(Mark One) | ||
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2006 | ||
or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Delaware | 42-1283895 | |
(State or other jurisdiction
of incorporation or organization) |
(I.R.S. Employer Identification Number) |
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110 N. Wacker Dr., Chicago, IL | 60606 | |
(Address of principal executive
offices)
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(Zip Code) |
Title of Each Class
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Name of Each Exchange on Which Registered
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Common Stock, $.01 par value | New York Stock Exchange | |
Preferred Stock Purchase Rights | New York Stock Exchange |
i
Item 1. | Business |
| Retail and Other includes the operation, development and management of retail and other rental property, primarily shopping centers |
| Master Planned Communities includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas |
| Development activities, including ground-up development and redevelopment and expansion of existing properties. In 2006, we substantially completed the ground-up development of Pinnacle Hills Promenade in Rogers, Arkansas; Otay Ranch Town Center in Chula Vista (San Diego), California; Lincolnshire Commons in Lincolnshire (Chicago), Illinois; and Shopping Leblon in Rio de Janeiro, Brazil. During 2006, we completed 33 development projects totaling over $250 million. Unlike prior years when our developments consisted almost exclusively of traditional shopping malls, our current development activity includes alternative uses and densification. Certain of our current developments include residential, hotel and office space. Development expenditures, including ground-up developments, redevelopments and expansions, exceeded $600 million in 2006 and are expected to approximate $1 billion in 2007. |
1
| Continued maximization of our retail operations through proactive property management and leasing and through operating cost reductions. Specific actions to increase productivity of our properties have included changing the tenant mix and integrating new retail formats such as power, lifestyle and mixed use centers. |
| Increasing our international focus, which includes both attracting international retailers into our existing domestic centers and investing in retail properties overseas. As of December 31, 2006, we had investments in joint ventures in Brazil, Turkey and Costa Rica totaling approximately $128.0 million. Our joint ventures in Brazil have ownership interests in five operating retail centers, two third-party management companies, and two retail centers under development and our joint ventures in Turkey own a third party management company and one retail center under development. |
| As the TRC Merger was primarily funded with new acquisition debt, management and refinancing of our current debt. |
2
Category
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% of Square Feet
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Representative Tenants
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||||
Specialty (includes personal
services)
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22 | % | Lenscrafters, Mastercuts, Mia & Maxx, Pearl Vision, The Picture People, Regis | |||
Family Apparel (includes unisex)
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15 | Banana Republic, Eddie Bauer, Express, Gap, J. Crew, Old Navy | ||||
Womens Apparel
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13 | Ann Taylor, bebe, Chicos, Christopher & Banks, Coldwater Creek, H & M, J. Jill, Lane Bryant, New York & Co., Talbots, Victorias Secret | ||||
Teen Apparel
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9 | Abercrombie & Fitch, Aeropostale, American Eagle, Forever 21, Hollister & Co., Hot Topic, Limited Too, Pacific Sunwear, Zumiez | ||||
Shoes
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9 | Aldo, Champs, Easy Spirit, Finish Line, FootLocker, Journeys, Nine West, Payless Shoesource, Shoe Dept | ||||
Restaurants
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7 | Applebees, Cheesecake Factory, Maggianos, Panera Bread, PF Changs, Red Robin, Ruby Tuesday, TGI Fridays | ||||
Home Entertainment and Electronics
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4 | Apple Computer, Brookstone, EB Games, FYE, Gamestop, RadioShack, Ritz Camera, Sharper Image, Suncoast | ||||
Home Furnishings
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4 | Bombay, Crate & Barrel, Kirklands, Pottery Barn, Select Comfort, Williams-Sonoma, Z Gallerie | ||||
Sporting Goods
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3 | Dicks Sporting Goods, Hibbetts, MC Sports, Pro Image, Scheels All Sports | ||||
Gifts (includes stationery, cards,
gifts and novelty)
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3 | Carlton Cards, Hallmark, Papyrus, Spencer Gifts, Things Remembered, Yankee Candle | ||||
Fast Food/Food Court
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3 | Arbys, Auntie Annes, Chick-Fil-A, McDonalds, Sbarro, Subway, Taco Bell | ||||
Jewelry
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3 | Bailey, Banks, & Biddle; Ben Bridge Jewelers; Helzberg Diamonds; Kay Jewelers; Piercing Pagoda; Whitehall Co. Jewellers; Zales Jewelers | ||||
Childrens Merchandise
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2 | Abercrombie Kids, Build-A-Bear Workshop, Childrens Place, Club Libby Lu, Gap Kids, Gymboree, Janie & Jack, Stride Rite | ||||
Personal Care
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2 | Aveda, Bath & Body Works, Crabtree & Evelyn, M.A.C., LOccitane, Origins, Sephora, Trade Secret | ||||
Specialty Food (includes health,
candy and coffee)
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1 | Gloria Jeans Gourmet Coffee, GNC, Godiva Chocolatier, Rocky Mountain Chocolate Factory, Starbucks, Vitamin World | ||||
TOTAL
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100 | % | ||||
3
As of December 31, 2006 | ||||||||||
Total |
Remaining |
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Gross |
Saleable |
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Project
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Location | Acres(1) | Acres(2) | |||||||
Columbia
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Baltimore, Maryland/Washington D.C. corridor | 18,000 | 417 | |||||||
Fairwood
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Prince Georges County, Maryland | 1,100 | 163 | |||||||
Summerlin
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Northwest of Las Vegas, Nevada | 22,500 | 6,415 | |||||||
Bridgeland
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Western Houston, Texas | 10,200 | 6,519 | |||||||
Woodlands(3)
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Houston, Texas | 28,400 | 3,002 |
(1) | Total Gross Acres encompasses all of the land located within the borders of the Master Planned Community, including parcels already sold, saleable parcels and non-saleable areas, such as roads, parks and recreation and conservation areas. | |
(2) | Remaining Saleable Acres includes only parcels that are intended for sale. Remaining saleable acres is likely to change over time as the master plan for a particular project is developed over time. | |
(3) | We own 52.5% of Woodlands. Total gross acres and remaining saleable acres represent 100% of the project. |
| Consumer demographics |
| Quality, design and location of properties |
| Total number and geographic distribution of properties |
| Diversity of retailers and anchor tenants at shopping center locations |
| Management and operational expertise |
| Rental rates |
4
| Subject to certain limitations, the funds necessary for cash acquisitions are available to us from a combination of sources, including mortgage or unsecured financing or the issuance of public or private debt or equity. |
| We have the flexibility to pay for an acquisition with a combination of cash, GGP equity securities or common or preferred units of limited partnership interest in the Operating Partnership. This last approach may create the opportunity for a tax-advantaged transaction for the seller. |
| Our expertise allows us to evaluate proposed acquisitions of existing retail properties for their increased profit potential through expansion, remodeling, re-merchandising and more efficient management of the property. |
| The size and scope of our master planned communities |
| The recreational and cultural amenities available within the communities |
| The commercial centers in the communities |
| Our relationships with homebuilders |
| The proximity to major metropolitan areas |
5
| The regional and local economy, which may be negatively impacted by plant closings, industry slowdowns, adverse weather conditions, natural disasters and other factors |
| Local real estate conditions, such as an oversupply of, or a reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants |
| Perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property |
| The convenience and quality of competing retail properties and other retailing options such as the Internet |
6
| Changes in laws and regulations applicable to real property, including tax and zoning laws |
| Changes in interest rate levels and the availability and cost of financing |
7
| We may abandon development or expansion activities already under way, which may result in additional cost recognition |
| Construction costs of a project may exceed original estimates or available financing, possibly making the project unfeasible or unprofitable |
| We may not be able to obtain financing or to refinance construction loans, which generally have full recourse to us |
| We may not be able to obtain zoning, occupancy or other required governmental permits and authorizations |
| Occupancy rates and rents at a completed project may not meet projections and, therefore, the project may not be profitable |
| We may not be able to obtain Anchor, mortgage lender and property partner approvals, if applicable, for expansion or redevelopment activities |
8
| Decreasing tenant sales as a result of decreased consumer spending which could result in lower overage rents |
| Difficulty in replacing or renewing expiring leases with new leases at higher base and/or overage rents |
| An inability to receive reimbursement from our tenants for their share of certain operating expenses, including common area maintenance, real estate taxes and insurance |
| Difficulties in managing international operations |
| Changes in foreign political environments, regionally, nationally, and locally |
9
| Challenges of complying with a wide variety of foreign laws including corporate governance, operations, taxes and litigation |
| Differing lending practices |
| Differences in cultures |
| Adverse effects of changes in exchange rates for foreign currencies |
| Changes in applicable laws and regulations in the United States that affect foreign operations |
| Obstacles to the repatriation of earnings and cash |
| Limiting our ability to borrow additional amounts for working capital, capital expenditures, debt service requirements, execution of our growth strategy or other purposes |
| Limiting our ability to use operating cash flow in other areas of our business because we must dedicate a substantial portion of these funds to service the debt |
| Increasing our vulnerability to general adverse economic and industry conditions, including increases in interest rates, particularly given our substantial indebtedness which bears interest at variable rates |
| Limiting our ability to capitalize on business opportunities, including the acquisition of additional properties, and to react to competitive pressures and adverse changes in government regulation |
| Limiting our ability or increasing the costs to refinance indebtedness |
| Limiting our ability to enter into marketing and hedging transactions by reducing the number of counterparties with whom we can enter into such transactions as well as the volume of those transactions |
| Incur indebtedness |
| Create liens on assets |
| Sell assets |
| Make capital expenditures |
10
| Engage in mergers and acquisitions |
11
| To cause us to issue additional authorized but unissued shares of common stock or preferred stock |
| To classify or reclassify, in one or more series, any unissued preferred stock |
| To set the preferences, rights and other terms of any classified or reclassified stock that we issue |
12
| Before that person became an interested stockholder, our board of directors approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination |
| Upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) stock held by directors who are also officers of the company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender or exchange offer |
| Following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder |
13
| Our historical and anticipated quarterly and annual operating results |
| Variations between our actual results and analyst and investor expectations or changes in financial estimates and recommendations by securities analysts |
| The performance and prospects of our industry |
| The depth and liquidity of the market for our common stock |
| Investor perception of us and the industry in which we operate |
| Domestic and international economic conditions |
| The extent of institutional investor interest in us |
| The reputation of REITs generally and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income securities |
| Our financial condition and performance |
| General market conditions and trends |
14
| Projections of our revenues, income, earnings per share, Funds From Operations, capital expenditures, dividends, capital structure or other financial items |
| Descriptions of plans or objectives of our management for future operations, including pending acquisitions |
| Forecasts of our future economic performance |
| Descriptions of assumptions underlying or relating to any of the foregoing |
| Future repayment of debt and interest rates |
| Distributions pursuant to the Contingent Stock Agreement |
| Expected sales and development and acquisition expenditures in our Master Planned Communities segment |
| Expected restructurings of certain of our operating properties that are currently owned by TRS entities |
| Future cash needed to meet federal income tax requirements |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
15
GLA | ||||||||||||||
Mall and |
Anchor |
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Name of Center
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Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Ala Moana Center
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Honolulu, HI | 1,773,537 | 826,929 | Barnes & Noble, Macys, Neiman Marcus, Old Navy, Sears, Shirokiya | | |||||||||
Alameda Plaza
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Pocatello, ID | 190,341 | 190,341 | | 2 | |||||||||
Anaheim Crossing(2)(3)
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Anaheim, CA | 92,170 | 92,170 | N/A | N/A | |||||||||
Animas Valley Mall
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Farmington, NM | 490,739 | 241,274 | Allen Theatres, Dillards, JCPenney, Ross Dress for Less, Sears | | |||||||||
Apache Mall(2)
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Rochester, MN | 752,330 | 269,338 | Herbergers, JCPenney, Macys, Sears | | |||||||||
Arizona Center(2)
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Phoenix, AZ | 164,881 | 78,878 | AMC Theatres | | |||||||||
Augusta Mall(2)
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Augusta, GA | 1,073,562 | 324,339 | Dillards, JCPenney, Macys, Sears | 1 | |||||||||
Austin Bluffs Plaza
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Colorado Springs, CO | 107,402 | 107,402 | Longs Drugs | 1 | |||||||||
Bailey Hills Village
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Eugene, OR | 11,887 | 11,887 | N/A | N/A | |||||||||
Baskin Robbins
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Idaho Falls, ID | 1,814 | 1,814 | N/A | N/A | |||||||||
Baybrook Mall
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Friendswood (Houston), TX |
1,243,195 | 342,586 | Dillards, JCPenney, Macys, Sears | 1 | |||||||||
Bayshore Mall(2)
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Eureka, CA | 613,371 | 393,113 | Gottschalks, Mervyns, Sears | | |||||||||
Bayside Marketplace(2)
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Miami, FL | 226,289 | 226,289 | N/A | N/A | |||||||||
Beachwood Place
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Beachwood, OH | 905,486 | 325,906 | Dillards, Nordstrom, Saks Fifth Avenue | | |||||||||
Bellis Fair
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Bellingham (Seattle), WA |
773,050 | 334,726 | JCPenney, Kohls, Macys, Macys Home Store, Sears, Target | | |||||||||
Birchwood Mall
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Port Huron (Detroit), MI |
787,222 | 330,993 | GKC Theaters, JCPenney, Macys, Sears, Target, Younkers | | |||||||||
Boise Plaza
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Boise, ID | 114,404 | 114,404 | Albertsons, Burlington Coat Factory | | |||||||||
Boise Towne Plaza(3)
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Boise, ID | 116,677 | 116,677 | Circuit City, Linens N Things, Old Navy | | |||||||||
Boise Towne Square
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Boise, ID | 1,165,352 | 495,323 | JCPenney, Dillards, Macys, Mervyns, Sears | | |||||||||
The Boulevard Mall
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Las Vegas, NV | 1,184,547 | 396,511 | Dillards, JCPenney, Macys, Sears | | |||||||||
Burlington Town Center(3)
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Burlington, VT | 308,770 | 162,017 | Macys | | |||||||||
Cache Valley Mall
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Logan, UT | 321,723 | 175,891 | Dillards, Dillards Mens & Home, JCPenney | | |||||||||
Cache Valley Marketplace
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Logan, UT | 179,996 | 179,996 | Home Depot, Olive Garden, T.J. Maxx | | |||||||||
Canyon Point Village Center
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Las Vegas, NV | 57,229 | 57,229 | N/A | N/A | |||||||||
Capital Mall
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Jefferson City, MO | 518,880 | 285,803 | Dillards, JCPenney, Sears | | |||||||||
Century Plaza
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Birmingham, AL | 738,867 | 252,911 | Sears | 3 |
16
GLA | ||||||||||||||
Mall and |
Anchor |
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Name of Center
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Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Chapel Hills Mall
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Colorado Springs, CO | 1,211,271 | 415,832 | Dicks Sporting Goods, Dillards, JCPenney, Kmart, Macys, Sears | 1 | |||||||||
Chico Mall
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Chico, CA | 502,891 | 177,308 | Gottschalks, Gottschalks Home Store, JCPenney, Sears | 1 | |||||||||
Coastland Center
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Naples, FL | 910,759 | 320,369 | Dillards, JCPenney, Macys, Sears | | |||||||||
Collin Creek
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Plano, TX | 1,118,408 | 328,325 | Dillards, JCPenney, Macys, Sears | 1 | |||||||||
Colony Square Mall
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Zanesville, OH | 514,951 | 268,169 | Cinemark, Elder-Beerman, JCPenney, Sears | | |||||||||
Columbia Mall
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Columbia, MO | 747,626 | 326,566 | Dillards, JCPenney, Sears, Target | | |||||||||
Coral Ridge Mall
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Coralville (Iowa City), IA | 1,075,581 | 420,416 | Dillards, JCPenney, Scheels, Sears, Target, Younkers | | |||||||||
Coronado Center(2)
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Albuquerque, NM | 1,151,919 | 377,590 | Barnes & Noble, JCPenney, Macys, Mervyns, Sears, Target | | |||||||||
Cottonwood Mall
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Salt Lake City, UT | 734,018 | 354,510 | JCPenney, Macys | | |||||||||
Cottonwood Square(2)
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Salt Lake City, UT | 77,079 | 77,079 | | 1 | |||||||||
Country Hills Plaza
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Ogden, UT | 140,097 | 140,097 | McKay-Dee Hospital Center, Smiths Food King | | |||||||||
The Crossroads
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Portage (Kalamazoo), MI | 769,821 | 266,861 | JCPenney, Macys, Sears | 1 | |||||||||
Crossroads Center
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St. Cloud, MN | 890,078 | 284,398 | JCPenney, Macys, Scheels, Sears, Target | | |||||||||
Cumberland Mall
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Atlanta, GA | 1,037,629 | 387,407 | Costco, Macys, Sears | | |||||||||
Division Crossing
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Portland, OR | 100,910 | 100,910 | Rite Aid, Safeway | | |||||||||
Eagle Ridge Mall
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Lake Wales (Orlando), FL |
657,304 | 261,849 | Dillards, JCPenney, Recreation Station, Regal Cinemas, Sears | | |||||||||
Eastridge Mall
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San Jose, CA | 1,313,025 | 478,631 | AMC 15, Bed Bath & Beyond, JCPenney, Macys, Sears, Sport Chalet | | |||||||||
Eastridge Mall
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Casper, WY | 571,910 | 282,114 | JCPenney, Macys, Sears, Target | | |||||||||
Eden Prairie Center
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Eden Prairie (Minneapolis), MN |
1,007,023 | 327,442 | AMC Theatres, JCPenney, Kohls, Sears, Target, Von Maur | | |||||||||
Fallbrook Center
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West Hills (Los Angeles), CA |
877,782 | 877,782 | 24 Hour Fitness, DSW Shoe Warehouse, Home Depot, Kohls, Linens N Things, Mervyns, Michaels Arts & Crafts, Old Navy, Party City | 1 | |||||||||
Faneuil Hall Marketplace(2)
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Boston, MA | 198,364 | 198,364 | N/A | N/A | |||||||||
Fashion Place(2)
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Murray, UT | 876,779 | 310,806 | Dillards, Nordstrom, Sears | | |||||||||
Fashion Show
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Las Vegas, NV | 1,898,078 | 538,187 | Bloomingdales Home, Dillards, Macys, Neiman Marcus, Nordstrom, Saks Fifth Avenue | 1 | |||||||||
Foothills Mall
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Fort Collins, CO | 804,377 | 464,280 | Macys, Sears | 2 | |||||||||
Fort Union(2)
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Midvale (Salt Lake City), UT | 32,968 | 32,968 | N/A | N/A | |||||||||
Four Seasons Town Centre
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Greensboro, NC | 1,141,326 | 499,310 | Belk, Dillards, JCPenney | |
17
GLA | ||||||||||||||
Mall and |
Anchor |
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Name of Center
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Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Fox River Mall
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Appleton, WI | 1,207,363 | 518,726 | Cost Plus World Market, Davids Bridal, DSW Shoe Warehouse, Factory Card Outlet, JCPenney, Linens N Things, Macys, Scheels, Sears | | |||||||||
Fremont Plaza(2)
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Las Vegas, NV | 115,862 | 115,862 | Asian Seafood & Grocery, Sav-On Drugs | | |||||||||
The Gallery at Harborplace(2)
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Baltimore, MD | 132,105 | 132,105 | N/A | N/A | |||||||||
Gateway Crossing Shopping Center
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Bountiful (Salt Lake City), UT |
183,526 | 183,526 | All A Dollar, Barnes & Noble, T.J. Maxx | | |||||||||
Gateway Mall
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Springfield, OR | 824,152 | 342,446 | 24 Hour Fitness, Ashley Furniture Homestore, Kohls, Movies 12, Ross Dress for Less, Sears, Target | | |||||||||
Glenbrook Square
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Fort Wayne, IN | 1,210,029 | 433,159 | JCPenney, Macys, Sears | 1 | |||||||||
Governors Square(2)
|
Tallahassee, FL | 1,021,989 | 330,384 | Dillards, JCPenney, Macys, Sears | | |||||||||
The Grand Canal Shoppes
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Las Vegas, NV | 512,815 | 512,815 | N/A | N/A | |||||||||
Grand Teton Mall
|
Idaho Falls, ID | 543,084 | 219,159 | Dillards, JCPenney, Macys, Sears | | |||||||||
Grand Teton Plaza
|
Idaho Falls, ID | 93,274 | 93,274 | Best Buy, Linens N Things, Petsmart, Ross Dress for Less | | |||||||||
Grand Traverse Mall
