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8-K - 8-K - Rouse Properties, LLCq3-09302013x8xk.htm
EX-99.1 - EX-99.1 - Q3 2013 PRESS RELEASE - Rouse Properties, LLCex991-q3x09302013xpressrel.htm


Supplemental Information
for the Quarter Ended September 30, 2013











Basis of Presentation                                                                                           


Background
Rouse is a publicly traded real estate investment trust (REIT) focused on the management, redevelopment, repositioning and acquisition of regional malls and the portfolio at the end of the quarter consisted of 32 geographically diverse enclosed malls, encompassing over 21.5 million square feet in 19 states. On January 12, 2012, General Growth Properties, Inc. (NYSE: GGP) completed the spin-off of Rouse Properties, Inc. (NYSE: RSE) through the distribution of shares of Rouse common stock to holders of GGP common stock. On March 26, 2012, Rouse completed its rights offering and issued 13,333,333 shares of common stock for $200.0 million.

General Information
Unless the context indicates otherwise, references in the accompanying financial information (the "Supplemental") to the "Corporation", "Rouse", or the "Company" refer to Rouse Properties Inc.  Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States.               
 
Non-GAAP Measures
The Company makes reference to net operating income (“NOI”) and funds from operations (“FFO”).  NOI is defined as operating revenues (minimum rents, including lease termination fees, tenant recoveries, overage rents, and other income) less property and related expenses (real estate taxes, repairs and maintenance, marketing, other property operating costs, and provision for doubtful accounts).  FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, plus real estate related depreciation and amortization. 

In order to present operations in a manner most relevant to its future operations, Core FFO and Core NOI have been presented to exclude certain non-cash and non-comparable revenue and expenses. A reconciliation of NOI to Core NOI and FFO to Core FFO has been included in the "Reconciliation of Core NOI and Core FFO" schedule included within.

NOI, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) available to common stockholders.  For reference, as an aid in understanding management's computation of NOI and FFO, a reconciliation of NOI to operating income and FFO to net income (loss) in accordance with GAAP has been included in the "Reconciliation of Non-GAAP to GAAP Financial Measures" schedule.




Table of Contents                                              

 
 
Page
Company Information
 
 
 
 
Financial Overview
 
 
Consolidated Balance Sheets
 
Consolidated and Combined Statements of Operations and Comprehensive Loss
 
 
 
 
Financial Schedules
 
 
Reconciliation of Core NOI and Core FFO - For the Three Month Period Ended
 
Reconciliation of Core NOI and Core FFO - For the Nine Month Period Ended
 
Core NOI Summary
 
Reconciliation of Non-GAAP to GAAP Financial Measures
 
Mortgages, Notes and Loans Payable
 
Prepaid Expenses and Other Assets and Accounts Payable and Accrued Expenses
 
 
 
 
Portfolio Operating Metrics
 
 
Capital Expenditures
 
Key Operating Performance Indicators
 
Summary of Properties
 
Lease Expiration Schedule
 
Top Ten Tenants
 
Leasing Activity
 
 
 
 
Glossary of Terms
 


The presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons. Readers are referred to the documents filed by Rouse Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in the Supplemental. The Company disclaims any obligation to update any forward-looking statements.



Company Information                                                                        
Company Contacts
Andrew Silberfein
Chief Executive Officer
andrew.silberfein@rouseproperties.com
 
Benjamin Schall
Chief Operating Officer
benjamin.schall@rouseproperties.com
 
John Wain
Chief Financial Officer
john.wain@rouseproperties.com
 
Timothy Salvemini
Chief Accounting Officer
timothy.salvemini@rouseproperties.com
 
Brian Harper
Executive Vice President, Leasing
brian.harper@rouseproperties.com
 
Susan Elman
Executive Vice President, General Counsel
susan.elman@rouseproperties.com
 
Brad Cohen/Steve Swett
ICR, Investor Relations and Communications
ir@rouseproperties.com
(212) 608-5108

Dividend
Current policy as of October 31, 2013, quarterly dividend of $0.13 per share ($0.52 per share annualized).
The Board of Directors declared a common stock dividend of $0.13 per share payable on January 31, 2014 to stockholders of record on January15, 2014.

Common Share Trading Statistics
 
 
September 30, 2013
 
June 30, 2013
High
 
$
21.27

 
$
22.17

Low
 
$
18.25

 
$
17.73

Close
 
$
20.58

 
$
19.62

Volume
 
6,956,700

 
10,949,100


Shares Outstanding
 
Three Months Ended
 
Nine Months Ended
 
September 30, 2013
 
September 30, 2012
 
September 30, 2013
 
September 30, 2012
Common shares outstanding
49,641,636

 
49,225,133

 
49,641,636

 
49,225,133

Class B shares outstanding

 
359,056

 

 
359,056

Total common shares outstanding
49,641,636

 
49,584,189

 
49,641,636

 
49,584,189

Net number of common shares issuable assuming exercise of stock options (1)
621,522

 

 
621,522

 

Total common shares - diluted (2)
50,263,158

 
49,584,189

 
50,263,158

 
49,584,189

Weighted average common shares outstanding - basic (3)
49,346,798

 
49,244,562

 
49,340,373

 
45,105,947

Weighted average common shares outstanding - diluted (3)(4)
49,346,798

 
49,244,562

 
49,340,373

 
45,105,947

`

(1) Based upon the weighted average stock price for the three months ended September 30, 2013 and 2012.  
(2) Utilized for Funds From Operations (FFO) and Core Funds From Operations (Core FFO) purposes.  
(3) Calculated in accordance with GAAP for the three and nine months ended September 30, 2013 and 2012.
(4) Dilutive shares are excluded as the Company is in a net loss from continuing operations position and their effects are anti-dilutive.

