SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2017
SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation) |
001-14469 (Commission File Number) |
04-6268599 (IRS Employer Identification No.) |
||
225 WEST WASHINGTON STREET INDIANAPOLIS, INDIANA (Address of principal executive offices) |
46204 (Zip Code) |
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Registrant's telephone number, including area code: 317.636.1600 |
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Not Applicable (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:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition
On August 1, 2017, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended June 30, 2017 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1, and is incorporated by reference into this report.
Item 7.01. Regulation FD Disclosure
Exhibit 99.1 also includes supplemental financial and operating information for the quarter ended June 30, 2017.
Item 9.01. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
Exhibit No. | Description | |
---|---|---|
99.1 | Earnings Release dated August 1, 2017 and supplemental information |
The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles ("GAAP") in the United States, including funds from operations ("FFO"), FFO per share, comparable FFO per share, comparable earnings per share, funds available for distribution, net operating income ("NOI"), portfolio NOI, and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
These non-GAAP financial measures should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.
Reconciliations of each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.
The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: August 1, 2017
SIMON PROPERTY GROUP, INC. | ||||
By: |
/s/ ANDREW JUSTER Andrew Juster, Executive Vice President and Chief Financial Officer |
3
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TABLE OF CONTENTS
SIMON PROPERTY GROUP
EARNINGS RELEASE & SUPPLEMENTAL INFORMATION
UNAUDITED SECOND QUARTER 2017
2Q 2017 SUPPLEMENTAL | 1 |
Contacts: | FOR IMMEDIATE RELEASE | |||
Tom Ward | 317-685-7330 Investors | |||
Les Morris | 317-263-7711 Media |
SIMON PROPERTY GROUP REPORTS SECOND QUARTER 2017 RESULTS AND RAISES QUARTERLY DIVIDEND AND FULL YEAR 2017 GUIDANCE
INDIANAPOLIS, August 1, 2017 - Simon, a global leader in premier shopping, dining and entertainment destinations, today reported results for the quarter ended June 30, 2017.
2Q 2017 SUPPLEMENTAL | 2 |
EARNINGS RELEASE
"We produced impressive second quarter results and solid operating metrics," said David Simon, Chairman and Chief Executive Officer. "It was a very eventful quarter with the completion of the multi-year transformation of The Galleria in Houston and the opening of four new outlets, including three international centers, as well as the groundbreaking of a new Premium Outlets center in Denver. Today, we raised our quarterly dividend and increased our full-year 2017 guidance."
U.S. MALLS AND PREMIUM OUTLETS OPERATING STATISTICS
PORTFOLIO NET OPERATING INCOME ("NOI") AND COMPARABLE PROPERTY NOI
Total portfolio NOI growth for the three months ended June 30, 2017 was 5.0% and was 5.3% for the six months ended June 30, 2017. Total portfolio NOI includes comparable property NOI, NOI from new development, redevelopment, expansion and acquisitions, NOI from international properties and our share of NOI from investments. Comparable property NOI growth for the three months ended June 30, 2017 was 4.4% and was 4.1% for the six months ended June 30, 2017.
Today, Simon's Board of Directors declared a quarterly common stock dividend of $1.80 per share. This is a 9.1% increase year-over-year. The dividend will be payable on August 31, 2017 to stockholders of record on August 17, 2017.
Simon's Board of Directors also declared the quarterly dividend on its 83/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 29, 2017 to stockholders of record on September 15, 2017.
2Q 2017 SUPPLEMENTAL | 3 |
EARNINGS RELEASE
During the quarter, we opened four new outlet developments.
Construction continues on two other new development projects:
Construction also continues on significant redevelopment and expansion projects at properties including La Plaza Mall, The Shops at Riverside, Aventura Mall, Allen Premium Outlets and Toronto Premium Outlets.
At quarter-end, redevelopment and expansion projects, including the addition of new anchors, were underway at 25 properties in the U.S. and Canada. Simon's share of the costs of all new development and redevelopment projects under construction at quarter-end was approximately $1.3 billion.
During the second quarter, construction started on a 328,000 square foot upscale outlet center located in Thornton (Denver), Colorado, projected to open in September 2018. Simon owns 100% of this project.
2Q 2017 SUPPLEMENTAL | 4 |
EARNINGS RELEASE
The Company was active in both the unsecured and secured credit markets in the second quarter, continuing to lower our effective borrowing costs.
The Company completed a dual tranche senior notes offering totaling $1.35 billion with a weighted average coupon rate of 3.04% and weighted average term of 7.8 years.
During the quarter, the Company retired two series of senior notes totaling $1.85 billion with a weighted average coupon rate of 4.51%. The new notes offering had a weighted average coupon rate approximately 150 basis points lower than the notes that were retired during the quarter.
Also during the quarter, the Company closed on six mortgage loans, including three mortgages on international properties, totaling approximately $1.1 billion (U.S. dollar equivalent), of which Simon's share is $573 million. The weighted average interest rate and weighted average term on these loans is 3.48% and 8.0 years, respectively.
As of June 30, 2017, Simon had approximately $6.5 billion of liquidity consisting of cash on hand, including its share of joint venture cash, and available capacity under its revolving credit facilities.
COMMON STOCK REPURCHASE PROGRAM
During the quarter ended June 30, 2017, the Company repurchased 1,528,359 shares of its common stock.
2Q 2017 SUPPLEMENTAL | 5 |
EARNINGS RELEASE
The Company currently estimates net income to be within a range of $6.20 to $6.28 per diluted share for the year ending December 31, 2017 and that FFO will be within a range of $11.14 to $11.22 per diluted share. This represents an increase of $0.04 per diluted share from the midpoint of the range provided on April 27, 2017, after giving effect to the $0.36 per diluted share charge on the extinguishment of debt.
The following table provides the reconciliation for the expected range of estimated net income available to common stockholders per diluted share to estimated FFO per diluted share:
For the year ending December 31, 2017
|
LOW END | HIGH END | |||||
---|---|---|---|---|---|---|---|
Estimated net income available to common stockholders |
|||||||
per diluted share |
$ | 6.20 | $ | 6.28 | |||
Depreciation and amortization including Simon's share of unconsolidated entities |
4.95 | 4.95 | |||||
Gain upon acquisition of controlling interest, sale or disposal of assets and interest in unconsolidated entities, net |
(0.01) | (0.01) | |||||
| | | | | | | |
Estimated FFO per diluted share |
$ | 11.14 | $ | 11.22 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Simon will hold a conference call to discuss the quarterly financial results today at 10:00 a.m. Eastern Time, Tuesday, August 1, 2017. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 8, 2017. To access the audio replay, dial 1-855-859-2056 (international 404-537-3406) passcode 39989308.
SUPPLEMENTAL MATERIALS AND WEBSITE
Supplemental information on our second quarter 2017 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online at our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
2Q 2017 SUPPLEMENTAL | 6 |
EARNINGS RELEASE
This press release includes FFO, FFO per share, comparable FFO per share, comparable earnings per share, portfolio net operating income growth and comparable property net operating income growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in Simon's supplemental information for the quarter. FFO and comparable property net operating income growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
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 statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's 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: changes in economic and market conditions that adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that adversely affects our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in its periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE:SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. For more information, visit simon.com.
2Q 2017 SUPPLEMENTAL | 7 |
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
|
FOR THE THREE MONTHS ENDED JUNE 30, |
FOR THE SIX MONTHS ENDED JUNE 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2017 |
2016 |
2017 |
2016 |
|||||||||
REVENUE: |
|||||||||||||
Minimum rent |
$ | 851,552 | $ | 822,224 | $ | 1,698,350 | $ | 1,640,760 | |||||
Overage rent |
29,764 | 31,250 | 57,967 | 60,167 | |||||||||
Tenant reimbursements |
380,527 | 367,062 | 759,442 | 738,676 | |||||||||
Management fees and other revenues |
31,367 | 34,478 | 61,914 | 67,878 | |||||||||
Other income |
68,338 | 60,366 | 129,638 | 144,614 | |||||||||
| | | | | | | | | | | | | |
Total revenue |
1,361,548 | 1,315,380 | 2,707,311 | 2,652,095 | |||||||||
| | | | | | | | | | | | | |
EXPENSES: |
|||||||||||||
Property operating |
107,371 | 104,756 | 211,419 | 207,817 | |||||||||
Depreciation and amortization |
322,396 | 303,585 | 633,228 | 604,199 | |||||||||
Real estate taxes |
113,415 | 107,505 | 220,073 | 216,929 | |||||||||
Repairs and maintenance |
21,700 | 22,842 | 47,301 | 48,907 | |||||||||
Advertising and promotion |
36,496 | 33,172 | 72,444 | 68,210 | |||||||||
Provision for credit losses |
2,659 | 4,944 | 7,870 | 8,608 | |||||||||
Home and regional office costs |
36,476 | 40,326 | 79,455 | 78,933 | |||||||||
General and administrative |
13,074 | 15,125 | 27,075 | 29,989 | |||||||||
Other |
21,812 | 23,889 | 45,627 | 44,366 | |||||||||
| | | | | | | | | | | | | |
Total operating expenses |
675,399 | 656,144 | 1,344,492 | 1,307,958 | |||||||||
| | | | | | | | | | | | | |
OPERATING INCOME |
686,149 | 659,236 | 1,362,819 | 1,344,137 | |||||||||
Interest expense |
(207,174) | (213,995) | (405,373) | (433,185) | |||||||||
Loss on extinguishment of debt |
(128,618) | | (128,618) | | |||||||||
Income and other taxes |
(5,990) | (7,115) | (2,470) | (22,301) | |||||||||
Income from unconsolidated entities |
92,017 | 84,990 | 161,101 | 175,616 | |||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net |
4,989 | 4,209 | 4,989 | 26,897 | |||||||||
| | | | | | | | | | | | | |
CONSOLIDATED NET INCOME |
441,373 | 527,325 | 992,448 | 1,091,164 | |||||||||
Net income attributable to noncontrolling interests |
58,549 | 71,102 | 131,053 | 153,111 | |||||||||
Preferred dividends |
834 | 834 | 1,669 | 1,669 | |||||||||
| | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | 381,990 | $ | 455,389 | $ | 859,726 | $ | 936,384 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
BASIC AND DILUTED EARNINGS PER COMMON SHARE: |
|||||||||||||
Net income attributable to common stockholders |
$ | 1.23 | $ | 1.45 | $ | 2.75 | $ | 3.01 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 8 |
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
|
JUNE 30, 2017 |
DECEMBER 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
ASSETS: |
|||||||
Investment properties, at cost |
$ | 35,695,397 | $ | 35,226,089 | |||
Less accumulated depreciation |
11,378,345 | 10,865,754 | |||||
| | | | | | | |
|
24,317,052 | 24,360,335 | |||||
Cash and cash equivalents |
488,614 | 560,059 | |||||
Tenant receivables and accrued revenue, net |
640,080 | 664,619 | |||||
Investment in unconsolidated entities, at equity |
2,321,111 | 2,367,583 | |||||
Investment in Klépierre, at equity |
1,830,484 | 1,797,394 | |||||
Deferred costs and other assets |
1,368,625 | 1,353,588 | |||||
| | | | | | | |
Total assets |
$ | 30,965,966 | $ | 31,103,578 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
LIABILITIES: |
|||||||
Mortgages and unsecured indebtedness |
$ | 23,422,685 | $ | 22,977,104 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenues |
1,205,267 | 1,214,022 | |||||
Cash distributions and losses in partnerships and joint ventures, at equity |
1,370,333 | 1,359,738 | |||||
Other liabilities |
492,143 | 455,040 | |||||
| | | | | | | |
Total liabilities |
26,490,428 | 26,005,904 | |||||
| | | | | | | |
Commitments and contingencies |
|||||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties |
184,379 | 137,762 | |||||
EQUITY: |
|||||||
Stockholders' Equity |
|||||||
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): |
|||||||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847 |
43,241 |
43,405 |
|||||
Common stock, $0.0001 par value, 511,990,000 shares authorized, 319,929,605 and 319,823,322 issued and outstanding, respectively |
32 |
32 |
|||||
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding |
|
|
|||||
Capital in excess of par value |
9,587,026 |
9,523,086 |
|||||
Accumulated deficit |
(4,731,402) | (4,459,387) | |||||
Accumulated other comprehensive loss |
(103,872) | (114,126) | |||||
Common stock held in treasury, at cost, 9,094,827 and 6,756,748 shares, respectively |
(1,068,310) | (682,562) | |||||
| | | | | | | |
Total stockholders' equity |
3,726,715 | 4,310,448 | |||||
Noncontrolling interests |
564,444 | 649,464 | |||||
| | | | | | | |
Total equity |
4,291,159 | 4,959,912 | |||||
| | | | | | | |
Total liabilities and equity |
$ | 30,965,966 | $ | 31,103,578 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
2Q 2017 SUPPLEMENTAL | 9 |
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
|
FOR THE THREE MONTHS ENDED JUNE 30, | FOR THE SIX MONTHS ENDED JUNE 30, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2017 |
2016 |
2017 |
2016 |
|||||||||
REVENUE: |
|||||||||||||
Minimum rent |
$ | 465,705 | $ | 458,267 | $ | 916,760 | $ | 897,114 | |||||
Overage rent |
46,447 | 46,903 | 97,816 | 96,527 | |||||||||
Tenant reimbursements |
212,465 | 212,265 | 428,246 | 423,206 | |||||||||
Other income |
71,753 | 54,806 | 136,079 | 113,486 | |||||||||
| | | | | | | | | | | | | |
Total revenue |
796,370 | 772,241 | 1,578,901 | 1,530,333 | |||||||||
OPERATING EXPENSES: |
|||||||||||||
Property operating |
132,028 | 131,413 | 265,013 | 262,494 | |||||||||
Depreciation and amortization |
159,748 | 149,721 | 313,202 | 281,200 | |||||||||
Real estate taxes |
63,977 | 59,429 | 130,560 | 120,938 | |||||||||
Repairs and maintenance |
20,471 | 18,480 | 40,701 | 38,234 | |||||||||
Advertising and promotion |
21,836 | 20,777 | 44,034 | 43,306 | |||||||||
Provision for credit losses |
2,789 | 2,885 | 6,566 | 5,574 | |||||||||
Other |
45,030 | 43,625 | 88,384 | 88,679 | |||||||||
| | | | | | | | | | | | | |
Total operating expenses |
445,879 | 426,330 | 888,460 | 840,425 | |||||||||
| | | | | | | | | | | | | |
OPERATING INCOME |
350,491 |
345,911 |
690,441 |
689,908 |
|||||||||
Interest expense |
(146,440) | (151,022) | (288,647) | (294,781) | |||||||||
Gain on sale or disposal of assets and interests in unconsolidated entities |
| 6,049 | | 60,522 | |||||||||
| | | | | | | | | | | | | |
NET INCOME |
$ | 204,051 | $ | 200,938 | $ | 401,794 | $ | 455,649 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Third-Party Investors' Share of Net Income |
$ | 104,265 | $ | 100,391 | $ | 203,950 | $ | 219,200 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Our Share of Net Income |
99,786 | 100,547 | 197,844 | 236,449 | |||||||||
Amortization of Excess Investment (A) |
(22,979) | (25,558) | (45,436) | (48,770) | |||||||||
Our Share of Gain on Sale or Disposal of Assets and Interests in Unconsolidated Entities, net |
| (2,487) | | (2,487) | |||||||||
Our Share of Gain on Sale or Disposal of Assets and Interests Included in Other Income in the Consolidated Financial Statements |
| | | (36,153) | |||||||||
| | | | | | | | | | | | | |
Income from Unconsolidated Entities (B) |
$ | 76,807 | $ | 72,502 | $ | 152,408 | $ | 149,039 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 10 |
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
|
JUNE 30, 2017 |
