Delaware | 1-34948 | 27-2963337 | ||
(State or other | (Commission | (I.R.S. Employer | ||
jurisdiction of | File Number) | Identification | ||
incorporation) | Number) |
99.1 | Press release titled “GGP Reports Third Quarter 2015 Results” dated November 2, 2015 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three and nine months ended September 30, 2015 (furnished herewith). |
Exhibit Number | Name |
99.1 | Press release titled “GGP Reports Third Quarter 2015 Results” dated November 2, 2015 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three and nine months ended September 30, 2015 (furnished herewith). |
• | Same Store leased percentage was 96.5% at quarter end. |
• | Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 9.7%, or $5.62 per square foot, to $63.30 per square foot when compared to the rental rate for expiring leases. |
• | Tenant sales (all less anchors) increased 3.3% to $20.7 billion on a trailing 12-month basis. Tenant sales (<10,000 |
Earnings Guidance | For the three months ending December 31, 2015 | For the year ending December 31, 2015 | For the year ending December 31, 2016 | |||||
Company FFO per diluted share | $0.41 - $0.43 | $1.42 - $1.44 | $1.51 - $1.55 | |||||
Adjustments (1) | (0.01 | ) | (0.09 | ) | (0.05 | ) | ||
NAREIT FFO | $0.40 - $0.42 | $1.33 - $1.35 | $1.46 - $1.50 | |||||
Depreciation, including share of JVs | (0.21 | ) | (0.90 | ) | 0.84 | |||
Gains on sale of investments (2) | — | 0.98 | — | |||||
Net income attributable to common stockholders | $0.19 - $0.21 | $1.41 - $1.43 | $0.62 - $0.66 | |||||
Preferred stock dividends | — | 0.02 | 0.02 | |||||
Net income attributable to GGP | $0.19 - $0.21 | $1.43 - $1.45 | $0.64 - $0.68 | |||||
(1) | Includes impact of straight-line rent, above/below market rent, ground rent amortization, debt market rate adjustments and other non-cash or non-comparable items. |
(2) | Includes the gains from the sale of 25% and 12.5% interests in Ala Moana Center in 2015. |
FINANCIAL STATEMENTS |
Consolidated Statements of Operations (In thousands, except per share) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Minimum rents | $ | 358,716 | $ | 396,285 | $ | 1,094,384 | $ | 1,170,547 | |||||||
Tenant recoveries | 172,515 | 186,066 | 518,040 | 552,596 | |||||||||||
Overage rents | 6,455 | 9,277 | 18,755 | 24,486 | |||||||||||
Management fees and other corporate revenues | 19,496 | 17,355 | 65,313 | 51,759 | |||||||||||
Other | 28,142 | 18,775 | 62,956 | 63,149 | |||||||||||
Total revenues | 585,324 | 627,758 | 1,759,448 | 1,862,537 | |||||||||||
Expenses: | |||||||||||||||
Real estate taxes | 57,942 | 57,430 | 170,425 | 172,686 | |||||||||||
Property maintenance costs | 11,707 | 13,394 | 44,491 | 48,952 | |||||||||||
Marketing | 4,273 | 4,624 | 12,849 | 15,926 | |||||||||||
Other property operating costs | 79,265 | 84,581 | 227,874 | 251,646 | |||||||||||
Provision for doubtful accounts | 1,622 | 355 | 6,199 | 5,211 | |||||||||||
Property management and other costs | 38,685 | 34,428 | 121,847 | 119,391 | |||||||||||
General and administrative | 12,627 | 12,778 | 37,395 | 52,609 | |||||||||||
Depreciation and amortization | 154,228 | 182,237 | 483,026 | 528,928 | |||||||||||
Total expenses | 360,349 | 389,827 | 1,104,106 | 1,195,349 | |||||||||||
Operating income | 224,975 | 237,931 | 655,342 | 667,188 | |||||||||||
Interest and dividend income | 13,232 | 8,536 | 34,896 | 19,801 | |||||||||||
Interest expense | (144,891 | ) | (174,109 | ) | (460,289 | ) | (528,273 | ) | |||||||
Loss on Foreign Currency | (25,092 | ) | (15,972 | ) | (46,540 | ) | (7,017 | ) | |||||||
Gain from changes in control of investment properties and other | 13,399 | — | 622,412 | — | |||||||||||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, and allocation to noncontrolling interests | 81,623 | 56,386 | 805,821 | 151,699 | |||||||||||
Benefit from (provision for) benefit from income taxes | 17,996 | 4,800 | 29,082 | (2,836 | ) | ||||||||||
Equity in income of Unconsolidated Real Estate Affiliates | 16,584 | 7,391 | 41,115 | 33,868 | |||||||||||
Unconsolidated Real Estate Affiliates - gain on investment | 11,163 | — | 320,950 | — | |||||||||||
Income from continuing operations | 127,366 | 68,577 | 1,196,968 | 182,731 | |||||||||||
Discontinued operations | — | 8,822 | — | 203,649 | |||||||||||
Net income | 127,366 | 77,399 | 1,196,968 | 386,380 | |||||||||||
Allocation to noncontrolling interests | (3,514 | ) | (2,791 | ) | (16,447 | ) | (10,008 | ) | |||||||
Net income attributable to GGP | 123,852 | 74,608 | 1,180,521 | 376,372 | |||||||||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | (11,952 | ) | (11,952 | ) | |||||||
Net income attributable to common stockholders | $ | 119,868 | $ | 70,624 | $ | 1,168,569 | $ | 364,420 | |||||||
Basic Earnings Per Share: | |||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.07 | $ | 1.32 | $ | 0.18 | |||||||
Discontinued operations | — | 0.01 | — | 0.23 | |||||||||||
Total basic earnings per share | $ | 0.14 | $ | 0.08 | $ | 1.32 | $ | 0.41 | |||||||
Diluted Earnings Per Share: | |||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.06 | $ | 1.23 | $ | 0.18 | |||||||
Discontinued operations | — | 0.01 | — | 0.21 | |||||||||||
Total diluted earnings per share | $ | 0.13 | $ | 0.07 | $ | 1.23 | $ | 0.39 | |||||||
FINANCIAL STATEMENTS |
Consolidated Balance Sheets (In thousands) | |||||||
September 30, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Investment in real estate: | |||||||
Land | $ | 3,638,774 | $ | 4,244,607 | |||
Buildings and equipment | 16,318,055 | 18,028,844 | |||||
Less accumulated depreciation | (2,375,762 | ) | (2,280,845 | ) | |||
Construction in progress | 497,181 | 703,859 | |||||
Net property and equipment | 18,078,248 | 20,696,465 | |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,490,157 | 2,604,762 | |||||
Net investment in real estate | 21,568,405 | 23,301,227 | |||||
Cash and cash equivalents | 160,670 | 372,471 | |||||
Accounts and notes receivable, net | 881,564 | 663,768 | |||||
Deferred expenses, net | 169,673 | 184,491 | |||||
Prepaid expenses and other assets | 1,009,483 | 813,777 | |||||
Total assets | $ | 23,789,795 | $ | 25,335,734 | |||
Liabilities: | |||||||
Mortgages, notes and loans payable | $ | 14,015,550 | $ | 15,998,289 | |||
Investment in Unconsolidated Real Estate Affiliates | 37,610 | 35,598 | |||||
Accounts payable and accrued expenses | 800,248 | 934,897 | |||||
Dividend payable | 166,115 | 154,694 | |||||
Deferred tax liabilities | — | 21,240 | |||||
Junior Subordinated Notes | 206,200 | 206,200 | |||||
Total liabilities | 15,225,723 | 17,350,918 | |||||
Redeemable noncontrolling interests: | |||||||
Preferred | 154,566 | 164,031 | |||||
Common | 123,812 | 135,265 | |||||
Total redeemable noncontrolling interests | 278,378 | 299,296 | |||||
Equity: | |||||||
Preferred stock | 242,042 | 242,042 | |||||
Stockholders' equity | 8,006,313 | 7,363,877 | |||||
Noncontrolling interests in consolidated real estate affiliates | 26,935 | 79,601 | |||||
Noncontrolling interests related to Long-Term Incentive Plan Common Units | 10,404 | — | |||||
Total equity | 8,285,694 | 7,685,520 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 23,789,795 | $ | 25,335,734 | |||
PROPORTIONATE FINANCIAL STATEMENTS |
Company NOI, EBITDA and FFO For the Three Months Ended September 30, 2015 and 2014 (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2015 | Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company | |||||||||||||||||||||||||||||||
Property revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 358,716 | $ | (4,145 | ) | $ | 135,588 | $ | (241 | ) | $ | 489,918 | $ | 6,732 | $ | 496,650 | $ | 396,285 | $ | (4,112 | ) | $ | 95,929 | $ | (15,212 | ) | $ | 472,890 | $ | 2,507 | $ | 475,397 | ||||||||||||
Tenant recoveries | 172,515 | (1,724 | ) | 57,912 | (73 | ) | 228,630 | — | 228,630 | 186,066 | (1,672 | ) | 43,638 | (7,580 | ) | 220,452 | — | 220,452 | ||||||||||||||||||||||||||
Overage rents | 6,455 | (110 | ) | 3,940 | — | 10,285 | — | 10,285 | 9,277 | (103 | ) | 3,097 | (1,063 | ) | 11,208 | — | 11,208 | |||||||||||||||||||||||||||
Other revenue | 27,288 | (229 | ) | 5,398 | (1 | ) | 32,456 | — | 32,456 | 18,775 | (323 | ) | 3,538 | (1,205 | ) | 20,785 | — | 20,785 | ||||||||||||||||||||||||||
Total property revenues | 564,974 | (6,208 | ) | 202,838 | (315 | ) | 761,289 | 6,732 | 768,021 | 610,403 | (6,210 | ) | 146,202 | (25,060 | ) | 725,335 | 2,507 | 727,842 | ||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 57,942 | (834 | ) | 17,457 | (11 | ) | 74,554 | (1,490 | ) | 73,064 | 57,430 | (669 | ) | 13,431 | (1,463 | ) | 68,729 | (1,490 | ) | 67,239 | ||||||||||||||||||||||||
Property maintenance costs | 11,707 | (100 | ) | 4,743 | (61 | ) | 16,289 | — | 16,289 | 13,394 | (83 | ) | 4,115 | (668 | ) | 16,758 | — | 16,758 | ||||||||||||||||||||||||||
Marketing | 4,273 | (65 | ) | 2,314 | — | 6,522 | — | 6,522 | 4,624 | (47 | ) | 1,439 | (379 | ) | 5,637 | — | 5,637 | |||||||||||||||||||||||||||
Other property operating costs | 79,265 | (778 | ) | 27,333 | 2 | 105,822 | (1,018 | ) | 104,804 | 84,581 | (739 | ) | 22,141 | (2,693 | ) | 103,290 | (1,028 | ) | 102,262 | |||||||||||||||||||||||||
Provision for doubtful accounts | 1,622 | (9 | ) | 136 | — | 1,749 | — | 1,749 | 355 | (24 | ) | 486 | (10 | ) | 807 | — | 807 | |||||||||||||||||||||||||||
Total property operating expenses | 154,809 | (1,786 | ) | 51,983 | (70 | ) | 204,936 | (2,508 | ) | 202,428 | 160,384 | (1,562 | ) | 41,612 | (5,213 | ) | 195,221 | (2,518 | ) | 192,703 | ||||||||||||||||||||||||
NOI | $ | 410,165 | $ | (4,422 | ) | $ | 150,855 | $ | (245 | ) | $ | 556,353 | $ | 9,240 | $ | 565,593 | $ | 450,019 | $ | (4,648 | ) | $ | 104,590 | $ | (19,847 | ) | $ | 530,114 | $ | 5,025 | $ | 535,139 | ||||||||||||
Management fees and other corporate revenues | 19,496 | — | — | — | 19,496 | — | 19,496 | 17,355 | — | 1 | — | 17,356 | — | 17,356 | ||||||||||||||||||||||||||||||
Property management and other costs | (38,685 | ) | 178 | (7,942 | ) | 19 | (46,430 | ) | — | (46,430 | ) | (34,428 | ) | 167 | (6,830 | ) | 67 | (41,024 | ) | — | (41,024 | ) | ||||||||||||||||||||||
General and administrative | (12,627 | ) | — | (448 | ) | — | (13,075 | ) | — | (13,075 | ) | (12,778 | ) | — | (1,059 | ) | — | (13,837 | ) | — | (13,837 | ) | ||||||||||||||||||||||
EBITDA | $ | 378,349 | $ | (4,244 | ) | $ | 142,465 | $ | (226 | ) | $ | 516,344 | $ | 9,240 | $ | 525,584 | $ | 420,168 | $ | (4,481 | ) | $ | 96,702 | $ | (19,780 | ) | $ | 492,609 | $ | 5,025 | $ | 497,634 | ||||||||||||
Depreciation on non-income producing assets | (2,836 | ) | — | — | — | (2,836 | ) | — | (2,836 | ) | (2,528 | ) | — | — | — | (2,528 | ) | — | (2,528 | ) | ||||||||||||||||||||||||
Interest and dividend income | 13,232 | 387 | 667 | — | 14,286 | (205 | ) | 14,081 | 8,536 | 386 | 536 | — | 9,458 | (205 | ) | 9,253 | ||||||||||||||||||||||||||||
Preferred unit distributions | (2,228 | ) | — | — | — | (2,228 | ) | — | (2,228 | ) | (2,232 | ) | — | — | — | (2,232 | ) | — | (2,232 | ) | ||||||||||||||||||||||||
Preferred stock dividends | (3,984 | ) | — | — | — | (3,984 | ) | — | (3,984 | ) | (3,984 | ) | — | — | — | (3,984 | ) | — | (3,984 | ) | ||||||||||||||||||||||||
Interest expense: | — | |||||||||||||||||||||||||||||||||||||||||||
Mark-to-market adjustments on debt | 18 | — | 280 | (237 | ) | 61 | (61 | ) | — | (386 | ) | (98 | ) | 381 | (19 | ) | (122 | ) | 122 | — | ||||||||||||||||||||||||
Write-off of mark-to-market adjustments on extinguished debt | (102 | ) | — | — | — | (102 | ) | 102 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest on existing debt | (144,807 | ) | 1,660 | (54,896 | ) | 36 | (198,007 | ) | — | (198,007 | ) | (173,723 | ) | 1,488 | (39,967 | ) | 6,311 | (205,891 | ) | — | (205,891 | ) | ||||||||||||||||||||||
Loss on foreign currency | (25,092 | ) | — | — | — | (25,092 | ) | 25,092 | — | (15,972 | ) | — | — | — | (15,972 | ) | 15,972 | — | ||||||||||||||||||||||||||
Provision for income taxes | 17,996 | 16 | (108 | ) | — | 17,904 | (9,924 | ) | 7,980 | 4,800 | 16 | (149 | ) | — | 4,667 | (6,317 | ) | (1,650 | ) | |||||||||||||||||||||||||
FFO from sold interests | — | — | — | 427 | 427 | (270 | ) | 157 | 3,466 | — | 272 | 13,488 | 17,226 | 422 | 17,648 | |||||||||||||||||||||||||||||
230,546 | (2,181 | ) | 88,408 | — | 316,773 | 23,974 | 340,747 | 238,145 | (2,689 | ) | 57,775 | — | 293,231 | 15,019 | 308,250 | |||||||||||||||||||||||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | 86,227 | 2,181 | (88,408 | ) | — | — | — | — | 55,086 | 2,689 | (57,775 | ) | — | — | — | — | ||||||||||||||||||||||||||||
FFO | $ | 316,773 | $ | — | $ | — | $ | — | $ | 316,773 | $ | 23,974 | $ | 340,747 | $ | 293,231 | $ | — | $ | — | $ | — | $ | 293,231 | $ | 15,019 | $ | 308,250 | ||||||||||||||||
Company FFO per diluted share | $ | 0.36 | $ | 0.33 | ||||||||||||||||||||||||||||||||||||||||
PROPORTIONATE FINANCIAL STATEMENTS |
Company NOI, EBITDA and FFO For the Nine Months Ended September 30, 2015 and 2014 (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company | |||||||||||||||||||||||||||||||
Property revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Minimum rents | $ | 1,094,384 | $ | (12,342 | ) | $ | 371,779 | $ | (10,283 | ) | $ | 1,443,538 | $ | 27,766 | $ | 1,471,304 | $ | 1,170,547 | $ | (12,343 | ) | $ | 284,791 | $ | (47,666 | ) | $ | 1,395,329 | $ | 23,064 | $ | 1,418,393 | ||||||||||||
Tenant recoveries | 518,040 | (5,210 | ) | 163,537 | (5,265 | ) | 671,102 | — | 671,102 | 552,596 | (5,015 | ) | 128,357 | (21,689 | ) | 654,249 | — | 654,249 | ||||||||||||||||||||||||||
Overage rents | 18,755 | (229 | ) | 9,847 | (452 | ) | 27,921 | — | 27,921 | 24,486 | (219 | ) | 7,413 | (2,748 | ) | 28,932 | — | 28,932 | ||||||||||||||||||||||||||
Other revenue | 62,093 | (772 | ) | 17,404 | (364 | ) | 78,361 | — | 78,361 | 63,193 | (823 | ) | 10,057 | (3,834 | ) | 68,593 | — | 68,593 | ||||||||||||||||||||||||||
Total property revenues | 1,693,272 | (18,553 | ) | 562,567 | (16,364 | ) | 2,220,922 | 27,766 | 2,248,688 | 1,810,822 | (18,400 | ) | 430,618 | (75,937 | ) | 2,147,103 | 23,064 | 2,170,167 | ||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 170,425 | (2,469 | ) | 48,668 | (1,174 | ) | 215,450 | (4,469 | ) | 210,981 | 172,686 | (1,989 | ) | 40,111 | (4,251 | ) | 206,557 | (4,469 | ) | 202,088 | ||||||||||||||||||||||||
Property maintenance costs | 44,491 | (327 | ) | 16,039 | (493 | ) | 59,710 | — | 59,710 | 48,952 | (308 | ) | 13,640 | (2,090 | ) | 60,194 | — | 60,194 | ||||||||||||||||||||||||||
Marketing | 12,849 | (158 | ) | 6,472 | (339 | ) | 18,824 | — | 18,824 | 15,926 | (169 | ) | 4,840 | (1,252 | ) | 19,345 | — | 19,345 | ||||||||||||||||||||||||||
Other property operating costs | 227,874 | (2,240 | ) | 76,587 | (1,768 | ) | 300,453 | (3,056 | ) | 297,397 | 251,646 | (2,250 | ) | 62,435 | (10,238 | ) | 301,593 | (3,078 | ) | 298,515 | ||||||||||||||||||||||||
Provision for doubtful accounts | 6,199 | (38 | ) | 2,151 | (50 | ) | 8,262 | — | 8,262 | 5,211 | (60 | ) | 994 | (119 | ) | 6,026 | — | 6,026 | ||||||||||||||||||||||||||
Total property operating expenses | 461,838 | (5,232 | ) | 149,917 | (3,824 | ) | 602,699 | (7,525 | ) | 595,174 | 494,421 | (4,776 | ) | 122,020 | (17,950 | ) | 593,715 | (7,547 | ) | 586,168 | ||||||||||||||||||||||||
NOI | $ | 1,231,434 | $ | (13,321 | ) | $ | 412,650 | $ | (12,540 | ) | $ | 1,618,223 | $ | 35,291 | $ | 1,653,514 | $ | 1,316,401 | $ | (13,624 | ) | $ | 308,598 | $ | (57,987 | ) | $ | 1,553,388 | $ | 30,611 | $ | 1,583,999 | ||||||||||||
