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 2017 Results and Declares Second Quarter Dividend” dated May 1, 2017 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three months ended March 31, 2017 (furnished herewith). |
Exhibit Number | Name |
99.1 | Press release titled “GGP Reports First Quarter 2017 Results and Declares Second Quarter Dividend” dated May 1, 2017 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three months ended March 31, 2017 (furnished herewith). |
• | Net income attributable to GGP was $107 million, or $0.11 per diluted share, as compared to $192 million, or $0.20 per diluted share, in the prior year period. |
• | Net income attributable to GGP decreased 44.1% from the prior year period primarily due to 2016 gains related to the sale of interests in four properties. |
• | The Company declared a second quarter common stock dividend of $0.22 per share, an increase of 16% over the second quarter of 2016. |
• | Company Same Store Net Operating Income (“Company Same Store NOI”) was $561 million as compared to $547 million in the prior year period, an increase of 2.5%. |
• | Company Net Operating Income (“Company NOI”) as adjusted was $567 million as compared to $551 million in the prior year period, an increase of 2.9%.1 |
• | Company earnings before interest, taxes, depreciation and amortization (“Company EBITDA”) as adjusted was $530 million as compared to $512 million in the prior year period, an increase of 3.7%.1 |
• | Company Funds From Operations (“Company FFO”) was $346 million, or $0.36 per diluted share. |
• | Same Store leased percentage was 95.9% at quarter end. |
• | Initial NOI weighted rental rates for signed leases that have commenced in the trailing twelve months on a suite-to-suite basis increased 15.5% when compared to the rental rate for expiring leases. |
• | Initial rental rates for signed leases that have commenced in the trailing twelve months on a suite-to-suite basis increased 10.5% when compared to the rental rate for expiring leases. |
• | For the trailing twelve months, NOI weighted tenant sales per square foot (<10K sf) were $705 an increase of 1.8% over the prior year. |
• | For the trailing twelve months, tenant sales per square foot (<10K sf) were $591 an increase of 0.6% over the prior year. |
• | Tenant sales (all less anchors) increased 0.9% on a trailing 12-month basis. |
1. | See Supplemental Information page 4 for items included as adjustments. |
For the year ending | For the three months ending | |||
Earnings Guidance | December 31, 2017 | June 30, 2017 | ||
Net income attributable to GGP | $0.59-$0.63 | $0.10-$0.12 | ||
Preferred stock dividends | (0.02 | ) | (0.01 | ) |
Net income attributable to common stockholders | $0.57-$0.61 | $0.09-$0.11 | ||
Depreciation, including share of joint ventures | 0.96 | 0.24 | ||
NAREIT FFO | $1.53-$1.57 | $0.33-$0.35 | ||
Adjustments1 | 0.03 | 0.01 | ||
Company FFO per diluted share | $1.56-$1.60 | $0.34-$0.36 |
1. | Includes impact of straight-line rent, above/below market rent, gain/loss on foreign currency and the related provision for income taxes, and other items. For discussion on the purpose and use of these adjustments please see Non-GAAP Supplemental Financial Measures and Definitions. |
GAAP FINANCIAL STATEMENTS |
Consolidated Balance Sheets (In thousands) | |||||||
March 31, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Investment in real estate: | |||||||
Land | $ | 3,057,183 | $ | 3,066,019 | |||
Buildings and equipment | 16,108,953 | 16,091,582 | |||||
Less accumulated depreciation | (2,827,336 | ) | (2,737,286 | ) | |||
Construction in progress | 260,025 | 251,616 | |||||
Net property and equipment | 16,598,825 | 16,671,931 | |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,871,240 | 3,868,993 | |||||
Net investment in real estate | 20,470,065 | 20,540,924 | |||||
Cash and cash equivalents | 252,718 | 474,757 | |||||
Accounts receivable, net | 318,259 | 322,196 | |||||
Notes receivable, net | 691,791 | 678,496 | |||||
Deferred expenses, net | 248,624 | 209,852 | |||||
Prepaid expenses and other assets | 485,997 | 506,521 | |||||
Total assets | $ | 22,467,454 | $ | 22,732,746 | |||
Liabilities: | |||||||
Mortgages, notes and loans payable | 12,567,659 | 12,430,418 | |||||
Investment in Unconsolidated Real Estate Affiliates | 45,733 | 39,506 | |||||
Accounts payable and accrued expenses | 611,119 | 655,362 | |||||
Dividend payable | 202,007 | 433,961 | |||||
Deferred tax liabilities | 3,719 | 3,843 | |||||
Junior Subordinated Notes | 206,200 | 206,200 | |||||
Total liabilities | 13,636,437 | 13,769,290 | |||||
Redeemable noncontrolling interests: | |||||||
Preferred | 137,410 | 144,060 | |||||
Common | 110,116 | 118,667 | |||||
Total redeemable noncontrolling interests | 247,526 | 262,727 | |||||
Equity: | |||||||
Preferred stock | 242,042 | 242,042 | |||||
Stockholders' equity | 8,271,847 | 8,393,722 | |||||
Noncontrolling interests in consolidated real estate affiliates | 32,381 | 33,583 | |||||
Noncontrolling interests related to Long-Term Incentive Plan Common Units | 37,221 | 31,382 | |||||
Total equity | 8,583,491 | 8,700,729 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 22,467,454 | $ | 22,732,746 | |||
GAAP FINANCIAL STATEMENTS |
Consolidated Statements of Income (In thousands, except per share) | |||||||
Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
Revenues: | |||||||
Minimum rents | $ | 349,013 | $ | 371,132 | |||
Tenant recoveries | 163,055 | 172,448 | |||||
Overage rents | 5,937 | 8,145 | |||||
Management fees and other corporate revenues | 28,143 | 33,741 | |||||
Other | 20,184 | 21,566 | |||||
Total revenues | 566,332 | 607,032 | |||||
Expenses: | |||||||
Real estate taxes | 57,494 | 58,103 | |||||
Property maintenance costs | 14,975 | 17,483 | |||||
Marketing | 2,145 | 2,054 | |||||
Other property operating costs | 69,303 | 70,394 | |||||
Provision for doubtful accounts | 3,451 | 3,401 | |||||
Property management and other costs | 41,114 | 30,745 | |||||
Provision for loan loss | — | 36,069 | |||||
General and administrative | 14,683 | 13,427 | |||||
Provisions for impairment | — | 40,705 | |||||
Depreciation and amortization | 170,298 | 160,671 | |||||
Total expenses | 373,463 | 433,052 | |||||
Operating income | 192,869 | 173,980 | |||||
Interest and dividend income | 17,936 | 16,058 | |||||
Interest expense | (132,323 | ) | (147,677 | ) | |||
Gain on foreign currency | 3,183 | 8,936 | |||||
Gain from changes in control of investment properties and other | — | 74,555 | |||||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and allocation to noncontrolling interests | 81,665 | 125,852 | |||||
Provision for income taxes | (4,510 | ) | (2,920 | ) | |||
Equity in income of Unconsolidated Real Estate Affiliates | 33,214 | 57,491 | |||||
Unconsolidated Real Estate Affiliates - gain on investment | — | 14,914 | |||||
Net Income | 110,369 | 195,337 | |||||
Allocation to noncontrolling interests | (3,209 | ) | (3,557 | ) | |||
Net income attributable to GGP | 107,160 | 191,780 | |||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | |||
Net income attributable to common stockholders | $ | 103,176 | $ | 187,796 | |||
Basic Earnings Per Share: | $ | 0.12 | $ | 0.21 | |||
Diluted Earnings Per Share: | $ | 0.11 | $ | 0.20 | |||
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | ||||||||
Reconciliation of GAAP Operating Income to Company Same Store NOI | |||||||||
Operating Income | $ | 192,869 | $ | 173,980 | |||||
Gain on sales of investment properties | (1,212 | ) | — | ||||||
Depreciation and amortization | 170,298 | 160,671 | |||||||
Provision for loan loss | — | 36,069 | |||||||
Provision for impairment | — | 40,705 | |||||||
General and administrative | 14,683 | 13,427 | |||||||
Property management and other costs | 41,114 | 30,745 | |||||||
Management fees and other corporate revenues | (28,143 | ) | (33,741 | ) | |||||
Consolidated Properties | 389,609 | 421,856 | |||||||
Noncontrolling interest in NOI of Consolidated Properties | (5,720 | ) | (3,925 | ) | |||||
NOI of sold interests | 113 | (19,922 | ) | ||||||
Unconsolidated Properties | 186,094 | 187,611 | |||||||
Proportionate NOI | 570,096 | 585,620 | |||||||
Company adjustments: | |||||||||
Minimum rents | 8,337 | 3,338 | |||||||
Real estate taxes | 1,490 | 1,490 | |||||||
Property operating expenses | 999 | 1,013 | |||||||
Company NOI | 580,922 | 591,461 | |||||||
Less Company Non-Same Store NOI | 20,253 | 44,577 | |||||||
Company Same Store NOI | $ | 560,669 | $ | 546,884 | |||||
Reconciliation of GAAP Net Income Attributable to GGP to Company EBITDA | |||||||||
Net Income Attributable to GGP | $ | 107,160 | $ | 191,780 | |||||
Allocation to noncontrolling interests | 3,209 | 3,557 | |||||||
Gain on sales of investment properties | (1,212 | ) | — | ||||||
Gains from changes in control of investment properties and other | — | (74,555 | ) | ||||||
Unconsolidated Real Estate Affiliates - gain on investment | — | (14,914 | ) | ||||||
Equity in income of Unconsolidated Real Estate Affiliates | (33,214 | ) | (57,491 | ) | |||||
Provision for loan loss | — | 36,069 | |||||||
Provision for impairment | — | 40,705 | |||||||
Provision for income taxes | 4,510 | 2,920 | |||||||
Gain on foreign currency | (3,183 | ) | (8,936 | ) | |||||
Interest expense | 132,323 | 147,677 | |||||||
Interest and dividend income | (17,936 | ) | (16,058 | ) | |||||
Depreciation and amortization | 170,298 | 160,671 | |||||||
Consolidated Properties | 361,955 | 411,425 | |||||||
Noncontrolling interest in EBITDA of Consolidated Properties | (5,493 | ) | (3,774 | ) | |||||
EBITDA of sold interests | 108 | (19,785 | ) | ||||||
Unconsolidated Properties | 176,622 | 178,852 | |||||||
Proportionate EBITDA | 533,192 | 566,718 | |||||||
Company adjustments: | |||||||||
Minimum rents | 8,337 | 3,338 | |||||||
Real estate taxes | 1,490 | 1,490 | |||||||
Property operating expenses | 999 | 1,013 | |||||||
Company EBITDA | $ | 544,018 | $ | 572,559 |
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | ||||||||
Reconciliation of GAAP Net Income Attributable to GGP to Company FFO | |||||||||
Net Income Attributable to GGP | $ | 107,160 | $ | 191,780 | |||||
Redeemable noncontrolling interests | 830 | 1,525 | |||||||
Provision for impairment excluded from FFO | — | 40,705 | |||||||
Noncontrolling interests in depreciation of Consolidated Properties | (2,776 | ) | (2,115 | ) | |||||
Unconsolidated Real Estate Affiliates - gain on investment | — | (14,914 | ) | ||||||
Gain on sales of investment properties | (1,212 | ) | — | ||||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | |||||
Gains from changes in control of investment properties and other | — | (74,555 | ) | ||||||
Depreciation and amortization of capitalized real estate costs - Consolidated Properties | 165,979 | 157,561 | |||||||
Depreciation and amortization of capitalized real estate costs - Unconsolidated Properties | 73,993 | 67,308 | |||||||
FFO | 339,990 | 363,311 | |||||||
Company adjustments: | |||||||||
Minimum rents | 8,337 | 3,338 | |||||||
Property operating expenses | 1,490 | 1,490 | |||||||
Property management and other costs | 999 | 1,013 | |||||||
Investment income, net | (205 | ) | (205 | ) | |||||
Market rate adjustments | (1,211 | ) | (294 | ) | |||||
Provision for loan loss | — | 28,549 | |||||||
Gain on foreign currency | (3,183 | ) | (8,936 | ) | |||||
Provision for income taxes | — | (5,079 | ) | ||||||
FFO from sold interests | — | (384 | ) | ||||||
