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EX-99.1 - EXHIBIT 99.1 - Brookfield Property REIT Inc.exhibit991ggp1231168k.htm
8-K - 8-K - Brookfield Property REIT Inc.form8k12312016.htm


















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SUPPLEMENTAL INFORMATION

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2016


BASIS OF PRESENTATION
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GENERAL INFORMATION
Unless the context indicates otherwise, references in the accompanying financial information (the "Supplemental") to the "Corporation" refer to GGP Inc. and references to "GGP" or the "Company" refer to the Corporation, its direct and indirect subsidiaries, and consolidated and unconsolidated entities. Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States of America.

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION
The Company has presented information on its consolidated and unconsolidated properties ("Proportionate" or "at share") in certain schedules included within this Supplemental. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company's unconsolidated property operations that are owned through investments accounted for under the equity method.

The proportionate financial information is not, and is not intended to be, a presentation in accordance with GAAP. The proportionate financial information reflects our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts shown in the columns labeled "Consolidated Properties at share" reflect the Company's Consolidated Properties at our proportionate share (excluding noncontrolling interests and unconsolidated properties). The amounts in the column labeled "Unconsolidated Properties" were derived on a property-by-property basis by including our share of each line item from each individual entity. This provides visibility into our share of the operations of our joint ventures.

We provide Non-GAAP proportionate financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. Other companies in our industry may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Because of these limitations, this information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP.

NON-GAAP MEASURES
For full discussion of the definitions, purpose and use of non-GAAP financial measures see “Non-GAAP Supplemental Financial Measures and Definitions” on pages ER5 to ER7.

This Supplemental makes reference to company same store net operating income (“Company Same Store NOI”), earnings before interest, taxes, depreciation and amortization ("EBITDA"), and funds from operations (“FFO”). Company Same Store NOI is defined as income from operations after operating expenses have been deducted, but prior to deducting financing, administrative and income tax expenses, excluding full or partial reductions in ownership as a result of sales or other transactions ("Sold Interests"), periodic effects of full or partial acquisitions of properties and certain redevelopments. EBITDA is defined as NOI (Company Same Store plus Company Non-Same Store NOI) less certain property management and administrative expenses, net of management fees and other operational items. FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, less preferred unit distributions and preferred stock dividends, plus real estate related depreciation and amortization including adjustments for unconsolidated entities. NOI, EBITDA and FFO are presented in the Supplemental on a Proportionate basis, which includes GGP’s share of consolidated and unconsolidated properties. As GGP conducts substantially all of its business through GGP Operating Partnership, LP, and through GGP Limited Partnership and GGP Nimbus, LP (collectively the “Operating Partnerships”, which are 99% owned by GGP) and since the limited common units of the Operating Partnerships are included in total diluted weighted average FFO per share amounts, all FFO amounts in this Supplemental reflect the FFO of the Operating Partnerships.

In order to present GGP's operations in a manner most relevant to its operations, Company NOI, Company EBITDA, and Company FFO have been presented to exclude certain revenues and expenses. Company Same Store NOI is presented to exclude the periodic effects of full or partial acquisitions of properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. Company NOI, EBITDA, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) attributable to common stockholders. For reference, as an aid in understanding management's computation of Company NOI, EBITDA, and FFO, a reconciliation of Company NOI to consolidated operating income, Company EBITDA, and Company FFO to net income (loss) in accordance with GAAP has been included in the "Reconciliation of GAAP to Non-GAAP Financial Measures" schedule.



TABLE OF CONTENTS
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Page
 
Page
 
 
Asset Transactions:
 
Earnings Press Release
ER1-7

Summary of Asset Transactions
16
 
 
 
 
GAAP Financial Statements:
 
 
 
GAAP Overview
1

Portfolio Operating Metrics:
 
Consolidated Balance Sheets
2

Key Operating Performance Indicators
17
Consolidated Statements of Income
3

Signed Leases All Less Anchors
18
 
 
Lease Expiration Schedule and Top Ten Tenants
19
Non-GAAP Proportionate Financial Information:
 
Property Schedule
20-26
Proportionate Overview
4

 
 
Proportionate Assets, Liabilities, and Equity
5

Miscellaneous:
 
Company NOI, EBITDA and FFO
6-7

Capital Information
27
Reconciliation of GAAP to Non-GAAP Financial Measures
8-10

Change in Total Common and Equivalent Shares
28
 
 
Development Summary
29
Debt:
 
Proportionate Capital Expenditures
30
Summary, at Share
11

Corporate Information
31
Detail, at Share
12-15

Glossary of Terms
32


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


SELECT SCHEDULE DEFINITIONS
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Page
Schedule
Description
Non-GAAP Proportionate Financial Information:
 
4
Proportionate Overview
Summary of Company NOI, Same Store NOI, Company EBITDA and Company FFO on a proportionate basis.
5
Proportionate Assets, Liabilities and Equity
Provides the adjustments for noncontrolling interests and the Company's proportionate share of assets, liabilities and equity related to investments accounted for under the equity method to calculate the Company's proportionate share.
6-7
Company NOI, Company EBITDA and Company FFO
For the three and twelve months ended December 31, 2016 and 2015, provides the Company's proportionate share of revenues and expenses included in NOI, EBITDA and FFO as defined in the Basis of Presentation to calculate the Company's proportionate share. Company NOI, Company EBITDA and Company FFO include certain adjustments as defined on pages 6 and 7.
Same Store Portfolio Operating Metrics:
 
17
Key Operating Performance Indicators
Certain retail properties operating measures presented on a comparable basis.


See Glossary of Terms for detailed descriptions.
20-26
Property Schedule
By Property, gross leasable area detail, including:
Anchor tenant listing
Ownership percentage
Gross leasable area by space type (mall, anchor, strip center, office)
Percentage leased


See Glossary of Terms for detailed descriptions.


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GGP REPORTS FOURTH QUARTER 2016 RESULTS
AND DECLARES FIRST QUARTER DIVIDEND


Chicago, Illinois, January 30, 2017 - GGP Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three and twelve months ended December 31, 2016.
    
Highlights
Company Same Store Net Operating Income (“Company Same Store NOI”) increased 5.1% and 4.4% from the prior year period for the three and twelve months ended December 31, 2016, respectively.
Company earnings before interest, taxes, depreciation and amortization (“Company EBITDA”) increased 6.8% and 9.3% from the prior year period for the three and twelve months ended December 31, 2016, respectively.
Same Store leased percentage was 97.2% at quarter end.
Initial rental rates for signed leases that have commenced in 2016 on a suite-to-suite basis increased 10.1% when compared to the rental rate for expiring leases.
Tenant sales (all less anchors) increased 0.9% on a trailing 12-month basis.1
For the month of December, tenant sales (all less anchors) increased 2% and sales per square foot (<10,000 square feet) increased 3.1% over the prior year.
The Company declared a first quarter common stock dividend of $0.22 per share, an increase of 16% over the first quarter of 2016.
 
GAAP Operating Results
For the three months ended December 31, 2016, net income attributable to GGP was $236 million, or $0.24 per diluted share, as compared to $194 million, or $0.20 per diluted share, in the prior year period. For the twelve months ended December 31, 2016, net income attributable to GGP was $1.3 billion, or $1.34 per diluted share, as compared to $1.37 billion, or $1.43 per diluted share, in the prior year period. Net income attributable to GGP in 2016 and 2015 for the twelve months was impacted primarily by the gains related to the sales and acquisitions of partial interests in two properties.

Company Operating Results
For the three months ended December 31, 2016, Company Funds From Operations (“Company FFO”) was $412 million, or $0.43 per diluted share, as compared to $408 million, or $0.43 per diluted share, in the prior year period, an increase of 0.8%. For the twelve months ended December 31, 2016, Company FFO was $1.47 billion, or $1.53 per diluted share, as compared to $1.38 billion, or $1.44 per diluted share, in the prior year period, an increase of 6.7%.

1
Excludes Christiana Mall due to unusual changes in sales productivity.


ER1


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Investment Activities
Development
The Company’s development and redevelopment activities total $1.3 billion, of which approximately $0.6 billion is under construction and $0.7 billion is in the pipeline.

Acquisitions
The Company acquired its joint venture partner’s interest in Riverchase Galleria in Hoover, Alabama.

The Company acquired 605 N. Michigan Avenue in Chicago, Illinois.

The Company acquired interests in five Macy’s boxes, including the boxes at Tysons Galleria and Stonestown Galleria.

Common Share Repurchase
During the quarter, the Company acquired approximately 1.89 million of its common shares at a weighted average price of $24.47 per share for total consideration of approximately $46 million.

Dividends
On January 30, 2017, the Company’s Board of Directors declared a first quarter common stock dividend of $0.22 per share payable on April 28, 2017, to stockholders of record on April 13, 2017. This represents an increase of $0.03 per share or 16% growth over the dividend declared for the first quarter of 2016.

The Board of Directors also declared a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.3984 per share payable on April 3, 2017, to stockholders of record on March 15, 2017.

On January 27, 2017, the Company paid a special common stock dividend of $0.26 per share to stockholders of record on December 27, 2016.










ER2


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Guidance
Earnings Guidance
For the year ending December 31, 2017
For the three months ending March 31, 2017
 
 
 
Net income attributable to GGP
$0.63 - $0.68

$0.12 - $0.14

Preferred stock dividends
(0.02
)
(0.01
)
Net income attributable to common stockholders
$0.61 - $0.66

$0.11 - $0.13

Depreciation, including share of JVs
0.92

0.23

NAREIT FFO
$1.53 - $1.58

$0.34 - $0.36

Adjustments1
0.03

0.01

Company FFO per diluted share
$1.56 - $1.61

$0.35 - $0.37



1. Includes impact of straight-line rent, above/below market rent, gain/loss on foreign currency and the related provision for income taxes, and other items. For discussion on the purpose and use of these adjustments please see the Non-GAAP Supplemental Financial Measures and Definitions section on page ER7.

The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to Company Same Store NOI and Operating Income growth, rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include future gains or losses, or the impact on operating results from future property acquisitions or dispositions or capital market activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO exclude real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.


Investor Conference Call
On Tuesday, January 31, 2017, the Company will host a conference call at 8:00 a.m. Central (9:00 a.m. Eastern). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register. For those unable to listen to the call live, a replay will be available after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 35145485.


Supplemental Information
The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.



ER3




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Forward-Looking Statements
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

Investors and others should note that we post our current Investor Presentation on the Investors page of our website at www.ggp.com. From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at www.investor.ggp.com from time to time.

GGP Inc.
GGP Inc. is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.

Contact:                        
Kevin Berry                                
SVP Investor and Public Relations                            
(312) 960-5529                                
kevin.berry@ggp.com    


















ER4



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Non-GAAP Supplemental Financial Measures and Definitions
Proportionate or At Share Basis
The following Non-GAAP supplemental financial measures are all presented on a proportionate basis. The proportionate financial information presents the consolidated and unconsolidated properties at the Company’s ownership percentage or “at share”. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company’s unconsolidated property operations that are owned through investments accounted for under GAAP using the equity method.

The proportionate financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP proportionate financial information reflects our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts shown in the columns labeled "Consolidated Properties at Share" reflect the Company's Consolidated Properties at our proportionate share (excluding noncontrolling interests and unconsolidated properties). The amounts in the column labeled "Unconsolidated Properties" were derived on a property-by-property basis by including our share of each line item from each individual entity. This provides visibility into our share of the operations of our joint ventures.

We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.

We provide Non-GAAP proportionate financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. Other companies in our industry may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Because of these limitations, the Non-GAAP proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP.
Net Operating Income (“NOI”), Company NOI and Company Same Store NOI
The Company defines NOI as proportionate income from operations and after operating expenses have been deducted, but prior to deducting financing, property management, administrative and income tax expenses. NOI excludes management fees and other corporate revenue and reductions in ownership as a result of sales or other transactions. The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of our properties. Because NOI excludes reductions in ownership as a result of sales or other transactions, management fees and other corporate revenue, general and administrative and property management expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.
The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI items such as straight-line rent, and amortization of intangibles resulting from acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance.




ER5


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We present Company NOI, Company EBITDA and Company FFO (as defined below); as we believe certain investors and other users of our financial information use these measures of the Company’s historical operating performance.
Adjustments to NOI, EBITDA and FFO, including debt extinguishment costs, market rate adjustments on debt, straight-line rent, intangible asset and liability amortization, real estate tax stabilization, gains and losses on foreign currency and other items that are not a result of normal operations, assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at the properties or from other factors. In addition, the Company’s leases include step rents that increase over the term of the lease to compensate the Company for anticipated increases in market rentals over time. The Company’s leases do not include significant front loading or back loading of payments or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. Management has historically made these adjustments in evaluating our performance, in our annual budget process and for our compensation programs.
The Company defines Company Same Store NOI as Company NOI excluding periodic effects of full or partial acquisitions of properties and certain redevelopments (for the list of properties included in Company Same Store NOI see the Property Schedule in our Supplemental Information). We do not include an acquired property in our Company Same Store NOI until the operating results for that property have been included in our consolidated results for one full calendar year. Properties that we sell are excluded from Company NOI and Company Same Store NOI for all periods once the transaction has closed.
The Company considers Company Same Store NOI a helpful supplemental measure of its operating performance because it assists management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable properties or from other factors, such as the effect of acquisitions. For these reasons, we believe that Company Same Store NOI, when combined with GAAP operating income provides useful information to investors and management.
Other REITs may use different methodologies for calculating, NOI, Company NOI and Company Same Store NOI, and accordingly, the Company’s Company Same Store NOI may not be comparable to other REITs. As a result of the elimination of corporate-level costs and expenses and depreciation and amortization, the Company Same Store NOI we present does not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items, to the extent they are material, to operating decisions or assessments of our operating performance. Our consolidated GAAP statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.
Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization ("EBITDA") and Company EBITDA
The Company defines EBITDA as NOI less certain property management and administrative expenses, net of management fees and other corporate revenues. EBITDA is a commonly used measure of performance in many industries, but may not be comparable to measures calculated by other companies. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other equity REITs, retail property owners who are not REITs and other capital-intensive companies. Management uses Company EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Same Store NOI (discussed below), it is widely used by management in the annual budget process and for compensation programs. Please see adjustments discussion above for the purpose and use of the adjustments included in Company EBITDA.
EBITDA and Company EBITDA, as presented, may not be comparable to similar measures calculated by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP.






ER6


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Funds From Operations (“FFO”) and Company FFO
The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (“NAREIT”). The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.
The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry. FFO facilitates an understanding of the operating performance of the Company’s properties between periods because it does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.
We calculate FFO in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO in accordance with NAREIT guidance. In addition, although FFO is a useful measure when comparing our results to other REITs, it may not be helpful to investors when comparing us to non-REITs. As with the presentation of Company NOI and Company EBITDA, we also consider Company FFO, which is not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs, to be a helpful supplemental measure of our operating performance. Please see adjustments discussion above for the purpose and use of the adjustments included in Company FFO.
FFO and Company FFO do not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity or indicative of funds available to fund our cash needs. In addition, Company FFO per diluted share does not measure, and should not be used as a measure of, amounts that accrue directly to stockholders’ benefit.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

The Company presents NOI, EBITDA and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, EBITDA, Company EBITDA, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to Company NOI and Company Same Store NOI, a reconciliation of GAAP net income attributable to GGP to EBITDA and Company EBITDA, and a reconciliation of GAAP net income attributable to GGP to FFO and Company FFO. None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash flow. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s proportionate share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for by the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments.







