SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2007
SIMON PROPERTY GROUP, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
001-14469 |
|
046268599 |
|
(State or other
jurisdiction |
|
(Commission |
|
(IRS Employer |
|
225 WEST WASHINGTON STREET |
|
46204 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: 317.636.1600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operation and Financial Condition
On July 30, 2007, Simon Property Group, Inc. (the “Registrant”) issued a press release containing information on earnings for the quarter ended June 30, 2007 and other matters. A copy of the press release is attached hereto as Exhibit 99.2 and the information in the press release is incorporated by reference into this report.
The press release and Supplemental Information package attached as Exhibit 99.1 use the non-GAAP financial measure of Funds from Operations (“FFO”). The Supplemental Information package also uses the non-GAAP measure of Net Operating Income (“NOI”). The Registrant considers FFO and NOI key measures of its operating performance that are not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Registrant believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts and provide relevant bases for comparison among REITs. The Registrant also uses FFO and NOI internally to measure the operating performance of its portfolio. Reconciliations of net income to FFO on an estimated and historical basis are provided on pages 62 and 72 furnished herewith in Exhibit 99.2. Reconciliations of net income to NOI on a historical basis are provided on page 14 furnished herewith in Exhibit 99.1.
The Registrant is furnishing the information contained herein, including Exhibit 99.2, pursuant to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.
Item 7.01. Regulation FD Disclosure
On July 30, 2007, the Registrant made available additional ownership and operational information concerning the Registrant, Simon Property Group, L.P., and properties owned or managed as of June 30, 2007 in the form of a Supplemental Information package, a copy of which is attached as Exhibit 99.1. The Supplemental Information package is also available upon request as specified therein.
The Registrant is furnishing the information contained herein, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the SEC. This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC.
Item 9.01. Financial Statements and Exhibits
Financial Statements:
None
Exhibits:
|
|
|
|
Page Number in |
|
|
Exhibit No. |
|
Description |
|
This Filing |
|
99.1 |
|
Supplemental Information as of June 30, 2007 |
|
5 |
|
99.2 |
|
Earnings Release for the quarter ended June 30, 2007 |
|
61 |
2
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: July 30, 2007
|
SIMON PROPERTY GROUP, INC. |
||
|
|
By: |
/s/ STEPHEN E. STERRETT |
|
|
|
Stephen E. Sterrett, |
|
|
|
Executive Vice President and |
|
|
|
Chief Financial Officer |
3
SIMON
PROPERTY GROUP
Table of Contents
As of June 30, 2007
|
Description |
|
|
|
|
Page |
|
|
5 |
||||
|
|
Company Overview |
|
|
||
|
|
Overview (reporting calendar, stock information, and corporate ratings) |
|
5-6 |
||
|
|
|
7 |
|||
|
|
|
8 |
|||
|
|
Financial Data |
|
|
||
|
|
|
9 |
|||
|
|
|
10-12 |
|||
|
|
|
13 |
|||
|
|
|
14 |
|||
|
|
|
15 |
|||
|
|
|
16 |
|||
|
|
Operational Data |
|
|
||
|
|
|
17 |
|||
|
|
|
18 |
|||
|
|
|
19 |
|||
|
|
|
20 |
|||
|
|
|
21-22 |
|||
|
|
|
23-27 |
|||
|
|
|
28 |
|||
|
|
|
29 |
|||
|
|
|
30 |
|||
|
|
|
31 |
|||
|
|
|
32 |
|||
|
|
|
33 |
|||
|
|
|
34 |
|||
|
|
|
35-36 |
|||
|
|
|
37 |
|||
|
|
|
38-40 |
|||
|
|
|
41 |
|||
|
|
Development Activity |
|
|
||
|
|
|
42 |
|||
|
|
|
43-45 |
|||
|
|
|
46 |
|||
|
|
Balance Sheet Information |
|
|
||
|
|
The Company’s Share of Total Debt Amortization and Maturities by Year |
|
47 |
||
|
|
|
48 |
|||
|
|
|
49-55 |
|||
|
|
|
56-59 |
|||
|
|
|
60 |
|||
|
|
Quarterly Earnings Announcement |
|
|
||
|
|
61-73 |
||||
4
The Company
Simon Property Group, Inc. (the “Company” or “Simon Property”) (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P. (the “Operating Partnership”) is a subsidiary partnership of the Company. The Company and the Operating Partnership (collectively, “Simon Group”) are engaged primarily in the ownership, development and management of retail real estate properties. Simon Group operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. At June 30, 2007, the Company owned or had an interest in 383 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia.
On March 29, 2007, SPG-FCM Ventures, LLC (“SPG-FCM”), a joint venture between an entity owned 50% by the Company and 50% by funds managed by Farallon Capital Management, L.L.C. (“Farallon”), acquired all of the outstanding common stock of The Mills Corporation (“Mills”). As a result, the Company now holds an interest in an additional 38 joint venture properties with approximately 44 million square feet of GLA. A detailed listing of the names and locations of Mills properties acquired is included on page 41. The information in this supplemental information package reflects the ownership of the Mills properties with the exception of NOI composition; operational and statistical information; capital expenditures; and development activity. Prior to March 29, 2007, the Company held a 50% interest in two properties in the Mills portfolio.
This package was prepared to provide (1) ownership information, (2) certain operational information, and (3) balance sheet information as of June 30, 2007, for the Company and the Operating Partnership.
Certain statements made in this Supplemental Package may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to: the Company’s ability to meet debt service requirements, the availability of financing, changes in the Company’s credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development and expansion of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, impact of terrorist activities, inflation and maintenance of REIT status. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC that could cause the Company’s actual results to differ materially from the forward-looking statements that the Company makes. The Company may update that discussion in its period reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
5
We hope you find this Supplemental Package beneficial. Any questions, comments or suggestions should be directed to: Shelly J. Doran, Vice President of Investor Relations-Simon Property Group, P.O. Box 7033, Indianapolis, IN 46207. Telephone: (317) 685-7330; e-mail: sdoran@simon.com
Reporting Calendar
Results for the next two quarters will be announced according to the following approximate schedule:
|
Third Quarter 2007 |
|
October 26, 2007 |
|
Fourth Quarter 2007 |
|
February 1, 2008 |
Stock Information
Simon Property common stock and three issues of preferred stock are traded on the New York Stock Exchange under the following symbols:
|
Common Stock |
|
SPG |
|
7.89% Series G Cumulative Preferred |
|
SPGPrG |
|
6% Series I Convertible Perpetual Preferred |
|
SPGPrI |
|
8.375% Series J Cumulative Redeemable Preferred |
|
SPGPrJ |
Credit Ratings
|
Standard & Poor’s |
|
|
|
|
|
Corporate |
|
A- |
|
(Stable Outlook) |
|
Senior Unsecured |
|
A- |
|
(Stable Outlook) |
|
Preferred Stock |
|
BBB+ |
|
(Stable Outlook) |
|
Moody’s |
|
|
|
|
|
Senior Unsecured |
|
A3 |
|
(Stable Outlook) |
|
Preferred Stock |
|
Baa1 |
|
(Stable Outlook) |
6
Simon
Property Group Ownership Structure(1)
June 30, 2007
(1) Schedule excludes preferred stock (see "Preferred Stock/Units Outstanding") and units not convertible into common stock.
(2) Consists of Melvin Simon, Herbert Simon, David Simon, and/or trusts established for the benefit of members of the Simon family and Melvin Simon & Associates, Inc.
(3) Holders of Class B common stock are entitled to elect 4 of the 13 members of the Board of Directors and also have voting rights with common stock.
(4) An affiliate of one of the limited partners owns the Company's Class C common stock. Holders of Class C common stock are entitled to elect 2 of the 13 members of the Board of Directors and also have voting rights with common stock.
(5) Other executives includes directors and executive officers of Simon Property, other than Simon family members.
7
SIMON
PROPERTY GROUP
Changes in Common Shares and Unit Ownership
For the Period from December 31, 2006 through June 30, 2007
|
|
|
Operating |
|
Company |
|
|
Number Outstanding at December 31, 2006 |
|
59,113,438 |
|
221,431,071 |
|
|
Activity During the First Quarter of 2007: |
|
|
|
|
|
|
Issuance of Stock for Stock Option Exercises |
|
— |
|
25,025 |
|
|
Conversion of Preferred Stock into Common Stock |
|
— |
|
5,075 |
|
|
Conversion of Units into Common Stock |
|
(1,692,474 |
) |
1,692,474 |
|
|
Conversion of Units into Cash |
|
(132,854 |
) |
— |
|
|
Conversion of Preferred Units into Units |
|
510,057 |
|
— |
|
|
Issuance of Units for Asset Acquisition |
|
147,241 |
|
— |
|
|
Restricted Stock Awards (Stock Incentive Program), Net |
|
— |
|
233,451 |
|
|
Number Outstanding at March 31, 2007 |
|
57,945,408 |
|
223,387,096 |
|
|
Activity During the Second Quarter of 2007: |
|
|
|
|
|
|
Issuance of Stock for Stock Option Exercises |
|
— |
|
750 |
|
|
Conversion of Preferred Stock into Common Stock |
|
— |
|
18,379 |
|
|
Conversion of Units into Cash |
|
(113,449 |
) |
— |
|
|
Conversion of Preferred Units into Units |
|
56,288 |
|
— |
|
|
Restricted Stock Awards (Stock Incentive Program), Net |
|
— |
|
(8,209 |
) |
|
Number Outstanding at June 30, 2007 |
|
57,888,247 |
|
223,398,016 |
|
|
Details for Diluted Common Shares Outstanding(5): |
|
|
|
|
|
|
Company Common Shares Outstanding at June 30, 2007 |
|
|
|
223,398,016 |
|
|
Number of Common Shares Issuable Assuming Conversion of: |
|
|
|
|
|
|
Series I 6% Convertible Perpetual Preferred Stock(3) |
|
|
|
11,071,602 |
|
|
Series C 7% Cumulative Convertible Preferred Units(3) |
|
|
|
104,755 |
|
|
Series I 6% Convertible Perpetual Preferred Units(3) |
|
|
|
2,415,935 |
|
|
Net Number of Common Shares Issuable Assuming Exercise of Stock Options(4) |
|
|
|
836,855 |
|
|
Diluted Common Shares Outstanding at June 30, 2007(5) |
|
|
|
237,827,163 |
|
(1) Excludes units owned by the Company (shown here as Company Common Shares) and units not convertible into common shares.
(2) Excludes preferred units relating to preferred stock outstanding (see Schedule of Preferred Stock Outstanding on page 60).
(3) Conversion terms provided on page 60 of this document.
(4) Based upon the weighted average stock price for the quarter ended June 30, 2007.
(5) For FFO purposes.
8
SIMON
PROPERTY GROUP
Selected Financial and Equity Information
As of June 30, 2007
Unaudited
(In thousands, except as noted)
|
|
|
As of or for the |
|
As of or for the |
|
||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||
|
Financial Highlights of the Company |
|
|
|
|
|
|
|
|
|
||||
|
Total Revenue—Consolidated Properties |
|
$ |
855,932 |
|
$ |
798,738 |
|
$ |
1,708,073 |
|
$ |
1,586,387 |
|
|
Net Income Available to Common Stockholders |
|
$ |
59,917 |
|
$ |
82,868 |
|
$ |
158,298 |
|
$ |
186,885 |
|
|
Basic Earnings per Common Share (EPS) |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.71 |
|
$ |
0.85 |
|
|
Diluted Earnings per Common Share (EPS) |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.71 |
|
$ |
0.84 |
|
|
FFO of the Simon Portfolio |
|
$ |
373,034 |
|
$ |
358,440 |
|
$ |
765,434 |
|
$ |
717,297 |
|
|
Diluted FFO of the Simon Portfolio |
|
$ |
386,106 |
|
$ |
372,561 |
|
$ |
791,322 |
|
$ |
745,612 |
|
|
Basic FFO per Share (FFOPS) |
|
$ |
1.33 |
|
$ |
1.28 |
|
$ |
2.72 |
|
$ |
2.57 |
|
|
Diluted FFO per Share (FFOPS) |
|
$ |
1.31 |
|
$ |
1.26 |
|
$ |
2.68 |
|
$ |
2.52 |
|
|
Distributions per Share |
|
$ |
0.84 |
|
$ |
0.76 |
|
$ |
1.68 |
|
$ |
1.52 |
|
|
|
|
June 30, |
|
December 31, |
|
||
|
|
|
2007 |
|
2006 |
|
||
|
Stockholders’ Equity Information |
|
|
|
|
|
||
|
Limited Partner Units Outstanding at End of Period |
|
57,888 |
|
59,113 |
|
||
|
Common Shares Outstanding at End of Period |
|
223,398 |
|
221,431 |
|
||
|
Total Common Shares and Units Outstanding at End of Period |
|
281,286 |
|
280,544 |
|
||
|
Weighted Average Limited Partnership Units Outstanding |
|
58,148 |
|
58,543 |
|
||
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
||
|
Basic—for purposes of EPS and FFOPS |
|
222,936 |
|
221,024 |
|
||
|
Diluted—for purposes of EPS |
|
223,783 |
|
221,927 |
|
||
|
Diluted—for purposes of FFOPS |
|
237,540 |
|
236,885 |
|
||
|
Debt Information |
|
|
|
|
|
||
|
Simon Group’s Share of Consolidated Debt |
|
$ |
16,165,621 |
|
$ |
15,203,980 |
|
|
Simon Group’s Share of Joint Venture Debt |
|
$ |
6,188,391 |
|
$ |
3,472,228 |
|
|
Market Capitalization |
|
|
|
|
|
||
|
Common Stock Price at End of Period |
|
$ |
93.04 |
|
$ |
101.29 |
|
|
Equity Market Capitalization(1) |
|
$ |
27,750,556 |
|
$ |
30,103,637 |
|
|
Total Capitalization—Including Simon Group’s Share of JV Debt |
|
$ |
50,104,568 |
|
$ |
48,779,845 |
|
|
|
|
As of or for the |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
Miscellaneous Balance Sheet Data |
|
|
|
|
|
||
|
Interest Capitalized during the Period: |
|
|
|
|
|
||
|
Consolidated Properties |
|
$ |
16,334 |
|
$ |
13,842 |
|
|
Joint Venture Properties |
|
$ |
2,821 |
|
$ |
3,882 |
|
|
Simon Group’s Share of Joint Venture Properties |
|
$ |
1,085 |
|
$ |
1,808 |
|
(1) Market value of Common Stock, Units and all issues of Preferred Stock of the Company.
9
On the next three pages, we present balance sheet and income statement data on a pro-rata basis reflecting the Company’s proportionate economic ownership of each asset in the Simon Group portfolio.
Basis of Presentation: The consolidated amounts shown are prepared on a consistent basis with the consolidated financial statements prepared by the Company. The Company’s Share of Joint Ventures column was derived on a property-by-property basis by applying the same percentage interests used to arrive at our share of net income during the period and applying them to all financial statement line items of each property. A similar calculation was performed for minority interests.
10
SIMON
PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Three Months Ended June 30, 2007
|
|
|
|
|
|
|
The Company’s |
|
The Company’s |
|
Total |
|
|||||||||||||||
|
|
|
|
|
Minority |
|
Consolidated |
|
Share of |
|
Company’s |
|
|||||||||||||||
|
|
|
Consolidated |
|
Interest |
|
Share |
|
Joint Ventures |
|
Share |
|
|||||||||||||||
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Minimum rent |
|
|
$ |
522,086 |
|
|
|
$ |
(9,362 |
) |
|
|
$ |
512,724 |
|
|
|
$ |
175,314 |
|
|
|
$ |
688,038 |
|
|
|
Overage rent |
|
|
18,634 |
|
|
|
1 |
|
|
|
18,635 |
|
|
|
7,992 |
|
|
|
26,627 |
|
|
|||||
|
Tenant reimbursements |
|
|
237,984 |
|
|
|
(5,776 |
) |
|
|
232,208 |
|
|
|
84,280 |
|
|
|
316,488 |
|
|
|||||
|
Management fees and other revenues |
|
|
17,542 |
|
|
|
— |
|
|
|
17,542 |
|
|
|
— |
|
|
|
17,542 |
|
|
|||||
|
Other income |
|
|
59,686 |
|
|
|
(422 |
) |
|
|
59,264 |
|
|
|
22,139 |
|
|
|
81,403 |
|
|
|||||
|
Total revenue |
|
|
855,932 |
|
|
|
(15,559 |
) |
|
|
840,373 |
|
|
|
289,725 |
|
|
|
1,130,098 |
|
|
|||||
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Property operating |
|
|
112,122 |
|
|
|
(3,444 |
) |
|
|
108,678 |
|
|
|
60,630 |
|
|
|
169,308 |
|
|
|||||
|
Depreciation and amortization |
|
|
230,611 |
|
|
|
(2,355 |
) |
|
|
228,256 |
|
|
|
77,809 |
|
|
|
306,065 |
|
|
|||||
|
Real estate taxes |
|
|
79,063 |
|
|
|
(1,387 |
) |
|
|
77,676 |
|
|
|
24,572 |
|
|
|
102,248 |
|
|
|||||
|
Repairs and maintenance |
|
|
28,744 |
|
|
|
(686 |
) |
|
|
28,058 |
|
|
|
12,533 |
|
|
|
40,591 |
|
|
|||||
|
Advertising and promotion |
|
|
20,410 |
|
|
|
(375 |
) |
|
|
20,035 |
|
|
|
5,942 |
|
|
|
25,977 |
|
|
|||||
|
Provision for credit losses |
|
|
1,424 |
|
|
|
95 |
|
|
|
1,519 |
|
|
|
2,462 |
|
|
|
3,981 |
|
|
|||||
|
Home and regional office costs |
|
|
29,270 |
|
|
|
— |
|
|
|
29,270 |
|
|
|
— |
|
|
|
29,270 |
|
|
|||||
|
General & administrative |
|
|
6,119 |
|
|
|
— |
|
|
|
6,119 |
|
|
|
— |
|
|
|
6,119 |
|
|
|||||
|
Other |
|
|
14,618 |
|
|
|
(562 |
) |
|
|
14,056 |
|
|
|
19,352 |
|
|
|
33,408 |
|
|
|||||
|
Total operating expenses |
|
|
522,381 |
|
|
|
(8,714 |
) |
|
|
513,667 |
|
|
|
203,300 |
|
|
|
716,967 |
|
|
|||||
|
OPERATING INCOME |
|
|
333,551 |
|
|
|
(6,845 |
) |
|
|
326,706 |
|
|
|
86,425 |
|
|
|
413,131 |
|
|
|||||
|
Interest expense |
|
|
(243,654 |
) |
|
|
3,709 |
|
|
|
(239,945 |
) |
|
|
(81,346 |
) |
|
|
(321,291 |
) |
|
|||||
|
Minority interest in income of consolidated entities |
|
|
(3,136 |
) |
|
|
3,136 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|||||
|
Income tax expense of taxable REIT subsidiaries |
|
|
528 |
|
|
|
— |
|
|
|
528 |
|
|
|
— |
|
|
|
528 |
|
|
|||||
|
Income from unconsolidated entities |
|
|
7,459 |
|
|
|
— |
|
|
|
7,459 |
|
|
|
(7,459 |
) |
|
|
— |
|
|
|||||
|
Gain on sale of
interests in unconsolidated |
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
2,380 |
|
|
|
2,880 |
|
|
|||||
|
Limited partners’ interest in Operating Partnership |
|
|
(15,448 |
) |
|
|
— |
|
|
|
(15,448 |
) |
|
|
— |
|
|
|
(15,448 |
) |
|
|||||
|
Preferred distributions of Operating Partnership |
|
|
(5,597 |
) |
|
|
— |
|
|
|
(5,597 |
) |
|
|
— |
|
|
|
(5,597 |
) |
|
|||||
|
Income from continuing operations |
|
|
74,203 |
|
|
|
— |
|
|
|
74,203 |
|
|
|
— |
|
|
|
74,203 |
|
|
|||||
|
Discontinued operations, net of limited partners’ interest |
|
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
|||||
|
Gain on sale of
discontinued operations, net of |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|||||
|
NET INCOME |
|
|
74,220 |
|
|
|
— |
|
|
|
74,220 |
|
|
|
— |
|
|
|
74,220 |
|
|
|||||
|
Preferred dividends |
|
|
(14,303 |
) |
|
|
— |
|
|
|
(14,303 |
) |
|
|
— |
|
|
|
(14,303 |
) |
|
|||||
|
NET
INCOME AVAILABLE TO COMMON |
|
|
$ |
59,917 |
|
|
|
$ |
— |
|
|
|
$ |
59,917 |
|
|
|
$ |
— |
|
|
|
$ |
59,917 |
|
|
|
RECONCILIATION OF NET INCOME TO FFO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income |
|
|
|
|
|
|
|
|
|
|
$ |
74,220 |
|
|
|
$ |
— |
|
|
|
$ |
74,220 |
|
|
||
|
Adjustments to Net Income to Arrive at FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Limited partners’
interest in the Operating |
|
|
|
|
|
|
|
|
|
|
21,045 |
|
|
|
— |
|
|
|
21,045 |
|
|
|||||
|
Limited partners’ interest in results of operations from discontinued operations |
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|||||
|
Depreciation and amortization from consolidated properties and discontinued operations |
|
|
|
|
|
|
|
|
|
|
226,853 |
|
|
|
— |
|
|
|
226,853 |
|
|
|||||
|
Simon’s share of
depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
75,969 |
|
|
|
75,969 |
|
|
|||||
|
Income from unconsolidated entities |
|
|
|
|
|
|
|
|
|
|
(7,459 |
) |
|
|
7,459 |
|
|
|
— |
|
|
|||||
|
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest |
|
|
|
|
|
|
|
|
|
|
(2,880 |
) |
|
|
— |
|
|
|
(2,880 |
) |
|
|||||
|
Minority interest portion of depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
(2,276 |
) |
|
|
— |
|
|
|
(2,276 |
) |
|
|||||
|
Preferred distributions and dividends |
|
|
|
|
|
|
|
|
|
|
(19,900 |
) |
|
|
— |
|
|
|
(19,900 |
) |
|
|||||
|
FFO of the Simon Portfolio |
|
|
|
|
|
|
|
|
|
|
$ |
289,606 |
|
|
|
$ |
83,428 |
|
|
|
$ |
373,034 |
|
|
||
|
Percentage of FFO of the Simon Portfolio |
|
|
|
|
|
|
|
|
|
|
77.64 |
% |
|
|
22.36 |
% |
|
|
100.00 |
% |
|
|||||
11
SIMON
PROPERTY GROUP
Unaudited Pro-Rata Statement of Operations
For The Six Months Ended June 30, 2007
|
|
|
|
|
|
|
The Company’s |
|
The Company’s |
|
Total |
|
|||||||||||||||
|
|
|
|
|
Minority |
|
Consolidated |
|
Share of |
|
Company’s |
|
|||||||||||||||
|
|
|
Consolidated |
|
Interest |
|
Share |
|
Joint Ventures |
|
Share |
|
|||||||||||||||
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Minimum rent |
|
|
$ |
1,032,951 |
|
|
|
$ |
(17,378 |
) |
|
|
$ |
1,015,573 |
|
|
|
$ |
295,586 |
|
|
|
$ |
1,311,159 |
|
|
|
Overage rent |
|
|
36,526 |
|
|
|
(142 |
) |
|
|
36,384 |
|
|
|
14,902 |
|
|
|
51,286 |
|
|
|||||
|
Tenant reimbursements |
|
|
468,597 |
|
|
|
(10,734 |
) |
|
|
457,863 |
|
|
|
140,082 |
|
|
|
597,945 |
|
|
|||||
|
Management fees and other revenues |
|
|
38,417 |
|
|
|
— |
|
|
|
38,417 |
|
|
|
— |
|
|
|
38,417 |
|
|
|||||
|
Other income |
|
|
131,582 |
|
|
|
(771 |
) |
|
|
130,811 |
|
|
|
43,016 |
|
|
|
173,827 |
|
|
|||||
|
Total revenue |
|
|
1,708,073 |
|
|
|
(29,025 |
) |
|
|
1,679,048 |
|
|
|
493,586 |
|
|
|
2,172,634 |
|
|
|||||
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Property operating |
|
|
221,349 |
|
|
|
(6,278 |
) |
|
|
215,071 |
|
|
|
98,150 |
|
|
|
313,221 |
|
|
|||||
|
Depreciation and amortization |
|
|
445,882 |
|
|
|
(4,447 |
) |
|
|
441,435 |
|
|
|
133,776 |
|
|
|
575,211 |
|
|
|||||
|
Real estate taxes |
|
|
158,245 |
|
|
|
(2,772 |
) |
|
|
155,473 |
|
|
|
38,392 |
|
|
|
193,865 |
|
|
|||||
|
Repairs and maintenance |
|
|
57,751 |
|
|
|
(1,463 |
) |
|
|
56,288 |
|
|
|
22,520 |
|
|
|
78,808 |
|
|
|||||
|
Advertising and promotion |
|
|
39,294 |
|
|
|
(691 |
) |
|
|
38,603 |
|
|
|
9,336 |
|
|
|
47,939 |
|
|
|||||
|
Provision for credit losses |
|
|
1,966 |
|
|
|
53 |
|
|
|
2,019 |
|
|
|
2,591 |
|
|
|
4,610 |
|
|
|||||
|
Home and regional office costs |
|
|
62,969 |
|
|
|
— |
|
|
|
62,969 |
|
|
|
— |
|
|
|
62,969 |
|
|
|||||
|
General & administrative |
|
|
10,018 |
|
|
|
— |
|
|
|
10,018 |
|
|
|
— |
|
|
|
10,018 |
|
|
|||||
|
Other |
|
|
28,082 |
|
|
|
(1,060 |
) |
|
|
27,022 |
|
|
|
31,741 |
|
|
|
58,763 |
|
|
|||||
|
Total operating expenses |
|
|
1,025,556 |
|
|
|
(16,658 |
) |
|
|
1,008,898 |
|
|
|
336,506 |
|
|
|
1,345,404 |
|
|
|||||
|
OPERATING INCOME |
|
|
682,517 |
|
|
|
(12,367 |
) |
|
|
670,150 |
|
|
|
157,080 |
|
|
|
827,230 |
|
|
|||||
|
Interest expense |
|
|
(466,132 |
) |
|
|
6,321 |
|
|
|
(459,811 |
) |
|
|
(127,848 |
) |
|
|
(587,659 |
) |
|
|||||
|
Minority interest in income of consolidated entities |
|
|
(6,046 |
) |
|
|
6,046 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|||||
|
Income tax expense of taxable REIT subsidiaries |
|
|
(757 |
) |
|
|
— |
|
|
|
(757 |
) |
|
|
— |
|
|
|
(757 |
) |
|
|||||
|
Income from unconsolidated entities |
|
|
29,232 |
|
|
|
— |
|
|
|
29,232 |
|
|
|
(29,232 |
) |
|
|
— |
|
|
|||||
|
Gain on sale of
interests in unconsolidated entities, |
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
|
|||||
|
Limited partners’ interest in Operating Partnership |
|
|
(41,326 |
) |
|
|
— |
|
|
|
(41,326 |
) |
|
|
— |
|
|
|
(41,326 |
) |
|
|||||
|
Preferred distributions of Operating Partnership |
|
|
(10,836 |
) |
|
|
— |
|
|
|
(10,836 |
) |
|
|
— |
|
|
|
(10,836 |
) |
|
|||||
|
Income from continuing operations |
|
|
187,152 |
|
|
|
— |
|
|
|
187,152 |
|
|
|
— |
|
|
|
187,152 |
|
|
|||||
|
Discontinued operations, net of limited partners’ interest |
|
|
(145 |
) |
|
|
— |
|
|
|
(145 |
) |
|
|
— |
|
|
|
(145 |
) |
|
|||||
|
Gain on or sale of discontinued operations, net of limited partners’ interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|||||
|
NET INCOME |
|
|
187,007 |
|
|
|
— |
|
|
|
187,007 |
|
|
|
— |
|
|
|
187,007 |
|
|
|||||
|
Preferred dividends |
|
|
(28,709 |
) |
|
|
— |
|
|
|
(28,709 |
) |
|
|
— |
|
|
|
(28,709 |
) |
|
|||||
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |
|
|
$ |
158,298 |
|
|
|
$ |
— |
|
|
|
$ |
158,298 |
|
|
|
$ |
— |
|
|
|
$ |
158,298 |
|
|
|
RECONCILIATION OF NET INCOME TO FFO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income |
|
|
|
|
|
|
|
|
|
|
$ |
187,007 |
|
|
|
$ |
— |
|
|
|
$ |
187,007 |
|
|
||
|
Adjustments to Net Income to Arrive at FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Limited partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership |
|
|
|
|
|
|
|
|
|
|
52,162 |
|
|
|
— |
|
|
|
52,162 |
|
|
|||||
|
Limited partners’ interest in results of operations from discontinued operations |
|
|
|
|
|
|
|
|
|
|
(38 |
) |
|
|
— |
|
|
|
(38 |
) |
|
|||||
|
Depreciation and amortization from consolidated properties and discontinued operations |
|
|
|
|
|
|
|
|
|
|
439,341 |
|
|
|
— |
|
|
|
439,341 |
|
|
|||||
|
Simon’s share of depreciation and amortization from unconsolidated entities |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
131,300 |
|
|
|
131,300 |
|
|
|||||
|
Income from unconsolidated entities |
|
|
|
|
|
|
|
|
|
|
(29,232 |
) |
|
|
29,232 |
|
|
|
— |
|
|
|||||
|
(Gain) on sales of interests in other assets and unconsolidated entities, net of limited partners’ interest |
|
|
|
|
|
|
|
|
|
|
(500 |
) |
|
|
— |
|
|
|
(500 |
) |
|
|||||
|
Minority interest portion of depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
(4,293 |
) |
|
|
— |
|
|
|
(4,293 |
) |
|
|||||
|
Preferred distributions and dividends |
|
|
|
|
|
|
|
|
|
|
(39,545 |
) |
|
|
— |
|
|
|
(39,545 |
) |
|
|||||
|
FFO of the Simon Portfolio |
|
|
|
|
|
|
|
|
|
|
$ |
604,902 |
|
|
|
$ |
160,532 |
|
|
|
$ |
765,434 |
|
|
||
|
Percentage of FFO of the Simon Portfolio |
|
|
|
|
|
|
|
|
|
|
79.03 |
% |
|
|
20.97 |
% |
|
|
100.00 |
% |
|
|||||
12
SIMON
PROPERTY GROUP
Unaudited Pro-Rata Balance Sheet
As of June 30, 2007
|
|
|
|
|
|
|
The Company’s |
|
The Company’s |
|
Total |
|
|||||||||||
|
|
|
|
|
Minority |
|
Consolidated |
|
Share of |
|
Company’s |
|
|||||||||||
|
|
|
Consolidated |
|
Interest |
|
Share |
|
Joint Ventures |
|
Share |
|
|||||||||||
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment properties, at cost |
|
|
$ |
23,631,847 |
|
|
$ |
(208,037 |
) |
|
$ |
23,423,810 |
|
|
|
$ |
8,759,633 |
|
|
$ |
32,183,443 |
|
|
Less—accumulated depreciation |
|
|
4,971,424 |
|
|
(73,878 |
) |
|
4,897,546 |
|
|
|
916,906 |
|
|
5,814,452 |
|
|||||
|
|
|
|
18,660,423 |
|
|
(134,159 |
) |
|
18,526,264 |
|
|
|
7,842,727 |
|
|
26,368,991 |
|
|||||
|
Cash and cash equivalents |
|
|
381,175 |
|
|
(7,978 |
) |
|
373,197 |
|
|
|
354,135 |
|
|
727,332 |
|
|||||
|
Tenant receivables and accrued revenue, net |
|
|
324,776 |
|
|
(3,953 |
) |
|
320,823 |
|
|
|
136,686 |
|
|
457,509 |
|
|||||
|
Investment in unconsolidated entities, at equity |
|
|
1,852,819 |
|
|
— |
|
|
1,852,819 |
|
|
|
(1,852,819 |
) |
|
— |
|
|||||
|
Deferred costs and other assets |
|
|
1,132,490 |
|
|
(156,219 |
) |
|
976,271 |
|
|
|
321,862 |
|
|
1,298,133 |
|
|||||
|
Loans to affiliated entities |
|
|
532,580 |
|
|
— |
|
|
532,580 |
|
|
|
— |
|
|
532,580 |
|
|||||
|
Total assets |
|
|
$ |
22,884,263 |
|
|
$ |
(302,309 |
) |
|
$ |
22,581,954 |
|
|
|
$ |
6,802,591 |
|
|
$ |
29,384,545 |
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Mortgages and other indebtedness |
|
|
$ |
16,438,845 |
|
|
$ |
(273,224 |
) |
|
$ |
16,165,621 |
|
|
|
$ |
6,188,391 |
|
|
$ |
22,354,012 |
|
|
Accounts payable, accrued expenses, intangibles, and deferred revenues |
|
|
1,113,213 |
|
|
(8,649 |
) |
|
1,104,564 |
|
|
|
425,281 |
|
|
1,529,845 |
|
|||||
|
Cash distributions and losses in partnerships and joint ventures, at equity |
|
|
232,802 |
|
|
— |
|
|
232,802 |
|
|
|
(232,802 |
) |
|
— |
|
|||||
|
Other liabilities, minority interest and accrued dividends |
|
|
188,327 |
|
|
(20,436 |
) |
|
167,891 |
|
|
|
421,721 |
|
|
589,612 |
|
|||||
|
Total liabilities |
|
|
17,973,187 |
|
|
(302,309 |
) |
|
17,670,878 |
|
|
|
6,802,591 |
|
|
24,473,469 |
|
|||||
|
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP |
|
|
773,963 |
|
|
— |
|
|
773,963 |
|
|
|
— |
|
|
773,963 |
|
|||||
|
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP |
|
|
310,241 |
|
|
— |
|
|
310,241 |
|
|
|
— |
|
|
310,241 |
|
|||||
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
All series of preferred stock, 100,000,000 shares authorized, 17,819,267 issued and outstanding, with a liquidation value of $890,963 |
|
|
897,255 |
|
|
— |
|
|
897,255 |
|
|
|
— |
|
|
897,255 |
|
|||||
|
Common stock, $.0001 par value, 400,000,000 shares authorized, 227,511,348 issued and outstanding |
|
|
23 |
|
|
— |
|
|
23 |
|
|
|
— |
|
|
23 |
|
|||||
|
Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|||||
|
Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|||||
|
Capital in excess of par value |
|
|
5,028,287 |
|
|
— |
|
|
5,028,287 |
|
|
|
— |
|
|
5,028,287 |
|
|||||
|
Accumulated deficit |
|
|
(1,957,262 |
) |
|
— |
|
|
(1,957,262 |
) |
|
|
— |
|
|
(1,957,262 |
) |
|||||
|
Accumulated other comprehensive income |
|
|
22,906 |
|
|
— |
|
|
22,906 |
|
|
|
— |
|
|
22,906 |
|
|||||
|
Common stock held in treasury at cost, 4,125,332 shares |
|
|
(164,337 |
) |
|
— |
|
|
(164,337 |
) |
|
|
— |
|
|
(164,337 |
) |
|||||
|
Total stockholders’ equity |
|
|
3,826,872 |
|
|
— |
|
|
3,826,872 |
|
|
|
— |
|
|
3,826,872 |
|
|||||
|
|
|
|
$ |
22,884,263 |
|
|
$ |
(302,309 |
) |
|
$ |
22,581,954 |
|
|
|
$ |
6,802,591 |
|
|
$ |
29,384,545 |
|
13
SIMON PROPERTY GROUP
Reconciliation of Net Income to NOI
As of June 30,
2007
(in thousands, except as noted)
Industry practice is to evaluate real estate properties on an unleveraged basis. Net Operating Income (“NOI”) is a standard industry performance measure which is defined as operating income plus depreciation and amortization, both calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). We consider NOI to be a key measure of our operating performance that is not specifically defined by GAAP. We believe that NOI is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. We also use NOI internally to measure the operating performance of our portfolio.
However, you should understand that NOI:
· does not represent cash flow from operations as defined by GAAP,
· should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance,
· is not an alternative to cash flows as a measure of liquidity, and
· is not indicative of cash flows from operating, investing and financing activities.
