UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of Earliest Event Reported)
February 4, 2013
General Growth Properties, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
1-34948 |
|
27-2963337 |
(State or other |
|
(Commission |
|
(I.R.S. Employer |
jurisdiction of |
|
File Number) |
|
Identification |
incorporation) |
|
|
|
Number) |
110 N. Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
(312) 960-5000
(Registrants telephone number, including area code)
N/A
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 4, 2013, General Growth Properties, Inc. (GGP) issued a press release describing its results of operations for the fourth quarter and full year ended December 31, 2012. A copy of the press release is being furnished as Exhibit 99.1 to this report. This information shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 7.01 REGULATION FD DISCLOSURE.
On February 4, 2013, General Growth Properties, Inc. made available on its website the press release described in Item 2.02 above as well as certain supplemental financial information regarding its operations for the three and twelve months ended December 31, 2012. A copy of such supplemental financial information is being furnished as Exhibit 99.2 to this report. This information shall not be deemed filed for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit No. |
|
Description |
|
|
|
99.1 |
|
Press release titled General Growth Properties Reports Fourth Quarter Results dated February 4, 2013 (furnished herewith). |
|
|
|
99.2 |
|
Certain GGP supplemental financial information regarding its operations for the three and twelve months ended December 31, 2012 (furnished herewith). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
GENERAL GROWTH PROPERTIES, INC. | |
|
|
|
|
|
/s/ Michael Berman |
|
|
Michael Berman |
|
|
Chief Financial Officer |
Date: February 4, 2013
EXHIBIT INDEX
Exhibit |
|
Name |
|
|
|
99.1 |
|
Press release titled General Growth Properties Reports Fourth Quarter Results dated February 4, 2013 (furnished herewith). |
|
|
|
99.2 |
|
Certain GGP supplemental financial information regarding its operations for the three and twelve months ended December 31, 2012 (furnished herewith). |
Exhibit 99.1
GGP REPORTS FOURTH QUARTER RESULTS
FFO Increases 23.3%; Mall NOI Increases 6.5%; Raises Quarterly Dividend
Chicago, Illinois, February 4, 2013 General Growth Properties, Inc. (the Company) (NYSE: GGP) today reported results for the three months and year ended December 31, 2012.
Financial Results
For the Three Months Ended December 31, 2012
Funds From Operations (Company FFO) increased 23.3% to $312 million, or $0.31 per diluted share, from $253 million, or $0.26 per diluted share, in the prior year period.
Earnings Before Interest, Taxes, Depreciation and Amortization (Company EBITDA) increased 9.6% to $557 million from $508 million in the prior year period.
Net Operating Income for the mall portfolio (Mall NOI) increased 6.5% to $585 million from $549 million in the prior year period.
Net income attributable to common stockholders, which is impacted primarily by depreciation expense, a net gain on extinguishment of debt and a non-cash accounting adjustment for outstanding warrants, was $32.2 million, or $0.04 per diluted share, as compared to a net loss of $368 million, or $0.39 loss per diluted share, in the prior year period. The non-cash accounting adjustment for outstanding warrants reduced income from continuing operations in the current period by $89 million and in the prior period by $264 million.
For the Year Ended December 31, 2012
Company FFO increased 13.7% to $994 million, or $0.99 per diluted share, from $874 million, or $0.88 per diluted share, in the prior year period.
Company EBITDA increased 7.0% to $1,995 million from $1,864 million in the prior year period.
Mall NOI increased 5.3% to $2,108 million from $2,001 million in the prior year period.
Net loss attributable to common stockholders, which is impacted primarily by depreciation expense, provisions for impairment, a net gain on extinguishment of debt and a non-cash accounting adjustment for outstanding warrants, was $481 million, or $0.52 loss per diluted share, as compared to a net loss of $313 million, or $0.37 loss per diluted share, in the prior year period. The non-cash accounting adjustment for outstanding warrants reduced income from continuing operations in the current period by $502 million whereas the adjustment in the prior period increased income from continuing operations by $55 million.
Operational Highlights
· Tenant sales increased 6.6% to $545 per square foot on a trailing 12-month basis.
· U.S. Regional mall leased percentage was 96.1% at quarter end, an increase of 60 basis points from December 31, 2011.
· Initial rental rates for leases commencing in 2012 on a suite-to-suite basis increased 10.2%, or $5.74 per square foot, to $61.84 per square foot when compared to the rental rate for expiring leases.
· Leased 3.6 million square feet of anchor and big box space as of December 31, 2012.
Guidance
Company FFO for the year ending December 31, 2013, is expected to be $1.08 to $1.12 per diluted share. Company FFO for the first quarter 2013 is expected to be $0.24 to $0.26 per diluted share.
The following table provides a reconciliation of the range of estimated diluted net income (loss) attributable to common stockholders per share to estimated diluted FFO per share and diluted Company FFO per share.
|
|
For the year ending |
|
For the three months ending |
| ||||||||
|
|
December 31, 2013 |
|
March 31, 2013 |
| ||||||||
|
|
Low End |
|
High End |
|
Low End |
|
High End |
| ||||
Company FFO per diluted share |
|
$ |
1.08 |
|
$ |
1.12 |
|
$ |
0.24 |
|
$ |
0.26 |
|
Warrant liability adjustment (1) |
|
(0.06 |
) |
(0.06 |
) |
(0.06 |
) |
(0.06 |
) | ||||
Adjustments (2) |
|
(0.16 |
) |
(0.16 |
) |
(0.04 |
) |
(0.04 |
) | ||||
FFO |
|
0.86 |
|
0.90 |
|
0.14 |
|
0.16 |
| ||||
Depreciation, including share of joint ventures (3) |
|
(0.79 |
) |
(0.79 |
) |
(0.19 |
) |
(0.19 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
0.07 |
|
$ |
0.11 |
|
$ |
(0.05 |
) |
$ |
(0.03 |
) |
(1) The Companys purchase of warrants as discussed below will result in approximately $55.8 million of additional warrant liability adjustment expense in the first quarter 2013.
(2) Refer to the Supplemental Information package for the nature of adjustments to reconcile FFO to Company FFO. The Supplemental Information package is available in the Investors section of the Companys website at www.ggp.com.
(3) Impact of dilutive securities is included in the per share amount.
The guidance estimate reflects managements view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects managements view of capital market conditions. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions or capital markets activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release.
Common Share Dividend
Today the Company announced that its Board of Directors declared a first quarter common stock dividend of $0.12 per share payable on April 30, 2013, to stockholders of record on April 16, 2013, representing an increase of $0.01 per share from the prior quarter.
Financing Activities
Unsecured Notes
During the three months ended December 31, 2012, the Company repaid $600 million of 6.75% unsecured notes scheduled to mature in May 2013. In connection with the repayment, the Company incurred approximately $15 million of prepayment fees.
During the year ended December 31, 2012, the Company repaid $955 million of 6.75% unsecured notes scheduled to mature during 2012 and 2013.
On January 14, 2013, certain subsidiaries of the Company called for early redemption its 5.375% unsecured notes due November 26, 2013 (approximately $91.8 million). The redemption will occur on February 14, 2013, at the Make-Whole Price, as defined in the applicable indenture.
Property-Level Debt
During the three months ended December 31, 2012, the Company obtained $2 billion ($1.8 billion at share) of property-level debt with a weighted-average interest rate of 3.81% and term-to-maturity of 9.9 years. The prior loans had a weighted-average interest rate of 3.88% and a remaining term-to-maturity of 2.9 years. The transactions generated approximately $768 million of net proceeds.
During the year ended December 31, 2012, the Company obtained $8 billion ($7 billion at share) of property-level debt with a weighted-average interest rate of 4.20% and term-to-maturity of 9.4 years. The prior loans had a weighted-average interest rate of 5.30% and a remaining term-to-maturity of 2.6 years. The transactions generated approximately $1.4 billion of net proceeds and eliminated approximately $1.3 billion of recourse to the Company.
Investment Activities
Acquisitions
During the three months ended December 31, 2012, the Company acquired an additional 14.1% interest in Aliansce Shopping Centers, S.A. for approximately $195 million.
During the year ended December 31, 2012, the Company acquired an interest in approximately 2.7 million square feet of big box and anchor space for approximately $307 million. In addition, the Company acquired the remaining interest in two partially owned regional malls for $191 million, including assumption of $94 million of debt.
Dispositions
During the three months ended December 31, 2012, the Company disposed of approximately 3.2 million square feet of gross leasable area for $213 million. The transactions generated approximately $99 million of net proceeds after repayment of property-level debt.
During the year ended December 31, 2012, the Company disposed of assets comprising approximately 7.1 million square feet of gross leasable area for approximately $525 million. The transactions generated approximately $239 million of net proceeds after repayment of property-level debt.
Development Activity
The Company has commenced redevelopment activities totaling about $900 million of capital investment (at share), encompassing 24 properties, with double digit returns, including Ala Moana, Fashion Show and Glendale Galleria, which account for approximately $660 million.
Purchase of Warrants
On January 28, 2013, the Company purchased the warrants held by the affiliates of The Blackstone Group and Fairholme Funds, Inc. for approximately $633 million. The Company funded the transactions using its available cash resources.
Investor Conference Call
On Tuesday, February 5, 2013, the Company will host a conference call at 8:00 a.m. CST (9:00 a.m. EST). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register.
For those unable to listen to the call live, a replay will be available beginning at 1:00 p.m. EST on February 5, 2013. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 83350201. A replay of the call will be available on the Companys website in the Investors section.
Supplemental Information
The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.
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 statement are based on reasonable assumption, it can give no assurance that its 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 Companys ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, retail and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
General Growth Properties, Inc.
General Growth Properties, Inc. is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing, and redeveloping regional malls throughout the United States and Brazil. GGPs portfolio is comprised of 126 regional malls in the United States and 18 malls in Brazil, comprising approximately 135 million square feet of gross leasable area. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
Investor Relations Contact: |
Media Contact: |
Kevin Berry |
David Keating |
VP Investor Relations |
VP Corporate Communications |
(312) 960-5529 |
(312) 960-6325 |
kevin.berry@ggp.com |
david.keating@ggp.com |
NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS
REAL ESTATE PROPERTY NET OPERATING INCOME (NOI) AND COMPANY NOI
The Company believes NOI is a useful supplemental measure of the Companys operating performance. The Company defines NOI as operating revenues (rental income, tenant recoveries and other income) less property and related expenses (real estate taxes, property maintenance costs, marketing, other property expenses and provision for doubtful accounts). NOI has been reflected on a proportionate basis (at the Companys ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Companys NOI may not be comparable to other REITs. Because NOI excludes general and administrative expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, strategic initiatives, provision for income taxes, discontinued operations and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs. This measure provides an operating perspective not immediately apparent from GAAP operating or net income (loss) attributable to common stockholders. The Company uses NOI to evaluate its operating performance on a property-by-property basis because NOI allows the Company to evaluate the impact that factors such as lease structure, lease rates and tenant base, which vary by property, have on the Companys operating results, gross margins and investment returns.
In addition, management believes NOI provides useful information to the investment community about the Companys operating performance. However, due to the exclusions noted above, NOI should only be used as an alternative measure of the Companys financial performance.
Company NOI excludes the NOI impacts of non-cash and certain non-comparable items such as straight-line rent and intangible asset and liability amortization resulting from acquisition accounting. Mall NOI is Company NOI for our mall portfolio. We present Company NOI, and Company EBITDA and Company FFO as below, as we believe certain investors and other users of our financial information use them as measures of the Companys historical operating performance.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) AND COMPANY EBITDA
EBITDA is defined as net income (loss) attributable to common stockholders, adjusted to exclude interest expense net of interest income, warrant adjustment, income tax provision (benefit), discontinued operations, allocations to noncontrolling interests, depreciation and amortization. EBITDA has been reflected on a proportionate basis. Company EBITDA comprises EBITDA as defined immediately above and excludes certain non-cash and certain non-recurring items such as our Company NOI adjustments described above, provisions for impairment, emergence reorganization items, strategic initiatives and certain management and administration costs.
FUNDS FROM OPERATIONS (FFO) AND COMPANY FFO
The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (NAREIT). The Company determines FFO to be our share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, 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 our economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with our presentation of NOI and EBITDA, FFO has been reflected on a proportionate basis.
The Company considers FFO a supplemental measure for equity REITs and a complement to GAAP measures because it facilitates an understanding of the operating performance of the Companys properties. FFO does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Companys operating performance. As with our presentation of Company NOI and Company EBITDA, Company FFO excludes from FFO certain items that are non-cash and certain non-comparable items such as our Company NOI adjustments, Company EBITDA adjustments, and FFO items such as FFO from discontinued operations from the spin-off of Rouse Properties, Inc., normal adjustments from operating properties such as straight-line, above/below market lease amortization, mark-to-market adjustments on debt and gains on the extinguishment of debt, warrant liability adjustment, and interest expense on debt repaid or settled, all as a result of our emergence, acquisition accounting and other capital contribution or restructuring events.
RECONCILIATIONS OF NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
The Company presents EBITDA and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between our non-GAAP Supplemental Financial measures of NOI, Company NOI, EBITDA, Company EBITDA, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of NOI and Company NOI to GAAP Operating Income (loss); a reconciliation of EBITDA and Company EBITDA to GAAP net income (loss) attributable to common stockholders; a reconciliation of Company FFO and FFO to GAAP net income (loss) attributable to common stockholders has been provided. None of our non-GAAP Supplemental Financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to common stockholders and none are necessarily indicative of cash available to fund cash needs. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Companys ownership share) as the Company believes that given the significance of the Companys operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Companys unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.
FINANCIAL OVERVIEW |
|
| |
Consolidated Statements of Operations(1) | |
(In thousands, except per share) |
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, 2012 |
|
December 31, 2011 |
|
December 31, 2012 |
|
December 31, 2011 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues: |
|
|
|
|
|
|
|
|
| ||||
Minimum rents |
|
$ |
417,923 |
|
$ |
396,156 |
|
$ |
1,578,074 |
|
$ |
1,536,328 |
|
Tenant recoveries |
|
179,075 |
|
170,680 |
|
716,120 |
|
711,663 |
| ||||
Overage rents |
|
35,770 |
|
31,987 |
|
69,550 |
|
60,849 |
| ||||
Management fees and other corporate revenues |
|
16,303 |
|
17,398 |
|
71,949 |
|
61,165 |
| ||||
Other |
|
26,643 |
|
27,765 |
|
76,157 |
|
74,779 |
| ||||
Total revenues |
|
675,714 |
|
643,986 |
|
2,511,850 |
|
2,444,784 |
| ||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||
Real estate taxes |
|
54,321 |
|
52,798 |
|
226,482 |
|
224,013 |
| ||||
Property maintenance costs |
|
24,334 |
|
22,001 |
|
84,783 |
|
91,204 |
| ||||
Marketing |
|
11,931 |
|
13,846 |
|
33,854 |
|
33,602 |
| ||||
Other property operating costs |
|
90,358 |
|
94,018 |
|
368,154 |
|
376,152 |
| ||||
Provision for doubtful accounts |
|
1,513 |
|
2,765 |
|
4,517 |
|
5,075 |
| ||||
Property management and other costs |
|
40,657 |
|
49,890 |
|
159,671 |
|
187,035 |
| ||||
General and administrative |
|
7,624 |
|
12,908 |
|
39,255 |
|
30,886 |
| ||||
Provisions for impairment |
|
|
|
916 |
|
58,198 |
|
916 |
| ||||
Depreciation and amortization |
|
190,930 |
|
208,945 |
|
793,877 |
|
874,189 |
| ||||
Total expenses |
|
421,668 |
|
458,087 |
|
1,768,791 |
|
1,823,072 |
| ||||
Operating income |
|
254,046 |
|
185,899 |
|
743,059 |
|
621,712 |
| ||||
Interest income |
|
624 |
|
512 |
|
2,924 |
|
2,418 |
| ||||
Interest expense |
|
(210,908 |
) |
(213,115 |
) |
(811,094 |
) |
(879,532 |
) | ||||
Warrant liability adjustment |
|
(89,153 |
) |
(264,418 |
) |
(502,234 |
) |
55,042 |
| ||||
Gain from change in control of investment properties |
|
|
|
|
|
18,547 |
|
|
| ||||
Loss on extinguishment of debt |
|
(15,007 |
) |
|
|
(15,007 |
) |
|
| ||||
Loss before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations and allocation to noncontrolling interests |
|
(60,398 |
) |
(291,122 |
) |
(563,805 |
) |
(200,360 |
) | ||||
Provision for income taxes |
|
(3,538 |
) |
(841 |
) |
(9,091 |
) |
(8,723 |
) | ||||
Equity in income of Unconsolidated Real Estate Affiliates (3) |
|
38,493 |
|
5,432 |
|
78,342 |
|
2,898 |
| ||||
Loss from continuing operations |
|
(25,443 |
) |
(286,531 |
) |
(494,554 |
) |
(206,185 |
) | ||||
Discontinued operations (2) |
|
61,108 |
|
(81,731 |
) |
23,021 |
|
(100,619 |
) | ||||
Net income (loss) |
|
35,665 |
|
(368,262 |
) |
(471,533 |
) |
(306,804 |
) | ||||
Allocation to noncontrolling interests |
|
(3,464 |
) |
424 |
|
(9,700 |
) |
(6,368 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
32,201 |
|
$ |
(367,838 |
) |
$ |
(481,233 |
) |
$ |
(313,172 |
) |
Basic Income (Loss) Per Share: |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
|
$ |
(0.03 |
) |
$ |
(0.30 |
) |
$ |
(0.54 |
) |
$ |
(0.22 |
) |
Discontinued operations |
|
0.07 |
|
(0.09 |
) |
0.02 |
|
(0.11 |
) | ||||
Total basic income (loss) per share |
|
$ |
0.04 |
|
$ |
(0.39 |
) |
$ |
(0.52 |
) |
$ |
(0.33 |
) |
Diluted Income (Loss) Per Share: |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
|
$ |
(0.03 |
) |
$ |
(0.30 |
) |
$ |
(0.54 |
) |
$ |
(0.27 |
) |
Discontinued operations |
|
0.07 |
|
(0.09 |
) |
0.02 |
|
(0.10 |
) | ||||
Total diluted income (loss) per share |
|
$ |
0.04 |
|
$ |
(0.39 |
) |
$ |
(0.52 |
) |
$ |
(0.37 |
) |
(1) Amounts presented in accordance with GAAP.
(2) Includes gain on extinguishment of debt for the three and twelve months ended December 31, 2012.
(3) Includes gain on dilution of international investments for the three and twelve months ended December 31, 2012.
FINANCIAL OVERVIEW |
|
| |
Consolidated Balance Sheets(1) | |
(In thousands) |
|
|
December 31, 2012 |
|
December 31, 2011 |
| ||
Assets: |
|
|
|
|
| ||
Investment in real estate: |
|
|
|
|
| ||
Land |
|
$ |
4,278,471 |
|
$ |
4,623,944 |
|
Buildings and equipment |
|
18,806,858 |
|
19,837,750 |
| ||
Less accumulated depreciation |
|
(1,440,301 |
) |
(974,185 |
) | ||
Construction in progress |
|
376,529 |
|
135,807 |
| ||
Net property and equipment |
|
22,021,557 |
|
23,623,316 |
| ||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
|
2,865,871 |
|
3,052,973 |
| ||
Net investment in real estate |
|
24,887,428 |
|
26,676,289 |
| ||
Cash and cash equivalents |
|
624,815 |
|
572,872 |
| ||
Accounts and notes receivable, net |
|
260,860 |
|
218,749 |
| ||
Deferred expenses, net |
|
179,837 |
|
170,012 |
| ||
Prepaid expenses and other assets |
|
1,329,465 |
|
1,805,535 |
| ||
Assets held for disposition |
|
|
|
74,694 |
| ||
Total assets |
|
$ |
27,282,405 |
|
$ |
29,518,151 |
|
Liabilities: |
|
|
|
|
| ||
Mortgages, notes and loans payable |
|
$ |
15,966,866 |
|
$ |
17,143,014 |
|
Accounts payable and accrued expenses |
|
1,212,231 |
|
1,445,738 |
| ||
Dividend payable |
|
103,749 |
|
526,332 |
| ||
Deferred tax liabilities |
|
28,174 |
|
29,220 |
| ||
Tax indemnification liability |
|
303,750 |
|
303,750 |
| ||
Junior Subordinated Notes |
|
206,200 |
|
206,200 |
| ||
Warrant liability |
|
1,488,196 |
|
985,962 |
| ||
Liabilities held for disposition |
|
|
|
74,795 |
| ||
Total liabilities |
|
19,309,166 |
|
20,715,011 |
| ||
Redeemable noncontrolling interests: |
|
|
|
|
| ||
Preferred |
|
136,008 |
|
120,756 |
| ||
Common |
|
132,211 |
|
103,039 |
| ||
Total redeemable noncontrolling interests |
|
268,219 |
|
223,795 |
| ||
Equity: |
|
|
|
|
| ||
Total stockholders equity |
|
7,621,698 |
|
8,483,329 |
| ||
Noncontrolling interests in consolidated real estate affiliates |
|
83,322 |
|
96,016 |
| ||
Total equity |
|
7,705,020 |
|
8,579,345 |
| ||
Total liabilities and equity |
|
$ |
27,282,405 |
|
$ |
29,518,151 |
|
(1) Presented in accordance with GAAP.