Management fees and other corporate revenues | 65,313 | — | — | — | 65,313 | — | 65,313 | 51,759 | — | 1 | — | 51,760 | — | 51,760 | ||||||||||||||||||||||||||||||
Property management and other costs | (121,847 | ) | 531 | (23,354 | ) | 170 | (144,500 | ) | — | (144,500 | ) | (119,391 | ) | 489 | (20,677 | ) | 230 | (139,349 | ) | — | (139,349 | ) | ||||||||||||||||||||||
General and administrative | (37,395 | ) | — | (7,095 | ) | — | (44,490 | ) | — | (44,490 | ) | (52,609 | ) | 2 | (3,888 | ) | — | (56,495 | ) | 17,854 | (38,641 | ) | ||||||||||||||||||||||
EBITDA | $ | 1,137,505 | $ | (12,790 | ) | $ | 382,201 | $ | (12,370 | ) | $ | 1,494,546 | $ | 35,291 | $ | 1,529,837 | $ | 1,196,160 | $ | (13,133 | ) | $ | 284,034 | $ | (57,757 | ) | $ | 1,409,304 | $ | 48,465 | $ | 1,457,769 | ||||||||||||
Depreciation on non-income producing assets | (8,419 | ) | — | — | — | (8,419 | ) | — | (8,419 | ) | (9,055 | ) | — | — | — | (9,055 | ) | — | (9,055 | ) | ||||||||||||||||||||||||
Interest and dividend income | 34,896 | 1,160 | 1,961 | — | 38,017 | (614 | ) | 37,403 | 19,801 | 1,159 | 1,569 | — | 22,529 | (279 | ) | 22,250 | ||||||||||||||||||||||||||||
Preferred unit distributions | (6,692 | ) | — | — | — | (6,692 | ) | — | (6,692 | ) | (6,697 | ) | — | — | — | (6,697 | ) | — | (6,697 | ) | ||||||||||||||||||||||||
Preferred stock dividends | (11,952 | ) | — | — | — | (11,952 | ) | — | (11,952 | ) | (11,952 | ) | — | — | — | (11,952 | ) | — | (11,952 | ) | ||||||||||||||||||||||||
Interest expense: | — | — | ||||||||||||||||||||||||||||||||||||||||||
Mark-to-market adjustments on debt | 149 | (101 | ) | 1,158 | (253 | ) | 953 | (953 | ) | — | (2,604 | ) | (292 | ) | 1,126 | (60 | ) | (1,830 | ) | 1,830 | — | |||||||||||||||||||||||
Write-off of mark-to-market adjustments on extinguished debt | (13,454 | ) | (136 | ) | — | — | (13,590 | ) | 13,590 | — | (9,831 | ) | — | — | — | (9,831 | ) | 9,831 | — | |||||||||||||||||||||||||
Interest on existing debt | (446,984 | ) | 4,771 | (154,789 | ) | 5,284 | (591,718 | ) | — | (591,718 | ) | (515,838 | ) | 4,502 | (111,153 | ) | 16,066 | (606,423 | ) | — | (606,423 | ) | ||||||||||||||||||||||
Loss on foreign currency | (46,540 | ) | — | — | — | (46,540 | ) | 46,540 | — | (7,017 | ) | — | — | — | (7,017 | ) | 7,017 | — | ||||||||||||||||||||||||||
Provision for income taxes | 29,082 | 36 | (272 | ) | — | 28,846 | (17,167 | ) | 11,679 | (2,836 | ) | 54 | (293 | ) | — | (3,075 | ) | (2,775 | ) | (5,850 | ) | |||||||||||||||||||||||
FFO from sold interests | — | — | — | 7,339 | 7,339 | 1,162 | 8,501 | 81,899 | — | 737 | 41,751 | 124,387 | (66,201 | ) | 58,186 | |||||||||||||||||||||||||||||
667,591 | (7,060 | ) | 230,259 | — | 890,790 | 77,849 | 968,639 | 732,030 | (7,710 | ) | 176,020 | — | 900,340 | (2,112 | ) | 898,228 | ||||||||||||||||||||||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | 223,199 | 7,060 | (230,259 | ) | — | — | — | — | 168,310 | 7,710 | (176,020 | ) | — | — | — | — | ||||||||||||||||||||||||||||
FFO | $ | 890,790 | $ | — | $ | — | $ | — | $ | 890,790 | $ | 77,849 | $ | 968,639 | $ | 900,340 | $ | — | $ | — | $ | — | $ | 900,340 | $ | (2,112 | ) | $ | 898,228 | |||||||||||||||
Company FFO per diluted share | $ | 1.01 | $ | 0.95 | ||||||||||||||||||||||||||||||||||||||||
PROPORTIONATE FINANCIAL STATEMENTS |
Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||
Reconciliation of Company NOI to GAAP Operating Income | ||||||||||||||
Company NOI | $ | 565,593 | $ | 535,139 | $ | 1,653,514 | $ | 1,583,999 | ||||||
Adjustments for minimum rents, real estate taxes and other property operating costs | (9,240 | ) | (5,025 | ) | (35,291 | ) | (30,611 | ) | ||||||
Proportionate NOI | 556,353 | 530,114 | 1,618,223 | 1,553,388 | ||||||||||
Unconsolidated Properties | (150,855 | ) | (104,590 | ) | (412,650 | ) | (308,598 | ) | ||||||
NOI of Sold Interests | 245 | 19,847 | 12,540 | 57,987 | ||||||||||
Noncontrolling interest in NOI Consolidated Properties | 4,422 | 4,648 | 13,321 | 13,624 | ||||||||||
Consolidated Properties | 410,165 | 450,019 | 1,231,434 | 1,316,401 | ||||||||||
Management fees and other corporate revenues | 19,496 | 17,355 | 65,313 | 51,759 | ||||||||||
Property management and other costs | (38,685 | ) | (34,428 | ) | (121,847 | ) | (119,391 | ) | ||||||
General and administrative | (12,627 | ) | (12,778 | ) | (37,395 | ) | (52,609 | ) | ||||||
Depreciation and amortization | (154,228 | ) | (182,237 | ) | (483,026 | ) | (528,928 | ) | ||||||
Gain (loss) on sales of investment properties | 854 | — | 863 | (44 | ) | |||||||||
Operating income | $ | 224,975 | $ | 237,931 | $ | 655,342 | $ | 667,188 | ||||||
Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP | ||||||||||||||
Company EBITDA | $ | 525,584 | $ | 497,634 | $ | 1,529,837 | $ | 1,457,769 | ||||||
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative | (9,240 | ) | (5,025 | ) | (35,291 | ) | (48,465 | ) | ||||||
Proportionate EBITDA | 516,344 | 492,609 | 1,494,546 | 1,409,304 | ||||||||||
Unconsolidated Properties | (142,465 | ) | (96,702 | ) | (382,201 | ) | (284,034 | ) | ||||||
EBITDA of Sold Interests | 226 | 19,780 | 12,370 | 57,757 | ||||||||||
Noncontrolling interest in EBITDA of Consolidated Properties | 4,244 | 4,481 | 12,790 | 13,133 | ||||||||||
Consolidated Properties | 378,349 | 420,168 | 1,137,505 | 1,196,160 | ||||||||||
Depreciation and amortization | (154,228 | ) | (182,237 | ) | (483,026 | ) | (528,928 | ) | ||||||
Interest income | 13,232 | 8,536 | 34,896 | 19,801 | ||||||||||
Interest expense | (144,891 | ) | (174,109 | ) | (460,289 | ) | (528,273 | ) | ||||||
Loss on foreign currency | (25,092 | ) | (15,972 | ) | (46,540 | ) | (7,017 | ) | ||||||
Benefit from (provision for) income taxes | 17,996 | 4,800 | 29,082 | (2,836 | ) | |||||||||
Equity in income of Unconsolidated Real Estate Affiliates | 16,584 | 7,391 | 41,115 | 33,868 | ||||||||||
Unconsolidated Real Estate Affiliates - gain on investment | 11,163 | — | 320,950 | — | ||||||||||
Discontinued operations | — | 8,822 | — | 203,649 | ||||||||||
Gain from changes in control of investment properties and other | 13,399 | — | 622,412 | — | ||||||||||
Gain (loss) on sales of investment properties | 854 | — | 863 | (44 | ) | |||||||||
Allocation to noncontrolling interests | (3,514 | ) | (2,791 | ) | (16,447 | ) | (10,008 | ) | ||||||
Net income attributable to GGP | $ | 123,852 | $ | 74,608 | $ | 1,180,521 | $ | 376,372 | ||||||
Reconciliation of Company FFO to GAAP Net Income Attributable to GGP | ||||||||||||||
Company FFO | $ | 340,747 | $ | 308,250 | $ | 968,639 | $ | 898,228 | ||||||
Adjustments for minimum rents, property operating expenses, general and administrative, market rate adjustments, debt extinguishment, income taxes, and FFO from discontinued operations | (23,974 | ) | (15,019 | ) | (77,849 | ) | 2,112 | |||||||
Proportionate FFO | 316,773 | 293,231 | 890,790 | 900,340 | ||||||||||
Depreciation and amortization of capitalized real estate costs | (220,039 | ) | (230,036 | ) | (660,604 | ) | (663,434 | ) | ||||||
Gain from changes in control of investment properties and other | 13,399 | — | 622,412 | — | ||||||||||
Preferred stock dividends | 3,984 | 3,984 | 11,952 | 11,952 | ||||||||||
(Loss) gain on sales of investment properties | (2,359 | ) | 7,605 | (2,352 | ) | 131,321 | ||||||||
Unconsolidated Real Estate Affiliates - gain on investment | 11,163 | — | 320,950 | — | ||||||||||
Noncontrolling interests in depreciation of Consolidated Properties | 1,948 | 2,554 | 5,905 | 6,484 | ||||||||||
Redeemable noncontrolling interests | (1,017 | ) | (412 | ) | (8,532 | ) | (2,049 | ) | ||||||
Depreciation and amortization of discontinued operations | — | (2,318 | ) | — | (8,242 | ) | ||||||||
Net income attributable to GGP | $ | 123,852 | $ | 74,608 | $ | 1,180,521 | $ | 376,372 | ||||||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates | ||||||||||||||
Equity in Unconsolidated Properties: | ||||||||||||||
NOI | $ | 150,855 | $ | 104,590 | $ | 412,650 | $ | 308,598 | ||||||
Net property management fees and costs | (7,942 | ) | (6,829 | ) | (23,354 | ) | (20,676 | ) | ||||||
General and administrative and provisions for impairment | (448 | ) | (1,059 | ) | (7,095 | ) | (3,888 | ) | ||||||
EBITDA | 142,465 | 96,702 | 382,201 | 284,034 | ||||||||||
Net interest expense | (53,949 | ) | (39,050 | ) | (151,670 | ) | (108,458 | ) | ||||||
Provision for income taxes | (108 | ) | (149 | ) | (272 | ) | (293 | ) | ||||||
FFO of Sold Interests of Unconsolidated Properties | — | 272 | — | 737 | ||||||||||
FFO of Unconsolidated Properties | 88,408 | 57,775 | 230,259 | 176,020 | ||||||||||
Depreciation and amortization of capitalized real estate costs | (68,647 | ) | (50,398 | ) | (185,998 | ) | (143,794 | ) | ||||||
Other, including (loss) gain on sales of investment properties | (3,177 | ) | 14 | (3,146 | ) | 1,642 | ||||||||
Equity in income of Unconsolidated Real Estate Affiliates | $ | 16,584 | $ | 7,391 | $ | 41,115 | $ | 33,868 |
BASIS OF PRESENTATION |
TABLE OF CONTENTS |
Page | Page | ||
Financial Overview | Asset Transactions: | ||
Earnings Press Release | ER1-6 | Summary of Asset Transactions | 15 |
GAAP Financial Statements: | |||
Consolidated Balance Sheets | 1 | Portfolio Operating Metrics: | |
Consolidated Statements of Operations | 2 | Key Operating Performance Indicators | 16 |
Signed Leases All Less Anchors | 17 | ||
Proportionate Financial Statements: | Lease Expiration Schedule and Top Ten Tenants | 18 | |
Proportionate Balance Sheets | 3 | Property Schedule | 19-25 |
Overview | 4 | ||
Company NOI, EBITDA, and FFO | 5-6 | Miscellaneous: | |
Reconciliation of Non-GAAP to GAAP Financial Measures | 7-8 | Capital Information | 26 |
Change in Total Common and Equivalent Shares | 27 | ||
Debt: | Development Summary | 28-29 | |
Summary, at Share | 9 | Capital Expenditures | 30 |
Detail, at Share | 10-13 | Corporate Information | 31 |
Summary of Debt Transactions | 14 | Glossary of Terms | 32 |
Page | Schedule | Description |
Proportionate Financial Schedules: | ||
3 | Proportionate Balance Sheet | The proportionate balance sheet adjusts GGP's GAAP balance sheet for noncontrolling interests and adds the Company's proportionate share of assets and liabilities related to investments accounted for under the equity method. |
4 | Overview | Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis. |
5-6 | Company NOI, EBITDA and FFO | Proportionate Results and FFO for the three and nine months ended September 30, 2015 and 2014 adjusts GGP's consolidated results and FFO for noncontrolling interests and adds the Company's proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, EBITDA and FFO exclude certain non-cash and non-recurring revenues and expenses that may not be indicative of future operations. |
Portfolio Operating Metrics: | ||
16 | Key Operating Performance Indicators | Certain retail properties operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions. |
19-25 | Property Schedule | By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage See Glossary of Terms for detailed descriptions. |
• | Same Store leased percentage was 96.5% at quarter end. |
• | Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 9.7%, or $5.62 per square foot, to $63.30 per square foot when compared to the rental rate for expiring leases. |
• | Tenant sales (all less anchors) increased 3.3% to $20.7 billion on a trailing 12-month basis. Tenant sales (<10,000 square feet) increased 3.7% to $593 per square foot on a trailing 12-month basis. |
Earnings Guidance | For the three months ending December 31, 2015 | For the year ending December 31, 2015 | For the year ending December 31, 2016 | |||
Company FFO per diluted share | $0.41 - $0.43 | $1.42 - $1.44 | $1.51 - $1.55 | |||
Adjustments 1 | (0.01 | ) | (0.09 | ) | (0.05 | ) |
NAREIT FFO | $0.40 - $0.42 | $1.33 - $1.35 | $1.46 - $1.50 | |||
Depreciation, including share of JVs | (0.21 | ) | (0.90 | ) | (0.84 | ) |
Gain on sale of investments 2 | — | 0.98 | — | |||
Net income attributable to common stockholders | $0.19 - $0.21 | $1.41 - $1.43 | $0.62 - $0.66 | |||
Preferred stock dividends | — | 0.02 | 0.02 | |||
Net income attributable to GGP | $0.19 - $0.21 | $1.43 - $1.45 | $0.64 - $0.68 | |||
1 Includes impact of straight-line rent, above/below market rent, ground rent amortization, debt market rate adjustments and other non-cash or non-comparable items. | ||||||
2 Includes the gains from the sale of 25% and 12.5% interests in Ala Moana Center in 2015. |
GAAP Financial Statements |
FINANCIAL OVERVIEW Consolidated Balance Sheets (In thousands) |
September 30, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Investment in real estate: | |||||||
Land | $ | 3,638,774 | $ | 4,244,607 | |||
Buildings and equipment | 16,318,055 | 18,028,844 | |||||
Less accumulated depreciation | (2,375,762 | ) | (2,280,845 | ) | |||
Construction in progress | 497,181 | 703,859 | |||||
Net property and equipment | 18,078,248 | 20,696,465 | |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,490,157 | 2,604,762 | |||||
Net investment in real estate | 21,568,405 | 23,301,227 | |||||
Cash and cash equivalents | 160,670 | 372,471 | |||||
Accounts and notes receivable, net | 881,564 | 663,768 | |||||
Deferred expenses, net | 169,673 | 184,491 | |||||
Prepaid expenses and other assets | 1,009,483 | 813,777 | |||||
Total assets | $ | 23,789,795 | $ | 25,335,734 | |||
Liabilities: | |||||||
Mortgages, notes and loans payable | $ | 14,015,550 | $ | 15,998,289 | |||
Investment in Unconsolidated Real Estate Affiliates | 37,610 | 35,598 | |||||
Accounts payable and accrued expenses | 800,248 | 934,897 | |||||
Dividend payable | 166,115 | 154,694 | |||||
Deferred tax liabilities | — | 21,240 | |||||
Junior Subordinated Notes | 206,200 | 206,200 | |||||
Total liabilities | 15,225,723 | 17,350,918 | |||||
Redeemable noncontrolling interests: | |||||||
Preferred | 154,566 | 164,031 | |||||
Common | 123,812 | 135,265 | |||||
Total redeemable noncontrolling interests | 278,378 | 299,296 | |||||
Equity: | |||||||
Preferred stock | 242,042 | 242,042 | |||||
Stockholders' equity | 8,006,313 | 7,363,877 | |||||
Noncontrolling interests in consolidated real estate affiliates | 26,935 | 79,601 | |||||
Noncontrolling interests related to Long-Term Incentive Plan Common Units | 10,404 | — | |||||
Total equity | 8,285,694 | 7,685,520 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 23,789,795 | $ | 25,335,734 |
FINANCIAL OVERVIEW Consolidated Statements of Operations (In thousands, except per share) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Minimum rents | $ | 358,716 | $ | 396,285 | $ | 1,094,384 | $ | 1,170,547 | |||||||
Tenant recoveries | 172,515 | 186,066 | 518,040 | 552,596 | |||||||||||
Overage rents | 6,455 | 9,277 | 18,755 | 24,486 | |||||||||||
Management fees and other corporate revenues | 19,496 | 17,355 | 65,313 | 51,759 | |||||||||||
Other | 28,142 | 18,775 | 62,956 | 63,149 | |||||||||||
Total revenues | 585,324 | 627,758 | 1,759,448 | 1,862,537 | |||||||||||
Expenses: | |||||||||||||||
Real estate taxes | 57,942 | 57,430 | 170,425 | 172,686 | |||||||||||
Property maintenance costs | 11,707 | 13,394 | 44,491 | 48,952 | |||||||||||
Marketing | 4,273 | 4,624 | 12,849 | 15,926 | |||||||||||
Other property operating costs | 79,265 | 84,581 | 227,874 | 251,646 | |||||||||||
Provision for doubtful accounts | 1,622 | 355 | 6,199 | 5,211 | |||||||||||
Property management and other costs | 38,685 | 34,428 | 121,847 | 119,391 | |||||||||||
General and administrative | 12,627 | 12,778 | 37,395 | 52,609 | |||||||||||
