SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code:
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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbols | Name of each exchange on which registered | ||
Item 2.02. | Results of Operations and Financial Condition |
On November 1, 2021, Simon Property Group, Inc. issued a press release containing information on earnings for the quarter ended September 30, 2021 and other matters. A copy of the press release is furnished with this report as Exhibit 99.1 and is incorporated by reference into this report.
Item 7.01. | Regulation FD Disclosure |
Exhibit 99.1 also includes supplemental financial and operating information for the quarter ended September 30, 2021.
Item 9.01. | Financial Statements and Exhibits |
Financial Statements:
None
Exhibits:
Exhibit No. | Description |
99.1 | Earnings Release dated November 1, 2021 and supplemental information |
104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL |
(included as Exhibit 101) |
The exhibit filed with this report contains measures of financial or operating performance that are not specifically defined by generally accepted accounting principles (“GAAP”) in the United States, including funds from operations (“FFO”), FFO per share, funds available for distribution, net operating income (“NOI”), domestic property NOI and portfolio NOI. FFO and NOI are performance measures that are standard in the REIT business. We believe FFO and NOI provide investors with additional information concerning our operating performance and a basis to compare our performance with the performance of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
These non-GAAP financial measures should not be considered as alternatives to net income as a measure of our operating performance or to cash flows computed in accordance with GAAP as a measure of liquidity nor are they indicative of cash flows from operating and financial activities.
Reconciliations of each of these non-GAAP measures to the most-directly comparable GAAP measure are included in the exhibit.
The information in this report and the exhibit filed herewith is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K, will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.
Page 2
SIGNATURES
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: November 1, 2021
SIMON PROPERTY GROUP, INC. |
By: | /s/ BRIAN J. MCDADE |
Brian J. McDade, | |
Executive Vice President, | |
Chief Financial Officer and | |
Treasurer |
Page 3
|
EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION
FOR THE QUARTER ENDED SEPTEMBER 30, 2021 |
| |
PAGE
|
|
|
Earnings Release(1)
|
| | | |
| | | | ||
| | | | ||
| | | | ||
| Financial Data | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| Operational Data | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| Development Activity | | | | |
| | | | ||
| | | | ||
| Balance Sheet Information | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
Property and Debt Information
|
| | | |
| Other | | | | |
| | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
1
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
2
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
3
|
|
| | | |
Low
End |
| |
High
End |
| ||||||
| Estimated net income attributable to common stockholders per diluted share | | | | $ | 6.61 | | | | | $ | 6.71 | | |
| Depreciation and amortization including Simon’s share of unconsolidated entities | | | | | 5.47 | | | | | | 5.47 | | |
| Unrealized losses in fair value of equity instruments | | | | | 0.01 | | | | | | 0.01 | | |
|
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
|
| | | | (0.54) | | | | | | (0.54) | | |
| Estimated FFO per diluted share | | | | $ | 11.55 | | | | | $ | 11.65 | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
4
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
5
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
6
|
|
| | | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| REVENUE: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease income
|
| | |
$
|
1,207,923
|
| | | | $ | 993,831 | | | | |
$
|
3,511,806
|
| | | | $ | 3,269,572 | | |
|
Management fees and other revenues
|
| | |
|
27,024
|
| | | | | 21,345 | | | | |
|
78,381
|
| | | | | 71,545 | | |
|
Other income
|
| | |
|
61,607
|
| | | | | 45,498 | | | | |
|
200,465
|
| | | | | 134,957 | | |
|
Total revenue
|
| | |
|
1,296,554
|
| | | | | 1,060,674 | | | | |
|
3,790,652
|
| | | | | 3,476,074 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Property operating
|
| | |
|
108,556
|
| | | | | 91,236 | | | | |
|
291,248
|
| | | | | 267,479 | | |
|
Depreciation and amortization
|
| | |
|
311,381
|
| | | | | 333,755 | | | | |
|
942,851
|
| | | | | 986,157 | | |
|
Real estate taxes
|
| | |
|
117,094
|
| | | | | 112,311 | | | | |
|
347,800
|
| | | | | 347,075 | | |
|
Repairs and maintenance
|
| | |
|
21,735
|
| | | | | 18,971 | | | | |
|
62,126
|
| | | | | 57,482 | | |
|
Advertising and promotion
|
| | |
|
38,635
|
| | | | | 14,751 | | | | |
|
87,685
|
| | | | | 60,967 | | |
|
Home and regional office costs
|
| | |
|
48,667
|
| | | | | 39,960 | | | | |
|
132,365
|
| | | | | 130,420 | | |
|
General and administrative
|
| | |
|
6,909
|
| | | | | 3,016 | | | | |
|
20,739
|
| | | | | 17,206 | | |
|
Other
|
| | |
|
31,253
|
| | | | | 42,650 | | | | |
|
84,180
|
| | | | | 99,527 | | |
|
Total operating expenses
|
| | |
|
684,230
|
| | | | | 656,650 | | | | |
|
1,968,994
|
| | | | | 1,966,313 | | |
|
OPERATING INCOME BEFORE OTHER ITEMS
|
| | |
|
612,324
|
| | | | | 404,024 | | | | |
|
1,821,658
|
| | | | | 1,509,761 | | |
| Interest expense | | | |
|
(199,772)
|
| | | | | (201,858) | | | | |
|
(602,207)
|
| | | | | (586,545) | | |
| Loss on extinguishment of debt | | | |
|
(28,593)
|
| | | | | — | | | | |
|
(31,552)
|
| | | | | — | | |
| Gain on exchange of equity interests | | | |
|
159,828
|
| | | | | — | | | | |
|
159,828
|
| | | | | — | | |
| Income and other tax (expense) benefit | | | |
|
(67,262)
|
| | | | | (2,779) | | | | |
|
(108,367)
|
| | | | | 3,065 | | |
| Income from unconsolidated entities | | | |
|
198,524
|
| | | | | 61,823 | | | | |
|
562,138
|
| | | | | 156,610 | | |
| Unrealized losses in fair value of equity instruments | | | |
|
(4,944)
|
| | | | | (1,279) | | | | |
|
(8,121)
|
| | | | | (20,125) | | |
| Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, | | | | | | | | | | | | | | | | | | | | | | | | | |
|
assets and interests in unconsolidated entities and impairment, net
|
| | |
|
108,543
|
| | | | | (91,285) | | | | |
|
201,600
|
| | | | | (98,168) | | |
|
CONSOLIDATED NET INCOME
|
| | |
|
778,648
|
| | | | | 168,646 | | | | |
|
1,994,977
|
| | | | | 964,598 | | |
| Net income attributable to noncontrolling interests | | | |
|
97,878
|
| | | | | 21,886 | | | | |
|
249,421
|
| | | | | 124,351 | | |
| Preferred dividends | | | |
|
834
|
| | | | | 834 | | | | |
|
2,503
|
| | | | | 2,503 | | |
|
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | |
$
|
679,936
|
| | | | $ | 145,926 | | | | |
$
|
1,743,053
|
| | | | $ | 837,744 | | |
| BASIC AND DILUTED EARNINGS PER COMMON SHARE: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net income attributable to common stockholders
|
| | |
$
|
2.07
|
| | | | $ | 0.48 | | | | |
$
|
5.30
|
| | | | $ | 2.74 | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
7
|
|
| | | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| ASSETS: | | | | | | | | | | | | | |
|
Investment properties, at cost
|
| | |
$
|
37,984,645
|
| | | | $ | 38,050,196 | | |
|
Less – accumulated depreciation
|
| | |
|
15,410,030
|
| | | | | 14,891,937 | | |
| | | | |
|
22,574,615
|
| | | | | 23,158,259 | | |
|
Cash and cash equivalents
|
| | |
|
438,423
|
| | | | | 1,011,613 | | |
|
Tenant receivables and accrued revenue, net
|
| | |
|
935,053
|
| | | | | 1,236,734 | | |
|
Investment in TRG, at equity
|
| | |
|
3,396,169
|
| | | | | 3,451,897 | | |
|
Investment in Klépierre, at equity
|
| | |
|
1,672,858
|
| | | | | 1,729,690 | | |
|
Investment in other unconsolidated entities, at equity
|
| | |
|
2,972,049
|
| | | | | 2,603,571 | | |
|
Right-of-use assets, net
|
| | |
|
506,236
|
| | | | | 512,914 | | |
|
Investments held in trust – special purpose acquisition company
|
| | |
|
345,000
|
| | | | | — | | |
|
Deferred costs and other assets
|
| | |
|
1,105,736
|
| | | | | 1,082,168 | | |
|
Total assets
|
| | |
$
|
33,946,139
|
| | | | $ | 34,786,846 | | |
| LIABILITIES: | | | | | | | | | | | | | |
|
Mortgages and unsecured indebtedness
|
| | |
$
|
25,584,372
|
| | | | $ | 26,723,361 | | |
|
Accounts payable, accrued expenses, intangibles, and deferred revenues
|
| | |
|
1,324,603
|
| | | | | 1,311,925 | | |
|
Cash distributions and losses in unconsolidated entities, at equity
|
| | |
|
1,573,563
|
| | | | | 1,577,393 | | |
|
Dividend payable
|
| | |
|
1,452
|
| | | | | 486,922 | | |
|
Lease liabilities
|
| | |
|
509,071
|
| | | | | 515,492 | | |
|
Other liabilities
|
| | |
|
525,361
|
| | | | | 513,515 | | |
|
Total liabilities
|
| | |
|
29,518,422
|
| | | | | 31,128,608 | | |
| Commitments and contingencies | | | | | | | | | | | | | |
| Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests | | | |
|
553,025
|
| | | | | 185,892 | | |
| EQUITY: | | | | | | | | | | | | | |
| Stockholders’ Equity | | | | | | | | | | | | | |
|
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000 shares of excess common stock, 100,000,000 authorized shares of
preferred stock): |
| | | | | | | | | | | | |
|
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized, 796,948 issued and outstanding with a liquidation value of $39,847
|
| | |
|
41,845
|
| | | | | 42,091 | | |
|
Common stock, $0.0001 par value, 511,990,000 shares authorized, 342,907,608 and 342,849,037 issued and outstanding, respectively
|
| | |
|
34
|
| | | | | 34 | | |
|
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000 issued and outstanding
|
| | |
|
—
|
| | | | | — | | |
|
Capital in excess of par value
|
| | |
|
11,201,333
|
| | | | | 11,179,688 | | |
|
Accumulated deficit
|
| | |
|
(5,789,329)
|
| | | | | (6,102,314) | | |
|
Accumulated other comprehensive loss
|
| | |
|
(191,274)
|
| | | | | (188,675) | | |
|
Common stock held in treasury, at cost, 14,296,445 and 14,355,621 shares, respectively
|
| | |
|
(1,884,511)
|
| | | | | (1,891,352) | | |
|
Total stockholders’ equity
|
| | |
|
3,378,098
|
| | | | | 3,039,472 | | |
| Noncontrolling interests | | | |
|
496,594
|
| | | | | 432,874 | | |
|
Total equity
|
| | |
|
3,874,692
|
| | | | | 3,472,346 | | |
|
Total liabilities and equity
|
| | |
$
|
33,946,139
|
| | | | $ | 34,786,846 | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
8
|
|
| | | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| REVENUE: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease income
|
| | |
$
|
719,723
|
| | | | $ | 601,522 | | | | |
$
|
2,053,826
|
| | | | $ | 1,919,618 | | |
|
Other income
|
| | |
|
67,630
|
| | | | | 94,630 | | | | |
|
204,923
|
| | | | | 215,349 | | |
|
Total revenue
|
| | |
|
787,353
|
| | | | | 696,152 | | | | |
|
2,258,749
|
| | | | | 2,134,967 | | |
| OPERATING EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Property operating
|
| | |
|
151,008
|
| | | | | 129,024 | | | | |
|
420,174
|
| | | | | 383,363 | | |
|
Depreciation and amortization
|
| | |
|
170,568
|
| | | | | 175,716 | | | | |
|
512,165
|
| | | | | 512,705 | | |
|
Real estate taxes
|
| | |
|
66,221
|
| | | | | 68,464 | | | | |
|
203,242
|
| | | | | 197,487 | | |
|
Repairs and maintenance
|
| | |
|
18,274
|
| | | | | 16,457 | | | | |
|
53,625
|
| | | | | 49,661 | | |
|
Advertising and promotion
|
| | |
|
18,238
|
| | | | | 9,901 | | | | |
|
52,479
|
| | | | | 42,669 | | |
|
Other
|
| | |
|
43,400
|
| | | | | 41,857 | | | | |
|
113,042
|
| | | | | 107,822 | | |
|
Total operating expenses
|
| | |
|
467,709
|
| | | | | 441,419 | | | | |
|
1,354,727
|
| | | | | 1,293,707 | | |
|
OPERATING INCOME BEFORE OTHER ITEMS
|
| | |
|
319,644
|
| | | | | 254,733 | | | | |
|
904,022
|
| | | | | 841,260 | | |
| Interest expense | | | |
|
(154,501)
|
| | | | | (154,579) | | | | |
|
(453,145)
|
| | | | | (463,629) | | |
| Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net | | | |
|
—
|
| | | | | — | | | | |
|
33,371
|
| | | | | — | | |
|
NET INCOME
|
| | |
$
|
165,143
|
| | | | $ | 100,154 | | | | |
$
|
484,248
|
| | | | $ | 377,631 | | |
|
Third-Party Investors’ Share of Net Income
|
| | |
$
|
82,639
|
| | | | $ | 46,785 | | | | |
$
|
243,525
|
| | | | $ | 193,633 | | |
|
Our Share of Net Income
|
| | |
|
82,504
|
| | | | | 53,369 | | | | |
|
240,723
|
| | | | | 183,998 | | |
|
Amortization of Excess Investment (A)
|
| | |
|
(15,199)
|
| | | | | (20,543) | | | | |
|
(49,794)
|
| | | | | (62,144) | | |
| Our Share of Gain on Sale or Disposal of Assets and Interests in | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Other Income in the Consolidated Financial Statements
|
| | |
|
—
|
| | | | | — | | | | |
|
(14,941)
|
| | | | | — | | |
|
Income from Unconsolidated Entities (B)
|
| | |
$
|
67,305
|
| | | | $ | 32,826 | | | | |
$
|
175,988
|
| | | | $ | 121,854 | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
9
|
|
| | | |
September 30,
2021 |
| |
December 31,
2020 |
| ||||||
| Assets: | | | | | | | | | | | | | |
| Investment properties, at cost | | | |
$
|
19,867,502
|
| | | | $ | 20,079,476 | | |
| Less – accumulated depreciation | | | |
|
8,287,531
|
| | | | | 8,003,863 | | |
| | | | |
|
11,579,971
|
| | | | | 12,075,613 | | |
| Cash and cash equivalents | | | |
|
1,368,859
|
| | | | | 1,169,422 | | |
| Tenant receivables and accrued revenue, net | | | |
|
567,034
|
| | | | | 749,231 | | |
| Right-of-use assets, net | | | |
|
161,758
|
| | | | | 185,598 | | |
| Deferred costs and other assets | | | |
|
415,768
|
| | | | | 380,087 | | |
|
Total assets
|
| | |
$
|
14,093,390
|
| | | | $ | 14,559,951 | | |
| Liabilities and Partners’ Deficit: | | | | | | | | | | | | | |
| Mortgages | | | |
$
|
15,311,572
|
| | | | $ | 15,569,485 | | |
| Accounts payable, accrued expenses, intangibles, and deferred revenue | | | |
|
854,603
|
| | | | | 969,242 | | |
| Lease liabilities | | | |
|
165,334
|