DECEMBER 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Assets: |
|||||||
Investment properties, at cost |
$ | 18,043,831 | $ | 17,549,078 | |||
Less - accumulated depreciation |
6,129,070 | 5,892,960 | |||||
| | | | | | | |
|
11,914,761 | 11,656,118 | |||||
Cash and cash equivalents |
837,136 |
778,455 |
|||||
Tenant receivables and accrued revenue, net |
346,648 | 348,139 | |||||
Deferred costs and other assets |
400,775 | 351,098 | |||||
| | | | | | | |
Total assets |
$ | 13,499,320 | $ | 13,133,810 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Liabilities and Partners' Deficit: |
|||||||
Mortgages |
$ | 14,522,493 | $ | 14,237,576 | |||
Accounts payable, accrued expenses, intangibles, and deferred revenue |
900,784 | 867,003 | |||||
Other liabilities |
357,639 | 325,078 | |||||
| | | | | | | |
Total liabilities |
15,780,916 | 15,429,657 | |||||
Preferred units |
67,450 |
67,450 |
|||||
Partners' deficit |
(2,349,046) | (2,363,297) | |||||
| | | | | | | |
Total liabilities and partners' deficit |
$ | 13,499,320 | $ | 13,133,810 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Our Share of: |
|||||||
Partners' deficit |
$ | (1,061,589) | $ | (1,018,755) | |||
Add: Excess Investment (A) |
1,778,885 | 1,791,691 | |||||
| | | | | | | |
Our net Investment in unconsolidated entities, at equity |
$ | 717,296 | $ | 772,936 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
2Q 2017 SUPPLEMENTAL | 11 |
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
|
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO |
|
|
|
|
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
FOR THE THREE MONTHS ENDED JUNE 30, |
FOR THE SIX MONTHS ENDED JUNE 30, |
|
||||||||||||
|
|
2017 |
2016 |
2017 |
2016 |
|
||||||||||
|
Consolidated Net Income (D) |
$ | 441,373 | $ | 527,325 | $ | 992,448 | $ | 1,091,164 | |||||||
|
Adjustments to Arrive at FFO: |
|||||||||||||||
|
Depreciation and amortization from consolidated properties |
318,585 | 300,179 | 626,273 | 597,376 | |||||||||||
|
Our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS |
135,476 | 134,893 | 266,694 | 253,135 | |||||||||||
|
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net |
(4,989) | (4,209) | (4,989) | (26,897) | |||||||||||
|
Net (income) loss attributable to noncontrolling interest holders in properties |
(74) | (565) | 170 | (1,294) | |||||||||||
|
Noncontrolling interests portion of depreciation and amortization |
(4,315) | (3,439) | (8,215) | (6,155) | |||||||||||
|
Preferred distributions and dividends |
(1,313) | (1,313) | (2,626) | (2,626) | |||||||||||
| | | | | | | | | | | | | | | | |
|
FFO of the Operating Partnership (E) |
$ | 884,743 | $ | 952,871 | $ | 1,869,755 | $ | 1,904,703 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
Diluted net income per share to diluted FFO per share reconciliation: |
|||||||||||||||
|
Diluted net income per share |
$ | 1.23 | $ | 1.45 | $ | 2.75 | $ | 3.01 | |||||||
|
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from unconsolidated entities, including Klépierre and HBS, net of noncontrolling interests portion of depreciation and amortization |
1.25 | 1.19 | 2.46 | 2.33 | |||||||||||
|
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net |
(0.01) | (0.01) | (0.01) | (0.07) | |||||||||||
| | | | | | | | | | | | | | | | |
|
Diluted FFO per share (F) |
$ | 2.47 | $ | 2.63 | $ | 5.20 | $ | 5.27 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
|
|||||||||||||||
|
Details for per share calculations: |
|||||||||||||||
|
FFO of the Operating Partnership (E) |
$ | 884,743 | $ | 952,871 | $ | 1,869,755 | $ | 1,904,703 | |||||||
|
Diluted FFO allocable to unitholders |
(116,599) | (127,386) | (246,028) | (264,285) | |||||||||||
| | | | | | | | | | | | | | | | |
|
Diluted FFO allocable to common stockholders (G) |
$ | 768,144 | $ | 825,485 | $ | 1,623,727 | $ | 1,640,418 | |||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
Basic and Diluted weighted average shares outstanding |
311,579 | 313,399 | 312,191 | 311,408 | |||||||||||
|
Weighted average limited partnership units outstanding |
47,287 | 48,363 | 47,304 | 50,170 | |||||||||||
| | | | | | | | | | | | | | | | |
|
Basic and Diluted weighted average shares and units outstanding |
358,866 | 361,762 | 359,495 | 361,578 | |||||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
Basic and Diluted FFO per Share (F) |
$ | 2.47 | $ | 2.63 | $ | 5.20 | $ | 5.27 | |||||||
|
Percent Change |
6.1% | 1.3% |
2Q 2017 SUPPLEMENTAL | 12 |
Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT"). We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales or disposals of, or any impairment charges related to, previously depreciated retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP.
We have adopted NAREIT's clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting changes, or a gain or loss resulting from the sale or disposal of, or any impairment charges relating to, previously depreciated retail operating properties. We include in FFO gains and losses realized from the sale of land, outlot buildings, marketable and non-marketable securities, and investment holdings of non-retail real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
2Q 2017 SUPPLEMENTAL | 13 |
|
THREE MONTHS ENDED JUNE 30, |
SIX MONTHS ENDED JUNE 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2017 | 2016 | 2017 | 2016 | |||||||||
Reported earnings per share |
$ | 1.23 | $ | 1.45 | $ | 2.75 | $ | 3.01 | |||||
Add: Loss on extinguishment of debt |
0.36 | - | 0.36 | - | |||||||||
| | | | | | | | | | | | | |
Comparable earnings per share |
$ | 1.59 | $ | 1.45 | $ | 3.11 | $ | 3.01 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comparable earnings per share growth |
9.7% | 3.3% |
|
THREE MONTHS ENDED JUNE 30, |
SIX MONTHS ENDED JUNE 30, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2017 | 2016 | 2017 | 2016 | |||||||||
Reported FFO per share |
$ | 2.47 | $ | 2.63 | $ | 5.20 | $ | 5.27 | |||||
Add: Loss on extinguishment of debt |
0.36 | - | 0.36 | - | |||||||||
| | | | | | | | | | | | | |
Comparable FFO per share |
$ | 2.83 | $ | 2.63 | $ | 5.56 | $ | 5.27 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Comparable FFO per share growth |
7.6% | 5.5% |
2Q 2017 SUPPLEMENTAL | 14 |
Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We are engaged primarily in the ownership, development and management of retail real estate properties including Malls, Premium Outlets®, The Mills®, and International Properties. At June 30, 2017, we owned or had an interest in 234 properties comprising 191 million square feet in North America, Asia and Europe. Additionally, at June 30, 2017, we had a 20.7% ownership interest in Klépierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 16 European countries.
This package was prepared to provide operational and balance sheet information as of June 30, 2017 for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that our 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: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating or outlook, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate and currency risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic conditions, changes in market rental rates, security breaches that could compromise our information technology or infrastructure or personally identifiable data of customers of our retail properties, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, the intensely competitive market environment in the retail industry, costs of common area maintenance, risks related to international activities, including, without limitation, the impact of the United Kingdom's vote to leave the European Union, insurance costs and coverage, the loss of key management personnel, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in subsequent other periodic reports, but, except as required by law, we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Any questions, comments or suggestions regarding this Supplemental Information should be directed to Tom Ward, Senior Vice President of Investor Relations (tom.ward@simon.com or 317.685.7330).
2Q 2017 SUPPLEMENTAL | 15 |
The Company's common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols:
|
Common Stock |
SPG | ||||||
|
8.375% Series J Cumulative Redeemable Preferred |
SPGPrJ | ||||||
|
||||||||
|
Standard & Poor's |
|
|
|||||
|
Corporate |
A | (Stable Outlook) | |||||
|
Senior Unsecured |
A | (Stable Outlook) | |||||
|
Commercial Paper |
A1 | (Stable Outlook) | |||||
|
Preferred Stock |
BBB+ | (Stable Outlook) | |||||
|
Moody's |
|
|
|||||
|
Senior Unsecured |
A2 | (Stable Outlook) | |||||
|
Commercial Paper |
P1 | (Stable Outlook) | |||||
|
Preferred Stock |
A3 | (Stable Outlook) |
SENIOR UNSECURED DEBT COVENANTS (1)
|
Required | Actual | Compliance |
|||
| | | | | | |
Total Debt to Total Assets (1) |
£65% | 40% | Yes | |||
Total Secured Debt to Total Assets (1) |
£50% | 18% | Yes | |||
Fixed Charge Coverage Ratio |
>1.5X | 5.1X | Yes | |||
Total Unencumbered Assets to Unsecured Debt |
³125% | 276% | Yes |
2Q 2017 SUPPLEMENTAL | 16 |
SELECTED FINANCIAL AND EQUITY INFORMATION
(In thousands, except as noted)
|
|
THREE MONTHS ENDED JUNE 30, |
|
SIX MONTHS ENDED JUNE 30, |
|||||||||
| | | | | | | | | | | | | |
|
|
2017 | | 2016 |
|
2017 | | 2016 | |||||
Financial Highlights |
|||||||||||||
Total Revenue - Consolidated Properties |
$ | 1,361,548 | $ | 1,315,380 | $ | 2,707,311 | $ | 2,652,095 | |||||
Consolidated Net Income |
$ |
441,373 |
$ |
527,325 |
$ |
992,448 |
$ |
1,091,164 |
|||||
Net Income Attributable to Common Stockholders |
$ | 381,990 | $ | 455,389 | $ | 859,726 | $ | 936,384 | |||||
Basic and Diluted Earnings per Common Share (EPS) |
$ | 1.23 | $ | 1.45 | $ | 2.75 | $ | 3.01 | |||||
Funds from Operations (FFO) of the Operating Partnership |
$ |
884,743 |
$ |
952,871 |
$ |
1,869,755 |
$ |
1,904,703 |
|||||
Basic and Diluted FFO per Share (FFOPS) |
$ | 2.47 | $ | 2.63 | $ | 5.20 | $ | 5.27 | |||||
Dividends/Distributions per Share/Unit |
$ |
1.75 |
$ |
1.60 |
$ |
3.50 |
$ |
3.20 |
Stockholders' Equity Information |
|
AS OF JUNE 30, 2017 |
|
AS OF DECEMBER 31, 2016 |
|||
Limited Partners' Units Outstanding at end of period |
47,273 | 47,276 | |||||
Common Shares Outstanding at end of period |
310,843 | 313,075 | |||||
| | | | | | | |
Total Common Shares and Limited Partnership Units Outstanding at end of period |
358,116 | 360,351 | |||||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Weighted Average Limited Partnership Units Outstanding |
47,304 | 48,836 | |||||
Weighted Average Common Shares Outstanding: |
|||||||
Basic and Diluted - for purposes of EPS and FFOPS |
312,191 | 312,691 | |||||
|
|||||||
Debt Information |
|||||||
Share of Consolidated Debt |
$ | 23,263,113 | $ | 22,836,945 | |||
Share of Joint Venture Debt |
6,888,972 | 6,743,252 | |||||
| | | | | | | |
Share of Total Debt |
$ | 30,152,085 | $ | 29,580,197 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
|||||||
Market Capitalization |
|||||||
Common Stock Price at end of period |
$ | 161.76 | $ | 177.67 | |||
Common Equity Capitalization, including Limited Partnership Units |
$ | 57,928,775 | $ | 64,023,503 | |||
Preferred Equity Capitalization, including Limited Partnership Preferred Units |
81,411 | 79,204 | |||||
| | | | | | | |
Total Equity Market Capitalization |
$ | 58,010,186 | $ | 64,102,707 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total Market Capitalization - Including Share of Total Debt |
$ | 88,162,271 | $ | 93,682,904 | |||
|
|||||||
Debt to Total Market Capitalization |
34.2% | 31.6% |
2Q 2017 SUPPLEMENTAL | 17 |
NET OPERATING INCOME (NOI) COMPOSITION (1)
For the Six Months Ended June 30, 2017
2Q 2017 SUPPLEMENTAL | 18 |
NET OPERATING INCOME OVERVIEW (1)
(In thousands)
|
|
FOR THE THREE MONTHS ENDED JUNE 30, |
% GROWTH |
|
FOR THE SIX MONTHS ENDED JUNE 30, |
% GROWTH | ||||||||||
| | | | | | | | | | | | | | | | |
|
|
2017 | | 2016 | |
|
2017 | | 2016 | |||||||
Comparable Property NOI (2) |
$ | 1,352,551 | $ | 1,295,777 | 4.4% | $ | 2,674,048 | $ | 2,568,531 | 4.1% | ||||||
NOI from New Development, Redevelopment, Expansion and Acquisitions (3) |
19,800 |
15,723 |
53,346 |
31,942 |
||||||||||||
International Properties (4) |
107,045 | 99,337 | 208,396 | 190,059 | ||||||||||||
Our share of NOI from Investments (5) |
66,856 | 62,219 | 125,223 | 116,930 | ||||||||||||
|
||||||||||||||||
Portfolio NOI |
$ | 1,546,252 | $ | 1,473,056 | 5.0% | $ | 3,061,013 | $ | 2,907,462 | 5.3% | ||||||
Corporate and Other NOI Sources (6) |
39,733 |
47,616 |
47,624 |
128,912 |
||||||||||||
| | | | | | | | | | | | | | | | |
Total NOI - See reconciliation on following page |
$ | 1,585,985 | $ | 1,520,672 | $ | 3,108,637 | $ | 3,036,374 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Less: Joint Venture Partners' Share of NOI |
269,148 |
260,232 |
530,315 |
514,073 |
||||||||||||
| | | | | | | | | | | | | | | | |
Our Share of Total NOI |
$ | 1,316,837 | $ | 1,260,440 | $ | 2,578,322 | $ | 2,522,301 | ||||||||
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 19 |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
|
||||||||||||
|
|
THREE MONTHS ENDED JUNE 30, |
|
SIX MONTHS ENDED JUNE 30, |
||||||||
| | | | | | | | | | | | |
|
| 2017 | | 2016 | | 2017 | | 2016 | ||||
Reconciliation of NOI of consolidated entities: |
| | ||||||||||
Consolidated Net Income |
$ | 441,373 | $ | 527,325 | $ | 992,448 | $ | 1,091,164 | ||||
Income and other tax expense |
| 5,990 | 7,115 | | 2,470 | 22,301 | ||||||
Interest expense |
| 207,174 | 213,995 | | 405,373 | 433,185 | ||||||
Income from unconsolidated entities |
| (92,017) | (84,990) | | (161,101) | (175,616) | ||||||
Loss on extinguishment of debt |
| 128,618 | | | 128,618 | | ||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net |
| (4,989) | (4,209) | | (4,989) | (26,897) | ||||||
| | | | | | | | | | | | |
Operating Income |
| 686,149 | 659,236 | | 1,362,819 | 1,344,137 | ||||||
Depreciation and amortization |
| 322,396 | 303,585 | | 633,228 | 604,199 | ||||||
| | | | | | | | | | | | |
NOI of consolidated entities |
$ | 1,008,545 | $ | 962,821 | $ | 1,996,047 | $ | 1,948,336 | ||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Reconciliation of NOI of unconsolidated entities: |
| | ||||||||||
Net Income |
$ | 204,051 | $ | 200,938 | $ | 401,794 | $ | 455,649 | ||||
Interest expense |
| 146,440 | 151,022 | | 288,647 | 294,781 | ||||||
Gain on sale or disposal of assets and interests in unconsolidated entities |
| | (6,049) | | | (60,522) | ||||||
| | | | | | | | | | | | |
Operating Income |
| 350,491 | 345,911 | | 690,441 | 689,908 | ||||||
Depreciation and amortization |
| 159,748 | 149,721 | | 313,202 | 281,200 | ||||||
| | | | | | | | | | | | |
NOI of unconsolidated entities |
$ | 510,239 | $ | 495,632 | $ | 1,003,643 | $ | 971,108 | ||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Add: Our share of NOI from Klépierre, HBS and other corporate investments |
| 67,201 | 62,219 | | 108,947 | 116,930 | ||||||
| | | | | | | | | | | | |
Total NOI |
$ | 1,585,985 | $ | 1,520,672 | $ | 3,108,637 | $ | 3,036,374 | ||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 20 |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(In thousands, except as noted)
|
|||||||
|
|
THREE MONTHS ENDED JUNE 30, 2017 |
|
SIX MONTHS ENDED JUNE 30, 2017 |
|||
Deductions: |
|||||||
Straight-line rent |
$ | (5,068) | $ | (15,258) | |||
Fair value of debt amortization |
23 | (48) | |||||
Fair market value of lease amortization |
(1,569) | (3,245) | |||||
Additions: |
|||||||
Stock based compensation expense |
7,946 | 18,577 | |||||
Mortgage, financing fee and terminated swap amortization expense |
9,353 | 19,763 | |||||
| | | | | | | |
|
$ | 10,685 | $ | 19,789 | |||
| | | | | | | |
| | | | | | | |
| | | | | | | |
This report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (GAAP) in the United States, including FFO, FFO per share, comparable FFO per share, comparable earnings per share, funds available for distribution, net operating income (NOI), portfolio NOI, and comparable property NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
The non-GAAP financial measures used in this report should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities. Reconciliations of other non-GAAP measures used in this report to the most-directly comparable GAAP measure are included in the tables on pages 19-21 and in the Earnings Release for the latest period.