ER7
























GAAP Financial Statements



GAAP FINANCIAL OVERVIEW
(In thousands, except per share )
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Three Months Ended
 
Twelve Months Ended
 
 
December 31, 2016
December 31, 2015
Percentage Change
 
December 31, 2016
December 31, 2015
Percentage Change
 
 
 
 
 
 
 
 
 
Operating income
 
$
256,818

$
268,727

(4.4
)%
 
$
800,253

$
923,893

(13.4
)%
 
 
 
 
 
 
 
 
 
Net Income attributable to GGP
 
236,460

194,041

21.9
 %
 
1,288,367

1,374,561

(6.3
)%
 
 
 
 
 
 
 
 
 
Net income attributable to common stockholders
 
232,476

190,057

22.3
 %
 
1,272,432

1,358,624

(6.3
)%
Diluted earnings per share
 
$
0.24

$
0.20

22.1
 %
 
$
1.34

$
1.43

(6.5
)%
 
 
 
 
 
 
 
 
 
Diluted weighted average number of shares outstanding
 
950,301

948,418

 
 
952,333

951,061

 

    


1


GAAP FINANCIAL STATEMENTS

Consolidated Balance Sheets
(In thousands)

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December 31, 2016
 
December 31, 2015
 
 
 
 
Assets:
 
 
 
Investment in real estate:
 
 
 
Land
$
3,066,019

 
$
3,596,354

Buildings and equipment
16,091,582

 
16,379,789

Less accumulated depreciation
(2,737,286
)
 
(2,452,127
)
Construction in progress
251,616

 
308,903

Net property and equipment
16,671,931

 
17,832,919

Investment in and loans to/from Unconsolidated Real Estate Affiliates
3,868,993

 
3,506,040

Net investment in real estate
20,540,924

 
21,338,959

Cash and cash equivalents
474,757

 
356,895

Accounts receivable, net 1
322,196

 
336,572

Notes receivable, net 1
678,496

 
641,445

Deferred expenses, net
209,852

 
214,578

Prepaid expenses and other assets 1
506,521

 
968,873

Assets held for disposition

 
216,233

Total assets
$
22,732,746

 
$
24,073,555

Liabilities:
 
 
 
Mortgages, notes and loans payable
$
12,430,418

 
$
14,216,160

Investment in Unconsolidated Real Estate Affiliates
39,506

 
38,488

Accounts payable and accrued expenses
655,362

 
784,493

Dividend payable
433,961

 
172,070

Deferred tax liabilities
3,843

 
1,289

Junior Subordinated Notes
206,200

 
206,200

Liabilities held for disposition

 
58,934

Total liabilities
13,769,290

 
15,477,634

Redeemable noncontrolling interests:
 
 
 
Preferred
144,060

 
157,903

Common
118,667

 
129,724

Total redeemable noncontrolling interests
262,727

 
287,627

Equity:
 
 
 
Preferred stock
242,042

 
242,042

Stockholders' equity
8,393,722

 
8,028,001

Noncontrolling interests in consolidated real estate affiliates
33,583

 
24,712

Noncontrolling interests related to long-term incentive plan common units
31,382

 
13,539

Total equity
8,700,729

 
8,308,294

Total liabilities, redeemable noncontrolling interests and equity
$
22,732,746

 
$
24,073,555

1 Notes receivable, net was added in the current period and amounts were reclassed from accounts receivable and prepaid expenses and other assets in both periods.

2

GAAP FINANCIAL STATEMENTS

Consolidated Statements of Income
(In thousands, except per share)
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Three Months Ended
 
Twelve Months Ended
 
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
Revenues:
 
 
 
 
 
 
 
Minimum rents
$
367,484

 
$
387,230

 
$
1,449,704

 
$
1,481,614

Tenant recoveries
163,838

 
171,496

 
668,081

 
689,536

Overage rents
23,510

 
25,269

 
42,534

 
44,024

Management fees and other corporate revenues
22,728

 
21,282

 
95,814

 
86,595

Other
32,775

 
39,357

 
90,313

 
102,137

Total revenues
610,335

 
644,634

 
2,346,446

 
2,403,906

Expenses:

 
 
 
 
 
 
Real estate taxes
55,985

 
52,458

 
229,635

 
222,883

Property maintenance costs
14,013

 
15,548

 
55,027

 
60,040

Marketing
6,120

 
9,110

 
13,155

 
21,958

Other property operating costs
67,117

 
74,923

 
282,591

 
302,797

Provision for doubtful accounts
2,353

 
1,882

 
8,038

 
8,081

Property management and other costs
31,815

 
39,709

 
138,602

 
161,556

Provision for loan loss
205

 

 
29,615

 

General and administrative
14,432

 
13,010

 
55,745

 
50,405

Provisions for impairment

 
8,604

 
73,039

 
8,604

Depreciation and amortization
161,477

 
160,663

 
660,746

 
643,689

Total expenses
353,517

 
375,907

 
1,546,193

 
1,480,013

Operating income
256,818

 
268,727

 
800,253

 
923,893

Interest and dividend income
16,453

 
14,358

 
59,960

 
49,254

Interest expense
(133,862
)
 
(147,386
)
 
(571,200
)
 
(607,675
)
(Loss) gain on foreign currency
(2,086
)
 
1,555

 
14,087

 
(44,984
)
(Loss) gain from changes in control of investment properties and other
(10,512
)
 
11,780

 
722,904

 
634,367

Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and allocation to noncontrolling interests
126,811

 
149,034

 
1,026,004

 
954,855

(Provision for) benefit from income taxes
(173
)
 
9,253

 
(901
)
 
38,334

Equity in income of Unconsolidated Real Estate Affiliates
103,856

 
32,275

 
231,615

 
73,390

Unconsolidated Real Estate Affiliates - gain on investment
10,790

 
6,067

 
51,555

 
327,017

Net Income
241,284

 
196,629

 
1,308,273

 
1,393,596

Allocation to noncontrolling interests
(4,824
)
 
(2,588
)
 
(19,906
)
 
(19,035
)
Net income attributable to GGP
236,460

 
194,041

 
1,288,367

 
1,374,561

Preferred stock dividends
(3,984
)
 
(3,984
)
 
(15,935
)
 
(15,937
)
Net income attributable to common stockholders
$
232,476

 
$
190,057

 
$
1,272,432

 
$
1,358,624

 
 
 
 
 
 
 
 
Basic Earnings Per Share:
$
0.26

 
$
0.22

 
$
1.44

 
$
1.54

Diluted Earnings Per Share:
$
0.24

 
$
0.20

 
$
1.34

 
$
1.43


3








Non-GAAP Proportionate Financial Information


NON-GAAP PROPORTIONATE FINANCIAL OVERVIEW1
(In thousands, except per share)

ggptagline140x88.jpg



 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31, 2016
December 31, 2015
Percentage Change
 
December 31, 2016
December 31, 2015
Percentage Change
 
 
 
 
 
 
 
 
 
Company Same Store NOI  2
 
$
614,366

$
584,677

5.1
%
 
$
2,236,639

$
2,142,055

4.4
%
Company Non-Same Store NOI 3
 
22,339

19,493

n/a

 
119,430

52,893

n/a

Company NOI 4, 5
 
636,705

604,170

5.4
%
 
2,356,069

2,194,948

7.3
%
 
 
 
 
 
 
 
 
 
Company EBITDA 4, 5
 
602,544

563,946

6.8
%
 
2,221,115

2,031,445

9.3
%
 
 
 
 
 
 
 
 
 
Company FFO 6
 
412,157

408,170

1.0
%
 
1,471,250

1,376,806

6.9
%
Company FFO per diluted share
 
$
0.43

$
0.43

0.8
%
 
$
1.53

$
1.44

6.7
%
 
 
 
 
 
 
 
 
 
FFO 7
 
460,919

408,664

12.8
%
 
1,500,848

1,299,454

15.5
%
FFO per diluted share
 
$
0.48

$
0.43

12.6
%
 
$
1.57

$
1.36

15.3
%
 
 
 
 
 
 
 
 
 
Diluted weighted average number of Company shares outstanding
 
956,902

954,902

 
 
958,882

957,453

 

1    For the Reconciliation of GAAP to Non-GAAP Financial Measures see pages 8-10.            
2    Includes lease termination fees of $8.4 million and $3.1 million for the three months ended December 31, 2016 and 2015 and $20.7 million and $24.3 million for the twelve months ended December 31, 2016 and 2015, respectively.         
3    Non-Same Store NOI includes the periodic effects of acquisitions, certain redevelopments, including condominium development, and other properties.
4    Company NOI and Company EBITDA exclude the periodic effects of Sold Interests. See Glossary of Terms on page 32.            
5    Company NOI and Company EBITDA growth excluding condominium NOI would be 5.7% and 7.3% for the three months and 5.1% and 6.9% for the twelve months ending December 31, 2016.
6    Company FFO includes the periodic effects of Sold Interests. See Glossary of Terms on page 32.
7    FFO is presented in accordance with the NAREIT definition of FFO.                        
                                    


4

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION

Proportionate Assets, Liabilities and Equity1
(In thousands)
ggptagline140x90.jpg


 
 
As of December 31, 2016
 
As of December 31, 2015
 
 
Noncontrolling
Interests
 
Unconsolidated Properties
 
Noncontrolling
Interests
 
Unconsolidated Properties
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Investment in real estate:
 
 
 
 
 
 
 
 
Land
 
$
(36,830
)
 
$
2,181,417

 
$
(27,945
)
 
$
1,775,338

Buildings and equipment
 
(206,810
)
 
8,191,356

 
(153,602
)
 
7,653,560

Less accumulated depreciation
 
38,785

 
(1,648,775
)
 
24,648

 
(1,437,460
)
Construction in progress
 
(128
)
 
174,684

 
(380
)
 
470,099

Net property and equipment
 
(204,983
)
 
8,898,682

 
(157,279
)
 
8,461,537

Investment in and loans to/from Unconsolidated Real Estate Affiliates
 

 
(3,688,993
)
 

 
(3,286,040
)
Net investment in real estate
 
(204,983
)
 
5,209,689

 
(157,279
)
 
4,995,497

Cash and cash equivalents
 
(4,373
)
 
237,923

 
(2,807
)
 
215,552

Accounts receivable, net
 
(3,484
)
 
322,387

 
(2,632
)
 

Notes receivable, net
 
(109
)
 
4,400

 

 
122,762

Deferred expenses, net
 
(2,866
)
 
192,759

 
(1,418
)
 
152,006

Prepaid expenses and other assets
 
(8,550
)
 
199,100

 
(9,972
)
 
257,408

Assets held for disposition
 

 

 
(12,291
)
 

Total assets
 
$
(224,365
)
 
$
6,166,258

 
$
(186,399
)
 
$
5,923,225

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Mortgages, notes and loans payable
 
$
(181,775
)
 
$
5,854,328

 
$
(143,553
)
 
$
5,530,552

Investment in Unconsolidated Real Estate Affiliates
 

 
(39,506
)
 

 
(38,488
)
Accounts payable and accrued expenses
 
(9,007
)
 
351,122

 
(7,232
)
 
430,936

Dividend payable
 

 

 

 

Deferred tax liabilities
 

 
314

 

 
225

Junior Subordinated Notes
 

 

 

 

Liabilities held for disposition
 

 

 
(10,902
)
 

Total liabilities
 
(190,782
)
 
6,166,258

 
(161,687
)
 
5,923,225

 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests:
 
 
 
 
 
 
 
 
Preferred
 

 

 

 

Common
 

 

 

 

Total redeemable noncontrolling interests
 

 

 

 

 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
Preferred stock
 

 

 

 

Stockholders' equity
 

 

 

 

Noncontrolling interests in consolidated real estate affiliates
 
(33,583
)
 

 
(24,712
)
 

Noncontrolling interests related to Long-Term Incentive Plan Common Units
 

 

 

 

Total equity
 
(33,583
)
 

 
(24,712
)
 

Total liabilities, redeemable noncontrolling interests and equity
 
$
(224,365
)
 
$
6,166,258

 
$
(186,399
)
 
$
5,923,225

1 The Company's proportionate share of assets, liabilities and equity can be calculated using the consolidated information from page 2 combined with the columns above.

5

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION

Company NOI, EBITDA and FFO1
For the Three Months Ended December 31, 2016 and 2015
(In thousands)
ggptagline140x93.jpg


 
 
Three Months Ended December 31, 2016
 
Three Months Ended December 31, 2015
 
 
Consolidated Properties at Share 2
Unconsolidated Properties
Sold Interests3
Adjustments 4
 
Consolidated Properties at Share 2
Unconsolidated Properties
Sold Interests3
Adjustments4
Property revenues:
 
 
 
 
 
 
 
 
 
 
Minimum rents 5
 
$
363,942

$
159,729

$
(50
)
$
1,549

 
$
382,791

$
144,034

$
(22,288
)
$
(1,034
)
Tenant recoveries
 
161,838

62,782

(1
)

 
169,916

62,027

(7,401
)

Overage rents
 
23,277

10,042



 
24,895

9,601

(1,058
)

Other revenue
 
32,489

8,109

(1
)

 
39,212

7,923

(4,422
)

Condominium sales
 

37,463



 




Total property revenues
 
581,546

278,125

(52
)
1,549

 
616,814

223,585

(35,169
)
(1,034
)
Property operating expenses:
 
 
 
 
 
 
 
 
 
 
Real estate taxes
 
55,142

17,725


(1,490
)
 
51,935

18,863

(1,723
)
(1,490
)
Property maintenance costs
 
13,929

5,545

(6
)

 
15,423

4,611

(836
)

Marketing
 
6,067

3,335



 
9,019

3,422

(174
)

Other property operating costs
 
66,387

27,967

(404
)
(1,001
)
 
74,154

29,941

(4,431
)
(1,030
)
Provision for doubtful accounts
 
2,348

1,146

(94
)

 
1,869

557

(84
)

Condominium cost of sales
 

27,867



 




Total property operating expenses
 
143,873

83,585

(504
)
(2,491
)
 
152,400

57,394

(7,248
)
(2,520
)
NOI
 
$
437,673

$
194,540

$
452

$
4,040

 
$
464,414

$
166,191

$
(27,921
)
$
1,486

Management fees and other corporate revenues
 
22,728

48



 
21,282




Property management and other costs 6
 
(31,613
)
(10,363
)


 
(39,520
)
(8,729
)
107


General and administrative
 
(14,432
)
(529
)


 
(13,010
)
(373
)
19


EBITDA
 
$
414,356

$
183,696

$
452

$
4,040

 
$
433,166

$
157,089

$
(27,795
)
$
1,486

Depreciation on non-income producing assets
 
(4,152
)



 
(2,941
)



Investment income, net
 
16,819

(3,256
)

(205
)
 
14,745

608


(205
)
Preferred unit distributions
 
(2,040
)



 
(2,191
)



Preferred stock dividends
 
(3,984
)



 
(3,984
)



Interest expense:
 
 
 
 
 
 
 
 
 
 
Mark-to-market adjustments on debt
 
1,065

89


(1,154
)
 
134

267


(401
)
Write-off of mark-to-market adjustments on extinguished debt
 




 




Gain on debt extinguishment
 

54,138


(54,138
)
 




Interest on existing debt
 
(133,063
)
(59,980
)


 
(145,863
)
(53,023
)
6,137


Loss on foreign currency
 
(2,086
)


2,086

 
1,555



(1,555
)
Provision for loan loss
 
(205
)


205

 




(Provision for) benefits from income taxes
 
(154
)
(324
)

404

 
9,274

(172
)
1

615

FFO from sold interests 
 


(452
)

 


21,657

(434
)
FFO
 
$
286,556

$
174,363

$

$
(48,762
)
 
$
303,895

$
104,769

$

$
(494
)
 
 
 
 
 
 
 
 
 
 
 
1.
For the Reconciliation of GAAP to Non-GAAP Financial Measures see pages 8-10.
2.
Consolidated properties at share reflect the Company's Consolidated Properties at our proportionate share exclusive of noncontrolling interests.
3.
Sold interests include reclassification of operations related to full or partial reductions in ownership as a result of sales or other transactions.
4.
Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, gain/loss on foreign currency and the related provision for income taxes, gain on debt extinguishment, and other items. For full discussion of the purpose and use of these adjustments see Non-GAAP Supplemental Financial Measures and Definitions in pages ER5 to ER7.
5.
Adjustments include amounts for straight-line rent of ($2,806) and ($10,179) and above/below market lease amortization of $4,354 and $9,144 for the three months ended December 31, 2016 and 2015, respectively.
6.
Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.

