SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2012
SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-14469 | 046268599 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
||
225 WEST WASHINGTON STREET INDIANAPOLIS, INDIANA (Address of principal executive offices) |
46204 (Zip Code) |
Registrant's telephone number, including area code: 317.636.1600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.02. Results of Operations and Financial Condition
On July 24, 2012, Simon Property Group, Inc. (the "Registrant") issued a press release containing information on earnings for the quarter ended June 30, 2012 and other matters. A copy of the press release is attached hereto as Exhibit 99.2 and the information in the press release is incorporated by reference into this report.
The Registrant is furnishing the information contained herein, including Exhibit 99.2, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the "SEC"). This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.
Item 7.01. Regulation FD Disclosure
On July 24, 2012, the Registrant made available additional operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of June 30, 2012 in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.1. The Supplemental Information package is also available upon request as specified therein.
The Registrant is furnishing the information contained herein, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the SEC. This information shall not be deemed to be "filed" with the SEC or incorporated by reference into any other filing with the SEC.
This report contains measures of financial or operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"), including funds from operations ("FFO"), diluted FFO per share and net operating income ("NOI"). FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.
Reconciliations of each of the non-GAAP measures used in this report to the most-directly comparable GAAP measure are included.
Item 9.01. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Exhibit No. | Description | Page Number in This Filing |
||
---|---|---|---|---|
99.1 | Supplemental Information as of June 30, 2012 | 5 | ||
99.2 | Earnings Release for the quarter ended June 30, 2012 | 56-66 |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: July 24, 2012
SIMON PROPERTY GROUP, INC. | ||||
By: |
/s/ STEPHEN E. STERRETT Stephen E. Sterrett, Senior Executive Vice President and Chief Financial Officer |
3
SIMON PROPERTY GROUP
Table of Contents
As of June 30, 2012
Description
|
|
Page | ||
---|---|---|---|---|
Exhibit 99.1 |
Supplemental Information |
5 | ||
|
Company Overview |
|||
|
Overview (reporting calendar, stock information and credit ratings) |
5-6 | ||
|
Changes in Company Common Share and Operating Partnership Unit Ownership |
7 | ||
|
Financial Data |
|||
|
Selected Financial and Equity Information |
8-9 | ||
|
Unaudited Pro-Rata Statements of Operations |
10-12 | ||
|
Unaudited Pro-Rata Balance Sheet |
13 | ||
|
NOI Composition |
14 | ||
|
Analysis of Other Income and Other Expense |
15 | ||
|
Reconciliation of Non-GAAP Financial Measures |
16-18 | ||
|
Operational Data |
|||
|
U.S. Portfolio Overview |
19 | ||
|
U.S. Mall and Premium Outlet Operational Information |
20 | ||
|
U.S. Lease Expirations |
21 | ||
|
U.S. Top Tenants |
22 | ||
|
U.S. The Mills and Community/Lifestyle Center Operational Information |
23 | ||
|
International Operational Information |
24 | ||
|
Property Listing |
25-34 | ||
|
Development Activity |
|||
|
U.S. Anchor/Big Box Openings, 2012-2013 |
35-36 | ||
|
Capital Expenditures |
37 | ||
|
U.S. Development Activity Report |
38-40 | ||
|
International Development Activity Report |
41 | ||
|
Balance Sheet Information |
|||
|
Total Debt Amortization and Maturities by Year |
42 | ||
|
Summary of Indebtedness |
43 | ||
|
Summary of Indebtedness by Maturity |
44-49 | ||
|
Unencumbered Assets |
50-54 | ||
|
Preferred Stock/Units Outstanding |
55 | ||
|
Quarterly Earnings Announcement |
|||
Exhibit 99.2 |
Press Release |
56-66 |
4
The Company
Simon Property Group, Inc., ("Simon," "we," "us," "our," or the "Company") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is a majority-owned subsidiary partnership of the Company. Together, the Company and the Operating Partnership, or Simon Group, are engaged primarily in the ownership, development and management of retail real estate properties including Malls, Premium Outlets®, The Mills®, Community/Lifestyle Centers and International Properties. At June 30, 2012, we owned or had an interest in 337 properties comprising 244 million square feet in North America and Asia. We also have a 28.9% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns over 260 shopping centers in 13 European countries.
This package was prepared to provide operational and balance sheet information as of June 30, 2012, for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in our periodic reports, but otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
We hope you find this Supplemental Package beneficial. Any questions, comments or suggestions should be directed to: Shelly J. Doran, Vice President 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
Overview
Reporting Calendar
Results for the next three quarters will be announced according to the following approximate schedule:
Third Quarter 2012 |
October 26, 2012 | |
Fourth Quarter 2012 |
February 1, 2013 | |
First Quarter 2013 |
April 26, 2013 |
Stock Information
The Company's common stock and one issue of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock |
SPG | |
8.375% Series J Cumulative Redeemable Preferred |
SPGPrJ |
Credit Ratings
Standard & Poor's |
||||
Corporate |
A- | (Stable Outlook) | ||
Senior Unsecured |
A- | (Stable Outlook) | ||
Preferred Stock |
BBB | (Stable Outlook) | ||
Moody's |
||||
Senior Unsecured |
A3 | (Stable Outlook) | ||
Preferred Stock |
Baa1 | (Stable Outlook) | ||
Fitch |
||||
Senior Unsecured |
A- | (Stable Outlook) | ||
Preferred Stock |
BBB | (Stable Outlook) |
6
SIMON PROPERTY GROUP
Changes in Company Common Share and Operating Partnership Unit Ownership
For the Period from December 31, 2011 through June 30, 2012
|
Operating Partnership Units(1) | Company Common Shares(2) | |||||
---|---|---|---|---|---|---|---|
Number Outstanding at December 31, 2011 |
60,858,134 | 293,856,250 | |||||
Activity During the First Quarter of 2012: |
|||||||
Issuance of Common Stock for Stock Option Exercises |
| 712 | |||||
Exchange of Operating Partnership Units for Common Stock |
(90,465 | ) | 90,465 | ||||
Public Offering of Common Stock |
| 9,137,500 | |||||
Restricted Stock Awards and Long-Term Incentive Performance ("LTIP") Units Earned(3) |
337,006 | 12,031 | |||||
Number Outstanding at March 31, 2012 |
61,104,675 |
303,096,958 |
|||||
Activity During the Second Quarter of 2012: |
|||||||
Exchange of Operating Partnership Units for Common Stock |
(130,644 | ) | 130,644 | ||||
Restricted Stock Awards and Long-Term Incentive Performance ("LTIP") Units Earned(3) |
| 102,175 | |||||
Number Outstanding at June 30, 2012 |
60,974,031 |
303,329,777 |
|||||
Details for Diluted Common Shares Outstanding(4): |
|||||||
Company Common Shares Outstanding at June 30, 2012 |
303,329,777 |
||||||
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(5) |
1,042 | ||||||
Diluted Common Shares Outstanding at June 30, 2012(4) |
303,330,819 |
7
SIMON PROPERTY GROUP
Selected Financial and Equity Information
Unaudited
(In thousands, except as noted)
|
As of or for the Three Months Ended June 30, |
As of or for the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
Financial Highlights of the Company |
|||||||||||||
Total RevenueConsolidated Properties |
$ | 1,188,066 | $ | 1,040,861 | $ | 2,307,035 | $ | 2,060,735 | |||||
Consolidated Net Income |
$ | 260,936 | $ | 250,522 | $ | 1,042,765 | $ | 470,188 | |||||
Net Income Attributable to Common Stockholders |
$ | 215,445 | $ | 205,121 | $ | 860,855 | $ | 384,532 | |||||
Basic Earnings per Common Share (EPS) |
$ | 0.71 | $ | 0.70 | $ | 2.87 | $ | 1.31 | |||||
Diluted Earnings per Common Share (EPS) |
$ | 0.71 | $ | 0.70 | $ | 2.87 | $ | 1.31 | |||||
FFO of the Operating Partnership |
$ |
688,769 |
$ |
582,967 |
$ |
1,337,422 |
$ |
1,153,610 |
|||||
Diluted FFO of the Operating Partnership |
$ | 688,769 | $ | 582,967 | $ | 1,337,422 | $ | 1,153,610 | |||||
Basic FFO per Share (FFOPS) |
$ | 1.89 | $ | 1.65 | $ | 3.71 | $ | 3.26 | |||||
Diluted FFO per Share (FFOPS) |
$ | 1.89 | $ | 1.65 | $ | 3.71 | $ | 3.26 | |||||
Distributions per Share |
$ | 1.00 | $ | 0.80 | $ | 1.95 | $ | 1.60 |
8
SIMON PROPERTY GROUP
Selected Financial and Equity Information
Unaudited
(In thousands, except as noted)
|
As of June 30, 2012 |
As of December 31, 2011 |
|||||
---|---|---|---|---|---|---|---|
Stockholders' Equity Information |
|||||||
Limited Partner Units Outstanding at End of Period |
60,974 | 60,858 | |||||
Common Shares Outstanding at End of Period |
303,330 | 293,856 | |||||
Total Common Shares and Units Outstanding at End of Period |
364,304 | 354,714 | |||||
Weighted Average Limited Partnership Units Outstanding |
60,990 | 60,522 | |||||
Weighted Average Common Shares Outstanding: |
|||||||
Basicfor purposes of EPS and FFOPS |
299,473 | 293,504 | |||||
Dilutedfor purposes of EPS |
299,474 | 293,573 | |||||
Dilutedfor purposes of FFOPS |
299,474 | 293,573 | |||||
Simon Group's Debt Information |
|||||||
Share of Consolidated Debt |
$ | 22,295,545 | $ | 18,175,083 | |||
Share of Joint Venture Debt |
5,184,361 | 6,501,508 | |||||
Share of Total Debt |
$ | 27,479,906 | $ | 24,676,591 | |||
Simon Group's Market Capitalization |
|||||||
Common Stock Price at End of Period |
$ | 155.66 | $ | 128.94 | |||
Common Equity Capitalization, including operating partnership units |
$ | 56,707,531 | $ | 45,736,873 | |||
Preferred Equity Capitalization, including operating partnership preferred units |
80,742 | 78,120 | |||||
Total Equity Market Capitalization |
$ | 56,788,273 | $ | 45,814,993 | |||
Total CapitalizationIncluding Simon Group's Share of Total Debt |
$ | 84,268,179 | $ | 70,491,584 | |||
|
As of or for the Six Months Ended June 30, |
||||||
---|---|---|---|---|---|---|---|
|
2012 | 2011 | |||||
Miscellaneous Balance Sheet Data |
|||||||
Interest Capitalized during the Period: |
|||||||
Simon Group's Share of Consolidated Properties |
$ | 12,299 | $ | 1,865 | |||
Simon Group's Share of Joint Venture Properties |
$ | 269 | $ | 239 |
9
On the following pages, we present balance sheet and income statement data on a pro-rata basis reflecting our proportionate economic ownership of each asset in the Simon Group portfolio.
Basis of Presentation: The consolidated amounts shown are prepared on a consistent basis with our consolidated financial statements. The Company's Share of Joint Ventures column was derived on a property-by-property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for noncontrolling interests.
10
SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
|
For the Three Months Ended June 30, 2012 | |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Three Months Ended June 30, 2011 Our Total Share |
||||||||||||||||||
|
Consolidated | Non- Controlling Interests |
Our Consolidated Share |
Our Share of Joint Ventures |
Our Total Share |
||||||||||||||
REVENUE: |
|||||||||||||||||||
Minimum rent |
$ | 746,198 | $ | (6,843 | ) | $ | 739,355 | $ | 167,840 | $ | 907,195 | $ | 840,112 | ||||||
Overage rent |
31,427 | (40 | ) | 31,387 | 14,886 | 46,273 | 34,215 | ||||||||||||
Tenant reimbursements |
330,470 | (3,760 | ) | 326,710 | 76,398 | 403,108 | 372,783 | ||||||||||||
Management fees and other revenues |
28,347 | | 28,347 | | 28,347 | 31,259 | |||||||||||||
Other income |
51,624 | (225 | ) | 51,399 | 18,800 | 70,199 | 75,334 | ||||||||||||
Total revenue |
1,188,066 | (10,868 | ) | 1,177,198 | 277,924 | 1,455,122 | 1,353,703 | ||||||||||||
EXPENSES: |
|||||||||||||||||||
Property operating |
116,018 | (1,962 | ) | 114,056 | 50,260 | 164,316 | 168,494 | ||||||||||||
Depreciation and amortization |
311,863 | (2,173 | ) | 309,690 | 82,055 | 391,745 | 353,685 | ||||||||||||
Real estate taxes |
106,777 | (931 | ) | 105,846 | 20,160 | 126,006 | 117,078 | ||||||||||||
Repairs and maintenance |
26,665 | (369 | ) | 26,296 | 7,170 | 33,466 | 32,292 | ||||||||||||
Advertising and promotion |
28,549 | (305 | ) | 28,244 | 5,834 | 34,078 | 30,182 | ||||||||||||
Provision for credit losses |
2,906 | (64 | ) | 2,842 | (254 | ) | 2,588 | 1,951 | |||||||||||
Home and regional office costs |
35,104 | | 35,104 | | 35,104 | 31,453 | |||||||||||||
General and administrative |
14,733 | | 14,733 | | 14,733 | 8,974 | |||||||||||||
Other |
24,096 | (1,084 | ) | 23,012 | 16,386 | 39,398 | 47,737 | ||||||||||||
Total operating expenses |
666,711 | (6,888 | ) | 659,823 | 181,611 | 841,434 | 791,846 | ||||||||||||
OPERATING INCOME |
521,355 | (3,980 | ) | 517,375 | 96,313 | 613,688 | 561,857 | ||||||||||||
Interest expense |
(288,560 | ) | 2,126 | (286,434 | ) | (67,047 | ) | (353,481 | ) | (326,920 | ) | ||||||||
Income tax expense of taxable REIT subsidiaries |
(991 | ) | | (991 | ) | | (991 | ) | (703 | ) | |||||||||
Income (loss) from unconsolidated entities(1) |
29,132 | | 29,132 | (29,266 | ) | (134 | ) | | |||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
| | | | | 14,349 | |||||||||||||
CONSOLIDATED NET INCOME |
260,936 | (1,854 | ) | 259,082 | | 259,082 | 248,583 | ||||||||||||
Net income attributable to noncontrolling interests |
44,657 | (1,854 | ) | 42,803 | | 42,803 | 42,628 | ||||||||||||
Preferred dividends |
834 | | 834 | | 834 | 834 | |||||||||||||
NET INCOME ATTRIBUTABLE TO |
|||||||||||||||||||
COMMON STOCKHOLDERS |
$ | 215,445 | $ | | $ | 215,445 | $ | | $ | 215,445 | $ | 205,121 | |||||||
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO(2) |
|||||||||||||||||||
Consolidated Net Income |
$ | 260,936 | $ | | $ | 260,936 | $ | 250,522 | |||||||||||
Adjustments to Consolidated Net Income to Arrive at FFO: |
|||||||||||||||||||
Depreciation and amortization from consolidated properties |
308,186 | | 308,186 | 257,770 | |||||||||||||||
Simon's share of depreciation and amortization from unconsolidated entities, including Klépierre |
| 124,989 | 124,989 | 94,376 | |||||||||||||||
Income from unconsolidated entities |
(29,132 | ) | 29,132 | | | ||||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
| | | (14,349 | ) | ||||||||||||||
Net income attributable to noncontrolling interest holders in properties |
(1,855 | ) | | (1,855 | ) | (1,939 | ) | ||||||||||||
Noncontrolling interests portion of depreciation and amortization |
(2,174 | ) | | (2,174 | ) | (2,100 | ) | ||||||||||||
Preferred distributions and dividends |
(1,313 | ) | | (1,313 | ) | (1,313 | ) | ||||||||||||
FFO of the Operating Partnership |
$ | 534,648 | $ | 154,121 | $ | 688,769 | $ | 582,967 | |||||||||||
Percentage of FFO of the Operating Partnership |
77.62 | % | 22.38 | % | 100.00 | % | 100.00 | % |
11
SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
|
For the Six Months Ended June 30, 2012 | |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Six Months Ended June 30, 2011 Our Total Share |
||||||||||||||||||
|
Consolidated | Non- Controlling Interests |
Our Consolidated Share |
Our Share of Joint Ventures |
Our Total Share |
||||||||||||||
REVENUE: |
|||||||||||||||||||
Minimum rent |
$ | 1,448,295 | $ | (14,411 | ) | $ | 1,433,884 | $ | 339,359 | $ | 1,773,243 | $ | 1,667,961 | ||||||
Overage rent |
59,107 | (144 | ) | 58,963 | 35,593 | 94,556 | 64,172 | ||||||||||||
Tenant reimbursements |
636,857 | (8,415 | ) | 628,442 | 155,713 | 784,155 | 740,247 | ||||||||||||
Management fees and other revenues |
60,634 | | 60,634 | | 60,634 | 61,751 | |||||||||||||
Other income |
102,142 | (700 | ) | 101,442 | 45,409 | 146,851 | 143,270 | ||||||||||||
Total revenue |
2,307,035 | (23,670 | ) | 2,283,365 | 576,074 | 2,859,439 | 2,677,401 | ||||||||||||
EXPENSES: |
|||||||||||||||||||
Property operating |
220,758 | (4,261 | ) | 216,497 | 102,354 | 318,851 | 325,889 | ||||||||||||
Depreciation and amortization |
596,972 | (4,580 | ) | 592,392 | 168,204 | 760,596 | 711,485 | ||||||||||||
Real estate taxes |
205,479 | (2,276 | ) | 203,203 | 42,327 | 245,530 | 233,323 | ||||||||||||
Repairs and maintenance |
52,307 | (792 | ) | 51,515 | 14,203 | 65,718 | 71,528 | ||||||||||||
Advertising and promotion |
49,648 | (500 | ) | 49,148 | 12,761 | 61,909 | 58,204 | ||||||||||||
Provision for credit losses |
6,451 | (87 | ) | 6,364 | 95 | 6,459 | 4,034 | ||||||||||||
Home and regional office costs |
