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 March 31, 2000, the Company, directly or through the Operating
Partnership, owned or had an interest in 257 properties which consisted of
regional malls, community shopping centers, and specialty and mixed-use
properties containing an aggregate of 184 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 189 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 March 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. Investors are cautioned
that forward-looking statements involve risks and uncertainties which may
affect the business and prospects of the Company and the Operating
Partnership, including the risks and uncertainties discussed in other periodic
filings made by the Company and the Operating Partnership with the Securities
and Exchange Commission.
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
SIMON PROPERTY GROUP
ECONOMIC OWNERSHIP STRUCTURE(1)
March 31, 2000
SIMON PROPERTY GROUP, INC.(2)(3)(4)
Common Shareholders Shares %
------------------- -------------- -----
Public Shareholders................................. 168,221,413 96.9%
Simon Family........................................ 4,248,311 2.4
DeBartolo Family.................................... 32,567 0.0
Executive Management(5)............................. 1,153,377 0.7
-------------- -----
173,655,666(4) 100.0%
============== =====
171,984,724 units
SIMON PROPERTY GROUP, L.P.
237,426,875 units
65,442,151 units
LIMITED PARTNERS
("Limited Partners")
Unitholders Units %
----------- ---------- -----
Simon Family............................................ 34,584,455 52.8%
DeBartolo Family........................................ 22,222,599 34.0
Executive Management(5)................................. 153,498 0.2
Other Limited Partners.................................. 8,481,599 13.0
---------- -----
65,442,151 100.0%
========== =====
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
-----
Subtotal....................................................... 72.4%
=====
Limited Partners
Simon Family..................................................... 14.6%
DeBartolo Family................................................. 9.3
Executive Management(5).......................................... 0.1
Other Limited Partners........................................... 3.6
-----
Subtotal....................................................... 27.6
-----
Total........................................................ 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
interest 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.
6
SIMON PROPERTY GROUP
CHANGES IN COMMON SHARES AND UNIT OWNERSHIP
For the Period from December 31, 1999 through March 31, 2000
Operating Company
Partnership Common
Units(1) Shares(2)
----------- -----------
Number Outstanding at December 31, 1999.............. 65,444,680 173,165,255
Restricted Stock Awards (Stock Incentive Program),
Net................................................. -- 453,500
Conversion of Series B Preferred Stock into Common
Stock............................................... -- 36,913
Conversion of Units into Cash........................ (2,529) --
Number Outstanding at March 31, 2000................. 65,442,151 173,655,668
Total Common Shares and Units Outstanding at March 31, 2000:
239,097,819(2)
Details for Diluted FFO Calculation:
Company Common Shares Outstanding at March 31, 2000............... 173,655,668
Number of Common Shares Issuable Assuming Conversion of:
Series A Preferred 6.5% Convertible............................. 2,024,051
Series B Preferred 6.5% Convertible............................. 12,490,773
Net Number of Common Shares Issuable Assuming Exercise of Stock
Options.......................................................... 54,136
Diluted Common Shares Outstanding at March 31, 2000............... 188,224,628
Fully Diluted Common Shares and Units Outstanding at March 31, 2000:
253,666,779
- --------
(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).
7
SIMON PROPERTY GROUP
PREFERRED STOCK/UNITS OUTSTANDING
As of March 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 53,271 $1,000 $ 53,271 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% 2,584,227 $ 28 $ 72,358 N/A
Cumulative Convertible
Preferred(6)
Simon Property Group, L.P... Series D 8% 2,584,227 $ 30 $ 77,527 N/A
Cumulative 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 March 31, 2000, was $69.25 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 March 31, 2000, was $19.8125 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 Mall of America acquisition. Simon Property
Group, Inc. Series E Preferred 8% Cumulative Redeemable Stock is not
redeemable prior to August 27, 2004. On or after August 27, 2004, the
Corporation may redeem the shares, in whole or in part, for cash at the
Liquidation Preference plus accrued and unpaid dividend, if any.
(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.
8
SIMON PROPERTY GROUP
RECONCILIATION OF INCOME TO FUNDS FROM OPERATIONS ("FFO")
As of March 31, 2000
(Amounts in thousands, except per share data)
Three Months Ended
March 31,
--------------------
2000 1999
--------- ---------
Income Before Extraordinary Items and Cumulative Effect
of Accounting Change................................... $ 71,136 $ 67,388
Plus: Depreciation and Amortization from Combined
Consolidated Properties................................ 98,236 89,537
Plus: Simon's Share of Depreciation and Amortization
from Unconsolidated Entities........................... 28,801 20,530
Less: Gain on Sale of Real Estate....................... (7,096) --
Less: Minority Interest Portion of Depreciation,
Amortization and Extraordinary Items................... (1,480) (1,795)
Less: Preferred Distributions (including those of
subsidiary)............................................ (19,372) (17,705)
FFO of the Simon Portfolio.............................. $ 170,225 $ 157,955
--------- ---------
Percent Increase...................................... 7.8% (1)
FFO of the Simon Portfolio.............................. $ 170,225 $ 157,955
Basic FFO per Paired Share:
Basic FFO Allocable to the Company...................... $ 123,506 $ 114,260
Basic Weighted Average Paired Shares Outstanding........ 173,223 168,987
Basic FFO per Paired Share.............................. $ 0.71 $ 0.68
--------- ---------
Percent Increase...................................... 4.4% (1)
Diluted FFO per Paired Share:
Diluted FFO Allocable to the Company.................... $ 132,667 $ 125,212
Diluted Weighted Average Number of Equivalent Paired
Shares................................................. 187,807 187,494
Diluted FFO per Paired Share............................ $ 0.71 $ 0.67