PROPORTIONATE FINANCIAL SCHEDULES |
|
| |
Reconciliation of NOI, EBITDA, and FFO | |
For the Three Months Ended December 31, 2012 and 2011 | |
(In thousands) |
|
|
|
Three Months Ended December 31, 2012 |
|
Three Months Ended December 31, 2011 |
| ||||||||||||||
|
|
Pro Rata Basis |
|
Adjustments |
|
Company |
|
Pro Rata Basis |
|
Adjustments |
|
Company |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents |
|
$ |
513,553 |
|
$ |
13,248 |
|
$ |
526,801 |
|
$ |
487,709 |
|
$ |
21,228 |
|
$ |
508,937 |
|
Tenant recoveries |
|
213,015 |
|
|
|
213,015 |
|
207,545 |
|
|
|
207,545 |
| ||||||
Overage rents |
|
43,123 |
|
|
|
43,123 |
|
39,176 |
|
|
|
39,176 |
| ||||||
Other revenue |
|
36,358 |
|
|
|
36,358 |
|
31,457 |
|
|
|
31,457 |
| ||||||
Total property revenues |
|
806,049 |
|
13,248 |
|
819,297 |
|
765,887 |
|
21,228 |
|
787,115 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
|
65,494 |
|
(1,578 |
) |
63,916 |
|
67,745 |
|
(1,578 |
) |
66,167 |
| ||||||
Property maintenance costs |
|
29,316 |
|
|
|
29,316 |
|
27,173 |
|
|
|
27,173 |
| ||||||
Marketing |
|
14,580 |
|
|
|
14,580 |
|
17,193 |
|
|
|
17,193 |
| ||||||
Other property operating costs |
|
114,856 |
|
(1,389 |
) |
113,467 |
|
114,324 |
|
(1,434 |
) |
112,890 |
| ||||||
Provision for doubtful accounts |
|
2,199 |
|
|
|
2,199 |
|
2,862 |
|
|
|
2,862 |
| ||||||
Total property operating expenses |
|
226,445 |
|
(2,967 |
) |
223,478 |
|
229,297 |
|
(3,012 |
) |
226,285 |
| ||||||
NOI |
|
$ |
579,604 |
|
$ |
16,215 |
|
$ |
595,819 |
|
$ |
536,590 |
|
$ |
24,240 |
|
$ |
560,830 |
|
Management fees and other corporate revenues |
|
18,199 |
|
|
|
18,199 |
|
18,629 |
|
(9 |
) |
18,620 |
| ||||||
Property management and other costs |
|
(46,628 |
) |
(424 |
) |
(47,052 |
) |
(56,157 |
) |
4,813 |
|
(51,344 |
) | ||||||
NOI after net property management costs |
|
$ |
551,175 |
|
$ |
15,791 |
|
$ |
566,966 |
|
$ |
499,062 |
|
$ |
29,044 |
|
$ |
528,106 |
|
General and administrative |
|
(10,077 |
) |
|
|
(10,077 |
) |
(17,054 |
) |
(2,828 |
) |
(19,882 |
) | ||||||
EBITDA before provisions for impairment |
|
$ |
541,098 |
|
$ |
15,791 |
|
$ |
556,889 |
|
$ |
482,008 |
|
$ |
26,216 |
|
$ |
508,224 |
|
Provisions for impairment |
|
|
|
|
|
|
|
(916 |
) |
916 |
|
|
| ||||||
EBITDA |
|
$ |
541,098 |
|
$ |
15,791 |
|
$ |
556,889 |
|
$ |
481,092 |
|
$ |
27,132 |
|
$ |
508,224 |
|
Depreciation on non-income producing assets |
|
(1,615 |
) |
|
|
(1,615 |
) |
(1,978 |
) |
|
|
(1,978 |
) | ||||||
Interest income |
|
1,677 |
|
|
|
1,677 |
|
1,454 |
|
|
|
1,454 |
| ||||||
Preferred unit distributions |
|
(2,310 |
) |
|
|
(2,310 |
) |
(2,648 |
) |
|
|
(2,648 |
) | ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
|
(1,791 |
) |
1,791 |
|
|
|
(1,132 |
) |
1,132 |
|
|
| ||||||
Interest expense relating to extinguished debt |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Mark-to-market adjustments on debt |
|
(2,696 |
) |
2,696 |
|
|
|
5,375 |
|
(5,375 |
) |
|
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
|
(287 |
) |
287 |
|
|
|
148 |
|
(148 |
) |
|
| ||||||
Debt extinguishment expenses |
|
(15,007 |
) |
15,007 |
|
|
|
36 |
|
(36 |
) |
|
| ||||||
Interest on existing debt |
|
(243,439 |
) |
|
|
(243,439 |
) |
(255,883 |
) |
|
|
(255,883 |
) | ||||||
Warrant liability adjustment |
|
(89,153 |
) |
89,153 |
|
|
|
(264,418 |
) |
264,418 |
|
|
| ||||||
Provision for income taxes |
|
(3,650 |
) |
3,650 |
|
|
|
(919 |
) |
919 |
|
|
| ||||||
FFO from discontinued operations |
|
51,376 |
|
(50,714 |
) |
662 |
|
7,826 |
|
(4,081 |
) |
3,745 |
| ||||||
FFO |
|
$ |
234,203 |
|
$ |
77,661 |
|
$ |
311,864 |
|
$ |
(31,047 |
) |
$ |
283,961 |
|
$ |
252,914 |
|
PROPORTIONATE FINANCIAL SCHEDULES |
|
| |
Reconciliation of NOI, EBITDA, and FFO | |
For the Twelve Months Ended December 31, 2012 and 2011 | |
(In thousands) |
|
|
|
Twelve Months Ended December 31, 2012 |
|
Twelve Months Ended December 31, 2011 |
| ||||||||||||||
|
|
Pro Rata Basis |
|
Adjustments |
|
Company |
|
Pro Rata Basis |
|
Adjustments |
|
Company |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents |
|
$ |
1,947,218 |
|
$ |
29,688 |
|
$ |
1,976,906 |
|
$ |
1,879,546 |
|
$ |
25,819 |
|
$ |
1,905,365 |
|
Tenant recoveries |
|
855,860 |
|
|
|
855,860 |
|
850,263 |
|
|
|
850,263 |
| ||||||
Overage rents |
|
86,035 |
|
|
|
86,035 |
|
73,283 |
|
|
|
73,283 |
| ||||||
Other revenue |
|
104,958 |
|
|
|
104,958 |
|
90,040 |
|
|
|
90,040 |
| ||||||
Total property revenues |
|
2,994,071 |
|
29,688 |
|
3,023,759 |
|
2,893,132 |
|
25,819 |
|
2,918,951 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
|
271,389 |
|
(6,312 |
) |
265,077 |
|
270,176 |
|
(6,312 |
) |
263,864 |
| ||||||
Property maintenance costs |
|
102,835 |
|
|
|
102,835 |
|
110,107 |
|
|
|
110,107 |
| ||||||
Marketing |
|
41,530 |
|
|
|
41,530 |
|
41,823 |
|
|
|
41,823 |
| ||||||
Other property operating costs |
|
464,311 |
|
(5,687 |
) |
458,624 |
|
454,602 |
|
(5,786 |
) |
448,816 |
| ||||||
Provision for doubtful accounts |
|
5,898 |
|
|
|
5,898 |
|
8,158 |
|
|
|
8,158 |
| ||||||
Total property operating expenses |
|
885,963 |
|
(11,999 |
) |
873,964 |
|
884,866 |
|
(12,098 |
) |
872,768 |
| ||||||
NOI |
|
$ |
2,108,108 |
|
$ |
41,687 |
|
$ |
2,149,795 |
|
$ |
2,008,266 |
|
$ |
37,917 |
|
$ |
2,046,183 |
|
Management fees and other corporate revenues |
|
79,217 |
|
|
|
79,217 |
|
66,304 |
|
(421 |
) |
65,883 |
| ||||||
Property management and other costs |
|
(182,756 |
) |
(1,696 |
) |
(184,452 |
) |
(208,540 |
) |
20,518 |
|
(188,022 |
) | ||||||
NOI after net property management costs |
|
$ |
2,004,569 |
|
$ |
39,991 |
|
$ |
2,044,560 |
|
$ |
1,866,030 |
|
$ |
58,014 |
|
$ |
1,924,044 |
|
General and administrative |
|
(50,011 |
) |
|
|
(50,011 |
) |
(41,506 |
) |
(18,313 |
) |
(59,819 |
) | ||||||
EBITDA before provisions for impairment |
|
$ |
1,954,558 |
|
$ |
39,991 |
|
$ |
1,994,549 |
|
$ |
1,824,524 |
|
$ |
39,701 |
|
$ |
1,864,225 |
|
Provisions for impairment |
|
|
|
|
|
|
|
(916 |
) |
916 |
|
|
| ||||||
EBITDA |
|
$ |
1,954,558 |
|
$ |
39,991 |
|
$ |
1,994,549 |
|
$ |
1,823,608 |
|
$ |
40,617 |
|
$ |
1,864,225 |
|
Depreciation on non-income producing assets |
|
(8,188 |
) |
|
|
(8,188 |
) |
(6,561 |
) |
|
|
(6,561 |
) | ||||||
Interest income |
|
6,561 |
|
|
|
6,561 |
|
8,480 |
|
|
|
8,480 |
| ||||||
Preferred unit distributions |
|
(12,414 |
) |
3,098 |
|
(9,316 |
) |
(9,654 |
) |
|
|
(9,654 |
) | ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
|
(5,545 |
) |
5,545 |
|
|
|
(62,089 |
) |
62,089 |
|
|
| ||||||
Interest expense relating to extinguished debt |
|
|
|
|
|
|
|
(11,045 |
) |
11,045 |
|
|
| ||||||
Mark-to-market adjustments on debt |
|
10,932 |
|
(10,932 |
) |
|
|
17,191 |
|
(17,191 |
) |
|
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
|
33,069 |
|
(33,069 |
) |
|
|
44,732 |
|
(44,732 |
) |
|
| ||||||
Debt extinguishment expenses |
|
(15,197 |
) |
15,197 |
|
|
|
24 |
|
(24 |
) |
|
| ||||||
Interest on existing debt |
|
(999,966 |
) |
|
|
(999,966 |
) |
(1,020,436 |
) |
|
|
(1,020,436 |
) | ||||||
Warrant liability adjustment |
|
(502,234 |
) |
502,234 |
|
|
|
55,042 |
|
(55,042 |
) |
|
| ||||||
Provision for income taxes |
|
(9,474 |
) |
9,474 |
|
|
|
(8,911 |
) |
8,911 |
|
|
| ||||||
FFO from discontinued operations |
|
69,028 |
|
(58,793 |
) |
10,235 |
|
77,741 |
|
(39,375 |
) |
38,366 |
| ||||||
FFO |
|
$ |
521,130 |
|
$ |
472,745 |
|
$ |
993,875 |
|
$ |
908,122 |
|
$ |
(33,702 |
) |
$ |
874,420 |
|
RECONCILIATIONS |
|
| |
Reconciliation of Non-GAAP to GAAP Financial Measures | |
(In thousands) |
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of NOI to GAAP Operating Income |
|
|
|
|
|
|
|
|
| ||||
NOI: |
|
|
|
|
|
|
|
|
| ||||
Pro Rata basis |
|
$ |
579,604 |
|
$ |
536,590 |
|
$ |
2,108,108 |
|
$ |
2,008,266 |
|
Unconsolidated Properties |
|
(106,293 |
) |
(100,478 |
) |
(398,409 |
) |
(368,848 |
) | ||||
Consolidated Properties |
|
473,311 |
|
436,112 |
|
1,709,699 |
|
1,639,418 |
| ||||
Management fees and other corporate revenues |
|
16,303 |
|
17,398 |
|
71,949 |
|
61,165 |
| ||||
Property management and other costs |
|
(40,657 |
) |
(49,890 |
) |
(159,671 |
) |
(187,035 |
) | ||||
General and administrative |
|
(7,624 |
) |
(12,908 |
) |
(39,255 |
) |
(30,883 |
) | ||||
Provisions for impairment |
|
|
|
(916 |
) |
(58,198 |
) |
(916 |
) | ||||
Depreciation and amortization |
|
(190,930 |
) |
(208,945 |
) |
(793,877 |
) |
(874,189 |
) | ||||
Gains on sales of investment properties |
|
|
|
2,402 |
|
|
|
2,402 |
| ||||
Noncontrolling interest in operating income of Consolidated Properties and other |
|
3,643 |
|
2,646 |
|
12,412 |
|
11,750 |
| ||||
Operating income |
|
$ |
254,046 |
|
$ |
185,899 |
|
$ |
743,059 |
|
$ |
621,712 |
|
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of EBITDA to GAAP Net Income (Loss) Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
| ||||
EBITDA: |
|
|
|
|
|
|
|
|
| ||||
Pro Rata basis |
|
$ |
541,098 |
|
$ |
481,092 |
|
$ |
1,954,558 |
|
$ |
1,823,608 |
|
Unconsolidated Properties |
|
(99,609 |
) |
(91,211 |
) |
(371,246 |
) |
(340,616 |
) | ||||
Consolidated Properties |
|
441,489 |
|
389,881 |
|
1,583,312 |
|
1,482,992 |
| ||||
Depreciation and amortization |
|
(190,930 |
) |
(208,945 |
) |
(793,877 |
) |
(874,189 |
) | ||||
Noncontrolling interest in NOI of Consolidated Properties |
|
3,643 |
|
2,646 |
|
12,412 |
|
11,750 |
| ||||
Interest income |
|
624 |
|
512 |
|
2,924 |
|
2,418 |
| ||||
Interest expense |
|
(210,908 |
) |
(213,115 |
) |
(811,094 |
) |
(879,532 |
) | ||||
Warrant liability adjustment |
|
(89,153 |
) |
(264,418 |
) |
(502,234 |
) |
55,042 |
| ||||
Provision for income taxes |
|
(3,538 |
) |
(841 |
) |
(9,091 |
) |
(8,723 |
) | ||||
Provision for impairment excluded from FFO |
|
|
|
|
|
(58,198 |
) |
|
| ||||
Equity in income of Unconsolidated Real Estate Affiliates |
|
38,493 |
|
5,432 |
|
78,342 |
|
2,898 |
| ||||
Discontinued operations |
|
61,108 |
|
(81,731 |
) |
23,021 |
|
(100,619 |
) | ||||
Gain from change in control of investment properties |
|
|
|
|
|
18,547 |
|
|
| ||||
Loss on extinguishment of debt |
|
(15,007 |
) |
|
|
(15,007 |
) |
|
| ||||
Gains on sales of investment properties |
|
|
|
2,402 |
|
|
|
2,402 |
| ||||
Allocation to noncontrolling interests |
|
(3,620 |
) |
339 |
|
(10,290 |
) |
(7,611 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
32,201 |
|
$ |
(367,838 |
) |
$ |
(481,233 |
) |
$ |
(313,172 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of FFO to GAAP Net Income (Loss) Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
| ||||
FFO: |
|
|
|
|
|
|
|
|
| ||||
Consolidated Properties |
|
$ |
174,444 |
|
$ |
(81,223 |
) |
$ |
309,058 |
|
$ |
725,659 |
|
Unconsolidated Properties and Noncontrolling Interests |
|
59,759 |
|
50,176 |
|
212,072 |
|
182,463 |
| ||||
Pro Rata basis |
|
234,203 |
|
(31,047 |
) |
521,130 |
|
908,122 |
| ||||
Depreciation and amortization of capitalized real estate costs |
|
(236,373 |
) |
(257,498 |
) |
(954,893 |
) |
(1,062,661 |
) | ||||
Gain from change in control of investment properties |
|
|
|
|
|
18,547 |
|
|
| ||||
Gains on sales of investment properties |
|
34,747 |
|
8,364 |
|
52,378 |
|
16,784 |
| ||||
Noncontrolling interests in depreciation of Consolidated Properties |
|
1,520 |
|
3,766 |
|
6,870 |
|
9,343 |
| ||||
Provision for impairment excluded from FFO |
|
|
|
|
|
(58,198 |
) |
|
| ||||
Provision for impairment excluded from FFO of discontinued operations |
|
|
|
(67,466 |
) |
(50,483 |
) |
(67,466 |
) | ||||
Redeemable noncontrolling interests |
|
(261 |
) |
2,598 |
|
3,492 |
|
2,212 |
| ||||
Depreciation and amortization of discontinued operations |
|
(1,635 |
) |
(26,555 |
) |
(20,076 |
) |
(119,506 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
32,201 |
|
$ |
(367,838 |
) |
$ |
(481,233 |
) |
$ |
(313,172 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates |
|
|
|
|
|
|
|
|
| ||||
Equity in Unconsolidated Properties: |
|
|
|
|
|
|
|
|
| ||||
NOI |
|
$ |
106,293 |
|
$ |
100,478 |
|
$ |
398,409 |
|
$ |
368,848 |
|
Net property management fees and costs |
|
(4,231 |
) |
(5,121 |
) |
(16,392 |
) |
(17,609 |
) | ||||
Net interest expense |
|
(37,297 |
) |
(37,588 |
) |
(151,263 |
) |
(149,694 |
) | ||||
General and administrative, provisions for impairment, |
|
|
|
|
|
|
|
|
| ||||
income taxes and noncontrolling interest in FFO |
|
(2,575 |
) |
(4,239 |
) |
(11,212 |
) |
(10,997 |
) | ||||
FFO of discontinued Unconsolidated Properties |
|
|
|
(997 |
) |
|
|
(1,429 |
) | ||||
FFO of Unconsolidated Properties |
|
62,190 |
|
52,533 |
|
219,542 |
|
189,119 |
| ||||
Depreciation and amortization of capitalized real estate costs |
|
(47,059 |
) |
(50,562 |
) |
(169,204 |
) |
(196,344 |
) | ||||
Other, including gain on sales of investment properties |
|
23,362 |
|
3,461 |
|
28,004 |
|
10,123 |
| ||||
Equity in income of Unconsolidated Real Estate Affiliates |
|
$ |
38,493 |
|
$ |
5,432 |
|
$ |
78,342 |
|
$ |
2,898 |
|
Exhibit 99.2
SUPPLEMENTAL INFORMATION
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012
BASIS OF PRESENTATION |
GENERAL INFORMATION
Unless the context indicates otherwise, references in the accompanying financial information (the Supplemental) to the Corporation refer to General Growth Properties, Inc. and references to GGP or the Company refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities. Additionally, where reference is made to GAAP, this refers to accounting principles generally accepted in the United States of America.
PROPERTY INFORMATION
The Company has presented information on its consolidated and unconsolidated properties (Proportionate or at share) in certain schedules included within this Supplemental. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Companys unconsolidated property operations that are owned through investments accounted for under the equity method.
NON-GAAP MEASURES
This Supplemental makes reference to net operating income (NOI), earnings before interest, taxes, depreciation and amortization (EBITDA), and funds from operations (FFO). NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. EBITDA is defined as NOI less certain property management and administrative expenses, net of management fees and other operational items. FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, less preferred unit distributions, plus real estate related depreciation and amortization including adjustments for unconsolidated entities. NOI, EBITDA and FFO are presented in the Supplemental on a Proportionate basis, which includes GGPs share from consolidated and unconsolidated properties. As we conduct substantially all of our business through GGP Limited Partnership (the Operating Partnership, which is 99% owned by GGP) and we include the conversion of non-GGP limited common units of the Operating Partnership in the total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnership.
In order to present GGPs operations in a manner most relevant to its future operations, Company NOI, Company EBITDA, and Company FFO have been presented to exclude certain non-cash and non-recurring revenue and expenses. A reconciliation of NOI to Company NOI, EBITDA to Company EBITDA, and FFO to Company FFO has been included in the Reconciliation of NOI, EBITDA, and FFO schedule included within. Specific to the Companys U.S. Regional Mall portfolio, Same Store Company NOI is presented to exclude the effects of acquisitions, dispositions and changes in ownership.
NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) attributable to common stockholders. For reference, as an aid in understanding managements computation of NOI, EBITDA, and FFO, a reconciliation of NOI to consolidated operating income, EBITDA, and FFO to net income (loss) in accordance with GAAP has been included in the Reconciliation of Non-GAAP to GAAP Financial Measures schedule.
|
|
Page |
|
|
|
Financial Overview |
|
|
GAAP Financial Schedules: |
|
|
Consolidated Balance Sheets |
|
1 |
Consolidated Statements of Operations |
|
2 |
|
|
|
Proportionate Financial Schedules: |
|
|
Proportionate Balance Sheet |
|
3 |
Overview |
|
4 |
Reconciliation of NOI, EBITDA, and FFO |
|
5-6 |
Proportionate Results and FFO |
|
7-8 |
NOI Summary |
|
9 |
|
|
|
Debt: |
|
|
Debt Summary, at Share |
|
10 |
Debt Maturities |
|
11 |
Debt Detail, at Share |
|
12-15 |
|
|
|
Asset Transactions: |
|
|
Summary of Acquisitions and Dispositions |
|
16 |
Properties Included in Discontinued Operations |
|
17 |
|
|
|
Reconciliations: |
|
|
Reconciliation of Non-GAAP to GAAP Financial Measures |
|
18-19 |
|
|
|
Portfolio Operating Metrics: |
|
|
Key Operating Performance Indicators |
|
20 |
Signed Leases All Less Anchors |
|
21 |
Lease Expiration Schedule and Top Ten Tenants |
|
22 |
Property Schedule |
|
23-30 |
|
|
|
Miscellaneous: |
|
|
Capital Information |
|
31 |
Change in Total Common and Equivalent Shares |
|
32 |
Development Summary |
|
33 |
Corporate Information |
|
34 |
Glossary of Terms |
|
35 |
This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this Supplemental. The Company disclaims any obligation to update any forward-looking statements.
SELECT SCHEDULE DEFINITIONS |
Page |
|
Schedule |
|
Description |
Proportionate Financial Schedules: |
|
| ||
3 |
|
Proportionate Balance Sheet |
|
The proportionate balance sheet adjusts GGPs GAAP balance sheet for noncontrolling interests and adds the Companys proportionate share of assets and liabilities related to investments in unconsolidated properties accounted for under the equity method. |
5-6 |
|
Reconciliation of NOI, EBITDA, and FFO |
|
Reconciliation of NOI to Company NOI, EBITDA to Company EBITDA, and FFO to Company FFO, where Company figures exclude certain non-cash and non-recurring revenues and expenses that are not indicative of future operations. |
7-8 |
|
Proportionate Results and FFO |
|
Proportionate Results and FFO for the three and twelve months ended December 31, 2012 and 2011 adjusts GGPs consolidated results and FFO for noncontrolling interests and adds the Companys proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. |
9 |
|
NOI Summary |
|
Proportionate detail of Company NOI and Same Store NOI for the three and twelve months ended December 31, 2012 and 2011. |
Portfolio Operating Metrics: |
|
| ||
20 |
|
Key Operating Performance Indicators |
|
Certain mall operating measures presented on a comparable basis.
See Glossary of Terms for detailed descriptions. |
23-30 |
|
Property Schedule |
|
By Property, gross leasable area detail, including:
See Glossary of Terms for detailed descriptions. |
GAAP Financial Schedules
FINANCIAL OVERVIEW |
Consolidated Balance Sheets(1)
(In thousands)
|
|
December 31, 2012 |
|
December 31, 2011 |
| ||
Assets: |
|
|
|
|
| ||
Investment in real estate: |
|
|
|
|
| ||
Land |
|
$ |
4,278,471 |
|
$ |
4,623,944 |
|
Buildings and equipment |
|
18,806,858 |
|
19,837,750 |
| ||
Less accumulated depreciation |
|
(1,440,301 |
) |
(974,185 |
) | ||
Construction in progress |
|
376,529 |
|
135,807 |
| ||
Net property and equipment |
|
22,021,557 |
|
23,623,316 |
| ||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
|
2,865,871 |
|
3,052,973 |
| ||
Net investment in real estate |
|
24,887,428 |
|
26,676,289 |
| ||
Cash and cash equivalents |
|
624,815 |
|
572,872 |
| ||
Accounts and notes receivable, net |
|
260,860 |
|
218,749 |
| ||
Deferred expenses, net |
|
179,837 |
|
170,012 |
| ||
Prepaid expenses and other assets |
|
1,329,465 |
|
1,805,535 |
| ||
Assets held for disposition |
|
|
|
74,694 |
| ||
Total assets |
|
$ |
27,282,405 |
|
$ |
29,518,151 |
|
Liabilities: |
|
|
|
|
| ||
Mortgages, notes and loans payable |
|
$ |
15,966,866 |
|
$ |
17,143,014 |
|
Accounts payable and accrued expenses |
|
1,212,231 |
|
1,445,738 |
| ||
Dividend payable |
|
103,749 |
|
526,332 |
| ||
Deferred tax liabilities |
|
28,174 |
|
29,220 |
| ||
Tax indemnification liability |
|
303,750 |
|
303,750 |
| ||
Junior Subordinated Notes |
|
206,200 |
|
206,200 |
| ||
Warrant liability |
|
1,488,196 |
|
985,962 |
| ||
Liabilities held for disposition |
|
|
|
74,795 |
| ||
Total liabilities |
|
19,309,166 |
|
20,715,011 |
| ||
Redeemable noncontrolling interests: |
|
|
|
|
| ||
Preferred |
|
136,008 |
|
120,756 |
| ||
Common |
|
132,211 |
|
103,039 |
| ||
Total redeemable noncontrolling interests |
|
268,219 |
|
223,795 |
| ||
Equity: |
|
|
|
|
| ||
Total stockholders equity |
|
7,621,698 |
|
8,483,329 |
| ||
Noncontrolling interests in consolidated real estate affiliates |
|
83,322 |
|
96,016 |
| ||
Total equity |
|
7,705,020 |
|
8,579,345 |
| ||
Total liabilities and equity |
|
$ |
27,282,405 |
|
$ |
29,518,151 |
|
(1) Presented in accordance with GAAP.
FINANCIAL OVERVIEW |
Consolidated Statements of Operations(1)
(In thousands, except per share)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, 2012 |
|
December 31, 2011 |
|
December 31, 2012 |
|
December 31, 2011 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Revenues: |
|
|
|
|
|
|
|
|
| ||||
Minimum rents |
|
$ |
417,923 |
|
$ |
396,156 |
|
$ |
1,578,074 |
|
$ |
1,536,328 |
|
Tenant recoveries |
|
179,075 |
|
170,680 |
|
716,120 |
|
711,663 |
| ||||
Overage rents |
|
35,770 |
|
31,987 |
|
69,550 |
|
60,849 |
| ||||
Management fees and other corporate revenues |
|
16,303 |
|
17,398 |
|
71,949 |
|
61,165 |
| ||||
Other |
|
26,643 |
|
27,765 |
|
76,157 |
|
74,779 |
| ||||
Total revenues |
|
675,714 |
|
643,986 |
|
2,511,850 |
|
2,444,784 |
| ||||
Expenses: |
|
|
|
|
|
|
|
|
| ||||
Real estate taxes |
|
54,321 |
|
52,798 |
|
226,482 |
|
224,013 |
| ||||
Property maintenance costs |
|
24,334 |
|
22,001 |
|
84,783 |
|
91,204 |
| ||||
Marketing |
|
11,931 |
|
13,846 |
|
33,854 |
|
33,602 |
| ||||
Other property operating costs |
|
90,358 |
|
94,018 |
|
368,154 |
|
376,152 |
| ||||
Provision for doubtful accounts |
|
1,513 |
|
2,765 |
|
4,517 |
|
5,075 |
| ||||
Property management and other costs |
|
40,657 |
|
49,890 |
|
159,671 |
|
187,035 |
| ||||
General and administrative |
|
7,624 |
|
12,908 |
|
39,255 |
|
30,886 |
| ||||
Provisions for impairment |
|
|
|
916 |
|
58,198 |
|
916 |
| ||||
Depreciation and amortization |
|
190,930 |
|
208,945 |
|
793,877 |
|
874,189 |
| ||||
Total expenses |
|
421,668 |
|
458,087 |
|
1,768,791 |
|
1,823,072 |
| ||||
Operating income |
|
254,046 |
|
185,899 |
|
743,059 |
|
621,712 |
| ||||
Interest income |
|
624 |
|
512 |
|
2,924 |
|
2,418 |
| ||||
Interest expense |
|
(210,908 |
) |
(213,115 |
) |
(811,094 |
) |
(879,532 |
) | ||||
Warrant liability adjustment |
|
(89,153 |
) |
(264,418 |
) |
(502,234 |
) |
55,042 |
| ||||
Gain from change in control of investment properties |
|
|
|
|
|
18,547 |
|
|
| ||||
Loss on extinguishment of debt |
|
(15,007 |
) |
|
|
(15,007 |
) |
|
| ||||
Loss before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations and allocation to noncontrolling interests |
|
(60,398 |
) |
(291,122 |
) |
(563,805 |
) |
(200,360 |
) | ||||
Provision for income taxes |
|
(3,538 |
) |
(841 |
) |
(9,091 |
) |
(8,723 |
) | ||||
Equity in income of Unconsolidated Real Estate Affiliates (3) |
|
38,493 |
|
5,432 |
|
78,342 |
|
2,898 |
| ||||
Loss from continuing operations |
|
(25,443 |
) |
(286,531 |
) |
(494,554 |
) |
(206,185 |
) | ||||
Discontinued operations (2) |
|
61,108 |
|
(81,731 |
) |
23,021 |
|
(100,619 |
) | ||||
Net income (loss) |
|
35,665 |
|
(368,262 |
) |
(471,533 |
) |
(306,804 |
) | ||||
Allocation to noncontrolling interests |
|
(3,464 |
) |
424 |
|
(9,700 |
) |
(6,368 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
32,201 |
|
$ |
(367,838 |
) |
$ |
(481,233 |
) |
$ |
(313,172 |
) |
Basic Income (Loss) Per Share: |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
|
$ |
(0.03 |
) |
$ |
(0.30 |
) |
$ |
(0.54 |
) |
$ |
(0.22 |
) |
Discontinued operations |
|
0.07 |
|
(0.09 |
) |
0.02 |
|
(0.11 |
) | ||||
Total basic income (loss) per share |
|
$ |
0.04 |
|
$ |
(0.39 |
) |
$ |
(0.52 |
) |
$ |
(0.33 |
) |
Diluted Income (Loss) Per Share: |
|
|
|
|
|
|
|
|
| ||||
Continuing operations |
|
$ |
(0.03 |
) |
$ |
(0.30 |
) |
$ |
(0.54 |
) |
$ |
(0.27 |
) |
Discontinued operations |
|
0.07 |
|
(0.09 |
) |
0.02 |
|
(0.10 |
) | ||||
Total diluted income (loss) per share |
|
$ |
0.04 |
|
$ |
(0.39 |
) |
$ |
(0.52 |
) |
$ |
(0.37 |
) |
(1) Amounts presented in accordance with GAAP.
(2) Includes gain on extinguishment of debt for the three and twelve months ended December 31, 2012. Refer to Pages 5-6 (Reconciliation of Company NOI, Company EBITDA, and Company FFO).
(3) Includes gain on dilution of international investments for the three and twelve months ended December 31, 2012.