67,962 | | 67,962 | | 67,962 | 60,509 | |||||||||||||
General and administrative |
28,622 | | 28,622 | | 28,622 | 16,640 | |||||||||||||
Other |
41,873 | (2,282 | ) | 39,591 | 35,272 | 74,863 | 86,108 | ||||||||||||
Total operating expenses |
1,270,072 | (14,778 | ) | 1,255,294 | 375,216 | 1,630,510 | 1,567,720 | ||||||||||||
OPERATING INCOME |
1,036,963 | (8,892 | ) | 1,028,071 | 200,858 | 1,228,929 | 1,109,681 | ||||||||||||
Interest expense |
(546,636 | ) | 4,929 | (541,707 | ) | (141,240 | ) | (682,947 | ) | (655,462 | ) | ||||||||
Income tax expense of taxable REIT subsidiaries |
(1,883 | ) | | (1,883 | ) | | (1,883 | ) | (1,846 | ) | |||||||||
Income (loss) from unconsolidated entities(1) |
59,484 | | 59,484 | (59,618 | ) | (134 | ) | | |||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
494,837 | | 494,837 | | 494,837 | 13,765 | |||||||||||||
CONSOLIDATED NET INCOME |
1,042,765 | (3,963 | ) | 1,038,802 | | 1,038,802 | 466,138 | ||||||||||||
Net income attributable to noncontrolling interests |
180,241 | (3,963 | ) | 176,278 | | 176,278 | 79,937 | ||||||||||||
Preferred dividends |
1,669 | | 1,669 | | 1,669 | 1,669 | |||||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | 860,855 | $ | | $ | 860,855 | $ | | $ | 860,855 | $ | 384,532 | |||||||
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO(2) |
|||||||||||||||||||
Consolidated Net Income |
$ | 1,042,765 | $ | | $ | 1,042,765 | $ | 470,188 | |||||||||||
Adjustments to Consolidated Net Income to Arrive at FFO: |
|||||||||||||||||||
Depreciation and amortization from consolidated properties |
589,536 | | 589,536 | 520,316 | |||||||||||||||
Simon's share of depreciation and amortization from unconsolidated entities, including Klépierre |
| 211,130 | 211,130 | 187,757 | |||||||||||||||
Income from unconsolidated entities |
(59,484 | ) | 59,484 | | | ||||||||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
(494,837 | ) | | (494,837 | ) | (13,765 | ) | ||||||||||||
Net income attributable to noncontrolling interest holders in properties |
(3,963 | ) | | (3,963 | ) | (4,050 | ) | ||||||||||||
Noncontrolling interests portion of depreciation and amortization |
(4,582 | ) | | (4,582 | ) | (4,210 | ) | ||||||||||||
Preferred distributions and dividends |
(2,627 | ) | | (2,627 | ) | (2,626 | ) | ||||||||||||
FFO of the Operating Partnership |
$ | 1,066,808 | $ | 270,614 | $ | 1,337,422 | $ | 1,153,610 | |||||||||||
Percentage of FFO of the Operating Partnership |
79.77 | % | 20.23 | % | 100.00 | % | 100.00 | % |
12
SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
|
As of June 30, 2012 | |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Consolidated | Non- Controlling Interests |
Our Consolidated Share |
Our Share of Joint Ventures |
Our Total Share |
As of December 31, 2011 Our Total Share |
|||||||||||||
ASSETS: |
|||||||||||||||||||
Investment properties, at cost |
$ | 34,063,214 | $ | (287,114 | ) | $ | 33,776,100 | $ | 8,440,174 | $ | 42,216,274 | $ | 38,581,379 | ||||||
Lessaccumulated depreciation |
8,827,205 | (86,898 | ) | 8,740,307 | 2,062,963 | 10,803,270 | 10,326,794 | ||||||||||||
|
25,236,009 | (200,216 | ) | 25,035,793 | 6,377,211 | 31,413,004 | 28,254,585 | ||||||||||||
Cash and cash equivalents |
638,499 | (7,117 | ) | 631,382 | 211,987 | 843,369 | 1,148,034 | ||||||||||||
Tenant receivables and accrued revenue, net |
423,917 | (2,869 | ) | 421,048 | 86,510 | 507,558 | 637,918 | ||||||||||||
Investment in unconsolidated entities, at equity |
2,000,509 | | 2,000,509 | (2,000,509 | ) | | | ||||||||||||
Investment in Klépierre, at equity |
1,942,153 | | 1,942,153 | | 1,942,153 | | |||||||||||||
Deferred costs and other assets |
1,745,496 | (12,407 | ) | 1,733,089 | 141,806 | 1,874,895 | 1,831,670 | ||||||||||||
Notes receivable from related party |
| | | | | 651,000 | |||||||||||||
Total assets |
$ | 31,986,583 | $ | (222,609 | ) | $ | 31,763,974 | $ | 4,817,005 | $ | 36,580,979 | $ | 32,523,207 | ||||||
LIABILITIES: |
|||||||||||||||||||
Mortgages and other indebtedness |
$ | 22,466,558 | $ | (171,013 | ) | $ | 22,295,545 | $ | 5,184,361 | $ | 27,479,906 | $ | 24,676,591 | ||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues |
1,168,636 | (9,404 | ) | 1,159,232 | 224,601 | 1,383,833 | 1,401,332 | ||||||||||||
Cash distributions and losses in partnerships and joint ventures, at equity |
730,636 | | 730,636 | (730,636 | ) | | | ||||||||||||
Other liabilities and accrued dividends |
226,675 | (898 | ) | 225,777 | 138,679 | 364,456 | 621,377 | ||||||||||||
Total liabilities |
24,592,505 | (181,315 | ) | 24,411,190 | 4,817,005 | 29,228,195 | 26,699,300 | ||||||||||||
Commitments and contingencies |
|||||||||||||||||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties |
263,479 | (41,929 | ) | 221,550 | | 221,550 | 220,619 | ||||||||||||
EQUITY: |
|||||||||||||||||||
Stockholders' equity |
|||||||||||||||||||
Capital Stock (850,000,000 total shares authorized, $.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): |
|||||||||||||||||||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding, with a liquidation value of $39,847 |
44,883 | | 44,883 | | 44,883 | 45,047 | |||||||||||||
Common stock, $.0001 par value, 511,990,000 shares authorized, 307,084,372 and 297,725,698 issued, respectively |
31 | | 31 | | 31 | 30 | |||||||||||||
Class B common stock, $.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding |
| | | | | | |||||||||||||
Capital in excess of par value |
9,091,935 | | 9,091,935 | | 9,091,935 | 8,103,133 | |||||||||||||
Accumulated deficit |
(2,974,231 | ) | | (2,974,231 | ) | | (2,974,231 | ) | (3,251,740 | ) | |||||||||
Accumulated other comprehensive loss |
(81,656 | ) | | (81,656 | ) | | (81,656 | ) | (94,263 | ) | |||||||||
Common stock held in treasury at cost, 3,762,595 and 3,877,448 shares, respectively |
(135,781 | ) | | (135,781 | ) | | (135,781 | ) | (152,541 | ) | |||||||||
Total stockholders' equity |
5,945,181 | | 5,945,181 | | 5,945,181 | 4,649,666 | |||||||||||||
Noncontrolling interests |
1,185,418 | 635 | 1,186,053 | | 1,186,053 | 953,622 | |||||||||||||
Total equity |
7,130,599 | 635 | 7,131,234 | | 7,131,234 | 5,603,288 | |||||||||||||
Total liabilities and equity |
$ | 31,986,583 | $ | (222,609 | ) | $ | 31,763,974 | $ | 4,817,005 | $ | 36,580,979 | $ | 32,523,207 | ||||||
13
SIMON PROPERTY GROUP
NOI Composition(1)
For the Six Months Ended June 30, 2012
|
Percent of Simon Group's Share of NOI |
|||
---|---|---|---|---|
U.S. Portfolio NOI by State |
||||
Florida |
14.3 | % | ||
Texas |
11.3 | % | ||
California |
10.7 | % | ||
Massachusetts |
6.8 | % | ||
New York |
6.6 | % | ||
Pennsylvania |
5.7 | % | ||
Nevada |
4.5 | % | ||
Georgia |
4.3 | % | ||
Indiana |
3.8 | % | ||
New Jersey |
3.7 | % | ||
Top 10 Contributors by State |
71.7 | % | ||
NOI by Asset Type |
||||
Malls and Premium Outlets |
83.1 | % | ||
The Mills |
6.9 | % | ||
International |
5.4 | % | ||
Community/Lifestyle Centers |
3.6 | % | ||
Other Properties |
1.0 | % | ||
Total |
100.0 | % | ||
14
SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
(In thousands)
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
Consolidated Properties |
|||||||||||||
Other Income |
|||||||||||||
Interest and Dividend Income |
$ |
3,355 |
$ |
16,828 |
$ |
10,500 |
$ |
27,866 |
|||||
Lease Settlement Income |
914 | 5,081 | 10,225 | 14,133 | |||||||||
Gains on Land Sales |
6,623 | 21 | 9,730 | 2,627 | |||||||||
Other |
40,732 | 30,499 | 71,687 | 54,287 | |||||||||
Totals |
$ | 51,624 | $ | 52,429 | $ | 102,142 | $ | 98,913 | |||||
Other Expense |
|||||||||||||
Ground Rent |
$ |
10,502 |
$ |
10,409 |
$ |
21,113 |
$ |
21,158 |
|||||
Professional Fees |
6,316 | 7,215 | 8,909 | 9,139 | |||||||||
Other, including State and Foreign Taxes |
7,278 | 1,602 | 11,851 | 7,947 | |||||||||
Totals |
$ | 24,096 | $ | 19,226 | $ | 41,873 | $ | 38,244 | |||||
15
SIMON PROPERTY GROUP
Reconciliation of Non-GAAP Financial Measures
As of June 30, 2012
(in thousands, except as noted)
This report contains measures of financial or operating performance that are not specifically defined by accounting principles generally accepted in the United States ("GAAP"), including funds from operations ("FFO"), diluted FFO per share, net operating income ("NOI"), and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.
Reconciliations of each of the non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the following tables.
Reconciliation of Consolidated Net Income to FFO(1)
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
Consolidated Net Income(2) |
$ | 260,936 | $ | 250,522 | $ | 1,042,765 | $ | 470,188 | |||||
Adjustments to Consolidated Net Income to Arrive at FFO: |
|||||||||||||
Depreciation and amortization from consolidated properties |
308,186 | 257,770 | 589,536 | 520,316 | |||||||||
Simon's share of depreciation and amortization from unconsolidated entities, including Klépierre |
124,989 | 94,376 | 211,130 | 187,757 | |||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
| (14,349 | ) | (494,837 | ) | (13,765 | ) | ||||||
Net income attributable to noncontrolling interest holders in properties |
(1,855 | ) | (1,939 | ) | (3,963 | ) | (4,050 | ) | |||||
Noncontrolling interests portion of depreciation and amortization |
(2,174 | ) | (2,100 | ) | (4,582 | ) | (4,210 | ) | |||||
Preferred distributions and dividends |
(1,313 | ) | (1,313 | ) | (2,627 | ) | (2,626 | ) | |||||
FFO of the Operating Partnership |
$ | 688,769 | $ | 582,967 | $ | 1,337,422 | $ | 1,153,610 | |||||
Diluted net income per share to diluted FFO per share reconciliation: |
|||||||||||||
Diluted net income per share |
$ | 0.71 | $ | 0.70 | $ | 2.87 | $ | 1.31 | |||||
Depreciation and amortization from consolidated properties and Simon's share of depreciation and amortization from unconsolidated entities, including Klépierre, net of noncontrolling interests portion of depreciation and amortization |
1.18 | 0.99 | 2.21 | 1.99 | |||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
| (0.04 | ) | (1.37 | ) | (0.04 | ) | ||||||
Diluted FFO per share |
$ | 1.89 | $ | 1.65 | $ | 3.71 | $ | 3.26 | |||||
16
SIMON PROPERTY GROUP
Reconciliation of Non-GAAP Financial Measures
As of June 30, 2012
(in thousands, except as noted)
Reconciliation of Net Income to NOI
The Reconciliation of Net Income to NOI provides net income and reconciles the amount to "Total NOI of the Simon Group Portfolio." This schedule also provides the change in NOI of comparable properties for the quarter and six months ended June 30, 2012.
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
Reconciliation of NOI of consolidated Properties: |
|||||||||||||
Consolidated Net Income |
$ | 260,936 | $ | 250,522 | $ | 1,042,765 | $ | 470,188 | |||||
Income tax expense of taxable REIT subsidiaries |
991 | 703 | 1,883 | 1,846 | |||||||||
Interest expense |
288,560 | 244,517 | 546,636 | 492,634 | |||||||||
Income from unconsolidated entities |
(29,132 | ) | (13,821 | ) | (59,484 | ) | (32,441 | ) | |||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
| (14,349 | ) | (494,837 | ) | (13,765 | ) | ||||||
Operating Income |
521,355 | 467,572 | 1,036,963 | 918,462 | |||||||||
Depreciation and amortization |
311,863 | 261,298 | 596,972 | 527,608 | |||||||||
NOI of consolidated Properties |
$ | 833,218 | $ | 728,870 | $ | 1,633,935 | $ | 1,446,070 | |||||
Reconciliation of NOI of unconsolidated entities: |
|||||||||||||
Net Income |
$ | 104,802 | $ | 90,732 | $ | 189,751 | $ | 171,444 | |||||
Interest expense |
155,393 | 153,970 | 315,554 | 305,002 | |||||||||
Loss from unconsolidated entities |
316 | 631 | 631 | 459 | |||||||||
Loss from operations of discontinued joint venture interests |
1,173 | 9,559 | 11,623 | 15,661 | |||||||||
Gain on disposal of discontinued operations, net |
| (15,506 | ) | | (15,506 | ) | |||||||
Operating Income |
261,684 | 239,386 | 517,559 | 477,060 | |||||||||
Depreciation and amortization |
126,783 | 123,032 | 258,174 | 245,092 | |||||||||
NOI of unconsolidated entities |
$ | 388,467 | $ | 362,418 | $ | 775,733 | $ | 722,152 | |||||
Total consolidated and unconsolidated NOI from continuing operations |
$ | 1,221,685 | $ | 1,091,288 | $ | 2,409,668 | $ | 2,168,222 | |||||
Adjustments to NOI: |
|||||||||||||
NOI of discontinued unconsolidated Properties |
(342 | ) | 122,069 | 43,042 | 243,578 | ||||||||
Total NOI of the Simon Group Portfolio |
$ | 1,221,343 | $ | 1,213,357 | $ | 2,452,710 | $ | 2,411,800 | |||||
Change in NOI from prior period |
0.7 | % | 7.7 | % | 1.7 | % | 6.1 | % | |||||
Add: Our share of NOI from Klépierre |
64,557 | | 64,557 | | |||||||||
Less: Joint venture partner's share of NOI |
215,908 | 297,811 | 463,185 | 590,631 | |||||||||
Simon Group's Share of NOI |
$ | 1,069,992 | $ | 915,546 | $ | 2,054,082 | $ | 1,821,169 | |||||
Increase in Simon Group's Share of NOI from prior period |
16.9 | % | 9.9 | % | 12.8 | % | 8.5 | % | |||||
Total NOI of the Simon Group Portfolio |
$ |
1,221,343 |
$ |
1,213,357 |
$ |
2,452,710 |
$ |
2,411,800 |
|||||
NOI from noncomparable properties(3) |
245,381 | 284,767 | 505,665 | 567,980 | |||||||||
Total NOI of Comparable Properties(4) |
$ | 975,962 | $ | 928,590 | $ | 1,947,045 | $ | 1,843,820 | |||||
Increase in NOI of Malls and Premium Outlets that are Comparable Properties |
5.1 | % | 5.6 | % | |||||||||
17
SIMON PROPERTY GROUP
Footnotes to Reconciliation of Non-GAAP Financial Measures
18
SIMON PROPERTY GROUP
U.S. Portfolio Overview
As of June 30, 2012
Type of Property
|
Total Square Feet |
Total Owned Square Feet ("GLA") |
% of Owned Square Feet |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Malls and Premium Outlets |
||||||||||
Inline Stores |
84,041,109 | 83,565,978 | 54.2 | % | ||||||
Freestanding |
4,101,470 | 1,851,472 | 1.2 | % | ||||||
Anchors |
97,453,088 | 26,915,437 | 17.5 | % | ||||||
Office |
2,017,906 | 2,012,906 | 1.3 | % | ||||||
Malls and Premium Outlets Total |
187,613,573 | 114,345,793 | 74.2 | % | ||||||
The Mills®(1) |
18,764,796 |
16,235,506 |
10.5 |
% |
||||||
Community/Lifestyle Centers |
21,210,506 |
14,661,682 |
9.5 |
% |
||||||
Other Properties(2) |
12,630,205 |
8,969,044 |
5.8 |
% |
||||||
Total U.S. Properties |
240,219,080 |
154,212,025 |
100.0 |
% |
||||||
19
SIMON PROPERTY GROUP
U.S. Mall and Premium Outlet Operational Information(1)
For the Period Ended June 30, 2012
|
As of June 30, |
||||||
---|---|---|---|---|---|---|---|
|
2012 | 2011(2) | |||||
Total Number of Properties |
221 | 227 | |||||
Total Square Footage of Properties (in millions) |
187.6 |
194.3 |
|||||
Ending Occupancy(3): |
|||||||
Consolidated Assets |
94.4 | % | 94.2 | % | |||
Unconsolidated Assets |
93.4 | % | 91.7 | % | |||
Total Portfolio |
94.2 | % | 93.6 | % | |||
Total Sales per Square Foot(4): |
|||||||
Consolidated Assets |
$ | 535 | $ | 494 | |||
Unconsolidated Assets |
$ | 639 | $ | 537 | |||
Total Portfolio |
$ | 554 | $ | 504 | |||
Base Minimum Rent per Square Foot(5): |
|||||||
Consolidated Assets |
$ | 37.97 | $ | 36.89 | |||
Unconsolidated Assets |
$ | 48.02 | $ | 43.44 | |||
Total Portfolio |
$ | 39.99 | $ | 38.57 |
Historical Data:
|
Occupancy | Total Sales per Square Foot |
Base Minimum Rent per Square Foot |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
12/31/2011(2) |
94.6 | % | $ | 533 | $ | 39.40 |
Releasing Activity for the Trailing Twelve Month Period Ended:
|
|
Total Rent per Square Foot | |
|
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Square Footage of Openings |
Opening Rate per Square Foot(6) |
Closing Rate per Square Foot(6) |
Releasing Spread(6) | ||||||||||||
6/30/12 |
7,554,647 | $ | 52.29 | $ | 47.52 | $ | 4.77 | 10.0 | % | |||||||
3/31/12 |
7,049,269 | $ | 53.74 | $ | 49.00 | $ | 4.74 | 9.7 | % | |||||||
12/31/11(2) |
6,881,699 | $ | 54.78 | $ | 50.12 | $ | 4.66 | 9.3 | % | |||||||
6/30/11(2) |
6,637,195 | $ | 55.26 | $ | 51.00 | $ | 4.26 | 8.4 | % | |||||||
3/31/11(2) |
6,116,533 | $ | 55.82 | $ | 51.14 | $ | 4.68 | 9.2 | % |
Definitions:
20
SIMON PROPERTY GROUP
U.S. Lease Expirations(1)(2)
As of June 30, 2012
Year
|
Number of Leases Expiring |
Square Feet |
Avg. Base Minimum Rent per Square Foot at 6/30/12 |
Percentage of Gross Annual Rental Revenues(3) |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Inline Stores and Freestanding |
|||||||||||||
Month to Month Leases |
843 | 2,510,791 | $ | 35.37 | 1.8 | % | |||||||
2012 (7/1/12 - 12/31/12) |
733 | 2,168,773 | $ | 37.59 | 1.6 | % | |||||||
2013 |
3,122 | 9,481,065 | $ | 37.75 | 7.4 | % | |||||||
2014 |
2,532 | 8,432,687 | $ | 36.96 | 6.6 | % | |||||||
2015 |
2,497 | 8,450,092 | $ | 39.63 | 7.1 | % | |||||||
