlets (6) 2/12/2004 8.15% 56,490 28,245
---------- ----------
SUBTOTAL 2004 123,990 38,147 7.90%
Mall of America (6) 3/10/2005 7.16% 312,000 85,800
Emerald Square Mall (6) 3/31/2005 8.13% 145,000 71,249
Arundel Mills (6) 4/30/2005 8.30% 112,346 42,130
Northfield Square (6) 4/30/2005 9.15% 37,000 11,692
---------- ----------
SUBTOTAL 2005 606,346 210,871 7.83%
CMBS Loan - Floating Component - 2 (IBM) (7) 5/15/2006 7.02% 81,400 40,700
---------- ----------
SUBTOTAL 2006 81,400 40,700 7.02%
---------- ---------- -----
Total Joint Venture Variable Rate Debt 1,715,060 665,527 7.71%
========== ========== =====
UNSECURED DEBT:
Mayflower Realty Credit Facility 7/12/2002 9.15% 8,400 4,128
---------- ----------
SUBTOTAL 2002 8,400 4,128 9.15%
Merchantwired 12/31/2005 7.93% 6,609 3,305
---------- ----------
SUBTOTAL 2005 6,609 3,305 7.93%
---------- ---------- -----
Total Unsecured Debt 15,009 7,432 8.61%
========== ========== =====
CMBS Loan - Fixed Premium (IBM) 16,113 9,282
Net Premium on NED Fixed-Rate Indebtedness 1,045 1,944
---------- ---------- -----
TOTAL JOINT VENTURE DEBT 5,135,488 2,166,788 7.65%
---------- ---------- -----
---------- ---------- -----
SPG'S SHARE OF TOTAL INDEBTEDNESS 13,864,070 10,738,928 7.40%
---------- ---------- -----
(1) This Principal Mutual Pool 1 loan is secured by cross-collateralized and
cross-defaulted mortgages encumbering four of the Properties (Anderson,
Forest Village Park, Longview, and South Park). A weighted average rate is
used for these Pool 1 Properties. Includes applicable extensions available
at Simon Group's option.
(2) This Principal Mutual Pool 2 loan is secured by cross-collateralized and
cross-defaulted mortgages encumbering seven of the Properties (Eastland,
Forest Mall, Golden Ring, Hutchinson, Markland, Midland, and North Towne).
A weighted average rate is used for these Pool 2 Properties. Includes
applicable extensions available at Simon Group's option.
(3) This Pool is secured by cross-collateralized and cross-defaulted mortgages
encumbering these four Properties.
(4) This Pool is secured by cross-collateralized and cross-defaulted mortgages
encumbering these three Properties.
(5) Through an interest rate protection agreement, effectively fixed at an
all-in-one rate of 6.16%.
(6) Includes applicable extensions available at Simon Group's option.
(7) These Commercial Mortgage Notes are secured by cross-collateralized
mortgages encumbering thirteen Properties. A weighted average rate is used.
(8) This unsecured loan was previously secured by a mortgage of Eastgate
Consumer Mall. The maturity date includes all applicable extensions
available at Simon Group's option.