Company FFO | $ | 346,217 | $ | 382,803 | |||||
Reconciliation of Net Income Attributable to GGP per diluted share to Company FFO per diluted share | |||||||||
Net Income Attributable to GGP per diluted share | $ | 0.11 | $ | 0.20 | |||||
Preferred stock dividends | — | — | |||||||
Net income attributable to common stockholders per diluted share | 0.11 | 0.20 | |||||||
Redeemable noncontrolling interests | — | — | |||||||
Provision for impairment excluded from FFO | — | 0.04 | |||||||
Unconsolidated Real Estate Affiliates - gain on investment | — | (0.02 | ) | ||||||
Gains from changes in control of investment properties and other | — | (0.08 | ) | ||||||
Depreciation and amortization of capitalized real estate costs | 0.25 | 0.24 | |||||||
FFO per diluted share | 0.36 | 0.38 | |||||||
Company adjustments: | |||||||||
Straight-line rent | 0.01 | — | |||||||
Loan loss provision | — | 0.03 | |||||||
Gain on foreign currency | (0.01 | ) | (0.01 | ) | |||||
Company FFO per diluted share | $ | 0.36 | $ | 0.40 |
BASIS OF PRESENTATION |
TABLE OF CONTENTS |
Page | Page | |||
Earnings Press Release | ER1-7 | Portfolio Operating Metrics: | ||
Key Operating Performance Indicators | 15 | |||
GAAP Financial Statements: | Signed Leases All Less Anchors | 16 | ||
GAAP Overview | 1 | Lease Expiration Schedule and Top Ten Tenants | 17 | |
Consolidated Balance Sheets | 2 | Property Schedule | 18-24 | |
Consolidated Statements of Income | 3 | |||
Miscellaneous: | ||||
Non-GAAP Proportionate Financial Information: | Capital Information | 25 | ||
Proportionate Overview | 4 | Change in Total Common and Equivalent Shares | 26 | |
Proportionate Assets, Liabilities, and Equity | 5 | Development Summary | 27 | |
Company NOI, EBITDA and FFO | 6 | Proportionate Capital Expenditures | 28 | |
Reconciliation of GAAP to Non-GAAP Financial Measures | 7-9 | Corporate Information | 29 | |
Glossary of Terms | 30 | |||
Debt: | ||||
Summary, at Share | 10 | |||
Detail, at Share | 11-14 |
SELECT SCHEDULE DEFINITIONS |
Page | Schedule | Description |
Non-GAAP Proportionate Financial Information: | ||
4 | Proportionate Overview | Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis. |
5 | Proportionate Assets, Liabilities and Equity | Provides the adjustments for noncontrolling interests and the Company's proportionate share of assets, liabilities and equity related to investments accounted for under the equity method to calculate the Company's proportionate share. |
6 | Company NOI, Company EBITDA and Company FFO | For the three months ended March 31, 2017 and 2016, provides the Company's proportionate share of revenues and expenses related to noncontrolling interests and investments accounted for under the equity method to calculate the Company's proportionate share. Company NOI, Company EBITDA and Company FFO include certain adjustments as defined on page 6. |
Same Store Portfolio Operating Metrics: | ||
15 | Key Operating Performance Indicators | Certain retail properties operating measures presented on a comparable basis. See Glossary of Terms for detailed descriptions. |
18-24 | 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. |
• | Net income attributable to GGP was $107 million, or $0.11 per diluted share, as compared to $192 million, or $0.20 per diluted share, in the prior year period. |
• | Net income attributable to GGP decreased 44.1% from the prior year period primarily due to 2016 gains related to the sale of interests in four properties. |
• | The Company declared a second quarter common stock dividend of $0.22 per share, an increase of 16% over the second quarter of 2016. |
• | Company Same Store Net Operating Income (“Company Same Store NOI”) was $561 million as compared to $547 million in the prior year period, an increase of 2.5%. |
• | Company Net Operating Income (“Company NOI”) as adjusted was $567 million as compared to $551 million in the prior year period, an increase of 2.9%.1 |
• | Company earnings before interest, taxes, depreciation and amortization (“Company EBITDA”) as adjusted was $530 million as compared to $512 million in the prior year period, an increase of 3.7%.1 |
• | Company Funds From Operations (“Company FFO”) was $346 million, or $0.36 per diluted share. |
• | Same Store leased percentage was 95.9% at quarter end. |
• | Initial NOI weighted rental rates for signed leases that have commenced in the trailing twelve months on a suite-to-suite basis increased 15.5% when compared to the rental rate for expiring leases. |
• | Initial rental rates for signed leases that have commenced in the trailing twelve months on a suite-to-suite basis increased 10.5% when compared to the rental rate for expiring leases. |
• | For the trailing twelve months, NOI weighted tenant sales per square foot (<10K sf) were $705 an increase of 1.8% over the prior year. |
• | For the trailing twelve months, tenant sales per square foot (<10K sf) were $591 an increase of 0.6% over the prior year. |
• | Tenant sales (all less anchors) increased 0.9% on a trailing 12-month basis. |
1. | See page 4 for items included as adjustments. |
Earnings Guidance | For the year ending December 31, 2017 | For the three months ending June 30, 2017 | ||
Net income attributable to GGP | $0.59 - $0.63 | $0.10 - $0.12 | ||
Preferred stock dividends | (0.02 | ) | (0.01 | ) |
Net income attributable to common stockholders | $0.57 - $0.61 | $0.09 - $0.11 | ||
Depreciation, including share of JVs | 0.96 | 0.24 | ||
NAREIT FFO | $1.53 - $1.57 | $0.33 - $0.35 | ||
Adjustments1 | 0.03 | 0.01 | ||
Company FFO per diluted share | $1.56 - $1.60 | $0.34 - $0.36 |
GAAP Financial Statements |
GAAP FINANCIAL OVERVIEW (In thousands, except per share ) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | Percentage Change | |||||||
Operating income | $ | 192,869 | $ | 173,980 | 10.9 | % | |||
Net Income attributable to GGP | 107,160 | 191,780 | (44.1 | )% | |||||
Net income attributable to common stockholders | 103,176 | 187,796 | (45.1 | )% | |||||
Diluted earnings per share | $ | 0.11 | $ | 0.20 | (45.0 | )% | |||
Diluted weighted average number of shares outstanding | 949,516 | 950,154 |
GAAP FINANCIAL STATEMENTS Consolidated Balance Sheets (In thousands) |
March 31, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Investment in real estate: | |||||||
Land | $ | 3,057,183 | $ | 3,066,019 | |||
Buildings and equipment | 16,108,953 | 16,091,582 | |||||
Less accumulated depreciation | (2,827,336 | ) | (2,737,286 | ) | |||
Construction in progress | 260,025 | 251,616 | |||||
Net property and equipment | 16,598,825 | 16,671,931 | |||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,871,240 | 3,868,993 | |||||
Net investment in real estate | 20,470,065 | 20,540,924 | |||||
Cash and cash equivalents | 252,718 | 474,757 | |||||
Accounts receivable, net | 318,259 | 322,196 | |||||
Notes receivable, net | 691,791 | 678,496 | |||||
Deferred expenses, net | 248,624 | 209,852 | |||||
Prepaid expenses and other assets | 485,997 | 506,521 | |||||
Total assets | $ | 22,467,454 | $ | 22,732,746 | |||
Liabilities: | |||||||
Mortgages, notes and loans payable | $ | 12,567,659 | $ | 12,430,418 | |||
Investment in Unconsolidated Real Estate Affiliates | 45,733 | 39,506 | |||||
Accounts payable and accrued expenses | 611,119 | 655,362 | |||||
Dividend payable | 202,007 | 433,961 | |||||
Deferred tax liabilities | 3,719 | 3,843 | |||||
Junior Subordinated Notes | 206,200 | 206,200 | |||||
Total liabilities | 13,636,437 | 13,769,290 | |||||
Redeemable noncontrolling interests: | |||||||
Preferred | 137,410 | 144,060 | |||||
Common | 110,116 | 118,667 | |||||
Total redeemable noncontrolling interests | 247,526 | 262,727 | |||||
Equity: | |||||||
Preferred stock | 242,042 | 242,042 | |||||
Stockholders' equity | 8,271,847 | 8,393,722 | |||||
Noncontrolling interests in consolidated real estate affiliates | 32,381 | 33,583 | |||||
Noncontrolling interests related to long-term incentive plan common units | 37,221 | 31,382 | |||||
Total equity | 8,583,491 | 8,700,729 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 22,467,454 | $ | 22,732,746 |
GAAP FINANCIAL STATEMENTS Consolidated Statements of Income (In thousands, except per share) |
Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | ||||||
Revenues: | |||||||
Minimum rents | $ | 349,013 | $ | 371,132 | |||
Tenant recoveries | 163,055 | 172,448 | |||||
Overage rents | 5,937 | 8,145 | |||||
Management fees and other corporate revenues | 28,143 | 33,741 | |||||
Other | 20,184 | 21,566 | |||||
Total revenues | 566,332 | 607,032 | |||||
Expenses: | |||||||
Real estate taxes | 57,494 | 58,103 | |||||
Property maintenance costs | 14,975 | 17,483 | |||||
Marketing | 2,145 | 2,054 | |||||
Other property operating costs | 69,303 | 70,394 | |||||
Provision for doubtful accounts | 3,451 | 3,401 | |||||
Property management and other costs | 41,114 | 30,745 | |||||
Provision for loan loss | — | 36,069 | |||||
General and administrative | 14,683 | 13,427 | |||||
Provisions for impairment | — | 40,705 | |||||
Depreciation and amortization | 170,298 | 160,671 | |||||
Total expenses | 373,463 | 433,052 | |||||
Operating income | 192,869 | 173,980 | |||||
Interest and dividend income | 17,936 | 16,058 | |||||
Interest expense | (132,323 | ) | (147,677 | ) | |||
Gain on foreign currency | 3,183 | 8,936 | |||||
Gain from changes in control of investment properties and other | — | 74,555 | |||||
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and allocation to noncontrolling interests | 81,665 | 125,852 | |||||
Provision for income taxes | (4,510 | ) | (2,920 | ) | |||
Equity in income of Unconsolidated Real Estate Affiliates | 33,214 | 57,491 | |||||
Unconsolidated Real Estate Affiliates - gain on investment | — | 14,914 | |||||
Net Income | 110,369 | 195,337 | |||||
Allocation to noncontrolling interests | (3,209 | ) | (3,557 | ) | |||
Net income attributable to GGP | 107,160 | 191,780 | |||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | |||
Net income attributable to common stockholders | $ | 103,176 | $ | 187,796 | |||
Basic Earnings Per Share: | $ | 0.12 | $ | 0.21 | |||
Diluted Earnings Per Share: | $ | 0.11 | $ | 0.20 |
Non-GAAP Proportionate Financial Information |
NON-GAAP PROPORTIONATE FINANCIAL OVERVIEW1 (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | Percentage Change | |||||||
Company Same Store NOI 2 | $ | 560,669 | $ | 546,884 | 2.5 | % | |||
Company NOI 4 | 580,922 | 591,461 | |||||||
Adjustments 3 | (13,629 | ) | (40,314 | ) | |||||
Company NOI - as adjusted | 567,293 | 551,147 | 2.9 | % | |||||
Company EBITDA 4 | 544,018 | 572,559 | |||||||
Adjustments 5 | (13,629 | ) | (60,886 | ) | |||||
Company EBITDA - as adjusted | 530,389 | 511,673 | 3.7 | % | |||||
Company FFO 6 | 346,217 | 382,803 | |||||||
Company FFO per diluted share | $ | 0.36 | $ | 0.40 | |||||
FFO 7 | 339,990 | 363,311 | |||||||
FFO per diluted share | $ | 0.36 | $ | 0.38 | |||||
Diluted weighted average number of Company shares outstanding | 956,158 | 956,664 |
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Proportionate Assets, Liabilities and Equity1 (In thousands) |
As of March 31, 2017 | As of December 31, 2016 | |||||||||||||||
Noncontrolling Interests 2 | Unconsolidated Properties 2 | Noncontrolling Interests 2 | Unconsolidated Properties 2 | |||||||||||||
Assets: | ||||||||||||||||
Investment in real estate: | ||||||||||||||||
Land | $ | (28,246 | ) | $ | 2,185,530 | $ | (36,830 | ) | $ | 2,181,417 | ||||||