2016 |
2,474 | 8,328,802 | $ | 38.33 | 6.8 | % | |||||||
2017 |
2,261 | 8,137,195 | $ | 41.05 | 7.3 | % | |||||||
2018 |
1,768 | 6,932,703 | $ | 46.43 | 6.8 | % | |||||||
2019 |
1,475 | 5,531,901 | $ | 46.34 | 5.6 | % | |||||||
2020 |
1,163 | 4,247,409 | $ | 47.19 | 4.3 | % | |||||||
2021 |
1,271 | 5,125,495 | $ | 44.42 | 4.9 | % | |||||||
2022 |
913 | 3,758,217 | $ | 43.16 | 3.5 | % | |||||||
2023 and Thereafter |
503 | 2,814,083 | $ | 34.26 | 2.1 | % | |||||||
Specialty Leasing Agreements w/ terms in excess of 12 months |
1,649 | 3,872,611 | $ | 14.64 | 1.3 | % | |||||||
Anchor Tenants |
|||||||||||||
Month to Month Leases |
1 | 31,723 | $ | 12.14 | 0.0 | % | |||||||
2012 (7/1/12 - 12/31/12) |
2 | 285,444 | $ | 1.25 | 0.0 | % | |||||||
2013 |
18 | 2,134,339 | $ | 3.31 | 0.2 | % | |||||||
2014 |
35 | 3,479,385 | $ | 5.17 | 0.4 | % | |||||||
2015 |
28 | 3,202,002 | $ | 3.01 | 0.2 | % | |||||||
2016 |
22 | 2,651,508 | $ | 3.42 | 0.2 | % | |||||||
2017 |
21 | 2,759,143 | $ | 2.70 | 0.2 | % | |||||||
2018 |
19 | 1,973,453 | $ | 5.80 | 0.2 | % | |||||||
2019 |
11 | 1,305,863 | $ | 4.58 | 0.1 | % | |||||||
2020 |
14 | 1,315,365 | $ | 6.42 | 0.2 | % | |||||||
2021 |
12 | 1,055,228 | $ | 7.30 | 0.1 | % | |||||||
2022 |
6 | 858,727 | $ | 10.26 | 0.2 | % | |||||||
2023 and Thereafter |
33 | 3,837,737 | $ | 6.66 | 0.6 | % |
21
SIMON PROPERTY GROUP
U.S. Top Tenants(1)
As of June 30, 2012
Top Inline Store Tenants (sorted by percentage of total Simon Group base minimum rent)
Tenant
|
Number of Stores |
Square Feet (000's) |
Percent of Total Simon Group Sq. Ft. |
Percent of Total Simon Group Base Min. Rent |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
The Gap, Inc. |
378 | 4,057 | 1.7 | % | 3.2 | % | |||||||
Limited Brands, Inc. |
363 | 2,047 | 0.8 | % | 2.1 | % | |||||||
Abercrombie & Fitch Co. |
215 | 1,525 | 0.6 | % | 1.5 | % | |||||||
Phillips-Van Heusen |
308 | 1,702 | 0.7 | % | 1.5 | % | |||||||
Foot Locker, Inc. |
374 | 1,457 | 0.6 | % | 1.3 | % | |||||||
Luxottica Group S.P.A |
444 | 857 | 0.4 | % | 1.2 | % | |||||||
Ascena Retail Group, Inc. |
309 | 1,690 | 0.7 | % | 1.2 | % | |||||||
American Eagle Outfitters, Inc. |
194 | 1,148 | 0.5 | % | 1.1 | % | |||||||
Zale Corporation |
337 | 377 | 0.2 | % | 1.0 | % | |||||||
Express, Inc. |
128 | 1,129 | 0.5 | % | 1.0 | % |
Top Anchors (sorted by percentage of total Simon Group square footage)(2)
Tenant
|
Number of Stores |
Square Feet (000's) |
Percent of Total Simon Group Sq. Ft. |
Percent of Total Simon Group Base Min. Rent |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Macy's, Inc. |
157 | 28,917 | 12.0 | % | 0.5 | % | |||||||
Sears Roebuck & Co. |
119 | 18,420 | 7.6 | % | 0.2 | % | |||||||
J.C. Penney Co., Inc. |
111 | 16,230 | 6.7 | % | 0.6 | % | |||||||
Dillard's Dept. Stores |
66 | 10,560 | 4.4 | % | 0.1 | % | |||||||
Nordstrom, Inc. |
27 | 4,545 | 1.9 | % | 0.1 | % | |||||||
Belk, Inc. |
18 | 2,466 | 1.0 | % | 0.2 | % | |||||||
The Bon-Ton Stores, Inc. |
22 | 2,286 | 0.9 | % | 0.2 | % | |||||||
Target Corporation |
12 | 1,677 | 0.7 | % | | ||||||||
Dick's Sporting Goods, Inc. |
21 | 1,406 | 0.6 | % | 0.4 | % | |||||||
The Neiman Marcus Group, Inc. |
10 | 1,265 | 0.5 | % | | ||||||||
Lord and Taylor |
8 | 1,113 | 0.5 | % | | ||||||||
Kohl's Department Stores, Inc. |
12 | 1,029 | 0.4 | % | 0.1 | % | |||||||
Saks Incorporated |
8 | 986 | 0.4 | % | 0.1 | % |
22
SIMON PROPERTY GROUP
U.S. The Mills and Community/Lifestyle Center Operational Information
For the Period Ended June 30, 2012
|
As of June 30, |
||||||
---|---|---|---|---|---|---|---|
|
2012 | 2011 | |||||
The Mills®(1) |
|||||||
Total Number of Properties |
13 | 13 | |||||
Total Square Footage of Properties (in millions) |
18.8 | 18.7 | |||||
Ending Occupancy(2) |
96.9 | % | 95.1 | % | |||
Total Sales per Square Foot(3) |
$ | 497 | $ | 460 | |||
Base Minimum Rent per Square Foot(4) |
$ | 22.06 | $ | 21.33 | |||
Community/Lifestyle Centers(5) |
|||||||
Total Number of Properties |
70 | 69 | |||||
Total Square Footage of Properties (in millions) |
21.2 | 20.9 | |||||
Ending Occupancy(2) |
93.1 | % | 91.9 | % | |||
Base Minimum Rent per Square Foot(4) |
$ | 13.93 | $ | 13.50 |
23
SIMON PROPERTY GROUP
International Operational Information(1)
|
As of June 30, | ||||||
---|---|---|---|---|---|---|---|
|
2012 | 2011 | |||||
International Premium Outlets |
|||||||
Total Number of Properties |
12 | 11 | |||||
Total GLA (in millions of square feet) |
3.7 | 3.4 | |||||
Statistics for Properties in Japan(2) |
|||||||
Ending Occupancy |
99.8 | % | 99.3 | % | |||
Comparable sales per square foot(3) |
¥ | 91,128 | ¥ | 86,292 | |||
Average rent per square foot |
¥ | 4,904 | ¥ | 4,847 |
24
SIMON PROPERTY GROUP
Property Listing
Malls
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Gross Leasable Area |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |
McCain Mall | AR | N. Little Rock | 100.0 | % | 727,527 | ||||||||
2. |
Brea Mall |
CA |
Brea (Los Angeles) |
100.0 |
% |
1,320,544 |
||||||||
3. | Coddingtown Mall | CA | Santa Rosa | 50.0 | % | 838,792 | ||||||||
4. | Del Amo Fashion Center | CA | Torrance (Los Angeles) | 50.0 | % | 2,276,942 | ||||||||
5. | Fashion Valley | CA | San Diego | 50.0 | % | 1,728,750 | ||||||||
6. | Laguna Hills Mall | CA | Laguna Hills (Los Angeles) | 100.0 | % | 846,335 | ||||||||
7. | Santa Rosa Plaza | CA | Santa Rosa | 100.0 | % | 693,681 | ||||||||
8. | Shops at Mission Viejo, The | CA | Mission Viejo (Los Angeles) | 100.0 | % | 1,152,815 | ||||||||
9. | Stanford Shopping Center | CA | Palo Alto (San Jose) | 100.0 | % | 1,372,356 | ||||||||
10. | Stoneridge Shopping Center | CA | Pleasanton (San Francisco) | 50.0 | % | 1,301,822 | ||||||||
11. | Westminster Mall | CA | Westminster (Los Angeles) | 100.0 | % | 1,183,908 | ||||||||
12. |
Mesa Mall |
CO |
Grand Junction |
100.0 |
% |
882,624 |
||||||||
13. | Town Center at Aurora | CO | Aurora (Denver) | 100.0 | % | 1,082,111 | ||||||||
14. |
Crystal Mall |
CT |
Waterford |
78.2 |
% |
783,280 |
||||||||
15. |
Dover Mall |
DE |
Dover |
68.2 |
% |
875,991 |
||||||||
16. |
Aventura Mall(1) |
FL |
Miami Beach (Miami) |
33.3 |
% |
2,099,349 |
||||||||
17. | Avenues, The | FL | Jacksonville | 25.0 | %(2) | 1,116,479 | ||||||||
18. | Boynton Beach Mall | FL | Boynton Beach (Miami) | 100.0 | % | 1,101,062 | ||||||||
19. | Coconut Point | FL | Estero | 50.0 | % | 1,204,887 | ||||||||
20. | Coral Square | FL | Coral Springs (Miami) | 97.2 | % | 941,117 | ||||||||
21. | Cordova Mall | FL | Pensacola | 100.0 | % | 857,800 | ||||||||
22. | Dadeland Mall | FL | Miami | 50.0 | % | 1,399,245 | ||||||||
23. | DeSoto Square | FL | Bradenton | 100.0 | % | 677,856 | ||||||||
24. | Edison Mall | FL | Fort Myers | 100.0 | % | 1,053,640 | ||||||||
25. | Falls, The | FL | Miami | 50.0 | % | 805,112 | ||||||||
26. | Florida Mall, The | FL | Orlando | 50.0 | % | 1,771,571 | ||||||||
27. | Gulf View Square | FL | Port Richey (Tampa) | 100.0 | % | 752,974 | ||||||||
28. | Indian River Mall | FL | Vero Beach | 50.0 | % | 736,621 | ||||||||
29. | Melbourne Square | FL | Melbourne | 100.0 | % | 703,004 | ||||||||
30. | Miami International Mall | FL | Miami | 47.8 | % | 1,071,522 | ||||||||
31. | Orange Park Mall | FL | Orange Park (Jacksonville) | 100.0 | % | 959,929 | ||||||||
32. | Paddock Mall | FL | Ocala | 100.0 | % | 556,902 | ||||||||
33. | Port Charlotte Town Center | FL | Port Charlotte | 80.0 | %(3) | 765,042 | ||||||||
34. | Seminole Towne Center | FL | Sanford (Orlando) | 45.0 | %(2) | 1,106,121 | ||||||||
35. | Shops at Sunset Place, The | FL | S. Miami | 37.5 | %(2) | 514,204 | ||||||||
36. | St. Johns Town Center | FL | Jacksonville | 50.0 | % | 1,235,035 | ||||||||
37. | Town Center at Boca Raton | FL | Boca Raton (Miami) | 100.0 | % | 1,782,545 | ||||||||
38. | Treasure Coast Square | FL | Jensen Beach | 100.0 | % | 875,809 | ||||||||
39. | Tyrone Square | FL | St. Petersburg (Tampa) | 100.0 | % | 1,094,950 | ||||||||
40. |
Lenox Square |
GA |
Atlanta |
100.0 |
% |
1,558,898 |
||||||||
41. | Mall of Georgia | GA | Buford (Atlanta) | 100.0 | % | 1,822,936 | ||||||||
42. | Northlake Mall | GA | Atlanta | 100.0 | % | 963,404 | ||||||||
43. | Phipps Plaza | GA | Atlanta | 100.0 | % | 831,524 | ||||||||
44. | Town Center at Cobb | GA | Kennesaw (Atlanta) | 100.0 | % | 1,281,886 | ||||||||
45. |
Lindale Mall |
IA |
Cedar Rapids |
100.0 |
% |
684,564 |
||||||||
46. | Southern Hills Mall | IA | Sioux City | 100.0 | % | 790,508 | ||||||||
47. |
Lincolnwood Town Center |
IL |
Lincolnwood (Chicago) |
100.0 |
% |
421,342 |
||||||||
48. | Northfield Square | IL | Bourbonnais | 31.6 | %(3) | 530,487 | ||||||||
49. | Northwoods Mall | IL | Peoria | 100.0 | % | 693,657 |
25
SIMON PROPERTY GROUP
Property Listing
Malls
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Gross Leasable Area |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
50. | Orland Square | IL | Orland Park (Chicago) | 100.0 | % | 1,209,475 | ||||||||
51. | River Oaks Center | IL | Calumet City (Chicago) | 100.0 | % | 1,287,786 | ||||||||
52. | White Oaks Mall | IL | Springfield | 80.7 | % | 930,399 | ||||||||
53. |
Castleton Square |
IN |
Indianapolis |
100.0 |
% |
1,383,199 |
||||||||
54. | Circle Centre | IN | Indianapolis | 14.7 | %(2) | 767,985 | ||||||||
55. | College Mall | IN | Bloomington | 100.0 | % | 641,677 | ||||||||
56. | Fashion Mall at Keystone, The | IN | Indianapolis | 100.0 | % | 653,432 | ||||||||
57. | Greenwood Park Mall | IN | Greenwood (Indianapolis) | 100.0 | % | 1,277,406 | ||||||||
58. | Markland Mall | IN | Kokomo | 100.0 | % | 415,903 | ||||||||
59. | Muncie Mall | IN | Muncie | 100.0 | % | 631,564 | ||||||||
60. | Tippecanoe Mall | IN | Lafayette | 100.0 | % | 863,621 | ||||||||
61. | University Park Mall | IN | Mishawaka | 100.0 | % | 922,154 | ||||||||
62. | Washington Square | IN | Indianapolis | 100.0 | % | 967,702 | ||||||||
63. |
Towne East Square |
KS |
Wichita |
100.0 |
% |
1,126,422 |
||||||||
64. | Towne West Square | KS | Wichita | 100.0 | % | 941,596 | ||||||||
65. | West Ridge Mall | KS | Topeka | 100.0 | % | 991,799 | ||||||||
66. |
Prien Lake Mall |
LA |
Lake Charles |
100.0 |
% |
800,014 |
||||||||
67. |
Arsenal Mall |
MA |
Watertown (Boston) |
100.0 |
% |
439,709 |
||||||||
68. | Atrium Mall(8) | MA | Chestnut Hill (Boston) | 49.1 | % | 205,735 | ||||||||
69. | Auburn Mall | MA | Auburn | 56.4 | % | 587,293 | ||||||||
70. | Burlington Mall | MA | Burlington (Boston) | 100.0 | % | 1,317,544 | ||||||||
71. | Cape Cod Mall | MA | Hyannis | 56.4 | % | 721,130 | ||||||||
72. | Copley Place | MA | Boston | 98.1 | % | 1,241,970 | ||||||||
73. | Emerald Square | MA | North Attleboro (Providence, RI) | 56.4 | % | 1,022,707 | ||||||||
74. | Greendale Mall | MA | Worcester (Boston) | 56.4 | % | 429,855 | ||||||||
75. | Liberty Tree Mall | MA | Danvers (Boston) | 49.1 | % | 856,695 | ||||||||
76. | Mall at Chestnut Hill, The | MA | Chestnut Hill (Boston) | 94.4 | % | 471,468 | ||||||||
77. | Northshore Mall | MA | Peabody (Boston) | 56.4 | % | 1,569,851 | ||||||||
78. | Solomon Pond Mall | MA | Marlborough (Boston) | 56.4 | % | 884,758 | ||||||||
79. | South Shore Plaza | MA | Braintree (Boston) | 100.0 | % | 1,591,394 | ||||||||
80. | Square One Mall | MA | Saugus (Boston) | 56.4 | % | 928,519 | ||||||||
81. |
Bowie Town Center |
MD |
Bowie (Washington, D.C.) |
100.0 |
% |
685,956 |
||||||||
82. | St. Charles Towne Center | MD | Waldorf (Washington, D.C.) | 100.0 | % | 980,046 | ||||||||
83. |
Bangor Mall |
ME |
Bangor |
67.1 |
%(4) |
652,711 |
||||||||
84. |
Briarwood Mall |
MI |
Ann Arbor |
50.0 |
% |
973,876 |
||||||||
85. |
Maplewood Mall |
MN |
St. Paul (Minneapolis) |
100.0 |
% |
927,256 |
||||||||
86. | Miller Hill Mall | MN | Duluth | 100.0 | % | 787,838 | ||||||||
87. | Southdale Center | MN | Edina (Minneapolis) | 100.0 | % | 1,225,784 | ||||||||
88. |
Battlefield Mall |
MO |
Springfield |
100.0 |
% |
1,198,642 |
||||||||
89. | Independence Center | MO | Independence (Kansas City) | 100.0 | % | 867,054 | ||||||||
90. |
SouthPark |
NC |
Charlotte |
100.0 |
% |
1,620,778 |
||||||||
91. |
Mall at Rockingham Park, The |
NH |
Salem (Boston) |
28.2 |
% |
1,025,146 |
||||||||
92. | Mall of New Hampshire, The | NH | Manchester | 56.4 | % | 811,130 | ||||||||
93. | Pheasant Lane Mall | NH | Nashua | (5) | 980,006 | |||||||||
94. |
Brunswick Square |
NJ |
East Brunswick (New York) |
100.0 |
% |
760,511 |
||||||||
95. | Livingston Mall | NJ | Livingston (New York) | 100.0 | % | 968,551 | ||||||||
96. | Menlo Park Mall | NJ | Edison (New York) | 100.0 | % | 1,321,644 |
26
SIMON PROPERTY GROUP
Property Listing
Malls
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Gross Leasable Area |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
97. | Ocean County Mall | NJ | Toms River (New York) | 100.0 | % | 891,785 | ||||||||
98. | Quaker Bridge Mall | NJ | Lawrenceville | 50.0 | % | 1,066,371 | ||||||||
99. | Rockaway Townsquare | NJ | Rockaway (New York) | 100.0 | % | 1,247,539 | ||||||||
100. | Shops at Riverside, The | NJ | Hackensack (New York) | 100.0 | % | 771,214 | ||||||||
101. |
Cottonwood Mall |
NM |
Albuquerque |
100.0 |
% |
1,041,905 |
||||||||
102. |
Forum Shops at Caesars, The |
NV |
Las Vegas |
100.0 |
% |
675,687 |
||||||||
103. | Meadowood Mall | NV | Reno | 50.0 | % | 876,964 | ||||||||
104. |
Chautauqua Mall |
NY |
Lakewood |
100.0 |
% |
425,111 |
||||||||
105. | Jefferson Valley Mall | NY | Yorktown Heights (New York) | 100.0 | % | 549,516 | ||||||||
106. | Roosevelt Field | NY | Garden City (New York) | 100.0 | % | 2,238,226 | ||||||||
107. | Smith Haven Mall | NY | Lake Grove (New York) | 25.0 | %(2) | 1,287,482 | ||||||||
108. | Walt Whitman Shops | NY | Huntington Station (New York) | 100.0 | % | 1,007,368 | ||||||||
109. | Westchester, The | NY | White Plains (New York) | 40.0 | % | 826,479 | ||||||||
110. |
Great Lakes Mall |
OH |
Mentor (Cleveland) |
100.0 |
% |
1,237,803 |
||||||||
111. | Lima Mall | OH | Lima | 100.0 | % | 741,942 | ||||||||
112. | Mall at Tuttle Crossing, The | OH | Dublin (Columbus) | 50.0 | % | 1,121,347 | ||||||||
113. | Richmond Town Square | OH | Richmond Heights (Cleveland) | 100.0 | % | 1,011,973 | ||||||||
114. | Southern Park Mall | OH | Youngstown | 100.0 | % | 1,195,658 | ||||||||
115. | Summit Mall | OH | Akron | 100.0 | % | 769,001 | ||||||||
116. | Upper Valley Mall | OH | Springfield | 100.0 | % | 739,516 | ||||||||
117. |
Penn Square Mall |
OK |
Oklahoma City |
94.5 |
% |
1,057,036 |
||||||||
118. | Woodland Hills Mall | OK | Tulsa | 94.5 | % | 1,090,482 | ||||||||
119. |
King of PrussiaThe Court & The Plaza |
PA |
King of Prussia (Philadelphia) |
96.1 |
% |
2,391,332 |
||||||||
120. | Lehigh Valley Mall | PA | Whitehall | 38.0 | %(4) | 1,169,243 | ||||||||
121. | Montgomery Mall | PA | North Wales (Philadelphia) | 60.0 | %(4) | 986,509 | ||||||||
122. | Oxford Valley Mall | PA | Langhorne (Philadelphia) | 64.9 | %(4) | 1,330,509 | ||||||||
123. | Ross Park Mall | PA | Pittsburgh | 100.0 | % | 1,239,428 | ||||||||
124. | South Hills Village | PA | Pittsburgh | 100.0 | % | 1,200,098 | ||||||||
125. | Springfield Mall(1) | PA | Springfield (Philadelphia) | 38.0 | %(4) | 609,462 | ||||||||
126. |
Plaza Carolina |
PR |
Carolina (San Juan) |
100.0 |
% |
1,114,613 |
||||||||
127. |
Anderson Mall |
SC |
Anderson |
100.0 |
% |
671,748 |
||||||||
128. | Haywood Mall | SC | Greenville | 100.0 | % | 1,228,802 | ||||||||
129. |
Empire Mall |
SD |
Sioux Falls |
100.0 |
% |
1,070,465 |
||||||||
130. | Rushmore Mall | SD | Rapid City | 100.0 | % | 829,766 | ||||||||
131. |
Knoxville Center |
TN |
Knoxville |
100.0 |
% |
963,989 |
||||||||
132. | Oak Court Mall | TN | Memphis | 100.0 | % | 849,442 | ||||||||
133. | West Town Mall | TN | Knoxville | 50.0 | % | 1,336,412 | ||||||||
134. | Wolfchase Galleria | TN | Memphis | 94.5 | % | 1,152,161 | ||||||||
135. |
Barton Creek Square |
TX |
Austin |
100.0 |
% |
1,429,623 |
||||||||
136. | Broadway Square | TX | Tyler | 100.0 | % | 627,784 | ||||||||
137. | Cielo Vista Mall | TX | El Paso | 100.0 | % | 1,241,614 | ||||||||
138. | Domain, The | TX | Austin | 100.0 | % | 1,192,501 | ||||||||
139. | Firewheel Town Center | TX | Garland (Dallas) | 100.0 | % | 1,000,138 | ||||||||
140. | Houston Galleria | TX | Houston | 50.4 | % | 2,235,452 | ||||||||
141. | Ingram Park Mall | TX | San Antonio | 100.0 | % | 1,124,962 | ||||||||
142. | Irving Mall | TX | Irving (Dallas) | 100.0 | % | 1,053,114 | ||||||||
143. | La Plaza Mall | TX | McAllen | 100.0 | % | 1,215,407 | ||||||||
144. | Lakeline Mall | TX | Cedar Park (Austin) | 100.0 | % | 1,097,509 | ||||||||
