UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of Earliest Event Reported)
February 1, 2016
General Growth Properties, Inc.
(Exact name of registrant as specified in its charter)
|
| | | | |
Delaware | | 1-34948 | | 27-2963337 |
(State or other | (Commission | (I.R.S. Employer |
jurisdiction of | File Number) | Identification |
incorporation) | | Number) |
110 N. Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
(312) 960-5000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 1, 2016, General Growth Properties, Inc. (“GGP”) issued a press release describing its results of operations for the three and twelve months ended December 31, 2015. A copy of the press release is being furnished as Exhibit 99.1 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 7.01 REGULATION FD DISCLOSURE.
On February 1, 2016, General Growth Properties, Inc. made available on its website the press release described in Item 2.02 above as well as certain supplemental financial information regarding its operations for the three and twelve months ended December 31, 2015. A copy of such supplemental financial information is being furnished as Exhibit 99.2 to this report. This information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit No. Description
| |
99.1 | Press release titled “GGP Reports Full Year 2015 Results and Declares First Quarter Dividend” dated February 1, 2016 (furnished herewith). |
| |
99.2 | Certain GGP supplemental financial information regarding its operations for the three and twelve months ended December 31, 2015 (furnished herewith). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENERAL GROWTH PROPERTIES, INC.
/s/ Michael Berman
Michael Berman
Chief Financial Officer
Date: February 1, 2016
EXHIBIT INDEX
|
| |
Exhibit Number | Name |
99.1 | Press release titled “GGP Reports Full Year 2015 Results and Declares First Quarter Dividend” dated February 1, 2016 (furnished herewith). |
99.2 | Certain GGP supplemental financial information regarding its operations for the three and twelve months ended December 31, 2015 (furnished herewith). |
GGP REPORTS FULL YEAR 2015 RESULTS
AND DECLARES FIRST QUARTER DIVIDEND
Chicago, Illinois, February 1, 2016 - General Growth Properties, Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three and twelve months ended December 31, 2015.
Financial Results
For the Three Months Ended December 31, 2015
Comparable net operating income (“Same Store NOI”) increased 6.7% to $624 million from $585 million in the prior year period.
Company earnings before interest, taxes, depreciation and amortization (“Company EBITDA”) increased 6.5% to $588 million from $553 million in the prior year period.
Company funds from operations (“Company FFO”) per share increased 13.8% to $0.43 per diluted share from $0.38 per diluted share in the prior year period. Company FFO increased 14.2% to $408 million from $357 million in the prior year period.
Net income attributable to common stockholders, which is impacted primarily by depreciation expense, gain from changes in control of investment properties and other and equity in income of unconsolidated real estate affiliates- gain on investment, was $190 million, or $0.20 per diluted share, as compared to net income of $285 million, or $0.30 per diluted share, in the prior year period.
For the Twelve Months Ended December 31, 2015
Same Store NOI increased 4.8% to $2.26 billion from $2.16 billion in the prior year period.
Company EBITDA increased 5.4% to $2.12 billion from $2.01 billion in the prior year period.
Company FFO per share increased 8.7% to $1.44 per diluted share from $1.32 per diluted share in the prior year period. Company FFO increased 9.6% to $1.38 billion from $1.26 billion in the prior year period.
Net income attributable to common stockholders, which is impacted primarily by depreciation expense, gain from changes in control of investment properties and other and equity in income of unconsolidated real estate affiliates- gain on investment, was $1.36 billion, or $1.43 per diluted share, as compared to net income of $650 million, or $0.69 per diluted share, in the prior year period.
Operational Highlights
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• | Same Store leased percentage was 96.9% at quarter end. |
| |
• | Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 10.8%, or $6.32 per square foot, to $64.92 per square foot when compared to the rental rate for expiring leases. |
| |
• | Tenant sales (all less anchors) increased 2.8% to $21.0 billion on a trailing 12-month basis. Tenant sales (<10,000 square feet) increased 3.0% to $588 per square foot on a trailing 12-month basis. |
Investment Activities
Dispositions
In January 2016, the Company sold its interests in four retail properties for a gross purchase price of approximately $302 million and received net proceeds of approximately $250 million.
Development
The Company has development and redevelopment activities totaling approximately $2.3 billion at share, of which projects totaling approximately $1.3 billion have opened, $0.4 billion is under construction, and $0.6 billion is in the pipeline.
Common Share Repurchases
During the quarter, the Company acquired approximately 271,000 of its common shares at a weighted average price of $25.00 per share for total consideration of approximately $6.8 million. During the twelve months ended, the Company acquired approximately 4.32 million of its common shares at a weighted average price of $25.34 per share for total consideration of approximately $109.5 million.
Financing Activities
Property-Level Debt
During the quarter, the Company obtained $250 million of new fixed rate debt with a weighted average term to maturity of 10.0 years and a weighted average interest rate of 4.3%.
Corporate Credit Facility
During the quarter, the Company amended its $1.5 billion corporate credit facility to extend its maturity to October 2020.
Dividends
On February 1, 2016, the Company’s Board of Directors declared a first quarter common stock dividend of $0.19 per share payable on April 29, 2016, to stockholders of record on April 15, 2016. This represents an increase of $0.02 per share or 12% growth over the dividend declared in first quarter 2015.
The Board of Directors also declared a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.3984 per share payable on April 1, 2016, to stockholders of record on March 15, 2016.
Guidance
Company FFO for the year ending December 31, 2016 is expected to be $1.52 to $1.56 per diluted share. Company FFO for the first quarter of 2016 is expected to be $0.34 to $0.36 per diluted share.
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| | | | | | |
Earnings Guidance | For the year ending December 31, 2016 | | For the three months ending December 31, 2016 | |
| | | | |
| | | | |
Company FFO per diluted share | $1.52 - $1.56 |
| | $0.34 - $0.36 |
| |
Adjustments (1) | (0.04 | ) | | (0.01 | ) | |
NAREIT FFO | $1.48 - $1.52 |
| | $0.33 - $0.35 |
| |
Depreciation, including share of JVs | (0.94 | ) | | (0.24 | ) | |
Net income attributable to common stockholders | $0.54 - $0.58 |
| | $0.09 - $0.11 |
| |
Preferred stock dividends | 0.02 |
| | — |
| |
Net income attributable to GGP | $0.56 - $0.60 |
| | $0.09 - $0.11 |
| |
| | | | |
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(1) | Includes impact of straight-line rent, above/below market rent, ground rent amortization, debt market rate adjustments and other non-cash or non-comparable items. |
The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to Same Store NOI growth, rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include possible future gains or losses, or the impact on operating results from other possible future property acquisitions or dispositions or capital market activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.
Investor Conference Call
On Tuesday, February 2, 2016, the Company will host a conference call at 8:00 a.m. Central (9:00 a.m. Eastern). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register. For those unable to listen to the call live, a replay will be available after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 3107667.
Supplemental Information
The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.
Forward-Looking Statements
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Investors and others should note that we post our current Investor Presentation on the Investors page of our website at www.ggp.com. From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at www.ggp.com from time to time.
General Growth Properties, Inc.
General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
Contact:
Kevin Berry
VP Investor Relations
(312) 960-5529
kevin.berry@ggp.com
Non-GAAP Supplemental Financial Measures and Definitions
Net Operating Income (“NOI”) and Company NOI
The Company defines NOI as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. NOI excludes reductions in ownership as a result of sales or other transactions and has been reflected on a proportionate basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs. The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of our properties. Because NOI excludes reductions in ownership as a result of sales or other transactions, general and administrative expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, discontinued operations, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.
The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of our emergence, acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance. We present Company NOI and Company FFO (as defined below); as we believe certain investors and other users of our financial information use these measures of the Company’s historical operating performance.
Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization ("EBITDA") and Company EBITDA
The Company defines EBITDA as NOI less certain property management and administrative expenses, net of management fees and other operational items. EBITDA is a commonly used measure of performance in many industries, but may not be comparable to measures calculated by other companies. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other equity REITs, retail property owners who are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO (discussed below), it is widely used by management in the annual budget process and for compensation programs.
The Company also considers Company EBITDA to be a helpful supplemental measure of its operating performance because it excludes from EBITDA certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of our emergence, acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company EBITDA should only be used as an alternative measure of the Company's financial performance.
Funds From Operations (“FFO”) and Company FFO
The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (“NAREIT”). The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.
The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry. FFO facilitates an understanding of the operating performance of the Company’s properties between periods because it does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.
As with the Company’s presentation of Company NOI, the Company also considers Company FFO to be a helpful supplemental measure of the operating performance for equity REITs because it excludes from FFO certain items that are non-cash and certain non-comparable items such as Company NOI adjustments, and FFO items such as mark-to-market adjustments on debt and gains on the extinguishment of debt,, and interest expense on debt repaid or settled all which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
The Company presents NOI and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to NOI and Company NOI and a reconciliation of net income attributable to GGP to FFO and Company FFO. None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash available to fund cash needs. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.
Consolidated Statements of Operations (In thousands, except per share)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Twelve Months Ended |
| December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
Revenues: | | | | | | | |
Minimum rents | $ | 387,230 |
| | $ | 413,147 |
| | $ | 1,481,614 |
| | $ | 1,583,695 |
|
Tenant recoveries | 171,496 |
| | 186,815 |
| | 689,536 |
| | 739,411 |
|
Overage rents | 25,269 |
| | 27,126 |
| | 44,024 |
| | 51,611 |
|
Management fees and other corporate revenues | 21,282 |
| | 19,128 |
| | 86,595 |
| | 70,887 |
|
Other | 39,357 |
| | 26,806 |
| | 102,137 |
| | 89,955 |
|
Total revenues | 644,634 |
| | 673,022 |
| | 2,403,906 |
| | 2,535,559 |
|
Expenses: | | | | | | | |
Real estate taxes | 52,458 |
| | 55,306 |
| | 222,883 |
| | 227,992 |
|
Property maintenance costs | 15,548 |
| | 17,944 |
| | 60,040 |
| | 66,897 |
|
Marketing | 9,110 |
| | 8,728 |
| | 21,958 |
| | 24,654 |
|
Other property operating costs | 74,923 |
| | 81,974 |
| | 302,797 |
| | 333,620 |
|
Provision for doubtful accounts | 1,882 |
| | 2,844 |
| | 8,081 |
| | 8,055 |
|
Property management and other costs | 39,709 |
| | 35,702 |
| | 161,556 |
| | 155,093 |
|
General and administrative | 13,010 |
| | 11,441 |
| | 50,405 |
| | 64,051 |
|
Provisions for impairment | 8,604 |
| | 5,278 |
| | 8,604 |
| | 5,278 |
|
Depreciation and amortization | 160,663 |
| | 179,478 |
| | 643,689 |
| | 708,406 |
|
Total expenses | 375,907 |
| | 398,695 |
| | 1,480,013 |
| | 1,594,046 |
|
Operating income | 268,727 |
| | 274,327 |
| | 923,893 |
| | 941,513 |
|
Interest and dividend income | 14,358 |
| | 8,812 |
| | 49,254 |
| | 28,613 |
|
Interest expense | (147,386 | ) | | (171,012 | ) | | (607,675 | ) | | (699,285 | ) |
Gain (loss) on foreign currency | 1,555 |
| | (11,031 | ) | | (44,984 | ) | | (18,048 | ) |
Gain from changes in control of investment properties and other | 11,780 |
| | 91,193 |
| | 634,367 |
| | 91,193 |
|
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, and allocation to noncontrolling interests | 149,034 |
| | 192,289 |
| | 954,855 |
| | 343,986 |
|
Benefit from (provision for) income taxes | 9,253 |
| | (4,417 | ) | | 38,334 |
| | (7,253 | ) |
Equity in income of Unconsolidated Real Estate Affiliates | 32,275 |
| | 17,700 |
| | 73,390 |
| | 51,568 |
|
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 6,067 |
| | 9,710 |
| | 327,017 |
| | 9,710 |
|
Income from continuing operations | 196,629 |
| | 215,282 |
| | 1,393,596 |
| | 398,011 |
|
Discontinued operations | | | | | | | |
Income from discontinued operations, including gains on dispositions | — |
| | 1,021 |
| | — |
| | 137,989 |
|
Gain on extinguishment of tax indemnification liability | — |
| | 77,215 |
| | — |
| | 77,215 |
|
Gain on extinguishment of debt | — |
| | — |
| | — |
| | 66,679 |
|
Discontinued operations, net | — |
| | 78,236 |
| | — |
| | 281,883 |
|
Net income | 196,629 |
| | 293,518 |
| | 1,393,596 |
| | 679,894 |
|
Allocation to noncontrolling interests | (2,588 | ) | | (4,036 | ) | | (19,035 | ) | | (14,044 | ) |
Net income attributable to GGP | 194,041 |
| | 289,482 |
| | 1,374,561 |
| | 665,850 |
|
Preferred stock dividends | (3,984 | ) | | (3,984 | ) | | (15,937 | ) | | (15,936 | ) |
Net income attributable to common stockholders | $ | 190,057 |
| | $ | 285,498 |
| | $ | 1,358,624 |
| | $ | 649,914 |
|
Basic Earnings Per Share: | | | | | | | |
Continuing operations | $ | 0.22 |
| | $ | 0.23 |
| | $ | 1.54 |
| | $ | 0.42 |
|
Discontinued operations | — |
| | 0.09 |
| | — |
| | 0.32 |
|
Total basic earnings per share | $ | 0.22 |
| | $ | 0.32 |
| | $ | 1.54 |
| | $ | 0.74 |
|
Diluted Earnings Per Share: | | | | | | | |
Continuing operations | $ | 0.20 |
| | $ | 0.22 |
| | $ | 1.43 |
| | $ | 0.39 |
|
Discontinued operations | — |
| | 0.08 |
| | — |
| | 0.30 |
|
Total diluted earnings per share | $ | 0.20 |
| | $ | 0.30 |
| | $ | 1.43 |
| | $ | 0.69 |
|
| | | | | | | |
Consolidated Balance Sheets (In thousands) |
| | | | | | | |
| December 31, 2015 | | December 31, 2014 |
| | | |
Assets: | | | |
Investment in real estate: | | | |
Land | $ | 3,596,354 |
| | $ | 4,244,607 |
|
Buildings and equipment | 16,379,789 |
| | 18,028,844 |
|
Less accumulated depreciation | (2,452,127 | ) | | (2,280,845 | ) |
Construction in progress | 308,903 |
| | 703,859 |
|
Net property and equipment | 17,832,919 |
| | 20,696,465 |
|
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,466,040 |
| | 2,604,762 |
|
Net investment in real estate | 21,298,959 |
| | 23,301,227 |
|
Cash and cash equivalents | 356,895 |
| | 372,471 |
|
Accounts and notes receivable, net | 949,556 |
| | 663,768 |
|
Deferred expenses, net | 214,578 |
| | 130,389 |
|
Prepaid expenses and other assets 1 | 1,037,334 |
| | 813,777 |
|
Assets held for disposition | 216,233 |
| | — |
|
Total assets | $ | 24,073,555 |
| | $ | 25,281,632 |
|
Liabilities: | | | |
Mortgages, notes and loans payable 1 | 14,216,160 |
| | 15,944,187 |
|
Investment in Unconsolidated Real Estate Affiliates | 38,488 |
| | 35,598 |
|
Accounts payable and accrued expenses | 784,493 |
| | 934,897 |
|
Dividend payable | 172,070 |
| | 154,694 |
|
Deferred tax liabilities | 1,289 |
| | 21,240 |
|
Junior Subordinated Notes | 206,200 |
| | 206,200 |
|
Liabilities held for disposition | 58,934 |
| | — |
|
Total liabilities | 15,477,634 |
| | 17,296,816 |
|
Redeemable noncontrolling interests: | | | |
Preferred | 157,903 |
| | 164,031 |
|
Common | 129,724 |
| | 135,265 |
|
Total redeemable noncontrolling interests | 287,627 |
| | 299,296 |
|
Equity: | | | |
Preferred stock | 242,042 |
| | 242,042 |
|
Stockholders' equity | 8,028,001 |
| | 7,363,877 |
|
Noncontrolling interests in consolidated real estate affiliates | 24,712 |
| | 79,601 |
|
Noncontrolling interests related to Long-Term Incentive Plan Common Units | 13,539 |
| | — |
|
Total equity | 8,308,294 |
| | 7,685,520 |
|
Total liabilities, redeemable noncontrolling interests and equity | $ | 24,073,555 |
| | $ | 25,281,632 |
|
| | | |
| |
1. | For the year ended December 31, 2014, deferred financing costs of approximately $54.1 million were reclassified from prepaid expenses and other assets to mortgages, notes and loans payable due to the adoption of ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs. |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS | |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company NOI, EBITDA and FFO For the Three Months Ended December 31, 2015 and 2014 (In thousands) |
| | Three Months Ended December 31, 2015 | | Three Months Ended December 31, 2014 |
| | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company | | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company |
Property revenues: | | | | | | | | | | | | | | | | |
Minimum rents | | $ | 387,230 |
| $ | (4,439 | ) | $ | 144,034 |
| $ | (42 | ) | $ | 526,783 |
| $ | (1,465 | ) | $ | 525,318 |
| | $ | 413,147 |
| $ | (4,267 | ) | $ | 106,464 |
| $ | (15,242 | ) | $ | 500,102 |
| $ | 2,847 |
| $ | 502,949 |
|
Tenant recoveries | | 171,496 |
| (1,580 | ) | 62,027 |
| (10 | ) | 231,933 |
| — |
| 231,933 |
| | 186,815 |
| (1,728 | ) | 43,898 |
| (7,378 | ) | 221,607 |
| — |
| 221,607 |
|
Overage rents | | 25,269 |
| (374 | ) | 9,601 |
| — |
| 34,496 |
| — |
| 34,496 |
| | 27,126 |
| (309 | ) | 7,484 |
| (1,597 | ) | 32,704 |
| — |
| 32,704 |
|
Other revenue | | 39,545 |
| (333 | ) | 7,923 |
| (3,018 | ) | 44,117 |
| — |
| 44,117 |
| | 26,806 |
| (322 | ) | 5,982 |
| (1,358 | ) | 31,108 |
| — |
| 31,108 |
|
Total property revenues | | 623,540 |
| (6,726 | ) | 223,585 |
| (3,070 | ) | 837,329 |
| (1,465 | ) | 835,864 |
| | 653,894 |
| (6,626 | ) | 163,828 |
| (25,575 | ) | 785,521 |
| 2,847 |
| 788,368 |
|
Property operating expenses: | | | | | | | | | | | | | | | | |
Real estate taxes | | 52,458 |
| (523 | ) | 18,863 |
| 6 |
| 70,804 |
| (1,490 | ) | 69,314 |
| | 55,306 |
| (864 | ) | 14,019 |
| (1,595 | ) | 66,866 |
| (1,490 | ) | 65,376 |
|
Property maintenance costs | | 15,548 |
| (125 | ) | 4,611 |
| (17 | ) | 20,017 |
| — |
| 20,017 |
| | 17,944 |
| (139 | ) | 5,246 |
| (715 | ) | 22,336 |
| — |
| 22,336 |
|
Marketing | | 9,110 |
| (91 | ) | 3,422 |
| — |
| 12,441 |
| — |
| 12,441 |
| | 8,728 |
| (78 | ) | 2,501 |
| (353 | ) | 10,798 |
| — |
| 10,798 |
|
Other property operating costs | | 74,923 |
| (769 | ) | 29,941 |
| (15 | ) | 104,080 |
| (1,030 | ) | 103,050 |
| | 81,974 |
| (758 | ) | 21,479 |
| (3,561 | ) | 99,134 |
| (1,018 | ) | 98,116 |
|
Provision for doubtful accounts | | 1,882 |
| (13 | ) | 557 |
| — |
| 2,426 |
| — |
| 2,426 |
| | 2,844 |
| 2 |
| 380 |
| (94 | ) | 3,132 |
| — |
| 3,132 |
|
Total property operating expenses | | 153,921 |
| (1,521 | ) | 57,394 |
| (26 | ) | 209,768 |
| (2,520 | ) | 207,248 |
| | 166,796 |
| (1,837 | ) | 43,625 |
| (6,318 | ) | 202,266 |
| (2,508 | ) | 199,758 |
|
NOI | | $ | 469,619 |
| $ | (5,205 | ) | $ | 166,191 |
| $ | (3,044 | ) | $ | 627,561 |
| $ | 1,055 |
| $ | 628,616 |
| | $ | 487,098 |
| $ | (4,789 | ) | $ | 120,203 |
| $ | (19,257 | ) | $ | 583,255 |
| $ | 5,355 |
| $ | 588,610 |
|
Management fees and other corporate revenues | | 21,282 |
| — |
| — |
| — |
| 21,282 |
| — |
| 21,282 |
| | 19,128 |
| — |
| 1 |
| — |
| 19,129 |
| — |
| 19,129 |
|
Property management and other costs | | (39,709 | ) | 189 |
| (8,729 | ) | — |
| (48,249 | ) | — |
| (48,249 | ) | | (35,702 | ) | 180 |
| (7,801 | ) | 88 |
| (43,235 | ) | — |
| (43,235 | ) |
General and administrative | | (13,010 | ) | — |
| (373 | ) | — |
| (13,383 | ) | — |
| (13,383 | ) | | (11,441 | ) | — |
| (501 | ) | — |
| (11,942 | ) | — |
| (11,942 | ) |
EBITDA | | $ | 438,182 |
| $ | (5,016 | ) | $ | 157,089 |
| $ | (3,044 | ) | $ | 587,211 |
| $ | 1,055 |
| $ | 588,266 |
| | $ | 459,083 |
| $ | (4,609 | ) | $ | 111,902 |
| $ | (19,169 | ) | $ | 547,207 |
| $ | 5,355 |
| $ | 552,562 |
|
Depreciation on non-income producing assets | | (2,941 | ) | — |
| — |
| — |
| (2,941 | ) | — |
| (2,941 | ) | | (2,751 | ) | — |
| — |
| — |
| (2,751 | ) | — |
| (2,751 | ) |
Interest and dividend income | | 14,358 |
| 387 |
| 608 |
| — |
| 15,353 |
| (205 | ) | 15,148 |
| | 8,812 |
| 386 |
| 587 |
| — |
| 9,785 |
| (205 | ) | 9,580 |
|
Preferred unit distributions | | (2,191 | ) | — |
| — |
| — |
| (2,191 | ) | — |
| (2,191 | ) | | (2,268 | ) | — |
| — |
| — |
| (2,268 | ) | — |
| (2,268 | ) |
Preferred stock dividends | | (3,984 | ) | — |
| — |
| — |
| (3,984 | ) | — |
| (3,984 | ) | | (3,984 | ) | — |