Buildings and equipment | (201,786 | ) | 8,185,557 | (206,810 | ) | 8,191,356 | ||||||||||
Less accumulated depreciation | 27,271 | (1,703,092 | ) | 38,785 | (1,648,775 | ) | ||||||||||
Construction in progress | (219 | ) | 192,280 | (128 | ) | 174,684 | ||||||||||
Net property and equipment | (202,980 | ) | 8,860,275 | (204,983 | ) | 8,898,682 | ||||||||||
Investment in and loans to/from Unconsolidated Real Estate Affiliates | — | (3,691,240 | ) | — | (3,688,993 | ) | ||||||||||
Net investment in real estate | (202,980 | ) | 5,169,035 | (204,983 | ) | 5,209,689 | ||||||||||
Cash and cash equivalents | (6,060 | ) | 244,674 | (4,373 | ) | 237,923 | ||||||||||
Accounts receivable, net | (3,856 | ) | 473,903 | (3,484 | ) | 322,387 | ||||||||||
Notes receivable, net | (153 | ) | 4,384 | (109 | ) | 4,400 | ||||||||||
Deferred expenses, net | (5,834 | ) | 219,796 | (2,866 | ) | 192,759 | ||||||||||
Prepaid expenses and other assets | (10,110 | ) | 234,040 | (8,550 | ) | 199,100 | ||||||||||
Total assets | $ | (228,993 | ) | $ | 6,345,832 | $ | (224,365 | ) | $ | 6,166,258 | ||||||
Liabilities: | ||||||||||||||||
Mortgages, notes and loans payable | $ | (181,599 | ) | $ | 5,900,015 | $ | (181,775 | ) | $ | 5,854,328 | ||||||
Investment in Unconsolidated Real Estate Affiliates | — | (45,733 | ) | — | (39,506 | ) | ||||||||||
Accounts payable and accrued expenses | (15,013 | ) | 491,223 | (9,007 | ) | 351,122 | ||||||||||
Dividend payable | — | — | — | — | ||||||||||||
Deferred tax liabilities | — | 327 | — | 314 | ||||||||||||
Junior Subordinated Notes | — | — | — | — | ||||||||||||
Total liabilities | (196,612 | ) | 6,345,832 | (190,782 | ) | 6,166,258 | ||||||||||
Redeemable noncontrolling interests: | ||||||||||||||||
Preferred | — | — | — | — | ||||||||||||
Common | — | — | — | — | ||||||||||||
Total redeemable noncontrolling interests | — | — | — | — | ||||||||||||
Equity: | ||||||||||||||||
Preferred stock | — | — | — | — | ||||||||||||
Stockholders' equity | — | — | — | — | ||||||||||||
Noncontrolling interests in consolidated real estate affiliates | (32,381 | ) | — | (33,583 | ) | — | ||||||||||
Noncontrolling interests related to Long-Term Incentive Plan Common Units | — | — | — | — | ||||||||||||
Total equity | (32,381 | ) | — | (33,583 | ) | — | ||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | (228,993 | ) | $ | 6,345,832 | $ | (224,365 | ) | $ | 6,166,258 |
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Company NOI, EBITDA and FFO1 For the Three Months Ended March 31, 2017 and 2016 (In thousands) |
Three Months Ended March 31, 2017 | Three Months Ended March 31, 2016 | |||||||||||||||||||||||||
Noncontrolling Interests 2 | Unconsolidated Properties 2 | Sold Interests3 | Adjustments 4 | Noncontrolling Interests 2 | Unconsolidated Properties 2 | Sold Interests3 | Adjustments4 | |||||||||||||||||||
Property revenues: | ||||||||||||||||||||||||||
Minimum rents 5 | $ | (5,076 | ) | $ | 157,267 | $ | 1 | $ | 8,337 | $ | (3,498 | ) | $ | 136,012 | $ | (17,127 | ) | $ | 3,338 | |||||||
Tenant recoveries | (2,066 | ) | 62,212 | — | — | (1,599 | ) | 58,735 | (6,065 | ) | — | |||||||||||||||
Overage rents | (68 | ) | 3,085 | — | — | (99 | ) | 3,793 | (494 | ) | — | |||||||||||||||
Other revenue | (202 | ) | 6,349 | (1 | ) | — | (199 | ) | 5,982 | (727 | ) | — | ||||||||||||||
Condominium sales | — | 48,493 | — | — | — | 141,419 | — | — | ||||||||||||||||||
Total property revenues | (7,412 | ) | 277,406 | — | 8,337 | (5,395 | ) | 345,941 | (24,413 | ) | 3,338 | |||||||||||||||
Property operating expenses: | ||||||||||||||||||||||||||
Real estate taxes | (751 | ) | 18,253 | — | (1,490 | ) | (780 | ) | 15,729 | (1,195 | ) | (1,490 | ) | |||||||||||||
Property maintenance costs | (91 | ) | 5,734 | — | — | (86 | ) | 5,432 | (481 | ) | — | |||||||||||||||
Marketing | (18 | ) | 2,369 | — | — | (14 | ) | 4,413 | (20 | ) | — | |||||||||||||||
Other property operating costs | (826 | ) | 27,004 | (3 | ) | (999 | ) | (583 | ) | 25,592 | (2,630 | ) | (1,013 | ) | ||||||||||||
Provision for doubtful accounts | (6 | ) | 1,074 | (110 | ) | — | (7 | ) | 1,969 | (165 | ) | — | ||||||||||||||
Condominium cost of sales | — | 36,878 | — | — | — | 105,195 | — | — | ||||||||||||||||||
Total property operating expenses | (1,692 | ) | 91,312 | (113 | ) | (2,489 | ) | (1,470 | ) | 158,330 | (4,491 | ) | (2,503 | ) | ||||||||||||
NOI | $ | (5,720 | ) | $ | 186,094 | $ | 113 | $ | 10,826 | $ | (3,925 | ) | $ | 187,611 | $ | (19,922 | ) | $ | 5,841 | |||||||
Management fees and other corporate revenues | — | 48 | — | — | — | — | — | — | ||||||||||||||||||
Property management and other costs 6 | 227 | (9,320 | ) | (5 | ) | — | 151 | (8,665 | ) | 22 | — | |||||||||||||||
General and administrative | — | (200 | ) | — | — | — | (94 | ) | 115 | — | ||||||||||||||||
EBITDA | $ | (5,493 | ) | $ | 176,622 | $ | 108 | $ | 10,826 | $ | (3,774 | ) | $ | 178,852 | $ | (19,785 | ) | $ | 5,841 | |||||||
Depreciation on non-income producing assets 7 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Investment income, net | 363 | (9,221 | ) | — | (205 | ) | 386 | 706 | (3 | ) | (205 | ) | ||||||||||||||
Preferred unit distributions 8 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | — | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Mark-to-market adjustments on debt | — | 90 | — | (1,211 | ) | — | 87 | — | (294 | ) | ||||||||||||||||
Interest on existing debt | 2,100 | (60,158 | ) | — | — | 1,439 | (54,775 | ) | 5,915 | — | ||||||||||||||||
Gain on foreign currency | — | — | — | (3,183 | ) | — | — | — | (8,936 | ) | ||||||||||||||||
Provision for loan loss | — | — | — | — | — | — | — | 28,549 | ||||||||||||||||||
(Provision for) benefits from income taxes | 19 | (139 | ) | — | — | 16 | (84 | ) | — | (5,079 | ) | |||||||||||||||
FFO from sold interests | — | — | (108 | ) | — | — | — | 13,873 | (384 | ) | ||||||||||||||||
FFO | $ | (3,011 | ) | $ | 107,194 | $ | — | $ | 6,227 | $ | (1,933 | ) | $ | 124,786 | $ | — | $ | 19,492 | ||||||||
1. | For the Reconciliation of GAAP to Non-GAAP Financial Measures see pages 7-9. |
2. | See Non-GAAP Supplemental Financial Measures and Definitions: Proportionate or At Share Basis on page ER5 for discussion on how this column is derived. |
3. | Sold interests include reclassification of operations related to full or partial reductions in ownership as a result of sales or other transactions. |
4. | Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, gain/loss on foreign currency, gain on debt extinguishment, and other items. For full discussion of the purpose and use of these adjustments see Non-GAAP Supplemental Financial Measures and Definitions in pages ER5 to ER7. |
5. | Adjustments include amounts for straight-line rent of $1,376 and ($7,061) and above/below market lease amortization of $6,961 and $10,399 for the three months ended March 31, 2017 and 2016, respectively. |
6. | 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. |
7. | Consolidated amounts for depreciation on non-income producing assets are $4,319 and $3,110 for the three months ended March 31, 2017 and 2016, respectively. |
8. | Consolidated amounts for preferred unit distributions are $2,131 and $2,201 for the three months ended March 31, 2017 and 2016, respectively. |
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | ||||||||
Reconciliation of GAAP Operating Income to Company Same Store NOI | |||||||||
Operating Income | $ | 192,869 | $ | 173,980 | |||||
Gain on sales of investment properties 1 | (1,212 | ) | — | ||||||
Depreciation and amortization | 170,298 | 160,671 | |||||||
Provision for loan loss 2 | — | 36,069 | |||||||
Provision for impairment | — | 40,705 | |||||||
General and administrative | 14,683 | 13,427 | |||||||
Property management and other costs | 41,114 | 30,745 | |||||||
Management fees and other corporate revenues | (28,143 | ) | (33,741 | ) | |||||
Consolidated Properties | 389,609 | 421,856 | |||||||
Noncontrolling interest in NOI of Consolidated Properties 6 | (5,720 | ) | (3,925 | ) | |||||
NOI of sold interests 5, 6 | 113 | (19,922 | ) | ||||||
Unconsolidated Properties 6 | 186,094 | 187,611 | |||||||
Proportionate NOI | 570,096 | 585,620 | |||||||
Company adjustments: 3 | |||||||||
Minimum rents 4 | 8,337 | 3,338 | |||||||
Real estate taxes | 1,490 | 1,490 | |||||||
Property operating expenses | 999 | 1,013 | |||||||
Company NOI | 580,922 | 591,461 | |||||||
Less Company Non-Same Store NOI | 20,253 | 44,577 | |||||||
Company Same Store NOI | $ | 560,669 | $ | 546,884 | |||||
Reconciliation of GAAP Net Income Attributable to GGP to Company EBITDA | |||||||||
Net Income Attributable to GGP | $ | 107,160 | $ | 191,780 | |||||
Allocation to noncontrolling interests | 3,209 | 3,557 | |||||||
Gain on sales of investment properties 1 | (1,212 | ) | — | ||||||
Gains from changes in control of investment properties and other | — | (74,555 | ) | ||||||
Unconsolidated Real Estate Affiliates - gain on investment | — | (14,914 | ) | ||||||
Equity in income of Unconsolidated Real Estate Affiliates | (33,214 | ) | (57,491 | ) | |||||
Provision for loan loss 2 | — | 36,069 | |||||||
Provision for impairment | — | 40,705 | |||||||
Provision for income taxes | 4,510 | 2,920 | |||||||
Gain on foreign currency | (3,183 | ) | (8,936 | ) | |||||
Interest expense | 132,323 | 147,677 | |||||||
Interest and dividend income | (17,936 | ) | (16,058 | ) | |||||
Depreciation and amortization | 170,298 | 160,671 | |||||||
Consolidated Properties | 361,955 | 411,425 | |||||||
Noncontrolling interest in EBITDA of Consolidated Properties | (5,493 | ) | (3,774 | ) | |||||
EBITDA of sold interests | 108 | (19,785 | ) | ||||||
Unconsolidated Properties | 176,622 | 178,852 | |||||||
Proportionate EBITDA | 533,192 | 566,718 | |||||||
Company adjustments: 3 | |||||||||
Minimum rents | 8,337 | 3,338 | |||||||
Real estate taxes | 1,490 | 1,490 | |||||||
Property operating expenses | 999 | 1,013 | |||||||
Company EBITDA | $ | 544,018 | $ | 572,559 |
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | ||||||||
Reconciliation of GAAP Net Income Attributable to GGP to Company FFO | |||||||||
Net Income Attributable to GGP | $ | 107,160 | $ | 191,780 | |||||
Redeemable noncontrolling interests | 830 | 1,525 | |||||||
Provision for impairment excluded from FFO | — | 40,705 | |||||||
Noncontrolling interests in depreciation of Consolidated Properties | (2,776 | ) | (2,115 | ) | |||||
Unconsolidated Real Estate Affiliates - gain on investment | — | (14,914 | ) | ||||||
Gain on sales of investment properties 1 | (1,212 | ) | — | ||||||
Preferred stock dividends | (3,984 | ) | (3,984 | ) | |||||
Gains from changes in control of investment properties and other | — | (74,555 | ) | ||||||
Depreciation and amortization of capitalized real estate costs - Consolidated Properties | 165,979 | 157,561 | |||||||
Depreciation and amortization of capitalized real estate costs - Unconsolidated Properties | 73,993 | 67,308 | |||||||
FFO | 339,990 | 363,311 | |||||||
Company adjustments: 3 | |||||||||
Minimum rents 4 | 8,337 | 3,338 | |||||||
Property operating expenses | 1,490 | 1,490 | |||||||
Property management and other costs | 999 | 1,013 | |||||||
Investment income, net | (205 | ) | (205 | ) | |||||
Market rate adjustments | (1,211 | ) | (294 | ) | |||||
Provision for loan loss 2 | — | 28,549 | |||||||
Gain on foreign currency | (3,183 | ) | (8,936 | ) | |||||
Provision for income taxes | — | (5,079 | ) | ||||||
FFO from sold interests 5 | — | (384 | ) | ||||||
