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8-K - FORM 8-K - SIMON PROPERTY GROUP INC /DE/ | a2198270z8-k.htm |
EX-99.2 - EXHIBIT 99.2 - SIMON PROPERTY GROUP INC /DE/ | a2198270zex-99_2.htm |
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SIMON PROPERTY GROUP
Overview
The Company
Simon Property Group, Inc., ("Simon," "we," "us," "our," or the "Company") (NYSE:SPG) is a self-administered and self-managed real estate investment trust ("REIT"). Simon Property Group, L.P., or the Operating Partnership, is a majority-owned subsidiary partnership of the Company. Together, the Company and the Operating Partnership, or Simon Group, are engaged primarily in the ownership, development and management of retail real estate properties including regional malls, Premium Outlets®, The Mills®, community/lifestyle centers and international properties. At March 31, 2010, we owned or had an interest in 381 properties comprising 261 million square feet of gross leasable area in North America, Europe and Asia.
This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of March 31, 2010, for the Company and the Operating Partnership.
Beginning with the first quarter of 2010, we modified the reporting of statistics for our U.S. businesses by combining the Company's regional malls and Premium Outlets. We made this change for several reasons including (1) it is more representative of Simon's enterprise performance, as combined, these portfolios represent over 86% of our net operating income, (2) the historically bright line between malls and outlets is becoming more blurred every day as many tenants are leasing space in both property types, and (3) we consolidated the back-of-house operations for our outlets into our Indianapolis infrastructure last year.
Certain statements made in this Supplemental Package may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: our ability to meet debt service requirements, the availability and terms of financing, changes in our credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, changes in value of investments in foreign entities, the ability to hedge interest rate risk, risks associated with the acquisition, development, expansion, leasing and management of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, terrorist activities, changes in economic and market conditions and maintenance of our status as a real estate investment trust. We discuss these and other risks and uncertainties under the heading "Risk Factors" in our annual and quarterly periodic reports filed with the SEC. We may update that discussion in our periodic reports, but otherwise we undertake no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
5
SIMON PROPERTY GROUP
Overview
We hope you find this Supplemental Package beneficial. Any questions, comments or suggestions should be directed to: Shelly J. Doran, Vice President of Investor Relations-Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207. Telephone: (317) 685-7330; e-mail: sdoran@simon.com
Reporting Calendar
Results for the next two quarters will be announced according to the following approximate schedule:
Second Quarter 2010 | August 2, 2010 | |
Third Quarter 2010 | November 1, 2010 |
Stock Information
The Company's common stock and one issue of preferred stock are traded on the New York Stock Exchange under the following symbols:
Common Stock | SPG | |
8.375% Series J Cumulative Redeemable Preferred | SPGPrJ |
All outstanding shares of the Company's 6% Series I Convertible Perpetual Preferred Stock (SPGPrI) were redeemed on April 16, 2010 (see Schedule of Preferred Stock/Units Outstanding on page 52 for additional information).
Credit Ratings
Standard & Poor's |
|||||
Corporate |
A- | (CreditWatch Negative) | |||
Senior Unsecured |
A- | (CreditWatch Negative) | |||
Preferred Stock |
BBB | (CreditWatch Negative) | |||
Moody's |
|||||
Senior Unsecured |
A3 | (Under ReviewDirection Uncertain) | |||
Preferred Stock |
Baa1 | (Under ReviewDirection Uncertain) | |||
Fitch |
|||||
Senior Unsecured |
A- | (Stable Outlook) | |||
Preferred Stock |
BBB | (Stable Outlook) |
6
Simon Property Group Ownership Structure(1)
March 31, 2010
- (1)
- Schedule
excludes Company preferred stock (see "Preferred Stock/Units Outstanding") and Operating Partnership units not convertible into common stock.
- (2)
- This
group consists of Melvin Simon & Associates, Inc., ("MSA"), wholly owned subsidiaries of MSA, the estate of Melvin Simon, Herbert Simon, David Simon,
MH Holdings, Inc. and related trusts for the benefit of the preceding. MSA is owned 69.06% by the estate of Melvin Simon and 30.94% by a trust for the benefit of Herbert Simon. MH Holdings, Inc. is
owned 50% by the estate of Melvin Simon and 50% by a trust for the benefit of Herbert Simon. 3,192,000 common shares and 8,000 shares of Class B common stock owned by one or more members of the
group are held by voting trusts as to which Herbert Simon and David Simon are the voting trustees.
- (3)
- The
holder of Class B common stock is entitled to elect 4 of the members of the Board of Directors and also has voting rights with common stock.
- (4)
- Other executives includes directors and executive officers of the Company, excluding David Simon and Herbert Simon.
7
SIMON PROPERTY GROUP
Changes in Company Common Share and Operating Partnership Unit Ownership
For the Period from December 31, 2009 through March 31, 2010
|
Operating Partnership Units(1) |
Company Common Shares(2) |
||||||
---|---|---|---|---|---|---|---|---|
Number Outstanding at December 31, 2009 |
57,804,779 | 285,748,271 | ||||||
Issuance of Common Stock for Stock Option Exercises |
|
13,350 |
||||||
Conversion of Operating Partnership Units into Common Stock |
(146,843 | ) | 146,843 | |||||
Restricted Stock Awards (Stock Incentive Program)(3) |
| 111,013 | ||||||
Conversion of Operating Partnership Preferred Units into Units |
55,844 | | ||||||
Conversion of Series I Preferred Stock into Common Stock |
| 3,056,397 | ||||||
Number Outstanding at March 31, 2010 |
57,713,780 |
289,075,874 |
||||||
Details for Diluted Common Shares Outstanding(4): |
||||||||
Company Common Shares Outstanding at March 31, 2010 |
289,075,874 |
|||||||
Number of Common Shares Issuable Assuming Conversion of: |
||||||||
Series I 6% Convertible Perpetual Preferred Stock(5) |
3,800,746 | |||||||
Series I 6% Convertible Perpetual Preferred Units(5) |
806,463 | |||||||
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(6) |
313,742 |
|||||||
Diluted Common Shares Outstanding at March 31, 2010(4) |
293,996,825 |
- (1)
- Excludes
units owned by the Company (shown here as Company Common Shares) and Operating Partnership units not convertible into common shares.
- (2)
- Excludes
Operating Partnership preferred units relating to Company preferred stock outstanding (see Schedule of Preferred Stock/Units Outstanding on page
52).
- (3)
- Net
of forfeitures.
- (4)
- For
FFO purposes.
- (5)
- Conversion
terms provided on page 52 of this document.
- (6)
- Based upon the weighted average stock price for the quarter ended March 31, 2010.
8
SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of March 31, 2010
Unaudited
(In thousands, except as noted)
|
As of or for the Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2010 | 2009 | |||||
Financial Highlights of the Company |
|||||||
Total RevenueConsolidated Properties |
$ | 925,071 | $ | 918,492 | |||
Net Income Attributable to Common Stockholders |
$ | 9,373 | $ | 106,768 | |||
Basic Earnings per Common Share (EPS) |
$ | 0.03 | $ | 0.45 | |||
Diluted Earnings per Common Share (EPS) |
$ | 0.03 | $ | 0.45 | |||
Diluted EPS as adjusted(1) |
$ | 0.51 | $ | 0.45 | |||
FFO of the Operating Partnership |
$ | 325,558 | $ | 476,832 | |||
Diluted FFO of the Operating Partnership |
$ | 331,072 | $ | 483,710 | |||
Basic FFO per Share (FFOPS) |
$ | 0.95 | $ | 1.63 | |||
Diluted FFO per Share (FFOPS) |
$ | 0.94 | $ | 1.61 | |||
Diluted FFOPS as adjusted(1) |
$ | 1.41 | $ | 1.61 | |||
Distributions per Share |
$ | 0.60 | $ | 0.90 | (2) |
- (1)
- During the first quarter of 2010, the Company recorded a $165.6 million loss on extinguishment of debt. Reconciliations of Diluted EPS as adjusted to Diluted EPS and Diluted FFOPS as adjusted to Diluted FFOPS are as follows:
|
As of or for the Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2010 | 2009 | |||||
Diluted EPS as adjusted to Diluted EPS |
|||||||
Diluted EPS as adjusted |
$ | 0.51 | $ | 0.45 | |||
Loss on Debt Extinguishment |
(0.48 | ) | | ||||
Diluted EPS |
$ | 0.03 | $ | 0.45 | |||
Diluted FFOPS as adjusted to Diluted FFOPS |
|||||||
Diluted FFOPS as adjusted |
$ | 1.41 | $ | 1.61 | |||
Loss on Debt Extinguishment |
(0.47 | ) | | ||||
Diluted FFOPS |
$ | 0.94 | $ | 1.61 | |||
- (2)
- In the first quarter of 2009, the Company paid a common stock dividend of $0.90 per share, comprised of 10% cash and 90% shares of the Company's common stock.
9
SIMON PROPERTY GROUP
Selected Financial and Equity Information
As of March 31, 2010
Unaudited
(In thousands, except as noted)
|
March 31, 2010 |
December 31, 2009 |
||||||
---|---|---|---|---|---|---|---|---|
Stockholders' Equity Information |
||||||||
Limited Partner Units Outstanding at End of Period |
57,714 | 57,805 | ||||||
Common Shares Outstanding at End of Period |
289,076 | 285,748 | ||||||
Total Common Shares and Units Outstanding at End of Period |
346,790 | 343,553 | ||||||
Weighted Average Limited Partnership Units Outstanding |
57,698 | 57,292 | ||||||
Weighted Average Common Shares Outstanding: |
||||||||
Basicfor purposes of EPS and FFOPS |
286,125 | 267,055 | ||||||
Dilutedfor purposes of EPS |
286,439 | 268,472 | ||||||
Dilutedfor purposes of FFOPS |
293,917 | 276,100 | ||||||
Simon Group's Debt Information |
||||||||
Share of Consolidated Debt |
$ | 17,607,788 | $ | 18,354,130 | ||||
Share of Joint Venture Debt |
6,641,935 | 6,552,370 | ||||||
Share of Total Debt |
$ | 24,249,723 | $ | 24,906,500 | ||||
Simon Group's Market Capitalization |
||||||||
Common Stock Price at End of Period |
$ | 83.90 | $ | 79.80 | ||||
Common Equity Capitalization, including common operating partnership units |
$ | 29,095,652 | $ | 27,415,533 | ||||
Preferred Equity Capitalization, including preferred operating partnership units |
440,524 | 676,021 | ||||||
Total Equity Market Capitalization |
$ | 29,536,176 | $ | 28,091,554 | ||||
Total CapitalizationIncluding Simon Group's Share of Total Debt |
$ | 53,785,899 | $ | 52,998,054 | ||||
|
As of or for the Three Months Ended March 31, |
|||||||
---|---|---|---|---|---|---|---|---|
|
2010 | 2009 | ||||||
Miscellaneous Balance Sheet Data |
||||||||
Interest Capitalized during the Period: |
||||||||
Consolidated Properties |
$ | 2,421 | $ | 3,813 | ||||
Joint Venture Properties |
$ | 26 | $ | 581 | ||||
Simon Group's Share of Joint Venture Properties |
$ | 10 | $ | 349 |
10
On the following two pages, we present balance sheet and income statement data on a pro-rata basis reflecting our proportionate economic ownership of each asset in the Simon Group portfolio.
Basis of Presentation: The consolidated amounts shown are prepared on a consistent basis with our consolidated financial statements. The Company's Share of Joint Ventures column was derived on a property-by-property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for noncontrolling interests.
11
SIMON PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
|
For the Three Months Ended March 31, 2010 | |
|||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Three Months Ended March 31, 2009 Our Total Share |
||||||||||||||||||||
|
Consolidated | Non- Controlling Interests |
Our Consolidated Share |
Our Share of Joint Ventures |
Our Total Share |
||||||||||||||||
REVENUE: |
|||||||||||||||||||||
Minimum rent |
$ | 571,610 | $ | (8,618 | ) | $ | 562,992 | $ | 195,086 | $ | 758,078 | $ | 746,374 | ||||||||
Overage rent |
13,211 | (51 | ) | 13,160 | 12,383 | 25,543 | 20,597 | ||||||||||||||
Tenant reimbursements |
255,928 | (5,401 | ) | 250,527 | 91,915 | 342,442 | 345,125 | ||||||||||||||
Management fees and other revenues |
28,568 | | 28,568 | | 28,568 | 30,651 | |||||||||||||||
Other income |
55,754 | (319 | ) | 55,435 | 24,487 | 79,922 | 67,982 | ||||||||||||||
Total revenue |
925,071 | (14,389 | ) | 910,682 | 323,871 | 1,234,553 | 1,210,729 | ||||||||||||||
EXPENSES: |
|||||||||||||||||||||
Property operating |
98,768 | (2,885 | ) | 95,883 | 61,116 | 156,999 | 161,425 | ||||||||||||||
Depreciation and amortization |
228,909 | (2,088 | ) | 226,821 | 97,175 | 323,996 | 352,015 | ||||||||||||||
Real estate taxes |
89,729 | (1,488 | ) | 88,241 | 26,122 | 114,363 | 112,295 | ||||||||||||||
Repairs and maintenance |
23,745 | (718 | ) | 23,027 | 11,449 | 34,476 | 32,503 | ||||||||||||||
Advertising and promotion |
18,836 | (260 | ) | 18,576 | 6,311 | 24,887 | 23,748 | ||||||||||||||
Provision for credit losses |
(3,451 | ) | 93 | (3,358 | ) | 521 | (2,837 | ) | 16,798 | ||||||||||||
Home and regional office costs |
17,315 | | 17,315 | | 17,315 | 26,163 | |||||||||||||||
General and administrative |
5,112 | | 5,112 | | 5,112 | 4,048 | |||||||||||||||
Transaction expenses |
3,700 | | 3,700 | | 3,700 | | |||||||||||||||
Other |
15,492 | (752 | ) | 14,740 | 20,605 | 35,345 | 35,090 | ||||||||||||||
Total operating expenses |
498,155 | (8,098 | ) | 490,057 | 223,299 | 713,356 | 764,085 | ||||||||||||||
OPERATING INCOME |
426,916 | (6,291 | ) | 420,625 | 100,572 | 521,197 | 446,644 | ||||||||||||||
Interest expense |
(263,959 | ) | 3,630 | (260,329 | ) | (82,990 | ) | (343,319 | ) | (305,958 | ) | ||||||||||
Loss on extinguishment of debt |
(165,625 | ) | | (165,625 | ) | | (165,625 | ) | | ||||||||||||
Income tax (expense) benefit of taxable REIT subsidiaries |
(202 | ) | | (202 | ) | | (202 | ) | 2,523 | ||||||||||||
Income from unconsolidated entities |
17,582 | | 17,582 | (17,582 | ) | | | ||||||||||||||
Gain on sale or disposal of assets |
6,042 | | 6,042 | | 6,042 | | |||||||||||||||
CONSOLIDATED NET INCOME |
20,754 | (2,661 | ) | 18,093 | | 18,093 | 143,209 | ||||||||||||||
Net income attributable to noncontrolling interests |
5,771 | (2,661 | ) | 3,110 | | 3,110 | 29,912 | ||||||||||||||
Preferred dividends |
5,610 | | 5,610 | | 5,610 | 6,529 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | 9,373 | $ | | $ | 9,373 | $ | | $ | 9,373 | $ | 106,768 | |||||||||
RECONCILIATION OF CONSOLIDATED NET INCOME TO FFO |
|||||||||||||||||||||
Consolidated Net Income |
$ | 20,754 | $ | | $ | 20,754 | $ | 146,248 | |||||||||||||
Adjustments to Consolidated Net Income to Arrive at FFO: |
|||||||||||||||||||||
Depreciation and amortization from consolidated properties and discontinued operations |
225,430 | | 225,430 | 252,913 | |||||||||||||||||
Simon's share of depreciation and amortization from unconsolidated entities |
| 96,879 | 96,879 | 93,378 | |||||||||||||||||
Income from unconsolidated entities |
(17,582 | ) | 17,582 | | | ||||||||||||||||
Gain on sale or disposal of assets |
(6,042 | ) | | (6,042 | ) | | |||||||||||||||
Net income attributable to noncontrolling interest holders in properties |
(2,663 | ) | | (2,663 | ) | (3,039 | ) | ||||||||||||||
Noncontrolling interests portion of depreciation and amortization |
(1,972 | ) | | (1,972 | ) | (1,962 | ) | ||||||||||||||
Preferred distributions and dividends |
(6,828 | ) | | (6,828 | ) | (10,706 | ) | ||||||||||||||
FFO of the Operating Partnership |
$ | 211,097 | $ | 114,461 | $ | 325,558 | $ | 476,832 | |||||||||||||
Percentage of FFO of the Operating Partnership |
64.84 | % | 35.16 | % | 100.00 | % | 100.00 | % |
12
SIMON PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
|
As of March 31, 2010 | |
||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Consolidated | Non- Controlling Interests |
Our Consolidated Share |
Our Share of Joint Ventures |
Our Total Share |
As of December 31, 2009 Our Total Share |
||||||||||||||||
ASSETS: |
||||||||||||||||||||||
Investment properties, at cost |
$ | 25,111,988 | $ | (185,930 | ) | $ | 24,926,058 | $ | 9,359,381 | $ | 34,285,439 | $ | 34,426,322 | |||||||||
Lessaccumulated depreciation |
7,026,845 | (88,668 | ) | 6,938,177 | 1,663,015 | 8,601,192 | 8,531,014 | |||||||||||||||
|
18,085,143 | (97,262 | ) | 17,987,881 | 7,696,366 | 25,684,247 | 25,895,308 | |||||||||||||||
Cash and cash equivalents |
3,326,642 | (6,480 | ) | 3,320,162 | 289,135 | 3,609,297 | 4,261,201 | |||||||||||||||
Tenant receivables and accrued revenue, net |
355,469 | (4,518 | ) | 350,951 | 133,364 | 484,315 | 541,813 | |||||||||||||||
Investment in unconsolidated entities, at equity |
1,418,987 | | 1,418,987 | (1,418,987 | ) | | | |||||||||||||||
Deferred costs and other assets |
1,159,035 | (2,929 | ) | 1,156,106 | 192,812 | 1,348,918 | 1,341,821 | |||||||||||||||
Note receivable from related party |
632,000 | | 632,000 | | 632,000 | 632,000 | ||||||||||||||||
Total assets |
$ | 24,977,276 | $ | (111,189 | ) | $ | 24,866,087 | $ | 6,892,690 | $ | 31,758,777 | $ | 32,672,143 | |||||||||
LIABILITIES: |
||||||||||||||||||||||
Mortgages and other indebtedness |
$ | 17,883,189 | $ | (275,401 | ) | $ | 17,607,788 | $ | 6,641,935 | $ | 24,249,723 | $ | 24,906,500 | |||||||||
Accounts payable, accrued expenses, intangibles, and deferred revenues |
952,526 | (8,779 | ) | 943,747 | 318,619 | 1,262,366 | 1,323,741 | |||||||||||||||
Cash distributions and losses in partnerships and joint ventures, at equity |
469,453 | | 469,453 | (469,453 | ) | | | |||||||||||||||
Other liabilities and accrued dividends |
182,488 | (1,090 | ) | 181,398 | 401,589 | 582,987 | 558,383 | |||||||||||||||
Total liabilities |
19,487,656 | (285,270 | ) | 19,202,386 | 6,892,690 | 26,095,076 | 26,788,624 | |||||||||||||||
Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties |
123,859 | 2,570 | 126,429 | | 126,429 | 128,221 | ||||||||||||||||
Series I 6% convertible perpetual preferred stock, 19,000,000 shares authorized, 4,484,683 and 8,091,155 issued and outstanding, respectively, at liquidation value |
224,234 | | 224,234 | | 224,234 | 404,558 | ||||||||||||||||
EQUITY: |
||||||||||||||||||||||
Stockholders' equity |
||||||||||||||||||||||
Capital Stock (850,000,000 total shares authorized, $.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): |
||||||||||||||||||||||
Series J 83/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding, with a liquidation value of $39,847 |
45,622 | | 45,622 | | 45,622 | 45,704 | ||||||||||||||||
Common stock, $.0001 par value, 511,990,000 shares authorized, 293,080,911 and 289,866,711 issued, respectively |
29 | | 29 | | 29 | 29 | ||||||||||||||||
Class B common stock, $.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding |
| | | | | | ||||||||||||||||
Capital in excess of par value |
7,704,856 | | 7,704,856 | | 7,704,856 | 7,547,959 | ||||||||||||||||
Accumulated deficit |
(3,119,320 | ) | | (3,119,320 | ) | | (3,119,320 | ) | (2,955,671 | ) | ||||||||||||
Accumulated other comprehensive loss |
(27,517 | ) | | (27,517 | ) | | (27,517 | ) | (3,088 | ) | ||||||||||||
Common stock held in treasury at cost, 4,013,037 and 4,126,440 shares, respectively |
(167,250 | ) | | (167,250 | ) | | (167,250 | ) | (176,796 | ) | ||||||||||||
Total stockholders' equity |
4,436,420 | | 4,436,420 | | 4,436,420 | 4,458,137 | ||||||||||||||||
Noncontrolling interests |
705,107 | 171,511 | 876,618 | | 876,618 | 892,603 | ||||||||||||||||
Total equity |
5,141,527 | 171,511 | 5,313,038 | | 5,313,038 | 5,350,740 | ||||||||||||||||
Total liabilities and equity |
$ | 24,977,276 | $ | (111,189 | ) | $ | 24,866,087 | $ | 6,892,690 | $ | 31,758,777 | $ | 32,672,143 | |||||||||
13
SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of March 31, 2010
(in thousands, except as noted)
Industry practice is to evaluate real estate properties on an unleveraged basis. Net Operating Income ("NOI") is a standard industry performance measure which is defined as operating income plus depreciation and amortization, both calculated in accordance with accounting principles generally accepted in the United States ("GAAP"). We consider NOI to be a key measure of our operating performance that is not specifically defined by GAAP. We believe that NOI is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. We also use NOI internally to measure the operating performance of our portfolio.