| | | | | 188,863 | | |
| Other liabilities | | | |
|
405,134
|
| | | | | 426,321 | | |
|
Total liabilities
|
| | |
|
16,736,643
|
| | | | | 17,153,911 | | |
| Preferred units | | | |
|
67,450
|
| | | | | 67,450 | | |
| Partners’ deficit | | | |
|
(2,710,703)
|
| | | | | (2,661,410) | | |
|
Total liabilities and partners’ deficit
|
| | |
$
|
14,093,390
|
| | | | $ | 14,559,951 | | |
| Our Share of: | | | | | | | | | | | | | |
| Partners’ deficit | | | |
$
|
(1,161,814)
|
| | | | $ | (1,130,713) | | |
| Add: Excess Investment (A) | | | |
|
1,300,242
|
| | | | | 1,399,757 | | |
| Our net Investment in unconsolidated entities, at equity | | | |
$
|
138,428
|
| | | | $ | 269,044 | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
10
|
|
| | | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
|
Consolidated Net Income (D)
|
| | |
$
|
778,648
|
| | | | $ | 168,646 | | | | |
$
|
1,994,977
|
| | | | $ | 964,598 | | |
| Adjustments to Arrive at FFO: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Depreciation and amortization from consolidated properties
|
| | |
|
309,199
|
| | | | | 331,252 | | | | |
|
936,346
|
| | | | | 978,998 | | |
|
Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments
|
| | |
|
202,519
|
| | | | | 136,471 | | | | |
|
609,271
|
| | | | | 402,488 | | |
|
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
|
| | |
|
(108,543)
|
| | | | | 91,285 | | | | |
|
(201,600)
|
| | | | | 98,168 | | |
|
Unrealized losses in fair value of equity instruments (E)
|
| | |
|
—
|
| | | | | 1,279 | | | | |
|
3,177
|
| | | | | 20,125 | | |
|
Net loss attributable to noncontrolling interest holders in properties
|
| | |
|
405
|
| | | | | 753 | | | | |
|
2,875
|
| | | | | 4,551 | | |
|
Noncontrolling interests portion of depreciation and amortization and gain on consolidation of properties
|
| | |
|
(5,005)
|
| | | | | (5,154) | | | | |
|
(14,354)
|
| | | | | (14,665) | | |
|
Preferred distributions and dividends
|
| | |
|
(1,313)
|
| | | | | (1,313) | | | | |
|
(3,939)
|
| | | | | (3,939) | | |
|
FFO of the Operating Partnership
|
| | |
$
|
1,175,910
|
| | | | $ | 723,219 | | | | |
$
|
3,326,753
|
| | | | $ | 2,450,324 | | |
| Diluted net income per share to diluted FFO per share reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Diluted net income per share
|
| | |
$
|
2.07
|
| | | | $ | 0.48 | | | | |
$
|
5.30
|
| | | | $ | 2.74 | | |
|
Depreciation and amortization from consolidated properties and our share of depreciation and amortization from
unconsolidated entities, including Klépierre, TRG and other corporate investments, net of noncontrolling interests portion of depreciation and amortization |
| | |
|
1.35
|
| | | | | 1.30 | | | | |
|
4.08
|
| | | | | 3.87 | | |
|
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
|
| | |
|
(0.29)
|
| | | | | 0.26 | | | | |
|
(0.54)
|
| | | | | 0.28 | | |
|
Unrealized losses in fair value of equity instruments (E)
|
| | |
|
—
|
| | | | | 0.01 | | | | |
|
0.01
|
| | | | | 0.06 | | |
|
Diluted FFO per share
|
| | |
$
|
3.13
|
| | | | $ | 2.05 | | | | |
$
|
8.85
|
| | | | $ | 6.95 | | |
| | Details for per share calculations: | | | | | | | | | | | | | | | | |||||||||||
| | FFO of the Operating Partnership | | | |
$
|
1,175,910
|
| | | | $ | 723,219 | | | | |
$
|
3,326,753
|
| | | | $ | 2,450,324 | | | |
| | Diluted FFO allocable to unitholders | | | |
|
(147,864)
|
| | | | | (95,426) | | | | |
|
(418,548)
|
| | | | | (323,591) | | | |
| | Diluted FFO allocable to common stockholders | | | |
$
|
1,028,046
|
| | | | $ | 627,793 | | | | |
$
|
2,908,205
|
| | | | $ | 2,126,733 | | | |
| | Basic and Diluted weighted average shares outstanding | | | |
|
328,619
|
| | | | | 305,913 | | | | |
|
328,576
|
| | | | | 306,099 | | | |
| | Weighted average limited partnership units outstanding | | | |
|
47,263
|
| | | | | 46,507 | | | | |
|
47,289
|
| | | | | 46,574 | | | |
| | Basic and Diluted weighted average shares and units outstanding | | | |
|
375,882
|
| | | | | 352,420 | | | | |
|
375,865
|
| | | | | 352,673 | | | |
| | Basic and Diluted FFO per Share | | | |
$
|
3.13
|
| | | | $ | 2.05 | | | | |
$
|
8.85
|
| | | | $ | 6.95 | | | |
| |
Percent Change
|
| | |
|
52.7%
|
| | | | | | | | | |
|
27.3%
|
| | | | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
11
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
12
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
13
|
|
| | | | Common Stock | | | SPG | | | | |
| | | | 8.375% Series J Cumulative Redeemable Preferred |
| | SPGPrJ |
| | ||
| CREDIT RATINGS | | |||||||||
| | | | Standard & Poor’s | | | | | | | |
| | | | Corporate | | | A- | | | (Stable Outlook) | |
| | | | Senior Unsecured | | | A- | | | (Stable Outlook) | |
| | | | Commercial Paper | | | A2 | | | (Stable Outlook) | |
| | | | Preferred Stock | | | BBB | | | (Stable Outlook) | |
| | | | Moody’s | | | | | | | |
| | | | Senior Unsecured | | | A3 | | | (Stable Outlook) | |
| | | | Commercial Paper | | | P2 | | | (Stable Outlook) | |
| | | | Preferred Stock | | | Baa1 | | | (Stable Outlook) | |
| | | |
Required
|
| |
Actual
|
| |
Compliance
|
|
| Total Debt to Total Assets (1) | | |
≤65%
|
| |
46%
|
| |
Yes
|
|
| Total Secured Debt to Total Assets (1) | | |
≤50%
|
| |
21%
|
| |
Yes
|
|
| Fixed Charge Coverage Ratio | | |
>1.5X
|
| |
4.5X
|
| |
Yes
|
|
| Total Unencumbered Assets to Unsecured Debt | | |
≥125%
|
| |
217%
|
| |
Yes
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
14
|
|
| | | |
THREE MONTHS ENDED
SEPTEMBER 30, |
| |
NINE MONTHS ENDED
SEPTEMBER 30, |
| ||||||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||||
Financial Highlights | | | | | | | ||||||||||||||||||||||||
Total Revenue – Consolidated Properties | | | | | $ | 1,296,554 | | | | | | $ | 1,060,674 | | | | | | $ | 3,790,652 | | | | | | $ | 3,476,074 | | | |
Consolidated Net Income | | | | | $ | 778,648 | | | | | | $ | 168,646 | | | | | | $ | 1,994,977 | | | | | | $ | 964,598 | | | |
Net Income Attributable to Common Stockholders | | | | | $ | 679,936 | | | | | | $ | 145,926 | | | | | | $ | 1,743,053 | | | | | | $ | 837,744 | | | |
Basic and Diluted Earnings per Common Share (EPS) | | | | | $ | 2.07 | | | | | | $ | 0.48 | | | | | | $ | 5.30 | | | | | | $ | 2.74 | | | |
Funds from Operations (FFO) of the Operating Partnership | | | | | $ | 1,175,910 | | | | | | $ | 723,219 | | | | | | $ | 3,326,753 | | | | | | $ | 2,450,324 | | | |
Basic and Diluted FFO per Share (FFOPS) | | | | | $ | 3.13 | | | | | | $ | 2.05 | | | | | | $ | 8.85 | | | | | | $ | 6.95 | | | |
Declared Dividends/Distributions per Share/Unit | | | | | $ | 1.50 | | | | | | $ | 1.30 | | | | | | $ | 4.20 | | | | | | $ | 4.70 | | | |
| | | | |
AS OF
SEPTEMBER 30, 2021 |
| |
AS OF
DECEMBER 31, 2020 |
| ||||||||
| Stockholders’ Equity Information | | | | | ||||||||||||
| Limited Partners’ Units Outstanding at end of period | | | | | | 47,263 | | | | | | | 47,322 | | | |
| Common Shares Outstanding at end of period | | | | | | 328,619 | | | | | | | 328,502 | | | |
| Total Common Shares and Limited Partnership Units Outstanding at end of period | | | | | | 375,882 | | | | | | | 375,824 | | | |
| Weighted Average Limited Partnership Units Outstanding | | | | | | 47,289 | | | | | | | 46,544 | | | |
| Weighted Average Common Shares Outstanding: | | | | | | | | | | | | | | | | |
|
Basic and Diluted – for purposes of EPS and FFOPS
|
| | | | | 328,576 | | | | | | | 308,738 | | | |
| Equity Market Capitalization | | | | | ||||||||||||
| Common Stock Price at end of period | | | | | $ | 129.97 | | | | | | $ | 85.28 | | | |
| Common Equity Capitalization, including Limited Partnership Units | | | | | $ | 48,853,425 | | | | | | $ | 32,050,239 | | | |
| Preferred Equity Capitalization, including Limited Partnership Preferred Units | | | | | | 82,200 | | | | | | | 81,762 | | | |
| Total Equity Market Capitalization | | | | | $ | 48,935,625 | | | | | | $ | 32,132,001 | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
15
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
16
|
|
| | | |
FOR THE THREE MONTHS
ENDED SEPTEMBER 30, |
| | |
% GROWTH
|
| | |
FOR THE NINE MONTHS
ENDED SEPTEMBER 30, |
| | |
% GROWTH
|
| ||||||||||||||||||||||||||||||
| | | |
2021
|
| |
2020
|
| | |
2021
|
| |
2020
|
| | |||||||||||||||||||||||||||||||
| | | | | | ||||||||||||||||||||||||||||||||||||||||||
| Domestic Property NOI (1) | | | | $ | 1,118,527 | | | | | | $ | 898,254 | | | | | | | | 24.5 | % | | | | | | $ | 3,279,278 | | | | | | $ | 3,013,491 | | | | | | | | 8.8 | % | | |
| TRG NOI | | | | | 108,301 | | | | | | | — | | | | | | | | | | | | | | | | 307,848 | | | | | | | — | | | | | | | | | | | |
| International Properties (2) | | | | | 61,936 | | | | | | | 61,626 | | | | | | | | | | | | | | | | 167,954 | | | | | | | 149,094 | | | | | | | | | | | |
| Portfolio NOI | | | | $ | 1,288,764 | | | | | | $ | 959,880 | | | | | | | | 34.3 | % | | | | | | $ | 3,755,080 | | | | | | $ | 3,162,585 | | | | | | | | 18.7 | % | | |
| NOI from Retailer Investments (3) | | | | | 140,374 | | | | | | | 30,543 | | | | | | | | | | | | | | | | 339,731 | | | | | | | (8,681) | | | | | | | | | | | |
|
NOI from Investments (4)
|
| | | | 49,191 | | | | | | | 47,597 | | | | | | | | | | | | | | | | 134,151 | | | | | | | 152,166 | | | | | | | | | | | |
| Corporate and Other NOI Sources (5) | | | | | 25,663 | | | | | | | 24,891 | | | | | | | | | | | | | | | | 133,130 | | | | | | | 141,064 | | | | | | | | | | | |
| Beneficial interest of Combined NOI | | | | $ | 1,503,992 | | | | | | $ | 1,062,911 | | | | | | | | 41.5 | % | | | | | | $ | 4,362,092 | | | | | | $ | 3,447,134 | | | | | | | | 26.5 | % | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
17
|
|
| | | |
THREE MONTHS ENDED
SEPTEMBER 30, |
| |
NINE MONTHS ENDED
SEPTEMBER 30, |
| ||||||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||||
| Reconciliation of NOI of consolidated entities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Consolidated Net Income
|
| | |
$
|
778,648
|
| | | | | $ | 168,646 | | | | | |
$
|
1,994,977
|
| | | | | $ | 964,598 | | | |
| Income and other tax expense (benefit) | | | |
|
67,262
|
| | | | | | 2,779 | | | | | |
|
108,367
|
| | | | | | (3,065) | | | |
| Gain on exchange of equity interests | | | |
|
(159,828)
|
| | | | | | — | | | | | |
|
(159,828)
|
| | | | | | — | | | |
| Interest expense | | | |
|
199,772
|
| | | | | | 201,858 | | | | | |
|
602,207
|
| | | | | | 586,545 | | | |
| Loss on extinguishment of debt | | | |
|
28,593
|
| | | | | | — | | | | | |
|
31,552
|
| | | | | | — | | | |
| Income from unconsolidated entities | | | |
|
(198,524)
|
| | | | | | (61,823) | | | | | |
|
(562,138)
|
| | | | | | (156,610) | | | |
| Unrealized losses in fair value of equity instruments | | | |
|
4,944
|
| | | | | | 1,279 | | | | | |
|
8,121
|
| | | | | | 20,125 | | | |
|
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
|
| | |
|
(108,543)
|
| | | | | | 91,285 | | | | | |
|
(201,600)
|
| | | | | | 98,168 | | | |
|
Operating Income Before Other Items
|
| | |
|
612,324
|
| | | | | | 404,024 | | | | | |
|
1,821,658
|
| | | | | | 1,509,761 | | | |
| Depreciation and amortization | | | |
|
311,381
|
| | | | | | 333,755 | | | | | |
|
942,851
|
| | | | | | 986,157 | | | |
| Home and regional office costs | | | |
|
48,667
|
| | | | | | 39,960 | | | | | |
|
132,365
|
| | | | | | 130,420 | | | |
| General and administrative | | | |
|
6,909
|
| | | | | | 3,016 | | | | | |
|
20,739
|
| | | | | | 17,206 | | | |
|
NOI of consolidated entities
|
| | |
$
|
979,281
|
| | | | | $ | 780,755 | | | | | |
$
|
2,917,613
|
| | | | | $ | 2,643,544 | | | |
|
Less: Noncontrolling interest partners share of NOI
|
| | |
|
(5,638)
|
| | | | | | (5,643) | | | | | |
|
(15,178)
|
| | | | | | (14,454) | | | |
|
Beneficial NOI of consolidated entities
|
| | |
$
|
973,643
|
| | | | | $ | 775,112 | | | | | |
$
|
2,902,435
|
| | | | | $ | 2,629,090 | | | |
| Reconciliation of NOI of unconsolidated entities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Net Income
|
| | |
$
|
165,143
|
| | | | | $ | 100,154 | | | | | |
$
|
484,248
|
| | | | | $ | 377,631 | | | |
| Interest expense | | | |
|
154,501
|
| | | | | | 154,579 | | | | | |
|
453,145
|
| | | | | | 463,629 | | | |
| Gain on sale or disposal of, or recovery on, assets and interested in unconsolidated entities, net | | | |
|
—
|
| | | | | | — | | | | | |
|
(33,371)
|
| | | | | | — | | | |
|
Operating Income Before Other Items
|
| | |
|
319,644
|
| | | | | | 254,733 | | | | | |
|
904,022
|
| | | | | | 841,260 | | | |
| Depreciation and amortization | | | |
|
170,568
|
| | | | | | 175,716 | | | | | |
|
512,165
|
| | | | | | 512,705 | | | |
|
NOI of unconsolidated entities
|
| | |
$
|
490,212
|
| | | | | $ | 430,449 | | | | | |
$
|
1,416,187
|
| | | | | $ | 1,353,965 | | | |
|
Less: Joint Venture partners share of NOI
|
| | |
|
(257,729)
|
| | | | | | (222,780) | | | | | |
|
(744,186)
|
| | | | | | (710,059) | | | |
|
Beneficial NOI of unconsolidated entities
|
| | |
$
|
232,483
|
| | | | | $ | 207,669 | | | | | |
$
|
672,001
|
| | | | | $ | 643,906 | | | |
| Add: NOI from TRG | | | |
|
108,301
|
| | | | | | — | | | | | |
|
307,848
|
| | | | | | — | | | |
| Add: NOI from retailer and other investments | | | |
|
189,565
|
| | | | | | 80,130 | | | | | |
|
479,808
|
| | | | | | 174,138 | | | |
|
Beneficial interest of Combined NOI
|
| | |
$
|
1,503,992
|
| | | | | $ | 1,062,911 | | | | | |
$
|
4,362,092
|
| | | | | $ | 3,447,134 | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
18
|
|
| | | |
THREE
MONTHS ENDED SEPTEMBER 30, 2021 |
| | |
NINE
MONTHS ENDED SEPTEMBER 30, 2021 |
| ||||||||
|
FFO of the Operating Partnership
|
| | | $ | 1,175,910 | | | | | | | $ | 3,326,753 | | | |
| Non-cash impacts to FFO (1) | | | | | (87,104) | | | | | | | | (163,384) | | | |
|
FFO of the Operating Partnership excluding non-cash impacts
|
| | | | 1,088,806 | | | | | | | | 3,163,369 | | | |
| Tenant allowances | | | | | (60,385) | | | | | | | | (128,226) | | | |
| Operational capital expenditures | | | | | (13,416) | | | | | | | | (33,218) | | | |
| Funds available for distribution | | | | $ | 1,015,005 | | | | | | | $ | 3,001,925 | | | |
| | | |
THREE