Proportionate Financial Schedules
PROPORTIONATE FINANCIAL SCHEDULES |
Proportionate Balance Sheet
(In thousands)
|
|
As of December 31, 2012 |
| |||||||||||||
|
|
Consolidated (1) |
|
Non-Controlling |
|
Our |
|
Our Share of |
|
Our Total Share |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Investment in real estate: |
|
|
|
|
|
|
|
|
|
|
| |||||
Land |
|
$ |
4,278,471 |
|
$ |
(31,806 |
) |
$ |
4,246,665 |
|
$ |
718,573 |
|
$ |
4,965,238 |
|
Buildings and equipment |
|
18,806,858 |
|
(147,813 |
) |
18,659,045 |
|
5,696,457 |
|
24,355,502 |
| |||||
Less accumulated depreciation |
|
(1,440,301 |
) |
11,356 |
|
(1,428,945 |
) |
(858,481 |
) |
(2,287,426 |
) | |||||
Construction in progress |
|
376,529 |
|
(354 |
) |
376,175 |
|
89,622 |
|
465,797 |
| |||||
Net property and equipment |
|
22,021,557 |
|
(168,617 |
) |
21,852,940 |
|
5,646,171 |
|
27,499,111 |
| |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates |
|
2,865,871 |
|
|
|
2,865,871 |
|
(2,865,871 |
) |
|
| |||||
Net investment in real estate |
|
24,887,428 |
|
(168,617 |
) |
24,718,811 |
|
2,780,300 |
|
27,499,111 |
| |||||
Cash and cash equivalents |
|
624,815 |
|
(2,855 |
) |
621,960 |
|
217,110 |
|
839,070 |
| |||||
Accounts and notes receivable, net |
|
260,860 |
|
(1,542 |
) |
259,318 |
|
52,797 |
|
312,115 |
| |||||
Deferred expenses, net |
|
179,837 |
|
(1,078 |
) |
178,759 |
|
141,734 |
|
320,493 |
| |||||
Prepaid expenses and other assets |
|
1,329,465 |
|
(5,368 |
) |
1,324,097 |
|
201,985 |
|
1,526,082 |
| |||||
Total assets |
|
$ |
27,282,405 |
|
$ |
(179,460 |
) |
$ |
27,102,945 |
|
$ |
3,393,926 |
|
$ |
30,496,871 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages, notes and loans payable |
|
$ |
15,966,866 |
|
$ |
(86,228 |
) |
$ |
15,880,638 |
|
$ |
3,102,810 |
|
$ |
18,983,448 |
|
Accounts payable and accrued expenses |
|
1,212,231 |
|
(9,910 |
) |
1,202,321 |
|
291,116 |
|
1,493,437 |
| |||||
Dividend payable |
|
103,749 |
|
|
|
103,749 |
|
|
|
103,749 |
| |||||
Deferred tax liabilities |
|
28,174 |
|
|
|
28,174 |
|
|
|
28,174 |
| |||||
Tax indemnification liability |
|
303,750 |
|
|
|
303,750 |
|
|
|
303,750 |
| |||||
Junior Subordinated Notes |
|
206,200 |
|
|
|
206,200 |
|
|
|
206,200 |
| |||||
Warrant liability |
|
1,488,196 |
|
|
|
1,488,196 |
|
|
|
1,488,196 |
| |||||
Total liabilities |
|
19,309,166 |
|
(96,138 |
) |
19,213,028 |
|
3,393,926 |
|
22,606,954 |
| |||||
Redeemable noncontrolling interests: |
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred |
|
136,008 |
|
|
|
136,008 |
|
|
|
136,008 |
| |||||
Common |
|
132,211 |
|
|
|
132,211 |
|
|
|
132,211 |
| |||||
Total redeemable noncontrolling interests |
|
268,219 |
|
|
|
268,219 |
|
|
|
268,219 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total stockholders equity |
|
7,621,698 |
|
|
|
7,621,698 |
|
|
|
7,621,698 |
| |||||
Noncontrolling interests in consolidated real estate affiliates |
|
83,322 |
|
(83,322 |
) |
|
|
|
|
|
| |||||
Total equity |
|
7,705,020 |
|
(83,322 |
) |
7,621,698 |
|
|
|
7,621,698 |
| |||||
Total liabilities and equity |
|
$ |
27,282,405 |
|
$ |
(179,460 |
) |
$ |
27,102,945 |
|
$ |
3,393,926 |
|
$ |
30,496,871 |
|
(1) Presented in accordance with GAAP.
PROPORTIONATE FINANCIAL SCHEDULES |
Overview
(In thousands, except per share)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||||
|
|
December 31, 2012 |
|
December 31, 2011 |
|
Percentage Change |
|
December 31, 2012 |
|
December 31, 2011 |
|
Percentage Change |
| ||||
Mall NOI (1) |
|
$ |
584,986 |
|
$ |
549,160 |
|
6.5 |
% |
$ |
2,107,585 |
|
$ |
2,001,388 |
|
5.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Company NOI (2) |
|
$ |
595,819 |
|
$ |
560,830 |
|
6.2 |
% |
$ |
2,149,795 |
|
$ |
2,046,183 |
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Company NOI after net property management costs (2) |
|
$ |
566,966 |
|
$ |
528,106 |
|
7.4 |
% |
$ |
2,044,560 |
|
$ |
1,924,044 |
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Company EBITDA (2) |
|
$ |
556,889 |
|
$ |
508,224 |
|
9.6 |
% |
$ |
1,994,549 |
|
$ |
1,864,225 |
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Company FFO (2) |
|
$ |
311,864 |
|
$ |
252,914 |
|
23.3 |
% |
$ |
993,875 |
|
$ |
874,420 |
|
13.7 |
% |
Company FFO per share - diluted |
|
$ |
0.31 |
|
$ |
0.26 |
|
18.2 |
% |
$ |
0.99 |
|
$ |
0.88 |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Weighted average diluted common shares outstanding (3) |
|
1,016,407 |
|
974,707 |
|
4.3 |
% |
1,008,285 |
|
988,736 |
|
2.0 |
% |
(1) Refer to Page 9 (NOI Summary).
(2) Refer to Pages 5-6 (Reconciliation of Company NOI, Company EBITDA, and Company FFO).
(3) Refer to Page 32 (Change in Total Common and Equivalent Shares).
PROPORTIONATE FINANCIAL SCHEDULES |
Reconciliation of NOI, EBITDA, and FFO
For the Three Months Ended December 31, 2012 and 2011
(In thousands)
|
|
Three Months Ended December 31, 2012 |
|
Three Months Ended December 31, 2011 |
| ||||||||||||||
|
|
Pro Rata Basis |
|
Adjustments |
|
Company |
|
Pro Rata Basis |
|
Adjustments |
|
Company |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents (1) |
|
$ |
513,553 |
|
$ |
13,248 |
|
$ |
526,801 |
|
$ |
487,709 |
|
$ |
21,228 |
|
$ |
508,937 |
|
Tenant recoveries |
|
213,015 |
|
|
|
213,015 |
|
207,545 |
|
|
|
207,545 |
| ||||||
Overage rents |
|
43,123 |
|
|
|
43,123 |
|
39,176 |
|
|
|
39,176 |
| ||||||
Other revenue |
|
36,358 |
|
|
|
36,358 |
|
31,457 |
|
|
|
31,457 |
| ||||||
Total property revenues |
|
806,049 |
|
13,248 |
|
819,297 |
|
765,887 |
|
21,228 |
|
787,115 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
|
65,494 |
|
(1,578 |
) |
63,916 |
|
67,745 |
|
(1,578 |
) |
66,167 |
| ||||||
Property maintenance costs |
|
29,316 |
|
|
|
29,316 |
|
27,173 |
|
|
|
27,173 |
| ||||||
Marketing |
|
14,580 |
|
|
|
14,580 |
|
17,193 |
|
|
|
17,193 |
| ||||||
Other property operating costs |
|
114,856 |
|
(1,389 |
) |
113,467 |
|
114,324 |
|
(1,434 |
) |
112,890 |
| ||||||
Provision for doubtful accounts |
|
2,199 |
|
|
|
2,199 |
|
2,862 |
|
|
|
2,862 |
| ||||||
Total property operating expenses |
|
226,445 |
|
(2,967 |
) |
223,478 |
|
229,297 |
|
(3,012 |
) |
226,285 |
| ||||||
NOI |
|
$ |
579,604 |
|
$ |
16,215 |
|
$ |
595,819 |
|
$ |
536,590 |
|
$ |
24,240 |
|
$ |
560,830 |
|
Management fees and other corporate revenues |
|
18,199 |
|
|
|
18,199 |
|
18,629 |
|
(9 |
) |
18,620 |
| ||||||
Property management and other costs (2) |
|
(46,628 |
) |
(424 |
) |
(47,052 |
) |
(56,157 |
) |
4,813 |
|
(51,344 |
) | ||||||
NOI after net property management costs |
|
$ |
551,175 |
|
$ |
15,791 |
|
$ |
566,966 |
|
$ |
499,062 |
|
$ |
29,044 |
|
$ |
528,106 |
|
General and administrative (2) |
|
(10,077 |
) |
|
|
(10,077 |
) |
(17,054 |
) |
(2,828 |
) |
(19,882 |
) | ||||||
EBITDA before provisions for impairment |
|
$ |
541,098 |
|
$ |
15,791 |
|
$ |
556,889 |
|
$ |
482,008 |
|
$ |
26,216 |
|
$ |
508,224 |
|
Provisions for impairment |
|
|
|
|
|
|
|
(916 |
) |
916 |
|
|
| ||||||
EBITDA |
|
$ |
541,098 |
|
$ |
15,791 |
|
$ |
556,889 |
|
$ |
481,092 |
|
$ |
27,132 |
|
$ |
508,224 |
|
Depreciation on non-income producing assets |
|
(1,615 |
) |
|
|
(1,615 |
) |
(1,978 |
) |
|
|
(1,978 |
) | ||||||
Interest income |
|
1,677 |
|
|
|
1,677 |
|
1,454 |
|
|
|
1,454 |
| ||||||
Preferred unit distributions |
|
(2,310 |
) |
|
|
(2,310 |
) |
(2,648 |
) |
|
|
(2,648 |
) | ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
|
(1,791 |
) |
1,791 |
|
|
|
(1,132 |
) |
1,132 |
|
|
| ||||||
Interest expense relating to extinguished debt |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Mark-to-market adjustments on debt |
|
(2,696 |
) |
2,696 |
|
|
|
5,375 |
|
(5,375 |
) |
|
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
|
(287 |
) |
287 |
|
|
|
148 |
|
(148 |
) |
|
| ||||||
Debt extinguishment expenses (3) |
|
(15,007 |
) |
15,007 |
|
|
|
36 |
|
(36 |
) |
|
| ||||||
Interest on existing debt |
|
(243,439 |
) |
|
|
(243,439 |
) |
(255,883 |
) |
|
|
(255,883 |
) | ||||||
Warrant liability adjustment |
|
(89,153 |
) |
89,153 |
|
|
|
(264,418 |
) |
264,418 |
|
|
| ||||||
Provision for income taxes |
|
(3,650 |
) |
3,650 |
|
|
|
(919 |
) |
919 |
|
|
| ||||||
FFO from discontinued operations (4) |
|
51,376 |
|
(50,714 |
) |
662 |
|
7,826 |
|
(4,081 |
) |
3,745 |
| ||||||
FFO |
|
$ |
234,203 |
|
$ |
77,661 |
|
$ |
311,864 |
|
$ |
(31,047 |
) |
$ |
283,961 |
|
$ |
252,914 |
|
(1) Adjustments include amounts for straight-line rent of ($10,758) and ($9,583) and above/below market lease amortization of $24,006 and $30,811 for the three months ended December 31, 2012 and 2011, respectively.
(2) Non-comparable costs in 2011 include bankruptcy-related items such as the reversal of previously accrued bankruptcy costs and gains on settlements, partially offset by legal, professional fees and other restructuring costs.
(3) Adjustment includes a $15.0 million prepayment fee to retire 6.75% unsecured notes due May 2013 ($600.1 million).
(4) Company FFO includes FFO from discontinued operations. Adjustments primarily relate to FFO from the spin-off of Rouse Properties, Inc. of $0.9 million and $5.2 million for the three months ended December 31, 2012 and 2011, respectively, and gains on the extinguishment of debt of $50.8 million and $0 for the three months ended December 31, 2012 and 2011, respectively.
PROPORTIONATE FINANCIAL SCHEDULES |
Reconciliation of NOI, EBITDA, and FFO
For the Twelve Months Ended December 31, 2012 and 2011
(In thousands)
|
|
Twelve Months Ended December 31, 2012 |
|
Twelve Months Ended December 31, 2011 |
| ||||||||||||||
|
|
Pro Rata Basis |
|
Adjustments |
|
Company |
|
Pro Rata Basis |
|
Adjustments |
|
Company |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minimum rents (1) |
|
$ |
1,947,218 |
|
$ |
29,688 |
|
$ |
1,976,906 |
|
$ |
1,879,546 |
|
$ |
25,819 |
|
$ |
1,905,365 |
|
Tenant recoveries |
|
855,860 |
|
|
|
855,860 |
|
850,263 |
|
|
|
850,263 |
| ||||||
Overage rents |
|
86,035 |
|
|
|
86,035 |
|
73,283 |
|
|
|
73,283 |
| ||||||
Other revenue |
|
104,958 |
|
|
|
104,958 |
|
90,040 |
|
|
|
90,040 |
| ||||||
Total property revenues |
|
2,994,071 |
|
29,688 |
|
3,023,759 |
|
2,893,132 |
|
25,819 |
|
2,918,951 |
| ||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real estate taxes |
|
271,389 |
|
(6,312 |
) |
265,077 |
|
270,176 |
|
(6,312 |
) |
263,864 |
| ||||||
Property maintenance costs |
|
102,835 |
|
|
|
102,835 |
|
110,107 |
|
|
|
110,107 |
| ||||||
Marketing |
|
41,530 |
|
|
|
41,530 |
|
41,823 |
|
|
|
41,823 |
| ||||||
Other property operating costs |
|
464,311 |
|
(5,687 |
) |
458,624 |
|
454,602 |
|
(5,786 |
) |
448,816 |
| ||||||
Provision for doubtful accounts |
|
5,898 |
|
|
|
5,898 |
|
8,158 |
|
|
|
8,158 |
| ||||||
Total property operating expenses |
|
885,963 |
|
(11,999 |
) |
873,964 |
|
884,866 |
|
(12,098 |
) |
872,768 |
| ||||||
NOI |
|
$ |
2,108,108 |
|
$ |
41,687 |
|
$ |
2,149,795 |
|
$ |
2,008,266 |
|
$ |
37,917 |
|
$ |
2,046,183 |
|
Management fees and other corporate revenues |
|
79,217 |
|
|
|
79,217 |
|
66,304 |
|
(421 |
) |
65,883 |
| ||||||
Property management and other costs (2) |
|
(182,756 |
) |
(1,696 |
) |
(184,452 |
) |
(208,540 |
) |
20,518 |
|
(188,022 |
) | ||||||
NOI after net property management costs |
|
$ |
2,004,569 |
|
$ |
39,991 |
|
$ |
2,044,560 |
|
$ |
1,866,030 |
|
$ |
58,014 |
|
$ |
1,924,044 |
|
General and administrative (2) |
|
(50,011 |
) |
|
|
(50,011 |
) |
(41,506 |
) |
(18,313 |
) |
(59,819 |
) | ||||||
EBITDA before provisions for impairment |
|
$ |
1,954,558 |
|
$ |
39,991 |
|
$ |
1,994,549 |
|
$ |
1,824,524 |
|
$ |
39,701 |
|
$ |
1,864,225 |
|
Provisions for impairment |
|
|
|
|
|
|
|
(916 |
) |
916 |
|
|
| ||||||
EBITDA |
|
$ |
1,954,558 |
|
$ |
39,991 |
|
$ |
1,994,549 |
|
$ |
1,823,608 |
|
$ |
40,617 |
|
$ |
1,864,225 |
|
Depreciation on non-income producing assets |
|
(8,188 |
) |
|
|
(8,188 |
) |
(6,561 |
) |
|
|
(6,561 |
) | ||||||
Interest income |
|
6,561 |
|
|
|
6,561 |
|
8,480 |
|
|
|
8,480 |
| ||||||
Preferred unit distributions (3) |
|
(12,414 |
) |
3,098 |
|
(9,316 |
) |
(9,654 |
) |
|
|
(9,654 |
) | ||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Default interest |
|
(5,545 |
) |
5,545 |
|
|
|
(62,089 |
) |
62,089 |
|
|
| ||||||
Interest expense relating to extinguished debt |
|
|
|
|
|
|
|
(11,045 |
) |
11,045 |
|
|
| ||||||
Mark-to-market adjustments on debt |
|
10,932 |
|
(10,932 |
) |
|
|
17,191 |
|
(17,191 |
) |
|
| ||||||
Write-off of mark-to-market adjustments on extinguished debt |
|
33,069 |
|
(33,069 |
) |
|
|
44,732 |
|
(44,732 |
) |
|
| ||||||
Debt extinguishment expenses (4) |
|
(15,197 |
) |
15,197 |
|
|
|
24 |
|
(24 |
) |
|
| ||||||
Interest on existing debt |
|
(999,966 |
) |
|
|
(999,966 |
) |
(1,020,436 |
) |
|
|
(1,020,436 |
) | ||||||
Warrant liability adjustment |
|
(502,234 |
) |
502,234 |
|
|
|
55,042 |
|
(55,042 |
) |
|
| ||||||
Provision for income taxes |
|
(9,474 |
) |
9,474 |
|
|
|
(8,911 |
) |
8,911 |
|
|
| ||||||
FFO from discontinued operations (5) |
|
69,028 |
|
(58,793 |
) |
10,235 |
|
77,741 |
|
(39,375 |
) |
38,366 |
| ||||||
FFO |
|
$ |
521,130 |
|
$ |
472,745 |
|
$ |
993,875 |
|
$ |
908,122 |
|
$ |
(33,702 |
) |
$ |
874,420 |
|
(1) Adjustments include amounts for straight-line rent of ($74,866) and ($95,039) and above/below market lease amortization of $104,554 and $120,858 for the twelve months ended December 31, 2012 and 2011, respectively.
(2) Non-comparable costs in 2011 include bankruptcy-related items such as the reversal of previously accrued bankruptcy costs and gains on settlements, partially offset by legal, professional fees and other restructuring costs.
(3) Adjustment is related to the distribution of Rouse Properties, Inc. shares to preferred unit holders as a result of the spin-off.
(4) Adjustment includes a $15.0 million prepayment fee to retire 6.75% unsecured notes due May 2013 ($600.1 million).
(5) Company FFO includes FFO from discontinued operations. Adjustments primarily relate to FFO from the spin-off of Rouse Properties, Inc. of $14.9 million and $45.3 million for the twelve months ended December 31, 2012 and 2011, respectively, and gains on the extinguishment of debt of $50.8 million and $0 for the twelve months ended December 31, 2012 and 2011, respectively.
PROPORTIONATE FINANCIAL SCHEDULES |
Proportionate Results and FFO
For the Three Months Ended December 31, 2012 and 2011
(In thousands)
|
|
Three Months Ended December 31, 2012 |
|
Three Months Ended December 31, 2011 |
| ||||||||||||||||||||
|
|
Consolidated |
|
Noncontrolling |
|
Unconsolidated |
|
Pro Rata Basis |
|
Consolidated |
|
Noncontrolling |
|
Unconsolidated |
|
Pro Rata Basis |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Minimum rents |
|
$ |
417,923 |
|
$ |
(3,467 |
) |
$ |
99,097 |
|
$ |
513,553 |
|
$ |
396,156 |
|
$ |
(2,433 |
) |
$ |
93,986 |
|
$ |
487,709 |
|
Tenant recoveries |
|
179,075 |
|
(1,178 |
) |
35,118 |
|
213,015 |
|
170,680 |
|
(1,118 |
) |
37,983 |
|
207,545 |
| ||||||||
Overage rents |
|
35,770 |
|
(181 |
) |
7,534 |
|
43,123 |
|
31,987 |
|
(184 |
) |
7,373 |
|
39,176 |
| ||||||||
Other revenue |
|
26,643 |
|
(127 |
) |
9,842 |
|
36,358 |
|
25,363 |
|
(175 |
) |
6,269 |
|
31,457 |
| ||||||||
Total property revenues |
|
659,411 |
|
(4,953 |
) |
151,591 |
|
806,049 |
|
624,186 |
|
(3,910 |
) |
145,611 |
|
765,887 |
| ||||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Real estate taxes |
|
54,321 |
|
(523 |
) |
11,696 |
|
65,494 |
|
52,798 |
|
(422 |
) |
15,369 |
|
67,745 |
| ||||||||
Property maintenance costs |
|
24,334 |
|
(148 |
) |
5,130 |
|
29,316 |
|
22,001 |
|
(139 |
) |
5,311 |
|
27,173 |
| ||||||||
Marketing |
|
11,931 |
|
(106 |
) |
2,755 |
|
14,580 |
|
13,846 |
|
(124 |
) |
3,471 |
|
17,193 |
| ||||||||
Other property operating costs |
|
90,358 |
|
(581 |
) |
25,079 |
|
114,856 |
|
94,018 |
|
(533 |
) |
20,839 |
|
114,324 |
| ||||||||
Provision for doubtful accounts |
|
1,513 |
|
48 |
|
638 |
|
2,199 |
|
2,765 |
|
(46 |
) |
143 |
|
2,862 |
| ||||||||
Total property operating expenses |
|
182,457 |
|
(1,310 |
) |
45,298 |
|
226,445 |
|
185,428 |
|
(1,264 |
) |
45,133 |
|
229,297 |
| ||||||||
NOI |
|
$ |
476,954 |
|
$ |
(3,643 |
) |
$ |
106,293 |
|
$ |
579,604 |
|
$ |
438,758 |
|
$ |
(2,646 |
) |
$ |
100,478 |
|
$ |
536,590 |
|
Management fees and other corporate revenues |
|
16,303 |
|
|
|
1,896 |
|
18,199 |
|
17,398 |
|
|
|
1,231 |
|
18,629 |
| ||||||||
Property management and other costs (1) |
|
(40,657 |
) |
156 |
|
(6,127 |
) |
(46,628 |
) |
(49,890 |
) |
85 |
|
(6,352 |
) |
(56,157 |
) | ||||||||
NOI after net property management costs |
|
$ |
452,600 |
|
$ |
(3,487 |
) |
$ |
102,062 |
|
$ |
551,175 |
|
$ |
406,266 |
|
$ |
(2,561 |
) |
$ |
95,357 |
|
$ |
499,062 |
|
General and administrative (2) |
|
(7,624 |
) |
|
|
(2,453 |
) |
(10,077 |
) |
(12,908 |
) |
|
|
(4,146 |
) |
(17,054 |
) | ||||||||
EBITDA before provisions for impairment |
|
$ |
444,976 |
|
$ |
(3,487 |
) |
$ |
99,609 |
|
$ |
541,098 |
|
$ |
393,358 |
|
$ |
(2,561 |
) |
$ |
91,211 |
|
$ |
482,008 |
|
Provisions for impairment |
|
|
|
|
|
|
|
|
|
(916 |
) |
|
|
|
|
(916 |
) | ||||||||
EBITDA |
|
$ |
444,976 |
|
$ |
(3,487 |
) |
$ |
99,609 |
|
$ |
541,098 |
|
$ |
392,442 |
|
$ |
(2,561 |
) |
$ |
91,211 |
|
$ |
481,092 |
|
Depreciation on non-income producing assets |
|
(1,615 |
) |
|
|
|
|
(1,615 |
) |
(1,978 |
) |
|
|
|
|
(1,978 |
) | ||||||||
Interest income |
|
624 |
|
(1 |
) |
1,054 |
|
1,677 |
|
512 |
|
|
|
942 |
|
1,454 |
| ||||||||
Preferred unit distributions |
|
(2,310 |
) |
|
|
|
|
(2,310 |
) |
(2,648 |
) |
|
|
|
|
(2,648 |
) | ||||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Default interest |
|
(1,791 |
) |
|
|
|
|
(1,791 |
) |
(1,237 |
) |
|
|
105 |
|
(1,132 |
) | ||||||||
Interest expense relating to extinguished debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Mark-to-market adjustments on debt |
|
(2,824 |
) |
(90 |
) |
218 |
|
(2,696 |
) |
4,935 |
|
(91 |
) |
531 |
|
5,375 |
| ||||||||
Write-off of mark-to-market adjustments on extinguished debt |
|
(287 |
) |
|
|
|
|
(287 |
) |
148 |
|
|
|
|
|
148 |
| ||||||||
Debt extinguishment expenses |
|
(15,007 |
) |
|
|
|
|
(15,007 |
) |
39 |
|
|
|
(3 |
) |
36 |
| ||||||||
Interest on existing debt |
|
(206,007 |
) |
1,137 |
|
(38,569 |
) |
(243,439 |
) |
(217,000 |
) |
280 |
|
(39,163 |
) |
(255,883 |
) | ||||||||
Warrant liability adjustment |
|
(89,153 |
) |
|
|
|
|
(89,153 |
) |
(264,418 |
) |
|
|
|
|
(264,418 |
) | ||||||||
Provision for income taxes |
|
(3,538 |
) |
10 |
|
(122 |
) |
(3,650 |
) |
(841 |
) |
15 |
|
(93 |
) |
(919 |
) | ||||||||
FFO from discontinued operations |
|
51,376 |
|
|
|
|
|
51,376 |
|
8,823 |
|
|
|
(997 |
) |
7,826 |
| ||||||||
|
|
174,444 |
|
(2,431 |
) |
62,190 |
|
234,203 |
|
(81,223 |
) |
(2,357 |
) |
52,533 |
|
(31,047 |
) | ||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests |
|
59,759 |
|
2,431 |
|
(62,190 |
) |
|
|
50,176 |
|
2,357 |
|
(52,533 |
) |
|
| ||||||||
FFO |
|
$ |
234,203 |
|
$ |
|
|
$ |
|
|
$ |
234,203 |
|
$ |
(31,047 |
) |
$ |
|
|
$ |
|
|
$ |
(31,047 |
) |
(1) Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.
(2) Unconsolidated amounts represent administrative costs of our Brazilian joint venture.