However, you should understand that NOI:
-
- does not represent cash flow from operations as defined by GAAP,
-
- should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating
performance,
-
- is not an alternative to cash flows as a measure of liquidity, and
-
- is not indicative of cash flows from operating, investing and financing activities.
The Reconciliation of Net Income to NOI provides net income, which we believe is the most directly comparable GAAP financial measure, and reconciles the amounts to "Total NOI of the Simon Group Portfolio." This schedule also provides the change in NOI of comparable properties for the three months ended March 31, 2010.
|
For the Three Months Ended March 31, | ||||||
---|---|---|---|---|---|---|---|
|
2010 | 2009 | |||||
Reconciliation of NOI of consolidated Properties: |
|||||||
Consolidated Net Income |
$ | 20,754 | $ | 146,248 | |||
Income tax expense (benefit) of taxable REIT subsidiaries |
202 | (2,523 | ) | ||||
Interest expense |
263,959 | 226,036 | |||||
Income from unconsolidated entities |
(17,582 | ) | (5,545 | ) | |||
Loss on extinguishment of debt |
165,625 | | |||||
Gain on sale or disposal of assets |
(6,042 | ) | | ||||
Operating Income |
426,916 | 364,216 | |||||
Depreciation and amortization |
228,909 | 256,337 | |||||
NOI of consolidated Properties |
$ | 655,825 | $ | 620,553 | |||
Reconciliation of NOI of unconsolidated entities: |
|||||||
Net Income |
$ | 74,113 | $ | 50,471 | |||
Interest expense |
217,163 | 219,151 | |||||
Loss from unconsolidated entities |
439 | 768 | |||||
Operating Income |
291,715 | 270,390 | |||||
Depreciation and amortization |
199,037 | 187,463 | |||||
NOI of unconsolidated entities |
$ | 490,752 | $ | 457,853 | |||
Total NOI of the Simon Group Portfolio |
$ | 1,146,577 | $ | 1,078,406 | |||
Change in NOI from prior period |
6.3 | % | 4.0 | % | |||
Less: Joint venture partner's share of NOI |
301,384 | 279,747 | |||||
Simon Group's Share of NOI |
$ | 845,193 | $ | 798,659 | |||
Change in Simon Group's Share of NOI from prior period |
5.8 | % | 4.8 | % | |||
NOI of Comparable Properties(1) |
$ | 861,513 | $ | 840,232 | |||
Increase in NOI of Comparable Properties(1) |
2.5 | % | |||||
- (1)
- Properties that were owned in both of the periods under comparison are referred to as comparable properties. Does not include community/lifestyle centers, properties owned by SPG-FCM (the Mills portfolio) or international properties.
14
SIMON PROPERTY GROUP
NOI Composition(1)
For the Three Months Ended March 31, 2010
|
Percent of Simon Group's Share of NOI |
|||
---|---|---|---|---|
U.S. Portfolio NOI by State |
||||
Florida |
13.0 | % | ||
Texas |
11.5 | % | ||
California |
10.6 | % | ||
Massachusetts |
7.3 | % | ||
New York |
7.2 | % | ||
Georgia |
5.2 | % | ||
Nevada |
4.9 | % | ||
Indiana |
4.6 | % | ||
New Jersey |
4.4 | % | ||
Pennsylvania |
4.2 | % | ||
Top 10 Contributors by State |
72.9 | % | ||
NOI by Asset Type |
||||
Regional Malls and Premium Outlets |
86.3 | % | ||
The Mills |
4.8 | % | ||
International(2) |
4.5 | % | ||
Community/Lifestyle Centers |
4.2 | % | ||
Other |
0.2 | % | ||
Total |
100.0 | % | ||
- (1)
- Based
on Simon Group's share of total NOI and does not reflect any property, entity or corporate-level debt.
- (2)
- International includes eight Premium Outlets in Japan and one Premium Outlet in both Mexico and South Korea, plus the shopping centers in France, Italy and Poland.
15
SIMON PROPERTY GROUP
Analysis of Other Income and Other Expense
As of March 31, 2010
(In thousands)
|
For the Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2010 | 2009 | |||||
Consolidated Properties |
|||||||
Other Income |
|||||||
Interest Income |
$ | 7,714 | $ | 6,617 | |||
Lease Settlement Income |
20,559 | 13,435 | |||||
Gains on Land Sales |
1,752 | 228 | |||||
Other |
25,729 | 24,885 | |||||
Totals |
$ | 55,754 | $ | 45,165 | |||
Other Expense |
|||||||
Ground Rent |
$ | 8,745 | $ | 7,819 | |||
Professional Fees |
3,034 | 2,858 | |||||
Other |
3,713 | 8,552 | |||||
Totals |
$ | 15,492 | $ | 19,229 | |||
16
SIMON PROPERTY GROUP
U.S. Portfolio GLA
As of March 31, 2010
Type of Property
|
GLA-Sq. Ft. | Total Owned GLA |
% of Owned GLA |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Regional Malls |
|||||||||||
Mall Stores |
58,567,568 | 58,237,260 | 38.2 | % | |||||||
Freestanding |
4,396,862 | 1,849,500 | 1.2 | % | |||||||
Anchors |
95,005,136 | 25,669,541 | 16.9 | % | |||||||
Office |
1,951,870 | 1,951,870 | 1.3 | % | |||||||
Regional Mall Total |
159,921,436 | 87,708,171 | 57.6 | % | |||||||
Premium Outlets |
17,203,325 | 16,988,703 | 11.1 | % | |||||||
Community/Lifestyle Centers |
20,199,257 | 13,799,431 | 9.1 | % | |||||||
The Mills® |
22,725,732 | 20,210,686 | 13.3 | % | |||||||
Mills Regional Malls |
17,554,603 | 8,731,395 | 5.7 | % | |||||||
Mills Community Centers |
1,014,074 | 962,520 | 0.6 | % | |||||||
Mills Portfolio Total |
41,294,409 | 29,904,601 | 19.6 | % | |||||||
Other(1) |
5,014,942 | 3,983,018 | 2.6 | % | |||||||
Total U.S. Properties |
243,633,369 | 152,383,924 | 100.0 | % | |||||||
- (1)
- Consists of ten other shopping centers and non-Premium Outlets and four regional malls. These properties contribute 0.2% of Simon Group's share of total NOI.
17
SIMON PROPERTY GROUP
U.S. Operational Information(1)
As of March 31, 2010
|
As of or for the Three Months Ended March 31, |
|||||||
---|---|---|---|---|---|---|---|---|
|
2010 | 2009 | ||||||
Total Number of Properties |
202 | 203 | ||||||
Total GLA (in millions of square feet) |
177.1 |
177.3 |
||||||
Occupancy(2) |
||||||||
Consolidated Assets |
92.8 | % | 92.5 | % | ||||
Unconsolidated Assets |
90.7 | % | 91.0 | % | ||||
Total Portfolio |
92.2 | % | 92.1 | % | ||||
Comparable sales per square foot(3) |
||||||||
Consolidated Assets |
$ | 458 | $ | 458 | ||||
Unconsolidated Assets |
$ | 496 | $ | 495 | ||||
Total Portfolio |
$ | 467 | $ | 467 | ||||
Average rent per square foot(2) |
||||||||
Consolidated Assets |
$ | 37.15 | $ | 35.59 | ||||
Unconsolidated Assets |
$ | 43.44 | $ | 43.32 | ||||
Total Portfolio |
$ | 38.72 | $ | 37.51 |
Historical Data:
|
Occupancy(2) | Comparable Sales Per Square Foot(3) |
Average Rent Per Square Foot(2) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
12/31/09 |
93.4 | % | $ | 452 | $ | 38.47 | ||||
12/31/08 |
93.8 | % | $ | 480 | 36.69 | |||||
12/31/07 |
94.7 | % | $ | 495 | 34.67 | |||||
12/31/06 |
94.3 | % | $ | 475 | 33.14 | |||||
12/31/05 |
94.2 | % | $ | 448 | 32.36 |
Small Shop Leasing Activity for the for the Twelve Months Ended:
|
Average Base Rent(4) | |
|
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Lease Openings |
Store Closings/ Lease Expirations |
Amount of Change (Referred to as "Leasing Spread") |
||||||||||
3/31/10 |
$ | 42.82 | $ | 40.71 | $ | 2.11 | 5.2 | % | |||||
12/31/09 |
43.24 | 38.32 | 4.92 | 12.8 | % | ||||||||
9/30/09 |
41.78 | 36.35 | 5.43 | 14.9 | % | ||||||||
6/30/09 |
43.73 | 35.68 | 8.05 | 22.6 | % | ||||||||
3/31/09 |
45.18 | 34.83 | 10.35 | 29.7 | % | ||||||||
12/31/08 |
43.93 | 34.96 | 8.97 | 20.4 | % | ||||||||
12/31/07 |
41.41 | 34.84 | 6.57 | 15.9 | % | ||||||||
12/31/06 |
39.78 | 33.26 | 6.52 | 16.4 | % | ||||||||
12/31/05 |
38.53 | 31.95 | 6.58 | 17.1 | % |
- (1)
- Represents
combined results for regional malls and Premium Outlets. Does not include information for community/lifestyle centers, properties owned by
SPG-FCM (the Mills portfolio) or international properties.
- (2)
- Represents
mall stores in regional malls and all owned gross leasable area in Premium Outlets.
- (3)
- Based
upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than
10,000 square feet in regional malls and all owned gross leasable area in Premium Outlets.
- (4)
- Represents the average base rent in effect during the period for those tenants who opened as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.
18
SIMON PROPERTY GROUP
U.S. Lease Expirations(1)(2)
As of March 31, 2010
Year
|
Number of Leases Expiring |
Square Feet |
Avg. Base Rent per Square Foot at 3/31/10 |
|||||||
---|---|---|---|---|---|---|---|---|---|---|
Small Shops |
||||||||||
Month to Month Leases |
991 |
3,229,542 |
$ |
36.90 |
||||||
2010 (4/1/10 - 12/31/10) |
1,073 | 3,060,334 | $ | 36.93 | ||||||
2011 |
3,047 | 8,569,460 | $ | 33.34 | ||||||
2012 |
2,438 | 8,391,163 | $ | 34.15 | ||||||
2013 |
2,171 | 6,738,400 | $ | 39.19 | ||||||
2014 |
1,849 | 6,090,890 | $ | 37.81 | ||||||
2015 |
1,631 | 5,971,987 | $ | 39.38 | ||||||
2016 |
1,541 | 4,633,191 | $ | 42.77 | ||||||
2017 |
1,537 | 5,157,600 | $ | 43.70 | ||||||
2018 |
1,547 | 5,869,286 | $ | 47.09 | ||||||
2019 |
1,337 | 5,191,539 | $ | 45.42 | ||||||
2020 |
530 | 2,199,959 | $ | 43.25 | ||||||
2021 and Thereafter |
312 | 1,972,907 | $ | 35.05 | ||||||
Specialty Leasing Agreements w/ terms in excess of 12 months |
1,471 | 3,424,047 | $ | 14.51 | ||||||
Anchor Tenants |
||||||||||
2010 (4/1/10 - 12/31/10) |
10 |
946,548 |
$ |
4.37 |
||||||
2011 |
17 | 1,933,210 | $ | 4.25 | ||||||
2012 |
25 | 3,179,826 | $ | 3.83 | ||||||
2013 |
29 | 3,768,732 | $ | 4.51 | ||||||
2014 |
32 | 3,306,934 | $ | 4.79 | ||||||
2015 |
25 | 3,282,178 | $ | 2.88 | ||||||
2016 |
10 | 1,254,122 | $ | 3.60 | ||||||
2017 |
4 | 608,377 | $ | 2.85 | ||||||
2018 |
7 | 687,836 | $ | 7.16 | ||||||
2019 |
11 | 1,384,187 | $ | 4.06 | ||||||
2020 |
10 | 887,577 | $ | 5.39 | ||||||
2021 and Thereafter |
23 | 2,365,367 | $ | 5.67 |
- (1)
- Represents
combined results for regional malls and Premium Outlets. Does not include community/lifestyle centers, properties owned by SPG-FCM
(the Mills portfolio) or international properties.
- (2)
- Does not consider the impact of renewal options that may be contained in leases.
19
SIMON PROPERTY GROUP
U.S. Top Tenants(1)
As of March 31, 2010
Top Small Shop Tenants (sorted by percentage of total Simon Group base minimum rent)
Tenant
|
Number of Stores |
Square Feet (000's) |
Percent of Total Simon Group Sq. Ft. |
Percent of Total Simon Group Base Min. Rent |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
The Gap, Inc. |
366 | 4,009 | 1.6 | % | 2.9 | % | |||||||
Limited Brands, Inc. |
332 | 1,865 | 0.8 | % | 2.1 | % | |||||||
Abercrombie & Fitch Co. |
227 | 1,614 | 0.7 | % | 1.7 | % | |||||||
Foot Locker, Inc. |
393 | 1,528 | 0.6 | % | 1.4 | % | |||||||
Luxottica Group S.P.A |
421 | 797 | 0.3 | % | 1.1 | % | |||||||
Zale Corporation |
350 | 377 | 0.2 | % | 1.1 | % | |||||||
American Eagle Outfitters, Inc. |
169 | 958 | 0.4 | % | 1.0 | % | |||||||
Genesco, Inc. |
419 | 617 | 0.3 | % | 0.9 | % | |||||||
Express LLC |
112 | 985 | 0.4 | % | 0.9 | % | |||||||
Sterling Jewelers, Inc. |
199 | 309 | 0.1 | % | 0.9 | % |
Top Anchors (sorted by percentage of total Simon Group square footage)(2)
Tenant
|
Number of Stores |
Square Feet (000's) |
Percent of Total Simon Group Sq. Ft. |
Percent of Total Simon Group Base Min. Rent |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Macy's, Inc. |
149 | 26,650 | 10.9 | % | 0.4 | % | |||||||
Sears Roebuck & Co. |
120 | 18,213 | 7.5 | % | 0.2 | % | |||||||
J.C. Penney Co., Inc. |
113 | 16,098 | 6.6 | % | 0.6 | % | |||||||
Dillard's Dept. Stores |
75 | 11,586 | 4.8 | % | 0.1 | % | |||||||
Nordstrom, Inc. |
27 | 4,590 | 1.9 | % | 0.1 | % | |||||||
Belk, Inc. |
22 | 2,792 | 1.1 | % | 0.3 | % | |||||||
The Bon-Ton Stores, Inc. |
22 | 2,180 | 0.9 | % | 0.2 | % | |||||||
Target Corporation |
13 | 1,686 | 0.7 | % | 0.0 | % | |||||||
The Neiman Marcus Group, Inc. |
10 | 1,265 | 0.5 | % | 0.1 | % | |||||||
Dick's Sporting Goods, Inc. |
18 | 1,188 | 0.5 | % | 0.3 | % | |||||||
Boscov's Department Store LLC |
6 | 1,099 | 0.5 | % | 0.0 | % | |||||||
Saks Incorporated |
9 | 1,053 | 0.4 | % | 0.2 | % |
- (1)
- Represents
combined results for regional malls and Premium Outlets. Does not include community/lifestyle centers, properties owned by SPG-FCM
(the Mills portfolio) or international properties.
- (2)
- Includes space leased and owned by the anchor.
20
SIMON PROPERTY GROUP
Other U.S. Operational Information
As of March 31, 2010
|
As of or for the Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2010 | 2009 | |||||
Community/Lifestyle Centers |
|||||||
Total Number of Properties |
66 | 70 | |||||
Total GLA (in millions of square feet) |
20.2 | 20.8 | |||||
Occupancy(1) |
90.3 | % | 87.4 | % | |||
Average rent per square foot(1) |
$ | 13.44 | $ | 13.37 | |||
The Mills Portfolio(2) |
|||||||
The Mills® |
|||||||
Total Number of Properties |
16 | 16 | |||||
Total GLA (in millions of square feet) |
22.7 | 22.9 | |||||
Occupancy(1) |
93.3 | % | 89.7 | % | |||
Comparable sales per square foot(3) |
$ | 372 | $ | 373 | |||
Average rent per square foot(1) |
$ | 19.79 | $ | 19.78 | |||
Mills Regional Malls(4) |
|||||||
Total Number of Properties |
16 | 16 | |||||
Total GLA (in millions of square feet) |
17.6 | 17.5 | |||||
Occupancy(5) |
88.6 | % | 87.4 | % | |||
Comparable sales per square foot(3) |
$ | 389 | $ | 410 | |||
Average rent per square foot(5) |
$ | 35.42 | $ | 37.14 |
- (1)
- For
all owned gross leasable area.