25 of 45
SIMON PROPERTY GROUP
SUMMARY OF VARIABLE RATE DEBT AND INTEREST RATE PROTECTION AGREEMENTS
AS OF DECEMBER 31, 2000
(IN THOUSANDS)
- --------------------------------------------------------------- -------- --------- --------- ------------ --------
PRINCIPAL SPG SPG'S INTEREST
PROPERTY MATURITY BALANCE OWNERSHIP SHARE OF RATE
NAME DATE 12/31/00 % LOAN BALANCE 12/31/00
- --------------------------------------------------------------- -------- --------- --------- ------------ --------
Consolidated Indebtedness:
VARIABLE RATE DEBT EFFECTIVELY FIXED TO MATURITY:
Orland Square 9/1/2001 50,000 100.00% 50,000 7.742%
Forum Phase I - Class A-2 5/15/2004 44,386 60.00% 26,632 6.190%
Forum Phase II - Class A-2 5/15/2004 40,614 55.00% 22,338 6.190%
Simon ERE Facility - Swap component 7/31/2004 28,200 100.00% 28,200 7.750%
CMBS Loan - Variable Component 12/15/2004 50,000 100.00% 50,000 6.155%
--------- ---------
213,200 177,169
========= =========
OTHER HEDGED DEBT:
Randall Park Mall - 1 12/11/2001 35,000 100.00% 35,000 9.746%
Randall Park Mall - 2 12/11/2001 5,000 100.00% 5,000 11.646%
Raleigh Springs Mall 2/23/2003 11,000 100.00% 11,000 8.296%
Unsecured Revolving Credit Facility - (1.25B - capped) 8/25/2003 140,000 100.00% 140,000 7.296%
--------- ---------
191,000 191,000
========= =========
FLOATING RATE DEBT:
White Oaks Mall 3/1/2001 16,500 54.92% 9,062 8.391%
CPI Merger Facility - 2 (1.4B) 3/24/2001 450,000 100.00% 450,000 7.296%
CPI Merger Facility - 3 (1.4B) 9/24/2001 475,000 100.00% 475,000 7.296%
SPG, L.P. Unsecured Loan - 1 2/28/2002 150,000 100.00% 150,000 7.446%
Highland Lakes Center 3/1/2002 14,377 100.00% 14,377 8.146%
SPG, L.P. Unsecured Loan - 3 3/30/2002 22,929 100.00% 22,929 7.646%
Mainland Crossing 3/31/2002 1,603 80.00% 1,282 8.146%
Jefferson Valley Mall 1/11/2004 60,000 100.00% 60,000 7.896%
Richmond Towne Square 7/15/2003 56,851 100.00% 56,851 7.646%
Unsecured Revolving Credit Facility 8/25/2003 505,000 100.00% 505,000 7.296%
Shops @ Mission Viejo 8/31/2003 141,314 100.00% 141,314 7.796%
Arboretum 11/30/2003 34,000 100.00% 34,000 8.146%
Bowie Mall 12/14/2003 8,657 100.00% 8,657 8.146%
North East Mall 5/20/2004 135,761 100.00% 135,761 8.021%
Waterford Lakes 8/15/2004 56,998 100.00% 56,998 8.046%
Simon ERE Facility - Variable component 7/31/2004 4,992 100.00% 4,992 7.246%
Brunswick Square 6/12/2005 45,000 100.00% 45,000 8.146%
--------- ---------
2,178,982 2,171,223
========= =========
- -------------------------------------------------- ------------- ----------------------------------
PROPERTY TERMS OF TERMS OF
NAME VARIABLE RATE INTEREST RATE PROTECTION AGREEMENT
- -------------------------------------------------- ------------- ----------------------------------
Consolidated Indebtedness:
VARIABLE RATE DEBT EFFECTIVELY FIXED TO MATURITY:
Orland Square LIBOR + 0.500% LIBOR Swapped at 7.24% through maturity.
Forum Phase I - Class A-2 LIBOR + 0.300% Through an interest rate protection agreement, effectively
fixed at an all-in-one rate of 6.19% .
Forum Phase II - Class A-2 LIBOR + 0.300% Through an interest rate protection agreement, effectively
fixed at an all-in-one rate of 6.19% .
Simon ERE Facility - Swap component EURIBOR + 0.600% Through a cross-currency swap, effectively fixed at an
all-in-one rate of 7.75%
CMBS Loan - Variable Component LIBOR + 0.365% Through an interest rate protection agreement, effectively
fixed at an all-in-one rate of 6.16% .
OTHER HEDGED DEBT:
Randall Park Mall - 1 LIBOR + 3.100% LIBOR Capped at a rate of 7.40% through maturity.
Randall Park Mall - 2 LIBOR + 5.000% LIBOR Capped at a rate of 7.40% through maturity.
Raleigh Springs Mall LIBOR + 1.650% LIBOR Capped at a rate of 8.35% through September 10, 2001.