|
Traverse City, MI | 592,774 | 279,383 | GKC Theaters, JCPenney, Macys, Target | | |||||||||
Greenwood Mall
|
Bowling Green, KY | 847,578 | 418,525 | Dillards, JCPenney, Macys, Sears | | |||||||||
Halsey Crossing(2)
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Gresham (Portland), OR | 99,438 | 99,438 | Safeway | | |||||||||
Harborplace(2)
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Baltimore, MD | 153,371 | 153,371 | N/A | N/A | |||||||||
Hulen Mall
|
Fort Worth, TX | 941,681 | 345,111 | Dillards, Macys, Sears | | |||||||||
Jordan Creek Town Center
|
West Des Moines, IA | 1,335,574 | 793,875 | Century Theatres, Dillards, Scheels, Younkers | | |||||||||
Knollwood Mall
|
St. Louis Park (Minneapolis), MN |
463,907 | 167,684 | Cub Foods, Kohls, Steve & Barrys University Sportswear, T.J. Maxx | | |||||||||
Lakeside Mall
|
Sterling Heights, MI | 1,529,736 | 507,138 | JCPenney, Lord & Taylor, Macys, Macys Mens & Home, Sears | | |||||||||
Lakeview Square
|
Battle Creek, MI | 552,563 | 260,970 | JCPenney, Macys, Sears | | |||||||||
Landmark Mall(2)
|
Alexandria (Washington, D.C.), VA |
884,596 | 325,659 | Lord & Taylor, Macys, Sears | | |||||||||
Lansing Mall(2)
|
Lansing, MI | 836,390 | 413,220 | JCPenney, Macys, Steve & Barrys University Sportswear, T.J. Maxx, Younkers | | |||||||||
Lincolnshire Commons
|
Lincolnshire (Chicago), IL |
88,894 | 88,894 | N/A | N/A | |||||||||
Lockport Mall
|
Lockport, NY | 336,070 | 122,989 | The Bon Ton | 2 | |||||||||
Lynnhaven Mall
|
Virginia Beach, VA | 1,174,106 | 458,659 | AMC Theatres, Dicks Sporting Goods, Dillards, JCPenney, Macys, Steve & Barrys University Sportswear | |
18
GLA | |||||||||||||||
Mall and |
Anchor |
||||||||||||||
Name of Center
|
Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | ||||||||||
The Maine Mall
|
South Portland, ME | 1,020,001 | 347,067 | Best Buy, Chuck E Cheese, JCPenney, Linens N Things, Macys, Sears, Sports Authority | | ||||||||||
Mall at Sierra Vista
|
Sierra Vista, AZ | 362,053 | 130,783 | Cinemark, Dillards, Sears | | ||||||||||
The Mall in Columbia
|
Columbia, MD | 1,399,642 | 599,474 | JCPenney, Lord & Taylor, Macys, Nordstrom, Sears | | ||||||||||
Mall of Louisiana
|
Baton Rouge, LA | 1,316,055 | 508,573 | Dillards, Dillards Mens & Home, JCPenney, Macys, Sears | | ||||||||||
Mall of the Bluffs
|
Council Bluffs (Omaha, NE), IA |
703,732 | 377,510 | Dillards, Hy-Vee, JCPenney, Sears, Target | | ||||||||||
Mall St. Matthews
|
Louisville, KY | 1,085,896 | 350,191 | Dillards, Dillards Mens & Home, JCPenney | 1 | ||||||||||
Mall St. Vincent(2)
|
Shreveport, LA | 533,738 | 185,738 | Dillards, Sears | | ||||||||||
Market Place Shopping Center
|
Champaign, IL | 1,041,426 | 505,680 | Bergners, JCPenney, Macys, Sears | | ||||||||||
Mayfair
|
Wauwatosa (Milwaukee), WI |
1,112,898 | 493,514 | AMC Theatres, Barnes & Noble, Boston Store, Macys | | ||||||||||
Meadows Mall
|
Las Vegas, NV | 956,948 | 320,095 | Dillards, JCPenney, Macys, Sears | | ||||||||||
Metro Plaza
|
Baltimore, MD | 85,289 | 85,289 | N/A | N/A | ||||||||||
Mondawmin Mall
|
Baltimore, MD | 361,506 | 294,806 | Shoppers Food and Pharmacy | | ||||||||||
North Plains Mall
|
Clovis, NM | 303,613 | 109,532 | Bealls, Dillards, JCPenney, Sears | | ||||||||||
North Star Mall
|
San Antonio, TX | 1,257,407 | 432,535 | Dillards, Macys, Mervyns Saks Fifth Avenue | 1 | ||||||||||
North Temple Shops
|
Salt Lake City, UT | 10,181 | 10,181 | N/A | N/A | ||||||||||
North Town Mall
|
Spokane, WA | 1,046,358 | 414,864 | JCPenney, Macys, Mervyns, Regal Cinemas, Sears, Steve & Barrys University Sportswear | 1 | ||||||||||
Northgate Mall
|
Chattanooga, TN | 824,191 | 358,871 | JCPenney, Proffitts, Proffitts Home Store, Sears, T.J. Maxx | | ||||||||||
Northridge Fashion Center
|
Northridge (Los Angeles), CA |
1,443,563 | 568,120 | JCPenney, Macys, Pacific Theatres, Sears | 1 | ||||||||||
Oak View Mall
|
Omaha, NE | 865,003 | 260,743 | Dillards, JCPenney, Sears, Younkers | | ||||||||||
Oakwood Center
|
Gretna, LA | 949,426 | 351,079 | Dillards, JCPenney, Sears | (4 | ) | |||||||||
Oakwood Mall
|
Eau Claire, WI | 818,933 | 333,857 | JCPenney, Macys, Scheels, Sears, Younkers | | ||||||||||
Oglethorpe Mall
|
Savannah, GA | 945,582 | 365,434 | Belk, JCPenney, Macys, Macys Junior, Sears, Stein Mart | | ||||||||||
Orem Plaza Center Street
|
Orem, UT | 90,218 | 90,218 | Chuck E Cheese, Roberts Crafts | | ||||||||||
Orem Plaza State Street
|
Orem, UT | 27,557 | 27,557 | N/A | N/A | ||||||||||
Oviedo Marketplace
|
Oviedo, FL | 951,286 | 286,357 | Bed Bath & Beyond, Dillards, Macys, Regal Cinemas, Sears | | ||||||||||
Owings Mills Mall
|
Owings Mills, MD | 1,083,447 | 436,410 | Boscovs, JCPenney, Macys | 1 | ||||||||||
Oxmoor Center
|
Louisville, KY | 928,545 | 281,335 | Dicks Sporting Goods, Macys, Sears, Von Maur | |
19
GLA | ||||||||||||||
Mall and |
Anchor |
|||||||||||||
Name of Center
|
Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Paramus Park
|
Paramus, NJ | 769,156 | 310,099 | Macys, Sears | | |||||||||
Park City Center
|
Lancaster (Philadelphia), PA |
1,374,133 | 510,944 | The Bon Ton, Boscovs, JCPenney, Kohls, Sears | | |||||||||
Park Place
|
Tucson, AZ | 1,047,141 | 392,404 | Century Theatres, Dillards, Macys, Sears | | |||||||||
Peachtree Mall
|
Columbus, GA | 820,202 | 311,587 | Dillards, JCPenney, Macys, Parisian | | |||||||||
Pecanland Mall
|
Monroe, LA | 945,248 | 329,812 | Belk, Dillards, JCPenney, Sears | 1 | |||||||||
Piedmont Mall
|
Danville, VA | 725,122 | 173,384 | Belk, Belk Mens, Boscovs, JCPenney, Sears | | |||||||||
Pierre Bossier Mall
|
Bossier City (Shreveport), LA |
607,022 | 213,724 | Dillards, JCPenney, Sears, Stage | 1 | |||||||||
Pine Ridge Mall(2)
|
Pocatello, ID | 641,654 | 203,667 | Dillards, JCPenney, Sears, ShopKo | 1 | |||||||||
The Pines
|
Pine Bluff, AR | 644,469 | 262,049 | Dillards, Holiday Inn Express, JCPenney, Sears | 1 | |||||||||
Pioneer Place(2)
|
Portland, OR | 368,183 | 287,183 | Saks Fifth Avenue | | |||||||||
Plaza 800(2)
|
Sparks (Reno), NV | 176,431 | 176,431 | Albertsons | 1 | |||||||||
Plaza 9400(2)
|
Sandy (Salt Lake City), UT |
228,661 | 228,661 | Albertsons, Deseret Industries | 1 | |||||||||
Prince Kuhio Plaza(2)
|
Hilo, HI | 504,807 | 272,185 | Macys, Sears | 1 | |||||||||
Providence Place(2)
|
Providence, RI | 1,258,733 | 513,185 | Bed Bath & Beyond, Dave & Busters, JCPenney, Macys, National Amusements Cinema 16, Nordstrom, Old Navy | | |||||||||
Provo Towne Centre(3)
|
Provo, UT | 801,014 | 230,945 | Cinemark, Dillards, JCPenney, Sears | | |||||||||
Red Cliffs Mall
|
St. George, UT | 383,131 | 108,431 | Dillards, JCPenney, Sears | 1 | |||||||||
Red Cliffs Plaza
|
St. George, UT | 57,304 | 57,304 | Golds Gym, Sears | | |||||||||
Redlands Mall
|
Redlands, CA | 173,997 | 78,938 | Gottschalks | | |||||||||
Regency Square Mall
|
Jacksonville, FL | 1,386,950 | 527,944 | Belk, Champs Sports/World Foot Locker, Dillards, Homeworks Furniture Center, JCPenney, Sears | | |||||||||
Ridgedale Center
|
Minnetonka, MN | 1,044,076 | 341,696 | JCPenney, Macys Mens & Home, Macys Womens, Sears | | |||||||||
Rio West Mall(2)(3)
|
Gallup, NM | 515,038 | 333,905 | Bealls, JCPenney | 1 | |||||||||
River Falls Mall
|
Clarksville, IN | 819,878 | 588,735 | Bass Pro Shops Outdoor World, Toys R Us | 2 | |||||||||
River Hills Mall
|
Mankato, MN | 718,540 | 278,346 | Herbergers, JCPenney, Scheels, Sears, Target | | |||||||||
River Pointe Plaza
|
West Jordan (Salt Lake City), UT |
224,252 | 224,252 | Albertsons, ShopKo | | |||||||||
Riverlands Shopping Center
|
LaPlace (New Orleans), LA | 184,992 | 184,992 | Burkes Outlet, Citi Trends, Mathernes Supermarkets, Stage | | |||||||||
Riverside Plaza
|
Provo, UT | 175,417 | 175,417 | Big Lots, Maceys, Rite Aid | | |||||||||
Rivertown Crossings
|
Grandville (Grand Rapids), MI |
1,270,948 | 421,890 | Dicks Sporting Goods, JCPenney, Kohls, Macys, Old Navy, Rivertown Cinemas, Sears, Younkers | | |||||||||
Riverwalk Marketplace(2)
|
New Orleans, LA | 189,250 | 189,250 | N/A | N/A |
20
GLA | ||||||||||||||
Mall and |
Anchor |
|||||||||||||
Name of Center
|
Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Rogue Valley Mall
|
Medford (Portland), OR | 640,762 | 253,324 | JCPenney, Kohls, Linens N Things, Macys, Macys Home Store | | |||||||||
Saint Louis Galleria
|
St. Louis, MO | 1,046,205 | 470,153 | Dillards, Macys | 1 | |||||||||
Salem Center(2)
|
Salem, OR | 650,132 | 212,132 | JCPenney, Macys, Nordstrom | 1 | |||||||||
The Shops at La Cantera(3)
|
San Antonio, TX | 1,017,798 | 388,798 | Dillards, Macys, Neiman Marcus, Nordstrom | | |||||||||
Sikes Senter
|
Wichita Falls, TX | 667,551 | 262,027 | Dillards, JCPenney, Sears, Sikes Ten Theatres | | |||||||||
Silver Lake Mall
|
Coeur d Alene, ID | 326,618 | 110,254 | JCPenney, Macys, Sears | 1 | |||||||||
Sooner Mall
|
Norman, OK | 509,141 | 169,069 | Dillards, JCPenney, Old Navy, Sears, Stein Mart | | |||||||||
South Street Seaport(2)
|
New York, NY | 283,783 | 283,783 | N/A | N/A | |||||||||
Southlake Mall
|
Morrow (Atlanta), GA | 1,014,204 | 273,952 | JCPenney, Macys, Sears | 1 | |||||||||
Southland Center
|
Taylor, MI | 915,197 | 287,160 | Best Buy, JCPenney, Macys | 1 | |||||||||
Southland Mall
|
Hayward, CA | 1,275,469 | 535,205 | JCPenney, Macys, Mervyns, Sears | | |||||||||
Southshore Mall(2)
|
Aberdeen, WA | 291,666 | 157,891 | JCPenney, Sears | | |||||||||
Southwest Plaza
|
Littleton (Denver), CO | 1,361,097 | 654,701 | Dillards, JCPenney, Macys, Sears | | |||||||||
Spokane Valley Mall(3)
|
Spokane, WA | 737,954 | 318,870 | JCPenney, Macys, Regal Act III, Sears | | |||||||||
Spokane Valley Plaza(3)
|
Spokane, WA | 132,048 | 132,048 | Linens N Things, Old Navy, Sportsmans Warehouse, T.J. Maxx | | |||||||||
Spring Hill Mall
|
West Dundee (Chicago), IL |
1,370,930 | 638,135 | Carson Pirie Scott, JCPenney, Kohls, Macys, Sears, Steve & Barrys University Sportswear | | |||||||||
Staten Island Mall
|
Staten Island, NY | 1,276,207 | 605,118 | JCPenney, Macys, Macys Annex II, Macys Home Store, Sears | | |||||||||
Stonestown Galleria
|
San Francisco, CA | 867,391 | 439,098 | Macys, Nordstrom | | |||||||||
The Streets at Southpoint
|
Durham, NC | 1,329,123 | 582,202 | Barnes & Noble, Hudson Belk, JCPenney, Macys, Maggianos, Nordstrom, Pottery Barn, Sears, Urban Outfitters | | |||||||||
Three Rivers Mall
|
Kelso, WA | 430,111 | 236,878 | JCPenney, Macys, Sears | 1 | |||||||||
Town East Mall
|
Mesquite (Dallas), TX | 1,215,358 | 405,972 | Dillards, JCPenney, Macys, Sears | | |||||||||
Tucson Mall(2)
|
Tucson, AZ | 1,306,515 | 448,251 | Dillards, JCPenney, Macys, Mervyns, Sears | 1 | |||||||||
Twin Falls Crossing
|
Twin Falls, ID | 37,680 | 37,680 | Kalik Investors | | |||||||||
University Crossing
|
Orem, UT | 206,035 | 206,035 | Barnes & Noble, CompUSA, Fred Meyer Burlington Coat, OfficeMax, Pier 1 Imports | | |||||||||
Valley Hills Mall
|
Hickory, NC | 931,534 | 320,018 | Belk, Dillards, JCPenney, Sears | | |||||||||
Valley Plaza Mall
|
Bakersfield, CA | 1,178,327 | 451,638 | Gottschalks, JCPenney, Macys, Sears | 1 | |||||||||
Village of Cross Keys Retail
|
Baltimore, MD | 74,112 | 74,112 | N/A | N/A | |||||||||
Visalia Mall
|
Visalia, CA | 439,548 | 182,548 | Gottschalks, JCPenney | |
21
GLA | ||||||||||||||
Mall and |
Anchor |
|||||||||||||
Name of Center
|
Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Ward Centers
|
Honolulu, HI | 743,061 | 700,400 | Sports Authority | | |||||||||
West Valley Mall
|
Tracy (San Francisco), CA |
880,114 | 483,205 | Gottschalks, JCPenney, Movies 14, Sears, Target | | |||||||||
Westlake Center(2)
|
Seattle, WA | 104,631 | 104,631 | N/A | N/A | |||||||||
Westwood Mall
|
Jackson, MI | 508,199 | 136,511 | Elder-Beerman, JCPenney, Wal-Mart | | |||||||||
White Marsh Mall
|
Baltimore, MD | 1,204,212 | 367,970 | Boscovs, JCPenney, Macys, Sears, Sports Authority | 1 | |||||||||
White Mountain Mall
|
Rock Springs, WY | 330,197 | 175,737 | Flaming Gorge Harley Davidson, Herbergers, JCPenney, State Of Wyoming | | |||||||||
Willowbrook
|
Wayne, NJ | 1,518,873 | 490,873 | Bloomingdales, Lord & Taylor, Macys, Sears | | |||||||||
Woodbridge Center
|
Woodbridge, NJ | 1,631,080 | 546,045 | Dicks Sporting Goods, Fortunoff, JCPenney, Lord & Taylor, Macys, Sears | | |||||||||
Woodlands Village
|
Flagstaff, AZ | 91,810 | 91,810 | | | |||||||||
Yellowstone Square
|
Idaho Falls, ID | 221,937 | 221,937 | Yellowstone Warehouse | 2 | |||||||||
118,303,425 | 51,078,033 | |||||||||||||
(1) | In certain cases, where a center is located in part of a larger metropolitan area, the metropolitan area is identified in parenthesis. | |
(2) | A portion of the property is subject to a ground lease. | |
(3) | Owned in a joint venture with independent, non-controlling minority investors. | |
(4) | Mervyns is not expected to re-open when the mall re-opens, which is currently expected to be October 2007. |
GLA | |||||||||||||||||||
Ownership |
Mall and |
Anchors/ |
Anchor |
||||||||||||||||
Name of Center
|
Location | Interest | Total | Freestanding | Significant Tenants | Vacancies | |||||||||||||
Alderwood
|
Lynnwood (Seattle), WA | 50 | % | 1,271,237 | 500,686 | JCPenney, Loews Cineplex, Macys, Nordstrom, Sears | | ||||||||||||
Altamonte Mall
|
Altamonte Springs (Orlando), FL | 50 | 1,149,411 | 470,863 | Dillards, JCPenney, Macys, Sears | | |||||||||||||
Arrowhead Towne Center
|
Glendale, AZ | 16.7 | 1,133,342 | 348,805 | AMC Theatres, Dillards, JCPenney, Macys, Mervyns, Sears | | |||||||||||||
Bay City Mall
|
Bay City, MI | 50 | 526,742 | 211,091 | JCPenney, Sears, Target, Younkers | | |||||||||||||
Brass Mill Center and Commons
|
Waterbury, CT | 50 | 1,184,909 | 527,570 | Burlington Coat Factory, JCPenney, Macys, Regal Cinemas, Sears, Steve & Barrys University Sportswear | | |||||||||||||
Bridgewater Commons
|
Bridgewater, NJ | 35 | 971,547 | 435,658 | AMC Theatres, Bloomingdales, Lord & Taylor, Macys | |
22
GLA | |||||||||||||||||||
Ownership |
Mall and |
Anchors/ |
Anchor |
||||||||||||||||
Name of Center
|
Location | Interest | Total | Freestanding | Significant Tenants | Vacancies | |||||||||||||
Carolina Place
|
Pineville (Charlotte), NC | 50 | 1,154,344 | 349,428 | Barnes & Noble, Belk, Dillards, JCPenney, Macys, Sears | | |||||||||||||
Center Pointe Plaza
|
Las Vegas, NV | 50 | 144,635 | 144,635 | Albertsons, CVS | | |||||||||||||
Christiana Mall
|
Newark, DE | 50 | 1,083,027 | 311,623 | JCPenney, Macys | 2 | |||||||||||||
Chula Vista Center
|
Chula Vista (San Diego), CA | 50 | 876,212 | 288,075 | JCPenney, Macys, Mervyns, Sears, Ultrastar Theaters | | |||||||||||||
Clackamas Town Center
|
Portland, OR | 50 | 1,229,899 | 351,210 | Barnes & Noble, Century Theatres, JCPenney, Meier & Frank, Meier & Frank Home Store, Nordstrom, Sears | | |||||||||||||
Columbiana Centre
|
Columbia, SC | 50 | 824,184 | 265,207 | Belk, Dillards, JCPenney, Sears | | |||||||||||||
Deerbrook Mall
|
Humble (Houston), TX | 50 | 1,204,982 | 366,158 | AMC Theatres, Dillards, JCPenney, Macys, Sears | 1 | |||||||||||||
First Colony Mall
|
Sugar Land (Houston), TX | 50 | 1,108,387 | 489,339 | Dillards, Dillards Mens & Home, JCPenney, Macys | | |||||||||||||
Florence Mall
|
Florence (Cincinnati, OH), KY |
50 | 889,236 | 336,829 | JCPenney, Macys, Macys Home Store, Sears | | |||||||||||||
Galleria at Tyler(2)
|
Riverside, CA | 50 | 1,154,039 | 532,331 | JCPenney, Macys, Nordstrom | 1 | |||||||||||||
Glendale Galleria(2)
|
Glendale, CA | 50 | 1,319,256 | 515,018 | JCPenney, Macys, Mervyns, Nordstrom, Target | | |||||||||||||
Highland Mall(2)
|
Austin, TX | 50 | 1,116,203 | 397,462 | Austin Leasehold Investors, Dillards, Dillards Mens, Macys | | |||||||||||||
Kenwood Towne Centre(2)
|
Cincinnati, OH | 50 | 1,200,907 | 549,887 | Dillards, Macys, Parisian | | |||||||||||||
Lake Mead & Buffalo
Partners Village Center
|
Las Vegas, NV | 50 | 150,948 | 150,948 | Only 99 Cent Store, Vons | | |||||||||||||
Lakeland Square
|
Lakeland (Orlando), FL | 50 | 894,430 | 284,392 | Dillards, Dillards Mens & Home, Inland Retail Trs. Corp, JCPenney, Macys, Sears | | |||||||||||||
Mizner Park(2)
|
Boca Raton, FL | 50 | 236,999 | 126,177 | Mizner Park Cinema, Robb & Stucky | | |||||||||||||
Montclair Plaza
|
Montclair (San Bernadino), CA | 50 | 1,353,074 | 555,497 | Circuit City, Ethan Allen Gallery, JCPenney, Linens N Things, Macys, Nordstrom, Sears, Ninety Nine Cent Only Store | 1 | |||||||||||||
Moreno Valley Mall
|
Moreno Valley (Riverside), CA | 50 | 1,086,776 | 317,585 | Gottschalks, Harkins Theatre, JCPenney, Limited, Macys, Sears | | |||||||||||||
Natick Mall
|
Natick (Boston), MA | 50 | 1,129,628 | 402,966 | JCPenney, Lord & Taylor, Macys, Sears | |
23
GLA | |||||||||||||||||||
Ownership |
Mall and |
Anchors/ |
Anchor |
||||||||||||||||
Name of Center
|
Location | Interest | Total | Freestanding | Significant Tenants | Vacancies | |||||||||||||
Neshaminy Mall
|
Bensalem, PA | 25 | 1,016,631 | 318,645 | AMC Theatres, Boscovs, Macys, Sears | | |||||||||||||
Newgate Mall
|
Ogden (Salt Lake City), UT | 50 | 725,288 | 253,154 | Dillards, Mervyns, Sears, Sports Authority, Tinsel Town | | |||||||||||||
NewPark Mall
|
Newark (San Francisco), CA | 50 | 1,209,906 | 395,058 | Century Theatres, JCPenney, Macys, Mervyns, Sears, Target | | |||||||||||||
North Point Mall
|
Alpharetta (Atlanta), GA | 50 | 1,372,650 | 406,363 | Dillards, JCPenney, Macys, Parisian, Sears | 1 | |||||||||||||
Northbrook Court
|
Northbrook (Chicago), IL | 50 | 1,000,941 | 385,022 | AMC Theatres, Lord & Taylor, Macys, Neiman Marcus | | |||||||||||||
Oakbrook Center
|
Oakbrook (Chicago), IL | 47 | 2,090,601 | 805,621 | Bloomingdales Home, Crate & Barrel, Eddie Bauer, Lord & Taylor, Macys, Neiman Marcus, Nordstrom, Sears | | |||||||||||||
The Oaks Mall
|
Gainesville, FL | 51 | 907,282 | 349,415 | Belk, Dillards, JCPenney, Macys, Sears | | |||||||||||||
Otay Ranch Town Center
|
Chula Vista (San Diego), CA | 50 | 589,423 | 449,423 | Macys | | |||||||||||||
The Parks at Arlington
|
Arlington (Dallas), TX | 50 | 1,509,692 | 423,432 | AMC Theatres, Circuit City, Dicks Sporting Goods, Dillards, JCPenney, Macys, Sears, Steve & Barrys University Sportswear | 1 | |||||||||||||
Park Meadows
|
Littleton, CO | 35 | 1,631,482 | 533,482 | Dicks Sporting Goods, Dillards, JCPenney, Macys, Nordstrom | 1 | |||||||||||||
Pembroke Lakes Mall
|
Pembroke Pines (Fort Lauderdale), FL | 50 | 1,136,859 | 355,584 | Dillards, Dillards Mens & Home, JCPenney, Macys, Macys Home Store, Sears | | |||||||||||||
Perimeter Mall
|
Atlanta, GA | 50 | 1,560,321 | 507,047 | Bloomingdales, Dillards, Macys, Nordstrom | | |||||||||||||
Pinnacle Hills Promenade
|
Rogers, AR | 50 | 601,228 | 347,688 | Dillards, JCPenney | | |||||||||||||
Quail Springs Mall
|
Oklahoma City, OK | 50 | 1,134,643 | 349,843 | AMC Theatres, Dillards, JCPenney, Macys, Sears | | |||||||||||||
Riverchase Galleria
|
Hoover (Birmingham), AL | 50 | 1,553,451 | 504,544 | Belk, CompUSA, JCPenney, Macys, Parisian, Sears | 1 | |||||||||||||
The Shoppes at Buckland Hills
|
Manchester, CT | 50 | 1,051,380 | 458,769 | Dicks Sporting Goods, JCPenney, Macys, Macys Mens & Home, Sears | | |||||||||||||
Shopping Iguatemi Salvador
|
Salvador, Bahia (Brazil) |
13 | 505,653 | 2,321 | Bompreco, C&A, Cinema Multiplex, Lojas Americanas, Playland, Riachuelo, Renner, Zara | |
24
GLA | |||||||||||||||||||
Ownership |
Mall and |
Anchors/ |
Anchor |
||||||||||||||||
Name of Center
|
Location | Interest | Total | Freestanding | Significant Tenants | Vacancies | |||||||||||||
Shopping Iguatemi Campina Grande
|
Campina Grande, Paraiba (Brazil) | 8 | 171,512 | 1,780 | Bompreco, Cine Sercia, Gamestation, Insinuante, Lojas Americanas, Riachuelo | | |||||||||||||
Shopping Taboao
|
Taboao da Serra, Sao Paulo (Brazil) |
19 | 265,296 | 4,650 | Besni, C&A, Carrefour, Casas Bahia, Lojas Americanas, Riachuelo, Telha Norte | | |||||||||||||
Shopping Leblon
|
Rio de Janeiro, Rio de Janeiro (Brazil) | 15 | 247,661 | | Centauro, Cinema Kinoplex, Livraria da Travessa, Renner, Zara | | |||||||||||||
Silver City Galleria
|
Taunton (Boston), MA | 50 | 1,025,192 | 413,926 | Dicks Sporting Goods, JCPenney, Macys, Sears, Silver City Cinemas, Steve & Barrys University Sportswear | 2 | |||||||||||||
Steeplegate Mall
|
Concord, NH | 50 | 481,896 | 225,549 | The Bon Ton, JCPenney, Sears | | |||||||||||||
Stonebriar Centre
|
Frisco (Dallas), TX | 50 | 1,652,900 | 527,867 | AMC Theatres, Barnes & Noble, Dave & Busters, Dicks Sporting Goods, JCPenney, Macys, Nordstrom, Sears | 1 | |||||||||||||
Superstition Springs Center(2)
|
East Mesa (Phoenix), AZ | 16.7 | 1,068,290 | 331,136 | Dillards, JCPenney, JCPenney Home Store, Macys, Mervyns, Sears | | |||||||||||||
Towson Town Center
|
Towson, MD | 35 | 944,105 | 524,976 | Macys, Nordstrom | | |||||||||||||
The Trails Village Center
|
Las Vegas, NV | 50 | 174,660 | 174,660 | Longs Drugs, Vons | | |||||||||||||
Tysons Galleria
|
McLean (Washington, D.C.), VA | 50 | 820,492 | 308,559 | Macys, Neiman Marcus, Saks Fifth Avenue | | |||||||||||||
Via Parque Shopping
|
Rio de Janeiro, Rio de Janeiro (Brazil) | 29 | 574,258 | 29,150 | C&C Casa e Construcao, Casa & Video, Casas Bahia, Cine Via Parque, Claro Hall, Kalunga, Leader, Lojas Americanas, Marisa, Ponto Frio, Renner | | |||||||||||||
Village of Merrick Park(2)
|
Coral Gables, FL | 40 | 743,414 | 413,414 | Neiman Marcus, Nordstrom | | |||||||||||||
Vista Ridge Mall
|
Lewisville (Dallas), TX | 50 | 1,105,334 | 336,487 | Cinemark, Dillards, JCPenney, Macys, Sears | | |||||||||||||
Washington Park Mall
|
Bartlesville, OK | 50 | 357,346 | 163,050 | Dillards, JCPenney, Sears | | |||||||||||||
Water Tower Place
|
Chicago, IL | 52 | 711,737 | 284,694 | Lord & Taylor, Macys | | |||||||||||||
West Oaks Mall
|
Ocoee (Orlando), FL | 50 | 1,163,119 | 366,369 | AMC Theatres, Belk, Dillards, JCPenney, Sears Dicks Sporting Goods, JCPenney, Tilt, | 1 | |||||||||||||
Westroads Mall
|
Omaha, NE | 51 | 1,155,493 | 331,433 | Von Maur, Younkers | 1 | |||||||||||||
Whalers Village
|
Lahaina, HI | 50 | 112,057 | 112,057 | N/A | N/A |
25
GLA | |||||||||||||||||||
Ownership |
Mall and |
Anchors/ |
Anchor |
||||||||||||||||
Name of Center
|
Location | Interest | Total | Freestanding | Significant Tenants | Vacancies | |||||||||||||
Willowbrook Mall
|
Houston, TX | 50 | 1,506,724 | 400,140 | Dillards, JCPenney, Macys, Sears | 1 | |||||||||||||
The Woodlands Mall
|
Woodlands (Houston), TX | 50 | 1,354,849 | 509,620 | Dillards, JCPenney, Macys, Macys Children Store, Sears | 1 | |||||||||||||
59,628,120 | 21,534,368 | ||||||||||||||||||
(1) | In certain cases, where a center is located in part of a larger metropolitan area, the metropolitan area is identified in parenthesis. | |
(2) | A portion of the property is subject to a ground lease. |
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||
Total |
Square Feet |
Total |
Square Feet |
Total |
Square Feet |
|||||||||||||||||||
Stores | (000s) | Stores | (000s) | Stores | (000s) | |||||||||||||||||||
Federated Department Stores,
Inc.
|
||||||||||||||||||||||||
Bloomingdales, including Home
|
2 | 360 | 3 | 465 | 5 | 825 | ||||||||||||||||||
Davids Bridal
|
1 | 10 | | | 1 | 10 | ||||||||||||||||||
Macys, including Mens,
Womens, Children and Home
|
85 | 13,301 | 48 | 8,583 | 133 | 21,884 | ||||||||||||||||||
Meier & Frank, including
Home
|
| | 2 | 365 | 2 | 365 | ||||||||||||||||||
Total Federated Department Stores,
Inc.
|
88 | 13,671 | 53 | 9,413 | 141 | 23,084 | ||||||||||||||||||
Sears Holdings
Corporation
|
||||||||||||||||||||||||
Sears
|
95 | 13,521 | 33 | 5,164 | 128 | 18,685 | ||||||||||||||||||
Kmart
|
1 | 88 | | | 1 | 88 | ||||||||||||||||||
Total Sears Holdings Corporation
|
96 | 13,609 | 33 | 5,164 | 129 | 18,773 | ||||||||||||||||||
Belk, Inc.
|
||||||||||||||||||||||||
Belk, including Mens and
Hudson
|
9 | 1,187 | 5 | 898 | 14 | 2,085 | ||||||||||||||||||
Dillards
|
1 | 160 | | | 1 | 160 | ||||||||||||||||||
Parisian
|
1 | 86 | 4 | 423 | 5 | 509 | ||||||||||||||||||
Proffits, including Home
|
2 | 113 | | | 2 | 113 | ||||||||||||||||||
Total Belk, Inc.
|
13 | 1,546 | 9 | 1,321 | 22 | 2,867 | ||||||||||||||||||
26
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||
Total |
Square Feet |
Total |
Square Feet |
Total |
Square Feet |
|||||||||||||||||||
Stores | (000s) | Stores | (000s) | Stores | (000s) | |||||||||||||||||||
Bon-Ton Department Stores,
Inc.
|
||||||||||||||||||||||||
Bergners
|
1 | 154 | | | 1 | 154 | ||||||||||||||||||
The Bon-Ton
|
2 | 224 | 1 | 88 | 3 | 312 | ||||||||||||||||||
Boston Store
|
1 | 211 | | | 1 | 211 | ||||||||||||||||||
Carson Pirie Scott
|
1 | 138 | | | 1 | 138 | ||||||||||||||||||
Elder-Beerman
|
3 | 142 | | | 3 | 142 | ||||||||||||||||||
Herbergers
|
3 | 186 | | | 3 | 186 | ||||||||||||||||||
Younkers
|
8 | 939 | 2 | 244 | 10 | 1,183 | ||||||||||||||||||
Total Bon-Ton Department Stores,
Inc.
|
19 | 1,994 | 3 | 332 | 22 | 2,326 | ||||||||||||||||||
JCPenney Company, Inc. (d.b.a.