Depreciation and amortization | 154,228 | 182,237 | 483,026 | 528,928 | |||||||||||
Total expenses | 360,349 | 389,827 | 1,104,106 | 1,195,349 | |||||||||||
Operating income | 224,975 | 237,931 | 655,342 | 667,188 | |||||||||||
Interest and dividend income | 13,232 | 8,536 | 34,896 | 19,801 | |||||||||||
Interest expense | (144,891 | ) | (174,109 | ) | (460,289 | ) | (528,273 | ) | |||||||
Loss on foreign currency | (25,092 | ) | (15,972 | ) | (46,540 | ) | (7,017 | ) | |||||||
Gain from changes in control of investment properties and other | 13,399 | — | 622,412 | — | |||||||||||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, and allocation to noncontrolling interests | 81,623 | 56,386 | 805,821 | 151,699 | |||||||||||
Benefit from (provision for) income taxes | 17,996 | 4,800 | 29,082 | (2,836 | ) | ||||||||||
Equity in income of Unconsolidated Real Estate Affiliates | 16,584 | 7,391 | 41,115 | 33,868 | |||||||||||
Unconsolidated Real Estate Affiliates - gain on investment | 11,163 | — | 320,950 | — | |||||||||||
Income from continuing operations | 127,366 | 68,577 | 1,196,968 | 182,731 | |||||||||||
Discontinued operations | — | 8,822 | — | 203,649 | |||||||||||
Net income | 127,366 | 77,399 | 1,196,968 | 386,380 | |||||||||||
Allocation to noncontrolling interests | (3,514 | ) | (2,791 | ) | (16,447 | ) | (10,008 | ) | |||||||
Net income attributable to GGP | 123,852 | 74,608 | 1,180,521 | 376,372 | |||||||||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | (11,952 | ) | (11,952 | ) | |||||||
Net income attributable to common stockholders | $ | 119,868 | $ | 70,624 | $ | 1,168,569 | $ | 364,420 | |||||||
Basic Earnings Per Share: | |||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.07 | $ | 1.32 | $ | 0.18 | |||||||
Discontinued operations | — | 0.01 | — | 0.23 | |||||||||||
Total basic earnings per share | $ | 0.14 | $ | 0.08 | $ | 1.32 | $ | 0.41 | |||||||
Diluted Earnings Per Share: | |||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.06 | $ | 1.23 | $ | 0.18 | |||||||
Discontinued operations | — | 0.01 | — | 0.21 | |||||||||||
Total diluted earnings per share | $ | 0.13 | $ | 0.07 | $ | 1.23 | $ | 0.39 |
Proportionate Financial Statements |
PROPORTIONATE FINANCIAL STATEMENTS Proportionate Balance Sheets (In thousands) |
As of September 30, 2015 | As of December 31, 2014 | |||||||||||||||||||
GAAP | Noncontrolling Interests | GGP Share of Unconsolidated Real Estate Affiliates | GGP Total Share | GGP Total Share | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment in real estate: | ||||||||||||||||||||
Land | $ | 3,638,774 | $ | (31,505 | ) | $ | 1,675,414 | $ | 5,282,683 | $ | 4,969,169 | |||||||||
Buildings and equipment | 16,318,055 | (169,697 | ) | 7,535,527 | 23,683,885 | 24,064,383 | ||||||||||||||
Less accumulated depreciation | (2,375,762 | ) | 30,140 | (1,385,743 | ) | (3,731,365 | ) | (3,383,945 | ) | |||||||||||
Construction in progress | 497,181 | (336 | ) | 574,565 | 1,071,410 | 769,361 | ||||||||||||||
Net property and equipment | 18,078,248 | (171,398 | ) | 8,399,763 | 26,306,613 | 26,418,968 | ||||||||||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,490,157 | — | (3,490,157 | ) | — | — | ||||||||||||||
Net investment in real estate | 21,568,405 | (171,398 | ) | 4,909,606 | 26,306,613 | 26,418,968 | ||||||||||||||
Cash and cash equivalents | 160,670 | (4,085 | ) | 205,410 | 361,995 | 512,717 | ||||||||||||||
Accounts and notes receivable, net | 881,564 | (2,804 | ) | 106,809 | 985,569 | 746,833 | ||||||||||||||
Deferred expenses, net | 169,673 | (1,253 | ) | 198,238 | 366,658 | 334,271 | ||||||||||||||
Prepaid expenses and other assets | 1,009,483 | (10,734 | ) | 473,640 | 1,472,389 | 1,251,894 | ||||||||||||||
Total assets | $ | 23,789,795 | $ | (190,274 | ) | $ | 5,893,703 | $ | 29,493,224 | $ | 29,264,683 | |||||||||
Liabilities: | ||||||||||||||||||||
Mortgages, notes and loans payable | $ | 14,015,550 | $ | (154,539 | ) | $ | 5,517,149 | $ | 19,378,160 | $ | 19,810,810 | |||||||||
Investment in Unconsolidated Real Estate Affiliates | 37,610 | — | (37,610 | ) | — | — | ||||||||||||||
Accounts payable and accrued expenses | 800,248 | (8,800 | ) | 413,993 | 1,205,441 | 1,166,426 | ||||||||||||||
Dividend payable | 166,115 | — | — | 166,115 | 154,694 | |||||||||||||||
Deferred tax liabilities | — | — | 171 | 171 | 21,338 | |||||||||||||||
Junior Subordinated Notes | 206,200 | — | — | 206,200 | 206,200 | |||||||||||||||
Total liabilities | 15,225,723 | (163,339 | ) | 5,893,703 | 20,956,087 | 21,359,468 | ||||||||||||||
Redeemable noncontrolling interests: | ||||||||||||||||||||
Preferred | 154,566 | — | — | 154,566 | 164,031 | |||||||||||||||
Common | 123,812 | — | — | 123,812 | 135,265 | |||||||||||||||
Total redeemable noncontrolling interests | 278,378 | — | — | 278,378 | 299,296 | |||||||||||||||
Equity: | ||||||||||||||||||||
Preferred stock | 242,042 | — | — | 242,042 | 242,042 | |||||||||||||||
Stockholders' equity | 8,006,313 | — | — | 8,006,313 | 7,363,877 | |||||||||||||||
Noncontrolling interests in consolidated real estate affiliates | 26,935 | (26,935 | ) | — | — | — | ||||||||||||||
Noncontrolling interest realted to Long-Term Incentive Plan Common Units | 10,404 | — | — | 10,404 | — | |||||||||||||||
Total equity | 8,285,694 | (26,935 | ) | — | 8,258,759 | 7,605,919 | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 23,789,795 | $ | (190,274 | ) | $ | 5,893,703 | $ | 29,493,224 | $ | 29,264,683 |
PROPORTIONATE FINANCIAL STATEMENTS Overview (In thousands, except per share) |
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, 2015 | September 30, 2014 | Percentage Change | September 30, 2015 | September 30, 2014 | Percentage Change | |||||||||||||
Same Store NOI 1 | $ | 559,675 | $ | 532,569 | 5.1 | % | $ | 1,639,431 | $ | 1,575,707 | 4.0 | % | ||||||
Non-Same Store NOI 2 | 5,918 | 2,570 | n/a | 14,083 | 8,292 | n/a | ||||||||||||
Company NOI 3 | 565,593 | 535,139 | 5.7 | % | 1,653,514 | 1,583,999 | 4.4 | % | ||||||||||
Company EBITDA 3 | 525,584 | 497,634 | 5.6 | % | 1,529,837 | 1,457,769 | 4.9 | % | ||||||||||
Company FFO 4 | 340,747 | 308,250 | 10.5 | % | 968,639 | 898,228 | 7.8 | % | ||||||||||
Company FFO per diluted share | $ | 0.36 | $ | 0.33 | 9.6 | % | $ | 1.01 | $ | 0.95 | 6.8 | % | ||||||
Weighted average diluted common shares outstanding | 955,556 | 947,757 | 958,343 | 948,749 | ||||||||||||||
1. | Includes lease termination fees of $4.9 million and $2.3 million for the three months ended September 30, 2015 and 2014, respectively and $20.6 million and $10.2 million for the nine months ended September 30, 2015 and 2014, respectively. |
2. | Non-Same Store NOI includes the periodic effects of acquisitions and certain redevelopments and other properties. See Property Schedule on pages 19-25 for individual property details. |
3. | Refer to page 5-6 (Company NOI, EBITDA and FFO). Company NOI and Company EBITDA exclude the periodic effects of Sold Interests. See Glossary of Terms on page 32. |
4. | Refer to page 5-6 (Company NOI, EBITDA and FFO). Company FFO includes the periodic effects of Sold Interests. See Glossary of Terms on page 32. |
PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended September 30, 2015 and 2014 (In thousands) |
Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments 2 | Company | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments2 | Company | |||||||||||||||||||||||||||||||
Property revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Minimum rents 3 | $ | 358,716 | $ | (4,145 | ) | $ | 135,588 | $ | (241 | ) | $ | 489,918 | $ | 6,732 | $ | 496,650 | $ | 396,285 | $ | (4,112 | ) | $ | 95,929 | $ | (15,212 | ) | $ | 472,890 | $ | 2,507 | $ | 475,397 | ||||||||||||
Tenant recoveries | 172,515 | (1,724 | ) | 57,912 | (73 | ) | 228,630 | — | 228,630 | 186,066 | (1,672 | ) | 43,638 | (7,580 | ) | 220,452 | — | 220,452 | ||||||||||||||||||||||||||
Overage rents | 6,455 | (110 | ) | 3,940 | — | 10,285 | — | 10,285 | 9,277 | (103 | ) | 3,097 | (1,063 | ) | 11,208 | — | 11,208 | |||||||||||||||||||||||||||
Other revenue | 27,288 | (229 | ) | 5,398 | (1 | ) | 32,456 | — | 32,456 | 18,775 | (323 | ) | 3,538 | (1,205 | ) | 20,785 | — | 20,785 | ||||||||||||||||||||||||||
Total property revenues | 564,974 | (6,208 | ) | 202,838 | (315 | ) | 761,289 | 6,732 | 768,021 | 610,403 | (6,210 | ) | 146,202 | (25,060 | ) | 725,335 | 2,507 | 727,842 | ||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 57,942 | (834 | ) | 17,457 | (11 | ) | 74,554 | (1,490 | ) | 73,064 | 57,430 | (669 | ) | 13,431 | (1,463 | ) | 68,729 | (1,490 | ) | 67,239 | ||||||||||||||||||||||||
Property maintenance costs | 11,707 | (100 | ) | 4,743 | (61 | ) | 16,289 | — | 16,289 | 13,394 | (83 | ) | 4,115 | (668 | ) | 16,758 | — | 16,758 | ||||||||||||||||||||||||||
Marketing | 4,273 | (65 | ) | 2,314 | — | 6,522 | — | 6,522 | 4,624 | (47 | ) | 1,439 | (379 | ) | 5,637 | — | 5,637 | |||||||||||||||||||||||||||
Other property operating costs | 79,265 | (778 | ) | 27,333 | 2 | 105,822 | (1,018 | ) | 104,804 | 84,581 | (739 | ) | 22,141 | (2,693 | ) | 103,290 | (1,028 | ) | 102,262 | |||||||||||||||||||||||||
Provision for doubtful accounts | 1,622 | (9 | ) | 136 | — | 1,749 | — | 1,749 | 355 | (24 | ) | 486 | (10 | ) | 807 | — | 807 | |||||||||||||||||||||||||||
Total property operating expenses | 154,809 | (1,786 | ) | 51,983 | (70 | ) | 204,936 | (2,508 | ) | 202,428 | 160,384 | (1,562 | ) | 41,612 | (5,213 | ) | 195,221 | (2,518 | ) | 192,703 | ||||||||||||||||||||||||
NOI | $ | 410,165 | $ | (4,422 | ) | $ | 150,855 | $ | (245 | ) | $ | 556,353 | $ | 9,240 | $ | 565,593 | $ | 450,019 | $ | (4,648 | ) | $ | 104,590 | $ | (19,847 | ) | $ | 530,114 | $ | 5,025 | $ | 535,139 | ||||||||||||
Management fees and other corporate revenues | 19,496 | — | — | — | 19,496 | — | 19,496 | 17,355 | — | 1 | — | 17,356 | — | 17,356 | ||||||||||||||||||||||||||||||
Property management and other costs 4 | (38,685 | ) | 178 | (7,942 | ) | 19 | (46,430 | ) | — | (46,430 | ) | (34,428 | ) | 167 | (6,830 | ) | 67 | (41,024 | ) | — | (41,024 | ) | ||||||||||||||||||||||
General and administrative | (12,627 | ) | — | (448 | ) | — | (13,075 | ) | — | (13,075 | ) | (12,778 | ) | — | (1,059 | ) | — | (13,837 | ) | — | (13,837 | ) | ||||||||||||||||||||||
EBITDA | $ | 378,349 | $ | (4,244 | ) | $ | 142,465 | $ | (226 | ) | $ | 516,344 | $ | 9,240 | $ | 525,584 | $ | 420,168 | $ | (4,481 | ) | $ | 96,702 | $ | (19,780 | ) | $ | 492,609 | $ | 5,025 | $ | 497,634 | ||||||||||||
Depreciation on non-income producing assets | (2,836 | ) | — | — | — | (2,836 | ) | — | (2,836 | ) | (2,528 | ) | — | — | — | (2,528 | ) | — | (2,528 | ) | ||||||||||||||||||||||||
Interest and dividend income | 13,232 | 387 | 667 | — | 14,286 | (205 | ) | 14,081 | 8,536 | 386 | 536 | — | 9,458 | (205 | ) | 9,253 | ||||||||||||||||||||||||||||
Preferred unit distributions | (2,228 | ) | — | — | — | (2,228 | ) | — | (2,228 | ) | (2,232 | ) | — | — | — | (2,232 | ) | — | (2,232 | ) | ||||||||||||||||||||||||
Preferred stock dividends | (3,984 | ) | — | — | — | (3,984 | ) | — | (3,984 | ) | (3,984 | ) | — | — | — | (3,984 | ) | — | (3,984 | ) | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market adjustments on debt | 18 | — | 280 | (237 | ) | 61 | (61 | ) | — | (386 | ) | (98 | ) | 381 | (19 | ) | (122 | ) | 122 | — | ||||||||||||||||||||||||
Write-off of mark-to-market adjustments on extinguished debt | (102 | ) | — | — | — | (102 | ) | 102 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Interest on existing debt | (144,807 | ) | 1,660 | (54,896 | ) | 36 | (198,007 | ) | — | (198,007 | ) | (173,723 | ) | 1,488 | (39,967 | ) | 6,311 | (205,891 | ) | — | (205,891 | ) | ||||||||||||||||||||||
Loss on foreign currency | (25,092 | ) | — | — | — | (25,092 | ) | 25,092 | — | (15,972 | ) | — | — | — | (15,972 | ) | 15,972 | — | ||||||||||||||||||||||||||
Provision for income taxes | 17,996 | 16 | (108 | ) | — | 17,904 | (9,924 | ) | 7,980 | 4,800 | 16 | (149 | ) | — | 4,667 | (6,317 | ) | (1,650 | ) | |||||||||||||||||||||||||
FFO from sold interests | — | — | — | 427 | 427 | (270 | ) | 157 | 3,466 | — | 272 | 13,488 | 17,226 | 422 | 17,648 | |||||||||||||||||||||||||||||
230,546 | (2,181 | ) | 88,408 | — | 316,773 | 23,974 | 340,747 | 238,145 | (2,689 | ) | 57,775 | — | 293,231 | 15,019 | 308,250 | |||||||||||||||||||||||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | 86,227 | 2,181 | (88,408 | ) | — | — | — | — | 55,086 | 2,689 | (57,775 | ) | — | — | — | — | ||||||||||||||||||||||||||||
FFO 5 | $ | 316,773 | $ | — | $ | — | $ | — | $ | 316,773 | $ | 23,974 | $ | 340,747 | $ | 293,231 | $ | — | $ | — | $ | — | $ | 293,231 | $ | 15,019 | $ | 308,250 | ||||||||||||||||
Company FFO per diluted share | $ | 0.36 | $ | 0.33 | ||||||||||||||||||||||||||||||||||||||||
1. | Sold interests include reclassification of operations related to reductions in ownership as a result of sales or other transactions. |
2. | Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, loss on foreign currency and the related provision for income taxes, and other non-comparable items. |
3. | Adjustments include amounts for straight-line rent of ($10,826) and ($12,703) and above/below market lease amortization of $17,558 and $15,210 for the three months ended September 30, 2015 and 2014, respectively. |
4. | 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. |
5. | Proportionate FFO is presented in accordance with the NAREIT definition of FFO. |
PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Nine Months Ended September 30, 2015 and 2014 (In thousands) |
Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments 2 | Company | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments2 | Company | |||||||||||||||||||||||||||||||
Property revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Minimum rents 3 | $ | 1,094,384 | $ | (12,342 | ) | $ | 371,779 | $ | (10,283 | ) | $ | 1,443,538 | $ | 27,766 | $ | 1,471,304 | $ | 1,170,547 | $ | (12,343 | ) | $ | 284,791 | $ | (47,666 | ) | $ | 1,395,329 | $ | 23,064 | $ | 1,418,393 | ||||||||||||
Tenant recoveries | 518,040 | (5,210 | ) | 163,537 | (5,265 | ) | 671,102 | — | 671,102 | 552,596 | (5,015 | ) | 128,357 | (21,689 | ) | 654,249 | — | 654,249 | ||||||||||||||||||||||||||
Overage rents | 18,755 | (229 | ) | 9,847 | (452 | ) | 27,921 | — | 27,921 | 24,486 | (219 | ) | 7,413 | (2,748 | ) | 28,932 | — | 28,932 | ||||||||||||||||||||||||||
Other revenue | 62,093 | (772 | ) | 17,404 | (364 | ) | 78,361 | — | 78,361 | 63,193 | (823 | ) | 10,057 | (3,834 | ) | 68,593 | — | 68,593 | ||||||||||||||||||||||||||
Total property revenues | 1,693,272 | (18,553 | ) | 562,567 | (16,364 | ) | 2,220,922 | 27,766 | 2,248,688 | 1,810,822 | (18,400 | ) | 430,618 | (75,937 | ) | 2,147,103 | 23,064 | 2,170,167 | ||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 170,425 | (2,469 | ) | 48,668 | (1,174 | ) | 215,450 | (4,469 | ) | 210,981 | 172,686 | (1,989 | ) | 40,111 | (4,251 | ) | 206,557 | (4,469 | ) | 202,088 | ||||||||||||||||||||||||
Property maintenance costs | 44,491 | (327 | ) | 16,039 | (493 | ) | 59,710 | — | 59,710 | 48,952 | (308 | ) | 13,640 | (2,090 | ) | 60,194 | — | 60,194 | ||||||||||||||||||||||||||
Marketing | 12,849 | (158 | ) | 6,472 | (339 | ) | 18,824 | — | 18,824 | 15,926 | (169 | ) | 4,840 | (1,252 | ) | 19,345 | — | 19,345 | ||||||||||||||||||||||||||
Other property operating costs | 227,874 | (2,240 | ) | 76,587 | (1,768 | ) | 300,453 | (3,056 | ) | 297,397 | 251,646 | (2,250 | ) | 62,435 | (10,238 | ) | 301,593 | (3,078 | ) | 298,515 | ||||||||||||||||||||||||