The Reconciliation of Net Income to NOI provides net income, which we believe is the most directly comparable GAAP financial measure, and reconciles the amounts to “Total NOI of the Simon Group Portfolio.” This schedule also provides the increase in NOI of regional malls and Premium Outlet Centers that are comparable properties for the quarter and six months ended June 30, 2007.
|
|
|
For the Three Months |
|
For the Six Months |
|
||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||
|
Reconciliation of NOI of consolidated Properties: |
|
|
|
|
|
|
|
|
|
||||
|
Net Income |
|
$ |
74,220 |
|
$ |
101,263 |
|
$ |
187,007 |
|
$ |
223,853 |
|
|
Preferred distributions of the Operating Partnership |
|
5,597 |
|
6,928 |
|
10,836 |
|
13,754 |
|
||||
|
Limited partners’ interest in the Operating Partnership |
|
15,448 |
|
21,924 |
|
41,326 |
|
49,478 |
|
||||
|
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net of limited partners’ interest |
|
(17 |
) |
19 |
|
145 |
|
(110 |
) |
||||
|
Income tax expense of taxable REIT subsidiaries |
|
(528 |
) |
3,220 |
|
757 |
|
4,859 |
|
||||
|
Minority interest in income of consolidated entities |
|
3,136 |
|
3,433 |
|
6,046 |
|
4,358 |
|
||||
|
Interest expense |
|
243,654 |
|
200,743 |
|
466,132 |
|
404,815 |
|
||||
|
Income from unconsolidated entities and beneficial interests, net |
|
(7,459 |
) |
(19,882 |
) |
(29,232 |
) |
(49,805 |
) |
||||
|
Gain on sales of interest in unconsolidated entities |
|
(500 |
) |
(7,599 |
) |
(500 |
) |
(41,949 |
) |
||||
|
Operating Income |
|
333,551 |
|
310,049 |
|
682,517 |
|
609,253 |
|
||||
|
Depreciation and amortization |
|
230,611 |
|
211,363 |
|
445,882 |
|
420,810 |
|
||||
|
NOI of consolidated Properties |
|
$ |
564,162 |
|
$ |
521,412 |
|
$ |
1,128,399 |
|
$ |
1,030,063 |
|
|
Reconciliation of NOI of unconsolidated entities: |
|
|
|
|
|
|
|
|
|
||||
|
Net Income |
|
$ |
24,239 |
|
$ |
101,650 |
|
$ |
114,926 |
|
$ |
183,436 |
|
|
Discontinued operations—Results of operations and (gain) loss on disposal or sale, net |
|
(178 |
) |
(23,997 |
) |
(2,876 |
) |
(26,794 |
) |
||||
|
Interest expense |
|
238,349 |
|
102,117 |
|
345,505 |
|
201,733 |
|
||||
|
Income from unconsolidated entities |
|
3 |
|
(145 |
) |
87 |
|
(239 |
) |
||||
|
(Gain) loss on sale of asset |
|
— |
|
(94 |
) |
4,759 |
|
(94 |
) |
||||
|
Operating Income |
|
262,413 |
|
179,531 |
|
462,401 |
|
358,042 |
|
||||
|
Depreciation and amortization |
|
157,095 |
|
79,185 |
|
239,914 |
|
151,066 |
|
||||
|
NOI of unconsolidated entities |
|
$ |
419,508 |
|
$ |
258,716 |
|
$ |
702,315 |
|
$ |
509,108 |
|
|
Total consolidated and unconsolidated NOI from continuing operations |
|
$ |
983,670 |
|
$ |
780,128 |
|
$ |
1,830,714 |
|
$ |
1,539,171 |
|
|
Adjustments to NOI: |
|
|
|
|
|
|
|
|
|
||||
|
NOI of discontinued consolidated and unconsolidated Properties |
|
181 |
|
14,842 |
|
8,021 |
|
30,877 |
|
||||
|
Total NOI of the Simon Group Portfolio |
|
$ |
983,851 |
|
$ |
794,970 |
|
$ |
1,838,735 |
|
$ |
1,570,048 |
|
|
Increase in NOI from prior period |
|
23.8 |
% |
4.0 |
% |
17.1 |
% |
4.7 |
% |
||||
|
Less: Joint venture partner’s share of NOI |
|
264,633 |
|
164,228 |
|
436,478 |
|
321,106 |
|
||||
|
Simon Group’s Share of NOI |
|
$ |
719,218 |
|
$ |
630,742 |
|
$ |
1,402,257 |
|
$ |
1,248,942 |
|
|
Increase in Simon Group’s Share of NOI from prior period |
|
14.0 |
% |
4.2 |
% |
12.3 |
% |
4.7 |
% |
||||
|
NOI of Regional Malls that are Comparable Properties(1) |
|
$ |
617,758 |
|
$ |
607,770 |
|
$ |
1,249,499 |
|
$ |
1,215,473 |
|
|
Increase in NOI of Regional Malls that are Comparable Properties(1) |
|
1.6 |
% |
|
|
2.8 |
% |
|
|
||||
|
NOI of Premium Outlet Centers that are Comparable Properties(1) |
|
$ |
91,036 |
|
$ |
84,207 |
|
$ |
178,968 |
|
$ |
163,635 |
|
|
Increase in NOI of Premium Outlet Centers that are Comparable Properties(1) |
|
8.1 |
% |
|
|
9.4 |
% |
|
|
||||
(1) Properties that were owned in both of the periods under comparison are referred to as comparable properties.
14
SIMON PROPERTY GROUP
NOI Composition(1)(2)
For the Six Months Ended June 30, 2007
|
|
|
Percent of Total NOI |
|
||
|
|
|
of the Simon Portfolio |
|
||
|
U.S. Portfolio NOI by State |
|
|
|
|
|
|
Florida |
|
|
15.1 |
% |
|
|
Texas |
|
|
10.6 |
% |
|
|
California |
|
|
8.2 |
% |
|
|
Massachusetts |
|
|
8.1 |
% |
|
|
New York |
|
|
8.0 |
% |
|
|
Pennsylvania |
|
|
6.3 |
% |
|
|
Indiana |
|
|
5.3 |
% |
|
|
Georgia |
|
|
4.9 |
% |
|
|
Nevada |
|
|
3.8 |
% |
|
|
New Jersey |
|
|
3.7 |
% |
|
|
Top 10 Contributors by State |
|
|
74.0 |
% |
|
|
NOI by Asset Type |
|
|
|
|
|
|
Regional Malls |
|
|
76.1 |
% |
|
|
Premium Outlet Centers |
|
|
13.5 |
% |
|
|
International (2) |
|
|
5.7 |
% |
|
|
Community/Lifestyle Centers |
|
|
4.5 |
% |
|
|
Other |
|
|
0.2 |
% |
|
|
Total |
|
|
100.0 |
% |
|
(1) Does not include the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Based on Total NOI of the Simon Group portfolio
(3) International includes five Premium Outlet Centers in Japan and one Premium Outlet Center in both Mexico and South Korea
15
SIMON PROPERTY GROUP
Analysis of Other Income and
Other Expense
As of June 30, 2007
(In thousands)
|
|
|
For the Three Months |
|
For the Six Months |
|
||||||||
|
|
|
Ended June 30, |
|
Ended June 30, |
|
||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||
|
Consolidated Properties |
|
|
|
|
|
|
|
|
|
||||
|
Other Income |
|
|
|
|
|
|
|
|
|
||||
|
Interest Income |
|
$ |
21,209 |
(1) |
$ |
6,133 |
|
$ |
44,262 |
(1) |
$ |
12,330 |
|
|
Lease Settlement Income |
|
2,189 |
|
4,076 |
|
24,946 |
(2) |
12,152 |
|
||||
|
Gains on Land Sales |
|
3,020 |
|
16,279 |
|
5,874 |
|
19,228 |
|
||||
|
Other |
|
33,268 |
|
24,951 |
|
56,500 |
|
50,027 |
|
||||
|
Totals |
|
$ |
59,686 |
|
$ |
51,439 |
|
$ |
131,582 |
|
$ |
93,737 |
|
|
Other Expense |
|
|
|
|
|
|
|
|
|
||||
|
Ground Rent |
|
$ |
7,719 |
|
$ |
6,817 |
|
$ |
15,097 |
|
$ |
14,513 |
|
|
Professional Fees |
|
2,998 |
|
2,848 |
|
6,025 |
|
4,412 |
|
||||
|
Other |
|
3,901 |
|
2,497 |
|
6,960 |
|
6,303 |
|
||||
|
Totals |
|
$ |
14,618 |
|
$ |
12,162 |
|
$ |
28,082 |
|
$ |
25,228 |
|
(1) Includes $13.4 million and $25.2 million for the three and six months, respectively, of income from a mezzanine financing provided by the Company on February 13, 2007 in connection with the Mills acquisition.
(2) Includes $19 million related to two department store locations that are being redeveloped by the Company.
16
SIMON
PROPERTY GROUP
U.S. Portfolio GLA
As of June 30, 2007
|
|
|
|
|
Total |
|
% of |
|
||||
|
Type of Property |
|
|
|
GLA-Sq. Ft. |
|
Owned GLA |
|
Owned GLA |
|
||
|
Regional Malls |
|
|
|
|
|
|
|
|
|
||
|
Anchor |
|
100,277,826 |
|
27,967,624 |
|
|
20.1 |
% |
|
||
|
Specialty Store |
|
59,237,934 |
|
59,010,967 |
|
|
42.5 |
% |
|
||
|
Freestanding |
|
4,371,598 |
|
1,738,991 |
|
|
1.3 |
% |
|
||
|
Subtotal |
|
63,609,532 |
|
60,749,958 |
|
|
43.8 |
% |
|
||
|
Regional Mall Total |
|
163,887,358 |
|
88,717,582 |
|
|
63.9 |
% |
|
||
|
Premium Outlet Centers |
|
14,061,395 |
|
14,061,395 |
|
|
10.1 |
% |
|
||
|
Community/Lifestyle Centers |
|
|
|
|
|
|
|
|
|
||
|
Anchor |
|
13,897,281 |
|
8,800,998 |
|
|
6.3 |
% |
|
||
|
Specialty Store |
|
4,525,518 |
|
4,470,350 |
|
|
3.2 |
% |
|
||
|
Freestanding |
|
767,912 |
|
117,574 |
|
|
0.1 |
% |
|
||
|
Community/Lifestyle Centers Total |
|
19,190,711 |
|
13,388,922 |
|
|
9.6 |
% |
|
||
|
Mills Portfolio(1) |
|
43,613,425 |
|
19,287,238 |
|
|
13.9 |
% |
|
||
|
Office Portion of Retail |
|
1,955,341 |
|
1,955,341 |
|
|
1.4 |
% |
|
||
|
Other(2) |
|
1,591,675 |
|
1,591,675 |
|
|
1.1 |
% |
|
||
|
Total U.S. Properties |
|
244,299,905 |
|
139,002,153 |
|
|
100.0 |
% |
|
||
(1) The Mills portfolio includes regional malls, The Mills® and community centers.
(2) Other assets include 10 other properties that contribute 0.2% of Simon Group’s NOI.
17
SIMON PROPERTY GROUP
U.S. Regional Mall
Operational Information(1)
As of June 30, 2007
|
|
|
As of or for the |
|
||||
|
|
|
Six Months |
|
||||
|
|
|
June 30, |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
Total Number of Regional Malls |
|
171 |
|
171 |
|
||
|
Total Regional Mall GLA (in millions of square feet; includes office portion of retail) |
|
165.8 |
|
166.5 |
|
||
|
Occupancy(2) |
|
|
|
|
|
||
|
Consolidated Assets |
|
92.2 |
% |
91.3 |
% |
||
|
Unconsolidated Assets |
|
91.7 |
% |
92.1 |
% |
||
|
Total Portfolio |
|
92.0 |
% |
91.6 |
% |
||
|
Comparable sales per square foot(3) |
|
|
|
|
|
||
|
Consolidated Assets |
|
$ |
470 |
|
$ |
454 |
|
|
Unconsolidated Assets |
|
$ |
527 |
|
$ |
495 |
|
|
Total Portfolio |
|
$ |
489 |
|
$ |
468 |
|
|
Average rent per square foot(2) |
|
|
|
|
|
||
|
Consolidated Assets |
|
$ |
35.60 |
|
$ |
34.64 |
|
|
Unconsolidated Assets |
|
$ |
38.25 |
|
$ |
35.93 |
|
|
Total Portfolio |
|
$ |
36.51 |
|
$ |
35.10 |
|
|
|
|
Mall & |
|
|
|
|||||||
|
|
|
Freestanding |
|
% |
|
|||||||
|
Average Base Rent Per Square Foot(2) |
|
|
|
Stores |
|
Change |
|
|||||
|
6/30/07 |
|
|
$ |
36.51 |
|
|
|
4.0 |
% |
|
||
|
6/30/06 |
|
|
35.10 |
|
|
|
|
|
|
|||
|
12/31/06 |
|
|
35.38 |
|
|
|
2.6 |
% |
|
|||
|
12/31/05 |
|
|
34.49 |
|
|
|
3.0 |
% |
|
|||
|
12/31/04 |
|
|
33.50 |
|
|
|
3.8 |
% |
|
|||
|
12/31/03 |
|
|
32.26 |
|
|
|
5.1 |
% |
|
|||
|
12/31/02 |
|
|
30.70 |
|
|
|
4.8 |
% |
|
|||
Leasing Activity During the Period(2):
|
|
|
Average Base Rent(4) |
|
Amount of Change |
|
|||||||||||
|
|
|
Lease |
|
Store Closings/ |
|
(Referred to as |
|
|||||||||
|
|
|
Signings |
|
Lease Expirations |
|
“Leasing Spread”) |
|
|||||||||
|
2007 (YTD) |
|
|
$ |
47.20 |
|
|
|
$ |
38.17 |
|
|
$ |
9.03 |
|
23.7 |
% |
|
2006 |
|
|
43.21 |
|
|
|
36.73 |
|
|
6.48 |
|
17.6 |
% |
|||
|
2005 |
|
|
43.18 |
|
|
|
35.78 |
|
|
7.40 |
|
20.7 |
% |
|||
|
2004 |
|
|
39.33 |
|
|
|
33.59 |
|
|
5.74 |
|
17.1 |
% |
|||
|
2003 |
|
|
41.28 |
|
|
|
32.99 |
|
|
8.29 |
|
25.1 |
% |
|||
|
2002 |
|
|
40.35 |
|
|
|
32.58 |
|
|
7.77 |
|
23.8 |
% |
|||
(1) Does not include operational information for the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Includes mall and freestanding stores
(3) Based upon the standard definition of sales for regional malls adopted by the International Council of Shopping Centers which includes only mall and freestanding stores less than 10,000 square feet.
(4) Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.
18
SIMON
PROPERTY GROUP
U.S. Regional Mall Lease
Expirations(1)(2)
As of June 30, 2007
|
|
|
|
|
|
|
Avg. Base Rent |
|
|||||||
|
|
|
Number of |
|
Square |
|
per Square Foot |
|
|||||||
|
Year |
|
|
|
Leases Expiring |
|
Feet |
|
at 6/30/07 |
|
|||||
|
Mall Stores & Freestanding |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Month to Month Leases |
|
|
870 |
|
|
2,360,484 |
|
|
$ |
33.46 |
|
|
||
|
2007 (7/1-12/31) |
|
|
583 |
|
|
1,151,047 |
|
|
$ |
43.73 |
|
|
||
|
2008 |
|
|
2,484 |
|
|
5,895,980 |
|
|
$ |
35.48 |
|
|
||
|
2009 |
|
|
2,062 |
|
|
5,804,528 |
|
|
$ |
35.13 |
|
|
||
|
2010 |
|
|
1,949 |
|
|
5,551,880 |
|
|
$ |
38.44 |
|
|
||
|
2011 |
|
|
2,052 |
|
|
5,282,136 |
|
|
$ |
35.21 |
|
|
||
|
2012 |
|
|
1,369 |
|
|
4,743,958 |
|
|
$ |
36.27 |
|
|
||
|
2013 |
|
|
1,165 |
|
|
3,687,675 |
|
|
$ |
40.37 |
|
|
||
|
2014 |
|
|
1,250 |
|
|
3,695,745 |
|
|
$ |
42.31 |
|
|
||
|
2015 |
|
|
1,205 |
|
|
3,993,135 |
|
|
$ |
41.91 |
|
|
||
|
2016 |
|
|
1,410 |
|
|
4,130,892 |
|
|
$ |
40.56 |
|
|
||
|
2017 |
|
|
931 |
|
|
3,282,397 |
|
|
$ |
39.97 |
|
|
||
|
2018 and Thereafter |
|
|
474 |
|
|
2,880,539 |
|
|
$ |
33.03 |
|
|
||
|
Specialty Leasing Agreements w/ terms in excess of 12 months |
|
|
1,145 |
|
|
2,972,953 |
|
|
$ |
14.03 |
|
|
||
|
Anchor Tenants |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Month to Month Leases |
|
|
3 |
|
|
246,538 |
|
|
$ |
2.41 |
|
|
||
|
2007 (7/1-12/31) |
|
|
1 |
|
|
30,950 |
|
|
$ |
9.50 |
|
|
||
|
2008 |
|
|
19 |
|
|
2,108,947 |
|
|
$ |
4.02 |
|
|
||
|
2009 |
|
|
31 |
|
|
3,279,500 |
|
|
$ |
3.41 |
|
|
||
|
2010 |
|
|
36 |
|
|
4,271,191 |
|
|
$ |
2.75 |
|
|
||
|
2011 |
|
|
20 |
|
|
2,217,206 |
|
|
$ |
3.97 |
|
|
||
|
2012 |
|
|
29 |
|
|
3,191,064 |
|
|
$ |
3.89 |
|
|
||
|
2013 |
|
|
15 |
|
|
2,187,012 |
|
|
$ |
5.67 |
|
|
||
|
2014 |
|
|
13 |
|
|
1,207,089 |
|
|
$ |
7.58 |
|
|
||
|
2015 |
|
|
11 |
|
|
1,007,256 |
|
|
$ |
6.82 |
|
|
||
|
2016 |
|
|
11 |
|
|
1,122,349 |
|
|
$ |
7.79 |
|
|
||
|
2017 |
|
|
5 |
|
|
736,723 |
|
|
$ |
2.80 |
|
|
||
|
2018 and Thereafter |
|
|
34 |
|
|
3,576,079 |
|
|
$ |
6.01 |
|
|
||
(1) Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Does not consider the impact of options to renew that may be contained in leases.
19
SIMON PROPERTY
GROUP
U.S. Regional Mall Top Tenants(1)
As of June 30, 2007
Top In-Line Retail Tenants (sorted by percentage of total Simon Group base minimum rent)
|
|
|
|
|
|
|
Percent of |
|
Percent of |
|
||||||||||
|
|
|
Number |
|
Square |
|
Total |
|
Total Simon |
|
||||||||||
|
|
|
of |
|
Feet |
|
Simon Group |
|
Group Base |
|
||||||||||
|
Tenant |
|
|
|
Stores |
|
(000’s) |
|
Sq. Ft. |
|
Min. Rent |
|
||||||||
|
Limited |
|
|
501 |
|
|
|
3,185 |
|
|
|
1.6 |
% |
|
|
3.7 |
% |
|
||
|
Gap |
|
|
317 |
|
|
|
3,495 |
|
|
|
1.7 |
% |
|
|
2.5 |
% |
|
||
|
Foot Locker |
|
|
432 |
|
|
|
1,722 |
|
|
|
0.9 |
% |
|
|
2.0 |
% |
|
||
|
Abercrombie & Fitch Co. |
|
|
194 |
|
|
|
1,384 |
|
|
|
0.7 |
% |
|
|
1.7 |
% |
|
||
|
Zale Corporation |
|
|
382 |
|
|
|
439 |
|
|
|
0.2 |
% |
|
|
1.5 |
% |
|
||
|
Luxottica Group S.P.A |
|
|
350 |
|
|
|
722 |
|
|
|
0.4 |
% |
|
|
1.2 |
% |
|
||
|
Sterling Jewelers, Inc. |
|
|
206 |
|
|
|
299 |
|
|
|
0.1 |
% |
|
|
1.0 |
% |
|
||
|
Children’s Place Retail Stores |
|
|
185 |
|
|
|
818 |
|
|
|
0.4 |
% |
|
|
1.0 |
% |
|
||
|
American Eagle Outfitters |
|
|
137 |
|
|
|
787 |
|
|
|
0.4 |
% |
|
|
0.9 |
% |
|
||
|
Genesco, Inc. |
|
|
355 |
|
|
|
468 |
|
|
|
0.2 |
% |
|
|
0.9 |
% |
|
||
Top Anchors (sorted by percentage of total Simon Group square footage)(2)
|
|
|
|
|
|
|
Percent of |
|
Percent of |
|
||||||||
|
|
|
Number |
|
Square |
|
Total |
|
Total Simon |
|
||||||||
|
|
|
of |
|
Feet |
|
Simon Group |
|
Group Base |
|
||||||||
|
Tenant |
|
|
|
Stores |
|
(000’s) |
|
Sq. Ft. |
|
Min. Rent |
|
||||||
|
Macy’s, Inc. |
|
|
157 |
|
|
27,933 |
|
|
13.9 |
% |
|
|
0.6 |
% |
|
||
|
Sears Roebuck & Co. |
|
|
127 |
|
|
19,442 |
|
|
9.7 |
% |
|
|
0.4 |
% |
|
||
|
J.C. Penney Co., Inc. |
|
|
116 |
|
|
16,778 |
|
|
8.4 |
% |
|
|
0.9 |
% |
|
||
|
Dillard’s Dept. Stores |
|
|
81 |
|
|
12,295 |
|
|
6.1 |
% |
|
|
0.1 |
% |
|
||
|
Nordstrom, Inc. |
|
|
21 |
|
|
3,722 |
|
|
1.9 |
% |
|
|
0.0 |
% |
|
||
|
Belk, Inc. |
|
|
27 |
|
|
3,217 |
|
|
1.6 |
% |
|
|
0.4 |
% |
|
||
|
The Bon-Ton Stores, Inc. |
|
|
22 |
|
|
2,202 |
|
|
1.1 |
% |
|
|
0.3 |
% |
|
||
|
Target Corporation |
|
|
14 |
|
|
1,802 |
|
|
0.9 |
% |
|
|
0.0 |
% |
|
||
|
Boscov’s Department Stores |
|
|
7 |
|
|
1,279 |
|
|
0.6 |
% |
|
|
0.1 |
% |
|
||
|
The Neiman Marcus Group, Inc. |
|
|
10 |
|
|
1,213 |
|
|
0.6 |
% |
|
|
0.1 |
% |
|
||
|
Lord and Taylor |
|
|
8 |
|
|
1,074 |
|
|
0.5 |
% |
|
|
0.0 |
% |
|
||
|
Saks Incorporated |
|
|
9 |
|
|
1,053 |
|
|
0.5 |
% |
|
|
0.3 |
% |
|
||
(1) Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Includes space leased and owned by the anchor.
20
SIMON PROPERTY
GROUP
U.S. Regional Mall Anchor/Big
Box Openings(1)
2007-2010
|
Property Name |
|
|
|
|
Location |
|
|
|
New Tenant |
|
|
|
Former Tenant |
|
|
Openings through June 30, 2007 |
|
|
|
|
||||||||||
|
Boynton Beach Mall |
|
Boynton Beach, FL |
|
Muvico Theater |
|
Macy’s |
||||||||
|
Circle Centre |
|
Indianapolis, IN |
|
Carson Pirie Scott |
|
Parisian |
||||||||
|
Eastland Mall |
|
Evansville, IN |
|
Dillard’s |
|
L.S. Ayres |
||||||||
|
Firewheel Town Center |
|
Garland, TX |
|
Ethan Allen |
|
N/A |
||||||||
|
Lakeline Mall |
|
Austin, TX |
|
Dillard’s |
|
Mervyn’s |
||||||||
|
Orange Park Mall |
|
Jacksonville, FL |
|
Dick’s Sporting Goods |
|
N/A |
||||||||
|
Smith Haven Mall |
|
Lake Grove, NY |
|
Dick’s Sporting Goods |
|
Stern’s |
||||||||
|
|
|
|
|
Macy’s Furniture |
|
N/A |
||||||||
|
South Shore Plaza |
|
Braintree, MA |
|
The Cheesecake Factory |
|
N/A |
||||||||
|
Square One Mall |
|
Saugus, MA |
|
Dick’s Sporting Goods |
|
N/A |
||||||||
|
Openings Projected for the Remainder of 2007 |
|
|
|
|
||||||||||
|
Avenues, The |
|
Jacksonville, FL |
|
Belk |
|
Parisian |
||||||||
|
Burlington Mall |
|
Burlington, MA |
|
Crate & Barrel |
|
N/A |
||||||||
|
Castleton Square |
|
Indianapolis, IN |
|
AMC Theatres |
|
L.S. Ayres |
||||||||
|
|
|
|
|
Borders |
|
L.S. Ayres |
||||||||
|
Cordova Mall |
|
Pensacola, FL |
|
Belk |
|
Parisian |
||||||||
|
Greenwood Park Mall |
|
Indianapolis, IN |
|
Barnes & Noble |
|
L.S. Ayres |
||||||||
|
Gwinnett Place |
|
Duluth, GA |
|
Belk |
|
Parisian |
||||||||
|
Lehigh Valley Mall |
|
Whitehall, PA |
|
Barnes & Noble |
|
N/A |
||||||||
|
|
|
|
|
Bonefish Grill |
|
N/A |
||||||||
|
|
|
|
|
Bravo |
|
N/A |
||||||||
|
Lenox Square |
|
Atlanta, GA |
|
Neiman Marcus expansion |
|
N/A |
||||||||
|
North East Mall |
|
Hurst, TX |
|
Dick’s Sporting Goods |
|
Saks Fifth Avenue |
||||||||
|
Northgate Mall |
|
Seattle, WA |
|
Barnes & Noble |
|
N/A |
||||||||
|
|
|
|
|
Bed Bath & Beyond |
|
Gottschalks |
||||||||
|
|
|
|
|
DSW |
|
Gottschalks |
||||||||
|
Northshore Mall |
|
Peabody (Boston), MA |
|
The Cheesecake Factory |
|
N/A |
||||||||
|
Phipps Plaza |
|
Atlanta, GA |
|
Belk |
|
Parisian |
||||||||
|
Richmond Town Square |
|
Cleveland, OH |
|
Regal Cinema |
|
AMC Theatre |
||||||||
|
River Oaks Mall |
|
Calumet City, IL |
|
Steve & Barry’s |
|
N/A |
||||||||
|
Smith Haven Mall |
|
Lake Grove, NY |
|
California Pizza Kitchen |
|
Stern’s |
||||||||
|
|
|
|
|
Barnes & Noble |
|
Stern’s |
||||||||
|
South Ridge Mall |
|
Des Moines, IA |
|
Steve & Barry’s |
|
N/A |
||||||||
|
Town Center at Boca Raton |
|
Boca Raton, FL |
|
Crate & Barrel |
|
N/A |
||||||||
|
Town Center at Cobb |
|
Kennesaw, GA |
|
Belk |
|
Parisian |
||||||||
|
Upper Valley Mall |
|
Springfield, OH |
|
MC Sports |
|
N/A |
||||||||
|
|
|
|
|
Steve & Barry’s |
|
N/A |
||||||||
|
Walt Whitman Mall |
|
Huntington Station, NY |
|
The Cheesecake Factory |
|
Organized Living |
||||||||
|
West Town Mall |
|
Knoxville, TN |
|
Belk |
|
Parisian |
||||||||
|
Westminster Mall |
|
Westminster, CA |
|
Target |
|
Macy’s |
||||||||
|
Woodland Hills Mall |
|
Tulsa, OK |
|
The Cheesecake Factory |
|
N/A |
||||||||
21
SIMON
PROPERTY GROUP
U.S. Regional Mall Anchor/Big
Box Openings(1)
2007-2010
|
Property Name |
|
|
|
|
Location |
|
|
|
New Tenant |
|
|
|
Former Tenant |
|
|
Openings Projected in 2008 |
|
|
|
|
||||||||||
|
Anderson Mall |
|
Anderson, SC |
|
Dillard’s |
|
Belk Mens |
||||||||
|
Aventura Mall |
|
Miami Beach, FL |
|
Nordstrom |
|
Lord & Taylor |
||||||||
|
Burlington Mall |
|
Burlington (Boston), MA |
|
Nordstrom |
|
Filene’s |
||||||||
|
Crystal Mall |
|
Waterford, CT |
|
Bed Bath & Beyond |
|
Macy’s |
||||||||
|
|
|
|
|
Christmas Tree Shop |
|
Macy’s |
||||||||
|
Fashion Mall at Keystone |
|
Indianapolis, IN |
|
Nordstrom |
|
Parisian |
||||||||
|
Firewheel Town Center |
|
Garland, TX |
|
Dick’s Sporting Goods |
|
N/A |
||||||||
|
Lake Square Mall |
|
Leesburg, FL |
|
Best Buy |
|
N/A |
||||||||
|
Livingston Mall |
|
Livingston, NJ |
|
Barnes & Noble |
|
N/A |
||||||||
|
Markland Mall |
|
Kokomo, IN |
|
MC Sports |
|
N/A |
||||||||
|
Montgomery Mall |
|
Montgomeryville, PA |
|
Dick’s Sporting Goods |
|
N/A |
||||||||
|
Northlake Mall |
|
Atlanta, GA |
|
Kohl’s |
|
Parisian |
||||||||
|
Richardson Square |
|
Richardson, TX |
|
Lowe’s |
|
N/A |
||||||||
|
Ross Park Mall |
|
Pittsburgh, PA |
|
Nordstrom |
|
Macy’s |
||||||||
|
Springfield Mall |
|
Springfield, PA |
|
Target |
|
Macy’s |
||||||||
|
Valle Vista mall |
|
Harlingen, TX |
|
Circuit City |
|
OfficeMax |
||||||||
|
West Ridge Mall |
|
Topeka, KS |
|
Burlington |
|
Montgomery Ward |
||||||||
|
White Oaks Mall |
|
Springfield, IL |
|
Barnes & Noble |
|
N/A |
||||||||
|
Openings Projected in 2009 |
|
|
|
|
||||||||||
|
Coddingtown Mall |
|
Santa Rosa, CA |
|
Whole Foods |
|
Ralph’s Grocery |
||||||||
|
Northshore Mall |
|
Peabody (Boston), MA |
|
Nordstrom |
|
Macy’s |
||||||||
|
Tacoma Mall |
|
Seattle, WA |
|
Nordstrom (relocated) |
|
Mervyn’s |
||||||||
|
Openings Projected in 2010 |
|
|
|
|
||||||||||
|
Quaker Bridge Mall |
|
Lawrenceville, NJ |
|
Neiman Marcus |
|
N/A |
||||||||
|
|
|
|
|
Nordstrom |
|
N/A |
||||||||
|
South Shore Plaza |
|
Braintree (Boston), MA |
|
Nordstrom |
|
Macy’s |
||||||||
(1) Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
22
SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Area |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Legal |
|
|
|
Mall & |
|
|
|
||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
Ownership |
|
Anchor |
|
Freestanding |
|
Total |
|
||||||
|
1. |
|
McCain Mall |
|
|
AR |
|
|
N. Little Rock |
|
|
100.0 |
% |
|
554,156 |
|
|
221,353 |
|
|
775,509 |
|
||
|
2. |
|
University Mall |
|
|
AR |
|
|
Little Rock |
|
|
100.0 |
% |
|
364,992 |
|
|
153,603 |
|
|
518,595 |
|
||
|
3. |
|
Brea Mall |
|
|
CA |
|
|
Brea (Los Angeles) |
|
|
100.0 |
% |
|
874,802 |
|
|
443,665 |
|
|
1,318,467 |
|
||
|
4. |
|
Coddingtown Mall |
|
|
CA |
|
|
Santa Rosa |
|
|
50.0 |
% |
|
547,090 |
|
|
265,402 |
|
|
812,492 |
|
||
|
5. |
|
Fashion Valley Mall |
|
|
CA |
|
|
San Diego |
|
|
50.0 |
% |
|
1,053,305 |
|
|
653,993 |
|
|
1,707,298 |
|
||
|
6. |
|
Laguna Hills Mall |
|
|
CA |
|
|
Laguna Hills (Los Angeles) |
|
|
100.0 |
% |
|
536,500 |
|
|
329,227 |
|
|
865,727 |
|
||
|
7. |
|
Santa Rosa Plaza |
|
|
CA |
|
|
Santa Rosa |
|
|
100.0 |
% |
|
428,258 |
|
|
270,468 |
|
|
698,726 |
|
||
|
8. |
|
Shops at Mission Viejo, The |
|
|
CA |
|
|
Mission Viejo (Los Angeles) |
|
|
100.0 |
% |
|
677,215 |
|
|
472,775 |
|
|
1,149,990 |
|
||
|
9. |
|
Stanford Shopping Center |
|
|
CA |
|
|
Palo Alto (San Francisco) |
|
|
100.0 |
% |
|
849,153 |
|
|
529,586 |
(7) |
|
1,378,739 |
|
||
|
10. |
|
Westminster Mall |
|
|
CA |
|
|
Westminster (Los Angeles) |
|
|
100.0 |
% |
|
716,939 |
|
|
493,611 |
|
|
1,210,550 |
|
||
|
11. |
|
Mesa Mall(2) |
|
|
CO |
|
|
Grand Junction |
|
|
50.0 |
% |
|
441,208 |
|
|
443,015 |
|
|
884,223 |
|
||
|
12. |
|
Town Center at Aurora |
|
|
CO |
|
|
Aurora (Denver) |
|
|
100.0 |
% |
|
682,169 |
|
|
402,135 |
|
|
1,084,304 |
|
||
|
13. |
|
Crystal Mall |
|
|
CT |
|
|
Waterford |
|
|
74.6 |
% |
|
442,311 |
|
|
351,069 |
|
|
793,380 |
|
||
|
14. |
|
Aventura Mall(2) |
|
|
FL |
|
|
Miami Beach |
|
|
33.3 |
% |
|
1,116,938 |
|
|
662,246 |
|
|
1,779,184 |
|
||
|
15. |
|
Avenues, The |
|
|
FL |
|
|
Jacksonville |
|
|
25.0 |
%(3) |
|
754,956 |
|
|
363,011 |
|
|
1,117,967 |
|
||
|
16. |
|
Boynton Beach Mall |
|
|
FL |
|
|
Boynton Beach (Miami-Fort Lauderdale) |
|
|
100.0 |
% |
|
714,210 |
|
|
317,794 |
|
|
1,032,004 |
|
||
|
17. |
|
Coconut Point |
|
|
FL |
|
|
Estero (Cape Coral-Fort Myers) |
|
|
50.0 |
% |
|
503,819 |
|
|
498,411 |
|
|
1,002,230 |
|
||
|
18. |
|
Coral Square |
|
|
FL |
|
|
Coral Springs (Miami-Fort Lauderdale) |
|
|
97.2 |
% |
|
648,144 |
|
|
297,393 |
|
|
945,537 |
|
||
|
19. |
|
Cordova Mall |
|
|
FL |
|
|
Pensacola |
|
|
100.0 |
% |
|
395,875 |
|
|
451,265 |
|
|
847,140 |
|
||
|
20. |
|
Crystal River Mall |
|
|
FL |
|
|
Crystal River |
|
|
100.0 |
% |
|
302,495 |
|
|
121,964 |
|
|
424,459 |
|
||
|
21. |
|
Dadeland Mall |
|
|
FL |
|
|
Miami |
|
|
50.0 |
% |
|
1,132,072 |
|
|
338,170 |
|
|
1,470,242 |
|
||
|
22. |
|
DeSoto Square |
|
|
FL |
|
|
Bradenton (Sarasota-Bradenton) |
|
|
100.0 |
% |
|
435,467 |
|
|
243,092 |
|
|
678,559 |
|
||
|
23. |
|
Edison Mall |
|
|
FL |
|
|
Fort Myers |
|
|
100.0 |
% |
|
742,667 |
|
|
309,124 |
|
|
1,051,791 |
|
||
|
24. |
|
Florida Mall, The |
|
|