JCPenney)
|
94 | 10,847 | 37 | 4,943 | 131 | 15,790 | ||||||||||||||||||
Dillards Inc. (d.b.a.
Dillards)
|
53 | 8,769 | 27 | 4,683 | 80 | 13,422 | ||||||||||||||||||
Nordstrom, Inc. (d.b.a.
Nordstrom)
|
8 | 1,256 | 12 | 2,046 | 20 | 3,302 | ||||||||||||||||||
Target Corporation (d.b.a.
Target)
|
14 | 1,604 | 3 | 480 | 17 | 2,084 | ||||||||||||||||||
MDS Texas Realty I (d.b.a.
Mervyns)
|
9 | 767 | 4 | 338 | 13 | 1,105 | ||||||||||||||||||
The Neiman Marcus Group,
Inc.
|
2 | 328 | 5 | 624 | 7 | 952 | ||||||||||||||||||
American Multi-Cinema,
Inc.
|
5 | 403 | 7 | 547 | 12 | 950 | ||||||||||||||||||
Others
|
120 | 8,232 | 43 | 3,381 | 163 | 11,613 | ||||||||||||||||||
Grand Total
|
521 | 63,026 | 236 | 33,272 | 757 | 96,298 | ||||||||||||||||||
Item 3. | Legal Proceedings |
Item 4. | Submission of Matters to a Vote of Security Holders |
Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
27
Stock Price | ||||||||
Quarter Ended
|
High | Low | ||||||
2006
|
||||||||
December 31
|
$ | 56.14 | $ | 46.14 | ||||
September 30
|
48.70 | 43.49 | ||||||
June 30
|
49.06 | 41.92 | ||||||
March 31
|
52.32 | 46.23 | ||||||
2005
|
||||||||
December 31
|
$ | 48.27 | $ | 39.60 | ||||
September 30
|
47.48 | 40.82 | ||||||
June 30
|
42.08 | 33.40 | ||||||
March 31
|
37.75 | 31.38 | ||||||
2004
|
||||||||
December 31
|
$ | 36.90 | $ | 30.90 | ||||
September 30
|
32.12 | 28.41 | ||||||
June 30
|
35.30 | 24.31 | ||||||
March 31
|
35.15 | 27.25 |
Record |
Payment |
|||||||
Declaration Date
|
Date | Date | Amount | |||||
2007
|
||||||||
January 5
|
January 17 | January 31 | $ | .45 | ||||
2006
|
||||||||
October 6
|
October 17 | October 31 | .45 | |||||
July 5
|
July 17 | July 31 | .41 | |||||
April 4
|
April 13 | April 28 | .41 | |||||
January 6
|
January 17 | January 31 | .41 | |||||
2005
|
||||||||
October 6
|
October 18 | October 31 | .41 | |||||
July 5
|
July 15 | July 29 | .36 | |||||
April 4
|
April 15 | April 29 | .36 | |||||
January 7
|
January 17 | January 31 | .36 | |||||
2004
|
||||||||
August 20
|
October 15 | October 29 | .36 | |||||
July 2
|
July 15 | July 30 | .30 | |||||
April 5
|
April 15 | April 30 | .30 | |||||
January 5
|
January 15 | January 30 | .30 |
28
Total Number |
Approximate |
|||||||||||||||
of Shares |
Dollar Value |
|||||||||||||||
Purchased |
of Shares that |
|||||||||||||||
as Part of |
May Yet be |
|||||||||||||||
Total |
Average |
Publicly |
Purchased |
|||||||||||||
Number of |
Price |
Announced |
Under the |
|||||||||||||
Shares |
Paid |
Plans or |
Plans or |
|||||||||||||
Period
|
Purchased | per Share | Programs | Programs | ||||||||||||
November 9-13
|
346,300 | $ | 46.88 | 346,300 | $ | 600,000,000(1 | ) |
(1) | We have a common stock repurchase program which allows us to repurchase $200 million of our common stock per year through 2009, unless the program is earlier terminated. Stock repurchases under this program are made through open market or privately negotiated transactions. The repurchase program gives us the ability to acquire some or all of the shares of common stock to be issued upon the exercise of certain employee stock options and pursuant to the CSA. |
Item 6. | Selected Financial Data |
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Operating Data
|
||||||||||||||||||||
Revenues
|
$ | 3,256,283 | $ | 3,072,704 | $ | 1,799,881 | $ | 1,262,791 | $ | 973,440 | ||||||||||
Depreciation and amortization
|
(690,194 | ) | (672,914 | ) | (364,854 | ) | (230,195 | ) | (179,036 | ) | ||||||||||
Other operating expenses
|
(1,377,637 | ) | (1,340,806 | ) | (693,735 | ) | (484,196 | ) | (366,806 | ) | ||||||||||
Interest expense, net
|
(1,105,852 | ) | (1,020,825 | ) | (468,958 | ) | (276,235 | ) | (215,340 | ) | ||||||||||
Provision for income taxes
|
(98,984 | ) | (51,289 | ) | (2,383 | ) | (98 | ) | (119 | ) | ||||||||||
Minority interest
|
(37,761 | ) | (43,989 | ) | (105,274 | ) | (110,984 | ) | (86,213 | ) | ||||||||||
Equity in income of unconsolidated
affiliates
|
114,241 | 120,986 | 88,191 | 94,480 | 80,825 | |||||||||||||||
Income from continuing operations
|
60,096 | 63,867 | 252,868 | 255,563 | 206,751 | |||||||||||||||
Income (loss) from discontinued
operations, net
|
(823 | ) | 11,686 | 14,984 | 7,848 | 2,507 | ||||||||||||||
Net income
|
59,273 | 75,553 | 267,852 | 263,411 | 209,258 | |||||||||||||||
Convertible preferred stock
dividends
|
| | | (13,030 | ) | (24,467 | ) | |||||||||||||
Net income available to common
stockholders
|
$ | 59,273 | $ | 75,553 | $ | 267,852 | $ | 250,381 | $ | 184,791 | ||||||||||
Basic earnings per
share:
|
||||||||||||||||||||
Continuing operations
|
$ | 0.25 | $ | 0.27 | $ | 1.15 | $ | 1.21 | $ | 0.98 | ||||||||||
Discontinued operations
|
| 0.05 | 0.07 | 0.04 | 0.01 | |||||||||||||||
$ | 0.25 | $ | 0.32 | $ | 1.22 | $ | 1.25 | $ | 0.99 | |||||||||||
29
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Diluted earnings per
share:
|
||||||||||||||||||||
Continuing operations
|
$ | 0.24 | $ | 0.27 | $ | 1.15 | $ | 1.19 | $ | 0.97 | ||||||||||
Discontinued operations
|
| 0.05 | 0.06 | 0.03 | 0.01 | |||||||||||||||
$ | 0.24 | $ | 0.32 | $ | 1.21 | $ | 1.22 | $ | 0.98 | |||||||||||
Distributions declared per
share
|
$ | 1.68 | $ | 1.49 | $ | 1.26 | $ | 0.78 | $ | 0.92 | ||||||||||
Balance Sheet Data
|
||||||||||||||||||||
Investment in real estate
assets cost
|
$ | 26,160,637 | $ | 25,404,891 | $ | 25,254,333 | $ | 10,307,961 | $ | 7,724,515 | ||||||||||
Total assets
|
25,241,445 | 25,307,019 | 25,718,625 | 9,582,897 | 7,280,822 | |||||||||||||||
Total debt
|
20,521,967 | 20,418,875 | 20,310,947 | 6,649,490 | 4,592,311 | |||||||||||||||
Preferred minority interests
|
182,828 | 205,944 | 403,161 | 495,211 | 468,201 | |||||||||||||||
Common minority interests
|
347,753 | 430,292 | 551,282 | 408,613 | 377,746 | |||||||||||||||
Convertible preferred stock
|
| | | | 337,500 | |||||||||||||||
Stockholders equity
|
1,664,079 | 1,932,918 | 2,143,150 | 1,670,409 | 1,196,525 | |||||||||||||||
Cash Flow Data
|
||||||||||||||||||||
Operating activities
|
$ | 816,351 | $ | 841,978 | $ | 719,376 | $ | 585,735 | $ | 460,495 | ||||||||||
Investing activities
|
(210,400 | ) | (154,197 | ) | (9,020,815 | ) | (1,753,426 | ) | (949,411 | ) | ||||||||||
Financing activities
|
(611,603 | ) | (624,571 | ) | 8,330,343 | 1,124,728 | 381,801 | |||||||||||||
Funds From
Operations(1)
|
||||||||||||||||||||
Operating Partnership
|
$ | 902,361 | $ | 891,696 | $ | 766,164 | $ | 618,561 | $ | 485,304 | ||||||||||
Less: Allocation to Operating
Partnership unitholders
|
(161,795 | ) | (165,205 | ) | (154,347 | ) | (138,568 | ) | (116,170 | ) | ||||||||||
General Growth stockholders
|
$ | 740,566 | $ | 726,491 | $ | 611,817 | $ | 479,993 | $ | 369,134 | ||||||||||
(1) | Funds From Operations (FFO as defined below) does not represent cash flow from operations as defined by Generally Accepted Accounting Principles (GAAP). |
30
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
FFO:
|
||||||||||||||||||||
General Growth stockholders
|
$ | 740,566 | $ | 726,491 | $ | 611,817 | $ | 479,993 | $ | 369,134 | ||||||||||
Operating Partnership unitholders
|
161,795 | 165,205 | 154,347 | 138,568 | 116,170 | |||||||||||||||
Operating Partnership
|
902,361 | 891,696 | 766,164 | 618,561 | 485,304 | |||||||||||||||
Depreciation and amortization of
capitalized real estate costs
|
(835,656 | ) | (799,337 | ) | (440,108 | ) | (299,711 | ) | (241,393 | ) | ||||||||||
FFO of discontinued operations and
other
|
8,401 | (10,712 | ) | (6,235 | ) | (6,299 | ) | (4,263 | ) | |||||||||||
Allocations to Operating
Partnership unitholders
|
(15,010 | ) | (17,780 | ) | (66,953 | ) | (56,988 | ) | (32,897 | ) | ||||||||||
Income from continuing operations
|
60,096 | 63,867 | 252,868 | 255,563 | 206,751 | |||||||||||||||
Income (loss) from discontinued
operations, net of minority interest
|
(823 | ) | 11,686 | 14,984 | 7,848 | 2,507 | ||||||||||||||
Net income
|
59,273 | 75,553 | 267,852 | 263,411 | 209,258 | |||||||||||||||
Convertible preferred stock
dividends
|
| | | (13,030 | ) | (24,467 | ) | |||||||||||||
Net income available to common
stockholders
|
$ | 59,273 | $ | 75,553 | $ | 267,852 | $ | 250,381 | $ | 184,791 | ||||||||||
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
31
| Renewing expiring leases and re-leasing existing space at rates higher than expiring or existing rates |
| Increasing occupancy at the properties so that more space is generating rent |
| Increased tenant sales in which we participate through overage rents |
Consolidated |
Unconsolidated |
Retail |
||||||||||
Retail |
Retail |
Company |
||||||||||
Properties | Properties | Portfolio | ||||||||||
Operating Statistics
(a)
|
||||||||||||
Occupancy:
|
||||||||||||
December 31, 2006
|
93.4 | % | 94.2 | % | 93.6 | % | ||||||
December 31, 2005
|
92.1 | 93.5 | 92.5 | |||||||||
Trailing 12 month total
tenant sales per sq. ft.(b)
|
$ | 443 | $ | 473 | $ | 453 | ||||||
% change in total sales(b)
|
5.6 | % | 4.5 | % | 5.2 | % | ||||||
% change in comparable sales(b)
|
2.5 | 2.6 | 2.5 | |||||||||
Mall and freestanding GLA
|
||||||||||||
excluding space under
redevelopment (in sq. ft.)
|
42,818,331 | 19,038,590 | 61,856,921 | |||||||||
Certain Financial
Information
|
||||||||||||
Average annualized in place rent
per sq. ft.
|
$ | 34.29 | $ | 37.30 | ||||||||
Average rent per sq. ft. for
new/renewal leases
|
34.99 | 39.76 | ||||||||||
Average rent per sq. ft. for
leases expiring in 2006
|
30.16 | 33.59 |
(a) | Excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties. | |
(b) | Due to tenant sales reporting timelines, data presented is as of November. |
| Gateway Overlook in Columbia, Maryland |
| Parke West in Peoria, Arizona |
| The Shops at Fallen Timbers, Maumee (Toledo), Ohio |
32
| Vista Commons in Las Vegas, Nevada |
| Bangu Shopping in Rio de Janeiro, Brazil |
| Espark in Eskisehir, Turkey |
| Natick West in Natick, Massachusetts |
| RiverCrossing in Macon, Georgia |
| Santana Parque Shopping in Santana (Sao Paulo), Brazil |
33
34
35
$ Increase |
% Increase |
|||||||||||||||
2006 | 2005 | (Decrease) | (Decrease) | |||||||||||||
(In thousands) | ||||||||||||||||
Property revenues:
|
||||||||||||||||
Minimum rents
|
$ | 2,181,845 | $ | 2,064,127 | $ | 117,718 | 5.7 | % | ||||||||
Tenant recoveries
|
960,816 | 936,029 | 24,787 | 2.6 | ||||||||||||
Overage rents
|
91,911 | 83,713 | 8,198 | 9.8 | ||||||||||||
Other
|
188,331 | 172,477 | 15,854 | 9.2 | ||||||||||||
Total property revenues
|
3,422,903 | 3,256,346 | 166,557 | 5.1 | ||||||||||||
Property operating
expenses:
|
||||||||||||||||
Real estate taxes
|
277,381 | 261,331 | 16,050 | 6.1 | ||||||||||||
Repairs and maintenance
|
242,846 | 238,703 | 4,143 | 1.7 | ||||||||||||
Marketing
|
61,810 | 78,227 | (16,417 | ) | (21.0 | ) | ||||||||||
Other property operating costs
|
527,030 | 510,432 | 16,598 | 3.3 | ||||||||||||
Provision for doubtful accounts
|
22,871 | 18,725 | 4,146 | 22.1 | ||||||||||||
Total property operating expenses
|
1,131,938 | 1,107,418 | 24,520 | 2.2 | ||||||||||||
Real estate property net
operating income
|
$ | 2,290,965 | $ | 2,148,928 | $ | 142,037 | 6.6 | % | ||||||||
| Higher minimum rents, especially at The Shops at La Cantera which opened in September 2005, and Ala Moana Center which was recently redeveloped |
| The acquisition of Whalers Village by one of our joint ventures, the acquisition of our partners share of GGP Ivanhoe IV, Inc. and the acquisition of Shopping Campina Grande as well as other properties in our Brazil joint venture |
| Higher specialty leasing and kiosk rents, especially at properties acquired in the 2004 TRC Merger, as well as higher termination income |
| Greater use of vacant space for temporary tenant rentals |
36
2005 | 2004 | $ Increase | % Increase | |||||||||||||
(In thousands) | ||||||||||||||||
Property revenues:
|
||||||||||||||||
Minimum rents
|
$ | 2,064,127 | $ | 1,351,907 | $ | 712,220 | 52.7 | % | ||||||||
Tenant recoveries
|
936,029 | 607,811 | 328,218 | 54.0 | ||||||||||||
Overage rents
|
83,713 | 65,065 | 18,648 | 28.7 | ||||||||||||
Other
|
172,477 | 86,380 | 86,097 | 99.7 | ||||||||||||
Total property revenues
|
3,256,346 | 2,111,163 | 1,145,183 | 54.2 | ||||||||||||
Property operating
expenses:
|
||||||||||||||||
Real estate taxes
|
261,331 | 167,660 | 93,671 | 55.9 | ||||||||||||
Repairs and maintenance
|
238,703 | 156,401 | 82,302 | 52.6 | ||||||||||||
Marketing
|
78,227 | 61,571 | 16,656 | 27.1 | ||||||||||||
Other property operating costs
|
510,432 | 282,498 | 227,934 | 80.7 | ||||||||||||
Provision for doubtful accounts
|
18,725 | 13,141 | 5,584 | 42.5 | ||||||||||||
Total property operating expenses
|
1,107,418 | 681,271 | 426,147 | 62.6 | ||||||||||||
Real estate property net
operating income
|
$ | 2,148,928 | $ | 1,429,892 | $ | 719,036 | 50.3 | % | ||||||||
37
2006 | 2005 | $ Increase | % Increase | |||||||||||||
(In thousands) | ||||||||||||||||
Land sales
|
$ | 508,744 | $ | 468,294 | $ | 40,450 | 8.6 | % | ||||||||
Land sales operations
|
(378,757 | ) | (372,641 | ) | 6,116 | 1.6 | ||||||||||
Real estate property net operating
income
|
$ | 129,987 | $ | 95,653 | $ | 34,334 | 35.9 | % | ||||||||
Lot Sales and Pricing | Acreage | |||||||||||||||
Remaining |
||||||||||||||||
Total Gross |
Saleable |
|||||||||||||||
2006 | 2005 | Acres | Acres | |||||||||||||
($ in thousands) | ||||||||||||||||
Columbia:
|
||||||||||||||||
Residential:
|
||||||||||||||||
Acres sold
|
12.6 | 28.6 | 80 | |||||||||||||
Average price/acre
|
$ | 1,425 | $ | 1,194 | ||||||||||||
Commercial:
|
||||||||||||||||
Acres sold
|
51.7 | 50.3 | 337 | |||||||||||||
Average price/acre
|
$ | 701 | $ | 438 | ||||||||||||
Acreage
|
18,000 | 417 | ||||||||||||||
Fairwood:
|
||||||||||||||||
Residential:
|
||||||||||||||||
Acres sold
|
33.9 | 58.3 | 148 | |||||||||||||
Average price/acre
|
$ | 796 | $ | 656 | ||||||||||||
Commercial:
|
||||||||||||||||
Acres sold
|
3.5 | | 15 | |||||||||||||
Average price/acre
|
$ | 389 | $ | | ||||||||||||
Acreage
|
1,100 | 163 | ||||||||||||||
38
Lot Sales and Pricing | Acreage | |||||||||||||||
Remaining |
||||||||||||||||
Total Gross |
Saleable |
|||||||||||||||
2006 | 2005 | Acres | Acres | |||||||||||||
($ in thousands) | ||||||||||||||||
Summerlin(1):
|
||||||||||||||||
Residential:
|
||||||||||||||||
Acres sold
|
251.2 | 269.7 | 5,527 | |||||||||||||
Average price/acre
|
$ | 1,067 | $ | 860 | ||||||||||||
Commercial:
|
||||||||||||||||
Acres sold
|
22.5 | 10.0 | 888 | |||||||||||||
Average price/acre
|
$ | 251 | (2) | $ | 511 | |||||||||||
Acreage
|
22,500 | 6,415 | ||||||||||||||
Bridgeland:
|
||||||||||||||||
Residential:
|
||||||||||||||||
Acres sold
|
64.3 | | 5,308 | |||||||||||||
Average price/acre
|
$ | 222 | $ | | ||||||||||||
Commercial:
|
||||||||||||||||
Acres sold
|
| | 1,211 | |||||||||||||
Average price/acre
|
$ | | $ | | ||||||||||||
Acreage
|
10,200 | 6,519 | ||||||||||||||
Woodlands(3):
|
||||||||||||||||
Residential:
|
||||||||||||||||
Acres sold
|
288.1 | 337.3 | 1,814 | |||||||||||||
Average price/acre
|
$ | 374 | $ | 312 | ||||||||||||
Commercial:
|
||||||||||||||||
Acres sold
|
96.0 | 109.9 | 1,188 | |||||||||||||
Average price/acre
|
$ | 397 | $ | 372 | ||||||||||||
Acreage
|
28,400 | 3,002 | ||||||||||||||
(1) | Summerlin Does not reflect impact of CSA (Note 14). Average price per acre includes assumption of Special Improvement District financing. | |
(2) | Summerlin Includes the effect of a single sale of a 19.1 acre parcel to a school at a price of $25 thousand per acre. | |
(3) | Woodlands Shown at 100%. Our share of The Woodlands is 52.5%. |
39
2005 | 2004 | $ Increase | % Increase | |||||||||||||
(In thousands) | ||||||||||||||||
Land sales
|
$ | 468,294 | $ | 105,813 | $ | 362,481 | 342.6 | % | ||||||||
Land sales operations
|
(372,641 | ) | (103,325 | ) | 269,316 | 260.6 | ||||||||||
Real estate property net operating
income
|
$ | 95,653 | $ | 2,488 | $ | 93,165 | 3,744.6 | % | ||||||||
$ Increase |
% Increase |
|||||||||||||||
2006 | 2005 | (Decrease) | (Decrease) | |||||||||||||
(In thousands) | ||||||||||||||||
Tenant rents
|
$ | 2,602,487 | $ | 2,494,851 | $ | 107,636 | 4.3 | % | ||||||||
Land sales
|
423,183 | 385,205 | 37,978 | 9.9 | ||||||||||||
Property operating expenses
|
861,351 | 868,926 | (7,575 | ) | (0.9 | ) | ||||||||||
Land sales operations
|
316,453 | 311,815 | 4,638 | 1.5 | ||||||||||||
Management and other fees
|
115,798 | 91,022 | 24,776 | 27.2 | ||||||||||||
Property management and other costs
|
184,705 | 147,012 | 37,693 | 25.6 | ||||||||||||
Depreciation and amortization
|
690,194 | 672,914 | 17,280 | 2.6 | ||||||||||||
Interest expense
|
1,117,437 | 1,031,241 | 86,196 | 8.4 | ||||||||||||
Provision for income taxes
|
98,984 | 51,289 | 47,695 | 93.0 |
40
| Increase in interest rates both on new fixed-rate financings and variable-rate debt as a result of increases in the LIBOR rate |
| Lower amortization of purchase accounting mark-to-market adjustments (which reduce interest expense). This amortization is reduced as debt is repaid and refinanced |
| Increased amortization of deferred finance costs as a result of finance costs incurred in conjunction with the 2006 Credit Facility |
2005 | 2004 | $ Increase | % Increase | |||||||||||||
(In thousands) | ||||||||||||||||
Tenant rents
|
$ | 2,494,851 | $ | 1,585,087 | $ | 909,764 | 57.4 | % | ||||||||
Land sales
|
385,205 | 68,643 | 316,562 | 461.2 | ||||||||||||
Property operating expenses
|
868,926 | 517,869 | 351,057 | 67.8 | ||||||||||||
Land sales operations
|
311,815 | 66,100 | 245,715 | 371.7 | ||||||||||||
Management and other fees
|
91,022 | 82,896 | 8,126 | 9.8 | ||||||||||||
Property management and other costs
|
147,012 | 100,267 | 46,745 | 46.6 | ||||||||||||
Depreciation and amortization
|
672,914 | 364,854 | 308,060 | 84.4 | ||||||||||||
Interest expense
|
1,031,241 | 472,185 | 559,056 | 118.4 | ||||||||||||
Provision for income taxes
|
51,289 | 2,383 | 48,906 | 2,052.3 |
41
Uses
|
Sources
|
|
Short-term:
|
||
Tenant construction allowances
Minor improvements made to individual properties that are not recoverable through common area maintenance charges to tenants
Dividend payments
Debt repayment requirements, including both principal and interest
Stock repurchases
Corporate and administrative expenses
|
Operating cash flow, including the distributions of our share of cash flow produced by our Unconsolidated Real Estate Affiliates
Land sales from the Master Planned Communities segment
Borrowings under revolving credit facilities
|
|
Longer-term:
|
||
Acquisitions,
including Anchor stores available as a result of
consolidations New development, including the Master
Planned Communities segment
Major redevelopment, renovation or expansion programs at individual properties Debt repayment requirements, including both principal and interest Income tax payments International expansion |
Secured loans
collateralized by individual properties
Unsecured loans at either a venture or company level Construction loans Mini-permanent loans Long-term project financing Joint venture financing with institutional partners Equity securities Asset sales |
42
43
December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In millions) | ||||||||||||
Consolidated:
|
||||||||||||
Fixed-rate debt
|
$ | 17,838 | $ | 14,789 | $ | 11,860 | ||||||
Variable-rate debt:
|
||||||||||||
Corporate and other
unsecured
|
2,491 | 4,875 | 6,200 | |||||||||
Other variable-rate
debt
|
193 | 755 | 2,251 | |||||||||
Total variable-rate
debt
|
2,684 | 5,630 | 8,451 | |||||||||
Total consolidated
|
$ | 20,522 | $ | 20,419 | $ | 20,311 | ||||||
Weighted-average interest rate
(excluding deferred finance costs)
|
5.70 | % | 5.64 | % | 5.16 | % | ||||||
Unconsolidated:
|
||||||||||||
Fixed-rate debt
|
$ | 3,588 | $ | 2,788 | $ | 2,112 | ||||||
Variable-rate debt
|
296 | 455 | 723 | |||||||||
Total Unconsolidated Real Estate
Affiliates
|
$ | 3,884 | $ | 3,243 | $ | 2,835 | ||||||
Weighted-average interest rate
(excluding deferred finance costs)
|
5.66 | % | 5.56 | % | 5.16 | % |
44
2007 | 2008 | 2009 | 2010 | 2011 | Subsequent | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Long-term debt-principal(1)
|
$ | 1,300,937 | $ | 2,037,804 | $ | 3,230,677 | $ | 3,746,780 | $ | 6,535,402 | $ | 3,556,414 | $ | 20,408,014 | ||||||||||||||
Interest payments(2)
|
1,161,297 | 1,040,632 | 896,543 | 714,977 | 385,247 | 779,363 | 4,978,059 | |||||||||||||||||||||
Retained debt-principal
|
6,847 | 2,446 | 2,606 | 119,694 | 775 | 37,742 | 170,110 | |||||||||||||||||||||
Ground lease payments(1)
|
13,250 | 13,293 | 13,317 | 13,325 | 13,186 | 476,762 | 543,133 | |||||||||||||||||||||
Committed real estate acquisition
contracts(3)
|
| 250,000 | | | | | 250,000 | |||||||||||||||||||||
Purchase obligations(4)
|
135,933 | | | | | | 135,933 | |||||||||||||||||||||
Other long-term liabilities(5)
|
| | | | | | | |||||||||||||||||||||
Total
|
$ | 2,618,264 | $ | 3,344,175 | $ | 4,143,143 | $ | 4,594,776 | $ | 6,934,610 | $ | 4,850,281 | $ | 26,485,249 | ||||||||||||||
(1) | Excludes non-cash purchase accounting adjustments. | |
(2) | Based on rates as of December 31, 2006. Variable rates are based on a LIBOR rate of 5.35%. | |
(3) | Reflects $250 million minimum purchase price of the Palazzo (Note 14). We currently expect the actual purchase price to be approximately $600 million. | |
(4) | Reflects accrued and incurred construction costs payable in our Retail and Other and Master Planned Communities segments. Routine trade payables have been excluded. We expect development and redevelopment expenditures of approximately $1 billion in 2007. | |
(5) | Other long-term liabilities related to ongoing real estate taxes have not been included in the table as such amounts depend upon future applicable real estate tax rates. Real estate tax expense was $218.5 million in 2006, $206.2 million in 2005 and $128.3 million in 2004. |