- (2)
- Excludes
four community/lifestyle centers in the Mills portfolio.
- (3)
- Based
upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes mall stores less than
10,000 square feet.
- (4)
- Does
not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which the Company held a 50% interest prior to the Mills
acquisition.
- (5)
- For mall stores.
21
SIMON PROPERTY GROUP
International Operational Information
As of March 31, 2010
|
As of or for the Three Months Ended March 31, |
||||||
---|---|---|---|---|---|---|---|
|
2010 | 2009 | |||||
International Properties |
|||||||
European Shopping Centers |
|||||||
Total Number of Properties |
53 | 52 | |||||
Total GLA (in millions of square feet) |
14.4 | 13.5 | |||||
Occupancy |
95.4 | % | 98.5 | % | |||
Comparable sales per square foot |
€ | 407 | € | 409 | |||
Average rent per square foot |
€ | 31.13 | € | 30.86 | |||
International Premium OutletsJapan(1) |
|||||||
Total Number of Properties |
8 | 7 | |||||
Total GLA (in millions of square feet) |
2.4 | 2.0 | |||||
Occupancy |
99.6 | % | 99.9 | % | |||
Comparable sales per square foot |
¥ | 90,993 | ¥ | 91,492 | |||
Average rent per square foot |
¥ | 4,731 | ¥ | 4,705 |
- (1)
- Does not include Premium Outlets Punta Norte in Mexico or Yeoju Premium Outlets in South Korea.
22
SIMON PROPERTY GROUP
Property Listing
Regional Malls(1)
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |
McCain Mall |
AR | N. Little Rock |
100.0 | % | 775,852 | |||||||
2. |
Brea Mall |
CA |
Brea (Los Angeles) |
100.0 |
% |
1,319,054 |
|||||||
3. |
Coddingtown Mall |
CA | Santa Rosa |
50.0 | % | 841,558 | |||||||
4. |
Fashion Valley |
CA | San Diego |
50.0 | % | 1,723,287 | |||||||
5. |
Laguna Hills Mall |
CA | Laguna Hills (Los Angeles) |
100.0 | % | 866,158 | |||||||
6. |
Santa Rosa Plaza |
CA | Santa Rosa |
100.0 | % | 692,427 | |||||||
7. |
Shops at Mission Viejo, The |
CA | Mission Viejo (Los Angeles) |
100.0 | % | 1,149,547 | |||||||
8. |
Stanford Shopping Center |
CA | Palo Alto (San Francisco) |
100.0 | % | 1,364,367 | (7) | ||||||
9. |
Westminster Mall |
CA | Westminster (Los Angeles) |
100.0 | % | 1,187,818 | |||||||
10. |
Mesa Mall(2) |
CO |
Grand Junction |
50.0 |
% |
882,172 |
|||||||
11. |
Town Center at Aurora |
CO | Aurora (Denver) |
100.0 | % | 1,081,531 | |||||||
12. |
Crystal Mall |
CT |
Waterford |
74.6 |
% |
782,876 |
|||||||
13. |
Aventura Mall(2) |
FL |
Miami Beach (Miami) |
33.3 |
% |
2,099,898 |
|||||||
14. |
Avenues, The |
FL | Jacksonville |
25.0 | %(3) | 1,117,023 | |||||||
15. |
Boynton Beach Mall |
FL | Boynton Beach (Miami) |
100.0 | % | 1,100,284 | |||||||
16. |
Coconut Point |
FL | Estero |
50.0 | % | 1,199,873 | (7) | ||||||
17. |
Coral Square |
FL | Coral Springs (Miami) |
97.2 | % | 941,339 | |||||||
18. |
Cordova Mall |
FL | Pensacola |
100.0 | % | 851,723 | |||||||
19. |
Crystal River Mall |
FL | Crystal River |
100.0 | % | 420,109 | |||||||
20. |
Dadeland Mall |
FL | Miami |
50.0 | % | 1,487,658 | |||||||
21. |
DeSoto Square |
FL | Bradenton |
100.0 | % | 678,069 | |||||||
22. |
Edison Mall |
FL | Fort Myers |
100.0 | % | 1,050,989 | |||||||
23. |
Florida Mall, The |
FL | Orlando |
50.0 | % | 1,769,303 | |||||||
24. |
Gulf View Square |
FL | Port Richey (Tampa) |
100.0 | % | 753,564 | |||||||
25. |
Indian River Mall |
FL | Vero Beach |
50.0 | % | 737,108 | |||||||
26. |
Lake Square Mall |
FL | Leesburg (Orlando) |
50.0 | % | 559,088 | |||||||
27. |
Melbourne Square |
FL | Melbourne |
100.0 | % | 665,241 | |||||||
28. |
Miami International Mall |
FL | Miami |
47.8 | % | 1,071,588 | |||||||
29. |
Orange Park Mall |
FL | Orange Park (Jacksonville) |
100.0 | % | 957,944 | |||||||
30. |
Paddock Mall |
FL | Ocala |
100.0 | % | 554,033 | |||||||
31. |
Port Charlotte Town Center |
FL | Port Charlotte |
80.0 | %(4) | 766,563 | |||||||
32. |
Seminole Towne Center |
FL | Sanford (Orlando) |
45.0 | %(3) | 1,125,889 | |||||||
33. |
Shops at Sunset Place, The |
FL | S. Miami |
37.5 | %(3) | 514,437 | |||||||
34. |
St. Johns Town Center |
FL | Jacksonville |
50.0 | % | 1,221,235 | |||||||
35. |
Town Center at Boca Raton |
FL | Boca Raton (Miami) |
100.0 | % | 1,753,683 | |||||||
36. |
Treasure Coast Square |
FL | Jensen Beach |
100.0 | % | 878,363 | |||||||
37. |
Tyrone Square |
FL | St. Petersburg (Tampa) |
100.0 | % | 1,095,347 | |||||||
38. |
Gwinnett Place |
GA |
Duluth (Atlanta) |
75.0 |
% |
1,279,928 |
(7) |
||||||
39. |
Lenox Square |
GA | Atlanta |
100.0 | % | 1,544,024 | |||||||
40. |
Mall of Georgia |
GA | Buford (Atlanta) |
100.0 | % | 1,759,238 | |||||||
41. |
Northlake Mall |
GA | Atlanta |
100.0 | % | 962,133 | |||||||
42. |
Phipps Plaza |
GA | Atlanta |
100.0 | % | 818,177 | |||||||
43. |
Town Center at Cobb |
GA | Kennesaw (Atlanta) |
75.0 | % | 1,275,898 | |||||||
44. |
Lindale Mall(2) |
IA |
Cedar Rapids |
50.0 |
% |
688,593 |
|||||||
45. |
NorthPark Mall |
IA | Davenport |
50.0 | % | 1,073,110 | |||||||
46. |
Southern Hills Mall(2) |
IA | Sioux City |
50.0 | % | 796,680 | |||||||
47. |
SouthRidge Mall(2) |
IA | Des Moines |
50.0 | % | 889,046 | |||||||
48. |
Lincolnwood Town Center |
IL |
Lincolnwood (Chicago) |
100.0 |
% |
421,382 |
|||||||
49. |
Northfield Square Mall |
IL | Bourbonnais |
31.6 | %(4) | 530,011 | |||||||
50. |
Northwoods Mall |
IL | Peoria |
100.0 | % | 694,316 | |||||||
51. |
Orland Square |
IL | Orland Park (Chicago) |
100.0 | % | 1,210,127 |
23
SIMON PROPERTY GROUP
Property Listing
Regional Malls(1)
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
52. |
River Oaks Center |
IL | Calumet City (Chicago) |
100.0 | % | 1,352,187 | (7) | ||||||
53. |
SouthPark Mall |
IL | Moline |
50.0 | % | 1,017,107 | |||||||
54. |
White Oaks Mall |
IL | Springfield |
80.7 | % | 929,871 | (7) | ||||||
55. |
Castleton Square |
IN |
Indianapolis |
100.0 |
% |
1,381,525 |
|||||||
56. |
Circle Centre |
IN | Indianapolis |
14.7 | %(3) | 735,772 | |||||||
57. |
College Mall |
IN | Bloomington |
100.0 | % | 636,606 | |||||||
58. |
Eastland Mall |
IN | Evansville |
50.0 | % | 865,310 | |||||||
59. |
Fashion Mall at Keystone, The |
IN | Indianapolis |
100.0 | % | 683,492 | |||||||
60. |
Greenwood Park Mall |
IN | Greenwood (Indianapolis) |
100.0 | % | 1,280,173 | |||||||
61. |
Markland Mall |
IN | Kokomo |
100.0 | % | 415,892 | |||||||
62. |
Muncie Mall |
IN | Muncie |
100.0 | % | 635,037 | |||||||
63. |
Tippecanoe Mall |
IN | Lafayette |
100.0 | % | 862,773 | |||||||
64. |
University Park Mall |
IN | Mishawaka |
100.0 | % | 922,626 | |||||||
65. |
Washington Square |
IN | Indianapolis |
100.0 | % | 963,268 | |||||||
66. |
Towne East Square |
KS |
Wichita |
100.0 |
% |
1,120,581 |
|||||||
67. |
Towne West Square |
KS | Wichita |
100.0 | % | 941,485 | |||||||
68. |
West Ridge Mall |
KS | Topeka |
100.0 | % | 992,313 | |||||||
69. |
Prien Lake Mall |
LA |
Lake Charles |
100.0 |
% |
791,243 |
|||||||
70. |
Arsenal Mall |
MA |
Watertown (Boston) |
100.0 |
% |
450,128 |
(7) |
||||||
71. |
Atrium Mall |
MA | Chestnut Hill (Boston) |
49.1 | % | 205,605 | |||||||
72. |
Auburn Mall |
MA | Auburn |
49.1 | % | 588,130 | |||||||
73. |
Burlington Mall |
MA | Burlington (Boston) |
100.0 | % | 1,317,759 | |||||||
74. |
Cape Cod Mall |
MA | Hyannis |
49.1 | % | 725,607 | |||||||
75. |
Copley Place |
MA | Boston |
98.1 | % | 1,243,193 | (7) | ||||||
76. |
Emerald Square |
MA | North Attleboro (Providence, RI) |
49.1 | % | 1,022,548 | |||||||
77. |
Greendale Mall |
MA | Worcester (Boston) |
49.1 | % | 430,807 | (7) | ||||||
78. |
Liberty Tree Mall |
MA | Danvers (Boston) |
49.1 | % | 858,302 | |||||||
79. |
Mall at Chestnut Hill, The |
MA | Chestnut Hill (Boston) |
47.2 | % | 474,909 | |||||||
80. |
Northshore Mall |
MA | Peabody (Boston) |
49.1 | % | 1,581,257 | (7) | ||||||
81. |
Solomon Pond Mall |
MA | Marlborough (Boston) |
49.1 | % | 886,848 | |||||||
82. |
South Shore Plaza |
MA | Braintree (Boston) |
100.0 | % | 1,303,073 | |||||||
83. |
Square One Mall |
MA | Saugus (Boston) |
49.1 | % | 930,647 | |||||||
84. |
Bowie Town Center |
MD |
Bowie (Washington, D.C.) |
100.0 |
% |
684,357 |
|||||||
85. |
St. Charles Towne Center |
MD | Waldorf (Washington, D.C.) |
100.0 | % | 979,905 | |||||||
86. |
Bangor Mall |
ME |
Bangor |
67.4 |
%(6) |
652,722 |
|||||||
87. |
Maplewood Mall |
MN |
St. Paul (Minneapolis) |
100.0 |
% |
930,013 |
|||||||
88. |
Miller Hill Mall |
MN | Duluth |
100.0 | % | 805,552 | |||||||
89. |
Battlefield Mall |
MO |
Springfield |
100.0 |
% |
1,198,845 |
|||||||
90. |
Independence Center |
MO | Independence (Kansas City) |
100.0 | % | 1,031,751 | |||||||
91. |
SouthPark |
NC |
Charlotte |
100.0 |
% |
1,625,581 |
|||||||
92. |
Mall at Rockingham Park, The |
NH |
Salem (Boston) |
24.6 |
% |
1,020,083 |
|||||||
93. |
Mall of New Hampshire, The |
NH | Manchester |
49.1 | % | 811,320 | |||||||
94. |
Pheasant Lane Mall |
NH | Nashua |
(5) | 869,807 | ||||||||
95. |
Brunswick Square |
NJ |
East Brunswick (New York) |
100.0 |
% |
765,293 |
|||||||
96. |
Livingston Mall |
NJ | Livingston (New York) |
100.0 | % | 984,641 | |||||||
97. |
Menlo Park Mall |
NJ | Edison (New York) |
100.0 | % | 1,323,005 | (7) | ||||||
98. |
Ocean County Mall |
NJ | Toms River (New York) |
100.0 | % | 890,283 | |||||||
99. |
Quaker Bridge Mall |
NJ | Lawrenceville |
38.0 | %(6) | 1,098,690 | |||||||
100. |
Rockaway Townsquare |
NJ | Rockaway (New York) |
100.0 | % | 1,243,573 |
24
SIMON PROPERTY GROUP
Property Listing
Regional Malls(1)
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
101. |
Cottonwood Mall |
NM | Albuquerque |
100.0 | % | 1,040,713 | |||||||
102. |
Forum Shops at Caesars, The |
NV |
Las Vegas |
100.0 |
% |
645,149 |
|||||||
103. |
Chautauqua Mall |
NY |
Lakewood |
100.0 |
% |
425,291 |
|||||||
104. |
Jefferson Valley Mall |
NY | Yorktown Heights (New York) |
100.0 | % | 580,265 | |||||||
105. |
Roosevelt Field |
NY | Garden City (New York) |
100.0 | % | 2,227,043 | (7) | ||||||
106. |
Smith Haven Mall |
NY | Lake Grove (New York) |
25.0 | % | 1,287,415 | |||||||
107. |
Walt Whitman Mall |
NY | Huntington Station (New York) |
100.0 | % | 1,027,520 | |||||||
108. |
Westchester, The |
NY | White Plains (New York) |
40.0 | % | 827,390 | (7) | ||||||
109. |
Great Lakes Mall |
OH |
Mentor (Cleveland) |
100.0 |
% |
1,234,687 |
(7) |
||||||
110. |
Lima Mall |
OH | Lima |
100.0 | % | 737,690 | |||||||
111. |
Richmond Town Square |
OH | Richmond Heights (Cleveland) |
100.0 | % | 1,015,451 | |||||||
112. |
Southern Park Mall |
OH | Youngstown |
100.0 | % | 1,189,723 | |||||||
113. |
Summit Mall |
OH | Akron |
100.0 | % | 770,293 | |||||||
114. |
Upper Valley Mall |
OH | Springfield |
100.0 | % | 739,804 | |||||||
115. |
Penn Square Mall |
OK |
Oklahoma City |
94.5 |
% |
1,050,669 |
|||||||
116. |
Woodland Hills Mall |
OK | Tulsa |
94.5 | % | 1,092,032 | |||||||
117. |
Century III Mall |
PA |
West Mifflin (Pittsburgh) |
100.0 |
% |
1,225,375 |
(7) |
||||||
118. |
Granite Run Mall |
PA | Media (Philadelphia) |
50.0 | % | 1,032,551 | |||||||
119. |
King of Prussia Mall |
PA | King of Prussia (Philadelphia) |
12.4 | %(6) | 2,615,477 | (7) | ||||||
120. |
Lehigh Valley Mall |
PA | Whitehall |
37.6 | %(6) | 1,169,065 | (7) | ||||||
121. |
Montgomery Mall |
PA | North Wales (Philadelphia) |
60.0 | %(6) | 1,147,484 | |||||||
122. |
Oxford Valley Mall |
PA | Langhorne (Philadelphia) |
65.0 | %(6) | 1,332,185 | (7) | ||||||
123. |
Ross Park Mall |
PA | Pittsburgh |
100.0 | % | 1,207,923 | |||||||
124. |
South Hills Village |
PA | Pittsburgh |
100.0 | % | 1,141,179 | (7) | ||||||
125. |
Springfield Mall(2) |
PA | Springfield (Philadelphia) |
38.0 | %(6) | 589,275 | |||||||
126. |
Plaza Carolina |
PR |
Carolina (San Juan) |
100.0 |
% |
1,077,393 |
(7) |
||||||
127. |
Anderson Mall |
SC |
Anderson |
100.0 |
% |
671,885 |
|||||||
128. |
Haywood Mall |
SC | Greenville |
100.0 | % | 1,231,161 | |||||||
129. |
Empire Mall(2) |
SD |
Sioux Falls |
50.0 |
% |
1,073,985 |
|||||||
130. |
Rushmore Mall(2) |
SD | Rapid City |
50.0 | % | 834,897 | |||||||
131. |
Knoxville Center |
TN |
Knoxville |
100.0 |
% |
978,166 |
(7) |
||||||
132. |
Oak Court Mall |
TN | Memphis |
100.0 | % | 848,967 | (7) | ||||||
133. |
West Town Mall |
TN | Knoxville |
50.0 | % | 1,336,669 | |||||||
134. |
Wolfchase Galleria |
TN | Memphis |
94.5 | % | 1,152,526 | |||||||
135. |
Barton Creek Square |
TX |
Austin |
100.0 |
% |
1,429,571 |
|||||||
136. |
Broadway Square |
TX | Tyler |
100.0 | % | 627,953 | |||||||
137. |
Cielo Vista Mall |
TX | El Paso |
100.0 | % | 1,242,926 | |||||||
138. |
Domain, The |
TX | Austin |
100.0 | % | 1,090,690 | (7) | ||||||
139. |
Firewheel Town Center |
TX | Garland (Dallas) |
100.0 | % | 1,004,241 | (7) | ||||||
140. |
Galleria, The |
TX | Houston |
31.5 | % | 2,298,426 | |||||||
141. |
Ingram Park Mall |
TX | San Antonio |
100.0 | % | 1,125,731 | |||||||
142. |
Irving Mall |
TX | Irving (Dallas) |
100.0 | % | 1,052,994 | |||||||
143. |
La Plaza Mall |