Provision for doubtful accounts | 6,199 | (38 | ) | 2,151 | (50 | ) | 8,262 | — | 8,262 | 5,211 | (60 | ) | 994 | (119 | ) | 6,026 | — | 6,026 | ||||||||||||||||||||||||||
Total property operating expenses | 461,838 | (5,232 | ) | 149,917 | (3,824 | ) | 602,699 | (7,525 | ) | 595,174 | 494,421 | (4,776 | ) | 122,020 | (17,950 | ) | 593,715 | (7,547 | ) | 586,168 | ||||||||||||||||||||||||
NOI | $ | 1,231,434 | $ | (13,321 | ) | $ | 412,650 | $ | (12,540 | ) | $ | 1,618,223 | $ | 35,291 | $ | 1,653,514 | $ | 1,316,401 | $ | (13,624 | ) | $ | 308,598 | $ | (57,987 | ) | $ | 1,553,388 | $ | 30,611 | $ | 1,583,999 | ||||||||||||
Management fees and other corporate revenues | 65,313 | — | — | — | 65,313 | — | 65,313 | 51,759 | — | 1 | — | 51,760 | — | 51,760 | ||||||||||||||||||||||||||||||
Property management and other costs 4 | (121,847 | ) | 531 | (23,354 | ) | 170 | (144,500 | ) | — | (144,500 | ) | (119,391 | ) | 489 | (20,677 | ) | 230 | (139,349 | ) | — | (139,349 | ) | ||||||||||||||||||||||
General and administrative | (37,395 | ) | — | (7,095 | ) | — | (44,490 | ) | — | (44,490 | ) | (52,609 | ) | 2 | (3,888 | ) | — | (56,495 | ) | 17,854 | (38,641 | ) | ||||||||||||||||||||||
EBITDA | $ | 1,137,505 | $ | (12,790 | ) | $ | 382,201 | $ | (12,370 | ) | $ | 1,494,546 | $ | 35,291 | $ | 1,529,837 | $ | 1,196,160 | $ | (13,133 | ) | $ | 284,034 | $ | (57,757 | ) | $ | 1,409,304 | $ | 48,465 | $ | 1,457,769 | ||||||||||||
Depreciation on non-income producing assets | (8,419 | ) | — | — | — | (8,419 | ) | — | (8,419 | ) | (9,055 | ) | — | — | — | (9,055 | ) | — | (9,055 | ) | ||||||||||||||||||||||||
Interest and dividend income | 34,896 | 1,160 | 1,961 | — | 38,017 | (614 | ) | 37,403 | 19,801 | 1,159 | 1,569 | — | 22,529 | (279 | ) | 22,250 | ||||||||||||||||||||||||||||
Preferred unit distributions | (6,692 | ) | — | — | — | (6,692 | ) | — | (6,692 | ) | (6,697 | ) | — | — | — | (6,697 | ) | — | (6,697 | ) | ||||||||||||||||||||||||
Preferred stock dividends | (11,952 | ) | — | — | — | (11,952 | ) | — | (11,952 | ) | (11,952 | ) | — | — | — | (11,952 | ) | — | (11,952 | ) | ||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Mark-to-market adjustments on debt | 149 | (101 | ) | 1,158 | (253 | ) | 953 | (953 | ) | — | (2,604 | ) | (292 | ) | 1,126 | (60 | ) | (1,830 | ) | 1,830 | — | |||||||||||||||||||||||
Write-off of mark-to-market adjustments on extinguished debt | (13,454 | ) | (136 | ) | — | — | (13,590 | ) | 13,590 | — | (9,831 | ) | — | — | — | (9,831 | ) | 9,831 | — | |||||||||||||||||||||||||
Interest on existing debt | (446,984 | ) | 4,771 | (154,789 | ) | 5,284 | (591,718 | ) | — | (591,718 | ) | (515,838 | ) | 4,502 | (111,153 | ) | 16,066 | (606,423 | ) | — | (606,423 | ) | ||||||||||||||||||||||
Loss on foreign currency | (46,540 | ) | — | — | — | (46,540 | ) | 46,540 | — | (7,017 | ) | — | — | — | (7,017 | ) | 7,017 | — | ||||||||||||||||||||||||||
Provision for income taxes | 29,082 | 36 | (272 | ) | — | 28,846 | (17,167 | ) | 11,679 | (2,836 | ) | 54 | (293 | ) | — | (3,075 | ) | (2,775 | ) | (5,850 | ) | |||||||||||||||||||||||
FFO from sold interests 5 | — | — | — | 7,339 | 7,339 | 1,162 | 8,501 | 81,899 | — | 737 | 41,751 | 124,387 | (66,201 | ) | 58,186 | |||||||||||||||||||||||||||||
667,591 | (7,060 | ) | 230,259 | — | 890,790 | 77,849 | 968,639 | 732,030 | (7,710 | ) | 176,020 | — | 900,340 | (2,112 | ) | 898,228 | ||||||||||||||||||||||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | 223,199 | 7,060 | (230,259 | ) | — | — | — | — | 168,310 | 7,710 | (176,020 | ) | — | — | — | — | ||||||||||||||||||||||||||||
FFO 6 | $ | 890,790 | $ | — | $ | — | $ | — | $ | 890,790 | $ | 77,849 | $ | 968,639 | $ | 900,340 | $ | — | $ | — | $ | — | $ | 900,340 | $ | (2,112 | ) | $ | 898,228 | |||||||||||||||
Company FFO per diluted share | $ | 1.01 | $ | 0.95 | ||||||||||||||||||||||||||||||||||||||||
1. | Sold interests include reclassification of operations related to reductions in ownership as a result of sales or other transactions. |
2. | Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, loss on foreign currency and the related provision for income taxes, and other non-comparable items. |
3. | Adjustments include amounts for straight-line rent of ($29,541) and ($40,584) and above/below market lease amortization of $57,307 and $63,648 for the nine months ended September 30, 2015 and 2014, respectively. |
4. | 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. |
5. | Adjustments include a gain on extinguishment of debt of $66,680 for the nine months ended September 30, 2014. |
6. | Proportionate FFO is presented in accordance with the NAREIT definition of FFO. |
PROPORTIONATE FINANCIAL STATEMENTS Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands) |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||
Reconciliation of Company NOI to GAAP Operating Income | ||||||||||||||
Company NOI | $ | 565,593 | $ | 535,139 | $ | 1,653,514 | $ | 1,583,999 | ||||||
Adjustments for minimum rents, real estate taxes and other property operating costs 1 | (9,240 | ) | (5,025 | ) | (35,291 | ) | (30,611 | ) | ||||||
Proportionate NOI | 556,353 | 530,114 | 1,618,223 | 1,553,388 | ||||||||||
Unconsolidated Properties | (150,855 | ) | (104,590 | ) | (412,650 | ) | (308,598 | ) | ||||||
NOI of Sold Interests | 245 | 19,847 | 12,540 | 57,987 | ||||||||||
Noncontrolling interest in NOI Consolidated Properties | 4,422 | 4,648 | 13,321 | 13,624 | ||||||||||
Consolidated Properties | 410,165 | 450,019 | 1,231,434 | 1,316,401 | ||||||||||
Management fees and other corporate revenues | 19,496 | 17,355 | 65,313 | 51,759 | ||||||||||
Property management and other costs | (38,685 | ) | (34,428 | ) | (121,847 | ) | (119,391 | ) | ||||||
General and administrative | (12,627 | ) | (12,778 | ) | (37,395 | ) | (52,609 | ) | ||||||
Depreciation and amortization | (154,228 | ) | (182,237 | ) | (483,026 | ) | (528,928 | ) | ||||||
Gain (loss) on sales of investment properties | 854 | — | 863 | (44 | ) | |||||||||
Operating income | $ | 224,975 | $ | 237,931 | $ | 655,342 | $ | 667,188 | ||||||
Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP | ||||||||||||||
Company EBITDA | $ | 525,584 | $ | 497,634 | $ | 1,529,837 | $ | 1,457,769 | ||||||
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative 1 | (9,240 | ) | (5,025 | ) | (35,291 | ) | (48,465 | ) | ||||||
Proportionate EBITDA | 516,344 | 492,609 | 1,494,546 | 1,409,304 | ||||||||||
Unconsolidated Properties | (142,465 | ) | (96,702 | ) | (382,201 | ) | (284,034 | ) | ||||||
EBITDA of Sold Interests | 226 | 19,780 | 12,370 | 57,757 | ||||||||||
Noncontrolling interest in EBITDA of Consolidated Properties | 4,244 | 4,481 | 12,790 | 13,133 | ||||||||||
Consolidated Properties | 378,349 | 420,168 | 1,137,505 | 1,196,160 | ||||||||||
Depreciation and amortization | (154,228 | ) | (182,237 | ) | (483,026 | ) | (528,928 | ) | ||||||
Interest income | 13,232 | 8,536 | 34,896 | 19,801 | ||||||||||
Interest expense | (144,891 | ) | (174,109 | ) | (460,289 | ) | (528,273 | ) | ||||||
Loss on foreign currency | (25,092 | ) | (15,972 | ) | (46,540 | ) | (7,017 | ) | ||||||
Benefit from (provision for) income taxes | 17,996 | 4,800 | 29,082 | (2,836 | ) | |||||||||
Equity in income of Unconsolidated Real Estate Affiliates | 16,584 | 7,391 | 41,115 | 33,868 | ||||||||||
Unconsolidated Real Estate Affiliates - gain on investment | 11,163 | — | 320,950 | — | ||||||||||
Discontinued operations | — | 8,822 | — | 203,649 | ||||||||||
Gains from changes in control of investment properties and other | 13,399 | — | 622,412 | — | ||||||||||
Gain (loss) on sales of investment properties | 854 | — | 863 | (44 | ) | |||||||||
Allocation to noncontrolling interests | (3,514 | ) | (2,791 | ) | (16,447 | ) | (10,008 | ) | ||||||
Net income attributable to GGP | $ | 123,852 | $ | 74,608 | $ | 1,180,521 | $ | 376,372 |
PROPORTIONATE FINANCIAL STATEMENTS Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands) |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||
Reconciliation of Company FFO to GAAP Net Income Attributable to GGP | ||||||||||||||
Company FFO | $ | 340,747 | $ | 308,250 | $ | 968,639 | $ | 898,228 | ||||||
Adjustments for minimum rents, property operating expenses, general and administrative, market rate adjustments, debt extinguishment, income taxes, and FFO from discontinued operations 1 | (23,974 | ) | (15,019 | ) | (77,849 | ) | 2,112 | |||||||
Proportionate FFO | 316,773 | 293,231 | 890,790 | 900,340 | ||||||||||
Depreciation and amortization of capitalized real estate costs | (220,039 | ) | (230,036 | ) | (660,604 | ) | (663,434 | ) | ||||||
Gain from changes in control of investment properties and other | 13,399 | — | 622,412 | — | ||||||||||
Preferred stock dividends | 3,984 | 3,984 | 11,952 | 11,952 | ||||||||||
(Loss) gain on sales of investment properties | (2,359 | ) | 7,605 | (2,352 | ) | 131,321 | ||||||||
Unconsolidated Real Estate Affiliates - gain on investment | 11,163 | — | 320,950 | — | ||||||||||
Noncontrolling interests in depreciation of Consolidated Properties | 1,948 | 2,554 | 5,905 | 6,484 | ||||||||||
Redeemable noncontrolling interests | (1,017 | ) | (412 | ) | (8,532 | ) | (2,049 | ) | ||||||
Depreciation and amortization of discontinued operations | — | (2,318 | ) | — | (8,242 | ) | ||||||||
Net income attributable to GGP | $ | 123,852 | $ | 74,608 | $ | 1,180,521 | $ | 376,372 | ||||||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates | ||||||||||||||
Equity in Unconsolidated Properties: | ||||||||||||||
NOI | $ | 150,855 | $ | 104,590 | $ | 412,650 | $ | 308,598 | ||||||
Net property management fees and costs | (7,942 | ) | (6,829 | ) | (23,354 | ) | (20,676 | ) | ||||||
General and administrative and provisions for impairment | (448 | ) | (1,059 | ) | (7,095 | ) | (3,888 | ) | ||||||
EBITDA | 142,465 | 96,702 | 382,201 | 284,034 | ||||||||||
Net interest expense | (53,949 | ) | (39,050 | ) | (151,670 | ) | (108,458 | ) | ||||||
Provision for income taxes | (108 | ) | (149 | ) | (272 | ) | (293 | ) | ||||||
FFO of discontinued Unconsolidated Properties | — | 272 | — | 737 | ||||||||||
FFO of Unconsolidated Properties | 88,408 | 57,775 | 230,259 | 176,020 | ||||||||||
Depreciation and amortization of capitalized real estate costs | (68,647 | ) | (50,398 | ) | (185,998 | ) | (143,794 | ) | ||||||
Other, including (loss) gain on sales of investment properties | (3,177 | ) | 14 | (3,146 | ) | 1,642 | ||||||||
Equity in income of Unconsolidated Real Estate Affiliates | $ | 16,584 | $ | 7,391 | $ | 41,115 | $ | 33,868 | ||||||
DEBT |
DEBT Summary, at Share As of September 30, 2015 (In thousands) |
Maturities1 | ||||||||||||||||||||||||||||||||||
Coupon Rate | Proportionate Balance | Average Remaining Term (Years) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Subsequent | Total | ||||||||||||||||||||||||
Fixed Rate | ||||||||||||||||||||||||||||||||||
Property Level Consolidated | 4.44 | % | $ | 11,572,058 | 6.9 | $ | — | $ | 237,798 | $ | 384,229 | $ | 118,892 | $ | 493,457 | $ | 1,534,314 | $ | 7,755,903 | $ | 10,524,593 | |||||||||||||
Property Level Unconsolidated | 4.30 | % | 4,375,239 | 6.4 | — | 2,944 | 172,773 | 186,862 | 607,145 | 619,639 | 2,532,684 | 4,122,047 | ||||||||||||||||||||||
Corporate Consolidated | 4.41 | % | 1,712 | 0.2 | 573 | — | — | — | — | — | — | 573 | ||||||||||||||||||||||
Total Fixed Rate | 4.40 | % | $ | 15,949,009 | 6.7 | $ | 573 | $ | 240,742 | $ | 557,002 | $ | 305,754 | $ | 1,100,602 | $ | 2,153,953 | $ | 10,288,587 | $ | 14,647,213 | |||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||
Property Level Consolidated | 2.02 | % | $ | 1,995,445 | 2.9 | $ | — | $ | — | $ | — | $ | 1,571,973 | $ | 395,500 | $ | — | $ | — | $ | 1,967,473 | |||||||||||||
Property Level Unconsolidated | 3.08 | % | 1,189,188 | 4.1 | — | — | — | 16,250 | 538,081 | 604,306 | 30,000 | 1,188,637 | ||||||||||||||||||||||
Junior Subordinated Notes Due 2036 | 1.75 | % | 206,200 | 20.6 | — | — | — | — | — | — | 206,200 | 206,200 | ||||||||||||||||||||||
Corporate Revolver | 1.77 | % | 250,000 | 3.1 | — | — | — | 250,000 | — | — | — | 250,000 | ||||||||||||||||||||||
Total Variable Rate | 2.37 | % | $ | 3,640,833 | 4.3 | $ | — | $ | — | $ | — | $ | 1,838,223 | $ | 933,581 | $ | 604,306 | $ | 236,200 | $ | 3,612,310 | |||||||||||||
Total | 4.04 | % | $ | 19,589,842 | 6.3 | $ | 573 | $ | 240,742 | $ | 557,002 | $ | 2,143,977 | $ | 2,034,183 | $ | 2,758,259 | $ | 10,524,787 | $ | 18,259,523 | |||||||||||||
Weighted average interest rate | 4.41 | % | 4.40 | % | 5.29 | % | 2.31 | % | 3.76 | % | 3.78 | % | 4.37 | % | ||||||||||||||||||||
Total Amortization | $ | 40,132 | $ | 166,305 | $ | 178,865 | $ | 178,464 | $ | 176,863 | $ | 171,516 | $ | 418,174 | $ | 1,330,319 | ||||||||||||||||||
Total Maturities and Amortization 2, 3 | $ | 19,589,842 |
Total Maturities and Amortization, from above | $ | 19,589,842 | |
Other | (37,819 | ) | |
Total Portfolio Debt | 19,552,023 | ||
Market Rate Adjustments, net | 32,337 | ||
Junior Subordinated Notes Due 2036 | (206,200 | ) | |
Mortgages, Notes and Loans Payable | $ | 19,378,160 |
DEBT Detail, at Share1 As of September 30, 2015 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 9/30/2015 3 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Subsequent | ||||||||||||||||||||
Fixed Rate | |||||||||||||||||||||||||||||||||
Consolidated Property Level | |||||||||||||||||||||||||||||||||
Brass Mill Center | 100% | $ | 96,175 | 2016 | $ | 93,347 | 4.55% | No | $ | 1,246 | $ | 1,582 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Lakeside Mall | 100% | 149,424 | 2016 | 144,451 | 4.28% | No | 1,568 | 3,405 | — | — | — | — | — | ||||||||||||||||||||
Provo Towne Center 4 | 75% | 29,841 | 2017 | 28,886 | 4.53% | No | 140 | 566 | 249 | — | — | — | — | ||||||||||||||||||||
Four Seasons Town Centre | 100% | 80,147 | 2017 | 72,532 | 5.60% | No | 954 | 4,940 | 1,721 | — | — | — | — | ||||||||||||||||||||
Apache Mall | 100% | 94,829 | 2017 | 91,402 | 4.32% | No | 454 | 1,843 | 1,130 | — | — | — | — | ||||||||||||||||||||
Mall of Louisiana | 100% | 207,326 | 2017 | 191,409 | 5.82% | No | 1,451 | 8,074 | 6,392 | — | — | — | — | ||||||||||||||||||||
The Gallery at Harborplace - Other | 100% | 5,791 | 2018 | 190 | 6.05% | No | 487 | 2,026 | 2,152 | 936 | — | — | — | ||||||||||||||||||||
Hulen Mall | 100% | 125,876 | 2018 | 118,702 | 4.25% | No | 567 | 2,304 | 2,421 | 1,882 | — | — | — | ||||||||||||||||||||
Governor's Square | 100% | 69,832 | 2019 | 66,488 | 6.69% | No | 233 | 969 | 1,035 | 1,107 | — | — | — | ||||||||||||||||||||
Oak View Mall | 100% | 78,211 | 2019 | 74,467 | 6.69% | No | 259 | 1,085 | 1,160 | 1,240 | — | — | — | ||||||||||||||||||||
Coronado Center | 100% | 194,680 | 2019 | 180,278 | 3.50% | No | 976 | 3,948 | 4,110 | 4,258 | 1,110 | — | — | ||||||||||||||||||||
Park City Center | 100% | 185,045 | 2019 | 172,224 | 5.34% | No | 803 | 3,264 | 3,473 | 3,666 | 1,615 | — | — | ||||||||||||||||||||
Newgate Mall | 100% | 58,000 | 2020 | 58,000 | 3.69% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Fashion Place | 100% | 226,730 | 2020 | 226,730 | 3.64% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Mall St. Matthews | 100% | 186,662 | 2020 | 170,305 | 2.72% | No | — | 1,985 | 4,067 | 4,181 | 4,297 | 1,827 | — | ||||||||||||||||||||
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 | — | — | — | — | — | — | — | ||||||||||||||||||||
Tysons Galleria | 100% | 313,801 | 2020 | 282,081 | 4.06% | No | 1,475 | 5,979 | 6,266 | 6,528 | 6,802 | 4,670 | — | ||||||||||||||||||||
The Mall In Columbia | 100% | 350,000 | 2020 | 316,928 | 3.95% | No | 1,532 | 6,279 | 6,531 | 6,794 | 7,067 | 4,869 | — | ||||||||||||||||||||