MONTHS ENDED SEPTEMBER 30, 2021 |
| | |
NINE
MONTHS ENDED SEPTEMBER 30, 2021 |
| ||||||||
| Deductions: | | | | | | | | | | | | | | | | |
|
Fair value of debt amortization
|
| | | | (88) | | | | | | | | (315) | | | |
|
Klépierre deferred tax liability gain
|
| | | | — | | | | | | | | (118,428) | | | |
|
Gain on exchange of equity interests, net of tax
|
| | | | (111,880) | | | | | | | | (111,880) | | | |
| Additions: | | | | | | | | | | | | | | | | |
|
Straight-line lease loss
|
| | | | 5,689 | | | | | | | | 20,710 | | | |
|
Fair market value of lease amortization
|
| | | | 139 | | | | | | | | 572 | | | |
|
Stock based compensation expense
|
| | | | 5,834 | | | | | | | | 18,464 | | | |
|
Unrealized losses in fair value of equity instruments
|
| | | | 4,944 | | | | | | | | 4,944 | | | |
|
Mortgage, financing fee and terminated swap amortization expense
|
| | | | 8,258 | | | | | | | | 22,549 | | | |
| | | | | $ | (87,104) | | | | | | | $ | (163,384) | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
19
|
|
| | | | |
THREE MONTHS ENDED
SEPTEMBER 30, |
| | |
NINE MONTHS ENDED
SEPTEMBER 30, |
| ||||||||||||||||||||||
|
Consolidated Properties
|
| | |
2021
|
| |
2020
|
| | |
2021
|
| |
2020
|
| ||||||||||||||||
| Other Income | | | | | | | |||||||||||||||||||||||||
| Interest, dividend and distribution income (1) | | | | | $ | 3,538 | | | | | | $ | 3,135 | | | | | | | $ | 10,246 | | | | | | $ | 12,912 | | | |
| Lease settlement income | | | | | | 8,932 | | | | | | | 8,205 | | | | | | | | 57,974 | | | | | | | 13,563 | | | |
| Gains on land sales | | | | | | 4,850 | | | | | | | 1,885 | | | | | | | | 6,487 | | | | | | | 8,259 | | | |
| Other (2) | | | | | | 44,287 | | | | | | | 32,273 | | | | | | | | 125,758 | | | | | | | 100,223 | | | |
| Totals | | | | | $ | 61,607 | | | | | | $ | 45,498 | | | | | | | $ | 200,465 | | | | | | $ | 134,957 | | | |
| Other Expense | | | | | | | |||||||||||||||||||||||||
| Ground leases | | | | | $ | 11,148 | | | | | | $ | 10,093 | | | | | | | $ | 33,176 | | | | | | $ | 30,133 | | | |
| Professional fees and other | | | | | | 20,105 | | | | | | | 32,557 | | | | | | | | 51,004 | | | | | | | 69,394 | | | |
| Totals | | | | | $ | 31,253 | | | | | | $ | 42,650 | | | | | | | $ | 84,180 | | | | | | $ | 99,527 | | | |
| | | | | | | |
| | | | |
THREE MONTHS ENDED
SEPTEMBER 30, |
| | |
NINE MONTHS ENDED
SEPTEMBER 30, |
| ||||||||||||||||||||||
| | | | |
2021
|
| |
2020
|
| | |
2021
|
| |
2020
|
| ||||||||||||||||
| Capitalized Interest | | | | | | | |||||||||||||||||||||||||
| Interest Capitalized during the Period: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Our Share of Consolidated Properties
|
| | | | $ | 8,931 | | | | | | $ | 3,271 | | | | | | | $ | 24,952 | | | | | | $ | 16,170 | | | |
|
Our Share of Joint Venture Properties
|
| | | | $ | 138 | | | | | | $ | 206 | | | | | | | $ | 994 | | | | | | $ | 777 | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
20
|
|
| | | |
AS OF SEPTEMBER 30,
|
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
|
Total Number of Properties
|
| | |
|
164
|
| | | | | 168 | | |
|
Total Square Footage of Properties (in millions)
|
| | |
|
138.8
|
| | | | | 142.3 | | |
| Ending Occupancy (2): | | | | | | | | | | | | | |
| Consolidated Assets | | | | | 92.9% | | | | | | 91.5% | | |
| Unconsolidated Assets | | | | | 92.4% | | | | | | 91.1% | | |
| Total Portfolio | | | | | 92.8% | | | | | | 91.4% | | |
| Base Minimum Rent PSF (3): | | | | | | | | | | | | | |
| Consolidated Assets | | | | $ | 52.51 | | | | | $ | 54.33 | | |
| Unconsolidated Assets | | | | $ | 57.81 | | | | | $ | 61.22 | | |
| Total Portfolio | | | | $ | 53.91 | | | | | $ | 56.13 | | |
| | | | | | | | | | |
RENT PSF
(BASE MINIMUM RENT & CAM) |
| | | | | | | | | | | | | | | |||||||||||
| | | |
SQUARE
FOOTAGE OF OPENINGS |
| |
AVERAGE
OPENING RATE PSF (4) |
| |
AVERAGE
CLOSING RATE PSF (4) |
| |
LEASING
SPREAD (4) |
| |
SPREAD TO
CLOSE% |
| ||||||||||||||||||||
|
9/30/21
|
| | | | 7,594,350 | | | | | | $ | 52.80 | | | | | | $ | 67.98 | | | | | | $ | (15.18) | | | | | | | -22.3 | % | | |
|
6/30/21
|
| | | | 6,962,429 | | | | | | $ | 53.84 | | | | | | $ | 68.84 | | | | | | $ | (15.00) | | | | | | | -21.8 | % | | |
|
3/31/21
|
| | | | 4,961,794 | | | | | | $ | 60.10 | | | | | | $ | 69.56 | | | | | | $ | (9.46) | | | | | | | -13.6 | % | | |
|
12/31/20
|
| | | | 5,023,608 | | | | | | $ | 60.08 | | | | | | $ | 64.49 | | | | | | $ | (4.41) | | | | | | | -6.8 | % | | |
|
9/30/20
|
| | | | 6,117,027 | | | | | | $ | 61.28 | | | | | | $ | 63.81 | | | | | | $ | (2.53) | | | | | | | -4.0 | % | | |
|
6/30/20
|
| | | | 6,593,808 | | | | | | $ | 62.95 | | | | | | $ | 63.21 | | | | | | $ | (0.26) | | | | | | | -0.4 | % | | |
|
3/31/20
|
| | | | 7,948,232 | | | | | | $ | 64.06 | | | | | | $ | 61.26 | | | | | | $ | 2.80 | | | | | | | 4.6 | % | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
21
|
|
| | | | |
AS OF SEPTEMBER 30,
|
| |||||||||
| | | | |
2021
|
| |
2020
|
| ||||||
| The Mills | | | | | | | | | | |||||
| Total Number of Properties | | | | |
|
14
|
| | | | | 14 | | |
| Total Square Footage of Properties (in millions) | | | | |
|
21.3
|
| | | | | 21.5 | | |
| Ending Occupancy (2) | | | | |
|
97.0%
|
| | | | | 94.5% | | |
| Base Minimum Rent PSF (3) | | | | |
|
$33.68
|
| | | | | $33.83 | | |
| Leasing Spread PSF (4) | | | | |
|
$ (6.31)
|
| | | | | $ 8.87 | | |
| Leasing Spread (Percentage Change) (4) | | | | |
|
-12.5%
|
| | | | | 22.8% | | |
| International Properties (5) | | | | | | | | | | |||||
| Premium Outlets | | | | | | | | | | | | | | |
| Total Number of Properties | | | | |
|
21
|
| | | | | 21 | | |
| Total Square Footage of Properties (in millions) | | | | |
|
8.3
|
| | | | | 8.3 | | |
| Designer Outlets | | | | | | | | | | | | | | |
| Total Number of Properties | | | | |
|
11
|
| | | | | 10 | | |
| Total Square Footage of Properties (in millions) | | | | |
|
2.8
|
| | | | | 2.6 | | |
| Statistics for Premium Outlets in Japan | | | | | | | | | | | | | | |
| Ending Occupancy | | | | |
|
99.5%
|
| | | | | 99.3% | | |
| Base Minimum Rent PSF | | | | |
|
¥5,498
|
| | | | | ¥5,390 | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
22
|
|
|
Year
|
| |
Number of
Leases Expiring |
| |
Square Feet
|
| |
Avg. Base
Minimum Rent PSF at 9/30/21 |
| |
Percentage of
Gross Annual Rental Revenues (3) |
| ||||||||||||||||
| Inline Stores and Freestanding | | | | | | ||||||||||||||||||||||||
| Month to Month Leases | | | | | 476 | | | | | | | 1,468,661 | | | | | | $ | 63.21 | | | | | | | 1.7 | % | | |
| 2021 (10/1/21 – 12/31/21) | | | | | 383 | | | | | | | 1,087,171 | | | | | | $ | 52.96 | | | | | | | 1.0 | % | | |
| 2022 | | | | | 2,915 | | | | | | | 10,893,697 | | | | | | $ | 50.53 | | | | | | | 10.2 | % | | |
| 2023 | | | | | 2,640 | | | | | | | 10,614,966 | | | | | | $ | 57.27 | | | | | | | 10.2 | % | | |
| 2024 | | | | | 2,344 | | | | | | | 9,488,615 | | | | | | $ | 54.95 | | | | | | | 9.8 | % | | |
| 2025 | | | | | 1,535 | | | | | | | 6,227,241 | | | | | | $ | 62.24 | | | | | | | 7.4 | % | | |
| 2026 | | | | | 1,485 | | | | | | | 5,672,647 | | | | | | $ | 57.02 | | | | | | | 6.0 | % | | |
| 2027 | | | | | 909 | | | | | | | 3,737,234 | | | | | | $ | 63.38 | | | | | | | 4.4 | % | | |
| 2028 | | | | | 746 | | | | | | | 3,370,923 | | | | | | $ | 63.20 | | | | | | | 4.0 | % | | |
| 2029 | | | | | 693 | | | | | | | 3,002,843 | | | | | | $ | 67.14 | | | | | | | 3.6 | % | | |
| 2030 | | | | | 452 | | | | | | | 2,135,389 | | | | | | $ | 66.55 | | | | | | | 2.5 | % | | |
| 2031 | | | | | 233 | | | | | | | 1,414,012 | | | | | | $ | 54.13 | | | | | | | 1.3 | % | | |
| 2032 and Thereafter | | | | | 490 | | | | | | | 2,183,893 | | | | | | $ | 44.62 | | | | | | | 1.9 | % | | |
| Specialty Leasing Agreements w/ terms in excess of 12 months | | | | | 2,589 | | | | | | | 6,857,998 | | | | | | $ | 17.44 | | | | | | | 2.3 | % | | |
| Anchors | | | | | | ||||||||||||||||||||||||
| Month to Month Leases | | | | | 1 | | | | | | | 138,409 | | | | | | $ | 1.18 | | | | | | | 0.0 | % | | |
| 2021 (10/1/21 – 12/31/21) | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |
| 2022 | | | | | 4 | | | | | | | 628,342 | | | | | | $ | 3.37 | | | | | | | 0.0 | % | | |
| 2023 | | | | | 16 | | | | | | | 2,110,674 | | | | | | $ | 4.76 | | | | | | | 0.2 | % | | |
| 2024 | | | | | 16 | | | | | | | 1,465,287 | | | | | | $ | 8.10 | | | | | | | 0.2 | % | | |
| 2025 | | | | | 17 | | | | | | | 1,676,634 | | | | | | $ | 6.75 | | | | | | | 0.2 | % | | |
| 2026 | | | | | 16 | | | | | | | 1,702,455 | | | | | | $ | 4.99 | | | | | | | 0.2 | % | | |
| 2027 | | | | | 10 | | | | | | | 1,391,987 | | | | | | $ | 4.43 | | | | | | | 0.1 | % | | |
| 2028 | | | | | 6 | | | | | | | 622,099 | | | | | | $ | 7.12 | | | | | | | 0.1 | % | | |
| 2029 | | | | | 5 | | | | | | | 556,306 | | | | | | $ | 4.51 | | | | | | | 0.0 | % | | |
| 2030 | | | | | 7 | | | | | | | 754,336 | | | | | | $ | 8.54 | | | | | | | 0.1 | % | | |
| 2031 | | | | | 5 | | | | | | | 427,004 | | | | | | $ | 12.18 | | | | | | | 0.0 | % | | |
| 2032 and Thereafter | | | | | 20 | | | | | | | 2,142,182 | | | | | | $ | 12.94 | | | | | | | 0.5 | % | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
23
|
|
|
Tenant
|
| |
Number
of Stores |
| |
Square
Feet (000’s) |
| |
Percent of
Total Sq. Ft. in U.S. Properties |
| |
Percent of Total
Base Minimum Rent for U.S. Properties |
| ||||||||||||||||
| The Gap, Inc. | | | | | 290 | | | | | | | 3,109 | | | | | | | 1.8 | % | | | | | | 3.1 | % | | |
| Tapestry, Inc. | | | | | 235 | | | | | | | 969 | | | | | | | 0.5 | % | | | | | | 1.6 | % | | |
| PVH Corporation | | | | | 197 | | | | | | | 1,309 | | | | | | | 0.7 | % | | | | | | 1.6 | % | | |
| Victoria’s Secret & Co. | | | | | 143 | | | | | | | 1,210 | | | | | | | 0.7 | % | | | | | | 1.6 | % | | |
| Signet Jewelers, Ltd. | | | | | 349 | | | | | | | 492 | | | | | | | 0.3 | % | | | | | | 1.5 | % | | |
| Capri Holdings Limited | | | | | 145 | | | | | | | 562 | | | | | | | 0.3 | % | | | | | | 1.4 | % | | |
| American Eagle Outfitters, Inc | | | | | 212 | | | | | | | 1,337 | | | | | | | 0.8 | % | | | | | | 1.3 | % | | |
| Foot Locker Retail, Inc. | | | | | 192 | | | | | | | 909 | | | | | | | 0.5 | % | | | | | | 1.3 | % | | |
| Luxottica Group SPA | | | | | 356 | | | | | | | 638 | | | | | | | 0.4 | % | | | | | | 1.3 | % | | |
| VF Corporation | | | | | 187 | | | | | | | 787 | | | | | | | 0.4 | % | | | | | | 1.1 | % | | |
|
Tenant
|
| |
Number
of Stores |
| |
Square
Feet (000’s) |
| |
Percent of
Total Sq. Ft. in U.S. Properties |
| |
Percent of Total
Base Minimum Rent for U.S. Properties |
| ||||||||||||||||
| Macy’s Inc. | | | | | 99 | | | | | | | 19,295 | | | | | | | 10.9 | % | | | | | | 0.3 | % | | |
| J.C. Penney Co., Inc. | | | | | 54 | | | | | | | 8,894 | | | | | | | 5.0 | % | | | | | | 0.3 | % | | |
| Dillard’s, Inc. | | | | | 34 | | | | | | | 6,235 | | | | | | | 3.5 | % | | | | | | * | | | |
| Nordstrom, Inc. | | | | | 24 | | | | | | | 4,103 | | | | | | | 2.3 | % | | | | | | 0.1 | % | | |
| Dick’s Sporting Goods, Inc. | | | | | 33 | | | | | | | 2,254 | | | | | | | 1.3 | % | | | | | | 0.5 | % | | |
| The Neiman Marcus Group, Inc. | | | | | 12 | | | | | | | 1,458 | | | | | | | 0.8 | % | | | | | | 0.1 | % | | |
| Belk, Inc. | | | | | 7 | | | | | | | 1,194 | | | | | | | 0.7 | % | | | | | | * | | | |
| Target Corporation | | | | | 7 | | | | | | | 968 | | | | | | | 0.5 | % | | | | | | 0.1 | % | | |
| Hudson’s Bay Company | | | | | 8 | | | | | | | 943 | | | | | | | 0.5 | % | | | | | | 0.1 | % | | |
| Sears | | | | | 4 | | | | | | | 781 | | | | | | | 0.4 | % | | | | | | * | | | |
| Von Maur, Inc. | | | | | 6 | | | | | | | 768 | | | | | | | 0.4 | % | | | | | | * | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
24
|
|
| | | | | | | | | | |
UNCONSOLIDATED
PROPERTIES |
| |||||||||||
| | | |
CONSOLIDATED
PROPERTIES |
| |
TOTAL
|
| |
OUR
SHARE |
| ||||||||||||
| New development projects | | | | $ | 58,227 | | | | | | $ | 88,777 | | | | | | $ | 29,033 | | | |
| Redevelopment projects with incremental square footage and/or anchor replacement | | | | | 187,022 | | | | | | | 61,093 | | | | | | | 27,805 | | | |
| Redevelopment projects with no incremental square footage (2) | | | | | 21,304 | | | | | | | 7,412 | | | | | | | 3,729 | | | |
|
Subtotal new development and redevelopment projects
|
| | | | 266,553 | | | | | | | 157,282 | | | | | | | 60,567 | | | |
| Tenant allowances | | | | | 106,498 | | | | | | | 44,406 | | | | | | | 21,728 | | | |
| Operational capital expenditures at properties: | | | | | | | | | | | | | | | | | | | | | | |
|
CAM expenditures
|
| | | | 17,201 | | | | | | | 20,586 | | | | | | | 9,187 | | | |
|
Non-CAM expenditures
|
| | | | 2,312 | | | | | | | 10,645 | | | | | | | 4,518 | | | |
| Totals | | | | $ | 392,564 | | | | | | $ | 232,919 | | | | | | $ | 96,000 | | | |
| Conversion from accrual to cash basis | | | | | 26,913 | | | | | | | 30,464 | | | | | | | 12,556 | | | |
| Capital Expenditures for the Nine Months Ended 9/30/21(3) | | | | $ | 419,477 | | | | | | $ | 263,383 | | | | | | $ | 108,556 | | | |
| Capital Expenditures for the Nine Months Ended 9/30/20(3) | | | |
$
|
396,004
|
| | | | |
$
|
408,517
|
| | | | |
$
|
186,578
|
| | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
25
|
|
| |
PLATFORM
PROJECT TYPE |
| | |
OUR SHARE
OF NET INVESTMENT |
| | |
EXPECTED
STABILIZED RATE OF RETURN |
| | |
Actual 2021
Investment thru Q3 2021 |
| | |
Forecasted
Investment Q4 2021 |
| | |
Forecasted
Investment FY 2021 |
| | |
Forecasted
Investment FY 2022 |
| | |
Forecasted
Total Investment 2021 - 2022 |
| | ||||||||||||||||||||||||||||
| | Malls | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Redevelopments
|
| | | | $ | 613,568 | | | | | | | | 6 | % | | | | | | $ | 120,936 | | | | | | | $ | 79,284 | | | | | | | $ | 200,220 | | | | | | | $ | 249,675 | | | | | | | $ | 449,895 | | | | |
| | Premium Outlets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
New Developments – International
|
| | | | $ | 246,089 | | | | | | | | 8 | % | | | | | | $ | 24,372 | | | | | | | $ | 21,985 | | | | | | | $ | 46,357 | | | | | | | $ | 124,953 | | | | | | | $ | 171,310 | | | | |
| |
Redevelopments – U.S.