PROPORTIONATE FINANCIAL SCHEDULES |
Proportionate Results and FFO
For the Twelve Months Ended December 31, 2012 and 2011
(In thousands)
|
|
Twelve Months Ended December 31, 2012 |
|
Twelve Months Ended December 31, 2011 |
| ||||||||||||||||||||
|
|
Consolidated |
|
Noncontrolling |
|
Unconsolidated |
|
Pro Rata Basis |
|
Consolidated |
|
Noncontrolling |
|
Unconsolidated |
|
Pro Rata Basis |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Property revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Minimum rents |
|
$ |
1,578,074 |
|
$ |
(12,143 |
) |
$ |
381,287 |
|
$ |
1,947,218 |
|
$ |
1,536,328 |
|
$ |
(11,327 |
) |
$ |
354,545 |
|
$ |
1,879,546 |
|
Tenant recoveries |
|
716,120 |
|
(4,511 |
) |
144,251 |
|
855,860 |
|
711,663 |
|
(4,168 |
) |
142,768 |
|
850,263 |
| ||||||||
Overage rents |
|
69,550 |
|
(392 |
) |
16,877 |
|
86,035 |
|
60,849 |
|
(450 |
) |
12,884 |
|
73,283 |
| ||||||||
Other revenue |
|
76,157 |
|
(375 |
) |
29,176 |
|
104,958 |
|
72,374 |
|
(494 |
) |
18,160 |
|
90,040 |
| ||||||||
Total property revenues |
|
2,439,901 |
|
(17,421 |
) |
571,591 |
|
2,994,071 |
|
2,381,214 |
|
(16,439 |
) |
528,357 |
|
2,893,132 |
| ||||||||
Property operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Real estate taxes |
|
226,482 |
|
(2,063 |
) |
46,970 |
|
271,389 |
|
224,013 |
|
(1,852 |
) |
48,015 |
|
270,176 |
| ||||||||
Property maintenance costs |
|
84,783 |
|
(389 |
) |
18,441 |
|
102,835 |
|
91,204 |
|
(325 |
) |
19,228 |
|
110,107 |
| ||||||||
Marketing |
|
33,854 |
|
(318 |
) |
7,994 |
|
41,530 |
|
33,602 |
|
(307 |
) |
8,528 |
|
41,823 |
| ||||||||
Other property operating costs |
|
368,154 |
|
(2,254 |
) |
98,411 |
|
464,311 |
|
376,152 |
|
(2,203 |
) |
80,653 |
|
454,602 |
| ||||||||
Provision for doubtful accounts |
|
4,517 |
|
15 |
|
1,366 |
|
5,898 |
|
5,075 |
|
(2 |
) |
3,085 |
|
8,158 |
| ||||||||
Total property operating expenses |
|
717,790 |
|
(5,009 |
) |
173,182 |
|
885,963 |
|
730,046 |
|
(4,689 |
) |
159,509 |
|
884,866 |
| ||||||||
NOI |
|
$ |
1,722,111 |
|
$ |
(12,412 |
) |
$ |
398,409 |
|
$ |
2,108,108 |
|
$ |
1,651,168 |
|
$ |
(11,750 |
) |
$ |
368,848 |
|
$ |
2,008,266 |
|
Management fees and other corporate revenues |
|
71,949 |
|
|
|
7,268 |
|
79,217 |
|
61,165 |
|
|
|
5,139 |
|
66,304 |
| ||||||||
Property management and other costs (1) |
|
(159,671 |
) |
575 |
|
(23,660 |
) |
(182,756 |
) |
(187,035 |
) |
1,243 |
|
(22,748 |
) |
(208,540 |
) | ||||||||
NOI after net property management costs |
|
$ |
1,634,389 |
|
$ |
(11,837 |
) |
$ |
382,017 |
|
$ |
2,004,569 |
|
$ |
1,525,298 |
|
$ |
(10,507 |
) |
$ |
351,239 |
|
$ |
1,866,030 |
|
General and administrative (2) |
|
(39,255 |
) |
15 |
|
(10,771 |
) |
(50,011 |
) |
(30,883 |
) |
|
|
(10,623 |
) |
(41,506 |
) | ||||||||
EBITDA before provisions for impairment |
|
$ |
1,595,134 |
|
$ |
(11,822 |
) |
$ |
371,246 |
|
$ |
1,954,558 |
|
$ |
1,494,415 |
|
$ |
(10,507 |
) |
$ |
340,616 |
|
$ |
1,824,524 |
|
Provisions for impairment |
|
|
|
|
|
|
|
|
|
(916 |
) |
|
|
|
|
(916 |
) | ||||||||
EBITDA |
|
$ |
1,595,134 |
|
$ |
(11,822 |
) |
$ |
371,246 |
|
$ |
1,954,558 |
|
$ |
1,493,499 |
|
$ |
(10,507 |
) |
$ |
340,616 |
|
$ |
1,823,608 |
|
Depreciation on non-income producing assets |
|
(8,188 |
) |
|
|
|
|
(8,188 |
) |
(6,561 |
) |
|
|
|
|
(6,561 |
) | ||||||||
Interest income |
|
2,924 |
|
(2 |
) |
3,639 |
|
6,561 |
|
2,418 |
|
(8 |
) |
6,070 |
|
8,480 |
| ||||||||
Preferred unit distributions |
|
(12,414 |
) |
|
|
|
|
(12,414 |
) |
(9,654 |
) |
|
|
|
|
(9,654 |
) | ||||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Default interest |
|
(5,236 |
) |
|
|
(309 |
) |
(5,545 |
) |
(61,160 |
) |
|
|
(929 |
) |
(62,089 |
) | ||||||||
Interest expense relating to extinguished debt |
|
|
|
|
|
|
|
|
|
(11,045 |
) |
|
|
|
|
(11,045 |
) | ||||||||
Mark-to-market adjustments on debt |
|
9,262 |
|
(365 |
) |
2,035 |
|
10,932 |
|
20,190 |
|
(6,245 |
) |
3,246 |
|
17,191 |
| ||||||||
Write-off of mark-to-market adjustments on extinguished debt |
|
33,069 |
|
|
|
|
|
33,069 |
|
44,732 |
|
|
|
|
|
44,732 |
| ||||||||
Debt extinguishment expenses |
|
(15,193 |
) |
|
|
(4 |
) |
(15,197 |
) |
38 |
|
|
|
(14 |
) |
24 |
| ||||||||
Interest on existing debt |
|
(848,003 |
) |
4,661 |
|
(156,624 |
) |
(999,966 |
) |
(872,287 |
) |
9,918 |
|
(158,067 |
) |
(1,020,436 |
) | ||||||||
Warrant liability adjustment |
|
(502,234 |
) |
|
|
|
|
(502,234 |
) |
55,042 |
|
|
|
|
|
55,042 |
| ||||||||
Provision for income taxes |
|
(9,091 |
) |
58 |
|
(441 |
) |
(9,474 |
) |
(8,723 |
) |
186 |
|
(374 |
) |
(8,911 |
) | ||||||||
FFO from discontinued operations |
|
69,028 |
|
|
|
|
|
69,028 |
|
79,170 |
|
|
|
(1,429 |
) |
77,741 |
| ||||||||
|
|
309,058 |
|
(7,470 |
) |
219,542 |
|
521,130 |
|
725,659 |
|
(6,656 |
) |
189,119 |
|
908,122 |
| ||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests |
|
212,072 |
|
7,470 |
|
(219,542 |
) |
|
|
182,463 |
|
6,656 |
|
(189,119 |
) |
|
| ||||||||
FFO |
|
$ |
521,130 |
|
$ |
|
|
$ |
|
|
$ |
521,130 |
|
$ |
908,122 |
|
$ |
|
|
$ |
|
|
$ |
908,122 |
|
(1) Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.
(2) Unconsolidated amounts represent administrative costs of our Brazilian joint venture.
PROPORTIONATE FINANCIAL SCHEDULES |
NOI Summary
For the Three and Twelve Months Ended December 31, 2012 and 2011
(In thousands)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||||
|
|
December 31, |
|
December 31, |
|
Percentage |
|
December 31, |
|
December 31, |
|
Percentage |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Same Store NOI - U.S. Regional Malls (1) |
|
$ |
563,275 |
|
$ |
536,483 |
|
5.0 |
% |
$ |
2,046,793 |
|
$ |
1,963,830 |
|
4.2 |
% |
International |
|
16,709 |
|
12,677 |
|
31.8 |
% |
47,479 |
|
37,558 |
|
26.4 |
% | ||||
Same Store and International NOI |
|
579,984 |
|
549,160 |
|
5.6 |
% |
2,094,272 |
|
2,001,388 |
|
4.6 |
% | ||||
Acquisitions - U.S. Regional Malls |
|
5,002 |
|
|
|
n/a |
|
13,313 |
|
|
|
n/a |
| ||||
Mall NOI (1) |
|
584,986 |
|
549,160 |
|
6.5 |
% |
2,107,585 |
|
2,001,388 |
|
5.3 |
% | ||||
Office, Strip Centers and Other Retail (2) |
|
10,833 |
|
11,670 |
|
-7.2 |
% |
42,210 |
|
44,795 |
|
-5.8 |
% | ||||
Company NOI |
|
595,819 |
|
560,830 |
|
6.2 |
% |
2,149,795 |
|
2,046,183 |
|
5.1 |
% | ||||
Company NOI after net property management costs |
|
566,966 |
|
528,106 |
|
7.4 |
% |
2,044,560 |
|
1,924,044 |
|
6.3 |
% | ||||
(1) |
Total termination fees were $0.8 million ($0.8 million for U.S. Regional Malls) and $8.9 million ($8.6 million for U.S. Regional Malls) for the three months ended December 31, 2012 and 2011, respectively. Total termination fees were $11.6 million ($11.5 million for U.S. Regional Malls) and $18.2 million ($17.9 million for U.S. Regional Malls) for the twelve months ended December 31, 2012 and 2011, respectively. |
(2) |
Other Retail consists of two assets that have been transferred to the special servicer and one asset that is currently being de-leased in preparation for planned redevelopment. See Property Schedule on pages 23-30 for individual property details. |
DEBT
DEBT |
SUMMARY, AT SHARE
As of December 31, 2012
(In thousands)
|
|
|
|
|
|
Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
Proportionate |
|
Remaining |
|
Maturities |
|
|
| ||||||||||||||||||
|
|
Coupon Rate |
|
Balance |
|
Term (Years) |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
Subsequent |
|
Total |
| ||||||||
Fixed Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Property Level Consolidated |
|
4.88 |
% |
$ |
14,168,432 |
|
6.8 |
|
$ |
223,036 |
|
$ |
1,043,170 |
|
$ |
692,899 |
|
$ |
1,294,666 |
|
$ |
1,546,307 |
|
$ |
7,989,513 |
|
$ |
12,789,591 |
|
Property Level Unconsolidated |
|
4.84 |
% |
2,600,212 |
|
6.8 |
|
103,283 |
|
138,168 |
|
213,735 |
|
|
|
297,166 |
|
1,643,375 |
|
2,395,727 |
| ||||||||
Corporate Consolidated (1) |
|
6.51 |
% |
719,821 |
|
2.6 |
|
91,786 |
|
|
|
609,261 |
|
|
|
|
|
|
|
701,047 |
| ||||||||
Total Fixed Rate |
|
4.94 |
% |
$ |
17,488,465 |
|
6.7 |
|
$ |
418,105 |
|
$ |
1,181,338 |
|
$ |
1,515,895 |
|
$ |
1,294,666 |
|
$ |
1,843,473 |
|
$ |
9,632,888 |
|
$ |
15,886,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Variable Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Property Level Consolidated |
|
3.42 |
% |
$ |
1,013,582 |
|
3.4 |
|
$ |
|
|
$ |
45,057 |
|
$ |
|
|
$ |
877,455 |
|
$ |
|
|
$ |
|
|
$ |
922,512 |
|
Property Level Unconsolidated |
|
2.71 |
% |
160,000 |
|
4.8 |
|
|
|
|
|
|
|
|
|
150,544 |
|
|
|
150,544 |
| ||||||||
Junior Subordinated Notes Due 2041 |
|
1.76 |
% |
206,200 |
|
28.3 |
|
|
|
|
|
|
|
|
|
|
|
206,200 |
|
206,200 |
| ||||||||
Total Variable Rate |
|
3.09 |
% |
$ |
1,379,782 |
|
7.3 |
|
$ |
|
|
$ |
45,057 |
|
$ |
|
|
$ |
877,455 |
|
$ |
150,544 |
|
$ |
206,200 |
|
$ |
1,279,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total |
|
4.80 |
% |
$ |
18,868,247 |
|
6.7 |
|
$ |
418,105 |
|
$ |
1,226,395 |
|
$ |
1,515,895 |
|
$ |
2,172,121 |
|
$ |
1,994,017 |
|
$ |
9,839,088 |
|
$ |
17,165,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
Total Amortization |
|
$ |
255,268 |
|
$ |
236,643 |
|
$ |
238,038 |
|
$ |
245,918 |
|
$ |
166,379 |
|
$ |
560,380 |
|
$ |
1,702,626 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Total Maturities and Amortization (2), (3) |
|
$ |
18,868,247 |
|
(1) Comprised primarily of The Rouse Company, LLC of $700.5 million.
(2) Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:
Total Mortgages, Notes, and Other Payables, from above |
|
18,868,247 |
| |
Special improvement districts |
|
78 |
| |
Market-rate adjustments, net |
|
(22,826 |
) | |
Junior Subordinated Notes Due 2041 |
|
(206,200 |
) | |
Shopping Leblon / Aliansce (Brazil) |
|
344,149 |
| |
Total |
|
$ |
18,983,448 |
|
(3) Reflects maturities and amortization for periods subsequent to December 31, 2012.
DEBT |
DETAIL, AT SHARE(1),(2)
As of December 31, 2012
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
| ||||||||||||||||||
|
|
|
|
Proportionate |
|
Maturity |
|
Balloon Pmt |
|
|
|
Recourse as of |
|
Amortization |
| ||||||||||||||||||
Property |
|
Own % |
|
Balance |
|
Year (2) |
|
at Maturity |
|
Coupon Rate |
|
12/31/2012 (3) |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
Subsequent |
| ||||||||
Fixed Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Property Level |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pembroke Lakes Mall |
|
100 |
% |
$ |
119,282 |
|
2013 |
|
$ |
118,449 |
|
4.94 |
% |
No |
|
$ |
833 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Meadows Mall |
|
100 |
% |
95,027 |
|
2013 |
|
93,631 |
|
5.45 |
% |
No |
|
1,396 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Senate Plaza |
|
100 |
% |
11,091 |
|
2013 |
|
10,956 |
|
5.71 |
% |
No |
|
135 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Mall St. Matthews |
|
100 |
% |
133,696 |
|
2014 |
|
129,452 |
|
4.81 |
% |
No |
|
4,244 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pecanland Mall |
|
100 |
% |
50,731 |
|
2014 |
|
48,586 |
|
4.28 |
% |
No |
|
2,145 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Prince Kuhio Plaza |
|
100 |
% |
34,130 |
|
2014 |
|
32,793 |
|
3.45 |
% |
Yes - Partial |
|
1,337 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Cumberland Mall |
|
100 |
% |
100,513 |
|
2014 |
|
99,219 |
|
7.50 |
% |
No |
|
1,294 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Crossroads Center (MN) |
|
100 |
% |
77,712 |
|
2014 |
|
74,943 |
|
4.73 |
% |
No |
|
2,769 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Jordan Creek Town Center |
|
100 |
% |
171,104 |
|
2014 |
|
164,537 |
|
4.57 |
% |
Yes - Partial |
|
5,628 |
|
939 |
|
|
|
|
|
|
|
|
| ||||||||
North Point Mall |
|
100 |
% |
202,316 |
|
2014 |
|
195,971 |
|
5.48 |
% |
No |
|
5,443 |
|
902 |
|
|
|
|
|
|
|
|
| ||||||||
Woodbridge Center |
|
100 |
% |
190,829 |
|
2014 |
|
181,464 |
|
4.24 |
% |
No |
|
6,535 |
|
2,830 |
|
|
|
|
|
|
|
|
| ||||||||
Bayside Marketplace (Bond) |
|
100 |
% |
2,445 |
|
2014 |
|
1,255 |
|
5.75 |
% |
No |
|
1,190 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Oakwood Center |
|
100 |
% |
46,168 |
|
2014 |
|
45,057 |
|
4.38 |
% |
Yes - Full |
|
652 |
|
459 |
|
|
|
|
|
|
|
|
| ||||||||
Eden Prairie Mall |
|
100 |
% |
73,388 |
|
2014 |
|
69,893 |
|
4.67 |
% |
No |
|
1,963 |
|
1,532 |
|
|
|
|
|
|
|
|
| ||||||||
Peachtree Mall |
|
100 |
% |
83,326 |
|
2015 |
|
77,085 |
|
5.08 |
% |
No |
|
2,484 |
|
2,615 |
|
1,142 |
|
|
|
|
|
|
| ||||||||
Hulen Mall |
|
100 |
% |
104,772 |
|
2015 |
|
96,621 |
|
5.03 |
% |
No |
|
3,246 |
|
3,415 |
|
1,490 |
|
|
|
|
|
|
| ||||||||
Burlington Town Center |
|
100 |
% |
24,856 |
|
2015 |
|
23,360 |
|
5.03 |
% |
No |
|
574 |
|
605 |
|
316 |
|
1 |
|
|
|
|
| ||||||||
Regency Square Mall (6) |
|
100 |
% |
84,786 |
|
2015 |
|
75,797 |
|
3.59 |
% |
No |
|
3,635 |
|
3,534 |
|
1,820 |
|
|
|
|
|
|
| ||||||||
The Shops at La Cantera |
|
75 |
% |
122,061 |
|
2015 |
|
117,345 |
|
5.95 |
% |
No |
|
1,802 |
|
1,913 |
|
1,000 |
|
1 |
|
|
|
|
| ||||||||
Lynnhaven Mall |
|
100 |
% |
220,437 |
|
2015 |
|
203,367 |
|
5.05 |
% |
No |
|
6,562 |
|
6,906 |
|
3,602 |
|
|
|
|
|
|
| ||||||||
Boise Towne Plaza |
|
100 |
% |
9,999 |
|
2015 |
|
9,082 |
|
4.70 |
% |
No |
|
353 |
|
371 |
|
193 |
|
|
|
|
|
|
| ||||||||
Paramus Park |
|
100 |
% |
96,724 |
|
2015 |
|
90,242 |
|
4.86 |
% |
No |
|
2,443 |
|
2,381 |
|
1,658 |
|
|
|
|
|
|
| ||||||||
Valley Plaza Mall |
|
100 |
% |
86,269 |
|
2016 |
|
75,790 |
|
3.90 |
% |
No |
|
3,356 |
|
3,491 |
|
3,632 |
|
|
|
|
|
|
| ||||||||
Brass Mill Center |
|
100 |
% |
108,932 |
|
2016 |
|
93,347 |
|
4.55 |
% |
No |
|
4,455 |
|
4,664 |
|
4,884 |
|
1,582 |
|
|
|
|
| ||||||||
Lakeside Mall |
|
100 |
% |
165,549 |
|
2016 |
|
144,451 |
|
4.28 |
% |
No |
|
5,644 |
|
5,894 |
|
6,155 |
|
3,405 |
|
|
|
|
| ||||||||
Willowbrook Mall |
|
100 |
% |
147,191 |
|
2016 |
|
129,003 |
|
6.82 |
% |
No |
|
4,567 |
|
4,894 |
|
5,243 |
|
3,484 |
|
|
|
|
| ||||||||
White Marsh Mall |
|
100 |
% |
179,877 |
|
2016 |
|
163,196 |
|
5.62 |
% |
No |
|
4,271 |
|
4,179 |
|
4,557 |
|
3,674 |
|
|
|
|
| ||||||||
Lincolnshire Commons |
|
100 |
% |
27,007 |
|
2016 |
|
24,629 |
|
5.98 |
% |
No |
|
538 |
|
572 |
|
607 |
|
661 |
|
|
|
|
| ||||||||
Ridgedale Center |
|
100 |
% |
165,146 |
|
2016 |
|
149,112 |
|
4.86 |
% |
No |
|
3,998 |
|
4,199 |
|
4,410 |
|
3,427 |
|
|
|
|
| ||||||||
Eastridge (WY) (8) |
|
100 |
% |
33,411 |
|
2016 |
|
28,284 |
|
5.08 |
% |
No |
|
1,127 |
|
1,206 |
|
1,270 |
|
1,524 |
|
|
|
|
| ||||||||
Pine Ridge Mall (8) |
|
100 |
% |
22,526 |
|
2016 |
|
19,070 |
|
5.08 |
% |
No |
|
759 |
|
813 |
|
856 |
|
1,028 |
|
|
|
|
| ||||||||
Red Cliffs Mall (8) |
|
100 |
% |
21,410 |
|
2016 |
|
18,125 |
|
5.08 |
% |
No |
|
721 |
|
773 |
|
814 |
|
977 |
|
|
|
|
| ||||||||
Coronado Center |
|
100 |
% |
156,987 |
|
2016 |
|
135,704 |
|
5.08 |
% |
No |
|
4,684 |
|
4,930 |
|
5,189 |
|
6,480 |
|
|
|
|
| ||||||||
The Maine Mall |
|
100 |
% |
200,570 |
|
2016 |
|
172,630 |
|
4.84 |
% |
No |
|
6,176 |
|
6,486 |
|
6,811 |
|
8,467 |
|
|
|
|
| ||||||||
Glenbrook Square |
|
100 |
% |
164,584 |
|
2016 |
|
141,325 |
|
4.91 |
% |
No |
|
4,990 |
|
5,243 |
|
5,510 |
|
7,516 |
|
|
|
|
| ||||||||
Columbia Mall (8) |
|
100 |
% |
86,851 |
|
2017 |
|
77,540 |
|
6.05 |
% |
No |
|
1,712 |
|
1,821 |
|
1,935 |
|
2,843 |
|
1,000 |
|
|
| ||||||||
Market Place Shopping Center (8) |
|
100 |
% |
102,292 |
|
2017 |
|
91,325 |
|
6.05 |
% |
No |
|
2,018 |
|
2,144 |
|
2,279 |
|
3,348 |
|
1,178 |
|
|
| ||||||||
Provo Towne Center |
|
75 |
% |
31,262 |
|
2017 |
|
28,886 |
|
4.53 |
% |
No |
|
497 |
|
520 |
|
544 |
|
566 |
|
249 |
|
|
| ||||||||
Four Seasons Town Centre |
|
100 |
% |
89,756 |
|
2017 |
|
72,532 |
|
5.60 |
% |
No |
|
3,324 |
|
3,517 |
|
3,722 |
|
4,940 |
|
1,721 |
|
|
| ||||||||
Oglethorpe Mall |
|
100 |
% |
131,247 |
|
2017 |
|
115,990 |
|
4.89 |
% |
No |
|
3,106 |
|
3,262 |
|
3,428 |
|
3,585 |
|
1,876 |
|
|
| ||||||||
Apache Mall |
|
100 |
% |
99,477 |
|
2017 |
|
91,402 |
|
4.32 |
% |
No |
|
1,626 |
|
1,700 |
|
1,776 |
|
1,843 |
|
1,130 |
|
|
| ||||||||
DEBT |
DETAIL, AT SHARE(1),(2)
As of December 31, 2012
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proportionate |
|
Maturity |
|
Balloon Pmt |
|
|
|
Recourse as of |
|
Amortization |
| ||||||||||
Property |
|
Own % |
|
Balance |
|
Year (2) |
|
at Maturity |
|
Coupon Rate |
|
12/31/2012 (3) |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
Subsequent |
|
Eastridge (CA) |
|
100 |
% |
163,727 |
|
2017 |
|
143,626 |
|
5.79 |
% |
Yes - Partial |
|
3,364 |
|
3,566 |
|
3,781 |
|
5,509 |
|
3,881 |
|
|
|
Stonestown Galleria |
|
100 |
% |
208,447 |
|
2017 |
|
183,227 |
|
5.79 |
% |
No |
|
4,213 |
|
4,467 |
|
4,736 |
|
6,925 |
|
4,879 |
|
|
|
Tysons Galleria |
|
100 |
% |
245,208 |
|
2017 |
|
214,755 |
|
5.72 |
% |
No |
|
5,107 |
|
5,411 |
|
5,734 |
|
8,334 |
|
5,867 |
|
|
|
Mall of Louisiana |
|
100 |
% |
221,871 |
|
2017 |
|
191,409 |
|
5.81 |
% |
No |
|
5,023 |
|
5,326 |
|
5,647 |
|
8,074 |
|
6,392 |
|
|
|
Beachwood Place |
|
100 |
% |
225,666 |
|
2017 |
|
190,177 |
|
5.60 |
% |
No |
|
5,943 |
|
6,290 |
|
6,656 |
|
9,274 |
|
7,326 |
|
|
|
Augusta Mall |
|
100 |
% |
167,957 |
|
2017 |
|
145,438 |
|
5.49 |
% |
No |
|
3,627 |
|
3,834 |
|
4,053 |
|
5,851 |
|
5,154 |
|
|
|
Fallbrook Center (8) |
|
100 |
% |
82,080 |
|
2018 |
|
71,473 |
|
6.14 |
% |
No |
|
1,596 |
|
1,698 |
|
1,807 |
|
2,661 |
|
2,845 |
|
|
|
River Hills Mall (8) |
|
100 |
% |
77,252 |
|
2018 |
|
67,269 |
|
6.14 |
% |
No |
|
1,503 |
|
1,598 |
|
1,700 |
|
2,504 |
|
2,678 |
|
|
|
Sooner Mall (8) |
|
100 |
% |
57,939 |
|
2018 |
|
50,452 |
|
6.14 |
% |
No |
|
1,127 |
|
1,199 |
|
1,275 |
|
1,878 |
|
2,008 |
|
|
|
The Gallery at Harborplace - Other |
|
100 |
% |
10,697 |
|
2018 |
|
190 |
|
6.05 |
% |
No |
|
1,690 |
|
1,796 |
|
1,907 |
|
2,026 |
|
2,152 |
|
936 |
|
Governors Square |
|
100 |
% |
72,146 |
|
2019 |
|
66,488 |
|
6.69 |
% |
No |
|
793 |
|
848 |
|
906 |
|
969 |
|
1,035 |
|
1,107 |
|
Oak View Mall |
|
100 |
% |
80,804 |
|
2019 |
|
74,467 |
|
6.69 |
% |
No |
|
888 |
|
949 |
|
1,015 |
|
1,085 |
|
1,160 |
|
1,240 |
|
The Grand Canal Shoppes / The Shoppes at the Palazzo |
|
100 |
% |
625,000 |
|
2019 |
|
625,000 |
|
4.24 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
Park City Center |
|
100 |
% |
193,116 |
|
2019 |
|
172,224 |
|
5.34 |
% |
No |
|
2,800 |
|
2,955 |
|
3,119 |
|
3,264 |
|
3,473 |
|
5,281 |
|
Southlake Mall (6) |
|
100 |
% |
96,883 |
|
2019 |
|
77,877 |
|
6.44 |
% |
No |
|
1,900 |
|
1,913 |
|
2,042 |
|
3,035 |
|
3,256 |
|
6,860 |
|
Newgate Mall |
|
100 |
% |
58,000 |
|
2020 |
|
58,000 |
|
3.69 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fashion Place |
|
100 |
% |
226,730 |
|
2020 |
|
226,730 |
|
3.64 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
Town East Mall |
|
100 |
% |
160,270 |
|
2020 |
|
160,270 |
|
3.57 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tucson Mall |
|
100 |
% |
246,000 |
|
2020 |
|
246,000 |
|
4.01 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
Visalia Mall |
|
100 |
% |
74,000 |
|
2020 |
|
74,000 |
|
3.71 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Mall In Columbia |