45
46
47
48
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
49
50
51
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
(c) |
||||||||||||
Number of Securities |
||||||||||||
(a) |
(b) |
Remaining Available for |
||||||||||
Number of Securities to |
Weighted-Average |
Future Issuance Under |
||||||||||
be Issued upon Exercise |
Exercise Price of |
Equity Compensation Plans |
||||||||||
of Outstanding Options, |
Outstanding Options, |
(Excluding Securities |
||||||||||
Plan Category
|
Warrants and Rights | Warrants and Rights | Reflected in Column (a)) | |||||||||
Equity compensation plans approved
by security holders(1)
|
4,796,839 | $ | 40.83 | 9,851,161 | (2) | |||||||
Equity compensation plans not
approved by security holders(3)
|
N/A | N/A | 122,104 | |||||||||
Total
|
4,796,839 | $ | 40.83 | 9,973,265 | ||||||||
52
(1) | Includes shares of common stock under the 1993 Stock Incentive Plan (which terminated on April 4, 2003), the 1998 Incentive Stock Plan and the 2003 Incentive Stock Plan. | |
(2) | Includes 5,531,500 shares of common stock available for issuance under the 2003 Incentive Stock Plan and 4,319,661 shares of common stock available for issuance under the 1998 Incentive Stock Plan. | |
(3) | Represents shares of common stock under our Employee Stock Purchase Plan, which was adopted by the Board of Directors in November 1998. Under the Employee Stock Purchase Plan, eligible employees make payroll deductions over a six-month period, at which time the amounts withheld are used to purchase shares of common stock at a purchase price equal to 85% of the lesser of the closing price of a share of common stock on the first or last trading day of the purchase period. Purchases of common stock under the Employee Stock Purchase Plan are made on the first business day of the next month after the close of the purchase period. Under New York Stock Exchange rules then in effect, stockholder approval was not required for the Employee Stock Purchase Plan because it is a broad-based plan available generally to all employees. |
Item 13. | Certain Relationships, Related Transactions and Director Independence |
Item 14. | Principal Accounting Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
53
/s/ John
Bucksbaum
|
Signature
|
Title
|
Date
|
||||
/s/ Matthew
Bucksbaum Matthew Bucksbaum |
Chairman of the Board | February 28, 2007 | ||||
/s/ John
Bucksbaum John Bucksbaum |
Director and Chief Executive Officer (Principal Executive Officer) | February 28, 2007 | ||||
/s/ Robert
Michaels Robert Michaels |
Director, President and Chief Operating Officer |
February 28, 2007 | ||||
/s/ Bernard
Freibaum Bernard Freibaum |
Director, Executive Vice
President and Chief Financial Officer (Principal Financial and Accounting Officer) |
February 28, 2007 | ||||
/s/ Alan
Cohen Alan Cohen |
Director | February 28, 2007 | ||||
/s/ Anthony
Downs Anthony Downs |
Director | February 28, 2007 | ||||
/s/ Adam
Metz Adam Metz |
Director | February 28, 2007 | ||||
/s/ Thomas
Nolan, Jr. Thomas Nolan, Jr. |
Director | February 28, 2007 | ||||
/s/ John
Riordan John Riordan |
Director | February 28, 2007 | ||||
/s/ Beth
Stewart Beth Stewart |
Director | February 28, 2007 |
54
Page |
||||
Number
|
||||
Consolidated Financial
Statements
|
||||
Reports of Independent Registered
Public Accounting Firms:
|
||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-8 | ||||
F-9 | ||||
F-11 | ||||
F-12 | ||||
F-20 | ||||
F-21 | ||||
F-21 | ||||
F-32 | ||||
F-34 | ||||
F-37 | ||||
F-37 | ||||
F-37 | ||||
F-41 | ||||
F-42 | ||||
F-44 | ||||
F-44 | ||||
F-45 | ||||
F-47 | ||||
F-52 | ||||
Consolidated Financial
Statement Schedule
|
||||
F-54 | ||||
F-55 |
F-1
F-2
F-3
F-4
F-5
December 31, | ||||||||
2006 | 2005 | |||||||
(Dollars in thousands) | ||||||||
Assets
|
||||||||
Investment in real estate:
|
||||||||
Land
|
$ | 2,952,477 | $ | 2,826,766 | ||||
Buildings and equipment
|
19,379,386 | 18,739,445 | ||||||
Less accumulated depreciation
|
(2,766,871 | ) | (2,104,956 | ) | ||||
Developments in progress
|
673,900 | 369,520 | ||||||
Net property and equipment
|
20,238,892 | 19,830,775 | ||||||
Investment in and loans to/from
Unconsolidated Real Estate Affiliates
|
1,499,036 | 1,818,097 | ||||||
Investment land and land held for
development and sale
|
1,655,838 | 1,651,063 | ||||||
Net investment in real estate
|
23,393,766 | 23,299,935 | ||||||
Cash and cash equivalents
|
97,139 | 102,791 | ||||||
Accounts and notes receivable, net
|
328,890 | 293,351 | ||||||
Insurance recovery receivable
|
14,952 | 63,382 | ||||||
Goodwill
|
371,674 | 420,624 | ||||||
Deferred expenses, net
|
252,190 | 209,825 | ||||||
Prepaid expenses and other assets
|
782,834 | 917,111 | ||||||
Total assets
|
$ | 25,241,445 | $ | 25,307,019 | ||||
Liabilities and
Stockholders Equity
|
||||||||
Mortgage notes and other property
debt payable
|
$ | 20,521,967 | $ | 20,418,875 | ||||
Investment in and loans to/from
Unconsolidated Real Estate Affiliates
|
172,421 | 17,971 | ||||||
Deferred tax liabilities
|
1,302,205 | 1,286,576 | ||||||
Accounts payable and accrued
expenses
|
1,050,192 | 1,014,443 | ||||||
Total liabilities
|
23,046,785 | 22,737,865 | ||||||
Minority interests:
|
||||||||
Preferred
|
182,828 | 205,944 | ||||||
Common
|
347,753 | 430,292 | ||||||
Total minority interests
|
530,581 | 636,236 | ||||||
Commitments and Contingencies
|
||||||||
Preferred Stock: $100 par
value; 5,000,000 shares authorized; none issued and
outstanding
|
| | ||||||
Stockholders Equity:
|
||||||||
Common stock: $.01 par value;
875,000,000 shares authorized, 242,357,416 and
239,865,045 shares issued as of December 31, 2006 and
2005, respectively
|
2,424 | 2,399 | ||||||
Additional paid-in capital
|
2,536,112 | 2,469,262 | ||||||
Retained earnings (accumulated
deficit)
|
(868,391 | ) | (518,555 | ) | ||||
Unearned compensation-restricted
stock
|
(2,214 | ) | (280 | ) | ||||
Accumulated other comprehensive
income
|
9,582 | 10,454 | ||||||
Less common stock in treasury,
290,787 and 668,396 shares, at cost at December 31,
2006 and 2005, respectively
|
(13,434 | ) | (30,362 | ) | ||||
Total stockholders equity
|
1,664,079 | 1,932,918 | ||||||
Total liabilities and
stockholders equity
|
$ | 25,241,445 | $ | 25,307,019 | ||||
F-6
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(Dollars in thousands, except for per share amounts) | ||||||||||||
Revenues:
|
||||||||||||
Minimum rents
|
$ | 1,753,508 | $ | 1,670,387 | $ | 1,058,732 | ||||||
Tenant recoveries
|
773,034 | 754,836 | 472,250 | |||||||||
Overage rents
|
75,945 | 69,628 | 54,105 | |||||||||
Land sales
|
423,183 | 385,205 | 68,643 | |||||||||
Management and other fees
|
115,798 | 91,022 | 82,896 | |||||||||
Other
|
114,815 | 101,626 | 63,255 | |||||||||
Total revenues
|
3,256,283 | 3,072,704 | 1,799,881 | |||||||||
Expenses:
|
||||||||||||
Real estate taxes
|
218,549 | 206,193 | 128,114 | |||||||||
Repairs and maintenance
|
199,078 | 195,292 | 123,251 | |||||||||
Marketing
|
48,626 | 63,522 | 48,220 | |||||||||
Other property operating costs
|
373,020 | 390,051 | 207,909 | |||||||||
Land sales operations
|
316,453 | 311,815 | 66,100 | |||||||||
Provision for doubtful accounts
|
22,078 | 13,868 | 10,375 | |||||||||
Property management and other costs
|
184,705 | 147,012 | 100,267 | |||||||||
General and administrative
|
15,128 | 13,053 | 9,499 | |||||||||
Depreciation and amortization
|
690,194 | 672,914 | 364,854 | |||||||||
Total expenses
|
2,067,831 | 2,013,720 | 1,058,589 | |||||||||
Operating income
|
1,188,452 | 1,058,984 | 741,292 | |||||||||
Interest income
|
11,585 | 10,416 | 3,227 | |||||||||
Interest expense
|
(1,117,437 | ) | (1,031,241 | ) | (472,185 | ) | ||||||
Income before income taxes,
minority interest and equity in income of unconsolidated
affiliates
|
82,600 | 38,159 | 272,334 | |||||||||
Provision for income taxes
|
(98,984 | ) | (51,289 | ) | (2,383 | ) | ||||||
Minority interest
|
(37,761 | ) | (43,989 | ) | (105,274 | ) | ||||||
Equity in income of unconsolidated
affiliates
|
114,241 | 120,986 | 88,191 | |||||||||
Income from continuing operations
|
60,096 | 63,867 | 252,868 | |||||||||
Discontinued operations, net of
minority interests:
|
||||||||||||
Income from operations
|
| 6,568 | 3,813 | |||||||||
Gains (losses) on dispositions
|
(823 | ) | 5,118 | 11,171 | ||||||||
Income (loss) from discontinued
operations
|
(823 | ) | 11,686 | 14,984 | ||||||||
Net income
|
$ | 59,273 | $ | 75,553 | $ | 267,852 | ||||||
Basic Earnings Per
Share:
|
||||||||||||
Continuing operations
|
$ | 0.25 | $ | 0.27 | $ | 1.15 | ||||||
Discontinued operations
|
| 0.05 | 0.07 | |||||||||
Total basic earnings per share
|
$ | 0.25 | $ | 0.32 | $ | 1.22 | ||||||
Diluted Earnings Per
Share:
|
||||||||||||
Continuing operations
|
$ | 0.24 | $ | 0.27 | $ | 1.15 | ||||||
Discontinued operations
|
| 0.05 | 0.06 | |||||||||
Total diluted earnings per share
|
$ | 0.24 | $ | 0.32 | $ | 1.21 | ||||||
Comprehensive Income,
Net:
|
||||||||||||
Net income
|
$ | 59,273 | $ | 75,553 | $ | 267,852 | ||||||
Other comprehensive income, net of
minority interest:
|
||||||||||||
Net unrealized gains (losses) on
financial interests
|
(3,316 | ) | 9,554 | 10,992 | ||||||||
Accrued pension adjustment
|
(2 | ) | (374 | ) | 102 | |||||||
Foreign currency translation
|
2,728 | 4,920 | 1,590 | |||||||||
Unrealized gains (losses) on
available-for-sale
securities
|
(282 | ) | 39 | (94 | ) | |||||||
Total other comprehensive income
(loss), net of minority interest
|
(872 | ) | 14,139 | 12,590 | ||||||||
Comprehensive income, net
|
$ | 58,401 | $ | 89,692 | $ | 280,442 | ||||||
F-7
Notes |
||||||||||||||||||||||||||||||||
Retained |
Receivable- |
Unearned |
Accumulated |
|||||||||||||||||||||||||||||
Additional |
Earnings |
Common |
Compensation |
Other |
Total |
|||||||||||||||||||||||||||
Common |
Paid-In |
(Accumulated |
Stock |
Restricted |
Comprehensive |
Treasury |
Stockholders |
|||||||||||||||||||||||||
Stock | Capital | Deficit) | Purchase | Stock | Income (Loss) | Stock | Equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance, January 1,
2004
|
$ | 2,173 | $ | 1,913,447 | $ | (220,512 | ) | $ | (6,475 | ) | $ | (1,949 | ) | $ | (16,275 | ) | $ | | $ | 1,670,409 | ||||||||||||
Net income
|
267,852 | 267,852 | ||||||||||||||||||||||||||||||
Cash distributions declared
($1.26 per share)
|
(274,851 | ) | (274,851 | ) | ||||||||||||||||||||||||||||
Conversion of operating partnership
units to common stock (179,987 common shares)
|
2 | 1,371 | 1,373 | |||||||||||||||||||||||||||||
Conversion of convertible preferred
units to common stock (456,463 common shares)
|
4 | 9,297 | 9,301 | |||||||||||||||||||||||||||||
Issuance of common stock, net of
employee stock option loan/repayments (16,793,656 common shares)
|
168 | 530,920 | 1,297 | 532,385 | ||||||||||||||||||||||||||||
Restricted stock grant, net of
compensation expense
|
889 | 889 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
12,590 | 12,590 | ||||||||||||||||||||||||||||||
Adjustment for minority interest in
operating partnership
|
(76,798 | ) | (76,798 | ) | ||||||||||||||||||||||||||||
Balance, December 31,
2004
|
$ | 2,347 | $ | 2,378,237 | $ | (227,511 | ) | $ | (5,178 | ) | $ | (1,060 | ) | $ | (3,685 | ) | $ | | 2,143,150 | |||||||||||||
Net income
|
75,553 | 75,553 | ||||||||||||||||||||||||||||||
Cash distributions declared
($1.49 per share)
|
(353,665 | ) | (353,665 | ) | ||||||||||||||||||||||||||||
Conversion of operating partnership
units to common stock (2,470,368 common shares)
|
25 | 23,907 | 23,932 | |||||||||||||||||||||||||||||
Conversion of convertible preferred
units to common stock (729,890 common shares)
|
7 | 14,330 | 14,337 | |||||||||||||||||||||||||||||
Issuance of common stock, net of
employee stock option loan/repayments (1,322,720 common shares)
(545,204 treasury shares)
|
13 | 40,135 | (7,892 | ) | 5,178 | 24,522 | 61,956 | |||||||||||||||||||||||||
Tax benefit from stock option
exercises
|
3,328 | 3,328 | ||||||||||||||||||||||||||||||
Shares issued pursuant to CSA
(551,985 common shares) (1,000,400 treasury shares)
|
6 | 19,393 | (5,040 | ) | 44,696 | 59,055 | ||||||||||||||||||||||||||
Restricted stock grant, net of
compensation expense (66,000 common shares)
|
1 | 2,336 | 780 | 3,117 | ||||||||||||||||||||||||||||
Purchase of treasury stock
(2,214,000 treasury shares)
|
(99,580 | ) | (99,580 | ) | ||||||||||||||||||||||||||||
Other comprehensive income
|
14,139 | 14,139 | ||||||||||||||||||||||||||||||
Adjustment for minority interest in
operating partnership
|
(12,404 | ) | (12,404 | ) | ||||||||||||||||||||||||||||
Balance, December 31,
2005
|
$ | 2,399 | $ | 2,469,262 | $ | (518,555 | ) | $ | | $ | (280 | ) | $ | 10,454 | $ | (30,362 | ) | $ | 1,932,918 | |||||||||||||
Net income
|
59,273 | 59,273 | ||||||||||||||||||||||||||||||
Cash distributions declared
($1.68 per share)
|
(403,831 | ) | (403,831 | ) | ||||||||||||||||||||||||||||
Conversion of operating partnership
units to common stock (808,173 common shares)
|
8 | 5,784 | 5,792 | |||||||||||||||||||||||||||||
Conversion of convertible preferred
units to common stock (526,464 common shares)
|
5 | 10,021 | 10,026 | |||||||||||||||||||||||||||||
Issuance of common stock (971,238
common shares) (563,185 treasury shares)
|
10 | 34,333 | (5,278 | ) | 26,018 | 55,083 | ||||||||||||||||||||||||||
Tax benefit from stock option
exercises
|
267 | 267 | ||||||||||||||||||||||||||||||
Shares issued pursuant to CSA
(87,495 common shares) (1,727,524 treasury shares)
|
1 | 4,895 | 76,835 | 81,731 | ||||||||||||||||||||||||||||
Restricted stock grant, net of
compensation expense (99,000 common shares)
|
1 | 4,741 | (1,934 | ) | 2,808 | |||||||||||||||||||||||||||
Purchase of treasury stock
(1,913,100 treasury shares)
|
(85,925 | ) | (85,925 | ) | ||||||||||||||||||||||||||||
Other comprehensive income
|
(872 | ) | (872 | ) | ||||||||||||||||||||||||||||
Adjustment for minority interest in
operating partnership
|
6,809 | 6,809 | ||||||||||||||||||||||||||||||
Balance, December 31,
2006
|
$ | 2,424 | $ | 2,536,112 | $ | (868,391 | ) | $ | | $ | (2,214 | ) | $ | 9,582 | $ | (13,434 | ) | $ | 1,664,079 | |||||||||||||
F-8
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Cash Flows from Operating
Activities:
|
||||||||||||
Net income
|
$ | 59,273 | $ | 75,553 | $ | 267,852 | ||||||
Adjustments to reconcile net income
to net cash provided by operating activities:
|
||||||||||||
Minority interests, including
discontinued operations
|
37,761 | 45,488 | 106,233 | |||||||||
Equity in income of unconsolidated
affiliates
|
(114,241 | ) | (120,986 | ) | (88,191 | ) | ||||||
Provision for doubtful accounts,
including discontinued operations
|
22,078 | 13,876 | 10,375 | |||||||||
Distributions received from
unconsolidated affiliates
|
111,864 | 119,602 | 87,906 | |||||||||
Depreciation, including
discontinued operations
|
663,523 | 657,358 | 348,303 | |||||||||
Amortization, including
discontinued operations
|
42,750 | 30,536 | 28,753 | |||||||||
Amortization of debt market rate
adjustment
|
(32,153 | ) | (47,015 | ) | (1,026 | ) | ||||||
(Gain) loss on disposition
|
823 | (5,118 | ) | (11,171 | ) | |||||||
Participation expense pursuant to
Contingent Stock Agreement
|
110,740 | 106,285 | 8,513 | |||||||||
Land development and acquisitions
expenditures
|
(184,302 | ) | (140,823 | ) | (27,563 | ) | ||||||
Cost of land sales
|
175,184 | 181,301 | 51,659 | |||||||||
Debt assumed by purchasers of land
|
(5,640 | ) | (11,371 | ) | (318 | ) | ||||||
Deferred income taxes
|
58,252 | 28,596 | 1,993 | |||||||||
Proceeds from the sale of
marketable securities
|
4,982 | 27,740 | 7,954 | |||||||||
Straight-line rent amortization
|
(34,176 | ) | (33,994 | ) | (14,810 | ) | ||||||
Above and below market tenant lease
amortization, including discontinued operations
|
(39,661 | ) | (34,304 | ) | (27,592 | ) | ||||||
Other intangible amortization
|
6,568 | 10,683 | 1,650 | |||||||||
Net changes:
|
||||||||||||
Accounts and notes receivable
|
(23,091 | ) | (51,131 | ) | (6,367 | ) | ||||||
Prepaid expenses and other assets
|
28,165 | (69,379 | ) | 15,962 | ||||||||
Deferred expenses
|
(46,741 | ) | (73,048 | ) | (43,485 | ) | ||||||
Accounts payable and accrued
expenses
|
(30,434 | ) | 122,208 | (13,171 | ) | |||||||
Other, net
|
4,827 | 9,921 | 15,917 | |||||||||
Net cash provided by operating
activities
|
816,351 | 841,978 | 719,376 | |||||||||
Cash Flows from Investing
Activities:
|
||||||||||||
Acquisition/development of real
estate and property additions/improvements
|
(699,403 | ) | (497,977 | ) | (9,000,108 | ) | ||||||
Proceeds from sales of investment
properties
|
23,117 | 143,543 | 65,268 | |||||||||
Increase in investments in
unconsolidated affiliates
|
(285,747 | ) | (195,642 | ) | (211,247 | ) | ||||||
(Increase) decrease in restricted
cash
|
12,017 | (22,950 | ) | (1,951 | ) | |||||||
Insurance recoveries
|
28,359 | 5,000 | | |||||||||
Distributions received from
unconsolidated affiliates in excess of income
|
627,869 | 260,639 | 134,116 | |||||||||
Loans from unconsolidated
affiliates, net
|
67,821 | 126,500 | (8,884 | ) | ||||||||
Other, net
|
15,567 | 26,690 | 1,991 | |||||||||
Net cash used in investing
activities
|
(210,400 | ) | (154,197 | ) | (9,020,815 | ) | ||||||
Cash Flows from Financing
Activities:
|
||||||||||||
Cash distributions paid to common
stockholders
|
(403,831 | ) | (353,665 | ) | (274,851 | ) | ||||||
Cash distributions paid to holders
of Common Units
|
(88,992 | ) | (80,885 | ) | (70,412 | ) | ||||||
Cash distributions paid to holders
of perpetual and convertible preferred units
|
(17,546 | ) | (27,329 | ) | (37,152 | ) | ||||||
Proceeds from issuance of common
stock, including from common stock plans
|
49,267 | 45,208 | 531,976 | |||||||||
Purchase of treasury stock
|
(85,925 | ) | (98,939 | ) | | |||||||
Redemption of preferred minority
interests
|
| (183,000 | ) | (107,923 | ) | |||||||
Proceeds from issuance of mortgage
notes and other property debt payable
|
9,366,183 | 3,907,254 | 12,733,339 | |||||||||
Principal payments on mortgage
notes and other property debt payable
|
(9,383,378 | ) | (3,791,978 | ) | (4,430,532 | ) | ||||||
Deferred financing costs
|
(38,916 | ) | (6,984 | ) | (13,408 | ) | ||||||
Other, net
|
(8,465 | ) | (34,253 | ) | (694 | ) | ||||||
Net cash (used in) provided by
financing activities
|
(611,603 | ) | (624,571 | ) | 8,330,343 | |||||||
Net change in cash and cash
equivalents
|
(5,652 | ) | 63,210 | 28,904 | ||||||||
Cash and cash equivalents at
beginning of period
|
102,791 | 39,581 | 10,677 | |||||||||
Cash and cash equivalents at end of
period
|
$ | 97,139 | $ | 102,791 | $ | 39,581 | ||||||
F-9
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Supplemental Disclosure of Cash
Flow Information:
|
||||||||||||
Interest paid
|
$ | 1,170,929 | $ | 1,074,874 | $ | 424,380 | ||||||
Interest capitalized
|
58,019 | 54,260 | 11,272 | |||||||||
Taxes paid
|
34,743 | 8,170 | 390 | |||||||||
Non-Cash Investing and
Financing Activities:
|
||||||||||||
Common stock issued in exchange
for Operating Partnership Units
|
$ | 5,792 | $ | 23,932 | $ | 1,373 | ||||||
Common stock issued in exchange
for convertible preferred units
|
10,026 | 14,337 | 9,301 | |||||||||
Assumption of debt in conjunction
with acquisition of property
|
| | 134,902 | |||||||||
Common stock issued pursuant to
Contingent Stock Agreement
|
81,731 | 59,055 | | |||||||||
Operating Partnership Units issued
as consideration for purchase of real estate
|
| | 25,132 | |||||||||
Acquisitions:
|
||||||||||||
Fair value of assets acquired
|
169,415 | (134,166 | ) | 14,327,519 | ||||||||
Liabilities assumed
|
169,415 | (125,925 | ) | 7,176,675 |
F-10
Note 1 | Organization |
82 | % | General Growth, as sole general partner | ||
16 | Limited partners that indirectly include family members of the original stockholders of the Company. Represented by common units of limited partnership interest (the Common Units) | |||
2 | Limited partners that include subsequent contributors of properties to the Operating Partnership which are also represented by Common Units | |||
100 | % | |||
| GGPLP L.L.C., a Delaware limited liability company (the LLC), has ownership interests in the majority of our Consolidated Properties (as defined below) (other than those acquired in The Rouse Company merger (the TRC Merger). |
| The Rouse Company LP (TRCLP), successor to The Rouse Company (TRC), which includes both REIT and taxable REIT subsidiaries (TRSs), has ownership interests in Consolidated Properties and Unconsolidated Properties (each as defined below). |
| General Growth Management, Inc. (GGMI), a TRS, manages, leases, and performs various other services for most of our Unconsolidated Real Estate Affiliates (as defined below) and approximately 30 properties owned by unaffiliated third parties. Effective July 1, 2006, GGMI also performs tenant related marketing and strategic partnership services at all of our Consolidated Properties. |
F-11
Note 2 | Summary of Significant Accounting Policies |
F-12
Years | ||||
Buildings and improvements
|
40-45 | |||
Equipment, tenant improvements and
fixtures
|
5-10 |
F-13
F-14
F-15
F-16
Years Ended December 31, | ||||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Numerators:
|
||||||||||||||||||||||||
Income from continuing operations
|
$ | 60,096 | $ | 60,096 | $ | 63,867 | $ | 63,867 | $ | 252,868 | $ | 252,868 | ||||||||||||
Discontinued operations, net of
minority interests
|
(823 | ) | (823 | ) | 11,686 | 11,686 | 14,984 | 14,984 | ||||||||||||||||
Net income available to common
stockholders
|
$ | 59,273 | $ | 59,273 | $ | 75,553 | $ | 75,553 | $ | 267,852 | $ | 267,852 | ||||||||||||
Denominators:
|
||||||||||||||||||||||||
Weighted average number of common
shares outstanding basic
|
241,222 | 241,222 | 237,673 | 237,673 | 220,149 | 220,149 | ||||||||||||||||||