--------- ---------
Percent Increase...................................... 6.0% (1)
- --------
(1) 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. If the Company's
1999 results were restated to reflect the adoption of SAB 101, 1999 FFO
would be reduced and comparable growth from 1999 to 2000 would be as
follows:
Comparable
Impact to Adjusted Growth
1999 Amounts 1999 from 1999
due to SAB 101 Amounts to 2000
-------------- -------- ----------
FFO of the Simon Portfolio.................. $(5,038) $152,917 11.3%
Basic FFO Allocable to the Company.......... $(3,628) $110,632 11.6%
Basic FFO per Paired Share.................. $ (0.03) $ 0.65 9.2%
Diluted FFO Allocable to the Company........ $(3,734) $121,478 9.2%
Diluted FFO per Paired Share................ $ (0.02) $ 0.65 9.2%
9
SIMON PROPERTY GROUP
SELECTED FINANCIAL INFORMATION
As of March 31, 2000
(In thousands, except as noted)
As of or for the
Three Months Ended
March 31,
-------------------- %
2000 1999 Change
--------- --------- ------
Financial Highlights of the Company
Total Revenue--Consolidated Properties........ $ 477,851 $ 446,093 7.1%
Total EBITDA of Simon Portfolio............... $ 484,785 $ 414,676 16.9%
EBITDA After Minority Interest................ $ 375,224 $ 333,427 12.5%
Net Income Available to Common Shareholders... $ 28,243 $ 34,954 (19.2)%
Basic Net Income per Common Share............. $ 0.16 $ 0.21 (23.8)%
Diluted Net Income per Common Share........... $ 0.16 $ 0.21 (23.8)%
FFO of the Simon Portfolio.................... $ 170,225 $ 157,955 7.8%(5)
Basic FFO Allocable to the Company............ $ 123,506 $ 114,260 8.1%(5)
Diluted FFO Allocable to the Company.......... $ 132,667 $ 125,212 6.0%(5)
Basic FFO per Common Share.................... $ 0.71 $ 0.68 4.4%(5)
Diluted FFO per Common Share.................. $ 0.71 $ 0.67 6.0%(5)
Distributions per Common Share................ $ 0.5050 $ 0.5050 0.0%
Operational Statistics
Occupancy at End of Period:
Regional Malls(1)........................... 89.5% 88.6% 0.9%
Community Shopping Centers(2)............... 88.6% 91.1% (2.5)%
Average Base Rent per Square Foot:
Regional Malls(1)........................... $ 27.52 $ 25.95 6.1%
Community Shopping Centers(2)............... $ 8.59 $ 7.78 10.4%
Regional Malls:
Total Tenant Sales Volume, in
millions(3)(4)............................. $ 3,422 $ 2,890 18.4%
Comparable Sales per Square Foot(4)......... $ 385 $ 360 6.9%
Total Sales per Square Foot(4).............. $ 370 $ 347 6.6%
Number of U.S. Properties Open at End of
Period....................................... 257 243 5.8%
Total U.S. GLA at End of Period, in millions
of square feet............................... 184.2 167.0 10.3%
- --------
(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.
(5) See footnote 1 on page 9 for comparable growth rates.
10
SIMON PROPERTY GROUP
SELECTED FINANCIAL INFORMATION
As of March 31, 2000
(In thousands, except as noted)
March 31, March 31,
2000 1999
----------- -----------
Equity Information
Limited Partner Units Outstanding at End of Period.... 65,442 64,060
Common Shares Outstanding at End of Period............ 173,656 109,695
----------- -----------
Total Common Shares and Units Outstanding at End of
Period............................................... 239,098 173,755
=========== ===========
Basic Weighted Average Paired Shares Outstanding...... 173,223 168,987
Diluted Weighted Average Number of Equivalent Paired
Shares(1)............................................ 187,807 187,494
March 31, December
2000 31, 1999
----------- -----------
Debt Information
Consolidated Debt..................................... $ 8,845,111 $ 8,768,951
Simon Group's Share of Joint Venture Debt............. $ 1,874,281 $ 1,886,360
Debt-to-Market Capitalization
Common Stock Price at End of Period................... $ 23.3125 $ 22.9375
Equity Market Capitalization(2)....................... $ 6,459,643 $ 6,320,891
Total Consolidated Capitalization..................... $15,304,754 $15,089,842
Total Capitalization--Including Simon Group's Share of
JV Debt.............................................. $17,179,035 $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.
11
SIMON PROPERTY GROUP
PORTFOLIO GLA, OCCUPANCY & RENT DATA
As of March 31, 2000
% of Avg.
Owned Annualized
GLA Base Rent
% of Which Per Leased
GLA--Sq. Total Owned Owned is Sq. Ft. of
Type of Property Ft. GLA GLA Leased Owned GLA
- ---------------- ----------- ----------- ------ ------ ----------
Regional Malls
Anchor...................... 96,704,064 30,507,972 27.6% 97.4% $ 3.78
Mall Store.................. 55,986,124 55,938,227 50.5% 89.3% $28.20
Freestanding................ 3,663,985 1,916,662 1.7% 95.5% $ 9.23
----------- ----------- ------
Subtotal.................. 59,650,109 57,854,889 52.2% 89.5% $27.52
Regional Mall Total..... 156,354,173 88,362,861 79.8% 92.2% $18.94
Community Shopping Centers
Anchor...................... 13,435,973 8,676,534 7.8% 92.6% $ 6.96
Mall Store.................. 5,030,083 4,944,325 4.5% 80.9% 12.00
Freestanding................ 989,589 479,372 .4% 95.2% 7.46
----------- ----------- ------
Community Ctr. Total...... 19,455,645 14,100,231 12.7% 88.6% $ 8.59
Office Portion of Mixed-Use
Properties................. 2,789,507 2,789,507 2.5% 91.1% $19.57
Value-Oriented Super-
Regional Malls............. 5,430,888 5,305,888 4.8% 93.1% $16.18
Other....................... 199,110 194,310 0.2%
GRAND TOTAL................. 184,229,323 110,752,797 100.00%
Occupancy History
Regional Community
As of Malls(1) Shopping Centers(2)
----- -------- -------------------
3/31/00 89.5% 88.6%
3/31/99 88.6% 91.1%
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.
12
SIMON PROPERTY GROUP
RENT INFORMATION
As of March 31, 2000
Average Base Rent
Community
Mall & Freestanding Shopping
As of Stores at Regional Malls % Change Centers % Change
----- ------------------------ -------- --------- --------
3/31/00.......... $27.52 6.1% $8.59 10.4%
3/31/99.......... 25.95 -- 7.78 --
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) Amount of Change
--------------------------------------- --------------------
Store Openings Store Closings
Year During Period During Period Dollar Percentage
---- -------------- -------------- --------- ----------
Regional Malls:
2000 (YTD)....... $30.77 $28.77 $2.00 7.0%(2)
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 (YTD)....... $14.43 $10.16 $4.27 42.0%
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.
(2) Excluding four large-space tenants which opened first quarter 2000, the
average initial base rent for new mall stores opened was $33.81 per
square foot, for a re-leasing spread of $5.04, or a 17.5% increase.