6

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION

Company NOI, EBITDA and FFO1
For the Twelve Months Ended December 31, 2016 and 2015
(In thousands)
ggptagline140x94.jpg


 
 
Twelve Months Ended December 31, 2016
 
Twelve Months Ended December 31, 2015
 
 
Consolidated Properties at Share 2
Unconsolidated Properties
Sold Interests3
Adjustments 4
 
Consolidated Properties at Share 2
Unconsolidated Properties
Sold Interests3
Adjustments4
Property revenues:
 
 
 
 
 
 
 
 
 
 
Minimum rents 5
 
$
1,436,101

$
583,283

$
(37,636
)
$
15,609

 
$
1,464,834

$
515,813

$
(90,381
)
$
26,556

Tenant recoveries
 
661,649

240,897

(13,117
)

 
682,746

225,563

(34,266
)

Overage rents
 
42,106

20,026

(677
)

 
43,421

19,448

(2,342
)

Other revenue
 
90,538

25,763

(1,592
)

 
100,533

25,328

(7,657
)

Condominium sales
 

260,180



 




Total property revenues
 
2,230,394

1,130,149

(53,022
)
15,609

 
2,291,534

786,152

(134,646
)
26,556

Property operating expenses:
 
 
 
 
 
 
 
 
 
 
Real estate taxes
 
226,530

64,261

(2,604
)
(5,958
)
 
219,891

67,531

(7,872
)
(5,958
)
Property maintenance costs
 
54,745

20,595

(1,125
)

 
59,588

20,650

(3,645
)

Marketing
 
13,052

11,570

(93
)

 
21,709

9,893

(841
)

Other property operating costs
 
280,279

108,111

(6,082
)
(3,992
)
 
299,788

106,528

(18,930
)
(4,086
)
Provision for doubtful accounts
 
8,010

6,597

(371
)

 
8,030

2,709

(337
)

Condominium cost of sales
 

193,536



 




Total property operating expenses
 
582,616

404,670

(10,275
)
(9,950
)
 
609,006

207,311

(31,625
)
(10,044
)
NOI
 
$
1,647,778

$
725,479

$
(42,747
)
$
25,559

 
$
1,682,528

$
578,841

$
(103,021
)
$
36,600

Management fees and other corporate revenues
 
95,814

145



 
86,595




Property management and other costs 6
 
(137,985
)
(36,144
)
57


 
(160,836
)
(32,083
)
577


General and administrative
 
(55,745
)
(1,325
)
229


 
(50,405
)
(7,468
)
117


EBITDA
 
$
1,549,862

$
688,155

$
(42,461
)
$
25,559

 
$
1,557,882

$
539,290

$
(102,327
)
$
36,600

Depreciation on non-income producing assets
 
(15,617
)



 
(11,360
)



Investment income, net
 
61,483

(750
)
(3
)
(818
)
 
50,800

2,569

(7
)
(818
)
Preferred unit distributions
 
(8,680
)



 
(8,883
)



Preferred stock dividends
 
(15,935
)



 
(15,937
)



Interest expense:
 
 
 
 
 
 
 
 
 
 
Mark-to-market adjustments on debt
 
2,895

352


(3,247
)
 
182

1,425

117

(1,724
)
Write-off of mark-to-market adjustments on extinguished debt
 
2,290



(2,290
)
 
(13,590
)

6,361

7,229

Gain on debt extinguishment
 

54,138


(54,138
)
 




Interest on existing debt
 
(570,405
)
(229,975
)
13,400


 
(588,076
)
(207,811
)
30,890


Gain (loss) on foreign currency
 
14,087



(14,087
)
 
(44,984
)


44,984

Provision for loan 7
 
(29,615
)


22,095

 




(Provision for) benefit from income taxes
 
(834
)
(603
)

(1,857
)
 
38,391

(444
)

(16,551
)
FFO from sold interests 
 


29,064

(815
)
 


64,966

7,632

FFO
 
$
989,531

$
511,317

$

$
(29,598
)
 
$
964,425

$
335,029

$

$
77,352

 
 
 
 
 
 
 
 
 
 
 
1.
For the Reconciliation of GAAP to Non-GAAP Financial Measures see pages 8-10.
2.
Consolidated properties at share reflect the Company's Consolidated Properties at our proportionate share exclusive of noncontrolling interests.
3.
Sold interests include reclassification of operations related to full or partial reductions in ownership as a result of sales or other transactions.
4.
Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, gain/loss on foreign currency and the related provision for income taxes, gain on debt extinguishment, and other items. For full discussion of the purpose and use of these adjustments see Non-GAAP Supplemental Financial Measures and Definitions in pages ER5 to ER7.
5.
Adjustments include amounts for straight-line rent of ($24,735) and ($37,645) and above/below market lease amortization of $40,344 and $64,201 for the twelve months ended December 31, 2016 and 2015, respectively.
6.
Unconsolidated amounts include our share of management fees paid by these properties. Revenues associated with these fees are included in consolidated management fees and other corporate revenues.
7.
This provision relates to the note associated with our sale of our interest in Aliansce in 2013. In the twelve months ended December 31, 2016, we wrote down the principal balance by $28.8 million and recovered $6.7 million upon settlement of the note for the net $22 million adjustment above. We also reversed $7.5 million accrued interest that impacts Company FFO.


7

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION

Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share)

ggptagline140x95.jpg


 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
 
December 31, 2016
December 31, 2015
 
December 31, 2016
December 31, 2015
 
 
 
 
 
 
 
 
 
Reconciliation of GAAP Operating Income to Company Same Store NOI
 
 
 
 
 
 
Operating Income
 
$
256,818

$
268,727

 
$
800,253

$
923,893

Loss (gain) on sales of investment properties 1
 

188

 
1,017

(499
)
Depreciation and amortization
 
161,477

160,663

 
660,746

643,689

Provision for loan loss 2
 
205


 
29,615


Provision for impairment
 

8,604

 
73,039

8,604

General and administrative
 
14,432

13,010

 
55,745

50,405

Property management and other costs
 
31,815

39,709

 
138,602

161,556

Management fees and other corporate revenues
 
(22,728
)
(21,282
)
 
(95,814
)
(86,595
)
 
Consolidated Properties
 
442,019

469,619

 
1,663,203

1,701,053

 
Noncontrolling interest in NOI of Consolidated Properties 6
 
(4,346
)
(5,205
)
 
(15,425
)
(18,525
)
 
NOI of sold interests 5, 6
 
452

(27,921
)
 
(42,747
)
(103,021
)
 
Unconsolidated Properties 6
 
194,540

166,191

 
725,479

578,841

 
Proportionate NOI
 
632,665

602,684

 
2,330,510

2,158,348

Company adjustments: 3
 
 
 
 
 
 
 
Minimum rents 4
 
1,549

(1,034
)
 
15,609

26,556

 
Real estate taxes
 
1,490

1,490

 
5,958

5,958

 
Property operating expenses
 
1,001

1,030

 
3,992

4,086

Company NOI
 
636,705

604,170

 
2,356,069

2,194,948

Company Non-Same Store NOI
 
22,339

19,493

 
119,430

52,893

Company Same Store NOI
 
$
614,366

$
584,677

 
$
2,236,639

$
2,142,055

 
 
 
 
 
 
 
 
 
Reconciliation of GAAP Net Income Attributable to GGP to Company EBITDA
 
 
 
 
 
 
Net Income Attributable to GGP
 
$
236,460

$
194,041

 
$
1,288,367

$
1,374,561

Allocation to noncontrolling interests
 
4,824

2,588

 
19,906

19,035

Loss (gain) on sales of investment properties 1 
 

188

 
1,017

(499
)
Loss (gains) from changes in control of investment properties and other
 
10,512

(11,780
)
 
(722,904
)
(634,367
)
Unconsolidated Real Estate Affiliates - gain on investment
 
(10,790
)
(6,067
)
 
(51,555
)
(327,017
)
Equity in income of Unconsolidated Real Estate Affiliates
 
(103,856
)
(32,275
)
 
(231,615
)
(73,390
)
Provision for loan loss 2
 
205


 
29,615


Provision for impairment
 

8,604

 
73,039

8,604

Provision for (benefit from) income taxes
 
173

(9,253
)
 
901

(38,334
)
Loss (gain) on foreign currency
 
2,086

(1,555
)
 
(14,087
)
44,984

Interest expense
 
133,862

147,386

 
571,200

607,675

Interest and dividend income
 
(16,453
)
(14,358
)
 
(59,960
)
(49,254
)
Depreciation and amortization
 
161,477

160,663

 
660,746

643,689

 
Consolidated Properties
 
418,500

438,182

 
1,564,670

1,575,687

 
Noncontrolling interest in EBITDA of Consolidated Properties
 
(4,144
)
(5,016
)
 
(14,808
)
(17,805
)
 
EBITDA of sold interests
 
452

(27,795
)
 
(42,461
)
(102,327
)
 
Unconsolidated Properties
 
183,696

157,089

 
688,155

539,290

 
Proportionate EBITDA
 
598,504

562,460

 
2,195,556

1,994,845

Company adjustments: 3
 
 
 
 
 
 
 
Minimum rents
 
1,549

(1,034
)
 
15,609

26,556

 
Real estate taxes
 
1,490

1,490

 
5,958

5,958

 
Property operating expenses
 
1,001

1,030

 
3,992

4,086

Company EBITDA
 
$
602,544

$
563,946

 
$
2,221,115

$
2,031,445


8

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION

Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share)

ggptagline140x95.jpg


 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
 
December 31, 2016
December 31, 2015
 
December 31, 2016
December 31, 2015
 
 
 
 
 
 
 
 
 
Reconciliation of GAAP Net Income Attributable to GGP to Company FFO
 
 
 
 
 
 
Net Income Attributable to GGP
 
$
236,460

$
194,041

 
$
1,288,367

$
1,374,561

Redeemable noncontrolling interests
 
2,037

(693
)
 
9,971

7,839

Provision for impairment excluded from FFO
 

8,604

 
73,039

8,604

Noncontrolling interests in depreciation of Consolidated Properties
 
(1,161
)
(1,850
)
 
(6,036
)
(7,754
)
Unconsolidated Real Estate Affiliates - gain on investment
 
(10,790
)
(6,067
)
 
(51,555
)
(327,017
)
Loss on sales of investment properties 1
 

163

 
1,016

2,687

Preferred stock dividends
 
(3,984
)
(3,984
)
 
(15,935
)
(15,937
)
Gains from changes in control of investment properties and other
 
10,512

(11,780
)
 
(722,904
)
(634,367
)
Depreciation and amortization of capitalized real estate costs - Consolidated Properties
 
157,325

157,722

 
645,129

632,328

Depreciation and amortization of capitalized real estate costs - Unconsolidated Properties
 
70,520

72,508

 
279,756

258,510

 
FFO
 
460,919

408,664

 
1,500,848

1,299,454

Company adjustments: 3
 
 
 
 
 
 
 
Minimum rents 4
 
1,549

(1,034
)
 
15,609

26,556

 
Property operating expenses
 
1,490

1,490

 
5,958

5,958

 
Property management and other costs
 
1,001

1,030

 
3,992

4,086

 
Investment income, net
 
(205
)
(205
)
 
(818
)
(818
)
 
Market rate adjustments
 
(1,154
)
(401
)
 
(3,247
)
(1,724
)
 
Gain on extinguishment of debt
 
(54,138
)

 
(54,138
)

 
Write-off of mark-to-market adjustments on extinguished debt
 


 
(2,290
)
7,229

 
Provision for loan loss 2
 
205


 
22,095


 
Loss (gain) on foreign currency
 
2,086

(1,555
)
 
(14,087
)
44,984

 
Benefit from (provision for) income taxes
 
404

615

 
(1,857
)
(16,551
)
 
FFO from sold interests 5
 

(434
)
 
(815
)
7,632

Company FFO
 
$
412,157

$
408,170

 
$
1,471,250

$
1,376,806

 
 
 
 
 
 
 
 
 
Reconciliation of GAAP Equity in Income of Unconsolidated Real Estate Affiliates to Equity in NOI of Unconsolidated Properties
 
 
 
 
 
 
Equity in income of Unconsolidated Real Estate Affiliates
 
$
103,856

$
32,275

 
$
231,615

$
73,390

Other, including (gain) loss on sales of investment properties
 
(14
)
(15
)
 
(55
)
3,132

Depreciation and amortization of capitalized real estate costs
 
70,521

72,509

 
279,757

258,507

FFO of Unconsolidated Properties
 
174,363

104,769

 
511,317

335,029

 
Depreciation on non income producing assets
 


 


 
Provision for income taxes
 
324

172

 
603

444

 
Net interest expense
 
9,009

52,148

 
176,235

203,817

 
EBITDA
 
183,696

157,089

 
688,155

539,290

 
General and administrative and provisions for impairment
 
529

373

 
1,325

7,468

 
Net property management fees and costs
 
10,315

8,729

 
35,999

32,083

Equity in NOI of Unconsolidated Properties:
 
$
194,540

$
166,191

 
$
725,479

$
578,841







9

NON-GAAP PROPORTIONATE FINANCIAL INFORMATION

Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share)

ggptagline140x95.jpg





 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
 
December 31, 2016
December 31, 2015
 
December 31, 2016
December 31, 2015
 
 
 
 
 
 
 
 
 
Reconciliation of Net Income Attributable to GGP per diluted share to Company FFO per diluted share
 
 
 
 
 