Effect of dilutive
securities options
|
| 832 | | 796 | | 680 | ||||||||||||||||||
Weighted average number of common
shares outstanding diluted
|
241,222 | 242,054 | 237,673 | 238,469 | 220,149 | 220,829 | ||||||||||||||||||
F-17
2006 | 2005 | |||||||||||||||
Carrying |
Estimated |
Carrying |
Estimated |
|||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
(In millions)
|
||||||||||||||||
Fixed-rate debt
|
$ | 17,018 | $ | 16,854 | $ | 13,906 | $ | 13,960 | ||||||||
Variable-rate debt
|
3,504 | 3,518 | 6,513 | 6,430 | ||||||||||||
$ | 20,522 | $ | 20,372 | $ | 20,419 | $ | 20,390 | |||||||||
Stock-Based Compensation Expense |
F-18
Foreign Currency Translation |
F-19
Note 3 | Intangibles |
Accumulated |
||||||||||||
Gross Asset |
(Amortization)/ |
Net Carrying |
||||||||||
(Liability) | Accretion | Amount | ||||||||||
(In thousands) | ||||||||||||
As of December 31,
2006
|
||||||||||||
Tenant leases:
|
||||||||||||
In-place value
|
$ | 667,492 | $ | (314,270 | ) | $ | 353,222 | |||||
Above-market
|
107,157 | (53,176 | ) | 53,981 | ||||||||
Below-market
|
(294,052 | ) | 176,089 | (117,963 | ) | |||||||
Ground leases:
|
||||||||||||
Above-market
|
(16,968 | ) | 1,007 | (15,961 | ) | |||||||
Below-market
|
293,435 | (12,919 | ) | 280,516 | ||||||||
Real estate tax stabilization
agreement
|
91,879 | (8,501 | ) | 83,378 | ||||||||
As of December 31,
2005
|
||||||||||||
Tenant leases:
|
||||||||||||
In-place value
|
$ | 664,444 | $ | (176,190 | ) | $ | 488,254 | |||||
Above-market
|
106,117 | (29,023 | ) | 77,094 | ||||||||
Below-market
|
(293,967 | ) | 111,697 | (182,270 | ) | |||||||
Ground leases:
|
||||||||||||
Above-market
|
(16,968 | ) | 535 | (16,433 | ) | |||||||
Below-market
|
358,524 | (8,736 | ) | 349,788 | ||||||||
Real estate tax stabilization
agreement
|
91,879 | (4,691 | ) | 87,188 |
F-20
Note 4 | Discontinued Operations and Gains (Losses) on Dispositions of Interests in Operating Properties |
Years Ended December 31, | ||||||||
2005 | 2004 | |||||||
(In thousands) | ||||||||
Revenues:
|
||||||||
TRCLP office/industrial properties
|
$ | 24,275 | $ | 2,813 | ||||
JP Realty commercial/business
properties
|
| 6,118 | ||||||
Total
|
$ | 24,275 | $ | 8,931 | ||||
Net income:
|
||||||||
TRCLP office/industrial properties
|
$ | 8,067 | $ | 983 | ||||
JP Realty commercial/business
properties
|
| 3,801 | ||||||
Total
|
$ | 8,067 | $ | 4,784 | ||||
Note 5 | Unconsolidated Real Estate Affiliates |
F-21
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Condensed Combined Balance
Sheets Unconsolidated Real Estate
Affiliates
|
||||||||
Assets:
|
||||||||
Land
|
$ | 988,018 | $ | 919,533 | ||||
Buildings and equipment
|
8,158,030 | 7,656,894 | ||||||
Less accumulated depreciation
|
(1,590,812 | ) | (1,302,624 | ) | ||||
Developments in progress
|
551,464 | 427,779 | ||||||
Net property and equipment
|
8,106,700 | 7,701,582 | ||||||
Investment in unconsolidated joint
ventures
|
7,424 | 8,788 | ||||||
Investment land and land held for
sale and development
|
290,273 | 259,386 | ||||||
Net investment in real estate
|
8,404,397 | 7,969,756 | ||||||
Cash and cash equivalents
|
180,203 | 217,535 | ||||||
Accounts and notes receivable, net
|
165,049 | 161,225 | ||||||
Deferred expenses, net
|
155,051 | 148,568 | ||||||
Prepaid expenses and other assets
|
509,324 | 340,120 | ||||||
Total assets
|
$ | 9,414,024 | $ | 8,837,204 | ||||
Liabilities and Owners
Equity:
|
||||||||
Mortgage notes and other property
debt payable
|
$ | 7,752,889 | $ | 6,325,116 | ||||
Accounts payable and accrued
expenses
|
558,974 | 482,414 | ||||||
Owners equity
|
1,102,161 | 2,029,674 | ||||||
Total liabilities and owners
equity
|
$ | 9,414,024 | $ | 8,837,204 | ||||
Investment In and Loans To/From
Unconsolidated Real Estate Affiliates, Net
|
||||||||
Owners equity
|
$ | 1,102,161 | $ | 2,029,674 | ||||
Less joint venture partners
equity
|
(601,314 | ) | (1,175,175 | ) | ||||
Capital or basis differences and
loans
|
825,768 | 945,627 | ||||||
Investment in and loans to/from
|
||||||||
Unconsolidated Real Estate
Affiliates, net
|
$ | 1,326,615 | $ | 1,800,126 | ||||
F-22
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Condensed Combined Statements
of Income Unconsolidated Real Estate
Affiliates
|
||||||||||||
Revenues:
|
||||||||||||
Minimum rents
|
$ | 864,368 | $ | 795,185 | $ | 569,348 | ||||||
Tenant recoveries
|
378,413 | 365,325 | 264,907 | |||||||||
Overage rents
|
31,889 | 28,592 | 21,422 | |||||||||
Land sales
|
162,790 | 158,181 | 38,681 | |||||||||
Other
|
182,134 | 126,507 | 35,083 | |||||||||
Management and other fees
|
15,712 | | | |||||||||
Total revenues
|
1,635,306 | 1,473,790 | 929,441 | |||||||||
Expenses:
|
||||||||||||
Real estate taxes
|
119,426 | 112,225 | 77,513 | |||||||||
Repairs and maintenance
|
88,243 | 87,816 | 59,051 | |||||||||
Marketing
|
26,485 | 29,561 | 25,860 | |||||||||
Other property operating costs
|
311,267 | 239,194 | 142,185 | |||||||||
Land sales operations
|
103,519 | 89,561 | 18,101 | |||||||||
Provision for doubtful accounts
|
1,494 | 10,182 | 5,390 | |||||||||
Property management and other costs
|
77,290 | 59,548 | 47,044 | |||||||||
General and administrative
|
7,947 | 2,684 | 10,115 | |||||||||
Depreciation and amortization
|
269,327 | 257,153 | 170,529 | |||||||||
Total expenses
|
1,004,998 | 887,924 | 555,788 | |||||||||
Operating income
|
630,308 | 585,866 | 373,653 | |||||||||
Interest income
|
30,498 | 14,432 | 3,778 | |||||||||
Interest expense
|
(361,114 | ) | (304,368 | ) | (179,807 | ) | ||||||
Provision for income taxes
|
(1,274 | ) | (1,157 | ) | (353 | ) | ||||||
Income allocated to minority
interest
|
(588 | ) | | | ||||||||
Equity in income of unconsolidated
joint ventures
|
6,509 | 5,384 | 4,337 | |||||||||
Net income
|
$ | 304,339 | $ | 300,157 | $ | 201,608 | ||||||
Equity In Income of
Unconsolidated Real Estate Affiliates
|
||||||||||||
Net income of Unconsolidated Real
Estate Affiliates
|
$ | 304,339 | $ | 300,157 | $ | 201,608 | ||||||
Joint venture partners share
of income of Unconsolidated Real Estate Affiliates
|
(160,099 | ) | (157,756 | ) | (103,768 | ) | ||||||
Amortization of capital or basis
differences
|
(22,083 | ) | (20,844 | ) | (9,632 | ) | ||||||
Elimination of Unconsolidated Real
Estate Affiliates loan interest
|
(7,916 | ) | (571 | ) | (17 | ) | ||||||
Equity in income of Unconsolidated
Real Estate Affiliates
|
$ | 114,241 | $ | 120,986 | $ | 88,191 | ||||||
F-23
GGP/Homart I | ||||||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Assets:
|
||||||||
Land
|
$ | 157,708 | $ | 146,527 | ||||
Buildings and equipment
|
1,879,992 | 1,796,335 | ||||||
Less accumulated depreciation
|
(517,187 | ) | (452,809 | ) | ||||
Developments in progress
|
13,216 | 30,010 | ||||||
Investment in unconsolidated joint
ventures
|
7,424 | 8,788 | ||||||
Net investment in real estate
|
1,541,153 | 1,528,851 | ||||||
Cash and cash equivalents
|
15,871 | 69,034 | ||||||
Accounts receivable, net
|
48,498 | 48,137 | ||||||
Deferred expenses, net
|
44,773 | 46,709 | ||||||
Prepaid expenses and other assets
|
174,854 | 18,333 | ||||||
Total assets
|
$ | 1,825,149 | $ | 1,711,064 | ||||
Liabilities and Owners
Equity (Deficit):
|
||||||||
Mortgage notes and other property
debt payable
|
$ | 2,041,796 | $ | 1,579,717 | ||||
Accounts payable and accrued
expenses
|
58,408 | 62,132 | ||||||
Owners equity (deficit)
|
(275,055 | ) | 69,215 | |||||
Total liabilities and owners
equity (deficit)
|
$ | 1,825,149 | $ | 1,711,064 | ||||
F-24
GGP/Homart I | ||||||||||||
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Revenues:
|
||||||||||||
Minimum rents
|
$ | 236,192 | $ | 226,936 | $ | 214,448 | ||||||
Tenant recoveries
|
98,864 | 95,752 | 91,867 | |||||||||
Overage rents
|
10,237 | 9,312 | 8,266 | |||||||||
Other
|
11,224 | 10,660 | 7,469 | |||||||||
Total revenues
|
356,517 | 342,660 | 322,050 | |||||||||
Expenses:
|
||||||||||||
Real estate taxes
|
30,393 | 29,745 | 27,845 | |||||||||
Repairs and maintenance
|
25,477 | 26,748 | 25,890 | |||||||||
Marketing
|
7,963 | 9,294 | 9,683 | |||||||||
Other property operating costs
|
44,062 | 36,480 | 41,120 | |||||||||
Provision for doubtful accounts
|
835 | 1,088 | 1,487 | |||||||||
Property management and other costs
|
22,603 | 20,835 | 19,355 | |||||||||
General and administrative
|
456 | 418 | 3,461 | |||||||||
Depreciation and amortization
|
71,043 | 68,578 | 66,430 | |||||||||
Total expenses
|
202,832 | 193,186 | 195,271 | |||||||||
Operating income
|
153,685 | 149,474 | 126,779 | |||||||||
Interest income
|
14,688 | 4,588 | 1,817 | |||||||||
Interest expense
|
(99,991 | ) | (84,684 | ) | (81,120 | ) | ||||||
Provision for income taxes
|
(338 | ) | (126 | ) | (150 | ) | ||||||
Equity in income of unconsolidated
joint ventures
|
6,509 | 5,384 | 4,337 | |||||||||
Net income
|
$ | 74,553 | $ | 74,636 | $ | 51,663 | ||||||
F-25
GGP/Homart II | ||||||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Assets:
|
||||||||
Land
|
$ | 224,158 | $ | 190,787 | ||||
Buildings and equipment
|
2,261,123 | 2,014,151 | ||||||
Less accumulated depreciation
|
(326,340 | ) | (264,434 | ) | ||||
Developments in progress
|
286,396 | 148,453 | ||||||
Net investment in real estate
|
2,445,337 | 2,088,957 | ||||||
Cash and cash equivalents
|
6,289 | 55,539 | ||||||
Accounts receivable, net
|
35,506 | 32,644 | ||||||
Deferred expenses, net
|
58,712 | 56,223 | ||||||
Prepaid expenses and other assets
|
36,656 | 116,234 | ||||||
Total assets
|
$ | 2,582,500 | $ | 2,349,597 | ||||
Liabilities and Owners
Equity:
|
||||||||
Mortgage notes and other property
debt payable
|
$ | 2,284,763 | $ | 1,666,979 | ||||
Accounts payable and accrued
expenses
|
146,781 | 88,822 | ||||||
Owners equity
|
150,956 | 593,796 | ||||||
Total liabilities and owners
equity
|
$ | 2,582,500 | $ | 2,349,597 | ||||
F-26
GGP/Homart II | ||||||||||||
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Revenues:
|
||||||||||||
Minimum rents
|
$ | 205,835 | $ | 194,938 | $ | 184,418 | ||||||
Tenant recoveries
|
94,298 | 92,862 | 90,958 | |||||||||
Overage rents
|
5,935 | 6,432 | 5,530 | |||||||||
Other
|
9,057 | 8,543 | 5,352 | |||||||||
Total revenues
|
315,125 | 302,775 | 286,258 | |||||||||
Expenses:
|
||||||||||||
Real estate taxes
|
29,883 | 27,132 | 27,030 | |||||||||
Repairs and maintenance
|
19,362 | 19,671 | 18,734 | |||||||||
Marketing
|
7,583 | 8,726 | 9,504 | |||||||||
Other property operating costs
|
37,776 | 29,490 | 32,435 | |||||||||
(Recovery of) provision for
doubtful accounts
|
(47 | ) | 3,125 | 1,591 | ||||||||
Property management and other costs
|
19,469 | 17,468 | 16,176 | |||||||||
General and administrative
|
7,137 | 2,005 | 6,056 | |||||||||
Depreciation and amortization
|
66,024 | 61,923 | 56,394 | |||||||||
Total expenses
|
187,187 | 169,540 | 167,920 | |||||||||
Operating income
|
127,938 | 133,235 | 118,338 | |||||||||
Interest income
|
8,840 | 7,358 | 1,492 | |||||||||
Interest expense
|
(91,240 | ) | (77,285 | ) | (55,780 | ) | ||||||
(Provision) benefit for income
taxes
|
(69 | ) | 64 | (59 | ) | |||||||
Net income
|
$ | 45,469 | $ | 63,372 | $ | 63,991 | ||||||
F-27
GGP/Teachers | ||||||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Assets:
|
||||||||
Land
|
$ | 176,761 | $ | 176,761 | ||||
Buildings and equipment
|
908,786 | 879,828 | ||||||
Less accumulated depreciation
|
(89,323 | ) | (64,795 | ) | ||||
Developments in progress
|
76,991 | 18,431 | ||||||
Net investment in real estate
|
1,073,215 | 1,010,225 | ||||||
Cash and cash equivalents
|
19,029 | 18,279 | ||||||
Accounts receivable, net
|
11,347 | 9,725 | ||||||
Deferred expenses, net
|
15,280 | 13,220 | ||||||
Prepaid expenses and other assets
|
13,980 | 3,968 | ||||||
Total assets
|
$ | 1,132,851 | $ | 1,055,417 | ||||
Liabilities and Owners
Equity:
|
||||||||
Mortgage notes and other property
debt payable
|
$ | 933,375 | $ | 786,025 | ||||
Accounts payable and accrued
expenses
|
88,188 | 84,322 | ||||||
Owners equity
|
111,288 | 185,070 | ||||||
Total liabilities and owners
equity
|
$ | 1,132,851 | $ | 1,055,417 | ||||
F-28
GGP/Teachers |
||||||||||||
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Revenues:
|
||||||||||||
Minimum rents
|
$ | 106,422 | $ | 87,014 | $ | 83,464 | ||||||
Tenant recoveries
|
46,530 | 40,033 | 38,473 | |||||||||
Overage rents
|
6,003 | 2,888 | 2,736 | |||||||||
Other
|
2,753 | 2,378 | 1,831 | |||||||||
Total revenues
|
161,708 | 132,313 | 126,504 | |||||||||
Expenses:
|
||||||||||||
Real estate taxes
|
11,549 | 11,130 | 10,868 | |||||||||
Repairs and maintenance
|
8,298 | 7,405 | 7,472 | |||||||||
Marketing
|
3,909 | 3,610 | 3,424 | |||||||||
Other property operating costs
|
18,783 | 13,466 | 16,531 | |||||||||
Provision for doubtful accounts
|
132 | 440 | 445 | |||||||||
Property management and other costs
|
9,166 | 7,424 | 6,716 | |||||||||
General and administrative
|
297 | 213 | 179 | |||||||||
Depreciation and amortization
|
26,621 | 21,385 | 20,578 | |||||||||
Total expenses
|
78,755 | 65,073 | 66,213 | |||||||||
Operating income
|
82,953 | 67,240 | 60,291 | |||||||||
Interest income
|
914 | 723 | 287 | |||||||||
Interest expense
|
(44,262 | ) | (27,030 | ) | (15,499 | ) | ||||||
Provision for income taxes
|
(485 | ) | (747 | ) | (130 | ) | ||||||
Net income
|
$ | 39,120 | $ | 40,186 | $ | 44,949 | ||||||
F-29
Woodlands Land Development |
||||||||
Holdings, LP | ||||||||
December 31, |
December 31, |
|||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Assets:
|
||||||||
Land
|
$ | 13,828 | $ | 15,302 | ||||
Buildings and equipment
|
91,485 | 86,892 | ||||||
Less accumulated depreciation
|
(19,271 | ) | (9,825 | ) | ||||
Developments in progress
|
6,939 | 27,802 | ||||||
Investment land and land held for
sale and development
|
290,273 | 258,926 | ||||||
Net investment in real estate
|
383,254 | 379,097 | ||||||
Cash and cash equivalents
|
15,219 | | ||||||
Deferred expenses, net
|
2,782 | | ||||||
Prepaid expenses and other assets
|
97,977 | 88,926 | ||||||
Total assets
|
$ | 499,232 | $ | 468,023 | ||||
Liabilities and Owners
Equity:
|
||||||||
Mortgage notes and other property
debt payable
|
$ | 321,724 | $ | 282,036 | ||||
Accounts payable and accrued
expenses
|
58,805 | 84,275 | ||||||
Owners equity
|
118,704 | 101,712 | ||||||
Total liabilities and owners
equity
|
$ | 499,233 | $ | 468,023 | ||||
F-30
The Woodlands Land |
||||||||
Development Holdings, L.P. | ||||||||
Years Ended December 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Revenues:
|
||||||||
Minimum rents
|
$ | 1,834 | $ | (9 | ) | |||
Land sales
|
161,540 | 157,581 | ||||||
Other
|
50,791 | 31,947 | ||||||
Total revenues
|
214,165 | 189,519 | ||||||
Expenses:
|
||||||||
Real estate taxes
|
453 | | ||||||
Repairs and maintenance
|
311 | | ||||||
Other property operating costs
|
32,207 | 33,083 | ||||||
Land sales operations
|
102,989 | 89,313 | ||||||
Depreciation and amortization
|
5,218 | 4,659 | ||||||
Total expenses
|
141,178 | 127,055 | ||||||
Operating income
|
72,987 | 62,464 | ||||||
Interest income
|
332 | 224 | ||||||
Interest expense
|
(6,434 | ) | (5,873 | ) | ||||
Net income
|
$ | 66,885 | $ | 56,815 | ||||
F-31
Note 6 | Mortgage Notes and Other Property Debt Payable |
December 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Fixed-rate debt:
|
||||||||
Commercial mortgage-backed
securities
|
$ | 868,765 | $ | 1,181,895 | ||||
Other collateralized mortgage
notes and other property debt payable
|
13,761,988 | 11,092,544 | ||||||
Corporate and other unsecured term
loans
|
2,386,727 | 1,631,257 | ||||||
Total fixed-rate debt
|
17,017,480 | 13,905,696 | ||||||
Variable-rate debt:
|
||||||||
Commercial mortgage-backed
securities
|
| 306,270 | ||||||
Other collateralized mortgage
notes and other property debt payable
|
388,287 | 888,842 | ||||||
Credit facilities
|
60,000 | 180,500 | ||||||
Corporate and other unsecured term
loans
|
3,056,200 | 5,137,567 | ||||||
Total variable-rate debt
|
3,504,487 | 6,513,179 | ||||||
Total
|
$ | 20,521,967 | $ | 20,418,875 | ||||
F-32
F-33
2006 Credit |
Property |
|||||||
Agreement | Specific | |||||||
Total notional amount (in millions)
|
$ | 625.0 | $ | 195.0 | ||||
Average fixed pay rate
|
4.11 | % | 4.78 | % | ||||
Average variable receive rate
|
LIBOR | LIBOR |
Note 7 | Income Taxes |
F-34
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Current
|
$ | 40,732 | $ | 22,693 | $ | 390 | ||||||
Deferred
|
58,252 | 28,596 | 1,993 | |||||||||
Total
|
$ | 98,984 | $ | 51,289 | $ | 2,383 | ||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Tax at statutory rate on earnings
from continuing operations before income taxes
|
$ | 55,678 | $ | 40,723 | $ | 89,481 | ||||||
Increase (decrease) in valuation
allowances, net
|
936 | (5,114 | ) | (2,110 | ) | |||||||
State income taxes, net of Federal
income tax benefit
|
4,608 | 343 | 115 | |||||||||
Tax at statutory rate on earnings
(losses) not subject to Federal income taxes and other permanent
differences
|
37,762 | 15,337 | (85,103 | ) | ||||||||
Income tax expense
|
$ | 98,984 | $ | 51,289 | $ | 2,383 | ||||||
F-35
2006 | 2005 | |||||||
(In thousands) | ||||||||
Total deferred tax assets
|
$ | 16,006 | $ | 12,457 | ||||
Valuation allowance
|
(936 | ) | | |||||
Net deferred tax assets
|
15,070 | 12,457 | ||||||
Total deferred tax liabilities
|
(1,302,205 | ) | (1,286,576 | ) | ||||
Net deferred tax liabilities
|
$ | (1,287,135 | ) | $ | (1,274,119 | ) | ||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Property, primarily differences in
depreciation and amortization, the tax basis of land assets and
treatment of interest and certain other costs
|
$ | (1,165,960 | ) | $ | (1,266,660 | ) | ||
Deferred income
|
(291,634 | ) | (236,167 | ) | ||||
Interest deduction carryforwards
|
142,177 | 163,193 | ||||||
Operating loss and tax credit
carryforwards
|
28,282 | 65,515 | ||||||
Net deferred tax liabilities
|
$ | (1,287,135 | ) | $ | (1,274,119 | ) | ||
F-36
2006 | 2005 | 2004 | ||||||||||
Ordinary income
|
$ | 0.542 | $ | 0.993 | $ | 1.260 | ||||||
Return of capital
|
0.501 | 0.497 | | |||||||||
Qualified dividends
|
0.432 | | | |||||||||
Capital gain distributions
|
0.205 | | | |||||||||
Distributions per share
|
$ | 1.680 | $ | 1.490 | $ | 1.260 | ||||||
Note 8 | Rentals Under Operating Leases |
Year
|
Amount | |||
(In thousands) | ||||
2007
|
$ | 1,393,768 | ||
2008
|
1,293,107 | |||
2009
|
1,156,375 | |||
2010
|
1,005,205 | |||
2011
|
861,215 | |||
Subsequent
|
3,097,317 |
Note 9 | Transactions With Affiliates |
Note 10 | Stock-Based Compensation Plans and Other Stock-Based Activity |
F-37
2006 | 2005 | 2004 | ||||||||||||||||||||||
Weighted |
Weighted |
Weighted |
||||||||||||||||||||||
Average |
Average |
Average |
||||||||||||||||||||||
Exercise |
Exercise |
Exercise |
||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | |||||||||||||||||||
Stock Options Outstanding at
January 1
|
2,546,174 | $ | 29.57 | 1,875,687 | $ | 22.17 | 1,482,087 | $ | 14.86 | |||||||||||||||
Granted
|
1,370,000 | 49.78 | 1,352,500 | 36.13 | 922,500 | 30.80 | ||||||||||||||||||
Exercised
|
(573,226 | ) | 24.70 | (610,213 | ) | 21.00 | (521,100 | ) | 16.83 | |||||||||||||||
Exchanged for restricted stock
|
(30,000 | ) | 47.26 | | | | | |||||||||||||||||
Forfeited
|
(145,000 | ) | 43.10 | (70,000 | ) | 33.49 | (7,500 | ) | 11.31 | |||||||||||||||
Expired
|
(600 | ) | 9.99 | (1,800 | ) | 9.99 | (300 | ) | 9.99 | |||||||||||||||
Stock Options Outstanding at
December 31
|
3,167,348 | $ | 38.41 | 2,546,174 | $ | 29.57 | 1,875,687 | $ | 22.17 | |||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | |||||||||||||||||||||||
Weighted |
Weighted |
|||||||||||||||||||||||
Average |
Weighted |
Average |
Weighted |
|||||||||||||||||||||
Remaining |
Average |
Remaining |
Average |
|||||||||||||||||||||
Contractual |
Exercise |
Contractual |
Exercise |
|||||||||||||||||||||
Range of Exercise Prices
|
Shares | Term (in years) | Price | Shares | Term (in years) | Price | ||||||||||||||||||
In-the-money
stock options
|
||||||||||||||||||||||||
$ 5.05 - $10.09
|
6,000 | 3.3 | $ | 9.99 | 6,000 | 3.3 | $ | 9.99 | ||||||||||||||||
$10.09 - $15.14
|
54,700 | 5.2 | 13.58 | 54,700 | 5.2 | 13.58 | ||||||||||||||||||
$15.14 - $20.19
|
247,148 | 6.2 | 16.77 | 103,148 | 6.2 | 16.77 | ||||||||||||||||||
$30.28 - $35.33
|
612,500 | 2.7 | 30.98 | 298,500 | 2.7 | 31.03 | ||||||||||||||||||
$35.33 - $40.38
|
972,000 | 3.1 | 35.61 | 292,000 | 3.1 | 35.55 | ||||||||||||||||||
$40.38 - $50.47
|
1,275,000 | 4.1 | 49.50 | 220,000 | 4.0 | 49.37 | ||||||||||||||||||
Total
|
3,167,348 | 3.9 | $ | 38.41 | 974,348 | 3.8 | $ | 33.91 | ||||||||||||||||
Intrinsic value (in thousands)
|
$ | 43,773 | $ | 17,850 | ||||||||||||||||||||
F-38
2006 | 2005 | 2004 | ||||||||||||||||||||||
Weighted |
Weighted |
Weighted |
||||||||||||||||||||||
Average |
Average |
Average |
||||||||||||||||||||||
Grant Date |
Grant Date |
Grant Date |
||||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | |||||||||||||||||||
Nonvested restricted stock grants
outstanding as of January 1
|
15,000 | $ | 16.77 | 80,001 | $ | 16.71 | 145,002 | $ | 16.71 | |||||||||||||||
Granted
|
99,000 | 47.91 | 66,000 | 35.41 | 55,000 | 30.94 | ||||||||||||||||||
Vested
|
(41,334 | ) | 37.13 | (131,001 | ) | 26.13 | (120,001 | ) | 23.22 | |||||||||||||||
Nonvested restricted stock grants
outstanding as of December 31
|
72,666 | $ | 47.62 | 15,000 | $ | 16.77 | 80,001 | $ | 16.71 | |||||||||||||||
Intrinsic value (in thousands)
|
$ | 3,795 | $ | 705 | $ | 2,893 | ||||||||||||||||||
F-39
TSO Grant Year | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Granted
|
1,400,000 | 1,000,000 | 1,031,480 | |||||||||
Forfeited
|
(84,773 | ) | (118,332 | ) | (114,919 | ) | ||||||
Vested and exercised
|
| (723,920 | ) | (916,561 | ) | |||||||
TSOs outstanding at
December 31, 2006
|
1,315,227 | 157,748 | (1) | | ||||||||