|
100 |
% |
350,000 |
|
2020 |
|
316,928 |
|
3.95 |
% |
No |
|
|
|
|
|
1,531 |
|
6,279 |
|
6,531 |
|
18,731 |
|
Northridge Fashion Center |
|
100 |
% |
245,197 |
|
2021 |
|
207,503 |
|
5.10 |
% |
No |
|
3,765 |
|
3,965 |
|
4,175 |
|
4,362 |
|
4,627 |
|
16,800 |
|
Deerbrook Mall |
|
100 |
% |
150,548 |
|
2021 |
|
127,934 |
|
5.25 |
% |
No |
|
2,246 |
|
2,368 |
|
2,497 |
|
2,612 |
|
2,776 |
|
10,115 |
|
Park Place |
|
100 |
% |
195,705 |
|
2021 |
|
165,815 |
|
5.18 |
% |
No |
|
2,941 |
|
3,099 |
|
3,266 |
|
3,414 |
|
3,626 |
|
13,544 |
|
Providence Place |
|
100 |
% |
373,583 |
|
2021 |
|
320,526 |
|
5.65 |
% |
No |
|
5,126 |
|
5,426 |
|
5,745 |
|
6,025 |
|
6,437 |
|
24,298 |
|
Fox River Mall |
|
100 |
% |
183,405 |
|
2021 |
|
156,373 |
|
5.46 |
% |
No |
|
2,596 |
|
2,745 |
|
2,901 |
|
3,038 |
|
3,238 |
|
12,514 |
|
Oxmoor Center |
|
100 |
% |
93,139 |
|
2021 |
|
79,217 |
|
5.37 |
% |
No |
|
1,342 |
|
1,417 |
|
1,497 |
|
1,566 |
|
1,668 |
|
6,432 |
|
Rivertown Crossings |
|
100 |
% |
165,652 |
|
2021 |
|
141,356 |
|
5.52 |
% |
No |
|
2,329 |
|
2,462 |
|
2,604 |
|
2,728 |
|
2,910 |
|
11,263 |
|
Westlake Center - Land |
|
100 |
% |
2,437 |
|
2021 |
|
2,437 |
|
12.63 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fashion Show - Other |
|
100 |
% |
5,235 |
|
2021 |
|
1,577 |
|
6.06 |
% |
Yes - Full |
|
323 |
|
342 |
|
364 |
|
386 |
|
411 |
|
1,832 |
|
Bellis Fair |
|
100 |
% |
92,595 |
|
2022 |
|
77,060 |
|
5.23 |
% |
No |
|
1,371 |
|
1,446 |
|
1,524 |
|
1,594 |
|
1,694 |
|
7,906 |
|
The Shoppes at Buckland Hills |
|
100 |
% |
128,714 |
|
2022 |
|
107,820 |
|
5.19 |
% |
No |
|
1,827 |
|
1,926 |
|
2,030 |
|
2,121 |
|
2,253 |
|
10,737 |
|
Ala Moana Center |
|
100 |
% |
1,400,000 |
|
2022 |
|
1,400,000 |
|
4.23 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Gallery at Harborplace |
|
100 |
% |
81,380 |
|
2022 |
|
68,096 |
|
5.24 |
% |
No |
|
1,132 |
|
1,193 |
|
1,258 |
|
1,315 |
|
1,398 |
|
6,988 |
|
The Streets at Southpoint |
|
94 |
% |
245,440 |
|
2022 |
|
207,909 |
|
4.36 |
% |
No |
|
|
|
2,345 |
|
4,163 |
|
4,348 |
|
4,542 |
|
22,133 |
|
Spokane Valley Mall |
|
75 |
% |
46,902 |
|
2022 |
|
38,484 |
|
4.65 |
% |
No |
|
728 |
|
763 |
|
800 |
|
833 |
|
879 |
|
4,415 |
|
Greenwood Mall |
|
100 |
% |
63,000 |
|
2022 |
|
57,469 |
|
4.19 |
% |
No |
|
|
|
|
|
|
|
|
|
420 |
|
5,111 |
|
North Star Mall |
|
100 |
% |
338,082 |
|
2022 |
|
270,113 |
|
3.93 |
% |
No |
|
5,946 |
|
6,189 |
|
6,440 |
|
6,666 |
|
6,973 |
|
35,755 |
|
Coral Ridge Mall |
|
100 |
% |
110,155 |
|
2022 |
|
98,394 |
|
5.71 |
% |
No |
|
|
|
|
|
349 |
|
1,449 |
|
1,533 |
|
8,430 |
|
Rogue Valley Mall |
|
100 |
% |
55,000 |
|
2022 |
|
48,245 |
|
4.50 |
% |
No |
|
|
|
|
|
138 |
|
852 |
|
899 |
|
4,866 |
|
The Oaks Mall |
|
100 |
% |
138,654 |
|
2022 |
|
112,842 |
|
4.55 |
% |
No |
|
2,151 |
|
2,251 |
|
2,357 |
|
2,451 |
|
2,584 |
|
14,018 |
|
Westroads Mall |
|
100 |
% |
156,609 |
|
2022 |
|
127,455 |
|
4.55 |
% |
No |
|
2,427 |
|
2,543 |
|
2,663 |
|
2,769 |
|
2,919 |
|
15,833 |
|
Coastland Center |
|
100 |
% |
129,805 |
|
2022 |
|
102,621 |
|
3.76 |
% |
No |
|
2,327 |
|
2,416 |
|
2,509 |
|
2,594 |
|
2,707 |
|
14,631 |
|
The Woodlands |
|
100 |
% |
263,992 |
|
2023 |
|
207,057 |
|
5.04 |
% |
No |
|
4,266 |
|
4,485 |
|
4,716 |
|
4,959 |
|
5,215 |
|
33,294 |
|
Staten Island Mall |
|
100 |
% |
267,300 |
|
2023 |
|
206,942 |
|
4.77 |
% |
No |
|
4,449 |
|
4,665 |
|
4,892 |
|
5,131 |
|
5,381 |
|
35,840 |
|
Boise Towne Square |
|
100 |
% |
137,488 |
|
2023 |
|
106,372 |
|
4.79 |
% |
No |
|
2,268 |
|
2,379 |
|
2,495 |
|
2,618 |
|
2,746 |
|
18,610 |
|
Baybrook Mall |
|
100 |
% |
250,000 |
|
2024 |
|
212,423 |
|
5.52 |
% |
No |
|
|
|
|
|
821 |
|
3,402 |
|
3,595 |
|
29,759 |
|
DEBT |
DETAIL, AT SHARE(1),(2)
As of December 31, 2012
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
Proportionate |
|
Maturity |
|
Balloon Pmt |
|
|
|
Recourse as of |
|
Amortization |
| ||||||||||||||||||
Property |
|
Own % |
|
Balance |
|
Year (2) |
|
at Maturity |
|
Coupon Rate |
|
12/31/2012 (3) |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
Subsequent |
| ||||||||
The Parks At Arlington |
|
100 |
% |
250,000 |
|
2024 |
|
212,687 |
|
5.57 |
% |
No |
|
|
|
|
|
814 |
|
3,371 |
|
3,564 |
|
29,564 |
| ||||||||
Fashion Show |
|
100 |
% |
835,000 |
|
2024 |
|
835,000 |
|
4.03 |
% |
Yes - Full |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Providence Place - Other |
|
100 |
% |
41,635 |
|
2028 |
|
2,381 |
|
7.75 |
% |
No |
|
1,480 |
|
1,597 |
|
1,724 |
|
1,861 |
|
2,009 |
|
30,583 |
| ||||||||
Provo Towne Center Land |
|
75 |
% |
2,250 |
|
2095 |
|
37 |
|
10.00 |
% |
Yes - Full |
|
|
|
|
|
|
|
|
|
|
|
2,213 |
| ||||||||
Consolidated Property Level |
|
|
|
$ |
14,168,432 |
|
|
|
$ |
12,789,591 |
|
4.88 |
% |
|
|
$ |
204,846 |
|
$ |
186,582 |
|
$ |
183,494 |
|
$ |
199,485 |
|
$ |
142,795 |
|
$ |
461,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Unconsolidated Property Level |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Altamonte Mall |
|
50 |
% |
$ |
75,000 |
|
2013 |
|
$ |
75,000 |
|
5.05 |
% |
No |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Plaza Frontenac |
|
55 |
% |
28,622 |
|
2013 |
|
28,283 |
|
7.00 |
% |
No |
|
339 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Carolina Place |
|
50 |
% |
70,690 |
|
2014 |
|
68,168 |
|
4.60 |
% |
No |
|
2,522 |
|
|
|
|
|
|
|
|
|
|
| ||||||||
Pinnacle Hills Promenade |
|
50 |
% |
70,000 |
|
2014 |
|
70,000 |
|
5.57 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Quail Springs Mall |
|
50 |
% |
35,174 |
|
2015 |
|
33,432 |
|
6.74 |
% |
No |
|
683 |
|
732 |
|
327 |
|
|
|
|
|
|
| ||||||||
Towson Town Center |
|
35 |
% |
61,703 |
|
2015 |
|
59,583 |
|
3.88 |
% |
No |
|
633 |
|
687 |
|
489 |
|
|
|
|
|
|
| ||||||||
Alderwood |
|
50 |
% |
125,836 |
|
2015 |
|
120,409 |
|
6.65 |
% |
No |
|
1,991 |
|
2,128 |
|
1,308 |
|
|
|
|
|
|
| ||||||||
Center Pointe Plaza |
|
50 |
% |
6,278 |
|
2017 |
|
5,570 |
|
6.31 |
% |
No |
|
160 |
|
171 |
|
183 |
|
194 |
|
|
|
|
| ||||||||
Riverchase Galleria (7) |
|
50 |
% |
152,500 |
|
2017 |
|
152,500 |
|
5.65 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Saint Louis Galleria |
|
74 |
% |
162,164 |
|
2017 |
|
139,096 |
|
4.86 |
% |
No |
|
4,954 |
|
5,203 |
|
5,465 |
|
7,446 |
|
|
|
|
| ||||||||
First Colony Mall |
|
50 |
% |
92,500 |
|
2019 |
|
84,473 |
|
4.50 |
% |
No |
|
|
|
122 |
|
1,497 |
|
1,567 |
|
1,639 |
|
3,202 |
| ||||||||
Natick Mall |
|
50 |
% |
225,000 |
|
2019 |
|
209,699 |
|
4.60 |
% |
No |
|
|
|
|
|
584 |
|
3,593 |
|
3,762 |
|
7,362 |
| ||||||||
Oakbrook Center |
|
48 |
% |
202,850 |
|
2020 |
|
202,850 |
|
3.66 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Christiana Mall |
|
50 |
% |
117,495 |
|
2020 |
|
108,697 |
|
5.10 |
% |
No |
|
|
|
|
|
401 |
|
1,622 |
|
1,725 |
|
5,050 |
| ||||||||
Water Tower Place |
|
52 |
% |
99,809 |
|
2020 |
|
83,850 |
|
4.85 |
% |
No |
|
1,738 |
|
1,825 |
|
1,916 |
|
2,011 |
|
2,110 |
|
6,359 |
| ||||||||
Kenwood Towne Centre |
|
70 |
% |
160,099 |
|
2020 |
|
137,191 |
|
5.37 |
% |
No |
|
2,383 |
|
2,517 |
|
2,659 |
|
2,784 |
|
2,964 |
|
9,601 |
| ||||||||
Whalers Village |
|
50 |
% |
40,000 |
|
2021 |
|
40,000 |
|
5.42 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Village of Merrick Park |
|
40 |
% |
72,500 |
|
2021 |
|
62,398 |
|
5.73 |
% |
No |
|
984 |
|
1,043 |
|
1,105 |
|
1,160 |
|
1,241 |
|
4,569 |
| ||||||||
Willowbrook Mall (TX) |
|
50 |
% |
105,031 |
|
2021 |
|
88,965 |
|
5.13 |
% |
No |
|
1,604 |
|
1,688 |
|
1,778 |
|
1,858 |
|
1,972 |
|
7,166 |
| ||||||||
Northbrook Court |
|
50 |
% |
65,500 |
|
2021 |
|
56,811 |
|
4.25 |
% |
No |
|
|
|
90 |
|
1,108 |
|
1,156 |
|
1,206 |
|
5,129 |
| ||||||||
Florence Mall |
|
50 |
% |
45,000 |
|
2022 |
|
45,000 |
|
4.15 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Clackamas Town Center |
|
50 |
% |
108,000 |
|
2022 |
|
108,000 |
|
4.18 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Bridgewater Commons |
|
35 |
% |
105,000 |
|
2022 |
|
105,000 |
|
3.34 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
The Trails Village Center |
|
50 |
% |
6,654 |
|
2023 |
|
78 |
|
8.21 |
% |
No |
|
412 |
|
447 |
|
485 |
|
527 |
|
571 |
|
4,134 |
| ||||||||
Lake Mead and Buffalo |
|
50 |
% |
2,394 |
|
2023 |
|
27 |
|
7.20 |
% |
No |
|
157 |
|
168 |
|
181 |
|
194 |
|
209 |
|
1,458 |
| ||||||||
Galleria at Tyler |
|
50 |
% |
98,413 |
|
2023 |
|
76,716 |
|
5.05 |
% |
No |
|
1,545 |
|
1,624 |
|
1,708 |
|
1,796 |
|
1,889 |
|
13,135 |
| ||||||||
Park Meadows |
|
35 |
% |
126,000 |
|
2023 |
|
112,734 |
|
4.60 |
% |
No |
|
|
|
|
|
|
|
|
|
|
|
13,266 |
| ||||||||
Stonebriar Centre |
|
50 |
% |
140,000 |
|
2024 |
|
120,886 |
|
4.05 |
% |
No |
|
|
|
|
|
|
|
|
|
804 |
|
18,310 |
| ||||||||
Unconsolidated Property Level |
|
|
|
$ |
2,600,212 |
|
|
|
$ |
2,395,416 |
|
4.84 |
% |
|
|
$ |
20,105 |
|
$ |
18,445 |
|
$ |
21,194 |
|
$ |
25,908 |
|
$ |
20,092 |
|
$ |
98,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Fixed - Property Level |
|
|
|
$ |
16,768,644 |
|
|
|
$ |
15,185,007 |
|
4.87 |
% |
|
|
$ |
224,951 |
|
$ |
205,027 |
|
$ |
204,688 |
|
$ |
225,393 |
|
$ |
162,887 |
|
$ |
560,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Rouse Bonds - 1995 Indenture |
|
100 |
% |
$ |
91,786 |
|
2013 |
|
$ |
91,786 |
|
5.38 |
% |
Yes |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Arizona Two (HHC) |
|
100 |
% |
19,347 |
|
2015 |
|
573 |
|
4.41 |
% |
Yes - Full |
|
6,167 |
|
6,445 |
|
6,162 |
|
|
|
|
|
|
| ||||||||
Rouse Bonds - 2010 Indenture |
|
100 |
% |
608,688 |
|
2015 |
|
608,688 |
|
6.75 |
% |
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Corporate |
|
|
|
$ |
719,821 |
|
|
|
$ |
701,047 |
|
6.51 |
% |
|
|
$ |
6,167 |
|
$ |
6,445 |
|
$ |
6,162 |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Fixed Rate Debt |
|
|
|
$ |
17,488,465 |
|
|
|
$ |
15,886,054 |
|
4.94 |
% |
|
|
$ |
231,118 |
|
$ |
211,472 |
|
$ |
210,850 |
|
$ |
225,393 |
|
$ |
162,887 |
|
$ |
560,380 |
|
DEBT |
DETAIL, AT SHARE(1),(2)
As of December 31, 2012
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
Proportionate |
|
Maturity |
|
Balloon Pmt |
|
|
|
Recourse as of |
|
Amortization |
| ||||||||||||||||||
Property |
|
Own % |
|
Balance |
|
Year (2) |
|
at Maturity |
|
Coupon Rate |
|
12/31/2012 (3) |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
Subsequent |
| ||||||||
Variable Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Property Level |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Oakwood Center |
|
100 |
% |
$ |
46,168 |
|
2014 |
|
$ |
45,057 |
|
Libor + 225 bps |
|
Yes - Full |
|
$ |
652 |
|
$ |
459 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Columbiana Centre (8) |
|
100 |
% |
97,225 |
|
2016 |
|
88,184 |
|
Libor + 325 bps |
|
Yes - Partial |
|
2,361 |
|
2,484 |
|
2,612 |
|
1,584 |
|
|
|
|
| ||||||||
Grand Teton Mall (8) |
|
100 |
% |
47,597 |
|
2016 |
|
43,171 |
|
Libor + 325 bps |
|
Yes - Partial |
|
1,156 |
|
1,216 |
|
1,279 |
|
775 |
|
|
|
|
| ||||||||
Mall Of The Bluffs (8) |
|
100 |
% |
24,282 |
|
2016 |
|
22,024 |
|
Libor + 325 bps |
|
Yes - Partial |
|
590 |
|
620 |
|
652 |
|
396 |
|
|
|
|
| ||||||||
Mayfair (8) |
|
100 |
% |
278,325 |
|
2016 |
|
252,444 |
|
Libor + 325 bps |
|
Yes - Partial |
|
6,759 |
|
7,110 |
|
7,477 |
|
4,535 |
|
|
|
|
| ||||||||
Mondawmin Mall (8) |
|
100 |
% |
68,009 |
|
2016 |
|
61,685 |
|
Libor + 325 bps |
|
Yes - Partial |
|
1,652 |
|
1,737 |
|
1,827 |
|
1,108 |
|
|
|
|
| ||||||||
North Town Mall (8) |
|
100 |
% |
83,972 |
|
2016 |
|
76,163 |
|
Libor + 325 bps |
|
Yes - Partial |
|
2,040 |
|
2,145 |
|
2,256 |
|
1,368 |
|
|
|
|
| ||||||||
Oakwood (8) |
|
100 |
% |
76,426 |
|
2016 |
|
69,319 |
|
Libor + 325 bps |
|
Yes - Partial |
|
1,857 |
|
1,952 |
|
2,053 |
|
1,245 |
|
|
|
|
| ||||||||
Pioneer Place (8) |
|
100 |
% |
147,821 |
|
2016 |
|
134,075 |
|
Libor + 325 bps |
|
Yes - Partial |
|
3,591 |
|
3,776 |
|
3,971 |
|
2,408 |
|
|
|
|
| ||||||||
Southwest Plaza (8) |
|
100 |
% |
99,740 |
|
2016 |
|
90,466 |
|
Libor + 325 bps |
|
Yes - Partial |
|
2,422 |
|
2,548 |
|
2,679 |
|
1,625 |
|
|
|
|
| ||||||||
The Shops at Fallen Timbers (8) |
|
100 |
% |
44,017 |
|
2016 |
|
39,924 |
|
Libor + 325 bps |
|
Yes - Partial |
|
1,070 |
|
1,124 |
|
1,182 |
|
717 |
|
|
|
|
| ||||||||
Consolidated Property Level |
|
|
|
$ |
1,013,582 |
|
|
|
$ |
922,512 |
|
3.42 |
% |
|
|
$ |
24,150 |
|
$ |
25,171 |
|
$ |
25,988 |
|
$ |
15,761 |
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Unconsolidated Property Level |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Glendale Galleria |
|
50 |
% |
$ |
160,000 |
|
2017 |
|
$ |
150,544 |
|
Libor + 250 bps |
|
No |
|
$ |
|
|
$ |
|
|
$ |
1,200 |
|
$ |
4,764 |
|
$ |
3,492 |
|
$ |
|
|
Unconsolidated Property Level |
|
|
|
$ |
160,000 |
|
|
|
$ |
150,544 |
|
2.71 |
% |
|
|
$ |
|
|
$ |
|
|
$ |
1,200 |
|
$ |
4,764 |
|
$ |
3,492 |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Consolidated Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Junior Subordinated Notes Due 2041 |
|
100 |
% |
$ |
206,200 |
|
2041 |
|
$ |
206,200 |
|
Libor + 145 bps |
|
Yes - Full |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
Consolidated Corporate |
|
|
|
$ |
206,200 |
|
|
|
$ |
206,200 |
|
1.76 |
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total Variable Rate Debt |
|
|
|
$ |
1,379,782 |
|
|
|
$ |
1,279,256 |
|
3.09 |
% |
|
|
$ |
24,150 |
|
$ |
25,171 |
|
$ |
27,188 |
|
$ |
20,525 |
|
$ |
3,492 |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total (4),(5) |
|
|
|
$ |
18,868,247 |
|
|
|
$ |
17,165,310 |
|
4.80 |
% |
|
|
$ |
255,268 |
|
$ |
236,643 |
|
$ |
238,038 |
|
$ |
245,918 |
|
$ |
166,379 |
|
$ |
560,380 |
|
(1) |
Proportionate share for Consolidated Properties presented exclusive of non-controlling interests. |
(2) |
Assumes that all maturity extensions are exercised. |
(3) |
Total recourse to GGP or its subsidiaries of approximately $1.6 billion. |
(4) |
Excludes the $1.0 billion corporate revolver. As of December 31, 2012 the corporate revolver was undrawn. |
(5) |
Reflects amortization for the period subsequent to December 31, 2012. |
(6) |
These assets have been transferred to the special servicer and have a total debt of $181.7 million. |
(7) |
$45 million B-note is subordinate to return of GGPs additional contributed equity. |
(8) |
Loan is cross-collateralized with other properties. |
Asset Transactions
ASSET TRANSACTIONS |
Summary of Acquisitions and Dispositions
For the Twelve Months Ended December 31, 2012
(In thousands, except GLA)
|
|
Property |
|
Property |
|
GGP |
|
Total |
|
Gross Purchase |
|
Debt |
|
Net Purchase |
| |||
Closing Date |
|
Name |
|
Location |
|
Ownership % |
|
GLA |
|
Price at Share |
|
at Share |
|
Price at Share |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
January 2012 |
|
Mall of the Bluffs (Anchor Box) |
|
Council Bluffs, IA |
|
100.0 |
% |
50,420 |
|
$ |
800 |
|
$ |
|
|
$ |
800 |
|
February 2012 |
|
Riverchase Galleria (Anchor Box) |
|
Birmingham, AL |
|
100.0 |
% |
132,894 |
|
12,000 |
|
|
|
12,000 |
| |||
March 2012 |
|
Oakbrook Center (Anchor Box) |
|
Chicago, IL |
|
47.7 |
% |
91,634 |
|
3,914 |
|
|
|
3,914 |
| |||
March 2012 |
|
Perimeter Mall (Lease Buy-out) |
|
Atlanta, GA |
|
50.0 |
% |
222,056 |
|
6,500 |
|
|
|
6,500 |
| |||
April 2012 |
|
Westroads Mall (49% share) |
|
Omaha, NE |
|
100.0 |
% |
1,069,223 |
|
104,321 |
|
43,733 |
|
60,588 |
| |||
April 2012 |
|
The Oaks Mall (49% share) |
|
Gainesville, FL |
|
100.0 |
% |
897,824 |
|
86,779 |
|
49,980 |
|
36,799 |
| |||
April 2012 |
|
Sears acquisition/lease buy-out |
|
Various |
|
100.0 |
% |
1,019,008 |
|
270,000 |
|
|
|
270,000 |
| |||
May 2012 |
|
Coronado Center (Anchor Box) |
|
Albuquerque, NM |
|
100.0 |
% |
159,378 |
|
2,700 |
|
|
|
2,700 |
| |||
May 2012 |
|
Mall of the Bluffs (Anchor Box) |
|
Council Bluffs, IA |
|
100.0 |
% |
91,034 |
|
800 |
|
|
|
800 |
| |||
August 2012 |
|
Fashion Show (Anchor Box) |
|
Las Vegas, NV |
|
100.0 |
% |
197,961 |
|
10,000 |
|
|
|
10,000 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Total |
|
|
|
|
|
3,931,432 |
|
$ |
497,814 |
|
$ |
93,713 |
|
$ |
404,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Property |
|
Property |
|
GGP |
|
Total |
|
Gross Proceeds |
|
Debt |
|
|
| |||
Closing Date |
|
Name |
|
Location |
|
Ownership % |
|
GLA |
|
Price at Share |
|
at Share |
|
Net Proceeds |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
January 2012 |
|
Marley Station (Box) |
|
Baltimore, MD |
|
100.0 |
% |
264,621 |
|
$ |
1,597 |
|
$ |
|
|
$ |
1,597 |
|
February 2012 |
|
Grand Traverse Mall |
|
Traverse City, MI |
|
100.0 |
% |
589,488 |
|
62,000 |
|
62,000 |
|
|
| |||
March 2012 |
|
Village of Cross Keys |
|
Baltimore, MD |
|
100.0 |
% |
296,652 |
|
25,000 |
|
|
|
25,000 |
| |||
June 2012 |
|
Boise Plaza |
|
Boise, ID |
|
73.3 |
% |
114,404 |
|
3,392 |
|
|
|
3,392 |
| |||
July 2012 |
|
Foothills Mall |
|
Fort Collins, CO |
|
100.0 |
% |
745,301 |
|
39,688 |
|
38,938 |
|
(258 |
) | |||
August 2012 |
|
Fort Union Plaza |
|
Midvale, UT |
|
100.0 |
% |
31,528 |
|
7,515 |
|
1,628 |
|
4,702 |
| |||
August 2012 |
|
70 Columbia Corporate Center |
|
Columbia, MD |
|
100.0 |
% |
169,590 |
|
19,166 |
|
16,000 |
|
|
| |||
August 2012 |
|
Baskin Robbins |
|
Idaho Falls, ID |
|
100.0 |
% |
1,814 |
|
460 |
|
|
|
404 |
| |||
August 2012 |
|
SouthShore Mall |
|
Aberdeen, WA |
|
100.0 |
% |
291,666 |
|
1,000 |
|
|
|
853 |
| |||
September 2012 |
|
Fremont Plaza |
|
Las Vegas, NV |
|
100.0 |
% |
115,895 |
|
1,775 |
|
|
|
1,731 |
| |||
September 2012 |
|
University Crossing |
|
Orem, UT |
|
100.0 |
% |
209,329 |
|
30,200 |
|
4,763 |
|
21,629 |
| |||
September 2012 |
|
Summerlin Office Portfolio |
|
Summerlin, NV |
|
100.0 |
% |
1,110,476 |
|
119,500 |
|
28,519 |
|
81,018 |
| |||
October 2012 |
|
Salem Center |
|
Salem, OR |
|
100.0 |
% |
643,238 |
|
43,500 |
|
39,547 |
|
(1,478 |
) | |||
November 2012 |
|
River Pointe Plaza |
|
West Jordan, UT |
|
100.0 |
% |
51,355 |
|
5,150 |
|
4,931 |
|
|
| |||
November 2012 |
|
Harborplace |
|
Baltimore, MD |
|
100.0 |
% |
154,812 |
|
98,500 |
|
48,000 |
|
63,184 |
| |||
November 2012 |
|
West Oaks Mall |
|
Ocoee, FL |
|
100.0 |
% |
1,066,125 |
|
15,100 |
|
65,659 |
|
|
| |||
December 2012 |
|
Orem Plaza Center Street |
|
Orem, UT |
|
100.0 |
% |
90,218 |
|
5,062 |
|
4,849 |
|
|
| |||
December 2012 |
|
Orem Plaza State Street |
|
Orem, UT |
|
100.0 |
% |
27,240 |
|
1,188 |
|
1,147 |
|
|
| |||
December 2012 |
|
Capital Mall |
|
Jefferson City, MO |
|
100.0 |
% |
564,920 |
|
11,000 |
|
|
|
10,299 |
| |||
December 2012 |
|
Woodlands Village |
|
Flagstaff, AZ |
|
100.0 |
% |
91,810 |
|
16,845 |
|
4,615 |
|
11,069 |
| |||
December 2012 |
|
Owings Mills One and Two Corporate Center |
|
Owings Mills, MD |
|
60.0 |
% |
330,601 |
|
14,250 |
|
|
|
13,530 |
| |||
December 2012 |
|
Austin Bluffs Plaza |
|
Colorado Springs, CO |
|
100.0 |
% |
109,402 |
|
2,600 |
|
|
|
2,449 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Total |
|
|
|
|
|
7,070,485 |
|
$ |
524,488 |
|
$ |
320,596 |
|
$ |
239,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