| — |
| — |
| (3,984 | ) | — |
| (3,984 | ) |
Interest expense: | | | | | | — |
| | | | | | | | | | |
Mark-to-market adjustments on debt | | 134 |
| — |
| 267 |
| — |
| 401 |
| (401 | ) | — |
| | (409 | ) | (100 | ) | 386 |
| (18 | ) | (141 | ) | 141 |
| — |
|
Interest on existing debt | | (147,520 | ) | 1,657 |
| (53,023 | ) | — |
| (198,886 | ) | — |
| (198,886 | ) | | (170,602 | ) | 1,479 |
| (41,640 | ) | 6,473 |
| (204,290 | ) | — |
| (204,290 | ) |
Gain (loss) on foreign currency | | 1,555 |
| — |
| — |
| — |
| 1,555 |
| (1,555 | ) | — |
| | (11,031 | ) | — |
| — |
| — |
| (11,031 | ) | 11,031 |
| — |
|
Benefit from (provision for) income taxes | | 9,253 |
| 21 |
| (172 | ) | — |
| 9,102 |
| 615 |
| 9,717 |
| | (4,417 | ) | 20 |
| (340 | ) | — |
| (4,737 | ) | (2,186 | ) | (6,923 | ) |
FFO from sold interests | | — |
| — |
| — |
| 3,044 |
| 3,044 |
| (3 | ) | 3,041 |
| | 79,227 |
| — |
| 127 |
| 12,714 |
| 92,068 |
| (76,567 | ) | 15,501 |
|
| | 306,846 |
| (2,951 | ) | 104,769 |
| — |
| 408,664 |
| (494 | ) | 408,170 |
| | 351,660 |
| (2,824 | ) | 71,022 |
| — |
| 419,858 |
| (62,431 | ) | 357,427 |
|
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | | 101,818 |
| 2,951 |
| (104,769 | ) | — |
| — |
| — |
| — |
| | 68,198 |
| 2,824 |
| (71,022 | ) | — |
| — |
| — |
| — |
|
FFO | | $ | 408,664 |
| $ | — |
| $ | — |
| $ | — |
| $ | 408,664 |
| $ | (494 | ) | $ | 408,170 |
| | $ | 419,858 |
| $ | — |
| $ | — |
| $ | — |
| $ | 419,858 |
| $ | (62,431 | ) | $ | 357,427 |
|
| | | | | | | | | | | | | | | | |
Company FFO per diluted share | | | | | | | | $ | 0.43 |
| | | | | | | | $ | 0.38 |
|
| | | | | | | | | | | | | | | | |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Company NOI, EBITDA and FFO For the Twelve Months Ended December 31, 2015 and 2014 (In thousands) |
| | Twelve Months Ended December 31, 2015 | | Twelve Months Ended December 31, 2014 |
| | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company | | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests | Proportionate | Adjustments | Company |
Property revenues: | | | | | | | | | | | | | | | | |
Minimum rents | | $ | 1,481,614 |
| $ | (16,780 | ) | $ | 515,813 |
| $ | (10,493 | ) | $ | 1,970,154 |
| $ | 26,296 |
| $ | 1,996,450 |
| | $ | 1,583,695 |
| $ | (16,609 | ) | $ | 391,255 |
| $ | (63,188 | ) | $ | 1,895,153 |
| $ | 25,909 |
| $ | 1,921,062 |
|
Tenant recoveries | | 689,536 |
| (6,790 | ) | 225,563 |
| (5,284 | ) | 903,025 |
| — |
| 903,025 |
| | 739,411 |
| (6,743 | ) | 172,255 |
| (29,076 | ) | 875,847 |
| — |
| 875,847 |
|
Overage rents | | 44,024 |
| (603 | ) | 19,448 |
| (442 | ) | 62,427 |
| — |
| 62,427 |
| | 51,611 |
| (528 | ) | 14,897 |
| (4,405 | ) | 61,575 |
| — |
| 61,575 |
|
Other revenue | | 101,638 |
| (1,105 | ) | 25,328 |
| (3,383 | ) | 122,478 |
| — |
| 122,478 |
| | 89,999 |
| (1,146 | ) | 16,036 |
| (5,192 | ) | 99,697 |
| — |
| 99,697 |
|
Total property revenues | | 2,316,812 |
| (25,278 | ) | 786,152 |
| (19,602 | ) | 3,058,084 |
| 26,296 |
| 3,084,380 |
| | 2,464,716 |
| (25,026 | ) | 594,443 |
| (101,861 | ) | 2,932,272 |
| 25,909 |
| 2,958,181 |
|
Property operating expenses: | | | | | | | | | | | | | | | | |
Real estate taxes | | 222,883 |
| (2,992 | ) | 67,531 |
| (1,254 | ) | 286,168 |
| (5,958 | ) | 280,210 |
| | 227,992 |
| (2,853 | ) | 54,130 |
| (5,927 | ) | 273,342 |
| (5,958 | ) | 267,384 |
|
Property maintenance costs | | 60,040 |
| (452 | ) | 20,650 |
| (582 | ) | 79,656 |
| — |
| 79,656 |
| | 66,897 |
| (448 | ) | 18,886 |
| (2,949 | ) | 82,386 |
| — |
| 82,386 |
|
Marketing | | 21,958 |
| (249 | ) | 9,893 |
| (339 | ) | 31,263 |
| — |
| 31,263 |
| | 24,654 |
| (248 | ) | 7,341 |
| (1,605 | ) | 30,142 |
| — |
| 30,142 |
|
Other property operating costs | | 302,797 |
| (3,009 | ) | 106,528 |
| (1,837 | ) | 404,479 |
| (4,086 | ) | 400,393 |
| | 333,620 |
| (3,007 | ) | 83,914 |
| (13,861 | ) | 400,666 |
| (4,096 | ) | 396,570 |
|
Provision for doubtful accounts | | 8,081 |
| (51 | ) | 2,709 |
| (50 | ) | 10,689 |
| — |
| 10,689 |
| | 8,055 |
| (58 | ) | 1,373 |
| (214 | ) | 9,156 |
| — |
| 9,156 |
|
Total property operating expenses | | 615,759 |
| (6,753 | ) | 207,311 |
| (4,062 | ) | 812,255 |
| (10,044 | ) | 802,211 |
| | 661,218 |
| (6,614 | ) | 165,644 |
| (24,556 | ) | 795,692 |
| (10,054 | ) | 785,638 |
|
NOI | | $ | 1,701,053 |
| $ | (18,525 | ) | $ | 578,841 |
| $ | (15,540 | ) | $ | 2,245,829 |
| $ | 36,340 |
| $ | 2,282,169 |
| | $ | 1,803,498 |
| $ | (18,412 | ) | $ | 428,799 |
| $ | (77,305 | ) | $ | 2,136,580 |
| $ | 35,963 |
| $ | 2,172,543 |
|
Management fees and other corporate revenues | | 86,595 |
| — |
| — |
| — |
| 86,595 |
| — |
| 86,595 |
| | 70,887 |
| — |
| — |
| — |
| 70,887 |
| — |
| 70,887 |
|
Property management and other costs | | (161,556 | ) | 720 |
| (32,083 | ) | 170 |
| (192,749 | ) | — |
| (192,749 | ) | | (155,093 | ) | 670 |
| (28,477 | ) | 318 |
| (182,582 | ) | — |
| (182,582 | ) |
General and administrative | | (50,405 | ) | — |
| (7,468 | ) | — |
| (57,873 | ) | — |
| (57,873 | ) | | (64,051 | ) | 2 |
| (4,389 | ) | — |
| (68,438 | ) | 17,854 |
| (50,584 | ) |
EBITDA | | $ | 1,575,687 |
| $ | (17,805 | ) | $ | 539,290 |
| $ | (15,370 | ) | $ | 2,081,802 |
| $ | 36,340 |
| $ | 2,118,142 |
| | $ | 1,655,241 |
| $ | (17,740 | ) | $ | 395,933 |
| $ | (76,987 | ) | $ | 1,956,447 |
| $ | 53,817 |
| $ | 2,010,264 |
|
Depreciation on non-income producing assets | | (11,360 | ) | — |
| — |
| — |
| (11,360 | ) | — |
| (11,360 | ) | | (11,806 | ) | — |
| — |
| — |
| (11,806 | ) | — |
| (11,806 | ) |
Interest and dividend income | | 49,254 |
| 1,546 |
| 2,569 |
| — |
| 53,369 |
| (818 | ) | 52,551 |
| | 28,613 |
| 1,546 |
| 2,155 |
| (6 | ) | 32,308 |
| (484 | ) | 31,824 |
|
Preferred unit distributions | | (8,883 | ) | — |
| — |
| — |
| (8,883 | ) | — |
| (8,883 | ) | | (8,965 | ) | — |
| — |
| — |
| (8,965 | ) | — |
| (8,965 | ) |
Preferred stock dividends | | (15,937 | ) | — |
| — |
| — |
| (15,937 | ) | — |
| (15,937 | ) | | (15,936 | ) | — |
| — |
| — |
| (15,936 | ) | — |
| (15,936 | ) |
Interest expense: | | | | | | | | | | | | | | | | |
Mark-to-market adjustments on debt | | 283 |
| (101 | ) | 1,425 |
| (252 | ) | 1,355 |
| (1,355 | ) | — |
| | (3,013 | ) | (391 | ) | 1,512 |
| (79 | ) | (1,971 | ) | 1,971 |
| — |
|
Write-off of mark-to-market adjustments on extinguished debt | | (13,454 | ) | (136 | ) | — |
| — |
| (13,590 | ) | 13,590 |
| — |
| | (9,831 | ) | — |
| — |
| — |
| (9,831 | ) | 9,831 |
| — |
|
Interest on existing debt | | (594,504 | ) | 6,428 |
| (207,811 | ) | 5,317 |
| (790,570 | ) | — |
| (790,570 | ) | | (686,440 | ) | 5,982 |
| (152,794 | ) | 22,585 |
| (810,667 | ) | — |
| (810,667 | ) |
Loss on foreign currency | | (44,984 | ) | — |
| — |
| — |
| (44,984 | ) | 44,984 |
| — |
| | (18,048 | ) | — |
| — |
| — |
| (18,048 | ) | 18,048 |
| — |
|
Benefit from (provision for) income taxes | | 38,334 |
| 57 |
| (444 | ) | — |
| 37,947 |
| (16,551 | ) | 21,396 |
| | (7,253 | ) | 74 |
| (633 | ) | — |
| (7,812 | ) | (4,961 | ) | (12,773 | ) |
FFO from sold interests | | — |
| — |
| — |
| 10,305 |
| 10,305 |
| 1,162 |
| 11,467 |
| | 161,126 |
| — |
| 865 |
| 54,485 |
| 216,476 |
| (142,768 | ) | 73,708 |
|
| | 974,436 |
| (10,011 | ) | 335,029 |
| — |
| 1,299,454 |
| 77,352 |
| 1,376,806 |
| | 1,083,688 |
| (10,529 | ) | 247,038 |
| (2 | ) | 1,320,195 |
| (64,546 | ) | 1,255,649 |
|
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | | 325,018 |
| 10,011 |
| (335,029 | ) | — |
| — |
| — |
| — |
| | 236,509 |
| 10,529 |
| (247,038 | ) | 2 |
| 2 |
| — |
| 2 |
|
FFO | | $ | 1,299,454 |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,299,454 |
| $ | 77,352 |
| $ | 1,376,806 |
| | $ | 1,320,197 |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,320,197 |
| $ | (64,546 | ) | $ | 1,255,651 |
|
| | | | | | | | | | | | | | | | |
Company FFO per diluted share | | | | | | | | $ | 1.44 |
| | | | | | | | $ | 1.32 |
|
| | | | | | | | | | | | | | | | |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
| |
|
| | | | | | | | | | | | | | |
Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands) |
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2015 | December 31, 2014 | | December 31, 2015 | December 31, 2014 |
| | | | | | |
Reconciliation of Company NOI to GAAP Operating Income | | | | | | |
Company NOI | | $ | 628,616 |
| $ | 588,610 |
| | $ | 2,282,169 |
| $ | 2,172,543 |
|
Adjustments for minimum rents, real estate taxes and other property operating costs | | (1,055 | ) | (5,355 | ) | | (36,340 | ) | (35,963 | ) |
Proportionate NOI | | 627,561 |
| 583,255 |
| | 2,245,829 |
| 2,136,580 |
|
Unconsolidated Properties | | (166,191 | ) | (120,203 | ) | | (578,841 | ) | (428,799 | ) |
NOI of Sold Interests | | 3,044 |
| 19,257 |
| | 15,540 |
| 77,305 |
|
Noncontrolling interest in NOI Consolidated Properties | | 5,205 |
| 4,789 |
| | 18,525 |
| 18,412 |
|
Consolidated Properties | | 469,619 |
| 487,098 |
| | 1,701,053 |
| 1,803,498 |
|
Management fees and other corporate revenues | | 21,282 |
| 19,128 |
| | 86,595 |
| 70,887 |
|
Property management and other costs | | (39,709 | ) | (35,702 | ) | | (161,556 | ) | (155,093 | ) |
General and administrative | | (13,010 | ) | (11,441 | ) | | (50,405 | ) | (64,051 | ) |
Provisions for impairment | | (8,604 | ) | (5,278 | ) | | (8,604 | ) | (5,278 | ) |
Depreciation and amortization | | (160,663 | ) | (179,478 | ) | | (643,689 | ) | (708,406 | ) |
(Loss) gain on sales of investment properties | | (188 | ) | — |
| | 499 |
| (44 | ) |
Operating income | | $ | 268,727 |
| $ | 274,327 |
| | $ | 923,893 |
| $ | 941,513 |
|
| | | | | | |
Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP | | | | | | |
Company EBITDA | | $ | 588,266 |
| $ | 552,562 |
| | $ | 2,118,142 |
| $ | 2,010,264 |
|
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative | | (1,055 | ) | (5,355 | ) | | (36,340 | ) | (53,817 | ) |
Proportionate EBITDA | | 587,211 |
| 547,207 |
| | 2,081,802 |
| 1,956,447 |
|
Unconsolidated Properties | | (157,089 | ) | (111,902 | ) | | (539,290 | ) | (395,933 | ) |
EBITDA of Sold Interests | | 3,044 |
| 19,169 |
| | 15,370 |
| 76,987 |
|
Noncontrolling interest in EBITDA of Consolidated Properties | | 5,016 |
| 4,609 |
| | 17,805 |
| 17,740 |
|
Consolidated Properties | | 438,182 |
| 459,083 |
| | 1,575,687 |
| 1,655,241 |
|
Depreciation and amortization | | (160,663 | ) | (179,478 | ) | | (643,689 | ) | (708,406 | ) |
Interest income | | 14,358 |
| 8,812 |
| | 49,254 |
| 28,613 |
|
Interest expense | | (147,386 | ) | (171,012 | ) | | (607,675 | ) | (699,285 | ) |
Gain (loss) on foreign currency | | 1,555 |
| (11,031 | ) | | (44,984 | ) | (18,048 | ) |
Benefit from (provision for) income taxes | | 9,253 |
| (4,417 | ) | | 38,334 |
| (7,253 | ) |
Provision for impairment excluded from FFO | | (8,604 | ) | (5,278 | ) | | (8,604 | ) | (5,278 | ) |
Equity in income of Unconsolidated Real Estate Affiliates | | 32,275 |
| 17,700 |
| | 73,390 |
| 51,568 |
|
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | | 6,067 |
| 9,710 |
| | 327,017 |
| 9,710 |
|
Discontinued operations | | — |
| 78,236 |
| | — |
| 281,883 |
|
Gains from changes in control of investment properties and other | | 11,780 |
| 91,193 |
| | 634,367 |
| 91,193 |
|
(Loss) gain on sales of investment properties | | (188 | ) | — |
| | 499 |
| (44 | ) |
Allocation to noncontrolling interests | | (2,588 | ) | (4,036 | ) | | (19,035 | ) | (14,044 | ) |
Net income attributable to GGP | | $ | 194,041 |
| $ | 289,482 |
| | $ | 1,374,561 |
| $ | 665,850 |
|
| | | | | | |
Reconciliation of Company FFO to GAAP Net Income Attributable to GGP | | | | | | |
Company FFO | | $ | 408,170 |
| $ | 357,427 |
| | $ | 1,376,806 |
| $ | 1,255,651 |
|
Adjustments for minimum rents, property operating expenses, general and administrative, market rate adjustments, debt extinguishment, income taxes, and FFO from discontinued operations | | 494 |
| 62,431 |
| | (77,352 | ) | 64,546 |
|
Proportionate FFO | | 408,664 |
| 419,858 |
| | 1,299,454 |
| 1,320,197 |
|
Depreciation and amortization of capitalized real estate costs | | (230,231 | ) | (229,984 | ) | | (890,838 | ) | (893,419 | ) |
Gain from changes in control of investment properties and other | | 11,780 |
| 91,193 |
| | 634,367 |
| 91,193 |
|
Preferred stock dividends | | 3,984 |
| 3,984 |
| | 15,937 |
| 15,936 |
|
(Loss) gain on sales of investment properties | | (162 | ) | 659 |
| | (2,687 | ) | 131,977 |
|
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | | 6,067 |
| 9,710 |
| | 327,017 |
| 9,710 |
|
Noncontrolling interests in depreciation of Consolidated Properties | | 1,850 |
| 2,246 |
| | 7,754 |
| 8,731 |
|
Provision for impairment excluded from FFO | | (8,604 | ) | (5,278 | ) | | (8,604 | ) | (5,278 | ) |
Redeemable noncontrolling interests | | 693 |
| (1,179 | ) | | (7,839 | ) | (3,228 | ) |
Depreciation and amortization of discontinued operations | | — |
| (1,727 | ) | | — |
| (9,969 | ) |
Net income attributable to GGP | | $ | 194,041 |
| $ | 289,482 |
| | $ | 1,374,561 |
| $ | 665,850 |
|
| | | | | | |
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates | | | | | | |
Equity in Unconsolidated Properties: | | | | | | |
NOI | | $ | 166,191 |
| $ | 120,203 |
| | $ | 578,841 |
| $ | 428,799 |
|
Net property management fees and costs | | (8,729 | ) | (7,800 | ) | | (32,083 | ) | (28,477 | ) |
General and administrative | | (373 | ) | (501 | ) | | (7,468 | ) | (4,389 | ) |
EBITDA | | 157,089 |
| 111,902 |
| | 539,290 |
| 395,933 |
|
Net interest expense | | (52,148 | ) | (40,667 | ) | | (203,817 | ) | (149,127 | ) |
Provision for income taxes | | (172 | ) | (340 | ) | | (444 | ) | (633 | ) |
FFO of discontinued Unconsolidated Properties | | — |
| 127 |
| | — |
| 865 |
|
FFO of Unconsolidated Properties | | 104,769 |
| 71,022 |
| | 335,029 |
| 247,038 |
|
Depreciation and amortization of capitalized real estate costs | | (72,509 | ) | (53,335 | ) | | (258,507 | ) | (197,129 | ) |
Other, including gain (loss) on sales of investment properties | | 15 |
| 13 |
| | (3,132 | ) | 1,659 |
|
Equity in income of Unconsolidated Real Estate Affiliates | | $ | 32,275 |
| $ | 17,700 |
| | $ | 73,390 |
| $ | 51,568 |
|
SUPPLEMENTAL INFORMATION
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015
GENERAL INFORMATION
Unless the context indicates otherwise, references in the accompanying financial information (the "Supplemental") to the "Corporation" refer to General Growth Properties, Inc. and references to "GGP" or the "Company" refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities. Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States of America.
PROPERTY INFORMATION
The Company has presented information on its consolidated and unconsolidated properties ("Proportionate" or "at share") in certain schedules included within this Supplemental. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company's unconsolidated property operations that are owned through investments accounted for under the equity method.
NON-GAAP MEASURES
This Supplemental makes reference to net operating income (“NOI”), earnings before interest, taxes, depreciation and amortization ("EBITDA"), and funds from operations (“FFO”). NOI is defined as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. NOI excludes reduction in ownership as a result of sales or other transactions ("Sold Interests"). EBITDA is defined as NOI less certain property management and administrative expenses, net of management fees and other operational items. FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, less preferred unit distributions and preferred stock dividends, plus real estate related depreciation and amortization including adjustments for unconsolidated entities. NOI, EBITDA and FFO are presented in the Supplemental on a Proportionate basis, which includes GGP’s share of consolidated and unconsolidated properties. As GGP conducts substantially all of its business through GGP Operating Partnership, LP, and through GGP Limited Partnership and GGP Nimbus, LP (collectively the “Operating Partnerships”, which are 99% owned by GGP) and since the limited common units of the Operating Partnerships are included in total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnerships.
In order to present GGP's operations in a manner most relevant to its operations, Company NOI, Company EBITDA, and Company FFO have been presented to exclude certain non-cash and non-recurring revenue and expenses. Same Store Company NOI is presented to exclude the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. Company NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) attributable to common stockholders. For reference, as an aid in understanding management's computation of Company NOI, EBITDA, and FFO, a reconciliation of Company NOI to consolidated operating income, Company EBITDA, and Company FFO to net income (loss) in accordance with GAAP has been included in the "Reconciliation of Non-GAAP to GAAP Financial Measures" schedule.
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| | | |
| Page | | Page |
Financial Overview | | Asset Transactions: | |
Earnings Press Release | ER1-6 | Summary of Asset Transactions | 15 |
GAAP Financial Statements: | | | |
Consolidated Balance Sheets | 1 | Portfolio Operating Metrics: | |
Consolidated Statements of Operations | 2 | Key Operating Performance Indicators | 16 |
| | Signed Leases All Less Anchors | 17 |
Proportionate Financial Statements: | | Lease Expiration Schedule and Top Ten Tenants | 18 |
Proportionate Balance Sheets | 3 | Property Schedule | 19-25 |
Overview | 4 | | |
Company NOI, EBITDA, and FFO | 5-6 | Miscellaneous: | |
Reconciliation of Non-GAAP to GAAP Financial Measures | 7-8 | Capital Information | 26 |
| | Change in Total Common and Equivalent Shares | 27 |
Debt: | | Development Summary | 28-29 |
Summary, at Share | 9 | Capital Expenditures | 30 |
Detail, at Share | 10-13 | Corporate Information | 31 |
Summary of Debt Transactions | 14 | Glossary of Terms | 32 |
| | | |
| | | |
| | | |
| | | |
This presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements for a number of reasons. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this Supplemental. The Company disclaims any obligation to update any forward-looking statements.
|
| | |
Page | Schedule | Description |
Proportionate Financial Schedules: | |
3 | Proportionate Balance Sheet | The proportionate balance sheet adjusts GGP's GAAP balance sheet for noncontrolling interests and adds the Company's proportionate share of assets and liabilities related to investments accounted for under the equity method. |
4 | Overview | Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis. |
5-6 | Company NOI, EBITDA and FFO | Proportionate Results and FFO for the three and twelve months ended December 31, 2015 and 2014 adjusts GGP's consolidated results and FFO for noncontrolling interests and adds the Company's proportionate share of certain revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation. Company NOI, EBITDA and FFO exclude certain non-cash and non-recurring revenues and expenses that may not be indicative of future operations. |
Portfolio Operating Metrics: | |
16 | Key Operating Performance Indicators | Certain retail properties operating measures presented on a comparable basis.
See Glossary of Terms for detailed descriptions. |
19-25 | Property Schedule | By Property, gross leasable area detail, including: Anchor tenant listing Ownership percentage Gross leasable area by space type (mall, anchor, strip center, office) Occupancy percentage
See Glossary of Terms for detailed descriptions. |
GGP REPORTS FULL YEAR 2015 RESULTS
AND DECLARES FIRST QUARTER DIVIDEND
Chicago, Illinois, February 1, 2016 - General Growth Properties, Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three and twelve months ended December 31, 2015.
Financial Results
For the Three Months Ended December 31, 2015
Comparable net operating income (“Same Store NOI”) increased 6.7% to $624 million from $585 million in the prior year period.
Company earnings before interest, taxes, depreciation and amortization (“Company EBITDA”) increased 6.5% to $588 million from $553 million in the prior year period.
Company funds from operations (“Company FFO”) per share increased 13.8% to $0.43 per diluted share from $0.38 per diluted share in the prior year period. Company FFO increased 14.2% to $408 million from $357 million in the prior year period.
Net income attributable to common stockholders, which is impacted primarily by depreciation expense, gain from changes in control of investment properties and other and equity in income of unconsolidated real estate affiliates- gain on investment, was $190 million, or $0.20 per diluted share, as compared to net income of $285 million, or $0.30 per diluted share, in the prior year period.
For the Twelve Months Ended December 31, 2015
Same Store NOI increased 4.8% to $2.26 billion from $2.16 billion in the prior year period.
Company EBITDA increased 5.4% to $2.12 billion from $2.01 billion in the prior year period.
Company FFO per share increased 8.7% to $1.44 per diluted share from $1.32 per diluted share in the prior year period. Company FFO increased 9.6% to $1.38 billion from $1.26 billion in the prior year period.
Net income attributable to common stockholders, which is impacted primarily by depreciation expense, gain from changes in control of investment properties and other and equity in income of unconsolidated real estate affiliates- gain on investment, was $1.36 billion, or $1.43 per diluted share, as compared to net income of $650 million, or $0.69 per diluted share, in the prior year period.
ER1
Operational Highlights
| |
• | Same Store leased percentage was 96.9% at quarter end. |
| |
• | Initial rental rates for signed leases that have commenced in the trailing 12 months on a suite-to-suite basis increased 10.8%, or $6.32 per square foot, to $64.92 per square foot when compared to the rental rate for expiring leases. |
| |
• | Tenant sales (all less anchors) increased 2.8% to $21.0 billion on a trailing 12-month basis. Tenant sales (<10,000 square feet) increased 3.0% to $588 per square foot on a trailing 12-month basis. |
Investment Activities
Dispositions
In January 2016, the Company sold its interests in four retail properties for a gross purchase price of approximately $302 million and received net proceeds of approximately $250 million.