Q3 2013 Supplemental Package
 
3


Financial Overview                                                  

Consolidated Balance Sheets
(In thousands)

September 30, 2013 (Unaudited)

December 31, 2012
 




Assets:

 


 

Investment in real estate:

 


 

Land

$
314,728


$
339,988

Buildings and equipment

1,334,746


1,312,767

Less accumulated depreciation

(135,229
)

(116,336
)
Net investment in real estate

1,514,245


1,536,419

Cash and cash equivalents

5,841


8,092

Restricted cash
 
50,898

 
44,559

Demand deposit from affiliate (1)

42,565


150,163

Accounts receivable, net

24,643


25,976

Deferred expenses, net

41,488


40,406

Prepaid expenses and other assets, net

75,966


99,458

Total assets

$
1,755,646


$
1,905,073








Liabilities:

 


 

Mortgages, notes and loans payable

$
1,177,305


$
1,283,491

Accounts payable and accrued expenses, net

92,702


88,686

Total liabilities

1,270,007


1,372,177








Commitments and contingencies











Equity:

 


 

Preferred Stock (2)
 

 

Common stock (3)

497


493

Class B common stock (4)



4

Additional paid-in capital

571,465


588,668

Accumulated deficit

(86,434
)

(56,380
)
Total stockholders' equity

485,528


532,785

Non-controlling interest

111


111

Total equity

485,639


532,896

Total liabilities and equity

$
1,755,646


$
1,905,073


(1) Demand deposit with Brookfield U.S. Holdings Inc. The note earns interest at LIBOR (30 day) plus 1.05% and is payable the earlier of three days notice or on February 14, 2014.
(2) Preferred stock: $0.01 par value; 50,000,000 shares authorized, 0 issued and outstanding at September 30, 2013 and December 31, 2012.
(3) Common stock: $0.01 par value; 500,000,000 shares authorized, 49,645,796 issued and 49,641,636 outstanding at September 30, 2013 and 49,246,087 issued and 49,235,528 outstanding at December 31, 2012.
(4) Class B common stock: $0.01 par value; 1,000,000 shares authorized, 0 and 359,056 issued and 0 and 359,056 outstanding at September 30, 2013 and December 31, 2012.

Q3 2013 Supplemental Package
 
4


Financial Overview                                                 

Consolidated and Combined Statements of Operations and Comprehensive Loss

Three Months Ended
 
Nine Months Ended
(In thousands, except per share amounts)
September 30, 2013 (Unaudited)
 
September 30, 2012 (Unaudited)

September 30, 2013 (Unaudited)
 
September 30, 2012 (Unaudited)
Revenues:
 

 
 

 
 
 
 
Minimum rents
$
40,733

 
$
37,266

 
$
119,296

 
$
109,536

Tenant recoveries
17,918

 
17,130

 
50,254

 
48,701

Overage rents
188

 
765

 
2,479

 
2,779

Other
1,476

 
1,128

 
4,161

 
3,461

Total revenues
60,315

 
56,289

 
176,190

 
164,477

Expenses:
 

 
 

 
 
 
 
Real estate taxes
6,517

 
5,823

 
18,300

 
17,080

Property maintenance costs
2,158

 
2,724

 
8,361

 
9,153

Marketing
720

 
676

 
2,032

 
1,726

Other property operating costs
16,015

 
15,030

 
43,831

 
42,570

Provision for (recovery of) doubtful accounts
(136
)
 
688

 
364

 
1,334

General and administrative
5,575

 
5,267

 
15,675

 
15,726

Depreciation and amortization
15,748

 
16,047

 
47,418

 
49,210

Other
585

 
1,476

 
2,052

 
7,918

Total expenses
47,182

 
47,731

 
138,033

 
144,717

Operating income
13,133

 
8,558

 
38,157

 
19,760

 
 
 
 
 
 
 
 
Interest income
166

 
253

 
492

 
263

Interest expense
(18,002
)
 
(20,005
)
 
(59,305
)
 
(70,325
)
Loss before income taxes and discontinued operations
(4,703
)
 
(11,194
)
 
(20,656
)
 
(50,302
)
Provision for income taxes
20

 
(89
)
 
(235
)
 
(328
)
Loss from continuing operations
(4,683
)
 
(11,283
)
 
(20,891
)
 
(50,630
)
Discontinued operations:
 
 
 
 
 
 
 
Loss from discontinued operations

 
(1,773
)
 
(23,158
)
 
(4,442
)
Gain on extinguishment of debt

 

 
13,995

 

Discontinued operations, net

 
(1,773
)
 
(9,163
)
 
(4,442
)
Net loss
$
(4,683
)
 
$
(13,056
)
 
$
(30,054
)
 
$
(55,072
)
 
 
 
 
 
 
 
 
Loss from continuing operations per share- Basic and Diluted (1)
$
(0.09
)
 
$
(0.23
)
 
$
(0.42
)
 
$
(1.12
)
 
 
 
 
 
 
 
 
Net loss per share - Basic and Diluted (1)
$
(0.09
)
 
$
(0.27
)
 
$
(0.61
)
 
$
(1.22
)
 
 
 
 
 
 
 
 
Dividends declared per share
$
0.13

 
$
0.07

 
$
0.39

 
$
0.14

 
 
 
 
 
 
 
 
Comprehensive loss:
 
 
 
 
 
 
 
Net loss
$
(4,683
)
 
$
(13,056
)
 
$
(30,054
)
 
$
(55,072
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Net unrealized gain (loss) on financial instrument

 
32

 

 
(33
)
Comprehensive loss
$
(4,683
)
 
$
(13,024
)
 
$
(30,054
)
 
$
(55,105
)

(1) Calculated using weighted average number of shares of 49,346,798 and 49,244,562 for the three months ended September 30, 2013 and 2012, respectively and 49,340,373 and 45,105,947 for the nine months ended September 30, 2013 and 2012, respectively.