Northridge Fashion Center | 100% | 234,363 | 2021 | 207,503 | 5.10% | No | 1,072 | 4,362 | 4,627 | 4,871 | 5,129 | 5,369 | 1,430 | ||||||||||||||||||||
Deerbrook Mall | 100% | 144,079 | 2021 | 127,934 | 5.25% | No | 642 | 2,612 | 2,776 | 2,928 | 3,087 | 3,236 | 864 | ||||||||||||||||||||
White Marsh Mall | 100% | 190,000 | 2021 | 190,000 | 3.66% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Park Place | 100% | 187,238 | 2021 | 165,815 | 5.18% | No | 839 | 3,414 | 3,626 | 3,821 | 4,026 | 4,217 | 1,480 | ||||||||||||||||||||
Providence Place | 94% | 338,677 | 2021 | 302,577 | 5.65% | No | 1,399 | 5,687 | 6,077 | 6,434 | 6,813 | 7,162 | 2,528 | ||||||||||||||||||||
Fox River Mall | 100% | 175,909 | 2021 | 156,373 | 5.46% | No | 745 | 3,038 | 3,238 | 3,422 | 3,616 | 3,796 | 1,681 | ||||||||||||||||||||
Oxmoor Center | 94% | 84,268 | 2021 | 74,781 | 5.37% | No | 362 | 1,479 | 1,574 | 1,662 | 1,755 | 1,841 | 814 | ||||||||||||||||||||
Rivertown Crossings | 100% | 158,927 | 2021 | 141,356 | 5.52% | No | 671 | 2,728 | 2,910 | 3,077 | 3,254 | 3,417 | 1,514 | ||||||||||||||||||||
Westlake Center - Land | 100% | 2,437 | 2021 | 2,437 | 12.90% | Yes - Full | — | — | — | — | — | — | — | ||||||||||||||||||||
Fashion Show - Other | 100% | 4,300 | 2021 | 1,577 | 6.06% | Yes - Full | 94 | 386 | 411 | 437 | 465 | 494 | 436 | ||||||||||||||||||||
Bellis Fair | 100% | 88,645 | 2022 | 77,060 | 5.23% | No | 390 | 1,594 | 1,694 | 1,786 | 1,883 | 1,973 | 2,265 | ||||||||||||||||||||
The Shoppes at Buckland Hills | 100% | 123,453 | 2022 | 107,820 | 5.19% | No | 522 | 2,121 | 2,253 | 2,375 | 2,503 | 2,621 | 3,238 | ||||||||||||||||||||
The Gallery at Harborplace | 100% | 78,121 | 2022 | 68,096 | 5.24% | No | 324 | 1,315 | 1,398 | 1,474 | 1,555 | 1,628 | 2,331 | ||||||||||||||||||||
The Streets at Southpoint | 94% | 239,989 | 2022 | 207,909 | 4.36% | No | 1,056 | 4,348 | 4,542 | 4,744 | 4,955 | 5,175 | 7,260 | ||||||||||||||||||||
Spokane Valley Mall 4 | 75% | 44,815 | 2022 | 38,484 | 4.65% | No | 205 | 833 | 879 | 921 | 965 | 1,006 | 1,522 | ||||||||||||||||||||
Greenwood Mall | 100% | 63,000 | 2022 | 57,469 | 4.19% | No | — | — | 419 | 1,054 | 1,100 | 1,140 | 1,818 | ||||||||||||||||||||
North Star Mall | 100% | 321,149 | 2022 | 270,113 | 3.93% | No | 1,641 | 6,666 | 6,973 | 7,256 | 7,551 | 7,825 | 13,124 | ||||||||||||||||||||
Coral Ridge Mall | 100% | 110,155 | 2022 | 98,394 | 5.71% | No | 349 | 1,448 | 1,533 | 1,623 | 1,718 | 1,819 | 3,271 | ||||||||||||||||||||
Rogue Valley Mall | 100% | 55,000 | 2022 | 48,245 | 4.50% | No | 137 | 852 | 899 | 941 | 984 | 1,024 | 1,918 | ||||||||||||||||||||
The Oaks Mall | 100% | 132,499 | 2022 | 112,842 | 4.55% | No | 605 | 2,451 | 2,584 | 2,706 | 2,833 | 2,951 | 5,527 | ||||||||||||||||||||
Westroads Mall | 100% | 149,657 | 2022 | 127,455 | 4.55% | No | 682 | 2,769 | 2,919 | 3,056 | 3,200 | 3,333 | 6,243 | ||||||||||||||||||||
Coastland Center | 100% | 123,193 | 2022 | 102,621 | 3.76% | No | 640 | 2,594 | 2,707 | 2,812 | 2,922 | 3,023 | 5,874 | ||||||||||||||||||||
Pecanland Mall | 100% | 89,237 | 2023 | 75,750 | 3.88% | No | 396 | 1,607 | 1,682 | 1,749 | 1,819 | 1,882 | 4,352 | ||||||||||||||||||||
Crossroads Center (MN) | 100% | 102,124 | 2023 | 83,026 | 3.25% | No | 566 | 2,293 | 2,379 | 2,459 | 2,541 | 2,617 | 6,243 | ||||||||||||||||||||
Cumberland Mall | 100% | 160,000 | 2023 | 160,000 | 3.67% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
The Woodlands | 100% | 251,728 | 2023 | 207,057 | 5.04% | No | 1,203 | 4,959 | 5,215 | 5,484 | 5,767 | 6,064 | 15,979 | ||||||||||||||||||||
Meadows Mall | 100% | 156,004 | 2023 | 118,726 | 3.96% | No | 1,036 | 4,212 | 4,402 | 4,582 | 4,770 | 4,950 | 13,326 | ||||||||||||||||||||
Oglethorpe Mall | 100% | 150,000 | 2023 | 136,166 | 3.90% | No | — | — | — | 1,058 | 2,648 | 2,739 | 7,389 |
DEBT Detail, at Share1 As of September 30, 2015 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 9/30/2015 3 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Subsequent | ||||||||||||||||||||
Prince Kuhio Plaza | 100% | 43,336 | 2023 | 35,974 | 4.10% | No | 204 | 827 | 867 | 903 | 942 | 977 | 2,642 | ||||||||||||||||||||
Augusta Mall | 100% | 170,000 | 2023 | 170,000 | 4.36% | No | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Staten Island Mall | 100% | 254,540 | 2023 | 206,942 | 4.77% | No | 1,246 | 5,131 | 5,381 | 5,643 | 5,918 | 6,207 | 18,072 | ||||||||||||||||||||
Stonestown Galleria | 100% | 180,000 | 2023 | 164,720 | 4.39% | No | 0 | 0 | 0 | 462 | 2,871 | 2,979 | 8,968 | ||||||||||||||||||||
Boise Towne Square | 100% | 130,980 | 2023 | 106,372 | 4.79% | No | 635 | 2,618 | 2,746 | 2,880 | 3,021 | 3,169 | 9,539 | ||||||||||||||||||||
The Crossroads (MI) | 100% | 97,203 | 2023 | 80,833 | 4.42% | No | 421 | 1,708 | 1,799 | 1,881 | 1,967 | 2,046 | 6,548 | ||||||||||||||||||||
Jordan Creek Town Center | 100% | 214,070 | 2024 | 177,448 | 4.37% | No | 932 | 3,783 | 3,980 | 4,160 | 4,348 | 4,520 | 14,899 | ||||||||||||||||||||
Woodbridge Center | 100% | 250,000 | 2024 | 220,726 | 4.80% | No | 0 | 0 | 2,396 | 3,777 | 3,964 | 4,128 | 15,009 | ||||||||||||||||||||
The Maine Mall | 100% | 235,000 | 2024 | 235,000 | 4.66% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Baybrook Mall | 100% | 250,000 | 2024 | 212,423 | 5.52% | No | 822 | 3,402 | 3,595 | 3,798 | 4,013 | 4,240 | 17,707 | ||||||||||||||||||||
The Parks At Arlington | 100% | 250,000 | 2024 | 212,687 | 5.57% | No | 814 | 3,371 | 3,564 | 3,767 | 3,983 | 4,210 | 17,604 | ||||||||||||||||||||
Fashion Show | 100% | 835,000 | 2024 | 835,000 | 4.03% | No | — | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Paramus Park | 100% | 120,000 | 2025 | 120,000 | 4.07% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Beachwood Place | 100% | 220,000 | 2025 | 184,350 | 3.94% | No | — | — | 2,922 | 4,032 | 4,194 | 4,362 | 20,140 | ||||||||||||||||||||
Pembroke Lakes Mall | 100% | 260,000 | 2025 | 260,000 | 3.56% | No | — | — | — | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Valley Plaza Mall | 100% | 240,000 | 2025 | 206,847 | 3.75% | No | — | — | — | 3,167 | 4,410 | 4,556 | 21,020 | ||||||||||||||||||||
Willowbrook Mall | 100% | 360,000 | 2025 | 360,000 | 3.55% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Boise Towne Plaza | 100% | 19,974 | 2025 | 16,006 | 4.13% | No | 83 | 335 | 351 | 366 | 382 | 396 | 2,055 | ||||||||||||||||||||
North Point Mall | 100% | 250,000 | 2026 | 218,205 | 4.54% | No | — | — | — | — | 984 | 4,050 | 26,761 | ||||||||||||||||||||
The Shops at La Cantera | 75% | 262,500 | 2027 | 262,500 | 3.60% | No | — | — | — | — | 0 | 0 | 0 | ||||||||||||||||||||
Providence Place - Other | 94% | 35,599 | 2028 | 2,247 | 7.75% | No | 828 | 1,757 | 1,897 | 1,825 | 1,740 | 1,878 | 23,427 | ||||||||||||||||||||
Provo Towne Center Land | 75% | 2,249 | 2095 | 37 | 10.00% | Yes - Full | — | 0 | 0 | 0 | 0 | 0 | 2,212 | ||||||||||||||||||||
Consolidated Property Level | $ | 11,572,058 | $ | 10,524,593 | 4.44% | $ | 33,706 | $ | 134,949 | $ | 137,922 | $ | 139,985 | $ | 141,487 | $ | 140,386 | $ | 319,030 | ||||||||||||||
Unconsolidated Property Level | |||||||||||||||||||||||||||||||||
Shane Plaza | 50% | $ | 2,960 | 2016 | $ | 2,944 | 5.56% | No | $ | 16 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Riverchase Galleria | 50% | 152,500 | 2017 | 152,500 | 5.65% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
The Shops at Bravern | 40% | 20,967 | 2017 | 20,273 | 3.86% | No | 113 | 460 | 121 | — | — | — | — | ||||||||||||||||||||
Plaza Frontenac | 55% | 28,600 | 2018 | 28,600 | 3.04% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Saint Louis Galleria | 74% | 158,262 | 2018 | 158,262 | 3.44% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
The Grand Canal Shoppes | 50% | 313,125 | 2019 | 313,125 | 4.24% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
First Colony Mall | 50% | 91,135 | 2019 | 84,321 | 4.50% | No | 382 | 1,573 | 1,645 | 1,720 | 1,494 | — | — | ||||||||||||||||||||
Natick Mall | 50% | 225,000 | 2019 | 209,699 | 4.60% | No | 584 | 3,593 | 3,762 | 3,939 | 3,423 | — | — | ||||||||||||||||||||
Oakbrook Center | 48% | 202,725 | 2020 | 202,725 | 3.66% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Christiana Mall | 50% | 117,495 | 2020 | 108,697 | 5.10% | No | 402 | 1,622 | 1,725 | 1,816 | 1,913 | 1,320 | — | ||||||||||||||||||||
Water Tower Place | 47% | 181,048 | 2020 | 171,026 | 4.35% | No | 447 | 1,837 | 1,928 | 2,024 | 2,124 | 1,662 | — | ||||||||||||||||||||
Kenwood Towne Centre | 70% | 153,224 | 2020 | 137,191 | 5.37% | No | 685 | 2,784 | 2,964 | 3,131 | 3,306 | 3,163 | — | ||||||||||||||||||||
Whaler's Village | 50% | 40,000 | 2021 | 40,000 | 5.42% | No | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Village of Merrick Park | 55% | 95,772 | 2021 | 85,797 | 5.73% | No | 392 | 1,595 | 1,706 | 1,808 | 1,916 | 2,015 | 543 | ||||||||||||||||||||
Willowbrook Mall (TX) | 50% | 100,418 | 2021 | 88,965 | 5.13% | No | 456 | 1,858 | 1,972 | 2,077 | 2,188 | 2,291 | 611 | ||||||||||||||||||||
Northbrook Court | 50% | 64,583 | 2021 | 56,811 | 4.25% | No | 281 | 1,156 | 1,206 | 1,259 | 1,313 | 1,370 | 1,187 | ||||||||||||||||||||
Ala Moana Center | 63% | 875,000 | 2022 | 875,000 | 4.23% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
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 Shoppes at River Crossing | 50% | 38,675 | 2023 | 35,026 | 3.75% | No | — | — | — | 510 | 711 | 734 | 1,694 | ||||||||||||||||||||
Carolina Place | 50% | 87,500 | 2023 | 75,542 | 3.84% | No | — | 757 | 1,567 | 1,630 | 1,694 | 1,752 | 4,558 | ||||||||||||||||||||
Union Square Portfolio | 50% | 25,000 | 2023 | 25,000 | 5.12% | No | — | — | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Galleria at Tyler | 50% | 93,972 | 2023 | 76,716 | 5.05% | No | 435 | 1,797 | 1,889 | 1,987 | 2,089 | 2,197 | 6,862 |
DEBT Detail, at Share1 As of September 30, 2015 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 9/30/2015 3 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Subsequent | ||||||||||||||||||||
Park Meadows | 35% | 126,000 | 2023 | 112,734 | 4.60% | No | — | — | — | 1,996 | 2,091 | 2,189 | 6,990 | ||||||||||||||||||||
Stonebriar Centre | 50% | 140,000 | 2024 | 120,886 | 4.05% | No | — | — | 805 | 2,477 | 2,579 | 2,686 | 10,567 | ||||||||||||||||||||
Pinnacle Hills Promenade | 50% | 60,326 | 2025 | 48,805 | 4.13% | No | 260 | 1,048 | 1,099 | 1,146 | 1,195 | 1,240 | 5,533 | ||||||||||||||||||||
Altamonte Mall | 50% | 80,000 | 2025 | 69,045 | 3.72% | No | — | — | 0 | 1,062 | 1,478 | 1,526 | 6,889 | ||||||||||||||||||||
Alderwood | 50% | 176,691 | 2025 | 138,693 | 3.48% | No | 834 | 3,374 | 3,512 | 3,638 | 3,769 | 3,888 | 18,983 | ||||||||||||||||||||
Towson Town Center | 35% | 113,761 | 2025 | 97,713 | 3.82% | No | — | — | — | 680 | 2,093 | 2,175 | 11,100 | ||||||||||||||||||||
Perimeter Mall | 50% | 137,500 | 2026 | 137,500 | 3.96% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Glendale Galleria | 50% | 215,000 | 2026 | 190,451 | 4.06% | No | — | — | — | — | — | 922 | 23,627 | ||||||||||||||||||||
Unconsolidated Property Level | $ | 4,375,239 | $ | 4,122,047 | 4.30% | $ | 5,287 | $ | 23,454 | $ | 25,901 | $ | 32,900 | $ | 35,376 | $ | 31,130 | $ | 99,144 | ||||||||||||||
Total Fixed - Property Level | $ | 15,947,297 | $ | 14,646,640 | 4.40% | $ | 38,993 | $ | 158,403 | $ | 163,823 | $ | 172,885 | $ | 176,863 | $ | 171,516 | $ | 418,174 | ||||||||||||||
Consolidated Corporate | |||||||||||||||||||||||||||||||||
Arizona Two (HHC) | 100% | $ | 1,712 | 2015 | $ | 573 | 4.41% | Yes - Full | $ | 1,139 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Consolidated Corporate | $ | 1,712 | $ | 573 | 4.41% | $ | 1,139 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Total Fixed Rate Debt | $ | 15,949,009 | $ | 14,647,213 | 4.40% | $ | 40,132 | $ | 158,403 | $ | 163,823 | $ | 172,885 | $ | 176,863 | $ | 171,516 | $ | 418,174 | ||||||||||||||
Variable Rate | |||||||||||||||||||||||||||||||||
Consolidated Property Level | |||||||||||||||||||||||||||||||||
Columbiana Centre 5 | 100% | $ | 130,816 | 2018 | $ | 128,177 | Libor + 175 bps | Yes - Full | $ | — | $ | 746 | $ | 1,393 | $ | 500 | $ | — | $ | — | $ | — | |||||||||||
Eastridge (WY) 5 | 100% | 48,228 | 2018 | 47,255 | Libor + 175 bps | Yes - Full | — | 275 | 514 | 184 | — | — | — | ||||||||||||||||||||
Grand Teton Mall 5 | 100% | 48,859 | 2018 | 47,873 | Libor + 175 bps | Yes - Full | — | 279 | 520 | 187 | — | — | — | ||||||||||||||||||||
Mayfair 5 | 100% | 347,813 | 2018 | 340,796 | Libor + 175 bps | Yes - Full | — | 1,983 | 3,704 | 1,330 | — | — | — | ||||||||||||||||||||
Mondawmin Mall 5 | 100% | 81,011 | 2018 | 79,377 | Libor + 175 bps | Yes - Full | — | 461 | 863 | 310 | — | — | — | ||||||||||||||||||||
North Town Mall 5 | 100% | 89,207 | 2018 | 87,407 | Libor + 175 bps | Yes - Full | — | 509 | 950 | 341 | — | — | — | ||||||||||||||||||||
Oakwood 5 | 100% | 76,913 | 2018 | 75,362 | Libor + 175 bps | Yes - Full | — | 438 | 819 | 294 | — | — | — | ||||||||||||||||||||
Oakwood Center 5 | 100% | 91,413 | 2018 | 89,569 | Libor + 175 bps | Yes - Full | — | 520 | 974 | 350 | — | — | — | ||||||||||||||||||||
Pioneer Place 5 | 100% | 188,185 | 2018 | 184,389 | Libor + 175 bps | Yes - Full | — | 1,072 | 2,004 | 720 | — | — | — | ||||||||||||||||||||
Red Cliffs Mall 5 | 100% | 30,261 | 2018 | 29,650 | Libor + 175 bps | Yes - Full | — | 173 | 322 | 116 | — | — | — | ||||||||||||||||||||
River Hills Mall 5 | 100% | 76,283 | 2018 | 74,744 | Libor + 175 bps | Yes - Full | — | 435 | 812 | 292 | — | — | — | ||||||||||||||||||||
Sooner Mall 5 | 100% | 78,931 | 2018 | 77,338 | Libor + 175 bps | Yes - Full | — | 450 | 841 | 302 | — | — | — | ||||||||||||||||||||
Southwest Plaza 5 | 100% | 73,383 | 2018 | 71,902 | Libor + 175 bps | Yes - Full | — | 418 | 782 | 281 | — | — | — | ||||||||||||||||||||
The Shops at Fallen Timbers 5 | 100% | 25,217 | 2018 | 24,709 | Libor + 175 bps | Yes - Full | — | 143 | 269 | 96 | — | — | — | ||||||||||||||||||||
Columbia Mall | 100% | 100,000 | 2018 | 100,000 | Libor + 175 bps | Yes - Full | — | — | 0 | 0 | — | — | — | ||||||||||||||||||||
Market Place Shopping Center | 100% | 113,425 | 2018 | 113,425 | Libor + 240 bps | No | — | — | 0 | 0 | — | — | — | ||||||||||||||||||||
Lynnhaven Mall | 100% | 235,000 | 2019 | 235,000 | Libor + 185 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
830 North Michigan | 100% | 85,000 | 2019 | 85,000 | Libor + 160 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Westlake Center | 100% | 42,500 | 2019 | 42,500 | Libor + 230 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
200 Lafayette | 100% | 33,000 | 2019 | 33,000 | Libor + 250 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Consolidated Property Level | $ | 1,995,445 | $ | 1,967,473 | 2.02% | $ | — | $ | 7,902 | $ | 14,767 | $ | 5,303 | $ | — | $ | — | $ | — | ||||||||||||||
Unconsolidated Property Level | |||||||||||||||||||||||||||||||||
Union Square Portfolio | 50% | $ | 16,250 | 2018 | $ | 16,250 | Libor + 400 bps | No | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Ala Moana Construction Loan6 | 63% | 198,346 | 2019 | 198,346 | Libor + 190 bps | Yes - Partial | — | — | — | — | — | — | — | ||||||||||||||||||||
685 Fifth Avenue | 50% | 170,000 | 2019 | 170,000 | Libor + 275 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Miami Design District | 13% | 51,162 | 2019 | 51,162 | Libor + 250 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
522 Fifth Avenue | 10% | 8,624 | 2019 | 8,624 | Libor + 250 bps | No | — | — | — | — | — | — | — |
