(Mark One) | ||
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2005 | ||
or | ||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware
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42-1283895 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
|
110 N. Wacker Dr., Chicago, IL (Address of principal executive offices) |
60606 (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $.01 par value
|
New York Stock Exchange | |
Preferred Stock Purchase Rights
|
New York Stock Exchange |
i
Item 1. | Business |
| Retail and Other. Through this segment of our business, we own, operate, manage, lease, acquire, develop, expand and finance rental properties. These properties, which are located primarily throughout the United States, include retail centers, office and industrial buildings and mixed-use and other properties. As of December 31, 2005, we had ownership interest in and/or management responsibility for a portfolio of over 200 regional shopping malls in 44 states. We also have ownership interest in certain joint ventures which own four retail properties (one under construction) in Brazil and one retail property under construction in Costa Rica. |
| Master Planned Communities. Through this segment of our business, we develop and sell land in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas for residential, commercial and other uses primarily in master planned communities. As of December 31, 2005, these communities, including land previously sold or not saleable, total over 70,000 acres. |
82%
|
General Growth, as sole general partner | |
16
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Limited partners that indirectly include family members of the original stockholders of the Company. Represented by common units of limited partnership interest (the Common Units) | |
2
|
Limited partners that include subsequent contributors of properties to the Operating Partnership which are also represented by Common Units. | |
100%
|
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1
| Integrating and maximizing the operations of The Rouse Company LP (TRCLP, successor to The Rouse Company (TRC)) through proactive property management and leasing and through operating cost reductions. Specific actions to increase productivity of the TRCLP properties as well as our previously existing properties have included changing the tenant mix and adding vendor carts and kiosks. As the TRC Merger was primarily funded with new acquisition debt, an additional focus has been the management and refinancing of our current debt. |
| Development activities, including ground-up development and redevelopment and expansion of existing properties. For example, we substantially completed the ground-up development of The Shops at LaCantera in San Antonio, Texas in September 2005, and the renovation of Eastridge Mall in San Jose, California in November 2005. The expansion and renovation of a property may result in increased cash flows and net income as a result of increased customer traffic, trade area penetration and improved competitive position of the property. |
| Growing our specialty leasing and alternative revenue business, which involves, among other things, the temporary leasing of carts, kiosks and available space to generate additional alternative rental revenue. |
2
Category | % of Square Feet | Representative Tenants | ||||
Specialty (includes personal services)
|
22 | % | Regis, Lenscrafters, Dollar Tree, Petland | |||
Family Apparel (includes unisex)
|
14 | Gap, Old Navy, J Crew, Express, Anchor Blue, Banana Republic, Bachrach | ||||
Womens Apparel
|
14 | Limited, Talbots, Chicos, Lane Bryant, Ann Taylor, Coldwater Creek, Victorias Secret | ||||
Teen Apparel
|
9 | PacSun, Charlotte Russe, Forever 21, d.e.m.o., Hollister & Co., Aeropostale, Abercrombie & Fitch | ||||
Shoes
|
8 | FootLocker, Journeys, Champs, Finish Line, Payless Shoesource | ||||
Restaurants
|
7 | Ruby Tuesday, Applebees, Bennigans, Cheesecake Factory, Panera Bread, PF Changs China Bistro | ||||
Home Entertainment and Electronics
|
5 | RadioShack, Ritz Camera, FYE, Sam Goody, Apple Computer | ||||
Home Furnishings
|
4 | William-Sonoma, Select Comfort, Z Gallerie, Pottery Barn, Crate & Barrel | ||||
Sporting Goods
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3 | Scheels All Sports, MC Sports, Dicks Sporting Goods, Big 5 Sports | ||||
Gifts (includes stationery, cards, gifts and novelty)
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3 | Papyrus, Hallmark, Yankee Candle, Things Remembered, Spencer Gifts | ||||
Fast Food/ Food Court
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3 | Arbys, Sbarro, McDonalds, Auntie Annes, Chick-Fil-A, Subway, Sonic | ||||
Jewelry
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3 | Zales Jewelers, Kay Jewelers, Piercing Pagoda, Helzberg Diamonds | ||||
Childrens Merchandise
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2 | Gymboree, Club Libby Lu, Build-A-Bear, The Childrens Place, GapKids/BabyGap | ||||
Personal Care
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2 | LOccitane, Sephora, Trade Secret, Bath & Body Works | ||||
Specialty Food (includes health, candy and coffee)
|
1 | GNC, Vitamin World, Starbucks, Godiva Chocolatier, Harry & David | ||||
TOTAL
|
100 | % | ||||
3
Other Office, Industrial and Mixed-Use buildings |
Consolidated | Location | Square Feet | ||||||
Columbia Industrial (6 buildings)
|
Columbia, MD | 306,000 | ||||||
Columbia Office (11 buildings)
|
Columbia, MD | 1,059,000 | ||||||
Summerlin Commercial (28 buildings)
|
Summerlin, NV | 1,110,000 | ||||||
Woodlands Office (2 buildings)