13
SIMON PROPERTY GROUP
LEASE EXPIRATIONS(1)
As of March 31, 2000
Avg. Base Rent
Number of Square per Square Foot
Year Leases Expiring Feet at 3/31/00
---- --------------- ---------- ---------------
Regional Malls--Mall & Freestanding
Stores
2000 (4/1--12/31)................ 992 1,331,703 29.64
2001............................. 1,663 3,630,253 26.19
2002............................. 1,648 3,504,567 27.91
2003............................. 1,889 4,433,094 29.20
2004............................. 1,736 4,706,694 28.75
2005............................. 1,560 4,952,282 27.40
2006............................. 1,492 4,150,193 29.83
2007............................. 1,411 4,111,608 31.56
2008............................. 1,289 4,524,373 29.29
2009............................. 1,396 4,576,665 28.06
------ ----------
TOTALS......................... 15,076 39,921,432 $28.76
Regional Malls--Anchor Tenants
2000 (4/1--12/31)................ 7 966,268 2.00
2001............................. 13 1,619,317 1.90
2002............................. 16 1,948,271 1.77
2003............................. 18 2,156,140 2.29
2004............................. 24 2,388,197 3.39
2005............................. 17 2,143,130 2.46
2006............................. 16 1,956,390 3.33
2007............................. 7 816,448 1.82
2008............................. 13 1,350,173 4.90
2009............................. 16 1,986,791 2.82
------ ----------
TOTALS......................... 147 17,331,125 $ 2.71
Community Centers--Mall Stores &
Freestanding Stores
2000 (4/1--12/31)................ 141 273,049 11.65
2001............................. 201 568,458 11.94
2002............................. 178 581,075 11.56
2003............................. 151 589,528 11.35
2004............................. 132 538,017 11.92
2005............................. 108 512,659 12.18
2006............................. 25 279,749 7.80
2007............................. 20 168,942 11.39
2008............................. 18 131,323 12.20
2009............................. 15 89,718 16.02
------ ----------
TOTALS......................... 989 3,732,518 $11.57
- --------
(1) Does not consider the impact of options that may be contained in
leases.
14
SIMON PROPERTY GROUP
LEASE EXPIRATIONS(1)
As of March 31, 2000
Avg. Base Rent
Number of Square per Square Foot
Year Leases Expiring Feet at 3/31/00
---- --------------- --------- ---------------
Community Centers--Anchor Tenants
2000 (4/1--12/31).................. 3 100,529 6.94
2001............................... 13 537,403 4.02
2002............................... 9 334,458 5.74
2003............................... 13 567,872 4.96
2004............................... 14 552,222 4.20
2005............................... 14 642,128 6.15
2006............................... 9 511,812 5.62
2007............................... 11 466,173 6.24
2008............................... 10 399,235 7.91
2009............................... 16 703,913 6.75
--- ---------
TOTALS........................... 112 4,815,745 $5.74
- --------
(1) Does not consider the impact of options that may be contained in
leases.
15
SIMON PROPERTY GROUP
SPG'S SHARE OF TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR
As of March 31, 2000
(In thousands)
SPG's Share SPG's Share SPG's Share of
of Secured of Unsecured Unconsolidated SPG's Share
Consolidated Consolidated Joint Venture of Total
Year Debt Debt Secured Debt Debt
- ---- ------------ ------------ -------------- -----------
2000.................... 0 46,183 500,000 204,348 750,531
2001.................... 1 247,401 450,000 117,521 814,922
2002.................... 2 418,460 500,000 88,115 1,006,575
2003.................... 3 629,279 1,385,000 324,016 2,338,295
2004.................... 4 322,506 700,000 184,303 1,206,810
2005.................... 5 110,226 660,000 143,823 914,048
2006.................... 6 132,603 250,000 255,615 638,218
2007.................... 7 495,129 180,000 111,842 786,971
2008.................... 8 43,761 200,000 294,147 537,908
2009.................... 9 330,385 450,000 39,324 819,709
Thereafter.............. 109,398 525,000 100,000 734,398
---------- ---------- ---------- -----------
Subtotal Face Amounts... $2,885,332 $5,800,000 $1,863,054 $10,548,386
---------- ---------- ---------- -----------
Premiums and Discounts
on Indebtedness, Net... (876) 4,658 11,226 15,008
---------- ---------- ---------- -----------
SPG's Share of Total
Indebtedness........... $2,884,455 $5,804,658 $1,874,281 $10,563,394
========== ========== ========== ===========
16
SIMON PROPERTY GROUP
Summary of Indebtedness
As of March 31, 2000
(In thousands)
SPG's Weighted Avg.
Total Share of Weighted Avg. Years to
Indebtedness Indebtedness Interest Rate Maturity
------------ ------------ ------------- -------------
Consolidated Indebtedness
Mortgage Debt
Fixed Rate(1)......... 2,528,865 2,380,197 7.40% 6.2
Other Hedged Debt..... 51,000 51,000 8.42% 2.7
Floating Rate Debt.... 462,708 454,135 7.42% 3.2
--------- ---------- ---- ---
Total Mortgage
Debt............... 3,042,573 2,885,332 7.42% 5.7
Unsecured Debt
Fixed Rate............ 3,790,000 3,790,000 7.17% 6.9
Floating Rate Debt.... 250,000 250,000 6.93% 2.1
--------- ---------- ---- ---
Subtotal............ 4,040,000 4,040,000 7.15% 6.6
Acquisition Facility.. 950,000 950,000 6.78% 0.7
Revolving Corporate
Credit Facility...... 670,000 670,000 6.78% 3.4
Revolving Corporate
Credit Facility
(Hedged)............. 140,000 140,000 6.78% 3.4
--------- ---------- ---- ---
Total Unsecured
Debt............... 5,800,000 5,800,000 7.04% 5.2
Adjustment to Fair
Market Value--Fixed
Rate................... 1,753 2,996 N/A N/A
Adjustment to Fair
Market Value--Variable
Rate................... 785 786 N/A N/A
--------- ---------- ---- ---
Consolidated Mortgages
and Other Indebtedness.. 8,845,111 8,689,113 7.17% 5.3
========= ========== ==== ===
Joint Venture Mortgage
Indebtedness
Fixed Rate............ 3,046,991 1,342,527 7.65% 6.0
Other Hedged Debt..... 743,216 237,070 6.99% 3.2
Floating Rate Debt.... 691,549 283,458 7.45% 2.1
--------- ---------- ---- ---
Subtotal............ 4,481,756 1,863,054 7.54% 5.0
Adjustment to Fair
Market Value--Fixed
Rate................... 20,622 11,226 N/A N/A
--------- ---------- ---- ---
Joint Venture Mortgages
and Other Indebtedness.. 4,502,378 1,874,281 7.54% 5.0
========= ========== ==== ===
SPG's Share of Total
Indebtedness............ 10,563,394 7.23% 5.3
========== ==== ===
- --------
(1) Includes $185,000 of variable rate debt, of which $148,969 is SPG's
share, that is effectively fixed to maturity through the use of interest
rate hedges.