2Q 2017 SUPPLEMENTAL | 21 |
OTHER INCOME, OTHER EXPENSE AND CAPITALIZED INTEREST
(In thousands)
|
|
THREE MONTHS ENDED JUNE 30, |
|
SIX MONTHS ENDED JUNE 30, |
||||||||
| | | | | | | | | | | | |
|
|
2017 | | 2016 |
|
2017 | | 2016 | ||||
Consolidated Properties |
||||||||||||
Other Income |
||||||||||||
Interest and dividend income |
$ | 5,373 | $ | 10,568 | $ | 8,754 | $ | 13,696 | ||||
Lease settlement income |
15,215 | 4,307 | 23,136 | 10,897 | ||||||||
Gains on land sales |
5,034 | 537 | 7,744 | 2,206 | ||||||||
Other (1) |
42,716 | 44,954 | 90,004 | 117,815 | ||||||||
| | | | | | | | | | | | |
Totals |
$ | 68,338 | $ | 60,366 | $ | 129,638 | $ | 144,614 | ||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
|
||||||||||||
Other Expense |
||||||||||||
Ground leases |
$ | 10,424 | $ | 9,882 | $ | 20,406 | $ | 19,483 | ||||
Professional fees and other |
11,388 | 14,007 | 25,221 | 24,883 | ||||||||
| | | | | | | | | | | | |
Totals |
$ | 21,812 | $ | 23,889 | $ | 45,627 | $ | 44,366 | ||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
|
||||||||||||
| | | | | | | | | | | | |
Capitalized Interest |
|
THREE MONTHS ENDED JUNE 30, |
|
SIX MONTHS ENDED JUNE 30, |
||||||||
| | | | | | | | | | | | |
|
|
2017 | | 2016 |
|
2017 | | 2016 | ||||
Interest Capitalized during the Period: |
||||||||||||
Our Share of Consolidated Properties |
$ | 5,594 | $ | 10,799 | $ | 15,629 | $ | 17,745 | ||||
Our Share of Joint Venture Properties |
$ | 667 | $ | 638 | $ | 1,228 | $ | 1,286 |
2Q 2017 SUPPLEMENTAL | 22 |
U.S. MALLS AND PREMIUM OUTLETS OPERATING INFORMATION
|
|
AS OF JUNE 30, | ||||
| | | | | | |
|
|
2017 | | 2016 | ||
Total Number of Properties |
| 176 | 179 | |||
Total Square Footage of Properties (in millions) |
|
152.2 |
153.0 |
|||
Ending Occupancy (1): |
|
|||||
Consolidated Assets |
| 95.3% | 96.2% | |||
Unconsolidated Assets |
| 94.7% | 94.9% | |||
Total Portfolio |
| 95.2% | 95.9% | |||
Total Sales per Square Foot (PSF) (2): |
|
|||||
Consolidated Assets |
$ | 602 | $ | 592 | ||
Unconsolidated Assets |
$ | 665 | $ | 657 | ||
Total Portfolio |
$ | 618 | $ | 607 | ||
Base Minimum Rent PSF (3): |
|
|||||
Consolidated Assets |
$ | 50.52 | $ | 48.48 | ||
Unconsolidated Assets |
$ | 56.48 | $ | 56.22 | ||
Total Portfolio |
$ | 52.10 | $ | 50.43 |
|
|
|
RENT PSF (BASE MINIMUM RENT & CAM) |
| | ||||||||||
| | | | | | | | | | | | | | | |
|
|
SQUARE FOOTAGE OF OPENINGS |
|
AVERAGE OPENING RATE PSF (4) |
|
AVERAGE CLOSING RATE PSF (4) |
|
LEASING SPREAD (4) |
|
SPREAD TO CLOSE % |
|||||
6/30/17 |
| 6,447,859 | $ | 71.25 | $ | 63.12 | $ | 8.13 | | 12.9% | |||||
3/31/17 |
6,579,494 | $ | 72.11 | $ | 63.80 | $ | 8.31 | 13.0% | |||||||
12/31/16 |
8,168,101 | $ | 69.20 | $ | 61.38 | $ | 7.82 | 12.7% | |||||||
6/30/16 |
8,868,821 | $ | 69.97 | $ | 60.96 | $ | 9.01 | 14.8% | |||||||
3/31/16 |
9,068,683 | $ | 70.29 | $ | 59.65 | $ | 10.64 | 17.8% | |||||||
Occupancy Cost as a Percentage of Sales (5): |
|||||||||||||||
6/30/17 |
| 13.0% | |||||||||||||
3/31/17 |
13.0% | ||||||||||||||
12/31/16 |
13.1% | ||||||||||||||
6/30/16 |
12.7% | ||||||||||||||
3/31/16 |
12.5% |
2Q 2017 SUPPLEMENTAL | 23 |
THE MILLS AND INTERNATIONAL OPERATING INFORMATION
|
|
AS OF JUNE 30, | ||||
| | | | | | |
|
|
2017 | | 2016 | ||
The Mills |
| |||||
Total Number of Properties |
|
14 |
14 |
|||
Total Square Footage of Properties (in millions) |
|
21.1 |
21.0 |
|||
Ending Occupancy (1) |
|
97.7% |
98.7% |
|||
Total Sales PSF (2) |
$ |
581 |
$ |
562 |
||
Base Minimum Rent PSF (3) |
$ |
30.56 |
$ |
28.12 |
||
Leasing Spread PSF (4) |
$ |
13.49 |
$ |
16.70 |
||
Leasing Spread (Percentage Change) (4) |
|
24.9% |
34.5% |
|||
|
| |||||
International Properties |
| |||||
Premium Outlets |
|
|||||
Total Number of Properties |
|
18 |
16 |
|||
Total Square Footage of Properties (in millions) |
|
6.6 |
5.9 |
|||
Designer Outlets |
|
|||||
Total Number of Properties |
|
9 |
7 |
|||
Total Square Footage of Properties (in millions) |
|
2.2 |
1.5 |
|||
Statistics for Premium Outlets in Japan (5) |
|
|||||
Ending Occupancy |
|
99.7% |
99.8% |
|||
Total Sales PSF |
|
¥ 102,308 |
¥ 100,783 |
|||
Base Minimum Rent PSF |
|
¥ 5,054 |
¥ 5,005 |
2Q 2017 SUPPLEMENTAL | 24 |
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1)
YEAR |
|
NUMBER OF LEASES EXPIRING |
|
SQUARE FEET |
|
AVG. BASE MINIMUM RENT PSF at 6/30/17 |
|
PERCENTAGE OF GROSS ANNUAL RENTAL REVENUES (2) |
||||
Inline Stores and Freestanding |
||||||||||||
Month to Month Leases |
680 |
2,224,071 |
$ |
50.17 |
2.1% |
|||||||
2017 (7/1/17 - 12/31/17) |
646 | 1,722,924 | $ | 53.04 | 1.7% | |||||||
2018 |
2,682 | 9,164,296 | $ | 49.87 | 8.5% | |||||||
2019 |
2,210 | 8,021,574 | $ | 49.20 | 7.3% | |||||||
2020 |
1,783 | 6,391,482 | $ | 51.51 | 6.1% | |||||||
2021 |
1,904 | 7,462,313 | $ | 49.56 | 7.0% | |||||||
2022 |
1,794 | 7,162,372 | $ | 49.03 | 6.6% | |||||||
2023 |
1,711 | 6,693,188 | $ | 55.63 | 7.0% | |||||||
2024 |
1,527 | 5,857,774 | $ | 58.94 | 6.5% | |||||||
2025 |
1,464 | 5,419,509 | $ | 62.27 | 6.3% | |||||||
2026 |
1,316 | 4,702,197 | $ | 59.15 | 5.2% | |||||||
2027 |
648 | 2,576,297 | $ | 59.58 | 2.9% | |||||||
2028 and Thereafter |
377 | 2,092,788 | $ | 44.06 | 1.8% | |||||||
Specialty Leasing Agreements w/ terms in excess of 12 months |
1,118 | 3,118,268 | $ | 19.00 | 1.1% | |||||||
|
||||||||||||
Anchors |
||||||||||||
2018 |
9 |
972,250 |
$ |
5.81 |
0.1% |
|||||||
2019 |
20 | 2,237,182 | $ | 4.93 | 0.2% | |||||||
2020 |
24 | 2,940,472 | $ | 4.59 | 0.2% | |||||||
2021 |
13 | 1,505,184 | $ | 4.72 | 0.1% | |||||||
2022 |
17 | 2,601,048 | $ | 5.58 | 0.3% | |||||||
2023 |
14 | 2,122,708 | $ | 6.91 | 0.3% | |||||||
2024 |
11 | 659,968 | $ | 11.82 | 0.1% | |||||||
2025 |
17 | 1,977,065 | $ | 8.58 | 0.3% | |||||||
2026 |
4 | 413,455 | $ | 5.95 | 0.0% | |||||||
2027 |
8 | 1,104,436 | $ | 4.87 | 0.1% | |||||||
2028 and Thereafter |
19 | 2,250,298 | $ | 6.53 | 0.3% |
2Q 2017 SUPPLEMENTAL | 25 |
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS
Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties)
TENANT |
|
NUMBER OF STORES |
|
SQUARE FEET (000's) |
|
PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES |
|
PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES |
||||
|
||||||||||||
The Gap, Inc. |
357 | 3,629 | 2.0% | 3.4% | ||||||||
L Brands, Inc. |
300 | 1,864 | 1.0% | 2.1% | ||||||||
Ascena Retail Group Inc |
458 | 2,557 | 1.4% | 1.9% | ||||||||
Signet Jewelers, Ltd. |
409 | 607 | 0.3% | 1.6% | ||||||||
PVH Corporation |
232 | 1,427 | 0.8% | 1.5% | ||||||||
Forever 21, Inc. |
82 | 1,332 | 0.7% | 1.3% | ||||||||
Abercrombie & Fitch Co. |
158 | 1,125 | 0.6% | 1.3% | ||||||||
Foot Locker, Inc. |
251 | 1,105 | 0.6% | 1.2% | ||||||||
VF Corporation |
232 | 1,225 | 0.7% | 1.2% | ||||||||
Luxottica Group SPA |
386 | 706 | 0.4% | 1.2% |
Top Anchors (sorted by percentage of total square footage in U.S. properties) (1)
TENANT |
|
NUMBER OF STORES |
|
SQUARE FEET (000's) |
|
PERCENT OF TOTAL SQ. FT. IN U.S. PROPERTIES |
|
PERCENT OF TOTAL BASE MINIMUM RENT FOR U.S. PROPERTIES |
||||
|
||||||||||||
Macy's Inc. |
120 | 23,121 | 12.7% | 0.4% | ||||||||
Sears Holdings Corporation (2) |
69 | 11,321 | 6.2% | 0.4% | ||||||||
J.C. Penney Co., Inc. |
69 | 11,219 | 6.1% | 0.3% | ||||||||
Dillard's, Inc. |
38 | 6,839 | 3.7% | * | ||||||||
Nordstrom, Inc. |
28 | 4,679 | 2.6% | 0.1% | ||||||||
Hudson's Bay Company |
15 | 2,020 | 1.1% | 0.1% | ||||||||
Dick's Sporting Goods, Inc. |
29 | 1,975 | 1.1% | 0.5% | ||||||||
Belk, Inc. |
10 | 1,674 | 0.9% | 0.1% | ||||||||
The Neiman Marcus Group, Inc. |
12 | 1,458 | 0.8% | 0.1% | ||||||||
The Bon-Ton Stores, Inc. |
8 | 1,081 | 0.6% | * | ||||||||
Target Corporation |
6 | 895 | 0.5% | * |
2Q 2017 SUPPLEMENTAL | 26 |
CAPITAL EXPENDITURES
(In thousands)
|
|
|
UNCONSOLIDATED PROPERTIES |
||||||
| | | | | | | | | |
|
|
CONSOLIDATED PROPERTIES |
| TOTAL |
|
OUR SHARE |
|||
New development projects |
$ | 28,122 | $ | 330,889 | $ | 154,420 | |||
Redevelopment projects with incremental square footage and/or anchor replacement |
126,061 |
115,809 |
51,907 |
||||||
Redevelopment projects with no incremental square footage |
70,896 |
15,045 |
7,362 |
||||||
| | | | | | | | | |
|
|||||||||
Subtotal new development and redevelopment projects |
| 225,079 | | 461,743 | | 213,689 | |||
Tenant allowances |
66,771 |
34,050 |
15,723 |
||||||
Operational capital expenditures at properties: |
|||||||||
CAM expenditures (1) |
23,968 | 19,736 | 8,645 | ||||||
Non-CAM expenditures |
5,565 | 2,766 | 1,036 | ||||||
| | | | | | | | | |
|
|||||||||
Totals |
$ | 321,383 | $ | 518,295 | $ | 239,093 | |||
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Conversion from accrual to cash basis |
(2,435) |
33,614 |
15,506 |
||||||
| | | | | | | | | |
|
|||||||||
Capital Expenditures for the Six Months Ended 6/30/17 (2) |
$ | 318,948 | $ | 551,909 | $ | 254,599 | |||
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
|
|||||||||
Capital Expenditures for the Six Months Ended 6/30/16 (2) |
$ | 383,460 | $ | 533,808 | $ | 244,861 | |||
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 27 |
DEVELOPMENT ACTIVITY SUMMARY (1)
As of June 30, 2017
(in millions, except percent)
|
PLATFORM |
|
|
PROJECTED GROSS COST (2) |
|
|
PROJECTED NET COST (3) |
|
|
OUR SHARE OF NET COST (4) |
|
|
EXPECTED STABILIZED RATE OF RETURN (4) |
|
|
TOTAL CONSTRUCTION IN PROGRESS |
|
|
OUR SHARE OF TOTAL CONSTRUCTION IN PROGRESS |
| ||||||||||||||
|
Malls |
| | | | | | | | | | | | | | | | | | | ||||||||||||||
|
New Developments |
$ | 283 | $ | 255 | $ | 115 | 7% | $ | 239 | $ | 108 | ||||||||||||||||||||||
|
Redevelopments |
$ | 891 | $ | 855 | $ | 637 | 7% | $ | 499 | $ | 378 | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
Premium Outlets |
| | | | | | | | | | | | | | | | | | | ||||||||||||||
|
New Developments |
$ | 144 | $ | 121 | $ | 121 | 9% | $ | 22 | $ | 22 | ||||||||||||||||||||||
|
Redevelopments |
$ | 388 | $ | 372 | $ | 326 | 9% | $ | 272 | $ | 262 | ||||||||||||||||||||||
|
The Mills |
| | | | | | | | | | | | | | | | | | | ||||||||||||||
|
New Developments |
$ | 167 | $ | 167 | $ | 83 | 6% | $ | 71 | $ | 36 | ||||||||||||||||||||||
|
Redevelopments |
$ | 36 | $ | 36 | $ | 35 | 7% | $ | 26 | $ | 25 | ||||||||||||||||||||||
|
Totals |
| $ | 1,909 | | $ | 1,806 | | $ | 1,317 | | | 8% | | $ | 1,129 | | $ | 831 | | ||||||||||||||
2Q 2017 SUPPLEMENTAL | 28 |
DEVELOPMENT ACTIVITY REPORT (1)
As of June 30, 2017
PROPERTY/ LOCATION |
PROJECT DESCRIPTION |
ACTUAL/ PROJECTED OPENING |
COMPANY'S OWNERSHIP PERCENTAGE |
|||
Malls - New Developments | ||||||
The Shops at Clearfork - Fort Worth, TX |
545,000 SF retail/office development |
9/17 |
45% |
|||
Malls - Redevelopments |
||||||
King of Prussia - King of Prussia (Philadelphia), PA |
True Food Kitchen |
7/17 |
100% |
|||
Copley Place - Boston, MA |
Redevelopment |
9/17 |
94% |
|||
Florida Mall, The - Orlando, FL |
Redevelopment of the Saks building to an indoor/outdoor dining pavilion (opened 6/15) and small shops (9/17) in the former food court |
9/17 |
50% |
|||
College Mall - Bloomington, IN |
Redevelopment including the addition of 365 by Whole Foods, Ulta and small shops |
10/17 |
100% |
|||
Ingram Park Mall - San Antonio, TX |
Redevelopment |
10/17 |
100% |
|||
La Plaza Mall - McAllen, TX |
Redevelopment and 221,000 SF expansion |
10/17 |
100% |
|||
Southdale Center - Edina (Minneapolis), MN |
AMC Theatre Redevelopment |
10/17 |
100% |
|||
Coconut Point - Estero, FL |
Total Wine & Tuesday Morning |
11/17 |
50% |
|||
Lakeline Mall - Cedar Park (Austin), TX |
AMC Theatre |