Q3 2013 Supplemental Package
 
5


Financial Schedules                                                     
Reconciliation of Core NOI and Core FFO - For the Three Month Period Ended


September 30, 2013
 
September 30, 2012
(In thousands)

(Unaudited)
 
(Unaudited)


Consolidated

Discontinued Operations

Total

Core Adjustments

Core NOI / FFO
 
Consolidated

Discontinued Operations

Total

Core Adjustments

Core NOI / FFO
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:










 









Minimum rents (1)

$
40,733


$


$
40,733


$
3,306


$
44,039

 
$
37,266


$
1,192


$
38,458


$
4,812


$
43,270

Tenant recoveries

17,918




17,918




17,918

 
17,130


876


18,006




18,006

Overage rents

188




188




188

 
765


21


786




786

Other

1,476




1,476




1,476

 
1,128


85


1,213




1,213

Total revenues

60,315




60,315


3,306


63,621


56,289


2,174


58,463


4,812


63,275

Operating Expenses:










 









Real estate taxes

6,517




6,517




6,517

 
5,823


156


5,979




5,979

Property maintenance costs

2,158




2,158




2,158

 
2,724


192


2,916




2,916

Marketing

720




720




720

 
676


53


729




729

Other property operating costs (2)

16,015




16,015


(32
)

15,983

 
15,030


1,040


16,070


(31
)

16,039

Provision for (recovery of) doubtful accounts

(136
)



(136
)



(136
)
 
688


11


699




699

Total operating expenses

25,274




25,274


(32
)

25,242

 
24,941


1,452


26,393


(31
)

26,362

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating income

35,041




35,041


3,338


38,379

 
31,348


722


32,070


4,843


36,913

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative (3)(4)

5,575




5,575


27


5,602

 
5,267




5,267




5,267

Other (5)

585




585


(585
)


 
1,476


36


1,512


(1,512
)


Subtotal

28,881




28,881


3,896


32,777

 
24,605


686


25,291


6,355


31,646

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income

166




166




166

 
253




253




253

Interest expense

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization and write-off of market rate adjustments

(2,141
)



(2,141
)

2,141



 
(1,970
)

(565
)

(2,535
)

2,535



Amortization and write-off of deferred financing costs

(1,629
)



(1,629
)

1,629



 
(1,766
)

(54
)

(1,820
)

1,820



Interest on debt

(14,232
)



(14,232
)



(14,232
)
 
(16,269
)

(1,088
)

(17,357
)



(17,357
)
Provision for income taxes

20




20


(20
)


 
(89
)



(89
)

89



Funds from operations

$
11,065


$


$
11,065


$
7,646


$
18,711

 
$
4,764


$
(1,021
)

$
3,743


$
10,799


$
14,542

Funds from operations per share - basic and diluted (6)









$
0.38

 








$
0.30

Funds from operations per share - common (7)









$
0.38

 








$
0.29

Funds from operations per share - diluted (7)









$
0.37

 








$
0.29


(1) Core adjustments includes the aggregate amounts for consolidated and discontinued operations for straight-line rent of $(684) and $(696), above / below market lease amortization of $3,740 and $5,508 and tenant inducement amortization of $250 and $0 for the three months ended September 30, 2013 and 2012, respectively.
(2) Core adjustments include above / below market ground lease amortization of $32 and $31 for the three months ended September 30, 2013 and 2012, respectively.
(3) General and administrative costs include $754 and $636 of non-cash stock compensation expense for the three months ended September 30, 2013 and 2012, respectively.
(4) Core adjustments include amounts for the corporate and regional office straight-line rent of $27 for the three months ended September 30, 2013.
(5) Core adjustments include non-comparable costs related to the spin-off from General Growth Properties and property acquisition costs.
(6) Calculated using weighted average number of shares of 49,346,798 and 49,244,562 for the three months ended September 30, 2013 and 2012.
(7) Assumes 49,641,636 and 49,584,189 common shares and 50,263,158 and 49,584,189 diluted common shares as of the quarter ended September 30, 2013 and 2012, respectively.

Q3 2013 Supplemental Package
 
6


Financial Schedules                                                     
Reconciliation of Core NOI and Core FFO - For the Nine Month Period Ended

 
September 30, 2013
 
September 30, 2012
(In thousands)
 
(Unaudited)
 
(Unaudited)

 
Consolidated
 
Discontinued Operations
 
Total
 
Core Adjustments
 
Core NOI / FFO
 
Consolidated
 
Discontinued Operations
 
Total
 
Core Adjustments
 
Core NOI / FFO
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum rents (1)
 
$
119,296

 
$
3,117

 
$
122,413

 
$
10,543

 
$
132,956

 
$
109,536

 
$
4,206

 
$
113,742

 
$
14,666

 
$
128,408

Tenant recoveries
 
50,254

 
1,475

 
51,729

 

 
51,729

 
48,701

 
2,814

 
51,515

 

 
51,515

Overage rents
 
2,479

 
72

 
2,551

 

 
2,551

 
2,779

 
111

 
2,890

 

 
2,890

Other
 
4,161

 
148

 
4,309

 

 
4,309

 
3,461

 
212

 
3,673

 

 
3,673

Total revenues
 
176,190

 
4,812

 
181,002

 
10,543

 
191,545

 
164,477

 
7,343

 
171,820

 
14,666

 
186,486

Operating Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate taxes
 
18,300

 
301

 
18,601

 

 
18,601

 
17,080

 
464

 
17,544

 

 
17,544

Property maintenance costs
 
8,361

 
292

 
8,653

 

 
8,653

 
9,153

 
556

 
9,709

 

 
9,709

Marketing
 
2,032

 
49

 
2,081

 

 
2,081

 
1,726

 
124

 
1,850

 

 
1,850

Other property operating costs (2)
 
43,831

 
1,676

 
45,507

 
(93
)
 
45,414

 
42,570

 
2,815

 
45,385

 
(93
)
 
45,292

Provision for (recovery of) doubtful accounts
 
364

 
1

 
365

 

 
365

 
1,334

 
79

 
1,413

 

 
1,413

Total operating expenses
 
72,888

 
2,319

 
75,207

 
(93
)
 
75,114

 
71,863

 
4,038

 
75,901

 
(93
)
 
75,808

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating income
 
103,302

 
2,493

 
105,795

 
10,636

 
116,431

 
92,614

 
3,305

 
95,919

 
14,759

 
110,678

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative (3)(4)
 
15,675

 

 
15,675

 
(67
)
 
15,608

 
15,726

 

 
15,726

 

 
15,726

Other (5)
 
2,052

 

 
2,052

 
(2,052
)
 

 
7,918

 
36

 
7,954

 
(7,954
)
 

Subtotal
 
85,575

 
2,493

 
88,068

 
12,755

 
100,823

 
68,970

 
3,269

 
72,239

 
22,713

 
94,952

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
492

 

 
492

 