FL |
|
|
Orlando |
|
|
50.0 |
% |
|
1,232,465 |
|
|
617,083 |
|
|
1,849,548 |
|
||
|
25. |
|
Gulf View Square |
|
|
FL |
|
|
Port Richey (Tampa-St. Pete) |
|
|
100.0 |
% |
|
461,852 |
|
|
291,977 |
|
|
753,829 |
|
||
|
26. |
|
Indian River Mall |
|
|
FL |
|
|
Vero Beach |
|
|
50.0 |
% |
|
445,552 |
|
|
302,881 |
|
|
748,433 |
|
||
|
27. |
|
Lake Square Mall |
|
|
FL |
|
|
Leesburg (Orlando) |
|
|
50.0 |
% |
|
296,037 |
|
|
239,992 |
|
|
536,029 |
|
||
|
28. |
|
Melbourne Square |
|
|
FL |
|
|
Melbourne |
|
|
100.0 |
% |
|
416,167 |
|
|
294,482 |
|
|
710,649 |
|
||
|
29. |
|
Miami International Mall |
|
|
FL |
|
|
Miami |
|
|
47.8 |
% |
|
778,784 |
|
|
295,350 |
|
|
1,074,134 |
|
||
|
30. |
|
Orange Park Mall |
|
|
FL |
|
|
Orange Park (Jacksonville) |
|
|
100.0 |
% |
|
576,051 |
|
|
383,076 |
|
|
959,127 |
|
||
|
31. |
|
Paddock Mall |
|
|
FL |
|
|
Ocala |
|
|
100.0 |
% |
|
387,378 |
|
|
167,733 |
|
|
555,111 |
|
||
|
32. |
|
Palm Beach Mall |
|
|
FL |
|
|
West Palm Beach (Miami-Fort Lauderdale) |
|
|
100.0 |
% |
|
749,288 |
|
|
335,073 |
|
|
1,084,361 |
|
||
|
33. |
|
Port Charlotte Town Center |
|
|
FL |
|
|
Port Charlotte (Punta Gorda) |
|
|
80.0 |
%(4) |
|
458,251 |
|
|
323,694 |
|
|
781,945 |
|
||
|
34. |
|
Seminole Towne Center |
|
|
FL |
|
|
Sanford (Orlando) |
|
|
45.0 |
%(3) |
|
768,798 |
|
|
368,618 |
|
|
1,137,416 |
|
||
|
35. |
|
Shops at Sunset Place, The |
|
|
FL |
|
|
S. Miami |
|
|
37.5 |
%(3) |
|
0 |
|
|
510,056 |
|
|
510,056 |
|
||
|
36. |
|
St. Johns Town Center |
|
|
FL |
|
|
Jacksonville |
|
|
50.0 |
% |
|
653,291 |
|
|
379,230 |
|
|
1,032,521 |
|
||
|
37. |
|
Town Center at Boca Raton |
|
|
FL |
|
|
Boca Raton (Miami-Fort Lauderdale) |
|
|
100.0 |
% |
|
1,085,312 |
|
|
493,848 |
|
|
1,579,160 |
|
||
|
38. |
|
Treasure Coast Square |
|
|
FL |
|
|
Jensen Beach |
|
|
100.0 |
% |
|
511,372 |
|
|
350,830 |
|
|
862,202 |
|
||
|
39. |
|
Tyrone Square |
|
|
FL |
|
|
St. Petersburg (Tampa-St. Pete) |
|
|
100.0 |
% |
|
748,269 |
|
|
372,022 |
|
|
1,120,291 |
|
||
|
40. |
|
University Mall |
|
|
FL |
|
|
Pensacola |
|
|
100.0 |
% |
|
478,449 |
|
|
230,652 |
|
|
709,101 |
|
||
|
41. |
|
Gwinnett Place |
|
|
GA |
|
|
Duluth (Atlanta) |
|
|
75.0 |
% |
|
843,609 |
|
|
434,180 |
|
|
1,277,789 |
|
||
|
42. |
|
Lenox Square |
|
|
GA |
|
|
Atlanta |
|
|
100.0 |
% |
|
821,356 |
|
|
633,260 |
(7) |
|
1,454,616 |
|
||
|
43. |
|
Mall of Georgia |
|
|
GA |
|
|
Buford (Atlanta) |
|
|
100.0 |
% |
|
1,069,590 |
|
|
723,888 |
|
|
1,793,478 |
|
||
|
44. |
|
Northlake Mall |
|
|
GA |
|
|
Atlanta |
|
|
100.0 |
% |
|
665,745 |
|
|
296,474 |
|
|
962,219 |
|
||
|
45. |
|
Phipps Plaza |
|
|
GA |
|
|
Atlanta |
|
|
100.0 |
% |
|
472,385 |
|
|
346,555 |
|
|
818,940 |
|
||
|
46. |
|
Town Center at Cobb |
|
|
GA |
|
|
Kennesaw (Atlanta) |
|
|
75.0 |
% |
|
866,381 |
|
|
406,082 |
|
|
1,272,463 |
|
||
|
47. |
|
Lindale Mall(2) |
|
|
IA |
|
|
Cedar Rapids |
|
|
50.0 |
% |
|
305,563 |
|
|
387,878 |
|
|
693,441 |
|
||
|
48. |
|
NorthPark Mall |
|
|
IA |
|
|
Davenport |
|
|
50.0 |
% |
|
650,456 |
|
|
422,921 |
|
|
1,073,377 |
|
||
23
SIMON PROPERTY GROUP
U.S. Regional Mall Property Listing(1)
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Are |
|
||||||||||||
|
|
|
|
|
|
|
|
|
Legal |
|
|
|
Mall & |
|
|
|
||||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
Ownership |
|
Anchor |
|
Freestanding |
|
Total |
|
||||||
|
49. |
|
Southern Hills Mall(2) |
|
|
IA |
|
|
Sioux City |
|
|
50.0 |
% |
|
372,937 |
|
|
431,874 |
|
|
804,811 |
|
||
|
50. |
|
SouthRidge Mall(2) |
|
|
IA |
|
|
Des Moines |
|
|
50.0 |
% |
|
388,752 |
|
|
513,590 |
|
|
902,342 |
|
||
|
51. |
|
Alton Square |
|
|
IL |
|
|
Alton (St. Louis) |
|
|
100.0 |
% |
|
426,315 |
|
|
211,655 |
|
|
637,970 |
|
||
|
52. |
|
Lincolnwood Town Center |
|
|
IL |
|
|
Lincolnwood (Chicago) |
|
|
100.0 |
% |
|
220,830 |
|
|
201,085 |
|
|
421,915 |
|
||
|
53. |
|
Northfield Square Mall |
|
|
IL |
|
|
Bourbonnais |
|
|
31.6 |
%(4) |
|
310,994 |
|
|
246,540 |
|
|
557,534 |
|
||
|
54. |
|
Northwoods Mall |
|
|
IL |
|
|
Peoria |
|
|
100.0 |
% |
|
472,969 |
|
|
220,986 |
|
|
693,955 |
|
||
|
55. |
|
Orland Square |
|
|
IL |
|
|
Orland Park (Chicago) |
|
|
100.0 |
% |
|
773,295 |
|
|
437,867 |
|
|
1,211,162 |
|
||
|
56. |
|
River Oaks Center |
|
|
IL |
|
|
Calumet City (Chicago) |
|
|
100.0 |
% |
|
807,871 |
|
|
559,859 |
(7) |
|
1,367,730 |
|
||
|
57. |
|
SouthPark Mall |
|
|
IL |
|
|
Moline (Davenport - IA-Moline) |
|
|
50.0 |
% |
|
578,056 |
|
|
447,509 |
|
|
1,025,565 |
|
||
|
58. |
|
White Oaks Mall |
|
|
IL |
|
|
Springfield |
|
|
77.5 |
% |
|
556,831 |
|
|
379,603 |
|
|
936,434 |
|
||
|
59. |
|
Castleton Square |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
908,481 |
|
|
410,175 |
|
|
1,318,656 |
|
||
|
60. |
|
Circle Centre |
|
|
IN |
|
|
Indianapolis |
|
|
14.7 |
% |
|
350,000 |
|
|
433,016 |
(7) |
|
783,016 |
|
||
|
61. |
|
College Mall |
|
|
IN |
|
|
Bloomington |
|
|
100.0 |
% |
|
356,887 |
|
|
275,101 |
|
|
631,988 |
|
||
|
62. |
|
Eastland Mall |
|
|
IN |
|
|
Evansville |
|
|
50.0 |
% |
|
489,144 |
|
|
375,118 |
|
|
864,262 |
|
||
|
63. |
|
Fashion Mall at Keystone |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
249,721 |
|
|
434,399 |
(7) |
|
684,120 |
|
||
|
64. |
|
Greenwood Park Mall |
|
|
IN |
|
|
Greenwood (Indianapolis) |
|
|
100.0 |
% |
|
754,928 |
|
|
409,314 |
|
|
1,164,242 |
|
||
|
65. |
|
Lafayette Square |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
937,223 |
|
|
269,835 |
|
|
1,207,058 |
|
||
|
66. |
|
Markland Mall |
|
|
IN |
|
|
Kokomo |
|
|
100.0 |
% |
|
273,094 |
|
|
141,969 |
|
|
415,063 |
|
||
|
67. |
|
Muncie Mall |
|
|
IN |
|
|
Muncie |
|
|
100.0 |
% |
|
435,756 |
|
|
204,728 |
|
|
640,484 |
|
||
|
68. |
|
Tippecanoe Mall |
|
|
IN |
|
|
Lafayette |
|
|
100.0 |
% |
|
537,790 |
|
|
322,553 |
|
|
860,343 |
|
||
|
69. |
|
University Park Mall |
|
|
IN |
|
|
Mishawaka (South Bend) |
|
|
100.0 |
% |
|
499,876 |
|
|
320,449 |
|
|
820,325 |
|
||
|
70. |
|
Washington Square |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
616,109 |
|
|
348,740 |
|
|
964,849 |
|
||
|
71. |
|
Towne East Square |
|
|
KS |
|
|
Wichita |
|
|
100.0 |
% |
|
779,490 |
|
|
351,080 |
|
|
1,130,570 |
|
||
|
72. |
|
Towne West Square |
|
|
KS |
|
|
Wichita |
|
|
100.0 |
% |
|
619,269 |
|
|
332,484 |
|
|
951,753 |
|
||
|
73. |
|
West Ridge Mall |
|
|
KS |
|
|
Topeka |
|
|
100.0 |
% |
|
716,811 |
|
|
281,378 |
|
|
998,189 |
|
||
|
74. |
|
Prien Lake Mall |
|
|
LA |
|
|
Lake Charles |
|
|
100.0 |
% |
|
644,124 |
|
|
177,528 |
|
|
821,652 |
|
||
|
75. |
|
Arsenal Mall |
|
|
MA |
|
|
Watertown (Boston) |
|
|
100.0 |
% |
|
191,395 |
|
|
309,982 |
(7) |
|
501,377 |
|
||
|
76. |
|
Atrium Mall |
|
|
MA |
|
|
Chestnut Hill (Boston) |
|
|
49.1 |
% |
|
0 |
|
|
205,751 |
|
|
205,751 |
|
||
|
77. |
|
Auburn Mall |
|
|
MA |
|
|
Auburn (Worcester) |
|
|
49.1 |
% |
|
417,620 |
|
|
174,250 |
|
|
591,870 |
|
||
|
78. |
|
Burlington Mall |
|
|
MA |
|
|
Burlington (Boston) |
|
|
100.0 |
% |
|
642,411 |
|
|
423,627 |
|
|
1,066,038 |
|
||
|
79. |
|
Cape Cod Mall |
|
|
MA |
|
|
Hyannis |
|
|
49.1 |
% |
|
420,199 |
|
|
303,658 |
|
|
723,857 |
|
||
|
80. |
|
Copley Place |
|
|
MA |
|
|
Boston |
|
|
98.1 |
% |
|
150,847 |
|
|
1,090,921 |
(7) |
|
1,241,768 |
|
||
|
81. |
|
Emerald Square |
|
|
MA |
|
|
North Attleboro (Providence - RI New Bedford) |
|
|
49.1 |
% |
|
647,372 |
|
|
375,108 |
|
|
1,022,480 |
|
||
|
82. |
|
Greendale Mall |
|
|
MA |
|
|
Worcester (Boston) |
|
|
49.1 |
% |
|
132,634 |
|
|
298,680 |
(7) |
|
431,314 |
|
||
|
83. |
|
Liberty Tree Mall |
|
|
MA |
|
|
Danvers (Boston) |
|
|
49.1 |
% |
|
498,000 |
|
|
358,417 |
|
|
856,417 |
|
||
|
84. |
|
Mall at Chestnut Hill |
|
|
MA |
|
|
Chestnut Hill (Boston) |
|
|
47.2 |
% |
|
297,253 |
|
|
180,133 |
|
|
477,386 |
|
||
|
85. |
|
Northshore Mall |
|
|
MA |
|
|
Peabody (Boston) |
|
|
49.1 |
% |
|
677,433 |
|
|
680,176 |
|
|
1,357,609 |
|
||
|
86. |
|
Solomon Pond Mall |
|
|
MA |
|
|
Marlborough (Boston) |
|
|
49.1 |
% |
|
538,843 |
|
|
370,742 |
|
|
909,585 |
|
||
|
87. |
|
South Shore Plaza |
|
|
MA |
|
|
Braintree (Boston) |
|
|
100.0 |
% |
|
547,287 |
|
|
613,683 |
|
|
1,160,970 |
|
||
|
88. |
|
Square One Mall |
|
|
MA |
|
|
Saugus (Boston) |
|
|
49.1 |
% |
|
608,601 |
|
|
321,446 |
|
|
930,047 |
|
||
|
89. |
|
Bowie Town Center |
|
|
MD |
|
|
Bowie (Washington, D.C.) |
|
|
100.0 |
% |
|
355,557 |
|
|
328,589 |
|
|
684,146 |
|
||
|
90. |
|
St. Charles Towne Center |
|
|
MD |
|
|
Waldorf (Washington, D.C.) |
|
|
100.0 |
% |
|
631,602 |
|
|
350,903 |
|
|
982,505 |
|
||
|
91. |
|
Bangor Mall |
|
|
ME |
|
|
Bangor |
|
|
66.4 |
%(6) |
|
416,582 |
|
|
237,528 |
|
|
654,110 |
|
||
|
92. |
|
Maplewood Mall |
|
|
MN |
|
|
Minneapolis |
|
|
100.0 |
% |
|
588,822 |
|
|
341,893 |
|
|
930,715 |
|
||
|
93. |
|
Miller Hill Mall |
|
|
MN |
|
|
Duluth |
|
|
100.0 |
% |
|
429,508 |
|
|
379,427 |
|
|
808,935 |
|
||
|
94. |
|
Battlefield Mall |
|
|
MO |
|
|
Springfield |
|
|
100.0 |
% |
|
770,111 |
|
|
432,615 |
|
|
1,202,726 |
|
||
|
95. |
|
Independence Center |
|
|
MO |
|
|
Independence (Kansas City) |
|
|
100.0 |
% |
|
499,284 |
|
|
532,647 |
|
|
1,031,931 |
|
||
|
96. |
|
SouthPark |
|
|
NC |
|
|
Charlotte |
|
|
100.0 |
% |
|
1,044,742 |
|
|
566,219 |
|
|
1,610,961 |
|
||
24
SIMON
PROPERTY GROUP
U.S. Regional Mall Property Listing(1)
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Area |
|
||||||||||||
|
|
|
|
|
|
|
|
|
Legal |
|
|
|
Mall & |
|
|
|
||||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
Ownership |
|
Anchor |
|
Freestanding |
|
Total |
|
||||||
|
97. |
|
Crossroads Mall |
|
|
NE |
|
|
Omaha |
|
|
100.0 |
% |
|
522,119 |
|
|
188,553 |
|
|
710,672 |
|
||
|
98. |
|
Mall at Rockingham Park, The |
|
|
NH |
|
|
Salem (Boston) |
|
|
24.6 |
% |
|
638,111 |
|
|
381,954 |
|
|
1,020,065 |
|
||
|
99. |
|
Mall of New Hampshire, The |
|
|
NH |
|
|
Manchester |
|
|
49.1 |
% |
|
444,889 |
|
|
362,861 |
|
|
807,750 |
|
||
|
100. |
|
Pheasant Lane Mall |
|
|
NH |
|
|
Nashua (Manchester) |
|
|
(5 |
) |
|
555,474 |
|
|
313,849 |
|
|
869,323 |
|
||
|
101. |
|
Brunswick Square |
|
|
NJ |
|
|
East Brunswick (New York) |
|
|
100.0 |
% |
|
467,626 |
|
|
299,836 |
|
|
767,462 |
|
||
|
102. |
|
Livingston Mall |
|
|
NJ |
|
|
Livingston (New York) |
|
|
100.0 |
% |
|
616,128 |
|
|
337,198 |
|
|
953,326 |
|
||
|
103. |
|
Menlo Park Mall |
|
|
NJ |
|
|
Edison (New York) |
|
|
100.0 |
% |
|
527,591 |
|
|
797,581 |
(7) |
|
1,325,172 |
|
||
|
104. |
|
Ocean County Mall |
|
|
NJ |
|
|
Toms River (New York) |
|
|
100.0 |
% |
|
616,443 |
|
|
275,250 |
|
|
891,693 |
|
||
|
105. |
|
Quaker Bridge Mall |
|
|
NJ |
|
|
Lawrenceville (Trenton) |
|
|
38.0 |
%(6) |
|
686,760 |
|
|
413,189 |
|
|
1,099,949 |
|
||
|
106. |
|
Rockaway Townsquare |
|
|
NJ |
|
|
Rockaway (New York) |
|
|
100.0 |
% |
|
786,626 |
|
|
455,766 |
|
|
1,242,392 |
|
||
|
107. |
|
Cottonwood Mall |
|
|
NM |
|
|
Albuquerque |
|
|
100.0 |
% |
|
631,556 |
|
|
408,570 |
|
|
1,040,126 |
|
||
|
108. |
|
Forum Shops at Caesars, The |
|
|
NV |
|
|
Las Vegas |
|
|
100.0 |
% |
|
0 |
|
|
635,258 |
|
|
635,258 |
|
||
|
109. |
|
Chautauqua Mall |
|
|
NY |
|
|
Lakewood (Jamestown) |
|
|
100.0 |
% |
|
213,320 |
|
|
218,887 |
|
|
432,207 |
|
||
|
110. |
|
Jefferson Valley Mall |
|
|
NY |
|
|
Yorktown Heights (New York) |
|
|
100.0 |
% |
|
310,095 |
|
|
277,860 |
|
|
587,955 |
|
||
|
111. |
|
Mall at The Source, The |
|
|
NY |
|
|
Westbury (New York) |
|
|
25.5 |
%(3) |
|
210,798 |
|
|
515,098 |
|
|
725,896 |
|
||
|
112. |
|
Nanuet Mall |
|
|
NY |
|
|
Nanuet (New York) |
|
|
100.0 |
% |
|
583,711 |
|
|
331,394 |
|
|
915,105 |
|
||
|
113. |
|
Roosevelt Field |
|
|
NY |
|
|
Garden City (New York) |
|
|
100.0 |
% |
|
1,430,425 |
|
|
779,730 |
(7) |
|
2,210,155 |
|
||
|
114. |
|
Smith Haven Mall |
|
|
NY |
|
|
Lake Grove (New York) |
|
|
25.0 |
% |
|
743,868 |
|
|
473,095 |
|
|
1,216,963 |
|
||
|
115. |
|
Walt Whitman Mall |
|
|
NY |
|
|
Huntington Station (New York) |
|
|
100.0 |
% |
|
742,214 |
|
|
294,206 |
|
|
1,036,420 |
|
||
|
116. |
|
Westchester, The |
|
|
NY |
|
|
White Plains (New York) |
|
|
40.0 |
% |
|
349,393 |
|
|
478,192 |
(7) |
|
827,585 |
|
||
|
117. |
|
Great Lakes Mall |
|
|
OH |
|
|
Mentor (Cleveland) |
|
|
100.0 |
% |
|
879,300 |
|
|
378,779 |
|
|
1,258,079 |
|
||
|
118. |
|
Lima Mall |
|
|
OH |
|
|
Lima |
|
|
100.0 |
% |
|
541,861 |
|
|
203,770 |
|
|
745,631 |
|
||
|
119. |
|
Richmond Town Square |
|
|
OH |
|
|
Richmond Heights (Cleveland) |
|
|
100.0 |
% |
|
685,251 |
|
|
331,663 |
|
|
1,016,914 |
|
||
|
120. |
|
Southern Park Mall |
|
|
OH |
|
|
Boardman (Youngstown) |
|
|
100.0 |
% |
|
811,858 |
|
|
383,769 |
|
|
1,195,627 |
|
||
|
121. |
|
Summit Mall |
|
|
OH |
|
|
Akron |
|
|
100.0 |
% |
|
432,936 |
|
|
316,129 |
|
|
749,065 |
|
||
|
122. |
|
Upper Valley Mall |
|
|
OH |
|
|
Springfield (Dayton-Springfield) |
|
|
100.0 |
% |
|
479,418 |
|
|
263,062 |
|
|
742,480 |
|
||
|
123. |
|
Penn Square Mall |
|
|
OK |
|
|
Oklahoma City |
|
|
94.5 |
% |
|
588,137 |
|
|
461,698 |
|
|
1,049,835 |
|
||
|
124. |
|
Woodland Hills Mall |
|
|
OK |
|
|
Tulsa |
|
|
94.5 |
% |
|
706,159 |
|
|
382,178 |
|
|
1,088,337 |
|
||
|
125. |
|
Century III Mall |
|
|
PA |
|
|
West Mifflin (Pittsburgh) |
|
|
100.0 |
% |
|
831,439 |
|
|
459,122 |
(7) |
|
1,290,561 |
|
||
|
126. |
|
Granite Run Mall |
|
|
PA |
|
|
Media (Philadelphia) |
|
|
50.0 |
% |
|
500,809 |
|
|
535,458 |
|
|
1,036,267 |
|
||
|
127. |
|
King of Prussia Mall |
|
|
PA |
|
|
King of Prussia (Philadelphia) |
|
|
12.4 |
%(6) |
|
1,545,812 |
|
|
1,065,284 |
(7) |
|
2,611,096 |
|
||
|
128. |
|
Lehigh Valley Mall |
|
|
PA |
|
|
Whitehall (Allentown-Bethlehem) |
|
|
37.6 |
%(6) |
|
564,353 |
|
|
482,967 |
(7) |
|
1,047,320 |
|
||
|
129. |
|
Montgomery Mall |
|
|
PA |
|
|
North Wales (Philadelphia) |
|
|
53.5 |
%(6) |
|
684,855 |
|
|
410,758 |
|
|
1,095,613 |
|
||
|
130. |
|
Oxford Valley Mall |
|
|
PA |
|
|
Langhorne (Philadelphia) |
|
|
63.2 |
%(6) |
|
762,558 |
|
|
557,455 |
(7) |
|
1,320,013 |
|
||
25
SIMON
PROPERTY GROUP
U.S. Regional Mall Property Listing(1)
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Area |
|
||||||||||||
|
|
|
|
|
|
|
|
|
Legal |
|
|
|
Mall & |
|
|
|
||||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
Ownership |
|
Anchor |
|
Freestanding |
|
Total |
|
||||||
|
131. |
|
Ross Park Mall |
|
|
PA |
|
|
Pittsburgh |
|
|
100.0 |
% |
|
589,644 |
|
|
423,938 |
|
|
1,013,582 |
|
||
|
132. |
|
South Hills Village |
|
|
PA |
|
|
Pittsburgh |
|
|
100.0 |
% |
|
655,987 |
|
|
484,906 |
|
|
1,140,893 |
|
||
|
133. |
|
Springfield Mall(2) |
|
|
PA |
|
|
Springfield (Philadelphia) |
|
|
38.0 |
%(6) |
|
367,176 |
|
|
221,489 |
|
|
588,665 |
|
||
|
134. |
|
Plaza Carolina |
|
|
PR |
|
|
Carolina (San Juan) |
|
|
100.0 |
% |
|
504,796 |
|
|
609,185 |
(7) |
|
1,113,981 |
|
||
|
135. |
|
Anderson Mall |
|
|
SC |
|
|
Anderson (Greenville) |
|
|
100.0 |
% |
|
404,394 |
|
|
179,745 |
|
|
584,139 |
|
||
|
136. |
|
Haywood Mall |
|
|
SC |
|
|
Greenville |
|
|
100.0 |
% |
|
902,400 |
|
|
328,344 |
|
|
1,230,744 |
|
||
|
137. |
|
Empire Mall(2) |
|
|
SD |
|
|
Sioux Falls |
|
|
50.0 |
% |
|
497,341 |
|
|
547,704 |
|
|
1,045,045 |
|
||
|
138. |
|
Rushmore Mall(2) |
|
|
SD |
|
|
Rapid City |
|
|
50.0 |
% |
|
470,660 |
|
|
363,218 |
|
|
833,878 |
|
||
|
139. |
|
Knoxville Center |
|
|
TN |
|
|
Knoxville |
|
|
100.0 |
% |
|
597,028 |
|
|
383,981 |
|
|
981,009 |
|
||
|
140. |
|
Oak Court Mall |
|
|
TN |
|
|
Memphis |
|
|
100.0 |
% |
|
532,817 |
|
|
313,926 |
(7) |
|
846,743 |
|
||
|
141. |
|
Raleigh Springs Mall |
|
|
TN |
|
|
Memphis |
|
|
100.0 |
% |
|
691,230 |
|
|
225,965 |
|
|
917,195 |
|
||
|
142. |
|
West Town Mall |
|
|
TN |
|
|
Knoxville |
|
|
50.0 |
% |
|
878,311 |
|
|
451,156 |
|
|
1,329,467 |
|
||
|
143. |
|
Wolfchase Galleria |
|
|
TN |
|
|
Memphis |
|
|
94.5 |
% |
|
761,648 |
|
|
510,560 |
|
|
1,272,208 |
|
||
|
144. |
|
Barton Creek Square |
|
|
TX |
|
|
Austin |
|
|
100.0 |
% |
|
922,266 |
|
|
507,491 |
|
|
1,429,757 |
|
||
|
145. |
|
Broadway Square |
|
|
TX |
|
|
Tyler |
|
|
100.0 |
% |
|
427,730 |
|
|
201,898 |
|
|
629,628 |
|
||
|
146. |
|
Cielo Vista Mall |
|
|
TX |
|
|
El Paso |
|
|
100.0 |
% |
|
793,716 |
|
|
449,848 |
|
|
1,243,564 |
|
||
|
147. |
|
Domain, The |
|
|
TX |
|
|
Austin |
|
|
100.0 |
% |
|
220,000 |
|
|
411,866 |
(7) |
|
631,866 |
|
||
|
148. |
|
Firewheel Town Center |
|
|
TX |
|
|
Garland (Dallas-Forth Worth) |
|
|
100.0 |
% |
|
295,532 |
|
|
618,921 |
(7) |
|
914,453 |
|
||
|
149. |
|
Galleria, The |
|
|
TX |
|
|
Houston |
|
|
31.5 |
% |
|
1,233,802 |
|
|
1,114,583 |
|
|
2,348,385 |
|
||
|
150. |
|
Highland Mall(2) |
|
|
TX |
|
|
Austin |
|
|
50.0 |
% |
|
732,000 |
|
|
359,126 |
|
|
1,091,126 |
|
||
|
151. |
|
Ingram Park Mall |
|
|
TX |
|
|
San Antonio |
|
|
100.0 |
% |
|
750,888 |
|
|
376,351 |
|
|
1,127,239 |
|
||
|
152. |
|
Irving Mall |
|
|
TX |
|
|
Irving (Dallas-Fort Worth) |
|
|
100.0 |
% |
|
637,415 |
|
|
406,696 |
|
|
1,044,111 |
|
||
|
153. |
|
La Plaza Mall |
|
|
TX |
|
|
McAllen |
|
|
100.0 |
% |
|
776,397 |
|
|
427,071 |
|
|
1,203,468 |
|
||
|
154. |
|
Lakeline Mall |
|
|
TX |
|
|
Cedar Park (Austin) |
|
|
100.0 |
% |
|
745,179 |
|
|
339,359 |
|
|
1,084,538 |
|
||
|
155. |
|
Longview Mall |
|
|
TX |
|
|
Longview |
|
|
100.0 |
% |
|
402,843 |
|
|
209,321 |
|
|
612,164 |
|
||
|
156. |
|
Midland Park Mall |
|
|
TX |
|
|
Midland |
|
|
100.0 |
% |
|
339,113 |
|
|
279,405 |
|
|
618,518 |
|
||
|
157. |
|
North East Mall |
|
|
TX |
|
|
Hurst (Dallas-Fort Worth) |
|
|
100.0 |
% |
|
1,094,589 |
|
|
452,473 |
|
|
1,547,062 |
|
||
|
158. |
|
Rolling Oaks Mall |
|
|
TX |
|
|
San Antonio |
|
|
100.0 |
% |
|
596,308 |
|
|
285,809 |
|
|
882,117 |
|
||
|
159. |
|
Sunland Park Mall |
|
|
TX |
|
|
El Paso |
|
|
100.0 |
% |
|
575,837 |
|
|
342,163 |
|
|
918,000 |
|
||
|
160. |
|
Valle Vista Mall |
|
|
TX |
|
|
Harlingen |
|
|
100.0 |
% |
|
389,781 |
|
|
242,237 |
|
|
632,018 |
|
||
|
161. |
|
Apple Blossom Mall |
|
|
VA |
|
|
Winchester |
|
|
49.1 |
% |
|
229,011 |
|
|
213,778 |
|
|
442,789 |
|
||
|
162. |
|
Charlottesville Fashion Square |
|
|
VA |
|
|
Charlottesville |
|
|
100.0 |
% |
|
381,153 |
|
|
190,383 |
|
|
571,536 |
|
||
|
163. |
|
Chesapeake Square |
|
|
VA |
|
|
Chesapeake (Virginia Beach-Norfolk) |
|
|
75.0 |
%(4) |
|
534,760 |
|
|
271,705 |
|
|
806,465 |
|
||
|
164. |
|
Fashion Centre at Pentagon City, The |
|
|
VA |
|
|
Arlington (Washington, DC) |
|
|
42.5 |
% |
|
472,729 |
|
|
517,499 |
(7) |
|
990,228 |
|
||
|
165. |
|
Valley Mall |
|
|
VA |
|
|
Harrisonburg |
|
|
50.0 |
% |
|
315,078 |
|
|
190,679 |
|
|
505,757 |
|
||
|
166. |
|
Virginia Center Commons |
|
|
VA |
|
|
Glen Allen (Richmond) |
|
|
100.0 |
% |
|
506,639 |
|
|
280,960 |
|
|
787,599 |
|
||
|
167. |
|
Columbia Center |
|
|
WA |
|
|
Kennewick |
|
|
100.0 |
% |
|
408,052 |
|
|
367,130 |
|
|
775,182 |
|
||
|
168. |
|
Northgate Mall |
|
|
WA |
|
|
Seattle |
|
|
100.0 |
% |
|
612,073 |
|
|
291,487 |
|
|
903,560 |
|
||
|
169. |
|
Tacoma Mall |
|
|
WA |
|
|
Tacoma (Seattle) |
|
|
100.0 |
% |
|
924,045 |
|
|
406,992 |
|
|
1,331,037 |
|
||
|
170. |
|
Bay Park Square |
|
|
WI |
|
|
Green Bay |
|
|
100.0 |
% |
|
447,508 |
|
|
267,592 |
|
|
715,100 |
|
||
|
171. |
|
Forest Mall |
|
|
WI |
|
|
Fond Du Lac |
|
|
100.0 |
% |
|
327,260 |
|
|
172,476 |
|
|
499,736 |
|
||
|
|
|
Total Regional Mall GLA |
|
|
|
|
|
|
|
|
|
|
|
100,277,827 |
|
|
65,564,872 |
|
|
165,842,699 |
|
||
26
(1) Does not include the additional 18 regional malls from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) This Property is managed by a third party.
(3) The Operating Partnership’s direct and indirect interests in some of the Properties held as joint venture interests are subject to preferences on distributions in favor of other partners or the Operating Partnership.
(4) The Operating Partnership receives substantially all the economic benefit of the Property due to a preference, advance, or other partnership arrangement.
(5) The Operating Partnership owns a mortgage note that encumbers Pheasant Lane Mall that entitles it to 100% of the economics of this Property.
(6) The Operating Partnership’s indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments or an affiliate of Kravco Simon Investments.
(7) Mall & Freestanding GLA includes office space as follows:
Arsenal Mall—105,807 sq. ft.
Century III Mall—35,929 sq. ft.
Circle Centre Mall—9,123 sq. ft.
Copley Place—867,007 sq. ft.
Fashion Centre at Pentagon City, The—169,089 sq. ft.
Fashion Mall at Keystone, The—10,927 sq. ft.
Firewheel Town Center—75,000 sq. ft.
Greendale Mall—119,860 sq. ft.
King of Prussia Mall—13,627 sq. ft.
Lehigh Valley Mall—11,754 sq. ft.
Lenox Square—2,674 sq. ft.
Menlo Park Mall—50,482 sq. ft.
Oak Court Mall—126,067 sq. ft.
Oxford Valley Mall—111,160 sq. ft.
Plaza Carolina—28,192 sq. ft.
River Oaks Center—117,507 sq. ft.
Roosevelt Field—1,610 sq. ft.
Stanford Shopping Center—5,748 sq. ft.
The Domain—92,955 sq. ft.
The Westchester—820 sq. ft.
27
SIMON PROPERTY GROUP
U.S. Premium Outlet Centers Operational Information
As of June 30, 2007
|
|
|
As of or for the |
|
||||||||
|
|
|
Six Months Ended |
|
||||||||
|
|
|
June 30, |
|
||||||||
|
|
|
2007 |
|
2006 |
|
||||||
|
Total Number of U.S. Premium Outlet Centers |
|
|
36 |
|
|
|
34 |
|
|
||
|
Total U.S. Premium Outlet Centers GLA (in millions of square feet) |
|
|
14.1 |
|
|
|
13.1 |
|
|
||
|
Occupancy(1) |
|
|
99.4 |
% |
|
|
99.4 |
% |
|
||
|
Comparable sales per square foot(1) |
|
|
$ |
492 |
|
|
|
$ |
453 |
|
|
|
Average base rent per square foot(1) |
|
|
$ |
25.11 |
|
|
|
$ |
23.78 |
|
|
|
|
|
Total |
|
% |
|
||||
|
6/30/07 |
|
$ |
25.11 |
|
|
5.6 |
% |
|
|
|
6/30/06 |
|
23.78 |
|
|
|
|
|
||
|
12/31/06 |
|
24.23 |
|
|
4.6 |
% |
|
||
|
12/31/05 |
|
23.16 |
|
|
6.0 |
% |
|
||
|
12/31/04 |
|
21.85 |
|
|
7.3 |
% |
|
||
|
12/31/03 |
|
20.36 |
|
|
n/a |
|
|
||
Leasing Activity During the Period(1):
|
|
|
Average Base Rent(2) |
|
Amount of Change |
|
|||||||||||
|
|
|
Lease |
|
Store Closings/ |
|
(Referred to as |
|
|||||||||
|
|
|
Signings |
|
Lease Expirations |
|
“Leasing Spread”) |
|
|||||||||
|
2007 (YTD) |
|
|
$ |
31.07 |
|
|
|
$ |
23.76 |
|
|
$ |
7.31 |
|
30.8 |
% |
|
2006 |
|
|
29.95 |
|
|
|
22.87 |
|
|
7.08 |
|
31.0 |
% |
|||
|
2005 |
|
|
26.48 |
|
|
|
21.91 |
|
|
4.57 |
|
20.9 |
% |
|||
|
2004 |
|
|
22.78 |
|
|
|
20.02 |
|
|
2.76 |
|
13.8 |
% |
|||
|
2003 |
|
|
25.41 |
|
|
|
22.62 |
|
|
2.79 |
|
12.3 |
% |
|||
(1) For all owned gross leasable area.
(2) Represents the average base rent for tenants who signed leases compared to the average base rent in effect for tenants whose leases terminated or expired in the same space.
28
SIMON
PROPERTY GROUP
U.S. Premium Outlet Centers Lease Expirations(1)
As of June 30, 2007
|
|
|
|
|
|
|
Weighted |
|
|||||||
|
|
|
|
|
|
|
Avg. Base Rent |
|
|||||||
|
|
|
Number of |
|
Square |
|
per Square Foot |
|
|||||||
|
Year |
|
|
|
Leases Expiring |
|
Feet |
|
at 6/30/07 |
|
|||||
|
2007 (7/1-12/31) |
|
|
122 |
|
|
408,819 |
|
|
$ |
19.88 |
|
|
||
|
2008 |
|
|
389 |
|
|
1,558,119 |
|
|
$ |
25.06 |
|
|
||
|
2009 |
|
|
400 |
|
|
1,653,582 |
|
|
$ |
22.85 |
|
|
||
|
2010 |
|
|
510 |
|
|
2,268,046 |
|
|
$ |
24.11 |
|
|
||
|
2011 |
|
|
443 |
|
|
1,928,460 |
|
|
$ |
24.38 |
|
|
||
|
2012 |
|
|
422 |
|
|
1,798,846 |
|
|
$ |
24.59 |
|
|
||
|
2013 |
|
|
256 |
|
|
1,147,879 |
|
|
$ |
25.78 |
|
|
||
|
2014 |
|
|
227 |
|
|
772,021 |
|
|
$ |
29.39 |
|
|
||
|
2015 |
|
|
198 |
|
|
685,609 |
|
|
$ |
30.85 |
|
|
||
|
2016 |
|
|
224 |
|
|
687,733 |
|
|
$ |
36.68 |
|
|
||
|
2017 |
|
|
247 |
|
|
806,036 |
|
|
$ |
31.89 |
|
|
||
|
2018 and Thereafter |
|
|
83 |
|
|
304,623 |
|
|
$ |
24.40 |
|
|
||
(1) Does not consider the impact of options to renew that may be contained in leases.