Company FFO | $ | 346,217 | $ | 382,803 | |||||
Reconciliation of GAAP Equity in Income of Unconsolidated Real Estate Affiliates to Equity in NOI of Unconsolidated Properties | |||||||||
Equity in income of Unconsolidated Real Estate Affiliates | $ | 33,214 | $ | 57,491 | |||||
Other, including gain on sales of investment properties | (13 | ) | (13 | ) | |||||
Depreciation and amortization of capitalized real estate costs | 73,993 | 67,308 | |||||||
FFO of Unconsolidated Properties | 107,194 | 124,786 | |||||||
Provision for income taxes | 139 | 84 | |||||||
Net interest expense | 69,289 | 53,982 | |||||||
EBITDA | 176,622 | 178,852 | |||||||
General and administrative and provisions for impairment | 200 | 94 | |||||||
Net property management fees and costs | 9,272 | 8,665 | |||||||
Equity in NOI of Unconsolidated Properties: | $ | 186,094 | $ | 187,611 |
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share) |
Three Months Ended | |||||||||
March 31, 2017 | March 31, 2016 | ||||||||
Reconciliation of Net Income Attributable to GGP per diluted share to Company FFO per diluted share | |||||||||
Net Income Attributable to GGP per diluted share | $ | 0.11 | $ | 0.20 | |||||
Preferred stock dividends | — | — | |||||||
Net income attributable to common stockholders per diluted share | 0.11 | 0.20 | |||||||
Redeemable noncontrolling interests | — | — | |||||||
Provision for impairment excluded from FFO | — | 0.04 | |||||||
Unconsolidated Real Estate Affiliates - gain on investment | — | (0.02 | ) | ||||||
Gains from changes in control of investment properties and other | — | (0.08 | ) | ||||||
Depreciation and amortization of capitalized real estate costs | 0.25 | 0.24 | |||||||
FFO per diluted share | 0.36 | 0.38 | |||||||
Company adjustments: 3 | |||||||||
Straight-line rent | 0.01 | — | |||||||
Loan loss provision | — | 0.03 | |||||||
Gain on foreign currency | (0.01 | ) | (0.01 | ) | |||||
Company FFO per diluted share | $ | 0.36 | $ | 0.40 |
1. | Amounts included in Consolidated GAAP other revenues but excluded from FFO. |
2. | This provision relates to the note associated with our sale of our interest in Aliansce in 2013. In the three months ended March 31, 2016, we wrote down the principal balance by $28.5 million and reserved $7.5 million accrued interest to date, the interest portion impacts Company FFO. |
3. | Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, gain/loss on foreign currency, gain on extinguishment of debt, and other non-comparable items. For full discussion of the purpose and use of these adjustments see Non-GAAP Supplemental Financial Measures and Definitions in pages ER5 to ER7. |
4. | Adjustments include amounts for straight-line rent of $1,376 and ($7,061) and above/below market lease amortization of $6,961 and $10,399 for the three months ended March 31, 2017 and 2016, respectively. |
5. | Sold interests include reclassification of operations related to full or partial reductions in ownership as a result of sales or other transactions. |
6. | Refer to page 6 for NOI, EBITDA and FFO. |
DEBT |
DEBT Summary, at Share As of March 31, 2017 (In thousands) |
Maturities1 | |||||||||||||||||||||||||||||||||
Interest Rate | Proportionate Balance | Average Remaining Term (Years) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Subsequent | Total | |||||||||||||||||||||||
Fixed Rate | |||||||||||||||||||||||||||||||||
Property Level Consolidated | 4.43% | $10,044,242 | 5.6 | $ | — | $ | 118,892 | $ | 493,457 | $ | 1,476,314 | $ | 1,368,776 | $ | 1,281,091 | $ | 4,431,065 | $ | 9,169,595 | ||||||||||||||
Property Level Unconsolidated | 4.23% | 4,604,038 | 5.3 | 20,273 | 186,862 | 607,145 | 619,639 | 272,361 | 1,133,000 | 1,545,611 | 4,384,891 | ||||||||||||||||||||||
Total Fixed Rate | 4.36% | $ | 14,648,280 | 5.5 | $ | 20,273 | $ | 305,754 | $ | 1,100,602 | $ | 2,095,953 | $ | 1,641,137 | $ | 2,414,091 | $ | 5,976,676 | $ | 13,554,486 | |||||||||||||
Variable Rate | |||||||||||||||||||||||||||||||||
Property Level Consolidated | 2.62% | $ | 2,008,926 | 3.4 | $ | — | $ | 213,425 | $ | 395,500 | $ | — | $ | 1,318,356 | $ | — | $ | — | $ | 1,927,281 | |||||||||||||
Property Level Unconsolidated | 3.63% | 1,373,380 | 2.7 | — | — | 604,084 | 738,822 | 30,000 | — | — | 1,372,906 | ||||||||||||||||||||||
Junior Subordinated Notes Due 2036 | 2.49% | 206,200 | 19.1 | — | — | — | — | — | — | 206,200 | 206,200 | ||||||||||||||||||||||
Corporate Revolver | 2.18% | 240,000 | 3.6 | — | — | — | 240,000 | — | — | — | 240,000 | ||||||||||||||||||||||
Total Variable Rate | 2.95% | $ | 3,828,506 | 4.0 | $ | — | $ | 213,425 | $ | 999,584 | $ | 978,822 | $ | 1,348,356 | $ | — | $ | 206,200 | $ | 3,746,387 | |||||||||||||
Total | 4.07% | $ | 18,476,786 | 5.2 | $ | 20,273 | $ | 519,179 | $ | 2,100,186 | $ | 3,074,775 | $ | 2,989,493 | $ | 2,414,091 | $ | 6,182,876 | $ | 17,300,873 | |||||||||||||
Weighted average interest rate | 3.86 | % | 3.42 | % | 4.02 | % | 3.76 | % | 4.01 | % | 4.36 | % | 4.20 | % | |||||||||||||||||||
Total Amortization | $ | 131,230 | $ | 196,275 | $ | 201,365 | $ | 197,423 | $ | 152,403 | $ | 120,424 | $ | 176,793 | $ | 1,175,913 | |||||||||||||||||
Total Maturities and Amortization2,3 | $ | 18,476,786 |
1. | Assumes that all maturity extensions are exercised. |
2. | Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable: |
Total Maturities and Amortization, from above | $ | 18,476,786 | |
Debt related to solar projects and other | 40,255 | ||
Proportionate Portfolio Debt | 18,517,041 | ||
Miami Design District cost method investment | (81,642 | ) | |
Debt transferred to special servicer | 144,451 | ||
Partner share of Riverchase | (54,063 | ) | |
Market rate adjustments, net | 25,647 | ||
Deferred financing costs, net | (59,159 | ) | |
Junior Subordinated Notes Due 2036 | (206,200 | ) | |
Proportionate Mortgages, Notes and Loans Payable | 18,286,075 | ||
GGP Share of Unconsolidated Real Estate Affiliaties | (5,900,015 | ) | |
Noncontrolling Interests | 181,599 | ||
Consolidated GAAP Mortgages, Notes and Loans Payable | $ | 12,567,659 |
DEBT Detail, at Share1 As of March 31, 2017 (In thousands) |
Amortization | ||||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse 3 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Subsequent | |||||||||||||||||||||
Fixed Rate | ||||||||||||||||||||||||||||||||||
Consolidated Property Level | ||||||||||||||||||||||||||||||||||
The Gallery at Harborplace - Other | 100% | $ | 2,751 | 2018 | $ | 190 | 6.05% | No | $ | 1,625 | $ | 936 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Hulen Mall | 100% | 122,390 | 2,018 | 118,702 | 4.25% | No | 1,806 | 1,882 | — | — | — | — | — | |||||||||||||||||||||
Governor's Square | 100% | 68,378 | 2019 | 66,488 | 6.69% | No | 783 | 1,107 | — | — | — | — | — | |||||||||||||||||||||
Oak View Mall | 100% | 76,584 | 2019 | 74,467 | 6.69% | No | 877 | 1,240 | — | — | — | — | — | |||||||||||||||||||||
Coronado Center | 100% | 188,720 | 2019 | 180,278 | 3.50% | Yes - Partial | 3,074 | 4,258 | 1,110 | — | — | — | — | |||||||||||||||||||||
Park City Center | 100% | 180,094 | 2019 | 172,224 | 5.34% | No | 2,589 | 3,666 | 1,615 | — | — | — | — | |||||||||||||||||||||
Fashion Place | 100% | 226,730 | 2020 | 226,730 | 3.64% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Mall St. Matthews | 100% | 183,654 | 2020 | 170,305 | 2.72% | No | 3,044 | 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% | 304,762 | 2020 | 282,081 | 4.06% | No | 4,681 | 6,528 | 6,802 | 4,670 | — | — | — | |||||||||||||||||||||
The Mall In Columbia | 100% | 340,581 | 2020 | 316,928 | 3.95% | No | 4,923 | 6,794 | 7,067 | 4,869 | — | — | — | |||||||||||||||||||||
Northridge Fashion Center | 100% | 227,755 | 2021 | 207,503 | 5.10% | No | 3,453 | 4,871 | 5,129 | 5,369 | 1,430 | — | — | |||||||||||||||||||||
Deerbrook Mall | 100% | 140,119 | 2021 | 127,934 | 5.25% | No | 2,070 | 2,928 | 3,087 | 3,236 | 864 | — | — | |||||||||||||||||||||
White Marsh Mall | 100% | 190,000 | 2021 | 190,000 | 3.66% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Park Place | 100% | 182,063 | 2021 | 165,815 | 5.18% | No | 2,704 | 3,821 | 4,026 | 4,217 | 1,480 | — | — | |||||||||||||||||||||
Providence Place | 94% | 330,040 | 2021 | 302,577 | 5.65% | No | 4,526 | 6,434 | 6,813 | 7,162 | 2,528 | — | — | |||||||||||||||||||||
Fox River Mall | 100% | 171,300 | 2021 | 156,373 | 5.46% | No | 2,412 | 3,422 | 3,616 | 3,796 | 1,681 | — | — | |||||||||||||||||||||
Oxmoor Center | 94% | 82,026 | 2021 | 74,781 | 5.37% | No | 1,173 | 1,662 | 1,755 | 1,841 | 814 | — | — | |||||||||||||||||||||
Rivertown Crossings | 100% | 154,787 | 2021 | 141,356 | 5.52% | No | 2,169 | 3,077 | 3,254 | 3,417 | 1,514 | — | — | |||||||||||||||||||||
Westlake Center - Land | 100% | 2,437 | 2021 | 2,437 | 12.90% | Yes - Full | — | — | — | — | — | — | — | |||||||||||||||||||||
Bellis Fair | 100% | 86,229 | 2022 | 77,060 | 5.23% | No | 1,262 | 1,786 | 1,883 | 1,973 | 2,092 | 173 | — | |||||||||||||||||||||
The Shoppes at Buckland Hills | 100% | 120,237 | 2022 | 107,820 | 5.19% | No | 1,680 | 2,375 | 2,503 | 2,621 | 2,779 | 459 | — | |||||||||||||||||||||
The Gallery at Harborplace | 100% | 76,126 | 2022 | 68,096 | 5.24% | No | 1,042 | 1,474 | 1,555 | 1,628 | 1,728 | 603 | — | |||||||||||||||||||||
The Streets at SoutHPoint | 94% | 233,466 | 2022 | 207,909 | 4.36% | No | 3,423 | 4,744 | 4,955 | 5,175 | 5,405 | 1,855 | — | |||||||||||||||||||||
Spokane Valley Mall | 100% | 58,073 | 2022 | 51,312 | 4.65% | No | 874 | 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% | 311,081 | 2022 | 270,113 | 3.93% | No | 5,212 | 7,256 | 7,551 | 7,825 | 8,175 | 4,949 | — | |||||||||||||||||||||
Coral Ridge Mall | 100% | 107,983 | 2022 | 98,394 | 5.71% | No | 1,158 | 1,623 | 1,718 | 1,819 | 1,925 | 1,346 | — | |||||||||||||||||||||
The Oaks Mall | 100% | 128,789 | 2022 | 112,842 | 4.55% | No | 1,929 | 2,706 | 2,833 | 2,951 | 3,106 | 2,422 | — | |||||||||||||||||||||
Westroads Mall | 100% | 145,467 | 2022 | 127,455 | 4.55% | No | 2,180 | 3,056 | 3,200 | 3,333 | 3,508 | 2,735 | — | |||||||||||||||||||||
Coastland Center | 100% | 119,277 | 2022 | 102,621 | 3.76% | No | 2,025 | 2,812 | 2,922 | 3,023 | 3,152 | 2,722 | — | |||||||||||||||||||||
Pecanland Mall | 100% | 86,807 | 2023 | 75,750 | 3.88% | No | 1,256 | 1,749 | 1,819 | 1,882 | 1,967 | 2,045 | 339 | |||||||||||||||||||||
Crossroads Center (MN) | 100% | 98,666 | 2023 | 83,026 | 3.25% | No | 1,781 | 2,459 | 2,541 | 2,617 | 2,713 | 2,804 | 725 | |||||||||||||||||||||
Cumberland Mall | 100% | 160,000 | 2023 | 160,000 | 3.67% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
The Woodlands | 100% | 244,288 | 2023 | 207,057 | 5.04% | No | 3,938 | 5,484 | 5,767 | 6,064 | 6,377 | 6,706 | 2,895 | |||||||||||||||||||||
Meadows Mall | 100% | 149,652 | 2023 | 118,726 | 3.96% | No | 3,299 | 4,582 | 4,770 | 4,950 | 5,168 | 5,379 | 2,778 | |||||||||||||||||||||
Oglethorpe Mall | 100% | 150,000 | 2023 | 136,166 | 3.90% | No | — | 1,059 | 2,648 | 2,739 | 2,865 | 2,981 | 1,542 | |||||||||||||||||||||
Prince Kuhio Plaza | 100% | 42,086 | 2023 | 35,974 | 4.10% | No | 648 | 903 | 942 | 977 | 1,023 | 1,067 | 552 | |||||||||||||||||||||
Augusta Mall | 100% | 170,000 | 2,023 | 170,000 | 4.36% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Staten Island Mall | 100% | 246,843 | 2023 | 206,942 | 4.77% | No | 4,061 | 5,643 | 5,918 | 6,207 | 6,510 | 6,827 | 4,735 | |||||||||||||||||||||
Stonestown Galleria | 100% | 180,000 | 2023 | 164,720 | 4.39% | No | — | 462 | 2,871 | 2,979 | 3,137 | 3,279 | 2,552 |