Property |
|
Property |
|
GGP |
|
Total |
|
Gross Proceeds |
|
Debt |
|
|
| |||
Closing Date |
|
Name |
|
Location |
|
Ownership % |
|
GLA |
|
Price at Share |
|
at Share |
|
Net Proceeds |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Spin-off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
January 2012 |
|
Rouse Properties, Inc. (30 properties) |
|
Various |
|
100.0 |
% |
9,084,925 |
|
$ |
|
|
$ |
1,075,000 |
|
$ |
|
|
ASSET TRANSACTIONS |
Properties Included in Discontinued Operations
Consolidated Properties |
|
Method of Disposition |
|
Date of Disposition |
|
2012 Dispositions |
|
|
|
|
|
U.S. Regional Malls |
|
|
|
|
|
Capital Mall |
|
Sold |
|
December 2012 |
|
Harborplace |
|
Sold |
|
November 2012 |
|
Salem Center |
|
Sold |
|
October 2012 |
|
Southshore Mall |
|
Sold |
|
August 2012 |
|
Foothills Mall |
|
Sold |
|
July 2012 |
|
The Village of Cross Keys |
|
Sold |
|
March 2012 |
|
Stand Alone Offices, Strip Centers & Other Retail |
|
|
|
|
|
Austin Bluffs Plaza |
|
Sold |
|
December 2012 |
|
Orem Plaza Center Street |
|
Sold |
|
December 2012 |
|
Orem Plaza State Street |
|
Sold |
|
December 2012 |
|
Owings Mills One and Two Corporate Center |
|
Sold |
|
December 2012 |
|
Woodlands Village |
|
Sold |
|
December 2012 |
|
River Pointe Plaza |
|
Sold |
|
November 2012 |
|
West Oaks Mall |
|
Sold |
|
November 2012 |
|
Summerlin Office Portfolio |
|
Sold |
|
September 2012 |
|
Fremont Plaza |
|
Sold |
|
September 2012 |
|
University Crossing |
|
Sold |
|
September 2012 |
|
Baskin Robbins |
|
Sold |
|
August 2012 |
|
Fort Union |
|
Sold |
|
August 2012 |
|
70 Columbia Corporate Center |
|
Sold |
|
August 2012 |
|
Boise Plaza |
|
Sold |
|
June 2012 |
|
Grand Traverse Mall |
|
Sold |
|
February 2012 |
|
Spin-off |
|
|
|
|
|
Rouse Properties, Inc. |
|
Spin-off |
|
January 2012 |
|
|
|
|
|
|
|
2011 Dispositions |
|
|
|
|
|
U.S. Regional Malls |
|
|
|
|
|
The Pines |
|
Sold |
|
December 2011 |
|
Faneuil Hall Marketplace |
|
Sold |
|
October 2011 |
|
Arizona Center |
|
Sold |
|
March 2011 |
|
Stand Alone Offices, Strip Centers & Other Retail |
|
|
|
|
|
River Falls |
|
Sold |
|
December 2011 |
|
Northgate Mall |
|
Sold |
|
September 2011 |
|
Riverside Plaza |
|
Sold |
|
August 2011 |
|
Westlake Office and Garage |
|
Sold |
|
August 2011 |
|
Bailey Hills Village |
|
Sold |
|
July 2011 |
|
Chico Mall |
|
Sold |
|
July 2011 |
|
Twin Falls Crossing |
|
Sold |
|
June 2011 |
|
Chapel Hills Mall |
|
Sold |
|
June 2011 |
|
Gateway Crossing |
|
Sold |
|
May 2011 |
|
Canyon Point |
|
Sold |
|
March 2011 |
|
Anaheim Crossing |
|
Sold |
|
February 2011 |
|
Yellowstone Square |
|
Sold |
|
February 2011 |
|
Riverlands |
|
Sold |
|
January 2011 |
|
Vista Commons |
|
Sold |
|
January 2011 |
|
Piedmont Mall |
|
Transferred to lender |
|
September 2011 |
|
Country Hills Plaza |
|
Transferred to lender |
|
July 2011 |
|
Bay City Mall |
|
Transferred to lender |
|
February 2011 |
|
Lakeview Square |
|
Transferred to lender |
|
February 2011 |
|
Moreno Valley Mall |
|
Transferred to lender |
|
February 2011 |
|
|
|
|
|
|
|
Unconsolidated Properties |
|
|
|
|
|
2011 Dispositions |
|
|
|
|
|
Arrowhead Towne Center |
|
Sold |
|
June 2011 |
|
Superstition Springs Center |
|
Sold |
|
June 2011 |
|
Silver City Galleria |
|
Transferred to lender |
|
December 2011 |
|
Reconciliations
RECONCILIATIONS |
Reconciliation of Non-GAAP to GAAP Financial Measures
(In thousands)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of NOI to GAAP Operating Income |
|
|
|
|
|
|
|
|
| ||||
NOI: |
|
|
|
|
|
|
|
|
| ||||
Pro Rata basis |
|
$ |
579,604 |
|
$ |
536,590 |
|
$ |
2,108,108 |
|
$ |
2,008,266 |
|
Unconsolidated Properties |
|
(106,293 |
) |
(100,478 |
) |
(398,409 |
) |
(368,848 |
) | ||||
Consolidated Properties |
|
473,311 |
|
436,112 |
|
1,709,699 |
|
1,639,418 |
| ||||
Management fees and other corporate revenues |
|
16,303 |
|
17,398 |
|
71,949 |
|
61,165 |
| ||||
Property management and other costs |
|
(40,657 |
) |
(49,890 |
) |
(159,671 |
) |
(187,035 |
) | ||||
General and administrative |
|
(7,624 |
) |
(12,908 |
) |
(39,255 |
) |
(30,883 |
) | ||||
Provisions for impairment |
|
|
|
(916 |
) |
(58,198 |
) |
(916 |
) | ||||
Depreciation and amortization |
|
(190,930 |
) |
(208,945 |
) |
(793,877 |
) |
(874,189 |
) | ||||
Gains on sales of investment properties |
|
|
|
2,402 |
|
|
|
2,402 |
| ||||
Noncontrolling interest in operating income of Consolidated Properties and other |
|
3,643 |
|
2,646 |
|
12,412 |
|
11,750 |
| ||||
Operating income |
|
$ |
254,046 |
|
$ |
185,899 |
|
$ |
743,059 |
|
$ |
621,712 |
|
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of EBITDA to GAAP Net Income (Loss) Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
| ||||
EBITDA: |
|
|
|
|
|
|
|
|
| ||||
Pro Rata basis |
|
$ |
541,098 |
|
$ |
481,092 |
|
$ |
1,954,558 |
|
$ |
1,823,608 |
|
Unconsolidated Properties |
|
(99,609 |
) |
(91,211 |
) |
(371,246 |
) |
(340,616 |
) | ||||
Consolidated Properties |
|
441,489 |
|
389,881 |
|
1,583,312 |
|
1,482,992 |
| ||||
Depreciation and amortization |
|
(190,930 |
) |
(208,945 |
) |
(793,877 |
) |
(874,189 |
) | ||||
Noncontrolling interest in NOI of Consolidated Properties |
|
3,643 |
|
2,646 |
|
12,412 |
|
11,750 |
| ||||
Interest income |
|
624 |
|
512 |
|
2,924 |
|
2,418 |
| ||||
Interest expense |
|
(210,908 |
) |
(213,115 |
) |
(811,094 |
) |
(879,532 |
) | ||||
Warrant liability adjustment |
|
(89,153 |
) |
(264,418 |
) |
(502,234 |
) |
55,042 |
| ||||
Provision for income taxes |
|
(3,538 |
) |
(841 |
) |
(9,091 |
) |
(8,723 |
) | ||||
Provision for impairment excluded from FFO |
|
|
|
|
|
(58,198 |
) |
|
| ||||
Equity in income of Unconsolidated Real Estate Affiliates |
|
38,493 |
|
5,432 |
|
78,342 |
|
2,898 |
| ||||
Discontinued operations |
|
61,108 |
|
(81,731 |
) |
23,021 |
|
(100,619 |
) | ||||
Gain from change in control of investment properties |
|
|
|
|
|
18,547 |
|
|
| ||||
Loss on extinguishment of debt |
|
(15,007 |
) |
|
|
(15,007 |
) |
|
| ||||
Gains on sales of investment properties |
|
|
|
2,402 |
|
|
|
2,402 |
| ||||
Allocation to noncontrolling interests |
|
(3,620 |
) |
339 |
|
(10,290 |
) |
(7,611 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
32,201 |
|
$ |
(367,838 |
) |
$ |
(481,233 |
) |
$ |
(313,172 |
) |
RECONCILIATIONS |
Reconciliation of Non-GAAP to GAAP Financial Measures
(In thousands)
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of FFO to GAAP Net Income (Loss) Attributable to Common Stockholders |
|
|
|
|
|
|
|
|
| ||||
FFO: |
|
|
|
|
|
|
|
|
| ||||
Consolidated Properties |
|
$ |
174,444 |
|
$ |
(81,223 |
) |
$ |
309,058 |
|
$ |
725,659 |
|
Unconsolidated Properties and Noncontrolling Interests |
|
59,759 |
|
50,176 |
|
212,072 |
|
182,463 |
| ||||
Pro Rata basis |
|
234,203 |
|
(31,047 |
) |
521,130 |
|
908,122 |
| ||||
Depreciation and amortization of capitalized real estate costs |
|
(236,373 |
) |
(257,498 |
) |
(954,893 |
) |
(1,062,661 |
) | ||||
Gain from change in control of investment properties |
|
|
|
|
|
18,547 |
|
|
| ||||
Gains on sales of investment properties |
|
34,747 |
|
8,364 |
|
52,378 |
|
16,784 |
| ||||
Noncontrolling interests in depreciation of Consolidated Properties |
|
1,520 |
|
3,766 |
|
6,870 |
|
9,343 |
| ||||
Provision for impairment excluded from FFO |
|
|
|
|
|
(58,198 |
) |
|
| ||||
Provision for impairment excluded from FFO of discontinued operations |
|
|
|
(67,466 |
) |
(50,483 |
) |
(67,466 |
) | ||||
Redeemable noncontrolling interests |
|
(261 |
) |
2,598 |
|
3,492 |
|
2,212 |
| ||||
Depreciation and amortization of discontinued operations |
|
(1,635 |
) |
(26,555 |
) |
(20,076 |
) |
(119,506 |
) | ||||
Net income (loss) attributable to common stockholders |
|
$ |
32,201 |
|
$ |
(367,838 |
) |
$ |
(481,233 |
) |
$ |
(313,172 |
) |
|
|
|
|
|
|
|
|
|
| ||||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates |
|
|
|
|
|
|
|
|
| ||||
Equity in Unconsolidated Properties: |
|
|
|
|
|
|
|
|
| ||||
NOI |
|
$ |
106,293 |
|
$ |
100,478 |
|
$ |
398,409 |
|
$ |
368,848 |
|
Net property management fees and costs |
|
(4,231 |
) |
(5,121 |
) |
(16,392 |
) |
(17,609 |
) | ||||
Net interest expense |
|
(37,297 |
) |
(37,588 |
) |
(151,263 |
) |
(149,694 |
) | ||||
General and administrative, provisions for impairment, income taxes and noncontrolling interest in FFO |
|
(2,575 |
) |
(4,239 |
) |
(11,212 |
) |
(10,997 |
) | ||||
FFO of discontinued Unconsolidated Properties |
|
|
|
(997 |
) |
|
|
(1,429 |
) | ||||
FFO of Unconsolidated Properties |
|
62,190 |
|
52,533 |
|
219,542 |
|
189,119 |
| ||||
Depreciation and amortization of capitalized real estate costs |
|
(47,059 |
) |
(50,562 |
) |
(169,204 |
) |
(196,344 |
) | ||||
Other, including gain on sales of investment properties |
|
23,362 |
|
3,461 |
|
28,004 |
|
10,123 |
| ||||
Equity in income of Unconsolidated Real Estate Affiliates |
|
$ |
38,493 |
|
$ |
5,432 |
|
$ |
78,342 |
|
$ |
2,898 |
|
Portfolio Operating Metrics
PORTFOLIO OPERATING METRICS |
|
| |
Key Operating Performance Indicators (1), (2) | |
As of and for the Twelve Months Ended December 31, 2012 | |
(GLA in thousands) |
GLA Summary (3)
|
|
Number of |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Total Mall |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Total GLA |
|
% Leased |
|
Consolidated Malls |
|
94 |
|
39,888 |
|
14,540 |
|
36,648 |
|
91,076 |
|
981 |
|
1,742 |
|
93,799 |
|
56,646 |
|
95.8 |
% |
Unconsolidated Malls |
|
32 |
|
14,803 |
|
3,337 |
|
15,453 |
|
33,593 |
|
327 |
|
866 |
|
34,786 |
|
9,423 |
|
97.0 |
% |
U.S. Regional Malls |
|
126 |
|
54,691 |
|
17,877 |
|
52,101 |
|
124,669 |
|
1,308 |
|
2,608 |
|
128,585 |
|
66,069 |
|
96.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
18 |
|
6,564 |
|
|
|
|
|
6,564 |
|
|
|
|
|
6,564 |
|
1,824 |
|
96.3 |
% |
Total U.S. Malls and International |
|
144 |
|
61,255 |
|
17,877 |
|
52,101 |
|
131,233 |
|
1,308 |
|
2,608 |
|
135,149 |
|
67,893 |
|
95.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Properties |
|
7 |
|
28 |
|
|
|
|
|
28 |
|
|
|
911 |
|
939 |
|
940 |
|
90.9 |
% |
Strip Centers & Other Retail |
|
11 |
|
1,407 |
|
820 |
|
1,446 |
|
3,673 |
|
1,428 |
|
|
|
5,101 |
|
3,038 |
|
77.9 |
% |
Total Real Estate |
|
162 |
|
62,690 |
|
18,697 |
|
53,547 |
|
134,934 |
|
2,736 |
|
3,519 |
|
141,189 |
|
71,871 |
|
95.3 |
% |
Operating Metrics (5)
|
|
|
|
|
|
In-Place Rent (8) |
|
|
|
|
| |||||
December 31, 2012 |
|
% Leased (6) |
|
% Occupied (7) |
|
<10K SF |
|
All Less |
|
Tenant sales (9) |
|
Occupancy |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Consolidated Malls |
|
95.8 |
% |
94.6 |
% |
67.39 |
|
52.84 |
|
524 |
|
13.2 |
% | |||
Unconsolidated Malls |
|
97.0 |
% |
95.7 |
% |
73.63 |
|
60.22 |
|
603 |
|
13.1 |
% | |||
Total Malls |
|
96.1 |
% |
94.9 |
% |
$ |
69.12 |
|
$ |
54.87 |
|
$ |
545 |
|
13.2 |
% |
|
|
|
|
|
|
In-Place Rent (8) |
|
|
|
|
| |||||
December 31, 2011 |
|
% Leased (6) |
|
% Occupied (7) |
|
<10K SF |
|
All Less |
|
Tenant sales (9) |
|
Occupancy |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Consolidated Malls |
|
95.2 |
% |
92.9 |
% |
66.15 |
|
52.47 |
|
498 |
|
13.4 |
% | |||
Unconsolidated Malls |
|
96.6 |
% |
94.2 |
% |
71.89 |
|
59.29 |
|
547 |
|
13.5 |
% | |||
Total Malls |
|
95.7 |
% |
93.3 |
% |
$ |
67.76 |
|
$ |
54.37 |
|
$ |
512 |
|
13.4 |
% |
(1) |
For comparability purposes, prior period operating metric statistics have been restated to exclude properties classified as discontinued operations. |
(2) |
Metrics are excluding two assets transferred to the special servicer and one asset that is currently being de-leased in preparation for planned redevelopment. Including these assets would impact our % leased and % occupied by approximately 1% and would have an immaterial impact on the remaining metrics. |
(3) |
See Property Schedule on pages 23-30 for individual property details. |
(4) |
Total GLA at Share includes assets at their respective ownership percentages and excludes tenant owned area. |
(5) |
Reflects results for U.S. Regional Malls. |
(6) |
Represents contractual obligations for space in regional malls or predominantly retail centers and excludes traditional anchor stores. |
(7) |
Represents tenants physical and/or economic presence in regional malls or predominantly retail centers and excludes traditional anchor stores. |
(8) |
Weighted average rent of mall stores as of December 31, 2012. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
(9) |
Comparative rolling twelve month tenant sales for mall stores less than 10,000 square feet; includes one store which was reconfigured to over 10,000 square feet in Q4 2012. |
(10) |
Represents tenants less than 10,000 square feet utilizing comparative tenant sales. |
PORTFOLIO OPERATING METRICS |
|
| |
Signed Leases | |
All Less Anchors | |
As of December 31, 2012 |
|
|
All Leases - Lease Spread (1) |
| ||||||||||
|
|
Commencement 2012 |
| ||||||||||
|
|
# of Leases |
|
SF |
|
Term |
|
Initial Rent |
|
Average |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
New and Renewal Leases |
|
2,183 |
|
7,322,735 |
|
7.4 |
|
$ |
57.03 |
|
$ |
62.13 |
|
Percent in Lieu |
|
82 |
|
422,984 |
|
N/A |
|
N/A |
|
N/A |
| ||
Total Leases |
|
2,265 |
|
7,745,719 |
|
7.4 |
|
$ |
57.03 |
|
$ |
62.13 |
|
|
|
Commencement 2013 |
| ||||||||||
|
|
# of Leases |
|
SF |
|
Term |
|
Initial Rent |
|
Average |
| ||
New and Renewal Leases |
|
633 |
|
2,432,694 |
|
7.8 |
|
$ |
57.03 |
|
$ |
61.99 |
|
Percent in Lieu |
|
12 |
|
31,905 |
|
N/A |
|
N/A |
|
N/A |
| ||
Total Leases |
|
645 |
|
2,464,599 |
|
7.8 |
|
$ |
57.03 |
|
$ |
61.99 |
|
|
|
SUITE TO SUITE - Lease Spread (3) |
| |||||||||||||||||||||||
|
|
New and Renewal Leases (5) |
| |||||||||||||||||||||||
|
|
# of Leases |
|
SF |
|
Term |
|
Initial Rent |
|
Average |
|
Expiring Rent |
|
Initial Rent |
|
Average Rent |
| |||||||||
Commencement 2012 |
|
1,719 |
|
4,951,859 |
|
6.5 |
|
$ |
61.84 |
|
$ |
66.54 |
|
$ |
56.10 |
|
$ |
5.74 |
|
10.2 |
% |
$ |
10.45 |
|
18.6 |
% |
Commencement 2013 |
|
465 |
|
1,487,349 |
|
6.1 |
|
$ |
67.67 |
|
$ |
73.02 |
|
$ |
61.47 |
|
$ |
6.20 |
|
10.1 |
% |
$ |
11.55 |
|
18.8 |
% |
Total 2012/2013 |
|
2,184 |
|
6,439,208 |
|
6.4 |
|
$ |
63.18 |
|
$ |
68.04 |
|
$ |
57.34 |
|
$ |
5.85 |
|
10.2 |
% |
$ |
10.70 |
|
18.7 |
% |
(1) |
Represents signed leases that are scheduled to commence in the respective period, excluding anchors. |
(2) |
Represents initial rent or average rent over the term consisting of base minimum rent, common area costs, and real estate taxes. |
(3) |
Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for the prior tenant in the same suite. |
(4) |
Represents expiring rent at end of lease consisting of base minimum rent, common area costs, and real estate taxes. |
(5) |
Represents leases where downtime between the new and old tenant in the suite was less than 9 months. |
PORTFOLIO OPERATING METRICS |
|
| |
Lease Expiration Schedule and Top Ten Tenants |
Year |
|
Number of Expiring Leases |
|
Expiring GLA at 100% |
|
Percent of Total |
|
Expiring Rent ($) |
|
Expiring Rent ($psf) |
| ||
Specialty Leasing |
|
1,373 |
|
2,918,352 |
|
5.6 |
% |
$ |
54,126,042 |
|
$ |
21.23 |
|
2013 |
|
1,920 |
|
5,487,817 |
|
10.4 |
% |
286,814,713 |
|
$ |
60.81 |
| |
2014 |
|
1,669 |
|
5,190,329 |
|
9.8 |
% |
269,558,308 |
|
$ |
58.44 |
| |
2015 |
|
1,581 |
|
4,983,081 |
|
9.5 |
% |
295,884,031 |
|
$ |
64.64 |
| |
2016 |
|
1,479 |
|
5,007,045 |
|
9.5 |
% |
327,479,413 |
|
$ |
67.52 |
| |
2017 |
|
1,609 |
|
5,445,709 |
|
10.4 |
% |
313,759,698 |
|
$ |
66.85 |
| |
2018 |
|
1,169 |
|
4,582,372 |
|
8.7 |
% |
333,747,973 |
|
$ |
74.95 |
| |
2019 |
|
796 |
|
3,858,034 |
|
7.3 |
% |
257,019,005 |
|
$ |
68.37 |
| |
2020 |
|
670 |
|
2,817,638 |
|
5.4 |
% |
190,849,785 |
|
$ |
70.38 |
| |
Subsequent |
|
2,121 |
|
12,271,010 |
|
23.4 |
% |
626,037,948 |
|
$ |
57.38 |
| |
Total |
|
14,387 |
|
52,561,387 |
|
100.0 |
% |
$ |
2,955,276,916 |
|
$ |
61.78 |
|
Top Ten Largest Tenants (Retail Portfolio) |
|
Primary DBA |
|
Percent of Minimum |
|
|
|
|
|
|
|
LIMITED BRANDS, INC |
|
Victorias Secret, Bath & Body Works, PINK |
|
2.9 |
% |
THE GAP, INC. |
|
Gap, Banana Repubic, Old Navy |
|
2.7 |
% |
FOOT LOCKER, INC |
|
Footlocker, Champs Sports, Footaction USA |
|
2.2 |
% |
ABERCROMBIE & FITCH STORES, INC |
|
Abercrombie, Abercrombie & Fitch, Hollister, Gilly Hicks |
|
2.1 |
% |
FOREVER 21, INC |
|
Forever 21 |
|
1.9 |
% |
GOLDEN GATE CAPITAL |
|
Express, J. Jill, Eddie Bauer |
|
1.6 |
% |
MACYS INC. |
|
Macys, Bloomingdales |
|
1.4 |
% |
AMERICAN EAGLE OUTFITTERS, INC |
|
American Eagle, Aerie, Martin + Osa |
|
1.3 |
% |
GENESCO INC. |
|
Journeys, Lids, Underground Station, Johnston & Murphy |
|
1.2 |
% |
LUXOTTICA RETAIL NORTH AMERICA INC |
|
Lenscrafters, Sunglass Hut, Pearle Vision |
|
1.1 |
% |
Totals |
|
|
|
18.4 |
% |
PORTFOLIO OPERATING METRICS |
|
| |
Property Schedule | |
As of December 31, 2012 |
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Consolidated Regional Malls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ala Moana Center |
|
Macys, Neiman Marcus, Sears, Nordstrom |
|
100% |
|
Honolulu, HI |
|
973,719 |
|
829,114 |
|
200,000 |
|
14,042 |
|
364,293 |
|
2,381,168 |
|
98.0 |
% |
Apache Mall |
|
Herbergers, JCPenney, Macys, Sears |
|
100% |
|
Rochester, MN |
|
269,998 |
|
320,202 |
|
162,790 |
|
|
|
|
|
752,990 |
|
98.7 |
% |
Augusta Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Augusta, GA |
|
500,574 |
|
|
|
597,223 |
|
|
|
|
|
1,097,797 |
|
99.8 |
% |
Baybrook Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Friendswood (Houston), TX |
|
436,442 |
|
96,605 |
|
720,931 |
|
|
|
|
|
1,253,978 |
|
100.0 |
% |
Bayside Marketplace |
|
|
|
100% |
|
Miami, FL |
|
218,695 |
|
|
|
|
|
|
|
|
|
218,695 |
|
95.6 |
% |
Beachwood Place |
|
Dillards, Nordstrom, Saks Fifth Avenue |
|
100% |
|
Beachwood, OH |
|
346,692 |
|
317,347 |
|
247,000 |
|
|
|
|
|
911,039 |
|
96.0 |
% |
Bellis Fair |
|
JCPenney, Kohls, Macys, Sears, Target |
|
100% |
|
Bellingham (Seattle), WA |
|
356,280 |
|
181,020 |
|
237,910 |
|
|
|
|
|
775,210 |
|
99.3 |
% |
Boise Towne Square |
|
Dillards, JCPenney, Macys, Sears, Kohls |
|
100% |
|
Boise, ID |
|
425,413 |
|
425,556 |
|
247,714 |
|
|
|
|
|
1,098,683 |
|
96.8 |
% |
Brass Mill Center |
|
Burlington Coat Factory, JCPenney, Macys, Sears |
|
100% |
|
Waterbury, CT |
|
396,105 |
|
267,471 |
|
319,391 |
|
197,033 |
|
|
|
1,180,000 |
|
91.2 |
% |
Burlington Town Center |
|
Macys |
|
100% |
|
Burlington, VT |
|
154,842 |
|
|
|
146,753 |
|
|
|
54,617 |
|
356,212 |
|
90.5 |
% |
Coastland Center |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Naples, FL |
|
334,694 |
|
123,921 |
|
466,469 |
|
|
|
|
|
925,084 |
|
90.6 |
% |
Columbia Mall |
|
Dillards, JCPenney, Sears, Target |
|
100% |
|
Columbia, MO |
|
315,071 |
|
85,972 |
|
335,088 |
|
|
|
|
|
736,131 |
|
90.7 |
% |
Columbiana Centre |
|
Belk, Dillards, JCPenney, Sears |
|
100% |
|
Columbia, SC |
|
267,189 |
|
198,334 |
|
360,643 |
|
|
|
|
|
826,166 |
|
98.0 |
% |
Coral Ridge Mall |
|
Dillards, JCPenney, Sears, Target, Younkers |
|
100% |
|