11/17 |
100% |
|||
Shops at Riverside, The - Hackensack (New York), NJ |
Redevelopment (12/17) including an AMC Theatre (9/17) in the former Saks building |
12/17 |
100% |
|||
Tacoma Mall - Tacoma (Seattle), WA |
Dick's Sporting Goods |
12/17 |
100% |
|||
Auburn Mall - Auburn, MA |
Redevelopment of the former Macy's Home Store building |
3/18 |
56% |
|||
Aventura Mall - Miami Beach (Miami), FL |
175,000 SF expansion |
3/18 |
33% |
|||
Greenwood Park Mall - Greenwood (Indianapolis), IN |
Regal Cinema Redevelopment |
3/18 |
100% |
|||
Galleria, The - Houston, TX |
Life Time Tennis redevelopment |
4/18 |
50% |
|||
Copley Place Office - Boston, MA |
Wayfair expansion Phase IV |
5/18 |
94% |
|||
Del Amo Fashion Center - Torrance (Los Angeles), CA |
Marshalls (4/18) and Dave & Buster's (5/18) |
5/18 |
50% |
|||
Northshore Mall - Peabody (Boston), MA |
Redevelopment to include three new restaurants |
5/18 |
56% |
|||
Phipps Plaza - Atlanta, GA |
Relocation of Frontgate and addition of Grand Lux Café and Public Kitchen |
5/18 |
100% |
|||
Woodfield Mall - Schaumburg (Chicago), IL |
Dining pavilion redevelopment |
5/18 |
50% |
|||
Southdale Center - Edina (Minneapolis), MN |
146 room Homewood Suites |
10/18 |
50% |
2Q 2017 SUPPLEMENTAL | 29 |
DEVELOPMENT ACTIVITY REPORT (1)
As of June 30, 2017
PROPERTY/ LOCATION |
PROJECT DESCRIPTION |
ACTUAL/ PROJECTED OPENING |
COMPANY'S OWNERSHIP PERCENTAGE |
|||
Premium Outlets - New Developments | ||||||
Denver Premium Outlets - Thornton (Denver), CO |
328,000 SF upscale Premium Outlet Center |
9/18 |
100% |
|||
Premium Outlets - Redevelopments |
||||||
Woodbury Common Premium Outlets - Central Valley (New York), NY |
Redevelopment and 63,000 SF expansion |
7/17 |
100% |
|||
Allen Premium Outlets - Allen (Dallas), TX |
Redevelopment and 123,000 SF expansion |
8/17 |
100% |
|||
Toronto Premium Outlets - Toronto, Ontario, Canada |
Redevelopment and 145,000 SF expansion (11/18) and addition of parking deck (11/17) |
11/18 |
50% |
|||
The Mills - New Developments | ||||||
Premium Outlet Collection Edmonton IA - Edmonton, Canada |
428,000 SF upscale Premium Outlet Center |
5/18 |
50% |
|||
The Mills - Redevelopments | ||||||
Sawgrass Mills - Sunrise (Miami), FL |
Texas de Brazil (opened 3/17) and Yard House (8/17) |
8/17 |
100% |
|||
Great Mall - Milpitas (San Jose), CA |
Redevelopment |
11/17 |
100% |
|||
Outlets at Orange, The - Orange (Los Angeles), CA |
Nike Factory Store relocation (9/17) and Adidas (12/17) |
12/17 |
50% |
2Q 2017 SUPPLEMENTAL | 30 |
PROPERTY NAME/LOCATION |
PROPERTY TYPE | NEW TENANT | FORMER TENANT | |||
Openings during the First Six Months of 2017 |
||||||
College Mall - Bloomington, IN |
Mall |
B.J.'s Restaurant & Brewhouse |
N/A |
|||
Colorado Mills - Lakewood (Denver), CO |
Mills |
Dick's Sporting Goods |
Sports Authority |
|||
Del Amo Fashion Center - Torrence (Los Angeles), CA |
Mall |
Dick's Sporting Goods |
Macy's Home Store |
|||
Galleria, The - Houston, TX |
Mall |
Life Time Tennis |
Galleria Tennis & Athletic Club |
|||
|
Yauatcha Restaurant |
N/A |
||||
Grapevine Mills - Grapevine (Dallas), TX |
Mills |
Fieldhouse USA |
JC Penney Outlet |
|||
Great Mall - Milpitas (San Jose), CA |
Mills |
Dick's Sporting Goods |
Sports Authority |
|||
Gurnee Mills - Gurnee (Chicago), IL |
Mills |
Floor & Décor |
Shoppers World |
|||
King of Prussia - King of Prussia (Philadelphia), PA |
Mall |
Outback Steakhouse |
Sears |
|||
|
Yard House |
Sears |
||||
Ontario Mills - Ontario (Riverside), CA |
Mills |
Skechers Superstore |
Neiman Marcus Last Call |
|||
Opry Mills - Nashville, TN |
Mills |
Madame Tussauds |
Barnes & Noble |
|||
Ross Park Mall - Pittsburgh, PA |
Mall |
Restoration Hardware |
N/A |
|||
Sawgrass Mills - Sunrise (Miami), FL |
Mills |
Dick's Sporting Goods |
Sports Authority |
|||
|
T.J. Maxx |
American Signature Furniture |
||||
|
Matchbox Restaurant |
N/A |
||||
|
Texas de Brazil |
N/A |
||||
Smith Haven Mall - Lake Grove (New York), NY |
Mall |
L.L. Bean |
N/A |
|||
South Shore Plaza - Braintree (Boston), MA |
Mall |
Primark |
Sears (2) |
|||
Southridge Mall - Greendale (Milwaukee), WI |
Mall |
Marcus Cinema |
N/A |
|||
|
|
|
|
|||
Openings Projected for the Remainder of 2017 |
|
|
|
|||
Coconut Point - Estero, FL |
Mall |
Tuesday Morning |
Sports Authority |
|||
|
Total Wine & More |
Sports Authority |
||||
Coddingtown Mall - Santa Rosa, CA |
Mall |
Crunch Fitness |
Beverly's Crafts |
|||
College Mall - Bloomington, IN |
Mall |
Ulta |
Sears |
|||
Galleria, The - Houston, TX |
Mall |
Fig & Olive |
Saks Fifth Avenue (1) |
|||
King of Prussia - King of Prussia (Philadelphia), PA |
Mall |
True Food Kitchen |
N/A |
|||
Lakeline Mall - Cedar Park (Austin), TX |
Mall |
AMC Theatre |
Regal Cinema |
|||
Outlets at Orange, The - Orange (Los Angeles), CA |
Mills |
Adidas |
Nike Factory Store (1) |
|||
|
Nike Factory Store |
Sports Authority |
||||
Phipps Plaza - Atlanta, GA |
Mall |
The Public Kitchen & Bar |
N/A |
|||
Sawgrass Mills - Sunrise (Miami), FL |
Mills |
H&M |
TJMaxx |
|||
|
Yard House |
N/A |
||||
Shops at Riverside, The - Hackensack (New York), NJ |
Mall |
AMC Theatre |
Saks Fifth Avenue |
|||
Tacoma Mall - Tacoma (Seattle), WA |
Mall |
Dick's Sporting Goods |
Forever 21 (1) |
2Q 2017 SUPPLEMENTAL | 31 |
U.S. ANCHOR/BIG BOX OPENINGS
PROPERTY NAME/LOCATION |
PROPERTY TYPE | NEW TENANT | FORMER TENANT | |||
Openings Projected for 2018 and Beyond |
||||||
Arundel Mills - Hanover (Baltimore), MD |
Mills |
Live!Hotel |
N/A |
|||
Auburn Mall - Auburn, MA |
Mall |
Reliant Medical Group |
Macy's Home Store |
|||
Cape Code Mall - Hyannis, MA |
Mall |
Ryan's Family Amusement Center |
N/A |
|||
College Mall - Bloomington, IN |
Mall |
365 by Whole Foods |
Sears |
|||
Del Amo Fashion Center - Torrence (Los Angeles), CA |
Mall |
Dave & Buster's |
N/A |
|||
|
EMC Seafood |
N/A |
||||
|
Marshalls |
N/A |
||||
Forum Shops at Caesars, The - Las Vegas, NV |
Mall |
The Slanted Door |
N/A |
|||
Galleria, The - Houston, TX |
Mall |
Nobu |
Saks Fifth Avenue (1) |
|||
|
Spice Route |
Saks Fifth Avenue (1) |
||||
Mall at Rockingham Park, The - Salem (Boston), NH |
Mall |
Cinemark Theatre |
N/A |
|||
Phipps Plaza - Atlanta, GA |
Mall |
Ecco Restaurant |
N/A |
|||
Plaza Carolina - Carolina (San Juan), PR |
Mall |
Caribbean Cinemas |
Sports Authority |
|||
Prien Lake Mall - Lake Charles, LA |
Mall |
T.J. Maxx/HomeGoods |
JC Penney (2) |
|||
Sawgrass Mills - Sunrise (Miami), FL |
Mills |
Seasons 52 |
N/A |
|||
Southdale Center - Edina (Minneapolis), MN |
Mall |
Restoration Hardware |
N/A |
|||
Woodfield Mall - Schaumburg (Chicago), IL |
Mall |
Shake Shack |
N/A |
2Q 2017 SUPPLEMENTAL | 32 |
COMMON AND PREFERRED STOCK INFORMATION
CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP
For the Period December 31, 2016 through June 30, 2017
|
|
COMMON SHARES (1) |
|
LIMITED PARTNERSHIP UNITS (2) |
||
Number Outstanding at December 31, 2016 |
313,074,574 | 47,276,095 | ||||
First Quarter Activity: |
||||||
Exchange of Limited Partnership Units for Common Stock |
893 |
(893) |
||||
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other |
(1,606) |
|
||||
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) |
(959) |
131,252 |
||||
Repurchase of Simon Property Group Common Stock in open market |
(870,692) |
|
||||
| | | | | | |
Number Outstanding at March 31, 2017 |
312,202,210 |
47,406,454 |
||||
| | | | | | |
| | | | | | |
| | | | | | |
Second Quarter Activity: |
||||||
Exchange of Limited Partnership Units for Common Stock |
106,349 |
(106,349) |
||||
Treasury Shares Acquired Related to Stock Grant Recipients' Tax Obligations and Other |
(14,555) |
|
||||
Restricted Stock Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) |
77,133 |
(27,311) |
||||
Repurchase of Simon Property Group Common Stock in open market |
(1,528,359) |
|
||||
| | | | | | |
Number Outstanding at June 30, 2017 |
310,842,778 |
47,272,794 |
||||
| | | | | | |
| | | | | | |
| | | | | | |
Number of Limited Partnership Units and Common Shares at June 30, 2017 |
358,115,572 |
|||||
| | | | | | |
| | | | | | |
| | | | | | |
PREFERRED STOCK/UNITS OUTSTANDING AS OF JUNE 30, 2017
($ in 000's, except per share amounts)
ISSUER |
DESCRIPTION |
|
NUMBER OF SHARES/UNITS |
|
PER SHARE LIQUIDATION PREFERENCE |
|
AGGREGATE LIQUIDATION PREFERENCE |
|
TICKER SYMBOL |
|||||
Preferred Stock: |
||||||||||||||
Simon Property Group, Inc. |
Series J 8.375% Cumulative Redeemable (4) |
796,948 |
$ |
50.00 |
$ |
39,847 |
SPGPrJ |
|||||||
Preferred Units: |
|
|||||||||||||
Simon Property Group, L.P. |
7.50% Cumulative Redeemable (5) |
255,373 |
$ |
100.00 |
$ |
25,537 |
N/A |
2Q 2017 SUPPLEMENTAL | 33 |
CREDIT PROFILE
(As of June 30, unless otherwise indicated)
2Q 2017 SUPPLEMENTAL | 34 |
SUMMARY OF INDEBTEDNESS
As of June 30, 2017
(In thousands)
|
|
TOTAL INDEBTEDNESS |
|
|
OUR SHARE OF INDEBTEDNESS |
|
|
WEIGHTED AVERAGE END OF PERIOD INTEREST RATE |
|
|
WEIGHTED AVERAGE YEARS TO MATURITY | |||||||||||||||
Consolidated Indebtedness |
||||||||||||||||||||||||||
Mortgage Debt |
||||||||||||||||||||||||||
Fixed Rate |
$ | 5,878,492 | $ | 5,764,394 | 4.14% | 6.5 | ||||||||||||||||||||
Variable Rate Debt |
794,590 | 748,128 | 2.46% | 2.7 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Mortgage Debt |
6,673,082 | 6,512,522 | 3.95% | 6.1 | ||||||||||||||||||||||
Unsecured Debt |
||||||||||||||||||||||||||
Fixed Rate |
15,034,661 | 15,034,661 | 3.18% | 8.4 | ||||||||||||||||||||||
Revolving Credit Facility - USD Currency |
585,000 | 585,000 | 2.00% | 5.0 | ||||||||||||||||||||||
Supplemental Credit Facility - USD Currency |
125,000 | 125,000 | 2.02% | 3.0 | ||||||||||||||||||||||
Supplemental Credit Facility - Yen Currency |
198,613 | 198,613 | 0.80% | 3.0 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Revolving Credit Facilities |
908,613 | 908,613 | 1.74% | 4.3 | ||||||||||||||||||||||
Global Commercial Paper - USD |
942,800 | 942,800 | 1.13% | 0.3 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Unsecured Debt |
16,886,074 | 16,886,074 | 2.99% | 7.7 | ||||||||||||||||||||||
Premium |
19,392 | 19,392 | ||||||||||||||||||||||||
Discount |
(47,471) | (47,471) | ||||||||||||||||||||||||
Debt Issuance Costs |
(108,392) | (107,404) | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Mortgages and |
$ | 23,422,685 | $ | 23,263,113 | | | 3.25% | | | | 7.2 | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Joint Venture Indebtedness |
||||||||||||||||||||||||||
Mortgage Debt |
||||||||||||||||||||||||||
Fixed Rate |
$ | 12,812,278 | $ | 6,167,227 | 4.08% | 6.2 | ||||||||||||||||||||
Variable Rate Debt |
1,336,031 | 584,915 | 2.62% | 2.9 | ||||||||||||||||||||||
TMLP Debt (2) |
431,575 | 163,510 | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Mortgage Debt |
14,579,884 | 6,915,652 | 3.95% | 5.9 | ||||||||||||||||||||||
Premium |
3,059 | 1,528 | ||||||||||||||||||||||||
Discount |
| | ||||||||||||||||||||||||
Debt Issuance Costs |
(60,450) | (28,208) | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Joint Venture Mortgages and Other Indebtedness (1) |
$ | 14,522,493 | $ | 6,888,972 | | | 3.95% | | | | 5.9 | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Our Share of Total Indebtedness |
| | $ | 30,152,085 | | | | 3.41% | | | | 6.9 | | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
TOTAL INDEBTEDNESS |
|
|
OUR SHARE OF INDEBTEDNESS |
|
|
WEIGHTED AVERAGE END OF PERIOD INTEREST RATE |
|
|
WEIGHTED AVERAGE YEARS TO MATURITY |
|||||||||||||||
Summary of Our Share of Fixed and Variable Rate Debt |
||||||||||||||||||||||||||