145. | Longview Mall | TX | Longview | 100.0 | % | 638,327 | ||||||||
146. | Midland Park Mall | TX | Midland | 100.0 | % | 615,607 |
27
SIMON PROPERTY GROUP
Property Listing
Malls
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Gross Leasable Area |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
147. | North East Mall | TX | Hurst (Dallas) | 100.0 | % | 1,670,139 | ||||||||
148. | Rolling Oaks Mall | TX | San Antonio | 100.0 | % | 882,350 | ||||||||
149. | Sunland Park Mall | TX | El Paso | 100.0 | % | 921,535 | ||||||||
150. | Valle Vista Mall | TX | Harlingen | 100.0 | % | 650,778 | ||||||||
151. |
Apple Blossom Mall |
VA |
Winchester |
49.1 |
% |
436,395 |
||||||||
152. | Charlottesville Fashion Square | VA | Charlottesville | 100.0 | % | 576,730 | ||||||||
153. | Chesapeake Square | VA | Chesapeake (Virginia Beach) | 75.0 | %(3) | 760,075 | ||||||||
154. | Fashion Centre at Pentagon City, The | VA | Arlington (Washington, DC) | 42.5 | % | 988,655 | ||||||||
155. | Virginia Center Commons | VA | Glen Allen | 100.0 | % | 784,599 | ||||||||
156. |
Columbia Center |
WA |
Kennewick |
100.0 |
% |
770,460 |
||||||||
157. | Northgate Mall | WA | Seattle | 100.0 | % | 1,054,551 | ||||||||
158. | Tacoma Mall | WA | Tacoma (Seattle) | 100.0 | % | 1,325,742 | ||||||||
159. |
Bay Park Square |
WI |
Green Bay |
100.0 |
% |
711,825 |
||||||||
160. | Forest Mall | WI | Fond Du Lac | 100.0 | % | 500,142 | ||||||||
161. | Southridge Mall | WI | Greendale (Milwaukee) | 100.0 | % | 1,168,686 | ||||||||
Total Mall Square Footage(6) | 162,386,235 | |||||||||||||
Premium Outlets
|
Property Name | State | City (Metro Area Served) | Legal Ownership | Total Gross Leasable Area | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. | Camarillo Premium Outlets | CA | Camarillo (Los Angeles) | 100.0 | % | 674,034 | ||||||||
2. | Carlsbad Premium Outlets | CA | Carlsbad (San Diego) | 100.0 | % | 288,357 | ||||||||
3. | Desert Hills Premium Outlets | CA | Cabazon (Palm Springs) | 100.0 | % | 501,612 | ||||||||
4. | Folsom Premium Outlets | CA | Folsom (Sacramento) | 100.0 | % | 298,051 | ||||||||
5. | Gilroy Premium Outlets | CA | Gilroy (San Jose) | 100.0 | % | 577,856 | ||||||||
6. | Las Americas Premium Outlets | CA | San Diego | 100.0 | % | 560,962 | ||||||||
7. | Napa Premium Outlets | CA | Napa | 100.0 | % | 179,342 | ||||||||
8. | Petaluma Village Premium Outlets | CA | Petaluma (San Francisco) | 100.0 | % | 195,738 | ||||||||
9. | Pismo Beach Premium Outlets | CA | Pismo Beach | 100.0 | % | 147,416 | ||||||||
10. | Vacaville Premium Outlets | CA | Vacaville | 100.0 | % | 437,220 | ||||||||
11. |
Clinton Crossing Premium Outlets |
CT |
Clinton |
100.0 |
% |
276,178 |
||||||||
12. |
Ellenton Premium Outlets |
FL |
Ellenton (Tampa) |
100.0 |
% |
476,741 |
||||||||
13. | Silver Sands Factory Stores(7) | FL | Destin | 50.0 | % | 450,375 | ||||||||
14. | Orlando Premium Outlets- International Dr | FL | Orlando | 100.0 | % | 772,962 | ||||||||
15. | Orlando Premium Outlets- Vineland Ave | FL | Orlando | 100.0 | % | 549,651 | ||||||||
16. | St. Augustine Premium Outlets | FL | St. Augustine (Jacksonsville) | 100.0 | % | 328,570 | ||||||||
17. |
Calhoun Premium Outlets |
GA |
Calhoun |
100.0 |
% |
254,052 |
||||||||
18. | North Georgia Premium Outlets | GA | Dawsonville (Atlanta) | 100.0 | % | 540,272 | ||||||||
19. |
Waikele Premium Outlets |
HI |
Waipahu (Honolulu) |
100.0 |
% |
209,726 |
||||||||
20. |
Chicago Premium Outlets |
IL |
Aurora (Chicago) |
100.0 |
% |
437,332 |
||||||||
21. |
Edinburgh Premium Outlets |
IN |
Edinburgh (Indianapolis) |
100.0 |
% |
377,802 |
||||||||
22. | Lighthouse Place Premium Outlets | IN | Michigan City (Chicago, IL) | 100.0 | % | 454,566 | ||||||||
23. |
Lee Premium Outlets |
MA |
Lee |
100.0 |
% |
224,607 |
||||||||
24. | Wrentham Village Premium Outlets | MA | Wrentham (Boston) | 100.0 | % | 660,092 | ||||||||
25. |
Kittery Premium Outlets |
ME |
Kittery |
100.0 |
% |
264,838 |
||||||||
26. |
Hagerstown Premium Outlets |
MD |
Hagerstown (Baltimore/ Washington DC) |
100.0 |
% |
485,137 |
||||||||
27. | Queenstown Premium Outlets | MD | Queenstown (Baltimore) | 100.0 | % | 289,732 |
28
SIMON PROPERTY GROUP
Property Listing
Premium Outlets
|
Property Name | State | City (Metro Area Served) | Legal Ownership | Total Gross Leasable Area | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
28. | Birch Run Premium Outlets | MI | Birch Run (Detroit) | 100.0 | % | 678,562 | ||||||||
29. |
Albertville Premium Outlets |
MN |
Albertville (Minneapolis) |
100.0 |
% |
429,557 |
||||||||
30. |
Osage Beach Premium Outlets |
MO |
Osage Beach |
100.0 |
% |
392,728 |
||||||||
31. |
Gulfport Premium Outlets |
MS |
Gulfport |
100.0 |
% |
299,604 |
||||||||
32. |
Carolina Premium Outlets |
NC |
Smithfield (Raleigh) |
100.0 |
% |
439,109 |
||||||||
33. |
Merrimack Premium Outlets |
NH |
Merrimack |
100.0 |
% |
390,947 |
||||||||
34. |
Jackson Premium Outlets |
NJ |
Jackson (New York) |
100.0 |
% |
285,680 |
||||||||
35. | Jersey Shore Premium Outlets | NJ | Tinton Falls (New York) | 100.0 | % | 434,474 | ||||||||
36. | Liberty Village Premium Outlets | NJ | Flemington (New York) | 100.0 | % | 164,634 | ||||||||
37. |
Las Vegas Premium OutletsNorth |
NV |
Las Vegas |
100.0 |
% |
538,689 |
||||||||
38. | Las Vegas Premium OutletsSouth | NV | Las Vegas | 100.0 | % | 535,282 | ||||||||
39. |
Waterloo Premium Outlets |
NY |
Waterloo |
100.0 |
% |
417,737 |
||||||||
40. | Woodbury Common Premium Outlets | NY | Central Valley (New York) | 100.0 | % | 845,818 | ||||||||
41. |
Aurora Farms Premium Outlets |
OH |
Aurora (Cleveland) |
100.0 |
% |
300,252 |
||||||||
42. | Cincinnati Premium Outlets | OH | Monroe (Cincinnati) | 100.0 | % | 398,769 | ||||||||
43. |
Columbia Gorge Premium Outlets |
OR |
Troutdale (Portland) |
100.0 |
% |
163,675 |
||||||||
44. |
Grove City Premium Outlets |
PA |
Grove City (Pittsburgh) |
100.0 |
% |
531,739 |
||||||||
45. | Philadelphia Premium Outlets | PA | Limerick (Philadelphia) | 100.0 | % | 549,137 | ||||||||
46. | The Crossings Premium Outlets | PA | Tannersville | 100.0 | % | 411,116 | ||||||||
47. |
Puerto Rico Premium Outlets |
PR |
Barceloneta |
100.0 |
% |
344,902 |
||||||||
48. |
Gaffney Premium Outlets |
SC |
Gaffney (Greenville/Charlotte) |
100.0 |
% |
359,677 |
||||||||
49. |
Lebanon Premium Outlets |
TN |
Lebanon (Nashville) |
100.0 |
% |
226,961 |
||||||||
50. |
Allen Premium Outlets |
TX |
Allen (Dallas) |
100.0 |
% |
441,718 |
||||||||
51. | Houston Premium Outlets | TX | Cypress (Houston) | 100.0 | % | 541,576 | ||||||||
52. | Rio Grande Valley Premium Outlets | TX | Mercedes (McAllen) | 100.0 | % | 584,790 | ||||||||
53. | Round Rock Premium Outlets | TX | Round Rock (Austin) | 100.0 | % | 488,660 | ||||||||
54. | San Marcos Premium Outlets | TX | San Marcos (Austin-San Antonio) | 100.0 | % | 731,071 | ||||||||
55. |
Leesburg Corner Premium Outlets |
VA |
Leesburg (Washington D.C.) |
100.0 |
% |
518,003 |
||||||||
56. | Williamsburg Premium Outlets | VA | Williamsburg | 100.0 | % | 521,797 | ||||||||
57. |
North Bend Premium Outlets |
WA |
North Bend (Seattle) |
100.0 |
% |
223,561 |
||||||||
58. | Seattle Premium Outlets | WA | Tulalip (Seattle) | 100.0 | % | 443,820 | ||||||||
59. |
Johnson Creek Premium Outlets |
WI |
Johnson Creek |
100.0 |
% |
277,673 |
||||||||
60. | Pleasant Prairie Premium Outlets | WI | Pleasant Prairie (Chicago, IL-Milwaukee) | 100.0 | % | 402,399 | ||||||||
Total U.S. Premium Outlets GLA |
25,227,338 |
|||||||||||||
Total Mall and U.S. Premium Outlets GLA |
187,613,573 |
|||||||||||||
29
SIMON PROPERTY GROUP
Property Listing
FOOTNOTES FOR PRECEEDING PAGES:
Arsenal Mall52,847 sq. ft. | Menlo Park Mall52,368 sq. ft. | ||
Circle Centre25,192 sq. ft. | Oak Court Mall126,583 sq. ft. | ||
Copley Place867,301 sq. ft. | Oxford Valley Mall110,324 sq. ft. | ||
Domain, The133,010 sq. ft. | Plaza Carolina27,343 sq. ft. | ||
Fashion Centre at Pentagon City, The169,089 sq. ft. | River Oaks Center117,716 sq. ft. | ||
Firewheel Town Center75,132 sq. ft. | Southdale Center20,295 sq. ft. | ||
Greendale Mall119,860 sq. ft. |
30
SIMON PROPERTY GROUP
Property Listing
The Mills®
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Square Feet |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. | Arizona Mills | AZ | Tempe (Phoenix) | 50.0 | % | 1,239,922 | |||||||
2. | Arundel Mills | MD | Hanover (Baltimore) | 59.2 | % | 1,560,404 | |||||||
3. | Colorado Mills | CO | Lakewood (Denver) | 37.6 | %(1) | 1,097,356 | |||||||
4. | Concord Mills | NC | Concord (Charlotte) | 59.2 | %(1) | 1,334,582 | |||||||
5. | Grapevine Mills | TX | Grapevine (Dallas) | 59.2 | % | 1,777,101 | |||||||
6. | Great Mall | CA | Milpitas (San Jose) | 100.0 | % | 1,361,435 | |||||||
7. | Gurnee Mills | IL | Gurnee (Chicago) | 100.0 | % | 1,782,978 | |||||||
8. | Katy Mills | TX | Katy (Houston) | 62.6 | %(1) | 1,557,983 | |||||||
9. | Ontario Mills | CA | Ontario (Riverside) | 50.0 | % | 1,471,931 | |||||||
10. | Opry Mills | TN | Nashville | 100.0 | % | 1,152,607 | |||||||
11. | Outlets at Orange, The | CA | Orange (Los Angeles) | 50.0 | % | 758,218 | |||||||
12. | Potomac Mills | VA | Woodbridge (Washington, D.C.) | 100.0 | % | 1,519,043 | |||||||
13. | Sawgrass Mills | FL | Sunrise (Miami) | 100.0 | % | 2,151,236 | |||||||
Total The Mills® Square Footage | 18,764,796 | ||||||||||||
Other Properties
Other properties includes holdings of TMLP (Discover Mills, Franklin Mills, St. Louis Mills, The Esplanade, The Galleria at White Plains, Hilltop Mall, Lakeforest Mall, Marley Station, Northpark Mall, Liberty Plaza), Factory Stores of America-Boaz, Factory Stores of America-Georgetown, Factory Stores of America-Graceville, Factory Stores of America-Lebanon, Factory Stores of America-Nebraska City, Factory Stores of America-Story City, Florida Keys Outlet Center, Huntley Outlet Center, The Mall at The Source, Outlet Marketplace, and The Shoppes at Branson Meadows.
31
SIMON PROPERTY GROUP
Property Listing
Community/Lifestyle Centers
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Square Feet |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. | Denver West Village | CO | Lakewood (Denver) | 37.6 | % | 310,709 | ||||||||
2. |
Plaza at Buckland Hills, The |
CT |
Manchester |
41.3 |
%(1) |
329,912 |
||||||||
3. |
Gaitway Plaza |
FL |
Ocala |
32.2 |
%(1) |
208,755 |
||||||||
4. | Highland Lakes Center | FL | Orlando | 100.0 | % | 488,850 | ||||||||
5. | Indian River Commons | FL | Vero Beach | 50.0 | % | 255,942 | ||||||||
6. | Naples Outlet Center | FL | Naples | 100.0 | % | 146,038 | ||||||||
7. | Pier Park | FL | Panama City Beach | 65.6 | % | 841,376 | ||||||||
8. | Royal Eagle Plaza | FL | Coral Springs (Miami) | 42.0 | %(1) | 199,082 | ||||||||
9. | Terrace at The Florida Mall | FL | Orlando | 100.0 | % | 346,693 | ||||||||
10. | Waterford Lakes Town Center | FL | Orlando | 100.0 | % | 949,984 | ||||||||
11. | West Town Corners | FL | Altamonte Springs (Orlando) | 32.2 | %(1) | 373,342 | ||||||||
12. | Westland Park Plaza | FL | Orange Park (Jacksonville) | 32.2 | %(1) | 163,254 | ||||||||
13. |
Mall of Georgia Crossing |
GA |
Buford (Atlanta) |
100.0 |
% |
440,670 |
||||||||
14. |
Bloomingdale Court |
IL |
Bloomingdale (Chicago) |
100.0 |
% |
625,017 |
||||||||
15. | Countryside Plaza | IL | Countryside (Chicago) | 100.0 | % | 403,756 | ||||||||
16. | Crystal Court | IL | Crystal Lake (Chicago) | 37.9 | %(1) | 278,978 | ||||||||
17. | Forest Plaza | IL | Rockford | 100.0 | % | 428,044 | ||||||||
18. | Lake Plaza | IL | Waukegan (Chicago) | 100.0 | % | 215,568 | ||||||||
19. | Lake View Plaza | IL | Orland Park (Chicago) | 100.0 | % | 367,603 | ||||||||
20. | Lincoln Crossing | IL | O'Fallon (St. Louis) | 100.0 | % | 243,326 | ||||||||
21. | Matteson Plaza | IL | Matteson (Chicago) | 100.0 | % | 270,892 | ||||||||
22. | North Ridge Plaza | IL | Joliet (Chicago) | 100.0 | % | 303,469 | ||||||||
23. | White Oaks Plaza | IL | Springfield | 100.0 | % | 387,911 | ||||||||
24. | Willow Knolls Court | IL | Peoria | 35.7 | %(1) | 382,375 | ||||||||
25. |
Clay Terrace |
IN |
Carmel (Indianapolis) |
50.0 |
% |
579,177 |
(2) |
|||||||
26. | Greenwood Plus | IN | Greenwood (Indianapolis) | 100.0 | % | 155,319 | ||||||||
27. | Hamilton Town Center | IN | Noblesville (Indianapolis) | 50.0 | % | 666,695 | ||||||||
28. | Keystone Shoppes | IN | Indianapolis | 100.0 | % | 29,140 | ||||||||
29. | Markland Plaza | IN | Kokomo | 100.0 | % | 90,527 | ||||||||
30. | Muncie Towne Plaza | IN | Muncie | 100.0 | % | 172,617 | ||||||||
31. | New Castle Plaza | IN | New Castle | 100.0 | % | 91,648 | ||||||||
32. | Northwood Plaza | IN | Fort Wayne | 100.0 | % | 208,076 | ||||||||
33. | Teal Plaza | IN | Lafayette | 100.0 | % | 101,087 | ||||||||
34. | Tippecanoe Plaza | IN | Lafayette | 100.0 | % | 90,522 | ||||||||
35. | University Center | IN | Mishawaka | 100.0 | % | 150,524 | ||||||||
36. | Village Park Plaza | IN | Carmel (Indianapolis) | 35.7 | %(1) | 575,681 | ||||||||
37. | Washington Plaza | IN | Indianapolis | 100.0 | % | 50,107 | ||||||||
38. |
West Ridge Plaza |
KS |
Topeka |
100.0 |
% |
254,480 |
||||||||
39. |
Arundel Mills Marketplace |
MD |
Hanover (Baltimore) |
59.2 |
% |
101,535 |
||||||||
40. | St. Charles Towne Plaza | MD | Waldorf (Washington, D.C.) | 100.0 | % | 394,618 | ||||||||
41. |
Regency Plaza |
MO |
St. Charles (St. Louis) |
100.0 |
% |
287,473 |
||||||||
42. |
Ridgewood Court |
MS |
Jackson |
35.7 |
%(1) |
369,473 |
||||||||
43. |
Concord Mills Marketplace |
NC |
Concord (Charlotte) |
100.0 |
% |
230,683 |
||||||||
44. | Dare Centre | NC | Kill Devil Hills | 100.0 | % | 168,674 | ||||||||
45. | MacGregor Village | NC | Cary | 100.0 | % | 144,015 | ||||||||
46. | North Ridge Shopping Center | NC | Raleigh | 100.0 | % | 169,809 | ||||||||
47. |
Rockaway Commons |
NJ |
Rockaway (New York) |
100.0 |
% |
150,504 |
||||||||
48. | Rockaway Town Plaza | NJ | Rockaway (New York) | 100.0 | % | 459,301 |
32
SIMON PROPERTY GROUP
Property Listing
Community/Lifestyle Centers
|
Property Name | State | City (CBSA) | Legal Ownership |
Total Square Feet |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
49. | ABQ Uptown | NM | Albuquerque | 100.0 | % | 230,129 | ||||||||
50. |
Cobblestone Court |
NY |
Victor |
35.7 |
%(1) |
265,470 |
||||||||
51. |
Great Lakes Plaza |
OH |
Mentor (Cleveland) |
100.0 |
% |
164,369 |
||||||||
52. | Lima Center | OH | Lima | 100.0 | % | 223,878 | ||||||||
53. |
DeKalb Plaza |
PA |
King of Prussia (Philadelphia) |
86.0 |
% |
101,963 |
||||||||
54. | Henderson Square | PA | King of Prussia (Philadelphia) | 75.9 | %(3) | 107,371 | ||||||||
55. | Lincoln Plaza | PA | King of Prussia (Philadelphia) | 64.9 | %(3) | 267,965 | ||||||||
56. | Whitehall Mall | PA | Whitehall | 38.0 | %(3) | 601,610 | ||||||||
57. |
Charles Towne Square |
SC |
Charleston |
100.0 |
% |
71,794 |
||||||||
58. |
Empire East |
SD |
Sioux Falls |
100.0 |
% |
297,237 |
||||||||
59. |
Arboretum |
TX |
Austin |
100.0 |
% |
190,543 |
||||||||
60. | Gateway Centers | TX | Austin | 100.0 | % | 513,074 | ||||||||
61. | Ingram Plaza | TX | San Antonio | 100.0 | % | 111,518 | ||||||||
62. | Lakeline Plaza | TX | Cedar Park (Austin) | 100.0 | % | 387,381 | ||||||||
63. | Palms Crossing | TX | McAllen | 100.0 | % | 392,293 | ||||||||
64. | Richardson Square | TX | Richardson (Dallas) | 100.0 | % | 517,265 | ||||||||
65. | Shops at Arbor Walk, The | TX | Austin | 100.0 | % | 464,699 | ||||||||
66. | Shops at North East Mall, The | TX | Hurst (Dallas) | 100.0 | % | 365,008 | ||||||||
67. | Wolf Ranch | TX | Georgetown (Austin) | 100.0 | % | 626,180 | ||||||||
68. |
Chesapeake Center |
VA |
Chesapeake (Virginia Beach) |
100.0 |
% |
305,935 |
||||||||
69. | Fairfax Court | VA | Fairfax (Washington, D.C.) | 41.3 | %(1) | 249,488 | ||||||||
70. | Martinsville Plaza | VA | Martinsville | 100.0 | % | 102,105 | ||||||||
Total Community/Lifestyle Center Square Footage | 21,210,506 | |||||||||||||
FOOTNOTES:
33
SIMON PROPERTY GROUP
Property Listing
International Properties(1)
|
Property Name | City (Metropolitan area) | SPG Effective Ownership |
Total Square Feet |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
JAPAN | |||||||||||
1. | Ami Premium Outlets | Ami (Tokyo) | 40.0 | % | 315,000 | ||||||
2. | Gotemba Premium Outlets | Gotemba City (Tokyo) | 40.0 | % | 481,500 | ||||||
3. | Kobe-Sanda Premium Outlets | Kobe (Osaka) | 40.0 | % | 365,100 | ||||||
4. | Rinku Premium Outlets | Izumisano (Osaka) | 40.0 | % | 321,800 | ||||||
5. | Sano Premium Outlets | Sano (Tokyo) | 40.0 | % | 390,800 | ||||||