Coralville (Iowa City), IA |
|
524,890 |
|
98,596 |
|
442,365 |
|
|
|
|
|
1,065,851 |
|
99.0 |
% |
Coronado Center |
|
JCPenney, Kohls, Macys, Sears |
|
100% |
|
Albuquerque, NM |
|
401,871 |
|
277,650 |
|
468,375 |
|
|
|
|
|
1,147,896 |
|
98.7 |
% |
Crossroads Center |
|
JCPenney, Macys, Sears, Target |
|
100% |
|
St. Cloud, MN |
|
367,172 |
|
294,167 |
|
229,275 |
|
|
|
|
|
890,614 |
|
96.8 |
% |
Cumberland Mall |
|
Costco, Macys, Sears |
|
100% |
|
Atlanta, GA |
|
383,874 |
|
147,409 |
|
500,575 |
|
|
|
|
|
1,031,858 |
|
97.4 |
% |
Deerbrook Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Humble (Houston), TX |
|
554,110 |
|
|
|
653,540 |
|
|
|
|
|
1,207,650 |
|
99.8 |
% |
Eastridge Mall WY |
|
JCPenney, Macys, Sears, Target |
|
100% |
|
Casper, WY |
|
253,570 |
|
213,913 |
|
75,883 |
|
|
|
|
|
543,366 |
|
83.5 |
% |
Eastridge Mall CA |
|
JCPenney, Macys, Sears |
|
100% |
|
San Jose, CA |
|
633,385 |
|
246,261 |
|
426,000 |
|
|
|
|
|
1,305,646 |
|
99.3 |
% |
Eden Prairie Center |
|
Kohls, Sears, Target, Von Maur, JCPenney |
|
100% |
|
Eden Prairie (Minneapolis), MN |
|
404,048 |
|
279,422 |
|
454,220 |
|
|
|
|
|
1,137,690 |
|
98.6 |
% |
Fashion Place |
|
Dillards, Nordstrom, Sears |
|
100% |
|
Murray, UT |
|
445,016 |
|
281,175 |
|
319,603 |
|
|
|
|
|
1,045,794 |
|
99.4 |
% |
Fashion Show |
|
Bloomingdales Home, Dillards, Macys, Neiman Marcus, Nordstrom, Saks Fifth Avenue |
|
100% |
|
Las Vegas, NV |
|
663,437 |
|
271,635 |
|
861,653 |
|
|
|
|
|
1,796,725 |
|
98.9 |
% |
Four Seasons Town Centre |
|
Belk, Dillards, JCPenney |
|
100% |
|
Greensboro, NC |
|
450,412 |
|
429,969 |
|
212,047 |
|
|
|
27,720 |
|
1,120,148 |
|
91.4 |
% |
PORTFOLIO OPERATING METRICS |
|
| |
Property Schedule | |
As of December 31, 2012 |
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Fox River Mall |
|
JCPenney, Macys, Sears, Target, Younkers |
|
100% |
|
Appleton, WI |
|
617,406 |
|
30,000 |
|
564,914 |
|
|
|
|
|
1,212,320 |
|
96.8 |
% |
Glenbrook Square |
|
JCPenney, Macys, Sears, Bon Ton |
|
100% |
|
Fort Wayne, IN |
|
450,481 |
|
555,870 |
|
221,000 |
|
|
|
|
|
1,227,351 |
|
95.0 |
% |
Governors Square |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Tallahassee, FL |
|
330,219 |
|
|
|
691,605 |
|
|
|
|
|
1,021,824 |
|
97.7 |
% |
Grand Teton Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Idaho Falls, ID |
|
209,934 |
|
323,925 |
|
|
|
93,274 |
|
|
|
627,133 |
|
99.8 |
% |
Greenwood Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Bowling Green, KY |
|
416,150 |
|
156,096 |
|
272,957 |
|
|
|
|
|
845,203 |
|
99.4 |
% |
Hulen Mall |
|
Dillards, Macys, Sears |
|
100% |
|
Ft. Worth, TX |
|
397,991 |
|
|
|
596,570 |
|
|
|
|
|
994,561 |
|
98.2 |
% |
Jordan Creek Town Center |
|
Dillards, Younkers |
|
100% |
|
West Des Moines, IA |
|
721,723 |
|
|
|
349,760 |
|
233,077 |
|
|
|
1,304,560 |
|
98.8 |
% |
Lakeside Mall |
|
JCPenney, Lord & Taylor, Macys, Macys Mens & Home, S |
ears |
100% |
|
Sterling Heights, MI |
|
486,468 |
|
115,300 |
|
905,418 |
|
|
|
|
|
1,507,186 |
|
84.2 |
% |
Lynnhaven Mall |
|
Dillards, JCPenney, Macys |
|
100% |
|
Virginia Beach, VA |
|
582,697 |
|
150,434 |
|
500,958 |
|
|
|
|
|
1,234,089 |
|
96.8 |
% |
Mall Of Louisiana |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Baton Rouge, LA |
|
614,736 |
|
|
|
805,630 |
|
143,619 |
|
|
|
1,563,985 |
|
97.7 |
% |
Mall Of The Bluffs |
|
Dillards, Sears |
|
100% |
|
Council Bluffs (Omaha, NE), IA |
|
375,608 |
|
221,694 |
|
104,528 |
|
|
|
|
|
701,830 |
|
63.6 |
% |
Mall St. Matthews |
|
Dillards, Dillards Mens & Home, JCPenney |
|
100% |
|
Louisville, KY |
|
501,637 |
|
120,000 |
|
395,705 |
|
|
|
|
|
1,017,342 |
|
97.9 |
% |
Market Place Shopping Center |
|
Bergners, JCPenney, Macys, Sears |
|
100% |
|
Champaign, IL |
|
416,332 |
|
385,766 |
|
149,980 |
|
|
|
|
|
952,078 |
|
96.9 |
% |
Mayfair |
|
Boston Store, Macys |
|
100% |
|
Wauwatosa (Milwaukee), WI |
|
613,844 |
|
288,596 |
|
210,714 |
|
|
|
402,390 |
|
1,515,544 |
|
99.7 |
% |
Meadows Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100% |
|
Las Vegas, NV |
|
308,101 |
|
|
|
636,853 |
|
|
|
|
|
944,954 |
|
97.3 |
% |
Mondawmin Mall |
|
|
|
99% |
|
Baltimore, MD |
|
374,850 |
|
|
|
|
|
|
|
65,317 |
|
440,167 |
|
98.0 |
% |
Newgate Mall |
|
Dillards, Sears |
|
100% |
|
Ogden (Salt Lake City), UT |
|
347,146 |
|
226,961 |
|
118,919 |
|
|
|
|
|
693,026 |
|
93.3 |
% |
North Point Mall |
|
Dillards, JCPenney, Macys, Sears, Von Maur |
|
100% |
|
Alpharetta (Atlanta), GA |
|
430,866 |
|
539,850 |
|
363,151 |
|
|
|
|
|
1,333,867 |
|
97.3 |
% |
North Star Mall |
|
Dillards, Macys, Saks Fifth Avenue, JCPenney |
|
100% |
|
San Antonio, TX |
|
550,363 |
|
173,198 |
|
522,126 |
|
|
|
|
|
1,245,687 |
|
99.4 |
% |
Northridge Fashion Center |
|
JCPenney, Macys, Sears |
|
100% |
|
Northridge (Los Angeles), CA |
|
640,469 |
|
|
|
824,443 |
|
|
|
|
|
1,464,912 |
|
97.2 |
% |
Northtown Mall |
|
JCPenney, Kohls, Macys, Sears |
|
100% |
|
Spokane, WA |
|
481,814 |
|
276,488 |
|
242,392 |
|
|
|
|
|
1,000,694 |
|
85.8 |
% |
Oak View Mall |
|
Dillards, JCPenney, Sears, Younkers |
|
100% |
|
Omaha, NE |
|
257,725 |
|
149,400 |
|
454,860 |
|
|
|
|
|
861,985 |
|
89.8 |
% |
Oakwood Center |
|
Dillards, JCPenney, Sears |
|
100% |
|
Gretna, LA |
|
275,294 |
|
|
|
514,028 |
|
|
|
|
|
789,322 |
|
98.1 |
% |
Oakwood Mall |
|
JCPenney, Macys, Sears, Younkers |
|
100% |
|
Eau Claire, WI |
|
398,283 |
|
116,620 |
|
298,224 |
|
|
|
|
|
813,127 |
|
95.3 |
% |
Oglethorpe Mall |
|
Belk, JCPenney, Macys, Sears |
|
100% |
|
Savannah, GA |
|
407,354 |
|
220,824 |
|
315,760 |
|
|
|
|
|
943,938 |
|
97.6 |
% |
Oxmoor Center |
|
Macys, Sears, Von Maur |
|
100% |
|
Louisville, KY |
|
358,150 |
|
156,000 |
|
411,210 |
|
|
|
|
|
925,360 |
|
96.3 |
% |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of December 31, 2012
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Paramus Park |
|
Macys, Sears |
|
100 |
% |
Paramus, NJ |
|
305,997 |
|
|
|
459,057 |
|
|
|
|
|
765,054 |
|
95.9 |
% |
Park City Center |
|
Bon Ton, Boscovs, JCPenney, Kohls, Sears |
|
100 |
% |
Lancaster (Philadelphia), PA |
|
540,203 |
|
514,917 |
|
384,980 |
|
|
|
|
|
1,440,100 |
|
95.2 |
% |
Park Place |
|
Dillards, Macys, Sears |
|
100 |
% |
Tucson, AZ |
|
476,781 |
|
|
|
581,457 |
|
|
|
|
|
1,058,238 |
|
98.6 |
% |
Peachtree Mall |
|
Dillards, JCPenney, Macys, Parisian |
|
100 |
% |
Columbus, GA |
|
296,684 |
|
|
|
508,615 |
|
|
|
12,600 |
|
817,899 |
|
90.2 |
% |
Pecanland Mall |
|
Belk, Dillards, JCPenney, Sears, Burlington Coat Factory |
|
100 |
% |
Monroe, LA |
|
350,054 |
|
83,398 |
|
532,038 |
|
|
|
|
|
965,490 |
|
97.2 |
% |
Pembroke Lakes Mall |
|
Dillards, Dillards Mens & Home, JCPenney, Macys, Macys Home Store, Sears |
|
100 |
% |
Pembroke Pines (Fort Lauderdale), FL |
|
350,047 |
|
395,219 |
|
386,056 |
|
|
|
|
|
1,131,322 |
|
97.3 |
% |
Pine Ridge Mall |
|
Herbergers, JCPenney, Sears, Shopko |
|
100 |
% |
Pocatello, ID |
|
190,174 |
|
435,328 |
|
|
|
|
|
|
|
625,502 |
|
73.3 |
% |
Pioneer Place |
|
|
|
100 |
% |
Portland, OR |
|
346,649 |
|
|
|
|
|
|
|
287,526 |
|
634,175 |
|
89.2 |
% |
Prince Kuhio Plaza |
|
Macys, Sears |
|
100 |
% |
Hilo, HI |
|
291,411 |
|
124,547 |
|
61,873 |
|
|
|
|
|
477,831 |
|
96.0 |
% |
Providence Place |
|
JCPenney, Macys, Nordstrom |
|
100 |
% |
Providence, RI |
|
747,148 |
|
|
|
513,691 |
|
|
|
|
|
1,260,839 |
|
98.2 |
% |
Provo Towne Centre |
|
Dillards, JCPenney, Sears |
|
75 |
% |
Provo, UT |
|
300,337 |
|
285,479 |
|
206,240 |
|
|
|
|
|
792,056 |
|
86.2 |
% |
Red Cliffs Mall |
|
Dillards, JCPenney, Sears |
|
100 |
% |
St. George, UT |
|
148,020 |
|
235,031 |
|
|
|
57,304 |
|
|
|
440,355 |
|
96.5 |
% |
Ridgedale Center |
|
JCPenney, Macys, Sears |
|
100 |
% |
Minnetonka, MN |
|
325,801 |
|
|
|
702,380 |
|
|
|
|
|
1,028,181 |
|
89.8 |
% |
River Hills Mall |
|
Herbergers, JCPenney, Sears, Target |
|
100 |
% |
Mankato, MN |
|
352,982 |
|
189,559 |
|
174,383 |
|
|
|
|
|
716,924 |
|
97.7 |
% |
Rivertown Crossings |
|
JCPenney, Kohls, Macys, Sears, Younkers |
|
100 |
% |
Grandville (Grand Rapids), MI |
|
634,349 |
|
|
|
635,625 |
|
|
|
|
|
1,269,974 |
|
94.6 |
% |
Rogue Valley Mall |
|
JCPenney, Kohls, Macys, Macys Home Store |
|
100 |
% |
Medford (Portland), OR |
|
283,310 |
|
170,625 |
|
186,359 |
|
|
|
|
|
640,294 |
|
87.7 |
% |
Sooner Mall |
|
Dillards, JCPenney, Sears |
|
100 |
% |
Norman, OK |
|
204,157 |
|
129,823 |
|
137,082 |
|
|
|
|
|
471,062 |
|
100.0 |
% |
Southwest Plaza |
|
Dillards, JCPenney, Macys, Sears |
|
100 |
% |
Littleton (Denver), CO |
|
694,808 |
|
93,630 |
|
541,851 |
|
|
|
63,128 |
|
1,393,417 |
|
88.8 |
% |
Spokane Valley Mall |
|
JCPenney, Macys, Sears |
|
75 |
% |
Spokane, WA |
|
345,397 |
|
126,243 |
|
252,841 |
|
132,048 |
|
|
|
856,529 |
|
95.8 |
% |
Staten Island Mall |
|
Macys, Sears, JCPenney |
|
100 |
% |
Staten Island, NY |
|
536,419 |
|
|
|
657,363 |
|
83,151 |
|
|
|
1,276,933 |
|
96.1 |
% |
Stonestown Galleria |
|
Macys, Nordstrom |
|
100 |
% |
San Francisco, CA |
|
424,233 |
|
160,505 |
|
267,788 |
|
|
|
55,419 |
|
907,945 |
|
95.8 |
% |
The Crossroads |
|
Burlington Coat Factory, JCPenney, Macys, Sears |
|
100 |
% |
Portage (Kalamazoo), MI |
|
266,314 |
|
|
|
502,960 |
|
|
|
|
|
769,274 |
|
93.0 |
% |
The Gallery At Harborplace |
|
|
|
100 |
% |
Baltimore, MD |
|
131,904 |
|
|
|
|
|
|
|
263,771 |
|
395,675 |
|
84.9 |
% |
The Grand Canal Shoppes |
|
|
|
100 |
% |
Las Vegas, NV |
|
452,165 |
|
|
|
|
|
|
|
34,414 |
|
486,579 |
|
99.0 |
% |
The Maine Mall |
|
JCPenney, Macys, Sears, Bon Ton |
|
100 |
% |
South Portland, ME |
|
510,221 |
|
120,844 |
|
377,662 |
|
|
|
|
|
1,008,727 |
|
99.1 |
% |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of December 31, 2012
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
The Mall In Columbia |
|
JCPenney, Lord & Taylor, Macys, Nordstrom, Sears |
|
100 |
% |
Columbia, MD |
|
598,614 |
|
212,847 |
|
587,321 |
|
|
|
|
|
1,398,782 |
|
97.9 |
% |
The Oaks Mall |
|
Belk, Dillards, JCPenney, Macys, Sears |
|
100 |
% |
Gainesville, FL |
|
344,517 |
|
233,367 |
|
324,500 |
|
|
|
|
|
902,384 |
|
97.5 |
% |
The Parks At Arlington |
|
Dillards, JCPenney, Macys, Sears |
|
100 |
% |
Arlington (Dallas), TX |
|
696,982 |
|
63,857 |
|
748,945 |
|
|
|
|
|
1,509,784 |
|
99.4 |
% |
The Shoppes At Buckland Hills |
|
JCPenney, Macys, Macys Mens & Home, Sears |
|
100 |
% |
Manchester, CT |
|
525,576 |
|
|
|
512,611 |
|
|
|
|
|
1,038,187 |
|
89.9 |
% |
The Shoppes At The Palazzo |
|
Barneys New York |
|
100 |
% |
Las Vegas, NV |
|
204,049 |
|
84,743 |
|
|
|
|
|
|
|
288,792 |
|
90.2 |
% |
The Shops At Fallen Timbers |
|
Dillards, JCPenney |
|
100 |
% |
Maumee, OH |
|
332,978 |
|
|
|
261,502 |
|
|
|
|
|
594,480 |
|
96.6 |
% |
The Shops at La Cantera |
|
Dillards, Macys, Neiman Marcus, Nordstrom |
|
75 |
% |
San Antonio, TX |
|
593,507 |
|
|
|
627,597 |
|
|
|
71,157 |
|
1,292,261 |
|
98.7 |
% |
The Streets At Southpoint |
|
Hudson Belk, JCPenney, Macys, Nordstrom, Sears |
|
94 |
% |
Durham, NC |
|
609,620 |
|
|
|
726,347 |
|
|
|
|
|
1,335,967 |
|
98.6 |
% |
The Woodlands Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100 |
% |
Woodlands (Houston), TX |
|
569,903 |
|
167,480 |
|
575,438 |
|
|
|
39,471 |
|
1,352,292 |
|
98.8 |
% |
Town East Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100 |
% |
Mesquite (Dallas), TX |
|
416,516 |
|
|
|
809,386 |
|
|
|
|
|
1,225,902 |
|
98.3 |
% |
Tucson Mall |
|
Dillards, JCPenney, Macys, Sears |
|
100 |
% |
Tucson, AZ |
|
621,797 |
|
|
|
641,458 |
|
27,305 |
|
|
|
1,290,560 |
|
97.7 |
% |
Tysons Galleria |
|
Macys, Neiman Marcus, Saks Fifth Avenue |
|
100 |
% |
McLean (Washington, D.C.), VA |
|
302,710 |
|
|
|
511,933 |
|
|
|
|
|
814,643 |
|
99.5 |
% |
Valley Plaza Mall |
|
JCPenney, Macys, Sears, Target |
|
100 |
% |
Bakersfield, CA |
|
519,199 |
|
147,792 |
|
509,176 |
|
|
|
|
|
1,176,167 |
|
97.9 |
% |
Visalia Mall |
|
JCPenney, Macys |
|
100 |
% |
Visalia, CA |
|
181,631 |
|
257,000 |
|
|
|
|
|
|
|
438,631 |
|
92.6 |
% |
Westlake Center |
|
|
|
100 |
% |
Seattle, WA |
|
102,859 |
|
|
|
|
|
|
|
|
|
102,859 |
|
87.7 |
% |
Westroads Mall |
|
JCPenney, Von Maur, Younkers |
|
100 |
% |
Omaha, NE |
|
539,055 |
|
|
|
529,402 |
|
|
|
|
|
1,068,457 |
|
95.8 |
% |
White Marsh Mall |
|
Boscovs, JCPenney, Macys, Macys Home Store, Sears |
|
100 |
% |
Baltimore, MD |
|
437,149 |
|
257,345 |
|
466,010 |
|
|
|
|
|
1,160,504 |
|
94.9 |
% |
Willowbrook |
|
Bloomingdales, Lord & Taylor, Macys, Sears |
|
100 |
% |
Wayne, NJ |
|
492,862 |
|
2,060 |
|
1,028,000 |
|
|
|
|
|
1,522,922 |
|
98.1 |
% |
Woodbridge Center |
|
JCPenney, Lord & Taylor, Macys, Sears, Boscovs |
|
100 |
% |
Woodbridge, NJ |
|
649,519 |
|
455,739 |
|
560,935 |
|
|
|
|
|
1,666,193 |
|
96.7 |
% |
Total Consolidated Regional Malls |
|
|
|
|
|
Count: 94 |
|
39,887,748 |
|
14,540,139 |
|
36,648,015 |
|
980,853 |
|
1,741,823 |
|
93,798,578 |
|
95.8 |
% |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of December 31, 2012
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Unconsolidated Regional Malls |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alderwood |
|
JCPenney, Macys, Nordstrom, Sears |
|
50 |
% |
Lynnwood (Seattle), WA |
|
579,142 |
|
|
|
705,898 |
|
|
|
|
|
1,285,040 |
|
97.9 |
% |
Altamonte Mall |
|
Dillards, JCPenney, Macys, Sears |
|
50 |
% |
Altamonte Springs (Orlando), FL |
|
477,186 |
|
158,658 |
|
519,890 |
|
|
|
|
|
1,155,734 |
|
96.9 |
% |
Bridgewater Commons |
|
Bloomingdales, Lord & Taylor, Macys |
|
35 |
% |
Bridgewater, NJ |
|
395,770 |
|
150,525 |
|
352,351 |
|
93,799 |
|
|
|
992,445 |
|
97.7 |
% |
Carolina Place |
|
Belk, Dillards, JCPenney, Macys, Sears |
|
50 |
% |
Pineville (Charlotte), NC |
|
383,517 |
|
277,404 |
|
496,098 |
|
|
|
|
|
1,157,019 |
|
97.8 |
% |
Christiana Mall |
|
JCPenney, Macys, Nordstrom, Target |
|
50 |
% |
Newark, DE |
|
470,931 |
|
|
|
641,312 |
|
|
|
|
|
1,112,243 |
|
99.6 |
% |
Clackamas Town Center |
|
JCPenney, Macys, Macys Home Store, Nordstrom, Sears |
|
50 |
% |
Happy Valley, OR |
|
601,249 |
|
|
|
774,842 |
|
|
|
|
|
1,376,091 |
|
96.5 |
% |
First Colony Mall |
|
Dillards, Dillards Mens & Home, JCPenney, Macys |
|
50 |
% |
Sugar Land, TX |
|
504,191 |
|
|
|
619,048 |
|
|
|
|
|
1,123,239 |
|
98.1 |
% |
Florence Mall |
|
JCPenney, Macys, Macys Home Store, Sears |
|
50 |
% |
Florence (Cincinnati, OH), KY |
|
395,078 |
|
|
|
552,407 |
|
|
|
|
|
947,485 |
|
93.9 |
% |
Galleria At Tyler |
|
JCPenney, Macys, Nordstrom |
|
50 |
% |
Riverside, CA |
|
538,895 |
|
|
|
468,208 |
|
|
|
|
|
1,007,103 |
|
99.4 |
% |
Glendale Galleria |
|
JCPenney, Macys, Nordstrom, Target, Bloomingdales |
|
50 |
% |
Glendale, CA |
|
493,144 |
|
115,000 |
|
715,000 |
|
|
|
138,177 |
|
1,461,321 |
|
95.7 |
% |
Kenwood Towne Centre (5) |
|
Dillards, Macys, Nordstrom |
|
50 |
% |
Cincinnati, OH |
|
519,700 |
|
240,656 |
|
400,665 |
|
|
|
|
|
1,161,021 |
|
98.9 |
% |
Mizner Park |
|
Lord & Taylor |
|
50 |
% |
Boca Raton, FL |
|
177,519 |
|
79,822 |
|
|
|
|
|
259,492 |
|
516,833 |
|
96.2 |
% |
Natick Mall |
|
JCPenney, Lord & Taylor, Macys, Sears |
|
50 |
% |
Natick (Boston), MA |
|
476,691 |
|
194,558 |
|
516,662 |
|
|
|
|
|
1,187,911 |
|
97.2 |
% |
Natick West |
|
Neiman Marcus, Nordstrom |
|
50 |
% |
Natick (Boston), MA |
|
266,238 |
|
|
|
236,430 |
|
|
|
|
|
502,668 |
|
96.3 |
% |
Neshaminy Mall |
|
Boscovs, Macys, Sears |
|
50 |
% |
Bensalem, PA |
|
411,594 |
|
188,394 |
|
418,595 |
|
|
|
|
|
1,018,583 |
|
95.4 |
% |
Northbrook Court |
|
Lord & Taylor, Macys, Neiman Marcus |
|
50 |
% |
Northbrook (Chicago), IL |
|
476,341 |
|
126,000 |
|
410,277 |
|
|
|
|
|
1,012,618 |
|
98.1 |
% |
Oakbrook Center |
|
Lord & Taylor, Macys, Neiman Marcus, Nordstrom, Sears |
|
48 |
% |
Oak Brook (Chicago), IL |
|
786,370 |
|
413,667 |
|
771,911 |
|
|
|
239,292 |
|
2,211,240 |
|
96.5 |
% |
Otay Ranch Town Center |
|
Macys |
|
50 |
% |
Chula Vista (San Diego), CA |
|
513,454 |
|
|
|
140,000 |
|
|
|
|
|
653,454 |
|
96.4 |
% |
Park Meadows |
|
Dillards, JCPenney, Macys, Nordstrom |
|
35 |
% |
Lone Tree, CO |
|
754,477 |
|
|
|
823,000 |
|
|
|
|
|
1,577,477 |
|
97.8 |
% |
Perimeter Mall |
|
Dillards, Macys, Nordstrom, Von Maur |
|
50 |
% |
Atlanta, GA |
|
502,287 |
|
222,056 |
|
831,218 |
|
|
|
|
|
1,555,561 |
|
91.9 |
% |
Pinnacle Hills Promenade |
|
Dillards, JCPenney |
|
50 |
% |
Rogers, AR |
|
360,702 |
|
98,540 |
|
162,140 |
|
233,307 |
|
38,561 |
|
893,250 |
|
95.4 |
% |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of December 31, 2012
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Plaza Frontenac |
|
Neiman Marcus, Saks Fifth Avenue, |
|
55 |
% |
St. Louis, MO |
|
222,132 |
|
125,669 |
|
135,044 |
|
|
|
|
|
482,845 |
|
95.6 |
% |
Quail Springs Mall |
|
Dillards, JCPenney, Macys, Sears |
|
50 |
% |
Oklahoma City, OK |
|
452,212 |
|
182,257 |
|
505,596 |
|
|
|
|
|
1,140,065 |
|
97.8 |
% |
Riverchase Galleria |
|
Belk, Belk Home Store, JCPenney, Macys, Sears, Von Maur |
|
50 |
% |
Hoover (Birmingham), AL |
|
502,543 |
|
467,220 |
|
610,026 |
|
|
|
|
|
1,579,789 |
|
93.2 |
% |
Saint Louis Galleria (6) |
|
Dillards, Macys, Nordstrom |
|
74 |
% |
St. Louis, MO |
|
465,763 |
|
|
|
714,052 |
|
|
|
|
|
1,179,815 |
|
96.5 |
% |
Stonebriar Centre |
|
Dillards, JCPenney, Macys, Nordstrom, Sears |
|
50 |
% |
Frisco (Dallas), TX |
|
786,174 |
|
|
|
865,192 |
|
|
|
|
|
1,651,366 |
|
99.5 |
% |
The Shoppes At River Crossing |
|
Belk, Dillards |
|
50 |
% |
Macon, GA |
|
369,055 |
|
|
|
333,219 |
|
|
|
|
|
702,274 |
|
100.0 |
% |
Towson Town Center |
|
Macys, Nordstrom |
|
35 |
% |
Towson, MD |
|
598,335 |
|
|
|
419,129 |
|
|
|
|
|
1,017,464 |
|
98.7 |
% |
Village Of Merrick Park |
|
Neiman Marcus, Nordstrom |
|
40 |
% |
Coral Gables, FL |
|
408,328 |
|
|
|
330,000 |
|
|
|
101,263 |
|
839,591 |
|
89.1 |
% |
Water Tower Place |
|
Macys |
|
52 |
% |
Chicago, IL |
|
392,967 |
|
296,128 |
|
|
|
|
|
88,809 |
|
777,904 |
|
98.2 |
% |
Whalers Village |
|
|
|
50 |
% |
Lahaina, HI |
|
105,493 |
|
|
|
|
|
|
|
|
|
105,493 |
|
98.9 |
% |
Willowbrook Mall |
|
Dillards, JCPenney, Macys, Macys Mens, Sears |
|
50 |
% |
Houston, TX |
|
415,256 |
|
|
|
984,372 |
|
|
|
|
|
1,399,628 |
|
98.2 |
% |
Total Unconsolidated Regional Malls |
|
|
|
|
|
Count: 32 |
|
14,802,734 |
|
3,336,554 |
|
15,452,582 |
|
327,106 |
|
865,594 |
|
34,784,570 |
|
97.0 |
% |
Total Regional Malls (7) |
|
|
|
|
|
Count: 126 |
|
54,690,482 |
|
17,876,693 |
|
52,100,597 |
|
1,307,959 |
|
2,607,417 |
|
128,583,148 |
|
96.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Properties (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bangu Shopping |
|
|
|
43 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
564,373 |
|
|
|
|
|
|
|
|
|
564,373 |
|
100.0 |
% |
Shopping Nacoes Bauru |
|
|
|
32 |
% |
Bauru, Sao Paulo (Brazil) |
|
285,104 |
|
|
|
|
|
|
|
|
|
285,104 |
|
84.7 |
% |
Boulevard Shopping Brasilia |
|
|
|
21 |
% |
Brasilia, Brazil |
|
183,008 |
|
|
|
|
|
|
|
|
|
183,008 |
|
93.6 |
% |
Boulevard Shopping Belem |
|
|
|
32 |
% |
Belem, Brazil |
|
423,474 |
|
|
|
|
|
|
|
|
|
423,474 |
|
91.5 |
% |
Boulevard Shopping Belo Horizonte |
|
|
|
30 |
% |