Consolidated |
||||||||||||||||||||||||||
Fixed |
93.0% | $ | 21,631,648 | 3.34% | 7.5 | |||||||||||||||||||||
Variable |
7.0% | 1,631,465 | 2.06% | 3.6 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
100.0% | 23,263,113 | 3.25% | 7.2 | ||||||||||||||||||||||
Joint Venture |
||||||||||||||||||||||||||
Fixed |
91.6% | $ | 6,309,397 | 4.08% | 6.2 | |||||||||||||||||||||
Variable |
8.4% | 579,575 | 2.62% | 2.6 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
100.0% | 6,888,972 | 3.95% | 5.9 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Debt |
$ |
30,152,085 |
||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Fixed Debt |
| 92.7% | $ | 27,941,045 | | | 3.51% | | | | 7.2 | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Variable Debt |
| 7.3% | $ | 2,211,040 | | | 2.21% | | | | 3.3 | | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 35 |
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE)
As of June 30, 2017
(In thousands)
YEAR |
|
OUR SHARE OF UNSECURED CONSOLIDATED DEBT |
|
WEIGHTED AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT |
|
OUR SHARE OF SECURED CONSOLIDATED DEBT |
|
WEIGHTED AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT |
|
OUR SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT |
|
WEIGHTED AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT |
|
OUR SHARE OF TOTAL DEBT |
|
TOTAL WEIGHTED AVERAGE RATE OF MATURING DEBT |
||||||||
|
||||||||||||||||||||||||
2017 |
$ | 942,800 | 1.13% | $ | 642,141 | 4.06% | $ | 49,009 | 0.30% | $ | 1,633,950 | 2.29% | ||||||||||||
2018 |
750,000 |
1.50% |
47,389 |
|
150,904 |
2.30% |
948,293 |
1.58% |
||||||||||||||||
2019 |
600,000 |
2.20% |
132,080 |
7.79% |
355,287 |
2.55% |
1,087,367 |
2.83% |
||||||||||||||||
2020 |
1,680,361 |
2.20% |
692,567 |
4.06% |
1,102,640 |
4.22% |
3,475,568 |
3.20% |
||||||||||||||||
2021 |
2,150,000 |
3.81% |
578,672 |
3.92% |
936,138 |
4.46% |
3,664,810 |
4.00% |
||||||||||||||||
2022 |
3,191,748 |
2.27% |
820,364 |
3.49% |
847,392 |
4.01% |
4,859,504 |
2.80% |
||||||||||||||||
2023 |
500,000 |
2.75% |
752,111 |
3.86% |
447,918 |
3.38% |
1,700,029 |
3.42% |
||||||||||||||||
2024 |
1,500,000 |
3.53% |
165,114 |
3.35% |
1,127,559 |
4.14% |
2,792,673 |
3.77% |
||||||||||||||||
2025 |
1,171,165 |
2.40% |
572,711 |
4.31% |
747,068 |
3.68% |
2,490,944 |
3.22% |
||||||||||||||||
2026 |
1,550,000 |
3.28% |
2,061,680 |
3.89% |
843,108 |
3.76% |
4,454,788 |
3.66% |
||||||||||||||||
2027 |
750,000 |
3.38% |
1,280 |
|
293,058 |
3.66% |
1,044,338 |
3.45% |
||||||||||||||||
Thereafter |
2,100,000 |
5.10% |
46,413 |
3.85% |
15,571 |
4.46% |
2,161,984 |
5.06% |
||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
Face Amounts of Indebtedness |
$ |
16,886,074 |
2.99% |
$ |
6,512,522 |
3.95% |
$ |
6,915,652 |
3.95% |
$ |
30,314,248 |
3.41% |
||||||||||||
Premiums (Discounts) on Indebtedness, Net |
(47,471) |
19,392 |
1,528 |
(26,551) |
||||||||||||||||||||
Debt Issuance Costs |
(81,958) |
(25,446) |
(28,208) |
(135,612) |
||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
Our Share of Total Indebtedness |
$ |
16,756,645 |
|
|
$ |
6,506,468 |
|
|
$ |
6,888,972 |
|
|
$ |
30,152,085 |
|
|||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 36 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | | TOTAL | | OUR SHARE | ||||||||||||
|
Malls |
|
| | |||||||||||||||||||||
1. |
Apple Blossom Mall |
VA | Winchester |
49.1% | 473,103 | (2) | |||||||||||||||||||
2. |
Auburn Mall |
MA | Auburn |
56.4% | 584,573 | 09/01/20 | 6.02% | Fixed | 38,137 | 21,498 | |||||||||||||||
3. |
Aventura Mall(3) |
FL | Miami Beach (Miami) |
33.3% | 2,087,681 | 12/01/20 | 3.75% | Fixed | 1,200,000 | 400,000 | |||||||||||||||
|
12/30/20 | (8) | 3.17% | Variable | 125,063 | 41,683 | |||||||||||||||||||
4. |
Avenues, The |
FL | Jacksonville |
25.0% | (4) | 1,112,611 | 02/06/23 | 3.60% | Fixed | 110,000 | 27,500 | ||||||||||||||
5. |
Barton Creek Square |
TX | Austin |
100.0% | 1,429,268 | (2) | |||||||||||||||||||
6. |
Battlefield Mall |
MO | Springfield |
100.0% | 1,201,370 | 09/01/22 | 3.95% | Fixed | 120,988 | 120,988 | |||||||||||||||
7. |
Bay Park Square |
WI | Green Bay |
100.0% | 711,894 | (2) | |||||||||||||||||||
8. |
Brea Mall |
CA | Brea (Los Angeles) |
100.0% | 1,319,228 | (2) | |||||||||||||||||||
9. |
Briarwood Mall |
MI | Ann Arbor |
50.0% | 979,408 | 09/01/26 | 3.29% | Fixed | 165,000 | 82,500 | |||||||||||||||
10. |
Brickell City Centre |
FL | Miami |
25.0% | 477,159 | (2) | |||||||||||||||||||
11. |
Broadway Square |
TX | Tyler |
100.0% | 627,657 | (2) | |||||||||||||||||||
12. |
Burlington Mall |
MA | Burlington (Boston) |
100.0% | 1,312,594 | (2) | |||||||||||||||||||
13. |
Cape Cod Mall |
MA | Hyannis |
56.4% | 719,660 | 03/06/21 | 5.75% | Fixed | 91,237 | 51,431 | |||||||||||||||
14. |
Castleton Square |
IN | Indianapolis |
100.0% | 1,382,196 | (2) | |||||||||||||||||||
15. |
Cielo Vista Mall |
TX | El Paso |
100.0% | 1,245,292 | (2) | |||||||||||||||||||
16. |
Coconut Point |
FL | Estero |
50.0% | 1,205,436 | 10/01/26 | 3.95% | Fixed | 190,000 | 95,000 | |||||||||||||||
17. |
Coddingtown Mall |
CA | Santa Rosa |
50.0% | 822,222 | 07/28/21 | (8) | 2.87% | Variable | 10,350 | 10,350 | ||||||||||||||
18. |
College Mall |
IN | Bloomington |
100.0% | 549,548 | (2) | |||||||||||||||||||
19. |
Columbia Center |
WA | Kennewick |
100.0% | 795,185 | (2) | |||||||||||||||||||
20. |
Copley Place |
MA | Boston |
94.4% | (7) | 1,256,960 | (2) | ||||||||||||||||||
21. |
Coral Square |
FL | Coral Springs (Miami) |
97.2% | 943,891 | (2) | |||||||||||||||||||
22. |
Cordova Mall |
FL | Pensacola |
100.0% | 929,565 | (2) | |||||||||||||||||||
23. |
Crystal Mall |
CT | Waterford |
78.2% | 782,987 | 06/06/22 | 4.46% | Fixed | 90,353 | 70,642 | |||||||||||||||
24. |
Dadeland Mall |
FL | Miami |
50.0% | 1,497,191 | 12/05/21 | 4.50% | Fixed | 423,099 | 211,549 | |||||||||||||||
25. |
Del Amo Fashion Center |
CA | Torrance (Los Angeles) |
50.0% | 2,438,926 | 06/01/27 | 3.66% | Fixed | 585,000 | 292,500 | |||||||||||||||
26. |
Domain, The |
TX | Austin |
100.0% | 1,233,899 | 08/01/21 | 5.44% | Fixed | 190,333 | 190,333 | |||||||||||||||
27. |
Dover Mall |
DE | Dover |
68.1% | 928,239 | 08/06/21 | 5.57% | Fixed | 86,139 | 58,652 | |||||||||||||||
28. |
Emerald Square |
MA | North Attleboro (Providence, RI) |
56.4% | 1,022,436 | 08/11/22 | 4.71% | Fixed | 105,934 | 59,715 | |||||||||||||||
29. |
Empire Mall |
SD | Sioux Falls |
100.0% | 1,125,699 | 12/01/25 | 4.31% | Fixed | 190,000 | 190,000 | |||||||||||||||
30. |
Falls, The |
FL | Miami |
50.0% | 836,740 | 09/01/26 | 3.45% | Fixed | 150,000 | 75,000 | |||||||||||||||
31. |
Fashion Centre at Pentagon City, The |
VA | Arlington (Washington, DC) |
42.5% | 1,037,343 | 07/01/21 | 5.11% | Fixed | 40,000 | 17,000 | |||||||||||||||
|
07/01/21 | 4.87% | Fixed | 410,000 | 174,250 | ||||||||||||||||||||
32. |
Fashion Mall at Keystone, The |
IN | Indianapolis |
100.0% | 710,585 | (2) | |||||||||||||||||||
33. |
Fashion Valley |
CA | San Diego |
50.0% | 1,718,316 | 01/04/21 | 4.30% | Fixed | 445,661 | 222,830 | |||||||||||||||
34. |
Firewheel Town Center |
TX | Garland (Dallas) |
100.0% | 998,300 | (2) | |||||||||||||||||||
35. |
Florida Mall, The |
FL | Orlando |
50.0% | 1,719,055 | 09/05/20 | 5.25% | Fixed | 333,295 | 166,647 | |||||||||||||||
36. |
Forum Shops at Caesars, The |
NV | Las Vegas |
100.0% | 670,100 | (2) | |||||||||||||||||||
37. |
Galleria, The |
TX | Houston |
50.4% | 1,927,540 | 03/01/25 | 3.55% | Fixed | 1,200,000 | 604,440 |
2Q 2017 SUPPLEMENTAL | 37 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||
|
PROPERTY NAME |
state | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | | TOTAL | | OUR SHARE | ||||||||||||
38. |
Greenwood Park Mall |
IN | Greenwood (Indianapolis) |
100.0% | 1,288,113 | (2) | |||||||||||||||||||
39. |
Haywood Mall |
SC | Greenville |
100.0% | 1,237,445 | (2) | |||||||||||||||||||
40. |
Independence Center |
MO | Independence (Kansas City) |
100.0% | 883,928 | 07/10/17 | 5.94% | Fixed | 200,000 | 200,000 | |||||||||||||||
41. |
Ingram Park Mall |
TX | San Antonio |
100.0% | 1,112,124 | 06/01/21 | 5.38% | Fixed | 131,802 | 131,802 | |||||||||||||||
42. |
King of Prussia |
PA | King of Prussia (Philadelphia) |
100.0% | 2,651,710 | (2) | |||||||||||||||||||
43. |
La Plaza Mall |
TX | McAllen |
100.0% | 1,085,932 | (2) | |||||||||||||||||||
44. |
Lakeline Mall |
TX | Cedar Park (Austin) |
100.0% | 1,099,689 | (2) | |||||||||||||||||||
45. |
Lehigh Valley Mall |
PA | Whitehall |
50.0% | 1,180,851 | 07/05/20 | 5.88% | Fixed | 125,438 | 62,719 | |||||||||||||||
46. |
Lenox Square |
GA | Atlanta |
100.0% | 1,558,871 | (2) | |||||||||||||||||||
47. |
Livingston Mall |
NJ | Livingston (New York) |
100.0% | 977,947 | (2) | |||||||||||||||||||
48. |
Mall at Rockingham Park, The |
NH | Salem (Boston) |
28.2% | 1,024,171 | 06/01/26 | 4.04% | Fixed | 262,000 | 73,845 | |||||||||||||||
49. |
Mall at Tuttle Crossing, The |
OH | Dublin (Columbus) |
50.0% | 1,123,025 | 05/01/23 | 3.56% | Fixed | 122,501 | 61,250 | |||||||||||||||
50. |
Mall of Georgia |
GA | Buford (Atlanta) |
100.0% | 1,825,086 | (2) | |||||||||||||||||||
51. |
Mall of New Hampshire, The |
NH | Manchester |
56.4% | 812,499 | 07/01/25 | 4.11% | Fixed | 150,000 | 84,555 | |||||||||||||||
52. |
McCain Mall |
AR | N. Little Rock |
100.0% | 793,537 | (2) | |||||||||||||||||||
53. |
Meadowood Mall |
NV | Reno |
50.0% | 899,850 | 11/06/21 | 5.82% | Fixed | 115,497 | 57,749 | |||||||||||||||
54. |
Menlo Park Mall |
NJ | Edison (New York) |
100.0% | 1,334,017 | (2) | |||||||||||||||||||
55. |
Miami International Mall |
FL | Miami |
47.8% | 1,082,525 | 02/06/24 | 4.42% | Fixed | 160,000 | 76,442 | |||||||||||||||
56. |
Midland Park Mall |
TX | Midland |
100.0% | 629,950 | 09/06/22 | 4.35% | Fixed | 77,994 | 77,994 | |||||||||||||||
57. |
Miller Hill Mall |
MN | Duluth |
100.0% | 831,731 | (2) | |||||||||||||||||||
58. |
Montgomery Mall |
PA | North Wales (Philadelphia) |
79.4% | 1,100,055 | 05/01/24 | 4.57% | Fixed | 100,000 | 79,351 | |||||||||||||||
59. |
North East Mall |
TX | Hurst (Dallas) |
100.0% | 1,669,490 | (2) | |||||||||||||||||||
60. |
Northgate Mall |
WA | Seattle |
100.0% | 1,045,718 | (2) | |||||||||||||||||||
61. |
Northshore Mall |
MA | Peabody (Boston) |
56.4% | 1,593,817 | 07/05/23 | 3.30% | Fixed | 252,549 | 142,363 | |||||||||||||||
62. |
Ocean County Mall |
NJ | Toms River (New York) |
100.0% | 898,525 | (2) | |||||||||||||||||||
63. |
Orland Square |
IL | Orland Park (Chicago) |
100.0% | 1,229,979 | (2) | |||||||||||||||||||
64. |
Oxford Valley Mall |
PA | Langhorne (Philadelphia) |
85.5% | 1,335,417 | 12/07/20 | 4.77% | Fixed | 63,239 | 54,095 | |||||||||||||||
65. |
Penn Square Mall |
OK | Oklahoma City |
94.5% | 1,064,280 | 01/01/26 | 3.84% | Fixed | 310,000 | 292,938 | |||||||||||||||
66. |
Pheasant Lane Mall |
NH | Nashua |
(10) | 979,523 | (2) | |||||||||||||||||||
67. |
Phipps Plaza |
GA | Atlanta |
100.0% | 822,482 | (2) | |||||||||||||||||||
68. |
Plaza Carolina |
PR | Carolina (San Juan) |
100.0% | 1,158,722 | 09/30/17 | 2.57% | Variable | 225,000 | 225,000 | |||||||||||||||
69. |
Prien Lake Mall |
LA | Lake Charles |
100.0% | 782,779 | (2) | |||||||||||||||||||
70. |
Quaker Bridge Mall |
NJ | Lawrenceville |
50.0% | 1,080,302 | 05/01/26 | 4.50% | Fixed | 180,000 | 90,000 | |||||||||||||||
71. |
Rockaway Townsquare |
NJ | Rockaway (New York) |
100.0% | 1,245,749 | (2) | |||||||||||||||||||
72. |
Roosevelt Field |
NY | Garden City (New York) |
100.0% | 2,378,223 | (2) | |||||||||||||||||||