6. | Sendai-Izumi Premium Outlets | Izumi Park Town (Sendai) | 40.0 | % | 164,200 | ||||||
7. | Toki Premium Outlets | Toki (Nagoya) | 40.0 | % | 289,500 | ||||||
8. | Tosu Premium Outlets | Fukuoka (Kyushu) | 40.0 | % | 290,600 | ||||||
Subtotal Japan Square Footage | 2,618,500 | ||||||||||
KOREA |
|||||||||||
9. | Paju Premium Outlets | Paju (Seoul) | 50.0 | % | 335,100 | ||||||
10. | Yeoju Premium Outlets | Yeoju (Seoul) | 50.0 | % | 276,200 | ||||||
Subtotal South Korea Square Footage | 611,300 | ||||||||||
MALAYSIA |
|||||||||||
11. | Johor Premium Outlets | Johor (Singapore) | 50.0 | % | 190,400 | ||||||
Subtotal Malaysia Square Footage | 190,400 | ||||||||||
MEXICO |
|||||||||||
12. | Premium Outlets Punta Norte | Mexico City | 50.0 | % | 278,000 | ||||||
Subtotal Mexico Square Footage | 278,000 | ||||||||||
TOTAL INTERNATIONAL ASSETS SQUARE FOOTAGE | 3,698,200 | ||||||||||
34
SIMON PROPERTY GROUP
U.S. Anchor/Big Box Openings
20122013
Property Name/Location
|
Property Type | New Tenant | Former Tenant | |||
---|---|---|---|---|---|---|
Openings through June 30, 2012 |
||||||
Arsenal MallWatertown (Boston), MA |
Mall | Sports Authority | Filene's Basement | |||
Arundel MillsHanover (Baltimore), MD |
Mills | Maryland Live Casino | N/A | |||
Bloomingdale CourtBloomingdale (Chicago), IL |
Community/Lifestyle Ctr. | Ulta | N/A | |||
Castleton SquareIndianapolis, IN |
Mall | Forever 21 | Borders | |||
Columbia CenterKennewick, WA |
Mall | Ulta | Rite Aid | |||
Concord MillsConcord (Charlotte), NC |
Mills | Forever 21 | FYE | |||
Fairfax CourtFairfax (Washington, DC), VA |
Community/Lifestyle Ctr. | Xsports Fitness | Circuit City | |||
Lake View PlazaOrland Park (Chicago), IL |
Community/Lifestyle Ctr. | Great Escape | Linens 'n Things | |||
Mall at Rockingham Park, TheSalem (Boston), NH |
Mall | Lord & Taylor | Macy's(1) | |||
Matteson PlazaMatteson (Chicago), IL |
Community/Lifestyle Ctr. | Shoppers World | N/A | |||
Ocean County MallToms River (New York), NJ |
Mall | H&M | Old Navy (downsized) | |||
Ontario MillsOntario (Riverside), CA |
Mills | Last Call by Neiman Marcus | Second Spin | |||
Outlets at Orange, TheOrange (Los Angeles), CA |
Mills | Nordstrom Rack Sports Authority |
N/A Borders |
|||
Phipps PlazaAtlanta, GA |
Mall | Discovery Center by Legoland | N/A | |||
Pier ParkPanama City Beach, FL |
Community/Lifestyle Ctr. | Forever 21 | Borders | |||
Plaza CarolinaCarolina (San Juan), PR |
Mall | Forever 21 | N/A | |||
Potomac MillsWoodbridge (Washington, DC), VA |
Mills | JCPenney | JCPenney Outlet | |||
Ridgewood CourtJackson, MS |
Community/Lifestyle Ctr. | Old Navy | Lifeway Christian | |||
Southridge MallGreendale (Milwaukee), WI |
Mall | Macy's | Linens 'n Things/ Steve & Barry's |
|||
Square One MallSaugus (Boston), MA |
Mall | Work Out World | World Gym | |||
Westland Park PlazaOrange Park (Jacksonville), FL |
Community/Lifestyle Ctr. | U.S.A. Discounters | Sound Advice | |||
Whitehall MallWhitehall, PA |
Community/Lifestyle Ctr. | Raymour & Flanigan Furniture | Borders | |||
Openings Projected for the Remainder of 2012 |
||||||
Colorado MillsLakewood (Denver), CO |
Mills | Jumpstreet | Spaha Skatepark | |||
Cordova MallPensacola, FL |
Mall | Belk | Dillard's | |||
Domain, TheAustin, TX |
Mall | H&M | N/A | |||
Falls, TheMiami, FL |
Mall | American Girl Fresh Market |
N/A N/A |
|||
Grapevine MillsGrapevine (Dallas), TX |
Mills | H&M | Books-A-Million | |||
Great MallMilpitas (San Jose), CA |
Mills | Off Broadway Shoes | N/A | |||
Gurnee MillsGurnee (Chicago), IL |
Mills | Bed Bath & Beyond/ Buy Buy Baby |
Bed Bath & Beyond | |||
Hamilton Town CenterNoblesville (Indianapolis), IN |
Community/Lifestyle Ctr. | Earth Fare | Borders | |||
King of PrussiaKing of Prussia (Philadelphia), PA |
Mall | Arhaus Furniture | N/A | |||
Lakeline PlazaCedar Park (Austin), TX |
Community/Lifestyle Ctr. | Bed Bath & Beyond | CVS |
35
SIMON PROPERTY GROUP
U.S. Anchor/Big Box Openings
20122013
Property Name/Location
|
Property Type | New Tenant | Former Tenant | |||
---|---|---|---|---|---|---|
Openings Projected for the Remainder of 2012 |
||||||
Liberty Tree MallDanvers (Boston), MA |
Mall | Sports Authority | Bed Bath & Beyond | |||
Lindale MallCedar Rapids, IA |
Mall | Jo-Ann Fabrics | Planet X | |||
McCain MallN. Little Rock, AR |
Mall | Regal Cinemas | M.M. Cohn | |||
Northgate MallSeattle, WA |
Mall | Nordstrom Rack | Toys "R" Us | |||
Northshore MallPeabody (Boston), MA |
Mall | Container Store DSW |
Bugaboo Creek Filene's Basement |
|||
Orland SquareOrland Park (Chicago), IL |
Mall | Dave & Buster's | N/A | |||
Plaza CarolinaCarolina (San Juan), PR |
Mall | DSW | Old Navy | |||
Rockaway Town PlazaRockaway (New York), NY |
Community/Lifestyle Ctr. | Buy Buy Baby | Borders | |||
Rio Grande Valley Premium OutletsMercedes (McAllen), TX |
Premium Outlet | VF Outlet | N/A | |||
Royal Eagle PlazaCoral Springs (Miami), FL |
Community/Lifestyle Ctr. | Sports Authority | Kmart | |||
Seminole Towne CenterSanford (Orlando), FL |
Mall | Dick's Sporting Goods Burlington Coat Factory |
Belk Belk |
|||
Shops at Riverside, TheHackensack (New York), NJ |
Mall | Arhaus Furniture | N/A | |||
South Hills VillagePittsburgh, PA |
Mall | Dick's Sporting Goods | Boscov's | |||
Springfield MallSpringfield (Philadelphia), PA |
Mall | Ulta | N/A | |||
Westland Park PlazaOrange Park (Jacksonville), FL |
Community/Lifestyle Ctr. | L.A. Fitness | Sports Authority | |||
White Oaks MallSpringfield, IL |
Mall | HHGregg | Cost Plus World Market | |||
Wolf RanchAustin, TX |
Community/Lifestyle Ctr. | Ross Dress for Less | Linens 'n Things | |||
Openings Projected for 2013 |
||||||
Apple Blossom MallWinchester, VA |
Mall | Carmike Cinema | Carmike Cinema (former) | |||
Cordova MallPensacola, FL |
Mall | Dick's Sporting Goods | Belk(2) | |||
Denver West VillageLakewood (Denver), CO |
Community/Lifestyle Ctr. | Cost Plus World Market | Ultimate Electronics | |||
Domain, TheAustin, TX |
Mall | Arhaus Furniture | Borders | |||
Firewheel Town CenterGarland (Dallas), TX |
Mall | Toys "R" Us/ Babies "R" Us | Circuit City | |||
Gurnee MillsGurnee (Chicago), IL |
Mills | Macy's | Circuit City | |||
Montgomery MallNorth Wales (Philadelphia), PA |
Mall | Wegman's | Boscov's | |||
Sawgrass MillsSunrise (Miami), FL |
Mills | Forever 21 (expansion) | Wannado | |||
Shops at Arbor Walk, TheAustin, TX |
Community/Lifestyle Ctr. | Casual Male XL | Golf Galaxy | |||
Shops at Nanuet, TheNanuet (New York), NY |
Mall | Fairway Market Regal Cinema |
N/A N/A |
|||
South Hills VillagePittsburgh, PA |
Mall | Target | Boscov's | |||
Town Center at Boca Raton |
Mall | Container Store | Old Navy | |||
University Town PlazaPensacola, FL |
Community/Lifestyle Ctr. | Academy Sports Toys "R" Us |
N/A N/A |
36
SIMON PROPERTY GROUP
Capital Expenditures
For the Six Months Ended June 30, 2012
(In thousands)
|
|
Unconsolidated Properties | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
|
Consolidated Properties |
Total | Simon Group's Share |
|||||||
New development projects |
$ | 83,106 | $ | 119,623 | $ | 58,337 | ||||
Redevelopment projects with incremental square footage and/or anchor replacement |
139,459 | 77,416 | 35,159 | |||||||
Redevelopment projects with no incremental square footage |
46,704 | 9,910 | 5,786 | |||||||
Subtotal new development and redevelopment projects |
269,269 | 206,949 | 99,282 | |||||||
Tenant allowances |
72,206 |
29,480 |
12,963 |
|||||||
Operational capital expenditures at properties: |
||||||||||
CAM expenditures(1) |
15,318 | 22,595 | 9,456 | |||||||
Non-CAM expenditures |
20,908 | 10,516 | 5,117 | |||||||
Totals |
$ |
377,701 |
$ |
269,540 |
$ |
126,818 |
||||
Less: Conversion from accrual to cash basis |
(33,871 |
) |
(1,327 |
) |
(624 |
) |
||||
Capital Expenditures for the Six Months Ended 6/30/12(2) |
$ |
343,830 |
$ |
268,213 |
$ |
126,194 |
||||
Capital Expenditures for the Six Months Ended 6/30/11(2) |
$ |
163,463 |
$ |
191,702 |
$ |
79,955 |
||||
37
SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
Property/ Location
|
Project Description | Projected Opening |
Company's Ownership Percentage |
|||
---|---|---|---|---|---|---|
New Development Projects: | ||||||
Tanger Outlets-Texas CityTexas City, TX | 350,000 square foot upscale outlet center | 10/12 | 50% | |||
Phoenix Premium OutletsChandler (Phoenix), AZ |
360,000 square foot upscale outlet center |
5/13 |
100% |
|||
St. Louis Premium OutletsChesterfield (St. Louis), MO |
350,000 square foot upscale outlet center |
Fall 2013 |
60% |
|||
TotalsNew Development Projects ($ in millions): |
||||||
Projected Gross Cost(2) = $257 | ||||||
Projected Net Cost(3) = $220 | ||||||
Company's Share of Net Cost = $153 | ||||||
Blended Stabilized Rate of Return = 11% | ||||||
Total Construction in Progress(4) = $47 | ||||||
Company's Share of Total Construction in Progress(4) = $26 | ||||||
Redevelopment Projects: |
||||||
White Oaks MallSpringfield, IL | Redevelopment HHGregg Reconfigure former theater space into small shops L.A. Fitness |
7/12 10/12 8/13 9/13 |
80.7% | |||
Brunswick SquareEast Brunswick (New York), NJ |
New mall entrance, Panera Bread and Tilted Kilt Restaurant |
8/12 |
100% |
|||
Plaza CarolinaCarolina, PR |
Redevelopment DSW |
8/12 11/12 |
100% |
|||
Santa Rosa PlazaSanta Rosa, CA |
Redevelopment |
8/12 |
100% |
|||
Southridge MallGreendale (Milwaukee), WI |
Redevelopment (Macy's opened 3/12) |
8/12 |
100% |
|||
La Plaza MallMcAllen, TX |
Food hall expansion |
9/12 |
100% |
|||
Orland SquareOrland Park (Chicago), IL |
Dave & Buster's Redevelopment |
9/12 3/13 |
100% |
|||
King of Prussia MallKing of Prussia, PA |
Redevelopment of former Strawbridge's-Macy's building into 100,000 sf of small shops on two levels Arhaus Furniture |
10/12 11/12 |
96.1% |
|||
Ontario MillsOntario, CA |
Food hall/exterior redevelopment (Last Call Neiman Marcus opened 6/12) |
10/12 |
50% |
|||
South Hills VillagePittsburgh, PA |
Dick's Sporting Goods Target |
10/12 3/13 |
100% |
|||
Fashion Mall at KeystoneIndianapolis, IN |
Redevelopment with small shop expansion |
11/12 |
100% |
|||
Potomac MillsWoodbridge (Washington, DC), VA |
Exterior redevelopment with addition of restaurants |
11/12 |
100% |
|||
Quaker Bridge MallLawrenceville, NJ |
Redevelopment with addition of restaurants and food hall |
11/12 |
50% |
|||
Sawgrass MillsSunrise (Miami), FL |
Calvin Klein and small shops Forever 21 The Colonnade at Sawgrass expansion |
11/12 3/13 4/13 |
100% |
|||
Southdale CenterMinneapolis, MN |
Redevelopment |
11/12 |
100% |
38
SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
Property/ Location
|
Project Description | Projected Opening |
Company's Ownership Percentage |
||||
---|---|---|---|---|---|---|---|
Redevelopment Projects (continued): | |||||||
Apple Blossom MallWinchester, VA | Redevelopment with addition of food hall Carmike Cinema |
12/12 6/13 |
49.1% | ||||
Meadowood MallReno, NV |
Redevelopment |
4/13 |
50% |
||||
Penn Square MallOklahoma City, OK |
Mall entrance/food hall redevelopment |
4/13 |
94.5% |
||||
Dadeland MallMiami, FL |
Redevelopment of former Limited/Express building into two-level enclosed small shops and restaurants |
5/13 |
50% |
||||
Woodland Hills MallTulsa, OK |
Redevelopment |
5/13 |
94.5% |
||||
Seattle Premium OutletsTulalip (Seattle), WA |
Small shop expansion and parking deck |
6/13 |
100% |
||||
Gurnee MillsGurnee (Chicago), IL |
Macy's addition and redevelopment |
8/13 |
100% |
||||
Walt Whitman ShopsHuntington Station, NY |
Reconfiguration and expansion of small shop space and restaurants |
9/13 |
100% |
||||
Shops at Nanuet, TheNanuet (New York), NY |
Redevelopment of enclosed mall into open-air center |
10/13 |
100% |
||||
University Town PlazaPensacola, FL |
Redevelopment of enclosed mall into open-air center |
11/13 |
100% |
||||
TotalsRedevelopment Projects ($ in millions): |
|||||||
Projected Gross Cost(2) = $841 | |||||||
Projected Net Cost(3) = $791 | |||||||
Company's Share of Net Cost = $702 | |||||||
Blended Stabilized Rate of Return = 10% | |||||||
Total Construction in Progress(4) = $204 | |||||||
Company's Share of Total Construction in Progress(4) = $187 | |||||||
Anchor/ Big Box Additions: |
|||||||
Shops at Riverside, TheHackensack (New York), NY | Arhaus Furniture | 7/12 | 100% | ||||
Cordova MallPensacola, FL |
Belk relocation Dick's Sporting Goods |
8/12 6/13 |
100% |
||||
The FallsMiami, FL |
Fresh Market |
9/12 |
50% |
||||
McCain MallN. Little Rock, AR |
Regal Cinemas |
10/12 |
100% |
||||
Seminole Towne CenterSanford (Orlando), FL |
Burlington Coat Factory Dick's Sporting Goods |
10/12 11/12 |
45% |
(5) |
|||
Springfield MallSpringfield (Philadelphia), PA |
Ulta |
10/12 |
38% |
||||
Northgate MallSeattle, WA |
Nordstrom Rack |
11/12 |
100% |
||||
Northshore MallPeabody (Boston), MA |
Container Store and DSW |
11/12 |
56.4% |
||||
Rio Grande Valley Premium OutletsMercedes, TX |
VF Factory Outlet |
11/12 |
100% |
||||
Westland Park PlazaOrange Park (Jacksonville), FL |
L.A. Fitness |
11/12 |
32.2% |
(5) |
|||
Montgomery MallNorth Wales (Philadelphia), PA |
Wegman's |
10/13 |
60% |
39
SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
Property/ Location
|
Project Description | Projected Opening |
Company's Ownership Percentage |
|||
---|---|---|---|---|---|---|
TotalsAnchor/ Big Box Additions: | ||||||
Projected Gross Cost(2) = $87 | ||||||
Projected Net Cost(3) = $84 | ||||||
Company's Share of Net Cost = $63 | ||||||
Blended Stabilized Rate of Return = 10% | ||||||
Total Construction in Progress(4) = $36 | ||||||
Company's Share of Total Construction in Progress(4) = $29 |
40
SIMON PROPERTY GROUP
International Development Activity Report
Project Overview, Construction-in-Progress
Shopping center/ Location (Metropolitan area)
|
Project Description | Projected Opening |
Company's Ownership Percentage |
Company's Share of Projected Net Cost(1) (in millions) |
|||||
---|---|---|---|---|---|---|---|---|---|
New Development Projects: | |||||||||
Shisui Premium OutletsShisui (Chiba), Japan(2) | 234,000 square foot upscale outlet center | 4/13 | 40 | % | JPY 3,631 | ||||
Toronto Premium OutletsHalton Hills (Ontario), Canada(3) |
358,000 square foot upscale outlet center |
8/13 |
50 |
% |
CAD 79.8 |
||||
Busan Premium OutletsBusan, Korea(4) |
343,000 square foot upscale outlet center |
9/13 |
50 |
% |
KRW 83,919 |
||||
Expansions: |
|||||||||
Rinku Premium OutletsIzumisano (Osaka), Japan(2) | 103,000 square foot phase 4 expansion | 7/12 | 40 | % | JPY 1,160 | ||||
Kobe-Sanda Premium OutletsKobe (Osaka), Japan(2) |
78,000 square foot phase 3 expansion |
12/12 |
40 |
% |
JPY 1,132 |
41
SIMON PROPERTY GROUP
Total Debt Amortization and Maturities by Year (Our Share)
As of June 30, 2012
(In thousands)
Year
|
Our Share of Unsecured Consolidated Debt |
Weighted Average Rate of Maturing Unsecured Consolidated Debt |
Our Share of Secured Consolidated Debt |
Weighted Average Rate of Maturing Secured Consolidated Debt |
Our Share of Unconsolidated Joint Venture Debt |
Weighted Average Rate of Maturing Unconsolidated Joint Venture Debt |
Our Share of Total Debt |
Total Weighted Average Rate of Maturing Debt |
|||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2012 |
$ | 106,065 | 6.35 | % | $ | 140,514 | 6.20 | % | $ | 317,287 | 6.13 | % | $ | 563,866 | 6.24 | % | |||||||||
2013 |
504,519 | 5.71 | % | 497,815 | 4.11 | % | 619,394 | 4.05 | % | 1,621,728 | 4.65 | % | |||||||||||||
2014 |
934,482 | 6.09 | % | 1,421,061 | 5.97 | % | 606,588 | 5.62 | % | 2,962,131 | 5.93 | % | |||||||||||||
2015 |
1,600,000 | 5.12 | % | 487,186 | 5.91 | % | 787,019 | 5.29 | % | 2,874,205 | 5.40 | % | |||||||||||||
2016 |
3,104,670 | 3.56 | % | 2,988,652 | 5.93 | % | 508,523 | 6.24 | % | 6,601,845 | 4.84 | % | |||||||||||||
2017 |
1,878,313 | 3.17 | % | 1,366,796 | 5.85 | % | 537,871 | 6.00 | % | 3,782,980 | 4.48 | % | |||||||||||||
2018 |
1,000,000 | 6.38 | % | 19,600 | | 43,524 | 1.51 | % | 1,063,124 | 6.24 | % | ||||||||||||||
2019 |
650,000 | 10.35 | % | 156,851 | 7.68 | % | 40,769 | 4.22 | % | 847,620 | 9.76 | % | |||||||||||||
2020 |
1,250,000 | 5.65 | % | 89,823 | 5.01 | % | 476,773 | 5.66 | % | 1,816,596 | 5.63 | % | |||||||||||||
2021 |
1,600,000 | 4.27 | % | 419,133 | 5.44 | % | 789,576 | 4.81 | % | 2,808,709 | 4.62 | % | |||||||||||||
Thereafter |
1,750,000 | 4.96 | % | 243,920 | 5.21 | % | 454,120 | 4.40 | % | 2,448,040 | 4.87 | % | |||||||||||||
Face Amounts of Indebtedness |
$ | 14,378,049 | 4.90 | % | $ | 7,831,351 | 5.79 | % | $ | 5,181,444 | 5.18 | % | $ | 27,390,844 | 5.19 | % | |||||||||
Premiums (Discounts) on Indebtedness, Net |