TX | McAllen |
100.0 | % | 1,199,803 | |||||||
144. |
Lakeline Mall |
TX | Cedar Park (Austin) |
100.0 | % | 1,097,944 | |||||||
145. |
Longview Mall |
TX | Longview |
100.0 | % | 638,588 | |||||||
146. |
Midland Park Mall |
TX | Midland |
100.0 | % | 617,576 | |||||||
147. |
North East Mall |
TX | Hurst (Dallas) |
100.0 | % | 1,670,146 | |||||||
148. |
Rolling Oaks Mall |
TX | San Antonio |
100.0 | % | 883,401 | (7) | ||||||
149. |
Sunland Park Mall |
TX | El Paso |
100.0 | % | 917,642 |
25
SIMON PROPERTY GROUP
Property Listing
Regional Malls(1)
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
150. |
Valle Vista Mall |
TX | Harlingen |
100.0 | % | 651,102 | |||||||
151. |
Apple Blossom Mall |
VA |
Winchester |
49.1 |
% |
439,862 |
|||||||
152. |
Charlottesville Fashion Square |
VA | Charlottesville |
100.0 | % | 569,861 | |||||||
153. |
Chesapeake Square |
VA | Chesapeake (Virginia Beach) |
75.0 | %(4) | 792,687 | |||||||
154. |
Fashion Centre at Pentagon City, The |
VA | Arlington (Washington, DC) |
42.5 | % | 989,006 | (7) | ||||||
155. |
Valley Mall |
VA | Harrisonburg |
50.0 | % | 506,279 | |||||||
156. |
Virginia Center Commons |
VA | Glen Allen |
100.0 | % | 785,406 | |||||||
157. |
Columbia Center |
WA |
Kennewick |
100.0 |
% |
768,418 |
|||||||
158. |
Northgate Mall |
WA | Seattle |
100.0 | % | 1,058,557 | |||||||
159. |
Tacoma Mall |
WA | Tacoma (Seattle) |
100.0 | % | 1,253,094 | |||||||
160. |
Bay Park Square |
WI |
Green Bay |
100.0 |
% |
710,904 |
|||||||
161. |
Forest Mall |
WI | Fond Du Lac |
100.0 | % | 500,174 | |||||||
|
Total Regional Mall GLA |
159,921,436 | |||||||||||
Premium Outlets
|
Property Name
|
State | City (Metro Area Served)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |
Camarillo Premium Outlets |
CA | Camarillo (Los Angeles) |
100.0 | % | 673,913 | |||||||
2. |
Carlsbad Premium Outlets |
CA | Carlsbad (San Diego) |
100.0 | % | 288,045 | |||||||
3. |
Desert Hills Premium Outlets |
CA | Cabazon (Palm Springs) |
100.0 | % | 501,733 | |||||||
4. |
Folsom Premium Outlets |
CA | Folsom (Sacramento) |
100.0 | % | 296,035 | |||||||
5. |
Gilroy Premium Outlets |
CA | Gilroy (San Jose) |
100.0 | % | 577,906 | |||||||
6. |
Las Americas Premium Outlets |
CA | San Diego |
100.0 | % | 560,873 | |||||||
7. |
Napa Premium Outlets |
CA | Napa |
100.0 | % | 179,392 | |||||||
8. |
Petaluma Village Premium Outlets |
CA | Petaluma |
100.0 | % | 195,953 | |||||||
9. |
Vacaville Premium Outlets |
CA | Vacaville |
100.0 | % | 437,523 | |||||||
10. |
Clinton Crossing Premium Outlets |
CT |
Clinton |
100.0 |
% |
276,173 |
|||||||
11. |
Orlando Premium Outlets |
FL |
Orlando |
100.0 |
% |
549,534 |
|||||||
12. |
St. Augustine Premium Outlets |
FL | St. Augustine (Jacksonsville) |
100.0 | % | 328,557 | |||||||
13. |
North Georgia Premium Outlets |
GA |
Dawsonville (Atlanta) |
100.0 |
% |
538,348 |
|||||||
14. |
Waikele Premium Outlets |
HI |
Waipahu (Honolulu) |
100.0 |
% |
209,937 |
|||||||
15. |
Chicago Premium Outlets |
IL |
Aurora (Chicago) |
100.0 |
% |
437,367 |
|||||||
16. |
Edinburgh Premium Outlets |
IN |
Edinburgh (Indianapolis) |
100.0 |
% |
377,814 |
|||||||
17. |
Lighthouse Place Premium Outlets |
IN | Michigan City |
100.0 | % | 454,325 | |||||||
18. |
Wrentham Village Premium Outlets |
MA |
Wrentham (Boston) |
100.0 |
% |
636,002 |
|||||||
19. |
Kittery Premium Outlets |
ME |
Kittery |
100.0 |
% |
264,543 |
|||||||
20. |
Albertville Premium Outlets |
MN |
Albertville (Minneapolis) |
100.0 |
% |
429,563 |
|||||||
21. |
Osage Beach Premium Outlets |
MO |
Osage Beach |
100.0 |
% |
393,099 |
|||||||
22. |
Carolina Premium Outlets |
NC |
Smithfield |
100.0 |
% |
438,978 |
|||||||
23. |
Jackson Premium Outlets |
NJ |
Jackson (New York) |
100.0 |
% |
285,719 |
|||||||
24. |
Jersey Shore Premium Outlets |
NJ | Tinton Falls (New York) |
100.0 | % | 434,391 | |||||||
25. |
Liberty Village Premium Outlets |
NJ | Flemington (New York) |
100.0 | % | 164,266 | |||||||
26. |
Las Vegas Outlet Center |
NV |
Las Vegas |
100.0 |
% |
469,047 |
|||||||
27. |
Las Vegas Premium Outlets |
NV | Las Vegas |
100.0 | % | 538,681 |
26
SIMON PROPERTY GROUP
Property Listing
Premium Outlets
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
28. |
Waterloo Premium Outlets |
NY |
Waterloo |
100.0 |
% |
417,558 |
|||||||
29. |
Woodbury Common Premium Outlets |
NY | Central Valley (New York) |
100.0 | % | 844,730 | |||||||
30. |
Aurora Farms Premium Outlets |
OH |
Aurora (Cleveland) |
100.0 |
% |
300,446 |
|||||||
31. |
Cincinnati Premium Outlets |
OH | Monroe (Cincinnati) |
100.0 | % | 398,792 | |||||||
32. |
Columbia Gorge Premium Outlets |
OR |
Troutdale (Portland) |
100.0 |
% |
163,884 |
|||||||
33. |
Philadelphia Premium Outlets |
PA |
Limerick (Philadelphia) |
100.0 |
% |
549,106 |
|||||||
34. |
The Crossings Premium Outlets |
PA | Tannersville |
100.0 | % | 411,196 | |||||||
35. |
Allen Premium Outlets |
TX |
Allen (Dallas) |
100.0 |
% |
441,543 |
|||||||
36. |
Houston Premium Outlets |
TX | Cypress (Houston) |
100.0 | % | 425,482 | |||||||
37. |
Rio Grande Valley Premium Outlets |
TX | Mercedes (McAllen) |
100.0 | % | 584,790 | |||||||
38. |
Round Rock Premium Outlets |
TX | Round Rock (Austin) |
100.0 | % | 488,902 | |||||||
39. |
Leesburg Corner Premium Outlets |
VA |
Leesburg (Washington D.C.) |
100.0 |
% |
517,711 |
|||||||
40. |
Seattle Premium Outlets |
WA |
Tulalip (Seattle) |
100.0 |
% |
443,796 |
|||||||
41. |
Johnson Creek Premium Outlets |
WI |
Johnson Creek |
100.0 |
% |
277,672 |
|||||||
|
Total U.S. Premium Outlets GLA |
17,203,325 | |||||||||||
|
Total Regional Mall and U.S. Premium Outlets GLA |
177,124,761 | |||||||||||
FOOTNOTES:
- (1)
- Does
not include the regional malls in the Mills portfolio.
- (2)
- This
property is managed by a third party.
- (3)
- The
Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on
distributions in favor of other partners or the Operating Partnership.
- (4)
- The
Operating Partnership receives substantially all the economic benefit of the property due to a preference or advance.
- (5)
- The
Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
- (6)
- The
Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.
- (7)
- Includes
office space as follows:
Arsenal Mall52,847 sq. ft.
Century III Mall30,032 sq. ft.
Copley Place867,301 sq. ft.
Fashion Centre at Pentagon City, The169,089 sq. ft.
Firewheel Town Center74,999 sq. ft.
Great Lakes Mall2,051 sq. ft.
Greendale Mall119,860 sq. ft.
Gwinnett Place32,603 sq. ft.
King of Prussia Mall13,150 sq. ft.
Lehigh Valley Mall11,754 sq. ft.
Menlo Park Mall52,424 sq. ft.
Northshore Mall12,367 sq. ft.
Knoxville Center1,455 sq. ft.
Oak Court Mall126,583 sq. ft.
Oxford Valley Mall110,324 sq. ft.
Plaza Carolina28,436 sq. ft.
River Oaks Center116,912 sq. ft.
Rolling Oaks Mall6,383 sq. ft.
Roosevelt Field1,610 sq. ft.
South Hills Village4,361 sq. ft.
Stanford Shopping Center5,748 sq. ft.
The Domain92,954 sq. ft.
The Westchester820 sq. ft.
White Oaks Mall17,807 sq. ft.
27
SIMON PROPERTY GROUP
Property Listing
Community/Lifestyle Centers(1)
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1. |
Plaza at Buckland Hills, The |
CT | Manchester |
41.3 | %(3) | 335,589 | |||||||
2. |
Gaitway Plaza |
FL |
Ocala |
32.2 |
%(3) |
208,755 |
|||||||
3. |
Highland Lakes Center |
FL | Orlando |
100.0 | % | 492,321 | |||||||
4. |
Indian River Commons |
FL | Vero Beach |
50.0 | % | 255,942 | |||||||
5. |
Pier Park |
FL | Panama City Beach |
100.0 | % | 815,657 | |||||||
6. |
Royal Eagle Plaza |
FL | Coral Springs (Miami) |
42.0 | %(3) | 199,059 | |||||||
7. |
Terrace at The Florida Mall |
FL | Orlando |
100.0 | % | 346,693 | |||||||
8. |
Waterford Lakes Town Center |
FL | Orlando |
100.0 | % | 949,678 | |||||||
9. |
West Town Corners |
FL | Altamonte Springs (Orlando) |
32.2 | %(3) | 385,643 | |||||||
10. |
Westland Park Plaza |
FL | Orange Park (Jacksonville) |
32.2 | %(3) | 163,254 | |||||||
11. |
Mall of Georgia Crossing |
GA |
Buford (Atlanta) |
100.0 |
% |
440,670 |
|||||||
12. |
Bloomingdale Court |
IL |
Bloomingdale (Chicago) |
100.0 |
% |
630,359 |
|||||||
13. |
Countryside Plaza |
IL | Countryside (Chicago) |
100.0 | % | 403,756 | |||||||
14. |
Crystal Court |
IL | Crystal Lake (Chicago) |
37.9 | %(3) | 278,978 | |||||||
15. |
Forest Plaza |
IL | Rockford |
100.0 | % | 428,039 | |||||||
16. |
Lake Plaza |
IL | Waukegan (Chicago) |
100.0 | % | 215,568 | |||||||
17. |
Lake View Plaza |
IL | Orland Park (Chicago) |
100.0 | % | 367,843 | |||||||
18. |
Lincoln Crossing |
IL | O'Fallon (St. Louis) |
100.0 | % | 243,326 | |||||||
19. |
Matteson Plaza |
IL | Matteson (Chicago) |
100.0 | % | 270,892 | |||||||
20. |
North Ridge Plaza |
IL | Joliet (Chicago) |
100.0 | % | 305,070 | |||||||
21. |
White Oaks Plaza |
IL | Springfield |
100.0 | % | 391,474 | |||||||
22. |
Willow Knolls Court |
IL | Peoria |
35.7 | %(3) | 382,377 | |||||||
23. |
Clay Terrace |
IN |
Carmel (Indianapolis) |
50.0 |
% |
503,706 |
|||||||
24. |
Eastland Convenience Center |
IN | Evansville |
50.0 | % | 175,639 | |||||||
25. |
Greenwood Plus |
IN | Greenwood (Indianapolis) |
100.0 | % | 155,319 | |||||||
26. |
Hamilton Town Center |
IN | Noblesville (Indianapolis) |
50.0 | % | 655,490 | |||||||
27. |
Keystone Shoppes |
IN | Indianapolis |
100.0 | % | 29,140 | |||||||
28. |
Markland Plaza |
IN | Kokomo |
100.0 | % | 90,527 | |||||||
29. |
Muncie Plaza |
IN | Muncie |
100.0 | % | 172,621 | |||||||
30. |
New Castle Plaza |
IN | New Castle |
100.0 | % | 91,648 | |||||||
31. |
Northwood Plaza |
IN | Fort Wayne |
100.0 | % | 208,076 | |||||||
32. |
Teal Plaza |
IN | Lafayette |
100.0 | % | 101,087 | |||||||
33. |
Tippecanoe Plaza |
IN | Lafayette |
100.0 | % | 90,522 | |||||||
34. |
University Center |
IN | Mishawaka |
100.0 | % | 150,524 | |||||||
35. |
Village Park Plaza |
IN | Carmel (Indianapolis) |
35.7 | %(3) | 549,623 | |||||||
36. |
Washington Plaza |
IN | Indianapolis |
100.0 | % | 50,107 | |||||||
37. |
West Ridge Plaza |
KS |
Topeka |
100.0 |
% |
254,519 |
|||||||
38. |
St. Charles Towne Plaza |
MD |
Waldorf (Washington, D.C.) |
100.0 |
% |
394,509 |
|||||||
39. |
Regency Plaza |
MO |
St. Charles (St. Louis) |
100.0 |
% |
287,473 |
|||||||
40. |
Ridgewood Court |
MS |
Jackson |
35.7 |
%(3) |
369,500 |
|||||||
41. |
Dare Centre |
NC |
Kill Devil Hills |
100.0 |
% |
168,707 |
|||||||
42. |
MacGregor Village |
NC | Cary |
100.0 | % | 144,042 | |||||||
43. |
North Ridge Shopping Center |
NC | Raleigh |
100.0 | % | 166,667 | |||||||
44. |
Rockaway Commons |
NJ |
Rockaway (New York) |
100.0 |
% |
149,335 |
|||||||
45. |
Rockaway Town Plaza |
NJ | Rockaway (New York) |
100.0 | % | 459,241 | |||||||
46. |
Cobblestone Court |
NY |
Victor |
35.7 |
%(3) |
265,477 |
28
SIMON PROPERTY GROUP
Property Listing
Community/Lifestyle Centers(1)
|
Property Name
|
State | City (CBSA)
|
Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
47. |
Great Lakes Plaza |
OH |
Mentor (Cleveland) |
100.0 |
% |
164,154 |
|||||||
48. |
Lima Center |
OH | Lima |
100.0 | % | 236,878 | |||||||
49. |
DeKalb Plaza |
PA |
King of Prussia (Philadelphia) |
50.3 |
%(4) |
101,742 |
|||||||
50. |
Henderson Square |
PA | King of Prussia (Philadelphia) |
76.0 | %(4) | 107,383 | |||||||
51. |
Lincoln Plaza |
PA | King of Prussia (Philadelphia) |
65.0 | %(4) | 267,965 | |||||||
52. |
Whitehall Mall |
PA | Whitehall |
38.0 | %(4) | 588,566 | |||||||
53. |
Charles Towne Square |
SC |
Charleston |
100.0 |
% |
71,794 |
|||||||
54. |
Empire East(2) |
SD |
Sioux Falls |
50.0 |
% |
297,278 |
|||||||
55. |
Arboretum at Great Hills |
TX |
Austin |
100.0 |
% |
206,452 |
|||||||
56. |
Gateway Shopping Center |
TX | Austin |
100.0 | % | 512,955 | |||||||
57. |
Ingram Plaza |
TX | San Antonio |
100.0 | % | 111,518 | |||||||
58. |
Lakeline Plaza |
TX | Cedar Park (Austin) |
100.0 | % | 387,430 | |||||||
59. |
Palms Crossing |
TX | McAllen |
100.0 | % | 337,249 | |||||||
60. |
Richardson Square |
TX | Richardson (Dallas) |
100.0 | % | 517,265 | |||||||
61. |
Shops at Arbor Walk, The |
TX | Austin |
100.0 | % | 442,585 | |||||||
62. |
Shops at North East Mall, The |
TX | Hurst (Dallas) |
100.0 | % | 365,008 | |||||||
63. |
Wolf Ranch Town Center |
TX | Georgetown (Austin) |
100.0 | % | 626,251 | |||||||
64. |
Chesapeake Center |
VA |
Chesapeake (Virginia Beach) |
100.0 |
% |
305,935 |
|||||||
65. |
Fairfax Court |
VA | Fairfax (Washington, D.C.) |
41.3 | %(3) | 254,302 | |||||||
66. |
Martinsville Plaza |
VA | Martinsville |
100.0 | % | 102,105 | |||||||
|
Total Community/Lifestyle Center GLA |
20,199,257 | |||||||||||
FOOTNOTES:
- (1)
- Does
not include the community centers in Mills portfolio.
- (2)
- This
property is managed by a third party.
- (3)
- Outside
partner receives substantially all of the economic benefit due to a partner preference.
- (4)
- The Operating Partnership's indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.