17
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Consolidated
Indebtedness
Fixed Rate Mortgage
Debt:
Windsor Park Mall--1.. 6/1/00 8.00% 5,671 5,671
Trolley Square--1..... 7/23/00 5.81% 19,000 17,100
Other................. 4/1/00 9.75% 6 6
------- -------
Subtotal 2000....... 24,677 22,777 6.36%
Biltmore Square....... 1/1/01 7.15% 25,525 17,025
Chesapeake Square..... 1/1/01 7.28% 46,367 34,775
Port Charlotte Town
Center--1............ 1/1/01 7.28% 51,934 41,547
Great Lakes Mall--1... 3/1/01 6.74% 52,632 52,632
Great Lakes Mall--2... 3/1/01 7.07% 8,489 8,489
Orland Square......... 9/1/01 7.74% 50,000 50,000
Other................. 11/30/01 8.50% 1 1
------- -------
Subtotal 2001....... 234,948 204,470 7.23%
Lima Mall--1.......... 3/1/02 7.12% 14,180 14,180
Lima Mall--2.......... 3/1/02 7.12% 4,723 4,723
Columbia Center....... 3/15/02 7.62% 42,326 42,326
Northgate Shopping
Center............... 3/15/02 7.62% 79,035 79,035
Tacoma Mall........... 3/15/02 7.62% 92,474 92,474
River Oaks Center..... 6/1/02 8.67% 32,500 32,500
North Riverside Park
Plaza--1............. 9/1/02 9.38% 3,748 3,748
North Riverside Park
Plaza--2............. 9/1/02 10.00% 3,599 3,599
Palm Beach Mall....... 12/15/02 7.50% 49,142 49,142
Other................. 5/31/02 6.80% 567 567
Other................. 12/1/02 8.00% 819 819
------- -------
Subtotal 2002....... 323,113 323,113 7.72%
Principal Mutual
Mortgages--Pool
1(1)................. 3/15/03 6.79% 103,239 103,239
Principal Mutual
Mortgages--Pool
2(2)................. 3/15/03 6.77% 137,645 137,645
Century III Mall...... 7/1/03 6.78% 66,000 66,000
Miami International
Mall................. 12/21/03 6.91% 45,773 27,464
------- -------
Subtotal 2003....... 352,657 334,348 6.79%
Battlefield Mall--1... 1/1/04 7.50% 47,309 47,309
Battlefield Mall--2... 1/1/04 6.81% 44,441 44,441
Forum Phase I--Class
A-2.................. 5/15/04 6.19% 44,386 26,632
Forum Phase II--Class
A-2.................. 5/15/04 6.19% 40,614 22,338
Forum Phase I--Class
A-1.................. 5/15/04 7.13% 46,996 28,198
Forum Phase II--Class
A-1.................. 5/15/04 7.13% 43,004 23,652
------- -------
Subtotal 2004....... 266,750 192,569 6.91%
Tippecanoe Mall--
1(3)................. 1/1/05 8.45% 45,283 45,283
Tippecanoe Mall--
2(3)................. 1/1/05 6.81% 15,801 15,801
Melbourne Square...... 2/1/05 7.42% 38,746 38,746
Cielo Vista Mall--2... 11/1/05 8.13% 1,676 1,676
------- -------
Subtotal 2005....... 101,506 101,506 7.80%
18
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Treasure Coast
Square--1............ 1/1/06 7.42% 52,220 52,220
Treasure Coast
Square--2............ 1/1/06 8.06% 11,968 11,968
Gulf View Square...... 10/1/06 8.25% 36,914 36,914
Paddock Mall.......... 10/1/06 8.25% 29,359 29,359
------- -------
Subtotal 2006....... 130,461 130,461 7.90%
Lakeline Mall......... 5/1/07 7.65% 71,984 71,984
Cielo Vista Mall--
1(4)................. 5/1/07 9.38% 54,321 54,321
Cielo Vista Mall--
3(4)................. 5/1/07 6.76% 38,477 38,477
McCain Mall--1(4)..... 5/1/07 9.38% 25,365 25,365
McCain Mall--2(4)..... 5/1/07 6.76% 17,759 17,759
Valle Vista Mall--
1(4)................. 5/1/07 9.38% 33,595 33,595
Valle Vista Mall--
2(4)................. 5/1/07 6.81% 7,894 7,894
University Park Mall.. 10/1/07 7.43% 59,500 35,700
CMBS Loan--Variable
Component(5)......... 12/15/07 6.16% 50,000 50,000
CMBS Loan--Fixed
Component............ 12/15/07 7.31% 175,000 175,000
------- -------
Subtotal 2007....... 533,895 510,095 7.64%
Arsenal Mall--1....... 9/28/08 6.75% 34,538 34,538
------- -------
Subtotal 2008....... 34,538 34,538 6.75%
College Mall--1(3).... 1/1/09 7.00% 41,347 41,347
College Mall--2(3).... 1/1/09 6.76% 11,850 11,850
Greenwood Park Mall--
1(3)................. 1/1/09 7.00% 34,629 34,629
Greenwood Park Mall--
2(3)................. 1/1/09 6.76% 61,227 61,227
Towne East Square--
1(3)................. 1/1/09 7.00% 54,667 54,667
Towne East Square--
2(3)................. 1/1/09 6.81% 24,690 24,690
Bloomingdale Court.... 10/1/09 7.78% 29,815 29,815
Forest Plaza.......... 10/1/09 7.78% 16,353 16,353
Lake View Plaza....... 10/1/09 7.78% 21,738 21,738
Lakeline Plaza........ 10/1/09 7.78% 23,832 23,832
Lincoln Crossing...... 10/1/09 7.78% 3,291 3,291
Matteson Plaza........ 10/1/09 7.78% 9,573 9,573
Muncie Plaza.......... 10/1/09 7.78% 8,276 8,276
Regency Plaza......... 10/1/09 7.78% 4,487 4,487
St. Charles Towne
Plaza................ 10/1/09 7.78% 28,718 28,718
West Ridge Plaza...... 10/1/09 7.78% 5,784 5,784
White Oaks Plaza...... 10/1/09 7.78% 17,650 17,650
------- -------
Subtotal 2009....... 397,927 397,927 7.28%
Windsor Park Mall--2.. 5/1/12 8.00% 8,720 8,720
------- -------
Subtotal 2012....... 8,720 8,720 8.00%
Chesapeake Center..... 5/15/15 8.44% 6,563 6,563
Grove at Lakeland
Square, The.......... 5/15/15 8.44% 3,750 3,750
Terrace at Florida
Mall, The............ 5/15/15 8.44% 4,688 4,688
------- -------
Subtotal 2015....... 15,001 15,001 8.44%
19
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Arsenal Mall--2....... 5/15/16 8.20% 2,243 2,243
--------- ---------
Subtotal 2016....... 2,243 2,243 8.20%
Sunland Park Mall..... 1/1/26 8.63% 39,024 39,024
--------- ---------
Subtotal 2026....... 39,024 39,024 8.63%
Keystone at the