 
Net Income Attributable to GGP per diluted share
 
$
0.24

$
0.20

 
$
1.36

$
1.45

Preferred stock dividends
 


 
(0.02
)
(0.02
)
Net income attributable to common stockholders per diluted share
 
0.24

0.20

 
1.34

1.43

Redeemable noncontrolling interests
 


 
0.01

0.01

Provision for impairment excluded from FFO
 

0.01

 
0.08

0.01

Noncontrolling interests in depreciation of Consolidated Properties
 


 
(0.01
)
(0.01
)
Unconsolidated Real Estate Affiliates - gain on investment
 
(0.01
)
(0.01
)
 
(0.03
)
(0.34
)
Gains from changes in control of investment properties and other
 
0.01

(0.01
)
 
(0.75
)
(0.66
)
Depreciation and amortization of capitalized real estate costs
 
0.24

0.24

 
0.93

0.92

 
FFO per diluted share
 
0.48

0.43

 
1.57

1.36

Company adjustments: 3
 
 
 
 
 
 
 
Straight-line rent
 


 
0.02

0.03

 
Property operating expenses
 


 
0.01

0.01

 
Gain on extinguishment of debt
 
(0.06
)

 
(0.07
)

 
Loan loss provision
 


 
0.02


 
Loss (gain) on foreign currency
 
0.01


 
(0.02
)
0.05

 
Provision for income taxes
 


 

(0.02
)
 
FFO from sold interests 5
 


 

0.01

Company FFO per diluted share
 
$
0.43

$
0.43

 
$
1.53

$
1.44


1.
Amounts included in Consolidated GAAP other revenues but excluded from FFO.
2.
This provision relates to the note associated with our sale of our interest in Aliansce in 2013. In the twelve months ended December 31, 2016, we wrote down the principal balance by $28.8 million and recovered $6.7 million upon settlement of the note for the net $22 million adjustment above. We also reversed $7.5 million accrued interest that impacts YTD Company FFO.
3.
Adjustments primarily relate to: straight-line rent, above/below market lease amortization, amortization of real estate tax stabilization agreement, gain/loss on foreign currency and the related provision for income taxes, gain on extinguishment of debt, and other non-comparable items. For full discussion of the purpose and use of these adjustments see Non-GAAP Supplemental Financial Measures and Definitions in pages ER5 to ER7.
4.
Adjustments include amounts for straight-line rent of ($2,806) and ($10,179) and above/below market lease amortization of $4,354 and $9,144 for the three months ended December 31, 2016 and 2015 and straight-line rent of ($24,735) and ($37,645) and above/below market lease amortization of $40,344 and $64,201 for the twelve months ended December 31, 2016 and 2015, respectively.
5.
Sold interests include reclassification of operations related to full or partial reductions in ownership as a result of sales or other transactions.
6.
Refer to pages 6 and 7 for NOI, EBITDA and FFO.


10





















DEBT



DEBT

Summary, at Share
As of December 31, 2016
(In thousands)
ggptagline140x96.jpg


 
 
 
 
 
 
Maturities1
 
 
 
 
Interest Rate
Proportionate Balance
Average Remaining
Term (Years)
 
2017
2018
2019
2020
2021
2022
Subsequent
 
Total
Fixed Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Level Consolidated
 
4.44%
$10,149,029
5.8

 
$
72,532

$
118,892

$
493,457

$
1,476,314

$
1,368,776

$
1,281,091

$
4,431,065

 
$
9,242,127

Property Level Unconsolidated
 
4.23%
4,610,468

5.5

 
20,273

186,862

607,145

619,639

272,361

1,133,000

1,545,611

 
4,384,891

Total Fixed Rate
 
4.37%
$
14,759,497

5.7

 
$
92,805

$
305,754

$
1,100,602

$
2,095,953

$
1,641,137

$
2,414,091

$
5,976,676

 
$
13,627,018

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Variable Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Level Consolidated 
 
2.45%
$
2,008,926

3.7

 
$

$
213,425

$
395,500

$

$
1,318,356

$

$

 
$
1,927,281

Property Level Unconsolidated
 
3.45%
1,331,668

3.0

 


598,834

702,360

30,000



 
1,331,194

Junior Subordinated Notes Due 2036
 
2.34%
206,200

19.3

 






206,200

 
206,200

Total Variable Rate
 
2.82%
$
3,546,794

4.3

 
$

$
213,425

$
994,334

$
702,360

$
1,348,356

$

$
206,200

 
$
3,464,675

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
4.07%
$
18,306,291

5.5

 
$
92,805

$
519,179

$
2,094,936

$
2,798,313

$
2,989,493

$
2,414,091

$
6,182,876

 
$
17,091,693

 
 
 
Weighted average interest rate
 
5.23
%
3.35
%
3.93
%
3.86
%
3.94
%
4.36
%
4.20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Amortization
 
 
$
169,915

$
196,276

$
201,365

$
197,423

$
152,403

$
120,424

$
176,792

 
$
1,214,598

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Maturities and Amortization2,3
 
 
$
18,306,291

1.
Assumes that all maturity extensions are exercised.
2.
Reconciliation to GGP Proportionate Mortgages, Notes, and Loans Payable:                    
Total Maturities and Amortization, from above
$
18,306,291

Debt related to solar projects
28,327

Proportionate Portfolio Debt
18,334,618

Miami Design District cost method investment
(76,392
)
Debt transferred to special servicer
144,451

Partner share of Riverchase
(54,063
)
Market rate adjustments, net
26,856

Deferred financing costs, net
(66,299
)
Junior Subordinated Notes Due 2036
(206,200
)
Proportionate Mortgages, Notes and Loans Payable
18,102,971

GGP Share of Unconsolidated Properties
(5,854,328
)
Noncontrolling Interests
181,775

Consolidated GAAP Mortgages, Notes and Loans Payable
$
12,430,418

        
3.    Reflects maturities and amortization for periods subsequent to December 31, 2016.


11

DEBT

Detail, at Share1
As of December 31, 2016
(In thousands)

ggptagline140x97.jpg


 
 
 
 
 
 
 
 
 
 
Amortization
Property
 
Own%
Proportionate Balance
Maturity Year 2
Balloon Pmt at Maturity
Interest Rate
Parent Recourse 3
 
 
2017
2018
2019
2020
2021
2022
Subsequent
Fixed Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Property Level
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Four Seasons Town Centre
 
100%
$
74,253

2017
$
72,532

5.60%
  No
 
 
$
1,721

$

$

$

$

$

$

The Gallery at Harborplace - Other
 
100%
3,277

2,018
190

6.05%
  No
 
 
2,151

936






Hulen Mall
 
100%
123,004

2018
118,702

4.25%
  No
 
 
2,420

1,882






Governor's Square
 
100%
68,631

2019
66,488

6.69%
  No
 
 
1,036

1,107






Oak View Mall
 
100%
76,866

2019
74,467

6.69%
  No
 
 
1,159

1,240






Coronado Center
 
100%
189,756

2019
180,278

3.50%
  No
 
 
4,110

4,258

1,110





Park City Center
 
100%
180,978

2019
172,224

5.34%
  No
 
 
3,473

3,666

1,615





Fashion Place
 
100%
226,730

2020
226,730

3.64%
  No
 
 







Mall St. Matthews
 
100%
184,677

2020
170,305

2.72%
  No
 
 
4,067

4,181

4,297

1,827




Town East Mall
 
100%
160,270

2020
160,270

3.57%
  No
 
 







Tucson Mall
 
100%
246,000

2020
246,000

4.01%
  No
 
 







Visalia Mall
 
100%
74,000

2020
74,000

3.71%
  No
 
 







Tysons Galleria
 
100%
306,347

2020
282,081

4.06%
  No
 
 
6,266

6,528

6,802

4,670




The Mall In Columbia
 
100%
342,190

2020
316,928

3.95%
  No
 
 
6,532

6,794

7,067

4,869




Northridge Fashion Center
 
100%
228,930

2021
207,503

5.10%
  No
 
 
4,628

4,871

5,129

5,369

1,430



Deerbrook Mall
 
100%
140,825

2021
127,934

5.25%
  No
 
 
2,776

2,928

3,087

3,236

864



White Marsh Mall
 
100%
190,000

2021
190,000

3.66%
  No
 
 







Park Place
 
100%
182,984

2021
165,815

5.18%
  No
 
 
3,625

3,821

4,026

4,217

1,480



Providence Place
 
94%
331,591

2021
302,577

5.65%
  No
 
 
6,077

6,434

6,813

7,162

2,528



Fox River Mall
 
100%
172,125

2021
156,373

5.46%
  No
 
 
3,237

3,422

3,616

3,796

1,681



Oxmoor Center
 
94%
82,426

2021
74,781

5.37%
  No
 
 
1,573

1,662

1,755

1,841

814



Rivertown Crossings
 
100%
155,529

2021
141,356

5.52%
  No
 
 
2,911

3,077

3,254

3,417

1,514



Westlake Center - Land
 
100%
2,437

2021
2,437

12.90%
  Yes - Full
 
 







Bellis Fair
 
100%
86,660

2022
77,060

5.23%
  No
 
 
1,693

1,786

1,883

1,973

2,092

173


The Shoppes at Buckland Hills
 
100%
120,811

2022
107,820

5.19%
  No
 
 
2,254

2,375

2,503

2,621

2,779

459


The Gallery at Harborplace
 
100%
76,483

2022
68,096

5.24%
  No
 
 
1,399

1,474

1,555

1,628

1,728

603


The Streets at South Point
 
94%
234,583

2022
207,909

4.36%
  No
 
 
4,540

4,744

4,955

5,175

5,405

1,855


Spokane Valley Mall
 
100%
58,370

2022
51,312

4.65%
  No
 
 
1,171

1,228

1,287

1,342

1,414

616


Greenwood Mall
 
100%
63,000

2022
57,469

4.19%
  No
 
 
419

1,054

1,100

1,140

1,197

621


North Star Mall
 
100%
312,840

2022
270,113

3.93%
  No
 
 
6,971

7,256

7,551

7,825

8,175

4,949


Coral Ridge Mall
 
100%
108,358

2022
98,394

5.71%
  No
 
 
1,533

1,623

1,718

1,819

1,925

1,346


The Oaks Mall
 
100%
129,444

2022
112,842

4.55%
  No
 
 
2,584

2,706

2,833

2,951

3,106

2,422


Westroads Mall
 
100%
146,206

2022
127,455

4.55%
  No
 
 
2,919

3,056

3,200

3,333

3,508

2,735


Coastland Center
 
100%
119,960

2022
102,621

3.76%
  No
 
 
2,708

2,812

2,922

3,023

3,152

2,722


Pecanland Mall
 
100%
87,233

2023
75,750

3.88%
  No
 
 
1,682

1,749

1,819

1,882

1,967

2,045

339

Crossroads Center (MN)
 
100%
99,265

2023
83,026

3.25%
  No
 
 
2,380

2,459

2,541

2,617

2,713

2,804

725

Cumberland Mall
 
100%
160,000

2023
160,000

3.67%
  No
 
 







The Woodlands
 
100%
245,567

2023
207,057

5.04%
  No
 
 
5,217

5,484

5,767

6,064

6,377

6,706

2,895

Meadows Mall
 
100%
150,756

2023
118,726

3.96%
  No
 
 
4,403

4,582

4,770

4,950

5,168

5,379

2,778

Oglethorpe Mall
 
100%
150,000

2023
136,166

3.90%
  No
 
 

1,059

2,648

2,739

2,865

2,981

1,542

Prince Kuhio Plaza
 
100%
42,305

2,023
35,974

4.10%
  No
 
 
867

903

942

977

1,023

1,067

552

Augusta Mall
 
100%
170,000

2023
170,000

4.36%
  No
 
 







Staten Island Mall
 
100%
248,164

2023
206,942

4.77%
  No
 
 
5,382

5,643

5,918

6,207

6,510

6,827

4,735


12

DEBT

Detail, at Share1
As of December 31, 2016
(In thousands)

ggptagline140x97.jpg


 
 
 
 
 
 
 
 
 
 
Amortization
Property
 
Own%
Proportionate Balance
Maturity Year 2
Balloon Pmt at Maturity
Interest Rate
Parent Recourse 3
 
 
2017
2018
2019
2020
2021
2022
Subsequent
Stonestown Galleria
 
100%
180,000

2023
164,720

4.39%
  No
 
 

462

2,871

2,979

3,137

3,279

2,552

Boise Towne Square
 
100%
127,727

2023
106,372

4.79%
  No
 
 
2,747

2,880

3,021

3,169

3,324

3,487

2,727

The Crossroads (MI)
 
100%
95,074

2023
80,833

4.42%
  No
 
 
1,799

1,881

1,967

2,046

2,151

2,249

2,148

Jordan Creek Town Center
 
100%
209,355

2024
177,448

4.37%
  No
 
 
3,980

4,160

4,348

4,520

4,749

4,963

5,187

Woodbridge Center
 
100%
250,000

2024
220,726

4.80%
  No
 
 
2,395

3,777

3,964

4,128

4,367

4,584

6,059

The Maine Mall
 
100%
235,000

2024
235,000

4.66%
  No
 
 







Baybrook Mall
 
100%
245,777

2024
212,423

5.52%
  No
 
 
3,596

3,798

4,013

4,240

4,480

4,734

8,493

The Parks Mall at Arlington
 
100%
245,815

2024
212,687

5.57%
  No
 
 
3,565

3,767

3,983

4,210

4,451

4,705

8,447

Beachwood Place
 
100%
220,000

2025
184,350

3.94%
  No
 
 
2,922

4,032

4,194

4,362

4,537

4,719

10,884

Pembroke Lakes Mall
 
100%
260,000

2025
260,000

3.56%
  No
 
 







Valley Plaza Mall
 
100%
240,000

2025
206,847

3.75%
  No
 
 

3,167

4,410

4,556

4,757

4,941

11,322

Willowbrook Mall
 
100%
360,000

2025
360,000

3.55%
  No
 
 







Boise Towne Plaza
 
100%
19,557

2025
16,006

4.13%
  No
 
 
353

366

382

396

415

433

1,206

Paramus Park
 
100%
120,000

2025
120,000

4.07%
  No
 
 







Glenbrook Square
 
100%
162,000

2025
137,791

4.27%
  No
 
 
222

2,634

2,750

2,852

2,997

3,130

9,624

Peachtree Mall
 
100%
79,379

2025
59,269

3.94%
  No
 
 
1,918

1,996

2,077

2,153

2,249

2,341

7,376

North Point Mall
 
100%
250,000

2026
218,205

4.54%
  No
 
 


984

4,050

4,237

4,434

18,090

The Shops at La Cantera
 
75%
262,500

2027
262,500

3.60%
  No
 
 







Providence Place - Other
 
94%
33,014

2028
2,247

7.75%
  No
 
 
1,897

1,825

1,740

1,878

2,027

2,188

19,212

Consolidated Property Level
 
 
$
10,149,029

 
$
9,242,127

4.44%
 
 
 
$
131,278

$
143,545

$
145,187

$
144,209

$
119,293

$
96,497

$
126,893

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Property Level
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Shops at Bravern
 
40%
$
20,394

2017
$
20,273

3.86%
  No
 
 
$
121

$

$

$

$

$

$

Plaza Frontenac
 
55%
28,600

2018
28,600

3.04%
  No
 
 







Saint Louis Galleria
 
74%
158,262

2018
158,262

3.44%
  No
 
 