DEBT Detail, at Share1 As of March 31, 2017 (In thousands) |
Amortization | ||||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse 3 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Subsequent | |||||||||||||||||||||
Boise Towne Square | 100% | 127,053 | 2023 | 106,372 | 4.79% | No | 2,073 | 2,880 | 3,021 | 3,169 | 3,324 | 3,487 | 2,727 | |||||||||||||||||||||
The Crossroads (MI) | 100% | 94,617 | 2023 | 80,833 | 4.42% | No | 1,342 | 1,881 | 1,967 | 2,046 | 2,151 | 2,249 | 2,148 | |||||||||||||||||||||
Jordan Creek Town Center | 100% | 208,345 | 2024 | 177,448 | 4.37% | No | 2,970 | 4,160 | 4,348 | 4,520 | 4,749 | 4,963 | 5,187 | |||||||||||||||||||||
Woodbridge Center | 100% | 250,000 | 2024 | 220,726 | 4.80% | No | 2,395 | 3,777 | 3,964 | 4,128 | 4,367 | 4,584 | 6,059 | |||||||||||||||||||||
The Maine Mall | 100% | 235,000 | 2024 | 235,000 | 4.66% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Baybrook Mall | 100% | 244,896 | 2024 | 212,423 | 5.52% | No | 2,715 | 3,798 | 4,013 | 4,240 | 4,480 | 4,734 | 8,493 | |||||||||||||||||||||
The Parks Mall at Arlington | 100% | 244,942 | 2024 | 212,687 | 5.57% | No | 2,692 | 3,767 | 3,983 | 4,210 | 4,451 | 4,705 | 8,447 | |||||||||||||||||||||
Beachwood Place | 100% | 220,000 | 2025 | 184,350 | 3.94% | No | 2,922 | 4,032 | 4,194 | 4,362 | 4,537 | 4,719 | 10,884 | |||||||||||||||||||||
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 | 4,941 | 11,322 | |||||||||||||||||||||
Willowbrook Mall | 100% | 360,000 | 2025 | 360,000 | 3.55% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Boise Towne Plaza | 100% | 19,467 | 2025 | 16,006 | 4.13% | No | 262 | 366 | 382 | 396 | 415 | 433 | 1,207 | |||||||||||||||||||||
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 | 3,130 | 9,624 | |||||||||||||||||||||
Peachtree Mall | 100% | 78,897 | 2025 | 59,269 | 3.94% | No | 1,436 | 1,996 | 2,077 | 2,153 | 2,249 | 2,341 | 7,376 | |||||||||||||||||||||
North Point Mall | 100% | 250,000 | 2026 | 218,205 | 4.54% | No | — | — | 984 | 4,050 | 4,237 | 4,434 | 18,090 | |||||||||||||||||||||
The Shops at La Cantera | 75% | 262,500 | 2027 | 262,500 | 3.60% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Providence Place - Other | 94% | 33,014 | 2028 | 2,247 | 7.75% | No | 1,897 | 1,825 | 1,740 | 1,878 | 2,027 | 2,188 | 19,212 | |||||||||||||||||||||
Consolidated Property Level | $ | 10,044,242 | $ | 9,169,595 | 4.43% | $ | 99,022 | $ | 143,545 | $ | 145,187 | $ | 144,209 | $ | 119,293 | $ | 96,497 | $ | 126,894 | |||||||||||||||
Unconsolidated Property Level | ||||||||||||||||||||||||||||||||||
The Shops at Bravern | 40% | $ | 20,273 | 2017 | $ | 20,273 | 3.86% | No | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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% | 88,776 | 2019 | 84,321 | 4.50% | No | 1,241 | 1,720 | 1,494 | — | — | — | — | |||||||||||||||||||||
Natick Mall | 50% | 219,899 | 2019 | 209,699 | 4.60% | No | 2,838 | 3,939 | 3,423 | — | — | — | — | |||||||||||||||||||||
Oakbrook Center | 48% | 202,725 | 2020 | 202,725 | 3.66% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Christiana Mall | 50% | 115,029 | 2020 | 108,697 | 5.10% | No | 1,283 | 1,816 | 1,913 | 1,320 | — | — | — | |||||||||||||||||||||
Water Tower Place | 47% | 178,292 | 2020 | 171,026 | 4.35% | No | 1,456 | 2,024 | 2,124 | 1,662 | — | — | — | |||||||||||||||||||||
Kenwood Towne Centre | 70% | 149,002 | 2020 | 137,191 | 5.37% | No | 2,211 | 3,131 | 3,306 | 3,163 | — | — | — | |||||||||||||||||||||
Whaler's Village | 50% | 40,000 | 2021 | 40,000 | 5.42% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Shops at Merrick Park | 55% | 93,349 | 2021 | 85,797 | 5.73% | No | 1,270 | 1,808 | 1,916 | 2,015 | 543 | — | — | |||||||||||||||||||||
Willowbrook Mall (TX) | 50% | 97,602 | 2021 | 88,965 | 5.13% | No | 1,470 | 2,077 | 2,188 | 2,291 | 611 | — | — | |||||||||||||||||||||
Northbrook Court | 50% | 62,849 | 2021 | 56,811 | 4.25% | No | 909 | 1,259 | 1,313 | 1,370 | 1,187 | — | — | |||||||||||||||||||||
Fashion Show - Other | 50% | 1,859 | 2021 | 788 | 6.06% | Yes - Full | 155 | 219 | 232 | 247 | 218 | — | — | |||||||||||||||||||||
Ala Moana Center | 63% | 875,000 | 2022 | 875,000 | 4.23% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Florence Mall | 50% | 45,000 | 2022 | 45,000 | 4.15% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Clackamas Town Center | 50% | 108,000 | 2022 | 108,000 | 4.18% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Bridgewater Commons | 35% | 105,000 | 2022 | 105,000 | 3.34% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
The Shoppes at River Crossing | 50% | 38,675 | 2023 | 35,026 | 3.75% | No | — | 510 | 711 | 734 | 767 | 796 | 131 | |||||||||||||||||||||
Carolina Place | 50% | 86,346 | 2023 | 75,542 | 3.84% | No | 1,170 | 1,630 | 1,694 | 1,752 | 1,831 | 1,903 | 824 | |||||||||||||||||||||
Union Square Portfolio | 50% | 25,000 | 2023 | 25,000 | 5.12% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Galleria at Tyler | 50% | 91,277 | 2023 | 76,716 | 5.05% | No | 1,426 | 1,987 | 2,089 | 2,197 | 2,311 | 2,430 | 2,121 |
DEBT Detail, at Share1 As of March 31, 2017 (In thousands) |
Amortization | ||||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse 3 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Subsequent | |||||||||||||||||||||
Park Meadows | 35% | 126,000 | 2023 | 112,734 | 4.60% | No | — | 1,996 | 2,091 | 2,189 | 2,292 | 2,400 | 2,298 | |||||||||||||||||||||
Stonebriar Centre | 50% | 140,000 | 2024 | 120,886 | 4.05% | No | 805 | 2,477 | 2,579 | 2,686 | 2,797 | 2,912 | 4,858 | |||||||||||||||||||||
Fashion Show | 50% | 417,500 | 2024 | 417,500 | 4.03% | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Pinnacle Hills Promenade | 50% | 58,741 | 2025 | 48,805 | 4.13% | No | 821 | 1,146 | 1,195 | 1,240 | 1,299 | 1,355 | 2,880 | |||||||||||||||||||||
Altamonte Mall | 50% | 80,000 | 2025 | 69,045 | 3.72% | No | — | 1,062 | 1,478 | 1,526 | 1,593 | 1,654 | 3,642 | |||||||||||||||||||||
Alderwood | 50% | 171,596 | 2025 | 138,693 | 3.48% | No | 2,626 | 3,638 | 3,769 | 3,888 | 4,043 | 4,188 | 10,751 | |||||||||||||||||||||
Towson Town Center | 35% | 113,761 | 2025 | 97,713 | 3.82% | No | — | 680 | 2,093 | 2,175 | 2,259 | 2,347 | 6,494 | |||||||||||||||||||||
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 | 3,942 | 15,900 | |||||||||||||||||||||
Unconsolidated Property Level | $ | 4,604,038 | $ | 4,384,891 | 4.23% | $ | 19,681 | $ | 33,119 | $ | 35,608 | $ | 31,377 | $ | 25,536 | $ | 23,927 | $ | 49,899 | |||||||||||||||
Total Fixed Rate Debt | $ | 14,648,280 | $ | 13,554,486 | 4.36% | $ | 118,703 | $ | 176,664 | $ | 180,795 | $ | 175,586 | $ | 144,829 | $ | 120,424 | $ | 176,793 | |||||||||||||||
Variable Rate | ||||||||||||||||||||||||||||||||||
Consolidated Property Level | ||||||||||||||||||||||||||||||||||
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 | — | — | — | — | — | — | — | |||||||||||||||||||||
Brass Mill Center 4 | 100% | 66,779 | 2021 | 62,884 | Libor + 175 bps | Yes - Partial | 587 | 924 | 981 | 1,042 | 361 | — | — | |||||||||||||||||||||
Columbiana Centre 4 | 100% | 124,871 | 2021 | 117,588 | Libor + 175 bps | Yes - Partial | 1,096 | 1,728 | 1,835 | 1,948 | 676 | — | — | |||||||||||||||||||||
Eastridge (WY) 4 | 100% | 43,433 | 2021 | 40,900 | Libor + 175 bps | Yes - Partial | 381 | 601 | 638 | 678 | 235 | — | — | |||||||||||||||||||||
Grand Teton Mall 4 | 100% | 45,605 | 2021 | 42,945 | Libor + 175 bps | Yes - Partial | 401 | 631 | 670 | 711 | 247 | — | — | |||||||||||||||||||||
Mayfair 4 | 100% | 349,095 | 2021 | 328,736 | Libor + 175 bps | Yes - Partial | 3,065 | 4,831 | 5,129 | 5,445 | 1,889 | — | — | |||||||||||||||||||||
Mondawmin Mall 4 | 100% | 85,526 | 2021 | 80,539 | Libor + 175 bps | Yes - Partial | 749 | 1,184 | 1,257 | 1,334 | 463 | — | — | |||||||||||||||||||||
North Town Mall 4 | 100% | 86,866 | 2021 | 81,801 | Libor + 175 bps | Yes - Partial | 762 | 1,202 | 1,276 | 1,355 | 470 | — | — | |||||||||||||||||||||
Oakwood 4 | 100% | 71,231 | 2021 | 67,077 | Libor + 175 bps | Yes - Partial | 625 | 986 | 1,047 | 1,111 | 385 | — | — | |||||||||||||||||||||
Oakwood Center 4 | 100% | 87,138 | 2021 | 82,056 | Libor + 175 bps | Yes - Partial | 766 | 1,206 | 1,280 | 1,359 | 471 | — | — | |||||||||||||||||||||
Pioneer Place 4 | 100% | 127,585 | 2021 | 120,145 | Libor + 175 bps | Yes - Partial | 1,119 | 1,766 | 1,875 | 1,990 | 690 | — | — | |||||||||||||||||||||
Red Cliffs Mall 4 | 100% | 31,310 | 2021 | 29,484 | Libor + 175 bps | Yes - Partial | 276 | 433 | 460 | 488 | 169 | — | — | |||||||||||||||||||||
River Hills Mall 4 | 100% | 71,272 | 2021 | 67,116 | Libor + 175 bps | Yes - Partial | 625 | 986 | 1,047 | 1,112 | 386 | — | — | |||||||||||||||||||||
Sooner Mall 4 | 100% | 72,149 | 2021 | 67,942 | Libor + 175 bps | Yes - Partial | 634 | 998 | 1,060 | 1,125 | 390 | — | — | |||||||||||||||||||||
Southwest Plaza 4 | 100% | 115,967 | 2021 | 109,204 | Libor + 175 bps | Yes - Partial | 1,018 | 1,605 | 1,704 | 1,809 | 627 | — | — | |||||||||||||||||||||
The Shops at Fallen Timbers 4 | 100% | 21,174 | 2021 | 19,939 | Libor + 175 bps | Yes - Partial | 186 | 293 | 311 | 330 | 115 | — | — | |||||||||||||||||||||
Consolidated Property Level | $ | 2,008,926 | $ | 1,927,281 | 2.62% | $ | 12,290 | $ | 19,374 | $ | 20,570 | $ | 21,837 | $ | 7,574 | $ | — | $ | — | |||||||||||||||
Unconsolidated Property Level | ||||||||||||||||||||||||||||||||||
Ala Moana Construction Loan 5 | 63% | $ | 257,916 | 2019 | $ | 257,916 | Libor + 190 bps | Yes - Partial | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
685 Fifth Avenue | 50% | 170,000 | 2019 | 170,000 | Libor + 275 bps | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Miami Design District | 15% | 81,642 | 2019 | 81,642 | Libor + 250 bps | No | — | — | — | — | — | — | — | |||||||||||||||||||||
530 Fifth Avenue Senior | 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% | 59,314 | 2020 | 59,314 | 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% | 94,258 | 2020 | 94,258 | Libor + 325 bps | Yes - Partial | — | — | — | — | — | — | — | |||||||||||||||||||||
85 Fifth Avenue | 50% | 30,000 | 2021 | 30,000 | Libor + 275 bps | No | — | — | — | — | — | — | — | |||||||||||||||||||||
Unconsolidated Property Level | $ | 1,373,380 | $ | 1,372,906 | 3.63% | $ | 237 | $ | 237 | $ | — | $ | — | $ | — | $ | — | $ | — |
DEBT Detail, at Share1 As of March 31, 2017 (In thousands) |
Amortization | ||||||||||||||||||||||||||||||||||
Property | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Interest Rate | Parent Recourse 3 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Subsequent | |||||||||||||||||||||
Consolidated Corporate | ||||||||||||||||||||||||||||||||||
Junior Subordinated Notes Due 2036 | 100% | $ | 206,200 | 2036 | $ | 206,200 | Libor + 145 bps | Yes - Full | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Corporate Revolver | 100% | $ | 240,000 | 2020 | $ | 240,000 | Libor + 133 bps | Yes - Full | — | — | — | — | — | — | — | |||||||||||||||||||
Consolidated Corporate | $ | 446,200 | $ | 446,200 | 2.32% | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Total Variable Rate Debt | $ | 3,828,506 | $ | 3,746,387 | 2.95% | $ | 12,527 | $ | 19,611 | $ | 20,570 | $ | 21,837 | $ | 7,574 | $ | — | $ | — | |||||||||||||||
Total 9 | $ | 18,476,786 | $ | 17,300,873 | 4.07% | $ | 131,230 | $ | 196,275 | $ | 201,365 | $ | 197,423 | $ | 152,403 | $ | 120,424 | $ | 176,793 |