|
| | | | $ | 27,846 | | | | | | | | 6 | % | | | | | | $ | 4,382 | | | | | | | $ | 2,825 | | | | | | | $ | 7,207 | | | | | | | $ | 15,500 | | | | | | | $ | 22,707 | | | | |
| |
Redevelopments – International
|
| | | | $ | 21,792 | | | | | | | | 9 | % | | | | | | $ | 6,926 | | | | | | | $ | 11,181 | | | | | | | $ | 18,107 | | | | | | | $ | 1,509 | | | | | | | $ | 19,616 | | | | |
| | The Mills | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
Redevelopments
|
| | | | $ | 27,963 | | | | | | | | 11 | % | | | | | | $ | 4,510 | | | | | | | $ | 4,456 | | | | | | | $ | 8,966 | | | | | | | $ | 338 | | | | | | | $ | 9,304 | | | | |
| |
Total Investment (1)(2)
|
| | | | $ | 937,258 | | | | | | | | 7 | % | | | | | | $ | 161,126 | | | | | | | $ | 119,731 | | | | | | | $ | 280,857 | | | | | | | $ | 391,975 | | | | | | | $ | 672,832 | | | | |
| |
Less funding from: Construction
Loans, International JV Cash on hand, etc. |
| | | | $ | (393,929) | | | | | | | | | | | | | | | $ | (60,074) | | | | | | | $ | (46,697) | | | | | | | $ | (106,771) | | | | | | | $ | (180,126) | | | | | | | $ | (286,897) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Net Cash Investment | | | | | $ | 543,329 | | | | | | | | | | | | | | | $ | 101,052 | | | | | | | $ | 73,034 | | | | | | | $ | 174,086 | | | | | | | $ | 211,849 | | | | | | | $ | 385,935 | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
26
|
|
| | | |
COMMON
SHARES(1) |
| |
LIMITED
PARTNERSHIP UNITS(2) |
| ||||||||
| Number Outstanding at December 31, 2020 | | | | | 328,501,416 | | | | | | | 47,322,212 | | | |
| Activity During the First Six Months of 2021: | | | | | | | | | | | | | | | |
| Redemption of Limited Partnership Units for Cash | | | | | — | | | | | | | (486) | | | |
| Exchange of Limited Partnership Units for Common Stock | | | | | 58,571 | | | | | | | (58,571) | | | |
| Restricted Stock/Restricted Stock Unit Awards and Long-Term Incentive Performance (LTIP) Units Earned (3) | | | | | 79,550 | | | | | | | — | | | |
| Treasury Shares Acquired Related to Stock Grant Recipients’ Tax Obligations and Other | | | | | (20,374) | | | | | | | — | | | |
| Number Outstanding at June 30, 2021 | | | | | 328,619,163 | | | | | | | 47,263,155 | | | |
| Third Quarter Activity | | | | | | | | | | | | | | | |
| None | | | | | — | | | | | | | — | | | |
| Number Outstanding at September 30, 2021 | | | | | 328,619,163 | | | | | | | 47,263,155 | | | |
| Number of Limited Partnership Units and Common Shares at September 30, 2021 | | | | | 375,882,318 | | | | | | | | | | |
|
ISSUER
|
| |
DESCRIPTION
|
| |
NUMBER OF
SHARES/UNITS |
| |
PER SHARE
LIQUIDATION PREFERENCE |
| |
AGGREGATE
LIQUIDATION PREFERENCE |
| |
TICKER
SYMBOL |
| ||||||||||||
| Preferred Stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Simon Property Group, Inc. | | |
Series J 8.375% Cumulative Redeemable(4)
|
| | | | 796,948 | | | | | | $ | 50.00 | | | | | | $ | 39,847 | | | | |
SPGPrJ
|
|
| Preferred Units: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Simon Property Group, L.P. | | | 7.50% Cumulative Redeemable(5) | | | | | 255,373 | | | | | | $ | 100.00 | | | | | | $ | 25,537 | | | | |
N/A
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
27
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
28
|
|
|
ALL FIGURES AT SPG SHARE, EXCEPT WHERE INDICATED
|
| |
AS OF SEPTEMBER 30, 2021 |
| |
AS OF DECEMBER 31, 2020 |
| ||||||||
| Unsecured Consolidated Debt | | | | $ | 18,920,989 | | | | | | $ | 19,784,862 | | | |
| Less: Consolidated Cash | | | | | 438,423 | | | | | | | 1,011,613 | | | |
| UNSECURED CONSOLIDATED (CORPORATE) NET DEBT | | | | $ | 18,482,566 | | | | | | $ | 18,773,249 | | | |
| | | |
TWELVE MONTHS ENDING
SEPTEMBER 30, 2021 |
| |
TWELVE MONTHS ENDING
DECEMBER 31, 2020 |
| ||||||||
| Operating Income Before Other Items | | | | $ | 2,283,706 | | | | | | $ | 1,971,809 | | | |
| Depreciation and Amortization | | | | | 1,274,702 | | | | | | | 1,318,008 | | | |
| EBITDA of Consolidated Entities | | | | | 3,558,408 | | | | | | | 3,289,817 | | | |
| Joint Venture Unencumbered EBITDA (1) | | | | | 122,091 | | | | | | | 44,829 | | | |
| Less: Encumbered EBITDA of Consolidated Entities | | | | | (683,503) | | | | | | | (665,909) | | | |
| UNENCUMBERED EBITDA | | | | $ | 2,996,995 | | | | | | $ | 2,668,737 | | | |
| EBITDA less Interest Expense of Encumbered Consolidated Assets | | | | | 416,862 | | | | | | | 393,401 | | | |
| EBITDA less Interest Expense of Joint Venture Assets (1) | | | | | 760,869 | | | | | | | 577,515 | | | |
| FFO of Investments (2) | | | | | 415,598 | | | | | | | 203,900 | | | |
| CORPORATE FUNDS AVAILABLE TO SERVICE UNSECURED DEBT | | | | $ | 4,590,323 | | | | | | $ | 3,843,553 | | | |
| Consolidated Interest Expense | | | | $ | 800,062 | | | | | | $ | 784,400 | | | |
| Less: Minority Interest | | | | | (7,281) | | | | | | | (7,509) | | | |
| Less: Non-Recourse Consolidated Interest Expense | | | | | (266,641) | | | | | | | (272,508) | | | |
| UNSECURED (CORPORATE) INTEREST EXPENSE | | | | $ | 526,140 | | | | | | $ | 504,383 | | | |
| RATIOS (3) | | | | | | | | | | | | | | | |
| Corporate Net Debt to Corporate Funds Available (4) | | | |
|
4.0x
|
| | | | |
|
4.9x
|
| | |
| Corporate Funds Available to Corporate Interest Expense Coverage Ratio (5) | | | |
|
8.7x
|
| | | | |
|
7.6x
|
| | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
29
|
|
| | | |
TOTAL
INDEBTEDNESS |
| |
OUR
SHARE OF INDEBTEDNESS |
| |
WEIGHTED
AVERAGE END OF PERIOD INTEREST RATE |
| |
WEIGHTED
AVERAGE YEARS TO MATURITY |
| ||||||||||||||||
| Consolidated Indebtedness | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Mortgage Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fixed Rate
|
| | | $ | 5,491,214 | | | | | | $ | 5,336,214 | | | | | | | 3.64 | % | | | | | | 4.0 | | | |
|
Variable Rate Debt
|
| | | | 1,132,158 | | | | | | | 1,094,109 | | | | | | | 2.16 | % | | | | | | 2.5 | | | |
|
Total Mortgage Debt
|
| | | | 6,623,372 | | | | | | | 6,430,323 | | | | | | | 3.38 | % | | | | | | 3.7 | | | |
|
Unsecured Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fixed Rate
|
| | | | 18,417,912 | | | | | | | 18,417,912 | | | | | | | 2.92 | % | | | | | | 9.6 | | | |
|
Revolving Credit
Facility – USD Currency |
| | | | 125,000 | | | | | | | 125,000 | | | | | | | 0.81 | % | | | | | | 3.7 | | | |
|
Total Revolving Credit Facilities
|
| | | | 125,000 | | | | | | | 125,000 | | | | | | | 0.81 | % | | | | | | 3.7 | | | |
|
Global Commercial Paper – USD
|
| | | | 500,000 | | | | | | | 500,000 | | | | | | | 0.20 | % | | | | | | 0.1 | | | |
|
Total Unsecured Debt
|
| | | | 19,042,912 | | | | | | | 19,042,912 | | | | | | | 2.83 | % | | | | | | 9.6 | | | |
|
Premium
|
| | | | 29,824 | | | | | | | 29,824 | | | | | | | | | | | | | | | | | |
|
Discount
|
| | | | (57,947) | | | | | | | (57,947) | | | | | | | | | | | | | | | | | |
|
Debt Issuance Costs
|
| | | | (118,559) | | | | | | | (117,588) | | | | | | | | | | | | | | | | | |
|
Other Debt Obligations
|
| | | | 64,770 | | | | | | | 64,770 | | | | | | | | | | | | | | | | | |
|
Consolidated Mortgages and
Unsecured Indebtedness (2) |
| | | $ | 25,584,372 | | | | | | $ | 25,392,294 | | | | | | | 2.97 | % | | | | | | 8.1 | | | |
| Joint Venture Indebtedness | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Mortgage Debt
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fixed Rate
|
| | | $ | 12,852,930 | | | | | | $ | 5,989,949 | | | | | | | 3.90 | % | | | | | | 3.7 | | | |
|
Floating Rate Debt (Hedged)(2)
|
| | | | 885,717 | | | | | | | 373,977 | | | | | | | 2.64 | % | | | | | | 5.0 | | | |
|
Variable Rate Debt
|
| | | | 1,243,967 | | | | | | | 524,614 | | | | | | | 1.96 | % | | | | | | 2.1 | | | |
|
TMLP Debt (3)
|
| | | | 367,006 | | | | | | | 143,982 | | | | | | | — | | | | | | | — | | | |
|
Total Mortgage Debt
|
| | | | 15,349,620 | | | | | | | 7,032,522 | | | | | | | 3.73 | % | | | | | | 3.6 | | | |
|
Debt Issuance Costs
|
| | | | (38,050) | | | | | | | (17,597) | | | | | | | | | | | | | | | | | |
|
Joint Venture Mortgages and
Other Indebtedness (2) |
| | | $ | 15,311,570 | | | | | | $ | 7,014,925 | | | | | | | 3.73 | % | | | | | | 3.6 | | | |
|
Our Share of Total Indebtedness
|
| | | | | | | | | | $ | 32,407,219 | | | | | | | 3.14 | % | | | | | | 7.1 | | | |
| | | |
TOTAL
INDEBTEDNESS |
| |
OUR
SHARE OF INDEBTEDNESS |
| |
WEIGHTED
AVERAGE END OF PERIOD INTEREST RATE |
| |
WEIGHTED
AVERAGE YEARS TO MATURITY |
| ||||||||||||||||
|
Summary of Our Share of Fixed
and Variable Rate Debt |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Consolidated
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fixed
|
| | | | 95.3 | % | | | | | $ | 24,190,730 | | | | | | | 3.30 | % | | | | | | 8.4 | | | |
|
Variable
|
| | | | 4.7 | % | | | | | | 1,201,564 | | | | | | | 2.02 | % | | | | | | 2.6 | | | |
| | | | | | 100.0 | % | | | | | | 25,392,294 | | | | | | | 2.97 | % | | | | | | 8.1 | | | |
|
Joint Venture
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fixed
|
| | | | 87.2 | % | | | | | $ | 6,120,466 | | | | | | | 3.90 | % | | | | | | 3.7 | | | |
|
Variable
|
| | | | 12.8 | % | | | | | | 894,459 | | | | | | | 2.25 | % | | | | | | 3.3 | | | |
| | | | | | 100.0 | % | | | | | | 7,014,925 | | | | | | | 3.69 | % | | | | | | 3.6 | | | |
|
Total Debt
|
| | | | | | | | | | $ | 32,407,219 | | | | | | | | | | | | | | | | | |
|
Total Fixed Debt
|
| | | | 93.5 | % | | | | | $ | 30,311,196 | | | | | | | 3.20 | % | | | | | | 7.4 | | | |
|
Total Variable Debt
|
| | | | 6.5 | % | | | | | $ | 2,096,023 | | | | | | | 2.12 | % | | | | | | 2.9 | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
30
|
|
|
Year
|
| |
OUR
SHARE OF UNSECURED CONSOLIDATED DEBT |
| |
WEIGHTED
AVERAGE RATE OF MATURING UNSECURED CONSOLIDATED DEBT |
| |
OUR
SHARE OF SECURED CONSOLIDATED DEBT |
| |
WEIGHTED
AVERAGE RATE OF MATURING SECURED CONSOLIDATED DEBT |
| |
OUR
SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT |
| |
WEIGHTED
AVERAGE RATE OF MATURING UNCONSOLIDATED JOINT VENTURE DEBT |
| |
OUR
SHARE OF TOTAL DEBT |
| |
TOTAL
WEIGHTED AVERAGE RATE OF MATURING DEBT |
| ||||||||||||||||||||||||||||||||
| 2021 | | | | $ | 500,000 | | | | | | | 0.20 | % | | | | | $ | 273,130 | | | | | | | 2.09 | % | | | | | $ | 348,357 | | | | | | | 4.24 | % | | | | | $ | 1,121,487 | | | | | | | 1.85 | % | | |
| 2022 | | | | | 869,217 | | | | | | | 1.38 | % | | | | | | 536,379 | | | | | | | 3.07 | % | | | | | | 1,094,456 | | | | | | | 3.96 | % | | | | | | 2,500,052 | | | | | | | 2.82 | % | | |
| 2023 | | | | | 600,000 | | | | | | | 2.75 | % | | | | | | 1,099,030 | | | | | | | 2.92 | % | | | | | | 551,417 | | | | | | | 2.97 | % | | | | | | 2,250,447 | | | | | | | 2.89 | % | | |
| 2024 | | | | | 2,500,000 | | | | | | | 2.92 | % | | | | | | 387,423 | | | | | | | 3.78 | % | | | | | | 1,289,824 | | | | | | | 3.90 | % | | | | | | 4,177,247 | | | | | | | 3.37 | % | | |
| 2025 | | | | | 1,804,478 | | | | | | | 2.59 | % | | | | | | 1,211,582 | | | | | | | 3.44 | % | | | | | | 875,528 | | | | | | | 3.29 | % | | | | | | 3,891,588 | | | | | | | 3.01 | % | | |
| 2026 | | | | | 1,550,000 | | | | | | | 3.28 | % | | | | | | 2,322,109 | | | | | | | 3.82 | % | | | | | | 1,329,479 | | | | | | | 3.63 | % | | | | | | 5,201,588 | | | | | | | 3.61 | % | | |
| 2027 | | | | | 2,050,000 | | | | | | | 2.84 | % | | | | | | 145,000 | | | | | | | 4.00 | % | | | | | | 500,774 | | | | | | | 3.80 | % | | | | | | 2,695,774 | | | | | | | 3.01 | % | | |
| 2028 | | | | | 800,000 | | | | | | | 1.75 | % | | | | | | 53,666 | | | | | | | 3.85 | % | | | | | | 738,933 | | | | | | | 4.11 | % | | | | | | 1,592,599 | | | | | | | 2.91 | % | | |
| 2029 | | | | | 1,250,000 | | | | | | | 2.45 | % | | | | | | 192,004 | | | | | | | 2.00 | % | | | | | | — | | | | | | | — | | | | | | | 1,442,004 | | | | | | | 2.39 | % | | |
| 2030 | | | | | 750,000 | | | | | | | 2.65 | % | | | | | | — | | | | | | | — | | | | | | | 225,250 | | | | | | | 3.12 | % | | | | | | 975,250 | | | | | | | 2.76 | % | | |
| 2031 | | | | | 700,000 | | | | | | | 2.20 | % | | | | | | 210,000 | | | | | | | 3.09 | % | | | | | | 47,055 | | | | | | | 3.68 | % | | | | | | 957,055 | | | | | | | 2.47 | % | | |
| Thereafter | | | | | 5,669,217 | | | | | | | 3.56 | % | | | | | | — | | | | | | | — | | | | | | | 31,449 | | | | | | | 6.60 | % | | | | | | 5,700,666 | | | | | | | 3.57 | % | | |
| Face Amounts of Indebtedness | | | | $ | 19,042,912 | | | | | | | 2.83 | % | | | | | $ | 6,430,323 | | | | | | | 3.38 | % | | | | | $ | 7,032,522 | | | | | | | 3.73 | % | | | | | $ | 32,505,757 | | | | | | | 3.14 | % | | |
| Premiums (Discounts) on Indebtedness, Net | | | | | (31,129) | | | | | | | | | | | | | | 3,006 | | | | | | | | | | | | | | — | | | | | | | | | | | | | | (28,123) | | | | | | | | | | |
| Debt Issuance Costs | | | | | (90,794) | | | | | | | | | | | | | | (26,794) | | | | | | | | | | | | | | (17,597) | | | | | | | | | | | | | | (135,185) | | | | | | | | | | |
| Other Debt Obligations | | | | | — | | | | | | | | | | | | | | 64,770 | | | | | | | | | | | | | | — | | | | | | | | | | | | | | 64,770 | | | | | | | | | | |
| Our Share of Total Indebtedness | | | | $ | 18,920,989 | | | | | | | | | | | | | $ | 6,471,305 | | | | | | | | | | | | | $ | 7,014,925 | | | | | | | | | | | | | $ | 32,407,219 | | | | | | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
31
|
|
| | | |
DEBT INFORMATION
|
| ||||||||||||||||||||||||
| | | |
MATURITY
DATE |
| |
|
| |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS
TOTAL ($ IN 000’S) |
| ||||||||||||
| Unsecured Indebtedness: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Global Commercial Paper – USD | | | | | 11/01/21 | | | | |
(2)
|
| | | | 0.20 | % | | | | Fixed | | | | | 500,000 | | | |
| Simon Property Group, LP (Euro Sr. Notes) | | | | | 11/18/22 | | | | |
(3)
|
| | | | 1.38 | % | | | | Fixed | | | | | 869,217 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 06/01/23 | | | | | | | | | | 2.75 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/24 | | | | | | | | | | 3.75 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/13/24 | | | | | | | | | | 2.00 | % | | | | Fixed | | | | | 1,000,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 10/01/24 | | | | | | | | | | 3.38 | % | | | | Fixed | | | | | 900,000 | | | |
| Simon Property Group, LP (Euro Sr. Notes) | | | | | 05/13/25 | | | | |
(4)
|
| | | | 1.25 | % | | | | Fixed | | | | | 579,478 | | | |
| Revolving Credit Facility – USD Currency | | | | | 06/30/25 | | | | |
(5)
|
| | | | 0.81 | % | | | |
Variable
|
| | | | 125,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/01/25 | | | | | | | | | | 3.50 | % | | | | Fixed | | | | | 1,100,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 01/15/26 | | | | | | | | | | 3.30 | % | | | | Fixed | | | | | 800,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 11/30/26 | | | | | | | | | | 3.25 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 01/15/27 | | | | | | | | | | 1.38 | % | | | | Fixed | | | | | 550,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 06/15/27 | | | | | | | | | | 3.38 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 12/01/27 | | | | | | | | | | 3.38 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/28 | | | | | | | | | | 1.75 | % | | | | Fixed | | | | | 800,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/13/29 | | | | | | | | | | 2.45 | % | | | | Fixed | | | | | 1,250,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 07/15/30 | | | | | | | | | | 2.65 | % | | | | Fixed | | | | | 750,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/31 | | | | | | | | | | 2.20 | % | | | | Fixed | | | | | 700,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 01/15/32 | | | | | | | | | | 2.25 | % | | | | Fixed | | | | | 700,000 | | | |
| Simon Property Group, LP (Euro Sr. Notes) | | | | | 03/19/33 | | | | |
(3)
|