The Grand Canal Shoppes
 
50%
313,125

2019
313,125

4.24%
  No
 
 







First Colony Mall
 
50%
89,180

2019
84,321

4.50%
  No
 
 
1,645

1,720

1,494





Natick Mall
 
50%
220,824

2019
209,699

4.60%
  No
 
 
3,763

3,939

3,423





Oakbrook Center
 
48%
202,725

2020
202,725

3.66%
  No
 
 







Christiana Mall
 
50%
115,472

2020
108,697

5.10%
  No
 
 
1,726

1,816

1,913

1,320




Water Tower Place
 
47%
178,765

2020
171,026

4.35%
  No
 
 
1,929

2,024

2,124

1,662




Kenwood Towne Centre
 
70%
149,756

2020
137,191

5.37%
  No
 
 
2,965

3,131

3,306

3,163




Fashion Show - Other
 
50%
1,910

2021
788

6.06%
  Yes - Full
 
 
206

219

232

247

218



Whaler's Village
 
50%
40,000

2021
40,000

5.42%
  No
 
 







Shops at Merrick Park
 
55%
93,785

2021
85,797

5.73%
  No
 
 
1,706

1,808

1,916

2,015

543



Willowbrook Mall (TX)
 
50%
98,103

2021
88,965

5.13%
  No
 
 
1,971

2,077

2,188

2,291

611



Northbrook Court
 
50%
63,145

2021
56,811

4.25%
  No
 
 
1,205

1,259

1,313

1,370

1,187



Ala Moana Center
 
63%
875,000

2022
875,000

4.23%
  No
 
 







Florence Mall
 
50%
45,000

2022
45,000

4.15%
  No
 
 







Clackamas Town Center
 
50%
108,000

2022
108,000

4.18%
  No
 
 







Bridgewater Commons
 
35%
105,000

2022
105,000

3.34%
  No
 
 







The Shoppes at River Crossing
 
50%
38,675

2023
35,026

3.75%
  No
 
 

510

711

734

767

796

131

Carolina Place
 
50%
86,744

2023
75,542

3.84%
  No
 
 
1,568

1,630

1,694

1,752

1,831

1,903

824

Union Square Portfolio
 
50%
25,000

2023
25,000

5.12%
  No
 
 







Galleria at Tyler
 
50%
91,740

2023
76,716

5.05%
  No
 
 
1,889

1,987

2,089

2,197

2,311

2,430

2,121


13

DEBT

Detail, at Share1
As of December 31, 2016
(In thousands)

ggptagline140x97.jpg


 
 
 
 
 
 
 
 
 
 
Amortization
Property
 
Own%
Proportionate Balance
Maturity Year 2
Balloon Pmt at Maturity
Interest Rate
Parent Recourse 3
 
 
2017
2018
2019
2020
2021
2022
Subsequent
Park Meadows
 
35%
126,000

2023
112,734

4.60%
  No
 
 

1,996

2,091

2,189

2,292

2,400

2,298

Fashion Show
 
50%
417,500

2024
417,500

4.03%
  No
 
 







Stonebriar Centre
 
50%
140,000

2024
120,886

4.05%
  No
 
 
804

2,477

2,579

2,686

2,797

2,912

4,859

Pinnacle Hills Promenade
 
50%
59,019

2025
48,805

4.13%
  No
 
 
1,100

1,146

1,195

1,240

1,299

1,355

2,879

Altamonte Mall
 
50%
80,000

2025
69,045

3.72%
  No
 
 

1,063

1,478

1,526

1,593

1,654

3,641

Alderwood
 
50%
172,483

2025
138,693

3.48%
  No
 
 
3,512

3,638

3,769

3,888

4,043

4,188

10,752

Towson Town Center
 
35%
113,761

2025
97,713

3.82%
  No
 
 

680

2,093

2,175

2,259

2,347

6,494

Perimeter Mall
 
50%
137,500

2026
137,500

3.96%
  No
 
 







Glendale Galleria
 
50%
215,000

2026
190,451

4.06%
  No
 
 



922

3,785

3,942

15,900

Unconsolidated Property Level
 
 
$
4,610,468

 
$
4,384,891

4.23%
 
 
 
$
26,110

$
33,120

$
35,608

$
31,377

$
25,536

$
23,927

$
49,899

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Rate Debt
 
 
$
14,759,497

 
$
13,627,018

4.37%
 
 
 
$
157,388

$
176,665

$
180,795

$
175,586

$
144,829

$
120,424

$
176,792

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Variable Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Property Level
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Columbia Mall
 
100%
$
100,000

2018
$
100,000

Libor + 175 bps
  Yes - Full
 
 
$

$

$

$

$

$

$

Market Place Shopping Center
 
100%
113,425

2018
113,425

Libor + 240 bps
  No
 
 







Lynnhaven Mall
 
100%
235,000

2019
235,000

Libor + 185 bps
  No
 
 







830 North Michigan
 
100%
85,000

2019
85,000

Libor + 160 bps
  No
 
 







Westlake Center
 
100%
42,500

2019
42,500

Libor + 230 bps
  No
 
 







200 Lafayette
 
100%
33,000

2019
33,000

Libor + 250 bps
  No
 
 







Brass Mill Center 4
 
100%
66,779

2021
62,884

Libor + 175 bps
  Yes - Partial
 
 
587

924

981

1,042

361



Columbiana Centre 4
 
100%
124,871

2021
117,588

Libor + 175 bps
  Yes - Partial
 
 
1,096

1,728

1,835

1,948

676



Eastridge (WY) 4
 
100%
43,433

2021
40,900

Libor + 175 bps
  Yes - Partial
 
 
381

601

638

678

235



Grand Teton Mall 4
 
100%
45,605

2021
42,945

Libor + 175 bps
  Yes - Partial
 
 
401

631

670

711

247



Mayfair 4
 
100%
349,095

2021
328,736

Libor + 175 bps
  Yes - Partial
 
 
3,065

4,831

5,129

5,445

1,889



Mondawmin Mall 4
 
100%
85,526

2021
80,539

Libor + 175 bps
  Yes - Partial
 
 
749

1,184

1,257

1,334

463



North Town Mall 4
 
100%
86,866

2021
81,801

Libor + 175 bps
  Yes - Partial
 
 
762

1,202

1,276

1,355

470



Oakwood 4
 
100%
71,231

2021
67,077

Libor + 175 bps
  Yes - Partial
 
 
625

986

1,047

1,111

385



Oakwood Center 4
 
100%
87,138

2021
82,056

Libor + 175 bps
  Yes - Partial
 
 
766

1,206

1,280

1,359

471



Pioneer Place 4
 
100%
127,585

2021
120,145

Libor + 175 bps
  Yes - Partial
 
 
1,119

1,766

1,875

1,990

690



Red Cliffs Mall 4
 
100%
31,310

2021
29,484

Libor + 175 bps
  Yes - Partial
 
 
276

433

460

488

169



River Hills Mall 4
 
100%
71,272

2021
67,116

Libor + 175 bps
  Yes - Partial
 
 
625

986

1,047

1,112

386



Sooner Mall 4
 
100%
72,149

2021
67,942

Libor + 175 bps
  Yes - Partial
 
 
634

998

1,060

1,125

390



Southwest Plaza 4
 
100%
115,967

2021
109,204

Libor + 175 bps
  Yes - Partial
 
 
1,018

1,605

1,704

1,809

627



The Shops at Fallen Timbers 4
 
100%
21,174

2021
19,939

Libor + 175 bps
  Yes - Partial
 
 
186

293

311

330

115



Consolidated Property Level
 
 
$
2,008,926

 
$
1,927,281

2.45%
 
 
 
$
12,290

$
19,374

$
20,570

$
21,837

$
7,574

$

$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Property Level
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ala Moana Construction Loan 5
 
63%
$
257,916

2019
$
257,916

Libor + 190 bps
  Yes - Partial
 
 
$

$

$

$

$

$

$

685 Fifth Avenue
 
50%
170,000

2019
170,000

Libor + 275 bps
  No
 
 







Miami Design District
 
15%
76,392

2019
76,392

Libor + 250 bps
 No
 
 







530 Fifth Avenue Senior
 
50%
95,000

2019
94,526

Libor + 325 bps
  No
 
 
237

237






Bayside Marketplace
 
51%
127,500

2020
127,500

Libor + 205 bps
  No
 
 







Baybrook LPC Construction Loan 6
 
53%
52,271

2020
52,271

Libor + 200 bps
  Yes - Partial
 
 







730 Fifth Avenue 7
 
37%
457,750

2020
457,750

Libor + 263 bps
  No
 
 







Park Lane Construction Loan 8
 
50%
64,839

2020
64,839

Libor + 325 bps
  Yes - Partial
 
 







85 Fifth Avenue
 
50%
30,000

2021
30,000

Libor + 275 bps
  No
 
 







Unconsolidated Property Level
 
 
$
1,331,668

 
$
1,331,194

3.45%
 
 
 
$
237

$
237

$

$

$

$

$


14

DEBT

Detail, at Share1
As of December 31, 2016
(In thousands)

ggptagline140x97.jpg


 
 
 
 
 
 
 
 
 
 
Amortization
Property
 
Own%
Proportionate Balance
Maturity Year 2
Balloon Pmt at Maturity
Interest Rate
Parent Recourse 3
 
 
2017
2018
2019
2020
2021
2022
Subsequent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Corporate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Junior Subordinated Notes Due 2036
 
100%
$
206,200

2036
$
206,200

Libor + 145 bps
 Yes - Full
 
 
$

$

$

$

$

$

$

Consolidated Corporate
 
 
$
206,200

 
$
206,200

2.34%
 
 
 
$

$

$

$

$

$

$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Variable Rate Debt
 
 
$
3,546,794

 
$
3,464,675

2.82%
 
 
 
$
12,527

$
19,611

$
20,570

$
21,837

$
7,574

$

$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 9
 
 
$
18,306,291

 
$
17,091,693

4.07%
 
 
 
$
169,915

$
196,276

$
201,365

$
197,423

$
152,403

$
120,424

$
176,792

1.
Proportionate share for Consolidated Properties presented exclusive of non-controlling interests.
2.
Assumes that all maturity extensions are exercised.
3.
Total recourse to GGP or its subsidiaries of approximately $1.3 billion, excluding the corporate revolver.
4.
Properties provide mortgage collateral as guarantors for $1.4 billion corporate borrowing and are cross collateralized.
5.
Reflects the amount drawn as of December 31, 2016 on the $430.0 million construction loan ($268.8 million at share).
6.
Reflects the amount drawn as of December 31, 2016 on the $126.0 million construction loan ($66.8 million at share).
7.
Per the joint venture agreement approximately $915 million of the total property debt is associated with the retail units and approximately $335 million is associated with the upper units. GGP owns a 50% equity interest in the retail units, and as a result GPP's pro rata share of the property debt is approximately $458 million or 37%.
8.
Reflects the amount drawn as of December 31, 2016 on the $460.0 million construction loan ($287.5 million at share).
9.
Reflects amortization for the period subsequent to December 31, 2016.



15
























Asset Transactions


ASSET TRANSACTIONS

Summary of Asset Transactions
For the Twelve Months Ended December 31, 2016
(In thousands)

ggptagline140x91.jpg


Acquisitions
 
 
 
 
 
 
Closing Date
Property
Name
Property
Location
GGP
Ownership %
Gross Purchase Price at Share 1
Debt
at Share
Net Equity at Share 1
 
 
 
 
 
 
 
December 2016
605 N. Michigan Avenue
Chicago, IL
100.0%
$
140,000

$

$
140,000

December 2016
Stonestown Galleria (Macy's Box)
San Francisco, CA
100.0%
40,700


40,700

November 2016
Riverchase Galleria
Hoover (Birmingham), AL
75.5%
73,200


17,200

October 2016
Tysons Galleria (Macy's Box)
McLean, VA
51.0%
19,380


19,380

September 2016
Aéropostale, Inc.
N/A
26.0%
20,400


20,400

June 2016
218 W. 57th Street
New York City, NY
50.0%
40,750


15,100

February 2016
Spokane Valley Mall
Spokane, WA
100.0%
37,500

14,800

22,700

 
Total
 
 
$
442,230

$
14,800

$
292,080

 
Dispositions
 
 
 
 
 
 
Closing Date
Property
Name
Property
Location
Sold
Ownership %
Gross Proceeds
at Share
Debt
at Share
Net Proceeds at Share 1
 
 
 
 
 
 
 
August 2016
Rogue Valley Mall
Medford, OR
100.0%
$
61,500

$
54,500

$
6,400

July 2016
Fashion Show
Las Vegas, NV
50.0%
1,250,000

420,000

830,000

July 2016
Newgate Mall
Ogden (Salt Lake City), UT
100.0%
69,500

58,000

8,400

June 2016
Union Square- One Stockton
San Francisco, CA
49.8%
49,800

16,300

33,500

June 2016
Pioneer Place Office and Garage
Portland, OR
100.0%
121,750


116,000

January 2016
Owings Mills Mall
Owings Mills, MD
50.0%
11,559


11,559

January 2016
Eastridge Mall (CA)
San Jose, CA
100.0%
225,000


216,333

January 2016
Provo Towne Center
Provo, UT
75.0%
37,500

31,127

2,784

January 2016
522 Fifth Avenue
New York, NY
10.0%
27,666

8,624

19,042

 
Total
 
 
$
1,854,275

$
588,551

$
1,244,018

 
 
 
 
 
 
 
1.
Includes closing costs.



16





















Portfolio Operating Metrics


SAME STORE PORTFOLIO OPERATING METRICS

Key Operating Performance Indicators
As of and for the Twelve Months Ended December 31, 2016
(GLA in thousands)

ggptagline140x98.jpg




GLA Summary
 
Number of Properties
 
Mall and Freestanding
 
Anchor (GGP Owned)
 
Anchor
(Tenant Owned)
 
Total Retail Property
 
Strip Center
 
Office
 
Total
 
Total at Share 1
 
% Leased
Consolidated Retail Properties
83

 
35,835

 
12,591

 
31,989

 
80,415

 
1,200

 
790

 
82,405

 
49,926

 
97.3
%
Unconsolidated Retail Properties
38

 
18,791

 
5,079

 
13,923

 
37,793

 
461

 
1,474

 
39,728

 
12,706

 
97.0
%
Same Store Retail Properties2
121

 
54,626

 
17,670

 
45,911

 
118,207

 
1,661

 
2,264

 
122,132

 
62,632

 
97.2
%
Non-Same Store Retail Properties
6

 
1,399

 
150

 
1,447

 
2,996

 

 
97

 
3,093

 
1,571

 
85.3
%
Total Retail Properties
127

 
56,025

 
17,820

 
47,359

 
121,204

 
1,661

 
2,361

 
125,225

 
64,203

 
96.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Same Store Other Retail
1

 
256

 

 

 
256

 

 

 
256

 
90

 
99.5
%
Total Real Estate
128

 
56,281

 
17,820

 
47,359

 
121,460

 
1,661

 
2,361

 
125,481

 
64,292

 
96.9
%

Same Store Operating Metrics2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In-Place Rent
 
Tenant Sales 3
 
Tenant Sales excl. Christiana Mall 3
 
Occupancy Cost
December 31, 2016
% Leased
 
% Occupied
 
<10K SF
 
All Less Anchors
 
<10K SF
 
All Less Anchors
 
<10K SF
 
All Less Anchors
 
<10K SF
Consolidated Retail Properties
97.3
%
 
96.8
%
 
$
64.76

 
$
51.59

 
$
507

 
$
11,998

 
$
507

 
$
11,998

 
14.2
%
Unconsolidated Retail Properties
97.0
%
 
96.0
%
 
98.19

 
81.72

 
722

 
9,124

 
690

 
8,495

 
14.1
%
Same Store Retail Properties
97.2
%
 
96.5
%
 
$
76.38

 
$
62.12

 
$
581

 
$
21,122

 
$
569

 
$
20,493

 
14.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In-Place Rent
 
Tenant Sales 3
 
Tenant Sales excl. Christiana Mall 3
 
Occupancy Cost
December 31, 2015
% Leased
 
% Occupied
 
<10K SF
 
All Less Anchors
 
<10K SF
 
All Less Anchors
 
<10K SF
 
All Less Anchors
 
<10K SF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Retail Properties
96.9
%
 
96.6
%
 
$
63.75

 
$
51.19

 
$
512

 
$
12,001

 
$
512

 
$
12,001

 
13.7
%
Unconsolidated Retail Properties
97.6
%
 
97.1
%
 
94.36

 
79.48

 
762

 
9,289

 
693

 
8,316

 
12.9
%
Same Store Retail Properties
97.1
%
 
96.8
%
 
$
74.29

 
$
60.92

 
$
597

 
$
21,290

 
$
572

 
$
20,317

 
13.4
%

1.
Total GLA at Share includes assets at GGP ownership percentages and excludes tenant owned area.
2.
Same Store Metrics include all properties designated in the Property Schedule (pages 20-26) as "Total Same Store Retail Properties".
3.
Tenant Sales <10K SF is presented as Sales per square foot in dollars, and Tenant Sales All Less Anchors is presented as total sales volume in millions of dollars.