73. |
Ross Park Mall |
PA | Pittsburgh |
100.0% | 1,239,070 | (2) | |||||||||||||||||||
74. |
Santa Rosa Plaza |
CA | Santa Rosa |
100.0% | 691,969 | (2) | |||||||||||||||||||
75. |
Shops at Chestnut Hill, The |
MA | Chestnut Hill (Boston) |
94.4% | 470,103 | 11/01/23 | 4.69% | Fixed | 120,000 | 113,328 |
2Q 2017 SUPPLEMENTAL | 38 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ in 000's) | |||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE | | TOTAL | | OUR SHARE | ||||||||||||
76. |
Shops at Crystals, The |
NV | Las Vegas |
50.0% | 262,305 | 07/01/26 | 3.74% | Fixed | 550,000 | 275,000 | |||||||||||||||
77. |
Shops at Mission Viejo, The |
CA | Mission Viejo (Los Angeles) |
51.0% | 1,249,818 | 02/01/23 | 3.61% | Fixed | 295,000 | 150,450 | |||||||||||||||
78. |
Shops at Nanuet, The |
NY | Nanuet |
100.0% | 757,928 | (2) | |||||||||||||||||||
79. |
Shops at Riverside, The |
NJ | Hackensack (New York) |
100.0% | 668,980 | 02/01/23 | 3.37% | Fixed | 130,000 | 130,000 | |||||||||||||||
80. |
Smith Haven Mall |
NY | Lake Grove (New York) |
25.0% | (4) | 1,301,443 | 05/29/20 | (8) | 2.42% | Variable | 180,000 | 45,000 | |||||||||||||
81. |
Solomon Pond Mall |
MA | Marlborough (Boston) |
56.4% | 886,581 | 11/01/22 | 4.01% | Fixed | 100,760 | 56,799 | |||||||||||||||
82. |
South Hills Village |
PA | Pittsburgh |
100.0% | 1,128,432 | (2) | |||||||||||||||||||
83. |
South Shore Plaza |
MA | Braintree (Boston) |
100.0% | 1,587,208 | (2) | |||||||||||||||||||
84. |
Southdale Center |
MN | Edina (Minneapolis) |
100.0% | 1,298,107 | 04/01/23 | 3.84% | Fixed | 148,989 | 148,989 | |||||||||||||||
85. |
SouthPark |
NC | Charlotte |
100.0% | 1,676,300 | (2) | |||||||||||||||||||
86. |
Southridge Mall |
WI | Greendale (Milwaukee) |
100.0% | 1,177,576 | 06/06/23 | 3.85% | Fixed | 120,547 | 120,547 | |||||||||||||||
87. |
Springfield Mall (3) |
PA | Springfield (Philadelphia) |
50.0% | 610,063 | 10/06/25 | 4.45% | Fixed | 63,369 | 31,684 | |||||||||||||||
88. |
Square One Mall |
MA | Saugus (Boston) |
56.4% | 929,704 | 01/06/22 | 5.47% | Fixed | 92,175 | 51,959 | |||||||||||||||
89. |
St. Charles Towne Center |
MD | Waldorf (Washington, DC) |
100.0% | 980,418 | (2) | |||||||||||||||||||
90. |
St. Johns Town Center |
FL | Jacksonville |
50.0% | 1,392,182 | 09/11/24 | 3.82% | Fixed | 350,000 | 175,000 | |||||||||||||||
91. |
Stanford Shopping Center |
CA | Palo Alto (San Jose) |
94.4% | (7) | 1,343,587 | (2) | ||||||||||||||||||
92. |
Stoneridge Shopping Center |
CA | Pleasanton (San Francisco) |
49.9% | 1,299,105 | 09/05/26 | 3.50% | Fixed | 330,000 | 164,670 | |||||||||||||||
93. |
Summit Mall |
OH | Akron |
100.0% | 777,044 | 10/01/26 | 3.31% | Fixed | 85,000 | 85,000 | |||||||||||||||
94. |
Tacoma Mall |
WA | Tacoma (Seattle) |
100.0% | 1,320,058 | (2) | |||||||||||||||||||
95. |
Tippecanoe Mall |
IN | Lafayette |
100.0% | 862,542 | (2) | |||||||||||||||||||
96. |
Town Center at Boca Raton |
FL | Boca Raton (Miami) |
100.0% | 1,778,547 | (2) | |||||||||||||||||||
97. |
Town Center at Cobb |
GA | Kennesaw (Atlanta) |
100.0% | 1,280,993 | 05/01/22 | 4.76% | Fixed | 190,481 | 190,481 | |||||||||||||||
98. |
Towne East Square |
KS | Wichita |
100.0% | 1,146,569 | (2) | |||||||||||||||||||
99. |
Treasure Coast Square |
FL | Jensen Beach |
100.0% | 876,256 | (2) | |||||||||||||||||||
100. |
Tyrone Square |
FL | St. Petersburg (Tampa) |
100.0% | 960,634 | (2) | |||||||||||||||||||
101. |
University Park Mall |
IN | Mishawaka |
100.0% | 918,731 | (2) | |||||||||||||||||||
102. |
Walt Whitman Shops |
NY | Huntington Station (New York) |
100.0% | 1,090,451 | (2) | |||||||||||||||||||
103. |
West Town Mall |
TN | Knoxville |
50.0% | 1,341,519 | 07/01/22 | 4.37% | Fixed | 210,000 | 105,000 | |||||||||||||||
104. |
Westchester, The |
NY | White Plains (New York) |
40.0% | 809,386 | 05/05/20 | 6.00% | Fixed | 335,579 | 134,232 | |||||||||||||||
105. |
White Oaks Mall |
IL | Springfield |
80.7% | 926,218 | 06/01/23 | (8) | 3.97% | Variable | 51,000 | 41,146 | ||||||||||||||
106. |
Wolfchase Galleria |
TN | Memphis |
94.5% | 1,151,686 | 11/01/26 | 4.15% | Fixed | 163,400 | 154,406 | |||||||||||||||
107. |
Woodfield Mall |
IL | Schaumburg (Chicago) |
50.0% | 2,142,145 | 03/05/24 | 4.50% | Fixed | 423,315 | 211,658 | |||||||||||||||
108. |
Woodland Hills Mall |
OK | Tulsa |
94.5% | 1,091,514 | 04/05/19 | 7.79% | Fixed | 88,189 | 83,309 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Mall Square Footage |
| |
| 122,057,091 | | | | | | | | |||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|||||||||||||||||||||||
|
|
| | ||||||||||||||||||||||
1. |
ABQ Uptown |
NM | Albuquerque |
100.0% | 230,048 | (2) | |||||||||||||||||||
2. |
Hamilton Town Center |
IN | Noblesville (Indianapolis) |
50.0% | 672,896 | 04/01/22 | 4.81% | Fixed | 81,280 | 40,640 | |||||||||||||||
3. |
Pier Park |
FL | Panama City Beach |
65.6% | 895,979 | (2) | |||||||||||||||||||
4. |
University Park Village |
TX | Fort Worth |
100.0% | 160,130 | 05/01/28 | 3.85% | Fixed | 55,000 | 55,000 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
1,959,053 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
2Q 2017 SUPPLEMENTAL | 39 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ IN 000's) | |||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE |
|
TOTAL | | OUR SHARE | ||||||||||||
|
Premium Outlets |
| |
| | | | | | | | | | ||||||||||||
1. |
Albertville Premium Outlets |
MN | Albertville (Minneapolis) |
100.0% | 429,551 | (2) | |||||||||||||||||||
2. |
Allen Premium Outlets |
TX | Allen (Dallas) |
100.0% | 441,886 | (2) | |||||||||||||||||||
3. |
Aurora Farms Premium Outlets |
OH | Aurora (Cleveland) |
100.0% | 285,309 | (2) | |||||||||||||||||||
4. |
Birch Run Premium Outlets |
MI | Birch Run (Detroit) |
100.0% | 682,627 | 02/06/26 | 4.21% | Fixed | 123,000 | 123,000 | |||||||||||||||
5. |
Camarillo Premium Outlets |
CA | Camarillo (Los Angeles) |
100.0% | 675,410 | (2) | |||||||||||||||||||
6. |
Carlsbad Premium Outlets |
CA | Carlsbad (San Diego) |
100.0% | 289,383 | (2) | |||||||||||||||||||
7. |
Carolina Premium Outlets |
NC | Smithfield (Raleigh) |
100.0% | 438,759 | 12/01/22 | 3.36% | Fixed | 45,874 | 45,874 | |||||||||||||||
8. |
Charlotte Premium Outlets |
NC | Charlotte |
50.0% | 398,710 | 11/24/19 | (8) | 2.67% | Variable | 90,000 | 45,000 | ||||||||||||||
9. |
Chicago Premium Outlets |
IL | Aurora (Chicago) |
100.0% | 687,607 | (2) | |||||||||||||||||||
10. |
Cincinnati Premium Outlets |
OH | Monroe (Cincinnati) |
100.0% | 398,703 | (2) | |||||||||||||||||||
11. |
Clarksburg Premium Outlets |
MD | Clarksburg (Washington, DC) |
66.0% | 389,984 | 11/20/20 | (8) | 2.77% | Variable | 141,499 | 93,389 | ||||||||||||||
12. |
Clinton Crossing Premium Outlets |
CT | Clinton |
100.0% | 276,093 | (2) | |||||||||||||||||||
13. |
Desert Hills Premium Outlets |
CA | Cabazon (Palm Springs) |
100.0% | 650,285 | (2) | |||||||||||||||||||
14. |
Edinburgh Premium Outlets |
IN | Edinburgh (Indianapolis) |
100.0% | 377,734 | (2) | |||||||||||||||||||
15. |
Ellenton Premium Outlets |
FL | Ellenton (Tampa) |
100.0% | 476,748 | 12/01/25 | 4.30% | Fixed | 178,000 | 178,000 | |||||||||||||||
16. |
Folsom Premium Outlets |
CA | Folsom (Sacramento) |
100.0% | 297,529 | (2) | |||||||||||||||||||
17. |
Gilroy Premium Outlets |
CA | Gilroy (San Jose) |
100.0% | 578,123 | (2) | |||||||||||||||||||
18. |
Gloucester Premium Outlets |
NJ | Blackwood (Philadelphia) |
50.0% | 369,656 | 06/19/19 | (8) | 2.62% | Variable | 83,921 | 41,964 | ||||||||||||||
19. |
Grand Prairie Premium Outlets |
TX | Grand Prairie (Dallas) |
100.0% | 417,192 | 04/01/23 | 3.66% | Fixed | 117,260 | 117,260 | |||||||||||||||
20. |
Grove City Premium Outlets |
PA | Grove City (Pittsburgh) |
100.0% | 531,233 | 12/01/25 | 4.31% | Fixed | 140,000 | 140,000 | |||||||||||||||
21. |
Gulfport Premium Outlets |
MS | Gulfport |
100.0% | 300,027 | 12/01/25 | 4.35% | Fixed | 50,000 | 50,000 | |||||||||||||||
22. |
Hagerstown Premium Outlets |
MD | Hagerstown (Baltimore/ Washington, DC) |
100.0% | 485,066 | 02/06/26 | 4.26% | Fixed | 77,000 | 77,000 | |||||||||||||||
23. |
Houston Premium Outlets |
TX | Cypress (Houston) |
100.0% | 541,932 | (2) | |||||||||||||||||||
24. |
Jackson Premium Outlets |
NJ | Jackson (New York) |
100.0% | 285,536 | (2) | |||||||||||||||||||
25. |
Jersey Shore Premium Outlets |
NJ | Tinton Falls (New York) |
100.0% | 434,429 | (2) | |||||||||||||||||||
26. |
Johnson Creek Premium Outlets |
WI | Johnson Creek |
100.0% | 277,672 | (2) | |||||||||||||||||||
27. |
Kittery Premium Outlets |
ME | Kittery |
100.0% | 259,170 | (2) | |||||||||||||||||||
28. |
Las Americas Premium Outlets |
CA | San Diego |
100.0% | 554,073 | (2) | |||||||||||||||||||
29. |
Las Vegas North Premium Outlets |
NV | Las Vegas |
100.0% | 676,085 | (2) | |||||||||||||||||||
30. |
Las Vegas South Premium Outlets |
NV | Las Vegas |
100.0% | 535,405 | (2) | |||||||||||||||||||
31. |
Lee Premium Outlets |
MA | Lee |
100.0% | 224,833 | 06/01/26 | (15) | 4.17% | Fixed | 53,108 | 53,108 | ||||||||||||||
32. |
Leesburg Corner Premium Outlets |
VA | Leesburg (Washington, DC) |
100.0% | 478,225 | (2) | |||||||||||||||||||
33. |
Lighthouse Place Premium Outlets |
IN | Michigan City (Chicago, IL) |
100.0% | 454,745 | (2) | |||||||||||||||||||
34. |
Merrimack Premium Outlets |
NH | Merrimack |
100.0% | 408,996 | 07/01/23 | 3.78% | Fixed | 125,512 | 125,512 | |||||||||||||||
35. |
Napa Premium Outlets |
CA | Napa |
100.0% | 179,200 | (2) | |||||||||||||||||||
36. |
Norfolk Premium Outlets |
VA | Norfolk |
65.0% | 332,123 | (2) | |||||||||||||||||||
37. |
North Bend Premium Outlets |
WA | North Bend (Seattle) |
100.0% | 223,560 | (2) | |||||||||||||||||||
38. |
North Georgia Premium Outlets |
GA | Dawsonville (Atlanta) |
100.0% | 540,512 | (2) | |||||||||||||||||||
39. |
Orlando International Premium Outlets |
FL | Orlando |
100.0% | 773,674 | (2) |
2Q 2017 SUPPLEMENTAL | 40 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | | INDEBTEDNESS ($ IN 000's) | |||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE |
|
TOTAL | | OUR SHARE | ||||||||||||
40. |
Orlando Vineland Premium Outlets |
FL | Orlando |
100.0% | 656,892 | (2) | |||||||||||||||||||
41. |
Petaluma Village Premium Outlets |
CA | Petaluma (San Francisco) |
100.0% | 201,721 | (2) | |||||||||||||||||||
42. |
Philadelphia Premium Outlets |
PA | Limerick (Philadelphia) |
100.0% | 549,155 | (2) | |||||||||||||||||||
43. |
Phoenix Premium Outlets |
AZ | Chandler (Phoenix) |
100.0% | 356,498 | (2) | |||||||||||||||||||
44. |
Pismo Beach Premium Outlets |
CA | Pismo Beach |
100.0% | 147,416 | 09/01/26 | (17) | 3.33% | Fixed | 36,465 | 36,465 | ||||||||||||||
45. |
Pleasant Prairie Premium Outlets |
WI | Pleasant Prairie (Chicago, IL/ Milwaukee) |
100.0% | 402,877 | (2) | |||||||||||||||||||
46. |
Puerto Rico Premium Outlets |
PR | Barceloneta |
100.0% | 349,993 | 09/30/17 | 2.57% | Variable | 125,000 | 125,000 | |||||||||||||||
47. |
Queenstown Premium Outlets |
MD | Queenstown (Baltimore) |
100.0% | 289,462 | 09/01/26 | (17) | 3.33% | Fixed | 64,060 | 64,060 | ||||||||||||||
48. |
Rio Grande Valley Premium Outlets |
TX | Mercedes (McAllen) |
100.0% | 604,105 | (2) | |||||||||||||||||||
49. |
Round Rock Premium Outlets |
TX | Round Rock (Austin) |
100.0% | 488,681 | (2) | |||||||||||||||||||
50. |
San Francisco Premium Outlets |
CA | Livermore (San Francisco) |
100.0% | 696,968 | (2) | |||||||||||||||||||
51. |
San Marcos Premium Outlets |
TX | San Marcos (Austin/ San Antonio) |