Unsecured Revolving Credit Facility -
(1.25B - capped) LIBOR + 100.000% Subject to an 11.53% LIBOR cap on $90M and a 16.77% LIBOR
cap on $50M.
FLOATING RATE DEBT:
White Oaks Mall LIBOR + 1.300% 90-day LIBOR set on August 31, 2000.
CPI Merger Facility - 2 (1.4B) LIBOR + 0.650%
CPI Merger Facility - 3 (1.4B) LIBOR + 0.650%
SPG, L.P. Unsecured Loan - 1 LIBOR + 0.650%
Highland Lakes Center LIBOR + 1.500%
SPG, L.P. Unsecured Loan - 3 LIBOR + 0.650%
Mainland Crossing LIBOR + 1.500%
Jefferson Valley Mall LIBOR + 1.250%
Richmond Towne Square LIBOR + 1.000%
Unsecured Revolving Credit Facility LIBOR + 0.650%
Shops @ Mission Viejo LIBOR + 1.150%
Arboretum LIBOR + 1.500%
Bowie Mall LIBOR + 1.500%
North East Mall LIBOR + 1.375%
Waterford Lakes LIBOR + 1.400%
Simon ERE Facility - Variable component EURIBOR + 0.600%
Brunswick Square LIBOR + 1.500%
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- --------------------------------------------- -------- --------- --------- ------------ --------
PRINCIPAL SPG SPG'S INTEREST
PROPERTY MATURITY BALANCE OWNERSHIP SHARE OF RATE
NAME DATE 12/31/00 % LOAN BALANCE 12/31/00
- --------------------------------------------- -------- --------- --------- ------------ --------
Joint Venture Indebtedness:
OTHER HEDGED DEBT:
Arizona Mills 2/1/2002 145,764 26.32% 38,359 7.946%
CMBS Loan - Floating Component (IBM) 5/1/2003 184,500 50.00% 92,250 7.144%
CMBS Loan - Floating Component - 2 (IBM) 5/15/2006 81,400 50.00% 40,700 7.016%
Circle Centre Mall - 1 1/31/2004 60,000 14.67% 8,802 7.086%
Circle Centre Mall - 2 1/31/2004 7,500 14.67% 1,100 8.146%
Emerald Square Mall 3/31/2005 145,000 49.14% 71,249 8.135%
Mall of America 3/10/2005 312,000 27.50% 85,800 7.159%
Northfield Square 4/30/2005 37,000 31.60% 11,692 9.146%
--------- ---------
973,164 349,953
========= =========
FLOATING RATE DEBT:
Arundel Mills 4/30/2005 112,346 37.50% 42,130 8.296%
Dadeland Mall 2/1/2003 140,000 50.00% 70,000 7.446%
Liberty Tree Mall 10/1/2001 46,680 49.14% 22,937 8.146%
Montreal Forum 1/31/2002 24,931 35.63% 8,882 7.500%
Shops at Sunset Place, The 6/30/2002 114,218 37.50% 42,832 7.796%
Mayflower Realty Credit Facility 7/12/2002 8,400 49.14% 4,128 9.146%
Cape Cod Mall 4/1/2003 67,348 49.14% 33,093 8.446%
Concord Mills 12/2/2003 179,883 37.50% 67,456 7.996%
Orlando Premium Outlets 2/12/2004 56,490 50.00% 28,245 8.146%
--------- ---------
750,296 319,702
========= =========
- -------------------------------------------- ------------- ----------------------------------
PROPERTY TERMS OF TERMS OF
NAME VARIABLE RATE INTEREST RATE PROTECTION AGREEMENT
- -------------------------------------------- ------------- ----------------------------------
Joint Venture Indebtedness:
OTHER HEDGED DEBT:
Arizona Mills LIBOR + 1.300% LIBOR Capped at 9.50% through maturity.
CMBS Loan - Floating Component (IBM) See Footnote (1) The Operating Partnership took assignment of an interest rate
protection agreement (LIBOR cap of 11.67%) relating to this debt.