29
SIMON PROPERTY GROUP
Property Listing
The Mills Portfolio
|
Property Name
|
State | City (CBSA)
|
SPG Share of Legal Ownership |
Total Gross Leasable Area |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
The Mills® |
||||||||||||
1. |
Arizona Mills |
AZ | Tempe (Phoenix) |
25.0 | % | 1,244,646 | |||||||
2. |
Arundel Mills |
MD | Hanover (Baltimore) |
29.6 | % | 1,293,052 | |||||||
3. |
Colorado Mills |
CO | Lakewood (Denver) |
18.8 | %(1) | 1,098,098 | |||||||
4. |
Concord Mills |
NC | Concord (Charlotte) |
29.6 | %(1) | 1,333,938 | |||||||
5. |
Discover Mills |
GA | Lawrenceville (Atlanta) |
25.0 | %(1) | 1,183,084 | |||||||
6. |
Franklin Mills |
PA | Philadelphia |
50.0 | % | 1,742,849 | |||||||
7. |
Grapevine Mills |
TX | Grapevine (Dallas) |
29.6 | % | 1,777,431 | |||||||
8. |
Great Mall |
CA | Milpitas (San Jose) |
50.0 | % | 1,354,862 | |||||||
9. |
Gurnee Mills |
IL | Gurnee (Chicago) |
50.0 | % | 1,810,747 | |||||||
10. |
Katy Mills |
TX | Katy (Houston) |
31.3 | %(1) | 1,554,944 | |||||||
11. |
Ontario Mills |
CA | Ontario (Riverside) |
25.0 | % | 1,479,501 | |||||||
12. |
Opry Mills |
TN | Nashville |
50.0 | % | 1,159,517 | |||||||
13. |
Potomac Mills |
VA | Prince William (Washington, D.C.) |
50.0 | % | 1,540,056 | |||||||
14. |
Sawgrass Mills |
FL | Sunrise (Miami) |
50.0 | % | 2,257,261 | |||||||
15. |
St. Louis Mills |
MO | Hazelwood (St. Louis) |
25.0 | %(1) | 1,174,876 | |||||||
16. |
The Block at Orange |
CA | Orange (Los Angeles) |
25.0 | % | 720,870 | |||||||
|
Subtotal The Mills GLA® |
22,725,732 | |||||||||||
|
Regional Malls(3) |
||||||||||||
17. |
Briarwood Mall |
MI | Ann Arbor |
25.0 | % | 970,562 | |||||||
18. |
Del Amo Fashion Center |
CA | Torrance (Los Angeles) |
25.0 | %(1) | 2,381,172 | (2) | ||||||
19. |
Dover Mall |
DE | Dover |
34.1 | % | 885,966 | |||||||
20. |
Esplanade, The |
LA | Kenner (New Orleans) |
50.0 | % | 899,436 | |||||||
21. |
Falls, The |
FL | Miami |
25.0 | % | 807,275 | |||||||
22. |
Galleria at White Plains, The |
NY | White Plains (New York) |
50.0 | % | 863,293 | |||||||
23. |
Hilltop Mall |
CA | Richmond (San Francisco) |
25.0 | % | 1,077,067 | |||||||
24. |
Lakeforest Mall |
MD | Gaithersburg (Washington, D.C.) |
25.0 | % | 1,046,321 | |||||||
25. |
Mall at Tuttle Crossing, The |
OH | Dublin (Columbus) |
25.0 | % | 1,107,688 | |||||||
26. |
Marley Station |
MD | Glen Burnie (Baltimore) |
25.0 | % | 1,069,133 | |||||||
27. |
Meadowood Mall |
NV | Reno |
25.0 | % | 876,502 | (2) | ||||||
28. |
Northpark Mall |
MS | Ridgeland |
50.0 | % | 955,846 | |||||||
29. |
Shops at Riverside, The |
NJ | Hackensack (New York) |
50.0 | % | 762,197 | |||||||
30. |
Southdale Center |
MN | Edina (Minneapolis) |
50.0 | % | 1,338,880 | (2) | ||||||
31. |
Southridge Mall |
WI | Greendale (Milwaukee) |
50.0 | % | 1,212,117 | |||||||
32. |
Stoneridge Shopping Center |
CA | Pleasanton (San Francisco) |
25.0 | % | 1,301,148 | |||||||
|
Subtotal Regional Malls GLA |
17,554,603 | |||||||||||
|
Community Centers |
||||||||||||
33. |
Denver West Village |
CO | Lakewood (Denver) |
18.8 | % | 310,160 | |||||||
34. |
Arundel Mills Marketplace |
MD | Hanover (Baltimore) |
29.6 | % | 101,613 | |||||||
35. |
Concord Mills Marketplace |
NC | Concord (Charlotte) |
50.0 | % | 230,683 | |||||||
36. |
Liberty Plaza |
PA | Philadelphia |
50.0 | % | 371,618 | |||||||
|
Subtotal Community Centers GLA |
1,014,074 | |||||||||||
|
Total Mills Properties GLA |
41,294,409 | |||||||||||
- (1)
- The
Operating Partnership's direct and indirect interests in some of the properties held as joint venture interests are subject to preferences on
distributions in favor of other partners or the Operating Partnership.
- (2)
- Includes
office space as follows:
Del Amo Fashion Center114,413 sq. ft.
Meadowood Mall6,013 sq. ft.
Southdale Center20,295 sq. ft. - (3)
- Does not include two regional malls in Atlanta (Gwinnett Place and Town Center at Cobb) in which we already held a 50% interest prior to the Mills acquisition.
30
SIMON PROPERTY GROUP
Property Listing
International Properties
|
Property Name
|
City (Metropolitan area)
|
SPG Effective Ownership(4) |
Total Gross Leasable Area(1) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
FRANCE |
||||||||||
1. |
Bay 2 |
Torcy (Paris) |
50.0 | % | 576,800 | ||||||
2. |
Bay 1 |
Torcy (Paris) |
50.0 | % | 348,900 | ||||||
3. |
Bel'Est |
Bagnolet (Paris) |
17.5 | % | 173,100 | ||||||
4. |
Villabé A6 |
Villabé (Paris) |
7.5 | % | 284,300 | ||||||
5. |
Wasquehal |
Wasquehal (Lille) |
50.0 | % | 254,700 | ||||||
|
Subtotal France GLA |
1,637,800 | |||||||||
|
ITALY |
||||||||||
|
Ancona: |
||||||||||
6. |
Ancona |
Ancona |
49.0 | %(3) | 165,200 | ||||||
7. |
Senigallia |
Senigallia (Ancona) |
49.0 | % | 82,800 | ||||||
|
Ascoli Piceno: |
||||||||||
8. |
Grottammare |
Grottammare (Ascoli Piceno) |
49.0 | % | 94,800 | ||||||
9. |
Porto Sant'Elpidio |
Porto Sant'Elpidio (Ascoli Piceno) |
49.0 | % | 162,300 | ||||||
|
Bari: |
||||||||||
10. |
Casamassima |
Casamassima (Bari) |
49.0 | % | 547,800 | ||||||
11. |
Modugno |
Modugno (Bari) |
49.0 | % | 143,500 | ||||||
|
Bergamo: |
||||||||||
12. |
Bergamo |
Bergamo |
49.0 | %(3) | 119,900 | ||||||
|
Brescia: |
||||||||||
13. |
Concesio |
Concesio (Brescia) |
49.0 | %(3) | 117,500 | ||||||
14. |
Mazzano |
Mazzano (Brescia) |
49.0 | %(2) | 230,700 | ||||||
|
Brindisi: |
||||||||||
15. |
Mesagne |
Mesagne (Brindisi) |
49.0 | % | 228,600 | ||||||
|
Cagliari: |
||||||||||
16. |
Marconi |
Marconi (Cagliari) |
49.0 | %(3) | 193,400 | ||||||
17. |
Santa Gilla |
Santa Gilla (Cagliari) |
49.0 | %(2) | 190,700 | ||||||
|
Catania: |
||||||||||
18. |
Catania |
Catania |
24.0 | % | 641,700 | ||||||
19. |
La Rena |
La Rena (Catania) |
49.0 | % | 146,200 | ||||||
20. |
Misterbianco |
Misterbianco (Catania) |
49.0 | %(3) | 99,300 | ||||||
|
Lecco: |
||||||||||
21. |
Merate |
Merate (Lecco) |
49.0 | %(3) | 162,000 | ||||||
|
Milan (Milano): |
||||||||||
22. |
Cesano Boscone |
Cescano Boscone (Milano) |
49.0 | %(3) | 283,900 | ||||||
23. |
Cinisello |
Cinisello (Milano) |
49.0 | % | 375,600 | ||||||
24. |
Nerviano |
Nerviano (Milano) |
49.0 | %(3) | 111,600 | ||||||
25. |
Rescaldina |
Rescaldina (Milano) |
49.0 | % | 377,100 | ||||||
26. |
Vimodrone |
Vimodrone (Milano) |
49.0 | % | 190,600 | ||||||
|
Monza: |
||||||||||
27. |
Monza |
Monza |
49.0 | %(3) | 211,700 | ||||||
|
Naples (Napoli): |
||||||||||
28. |
Argine |
Argine (Napoli) |
24.0 | % | 296,200 | ||||||
29. |
Giugliano |
Giugliano (Napoli) |
49.0 | %(5) | 754,500 | ||||||
30. |
Mugnano di Napoli |
Mugnano (Napoli) |
49.0 | %(3) | 192,900 | ||||||
31. |
Pompei |
Pompei (Napoli) |
49.0 | % | 91,400 | ||||||
32. |
Vulcano Buono |
Nola (Napoli) |
22.1 | % | 876,000 |
31
SIMON PROPERTY GROUP
Property Listing
International Properties
|
Property Name
|
City (Metropolitan area)
|
SPG Effective Ownership(4) |
Total Gross Leasable Area(1) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
Olbia: |
||||||||||
33. |
Olbia |
Olbia |
49.0 | %(3) | 207,600 | ||||||
|
Padova: |
||||||||||
34. |
Padova |
Padova |
49.0 | % | 105,800 | ||||||
|
Palermo: |
||||||||||
35. |
Palermo |
Palermo |
49.0 | % | 82,900 | ||||||
|
Pesaro: |
||||||||||
36. |
Fano |
Fano (Pesaro) |
49.0 | % | 112,300 | ||||||
|
Pescara: |
||||||||||
37. |
Cepagatti |
Cepagatti (Pescara) |
49.0 | % | 269,800 | ||||||
38. |
Pescara |
Pescara |
49.0 | % | 161,500 | ||||||
|
Piacenza: |
||||||||||
39. |
San Rocco al Porto |
San Rocco al Porto (Piacenza) |
49.0 | % | 179,200 | ||||||
|
Rome (Roma): |
||||||||||
40. |
Casalbertone |
Roma |
49.0 | %(3) | 147,600 | ||||||
41. |
Collatina |
Collatina (Roma) |
49.0 | % | 63,600 | ||||||
42. |
Porta Di Roma |
Roma |
19.6 | % | 1,255,400 | ||||||
|
Sassari: |
||||||||||
43. |
Predda Niedda |
Predda Niedda (Sassari) |
49.0 | %(2) | 233,700 | ||||||
|
Taranto: |
||||||||||
44. |
Taranto |
Taranto |
49.0 | % | 201,700 | ||||||
|
Turin (Torino): |
||||||||||
45. |
Cuneo |
Cuneo (Torino) |
49.0 | % | 282,200 | ||||||
46. |
Rivoli |
Rivoli (Torino) |
49.0 | %(3) | 94,100 | ||||||
47. |
Torino |
Torino |
49.0 | % | 171,800 | ||||||
48. |
Venaria |
Venaria (Torino) |
49.0 | % | 165,600 | ||||||
|
Venice (Venezia): |
||||||||||
49. |
Mestre |
Mestre (Venezia) |
49.0 | % | 246,700 | ||||||
|
Verona: |
||||||||||
50. |
Bussolengo |
Bussolengo (Verona) |
49.0 | %(3) | 164,600 | ||||||
|
Vicenza: |
||||||||||
51. |
Vicenza |
Vicenza |
49.0 | % | 98,500 | ||||||
|
Subtotal Italy GLA |
11,332,500 | |||||||||
|
POLAND |
||||||||||
52. |
Arkadia Shopping Center |
Warsaw |
50.0 | % | 1,103,000 | ||||||
53. |
Wilenska Station Shopping Center |
Warsaw |
50.0 | % | 308,600 | ||||||
|
Subtotal Poland GLA |
1,411,600 | |||||||||
|
JAPAN |
||||||||||
54. |
Ami Premium Outlets |
Ami (Tokyo) |
40.0 | % | 224,500 | ||||||
55. |
Gotemba Premium Outlets |
Gotemba City (Tokyo) |
40.0 | % | 481,900 | ||||||
56. |
Kobe-Sanda Premium Outlets |
Kobe (Osaka) |
40.0 | % | 364,900 | ||||||
57. |
Rinku Premium Outlets |
Izumisano (Osaka) |
40.0 | % | 323,800 | ||||||
58. |
Sano Premium Outlets |
Sano (Tokyo) |
40.0 | % | 392,300 | ||||||
59. |
Sendai-Izumi Premium Outlets |
Izumi Park Town (Sendai) |
40.0 | % | 164,200 | ||||||
60. |
Toki Premium Outlets |
Toki (Nagoya) |
40.0 | % | 233,400 | ||||||
61. |
Tosu Premium Outlets |
Fukuoka (Kyushu) |
40.0 | % | 239,800 | ||||||
|
Subtotal Japan GLA |
2,424,800 |
32
SIMON PROPERTY GROUP
Property Listing
International Properties
|
Property Name
|
City (Metropolitan area)
|
SPG Effective Ownership(4) |
Total Gross Leasable Area(1) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
MEXICO |
||||||||||
62. |
Premium Outlets Punta Norte |
Mexico City |
50.0 | % | 244,200 | ||||||
|
Subtotal Mexico GLA |
244,200 | |||||||||
|
SOUTH KOREA |
||||||||||
63. |
Yeoju Premium Outlets |
Seoul |
50.0 | % | 276,200 | ||||||
|
Subtotal South Korea GLA |
276,200 | |||||||||
|
TOTAL INTERNATIONAL ASSETS GLA |
17,327,100 | |||||||||
FOOTNOTES:
- (1)
- All
gross leasable area listed in square feet.
- (2)
- This
property is held partially in fee and partially encumbered by a leasehold on the premise which entitles the lessor to the majority of the economics of
the portion of the property subject to the leasehold.
- (3)
- These
properties are encumbered by a leasehold on the entire premises which entitles the lessor the majority of the economics of the property.
- (4)
- Represents
the sales area of the anchor and excludes any warehouse/storage areas.
- (5)
- Gallerie Commerciali Italia owns 100% of the shopping gallery at this center which consists of 177,600 sf of leaseable area. In addition, Galleria Commerciali Italia owns a 40% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.
33
SIMON PROPERTY GROUP
U.S. Anchor/Big Box Openings
2010
Property Name/Location
|
Property Type
|
New Tenant
|
Former Tenant
|
|||
---|---|---|---|---|---|---|
Openings through March 31, 2010 |
||||||
Concord MillsConcord (Charlotte), NC |
Mills | Best Buy | Circuit City | |||
Grapevine MillsGrapevine (Dallas), TX |
Mills | Off Broadway Shoes | Western Warehouse | |||
Great MallMilpitas (San Jose), CA |
Mills | Bed Bath & Beyond | Steve & Barry's | |||
Katy MillsKaty (Houston), TX |
Mills | Off Broadway Shoes | Boot Town | |||
Menlo Park MallEdison (New York), NJ |
Regional Mall | Fortunoff Backyard Store | Steve & Barry's | |||
South Shore PlazaBraintree (Boston), MA |
Regional Mall | Nordstrom | Macy's(1) | |||
|
||||||
Avenues, TheJacksonville, FL |
Regional Mall | Forever 21 | Belk | |||
Anderson MallAnderson, SC |
Regional Mall | Books-A-Million | Goody's | |||
Arizona MillsTempe (Phoenix), AZ |
Mills | Sea Life Center | Circuit City | |||
Arundel Mills MarketplaceHanover (Baltimore), MD |
Mills Community Center | H.H. Gregg | Circuit City | |||
Chesapeake SquareChesapeake, VA |
Regional Mall | Burlington Coat Factory | Dillard's(2) | |||
Coddingtown MallSanta Rosa, CA |
Regional Mall | Whole Foods | Ralph's Grocery | |||
Franklin MillsPhiladelphia, PA |
Mills | Forever 21 | N/A | |||
Great Lakes PlazaMentor (Cleveland), OH |
Community/Lifestyle Ctr. | H.H. Gregg | Circuit City | |||
Gulf View SquarePort Richey (Tampa), FL |
Regional Mall | T.J. Maxx | Linens 'n Things | |||
Lehigh Valley MallWhitehall, PA |
Regional Mall | H.H. Gregg | Linens 'n Things | |||
Lima MallLima, OH |
Regional Mall | MC Sporting Goods | N/A | |||
Lincoln PlazaKing of Prussia (Philadelphia), PA |
Community/Lifestyle Ctr. | H.H. Gregg | Circuit City | |||
Miller Hill MallDuluth, MN |
Regional Mall | Ulta | Champs & Charter | |||
New Castle PlazaNew Castle, IN |
Community/Lifestyle Ctr. | Peebles | Goody's | |||
Ross Park MallPittsburgh, PA |
Regional Mall | Crate & Barrel | N/A | |||
Santa Rosa PlazaSanta Rosa, CA |
Regional Mall | Forever 21 | Mervyns | |||
South Shore PlazaBraintree (Boston), MA |
Regional Mall | Target | N/A | |||
Tacoma MallTacoma (Seattle), WA |
Regional Mall | Forever 21 & Specialty Shops | Nordstrom(3) | |||
The Block at OrangeOrange (Los Angeles), CA |
Mills | H&M | Hilo Hattie |
- (1)
- Macy's
had two locations at this center, one of which was recaptured for redevelopment.
- (2)
- Dillard's
had two locations at this center, one of which was recaptured for redevelopment.
- (3)
- Opened Nordstrom in a new location at this center in 2008; former Nordstrom store was recaptured for redevelopment.
34
SIMON PROPERTY GROUP
Capital Expenditures
For the Three Months Ended March 31, 2010
(In thousands)
|
|
Unconsolidated Properties | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
|
Consolidated Properties | Total | Simon Group's Share | ||||||||
New development projects |
$ | 12,781 | $ | 16,056 | $ | 7,968 | |||||
Redevelopment projects with incremental GLA and/or anchor replacement |
22,200 | 16,922 | 7,354 | ||||||||
Renovations with no incremental GLA |
7 | | | ||||||||
Tenant allowances: |
|||||||||||
Retail |
34,362 | 10,630 | 2,472 | ||||||||
Office |
246 | | | ||||||||
Operational capital expenditures at properties: |
|||||||||||
CAM expenditures(1) |
2,098 | 12,048 | 5,800 | ||||||||
Non-CAM expenditures |
1,024 | 1,747 | 821 | ||||||||
Totals |
$ | 72,718 | $ | 57,403 | $ | 24,415 | |||||
Plus (Less): Conversion from accrual to cash basis |
(9,938 |
) |
3,402 |
||||||||
Capital Expenditures for the Three Months Ended 3/31/10(2) |
$ |
62,780 |
$ |
60,805 |
|||||||
Capital Expenditures for the Three Months Ended 3/31/09(2) |
$ |
137,094 |
$ |
118,689 |
|||||||
- (1)
- Expenditures
included in the pool of expenses allocated to tenants as common area maintenance or CAM.
- (2)
- Agrees with the line item "Capital expenditures" on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
35
SIMON PROPERTY GROUP
U.S. Development Activity Report(1)
Project Overview and Construction-in-Progress
As of March 31, 2010
|
|
|
|
|
|
|
|
Construction-in-Progress | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
Unconsolidated Entities | ||||||||||||||||||||
|
|
The Company's Ownership Percentage |
|
|
|
The Company's Share of Net Cost |
|
|
|||||||||||||||||||||
Property/Location
|
Project Description | Projected Opening |
Projected Gross Cost(2) (in millions) |
Projected Net Cost (in millions) |
Stabilized Rate of Return |
Consolidated Properties |
Total | The Company's Share |
|||||||||||||||||||||
Houston Premium Outlets Cypress (Houston), TX |
116,000 square foot expansion of upscale outlet center anchored by Saks Fifth Avenue Off 5th | 100 | % | 11/10 | $ | 25 | $ | 25 | $ | 25 | 14 | % | $ | 3.0 | | | |||||||||||||
Other |
$ |
26.1 |
$ |
14.2 |
$ |
6.3 |
|||||||||||||||||||||||
Total Construction in Progress(3) | $ | 29.1 | $ | 14.2 | $ | 6.3 | |||||||||||||||||||||||
- (1)
- Cost
and return are based upon current budget assumptions. Actual costs may vary.
- (2)
- Projected
Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and
other fees, marketing costs, cost of capital, and other related costs.
- (3)
- Does not include our international properties.
