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 First Quarter 2016 Results and Declares Second Quarter Dividend” dated May 2, 2016 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three months ended March 31, 2016 (furnished herewith). |
Exhibit Number | Name |
99.1 | Press release titled “GGP Reports First Quarter 2016 Results and Declares Second Quarter Dividend” dated May 2, 2016 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three months ended March 31, 2016 (furnished herewith). |
• | Same Store leased percentage was 95.9% at quarter end. |
• | Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 13.0%, or $7.64 per square foot, to $66.37 per square foot when compared to the rental rate for expiring leases. |
• | Tenant sales (all less anchors) increased 2.1% to $20.3 billion on a trailing 12-month basis. |
Earnings Guidance | For the year ending December 31, 2016 | For the three months ending June 30, 2016 | ||||
Company FFO per diluted share | $1.52 - $1.56 | $0.34 - $0.36 | ||||
Adjustments (1) | (0.04 | ) | (0.01 | ) | ||
NAREIT FFO | $1.48 - $1.52 | $0.33 - $0.35 | ||||
Depreciation, including share of JVs | (0.94 | ) | (0.24 | ) | ||
Net income attributable to common stockholders | $0.54 - $0.58 | $0.09 - $0.11 | ||||
Preferred stock dividends | 0.02 | — | ||||
Net income attributable to GGP | $0.56 - $0.60 | $0.09 - $0.11 | ||||
(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. |
FINANCIAL STATEMENTS |
Consolidated Statements of Operations (In thousands, except per share) | |||||||
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Revenues: | |||||||
Minimum rents | $ | 371,132 | $ | 374,112 | |||
Tenant recoveries | 172,448 | 177,482 | |||||
Overage rents | 8,145 | 8,815 | |||||
Management fees and other corporate revenues | 33,741 | 19,086 | |||||
Other | 21,566 | 14,648 | |||||
Total revenues | 607,032 | 594,143 | |||||
Expenses: | |||||||
Real estate taxes | 58,103 | 55,987 | |||||
Property maintenance costs | 17,483 | 19,881 | |||||
Marketing | 2,054 | 4,821 | |||||
Other property operating costs | 70,394 | 76,183 | |||||
Provision for doubtful accounts | 3,401 | 3,271 | |||||
Provision for loan loss | 36,069 | — | |||||
Property management and other costs | 30,745 | 42,793 | |||||
General and administrative | 13,427 | 12,446 | |||||
Provisions for impairment | 40,705 | — | |||||
Depreciation and amortization | 160,671 | 175,948 | |||||
Total expenses | 433,052 | 391,330 | |||||
Operating income | 173,980 | 202,813 | |||||
Interest and dividend income | 16,058 | 8,821 | |||||
Interest expense | (147,677 | ) | (172,651 | ) | |||
Gain (loss) on foreign currency | 8,936 | (22,910 | ) | ||||
Gain from changes in control of investment properties and other | 74,555 | 591,245 | |||||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and allocation to noncontrolling interests | 125,852 | 607,318 | |||||
(Provision for) benefit from income taxes | (2,920 | ) | 11,159 | ||||
Equity in income of Unconsolidated Real Estate Affiliates | 57,491 | 11,253 | |||||
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 14,914 | 12,020 | |||||
Net income | 195,337 | 641,750 | |||||
Allocation to noncontrolling interests | (3,557 | ) | (7,019 | ) | |||
Net income attributable to GGP | 191,780 | 634,731 | |||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | |||
Net income attributable to common stockholders | $ | 187,796 | $ | 630,747 | |||
Basic Earnings Per Share: | $ | 0.21 | $ | 0.71 | |||
Diluted Earnings Per Share: | $ | 0.20 | $ | 0.66 | |||
FINANCIAL STATEMENTS |
Consolidated Balance Sheets (In thousands) | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Investment in real estate: | |||||||
Land | $ | 3,584,640 | $ | 3,596,354 | |||
Buildings and equipment | 16,342,374 | 16,379,789 | |||||
Less accumulated depreciation | (2,504,856 | ) | (2,452,127 | ) | |||
Construction in progress | 297,711 | 308,903 | |||||
Net property and equipment | 17,719,869 | 17,832,919 | |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,535,457 | 3,506,040 | |||||
Net investment in real estate | 21,255,326 | 21,338,959 | |||||
Cash and cash equivalents | 193,099 | 356,895 | |||||
Accounts and notes receivable, net | 962,397 | 949,556 | |||||
Deferred expenses, net | 215,484 | 214,578 | |||||
Prepaid expenses and other assets | 940,008 | 997,334 | |||||
Assets held for disposition | — | 216,233 | |||||
Total assets | $ | 23,566,314 | $ | 24,073,555 | |||
Liabilities: | |||||||
Mortgages, notes and loans payable | 13,868,216 | 14,216,160 | |||||
Investment in Unconsolidated Real Estate Affiliates | 39,208 | 38,488 | |||||
Accounts payable and accrued expenses | 667,410 | 784,493 | |||||
Dividend payable | 175,326 | 172,070 | |||||
Deferred tax liabilities | 4,665 | 1,289 | |||||
Junior Subordinated Notes | 206,200 | 206,200 | |||||
Liabilities held for disposition | — | 58,934 | |||||
Total liabilities | 14,961,025 | 15,477,634 | |||||
Redeemable noncontrolling interests: | |||||||
Preferred | 167,732 | 157,903 | |||||
Common | 141,738 | 129,724 | |||||
Total redeemable noncontrolling interests | 309,470 | 287,627 | |||||
Equity: | |||||||
Preferred stock | 242,042 | 242,042 | |||||
Stockholders' equity | 8,014,835 | 8,028,001 | |||||
Noncontrolling interests in consolidated real estate affiliates | 20,586 | 24,712 | |||||
Noncontrolling interests related to Long-Term Incentive Plan Common Units | 18,356 | 13,539 | |||||
Total equity | 8,295,819 | 8,308,294 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 23,566,314 | $ | 24,073,555 | |||
PROPORTIONATE FINANCIAL STATEMENTS |
Company NOI, EBITDA and FFO For the Three Months Ended March 31, 2016 and 2015 (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 371,132 | $ | (3,498 | ) | $ | 136,012 | $ | (1,073 | ) | $ | 502,573 | $ | 3,014 | $ | 505,587 | $ | 374,112 | $ | (4,090 | ) | $ | 108,707 | $ | (14,070 | ) | $ | 464,659 | $ | 17,509 | $ | 482,168 | ||||||||||||
Tenant recoveries | 172,448 | (1,599 | ) | 58,735 | (478 | ) | 229,106 | — | 229,106 | 177,482 | (1,680 | ) | 49,552 | (7,019 | ) | 218,335 | — | 218,335 | ||||||||||||||||||||||||||
Overage rents | 8,145 | (99 | ) | 3,793 | (293 | ) | 11,546 | — | 11,546 | 8,815 | (61 | ) | 3,004 | (569 | ) | 11,189 | — | 11,189 | ||||||||||||||||||||||||||
Other revenue | 21,566 | (199 | ) | 5,982 | (70 | ) | 27,279 | — | 27,279 | 14,648 | (249 | ) | 5,862 | (626 | ) | 19,635 | — | 19,635 | ||||||||||||||||||||||||||
Condominium sales | — | — | 141,419 | — | 141,419 | — | 141,419 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total property revenues | 573,291 | (5,395 | ) | 345,941 | (1,914 | ) | 911,923 | 3,014 | 914,937 | 575,057 | (6,080 | ) | 167,125 | (22,284 | ) | 713,818 | 17,509 | 731,327 | ||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 58,103 | (780 | ) | 15,729 | (35 | ) | 73,017 | (1,490 | ) | 71,527 | 55,987 | (723 | ) | 13,381 | (1,585 | ) | 67,060 | (1,490 | ) | 65,570 | ||||||||||||||||||||||||
Property maintenance costs | 17,483 | (86 | ) | 5,432 | (29 | ) | 22,800 | — | 22,800 | 19,881 | (124 | ) | 6,119 | (890 | ) | 24,986 | — | 24,986 | ||||||||||||||||||||||||||
Marketing | 2,054 | (14 | ) | 4,413 | 7 | 6,460 | — | 6,460 | 4,821 | (42 | ) | 2,062 | (409 | ) | 6,432 | — | 6,432 | |||||||||||||||||||||||||||
Other property operating costs | 70,394 | (583 | ) | 25,592 | (271 | ) | 95,132 | (1,013 | ) | 94,119 | 76,183 | (756 | ) | 23,537 | (3,376 | ) | 95,588 | (1,020 | ) | 94,568 | ||||||||||||||||||||||||
Provision for doubtful accounts | 3,401 | (7 | ) | 1,969 | (23 | ) | 5,340 | — | 5,340 | 3,271 | (24 | ) | 1,552 | (74 | ) | 4,725 | — | 4,725 | ||||||||||||||||||||||||||
Condominium cost of sales | — | — | 105,195 | — | 105,195 | — | 105,195 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total property operating expenses | 151,435 | (1,470 | ) | 158,330 | (351 | ) | 307,944 | (2,503 | ) | 305,441 | 160,143 | (1,669 | ) | 46,651 | (6,334 | ) | 198,791 | (2,510 | ) | 196,281 | ||||||||||||||||||||||||
NOI | $ | 421,856 | $ | (3,925 | ) | $ | 187,611 | $ | (1,563 | ) | $ | 603,979 | $ | 5,517 | $ | 609,496 | $ | 414,914 | $ | (4,411 | ) | $ | 120,474 | $ | (15,950 | ) | $ | 515,027 | $ | 20,019 | $ | 535,046 | ||||||||||||
Management fees and other corporate revenues | 33,741 | — | — | — | 33,741 | — | 33,741 | 19,086 | — | — | — | 19,086 | — | 19,086 | ||||||||||||||||||||||||||||||
Property management and other costs | (30,745 | ) | 151 | (8,665 | ) | 11 | (39,248 | ) | — | (39,248 | ) | (42,793 | ) | 183 | (7,587 | ) | 210 | (49,987 | ) | — | (49,987 | ) | ||||||||||||||||||||||
General and administrative | (13,427 | ) | — | (94 | ) | — | (13,521 | ) | — | (13,521 | ) | (12,446 | ) | — | (515 | ) | — | (12,961 | ) | — | (12,961 | ) | ||||||||||||||||||||||
EBITDA | $ | 411,425 | $ | (3,774 | ) | $ | 178,852 | $ | (1,552 | ) | $ | 584,951 | $ | 5,517 | $ | 590,468 | $ | 378,761 | $ | (4,228 | ) | $ | 112,372 | $ | (15,740 | ) | $ | 471,165 | $ | 20,019 | $ | 491,184 | ||||||||||||
Depreciation on non-income producing assets | (3,110 | ) | — | — | — | (3,110 | ) | — | (3,110 | ) | (2,682 | ) | — | — | — | (2,682 | ) | — | (2,682 | ) | ||||||||||||||||||||||||
Interest and dividend income | 16,058 | 386 | 706 | — | 17,150 | (205 | ) | 16,945 | 8,821 | 387 | 707 | — | 9,915 | (205 | ) | 9,710 | ||||||||||||||||||||||||||||
Preferred unit distributions | (2,201 | ) | — | — | — | (2,201 | ) | — | (2,201 | ) | (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 | 207 | — | 87 | — | 294 | (294 | ) | — | 187 | (101 | ) | 382 | 359 | 827 | (827 | ) | — | |||||||||||||||||||||||||||
Write-off of mark-to-market adjustments on extinguished debt | — | — | — | — | — | — | — | (14,872 | ) | — | — | 6,361 | (8,511 | ) | 8,511 | — | ||||||||||||||||||||||||||||
Interest on existing debt | (147,884 | ) | 1,439 | (54,775 | ) | 140 | (201,080 | ) | — | (201,080 | ) | (157,967 | ) | 1,459 | (45,516 | ) | 6,507 | (195,517 | ) | — | (195,517 | ) | ||||||||||||||||||||||
Gain (loss) on foreign currency | 8,936 | — | — | — | 8,936 | (8,936 | ) | — | (22,910 | ) | — | — | — | (22,910 | ) | 22,910 | — | |||||||||||||||||||||||||||
Provision for loan loss | (36,069 | ) | — | — | — | (36,069 | ) | 28,549 | (7,520 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
(Provision for) benefit from income taxes | (2,920 | ) | 16 | (84 | ) | — | (2,988 | ) | (5,079 | ) | (8,067 | ) | 11,159 | 20 | (102 | ) | — | 11,077 | (9,061 | ) | 2,016 | |||||||||||||||||||||||
FFO from sold interests | — | — | — | 1,412 | 1,412 | (60 | ) | 1,352 | — | — | — | 2,513 | 2,513 | 8,330 | 10,843 | |||||||||||||||||||||||||||||
240,458 | (1,933 | ) | 124,786 | — | 363,311 | 19,492 | 382,803 | 194,281 | (2,463 | ) | 67,843 | — | 259,661 | 49,677 | 309,338 | |||||||||||||||||||||||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | 122,853 | 1,933 | (124,786 | ) | — | — | — | — | 65,380 | 2,463 | (67,843 | ) | — | — | — | — | ||||||||||||||||||||||||||||
FFO | $ | 363,311 | $ | — | $ | — | $ | — | $ | 363,311 | $ | 19,492 | $ | 382,803 | $ | 259,661 | $ | — | $ | — | $ | — | $ | 259,661 | $ | 49,677 | $ | 309,338 | ||||||||||||||||
Company FFO per diluted share | $ | 0.40 | $ | 0.32 | ||||||||||||||||||||||||||||||||||||||||
PROPORTIONATE FINANCIAL STATEMENTS |
Three Months Ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
Reconciliation of Company NOI to GAAP Operating Income | ||||||||
Company NOI | $ | 609,496 | $ | 535,046 | ||||