 
492

 
263

 

 
263

 

 
263

Interest expense
 

 


 

 

 

 

 

 

 

 

Amortization and write-off of market rate adjustments
 
(5,689
)
 
(1,131
)
 
(6,820
)
 
6,820

 

 
(15,215
)
 
(1,661
)
 
(16,876
)
 
16,876

 

Amortization and write-off of deferred financing costs
 
(6,607
)
 
(103
)
 
(6,710
)
 
6,710

 

 
(7,135
)
 
(153
)
 
(7,288
)
 
7,288

 

Debt extinguishment costs
 
(1,886
)
 

 
(1,886
)
 
1,886

 

 

 

 

 

 

Interest on debt
 
(45,123
)
 
(1,993
)
 
(47,116
)
 

 
(47,116
)
 
(47,975
)
 
(3,261
)
 
(51,236
)
 

 
(51,236
)
Provision for income taxes
 
(235
)
 

 
(235
)
 
235

 

 
(328
)
 

 
(328
)
 
328

 

Funds from operations
 
$
26,527

 
$
(734
)
 
$
25,793

 
$
28,406

 
$
54,199

 
$
(1,420
)
 
$
(1,806
)
 
$
(3,226
)
 
$
47,205

 
$
43,979

Funds from operations per share - basic and diluted (6)
 

 

 

 

 
$
1.10

 

 

 

 

 
$
0.98

Funds from operations per share - common (7)
 

 

 

 

 
$
1.09

 

 

 

 

 
$
0.89

Funds from operations per share - diluted (7)
 

 

 

 

 
$
1.08

 

 

 

 

 
$
0.89


(1) Core adjustments includes the aggregate amounts for consolidated and discontinued operations for straight-line rent of $(2,537) and $(3,852), above / below market lease amortization of $12,330 and $18,518 and tenant inducement amortization of $750 and $0 for the nine months ended September 30, 2013 and 2012, respectively.
(2) Core adjustments include above / below market ground lease amortization of $93 and $93 for the nine months ended September 30, 2013 and 2012, respectively.
(3) General and administrative costs include $2,248 and $1,651 of non-cash stock compensation expense for the nine months ended September 30, 2013 and 2012, respectively.
(4) Core adjustments include amounts for the corporate and regional office straight-line rent of $67 for the nine months ended September 30, 2013.
(5) Core adjustments include non-comparable costs related to the spin-off from General Growth Properties and property acquisition costs.
(6) Calculated using weighted average number of shares of 49,340,373 and 45,105,947 for the nine months ended September 30, 2013 and 2012.
(7) Assumes 49,641,636 and 49,584,189 common shares and 50,263,158 and 49,584,189 diluted common shares as of the nine months ended September 30, 2013 and 2012, respectively.

Q3 2013 Supplemental Package
 
7


Financial Schedules                                                 

Core NOI Summary

 
 
Three Months Ended
 
Nine Months Ended
(In thousands)
 
September 30, 2013 (Unaudited)
 
September 30, 2012 (Unaudited)

September 30, 2013 (Unaudited)
 
September 30, 2012 (Unaudited)
 
 
 
 
 
 
 
 
 
Consolidated net operating income
 
$
35,041

 
$
31,348

 
$
103,302

 
$
92,614

Add / (less) :
 
 
 
 
 
 
 
 
Discontinued operations
 

 
722

 
2,493

 
3,305

Core NOI adjustments
 
3,338

 
4,843

 
10,636

 
14,759

Core net operating income
 
38,379

 
36,913

 
116,431

 
110,678

Add / (less):
 
 
 
 
 
 
 
 
Acquisitions and dispositions (1)
 
(4,261
)
 
(2,714
)
 
(13,781
)
 
(8,476
)
Lease termination income and other
 
(30
)
 
(120
)
 
(283
)
 
(337
)
Same property core net operating income
 
$
34,088

 
$
34,079

 
$
102,367

 
$
101,865

Same property change %
 
0.03
%
 
 
 
0.49
%
 
 

(1) Represents the acquisitions of Grand Traverse Mall, The Mall at Turtle Creek and Greenville Mall which were acquired in February 2012, December 2012, and July 2013, respectively and the disposition of Boulevard Mall in June 2013.

Q3 2013 Supplemental Package
 
8


Financial Schedules                                                
Reconciliation of Non-GAAP to GAAP Financial Measures


Three Months Ended
 
Nine Months Ended
(In thousands)
September 30, 2013 (Unaudited)
 
September 30, 2012 (Unaudited)
 
September 30, 2013 (Unaudited)
 
September 30, 2012 (Unaudited)

 
 
 
 

 

Reconciliation of NOI to GAAP Operating Income
 
 
 
 

 

NOI:
$
35,041

 
$
32,070

 
$
105,795

 
$
95,919

Discontinued operations

 
(722
)
 
(2,493
)
 
(3,305
)
General and administrative
(5,575
)
 
(5,267
)
 
(15,675
)
 
(15,726
)
Other
(585
)
 
(1,476
)
 
(2,052
)
 
(7,918
)
Depreciation and amortization
(15,748
)
 
(16,047
)
 
(47,418
)
 
(49,210
)
Operating income
$
13,133

 
$
8,558

 
$
38,157

 
$
19,760


 
 
 
 

 

Reconciliation of FFO to GAAP Net loss attributable to common stockholders
 
 
 
 

 

FFO:
$
11,065

 
$
3,743

 
$
25,793

 
$
(3,226
)
Discontinued operations

 
(752
)
 
(763
)
 
(2,636
)
Depreciation and amortization
(15,748
)
 
(16,047
)
 
(47,418
)
 
(49,210
)
Provision for impairment

 

 
(21,661
)
 

Gain on extinguishment of debt

 

 
13,995

 

Net loss attributable to common stockholders
$
(4,683
)
 
$
(13,056
)
 
$
(30,054
)
 
$
(55,072
)

 
 
 
 

 

Weighted average numbers of shares outstanding
49,346,798

 
49,244,562

 
49,340,373

 
45,105,947

Net loss per share
$
(0.09
)
 
$
(0.27
)
 
$
(0.61
)
 
$
(1.22
)