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Houston, TX | 267,000 | ||||||
Other Office Projects (6 buildings)
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Various | 451,000 | ||||||
Unconsolidated
|
||||||||
Woodlands Office/ Industrial (5 buildings)
|
Houston, TX | 348,000 |
Master Planned Communities Segment |
| Columbia is located in the Baltimore, Maryland/ Washington, D.C. corridor and encompasses approximately 18,000 acres. We own approximately 873 saleable acres of land in and around Columbia, including the adjacent communities of Emerson and Stone Lake. |
| Summerlin is located immediately north and west of Las Vegas and encompasses approximately 22,500 acres. We own approximately 6,400 saleable acres of land in Summerlin. Revenues from the sale of land at Summerlin are subject to the Contingent Stock Agreement as more fully described in Note 14. |
| Bridgelands is located in the western Houston, Texas metropolitan area and encompasses approximately 10,000 acres, approximately 7,300 acres of which is developable and saleable. TRC began development activities on Bridgelands in 2004 and we began selling portions of this land in 2006. |
| We also own a 52.5% economic interest in The Woodlands, a master planned community in the Houston, Texas metropolitan area which contains approximately 27,000 acres. Assets owned by The Woodlands include approximately 6,900 saleable acres of land, three golf course complexes, a resort conference center, a hotel, interests in seven office buildings and other assets. |
| Fairwood is located in Prince Georges County, Maryland. Fairwood contains over 1,000 acres of land. We own approximately 420 saleable acres of land at Fairwood. |
Competition |
4
| Subject to certain limitations, the funds necessary for cash acquisitions are available to us from a combination of sources, including mortgage or unsecured financing or the issuance of public or private debt or equity. |
| We have the flexibility to pay for an acquisition with a combination of cash, General Growth equity securities or common or preferred units of limited partnership interest in the Operating Partnership. This last approach may create the opportunity for a tax-advantaged transaction for the seller. |
| Our expertise allows us to evaluate proposed acquisitions of existing retail properties for their increased profit potential through expansion, remodeling, re-merchandising and more efficient management of the property. |
| Consumer demographics |
| Quality, design and location of properties |
| Total number and geographic distribution of properties |
| Diversity of retailers and anchor tenants at shopping center locations |
| Management and operational expertise |
| Rental rates |
| The size and scope of our master planned communities |
| The recreational and cultural amenities available within the communities |
| The commercial centers in the communities |
| The relationships of the developer with homebuilders |
| The proximity to major metropolitan areas |
5
Environmental Matters |
6
Item 1A. | Risk Factors |
We invest primarily in regional mall shopping centers and other retail properties, which are subject to a number of significant risks which are beyond our control |
| the regional and local economy, which may be negatively impacted by plant closings, industry slowdowns, adverse weather conditions, natural disasters and other factors; |
| local real estate conditions, such as an oversupply of, or a reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants; |
| perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property; |
| the convenience and quality of competing retail properties and other retailing options such as the Internet; |
| changes in laws and regulations applicable to real property, including tax and zoning laws; and |
| changes in interest rate levels and the availability and cost of financing. |
We depend on leasing space to tenants on economically favorable terms and collecting rent from these tenants, who may not be able to pay |
Bankruptcy or store closures of tenants may decrease our revenues and available cash |
7
We may be negatively impacted by department store consolidations |
It may be difficult to buy and sell real estate quickly, and transfer restrictions apply to some of our properties |
We develop and expand properties, and this activity is subject to various risks |
| we may abandon development or expansion activities, which may result in additional cost recognition; |
| construction costs of a project may exceed original estimates or available financing, possibly making the project unfeasible or unprofitable; |
| we may not be able to obtain financing or to refinance construction loans, which generally have full recourse to us; |
| we may not be able to obtain zoning, occupancy or other required governmental permits and authorizations; |
| occupancy rates and rents at a completed project may not meet projections and, therefore, the project may not be profitable; and |
| we may need Anchor, mortgage lender and property partner approvals, if applicable, for expansion or redevelopment activities. |
If we are unable to manage our growth effectively, our financial condition and results of operations may be adversely affected |
8
We may incur costs to comply with environmental laws |
9
Inflation may adversely affect our financial condition and results of operations |
| decreasing tenant sales as a result of decreased consumer spending which could result in lower overage rents; |
| difficulty in replacing or renewing expiring leases with new leases at higher base and/or overage rents; and |