29
SIMON
PROPERTY GROUP
U.S. Premium Outlet Centers Top Tenants
As of June 30, 2007
(Sorted by percentage of total Simon Group base minimum rent)
|
|
|
|
|
|
|
Percent of |
|
Percent of |
|
||||||||||
|
|
|
Number |
|
Square |
|
Total |
|
Total Simon |
|
||||||||||
|
|
|
of |
|
Feet |
|
Simon Group |
|
Group Base |
|
||||||||||
|
Tenant |
|
|
|
Stores |
|
(000’s) |
|
Sq. Ft. |
|
Min. Rent |
|
||||||||
|
Phillips—Van Heusen Corporation |
|
|
171 |
|
|
|
810 |
|
|
|
0.4 |
% |
|
|
0.8 |
% |
|
||
|
Jones Retail Corporation |
|
|
151 |
|
|
|
509 |
|
|
|
0.3 |
% |
|
|
0.5 |
% |
|
||
|
The Gap, Inc. |
|
|
75 |
|
|
|
681 |
|
|
|
0.3 |
% |
|
|
0.4 |
% |
|
||
|
Adidas Promotional Retail Operations, Inc. |
|
|
54 |
|
|
|
446 |
|
|
|
0.2 |
% |
|
|
0.4 |
% |
|
||
|
Nike Retail Services, Inc. |
|
|
58 |
|
|
|
520 |
|
|
|
0.3 |
% |
|
|
0.4 |
% |
|
||
|
The William Carter Company, Inc. |
|
|
66 |
|
|
|
319 |
|
|
|
0.2 |
% |
|
|
0.3 |
% |
|
||
|
LCI Holdings, Inc. |
|
|
58 |
|
|
|
402 |
|
|
|
0.2 |
% |
|
|
0.3 |
% |
|
||
|
Brown Group Retail, Inc. |
|
|
62 |
|
|
|
271 |
|
|
|
0.1 |
% |
|
|
0.3 |
% |
|
||
|
Tommy Hilfiger Retail Operations, Inc. |
|
|
41 |
|
|
|
261 |
|
|
|
0.1 |
% |
|
|
0.3 |
% |
|
||
|
VF Outlet |
|
|
60 |
|
|
|
370 |
|
|
|
0.2 |
% |
|
|
0.2 |
% |
|
||
30
SIMON
PROPERTY GROUP
U.S. Premium Outlet Centers Property Listing
|
|
|
|
|
|
|
|
|
Legal |
|
Total Gross |
|
||||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
Ownership |
|
Leasable Area |
|
||||||
|
1. |
|
Camarillo Premium Outlets |
|
|
CA |
|
|
Camarillo |
|
|
100.0 |
% |
|
|
454,091 |
|
|
||
|
2. |
|
Carlsbad Premium Outlets |
|
|
CA |
|
|
Carlsbad (San Diego) |
|
|
100.0 |
% |
|
|
287,936 |
|
|
||
|
3. |
|
Desert Hills Premium Outlets |
|
|
CA |
|
|
Cabazon (Riverside) |
|
|
100.0 |
% |
|
|
498,838 |
|
|
||
|
4. |
|
Folsom Premium Outlets |
|
|
CA |
|
|
Folsom (Sacramento) |
|
|
100.0 |
% |
|
|
299,328 |
|
|
||
|
5. |
|
Gilroy Premium Outlets |
|
|
CA |
|
|
Gilroy (San Jose) |
|
|
100.0 |
% |
|
|
577,305 |
|
|
||
|
6. |
|
Napa Premium Outlets |
|
|
CA |
|
|
Napa |
|
|
100.0 |
% |
|
|
179,348 |
|
|
||
|
7. |
|
Petaluma Village Premium Outlets |
|
|
CA |
|
|
Petaluma (Santa Rosa) |
|
|
100.0 |
% |
|
|
195,982 |
|
|
||
|
8. |
|
Vacaville Premium Outlets |
|
|
CA |
|
|
Vacaville |
|
|
100.0 |
% |
|
|
442,041 |
|
|
||
|
9. |
|
Clinton Crossing Premium Outlets |
|
|
CT |
|
|
Clinton (Hartford) |
|
|
100.0 |
% |
|
|
276,163 |
|
|
||
|
10. |
|
Orlando Premium Outlets |
|
|
FL |
|
|
Orlando |
|
|
100.0 |
% |
|
|
435,695 |
|
|
||
|
11. |
|
St. Augustine Premium Outlets |
|
|
FL |
|
|
St. Augustine (Jacksonsville) |
|
|
100.0 |
% |
|
|
328,489 |
|
|
||
|
12. |
|
North Georgia Premium Outlets |
|
|
GA |
|
|
Dawsonville (Atlanta) |
|
|
100.0 |
% |
|
|
539,757 |
|
|
||
|
13. |
|
Waikele Premium Outlets |
|
|
HI |
|
|
Waipahu (Honolulu) |
|
|
100.0 |
% |
|
|
209,846 |
|
|
||
|
14. |
|
Chicago Premium Outlets |
|
|
IL |
|
|
Aurora (Chicago) |
|
|
100.0 |
% |
|
|
437,800 |
|
|
||
|
15. |
|
Edinburgh Premium Outlets |
|
|
IN |
|
|
Edinburgh (Columbus) |
|
|
100.0 |
% |
|
|
377,717 |
|
|
||
|
16. |
|
Lighthouse Place Premium Outlets |
|
|
IN |
|
|
Michigan City |
|
|
100.0 |
% |
|
|
454,314 |
|
|
||
|
17. |
|
Wrentham Village Premium Outlets |
|
|
MA |
|
|
Wrentham (Boston) |
|
|
100.0 |
% |
|
|
615,713 |
|
|
||
|
18. |
|
Kittery Premium Outlets |
|
|
ME |
|
|
Kittery (Portland) |
|
|
100.0 |
% |
|
|
262,420 |
|
|
||
|
19. |
|
Albertville Premium Outlets |
|
|
MN |
|
|
Albertville (Minneapolis) |
|
|
100.0 |
% |
|
|
429,534 |
|
|
||
|
20. |
|
Osage Beach Premium Outlets |
|
|
MO |
|
|
Osage Beach |
|
|
100.0 |
% |
|
|
391,435 |
|
|
||
|
21. |
|
Carolina Premium Outlets |
|
|
NC |
|
|
Smithfield (Raleigh) |
|
|
100.0 |
% |
|
|
439,445 |
|
|
||
|
22. |
|
Liberty Village Premium Outlets |
|
|
NJ |
|
|
Flemington (New York) |
|
|
100.0 |
% |
|
|
173,067 |
|
|
||
|
23. |
|
Jackson Premium Outlets |
|
|
NJ |
|
|
Jackson (New York) |
|
|
100.0 |
% |
|
|
285,775 |
|
|
||
|
24. |
|
Las Vegas Outlet Center |
|
|
NV |
|
|
Las Vegas |
|
|
100.0 |
% |
|
|
477,002 |
|
|
||
|
25. |
|
Las Vegas Premium Outlets |
|
|
NV |
|
|
Las Vegas |
|
|
100.0 |
% |
|
|
434,978 |
|
|
||
|
26. |
|
Waterloo Premium Outlets |
|
|
NY |
|
|
Waterloo |
|
|
100.0 |
% |
|
|
417,577 |
|
|
||
|
27. |
|
Woodbury Common Premium Outlets |
|
|
NY |
|
|
Central Valley |
|
|
100.0 |
% |
|
|
844,131 |
|
|
||
|
28. |
|
Aurora Farms Premium Outlets |
|
|
OH |
|
|
Aurora (Akron) |
|
|
100.0 |
% |
|
|
300,218 |
|
|
||
|
29. |
|
Columbia Gorge Premium Outlets |
|
|
OR |
|
|
Troutdale (Portland) |
|
|
100.0 |
% |
|
|
163,815 |
|
|
||
|
30. |
|
The Crossings Premium Outlets |
|
|
PA |
|
|
Tannersville |
|
|
100.0 |
% |
|
|
411,774 |
|
|
||
|
31. |
|
Allen Premium Outlets |
|
|
TX |
|
|
Allen (Dallas-Ft. Worth) |
|
|
100.0 |
% |
|
|
441,492 |
|
|
||
|
32. |
|
Rio Grande Valley Premium Outlets |
|
|
TX |
|
|
Mercedes (McAllen) |
|
|
100.0 |
% |
|
|
403,207 |
|
|
||
|
33. |
|
Round Rock Premium Outlets |
|
|
TX |
|
|
Round Rock (Austin) |
|
|
100.0 |
% |
|
|
431,621 |
|
|
||
|
34. |
|
Leesburg Corner Premium Outlets |
|
|
VA |
|
|
Leesburg (Washington D.C.) |
|
|
100.0 |
% |
|
|
463,288 |
|
|
||
|
35. |
|
Seattle Premium Outlets |
|
|
WA |
|
|
Tulalip (Seattle) |
|
|
100.0 |
% |
|
|
402,668 |
|
|
||
|
36. |
|
Johnson Creek Premium Outlets |
|
|
WI |
|
|
Johnson Creek |
|
|
100.0 |
% |
|
|
277,585 |
|
|
||
|
|
|
Total U.S. Premium Outlet Centers GLA |
|
|
|
|
|
|
|
|
|
|
|
|
14,061,395 |
|
|
||
31
SIMON PROPERTY GROUP
U.S. Community/Lifestyle
Centers Operational Information(1)
As of June 30, 2007
|
|
|
As of or for the |
|
||||
|
|
|
Six Months Ended |
|
||||
|
|
|
June 30, |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
Total Number of Community/Lifestyle Centers |
|
68 |
|
70 |
|
||
|
Total Community/Lifestyle Center GLA (in millions of square feet) |
|
19.2 |
|
19.1 |
|
||
|
Occupancy(2) |
|
|
|
|
|
||
|
Consolidated Assets |
|
91.2 |
% |
86.9 |
% |
||
|
Unconsolidated Assets |
|
96.7 |
% |
96.2 |
% |
||
|
Total Portfolio |
|
92.9 |
% |
89.7 |
% |
||
|
Average rent per square foot(2) |
|
|
|
|
|
||
|
Consolidated Assets |
|
$ |
12.18 |
|
$ |
11.92 |
|
|
Unconsolidated Assets |
|
$ |
11.74 |
|
$ |
11.08 |
|
|
Total Portfolio |
|
$ |
12.03 |
|
$ |
11.65 |
|
|
Average Base Rent Per Square Foot(2) |
|
|
|
Total |
|
% |
|
|||
|
6/30/07 |
|
$ |
12.03 |
|
|
3.3 |
% |
|
||
|
6/30/06 |
|
11.65 |
|
|
|
|
|
|||
|
12/31/06 |
|
11.82 |
|
|
3.6 |
% |
|
|||
|
12/31/05 |
|
11.41 |
|
|
4.6 |
% |
|
|||
|
12/31/04 |
|
10.91 |
|
|
3.0 |
% |
|
|||
|
12/31/03 |
|
10.59 |
|
|
4.6 |
% |
|
|||
|
12/31/02 |
|
10.12 |
|
|
3.0 |
% |
|
|||
Leasing Activity During the Period(2):
|
|
|
Average Base Rent(3) |
|
Amount of Change |
|
|||||||||||
|
|
|
Lease |
|
Store Closings/ |
|
(Referred to as |
|
|||||||||
|
2007 (YTD) |
|
|
$ |
17.50 |
|
|
|
$ |
13.96 |
|
|
$ |
3.54 |
|
25.4 |
% |
|
2006 |
|
|
12.47 |
|
|
|
10.49 |
|
|
1.98 |
|
18.9 |
% |
|||
|
2005 |
|
|
15.89 |
|
|
|
11.44 |
|
|
4.45 |
|
38.9 |
% |
|||
|
2004 |
|
|
12.01 |
|
|
|
11.16 |
|
|
0.85 |
|
7.6 |
% |
|||
|
2003 |
|
|
12.38 |
|
|
|
10.48 |
|
|
1.90 |
|
18.1 |
% |
|||
|
2002 |
|
|
10.19 |
|
|
|
8.39 |
|
|
1.80 |
|
21.5 |
% |
|||
(1) Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) For all owned gross leasable area.
(3) Represents the average base rent in effect during the period for those tenants who signed leases as compared to the average base rent in effect during the period for those tenants whose leases terminated or expired.
32
SIMON
PROPERTY GROUP
U.S. Community/Lifestyle Centers Lease Expirations(1)(2)
As of June 30, 2007
|
|
|
|
|
|
|
Avg. Base Rent |
|
|||||||
|
|
|
Number of |
|
Square |
|
per Square Foot |
|
|||||||
|
Year |
|
|
|
Leases Expiring |
|
Feet |
|
at 6/30/07 |
|
|||||
|
Mall Stores & Freestanding |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Month to Month Leases |
|
|
57 |
|
|
122,307 |
|
|
$ |
15.49 |
|
|
||
|
2007 (7/1-12/31) |
|
|
44 |
|
|
148,835 |
|
|
$ |
16.33 |
|
|
||
|
2008 |
|
|
243 |
|
|
729,114 |
|
|
$ |
14.86 |
|
|
||
|
2009 |
|
|
175 |
|
|
531,455 |
|
|
$ |
15.52 |
|
|
||
|
2010 |
|
|
220 |
|
|
714,910 |
|
|
$ |
18.50 |
|
|
||
|
2011 |
|
|
202 |
|
|
695,419 |
|
|
$ |
18.52 |
|
|
||
|
2012 |
|
|
93 |
|
|
380,515 |
|
|
$ |
16.86 |
|
|
||
|
2013 |
|
|
21 |
|
|
115,121 |
|
|
$ |
16.04 |
|
|
||
|
2014 |
|
|
29 |
|
|
170,066 |
|
|
$ |
18.86 |
|
|
||
|
2015 |
|
|
55 |
|
|
274,159 |
|
|
$ |
21.05 |
|
|
||
|
2016 |
|
|
42 |
|
|
189,523 |
|
|
$ |
19.56 |
|
|
||
|
2017 |
|
|
25 |
|
|
98,708 |
|
|
$ |
23.51 |
|
|
||
|
2018 and Thereafter |
|
|
51 |
|
|
212,662 |
|
|
$ |
23.89 |
|
|
||
|
Specialty Leasing
Agreements w/ terms in excess of |
|
|
9 |
|
|
42,573 |
|
|
$ |
5.31 |
|
|
||
|
Anchor Tenants |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Month to Month Leases |
|
|
3 |
|
|
68,732 |
|
|
$ |
7.70 |
|
|
||
|
2007 (7/1-12/31) |
|
|
5 |
|
|
196,226 |
|
|
$ |
5.89 |
|
|
||
|
2008 |
|
|
17 |
|
|
444,965 |
|
|
$ |
9.24 |
|
|
||
|
2009 |
|
|
25 |
|
|
859,447 |
|
|
$ |
7.16 |
|
|
||
|
2010 |
|
|
31 |
|
|
920,017 |
|
|
$ |
11.80 |
|
|
||
|
2011 |
|
|
22 |
|
|
900,299 |
|
|
$ |
6.98 |
|
|
||
|
2012 |
|
|
16 |
|
|
526,387 |
|
|
$ |
8.79 |
|
|
||
|
2013 |
|
|
15 |
|
|
463,039 |
|
|
$ |
7.70 |
|
|
||
|
2014 |
|
|
12 |
|
|
464,768 |
|
|
$ |
9.58 |
|
|
||
|
2015 |
|
|
19 |
|
|
681,271 |
|
|
$ |
10.51 |
|
|
||
|
2016 |
|
|
24 |
|
|
800,772 |
|
|
$ |
9.99 |
|
|
||
|
2017 |
|
|
19 |
|
|
801,001 |
|
|
$ |
9.12 |
|
|
||
|
2018 and Thereafter |
|
|
33 |
|
|
1,487,787 |
|
|
$ |
11.28 |
|
|
||
|
Specialty Leasing Agreements w/ terms in excess of 12 months |
|
|
4 |
|
|
156,999 |
|
|
$ |
0.82 |
|
|
||
(1) Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Does not consider the impact of options to renew that may be contained in leases.
33
SIMON PROPERTY GROUP
U.S. Community/Lifestyle Centers Top Tenants(1)
As of June 30, 2007
(Sorted by percentage of total Simon Group square footage)(2)
|
|
|
|
|
|
|
Percent of |
|
Percent of |
|
||||||||||
|
|
|
Number |
|
Square |
|
Total |
|
Total Simon |
|
||||||||||
|
|
|
of |
|
Feet |
|
Simon Group |
|
Group Base |
|
||||||||||
|
Tenant |
|
|
|
Stores |
|
(000’s) |
|
Sq. Ft. |
|
Min. Rent |
|
||||||||
|
Target Corporation |
|
|
11 |
|
|
|
1,382 |
|
|
|
0.7 |
% |
|
|
0.0 |
% |
|
||
|
Wal-Mart Stores, Inc. |
|
|
9 |
|
|
|
1,009 |
|
|
|
0.5 |
% |
|
|
0.0 |
% |
|
||
|
Kohl’s Department Stores, Inc. |
|
|
10 |
|
|
|
913 |
|
|
|
0.5 |
% |
|
|
0.2 |
% |
|
||
|
Best Buy Company, Inc. |
|
|
18 |
|
|
|
738 |
|
|
|
0.4 |
% |
|
|
0.3 |
% |
|
||
|
Schottenstein Stores Corp. |
|
|
14 |
|
|
|
674 |
|
|
|
0.3 |
% |
|
|
0.1 |
% |
|
||
|
TJX Companies, Inc. |
|
|
21 |
|
|
|
665 |
|
|
|
0.3 |
% |
|
|
0.2 |
% |
|
||
|
Burlington Coat Factory |
|
|
7 |
|
|
|
441 |
|
|
|
0.2 |
% |
|
|
0.1 |
% |
|
||
|
Bed Bath & Beyond, Inc. |
|
|
13 |
|
|
|
398 |
|
|
|
0.2 |
% |
|
|
0.1 |
% |
|
||
|
Dick’s Sporting Goods, Inc. |
|
|
7 |
|
|
|
344 |
|
|
|
0.2 |
% |
|
|
0.1 |
% |
|
||
|
Office Max, Inc. |
|
|
13 |
|
|
|
336 |
|
|
|
0.2 |
% |
|
|
0.1 |
% |
|
||
(1) Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Includes space leased and owned by the anchor.
34
SIMON
PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Area |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
Legal |
|
|
|
Mall & |
|
|
|
||||||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
|
|
Ownership |
|
Anchor |
|
Freestanding |
|
Total |
|
||||||
|
|
|
|
|
|
|
|
%(3) |
|
|
|
|
|
|
||||||||||||
|
2. |
|
Gaitway Plaza |
|
|
FL |
|
|
Ocala |
|
|
23.3 |
%(3) |
|
123,027 |
|
|
85,713 |
|
|
208,740 |
|
||||
|
3. |
|
Highland Lakes Center |
|
|
FL |
|
|
Orlando |
|
|
100.0 |
% |
|
352,405 |
|
|
140,871 |
|
|
493,276 |
|
||||
|
4. |
|
Indian River Commons |
|
|
FL |
|
|
Vero Beach |
|
|
50.0 |
% |
|
233,358 |
|
|
19,396 |
|
|
252,754 |
|
||||
|
5. |
|
Royal Eagle Plaza |
|
|
FL |
|
|
Coral Springs (Miami-Ft. Lauderale) |
|
|
35.0 |
%(3) |
|
124,479 |
|
|
77,624 |
|
|
202,103 |
|
||||
|
6. |
|
Terrace at the Florida Mall |
|
|
FL |
|
|
Orlando |
|
|
100.0 |
% |
|
289,252 |
|
|
42,731 |
|
|
331,983 |
|
||||
|
7. |
|
Waterford Lakes Town Center |
|
|
FL |
|
|
Orlando |
|
|
100.0 |
% |
|
622,244 |
|
|
329,446 |
|
|
951,690 |
|
||||
|
8. |
|
West Town Corners |
|
|
FL |
|
|
Altamonte Springs (Orlando) |
|
|
23.3 |
%(3) |
|
263,782 |
|
|
121,477 |
|
|
385,259 |
|
||||
|
9. |
|
Westland Park Plaza |
|
|
FL |
|
|
Orange Park (Jacksonville) |
|
|
23.3 |
%(3) |
|
123,548 |
|
|
39,606 |
|
|
163,154 |
|
||||
|
10. |
|
Mall of Georgia Crossing |
|
|
GA |
|
|
Buford (Atlanta) |
|
|
100.0 |
% |
|
341,503 |
|
|
99,109 |
|
|
440,612 |
|
||||
|
11. |
|
Bloomingdale Court |
|
|
IL |
|
|
Bloomingdale (Chicago) |
|
|
100.0 |
% |
|
467,513 |
|
|
162,846 |
|
|
630,359 |
|
||||
|
12. |
|
Countryside Plaza |
|
|
IL |
|
|
Countryside (Chicago) |
|
|
100.0 |
% |
|
327,418 |
|
|
76,338 |
|
|
403,756 |
|
||||
|
13. |
|
Crystal Court |
|
|
IL |
|
|
Crystal Lake (Chicago) |
|
|
35.0 |
%(3) |
|
201,993 |
|
|
76,977 |
|
|
278,970 |
|
||||
|
14. |
|
Forest Plaza |
|
|
IL |
|
|
Rockford |
|
|
100.0 |
% |
|
324,794 |
|
|
100,584 |
|
|
425,378 |
|
||||
|
15. |
|
Lake Plaza |
|
|
IL |
|
|
Waukegan (Chicago) |
|
|
100.0 |
% |
|
170,789 |
|
|
44,673 |
|
|
215,462 |
|
||||
|
16. |
|
Lake View Plaza |
|
|
IL |
|
|
Orland Park (Chicago) |
|
|
100.0 |
% |
|
261,856 |
|
|
109,396 |
|
|
371,252 |
|
||||
|
17. |
|
Lincoln Crossing |
|
|
IL |
|
|
O’Fallon (St. Louis) |
|
|
100.0 |
% |
|
229,820 |
|
|
13,446 |
|
|
243,266 |
|
||||
|
18. |
|
Matteson Plaza |
|
|
IL |
|
|
Matteson (Chicago) |
|
|
100.0 |
% |
|
230,885 |
|
|
40,070 |
|
|
270,955 |
|
||||
|
19. |
|
North Ridge Plaza |
|
|
IL |
|
|
Joliet (Chicago) |
|
|
100.0 |
% |
|
190,323 |
|
|
114,747 |
|
|
305,070 |
|
||||
|
20. |
|
White Oaks Plaza |
|
|
IL |
|
|
Springfield |
|
|
100.0 |
% |
|
275,703 |
|
|
115,723 |
|
|
391,426 |
|
||||
|
21. |
|
Willow Knolls Court |
|
|
IL |
|
|
Peoria |
|
|
35.0 |
%(3) |
|
341,328 |
|
|
41,049 |
|
|
382,377 |
|
||||
|
22. |
|
Brightwood Plaza |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
20,450 |
|
|
18,043 |
|
|
38,493 |
|
||||
|
23. |
|
Clay Terrace |
|
|
IN |
|
|
Carmel (Indianapolis) |
|
|
50.0 |
% |
|
161,281 |
|
|
337,751 |
|
|
499,032 |
|
||||
|
24. |
|
Eastland Convenience Center |
|
|
IN |
|
|
Evansville |
|
|
50.0 |
% |
|
161,849 |
|
|
13,790 |
|
|
175,639 |
|
||||
|
25. |
|
Greenwood Plus |
|
|
IN |
|
|
Greenwood (Indianapolis) |
|
|
100.0 |
% |
|
134,141 |
|
|
21,178 |
|
|
155,319 |
|
||||
|
26. |
|
Griffith Park Plaza |
|
|
IN |
|
|
Griffith (Chicago) |
|
|
100.0 |
% |
|
175,595 |
|
|
88,455 |
|
|
264,050 |
|
||||
|
27. |
|
Keystone Shoppes |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
0 |
|
|
29,140 |
|
|
29,140 |
|
||||
|
28. |
|
Markland Plaza |
|
|
IN |
|
|
Kokomo |
|
|
100.0 |
% |
|
49,051 |
|
|
41,476 |
|
|
90,527 |
|
||||
|
29. |
|
Muncie Plaza |
|
|
IN |
|
|
Muncie |
|
|
100.0 |
% |
|
271,626 |
|
|
27,195 |
|
|
298,821 |
|
||||
|
30. |
|
New Castle Plaza |
|
|
IN |
|
|
New Castle |
|
|
100.0 |
% |
|
24,912 |
|
|
66,736 |
|
|
91,648 |
|
||||
|
31. |
|
Northwood Plaza |
|
|
IN |
|
|
Fort Wayne |
|
|
100.0 |
% |
|
136,404 |
|
|
71,841 |
|
|
208,245 |
|
||||
|
32. |
|
Teal Plaza |
|
|
IN |
|
|
Lafayette |
|
|
100.0 |
% |
|
98,337 |
|
|
2,750 |
|
|
101,087 |
|
||||
|
33. |
|
Tippecanoe Plaza |
|
|
IN |
|
|
Lafayette |
|
|
100.0 |
% |
|
85,811 |
|
|
4,711 |
|
|
90,522 |
|
||||
|
34. |
|
University Center |
|
|
IN |
|
|
Mishawaka (South Bend) |
|
|
100.0 |
% |
|
104,347 |
|
|
46,177 |
|
|
150,524 |
|
||||
|
35. |
|
Village Park Plaza |
|
|
IN |
|
|
Carmel (Indianapolis) |
|
|
35.0 |
%(3) |
|
414,593 |
|
|
134,956 |
|
|
549,549 |
|
||||
|
36. |
|
Washington Plaza |
|
|
IN |
|
|
Indianapolis |
|
|
100.0 |
% |
|
21,500 |
|
|
28,607 |
|
|
50,107 |
|
||||
|
37. |
|
West Ridge Plaza |
|
|
KS |
|
|
Topeka |
|
|
100.0 |
% |
|
182,161 |
|
|
71,459 |
|
|
253,620 |
|
||||
|
38. |
|
Park Plaza |
|
|
KY |
|
|
Hopkinsville |
|
|
100.0 |
% |
|
82,398 |
|
|
32,526 |
|
|
114,924 |
|
||||
|
39. |
|
St. Charles Towne Plaza |
|
|
MD |
|
|
Waldorf (Washington, D.C.) |
|
|
100.0 |
% |
|
286,306 |
|
|
108,690 |
|
|
394,996 |
|
||||
|
40. |
|
Regency Plaza |
|
|
MO |
|
|
St. Charles (St. Louis) |
|
|
100.0 |
% |
|
235,642 |
|
|
51,831 |
|
|
287,473 |
|
||||
|
41. |
|
Ridgewood Court |
|
|
MS |
|
|
Jackson |
|
|
35.0 |
%(3) |
|
185,939 |
|
|
54,732 |
|
|
240,671 |
|
||||
|
42. |
|
Dare Centre |
|
|
NC |
|
|
Kill Devil Hills |
|
|
100.0 |
% |
|
127,172 |
|
|
41,391 |
|
|
168,563 |
|
||||
|
43. |
|
MacGregor Village |
|
|
NC |
|
|
Cary (Raleigh) |
|
|
100.0 |
% |
|
0 |
|
|
144,119 |
|
|
144,119 |
|
||||
|
44. |
|
North Ridge Shopping Center |
|
|
NC |
|
|
Raleigh |
|
|
100.0 |
% |
|
43,247 |
|
|
123,308 |
|
|
166,555 |
|
||||
|
45. |
|
Rockaway Convenience Center |
|
|
NJ |
|
|
Rockaway (New York) |
|
|
100.0 |
% |
|
99,556 |
|
|
49,355 |
|
|
148,911 |
|
||||
|
46. |
|
Rockaway Plaza |
|
|
NJ |
|
|
Rockaway (New York) |
|
|
100.0 |
% |
|
407,501 |
|
|
51,316 |
|
|
458,817 |
|
||||
|
47. |
|
Cobblestone Court |
|
|
NY |
|
|
Victor (Rochester) |
|
|
35.0 |
%(3) |
|
206,680 |
|
|
58,781 |
|
|
265,461 |
|
||||
35
SIMON
PROPERTY GROUP
U.S. Community/Lifestyle Centers Property Listing(1)
|
|
|
|
|
|
|
|
|
|
|
Gross Leasable Area |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
Legal |
|
|
|
Mall & |
|
|
|
||||||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
|
|
Ownership |
|
Anchor |
|
Freestanding |
|
Total |
|
||||||
|
48. |
|
Boardman Plaza |
|
|
OH |
|
|
Youngstown |
|
|
100.0 |
% |
|
408,007 |
|
|
198,231 |
|
|
606,238 |
|
||||
|
49. |
|
Great Lakes Plaza |
|
|
OH |
|
|
Mentor (Cleveland) |
|
|
100.0 |
% |
|
159,194 |
|
|
4,910 |
|
|
164,104 |
|
||||
|
50. |
|
Lima Center |
|
|
OH |
|
|
Lima |
|
|
100.0 |
% |
|
189,584 |
|
|
47,294 |
|
|
236,878 |
|
||||
|
51. |
|
Eastland Plaza |
|
|
OK |
|
|
Tulsa |
|
|
100.0 |
% |
|
152,451 |
|
|
33,623 |
|
|
186,074 |
|
||||
|
52. |
|
DeKalb Plaza |
|
|
PA |
|
|
King of Prussia (Philadelphia) |
|
|
50.3 |
%(4) |
|
81,368 |
|
|
20,374 |
|
|
101,742 |
|
||||
|
53. |
|
Henderson Square |
|
|
PA |
|
|
King of Prussia (Philadelphia) |
|
|
76.0 |
%(4) |
|
72,683 |
|
|
34,690 |
|
|
107,373 |
|
||||
|
54. |
|
Lincoln Plaza |
|
|
PA |
|
|
King of Prussia (Philadelphia) |
|
|
63.2 |
%(4) |
|
251,224 |
|
|
16,007 |
|
|
267,231 |
|
||||
|
55. |
|
Whitehall Mall |
|
|
PA |
|
|
Whitehall |
|
|
38.0 |
%(4) |
|
493,475 |
|
|
94,609 |
|
|
588,084 |
|
||||
|
56. |
|
Charles Towne Square |
|
|
SC |
|
|
Charleston |
|
|
100.0 |
% |
|
71,794 |
|
|
0 |
|
|
71,794 |
|
||||
|
57. |
|
Empire East(2) |
|
|
SD |
|
|
Sioux Falls |
|
|
50.0 |
% |
|
275,089 |
|
|
22,189 |
|
|
297,278 |
|
||||
|
58. |
|
Knoxville Commons |
|
|
TN |
|
|
Knoxville |
|
|
100.0 |
% |
|
171,563 |
|
|
8,900 |
|
|
180,463 |
|
||||
|
59. |
|
Arboretum at Great Hills |
|
|
TX |
|
|
Austin |
|
|
100.0 |
% |
|
35,773 |
|
|
167,446 |
|
|
203,219 |
|
||||
|
60. |
|
Gateway Shopping Centers |
|
|
TX |
|
|
Austin |
|
|
95.0 |
% |
|
396,494 |
|
|
115,781 |
|
|
512,275 |
|
||||
|
61. |
|
Ingram Plaza |
|
|
TX |
|
|
San Antonio |
|
|
100.0 |
% |
|
52,231 |
|
|
59,287 |
|
|
111,518 |
|
||||
|
62. |
|
Lakeline Plaza |
|
|
TX |
|
|
Cedar Park (Austin) |
|
|
100.0 |
% |
|
307,966 |
|
|
79,497 |
|
|
387,463 |
|
||||
|
63. |
|
Shops at Arbor Walk, The |
|
|
TX |
|
|
Austin |
|
|
100.0 |
% |
|
181,857 |
|
|
231,652 |
|
|
413,509 |
|
||||
|
64. |
|
Shops at North East Mall, The |
|
|
TX |
|
|
Hurst (Dallas-Ft. Worth) |
|
|
100.0 |
% |
|
265,595 |
|
|
99,148 |
|
|
364,743 |
|
||||
|
65. |
|
Wolf Ranch |
|
|
TX |
|
|
Georgetown (Austin) |
|
|
100.0 |
% |
|
395,071 |
|
|
218,908 |
|
|
613,979 |
|
||||
|
66. |
|
Chesapeake Center |
|
|
VA |
|
|
Chesapeake (Virginia Beach-Norfolk) |
|
|
100.0 |
% |
|
213,651 |
|
|
92,284 |
|
|
305,935 |
|
||||
|
67. |
|
Fairfax Court |
|
|
VA |
|
|
Fairfax (Washington, D.C.) |
|
|
26.3 |
%(3) |
|
169,043 |
|
|
80,615 |
|
|
249,658 |
|
||||
|
68. |
|
Martinsville Plaza |
|
|
VA |
|
|
Martinsville |
|
|
100.0 |
% |
|
88,470 |
|
|
13,635 |
|
|
102,105 |
|
||||
|
|
|
Total Community/Lifestyle Center GLA |
|
|
|
|
|
|
|
|
|
|
|
13,897,281 |
|
|
5,293,430 |
|
|
19,190,711 |
|
||||
FOOTNOTES:
(1) Does not include the 3 community centers from the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) This Property is managed by a third party.
(3) Outside partner receives substantially all of the economic benefit due to a partner preference.
(4) The Operating Partnership’s indirect ownership interest is through an approximately 76% ownership interest in Kravco Simon Investments.
36
SIMON
PROPERTY GROUP
International Operational Information(1)
As of June 30, 2007
|
|
|
As of or for the |
|
||||
|
|
|
2007 |
|
2006 |
|
||
|
International Premium Outlets (Japan) |
|
|
|
|
|
||
|
Total Number of Premium Outlets |
|
5 |
|
5 |
|
||
|
Total GLA (in millions of square feet) |
|
1.4 |
|
1.4 |
|
||
|
Occupancy |
|
100 |
% |
100 |
% |
||
|
Comparable sales per square foot |
|
¥ |
91,101 |
|
¥ |
88,752 |
|
|
Average base rent per square foot |
|
¥ |
4,654 |
|
¥ |
4,645 |
|
|
European Shopping Centers |
|
|
|
|
|
||
|
Total Number of Shopping Centers |
|
53 |
|
52 |
|
||
|
Total GLA (in millions of square feet) |
|
12.2 |
|
11.8 |
|
||
|
Occupancy |
|
97.1 |
% |
97.1 |
% |
||
|
Comparable sales per square foot |
|
€ |
399 |
|
€ |
378 |
|
|
Average rent per square foot |
|
€ |
26.65 |
|
€ |
26.01 |
|
(1) Does not include Premium Outlets Punta Norte in Mexico and Yeoju Premium Outlets in South Korea.