Intrinsic value (in thousands)
|
$ | 2,315 | $ | 2,653 | | |||||||
Exercise price
|
$ | 50.47 | $ | 35.41 | $ | 30.94 | ||||||
Threshold price
|
70.79 | 49.66 | 43.39 | |||||||||
Fair value of options on grant date
|
6.51 | 3.81 | 1.59 | |||||||||
Remaining contractual term (in
years)
|
4.2 | 0.1 | |
(1) | Substantially all of the outstanding 2005 grant year TSOs were exercised in January 2007. |
2006 | 2005 | 2004 | ||||||||||
Risk-free interest rate
|
4.43 | % | 3.40 | % | 3.44 | % | ||||||
Dividend yield
|
4.00 | 4.00 | 6.09 | |||||||||
Expected volatility
|
22.94 | 21.61 | 20.10 | |||||||||
Expected life (in years)
|
2.5 - 3.5 | 5.0 | 5.2 |
F-40
Note 11 | Other Assets & Liabilities |
December 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Below-market ground leases
|
$ | 280,516 | $ | 349,788 | ||||
Receivables finance
leases and bonds
|
118,459 | 136,409 | ||||||
Security and escrow deposits
|
76,834 | 87,326 | ||||||
Real estate tax stabilization
agreement
|
83,378 | 87,188 | ||||||
Special Improvement District
receivable
|
64,819 | 66,206 | ||||||
Above-market tenant leases
|
53,981 | 77,094 | ||||||
Prepaid expenses
|
37,528 | 26,627 | ||||||
Funded defined contribution plan
assets
|
17,119 | 20,062 | ||||||
Other
|
50,200 | 66,411 | ||||||
$ | 782,834 | $ | 917,111 | |||||
F-41
December 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Accounts payable and accrued
expenses
|
$ | 200,936 | $ | 217,829 | ||||
Below-market tenant leases
|
117,963 | 182,270 | ||||||
Construction payables
|
188,038 | 105,789 | ||||||
Accrued interest
|
102,870 | 85,945 | ||||||
Hughes participation payable
|
90,793 | 61,783 | ||||||
Accrued real estate taxes
|
71,816 | 62,492 | ||||||
Accrued payroll and other employee
liabilities
|
58,372 | 60,038 | ||||||
Deferred gains/income
|
56,414 | 75,488 | ||||||
Tenant and other deposits
|
32,887 | 18,651 | ||||||
Funded defined contribution plan
liabilities
|
17,119 | 20,062 | ||||||
Above-market ground leases
|
15,961 | 16,433 | ||||||
Capital lease obligations
|
14,967 | 19,206 | ||||||
Other
|
82,056 | 88,457 | ||||||
$ | 1,050,192 | $ | 1,014,443 | |||||
Note 12 | Minority Interests |
January 1, 2004
|
55,712,250 | |||
Exchanges for GGP common stock
|
(179,987 | ) | ||
December 31, 2004
|
55,532,263 | |||
Conversion of Preferred Units into
Common Units
|
729,890 | |||
Exchanges for GGP common stock
|
(3,200,258 | ) | ||
December 31, 2005
|
53,061,895 | |||
Conversion of Preferred Units into
Common Units
|
1,163,333 | |||
Exchanges for GGP common stock
|
(1,334,637 | ) | ||
December 31, 2006
|
52,890,591 | |||
F-42
Number |
||||||||||||||||||||||||
of Units |
||||||||||||||||||||||||
as of |
Per Unit |
|||||||||||||||||||||||
Coupon |
Issuing |
December 31, |
Liquidation |
Carrying Amount | ||||||||||||||||||||
Security Type
|
Rate | Entity | 2006 | Preference | 2006 | 2005 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Perpetual Preferred
Units
|
||||||||||||||||||||||||
Redeemable Preferred Units
(RPUs)
|
8.95 | % | LLC | 240,000 | $ | 250 | $ | 60,000 | $ | 60,000 | ||||||||||||||
Cumulative Preferred Units
(CPUs)
|
8.25 | % | LLC | 20,000 | 250 | 5,000 | 5,000 | |||||||||||||||||
65,000 | 65,000 | |||||||||||||||||||||||
Convertible Preferred
Units
|
||||||||||||||||||||||||
Series B JP Realty
|
8.50 | % | GGPLP | 1,294,471 | 50 | 64,724 | 68,129 | |||||||||||||||||
Series C Glendale
Galleria
|
7.00 | % | GGPLP | 19,466 | 50 | 974 | 20,685 | |||||||||||||||||
Series D Foothills
Mall
|
6.50 | % | GGPLP | 532,750 | 50 | 26,637 | 26,637 | |||||||||||||||||
Series E Four
Seasons Town Centre
|
7.00 | % | GGPLP | 502,658 | 50 | 25,132 | 25,132 | |||||||||||||||||
117,467 | 140,583 | |||||||||||||||||||||||
Other preferred stock of
consolidated subsidiaries
|
N/A | various | 361 | 1,000 | 361 | 361 | ||||||||||||||||||
Total Minority Interest-Preferred
|
$ | 182,828 | $ | 205,944 | ||||||||||||||||||||
Number of Common |
||||
Units for each |
||||
Preferred Unit | ||||
Series B JP Realty
|
3.000 | |||
Series C Glendale
Galleria
|
2.433 | |||
Series D
Foothills Mall
|
1.508 | |||
Series E Four
Seasons Town Centre
|
1.298 |
F-43
Note 13 | Accumulated Other Comprehensive Income |
2006 | 2005 | |||||||
(In thousands) | ||||||||
Net unrealized gains on financial
instruments
|
$ | 1,386 | $ | 4,702 | ||||
Accrued pension adjustment
|
(705 | ) | (703 | ) | ||||
Foreign currency translation
|
9,238 | 6,510 | ||||||
Unrealized losses on
available-for-sale
securities
|
(337 | ) | (55 | ) | ||||
$ | 9,582 | $ | 10,454 | |||||
Note 14 | Commitments and Contingencies |
2007 | 2008 | 2009 | 2010 | 2011 | Subsequent | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Long-term debt-principal
|
$ | 1,330,256 | $ | 2,055,555 | $ | 3,246,184 | $ | 3,760,636 | $ | 6,546,472 | $ | 3,582,864 | $ | 20,521,967 | ||||||||||||||
Retained debt-principal
|
6,847 | 2,446 | 2,606 | 119,694 | 775 | 37,742 | 170,110 | |||||||||||||||||||||
Ground lease payments
|
18,795 | 18,838 | 18,862 | 18,870 | 18,731 | 712,147 | 806,243 | |||||||||||||||||||||
Total
|
$ | 1,355,898 | $ | 2,076,839 | $ | 3,267,652 | $ | 3,899,200 | $ | 6,565,978 | $ | 4,332,753 | $ | 21,498,320 | ||||||||||||||
F-44
Note 15 | Recently Issued Accounting Pronouncements |
F-45
(a) | Recognize in its statement of financial position an asset for a plans overfunded status or a liability for a plans underfunded status |
(b) | Measure a plans assets and its obligations that determine its funded status as of the end of the employers fiscal year (with limited exceptions) |
(c) | Recognize changes in the funded status of a defined benefit postretirement plan in the year in which the changes occur. Those changes will be reported in comprehensive income of a business entity. |
F-46
Note 16 | Segments |
| Retail and Other includes the operation, development and management of retail and other rental property, primarily shopping centers |
| Master Planned Communities includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas |
F-47
Year Ended December 31, 2006 | ||||||||||||
Consolidated |
Unconsolidated |
Segment |
||||||||||
Properties | Properties | Basis | ||||||||||
(In thousands) | ||||||||||||
Retail and Other
|
||||||||||||
Property revenues:
|
||||||||||||
Minimum rents
|
$ | 1,753,508 | $ | 428,337 | $ | 2,181,845 | ||||||
Tenant recoveries
|
773,034 | 187,782 | 960,816 | |||||||||
Overage rents
|
75,945 | 15,966 | 91,911 | |||||||||
Other, including minority interest
|
99,779 | 88,552 | 188,331 | |||||||||
Total property revenues
|
2,702,266 | 720,637 | 3,422,903 | |||||||||
Property operating expenses:
|
||||||||||||
Real estate taxes
|
218,549 | 58,832 | 277,381 | |||||||||
Repairs and maintenance
|
199,078 | 43,768 | 242,846 | |||||||||
Marketing
|
48,626 | 13,184 | 61,810 | |||||||||
Other property operating costs
|
373,020 | 154,010 | 527,030 | |||||||||
Provision for doubtful accounts
|
22,078 | 793 | 22,871 | |||||||||
Total property operating expenses
|
861,351 | 270,587 | 1,131,938 | |||||||||
Retail and other net operating
income
|
1,840,915 | 450,050 | 2,290,965 | |||||||||
Master Planned
Communities
|
||||||||||||
Land sales
|
423,183 | 85,561 | 508,744 | |||||||||
Land sales operations
|
(316,453 | ) | (62,304 | ) | (378,757 | ) | ||||||
Master Planned Communities net
operating income
|
106,730 | 23,257 | 129,987 | |||||||||
Real estate property net operating
income
|
$ | 1,947,645 | $ | 473,307 | $ | 2,420,952 | ||||||
F-48
Year Ended December 31, 2005 | ||||||||||||
Consolidated |
Unconsolidated |
Segment |
||||||||||
Properties | Properties | Basis | ||||||||||
(In thousands) | ||||||||||||
Retail and Other
|
||||||||||||
Property revenues:
|
||||||||||||
Minimum rents
|
$ | 1,670,387 | $ | 393,740 | $ | 2,064,127 | ||||||
Tenant recoveries
|
754,836 | 181,193 | 936,029 | |||||||||
Overage rents
|
69,628 | 14,085 | 83,713 | |||||||||
Other, including discontinued
operations and minority interest
|
107,674 | 64,803 | 172,477 | |||||||||
Total property revenues
|
2,602,525 | 653,821 | 3,256,346 | |||||||||
Property operating expenses:
|
||||||||||||
Real estate taxes
|
206,193 | 55,138 | 261,331 | |||||||||
Repairs and maintenance
|
195,292 | 43,411 | 238,703 | |||||||||
Marketing
|
63,522 | 14,705 | 78,227 | |||||||||
Other property operating costs
|
390,051 | 120,381 | 510,432 | |||||||||
Provision for doubtful accounts
|
13,868 | 4,857 | 18,725 | |||||||||
Total property operating expenses
|
868,926 | 238,492 | 1,107,418 | |||||||||
Retail and other net operating
income
|
1,733,599 | 415,329 | 2,148,928 | |||||||||
Master Planned
Communities
|
||||||||||||
Land sales
|
385,205 | 83,089 | 468,294 | |||||||||
Land sales operations
|
(311,815 | ) | (60,826 | ) | (372,641 | ) | ||||||
Master Planned Communities net
operating income
|
73,390 | 22,263 | 95,653 | |||||||||
Real estate property net operating
income
|
$ | 1,806,989 | $ | 437,592 | $ | 2,244,581 | ||||||
F-49
Year Ended December 31, 2004 | ||||||||||||
Consolidated |
Unconsolidated |
Segment |
||||||||||
Properties | Properties | Basis | ||||||||||
(In thousands) | ||||||||||||
Retail and Other
|
||||||||||||
Property revenues:
|
||||||||||||
Minimum rents
|
$ | 1,058,732 | $ | 293,175 | $ | 1,351,907 | ||||||
Tenant recoveries
|
472,250 | 135,561 | 607,811 | |||||||||
Overage rents
|
54,105 | 10,960 | 65,065 | |||||||||
Other, including discontinued
operations and minority interest
|
67,686 | 18,694 | 86,380 | |||||||||
Total property revenues
|
1,652,773 | 458,390 | 2,111,163 | |||||||||
Property operating expenses:
|
||||||||||||
Real estate taxes
|
128,114 | 39,546 | 167,660 | |||||||||
Repairs and maintenance
|
123,251 | 33,150 | 156,401 | |||||||||
Marketing
|
48,220 | 13,351 | 61,571 | |||||||||
Other property operating costs
|
207,909 | 74,589 | 282,498 | |||||||||
Provision for doubtful accounts
|
10,375 | 2,766 | 13,141 | |||||||||
Total property operating expenses
|
517,869 | 163,402 | 681,271 | |||||||||
Retail and other net operating
income
|
1,134,904 | 294,988 | 1,429,892 | |||||||||
Master Planned
Communities
|
||||||||||||
Land sales
|
68,643 | 37,170 | 105,813 | |||||||||
Land sales operations
|
(66,100 | ) | (37,225 | ) | (103,325 | ) | ||||||
Master Planned Communities net
operating income
|
2,543 | (55 | ) | 2,488 | ||||||||
Real estate property net operating
income
|
$ | 1,137,447 | $ | 294,933 | $ | 1,432,380 | ||||||
F-50
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Real estate property net operating
income
|
$ | 2,420,952 | $ | 2,244,581 | $ | 1,432,380 | ||||||
Unconsolidated Properties NOI
|
(473,307 | ) | (437,592 | ) | (294,933 | ) | ||||||
Consolidated Properties NOI
|
1,947,645 | 1,806,989 | 1,137,447 | |||||||||
Management and other fees
|
115,798 | 91,022 | 82,896 | |||||||||
Property management and other costs
|
(184,705 | ) | (147,012 | ) | (100,267 | ) | ||||||
General and administrative
|
(15,128 | ) | (13,053 | ) | (9,499 | ) | ||||||
Depreciation and amortization
|
(690,194 | ) | (672,914 | ) | (364,854 | ) | ||||||
Discontinued operations and
minority interest in consolidated NOI
|
15,036 | (6,048 | ) | (4,431 | ) | |||||||
Operating income
|
1,188,452 | 1,058,984 | 741,292 | |||||||||
Interest income
|
11,585 | 10,416 | 3,227 | |||||||||
Interest expense
|
(1,117,437 | ) | (1,031,241 | ) | (472,185 | ) | ||||||
Provision for income taxes
|
(98,984 | ) | (51,289 | ) | (2,383 | ) | ||||||
Income allocated to minority
interest
|
(37,761 | ) | (43,989 | ) | (105,274 | ) | ||||||
Equity in income of unconsolidated
affiliates
|
114,241 | 120,986 | 88,191 | |||||||||
Income from continuing operations
|
$ | 60,096 | $ | 63,867 | $ | 252,868 | ||||||
Years Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Segment basis total property
revenues
|
$ | 3,422,903 | $ | 3,256,346 | $ | 2,111,163 | ||||||
Unconsolidated segment revenues
|
(720,637 | ) | (653,821 | ) | (458,390 | ) | ||||||
Land sales
|
423,183 | 385,205 | 68,643 | |||||||||
Management and other fees
|
115,798 | 91,022 | 82,896 | |||||||||
Real estate net operating income
attributable to minority interests, net of discontinued
operations
|
15,036 | (6,048 | ) | (4,431 | ) | |||||||
GAAP-basis consolidated total
revenues
|
$ | 3,256,283 | $ | 3,072,704 | $ | 1,799,881 | ||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
Retail and Other
|
$ | 26,444,766 | $ | 25,523,426 | ||||
Master Planned Communities
|
2,144,268 | 2,116,588 | ||||||
Total segment assets
|
28,589,034 | 27,640,014 | ||||||
Unconsolidated Properties
|
(4,753,634 | ) | (4,308,854 | ) | ||||
Corporate and other
|
1,406,045 | 1,975,859 | ||||||
Total assets
|
$ | 25,241,445 | $ | 25,307,019 | ||||
F-51
Note 17 | Quarterly Financial Information (Unaudited) |
2006 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands except for per share amounts) | ||||||||||||||||
Total revenues
|
$ | 828,619 | $ | 709,810 | $ | 746,032 | $ | 971,823 | ||||||||
Operating income
|
307,747 | (b) | 245,449 | 265,356 | 369,901 | |||||||||||
Income (loss) from continuing
operations
|
23,014 | (25,813 | ) | (8,161 | ) | 71,056 | ||||||||||
Loss from discontinued operations
|
| | | (823 | ) | |||||||||||
Net income (loss) available to
common shareholders
|
23,014 | (25,813 | ) | (8,161 | ) | 70,233 | ||||||||||
Earnings (loss) per share from
continuing operations:
|
||||||||||||||||
Basic
|
0.10 | (0.11 | ) | (0.03 | ) | 0.29 | ||||||||||
Diluted(a)
|
0.10 | (0.11 | ) | (0.03 | ) | 0.29 | ||||||||||
Earnings per share from
discontinued operations:
|
||||||||||||||||
Basic
|
| | | | ||||||||||||
Diluted
|
| | | | ||||||||||||
Earnings (loss) per share:
|
||||||||||||||||
Basic
|
0.10 | (0.11 | ) | (0.03 | ) | 0.29 | ||||||||||
Diluted(a)
|
0.10 | (0.11 | ) | (0.03 | ) | 0.29 | ||||||||||
Distributions declared per share
|
0.41 | 0.41 | 0.41 | 0.45 | ||||||||||||
Weighted-average shares
outstanding:
|
||||||||||||||||
Basic
|
240,621 | 241,330 | 241,150 | 241,779 | ||||||||||||
Diluted
|
241,588 | 241,330 | 241,150 | 242,739 |
(a) | Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the issuance of additional common stock during the year. | |
(b) | Amounts reported differ from previously reported amounts as a result of reclassifications to conform to current period presentation. |
F-52
2005 | ||||||||||||||||
First |
Second |
Third |
Fourth |
|||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands except for per share amounts) | ||||||||||||||||
Total revenues
|
$ | 706,457 | $ | 758,230 | $ | 745,843 | $ | 862,176 | ||||||||
Operating income
|
240,478 | (b) | 235,436 | 261,399 | 321,670 | |||||||||||
Income (loss) from continuing
operations
|
11,535 | 884 | (8,521 | ) | 59,967 | |||||||||||
Income from discontinued operations
|
1,530 | 1,768 | 1,687 | 6,703 | ||||||||||||
Net income (loss) available to
common shareholders
|
13,065 | 2,652 | (6,834 | ) | 66,670 | |||||||||||
Earnings (loss) per share from
continuing operations:
|
||||||||||||||||
Basic(a)
|
0.05 | | (0.04 | ) | 0.25 | |||||||||||
Diluted(a)
|
0.05 | | (0.04 | ) | 0.25 | |||||||||||
Earnings per share from
discontinued operations:
|
||||||||||||||||
Basic(a)
|
0.01 | 0.01 | 0.01 | 0.03 | ||||||||||||
Diluted(a)
|
0.01 | 0.01 | 0.01 | 0.03 | ||||||||||||
Earnings (loss) per share:
|
||||||||||||||||
Basic
|
0.06 | 0.01 | (0.03 | ) | 0.28 | |||||||||||
Diluted
|
0.06 | 0.01 | (0.03 | ) | 0.28 | |||||||||||
Distributions declared per share
|
0.36 | 0.36 | 0.36 | 0.41 | ||||||||||||
Weighted-average shares
outstanding:
|
||||||||||||||||
Basic
|
235,812 | 237,854 | 238,218 | 238,784 | ||||||||||||
Diluted
|
236,588 | 238,922 | 238,218 | 239,736 |
(a) | Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the issuance of additional common stock during the year. | |
(b) | Amounts reported may differ from previously reported amounts as a result of reclassifications to conform to conform to current period presentation. |
F-53
F-54
Costs Capitalized |
|||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to |
Gross Amounts at Which |
||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost(b) | Acquisition (c) | Carried at Close of Period (d) |
Life Upon Which |
||||||||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
Buildings |
Latest Income |
||||||||||||||||||||||||||||||||||||||||||||||
and |
and |
and |
Accumulated |
Date of |
Date |
Statement is |
|||||||||||||||||||||||||||||||||||||||||||
Name of Center
|
Location | Encumbrances (a) | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation (e) | Construction | Acquired | Computed | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Retail and Other:
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Ala Moana Center
|
Honolulu, HI | $ | 1,500,000 | $ | 336,229 | $ | 473,771 | $ | | $ | 106,974 | $ | 336,229 | $ | 580,745 | $ | 916,974 | $ | 128,627 | 1999 | (e | ) | |||||||||||||||||||||||||||
Alameda Plaza
|
Pocatello, ID | | 740 | 2,060 | | 16 | 740 | 2,076 | 2,816 | 231 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Anaheim Crossing
|
Anaheim, CA | | | 1,986 | | 5 | | 1,991 | 1,991 | 224 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Animas Valley Mall
|
Farmington, NM | 25,530 | 6,464 | 35,902 | | 7,837 | 6,464 | 43,739 | 50,203 | 4,911 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Apache Mall
|
Rochester, MN | 51,647 | 8,110 | 72,993 | | 24,062 | 8,110 | 97,055 | 105,165 | 20,593 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Arizona Center
|
Phoenix, AZ | 7,766 | 2,314 | 132,158 | | 1,586 | 2,314 | 133,744 | 136,058 | 15,314 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Augusta Mall
|
Augusta, GA | 175,000 | 787 | 162,272 | | 4,044 | 787 | 166,316 | 167,103 | 13,269 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Austin Bluffs Plaza
|
Colorado Springs, CO | 2,451 | 1,080 | 3,007 | | 210 | 1,080 | 3,217 | 4,297 | 355 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Bailey Hills Village
|
Eugene, OR | | 290 | 806 | | 36 | 290 | 842 | 1,132 | 92 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Baybrook Mall
|
Friendswood, TX | 153,420 | 13,300 | 117,163 | 6,853 | 26,559 | 20,153 | 143,722 | 163,875 | 26,423 | 1999 | (e | ) | ||||||||||||||||||||||||||||||||||||
Bayshore Mall
|
Eureka, CA | 32,214 | 3,005 | 27,399 | | 36,753 | 3,005 | 64,152 | 67,157 | 28,588 | 1986-1987 | (e | ) | ||||||||||||||||||||||||||||||||||||
Bayside Marketplace
|
Miami, FL | 65,865 | | 177,801 | | 2,460 | | 180,261 | 180,261 | 18,912 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Beachwood Place
|
Beachwood, OH | 247,973 | 18,500 | 319,684 | | 6,943 | 18,500 | 326,627 | 345,127 | 20,437 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Bellis Fair
|
Bellingham, WA | 65,569 | 7,616 | 47,040 | (131 | ) | 22,336 | 7,485 | 69,376 | 76,861 | 35,739 | 1987-1988 | (e | ) | |||||||||||||||||||||||||||||||||||
Birchwood Mall
|
Port Huron, MI | 39,982 | 1,769 | 34,575 | 1,274 | 19,815 | 3,043 | 54,390 | 57,433 | 25,427 | 1989-1990 | (e | ) | ||||||||||||||||||||||||||||||||||||
Boise Plaza
|
Boise, ID | | 374 | 1,042 | | 40 | 374 | 1,082 | 1,456 | 124 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Boise Towne Plaza
|
Boise, ID | 11,431 | 3,988 | 11,101 | | 68 | 3,988 | 11,169 | 15,157 | 1,261 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Boise Towne Square
|
Boise, ID | 76,149 | 23,449 | 131,001 | 1,019 | 17,662 | 24,468 | 148,663 | 173,131 | 16,933 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Boulevard Mall
|
Las Vegas, NV | 113,032 | 16,490 | 148,413 | (1,135 | ) | 9,614 | 15,355 | 158,027 | 173,382 | 34,786 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||
Burlington Town Center
|
Burlington, VT | 31,501 | 1,637 | 32,798 | | 3,135 | 1,637 | 35,933 | 37,570 | 7,630 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Cache Valley Mall
|
Logan, UT | | 3,875 | 22,047 | | 9,123 | 3,875 | 31,170 | 35,045 | 3,374 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Cache Valley Marketplace
|
Logan, UT | | 1,500 | 1,583 | 1,639 | 2,086 | 3,139 | 3,669 | 6,808 | 297 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Capital Mall
|
Jefferson City, MO | 21,000 | 4,200 | 14,201 | (287 | ) | 10,248 | 3,913 | 24,449 | 28,362 | 10,314 | 1993 | (e | ) | |||||||||||||||||||||||||||||||||||
Century Plaza
|
Birmingham, AL | 2 | 3,164 | 28,514 | | 5,895 | 3,164 | 34,409 | 37,573 | 9,769 | 1997 | (e | ) | ||||||||||||||||||||||||||||||||||||
Chapel Hills Mall
|
Colorado Springs, CO | 120,009 | 4,300 | 34,017 | | 64,947 | 4,300 | 98,964 | 103,264 | 33,254 | 1993 | (e | ) | ||||||||||||||||||||||||||||||||||||
Chico Mall
|
Chico, CA | 59,300 | 16,958 | 45,628 | | 1,135 | 16,958 | 46,763 | 63,721 | 4,239 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Coastland Center
|
Naples, FL | 100,925 | 11,450 | 103,050 | | 14,935 | 11,450 | 117,985 | 129,435 | 25,525 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Collin Creek
|
Plano, TX | 75,223 | 26,250 | 122,991 | | 1,266 | 26,250 | 124,257 | 150,507 | 11,310 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Colony Square Mall
|
Zanesville, OH | 41,083 | 1,000 | 24,500 | 597 | 23,868 | 1,597 | 48,368 | 49,965 | 22,355 | 1986 | (e | ) | ||||||||||||||||||||||||||||||||||||
Columbia Mall
|
Columbia, MO | 89,226 | 5,383 | 19,663 | | 28,976 | 5,383 | 48,639 | 54,022 | 23,113 | 1984-1985 | (e | ) | ||||||||||||||||||||||||||||||||||||
Coral Ridge Mall
|
Coralville, IA | 102,705 | 3,364 | 64,218 | 49 | 21,028 | 3,413 | 85,246 | 88,659 | 23,761 | 1998-1999 | (e | ) | ||||||||||||||||||||||||||||||||||||
Coronado Center
|
Albuquerque, NM | 175,249 | 33,072 | 148,799 | | 2,118 | 33,072 | 150,917 | 183,989 | 17,404 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Cottonwood Mall
|
Salt Lake City, UT | | 7,613 | 42,987 | | (271 | ) | 7,613 | 42,716 | 50,329 | 5,103 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||