DEBT Detail, at Share1 As of September 30, 2015 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 9/30/2015 3 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Subsequent | ||||||||||||||||||||
530 Fifth Avenue | 50% | 15,500 | 2019 | 15,423 | Libor + 788 bps | No | — | — | 38 | 39 | — | — | — | ||||||||||||||||||||
530 Fifth Avenue | 50% | 95,000 | 2019 | 94,526 | Libor + 325 bps | No | — | — | 237 | 237 | — | — | — | ||||||||||||||||||||
Bayside Marketplace | 51% | 127,500 | 2020 | 127,500 | Libor + 205 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Baybrook LPC Construction Loan7 | 53% | 19,056 | 2020 | 19,056 | Libor + 200 bps | Yes - Partial | — | — | — | — | — | — | — | ||||||||||||||||||||
Park Lane Construction Loan8 | 50% | — | 2020 | — | Libor + 325 bps | Yes - Partial | — | — | — | — | — | — | — | ||||||||||||||||||||
730 Fifth Avenue | 37% | 457,750 | 2020 | 457,750 | Libor + 263 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
85 Fifth Avenue | 50% | $ | 30,000 | 2,021 | $ | 30,000 | Libor + 275 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||
Unconsolidated Property Level | $ | 1,189,188 | $ | 1,188,637 | 3.08% | $ | — | $ | — | $ | 275 | $ | 276 | $ | — | $ | — | $ | — | ||||||||||||||
Consolidated Corporate | |||||||||||||||||||||||||||||||||
Junior Subordinated Notes Due 2036 | 100% | $ | 206,200 | 2036 | $ | 206,200 | Libor + 145 bps | Yes - Full | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Corporate Revolver | 100% | $ | 250,000 | 2018 | $ | 250,000 | Libor + 158 bps | Yes - Full | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Consolidated Corporate | $ | 456,200 | $ | 456,200 | 1.75% | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Total Variable Rate Debt | $ | 3,640,833 | $ | 3,612,310 | 2.37% | $ | — | $ | 7,902 | $ | 15,042 | $ | 5,579 | $ | — | $ | — | $ | — | ||||||||||||||
Total 9 | $ | 19,589,842 | $ | 18,259,523 | 4.04% | $ | 40,132 | $ | 166,305 | $ | 178,865 | $ | 178,464 | $ | 176,863 | $ | 171,516 | $ | 418,174 |
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 $1.9 billion, excluding the corporate revolver. |
4. | Loan is cross-collateralized with other properties. |
5. | Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized. |
6. | Reflects the amount drawn as of September 30, 2015 on the $450.0 construction loan ($281.3 million at share). |
7. | Reflects the amount drawn as of September 30, 2015 on the $126.0 construction loan ($66.8 million at share). |
8. | Reflects the amount drawn as of September 30, 2015 on the $460.0 construction loan ($287.5 million at share). |
9. | Reflects amortization for the period subsequent to September 30, 2015. |
Debt Summary of Debt Transactions For the Nine Months Ended September 30, 2015 (In thousands) |
Closing Date | Property Name | GGP Ownership % | New Loan at Share | New Term | New Interest Rate | Repayment at Share | Original Term | Original Interest Rate | Net Proceeds at Share | ||||||||||
Refinancings | |||||||||||||||||||
February 2015 | Beachwood Place | 100.0% | $ | 220,000 | 10 | 3.9% | $ | (212,911 | ) | 2.7 | 5.6% | $ | 7,089 | ||||||
April 2015 | The Shops at La Cantera | 75.0% | 262,500 | 12 | 3.6% | (117,849 | ) | 0.2 | 6.0% | 144,651 | |||||||||
May 2015 | Alderwood | 50.0% | 177,500 | 10 | 3.5% | (120,976 | ) | 0.3 | 6.7% | 56,524 | |||||||||
July 2015 | Boise Towne Plaza | 100.0% | 20,000 | 10 | 4.1% | (8,629 | ) | 0.0 | 4.7% | 11,371 | |||||||||
September 2015 | Paramus Park | 100.0% | 120,000 | 10 | 4.1% | (90,444 | ) | 0.1 | 4.9% | 29,556 | |||||||||
Total | $ | 800,000 | 10.7 | 3.7% | $ | (550,809 | ) | 1.2 | 5.8% | $ | 249,191 | ||||||||
Repayments | |||||||||||||||||||
February 2015 | Peachtree Mall | 100.0% | $ | (77,790 | ) | 0.2 | 5.1 | % | $ | (77,790 | ) | ||||||||
March 2015 | Eastridge Mall CA | 100.0% | (142,210 | ) | 2.4 | 5.8 | % | (142,210 | ) | ||||||||||
March 2015 | Glenbrook Square | 100.0% | (153,477 | ) | 1.7 | 4.9 | % | (153,477 | ) | ||||||||||
March 2015 | Ridgedale Center | 100.0% | (153,750 | ) | 1.5 | 4.9 | % | (153,750 | ) | ||||||||||
April 2015 | Quail Springs Mall | 100.0% | (67,120 | ) | 0.2 | 6.7 | % | (67,120 | ) | ||||||||||
Total | $ | (594,347 | ) | 1.5 | 5.3 | % | $ | (594,347 | ) | ||||||||||
Asset Transactions |
ASSET TRANSACTIONS Summary of Asset Transactions For the Nine Months Ended September 30, 2015 (In thousands) |
Acquisitions | ||||||||||||
Closing Date | Property Name | Property Location | GGP Ownership % | Gross Purchase Price at Share 1 | Debt at Share | Net Equity at Share 1 | ||||||
($ in thousands) | ||||||||||||
March 2015 | Interests in 12 Sears Anchors | Various | 50.0% | $ | 165,000 | $ | — | $ | 164,490 | |||
April 2015 | 730 Fifth Ave | New York, NY | 50.0% | 666,265 | 457,750 | 208,518 | ||||||
April 2015 | 85 Fifth Ave | New York, NY | 50.0% | 43,950 | 30,000 | 13,960 | ||||||
Total | $ | 875,215 | $ | 487,750 | $ | 386,968 | ||||||
Dispositions | ||||||||||||
Closing Date | Property Name | Property Location | Sold Ownership % | Gross Proceeds at Share | Debt at Share | Net Proceeds at Share 1 | ||||||
($ in thousands) | ||||||||||||
January 2015 | The Trails Village Center | Las Vegas, NV | 50.0% | $ | 27,625 | $ | 5,756 | $ | 22,120 | |||
April 2015 | 200 Lafayette Office | New York, NY | 100.0% | 124,500 | 67,000 | 49,417 | ||||||
September 2015 | Lake Mead & Buffalo | Las Vegas, NV | 50.0% | 11,250 | 2,410 | 8,360 | ||||||
Total | $ | 163,375 | $ | 75,166 | $ | 79,897 | ||||||
Joint Venture Interests | ||||||||||||
February 2015 | Ala Moana Center 2 | Honolulu, HI | 25.0% | $ | 1,376,309 | $ | 462,500 | $ | 907,000 | |||
April 2015 | 12.5% | 687,293 | 231,250 | 453,500 | ||||||||
Total | $ | 2,063,602 | $ | 693,750 | $ | 1,360,500 |
1. | Includes closing costs. |
2. | On February 27, 2015, GGP sold a 25% interest in Ala Moana Center for net proceeds of $907 million. GGP received $670 million at closing and will receive the remaining $237 million in late 2016 after substantial completion of the redevelopment. On April 10, 2015, GGP sold an additional 12.5% in Ala Moana Center for net proceeds of $454 million. GGP received $335 million at closing and will receive the remaining $119 million in late 2016 after substantial completion of redevelopment. |
Portfolio Operating Metrics |
PORTFOLIO OPERATING METRICS Key Operating Performance Indicators As of and for the Nine Months Ended September 30, 2015 (GLA in thousands) |
GLA Summary (in thousands) | |||||||||||||||||||||||||||||
Number of Properties | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Total Retail Property | Strip Center GLA | Office GLA | Total GLA | Total GLA at Share 1 | % Leased | ||||||||||||||||||||
Consolidated Retail Properties | 88 | 37,513 | 12,980 | 34,837 | 85,330 | 1,195 | 1,082 | 87,607 | 52,191 | 96.1 | % | ||||||||||||||||||
Unconsolidated Retail Properties | 35 | 16,966 | 4,684 | 13,919 | 35,569 | 450 | 1,301 | 37,320 | 12,011 | 97.3 | % | ||||||||||||||||||
Same Store Retail Properties2 | 123 | 54,479 | 17,664 | 48,756 | 120,899 | 1,645 | 2,383 | 124,927 | 64,202 | 96.5 | % | ||||||||||||||||||
Non-Same Store Retail Properties | 8 | 1,104 | 159 | 542 | 1,805 | — | 284 | 2,089 | 839 | 97.2 | % | ||||||||||||||||||
Total Retail Properties | 131 | 55,583 | 17,823 | 49,298 | 122,704 | 1,645 | 2,667 | 127,016 | 65,041 | 96.5 | % | ||||||||||||||||||
Non-Same Store Strip Centers & Other Retail | 3 | 695 | 340 | 307 | 1,342 | 9 | — | 1,351 | 496 | 54.7 | % | ||||||||||||||||||
Total Real Estate | 134 | 56,278 | 18,163 | 49,605 | 124,046 | 1,654 | 2,667 | 128,367 | 65,537 | 96.0 | % |
Same Store Operating Metrics2 | ||||||||||||||||||||||||||
In-Place Rent | Tenant Sales 3 | |||||||||||||||||||||||||
September 30, 2015 | % Leased | % Occupied | <10K SF | All Less Anchors | <10K SF | All Less Anchors | Occupancy Cost | |||||||||||||||||||
Consolidated Retail Properties | 96.1 | % | 95.1 | % | $ | 64.95 | $ | 52.32 | $ | 512 | $ | 12,286 | 13.9 | % | ||||||||||||
Unconsolidated Retail Properties | 97.3 | % | 96.3 | % | 89.14 | 74.70 | 769 | 8,421 | 12.5 | % | ||||||||||||||||
Same Store Retail Properties | 96.5 | % | 95.4 | % | $ | 72.68 | $ | 59.48 | $ | 593 | $ | 20,707 | 13.3 | % | ||||||||||||
In-Place Rent | Tenant Sales 3 | |||||||||||||||||||||||||
September 30, 2014 | % Leased | % Occupied | <10K SF | All Less Anchors | <10K SF | All Less Anchors | Occupancy Cost | |||||||||||||||||||
Consolidated Retail Properties | 96.6 | % | 95.0 | % | $ | 67.90 | $ | 55.70 | $ | 490 | $ | 11,894 | 13.9 | % | ||||||||||||
Unconsolidated Retail Properties | 97.2 | % | 95.5 | % | 80.30 | 66.68 | 752 | 8,148 | 12.3 | % | ||||||||||||||||
Same Store Retail Properties | 96.8 | % | 95.1 | % | $ | 71.51 | $ | 58.96 | $ | 571 | $ | 20,042 | 13.3 | % |
1. | Total GLA at Share includes assets at GGP ownership percentages and excludes tenant owned area. |
2. | Same Store Metrics include all properties designated in the Property Schedule (pages 19-25) as "Total Same Store Retail Properties". |
3. | Tenant Sales <10K SF is presented as Sales per square foot in dollars, and Tenant Sales All Less Anchors is presented as total sales volume in millions of dollars. |
PORTFOLIO OPERATING METRICS Signed Leases1 All Less Anchors As of September 30, 2015 |
Leasing Activity - All Leases | |||||||
Commencement 2015 | |||||||
# of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF | |||
New and Renewal Leases | 1,997 | 7,026,780 | 6.8 | $59.58 | $65.40 | ||
Percent in Lieu/Gross | 251 | 1,391,301 | 5.2 | N/A | N/A | ||
Total Leases | 2,248 | 8,418,081 | 6.6 | $59.58 | $65.40 | ||
Commencement 2016 | |||||||
# of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF | |||
New and Renewal Leases | 289 | 1,968,747 | 9.3 | $57.75 | $64.55 | ||
Percent in Lieu/Gross | 30 | 270,554 | 4.9 | N/A | N/A | ||
Total Leases | 319 | 2,239,301 | 8.8 | $57.75 | $64.55 |
SUITE TO SUITE - Lease Spread 2,3 | |||||||||||||||
New and Renewal Leases | |||||||||||||||
# of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF | Expiring Rent PSF | Initial Rent Spread | Average Rent Spread | ||||||||
Trailing 12 Months Commencements | 1,694 | 4,924,232 | 6.6 | $63.30 | $70.12 | $57.68 | $5.62 | 9.7 | % | $12.44 | 21.6 | % | |||
2015 Commencements | 1,586 | 4,701,589 | 6.4 | $63.99 | $70.40 | $58.48 | $5.51 | 9.4 | % | $11.92 | 20.4 | % | |||
2016 Commencements | 240 | 871,253 | 6.4 | $80.70 | $89.92 | $67.54 | $13.15 | 19.5 | % | $22.38 | 33.1 | % |
1. | Same Store Metrics include all properties designated in the Property Schedule (pages 19-25) as "Total Same Store Retail Properties". |
2. | Represents signed leases that are scheduled to commence in the respective period compared to expiring rent for the prior tenant in the same suite. |
3. | New suites are within 10,000 SF of the expiring suites and downtime between the new and previous tenant was less than 24 months. |
PORTFOLIO OPERATING METRICS Lease Expiration Schedule and Top Ten Tenants 1 |
Lease Expiration Year | Number of Expiring Leases | Expiring GLA at 100% (in thousands) | Percent of Total | Expiring Rent (in thousands) | Expiring Rent ($psf) | |||||||||||
Specialty Leasing | 1,120 | 2,391 | 4.5% | $ | 50,273 | $ | 21.03 | |||||||||
2015 | 374 | 937 | 1.8% | 58,303 | 62.21 | |||||||||||
2016 | 1,858 | 6,104 | 11.6% | 340,191 | 55.74 | |||||||||||
2017 | 1,874 | 6,094 | 11.6% | 342,124 | 56.14 | |||||||||||
2018 | 1,534 | 5,361 | 10.2% | 338,888 | 63.21 | |||||||||||
2019 | 1,205 | 5,362 | 10.2% | 314,703 | 58.69 | |||||||||||
2020 | 1,041 | 3,960 | 7.5% | 246,903 | 62.35 | |||||||||||
2021 | 806 | 3,076 | 5.9% | 210,604 | 68.48 | |||||||||||
2022 | 868 | 3,624 | 6.9% | 235,236 | 64.90 | |||||||||||
2023 | 917 | 3,809 | 7.2% | 277,424 | 72.84 | |||||||||||
2024 | 874 | 4,228 | 8.0% | 309,075 | 73.10 | |||||||||||
Subsequent | 1,115 | 7,610 | 14.5% | 446,496 | 58.67 | |||||||||||
Total | 13,586 | 52,556 | 100.0% | $ | 3,170,220 | $ | 60.32 | |||||||||
Vacant Space | 937 | 1,923 | ||||||||||||||
Mall and Freestanding GLA | 14,523 | 54,479 |
Top Ten Largest Tenants | Primary DBA | Percent of Minimum Rents, Tenant Recoveries and Other | ||
Limited Brands, Inc | Victoria's Secret, Bath & Body Works, PINK, Henri Bendel | 3.6% | ||
The Gap, Inc | Gap, Banana Republic, Old Navy | 3.5% | ||
Foot Locker, Inc | Footlocker, Champs Sports, Footaction USA | 2.7% | ||
Forever 21, Inc | Forever 21 | 2.4% | ||
Abercrombie & Fitch Stores, Inc | Abercrombie, Abercrombie & Fitch, Hollister | 2.1% | ||
Signet Jewelers Limited | Zales, Gordon's, Kay, Jared | 1.6% | ||
Genesco Inc | Journeys, Lids, Underground Station, Johnston & Murphy | 1.5% | ||
Ascena Retail Group | Dress Barn, Justice, LAne Bryant, Maurices, Ann Taylor, Loft | 1.5% | ||
Express, Inc | Express, Express Men | 1.5% | ||
Luxottica Group S.P.A. | Lenscrafters, Sunglass Hut, Pearle Vision | 1.5% | ||
Totals | 21.9% |
1. | Same Store metrics include all properties designated in property schedule (pages 19-25) as "Total Same Store Retail Properties". |
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Consolidated Retail Properties | ||||||||||||||||||||||||||
200 Lafayette | Pirch | 100 | % | New York, NY | 31,328 | — | — | — | — | 31,328 | 100.0 | % | ||||||||||||||
830 N. Michigan Ave. | Uniqlo, Topshop | 100 | % | Chicago, IL | 117,411 | — | — | — | — | 117,411 | 100.0 | % | ||||||||||||||
Apache Mall | Herberger's, JCPenney, Macy's | 100 | % | Rochester, MN | 408,960 | 206,326 | 162,790 | — | — | 778,076 | 99.1 | % | ||||||||||||||
Augusta Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Augusta, GA | 503,589 | — | 597,223 | — | — | 1,100,812 | 95.5 | % | ||||||||||||||
Baybrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Friendswood (Houston), TX | 440,502 | 96,605 | 720,931 | — | — | 1,258,038 | 99.5 | % | ||||||||||||||
Beachwood Place | Dillard's, Nordstrom, Saks Fifth Avenue | 100 | % | Beachwood, OH | 344,234 | 317,347 | 247,000 | 94,835 | — | 1,003,416 | 94.3 | % | ||||||||||||||
Bellis Fair | JCPenney, Kohl's, Macy's, Target | 100 | % | Bellingham (Seattle), WA | 437,104 | 100,400 | 237,910 | — | — | 775,414 | 98.4 | % | ||||||||||||||
Boise Towne Square | Dillard's, JCPenney, Macy's, Sears, Kohl's | 100 | % | Boise, ID | 422,457 | 425,556 | 247,714 | 114,687 | — | 1,210,414 | 95.1 | % | ||||||||||||||
Brass Mill Center | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | Waterbury, CT | 444,656 | 218,339 | 319,391 | 197,087 | — | 1,179,473 | 97.5 | % | ||||||||||||||
Coastland Center | Dillard's, JCPenney, Macy's, Sears | 100 | % | Naples, FL | 337,584 | 123,921 | 466,469 | — | — | 927,974 | 96.7 | % | ||||||||||||||
Columbia Mall | Dillard's, JCPenney, Sears, Target | 100 | % | Columbia, MO | 314,338 | 85,972 | 335,088 | — | — | 735,398 | 94.0 | % | ||||||||||||||
Columbiana Centre | Belk, Dillard's, JCPenney | 100 | % | Columbia, SC | 269,101 | 160,276 | 360,643 | — | — | 790,020 | 99.6 | % | ||||||||||||||
Coral Ridge Mall | Dillard's, JCPenney, Target, Younkers | 100 | % | Coralville (Iowa City), IA | 521,555 | 98,596 | 442,365 | — | — | 1,062,516 | 97.2 | % | ||||||||||||||
Coronado Center | JCPenney, Kohl's, Macy's, Sears | 100 | % | Albuquerque, NM | 512,855 | 305,503 | 281,144 | — | — | 1,099,502 | 99.9 | % | ||||||||||||||
Crossroads Center | JCPenney, Macy's, Sears, Target | 100 | % | St. Cloud, MN | 375,179 | 294,167 | 229,275 | — | — | 898,621 | 93.3 | % | ||||||||||||||
Cumberland Mall | Costco, Macy's, Sears | 100 | % | Atlanta, GA | 386,134 | 147,409 | 500,575 | — | — | 1,034,118 | 98.5 | % | ||||||||||||||
Deerbrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Humble (Houston), TX | 558,484 | — | 653,540 | — | — | 1,212,024 | 99.0 | % | ||||||||||||||