37
SIMON
PROPERTY GROUP
International Property Listing
|
|
|
|
|
|
SPG |
|
Gross Leasable Area(1) |
|
|||||||||||||||
|
|
|
|
|
|
|
Effective |
|
Hypermarket/ |
|
Mall & |
|
|
|
||||||||||
|
|
|
Property Name |
|
|
|
City (Metropolitan area) |
|
|
|
Ownership(5) |
|
Anchor(4) |
|
Freestanding |
|
Total |
|
||||||
|
|
FRANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
1. |
|
Bay 2 |
|
Torcy (Paris) |
|
|
50.0 |
% |
|
|
132,400 |
|
|
|
408,900 |
|
|
541,300 |
|
||||
|
2. |
|
Bay 1 |
|
Torcy (Paris) |
|
|
50.0 |
% |
|
|
— |
|
|
|
336,300 |
|
|
336,300 |
|
||||
|
3. |
|
Bel’Est |
|
Bagnolet (Paris) |
|
|
17.5 |
% |
|
|
150,700 |
|
|
|
63,000 |
|
|
213,700 |
|
||||
|
4. |
|
Villabé A6 |
|
Villabé (Paris) |
|
|
7.5 |
% |
|
|
102,300 |
|
|
|
104,500 |
|
|
206,800 |
|
||||
|
5. |
|
Wasquehal |
|
Wasquehal (Lille) |
|
|
50.0 |
% |
|
|
129,200 |
|
|
|
105,300 |
|
|
234,500 |
|
||||
|
|
Subtotal France |
|
|
|
|
|
|
|
|
514,600 |
|
|
|
1,018,000 |
|
|
1,532,600 |
|
|||||
|
|
|
ITALY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Ancona: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
6. |
|
Ancona |
|
Ancona |
|
|
49.0 |
%(3) |
|
|
82,900 |
|
|
|
82,300 |
|
|
165,200 |
|
||||
|
7. |
|
Senigallia |
|
Senigallia (Ancona) |
|
|
49.0 |
% |
|
|
41,200 |
|
|
|
41,600 |
|
|
82,800 |
|
||||
|
|
|
Ascoli Piceno: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
8. |
|
Grottammare |
|
Grottammare (Ascoli Piceno) |
|
|
49.0 |
% |
|
|
38,900 |
|
|
|
55,900 |
|
|
94,800 |
|
||||
|
9. |
|
Porto Sant’Elpidio |
|
Porto Sant’Elpidio (Ascoli Piceno) |
|
|
49.0 |
% |
|
|
48,000 |
|
|
|
114,300 |
|
|
162,300 |
|
||||
|
|
Bari: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
10. |
|
Casamassima |
|
Casamassima (Bari) |
|
|
49.0 |
% |
|
|
159,000 |
|
|
|
388,800 |
|
|
547,800 |
|
||||
|
11. |
|
Modugno |
|
Modugno (Bari) |
|
|
49.0 |
% |
|
|
96,900 |
|
|
|
46,600 |
|
|
143,500 |
|
||||
|
|
|
Bergamo: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
12. |
|
Bergamo |
|
Bergamo |
|
|
49.0 |
%(3) |
|
|
103,000 |
|
|
|
16,900 |
|
|
119,900 |
|
||||
|
|
|
Brescia: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
13. |
|
Concesio |
|
Concesio (Brescia) |
|
|
49.0 |
%(3) |
|
|
89,900 |
|
|
|
27,600 |
|
|
117,500 |
|
||||
|
14. |
|
Mazzano |
|
Mazzano (Brescia) |
|
|
49.0 |
%(2) |
|
|
103,300 |
|
|
|
127,400 |
|
|
230,700 |
|
||||
|
|
Brindisi: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
15. |
|
Mesagne |
|
Mesagne (Brindisi) |
|
|
49.0 |
% |
|
|
88,000 |
|
|
|
140,600 |
|
|
228,600 |
|
||||
|
|
Cagliari: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
16. |
|
Marconi |
|
Marconi (Cagliari) |
|
|
49.0 |
%(3) |
|
|
83,500 |
|
|
|
109,900 |
|
|
193,400 |
|
||||
|
17. |
|
Santa Gilla |
|
Santa Gilla (Cagliari) |
|
|
49.0 |
%(2) |
|
|
75,900 |
|
|
|
114,800 |
|
|
190,700 |
|
||||
|
|
|
Catania: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
18. |
|
La Rena |
|
La Rena (Catania) |
|
|
49.0 |
% |
|
|
124,100 |
|
|
|
22,100 |
|
|
146,200 |
|
||||
|
19. |
|
Misterbianco |
|
Misterbianco (Catania) |
|
|
49.0 |
%(3) |
|
|
83,300 |
|
|
|
16,000 |
|
|
99,300 |
|
||||
|
|
Lecco: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
20. |
|
Merate |
|
Merate (Lecco) |
|
|
49.0 |
%(3) |
|
|
73,500 |
|
|
|
88,500 |
|
|
162,000 |
|
||||
|
|
Milan (Milano): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
21. |
|
Cesano Boscone |
|
Cescano Boscone (Milano) |
|
|
49.0 |
%(3) |
|
|
163,800 |
|
|
|
120,100 |
|
|
283,900 |
|
||||
|
22. |
|
Nerviano |
|
Nerviano (Milano) |
|
|
49.0 |
%(3) |
|
|
83,800 |
|
|
|
27,800 |
|
|
111,600 |
|
||||
|
23. |
|
Rescaldina |
|
Rescaldina (Milano) |
|
|
49.0 |
% |
|
|
165,100 |
|
|
|
212,000 |
|
|
377,100 |
|
||||
|
24. |
|
Vimodrone |
|
Vimodrone (Milano) |
|
|
49.0 |
% |
|
|
110,400 |
|
|
|
80,200 |
|
|
190,600 |
|
||||
|
|
|
Naples (Napoli): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
25. |
|
Giugliano |
|
Giugliano (Napoli) |
|
|
49.0 |
%(6) |
|
|
130,000 |
|
|
|
624,500 |
|
|
754,500 |
|
||||
|
26. |
|
Mugnano di Napoli |
|
Mugnano (Napoli) |
|
|
49.0 |
%(3) |
|
|
98,000 |
|
|
|
94,900 |
|
|
192,900 |
|
||||
|
27. |
|
Pompei |
|
Pompei (Napoli) |
|
|
49.0 |
% |
|
|
74,300 |
|
|
|
17,100 |
|
|
91,400 |
|
||||
|
|
|
Olbia: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
28. |
|
Olbia |
|
Olbia |
|
|
49.0 |
%(3) |
|
|
49,000 |
|
|
|
48,800 |
|
|
97,800 |
|
||||
|
|
|
Padova: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
29. |
|
Padova |
|
Padova |
|
|
49.0 |
% |
|
|
73,300 |
|
|
|
32,500 |
|
|
105,800 |
|
||||
38
SIMON
PROPERTY GROUP
International Property Listing
|
|
|
|
|
|
SPG |
|
Gross Leasable Area(1) |
|
|||||||||||||||
|
|
|
|
|
|
|
Effective |
|
Hypermarket/ |
|
Mall & |
|
|
|
||||||||||
|
|
|
Property Name |
|
|
|
City (Metropolitan area) |
|
|
|
Ownership(5) |
|
Anchor(4) |
|
Freestanding |
|
Total |
|
||||||
|
|
Palermo: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
30. |
|
Palermo |
|
Palermo |
|
|
49.0 |
% |
|
|
73,100 |
|
|
|
9,800 |
|
|
82,900 |
|
||||
|
|
Pesaro: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
31. |
|
Fano |
|
Fano (Pesaro) |
|
|
49.0 |
% |
|
|
56,300 |
|
|
|
56,000 |
|
|
112,300 |
|
||||
|
|
Pescara: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
32. |
|
Cepagatti |
|
Cepagatti (Pescara) |
|
|
49.0 |
% |
|
|
80,200 |
|
|
|
189,600 |
|
|
269,800 |
|
||||
|
33. |
|
Pescara |
|
Pescara |
|
|
49.0 |
% |
|
|
96,300 |
|
|
|
65,200 |
|
|
161,500 |
|
||||
|
|
|
Piacenza: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
34. |
|
San Rocco al Porto |
|
San Rocco al Porto (Piacenza) |
|
|
49.0 |
% |
|
|
104,500 |
|
|
|
74,700 |
|
|
179,200 |
|
||||
|
|
|
Rome (Roma): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
35. |
|
Casalbertone |
|
Roma |
|
|
49.0 |
%(3) |
|
|
62,700 |
|
|
|
84,900 |
|
|
147,600 |
|
||||
|
36. |
|
Collatina |
|
Collatina (Roma) |
|
|
49.0 |
% |
|
|
59,500 |
|
|
|
4,100 |
|
|
63,600 |
|
||||
|
|
Sassari: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
37. |
|
Centro Azuni |
|
Sassari |
|
|
49.0 |
%(3) |
|
|
— |
|
|
|
35,600 |
|
|
35,600 |
|
||||
|
38. |
|
Predda Niedda |
|
Predda Niedda (Sassari) |
|
|
49.0 |
%(2) |
|
|
79,500 |
|
|
|
154,200 |
|
|
233,700 |
|
||||
|
|
|
Taranto: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
39. |
|
Taranto |
|
Taranto |
|
|
49.0 |
% |
|
|
75,200 |
|
|
|
126,500 |
|
|
201,700 |
|
||||
|
|
|
Turin (Torino): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
40. |
|
Cuneo |
|
Cuneo (Torino) |
|
|
49.0 |
% |
|
|
80,700 |
|
|
|
201,500 |
|
|
282,200 |
|
||||
|
41. |
|
Rivoli |
|
Rivoli (Torino) |
|
|
49.0 |
%(3) |
|
|
61,800 |
|
|
|
32,300 |
|
|
94,100 |
|
||||
|
42. |
|
Torino |
|
Torino |
|
|
49.0 |
% |
|
|
105,100 |
|
|
|
66,700 |
|
|
171,800 |
|
||||
|
43. |
|
Venaria |
|
Venaria (Torino) |
|
|
49.0 |
% |
|
|
101,600 |
|
|
|
64,000 |
|
|
165,600 |
|
||||
|
|
Venice (Venezia): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
44. |
|
Venezia—Mestre |
|
Mestre (Venezia) |
|
|
49.0 |
% |
|
|
114,100 |
|
|
|
132,600 |
|
|
246,700 |
|
||||
|
|
Verona: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
45. |
|
Bussolengo |
|
Bussolengo (Verona) |
|
|
49.0 |
%(3) |
|
|
89,300 |
|
|
|
75,300 |
|
|
164,600 |
|
||||
|
|
Vicenza: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
46. |
|
Vicenza |
|
Vicenza |
|
|
49.0 |
% |
|
|
78,400 |
|
|
|
20,100 |
|
|
98,500 |
|
||||
|
|
Subtotal Italy |
|
|
|
|
|
|
|
|
3,557,400 |
|
|
|
4,044,300 |
|
|
7,601,700 |
|
|||||
|
|
|
POLAND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
47. |
|
Arkadia Shopping Center |
|
Warsaw |
|
|
50.0 |
% |
|
|
202,100 |
|
|
|
902,200 |
|
|
1,104,300 |
|
||||
|
48. |
|
Borek Shopping Center(7) |
|
Wroclaw |
|
|
50.0 |
% |
|
|
119,900 |
|
|
|
129,300 |
|
|
249,200 |
|
||||
|
49. |
|
Dabrowka Shopping Center(7) |
|
Katowice |
|
|
50.0 |
% |
|
|
121,000 |
|
|
|
172,900 |
|
|
293,900 |
|
||||
|
50. |
|
Arena Shopping Center(7) |
|
Gliwice |
|
|
50.0 |
% |
|
|
140,700 |
|
|
|
239,000 |
|
|
379,700 |
|
||||
|
51. |
|
Turzyn Shopping Center(7) |
|
Szczecin |
|
|
50.0 |
% |
|
|
87,200 |
|
|
|
121,900 |
|
|
209,100 |
|
||||
|
52. |
|
Wilenska Station Shopping Center |
|
Warsaw |
|
|
50.0 |
% |
|
|
92,700 |
|
|
|
215,900 |
|
|
308,600 |
|
||||
|
53. |
|
Zakopianka Shopping Center(7) |
|
Krakow |
|
|
50.0 |
% |
|
|
120,200 |
|
|
|
425,400 |
|
|
545,600 |
|
||||
|
|
|
Subtotal Poland |
|
|
|
|
|
|
|
|
883,800 |
|
|
|
2,206,600 |
|
|
3,090,400 |
|
||||
|
|
JAPAN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
54. |
|
Gotemba Premium Outlets |
|
Gotemba City (Tokyo) |
|
|
40.0 |
% |
|
|
— |
|
|
|
385,500 |
|
|
385,500 |
|
||||
|
55. |
|
Rinku Premium Outlets |
|
Izumisano (Osaka) |
|
|
40.0 |
% |
|
|
— |
|
|
|
320,600 |
|
|
320,600 |
|
||||
|
56. |
|
Sano Premium Outlets |
|
Sano (Tokyo) |
|
|
40.0 |
% |
|
|
— |
|
|
|
316,500 |
|
|
316,500 |
|
||||
|
57. |
|
Toki Premium Outlets |
|
Toki (Nagoya) |
|
|
40.0 |
% |
|
|
— |
|
|
|
228,800 |
|
|
228,800 |
|
||||
|
58. |
|
Tosu Premium Outlets |
|
Fukuoka (Kyushu) |
|
|
40.0 |
% |
|
|
— |
|
|
|
187,000 |
|
|
187,000 |
|
||||
|
|
Subtotal Japan |
|
|
|
|
|
|
|
|
— |
|
|
|
1,438,400 |
|
|
1,438,400 |
|
|||||
39
SIMON
PROPERTY GROUP
International Property Listing
|
|
|
|
|
|
SPG |
|
Gross Leasable Area(1) |
|
|||||||||||||||
|
|
|
|
|
|
|
Effective |
|
Hypermarket/ |
|
Mall & |
|
|
|
||||||||||
|
|
|
Property Name |
|
|
|
City (Metropolitan area) |
|
|
|
Ownership(5) |
|
Anchor(4) |
|
Freestanding |
|
Total |
|
||||||
|
|
MEXICO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
59. |
|
Premium Outlets Punta Norte |
|
Mexico City |
|
|
50.0 |
% |
|
|
— |
|
|
|
231,900 |
|
|
231,900 |
|
||||
|
|
Subtotal Mexico |
|
|
|
|
|
|
|
|
— |
|
|
|
231,900 |
|
|
231,900 |
|
|||||
|
|
|
SOUTH KOREA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
60. |
|
Yeoju Premium Outlets |
|
Seoul |
|
|
50.0 |
% |
|
|
— |
|
|
|
249,500 |
|
|
249,500 |
|
||||
|
|
|
Subtotal South Korea |
|
|
|
|
|
|
|
|
— |
|
|
|
249,500 |
|
|
249,500 |
|
||||
|
|
TOTAL INTERNATIONAL ASSETS |
|
|
|
|
|
|
|
|
4,955,800 |
|
|
|
9,188,700 |
|
|
14,144,500 |
|
|||||
(1) All gross leasable area listed in square feet.
(2) This property is held partially in fee and partially encumbered by a leasehold on the premise which entitles the lessor to the majority of the economics of the portion of the property subject to the leasehold.
(3) This property is encumbered by a leasehold on the entire premises which entitles the lessor the majority of the economics of the property.
(4) Represents the sales area of the anchor and excludes any warehouse/storage areas.
(5) We own our interest in the assets in France and Poland through our shareholdings in Simon Ivanhoe S.a.r.l. Our interest in the Italian assets is owned through Gallerie Commerciali Italia S.p.A., while our interest in the assets in Japan is owned through Chelsea Japan Co., Ltd. We own our interest in Mexico through Fideicomiso Trust No. F/315-5 and our interest in South Korea through Shinsegae Chelsea Co., Ltd.
(6) On April 4, 2007, Gallerie Commerciali Italia (the Italian joint venture in which the Company owns a 49% interest) acquired the remaining 60% interest in the shopping gallery at this center, which consists of 177,600 sf of leasable area. The Company owns a 19.6% interest in the retail parks at this center, which consist of 446,900 sf of leasable area.
(7) On July 4, 2007, the Company’s Simon Ivanhoe joint venture sold five assets in Poland.
40
SIMON
PROPERTY GROUP
Mills Property Listing
|
|
|
|
|
|
|
|
|
Total Gross |
|
||||||
|
|
|
|
Property Name |
|
|
State |
|
City (CBSA) |
|
Leasable Area |
|
||||
|
|
|
The Mills® |
|
|
|
|
|
|
|
|
|
|
|
||
|
1. |
|
Arizona Mills |
|
|
AZ |
|
|
Tempe (Phoenix) |
|
|
1,228,770 |
|
|
||
|
2. |
|
Arundel Mills |
|
|
MD |
|
|
Hanover (Baltimore) |
|
|
1,283,074 |
|
|
||
|
3. |
|
Cincinnati Mills |
|
|
OH |
|
|
Cincinnati |
|
|
1,442,399 |
|
|
||
|
4. |
|
Colorado Mills |
|
|
CO |
|
|
Lakewood (Denver) |
|
|
1,097,466 |
|
|
||
|
5. |
|
Concord Mills |
|
|
NC |
|
|
Concord (Charlotte) |
|
|
1,288,901 |
|
|
||
|
6. |
|
Discover Mills |
|
|
GA |
|
|
Lawrenceville (Atlanta) |
|
|
1,191,924 |
|
|
||
|
7. |
|
Franklin Mills |
|
|
PA |
|
|
Philadelphia |
|
|
1,722,954 |
|
|
||
|
8. |
|
Grapevine Mills |
|
|
TX |
|
|
Grapevine (Dallas-Ft. Worth) |
|
|
1,619,900 |
|
|
||
|
9. |
|
Great Mall of the Bay Area |
|
|
CA |
|
|
Milpitas (Silicon Valley) |
|
|
1,284,629 |
|
|
||
|
10. |
|
Gurnee Mills |
|
|
IL |
|
|
Gurnee (Chicago) |
|
|
1,817,042 |
|
|
||
|
11. |
|
Katy Mills |
|
|
TX |
|
|
Katy (Houston) |
|
|
1,245,070 |
|
|
||
|
12. |
|
Ontario Mills |
|
|
CA |
|
|
Ontario (Los Angeles) |
|
|
1,488,466 |
|
|
||
|
13. |
|
Opry Mills |
|
|
TN |
|
|
Nashville |
|
|
1,153,588 |
|
|
||
|
14. |
|
Potomac Mills |
|
|
VA |
|
|
Prince William (Washington, D.C.) |
|
|
1,418,085 |
|
|
||
|
15. |
|
Sawgrass Mills |
|
|
FL |
|
|
Sunrise (Ft. Lauderdale) |
|
|
2,285,479 |
|
|
||
|
16. |
|
St. Louis Mills |
|
|
MO |
|
|
Hazelwood (St. Louis) |
|
|
1,085,393 |
|
|
||
|
17. |
|
The Block at Orange |
|
|
CA |
|
|
Orange (Los Angeles) |
|
|
702,721 |
|
|
||
|
|
|
Subtotal The Mills® |
|
|
|
|
|
|
|
|
23,355,861 |
|
|
||
|
|
|
Regional Malls |
|
|
|
|
|
|
|
|
|
|
|
||
|
18. |
|
Briarwood Mall |
|
|
MI |
|
|
Ann Arbor |
|
|
1,013,591 |
|
|
||
|
19. |
|
Broward Mall |
|
|
FL |
|
|
Plantation (Ft. Lauderdale) |
|
|
994,838 |
|
|
||
|
20. |
|
Del Amo Fashion Center |
|
|
CA |
|
|
Torrance (Los Angeles) |
|
|
2,370,027 |
|
|
||
|
21. |
|
Dover Mall |
|
|
DE |
|
|
Dover (Wilmington) |
|
|
886,881 |
|
|
||
|
22. |
|
Galleria at White Plains |
|
|
NY |
|
|
White Plains |
|
|
871,544 |
|
|
||
|
23. |
|
Gwinnett Place(1) |
|
|
GA |
|
|
Duluth (Atlanta) |
|
|
1,277,789 |
|
|
||
|
24. |
|
Hilltop Mall |
|
|
CA |
|
|
Richmond |
|
|
1,129,679 |
|
|
||
|
25. |
|
Lakeforest Mall |
|
|
MD |
|
|
Gaithersburg |
|
|
1,069,119 |
|
|
||
|
26. |
|
Marley Station |
|
|
MD |
|
|
Glen Burnie |
|
|
1,066,897 |
|
|
||
|
27. |
|
Meadwood Mall |
|
|
NV |
|
|
Reno |
|
|
887,550 |
|
|
||
|
28. |
|
Northpark Mall |
|
|
MS |
|
|
Ridgeland (Jackson) |
|
|
958,320 |
|
|
||
|
29. |
|
Riverside Square |
|
|
NJ |
|
|
Hackensack |
|
|
764,950 |
|
|
||
|
30. |
|
Southdale Center |
|
|
MN |
|
|
Edina (Minneapolis) |
|
|
1,336,725 |
|
|
||
|
31. |
|
Southridge Mall |
|
|
WI |
|
|
Greendale (Milwaukee) |
|
|
1,227,007 |
|
|
||
|
32. |
|
Stoneridge Mall |
|
|
CA |
|
|
Pleasanton |
|
|
1,301,027 |
|
|
||
|
33. |
|
The Esplanade |
|
|
LA |
|
|
Kenner (New Orleans) |
|
|
901,213 |
|
|
||
|
34. |
|
The Falls |
|
|
FL |
|
|
Miami |
|
|
812,741 |
|
|
||
|
35. |
|
Town Center at Cobb(1) |
|
|
GA |
|
|
Kennesaw (Atlanta) |
|
|
1,272,463 |
|
|
||
|
36. |
|
Tuttle Crossing |
|
|
OH |
|
|
Dublin (Columbus) |
|
|
1,127,897 |
|
|
||
|
37. |
|
Westland Mall |
|
|
FL |
|
|
Hialeah (Miami) |
|
|
833,795 |
|
|
||
|
|
|
Subtotal Regional Malls |
|
|
|
|
|
|
|
|
22,104,053 |
|
|
||
|
|
|
Community Centers |
|
|
|
|
|
|
|
|
|
|
|
||
|
38. |
|
Arundel Mills Marketplace |
|
|
MD |
|
|
Hanover (Baltimore) |
|
|
101,613 |
|
|
||
|
39. |
|
Concord Mills Marketplace |
|
|
NC |
|
|
Concord (Charlotte) |
|
|
230,683 |
|
|
||
|
40. |
|
Liberty Plaza |
|
|
PA |
|
|
Philadelphia |
|
|
371,467 |
|
|
||
|
|
|
Subtotal Community Centers |
|
|
|
|
|
|
|
|
703,763 |
|
|
||
|
|
|
Total Mills Properties |
|
|
|
|
|
|
|
|
46,163,677 |
|
|
||
(1) Prior to the closing of the tender offer on March 29, 2007, the Company held a 50% interest in this asset.
41
SIMON
PROPERTY GROUP
Capital Expenditures in the U.S. Portfolio(1)
For the Six Months Ended June 30, 2007
(In thousands)
|
|
|
|
|
Unconsolidated |
|
|||||||
|
|
|
|
|
|
|
Simon |
|
|||||
|
|
|
Consolidated |
|
|
|
Group’s |
|
|||||
|
|
|
Properties |
|
Total |
|
Share |
|
|||||
|
New development projects |
|
|
$ |
228,306 |
|
|
$ |
69,880 |
|
$ |
30,699 |
|
|
Redevelopment
projects with incremental GLA and/or |
|
|
151,924 |
|
|
76,660 |
|
29,090 |
|
|||
|
Renovations with no incremental GLA |
|
|
8,828 |
|
|
— |
|
— |
|
|||
|
Tenant allowances: |
|
|
|
|
|
|
|
|
|
|||
|
Retail |
|
|
43,666 |
|
|
14,279 |
|
5,571 |
|
|||
|
Office |
|
|
11,721 |
|
|
— |
|
— |
|
|||
|
Operational capital expenditures at properties: |
|
|
|
|
|
|
|
|
|
|||
|
CAM expenditures(2) |
|
|
9,332 |
|
|
4,307 |
|
1,672 |
|
|||
|
Non-CAM expenditures |
|
|
6,289 |
|
|
6,892 |
|
3,100 |
|
|||
|
Totals |
|
|
$ |
460,066 |
|
|
$ |
172,018 |
|
$ |
70,132 |
|
|
Plus (Less): Conversion from accrual to cash basis |
|
|
$ |
(47,451 |
) |
|
$ |
(22,750 |
) |
|
|
|
|
Capital Expenditures for the Six Months Ended 6/30/07(3) |
|
|
$ |
412,615 |
|
|
$ |
149,268 |
|
|
|
|
|
Capital Expenditures for the Six Months Ended 6/30/06(3) |
|
|
$ |
276,412 |
|
|
$ |
195,852 |
|
|
|
|
(1) Does not include the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Expenditure included in the pool of expenses allocated to tenants as common area maintenance or CAM.
(3) Agrees with the line item “Capital expenditures” on the Combined Statements of Cash Flows for the consolidated properties. No statement of cash flows is prepared for the joint venture properties as this is not required by the SEC or GAAP; however, the above reconciliation was completed in the same manner as the reconciliation for the consolidated properties.
42
SIMON PROPERTY GROUP
U.S. Development Activity
Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction-in-Progress |
|
||||||||||||||||||||
|
|
|
|
|
The |
|
|
|
Projected |
|
Projected |
|
The |
|
Stabilized |
|
|
|
Unconsolidated |
|
||||||||||||||||||
|
|
|
|
|
Ownership |
|
Projected |
|
Gross Cost(3) |
|
Net Cost |
|
Share of |
|
Rate of |
|
Consolidated |
|
|
|
The Company’s |
|
||||||||||||||||
|
Property/ Location |
|
Project Description |
|
Percentage |
|
Opening |
|
(in millions) |
|
(in millions) |
|
Net Cost |
|
Return |
|
Properties |
|
Total |
|
Share |
|
||||||||||||||||
|
New Development Projects: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Hamilton Town Center |
|
950,000 square foot center with a town center component anchored by Hamilton 16 Theatre (with IMAX), Borders Books & Music, Dick’s Sporting Goods and Old Navy and community center components anchored by JCPenney, Bed Bath & Beyond, DSW and Ulta |
|
|
50 |
% |
|
5/08 |
|
|
$ 126 |
|
|
|
$ 118 |
|
|
|
$ 59 |
|
|
|
10 |
% |
|
|
— |
|
|
|
$ 25.6 |
|
|
|
$ 12.8 |
|
|
|
Houston Premium Outlets |
|
433,000 square foot upscale outlet center |
|
|
100 |
% |
|
5/08 |
|
|
$ 135 |
|
|
|
$ 96 |
|
|
|
$ 96 |
|
|
|
15 |
% |
|
|
$ 38.5 |
|
|
|
— |
|
|
|
— |
|
|
|
Palms Crossing |
|
396,000 square foot community center anchored by Beall’s, DSW, Barnes & Noble, Babies “R” Us, Sports Authority, Ulta, Guitar Center and Cavendar’s Boot City |
|
|
100 |
% |
|
11/07 |
|
|
$ 76 |
|
|
|
$ 65 |
|
|
|
$ 65 |
|
|
|
8 |
% |
|
|
$ 34.2 |
|
|
|
— |
|
|
|
— |
|
|
|
Philadelphia Premium Outlets |
|
425,000 square foot upscale outlet center |
|
|
100 |
% |
|
11/07 |
|
|
$ 119 |
|
|
|
$ 119 |
|
|
|
$ 119 |
|
|
|
12 |
% |
|
|
$ 80.4 |
|
|
|
— |
|
|
|
— |
|
|
|
Pier Park |
|
920,000 square foot hybrid community/lifestyle center anchored by Target, Dillard’s, JCPenney, Grand 16 Theatre, Borders Books & Music, Old Navy, Ron Jon Surf Shop, The Fresh Market and Jimmy Buffett’s Margaritaville |
|
|
100 |
% |
|
10/06 (Target) |
|
|
$ 155 |
|
|
|
$ 127 |
|
|
|
$ 127 |
|
|
|
9 |
% |
|
|
$ 64.6 |
|
|
|
— |
|
|
|
— |
|
|
|
Significant Redevelopment Projects with Incremental GLA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Aventura Mall |
|
Addition of Nordstrom in former Lord & Taylor building; addition of small shops and parking deck |
|
|
33 |
% |
|
3/08 |
|
|
$ 124 |
|
|
|
$ 124 |
|
|
|
$ 41 |
|
|
|
8 |
% |
|
|
— |
|
|
|
$ 17.2 |
|
|
|
$ 5.7 |
|
|
|
Burlington Mall |
|
Acquisition of former Filene’s building and addition of Nordstrom and small shops; Crate & Barrel relocation |
|
|
100 |
% |
|
8/07 |
|
|
$ 78 |
|
|
|
$ 78 |
|
|
|
$ 78 |
|
|
|
11 |
% |
|
|
$ 53.1 |
|
|
|
— |
|
|
|
— |
|
|
|
Castleton Square |
|
Acquisition of former L.S. Ayres building and addition of lifestyle component with AMC Theatres and Borders |
|
|
100 |
% |
|
11/07 |
|
|
$ 42 |
|
|
|
$ 42 |
|
|
|
$ 42 |
|
|
|
8 |
% |
|
|
$ 15.9 |
|
|
|
— |
|
|
|
— |
|
|
|
Greenwood Park Mall |
|
Acquisition of former L.S. Ayres building and addition of lifestyle component with Barnes & Noble and small shops, The Cheesecake Factory, Stir Crazy, and B.J.’s Brewhouse |
|
|
100 |
% |
|
11/07 |
|
|
$ 42 |
|
|
|
$ 42 |
|
|
|
$ 42 |
|
|
|
7 |
% |
|
|
$ 16.0 |
|
|
|
— |
|
|
|
— |
|
|
|
Las Vegas Premium Outlets |
|
104,000 square foot expansion of upscale outlet center, including the addition of two five-level parking garages |
|
|
100 |
% |
|
12/07 |
|
|
$ 59 |
|
|
|
$ 56 |
|
|
|
$ 56 |
|
|
|
13 |
% |
|
|
$ 31.1 |
|
|
|
— |
|
|
|
— |
|
|
|
Lehigh Valley Mall |
|
Addition of a lifestyle component consisting of Barnes & Noble, Pottery Barn, Williams-Sonoma, Bonefish Grill and Bravo; includes renovation and addition of outlots |
|
|
38 |
% |
|
10/07 |
|
|
$ 45 |
|
|
|
$ 44 |
|
|
|
$ 16 |
|
|
|
9 |
% |
|
|
— |
|
|
|
$ 24.3 |
|
|
|
$ 9.1 |
|
|
|
Lenox Square |
|
Neiman Marcus expansion; addition of second level of small shops and renovation of the atrium area |
|
|
100 |
% |
|
7/07 |
|
|
$ 53 |
|
|
|
$ 46 |
|
|
|
$ 46 |
|
|
|
8 |
% |
|
|
$ 32.8 |
|
|
|
— |
|
|
|
— |
|
|
43
SIMON
PROPERTY GROUP
U.S. Development Activity Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction-in-Progress |
|
||||||||||||||||||||
|
|
|
|
|
The |
|
|
|
Projected |
|
Projected |
|
The |
|
Stabilized |
|
|
|
Unconsolidated |
|
||||||||||||||||||
|
|
|
|
|
Ownership |
|
Projected |
|
Gross Cost(3) |
|
Net Cost |
|
Share of |
|
Rate of |
|
Consolidated |
|
|
|
The Company’s |
|
||||||||||||||||
|
Property/ Location |
|
Project Description |
|
Percentage |
|
Opening |
|
(in millions) |
|
(in millions) |
|
Net Cost |
|
Return |
|
Properties |
|
Total |
|
Share |
|
||||||||||||||||
|
Significant Redevelopment Projects with Incremental GLA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Northgate
Mall |
|
Addition of Barnes & Noble, Panera Bread, Macaroni Grill, Stanford’s Steak House and Gene Juarez Spa in a lifestyle component; creation of two outparcels |
|
|
100 |
% |
|
9/07 |
|
|
$ |
49 |
|
|
|
$ |
44 |
|
|
|
$ |
44 |
|
|
|
8 |
% |
|
|
$ |
40.5 |
|
|
|
— |
|
|
|
— |
|
|
||
|
Northshore
Mall |
|
Addition of Nordstrom and small shops, The Cheesecake Factory, P.F. Chang’s, and mall renovation |
|
|
49 |
% |
|
11/07 (Cheesecake) |
|
|
$ |
113 |
|
|
|
$ |
113 |
|
|
|
$ |
55 |
|
|
|
7 |
% |
|
|
— |
|
|
|
$ |
2.0 |
|
|
|
$ |
1.0 |
|
|
|
|
Orlando
Premium |
|
144,000 square foot expansion of upscale outlet center, including the addition of a four-level parking garage |
|
|
100 |
% |
|
11/08 |
|
|
$ |
69 |
|
|
|
$ |
69 |
|
|
|
$ |
69 |
|
|
|
15 |
% |
|
|
$ |
25.2 |
|
|
|
— |
|
|
|
— |
|
|
||
|
Rio
Grande Valley |
|
144,000 square foot expansion of upscale outlet center |
|
|
100 |
% |
|
Spring 2008 |
|
|
$ |
27 |
|
|
|
$ |
23 |
|
|
|
$ |
23 |
|
|
|
18 |
% |
|
|
$ |
0.4 |
|
|
|
— |
|
|
|
— |
|
|
||
|
Ross
Park Mall |
|
Addition of Nordstrom and small shops |
|
|
100 |
% |
|
10/08 |
|
|
$ |
32 |
|
|
|
$ |
25 |
|
|
|
$ |
25 |
|
|
|
8 |
% |
|
|
$ |
3.6 |
|
|
|
— |
|
|
|
— |
|
|
||
|
St.
Johns Town Center—Phase II |
|
192,000 square foot upscale expansion including the addition of a restaurant cluster with Mitchell’s Fish Market, J. Alexanders, Cantina Laredo and The Capital Grille |
|
|
50 |
% |
|
10/07 |
|
|
$ |
79 |
|
|
|
$ |
76 |
|
|
|
$ |
38 |
|
|
|
10 |
% |
|
|
— |
|
|
|
$ |
42.1 |
|
|
|
$ |
21.0 |
|
|
|
|
Tacoma
Mall |
|
Relocation of Nordstrom and two-phase lifestyle addition |
|
|
100 |
% |
|
5/08 (Phase I) |
|
|
$ |
77 |
|
|
|
$ |
77 |
|
|
|
$ |
77 |
|
|
|
8 |
% |
|
|
$ |
4.0 |
|
|
|
— |
|
|
|
— |
|
|
||
|
Town
Center at Boca Raton |
|
Lifestyle addition anchored by Crate & Barrel |
|
|
100 |
% |
|
11/07 |
|
|
$ |
70 |
|
|
|
$ |
64 |
|
|
|
$ |
64 |
|
|
|
79 |
% |
|
|
$ |
20.9 |
|
|
|
— |
|
|
|
— |
|
|
||
|
University
Park Mall |
|
Demolition of former Marshall Field’s and replacement with lifestyle addition including Barnes & Noble, Ulta, Granite City Food & Brewery, Bar Louie and ParadiseCafé |
|
|
100 |
% |
|
6/08 |
|
|
$ |
45 |
|
|
|
$ |
45 |
|
|
|
$ |
45 |
|
|
|
6 |
% |
|
|
$ |
8.8 |
|
|
|
— |
|
|
|
— |
|
|
||
|
Other Redevelopment Projects with Incremental GLA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
College
Mall |
|
Addition of food court and Dress Barn |
|
|
100 |
% |
|
11/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Lakeline
Mall |
|
Reconfiguration of center court, add or expand tenant spaces |
|
|
100 |
% |
|
12/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Livingston
Mall |
|
Addition of Barnes & Noble, expansion of Modell’s and food court addition |
|
|
100 |
% |
|
8/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Richardson
Square |
|
Redevelopment of existing mall into community center with the addition of Lowe’s Home Improvement |
|
|
100 |
% |
|
5/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Summit
Mall |
|
Addition of lifestyle component |
|
|
100 |
% |
|
4/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Subtotal Other Redevelopment Projects with Incremental GLA |
|
|
|
|
|
|
|
|
$ |
64 |
|
|
|
$ |
64 |
|
|
|
$ |
64 |
|
|
|
7 |
% |
|
|
$ |
8.4 |
|
|
|
— |
|
|
|
— |
|
|
||
|
Renovations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
The
Forum Shops at Caesars |
|
Mall renovation |
|
|
100 |
% |
|
12/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Rockaway
Townsquare |
|
Mall renovation |
|
|
100 |
% |
|
7/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
St.
Charles Towne Center |
|
Mall renovation |
|
|
100 |
% |
|
2/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Subtotal Renovations |
|
|
|
|
|
|
|
|
$ |
49 |
|
|
|
$ |
49 |
|
|
|
$ |
49 |
|
|
|
3 |
% |
|
|
$ |
5.0 |
|
|
|
— |
|
|
|
— |
|
|
||
44
SIMON
PROPERTY GROUP
U.S. Development Activity
Report(1)(2)
Project Overview, Construction-in-Progress and Land Held for Development
As of June 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction-in-Progress |
|
|||||||||||||||||||||
|
|
|
|
|
The |
|
|
|
Projected |
|
Projected |
|
The |
|
Stabilized |
|
|
|
Unconsolidated |
|
||||||||||||||||||
|
|
|
|
|
Ownership |
|
Projected |
|
Gross Cost(3) |
|
Net Cost |
|
Share of |
|
Rate of |
|
Consolidated |
|
|
|
The Company’s |
|
||||||||||||||||
|
Property/ Location |
|
Project Description |
|
Percentage |
|
Opening |
|
(in millions) |
|
(in millions) |
|
Net Cost |
|
Return |
|
Properties |
|
Total |
|
Share |
|
||||||||||||||||
|
Anchor/Big Box/Theater Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anderson Mall |
|
Addition of Dillard’s and expansion of Belk |
|
|
100 |
% |
|
|
10/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anderson, SC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crystal Mall |
|
Addition of Bed Bath & Beyond and Christmas Tree Shop |
|
|
75 |
% |
|
|
5/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Firewheel Town Center |
|
Addition of Dick’s Sporting Goods |
|
|
100 |
% |
|
|
5/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Garland, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montgomery Mall |
|
Addition of Dick’s Sporting Goods |
|
|
54 |
% |
|
|
4/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Wales (Philadelphia), PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North East Mall |
|
Addition of Dick’s Sporting Goods |
|
|
100 |
% |
|
|
11/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northgate Mall |
|
Addition of Bed Bath & Beyond and DSW |
|
|
100 |
% |
|
|
12/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seattle, WA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northshore Mall |
|
Expansion of Filene’s Basement |
|
|
49 |
% |
|
|
11/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Ridge Mall |
|
Addition of Burlington Coat Factory |
|
|
100 |
% |
|
|
10/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Woodland Hills Mall |
|
Addition of The Cheesecake Factory |
|
|
95 |
% |
|
|
8/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tulsa, OK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Anchor/Big Box/Theater Activity |
|
|
|
|
|
|
|
|
|
|
$ 82 |
|
|
|
$ 70 |
|
|
|
$ 60 |
|
|
|
9 |
% |
|
|
$ 31.7 |
|
|
$ 5.7 |
|
|
$ 4.8 |
|
|
|
|
Asset Intensification |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Castleton Square |
|
Self-storage |
|
|
50 |
% |
|
|
10/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indianapolis, IN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Firewheel Town Center |
|
Residential |
|
|
50 |
% |
|
|
7/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Garland, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ingram Park Mall |
|
Self-storage |
|
|
50 |
% |
|
|
12/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Antonio, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Oaks Mall |
|
Self-storage |
|
|
50 |
% |
|
|
12/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Antonio, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Village at SouthPark, The Charlotte, NC |
|
Residential |
|
|
40 |
% |
|
|
7/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Asset Intensification |
|
|
|
|
|
|
|
|
|
|
$ 109 |
|
|
|
$ 102 |
|
|
|
$ 39 |
|
|
|
8 |
% |
|
|
— |
|
|
$ 66.8 |
|
|
$ 28.6 |
|
|
|
Miscellaneous |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 21.9 |
|
|
$ 46.5 |
|
|
$ 12.6 |
|
|
|
Total Construction in Progress(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 537.0 |
|
|
$ 230.2 |
|
|
$ 95.6 |
|
|
|
Land Held for Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 67.9 |
|
|
$ 380.7 |
|
|
$ 161.0 |
|
|
(1) Does not include the Mills portfolio in which the Company acquired an interest in on March 29, 2007.
(2) Cost and return are based upon current budget assumptions. Actual results may vary.
(3) Projected Gross Cost includes soft costs such as architecture and engineering fees, tenant costs (allowances/leasing commissions), development, legal and other fees, marketing costs, cost of capital, and other related costs.
(4) Does not include the Company’s international properties.
45
SIMON
PROPERTY GROUP
International Development Activity Report*
Project Overview, Construction-in-Progress
As of June 30, 2007
* Cost is based upon current budget assumptions. Actual results may vary.
(1) The Company is not obligated to fund its share of €22 million increase in project costs from €143 million to €165 million.
46
SIMON
PROPERTY GROUP
The Company’s Share of Total Debt Amortization and Maturities by Year
As of June 30, 2007
(In thousands)
|
|
|
The Company’s |
|
The Company’s |
|
The Company’s |
|
|
|
||||||||||||||
|
|
|
Share of |
|
Share of |
|
Share of |
|
|
|
||||||||||||||
|
|
|
Secured |
|
Unsecured |
|
Unconsolidated |
|
The Company’s |
|
||||||||||||||
|
|
|
Consolidated |
|
Consolidated |
|
Joint Venture |
|
Share of Total |
|
||||||||||||||
|
Year |
|
|
|
Debt |
|
Debt |
|
Debt |
|
Debt |
|
||||||||||||
|
2007 |
|
|
301,551 |
|
|
|
1,055,000 |
|
|
|
117,348 |
|
|
|
1,473,899 |
|
|
||||||
|
2008 |
|
|
456,867 |
|
|
|
350,000 |
|
|
|
765,349 |
|
|
|
1,572,216 |
|
|
||||||
|
2009 |
|
|
742,683 |
|
|
|
900,000 |
|
|
|
516,969 |
|
|
|
2,159,652 |
|
|
||||||
|
2010 |
|
|
885,818 |
|
|
|
1,100,000 |
|
|
|
788,020 |
|
|
|
2,773,838 |
|
|
||||||
|
2011 |
|
|
520,951 |
|
|
|
2,402,013 |
|
|
|
610,445 |
|
|
|
3,533,409 |
|
|
||||||
|
2012 |
|
|
651,929 |
|
|
|
1,450,000 |
|
|
|
826,002 |
|
|
|
2,927,931 |
|
|
||||||
|
2013 |
|
|
199,750 |
|
|
|
425,000 |
|
|
|
321,088 |
|
|
|
945,838 |
|
|
||||||
|
2014 |
|
|
399,206 |
|
|
|
700,000 |
|
|
|
583,553 |
|
|
|
1,682,759 |
|
|
||||||
|
2015 |
|
|
1,697 |
|
|
|
1,200,000 |
|
|
|
433,052 |
|
|
|
1,634,749 |
|
|
||||||
|
2016 |
|
|
40,417 |
|
|
|
1,300,000 |
|
|
|
587,327 |
|
|
|
1,927,744 |
|
|
||||||
|
2017 |
|
|
319,403 |
|
|
|
500,000 |
|
|
|
600,153 |
|
|
|
1,419,556 |
|
|
||||||
|
Thereafter |
|
|
22,044 |
|
|
|
200,000 |
|
|
|
10,525 |
|
|
|
232,569 |
|
|
||||||
|
Face Amounts of Indebtedness |
|
|
$ |
4,542,316 |
|
|
|
$ |
11,582,013 |
|
|
|
$ |
6,159,831 |
|
|
|
$ |
22,284,160 |
|
|
||
|
Premiums (Discounts) on Indebtedness, Net |
|
|
32,211 |
|
|
|
17,710 |
|
|
|
28,560 |
|
|
|
78,481 |
|
|
||||||
|
Fair Value of Interest Rate Swaps Agreements |
|
|
— |
|
|
|
(8,629 |
) |
|
|
— |
|
|
|
(8,629 |
) |
|
||||||
|
The Company’s Share of Total Indebtedness |
|
|
$ |
4,574,527 |
|
|
|
$ |
11,591,094 |
|
|
|
$ |
6,188,391 |
|
|
|
$ |
22,354,012 |
|
|
||
Debt Covenant Compliance Ratios
|
Senior Unsecured Notes Covenant (1) |
|
|
|
Required |
|
Actual |
|
Compliance |
|
||||
|
Total Debt to Total Assets |
|
£65% |
|
|
48 |
% |
|
|
Yes |
|
|
||
|
Total Secured Debt to Total Assets |
|
£50% |
|
|
23 |
% |
|
|
Yes |
|
|
||
|
Fixed Charge Coverage Ratio |
|
>1.5X |
|
|
2.5 |
X |
|
|
Yes |
|
|
||
|
Total Unencumbered Assets to Unsecured Debt |
|
>125% |
|
|
217 |
% |
|
|
Yes |
|
|
||
(1) Covenants for indentures dated June 7, 2005 and later. Covenants and other provisions of prior supplemental indentures apply to all unsecured debt for as long as any securities issued under prior supplemental indentures remain outstanding or until the covenants in the prior supplemental indentures have been amended. For a complete listing of all debt covenants related to the Company’s senior unsecured notes, as well as definitions of the above terms, please refer to Simon Property Group, L.P. filings with the Securities and Exchange Commission.