Crossing............. 7/1/27 7.85% 63,405 63,405
--------- ---------
Subtotal 2027....... 63,405 63,405 7.85%
--------- --------- ----
Total Consolidated
Fixed Rate Mortgage
Debt............... 2,528,865 2,380,197 7.40%
========= ========= ====
Variable Rate Mortgage
Debt:
Trolley Square........ 7/23/00 7.63% 8,141 7,327
--------- ---------
Subtotal 2000....... 8,141 7,327 7.63%
Crystal River......... 1/1/01 9.13% 15,292 15,292
White Oaks Mall....... 3/1/01 7.66% 16,500 9,062
--------- ---------
Subtotal 2001....... 31,792 24,354 8.59%
Highland Lakes
Center............... 3/1/02 7.63% 14,377 14,377
Eastgate Consumer
Mall(6).............. 3/30/02 7.13% 22,929 22,929
Mainland Crossing..... 3/31/02 7.63% 1,603 1,282
Randall Park Mall--
1(6)................. 12/11/02 8.23% 35,000 35,000
Randall Park Mall--
2(6)................. 12/11/02 11.13% 5,000 5,000
--------- ---------
Subtotal 2002....... 78,909 78,588 7.98%
Jefferson Valley
Mall(6).............. 1/11/03 7.38% 60,000 60,000
Raleigh Springs Mall.. 2/23/03 7.78% 11,000 11,000
Richmond Towne
Square(6)............ 7/15/03 7.13% 49,766 49,766
Shops @ Mission
Viejo(6)............. 8/31/03 7.18% 122,480 122,480
Arboretum(6).......... 11/30/03 7.63% 34,000 34,000
--------- ---------
Subtotal 2003....... 277,246 277,246 7.30%
North East Mall(6).... 5/20/04 7.51% 84,330 84,330
Waterford Lakes(6).... 8/15/04 7.53% 33,290 33,290
--------- ---------
Subtotal 2004....... 117,620 117,620 7.51%
--------- ---------
Total Variable Rate
Mortgage Debt...... 513,708 505,135 7.52%
========= ========= ====
Total Consolidated
Mortgage Debt...... 2,885,332 7.42%
========= ====
20
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Fixed Rate Unsecured
Debt:
Unsecured Notes--CPI
1.................... 3/15/02 9.00% 250,000 250,000
--------- ---------
Subtotal 2002....... 250,000 250,000 9.00%
Unsecured Notes--CPI
2.................... 4/1/03 7.05% 100,000 100,000
SPG, LP (Bonds)....... 6/15/03 6.63% 375,000 375,000
SPG, LP (PATS)........ 11/15/03 6.75% 100,000 100,000
--------- ---------
Subtotal 2003....... 575,000 575,000 6.72%
SCA (Bonds)........... 1/15/04 6.75% 150,000 150,000
SPG, LP (Bonds)....... 2/9/04 6.75% 300,000 300,000
SPG, LP (Bonds)....... 7/15/04 6.75% 100,000 100,000
Unsecured Notes--CPI
3.................... 8/15/04 7.75% 150,000 150,000
--------- ---------
Subtotal 2004....... 700,000 700,000 6.96%
SCA (Bonds)........... 5/15/05 7.63% 110,000 110,000
SPG, LP (Bonds)....... 6/15/05 6.75% 300,000 300,000
SPG, LP (MTN)......... 6/24/05 7.13% 100,000 100,000
SPG, LP (Bonds)....... 10/27/05 6.88% 150,000 150,000
--------- ---------
Subtotal 2005....... 660,000 660,000 6.98%
SPG, LP (Bonds)....... 11/15/06 6.88% 250,000 250,000
--------- ---------
Subtotal 2006....... 250,000 250,000 6.88%
SPG, LP (MTN)......... 9/20/07 7.13% 180,000 180,000
--------- ---------
Subtotal 2007....... 180,000 180,000 7.13%
SPG, LP (MOPPRS)...... 6/15/08 7.00% 200,000 200,000
--------- ---------
Subtotal 2008....... 200,000 200,000 7.00%
SPG, LP (Bonds)....... 2/9/09 7.13% 300,000 300,000
SPG, LP (Bonds)....... 7/15/09 7.00% 150,000 150,000
--------- ---------
Subtotal 2009....... 450,000 450,000 7.08%
Unsecured Notes--CPI
4.................... 9/1/13 7.18% 75,000 75,000
--------- ---------
Subtotal 2013....... 75,000 75,000 7.18%
Unsecured Notes--CPI
5.................... 3/15/16 7.88% 250,000 250,000
--------- ---------
Subtotal 2016....... 250,000 250,000 7.88%
SPG, LP (Bonds)....... 6/15/18 7.38% 200,000 200,000
--------- ---------
Subtotal 2018....... 200,000 200,000 7.38%
--------- ---------
Total Unsecured
Fixed Rate Debt.... 3,790,000 3,790,000 7.17%
========= =========
21
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Variable Rate Unsecured
Debt:
Acquisition Facility--
3.................... 9/24/00 6.78% 500,000 500,000
--------- ---------
Subtotal 2000....... 500,000 500,000 6.78%
Acquisition Facility--
2.................... 3/24/01 6.78% 450,000 450,000
--------- ---------
Subtotal 2001....... 450,000 450,000 6.78%
SPG, L.P. Unsecured
Loan--1(6)........... 2/28/02 6.93% 150,000 150,000
SPG, L.P. Unsecured
Loan--2(6)........... 9/3/02 6.93% 100,000 100,000
--------- ---------
Subtotal 2002....... 250,000 250,000 6.93%
Corporate Revolving
Credit Facility(6)... 8/25/03 6.78% 810,000 810,000
--------- ---------
Subtotal 2003....... 810,000 810,000 6.78%
--------- ---------
Total Unsecured
Variable Rate
Debt............... 2,010,000 2,010,000 6.80%
========= =========
Total Unsecured
Debt............... 5,800,000 7.04%
=========
Net Premium on Fixed-
Rate Indebtedness.... 1,753 2,996 N/A
Net Premium on
Variable-Rate
Indebtedness......... 785 786 N/A
Total Consolidated
Debt............... 8,689,113 7.17%
Joint Venture
Indebtedness
Fixed Rate Mortgage
Debt:
Emerald Square
Mall(7).............. 4/1/00 9.16% 157,500 77,392
Coral Square.......... 12/1/00 7.40% 53,300 26,650
--------- ---------
Subtotal 2000....... 210,800 104,042 8.71%
Atrium at Chestnut
Hill--1.............. 4/1/01 7.29% 42,669 20,966
Atrium at Chestnut
Hill--2.............. 4/1/01 8.16% 11,682 5,740
Highland Mall--2...... 10/1/01 8.50% 172 86
Highland Mall--3...... 11/1/01 9.50% 1,669 835
Square One............ 12/1/01 8.40% 105,511 51,845
--------- ---------