36
SIMON PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of March 31, 2010
Shopping center/ Location (Metropolitan area) |
Project Description | The Company's Ownership Percentage of Project |
Opening | The Company's Share of Projected Net Cost* (in millions) |
|||||||
---|---|---|---|---|---|---|---|---|---|---|---|
New Development Projects: |
|||||||||||
Korea: |
|||||||||||
Paju Premium OutletsPaju, South Korea(1) |
328,000 square foot upscale outlet center with approximately 160 shops |
50.0 |
% |
April 2011 |
KRW 60,640 |
||||||
Expansions: |
|||||||||||
Toki Premium OutletsToki, Japan(2) |
62,000 square foot phase III expansion |
40.0 |
% |
July 2010 |
JPY 864 |
||||||
Tosu Premium OutletsFukuoka, Japan(2) |
54,000 square foot phase III expansion |
40.0 |
% |
July 2011 |
JPY 1,263 |
- *
- Cost
is based upon current budget assumptions. Actual costs may vary.
- (1)
- Construction
loan in place.
- (2)
- Construction loan in place to fund 70% of costs; remaining 30% to be funded by operating cash flow.
37
SIMON PROPERTY GROUP
Total Debt Amortization and Maturities by Year (Our Share)
As of March 31, 2010
(In thousands)
Year
|
Our Share of Secured Consolidated Debt |
Our Share of Unsecured Consolidated Debt |
Our Share of Unconsolidated Joint Venture Debt |
Our Share of Total Debt |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2010 |
897,664 | 800,000 | 752,840 | 2,450,504 | |||||||||
2011 |
534,042 | 382,766 | 710,457 | 1,627,265 | |||||||||
2012 |
1,312,319 | 390,705 | 1,194,028 | 2,897,052 | |||||||||
2013 |
920,219 | 1,401,761 | 650,506 | 2,972,486 | |||||||||
2014 |
809,712 | 1,800,000 | 960,885 | 3,570,597 | |||||||||
2015 |
54,072 | 1,600,000 | 722,497 | 2,376,569 | |||||||||
2016 |
680,012 | 1,300,000 | 697,016 | 2,677,028 | |||||||||
2017 |
576,165 | 500,000 | 860,033 | 1,936,198 | |||||||||
2018 |
5,058 | 1,000,000 | 7,715 | 1,012,773 | |||||||||
2019 |
131,526 | 650,000 | 3,700 | 785,226 | |||||||||
Thereafter |
17,974 | 1,850,000 | 75,234 | 1,943,208 | |||||||||
Face Amounts of Indebtedness |
$ | 5,938,763 | $ | 11,675,232 | $ | 6,634,911 | $ | 24,248,906 | |||||
Premiums (Discounts) on Indebtedness, Net |
7,759 | (13,966 | ) | 7,024 | 817 | ||||||||
Fair Value of Interest Rate Swaps Agreements |
| | | | |||||||||
Our Share of Total Indebtedness |
$ | 5,946,522 | $ | 11,661,266 | $ | 6,641,935 | $ | 24,249,723 | |||||
Debt Covenant Compliance Ratios
Senior Unsecured Debt Covenants(1)
|
Required | Actual | Compliance | |||
---|---|---|---|---|---|---|
Total Debt to Total Assets |
£65% | 45% | Yes | |||
Total Secured Debt to Total Assets |
£50% | 24% | Yes | |||
Fixed Charge Coverage Ratio |
>1.5X | 2.6X | Yes | |||
Total Unencumbered Assets to Unsecured Debt |
³125% | 255% | Yes |
- (1)
- Covenants for indentures dated June 7, 2005 and later. Covenants and other provisions of prior supplemental indentures apply to all unsecured debt for as long as any securities issued under prior supplemental indentures remain outstanding or until the covenants in the prior supplemental indentures have been amended. For a complete listing of all debt covenants related to our senior unsecured debt, as well as definitions of the above terms, please refer to Simon Property Group, L.P. filings with the Securities and Exchange Commission.
38
SIMON PROPERTY GROUP
Summary of Indebtedness
As of March 31, 2010
(In thousands)
|
Total Indebtedness |
Our Share of Indebtedness |
Weighted Average End of Period Interest Rate |
Weighted Average Years to Maturity |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated Indebtedness |
|||||||||||||||||
Mortgage Debt |
|||||||||||||||||
Fixed Rate |
$ | 4,944,115 | $ | 4,672,640 | 6.16 | % | 4.0 | ||||||||||
Floating Rate Debt |
1,269,829 | 1,266,123 | 1.40 | % | 2.1 | ||||||||||||
Total Mortgage Debt |
6,213,944 | 5,938,763 | 5.14 | % | 3.6 | ||||||||||||
Unsecured Debt |
|||||||||||||||||
Fixed Rate |
11,240,093 | 11,240,093 | 6.07 | % | 6.8 | ||||||||||||
Revolving Credit FacilityUS Tranche |
0 | 0 | 2.35 | % | 3.0 | ||||||||||||
Revolving Credit FacilityYen Currency |
239,808 | 239,808 | 2.26 | % | 3.0 | ||||||||||||
Revolving Credit FacilityEuro Currency |
195,331 | 195,331 | 2.50 | % | 3.0 | ||||||||||||
Total Revolving Credit Facility |
435,139 | 435,139 | 2.36 | % | 3.0 | ||||||||||||
Total Unsecured Debt |
11,675,232 | 11,675,232 | 5.93 | % | 6.7 | ||||||||||||
Premium |
37,304 |
37,084 |
|||||||||||||||
Discount |
(43,291 | ) | (43,291 | ) | |||||||||||||
Consolidated Mortgages and Other Indebtedness(2) |
$ | 17,883,189 | $ | 17,607,788 | 5.67 | % | 5.6 | ||||||||||
Joint Venture Indebtedness |
|||||||||||||||||
Mortgage Debt |
|||||||||||||||||
Fixed Rate |
$ | 13,256,056 | $ | 5,379,317 | 5.70 | % | 4.3 | ||||||||||
Floating Rate Debt (Hedged)(1) |
1,036,081 | 360,483 | 2.06 | % | 1.5 | ||||||||||||
Floating Rate Debt |
1,910,621 | 845,111 | 2.00 | % | 3.0 | ||||||||||||
Total Mortgage Debt |
16,202,758 | 6,584,911 | 5.02 | % | 4.0 | ||||||||||||
Unsecured Fixed Rate Debt |
100,000 |
50,000 |
7.38 |
% |
26.0 |
||||||||||||
Premium |
15,952 |
7,708 |
|||||||||||||||
Discount |
(1,378 | ) | (684 | ) | |||||||||||||
Joint Venture Mortgages and Other Indebtedness |
$ | 16,317,332 | $ | 6,641,935 | 5.04 | % | 4.1 | ||||||||||
Our Share of Total Indebtedness |
$ | 24,249,723 | 5.50 | % | 5.2 | ||||||||||||
Summary of our share of Fixed and Variable Rate Debt |
|||||||||||||||||
Consolidated |
|||||||||||||||||
Fixed |
90.3 | % | 15,906,526 | 6.10 | % | 6.0 | |||||||||||
Variable |
9.7 | % | 1,701,262 | 1.65 | % | 2.3 | |||||||||||
|
100.0 | % | 17,607,788 | 5.67 | % | 5.6 | |||||||||||
Joint Venture |
|||||||||||||||||
Fixed |
81.8 | % | 5,436,341 | 5.71 | % | 4.5 | |||||||||||
Variable |
18.2 | % | 1,205,594 | 2.02 | % | 2.5 | |||||||||||
|
100.0 | % | $ | 6,641,935 | 5.04 | % | 4.1 | ||||||||||
Total Debt |
24,249,723 | ||||||||||||||||
Total Fixed Debt |
88.0 | % | 21,342,867 | 6.00 | % | 5.6 | |||||||||||
Total Variable Debt |
12.0 | % | 2,906,856 | 1.80 | % | 2.4 | |||||||||||
- (1)
- These debt obligations are hedged by interest rate cap agreements.
- (2)
- Amounts give effect to outstanding derivative instruments as footnoted on the Summary of Indebtedness by Maturity.
39
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Consolidated Indebtedness: |
|||||||||||||||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/10 |
4.60 |
% |
Fixed |
Unsecured |
400,000 |
400,000 |
||||||||||||||
SB Trolley Square Holding |
08/01/10 | 9.03 | % | Fixed | Secured | 27,352 | 27,352 | ||||||||||||||
Copley Place |
(2) | 08/01/10 | 0.90 | % | Variable | Secured | 200,000 | 196,294 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
08/15/10 | 4.88 | % | Fixed | Unsecured | 400,000 | 400,000 | ||||||||||||||
Coral Square |
10/01/10 | 8.00 | % | Fixed | Secured | 81,281 | 79,021 | ||||||||||||||
Crystal River |
11/11/10 | (21) | 7.63 | % | Fixed | Secured | 14,609 | 14,609 | |||||||||||||
Forum Shops at Caesars, The |
12/01/10 | 4.78 | % | Fixed | Secured | 512,849 | 512,849 | ||||||||||||||
Port Charlotte Town Center |
12/11/10 | (21) | 7.98 | % | Fixed | Secured | 50,258 | 40,206 | |||||||||||||
Oxford Valley Mall |
01/10/11 |
6.76 |
% |
Fixed |
Secured |
71,237 |
46,297 |
||||||||||||||
Simon Property Group, LP (Sr. Notes) |
01/20/11 | 7.75 | % | Fixed | Unsecured | 77,639 | 77,639 | ||||||||||||||
CPG Partners, LP (Sr. Notes) |
02/01/11 | 8.25 | % | Fixed | Unsecured | 83,588 | 83,588 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
06/01/11 | 5.38 | % | Fixed | Unsecured | 120,022 | 120,022 | ||||||||||||||
Henderson Square |
07/01/11 | 6.94 | % | Fixed | Secured | 14,299 | 10,863 | ||||||||||||||
Ingram Park Mall |
(6) | 08/11/11 | 6.99 | % | Fixed | Secured | 75,527 | 75,527 | |||||||||||||
Knoxville Center |
(6) | 08/11/11 | 6.99 | % | Fixed | Secured | 57,194 | 57,194 | |||||||||||||
Northlake Mall |
(6) | 08/11/11 | 6.99 | % | Fixed | Secured | 65,978 | 65,978 | |||||||||||||
Towne West Square |
(6) | 08/11/11 | 6.99 | % | Fixed | Secured | 49,437 | 49,437 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
09/01/11 | 5.60 | % | Fixed | Unsecured | 101,517 | 101,517 | ||||||||||||||
Gateway Shopping Center |
10/01/11 | 5.89 | % | Fixed | Secured | 87,000 | 87,000 | ||||||||||||||
Tacoma Mall |
10/01/11 | 7.00 | % | Fixed | Secured | 119,836 | 119,836 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/01/12 |
5.00 |
% |
Fixed |
Unsecured |
159,753 |
159,753 |
||||||||||||||
Secured Term Loan |
(2) | 03/05/12 | 0.95 | % | Variable | Secured | 735,000 | 735,000 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
05/01/12 | 5.75 | % | Fixed | Unsecured | 74,245 | 74,245 | ||||||||||||||
Gwinnett Place |
06/08/12 | 5.68 | % | Fixed | Secured | 115,000 | 86,250 | ||||||||||||||
Town Center at Cobb |
06/08/12 | 5.74 | % | Fixed | Secured | 280,000 | 210,000 | ||||||||||||||
CPG Partners, LP (Sr. Notes) |
06/15/12 | 6.88 | % | Fixed | Unsecured | 50,642 | 50,642 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
08/28/12 | 6.35 | % | Fixed | Unsecured | 106,065 | 106,065 | ||||||||||||||
Anderson Mall |
10/10/12 | 6.20 | % | Fixed | Secured | 27,138 | 27,138 | ||||||||||||||
Century III Mall |
(4) | 10/10/12 | 6.20 | % | Fixed | Secured | 80,109 | 80,109 | |||||||||||||
Forest Mall |
(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 16,112 | 16,112 | |||||||||||||
Highland Lakes Center |
(4) | 10/10/12 | 6.20 | % | Fixed | Secured | 14,852 | 14,852 | |||||||||||||
Longview Mall |
(4) | 10/10/12 | 6.20 | % | Fixed | Secured | 30,153 | 30,153 | |||||||||||||
Markland Mall |
(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 21,333 | 21,333 | |||||||||||||
Midland Park Mall |
(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 31,144 | 31,144 | |||||||||||||
Richmond Towne Square |
(5) | 10/10/12 | 6.20 | % | Fixed | Secured | 43,744 | 43,744 |
40
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CPG Partners, LP (Sr. Notes) |
01/15/13 | 6.00 | % | Fixed | Unsecured | 69,334 | 69,334 | ||||||||||||||
The Factory Shoppes at Branson Meadows |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 8,975 | 8,975 | ||||||||||||
MacGregor Village |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 6,463 | 6,463 | ||||||||||||
North Ridge Shopping Center |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 7,893 | 7,893 | ||||||||||||
Dare Centre |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 1,607 | 1,607 | ||||||||||||
Factory Stores of America |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 15,509 | 15,509 | ||||||||||||
Carolina Premium OutletsSmithfield |
(9) | 03/10/13 | (21) | 9.10 | % | Fixed | Secured | 19,298 | 19,298 | ||||||||||||
The Crossings Premium Outlets |
03/13/13 | 5.85 | % | Fixed | Secured | 52,109 | 52,109 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/15/13 | 5.45 | % | Fixed | Unsecured | 122,288 | 122,288 | ||||||||||||||
Revolving Credit FacilityUSD |
03/31/13 | 2.35 | % | Variable | Unsecured | 0 | 0 | ||||||||||||||
Revolving Credit FacilityYen Currency |
03/31/13 | 2.26 | % | Variable | Unsecured | (13) | 239,808 | 239,808 | |||||||||||||
Revolving Credit FacilityEuro Currency |
03/31/13 | 2.50 | % | Variable | Unsecured | (14) | 195,331 | 195,331 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
05/30/13 | 5.30 | % | Fixed | Unsecured | 700,000 | 700,000 | ||||||||||||||
Stanford Shopping Center |
(2) | 07/01/13 | 2.40 | % | Variable | Secured | 240,000 | 240,000 | |||||||||||||
Battlefield Mall |
07/01/13 | 4.60 | % | Fixed | Secured | 92,277 | 92,277 | ||||||||||||||
Kittery Premium Outlets |
(2)(8) | 07/10/13 | (16) | 5.39 | % | Fixed | Secured | 43,556 | 43,556 | ||||||||||||
Lighthouse Place Premium Outlets |
(2)(8) | 07/10/13 | (16) | 5.39 | % | Fixed | Secured | 88,623 | 88,623 | ||||||||||||
Waterloo Premium Outlets |
(2)(8) | 07/10/13 | (16) | 5.39 | % | Fixed | Secured | 72,822 | 72,822 | ||||||||||||
Retail Property Trust (Sr. Notes) |
09/01/13 | 7.18 | % | Fixed | Unsecured | 75,000 | 75,000 | ||||||||||||||
Texas Lifestyle Centers Secured Loan |
(2) | 09/23/13 | (16) | 3.85 | % | Fixed | Secured | 260,000 | 260,000 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
01/30/14 |
4.90 |
% |
Fixed |
Unsecured |
200,000 |
200,000 |
||||||||||||||
Northfield Square |
02/11/14 | 6.05 | % | Fixed | Secured | 28,150 | 8,895 | ||||||||||||||
Montgomery Mall |
05/11/14 | (21) | 5.17 | % | Fixed | Secured | 87,363 | 52,418 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
05/15/14 | 6.75 | % | Fixed | Unsecured | 1,100,000 | 1,100,000 | ||||||||||||||
Plaza CarolinaFixed |
06/01/14 | 7.50 | % | Fixed | Secured | 89,313 | 89,313 | ||||||||||||||
Plaza CarolinaVariable Swapped |
(16) | 06/01/14 | 7.63 | % | Fixed | Secured | 98,632 | 98,632 | |||||||||||||
SB Boardman Plaza Holdings |
07/01/14 | 5.94 | % | Fixed | Secured | 22,869 | 22,869 | ||||||||||||||
Desoto Square |
07/01/14 | 5.89 | % | Fixed | Secured | 63,654 | 63,654 | ||||||||||||||
Upper Valley Mall |
07/01/14 | 5.89 | % | Fixed | Secured | 47,532 | 47,532 | ||||||||||||||
Washington Square |
07/01/14 | 5.94 | % | Fixed | Secured | 29,701 | 29,701 | ||||||||||||||
West Ridge Mall |
07/01/14 | 5.89 | % | Fixed | Secured | 68,177 | 68,177 | ||||||||||||||
Philadelphia Premium Outlets |
(2)(16) | 07/30/14 | 4.19 | % | Fixed | Secured | 190,000 | 190,000 | |||||||||||||
Chesapeake Square |
08/01/14 | 5.84 | % | Fixed | Secured | 69,660 | 52,245 | ||||||||||||||
Brunswick Square |
08/11/14 | 5.65 | % | Fixed | Secured | 81,915 | 81,915 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
08/15/14 | 5.63 | % | Fixed | Unsecured | 500,000 | 500,000 | ||||||||||||||
Regency Plaza |
(2)(7) | 12/14/14 | (23) | 5.50 | % | Variable | Secured | 3,980 | 3,980 | ||||||||||||
St. Charles Towne Plaza |
(2)(7) | 12/14/14 | (23) | 5.50 | % | Variable | Secured | 25,873 | 25,873 | ||||||||||||
West Ridge Plaza |
(2)(7) | 12/14/14 | (23) | 5.50 | % | Variable | Secured | 4,976 | 4,976 | ||||||||||||
DeKalb Plaza |
01/01/15 |
5.28 |
% |
Fixed |
Secured |
2,914 |
1,467 |
||||||||||||||
Lake View Plaza |
01/01/15 | 8.00 | % | Fixed | Secured | 15,968 | 15,968 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/15 | 4.20 | % | Fixed | Unsecured | 400,000 | 400,000 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/15 | 5.10 | % | Fixed | Unsecured | 600,000 | 600,000 | ||||||||||||||
Bloomingdale Court |
11/01/15 | 8.15 | % | Fixed | Secured | 26,490 | 26,490 | ||||||||||||||
Simon Property Group, LP (Sr. Notes) |
12/01/15 | 5.75 | % | Fixed | Unsecured | 600,000 | 600,000 | ||||||||||||||
Retail Property Trust (Sr. Notes) |
03/15/16 |
7.88 |
% |
Fixed |
Unsecured |
250,000 |
250,000 |
||||||||||||||
Penn Square Mall |
04/01/16 | 7.75 | % | Fixed | Secured | 99,198 | 93,738 |
41
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Simon Property Group, LP (Sr. Notes) |
05/01/16 | 6.10 | % | Fixed | Unsecured | 400,000 | 400,000 | |||||||||||||
Arsenal Mall HCHP |
05/05/16 | 8.20 | % | Fixed | Secured | 942 | 942 | |||||||||||||
Las Americas Premium Outlets |
06/11/16 | 5.84 | % | Fixed | Secured | 180,000 | 180,000 | |||||||||||||
Greenwood Park Mall |
(22) | 08/01/16 | 8.00 | % | Fixed | Secured | 79,617 | 79,617 | ||||||||||||
South Park Mall |
(22) | 08/01/16 | 8.00 | % | Fixed | Secured | 197,051 | 197,051 | ||||||||||||
Walt Whitman Mall |
(22) | 08/01/16 | 8.00 | % | Fixed | Secured | 121,415 | 121,415 | ||||||||||||
White Oaks Mall |
11/01/16 | 5.54 | % | Fixed | Secured | 50,000 | 40,339 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
12/01/16 | 5.25 | % | Fixed | Unsecured | 650,000 | 650,000 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
03/01/17 |
5.88 |
% |
Fixed |
Unsecured |
500,000 |
500,000 |
|||||||||||||
Wolfchase Galleria |
04/01/17 | 5.64 | % | Fixed | Secured | 225,000 | 212,616 | |||||||||||||
Valle Vista Mall |
05/10/17 | 5.35 | % | Fixed | Secured | 40,000 | 40,000 | |||||||||||||
Summit Mall |
06/10/17 | 5.42 | % | Fixed | Secured | 65,000 | 65,000 | |||||||||||||
Independence Center |