17

SAME STORE PORTFOLIO OPERATING METRICS 1

Signed Leases
All Less Anchors
As of December 31, 2016


ggptagline140x99.jpg


 
Leasing Activity - All Leases
 
 
 
 
 
 
 
Commencement 2016
 
# of Leases
SF
Term
(in years)
Initial Rent PSF
 Average Rent PSF
New and Renewal Leases
2,196

7,800,940

7.4
$60.46
$65.58
Percent in Lieu/Gross
346

1,685,100

5.0
N/A
N/A
Total Leases
2,542

9,486,040

7.0
$60.46
$65.58
 
 
 
 
 
 
 
Commencement 2017
 
# of Leases
SF
Term
(in years)
Initial Rent PSF
 Average Rent PSF
New and Renewal Leases
657

3,126,639

8.4
$49.73
$53.51
Percent in Lieu/Gross
82

645,903

5.1
N/A
N/A
Total Leases
739

3,772,542

7.8
$49.73
$53.51
 
SUITE TO SUITE - Lease Spread 2,3
 
 
 
 
 
 
 
 
 
 
 
 
 
New and Renewal Leases
 
# of Leases
SF
Term
(in years)
Initial Rent PSF
 Average Rent PSF
Expiring Rent PSF
Initial Rent
Spread
 
Average Rent
Spread
Commencement 2016
1,708

4,983,206

6.8
$67.32
$73.63
$61.14
$6.18
10.1
%
 
$12.49
20.4
%
Commencement 2017
505

1,812,706

6.7
$55.35
$59.90
$51.08
$4.27
8.4
%
 
$8.82
16.0
%

1.
Same Store Metrics include all properties designated in the Property Schedule (pages 20-26) as "Total Same Store Retail Properties".
2.
Represents signed leases that have commenced in the specified period compared to expiring rent for the prior tenant in the same suite. New suites are within 10,000 SF of the expiring suites.
3.
Represents leases where downtime between the new and previous tenant was less than 24 months.



18

SAME STORE PORTFOLIO OPERATING METRICS 1

Lease Expiration Schedule and Top Ten Tenants
ggptagline140y01.jpg


Lease Expiration Year
 
Number of Expiring Leases
 
Expiring GLA at 100% (in thousands)
 
Percent of Total
 
Expiring Rent (in thousands)
 
Expiring Rent ($psf)
 
 
 
 
 
 
 
 
 
 
 
Specialty Leasing
 
893

 
1,849

 
3.5%
 
$
40,049

 
$
21.65

2017
 
2,182

 
6,858

 
12.9%
 
385,516

 
56.21

2018
 
1,625

 
5,621

 
10.6%
 
344,118

 
61.22

2019
 
1,434

 
5,773

 
10.9%
 
326,324

 
56.52

2020
 
1,124

 
4,130

 
7.8%
 
246,501

 
59.69

2021
 
1,254

 
4,686

 
8.8%
 
298,262

 
63.65

2022
 
863

 
3,379

 
6.4%
 
229,971

 
68.06

2023
 
944

 
3,712

 
7.0%
 
279,314

 
75.25

2024
 
853

 
4,069

 
7.7%
 
305,320

 
75.04

Subsequent
 
2,190

 
12,997

 
24.5%
 
885,207

 
68.11

Total
 
13,362

 
53,073

 
100.0%
 
$
3,340,583

 
$
62.94

Vacant Space
 
647

 
1,553

 
 
 
 
 
 
Mall and Freestanding GLA
 
14,009

 
54,626

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Top Ten Largest Tenants
 
Primary DBA
 
Percent of Minimum Rents, Tenant Recoveries and Other
 
 
 
 
 
L Brands, Inc
 
Victoria's Secret, Bath & Body Works, PINK, Henri Bendel
 
4.0%
Foot Locker, Inc
 
Footlocker, Champs Sports, Footaction USA, House of Hoops, SIX:02
 
2.8%
The Gap, Inc
 
Gap, Banana Republic, Old Navy, Athleta
 
2.4%
Forever 21 Retail, Inc
 
Forever 21
 
1.8%
Abercrombie & Fitch Stores, Inc
 
Abercrombie, Abercrombie & Fitch, Hollister
 
1.8%
Ascena Retail Group
 
Dress Barn, Justice, Lane Bryant, Maurices, Ann Taylor, Loft
 
1.5%
Signet Jewelers Limited
 
Zales, Gordon's, Kay, Jared
 
1.5%
Sephora USA, Inc
 
Sephora
 
1.5%
Genesco, Inc
 
Journeys, Lids, Underground Station, Johnston & Murphy
 
1.4%
Luxottica Group S.P.A.
 
Lenscrafters, Sunglass Hut, Pearle Vision
 
1.3%
Totals
 
 
 
20.0%

1.
Same Store metrics include all properties designated in property schedule (pages 20-26) as "Total Same Store Retail Properties".


19

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
Consolidated Retail Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 Lafayette
Pirch
100
%
 
New York, NY
 
27,970

 

 

 

 

 
27,970

 
100.0
%
830 N. Michigan Ave.
Uniqlo, Topshop
100
%
 
Chicago, IL
 
117,411

 

 

 

 

 
117,411

 
100.0
%
Apache Mall
Herberger's, JCPenney, Macy's
100
%
 
Rochester, MN
 
413,202

 
206,326

 
162,790

 

 

 
782,318

 
98.2
%
Augusta Mall
Dillard's, JCPenney, Macy's, Sears
100
%
 
Augusta, GA
 
502,161

 

 
597,223

 

 

 
1,099,384

 
99.0
%
Baybrook Mall
Dillard's, JCPenney, Macy's, Sears
100
%
 
Friendswood, TX
 
876,762

 
96,605

 
720,931

 

 

 
1,694,298

 
98.0
%
Beachwood Place
Dillard's, Nordstrom, Saks Fifth Avenue
100
%
 
Beachwood, OH
 
348,809

 
317,347

 
247,000

 
94,428

 

 
1,007,584

 
98.8
%
Bellis Fair
JCPenney, Kohl's, Macy's, Target
100
%
 
Bellingham, WA
 
347,403

 
100,400

 
237,910

 

 

 
685,713

 
92.9
%
Boise Towne Square
Dillard's, JCPenney, Macy's, Sears, Kohl's
100
%
 
Boise, ID
 
423,406

 
425,556

 
247,714

 
114,687

 

 
1,211,363

 
96.5
%
Brass Mill Center
Burlington Coat Factory, JCPenney, Macy's, Sears
100
%
 
Waterbury, CT
 
448,245

 
218,339

 
319,391

 
179,500

 

 
1,165,475

 
97.6
%
Coastland Center
Dillard's, JCPenney, Macy's, Sears
100
%
 
Naples, FL
 
332,606

 
123,921

 
466,469

 

 

 
922,996

 
99.6
%
Columbia Mall
Dillard's, JCPenney, Sears, Target
100
%
 
Columbia, MO
 
306,133

 
85,972

 
335,088

 

 

 
727,193

 
98.7
%
Columbiana Centre
Belk, Dillard's, JCPenney
100
%
 
Columbia, SC
 
265,115

 
160,276

 
360,643

 

 

 
786,034

 
98.9
%
Coral Ridge Mall
Dillard's, JCPenney, Target, Younkers
100
%
 
Coralville, IA
 
510,940

 

 
540,961

 

 

 
1,051,901

 
97.7
%
Coronado Center
JCPenney, Kohl's, Macy's, Sears
100
%
 
Albuquerque, NM
 
522,122

 
305,503

 
281,134

 

 

 
1,108,759

 
100.0
%
Crossroads Center
JCPenney, Macy's, Sears, Target
100
%
 
St. Cloud, MN
 
377,898

 
294,167

 
229,275

 

 

 
901,340

 
98.3
%
Cumberland Mall
Macy's, Sears
100
%
 
Atlanta, GA
 
536,883

 

 
500,575

 

 

 
1,037,458

 
99.5
%
Deerbrook Mall
Dillard's, JCPenney, Macy's, Sears
100
%
 
Humble, TX
 
639,495

 

 
653,540

 

 

 
1,293,035

 
100.0
%
Eastridge Mall
JCPenney, Macy's, Sears, Target
100
%
 
Casper, WY
 
281,155

 
213,913

 
75,883

 

 

 
570,951

 
92.2
%
Fashion Place
Dillard's, Nordstrom
100
%
 
Murray, UT
 
418,360

 
162,000

 
337,600

 

 

 
917,960

 
96.7
%
Four Seasons Town Centre
Dillard's, JCPenney
100
%
 
Greensboro, NC
 
436,777

 
429,969

 
212,047

 

 

 
1,078,793

 
96.4
%
Fox River Mall
JCPenney, Macy's, Sears, Target, Younkers
100
%
 
Appleton, WI
 
559,384

 
30,000

 
564,914

 

 

 
1,154,298

 
97.3
%
Glenbrook Square
JCPenney, Macy's, Sears, Carson's
100
%
 
Fort Wayne, IN
 
448,020

 
555,870

 
221,000

 

 

 
1,224,890

 
90.5
%
Governor's Square
Dillard's, JCPenney, Macy's, Sears
100
%
 
Tallahassee, FL
 
339,367

 

 
691,605

 

 

 
1,030,972

 
99.5
%

20

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
Grand Teton Mall
Dillard's, JCPenney, Macy's, Sears
100
%
 
Idaho Falls, ID
 
213,122

 
199,062

 
124,863

 
93,274

 

 
630,321

 
92.0
%
Greenwood Mall
Dillard's, JCPenney, Sears, Macy's
100
%
 
Bowling Green, KY
 
422,523

 
278,253

 
150,800

 

 

 
851,576

 
99.8
%
Hulen Mall
Dillard's, Macy's, Sears
100
%
 
Ft. Worth, TX
 
394,578

 

 
596,570

 

 

 
991,148

 
98.3
%
Jordan Creek Town Center
Dillard's, Younkers
100
%
 
West Des Moines, IA
 
736,522

 

 
349,760

 
259,733

 

 
1,346,015

 
99.0
%
Lynnhaven Mall
Dillard's, JCPenney, Macy's
100
%
 
Virginia Beach, VA
 
649,630

 
150,434

 
380,958

 

 

 
1,181,022

 
98.8
%
Mall of Louisiana
Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Sears
100
%
 
Baton Rouge, LA
 
610,381

 

 
805,630

 
143,634

 

 
1,559,645

 
97.7
%
Mall St. Matthews
Dillard's, Dillard's Men's & Home, JCPenney
100
%
 
Louisville, KY
 
504,932

 

 
514,135

 

 

 
1,019,067

 
98.7
%
Market Place Shopping Center
Bergner's, JCPenney, Macy's,
100
%
 
Champaign, IL
 
502,257

 
234,834

 
149,980

 

 

 
887,071

 
98.7
%
Mayfair
Boston Store, Macy's, Nordstrom
100
%
 
Wauwatosa, WI
 
637,028

 
288,596

 
360,407

 

 
314,903

 
1,600,934

 
97.4
%
Meadows Mall
Dillard's/Curacao, JCPenney, Macy's, Sears
100
%
 
Las Vegas, NV
 
308,098

 

 
636,853

 

 

 
944,951

 
94.3
%
Mondawmin Mall
 
100
%
 
Baltimore, MD
 
385,535

 

 

 

 
73,918

 
459,453

 
100.0
%
North Point Mall
Dillard's, JCPenney, Macy's, Sears, Von Maur
100
%
 
Alpharetta, GA
 
421,411

 
539,850

 
363,151

 

 

 
1,324,412

 
92.5
%
North Star Mall
Dillard's, JCPenney, Macy's, Saks Fifth Avenue
100
%
 
San Antonio, TX
 
518,431

 
207,196

 
522,126

 

 

 
1,247,753

 
98.6
%
Northridge Fashion Center
JCPenney, Macy's, Sears
100
%
 
Northridge, CA
 
581,636

 

 
824,443

 

 

 
1,406,079

 
97.8
%
Northtown Mall
JCPenney, Kohl's, Macy's, Sears
100
%
 
Spokane, WA
 
436,517

 
242,117

 
242,392

 

 

 
921,026

 
89.2
%
Oak View Mall
Dillard's, JCPenney, Sears, Younkers
100
%
 
Omaha, NE
 
255,273

 
149,326

 
454,860

 

 

 
859,459

 
84.9
%
Oakwood Center
Dillard's, JCPenney, Sears
100
%
 
Gretna, LA
 
399,989

 

 
514,028

 

 

 
914,017

 
97.5
%
Oakwood Mall
Macy's, JCPenney, Sears, Younkers
100
%
 
Eau Claire, WI
 
404,526

 
216,820

 
198,024

 

 

 
819,370

 
96.5
%
Oglethorpe Mall
Belk, JCPenney, Macy's, Sears
100
%
 
Savannah, GA
 
407,361

 
220,824

 
315,760

 

 

 
943,945

 
98.2
%
Oxmoor Center
Macy's, Sears, Von Maur
94
%
 
Louisville, KY
 
351,326

 
156,000

 
411,210

 

 

 
918,536

 
95.5
%
Paramus Park
Macy's, Sears
100
%
 
Paramus, NJ
 
305,939

 
169,634

 
289,423

 

 