Development
The Company has development and redevelopment activities totaling approximately $2.3 billion at share, of which projects totaling approximately $1.3 billion have opened, $0.4 billion is under construction, and $0.6 billion is in the pipeline.
Common Share Repurchases
During the quarter, the Company acquired approximately 271,000 of its common shares at a weighted average price of $25.00 per share for total consideration of approximately $6.8 million. During the twelve months ended, the Company acquired approximately 4.32 million of its common shares at a weighted average price of $25.34 per share for total consideration of approximately $109.5 million.
Financing Activities
Property-Level Debt
During the quarter, the Company obtained $250 million of new fixed rate debt with a weighted average term to maturity of 10.0 years and a weighted average interest rate of 4.3%.
Corporate Credit Facility
During the quarter, the Company amended its $1.5 billion corporate credit facility to extend its maturity to October 2020.
Dividends
On February 1, 2016, the Company’s Board of Directors declared a first quarter common stock dividend of $0.19 per share payable on April 29, 2016, to stockholders of record on April 15, 2016. This represents an increase of $0.02 per share or 12% growth over the dividend declared in first quarter 2015.
The Board of Directors also declared a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.3984 per share payable on April 1, 2016, to stockholders of record on March 15, 2016.
ER2
Guidance
Company FFO for the year ending December 31, 2016 is expected to be $1.52 to $1.56 per diluted share. Company FFO for the first quarter of 2016 is expected to be $0.34 to $0.36 per diluted share.
|
| | | | |
Earnings Guidance | For the year ending December 31, 2016 | For the three months ending March 31, 2016 |
| | |
Company FFO per diluted share | $1.52 - $1.56 |
| $0.34 - $0.36 |
|
Adjustments 1 | (0.04 | ) | (0.01 | ) |
NAREIT FFO | $1.48 - $1.52 |
| $0.33 - $0.35 |
|
Depreciation, including share of JVs | (0.94 | ) | (0.24 | ) |
Net income attributable to common stockholders | $0.54 - $0.58 |
| $0.09 - $0.11 |
|
Preferred stock dividends | — |
| — |
|
Net income attributable to GGP | $0.56 - $0.60 |
| $0.09 - $0.11 |
|
| | |
1. Includes impact of straight-line rent, above/below market rent, ground rent amortization, debt market rate adjustments and other non-cash or non-comparable items. |
|
The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to Same Store NOI growth, rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include possible future gains or losses, or the impact on operating results from other possible future property acquisitions or dispositions or capital market activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.
ER3
Investor Conference Call
On Tuesday, February 2, 2016, the Company will host a conference call at 8:00 a.m. Central (9:00 a.m. Eastern). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register. For those unable to listen to the call live, a replay will be available after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 3107667.
Supplemental Information
The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.
Forward-Looking Statements
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumption, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Investors and others should note that we post our current Investor Presentation on the Investors page of our website at www.ggp.com. From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at www.ggp.com from time to time.
General Growth Properties, Inc.
General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
Contact:
Kevin Berry
VP Investor Relations
(312) 960-5529
kevin.berry@ggp.com
ER4
Non-GAAP Supplemental Financial Measures and Definitions
Net Operating Income (“NOI”) and Company NOI
The Company defines NOI as income from property operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses. NOI excludes reductions in ownership as a result of sales or other transactions and has been reflected on a proportionate basis (at the Company’s ownership share). Other REITs may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs. The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of our properties. Because NOI excludes reductions in ownership as a result of sales or other transactions, general and administrative expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, discontinued operations, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.
The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of our emergence, acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance. We present Company NOI and Company FFO (as defined below); as we believe certain investors and other users of our financial information use these measures of the Company’s historical operating performance.
Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization ("EBITDA") and Company EBITDA
The Company defines EBITDA as NOI less certain property management and administrative expenses, net of management fees and other operational items. EBITDA is a commonly used measure of performance in many industries, but may not be comparable to measures calculated by other companies. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other equity REITs, retail property owners who are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO (discussed below), it is widely used by management in the annual budget process and for compensation programs.
The Company also considers Company EBITDA to be a helpful supplemental measure of its operating performance because it excludes from EBITDA certain non-cash and non-comparable items such as straight-line rent and intangible asset and liability amortization, which are a result of our emergence, acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company EBITDA should only be used as an alternative measure of the Company's financial performance.
Funds From Operations (“FFO”) and Company FFO
The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (“NAREIT”). The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.
ER5
The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry. FFO facilitates an understanding of the operating performance of the Company’s properties between periods because it does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.
As with the Company’s presentation of Company NOI, the Company also considers Company FFO to be a helpful supplemental measure of the operating performance for equity REITs because it excludes from FFO certain items that are non-cash and certain non-comparable items such as Company NOI adjustments, and FFO items such as mark-to-market adjustments on debt and gains on the extinguishment of debt,, and interest expense on debt repaid or settled all which are a result of the Company’s acquisition accounting and other capital contribution or restructuring events.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
The Company presents NOI and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to NOI and Company NOI and a reconciliation of net income attributable to GGP to FFO and Company FFO. None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash available to fund cash needs. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s ownership share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for on the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments for the Company as a whole.
ER6
|
|
GAAP Financial Statements |
|
| |
FINANCIAL OVERVIEW
Consolidated Balance Sheets (In thousands) | |
|
| | | | | | | |
| December 31, 2015 | | December 31, 2014 |
| | | |
Assets: | | | |
Investment in real estate: | | | |
Land | $ | 3,596,354 |
| | $ | 4,244,607 |
|
Buildings and equipment | 16,379,789 |
| | 18,028,844 |
|
Less accumulated depreciation | (2,452,127 | ) | | (2,280,845 | ) |
Construction in progress | 308,903 |
| | 703,859 |
|
Net property and equipment | 17,832,919 |
| | 20,696,465 |
|
Investment in and loans to/from Unconsolidated Real Estate Affiliates | 3,466,040 |
| | 2,604,762 |
|
Net investment in real estate | 21,298,959 |
| | 23,301,227 |
|
Cash and cash equivalents | 356,895 |
| | 372,471 |
|
Accounts and notes receivable, net | 949,556 |
| | 663,768 |
|
Deferred expenses, net | 214,578 |
| | 130,389 |
|
Prepaid expenses and other assets1 | 1,037,334 |
| | 813,777 |
|
Assets held for disposition | 216,233 |
| | — |
|
Total assets | $ | 24,073,555 |
| | $ | 25,281,632 |
|
Liabilities: | | | |
Mortgages, notes and loans payable1 | $ | 14,216,160 |
| | $ | 15,944,187 |
|
Investment in Unconsolidated Real Estate Affiliates | 38,488 |
| | 35,598 |
|
Accounts payable and accrued expenses | 784,493 |
| | 934,897 |
|
Dividend payable | 172,070 |
| | 154,694 |
|
Deferred tax liabilities | 1,289 |
| | 21,240 |
|
Junior Subordinated Notes | 206,200 |
| | 206,200 |
|
Liabilities held for disposition | 58,934 |
| | — |
|
Total liabilities | 15,477,634 |
| | 17,296,816 |
|
Redeemable noncontrolling interests: | | | |
Preferred | 157,903 |
| | 164,031 |
|
Common | 129,724 |
| | 135,265 |
|
Total redeemable noncontrolling interests | 287,627 |
| | 299,296 |
|
Equity: | | | |
Preferred stock | 242,042 |
| | 242,042 |
|
Stockholders' equity | 8,028,001 |
| | 7,363,877 |
|
Noncontrolling interests in consolidated real estate affiliates | 24,712 |
| | 79,601 |
|
Noncontrolling interests related to Long-Term Incentive Plan Common Units | 13,539 |
| | — |
|
Total equity | 8,308,294 |
| | 7,685,520 |
|
Total liabilities, redeemable noncontrolling interests and equity | $ | 24,073,555 |
| | $ | 25,281,632 |
|
| |
1. | For the year ended December 31, 2014, deferred financing costs of approximately $54.1 million were reclassified from prepaid expenses and other assets to mortgages, notes and loans payable due to the adoption of ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs. |
|
| |
FINANCIAL OVERVIEW
Consolidated Statements of Operations (In thousands, except per share) | |
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Twelve Months Ended |
| December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
Revenues: | | | | | | | |
Minimum rents | $ | 387,230 |
| | $ | 413,147 |
| | $ | 1,481,614 |
| | $ | 1,583,695 |
|
Tenant recoveries | 171,496 |
| | 186,815 |
| | 689,536 |
| | 739,411 |
|
Overage rents | 25,269 |
| | 27,126 |
| | 44,024 |
| | 51,611 |
|
Management fees and other corporate revenues | 21,282 |
| | 19,128 |
| | 86,595 |
| | 70,887 |
|
Other | 39,357 |
| | 26,806 |
| | 102,137 |
| | 89,955 |
|
Total revenues | 644,634 |
| | 673,022 |
| | 2,403,906 |
| | 2,535,559 |
|
Expenses: |
| | | | | | |
Real estate taxes | 52,458 |
| | 55,306 |
| | 222,883 |
| | 227,992 |
|
Property maintenance costs | 15,548 |
| | 17,944 |
| | 60,040 |
| | 66,897 |
|
Marketing | 9,110 |
| | 8,728 |
| | 21,958 |
| | 24,654 |
|
Other property operating costs | 74,923 |
| | 81,974 |
| | 302,797 |
| | 333,620 |
|
Provision for doubtful accounts | 1,882 |
| | 2,844 |
| | 8,081 |
| | 8,055 |
|
Property management and other costs | 39,709 |
| | 35,702 |
| | 161,556 |
| | 155,093 |
|
General and administrative | 13,010 |
| | 11,441 |
| | 50,405 |
| | 64,051 |
|
Provisions for impairment | 8,604 |
| | 5,278 |
| | 8,604 |
| | 5,278 |
|
Depreciation and amortization | 160,663 |
| | 179,478 |
| | 643,689 |
| | 708,406 |
|
Total expenses | 375,907 |
| | 398,695 |
| | 1,480,013 |
| | 1,594,046 |
|
Operating income | 268,727 |
| | 274,327 |
| | 923,893 |
| | 941,513 |
|
Interest and dividend income | 14,358 |
| | 8,812 |
| | 49,254 |
| | 28,613 |
|
Interest expense | (147,386 | ) | | (171,012 | ) | | (607,675 | ) | | (699,285 | ) |
Gain (loss) on Foreign Currency | 1,555 |
| | (11,031 | ) | | (44,984 | ) | | (18,048 | ) |
Gain from changes in control of investment properties and other | 11,780 |
| | 91,193 |
| | 634,367 |
| | 91,193 |
|
Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates, discontinued operations, and allocation to noncontrolling interests | 149,034 |
| | 192,289 |
| | 954,855 |
| | 343,986 |
|
Benefit from (provision for) income taxes | 9,253 |
| | (4,417 | ) | | 38,334 |
| | (7,253 | ) |
Equity in income of Unconsolidated Real Estate Affiliates | 32,275 |
| | 17,700 |
| | 73,390 |
| | 51,568 |
|
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | 6,067 |
| | 9,710 |
| | 327,017 |
| | 9,710 |
|
Income from continuing operations | 196,629 |
| | 215,282 |
| | 1,393,596 |
| | 398,011 |
|
Discontinued operations: | | | | | | | |
Income from discontinued operations, including gains on dispositions | — |
| | 1,021 |
| | — |
| | 137,989 |
|
Gain on extinguishment of tax indemnification liability | — |
| | 77,215 |
| | — |
| | 77,215 |
|
Gain on extinguishment of debt | — |
| | — |
| | — |
| | 66,679 |
|
Discontinued operations, net | — |
| | 78,236 |
| | — |
| | 281,883 |
|
Net Income | 196,629 |
| | 293,518 |
| | 1,393,596 |
| | 679,894 |
|
Allocation to noncontrolling interests | (2,588 | ) | | (4,036 | ) | | (19,035 | ) | | (14,044 | ) |
Net income attributable to GGP | 194,041 |
| | 289,482 |
| | 1,374,561 |
| | 665,850 |
|
Preferred stock dividends | (3,984 | ) | | (3,984 | ) | | (15,937 | ) | | (15,936 | ) |
Net income attributable to common stockholders | $ | 190,057 |
| | $ | 285,498 |
| | $ | 1,358,624 |
| | $ | 649,914 |
|
Basic Earnings Per Share: | | | | | | | |
Continuing operations | $ | 0.22 |
| | $ | 0.23 |
| | $ | 1.54 |
| | $ | 0.42 |
|
Discontinued operations | — |
| | 0.09 |
| | — |
| | 0.32 |
|
Total basic earnings per share | $ | 0.22 |
| | $ | 0.32 |
| | $ | 1.54 |
| | $ | 0.74 |
|
Diluted Earnings Per Share: | | | | | | | |
Continuing operations | $ | 0.20 |
| | $ | 0.22 |
| | $ | 1.43 |
| | $ | 0.39 |
|
Discontinued operations | — |
| | 0.08 |
| | — |
| | 0.30 |
|
Total diluted earnings per share | $ | 0.20 |
| | $ | 0.30 |
| | $ | 1.43 |
| | $ | 0.69 |
|
|
|
Proportionate Financial Statements |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
Proportionate Balance Sheets (In thousands) | |
|
| | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2015 | | As of December 31, 2014 |
| | GAAP | | Noncontrolling Interests | | GGP Share of Unconsolidated Real Estate Affiliates | | GGP Total Share | | GGP Total Share |
| | | | | | | | | | |
Assets: | | | | | | | | | | |
Investment in real estate: | | | | | | | | | | |
Land | | $ | 3,596,354 |
| | $ | (27,945 | ) | | $ | 1,775,338 |
| | $ | 5,343,747 |
| | $ | 4,969,169 |
|
Buildings and equipment | | 16,379,789 |
| | (153,602 | ) | | 7,653,560 |
| | 23,879,747 |
| | 24,064,383 |
|
Less accumulated depreciation | | (2,452,127 | ) | | 24,648 |
| | (1,437,460 | ) | | (3,864,939 | ) | | (3,383,945 | ) |
Construction in progress | | 308,903 |
| | (380 | ) | | 470,099 |
| | 778,622 |
| | 769,361 |
|
Net property and equipment | | 17,832,919 |
| | (157,279 | ) | | 8,461,537 |
| | 26,137,177 |
| | 26,418,968 |
|
Investment in and loans to/from Unconsolidated Real Estate Affiliates | | 3,466,040 |
| | — |
| | (3,466,040 | ) | | — |
| | — |
|
Net investment in real estate | | 21,298,959 |
| | (157,279 | ) | | 4,995,497 |
| | 26,137,177 |
| | 26,418,968 |
|
Cash and cash equivalents | | 356,895 |
| | (2,807 | ) | | 215,552 |
| | 569,640 |
| | 512,717 |
|
Accounts and notes receivable, net | | 949,556 |
| | (2,632 | ) | | 122,762 |
| | 1,069,686 |
| | 746,833 |
|
Deferred expenses, net | | 214,578 |
| | (1,418 | ) | | 152,006 |
| | 365,166 |
| | 256,356 |
|
Prepaid expenses and other assets1 | | 1,037,334 |
| | (9,972 | ) | | 437,408 |
| | 1,464,770 |
| | 1,251,894 |
|
Assets held for disposition | | 216,233 |
| | (12,291 | ) | | — |
| | 203,942 |
| | — |
|
Total assets | | $ | 24,073,555 |
| | $ | (186,399 | ) | | $ | 5,923,225 |
| | $ | 29,810,381 |
| | $ | 29,186,768 |
|
Liabilities: | | | | | | | | | | |
Mortgages, notes and loans payable1 | | $ | 14,216,160 |
| | $ | (143,553 | ) | | $ | 5,530,552 |
| | $ | 19,603,159 |
| | $ | 19,732,895 |
|
Investment in Unconsolidated Real Estate Affiliates | | 38,488 |
| | — |
| | (38,488 | ) | | — |
| | — |
|
Accounts payable and accrued expenses | | 784,493 |
| | (7,232 | ) | | 430,936 |
| | 1,208,197 |
| | 1,166,426 |
|
Dividend payable | | 172,070 |
| | — |
| | — |
| | 172,070 |
| | 154,694 |
|
Deferred tax liabilities | | 1,289 |
| | — |
| | 225 |
| | 1,514 |
| | 21,338 |
|
Junior Subordinated Notes | | 206,200 |
| | — |
| | — |
| | 206,200 |
| | 206,200 |
|
Liabilities held for disposition | | 58,934 |
| | (10,902 | ) | | — |
| | 48,032 |
| | — |
|
Total liabilities | | 15,477,634 |
| | (161,687 | ) | | 5,923,225 |
| | 21,239,172 |
| | 21,281,553 |
|
Redeemable noncontrolling interests: | | | | | | | | | | |
Preferred | | 157,903 |
| | — |
| | — |
| | 157,903 |
| | 164,031 |
|
Common | | 129,724 |
| | — |
| | — |
| | 129,724 |
| | 135,265 |
|
Total redeemable noncontrolling interests | | 287,627 |
| | — |
| | — |
| | 287,627 |
| | 299,296 |
|
| | | | | | | | | | |
Equity: | | | | | | | | | | |
Preferred stock | | 242,042 |
| | — |
| | — |
| | 242,042 |
| | 242,042 |
|
Stockholders' equity | | 8,028,001 |
| | — |
| | — |
| | 8,028,001 |
| | 7,363,877 |
|
Noncontrolling interests in consolidated real estate affiliates | | 24,712 |
| | (24,712 | ) | | — |
| | — |
| | — |
|
Noncontrolling interest realted to Long-Term Incentive Plan Common Units | | 13,539 |
| | — |
| | — |
| | 13,539 |
| | — |
|
Total equity | | 8,308,294 |
| | (24,712 | ) | | — |
| | 8,283,582 |
| | 7,605,919 |
|
Total liabilities, redeemable noncontrolling interests and equity | | $ | 24,073,555 |
| | $ | (186,399 | ) | | $ | 5,923,225 |
| | $ | 29,810,381 |
| | $ | 29,186,768 |
|
| |
1. | For the year ended December 31, 2014, deferred financing costs of approximately $77.9 million were reclassified from prepaid expenses and other assets to mortgages, notes and loans payable due to the adoption of ASU 2015-03: Simplifying the Presentation of Debt Issuance Costs. |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
Overview (In thousands, except per share) | |
|
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2015 | December 31, 2014 | Percentage Change | | December 31, 2015 | December 31, 2014 | Percentage Change |
| | | | | | | | |
Same Store NOI 1 | | $ | 624,136 |
| $ | 584,926 |
| 6.7 | % | | $ | 2,263,567 |
| $ | 2,160,633 |
| 4.8 | % |
Non-Same Store NOI 2 | | 4,480 |
| 3,684 |
| n/a |
| | 18,602 |
| 11,910 |
| n/a |
|
Company NOI 3 | | 628,616 |
| 588,610 |
| 6.8 | % | | 2,282,169 |
| 2,172,543 |
| 5.0 | % |
| | | | | | | | |
Company EBITDA 3 | | 588,266 |
| 552,562 |
| 6.5 | % | | 2,118,142 |
| 2,010,264 |
| 5.4 | % |
| | | | | | | | |
Company FFO 4 | | 408,170 |
| 357,427 |
| 14.2 | % | | 1,376,806 |
| 1,255,651 |
| 9.6 | % |
Company FFO per diluted share | | $ | 0.43 |
| $ | 0.38 |
| 13.8 | % | | $ | 1.44 |
| $ | 1.32 |
| 8.7 | % |
| | | | | | | | |
Weighted average diluted common shares outstanding | | 954,902 |
| 951,920 |
| | | 957,453 |
| 949,554 |
| |
| | | | | | | | |
| |
1. | Includes lease termination fees of $4.0 million and $2.4 million for the three months ended December 31, 2015 and 2014, respectively and $24.6 million and $12.6 million for the twelve months ended December 31, 2015 and 2014, respectively. |
| |
2. | Non-Same Store NOI includes the periodic effects of acquisitions and certain redevelopments and other properties. See Property Schedule on pages 19-25 for individual property details. |
| |
3. | Refer to page 5-6 (Company NOI, EBITDA and FFO). Company NOI and Company EBITDA exclude the periodic effects of Sold Interests. See Glossary of Terms on page 32. |
| |
4. | Refer to page 5-6 (Company NOI, EBITDA and FFO). Company FFO includes the periodic effects of Sold Interests. See Glossary of Terms on page 32. |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
Company NOI, EBITDA and FFO For the Three Months Ended December 31, 2015 and 2014 (In thousands) | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, 2015 | | Three Months Ended December 31, 2014 |
| | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments 2 | Company | | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments2 | Company |
Property revenues: | | | | | | | | | | | | | | | | |