| | | | 1.13 | % | | | | Fixed | | | | | 869,217 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 02/01/40 | | | | | | | | | | 6.75 | % | | | | Fixed | | | | | 600,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 03/15/42 | | | | | | | | | | 4.75 | % | | | | Fixed | | | | | 550,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 10/01/44 | | | | | | | | | | 4.25 | % | | | | Fixed | | | | | 400,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 11/30/46 | | | | | | | | | | 4.25 | % | | | | Fixed | | | | | 550,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 09/13/49 | | | | | | | | | | 3.25 | % | | | | Fixed | | | | | 1,250,000 | | | |
| Simon Property Group, LP (Sr. Notes) | | | | | 07/15/50 | | | | | | | | | | 3.80 | % | | | | Fixed | | | | | 750,000 | | | |
| Total Unsecured Indebtedness at Face Value | | | | | | | | | | | | | | | | | | | | | | | | $ | 19,042,912(6) | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
32
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| | | | Malls | | | | | | | | |
|
| | | | |
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| 1. | | | Apple Blossom Mall | | | VA | | | Winchester | | |
49.1%
|
| | | | |
473,932
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 2. | | | Auburn Mall | | | MA | | | Auburn | | |
56.4%
|
| | | | |
499,467
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 3. | | | Aventura Mall (3) | | | FL | | | Miami Beach (Miami) | | |
33.3%
|
| | | | |
2,125,444
|
| |
07/01/28
|
| | | | |
4.12%
|
| | Fixed | | |
1,750,000
|
| |
583,333
|
|
| 4. | | | Barton Creek Square | | | TX | | | Austin | | |
100.0%
|
| | | | |
1,452,300
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 5. | | | Battlefield Mall | | | MO | | | Springfield | | |
100.0%
|
| | | | |
1,203,129
|
| |
09/01/22
|
| | | | |
3.95%
|
| | Fixed | | |
110,731
|
| |
110,731
|
|
| 6. | | | Bay Park Square | | | WI | | | Green Bay | | |
100.0%
|
| | | | |
690,843
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 7. | | | Brea Mall | | | CA | | | Brea (Los Angeles) | | |
100.0%
|
| | | | |
1,281,795
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 8. | | | Briarwood Mall | | | MI | | | Ann Arbor | | |
50.0%
|
| | | | |
978,053
|
| |
09/01/26
|
| | | | |
3.29%
|
| | Fixed | | |
165,000
|
| |
82,500
|
|
| 9. | | | Brickell City Centre | | | FL | | | Miami | | |
25.0%
|
| | | | |
475,606
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 10. | | | Broadway Square | | | TX | | | Tyler | | |
100.0%
|
| | | | |
608,739
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 11. | | | Burlington Mall | | | MA | | | Burlington (Boston) | | |
100.0%
|
| | | | |
1,196,699
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 12. | | | Cape Cod Mall | | | MA | | | Hyannis | | |
56.4%
|
| | | | |
712,338
|
| |
07/30/26
|
| |
(5)
|
| |
2.33%
|
| | Variable | | |
52,000
|
| |
29,313
|
|
| 13. | | | Castleton Square | | | IN | | | Indianapolis | | |
100.0%
|
| | | | |
1,384,395
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 14. | | | Cielo Vista Mall | | | TX | | | El Paso | | |
100.0%
|
| | | | |
1,244,987
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 15. | | | Coconut Point | | | FL | | | Estero | | |
50.0%
|
| | | | |
1,205,034
|
| |
10/01/26
|
| | | | |
3.95%
|
| | Fixed | | |
180,121
|
| |
90,060
|
|
| 16. | | | College Mall | | | IN | | | Bloomington | | |
100.0%
|
| | | | |
609,768
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 17. | | | Columbia Center | | | WA | | | Kennewick | | |
100.0%
|
| | | | |
815,133
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 18. | | | Copley Place | | | MA | | | Boston | | |
94.4%
|
| |
(4)
|
| |
1,263,413
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 19. | | | Coral Square | | | FL | | | Coral Springs (Miami) | | |
97.2%
|
| | | | |
943,868
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 20. | | | Cordova Mall | | | FL | | | Pensacola | | |
100.0%
|
| | | | |
926,130
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 21. | | | Dadeland Mall | | | FL | | | Miami | | |
50.0%
|
| | | | |
1,514,738
|
| |
12/05/21
|
| | | | |
4.50%
|
| | Fixed | | |
384,204
|
| |
192,102
|
|
| 22. | | | Del Amo Fashion Center | | | CA | | | Torrance (Los Angeles) | | |
50.0%
|
| | | | |
2,519,585
|
| |
06/01/27
|
| | | | |
3.66%
|
| | Fixed | | |
585,000
|
| |
292,500
|
|
| 23. | | | Domain, The | | | TX | | | Austin | | |
100.0%
|
| | | | |
1,232,954
|
| |
07/01/31
|
| | | | |
3.09%
|
| | Fixed | | |
210,000
|
| |
210,000
|
|
| 24. | | | Empire Mall | | | SD | | | Sioux Falls | | |
100.0%
|
| | | | |
1,128,431
|
| |
12/01/25
|
| | | | |
4.31%
|
| | Fixed | | |
181,304
|
| |
181,304
|
|
| 25. | | | Falls, The | | | FL | | | Miami | | |
50.0%
|
| | | | |
706,877
|
| |
09/01/26
|
| | | | |
3.45%
|
| | Fixed | | |
150,000
|
| |
75,000
|
|
| 26. | | |
Fashion Centre at Pentagon City, The
|
| | VA | | | Arlington (Washington, DC) | | |
42.5%
|
| | | | |
1,037,149
|
| |
05/09/26
|
| |
(5)
|
| |
3.02%
|
| | Variable | | |
455,000
|
| |
193,376
|
|
| 27. | | | Fashion Mall at Keystone, The | | | IN | | | Indianapolis | | |
100.0%
|
| | | | |
716,744
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 28. | | | Fashion Valley | | | CA | | | San Diego | | |
50.0%
|
| | | | |
1,729,175
|
| |
02/01/26
|
| |
(5)
|
| |
3.75%
|
| | Fixed | | |
415,000
|
| |
207,500
|
|
| 29. | | | Firewheel Town Center | | | TX | | | Garland (Dallas) | | |
100.0%
|
| | | | |
996,245
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 30. | | | Florida Mall, The | | | FL | | | Orlando | | |
50.0%
|
| | | | |
1,724,768
|
| |
03/05/22
|
| | | | |
5.25%
|
| | Fixed | | |
298,378
|
| |
149,189
|
|
| 31. | | | Forum Shops at Caesars Palace, The | | | NV | | | Las Vegas | | |
100.0%
|
| | | | |
660,812
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 32. | | | Galleria, The | | | TX | | | Houston | | |
50.4%
|
| | | | |
2,013,540
|
| |
03/01/25
|
| | | | |
3.55%
|
| | Fixed | | |
1,200,000
|
| |
604,440
|
|
| 33. | | | Greenwood Park Mall | | | IN | | | Greenwood (Indianapolis) | | |
100.0%
|
| | | | |
1,288,649
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 34. | | | Haywood Mall | | | SC | | | Greenville | | |
100.0%
|
| | | | |
1,237,367
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 35. | | | King of Prussia | | | PA | | | King of Prussia (Philadelphia) | | |
100.0%
|
| | | | |
2,670,556
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 36. | | | La Plaza Mall | | | TX | | | McAllen | | |
100.0%
|
| | | | |
1,314,406
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 37. | | | Lakeline Mall | | | TX | | | Cedar Park (Austin) | | |
100.0%
|
| | | | |
1,099,056
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 38. | | | Lehigh Valley Mall | | | PA | | | Whitehall | | |
50.0%
|
| | | | |
1,196,373
|
| |
11/01/27
|
| | | | |
4.06%
|
| | Fixed | | |
186,295
|
| |
93,147
|
|
| 39. | | | Lenox Square | | | GA | | | Atlanta | | |
100.0%
|
| | | | |
1,553,923
|
| |
(2)
|
| | | | | | | | | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
33
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| 40. | | | Livingston Mall | | | NJ | | | Livingston (New York) | | |
100.0%
|
| | | | |
968,748
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 41. | | | Mall at Rockingham Park, The | | | NH | | | Salem (Boston) | | |
28.2%
|
| | | | |
1,064,794
|
| |
06/01/26
|
| | | | |
4.04%
|
| | Fixed | | |
262,000
|
| |
73,845
|
|
| 42. | | | Mall of Georgia | | | GA | | | Buford (Atlanta) | | |
100.0%
|
| | | | |
1,840,175
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 43. | | | Mall of New Hampshire, The | | | NH | | | Manchester | | |
56.4%
|
| | | | |
803,783
|
| |
07/01/25
|
| | | | |
4.11%
|
| | Fixed | | |
150,000
|
| |
84,555
|
|
| 44. | | | McCain Mall | | | AR | | | N. Little Rock | | |
100.0%
|
| | | | |
793,852
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 45. | | | Meadowood Mall | | | NV | | | Reno | | |
50.0%
|
| | | | |
928,920
|
| |
11/06/21
|
| | | | |
5.82%
|
| | Fixed | | |
105,871
|
| |
52,936
|
|
| 46. | | | Menlo Park Mall | | | NJ | | | Edison (New York) | | |
100.0%
|
| | | | |
1,331,605
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 47. | | | Miami International Mall | | | FL | | | Miami | | |
47.8%
|
| | | | |
1,082,365
|
| |
02/06/24
|
| | | | |
4.42%
|
| | Fixed | | |
160,000
|
| |
76,442
|
|
| 48. | | | Midland Park Mall | | | TX | | | Midland | | |
100.0%
|
| | | | |
644,271
|
| |
09/06/22
|
| | | | |
4.35%
|
| | Fixed | | |
70,370
|
| |
70,370
|
|
| 49. | | | Miller Hill Mall | | | MN | | | Duluth | | |
100.0%
|
| | | | |
829,535
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 50. | | | North East Mall | | | TX | | | Hurst (Dallas) | | |
100.0%
|
| | | | |
1,646,409
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 51. | | | Northshore Mall | | | MA | | | Peabody (Boston) | | |
56.4%
|
| | | | |
1,504,845
|
| |
07/05/23
|
| | | | |
3.30%
|
| | Fixed | | |
224,675
|
| |
126,650
|
|
| 52. | | | Ocean County Mall | | | NJ | | | Toms River (New York) | | |
100.0%
|
| | | | |
886,603
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 53. | | | Orland Square | | | IL | | | Orland Park (Chicago) | | |
100.0%
|
| | | | |
1,229,884
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 54. | | | Oxford Valley Mall | | | PA | | | Langhorne (Philadelphia) | | |
85.5%
|
| | | | |
1,340,150
|
| |
03/06/21
|
| |
(25)
|
| |
4.77%
|
| | Fixed | | |
32,779
|
| |
28,039
|
|
| 55. | | | Penn Square Mall | | | OK | | | Oklahoma City | | |
94.5%
|
| | | | |
1,083,693
|
| |
01/01/26
|
| | | | |
3.84%
|
| | Fixed | | |
310,000
|
| |
292,938
|
|
| 56. | | | Pheasant Lane Mall | | | NH | | | Nashua | | |
(6)
|
| | | | |
979,575
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 57. | | | Phipps Plaza | | | GA | | | Atlanta | | |
100.0%
|
| | | | |
780,918
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 58. | | | Plaza Carolina | | | PR | | | Carolina (San Juan) | | |
100.0%
|
| | | | |
1,157,596
|
| |
07/27/23
|
| | | | |
1.18%
|
| | Variable | | |
225,000
|
| |
225,000
|
|
| 59. | | | Prien Lake Mall | | | LA | | | Lake Charles | | |
100.0%
|
| | | | |
719,189
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 60. | | | Quaker Bridge Mall | | | NJ | | | Lawrenceville | | |
50.0%
|
| | | | |
1,081,295
|
| |
05/01/26
|
| | | | |
4.50%
|
| | Fixed | | |
180,000
|
| |
90,000
|
|
| 61. | | | Rockaway Townsquare | | | NJ | | | Rockaway (New York) | | |
100.0%
|
| | | | |
1,245,980
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 62. | | | Roosevelt Field | | | NY | | | Garden City (New York) | | |
100.0%
|
| | | | |
2,347,946
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 63. | | | Ross Park Mall | | | PA | | | Pittsburgh | | |
100.0%
|
| | | | |
1,234,039
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 64. | | | Santa Rosa Plaza | | | CA | | | Santa Rosa | | |
100.0%
|
| | | | |
693,175
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 65. | | | Shops at Chestnut Hill, The | | | MA | | | Chestnut Hill (Boston) | | |
94.4%
|
| | | | |
470,062
|
| |
11/01/23
|
| | | | |
4.69%
|
| | Fixed | | |
120,000
|
| |
113,328
|
|
| 66. | | | Shops at Clearfork, The | | | TX | | | Fort Worth | | |
45.0%
|
| | | | |
550,364
|
| |
03/11/30
|
| |
(26)
|
| |
2.81%
|
| | Variable | | |
145,000
|
| |
65,250
|
|
| 67. | | | Shops at Crystals, The | | | NV | | | Las Vegas | | |
50.0%
|
| | | | |
270,551
|
| |
07/01/26
|
| | | | |
3.74%
|
| | Fixed | | |
550,000
|
| |
275,000
|
|
| 68. | | | Shops at Mission Viejo, The | | | CA | | | Mission Viejo (Los Angeles) | | |
51.0%
|
| | | | |
1,235,563
|
| |
02/01/23
|
| | | | |
3.61%
|
| | Fixed | | |
295,000
|
| |
150,450
|
|
| 69. | | | Shops at Nanuet, The | | | NY | | | Nanuet | | |
100.0%
|
| | | | |
757,952
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 70. | | | Shops at Riverside, The | | | NJ | | | Hackensack (New York) | | |
100.0%
|
| | | | |
723,427
|
| |
02/01/23
|
| | | | |
3.37%
|
| | Fixed | | |
130,000
|
| |
130,000
|
|
| 71. | | | Smith Haven Mall | | | NY | | | Lake Grove (New York) | | |
25.0%
|
| |
(7)
|
| |
1,296,561
|
| |
03/31/24
|
| |
(5)
|
| |
3.08%
|
| | Variable | | |
171,750
|
| |
42,938
|
|
| 72. | | | South Hills Village | | | PA | | | Pittsburgh | | |
100.0%
|
| | | | |
1,129,076
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 73. | | | South Shore Plaza | | | MA | | | Braintree (Boston) | | |
100.0%
|
| | | | |
1,590,717
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 74. | | | Southdale Center | | | MN | | | Edina (Minneapolis) | | |
100.0%
|
| | | | |
1,246,326
|
| |
04/01/23
|
| | | | |
3.84%
|
| | Fixed | | |
135,605
|
| |
135,605
|
|
| 75. | | | SouthPark | | | NC | | | Charlotte | | |
100.0%
|
| | | | |
1,687,232
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 76. | | | Springfield Mall (3) | | | PA | | | Springfield (Philadelphia) | | |
50.0%
|
| | | | |
610,134
|
| |
10/06/25
|
| | | | |
4.45%
|
| | Fixed | | |
58,381
|
| |
29,190
|
|
| 77. | | | St. Charles Towne Center | | | MD | | | Waldorf (Washington, DC) | | |
100.0%
|
| | | | |
980,450
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 78. | | | St. Johns Town Center | | | FL | | | Jacksonville | | |
50.0%
|
| | | | |
1,454,193
|
| |
09/11/24
|
| | | | |
3.82%
|
| | Fixed | | |
350,000
|
| |
175,000
|
|
| 79. | | | Stanford Shopping Center | | | CA | | | Palo Alto (San Jose) | | |
94.4%
|
| |
(4)
|
| |
1,287,980
|
| |
(2)
|
| | | | | | | | | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
34
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| 80. | | | Stoneridge Shopping Center | | | CA | | | Pleasanton (San Francisco) | | |
49.9%
|
| | | | |
1,299,672
|
| |
09/05/26
|
| | | | |
3.50%
|
| | Fixed | | |
330,000
|
| |
164,670
|
|
| 81. | | | Summit Mall | | | OH | | | Akron | | |
100.0%
|
| | | | |
774,483
|
| |
10/01/26
|
| | | | |
3.31%
|
| | Fixed | | |
85,000
|
| |
85,000
|
|
| 82. | | | Tacoma Mall | | | WA | | | Tacoma (Seattle) | | |
100.0%
|
| | | | |
1,240,268
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 83. | | | Tippecanoe Mall | | | IN | | | Lafayette | | |
100.0%
|
| | | | |
864,844
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 84. | | | Town Center at Boca Raton | | | FL | | | Boca Raton (Miami) | | |
100.0%
|
| | | | |
1,778,770
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 85. | | | Towne East Square | | | KS | | | Wichita | | |
100.0%
|
| | | | |
1,145,184
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 86. | | | Treasure Coast Square | | | FL | | | Jensen Beach | | |
100.0%
|
| | | | |
874,998
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 87. | | | Tyrone Square | | | FL | | | St. Petersburg (Tampa) | | |
100.0%
|
| | | | |
960,554
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 88. | | | University Park Mall | | | IN | | | Mishawaka | | |
100.0%
|
| | | | |
918,489
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 89. | | | Walt Whitman Shops | | | NY | | | Huntington Station (New York) | | |
100.0%
|
| | | | |
1,084,560
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 90. | | | West Town Mall | | | TN | | | Knoxville | | |
50.0%
|
| | | | |
1,281,603
|
| |
07/01/22
|
| | | | |
4.37%
|
| | Fixed | | |
204,371
|
| |
102,186
|
|
| 91. | | | Westchester, The | | | NY | | | White Plains (New York) | | |
40.0%
|
| | | | |
805,071
|
| |
02/01/30
|
| | | | |
3.25%
|
| | Fixed | | |
400,000
|
| |
160,000
|
|
| 92. | | | White Oaks Mall | | | IL | | | Springfield | | |
80.7%
|
| | | | |
942,837
|
| |
06/01/24
|
| |
(5)
|
| |
2.96%
|
| | Variable | | |
43,046
|
| |
34,729
|
|
| 93. | | | Wolfchase Galleria | | | TN | | | Memphis | | |
94.5%
|
| | | | |
1,151,481
|
| |
11/01/26
|
| | | | |
4.15%
|
| | Fixed | | |
155,152
|
| |
146,612
|
|
| 94. | | | Woodfield Mall | | | IL | | | Schaumburg (Chicago) | | |
50.0%
|
| | | | |
2,154,014
|
| |
03/05/24
|
| | | | |
4.50%
|
| | Fixed | | |
391,570
|
| |
195,785
|
|
|
95.