07/10/17 | 5.94 | % | Fixed | Secured | 200,000 | 200,000 | |||||||||||||
Bangor Mall |
10/01/17 | 6.15 | % | Fixed | Secured | 80,000 | 53,880 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
05/30/18 |
6.13 |
% |
Fixed |
Unsecured |
800,000 |
800,000 |
|||||||||||||
Simon Property Group, LP (Sr. Notes) |
06/15/18 | 7.38 | % | Fixed | Unsecured | 200,000 | 200,000 | |||||||||||||
Simon Property Group, LP (Sr. Notes) |
04/01/19 |
10.35 |
% |
Fixed |
Unsecured |
650,000 |
650,000 |
|||||||||||||
Woodland Hills Mall |
04/05/19 | 7.79 | % | Fixed | Secured | 96,724 | 91,373 | |||||||||||||
Forest Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 18,891 | 18,891 | ||||||||||||
Lakeline Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 17,697 | 17,697 | ||||||||||||
Muncie Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 7,357 | 7,357 | ||||||||||||
White Oaks Plaza |
(15) | 10/10/19 | 7.50 | % | Fixed | Secured | 14,714 | 14,714 | ||||||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/20 |
5.65 |
% |
Fixed |
Unsecured |
1,250,000 |
1,250,000 |
|||||||||||||
Sunland Park Mall |
01/01/26 |
8.63 |
% |
Fixed |
Secured |
32,598 |
32,598 |
|||||||||||||
Simon Property Group, LP (Sr. Notes) |
02/01/40 |
6.75 |
% |
Fixed |
Unsecured |
600,000 |
600,000 |
|||||||||||||
Total Consolidated Indebtedness at Face Value |
17,889,176 | 17,613,995 | ||||||||||||||||||
Premium on Fixed-Rate Indebtedness |
37,304 | 37,084 | ||||||||||||||||||
Discount on Fixed-Rate Indebtedness |
(43,291 | ) | (43,291 | ) | ||||||||||||||||
Total Consolidated Indebtedness |
17,883,189 | 17,607,788 | ||||||||||||||||||
42
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Joint Venture Indebtedness |
|||||||||||||||||||||
Southdale Center |
05/01/10 |
5.18 |
% |
Fixed |
Secured |
186,550 |
93,275 |
||||||||||||||
Shops at Sunset Place, The |
05/09/10 | 2.46 | % | Variable | Secured | 77,978 | 29,242 | ||||||||||||||
Westchester, The |
06/01/10 | 4.86 | % | Fixed | Secured | 500,000 | 200,000 | ||||||||||||||
Lakeforest Mall |
07/08/10 | 4.90 | % | Fixed | Secured | 141,050 | 35,263 | ||||||||||||||
Coddingtown Mall |
07/14/10 | 1.40 | % | Variable | Secured | 15,500 | 15,500 | ||||||||||||||
Lehigh Valley Mall |
08/09/10 | 0.81 | % | Variable | Secured | 150,000 | 56,415 | ||||||||||||||
Apple Blossom Mall |
09/10/10 | 7.99 | % | Fixed | Secured | 35,332 | 17,361 | ||||||||||||||
Auburn Mall |
09/10/10 | 7.99 | % | Fixed | Secured | 41,373 | 20,330 | ||||||||||||||
Arizona Mills |
10/05/10 | 7.90 | % | Fixed | Secured | 131,494 | 32,874 | ||||||||||||||
Net Leases I |
10/10/10 | 7.96 | % | Fixed | Secured | 26,501 | 13,250 | ||||||||||||||
Springfield Mall |
12/01/10 | 1.35 | % | Variable | Secured | 72,300 | 27,467 | ||||||||||||||
Florida Mall, The |
12/10/10 | 7.55 | % | Fixed | Secured | 241,972 | 120,986 | ||||||||||||||
Galleria Commerciali ItaliaCatania |
12/17/10 | 1.36 | % | Variable | Secured | (10) | 92,385 | 45,269 | |||||||||||||
Atrium at Chestnut Hill |
03/11/11 |
(21) |
6.89 |
% |
Fixed |
Secured |
43,605 |
21,426 |
|||||||||||||
Cape Cod Mall |
03/11/11 | 6.80 | % | Fixed | Secured | 88,523 | 43,498 | ||||||||||||||
Bay 1 (Torcy)Fixed |
05/31/11 | 4.15 | % | Fixed | Secured | (11) | 16,766 | 8,383 | |||||||||||||
Bay 1 (Torcy)Variable |
05/31/11 | 1.33 | % | Variable | Secured | (11) | 2,162 | 1,081 | |||||||||||||
Bay 2 (Torcy)Fixed |
06/30/11 | 4.24 | % | Fixed | Secured | (11) | 61,986 | 30,993 | |||||||||||||
Bay 2 (Torcy)Variable |
06/30/11 | 1.33 | % | Variable | Secured | (11) | 8,631 | 4,316 | |||||||||||||
Highland Mall |
07/10/11 | 6.83 | % | Fixed | Secured | 63,980 | 31,990 | ||||||||||||||
Seminole Towne Center |
(2) | 08/09/11 | 3.25 | % | Variable | Secured | 68,495 | (19) | 8,904 | ||||||||||||
Villabe A6Bel'EstFixed |
08/31/11 | 6.16 | % | Fixed | Secured | (11) | 9,400 | 4,700 | |||||||||||||
Villabe A6Bel'EstVariable |
08/31/11 | 1.33 | % | Variable | Secured | (11) | 2,400 | 1,200 | |||||||||||||
Wilenska Station Shopping CenterFixed |
08/31/11 | 5.05 | % | Fixed | Secured | (11) | 25,141 | 12,571 | |||||||||||||
Wilenska Station Shopping CenterVariable |
08/31/11 | 2.23 | % | Variable | Secured | (11) | 15,137 | 7,569 | |||||||||||||
Fashion Centre Pentagon Retail |
09/11/11 | (21) | 6.63 | % | Fixed | Secured | 148,603 | 63,156 | |||||||||||||
Denver West Village |
10/01/11 | 8.15 | % | Fixed | Secured | 21,732 | 4,075 | ||||||||||||||
Toki Premium OutletsFixed |
10/31/11 | 1.80 | % | Fixed | Secured | (12) | 9,064 | 3,626 | |||||||||||||
Domain Residential Building P |
(2) | 11/07/11 | 2.25 | % | Variable | Secured | 3,644 | 1,822 | |||||||||||||
Colorado Mills |
11/12/11 | 2.03 | % | Variable | Secured | 161,874 | (19) | 30,351 | |||||||||||||
Shops at Riverside, The |
(2) | 11/14/11 | 1.05 | % | Variable | Secured | 138,000 | 69,000 | |||||||||||||
Discover Mills1 |
12/11/11 | 7.32 | % | Fixed | Secured | 23,700 | (19) | 2,500 | |||||||||||||
Discover Mills2 |
12/11/11 | 6.08 | % | Fixed | Secured | 135,000 | (19) | 14,243 | |||||||||||||
Galleria Commerciali ItaliaFacility A |
(2) | 12/22/11 | 5.37 | % | Fixed | Secured | (10) | 311,618 | 152,693 | ||||||||||||
Galleria Commerciali ItaliaFacility B |
12/22/11 | 5.85 | % | Fixed | Secured | (10) | 308,792 | 151,308 |
43
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
St. Louis Mills |
01/08/12 | 6.39 | % | Fixed | Secured | 90,000 | 35,352 | ||||||||||||||
Meadowood Mall |
01/09/12 | 1.12 | % | Variable | Secured | 147,733 | 36,933 | ||||||||||||||
Tosu Premium OutletsVariable |
01/31/12 | 0.66 | % | Variable | Secured | (12) | 10,359 | 4,144 | |||||||||||||
Dover Mall & Commons |
(2)(3) | 02/01/12 | 2.20 | % | Variable | Secured | 83,756 | 28,515 | |||||||||||||
Esplanade, The |
(2)(3) | 02/01/12 | 2.20 | % | Variable | Secured | 75,136 | 37,568 | |||||||||||||
Galleria at White Plains |
(2)(3) | 02/01/12 | 2.20 | % | Variable | Secured | 125,566 | 62,783 | |||||||||||||
Northpark MallMills |
(2)(3) | 02/01/12 | 2.20 | % | Variable | Secured | 105,543 | 52,772 | |||||||||||||
Dadeland Mall |
02/11/12 | (21) | 6.75 | % | Fixed | Secured | 179,761 | 89,881 | |||||||||||||
Square One |
03/11/12 | 6.73 | % | Fixed | Secured | 85,557 | 42,041 | ||||||||||||||
Southridge Mall |
04/01/12 | 5.23 | % | Fixed | Secured | 124,000 | 62,000 | ||||||||||||||
Cobblestone Court |
05/05/12 | (24) | 5.00 | % | Variable | Secured | 2,621 | (19) | 131 | ||||||||||||
Hamilton Town Center |
(2) | 05/29/12 | 1.85 | % | Variable | Secured | 95,283 | 47,642 | |||||||||||||
Arkadia Shopping Center |
05/31/12 | 4.68 | % | Fixed | Secured | (11) | 137,641 | 68,821 | |||||||||||||
Arkadia Shopping Center2 |
05/31/12 | 6.73 | % | Fixed | Secured | (11) | 158,029 | 79,015 | |||||||||||||
Gotemba Premium OutletsVariable |
05/31/12 | 0.66 | % | Variable | Secured | (12) | 8,007 | 3,203 | |||||||||||||
Mills Senior Loan Facility |
(2) | 06/07/12 | 1.50 | % | Variable | Secured | 695,000 | 347,500 | |||||||||||||
Marley Station |
07/01/12 | 4.89 | % | Fixed | Secured | 114,400 | 28,600 | ||||||||||||||
Hilltop Mall |
07/08/12 | 4.99 | % | Fixed | Secured | 64,350 | 16,088 | ||||||||||||||
Crystal Mall |
09/11/12 | (21) | 5.62 | % | Fixed | Secured | 94,088 | 70,160 | |||||||||||||
Fashion Centre Pentagon Office |
(2) | 10/01/12 | (24) | 5.50 | % | Variable | Secured | 40,000 | 17,000 | ||||||||||||
Concord Mills Mall |
12/07/12 | 6.13 | % | Fixed | Secured | 163,199 | 32,232 | ||||||||||||||
Katy Mills |
01/09/13 |
6.69 |
% |
Fixed |
Secured |
142,944 |
17,868 |
||||||||||||||
Del Amo |
(2) | 01/23/13 | 1.75 | % | Variable | Secured | 335,000 | 83,750 | |||||||||||||
SouthPark Residential |
02/23/13 | 3.00 | % | Variable | Secured | 21,111 | 8,444 | ||||||||||||||
Emerald Square Mall |
03/01/13 | 5.13 | % | Fixed | Secured | 128,741 | 63,260 | ||||||||||||||
Avenues, The |
04/01/13 | 5.29 | % | Fixed | Secured | 70,896 | (19) | 10,634 | |||||||||||||
Circle Centre Mall |
04/11/13 | 5.02 | % | Fixed | Secured | 70,981 | (19) | 2,839 | |||||||||||||
Domain Residential Phase II |
(2) | 07/22/13 | 2.25 | % | Variable | Secured | 34,322 | 17,161 | |||||||||||||
Solomon Pond |
08/01/13 | 3.97 | % | Fixed | Secured | 106,617 | 52,389 | ||||||||||||||
Tosu Premium OutletsFixed |
08/24/13 | 1.49 | % | Fixed | Secured | (12) | 7,207 | 2,883 | |||||||||||||
Miami International Mall |
10/01/13 | 5.35 | % | Fixed | Secured | 92,840 | 44,355 | ||||||||||||||
Fashion Valley Mall |
10/09/13 | (24) | 4.00 | % | Variable | Secured | 350,000 | 175,000 | |||||||||||||
Liberty Tree Mall |
10/11/13 | 5.22 | % | Fixed | Secured | 35,000 | 17,198 | ||||||||||||||
Domain Westin |
(2) | 10/15/13 | 2.20 | % | Variable | Secured | 27,236 | 13,618 | |||||||||||||
Galleria Commerciali ItaliaGiugliano A |
10/20/13 | 4.77 | % | Fixed | Secured | (10) | 36,329 | 17,801 | |||||||||||||
Galleria Commerciali ItaliaGiugliano B |
10/20/13 | 4.78 | % | Fixed | Secured | (10) | 33,791 | 16,558 | |||||||||||||
Galleria Commerciali ItaliaGiugliano C |
10/20/13 | 5.19 | % | Fixed | Secured | (10) | 14,087 | 6,903 | |||||||||||||
Mall at Tuttle Crossing |
11/05/13 | 5.05 | % | Fixed | Secured | 114,079 | 28,520 | ||||||||||||||
Ontario Mills |
(2)(16) | 12/05/13 | 4.98 | % | Fixed | Secured | 175,000 | 43,750 | |||||||||||||
Arundel Marketplace |
01/01/14 |
5.92 |
% |
Fixed |
Secured |
11,357 |
3,367 |
||||||||||||||
Kobe Sanda Premium OutletsFixed |
01/31/14 | 1.49 | % | Fixed | Secured | (12) | 21,555 | 8,622 | |||||||||||||
Kobe Sanda Premium OutletsVariable |
01/31/14 | 0.92 | % | Variable | Secured | (12) | 52,552 | 21,021 | |||||||||||||
Concord Marketplace |
02/01/14 | 5.76 | % | Fixed | Secured | 13,206 | 6,603 | ||||||||||||||
Northshore Mall |
03/11/14 | (21) | 5.03 | % | Fixed | Secured | 200,765 | 98,651 | |||||||||||||
Sawgrass Mills |
07/01/14 | 5.82 | % | Fixed | Secured | 820,000 | 410,000 | ||||||||||||||
Arundel Mills |
08/01/14 | 6.14 | % | Fixed | Secured | 385,000 | 114,056 | ||||||||||||||
Grapevine Mills |
(2)(16) | 09/22/14 | 5.90 | % | Fixed | Secured | 270,000 | 80,001 |
44
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Block at Orange |
10/01/14 | 6.25 | % | Fixed | Secured | 220,000 | 55,000 | ||||||||||||||
Opry Mills |
10/10/14 | 6.16 | % | Fixed | Secured | 280,000 | 140,000 | ||||||||||||||
Gotemba Premium OutletsFixed |
10/25/14 | 1.55 | % | Fixed | Secured | (12) | 64,292 | 25,717 | |||||||||||||
Indian River Commons |
11/01/14 | 5.21 | % | Fixed | Secured | 9,601 | 4,801 | ||||||||||||||
Indian River Mall |
11/01/14 | 5.21 | % | Fixed | Secured | 65,051 | 32,526 | ||||||||||||||
Rinku Premium Outlets |
11/25/14 | 1.83 | % | Fixed | Secured | (12) | 30,673 | 12,269 | |||||||||||||
St. Johns Town Center |
03/11/15 |
5.06 |
% |
Fixed |
Secured |
170,000 |
85,000 |
||||||||||||||
Galleria Commerciali ItaliaCiniselloFixed |
03/31/15 | 5.38 | % | Fixed | Secured | (10) | 99,998 | 48,999 | |||||||||||||
Galleria Commerciali ItaliaCiniselloVariable |
03/31/15 | 1.38 | % | Variable | Secured | (10) | 69,737 | 34,171 | |||||||||||||
St. John's Town Center Phase II |
(2)(16) | 05/10/15 | 5.50 | % | Fixed | Secured | 77,500 | 38,750 | |||||||||||||
Gaitway Plaza |
07/01/15 | 4.60 | % | Fixed | Secured | 13,900 | (19) | 0 | |||||||||||||
Plaza at Buckland Hills, The |
07/01/15 | 4.60 | % | Fixed | Secured | 24,800 | (19) | 0 | |||||||||||||
Ridgewood Court |
07/01/15 | 4.60 | % | Fixed | Secured | 14,650 | (19) | 733 | |||||||||||||
Village Park Plaza |
07/01/15 | 4.60 | % | Fixed | Secured | 29,850 | (19) | 3,582 | |||||||||||||
West Town Corners |
07/01/15 | 4.60 | % | Fixed | Secured | 18,800 | (19) | 0 | |||||||||||||
Great Mall of the Bay Area |
(2) | 08/28/15 | 6.01 | % | Fixed | Secured | 270,000 | 135,000 | |||||||||||||
Clay Terrace |
10/01/15 | 5.08 | % | Fixed | Secured | 115,000 | 57,500 | ||||||||||||||
Mall of New Hampshire |
10/05/15 | 6.23 | % | Fixed | Secured | 134,392 | 66,037 | ||||||||||||||
Houston Galleria1 |
12/01/15 | 5.44 | % | Fixed | Secured | 643,583 | 202,632 | ||||||||||||||
Houston Galleria2 |
12/01/15 | 5.44 | % | Fixed | Secured | 177,417 | 55,860 | ||||||||||||||
Smith Haven Mall |
03/01/16 |
5.16 |
% |
Fixed |
Secured |
180,000 |
45,000 |
||||||||||||||
Quaker Bridge Mall |
04/01/16 | 7.03 | % | Fixed | Secured | 18,494 | 7,026 | ||||||||||||||
Eastland Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 168,000 | 84,000 | ||||||||||||||
Empire Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 176,300 | 88,150 | ||||||||||||||
Granite Run Mall |
06/01/16 | 5.83 | % | Fixed | Secured | 116,121 | 58,060 | ||||||||||||||
Mesa Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 87,250 | 43,625 | ||||||||||||||
Rushmore Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 94,000 | 47,000 | ||||||||||||||
Southern Hills Mall |
06/01/16 | 5.79 | % | Fixed | Secured | 101,500 | 50,750 | ||||||||||||||
Valley Mall |
06/01/16 | 5.83 | % | Fixed | Secured | 45,214 | 22,607 | ||||||||||||||
Greendale Mall |
10/01/16 | 6.00 | % | Fixed | Secured | 45,000 | 22,112 | ||||||||||||||
Firewheel Residential |
(2) | 11/20/16 | 5.91 | % | Fixed | Secured | 22,949 | 11,475 | |||||||||||||
Falls, The |
(25) | 11/30/16 | 7.50 | % | Fixed | Secured | 115,466 | 28,867 | |||||||||||||
Stoneridge Shopping Center |
(25) | 11/30/16 | 7.50 | % | Fixed | Secured | 228,314 | 57,079 | |||||||||||||
Briarwood Mall |
(25) | 11/30/16 | 7.50 | % | Fixed | Secured | 119,448 | 29,862 | |||||||||||||
Coconut Point |
12/10/16 | 5.83 | % | Fixed | Secured | 230,000 | 115,000 |
45
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
Property Name
|
|
Maturity Date |
Interest Rate(1) |
Interest Rate Type |
Secured or Unsecured |
Total Indebtedness |
Our Share of Indebtedness |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
King of Prussia Mall1 |
01/01/17 | 7.49 | % | Fixed | Secured | 123,577 | 15,262 | ||||||||||||||
King of Prussia Mall2 |
01/01/17 | 8.53 | % | Fixed | Secured | 8,701 | 1,075 | ||||||||||||||
Mall at Rockingham |
03/10/17 | 5.61 | % | Fixed | Secured | 260,000 | 63,879 | ||||||||||||||
Liberty Plaza |
06/01/17 | 5.68 | % | Fixed | Secured | 43,000 | 21,500 | ||||||||||||||
Franklin Mills |
06/01/17 | 5.65 | % | Fixed | Secured | 290,000 | 145,000 | ||||||||||||||
Gurnee Mills |
07/01/17 | 5.77 | % | Fixed | Secured | 321,000 | 160,500 | ||||||||||||||
Potomac Mills |
07/11/17 | 5.83 | % | Fixed | Secured | 410,000 | 205,000 | ||||||||||||||
California Department Stores |
11/01/17 | 6.53 | % | Fixed | Secured | 31,300 | 10,432 | ||||||||||||||
West Town Mall |
12/01/17 | 6.34 | % | Fixed | Secured | 210,000 | 105,000 | ||||||||||||||
Aventura Mall |
12/11/17 | 5.91 | % | Fixed | Secured | 430,000 | 143,333 | ||||||||||||||
Sano Premium Outlets |
05/31/18 |
0.55 |
% |
Variable |
Secured |
(12) |
47,329 |
18,932 |
|||||||||||||
Sendai Premium Outlets |
10/31/18 | 0.51 | % | Variable | Secured | (12) | 36,905 | 14,762 | |||||||||||||
Whitehall Mall |
11/01/18 | 7.00 | % | Fixed | Secured | 11,949 | 4,539 | ||||||||||||||
Net Leases II |
01/10/23 |
9.35 |
% |
Fixed |
Secured |
20,873 |
10,436 |
||||||||||||||
AMI Premium Outlets |
09/25/23 | 2.09 | % | Fixed | Secured | (12) | 129,492 | 51,801 | |||||||||||||
TMLP Trust Preferred Unsecured Securities |
03/30/36 |
(18) |
7.38 |
% |
Fixed |
Unsecured |
100,000 |
50,000 |
|||||||||||||
Total Joint Venture Indebtedness at Face Value |
16,302,758 |
6,634,911 |
|||||||||||||||||||
Premium on JV Fixed-Rate Indebtedness |
15,952 | 7,708 | |||||||||||||||||||
Discount on JV Fixed-Rate Indebtedness |
(1,378 | ) | (684 | ) | |||||||||||||||||
Total Joint Venture Indebtedness |
16,317,332 | (20) | 6,641,935 | (17) | |||||||||||||||||
Our Share of Total Indebtedness |
24,249,723 | ||||||||||||||||||||
(Footnotes on following page)
46
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of March 31, 2010
(In thousands)
(Footnotes for preceeding pages)
Footnotes:
- (1)
- Variable
rate debt interest rates are based on the following base rates as of March 31, 2010: LIBOR at .25%; EURIBOR at .4%; and YEN LIBOR at
.16%.