Minimum rents 3 | | $ | 387,230 |
| $ | (4,439 | ) | $ | 144,034 |
| $ | (42 | ) | $ | 526,783 |
| $ | (1,465 | ) | $ | 525,318 |
| | $ | 413,147 |
| $ | (4,267 | ) | $ | 106,464 |
| $ | (15,242 | ) | $ | 500,102 |
| $ | 2,847 |
| $ | 502,949 |
|
Tenant recoveries | | 171,496 |
| (1,580 | ) | 62,027 |
| (10 | ) | 231,933 |
| — |
| 231,933 |
| | 186,815 |
| (1,728 | ) | 43,898 |
| (7,378 | ) | 221,607 |
| — |
| 221,607 |
|
Overage rents | | 25,269 |
| (374 | ) | 9,601 |
| — |
| 34,496 |
| — |
| 34,496 |
| | 27,126 |
| (309 | ) | 7,484 |
| (1,597 | ) | 32,704 |
| — |
| 32,704 |
|
Other revenue | | 39,545 |
| (333 | ) | 7,923 |
| (3,018 | ) | 44,117 |
| — |
| 44,117 |
| | 26,806 |
| (322 | ) | 5,982 |
| (1,358 | ) | 31,108 |
| — |
| 31,108 |
|
Total property revenues | | 623,540 |
| (6,726 | ) | 223,585 |
| (3,070 | ) | 837,329 |
| (1,465 | ) | 835,864 |
| | 653,894 |
| (6,626 | ) | 163,828 |
| (25,575 | ) | 785,521 |
| 2,847 |
| 788,368 |
|
Property operating expenses: | | | | | | | | | | | | | | | | |
Real estate taxes | | 52,458 |
| (523 | ) | 18,863 |
| 6 |
| 70,804 |
| (1,490 | ) | 69,314 |
| | 55,306 |
| (864 | ) | 14,019 |
| (1,595 | ) | 66,866 |
| (1,490 | ) | 65,376 |
|
Property maintenance costs | | 15,548 |
| (125 | ) | 4,611 |
| (17 | ) | 20,017 |
| — |
| 20,017 |
| | 17,944 |
| (139 | ) | 5,246 |
| (715 | ) | 22,336 |
| — |
| 22,336 |
|
Marketing | | 9,110 |
| (91 | ) | 3,422 |
| — |
| 12,441 |
| — |
| 12,441 |
| | 8,728 |
| (78 | ) | 2,501 |
| (353 | ) | 10,798 |
| — |
| 10,798 |
|
Other property operating costs | | 74,923 |
| (769 | ) | 29,941 |
| (15 | ) | 104,080 |
| (1,030 | ) | 103,050 |
| | 81,974 |
| (758 | ) | 21,479 |
| (3,561 | ) | 99,134 |
| (1,018 | ) | 98,116 |
|
Provision for doubtful accounts | | 1,882 |
| (13 | ) | 557 |
| — |
| 2,426 |
| — |
| 2,426 |
| | 2,844 |
| 2 |
| 380 |
| (94 | ) | 3,132 |
| — |
| 3,132 |
|
Total property operating expenses | | 153,921 |
| (1,521 | ) | 57,394 |
| (26 | ) | 209,768 |
| (2,520 | ) | 207,248 |
| | 166,796 |
| (1,837 | ) | 43,625 |
| (6,318 | ) | 202,266 |
| (2,508 | ) | 199,758 |
|
NOI | | $ | 469,619 |
| $ | (5,205 | ) | $ | 166,191 |
| $ | (3,044 | ) | $ | 627,561 |
| $ | 1,055 |
| $ | 628,616 |
| | $ | 487,098 |
| $ | (4,789 | ) | $ | 120,203 |
| $ | (19,257 | ) | $ | 583,255 |
| $ | 5,355 |
| $ | 588,610 |
|
Management fees and other corporate revenues | | 21,282 |
| — |
| — |
| — |
| 21,282 |
| — |
| 21,282 |
| | 19,128 |
| — |
| 1 |
| — |
| 19,129 |
| — |
| 19,129 |
|
Property management and other costs 4 | | (39,709 | ) | 189 |
| (8,729 | ) | — |
| (48,249 | ) | — |
| (48,249 | ) | | (35,702 | ) | 180 |
| (7,801 | ) | 88 |
| (43,235 | ) | — |
| (43,235 | ) |
General and administrative | | (13,010 | ) | — |
| (373 | ) | — |
| (13,383 | ) | — |
| (13,383 | ) | | (11,441 | ) | — |
| (501 | ) | — |
| (11,942 | ) | — |
| (11,942 | ) |
EBITDA | | $ | 438,182 |
| $ | (5,016 | ) | $ | 157,089 |
| $ | (3,044 | ) | $ | 587,211 |
| $ | 1,055 |
| $ | 588,266 |
| | $ | 459,083 |
| $ | (4,609 | ) | $ | 111,902 |
| $ | (19,169 | ) | $ | 547,207 |
| $ | 5,355 |
| $ | 552,562 |
|
Depreciation on non-income producing assets | | (2,941 | ) | — |
| — |
| — |
| (2,941 | ) | — |
| (2,941 | ) | | (2,751 | ) | — |
| — |
| — |
| (2,751 | ) | — |
| (2,751 | ) |
Interest and dividend income | | 14,358 |
| 387 |
| 608 |
| — |
| 15,353 |
| (205 | ) | 15,148 |
| | 8,812 |
| 386 |
| 587 |
| — |
| 9,785 |
| (205 | ) | 9,580 |
|
Preferred unit distributions | | (2,191 | ) | — |
| — |
| — |
| (2,191 | ) | — |
| (2,191 | ) | | (2,268 | ) | — |
| — |
| — |
| (2,268 | ) | — |
| (2,268 | ) |
Preferred stock dividends | | (3,984 | ) | — |
| — |
| — |
| (3,984 | ) | — |
| (3,984 | ) | | (3,984 | ) | — |
| — |
| — |
| (3,984 | ) | — |
| (3,984 | ) |
Interest expense: | | | | | | — |
| | | | | | | | | | |
Mark-to-market adjustments on debt | | 134 |
| — |
| 267 |
| — |
| 401 |
| (401 | ) | — |
| | (409 | ) | (100 | ) | 386 |
| (18 | ) | (141 | ) | 141 |
| — |
|
Interest on existing debt | | (147,520 | ) | 1,657 |
| (53,023 | ) | — |
| (198,886 | ) | — |
| (198,886 | ) | | (170,602 | ) | 1,479 |
| (41,640 | ) | 6,473 |
| (204,290 | ) | — |
| (204,290 | ) |
Gain (loss) on foreign currency | | 1,555 |
| — |
| — |
| — |
| 1,555 |
| (1,555 | ) | — |
| | (11,031 | ) | — |
| — |
| — |
| (11,031 | ) | 11,031 |
| — |
|
Benefit from (provision for) income taxes | | 9,253 |
| 21 |
| (172 | ) | — |
| 9,102 |
| 615 |
| 9,717 |
| | (4,417 | ) | 20 |
| (340 | ) | — |
| (4,737 | ) | (2,186 | ) | (6,923 | ) |
FFO from sold interests 5 | | — |
| — |
| — |
| 3,044 |
| 3,044 |
| (3 | ) | 3,041 |
| | 79,227 |
| — |
| 127 |
| 12,714 |
| 92,068 |
| (76,567 | ) | 15,501 |
|
| | 306,846 |
| (2,951 | ) | 104,769 |
| — |
| 408,664 |
| (494 | ) | 408,170 |
| | 351,660 |
| (2,824 | ) | 71,022 |
| — |
| 419,858 |
| (62,431 | ) | 357,427 |
|
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | | 101,818 |
| 2,951 |
| (104,769 | ) | — |
| — |
| — |
| — |
| | 68,198 |
| 2,824 |
| (71,022 | ) | — |
| — |
| — |
| — |
|
FFO 6 | | $ | 408,664 |
| $ | — |
| $ | — |
| $ | — |
| $ | 408,664 |
| $ | (494 | ) | $ | 408,170 |
| | $ | 419,858 |
| $ | — |
| $ | — |
| $ | — |
| $ | 419,858 |
| $ | (62,431 | ) | $ | 357,427 |
|
| | | | | | | | | | | | | | | | |
Company FFO per diluted share | | | | | | | | $ | 0.43 |
| | | | | | | | $ | 0.38 |
|
| | | | | | | | | | | | | | | | |
| |
1. | Sold interests include reclassification of operations related to reductions in ownership as a result of sales or other transactions. |
| |
2. | Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, loss on foreign currency and the related provision for income taxes, and other non-comparable items. |
| |
3. | Adjustments include amounts for straight-line rent of ($10,575) and ($13,603) and above/below market lease amortization of $9,110 and $16,450 for the three months ended December 31, 2015 and 2014, respectively. |
| |
4. | Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues. |
| |
5. | Adjustments include gain on extinguishment of liability of $77,215 for the three months ended December 31, 2014. |
| |
6. | Proportionate FFO is presented in accordance with the NAREIT definition of FFO. |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
Company NOI, EBITDA and FFO For the Twelve Months Ended December 31, 2015 and 2014 (In thousands) | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Twelve Months Ended December 31, 2015 | | Twelve Months Ended December 31, 2014 |
| | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments 2 | Company | | Consolidated Properties | Noncontrolling Interests | Unconsolidated Properties | Sold Interests1 | Proportionate | Adjustments2 | Company |
Property revenues: | | | | | | | | | | | | | | | | |
Minimum rents 3 | | $ | 1,481,614 |
| $ | (16,780 | ) | $ | 515,813 |
| $ | (10,493 | ) | $ | 1,970,154 |
| $ | 26,296 |
| $ | 1,996,450 |
| | $ | 1,583,695 |
| $ | (16,609 | ) | $ | 391,255 |
| $ | (63,188 | ) | $ | 1,895,153 |
| $ | 25,909 |
| $ | 1,921,062 |
|
Tenant recoveries | | 689,536 |
| (6,790 | ) | 225,563 |
| (5,284 | ) | 903,025 |
| — |
| 903,025 |
| | 739,411 |
| (6,743 | ) | 172,255 |
| (29,076 | ) | 875,847 |
| — |
| 875,847 |
|
Overage rents | | 44,024 |
| (603 | ) | 19,448 |
| (442 | ) | 62,427 |
| — |
| 62,427 |
| | 51,611 |
| (528 | ) | 14,897 |
| (4,405 | ) | 61,575 |
| — |
| 61,575 |
|
Other revenue | | 101,638 |
| (1,105 | ) | 25,328 |
| (3,383 | ) | 122,478 |
| — |
| 122,478 |
| | 89,999 |
| (1,146 | ) | 16,036 |
| (5,192 | ) | 99,697 |
| — |
| 99,697 |
|
Total property revenues | | 2,316,812 |
| (25,278 | ) | 786,152 |
| (19,602 | ) | 3,058,084 |
| 26,296 |
| 3,084,380 |
| | 2,464,716 |
| (25,026 | ) | 594,443 |
| (101,861 | ) | 2,932,272 |
| 25,909 |
| 2,958,181 |
|
Property operating expenses: | | | | | | | | | | | | | | | | |
Real estate taxes | | 222,883 |
| (2,992 | ) | 67,531 |
| (1,254 | ) | 286,168 |
| (5,958 | ) | 280,210 |
| | 227,992 |
| (2,853 | ) | 54,130 |
| (5,927 | ) | 273,342 |
| (5,958 | ) | 267,384 |
|
Property maintenance costs | | 60,040 |
| (452 | ) | 20,650 |
| (582 | ) | 79,656 |
| — |
| 79,656 |
| | 66,897 |
| (448 | ) | 18,886 |
| (2,949 | ) | 82,386 |
| — |
| 82,386 |
|
Marketing | | 21,958 |
| (249 | ) | 9,893 |
| (339 | ) | 31,263 |
| — |
| 31,263 |
| | 24,654 |
| (248 | ) | 7,341 |
| (1,605 | ) | 30,142 |
| — |
| 30,142 |
|
Other property operating costs | | 302,797 |
| (3,009 | ) | 106,528 |
| (1,837 | ) | 404,479 |
| (4,086 | ) | 400,393 |
| | 333,620 |
| (3,007 | ) | 83,914 |
| (13,861 | ) | 400,666 |
| (4,096 | ) | 396,570 |
|
Provision for doubtful accounts | | 8,081 |
| (51 | ) | 2,709 |
| (50 | ) | 10,689 |
| — |
| 10,689 |
| | 8,055 |
| (58 | ) | 1,373 |
| (214 | ) | 9,156 |
| — |
| 9,156 |
|
Total property operating expenses | | 615,759 |
| (6,753 | ) | 207,311 |
| (4,062 | ) | 812,255 |
| (10,044 | ) | 802,211 |
| | 661,218 |
| (6,614 | ) | 165,644 |
| (24,556 | ) | 795,692 |
| (10,054 | ) | 785,638 |
|
NOI | | $ | 1,701,053 |
| $ | (18,525 | ) | $ | 578,841 |
| $ | (15,540 | ) | $ | 2,245,829 |
| $ | 36,340 |
| $ | 2,282,169 |
| | $ | 1,803,498 |
| $ | (18,412 | ) | $ | 428,799 |
| $ | (77,305 | ) | $ | 2,136,580 |
| $ | 35,963 |
| $ | 2,172,543 |
|
Management fees and other corporate revenues | | 86,595 |
| — |
| — |
| — |
| 86,595 |
| — |
| 86,595 |
| | 70,887 |
| — |
| — |
| — |
| 70,887 |
| — |
| 70,887 |
|
Property management and other costs 4 | | (161,556 | ) | 720 |
| (32,083 | ) | 170 |
| (192,749 | ) | — |
| (192,749 | ) | | (155,093 | ) | 670 |
| (28,477 | ) | 318 |
| (182,582 | ) | — |
| (182,582 | ) |
General and administrative | | (50,405 | ) | — |
| (7,468 | ) | — |
| (57,873 | ) | — |
| (57,873 | ) | | (64,051 | ) | 2 |
| (4,389 | ) | — |
| (68,438 | ) | 17,854 |
| (50,584 | ) |
EBITDA | | $ | 1,575,687 |
| $ | (17,805 | ) | $ | 539,290 |
| $ | (15,370 | ) | $ | 2,081,802 |
| $ | 36,340 |
| $ | 2,118,142 |
| | $ | 1,655,241 |
| $ | (17,740 | ) | $ | 395,933 |
| $ | (76,987 | ) | $ | 1,956,447 |
| $ | 53,817 |
| $ | 2,010,264 |
|
Depreciation on non-income producing assets | | (11,360 | ) | — |
| — |
| — |
| (11,360 | ) | — |
| (11,360 | ) | | (11,806 | ) | — |
| — |
| — |
| (11,806 | ) | — |
| (11,806 | ) |
Interest and dividend income | | 49,254 |
| 1,546 |
| 2,569 |
| — |
| 53,369 |
| (818 | ) | 52,551 |
| | 28,613 |
| 1,546 |
| 2,155 |
| (6 | ) | 32,308 |
| (484 | ) | 31,824 |
|
Preferred unit distributions | | (8,883 | ) | — |
| — |
| — |
| (8,883 | ) | — |
| (8,883 | ) | | (8,965 | ) | — |
| — |
| — |
| (8,965 | ) | — |
| (8,965 | ) |
Preferred stock dividends | | (15,937 | ) | — |
| — |
| — |
| (15,937 | ) | — |
| (15,937 | ) | | (15,936 | ) | — |
| — |
| — |
| (15,936 | ) | — |
| (15,936 | ) |
Interest expense: | | | | | | | | | | | | | | | | |
Mark-to-market adjustments on debt | | 283 |
| (101 | ) | 1,425 |
| (252 | ) | 1,355 |
| (1,355 | ) | — |
| | (3,013 | ) | (391 | ) | 1,512 |
| (79 | ) | (1,971 | ) | 1,971 |
| — |
|
Write-off of mark-to-market adjustments on extinguished debt | | (13,454 | ) | (136 | ) | — |
| — |
| (13,590 | ) | 13,590 |
| — |
| | (9,831 | ) | — |
| — |
| — |
| (9,831 | ) | 9,831 |
| — |
|
Interest on existing debt | | (594,504 | ) | 6,428 |
| (207,811 | ) | 5,317 |
| (790,570 | ) | — |
| (790,570 | ) | | (686,440 | ) | 5,982 |
| (152,794 | ) | 22,585 |
| (810,667 | ) | — |
| (810,667 | ) |
Loss on foreign currency | | (44,984 | ) | — |
| — |
| — |
| (44,984 | ) | 44,984 |
| — |
| | (18,048 | ) | — |
| — |
| — |
| (18,048 | ) | 18,048 |
| — |
|
Benefit from (provision for) income taxes | | 38,334 |
| 57 |
| (444 | ) | — |
| 37,947 |
| (16,551 | ) | 21,396 |
| | (7,253 | ) | 74 |
| (633 | ) | — |
| (7,812 | ) | (4,961 | ) | (12,773 | ) |
FFO from sold interests 5 | | — |
| — |
| — |
| 10,305 |
| 10,305 |
| 1,162 |
| 11,467 |
| | 161,126 |
| — |
| 865 |
| 54,485 |
| 216,476 |
| (142,768 | ) | 73,708 |
|
| | 974,436 |
| (10,011 | ) | 335,029 |
| — |
| 1,299,454 |
| 77,352 |
| 1,376,806 |
| | 1,083,688 |
| (10,529 | ) | 247,038 |
| (2 | ) | 1,320,195 |
| (64,546 | ) | 1,255,649 |
|
Equity in FFO of Unconsolidated Properties and Noncontrolling Interests | | 325,018 |
| 10,011 |
| (335,029 | ) | — |
| — |
| — |
| — |
| | 236,509 |
| 10,529 |
| (247,038 | ) | 2 |
| 2 |
| — |
| 2 |
|
FFO 6 | | $ | 1,299,454 |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,299,454 |
| $ | 77,352 |
| $ | 1,376,806 |
| | $ | 1,320,197 |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,320,197 |
| $ | (64,546 | ) | $ | 1,255,651 |
|
| | | | | | | | | | | | | | | | |
Company FFO per diluted share | | | | | | | | $ | 1.44 |
| | | | | | | | $ | 1.32 |
|
| | | | | | | | | | | | | | | | |
| |
1. | Sold interests include reclassification of operations related to reductions in ownership as a result of sales or other transactions. |
| |
2. | Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, loss on foreign currency and the related provision for income taxes, and other non-comparable items. |
| |
3. | Adjustments include amounts for straight-line rent of ($40,120) and ($54,191) and above/below market lease amortization of $66,416 and $80,099 for the twelve months ended December 31, 2015 and 2014, respectively. |
| |
4. | Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues. |
| |
5. | Adjustments include a gain on extinguishment of debt of $66,680 and a gain on extinguishment of liability of $77,215 for the twelve months ended December 31, 2014. |
| |
6. | Proportionate FFO is presented in accordance with the NAREIT definition of FFO. |
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands)
| |
|
| | | | | | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2015 | December 31, 2014 | | December 31, 2015 | December 31, 2014 |
| | | | | | |
Reconciliation of Company NOI to GAAP Operating Income | | | | | | |
Company NOI | | $ | 628,616 |
| $ | 588,610 |
| | $ | 2,282,169 |
| $ | 2,172,543 |
|
Adjustments for minimum rents, real estate taxes and other property operating costs 1 | | (1,055 | ) | (5,355 | ) | | (36,340 | ) | (35,963 | ) |
Proportionate NOI | | 627,561 |
| 583,255 |
| | 2,245,829 |
| 2,136,580 |
|
Unconsolidated Properties | | (166,191 | ) | (120,203 | ) | | (578,841 | ) | (428,799 | ) |
NOI of Sold Interests | | 3,044 |
| 19,257 |
| | 15,540 |
| 77,305 |
|
Noncontrolling interest in NOI Consolidated Properties | | 5,205 |
| 4,789 |
| | 18,525 |
| 18,412 |
|
Consolidated Properties | | 469,619 |
| 487,098 |
| | 1,701,053 |
| 1,803,498 |
|
Management fees and other corporate revenues | | 21,282 |
| 19,128 |
| | 86,595 |
| 70,887 |
|
Property management and other costs | | (39,709 | ) | (35,702 | ) | | (161,556 | ) | (155,093 | ) |
General and administrative | | (13,010 | ) | (11,441 | ) | | (50,405 | ) | (64,051 | ) |
Provisions for impairment | | (8,604 | ) | (5,278 | ) | | (8,604 | ) | (5,278 | ) |
Depreciation and amortization | | (160,663 | ) | (179,478 | ) | | (643,689 | ) | (708,406 | ) |
(Loss) gain on sales of investment properties | | (188 | ) | — |
| | 499 |
| (44 | ) |
Operating income | | $ | 268,727 |
| $ | 274,327 |
| | $ | 923,893 |
| $ | 941,513 |
|
| | | | | | |
Reconciliation of Company EBITDA to GAAP Net Income Attributable to GGP | | | | | | |
Company EBITDA | | $ | 588,266 |
| $ | 552,562 |
| | $ | 2,118,142 |
| $ | 2,010,264 |
|
Adjustments for minimum rents, real estate taxes, other property operating costs, and general and administrative 1 | | (1,055 | ) | (5,355 | ) | | (36,340 | ) | (53,817 | ) |
Proportionate EBITDA | | 587,211 |
| 547,207 |
| | 2,081,802 |
| 1,956,447 |
|
Unconsolidated Properties | | (157,089 | ) | (111,902 | ) | | (539,290 | ) | (395,933 | ) |
EBITDA of Sold Interests | | 3,044 |
| 19,169 |
| | 15,370 |
| 76,987 |
|
Noncontrolling interest in EBITDA of Consolidated Properties | | 5,016 |
| 4,609 |
| | 17,805 |
| 17,740 |
|
Consolidated Properties | | 438,182 |
| 459,083 |
| | 1,575,687 |
| 1,655,241 |
|
Depreciation and amortization | | (160,663 | ) | (179,478 | ) | | (643,689 | ) | (708,406 | ) |
Interest income | | 14,358 |
| 8,812 |
| | 49,254 |
| 28,613 |
|
Interest expense | | (147,386 | ) | (171,012 | ) | | (607,675 | ) | (699,285 | ) |
Gain (loss) on foreign currency | | 1,555 |
| (11,031 | ) | | (44,984 | ) | (18,048 | ) |
Benefit from (provision for) income taxes | | 9,253 |
| (4,417 | ) | | 38,334 |
| (7,253 | ) |
Provision for impairment excluded from FFO | | (8,604 | ) | (5,278 | ) | | (8,604 | ) | (5,278 | ) |
Equity in income of Unconsolidated Real Estate Affiliates | | 32,275 |
| 17,700 |
| | 73,390 |
| 51,568 |
|
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | | 6,067 |
| 9,710 |
| | 327,017 |
| 9,710 |
|
Discontinued operations | | — |
| 78,236 |
| | — |
| 281,883 |
|
Gains from changes in control of investment properties and other | | 11,780 |
| 91,193 |
| | 634,367 |
| 91,193 |
|
(Loss) gain on sales of investment properties | | (188 | ) | — |
| | 499 |
| (44 | ) |
Allocation to noncontrolling interests | | (2,588 | ) | (4,036 | ) | | (19,035 | ) | (14,044 | ) |
Net income attributable to GGP | | $ | 194,041 |
| $ | 289,482 |
| | $ | 1,374,561 |
| $ | 665,850 |
|
1.Refer to Pages 5-6 (Company NOI, EBITDA and FFO).
|
| |
PROPORTIONATE FINANCIAL STATEMENTS
Reconciliation of Non-GAAP to GAAP Financial Measures (In thousands)
| |
|
| | | | | | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2015 | December 31, 2014 | | December 31, 2015 | December 31, 2014 |
| | | | | | |
Reconciliation of Company FFO to GAAP Net Income Attributable to GGP | | | | | | |
Company FFO | | $ | 408,170 |
| $ | 357,427 |
| | $ | 1,376,806 |
| $ | 1,255,651 |
|
Adjustments for minimum rents, property operating expenses, general and administrative, market rate adjustments, debt extinguishment, income taxes, and FFO from discontinued operations | | 494 |
| 62,431 |
| | (77,352 | ) | 64,546 |
|
Proportionate FFO | | 408,664 |
| 419,858 |
| | 1,299,454 |
| 1,320,197 |
|
Depreciation and amortization of capitalized real estate costs | | (230,231 | ) | (229,984 | ) | | (890,838 | ) | (893,419 | ) |
Gain from changes in control of investment properties and other | | 11,780 |
| 91,193 |
| | 634,367 |
| 91,193 |
|
Preferred stock dividends | | 3,984 |
| 3,984 |
| | 15,937 |
| 15,936 |
|
(Loss) gain on sales of investment properties | | (162 | ) | 659 |
| | (2,687 | ) | 131,977 |
|
Equity in income of Unconsolidated Real Estate Affiliates - gain on investment | | 6,067 |
| 9,710 |
| | 327,017 |
| 9,710 |
|
Noncontrolling interests in depreciation of Consolidated Properties | | 1,850 |
| 2,246 |
| | 7,754 |
| 8,731 |
|
Provision for impairment excluded from FFO | | (8,604 | ) | (5,278 | ) | | (8,604 | ) | (5,278 | ) |
Redeemable noncontrolling interests | | 693 |
| (1,179 | ) | | (7,839 | ) | (3,228 | ) |
Depreciation and amortization of discontinued operations | | — |
| (1,727 | ) | | — |
| (9,969 | ) |
Net income attributable to GGP | | $ | 194,041 |
| $ | 289,482 |
| | $ | 1,374,561 |
| $ | 665,850 |
|
| | | | | | |
Reconciliation of Equity in NOI of Unconsolidated Properties to GAAP Equity in Income of Unconsolidated Real Estate Affiliates | | | | | | |
Equity in Unconsolidated Properties: | | | | | | |
NOI | | $ | 166,191 |
| $ | 120,203 |
| | $ | 578,841 |
| $ | 428,799 |
|
Net property management fees and costs | | (8,729 | ) | (7,800 | ) | | (32,083 | ) | (28,477 | ) |
General and administrative | | (373 | ) | (501 | ) | | (7,468 | ) | (4,389 | ) |
EBITDA | | 157,089 |
| 111,902 |
| | 539,290 |
| 395,933 |
|
Net interest expense | | (52,148 | ) | (40,667 | ) | | (203,817 | ) | (149,127 | ) |
Provision for income taxes | | (172 | ) | (340 | ) | | (444 | ) | (633 | ) |
FFO of discontinued Unconsolidated Properties | | — |
| 127 |
| | — |
| 865 |
|
FFO of Unconsolidated Properties | | 104,769 |
| 71,022 |
| | 335,029 |
| 247,038 |
|
Depreciation and amortization of capitalized real estate costs | | (72,509 | ) | (53,335 | ) | | (258,507 | ) | (197,129 | ) |
Other, including gain (loss) on sales of investment properties | | 15 |
| 13 |
| | (3,132 | ) | 1,659 |
|
Equity in income of Unconsolidated Real Estate Affiliates | | $ | 32,275 |
| $ | 17,700 |
| | $ | 73,390 |
| $ | 51,568 |
|
| | | | | | |
1.Refer to Page 5-6 (Company NOI, EBITDA and FFO).