|
| |
Woodland Hills Mall
|
| |
OK
|
| |
Tulsa
|
| |
94.5%
|
| | | | |
1,096,443
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| | | | Total Mall Square Footage | | | | | | | | |
|
| | | | |
108,315,625
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| | | ||||||||||||||||||||||||||||||||||||
| | | | Lifestyle Centers | | | | | | | | |
|
| | | | |
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| 1. | | | ABQ Uptown | | | NM | | | Albuquerque | | |
100.0%
|
| | | | |
228,563
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 2. | | | Hamilton Town Center | | | IN | | | Noblesville (Indianapolis) | | |
50.0%
|
| | | | |
674,536
|
| |
04/01/22
|
| | | | |
4.81%
|
| | Fixed | | |
75,026
|
| |
37,513
|
|
| 3. | | | Liberty Tree Mall | | | MA | | | Danvers | | |
49.1%
|
| | | | |
860,222
|
| |
05/06/23
|
| | | | |
3.41%
|
| | Fixed | | |
28,705
|
| |
14,105
|
|
| 4. | | | Northgate Station | | | WA | | | Seattle | | |
100.0%
|
| | | | |
416,236
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 5. | | | Pier Park | | | FL | | | Panama City Beach | | |
65.6%
|
| | | | |
948,329
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 6. | | | University Park Village | | | TX | | | Fort Worth | | |
100.0%
|
| | | | |
170,030
|
| |
05/01/28
|
| | | | |
3.85%
|
| | Fixed | | |
53,666
|
| |
53,666
|
|
| | | |
Total Lifestyle Centers Square
Footage |
| | | | | | | |
|
| | | | |
3,297,916
|
| | | | | | | |
|
| | | | |
|
| |
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
35
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| | | | Premium Outlets | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | |
|
| |
|
| |
|
|
| 1. | | | Albertville Premium Outlets | | | MN | | | Albertville (Minneapolis) | | |
100.0%
|
| | | | |
337,689
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 2. | | | Allen Premium Outlets | | | TX | | | Allen (Dallas) | | |
100.0%
|
| | | | |
548,464
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 3. | | | Aurora Farms Premium Outlets | | | OH | | | Aurora (Cleveland) | | |
100.0%
|
| | | | |
271,209
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 4. | | | Birch Run Premium Outlets | | | MI | | | Birch Run (Detroit) | | |
100.0%
|
| | | | |
593,931
|
| |
02/06/26
|
| | | | | 4.21% | | |
Fixed
|
| |
123,000
|
| |
123,000
|
|
| 5. | | | Camarillo Premium Outlets | | | CA | | | Camarillo (Los Angeles) | | |
100.0%
|
| | | | |
686,106
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 6. | | | Carlsbad Premium Outlets | | | CA | | | Carlsbad (San Diego) | | |
100.0%
|
| | | | |
289,087
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 7. | | | Carolina Premium Outlets | | | NC | | | Smithfield (Raleigh) | | |
100.0%
|
| | | | |
438,728
|
| |
12/01/22
|
| | | | | 3.36% | | |
Fixed
|
| |
40,809
|
| |
40,809
|
|
| 8. | | | Charlotte Premium Outlets | | | NC | | | Charlotte | | |
50.0%
|
| | | | |
398,351
|
| |
07/01/28
|
| | | | | 4.27% | | |
Fixed
|
| |
100,000
|
| |
50,000
|
|
| 9. | | | Chicago Premium Outlets | | | IL | | | Aurora (Chicago) | | |
100.0%
|
| | | | |
687,334
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 10. | | | Cincinnati Premium Outlets | | | OH | | | Monroe (Cincinnati) | | |
100.0%
|
| | | | |
398,958
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 11. | | | Clarksburg Premium Outlets | | | MD | | | Clarksburg (Washington, DC) | | |
66.0%
|
| | | | |
390,146
|
| |
01/01/28
|
| | | | | 3.95% | | |
Fixed
|
| |
160,000
|
| |
105,600
|
|
| 12. | | | Clinton Premium Outlets | | | CT | | | Clinton | | |
100.0%
|
| | | | |
276,225
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 13. | | | Denver Premium Outlets | | | CO | | | Thornton (Denver) | | |
100.0%
|
| | | | |
328,100
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 14. | | | Desert Hills Premium Outlets | | | CA | | | Cabazon (Palm Springs) | | |
100.0%
|
| | | | |
655,301
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 15. | | | Ellenton Premium Outlets | | | FL | | | Ellenton (Tampa) | | |
100.0%
|
| | | | |
477,137
|
| |
12/01/25
|
| | | | | 4.30% | | |
Fixed
|
| |
178,000
|
| |
178,000
|
|
| 16. | | | Folsom Premium Outlets | | | CA | | | Folsom (Sacramento) | | |
100.0%
|
| | | | |
298,038
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 17. | | | Gilroy Premium Outlets | | | CA | | | Gilroy (San Jose) | | |
100.0%
|
| | | | |
578,505
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 18. | | | Gloucester Premium Outlets | | | NJ | | | Blackwood (Philadelphia) | | |
50.0%
|
| | | | |
378,470
|
| |
03/01/23
|
| |
(5)
|
| | 1.58% | | |
Variable
|
| |
86,000
|
| |
43,000
|
|
| 19. | | | Grand Prairie Premium Outlets | | | TX | | | Grand Prairie (Dallas) | | |
100.0%
|
| | | | |
423,687
|
| |
04/01/23
|
| | | | | 3.66% | | |
Fixed
|
| |
107,191
|
| |
107,191
|
|
| 20. | | | Grove City Premium Outlets | | | PA | | | Grove City (Pittsburgh) | | |
100.0%
|
| | | | |
531,157
|
| |
12/01/25
|
| | | | | 4.31% | | |
Fixed
|
| |
140,000
|
| |
140,000
|
|
| 21. | | | Gulfport Premium Outlets | | | MS | | | Gulfport | | |
100.0%
|
| | | | |
300,160
|
| |
12/01/25
|
| | | | | 4.35% | | |
Fixed
|
| |
50,000
|
| |
50,000
|
|
| 22. | | | Hagerstown Premium Outlets | | | MD | | | Hagerstown (Baltimore/ | | |
100.0%
|
| | | | |
485,592
|
| |
02/06/26
|
| | | | | 4.26% | | |
Fixed
|
| |
72,262
|
| |
72,262
|
|
| | | | | | | | | | Washington, DC) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 23. | | | Houston Premium Outlets | | | TX | | | Cypress (Houston) | | |
100.0%
|
| | | | |
548,188
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 24. | | | Indiana Premium Outlets | | | IN | | | Edinburgh (Indianapolis) | | |
100.0%
|
| | | | |
378,024
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 25. | | | Jackson Premium Outlets | | | NJ | | | Jackson (New York) | | |
100.0%
|
| | | | |
285,554
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 26. | | | Jersey Shore Premium Outlets | | | NJ | | | Tinton Falls (New York) | | |
100.0%
|
| | | | |
434,500
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 27. | | | Johnson Creek Premium Outlets | | | WI | | | Johnson Creek | | |
100.0%
|
| | | | |
277,672
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 28. | | | Kittery Premium Outlets | | | ME | | | Kittery | | |
100.0%
|
| | | | |
259,480
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 29. | | | Las Americas Premium Outlets | | | CA | | | San Diego | | |
100.0%
|
| | | | |
554,273
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 30. | | | Las Vegas North Premium Outlets | | | NV | | | Las Vegas | | |
100.0%
|
| | | | |
676,270
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 31. | | | Las Vegas South Premium Outlets | | | NV | | | Las Vegas | | |
100.0%
|
| | | | |
535,759
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 32. | | | Lee Premium Outlets | | | MA | | | Lee | | |
100.0%
|
| | | | |
224,731
|
| |
06/01/26
|
| |
(8)
|
| | 4.17% | | |
Fixed
|
| |
48,879
|
| |
48,879
|
|
| 33. | | | Leesburg Premium Outlets | | | VA | | | Leesburg (Washington, DC) | | |
100.0%
|
| | | | |
478,218
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 34. | | | Lighthouse Place Premium Outlets | | | IN | | | Michigan City (Chicago, IL) | | |
100.0%
|
| | | | |
454,787
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 35. | | | Merrimack Premium Outlets | | | NH | | | Merrimack | | |
100.0%
|
| | | | |
408,892
|
| |
07/01/23
|
| | | | | 3.78% | | |
Fixed
|
| |
114,280
|
| |
114,280
|
|
| 36. | | | Napa Premium Outlets | | | CA | | | Napa | | |
100.0%
|
| | | | |
179,427
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 37. | | | Norfolk Premium Outlets | | | VA | | | Norfolk | | |
65.0%
|
| | | | |
332,281
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 38. | | | North Bend Premium Outlets | | | WA | | | North Bend (Seattle) | | |
100.0%
|
| | | | |
223,622
|
| |
(2)
|
| | | | | | | | | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
36
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| | |||||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| | |||||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| | |||||||||||||||||||||||||||||
| 39. | | | North Georgia Premium Outlets | | | GA | | | Dawsonville (Atlanta) | | |
100.0%
|
| | | | |
540,752
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 40. | | |
Orlando International Premium Outlets
|
| | FL | | | Orlando | | |
100.0%
|
| | | | |
773,527
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 41. | | | Orlando Vineland Premium Outlets | | | FL | | | Orlando | | |
100.0%
|
| | | | |
656,784
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 42. | | | Petaluma Village Premium Outlets | | | CA | | | Petaluma (San Francisco) | | |
100.0%
|
| | | | |
201,656
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 43. | | | Philadelphia Premium Outlets | | | PA | | | Limerick (Philadelphia) | | |
100.0%
|
| | | | |
549,155
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 44. | | | Phoenix Premium Outlets | | | AZ | | | Chandler (Phoenix) | | |
100.0%
|
| | | | |
356,508
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 45. | | | Pismo Beach Premium Outlets | | | CA | | | Pismo Beach | | |
100.0%
|
| | | | |
147,603
|
| |
09/06/26
|
| |
(9)
|
| | 3.33% | | |
Fixed
|
| |
33,184
|
| |
33,184
|
| | ||
| 46. | | | Pleasant Prairie Premium Outlets | | | WI | | |
Pleasant Prairie (Chicago, IL/ Milwaukee)
|
| |
100.0%
|
| | | | |
402,411
|
| |
09/01/27
|
| | | | | 4.00% | | |
Fixed
|
| |
145,000
|
| |
145,000
|
| | ||
| 47. | | | Puerto Rico Premium Outlets | | | PR | | | Barceloneta | | |
100.0%
|
| | | | |
349,884
|
| |
07/26/23
|
| | | | | 1.18% | | |
Variable
|
| |
160,000
|
| |
160,000
|
| | ||
| 48. | | | Queenstown Premium Outlets | | | MD | | | Queenstown (Baltimore) | | |
100.0%
|
| | | | |
289,695
|
| |
09/06/26
|
| |
(9)
|
| | 3.33% | | |
Fixed
|
| |
58,296
|
| |
58,296
|
| | ||
| 49. | | | Rio Grande Valley Premium Outlets | | | TX | | | Mercedes (McAllen) | | |
100.0%
|
| | | | |
603,929
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 50. | | | Round Rock Premium Outlets | | | TX | | | Round Rock (Austin) | | |
100.0%
|
| | | | |
498,397
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 51. | | | San Francisco Premium Outlets | | | CA | | | Livermore (San Francisco) | | |
100.0%
|
| | | | |
696,898
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 52. | | | San Marcos Premium Outlets | | | TX | | | San Marcos (Austin/ San Antonio) | | |
100.0%
|
| | | | |
735,135
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 53. | | | Seattle Premium Outlets | | | WA | | | Tulalip (Seattle) | | |
100.0%
|
| | | | |
554,515
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 54. | | | Silver Sands Premium Outlets | | | FL | | | Destin | | |
50.0%
|
| | | | |
451,004
|
| |
06/01/22
|
| | | | | 3.93% | | |
Fixed
|
| |
100,000
|
| |
50,000
|
| | ||
| 55. | | | St. Augustine Premium Outlets | | | FL | | | St. Augustine (Jacksonville) | | |
100.0%
|
| | | | |
327,713
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 56. | | | St. Louis Premium Outlets | | | MO | | | St. Louis (Chesterfield) | | |
60.0%
|
| | | | |
351,424
|
| |
10/06/24
|
| | | | | 4.06% | | |
Fixed
|
| |
91,888
|
| |
55,133
|
| | ||
| 57. | | | Tampa Premium Outlets | | | FL | | | Lutz (Tampa) | | |
100.0%
|
| | | | |
459,687
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 58. | | | Tanger Outlets – Columbus (3) | | | OH | | | Sunbury (Columbus) | | |
50.0%
|
| | | | |
355,243
|
| |
11/28/22
|
| |
(5)
|
| | 1.93% | | |
Variable
|
| |
71,000
|
| |
35,500
|
| | ||
| 59. | | |
Tanger Outlets – Galveston/Houston (3)
|
| | TX | | | Texas City | | |
50.0%
|
| | | | |
352,705
|
| |
07/01/23
|
| |
(5)
|
| | 1.93% | | |
Variable
|
| |
64,500
|
| |
32,250
|
| | ||
| 60. | | | The Crossings Premium Outlets | | | PA | | | Tannersville | | |
100.0%
|
| | | | |
411,925
|
| |
12/01/22
|
| | | | | 3.41% | | |
Fixed
|
| |
101,368
|
| |
101,368
|
| | ||
| 61. | | | Tucson Premium Outlets | | | AZ | | | Marana (Tucson) | | |
100.0%
|
| | | | |
363,469
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 62. | | | Twin Cities Premium Outlets | | | MN | | | Eagan | | |
35.0%
|
| | | | |
408,976
|
| |
11/06/24
|
| | | | | 4.32% | | |
Fixed
|
| |
115,000
|
| |
40,250
|
| | ||
| 63. | | | Vacaville Premium Outlets | | | CA | | | Vacaville | | |
100.0%
|
| | | | |
447,275
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 64. | | | Waikele Premium Outlets | | | HI | | | Waipahu (Honolulu) | | |
100.0%
|
| | | | |
219,485
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 65. | | | Waterloo Premium Outlets | | | NY | | | Waterloo | | |
100.0%
|
| | | | |
421,862
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 66. | | | Williamsburg Premium Outlets | | | VA | | | Williamsburg | | |
100.0%
|
| | | | |
518,979
|
| |
02/06/26
|
| | | | | 4.23% | | |
Fixed
|
| |
185,000
|
| |
185,000
|
| | ||
| 67. | | | Woodburn Premium Outlets | | | OR | | | Woodburn (Portland) | | |
100.0%
|
| | | | |
389,511
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 68. | | |
Woodbury Common Premium Outlets
|
| | NY | | | Central Valley (New York) | | |
100.0%
|
| | | | |
910,991
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| 69. | | | Wrentham Village Premium Outlets | | | MA | | | Wrentham (Boston) | | |
100.0%
|
| | | | |
672,872
|
| |
(2)
|
| | | | | | | | | | | | | | | ||||
| | | | Total U.S. Premium Outlet Square Footage | | | | | |
|
| |
|
| |
30,444,023
|
| | | | |
|
| | | | |
|
| |
|
| |
|
| |
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
37
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| | | | The Mills | | | | | | | | |
|
| | | | |
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| 1. | | | Arizona Mills | | | AZ | | | Tempe (Phoenix) | | |
100.0%
|
| | | | |
1,223,952
|
| |
09/01/26
|
| | | | |
3.80%
|
| | Fixed | | |
100,000
|
| |
100,000
|
|
| 2. | | | Arundel Mills | | | MD | | | Hanover (Baltimore) | | |
59.3%
|
| | | | |
1,929,955
|
| |
02/06/24
|
| | | | |
4.29%
|
| | Fixed | | |
383,500
|
| |
227,224
|
|
| 3. | | | Colorado Mills | | | CO | | | Lakewood (Denver) | | |
37.5%
|
| | | | |
1,416,677
|
| |
11/01/24
|
| | | | |
4.28%
|
| | Fixed | | |
127,043
|
| |
47,641
|
|
| | | | | | | | | | | | | | | | | | | | | |
07/01/31
|
| | | | |
2.80%
|
| | Fixed | | |
30,000
|
| |
11,250
|
|
| 4. | | | Concord Mills | | | NC | | | Concord (Charlotte) | | |
59.3%
|
| | | | |
1,370,031