47
SIMON
PROPERTY GROUP
Summary of Indebtedness
As of June 30, 2007
(In thousands)
|
|
Total |
|
The Company’s |
|
Weighted |
|
Weighted |
|
|||||||||
|
Consolidated Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
|
$ 4,557,297 |
|
|
|
$ 4,285,247 |
|
|
|
6.20 |
% |
|
|
4.3 |
|
|
|
Floating Rate Debt (Hedged)(1) |
|
|
94,799 |
|
|
|
94,799 |
|
|
|
6.22 |
% |
|
|
1.9 |
|
|
|
Floating Rate Debt |
|
|
162,270 |
|
|
|
162,270 |
|
|
|
5.85 |
% |
|
|
2.2 |
|
|
|
Total Mortgage Debt |
|
|
4,814,366 |
|
|
|
4,542,316 |
|
|
|
6.19 |
% |
|
|
4.1 |
|
|
|
Unsecured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
|
10,330,000 |
|
|
|
10,330,000 |
|
|
|
5.86 |
% |
|
|
5.2 |
|
|
|
Floating Rate Debt |
|
|
300,000 |
|
|
|
300,000 |
|
|
|
5.39 |
% |
|
|
1.6 |
|
|
|
|
|
|
10,630,000 |
|
|
|
10,630,000 |
|
|
|
5.79 |
% |
|
|
5.1 |
|
|
|
Revolving Corporate Credit Facility |
|
|
636,000 |
|
|
|
636,000 |
|
|
|
5.70 |
% |
|
|
3.5 |
|
|
|
Revolving Credit Facility—Yen Currency |
|
|
14,164 |
|
|
|
14,164 |
|
|
|
1.02 |
% |
|
|
3.5 |
|
|
|
Revolving Credit Facility—Euro Currency |
|
|
301,849 |
|
|
|
301,849 |
|
|
|
4.49 |
% |
|
|
3.5 |
|
|
|
|
|
|
952,013 |
|
|
|
952,013 |
|
|
|
5.24 |
% |
|
|
3.5 |
|
|
|
Total Unsecured Debt |
|
|
11,582,013 |
|
|
|
11,582,013 |
|
|
|
5.79 |
% |
|
|
5.0 |
|
|
|
Premium |
|
|
77,442 |
|
|
|
76,268 |
|
|
|
|
|
|
|
|
|
|
|
Discount |
|
|
(26,347 |
) |
|
|
(26,347 |
) |
|
|
|
|
|
|
|
|
|
|
Fair Value Interest Rate Swaps |
|
|
(8,629 |
) |
|
|
(8,629 |
) |
|
|
|
|
|
|
|
|
|
|
Consolidated Mortgages and Other Indebtedness(2) |
|
|
$ 16,438,845 |
|
|
|
$ 16,165,621 |
|
|
|
5.91 |
% |
|
|
4.7 |
|
|
|
Joint Venture Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
|
|
$ 11,900,955 |
|
|
|
$ 4,817,949 |
|
|
|
5.84 |
% |
|
|
6.0 |
|
|
|
Floating Rate Debt (Hedged)(1) |
|
|
199,189 |
|
|
|
81,946 |
|
|
|
6.03 |
% |
|
|
2.0 |
|
|
|
Floating Rate Debt |
|
|
2,534,104 |
|
|
|
840,936 |
|
|
|
6.22 |
% |
|
|
1.7 |
|
|
|
Total Mortgage Debt |
|
|
14,634,248 |
|
|
|
5,740,831 |
|
|
|
5.96 |
% |
|
|
5.3 |
|
|
|
Unsecured Fixed Rate Debt |
|
|
100,000 |
|
|
|
50,000 |
|
|
|
7.80 |
% |
|
|
1.7 |
|
|
|
Unsecured Floating Rate Debt |
|
|
738,000 |
|
|
|
369,000 |
|
|
|
4.76 |
% |
|
|
1.5 |
|
|
|
Total Unsecured Debt |
|
|
838,000 |
|
|
|
419,000 |
|
|
|
6.21 |
% |
|
|
4.3 |
|
|
|
Premium |
|
|
(1,147 |
) |
|
|
(564 |
) |
|
|
|
|
|
|
|
|
|
|
Discount |
|
|
58,246 |
|
|
|
29,124 |
|
|
|
|
|
|
|
|
|
|
|
Joint Venture Mortgages and Other Indebtedness |
|
|
$ 15,529,347 |
|
|
|
$ 6,188,391 |
|
|
|
5.96 |
% |
|
|
5.3 |
|
|
|
The Company’s Share of Total Indebtedness |
|
|
|
|
|
|
$ 22,354,012 |
|
|
|
5.89 |
% |
|
|
4.9 |
|
|
|
Summary of the Company’s share of Fixed and Variable Rate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
90.7 |
% |
|
|
14,665,168 |
|
|
|
5.96 |
% |
|
|
4.9 |
|
|
|
Variable |
|
|
9.3 |
% |
|
|
1,500,453 |
|
|
|
5.40 |
% |
|
|
3.2 |
|
|
|
|
|
|
100.0 |
% |
|
|
16,165,621 |
|
|
|
5.91 |
% |
|
|
4.7 |
|
|
|
Joint Venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
78.3 |
% |
|
|
4,846,509 |
|
|
|
5.86 |
% |
|
|
6.0 |
|
|
|
Variable |
|
|
21.7 |
% |
|
|
1,341,882 |
|
|
|
6.31 |
% |
|
|
2.7 |
|
|
|
|
|
|
100.0 |
% |
|
|
$ 6,188,391 |
|
|
|
5.96 |
% |
|
|
5.3 |
|
|
|
Total Debt |
|
|
|
|
|
|
22,354,012 |
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Debt |
|
|
87.3 |
% |
|
|
19,511,677 |
|
|
|
5.89 |
% |
|
|
5.1 |
|
|
|
Total Variable Debt |
|
|
12.7 |
% |
|
|
2,842,335 |
|
|
|
5.89 |
% |
|
|
2.9 |
|
|
(1) These debt obligations are hedged by interest rate cap agreements.
(2) Amounts give effect to outstanding derivative instruments as footnoted on the Summary of Indebtedness by Maturity.
48
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
Consolidated Indebtedness: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Copley Place |
|
|
08/01/07 |
|
|
|
7.44 |
% |
|
Fixed |
|
Secured |
|
|
169,331 |
|
|
|
166,193 |
|
|
||
|
Simon Property Group, LP (Medium Term Notes) |
|
|
09/20/07 |
|
|
|
7.13 |
% |
|
Fixed |
|
Unsecured |
|
|
180,000 |
|
|
|
180,000 |
|
|
||
|
University Park Mall |
|
|
10/01/07 |
|
|
|
7.43 |
% |
|
Fixed |
|
Secured |
|
|
56,451 |
|
|
|
56,451 |
|
|
||
|
CPG Partners, LP (Sr. Notes) |
|
|
10/21/07 |
|
|
|
7.25 |
% |
|
Fixed |
|
Unsecured |
|
|
125,000 |
|
|
|
125,000 |
|
|
||
|
Aventura Mall Credit Facility |
|
|
10/27/07 |
|
|
|
6.32 |
% |
|
Variable |
|
Secured |
|
|
35,392 |
|
|
|
35,392 |
|
|
||
|
Simon Property Group, LP |
|
|
11/15/07 |
|
|
|
6.38 |
% |
|
Fixed |
|
Unsecured |
|
|
750,000 |
|
|
|
750,000 |
|
|
||
|
Bangor Mall |
|
|
12/01/07 |
|
|
|
7.06 |
% |
|
Fixed |
|
Secured |
|
|
21,659 |
|
|
|
14,371 |
|
|
||
|
Simon Property Group, LP |
|
|
06/15/08 |
|
|
|
7.00 |
% |
|
Fixed |
|
Unsecured |
|
|
200,000 |
|
|
|
200,000 |
|
|
||
|
Gilroy Premium Outlets |
(9) |
|
07/11/08 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
63,292 |
|
|
|
63,292 |
|
|
||
|
Kittery Premium Outlets |
(9) |
|
07/11/08 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
10,501 |
|
|
|
10,501 |
|
|
||
|
Lighthouse Place Premium |
(9) |
|
07/11/08 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
43,673 |
|
|
|
43,673 |
|
|
||
|
Waterloo Premium Outlets |
(9) |
|
07/11/08 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
35,176 |
|
|
|
35,176 |
|
|
||
|
Simon Property Group, LP |
|
|
08/28/08 |
|
|
|
5.38 |
% |
|
Fixed |
|
Unsecured |
|
|
150,000 |
|
|
|
150,000 |
|
|
||
|
Stanford Shopping Center |
|
|
09/11/08 |
(11) |
|
|
3.60 |
% |
|
Fixed |
|
Secured |
|
|
220,000 |
|
|
|
220,000 |
|
|
||
|
Arsenal Mall—1 |
|
|
09/28/08 |
|
|
|
6.75 |
% |
|
Fixed |
|
Secured |
|
|
31,139 |
|
|
|
31,139 |
|
|
||
|
College Mall—1 |
(3) |
|
01/01/09 |
|
|
|
7.00 |
% |
|
Fixed |
|
Secured |
|
|
31,806 |
|
|
|
31,806 |
|
|
||
|
College Mall—2 |
(3) |
|
01/01/09 |
|
|
|
6.76 |
% |
|
Fixed |
|
Secured |
|
|
10,603 |
|
|
|
10,603 |
|
|
||
|
Greenwood Park Mall—1 |
(3) |
|
01/01/09 |
|
|
|
7.00 |
% |
|
Fixed |
|
Secured |
|
|
26,639 |
|
|
|
26,639 |
|
|
||
|
Greenwood Park Mall—2 |
(3) |
|
01/01/09 |
|
|
|
6.76 |
% |
|
Fixed |
|
Secured |
|
|
54,778 |
|
|
|
54,778 |
|
|
||
|
Towne East Square—1 |
|
|
01/01/09 |
|
|
|
7.00 |
% |
|
Fixed |
|
Secured |
|
|
43,524 |
|
|
|
43,524 |
|
|
||
|
Towne East Square—2 |
|
|
01/01/09 |
|
|
|
6.81 |
% |
|
Fixed |
|
Secured |
|
|
22,108 |
|
|
|
22,108 |
|
|
||
|
Woodland Hills Mall |
|
|
01/01/09 |
|
|
|
7.00 |
% |
|
Fixed |
|
Secured |
|
|
80,870 |
|
|
|
76,396 |
|
|
||
|
Simon Property Group, LP |
|
|
01/30/09 |
(16) |
|
|
3.75 |
% |
|
Fixed |
|
Unsecured |
|
|
300,000 |
|
|
|
300,000 |
|
|
||
|
Simon Property Group, LP |
|
|
02/09/09 |
|
|
|
7.13 |
% |
|
Fixed |
|
Unsecured |
|
|
300,000 |
|
|
|
300,000 |
|
|
||
|
Penn Square Mall |
|
|
03/01/09 |
|
|
|
7.03 |
% |
|
Fixed |
|
Secured |
|
|
67,660 |
|
|
|
63,936 |
|
|
||
|
CPG Partners, LP (Sr. Notes) |
|
|
03/15/09 |
|
|
|
3.50 |
% |
|
Fixed |
|
Unsecured |
|
|
100,000 |
|
|
|
100,000 |
|
|
||
|
Plaza Carolina—Fixed |
|
|
05/09/09 |
|
|
|
5.10 |
% |
|
Fixed |
|
Secured |
|
|
93,574 |
|
|
|
93,574 |
|
|
||
|
Plaza Carolina—Variable Capped |
(2) |
|
05/09/09 |
|
|
|
6.22 |
% |
|
Variable |
|
Secured |
|
|
94,799 |
|
|
|
94,799 |
|
|
||
|
Plaza Carolina—Variable Floating |
(2) |
|
05/09/09 |
|
|
|
6.22 |
% |
|
Variable |
|
Secured |
|
|
56,878 |
|
|
|
56,878 |
|
|
||
|
Simon Property Group, LP |
|
|
07/15/09 |
|
|
|
7.00 |
% |
|
Fixed |
|
Unsecured |
|
|
150,000 |
|
|
|
150,000 |
|
|
||
|
CPG Partners, LP (Sr. Notes) |
|
|
08/17/09 |
|
|
|
8.63 |
% |
|
Fixed |
|
Unsecured |
|
|
50,000 |
|
|
|
50,000 |
|
|
||
|
Bloomingdale Court |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
27,310 |
|
|
|
27,310 |
|
|
||
|
Forest Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
14,979 |
|
|
|
14,979 |
|
|
||
|
Lake View Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
19,911 |
|
|
|
19,911 |
|
|
||
|
Lakeline Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
21,831 |
|
|
|
21,831 |
|
|
||
|
Lincoln Crossing |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
3,014 |
|
|
|
3,014 |
|
|
||
|
Matteson Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
8,769 |
|
|
|
8,769 |
|
|
||
|
Muncie Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
7,582 |
|
|
|
7,582 |
|
|
||
|
Regency Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
4,110 |
|
|
|
4,110 |
|
|
||
|
St. Charles Towne Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
26,305 |
|
|
|
26,305 |
|
|
||
|
West Ridge Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
5,299 |
|
|
|
5,299 |
|
|
||
|
White Oaks Plaza |
(8) |
|
11/01/09 |
|
|
|
7.78 |
% |
|
Fixed |
|
Secured |
|
|
16,167 |
|
|
|
16,167 |
|
|
||
49
SIMON
PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
Simon Property
Group, LP |
|
|
03/18/10 |
|
|
|
4.88 |
% |
|
Fixed |
|
Unsecured |
|
|
300,000 |
|
|
|
300,000 |
|
|
||
|
Simon Property Group, LP |
|
|
06/15/10 |
|
|
|
4.60 |
% |
|
Fixed |
|
Unsecured |
|
|
400,000 |
|
|
|
400,000 |
|
|
||
|
Mall of Georgia |
|
|
07/01/10 |
|
|
|
7.09 |
% |
|
Fixed |
|
Secured |
|
|
189,962 |
|
|
|
189,962 |
|
|
||
|
SB Trolley Square Holding |
|
|
08/01/10 |
|
|
|
9.03 |
% |
|
Fixed |
|
Secured |
|
|
28,255 |
|
|
|
28,255 |
|
|
||
|
Simon Property Group, LP |
|
|
08/15/10 |
|
|
|
4.88 |
% |
|
Fixed |
|
Unsecured |
|
|
400,000 |
|
|
|
400,000 |
|
|
||
|
Coral Square |
|
|
10/01/10 |
|
|
|
8.00 |
% |
|
Fixed |
|
Secured |
|
|
85,127 |
|
|
|
82,760 |
|
|
||
|
Crystal River |
|
|
11/11/10 |
|
|
|
7.63 |
% |
|
Fixed |
|
Secured |
|
|
15,239 |
|
|
|
15,239 |
|
|
||
|
Forum Shops at Caesars, The |
|
|
12/01/10 |
|
|
|
4.78 |
% |
|
Fixed |
|
Secured |
|
|
537,718 |
|
|
|
537,718 |
|
|
||
|
Port Charlotte Town Center |
|
|
12/11/10 |
|
|
|
7.98 |
% |
|
Fixed |
|
Secured |
|
|
51,761 |
|
|
|
41,409 |
|
|
||
|
Oxford Valley Mall |
|
|
01/10/11 |
|
|
|
6.76 |
% |
|
Fixed |
|
Secured |
|
|
78,708 |
|
|
|
49,712 |
|
|
||
|
Revolving Credit Facility-USD |
(2) |
|
01/11/11 |
|
|
|
5.70 |
% |
|
Variable |
|
Unsecured |
|
|
636,000 |
|
|
|
636,000 |
|
|
||
|
Revolving Credit Facility—Yen Currency |
(2) |
|
01/11/11 |
|
|
|
1.02 |
% |
|
Variable |
|
Unsecured |
(17) |
|
14,164 |
|
|
|
14,164 |
|
|
||
|
Revolving Credit Facility—Euro Currency |
(2) |
|
01/11/11 |
|
|
|
4.49 |
% |
|
Variable |
|
Unsecured |
(18) |
|
301,849 |
|
|
|
301,849 |
|
|
||
|
Simon Property Group, LP |
|
|
01/20/11 |
|
|
|
7.75 |
% |
|
Fixed |
|
Unsecured |
|
|
200,000 |
|
|
|
200,000 |
|
|
||
|
CPG Partners, LP (Sr. Notes) |
|
|
02/01/11 |
|
|
|
8.25 |
% |
|
Fixed |
|
Unsecured |
|
|
150,000 |
|
|
|
150,000 |
|
|
||
|
Simon Property Group, LP |
|
|
06/01/11 |
|
|
|
5.38 |
% |
|
Fixed |
|
Unsecured |
|
|
500,000 |
|
|
|
500,000 |
|
|
||
|
Henderson Square |
|
|
07/01/11 |
|
|
|
6.94 |
% |
|
Fixed |
|
Secured |
|
|
14,955 |
|
|
|
11,361 |
|
|
||
|
Ingram Park Mall |
(7) |
|
08/11/11 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
78,938 |
|
|
|
78,938 |
|
|
||
|
Knoxville Center |
(7) |
|
08/11/11 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
59,776 |
|
|
|
59,776 |
|
|
||
|
Northlake Mall |
(7) |
|
08/11/11 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
68,960 |
|
|
|
68,960 |
|
|
||
|
Towne West Square |
(7) |
|
08/11/11 |
|
|
|
6.99 |
% |
|
Fixed |
|
Secured |
|
|
51,672 |
|
|
|
51,672 |
|
|
||
|
Simon Property Group, LP |
|
|
09/01/11 |
|
|
|
5.60 |
% |
|
Fixed |
|
Unsecured |
|
|
600,000 |
|
|
|
600,000 |
|
|
||
|
Gateway Shopping Center |
|
|
10/01/11 |
|
|
|
5.89 |
% |
|
Fixed |
|
Secured |
|
|
87,000 |
|
|
|
84,213 |
|
|
||
|
Tacoma Mall |
|
|
10/01/11 |
|
|
|
7.00 |
% |
|
Fixed |
|
Secured |
|
|
125,797 |
|
|
|
125,797 |
|
|
||
|
Simon Property Group, LP |
|
|
03/01/12 |
|
|
|
5.00 |
% |
|
Fixed |
|
Unsecured |
|
|
600,000 |
|
|
|
600,000 |
|
|
||
|
Simon Property Group, LP |
|
|
05/01/12 |
|
|
|
5.75 |
% |
|
Fixed |
|
Unsecured |
|
|
400,000 |
|
|
|
400,000 |
|
|
||
|
Gwinnett Place |
|
|
06/08/12 |
|
|
|
5.68 |
% |
|
Fixed |
|
Secured |
|
|
115,000 |
|
|
|
86,250 |
|
|
||
|
Town Center at Cobb |
|
|
06/08/12 |
|
|
|
5.74 |
% |
|
Fixed |
|
Secured |
|
|
280,000 |
|
|
|
210,000 |
|
|
||
|
CPG Partners, LP (Sr. Notes) |
|
|
06/15/12 |
|
|
|
6.88 |
% |
|
Fixed |
|
Unsecured |
|
|
100,000 |
|
|
|
100,000 |
|
|
||
|
Simon Property Group, LP |
|
|
08/28/12 |
|
|
|
6.35 |
% |
|
Fixed |
|
Unsecured |
|
|
350,000 |
|
|
|
350,000 |
|
|
||
|
Anderson Mall |
|
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
28,421 |
|
|
|
28,421 |
|
|
||
|
Century III Mall |
(5) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
83,896 |
|
|
|
83,896 |
|
|
||
|
Crossroads Mall |
|
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
42,135 |
|
|
|
42,135 |
|
|
||
|
Forest Mall |
(6) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
16,873 |
|
|
|
16,873 |
|
|
||
|
Highland Lakes Center |
(5) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
15,553 |
|
|
|
15,553 |
|
|
||
|
Longview Mall |
(5) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
31,577 |
|
|
|
31,577 |
|
|
||
|
Markland Mall |
(6) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
22,341 |
|
|
|
22,341 |
|
|
||
|
Midland Park Mall |
(6) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
32,615 |
|
|
|
32,615 |
|
|
||
|
Palm Beach Mall |
|
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
52,176 |
|
|
|
52,176 |
|
|
||
|
Richmond Towne Square |
(6) |
|
10/10/12 |
|
|
|
6.20 |
% |
|
Fixed |
|
Secured |
|
|
45,812 |
|
|
|
45,812 |
|
|
||
|
CPG Partners, LP (Sr. Notes) |
|
|
01/15/13 |
|
|
|
6.00 |
% |
|
Fixed |
|
Unsecured |
|
|
150,000 |
|
|
|
150,000 |
|
|
||
|
Factory Stores of America—Boaz |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
2,735 |
|
|
|
2,735 |
|
|
||
50
SIMON
PROPERTY GROUP
Summary of
Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
The Factory Shoppes at Branson Meadows |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
9,349 |
|
|
|
9,349 |
|
|
||
|
MacGregor Village |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
6,732 |
|
|
|
6,732 |
|
|
||
|
Factory Stores of America—Georgetown |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
6,480 |
|
|
|
6,480 |
|
|
||
|
Factory Stores of America— |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
1,925 |
|
|
|
1,925 |
|
|
||
|
Dare Centre |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
1,673 |
|
|
|
1,673 |
|
|
||
|
Factory Stores of America— |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
1,618 |
|
|
|
1,618 |
|
|
||
|
Factory Stores of America— |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
1,519 |
|
|
|
1,519 |
|
|
||
|
North Ridge Shopping Center |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
8,222 |
|
|
|
8,222 |
|
|
||
|
Factory Stores of America— |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
1,879 |
|
|
|
1,879 |
|
|
||
|
Carolina Premium Outlets—Smithfield |
(10) |
|
03/10/13 |
|
|
|
9.10 |
% |
|
Fixed |
|
Secured |
|
|
20,102 |
|
|
|
20,102 |
|
|
||
|
The Crossings Premium Outlets |
|
|
03/13/13 |
|
|
|
5.85 |
% |
|
Fixed |
|
Secured |
|
|
56,051 |
|
|
|
56,051 |
|
|
||
|
Simon Property Group, LP |
|
|
03/15/13 |
|
|
|
5.45 |
% |
|
Fixed |
|
Unsecured |
|
|
200,000 |
|
|
|
200,000 |
|
|
||
|
Battlefield Mall |
|
|
07/01/13 |
|
|
|
4.60 |
% |
|
Fixed |
|
Secured |
|
|
97,031 |
|
|
|
97,031 |
|
|
||
|
Retail Property Trust (Sr. Notes) |
|
|
09/01/13 |
|
|
|
7.18 |
% |
|
Fixed |
|
Unsecured |
|
|
75,000 |
|
|
|
75,000 |
|
|
||
|
Simon Property Group, LP |
|
|
01/30/14 |
|
|
|
4.90 |
% |
|
Fixed |
|
Unsecured |
|
|
200,000 |
|
|
|
200,000 |
|
|
||
|
Northfield Square |
|
|
02/11/14 |
|
|
|
6.05 |
% |
|
Fixed |
|
Secured |
|
|
30,064 |
|
|
|
9,500 |
|
|
||
|
Montgomery Mall |
|
|
05/11/14 |
|
|
|
5.17 |
% |
|
Fixed |
|
Secured |
|
|
91,766 |
|
|
|
49,067 |
|
|
||
|
Boardman Plaza |
|
|
07/01/14 |
|
|
|
5.94 |
% |
|
Fixed |
|
Secured |
|
|
23,598 |
|
|
|
23,598 |
|
|
||
|
Desoto Square |
|
|
07/01/14 |
|
|
|
5.89 |
% |
|
Fixed |
|
Secured |
|
|
64,153 |
|
|
|
64,153 |
|
|
||
|
Upper Valley Mall |
|
|
07/01/14 |
|
|
|
5.89 |
% |
|
Fixed |
|
Secured |
|
|
47,904 |
|
|
|
47,904 |
|
|
||
|
Washington Square |
|
|
07/01/14 |
|
|
|
5.94 |
% |
|
Fixed |
|
Secured |
|
|
30,693 |
|
|
|
30,693 |
|
|
||
|
West Ridge Mall |
|
|
07/01/14 |
|
|
|
5.89 |
% |
|
Fixed |
|
Secured |
|
|
68,711 |
|
|
|
68,711 |
|
|
||
|
Chesapeake Square |
|
|
08/01/14 |
|
|
|
5.84 |
% |
|
Fixed |
|
Secured |
|
|
72,205 |
|
|
|
54,154 |
|
|
||
|
Brunswick Square |
|
|
08/11/14 |
|
|
|
5.65 |
% |
|
Fixed |
|
Secured |
|
|
85,120 |
|
|
|
85,120 |
|
|
||
|
Simon Property Group, LP |
|
|
08/15/14 |
|
|
|
5.63 |
% |
|
Fixed |
|
Unsecured |
|
|
500,000 |
|
|
|
500,000 |
|
|
||
|
DeKalb Plaza |
|
|
01/01/15 |
|
|
|
5.28 |
% |
|
Fixed |
|
Secured |
|
|
3,246 |
|
|
|
1,634 |
|
|
||
|
Simon Property Group, LP |
|
|
06/15/15 |
|
|
|
5.10 |
% |
|
Fixed |
|
Unsecured |
|
|
600,000 |
|
|
|
600,000 |
|
|
||
|
Simon Property Group, LP |
|
|
12/01/15 |
|
|
|
5.75 |
% |
|
Fixed |
|
Unsecured |
|
|
600,000 |
|
|
|
600,000 |
|
|
||
|
Retail Property Trust (Sr. Notes) |
|
|
03/15/16 |
|
|
|
7.88 |
% |
|
Fixed |
|
Unsecured |
|
|
250,000 |
|
|
|
250,000 |
|
|
||
|
Simon Property Group, LP |
|
|
05/01/16 |
|
|
|
6.10 |
% |
|
Fixed |
|
Unsecured |
|
|
400,000 |
|
|
|
400,000 |
|
|
||
|
Arsenal Mall—2 |
|
|
05/05/16 |
|
|
|
8.20 |
% |
|
Fixed |
|
Secured |
|
|
1,250 |
|
|
|
1,250 |
|
|
||
|
White Oaks Mall |
|
|
11/01/16 |
|
|
|
5.54 |
% |
|
Fixed |
|
Secured |
|
|
50,000 |
|
|
|
38,730 |
|
|
||
|
Simon Property Group, LP |
|
|
12/01/16 |
|
|
|
5.25 |
% |
|
Fixed |
|
Unsecured |
|
|
650,000 |
|
|
|
650,000 |
|
|
||
|
Simon Property Group, LP |
|
|
03/01/17 |
|
|
|
5.88 |
% |
|
Fixed |
|
Unsecured |
|
|
500,000 |
|
|
|
500,000 |
|
|
||
|
Wolfchase Galleria |
|
|
04/01/17 |
|
|
|
5.64 |
% |
|
Fixed |
|
Secured |
|
|
225,000 |
|
|
|
212,616 |
|
|
||
|
Valle Vista Mall |
|
|
05/10/17 |
|
|
|
5.35 |
% |
|
Fixed |
|
Secured |
|
|
40,000 |
|
|
|
40,000 |
|
|
||
|
Summit Mall |
|
|
06/10/17 |
|
|
|
5.42 |
% |
|
Fixed |
|
Secured |
|
|
65,000 |
|
|
|
65,000 |
|
|
||
51
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
Simon Property
Group, LP |
|
|
06/15/18 |
|
|
|
7.38 |
% |
|
Fixed |
|
Unsecured |
|
|
200,000 |
|
|
|
200,000 |
|
|
||
|
Sunland Park Mall |
|
|
01/01/26 |
|
|
|
8.63 |
% |
|
Fixed |
|
Secured |
|
|
34,943 |
|
|
|
34,943 |
|
|
||
|
Total Consolidated Indebtedness at Face Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,396,379 |
|
|
|
16,124,329 |
|
|
||
|
Premium on Fixed-Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,442 |
|
|
|
76,268 |
|
|
||
|
Discount on Fixed-Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(26,347 |
) |
|
|
(26,347 |
) |
|
||
|
Fair Value Interest Rate Swaps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,629 |
) |
|
|
(8,629 |
) |
|
||
|
Total Consolidated Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,438,845 |
|
|
|
16,165,621 |
|
|
||
|
Joint Venture Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Coddingtown Mall |
|
|
07/14/07 |
|
|
|
6.57 |
% |
|
Variable |
|
Secured |
|
|
10,500 |
|
|
|
10,500 |
|
|
||
|
Hamilton Town Center |
|
|
07/31/07 |
|
|
|
6.32 |
% |
|
Variable |
|
Secured |
|
|
13,615 |
|
|
|
6,808 |
|
|
||
|
Opry Mills |
|
|
10/10/07 |
|
|
|
6.56 |
% |
|
Variable |
|
Secured |
|
|
175,000 |
|
|
|
42,875 |
|
|
||
|
Del Amo |
|
|
01/10/08 |
|
|
|
7.72 |
% |
|
Variable |
|
Secured |
|
|
320,488 |
|
|
|
80,122 |
|
|
||
|
Dover Mall & Commons |
(4) |
|
02/10/08 |
|
|
|
7.27 |
% |
|
Variable |
|
Secured |
|
|
83,756 |
|
|
|
41,878 |
|
|
||
|
The Esplanade |
(4) |
|
02/10/08 |
|
|
|
7.27 |
% |
|
Variable |
|
Secured |
|
|
75,136 |
|
|
|
37,568 |
|
|
||
|
Galleria at White Plains |
(4) |
|
02/10/08 |
|
|
|
7.27 |
% |
|
Variable |
|
Secured |
|
|
125,566 |
|
|
|
62,783 |
|
|
||
|
Northpark Mall—Mills |
(4) |
|
02/10/08 |
|
|
|
7.27 |
% |
|
Variable |
|
Secured |
|
|
105,543 |
|
|
|
52,771 |
|
|
||
|
Galleria Commerciali Italia— |
|
|
03/31/08 |
|
|
|
4.57 |
% |
|
Variable |
|
Secured |
(13) |
|
71,756 |
|
|
|
35,160 |
|
|
||
|
Aventura Mall |
|
|
04/06/08 |
|
|
|
6.61 |
% |
|
Fixed |
|
Secured |
|
|
200,000 |
|
|
|
66,667 |
|
|
||
|
West Town Mall |
|
|
05/01/08 |
|
|
|
6.90 |
% |
|
Fixed |
|
Secured |
|
|
76,000 |
|
|
|
38,000 |
|
|
||
|
Great Mall of the Bay Area |
|
|
09/01/08 |
|
|
|
4.80 |
% |
|
Fixed |
|
Secured |
|
|
175,000 |
|
|
|
41,843 |
|
|
||
|
Grapevine Mills |
|
|
10/01/08 |
|
|
|
6.47 |
% |
|
Fixed |
|
Secured |
|
|
146,546 |
|
|
|
28,943 |
|
|
||
|
Mall of New Hampshire—1 |
|
|
10/01/08 |
|
|
|
6.96 |
% |
|
Fixed |
|
Secured |
|
|
95,382 |
|
|
|
46,868 |
|
|
||
|
Mall of New Hampshire—2 |
|
|
10/01/08 |
|
|
|
8.53 |
% |
|
Fixed |
|
Secured |
|
|
7,939 |
|
|
|
3,901 |
|
|
||
|
Fashion Valley Mall—1 |
|
|
10/11/08 |
|
|
|
6.49 |
% |
|
Fixed |
|
Secured |
|
|
157,288 |
|
|
|
78,644 |
|
|
||
|
Fashion Valley Mall—2 |
|
|
10/11/08 |
|
|
|
6.58 |
% |
|
Fixed |
|
Secured |
|
|
29,124 |
|
|
|
14,562 |
|
|
||
|
SouthPark Residential |
|
|
10/31/08 |
|
|
|
6.72 |
% |
|
Variable |
|
Secured |
|
|
32,650 |
|
|
|
13,060 |
|
|
||
|
Whitehall Mall |
|
|
11/01/08 |
|
|
|
6.77 |
% |
|
Fixed |
|
Secured |
|
|
12,870 |
|
|
|
4,889 |
|
|
||
|
Grapevine Mills II |
|
|
11/05/08 |
|
|
|
8.39 |
% |
|
Fixed |
|
Secured |
|
|
13,713 |
|
|
|
2,708 |
|
|
||
|
Ontario Mills |
|
|
12/01/08 |
|
|
|
6.75 |
% |
|
Fixed |
|
Secured |
|
|
129,598 |
|
|
|
32,400 |
|
|
||
|
Galleria Commerciali Italia—Facility C |
|
|
12/22/08 |
|
|
|
4.76 |
% |
|
Variable |
|
Unsecured |
(13) |
|
185,961 |
|
|
|
91,121 |
|
|
||
|
Block at Orange |
|
|
01/01/09 |
|
|
|
6.64 |
% |
|
Variable |
|
Secured |
|
|
135,000 |
|
|
|
8,134 |
|
|
||
|
Ontario Mills II |
|
|
01/05/09 |
|
|
|
8.01 |
% |
|
Fixed |
|
Secured |
|
|
9,899 |
|
|
|
2,475 |
|
|
||
|
Source, The |
|
|
03/11/09 |
|
|
|
6.65 |
% |
|
Fixed |
|
Secured |
|
|
124,000 |
|
|
|
31,000 |
|
|
||
|
Broward Mall |
|
|
03/18/09 |
|
|
|
6.90 |
% |
|
Fixed |
|
Secured |
|
|
54,774 |
|
|
|
27,387 |
|
|
||
|
Trust Preferred Unsecured |
|
|
03/30/09 |
|
|
|
7.80 |
% |
|
Fixed |
|
Unsecured |
|
|
100,000 |
|
|
|
50,000 |
|
|
||
|
Shops at Sunset Place, The |
(2) |
|
05/09/09 |
|
|
|
6.07 |
% |
|
Variable |
|
Secured |
|
|
89,189 |
|
|
|
33,446 |
|
|
||
|
Firewheel Residential |
|
|
06/20/09 |
|
|
|
7.17 |
% |
|
Variable |
|
Secured |
|
|
9,206 |
|
|
|
4,603 |
|
|
||
|
Seminole Towne Center |
(2) |
|
07/09/09 |
|
|
|
5.97 |
% |
|
Variable |
|
Secured |
|
|
70,000 |
|
|
|
31,500 |
|
|
||
|
Fashion Centre Pentagon Office |
(2) |
|
07/09/09 |
|
|
|
6.07 |
% |
|
Variable |
|
Secured |
|
|
40,000 |
|
|
|
17,000 |
|
|
||
|
University Storage |
(2) |
|
07/31/09 |
|
|
|
7.37 |
% |
|
Variable |
|
Secured |
|
|
4,567 |
|
|
|
2,284 |
|
|
||
|
Castleton Storage |
(2) |
|
07/31/09 |
|
|
|
7.37 |
% |
|
Variable |
|
Secured |
|
|
1,454 |
|
|
|
727 |
|
|
||
|
Apple Blossom Mall |
|
|
09/10/09 |
|
|
|
7.99 |
% |
|
Fixed |
|
Secured |
|
|
37,955 |
|
|
|
18,650 |
|
|
||
|
Auburn Mall |
|
|
09/10/09 |
|
|
|
7.99 |
% |
|
Fixed |
|
Secured |
|
|
44,435 |
|
|
|
21,834 |
|
|
||
|
Toki Premium Outlets |
|
|
10/30/09 |
|
|
|
1.39 |
% |
|
Variable |
|
Secured |
(15) |
|
19,551 |
|
|
|
7,820 |
|
|
||
52
SIMON
PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
Briarwood Mall |
|
|
11/01/09 |
|
|
|
4.48 |
% |
|
Fixed |
|
Secured |
|
|
194,522 |
|
|
|
48,630 |
|
|
||
|
The Falls |
|
|
11/01/09 |
|
|
|
4.34 |
% |
|
Fixed |
|
Secured |
|
|
148,200 |
|
|
|
37,050 |
|
|
||
|
Meadowood Mall |
|
|
11/01/09 |
|
|
|
6.25 |
% |
|
Variable |
|
Secured |
|
|
182,000 |
|
|
|
45,500 |
|
|
||
|
Stoneridge Shopping Center |
|
|
11/01/09 |
|
|
|
6.27 |
% |
|
Variable |
|
Secured |
|
|
293,800 |
|
|
|
73,450 |
|
|
||
|
Colorado Mills |
|
|
11/12/09 |
|
|
|
7.10 |
% |
|
Variable |
|
Secured |
|
|
170,000 |
|
|
|
33,057 |
|
|
||
|
Mall at Chestnut Hill |
|
|
02/02/10 |
|
|
|
8.45 |
% |
|
Fixed |
|
Secured |
|
|
14,071 |
|
|
|
6,644 |
|
|
||
|
St. John’s Town Center Phase II |
|
|
02/12/10 |
|
|
|
5.97 |
% |
|
Variable |
|
Secured |
|
|
34,500 |
|
|
|
17,250 |
|
|
||
|
Southdale Center |
|
|
04/01/10 |
|
|
|
5.18 |
% |
|
Fixed |
|
Secured |
|
|
186,550 |
|
|
|
93,275 |
|
|
||
|
Cobblestone Court |
|
|
04/16/10 |
|
|
|
6.32 |
% |
|
Fixed |
|
Secured |
|
|
2,700 |
|
|
|
1,350 |
|
|
||
|
Westchester, The |
|
|
06/01/10 |
|
|
|
4.86 |
% |
|
Fixed |
|
Secured |
|
|
500,000 |
|
|
|
200,000 |
|
|
||
|
Arundel Mills |
|
|
06/09/10 |
|
|
|
4.61 |
% |
|
Fixed |
|
Secured |
|
|
187,000 |
|
|
|
36,933 |
|
|
||
|
Lakeforest Mall |
|