Q3 2013 Supplemental Package
 
9


Financial Schedules                                                 

Mortgages, Notes, and Loans Payable

(In thousands)
Maturity
 
 
 
Outstanding Balance
 
Balloon Payment at Maturity
 
Amortization
 
 
Month
Year
 
Rate
 
 
2013
2014
2015
2016
2017
After
Mortgage Details
Southland Mall (CA) (1)
Jan
2014
 
3.62
%
 
$
71,426

 
$
70,709

 
$
717

$

$

$

$

$

Non-recourse / fixed
Steeplegate (1)
Aug
2014
 
4.94

 
48,438

 
46,849

 
468

1,121





Non-recourse / fixed
Greenville Mall
Sep
2015
 
5.29

 
41,563

 
39,857

 
188

774

744




Non-recourse / fixed
Vista Ridge Mall (1)
Apr
2016
 
6.87

 
71,923

 
64,660

 
653

2,733

2,926

951



Non-recourse / fixed
Washington Park Mall
Apr
2016
 
5.35

 
10,961

 
9,988

 
89

367

387

130



Non-recourse / fixed
Turtle Creek
Jun
2016
 
6.54

 
78,851

 
76,079

 
236

967

1,033

536



Non-recourse / fixed
Collin Creek (1)
Jul
2016
 
6.78

 
60,707

 
54,423

 
501

2,079

2,226

1,478



Non-recourse / fixed
Bayshore Mall (1)
Aug
2016
 
7.13

 
27,959

 
24,699

 
239

999

1,073

949



Non-recourse / fixed
Grand Traverse (1)
Feb
2017
 
5.02

 
60,662

 
57,266

 
304

954

1,004

1,048

86


Non-recourse / fixed
NewPark Mall (2)
May
2017
 
4.23

 
66,309

 
63,050

 
196

809

860

915

479


Non-recourse / floating
Sikes Senter (1)
Jun
2017
 
5.20

 
55,924

 
48,194

 
430

1,768

1,863

2,554

1,115


Non-recourse / fixed
Knollwood Mall
Oct
2017
 
5.35

 
36,550

 
31,113

 
269

1,109

1,171

1,615

1,273


Non-recourse / fixed
West Valley Mall (3)
Sep
2018
 
1.93

 
52,000

 
49,524

 



211

1,285

980

Non-recourse / floating
Pierre Bossier
May
2022
 
4.94

 
47,582

 
39,891

 
183

746

784

818

866

4,294

Non-recourse / fixed
Pierre Bossier Anchor
May
2022
 
4.85

 
3,739

 
2,894

 
21

82

86

90

95

471

Non-recourse / fixed
Southland Center (MI)
Jul
2022
 
5.09

 
77,490

 
65,085

 
285

1,168

1,230

1,284

1,363

7,075

Non-recourse / fixed
Animas Valley
Nov
2022
 
4.41

 
51,121

 
41,844

 
210

858

897

931

980

5,401

Non-recourse / fixed
Lakeland Mall
Mar
2023
 
4.17

 
69,533

 
55,951

 
291

1,188

1,239

1,285

1,348

8,231

Non-recourse / fixed
Valley Hills Mall
July
2023
 
4.47

 
67,837

 
54,921

 
264

1,080

1,130

1,174

1,237

8,031

Non-recourse / fixed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total property level debt
 
 
 
5.03

 
1,000,575

 
896,997

 
5,544

18,802

18,653

15,969

10,127

34,483

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Term Loan (4)
Jan
2015
 
4.69

 
187,946

 
187,946

 






 
Revolver (4)(5)
Jan
2015
 
4.69

 

 

 






 
Subordinated credit facility (6)
Jun
2015
 
9.50

 

 

 






 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total corporate level debt
 
 
 
 
 
187,946

 
187,946








 
Total Debt Outstanding
 
 
 
4.98
%
 
$
1,188,521

 
$
1,084,943

 
$
5,544

$
18,802

$
18,653

$
15,969

$
10,127

$
34,483

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
 
 
 
 
 
$
1,188,521

 
 
 
 
 
 
 
 
 
 
Market rate adjustment
 
 
 
 
 
(11,216
)
 
 
 
 
 
 
 
 
 
 
Total debt outstanding
 
 
 
 
 
$
1,177,305

 
 
 
 
 
 
 
 
 
 

(1) Prepayable without a penalty.
(2) LIBOR (30 day) plus 405 basis points.
(3) LIBOR (30 day) plus 175 basis points.
(4) LIBOR (30 day) plus 450 basis points.
(5) $150 million Revolver. As of November 1, 2013, the Revolver was undrawn.
(6) $100 million Subordinated Revolver. LIBOR (30 day) plus 850 basis points. LIBOR is subject to floor of 1.0%. As of November 1, 2013, the subordinated credit facility was undrawn.


Q3 2013 Supplemental Package
 
10





Financial Schedules                                                 

Mortgages, Notes, and Loans Payable


(In thousands)
2013
2014
2015
2016
2017
After
Total
Balloon payment
$

$
117,558

$
227,803

$
229,849

199,623

$
310,110

$
1,084,943

Amortization
5,544

18,802

18,653

15,969

10,127

34,483

103,578

Debt maturity and amortization
$
5,544

$
136,360

$
246,456

$
245,818

$
209,750

$
344,593

$
1,188,521

Weighted average interest rate of expiring debt
%
4.15
%
4.79
%
6.70
%
4.87
%
4.20
%
4.98
%



(In thousands)
 
Property-Level Debt
 
Term Loan
 
Revolver
 
Subordinated facility
 
Total
Beginning balance as of December 31, 2012
 
$
1,029,339

 
$
287,946

 
$

 
$

 
$
1,317,285

Term Loan paydown
 

 
(100,000
)
 

 

 
(100,000
)
Lakeland Square refinancing
 
70,000

 

 

 

 
70,000

Lakeland Square payoff
 
(50,297
)
 

 

 

 
(50,297
)
NewPark Mall refinancing
 
66,500

 

 

 


66,500

NewPark Mall payoff
 
(62,930
)
 

 

 


(62,930
)
Valley Hills refinancing
 
68,000

 

 

 


68,000

Valley Hills payoff
 
(51,405
)
 

 

 