Eastridge Mall WY | JCPenney, Macy's, Sears, Target | 100 | % | Casper, WY | 276,555 | 213,913 | 75,883 | — | — | 566,351 | 89.8 | % | ||||||||||||||
Eastridge Mall CA | JCPenney, Macy's, Sears | 100 | % | San Jose, CA | 647,713 | 246,261 | 426,000 | — | — | 1,319,974 | 97.5 | % | ||||||||||||||
Fashion Place | Dillard's, Nordstrom | 100 | % | Murray, UT | 442,103 | 281,175 | 319,603 | — | — | 1,042,881 | 97.2 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Fashion Show | Dillard's, Macy's, Macy's Mens, Neiman Marcus, Nordstrom, Saks Fifth Avenue | 100 | % | Las Vegas, NV | 709,637 | 271,635 | 761,653 | — | — | 1,742,925 | 98.5 | % | ||||||||||||||
Four Seasons Town Centre | Dillard's, JCPenney | 100 | % | Greensboro, NC | 438,617 | 429,969 | 212,047 | — | — | 1,080,633 | 92.5 | % | ||||||||||||||
Fox River Mall | JCPenney, Macy's, Sears, Target, Younkers | 100 | % | Appleton, WI | 596,274 | 30,000 | 564,914 | — | — | 1,191,188 | 98.2 | % | ||||||||||||||
Glenbrook Square | JCPenney, Macy's, Sears, Carson's | 100 | % | Fort Wayne, IN | 448,106 | 555,870 | 221,000 | — | — | 1,224,976 | 91.0 | % | ||||||||||||||
Governor's Square | Dillard's, JCPenney, Macy's, Sears | 100 | % | Tallahassee, FL | 340,808 | — | 691,605 | — | — | 1,032,413 | 92.7 | % | ||||||||||||||
Grand Teton Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Idaho Falls, ID | 211,466 | 199,062 | 124,863 | 93,274 | — | 628,665 | 91.9 | % | ||||||||||||||
Greenwood Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Bowling Green, KY | 422,536 | 156,096 | 272,957 | — | — | 851,589 | 97.4 | % | ||||||||||||||
Hulen Mall | Dillard's, Macy's, Sears | 100 | % | Ft. Worth, TX | 396,985 | — | 596,570 | — | — | 993,555 | 95.3 | % | ||||||||||||||
Jordan Creek Town Center | Dillard's, Younkers | 100 | % | West Des Moines, IA | 748,176 | — | 349,760 | 251,833 | — | 1,349,769 | 97.7 | % | ||||||||||||||
Lakeside Mall | JCPenney, Lord & Taylor, Macy's, Macy's Mens & Home, Sears | 100 | % | Sterling Heights, MI | 483,227 | 115,300 | 905,418 | — | — | 1,503,945 | 85.0 | % | ||||||||||||||
Lynnhaven Mall | Dillard's, JCPenney, Macy's | 100 | % | Virginia Beach, VA | 601,589 | 150,434 | 380,958 | — | — | 1,132,981 | 98.6 | % | ||||||||||||||
Mall Of Louisiana | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears | 100 | % | Baton Rouge, LA | 623,523 | — | 805,630 | 143,634 | — | 1,572,787 | 98.7 | % | ||||||||||||||
Mall St. Matthews | Dillard's, Dillard's Men's & Home, JCPenney | 100 | % | Louisville, KY | 504,951 | — | 514,135 | — | — | 1,019,086 | 97.6 | % | ||||||||||||||
Market Place Shopping Center | Bergner's, JCPenney, Macy's | 100 | % | Champaign, IL | 412,009 | 234,834 | 149,980 | — | — | 796,823 | 97.7 | % | ||||||||||||||
Mayfair | Boston Store, Macy's, Nordstrom | 100 | % | Wauwatosa (Milwaukee), WI | 615,818 | 288,596 | 348,714 | — | 314,518 | 1,567,646 | 98.0 | % | ||||||||||||||
Meadows Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Las Vegas, NV | 307,233 | — | 636,853 | — | — | 944,086 | 96.1 | % | ||||||||||||||
Mondawmin Mall | 100 | % | Baltimore, MD | 393,682 | — | — | — | 65,528 | 459,210 | 99.9 | % | |||||||||||||||
Newgate Mall | Dillard's, Sears, Burlington Coat Factory | 100 | % | Ogden (Salt Lake City), UT | 331,756 | 218,874 | 118,919 | — | — | 669,549 | 96.3 | % | ||||||||||||||
North Point Mall | Dillard's, JCPenney, Macy's, Sears, Von Maur | 100 | % | Alpharetta (Atlanta), GA | 421,822 | 539,850 | 363,151 | — | — | 1,324,823 | 94.9 | % | ||||||||||||||
North Star Mall | Dillard's, JCPenney, Macy's, Saks Fifth Avenue | 100 | % | San Antonio, TX | 519,275 | 207,196 | 522,126 | — | — | 1,248,597 | 99.2 | % | ||||||||||||||
Northridge Fashion Center | JCPenney, Macy's, Sears | 100 | % | Northridge (Los Angeles), CA | 636,776 | — | 824,443 | — | — | 1,461,219 | 96.5 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Northtown Mall | JCPenney, Kohl's, Macy's, Sears | 100 | % | Spokane, WA | 429,627 | 276,488 | 242,392 | — | — | 948,507 | 87.7 | % | ||||||||||||||
Oak View Mall | Dillard's, JCPenney, Sears, Younkers | 100 | % | Omaha, NE | 255,380 | 149,326 | 454,860 | — | — | 859,566 | 81.3 | % | ||||||||||||||
Oakwood Center | Dillard's, JCPenney, Sears | 100 | % | Gretna, LA | 402,943 | — | 514,028 | — | — | 916,971 | 98.5 | % | ||||||||||||||
Oakwood Mall | JCPenney, Macy's, Sears, Younkers | 100 | % | Eau Claire, WI | 403,009 | 116,620 | 298,224 | — | — | 817,853 | 95.5 | % | ||||||||||||||
Oglethorpe Mall | Belk, JCPenney, Macy's, Sears | 100 | % | Savannah, GA | 406,358 | 220,824 | 315,760 | — | — | 942,942 | 97.6 | % | ||||||||||||||
Oxmoor Center | Macy's, Sears, Von Maur | 94 | % | Louisville, KY | 350,876 | 156,000 | 411,210 | — | — | 918,086 | 94.8 | % | ||||||||||||||
Paramus Park | Macy's, Sears | 100 | % | Paramus, NJ | 307,209 | 169,634 | 289,423 | — | — | 766,266 | 98.2 | % | ||||||||||||||
Park City Center | The Bon Ton, Boscov's, JCPenney, Kohl's, Sears | 100 | % | Lancaster (Philadelphia), PA | 535,303 | 514,917 | 384,980 | — | 3,268 | 1,438,468 | 93.9 | % | ||||||||||||||
Park Place | Dillard's, Macy's, Sears | 100 | % | Tucson, AZ | 470,361 | — | 581,457 | — | — | 1,051,818 | 96.4 | % | ||||||||||||||
Peachtree Mall | Dillard's, JCPenney, Macy's | 100 | % | Columbus, GA | 300,282 | 221,539 | 287,076 | — | 12,600 | 821,497 | 94.6 | % | ||||||||||||||
Pecanland Mall | Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears | 100 | % | Monroe, LA | 347,811 | 19,962 | 595,474 | — | — | 963,247 | 95.1 | % | ||||||||||||||
Pembroke Lakes Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears | 100 | % | Pembroke Pines (Fort Lauderdale), FL | 353,767 | 395,219 | 386,056 | — | — | 1,135,042 | 99.0 | % | ||||||||||||||
Pioneer Place | 100 | % | Portland, OR | 350,404 | — | — | — | 288,898 | 639,302 | 87.8 | % | |||||||||||||||
Prince Kuhio Plaza | Macy's, Sears | 100 | % | Hilo, HI | 309,252 | 124,547 | 61,873 | — | — | 495,672 | 97.0 | % | ||||||||||||||
Providence Place | JCPenney, Macy's, Nordstrom | 94 | % | Providence, RI | 734,700 | — | 513,816 | — | 4,304 | 1,252,820 | 99.1 | % | ||||||||||||||
Provo Towne Centre | Dillard's, JCPenney, Sears | 75 | % | Provo, UT | 300,303 | 285,479 | 206,240 | — | — | 792,022 | 83.7 | % | ||||||||||||||
Quail Springs Mall | Dillard's, JCPenney, Macy's, Von Maur | 100 | % | Oklahoma City, OK | 451,075 | 160,000 | 505,596 | — | — | 1,116,671 | 96.4 | % | ||||||||||||||
Red Cliffs Mall | Dillard's, JCPenney, Sears | 100 | % | St. George, UT | 155,757 | 235,031 | — | 57,304 | — | 448,092 | 99.1 | % | ||||||||||||||
Ridgedale Center | JCPenney, Macy's, Sears, Nordstrom | 100 | % | Minnetonka, MN | 279,752 | 205,072 | 595,868 | — | — | 1,080,692 | 97.7 | % | ||||||||||||||
River Hills Mall | Herberger's, JCPenney, Sears, Target | 100 | % | Mankato, MN | 343,493 | 189,559 | 174,383 | — | — | 707,435 | 94.0 | % | ||||||||||||||
Rivertown Crossings | JCPenney, Kohl's, Macy's, Sears, Younkers | 100 | % | Grandville (Grand Rapids), MI | 631,479 | — | 635,625 | — | — | 1,267,104 | 95.8 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Rogue Valley Mall | JCPenney, Kohl's, Macy's, Macy's Home Store | 100 | % | Medford (Portland), OR | 280,169 | 170,625 | 186,359 | — | — | 637,153 | 80.4 | % | ||||||||||||||
Sooner Mall | Dillard's, JCPenney, Sears | 100 | % | Norman, OK | 220,963 | 129,823 | 137,082 | — | — | 487,868 | 99.7 | % | ||||||||||||||
Spokane Valley Mall | JCPenney, Macy's, Sears | 75 | % | Spokane, WA | 350,545 | 126,243 | 251,366 | 138,002 | — | 866,156 | 92.5 | % | ||||||||||||||
Staten Island Mall | Macy's, Sears, JCPenney | 100 | % | Staten Island, NY | 523,418 | 190,441 | 466,922 | 77,035 | — | 1,257,816 | 98.0 | % | ||||||||||||||
Stonestown Galleria | Macy's, Nordstrom | 100 | % | San Francisco, CA | 407,179 | 160,505 | 267,788 | — | — | 835,472 | 96.6 | % | ||||||||||||||
The Crossroads | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | Portage (Kalamazoo), MI | 266,414 | — | 502,961 | — | — | 769,375 | 96.4 | % | ||||||||||||||
The Gallery At Harborplace | 100 | % | Baltimore, MD | 131,463 | — | — | — | 283,321 | 414,784 | 86.5 | % | |||||||||||||||
The Maine Mall | The Bon Ton, JCPenney, Macy's, Sears | 100 | % | South Portland, ME | 509,365 | 120,844 | 377,662 | — | 600 | 1,008,471 | 99.5 | % | ||||||||||||||
The Mall In Columbia | JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears | 100 | % | Columbia, MD | 634,211 | 351,168 | 449,000 | — | — | 1,434,379 | 97.8 | % | ||||||||||||||
The Oaks Mall | Belk, Dillard's, JCPenney, Macy's, Sears | 100 | % | Gainesville, FL | 348,237 | 233,367 | 324,500 | — | — | 906,104 | 95.4 | % | ||||||||||||||
The Parks at Arlington | Dillard's, JCPenney, Macy's, Sears | 100 | % | Arlington (Dallas), TX | 761,468 | — | 748,945 | — | — | 1,510,413 | 99.4 | % | ||||||||||||||
The Shoppes at Buckland Hills | JCPenney, Macy's, Macy's Mens & Home, Sears | 100 | % | Manchester, CT | 560,061 | — | 512,611 | — | — | 1,072,672 | 93.1 | % | ||||||||||||||
The Shops at Fallen Timbers | Dillard's, JCPenney | 100 | % | Maumee, OH | 351,080 | — | 261,502 | — | — | 612,582 | 95.1 | % | ||||||||||||||
The Shops at La Cantera | Dillard's, Macy's, Neiman Marcus, Nordstrom | 75 | % | San Antonio, TX | 617,843 | — | 627,597 | — | 70,094 | 1,315,534 | 98.5 | % | ||||||||||||||
The Streets at Southpoint | Hudson Belk, JCPenney, Macy's, Nordstrom, Sears | 94 | % | Durham, NC | 607,956 | — | 726,347 | — | — | 1,334,303 | 97.9 | % | ||||||||||||||
The Woodlands Mall | Dillard's, JCPenney, Macy's, Nordstrom | 100 | % | Woodlands (Houston), TX | 625,414 | — | 713,438 | — | 38,905 | 1,377,757 | 99.3 | % | ||||||||||||||
Town East Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Mesquite (Dallas), TX | 413,453 | — | 809,386 | — | — | 1,222,839 | 95.3 | % | ||||||||||||||
Tucson Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Tucson, AZ | 612,989 | — | 641,458 | 27,305 | — | 1,281,752 | 94.0 | % | ||||||||||||||
Tysons Galleria | Macy's, Neiman Marcus, Saks Fifth Avenue | 100 | % | McLean (Washington, D.C.), VA | 309,789 | — | 511,933 | — | — | 821,722 | 90.5 | % | ||||||||||||||
Valley Plaza Mall | JCPenney, Macy's, Sears, Target | 100 | % | Bakersfield, CA | 520,729 | 364,792 | 292,176 | — | — | 1,177,697 | 98.2 | % | ||||||||||||||
Visalia Mall | JCPenney, Macy's | 100 | % | Visalia, CA | 173,889 | 257,000 | — | — | — | 430,889 | 95.8 | % | ||||||||||||||
Westlake Center | 100 | % | Seattle, WA | 108,745 | — | — | — | — | 108,745 | 93.3 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Westroads Mall | JCPenney, Von Maur, Younkers | 100 | % | Omaha, NE | 523,847 | — | 529,036 | — | — | 1,052,883 | 95.6 | % | ||||||||||||||
White Marsh Mall | JCPenney, Macy's, Macy's Home Store, Sears, Boscov's | 100 | % | Baltimore, MD | 437,658 | 257,345 | 466,010 | — | — | 1,161,013 | 97.5 | % | ||||||||||||||
Willowbrook | Bloomingdale's, Lord & Taylor, Macy's, Sears | 100 | % | Wayne, NJ | 490,225 | 2,060 | 1,028,000 | — | — | 1,520,285 | 99.5 | % | ||||||||||||||
Woodbridge Center | Boscov's, JCPenney, Lord & Taylor, Macy's, Sears | 100 | % | Woodbridge, NJ | 650,480 | 455,739 | 560,935 | — | — | 1,667,154 | 93.6 | % | ||||||||||||||
Total Consolidated Retail Properties | Count: 88 | 37,512,839 | 12,979,651 | 34,836,595 | 1,194,996 | 1,082,036 | 87,606,117 | 96.1 | % | |||||||||||||||||
Unconsolidated Retail Properties | ||||||||||||||||||||||||||
Ala Moana Center 2 | Macy's, Neiman Marcus, Nordstrom, Bloomingdale's | 63 | % | Honolulu, HI | 955,691 | 849,735 | — | 14,042 | 362,591 | 2,182,059 | 95.8 | % | ||||||||||||||
Alderwood | JCPenney, Macy's, Nordstrom, Sears | 50 | % | Lynnwood (Seattle), WA | 578,140 | 177,679 | 528,219 | 39,096 | — | 1,323,134 | 98.9 | % | ||||||||||||||
Altamonte Mall | Dillard's, JCPenney, Macy's, Sears | 50 | % | Altamonte Springs (Orlando), FL | 481,838 | 158,658 | 519,890 | — | — | 1,160,386 | 96.9 | % | ||||||||||||||
Bayside Marketplace | 51 | % | Miami, FL | 220,222 | — | — | — | 1,103 | 221,325 | 90.8 | % | |||||||||||||||
Bridgewater Commons | Bloomingdale's, Lord & Taylor, Macy's | 35 | % | Bridgewater, NJ | 405,967 | 150,525 | 352,351 | 92,584 | — | 1,001,427 | 98.1 | % | ||||||||||||||
Carolina Place | Belk, Dillard's, JCPenney, Macy's, Sears | 50 | % | Pineville (Charlotte), NC | 386,410 | 277,404 | 496,098 | — | — | 1,159,912 | 98.7 | % | ||||||||||||||
Christiana Mall | JCPenney, Macy's, Nordstrom, Target | 50 | % | Newark, DE | 626,701 | — | 641,312 | — | — | 1,268,013 | 99.2 | % | ||||||||||||||
Clackamas Town Center | JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears | 50 | % | Happy Valley, OR | 631,504 | — | 774,842 | — | — | 1,406,346 | 99.1 | % | ||||||||||||||
First Colony Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's | 50 | % | Sugar Land, TX | 506,590 | — | 619,048 | — | — | 1,125,638 | 99.4 | % | ||||||||||||||
Florence Mall | JCPenney, Macy's, Macy's Home Store, Sears | 50 | % | Florence (Cincinnati, OH), KY | 388,688 | — | 552,407 | — | — | 941,095 | 87.5 | % | ||||||||||||||
Galleria at Tyler | JCPenney, Macy's, Nordstrom | 50 | % | Riverside, CA | 559,637 | — | 468,208 | — | — | 1,027,845 | 99.1 | % | ||||||||||||||
Glendale Galleria | Bloomingdale's, JCPenney, Macy's, Target | 50 | % | Glendale, CA | 504,294 | 305,000 | 525,000 | — | 139,013 | 1,473,307 | 98.1 | % | ||||||||||||||
Kenwood Towne Centre 3 | Dillard's, Macy's, Nordstrom | 50 | % | Cincinnati, OH | 519,851 | 240,656 | 400,665 | — | — | 1,161,172 | 99.7 | % | ||||||||||||||
Mizner Park | Lord & Taylor | 47 | % | Boca Raton, FL | 177,019 | 79,822 | — | — | 264,199 | 521,040 | 95.8 | % | ||||||||||||||
Natick Mall | Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom | 50 | % | Natick (Boston), MA | 747,714 | 194,722 | 558,370 | — | — | 1,500,806 | 96.8 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Neshaminy Mall | Boscov's, Macy's, Sears | 50 | % | Bensalem, PA | 391,619 | 196,606 | 418,595 | — | — | 1,006,820 | 96.6 | % | ||||||||||||||
Northbrook Court | Lord & Taylor, Macy's, Neiman Marcus | 50 | % | Northbrook (Chicago), IL | 477,654 | 126,000 | 410,277 | — | — | 1,013,931 | 96.2 | % | ||||||||||||||
Oakbrook Center | Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears | 48 | % | Oak Brook (Chicago), IL | 1,122,193 | 606,081 | 467,863 | — | 239,250 | 2,435,387 | 96.9 | % | ||||||||||||||
Otay Ranch Town Center | Macy's | 50 | % | Chula Vista (San Diego), CA | 509,540 | — | 140,000 | — | — | 649,540 | 95.7 | % | ||||||||||||||
Park Meadows | Dillard's, JCPenney, Macy's, Nordstrom | 35 | % | Lone Tree, CO | 753,195 | — | 823,000 | — | — | 1,576,195 | 99.4 | % | ||||||||||||||
Perimeter Mall | Dillard's, Macy's, Nordstrom, Von Maur | 50 | % | Atlanta, GA | 504,668 | 222,056 | 831,218 | — | — | 1,557,942 | 97.1 | % | ||||||||||||||
Pinnacle Hills Promenade | Dillard's, JCPenney | 50 | % | Rogers, AR | 359,081 | 98,540 | 162,140 | 304,505 | 59,090 | 983,356 | 94.2 | % | ||||||||||||||
Plaza Frontenac | Neiman Marcus, Saks Fifth Avenue | 55 | % | St. Louis, MO | 224,518 | 125,669 | 135,044 | — | — | 485,231 | 96.9 | % | ||||||||||||||
Riverchase Galleria | Belk, JCPenney, Macy's, Sears, Von Maur | 50 | % | Hoover (Birmingham), AL | 564,803 | 330,032 | 610,026 | — | — | 1,504,861 | 96.3 | % | ||||||||||||||
Saint Louis Galleria 2 | Dillard's, Macy's, Nordstrom | 74 | % | St. Louis, MO | 447,251 | — | 714,052 | — | — | 1,161,303 | 97.4 | % | ||||||||||||||
Stonebriar Centre | Dillard's, JCPenney, Macy's, Nordstrom, Sears | 50 | % | Frisco (Dallas), TX | 846,057 | 162,018 | 703,174 | — | — | 1,711,249 | 98.6 | % | ||||||||||||||