(34,911 | ) | 121,056 | 2,917 | 89,062 | ||||||||||||||||||||
Our Share of Total Indebtedness |
$ | 14,343,138 | $ | 7,952,407 | $ | 5,184,361 | $ | 27,479,906 | |||||||||||||||||
Debt Covenant Compliance Ratios
Senior Unsecured Debt Covenants(1)
|
Required | Actual | Compliance | ||||
---|---|---|---|---|---|---|---|
Total Debt to Total Assets |
£65 | % | 45% | Yes | |||
Total Secured Debt to Total Assets |
£50 | % | 21% | Yes | |||
Fixed Charge Coverage Ratio |
>1.5 | X | 2.9X | Yes | |||
Total Unencumbered Assets to Unsecured Debt |
³125 | % | 243% | Yes |
42
SIMON PROPERTY GROUP
Summary of Indebtedness
As of June 30, 2012
(In thousands)
|
Total Indebtedness |
Our Share of Indebtedness |
Weighted Average End of Period Interest Rate |
Weighted Average Years to Maturity |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated Indebtedness |
|||||||||||||
Mortgage Debt |
|||||||||||||
Fixed Rate |
$ | 7,558,869 | $ | 7,388,585 | 5.98 | % | 4.4 | ||||||
Variable Rate Debt |
442,766 | 442,766 | 2.60 | % | 2.0 | ||||||||
Total Mortgage Debt |
8,001,635 | 7,831,351 | 5.79 | % | 4.2 | ||||||||
Unsecured Debt |
|||||||||||||
Fixed Rate |
12,295,066 | 12,295,066 | 5.41 | % | 7.6 | ||||||||
Revolving Credit FacilityUS Tranche |
665,000 | 665,000 | 2.49 | % | 4.3 | ||||||||
Revolving Credit FacilityEuro Currency |
1,139,670 | 1,139,670 | 1.37 | % | 4.3 | ||||||||
Supplemental Credit FacilityYen Currency |
278,313 | 278,313 | 1.14 | % | 5.0 | ||||||||
Total Revolving Credit Facilities |
2,082,983 | 2,082,983 | 1.70 | % | 4.4 | ||||||||
Total Unsecured Debt |
14,378,049 | 14,378,049 | 4.90 | % | 7.1 | ||||||||
Premium |
128,139 | 127,410 | |||||||||||
Discount |
(41,265 | ) | (41,265 | ) | |||||||||
Consolidated Mortgages and Other Indebtedness(1) |
$ | 22,466,558 | $ | 22,295,545 | 5.21 | % | 6.1 | ||||||
Joint Venture Indebtedness |
|||||||||||||
Mortgage Debt |
|||||||||||||
Fixed Rate |
$ | 9,367,451 | $ | 4,353,950 | 5.39 | % | 6.1 | ||||||
Variable Rate Debt |
794,646 | 374,213 | 2.66 | % | 2.0 | ||||||||
Mills Limited Partnership Debt(2) |
1,207,637 | 453,281 | | | |||||||||
Total Mortgage Debt |
11,369,734 | 5,181,444 | 5.18 | % | 5.8 | ||||||||
Premium |
5,834 | 2,917 | |||||||||||
Discount |
0 | 0 | |||||||||||
Joint Venture Mortgages and Other Indebtedness(1) |
$ | 11,375,568 | $ | 5,184,361 | 5.18 | % | 5.8 | ||||||
Our Share of Total Indebtedness |
$ | 27,479,906 | 5.19 | % | 6.0 | ||||||||
Summary of our share of Fixed and Variable Rate Debt |
|||||||||||||
Consolidated |
|||||||||||||
Fixed |
90.4 | % | $ | 20,159,796 | 5.58 | % | 6.3 | ||||||
Variable |
9.6 | % | 2,135,749 | 1.74 | % | 3.9 | |||||||
|
100.0 | % | $ | 22,295,545 | 5.21 | % | 6.1 | ||||||
Joint Venture |
|||||||||||||
Fixed |
90.0 | % | $ | 4,664,647 | 5.39 | % | 6.1 | ||||||
Variable |
10.0 | % | 519,714 | 2.66 | % | 2.0 | |||||||
|
100.0 | % | $ | 5,184,361 | 5.18 | % | 5.8 | ||||||
Total Debt |
$ | 27,479,906 | |||||||||||
Total Fixed Debt |
90.3 | % | $ | 24,824,443 | 5.55 | % | 6.3 | ||||||
Total Variable Debt |
9.7 | % | $ | 2,655,463 | 1.88 | % | 3.6 | ||||||
43
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2012
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated Indebtedness: |
|||||||||||||||||||
Simon Property Group, LP (Sr. Notes) |
08/28/12 | 6.35 | % | Fixed | Unsecured | $ | 106,065 | $ | 106,065 | ||||||||||
Forest Mall |
(24)(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 15,387 | 15,387 | |||||||||||
Markland Mall |
(24)(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 20,373 | 20,373 | |||||||||||
Midland Park Mall |
(24)(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 29,743 | 29,743 | |||||||||||
Richmond Towne Square |
(24)(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 41,778 | 41,778 | |||||||||||
CPG Partners, LP (Sr. Notes) |
01/15/13 |
6.00 |
% |
Fixed |
Unsecured |
69,334 |
69,334 |
||||||||||||
The Factory Shoppes at Branson Meadows |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 8,593 | 8,593 | ||||||||||
North Ridge Shopping Center |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 7,558 | 7,558 | ||||||||||
MacGregor Village |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 6,188 | 6,188 | ||||||||||
Dare Centre |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 1,539 | 1,539 | ||||||||||
Factory Stores of America |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 14,849 | 14,849 | ||||||||||
Carolina Premium OutletsSmithfield |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 18,477 | 18,477 | ||||||||||
The Crossings Premium Outlets |
03/13/13 | 5.85 | % | Fixed | Secured | 48,382 | 48,382 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/15/13 | 5.45 | % | Fixed | Unsecured | 122,288 | 122,288 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
05/30/13 | 5.30 | % | Fixed | Unsecured | 237,897 | 237,897 | ||||||||||||
Stanford Shopping Center |
(2) | 07/01/13 | 2.40 | % | Variable | Secured | 240,000 | 240,000 | |||||||||||
Battlefield Mall |
07/01/13 | 4.60 | % | Fixed | Secured | 87,924 | 87,924 | ||||||||||||
Retail Property Trust (Sr. Notes) |
09/01/13 | 7.18 | % | Fixed | Unsecured | 75,000 | 75,000 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
01/30/14 |
4.90 |
% |
Fixed |
Unsecured |
200,000 |
200,000 |
||||||||||||
Concord Marketplace |
02/01/14 | 5.76 | % | Fixed | Secured | 12,630 | 12,630 | ||||||||||||
Northfield Square |
02/11/14 | 6.05 | % | Fixed | Secured | 26,332 | 8,321 | ||||||||||||
Puerto Rico Premium Outlets |
05/01/14 | (23) | 3.75 | % | Variable | Secured | 72,766 | 72,766 | |||||||||||
Simon Property Group, LP (Sr. Notes) |
05/15/14 | 6.75 | % | Fixed | Unsecured | 516,052 | 516,052 | ||||||||||||
Plaza CarolinaFixed |
06/01/14 | 7.50 | % | Fixed | Secured | 87,229 | 87,229 | ||||||||||||
Plaza CarolinaVariable Swapped |
(16) | 06/01/14 | 7.63 | % | Fixed | Secured | 94,545 | 94,545 | |||||||||||
Desoto Square |
07/01/14 | 5.89 | % | Fixed | Secured | 62,409 | 62,409 | ||||||||||||
Sawgrass Mills |
07/01/14 | 5.82 | % | Fixed | Secured | 820,000 | 820,000 | ||||||||||||
West Ridge Mall |
07/01/14 | 5.89 | % | Fixed | Secured | 66,243 | 66,243 | ||||||||||||
Chesapeake Square |
08/01/14 | 5.84 | % | Fixed | Secured | 67,191 | 50,393 | ||||||||||||
Brunswick Square |
08/11/14 | 5.65 | % | Fixed | Secured | 78,910 | 78,910 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
08/15/14 | 5.63 | % | Fixed | Unsecured | 218,430 | 218,430 | ||||||||||||
Lake View Plaza |
12/31/14 | 8.00 | % | Fixed | Secured | 15,682 | 15,682 | ||||||||||||
DeKalb Plaza |
01/01/15 |
5.28 |
% |
Fixed |
Secured |
2,604 |
2,240 |
||||||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/15 | 4.20 | % | Fixed | Unsecured | 400,000 | 400,000 | ||||||||||||
Southridge Mall |
04/01/15 | 5.23 | % | Fixed | Secured | 124,000 | 124,000 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/15 | 5.10 | % | Fixed | Unsecured | 600,000 | 600,000 | ||||||||||||
Great Mall |
(2) | 08/28/15 | 6.01 | % | Fixed | Secured | 270,000 | 270,000 | |||||||||||
Bloomingdale Court |
11/01/15 | 8.15 | % | Fixed | Secured | 25,746 | 25,746 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
12/01/15 | 5.75 | % | Fixed | Unsecured | 600,000 | 600,000 | ||||||||||||
Ellenton Premium Outlets |
(17) |
01/11/16 |
5.51 |
% |
Fixed |
Secured |
105,199 |
105,199 |
|||||||||||
Florida Keys Outlet Center |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 10,736 | 10,736 | |||||||||||
Grove City Premium Outlets |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 113,572 | 113,572 | |||||||||||
Gulfport Premium Outlets |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 25,338 | 25,338 | |||||||||||
Huntley Outlet Center |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 30,030 | 30,030 | |||||||||||
Jersey Shore Premium Outlets |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 70,476 | 70,476 | |||||||||||
Lebanon Premium Outlets |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 15,578 | 15,578 | |||||||||||
Naples Outlet Center |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 16,141 | 16,141 |
44
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2012
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Pleasant Prairie Premium Outlets |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 60,529 | 60,529 | |||||||||||
San Marcos Premium Outlets |
(17) | 01/11/16 | 5.51 | % | Fixed | Secured | 144,050 | 144,050 | |||||||||||
Retail Property Trust (Sr. Notes) |
03/15/16 | 7.88 | % | Fixed | Unsecured | 250,000 | 250,000 | ||||||||||||
Henderson Square |
04/01/16 | 4.43 | % | Fixed | Secured | 13,792 | 10,471 | ||||||||||||
Penn Square Mall |
04/01/16 | 7.75 | % | Fixed | Secured | 96,971 | 91,634 | ||||||||||||
Southdale Center |
04/01/16 | 5.18 | % | Fixed | Secured | 154,003 | 154,003 | ||||||||||||
Birch Run Premium Outlets |
(11) | 04/11/16 | 5.95 | % | Fixed | Secured | 106,785 | 106,785 | |||||||||||
Hagerstown Premium Outlets |
(11) | 04/11/16 | 5.95 | % | Fixed | Secured | 89,724 | 89,724 | |||||||||||
Williamsburg Premium Outlets |
(11) | 04/11/16 | 5.95 | % | Fixed | Secured | 103,657 | 103,657 | |||||||||||
Simon Property Group, LP (Sr. Notes) |
05/01/16 | 6.10 | % | Fixed | Unsecured | 400,000 | 400,000 | ||||||||||||
Arsenal Mall HCHP |
05/05/16 | 8.20 | % | Fixed | Secured | 636 | 636 | ||||||||||||
Empire Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 176,300 | 176,300 | ||||||||||||
Mesa Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 87,250 | 87,250 | ||||||||||||
Rushmore Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 94,000 | 94,000 | ||||||||||||
Southern Hills Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 101,500 | 101,500 | ||||||||||||
Las Americas Premium Outlets |
06/11/16 | 5.84 | % | Fixed | Secured | 180,000 | 180,000 | ||||||||||||
Shops at Riverside, The |
(2) | 06/16/16 | 2.35 | % | Variable | Secured | 130,000 | 130,000 | |||||||||||
Upper Valley Mall |
(2)(4) | 07/01/16 | 5.89 | % | Fixed | Secured | 44,869 | 44,869 | |||||||||||
Washington Square |
(2)(8) | 07/01/16 | 5.94 | % | Fixed | Secured | 26,396 | 26,396 | |||||||||||
Greenwood Park Mall |
(22) | 08/01/16 | 8.00 | % | Fixed | Secured | 77,959 | 77,959 | |||||||||||
South Park Mall |
(22) | 08/01/16 | 8.00 | % | Fixed | Secured | 192,949 | 192,949 | |||||||||||
Walt Whitman Shops |
(22) | 08/01/16 | 8.00 | % | Fixed | Secured | 118,888 | 118,888 | |||||||||||
Calhoun Premium Outlets |
(14) | 09/01/16 | 5.79 | % | Fixed | Secured | 20,522 | 20,522 | |||||||||||
Gaffney Premium Outlets |
(14) | 09/01/16 | 5.79 | % | Fixed | Secured | 37,244 | 37,244 | |||||||||||
Lee Premium Outlets |
(14) | 09/01/16 | 5.79 | % | Fixed | Secured | 51,229 | 51,229 | |||||||||||
Opry Mills |
(2) | 10/10/16 | 6.16 | % | Fixed | Secured | 280,000 | 280,000 | |||||||||||
Opry Mills2 |
(2) | 10/10/16 | 5.00 | % | Fixed | Secured | 102,208 | 102,208 | |||||||||||
Revolving Credit FacilityUSD |
10/30/16 | (6) | 2.49 | % | Variable | Unsecured | 665,000 | 665,000 | |||||||||||
Revolving Credit FacilityEuro Currency |
10/30/16 | 1.37 | % | Variable | Unsecured(7) | 1,139,670 | 1,139,670 | ||||||||||||
White Oaks Mall |
11/01/16 | 5.54 | % | Fixed | Secured | 50,000 | 40,339 | ||||||||||||
Pismo Beach Premium Outlets |
(10) | 11/06/16 | 5.84 | % | Fixed | Secured | 33,850 | 33,850 | |||||||||||
Queenstown Premium Outlets |
(10) | 11/06/16 | 5.84 | % | Fixed | Secured | 66,150 | 66,150 | |||||||||||
Pleasant Prairie Premium Outlets 2 |
12/01/16 | 6.01 | % | Fixed | Secured | 36,604 | 36,604 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
12/01/16 | 5.25 | % | Fixed | Unsecured | 650,000 | 650,000 | ||||||||||||
King of PrussiaThe Court & The Plaza-1 |
01/01/17 |
7.49 |
% |
Fixed |
Secured |
89,596 |
86,090 |
||||||||||||
King of PrussiaThe Court & The Plaza-2 |
01/01/17 | 8.53 | % | Fixed | Secured | 6,373 | 6,124 | ||||||||||||
King of PrussiaThe Court & The Plaza-3 |
01/01/17 | 4.50 | % | Fixed | Secured | 50,000 | 48,044 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
01/30/17 | 2.80 | % | Fixed | Unsecured | 500,000 | 500,000 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/01/17 | 5.88 | % | Fixed | Unsecured | 500,000 | 500,000 | ||||||||||||
Wolfchase Galleria |
04/01/17 | 5.64 | % | Fixed | Secured | 225,000 | 212,616 | ||||||||||||
Valle Vista Mall |
05/10/17 | 5.35 | % | Fixed | Secured | 40,000 | 40,000 | ||||||||||||
Summit Mall |
06/10/17 | 5.42 | % | Fixed | Secured | 65,000 | 65,000 | ||||||||||||
Supplemental Credit FacilityYen Currency |
06/30/17 | 1.14 | % | Variable | Unsecured(13) | 278,313 | 278,313 | ||||||||||||
Gurnee Mills |
07/01/17 | 5.77 | % | Fixed | Secured | 321,000 | 321,000 | ||||||||||||
Independence Center |
07/10/17 | 5.94 | % | Fixed | Secured | 200,000 | 200,000 | ||||||||||||
Potomac Mills |
07/11/17 | 5.83 | % | Fixed | Secured | 410,000 | 410,000 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
09/15/17 | 2.15 | % | Fixed | Unsecured | 600,000 | 600,000 | ||||||||||||
Bangor Mall |
10/01/17 | 6.15 | % | Fixed | Secured | 80,000 | 53,672 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
05/30/18 |
6.13 |
% |
Fixed |
Unsecured |
800,000 |
800,000 |
||||||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/18 | 7.38 | % | Fixed | Unsecured | 200,000 | 200,000 |
45
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2012
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Simon Property Group, LP (Sr. Notes) |
04/01/19 | 10.35 | % | Fixed | Unsecured | 650,000 | 650,000 | ||||||||||||
Woodland Hills Mall |
04/05/19 | 7.79 | % | Fixed | Secured | 94,569 | 89,337 | ||||||||||||
Forest Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 18,235 | 18,235 | |||||||||||
Lakeline Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 17,084 | 17,084 | |||||||||||
Muncie Towne Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 7,102 | 7,102 | |||||||||||
White Oaks Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 14,204 | 14,204 | |||||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/20 |
5.65 |
% |
Fixed |
Unsecured |
1,250,000 |
1,250,000 |
||||||||||||
Port Charlotte Town Center |
11/01/20 | 5.30 | % | Fixed | Secured | 47,409 | 37,927 | ||||||||||||
Oxford Valley Mall |
12/07/20 | 4.77 | % | Fixed | Secured | 69,421 | 45,085 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/01/21 |
4.38 |
% |
Fixed |
Unsecured |
900,000 |
900,000 |
||||||||||||
Ingram Park Mall |
06/01/21 | 5.38 | % | Fixed | Secured | 142,963 | 142,963 | ||||||||||||
Towne West Square |
06/01/21 | 5.61 | % | Fixed | Secured | 50,375 | 50,375 | ||||||||||||
Domain, The |
08/01/21 | 5.44 | % | Fixed | Secured | 205,747 | 205,747 | ||||||||||||
Palms Crossing |
(18) | 08/01/21 | 5.49 | % | Fixed | Secured | 37,952 | 37,952 | |||||||||||
Shops at Arbor Walk, The |
(18) | 08/01/21 | 5.49 | % | Fixed | Secured | 42,894 | 42,894 | |||||||||||
Simon Property Group, LP (Sr. Notes) |
12/01/21 | 4.13 | % | Fixed | Unsecured | 700,000 | 700,000 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/15/22 |
3.38 |
% |
Fixed |
Unsecured |
600,000 |
600,000 |
||||||||||||
Town Center at Cobb |
05/01/22 | 4.76 | % | Fixed | Secured | 200,000 | 200,000 | ||||||||||||
Anderson Mall |
07/01/22 | 4.76 | % | Fixed | Secured | 21,000 | 21,000 | ||||||||||||
Sunland Park Mall |
01/01/26 |
8.63 |
% |
Fixed |
Secured |
30,220 |
30,220 |
||||||||||||
Montgomery Mall |
05/11/34 |
5.17 |
% |
Fixed |
Secured |
83,278 |
49,959 |
||||||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/40 |
6.75 |
% |
Fixed |
Unsecured |
600,000 |
600,000 |
||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/15/42 |
4.75 |
% |
Fixed |
Unsecured |
550,000 |
550,000 |
||||||||||||
Total Consolidated Indebtedness at Face Value |
$ | 22,379,684 | $ | 22,209,400 | |||||||||||||||
Premium on Fixed-Rate Indebtedness |
128,139 | 127,410 | |||||||||||||||||
Discount on Fixed-Rate Indebtedness |
(41,265 | ) | (41,265 | ) | |||||||||||||||
Total Consolidated Indebtedness |
$ | 22,466,558 | $ | 22,295,545 | |||||||||||||||
Joint Venture Indebtedness: |
|||||||||||||||||||
Concord Mills Mall |
12/07/12 | 6.13 | % | Fixed | Secured | $ | 155,879 | $ | 61,572 | ||||||||||
Katy Mills |
01/09/13 | 6.69 | % | Fixed | Secured | 136,920 | 34,230 | ||||||||||||
Del Amo Fashion Center |
(2) | 01/23/13 | 1.75 | % | Variable | Secured | 307,753 | 153,876 | |||||||||||
Emerald Square Mall |
03/01/13 | 5.13 | % | Fixed | Secured | 122,147 | 68,855 | ||||||||||||
Avenues, The |
04/01/13 | 5.29 | % | Fixed | Secured | 67,143 | 10,071 | ||||||||||||
Paju Premium Outlets |