 
764,996

 
100.0
%
Park City Center
Bon Ton, Boscov's, JCPenney, Kohl's, Sears
100
%
 
Lancaster, PA
 
534,674

 
514,917

 
384,980

 

 
3,268

 
1,437,839

 
96.5
%
Park Place
Dillard's, Macy's, Sears
100
%
 
Tucson, AZ
 
472,238

 

 
581,457

 

 

 
1,053,695

 
99.3
%
Peachtree Mall
Dillard's, JCPenney, Macy's
100
%
 
Columbus, GA
 
380,338

 
221,539

 
201,076

 

 
12,600

 
815,553

 
98.2
%

21

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
Pecanland Mall
Belk, Burlington Coat Factory, Dillard's, JCPenney, Sears
100
%
 
Monroe, LA
 
347,832

 
19,962

 
595,474

 

 

 
963,268

 
97.0
%
Pembroke Lakes Mall
Dillard's, Dillard's Men's & Home, JCPenney, Macy's, Macy's Home Store, Sears
100
%
 
Pembroke Pines, FL
 
354,395

 
395,219

 
386,056

 

 

 
1,135,670

 
96.7
%
Pioneer Place
 
100
%
 
Portland, OR
 
310,331

 

 

 

 

 
310,331

 
99.0
%
Prince Kuhio Plaza
Macy's, Sears
100
%
 
Hilo, HI
 
258,821

 
174,547

 
61,873

 

 

 
495,241

 
93.1
%
Providence Place
Macy's, Nordstrom
94
%
 
Providence, RI
 
723,609

 

 
513,816

 

 
4,304

 
1,241,729

 
99.0
%
Quail Springs Mall
Dillard's, JCPenney, Von Maur
100
%
 
Oklahoma City, OK
 
450,615

 
305,700

 
359,896

 

 

 
1,116,211

 
95.3
%
Red Cliffs Mall
Dillard's, JCPenney, Sears
100
%
 
St. George, UT
 
140,944

 
235,031

 

 
57,304

 

 
433,279

 
97.2
%
Ridgedale Center
JCPenney, Macy's, Sears, Nordstrom
100
%
 
Minnetonka, MN
 
372,833

 
205,072

 
595,868

 

 

 
1,173,773

 
92.6
%
Riverchase Galleria
Belk, JCPenney, Macy's, Sears, Von Maur
76
%
 
Hoover (Birmingham), AL
 
538,043

 
330,032

 
610,026

 

 

 
1,478,101

 
99.5
%
River Hills Mall
Herberger's, JCPenney, Sears, Target
100
%
 
Mankato, MN
 
352,282

 
189,559

 
174,383

 

 

 
716,224

 
96.1
%
Rivertown Crossings
JCPenney, Kohl's, Macy's, Sears, Younkers
100
%
 
Grandville (Grand Rapids), MI
 
623,188

 

 
635,625

 

 

 
1,258,813

 
96.9
%
Sooner Mall
Dillard's, JCPenney, Sears
100
%
 
Norman, OK
 
237,403

 
129,823

 
137,082

 

 

 
504,308

 
95.5
%
Spokane Valley Mall
JCPenney, Macy's, Sears
100
%
 
Spokane, WA
 
352,309

 
126,243

 
251,366

 
138,002

 

 
867,920

 
94.3
%
Staten Island Mall
Macy's, Sears, JCPenney
100
%
 
Staten Island, NY
 
512,778

 
190,441

 
466,922

 
83,151

 

 
1,253,292

 
99.5
%

22

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
Stonestown Galleria
Macy's, Nordstrom
100
%
 
San Francisco, CA
 
411,968

 
428,293

 

 

 

 
840,261

 
98.8
%
The Crossroads
Burlington Coat Factory, JCPenney, Macy's, Sears
100
%
 
Portage, MI
 
265,302

 

 
502,961

 

 

 
768,263

 
95.0
%
The Gallery at Harborplace
 
100
%
 
Baltimore, MD
 
99,914

 

 

 

 
266,105

 
366,019

 
86.6
%
The Maine Mall
Bon Ton, JCPenney, Macy's, Sears
100
%
 
South Portland, ME
 
479,116

 
164,170

 
377,662

 

 
600

 
1,021,548

 
99.7
%
The Mall in Columbia
JCPenney, Lord & Taylor, Macy's, Nordstrom, Sears
100
%
 
Columbia, MD
 
624,825

 
351,168

 
449,000

 

 

 
1,424,993

 
95.8
%
The Oaks Mall
Belk, Dillard's, JCPenney, Macy's, Sears
100
%
 
Gainesville, FL
 
348,237

 
233,367

 
324,500

 

 

 
906,104

 
94.7
%
The Parks Mall at Arlington
Dillard's, JCPenney, Macy's, Sears
100
%
 
Arlington, TX
 
762,320

 

 
748,945

 

 

 
1,511,265

 
97.3
%
The Shoppes at Buckland Hills
JCPenney, Macy's, Macy's Men's & Home, Sears
100
%
 
Manchester, CT
 
555,480

 

 
512,611

 

 

 
1,068,091

 
95.2
%
The Shops at Fallen Timbers
Dillard's, JCPenney
100
%
 
Maumee, OH
 
344,073

 

 
261,502

 

 

 
605,575

 
94.2
%
The Shops at La Cantera
Dillard's, Macy's, Neiman Marcus, Nordstrom
75
%
 
San Antonio, TX
 
615,553

 

 
627,597

 

 
73,063

 
1,316,213

 
98.5
%
The Streets at Southpoint
Belk, JCPenney, Macy's, Nordstrom, Sears
94
%
 
Durham, NC
 
607,975

 

 
726,347

 

 

 
1,334,322

 
99.6
%
The Woodlands Mall
Dillard's, JCPenney, Macy's, Nordstrom
100
%
 
Woodlands, TX
 
708,950

 

 
713,438

 

 
41,642

 
1,464,030

 
99.7
%
Town East Mall
Dillard's, JCPenney, Macy's, Sears
100
%
 
Mesquite, TX
 
408,384

 

 
809,386

 

 

 
1,217,770

 
100.0
%
Tucson Mall
Dillard's, JCPenney, Macy's, Sears
100
%
 
Tucson, AZ
 
602,872

 

 
641,458

 
35,905

 

 
1,280,235

 
96.1
%
Tysons Galleria
Neiman Marcus, Saks Fifth Avenue
100
%
 
McLean (Washington, D.C.), VA
 
284,774

 
259,933

 
252,000

 

 

 
796,707

 
96.2
%
Valley Plaza Mall
JCPenney, Macy's, Sears, Target
100
%
 
Bakersfield, CA
 
517,856

 
364,792

 
292,176

 

 

 
1,174,824

 
98.4
%
Visalia Mall
JCPenney, Macy's
100
%
 
Visalia, CA
 
178,371

 
257,000

 

 

 

 
435,371

 
95.1
%
Westlake Center
 
100
%
 
Seattle, WA
 
97,128

 

 

 

 

 
97,128

 
98.4
%
Westroads Mall
JCPenney, Von Maur, Younkers
100
%
 
Omaha, NE
 
540,456

 

 
529,036

 

 

 
1,069,492

 
98.0
%
White Marsh Mall
JCPenney, Macy's, Macy's Home Store, Sears, Boscov's
100
%
 
Baltimore, MD
 
387,625

 
257,345

 
466,010

 

 

 
1,110,980

 
96.9
%
Willowbrook
Bloomingdale's, Lord & Taylor, Macy's, Sears
100
%
 
Wayne, NJ
 
488,486

 
2,060

 
1,028,000

 

 

 
1,518,546

 
100.0
%
Woodbridge Center
Boscov's, JCPenney, Lord & Taylor, Macy's, Sears
100
%
 
Woodbridge, NJ
 
616,121

 
455,739

 
560,935

 

 

 
1,632,795

 
94.3
%
Total Consolidated Retail Properties
 
 
Count: 83
 
35,835,058

 
12,591,062

 
31,988,530

 
1,199,618

 
790,403

 
82,404,671

 
97.3
%

23

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Retail Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
530 Fifth Avenue
Fossil, Desigual, Chase Bank
50
%
 
New York, NY
 
61,753

 

 

 

 

 
61,753

 
100.0
%
685 Fifth Avenue
Coach, Stuart Weitzman
50
%
 
New York, NY
 
24,180

 

 

 

 
85,615

 
109,795

 
100.0
%
Ala Moana Center
Macy's, Neiman Marcus, Bloomingdale's, Nordstrom
63
%
 
Honolulu, HI
 
1,269,106

 
1,013,872

 

 
14,042

 
364,017

 
2,661,037

 
89.9
%
Alderwood
JCPenney, Macy's, Nordstrom, Sears
50
%
 
Lynnwood, WA
 
578,370

 
177,679

 
528,219

 
39,007

 

 
1,323,275

 
98.7
%
Altamonte Mall
Dillard's, JCPenney, Macy's, Sears
50
%
 
Altamonte Springs, FL
 
468,325

 
158,658

 
519,890

 

 

 
1,146,873

 
98.8
%
Bayside Marketplace
 
51
%
 
Miami, FL
 
205,440

 

 

 

 
1,103

 
206,543

 
97.9
%
Bridgewater Commons
Bloomingdale's, Lord & Taylor, Macy's
35
%
 
Bridgewater, NJ
 
414,651

 
150,525

 
352,351

 
90,574

 

 
1,008,101

 
99.4
%
Carolina Place
Belk, Dillard's, JCPenney, Sears
50
%
 
Pineville, NC
 
387,919

 
424,596

 
348,906

 

 

 
1,161,421

 
97.5
%
Christiana Mall
JCPenney, Macy's, Nordstrom, Target
50
%
 
Newark, DE
 
625,550

 

 
641,312

 

 

 
1,266,862

 
100.0
%
Clackamas Town Center
JCPenney, Macy's, Macy's Home Store, Nordstrom, Sears
50
%
 
Happy Valley, OR
 
635,385

 

 
774,842

 

 

 
1,410,227

 
100.0
%
Fashion Show
Dillard's, Macy's, Macy's Men's, Neiman Marcus, Nordstrom, Saks Fifth Avenue
50
%
 
Las Vegas, NV
 
845,098

 
271,635

 
761,653

 

 

 
1,878,386

 
99.5
%
First Colony Mall
Dillard's, Dillard's Men's & Home, JCPenney, Macy's
50
%
 
Sugar Land, TX
 
559,208

 

 
619,048

 

 

 
1,178,256

 
98.6
%
Florence Mall
JCPenney, Macy's, Macy's Home Store, Sears
50
%
 
Florence, KY
 
388,109

 

 
552,407

 

 

 
940,516

 
89.9
%
Galleria at Tyler
JCPenney, Macy's, Nordstrom
50
%
 
Riverside, CA
 
557,106

 

 
468,208

 

 

 
1,025,314

 
97.1
%
Glendale Galleria
Bloomingdale's, JCPenney, Macy's, Target
50
%
 
Glendale, CA
 
506,397

 
305,000

 
525,000

 

 
140,170

 
1,476,567

 
99.3
%
Kenwood Towne Centre
Dillard's, Macy's, Nordstrom
50
%
 
Cincinnati, OH
 
519,301

 
240,656

 
400,665

 

 

 
1,160,622

 
100.0
%
Miami Design District 2
Bulgari, Fendi, Hermes, Louis Vuitton, Prada, Valentino
15
%
 
Miami, FL
 
692,712

 

 

 

 
75,837

 
768,549

 
87.8
%
Mizner Park
Lord & Taylor
47
%
 
Boca Raton, FL
 
170,867

 
79,822

 

 

 
263,335

 
514,024

 
96.1
%
Natick Mall
Lord & Taylor, Macy's, Sears, Neiman Marcus, Nordstrom
50
%
 
Natick, MA
 
942,496

 
194,722

 
558,370

 

 

 
1,695,588

 
98.1
%
Neshaminy Mall
Boscov's, Macy's, Sears
50
%
 
Bensalem, PA
 
379,639

 
215,586

 
418,595

 

 

 
1,013,820

 
92.7
%
Northbrook Court
Lord & Taylor, Macy's, Neiman Marcus
50
%
 
Northbrook, IL
 
478,180

 
126,000

 
410,277

 

 

 
1,014,457

 
87.6
%
Oakbrook Center
Lord & Taylor, Macy's, Neiman Marcus, Nordstrom, Sears
48
%
 
Oak Brook, IL
 
1,139,741

 
606,081

 
467,863

 

 
231,864

 
2,445,549

 
98.8
%

24

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
Otay Ranch Town Center
Macy's
50
%
 
Chula Vista, CA
 
512,595

 

 
140,000

 

 

 
652,595

 
99.2
%
Park Meadows
Dillard's, JCPenney, Macy's, Nordstrom
35
%
 
Lone Tree, CO
 
753,935

 

 
823,000

 

 

 
1,576,935

 
97.4
%
Perimeter Mall
Dillard's, Macy's, Nordstrom, Von Maur
50
%
 
Atlanta, GA
 
510,618

 
222,056

 
831,218

 

 

 
1,563,892

 
95.8
%
Pinnacle Hills Promenade
Dillard's, JCPenney
50
%
 
Rogers, AR
 
355,945

 
98,540

 
162,140

 
317,458

 
65,871

 
999,954

 
95.8
%
Plaza Frontenac
Neiman Marcus, Saks Fifth Avenue
55
%
 
St. Louis, MO
 
224,518

 
125,669

 
135,044

 

 

 
485,231

 
98.5
%
Saint Louis Galleria
Dillard's, Macy's, Nordstrom
74
%
 
St. Louis, MO
 
461,371

 

 
714,052

 

 

 
1,175,423

 
98.2
%
Stonebriar Centre
Dillard's, JCPenney, Macy's, Nordstrom, Sears
50
%
 
Frisco, TX
 
838,140

 
162,018

 
703,174

 

 

 
1,703,332

 
98.6
%
The Grand Canal Shoppes
Barneys New York
50
%
 
Las Vegas, NV
 
645,895

 
84,743

 

 

 
34,088

 
764,726

 
99.7
%
The Shops at Bravern
Neiman Marcus
40
%
 
Bellevue, WA
 
142,216

 
124,637

 

 

 

 
266,853

 
92.4
%
The Shoppes at River Crossing
Belk, Dillard's
50
%
 
Macon, GA
 
405,098

 

 
333,219

 

 

 
738,317

 
99.2
%
Towson Town Center
Macy's, Nordstrom
35
%
 
Towson, MD
 
605,971

 

 
419,129

 

 

 
1,025,100

 
96.4
%
One Union Square
Bulgari
50
%
 
San Francisco, CA
 
22,208

 

 

 

 
19,507

 
41,715

 
100.0
%
Shops at Merrick Park
Neiman Marcus, Nordstrom
55
%
 
Coral Gables, FL
 
414,883

 

 
330,000

 

 
101,263

 
846,146

 
99.3
%
Water Tower Place
Macy's
47
%
 
Chicago, IL
 
405,285

 
296,128

 

 

 
88,809

 
790,222

 
99.3
%
Whaler's Village
 
50
%
 
Lahaina, HI
 
104,436

 

 

 

 
2,557

 
106,993

 
99.0
%
Willowbrook Mall
Dillard's, JCPenney, Macy's, Macy's Men's, Sears
50
%
 
Houston, TX
 
538,428

 