|
| |
DEBT
Summary, at Share As of December 31, 2015 (In thousands) | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Maturities1 | | |
| | Coupon Rate | Proportionate Balance | Average Remaining Term (Years) | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent | | Total |
Fixed Rate | | | | | | | | | | | | | | |
Property Level Consolidated | | 4.43 | % | $ | 11,788,347 |
| 6.7 |
| | $ | 237,798 |
| $ | 384,229 |
| $ | 118,892 |
| $ | 493,457 |
| $ | 1,534,314 |
| $ | 1,370,353 |
| $ | 6,594,206 |
| | $ | 10,733,249 |
|
Property Level Unconsolidated | | 4.30 | % | 4,367,012 |
| 6.1 |
| | — |
| 172,773 |
| 186,862 |
| 607,145 |
| 619,639 |
| 271,573 |
| 2,261,111 |
| | 4,119,103 |
|
Total Fixed Rate | | 4.40 | % | $ | 16,155,359 |
| 6.5 |
| | $ | 237,798 |
| $ | 557,002 |
| $ | 305,754 |
| $ | 1,100,602 |
| $ | 2,153,953 |
| $ | 1,641,926 |
| $ | 8,855,317 |
| | $ | 14,852,352 |
|
| | | | | | | | | | | | | | |
Variable Rate | | | | | | | | | | | | | | |
Property Level Consolidated | | 2.08 | % | $ | 1,995,445 |
| 2.6 |
| | $ | — |
| $ | — |
| $ | 1,571,973 |
| $ | 395,500 |
| $ | — |
| $ | — |
| $ | — |
| | $ | 1,967,473 |
|
Property Level Unconsolidated | | 3.10 | % | 1,257,332 |
| 3.9 |
| | — |
| 63,680 |
| 16,250 |
| 508,602 |
| 638,249 |
| 30,000 |
| — |
| | 1,256,781 |
|
Junior Subordinated Notes Due 2036 | | 1.77 | % | 206,200 |
| 20.3 |
| | — |
| — |
| — |
| — |
| — |
| — |
| 206,200 |
| | 206,200 |
|
Corporate Revolver | | 1.89 | % | 315,000 |
| 4.8 |
| | — |
| — |
| — |
| — |
| 315,000 |
| — |
| — |
| | 315,000 |
|
Total Variable Rate | | 2.38 | % | $ | 3,773,977 |
| 4.2 |
| | $ | — |
| $ | 63,680 |
| $ | 1,588,223 |
| $ | 904,102 |
| $ | 953,249 |
| $ | 30,000 |
| $ | 206,200 |
| | $ | 3,745,454 |
|
| | | | | | | | | | | | | | |
Total | | 4.01 | % | $ | 19,929,336 |
| 6.1 |
| | $ | 237,798 |
| $ | 620,682 |
| $ | 1,893,977 |
| $ | 2,004,704 |
| $ | 3,107,202 |
| $ | 1,671,926 |
| $ | 9,061,517 |
| | $ | 18,597,806 |
|
| | | Weighted average interest rate | | 4.39 | % | 5.28 | % | 2.35 | % | 3.79 | % | 3.75 | % | 5.14 | % | 4.37 | % | | |
| | | | | | | | | | | | | | |
| | | Total Amortization | | | $ | 167,710 |
| $ | 180,563 |
| $ | 182,643 |
| $ | 181,225 |
| $ | 176,042 |
| $ | 145,281 |
| $ | 298,066 |
| | $ | 1,331,530 |
|
| | | | | | | | | | | | | | |
| | | | | | | | Total Maturities and Amortization 2, 3 | | | $ | 19,929,336 |
|
1.Assumes that all maturity extensions are exercised
2.Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:
|
| | | |
Total Maturities and Amortization, from above | $ | 19,929,336 |
|
Debt related to solar projects | 18,297 |
|
Total Portfolio Debt | $ | 19,947,633 |
|
Miami Design District cost method investment | (63,680 | ) |
Market rate adjustments, net | 32,393 |
|
Deferred financing costs, net | (75,037 | ) |
Debt held for disposition | (31,950 | ) |
Junior Subordinated Notes Due 2036 | (206,200 | ) |
Mortgages, Notes and Loans Payable | $ | 19,603,159 |
|
3.Reflects maturities and amortization for periods subsequent to December 31, 2015.
|
| |
DEBT
Detail, at Share1 As of December 31, 2015 (In thousands)
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Amortization |
Property | | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 12/31/2015 3 | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent |
Fixed Rate | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consolidated Property Level | | | | | | | | | | | | | | | |
Brass Mill Center | | 100% | $ | 94,930 |
| 2016 | $ | 93,347 |
| 4.55% | No | | $ | 1,583 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Lakeside Mall | | 100% | 147,856 |
| 2016 | 144,451 |
| 4.28% | No | | 3,405 |
| — |
| — |
| — |
| — |
| — |
| — |
|
Provo Towne Center 4 | | 75% | 29,701 |
| 2017 | 28,886 |
| 4.53% | No | | 566 |
| 249 |
| — |
| — |
| — |
| — |
| — |
|
Four Seasons Town Centre | | 100% | 79,193 |
| 2017 | 72,532 |
| 5.60% | No | | 4,940 |
| 1,721 |
| — |
| — |
| — |
| — |
| — |
|
Apache Mall | | 100% | 94,375 |
| 2017 | 91,402 |
| 4.32% | No | | 1,843 |
| 1,130 |
| — |
| — |
| — |
| — |
| — |
|
Mall of Louisiana | | 100% | 205,875 |
| 2017 | 191,409 |
| 5.82% | No | | 8,074 |
| 6,392 |
| — |
| — |
| — |
| — |
| — |
|
The Gallery at Harborplace - Other | | 100% | 5,303 |
| 2018 | 190 |
| 6.05% | No | | 2,025 |
| 2,152 |
| 936 |
| — |
| — |
| — |
| — |
|
Hulen Mall | | 100% | 125,308 |
| 2018 | 118,702 |
| 4.25% | No | | 2,303 |
| 2,421 |
| 1,882 |
| — |
| — |
| — |
| — |
|
Governor's Square | | 100% | 69,599 |
| 2019 | 66,488 |
| 6.69% | No | | 969 |
| 1,035 |
| 1,107 |
| — |
| — |
| — |
| — |
|
Oak View Mall | | 100% | 77,951 |
| 2019 | 74,467 |
| 6.69% | No | | 1,084 |
| 1,160 |
| 1,240 |
| — |
| — |
| — |
| — |
|
Coronado Center | | 100% | 193,705 |
| 2019 | 180,278 |
| 3.50% | No | | 3,949 |
| 4,110 |
| 4,258 |
| 1,110 |
| — |
| — |
| — |
|
Park City Center | | 100% | 184,242 |
| 2019 | 172,224 |
| 5.34% | No | | 3,264 |
| 3,473 |
| 3,666 |
| 1,615 |
| — |
| — |
| — |
|
Newgate Mall | | 100% | 58,000 |
| 2020 | 58,000 |
| 3.69% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Fashion Place | | 100% | 226,730 |
| 2020 | 226,730 |
| 3.64% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Mall St. Matthews | | 100% | 186,662 |
| 2020 | 170,305 |
| 2.72% | No | | 1,985 |
| 4,067 |
| 4,181 |
| 4,297 |
| 1,827 |
| — |
| — |
|
Town East Mall | | 100% | 160,270 |
| 2020 | 160,270 |
| 3.57% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Tucson Mall | | 100% | 246,000 |
| 2020 | 246,000 |
| 4.01% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Visalia Mall | | 100% | 74,000 |
| 2020 | 74,000 |
| 3.71% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Tysons Galleria | | 100% | 312,326 |
| 2020 | 282,081 |
| 4.06% | No | | 5,979 |
| 6,266 |
| 6,528 |
| 6,802 |
| 4,670 |
| — |
| — |
|
The Mall In Columbia | | 100% | 348,469 |
| 2020 | 316,928 |
| 3.95% | No | | 6,280 |
| 6,531 |
| 6,794 |
| 7,067 |
| 4,869 |
| — |
| — |
|
Northridge Fashion Center | | 100% | 233,291 |
| 2021 | 207,503 |
| 5.10% | No | | 4,362 |
| 4,627 |
| 4,871 |
| 5,129 |
| 5,369 |
| 1,430 |
| — |
|
Deerbrook Mall | | 100% | 143,437 |
| 2021 | 127,934 |
| 5.25% | No | | 2,612 |
| 2,776 |
| 2,928 |
| 3,087 |
| 3,236 |
| 864 |
| — |
|
White Marsh Mall | | 100% | 190,000 |
| 2021 | 190,000 |
| 3.66% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Park Place | | 100% | 186,399 |
| 2021 | 165,815 |
| 5.18% | No | | 3,414 |
| 3,626 |
| 3,821 |
| 4,026 |
| 4,217 |
| 1,480 |
| — |
|
Providence Place | | 94% | 337,279 |
| 2021 | 302,577 |
| 5.65% | No | | 5,688 |
| 6,077 |
| 6,434 |
| 6,813 |
| 7,162 |
| 2,528 |
| — |
|
Fox River Mall | | 100% | 175,162 |
| 2021 | 156,373 |
| 5.46% | No | | 3,036 |
| 3,238 |
| 3,422 |
| 3,616 |
| 3,796 |
| 1,681 |
| — |
|
Oxmoor Center | | 94% | 83,905 |
| 2021 | 74,781 |
| 5.37% | No | | 1,478 |
| 1,574 |
| 1,662 |
| 1,755 |
| 1,841 |
| 814 |
| — |
|
Rivertown Crossings | | 100% | 158,257 |
| 2021 | 141,356 |
| 5.52% | No | | 2,729 |
| 2,910 |
| 3,077 |
| 3,254 |
| 3,417 |
| 1,514 |
| — |
|
Westlake Center - Land | | 100% | 2,437 |
| 2021 | 2,437 |
| 12.90% | Yes - Full | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Fashion Show - Other | | 100% | 4,206 |
| 2021 | 1,577 |
| 6.06% | Yes - Full | | 386 |
| 411 |
| 437 |
| 465 |
| 494 |
| 436 |
| — |
|
Bellis Fair | | 100% | 88,253 |
| 2022 | 77,060 |
| 5.23% | No | | 1,592 |
| 1,694 |
| 1,786 |
| 1,883 |
| 1,973 |
| 2,092 |
| 173 |
|
The Shoppes at Buckland Hills | | 100% | 122,931 |
| 2022 | 107,820 |
| 5.19% | No | | 2,121 |
| 2,253 |
| 2,375 |
| 2,503 |
| 2,621 |
| 2,779 |
| 459 |
|
The Gallery at Harborplace | | 100% | 77,797 |
| 2022 | 68,096 |
| 5.24% | No | | 1,315 |
| 1,398 |
| 1,474 |
| 1,555 |
| 1,628 |
| 1,728 |
| 603 |
|
The Streets at SouthPoint | | 94% | 238,931 |
| 2022 | 207,909 |
| 4.36% | No | | 4,346 |
| 4,542 |
| 4,744 |
| 4,955 |
| 5,175 |
| 5,405 |
| 1,855 |
|
Spokane Valley Mall 4 | | 75% | 44,610 |
| 2022 | 38,484 |
| 4.65% | No | | 833 |
| 879 |
| 921 |
| 965 |
| 1,006 |
| 1,060 |
| 462 |
|
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% | 319,506 |
| 2022 | 270,113 |
| 3.93% | No | | 6,664 |
| 6,973 |
| 7,256 |
| 7,551 |
| 7,825 |
| 8,175 |
| 4,949 |
|
Coral Ridge Mall | | 100% | 109,806 |
| 2022 | 98,394 |
| 5.71% | No | | 1,448 |
| 1,533 |
| 1,623 |
| 1,718 |
| 1,819 |
| 1,925 |
| 1,346 |
|
Rogue Valley Mall | | 100% | 54,862 |
| 2022 | 48,245 |
| 4.50% | No | | 851 |
| 899 |
| 941 |
| 984 |
| 1,024 |
| 1,078 |
| 840 |
|
The Oaks Mall | | 100% | 131,895 |
| 2022 | 112,842 |
| 4.55% | No | | 2,451 |
| 2,584 |
| 2,706 |
| 2,833 |
| 2,951 |
| 3,106 |
| 2,422 |
|
Westroads Mall | | 100% | 148,975 |
| 2022 | 127,455 |
| 4.55% | No | | 2,769 |
| 2,919 |
| 3,056 |
| 3,200 |
| 3,333 |
| 3,508 |
| 2,735 |
|
Coastland Center | | 100% | 122,554 |
| 2022 | 102,621 |
| 3.76% | No | | 2,595 |
| 2,707 |
| 2,812 |
| 2,922 |
| 3,023 |
| 3,152 |
| 2,722 |
|
Pecanland Mall | | 100% | 88,840 |
| 2023 | 75,750 |
| 3.88% | No | | 1,606 |
| 1,682 |
| 1,749 |
| 1,819 |
| 1,882 |
| 1,967 |
| 2,385 |
|
Crossroads Center (MN) | | 100% | 101,558 |
| 2023 | 83,026 |
| 3.25% | No | | 2,294 |
| 2,379 |
| 2,459 |
| 2,541 |
| 2,617 |
| 2,713 |
| 3,529 |
|
Cumberland Mall | | 100% | 160,000 |
| 2023 | 160,000 |
| 3.67% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
The Woodlands | | 100% | 250,526 |
| 2023 | 207,057 |
| 5.04% | No | | 4,960 |
| 5,215 |
| 5,484 |
| 5,767 |
| 6,064 |
| 6,377 |
| 9,602 |
|
Meadows Mall | | 100% | 154,969 |
| 2023 | 118,726 |
| 3.96% | No | | 4,213 |
| 4,402 |
| 4,582 |
| 4,770 |
| 4,950 |
| 5,168 |
| 8,158 |
|
Oglethorpe Mall | | 100% | 150,000 |
| 2023 | 136,166 |
| 3.90% | No | | — |
| — |
| 1,059 |
| 2,648 |
| 2,739 |
| 2,865 |
| 4,523 |
|
|
| |
DEBT
Detail, at Share1 As of December 31, 2015 (In thousands)
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Amortization |
Property | | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 12/31/2015 3 | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent |
Prince Kuhio Plaza | | 100% | 43,132 |
| 2023 | 35,974 |
| 4.10% | No | | 827 |
| 867 |
| 903 |
| 942 |
| 977 |
| 1,023 |
| 1,619 |
|
Augusta Mall | | 100% | 170,000 |
| 2023 | 170,000 |
| 4.36% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Staten Island Mall | | 100% | 253,295 |
| 2023 | 206,942 |
| 4.77% | No | | 5,132 |
| 5,381 |
| 5,643 |
| 5,918 |
| 6,207 |
| 6,510 |
| 11,562 |
|
Stonestown Galleria | | 100% | 180,000 |
| 2023 | 164,720 |
| 4.39% | No | | — |
| — |
| 462 |
| 2,871 |
| 2,979 |
| 3,137 |
| 5,831 |
|
Boise Towne Square | | 100% | 130,345 |
| 2023 | 106,372 |
| 4.79% | No | | 2,619 |
| 2,746 |
| 2,880 |
| 3,021 |
| 3,169 |
| 3,324 |
| 6,214 |
|
The Crossroads (MI) | | 100% | 96,782 |
| 2023 | 80,833 |
| 4.42% | No | | 1,708 |
| 1,799 |
| 1,881 |
| 1,967 |
| 2,046 |
| 2,151 |
| 4,397 |
|
Jordan Creek Town Center | | 100% | 213,137 |
| 2024 | 177,448 |
| 4.37% | No | | 3,782 |
| 3,980 |
| 4,160 |
| 4,348 |
| 4,520 |
| 4,749 |
| 10,150 |
|
Woodbridge Center | | 100% | 250,000 |
| 2024 | 220,726 |
| 4.80% | No | | — |
| 2,395 |
| 3,777 |
| 3,964 |
| 4,128 |
| 4,367 |
| 10,643 |
|
The Maine Mall | | 100% | 235,000 |
| 2024 | 235,000 |
| 4.66% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Baybrook Mall | | 100% | 249,178 |
| 2024 | 212,423 |
| 5.52% | No | | 3,402 |
| 3,595 |
| 3,798 |
| 4,013 |
| 4,240 |
| 4,480 |
| 13,227 |
|
The Parks At Arlington | | 100% | 249,186 |
| 2024 | 212,687 |
| 5.57% | No | | 3,371 |
| 3,564 |
| 3,767 |
| 3,983 |
| 4,210 |
| 4,451 |
| 13,153 |
|
Fashion Show | | 100% | 835,000 |
| 2024 | 835,000 |
| 4.03% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Beachwood Place | | 100% | 220,000 |
| 2025 | 184,350 |
| 3.94% | No | | — |
| 2,922 |
| 4,032 |
| 4,194 |
| 4,362 |
| 4,537 |
| 15,603 |
|
Pembroke Lakes Mall | | 100% | 260,000 |
| 2025 | 260,000 |
| 3.56% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Valley Plaza Mall | | 100% | 240,000 |
| 2025 | 206,847 |
| 3.75% | No | | — |
| — |
| 3,167 |
| 4,410 |
| 4,556 |
| 4,757 |
| 16,263 |
|
Willowbrook Mall | | 100% | 360,000 |
| 2025 | 360,000 |
| 3.55% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Boise Towne Plaza | | 100% | 19,891 |
| 2025 | 16,006 |
| 4.13% | No | | 336 |
| 351 |
| 366 |
| 382 |
| 396 |
| 415 |
| 1,639 |
|
Paramus Park | | 100% | 120,000 |
| 2025 | 120,000 |
| 4.07% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Glenbrook Square | | 100% | 162,000 |
| 2025 | 137,791 |
| 4.27% | No | | — |
| 222 |
| 2,634 |
| 2,750 |
| 2,852 |
| 2,997 |
| 12,754 |
|
Peachtree Mall | | 100% | 88,000 |
| 2025 | 70,865 |
| 4.31% | No | | 1,404 |
| 1,478 |
| 1,544 |
| 1,612 |
| 1,674 |
| 1,759 |
| 7,664 |
|
North Point Mall | | 100% | 250,000 |
| 2026 | 218,205 |
| 4.54% | No | | — |
| — |
| — |
| 984 |
| 4,050 |
| 4,237 |
| 22,524 |
|
The Shops at La Cantera | | 75% | 262,500 |
| 2027 | 262,500 |
| 3.60% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Providence Place - Other | | 94% | 34,771 |
| 2028 | 2,247 |
| 7.75% | No | | 1,757 |
| 1,897 |
| 1,825 |
| 1,740 |
| 1,878 |
| 2,027 |
| 21,400 |
|
Provo Towne Center Land | | 75% | 2,249 |
| 2095 | 37 |
| 10.00% | Yes - Full | | — |
| — |
| — |
| — |
| — |
| — |
| 2,212 |
|
Consolidated Property Level | | | $ | 11,788,347 |
| | $ | 10,733,249 |
| 4.43% | | | $ | 136,350 |
| $ | 139,621 |
| $ | 144,164 |
| $ | 145,849 |
| $ | 144,912 |
| $ | 119,963 |
| $ | 224,239 |
|
| | | | | | | | | | | | | | | |
Unconsolidated Property Level | | | | | | | | | | | | | | | |
Riverchase Galleria | | 50% | $ | 152,500 |
| 2017 | $ | 152,500 |
| 5.65% | No | | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
The Shops at Bravern | | 40% | 20,854 |
| 2017 | 20,273 |
| 3.86% | No | | 460 |
| 121 |
| — |
| — |
| — |
| — |
| — |
|
Plaza Frontenac | | 55% | 28,600 |
| 2018 | 28,600 |
| 3.04% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Saint Louis Galleria | | 74% | 158,262 |
| 2018 | 158,262 |
| 3.44% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
The Grand Canal Shoppes | | 50% | 313,125 |
| 2019 | 313,125 |
| 4.24% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
First Colony Mall | | 50% | 90,752 |
| 2019 | 84,321 |
| 4.50% | No | | 1,572 |
| 1,645 |
| 1,720 |
| 1,494 |
| — |
| — |
| — |
|
Natick Mall | | 50% | 224,417 |
| 2019 | 209,699 |
| 4.60% | No | | 3,594 |
| 3,762 |
| 3,939 |
| 3,423 |
| — |
| — |
| — |
|
Oakbrook Center | | 48% | 202,725 |
| 2020 | 202,725 |
| 3.66% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Christiana Mall | | 50% | 117,094 |
| 2020 | 108,697 |
| 5.10% | No | | 1,623 |
| 1,725 |
| 1,816 |
| 1,913 |
| 1,320 |
| — |
| — |
|
Water Tower Place | | 47% | 180,603 |
| 2020 | 171,026 |
| 4.35% | No | | 1,839 |
| 1,928 |
| 2,024 |
| 2,124 |
| 1,662 |
| — |
| — |
|
Kenwood Towne Centre | | 70% | 152,540 |
| 2020 | 137,191 |
| 5.37% | No | | 2,785 |
| 2,964 |
| 3,131 |
| 3,306 |
| 3,163 |
| — |
| — |
|
Whaler's Village | | 50% | 40,000 |
| 2021 | 40,000 |
| 5.42% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Shops at Merrick Park | | 55% | 95,380 |
| 2021 | 85,797 |
| 5.73% | No | | 1,595 |
| 1,706 |
| 1,808 |
| 1,916 |
| 2,015 |
| 543 |
| — |
|
Willowbrook Mall (TX) | | 50% | 99,961 |
| 2021 | 88,965 |
| 5.13% | No | | 1,857 |
| 1,972 |
| 2,077 |
| 2,188 |
| 2,291 |
| 611 |
| — |
|
Northbrook Court | | 50% | 64,302 |
| 2021 | 56,811 |
| 4.25% | No | | 1,156 |
| 1,206 |
| 1,259 |
| 1,313 |
| 1,370 |
| 1,187 |
| — |
|
Ala Moana Center | | 63% | 875,000 |
| 2022 | 875,000 |
| 4.23% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Florence Mall | | 50% | 45,000 |
| 2022 | 45,000 |
| 4.15% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Clackamas Town Center | | 50% | 108,000 |
| 2022 | 108,000 |
| 4.18% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Bridgewater Commons | | 35% | 105,000 |
| 2022 | 105,000 |
| 3.34% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
The Shoppes at River Crossing | | 50% | 38,675 |
| 2023 | 35,026 |
| 3.75% | No | | — |
| — |
| 509 |
| 711 |
| 734 |
| 767 |
| 928 |
|
Carolina Place | | 50% | 87,500 |
| 2023 | 75,542 |
| 3.84% | No | | 757 |
| 1,567 |
| 1,630 |
| 1,694 |
| 1,752 |
| 1,831 |
| 2,727 |
|
Union Square Portfolio | | 50% | 25,000 |
| 2023 | 25,000 |
| 5.12% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Galleria at Tyler | | 50% | 93,537 |
| 2023 | 76,716 |
| 5.05% | No | | 1,797 |
| 1,889 |
| 1,987 |
| 2,089 |
| 2,197 |
| 2,311 |
| 4,551 |
|
Park Meadows | | 35% | 126,000 |
| 2023 | 112,734 |
| 4.60% | No | | — |
| — |
| 1,996 |
| 2,091 |
| 2,189 |
| 2,292 |
| 4,698 |
|
|
| |
DEBT
Detail, at Share1 As of December 31, 2015 (In thousands)
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Amortization |
Property | | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 12/31/2015 3 | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent |
Stonebriar Centre | | 50% | 140,000 |
| 2024 | 120,886 |
| 4.05% | No | | — |
| 804 |
| 2,477 |
| 2,579 |
| 2,686 |
| 2,797 |
| 7,771 |
|
Pinnacle Hills Promenade | | 50% | 60,067 |
| 2025 | 48,805 |
| 4.13% | No | | 1,049 |
| 1,099 |
| 1,146 |
| 1,195 |
| 1,240 |
| 1,299 |
| 4,234 |
|
Altamonte Mall | | 50% | 80,000 |
| 2025 | 69,045 |
| 3.72% | No | | — |
| — |
| 1,063 |
| 1,478 |
| 1,526 |
| 1,593 |
| 5,295 |
|
Alderwood | | 50% | 175,857 |
| 2025 | 138,693 |
| 3.48% | No | | 3,374 |
| 3,512 |
| 3,638 |
| 3,769 |
| 3,888 |
| 4,043 |
| 14,940 |
|
Towson Town Center | | 35% | 113,761 |
| 2025 | 97,713 |
| 3.82% | No | | — |
| — |
| 680 |
| 2,093 |
| 2,175 |
| 2,259 |
| 8,841 |
|
Perimeter Mall | | 50% | 137,500 |
| 2026 | 137,500 |
| 3.96% | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Glendale Galleria | | 50% | 215,000 |
| 2026 | 190,451 |
| 4.06% | No | | — |
| — |
| — |
| — |
| 922 |
| 3,785 |
| 19,842 |
|
Unconsolidated Property Level | | | $ | 4,367,012 |
| | $ | 4,119,103 |
| 4.30% | | | $ | 23,458 |
| $ | 25,900 |
| $ | 32,900 |
| $ | 35,376 |
| $ | 31,130 |
| $ | 25,318 |
| $ | 73,827 |
|
| | | | | | | | | | | | | | | |
Total Fixed Rate Debt | | | $ | 16,155,359 |
| | $ | 14,852,352 |
| 4.40% | | | $ | 159,808 |
| $ | 165,521 |
| $ | 177,064 |
| $ | 181,225 |
| $ | 176,042 |
| $ | 145,281 |
| $ | 298,066 |
|
| | | | | | | | | | | | | | | |
Variable Rate | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Consolidated Property Level | | | | | | | | | | | | | | | |
Columbiana Centre 5 | | 100% | $ | 130,816 |
| 2018 | $ | 128,177 |
| Libor + 175 bps | Yes - Full | | $ | 746 |
| $ | 1,393 |
| $ | 500 |
| — |
| — |
| — |
| — |
|
Eastridge (WY) 5 | | 100% | 48,228 |
| 2018 | 47,255 |
| Libor + 175 bps | Yes - Full | | 275 |
| 514 |
| 184 |
| — |
| — |
| — |
| — |
|
Grand Teton Mall 5 | | 100% | 48,859 |
| 2018 | 47,873 |
| Libor + 175 bps | Yes - Full | | 279 |
| 520 |
| 187 |
| — |
| — |
| — |
| — |
|
Mayfair 5 | | 100% | 347,813 |
| 2018 | 340,796 |
| Libor + 175 bps | Yes - Full | | 1,983 |
| 3,704 |
| 1,330 |
| — |
| — |
| — |
| — |
|