Adjustments for minimum rents, real estate taxes and other property operating costs | (5,517 | ) | (20,019 | ) | ||||
Proportionate NOI | 603,979 | 515,027 | ||||||
Unconsolidated Properties | (187,611 | ) | (120,474 | ) | ||||
NOI of Sold Interests | 1,563 | 15,950 | ||||||
Noncontrolling interest in NOI Consolidated Properties | 3,925 | 4,411 | ||||||
Consolidated Properties | 421,856 | 414,914 | ||||||
Management fees and other corporate revenues | 33,741 | 19,086 | ||||||
Property management and other costs | (30,745 | ) | (42,793 | ) | ||||
General and administrative | (13,427 | ) | (12,446 | ) | ||||
Provisions for impairment | (40,705 | ) | — | |||||
Provision for loan loss | (36,069 | ) | — | |||||
Depreciation and amortization | (160,671 | ) | (175,948 | ) | ||||
Operating income | $ | 173,980 | $ | 202,813 | ||||
Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP | ||||||||
Company EBITDA | $ | 590,468 | $ | 491,184 | ||||
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative | (5,517 | ) | (20,019 | ) | ||||
Proportionate EBITDA | 584,951 | 471,165 | ||||||
Unconsolidated Properties | (178,852 | ) | (112,372 | ) | ||||
EBITDA of Sold Interests | 1,552 | 15,740 | ||||||
Noncontrolling interest in EBITDA of Consolidated Properties | 3,774 | 4,228 | ||||||
Consolidated Properties | 411,425 | 378,761 | ||||||
Depreciation and amortization | (160,671 | ) | (175,948 | ) | ||||
Interest income | 16,058 | 8,821 | ||||||
Interest expense | (147,677 | ) | (172,651 | ) | ||||
Gain (loss) on foreign currency | 8,936 | (22,910 | ) | |||||
(Provision for) benefit from income taxes | (2,920 | ) | 11,159 | |||||
Provision for impairment excluded from FFO | (40,705 | ) | — | |||||
Provision for loan loss | (36,069 | ) | — | |||||
Equity in income of Unconsolidated Real Estate Affiliates | 57,491 | 11,253 | ||||||
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 14,914 | 12,020 | ||||||
Gains from changes in control of investment properties and other | 74,555 | 591,245 | ||||||
Allocation to noncontrolling interests | (3,557 | ) | (7,019 | ) | ||||
Net income attributable to GGP | $ | 191,780 | $ | 634,731 | ||||
Reconciliation of Company FFO to GAAP Net Income Attributable to GGP | ||||||||
Company FFO | $ | 382,803 | $ | 309,338 | ||||
Adjustments for minimum rents, property operating expenses, general and administrative, market rate adjustments, loan loss provision, income taxes, and FFO from sold interests | (19,492 | ) | (49,677 | ) | ||||
Proportionate FFO | 363,311 | 259,661 | ||||||
Depreciation and amortization of capitalized real estate costs | (224,869 | ) | (229,868 | ) | ||||
Gain from changes in control of investment properties and other | 74,555 | 591,245 | ||||||
Preferred stock dividends | 3,984 | 3,984 | ||||||
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 14,914 | 12,020 | ||||||
Noncontrolling interests in depreciation of Consolidated Properties | 2,115 | 2,035 | ||||||
Provision for impairment excluded from FFO | (40,705 | ) | — | |||||
Redeemable noncontrolling interests | (1,525 | ) | (4,346 | ) | ||||
Net income attributable to GGP | $ | 191,780 | $ | 634,731 | ||||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates | ||||||||
Equity in NOI of Unconsolidated Properties: | ||||||||
NOI | $ | 187,611 | $ | 120,474 | ||||
Net property management fees and costs | (8,665 | ) | (7,587 | ) | ||||
General and administrative | (94 | ) | (515 | ) | ||||
EBITDA | 178,852 | 112,372 | ||||||
Net interest expense | (53,982 | ) | (44,427 | ) | ||||
Provision for income taxes | (84 | ) | (102 | ) | ||||
FFO of Unconsolidated Properties | 124,786 | 67,843 | ||||||
Depreciation and amortization of capitalized real estate costs | (67,308 | ) | (56,605 | ) | ||||
Other, including gain on sales of investment properties | 13 | 15 | ||||||
Equity in income of Unconsolidated Real Estate Affiliates | $ | 57,491 | $ | 11,253 |
BASIS OF PRESENTATION |
TABLE OF CONTENTS |
Page | Page | ||
Financial Overview | Asset Transactions: | ||
Earnings Press Release | ER1-6 | Summary of Asset Transactions | 13 |
GAAP Financial Statements: | |||
Consolidated Balance Sheets | 1 | Portfolio Operating Metrics: | |
Consolidated Statements of Operations | 2 | Key Operating Performance Indicators | 14 |
Signed Leases All Less Anchors | 15 | ||
Proportionate Financial Statements: | Lease Expiration Schedule and Top Ten Tenants | 16 | |
Proportionate Balance Sheets | 3 | Property Schedule | 17-23 |
Overview | 4 | ||
Company NOI, EBITDA, and FFO | 5 | Miscellaneous: | |
Reconciliation of Non-GAAP to GAAP Financial Measures | 6-7 | Capital Information | 24 |
Change in Total Common and Equivalent Shares | 25 | ||
Debt: | Development Summary | 26 | |
Summary, at Share | 8 | Capital Expenditures | 27 |
Detail, at Share | 9-12 | Corporate Information | 28 |
Glossary of Terms | 29 | ||
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 | Company NOI, Company EBITDA and Company FFO | Proportionate Results for the three months ended March 31, 2016 and 2015 adjusts GGP's consolidated results and FFO for noncontrolling interests and adds the Company's proportionate share of revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, Company EBITDA and Company FFO exclude certain non-cash and non-recurring revenues and expenses that may not be indicative of future operations. |
Portfolio Operating Metrics: | ||
14 | Key Operating Performance Indicators | Certain retail properties operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions. |
17-23 | 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) Percentage leased See Glossary of Terms for detailed descriptions. |
• | Same Store leased percentage was 95.9% at quarter end. |
• | Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 13.0%, or $7.64 per square foot, to $66.37 per square foot when compared to the rental rate for expiring leases. |
• | Tenant sales (all less anchors) increased 2.1% to $20.3 billion on a trailing 12-month basis. |
Earnings Guidance | For the year ending December 31, 2016 | For the three months ending June 30, 2016 | ||
Company FFO per diluted share | $1.52 - $1.56 | $0.34 - $0.36 | ||
Adjustments 1 | (0.04 | ) | (0.01 | ) |
NAREIT FFO | $1.48 - $1.52 | $0.33 - $0.35 | ||
Depreciation, including share of JVs | (0.94 | ) | (0.24 | ) |
Net income attributable to common stockholders | $0.54 - $0.58 | $0.09 - $0.11 | ||
Preferred stock dividends | 0.02 | — | ||
Net income attributable to GGP | $0.56 - $0.60 | $0.09 - $0.11 | ||
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. | ||||
GAAP Financial Statements |
FINANCIAL OVERVIEW Consolidated Balance Sheets (In thousands) |
March 31, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Investment in real estate: | |||||||
Land | $ | 3,584,640 | $ | 3,596,354 | |||
Buildings and equipment | 16,342,374 | 16,379,789 | |||||
Less accumulated depreciation | (2,504,856 | ) | (2,452,127 | ) | |||
Construction in progress | 297,711 | 308,903 | |||||
Net property and equipment | 17,719,869 | 17,832,919 | |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,535,457 | 3,506,040 | |||||
Net investment in real estate | 21,255,326 | 21,338,959 | |||||
Cash and cash equivalents | 193,099 | 356,895 | |||||
Accounts and notes receivable, net | 962,397 | 949,556 | |||||
Deferred expenses, net | 215,484 | 214,578 | |||||
Prepaid expenses and other assets | 940,008 | 997,334 | |||||
Assets held for disposition | — | 216,233 | |||||
Total assets | $ | 23,566,314 | $ | 24,073,555 | |||
Liabilities: | |||||||
Mortgages, notes and loans payable | $ | 13,868,216 | $ | 14,216,160 | |||
Investment in Unconsolidated Real Estate Affiliates | 39,208 | 38,488 | |||||
Accounts payable and accrued expenses | 667,410 | 784,493 | |||||
Dividend payable | 175,326 | 172,070 | |||||
Deferred tax liabilities | 4,665 | 1,289 | |||||
Junior Subordinated Notes | 206,200 | 206,200 | |||||
Liabilities held for disposition | — | 58,934 | |||||
Total liabilities | 14,961,025 | 15,477,634 | |||||
Redeemable noncontrolling interests: | |||||||
Preferred | 167,732 | 157,903 | |||||
Common | 141,738 | 129,724 | |||||
Total redeemable noncontrolling interests | 309,470 | 287,627 | |||||
Equity: | |||||||
Preferred stock | 242,042 | 242,042 | |||||
Stockholders' equity | 8,014,835 | 8,028,001 | |||||
Noncontrolling interests in consolidated real estate affiliates | 20,586 | 24,712 | |||||
Noncontrolling interests related to long-term incentive plan common units | 18,356 | 13,539 | |||||
Total equity | 8,295,819 | 8,308,294 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 23,566,314 | $ | 24,073,555 |
FINANCIAL OVERVIEW Consolidated Statements of Operations (In thousands, except per share) |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Revenues: | |||||||
Minimum rents | $ | 371,132 | $ | 374,112 | |||
Tenant recoveries | 172,448 | 177,482 | |||||
Overage rents | 8,145 | 8,815 | |||||
Management fees and other corporate revenues | 33,741 | 19,086 | |||||
Other | 21,566 | 14,648 | |||||
Total revenues | 607,032 | 594,143 | |||||
Expenses: | |||||||
Real estate taxes | 58,103 | 55,987 | |||||
Property maintenance costs | 17,483 | 19,881 | |||||
Marketing | 2,054 | 4,821 | |||||
Other property operating costs | 70,394 | 76,183 | |||||
Provision for doubtful accounts | 3,401 | 3,271 | |||||
Provision for loan loss | 36,069 | — | |||||
Property management and other costs | 30,745 | 42,793 | |||||
General and administrative | 13,427 | 12,446 | |||||
Provisions for impairment | 40,705 | — | |||||
Depreciation and amortization | 160,671 | 175,948 | |||||
Total expenses | 433,052 | 391,330 | |||||
Operating income | 173,980 | 202,813 | |||||
Interest and dividend income | 16,058 | 8,821 | |||||
Interest expense | (147,677 | ) | (172,651 | ) | |||
Gain (loss) on foreign currency | 8,936 | (22,910 | ) | ||||
Gain from changes in control of investment properties and other | 74,555 | 591,245 | |||||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and allocation to noncontrolling interests | 125,852 | 607,318 | |||||
(Provision for) benefit from income taxes | (2,920 | ) | 11,159 | ||||
Equity in income of Unconsolidated Real Estate Affiliates | 57,491 | 11,253 | |||||
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 14,914 | 12,020 | |||||
Net Income | 195,337 | 641,750 | |||||
Allocation to noncontrolling interests | (3,557 | ) | (7,019 | ) | |||
Net income attributable to GGP | 191,780 | 634,731 | |||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | |||
Net income attributable to common stockholders | $ | 187,796 | $ | 630,747 | |||
Basic Earnings Per Share: | $ | 0.21 | $ | 0.71 | |||
Diluted Earnings Per Share: | $ | 0.20 | $ | 0.66 |
Proportionate Financial Statements |
PROPORTIONATE FINANCIAL STATEMENTS Proportionate Balance Sheets (In thousands) |
As of March 31, 2016 | As of December 31, 2015 | |||||||||||||||||||
GAAP | Noncontrolling Interests | GGP Share of Unconsolidated Real Estate Affiliates | GGP Total Share | GGP Total Share | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment in real estate: | ||||||||||||||||||||
Land | $ | 3,584,640 | $ | (23,741 | ) | $ | 1,823,736 | $ | 5,384,635 | $ | 5,343,747 | |||||||||
Buildings and equipment | 16,342,374 | (136,112 | ) | 7,707,060 | 23,913,322 | 23,879,747 | ||||||||||||||
Less accumulated depreciation | (2,504,856 | ) | 21,410 | (1,478,807 | ) | (3,962,253 | ) | (3,864,939 | ) | |||||||||||
Construction in progress | 297,711 | (491 | ) | 366,232 | 663,452 | 778,622 | ||||||||||||||