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 $1.3 billion, excluding the corporate revolver. |
4. | Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized. |
5. | Reflects the amount drawn as of March 31, 2017 on the $430.0 million construction loan ($268.8 million at share). |
6. | Reflects the amount drawn as of March 31, 2017 on the $126.0 million construction loan ($66.8 million at share). |
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, 2017 on the $460.0 million construction loan ($230.0 million at share). |
9. | Reflects amortization for the period subsequent to March 31, 2017. |
Portfolio Operating Metrics |
SAME STORE PORTFOLIO OPERATING METRICS Key Operating Performance Indicators As of and for the Three Months Ended March 31, 2017 (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 | 84 | 36,640 | 12,288 | 32,788 | 81,716 | 1,200 | 854 | 83,770 | 50,491 | 96.0 | % | ||||||||||||||||||
Unconsolidated Retail Properties | 40 | 18,803 | 5,079 | 13,923 | 37,805 | 464 | 1,506 | 39,775 | 12,729 | 95.8 | % | ||||||||||||||||||
Same Store Retail Properties2 | 124 | 55,444 | 17,366 | 46,711 | 119,521 | 1,664 | 2,360 | 123,544 | 63,220 | 95.9 | % | ||||||||||||||||||
Non-Same Store Retail Properties | 3 | 601 | 115 | 905 | 1,622 | — | — | 1,622 | 699 | 95.8 | % | ||||||||||||||||||
Total Retail Properties | 127 | 56,045 | 17,482 | 47,616 | 121,142 | 1,664 | 2,360 | 125,166 | 63,919 | 95.7 | % | ||||||||||||||||||
Non-Same Store Other Retail | 1 | 256 | — | — | 256 | — | — | 256 | 90 | 99.5 | % | ||||||||||||||||||
Total Real Estate | 128 | 56,301 | 17,482 | 47,616 | 121,398 | 1,664 | 2,360 | 125,422 | 64,009 | 95.7 | % |
Same Store Operating Metrics2 | |||||||||||||||||||||||||||||||
In-Place Rent | Tenant Sales 3 | Occupancy Cost | NOI Weighted SPSF 4 | NOI Weighted Occupancy Cost 4 | |||||||||||||||||||||||||||
March 31, 2017 | % Leased | % Occupied | <10K SF | All Less Anchors | <10K SF | All Less Anchors | <10K SF | <10K SF | <10K SF | ||||||||||||||||||||||
Consolidated Retail Properties | 96.0 | % | 94.8 | % | $ | 65.33 | $ | 51.47 | $ | 509 | $ | 12,175 | 14.1 | % | $ | 561 | 14.2 | % | |||||||||||||
Unconsolidated Retail Properties | 95.8 | % | 94.6 | % | 102.25 | 84.51 | 754 | 9,126 | 13.8 | % | 959 | 15.8 | % | ||||||||||||||||||
Same Store Retail Properties | 95.9 | % | 94.7 | % | $ | 78.14 | $ | 62.92 | $ | 591 | $ | 21,300 | 14.0 | % | $ | 705 | 15.0 | % | |||||||||||||
In-Place Rent | Tenant Sales 3 | Occupancy Cost | NOI Weighted SPSF 4 | NOI Weighted Occupancy Cost 4 | |||||||||||||||||||||||||||
March 31, 2016 | % Leased | % Occupied | <10K SF | All Less Anchors | <10K SF | All Less Anchors | <10K SF | <10K SF | <10K SF | ||||||||||||||||||||||
Consolidated Retail Properties | 95.9 | % | 95.2 | % | $ | 64.84 | $ | 51.77 | $ | 512 | $ | 12,171 | 13.9 | % | $ | 561 | 14.0 | % | |||||||||||||
Unconsolidated Retail Properties | 96.7 | % | 95.7 | % | 98.83 | 82.82 | 739 | 8,933 | 13.4 | % | 928 | 14.5 | % | ||||||||||||||||||
Same Store Retail Properties | 96.1 | % | 95.3 | % | $ | 76.60 | $ | 62.42 | $ | 588 | $ | 21,104 | 13.7 | % | $ | 692 | 14.2 | % |
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 18-24) 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. | These metrics are weighted based on the NOI contribution of the properties to provide a clearer picture of the quality of the portfolio. |
SAME STORE PORTFOLIO OPERATING METRICS 1 Signed Leases All Less Anchors As of March 31, 2017 |
Leasing Activity - All Leases | |||||||
Trailing 12 Commencements | |||||||
# of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF | |||
New and Renewal Leases | 1,973 | 7,364,832 | 7.5 | $58.02 | $62.35 | ||
Percent in Lieu/Gross | 344 | 1,582,144 | 4.9 | N/A | N/A | ||
Total Leases | 2,317 | 8,946,976 | 7.1 | $58.02 | $62.35 | ||
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 | NOI Weighted Spread 4 | ||||||||||
Trailing 12 Commencements | 1,505 | 4,833,985 | 6.8 | $63.60 | $68.84 | $57.53 | $6.07 | 10.5 | % | $11.31 | 19.7 | % | 15.5 | % |
1. | Same Store Metrics include all properties designated in the Property Schedule (pages 18-24) as "Total Same Store Retail Properties". |
2. | Represents signed leases that have commenced in the specified period compared to expiring rent for the prior tenant in the same suite. New suites are within 10,000 SF of the expiring suites. |
3. | Represents leases where downtime between the new and previous tenant was less than 24 months. |
4. | These metrics are weighted based on the NOI contribution of the properties to provide a clearer picture of the quality of the portfolio. |
SAME STORE PORTFOLIO OPERATING METRICS 1 Lease Expiration Schedule and Top Ten Tenants |
Lease Expiration Year | Number of Expiring Leases | Expiring GLA at 100% (in thousands) | Percent of Total | Expiring Rent (in thousands) | Expiring Rent ($psf) | |||||||||||
Specialty Leasing | 931 | 1,940 | 3.6% | $ | 42,419 | $ | 21.86 | |||||||||
2017 | 1,386 | 3,626 | 6.8% | 229,565 | 63.31 | |||||||||||
2018 | 1,740 | 6,049 | 11.4% | 359,581 | 59.45 | |||||||||||
2019 | 1,488 | 6,051 | 11.4% | 334,953 | 55.35 | |||||||||||
2020 | 1,223 | 4,400 | 8.3% | 256,351 | 58.26 | |||||||||||
2021 | 1,249 | 4,664 | 8.8% | 295,856 | 63.44 | |||||||||||
2022 | 995 | 4,419 | 8.3% | 259,979 | 58.83 | |||||||||||
2023 | 932 | 3,663 | 6.9% | 275,651 | 75.25 | |||||||||||
2024 | 861 | 4,077 | 7.7% | 311,788 | 76.48 | |||||||||||
2025 | 962 | 4,569 | 8.6% | 353,849 | 77.45 | |||||||||||
Subsequent | 1,478 | 9,734 | 18.3% | 644,180 | 66.18 | |||||||||||
Total | 13,245 | 53,192 | 100.0% | $ | 3,364,171 | $ | 63.25 | |||||||||
Vacant Space | 807 | 2,251 | ||||||||||||||
Mall and Freestanding GLA | 14,052 | 55,444 | ||||||||||||||
Top Ten Largest Tenants | Primary DBA | Percent of Minimum Rents, Tenant Recoveries and Other | ||
L Brands, Inc | Victoria's Secret, Bath & Body Works, PINK, Henri Bendel | 3.6% | ||
Foot Locker, Inc | Footlocker, Champs Sports, Footaction USA, House of Hoops, SIX:02 | 2.8% | ||
The Gap, Inc | Gap, Banana Republic, Old Navy, Athleta | 2.7% | ||
Forever 21 Retail, Inc | Forever 21 | 2.2% | ||
Abercrombie & Fitch Stores, Inc | Abercrombie, Abercrombie & Fitch, Hollister | 2.0% | ||
Ascena Retail Group | Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft | 1.7% | ||
Signet Jewelers Limited | Zales, Gordon's, Kay, Jared | 1.7% | ||
Genesco Inc | Journeys, Lids, Underground Station, Johnston & Murphy | 1.5% | ||
Luxottica Group S.P.A. | Lenscrafters, Sunglass Hut, Pearle Vision | 1.5% | ||
Express, Inc | Express, Express Men | 1.4% | ||
Totals | 21.1% |
1. | Same Store metrics include all properties designated in property schedule (pages 18-24) as "Total Same Store Retail Properties". |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | 27,970 | — | — | — | — | 27,970 | 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 | 413,202 | 206,326 | 162,790 | — | — | 782,318 | 98.4 | % | ||||||||||||||
Augusta Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Augusta, GA | 502,161 | — | 597,223 | — | — | 1,099,384 | 97.0 | % | ||||||||||||||
Baybrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Friendswood, TX | 901,791 | 96,605 | 720,931 | — | — | 1,719,327 | 98.5 | % | ||||||||||||||
Beachwood Place | Dillard's, Nordstrom, Saks Fifth Avenue | 100 | % | Beachwood, OH | 348,815 | 317,347 | 247,000 | 94,428 | — | 1,007,590 | 96.1 | % | ||||||||||||||
Bellis Fair | JCPenney, Kohl's, Macy's, Target | 100 | % | Bellingham, WA | 347,420 | 100,400 | 237,910 | — | — | 685,730 | 90.7 | % | ||||||||||||||
Boise Towne Square | Dillard's, JCPenney, Macy's, Sears, Kohl's | 100 | % | Boise, ID | 423,266 | 425,556 | 247,714 | 114,687 | — | 1,211,223 | 95.6 | % | ||||||||||||||
Brass Mill Center | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | Waterbury, CT | 444,775 | 218,339 | 319,391 | 179,500 | — | 1,162,005 | 97.9 | % | ||||||||||||||
Coastland Center | Dillard's, JCPenney, Macy's, Sears | 100 | % | Naples, FL | 332,606 | 123,921 | 466,469 | — | — | 922,996 | 97.1 | % | ||||||||||||||
Columbia Mall | Dillard's, JCPenney, Sears, Target | 100 | % | Columbia, MO | 306,222 | 85,972 | 335,088 | — | — | 727,282 | 93.0 | % | ||||||||||||||
Columbiana Centre | Belk, Dillard's, JCPenney | 100 | % | Columbia, SC | 293,897 | 160,276 | 360,643 | — | — | 814,816 | 95.8 | % | ||||||||||||||
Coral Ridge Mall | Dillard's, JCPenney, Target, Younkers | 100 | % | Coralville, IA | 520,899 | — | 540,961 | — | — | 1,061,860 | 96.7 | % | ||||||||||||||
Coronado Center | JCPenney, Kohl's, Macy's, Sears | 100 | % | Albuquerque, NM | 524,418 | 305,503 | 281,134 | — | — | 1,111,055 | 99.6 | % | ||||||||||||||
Crossroads Center | JCPenney, Macy's, Sears, Target | 100 | % | St. Cloud, MN | 377,698 | 294,167 | 229,275 | — | — | 901,140 | 94.9 | % | ||||||||||||||
Cumberland Mall | Macy's, Sears | 100 | % | Atlanta, GA | 537,213 | — | 500,575 | — | — | 1,037,788 | 99.8 | % | ||||||||||||||
Deerbrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Humble , TX | 639,495 | — | 653,540 | — | — | 1,293,035 | 99.8 | % | ||||||||||||||
Eastridge Mall | JCPenney, Macy's, Sears, Target | 100 | % | Casper, WY | 281,155 | 213,913 | 75,883 | — | — | 570,951 | 88.6 | % | ||||||||||||||
Fashion Place | Dillard's, Nordstrom | 100 | % | Murray, UT | 456,070 | — | 499,600 | — | — | 955,670 | 94.7 | % | ||||||||||||||
Four Seasons Town Centre | Dillard's, JCPenney | 100 | % | Greensboro, NC | 436,777 | 217,975 | 424,041 | — | — | 1,078,793 | 96.4 | % | ||||||||||||||
Fox River Mall | JCPenney, Macy's, Sears, Target, Younkers | 100 | % | Appleton, WI | 590,334 | 30,000 | 564,914 | — | — | 1,185,248 | 95.9 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | ||||||||||||||||
Glenbrook Square | JCPenney, Macy's, Sears, Carson's | 100 | % | Fort Wayne, IN | 447,412 | 555,870 | 221,000 | — | — | 1,224,282 | 91.8 | % | ||||||||||||||
Governor's Square | Dillard's, JCPenney, Macy's, Sears | 100 | % | Tallahassee, FL | 339,535 | — | 691,605 | — | — | 1,031,140 | 93.7 | % | ||||||||||||||
Grand Teton Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Idaho Falls, ID | 213,122 | 199,062 | 124,863 | 93,274 | — | 630,321 | 90.2 | % | ||||||||||||||
Greenwood Mall | Dillard's, JCPenney, Sears, Macy's | 100 | % | Bowling Green, KY | 422,523 | 278,253 | 150,800 | — | — | 851,576 | 97.2 | % | ||||||||||||||
Hulen Mall | Dillard's, Macy's, Sears | 100 | % | Ft. Worth, TX | 394,578 | — | 596,570 | — | — | 991,148 | 97.6 | % | ||||||||||||||
Jordan Creek Town Center | Dillard's, Younkers | 100 | % | West Des Moines, IA | 736,522 | — | 349,760 | 259,733 | — | 1,346,015 | 97.8 | % | ||||||||||||||
Lynnhaven Mall | Dillard's, JCPenney, Macy's | 100 | % | Virginia Beach, VA | 649,625 | 150,434 | 380,958 | — | — | 1,181,017 | 95.4 | % | ||||||||||||||
Mall of Louisiana | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears | 100 | % | Baton Rouge, LA | 603,881 | — | 805,630 | 143,634 | — | 1,553,145 | 97.9 | % | ||||||||||||||
Mall St. Matthews | Dillard's, Dillard's Men's & Home, JCPenney | 100 | % | Louisville, KY | 503,424 | — | 514,135 | — | — | 1,017,559 | 96.9 | % | ||||||||||||||
Market Place Shopping Center | Bergner's, JCPenney, Macy's | 100 | % | Champaign, IL | 500,702 | 234,834 | 149,980 | — | — | 885,516 | 98.3 | % | ||||||||||||||
Mayfair | Boston Store, Macy's, Nordstrom | 100 | % | Wauwatosa, WI | 636,553 | 288,596 | 360,407 | — | 314,729 | 1,600,285 | 96.7 | % | ||||||||||||||