04/01/13 | 6.66 | % | Variable | Secured(19) | 69,316 | 34,658 | ||||||||||||
Circle Centre Mall |
04/11/13 | 5.02 | % | Fixed | Secured | 67,307 | 2,692 | ||||||||||||
Solomon Pond |
08/01/13 | 3.97 | % | Fixed | Secured | 101,427 | 57,175 | ||||||||||||
Tosu Premium OutletsFixed |
08/24/13 | 1.52 | % | Fixed | Secured(12) | 2,907 | 1,163 | ||||||||||||
Miami International Mall |
10/01/13 | 5.35 | % | Fixed | Secured | 89,291 | 42,659 | ||||||||||||
Liberty Tree Mall |
10/11/13 | 5.22 | % | Fixed | Secured | 35,000 | 17,198 | ||||||||||||
Domain Westin |
(2) | 10/15/13 | 2.20 | % | Variable | Secured | 40,331 | 20,166 |
46
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2012
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mall at Tuttle Crossing |
11/05/13 | 5.05 | % | Fixed | Secured | 109,508 | 54,754 | ||||||||||||
Arundel Marketplace |
01/01/14 |
5.92 |
% |
Fixed |
Secured |
10,854 |
6,431 |
||||||||||||
Kobe-Sanda Premium OutletsFixed |
01/31/14 | 1.70 | % | Fixed | Secured(12) | 3,133 | 1,253 | ||||||||||||
Kobe-Sanda Premium OutletsVariable |
01/31/14 | 0.90 | % | Variable | Secured(12) | 45,430 | 18,172 | ||||||||||||
Fashion Valley Mall2 |
05/01/14 | 6.00 | % | Fixed | Secured | 5,886 | 2,943 | ||||||||||||
Coddingtown Mall |
(2) | 07/01/14 | 3.15 | % | Variable | Secured | 13,350 | 13,350 | |||||||||||
Arundel Mills |
08/01/14 | 6.14 | % | Fixed | Secured | 376,606 | 223,139 | ||||||||||||
Grapevine Mills |
(2)(16) | 09/22/14 | 5.90 | % | Fixed | Secured | 270,000 | 160,002 | |||||||||||
Outlets at Orange, The |
10/01/14 | 6.25 | % | Fixed | Secured | 217,029 | 108,515 | ||||||||||||
Gotemba Premium Outlets |
10/25/14 | 1.60 | % | Fixed | Secured(12) | 43,726 | 17,490 | ||||||||||||
Indian River Commons |
11/01/14 | 5.21 | % | Fixed | Secured | 9,283 | 4,642 | ||||||||||||
Indian River Mall |
11/01/14 | 5.21 | % | Fixed | Secured | 62,898 | 31,449 | ||||||||||||
Rinku Premium Outlets |
11/25/14 | 1.86 | % | Fixed | Secured(12) | 17,384 | 6,954 | ||||||||||||
St. Johns Town Center |
03/11/15 |
5.06 |
% |
Fixed |
Secured |
164,759 |
82,379 |
||||||||||||
Toki Premium Outlets |
04/30/15 | 1.13 | % | Variable | Secured(12) | 13,643 | 5,457 | ||||||||||||
St. John's Town Center Phase II |
(2)(16) | 05/10/15 | 5.50 | % | Fixed | Secured | 77,500 | 38,750 | |||||||||||
Colorado Mills |
06/01/15 | 4.00 | % | Variable | Secured | 134,093 | 50,285 | ||||||||||||
Gaitway Plaza |
07/01/15 | 4.60 | % | Fixed | Secured | 13,900 | 0 | ||||||||||||
Plaza at Buckland Hills, The |
07/01/15 | 4.60 | % | Fixed | Secured | 24,800 | 0 | ||||||||||||
Ridgewood Court |
07/01/15 | 4.60 | % | Fixed | Secured | 14,650 | 733 | ||||||||||||
Village Park Plaza |
07/01/15 | 4.60 | % | Fixed | Secured | 29,850 | 3,582 | ||||||||||||
West Town Corners |
07/01/15 | 4.60 | % | Fixed | Secured | 18,800 | 0 | ||||||||||||
Clay Terrace |
10/01/15 | 5.08 | % | Fixed | Secured | 115,000 | 57,500 | ||||||||||||
Mall of New Hampshire |
10/05/15 | 6.23 | % | Fixed | Secured | 130,282 | 73,441 | ||||||||||||
Springfield Mall |
(16) | 11/30/15 | 4.77 | % | Fixed | Secured | 65,541 | 24,899 | |||||||||||
Houston Galleria1 |
12/01/15 | 5.44 | % | Fixed | Secured | 643,583 | 324,173 | ||||||||||||
Houston Galleria2 |
12/01/15 | 5.44 | % | Fixed | Secured | 177,417 | 89,365 | ||||||||||||
Tosu Premium OutletsVariable |
01/31/16 |
0.53 |
% |
Variable |
Secured(12) |
35,646 |
14,258 |
||||||||||||
Smith Haven Mall |
03/01/16 | 5.16 | % | Fixed | Secured | 180,000 | 45,000 | ||||||||||||
Busan Premium Outlets |
03/10/16 | 6.41 | % | Variable | Secured(19) | 22,401 | 11,201 | ||||||||||||
Quaker Bridge Mall1 |
04/01/16 | 7.03 | % | Fixed | Secured | 15,803 | 7,902 | ||||||||||||
Quaker Bridge Mall2 |
04/01/16 | 2.95 | % | Fixed | Secured | 62,000 | 31,000 | ||||||||||||
Greendale Mall |
10/01/16 | 6.00 | % | Fixed | Secured | 45,000 | 25,367 | ||||||||||||
Firewheel Residential |
(2) | 11/20/16 | 5.91 | % | Fixed | Secured | 22,545 | 11,272 | |||||||||||
Falls, The |
(25) | 11/30/16 | 7.50 | % | Fixed | Secured | 111,332 | 55,666 | |||||||||||
Stoneridge Shopping Center |
(25) | 11/30/16 | 7.50 | % | Fixed | Secured | 223,000 | 111,277 | |||||||||||
Briarwood Mall |
(25) | 11/30/16 | 7.50 | % | Fixed | Secured | 115,171 | 57,585 | |||||||||||
Coconut Point |
12/10/16 | 5.83 | % | Fixed | Secured | 230,000 | 115,000 | ||||||||||||
Mall at Rockingham |
03/10/17 |
5.61 |
% |
Fixed |
Secured |
260,000 |
73,282 |
||||||||||||
California Department Stores |
11/01/17 | 6.53 | % | Fixed | Secured | 31,300 | 10,433 | ||||||||||||
West Town Mall |
12/01/17 | 6.34 | % | Fixed | Secured | 210,000 | 105,000 | ||||||||||||
Aventura Mall |
12/11/17 | 5.91 | % | Fixed | Secured | 430,000 | 143,333 | ||||||||||||
Sano Premium Outlets |
05/31/18 |
0.54 |
% |
Variable |
Secured(12) |
27,714 |
11,086 |
||||||||||||
Sendai-Izumi Premium Outlets |
10/31/18 | 0.49 | % | Variable | Secured(12) | 30,947 | 12,379 | ||||||||||||
Whitehall Mall |
11/01/18 | 7.00 | % | Fixed | Secured | 11,193 | 4,249 | ||||||||||||
Johor Premium Outlets |
10/01/19 |
4.22 |
% |
Variable |
Secured(3) |
29,022 |
14,511 |
||||||||||||
Westchester, The |
05/05/20 |
6.00 |
% |
Fixed |
Secured |
365,085 |
146,034 |
||||||||||||
Arizona Mills |
07/01/20 | 5.76 | % | Fixed | Secured | 170,696 | 85,348 | ||||||||||||
Lehigh Valley Mall |
07/05/20 | 5.88 | % | Fixed | Secured | 136,537 | 51,830 |
47
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2012
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Auburn Mall |
09/01/20 | 6.02 | % | Fixed | Secured | 41,144 | 23,193 | ||||||||||||
Shops at Sunset Place, The |
09/01/20 | 5.62 | % | Fixed | Secured | 76,455 | 28,671 | ||||||||||||
Florida Mall, The |
09/05/20 | 5.25 | % | Fixed | Secured | 365,561 | 182,780 | ||||||||||||
Fashion Valley Mall1 |
01/04/21 |
4.30 |
% |
Fixed |
Secured |
475,000 |
237,500 |
||||||||||||
Cape Cod Mall |
03/06/21 | 5.75 | % | Fixed | Secured | 98,511 | 55,531 | ||||||||||||
SouthPark Residential |
05/01/21 | 4.80 | % | Fixed | Secured | 22,000 | 8,800 | ||||||||||||
Seminole Towne Center |
05/06/21 | 5.97 | % | Fixed | Secured | 59,267 | 7,705 | ||||||||||||
Denver West Village |
07/01/21 | 5.04 | % | Fixed | Secured | 28,000 | 10,500 | ||||||||||||
Fashion Centre Pentagon Office |
07/01/21 | 5.11 | % | Fixed | Secured | 40,000 | 17,000 | ||||||||||||
Fashion Centre Pentagon Retail |
07/01/21 | 4.87 | % | Fixed | Secured | 410,000 | 174,250 | ||||||||||||
Dover Mall & Commons |
08/06/21 | 5.57 | % | Fixed | Secured | 93,037 | 63,349 | ||||||||||||
Meadowood Mall |
11/06/21 | 5.82 | % | Fixed | Secured | 124,146 | 62,073 | ||||||||||||
Dadeland Mall |
12/05/21 | 4.50 | % | Fixed | Secured | 450,000 | 225,000 | ||||||||||||
Square One |
01/06/22 |
5.47 |
% |
Fixed |
Secured |
99,475 |
56,075 |
||||||||||||
Ontario Mills |
03/05/22 | 4.25 | % | Fixed | Secured | 348,548 | 174,274 | ||||||||||||
Hamilton Town Center |
04/01/22 | 4.81 | % | Fixed | Secured | 84,000 | 42,000 | ||||||||||||
Silver Sands Factory Stores |
06/01/22 | 3.93 | % | Fixed | Secured | 100,000 | 50,000 | ||||||||||||
Crystal Mall |
06/06/22 | 4.46 | % | Fixed | Secured | 95,000 | 74,276 | ||||||||||||
AMI Premium Outlets |
09/25/23 |
1.84 |
% |
Fixed |
Secured(12) |
148,494 |
59,396 |
||||||||||||
Atrium at Chestnut Hill |
(28) |
03/11/31 |
6.89 |
% |
Fixed |
Secured |
40,863 |
20,079 |
|||||||||||
Northshore Mall |
03/11/34 |
5.03 |
% |
Fixed |
Secured |
192,877 |
108,725 |
||||||||||||
Joint Venture Indebtedness at Face Value |
10,162,096 | 4,728,163 | |||||||||||||||||
TMLP Indebtedness at Face Value |
1,207,637 | 453,281 | (26) | ||||||||||||||||
Total Joint Venture and TMLP Indebtedness at Face Value |
11,369,734 | 5,181,444 | (27) | ||||||||||||||||
Premium on JV Fixed-Rate Indebtedness |
5,834 | 2,917 | |||||||||||||||||
Total Joint Venture Indebtedness |
$ | 11,375,568 | 5,184,361 | (20) | |||||||||||||||
Our Share of Total Indebtedness |
$ | 27,479,906 | |||||||||||||||||
(Footnotes on following page)
48
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2012
(In thousands)
(Footnotes for preceeding pages)
Footnotes:
49
SIMON PROPERTY GROUP
U.S. Unencumbered Assets
As of June 30, 2012
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Malls: | ||||
McCain Mall | N. Little Rock | AR | ||
Brea Mall |
Brea |
CA |
||
Laguna Hills Mall | Laguna Hills | CA | ||
Santa Rosa Plaza | Santa Rosa | CA | ||
Shops at Mission Viejo, The | Mission Viejo | CA | ||
Westminster Mall | Westminster | CA | ||
Town Center at Aurora |
Aurora |
CO |
||
Boynton Beach Mall |
Boynton Beach |
FL |
||
Coral Square | Coral Springs | FL | ||
Cordova Mall | Pensacola | FL | ||
Edison Mall | Fort Meyers | FL | ||
Gulf View Square | Port Richey | FL | ||
Melbourne Square | Melbourne | FL | ||
Orange Park Mall | Orange Park | FL | ||
Paddock Mall | Ocala | FL | ||
Town Center at Boca Raton | Boca Raton | FL | ||
Treasure Coast Square | Jensen Beach | FL | ||
Tyrone Square | St. Petersburg | FL | ||
Lenox Square |
Atlanta |
GA |
||
Mall of Georgia | Atlanta | GA | ||
Northlake Mall | Atlanta | GA | ||
Phipps Plaza | Atlanta | GA | ||
Lindale Mall |
Cedar Rapids |
IA |
||
Lincolnwood Town Center |
Lincolnwood |
IL |
||
Northwoods Shopping Center | Peoria | IL | ||
Orland Square | Orland Park | IL | ||
River Oaks Center | Calumet City | IL | ||
Castleton Square Mall |
Indianapolis |
IN |
||
College Mall | Bloomington | IN | ||
Fashion Mall at Keystone, The | Indianapolis | IN | ||
Muncie Mall | Muncie | IN | ||
Tippecanoe Mall | Lafayette | IN | ||
University Park Mall | Mishawaka | IN | ||
Towne East Square |
Wichita |
KS |
||
Prien Lake Mall |
Lake Charles |
LA |
||
Arsenal Mall |
Watertown |
MA |
||
Burlington Mall | Burlington | MA | ||
Copley Place | Boston | MA | ||
The Mall at Chestnut Hill | Chestnut Hill | MA | ||
South Shore Plaza | Braintree | MA |
50
SIMON PROPERTY GROUP
U.S. Unencumbered Assets
As of June 30, 2012
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Bowie Town Center | Bowie | MD | ||
St. Charles Towne Center | Waldorf | MD | ||
Maplewood Mall |
Minneapolis |
MN |
||
Miller Hill Mall | Duluth | MN | ||
Pheasant Lane Mall(1) |
Nashua |
NH |
||
Livingston Mall |
Livingston |
NJ |
||
Menlo Park Mall | Edison | NJ | ||
Ocean County Mall | Toms River | NJ | ||
Rockaway Townsquare | Rockaway | NJ | ||
Cottonwood Mall |
Albuquerque |
NM |
||
Forum Shops at Caesars, The |
Las Vegas |
NV |
||
Chautauqua Mall |
Lakewood |
NY |
||
Jefferson Valley Mall | Yorktown Heights | NY | ||
Roosevelt Field | Garden City | NY | ||
Great Lakes Mall |
Mentor |
OH |
||
Lima Mall | Lima | OH | ||
Southern Park Mall | Boardman | OH | ||
Ross Park Mall |
Pittsburgh |
PA |
||
South Hills Village | Pittsburgh | PA | ||
Haywood Mall |
Greenville |
SC |
||
Knoxville Center |
Knoxville |
TN |
||
Oak Court Mall | Memphis | TN | ||
Barton Creek Square |
Austin |
TX |
||
Broadway Square | Tyler | TX | ||
Cielo Vista | El Paso | TX | ||
Firewheel Town Center | Garland | TX | ||
Irving Mall | Irving | TX | ||
La Plaza Mall | McAllen | TX | ||
Lakeline Mall | Cedar Park | TX | ||
Longview Mall | Longview | TX | ||
North East Mall | Hurst | TX | ||
Richardson Square Mall | Richardson | TX | ||
Rolling Oaks Mall | San Antonio | TX |
51
SIMON PROPERTY GROUP
U.S. Unencumbered Assets
As of June 30, 2012
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Apple Blossom Mall | Winchester | VA | ||
Charlottesville Fashion Square | Charlottesville | VA | ||
Virginia Center Commons | Glen Allen | VA | ||
Columbia Center |
Kennewick |
WA |
||
Northgate Mall | Seattle | WA | ||
Tacoma Mall | Tacoma | WA | ||
Bay Park Square |
Green Bay |
WI |
||
Premium Outlets: |
||||
Camarillo Premium Outlets |
Camarillo |
CA |
||
Carlsbad Premium Outlets | Carlsbad | CA | ||
Desert Hills Premium Outlets | Cabazon | CA | ||
Folsom Premium Outlets | Folsom | CA | ||
Gilroy Premium Outlets | Gilroy | CA | ||
Napa Premium Outlets | Napa | CA | ||
Petaluma Village Premium Outlets | Petaluma | CA | ||
Vacaville Premium Outlets | Vacaville | CA | ||
Clinton Crossing Premium Outlets |
Clinton |
CT |
||
Orlando Premium Outlets-International Drive |
Orlando |
FL |
||
Orlando Premium Outlets-Vineland Avenue | Orlando | FL | ||
St. Augustine Premium Outlets | St. Augustine | FL | ||
North Georgia Premium Outlets |
Dawsonville |
GA |
||
Waikele Premium Outlets |
Waipahu |
HI |
||
Chicago Premium Outlets |
Aurora |
IL |
||
Edinburgh Premium Outlets |
Edinburgh |
IN |
||
Lighthouse Place Premium Outlets | Michigan City | IN | ||
Wrentham Village Premium Outlets |
Wrentham |
MA |
||
Kittery Premium Outlets |
Kittery |
ME |
||
Albertville Premium Outlets |
Albertville |
MN |
||
Osage Beach Premium Outlets |
Osage Beach |
MO |
||
Merrimack Premium Outlets |
Merrimack |
NH |
||
Jackson Premium Outlets |
Jackson |
NJ |
||
Liberty Village Premium Outlets | Flemington | NJ | ||
Las Vegas Premium Outlets-North |
Las Vegas |
NV |
||
Las Vegas Premium Outlets-South | Las Vegas | NV | ||
Waterloo Premium Outlets |
Waterloo |
NY |
||
Woodbury Common Premium Outlets | Central Valley | NY |
52
SIMON PROPERTY GROUP
U.S. Unencumbered Assets
As of June 30, 2012
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Aurora Farms Premium Outlets | Aurora | OH | ||
Cincinnati Premium Outlets | Monroe | OH | ||
Columbia Gorge Premium Outlets |
Troutdale |
OR |
||
Philadelphia Premium Outlets |
Limerick |
PA |
||
Allen Premium Outlets |
Allen |
TX |
||
Houston Premium Outlets | Cypress | TX | ||
Rio Grande Valley Premium Outlets | Mercedes | TX | ||
Round Rock Premium Outlets | Austin | TX | ||
Leesburg Corner Premium Outlets |
Leesburg |
VA |
||
North Bend Premium Outlets |
North Bend |
WA |
||
Seattle Premium Outlets | Seattle | WA | ||
Johnson Creek Premium Outlets |
Johnson Creek |
WI |
||
Community/Lifestyle Centers: |
||||
Highland Lakes Center |
Orlando |
FL |
||
Pier Park | Panama City Beach | FL | ||
Royal Eagle Plaza | Coral Springs | FL | ||
Terrace at Florida Mall | Orlando | FL | ||
Waterford Lakes Town Center | Orlando | FL | ||
Westland Park Plaza | Orange Park | FL | ||
Mall of Georgia Crossing |
Atlanta |
GA |
||
Countryside Plaza |
Countryside |
IL |
||
Crystal Court | Crystal Lake | IL | ||
Lake Plaza | Waukegan | IL | ||
Lincoln Crossing | O'Fallon | IL | ||
Matteson Plaza | Matteson | IL | ||
North Ridge Plaza | Joliet | IL | ||
Willow Knolls Court | Peoria | IL | ||
Greenwood Plus |
Greenwood |
IN |
||
Keystone Shoppes | Indianapolis | IN | ||
New Castle Plaza | New Castle | IN | ||
Northwood Plaza | Fort Wayne | IN | ||
Teal Plaza | Lafayette | IN | ||
Tippecanoe Plaza | Lafayette | IN | ||
University Center | Mishawaka | IN | ||
Washington Plaza | Indianapolis | IN | ||
West Ridge Plaza |
Topeka |
KS |
||
St. Charles Towne Plaza |
Waldorf |
MD |
||
Regency Plaza |
St. Charles |
MO |
||
Rockaway Convenience Center |
Rockaway |
NJ |
||
Rockaway Town Plaza | Rockaway | NJ |
53
SIMON PROPERTY GROUP
U.S. Unencumbered Assets
As of June 30, 2012
Property Name
|
City
|
State
|
||
---|---|---|---|---|
ABQ Uptown | Albuquerque | NM | ||
Great Lakes Plaza |
Mentor |
OH |
||
Lima Center | Lima | OH | ||
Lincoln Plaza |
King of Prussia |
PA |
||
Charles Towne Square |
Charleston |
SC |
||
Empire East |
Sioux Falls |
SD |
||
Arboretum |
Austin |
TX |
||
Gateway Centers | Austin | TX | ||
Ingram Plaza | San Antonio | TX | ||
Shops at North East Mall | Hurst | TX | ||
Wolf Ranch | Georgetown | TX | ||
Chesapeake Center |
Chesapeake |
VA |
||
Fairfax Court | Fairfax | VA | ||
Martinsville Plaza | Martinsville | VA | ||
Other: |
||||
Outlet Marketplace |
Orlando |
FL |
54
SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of June 30, 2012
($ in 000's, except per share amounts)
Issuer
|
Description | Number of Shares/Units |
Per Share Liquidation Preference |
Aggregate Liquidation Preference |
Ticker Symbol |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Preferred Stock: |
|||||||||||||||
Simon Property Group, Inc. |
Series J 8.375% Cumulative Redeemable(1) | 796,948 | $ | 50 | $ | 39,847 | SPGPrJ | ||||||||
Preferred Units: |
|||||||||||||||
Simon Property Group, L.P. |
7.50% Cumulative Redeemable(2) | 255,373 | $ | 100 | $ | 25,537 | N/A |
55
CONTACTS: | ||
Shelly Doran | 317.685.7330 Investors | |
Les Morris | 317.263.7711 Media |
FOR IMMEDIATE RELEASE
SIMON PROPERTY GROUP REPORTS SECOND QUARTER RESULTS,
ANNOUNCES INCREASE IN QUARTERLY DIVIDEND AND
RAISES 2012 GUIDANCE
Indianapolis, IndianaJuly 24, 2012...Simon Property Group, Inc. (the "Company" or "Simon") (NYSE:SPG) today reported results for the quarter and six months ended June 30, 2012.