Net property and equipment | 17,719,869 | (138,934 | ) | 8,418,221 | 25,999,156 | 26,137,177 | ||||||||||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,535,457 | — | (3,535,457 | ) | 180,000 | 180,000 | ||||||||||||||
Net investment in real estate | 21,255,326 | (138,934 | ) | 5,062,764 | 26,179,156 | 26,137,177 | ||||||||||||||
Cash and cash equivalents | 193,099 | (3,850 | ) | 170,829 | 360,078 | 569,640 | ||||||||||||||
Accounts and notes receivable, net | 962,397 | (3,640 | ) | 198,049 | 1,156,806 | 1,069,686 | ||||||||||||||
Deferred expenses, net | 215,484 | (1,567 | ) | 152,202 | 366,119 | 365,166 | ||||||||||||||
Prepaid expenses and other assets | 940,008 | (9,400 | ) | 276,963 | 1,207,571 | 1,284,770 | ||||||||||||||
Assets held for disposition | — | — | — | — | 203,942 | |||||||||||||||
Total assets | $ | 23,566,314 | $ | (157,391 | ) | $ | 5,860,807 | $ | 29,269,730 | $ | 29,810,381 | |||||||||
Liabilities: | ||||||||||||||||||||
Mortgages, notes and loans payable | $ | 13,868,216 | $ | (128,310 | ) | $ | 5,544,226 | $ | 19,284,132 | $ | 19,603,159 | |||||||||
Investment in Unconsolidated Real Estate Affiliates | 39,208 | — | (39,208 | ) | — | — | ||||||||||||||
Accounts payable and accrued expenses | 667,410 | (8,495 | ) | 355,562 | 1,014,477 | 1,208,197 | ||||||||||||||
Dividend payable | 175,326 | — | — | 175,326 | 172,070 | |||||||||||||||
Deferred tax liabilities | 4,665 | — | 227 | 4,892 | 1,514 | |||||||||||||||
Junior Subordinated Notes | 206,200 | — | — | 206,200 | 206,200 | |||||||||||||||
Liabilities held for disposition | — | — | — | — | 48,032 | |||||||||||||||
Total liabilities | 14,961,025 | (136,805 | ) | 5,860,807 | 20,685,027 | 21,239,172 | ||||||||||||||
Redeemable noncontrolling interests: | ||||||||||||||||||||
Preferred | 167,732 | — | — | 167,732 | 157,903 | |||||||||||||||
Common | 141,738 | — | — | 141,738 | 129,724 | |||||||||||||||
Total redeemable noncontrolling interests | 309,470 | — | — | 309,470 | 287,627 | |||||||||||||||
Equity: | ||||||||||||||||||||
Preferred stock | 242,042 | — | — | 242,042 | 242,042 | |||||||||||||||
Stockholders' equity | 8,014,835 | — | — | 8,014,835 | 8,028,001 | |||||||||||||||
Noncontrolling interests in consolidated real estate affiliates | 20,586 | (20,586 | ) | — | — | — | ||||||||||||||
Noncontrolling interest related to Long-Term Incentive Plan Common Units | 18,356 | — | — | 18,356 | 13,539 | |||||||||||||||
Total equity | 8,295,819 | (20,586 | ) | — | 8,275,233 | 8,283,582 | ||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 23,566,314 | $ | (157,391 | ) | $ | 5,860,807 | $ | 29,269,730 | $ | 29,810,381 |
PROPORTIONATE FINANCIAL STATEMENTS Overview (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2016 | March 31, 2015 | Percentage Change | |||||||
Same Store NOI 1 | $ | 561,094 | $ | 533,261 | 5.2 | % | |||
Non-Same Store NOI 2 | 48,402 | 1,785 | n/a | ||||||
Company NOI 3 | 609,496 | 535,046 | 13.9 | % | |||||
Company EBITDA 3 | 590,468 | 491,184 | 20.2 | % | |||||
Company FFO 4 | 382,803 | 309,338 | 23.7 | % | |||||
Company FFO per diluted share | $ | 0.40 | $ | 0.32 | 24.2 | % | |||
Weighted average diluted common shares outstanding | 956,664 | 960,488 | |||||||
1. | Includes lease termination fees of $8.7 million and $10.9 million for the three months ended March 31, 2016 and 2015, respectively. |
2. | Non-Same Store NOI includes the periodic effects of acquisitions, certain redevelopments, including condominium development, and other properties for details see page 5. See Property Schedule on pages 17-23 for individual property details. |
3. | Refer to page 5 (Company NOI, Company EBITDA and Company FFO). Company NOI and Company EBITDA exclude the periodic effects of Sold Interests. See Glossary of Terms on page 29. |
4. | Refer to page 5 (Company NOI, Company EBITDA and Company FFO). Company FFO includes the periodic effects of Sold Interests. See Glossary of Terms on page 29. |
PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and FFO For the Three Months Ended March 31, 2016 and 2015 (In thousands) |
Three Months Ended March 31, 2016 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 371,132 | $ | (3,498 | ) | $ | 136,012 | $ | (1,073 | ) | $ | 502,573 | $ | 3,014 | $ | 505,587 | $ | 374,112 | $ | (4,090 | ) | $ | 108,707 | $ | (14,070 | ) | $ | 464,659 | $ | 17,509 | $ | 482,168 | ||||||||||||
Tenant recoveries | 172,448 | (1,599 | ) | 58,735 | (478 | ) | 229,106 | — | 229,106 | 177,482 | (1,680 | ) | 49,552 | (7,019 | ) | 218,335 | — | 218,335 | ||||||||||||||||||||||||||
Overage rents | 8,145 | (99 | ) | 3,793 | (293 | ) | 11,546 | — | 11,546 | 8,815 | (61 | ) | 3,004 | (569 | ) | 11,189 | — | 11,189 | ||||||||||||||||||||||||||
Other revenue | 21,566 | (199 | ) | 5,982 | (70 | ) | 27,279 | — | 27,279 | 14,648 | (249 | ) | 5,862 | (626 | ) | 19,635 | — | 19,635 | ||||||||||||||||||||||||||
Condominium sales | — | — | 141,419 | — | 141,419 | — | 141,419 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total property revenues | 573,291 | (5,395 | ) | 345,941 | (1,914 | ) | 911,923 | 3,014 | 914,937 | 575,057 | (6,080 | ) | 167,125 | (22,284 | ) | 713,818 | 17,509 | 731,327 | ||||||||||||||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 58,103 | (780 | ) | 15,729 | (35 | ) | 73,017 | (1,490 | ) | 71,527 | 55,987 | (723 | ) | 13,381 | (1,585 | ) | 67,060 | (1,490 | ) | 65,570 | ||||||||||||||||||||||||
Property maintenance costs | 17,483 | (86 | ) | 5,432 | (29 | ) | 22,800 | — | 22,800 | 19,881 | (124 | ) | 6,119 | (890 | ) | 24,986 | — | 24,986 | ||||||||||||||||||||||||||
Marketing | 2,054 | (14 | ) | 4,413 | 7 | 6,460 | — | 6,460 | 4,821 | (42 | ) | 2,062 | (409 | ) | 6,432 | — | 6,432 | |||||||||||||||||||||||||||
Other property operating costs | 70,394 | (583 | ) | 25,592 | (271 | ) | 95,132 | (1,013 | ) | 94,119 | 76,183 | (756 | ) | 23,537 | (3,376 | ) | 95,588 | (1,020 | ) | 94,568 | ||||||||||||||||||||||||
Provision for doubtful accounts | 3,401 | (7 | ) | 1,969 | (23 | ) | 5,340 | — | 5,340 | 3,271 | (24 | ) | 1,552 | (74 | ) | 4,725 | — | 4,725 | ||||||||||||||||||||||||||
Condominium cost of sales | — | — | 105,195 | — | 105,195 | — | 105,195 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total property operating expenses | 151,435 | (1,470 | ) | 158,330 | (351 | ) | 307,944 | (2,503 | ) | 305,441 | 160,143 | (1,669 | ) | 46,651 | (6,334 | ) | 198,791 | (2,510 | ) | 196,281 | ||||||||||||||||||||||||
NOI | $ | 421,856 | $ | (3,925 | ) | $ | 187,611 | $ | (1,563 | ) | $ | 603,979 | $ | 5,517 | $ | 609,496 | $ | 414,914 | $ | (4,411 | ) | $ | 120,474 | $ | (15,950 | ) | $ | 515,027 | $ | 20,019 | $ | 535,046 | ||||||||||||
Management fees and other corporate revenues | 33,741 | — | — | — | 33,741 | — | 33,741 | 19,086 | — | — | — | 19,086 | — | 19,086 | ||||||||||||||||||||||||||||||
Property management and other costs 4 | (30,745 | ) | 151 | (8,665 | ) | 11 | (39,248 | ) | — | (39,248 | ) | (42,793 | ) | 183 | (7,587 | ) | 210 | (49,987 | ) | — | (49,987 | ) | ||||||||||||||||||||||
General and administrative | (13,427 | ) | — | (94 | ) | — | (13,521 | ) | — | (13,521 | ) | (12,446 | ) | — | (515 | ) | — | (12,961 | ) | — | (12,961 | ) | ||||||||||||||||||||||
EBITDA | $ | 411,425 | $ | (3,774 | ) | $ | 178,852 | $ | (1,552 | ) | $ | 584,951 | $ | 5,517 | $ | 590,468 | $ | 378,761 | $ | (4,228 | ) | $ | 112,372 | $ | (15,740 | ) | $ | 471,165 | $ | 20,019 | $ | 491,184 | ||||||||||||
Depreciation on non-income producing assets | (3,110 | ) | — | — | — | (3,110 | ) | — | (3,110 | ) | (2,682 | ) | — | — | — | (2,682 | ) | — | (2,682 | ) | ||||||||||||||||||||||||
Interest and dividend income | 16,058 | 386 | 706 | — | 17,150 | (205 | ) | 16,945 | 8,821 | 387 | 707 | — | 9,915 | (205 | ) | 9,710 | ||||||||||||||||||||||||||||
Preferred unit distributions | (2,201 | ) | — | — | — | (2,201 | ) | — | (2,201 | ) | (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 | 207 | — | 87 | — | 294 | (294 | ) | — | 187 | (101 | ) | 382 | 359 | 827 | (827 | ) | — | |||||||||||||||||||||||||||
Write-off of mark-to-market adjustments on extinguished debt | — | — | — | — | — | — | — | (14,872 | ) | — | — | 6,361 | (8,511 | ) | 8,511 | — | ||||||||||||||||||||||||||||
Interest on existing debt | (147,884 | ) | 1,439 | (54,775 | ) | 140 | (201,080 | ) | — | (201,080 | ) | (157,967 | ) | 1,459 | (45,516 | ) | 6,507 | (195,517 | ) | — | (195,517 | ) | ||||||||||||||||||||||
Gain (loss) on foreign currency | 8,936 | — | — | — | 8,936 | (8,936 | ) | — | (22,910 | ) | — | — | — | (22,910 | ) | 22,910 | — | |||||||||||||||||||||||||||
Provision for loan loss5 | (36,069 | ) | — | — | — | (36,069 | ) | 28,549 | (7,520 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
(Provision for) benefit from income taxes | (2,920 | ) | 16 | (84 | ) | — | (2,988 | ) | (5,079 | ) | (8,067 | ) | 11,159 | 20 | (102 | ) | — | 11,077 | (9,061 | ) | 2,016 | |||||||||||||||||||||||
FFO from sold interests | — | — | — | 1,412 | 1,412 | (60 | ) | 1,352 | — | — | — | 2,513 | 2,513 | 8,330 | 10,843 | |||||||||||||||||||||||||||||
240,458 | (1,933 | ) | 124,786 | — | 363,311 | 19,492 | 382,803 | 194,281 | (2,463 | ) | 67,843 | — | 259,661 | 49,677 | 309,338 | |||||||||||||||||||||||||||||
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | 122,853 | 1,933 | (124,786 | ) | — | — | — | — | 65,380 | 2,463 | (67,843 | ) | — | — | — | — | ||||||||||||||||||||||||||||
FFO 6 | $ | 363,311 | $ | — | $ | — | $ | — | $ | 363,311 | $ | 19,492 | $ | 382,803 | $ | 259,661 | $ | — | $ | — | $ | — | $ | 259,661 | $ | 49,677 | $ | 309,338 | ||||||||||||||||
Company FFO per diluted share | $ | 0.40 | $ | 0.32 |
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 ($7,441) and ($7,209) and above/below market lease amortization of $10,456 and $24,718 for the three months ended March 31, 2016 and 2015, 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. | This provision relates to the note associated with our sale of our interest in Aliansce in 2013. We wrote down the principal balance by $28.5 million and reversed $7.5 million accrued interest to date, the interest portion impacts Company FFO. |
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 | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Reconciliation of Company NOI to GAAP Operating Income | |||||||
Company NOI | $ | 609,496 | $ | 535,046 | |||
Adjustments for minimum rents, real estate taxes and other property operating costs 1 | (5,517 | ) | (20,019 | ) | |||
Proportionate NOI | 603,979 | 515,027 | |||||
Unconsolidated Properties | (187,611 | ) | (120,474 | ) | |||
NOI of Sold Interests | 1,563 | 15,950 | |||||
Noncontrolling interest in NOI Consolidated Properties | 3,925 | 4,411 | |||||
Consolidated Properties | 421,856 | 414,914 | |||||
Management fees and other corporate revenues | 33,741 | 19,086 | |||||
Property management and other costs | (30,745 | ) | (42,793 | ) | |||
General and administrative | (13,427 | ) | (12,446 | ) | |||
Provision for impairment | (40,705 | ) | — | ||||
Provision for loan loss | (36,069 | ) | — | ||||
Depreciation and amortization | (160,671 | ) | (175,948 | ) | |||
Operating Income | $ | 173,980 | $ | 202,813 | |||
Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP | |||||||
Company EBITDA | $ | 590,468 | $ | 491,184 | |||
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative 1 | (5,517 | ) | (20,019 | ) | |||
Proportionate EBITDA | 584,951 | 471,165 | |||||