The Grand Canal Shoppes | Barneys New York | 50 | % | Las Vegas, NV | 659,440 | 84,743 | — | — | 23,253 | 767,436 | 97.1 | % | ||||||||||||||
The Shoppes at River Crossing | Belk, Dillard's | 50 | % | Macon, GA | 393,915 | — | 333,219 | — | — | 727,134 | 97.4 | % | ||||||||||||||
Towson Town Center | Macy's, Nordstrom | 35 | % | Towson, MD | 602,693 | — | 419,129 | — | — | 1,021,822 | 98.0 | % | ||||||||||||||
Union/Geary | Bulgari | 50 | % | San Francisco, CA | 22,208 | — | — | — | 19,507 | 41,715 | 100.0 | % | ||||||||||||||
Union/Stockton | Apple | 50 | % | San Francisco, CA | 16,987 | — | — | — | — | 16,987 | 100.0 | % | ||||||||||||||
Village of Merrick Park | Neiman Marcus, Nordstrom | 55 | % | Coral Gables, FL | 409,809 | — | 330,000 | — | 101,263 | 841,072 | 97.8 | % | ||||||||||||||
Water Tower Place | Macy's | 47 | % | Chicago, IL | 408,079 | 297,618 | — | — | 88,809 | 794,506 | 98.6 | % | ||||||||||||||
Whaler's Village | 50 | % | Lahaina, HI | 101,580 | — | — | — | 2,557 | 104,137 | 97.7 | % | |||||||||||||||
Willowbrook Mall | Dillard's, JCPenney, Macy's, Macy's Mens, Sears | 50 | % | Houston, TX | 460,052 | — | 984,372 | — | — | 1,444,424 | 97.5 | % | ||||||||||||||
Total Unconsolidated Retail Properties | Count: 35 | 16,965,608 | 4,683,564 | 13,918,519 | 450,227 | 1,300,635 | 37,318,553 | 97.3 | % | |||||||||||||||||
Total Same Store Retail Properties 4 | Count: 123 | 54,478,447 | 17,663,215 | 48,755,114 | 1,645,223 | 2,382,671 | 124,924,670 | 96.5 | % | |||||||||||||||||
PORTFOLIO OPERATING METRICS Property Schedule As of September 30, 2015 |
Property Name | Anchors | GGP Own % | Location | Mall and Freestanding GLA | Anchor GLA (GGP Owned) | Anchor GLA (Tenant Owned) | Strip Center GLA | Office GLA | Total GLA 1 | Retail Percentage Leased | ||||||||||||||||
Non-Same Store Retail Properties | ||||||||||||||||||||||||||
Southwest Plaza | Dillard's, JCPenney, Macy's, Sears | 100 | % | Littleton, CO | 462,753 | 34,545 | 541,851 | — | 64,817 | 1,103,966 | 93.4 | % | ||||||||||||||
The Shops at Bravern | Neiman Marcus | 40 | % | Bellevue, WA | 111,886 | 124,637 | — | — | — | 236,523 | 100.0 | % | ||||||||||||||
522 Fifth Avenue | 10 | % | New York, NY | 1,918 | — | — | — | — | 1,918 | 100.0 | % | |||||||||||||||
530 Fifth Avenue | 50 | % | New York, NY | 31,230 | — | — | — | — | 31,230 | 100.0 | % | |||||||||||||||
685 Fifth Avenue | 50 | % | New York, NY | — | — | — | — | 94,812 | 94,812 | N/A | ||||||||||||||||
730 Fifth Avenue | 50 | % | New York, NY | 64,956 | — | — | — | 32,672 | 97,628 | 100.0 | % | |||||||||||||||
85 Fifth Avenue | 50 | % | New York, NY | 12,946 | — | — | — | — | 12,946 | 100.0 | % | |||||||||||||||
Miami Design District 5 | 13 | % | Miami, FL | 417,943 | — | — | — | 91,917 | 509,860 | 100.0 | % | |||||||||||||||
Total Retail Properties | Count: 131 | 55,582,079 | 17,822,397 | 49,296,965 | 1,645,223 | 2,666,889 | 127,013,552 | 96.5 | % | |||||||||||||||||
Non-Same Store Strip Centers & Other Retail | ||||||||||||||||||||||||||
Lockport Mall | 100 | % | Lockport, NY | — | — | — | 9,114 | — | 9,114 | 100.0 | % | |||||||||||||||
Shopping Leblon | 35 | % | Rio de Janeiro, Brazil | 256,045 | — | — | — | — | 256,045 | 99.0 | % | |||||||||||||||
Owings Mills Mall | JCPenney, Macy's | 51 | % | Owings Mills, MD | 438,582 | 340,000 | 307,037 | — | — | 1,085,619 | 28.0 | % | ||||||||||||||
Total Non-Same Store Strip Centers & Other Retail | Count: 3 | 694,627 | 340,000 | 307,037 | 9,114 | — | 1,350,778 | 54.7 | % |
1. | Excludes space under development. |
2. | Ownership is substantially more than 50% but management decisions are decided by the joint venture and the entity is unconsolidated for reporting purposes. |
3. | Ownership percentage includes retained debt of $91.8 million. |
4. | Refer to page 17 (Key Operating Performance Indicators). |
5. | Investment is considered cost method for reporting purposes and is reflected in prepaid and other assets in our proportionate balance sheet. |
Miscellaneous |
MISCELLANEOUS Capital Information (In thousands, except per share amounts) |
September 30, 2015 | |||
Closing common stock price per share | $ | 25.97 | |
52 Week High 1 | 31.70 | ||
52 Week Low 1 | 23.19 | ||
Portfolio Net Debt, At Share | |||
Portfolio Debt | |||
Fixed | $ | 15,949,009 | |
Variable2 | 3,603,014 | ||
Total Portfolio Debt | 19,552,023 | ||
Less: Cash and Cash Equivalents | (361,995 | ) | |
Portfolio Net Debt | $ | 19,190,028 | |
Portfolio Capitalization Data | |||
Portfolio Net Debt | $ | 19,190,028 | |
Preferred Securities: | |||
Convertible Preferred Units at 6.50% | 26,637 | ||
Convertible Preferred Units at 7.00% | 25,133 | ||
Convertible Preferred Units at 8.50% | 102,796 | ||
Preferred Stock at 6.375% | 250,000 | ||
Other Preferred Stock | 360 | ||
Total Preferred Securities | $ | 404,926 | |
Common stock and Operating Partnership units outstanding at end of period 3 | $ | 23,085,304 | |
Total Market Capitalization at end of period | $ | 42,680,258 |
1. | 52-week pricing information includes the intra-day highs and lows. |
2. | Excludes other non-portfolio debt amounts. |
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 approximately 1.04 multiplied by the closing share price. |
MISCELLANEOUS Change in Total Common and Equivalent Shares |
Rollforward of Shares to September 30, 2015 | Long Term Incentive Plan Common Units | Operating Partnership Units | Company Common Shares | Total Common Shares & Operating Partnership Units | ||||||
(In thousands) | ||||||||||
Common Shares and Operating Partnership Units ("OP Units") Outstanding at December 31, 2014 | — | 4,625 | 884,912 | 889,537 | ||||||
Common Unit Cash Conversion | — | (40 | ) | — | (40 | ) | ||||
DRIP | — | — | 18 | 18 | ||||||
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised | 1,656 | — | 1,440 | 3,096 | ||||||
Issuance of stock for employee stock purchase program | — | — | 117 | 117 | ||||||
Repurchase of common stock | — | — | (90 | ) | (90 | ) | ||||
Retirement of common stock | — | — | (3,964 | ) | (3,964 | ) | ||||
Common Shares and OP Units Outstanding at September 30, 2015 | 1,656 | 4,585 | 882,433 | 888,674 | ||||||
Common Shares issuable assuming exercise of warrants 1 | 57,984 | |||||||||
Common Shares issuable assuming exercise of in-the-money stock options 2 | 6,023 | |||||||||
Common Shares issuable assuming exchange of OP Units | 6,489 | |||||||||
Diluted Common Shares and OP Units Outstanding at September 30, 2015 | 952,929 |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||
(In thousands) | (In thousands) | |||||||||||
Weighted average number of company shares outstanding | 884,640 | 883,898 | 885,437 | 887,927 | ||||||||
Weighted average number of stock options 3 | 6,212 | 5,884 | 7,084 | 5,147 | ||||||||
Weighted average number of GAAP dilutive warrants | 58,209 | 53,141 | 59,462 | 50,841 | ||||||||
Diluted weighted average number of Company shares outstanding - GAAP EPS | 949,061 | 942,923 | 951,983 | 943,915 | ||||||||
Weighted average number of common units | 4,770 | 4,834 | 4,788 | 4,834 | ||||||||
Weighted average number of LTIP Units | 1,725 | — | 1,572 | — | ||||||||
Diluted weighted average number of Company shares outstanding - FFO/Company FFO | 955,556 | 947,757 | 958,343 | 948,749 |
1. | GGP has 73.9 million warrants outstanding convertible to 1.1962 Common Shares with a weighted average exercise price of $8.9420, with a scheduled expiration of November 9, 2017. 16.4 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. |
Warrants | Weighted Average Exercise Price | Expiration Date | Impact of Dividend issued to stockholders of record as of July 15, 2015 4 | Impact of settling warrants via net share settlement 5 | |
$57,500,000 | $8.9885 | Nov 9, 2017 | Reduces exercise price to $8.9885 | Increases number of Common shares per warrant to 1.1962 | Net share: 68,781,500 x [25.97 - 8.9885] /25.97 = 44,975,473 shares delivered |
$16,428,571 | $8.7794 | Nov 9, 2017 | Reduces exercise price to $8.7794 | Increases number of Common shares per warrant to 1.1962 | Net share: 19,651,857 x [25.97 - 8.7794] /25.97 = 13,008,364 shares delivered |
73,928,571 | $8.9420 | 57,983,837 shares delivered |
2. | The options are included at net share settlement. |
3. | The impact of the stock options are dilutive under GAAP and FFO in 2015 and 2014. |
4. | Based on dividend of $0.17 per share issued to stockholders of record on July 15, 2015. |
5. | Based on stock price of $25.97 on September 30, 2015. |
MISCELLANEOUS Development Summary |
Property | Description | Ownership % | GGP's Total Projected Share of Cost | GGP's Investment to Date 1 | Expected Return on Investment 2 | Expected Project Opening | % Opening on Open Date | Stabilized Year | |||||||||
Major Development Summary (in millions, at share unless otherwise noted) | |||||||||||||||||
Open | |||||||||||||||||
Various Malls | N/A | $ | 499.6 | $ | 461.9 | 12% | 2015 | ||||||||||
Total Open Projects | $ | 499.6 | $ | 461.9 | 12% | ||||||||||||
Under Construction | |||||||||||||||||
Mayfair Mall 3 | Nordstrom | 100% | 72.3 | 52.4 | 6-8% | Q4 2015 | 90% | 2016 | |||||||||
Wauwatosa, WI | |||||||||||||||||
Ridgedale Center 3 | Nordstrom, Macy's Expansion, New Inline GLA and renovation | 100% | 106.2 | 96.5 | 8-9% | Q4 2015 | 40% | 2017 | |||||||||
Minnetonka, MN | |||||||||||||||||
Southwest Plaza | Redevelopment | 100% | 72.6 | 57.2 | 9-10% | Q4 2015 | 80% | 2017 | |||||||||
Littleton, CO | |||||||||||||||||
Baybrook Mall | Expansion | 53% | 90.5 | 52.3 | 9-10% | Q4 2015 | 50% | 2017 | |||||||||
Friendswood, TX | |||||||||||||||||
Ala Moana Center 4 | Demolish existing Sears store and expand mall, adding anchor, box | 62.5% | 358.3 | 331.6 | 9-10% | Q4 2015 | 50% | 2017 | |||||||||
Honolulu, HI | and inline tenants, reconfigure center court | ||||||||||||||||
Other Projects | Redevelopment projects at various malls | N/A | 300.0 | 96.2 | 8-9% | Various | Various | ||||||||||
Various Malls | |||||||||||||||||
Total Projects Under Construction | $ | 999.9 | $ | 686.2 | 8-10% |
MISCELLANEOUS Development Summary |
Property | Description | Ownership % | GGP's Total Projected Share of Cost | GGP's Investment to Date 1 | Expected Return on Investment 2 | Expected Project Opening | % Opening on Open Date | Stabilized Year | |||||||||
Major Development Summary (in millions, at share unless otherwise noted) | |||||||||||||||||
Projects in Pipeline | |||||||||||||||||
Staten Island Mall | Expansion | 100% | 180.0 | 7.7 | 8-9% | TBD | TBD | ||||||||||
Staten Island, NY | |||||||||||||||||
New Mall Development | Ground up mall development | 100% | 285.0 | 40.7 | 8-10% | TBD | TBD | ||||||||||
Norwalk, CT | |||||||||||||||||
Ala Moana Center | Nordstrom box repositioning | 62.5% | 53.1 | 18.8 | 9-10% | TBD | TBD | ||||||||||
Honolulu, HI | |||||||||||||||||
Other Projects | Redevelopment projects at various malls | N/A | 126.3 | 3.6 | 8-9% | TBD | TBD | ||||||||||
Various Malls | |||||||||||||||||
Total Projects in Pipeline | $ | 644.4 | $ | 70.8 | 8-10% | ||||||||||||
Total Development Summary | $ | 2,143.9 | $ | 1,218.9 | 9-11% |
1. | Projected costs and investments to date exclude capitalized interest and overhead. |
2. | Return on investment represents first year stabilized cash-on-cash return, based upon budgeted assumptions. Actual costs may vary. |
3. | Project ROI includes income related to uplift on existing space. |
4. | These totals exclude purchase price and any future redevelopment related to the Sears anchor boxes acquired in March 2015. |
MISCELLANEOUS Capital Expenditures |
Expenditures ($ in thousands) | ||||||||
Nine Months Ended | Nine Months Ended | |||||||
September 30, 2015 | September 30, 2014 | |||||||
Capital expenditures | $ | 137,739 | $ | 126,812 | ||||
Tenant allowances and capitalized leasing costs | 114,617 | 93,641 | ||||||
Total | $ | 252,356 | $ | 220,453 |
MISCELLANEOUS Corporate Information |
Reporting Calendar | ||||
Results for year end will be announced according to the following approximate schedule: | ||||
Quarter | Earnings Release Date | Earnings Call Date | ||
Q4 2015 | February 1, 2016 | February 2, 2016 |
Stock Information | ||||
Common Stock | ||||
NYSE: GGP | ||||
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Series A Preferred Stock) | ||||
NYSE: GGP PrA |
Security | Quarter | Declaration Date | Record Date | Date Payable or Paid | Dividend per Share |
Common Stock | Q4 2015 | November 2, 2015 | December 15, 2015 | January 4, 2016 | $0.1900 |
Common Stock | Q3 2015 | September 1, 2015 | October 15, 2015 | October 30, 2015 | $0.1800 |
Common Stock | Q2 2015 | May 21, 2015 | July 15, 2015 | July 31, 2015 | $0.1700 |
Common Stock | Q1 2015 | February 19, 2015 | April 15, 2015 | April 30, 2015 | $0.1700 |
Common Stock | Q4 2014 | November 14, 2014 | December 15, 2014 | January 2, 2015 | $0.1700 |
Common Stock | Q3 2014 | August 12, 2014 | October 15, 2014 | October 31, 2014 | $0.1600 |
Series A Preferred Stock | Q4 2015 | November 2, 2015 | December 15, 2015 | January 4, 2016 | $0.3984 |
Series A Preferred Stock | Q3 2015 | September 1, 2015 | September 15, 2015 | October 1, 2015 | $0.3984 |
Series A Preferred Stock | Q2 2015 | May 21, 2015 | June 15, 2015 | July 1, 2015 | $0.3984 |
Series A Preferred Stock | Q1 2015 | February 19, 2015 | March 16, 2015 | April 1, 2015 | $0.3984 |
Series A Preferred Stock | Q4 2014 | November 14, 2014 | December 15, 2014 | January 2, 2015 | $0.3984 |
Series A Preferred Stock | Q3 2014 | August 12, 2014 | September 15, 2014 | October 1, 2014 | $0.3984 |
Investor Relations | Transfer Agent | |||
Kevin Berry | American Stock Transfer & Trust Company, LLC | |||
Vice President, Investor Relations | 6201 15th Avenue | |||
Phone (312) 960-5529 | Brooklyn, NY 11219 | |||
kevin.berry@ggp.com | Phone: (866) 627-2643 | |||
Foreign Investor Line: | ||||
+1 718 921-8124 |
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 and development space. | |
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 | Company NOI that excludes the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. | |
Non-Same Store NOI | Includes the periodic effects of acquisitions of new properties and certain redevelopments and other properties. | |
Company NOI | Same Store NOI plus Non-Same Store NOI. Excludes reductions in ownership as a result of sales or other transactions. | |
Company EBITDA | Company NOI plus management fees and other corporate revenues, property management and other costs and general and administrative expense. Excludes reductions in ownership as a result of sales or other transactions. | |
Sold Interests | Reduction in ownership as a result of sales or other transactions, excluded from Company NOI and Company EBITDA, included in Company FFO. |
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. | |
Occupancy Cost | Ratio of total tenant charges to comparative sales for inline mall tenants that opened at 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 and common area costs. | |
Expiring Rent | Represents rent at the end of the lease consisting of base minimum rent and common area costs. | |
Initial Rent | Represents initial rent at the time of rent commencement consisting of base minimum rent and common area costs. | |
Average Rent | Represents average rent over the term consisting of base minimum rent and common area costs. | |
Initial Rent Spread | Dollar spread between Initial Rent and Expiring Rent. | |
Average Rent Spread | Dollar spread between Average Rent and Expiring Rent. |
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