Results for the Quarter
Results for the Six Months
"We continue to deliver strong results as demonstrated by 5.1% growth in Mall and Premium Outlets® comparable property net operating income," said David Simon, Chairman and Chief Executive Officer. "Today we are pleased to raise our dividend for the fourth consecutive quarter and once again increase guidance for 2012."
56
U.S. Operational Statistics(1)
|
As of June 30, 2012 |
As of June 30, 2011 |
% Increase |
||||||
---|---|---|---|---|---|---|---|---|---|
Occupancy(2) |
94.2 | % | 93.6 | % | +60 basis points | ||||
Total Sales per Sq. Ft.(3) |
$ | 554 | $ | 504 | 9.9% | ||||
Base Minimum Rent per Sq. Ft.(2) |
$ | 39.99 | $ | 38.57 | 3.7% |
Dividends
Today the Company announced that the Board of Directors declared a quarterly common stock dividend of $1.05 per share, an increase of 5% from the previous quarter and an increase of 31.3% from the year earlier period. The dividend is payable on August 31, 2012 to stockholders of record on August 17, 2012.
The Company also declared the quarterly dividend on its 83/8% Series J Cumulative Redeemable Preferred Stock (NYSE:SPGPrJ) of $1.046875 per share, payable on September 28, 2012 to stockholders of record on September 14, 2012.
Development Activity
The grand opening of Merrimack Premium Outlets was held on June 14th. This upscale outlet shopping center serves the Greater Boston and Nashua markets and is located on a 170-acre site in Merrimack, New Hampshire. The center's Phase I is comprised of 410,000 square feet, housing 100 outlet stores featuring high-quality designer and name brands. The Company owns 100% of this center, which was 99% leased at opening.
Construction continues on several new Premium Outlets:
57
The Company started construction on St. Louis Premium Outlets on July 11th. The project is located in Chesterfield, Missouri and is a part of Chesterfield Blue Valley, a mixed-use development to include office space, hotel, restaurant and entertainment venues. Located on the south side of I-64/US Highway 40 east of the Daniel Boone Bridge, the center's first phase of 350,000 square feet and 85 stores will open in the fall of 2013. Simon owns a 60% interest in this project, which is a joint venture with Woodmont Outlets.
On April 9th, the Company signed a 50/50 joint venture agreement with BR Malls Participacoes S.A., the largest mall owner and operator in Brazil, to develop and own Premium Outlet Centers in Brazil. The first Premium Outlet Center in the joint venture is expected to be open in the State of Sao Paulo in 2013.
Redevelopment and expansion projects are underway at 25 properties in the U.S. and two properties in Japan. Approximately 70 new anchor and big box tenants are currently scheduled to open in 2012 and 2013 in the Company's U.S. portfolio.
Capital Markets
On June 1st, the Company entered into a new $2.0 billion unsecured supplemental revolving credit facility that complements its existing $4.0 billion revolving credit facility. This facility, which can be increased to $2.5 billion during its term, will initially mature on June 30, 2016 and can be extended for an additional year to June 30, 2017 at the Company's sole option. Like the existing facility, the interest rate on the Company's new revolver is LIBOR plus 100 basis points. The facility provides for a money market competitive bid option program that allows the Company to hold auctions to achieve lower pricing for short-term borrowings.
On July 20th, the Company redeemed 2.0 million limited partnership units of its majority-owned operating partnership subsidiary, Simon Property Group, L.P. (the "Operating Partnership"), owned by an affiliate of JCPenney for $124.00 per unit in cash.
58
2012 Guidance
Today the Company updated and raised its guidance for 2012, estimating that FFO will be within a range of $7.60 to $7.70 per diluted share for the year ending December 31, 2012, and diluted net income will be within a range of $4.34 to $4.44 per share.
The following table provides a reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.
For the year ending December 31, 2012
|
Low End | High End | |||||
---|---|---|---|---|---|---|---|
Estimated diluted net income available to common stockholders per share |
$ | 4.34 | $ | 4.44 | |||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
(1.39 | ) | (1.39 | ) | |||
Depreciation and amortization including the Company's share of joint ventures |
4.65 | 4.65 | |||||
Estimated diluted FFO per share |
$ | 7.60 | $ | 7.70 | |||
Conference Call
The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investors tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Time (New York time) today, July 24, 2012. An online replay will be available for approximately 90 days at www.simon.com, www.earnings.com, and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com.
Supplemental Materials and Website
The Company has prepared a supplemental information package which is available at www.simon.com in the Investors section, Financial Information tab. It has also been furnished to the SEC as part of a current report on Form 8-K. If you wish to receive a copy via mail or email, please call 800-461-3439.
We routinely post important information for investors on our website, www.simon.com, in the "Investors" section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
59
Non-GAAP Financial Measures
This press release includes FFO and comparable property net operating income growth, which are adjusted from financial performance measures defined by accounting principles generally accepted in the United States ("GAAP"). Reconciliations of these measures to the most directly comparable GAAP measures are included within this press release or the Company's supplemental information package. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the Company's ability to meet debt service requirements, the availability and terms of financing, changes in the Company's credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environ-mental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, intensely competitive market environment in the retail industry, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Simon Property Group
Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and the largest real estate company in the world. The Company currently owns or has an interest in 336 retail real estate properties in North America and Asia comprising 244 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S. For more information, visit the Simon Property Group website at www.simon.com.
60
Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
|
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
REVENUE: |
|||||||||||||
Minimum rent |
$ | 746,198 | $ | 649,570 | $ | 1,448,295 | $ | 1,293,902 | |||||
Overage rent |
31,427 | 21,980 | 59,107 | 39,121 | |||||||||
Tenant reimbursements |
330,470 | 285,623 | 636,857 | 567,048 | |||||||||
Management fees and other revenues |
28,347 | 31,259 | 60,634 | 61,751 | |||||||||
Other income |
51,624 | 52,429 | 102,142 | 98,913 | |||||||||
Total revenue |
1,188,066 | 1,040,861 | 2,307,035 | 2,060,735 | |||||||||
EXPENSES: |
|||||||||||||
Property operating |
116,018 | 109,025 | 220,758 | 208,567 | |||||||||
Depreciation and amortization |
311,863 | 261,298 | 596,972 | 527,608 | |||||||||
Real estate taxes |
106,777 | 93,424 | 205,479 | 186,688 | |||||||||
Repairs and maintenance |
26,665 | 24,657 | 52,307 | 55,492 | |||||||||
Advertising and promotion |
28,549 | 24,958 | 49,648 | 46,846 | |||||||||
Provision for credit losses |
2,906 | 274 | 6,451 | 1,679 | |||||||||
Home and regional office costs |
35,104 | 31,453 | 67,962 | 60,509 | |||||||||
General and administrative |
14,733 | 8,974 | 28,622 | 16,640 | |||||||||
Other |
24,096 | 19,226 | 41,873 | 38,244 | |||||||||
Total operating expenses |
666,711 | 573,289 | 1,270,072 | 1,142,273 | |||||||||
OPERATING INCOME |
521,355 |
467,572 |
1,036,963 |
918,462 |
|||||||||
Interest expense |
(288,560 | ) | (244,517 | ) | (546,636 | ) | (492,634 | ) | |||||
Income tax expense of taxable REIT subsidiaries |
(991 | ) | (703 | ) | (1,883 | ) | (1,846 | ) | |||||
Income from unconsolidated entities |
29,132 | 13,821 | 59,484 | 32,441 | |||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net(A) |
| 14,349 | 494,837 | 13,765 | |||||||||
CONSOLIDATED NET INCOME |
260,936 | 250,522 | 1,042,765 | 470,188 | |||||||||
Net income attributable to noncontrolling interests |
44,657 |
44,567 |
180,241 |
83,987 |
|||||||||
Preferred dividends |
834 | 834 | 1,669 | 1,669 | |||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
215,445 |
$ |
205,121 |
$ |
860,855 |
$ |
384,532 |
|||||
BASIC EARNINGS PER COMMON SHARE: |
|||||||||||||
Net income attributable to common stockholders |
$ | 0.71 | $ | 0.70 | $ | 2.87 | $ | 1.31 | |||||
DILUTED EARNINGS PER COMMON SHARE: |
|||||||||||||
Net income attributable to common stockholders |
$ | 0.71 | $ | 0.70 | $ | 2.87 | $ | 1.31 | |||||
61
Simon Property Group, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
|
June 30, 2012 |
December 31, 2011 |
|||||
---|---|---|---|---|---|---|---|
ASSETS: |
|||||||
Investment properties at cost |
$ | 34,063,214 | $ | 29,657,046 | |||
Lessaccumulated depreciation |
8,827,205 | 8,388,130 | |||||
|
25,236,009 | 21,268,916 | |||||
Cash and cash equivalents |
638,499 | 798,650 | |||||
Tenant receivables and accrued revenue, net |
423,917 | 486,731 | |||||
Investment in unconsolidated entities, at equity |
2,000,509 | 1,378,084 | |||||
Investment in Klépierre, at equity |
1,942,153 | | |||||
Deferred costs and other assets |
1,745,496 | 1,633,544 | |||||
Notes receivable from related party |
| 651,000 | |||||
Total assets |
$ | 31,986,583 | $ | 26,216,925 | |||
LIABILITIES: |
|||||||
Mortgages and other indebtedness |
$ | 22,466,558 | $ | 18,446,440 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues |
1,168,636 | 1,091,712 | |||||
Cash distributions and losses in partnerships and joint ventures, at equity |
730,636 | 695,569 | |||||
Other liabilities and accrued dividends |
226,675 | 170,971 | |||||
Total liabilities |
24,592,505 | 20,404,692 | |||||
Commitments and contingencies |
|||||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties |
263,479 | 267,945 | |||||
EQUITY: |
|||||||
Stockholders' Equity |
|||||||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): |
|||||||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 |
44,883 | 45,047 | |||||
Common stock, $0.0001 par value, 511,990,000 shares authorized, 307,084,372 and 297,725,698 issued and outstanding, respectively |
31 | 30 | |||||
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding |
| | |||||
Capital in excess of par value |
9,091,935 | 8,103,133 | |||||
Accumulated deficit |
(2,974,231 | ) | (3,251,740 | ) | |||
Accumulated other comprehensive loss |
(81,656 | ) | (94,263 | ) | |||
Common stock held in treasury at cost, 3,762,595 and 3,877,448 shares, respectively |
(135,781 | ) | (152,541 | ) | |||
Total stockholder's equity |
5,945,181 | 4,649,666 | |||||
Noncontrolling interests |
1,185,418 | 894,622 | |||||
Total equity |
7,130,599 | 5,544,288 | |||||
Total liabilities and equity |
$ | 31,986,583 | $ | 26,216,925 | |||
62
Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Statements of Operations
(Dollars in thousands)
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
Revenue: |
|||||||||||||
Minimum rent |
$ | 371,664 | $ | 360,466 | $ | 738,019 | $ | 710,027 | |||||
Overage rent |
36,143 | 27,126 | 84,837 | 57,354 | |||||||||
Tenant reimbursements |
170,478 | 166,726 | 342,571 | 332,346 | |||||||||
Other income |
37,488 | 40,546 | 88,435 | 71,898 | |||||||||
Total revenue |
615,773 | 594,864 | 1,253,862 | 1,171,625 | |||||||||
Operating Expenses: |
|||||||||||||
Property operating |
115,615 | 112,918 | 233,520 | 224,266 | |||||||||
Depreciation and amortization |
126,783 | 123,032 | 258,174 | 245,092 | |||||||||
Real estate taxes |
45,164 | 47,103 | 93,216 | 92,690 | |||||||||
Repairs and maintenance |
15,919 | 15,595 | 30,807 | 32,311 | |||||||||
Advertising and promotion |
12,917 | 11,559 | 28,344 | 25,000 | |||||||||
(Recovery of) provision for credit losses |
(1,102 | ) | 1,113 | (114 | ) | 1,917 | |||||||
Other |
38,793 | 44,158 | 92,356 | 73,289 | |||||||||
Total operating expenses |
354,089 | 355,478 | 736,303 | 694,565 | |||||||||
Operating Income |
261,684 | 239,386 | 517,559 | 477,060 | |||||||||
Interest expense |
(155,393 | ) | (153,970 | ) | (315,554 | ) | (305,002 | ) | |||||
Loss from unconsolidated entities |
(316 | ) | (631 | ) | (631 | ) | (459 | ) | |||||
Income from Continuing Operations |
105,975 | 84,785 | 201,374 | 171,599 | |||||||||
Loss from operations of discontinued joint venture interests |
(1,173 | ) | (9,559 | ) | (11,623 | ) | (15,661 | ) | |||||
Gain on disposal of discontinued operations, net |
| 15,506 | | 15,506 | |||||||||
Net Income |
$ | 104,802 | $ | 90,732 | $ | 189,751 | $ | 171,444 | |||||
Third-Party Investors' Share of Net Income |
$ | 56,787 | $ | 56,455 | $ | 96,800 | $ | 106,470 | |||||
Our Share of Net Income |
48,015 | 34,277 | 92,951 | 64,974 | |||||||||
Amortization of Excess Investment(B) |
(18,749 | ) | (12,703 | ) | (33,333 | ) | (24,780 | ) | |||||
Our Share of Gain on Sale or Disposal of Assets and |
| (7,753 | ) | | (7,753 | ) | |||||||
Income from Unconsolidated Entities(C) |
$ | 29,266 | $ | 13,821 | $ | 59,618 | $ | 32,441 | |||||
Note: The above financial presentation does not include any information related to our investment in Klépierre. For additional information, see footnote C attached hereto.
63
Simon Property Group, Inc. and Subsidiaries
Unaudited Joint Venture Balance Sheets
(Dollars in thousands)
|
June 30, 2012 |
December 31, 2011 |
|||||
---|---|---|---|---|---|---|---|
Assets: |
|||||||
Investment properties, at cost |
$ | 14,491,236 | $ | 20,481,657 | |||
Lessaccumulated depreciation |
4,725,920 | 5,264,565 | |||||
|
9,765,316 | 15,217,092 | |||||
Cash and cash equivalents |
483,433 | 806,895 | |||||
Tenant receivables and accrued revenue, net |
198,773 | 359,208 | |||||
Investment in unconsolidated entities, at equity |
39,855 | 133,576 | |||||
Deferred costs and other assets |
366,900 | 526,101 | |||||
Total Assets |
$ | 10,854,277 | $ | 17,042,872 | |||
Liabilities and Partners' Deficit: |
|||||||
Mortgages and other indebtedness |
$ | 11,499,568 | $ | 15,582,321 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenue |
527,701 | 775,733 | |||||
Other liabilities |
308,912 | 981,711 | |||||
Total liabilities |
12,336,181 | 17,339,765 | |||||
Preferred units |
67,450 | 67,450 | |||||
Partners' deficit |
(1,549,354 | ) | (364,343 | ) | |||
Total liabilities and partners' deficit |
$ | 10,854,277 | $ | 17,042,872 | |||
Our Share of: |
|||||||
Partners' deficit |
$ | (708,641 | ) | $ | (32,000 | ) | |
Add: Excess Investment(B) |
1,978,514 | 714,515 | |||||
Our net Investment in unconsolidated entities |
$ | 1,269,873 | $ | 682,515 | |||
Note: The above financial presentation does not include any information related to our investment in Klépierre. For additional information, see footnote C attached hereto.
64
Simon Property Group, Inc. and Subsidiaries
Unaudited Reconciliation of Non-GAAP Financial Measures(D)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2012 | 2011 | 2012 | 2011 | |||||||||
Consolidated Net Income(E)(F)(G)(H) |
$ | 260,936 | $ | 250,522 | $ | 1,042,765 | $ | 470,188 | |||||
Adjustments to Consolidated Net Income to Arrive at FFO: |
|||||||||||||
Depreciation and amortization from consolidated properties |
308,186 | 257,770 | 589,536 | 520,316 | |||||||||
Simon's share of depreciation and amortization from unconsolidated entities, including Klépierre |
124,989 | 94,376 | 211,130 | 187,757 | |||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
|
(14,349 |
) |
(494,837 |
) |
(13,765 |
) |
||||||
Net income attributable to noncontrolling interest holders in properties |
(1,855 | ) | (1,939 | ) | (3,963 | ) | (4,050 | ) | |||||
Noncontrolling interests portion of depreciation and amortization |
(2,174 | ) | (2,100 | ) | (4,582 | ) | (4,210 | ) | |||||
Preferred distributions and dividends |
(1,313 | ) | (1,313 | ) | (2,627 | ) | (2,626 | ) | |||||
FFO of the Operating Partnership |
$ | 688,769 | $ | 582,967 | $ | 1,337,422 | $ | 1,153,610 | |||||
Diluted net income per share to diluted FFO per share reconciliation: |
|||||||||||||
Diluted net income per share |
$ | 0.71 | $ | 0.70 | $ | 2.87 | $ | 1.31 | |||||
Depreciation and amortization from consolidated properties and Simon's share of depreciation and amortization from unconsolidated entities, including Klépierre, net of noncontrolling interests portion of depreciation and amortization |
1.18 | 0.99 | 2.21 | 1.99 | |||||||||
Gain upon acquisition of controlling interests, sale or disposal of assets and interests in unconsolidated entities, and impairment charge on investment in unconsolidated entities, net |
| (0.04 | ) | (1.37 | ) | (0.04 | ) | ||||||
Diluted FFO per share |
$ | 1.89 | $ | 1.65 | $ | 3.71 | $ | 3.26 | |||||
Details for per share calculations: |
|||||||||||||
FFO of the Operating Partnership |
$ |
688,769 |
$ |
582,967 |
$ |
1,337,422 |
$ |
1,153,610 |
|||||
Adjustments for dilution calculation: |
|||||||||||||
Diluted FFO of the Operating Partnership |
$ | 688,769 | $ | 582,967 | $ | 1,337,422 | $ | 1,153,610 | |||||
Diluted FFO allocable to unitholders |
(115,421 | ) | (99,251 | ) | (226,290 | ) | (196,498 | ) | |||||
Diluted FFO allocable to common stockholders |
$ | 573,348 | $ | 483,716 | $ | 1,111,132 | $ | 957,112 | |||||
Basic weighted average shares outstanding |
303,252 |
293,368 |
299,473 |
293,225 |
|||||||||
Adjustments for dilution calculation: |
|||||||||||||
Effect of stock options |
1 | 35 | 1 | 128 | |||||||||
Diluted weighted average shares outstanding |
303,253 | 293,403 | 299,474 | 293,353 | |||||||||
Weighted average limited partnership units outstanding |
61,048 | 60,202 | 60,990 | 60,226 | |||||||||
Diluted weighted average shares and units outstanding |
364,301 | 353,605 | 360,464 | 353,579 | |||||||||
Basic FFO per Share |
$ | 1.89 | $ | 1.65 | $ | 3.71 | $ | 3.26 | |||||
Percent Change |
14.5 | % | 13.8 | % | |||||||||
Diluted FFO per Share |
$ | 1.89 | $ | 1.65 | $ | 3.71 | $ | 3.26 | |||||
Percent Change |
14.5 | % | 13.8 | % |
65
Simon Property Group, Inc. and Subsidiaries
Footnotes to Unaudited Reconciliation of Non-GAAP Financial Measures
Notes:
The Company determines FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). The Company determines FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
The Company has adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale of, or any impairment charges relating to, previously depreciated operating properties.
We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
66
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