Meadows Mall | Dillard's/Curacao, JCPenney, Macy's, Sears | 100 | % | Las Vegas, NV | 307,906 | — | 636,853 | — | — | 944,759 | 92.1 | % | ||||||||||||||
Mondawmin Mall | 100 | % | Baltimore, MD | 385,535 | — | — | — | 73,918 | 459,453 | 100.0 | % | |||||||||||||||
North Point Mall | Dillard's, JCPenney, Macy's, Sears, Von Maur | 100 | % | Alpharetta, GA | 421,641 | 539,850 | 363,151 | — | — | 1,324,642 | 92.2 | % | ||||||||||||||
North Star Mall | Dillard's, JCPenney, Macy's, Saks Fifth Avenue | 100 | % | San Antonio, TX | 516,879 | 207,196 | 522,126 | — | — | 1,246,201 | 98.5 | % | ||||||||||||||
Northridge Fashion Center | JCPenney, Macy's, Sears | 100 | % | Northridge, CA | 583,362 | — | 824,443 | — | — | 1,407,805 | 98.8 | % | ||||||||||||||
Northtown Mall | JCPenney, Kohl's, Macy's, Sears | 100 | % | Spokane, WA | 436,517 | 242,117 | 242,392 | — | — | 921,026 | 89.7 | % | ||||||||||||||
Oak View Mall | Dillard's, JCPenney, Sears, Younkers | 100 | % | Omaha, NE | 255,273 | 149,326 | 454,860 | — | — | 859,459 | 84.7 | % | ||||||||||||||
Oakwood Center | Dillard's, JCPenney, Sears | 100 | % | Gretna, LA | 395,050 | — | 514,028 | — | — | 909,078 | 96.1 | % | ||||||||||||||
Oakwood Mall | Macy's, JCPenney, Sears, Younkers | 100 | % | Eau Claire, WI | 404,149 | 216,820 | 198,024 | — | — | 818,993 | 96.8 | % | ||||||||||||||
Oglethorpe Mall | Belk, JCPenney, Macy's, Sears | 100 | % | Savannah, GA | 407,361 | 220,824 | 315,760 | — | — | 943,945 | 96.3 | % | ||||||||||||||
Oxmoor Center | Macy's, Sears, Von Maur | 94 | % | Louisville, KY | 351,432 | 156,000 | 411,210 | — | — | 918,642 | 91.8 | % | ||||||||||||||
Paramus Park | Macy's, Sears | 100 | % | Paramus, NJ | 305,939 | 169,634 | 289,423 | — | — | 764,996 | 97.6 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | ||||||||||||||||
Park City Center | Bon Ton, Boscov's, JCPenney, Kohl's, Sears | 100 | % | Lancaster, PA | 535,016 | 514,917 | 384,980 | — | 3,268 | 1,438,181 | 95.4 | % | ||||||||||||||
Park Place | Dillard's, Macy's, Sears | 100 | % | Tucson, AZ | 472,533 | — | 581,457 | — | — | 1,053,990 | 98.7 | % | ||||||||||||||
Peachtree Mall | Dillard's, JCPenney, Macy's | 100 | % | Columbus, GA | 380,324 | 221,539 | 201,076 | — | 12,600 | 815,539 | 96.6 | % | ||||||||||||||
Pecanland Mall | Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears | 100 | % | Monroe, LA | 347,828 | 19,962 | 595,474 | — | — | 963,264 | 99.4 | % | ||||||||||||||
Pembroke Lakes Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears | 100 | % | Pembroke Pines, FL | 354,073 | 395,219 | 386,056 | — | — | 1,135,348 | 93.1 | % | ||||||||||||||
Pioneer Place | 100 | % | Portland, OR | 306,636 | — | — | — | — | 306,636 | 87.2 | % | |||||||||||||||
Prince Kuhio Plaza | Macy's, Sears | 100 | % | Hilo, HI | 262,901 | 174,547 | 61,873 | — | — | 499,321 | 93.0 | % | ||||||||||||||
Providence Place | Macy's, Nordstrom | 94 | % | Providence, RI | 723,642 | 36,195 | 397,125 | — | 4,304 | 1,161,266 | 97.5 | % | ||||||||||||||
Quail Springs Mall | Dillard's, JCPenney, Von Maur | 100 | % | Oklahoma City, OK | 450,615 | 305,700 | 359,896 | — | — | 1,116,211 | 98.6 | % | ||||||||||||||
Red Cliffs Mall | Dillard's, JCPenney, Sears | 100 | % | St. George, UT | 140,944 | 235,031 | — | 57,304 | — | 433,279 | 97.2 | % | ||||||||||||||
Ridgedale Center | JCPenney, Macy's, Sears, Nordstrom | 100 | % | Minnetonka, MN | 372,914 | 205,072 | 595,868 | — | — | 1,173,854 | 90.9 | % | ||||||||||||||
Riverchase Galleria | Belk, JCPenney, Macy's, Sears, Von Maur | 76 | % | Hoover (Birmingham), AL | 536,399 | 330,032 | 610,026 | — | — | 1,476,457 | 97.8 | % | ||||||||||||||
River Hills Mall | Herberger's, JCPenney, Sears, Target | 100 | % | Mankato, MN | 352,519 | 189,559 | 174,383 | — | — | 716,461 | 93.5 | % | ||||||||||||||
Rivertown Crossings | JCPenney, Kohl's, Macy's, Sears, Younkers | 100 | % | Grandville (Grand Rapids), MI | 623,188 | — | 635,625 | — | — | 1,258,813 | 96.0 | % | ||||||||||||||
Sooner Mall | Dillard's, JCPenney, Sears | 100 | % | Norman, OK | 237,303 | 129,823 | 137,082 | — | — | 504,208 | 95.5 | % | ||||||||||||||
Southwest Plaza | Dillard's, JCPenney, Macy's, Sears | 100 | % | Littleton, CO | 704,626 | 34,545 | 541,851 | — | 63,968 | 1,344,990 | 91.7 | % | ||||||||||||||
Spokane Valley Mall | JCPenney, Macy's, Sears | 100 | % | Spokane, WA | 352,914 | 126,243 | 251,366 | 138,002 | — | 868,525 | 92.6 | % | ||||||||||||||
Staten Island Mall | Macy's, Sears, JCPenney | 100 | % | Staten Island, NY | 512,778 | 190,441 | 466,922 | 83,151 | — | 1,253,292 | 95.6 | % | ||||||||||||||
Stonestown Galleria | Nordstrom, Macy's | 100 | % | San Francisco, CA | 408,966 | 428,293 | — | — | — | 837,259 | 98.7 | % | ||||||||||||||
The Crossroads | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | Portage, MI | 265,302 | — | 502,961 | — | — | 768,263 | 89.2 | % | ||||||||||||||
The Gallery at Harborplace | 100 | % | Baltimore, MD | 99,914 | — | — | — | 266,105 | 366,019 | 86.3 | % | |||||||||||||||
The Maine Mall | Bon Ton, JCPenney, Macy's, Sears | 100 | % | South Portland, ME | 463,363 | 164,170 | 377,662 | — | 600 | 1,005,795 | 98.1 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | ||||||||||||||||
The Mall in Columbia | JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears | 100 | % | Columbia, MD | 619,165 | 351,168 | 449,000 | — | — | 1,419,333 | 97.1 | % | ||||||||||||||
The Oaks Mall | Belk, Dillard's, JCPenney, Macy's, Sears | 100 | % | Gainesville, FL | 348,902 | 233,367 | 324,500 | — | — | 906,769 | 96.1 | % | ||||||||||||||
The Parks Mall at Arlington | Dillard's, JCPenney, Macy's, Sears | 100 | % | Arlington, TX | 761,859 | — | 748,945 | — | — | 1,510,804 | 98.2 | % | ||||||||||||||
The Shoppes at Buckland Hills | JCPenney, Macy's, Macy's Men's & Home, Sears | 100 | % | Manchester, CT | 555,279 | — | 512,611 | — | — | 1,067,890 | 94.2 | % | ||||||||||||||
The Shops at Fallen Timbers | Dillard's, JCPenney | 100 | % | Maumee, OH | 354,165 | — | 261,502 | — | — | 615,667 | 97.7 | % | ||||||||||||||
The Shops at La Cantera | Dillard's, Macy's, Neiman Marcus, Nordstrom | 75 | % | San Antonio, TX | 609,877 | — | 627,597 | — | 73,063 | 1,310,537 | 98.7 | % | ||||||||||||||
The Streets at Southpoint | Belk, JCPenney, Macy's, Nordstrom, Sears | 94 | % | Durham, NC | 607,975 | — | 726,347 | — | — | 1,334,322 | 98.1 | % | ||||||||||||||
The Woodlands Mall | Dillard's, JCPenney, Macy's, Nordstrom | 100 | % | Woodlands, TX | 708,967 | — | 713,438 | — | 41,642 | 1,464,047 | 99.0 | % | ||||||||||||||
Town East Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Mesquite, TX | 408,384 | — | 809,386 | — | — | 1,217,770 | 96.0 | % | ||||||||||||||
Tucson Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | Tucson, AZ | 611,584 | — | 641,458 | 35,905 | — | 1,288,947 | 93.6 | % | ||||||||||||||
Tysons Galleria | Neiman Marcus, Saks Fifth Avenue, Macy's | 100 | % | McLean (Washington, D.C.), VA | 284,774 | 259,933 | 252,000 | — | — | 796,707 | 91.4 | % | ||||||||||||||
Valley Plaza Mall | JCPenney, Macy's, Sears, Target | 100 | % | Bakersfield, CA | 517,744 | 364,792 | 292,176 | — | — | 1,174,712 | 98.6 | % | ||||||||||||||
Visalia Mall | JCPenney, Macy's | 100 | % | Visalia, CA | 178,371 | 257,000 | — | — | — | 435,371 | 95.7 | % | ||||||||||||||
Westlake Center | 100 | % | Seattle, WA | 97,119 | — | — | — | — | 97,119 | 98.0 | % | |||||||||||||||
Westroads Mall | JCPenney, Von Maur, Younkers | 100 | % | Omaha, NE | 540,456 | — | 529,036 | — | — | 1,069,492 | 96.7 | % | ||||||||||||||
White Marsh Mall | JCPenney, Macy's, Macy's Home Store, Sears, Boscov's | 100 | % | Baltimore, MD | 387,626 | 257,345 | 466,010 | — | — | 1,110,981 | 96.6 | % | ||||||||||||||
Willowbrook | Bloomingdale's, Lord & Taylor, Macy's, Sears | 100 | % | Wayne, NJ | 484,361 | 2,060 | 1,028,000 | — | — | 1,514,421 | 95.9 | % | ||||||||||||||
Woodbridge Center | Boscov's, JCPenney, Lord & Taylor, Macy's, Sears | 100 | % | Woodbridge, NJ | 616,430 | 455,739 | 560,935 | — | — | 1,633,104 | 92.8 | % | ||||||||||||||
Total Consolidated Retail Properties | Count: 84 | 36,640,252 | 12,287,808 | 32,787,684 | 1,199,618 | 854,197 | 83,769,559 | 96.0 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | ||||||||||||||||
Unconsolidated Retail Properties | ||||||||||||||||||||||||||
85 Fifth Avenue | Anthropologie | 50 | % | New York, NY | 12,946 | — | — | — | — | 12,946 | 100.0 | % | ||||||||||||||
530 Fifth Avenue | Fossil, Chase Bank | 50 | % | New York, NY | 35,263 | — | — | — | — | 35,263 | 100.0 | % | ||||||||||||||
685 Fifth Avenue | Coach, Stuart Weitzman | 50 | % | New York, NY | 24,180 | — | — | — | 85,615 | 109,795 | 100.0 | % | ||||||||||||||
730 Fifth Avenue | Bulgari, Mikimoto, Piaget, Zenga | 50 | % | New York, NY | 34,066 | — | — | — | 32,672 | 66,738 | 100.0 | % | ||||||||||||||
Ala Moana Center | Macy's, Neiman Marcus, , Bloomingdale's, Nordstrom | 63 | % | Honolulu, HI | 1,265,569 | 1,013,872 | — | 14,042 | 364,010 | 2,657,493 | 88.4 | % | ||||||||||||||
Alderwood | JCPenney, Macy's, Nordstrom, Sears | 50 | % | Lynnwood, WA | 578,411 | 177,679 | 528,219 | 39,007 | — | 1,323,316 | 97.5 | % | ||||||||||||||
Altamonte Mall | Dillard's, JCPenney, Macy's, Sears | 50 | % | Altamonte Springs, FL | 468,325 | 158,658 | 519,890 | — | — | 1,146,873 | 97.6 | % | ||||||||||||||
Bayside Marketplace | 51 | % | Miami, FL | 205,440 | — | — | — | 1,103 | 206,543 | 97.3 | % | |||||||||||||||
Bridgewater Commons | Bloomingdale's, Lord & Taylor, Macy's | 35 | % | Bridgewater, NJ | 414,790 | 150,525 | 352,351 | 93,908 | — | 1,011,574 | 97.0 | % | ||||||||||||||
Carolina Place | Belk, Dillard's, JCPenney, Sears | 50 | % | Pineville, NC | 387,924 | 424,596 | 348,906 | — | — | 1,161,426 | 97.9 | % | ||||||||||||||
Christiana Mall | JCPenney, Macy's, Nordstrom, Target | 50 | % | Newark, DE | 625,510 | — | 641,312 | — | — | 1,266,822 | 99.3 | % | ||||||||||||||
Clackamas Town Center | JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears | 50 | % | Happy Valley, OR | 635,385 | — | 774,842 | — | — | 1,410,227 | 98.4 | % | ||||||||||||||
Fashion Show | Dillard's, Macy's, Macy's Men's, Neiman Marcus, Nordstrom, Saks Fifth Avenue | 50 | % | Las Vegas, NV | 844,857 | 271,635 | 761,653 | — | — | 1,878,145 | 98.4 | % | ||||||||||||||
First Colony Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's | 50 | % | Sugar Land, TX | 558,728 | — | 619,048 | — | — | 1,177,776 | 95.0 | % | ||||||||||||||
Florence Mall | JCPenney, Macy's, Macy's Home Store, Sears | 50 | % | Florence, KY | 384,386 | — | 552,407 | — | — | 936,793 | 89.6 | % | ||||||||||||||
Galleria at Tyler | JCPenney, Macy's, Nordstrom | 50 | % | Riverside, CA | 557,282 | — | 468,208 | — | — | 1,025,490 | 96.0 | % | ||||||||||||||
Glendale Galleria | Bloomingdale's, JCPenney, Macy's, Target | 50 | % | Glendale, CA | 506,397 | 305,000 | 525,000 | — | 137,434 | 1,473,831 | 96.7 | % | ||||||||||||||
Kenwood Towne Centre | Dillard's, Macy's, Nordstrom | 50 | % | Cincinnati, OH | 519,341 | 240,656 | 400,665 | — | — | 1,160,662 | 96.4 | % | ||||||||||||||
Miami Design District 2 | Bulgari, Fendi, Hermes, Louis Vuitton, Prada, Valentino | 15 | % | Miami, FL | 692,712 | — | — | — | 75,837 | 768,549 | 87.8 | % | ||||||||||||||
Mizner Park | Lord & Taylor | 47 | % | Boca Raton, FL | 170,867 | 79,822 | — | — | 263,335 | 514,024 | 95.3 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | ||||||||||||||||
Natick Mall | Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom | 50 | % | Natick, MA | 942,346 | 194,722 | 558,370 | — | — | 1,695,438 | 97.3 | % | ||||||||||||||