- (2)
- Includes
applicable extensions available at our option.
- (3)
- These
four properties are secured by cross-collateralized and cross-defaulted mortgages.
- (4)
- These
three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (5)
- These
four properties are secured by cross-collateralized and cross-defaulted mortgages.
- (6)
- These
four properties are secured by cross-collateralized and cross-defaulted mortgages.
- (7)
- These
three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (8)
- These
three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (9)
- These
properties are secured by cross-collateralized and cross-defaulted mortgages. Factory Stores of America includes Boaz, Georgetown, Graceville,
Lebanon, Nebraska City and Story City.
- (10)
- Amounts
shown in USD Equivalent. Euro equivalent is 718.5 million. Associated with Facility A and B, Giugliano, and a portion of
Cinisello are interest rate swap agreements with a total combined 598.0 million euros notional amount that effectively fixes Facility A and B, Giugliano, and a portion of
Cinisello at a combined 4.88%.
- (11)
- Amounts
shown in USD Equivalent. Euro equivalent is 325.0 million. Associated with Arkadia and portions of Bay 1 (Torcy), Bay 2
(Torcy), Wilenska and Villabe are interest rate swap agreements with a total combined 302.8 million euros notional amount that effectively fix these loans at a combined 5.44%.
- (12)
- Amounts
shown in USD Equivalent. Yen equivalent is 38,683.7 million.
- (13)
- Amounts
shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 22,225.0 million.
- (14)
- Amounts
shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 145.2 million.
- (15)
- These
four properties are secured by cross-collateralized and cross-defaulted mortgages.
- (16)
- Through
an interest rate swap agreement, interest is essentially fixed at the all-in rate presented.
- (17)
- Our
share of indebtedness for joint ventures excludes our share of indebtedness of $137.0 million in joint venture entities in which Gallerie
Commerciali Italia holds a non-controlling interest.
- (18)
- Upon
the initial maturity date of 3/30/11, pricing re-sets every 5 years based on an index of LIBOR + 2.375%.
- (19)
- Our
share of indebtedness for these joint venture property loans includes the impact of outside partner preferences and/or unreturned capital contributions
which are in excess of our share of the net assets and investment in equity of the property.
- (20)
- Total
joint venture indebtedness does not include the secured debt on The Mall at The Source.
- (21)
- The
Anticipated Repayment Date is the date reflected as the Maturity Date. The loan documents state longer term Maturity Dates (between 2028 and 2035)
subject to certain pre-negotiated provisions.
- (22)
- These
three properties are secured by cross-collateralized and cross-defaulted mortgages.
- (23)
- Through
an interest rate floor agreement, the LIBOR rate is currently fixed at 1.50%.
- (24)
- Through
an interest rate floor agreement, the LIBOR rate is currently fixed at 1.00%.
- (25)
- These three properties are secured by cross-collateralized and cross-defaulted mortgages.
47
SIMON PROPERTY GROUP
Unencumbered Assets
As of March 31, 2010
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Regional Malls: |
||||
McCain Mall |
N. Little Rock |
AR |
||
Brea Mall |
Brea |
CA |
||
Laguna Hills Mall |
Laguna Hills |
CA | ||
Santa Rosa Plaza |
Santa Rosa |
CA | ||
Shops at Mission Viejo, The |
Mission Viejo |
CA | ||
Westminster Mall |
Westminster |
CA | ||
Town Center at Aurora |
Aurora |
CO |
||
Boynton Beach Mall |
Boynton Beach |
FL |
||
Cordova Mall |
Pensacola |
FL | ||
Edison Mall |
Fort Meyers |
FL | ||
Gulf View Square |
Port Richey |
FL | ||
Lake Square Mall |
Leesburg |
FL | ||
Melbourne Square |
Melbourne |
FL | ||
Orange Park Mall |
Orange Park |
FL | ||
Paddock Mall |
Ocala |
FL | ||
Town Center at Boca Raton |
Boca Raton |
FL | ||
Treasure Coast Square |
Jensen Beach |
FL | ||
Tyrone Square |
St. Petersburg |
FL | ||
Lenox Square |
Atlanta |
GA |
||
Mall of Georgia |
Atlanta |
GA | ||
Phipps Plaza |
Atlanta |
GA | ||
Lindale Mall |
Cedar Rapids |
IA |
||
NorthPark Mall |
Davenport |
IA | ||
SouthRidge Mall |
Des Moines |
IA | ||
Lincolnwood Town Center |
Lincolnwood |
IL |
||
Northwoods Shopping Center |
Peoria |
IL | ||
Orland Square |
Orland Park |
IL | ||
River Oaks Center |
Calumet City |
IL | ||
SouthPark Mall |
Moline |
IL | ||
Castleton Square Mall |
Indianapolis |
IN |
||
College Mall |
Bloomington |
IN | ||
Fashion Mall at Keystone, The |
Indianapolis |
IN | ||
Muncie Mall |
Muncie |
IN | ||
Tippecanoe Mall |
Lafayette |
IN | ||
University Park Mall |
Mishawaka |
IN | ||
Towne East Square |
Wichita |
KS |
||
Prien Lake Mall |
Lake Charles |
LA |
48
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Arsenal Mall |
Watertown |
MA |
||
Burlington Mall |
Burlington |
MA | ||
The Mall at Chestnut Hill |
Chestnut Hill |
MA | ||
South Shore Plaza |
Braintree |
MA | ||
Bowie Town Center |
Bowie |
MD |
||
St. Charles Towne Center |
Waldorf |
MD | ||
Maplewood Mall |
Minneapolis |
MN |
||
Miller Hill Mall |
Duluth |
MN | ||
Pheasant Lane (1) |
Nashua |
NH |
||
Livingston Mall |
Livingston |
NJ |
||
Menlo Park Mall |
Edison |
NJ | ||
Ocean County Mall |
Toms River |
NJ | ||
Rockaway Townsquare |
Rockaway |
NJ | ||
Cottonwood Mall |
Albuquerque |
NM |
||
Chautauqua Mall |
Lakewood |
NY |
||
Jefferson Valley Mall |
Yorktown Heights |
NY | ||
Roosevelt Field |
Garden City |
NY | ||
Great Lakes Mall |
Mentor |
OH |
||
Lima Mall |
Lima |
OH | ||
Southern Park Mall |
Boardman |
OH | ||
Ross Park Mall |
Pittsburgh |
PA |
||
South Hills Village |
Pittsburgh |
PA | ||
Haywood Mall |
Greenville |
SC |
||
Oak Court Mall |
Memphis |
TN |
||
Barton Creek Square |
Austin |
TX |
||
Broadway Square |
Tyler |
TX | ||
Cielo Vista |
El Paso |
TX | ||
Firewheel Town Center |
Garland |
TX | ||
Irving Mall |
Irving |
TX | ||
La Plaza Mall |
McAllen |
TX | ||
Lakeline Mall |
Cedar Park |
TX | ||
North East Mall |
Hurst |
TX | ||
Richardson Square Mall |
Richardson |
TX | ||
Rolling Oaks Mall |
San Antonio |
TX | ||
Charlottesville Fashion Square |
Charlottesville |
VA |
||
Virginia Center Commons |
Glen Allen |
VA | ||
Columbia Center |
Kennewick |
WA |
||
Northgate Mall |
Seattle |
WA | ||
Bay Park Square |
Green Bay |
WI |
49
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Premium Outlets: |
||||
Camarillo Premium Outlets |
Camarillo |
CA |
||
Carlsbad Premium Outlets |
Carlsbad |
CA | ||
Desert Hills Premium Outlets |
Cabazon |
CA | ||
Folsom Premium Outlets |
Folsom |
CA | ||
Gilroy Premium Outlets |
Gilroy |
CA | ||
Napa Premium Outlets |
Napa |
CA | ||
Petaluma Village Premium Outlets |
Petaluma |
CA | ||
Vacaville Premium Outlets |
Vacaville |
CA | ||
Clinton Crossing Premium Outlets |
Clinton |
CT |
||
Orlando Premium Outlets |
Orlando |
FL |
||
St. Augustine Premium Outlets |
St. Augustine |
FL | ||
North Georgia Premium Outlets |
Dawsonville |
GA |
||
Waikele Premium Outlets |
Waipahu |
HI |
||
Chicago Premium Outlets |
Aurora |
IL |
||
Edinburgh Premium Outlets |
Edinburgh |
IN |
||
Wrentham Village Premium Outlets |
Wrentham |
MA |
||
Albertville Premium Outlets |
Albertville |
MN |
||
Osage Beach Premium Outlets |
Osage Beach |
MO |
||
Jackson Premium Outlets |
Jackson |
NJ |
||
Jersey Shore Premium Outlets |
Tinton Falls |
NJ | ||
Liberty Village Premium Outlets |
Flemington |
NJ | ||
Las Vegas Outlet Center |
Las Vegas |
NV |
||
Las Vegas Premium Outlets |
Las Vegas |
NV | ||
Woodbury Common Premium Outlets |
Central Valley |
NY |
||
Aurora Farms Premium Outlets |
Aurora |
OH |
||
Columbia Gorge Premium Outlets |
Troutdale |
OR |
||
Allen Premium Outlets |
Allen |
TX |
||
Houston Premium Outlets |
Cypress |
TX | ||
Rio Grande Valley Premium Outlets |
Mercedes |
TX | ||
Round Rock Premium Outlets |
Austin |
TX | ||
Leesburg Corner Premium Outlets |
Leesburg |
VA |
||
Seattle Premium Outlets |
Seattle |
WA |
||
Johnson Creek Premium Outlets |
Johnson Creek |
WI |
||
Community/Lifestyle Centers: |
||||
Pier Park |
Panama City Beach |
FL |
||
Royal Eagle Plaza |
Coral Springs |
FL | ||
Terrace at Florida Mall |
Orlando |
FL | ||
Waterford Lakes Town Center |
Orlando |
FL | ||
Westland Park Plaza |
Orange Park |
FL |
50
Property Name
|
City
|
State
|
||
---|---|---|---|---|
Mall of Georgia Crossing |
Atlanta |
GA |
||
Countryside Plaza |
Countryside |
IL |
||
Crystal Court |
Crystal Lake |
IL | ||
Lake Plaza |
Waukegan |
IL | ||
Lincoln Crossing |
O'Fallon |
IL | ||
Matteson Plaza |
Matteson |
IL | ||
North Ridge Plaza |
Joliet |
IL | ||
Willow Knolls Court |
Peoria |
IL | ||
Eastland Convenience Center |
Evansville |
IN |
||
Greenwood Plus |
Greenwood |
IN | ||
Keystone Shoppes |
Indianapolis |
IN | ||
Markland Plaza |
Kokomo |
IN | ||
New Castle Plaza |
New Castle |
IN | ||
Northwood Plaza |
Fort Wayne |
IN | ||
Teal Plaza |
Lafayette |
IN | ||
Tippecanoe Plaza |
Lafayette |
IN | ||
University Center |
Mishawaka |
IN | ||
Washington Plaza |
Indianapolis |
IN | ||
Rockaway Convenience Center |
Rockaway |
NJ |
||
Rockaway Town Plaza |
Rockaway |
NJ | ||
Great Lakes Plaza |
Mentor |
OH |
||
Lima Center |
Lima |
OH | ||
Lincoln Plaza |
Langhorne |
PA |
||
Charles Towne Square |
Charleston |
SC |
||
Empire East |
Sioux Falls |
SD |
||
The Arboretum |
Austin |
TX |
||
Ingram Plaza |
San Antonio |
TX | ||
Shops at North East Mall |
Hurst |
TX | ||
Wolf Ranch Town Center |
Georgetown |
TX | ||
Chesapeake Center |
Chesapeake |
VA |
||
Fairfax Court |
Fairfax |
VA | ||
Martinsville Plaza |
Martinsville |
VA | ||
Other: |
||||
Coconut Point Hyatt |
Estero |
FL |
||
University Mall |
Pensacola |
FL | ||
Factory Merchants Branson |
Branson |
MO |
||
Nanuet Mall |
Nanuet |
NY |
||
Crossville Outlet Center |
Crossville |
TN |
||
Factory Stores at North Bend |
North Bend |
WA |
- (1)
- The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this property.
51
SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of March 31, 2010
($ in 000's, except per share amounts)
Issuer
|
Description | Number of Shares/Units |
Per Share Liquidation Preference |
Aggregate Liquidation Preference |
Ticker Symbol |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Preferred Stock: |
|||||||||||||
Simon Property Group, Inc. |
Series I 6% Convertible Perpetual Preferred(1) | 4,484,683 | $ | 50 | $ | 224,234 | SPGPrI | ||||||
Simon Property Group, Inc. |
Series J 8.375% Cumulative Redeemable(2) | 796,948 | $ | 50 | $ | 39,847 | SPGPrJ | ||||||
Preferred Units: |
|||||||||||||
Simon Property Group, L.P. |
Series I 6% Convertible Perpetual(1) | 951,584 | $ | 50 | $ | 47,579 | N/A | ||||||
Simon Property Group, L.P. |
7.50% Cumulative Redeemable(3) | 255,373 | $ | 100 | $ | 25,537 | N/A |
- (1)
- For
the quarter ending March 31, 2010, holders of our Series I 6% Convertible Perpetual Preferred Stock, or Series I Preferred Stock,
and holders of the Operating Partnership's 6% Series I Convertible Perpetual Preferred Units, or Series I Preferred Units, had the right to convert their Series I Preferred Stock
into our common shares or Series I Preferred Units into units of the Operating Partnership or Series I Preferred Stock. The optional conversion election resulted from the closing sale
price of our common stock exceeding the applicable trigger price per share for a period of 20 trading days in the last 30 trading days of the prior quarter. The Series I Preferred Stock and
Preferred Units were convertible at a rate of .847495 through April 14, 2010.
On March 17, 2010, Simon Property Group announced that it would redeem all of the outstanding shares of its Series I Preferred Stock and the Series I Preferred Units on April 16, 2010. The redemption price was equal to the liquidation value per share plus accumulated and unpaid dividends through the redemption date or $50.4917 per share or unit. Holders had the right to convert their Series I Preferred Stock into the Company's common shares or Series I Preferred Units into units of the Operating Partnership at a conversion ratio of .847495 through April 14, 2010.
As of April 14, 2010, substantially all of the holders of Series I Preferred Stock converted 7,871,276 shares of Series I Preferred Stock into 6,670,589 common shares, and all of the holders of Series I Preferred Units converted 1,017,480 preferred units into 862,292 common units. On April 16, 2010, we redeemed the remaining 219,879 shares of preferred stock for $11.1 million in cash.
The Series I Preferred Stock was traded on the New York Stock Exchange. The closing price on March 31, 2010 was $71.14 per share.
- (2)
- Each
share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on March 31,
2010 was $60.69 per share.
- (3)
- Each unit is redeemable on or after November 10, 2013 or earlier upon the occurrence of certain tax triggering events.
52
SIMON PROPERTY GROUP Reconciliation of Net Income to NOI As of March 31, 2010 (in thousands, except as noted)
SIMON PROPERTY GROUP NOI Composition(1) For the Three Months Ended March 31, 2010
SIMON PROPERTY GROUP Property Listing
SIMON PROPERTY GROUP Property Listing
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of March 31, 2010 (In thousands)
SIMON PROPERTY GROUP Summary of Indebtedness by Maturity As of March 31, 2010 (In thousands)
SIMON PROPERTY GROUP Preferred Stock/Units Outstanding As of March 31, 2010 ($ in 000's, except per share amounts)