Mondawmin Mall 5 | | 100% | 81,011 |
| 2018 | 79,377 |
| Libor + 175 bps | Yes - Full | | 461 |
| 863 |
| 310 |
| — |
| — |
| — |
| — |
|
North Town Mall 5 | | 100% | 89,207 |
| 2018 | 87,407 |
| Libor + 175 bps | Yes - Full | | 509 |
| 950 |
| 341 |
| — |
| — |
| — |
| — |
|
Oakwood 5 | | 100% | 76,913 |
| 2018 | 75,362 |
| Libor + 175 bps | Yes - Full | | 438 |
| 819 |
| 294 |
| — |
| — |
| — |
| — |
|
Oakwood Center 5 | | 100% | 91,413 |
| 2018 | 89,569 |
| Libor + 175 bps | Yes - Full | | 520 |
| 974 |
| 350 |
| — |
| — |
| — |
| — |
|
Pioneer Place 5 | | 100% | 188,185 |
| 2018 | 184,389 |
| Libor + 175 bps | Yes - Full | | 1,072 |
| 2,004 |
| 720 |
| — |
| — |
| — |
| — |
|
Red Cliffs Mall 5 | | 100% | 30,261 |
| 2018 | 29,650 |
| Libor + 175 bps | Yes - Full | | 173 |
| 322 |
| 116 |
| — |
| — |
| — |
| — |
|
River Hills Mall 5 | | 100% | 76,283 |
| 2018 | 74,744 |
| Libor + 175 bps | Yes - Full | | 435 |
| 812 |
| 292 |
| — |
| — |
| — |
| — |
|
Sooner Mall 5 | | 100% | 78,931 |
| 2018 | 77,338 |
| Libor + 175 bps | Yes - Full | | 450 |
| 841 |
| 302 |
| — |
| — |
| — |
| — |
|
Southwest Plaza 5 | | 100% | 73,383 |
| 2018 | 71,902 |
| Libor + 175 bps | Yes - Full | | 418 |
| 782 |
| 281 |
| — |
| — |
| — |
| — |
|
The Shops at Fallen Timbers 5 | | 100% | 25,217 |
| 2018 | 24,709 |
| Libor + 175 bps | Yes - Full | | 143 |
| 269 |
| 96 |
| — |
| — |
| — |
| — |
|
Columbia Mall | | 100% | 100,000 |
| 2018 | 100,000 |
| Libor + 175 bps | Yes - Full | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Market Place Shopping Center | | 100% | 113,425 |
| 2018 | 113,425 |
| Libor + 240 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Lynnhaven Mall | | 100% | 235,000 |
| 2019 | 235,000 |
| Libor + 185 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
830 North Michigan | | 100% | 85,000 |
| 2019 | 85,000 |
| Libor + 160 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Westlake Center | | 100% | 42,500 |
| 2019 | 42,500 |
| Libor + 230 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
200 Lafayette | | 100% | 33,000 |
| 2019 | 33,000 |
| Libor + 250 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Consolidated Property Level | | | $ | 1,995,445 |
| | $ | 1,967,473 |
| 2.08% | | | $ | 7,902 |
| $ | 14,767 |
| $ | 5,303 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| | | | | | | | | | | | | | | |
Unconsolidated Property Level | | | | | | | | | | | | | | | |
Union Square Portfolio | | 50% | $ | 16,250 |
| 2018 | $ | 16,250 |
| Libor + 400 bps | No | | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Ala Moana Construction Loan6 | | 63% | 220,029 |
| 2019 | 220,029 |
| Libor + 190 bps | Yes - Partial | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
685 Fifth Avenue | | 50% | 170,000 |
| 2019 | 170,000 |
| Libor + 275 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Miami Design District | | 15% | 63,680 |
| 2019 | 63,680 |
| Libor + 250 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
522 Fifth Avenue | | 10% | 8,624 |
| 2019 | 8,624 |
| Libor + 250 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
530 Fifth Avenue | | 50% | 15,500 |
| 2019 | 15,423 |
| Libor + 788 bps | No | | — |
| 38 |
| 39 |
| — |
| — |
| — |
| — |
|
530 Fifth Avenue | | 50% | 95,000 |
| 2019 | 94,526 |
| Libor + 325 bps | No | | — |
| 237 |
| 237 |
| — |
| — |
| — |
| — |
|
Bayside Marketplace | | 51% | 127,500 |
| 2020 | 127,500 |
| Libor + 205 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Baybrook LPC Construction Loan7 | | 53% | 28,583 |
| 2020 | 28,583 |
| Libor + 200 bps | Yes - Partial | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
730 Fifth Avenue8 | | 37% | 457,750 |
| 2020 | 457,750 |
| Libor + 263 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Park Lane Construction Loan9 | | 50% | 24,416 |
| 2020 | 24,416 |
| Libor + 325 bps | Yes - Partial | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
| |
DEBT
Detail, at Share1 As of December 31, 2015 (In thousands)
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Amortization |
Property | | Own% | Proportionate Balance | Maturity Year 2 | Balloon Pmt at Maturity | Coupon Rate | Parent Recourse as of 12/31/2015 3 | | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Subsequent |
85 Fifth Avenue | | 50% | 30,000 |
| 2,021 | 30,000 |
| Libor + 275 bps | No | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Unconsolidated Property Level | | | $ | 1,257,332 |
| | $ | 1,256,781 |
| 3.10% | | | $ | — |
| $ | 275 |
| $ | 276 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| | | | | | | | | | | | | | | |
Consolidated Corporate | | | | | | | | | | | | | | | |
Junior Subordinated Notes Due 2036 | | 100% | $ | 206,200 |
| 2036 | $ | 206,200 |
| Libor + 145 bps | Yes - Full | | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
Corporate Revolver | | 100% | 315,000 |
| 2020 | 315,000 |
| Libor + 155 bps | Yes - Full | | — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Consolidated Corporate | | | $ | 521,200 |
| | $ | 521,200 |
| 1.84% | | | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| | | | | | | | | | | | | | | |
Total Variable Rate Debt | | | $ | 3,773,977 |
| | $ | 3,745,454 |
| 2.38% | | | $ | 7,902 |
| $ | 15,042 |
| $ | 5,579 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
| | | | | | | | | | | | | | | |
Total10 | | | $ | 19,929,336 |
| | $ | 18,597,806 |
| 4.01% | | | $ | 167,710 |
| $ | 180,563 |
| $ | 182,643 |
| $ | 181,225 |
| $ | 176,042 |
| $ | 145,281 |
| $ | 298,066 |
|
| |
1. | Proportionate share for Consolidated Properties presented exclusive of non-controlling interests. |
| |
2. | Assumes that all maturity extensions are exercised. |
| |
3. | Total recourse to GGP or its subsidiaries of approximately $1.9 billion, excluding the corporate revolver. |
| |
4. | Loan is cross-collateralized with other properties. |
| |
5. | Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized. |
| |
6. | Reflects the amount drawn as of December 31, 2015 on the $450.0 construction loan. |
| |
7. | Reflects the amount drawn as of December 31, 2015 on the $126.0 construction loan. |
| |
8. | Per the joint venture agreement approximately $915 million of the total property debt is associated with the retail units and approximatley $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%. |
| |
9. | Reflects the amount drawn as of December 31, 2015 on the $460.0 construction loan. |
| |
10. | Reflects amortization for the period subsequent to December 31, 2015. |
|
| |
Debt
Summary of Debt Transactions For the Twelve Months Ended December 31, 2015 (In thousands)
| |
|
| | | | | | | | | | | | | | | | |
Closing Date | | Property Name1 | | New Loan at Share | New Term | New Interest Rate | Repayment at Share | Original Term | Original Interest Rate | Net Proceeds at Share |
| | | | | | | | | | |
Refinancings | | | | | | | | | | |
February 2015 | | Beachwood Place | | $ | 220,000 |
| 10 | 3.9% | $ | (212,911 | ) | 2.7 | 5.6% | $ | 7,089 |
|
April 2015 | | The Shops at La Cantera | | 262,500 |
| 12 | 3.6% | (117,849 | ) | 0.2 | 6.0% | 144,651 |
|
May 2015 | | Alderwood | | 177,500 |
| 10 | 3.5% | (120,976 | ) | 0.3 | 6.7% | 56,524 |
|
July 2015 | | Boise Towne Plaza | | 20,000 |
| 10 | 4.1% | (8,629 | ) | 0.0 | 4.7% | 11,371 |
|
September 2015 | | Paramus Park | | 120,000 |
| 10 | 4.1% | (90,444 | ) | 0.1 | 4.9% | 29,556 |
|
| | | | | | | | | | |
| | Total | | $ | 800,000 |
| 10.7 | 3.7% | $ | (550,809 | ) | 1.2 | 5.8% | $ | 249,191 |
|
| | | | | | | | | | |
| | | | | | | | | | |
Repayments | | | | | | | | | | |
| | | | | | | | | | |
February 2015 | | Peachtree Mall | | | | | $ | (77,790 | ) | 0.2 | 5.1% | $ | (77,790 | ) |
March 2015 | | Eastridge Mall CA | | | | | (142,210 | ) | 2.4 | 5.8% | (142,210 | ) |
March 2015 | | Glenbrook Square | | | | | (153,477 | ) | 1.7 | 4.9% | (153,477 | ) |
March 2015 | | Ridgedale Center | | | | | (153,750 | ) | 1.5 | 4.9% | (153,750 | ) |
April 2015 | | Quail Springs Mall | | | | | (67,120 | ) | 0.2 | 6.7% | (67,120 | ) |
| | | | | | | | | | |
| | Total | | | | | $ | (594,347 | ) | 1.5 | 5.3% | $ | (594,347 | ) |
| | | | | | | | | | |
| | | | | | | | | | |
New Loans | | | | | | | | | | |
| | | | | | | | | | |
October 2015 | | Glenbrook Square | | $ | 162,000 |
| 10 | 4.3% | | | | |
November 2015 | | Peachtree Mall | | 88,000 |
| 10 | 4.3% | | | | |
| | | | | | | | | | |
| | Total | | $ | 250,000 |
| 10 | 4.3% | | | | |
| |
1. | See Property Schedule on pages 19-25 for GGP ownership percentage for each individual property. |
|
| |
ASSET TRANSACTIONS
Summary of Asset Transactions For the Twelve Months Ended December 31, 2015 (In thousands)
| |
|
| | | | | | | | | | | | |
Acquisitions | | | | | | |
Closing Date | Property Name | Property Location | GGP Ownership % | Gross Purchase Price at Share 1 | Debt at Share | Net Equity at Share 1 |
| | | | | ($ in thousands) | |
| | | | | | |
March 2015 | Interests in 12 Sears Anchors 2 | Various | 50.0% | $ | 131,000 |
| $ | — |
| $ | 130,490 |
|
April 2015 | 730 Fifth Ave | New York, NY | 50.0% | 666,265 |
| 457,750 |
| 208,518 |
|
April 2015 | 85 Fifth Ave | New York, NY | 50.0% | 43,950 |
| 30,000 |
| 13,960 |
|
November 2015 | Miami Design District 3 | Miami, FL | 2.5% | 40,000 |
| — |
| 40,000 |
|
| Total | | | $ | 881,215 |
| $ | 487,750 |
| $ | 392,968 |
|
|
|
Dispositions | | | | | | |
Closing Date | Property Name | Property Location | Sold Ownership % | Gross Proceeds at Share | Debt at Share | Net Proceeds at Share 1 |
| | | | | ($ in thousands) | |
| | | | | | |
January 2015 | The Trails Village Center | Las Vegas, NV | 50.0% | $ | 27,625 |
| $ | 5,756 |
| $ | 22,120 |
|
April 2015 | 200 Lafayette Office | New York, NY | 100.0% | 124,500 |
| 67,000 |
| 49,417 |
|
September 2015 | Lake Mead & Buffalo | Las Vegas, NV | 50.0% | 11,250 |
| 2,410 |
| 8,360 |
|
December 2015 | Lockport Mall (land parcels) | Lockport, NY | 100.0% | 3,226 |
| — |
| 3,226 |
|
| Total | | | $ | 166,601 |
| $ | 75,166 |
| $ | 83,123 |
|
| | | | | | |
Joint Venture Interests | | | | | | |
February 2015 | Ala Moana Center 4 | Honolulu, HI | 25.0% | $ | 1,376,309 |
| $ | 462,500 |
| $ | 907,000 |
|
April 2015 | 12.5% | 687,293 |
| 231,250 |
| 453,500 |
|
| Total | | | $ | 2,063,602 |
| $ | 693,750 |
| $ | 1,360,500 |
|
| | | | | | |
Dispositions | | | | | | |
Closing Date | Property Name | Property Location | Sold Ownership % | Gross Proceeds at Share | Debt at Share | Net Proceeds at Share 1 |
January 2016 | Owings Mills Mall | Owings Mills, MD | 50.0% | $ | 11,559 |
| $ | — |
| $ | 11,559 |
|
January 2016 | Eastridge Mall CA | San Jose, CA | 100.0% | 225,000 |
| — |
| 216,333 |
|
January 2016 | Provo Towne Center | Provo, UT | 75.0% | 37,500 |
| 31,127 |
| 2,784 |
|
January 2016 | 522 Fifth Avenue 5 | New York, NY | 10.0% | 27,666 |
| 8,624 |
| 19,042 |
|
| Total | | | $ | 301,725 |
| $ | 39,751 |
| $ | 249,718 |
|
| | | | | | |
| |
1. | Includes closing costs. |
| |
2. | Initial gross purchase price of $165 million less $34 million the joint venture partner paid for their share of the purchase price. |
| |
3. | GGP purchased an additional 2.5% interest to increase our total ownership to 15%. |
| |
4. | On February 27, 2015, GGP sold a 25% interest in Ala Moana Center for net proceeds of $907 million. GGP received $670 million at closing and will receive the remaining $237 million in late 2016 after substantial completion of redevelopment. On April 10, 2015, GGP sold an additional 12.5% in Ala Moana Center for net proceeds of $454 million. GGP received $335 million at closing and will receive the remaining $119 million in late 2016 after substantial completion of redevelopment. |
5. GGP has received net proceeds of $10 million and will receive the remaining $9 million in March 2016.
|
|
Portfolio Operating Metrics |
|
| |
PORTFOLIO OPERATING METRICS
Key Operating Performance Indicators As of and for the Twelve Months Ended December 31, 2015 (GLA in thousands)
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GLA Summary (in thousands) |
| Number of Properties | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Total Retail Property | | Strip Center GLA | | Office GLA | | Total GLA | | Total GLA at Share 1 | | % Leased |
Consolidated Retail Properties | 88 |
| | 37,967 |
| | 12,998 |
| | 34,699 |
| | 85,664 |
| | 1,209 |
| | 1,082 |
| | 87,955 |
| | 52,677 |
| | 96.6 | % |
Unconsolidated Retail Properties | 35 |
| | 17,099 |
| | 4,703 |
| | 13,919 |
| | 35,720 |
| | 450 |
| | 1,316 |
| | 37,486 |
| | 12,134 |
| | 97.6 | % |
Same Store Retail Properties2 | 123 |
| | 55,065 |
| | 17,701 |
| | 48,617 |
| | 121,383 |
| | 1,659 |
| | 2,399 |
| | 125,441 |
| | 64,811 |
| | 96.9 | % |
Non-Same Store Retail Properties | 8 |
| | 1,224 |
| | 159 |
| | 542 |
| | 1,925 |
| | — |
| | 293 |
| | 2,218 |
| | 931 |
| | 99.4 | % |
Total Retail Properties | 131 |
| | 56,289 |
| | 17,860 |
| | 49,159 |
| | 123,308 |
| | 1,659 |
| | 2,692 |
| | 127,659 |
| | 65,743 |
| | 96.9 | % |
| | | | | | | | | | | | | | | | | | | |
Non-Same Store Strip Centers & Other Retail | 2 |
| | 695 |
| | 340 |
| | 307 |
| | 1,342 |
| | — |
| | — |
| | 1,342 |
| | 496 |
| | 54.4 | % |
Total Real Estate | 133 |
| | 56,984 |
| | 18,200 |
| | 49,466 |
| | 124,650 |
| | 1,659 |
| | 2,692 |
| | 129,001 |
| | 66,239 |
| | 96.1 | % |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Same Store Operating Metrics2 |
| | | | | | | | | | | | | | | |
| | | | | In-Place Rent | | Tenant Sales 3 | | | | |
December 31, 2015 | % Leased | | % Occupied | | <10K SF | | All Less Anchors | | <10K SF | | All Less Anchors | | Occupancy Cost | | |
Consolidated Retail Properties | 96.6 | % | | 96.3 | % | | $ | 65.09 |
| | $ | 52.09 |
| | $ | 511 |
| | $ | 12,512 |
| | 13.9 | % | | |
Unconsolidated Retail Properties | 97.6 | % | | 97.1 | % | | 90.10 |
| | 75.66 |
| | 756 |
| | 8,469 |
| | 12.5 | % | | |
Same Store Retail Properties | 96.9 | % | | 96.5 | % | | $ | 73.12 |
| | $ | 59.60 |
| | $ | 588 |
| | $ | 20,981 |
| | 13.4 | % | | |
| | | | | | | | | | | | | | | |
| | | | | In-Place Rent | | Tenant Sales 3 | | | | |
December 31, 2014 | % Leased | | % Occupied | | <10K SF | | All Less Anchors | | <10K SF | | All Less Anchors | | Occupancy Cost | | |
| | | | | | | | | | | | | | | |
Consolidated Retail Properties | 97.2 | % | | 96.6 | % | | $ | 63.80 |
| | $ | 52.19 |
| | $ | 488 |
| | $ | 12,094 |
| | 14.1 | % | | |
Unconsolidated Retail Properties | 97.4 | % | | 96.9 | % | | 87.04 |
| | 73.09 |
| | 754 |
| | 8,313 |
| | 12.2 | % | | |
Same Store Retail Properties | 97.2 | % | | 96.7 | % | | $ | 71.21 |
| | $ | 58.97 |
| | $ | 571 |
| | $ | 20,407 |
| | 13.3 | % | | |
| |
1. | Total GLA at Share includes assets at GGP ownership percentages and excludes tenant owned area. |
| |
2. | Same Store Metrics include all properties designated in the Property Schedule (pages 19-25) as "Total Same Store Retail Properties". |
| |
3. | Tenant Sales <10K SF is presented as Sales per square foot in dollars, and Tenant Sales All Less Anchors is presented as total sales volume in millions of dollars. |
|
| |
PORTFOLIO OPERATING METRICS
Signed Leases1 All Less Anchors As of December 31, 2015
| |
|
| | | | | | | |
| Leasing Activity - All Leases |
| | | | | |
| Commencement 2015 |
| # of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF |
| | | | | |
New and Renewal Leases | 2,119 |
| 7,306,093 |
| 6.9 | $60.39 | $66.57 |
Percent in Lieu/Gross | 319 |
| 1,597,442 |
| 5.2 | N/A | N/A |
Total Leases | 2,438 |
| 8,903,535 |
| 6.6 | $60.39 | $66.57 |
| | | | | |
| Commencement 2016 |
| # of Leases | SF | Term (in years) | Initial Rent PSF | Average Rent PSF |
New and Renewal Leases | 571 |
| 2,535,261 |
| 8.5 | $62.18 | $69.67 |
Percent in Lieu/Gross | 74 |
| 659,791 |
| 6.1 | N/A | N/A |
Total Leases | 645 |
| 3,195,052 |
| 8.0 | $62.18 | $69.67 |
|
| | | | | | | | | | | | | | | |
| 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 |
2015 Commencements | 1,664 |
| 4,836,695 |
| 6.5 | $64.92 | $71.80 | $58.60 | $6.32 | 10.8 | % | | $13.20 | 22.5 | % |
2016 Commencements | 497 |
| 1,486,762 |
| 6.5 | $76.42 | $85.00 | $66.78 | $9.64 | 14.4 | % | | $18.22 | 27.3 | % |
| |
1. | Same Store Metrics include all properties designated in the Property Schedule (pages 19-25) as "Total Same Store Retail Properties". |
| |
2. | Represents signed leases that have commenced in the specified period compared to expiring rent for the prior tenant in the same suite. New suites are within 10,000 SF of the expiring suites. |
| |
3. | Represents leases where downtime between the new and previous tenant was less than 24 months. |
|
| |
PORTFOLIO OPERATING METRICS
Lease Expiration Schedule and Top Ten Tenants 1 | |
|
| | | | | | | | | | | | | | | | |
Lease Expiration Year | | Number of Expiring Leases | | Expiring GLA at 100% (in thousands) | | Percent of Total | | Expiring Rent (in thousands) | | Expiring Rent ($psf) |
| | | | | | | | | | |
Specialty Leasing | | 1,112 |
| | 2,336 |
| | 4.4% | | $ | 50,248 |
| | $ | 21.51 |
|
2016 | | 2,021 |
| | 6,456 |
| | 12.1% | | 360,090 |
| | 55.78 |
|
2017 | | 1,899 |
| | 6,140 |
| | 11.5% | | 344,050 |
| | 56.03 |
|
2018 | | 1,564 |
| | 5,406 |
| | 10.1% | | 342,177 |
| | 63.30 |
|
2019 | | 1,220 |
| | 5,384 |
| | 10.1% | | 315,985 |
| | 58.69 |
|
2020 | | 1,115 |
| | 4,135 |
| | 7.8% | | 254,256 |
| | 61.48 |
|
2021 | | 824 |
| | 3,120 |
| | 5.8% | | 213,633 |
| | 68.48 |
|
2022 | | 878 |
| | 3,647 |
| | 6.8% | | 237,319 |
| | 65.06 |
|
2023 | | 923 |
| | 3,825 |
| | 7.2% | | 278,354 |
| | 72.77 |
|
2024 | | 873 |
| | 4,225 |
| | 7.9% | | 308,271 |
| | 72.97 |
|
Subsequent | | 1,340 |
| | 8,670 |
| | 16.3% | | 541,684 |
| | 62.48 |
|
Total | | 13,769 |
| | 53,345 |
| | 100.0% | | $ | 3,246,068 |
| | $ | 60.85 |
|
Vacant Space | | 770 |
| | 1,720 |
| | | | | | |
Mall and Freestanding GLA | | 14,539 |
| | 55,065 |
| | | | | | |
|
| | | | |
Top Ten Largest Tenants | | Primary DBA | | Percent of Minimum Rents, Tenant Recoveries and Other |
| | | | |
Limited Brands, Inc | | Victoria's Secret, Bath & Body Works, PINK, Henri Bendel | | 3.7% |
Foot Locker, Inc | | Footlocker, Champs Sports, Footaction USA | | 2.9% |
The Gap, Inc | | Gap, Banana Republic, Old Navy | | 2.8% |
Forever 21, Inc | | Forever 21 | | 2.2% |
Abercrombie & Fitch Stores, Inc | | Abercrombie, Abercrombie & Fitch, Hollister | | 2.1% |
Ascena Retail Group | | Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft | | 1.8% |
Signet Jewelers Limited | | Zales, Gordon's, Kay, Jared | | 1.6% |
Genesco Inc | | Journeys, Lids, Underground Station, Johnston & Murphy | | 1.5% |
Express, Inc | | Express, Express Men | | 1.5% |
Luxottica Group S.P.A. | | Lenscrafters, Sunglass Hut, Pearle Vision | | 1.5% |
Totals | | | | 21.6% |
| |
1. | Same Store metrics include all properties designated in property schedule (pages 19-25) as "Total Same Store Retail Properties". |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