Neshaminy Mall | Boscov's, Sears | 50 | % | Bensalem, PA | 379,025 | 215,586 | 418,595 | — | — | 1,013,206 | 92.0 | % | ||||||||||||||
Northbrook Court | Lord & Taylor, Macy's, Neiman Marcus | 50 | % | Northbrook, IL | 477,572 | 126,000 | 410,277 | — | — | 1,013,849 | 89.5 | % | ||||||||||||||
Oakbrook Center | Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears | 48 | % | Oak Brook, IL | 1,139,007 | 606,081 | 467,863 | — | 231,900 | 2,444,851 | 98.8 | % | ||||||||||||||
Otay Ranch Town Center | Macy's | 50 | % | Chula Vista, CA | 515,202 | — | 140,000 | — | — | 655,202 | 91.2 | % | ||||||||||||||
Park Meadows | Dillard's, JCPenney, Macy's, Nordstrom | 35 | % | Lone Tree, CO | 754,104 | — | 823,000 | — | — | 1,577,104 | 96.9 | % | ||||||||||||||
Perimeter Mall | Dillard's, Macy's, Nordstrom, Von Maur | 50 | % | Atlanta, GA | 510,932 | 222,056 | 831,218 | — | — | 1,564,206 | 98.1 | % | ||||||||||||||
Pinnacle Hills Promenade | Dillard's, JCPenney | 50 | % | Rogers, AR | 348,413 | 98,540 | 162,140 | 317,458 | 65,871 | 992,422 | 93.8 | % | ||||||||||||||
Plaza Frontenac | Neiman Marcus, Saks Fifth Avenue | 55 | % | St. Louis, MO | 224,518 | 125,669 | 135,044 | — | — | 485,231 | 97.3 | % | ||||||||||||||
Saint Louis Galleria | Dillard's, Macy's, Nordstrom | 74 | % | St. Louis, MO | 461,139 | — | 714,052 | — | — | 1,175,191 | 96.4 | % | ||||||||||||||
Stonebriar Centre | Dillard's, JCPenney, Macy's, Nordstrom, Sears | 50 | % | Frisco, TX | 839,170 | 162,018 | 703,174 | — | — | 1,704,362 | 98.3 | % | ||||||||||||||
The Grand Canal Shoppes | Barneys New York | 50 | % | Las Vegas, NV | 645,394 | 84,743 | — | — | 34,088 | 764,225 | 99.3 | % | ||||||||||||||
The Shops at Bravern | Neiman Marcus | 40 | % | Bellevue, WA | 142,216 | 124,637 | — | — | — | 266,853 | 93.3 | % | ||||||||||||||
The Shoppes at River Crossing | Belk, Dillard's | 50 | % | Macon, GA | 407,882 | — | 333,219 | — | — | 741,101 | 99.2 | % | ||||||||||||||
Towson Town Center | Macy's, Nordstrom | 35 | % | Towson, MD | 604,129 | — | 419,129 | — | — | 1,023,258 | 97.0 | % | ||||||||||||||
Union/Geary | Bulgari | 50 | % | San Francisco, CA | 22,208 | — | — | — | 19,507 | 41,715 | 100.0 | % | ||||||||||||||
Shops at Merrick Park | Neiman Marcus, Nordstrom | 55 | % | Coral Gables, FL | 414,883 | — | 330,000 | — | 101,263 | 846,146 | 98.9 | % | ||||||||||||||
Water Tower Place | Macy's | 47 | % | Chicago, IL | 405,285 | 296,128 | — | — | 88,809 | 790,222 | 93.0 | % | ||||||||||||||
Whaler's Village | 50 | % | Lahaina, HI | 109,080 | — | — | — | 4,188 | 113,268 | 94.2 | % | |||||||||||||||
Willowbrook Mall | Dillard's, JCPenney, Macy's, Macy's Men's, Sears | 50 | % | Houston, TX | 538,428 | — | 984,372 | — | — | 1,522,800 | 96.8 | % | ||||||||||||||
Total Unconsolidated Retail Properties | Count: 40 | 18,803,312 | 5,078,623 | 13,922,954 | 464,415 | 1,505,632 | 39,774,936 | 95.8 | % | |||||||||||||||||
Total Same Store Retail Properties 3 | Count: 124 | 55,443,564 | 17,366,431 | 46,710,638 | 1,664,033 | 2,359,829 | 123,544,494 | 95.9 | % |
PORTFOLIO OPERATING METRICS Property Schedule As of March 31, 2017 |
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 | ||||||||||||||||
Non-Same Store Retail Properties | ||||||||||||||||||||||||||
218 W 57th Street | 50 | % | New York, NY | 35,304 | — | — | — | — | 35,304 | N/A | ||||||||||||||||
605 N Michigan Avenue | Sephora, Chase | 100 | % | Chicago, IL | 82,526 | — | — | — | — | 82,526 | 83.3 | % | ||||||||||||||
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 | 85.1 | % | ||||||||||||||
Total Retail Properties | Count: 127 | 56,044,621 | 17,481,731 | 47,616,056 | 1,664,033 | 2,359,829 | 125,166,269 | 95.7 | % | |||||||||||||||||
Non-Same Store Other Retail | ||||||||||||||||||||||||||
Shopping Leblon | 35 | % | Rio de Janeiro, Brazil | 256,045 | — | — | — | — | 256,045 | 99.5 | % | |||||||||||||||
Total Non-Same Store & Other Retail | Count: 1 | 256,045 | — | — | — | — | 256,045 | 99.5 | % |
1. | Excludes space under development. |
2. | Investment is considered cost method for reporting purposes. |
3. | Refer to page 15 (Key Operating Performance Indicators). |
Miscellaneous |
MISCELLANEOUS Capital Information (In thousands, except per share amounts) |
March 31, 2017 | |||
Closing common stock price per share | $ | 23.18 | |
52 Week High 1 | 32.10 | ||
52 Week Low 1 | 22.34 | ||
Portfolio Net Debt, At Share | |||
Portfolio Debt | |||
Fixed | $ | 14,648,280 | |
Variable | 3,868,761 | ||
Proportionate Portfolio Debt | 18,517,041 | ||
Less: Proportionate Cash and Cash Equivalents | (491,332 | ) | |
Proportionate Portfolio Net Debt | $ | 18,025,709 | |
Portfolio Capitalization Data | |||
Proportionate Portfolio Net Debt | $ | 18,025,709 | |
Preferred Securities: | |||
Convertible Preferred Units at 6.50% | 26,637 | ||
Convertible Preferred Units at 7.00% | 25,133 | ||
Convertible Preferred Units at 8.50% | 85,640 | ||
Preferred Stock at 6.375% | 250,000 | ||
Other Preferred Stock | 360 | ||
Total Preferred Securities | $ | 387,770 | |
Common stock and Operating Partnership units outstanding at end of period 2 | $ | 20,612,653 | |
Total Market Capitalization at end of period | $ | 39,026,132 |
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, 2017 | 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, 2016 | 1,707 | 4,569 | 884,098 | 890,374 | ||||||
DRIP | — | — | 22 | 22 | ||||||
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised | 107 | — | 974 | 1,081 | ||||||
Issuance of stock for employee stock purchase program | — | — | 82 | 82 | ||||||
Repurchase of common stock | — | — | (2,570 | ) | (2,570 | ) | ||||
Common Shares and OP Units Outstanding at March 31, 2017 | 1,814 | 4,569 | 882,606 | 888,989 | ||||||
Common Shares issuable assuming exercise of warrants 1 | 59,154 | |||||||||
Common Shares issuable assuming exercise of in-the-money stock options 2 | 3,500 | |||||||||
Common Shares issuable assuming exchange of OP Units | 6,637 | |||||||||
Diluted Common Shares and OP Units Outstanding at March 31, 2017 | 951,897 |
Three Months Ended | ||||||
March 31, 2017 | March 31, 2016 | |||||
(In thousands) | ||||||
Weighted average number of company shares outstanding | 884,505 | 882,673 | ||||
Weighted average number of stock options 3 | 4,112 | 6,611 | ||||
Weighted average number of GAAP dilutive warrants | 60,899 | 60,870 | ||||
Diluted weighted average number of Company shares outstanding - GAAP EPS | 949,516 | 950,154 | ||||
Weighted average number of common units | 4,751 | 4,768 | ||||
Weighted average number of LTIP Units | 1,891 | 1,742 | ||||
Diluted weighted average number of Company shares outstanding - FFO/Company FFO | 956,158 | 956,664 |
1. | GGP has 73.9 million warrants outstanding convertible to 1.2616 Common Shares with a weighted average exercise price of $8.4785, 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, 2016 4 | Impact of settling warrants via net share settlement 5 | |
57,500,000 | $8.5225 | Nov 9, 2017 | Reduces exercise price to $8.5225 | Increases number of Common shares per warrant to 1.2616 | Net share: 72,542,000 x [23.18 - 8.5225] /23.18 = 45,870,766 shares delivered |
16,428,571 | $8.3245 | Nov 9, 2017 | Reduces exercise price to $8.3245 | Increases number of Common shares per warrant to 1.2616 | Net share: 20,726,285 x [23.18 - 8.3245] /23.18 = 13,282,974 shares delivered |
73,928,571 | $8.4785 | 59,153,740 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 2017 and 2016. |
4. | Based on dividend of $0.22 per share issued to stockholders of record on December 15, 2016 and special dividend of $0.26 per share issued to stockholders of record on December 27, 2016. |
5. | Based on stock price of $23.18 on March 31, 20167 |
MISCELLANEOUS Development Summary |
Property | Description | GGP's Total Projected Share of Cost | GGP's Investment to Date1 | Expected Return on Investment2 | Stabilized Year | ||||||||
Major Development Summary (in millions, at share unless otherwise noted) | |||||||||||||
Under Construction | |||||||||||||
Staten Island Mall | Expansion | $ | 231 | $ | 47 | 7-9% | 2019 | ||||||
Staten Island, NY | |||||||||||||
Other Projects | Redevelopment projects at various properties | 448 | 288 | 6-8% | 2017-2018 | ||||||||
Total Projects Under Construction | $ | 679 | $ | 335 | |||||||||
Projects in Pipeline | |||||||||||||
New Mall Development | Ground up mall development | $ | 285 | $ | 54 | 8-10% | 2020 | ||||||
Norwalk, CT | |||||||||||||
Other Projects | Redevelopment projects at various properties | 314 | 82 | 8-9% | TBD | ||||||||
Total Projects in Pipeline | $ | 599 | $ | 136 | |||||||||
1. | Projected costs and investments to date exclude capitalized interest and overhead. |
2. | Return on investment represents first year stabilized cash-on-cash return, based upon budgeted assumptions. Actual costs may vary. |
MISCELLANEOUS Proportionate Capital Expenditures |
Expenditures ($ in thousands) | ||||||||
Three Months Ended | Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | |||||||
Operating capital expenditures (1) | $ | 37,189 | $ | 39,339 | ||||
Tenant allowances and capitalized leasing costs (2) | 38,949 | 32,597 | ||||||
Total | $ | 76,138 | $ | 71,936 |
1. | Reflects only non-tenant operating capital expenditures. |
2. | Reflects tenant allowance on current operating properties. |
MISCELLANEOUS Corporate Information |
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 2017 | May 1, 2017 | July 13, 2017 | July 28, 2017 | $0.2200 |
Common Stock | Q1 2017 | January 30, 2017 | April 13, 2017 | April 28, 2017 | $0.2200 |
Common Stock | Special Dividend | December 13, 2016 | December 27, 2016 | January 27, 2017 | $0.2600 |
Common Stock | Q4 2016 | October 31, 2016 | December 15, 2016 | January 6, 2017 | $0.2200 |
Common Stock | Q3 2016 | August 1, 2016 | October 14, 2016 | October 31, 2016 | $0.2000 |
Common Stock | Q2 2016 | May 2, 2016 | July 15, 2016 | July 29, 2016 | $0.1900 |
Series A Preferred Stock | Q2 2017 | May 1, 2017 | June 15, 2017 | July 3, 2017 | $0.3984 |
Series A Preferred Stock | Q1 2017 | January 30, 2017 | March 15, 2017 | April 3, 2017 | $0.3984 |
Series A Preferred Stock | Q4 2016 | October 31, 2016 | December 15, 2016 | January 3, 2017 | $0.3984 |
Series A Preferred Stock | Q3 2016 | August 1, 2016 | September 15, 2016 | October 3, 2016 | $0.3984 |
Series A Preferred Stock | Q2 2016 | May 2, 2016 | June 15, 2016 | July 1, 2016 | $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. | |
Company Same Store NOI | Company NOI that excludes the periodic effects of full or partial acquisitions of properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. We do not include an acquired property in our Company Same Store NOI until the operating results for that property have been included in our consolidated results for one full calendar year. Properties that we sell are excluded from Company Same Store NOI once the transaction has closed. | |
Company Non-Same Store NOI | Includes the periodic effects of full or partial acquisitions of properties and certain redevelopments and other properties. See Property Schedule for full list of Non-Same Store properties. | |
Company NOI | Company Same Store NOI plus Company Non-Same Store NOI. Excludes full or partial 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 | Full or partial reductions 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. | |
<10K Sales PSF | Comparative rolling twelve month sales. | |
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. |