(51,405
)
Boulevard Mall debt extinguishment
 
(96,515
)
 

 

 


(96,515
)
Greenville Mall acquisition
 
41,680

 

 

 

 
41,680

West Valley Mall refinancing
 
52,000

 

 

 

 
52,000

West Valley Mall payoff
 
(47,094
)
 

 

 

 
(47,094
)
Mortgage loan amortization
 
(18,703
)
 

 

 

 
(18,703
)
Ending balance as of September 30, 2013
 
$
1,000,575

 
$
187,946

 
$

 
$

 
$
1,188,521

 
 
 
 
 
 
 
 
 
 
 
Weighted Average Balance
 
$
1,017,889

 
$
196,005

 
$

 
$

 
$
1,213,894



Q3 2013 Supplemental Package
 
11


Financial Schedules                                                 

Prepaid Expenses and Other Assets, Net

(In thousands)
September 30, 2013 (Unaudited)
 
December 31, 2012
 
 
 
 
Above-market tenant leases, net
$
66,125

 
$
89,407

Deposits
1,768

 
796

Below-market ground leases, net
1,813

 
1,906

Prepaid expenses
5,825

 
3,563

Other
435

 
3,786

Total prepaid expenses and other assets, net
$
75,966

 
$
99,458



Accounts Payable and Accrued Expenses, Net

(In thousands)
September 30, 2013 (Unaudited)
 
December 31, 2012
 
 
 
 
Below-market tenant leases, net
$
31,278

 
$
35,068

Accounts payable and accrued expenses
8,593

 
12,696

Accrued interest
3,428

 
3,546

Accrued real estate taxes
11,943

 
9,894

Accrued dividend
6,453

 
3,479

Deferred income
4,245

 
3,201

Accrued payroll and other employee liabilities
5,027

 
1,230

Construction payable
15,710

 
9,979

Tenant and other deposits
1,096

 
1,629

Asset retirement obligation liability
4,683

 
4,503

Other
246

 
3,461

Total accounts payable and accrued expenses, net
$
92,702

 
$
88,686



Q3 2013 Supplemental Package
 
12


Portfolio Operating Metrics                                             



Strategic Capital Redevelopment Projects:
Property
 
Description
 
Total Project Square Feet
 
Total Estimated Project Cost
 
Cost to Date
 
Estimated Yield
 
Construction Start Date
 
Expected Opening Date
Lakeland Square
 
Convert anchor space and unproductive inline space to Cinemark Theater and The Sports Authority
 
89,000
 
$13,000
 
$9,781
 
9 - 10%
 
Q4 2012
 
Q4 2013
Lakeland, FL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bayshore Mall
 
Convert unproductive space to accomodate new tenants including: TJ Maxx, Ulta, and The Sports Authority
 
60,000
 
$8,300
 
$3,710
 
10 - 11%
 
Q2 2013
 
Q1 2014
Eureka, CA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lansing Mall
 
Replace vacant anchor space with Regal Cinema and add multiple outparcels
 
66,000
 
$14,900
 
$3,132
 
9 - 10%
 
Q2 2013
 
Q3 2014
Lansing, MI
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Operating Property Capital Expenditures:

 
 
Nine Months Ended
(In thousands)
 
September 30, 2013
 
September 30, 2012
Ordinary and cosmetic capital expenditures (1)(2)
 
$
11,964

 
$
11,637

Tenant allowance (3)
 
6,483

 
4,931

Total
 
$
18,447

 
$
16,568


(1) Includes non-tenant recurring and non-recurring capital expenditures.
(2) Includes $2.6 million and $0.4 million related to the Wi-Fi and energy management systems for the nine months ended
September 30, 2013 and 2012, respectively.
(3) Includes tenant allowances on current operating properties, excluding anchors and strategic projects.




Q3 2013 Supplemental Package
 
13


Portfolio Operating Metrics                                            

Key Operating Performance Indicators
As of September 30, 2013

GLA Summary (1)
(In thousands)
 
Number of Properties
 
Mall and Freestanding GLA
 
Anchor GLA (Rouse Owned)
 
Anchor GLA (Tenant Owned)
 
Total Area
Total Rouse Properties Portfolio
 
32
 
10,070
 
4,774
 
6,697
 
21,541
 
 
 
 
 
 
 
 
 
 
 
Operating Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
% Leased (2)
 
% Occupied (3)
 
Tenant Sales (4)
 
Occupancy Cost (5)
 

Total Rouse Properties Portfolio
 
90.7%
 
88.2%
 
$299
 
12.4%
 
 


 
Same Property Portfolio
 
In-Place Rent < 10k SF (6)
 
September 30, 2013
 
September 30, 2012
Freestanding
$18.77
 
$18.10
Mall
38.99
 
38.47
Total Same Property Portfolio
$37.08
 
$36.82

 
Total Portfolio
 
In-Place Rent < 10k SF (6)
 
September 30, 2013
 
September 30, 2012
Freestanding
$18.59
 
$17.97
Mall
38.99
 
39.32
Total Portfolio
$36.98
 
$37.60



(1) See Property Schedule on page 15 for individual details.
(2) Represents contractual obligations for space in regional malls and excludes traditional anchor stores.
(3) Represents tenants' physical or economic presence in regional malls and excludes traditional anchor stores.
(4) Trailing twelve month tenant sales for mall stores less than 10,000 square feet.
(5) Represents mall and freestanding tenants less than 10,000 square feet utilizing comparative tenant sales.
(6) Weighted average rent of mall and freestanding stores as of September 30, 2013 and September 30, 2012. Rent is presented on a cash basis and consists of base minimum rent,
common area costs, and real estate taxes.