Consolidated Retail Properties | | | | | | | | | | | | | | | | | | |
200 Lafayette | Pirch | 100 | % | | New York, NY | | 31,328 |
| | — |
| | — |
| | — |
| | — |
| | 31,328 |
| | 100.0 | % |
830 N. Michigan Ave. | Uniqlo, Topshop | 100 | % | | Chicago, IL | | 117,411 |
| | — |
| | — |
| | — |
| | — |
| | 117,411 |
| | 100.0 | % |
Apache Mall | Herberger's, JCPenney, Macy's | 100 | % | | Rochester, MN | | 408,937 |
| | 206,326 |
| | 162,790 |
| | — |
| | — |
| | 778,053 |
| | 98.3 | % |
Augusta Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Augusta, GA | | 503,589 |
| | — |
| | 597,223 |
| | — |
| | — |
| | 1,100,812 |
| | 95.5 | % |
Baybrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Friendswood (Houston), TX | | 639,897 |
| | 96,605 |
| | 720,931 |
| | — |
| | — |
| | 1,457,433 |
| | 99.8 | % |
Beachwood Place | Dillard's, Nordstrom, Saks Fifth Avenue | 100 | % | | Beachwood, OH | | 321,717 |
| | 317,347 |
| | 247,000 |
| | 94,835 |
| | — |
| | 980,899 |
| | 98.5 | % |
Bellis Fair | JCPenney, Kohl's, Macy's, Target | 100 | % | | Bellingham (Seattle), WA | | 436,839 |
| | 100,400 |
| | 237,910 |
| | — |
| | — |
| | 775,149 |
| | 98.4 | % |
Boise Towne Square | Dillard's, JCPenney, Macy's, Sears, Kohl's | 100 | % | | Boise, ID | | 423,035 |
| | 425,556 |
| | 247,714 |
| | 114,687 |
| | — |
| | 1,210,992 |
| | 96.8 | % |
Brass Mill Center | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | | Waterbury, CT | | 444,756 |
| | 218,339 |
| | 319,391 |
| | 197,087 |
| | — |
| | 1,179,573 |
| | 96.9 | % |
Coastland Center | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Naples, FL | | 337,434 |
| | 123,921 |
| | 466,469 |
| | — |
| | — |
| | 927,824 |
| | 96.7 | % |
Columbia Mall | Dillard's, JCPenney, Sears, Target | 100 | % | | Columbia, MO | | 314,338 |
| | 85,972 |
| | 335,088 |
| | — |
| | — |
| | 735,398 |
| | 93.7 | % |
Columbiana Centre | Belk, Dillard's, JCPenney | 100 | % | | Columbia, SC | | 269,101 |
| | 160,276 |
| | 360,643 |
| | — |
| | — |
| | 790,020 |
| | 99.7 | % |
Coral Ridge Mall | Dillard's, JCPenney, Target, Younkers | 100 | % | | Coralville (Iowa City), IA | | 521,555 |
| | 98,596 |
| | 442,365 |
| | — |
| | — |
| | 1,062,516 |
| | 97.7 | % |
Coronado Center | JCPenney, Kohl's, Macy's, Sears | 100 | % | | Albuquerque, NM | | 516,204 |
| | 305,503 |
| | 281,144 |
| | — |
| | — |
| | 1,102,851 |
| | 100.0 | % |
Crossroads Center | JCPenney, Macy's, Sears, Target | 100 | % | | St. Cloud, MN | | 366,409 |
| | 294,167 |
| | 229,275 |
| | — |
| | — |
| | 889,851 |
| | 97.2 | % |
Cumberland Mall | Costco, Macy's, Sears | 100 | % | | Atlanta, GA | | 386,861 |
| | 147,409 |
| | 500,575 |
| | — |
| | — |
| | 1,034,845 |
| | 99.5 | % |
Deerbrook Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Humble (Houston), TX | | 558,475 |
| | — |
| | 653,540 |
| | — |
| | — |
| | 1,212,015 |
| | 99.1 | % |
Eastridge Mall WY | JCPenney, Macy's, Sears, Target | 100 | % | | Casper, WY | | 276,555 |
| | 213,913 |
| | 75,883 |
| | — |
| | — |
| | 566,351 |
| | 88.4 | % |
Eastridge Mall CA | JCPenney, Macy's, Sears | 100 | % | | San Jose, CA | | 658,990 |
| | 246,261 |
| | 426,000 |
| | — |
| | — |
| | 1,331,251 |
| | 98.8 | % |
Fashion Place | Dillard's, Nordstrom | 100 | % | | Murray, UT | | 441,863 |
| | 162,000 |
| | 319,603 |
| | — |
| | — |
| | 923,466 |
| | 97.0 | % |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
Fashion Show | Dillard's, Macy's, Macy's Men's, Neiman Marcus, Nordstrom, Saks Fifth Avenue | 100 | % | | Las Vegas, NV | | 833,406 |
| | 271,635 |
| | 761,653 |
| | — |
| | — |
| | 1,866,694 |
| | 99.0 | % |
Four Seasons Town Centre | Dillard's, JCPenney | 100 | % | | Greensboro, NC | | 438,618 |
| | 429,969 |
| | 212,047 |
| | — |
| | — |
| | 1,080,634 |
| | 92.9 | % |
Fox River Mall | JCPenney, Macy's, Sears, Target, Younkers | 100 | % | | Appleton, WI | | 596,274 |
| | 30,000 |
| | 564,914 |
| | — |
| | — |
| | 1,191,188 |
| | 98.3 | % |
Glenbrook Square | JCPenney, Macy's, Sears, Carson's | 100 | % | | Fort Wayne, IN | | 448,106 |
| | 555,870 |
| | 221,000 |
| | — |
| | — |
| | 1,224,976 |
| | 90.1 | % |
Governor's Square | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Tallahassee, FL | | 339,685 |
| | — |
| | 691,605 |
| | — |
| | — |
| | 1,031,290 |
| | 92.7 | % |
Grand Teton Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Idaho Falls, ID | | 211,466 |
| | 199,062 |
| | 124,863 |
| | 93,274 |
| | — |
| | 628,665 |
| | 91.9 | % |
Greenwood Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Bowling Green, KY | | 422,536 |
| | 156,096 |
| | 272,957 |
| | — |
| | — |
| | 851,589 |
| | 97.4 | % |
Hulen Mall | Dillard's, Macy's, Sears | 100 | % | | Ft. Worth, TX | | 396,437 |
| | — |
| | 596,570 |
| | — |
| | — |
| | 993,007 |
| | 96.8 | % |
Jordan Creek Town Center | Dillard's, Younkers | 100 | % | | West Des Moines, IA | | 746,149 |
| | — |
| | 349,760 |
| | 259,733 |
| | — |
| | 1,355,642 |
| | 97.8 | % |
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 | % |
Lynnhaven Mall | Dillard's, JCPenney, Macy's | 100 | % | | Virginia Beach, VA | | 624,935 |
| | 150,434 |
| | 380,958 |
| | — |
| | — |
| | 1,156,327 |
| | 98.4 | % |
Mall Of Louisiana | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears | 100 | % | | Baton Rouge, LA | | 623,529 |
| | — |
| | 805,630 |
| | 143,634 |
| | — |
| | 1,572,793 |
| | 98.9 | % |
Mall St. Matthews | Dillard's, Dillard's Men's & Home, JCPenney | 100 | % | | Louisville, KY | | 505,090 |
| | — |
| | 514,135 |
| | — |
| | — |
| | 1,019,225 |
| | 98.1 | % |
Market Place Shopping Center | Bergner's, JCPenney, Macy's, | 100 | % | | Champaign, IL | | 512,144 |
| | 234,834 |
| | 149,980 |
| | — |
| | — |
| | 896,958 |
| | 98.3 | % |
Mayfair | Boston Store, Macy's, Nordstrom | 100 | % | | Wauwatosa (Milwaukee), WI | | 621,190 |
| | 288,596 |
| | 348,714 |
| | — |
| | 314,584 |
| | 1,573,084 |
| | 97.0 | % |
Meadows Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Las Vegas, NV | | 307,842 |
| | — |
| | 636,853 |
| | — |
| | — |
| | 944,695 |
| | 95.8 | % |
Mondawmin Mall | | 100 | % | | Baltimore, MD | | 393,182 |
| | — |
| | — |
| | — |
| | 65,528 |
| | 458,710 |
| | 99.8 | % |
Newgate Mall | Dillard's, Sears, Burlington Coat Factory | 100 | % | | Ogden (Salt Lake City), UT | | 338,394 |
| | 218,874 |
| | 118,919 |
| | — |
| | — |
| | 676,187 |
| | 96.7 | % |
North Point Mall | Dillard's, JCPenney, Macy's, Sears, Von Maur | 100 | % | | Alpharetta (Atlanta), GA | | 428,219 |
| | 539,850 |
| | 363,151 |
| | — |
| | — |
| | 1,331,220 |
| | 93.3 | % |
North Star Mall | Dillard's, JCPenney, Macy's, Saks Fifth Avenue | 100 | % | | San Antonio, TX | | 519,169 |
| | 207,196 |
| | 522,126 |
| | — |
| | — |
| | 1,248,491 |
| | 99.2 | % |
Northridge Fashion Center | JCPenney, Macy's, Macy's Men's & Home, Sears | 100 | % | | Northridge (Los Angeles), CA | | 637,117 |
| | — |
| | 824,443 |
| | — |
| | — |
| | 1,461,560 |
| | 97.7 | % |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
Northtown Mall | JCPenney, Kohl's, Macy's, Sears | 100 | % | | Spokane, WA | | 429,627 |
| | 276,488 |
| | 242,392 |
| | — |
| | — |
| | 948,507 |
| | 86.8 | % |
Oak View Mall | Dillard's, JCPenney, Sears, Younkers | 100 | % | | Omaha, NE | | 255,260 |
| | 149,326 |
| | 454,860 |
| | — |
| | — |
| | 859,446 |
| | 81.1 | % |
Oakwood Center | Dillard's, JCPenney, Sears | 100 | % | | Gretna, LA | | 399,817 |
| | — |
| | 514,028 |
| | — |
| | — |
| | 913,845 |
| | 98.4 | % |
Oakwood Mall | JCPenney, Macy's, Sears, Younkers | 100 | % | | Eau Claire, WI | | 403,036 |
| | 116,620 |
| | 298,224 |
| | — |
| | — |
| | 817,880 |
| | 95.3 | % |
Oglethorpe Mall | Belk, JCPenney, Macy's, Sears | 100 | % | | Savannah, GA | | 406,358 |
| | 220,824 |
| | 315,760 |
| | — |
| | — |
| | 942,942 |
| | 97.0 | % |
Oxmoor Center | Macy's, Sears, Von Maur | 94 | % | | Louisville, KY | | 350,386 |
| | 156,000 |
| | 411,210 |
| | — |
| | — |
| | 917,596 |
| | 95.5 | % |
Paramus Park | Macy's, Sears | 100 | % | | Paramus, NJ | | 305,845 |
| | 169,634 |
| | 289,423 |
| | — |
| | — |
| | 764,902 |
| | 98.6 | % |
Park City Center | Boscov's, JCPenney, Kohl's, Sears, The Bon Ton | 100 | % | | Lancaster (Philadelphia), PA | | 535,373 |
| | 514,917 |
| | 384,980 |
| | — |
| | 3,268 |
| | 1,438,538 |
| | 93.9 | % |
Park Place | Dillard's, Macy's, Sears | 100 | % | | Tucson, AZ | | 473,502 |
| | — |
| | 581,457 |
| | — |
| | — |
| | 1,054,959 |
| | 99.7 | % |
Peachtree Mall | Dillard's, JCPenney, Macy's | 100 | % | | Columbus, GA | | 301,038 |
| | 221,539 |
| | 287,076 |
| | — |
| | 12,600 |
| | 822,253 |
| | 93.7 | % |
Pecanland Mall | Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears | 100 | % | | Monroe, LA | | 347,841 |
| | 19,962 |
| | 595,474 |
| | — |
| | — |
| | 963,277 |
| | 95.1 | % |
Pembroke Lakes Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears | 100 | % | | Pembroke Pines (Fort Lauderdale), FL | | 354,054 |
| | 395,219 |
| | 386,056 |
| | — |
| | — |
| | 1,135,329 |
| | 98.2 | % |
Pioneer Place | | 100 | % | | Portland, OR | | 347,852 |
| | — |
| | — |
| | — |
| | 288,898 |
| | 636,750 |
| | 88.8 | % |
Prince Kuhio Plaza | Macy's, Macy's Men's & Home & Childrens, Sears | 100 | % | | Hilo, HI | | 310,046 |
| | 124,547 |
| | 61,873 |
| | — |
| | — |
| | 496,466 |
| | 96.4 | % |
Providence Place | Macy's, Nordstrom | 94 | % | | Providence, RI | | 733,382 |
| | — |
| | 513,816 |
| | — |
| | 4,304 |
| | 1,251,502 |
| | 99.7 | % |
Provo Towne Centre | Dillard's, JCPenney, Sears | 75 | % | | Provo, UT | | 300,303 |
| | 285,479 |
| | 206,240 |
| | — |
| | — |
| | 792,022 |
| | 85.8 | % |
Quail Springs Mall | Dillard's, JCPenney, Macy's, Von Maur | 100 | % | | Oklahoma City, OK | | 446,112 |
| | 160,000 |
| | 505,596 |
| | — |
| | — |
| | 1,111,708 |
| | 97.9 | % |
Red Cliffs Mall | Dillard's, JCPenney, Sears | 100 | % | | St. George, UT | | 155,757 |
| | 235,031 |
| | — |
| | 57,304 |
| | — |
| | 448,092 |
| | 99.1 | % |
Ridgedale Center | JCPenney, Macy's, Sears, Nordstrom | 100 | % | | Minnetonka, MN | | 301,835 |
| | 343,072 |
| | 457,868 |
| | — |
| | — |
| | 1,102,775 |
| | 97.9 | % |
River Hills Mall | Herberger's, JCPenney, Sears, Target | 100 | % | | Mankato, MN | | 343,712 |
| | 189,559 |
| | 174,383 |
| | — |
| | — |
| | 707,654 |
| | 94.9 | % |
Rivertown Crossings | JCPenney, Kohl's, Macy's, Sears, Younkers | 100 | % | | Grandville (Grand Rapids), MI | | 631,479 |
| | — |
| | 635,625 |
| | — |
| | — |
| | 1,267,104 |
| | 96.5 | % |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
Rogue Valley Mall | JCPenney, Kohl's, Macy's, Macy's Home Store | 100 | % | | Medford (Portland), OR | | 280,169 |
| | 170,625 |
| | 186,359 |
| | — |
| | — |
| | 637,153 |
| | 81.0 | % |
Sooner Mall | Dillard's, JCPenney, Sears | 100 | % | | Norman, OK | | 237,303 |
| | 129,823 |
| | 137,082 |
| | — |
| | — |
| | 504,208 |
| | 100.0 | % |
Spokane Valley Mall | JCPenney, Macy's, Sears | 75 | % | | Spokane, WA | | 350,545 |
| | 126,243 |
| | 251,366 |
| | 138,002 |
| | — |
| | 866,156 |
| | 94.8 | % |
Staten Island Mall | Macy's, Sears, JCPenney | 100 | % | | Staten Island, NY | | 524,108 |
| | 190,441 |
| | 466,922 |
| | 83,151 |
| | — |
| | 1,264,622 |
| | 97.9 | % |
Stonestown Galleria | Macy's, Nordstrom | 100 | % | | San Francisco, CA | | 408,161 |
| | 160,505 |
| | 267,788 |
| | — |
| | — |
| | 836,454 |
| | 97.4 | % |
The Crossroads | Burlington Coat Factory, JCPenney, Macy's, Sears | 100 | % | | Portage (Kalamazoo), MI | | 266,414 |
| | — |
| | 502,961 |
| | — |
| | — |
| | 769,375 |
| | 96.7 | % |
The Gallery At Harborplace | | 100 | % | | Baltimore, MD | | 111,371 |
| | — |
| | — |
| | — |
| | 283,321 |
| | 394,692 |
| | 86.9 | % |
The Maine Mall | JCPenney, Macy's, Sears, The Bon Ton | 100 | % | | South Portland, ME | | 523,788 |
| | 120,844 |
| | 377,662 |
| | — |
| | 600 |
| | 1,022,894 |
| | 99.5 | % |
The Mall In Columbia | JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears | 100 | % | | Columbia, MD | | 633,747 |
| | 351,168 |
| | 449,000 |
| | — |
| | — |
| | 1,433,915 |
| | 98.1 | % |
The Oaks Mall | Belk, Dillard's, JCPenney, Macy's, Sears | 100 | % | | Gainesville, FL | | 348,237 |
| | 233,367 |
| | 324,500 |
| | — |
| | — |
| | 906,104 |
| | 94.7 | % |
The Parks At Arlington | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Arlington (Dallas), TX | | 761,468 |
| | — |
| | 748,945 |
| | — |
| | — |
| | 1,510,413 |
| | 99.7 | % |
The Shoppes At Buckland Hills | JCPenney, Macy's, Macy's Men's & Home, Sears | 100 | % | | Manchester, CT | | 560,361 |
| | — |
| | 512,611 |
| | — |
| | — |
| | 1,072,972 |
| | 93.8 | % |
The Shops At Fallen Timbers | Dillard's, JCPenney | 100 | % | | Maumee, OH | | 351,080 |
| | — |
| | 261,502 |
| | — |
| | — |
| | 612,582 |
| | 95.1 | % |
The Shops at La Cantera | Dillard's, Macy's, Neiman Marcus, Nordstrom | 75 | % | | San Antonio, TX | | 619,424 |
| | — |
| | 627,597 |
| | — |
| | 70,094 |
| | 1,317,115 |
| | 99.3 | % |
The Streets At Southpoint | Hudson Belk, JCPenney, Macy's, Nordstrom, Sears | 94 | % | | Durham, NC | | 609,108 |
| | — |
| | 726,347 |
| | — |
| | — |
| | 1,335,455 |
| | 98.7 | % |
The Woodlands Mall | Dillard's, JCPenney, Macy's, Nordstrom | 100 | % | | Woodlands (Houston), TX | | 625,144 |
| | — |
| | 713,438 |
| | — |
| | 38,905 |
| | 1,377,487 |
| | 99.3 | % |
Town East Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Mesquite (Dallas), TX | | 413,455 |
| | — |
| | 809,386 |
| | — |
| | — |
| | 1,222,841 |
| | 97.1 | % |
Tucson Mall | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Tucson, AZ | | 612,486 |
| | — |
| | 641,458 |
| | 27,305 |
| | — |
| | 1,281,249 |
| | 95.8 | % |
Tysons Galleria | Macy's, Neiman Marcus, Saks Fifth Avenue | 100 | % | | McLean (Washington, D.C.), VA | | 290,243 |
| | — |
| | 511,933 |
| | — |
| | — |
| | 802,176 |
| | 95.7 | % |
Valley Plaza Mall | JCPenney, Macy's, Sears, Target | 100 | % | | Bakersfield, CA | | 520,736 |
| | 364,792 |
| | 292,176 |
| | — |
| | — |
| | 1,177,704 |
| | 99.9 | % |
Visalia Mall | JCPenney, Macy's | 100 | % | | Visalia, CA | | 178,146 |
| | 257,000 |
| | — |
| | — |
| | — |
| | 435,146 |
| | 95.6 | % |
Westlake Center | | 100 | % | | Seattle, WA | | 108,785 |
| | — |
| | — |
| | — |
| | — |
| | 108,785 |
| | 93.2 | % |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
Westroads Mall | JCPenney, Von Maur, Younkers | 100 | % | | Omaha, NE | | 520,986 |
| | — |
| | 529,036 |
| | — |
| | — |
| | 1,050,022 |
| | 96.4 | % |
White Marsh Mall | JCPenney, Macy's, Macy's Home Store, Sears, Boscov's | 100 | % | | Baltimore, MD | | 437,322 |
| | 257,345 |
| | 466,010 |
| | — |
| | — |
| | 1,160,677 |
| | 97.0 | % |
Willowbrook | Bloomingdale's, Lord & Taylor, Macy's, Sears | 100 | % | | Wayne, NJ | | 488,877 |
| | 2,060 |
| | 1,028,000 |
| | — |
| | — |
| | 1,518,937 |
| | 100.0 | % |
Woodbridge Center | Boscov's, JCPenney, Lord & Taylor, Macy's, Sears | 100 | % | | Woodbridge, NJ | | 650,462 |
| | 455,739 |
| | 560,935 |
| | — |
| | — |
| | 1,667,136 |
| | 94.9 | % |
Total Consolidated Retail Properties | Count: 88 | | 37,966,550 |
| | 12,998,476 |
| | 34,698,595 |
| | 1,209,012 |
| | 1,082,102 |
| | 87,954,735 |
| | 96.6 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Unconsolidated Retail Properties | | | | | | | | | | | | | | | | | | |
Ala Moana Center 2 | Macy's, Neiman Marcus, Nordstrom, Bloomingdale's | 63 | % | | Honolulu, HI | | 1,113,336 |
| | 849,735 |
| | — |
| | 14,042 |
| | 362,591 |
| | 2,339,704 |
| | 95.5 | % |
Alderwood | JCPenney, Macy's, Nordstrom, Sears | 50 | % | | Lynnwood (Seattle), WA | | 578,303 |
| | 177,679 |
| | 528,219 |
| | 39,096 |
| | — |
| | 1,323,297 |
| | 98.9 | % |
Altamonte Mall | Dillard's, JCPenney, Macy's, Sears | 50 | % | | Altamonte Springs (Orlando), FL | | 483,127 |
| | 158,658 |
| | 519,890 |
| | — |
| | — |
| | 1,161,675 |
| | 97.0 | % |
Bayside Marketplace | | 51 | % | | Miami, FL | | 205,937 |
| | — |
| | — |
| | — |
| | 1,103 |
| | 207,040 |
| | 97.5 | % |
Bridgewater Commons | Bloomingdale's, Lord & Taylor, Macy's | 35 | % | | Bridgewater, NJ | | 406,004 |
| | 150,525 |
| | 352,351 |
| | 92,584 |
| | — |
| | 1,001,464 |
| | 97.1 | % |
Carolina Place | Belk, Dillard's, JCPenney, Macy's, Sears | 50 | % | | Pineville (Charlotte), NC | | 386,359 |
| | 277,404 |
| | 496,098 |
| | — |
| | — |
| | 1,159,861 |
| | 97.2 | % |
Christiana Mall | JCPenney, Macy's, Nordstrom, Target | 50 | % | | Newark, DE | | 625,679 |
| | — |
| | 641,312 |
| | — |
| | — |
| | 1,266,991 |
| | 99.4 | % |
Clackamas Town Center | JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears | 50 | % | | Happy Valley, OR | | 636,150 |
| | — |
| | 774,842 |
| | — |
| | — |
| | 1,410,992 |
| | 99.6 | % |
First Colony Mall | Dillard's, Dillard's Men's & Home, JCPenney, Macy's | 50 | % | | Sugar Land, TX | | 510,915 |
| | — |
| | 619,048 |
| | — |
| | — |
| | 1,129,963 |
| | 99.4 | % |
Florence Mall | JCPenney, Macy's, Macy's Home Store, Sears | 50 | % | | Florence (Cincinnati, OH), KY | | 388,560 |
| | — |
| | 552,407 |
| | — |
| | — |
| | 940,967 |
| | 87.6 | % |
Galleria At Tyler | JCPenney, Macy's, Nordstrom | 50 | % | | Riverside, CA | | 559,637 |
| | — |
| | 468,208 |
| | — |
| | — |
| | 1,027,845 |
| | 99.4 | % |
Glendale Galleria | Bloomingdale's, JCPenney, Macy's, Target | 50 | % | | Glendale, CA | | 504,094 |
| | 305,000 |
| | 525,000 |
| | — |
| | 139,013 |
| | 1,473,107 |
| | 98.8 | % |
Kenwood Towne Centre 3 | Dillard's, Macy's, Nordstrom | 50 | % | | Cincinnati, OH | | 519,846 |
| | 240,656 |
| | 400,665 |
| | — |
| | — |
| | 1,161,167 |
| | 100.0 | % |
Mizner Park | Lord & Taylor | 47 | % | | Boca Raton, FL | | 176,870 |
| | 79,822 |
| | — |
| | — |
| | 264,199 |
| | 520,891 |
| | 90.1 | % |
Natick Mall | Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom | 50 | % | | Natick (Boston), MA | | 747,514 |
| | 194,722 |
| | 558,370 |
| | — |
| | — |
| | 1,500,606 |
| | 98.5 | % |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
Neshaminy Mall | Boscov's, Macy's, Sears | 50 | % | | Bensalem, PA | | 391,619 |
| | 215,586 |
| | 418,595 |
| | — |
| | — |
| | 1,025,800 |
| | 95.8 | % |
Northbrook Court | Lord & Taylor, Macy's, Neiman Marcus | 50 | % | | Northbrook (Chicago), IL | | 478,229 |
| | 126,000 |
| | 410,277 |
| | — |
| | — |
| | 1,014,506 |
| | 95.3 | % |
Oakbrook Center | Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears | 48 | % | | Oak Brook (Chicago), IL | | 1,112,337 |
| | 606,081 |
| | 467,863 |
| | — |
| | 240,030 |
| | 2,426,311 |
| | 98.3 | % |
Otay Ranch Town Center | Macy's | 50 | % | | Chula Vista (San Diego), CA | | 506,996 |
| | — |
| | 140,000 |
| | — |
| | — |
| | 646,996 |
| | 96.8 | % |
Park Meadows | Dillard's, JCPenney, Macy's, Nordstrom | 35 | % | | Lone Tree, CO | | 754,029 |
| | — |
| | 823,000 |
| | — |
| | — |
| | 1,577,029 |
| | 98.8 | % |
Perimeter Mall | Dillard's, Macy's, Nordstrom, Von Maur | 50 | % | | Atlanta, GA | | 511,058 |
| | 222,056 |