|
07/08/10 |
|
|
|
5.36 |
% |
|
Variable |
|
Secured |
|
|
141,050 |
|
|
|
35,263 |
|
|
||
|
Lehigh Valley Mall |
|
|
08/09/10 |
|
|
|
5.88 |
% |
|
Variable |
|
Secured |
|
|
150,000 |
|
|
|
56,415 |
|
|
||
|
Arizona Mills |
|
|
10/05/10 |
|
|
|
7.90 |
% |
|
Fixed |
|
Secured |
|
|
136,901 |
|
|
|
34,225 |
|
|
||
|
Net Leases I |
|
|
10/10/10 |
|
|
|
7.96 |
% |
|
Fixed |
|
Secured |
|
|
26,325 |
|
|
|
13,163 |
|
|
||
|
Springfield Mall |
(2) |
|
12/01/10 |
|
|
|
6.42 |
% |
|
Variable |
|
Secured |
|
|
76,500 |
|
|
|
29,062 |
|
|
||
|
Florida Mall, The |
|
|
12/10/10 |
|
|
|
7.55 |
% |
|
Fixed |
|
Secured |
|
|
252,442 |
|
|
|
126,221 |
|
|
||
|
Surprise Grand Vista |
|
|
12/28/10 |
(19) |
|
|
10.61 |
% |
|
Fixed |
|
Secured |
|
|
295,682 |
|
|
|
118,273 |
|
|
||
|
Westland Mall |
|
|
02/01/11 |
|
|
|
4.95 |
% |
|
Fixed |
|
Secured |
|
|
58,513 |
|
|
|
29,256 |
|
|
||
|
Domain Residential |
(2) |
|
03/03/11 |
|
|
|
6.47 |
% |
|
Variable |
|
Secured |
|
|
27,274 |
|
|
|
13,637 |
|
|
||
|
Atrium at Chestnut Hill |
|
|
03/11/11 |
|
|
|
6.89 |
% |
|
Fixed |
|
Secured |
|
|
45,683 |
|
|
|
22,447 |
|
|
||
|
Cape Cod Mall |
|
|
03/11/11 |
|
|
|
6.80 |
% |
|
Fixed |
|
Secured |
|
|
92,813 |
|
|
|
45,606 |
|
|
||
|
Bay 1 (Torcy) |
|
|
05/31/11 |
|
|
|
4.87 |
% |
|
Fixed |
|
Secured |
(14) |
|
18,958 |
|
|
|
9,479 |
|
|
||
|
Bay 2 (Torcy) |
|
|
06/30/11 |
|
|
|
4.87 |
% |
|
Fixed |
|
Secured |
(14) |
|
70,721 |
|
|
|
35,361 |
|
|
||
|
Highland Mall |
|
|
07/11/11 |
|
|
|
6.83 |
% |
|
Fixed |
|
Secured |
|
|
66,330 |
|
|
|
33,165 |
|
|
||
|
Villabe A6—Bel’Est |
|
|
08/31/11 |
|
|
|
5.17 |
% |
|
Fixed |
|
Secured |
(14) |
|
13,041 |
|
|
|
6,520 |
|
|
||
|
Wilenska Station Shopping Center |
|
|
08/31/11 |
|
|
|
5.57 |
% |
|
Fixed |
|
Secured |
(14) |
|
40,061 |
|
|
|
20,031 |
|
|
||
|
Fashion Centre Pentagon Retail |
|
|
09/11/11 |
|
|
|
6.63 |
% |
|
Fixed |
|
Secured |
|
|
155,728 |
|
|
|
66,184 |
|
|
||
|
Discover Mills—1 |
|
|
12/11/11 |
|
|
|
7.32 |
% |
|
Fixed |
|
Secured |
|
|
23,700 |
|
|
|
1,684 |
|
|
||
|
Discover Mills—2 |
|
|
12/11/11 |
|
|
|
6.08 |
% |
|
Fixed |
|
Secured |
|
|
135,000 |
|
|
|
9,592 |
|
|
||
|
Galleria Commerciali Italia—Facility A |
|
|
12/22/11 |
|
|
|
5.22 |
% |
|
Fixed |
|
Secured |
(13) |
|
332,027 |
|
|
|
162,693 |
|
|
||
|
Galleria Commerciali Italia—Facility B |
|
|
12/22/11 |
|
|
|
5.32 |
% |
|
Fixed |
|
Secured |
(13) |
|
328,160 |
|
|
|
160,798 |
|
|
||
|
Zakopianka Shopping Center |
|
|
12/28/11 |
|
|
|
6.60 |
% |
|
Fixed |
|
Secured |
(12) |
|
15,172 |
|
|
|
7,586 |
|
|
||
|
St. Louis Mills |
|
|
01/08/12 |
|
|
|
6.39 |
% |
|
Fixed |
|
Secured |
(12) |
|
90,000 |
|
|
|
26,829 |
|
|
||
|
Borek Shopping Center |
|
|
02/06/12 |
|
|
|
5.93 |
% |
|
Fixed |
|
Secured |
(12) |
|
16,735 |
|
|
|
8,367 |
|
|
||
|
Dadeland Mall |
|
|
02/11/12 |
|
|
|
6.75 |
% |
|
Fixed |
|
Secured |
|
|
187,908 |
|
|
|
93,954 |
|
|
||
|
Square One |
|
|
03/11/12 |
|
|
|
6.73 |
% |
|
Fixed |
|
Secured |
|
|
89,403 |
|
|
|
43,930 |
|
|
||
|
Southridge Mall |
|
|
04/01/12 |
|
|
|
5.23 |
% |
|
Fixed |
|
Secured |
|
|
124,000 |
|
|
|
62,000 |
|
|
||
|
Arkadia Shopping Center |
|
|
05/31/12 |
|
|
|
5.12 |
% |
|
Fixed |
|
Secured |
(14) |
|
136,893 |
|
|
|
68,446 |
|
|
||
|
Mills Senior Loan Facility |
|
|
06/07/12 |
|
|
|
6.57 |
% |
|
Variable |
|
Unsecured |
|
|
738,000 |
|
|
|
369,000 |
|
|
||
|
Marley Station |
|
|
07/01/12 |
|
|
|
4.89 |
% |
|
Fixed |
|
Secured |
|
|
114,400 |
|
|
|
28,600 |
|
|
||
|
Hilltop Mall |
|
|
07/08/12 |
|
|
|
4.99 |
% |
|
Fixed |
|
Secured |
|
|
64,350 |
|
|
|
16,088 |
|
|
||
|
Crystal Mall |
|
|
09/11/12 |
|
|
|
5.62 |
% |
|
Fixed |
|
Secured |
|
|
99,052 |
|
|
|
73,862 |
|
|
||
|
Concord Mills Mall |
|
|
12/07/12 |
|
|
|
6.13 |
% |
|
Fixed |
|
Secured |
|
|
170,905 |
|
|
|
33,754 |
|
|
||
|
Kobe Premium Outlets |
|
|
12/31/12 |
|
|
|
1.29 |
% |
|
Fixed |
|
Secured |
|
|
17,251 |
|
|
|
6,900 |
|
|
||
|
Katy Mills |
|
|
01/09/13 |
|
|
|
6.69 |
% |
|
Fixed |
|
Secured |
|
|
148,000 |
|
|
|
18,500 |
|
|
||
|
The Shops at Riverside |
|
|
01/11/13 |
|
|
|
5.77 |
% |
|
Fixed |
|
Secured |
|
|
62,957 |
|
|
|
31,479 |
|
|
||
|
Gotemba Premium Outlets— |
|
|
02/28/13 |
|
|
|
1.65 |
% |
|
Variable |
|
Secured |
(15) |
|
51,501 |
|
|
|
20,600 |
|
|
||
|
Emerald Square Mall |
|
|
03/01/13 |
|
|
|
5.13 |
% |
|
Fixed |
|
Secured |
|
|
135,852 |
|
|
|
66,754 |
|
|
||
53
SIMON
PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
Avenues, The |
|
|
04/01/13 |
|
|
|
5.29 |
% |
|
Fixed |
|
Secured |
|
|
74,918 |
|
|
|
18,730 |
|
|
||
|
Circle Centre Mall |
|
|
04/11/13 |
|
|
|
5.02 |
% |
|
Fixed |
|
Secured |
|
|
74,954 |
|
|
|
10,996 |
|
|
||
|
Solomon Pond |
|
|
08/01/13 |
|
|
|
3.97 |
% |
|
Fixed |
|
Secured |
|
|
112,203 |
|
|
|
55,134 |
|
|
||
|
Tosu Premium Outlets |
|
|
08/24/13 |
|
|
|
2.62 |
% |
|
Fixed |
|
Secured |
(15) |
|
10,111 |
|
|
|
4,044 |
|
|
||
|
Miami International Mall |
|
|
10/01/13 |
|
|
|
5.35 |
% |
|
Fixed |
|
Secured |
|
|
96,538 |
|
|
|
46,122 |
|
|
||
|
Liberty Tree Mall |
|
|
10/11/13 |
|
|
|
5.22 |
% |
|
Fixed |
|
Secured |
|
|
35,000 |
|
|
|
17,198 |
|
|
||
|
Galleria Commerciali Italia—Giugliano |
|
|
10/20/13 |
|
|
|
4.82 |
% |
|
Variable |
|
Secured |
(13) |
|
37,731 |
|
|
|
18,488 |
|
|
||
|
Mall at Tuttle Crossing |
|
|
11/05/13 |
|
|
|
5.05 |
% |
|
Fixed |
|
Secured |
|
|
119,021 |
|
|
|
29,755 |
|
|
||
|
Arundel Marketplace |
|
|
01/01/14 |
|
|
|
5.92 |
% |
|
Fixed |
|
Secured |
|
|
11,883 |
|
|
|
2,347 |
|
|
||
|
Concord Marketplace |
|
|
02/01/14 |
|
|
|
5.76 |
% |
|
Fixed |
|
Secured |
|
|
13,834 |
|
|
|
6,917 |
|
|
||
|
Northshore Mall |
|
|
03/11/14 |
|
|
|
5.03 |
% |
|
Fixed |
|
Secured |
|
|
209,302 |
|
|
|
102,846 |
|
|
||
|
Turzyn Shopping Center |
|
|
06/06/14 |
|
|
|
6.32 |
% |
|
Fixed |
|
Secured |
(12) |
|
24,661 |
|
|
|
12,330 |
|
|
||
|
Sawgrass Mills II |
|
|
07/01/14 |
|
|
|
5.82 |
% |
|
Fixed |
|
Secured |
|
|
850,000 |
|
|
|
425,000 |
|
|
||
|
Dabrowka Shopping Center |
|
|
07/03/14 |
|
|
|
6.04 |
% |
|
Fixed |
|
Secured |
(12) |
|
5,081 |
|
|
|
2,541 |
|
|
||
|
Gotemba Premium Outlets—Fixed |
|
|
10/25/14 |
|
|
|
2.00 |
% |
|
Fixed |
|
Secured |
(15) |
|
7,722 |
|
|
|
3,089 |
|
|
||
|
Rinku Premium Outlets |
|
|
10/25/14 |
|
|
|
2.35 |
% |
|
Fixed |
|
Secured |
(15) |
|
28,576 |
|
|
|
11,430 |
|
|
||
|
Indian River Commons |
|
|
11/01/14 |
|
|
|
5.21 |
% |
|
Fixed |
|
Secured |
|
|
9,645 |
|
|
|
4,823 |
|
|
||
|
Indian River Mall |
|
|
11/01/14 |
|
|
|
5.21 |
% |
|
Fixed |
|
Secured |
|
|
65,355 |
|
|
|
32,678 |
|
|
||
|
St. Johns Town Center |
|
|
03/11/15 |
|
|
|
5.06 |
% |
|
Fixed |
|
Secured |
|
|
170,000 |
|
|
|
85,000 |
|
|
||
|
Gaitway Plaza |
|
|
07/01/15 |
|
|
|
4.60 |
% |
|
Fixed |
|
Secured |
|
|
13,900 |
|
|
|
3,243 |
|
|
||
|
Plaza at Buckland Hills, The |
|
|
07/01/15 |
|
|
|
4.60 |
% |
|
Fixed |
|
Secured |
|
|
24,800 |
|
|
|
8,680 |
|
|
||
|
Ridgewood Court |
|
|
07/01/15 |
|
|
|
4.60 |
% |
|
Fixed |
|
Secured |
|
|
14,650 |
|
|
|
5,128 |
|
|
||
|
Village Park Plaza |
|
|
07/01/15 |
|
|
|
4.60 |
% |
|
Fixed |
|
Secured |
|
|
29,850 |
|
|
|
10,448 |
|
|
||
|
West Town Corners |
|
|
07/01/15 |
|
|
|
4.60 |
% |
|
Fixed |
|
Secured |
|
|
18,800 |
|
|
|
4,388 |
|
|
||
|
Clay Terrace |
|
|
10/01/15 |
|
|
|
5.08 |
% |
|
Fixed |
|
Secured |
|
|
115,000 |
|
|
|
57,500 |
|
|
||
|
Houston Galleria—1 |
|
|
12/01/15 |
|
|
|
5.44 |
% |
|
Fixed |
|
Secured |
|
|
643,583 |
|
|
|
202,632 |
|
|
||
|
Houston Galleria—2 |
|
|
12/01/15 |
|
|
|
5.44 |
% |
|
Fixed |
|
Secured |
|
|
177,417 |
|
|
|
55,860 |
|
|
||
|
Smith Haven Mall |
|
|
03/01/16 |
|
|
|
5.16 |
% |
|
Fixed |
|
Secured |
|
|
180,000 |
|
|
|
45,000 |
|
|
||
|
Quaker Bridge Mall |
|
|
04/01/16 |
|
|
|
7.03 |
% |
|
Fixed |
|
Secured |
|
|
21,253 |
|
|
|
8,074 |
|
|
||
|
Sano Premium Outlets |
|
|
05/31/16 |
|
|
|
2.39 |
% |
|
Fixed |
|
Secured |
(15) |
|
34,723 |
|
|
|
13,889 |
|
|
||
|
Eastland Mall |
|
|
06/01/16 |
|
|
|
5.79 |
% |
|
Fixed |
|
Secured |
|
|
168,000 |
|
|
|
84,000 |
|
|
||
|
Empire Mall |
|
|
06/01/16 |
|
|
|
5.79 |
% |
|
Fixed |
|
Secured |
|
|
176,300 |
|
|
|
88,150 |
|
|
||
|
Granite Run Mall |
|
|
06/01/16 |
|
|
|
5.83 |
% |
|
Fixed |
|
Secured |
|
|
120,424 |
|
|
|
60,212 |
|
|
||
|
Mesa Mall |
|
|
06/01/16 |
|
|
|
5.79 |
% |
|
Fixed |
|
Secured |
|
|
87,250 |
|
|
|
43,625 |
|
|
||
|
Rushmore Mall |
|
|
06/01/16 |
|
|
|
5.79 |
% |
|
Fixed |
|
Secured |
|
|
94,000 |
|
|
|
47,000 |
|
|
||
|
Southern Hills Mall |
|
|
06/01/16 |
|
|
|
5.79 |
% |
|
Fixed |
|
Secured |
|
|
101,500 |
|
|
|
50,750 |
|
|
||
|
Valley Mall |
|
|
06/01/16 |
|
|
|
5.83 |
% |
|
Fixed |
|
Secured |
|
|
46,886 |
|
|
|
23,443 |
|
|
||
|
Greendale Mall |
|
|
10/01/16 |
|
|
|
6.00 |
% |
|
Fixed |
|
Secured |
|
|
45,000 |
|
|
|
22,112 |
|
|
||
|
Coconut Point |
|
|
12/10/16 |
|
|
|
5.83 |
% |
|
Fixed |
|
Secured |
|
|
230,000 |
|
|
|
115,000 |
|
|
||
|
King of Prussia Mall—1 |
|
|
01/01/17 |
|
|
|
7.49 |
% |
|
Fixed |
|
Secured |
|
|
157,144 |
|
|
|
19,407 |
|
|
||
|
King of Prussia Mall—2 |
|
|
01/01/17 |
|
|
|
8.53 |
% |
|
Fixed |
|
Secured |
|
|
10,943 |
|
|
|
1,351 |
|
|
||
|
Mall at Rockingham |
|
|
03/10/17 |
|
|
|
5.61 |
% |
|
Fixed |
|
Secured |
|
|
260,000 |
|
|
|
63,879 |
|
|
||
|
Changshu SZITIC |
|
|
04/10/17 |
|
|
|
6.24 |
% |
|
Fixed |
|
Secured |
|
|
13,150 |
|
|
|
4,274 |
|
|
||
|
Liberty Plaza |
|
|
06/01/17 |
|
|
|
5.68 |
% |
|
Fixed |
|
Secured |
|
|
43,000 |
|
|
|
21,500 |
|
|
||
|
Franklin Mills |
|
|
06/01/17 |
|
|
|
5.65 |
% |
|
Fixed |
|
Secured |
|
|
290,000 |
|
|
|
145,000 |
|
|
||
|
Gurnee Mills |
|
|
07/01/17 |
|
|
|
5.77 |
% |
|
Fixed |
|
Secured |
|
|
321,000 |
|
|
|
160,500 |
|
|
||
|
Potomac Mills |
|
|
07/11/17 |
|
|
|
5.83 |
% |
|
Fixed |
|
Secured |
|
|
410,000 |
|
|
|
205,000 |
|
|
||
|
Net Leases II |
|
|
01/10/23 |
|
|
|
9.35 |
% |
|
Fixed |
|
Secured |
|
|
21,049 |
|
|
|
10,524 |
|
|
||
|
Total Joint Venture Indebtedness at Face Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,472,248 |
|
|
|
6,159,831 |
|
|
||
54
SIMON PROPERTY GROUP
Summary of Indebtedness by Maturity
As of June 30, 2007
(In thousands)
|
Property Name |
|
|
|
Maturity |
|
Interest |
|
Interest |
|
Secured or |
|
Total |
|
The |
|
||||||||
|
Premium on JV Fixed-Rate Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,147 |
) |
|
|
(564 |
) |
|
||
|
Discount on JV Fixed-Rate Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,246 |
|
|
|
29,124 |
|
|
||
|
Total Joint Venture Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,529,347 |
|
|
|
6,188,391 |
(20) |
|
||
|
The Company’s Share of Total Indebtedness |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,354,012 |
|
|
||
(1) Variable rate debt interest rates are based on the following base rates as of June 30, 2007: LIBOR at 5.32%; EURIBOR at 5.36%; and YEN LIBOR at .64%.
(2) Includes applicable extensions available at Company’s option.
(3) These two Properties are secured by cross-collateralized and cross-defaulted mortgages.
(4) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.
(5) These three Properties are secured by cross-collateralized and cross-defaulted mortgages.
(6) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.
(7) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.
(8) These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.
(9) These four Properties are secured by cross-collateralized and cross-defaulted mortgages.
(10) These eleven Properties are secured by cross-collateralized and cross-defaulted mortgages.
(11) Simultaneous with the issuance of this loan, the Company entered into a $70 million notional amount variable rate swap agreement which is designated as a hedge against this loan. As of June 30, 2007, after including the impacts of this swap, the terms of the loan are effectively $150 million fixed at 3.60% and $70 million variable rate at 5.39%.
(12) Amounts shown in USD Equivalent. Euro equivalent is 45.8 million.
(13) Amounts shown in USD Equivalent. Euro equivalent is 709.2 million. Associated with Facility A and B are interest rate swap agreements with a total combined 517.9 million euros notional amount that effectively fixes Facility A and B and Giugliano at 4.02%.
(14) Amounts shown in USD Equivalent. Euro equivalent is 207.5 million. Associated with these loans are interest rate swap agreements with a total combined 199.3 million euros notional amount that effectively fix these loans at a combined 4.69%.
(15) Amounts shown in USD Equivalent. Yen equivalent is 20,625.4 million.
(16) The Company has $300 million notional amount variable rate swap agreement which is a designated hedge against this unsecured note effectively converting to a six month LIBOR variable rate.
(17) Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Yen 1,746.4 million.
(18) Amounts shown in USD Equivalent. Balance includes borrowings on multi-currency tranche of Euro 224.0 million.
(19) Property debt consists of three components; fixed loans at 9.80% and 13.80%(pay rate of 10.36%), and a variable rate loan at LIBOR plus 500 basis points. The variable component has LIBOR capped at 7.50%, which effectively fixes the three components at a weighted average rate of 10.61%
(20) The Company’s share of indebtedness for joint ventures excludes our share of indebtedness of $78.7 million in joint venture entities in which a non-controlling interest is held by Gallerie Commerciali Italia, an entity in which we have a 49% interest.
55
SIMON
PROPERTY GROUP
Unencumbered Assets
As of June 30, 2007
|
Property Name |
|
|
|
City |
|
|
|
State |
|
|
|
Regional Malls: |
|
|
|
|
||||||
|
McCain Mall |
|
N. Little Rock |
|
AR |
||||||
|
University Mall |
|
Little Rock |
|
AR |
||||||
|
Brea Mall |
|
Brea |
|
CA |
||||||
|
Laguna Hills Mall |
|
Laguna Hills |
|
CA |
||||||
|
Santa Rosa Plaza |
|
Santa Rosa |
|
CA |
||||||
|
Shops at Mission Viejo, The |
|
Mission Viejo |
|
CA |
||||||
|
Westminster Mall |
|
Westminster |
|
CA |
||||||
|
Town Center at Aurora |
|
Aurora |
|
CO |
||||||
|
Boynton Beach Mall |
|
Boynton Beach |
|
FL |
||||||
|
Cordova Mall |
|
Pensacola |
|
FL |
||||||
|
Edison Mall |
|
Fort Meyers |
|
FL |
||||||
|
Gulf View Square |
|
Port Richey |
|
FL |
||||||
|
Lake Square Mall |
|
Leesburg |
|
FL |
||||||
|
Melbourne Square |
|
Melbourne |
|
FL |
||||||
|
Orange Park Mall |
|
Orange Park |
|
FL |
||||||
|
Paddock Mall |
|
Ocala |
|
FL |
||||||
|
Town Center at Boca Raton |
|
Boca Raton |
|
FL |
||||||
|
Treasure Coast Square |
|
Jensen Beach |
|
FL |
||||||
|
Tyrone Square |
|
St. Petersburg |
|
FL |
||||||
|
University Mall |
|
Pensacola |
|
FL |
||||||
|
Lenox Square |
|
Atlanta |
|
GA |
||||||
|
Phipps Plaza |
|
Atlanta |
|
GA |
||||||
|
Lindale Mall |
|
Cedar Rapits |
|
IA |
||||||
|
North Park Mall |
|
Davenport |
|
IA |
||||||
|
South Ridge Mall |
|
Des Moines |
|
IA |
||||||
|
Alton Square |
|
Alton |
|
IL |
||||||
|
Lincolnwood Town Center |
|
Lincolnwood |
|
IL |
||||||
|
Northwoods Shopping Center |
|
Peoria |
|
IL |
||||||
|
Orland Square |
|
Orland Park |
|
IL |
||||||
|
River Oaks Center |
|
Calumet City |
|
IL |
||||||
|
South Park Mall |
|
Moline |
|
IL |
||||||
|
Castleton Square Mall |
|
Indianapolis |
|
IN |
||||||
|
Fashion Mall at Keystone, The |
|
Indianapolis |
|
IN |
||||||
|
Lafayette Square |
|
Indianapolis |
|
IN |
||||||
|
Muncie Mall |
|
Muncie |
|
IN |
||||||
|
Tippecanoe Mall |
|
Lafayette |
|
IN |
||||||
|
Prien Lake Mall |
|
Lake Charles |
|
LA |
||||||
|
Burlington Mall |
|
Burlington |
|
MA |
||||||
|
South Shore Plaza |
|
Braintree |
|
MA |
||||||
|
Bowie Town Center |
|
Bowie |
|
MD |
||||||
|
St. Charles Towne Center |
|
Waldorf |
|
MD |
||||||
56
SIMON PROPERTY GROUP
Unencumbered Assets
As of June 30, 2007
|
Property Name |
|
|
|
City |
|
|
|
State |
|
|
|
Maplewood Mall |
|
Minneapolis |
|
MN |
||||||
|
Miller Hill Mall |
|
Duluth |
|
MN |
||||||
|
Independence Center |
|
Independence |
|
MO |
||||||
|
SouthPark |
|
Charlotte |
|
NC |
||||||
|
Pheasant Lane |
|
Nashua |
|
NH |
||||||
|
Livingston Mall |
|
Livingston |
|
NJ |
||||||
|
Menlo Park Mall |
|
Edison |
|
NJ |
||||||
|
Ocean County Mall |
|
Toms River |
|
NJ |
||||||
|
Rockaway Townsquare |
|
Rockaway |
|
NJ |
||||||
|
Cottonwood Mall |
|
Albuquerque |
|
NM |
||||||
|
Chautauqua Mall |
|
Lakewood |
|
NY |
||||||
|
Nanuet Mall |
|
Nanuet |
|
NY |
||||||
|
Jefferson Valley Mall |
|
Yorktown Heights |
|
NY |
||||||
|
Roosevelt Field |
|
Garden City |
|
NY |
||||||
|
Walt Whitman Mall |
|
Huntington Station |
|
NY |
||||||
|
Great Lakes Mall |
|
Mentor |
|
OH |
||||||
|
Lima Mall |
|
Lima |
|
OH |
||||||
|
Southern Park Mall |
|
Boardman |
|
OH |
||||||
|
Ross Park Mall |
|
Pittsburgh |
|
PA |
||||||
|
South Hills Village |
|
Pittsburgh |
|
PA |
||||||
|
Haywood Mall |
|
Greenville |
|
SC |
||||||
|
Oak Court Mall |
|
Memphis |
|
TN |
||||||
|
Raleigh Springs Mall |
|
Memphis |
|
TN |
||||||
|
Barton Creek Square |
|
Austin |
|
TX |
||||||
|
Broadway Square |
|
Tyler |
|
TX |
||||||
|
Cielo Vista |
|
El Paso |
|
TX |
||||||
|
Firewheel Town Center |
|
Garland |
|
TX |
||||||
|
Irving Mall |
|
Irving |
|
TX |
||||||
|
La Plaza Mall |
|
McAllen |
|
TX |
||||||
|
Lakeline Mall |
|
Cedar Park |
|
TX |
||||||
|
North East Mall |
|
Hurst |
|
TX |
||||||
|
Richardson Square Mall |
|
Richardson |
|
TX |
||||||
|
Rolling Oaks Mall |
|
San Antonio |
|
TX |
||||||
|
Charlottesville Fashion Square |
|
Charlottesville |
|
VA |
||||||
|
Virginia Center Commons |
|
Glen Allen |
|
VA |
||||||
|
Columbia Center |
|
Kennewick |
|
WA |
||||||
|
Northgate Mall |
|
Seattle |
|
WA |
||||||
|
Bay Park Square |
|
Green Bay |
|
WI |
||||||
57
SIMON PROPERTY GROUP
Unencumbered Assets
As of June 30, 2007
|
Property Name |
|
|
|
City |
|
|
|
State |
|
|
|
Premium Outlet Centers: |
|
|
|
|
||||||
|
Camarillo Premium Outlets |
|
Camarillo |
|
CA |
||||||
|
Carlsbad Premium Outlets |
|
Carlsbad |
|
CA |
||||||
|
Desert Hills Premium Outlets |
|
Cabazon |
|
CA |
||||||
|
Folsom Premium Outlets |
|
Folsom |
|
CA |
||||||
|
Napa Premium Outlets |
|
Napa |
|
CA |
||||||
|
Petaluma Village Premium Outlets |
|
Petaluma |
|
CA |
||||||
|
Vacaville Premium Outlets |
|
Vacaville |
|
CA |
||||||
|
Clinton Crossing Premium Outlets |
|
Clinton |
|
CT |
||||||
|
Orlando Premium Outlets |
|
Orlando |
|
FL |
||||||
|
St. Augustine Premium Outlets |
|
St. Augustine |
|
FL |
||||||
|
North Georgia Premium Outlets |
|
Dawsonville |
|
GA |
||||||
|
Waikele Premium Outlets |
|
Waipahu |
|
HI |
||||||
|
Chicago Premium Outlets |
|
Aurora |
|
IL |
||||||
|
Edinburgh Premium Outlets |
|
Edinburgh |
|
IN |
||||||
|
Wrentham Village Premium Outlets |
|
Wrentham |
|
MA |
||||||
|
Albertville Premium Outlets |
|
Albertville |
|
MN |
||||||
|
Osage Beach Premium Outlets |
|
Osage Beach |
|
MO |
||||||
|
Jackson Premium Outlets |
|
Jackson |
|
NJ |
||||||
|
Liberty Village Premium Outlets |
|
Flemington |
|
NJ |
||||||
|
Las Vegas Outlet Center |
|
Las Vegas |
|
NV |
||||||
|
Las Vegas Premium Outlets |
|
Las Vegas |
|
NV |
||||||
|
Woodbury Common Premium Outlets |
|
Central Valley |
|
NY |
||||||
|
Aurora Farms Premium Outlets |
|
Aurora |
|
OH |
||||||
|
Columbia Gorge Premium Outlets |
|
Troutdale |
|
OR |
||||||
|
Allen Premium Outlets |
|
Allen |
|
TX |
||||||
|
Rio Grande Valley Premium Outlets |
|
Mercedes |
|
TX |
||||||
|
Round Rock Premium Outlets |
|
Austin |
|
TX |
||||||
|
Leesburg Corner Premium Outlets |
|
Leesburg |
|
VA |
||||||
|
Seattle Premium Outlets |
|
Seattle |
|
WA |
||||||
|
Johnson Creek Premium Outlets |
|
Johnson Creek |
|
WI |
||||||
|
The Mills: |
|
|
|
|
||||||
|
Cincinnati Mills |
|
Cincinnati |
|
OH |
||||||
|
Community/Lifestyle Centers: |
|
|
|
|
||||||
|
Royal Eagle Plaza |
|
Coral Springs |
|
FL |
||||||
|
Terrace at Florida Mall |
|
Orlando |
|
FL |
||||||
|
Waterford Lakes Town Center |
|
Orlando |
|
FL |
||||||
|
Westland Park Plaza |
|
Orange Park |
|
FL |
||||||
58
SIMON PROPERTY GROUP
Unencumbered Assets
As of June 30, 2007
|
Property Name |
|
|
|
City |
|
|
|
State |
|
|
|
Mall of Georgia Crossing |
|
Atlanta |
|
GA |
||||||
|
Countryside Plaza |
|
Countryside |
|
IL |
||||||
|
Crystal Court |
|
Crystal Lake |
|
IL |
||||||
|
Lake Plaza |
|
Waukegan |
|
IL |
||||||
|
North Ridge Plaza |
|
Joliet |
|
IL |
||||||
|
Willow Knolls Court |
|
Peoria |
|
IL |
||||||
|
Brightwood Plaza |
|
Indianapolis |
|
IN |
||||||
|
Eastland Convenience Center |
|
Evansville |
|
IN |
||||||
|
Greenwood Plus |
|
Greenwood |
|
IN |
||||||
|
Griffith Park Plaza |
|
Griffith |
|
IN |
||||||
|
Keystone Shoppes |
|
Indianapolis |
|
IN |
||||||
|
Markland Plaza |
|
Kokomo |
|
IN |
||||||
|
New Castle Plaza |
|
New Castle |
|
IN |
||||||
|
Northwood Plaza |
|
Fort Wayne |
|
IN |
||||||
|
Teal Plaza |
|
Lafayette |
|
IN |
||||||
|
Tippecanoe Plaza |
|
Lafayette |
|
IN |
||||||
|
University Center |
|
Mishawaka |
|
IN |
||||||
|
Washington Plaza |
|
Indianapolis |
|
IN |
||||||
|
Park Plaza |
|
Hopkinsville |
|
KY |
||||||
|
Rockaway Convenience Center |
|
Rockaway |
|
NJ |
||||||
|
Rockaway Town Plaza |
|
Rockaway |
|
NJ |
||||||
|
Great Lakes Plaza |
|
Mentor |
|
OH |
||||||
|
Lima Center |
|
Lima |
|
OH |
||||||
|
Eastland Plaza |
|
Tulsa |
|
OK |
||||||
|
Lincoln Plaza |
|
Langhorne |
|
PA |
||||||
|
Charles Towne Square |
|
Charleston |
|
SC |
||||||
|
Empire East |
|
Sioux Falls |
|
SD |
||||||
|
Knoxville Commons |
|
Knoxville |
|
TN |
||||||
|
The Arboretum |
|
Austin |
|
TX |
||||||
|
Celina Plaza |
|
El Paso |
|
TX |
||||||
|
Wolf Ranch Town Center |
|
Georgetown |
|
TX |
||||||
|
Ingram Plaza |
|
San Antonio |
|
TX |
||||||
|
Shops at North East Mall |
|
Hurst |
|
TX |
||||||
|
Chesapeake Center |
|
Chesapeake |
|
VA |
||||||
|
Fairfax Court |
|
Fairfax |
|
VA |
||||||
|
Martinsville Plaza |
|
Martinsville |
|
VA |
||||||
|
Other: |
|
|
|
|
||||||
|
Factory Merchants Branson |
|
Branson |
|
MO |
||||||
|
Crossville Outlet Center |
|
Crossville |
|
TN |
||||||
|
Factory Stores at North Bend |
|
North Bend |
|
WA |
||||||
59
SIMON PROPERTY GROUP
Preferred Stock/Units Outstanding
As of
June 30, 2007
($ in 000’s, except per share amounts)
|
|
|
|
|
|
|
Per Share |
|
Aggregate |
|
|
|
||||||||
|
|
|
|
|
Number of |
|
Liquidation |
|
Liquidation |
|
Ticker |
|
||||||||
|
Issuer |
|
|
|
Description |
|
Shares/Units |
|
Preference |
|
Preference |
|
Symbol |
|
||||||
|
Preferred Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Simon Property Group, Inc. |
|
Series G
7.89% |
|
3,000,000 |
|
|
$ |
50 |
|
|
|
$ |
150,000 |
|
|
SPGPrG |
|
||
|
Simon Property Group, Inc. |
|
Series I
6% Convertible |
|
14,022,319 |
|
|
$ |
50 |
|
|
|
$ |
701,116 |
|
|
SPGPrI |
|
||
|
Simon Property Group, Inc. |
|
Series J
8.375% |
|
796,948 |
|
|
$ |
50 |
|
|
|
$ |
39,847 |
|
|
SPGPrJ |
|
||
|
Preferred Units: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Simon Property Group, L.P. |
|
Series C
7% Cumulative |
|
138,426 |
|
|
$ |
28 |
|
|
|
$ |
3,876 |
|
|
N/A |
|
||
|
Simon Property Group, L.P. |
|
Series D
8% |
|
1,425,573 |
|
|
$ |
30 |
|
|
|
$ |
42,767 |
|
|
N/A |
|
||
|
Simon Property Group, L.P. |
|
Series I
6% Convertible |
|
3,059,811 |
|
|
$ |
50 |
|
|
|
$ |
152,991 |
|
|
N/A |
|
||
|
Simon Property Group, L.P. |
|
7.50%
Cumulative |
|
255,373 |
|
|
$ |
100 |
|
|
|
$ |
25,537 |
|
|
N/A |
|
||
|
Simon Property Group, L.P. |
|
7.75%/8.00% |
|
850,698 |
|
|
$ |
100 |
|
|
|
$ |
85,070 |
|
|
N/A |
|
||
(1) The Cumulative Step-Up Premium Rate Preferred Stock was issued at 7.89%. The shares are redeemable after September 30, 2007. Beginning October 1, 2012, the rate increases to 9.89%. The shares are not convertible into any other securities of the Company. The shares are traded on the New York Stock Exchange. The closing price on June 29, 2007 was $50.02 per share.
(2) Each share was convertible into 0.78957 of a share of common stock during the period beginning on April 2, 2007 and ending on June 29, 2007. Each share is convertible into 0.790897 of a share of common stock during the period beginning on July 2, 2007 and ending on September 28, 2007. The shares are redeemable on or after October 14, 2009, in whole or in part, for cash only at a liquidation preference of $50 per share, if the closing price per share of common stock exceeds 130% of the applicable conversion price for 20 trading days within a period of 30 consecutive trading days ending on the trading day before notice of redemption is issued. The shares are traded on the New York Stock Exchange. The closing price on June 29, 2007 was $75.99 per share.