 
984,372

 

 

 
1,522,800

 
99.1
%
Total Unconsolidated Retail Properties
 
 
Count: 38
 
18,791,075

 
5,078,623

 
13,922,954

 
461,081

 
1,474,036

 
39,727,769

 
97.0
%
Total Same Store Retail Properties 3
 
 
Count: 121
 
54,626,133

 
17,669,685

 
45,911,484

 
1,660,699

 
2,264,439

 
122,132,439

 
97.2
%

25

PORTFOLIO OPERATING METRICS

Property Schedule
As of December 31, 2016

ggptagline140y02.jpg


Property Name
Anchors
Own %
 
Location
 
Mall and Freestanding GLA
 
Anchor GLA
(GGP Owned)
 
Anchor GLA
(Tenant Owned)
 
Strip Center GLA
 
Office GLA
 
Total GLA 1
 
Retail Percentage Leased
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Same Store Retail Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Southwest Plaza
Dillard's, JCPenney, Macy's, Sears
100
%
 
Littleton, CO
 
715,986

 
34,545

 
541,851

 

 
63,968

 
1,356,350

 
91.8
%
730 Fifth Avenue
Bulgari, Mikimoto, Piaget, Zenga
50
%
 
New York, NY
 
69,114

 

 

 

 
32,672

 
101,786

 
100.0
%
85 Fifth Avenue
Anthropologie
50
%
 
New York, NY
 
12,946

 

 

 

 

 
12,946

 
100.0
%
218 W. 57th Street
 
50
%
 
New York, NY
 
35,304

 

 

 

 

 
35,304

 
%
605 N. Michigan Avenue
Sephora
100
%
 
Chicago, IL
 
82,526

 

 

 

 

 
82,526

 
51.8
%
Lakeside Mall
JCPenney, Lord & Taylor, Macy's, Macy's Men's & Home, Sears
100
%
 
Sterling Heights, MI
 
483,227

 
115,300

 
905,418

 

 

 
1,503,945

 
85.1
%
Total Retail Properties
 
 
Count: 127
 
56,025,236

 
17,819,530

 
47,358,753

 
1,660,699

 
2,361,079

 
125,225,296

 
96.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Same Store Other Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shopping Leblon
 
35
%
 
Rio de Janeiro, Brazil
 
256,045

 

 

 

 

 
256,045

 
99.5
%
Total Non-Same Store & Other Retail
Count: 1
 
256,045

 

 

 

 

 
256,045

 
99.5
%

1.
Excludes space under development.
2.
Investment is considered cost method for reporting purposes.
3.
Refer to page 17 (Key Operating Performance Indicators).





26






















Miscellaneous


MISCELLANEOUS

Capital Information
(In thousands, except per share amounts)
ggptagline140y03.jpg


 
December 31, 2016
 
 
Closing common stock price per share
$
24.98

52 Week High 1
32.10

52 Week Low 1
23.89

 
 
Portfolio Net Debt, At Share
 
Portfolio Debt
 
Fixed
$
14,759,497

Variable
3,575,121

Proportionate Portfolio Debt
18,334,618

     Less: Proportionate Cash and Cash Equivalents
(708,307
)
Proportionate Portfolio Net Debt
$
17,626,311

 
 
Portfolio Capitalization Data
 
Proportionate Portfolio Net Debt
$
17,626,311

Preferred Securities:
 
Convertible Preferred Units at 6.50%
26,637

Convertible Preferred Units at 7.00%
25,133

Convertible Preferred Units at 8.50%
92,290

Preferred Stock at 6.375%
250,000

Other Preferred Stock
360

Total Preferred Securities
$
394,420

 
 
Common stock and Operating Partnership units outstanding at end of period 2
$
22,247,769

Total Market Capitalization at end of period
$
40,268,500


1.
52-week pricing information includes the intra-day highs and lows.
2.
Amount calculated as outstanding shares at the end of the period multiplied by the closing share price plus outstanding partnership units multiplied by a conversion rate of approximately 1.04 multiplied by the closing share price.


27

MISCELLANEOUS

Change in Total Common and Equivalent Shares
ggptagline140x92.jpg


Rollforward of Shares to December 31, 2016
LTIP Units
 
Operating Partnership Units
Company Common Shares
 
Total Common Shares & Operating Partnership Units
 
 
 
 
(In thousands)
 
 
Common Shares and Operating Partnership Units ("OP Units") Outstanding at December 31, 2015
1,646

 
4,585

882,397

 
888,628

Preferred Series B Unit Conversion to Common Shares

 

200

 
200

Common OP Units Cash Settled

 
(16
)

 
(16
)
DRIP

 

32

 
32

Issuance of stock for restricted stock grants, net of forfeitures and stock options exercised
61

 

3,229

 
3,290

Issuance of stock for employee stock purchase program

 

127

 
127

Repurchase of common stock

 

(627
)
 
(627
)
Retirement of common stock

 

(1,260
)
 
(1,260
)
Common Shares and OP Units Outstanding at December 31, 2016
1,707

 
4,569

884,097

 
890,373

 
 
 
 
 
 
 
Common Shares issuable assuming exercise of warrants 1
 
 
 
61,612

 
 
Common Shares issuable assuming exercise of in-the-money stock options 2
 
 
 
4,367

 
 
Common Shares issuable assuming exchange of OP Units
 
 
 
6,526

 
 
Diluted Common Shares and OP Units Outstanding at December 31, 2016
 
 
 
956,602

 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
 
 
(In thousands)
 
(In thousands)
Weighted average number of company shares outstanding
 
884,948

 
882,419

 
884,029

 
884,676

Weighted average number of stock options 3
 
4,651

 
6,382

 
6,301

 
6,884

Weighted average number of GAAP dilutive warrants
 
60,702

 
59,617

 
62,003

 
59,501

Diluted weighted average number of Company shares outstanding - GAAP EPS
 
950,301

 
948,418

 
952,333

 
951,061

 
 
 
 
 
 
 
 
 
Weighted average number of common units
 
4,826

 
4,768

 
4,782

 
4,783

Weighted average number of LTIP Units
 
1,775

 
1,716

 
1,767

 
1,609

Diluted weighted average number of Company shares outstanding - FFO/Company FFO
 
956,902

 
954,902

 
958,882

 
957,453

1.
GGP has 73.9 million warrants outstanding convertible to 1.2616 Common Shares with a weighted average exercise price of $8.4785, with a scheduled expiration of November 9, 2017. 16.4 million warrants must be satisfied through net share settlement, with the remainder through either a net or full share settlement feature at the option of the holder.
Pursuant to the Plan, warrants to purchase equity were issued to the Plan Sponsors on the Effective Date.  The warrants are fully vested and the exercise prices will be subject to adjustment for future dividends, stock dividends, splits or reverse splits of our common stock or certain other events as are customary with such instruments at declaration.
Warrants
Weighted Average Exercise Price
 Expiration Date
Impact of Dividend issued to stockholders of record as of December 15, 2016 4
Impact of settling warrants via net share settlement 5
57,500,000
$8.5225
Nov 9, 2017
 Reduces exercise price to $8.5225
 Increases number of Common shares
 per warrant to 1.2616
 Net share: 72,542,000 x [24.98 - 8.5225] /24.98 =
47,792,633 shares delivered
16,428,571
$8.3245
Nov 9, 2017
 Reduces exercise price to $8.3245
 Increases number of Common shares
 per warrant to 1.2616
Net share: 20,726,285 x [24.98 - 8.3245] /24.98 =
 13,819,321 shares delivered
73,928,571
$8.4785
 
 
 
61,611,954 shares delivered
2.
The options are included at net share settlement.
3.
The impact of the stock options are dilutive under GAAP and FFO in 2016 and 2015.
4.
Based on dividend of $0.22 per share issued to stockholders of record on December 15, 2016 and special dividend of $0.26 per share issued to stockholders of record on December 27, 2016.
5.
Based on stock price of $24.98 on December 31, 2016.

28

MISCELLANEOUS

Development Summary
ggptagline140y04.jpg


Property
Description
 
GGP's Total Projected Share of Cost
 
GGP's Investment to Date1
 
Expected Return on Investment2
 
Stabilized Year
Major Development Summary (in millions, at share unless otherwise noted)
 
 
 
 
 
 
 
 
Under Construction
 
 
 
 
 
 
 
 
Staten Island Mall
Expansion
 
$
231

 
$
28

 
7-9%
 
2019
Staten Island, NY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Projects
Redevelopment projects at various properties
 
394

 
236

 
6-8%
 
2017-2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Projects Under Construction
 
$
625

 
$
264

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projects in Pipeline
 
 
 
 
 
 
 
 
 
New Mall Development
Ground up mall development
 
$
285

 
$
51

 
8-10%
 
2020
Norwalk, CT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Projects
Redevelopment projects at various properties
 
368

 
70

 
8-9%
 
TBD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Projects in Pipeline
 
$
653

 
$
121

 
 
 
 
 
 
 
 
 
 
 
 
 
 


1.
Projected costs and investments to date exclude capitalized interest and overhead.
2.
Return on investment represents first year stabilized cash-on-cash return, based upon budgeted assumptions. Actual costs may vary.



29

MISCELLANEOUS

Proportionate Capital Expenditures
ggptagline140y05.jpg















Expenditures ($ in thousands)
 
 
 
 
 
 
 
Twelve Months Ended
 
Twelve Months Ended
 
 
December 31, 2016
 
December 31, 2015
 
 
 
 
 
Operating capital expenditures
 
$
164,615

 
$
185,075

Tenant allowances and capitalized leasing costs
 
156,254

 
148,082

Total
 
$
320,869

 
$
333,157



30

MISCELLANEOUS

Corporate Information
ggptagline140y06.jpg


Reporting Calendar
Results will be announced according to the following approximate schedule:
 
 
 
Quarter
Earnings Release Date
Earnings Call Date
 
 
Q1 2017
May 1, 2017
May 2, 2017
 

Stock Information
 
 
 
 
Common Stock
 
 
 
 
NYSE: GGP
 
 
 
 
 
 
 
 
 
6.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Series A Preferred Stock)
NYSE: GGP PrA
 
 
 
 

Security
Quarter
Declaration Date
Record Date
Date Payable or Paid
Dividend per Share
Common Stock
Q1 2017
January 30, 2017
April 13, 2017
April 28, 2017
$0.2200
Common Stock
Special Dividend
December 13, 2016
December 27, 2016
January 27, 2017
$0.2600
Common Stock
Q4 2016
October 31, 2016
December 15, 2016
January 6, 2017
$0.2200
Common Stock
Q3 2016
August 1, 2016
October 14, 2016
October 31, 2016
$0.2000
Common Stock
Q2 2016
May 2, 2016
July 15, 2016
July 29, 2016
$0.1900
Common Stock
Q1 2016
February 1, 2016
April 15, 2016
April 29, 2016
$0.1900
Series A Preferred Stock
Q1 2017
January 30, 2017
March 15, 2017
April 3, 2017
$0.3984
Series A Preferred Stock
Q4 2016
October 31, 2016
December 15, 2016
January 3, 2017
$0.3984
Series A Preferred Stock
Q3 2016
August 1, 2016
September 15, 2016
October 3, 2016
$0.3984
Series A Preferred Stock
Q2 2016
May 2, 2016
June 15, 2016
July 1, 2016
$0.3984
Series A Preferred Stock
Q1 2016
February 1, 2016
March 15, 2016
April 1, 2016
$0.3984
 Investor Relations
 
 
 
Transfer Agent
 
 
 
 
 
Kevin Berry
 
 
 
American Stock Transfer & Trust Company, LLC
Senior Vice President, Investor and Public Relations
 
 
 
6201 15th Avenue
Phone (312) 960-5529
 
 
 
Brooklyn, NY 11219
kevin.berry@ggp.com
 
 
 
Phone: (866) 627-2643
 
 
 
 
Foreign Investor Line:
 
 
 
 
+1 718 921-8124

31

MISCELLANEOUS

Glossary of Terms
ggptagline140y07.jpg


Terms
 
Description
Gross Leasable Area (GLA)
 
Total gross leasable space at 100%.
Mall and Freestanding
 
Inline mall shop and outparcel retail locations (locations that are not attached to the primary complex of buildings that comprise a shopping center). Excludes anchor stores and development space.
Anchor/Traditional Anchor
 
Department stores whose merchandise appeals to a broad range of shoppers.  Anchors either own their stores, the land under them and adjacent parking areas, or enter into long-term leases at rates that are generally lower than the rents charged to mall store tenants.
Strip Center
 
An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores.
Office
 
Leasable office space, either peripheral to a retail center or a stand-alone office building without a retail component.
Specialty Leasing
 
Temporary tenants on license agreements (as opposed to leases) with terms in excess of twelve months. License agreements are cancellable by the Company with 60 days notice.
Company Same Store NOI
 
Company NOI that excludes the periodic effects of full or partial acquisitions of properties, reductions in ownership as a result of sales or other transactions, and certain redevelopments and other properties. We do not include an acquired property in our Company Same Store NOI until the operating results for that property have been included in our consolidated results for one full calendar year. Properties that we sell are excluded from Company Same Store NOI once the transaction has closed.
Company Non-Same Store NOI
 
Includes the periodic effects of full or partial acquisitions of properties and certain redevelopments and other properties. See Property Schedule for full list of Non-Same Store properties.
Company NOI
 
Company Same Store NOI plus Company Non-Same Store NOI. Excludes full or partial reductions in ownership as a result of sales or other transactions.
Company EBITDA
 
Company NOI plus management fees and other corporate revenues, property management and other costs and general and administrative expense. Excludes reductions in ownership as a result of sales or other transactions.
Sold Interests
 
Full or partial reductions in ownership as a result of sales or other transactions, excluded from Company NOI and Company EBITDA, included in Company FFO.

Operating Metrics
 
Description
Leased
 
Leased area represents the sum of: (1) tenant occupied space under lease, (2) all leases signed for currently vacant space, and (3) tenants no longer occupying space, but still paying rent for all inline mall shop and outparcel retail locations, excluding anchors (Leased Area). Leased percentage is the Leased Area over the Mall and Freestanding Area.
Occupied
 
Occupied area represents the sum of: (1) tenant occupied space under lease, (2) tenants no longer occupying space, but still paying rent, and (3) tenants with a signed lease paying rent, but not yet opened for all inline mall shop and outparcel retail locations, excluding anchors (Occupied Area). Occupied percentage is the Occupied Area over the Mall and Freestanding Area.
Tenant Sales
 
Comparative rolling twelve month sales.
Occupancy Cost
 
Ratio of total tenant charges to comparative sales for inline mall tenants that opened at less than 10,000 square feet.
In-Place Rent
 
Weighted average rental rate of mall stores as of a point in time. Rent is presented on a cash basis and consists of base minimum rent and common area costs.
Expiring Rent
 
Represents rent at the end of the lease consisting of base minimum rent and common area costs.
Initial Rent
 
Represents initial rent at the time of rent commencement consisting of base minimum rent and common area costs.
Average Rent
 
Represents average rent over the term consisting of base minimum rent and common area costs.
Initial Rent Spread
 
Dollar spread between Initial Rent and Expiring Rent.
Average Rent Spread
 
Dollar spread between Average Rent and Expiring Rent.

32