Cottonwood Square
|
Salt Lake City, UT | | 1,558 | 4,339 | | 90 | 1,558 | 4,429 | 5,987 | 497 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Country Hills Plaza
|
Ogden, UT | 13,923 | 3,620 | 9,080 | | 588 | 3,620 | 9,668 | 13,288 | 1,053 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Crossroads
|
Portage, MI | 41,397 | 6,800 | 61,200 | | 22,326 | 6,800 | 83,526 | 90,326 | 16,344 | 1999 | (e | ) | ||||||||||||||||||||||||||||||||||||
Crossroads Center
|
St. Cloud, MN | 87,945 | 10,813 | 72,203 | 2,393 | 37,875 | 13,206 | 110,078 | 123,284 | 16,065 | 2000 | (e | ) | ||||||||||||||||||||||||||||||||||||
Cumberland Mall
|
Atlanta, GA | 161,806 | 15,199 | 136,787 | 10,042 | 52,959 | 25,241 | 189,746 | 214,987 | 32,261 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Division Crossing
|
Portland, OR | 5,648 | 1,773 | 4,935 | | 323 | 1,773 | 5,258 | 7,031 | 584 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Eagle Ridge Mall
|
Lake Wales, FL | 49,244 | 7,620 | 49,561 | | 17,627 | 7,620 | 67,188 | 74,808 | 22,965 | 1995-1996 | (e | ) | ||||||||||||||||||||||||||||||||||||
Eastridge Mall
|
Casper, WY | 40,711 | 6,171 | 34,384 | (79 | ) | 4,806 | 6,092 | 39,190 | 45,282 | 4,549 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||
Eastridge Mall
|
San Jose, CA | 170,000 | 36,724 | 178,018 | | 10,568 | 36,724 | 188,586 | 225,310 | 11,806 | 2006 | (e | ) | ||||||||||||||||||||||||||||||||||||
Eden Prairie Center
|
Eden Prairie, MN | 83,388 | 465 | 19,024 | 28 | 127,429 | 493 | 146,453 | 146,946 | 27,988 | 1997 | (e | ) | ||||||||||||||||||||||||||||||||||||
Fallbrook Center
|
West Hills, CA | 74,957 | 6,117 | 10,077 | 10 | 101,259 | 6,127 | 111,336 | 117,463 | 44,165 | 1984 | (e | ) | ||||||||||||||||||||||||||||||||||||
Faneuil Hall Marketplace
|
Boston, MD | 97,201 | | 122,098 | | 1,224 | | 123,322 | 123,322 | 12,128 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Fashion Place
|
Murray, UT | 149,649 | 21,604 | 206,484 | | 3,695 | 21,604 | 210,179 | 231,783 | 13,680 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Fashion Show
|
Las Vegas, NV | 366,269 | 523,650 | 602,288 | | 8,415 | 523,650 | 610,703 | 1,134,353 | 53,806 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Foothills Mall
|
Fort Collins, CO | 43,325 | 8,031 | 96,642 | 1,233 | 1,369 | 9,264 | 98,011 | 107,275 | 9,214 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Fort Union
|
Midvale, UT | 2,948 | | 3,842 | | 25 | | 3,867 | 3,867 | 441 | 2002 | (e | ) |
F-55
Costs Capitalized |
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Subsequent to |
Gross Amounts at Which |
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Initial Cost(b) | Acquisition (c) | Carried at Close of Period (d) |
Life Upon Which |
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Buildings |
Buildings |
Buildings |
Latest Income |
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and |
and |
and |
Accumulated |
Date of |
Date |
Statement is |
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Name of Center
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Location | Encumbrances (a) | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation (e) | Construction | Acquired | Computed | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
dFour Seasons Town Centre
|
Greensboro, NC | 106,162 | 27,231 | 141,978 | | 2,483 | 27,231 | 144,461 | 171,692 | 12,493 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Fox River Mall
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Appleton, WI | 195,223 | 2,701 | 18,291 | 2,086 | 63,065 | 4,787 | 81,356 | 86,143 | 33,593 | 1983-1984 | (e | ) | ||||||||||||||||||||||||||||||||||||
Fremont Plaza
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Las Vegas, NV | | | 3,956 | | 295 | | 4,251 | 4,251 | 452 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Gallery At Harborplace
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Baltimore, MD | 106,176 | 17,912 | 174,410 | | 3,459 | 17,912 | 177,869 | 195,781 | 13,373 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Gateway Crossing Shopping Center
|
Bountiful, UT | 15,945 | 4,104 | 11,422 | | 600 | 4,104 | 12,022 | 16,126 | 1,408 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Gateway Mall
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Springfield, OR | 41,156 | 8,728 | 34,707 | | 36,551 | 8,728 | 71,258 | 79,986 | 31,570 | 1989-1990 | (e | ) | ||||||||||||||||||||||||||||||||||||
Glenbrook Square
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Fort Wayne, IN | 184,179 | 30,414 | 195,896 | 50 | 5,904 | 30,464 | 201,800 | 232,264 | 17,526 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Governors Square
|
Tallahassee, FL | 66,738 | | 121,482 | | 2,149 | | 123,631 | 123,631 | 10,073 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Grand Canal Shoppes
|
Las Vegas, NV | 410,778 | | 766,232 | | 12,938 | | 779,170 | 779,170 | 53,895 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Grand Teton Mall
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Idaho Falls, ID | 27,354 | 6,973 | 44,030 | | 9,567 | 6,973 | 53,597 | 60,570 | 5,728 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Grand Teton Plaza
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Idaho Falls, ID | | 2,349 | 7,336 | | 587 | 2,349 | 7,923 | 10,272 | 500 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Grand Traverse Mall
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Traverse City, MI | 88,526 | 3,534 | 20,776 | | 29,471 | 3,534 | 50,247 | 53,781 | 24,097 | 1990-1991 | (e | ) | ||||||||||||||||||||||||||||||||||||
Greenwood Mall
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Bowling Green, KY | 46,206 | 3,200 | 40,202 | 187 | 33,888 | 3,387 | 74,090 | 77,477 | 30,770 | 1993 | (e | ) | ||||||||||||||||||||||||||||||||||||
Halsey Crossing
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Gresham, OR | 2,764 | | 4,363 | | 115 | | 4,478 | 4,478 | 509 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Harborplace
|
Baltimore, MD | 28,692 | | 54,308 | | 3,655 | | 57,963 | 57,963 | 6,199 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Hulen Mall
|
Fort Worth, TX | 117,532 | 8,910 | 153,894 | | 1,345 | 8,910 | 155,239 | 164,149 | 11,467 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Jordan Creek Town Center
|
West Des Moines, IA | 193,733 | 18,142 | 166,143 | | 10,423 | 18,142 | 176,566 | 194,708 | 16,966 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Knollwood Mall
|
St. Louis Park, MN | 41,357 | | 9,748 | 7,026 | 41,364 | 7,026 | 51,112 | 58,138 | 22,149 | 1978 | (e | ) | ||||||||||||||||||||||||||||||||||||
Lakeside Mall
|
Sterling Heights, MI | 188,554 | 35,860 | 369,639 | | 3,283 | 35,860 | 372,922 | 408,782 | 25,231 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Lakeview Square
|
Battle Creek, MI | 42,628 | 3,579 | 32,210 | | 18,753 | 3,579 | 50,963 | 54,542 | 14,337 | 1996 | (e | ) | ||||||||||||||||||||||||||||||||||||
Landmark Mall
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Alexandria, VA | | 28,396 | 67,235 | | (374 | ) | 28,396 | 66,861 | 95,257 | 15,691 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||
Lansing Mall
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Lansing, MI | 26,469 | 6,978 | 62,800 | 4,518 | 46,270 | 11,496 | 109,070 | 120,566 | 27,119 | 1996 | (e | ) | ||||||||||||||||||||||||||||||||||||
Lincolnshire Commons
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Lincolnshire, IL | | 10,784 | 9,441 | | 2,735 | 10,784 | 12,176 | 22,960 | 577 | 2006 | (e | ) | ||||||||||||||||||||||||||||||||||||
Lockport Mall
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Lockport, NY | | 800 | 10,000 | | 3,315 | 800 | 13,315 | 14,115 | 7,750 | 1986 | (e | ) | ||||||||||||||||||||||||||||||||||||
Lynnhaven Mall
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Virginia Beach, VA | 246,035 | 33,698 | 229,433 | | 5,060 | 33,698 | 234,493 | 268,191 | 22,045 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Maine Mall
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South Portland, ME | 224,946 | 41,374 | 238,457 | (297 | ) | 8,317 | 41,077 | 246,774 | 287,851 | 19,803 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||
Mall At Sierra Vista
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Sierra Vista, AZ | | 3,652 | 20,450 | | 746 | 3,652 | 21,196 | 24,848 | 2,625 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Mall In Columbia
|
Columbia, MD | 193,913 | 34,650 | 522,363 | | 14,936 | 34,650 | 537,299 | 571,949 | 35,580 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Mall Of Louisiana
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Baton Rouge, LA | 238,000 | 24,591 | 246,452 | | 27,699 | 24,591 | 274,151 | 298,742 | 18,740 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Mall Of The Bluffs
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Council Bluffs, IA | 39,982 | 1,860 | 24,016 | 35 | 24,304 | 1,895 | 48,320 | 50,215 | 23,672 | 1985-1986 | (e | ) | ||||||||||||||||||||||||||||||||||||
Mall St. Matthews
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Louisville, KY | 150,829 | | 176,583 | | 5,106 | | 181,689 | 181,689 | 14,483 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Mall St. Vincent
|
Shreveport, LA | 17,252 | 2,640 | 23,760 | | 9,824 | 2,640 | 33,584 | 36,224 | 8,770 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Market Place Shopping Center
|
Champaign, IL | 106,737 | 7,000 | 63,972 | | 52,828 | 7,000 | 116,800 | 123,800 | 29,596 | 1997 | (e | ) | ||||||||||||||||||||||||||||||||||||
Mayfair Mall
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Wauwatosa, WI | 185,783 | 14,707 | 224,847 | | 34,172 | 14,707 | 259,019 | 273,726 | 48,592 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Meadows Mall
|
Las Vegas, NV | 106,917 | 24,634 | 104,088 | (3,259 | ) | 16,655 | 21,375 | 120,743 | 142,118 | 23,620 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||
Metro Plaza
|
Baltimore, MD | | 1,050 | 10,340 | | 148 | 1,050 | 10,488 | 11,538 | 1,758 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Mondawmin Mall
|
Baltimore, MD | 16,604 | 10,800 | 47,531 | | 935 | 10,800 | 48,466 | 59,266 | 5,890 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
North Plains Mall
|
Clovis, NM | | 2,722 | 15,048 | | 2,873 | 2,722 | 17,921 | 20,643 | 2,250 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
North Star Mall
|
San Antonio, TX | 242,932 | 29,230 | 467,961 | 3,791 | 31,653 | 33,021 | 499,614 | 532,635 | 30,906 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
North Temple Shops
|
Salt Lake City, UT | | 168 | 468 | | 6 | 168 | 474 | 642 | 53 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
North Town Mall
|
Spokane, WA | 76,677 | 22,407 | 125,033 | | 5,660 | 22,407 | 130,693 | 153,100 | 15,470 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Northgate Mall
|
Chattanooga, TN | 46,365 | 2,525 | 43,944 | | 6,743 | 2,525 | 50,687 | 53,212 | 11,189 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Northridge Fashion Center
|
Northridge, CA | 131,160 | 16,618 | 149,563 | 248 | 36,364 | 16,866 | 185,927 | 202,793 | 41,982 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Oak View Mall
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Omaha, NE | 118,248 | 12,056 | 113,042 | | 4,134 | 12,056 | 117,176 | 129,232 | 20,025 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Oakwood Center
|
Gretna, LA | 95,000 | 2,830 | 137,574 | | (29,360 | ) | 2,830 | 108,214 | 111,044 | 12,709 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||
Oakwood Mall
|
Eau Claire, WI | 53,309 | 3,267 | 18,281 | | 27,224 | 3,267 | 45,505 | 48,772 | 23,823 | 1985-1986 | (e | ) | ||||||||||||||||||||||||||||||||||||
Oglethorpe Mall
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Savannah, GA | 146,937 | 16,036 | 92,978 | | 7,005 | 16,036 | 99,983 | 116,019 | 20,672 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Orem Plaza Center Street
|
Orem, UT | 2,635 | 1,069 | 2,974 | | 2,368 | 1,069 | 5,342 | 6,411 | 349 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Orem Plaza State Street
|
Orem, UT | 1,631 | 592 | 1,649 | | 59 | 592 | 1,708 | 2,300 | 188 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Oviedo Marketplace
|
Orlando, FL | 53,795 | 24,017 | 23,958 | (2,045 | ) | 724 | 21,972 | 24,682 | 46,654 | 6,093 | 2004 | (e | ) |
F-56
Costs Capitalized |
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Subsequent to |
Gross Amounts at Which |
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Initial Cost(b) | Acquisition (c) | Carried at Close of Period (d) |
Life Upon Which |
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Buildings |
Buildings |
Buildings |
Latest Income |
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and |
and |
and |
Accumulated |
Date of |
Date |
Statement is |
|||||||||||||||||||||||||||||||||||||||||||
Name of Center
|
Location | Encumbrances (a) | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation (e) | Construction | Acquired | Computed | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Owings Mills Mall
|
Owing Mills, MD | 28,849 | 27,534 | 173,005 | (6,208 | ) | 6,274 | 21,326 | 179,279 | 200,605 | 17,401 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||
Oxmoor Center
|
Louisville, KY | 63,719 | | 131,434 | | 3,262 | | 134,696 | 134,696 | 7,639 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Paramus Park
|
Paramus, NJ | 108,143 | 47,660 | 182,124 | | 2,327 | 47,660 | 184,451 | 232,111 | 12,935 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Park City Center
|
Lancaster, PA | 155,556 | 8,465 | 177,191 | | 11,711 | 8,465 | 188,902 | 197,367 | 38,340 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Park Place
|
Tucson, AZ | 183,530 | 4,996 | 44,993 | (280 | ) | 112,564 | 4,716 | 157,557 | 162,273 | 34,322 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||
Peachtree Mall
|
Columbus, GA | 93,011 | 22,052 | 67,679 | | 4,921 | 22,052 | 72,600 | 94,652 | 8,773 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Pecanland Mall
|
Monroe, LA | 61,811 | 10,101 | 68,329 | | 9,868 | 10,101 | 78,197 | 88,298 | 10,505 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Piedmont Mall
|
Danville, VA | 34,900 | 2,000 | 38,000 | | 10,765 | 2,000 | 48,765 | 50,765 | 14,992 | 1995 | (e | ) | ||||||||||||||||||||||||||||||||||||
Pierre Bossier Mall
|
Bossier City, LA | 37,130 | 4,367 | 35,353 | | 10,265 | 4,367 | 45,618 | 49,985 | 11,192 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Pine Ridge Mall
|
Pocatello, ID | 27,448 | 4,905 | 27,349 | | 6,179 | 4,905 | 33,528 | 38,433 | 3,864 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Pines
|
Pine Bluff, AR | | 1,489 | 17,627 | (242 | ) | 17,223 | 1,247 | 34,850 | 36,097 | 17,942 | 1985-1986 | (e | ) | |||||||||||||||||||||||||||||||||||
Pioneer Place
|
Portland, OR | 175,591 | 10,805 | 209,965 | | 4,134 | 10,805 | 214,099 | 224,904 | 18,771 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Plaza 800
|
Sparks, NV | | | 5,430 | | 33 | | 5,463 | 5,463 | 549 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Plaza 9400
|
Sandy, UT | | | 9,114 | | 196 | | 9,310 | 9,310 | 1,053 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Prince Kuhio Plaza
|
Hilo, HI | 39,826 | 9 | 42,710 | | 2,363 | 9 | 45,073 | 45,082 | 9,523 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Providence Place
|
Providence, RI | 430,434 | | 502,809 | | 3,969 | | 506,778 | 506,778 | 38,968 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Provo Towne Centre
|
Provo, UT | 50,366 | 13,486 | 74,587 | | 1,428 | 13,486 | 76,015 | 89,501 | 9,443 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Red Cliffs Mall
|
St. George, UT | 26,088 | 1,879 | 26,561 | 3,237 | 3,656 | 5,116 | 30,217 | 35,333 | 3,673 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Red Cliffs Plaza
|
St. George, UT | | | 2,366 | | 371 | | 2,737 | 2,737 | 280 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Regency Square Mall
|
Jacksonville, FL | 99,061 | 16,498 | 148,478 | 1,386 | 19,672 | 17,884 | 168,150 | 186,034 | 35,677 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Ridgedale Center
|
Minnetonka, MN | 185,368 | 10,710 | 272,607 | | 4,881 | 10,710 | 277,488 | 288,198 | 18,047 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Rio West Mall
|
Gallup, NM | 22,844 | | 19,500 | | 6,919 | | 26,419 | 26,419 | 13,432 | 1986 | (e | ) | ||||||||||||||||||||||||||||||||||||
River Falls Mall
|
Clarksville, IN | | 3,178 | 54,610 | 3,703 | 83,392 | 6,881 | 138,002 | 144,883 | 36,358 | 1989-1990 | (e | ) | ||||||||||||||||||||||||||||||||||||
River Hills Mall
|
Mankato, MN | 83,018 | 3,714 | 29,014 | 993 | 36,360 | 4,707 | 65,374 | 70,081 | 24,992 | 1990-1991 | (e | ) | ||||||||||||||||||||||||||||||||||||
River Pointe Plaza
|
West Jordan, UT | 4,082 | 1,302 | 3,623 | | 327 | 1,302 | 3,950 | 5,252 | 428 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Riverlands Shopping Center
|
LaPlace, LA | | 500 | 4,500 | 601 | 4,868 | 1,101 | 9,368 | 10,469 | 1,518 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Riverside Plaza
|
Provo, UT | 5,841 | 2,475 | 6,890 | | 1,996 | 2,475 | 8,886 | 11,361 | 1,020 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Rivertown Crossings
|
Grandville, MI | 122,302 | 10,973 | 97,142 | (3,747 | ) | 50,099 | 7,226 | 147,241 | 154,467 | 34,979 | 1998-1999 | (e | ) | |||||||||||||||||||||||||||||||||||
Riverwalk Marketplace
|
New Orleans, LA | 52,696 | | 94,513 | | (135 | ) | | 94,378 | 94,378 | 10,166 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||
Rogue Valley Mall
|
Medford, OR | 27,191 | 21,913 | 36,392 | (95 | ) | 3,847 | 21,818 | 40,239 | 62,057 | 4,494 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||
Saint Louis Galleria
|
St. Louis, MO | 246,818 | 36,774 | 184,645 | 9,005 | 15,116 | 45,779 | 199,761 | 245,540 | 19,268 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Salem Center
|
Salem, OR | 26,442 | 6,966 | 38,976 | | 1,614 | 6,966 | 40,590 | 47,556 | 4,896 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Shops At La Cantera
|
San Antonio, TX | 177,141 | 10,966 | 205,222 | | 7,402 | 10,966 | 212,624 | 223,590 | 8,664 | 2005 | (e | ) | ||||||||||||||||||||||||||||||||||||
Sikes Senter
|
Wichita Falls, TX | 63,672 | 12,759 | 50,567 | | 2,780 | 12,759 | 53,347 | 66,106 | 7,035 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Silver Lake Mall
|
Coeur dAlene, ID | | 4,448 | 24,801 | | 1,215 | 4,448 | 26,016 | 30,464 | 3,035 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Sooner Mall
|
Norman, OK | 59,206 | 2,700 | 24,300 | (119 | ) | 18,740 | 2,581 | 43,040 | 45,621 | 12,162 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||
South Street Seaport
|
New York, NY | | | 10,872 | | 113 | | 10,985 | 10,985 | 6,386 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Southlake Mall
|
Morrow, GA | 105,996 | 6,700 | 60,407 | | 13,912 | 6,700 | 74,319 | 81,019 | 19,373 | 1997 | (e | ) | ||||||||||||||||||||||||||||||||||||
Southland Center
|
Taylor, MI | 113,099 | 7,690 | 99,376 | | 2,829 | 7,690 | 102,205 | 109,895 | 11,649 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Southland Mall
|
Hayward, CA | 85,478 | 13,921 | 75,126 | 200 | 10,438 | 14,121 | 85,564 | 99,685 | 9,780 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Southshore Mall
|
Aberdeen, WA | | 650 | 15,350 | | 5,665 | 650 | 21,015 | 21,665 | 11,820 | 1986 | (e | ) | ||||||||||||||||||||||||||||||||||||
Southwest Plaza
|
Littleton, CO | 76,159 | 9,000 | 103,984 | 602 | 33,660 | 9,602 | 137,644 | 147,246 | 30,488 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Spokane Valley Mall
|
Spokane, WA | 39,168 | 11,455 | 67,046 | | (290 | ) | 11,455 | 66,756 | 78,211 | 7,924 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||
Spokane Valley Plaza
|
Spokane, WA | | 3,558 | 10,150 | | 90 | 3,558 | 10,240 | 13,798 | 1,136 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Spring Hill Mall
|
West Dundee, IL | 81,444 | 12,400 | 111,644 | | 19,849 | 12,400 | 131,493 | 143,893 | 28,306 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
Staten Island Mall
|
Staten Island, NY | 170,322 | 222,710 | 339,102 | | 4,614 | 222,710 | 343,716 | 566,426 | 25,414 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Stonestown Galleria
|
San Francisco, CA | 273,000 | 67,000 | 246,272 | | 8,647 | 67,000 | 254,919 | 321,919 | 16,035 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Streets At Southpoint
|
Durham, NC | 249,359 | 16,070 | 406,266 | | 7,127 | 16,070 | 413,393 | 429,463 | 25,714 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Three Rivers Mall
|
Kelso, WA | 22,347 | 4,312 | 23,019 | | 2,503 | 4,312 | 25,522 | 29,834 | 2,976 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Town East Mall
|
Mesquite, TX | 110,957 | 7,711 | 149,258 | | 16,896 | 7,711 | 166,154 | 173,865 | 23,688 | 2004 | (e | ) |
F-57
Costs Capitalized |
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Subsequent to |
Gross Amounts at Which |
||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost(b) | Acquisition (c) | Carried at Close of Period (d) |
Life Upon Which |
||||||||||||||||||||||||||||||||||||||||||||||
Buildings |
Buildings |
Buildings |
Latest Income |
||||||||||||||||||||||||||||||||||||||||||||||
and |
and |
and |
Accumulated |
Date of |
Date |
Statement is |
|||||||||||||||||||||||||||||||||||||||||||
Name of Center
|
Location | Encumbrances (a) | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation (e) | Construction | Acquired | Computed | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Tucson Mall
|
Tucson, AZ | 123,014 | | 181,424 | | 29,650 | | 211,074 | 211,074 | 27,217 | 2001 | (e | ) | ||||||||||||||||||||||||||||||||||||
Twin Falls Crossing
|
Twin Falls, ID | | 275 | 769 | | | 275 | 769 | 1,044 | 86 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