(3) Each share is redeemable on or after October 15, 2027. The shares are traded on the New York Stock Exchange. The closing price on June 29, 2007 was $67.50 per share.
(4) Each unit is convertible into 0.75676 of a share of common stock. Each unit is redeemable on or after August 27, 2009.
(5) Each unit is redeemable on or after August 27, 2009.
(6) Each unit was convertible into 0.78957 of a share of common stock during the period beginning on April 2, 2007 and ending on June 29, 2007. Each unit is convertible into 0.790897 of a share of common stock during the period beginning on July 2, 2007 and ending on September 28, 2007. Each unit may be exchanged for a share of Series I 6% Convertible Perpetual Preferred stock or cash, at Simon Group’s option.
(7) Each unit is redeemable on or after November 10, 2013 or earlier upon the occurrence of certain tax triggering events.
(8) Each unit is redeemable on or after January 1, 2011 or earlier upon the occurrence of certain tax triggering events.
60
|
CONTACTS: |
|
|
|
|
Shelly Doran |
|
317.685.7330 |
Investors |
|
Les Morris |
|
317.263.7711 |
Media |
FOR IMMEDIATE RELEASE
SIMON PROPERTY GROUP ANNOUNCES SECOND QUARTER RESULTS
AND QUARTERLY DIVIDENDS
Indianapolis, Indiana—July 30, 2007...Simon Property Group, Inc. (the “Company” or “Simon”) (NYSE:SPG) today announced results for the quarter ended June 30, 2007:
· Funds from operations (“FFO”) of the Simon portfolio for the quarter increased 4.1% to $373.0 million from $358.4 million in the second quarter of 2006. On a diluted per share basis the increase was 4.0% to $1.31 from $1.26 in 2006. FFO of the Simon portfolio for the six months increased 6.7% to $765.4 million from $717.3 million in 2006. On a diluted per share basis the increase was 6.3% to $2.68 per share from $2.52 per share in 2006.
· Net income available to common stockholders for the quarter decreased 27.7% to $59.9 million from $82.9 million in the second quarter of 2006. On a diluted per share basis the decrease was 27.0% to $0.27 from $0.37 in 2006. Net income available to common stockholders for the six months decreased 15.3% to $158.3 million from $186.9 million in 2006. On a diluted per share basis the decrease was 15.5% to $0.71 per share from $0.84 per share in 2006. The decrease in net income for the quarter and six months is primarily attributable to higher gains recognized in 2006 on the sale of interests in unconsolidated entities than in 2007 and lower income from unconsolidated entities in 2007. Income from unconsolidated entities was lower in the second quarter of 2007 than the year earlier period primarily as a result of increased depreciation expense attributable to the acquisition of the Mills portfolio of assets.
|
|
|
As of |
|
As of |
|
Change |
|
||||||
|
Occupancy |
|
|
|
|
|
|
|
|
|
|
|
||
|
Regional Malls(1) |
|
|
92.0 |
% |
|
|
91.6 |
% |
|
40 basis point increase |
|
||
|
Premium Outlet Centers®(2) |
|
|
99.4 |
% |
|
|
99.4 |
% |
|
unchanged |
|
||
|
Community/Lifestyle Centers(2) |
|
|
92.9 |
% |
|
|
89.7 |
% |
|
320 basis point increase |
|
||
|
Comparable Sales per Sq. Ft. |
|
|
|
|
|
|
|
|
|
|
|
||
|
Regional Malls(3) |
|
|
$ |
489 |
|
|
|
$ |
468 |
|
|
4.5% increase |
|
|
Premium Outlet Centers(2) |
|
|
$ |
492 |
|
|
|
$ |
453 |
|
|
8.6% increase |
|
|
Average Rent per Sq. Ft. |
|
|
|
|
|
|
|
|
|
|
|
||
|
Regional Malls(1) |
|
|
$ |
36.51 |
|
|
|
$ |
35.10 |
|
|
4.0% increase |
|
|
Premium Outlet Centers(2) |
|
|
$ |
25.11 |
|
|
|
$ |
23.78 |
|
|
5.6% increase |
|
|
Community/Lifestyle Centers(2) |
|
|
$ |
12.03 |
|
|
|
$ |
11.65 |
|
|
3.3% increase |
|
(1) For mall and freestanding stores.
(2) For all owned gross leasable area (GLA).
(3) For mall and freestanding stores with less than 10,000 square feet.
61
Today the Company announced a quarterly common stock dividend of $0.84 per share. This dividend will be paid on August 31, 2007 to stockholders of record on August 17, 2007.
The Company also declared dividends on its three outstanding issues of preferred stock:
· 7.89% Series G Cumulative Preferred (NYSE:SPGPrG) dividend of $0.98625 per share is payable on September 28, 2007 to stockholders of record on September 14, 2007.
· 6% Series I Convertible Perpetual Preferred (NYSE:SPGPrI) dividend of $0.75 per share is payable on August 31, 2007 to stockholders of record on August 17, 2007.
· 8 3/8% Series J Cumulative Redeemable Preferred (NYSE:SPGPrJ) dividend of $1.046875 per share is payable on September 28, 2007 to stockholders of record on September 14, 2007.
Common Stock Repurchase Program
On July 26, 2007, the Company announced that its Board of Directors had authorized a common stock repurchase program. Under the program, the Company may purchase up to $1 billion of its common stock over the next 24 months as market conditions warrant. The shares may be repurchased in the open market or in privately negotiated transactions.
Today the Company increased its guidance for 2007. The Company expects diluted FFO to be within a range of $5.83 to $5.88 per share for the year ending December 31, 2007, and diluted net income available to common stockholders to be within a range of $1.58 to $1.63 per share.
The following table provides the reconciliation of the range of estimated diluted net income available to common stockholders per share to estimated diluted FFO per share.
For the year ending December 31, 2007
|
|
|
Low End |
|
High End |
|
||
|
Estimated diluted net income available to common stockholders per share |
|
$ |
1.58 |
|
$ |
1.63 |
|
|
Depreciation and amortization including our share of joint ventures |
|
4.36 |
|
4.36 |
|
||
|
Impact of additional dilutive securities |
|
(0.11 |
) |
(0.11 |
) |
||
|
Estimated diluted FFO per share |
|
$ |
5.83 |
|
$ |
5.88 |
|
During June and July of 2007, the Company opened the 48,000 square foot small shop retail component and the residential component of 150 luxury apartments at The Village at SouthPark—a mixed-use project located adjacent to the highly successful SouthPark in Charlotte, North Carolina. Crate & Barrel opened in November of 2006.
In late July, the Company commenced construction on Jersey Shore Premium Outlets, a 435,000 square foot upscale manufacturers’ outlet center in Tinton Falls, New Jersey. The center is scheduled to open in the fall of 2008.
The Company continues construction on:
· Palms Crossing—a 396,000 square foot community center in McAllen, Texas. The first phase of the center is scheduled to open in November of 2007.
62
· Philadelphia Premium Outlets—a 425,000 square foot upscale manufacturers’ outlet center in Limerick, Pennsylvania, 35 miles northwest of Philadelphia. The center is scheduled to open in November of 2007.
· Pier Park—a 920,000 square foot community/lifestyle center in Panama City Beach, Florida. Target and a 16-screen theater have already opened at the center. The remainder of the project is scheduled to open in March of 2008.
· Hamilton Town Center—a 950,000 square foot open-air retail center in Noblesville, Indiana. The 690,000 square foot first phase of the center is scheduled to open in May of 2008.
· Houston Premium Outlets—a 433,000 square foot upscale manufacturers’ outlet center in Houston, Texas. The center is scheduled to open in May of 2008.
Recent international activities include:
· On April 4th, Gallerie Commerciali Italia (“GCI”), Simon’s Italian joint venture partnership with Groupe Auchan, acquired the remaining 60% interest in the venture’s shopping center in Giugliano (a suburb of Naples).
· On June 1st, the Company’s Chelsea division opened Yeoju Premium Outlets, the first Premium Outlet Center in South Korea. The project is located on Expressway 50 approximately 36 miles southeast of Seoul in Gyeonggi Province. The 250,000 square-foot first phase of the project opened with 120 tenants. The center was 100% leased at opening, with approximately 90% of the center leased to international brands and the balance to Korean domestic brands. Population within a 40-mile radius of Yeoju Premium Outlets is approximately nine million people.
Yeoju Premium Outlets is the first project to be completed by Shinsegae Chelsea Co., Ltd., a joint venture between Simon (50%) and Shinsegae Co., Ltd. and Shinsegae International Co., Ltd. (together 50%). Shinsegae is one of Korea’s leading retailers.
· On July 5th, the Company’s Simon Ivanhoe joint venture completed the sale of five non-core assets in Poland. Proceeds approximated 183 million euros, net of debt and transaction costs. SPG’s share of the gain is expected to be in excess of $70 million.
· On July 5th, the Company’s Chelsea division opened Kobe-Sanda Premium Outlets, the sixth Premium Outlet Center in Japan and the second in the Kansai region. The project is located 22 miles north of downtown Kobe and 30 miles northwest of central Osaka. It is accessible via the region’s three most heavily traveled major highways—the Chugoku Expressway, the Sanyo Expressway and the Rokko-kita Toll Road. The 195,000 square-foot first phase of the project opened 100% leased to 90 tenants. Approximately 70% of the center has been leased to international brands and the balance to Japanese domestic brands. The population within a 30-mile radius is approximately 13 million people.
Kobe-Sanda Premium Outlets was developed by Chelsea Japan Co., Ltd., a joint venture of Simon Property Group (40% interest), Mitsubishi Estate Co., Ltd. and Sojitz Corporation (each 30%), and brings the joint venture’s operating portfolio of Premium Outlet Centers to 1.6 million square feet of gross leasable area.
· On July 26th, the Company announced that the Porta di Roma shopping center in Rome, Italy opened to the public. The center is located on the north side of Rome adjacent to the Grande Annulare, the peripheral highway which circles the city. The 1.3 million square foot center (Italy’s largest shopping center) opened 97% leased and is anchored by Auchan, LeRoy Merlin, IKEA and
63
a 14-screen UGC Movie Theatre. The center’s 210 small shops have been leased to significant national and international retailers. The trade area for Porta di Roma contains approximately 1.3 million people.
The center is the joint development of the Lamaro Group, a major Rome-based construction and development organization, and GCI. GCI owns 40% of this project.
Development projects:
· Construction continues on three shopping center projects in Italy, fully or partially owned by GCI. Two of the shopping centers are expected to open in 2007 and are located in Cinisello (Milan) and Nola (Naples). Another project, located in Argine (Naples), is scheduled to open in late 2008. After the opening of these three projects, GCI will own interests in 45 shopping centers in Italy comprising approximately 10.6 million square feet of gross leasable area.
· Construction also continues on four projects in China located in Changshu, Hangzhou, Suzhou, and Zhengzhou. The centers range in size from 300,000 to 720,000 square feet and will be anchored by Wal-Mart. 2008 openings are scheduled for Changshu, Hangzhou, and Zhengzhou, followed by an anticipated fall 2009 opening for Suzhou. The Company expects to begin construction on a 5th center, in Hefei, by year-end 2007 for a 2009 opening. Simon owns 32.5% of these projects through its partnership with Morgan Stanley Real Estate Fund and Shenzhen International Trust and Investment Company CP.
On March 29th, the Company announced the successful completion of the $25.25 per share cash tender offer for all outstanding shares of common stock of The Mills Corporation by SPG-FCM Ventures, LLC, a joint venture between an entity owned by Simon and funds managed by Farallon Capital Management, L.L.C. On April 3rd, the acquisition by SPG-FCM Ventures, LLC was completed by means of a merger of a subsidiary of SPG-FCM Ventures and The Mills Corporation.
The Mills portfolio of assets consists primarily of two distinctive types of assets—regional malls and The Mills®. The Mills® are centers that typically comprise over one million square feet of gross leasable area with a combination of traditional mall, outlet center and big box retailers and entertainment uses, all focused on delivering value for the consumer. The Mills portfolio of assets is included in the Company’s financial statements as joint venture assets.
Recent and anticipated capital market activities related to the Mills transaction are as follows:
· Seven of the portfolio assets were refinanced, totaling $2.3 billion and generating $962 million of excess net loan proceeds at an average rate of 5.78%.
· A senior corporate credit facility was completed, raising $925 million at Libor plus 125 basis points.
· An announced liquidation of The Mills Corporation is expected to occur on August 1, 2007—this will include the concurrent liquidation of the five outstanding series’ of Mills’ preferred stock.
Effective July 1, 2007, Simon also completed the transfer of all accounting and financial operations related to the Mills portfolio to Simon’s Indianapolis headquarters.
The Company will provide an online simulcast of its quarterly conference call at www.simon.com (Investor Relations tab), www.earnings.com, and www.streetevents.com. To listen to the live call, please go to any of these websites at least fifteen minutes prior to the call to register, download and install any necessary audio software. The call will begin at 11:00 a.m. Eastern Daylight Time today, July 30, 2007. An
64
online replay will be available for approximately 90 days at www.simon.com, www.earnings.com, and www.streetevents.com. A fully searchable podcast of the conference call will also be available at www.REITcafe.com shortly after completion of the call.
The Company will publish a supplemental information package which will be available at www.simon.com in the Investor Relations section, Financial Information tab. It will also be furnished to the SEC as part of a current report on Form 8-K. If you wish to receive a copy via mail or email, please call 800-461-3439.
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that our expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to: the Company’s ability to meet debt service requirements, the availability of financing, changes in the Company’s credit rating, changes in market rates of interest and foreign exchange rates for foreign currencies, the ability to hedge interest rate risk, risks associated with the acquisition, development and expansion of properties, general risks related to retail real estate, the liquidity of real estate investments, environmental liabilities, international, national, regional and local economic climates, changes in market rental rates, trends in the retail industry, relationships with anchor tenants, the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise, risks relating to joint venture properties, costs of common area maintenance, competitive market forces, risks related to international activities, insurance costs and coverage, impact of terrorist activities, inflation and maintenance of REIT status. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC that could cause the Company’s actual results to differ materially from the forward-looking statements that the Company makes. The Company may update that discussion in its periodic reports, but otherwise the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the United States (“GAAP”). The Company believes that FFO is helpful to investors because it is a widely recognized measure of the performance of real estate investment trusts (“REITs”) and provides a relevant basis for comparison among REITs. The Company determines FFO in accordance with the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”).
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 380 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 4,500 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG and has a current total market capitalization of approximately $50 billion. For further information, visit the Company’s website at www.simon.com.
65
SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)
|
|
|
For the Three |
|
For the Six |
|
||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||
|
REVENUE: |
|
|
|
|
|
|
|
|
|
||||
|
Minimum rent |
|
$ |
522,086 |
|
$ |
485,826 |
|
$ |
1,032,951 |
|
$ |
973,914 |
|
|
Overage rent |
|
18,634 |
|
15,297 |
|
36,526 |
|
31,356 |
|
||||
|
Tenant reimbursements |
|
237,984 |
|
226,777 |
|
468,597 |
|
447,812 |
|
||||
|
Management fees and other revenues |
|
17,542 |
|
19,399 |
|
38,417 |
|
39,568 |
|
||||
|
Other income |
|
59,686 |
|
51,439 |
|
131,582 |
|
93,737 |
|
||||
|
Total revenue |
|
855,932 |
|
798,738 |
|
1,708,073 |
|
1,586,387 |
|
||||
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
||||
|
Property operating |
|
112,122 |
|
107,257 |
|
221,349 |
|
213,204 |
|
||||
|
Depreciation and amortization |
|
230,611 |
|
211,363 |
|
445,882 |
|
420,810 |
|
||||
|
Real estate taxes |
|
79,063 |
|
70,404 |
|
158,245 |
|
152,209 |
|
||||
|
Repairs and maintenance |
|
28,744 |
|
24,839 |
|
57,751 |
|
50,794 |
|
||||
|
Advertising and promotion |
|
20,410 |
|
20,541 |
|
39,294 |
|
37,943 |
|
||||
|
Provision for credit losses |
|
1,424 |
|
4,466 |
|
1,966 |
|
4,460 |
|
||||
|
Home and regional office costs |
|
29,270 |
|
32,652 |
|
62,969 |
|
62,988 |
|
||||
|
General and administrative |
|
6,119 |
|
5,005 |
|
10,018 |
|
9,498 |
|
||||
|
Other |
|
14,618 |
|
12,162 |
|
28,082 |
|
25,228 |
|
||||
|
Total operating expenses |
|
522,381 |
|
488,689 |
|
1,025,556 |
|
977,134 |
|
||||
|
OPERATING INCOME |
|
333,551 |
|
310,049 |
|
682,517 |
|
609,253 |
|
||||
|
Interest expense |
|
(243,654 |
) |
(200,743 |
) |
(466,132 |
) |
(404,815 |
) |
||||
|
Minority interest in income of consolidated entities |
|
(3,136 |
) |
(3,433 |
) |
(6,046 |
) |
(4,358 |
) |
||||
|
Income tax expense of taxable REIT subsidiaries |
|
528 |
|
(3,220 |
) |
(757 |
) |
(4,859 |
) |
||||
|
Income from unconsolidated entities, net |
|
7,459 |
|
19,882 |
|
29,232 |
|
49,805 |
|
||||
|
Gain on sale of
interests in unconsolidated entities, |
|
500 |
|
7,599 |
|
500 |
|
41,949 |
|
||||
|
Limited Partners’
interest in the Operating |
|
(15,448 |
) |
(21,924 |
) |
(41,326 |
) |
(49,478 |
) |
||||
|
Preferred distributions of the Operating Partnership |
|
(5,597 |
) |
(6,928 |
) |
(10,836 |
) |
(13,754 |
) |
||||
|
Income from continuing operations |
|
74,203 |
|
101,282 |
|
187,152 |
|
223,743 |
|
||||
|
Discontinued operations, net of Limited Partners’ interest |
|
17 |
|
(107 |
) |
(145 |
) |
44 |
|
||||
|
Gain on sale of discontinued operations, net of Limited Partners’ interest |
|
— |
|
88 |
|
— |
|
66 |
|
||||
|
NET INCOME |
|
74,220 |
|
101,263 |
|
187,007 |
|
223,853 |
|
||||
|
Preferred dividends |
|
(14,303 |
) |
(18,395 |
) |
(28,709 |
) |
(36,968 |
) |
||||
|
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |
|
$ |
59,917 |
|
$ |
82,868 |
|
$ |
158,298 |
|
$ |
186,885 |
|
66
SIMON
Per Share Data
Unaudited
|
|
|
For the Three |
|
For the Six |
|
||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||
|
Basic Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
||||
|
Income from continuing operations |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.71 |
|
$ |
0.85 |
|
|
Discontinued operations—results of operations and gain on sale, net |
|
— |
|
— |
|
— |
|
— |
|
||||
|
Net income available to common stockholders |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.71 |
|
$ |
0.85 |
|
|
Percentage Change |
|
-27.0 |
% |
|
|
-16.5 |
% |
|
|
||||
|
Diluted Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
||||
|
Income from continuing operations |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.71 |
|
$ |
0.84 |
|
|
Discontinued operations—results of operations and gain on sale, net |
|
— |
|
— |
|
— |
|
— |
|
||||
|
Net income available to common stockholders |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.71 |
|
$ |
0.84 |
|
|
Percentage Change |
|
-27.0 |
% |
|
|
-15.5 |
% |
|
|
||||
67
SIMON
Consolidated Balance Sheets
Unaudited
(In thousands, except as noted)
|
|
|
June 30, |
|
December 31, |
|
||
|
|
|
2007 |
|
2006 |
|
||
|
ASSETS: |
|
|
|
|
|
||
|
Investment properties, at cost |
|
$ |
23,631,847 |
|
$ |
22,863,963 |
|
|
Less—accumulated depreciation |
|
4,971,424 |
|
4,606,130 |
|
||
|
|
|
18,660,423 |
|
18,257,833 |
|
||
|
Cash and cash equivalents |
|
381,175 |
|
929,360 |
|
||
|
Tenant receivables and accrued revenue, net |
|
324,776 |
|
380,128 |
|
||
|
Investment in unconsolidated entities, at equity |
|
1,852,819 |
|
1,526,235 |
|
||
|
Deferred costs and other assets |
|
1,132,490 |
|
990,899 |
|
||
|
Notes receivable from related parties |
|
532,580 |
|
— |
|
||
|
Total assets |
|
$ |
22,884,263 |
|
$ |
22,084,455 |
|
|
LIABILITIES: |
|
|
|
|
|
||
|
Mortgages and other indebtedness |
|
$ |
16,438,845 |
|
$ |
15,394,489 |
|
|
Accounts payable, accrued expenses, intangibles, and deferred revenue |
|
1,113,213 |
|
1,109,190 |
|
||
|
Cash distributions and losses in partnerships and joint ventures, at equity |
|
232,802 |
|
227,588 |
|
||
|
Other liabilities, minority interest and accrued dividends |
|
188,327 |
|
178,250 |
|
||
|
Total liabilities |
|
17,973,187 |
|
16,909,517 |
|
||
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
||
|
LIMITED PARTNERS’ INTEREST IN THE OPERATING PARTNERSHIP |
|
773,963 |
|
837,836 |
|
||
|
LIMITED PARTNERS’ PREFERRED INTEREST IN THE OPERATING PARTNERSHIP |
|
310,241 |
|
357,460 |
|
||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
CAPITAL STOCK OF SIMON PROPERTY GROUP, INC. (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock): |
|
|
|
|
|
||
|
All series of preferred stock, 100,000,000 shares authorized, 17,819,267 and 17,578,701 issued and outstanding, respectively, and with liquidation values of $890,963 and $878,935, respectively |
|
897,255 |
|
884,620 |
|
||
|
Common stock, $.0001 par value, 400,000,000 shares authorized, 227,511,348 and 225,797,566 issued and outstanding, respectively |
|
23 |
|
23 |
|
||
|
Class B common stock, $.0001 par value, 12,000,000 shares authorized, 8,000 issued and outstanding |
|
— |
|
— |
|
||
|
Class C common stock, $.0001 par value, 4,000 shares authorized, issued and outstanding |
|
— |
|
— |
|
||
|
Capital in excess of par value |
|
5,028,287 |
|
5,010,256 |
|
||
|
Accumulated deficit |
|
(1,957,262 |
) |
(1,740,897 |
) |
||
|
Accumulated other comprehensive income |
|
22,906 |
|
19,239 |
|
||
|
Common stock held in treasury at cost, 4,125,332 and 4,378,495 shares, respectively |
|
(164,337 |
) |
(193,599 |
) |
||
|
Total stockholders’ equity |
|
3,826,872 |
|
3,979,642 |
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
22,884,263 |
|
$ |
22,084,455 |
|
68
SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)
|
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Minimum rent |
|
$ |
447,346 |
|
|
$ |
258,692 |
|
|
$ |
717,275 |
|
$ |
508,637 |
|
|
Overage rent |
|
20,346 |
|
|
18,307 |
|
|
37,642 |
|
32,424 |
|
||||
|
Tenant reimbursements |
|
220,429 |
|
|
128,040 |
|
|
352,250 |
|
250,034 |
|
||||
|
Other income |
|
47,298 |
|
|
36,121 |
|
|
88,866 |
|
67,841 |
|
||||
|
Total revenue |
|
$ |
735,419 |
|
|
$ |
441,160 |
|
|
$ |
1,196,033 |
|
$ |
858,936 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Property operating |
|
154,698 |
|
|
85,577 |
|
|
241,644 |
|
169,087 |
|
||||
|
Depreciation and amortization |
|
157,095 |
|
|
79,185 |
|
|
239,914 |
|
151,066 |
|
||||
|
Real estate taxes |
|
66,365 |
|
|
32,337 |
|
|
100,916 |
|
65,121 |
|
||||
|
Repairs and maintenance |
|
30,144 |
|
|
20,107 |
|
|
53,026 |
|
40,491 |
|
||||
|
Advertising and promotion |
|
15,341 |
|
|
6,952 |
|
|
23,045 |
|
13,541 |
|
||||
|
Provision for credit losses |
|
6,712 |
|
|
1,039 |
|
|
6,723 |
|
1,432 |
|
||||
|
Other |
|
42,651 |
|
|
36,432 |
|
|
68,364 |
|
60,156 |
|
||||
|
Total operating expenses |
|
473,006 |
|
|
261,629 |
|
|
733,632 |
|
500,894 |
|
||||
|
Operating Income |
|
$ |
262,413 |
|
|
$ |
179,531 |
|
|
$ |
462,401 |
|
$ |
358,042 |
|
|
Interest expense |
|
(238,349 |
) |
|
(102,117 |
) |
|
(345,505 |
) |
(201,733 |
) |
||||
|
Income (loss) from unconsolidated entities |
|
(3 |
) |
|
145 |
|
|
(87 |
) |
239 |
|
||||
|
Gain (loss) on sale of assets |
|
— |
|
|
94 |
|
|
(4,759 |
) |
94 |
|
||||
|
Income from Continuing Operations |
|
$ |
24,061 |
|
|
$ |
77,653 |
|
|
$ |
112,050 |
|
$ |
156,642 |
|
|
Income from consolidated joint venture interests(A) |
|
— |
|
|
2,671 |
(C) |
|
2,681 |
(C) |
5,588 |
(C) |
||||
|
Income from discontinued joint venture interests(A) |
|
159 |
(B) |
|
175 |
(B) |
|
176 |
(B) |
502 |
(B) |
||||
|
Gain on disposal or sale of discontinued operations, net |
|
19 |
|
|
21,151 |
|
|
19 |
|
20,704 |
|
||||
|
Net Income |
|
$ |
24,239 |
|
|
$ |
101,650 |
|
|
$ |
114,926 |
|
$ |
183,436 |
|
|
Third-Party Investors’ Share of Net Income |
|
$ |
6,027 |
|
|
$ |
59,863 |
|
|
$ |
60,672 |
|
$ |
109,439 |
|
|
Our Share of Net Income |
|
18,212 |
|
|
41,787 |
|
|
54,254 |
|
73,997 |
|
||||
|
Amortization of Excess Investment |
|
(10,753 |
) |
|
(12,374 |
) |
|
(25,022 |
) |
(24,892 |
) |
||||
|
Income from Beneficial Interests and Other, Net |
|
— |
|
|
1,045 |
|
|
— |
|
11,276 |
|
||||
|
Write-off of Investment Related to Properties Sold |
|
— |
|
|
(2,977 |
) |
|
— |
|
(2,977 |
) |
||||
|
Our Share of Net Gain Related to Properties Sold |
|
— |
|
|
(7,599 |
) |
|
— |
|
(7,599 |
) |
||||
|
Income from Unconsolidated Entities and Beneficial Interests, Net |
|
7,459 |
|
|
19,882 |
|
|
29,232 |
|
49,805 |
|
||||
69
SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)
|
|
June 30, |
|
December 31, |
|
|||
|
|
|
2007 |
|
2006 |
|
||
|
Assets: |
|
|
|
|
|
||
|
Investment properties, at cost |
|
$ |
20,638,350 |
|
$ |
10,669,967 |
|
|
Less—accumulated depreciation |
|
2,918,983 |
|
2,206,399 |
|
||
|
|
|
17,719,367 |
|
8,463,568 |
|
||
|
Cash and cash equivalents |
|
839,368 |
|
354,620 |
|
||
|
Tenant receivables |
|
350,855 |
|
258,185 |
|
||
|
Investment in unconsolidated entities |
|
180,050 |
|
176,400 |
|
||
|
Deferred costs and other assets |
|
815,404 |
|
307,468 |
|
||
|
Total assets |
|
$ |
19,905,044 |
|
$ |
9,560,241 |
|
|
Liabilities and Partners’ Equity: |
|
|
|
|
|
||
|
Mortgages and other indebtedness |
|
$ |
15,529,347 |
|
$ |
8,055,855 |
|
|
Accounts payable, accrued expenses, and deferred revenue |
|
970,302 |
|
513,472 |
|
||
|
Other liabilities |
|
974,091 |
|
255,633 |
|
||
|
Total liabilities |
|
17,473,740 |
|
8,824,960 |
|
||
|
Preferred units |
|
67,450 |
|
67,450 |
|
||
|
Preferred stock |
|
639,695 |
|
— |
|
||
|
Partners’ equity |
|
1,724,159 |
|
667,831 |
|
||
|
Total liabilities and partners’ equity |
|
$ |
19,905,044 |
|
$ |
9,560,241 |
|
|
Our Share of: |
|
|
|
|
|
||
|
Total assets |
|
$ |
8,162,161 |
|
$ |
4,113,051 |
|
|
Partners’ equity |
|
$ |
828,500 |
|
$ |
380,150 |
|
|
Add: Excess Investment(D) |
|
791,517 |
|
918,497 |
|
||
|
Our net Investment in Joint Ventures |
|
$ |
1,620,017 |
|
$ |
1,298,647 |
|
|
Mortgages and other indebtedness |
|
$ |
6,188,391 |
|
$ |
3,472,228 |
|
70
SIMON
Footnotes to Financial Statements
Unaudited
(A) Consolidation occurs when the Company acquires an additional ownership interest in a joint venture and, as a result, gains control of the joint venture. These interests have been separated from operational interests to present comparative results of operations for those joint ventures held as of June 30, 2007.
Discontinued joint venture interests represent assets and partnership interests that have been sold.
(B) Relates to the sale of Great Northeast Plaza, a community center, on April 25, 2006, and Metrocenter, a regional mall, in January 2005.
(C) As a result of the consolidation of Mall of Georgia during the fourth quarter of 2006 and Town Center at Cobb and Gwinnett Mall as of March 31, 2007, we reclassified our share of the pre-consolidation earnings from these properties.
(D) Excess investment represents the unamortized difference of the Company’s investment over equity in the underlying net assets of the partnerships and joint ventures. The Company generally amortizes excess investment over the life of the related properties, typically no greater than 40 years, and the amortization is included in income from unconsolidated entities.
71
SIMON
Reconciliation of Net Income to FFO(1)
Unaudited
(In thousands, except as noted)
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|||||||||||||||||
|
|
|
June 30, |
|
June 30, |
|
||||||||||||||||
|
|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
||||||||||||
|
Net Income(2)(3)(4)(5) |
|
|
$ |
74,220 |
|
|
|
$ |
101,263 |
|
|
|
$ |
187,007 |
|
|
|
$ |
223,853 |
|
|
|
Adjustments to Net Income to Arrive at FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Limited Partners’ interest in the Operating Partnership and preferred distributions of the Operating Partnership |
|
|
21,045 |
|
|
|
28,852 |
|
|
|
52,162 |
|
|
|
63,232 |
|
|
||||
|
Limited Partners’ interest in discontinued operations |
|
|
3 |
|
|
|
(28 |
) |
|
|
(38 |
) |
|
|
12 |
|
|
||||
|
Depreciation and amortization from consolidated properties and discontinued operations |
|
|
226,853 |
|
|
|
210,448 |
|
|
|
439,341 |
|
|
|
423,990 |
|
|
||||
|
Simon’s share of depreciation and amortization from unconsolidated entities |
|
|
75,969 |
|
|
|
52,946 |
|
|
|
131,300 |
|
|
|
103,078 |
|
|
||||
|
Gain on sales of assets and interests in unconsolidated entities and discontinued operations, net of Limited Partners’ interest |
|
|
(2,880 |
) |
|
|
(7,687 |
) |
|
|
(500 |
) |
|
|
(42,015 |
) |
|
||||
|
Minority interest portion of depreciation and amortization |
|
|
(2,276 |
) |
|
|
(2,031 |
) |
|
|
(4,293 |
) |
|
|
(4,131 |
) |
|
||||
|
Preferred distributions and dividends |
|
|
(19,900 |
) |
|
|
(25,323 |
) |
|
|
(39,545 |
) |
|
|
(50,722 |
) |
|
||||
|
FFO of the Simon Portfolio |
|
|
$ |
373,034 |
|
|
|
$ |
358,440 |
|
|
|
$ |
765,434 |
|
|
|
$ |
717,297 |
|
|
|
Per Share Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted net income available to common stockholders per share |
|
|
$ |
0.27 |
|
|
|
$ |
0.37 |
|
|
|
$ |
0.71 |
|
|
|
$ |
0.84 |
|
|
|
Adjustments to net income to arrive at FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Depreciation and amortization from consolidated properties and Simon’s share of depreciation and amortization from unconsolidated entities, net of minority interest portion of depreciation and amortization |
|
|
1.07 |
|
|
|
0.94 |
|
|
|
2.01 |
|
|
|
1.88 |
|
|
||||
|
Gain on sales of assets and interests in unconsolidated entities and discontinued operations, net of Limited Partners’ interest |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
|
(0.15 |
) |
|
||||
|
Impact of additional dilutive securities for FFO per share |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
|
||||
|
Diluted FFO per share |
|
|
$ |
1.31 |
|
|
|
$ |
1.26 |
|
|
|
$ |
2.68 |
|
|
|
$ |
2.52 |
|
|
|
Details for per share calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
FFO of the Simon Portfolio |
|
|
$ |
373,034 |
|
|
|
$ |
358,440 |
|
|
|
$ |
765,434 |
|
|
|
$ |
717,297 |
|
|
|
Adjustments for dilution calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Impact of preferred stock and preferred unit conversions and option exercises(6) |
|
|
13,072 |
|
|
|
14,121 |
|
|
|
25,888 |
|
|
|
28,315 |
|
|
||||
|
Diluted FFO of the Simon Portfolio |
|
|
386,106 |
|
|
|
372,561 |
|
|
|
791,322 |
|
|
|
745,612 |
|
|
||||
|
Diluted FFO allocable to unitholders |
|
|
(75,568 |
) |
|
|
(73,724 |
) |
|
|
(155,615 |
) |
|
|
(147,642 |
) |
|
||||
|
Diluted FFO allocable to common stockholders |
|
|
$ |
310,538 |
|
|
|
$ |
298,837 |
|
|
|
$ |
635,707 |
|
|
|
$ |
597,970 |
|
|
|
Basic weighted average shares outstanding |
|
|
223,399 |
|
|
|
220,990 |
|
|
|
222,936 |
|
|
|
220,787 |
|
|
||||
|
Adjustments for dilution calculation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Effect of stock options |
|
|
837 |
|
|
|
885 |
|
|
|
847 |
|
|
|
930 |
|
|
||||
|
Impact of Series C preferred unit conversion |
|
|
135 |
|
|
|
1,047 |
|
|
|
160 |
|
|
|
1,054 |
|
|
||||
|
Impact of Series I preferred unit conversion |
|
|
2,419 |
|
|
|
3,278 |
|
|
|
2,559 |
|
|
|
3,276 |
|
|
||||
|
Impact of Series I preferred stock conversion |
|
|
11,073 |
|
|
|
10,826 |
|
|
|
11,038 |
|
|
|
10,839 |
|
|
||||
|
Diluted weighted average shares outstanding |
|
|
237,863 |
|
|
|
237,026 |
|
|
|
237,540 |
|
|
|
236,886 |
|
|
||||
|
Weighted average limited partnership units outstanding |
|
|
57,883 |
|
|
|
58,474 |
|
|
|
58,148 |
|
|
|
58,488 |
|
|
||||
|
Diluted weighted average shares and units outstanding |
|
|
295,746 |
|
|
|
295,500 |
|
|
|
295,688 |
|
|
|
295,374 |
|
|
||||
|
Basic FFO per share |
|
|
$ |
1.33 |
|
|
|
$ |
1.28 |
|
|
|
$ |
2.72 |
|
|
|
$ |
2.57 |
|
|
|
Percent Increase |
|
|
3.9 |
% |
|
|
|
|
|
|
5.8 |
% |
|
|
|
|
|
||||
|
Diluted FFO per share |
|
|
$ |
1.31 |
|
|
|
$ |
1.26 |
|
|
|
$ |
2.68 |
|
|
|
$ |
2.52 |
|
|
|
Percent Increase |
|
|
4.0 |
% |
|
|
|
|
|
|
6.3 |
% |
|
|
|
|
|
||||
72
SIMON
Footnotes to Reconciliation of Net Income to FFO
Unaudited
Notes:
(1) The Company considers FFO a key measure of its operating performance that is not specifically defined by GAAP and believes that FFO is helpful to investors because it is a widely recognized measure of the performance of REITs and provides a relevant basis for comparison among REITs. The Company also uses this measure internally to measure the operating performance of the portfolio. The Company’s computation of FFO may not be comparable to FFO reported by other REITs.
As defined by NAREIT, FFO is consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sales of real estate, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. The Company has adopted NAREIT’s clarification of the definition of FFO that requires it to include the effects of nonrecurring items not classified as extraordinary, cumulative effect of accounting change or resulting from the sale of depreciable real estate. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(2) Includes the Company’s share of gains on land sales of $3.7 million and $19.7 million for the three months ended June 30, 2007 and 2006, respectively, and $11.3 million and $26.3 million for the six months ended June 30, 2007 and 2006, respectively.
(3) Includes the Company’s share of straight-line adjustments to minimum rent of $5.6 million and $1.5 million for the three months ended June 30, 2007 and 2006, respectively and $10.7 million and $5.3 million for the six months ended June 30, 2007 and 2006, respectively.
(4) Includes the Company’s share of the fair market value of leases from acquisitions of $12.3 million and $17.8 million for the three months ended June 30, 2007 and 2006, respectively, and $26.2 million and $35.2 million for the six months ended June 20, 2007 and 2006, respectively.
(5) Includes the Company’s share of debt premium amortization of $15.0 million and $6.7 million for the three months ended June 30, 2007 and 2006, respectively, and $22.0 million and $13.4 million for the six months ended June 30, 2007 and 2006, respectively.
(6) Includes dividends and distributions of Series I preferred stock and Series C and Series I preferred units.
73