Unconsolidated Properties | (178,852 | ) | (112,372 | ) | |||
EBITDA of Sold Interests | 1,552 | 15,740 | |||||
Noncontrolling interest in EBITDA of Consolidated Properties | 3,774 | 4,228 | |||||
Consolidated Properties | 411,425 | 378,761 | |||||
Depreciation and amortization | (160,671 | ) | (175,948 | ) | |||
Interest income | 16,058 | 8,821 | |||||
Interest expense | (147,677 | ) | (172,651 | ) | |||
Gain (loss) on foreign currency | 8,936 | (22,910 | ) | ||||
(Provision for) benefit from income taxes | (2,920 | ) | 11,159 | ||||
Provision for impairment excluded from FFO | (40,705 | ) | — | ||||
Provision for loan loss | (36,069 | ) | — | ||||
Equity in income of Unconsolidated Real Estate Affiliates | 57,491 | 11,253 | |||||
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 14,914 | 12,020 | |||||
Gains from changes in control of investment properties and other | 74,555 | 591,245 | |||||
Allocation to noncontrolling interests | (3,557 | ) | (7,019 | ) | |||
Net Income Attributable to GGP | $ | 191,780 | $ | 634,731 |
PROPORTIONATE FINANCIAL STATEMENTS Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands) |
Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | ||||||
Reconciliation of Company FFO to GAAP Net Income Attributable to GGP | |||||||
Company FFO | $ | 382,803 | $ | 309,338 | |||
Adjustments for minimum rents, property operating expenses and property management and other costs, market rate adjustments, loan loss provision, income taxes and FFO from sold interests | (19,492 | ) | (49,677 | ) | |||
Proportionate FFO | 363,311 | 259,661 | |||||
Depreciation and amortization of capitalized real estate costs | (224,869 | ) | (229,868 | ) | |||
Gain from changes in control of investment properties and other | 74,555 | 591,245 | |||||
Preferred stock dividends | 3,984 | 3,984 | |||||
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 14,914 | 12,020 | |||||
Noncontrolling interests in depreciation of Consolidated Properties | 2,115 | 2,035 | |||||
Provision for impairment excluded from FFO | (40,705 | ) | — | ||||
Redeemable noncontrolling interests | (1,525 | ) | (4,346 | ) | |||
Net Income Attributable to GGP | $ | 191,780 | $ | 634,731 | |||
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates | |||||||
Equity in NOI of Unconsolidated Properties: | |||||||
NOI | $ | 187,611 | $ | 120,474 | |||
Net property management fees and costs | (8,665 | ) | (7,587 | ) | |||
General and administrative | (94 | ) | (515 | ) | |||
EBITDA | 178,852 | 112,372 | |||||
Net interest expense | (53,982 | ) | (44,427 | ) | |||
Provision for income taxes | (84 | ) | (102 | ) | |||
FFO of Unconsolidated Properties | 124,786 | 67,843 | |||||
Depreciation and amortization of capitalized real estate costs | (67,308 | ) | (56,605 | ) | |||
Other, including gain on sales of investment properties | 13 | 15 | |||||
Equity in Income of Unconsolidated Real Estate Affiliates | $ | 57,491 | $ | 11,253 | |||
DEBT |
DEBT Summary, at Share As of March 31, 2016 (In thousands) |
Maturities1 | ||||||||||||||||||||||||||||||||||
Interest Rate | Proportionate Balance | Average Remaining Term (Years) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent | Total | ||||||||||||||||||||||||
Fixed Rate | ||||||||||||||||||||||||||||||||||
Property Level Consolidated | 4.43 | % | $ | 11,736,110 | 6.5 | $ | 237,798 | $ | 355,343 | $ | 118,892 | $ | 493,457 | $ | 1,534,314 | $ | 1,370,353 | $ | 6,606,997 | $ | 10,717,154 | |||||||||||||
Property Level Unconsolidated | 4.30 | % | 4,361,390 | 5.9 | — | 172,773 | 186,862 | 607,145 | 619,639 | 271,573 | 2,261,111 | 4,119,103 | ||||||||||||||||||||||
Total Fixed Rate | 4.39 | % | $ | 16,097,500 | 6.3 | $ | 237,798 | $ | 528,116 | $ | 305,754 | $ | 1,100,602 | $ | 2,153,953 | $ | 1,641,926 | $ | 8,868,108 | $ | 14,836,257 | |||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||
Property Level Consolidated | 2.26 | % | $ | 1,995,445 | 2.3 | $ | — | $ | — | $ | 1,571,973 | $ | 395,500 | $ | — | $ | — | $ | — | $ | 1,967,473 | |||||||||||||
Property Level Unconsolidated | 3.31 | % | 1,267,611 | 3.7 | — | — | 16,250 | 578,544 | 642,266 | 30,000 | — | 1,267,060 | ||||||||||||||||||||||
Junior Subordinated Notes Due 2036 | 2.07 | % | 206,200 | 20.1 | — | — | — | — | — | — | 206,200 | 206,200 | ||||||||||||||||||||||
Total Variable Rate | 2.63 | % | $ | 3,469,256 | 3.9 | $ | — | $ | — | $ | 1,588,223 | $ | 974,044 | $ | 642,266 | $ | 30,000 | $ | 206,200 | $ | 3,440,733 | |||||||||||||
Total | 4.08 | % | $ | 19,566,756 | 5.9 | $ | 237,798 | $ | 528,116 | $ | 1,893,977 | $ | 2,074,646 | $ | 2,796,219 | $ | 1,671,926 | $ | 9,074,308 | $ | 18,276,990 | |||||||||||||
Weighted average interest rate | 4.39 | % | 5.41 | % | 2.50 | % | 3.86 | % | 3.82 | % | 5.15 | % | 4.37 | % | ||||||||||||||||||||
Total Amortization | $ | 126,641 | $ | 180,607 | $ | 182,950 | $ | 181,547 | $ | 176,378 | $ | 145,635 | $ | 296,008 | $ | 1,289,766 | ||||||||||||||||||
Total Maturities and Amortization 2, 3 | $ | 19,566,756 |
Total Maturities and Amortization, from above | $ | 19,566,756 | |
Debt related to solar projects | 25,775 | ||
Total Portfolio Debt | $ | 19,592,531 | |
Miami Design District cost method investment | (63,680 | ) | |
Market rate adjustments, net | 32,099 | ||
Deferred financing costs, net | (70,618 | ) | |
Junior Subordinated Notes Due 2036 | (206,200 | ) | |
Mortgages, Notes and Loans Payable | $ | 19,284,132 |
DEBT Detail, at Share1 As of March 31, 2016 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse as of 3/31/2016 3 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent | ||||||||||||||||||||
Fixed Rate | |||||||||||||||||||||||||||||||||
Consolidated Property Level | |||||||||||||||||||||||||||||||||
Brass Mill Center 4 | 100% | 93,347 | 2016 | 93,347 | 4.55% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Lakeside Mall | 100% | 145,817 | 2016 | 144,451 | 4.28% | No | 1,366 | — | — | — | — | — | — | ||||||||||||||||||||
Four Seasons Town Centre | 100% | 77,978 | 2017 | 72,532 | 5.60% | No | 3,725 | 1,721 | — | — | — | — | — | ||||||||||||||||||||
Apache Mall | 100% | 93,917 | 2017 | 91,402 | 4.32% | No | 1,385 | 1,130 | — | — | — | — | — | ||||||||||||||||||||
Mall of Louisiana | 100% | 203,885 | 2017 | 191,409 | 5.82% | No | 6,084 | 6,392 | — | — | — | — | — | ||||||||||||||||||||
The Gallery at Harborplace - Other | 100% | 4,808 | 2018 | 190 | 6.05% | No | 1,530 | 2,152 | 936 | — | — | — | — | ||||||||||||||||||||
Hulen Mall | 100% | 124,734 | 2018 | 118,702 | 4.25% | No | 1,729 | 2,421 | 1,882 | — | — | — | — | ||||||||||||||||||||
Governor's Square | 100% | 69,363 | 2019 | 66,488 | 6.69% | No | 733 | 1,035 | 1,107 | — | — | — | — | ||||||||||||||||||||
Oak View Mall | 100% | 77,687 | 2019 | 74,467 | 6.69% | No | 820 | 1,160 | 1,240 | — | — | — | — | ||||||||||||||||||||
Coronado Center | 100% | 192,722 | 2019 | 180,278 | 3.50% | No | 2,966 | 4,110 | 4,258 | 1,110 | — | — | — | ||||||||||||||||||||
Park City Center | 100% | 183,429 | 2019 | 172,224 | 5.34% | No | 2,451 | 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% | 310,837 | 2020 | 282,081 | 4.06% | No | 4,490 | 6,266 | 6,528 | 6,802 | 4,670 | — | — | ||||||||||||||||||||
The Mall In Columbia | 100% | 346,922 | 2020 | 316,928 | 3.95% | No | 4,733 | 6,531 | 6,794 | 7,067 | 4,869 | — | — | ||||||||||||||||||||
Northridge Fashion Center | 100% | 232,206 | 2021 | 207,503 | 5.10% | No | 3,277 | 4,627 | 4,871 | 5,129 | 5,369 | 1,430 | — | ||||||||||||||||||||
Deerbrook Mall | 100% | 142,787 | 2021 | 127,934 | 5.25% | No | 1,962 | 2,776 | 2,928 | 3,087 | 3,236 | 864 | — | ||||||||||||||||||||
White Marsh Mall | 100% | 190,000 | 2021 | 190,000 | 3.66% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Park Place | 100% | 185,549 | 2021 | 165,815 | 5.18% | No | 2,564 | 3,626 | 3,821 | 4,026 | 4,217 | 1,480 | — | ||||||||||||||||||||
Providence Place | 94% | 335,861 | 2021 | 302,577 | 5.65% | No | 4,270 | 6,077 | 6,434 | 6,813 | 7,162 | 2,528 | — | ||||||||||||||||||||
Fox River Mall | 100% | 174,406 | 2021 | 156,373 | 5.46% | No | 2,280 | 3,238 | 3,422 | 3,616 | 3,796 | 1,681 | — | ||||||||||||||||||||
Oxmoor Center | 94% | 83,537 | 2021 | 74,781 | 5.37% | No | 1,110 | 1,574 | 1,662 | 1,755 | 1,841 | 814 | — | ||||||||||||||||||||
Rivertown Crossings | 100% | 157,577 | 2021 | 141,356 | 5.52% | No | 2,049 | 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% | 4,112 | 2021 | 1,577 | 6.06% | Yes - Full | 292 | 411 | 437 | 465 | 494 | 436 | — | ||||||||||||||||||||
Bellis Fair | 100% | 87,857 | 2022 | 77,060 | 5.23% | No | 1,196 | 1,694 | 1,786 | 1,883 | 1,973 | 2,092 | 173 | ||||||||||||||||||||
The Shoppes at Buckland Hills | 100% | 122,403 | 2022 | 107,820 | 5.19% | No | 1,593 | 2,253 | 2,375 | 2,503 | 2,621 | 2,779 | 459 | ||||||||||||||||||||
The Gallery at Harborplace | 100% | 77,470 | 2022 | 68,096 | 5.24% | No | 988 | 1,398 | 1,474 | 1,555 | 1,628 | 1,728 | 603 | ||||||||||||||||||||
The Streets at Southpoint | 94% | 237,862 | 2022 | 207,909 | 4.36% | No | 3,277 | 4,542 | 4,744 | 4,955 | 5,175 | 5,405 | 1,855 | ||||||||||||||||||||
Spokane Valley Mall | 100% | 59,204 | 2022 | 51,312 | 4.65% | No | 833 | 1,172 | 1,228 | 1,287 | 1,342 | 1,414 | 616 | ||||||||||||||||||||
Greenwood Mall | 100% | 63,000 | 2022 | 57,469 | 4.19% | No | — | 419 | 1,054 | 1,100 | 1,140 | 1,197 | 621 | ||||||||||||||||||||
North Star Mall | 100% | 317,847 | 2022 | 270,113 | 3.93% | No | 5,005 | 6,973 | 7,256 | 7,551 | 7,825 | 8,175 | 4,949 | ||||||||||||||||||||
Coral Ridge Mall | 100% | 109,452 | 2022 | 98,394 | 5.71% | No | 1,094 | 1,533 | 1,623 | 1,718 | 1,819 | 1,925 | 1,346 | ||||||||||||||||||||
Rogue Valley Mall | 100% | 54,649 | 2022 | 48,245 | 4.50% | No | 638 | 899 | 941 | 984 | 1,024 | 1,078 | 840 | ||||||||||||||||||||
The Oaks Mall | 100% | 131,285 | 2022 | 112,842 | 4.55% | No | 1,841 | 2,584 | 2,706 | 2,833 | 2,951 | 3,106 | 2,422 | ||||||||||||||||||||
Westroads Mall | 100% | 148,286 | 2022 | 127,455 | 4.55% | No | 2,080 | 2,919 | 3,056 | 3,200 | 3,333 | 3,508 | 2,735 | ||||||||||||||||||||
Coastland Center | 100% | 121,908 | 2022 | 102,621 | 3.76% | No | 1,949 | 2,707 | 2,812 | 2,922 | 3,023 | 3,152 | 2,722 | ||||||||||||||||||||
Pecanland Mall | 100% | 88,439 | 2023 | 75,750 | 3.88% | No | 1,205 | 1,682 | 1,749 | 1,819 | 1,882 | 1,967 | 2,385 | ||||||||||||||||||||
Crossroads Center (MN) | 100% | 100,987 | 2023 | 83,026 | 3.25% | No | 1,723 | 2,379 | 2,459 | 2,541 | 2,617 | 2,713 | 3,529 | ||||||||||||||||||||
Cumberland Mall | 100% | 160,000 | 2023 | 160,000 | 3.67% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
The Woodlands | 100% | 249,310 | 2023 | 207,057 | 5.04% | No | 3,744 | 5,215 | 5,484 | 5,767 | 6,064 | 6,377 | 9,602 | ||||||||||||||||||||
Meadows Mall | 100% | 153,923 | 2023 | 118,726 | 3.96% | No | 3,167 | 4,402 | 4,582 | 4,770 | 4,950 | 5,168 | 8,158 | ||||||||||||||||||||
Oglethorpe Mall | 100% | 150,000 | 2023 | 136,166 | 3.90% | No | — | — | 1,059 | 2,648 | 2,739 | 2,865 | 4,523 | ||||||||||||||||||||
Prince Kuhio Plaza | 100% | 42,926 | 2023 | 35,974 | 4.10% | No | 621 | 867 | 903 | 942 | 977 | 1,023 | 1,619 |
DEBT Detail, at Share1 As of March 31, 2016 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse as of 3/31/2016 3 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent | ||||||||||||||||||||
Augusta Mall | 100% | 170,000 | 2023 | 170,000 | 4.36% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Staten Island Mall | 100% | 252,035 | 2023 | 206,942 | 4.77% | No | 3,872 | 5,381 | 5,643 | 5,918 | 6,207 | 6,510 | 11,562 | ||||||||||||||||||||