University Crossing
|
Orem, UT | 11,904 | 3,420 | 9,526 | | 587 | 3,420 | 10,113 | 13,533 | 1,131 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Valley Hills Mall
|
Hickory, NC | 59,374 | 3,444 | 31,025 | 2,212 | 43,648 | 5,656 | 74,673 | 80,329 | 18,080 | 1997 | (e | ) | ||||||||||||||||||||||||||||||||||||
Valley Plaza Mall
|
Bakersfield, CA | 100,359 | 12,685 | 114,166 | | 19,322 | 12,685 | 133,488 | 146,173 | 27,881 | 1998 | (e | ) | ||||||||||||||||||||||||||||||||||||
The Village Of Cross Keys
|
Baltimore, MD | 618 | 18,070 | 57,285 | | 1,980 | 18,070 | 59,265 | 77,335 | 5,301 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Visalia Mall
|
Visalia, CA | 44,801 | 11,052 | 58,172 | | 5,984 | 11,052 | 64,156 | 75,208 | 7,578 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Ward Centers
|
Honolulu, HI | 217,938 | 164,007 | 89,321 | 1,475 | 47,540 | 165,482 | 136,861 | 302,343 | 17,609 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
West Valley Mall
|
Tracy, CA | 60,982 | 9,295 | 47,789 | 1,591 | 34,720 | 10,886 | 82,509 | 93,395 | 27,183 | 1995 | (e | ) | ||||||||||||||||||||||||||||||||||||
Westlake Center
|
Seattle, WA | 79,279 | 12,971 | 117,003 | 4,669 | 4,603 | 17,640 | 121,606 | 139,246 | 14,424 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Westwood Mall
|
Jackson, MI | 37,110 | 2,658 | 23,924 | 913 | 5,879 | 3,571 | 29,803 | 33,374 | 8,750 | 1996 | (e | ) | ||||||||||||||||||||||||||||||||||||
White Marsh Mall
|
Baltimore, MD | 72,149 | 24,760 | 239,688 | | 6,746 | 24,760 | 246,434 | 271,194 | 17,996 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
White Mountain Mall
|
Rock Springs, WY | | 1,363 | 7,611 | | 6,078 | 1,363 | 13,689 | 15,052 | 1,954 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Willowbrook
|
Wayne, NJ | 178,659 | 28,810 | 444,762 | | 6,544 | 28,810 | 451,306 | 480,116 | 30,390 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Woodbridge Center
|
Woodbridge, NJ | 217,513 | 50,737 | 420,703 | | 2,568 | 50,737 | 423,271 | 474,008 | 30,958 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Woodlands Village
|
Flagstaff, AZ | 7,463 | 2,689 | 7,484 | | 147 | 2,689 | 7,631 | 10,320 | 841 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Yellowstone Square
|
Idaho Falls, ID | | 1,057 | 2,943 | | 130 | 1,057 | 3,073 | 4,130 | 340 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Other, including corporate and
developments in progress
|
5,986,735 | 265,143 | 490,895 | 102,691 | 409,021 | 367,834 | 899,916 | 1,267,750 | 130,493 | ||||||||||||||||||||||||||||||||||||||||
Total Retail and Other
|
20,415,833 | 3,074,441 | 17,056,164 | 158,432 | 2,715,913 | 3,232,873 | 19,772,077 | 23,004,950 | 2,766,833 | ||||||||||||||||||||||||||||||||||||||||
Master Planned
Communities
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Bridgeland
|
Houston, TX | 41,587 | 257,222 | | 66,756 | 567 | 323,978 | 567 | 324,545 | 28 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Columbia
|
Howard County, MD | | 315,944 | | (91,111 | ) | 111 | 224,833 | 111 | 224,944 | | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||
Fairwood
|
Prince Georges County, MD | | 136,434 | | (34,546 | ) | 19 | 101,888 | 19 | 101,907 | | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||
Summerlin
|
Summerlin, NV | 52,835 | 990,179 | | 12,858 | 110 | 1,003,037 | 110 | 1,003,147 | 10 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Other
|
11,712 | | | 2,102 | 6 | 2,102 | 6 | 2,108 | | ||||||||||||||||||||||||||||||||||||||||
Total Master Planned
Communities
|
106,134 | 1,699,779 | | (43,941 | ) | 813 | 1,655,838 | 813 | 1,656,651 | 38 | |||||||||||||||||||||||||||||||||||||||
Total
|
$ | 20,521,967 | $ | 4,774,220 | $ | 17,056,164 | $ | 114,491 | $ | 2,716,726 | $ | 4,888,711 | $ | 19,772,890 | $ | 24,661,601 | $ | 2,766,871 | |||||||||||||||||||||||||||||||
F-58
(a) |
See description of mortgage notes and other property debt
payable in Note 6 of Notes to Consolidated Financial
Statements.
|
|
(b) |
Initial cost for constructed malls is cost at end of first
complete calendar year subsequent to opening.
|
|
(c) |
For retail and other properties, costs capitalized subsequent to
acquisitions is net of cost of disposals and other property
write-downs. For Master Planned Communities, costs capitalized
subsequent to acquisitions are net of land sales.
|
|
(d) |
The aggregate cost of land, buildings and improvements for
federal income tax purposes is approximately $16.1 billion.
|
|
(e) |
Depreciation is computed based upon the following estimated
lives:
|
Years | ||||
Buildings, improvements and
carrying costs
|
40-45 | |||
Equipment, tenant improvements and
fixtures
|
5-10 |
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of year
|
$ | 23,583,536 | $ | 23,308,792 | $ | 9,677,348 | ||||||
Acquisitions
|
234,624 | | 11,235,608 | |||||||||
Change in Master Planned
Communities land
|
4,775 | 5,363 | 1,645,700 | |||||||||
Additions
|
855,529 | 496,362 | 804,556 | |||||||||
Hurricane property damage
provisions Oakwood Center and Riverwalk
(Note 14)
|
| (53,022 | ) | | ||||||||
Dispositions
|
(16,863 | ) | (173,959 | ) | (54,420 | ) | ||||||
Balance at end of year
|
$ | 24,661,601 | $ | 23,583,536 | $ | 23,308,792 | ||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Balance at beginning of year
|
$ | 2,104,956 | $ | 1,453,488 | $ | 1,101,235 | ||||||
Depreciation expense
|
663,524 | 652,109 | 354,560 | |||||||||
Dispositions and other
|
(1,609 | ) | (641 | ) | (2,307 | ) | ||||||
Balance at end of year
|
$ | 2,766,871 | $ | 2,104,956 | $ | 1,453,488 | ||||||
F-59
3 | .1 | Restated Certificate of Incorporation of General Growth Properties, Inc. filed with the Delaware Secretary of State on February 10, 2006 (previously filed as Exhibit 3.1 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
3 | .2 | Bylaws of General Growth Properties, Inc., as amended (previously filed as Exhibit 3(ii) to the Current Report on Form 8-K dated November 8, 2006 which was filed with the SEC on November 14, 2006, incorporated herein by reference). | ||
3 | .3 | Certificate of Designations, Preferences and Rights of Increasing Rate Cumulative Preferred Stock, Series 1 Filed with the Delaware Secretary of State on February 26, 2007 (Filed herewith). | ||
4 | .1 | Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .2 | Rights Agreement dated July 27, 1993, between General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 4.2 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .3 | Amendment to Rights Agreement dated as of February 1, 2000, between General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 10.11 to the Annual Report on Form 10-K for the year ended December 31, 2003, incorporated herein by reference). | ||
4 | .4 | Redemption Rights Agreement dated July 13, 1995, by and among GGP Limited Partnership (the Operating Partnership), General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 4.4 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .5 | Redemption Rights Agreement dated December 6, 1996, among the Operating Partnership, Forbes/Cohen Properties, Lakeview Square Associates, and Jackson Properties (previously filed as Exhibit 4.5 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .6 | Redemption Rights Agreement dated June 19, 1997, among the Operating Partnership, General Growth Properties, Inc., and CA Southlake Investors, Ltd. (previously filed as Exhibit 4.6 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .7 | Redemption Rights Agreement dated October 23, 1997, among General Growth Properties, Inc., the Operating Partnership and Peter Leibowits (previously filed as Exhibit 4.7 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .8 | Redemption Rights Agreement dated April 2, 1998, among the Operating Partnership, General Growth Properties, Inc. and Southwest Properties Venture (previously filed as Exhibit 4.8 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .9 | Redemption Rights Agreement dated July 21, 1998, among the Operating Partnership, General Growth Properties, Inc., Nashland Associates, and HRE Altamonte, Inc. (previously filed as Exhibit 4.9 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .10 | Redemption Rights Agreement dated October 21, 1998, among the Operating Partnership, General Growth Properties, Inc. and the persons on the signature pages thereof (previously filed as Exhibit 4.10 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .11 | Redemption Rights Agreement (PDC Common Units) dated July 10, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 10.6 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). |
S-1
4 | .12 | Redemption Rights Agreement (PDC Series B Preferred Units) dated July 10, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 10.7 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
4 | .13 | Redemption Rights Agreement (Series C Preferred Units) dated November 27, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously filed as Exhibit 10(LLL) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
4 | .14 | Redemption Rights Agreement (PDC Common Units) dated November 27, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously filed as Exhibit 10(MMM) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
4 | .15 | Redemption Rights Agreement dated December 11, 2003, by and among the Operating Partnership, General Growth Properties, Inc. and Everitt Enterprises, Inc. (previously filed as Exhibit 10.44 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). | ||
4 | .16 | Form of Registration Rights Agreement dated April 15, 1993, between General Growth Properties, Inc., Martin Bucksbaum, Matthew Bucksbaum and the other parties named therein (previously filed as Exhibit 4.16 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .17 | Amendment to Registration Rights Agreement dated February 1, 2000, among General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 10.16 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). | ||
4 | .18 | Registration Rights Agreement dated April 17, 2002, between General Growth Properties, Inc. and GSEP 2002 Realty Corp. (previously filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference). | ||
4 | .19 | Rights Agreement dated November 18, 1998, between General Growth Properties, Inc. and Norwest Bank Minnesota, N.A., as Rights Agent (including the Form of Certificate of Designation of Series A Junior Participating Preferred Stock attached thereto as Exhibit A, the Form of Right Certificate attached thereto as Exhibit B and the Summary of Rights to Purchase Preferred Shares attached thereto as Exhibit C) (previously filed as Exhibit 4.19 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .20 | First Amendment to Rights Agreement dated as of November 10, 1999, between General Growth Properties, Inc. and Norwest Bank Minnesota, N.A. (previously filed as Exhibit 4.20 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .21 | Second Amendment to Rights Agreement dated as of December 31, 2001, between General Growth Properties, Inc. and Mellon Investor Services, LLC, successor to Norwest Bank Minnesota, N.A. (previously filed as Exhibit 4.13 to the Registration Statement on Form S-3 (No. 333-82134) dated February 4, 2002 which was filed with the SEC on February 5, 2002, incorporated herein by reference). | ||
4 | .22 | Letter Agreement concerning Rights Agreement dated November 10, 1999, between the Operating Partnership and NYSCRF (previously filed as Exhibit 4.22 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
4 | .23 | The Rouse Company and The First National Bank of Chicago (Trustee) Indenture dated as of February 24, 1995 (previously filed as Exhibit 4.23 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference). | ||
4 | .24 | The Rouse Company LP, TRC Co-Issuer, Inc. and LaSalle Bank National Association (Trustee) Indenture dated May 5, 2006 (filed herewith). |
S-2
4 | .25 | Second Amended and Restated Credit Agreement dated as of February 24, 2006 among General Growth Properties, Inc., Operating Partnership and GGPLP L.L.C., as Borrowers; the several lenders from time to time parties thereto; Banc of America Securities LLC, Eurohypo AG, New York Branch (Eurohypo) and Wachovia Capital Markets, LLC, as Arrangers; Eurohypo, as Administrative Agent; Bank of America, N.A., and Wachovia Bank, National Association, as Syndication Agents; and Lehman Commercial Paper, Inc., as Documentation Agent (previously filed as Exhibit 4.1 to the Current Report on Form 8-K dated February 24, 2006 which was filed with the SEC on March 2, 2006, incorporated herein by reference). | ||
10 | .1 | Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated April 1, 1998 (the LP Agreement) (previously filed as Exhibit 10.1 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .2 | First Amendment to the LP Agreement dated as of June 10, 1998 (previously filed as Exhibit 10(B) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .3 | Second Amendment to the LP Agreement dated as of June 29, 1998 (previously filed as Exhibit 10(C) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .4 | Third Amendment to the LP Agreement dated as of February 15, 2002 (previously filed as Exhibit 10.3 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
10 | .5 | Amendment to the LP Agreement dated as of April 24, 2002 (previously filed as Exhibit 10.4 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
10 | .6 | Fourth Amendment to the LP Agreement dated as of July 10, 2002 (previously filed as Exhibit 10.5 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
10 | .7 | Amendment to the LP Agreement dated as of November 27, 2002 (previously filed as Exhibit 10(G) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .8 | Sixth Amendment to the LP Agreement and Exhibit A to the Amendment dated as of November 20, 2003 (previously filed as Exhibit 10.8 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). | ||
10 | .9 | Amendment to the LP Agreement and Exhibit A to the Amendment dated as of December 11, 2003 (previously filed as an Exhibit 10.9 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). | ||
10 | .10 | Amendment to the LP Agreement dated March 5, 2004 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004 which was filed with the SEC on May 7, 2004, incorporated herein by reference). | ||
10 | .11 | Amendment to the LP Agreement dated November 12, 2004 (previously filed as Exhibit 10.3 to the Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004, incorporated herein by reference). | ||
10 | .12 | Amendment to the LP Agreement dated September 30, 2006 (filed herewith). | ||
10 | .13 | Twelfth Amendment to the LP Agreement dated December 31, 2006 (filed herewith). | ||
10 | .14 | Second Amended and Restated Operating Agreement of GGPLP L.L.C. dated April 17, 2002 (the LLC Agreement) (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference). | ||
10 | .15 | First Amendment to the LLC Agreement dated April 23, 2002 (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference). |
S-3
10 | .16 | Second Amendment to the LLC Agreement dated May 13, 2002 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002 which was filed with the SEC on August 13, 2002, incorporated herein by reference). | ||
10 | .17 | Third Amendment to the LLC Agreement dated October 30, 2002 (previously filed as Exhibit 10(Y) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .18 | Fourth Amendment to the LLC Agreement dated April 7, 2003 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 which was filed with the SEC on May 9, 2003, incorporated herein by reference). | ||
10 | .19 | Fifth Amendment to the LLC Agreement dated April 11, 2003 (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 which was filed with the SEC on May 9, 2003, incorporated herein by reference). | ||
10 | .20 | Sixth Amendment to the LLC Agreement dated November 12, 2004 (previously filed as Exhibit 10.2 to the Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004, incorporated herein by reference). | ||
10 | .21 | Stockholders Agreement dated December 20, 1995, among GGP/Homart, Inc., Operating Partnership, The Comptroller of the State of New York, As Trustee of the Common Retirement Fund (NYSCRF), Equitable Life Insurance Company of Iowa, USG Annuity & Life Company, Trustees of the University of Pennsylvania and General Growth Properties (previously filed as Exhibit 10.18 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .22 | First Amendment to Stockholders Agreement dated September 10, 1996 (previously filed as Exhibit 10.19 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .23 | Operating Agreement dated November 10, 1999, between the Operating Partnership, NYSCRF, and GGP/Homart II L.L.C. (previously filed as Exhibit 10.20 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .24 | Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated November 22, 2002 (previously filed as Exhibit 10.21 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .25 | Letter Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003 (previously filed as Exhibit 10.22 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .26 | Second Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003 (previously filed as Exhibit 10.23 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .27 | Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated August 26, 2002, between the Operating Partnership, Teachers Retirement System of the State of Illinois and GGP-TRS L.L.C. (previously filed as Exhibit 10.24 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .28 | First Amendment to Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated December 19, 2002 (previously filed as Exhibit 10.25 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .29 | Second Amendment to Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated November 1, 2005 (previously filed as Exhibit 10.26 to the Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006, incorporated herein by reference). | ||
10 | .30* | Summary of Non-Employee Director Compensation Program (previously filed as Exhibit 10.1 to the Current Report on Form 8-K dated July 26, 2005 which was filed with the SEC on July 28, 2005, incorporated herein by reference). |
S-4
10 | .31 | Form of Contingent Stock Agreement, effective January 1, 1996, by The Rouse Company and in favor of and for the benefit of the Holders and the Representatives (as defined therein) (previously filed as Exhibit 99.1 to the Registration Statement on Form S-3/A (No. 333-120373) which was filed with the SEC on December 23, 2004, incorporated herein by reference). | ||
10 | .32 | Assumption Agreement dated October 19, 2004 by General Growth Properties, Inc. and The Rouse Company in favor of and for the benefit of the Holders and the Representatives (as defined therein) (previously filed as Exhibit 99.2 to the Registration Statement on Form S-3/A (No. 333-120373) which was filed with the SEC on December 23, 2004, incorporated herein by reference). | ||
10 | .33 | Indemnity Agreement dated as of February 2006 by the Company and The Rouse Company, LP. (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006 which was filed with the SEC on May 10, 2006, incorporated herein by reference). | ||
10 | .34* | General Growth Properties, Inc. 1998 Incentive Stock Plan, as amended (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 which was filed with the SEC on August 8, 2005, incorporated herein by reference). | ||
10 | .35* | Amendment dated November 8, 2006 and effective January 1, 2007 to General Growth Properties, Inc. 1998 Incentive Stock Plan (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006 which was filed with the SEC on November 8, 2006, incorporated herein by reference). | ||
10 | .36* | Form of Option Agreement pursuant to 1998 Incentive Stock Plan (previously filed as Exhibit 10.47 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference). | ||
10 | .37* | General Growth Properties, Inc. 2003 Incentive Stock Plan, as amended (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006 which was filed with the SEC on August 9, 2006, incorporated herein by reference). | ||
10 | .38* | Amendment dated November 8, 2006 and effective January 1, 2007 to General Growth Properties, Inc. 2003 Incentive Stock Plan (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006 which was filed with the SEC on November 8, 2006, incorporated herein by reference). | ||
10 | .39* | Form of Option Agreement pursuant to 2003 Incentive Stock Plan (previously filed as Exhibit 10.48 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference). | ||
10 | .40* | Form of Employee Restricted Stock Agreement pursuant to the 2003 Incentive Stock Plan (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006 which was filed with the SEC on August 9, 2006, incorporated herein by reference). | ||
10 | .41* | Form of Non-Employee Director Restricted Stock Agreement pursuant to the 2003 Incentive Stock Plan (previously filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006 which was filed with the SEC on August 9, 2006, incorporated herein by reference). | ||
21 | List of Subsidiaries (filed herewith). | |||
23 | .1 | Consent of Deloitte & Touche LLP (filed herewith). | ||
23 | .2 | Consent of KPMG LLP (filed herewith). | ||
31 | .1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
31 | .2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
32 | .1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
32 | .2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
99 | .1 | Financial Statements of TRCLP, a wholly owned subsidiary of GGPLP (filed herewith). |
S-5
(*) | A compensatory plan or arrangement required to be filed. |
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