100.0% | 732,709 | (2) | |||||||||||||||||||
52. |
Seattle Premium Outlets |
WA | Tulalip (Seattle) |
100.0% | 554,822 | (2) | |||||||||||||||||||
53. |
Silver Sands Premium Outlets |
FL | Destin |
50.0% | 450,949 | 06/01/22 | 3.93% | Fixed | 100,000 | 50,000 | |||||||||||||||
54. |
St. Augustine Premium Outlets |
FL | St. Augustine (Jacksonville) |
100.0% | 327,592 | (2) | |||||||||||||||||||
55. |
St. Louis Premium Outlets |
MO | St. Louis (Chesterfield) |
60.0% | 351,505 | 10/06/24 | 4.06% | Fixed | 95,000 | 57,000 | |||||||||||||||
56. |
Tampa Premium Outlets |
FL | Lutz (Tampa) |
100.0% | 459,504 | (2) | |||||||||||||||||||
57. |
Tanger Outlets - Columbus (3) |
OH | Sunbury (Columbus) |
50.0% | 355,281 | 11/28/21 | (8) | 2.87% | Variable | 85,000 | 42,500 | ||||||||||||||
58. |
Tanger Outlets - Galveston/Houston (3) |
TX | Texas City |
50.0% | 352,705 | 07/01/18 | 2.72% | Variable | 65,000 | 32,500 | |||||||||||||||
59. |
The Crossings Premium Outlets |
PA | Tannersville |
100.0% | 411,595 | 12/01/22 | 3.41% | Fixed | 111,700 | 111,700 | |||||||||||||||
60. |
Tucson Premium Outlets |
AZ | Marana (Tucson) |
100.0% | 363,433 | (2) | |||||||||||||||||||
61. |
Twin Cities Premium Outlets |
MN | Eagan |
35.0% | 408,938 | 11/06/24 | 4.32% | Fixed | 115,000 | 40,250 | |||||||||||||||
62. |
Vacaville Premium Outlets |
CA | Vacaville |
100.0% | 440,305 | (2) | |||||||||||||||||||
63. |
Waikele Premium Outlets |
HI | Waipahu (Honolulu) |
100.0% | 219,139 | (2) | |||||||||||||||||||
64. |
Waterloo Premium Outlets |
NY | Waterloo |
100.0% | 417,844 | (2) | |||||||||||||||||||
65. |
Williamsburg Premium Outlets |
VA | Williamsburg |
100.0% | 522,317 | 02/06/26 | 4.23% | Fixed | 185,000 | 185,000 | |||||||||||||||
66. |
Woodburn Premium Outlets |
OR | Woodburn (Portland) |
100.0% | 389,845 | (2) | |||||||||||||||||||
67. |
Woodbury Common Premium Outlets |
NY | Central Valley (New York) |
100.0% | 899,225 | (2) | |||||||||||||||||||
68. |
Wrentham Village Premium Outlets |
MA | Wrentham (Boston) |
100.0% | 660,103 | (2) | |||||||||||||||||||
|
|||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
30,119,364 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 41 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
DEBT INFORMATION | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
LEGAL | TOTAL | MATURITY | INTEREST | INDEBTEDNESS ($ IN 000's) | |||||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) | OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE |
|
TOTAL | | OUR SHARE | ||||||||||||
|
The Mills |
| | ||||||||||||||||||||||
1. |
Arizona Mills |
AZ | Tempe (Phoenix) | 100.0% | 1,238,057 | 07/01/20 | 5.76% | Fixed | 157,682 | 157,682 | |||||||||||||||
2. |
Arundel Mills |
MD | Hanover (Baltimore) | 59.3% | 1,663,947 | 02/06/24 | 4.29% | Fixed | 385,000 | 228,113 | |||||||||||||||
3. |
Colorado Mills |
CO | Lakewood (Denver) | 37.5% | 1,411,782 | 11/01/24 | 4.28% | Fixed | 136,000 | 51,000 | |||||||||||||||
|
07/01/21 | 5.04% | Fixed | 26,771 | 10,039 | ||||||||||||||||||||
4. |
Concord Mills |
NC | Concord (Charlotte) | 59.3% | 1,361,944 | 11/01/22 | 3.84% | Fixed | 235,000 | 139,261 | |||||||||||||||
5. |
Grapevine Mills |
TX | Grapevine (Dallas) | 59.3% | 1,781,621 | 10/01/24 | 3.83% | Fixed | 268,000 | 158,817 | |||||||||||||||
6. |
Great Mall |
CA | Milpitas (San Jose) | 100.0% | 1,365,933 | (2) | |||||||||||||||||||
7. |
Gurnee Mills |
IL | Gurnee (Chicago) | 100.0% | 1,935,940 | 10/01/26 | 3.99% | Fixed | 271,880 | 271,880 | |||||||||||||||
8. |
Katy Mills |
TX | Katy (Houston) | 62.5% | (4) | 1,790,092 | 12/06/22 | 3.49% | Fixed | 140,000 | 35,000 | ||||||||||||||
9. |
Mills at Jersey Gardens, The |
NJ | Elizabeth | 100.0% | 1,299,687 | 11/01/20 | 3.83% | Fixed | 350,000 | 350,000 | |||||||||||||||
10. |
Ontario Mills |
CA | Ontario (Riverside) | 50.0% | 1,435,915 | 03/05/22 | 4.25% | Fixed | 316,032 | 158,016 | |||||||||||||||
11. |
Opry Mills |
TN | Nashville | 100.0% | 1,168,299 | 07/01/26 | 4.09% | Fixed | 375,000 | 375,000 | |||||||||||||||
12. |
Outlets at Orange, The |
CA | Orange (Los Angeles) | 50.0% | 866,949 | 04/01/24 | 4.22% | Fixed | 215,000 | 107,500 | |||||||||||||||
13. |
Potomac Mills |
VA | Woodbridge (Washington, DC) | 100.0% | 1,540,292 | 11/01/26 | 3.46% | Fixed | 416,000 | 416,000 | |||||||||||||||
14. |
Sawgrass Mills |
FL | Sunrise (Miami) | 100.0% | 2,273,341 | (2) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
21,133,799 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| | ||||||||||||||||||||||
|
Bangor Mall, Calhoun Outlet Marketplace, Circle Centre, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Lebanon Outlet Marketplace, Liberty Tree Mall, Liberty Village Outlet Marketplace, Lincoln Plaza, Orlando Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia Mills, and Sugarloaf Mills | (15)(21) | 675,371 | 326,003 | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
7,216,796 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
||||||||||||||||||||||||
|
|
182,486,103 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 42 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | INDEBTEDNESS ($ IN 000's) | ||||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE |
|
TOTAL | | OUR SHARE | ||||||||||||
|
|
| | ||||||||||||||||||||||
|
AUSTRIA |
||||||||||||||||||||||||
1. |
Parndorf Designer Outlet Phases 3 & 4 |
Vienna | 90.0% | 118,000 | 05/25/22 | (20) | 1.90% | Fixed | 105,094 | 94,585 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Austria Square Footage |
118,000 | |||||||||||||||||||||||
|
CANADA |
|
|
||||||||||||||||||||||
2. |
Premium Outlets Montréal |
Montréal (Quebec) | 50.0% | 365,800 | 06/01/24 | (23) | 3.10% | Variable | 92,431 | 46,215 | |||||||||||||||
3. |
Toronto Premium Outlets |
Toronto (Ontario) | 50.0% | 358,400 | 06/01/22 | (23) | 3.11% | Fixed | 130,944 | 65,473 | |||||||||||||||
4. |
Vancouver Designer Outlet |
Vancouver (British Columbia) | 45.0% | 242,000 | 06/19/18 | (14) | 2.83% | Variable | 83,621 | 37,629 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Canada Square Footage |
966,200 | |||||||||||||||||||||||
|
GERMANY |
|
|
||||||||||||||||||||||
5. |
Ochtrup Designer Outlet |
Ochtrup | 70.5% | 191,500 | 06/30/21 | (20) | 2.49% | Fixed | 47,818 | 33,712 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Germany Square Footage |
191,500 | |||||||||||||||||||||||
|
FRANCE |
|
|
||||||||||||||||||||||
6. |
Provence Designer Outlet |
Miramas | 90.0% | 269,000 | 07/27/22 | (20) | 2.50% | Variable | 66,676 | 60,008 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal France Square Footage |
269,000 | |||||||||||||||||||||||
|
ITALY |
|
|
||||||||||||||||||||||
7. |
La Reggia Designer Outlet |
Marcianise (Naples) | 90.0% | 288,000 | 02/15/22 | (20) | 2.50% | Variable | 154,215 | 138,794 | |||||||||||||||
8. |
Noventa Di Piave Designer Outlet |
Venice | 90.0% | 324,000 | 06/30/20 | (20) | 1.67% | Variable | 103,952 | 93,557 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Italy Square Footage |
612,000 | |||||||||||||||||||||||
|
JAPAN |
|
|
||||||||||||||||||||||
9. |
Ami Premium Outlets |
Ami (Tokyo) | 40.0% | 315,000 | 09/25/23 | (25) | 1.79% | Fixed | 59,062 | 23,625 | |||||||||||||||
10. |
Gotemba Premium Outlets |
Gotemba City (Tokyo) | 40.0% | 481,500 | 02/28/18 | (25) | 0.27% | Variable | 4,683 | 1,873 | |||||||||||||||
11. |
Kobe-Sanda Premium Outlets |
Kobe (Osaka) | 40.0% | 441,000 | 01/31/20 | (25) | 0.35% | Variable | 31,258 | 12,503 | |||||||||||||||
12. |
Rinku Premium Outlets |
Izumisano (Osaka) | 40.0% | 416,500 | 07/31/17 | (25) | 0.30% | Variable | 9,812 | 3,925 | |||||||||||||||
13. |
Sano Premium Outlets |
Sano (Tokyo) | 40.0% | 390,800 | 05/31/18 | (25) | 0.38% | Variable | 1,517 | 607 | |||||||||||||||
14. |
Sendai-Izumi Premium Outlets |
Izumi Park Town (Sendai) | 40.0% | 164,200 | 10/31/18 | (25) | 0.32% | Variable | 5,085 | 2,034 | |||||||||||||||
15. |
Shisui Premium Outlets |
Shisui (Chiba) | 40.0% | 365,900 | 05/31/18 | (25) | 0.27% | Variable | 29,973 | 11,989 | |||||||||||||||
|
05/29/22 | (25) | 0.38% | Fixed | 44,602 | 17,841 | |||||||||||||||||||
16. |
Toki Premium Outlets |
Toki (Nagoya) | 40.0% | 367,700 | 05/31/20 | (25) | 0.81% | Variable | 5,551 | 2,220 | |||||||||||||||
|
11/30/19 | (25) | 0.38% | Fixed | 26,762 | 10,705 | |||||||||||||||||||
17. |
Tosu Premium Outlets |
Fukuoka (Kyushu) | 40.0% | 290,400 | 07/31/21 | (25) | 0.30% | Variable | 14,540 | 5,816 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Japan Square Footage |
3,233,000 |
2Q 2017 SUPPLEMENTAL | 43 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
|
DEBT INFORMATION | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
LEGAL | TOTAL | MATURITY | INTEREST | INDEBTEDNESS ($ IN 000's) | ||||||||||||||||||
|
PROPERTY NAME |
STATE | CITY (CBSA) |
OWNERSHIP | SQUARE FEET | DATE | | RATE (1) | TYPE |
|
TOTAL | | OUR SHARE | ||||||||||||
|
KOREA |
|
|
||||||||||||||||||||||
18. |
Busan Premium Outlets |
Busan | 50.0% | 360,200 | 06/20/22 | (26) | 3.57% | Fixed | 102,407 | 51,204 | |||||||||||||||
19. |
Paju Premium Outlets |
Paju (Seoul) | 50.0% | 442,900 | 03/27/20 | (26) | 3.79% | Fixed | 71,126 | 35,563 | |||||||||||||||
20. |
Siheung Premium Outlets |
Siheung (Seoul) | 50.0% | 444,400 | 03/15/23 | (26) | 3.28% | Fixed | 113,592 | 56,796 | |||||||||||||||
21. |
Yeoju Premium Outlets |
Yeoju (Seoul) | 50.0% | 551,600 | 09/06/20 | (26) | 4.10% | Fixed | 73,489 | 36,745 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal South Korea Square Footage |
1,799,100 | |||||||||||||||||||||||
|
MALAYSIA |
|
|
||||||||||||||||||||||
22. |
Genting Highlands Premium Outlets |
Pahang (Kuala Lumpur) | 50.0% | 278,000 | 02/14/24 | (27) | 5.37% | Fixed | 14,139 | 7,069 | |||||||||||||||
23. |
Johor Premium Outlets |
Johor (Singapore) | 50.0% | 264,400 | 10/14/20 | (27) | 5.02% | Variable | 8,218 | 4,109 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Malaysia Square Footage |
542,400 | |||||||||||||||||||||||
|
MEXICO |
|
|
||||||||||||||||||||||
24. |
Premium Outlets Punta Norte |
Mexico City | 50.0% | 333,000 | (2) | ||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Mexico Square Footage |
333,000 | |||||||||||||||||||||||
|
NETHERLANDS |
|
|
||||||||||||||||||||||
25. |
Roermond Designer Outlet Phases 2, 3 & 4 |
Roermond | (28) | 298,000 | 12/18/21 | (20) | 1.88% | Fixed | 262,736 | 236,462 | |||||||||||||||
|
07/12/20 | (20) | 2.50% | Variable | 35,355 | 18,119 | |||||||||||||||||||
26. |
Rosada Designer Outlet |
Roosendaal | 94.0% | 247,500 | 02/25/24 | (8)(20) | 1.85% | Variable | 68,749 | 64,624 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal Netherlands Square Footage |
545,500 | |||||||||||||||||||||||
|
UNITED KINGDOM |
|
|
||||||||||||||||||||||
27. |
Ashford Designer Outlet |
Kent | 45.0% | 183,000 | 02/22/22 | (5) | 2.26% | Variable | 54,469 | 24,511 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Subtotal United Kingdom Square Footage |
183,000 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|||||||||||||||||||||||
|
|
8,792,700 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|||||||||||||||||||||||
|
|
191,278,803 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
Other Secured Indebtedness: |
(13) |
315,262 |
152,060 |
|||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|||||||||||||||||||||||
|
|
$ | 13,428,174 | (6) | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|||||||||||||||||||||||
|
Our Share of Consolidated Mortgage Debt |