Stonestown Galleria | 100% | 180,000 | 2023 | 164,720 | 4.39% | No | — | — | 462 | 2,871 | 2,979 | 3,137 | 5,831 | ||||||||||||||||||||
Boise Towne Square | 100% | 129,702 | 2023 | 106,372 | 4.79% | No | 1,976 | 2,746 | 2,880 | 3,021 | 3,169 | 3,324 | 6,214 | ||||||||||||||||||||
The Crossroads (MI) | 100% | 96,356 | 2023 | 80,833 | 4.42% | No | 1,282 | 1,799 | 1,881 | 1,967 | 2,046 | 2,151 | 4,397 | ||||||||||||||||||||
Jordan Creek Town Center | 100% | 212,195 | 2024 | 177,448 | 4.37% | No | 2,840 | 3,980 | 4,160 | 4,348 | 4,520 | 4,749 | 10,150 | ||||||||||||||||||||
Woodbridge Center | 100% | 250,000 | 2024 | 220,726 | 4.80% | No | — | 2,395 | 3,777 | 3,964 | 4,128 | 4,367 | 10,643 | ||||||||||||||||||||
The Maine Mall | 100% | 235,000 | 2024 | 235,000 | 4.66% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Baybrook Mall | 100% | 248,345 | 2024 | 212,423 | 5.52% | No | 2,569 | 3,595 | 3,798 | 4,013 | 4,240 | 4,480 | 13,227 | ||||||||||||||||||||
The Parks Mall at Arlington | 100% | 248,361 | 2024 | 212,687 | 5.57% | No | 2,546 | 3,564 | 3,767 | 3,983 | 4,210 | 4,451 | 13,153 | ||||||||||||||||||||
Fashion Show | 100% | 835,000 | 2024 | 835,000 | 4.03% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Beachwood Place | 100% | 220,000 | 2025 | 184,350 | 3.94% | No | — | 2,922 | 4,032 | 4,194 | 4,362 | 4,537 | 15,603 | ||||||||||||||||||||
Pembroke Lakes Mall | 100% | 260,000 | 2025 | 260,000 | 3.56% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Valley Plaza Mall | 100% | 240,000 | 2025 | 206,847 | 3.75% | No | — | — | 3,167 | 4,410 | 4,556 | 4,757 | 16,263 | ||||||||||||||||||||
Willowbrook Mall | 100% | 360,000 | 2025 | 360,000 | 3.55% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Boise Towne Plaza | 100% | 19,808 | 2025 | 16,006 | 4.13% | No | 253 | 351 | 366 | 382 | 396 | 415 | 1,639 | ||||||||||||||||||||
Paramus Park | 100% | 120,000 | 2025 | 120,000 | 4.07% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Glenbrook Square | 100% | 162,000 | 2025 | 137,791 | 4.27% | No | — | 222 | 2,634 | 2,750 | 2,852 | 2,997 | 12,754 | ||||||||||||||||||||
Peachtree Mall | 100% | 87,649 | 2025 | 70,865 | 4.31% | No | 1,053 | 1,478 | 1,544 | 1,612 | 1,674 | 1,759 | 7,664 | ||||||||||||||||||||
North Point Mall | 100% | 250,000 | 2026 | 218,205 | 4.54% | No | — | — | — | 984 | 4,050 | 4,237 | 22,524 | ||||||||||||||||||||
The Shops at La Cantera | 75% | 262,500 | 2027 | 262,500 | 3.60% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Providence Place - Other | 94% | 34,771 | 2028 | 2,247 | 7.75% | No | 1,757 | 1,897 | 1,825 | 1,740 | 1,878 | 2,027 | 21,400 | ||||||||||||||||||||
Consolidated Property Level | $ | 11,736,110 | $ | 10,717,154 | 4.43% | $ | 100,903 | $ | 139,665 | $ | 144,471 | $ | 146,171 | $ | 145,248 | $ | 120,317 | $ | 222,181 | ||||||||||||||
Unconsolidated Property Level | |||||||||||||||||||||||||||||||||
Riverchase Galleria | 50% | 152,500 | 2017 | 152,500 | 5.65% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
The Shops at Bravern | 40% | 20,739 | 2017 | 20,273 | 3.86% | No | 345 | 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% | 90,366 | 2019 | 84,321 | 4.50% | No | 1,186 | 1,645 | 1,720 | 1,494 | — | — | — | ||||||||||||||||||||
Natick Mall | 50% | 223,534 | 2019 | 209,699 | 4.60% | No | 2,711 | 3,762 | 3,939 | 3,423 | — | — | — | ||||||||||||||||||||
Oakbrook Center | 48% | 202,725 | 2020 | 202,725 | 3.66% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Christiana Mall | 50% | 116,688 | 2020 | 108,697 | 5.10% | No | 1,217 | 1,725 | 1,816 | 1,913 | 1,320 | — | — | ||||||||||||||||||||
Water Tower Place | 47% | 180,152 | 2020 | 171,026 | 4.35% | No | 1,388 | 1,928 | 2,024 | 2,124 | 1,662 | — | — | ||||||||||||||||||||
Kenwood Towne Centre | 70% | 151,847 | 2020 | 137,191 | 5.37% | No | 2,092 | 2,964 | 3,131 | 3,306 | 3,163 | — | — | ||||||||||||||||||||
Whaler's Village | 50% | 40,000 | 2021 | 40,000 | 5.42% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Shops at Merrick Park | 55% | 94,982 | 2021 | 85,797 | 5.73% | No | 1,197 | 1,706 | 1,808 | 1,916 | 2,015 | 543 | — | ||||||||||||||||||||
Willowbrook Mall (TX) | 50% | 99,499 | 2021 | 88,965 | 5.13% | No | 1,395 | 1,972 | 2,077 | 2,188 | 2,291 | 611 | — | ||||||||||||||||||||
Northbrook Court | 50% | 64,017 | 2021 | 56,811 | 4.25% | No | 871 | 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 | — | — | 509 | 711 | 734 | 767 | 928 | ||||||||||||||||||||
Carolina Place | 50% | 87,500 | 2023 | 75,542 | 3.84% | No | 757 | 1,567 | 1,630 | 1,694 | 1,752 | 1,831 | 2,727 | ||||||||||||||||||||
Union Square Portfolio | 50% | 25,000 | 2023 | 25,000 | 5.12% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Galleria at Tyler | 50% | 93,096 | 2023 | 76,716 | 5.05% | No | 1,356 | 1,889 | 1,987 | 2,089 | 2,197 | 2,311 | 4,551 |
DEBT Detail, at Share1 As of March 31, 2016 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse as of 3/31/2016 3 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent | ||||||||||||||||||||
Park Meadows | 35% | 126,000 | 2023 | 112,734 | 4.60% | No | — | — | 1,996 | 2,091 | 2,189 | 2,292 | 4,698 | ||||||||||||||||||||
Stonebriar Centre | 50% | 140,000 | 2024 | 120,886 | 4.05% | No | — | 804 | 2,477 | 2,579 | 2,686 | 2,797 | 7,771 | ||||||||||||||||||||
Pinnacle Hills Promenade | 50% | 59,806 | 2025 | 48,805 | 4.13% | No | 788 | 1,099 | 1,146 | 1,195 | 1,240 | 1,299 | 4,234 | ||||||||||||||||||||
Altamonte Mall | 50% | 80,000 | 2025 | 69,045 | 3.72% | No | — | — | 1,063 | 1,478 | 1,526 | 1,593 | 5,295 | ||||||||||||||||||||
Alderwood | 50% | 175,016 | 2025 | 138,693 | 3.48% | No | 2,533 | 3,512 | 3,638 | 3,769 | 3,888 | 4,043 | 14,940 | ||||||||||||||||||||
Towson Town Center | 35% | 113,761 | 2025 | 97,713 | 3.82% | No | — | — | 680 | 2,093 | 2,175 | 2,259 | 8,841 | ||||||||||||||||||||
Perimeter Mall | 50% | 137,500 | 2026 | 137,500 | 3.96% | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Glendale Galleria | 50% | 215,000 | 2026 | 190,451 | 4.06% | No | — | — | — | — | 922 | 3,785 | 19,842 | ||||||||||||||||||||
Unconsolidated Property Level | $ | 4,361,390 | $ | 4,119,103 | 4.30% | $ | 17,836 | $ | 25,900 | $ | 32,900 | $ | 35,376 | $ | 31,130 | $ | 25,318 | $ | 73,827 | ||||||||||||||
Total Fixed Rate Debt | $ | 16,097,500 | $ | 14,836,257 | 4.39% | $ | 118,739 | $ | 165,565 | $ | 177,371 | $ | 181,547 | $ | 176,378 | $ | 145,635 | $ | 296,008 | ||||||||||||||
Variable Rate | |||||||||||||||||||||||||||||||||
Consolidated Property Level | |||||||||||||||||||||||||||||||||
Columbiana Centre 4 | 100% | 130,816 | 2018 | 128,177 | Libor + 175 bps | Yes - Full | 746 | 1,393 | 500 | — | — | — | — | ||||||||||||||||||||
Eastridge (WY) 4 | 100% | 48,228 | 2018 | 47,255 | Libor + 175 bps | Yes - Full | 275 | 514 | 184 | — | — | — | — | ||||||||||||||||||||
Grand Teton Mall 4 | 100% | 48,859 | 2018 | 47,873 | Libor + 175 bps | Yes - Full | 279 | 520 | 187 | — | — | — | — | ||||||||||||||||||||
Mayfair 4 | 100% | 347,813 | 2018 | 340,796 | Libor + 175 bps | Yes - Full | 1,983 | 3,704 | 1,330 | — | — | — | — | ||||||||||||||||||||
Mondawmin Mall 4 | 100% | 81,011 | 2018 | 79,377 | Libor + 175 bps | Yes - Full | 461 | 863 | 310 | — | — | — | — | ||||||||||||||||||||
North Town Mall 4 | 100% | 89,207 | 2018 | 87,407 | Libor + 175 bps | Yes - Full | 509 | 950 | 341 | — | — | — | — | ||||||||||||||||||||
Oakwood 4 | 100% | 76,913 | 2018 | 75,362 | Libor + 175 bps | Yes - Full | 438 | 819 | 294 | — | — | — | — | ||||||||||||||||||||
Oakwood Center 4 | 100% | 91,413 | 2018 | 89,569 | Libor + 175 bps | Yes - Full | 520 | 974 | 350 | — | — | — | — | ||||||||||||||||||||
Pioneer Place 4 | 100% | 188,185 | 2018 | 184,389 | Libor + 175 bps | Yes - Full | 1,072 | 2,004 | 720 | — | — | — | — | ||||||||||||||||||||
Red Cliffs Mall 4 | 100% | 30,261 | 2018 | 29,650 | Libor + 175 bps | Yes - Full | 173 | 322 | 116 | — | — | — | — | ||||||||||||||||||||
River Hills Mall 4 | 100% | 76,283 | 2018 | 74,744 | Libor + 175 bps | Yes - Full | 435 | 812 | 292 | — | — | — | — | ||||||||||||||||||||
Sooner Mall 4 | 100% | 78,931 | 2018 | 77,338 | Libor + 175 bps | Yes - Full | 450 | 841 | 302 | — | — | — | — | ||||||||||||||||||||
Southwest Plaza 4 | 100% | 73,383 | 2018 | 71,902 | Libor + 175 bps | Yes - Full | 418 | 782 | 281 | — | — | — | — | ||||||||||||||||||||
The Shops at Fallen Timbers 4 | 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 | — | — | — | — | — | — | — | ||||||||||||||||||||
Market Place Shopping Center | 100% | 113,425 | 2018 | 113,425 | Libor + 240 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
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 | 2.26% | $ | 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 Loan 5 | 63% | 234,915 | 2019 | 234,915 | Libor + 190 bps | Yes - Partial | — | — | — | — | — | — | — | ||||||||||||||||||||
685 Fifth Avenue | 50% | 170,000 | 2019 | 170,000 | Libor + 275 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Miami Design District | 15% | 63,680 | 2019 | 63,680 | Libor + 250 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
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 Loan 6 | 53% | 30,399 | 2020 | 30,399 | Libor + 200 bps | Yes - Partial | — | — | — | — | — | — | — | ||||||||||||||||||||
730 Fifth Avenue 7 | 37% | 457,750 | 2020 | 457,750 | Libor + 263 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Park Lane Construction Loan 8 | 50% | 26,617 | 2020 | 26,617 | Libor + 325 bps | Yes - Partial | — | — | — | — | — | — | — |
DEBT Detail, at Share1 As of March 31, 2016 (In thousands) |
Amortization | |||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse as of 3/31/2016 3 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent | ||||||||||||||||||||
85 Fifth Avenue | 50% | 30,000 | 2021 | 30,000 | Libor + 275 bps | No | — | — | — | — | — | — | — | ||||||||||||||||||||
Unconsolidated Property Level | $ | 1,267,611 | $ | 1,267,060 | 3.31% | $ | — | $ | 275 | $ | 276 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Consolidated Corporate | |||||||||||||||||||||||||||||||||
Junior Subordinated Notes Due 2036 | 100% | $ | 206,200 | 2036 | $ | 206,200 | Libor + 145 bps | Yes - Full | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Consolidated Corporate | $ | 206,200 | $ | 206,200 | 2.07% | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Total Variable Rate Debt | $ | 3,469,256 | $ | 3,440,733 | 2.63% | $ | 7,902 | $ | 15,042 | $ | 5,579 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Total 9 | $ | 19,566,756 | $ | 18,276,990 | 4.08% | $ | 126,641 | $ | 180,607 | $ | 182,950 | $ | 181,547 | $ | 176,378 | $ | 145,635 | $ | 296,008 |
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. | Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized. On April 25, 2016, the Company amended its $1.4 billion corporate loan. The amended loan is cross collateralized by mortgages on 15 properties. The interest rate and principal balance remained constant, however, the Company was able to decrease the recourse from 100% to 50% and extend the term for three years. The loan now matures April 25, 2019, with two one year extension options. |
5. | Reflects the amount drawn as of March 31, 2016 on the $450.0 construction loan. |
6. | Reflects the amount drawn as of March 31, 2016 on the $126.0 construction loan. |