Subtotal 2001....... 161,703 79,473 8.10%
Crystal Mall.......... 2/1/03 8.66% 48,953 36,504
Avenues, The.......... 5/15/03 8.36% 56,745 14,186
--------- ---------
Subtotal 2003....... 105,698 50,690 8.58%
Solomon Pond.......... 2/1/04 7.83% 95,992 47,168
Northshore Mall....... 5/14/04 9.05% 161,000 79,111
Indian River Commons.. 11/1/04 7.58% 8,399 4,200
Indian River Mall..... 11/1/04 7.58% 46,602 23,301
--------- ---------
Subtotal 2004....... 311,993 153,780 8.41%
22
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Westchester, The--1... 9/1/05 8.74% 150,524 75,262
Westchester, The--2... 9/1/05 7.20% 53,539 26,770
Cobblestone Court..... 11/30/05 7.22% 6,180 2,163
Crystal Court......... 11/30/05 7.22% 3,570 1,250
Fairfax Court......... 11/30/05 7.22% 10,320 2,709
Gaitway Plaza......... 11/30/05 7.22% 7,350 1,715
Plaza at Buckland
Hills, The........... 11/30/05 7.22% 17,680 6,055
Ridgewood Court....... 11/30/05 7.22% 7,980 2,793
Royal Eagle Plaza..... 11/30/05 7.22% 7,920 2,772
Village Park Plaza.... 11/30/05 7.22% 8,960 3,136
West Town Corners..... 11/30/05 7.22% 10,330 2,411
Westland Park Plaza... 11/30/05 7.22% 4,950 1,155
Willow Knolls Court... 11/30/05 7.22% 6,490 2,272
Yards Plaza, The...... 11/30/05 7.22% 8,270 2,895
------- -------
Subtotal 2005....... 304,063 133,357 8.07%
Seminole Towne
Center............... 1/1/06 6.88% 70,500 31,725
CMBS Loan--Fixed
Component (IBM)(8)... 5/1/06 7.41% 300,000 150,000
Great Northeast
Plaza................ 6/1/06 9.04% 17,479 8,740
Smith Haven Mall...... 6/1/06 7.86% 115,000 28,750
Mall of Georgia
Crossing(6).......... 6/9/06 7.25% 24,077 12,039
Greendale Mall........ 11/1/06 8.23% 41,958 20,617
------- -------
Subtotal 2006....... 569,014 251,870 7.51%
Town Center at Cobb--
1.................... 4/1/07 7.54% 50,117 25,059
Town Center at Cobb--
2.................... 4/1/07 7.25% 65,312 32,656
Gwinnett Place--1..... 4/1/07 7.54% 39,336 19,668
Gwinnett Place--2..... 4/1/07 7.25% 85,821 42,911
------- -------
Subtotal 2007....... 240,586 120,293 7.36%
Metrocenter........... 2/28/08 8.45% 30,697 15,349
Aventura Mall--A...... 4/6/08 6.55% 141,000 47,000
Aventura Mall--B...... 4/6/08 6.60% 25,400 8,467
Aventura Mall--C...... 4/6/08 6.89% 33,600 11,200
West Town Mall........ 5/1/08 6.90% 76,000 38,000
Mall of New
Hampshire--1......... 10/1/08 6.96% 104,533 51,365
Mall of New
Hampshire--2......... 10/1/08 8.53% 8,469 4,161
Grapevine Mills....... 10/1/08 6.47% 155,000 58,125
Ontario Mills--5...... 11/2/08 6.75% 143,382 35,846
Source, The........... 11/6/08 6.65% 124,000 31,000
------- -------
Subtotal 2008....... 842,081 300,512 6.82%
Apple Blossom Mall.... 9/10/09 7.99% 40,851 20,073
Auburn Mall........... 9/10/09 7.99% 47,825 23,500
Highland Mall--1...... 12/1/09 9.75% 7,377 3,689
Ontario Mills--4...... 12/28/09 n/a 5,000 1,250
------- -------
Subtotal 2009....... 101,053 48,512 7.92%
23
SIMON PROPERTY GROUP
SUMMARY OF INDEBTEDNESS BY MATURITY
As of March 31, 2000
(In thousands)
SPG's Weighted Avg
Maturity Interest Total Share of Interest
Property Name Date Rate Indebtedness Indebtedness Rate by Year
------------- -------- -------- ------------ ------------ ------------
Mall of Georgia....... 7/1/10 7.09% 200,000 100,000
--------- ----------
Subtotal 2010....... 200,000 100,000 7.09%
--------- ----------
Total Joint Venture
Fixed Rate Mortgage
Debt............... 3,046,991 1,342,527 7.65%
========= ==========
Variable Rate Mortgage
Debt:
Mall at Rockingham.... 8/24/00 7.93% 100,000 24,569
Dadeland Mall......... 12/10/00 6.83% 140,000 70,000
--------- ----------
Subtotal 2000....... 240,000 94,569 7.12%
Tower Shops, The...... 3/13/01 7.33% 12,900 6,450
Liberty Tree Mall--1.. 10/1/01 7.63% 47,165 23,176
Liberty Tree Mall--2.. 10/1/01 10.29% 8,350 4,103
--------- ----------
Subtotal 2001....... 68,415 33,729 7.90%
Montreal Forum........ 1/31/02 7.00% 11,011 3,923
Arizona Mills(6)...... 2/1/02 7.43% 142,216 37,425
Shops at Sunset Place,
The(6)............... 6/30/02 7.38% 107,864 40,449
--------- ----------
Subtotal 2002....... 261,091 81,797 7.39%
Cape Cod Mall(6)...... 4/1/03 7.93% 62,450 30,686
CMBS Loan--Floating
Component (IBM)(8)... 5/1/03 6.63% 184,500 92,250
Mall of America....... 11/19/03 7.00% 312,000 85,800
Concord Mills(6)...... 12/2/03 7.48% 166,419 62,407
--------- ----------
Subtotal 2003....... 725,369 271,143 7.09%
Circle Centre Mall--
1(6)................. 1/31/04 6.57% 60,000 8,802
Circle Centre Mall--
2(6)................. 1/31/04 7.63% 7,500 1,100
Orlando Premium
Outlets(6)........... 2/12/04 7.63% 35,390 17,695
--------- ----------
Subtotal 2004....... 102,890 27,597 7.29%
Northfield Square(6).. 3/30/05 8.63% 37,000 11,692
--------- ----------
Subtotal 2005....... 37,000 11,692 8.63%
--------- ---------- ----
Total Joint Venture
Variable Rate
Debt............... 1,434,765 520,527 7.24%
========= ========== ====
CMBS Loan--Fixed
Premium.............. 17,967 9,282
Net Premium on NED
Fixed-Rate
Indebtedness......... 2,655 1,944
Total Joint Venture
Debt............... 1,874,281 7.54%
SPG's Share of Total
Indebtedness....... 10,563,394 7.23%
- --------
(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 TIAA Pool is secured by cross-collateralized and cross-defaulted
mortgages encumbering these four Properties.