Q3 2013 Supplemental Package
 
14



Portfolio Operating Metrics                                             

Summary of Properties (1) 
As of September 30, 2013
Property Name
Rouse Own %
Location
Anchors
Mall and Freestanding GLA
Anchor GLA (Rouse Owned)
Anchor GLA (Tenant Owned)
Total GLA
% Leased
% Occupied
Animas Valley Mall
100%
Farmington, NM
Dillard's, jcpenney, Sears
276,411

188,817


465,228

93.7
%
93.7
%
Bayshore Mall
100%
Eureka, CA
Sears, Kohl's, Walmart
398,986

87,939

132,319

619,244

79.3

78.5

Birchwood Mall
100%
Port Huron, MI
Sears, Younkers, Macy's, Target, jcpenney
303,705

161,216

264,918

729,839

95.0

92.8

Cache Valley Mall
100%
Logan, UT
Dillard's, Dillard's Men's & Home, jcpenney
240,263

145,832


386,095

93.5

93.5

Chula Vista Center
100%
Chula Vista, CA
Burlington Coat, jcpenney, Macy's, Sears
320,285

163,232

392,500

876,017

92.2

90.4

Collin Creek
100%
Plano, TX
Dillard's, Sears, jcpenney, Macy's
327,955

176,259

613,824

1,118,038

93.9

89.7

Colony Square Mall
100%
Zanesville, OH
Elder-Beerman, jcpenney
356,528

78,440

58,997

493,965

79.5

79.5

Gateway Mall
100%
Springfield, OR
Kohl's, Sears, Target
490,129

218,055

113,613

821,797

93.8

92.0

Grand Traverse Mall
100%
Traverse City, MI
jcpenney, Macy's, Target
306,759


283,349

590,108

87.2

87.0

Greenville Mall
100%
Greenville, NC
jcpenney, Belk Ladies, Belk
173,027

186,732

46,051

405,810

95.2

95.2

Knollwood Mall
100%
St. Louis Park, MN
Kohl's
383,893

80,684


464,577

95.3

91.6

Lakeland Square
100%
Lakeland, FL
jcpenney, Dillard's, Sears, Macy's, Burlington Coat
352,838

276,358

257,353

886,549

91.4

84.2

Lansing Mall
100%
Lansing, MI
jcpenney, Younkers, Macy's
506,403

210,900

103,000

820,303

90.5

84.4

Mall St. Vincent
100%
Shreveport, LA
Dillard's, Sears
187,482


348,000

535,482

84.6

84.3

Newpark Mall
100%
Newark, CA
Burlington Coat Factory, jcpenney, Macy's, Sears
431,908

207,372

335,870

975,150

92.8

86.6

North Plains Mall
100%
Clovis, NM
Beall's, Dillard's, jcpenney, Sears
109,090

194,081


303,171

92.8

92.8

Pierre Bossier Mall
100%
Bossier City, LA
jcpenney, Sears, Dillard's, Virginia College
264,749

59,156

288,328

612,233

96.4

95.9

Sierra Vista, The Mall at
100%
Sierra Vista, AZ
Dillard's, Sears
173,914


196,492

370,406

99.4

99.4

Sikes Senter
100%
Wichita Falls, TX
Dillard's, jcpenney, Sears, Dillard's Men's and Home
291,515

374,690


666,205

98.1

97.7

Silver Lake Mall
100%
Coeur D' Alene, ID
jcpenney, Macy's, Sears
148,331

172,253


320,584

83.3

83.3

Southland Center
100%
Taylor, MI
jcpenney, Macy's
322,400

290,660

292,377

905,437

93.2

87.8

Southland Mall
100%
Hayward, CA
jcpenney, Kohl's, Macy's, Sears
560,780

445,896

292,000

1,298,676

95.9

82.5

Spring Hill Mall
100%
West Dundee, IL
Kohl's, Carson Pirie Scott, Sears, Macy's
488,128

134,148

547,432

1,169,708

83.7

82.7

Steeplegate Mall
100%
Concord, NH
Bon Ton, jcpenney, Sears
223,773

256,347


480,120

75.8

72.6

Three Rivers Mall
100%
Kelso, WA
jcpenney, Macy's
276,344

140,574


416,918

83.2

79.4

Turtle Creek, The Mall at
100%
Jonesboro, AR
Dillard's, jcpenney, Target
367,920


364,217

732,137

91.1

89.8

Valley Hills Mall
100%
Hickory, NC
Belk, Dillard's, jcpenney, Sears
322,442


611,516

933,958

86.2

86.2

Vista Ridge Mall
100%
Lewisville, TX
Dillard's, jcpenney, Macy's, Sears
392,102


670,210

1,062,312

90.9

91.1

Washington Park Mall
100%
Bartlesville, OK
jcpenney, Sears, Dillard's
161,862

122,894

71,402

356,158

97.7

97.7

West Valley Mall
100%
Tracy, CA
jcpenney, Macy's, Sears, Target
537,488

236,454

111,836

885,778

94.1

94.1

Westwood Mall
100%
Jackson, MI
Elder-Beerman, Wal-Mart, jcpenney
144,279

70,500

301,188

515,967

83.5

80.0

White Mountain Mall
100%
Rock Springs, WY
Herberger's, jcpenney
228,237

94,482


322,719

96.8

96.0

Total Rouse Portfolio


 
10,069,926

4,773,971

6,696,792

21,540,689

90.7
%
88.2
%

(1) All properties are 100% owned by Rouse Properties Inc., and subsidiaries

Q3 2013 Supplemental Package
 
15



Portfolio Operating Metrics                                             

Lease Expiration Schedule (1) 
As of September 30, 2013


Year
 
Number of Expiring Leases
 
Expiring GLA
 
Expiring Rates ($ psf) (2)
Specialty Leasing (3)
 
435
 
1,111,691

 
$
11.70

Permanent Leasing
 
 
 
 
 
 
2012 and prior
 
7
 
16,719

 
11.99

2013
 
64
 
197,719

 
33.01

2014
 
310
 
1,074,117

 
31.14

2015
 
277
 
1,071,318

 
29.11

2016
 
253
 
906,617

 
35.74

2017
 
202
 
780,133

 
38.66

2018
 
131
 
724,682

 
33.79

2019
 
66
 
492,087

 
27.76

2020
 
39
 
211,838

 
30.24

2021
 
52
 
419,096

 
24.28

Subsequent
 
211
 
2,112,132

 
24.12

Total Permanent Leasing
 
1,612
 
8,006,458

 
$
30.08

Total Leasing
 
2,047
 
9,118,149

 
 

(1) Represents contractual obligations for space in regional malls and excludes traditional anchor stores.
(2) Excluded from the Expiring Rate are freestanding spaces and leases paying percent rent in lieu of base rent minimum.
(3) Includes Specialty Leasing license agreements with terms in excess of 12 months.