|
| |
11/01/22
|
| | | | |
3.84%
|
| | Fixed | | |
235,000
|
| |
139,261
|
|
| 5. | | | Grapevine Mills | | | TX | | | Grapevine (Dallas) | | |
59.3%
|
| | | | |
1,781,299
|
| |
10/01/24
|
| | | | |
3.83%
|
| | Fixed | | |
268,000
|
| |
158,817
|
|
| 6. | | | Great Mall | | | CA | | | Milpitas (San Jose) | | |
100.0%
|
| | | | |
1,368,380
|
| |
(2)
|
| | | | | | | | | | | | | | | |
| 7. | | | Gurnee Mills | | | IL | | | Gurnee (Chicago) | | |
100.0%
|
| | | | |
1,802,880
|
| |
10/01/26
|
| | | | |
3.99%
|
| | Fixed | | |
257,710
|
| |
257,710
|
|
| 8. | | | Katy Mills | | | TX | | | Katy (Houston) | | |
62.5%
|
| |
(7)
|
| |
1,787,611
|
| |
12/06/22
|
| | | | |
3.49%
|
| | Fixed | | |
140,000
|
| |
35,000
|
|
| 9. | | | Mills at Jersey Gardens, The | | | NJ | | | Elizabeth | | |
100.0%
|
| | | | |
1,296,114
|
| |
11/09/25
|
| |
(5)
|
| |
3.32%
|
| | Variable | | |
355,000
|
| |
355,000
|
|
| 10. | | | Ontario Mills | | | CA | | | Ontario (Riverside) | | |
50.0%
|
| | | | |
1,421,863
|
| |
03/05/22
|
| | | | |
4.25%
|
| | Fixed | | |
282,419
|
| |
141,210
|
|
| 11. | | | Opry Mills | | | TN | | | Nashville | | |
100.0%
|
| | | | |
1,177,292
|
| |
07/01/26
|
| | | | |
4.09%
|
| | Fixed | | |
375,000
|
| |
375,000
|
|
| 12. | | | Outlets at Orange, The | | | CA | | | Orange (Los Angeles) | | |
100.0%
|
| | | | |
866,975
|
| |
04/01/24
|
| | | | |
4.22%
|
| | Fixed | | |
215,000
|
| |
215,000
|
|
| 13. | | | Potomac Mills | | | VA | | |
Woodbridge (Washington, DC)
|
| |
100.0%
|
| | | | |
1,553,678
|
| |
11/01/26
|
| | | | |
3.46%
|
| | Fixed | | |
416,000
|
| |
416,000
|
|
| 14. | | | Sawgrass Mills | | | FL | | | Sunrise (Miami) | | |
100.0%
|
| | | | |
2,328,974
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| | | | Total The Mills Square Footage | | | | | | | | |
|
| | | | |
21,325,681
|
| | | | | | | ||||||||||||
| | | | |||||||||||||||||||||||||||||||||||
| | | | Other Properties | | | | | | | | |
|
| | | | |
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| | | | Calhoun Outlet Marketplace, Circle Centre Mall, Crystal Mall, Dover Mall, Emerald Square, Florida Keys Outlet Marketplace, Gaffney Outlet Marketplace, Montgomery Mall, Orlando Outlet Marketplace, Osage Beach Outlet Marketplace, Philadelphia Mills, Southridge Mall, Square One Mall, Solomon Pond Mall, Sugarloaf Mills, The Avenues, The Mall at Tuttle Crossing |
| | | | | | | | | | |
(7)(8)(10)
|
| | | | | | | |
1,368,336
|
| |
645,076
|
| |||||||||
| | | |
Total Other Properties Square
Footage |
| | | | |
|
| | | | |
14,146,572
|
| | | | | | | |||||||||||||||
| | | | | | | | | | | | | | | ||||||||||||||||||||||||
| | | |
TOTAL U.S. SQUARE FOOTAGE (11)(12)
|
| | | | |
|
| | | | |
177,529,817
|
| | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
38
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| | | | International Properties | | | | | | | | |
|
| |
|
| |
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| | | | AUSTRIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 1. | | |
Parndorf Designer Outlet Phases 3 & 4
|
| | Vienna | | |
90.0%
|
| | | | |
118,000
|
| |
07/04/29
|
| |
(13)
|
| |
2.00%
|
| | Fixed | | |
213,335
|
| |
192,002
|
| |||
| | | |
Austria Square Footage
|
| | | | | | | | | | | | | |
118,000
|
| | | | | | | | | | | | | | | | | | |
| | | | CANADA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 2. | | |
Premium Outlet Collection
Edmonton IA |
| | Edmonton (Alberta) | | |
50.0%
|
| | | | |
422,600
|
| |
11/30/21
|
| |
(14)
|
| |
1.73%
|
| | Variable | | |
107,373
|
| |
53,687
|
| |||
| 3. | | | Premium Outlets Montréal | | | Montréal (Quebec) | | |
50.0%
|
| | | | |
367,400
|
| |
06/01/24
|
| |
(14)
|
| |
3.08%
|
| | Fixed | | |
94,409
|
| |
47,205
|
| |||
| 4. | | | Toronto Premium Outlets | | | Toronto (Ontario) | | |
50.0%
|
| | | | |
504,900
|
| |
05/24/22
|
| |
(14)
|
| |
1.61%
|
| | Variable | | |
92,241
|
| |
46,121
|
| |||
| | | | | | | | | | | | | | | | | | | | | |
06/01/22
|
| |
(14)
|
| |
3.11%
|
| | Fixed | | |
133,746
|
| |
66,874
|
|
| 5. | | | Vancouver Designer Outlet | | | Vancouver (British Columbia) | | |
45.0%
|
| | | | |
326,000
|
| |
02/18/23
|
| |
(5)(14)
|
| |
1.98%
|
| | Variable | | |
126,985
|
| |
57,143
|
| |||
| | | |
Canada Square Footage
|
| | | | | | | | | | | | | |
1,620,900
|
| | | | | | | | | | | | | | | | | ||
| | | | FRANCE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 6. | | | Provence Designer Outlet | | | Miramas | | |
90.0%
|
| | | | |
269,000
|
| |
07/27/22
|
| |
(5)(13)
|
| |
1.60%
|
| | Variable | | |
94,918
|
| |
85,426
|
| |||
| | | |
France Square Footage
|
| | | | | | | | | | | | | |
269,000
|
| | | | | | | | | | | | | | | | | ||
| | | | GERMANY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 7. | | | Ochtrup Designer Outlet | | | Ochtrup | | |
70.5%
|
| | | | |
191,500
|
| |
06/30/26
|
| |
(13)
|
| |
2.10%
|
| | Fixed | | |
57,948
|
| |
40,853
|
| |||
| | | |
Germany Square Footage
|
| | | | | | | | | | | | | |
191,500
|
| | | | | | | | | | | | | | | | | ||
| | | | ITALY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 8. | | | La Reggia Designer Outlet | | | Marcianise (Naples) | | |
90.0%
|
| | | | |
288,000
|
| |
02/15/22
|
| |
(13)
|
| |
2.25%
|
| | Variable | | |
144,203
|
| |
129,783
|
| |||
| 9. | | | Noventa Di Piave Designer Outlet | | | Venice | | |
90.0%
|
| | | | |
353,000
|
| |
07/25/25
|
| |
(13)
|
| |
1.90%
|
| | Fixed | | |
322,532
|
| |
290,279
|
| |||
| | | |
Italy Square Footage
|
| | | | | | | | | | | | | |
641,000
|
| | | | | | | | | | | | | | | | | ||
| | | | JAPAN | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 10. | | | Ami Premium Outlets | | | Ami (Tokyo) | | |
40.0%
|
| | | | |
315,000
|
| |
09/25/23
|
| |
(15)
|
| |
1.45%
|
| | Fixed | | |
24,739
|
| |
9,896
|
| |||
| 11. | | | Gotemba Premium Outlets | | | Gotemba City (Tokyo) | | |
40.0%
|
| | | | |
659,500
|
| |
04/08/27
|
| |
(15)
|
| |
0.16%
|
| | Variable | | |
116,374
|
| |
46,550
|
| |||
| 12. | | | Kobe-Sanda Premium Outlets | | | Kobe (Osaka) | | |
40.0%
|
| | | | |
441,000
|
| |
01/31/23
|
| |
(15)
|
| |
0.33%
|
| | Variable | | |
8,058
|
| |
3,223
|
| |||
| 13. | | | Rinku Premium Outlets | | | Izumisano (Osaka) | | |
40.0%
|
| | | | |
512,500
|
| |
07/31/22
|
| |
(15)
|
| |
0.33%
|
| | Variable | | |
8,952
|
| |
3,581
|
| |||
| | | | | | | | | | | | | | | | | | | | | |
07/31/27
|
| |
(15)
|
| |
0.30%
|
| | Fixed | | |
52,816
|
| |
21,126
|
|
| 14. | | | Sano Premium Outlets | | | Sano (Tokyo) | | |
40.0%
|
| | | | |
390,800
|
| |
02/28/25
|
| |
(15)
|
| |
0.28%
|
| | Fixed | | |
40,731
|
| |
16,292
|
| |||
| 15. | | | Sendai-Izumi Premium Outlets | | | Izumi Park Town (Sendai) | | |
40.0%
|
| | | | |
164,200
|
| |
(2)
|
| | | | | | | | | | | | | | |||||
| 16. | | | Shisui Premium Outlets | | | Shisui (Chiba) | | |
40.0%
|
| | | | |
434,600
|
| |
05/31/23
|
| |
(15)
|
| |
0.31%
|
| | Variable | | |
25,066
|
| |
10,026
|
| |||
| | | | | | | | | | | | | | | | | | | | | |
11/30/23
|
| |
(15)
|
| |
0.31%
|
| | Variable | | |
23,275
|
| |
9,310
|
|
| | | | | | | | | | | | | | | | | | | | | |
04/08/25
|
| |
(15)
|
| |
0.35%
|
| | Fixed | | |
44,759
|
| |
17,904
|
|
| 17. | | | Toki Premium Outlets | | | Toki (Nagoya) | | |
40.0%
|
| | | | |
367,700
|
| |
11/30/24
|
| |
(15)
|
| |
0.28%
|
| | Variable | | |
3,133
|
| |
1,253
|
| |||
| | | | | | | | | | | | | | | | | | | | | |
11/30/24
|
| |
(15)
|
| |
0.21%
|
| | Fixed | | |
23,723
|
| |
9,489
|
|
| 18. | | | Tosu Premium Outlets | | | Fukuoka (Kyushu) | | |
40.0%
|
| | | | |
328,400
|
| |
10/31/26
|
| |
(15)
|
| |
0.20%
|
| | Variable | | |
55,502
|
| |
22,199
|
| |||
| | | |
Japan Square Footage
|
| | | | | | | | | | | | | |
3,613,700
|
| | | | | | | | | | | | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
39
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE
|
| |
CITY (CBSA)
|
| |
LEGAL
OWNERSHIP |
| |
|
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| |||
| | | |
|
| |
TOTAL
|
| |
OUR SHARE
|
| |||||||||||||||||||||||||||
| | | | KOREA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 19. | | | Busan Premium Outlets | | | Busan | | |
50.0%
|
| | | | |
360,200
|
| |
06/20/23
|
| |
(16)
|
| |
3.04%
|
| | Fixed | | |
92,004
|
| |
46,002
|
| |||
| 20. | | | Paju Premium Outlets | | | Paju (Seoul) | | |
50.0%
|
| | | | |
558,900
|
| |
07/13/24
|
| |
(16)
|
| |
2.95%
|
| | Fixed | | |
59,928
|
| |
29,964
|
| |||
| 21. | | | Siheung Premium Outlets | | | Siheung (Seoul) | | |
50.0%
|
| | | | |
444,400
|
| |
03/15/24
|
| |
(16)
|
| |
2.51%
|
| | Fixed | | |
126,609
|
| |
63,305
|
| |||
| 22. | | | Yeoju Premium Outlets | | | Yeoju (Seoul) | | |
50.0%
|
| | | | |
551,600
|
| |
09/28/24
|
| |
(16)
|
| |
2.95%
|
| | Fixed | | |
56,549
|
| |
28,275
|
| |||
| | | |
South Korea Square Footage
|
| | | | | | | | | | | | | |
1,915,100
|
| | | | | | | | | | | | | | | | | ||
| | | | MALAYSIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 23. | | | Genting Highlands Premium Outlets | | | Pahang (Kuala Lumpur) | | |
50.0%
|
| | | | |
277,500
|
| |
02/14/24
|
| |
(17)
|
| |
3.96%
|
| | Variable | | |
19,515
|
| |
9,758
|
| |||
| 24. | | | Johor Premium Outlets | | | Johor (Singapore) | | |
50.0%
|
| | | | |
309,400
|
| |
(2)
|
| | | | | | | | | | | | | | |||||
| | | |
Malaysia Square Footage
|
| | | | | | | | | | | | | |
586,900
|
| | | | | | | | | | | | | | | | | ||
| | | | MEXICO | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 25. | | | Premium Outlets Punta Norte | | | Mexico City | | |
50.0%
|
| | | | |
333,000
|
| |
(2)
|
| | | | | | | | | | | | | | |||||
| 26. | | | Premium Outlets Querétaro | | | Querétaro | | |
50.0%
|
| | | | |
274,800
|
| |
12/20/33
|
| |
(18)
|
| |
9.98%
|
| | Fixed | | |
21,314
|
| |
10,657
|
| |||
| | | | | | | | | | | | | | | | | | | | | |
12/20/21
|
| |
(18)
|
| |
8.49%
|
| | Variable | | |
4,199
|
| |
2,100
|
|
| | | |
Mexico Square Footage
|
| | | | | | | | | | | | | |
607,800
|
| | | | | | | | | | | | | | | | | ||
| | | | NETHERLANDS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 27. | | |
Roermond Designer Outlet
Phases 2, 3 & 4 |
| | Roermond | | |
(19)
|
| | | | |
298,000
|
| |
12/18/21
|
| |
(13)
|
| |
1.78%
|
| | Fixed | | |
266,560
|
| |
239,904
|
| |||
| | | | | | | | | | | | | | | | | | | | | |
08/18/25
|
| |
(13)
|
| |
1.30%
|
| | Variable | | |
194,705
|
| |
92,023
|
|
| 28. | | | Roosendaal Designer Outlet | | | Roosendaal | | |
94.0%
|
| | | | |
247,500
|
| |
02/25/24
|
| |
(5)(13)
|
| |
1.75%
|
| | Variable | | |
66,980
|
| |
62,961
|
| |||
| | | |
Netherlands Square Footage
|
| | | | | | | | | | | | | |
545,500
|
| | | | | | | | | | | | | | | | | ||
| | | | SPAIN | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 29. | | | Malaga Designer Outlet | | | Malaga | | |
46.1%
|
| | | | |
191,000
|
| |
02/09/23
|
| |
(13)
|
| |
2.75%
|
| | Variable | | |
58,686
|
| |
27,060
|
| |||
| | | |
Spain Square Footage
|
| | | | | | | | | | | | | |
191,000
|
| | | | | | | | | | | | | | | | | ||
| | | | THAILAND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 30. | | | Siam Premium Outlets Bangkok | | | Bangkok | | |
50.0%
|
| | | | |
264,000
|
| |
06/05/31
|
| |
(20)
|
| |
3.95%
|
| | Fixed | | |
71,610
|
| |
35,805
|
| |||
| | | |
Thailand Square Footage
|
| | | | | | | | | | | | | |
264,000
|
| | | | | | | | | | | | | | | | | ||
| | | | UNITED KINGDOM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| 31. | | | Ashford Designer Outlet | | | Kent | | |
45.0%
|
| | | | |
281,000
|
| |
02/22/22
|
| |
(21)
|
| |
3.08%
|
| | Fixed | | |
134,594
|
| |
60,567
|
| |||
| 32. | | | West Midlands Designer Outlet | | | Staffordshire | | |
23.2%
|
| | | | |
197,000
|
| |
02/27/23
|
| |
(21)
|
| |
3.73%
|
| | Variable | | |
78,255
|
| |
18,186
|
| |||
| | | |
United Kingdom Square Footage
|
| | | | | | | | | | | | | |
478,000
|
| | | | | | | | | | | | | | | | | ||
| | | | TOTAL INTERNATIONAL SQUARE FOOTAGE (11)(22) | | | | | |
|
| |
|
| |
11,042,400
|
| | | | | | | |||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
| | | |
TOTAL SQUARE FOOTAGE
|
| | | | | | | |
|
| |
|
| |
188,572,217
|
| | | | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
40
|
|
| | | |
|
| |
|
| |
|
| |
|
| |
|
| |
DEBT INFORMATION
|
| |||||||||||||||
| | | |
PROPERTY NAME
|
| |
STATE CITY (CBSA)
|
| |
TRG
OWNERSHIP |
| |
TOTAL
SQUARE FEET |
| |
MATURITY
DATE |
| | | | |
INTEREST
RATE(1) |
| |
TYPE
|
| |
INDEBTEDNESS ($ in 000’S)
|
| ||||||
| | | |
TOTAL
|
| |
TRG SHARE
|
| |||||||||||||||||||||||||||
| | | |||||||||||||||||||||||||||||||||
| | | | Taubman Realty Group | | | | | | | | |
|
| |
|
| | | | | | | |
|
| | | | |
|
| |
|
|
| 1. | | | Beverly Center | | | CA | | | Los Angeles | | |
100.0%
|
| |
846,000
|
| |
(2)
|
| | | | | | | | | | | | | | | |
| 2. | | | Cherry Creek Shopping Center | | | CO | | | Denver | | |
50.0%
|
| |
1,037,000
|
| |
06/01/28
|
| | | | |
3.85%
|
| | Fixed | | |
550,000
|
| |
275,000
|
|
| 3. | | | City Creek Center | | | UT | | | Salt Lake City | | |
100.0%
|
| |
623,000
|
| |
08/01/23
|
| | | | |
4.37%
|
| | Fixed | | |
72,342
|
| |
72,342
|
|
| 4. | | | Country Club Plaza | | | MO | | | Kansas City | | |
50.0%
|
| |
947,000
|
| |
04/01/26
|
| | | | |
3.85%
|
| | Fixed | | |
306,151
|
| |
153,075
|
|
| 5. | | | Dolphin Mall | | | FL | | | Miami | | |
100.0%
|
| |
1,434,000
|
| |
(2)
|
| | | | | | | | | | | | | | | |
| 6. | | | Fair Oaks Mall | | | VA | | | Fairfax | | |
50.0%
|
| |
1,558,000
|
| |
05/10/23
|
| | | | |
5.32%
|
| | Fixed | | |
248,234
|
| |
124,117
|
|
| 7. | | | Gardens Mall, The | | | FL | | |
Palm Beach Gardens
|
| |
48.5%
|
| |
1,385,000
|
| |
07/15/25
|
| | | | |
4.19%
|
| | Fixed | | |
194,855
|
| |
94,505
|
|
| 8. | | | Gardens on El Paseo, The | | | CA | | | Palm Desert | | |
100.0%
|
| |
238,000
|
| |
(2)
|
| | | | | | | | | | | | | | ||
| 9. | | | Great Lakes Crossing Outlets | | | MI | | | Auburn Hills | | |
100.0%
|
| |
1,355,000
|
| |
01/06/23
|
| | | | |
3.60%
|
| | Fixed | | |
184,587
|
| |
184,587
|
|
| 10. | | | International Market Place | | | HI | | | Waikiki, Honolulu | | |
93.5%
|
| |
340,000
|
| |
08/09/24
|
| |
(5)
|
| |
2.60%
|
| | Variable | | |
175,000
|
| |
163,625
|
|
| 11. | | | International Plaza | | | FL | | | Tampa | | |
50.1%
|
| |
1,252,000
|
| |
12/01/21
|
| |
(27)
|
| |
4.41%
|
| | Fixed | | |
439,428
|
| |
220,153
|
|
| 12. | | | Mall at Green Hills, The | | | TN | | | Nashville | | |
100.0%
|
| |
998,000
|
| |
12/01/21
|
| | | | |
3.25%
|
| | Variable | | |
150,000
|
| |
150,000
|
|