| | 831,218 |
| | — |
| | — |
| | 1,564,332 |
| | 97.1 | % |
Pinnacle Hills Promenade | Dillard's, JCPenney | 50 | % | | Rogers, AR | | 359,079 |
| | 98,540 |
| | 162,140 |
| | 304,505 |
| | 63,257 |
| | 987,521 |
| | 94.6 | % |
Plaza Frontenac | Neiman Marcus, Saks Fifth Avenue | 55 | % | | St. Louis, MO | | 224,518 |
| | 125,669 |
| | 135,044 |
| | — |
| | — |
| | 485,231 |
| | 96.9 | % |
Riverchase Galleria | Belk, JCPenney, Macy's, Sears, Von Maur | 50 | % | | Hoover (Birmingham), AL | | 558,565 |
| | 330,032 |
| | 610,026 |
| | — |
| | — |
| | 1,498,623 |
| | 96.6 | % |
Saint Louis Galleria 2 | Dillard's, Macy's, Nordstrom | 74 | % | | St. Louis, MO | | 447,247 |
| | — |
| | 714,052 |
| | — |
| | — |
| | 1,161,299 |
| | 96.5 | % |
Stonebriar Centre | Dillard's, JCPenney, Macy's, Nordstrom, Sears | 50 | % | | Frisco (Dallas), TX | | 845,979 |
| | 162,018 |
| | 703,174 |
| | — |
| | — |
| | 1,711,171 |
| | 98.1 | % |
The Grand Canal Shoppes | Barneys New York | 50 | % | | Las Vegas, NV | | 648,313 |
| | 84,743 |
| | — |
| | — |
| | 34,088 |
| | 767,144 |
| | 100.0 | % |
The Shoppes At River Crossing | Belk, Dillard's | 50 | % | | Macon, GA | | 395,490 |
| | — |
| | 333,219 |
| | — |
| | — |
| | 728,709 |
| | 97.9 | % |
Towson Town Center | Macy's, Nordstrom | 35 | % | | Towson, MD | | 602,707 |
| | — |
| | 419,129 |
| | — |
| | — |
| | 1,021,836 |
| | 98.6 | % |
Union/Geary | Bulgari | 50 | % | | San Francisco, CA | | 22,208 |
| | — |
| | — |
| | — |
| | 19,507 |
| | 41,715 |
| | 100.0 | % |
Union/Stockton | Apple | 50 | % | | San Francisco, CA | | 16,987 |
| | — |
| | — |
| | — |
| | — |
| | 16,987 |
| | 100.0 | % |
Village Of Merrick Park | Neiman Marcus, Nordstrom | 55 | % | | Coral Gables, FL | | 408,716 |
| | — |
| | 330,000 |
| | — |
| | 101,263 |
| | 839,979 |
| | 97.4 | % |
Water Tower Place | Macy's | 47 | % | | Chicago, IL | | 408,289 |
| | 297,618 |
| | — |
| | — |
| | 88,809 |
| | 794,716 |
| | 98.6 | % |
Whaler's Village | | 50 | % | | Lahaina, HI | | 103,963 |
| | — |
| | — |
| | — |
| | 2,557 |
| | 106,520 |
| | 100.0 | % |
Willowbrook Mall | Dillard's, JCPenney, Macy's, Macy's Men's, Sears | 50 | % | | Houston, TX | | 459,904 |
| | — |
| | 984,372 |
| | — |
| | — |
| | 1,444,276 |
| | 96.7 | % |
Total Unconsolidated Retail Properties | Count: 35 | | 17,098,564 |
| | 4,702,544 |
| | 13,918,519 |
| | 450,227 |
| | 1,316,417 |
| | 37,486,271 |
| | 97.6 | % |
Total Same Store Retail Properties 4 | Count: 123 | | 55,065,114 |
| | 17,701,020 |
| | 48,617,114 |
| | 1,659,239 |
| | 2,398,519 |
| | 125,441,005 |
| | 96.9 | % |
| | | | | | | | | | | | | | | | | | |
|
| |
PORTFOLIO OPERATING METRICS
Property Schedule As of December 31, 2015
| |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Name | Anchors | GGP
Own % | | Location | | Mall and Freestanding GLA | | Anchor GLA
(GGP Owned) | | Anchor GLA
(Tenant Owned) | | Strip Center GLA | | Office GLA | | Total GLA 1 | | Retail Percentage Leased |
| | | | | | | | | | | | | | | | | | |
Non-Same Store Retail Properties | | | | | | | | | | | | | | | | | | |
Southwest Plaza | Dillard's, JCPenney, Macy's, Sears | 100 | % | | Littleton, CO | | 559,849 |
| | 34,545 |
| | 541,851 |
| | — |
| | 65,553 |
| | 1,201,798 |
| | 98.3 | % |
The Shops at Bravern | Neiman Marcus | 40 | % | | Bellevue, WA | | 111,886 |
| | 124,637 |
| | — |
| | — |
| | — |
| | 236,523 |
| | 100.0 | % |
522 Fifth Avenue | | 10 | % | | New York, NY | | 1,918 |
| | — |
| | — |
| | — |
| | — |
| | 1,918 |
| | 100.0 | % |
530 Fifth Avenue | Fossil, Desigual, Chase Bank | 50 | % | | New York, NY | | 31,230 |
| | — |
| | — |
| | — |
| | — |
| | 31,230 |
| | 100.0 | % |
685 Fifth Avenue | Coach | 50 | % | | New York, NY | | 23,374 |
| | — |
| | — |
| | — |
| | 103,103 |
| | 126,477 |
| | 100.0 | % |
730 Fifth Avenue | Bulgari, Mikimoto, Piaget | 50 | % | | New York, NY | | 64,956 |
| | — |
| | — |
| | — |
| | 32,672 |
| | 97,628 |
| | 100.0 | % |
85 Fifth Avenue | Anthropologie | 50 | % | | New York, NY | | 12,946 |
| | — |
| | — |
| | — |
| | — |
| | 12,946 |
| | 100.0 | % |
Miami Design District 5 | Bulgari, Fendi, Hermes, Louis Vuitton, Prada, Valentino | 15 | % | | Miami, FL | | 417,943 |
| | — |
| | — |
| | — |
| | 91,917 |
| | 509,860 |
| | 100.0 | % |
Total Retail Properties | Count: 131 | | 56,289,216 |
| | 17,860,202 |
| | 49,158,965 |
| | 1,659,239 |
| | 2,691,764 |
| | 127,659,385 |
| | 96.9 | % |
| | | | | | | | | | | | | | | | | | |
Non-Same Store Strip Centers & Other Retail | | | | | | | | | | | | | | | |
Shopping Leblon | | 35 | % | | Rio de Janeiro, Brazil | | 256,045 |
| | — |
| | — |
| | — |
| | — |
| | 256,045 |
| | 99.5 | % |
Owings Mills Mall | JCPenney, Macy's | 50 | % | | Owings Mills, MD | | 438,582 |
| | 340,000 |
| | 307,037 |
| | | | | | 1,085,619 |
| | 28.0 | % |
Total Non-Same Store Strip Centers & Other Retail | Count: 2 | | 694,627 |
| | 340,000 |
| | 307,037 |
| | — |
| | — |
| | 1,341,664 |
| | 54.4 | % |
| |
1. | Excludes space under development. |
| |
2. | Ownership is substantially more than 50% but management decisions are decided by the joint venture and the entity is unconsolidated for reporting purposes. |
| |
3. | Ownership percentage includes retained debt of $91.8 million. |
| |
4. | Refer to page 17 (Key Operating Performance Indicators). |
| |
5. | Investment is considered cost method for reporting purposes and is reflected in prepaid and other assets in our proportionate balance sheet. |
|
| |
MISCELLANEOUS
Capital Information (In thousands, except per share amounts) | |
|
| | | |
| December 31, 2015 |
| |
Closing common stock price per share | $ | 27.21 |
|
52 Week High 1 | 31.70 |
|
52 Week Low 1 | 24.22 |
|
| |
Portfolio Net Debt, At Share | |
Portfolio Debt | |
Fixed | $ | 16,155,359 |
|
Variable | 3,792,274 |
|
Total Portfolio Debt | 19,947,633 |
|
Less: Cash and Cash Equivalents | (569,640 | ) |
Portfolio Net Debt | $ | 19,377,993 |
|
| |
Portfolio Capitalization Data | |
Portfolio Net Debt | $ | 19,377,993 |
|
Preferred Securities: | |
Convertible Preferred Units at 6.50% | 26,637 |
|
Convertible Preferred Units at 7.00% | 25,133 |
|
Convertible Preferred Units at 8.50% | 106,133 |
|
Preferred Stock at 6.375% | 250,000 |
|
Other Preferred Stock | 360 |
|
Total Preferred Securities | $ | 408,263 |
|
| |
Common stock and Operating Partnership units outstanding at end of period 2 | $ | 24,186,316 |
|
Total Market Capitalization at end of period | $ | 43,972,572 |
|
| |
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 December 31, 2015 | Long Term Incentive Plan Common Units | | Operating Partnership Units | Company Common Shares | | Total Common Shares & Operating Partnership Units |
| | | | (In thousands) | | |
Common Shares and Operating Partnership Units ("OP Units") Outstanding at December 31, 2014 | — |
| | 4,625 |
| 884,912 |
| | 889,537 |
|
Common Unit Cash Conversion | — |
| | (40 | ) | — |
| | (40 | ) |
DRIP | — |
| | — |
| 24 |
| | 24 |
|
Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised | 1,646 |
| | — |
| 1,649 |
| | 3,295 |
|
Issuance of stock for employee stock purchase program | — |
| | — |
| 137 |
| | 137 |
|
Repurchase of common stock | — |
| | — |
| (90 | ) | | (90 | ) |
Retirement of common stock | — |
| | — |
| (4,235 | ) | | (4,235 | ) |
Common Shares and OP Units Outstanding at December 31, 2015 | 1,646 |
| | 4,585 |
| 882,397 |
| | 888,628 |
|
| | | | | | |
Common Shares issuable assuming exercise of warrants 1 | | | | 60,636 |
| | |
Common Shares issuable assuming exercise of in-the-money stock options 2 | | | | 6,490 |
| | |
Common Shares issuable assuming exchange of OP Units | | | | 6,479 |
| | |
Diluted Common Shares and OP Units Outstanding at December 31, 2015 | | | | 956,002 |
| | |
|
| | | | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2015 | | December 31, 2014 | | December 31, 2015 | | December 31, 2014 |
| | (In thousands) | | (In thousands) |
Weighted average number of company shares outstanding | | 882,419 |
| | 884,370 |
| | 884,676 |
| | 887,031 |
|
Weighted average number of stock options 3 | | 6,382 |
| | 6,753 |
| | 6,884 |
| | 5,547 |
|
Weighted average number of GAAP dilutive warrants | | 59,617 |
| | 55,967 |
| | 59,501 |
| | 52,143 |
|
Diluted weighted average number of Company shares outstanding - GAAP EPS | | 948,418 |
| | 947,090 |
| | 951,061 |
| | 944,721 |
|
| | | | | | | | |
Weighted average number of common units | | 4,768 |
| | 4,830 |
| | 4,783 |
| | 4,833 |
|
Weighted average number of LTIP Units 4 | | 1,716 |
| | — |
| | 1,609 |
| | — |
|
Diluted weighted average number of Company shares outstanding - FFO/Company FFO | | 954,902 |
| | 951,920 |
| | 957,453 |
| | 949,554 |
|
| |
1. | GGP has 73.9 million warrants outstanding convertible to 1.2133 Common Shares with a weighted average exercise price of $8.8158, with a scheduled expiration of November 9, 2017. 16.4 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder. |
Pursuant to the Plan, warrants to purchase equity were issued to the Plan Sponsors on the Effective Date. The warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration.
|
| | | | | |
Warrants | Weighted Average Exercise Price | Expiration Date | Impact of Dividend issued to stockholders of record as of December 15, 2015 5 | Impact of settling warrants via net share settlement 6 |
$57,500,000 | $8.8616 | Nov 9, 2017 | Reduces exercise price to $8.8616 | Increases number of Common shares per warrant to 1.2133 | Net share: 69,764,750 x [27.21 - 8.616] /27.21 = 47,044,158 shares delivered |
$16,428,571 | $8.6555 | Nov 9, 2017 | Reduces exercise price to $8.6555 | Increases number of Common shares per warrant to 1.2133 | Net share: 19,932,785 x [27.21 - 8.6555] /27.21 = 13,592,167 shares delivered |
73,928,571 | $8.8158 | | | | 60,636,325 shares delivered |
| |
2. | The options are included at net share settlement. |
| |
3. | The impact of the stock options are dilutive under GAAP and FFO in 2015 and 2014. |
| |
4. | LTIP Units are long term incentive plan units. |
| |
5. | Based on dividend of $0.19 per share issued to stockholders of record on December 15, 2015. |
| |
6. | Based on stock price of $27.21 on December 31, 2015. |
|
| |
MISCELLANEOUS
Development Summary | |
|
| | | | | | | | | | | | | | | | |
Property1 | Description | | GGP's Total Projected Share of Cost | | GGP's Investment to Date 2 | | Expected Return on Investment 3 | | % Opening on Open Date | | Stabilized Year |
Major Development Summary (in millions, at share unless otherwise noted) | | | | | | | | | | |
| | | | | | | | | | | |
Open | | | | | | | | | | | |
Projects Open Prior to Q4 2015 | | | | | | | | | | | |
Various Malls | Various projects open prior to Q4 2015 | | $ | 500 |
| | 461 |
| | 11% | | | | 2016 |
| | | | | | | | | | | |
Projects Opening in Q4 2015 | | | | | | | | | | | |
Mayfair Mall4 | Nordstrom | | 57 |
| | 54 |
| | 7-8% | | 90 | % | | 2016 |
Wauwatosa, WI | | | | | | | | | | | |
| | | | | | | | | | | |
Ridgedale Center4 | Nordstrom, Macy's Expansion, New Inline | | 110 |
| | 101 |
| | 7-9% | | 40 | % | | 2017 |
Minnetonka, MN | GLA and renovation | | | | | | | | | | |
| | | | | | | | | | | |
Southwest Plaza | Redevelopment | | 74 |
| | 69 |
| | 9-10% | | 80 | % | | 2017 |
Littleton, CO | | | | | | | | | | | |
| | | | | | | | | | | |
Baybrook Mall | Expansion | | 95 |
| | 63 |
| | 8-10% | | 50 | % | | 2017 |
Friendswood, TX | | | | | | | | | | | |
| | | | | | | | | | | |
Ala Moana Center4 | Demolish existing Sears store and expand mall, adding anchor, box and inline tenants, reconfigure center court | | 343 |
| | 335 |
| | 11% | | 50 | % | | 2017 |
Honolulu, HI | | | | | | | | | | |
| | | | | | | | | | | |
Various Malls | Various projects opening Q4 2015 | | 99 |
| | 77 |
| | 9-10% | | 90 | % | | 2017 |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Total Open Projects | | $ | 1,278 |
| | $ | 1,160 |
| | | | | | |
| | | | | | | | | | | |
Under Construction | | | | | | | | | | | |
Staten Island Mall | Expansion | | 199 |
| | 13 |
| | 8-9% | | | | 2019 |
Staten Island, NY | | | | | | | | | | | |
| | | | | | | | | | | |
Other Projects | Redevelopment projects at various malls | | 203 |
| | 63 |
| | 6-8% | | | | 2017-2018 |
Various Malls | | | | | | | | | | | |
| | | | | | | | | | | |
| Total Projects Under Construction | | $ | 402 |
| | $ | 76 |
| | | | | | |
|
| |
MISCELLANEOUS
Development Summary | |
|
| | | | | | | | | | | | | | |
Property1 | Description | | GGP's Total Projected Share of Cost | | GGP's Investment to Date 2 | | Expected Return on Investment 3 | | % Opening on Open Date | Stabilized Year |
Major Development Summary (in millions, at share unless otherwise noted) | | | | | | | | | |
| | | | | | | | | | |
Projects in Pipeline | | | | | | | | | | |
New Mall Development | Ground up mall development | | $ | 285 |
| | 43 |
| | 8-10% | | | 2020 |
Norwalk, CT | | | | | | | | | | |
| | | | | | | | | | |
Ala Moana Center | Nordstrom box repositioning | | 53 |
| | 22 |
| | 9-10% | | | 2018 |
Honolulu, HI | | | | | | | | | | |
| | | | | | | | | | |
Other Projects | Redevelopment projects at various malls | | 304 |
| | 90 |
| | 8-9% | | | TBD |
Various Malls | | | | | | | | | | |
| | | | | | | | | | |
| Total Projects in Pipeline | | $ | 643 |
| | $ | 155 |
| | | | | |
| | | | | | | | | | |
| Total Development Summary | | $ | 2,323 |
| | $ | 1,391 |
| | 9-11% | | | |
| |
1. | See Property Schedule on pages 19-25 for GGP ownership percentage for each individual property. |
| |
2. | Projected costs and investments to date exclude capitalized interest and overhead. |
| |
3. | Return on investment represents first year stabilized cash-on-cash return, based upon budgeted assumptions. Actual costs may vary. |
| |
4. | Project ROI includes income related to uplift on existing space. |
|
| |
MISCELLANEOUS
Capital Expenditures | |
|
| | | | | | | | |
Expenditures ($ in thousands) |
| | | | |
| | Twelve Months Ended | | Twelve Months Ended |
| | December 31, 2015 | | December 31, 2014 |
| | | | |
Capital expenditures | | $ | 180,443 |
| | $ | 174,695 |
|
Tenant allowances and capitalized leasing costs | | 150,272 |
| | 132,242 |
|
Total | | $ | 330,715 |
| | $ | 306,937 |
|
|
| |
MISCELLANEOUS
Corporate Information | |
|
| | | | |
Reporting Calendar |
Results for year end will be announced according to the following approximate schedule: | | |
| Quarter | Earnings Release Date | Earnings Call Date | |
| Q1 2016 | May 2, 2016 | May 3, 2016 | |
|
| | | | |
Stock Information | | | | |
Common Stock | | | | |
NYSE: GGP | | | | |
| | | | |
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Series A Preferred Stock) |
NYSE: GGP PrA | | | | |
|
| | | | | |
Security | Quarter | Declaration Date | Record Date | Date Payable or Paid | Dividend per Share |
Common Stock | Q1 2016 | February 1, 2016 | April 15, 2016 | April 29, 2016 | $0.1900 |
Common Stock | Q4 2015 | November 2, 2015 | December 15, 2015 | January 4, 2016 | $0.1900 |
Common Stock | Q3 2015 | September 1, 2015 | October 15, 2015 | October 30, 2015 | $0.1800 |
Common Stock | Q2 2015 | May 21, 2015 | July 15, 2015 | July 31, 2015 | $0.1700 |
Common Stock | Q1 2015 | February 19, 2015 | April 15, 2015 | April 30, 2015 | $0.1700 |
Common Stock | Q4 2014 | November 14, 2014 | December 15, 2014 | January 2, 2015 | $0.1700 |
Series A Preferred Stock | Q1 2016 | February 1, 2016 | March 15, 2016 | April 1, 2016 | $0.3984 |
Series A Preferred Stock | Q4 2015 | November 2, 2015 | December 15, 2015 | January 4, 2016 | $0.3984 |
Series A Preferred Stock | Q3 2015 | September 1, 2015 | September 15, 2015 | October 1, 2015 | $0.3984 |
Series A Preferred Stock | Q2 2015 | May 21, 2015 | June 15, 2015 | July 1, 2015 | $0.3984 |
Series A Preferred Stock | Q1 2015 | February 19, 2015 | March 16, 2015 | April 1, 2015 | $0.3984 |
Series A Preferred Stock | Q4 2014 | November 14, 2014 | December 15, 2014 | January 2, 2015 | $0.3984 |
|
| | | | |
Investor Relations | | | | Transfer Agent |
| | | | |
Kevin Berry | | | | American Stock Transfer & Trust Company, LLC |
Vice President, Investor Relations | | | | 6201 15th Avenue |
Phone (312) 960-5529 | | | | Brooklyn, NY 11219 |
kevin.berry@ggp.com | | | | Phone: (866) 627-2643 |
| | | | Foreign Investor Line: |
| | | | +1 718 921-8124 |
|
| |
MISCELLANEOUS
Glossary of Terms | |
|
| | |
Terms | | Description |
Gross Leasable Area (GLA) | | Total gross leasable space at 100%. |
Mall and Freestanding | | Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores and development space. |
Anchor/Traditional Anchor | | Department stores whose merchandise appeals to a broad range of shoppers. Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants. |
Strip Center | | An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. |
Office | | Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component. |
Specialty Leasing | | Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice. |
Same Store NOI | | Company NOI that excludes the periodic effects of acquisitions of new properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. |
Non-Same Store NOI | | Includes the periodic effects of acquisitions of new properties and certain redevelopments and other properties. |
Company NOI | | Same Store NOI plus Non-Same Store NOI. Excludes reductions in ownership as a result of sales or other transactions. |
Company EBITDA | | Company NOI plus management fees and other corporate revenues, property management and other costs and general and administrative expense. Excludes reductions in ownership as a result of sales or other transactions. |
Sold Interests | | Reduction in ownership as a result of sales or other transactions, excluded from Company NOI and Company EBITDA, included in Company FFO. |
|
| | |
Operating Metrics | | Description |
Leased | | Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space, and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area. |
Occupied | | Occupied area represents the sum of: (1) tenant occupied space under lease, (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area. |
Tenant Sales | | Comparative rolling twelve month sales. |
Occupancy Cost | | Ratio of total tenant charges to comparative sales for inline mall tenants that opened at less than 10,000 square feet. |
In-Place Rent | | Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent and common area costs. |
Expiring Rent | | Represents rent at the end of the lease consisting of base minimum rent and common area costs. |
Initial Rent | | Represents initial rent at the time of rent commencement consisting of base minimum rent and common area costs. |
Average Rent | | Represents average rent over the term consisting of base minimum rent and common area costs. |
Initial Rent Spread | | Dollar spread between Initial Rent and Expiring Rent. |
Average Rent Spread | | Dollar spread between Average Rent and Expiring Rent. |
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