(4) This TIAA 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) This mortgage was refinanced through April 1, 2005.
(8) These Commercial Mortgage Notes are secured by cross-collateralized
mortgages encumbering thirteen of the Properties. A weighted average rate
is used.
24
SIMON PROPERTY GROUP
SUMMARY OF VARIABLE RATE DEBT AND INTEREST RATE PROTECTION AGREEMENTS
As of March 31, 2000
(In thousands)
Principal Interest
Maturity Balance SPG SPG's Share of Rate Terms of
Property Name Date 3/31/00 Ownership % Loan Balance 3/31/00 Variable Rate
------------- -------- --------- ----------- -------------- -------- --------------
Consolidated Properties:
Variable Rate Debt Effectively
Fixed to Maturity:
Orland Square................................. 9/1/01 50,000 100.00% 50,000 7.742% LIBOR + 0.500%
Forum Phase I--Class A-2...................... 5/15/04 44,386 60.00% 26,632 6.190% LIBOR + 0.300%
Forum Phase II--Class A-2..................... 5/15/04 40,614 55.00% 22,338 6.190% LIBOR + 0.300%
CMBS Loan--Variable Component................. 12/15/07 50,000 100.00% 50,000 6.155% LIBOR + 0.365%
--------- ---------
Terms of
Interest
Rate Protection
Agreement
- -------------------------------
LIBOR Swapped at
7.24% through
maturity.
Through an
interest rate
protection
agreement,
effectively
fixed at an all-
in-one rate of
6.19%.
Through an
interest rate
protection
agreement,
effectively
fixed at an all-
in-one rate of
6.19%.
Through an
interest rate
protection
agreement,
effectively
fixed at an all-
in-one rate of
6.16%.
185,000 148,969
========= =========
Other Hedged Debt:
Randall Park Mall--1.......................... 12/11/02 35,000 100.00% 35,000 8.233% LIBOR + 2.100%
Randall Park Mall--2.......................... 12/11/02 5,000 100.00% 5,000 11.133% LIBOR + 5.000%
Raleigh Springs Mall.......................... 2/23/03 11,000 100.00% 11,000 7.783% LIBOR + 1.650%
LIBORUCappednatsecured Revolving Credit 8/25/03 140,000 100.00% 140,000 6.783% LIBOR + 0.650%
a rateFofa7.40%cility--(1.25B-capped)..................... --------- ---------
through
maturity.
LIBOR Capped at
a rate of 7.40%
through
maturity.
LIBOR Capped at
a rate of 8.35%
through
September 10,
2001.
Subject to an
11.53% LIBOR cap
on $90M and a
16.77% LIBOR cap
on $50M.
191,000 191,000
========= =========
Floating Rate Debt:
Trolley Square................................ 11/12/00 8,141 100.00% 7,327 7.958% LIBOR + 1.825%
CPI Merger Facility--3 (1.4B)................. 9/24/00 500,000 100.00% 500,000 6.783% LIBOR + 0.650%
Crystal River................................. 1/1/01 15,292 100.00% 15,292 9.133% LIBOR + 3.000%
White Oaks Mall............................... 3/1/01 16,500 54.92% 9,062 7.663% LIBOR + 1.300%
CPI Merger Facility--2 (1.4B)................. 3/24/01 450,000 100.00% 450,000 6.783% LIBOR + 0.650%
SPG, L.P. Unsecured Loan--1................... 2/28/02 150,000 100.00% 150,000 6.933% LIBOR + 0.800%
Highland Lakes Center......................... 3/1/02 14,377 100.00% 14,377 7.633% LIBOR + 1.500%
Eastgate Consumer Mall........................ 3/30/02 22,929 100.00% 22,929 7.133% LIBOR + 1.000%
Mainland Crossing............................. 3/31/02 1,603 80.00% 1,282 7.633% LIBOR + 1.500%
SPG, L.P. Unsecured Loan--2................... 9/3/02 100,000 100.00% 100,000 6.933% LIBOR + 0.800%
Jefferson Valley Mall......................... 1/11/03 60,000 100.00% 60,000 7.383% LIBOR + 1.250%
Richmond Towne Square......................... 7/15/03 49,766 100.00% 49,766 7.133% LIBOR + 1.000%
Unsecured Revolving Credit Facility--(1.25B).. 8/25/03 670,000 100.00% 670,000 6.783% LIBOR + 0.650%
Shops @ Mission Viejo......................... 8/31/03 122,480 100.00% 122,480 7.183% LIBOR + 1.050%
Arboretum..................................... 11/30/03 34,000 100.00% 34,000 7.633% LIBOR + 1.500%
North East Mall............................... 5/20/04 84,330 100.00% 84,330 7.508% LIBOR + 1.375%
Waterford Lakes............................... 8/15/04 33,290 100.00% 33,290 7.533% LIBOR + 1.400%
--------- ---------
2,332,708 2,324,135
========= =========
90-day LIBOR set
on February 29,
2000.
25
SIMON PROPERTY GROUP
SUMMARY OF VARIABLE RATE DEBT AND INTEREST RATE PROTECTION AGREEMENTS
As of March 31, 2000
(In thousands)
Terms of
Principal Interest Interest
Maturity Balance SPG SPG's Share of Rate Terms of Rate Protection
Property Name Date 3/31/00 Ownership % Loan Balance 3/31/00 Variable Rate Agreement
------------- -------- --------- ----------- -------------- -------- --------------- ----------------
Joint Venture Properties:
Other Hedged Debt:
Arizona Mills........................ 2/1/02 142,216 26.32% 37,425 7.433% LIBOR + 1.300% LIBOR Capped at
9.50% through
maturity.