$ | 6,512,522 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
Our Share of Joint Venture Mortgage Debt |
$ | 6,915,652 |
2Q 2017 SUPPLEMENTAL | 44 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
|
|
DEBT INFORMATION | ||||||||||
| | | | | | | | | | | | |
UNSECURED INDEBTEDNESS: |
|
MATURITY DATE |
|
INTEREST RATE (1) |
TYPE |
|
INDEBTEDNESS ($ in 000's) TOTAL |
|||||
Global Commercial Paper - USD |
10/02/17 | (12) | 1.13% | Fixed | 942,800 | |||||||
Simon Property Group, LP (Sr. Notes) |
02/01/18 | 1.50% | Fixed | 750,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/19 | 2.20% | Fixed | 600,000 | ||||||||
Supplemental Credit Facility - Yen Currency |
06/30/20 | (8)(19) | 0.80% | Variable | 198,613 | |||||||
Supplemental Credit Facility - USD Currency |
06/30/20 | (8) | 2.02% | Variable | 125,000 | |||||||
Simon Property Group, LP (Sr. Notes) |
09/01/20 | 2.50% | Fixed | 500,000 | ||||||||
Simon Property Group, LP (Euro Sr. Notes) |
10/02/20 | (22) | 2.38% | Fixed | 856,748 | |||||||
Simon Property Group, LP (Sr. Notes) |
03/01/21 | 4.38% | Fixed | 900,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
07/15/21 | 2.50% | Fixed | 550,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
12/01/21 | 4.13% | Fixed | 700,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
01/30/22 | 2.35% | Fixed | 550,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
03/15/22 | 3.38% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/22 | 2.63% | Fixed | 600,000 | ||||||||
Revolving Credit Facility - USD Currency |
06/30/22 | (8) | 2.00% | Variable | 585,000 | |||||||
Simon Property Group, LP (Euro Sr. Notes) |
11/18/22 | (16) | 1.38% | Fixed | 856,748 | |||||||
Simon Property Group, LP (Sr. Notes) |
02/01/23 | 2.75% | Fixed | 500,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/24 | 3.75% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
10/01/24 | 3.38% | Fixed | 900,000 | ||||||||
Simon Property Group, LP (Euro Sr. Notes) |
05/13/25 | (9) | 1.25% | Fixed | 571,165 | |||||||
Simon Property Group, LP (Sr. Notes) |
09/01/25 | 3.50% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
01/15/26 | 3.30% | Fixed | 800,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
11/30/26 | 3.25% | Fixed | 750,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/27 | 3.38% | Fixed | 750,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/40 | 6.75% | Fixed | 600,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
03/15/42 | 4.75% | Fixed | 550,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
10/01/44 | 4.25% | Fixed | 400,000 | ||||||||
Simon Property Group, LP (Sr. Notes) |
11/30/46 | 4.25% | Fixed | 550,000 | ||||||||
| | | | | | | | | | | | |
Total Unsecured Indebtedness |
$ | 16,886,074 | (18) | |||||||||
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 45 |
PROPERTY AND DEBT INFORMATION
As of June 30, 2017
Circle Centre - 129,944 sq. ft. | Menlo Park Mall - 74,440 sq. ft. | |
Copley Place - 890,408 sq. ft. | Oxford Valley Mall - 134,585 sq. ft. | |
Domain, The - 156,240 sq. ft. | Plaza Carolina - 27,398 sq. ft. | |
Fashion Centre at Pentagon City - 169,089 sq. ft. | Southdale Center - 34,636 sq. ft. | |
Firewheel Town Center - 74,172 sq. ft. | Stanford Shopping Center - 39,474 sq. ft. |
2Q 2017 SUPPLEMENTAL | 46 |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts in the column labeled "Our Share of Joint Ventures" were derived on a property-by-property or entity-by-entity basis by applying to each line item the ownership percentage interest used to arrive at our share of the net operations for the period consistent with the application of the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets and net income or loss attributable to any noncontrolling interest.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. The presentation of pro-rata financial information has limitations as an analytical tool. Some of these limitations include:
Because of these limitations, the pro-rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP. We compensate for these limitations by relying primarily on our GAAP results and using the pro-rata financial information only supplementally.
2Q 2017 SUPPLEMENTAL | 47 |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
|
|
FOR THE THREE MONTHS ENDED JUNE 30, 2017 |
|
FOR THE THREE MONTHS ENDED JUNE 30, 2016 |
|||||||||
| | | | | | | | | | | | | |
|
|
NONCONTROLLING INTERESTS (1) |
|
OUR SHARE OF JOINT VENTURES |
|
NONCONTROLLING INTERESTS (1) |
|
OUR SHARE OF JOINT VENTURES |
|||||
REVENUE: |
|||||||||||||
Minimum rent |
$ | (7,340) | $ | 222,110 | $ | (4,913) | $ | 216,439 | |||||
Overage rent |
(25) | 20,038 | (28) | 20,280 | |||||||||
Tenant reimbursements |
(3,152) | 102,099 | (2,310) | 100,024 | |||||||||
Management fees and other revenues |
| | | | |||||||||
Other income |
(311) | 34,604 | (207) | 25,613 | |||||||||
| | | | | | | | | | | | | |
Total revenue |
(10,828) | 378,851 | (7,458) | 362,356 | |||||||||
| | | | | | | | | | | | | |
EXPENSES: |
|||||||||||||
Property operating |
(1,754) | 59,487 | (1,126) | 57,067 | |||||||||
Depreciation and amortization |
(3,793) | 100,266 | (1,954) | 97,654 | |||||||||
Real estate taxes |
(556) | 30,791 | (569) | 27,857 | |||||||||
Repairs and maintenance |
(319) | 9,608 | (207) | 8,501 | |||||||||
Advertising and promotion |
(1,102) | 10,387 | (288) | 10,154 | |||||||||
Provision for credit losses |
(62) | 1,370 | (27) | 1,284 | |||||||||
Home and regional office costs |
| | | | |||||||||
General and administrative |
| | | | |||||||||
Other |
(1,344) | 20,426 | (1,022) | 17,874 | |||||||||
| | | | | | | | | | | | | |
Total operating expenses |
(8,930) | 232,335 | (5,193) | 220,391 | |||||||||
| | | | | | | | | | | | | |
OPERATING INCOME |
(1,898) | 146,516 | (2,265) | 141,965 | |||||||||
Interest expense |
1,843 | (69,728) | 1,406 | (69,168) | |||||||||
Income and other taxes |
| | | | |||||||||
Income from unconsolidated entities |
(19) | (76,788) | 294 | (72,797) | |||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net |
| | | | |||||||||
| | | | | | | | | | | | | |
CONSOLIDATED NET INCOME |
(74) | | (565) | | |||||||||
Net loss (income) attributable to noncontrolling interests |
(74) | | (565) | | |||||||||
Preferred dividends |
| | | | |||||||||
| | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | | $ | | $ | | $ | | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 48 |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
|
|
FOR THE SIX MONTHS ENDED JUNE 30, 2017 |
|
FOR THE SIX MONTHS ENDED JUNE 30, 2016 |
|||||||||
| | | | | | | | | | | | | |
|
|
NONCONTROLLING INTERESTS (1) |
|
OUR SHARE OF JOINT VENTURES |
|
NONCONTROLLING INTERESTS (1) |
|
OUR SHARE OF JOINT VENTURES |
|||||
REVENUE: |
|||||||||||||
Minimum rent |
$ | (13,805) | $ | 435,794 | $ | (9,711) | $ | 421,768 | |||||
Overage rent |
(55) | 41,857 | (59) | 41,283 | |||||||||
Tenant reimbursements |
(6,129) | 205,806 | (4,634) | 198,634 | |||||||||
Management fees and other revenues |
| | | | |||||||||
Other income |
(561) | 65,002 | (437) | 53,570 | |||||||||
| | | | | | | | | | | | | |
Total revenue |
(20,550) | 748,459 | (14,841) | 715,255 | |||||||||
| | | | | | | | | | | | | |
EXPENSES: |
|||||||||||||
Property operating |
(3,329) | 119,006 | (2,332) | 114,239 | |||||||||
Depreciation and amortization |
(7,273) | 196,157 | (4,137) | 181,728 | |||||||||
Real estate taxes |
(1,157) | 62,068 | (1,141) | 56,159 | |||||||||
Repairs and maintenance |
(500) | 19,229 | (461) | 17,731 | |||||||||
Advertising and promotion |
(1,723) | 20,840 | (488) | 21,044 | |||||||||
Provision for credit losses |
(115) | 3,180 | (68) | 2,625 | |||||||||
Home and regional office costs |
| | | | |||||||||
General and administrative |
| | | | |||||||||
Other |
(2,500) | 39,582 | (2,088) | 38,159 | |||||||||
| | | | | | | | | | | | | |
Total operating expenses |
(16,597) | 460,062 | (10,715) | 431,685 | |||||||||
| | | | | | | | | | | | | |
OPERATING INCOME |
(3,953) | 288,397 | (4,126) | 283,570 | |||||||||
Interest expense |
4,054 | (137,088) | 2,700 | (134,399) | |||||||||
Income and other taxes |
| | | | |||||||||
Income from unconsolidated entities |
69 | (151,309) | 132 | (149,171) | |||||||||
Gain upon acquisition of controlling interests and sale or disposal of assets and interests in unconsolidated entities, net |
| | | | |||||||||
| | | | | | | | | | | | | |
CONSOLIDATED NET INCOME |
170 | | (1,294) | | |||||||||
Net loss (income) attributable to noncontrolling interests |
170 | | (1,294) | | |||||||||
Preferred dividends |
| | | | |||||||||
| | | | | | | | | | | | | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | | $ | | $ | | $ | | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 49 |
NON-GAAP PRO-RATA FINANCIAL INFORMATION
(In thousands)
|
| AS OF JUNE 30, 2017 |
|
AS OF JUNE 30, 2016 | |||||||||
| | | | | | | | | | | | | |
|
|
NONCONTROLLING INTERESTS |
|
OUR SHARE OF JOINT VENTURES |
|
NONCONTROLLING INTERESTS |
|
OUR SHARE OF JOINT VENTURES |
|||||
ASSETS: |
|||||||||||||
Investment properties, at cost |
$ | (380,426) | $ | 10,580,751 | $ | (263,720) | $ | 10,645,432 | |||||
Less - accumulated depreciation |
(71,348) | 2,944,962 | (60,382) | 2,733,309 | |||||||||
| | | | | | | | | | | | | |
|
(309,078) | 7,635,789 | (203,338) | 7,912,123 | |||||||||
Cash and cash equivalents |
(11,388) | 391,047 | (8,648) | 350,357 | |||||||||
Tenant receivables and accrued revenue, net |
(6,429) | 165,420 | (4,493) | 155,748 | |||||||||
Investment in unconsolidated entities, at equity |
(23,255) | (2,297,856) | (47,551) | (2,643,270) | |||||||||
Investment in Klépierre, at equity |
| | | | |||||||||
Deferred costs and other assets |
(35,559) | 205,150 | (26,149) | 142,923 | |||||||||
| | | | | | | | | | | | | |
Total assets |
$ | (385,709) | $ | 6,099,550 | $ | (290,179) | $ | 5,917,881 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
LIABILITIES: |
|||||||||||||
Mortgages and unsecured indebtedness |
$ | (159,572) | $ | 6,888,972 | $ | (120,750) | $ | 6,773,356 | |||||
Accounts payable, accrued expenses, intangibles, and deferred revenues |
(15,057) | 424,069 | (5,629) | 357,337 | |||||||||
Cash distributions and losses in partnerships and joint ventures, at equity |
| (1,370,333) | | (1,402,230) | |||||||||
Other liabilities |
(47,975) | 156,842 | (28,048) | 189,418 | |||||||||
| | | | | | | | | | | | | |
Total liabilities |
(222,604) | 6,099,550 | (154,427) | 5,917,881 | |||||||||
| | | | | | | | | | | | | |
Commitments and contingencies |
|||||||||||||
Limited partners' preferred interest in the Operating Partnership |
(158,842) | | (131,899) | | |||||||||
EQUITY: |
|||||||||||||
Stockholders' equity |
|||||||||||||
Capital stock |
|||||||||||||
Series J 83/8% cumulative redeemable preferred stock |
| | | | |||||||||
Common stock, $.0001 par value |
| | | | |||||||||
Class B common stock, $.0001 par value |
| | | | |||||||||
Capital in excess of par value |
| | | | |||||||||
Accumulated deficit |
| | | | |||||||||
Accumulated other comprehensive income (loss) |
| | | | |||||||||
Common stock held in treasury at cost |
| | | | |||||||||
| | | | | | | | | | | | | |
Total stockholders' equity |
| | | | |||||||||
Noncontrolling interests |
(4,263) | | (3,853) | | |||||||||
| | | | | | | | | | | | | |
Total equity |
(4,263) | | (3,853) | | |||||||||
| | | | | | | | | | | | | |
Total liabilities and equity |
$ | (385,709) | $ | 6,099,550 | $ | (290,179) | $ | 5,917,881 | |||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
2Q 2017 SUPPLEMENTAL | 50 |