| 13. | | | Mall at Millenia, The | | | FL | | | Orlando | | |
50.0%
|
| |
1,114,000
|
| |
10/15/24
|
| | | | |
3.94%
|
| | Fixed | | |
450,000
|
| |
225,000
|
|
| 14. | | | Mall at Short Hills, The | | | NJ | | | Short Hills | | |
100.0%
|
| |
1,344,000
|
| |
10/01/27
|
| | | | |
3.48%
|
| | Fixed | | |
1,000,000
|
| |
1,000,000
|
|
| 15. | | | Mall at University Town Center, The | | | FL | | | Sarasota | | |
50.0%
|
| |
863,000
|
| |
11/01/26
|
| | | | |
3.40%
|
| | Fixed | | |
280,000
|
| |
140,000
|
|
| 16. | | | Mall of San Juan, The | | | PR | | | San Juan | | |
95.0%
|
| |
627,000
|
| |
(2)
|
| | | | | | | | | | | | | | | |
| 17. | | | Sunvalley Shopping Center | | | CA | | | Concord | | |
50.0%
|
| |
1,324,000
|
| |
09/01/22
|
| | | | |
4.44%
|
| | Fixed | | |
158,087
|
| |
79,044
|
|
| 18. | | | Twelve Oaks Mall | | | MI | | | Novi | | |
100.0%
|
| |
1,520,000
|
| |
03/06/28
|
| | | | |
4.85%
|
| | Fixed | | |
284,326
|
| |
284,326
|
|
| 19. | | | Waterside Shops | | | FL | | | Naples | | |
50.0%
|
| |
342,000
|
| |
04/15/26
|
| | | | |
3.86%
|
| | Fixed | | |
164,020
|
| |
82,010
|
|
| 20. | | | Westfarms | | | CT | | | West Hartford | | |
78.9%
|
| |
1,266,000
|
| |
07/01/22
|
| | | | |
4.50%
|
| | Fixed | | |
263,389
|
| |
207,919
|
|
| 21. | | | CityOn.Xian | | | Xi’an, China | | |
25.0%
|
| |
995,000
|
| |
03/14/29
|
| |
(23)
|
| |
6.00%
|
| | Fixed | | |
159,565
|
| |
39,891
|
| |||
| 22. | | | CityOn.Zhengzhou | | | Zhengzhou, China | | |
24.5%
|
| |
919,000
|
| |
03/22/32
|
| |
(23)
|
| |
5.60%
|
| | Fixed | | |
170,115
|
| |
41,678
|
| |||
| 23. | | | Starfield Anseong | | | Anseong, South Korea | | |
49.0%
|
| |
1,068,000
|
| |
02/27/25
|
| |
(24)
|
| |
2.17%
|
| | Fixed | | |
254,334
|
| |
124,624
|
| |||
| 24. | | | Starfield Hanam | | | Hanam, South Korea | | |
17.2%
|
| |
1,709,000
|
| |
10/26/25
|
| |
(24)
|
| |
2.38%
|
| | Fixed | | |
508,669
|
| |
87,237
|
| |||
| | | | Total Taubman Realty Group Square Footage | | | | | |
|
| |
25,104,000
|
| | | | | | | | | |||||||||||||
| | | |||||||||||||||||||||||||||||||||
| | | | TOTAL TRG SECURED INDEBTEDNESS | | |
|
| |
|
| | | | | | | |
|
| | | | |
|
| |
$3,749,133
|
| ||||||
| | | |||||||||||||||||||||||||||||||||
| | | | TRG – Corporate & Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | | TRG – $1.1B Revolving Credit Facility | | | | | | | | |
100.0%
|
| | | | |
02/01/25
|
| | | | |
1.87%
|
| | Variable | | |
865,000
|
| |
865,000
|
|
| | | | TRG Term Loan | | | | | | | | |
100.0%
|
| | | | |
03/31/23
|
| | | | |
4.92%
|
| | Fixed | | |
247,720
|
| |
247,720
|
|
| | | | TRG Term Loan | | | | | | | | |
100.0%
|
| | | | |
02/01/25
|
| | | | |
3.94%
|
| | Fixed | | |
272,495
|
| |
272,495
|
|
| | | | TRG U.S. Headquarters | | | | | | | | |
100.0%
|
| | | | |
03/01/24
|
| | | | |
3.49%
|
| | Fixed | | |
12,000
|
| |
12,000
|
|
| | | | Other | | | | | | | | |
50.0%
|
| | | | |
11/01/22
|
| | | | |
3.84%
|
| | Fixed | | |
19,694
|
| |
9,847
|
|
| | | |||||||||||||||||||||||||||||||||
| | | | TOTAL TRG CORPORATE AND OTHER INDEBTEDNESS | | |
|
| |
|
| | | | | | | |
|
| | | | |
|
| |
$1,407,062
|
| ||||||
| | | | Less: TRG Total Cash | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
360,802
|
|
| | | |||||||||||||||||||||||||||||||||
| | | | TOTAL TRG NET CORPORATE DEBT | | |
|
| |
|
| | | | | | | |
|
| | | | |
|
| |
$1,046,260
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
41
|
|
| Copley Place – 893,439 sq. ft. Domain, The – 156,240 sq. ft. Fashion Center at Pentagon City – 169,089 sq. ft. |
| | Oxford Valley Mall – 139,517 sq. ft. The Shops at Clearfork – 147,753 sq. ft. Southdale Center – 102,400 sq. ft. |
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
42
|
|
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
43
|
|
| | | | |
For the Three Months Ended
September 30, 2021 |
| | |
For the Three Months Ended
September 30, 2020 |
| ||||||||||||||||||||||
| | | | |
Noncontrolling
Interests (1) |
| |
Our
Share of Joint Ventures |
| | |
Noncontrolling
Interests (1) |
| |
Our
Share of Joint Ventures |
| ||||||||||||||||
| REVENUE: | | | | | | | |||||||||||||||||||||||||
|
Lease income
|
| | | | $ | (11,257) | | | | | | $ | 334,865 | | | | | | | $ | (8,699) | | | | | | $ | 282,017 | | | |
|
Management fees and other revenues
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Other income
|
| | | | | (359) | | | | | | | 32,916 | | | | | | | | (391) | | | | | | | 45,751 | | | |
|
Total revenue
|
| | | | | (11,616) | | | | | | | 367,781 | | | | | | | | (9,090) | | | | | | | 327,768 | | | |
| EXPENSES: | | | | | | | |||||||||||||||||||||||||
|
Property operating
|
| | | | | (2,129) | | | | | | | 67,001 | | | | | | | | (1,654) | | | | | | | 56,969 | | | |
|
Depreciation and amortization
|
| | | | | (4,417) | | | | | | | 93,703 | | | | | | | | (4,403) | | | | | | | 102,393 | | | |
|
Real estate taxes
|
| | | | | (489) | | | | | | | 31,018 | | | | | | | | (432) | | | | | | | 32,073 | | | |
|
Repairs and maintenance
|
| | | | | (388) | | | | | | | 8,341 | | | | | | | | (376) | | | | | | | 7,678 | | | |
|
Advertising and promotion
|
| | | | | (1,105) | | | | | | | 8,720 | | | | | | | | (528) | | | | | | | 4,902 | | | |
|
Home and regional office costs
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
General and administrative
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Other
|
| | | | | (1,867) | | | | | | | 20,218 | | | | | | | | (457) | | | | | | | 18,477 | | | |
|
Total operating expenses
|
| | | | | (10,395) | | | | | | | 229,001 | | | | | | | | (7,850) | | | | | | | 222,492 | | | |
|
OPERATING INCOME BEFORE OTHER ITEMS
|
| | | | | (1,221) | | | | | | | 138,780 | | | | | | | | (1,240) | | | | | | | 105,276 | | | |
| Interest expense | | | | | | 1,754 | | | | | | | (71,602) | | | | | | | | 1,899 | | | | | | | (72,356) | | | |
| Loss on extinguishment of debt | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Gain on exchange of equity interests | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Income and other tax (expense) benefit | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Income from unconsolidated entities | | | | | | (127) | | | | | | | (67,178)(2) | | | | | | | | 94 | | | | | | | (32,920)(2) | | | |
| Unrealized gains (losses) in fair value of equity instruments | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Consolidated income from continuing operations
|
| | | | | 406 | | | | | | | — | | | | | | | | 753 | | | | | | | — | | | |
|
CONSOLIDATED NET INCOME
|
| | | | | 406 | | | | | | | — | | | | | | | | 753 | | | | | | | — | | | |
| Net income attributable to noncontrolling interests | | | | | | 406 | | | | | | | —(3) | | | | | | | | 753 | | | | | | | —(3) | | | |
| Preferred dividends | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | |
|
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | | | $ | — | | | | | | $ | — | | | | | | | $ | — | | | | | | $ | — | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
44
|
|
| | | | |
For the Nine Months Ended
September 30, 2021 |
| | |
For the Nine Months Ended
September 30, 2021 |
| ||||||||||||||||||||||
| | | | |
Noncontrolling
Interests (1) |
| |
Our
Share of Joint Ventures |
| | |
Noncontrolling
Interests (1) |
| |
Our
Share of Joint Ventures |
| ||||||||||||||||
| REVENUE: | | | | | | | |||||||||||||||||||||||||
|
Lease income
|
| | | | $ | (28,449) | | | | | | | 957,037 | | | | | | | $ | (24,627) | | | | | | | 901,976 | | | |
|
Management fees and other revenues
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Other income
|
| | | | | (982) | | | | | | | 99,243 | | | | | | | | (937) | | | | | | | 96,882 | | | |
|
Total revenue
|
| | | | | (29,431) | | | | | | | 1,056,280 | | | | | | | | (25,564) | | | | | | | 998,858 | | | |
| EXPENSES: | | | | | | | |||||||||||||||||||||||||
|
Property operating
|
| | | | | (5,586) | | | | | | | 186,410 | | | | | | | | (4,773) | | | | | | | 171,221 | | | |
|
Depreciation and amortization
|
| | | | | (13,306) | | | | | | | 286,249 | | | | | | | | (12,447) | | | | | | | 302,521 | | | |
|
Real estate taxes
|
| | | | | (1,511) | | | | | | | 94,506 | | | | | | | | (1,418) | | | | | | | 92,304 | | | |
|
Repairs and maintenance
|
| | | | | (1,054) | | | | | | | 24,713 | | | | | | | | (1,101) | | | | | | | 23,135 | | | |
|
Advertising and promotion
|
| | | | | (2,526) | | | | | | | 24,808 | | | | | | | | (1,901) | | | | | | | 20,044 | | | |
|
Home and regional office costs
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
General and administrative
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Other
|
| | | | | (3,576) | | | | | | | 53,842 | | | | | | | | (1,917) | | | | | | | 48,248 | | | |
|
Total operating expenses
|
| | | | | (27,559) | | | | | | | 670,528 | | | | | | | | (23,557) | | | | | | | 657,473 | | | |
|
OPERATING INCOME BEFORE OTHER ITEMS
|
| | | | | (1,872) | | | | | | | 385,752 | | | | | | | | (2,007) | | | | | | | 341,385 | | | |
| Interest expense | | | | | | 5,364 | | | | | | | (209,810) | | | | | | | | 5,592 | | | | | | | (218,565) | | | |
| Loss on extinguishment of debt | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Gain on exchange of equity interests | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Income and other tax (expense) benefit | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Income from unconsolidated entities | | | | | | (46) | | | | | | | (175,942)(2) | | | | | | | | 966 | | | | | | | (122,820)(2) | | | |
| Unrealized gains (losses) in fair value of equity instruments | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
|
| | | | | (571) | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Consolidated income from continuing operations
|
| | | | | 2,875 | | | | | | | — | | | | | | | | 4,551 | | | | | | | — | | | |
|
CONSOLIDATED NET INCOME
|
| | | | | 2,875 | | | | | | | — | | | | | | | | 4,551 | | | | | | | — | | | |
| Net income attributable to noncontrolling interests | | | | | | 2,875 | | | | | | | —(3) | | | | | | | | 4,551 | | | | | | | —(3) | | | |
| Preferred dividends | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
| | | | $ | — | | | | | | $ | — | | | | | | | $ | — | | | | | | $ | — | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
45
|
|
| | | | |
As of September 30, 2021
|
| | |
As of September 30, 2020
|
| ||||||||||||||||||||||
| | | | |
Noncontrolling
Interests |
| |
Our
Share of Joint Ventures |
| | |
Noncontrolling
Interests |
| |
Our
Share of Joint Ventures |
| ||||||||||||||||
| ASSETS: | | | | | | | |||||||||||||||||||||||||
|
Investment properties, at cost
|
| | | | $ | (527,662) | | | | | | $ | 10,454,314 | | | | | | | $ | (448,246) | | | | | | $ | 10,480,328 | | | |
|
Less – accumulated depreciation
|
| | | | | (117,723) | | | | | | | 3,806,201 | | | | | | | | (112,661) | | | | | | | 3,531,408 | | | |
| | | | | | | (409,939) | | | | | | | 6,648,113 | | | | | | | | (335,585) | | | | | | | 6,948,920 | | | |
|
Cash and cash equivalents
|
| | | | | (25,681) | | | | | | | 673,914 | | | | | | | | (18,175) | | | | | | | 453,952 | | | |
|
Tenant receivables and accrued revenue, net
|
| | | | | (9,724) | | | | | | | 264,393 | | | | | | | | (5,061) | | | | | | | 374,797 | | | |
|
Investment in TRG, at equity
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Investment in Klépierre, at equity
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Investment in unconsolidated entities, at equity
|
| | | | | (11,393) | | | | | | | (2,960,656) | | | | | | | | (23,194) | | | | | | | (2,426,141) | | | |
|
Right-of-use assets, net
|
| | | | | (881) | | | | | | | 70,746 | | | | | | | | (888) | | | | | | | 79,136 | | | |
|
Investments held in trust – special purpose acquisition company
|
| | | | | (345,000) | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Deferred costs and other assets
|
| | | | | (27,712) | | | | | | | 1,419,390 | | | | | | | | (28,785) | | | | | | | 763,798 | | | |
|
Total assets
|
| | | | $ | (830,330) | | | | | | $ | 6,115,900 | | | | | | | $ | (411,688) | | | | | | $ | 6,194,462 | | | |
| LIABILITIES: | | | | | | | |||||||||||||||||||||||||
|
Mortgages and unsecured indebtedness
|
| | | | $ | (192,078) | | | | | | $ | 7,014,925 | | | | | | | $ | (180,053) | | | | | | $ | 7,072,216 | | | |
|
Accounts payable, accrued expenses, intangibles, and deferred revenues
|
| | | | | (31,999) | | | | | | | 399,917 | | | | | | | | (18,773) | | | | | | | 428,465 | | | |
|
Cash distributions and losses in unconsolidated entities, at equity
|
| | | | | — | | | | | | | (1,573,563) | | | | | | | | — | | | | | | | (1,565,642) | | | |
|
Dividend payable
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Lease liabilities
|
| | | | | (881) | | | | | | | 72,534 | | | | | | | | (888) | | | | | | | 80,516 | | | |
|
Other liabilities
|
| | | | | (61,120) | | | | | | | 202,087 | | | | | | | | (46,752) | | | | | | | 178,907 | | | |
|
Total liabilities
|
| | | | | (286,078) | | | | | | | 6,115,900 | | | | | | | | (246,466) | | | | | | | 6,194,462 | | | |
| Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Limited partners’ preferred interest in the Operating Partnership | | | | | | (527,488) | | | | | | | — | | | | | | | | (161,656) | | | | | | | — | | | |
| EQUITY: | | | | | | | |||||||||||||||||||||||||
| Stockholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Capital stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Series J 8 3∕8% cumulative redeemable preferred stock
|
| | | |
|
—
|
| | | | | | — | | | | | | |
|
—
|
| | | | | | — | | | |
|
Common stock, $.0001 par value
|
| | | |
|
—
|
| | | | | | — | | | | | | |
|
—
|
| | | | | | — | | | |
|
Class B common stock, $.0001 par value
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Capital in excess of par value
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Accumulated deficit
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
| Accumulated other comprehensive loss | | | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Common stock held in treasury at cost
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Total stockholders’ equity
|
| | | | | — | | | | | | | — | | | | | | | | — | | | | | | | — | | | |
|
Noncontrolling interests
|
| | | | | (16,764) | | | | | | | — | | | | | | | | (3,566) | | | | | | | — | | | |
|
Total equity
|
| | | | | (16,764) | | | | | | | — | | | | | | | | (3,566) | | | | | | | — | | | |
|
Total liabilities and equity
|
| | | | $ | (830,330) | | | | | | $ | 6,115,900 | | | | | | | $ | (411,688) | | | | | | $ | 6,194,462 | | | |
|
3Q 2021 SUPPLEMENTAL
|
| |
|
| |
46
|
|