7. | Per the joint venture agreement approximately $915 million of the total property debt is associated with the retail units and approximately $335 million is associated with the upper units. GGP owns a 50% equity interest in the retail units, and as a result GPP's pro rata share of the property debt is approximately $458 million or 37%. |
8. | Reflects the amount drawn as of March 31, 2016 on the $460.0 construction loan. |
9. | Reflects amortization for the period subsequent to March 31, 2016. |
Asset Transactions |
ASSET TRANSACTIONS Summary of Asset Transactions For the Three Months Ended March 31, 2016 (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 | ||||||
February 2016 | Spokane Valley Mall 2 | Spokane, WA | 100.0% | $ | 37,500 | $ | 14,800 | $ | 22,700 | |||
Total | $ | 37,500 | $ | 14,800 | $ | 22,700 | ||||||
Dispositions | ||||||||||||
Closing Date | Property Name | Property Location | Sold Ownership % | Gross Proceeds at Share | Debt at Share | Net Proceeds at Share 1 | ||||||
January 2016 | Owings Mills Mall | Owings Mills, MD | 50.0% | $ | 11,559 | $ | — | $ | 11,559 | |||
January 2016 | Eastridge Mall (CA) | San Jose, CA | 100.0% | 225,000 | — | 216,333 | ||||||
January 2016 | Provo Towne Center | Provo, UT | 75.0% | 37,500 | 31,127 | 2,784 | ||||||
January 2016 | 522 Fifth Avenue 3 | New York, NY | 10.0% | 27,666 | 8,624 | 19,042 | ||||||
Total | $ | 301,725 | $ | 39,751 | $ | 249,718 | ||||||
1. | Includes closing costs. |
2. | GGP purchased an additional 25% interest to increase our total ownership to 100%. |
3. | GGP has received net proceeds of $10 million and will receive the remaining $9 million in December 2016. |
Portfolio Operating Metrics |
PORTFOLIO OPERATING METRICS Key Operating Performance Indicators As of and for the Three Months Ended March 31, 2016 (GLA in thousands) |
GLA Summary | |||||||||||||||||||||||||||||
Number of Properties | Mall and Freestanding | Anchor (GGP Owned) | Anchor (Tenant Owned) | Total Retail Property | Strip Center | Office | Total | Total at Share 1 | % Leased | ||||||||||||||||||||
Consolidated Retail Properties | 86 | 37,073 | 12,553 | 34,010 | 83,636 | 1,209 | 1,083 | 85,928 | 51,487 | 95.7 | % | ||||||||||||||||||
Unconsolidated Retail Properties | 38 | 17,260 | 5,013 | 13,919 | 36,191 | 450 | 1,402 | 38,044 | 12,440 | 96.5 | % | ||||||||||||||||||
Same Store Retail Properties2 | 124 | 54,333 | 17,566 | 47,929 | 119,828 | 1,660 | 2,485 | 123,972 | 63,926 | 95.9 | % | ||||||||||||||||||
Non-Same Store Retail Properties | 4 | 1,068 | 34 | 541 | 1,645 | — | 189 | 1,834 | 791 | 98.8 | % | ||||||||||||||||||
Total Retail Properties | 128 | 55,401 | 17,600 | 48,470 | 121,472 | 1,660 | 2,674 | 125,806 | 64,717 | 96.0 | % | ||||||||||||||||||
Non-Same Store Strip Centers & Other Retail | 1 | 256 | — | — | 256 | — | — | 256 | 90 | 99.5 | % | ||||||||||||||||||
Total Real Estate | 129 | 55,657 | 17,600 | 48,470 | 121,728 | 1,660 | 2,674 | 126,062 | 64,807 | 96.0 | % |
Same Store Operating Metrics2 | ||||||||||||||||||||||||||
In-Place Rent | Tenant Sales 3 | |||||||||||||||||||||||||
March 31, 2016 | % Leased | % Occupied | <10K SF | All Less Anchors | <10K SF 4 | All Less Anchors | Occupancy Cost | |||||||||||||||||||
Consolidated Retail Properties | 95.7 | % | 95.0 | % | $ | 66.80 | $ | 53.63 | $ | 516 | $ | 12,160 | 14.1 | % | ||||||||||||
Unconsolidated Retail Properties | 96.5 | % | 95.4 | % | 92.07 | 77.14 | 731 | 8,168 | 13.2 | % | ||||||||||||||||
Same Store Retail Properties | 95.9 | % | 95.2 | % | $ | 75.06 | $ | 61.25 | $ | 584 | $ | 20,328 | 13.7 | % | ||||||||||||
In-Place Rent | Tenant Sales 3 | |||||||||||||||||||||||||
March 31, 2015 | % Leased | % Occupied | <10K SF | All Less Anchors | <10K SF | All Less Anchors | Occupancy Cost | |||||||||||||||||||
Consolidated Retail Properties | 95.6 | % | 93.8 | % | $ | 65.48 | $ | 53.37 | $ | 513 | $ | 11,763 | 13.8 | % | ||||||||||||
Unconsolidated Retail Properties | 96.3 | % | 94.6 | % | 88.67 | 74.07 | 768 | 8,138 | 12.1 | % | ||||||||||||||||
Same Store Retail Properties | 95.8 | % | 94.1 | % | $ | 73.01 | $ | 60.21 | $ | 594 | $ | 19,901 | 13.1 | % |
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 17-23) 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. |
4. | Excluding Christiana Mall due to unusual changes in sales productivity, tenant sales per square foot (<10K SF) would have increased 1.0% on a trailing 12-month basis. |
PORTFOLIO OPERATING METRICS Signed Leases1 All Less Anchors As of March 31, 2016 |
Leasing Activity - All Leases | |||||||
Commencement 2016 | |||||||
# of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF | |||
New and Renewal Leases | 1,085 | 4,140,167 | 7.7 | $60.51 | $67.49 | ||
Percent in Lieu/Gross | 153 | 996,300 | 5.4 | N/A | N/A | ||
Total Leases | 1,238 | 5,136,467 | 7.3 | $60.51 | $67.49 | ||
Commencement 2017 | |||||||
# of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF | |||
New and Renewal Leases | 78 | 689,379 | 11.1 | $35.08 | $38.87 | ||
Percent in Lieu/Gross | 11 | 139,710 | 5.5 | N/A | N/A | ||
Total Leases | 89 | 829,089 | 10.2 | $35.08 | $38.87 |
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 Commencements | 1,438 | 4,020,221 | 7.2 | $66.37 | $74.05 | $58.73 | $7.64 | 13.0 | % | $15.32 | 26.1 | % | |||
Commencement 2016 | 853 | 2,525,273 | 6.8 | $69.35 | $77.34 | $61.89 | $7.46 | 12.0 | % | $15.44 | 25.0 | % | |||
Commencement 2017 | 69 | 307,007 | 6.4 | $53.05 | $58.97 | $45.27 | $7.78 | 17.2 | % | $13.71 | 30.3 | % |
1. | Same Store Metrics include all properties designated in the Property Schedule (pages 17-23) as "Total Same Store Retail Properties". |
2. | Represents signed leases that have commenced in the specified period compared to expiring rent for the prior tenant in the same suite. New suites are within 10,000 SF |
3. | Represents leases where downtime between the new and previous tenant was less than 24 months. |
PORTFOLIO OPERATING METRICS Lease Expiration Schedule and Top Ten Tenants 1 |
Lease Expiration Year | Number of Expiring Leases | Expiring GLA at 100% (in thousands) | Percent of Total | Expiring Rent (in thousands) | Expiring Rent ($psf) | |||||||||||
Specialty Leasing | 1,061 | 2,174 | 4.2% | $ | 47,206 | $ | 21.74 | |||||||||
2016 | 1,188 | 3,610 | 6.9% | 212,625 | 58.90 | |||||||||||
2017 | 1,976 | 6,416 | 12.3% | 354,888 | 55.31 | |||||||||||
2018 | 1,631 | 5,630 | 10.8% | 351,444 | 62.42 | |||||||||||
2019 | 1,307 | 5,528 | 10.6% | 326,752 | 59.11 | |||||||||||
2020 | 1,108 | 4,050 | 7.8% | 252,198 | 62.26 | |||||||||||
2021 | 958 | 3,701 | 7.1% | 238,373 | 64.40 | |||||||||||
2022 | 867 | 3,563 | 6.8% | 234,022 | 65.67 | |||||||||||
2023 | 924 | 3,807 | 7.3% | 277,054 | 72.77 | |||||||||||
2024 | 867 | 4,226 | 8.1% | 309,818 | 73.31 | |||||||||||
Subsequent | 1,557 | 9,417 | 18.1% | 621,594 | 66.01 | |||||||||||
Total | 13,444 | 52,122 | 100.0% | $ | 3,225,974 | $ | 61.89 | |||||||||
Vacant Space | 1,046 | 2,211 | ||||||||||||||
Mall and Freestanding GLA | 14,490 | 54,333 | ||||||||||||||
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 | 3.7% | ||
The Gap, Inc | Gap, Banana Republic, Old Navy, Athleta | 2.8% | ||
Foot Locker, Inc | Footlocker, Champs Sports, Footaction USA, House of Hoops, SIX:02 | 2.7% | ||
Forever 21, Inc | Forever 21 | 2.1% | ||
Abercrombie & Fitch Stores, Inc | Abercrombie, Abercrombie & Fitch, Hollister | 2.1% | ||
Express, Inc | Express, Express Men | 2.0% | ||
Ascena Retail Group | Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft | 1.8% | ||
Signet Jewelers Limited | Zales, Gordon's, Kay, Jared | 1.6% | ||
Genesco Inc | Journeys, Lids, Underground Station, Johnston & Murphy | 1.5% | ||
Luxottica Group S.P.A. | Lenscrafters, Sunglass Hut, Pearle Vision | 1.5% | ||
Totals | 21.7% |
1. | Same Store metrics include all properties designated in property schedule (pages 17-23) as "Total Same Store Retail Properties". |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | 413,237 | 206,326 | 162,790 | — | — | 782,353 | 99.0 | % | ||||||||||||||
Augusta Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Augusta, GA | 501,943 | — | 597,223 | — | — | 1,099,166 | 95.9 | % | ||||||||||||||
Baybrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Friendswood (Houston), TX | 655,969 | 96,605 | 720,931 | — | — | 1,473,505 | 99.3 | % | ||||||||||||||
Beachwood Place | Dillard's, Nordstrom, Saks Fifth Avenue | 100 | % | Beachwood, OH | 321,717 | 317,347 | 247,000 | 95,151 | — | 981,215 | 97.3 | % | ||||||||||||||
Bellis Fair | JCPenney, Kohl's, Macy's, Target | 100 | % | Bellingham (Seattle), WA | 436,839 | 100,400 | 237,910 | — | — | 775,149 | 94.2 | % | ||||||||||||||
Boise Towne Square | Dillard's, JCPenney, Macy's, Sears, Kohl's | 100 | % | Boise, ID | 423,035 | 425,556 | 247,714 | 114,687 | — | 1,210,992 | 94.9 | % | ||||||||||||||
Brass Mill Center | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | Waterbury, CT | 444,756 | 218,339 | 319,391 | 197,087 | — | 1,179,573 | 97.2 | % | ||||||||||||||
Coastland Center | Dillard's, JCPenney, Macy's, Sears | 100 | % | Naples, FL | 337,434 | 123,921 | 466,469 | — | — | 927,824 | 96.6 | % | ||||||||||||||
Columbia Mall | Dillard's, JCPenney, Sears, Target | 100 | % | Columbia, MO | 314,338 | 85,972 | 335,088 | — | — | 735,398 | 94.3 | % | ||||||||||||||
Columbiana Centre | Belk, Dillard's, JCPenney | 100 | % | Columbia, SC | 269,101 | 160,276 | 360,643 | — | — | 790,020 | 99.7 | % | ||||||||||||||
Coral Ridge Mall | Dillard's, JCPenney, Target, Younkers | 100 | % | Coralville (Iowa City), IA | 520,899 | 98,596 | 442,365 | — | — | 1,061,860 | 96.3 | % | ||||||||||||||
Coronado Center | JCPenney, Kohl's, Macy's, Sears | 100 | % | Albuquerque, NM | 524,656 | 305,503 | 281,144 | — | — | 1,111,303 | 98.7 | % | ||||||||||||||
Crossroads Center | JCPenney, Macy's, Sears, Target | 100 | % | St. Cloud, MN | 366,903 | 294,167 | 229,275 | — | — | 890,345 | 99.9 | % | ||||||||||||||
Cumberland Mall | Costco, Macy's, Sears | 100 | % | Atlanta, GA | 386,869 | 147,409 | 500,575 | — | — | 1,034,853 | 97.2 | % | ||||||||||||||
Deerbrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Humble (Houston), TX | 557,280 | — | 653,540 | — | — | 1,210,820 | 98.7 | % | ||||||||||||||
Eastridge Mall (WY) | JCPenney, Macy's, Sears, Target | 100 | % | Casper, WY | 276,555 | 213,913 | 75,883 | — | — | 566,351 | 87.9 | % | ||||||||||||||
Fashion Place | Dillard's, Nordstrom | 100 | % | Murray, UT | 411,019 | 162,000 | 337,600 | — | — | 910,619 | 98.0 | % | ||||||||||||||
Fashion Show | Dillard's, Macy's, Macy's Men's, Neiman Marcus, Nordstrom, Saks Fifth Avenue | 100 | % | Las Vegas, NV | 842,215 | 271,635 | 761,653 | — | — | 1,875,503 | 99.3 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | ||||||||||||||||
Four Seasons Town Centre | Dillard's, JCPenney | 100 | % | Greensboro, NC | 438,618 | 429,969 | 212,047 | — | — | 1,080,634 | 90.8 | % | ||||||||||||||
Fox River Mall | JCPenney, Macy's, Sears, Target, Younkers | 100 | % | Appleton, WI | 594,717 | 30,000 | 564,914 | — | — | 1,189,631 | 97.4 | % | ||||||||||||||
Glenbrook Square | JCPenney, Macy's, Sears, Carson's | 100 | % | Fort Wayne, IN | 448,000 | 555,870 | 221,000 | — | — | 1,224,870 | 91.3 | % | ||||||||||||||
Governor's Square | Dillard's, JCPenney, Macy's, Sears | 100 | % | Tallahassee, FL | 339,685 | — | 691,605 | — | — | 1,031,290 | 94.0 | % | ||||||||||||||
Grand Teton Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Idaho Falls, ID | 211,466 | 199,062 | 124,863 | 93,274 | — | 628,665 | 94.6 | % | ||||||||||||||