CMBS Loan - Floating Component - 2 (IBM) See Footnote (1) LIBOR Capped at 11.83% through maturity.
Circle Centre Mall - 1 LIBOR + 0.440% LIBOR Capped at 8.81% through maturity.
Circle Centre Mall - 2 LIBOR + 1.500% LIBOR Capped at 7.75% through maturity.
Emerald Square Mall LIBOR + 1.490% LIBOR Capped at 7.73% through maturity.
Mall of America LIBOR + 0.513% LIBOR Capped at 8.7157% through March 12, 2003.
Northfield Square LIBOR + 2.500% LIBOR Capped at 8.50% through maturity.
FLOATING RATE DEBT:
Arundel Mills LIBOR + 1.650%
Dadeland Mall LIBOR + 0.800%
Liberty Tree Mall LIBOR + 1.500%
Montreal Forum Canadian Prime
Shops at Sunset Place, The LIBOR + 1.150% Rate can be reduced based upon project performance.
Mayflower Realty Credit Facility LIBOR + 2.500%
Cape Cod Mall LIBOR + 1.800%
Concord Mills LIBOR + 1.350%
Orlando Premium Outlets LIBOR + 1.500% Rate can be reduced based upon project performance.
Footnote:
(1) Represents the weighted average interest rate.
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SIMON PROPERTY GROUP
NEW DEVELOPMENT ACTIVITIES
AS OF DECEMBER 31, 2000
SIMON PROJECTED NON-ANCHOR
GROUP'S ACTUAL/ COST SQ. FOOTAGE
MALL/ OWNERSHIP PROJECTED (IN MILLIONS) LEASED/ GLA
LOCATION PERCENTAGE OPENING (1) COMMITTED (2) (SQ. FT.)
- ------------------------------------- -------------- -------------- -------------- --------------- -----------------------
- ---------------------------
PROJECTS RECENTLY COMPLETED
- ---------------------------
ARUNDEL MILLS 37.5% 11/17/00 $252 93% 1,011,000
ANNE ARUNDEL, MD (total center)
ANCHORS/MAJOR TENANTS: JILLIAN'S, BED BATH & BEYOND, SUN & SKI SPORTS, MUVICO, BOOKS-A-MILLION,
OFF BROADWAY SHOES, FOR YOUR ENTERTAINMENT, OFF 5TH-SAKS FIFTH AVENUE
TJMAXX, BURLINGTON COAT FACTORY, OLD NAVY, CHILDREN'S PLACE
- ------------------------------------- --------------------------------------------------------------------------------------------
WATERFORD LAKES TOWN CENTER 100.0% 11/00 $ 84 96% 927,000
ORLANDO, FL (Phase I & II) (Phase I & II)
ANCHORS/MAJOR TENANTS: PHASE I OPENED 11/99 - 571,000 SQ. FT. - ANCHOR TENANTS: SUPER TARGET,
TJMAXX, ROSS DRESS FOR LESS, BED BATH & BEYOND, BARNES & NOBLE,
OLD NAVY, REGAL 20-PLEX THEATRE, ZANY BRAINY AND DRESS BARN.
PHASE II OPENED 11/00 - 356,000 SQ. FT. - ANCHOR TENANTS: OFFICEMAX,
PETSMART AND BEST BUY
- ------------------------------------- --------------------------------------------------------------------------------------------
- ---------------------------
PROJECTS UNDER CONSTRUCTION
- ---------------------------
BOWIE TOWN CENTER 100.0% 10/01 $ 66 87% 667,000
ANNAPOLIS, MD
ANCHORS/MAJOR TENANTS: HECHT'S, SEARS, OLD NAVY, BARNES & NOBLE, BED BATH & BEYOND, SAFEWAY
(1) Includes soft costs such as architecture and engineering fees, tenant costs
(allowances/leasing commissions), development, legal and other fees,
marketing costs, cost of capital, and other related costs.