CMBS Loan--Floating Component (IBM).. 5/1/03 184,500 50.00% 92,250 6.631% See Footnote(1) The Operating
Partnership took
assignment of an
interest rate
protection
agreement (LIBOR
cap of 11.67%)
relating to this
debt.
Circle Centre Mall--1................ 1/31/04 60,000 14.67% 8,802 6.573% LIBOR + 0.440% LIBOR Capped at
8.81% through
maturity.
Circle Centre Mall--2................ 1/31/04 7,500 14.67% 1,100 7.633% LIBOR + 1.500% LIBOR Capped at
7.75% through
maturity.
Mall of America...................... 11/19/03 312,000 27.50% 85,800 7.003% LIBOR + .870% LIBOR Capped at
8.13% through
April 30, 2000.
Northfield Square.................... 3/30/05 37,000 31.60% 11,692 8.633% LIBOR + 2.500% LIBOR Capped at
------- ------- 8.13% through
April 30, 2000.
743,216 237,070
======= =======
Floating Rate Debt:
Mall at Rockingham................... 8/24/00 100,000 24.57% 24,569 7.933% LIBOR + 1.800%
Dadeland Mall........................ 12/10/00 140,000 50.00% 70,000 6.833% LIBOR + 0.700%
Tower Shops, The..................... 3/13/01 12,900 50.00% 6,450 7.333% LIBOR + 1.200%
Liberty Tree Mall--1................. 10/1/01 47,165 49.14% 23,176 7.633% LIBOR + 1.500%
Liberty Tree Mall--2................. 10/1/01 8,350 49.14% 4,103 10.293% LIBOR + 4.160%
Montreal Forum....................... 1/31/02 11,011 35.63% 3,923 7.000% Canadian Prime
Shops at Sunset Place, The........... 6/30/02 107,864 37.50% 40,449 7.383% LIBOR + 1.250% Rate can be
reduced based
upon project
performance.
Cape Cod Mall........................ 4/1/03 62,450 49.14% 30,686 7.933% LIBOR + 1.800%
Concord Mills........................ 12/2/03 166,419 37.50% 62,407 7.483% LIBOR + 1.350%
Orlando Premium Outlets.............. 2/12/04 35,390 50.00% 17,695 7.633% LIBOR + 1.500% Rate can be
------- ------- reduced based
upon project
performance.
691,549 283,458
======= =======
- -------
Footnote:
(1) Represents the weighted average interest rate.
26
SIMON PROPERTY GROUP
NEW DEVELOPMENT ACTIVITIES
As of March 31, 2000
Simon Non-Anchor
Group's Actual/ Sq. Footage
Ownership Projected Projected Cost Leased/ GLA
Mall/Location Percentage Opening (in millions) Committed(1) (sq. ft.)
------------- ---------- --------- -------------- ------------ ---------
Projects Under
Construction
Orlando Premium
Outlets................ 50% 5/00 $91 93% 430,000
Orlando, FL
Anchors/Major Tenants: Versace Company Store, Bottega Veneta, Timberland, Nike
Factory Store, Liz Claiborne Shoes, Mikasa, Banana
Republic Factory Store, Nautica, Coach, Tommy Hilfiger,
Dooney & Bourke
Arundel Mills........... 37.5% 11/00 $252 (2) 1,300,000
Anne Arundel, MD
Anchors/Major Tenants: Jillian's, Bed Bath & Beyond, Sun & Ski Sports, Iguana
Amerimex, Muvico, Books-A-Million, Black Lion, For Your
Entertainment, Off 5th-Saks Fifth Avenue
Waterford Lakes Town
Center................. 100.0% 11/00 $84 99% 985,000
Orlando, FL (Phase I & II) (Phase I)
Anchors/Major Tenants: Phase I opened 11/99--560,000 sq. ft.--anchor tenants:
Super Target, TJMaxx, Ross Dress for Less, Bed Bath &
Beyond, Barnes & Noble, Old Navy (6/00), Regal 20-Plex
Theatre, Zany Brainy (5/00) and Dress Barn. Phase II to
open 11/00--425,000 sq. ft.--anchor tenants: OfficeMax,
PetsMart and Best Buy
- --------
(1) Community Center leased/committed percentage includes owned anchor GLA.
(2) Leasing still in preliminary stage.
27
SIMON PROPERTY GROUP
SIGNIFICANT RENOVATION/EXPANSION ACTIVITIES
As of March 31, 2000
Simon New or
Group's Actual/ Projected GLA Before Incremental
Ownership Projected Cost (in Renov/Expan GLA
Mall/Location Percentage Opening millions) (sq. ft.) (sq. ft.)
------------- ---------- ----------- --------- ----------- -----------
Projects Under
Construction
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 and new small shops
retrofitted from the existing Dillard's store (to open
11/00)
North East Mall......... 100% 9/99, 9/00 $103 1,141,000 308,000
Hurst, TX & 3/01
Project Description: New Dillard's, mall expansion and parking deck (opened
9/99); Montgomery Ward remodel (opened 10/99); JCPenney
remodel and expansion and parking deck (opened 11/99);
new Saks Fifth Avenue, mall renovation and parking deck
(to open 9/00); new Nordstrom (to open 3/01)
Palm Beach Mall......... 100% 2/00 $ 33 1,205,000 61,000
West Palm Beach, FL & fall 2000
Project Description: JCPenney remodel (opened 11/99); mall renovation and new
Dillard's (opened 2/00); new Borders (opened 4/00), Old
Navy (to open 12/00), Designer Shoe Warehouse and
Burdines remodel (to open Fall 2000)
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 (to open 11/00)
28
SIMON PROPERTY GROUP
Capital Expenditures
For the Three Months Ended March 31, 2000
(In millions)
Joint Venture
Properties
-------------
Simon
Consolidated Group's
Properties Total Share
------------ ----- -------
New Developments.................................... $14.6 $30.0 $12.6
Renovations and Expansions.......................... 42.8 3.0 1.3
Tenant Allowances-Retail............................ 16.1 4.4 1.7
Tenant Allowances-Office............................ 2.8 -- --
Capital Expenditures Recoverable from Tenants....... 4.1 0.8 0.6
Other(1)............................................ -- -- --
----- ----- -----
Totals............................................ $80.4 $38.2 $16.2
===== ===== =====
- --------
(1) Primarily represents capital expenditures not recovered from tenants.
29