Greenwood Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Bowling Green, KY | 422,536 | 156,096 | 272,957 | — | — | 851,589 | 99.1 | % | ||||||||||||||
Hulen Mall | Dillard's, Macy's, Sears | 100 | % | Ft. Worth, TX | 394,956 | — | 596,570 | — | — | 991,526 | 95.8 | % | ||||||||||||||
Jordan Creek Town Center | Dillard's, Younkers | 100 | % | West Des Moines, IA | 746,349 | — | 349,760 | 259,733 | — | 1,355,842 | 96.3 | % | ||||||||||||||
Lakeside Mall | JCPenney, Lord & Taylor, Macy's, Macy's Men's & Home, Sears | 100 | % | Sterling Heights, MI | 483,227 | 115,300 | 905,418 | — | — | 1,503,945 | 85.3 | % | ||||||||||||||
Lynnhaven Mall | Dillard's, JCPenney, Macy's | 100 | % | Virginia Beach, VA | 641,860 | 150,434 | 380,958 | — | — | 1,173,252 | 98.3 | % | ||||||||||||||
Mall of Louisiana | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears | 100 | % | Baton Rouge, LA | 623,529 | — | 805,630 | 143,634 | — | 1,572,793 | 96.8 | % | ||||||||||||||
Mall St. Matthews | Dillard's, Dillard's Men's & Home, JCPenney | 100 | % | Louisville, KY | 505,090 | — | 514,135 | — | — | 1,019,225 | 98.9 | % | ||||||||||||||
Market Place Shopping Center | Bergner's, JCPenney, Macy's | 100 | % | Champaign, IL | 512,109 | 234,834 | 149,980 | — | — | 896,923 | 96.7 | % | ||||||||||||||
Mayfair | Boston Store, Macy's, Nordstrom | 100 | % | Wauwatosa (Milwaukee), WI | 620,464 | 288,596 | 360,407 | — | 314,584 | 1,584,051 | 96.7 | % | ||||||||||||||
Meadows Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Las Vegas, NV | 308,056 | — | 636,853 | — | — | 944,909 | 95.1 | % | ||||||||||||||
Mondawmin Mall | 100 | % | Baltimore, MD | 393,925 | — | — | — | 65,528 | 459,453 | 97.6 | % | |||||||||||||||
Newgate Mall | Dillard's, Sears, Burlington Coat Factory | 100 | % | Ogden (Salt Lake City), UT | 338,394 | 218,874 | 118,919 | — | — | 676,187 | 96.0 | % | ||||||||||||||
North Point Mall | Dillard's, JCPenney, Macy's, Sears, Von Maur | 100 | % | Alpharetta (Atlanta), GA | 428,199 | 539,850 | 363,151 | — | — | 1,331,200 | 94.9 | % | ||||||||||||||
North Star Mall | Dillard's, JCPenney, Macy's, Saks Fifth Avenue | 100 | % | San Antonio, TX | 518,315 | 207,196 | 522,126 | — | — | 1,247,637 | 99.6 | % | ||||||||||||||
Northridge Fashion Center | JCPenney, Macy's, Sears | 100 | % | Northridge (Los Angeles), CA | 637,937 | — | 824,443 | — | — | 1,462,380 | 97.8 | % | ||||||||||||||
Northtown Mall | JCPenney, Kohl's, Macy's, Sears | 100 | % | Spokane, WA | 429,627 | 276,488 | 242,392 | — | — | 948,507 | 86.5 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | ||||||||||||||||
Oak View Mall | Dillard's, JCPenney, Sears, Younkers | 100 | % | Omaha, NE | 255,260 | 149,326 | 454,860 | — | — | 859,446 | 84.4 | % | ||||||||||||||
Oakwood Center | Dillard's, JCPenney, Sears | 100 | % | Gretna, LA | 399,817 | — | 514,028 | — | — | 913,845 | 95.9 | % | ||||||||||||||
Oakwood Mall | JCPenney, Macy's, Sears, Younkers | 100 | % | Eau Claire, WI | 403,036 | 116,620 | 298,224 | — | — | 817,880 | 93.2 | % | ||||||||||||||
Oglethorpe Mall | Belk, JCPenney, Macy's, Sears | 100 | % | Savannah, GA | 406,371 | 220,824 | 315,760 | — | — | 942,955 | 96.4 | % | ||||||||||||||
Oxmoor Center | Macy's, Sears, Von Maur | 94 | % | Louisville, KY | 350,386 | 156,000 | 411,210 | — | — | 917,596 | 95.8 | % | ||||||||||||||
Paramus Park | Macy's, Sears | 100 | % | Paramus, NJ | 305,845 | 169,634 | 289,423 | — | — | 764,902 | 98.3 | % | ||||||||||||||
Park City Center | Bon Ton, Boscov's, JCPenney, Kohl's, Sears | 100 | % | Lancaster (Philadelphia), PA | 534,928 | 514,917 | 384,980 | — | 3,268 | 1,438,093 | 91.1 | % | ||||||||||||||
Park Place | Dillard's, Macy's, Sears | 100 | % | Tucson, AZ | 473,306 | — | 581,457 | — | — | 1,054,763 | 98.1 | % | ||||||||||||||
Peachtree Mall | Dillard's, JCPenney, Macy's | 100 | % | Columbus, GA | 301,038 | 307,539 | 201,076 | — | 12,600 | 822,253 | 93.9 | % | ||||||||||||||
Pecanland Mall | Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears | 100 | % | Monroe, LA | 348,687 | 19,962 | 595,474 | — | — | 964,123 | 95.0 | % | ||||||||||||||
Pembroke Lakes Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears | 100 | % | Pembroke Pines (Fort Lauderdale), FL | 354,054 | 395,219 | 386,056 | — | — | 1,135,329 | 95.9 | % | ||||||||||||||
Pioneer Place | 100 | % | Portland, OR | 347,852 | — | — | — | 288,758 | 636,610 | 86.2 | % | |||||||||||||||
Prince Kuhio Plaza | Macy's, Sears | 100 | % | Hilo, HI | 310,046 | 124,547 | 61,873 | — | — | 496,466 | 96.4 | % | ||||||||||||||
Providence Place | Macy's, Nordstrom | 94 | % | Providence, RI | 733,378 | — | 513,816 | — | 4,304 | 1,251,498 | 96.3 | % | ||||||||||||||
Quail Springs Mall | Dillard's, JCPenney, Von Maur | 100 | % | Oklahoma City, OK | 448,900 | 160,000 | 505,596 | — | — | 1,114,496 | 95.5 | % | ||||||||||||||
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 | 301,835 | 343,072 | 457,868 | — | — | 1,102,775 | 98.7 | % | ||||||||||||||
River Hills Mall | Herberger's, JCPenney, Sears, Target | 100 | % | Mankato, MN | 352,712 | 189,559 | 174,383 | — | — | 716,654 | 95.9 | % | ||||||||||||||
Rivertown Crossings | JCPenney, Kohl's, Macy's, Sears, Younkers | 100 | % | Grandville (Grand Rapids), MI | 631,479 | — | 635,625 | — | — | 1,267,104 | 97.1 | % | ||||||||||||||
Rogue Valley Mall | JCPenney, Kohl's, Macy's, Macy's Home Store | 100 | % | Medford (Portland), OR | 280,169 | 170,625 | 186,359 | — | — | 637,153 | 78.2 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | ||||||||||||||||
Sooner Mall | Dillard's, JCPenney, Sears | 100 | % | Norman, OK | 237,403 | 129,823 | 137,082 | — | — | 504,308 | 95.4 | % | ||||||||||||||
Spokane Valley Mall | JCPenney, Macy's, Sears | 100 | % | Spokane, WA | 350,545 | 126,243 | 251,366 | 138,002 | — | 866,156 | 92.9 | % | ||||||||||||||
Staten Island Mall | Macy's, Sears, JCPenney | 100 | % | Staten Island, NY | 548,009 | 190,441 | 466,922 | 83,151 | — | 1,288,523 | 91.6 | % | ||||||||||||||
Stonestown Galleria | Macy's, Nordstrom | 100 | % | San Francisco, CA | 408,169 | 160,505 | 267,788 | — | — | 836,462 | 93.7 | % | ||||||||||||||
The Crossroads | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | Portage (Kalamazoo), MI | 266,414 | — | 502,961 | — | — | 769,375 | 95.4 | % | ||||||||||||||
The Gallery At Harborplace | 100 | % | Baltimore, MD | 112,674 | — | — | — | 283,321 | 395,995 | 89.1 | % | |||||||||||||||
The Maine Mall | Bon Ton, JCPenney, Macy's, Sears | 100 | % | South Portland, ME | 522,888 | 120,844 | 377,662 | — | 600 | 1,021,994 | 98.4 | % | ||||||||||||||
The Mall in Columbia | JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears | 100 | % | Columbia, MD | 633,883 | 351,168 | 449,000 | — | — | 1,434,051 | 96.6 | % | ||||||||||||||
The Oaks Mall | Belk, Dillard's, JCPenney, Macy's, Sears | 100 | % | Gainesville, FL | 348,237 | 233,367 | 324,500 | — | — | 906,104 | 94.0 | % | ||||||||||||||
The Parks Mall at Arlington | Dillard's, JCPenney, Macy's, Sears | 100 | % | Arlington (Dallas), TX | 761,751 | — | 748,945 | — | — | 1,510,696 | 98.1 | % | ||||||||||||||
The Shoppes at Buckland Hills | JCPenney, Macy's, Macy's Men's & Home, Sears | 100 | % | Manchester, CT | 559,873 | — | 512,611 | — | — | 1,072,484 | 94.6 | % | ||||||||||||||
The Shops at Fallen Timbers | Dillard's, JCPenney | 100 | % | Maumee, OH | 351,080 | — | 261,502 | — | — | 612,582 | 92.2 | % | ||||||||||||||
The Shops at La Cantera | Dillard's, Macy's, Neiman Marcus, Nordstrom | 75 | % | San Antonio, TX | 614,250 | — | 627,597 | — | 70,694 | 1,312,541 | 97.0 | % | ||||||||||||||
The Streets at Southpoint | Hudson Belk, JCPenney, Macy's, Nordstrom, Sears | 94 | % | Durham, NC | 608,275 | — | 726,347 | — | — | 1,334,622 | 99.3 | % | ||||||||||||||
The Woodlands Mall | Dillard's, JCPenney, Macy's, Nordstrom | 100 | % | Woodlands (Houston), TX | 625,190 | — | 713,438 | — | 38,905 | 1,377,533 | 98.7 | % | ||||||||||||||
Town East Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Mesquite (Dallas), TX | 414,384 | — | 809,386 | — | — | 1,223,770 | 96.2 | % | ||||||||||||||
Tucson Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Tucson, AZ | 612,489 | — | 641,458 | 27,305 | — | 1,281,252 | 95.0 | % | ||||||||||||||
Tysons Galleria | Macy's, Neiman Marcus, Saks Fifth Avenue | 100 | % | McLean (Washington, D.C.), VA | 309,719 | — | 511,933 | — | — | 821,652 | 89.9 | % | ||||||||||||||
Valley Plaza Mall | JCPenney, Macy's, Sears, Target | 100 | % | Bakersfield, CA | 520,881 | 364,792 | 292,176 | — | — | 1,177,849 | 97.4 | % | ||||||||||||||
Visalia Mall | JCPenney, Macy's | 100 | % | Visalia, CA | 178,146 | 257,000 | — | — | — | 435,146 | 95.3 | % | ||||||||||||||
Westlake Center | 100 | % | Seattle, WA | 108,785 | — | — | — | — | 108,785 | 91.9 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | 518,192 | — | 529,036 | — | — | 1,047,228 | 95.9 | % | ||||||||||||||
White Marsh Mall | JCPenney, Macy's, Macy's Home Store, Sears, Boscov's | 100 | % | Baltimore, MD | 437,322 | 257,345 | 466,010 | — | — | 1,160,677 | 92.6 | % | ||||||||||||||
Willowbrook | Bloomingdale's, Lord & Taylor, Macy's, Sears | 100 | % | Wayne, NJ | 488,877 | 2,060 | 1,028,000 | — | — | 1,518,937 | 100.0 | % | ||||||||||||||
Woodbridge Center | Boscov's, JCPenney, Lord & Taylor, Macy's, Sears | 100 | % | Woodbridge, NJ | 650,462 | 455,739 | 560,935 | — | — | 1,667,136 | 92.4 | % | ||||||||||||||
Total Consolidated Retail Properties | Count: 86 | 37,073,317 | 12,552,736 | 34,010,045 | 1,209,328 | 1,082,562 | 85,927,988 | 95.7 | % | |||||||||||||||||
Unconsolidated Retail Properties | ||||||||||||||||||||||||||
530 Fifth Avenue | Fossil, Desigual, Chase Bank | 50 | % | New York, NY | 31,230 | — | — | — | — | 31,230 | 100.0 | % | ||||||||||||||
685 Fifth Avenue | Coach | 50 | % | New York, NY | 23,374 | — | — | — | 94,812 | 118,186 | 100.0 | % | ||||||||||||||
Ala Moana Center | Macy's, Neiman Marcus, Bloomingdale's, Nordstrom | 63 | % | Honolulu, HI | 1,115,627 | 1,035,686 | — | 14,042 | 361,672 | 2,527,027 | 90.6 | % | ||||||||||||||
Alderwood | JCPenney, Macy's, Nordstrom, Sears | 50 | % | Lynnwood (Seattle), WA | 578,310 | 177,679 | 528,219 | 39,096 | — | 1,323,304 | 98.9 | % | ||||||||||||||
Altamonte Mall | Dillard's, JCPenney, Macy's, Sears | 50 | % | Altamonte Springs (Orlando), FL | 481,041 | 158,658 | 519,890 | — | — | 1,159,589 | 93.1 | % | ||||||||||||||
Bayside Marketplace | 51 | % | Miami, FL | 205,937 | — | — | — | 1,103 | 207,040 | 96.9 | % | |||||||||||||||
Bridgewater Commons | Bloomingdale's, Lord & Taylor, Macy's | 35 | % | Bridgewater, NJ | 406,004 | 150,525 | 352,351 | 92,584 | — | 1,001,464 | 96.5 | % | ||||||||||||||
Carolina Place | Belk, Dillard's, JCPenney, Macy's, Sears | 50 | % | Pineville (Charlotte), NC | 386,359 | 277,404 | 496,098 | — | — | 1,159,861 | 95.0 | % | ||||||||||||||
Christiana Mall | JCPenney, Macy's, Nordstrom, Target | 50 | % | Newark, DE | 625,809 | — | 641,312 | — | — | 1,267,121 | 100.0 | % | ||||||||||||||
Clackamas Town Center | JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears | 50 | % | Happy Valley, OR | 636,150 | — | 774,842 | — | — | 1,410,992 | 98.9 | % | ||||||||||||||
First Colony Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's | 50 | % | Sugar Land, TX | 510,915 | — | 619,048 | — | — | 1,129,963 | 97.2 | % | ||||||||||||||
Florence Mall | JCPenney, Macy's, Macy's Home Store, Sears | 50 | % | Florence (Cincinnati, OH), KY | 388,560 | — | 552,407 | — | — | 940,967 | 88.8 | % | ||||||||||||||