(2) Community Center leased/committed percentage includes owned anchor GLA.
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SIMON PROPERTY GROUP
SIGNIFICANT RENOVATION/EXPANSION ACTIVITIES
AS OF DECEMBER 31, 2000
SIMON PROJECTED GLA NEW OR
GROUP'S ACTUAL/ COST BEFORE INCREMENTAL
MALL/ OWNERSHIP PROJECTED (IN MILLIONS) RENOV/EXPAN GLA
LOCATION PERCENTAGE OPENING (1) (SQ. FT.) (SQ. FT.)
- ------------------------------------- -------------- -------------- -------------- --------------- -----------------------
- ---------------------------
PROJECTS RECENTLY COMPLETED
- ---------------------------
LAPLAZA MALL 100% 11/99, 3/00 $ 35 988,000 215,000
MCALLEN, TX & 11/00
PROJECT DESCRIPTION: MALL RENOVATION (OPENED 11/99); NEW DILLARD'S (OPENED 3/00); JCPENNEY
EXPANSION, NEW SMALL SHOPS RETROFITTED FROM THE EXISTING DILLARD'S STORE,
AND NEW FOLEY'S HOME STORE (OPENED 11/00)
- ------------------------------------- --------------------------------------------------------------------------------------------
PALM BEACH MALL 100% 2/00 $ 33 1,205,000 61,000
WEST PALM BEACH, FL & 10/00
PROJECT DESCRIPTION: JCPENNEY REMODEL (OPENED 11/99); MALL RENOVATION AND NEW DILLARD'S
(OPENED 2/00); NEW BORDERS (OPENED 4/00), OLD NAVY, MARS MUSIC STORE,
DESIGNER SHOE WAREHOUSE AND BURDINES REMODEL (OPENED 10/00)
- ------------------------------------- --------------------------------------------------------------------------------------------
THE SHOPS AT MISSION VIEJO 100% 9/99 $146 817,000 427,000
MISSION VIEJO, CA & 12/00
PROJECT DESCRIPTION: NEW NORDSTROM, SMALL SHOP EXPANSION AND RENOVATION, NEW PARKING STRUCTURE;
NEW SAKS FIFTH AVENUE (OPENED 9/99); ROBINSON-MAY EXPANSION AND REMODEL,
FOOD COURT ADDITION (OPENED 10/00); OLD NAVY, PF CHANG'S AND CALIFORNIA
CAFE (OPENED 12/00); MACY'S EXPANSION AND REMODEL (TO OPEN FALL 2001)
- ------------------------------------- --------------------------------------------------------------------------------------------
TOWN CENTER AT BOCA RATON 100% 10/99 $ 67 1,327,000 228,000
BOCA RATON, FL & 11/00
PROJECT DESCRIPTION: NEW, EXPANDED AND RELOCATED SAKS FIFTH AVENUE AND NEW PARKING STRUCTURE
(OPENED 10/99); BLOOMINGDALE'S EXPANSION (OPENED 11/99); NEW NORDSTROM,
LORD & TAYLOR EXPANSION, MALL EXPANSION AND RENOVATION, FOOD COURT RENOVATION
AND NEW PARKING STRUCTURE (OPENED 11/00)
(1) Includes soft costs such as architecture and engineering fees, tenant costs
(allowances/leasing commissions), development, legal and other fees,
marketing costs, cost of capital, and other related costs.
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SIMON PROPERTY GROUP
CAPITAL EXPENDITURES
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2000
(In millions)
JOINT VENTURE PROPERTIES
------------------------
SIMON
CONSOLIDATED GROUP'S
PROPERTIES TOTAL SHARE
---------- ----- -----
New Developments $ 58.2 $327.8 $121.4
Renovations and Expansions 193.5 19.0 8.1
Tenant Allowances 64.9 26.0 9.8
Operational Capital Expenditures
at Properties 40.1 8.9 4.1
Other 9.3 10.5 4.5
------ ------ ------
Totals $366.0 $392.2 $147.9
====== ====== ======
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