Belo Horizonte, Minas Gerais (Brazil) |
|
463,020 |
|
|
|
|
|
|
|
|
|
463,020 |
|
93.1 |
% |
Boulevard Shopping Campos |
|
|
|
43 |
% |
Campose dos Goytacazes (Brazil) |
|
197,055 |
|
|
|
|
|
|
|
|
|
197,055 |
|
99.9 |
% |
Carioca Shopping |
|
|
|
43 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
256,235 |
|
|
|
|
|
|
|
|
|
256,235 |
|
99.3 |
% |
Caxias Shopping |
|
|
|
38 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
275,104 |
|
|
|
|
|
|
|
|
|
275,104 |
|
99.3 |
% |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of December 31, 2012
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Santana Parque Shopping |
|
|
|
21 |
% |
Sao Paulo, Sao Paulo (Brazil) |
|
285,491 |
|
|
|
|
|
|
|
|
|
285,491 |
|
96.5 |
% |
Shopping Grande Rio |
|
|
|
11 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
395,789 |
|
|
|
|
|
|
|
|
|
395,789 |
|
99.5 |
% |
Shopping Iguatemi Salvador |
|
|
|
23 |
% |
Salvador, Bahia (Brazil) |
|
695,575 |
|
|
|
|
|
|
|
|
|
695,575 |
|
99.6 |
% |
Shopping Leblon |
|
|
|
35 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
250,539 |
|
|
|
|
|
|
|
|
|
250,539 |
|
99.0 |
% |
Shopping Santa Ursula |
|
|
|
16 |
% |
Ribeirao Preto, Brazil |
|
247,484 |
|
|
|
|
|
|
|
|
|
247,484 |
|
97.0 |
% |
Shopping Taboao |
|
|
|
33 |
% |
Taboao da Serra, Sao Paulo (Brazil) |
|
393,744 |
|
|
|
|
|
|
|
|
|
393,744 |
|
99.9 |
% |
Via Parque Shopping |
|
|
|
30 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
624,092 |
|
|
|
|
|
|
|
|
|
624,092 |
|
99.4 |
% |
Boulevard Shopping Vila Velha |
|
|
|
21 |
% |
Vila Velha, Espirito Santo (Brazil) |
|
322,465 |
|
|
|
|
|
|
|
|
|
322,465 |
|
88.3 |
% |
Shopping West Plaza |
|
|
|
11 |
% |
Sao Paulo, Sao Paulo (Brazil) |
|
365,047 |
|
|
|
|
|
|
|
|
|
365,047 |
|
94.7 |
% |
Parque Shopping Belem |
|
|
|
21 |
% |
Rio de Janeiro, Rio de Janeiro (Brazil) |
|
336,598 |
|
|
|
|
|
|
|
|
|
336,598 |
|
97.8 |
% |
International Properties (3) |
|
|
|
|
|
Count: 18 |
|
6,564,197 |
|
|
|
|
|
|
|
|
|
6,564,197 |
|
96.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stand Alone Offices, Strip Centers & Other Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 Columbia Corporate Center |
|
|
|
100 |
% |
Columbia, MD |
|
6,500 |
|
|
|
|
|
|
|
87,363 |
|
93,863 |
|
80.1 |
% |
20 Columbia Corporate Center |
|
|
|
100 |
% |
Columbia, MD |
|
|
|
|
|
|
|
|
|
103,787 |
|
103,787 |
|
84.4 |
% |
30 Columbia Corporate Center |
|
|
|
100 |
% |
Columbia, MD |
|
14,165 |
|
|
|
|
|
|
|
129,212 |
|
143,377 |
|
89.0 |
% |
40 Columbia Corporate Center |
|
|
|
100 |
% |
Columbia, MD |
|
|
|
|
|
|
|
|
|
135,879 |
|
135,879 |
|
95.3 |
% |
50 Columbia Corporate Center |
|
|
|
100 |
% |
Columbia, MD |
|
7,750 |
|
|
|
|
|
|
|
110,942 |
|
118,692 |
|
93.0 |
% |
60 Columbia Corporate Center |
|
|
|
100 |
% |
Columbia, MD |
|
|
|
|
|
|
|
|
|
102,084 |
|
102,084 |
|
99.0 |
% |
Senate Plaza |
|
|
|
100 |
% |
Harrisburg-Carlisle, PA |
|
|
|
|
|
|
|
|
|
241,946 |
|
241,946 |
|
92.2 |
% |
Columbia Bank Drive Thru |
|
|
|
100 |
% |
Columbia, MD |
|
|
|
|
|
|
|
17,000 |
|
|
|
17,000 |
|
100.0 |
% |
Center Point Plaza (4) |
|
|
|
50 |
% |
Las Vegas, NV |
|
70,299 |
|
|
|
|
|
74,392 |
|
|
|
144,691 |
|
96.5 |
% |
Fallbrook Center |
|
|
|
100 |
% |
West Hills (Los Angeles), CA |
|
|
|
|
|
|
|
875,642 |
|
|
|
875,642 |
|
85.2 |
% |
Lake Mead & Buffalo (4) |
|
|
|
50 |
% |
Las Vegas, NV |
|
64,991 |
|
|
|
|
|
85,957 |
|
|
|
150,948 |
|
98.4 |
% |
Lincolnshire Commons |
|
|
|
100 |
% |
Lincolnshire (Chicago), IL |
|
|
|
|
|
|
|
118,562 |
|
|
|
118,562 |
|
98.8 |
% |
PORTFOLIO OPERATING METRICS |
Property Schedule
As of December 31, 2012
Property Name |
|
Anchors |
|
GGP |
|
Location |
|
Mall and |
|
Anchor GLA |
|
Anchor GLA |
|
Strip Center |
|
Office GLA |
|
Total GLA |
|
Retail |
|
Lockport Mall |
|
|
|
100 |
% |
Lockport, NY |
|
|
|
|
|
|
|
9,114 |
|
|
|
9,114 |
|
100.0 |
% |
Plaza 800 |
|
|
|
100 |
% |
Sparks (Reno), NV |
|
|
|
|
|
|
|
72,431 |
|
|
|
72,431 |
|
87.5 |
% |
The Trails Village Center (4) |
|
|
|
50 |
% |
Las Vegas, NV |
|
|
|
|
|
|
|
174,644 |
|
|
|
174,644 |
|
98.7 |
% |
Owings Mills Mall (2) |
|
JCPenney, Macys |
|
51 |
% |
Owings Mills, MD |
|
438,017 |
|
340,000 |
|
307,037 |
|
|
|
|
|
1,085,054 |
|
N/A |
|
Regency Square Mall (8) |
|
Belk, Dillards, JCPenney, Sears |
|
100 |
% |
Jacksonville, FL |
|
561,438 |
|
479,846 |
|
399,155 |
|
|
|
|
|
1,440,439 |
|
N/A |
|
Southlake Mall (8) |
|
Macys, Sears |
|
100 |
% |
Morrow (Atlanta), GA |
|
272,254 |
|
|
|
740,252 |
|
|
|
|
|
1,012,506 |
|
N/A |
|
Total Stand Alone Offices, Strip Centers & Other Retail |
|
|
|
|
|
Office Count: 7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Office: 90.9 |
% |
|
|
1,435,414 |
|
819,846 |
|
1,446,444 |
|
1,427,742 |
|
911,213 |
|
6,040,659 |
|
|
| ||||||
Strip Center & Other Retail Count: 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
77.9 |
% |
(1) For stand alone offices, office occupancy is presented.
(2) The Owings Mill Mall space is currently being de-leased in preparation for planned redevelopment.
(3) GGPs investment in Brazil is through an ownership interest in Aliansce and Luanda. For these properties, only Mall and Freestanding GLA is presented.
(4) Third party managed strip center.
(5) Ownership percentage includes retained debt of $91.8 million.
(6) Ownership of the St. Louis Galleria is more than 50% but management decisions are decided by the joint venture and the entity is unconsolidated for reporting purposes.
(7) Refer to page 20 (Key Operating Performance Indicators).
(8) These assets have been transferred to the special servicer.
Miscellaneous
MISCELLANEOUS |
|
Capital Information
(in thousands, except per share amounts)
|
|
December 31, 2012 |
| |
|
|
|
| |
Closing common stock price per share |
|
$ |
19.85 |
|
52 Week High (1) |
|
21.25 |
| |
52 Week Low (1) |
|
14.49 |
| |
|
|
|
| |
Portfolio Net Debt |
|
|
| |
Portfolio Debt |
|
|
| |
Fixed |
|
$ |
17,488,465 |
|
Variable (2) |
|
1,723,931 |
| |
Total Portfolio Debt |
|
19,212,396 |
| |
Less: Cash and Cash Equivalents |
|
(839,070 |
) | |
Portfolio Net Debt |
|
$ |
18,373,326 |
|
|
|
|
| |
Portfolio Capitalization Data |
|
|
| |
Portfolio Net Debt |
|
$ |
18,373,326 |
|
Warrant Liability |
|
1,488,196 |
| |
Preferred Securities: |
|
|
| |
Perpetual Preferred Units at 8.25% |
|
5,000 |
| |
Convertible Preferred Units at 6.50% |
|
26,637 |
| |
Convertible Preferred Units at 7.00% |
|
25,133 |
| |
Convertible Preferred Units at 8.50% |
|
79,238 |
| |
Preferred redeemable noncontrolling interests |
|
$ |
136,008 |
|
Other Preferred Stock |
|
360 |
| |
Total Preferred Securities |
|
$ |
136,368 |
|
|
|
|
| |
Common stock and Operating Partnership units outstanding at end of period (3) |
|
$ |
20,230,604 |
|
Total Market Capitalization at end of period |
|
$ |
40,228,494 |
|
(1) 52-week pricing information includes the intra-day highs and lows.
(2) Includes Shopping Leblon / Aliansce (Brazil) debt of approximately $344.1 million.
(3) Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of 1.0397624 multiplied by the closing share price.
MISCELLANEOUS |
|
Change in Total Common and Equivalent Shares
Rollforward of Shares to December 31, 2012 |
|
Operating Partnership |
|
Company Common |
|
Total Common Shares |
|
|
|
|
|
(In thousands) |
|
|
|
Common Shares and Operating Partnership Units (OP Units) Outstanding at December 31, 2011 |
|
6,598 |
|
935,307 |
|
941,905 |
|
Common Unit Cash Conversion |
|
(192 |
) |
|
|
(192 |
) |
DRIP |
|
|
|
3,111 |
|
3,111 |
|
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised |
|
|
|
533 |
|
533 |
|
Issuance of stock for employee stock purchase program |
|
|
|
98 |
|
98 |
|
Common Shares and OP Units Outstanding at December 31, 2012 |
|
6,406 |
|
939,049 |
|
945,455 |
|
|
|
|
|
|
|
|
|
Common Shares issuable assuming exercise of warrants (1) |
|
|
|
70,403 |
|
|
|
Common Shares issuable assuming exercise of in-the-money stock options (2) |
|
|
|
3,061 |
|
|
|
Common Shares issuable assuming exchange of OP Units |
|
|
|
6,661 |
|
|
|
Diluted Common Shares and OP Units Outstanding at December 31, 2012 |
|
|
|
1,019,174 |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||
|
|
December 31, 2012 |
|
December 31, 2011 |
|
December 31, 2012 |
|
December 31, 2011 |
|
|
|
(In thousands) |
| ||||||
Weighted average number of company shares outstanding |
|
938,806 |
|
934,544 |
|
938,049 |
|
943,669 |
|
Weighted average number of GAAP dilutive warrants(3) |
|
|
|
|
|
|
|
37,467 |
|
Diluted weighted average number of Company shares outstanding - GAAP EPS |
|
938,806 |
|
934,544 |
|
938,049 |
|
981,136 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common units |
|
6,710 |
|
6,860 |
|
6,819 |
|
6,929 |
|
Weighted average number of stock options(3) |
|
2,899 |
|
532 |
|
2,352 |
|
671 |
|
Weighted average number of warrants(4) |
|
67,992 |
|
32,771 |
|
61,065 |
|
|
|
Diluted weighted average number of Company shares outstanding - FFO/Company FFO |
|
1,016,407 |
|
974,707 |
|
1,008,285 |
|
988,736 |
|
(1) GGP has 120 million warrants outstanding convertible to 1.1220 Common Shares with a weighted average exercise price of $9.4705, with a scheduled expiration of November 9, 2017. 57.5 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.
The warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration. Under certain circumstances, holders of the warrants may elect to require GGP to redeem the warrants in cash (Cash Settlement), based on a defined formula related to GGPs common stock. The existence of the Cash Settlement feature, however remote, results in the classification of the warrants as a liability for U.S. GAAP. The warrant liability is carried at fair value with changes in fair value accounted for in net income.
Shares Subject to |
|
Weighted Average Exercise Price |
|
Expiration Date |
|
Impact of Dividend issued to stockholders of record as of December 14, |
|
Impact of settling warrants via net share | |||
67,320,000 |
|
$ |
9.5818 |
|
Nov 9, 2017 |
|
Reduces exercise price to $9.5818 |
|
Increases number of Common shares per warrant to 1.1220 |
|
Net share: 67,320,000 x [19.85 - 9.5818] /19.85 = 34,823,941 shares delivered |
67,320,000 |
|
$ |
9.3591 |
|
Nov 9, 2017 |
|
Reduces exercise price to $9.3591 |
|
Increases number of Common shares per warrant to 1.1220 |
|
Net share: 67,320,000 x [19.85 - 9.3591] /19.85 = 35,579,214 shares delivered |
134,640,000 |
|
$ |
9.4705 |
|
|
|
|
|
|
|
70,403,155 shares delivered |
(2) The options are included at net share settlement.
(3) In 2011 and 2012, the impact of stock options are anti-dilutive under GAAP, but dilutive for FFO on both a quarter to date and year to date basis.
(4) The three months ended diluted weighted average shares outstanding under GAAP excludes the impact of the exercise of the warrants, which are anti-dilutive for both periods. The twelve months ended diluted weighted average shares outstanding under GAAP excludes the impact of the exercise of the warrants for 2012, which are anti-dilutive, but includes 37.5 million shares for 2011, which are dilutive.
(5) Based on dividend of $0.11 per share issued to stockholders of record on December 14, 2012.
(6) Based on stock price of $19.85 on December 31, 2012.
MISCELLANEOUS |
|
Development Summary
Selected Expansions and Redevelopments (in millions, at share unless otherwise noted) (1)
Property |
|
Description |
|
Ownership % |
|
GGPs Total |
|
GGPs Investment |
|
Expected Return on |
|
Estimated Construction Start |
|
Expected Construction |
| ||
Major Redevelopment Summary |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Ala Moana Center |
|
Demolish existing Sears store and expand mall, adding anchor, box and inline tenants, reconfigure center court and existing center renovation |
|
100 |
% |
$ |
572.4 |
|
$ |
203.0 |
|
9-10 |
% |
Q1 2013 |
|
Q4 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Christiana Mall |
|
Addition of Cabelas and Cinemark Theaters |
|
50 |
% |
11.3 |
|
0.6 |
|
10-11 |
% |
Q1 2013 |
|
Q4 2014 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Fashion Show |
|
Addition of Macys Mens, inline and new vertical transportation |
|
100 |
% |
38.4 |
|
19.9 |
|
20-20 |
% |
Under Construction |
|
Q3 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Glendale Galleria |
|
Addition of Bloomingdales, remerchandising, business development and renovation |
|
50 |
% |
51.7 |
|
13.1 |
|
11-12 |
% |
Under Construction |
|
Q4 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
The Mall in Columbia |
|
Lifestyle expansion |
|
100 |
% |
23.6 |
|
1.2 |
|
11-12 |
% |
Q1 2013 |
|
Q2 2014 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
North Point |
|
Demolish vacant Parisian store and construct new theater |
|
100 |
% |
9.7 |
|
1.8 |
|
11-12 |
% |
Under Construction |
|
Q4 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Northridge Fashion Center Northridge, CA |
|
Addition of Sports Authority, Restaurants and Plaza Improvements |
|
100 |
% |
12.7 |
|
11.3 |
|
11-12 |
% |
Under Construction |
|
Q1 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Oakbrook Center Oakbrook, IL |
|
Conversion of former anchor space into two box tenants and inline |
|
48 |
% |
15.0 |
|
4.7 |
|
10-11 |
% |
Under Construction |
|
Q4 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Oakwood Center Gretna, LA |
|
West wing redevelopment |
|
100 |
% |
17.1 |
|
0.6 |
|
10-11 |
% |
Under Construction |
|
Q4 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Pioneer Place Portland, OR |
|
Conversion of former anchor building into box tenant and restaurant |
|
100 |
% |
11.3 |
|
1.8 |
|
18-20 |
% |
Under Construction |
|
Q4 2013 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
The Woodlands Woodlands, TX |
|
Addition of Nordstrom in former Sears box |
|
100 |
% |
49.3 |
|
15.4 |
|
7-9 |
% |
Q1 2013 |
|
Q3 2014 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Other Projects |
|
Redevelopment projects at various malls (13 total) |
|
N/A |
|
89.0 |
|
31.6 |
|
8-10 |
% |
Under Construction |
|
N/A |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
$ |
901.5 |
|
$ |
305.0 |
|
10-11 |
% |
|
|
|
|
Capital Expenditures ( $ in thousands)
|
|
Twelve Months |
|
Twelve Months |
| ||
|
|
|
|
|
| ||
Capital Expenditures (4), (5) |
|
$ |
129,119 |
|
$ |
76,132 |
|
Tenant Allowances and Capitalized Leasing Costs (6) |
|
139,247 |
|
107,529 |
| ||
Total |
|
$ |
268,366 |
|
$ |
183,661 |
|
(1) Excludes international projects.
(2) Return on investment represents first year stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary.
(3) The Glendale Galleria Project ROI includes income related to uplift on existing space.
(4) Reflects only non-tenant operating capital expenditures. Certain prior period amounts have been reclassified to conform to the current period presentation.
(5) Restated from prior filings to exclude discontinued operations.
(6) Reflects tenant allowances on current operating properties.
MISCELLANEOUS |
|
Corporate Information
Stock Listing
Common Stock
NYSE: GGP
Common Stock Dividend
The Company declared a third quarter common stock dividend of $0.11 per share on August 1, 2012, paid on October 29, 2012, to stockholders of record on October 15, 2012. The Company declared a fourth quarter common stock dividend of $0.11 per share on November 26, 2012, paid on January 4, 2013, to stockholders of record on December 14, 2012. The Company declared a first quarter common stock dividend of $0.12 per share on February 4, 2013, payable on April 30, 2013, to stockholders of record on April 16, 2013. In addition, we maintain a Dividend Reinvestment Plan (DRIP) in which all eligible stockholders may participate. There can be no assurance that we will not determine to pay a portion of our 2012 dividends in shares of our common stock, as permitted by REIT distribution requirements. GGP may suspend, terminate or amend the DRIP at any time.
Investor Relations |
|
Transfer Agent |
|
|
|
Kevin Berry |
|
American Stock Transfer & Trust Company, LLC |
Vice President, Investor Relations |
|
6201 15th Avenue |
General Growth Properties |
|
Brooklyn, NY 11219 |
110 North Wacker Drive |
|
Phone: (866) 627-2643 |
Chicago, IL 60606 |
|
Foreign Investor Line: |
Phone (312) 960-5529 |
|
+1 718 921-8124 |
kevin.berry@ggp.com |
|
|
|
|
|
Media Contact |
|
|
|
|
|
David Keating |
|
|
Vice President, Corporate Communications |
|
|
General Growth Properties |
|
|
110 North Wacker Drive |
|
|
Chicago, IL 60606 |
|
|
Phone (312) 960-6325 |
|
|
david.keating@ggp.com |
|
|
MISCELLANEOUS |
|
Glossary of Terms
Terms |
|
Description |
Gross Leasable Area (GLA) |
|
Total gross leasable space at 100%. |
|
|
|
Mall and Freestanding |
|
Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores. |
|
|
|
Anchor/Traditional Anchor |
|
Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants. |
|
|
|
Strip Center |
|
An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. |
|
|
|
Office |
|
Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component. |
|
|
|
Specialty Leasing |
|
Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice. |
|
|
|
Same Store NOI - U.S. Regional Malls |
|
Company NOI that excludes the periodic effects of acquisitions, dispositions and changes in ownership specific to the U.S. Regional Mall Portfolio. |
|
|
|
Operating Metrics |
|
Description |
Leased |
|
Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area. |
|
|
|
Occupied |
|
Occupied area represents the sum of: (1) tenant occupied space under lease (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area. |
Tenant Sales |
|
Comparative rolling twelve month sales for mall stores less than 10,000 square feet. |
|
|
|
Occupancy Cost |
|
Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet. |
|
|
|
In-Place Rent |
|
Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes. |
|
|
|
Expiring Rent |
|
Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes. |
|
|
|
Initial Rent |
|
Represents initial rent at the time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes. |
|
|
|
Average Rent |
|
Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes. |
|
|
|
Initial Rent Spread |
|
Dollar spread between Initial Rent and Expiring Rent. |
|
|
|
Average Rent Spread |
|
Dollar spread between Average Rent and Expiring Rent. |
!G'/7%=AKGAV.3X=Z=:V7V>2Z4(&G!P'`)XK
MR%)79VRV2]#RM#O;`ZGTKVR[TZ23P3IF9!Y45N-\17[PQSSVZ5Y;%X5U>WNX
M2UF67S%RR,",9KU3Q/J'V/P:R"WEQ%"4((QU&"?I4WTT*FTSAKNX:S^%U@@(
M_P!)NY6(/.0&J3X;$OKDA5"S"V8@#\!5#Q2RP^"?#,2*5#([[3[XJU\,Y)UU
M>\>W5&,=H_OBK]IJT^GRK+!(P`YQGBHB
MUS7D95*+=W.RMMJ2/96DD-M/;!5\Z1N9&QR!Z#W]:V[F\O[?3I(+9P]U("
MK,/F*$G@GU'O7(+KVGWEE=R-'NO)(\88=\'D5M27YBT*UF@=?WIAC TE=)B:#K3#5!87LTBVURP1F4?7''ZU+Q$5U&J4NQSVX^M>
MT?#C6X-(^'PGGA>41W+9V^]>?1_#[7Y""+>*,'N\R@#\2:ZO2M/NM,T!-&N?
M+8L[.YBE#KUXY&17'C*L9T[)WU.K"TDZJ4MCK?$GB"VU7P5>E()(PT8`#X^8
MUYI8P/\`V6A\LXDN"`P7_9/%=5?W3/H,D155C5><UF>A
M^(#=7%W'%#
@HINEIW&7&NVQ\9Z7:&[:`Q;RY#/#
M"C`T#3P/:W7_``HHIA=@W@SPP_WM`T\_6W7_``IG_"#>%#_S+NG?^`R_X444
M!=@/`WA0=/#NF_\`@,O^%'_"#>%/^A=TW_P&7_"BB@1IC3+%555M(0J@!1L'
M`'2G?V?9YS]EB_[YHHH'