Galleria at Tyler | JCPenney, Macy's, Nordstrom | 50 | % | Riverside, CA | 559,690 | — | 468,208 | — | — | 1,027,898 | 99.0 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | ||||||||||||||||
Glendale Galleria | Bloomingdale's, JCPenney, Macy's, Target | 50 | % | Glendale, CA | 504,992 | 305,000 | 525,000 | — | 139,013 | 1,474,005 | 98.9 | % | ||||||||||||||
Kenwood Towne Centre | Dillard's, Macy's, Nordstrom | 50 | % | Cincinnati, OH | 519,848 | 240,656 | 400,665 | — | — | 1,161,169 | 99.8 | % | ||||||||||||||
Mizner Park | Lord & Taylor | 47 | % | Boca Raton, FL | 175,346 | 79,822 | — | — | 263,338 | 518,506 | 96.0 | % | ||||||||||||||
Natick Mall | Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom | 50 | % | Natick (Boston), MA | 747,589 | 194,722 | 558,370 | — | — | 1,500,681 | 97.1 | % | ||||||||||||||
Neshaminy Mall | Boscov's, Macy's, Sears | 50 | % | Bensalem, PA | 391,619 | 215,586 | 418,595 | — | — | 1,025,800 | 93.1 | % | ||||||||||||||
Northbrook Court | Lord & Taylor, Macy's, Neiman Marcus | 50 | % | Northbrook (Chicago), IL | 478,229 | 126,000 | 410,277 | — | — | 1,014,506 | 92.1 | % | ||||||||||||||
Oakbrook Center | Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears | 48 | % | Oak Brook (Chicago), IL | 1,076,851 | 606,081 | 467,863 | — | 232,905 | 2,383,700 | 97.7 | % | ||||||||||||||
Otay Ranch Town Center | Macy's | 50 | % | Chula Vista (San Diego), CA | 514,646 | — | 140,000 | — | — | 654,646 | 96.8 | % | ||||||||||||||
Park Meadows | Dillard's, JCPenney, Macy's, Nordstrom | 35 | % | Lone Tree, CO | 752,697 | — | 823,000 | — | — | 1,575,697 | 97.7 | % | ||||||||||||||
Perimeter Mall | Dillard's, Macy's, Nordstrom, Von Maur | 50 | % | Atlanta, GA | 511,417 | 222,056 | 831,218 | — | — | 1,564,691 | 94.6 | % | ||||||||||||||
Pinnacle Hills Promenade | Dillard's, JCPenney | 50 | % | Rogers, AR | 359,079 | 98,540 | 162,140 | 304,505 | 63,257 | 987,521 | 94.9 | % | ||||||||||||||
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 | 558,565 | 330,032 | 610,026 | — | — | 1,498,623 | 95.3 | % | ||||||||||||||
Saint Louis Galleria | Dillard's, Macy's, Nordstrom | 74 | % | St. Louis, MO | 458,729 | — | 714,052 | — | — | 1,172,781 | 93.7 | % | ||||||||||||||
Stonebriar Centre | Dillard's, JCPenney, Macy's, Nordstrom, Sears | 50 | % | Frisco (Dallas), TX | 845,779 | 162,018 | 703,174 | — | — | 1,710,971 | 98.3 | % | ||||||||||||||
The Grand Canal Shoppes | Barneys New York | 50 | % | Las Vegas, NV | 651,575 | 84,743 | — | — | 34,088 | 770,406 | 99.7 | % | ||||||||||||||
The Shops at Bravern | Neiman Marcus | 40 | % | Bellevue, WA | 111,886 | 124,637 | — | — | — | 236,523 | 100.0 | % | ||||||||||||||
The Shoppes at River Crossing | Belk, Dillard's | 50 | % | Macon, GA | 403,073 | — | 333,219 | — | — | 736,292 | 99.2 | % | ||||||||||||||
Towson Town Center | Macy's, Nordstrom | 35 | % | Towson, MD | 604,372 | — | 419,129 | — | — | 1,023,501 | 96.8 | % | ||||||||||||||
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 | % | ||||||||||||||
Shops at Merrick Park | Neiman Marcus, Nordstrom | 55 | % | Coral Gables, FL | 408,716 | — | 330,000 | — | 101,263 | 839,979 | 96.8 | % | ||||||||||||||
Water Tower Place | Macy's | 47 | % | Chicago, IL | 408,289 | 297,618 | — | — | 88,809 | 794,716 | 98.5 | % | ||||||||||||||
Whaler's Village | 50 | % | Lahaina, HI | 103,963 | — | — | — | 2,557 | 106,520 | 98.4 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2016 |
Property Name | Anchors | 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 | ||||||||||||||||
Willowbrook Mall | Dillard's, JCPenney, Macy's, Macy's Men's, Sears | 50 | % | Houston, TX | 459,811 | — | 984,372 | — | — | 1,444,183 | 96.0 | % | ||||||||||||||
Total Unconsolidated Retail Properties | Count: 38 | 17,259,790 | 5,013,132 | 13,918,519 | 450,227 | 1,402,324 | 38,043,992 | 96.5 | % | |||||||||||||||||
Total Same Store Retail Properties 2 | Count: 124 | 54,333,107 | 17,565,868 | 47,928,564 | 1,659,555 | 2,484,886 | 123,971,979 | 95.9 | % | |||||||||||||||||
Non-Same Store Retail Properties | ||||||||||||||||||||||||||
Southwest Plaza | Dillard's, JCPenney, Macy's, Sears | 100 | % | Littleton, CO | 572,391 | 34,545 | 541,851 | — | 64,817 | 1,213,604 | 97.8 | % | ||||||||||||||
730 Fifth Avenue | Bulgari, Mikimoto, Piaget | 50 | % | New York, NY | 64,956 | — | — | — | 32,672 | 97,628 | 100.0 | % | ||||||||||||||
85 Fifth Avenue | Anthropologie | 50 | % | New York, NY | 12,946 | — | — | — | — | 12,946 | 100.0 | % | ||||||||||||||
Miami Design District 3 | Bulgari, Fendi, Hermes, Louis Vuitton, Prada, Valentino | 15 | % | Miami, FL | 417,943 | — | — | — | 91,917 | 509,860 | 100.0 | % | ||||||||||||||
Total Retail Properties | Count: 128 | 55,401,343 | 17,600,413 | 48,470,415 | 1,659,555 | 2,674,292 | 125,806,017 | 96.0 | % | |||||||||||||||||
Non-Same Store Strip Centers & Other Retail | ||||||||||||||||||||||||||
Shopping Leblon | 35 | % | Rio de Janeiro, Brazil | 256,045 | — | — | — | — | 256,045 | 99.5 | % | |||||||||||||||
Total Non-Same Store Strip Centers & Other Retail | Count: 1 | 256,045 | — | — | — | — | 256,045 | 99.5 | % |
1. | Excludes space under development. |
2. | Refer to page 14 (Key Operating Performance Indicators). |
3. | Investment is considered cost method for reporting purposes and is reflected in prepaid and other assets on our proportionate balance sheet. |
Miscellaneous |
MISCELLANEOUS Capital Information (In thousands, except per share amounts) |
March 31, 2016 | |||
Closing common stock price per share | $ | 29.73 | |
52 Week High 1 | 30.53 | ||
52 Week Low 1 | 24.22 | ||
Portfolio Net Debt, At Share | |||
Portfolio Debt | |||
Fixed | $ | 16,097,500 | |
Variable | 3,495,031 | ||
Total Portfolio Debt | 19,592,531 | ||
Less: Cash and Cash Equivalents | (360,078 | ) | |
Portfolio Net Debt | $ | 19,232,453 | |
Portfolio Capitalization Data | |||
Portfolio Net Debt | $ | 19,232,453 | |
Preferred Securities: | |||
Convertible Preferred Units at 6.50% | 26,637 | ||
Convertible Preferred Units at 7.00% | 25,133 | ||
Convertible Preferred Units at 8.50% | 115,962 | ||
Preferred Stock at 6.375% | 250,000 | ||
Other Preferred Stock | 360 | ||
Total Preferred Securities | $ | 418,092 | |
Common stock and Operating Partnership units outstanding at end of period 2 | $ | 26,449,770 | |
Total Market Capitalization at end of period | $ | 46,100,315 |
1. | 52-week pricing information includes the intra-day highs and lows. |
2. | 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 March 31, 2016 | LTIP 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, 2015 | 1,646 | 4,585 | 882,397 | 888,628 | ||||||
DRIP | — | — | 6 | 6 | ||||||
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised | 61 | — | 653 | 714 | ||||||
Issuance of stock for employee stock purchase program | — | — | 67 | 67 | ||||||
Common Shares and OP Units Outstanding at March 31, 2016 | 1,707 | 4,585 | 883,123 | 889,415 | ||||||
Common Shares issuable assuming exercise of warrants 1 | 63,100 | |||||||||
Common Shares issuable assuming exercise of in-the-money stock options 2 | 7,525 | |||||||||
Common Shares issuable assuming exchange of OP Units | 6,543 | |||||||||
Diluted Common Shares and OP Units Outstanding at March 31, 2016 | 960,291 |
Three Months Ended | ||||||
March 31, 2016 | March 31, 2015 | |||||
(In thousands) | ||||||
Weighted average number of company shares outstanding | 882,673 | 885,462 | ||||
Weighted average number of stock options 3 | 6,611 | 8,115 | ||||
Weighted average number of GAAP dilutive warrants | 60,870 | 60,855 | ||||
Diluted weighted average number of Company shares outstanding - GAAP EPS | 950,154 | 954,432 | ||||
Weighted average number of common units | 4,768 | 4,799 | ||||
Weighted average number of LTIP Units | 1,742 | 1,257 | ||||
Diluted weighted average number of Company shares outstanding - FFO/Company FFO | 956,664 | 960,488 |
1. | GGP has 73.9 million warrants outstanding convertible to 1.2133 Common Shares with a weighted average exercise price of $8.8158, 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 December 15, 2015 4 | Impact of settling warrants via net share settlement 5 | |
$57,500,000 | $8.8616 | Nov 9, 2017 | Reduces exercise price to $8.8616 | Increases number of Common shares per warrant to 1.2133 | Net share: 69,764,750 x [29.73 - 8.8616] /29.73 = 48,970,020 shares delivered |
$16,428,571 | $8.6555 | Nov 9, 2017 | Reduces exercise price to $8.6555 | Increases number of Common shares per warrant to 1.2133 | Net share: 19,932,785 x [29.73 - 8.6555] /29.73 = 14,129,616 shares delivered |
73,928,571 | $8.8158 | 63,099,636 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 $0.19 per share issued to stockholders of record on December 15, 2015. |
5. | Based on stock price of $29.73 on March 31, 2016. |
MISCELLANEOUS Development Summary |
Property1 | Description | GGP's Total Projected Share of Cost | GGP's Investment to Date 2 | Expected Return on Investment 3 | Stabilized Year | ||||||||
Major Development Summary (in millions, at share unless otherwise noted) | |||||||||||||
Under Construction | |||||||||||||
Staten Island Mall | Expansion | $ | 199 | $ | 16 | 8-9% | 2019 | ||||||
Staten Island, NY | |||||||||||||
Other Projects | Redevelopment projects at various malls | 218 | 68 | 6-8% | 2017-2018 | ||||||||
Various Malls | |||||||||||||
Total Projects Under Construction | $ | 417 | $ | 84 | |||||||||
Projects in Pipeline | |||||||||||||
New Mall Development | Ground up mall development | $ | 285 | $ | 44 | 8-10% | 2020 | ||||||
Norwalk, CT | |||||||||||||
Ala Moana Center | Nordstrom box repositioning | 53 | 35 | 9-10% | 2018 | ||||||||
Honolulu, HI | |||||||||||||
Other Projects | Redevelopment projects at various malls | 290 | 91 | 8-9% | TBD | ||||||||
Various Malls | |||||||||||||
Total Projects in Pipeline | $ | 628 | $ | 170 | |||||||||
1. | See Property Schedule on pages 17-23 for GGP ownership percentage for each individual property. |
2. | Projected costs and investments to date exclude capitalized interest and overhead. |
3. | Return on investment represents first year stabilized cash-on-cash return, based upon budgeted assumptions. Actual costs may vary. |
MISCELLANEOUS Capital Expenditures |
Expenditures ($ in thousands) | ||||||||
Three Months Ended | Three Months Ended | |||||||
March 31, 2016 | March 31, 2015 | |||||||
Capital expenditures | $ | 39,038 | $ | 35,339 | ||||
Tenant allowances and capitalized leasing costs | 33,388 | 39,852 | ||||||
Total | $ | 72,426 | $ | 75,191 |
MISCELLANEOUS Corporate Information |
Reporting Calendar | ||||
Results will be announced according to the following approximate schedule: | ||||
Quarter | Earnings Release Date | Earnings Call Date | ||
Q2 2016 | August 1, 2016 | August 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 | Q2 2016 | May 2, 2016 | July 15, 2016 | July 29, 2016 | $0.1900 |
Common Stock | Q1 2016 | February 1, 2016 | April 15, 2016 | April 29, 2016 | $0.1900 |
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 |
Series A Preferred Stock | Q2 2016 | May 2, 2016 | June 15, 2016 | July 1, 2016 | $0.3984 |
Series A Preferred Stock | Q1 2016 | February 1, 2016 | March 15, 2016 | April 1, 2016 | $0.3984 |
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 |
Investor Relations | Transfer Agent | |||
Kevin Berry | American Stock Transfer & Trust Company, LLC | |||
Senior Vice President, Investor and Public 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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