Q3 2013 Supplemental Package
 
16


Portfolio Operating Metrics                                             

Top Ten Tenants
As of September 30, 2013


 
 
 
 
 
 
 
 
Locations
Retail Portfolio
 
Primary DBA
 
Percent of Minimum Rent, Tenant Recoveries and Other
 
Square Footage (000's)
 
Total
 
Rouse Owned
Limited Brands, Inc.
 
Bath & Body Works, Victoria's Secret, White Barn Candle Co.
 
4.2%
 
244
 
59
 
59
Foot Locker, Inc
 
Champs Sports, Footaction USA,Foot Locker, Kids Foot Locker, Lady Foot Locker
 
3.6
 
203
 
47
 
47
Cinemark USA, Inc.
 
Cinemark
 
2.4
 
298
 
6
 
6
Ascena Retail Group, Inc.
 
Dressbarn, Justice, Limited Too, Maurices, Lane Bryant
 
2.1
 
193
 
37
 
37
jcpenney Company, Inc.
 
jcpenney
 
2.0
 
2,310
 
26
 
    14 (1)
American Eagle Outfitters, Inc.
 
Aerie, American Eagle Outfitters
 
2.0
 
109
 
20
 
20
Sterling Jewelers, Inc.
 
Belden Jewelers, JB Robinson Jewelers, Kay Jewelers, Osterman Jewelers, Weisfields Jewelers
 
1.8
 
44
 
29
 
29
Sears Holdings Corporation
 
Sears
 
1.7
 
2,737
 
21
 
10
Zales Corporation
 
Gordon's Jewelers, Piercing Pagoda, Totally Pagoda, Zales Jewelers
 
1.7
 
41
 
36
 
36
Best Buy Co Inc.
 
Best Buy, Best Buy Mobile
 
1.6
 
173
 
14
 
14
Totals
 
 
 
23.1%
 
6,352
 
295
 
272

(1) Does not include three locations in which Rouse owns the land which is ground leased to jcpenney.

Q3 2013 Supplemental Package
 
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Portfolio Operating Metrics                                     

Leasing Activity
As of September 30, 2013
 
TOTAL LEASING ACTIVITY (1)
New Leases
Number of Leases
Square Feet
Term
 
Initial Rent PSF (2)
 
Average Rent PSF (3)
Under 10,000 sq. ft.
17
43,806
8.3
 
$31.65
 
$34.00
Over 10,000 sq. ft.
5
112,728
10.2
 
20.75
 
21.95
Total New Leases
22
156,534
9.7
 
23.80
 
25.33
 
 
 
 
 
 
 
 
Renewal Leases
 
 
 
 
 
 
 
Under 10,000 sq. ft.
67
248,667
2.8
 
$24.59
 
$25.14
Over 10,000 sq. ft.
3
47,723
3.2
 
7.71
 
7.77
Total Renewal Leases
70
296,390
2.9
 
21.87
 
22.34
 
 
 
 
 
 
 
 
Sub-Total
92
452,924
5.2
 
22.54
 
23.37
 
 
 
 
 
 
 
 
Percent in Lieu
22
76,841
 n.a.
 
 n.a.
 
 n.a.
 
 
 
 
 
 
 
 
Total Q3 2013
114
529,765
5.2
 
$22.54
 
$23.37
Total Q2 2013
102
610,005

 

 

Total Q1 2013
89
529,769
 
 
 
 
 
Total 2013
305
1,669,539
 
 
 
 
 



SUITE TO SUITE - NEW & RENEWAL LEASE SPREAD (4)
 
 
 
 
 
 
 
 
 
Initial Rent Spread
 
Average Rent Spread
 
Number of Leases
Square Feet
Term
Initial Rent PSF (2)
Average Rent PSF (3)
 
Expiring Rent PSF (5)
 
$
%
 
$
%
Total Q3 2013
53
211,193

3.4
$
24.76

$
25.45

 
$
23.32

 
$1.44
6.2%
 
$2.13
9.1%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total YTD 2013
148
655,965

4.4
$
20.86

$
21.62

 
$
19.36

 
$1.50
7.7%
 
$2.26
11.7%

(1) Excluding anchors and specialty leasing.
(2) Represents initial rent at time of rent commencement consisting of base minimum rent, common area costs, and real estate taxes.
(3) Represents average rent over the lease term consisting of base minimum rent, common area costs, and real estate taxes.
(4) Excluding anchors, percent in lieu, and specialty leasing.
(5) Represents expiring rent at end of lease consisting of base minimum rent, common area costs, and real estate taxes.

Q3 2013 Supplemental Package
 
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Glossary of Terms                                                  



Gross Leasable Area (GLA)
Total gross leasable space at 100%.
Mall
All mall shop locations excluding anchor and freestanding stores.
Freestanding
Outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores.
Anchor/Traditional Anchor
Department stores and discount department stores in traditional anchor spaces whose merchandise appeals to a broad range of shoppers or spaces which are greater than 70,000 square feet.
Specialty Leasing
Temporary tenants typically on license agreements with terms in excess of twelve months and are generally cancellable by the Company with notice ranging from 30-90 days.
Leased Area
Leased area represents the sum of: (1) tenant occupied space lease and (2) all leases signed for currently vacant space and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the mall and Freestanding Area.
Occupied Area
Occupied area represents the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retails locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area.
Tenant Sales
Rolling twelve month sales for mall stores less than 10,000 square feet.
Occupancy Cost
Ratio of total tenant charges to comparative sales for tenants less than 10,000 square feet.
In-Place Rent
Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent, common area costs, and real estate taxes.
Expiring Rent
Represents rent at the end of the lease consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent
Represents initial rent at the beginning of the term consisting of base minimum rent, common area costs, and real estate taxes.
Average Rent
Represents average rent over the term consisting of base minimum rent, common area costs, and real estate taxes.
Initial Rent Spread
Dollar spread between Initial Rent and Expiring Rent.
Average Rent Spread
Dollar spread between Average Rent and Expiring Rent.


Q3 2013 Supplemental Package
 
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