| an inability to receive reimbursement from our tenants for their share of certain operating expenses, including common area maintenance, real estate taxes and insurance. |
As of December 31, 2005, we had material weaknesses in our internal control over financial reporting |
Our substantial indebtedness could adversely affect our financial health and operating flexibility |
10
| limiting our ability to borrow additional amounts for working capital, capital expenditures, debt service requirements, execution of our growth strategy or other purposes; |
| limiting our ability to use operating cash flow in other areas of our business because we must dedicate a substantial portion of these funds to service the debt; |
| increasing our vulnerability to general adverse economic and industry conditions, including increases in interest rates, particularly given our substantial indebtedness which bears interest at variable rates; |
| limiting our ability to capitalize on business opportunities, including the acquisition of additional properties, and to react to competitive pressures and adverse changes in government regulation; |
| limiting our ability or increasing the costs to refinance indebtedness; and |
| limiting our ability to enter into marketing and hedging transactions by reducing the number of counterparties with whom we can enter into such transactions as well as the volume of those transactions. |
The terms of the 2006 Credit Facility (obtained in February 2006 (Note 6)) and certain other debt, contain covenants and events of default that may limit our flexibility and prevent us from taking certain actions or result in the acceleration of our obligations under such debt |
| incur indebtedness; |
| create liens on assets; |
| sell assets; |
| make capital expenditures; and |
| engage in mergers and acquisitions. |
We have a substantial amount of short-term indebtedness |
11
We share control of some of our properties with other investors and may have conflicts of interest with those investors |
Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties |
Payments by our direct and indirect subsidiaries of dividends and distributions to us may be adversely affected by prior payments to these subsidiaries creditors and preferred security holders |
We might fail to qualify or remain qualified as a REIT |
12
An ownership limit and certain anti-takeover defenses and applicable law may hinder any attempt to acquire us |
| to cause us to issue additional authorized but unissued shares of common stock or preferred stock; |
| to classify or reclassify, in one or more series, any unissued preferred stock; and |
| to set the preferences, rights and other terms of any classified or reclassified stock that we issue. |
| before that person became an interested stockholder, our board of directors approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination; |
| upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) stock held by directors who are also officers |
13
of the company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender or exchange offer; or | |
| following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder. |
We are impacted by tax-related obligations to some of our partners |
We may not realize the full anticipated benefits of the TRC Merger |
Limitations on the sale of the TRCLP assets may affect our cash flow |
We have significant obligations under a Contingent Stock Agreement we assumed in the TRC Merger |
14
Our common stock price may be volatile, and consequently investors may not be able to resell their common stock at or above their purchase price |
| our historical and anticipated quarterly and annual operating results; |
| variations between our actual results and analyst and investor expectations or changes in financial estimates and recommendations by securities analysts; |
| the performance and prospects of our industry; |
| the depth and liquidity of the market for our common stock; |
| investor perception of us and the industry in which we operate; |
| domestic and international economic conditions; |
| the extent of institutional investor interest in us; |
| the reputation of REITs generally and the attractiveness of their equity securities in comparison to other equity securities, including securities issued by other real estate companies, and fixed income securities; |
| our financial condition and performance; and |
| general market conditions and trends. |
Future sales of our common stock may depress our stock price |
Increases in market interest rates may hurt the market price of our common stock |
15
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Ala Moana Center
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Honolulu, HI | 1,748,761 | 801,973 | Barnes & Noble, Macys, Neiman Marcus, Old Navy, Sears, Shirokiya | | |||||||||
Alameda Plaza
|
Pocatello, ID | 190,341 | 190,341 | | 2 | |||||||||
Anaheim Crossing(2)(3)
|
Anaheim, CA | 92,170 | 92,170 | N/A | N/A | |||||||||
Animas Valley Mall
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Farmington, NM | 480,217 | 230,752 | Allen Theatres, Dillards, JCPenney, Ross Dress for Less, Sears | | |||||||||
Apache Mall(2)
|
Rochester, MN | 755,491 | 272,499 | Herbergers, JCPenney, Marshall Fields, Sears | | |||||||||
Arizona Center(2)
|
Phoenix, AZ | 168,429 | 82,426 | AMC Theatres | | |||||||||
Augusta Mall(2)
|
Augusta, GA | 1,066,486 | 317,263 | Dillards, JCPenney, Macys, Macys Home Store, Sears | | |||||||||
Austin Bluffs Plaza
|
Colorado Springs, CO | 108,902 | 108,902 | Longs Drugs | 1 | |||||||||
Bailey Hills Village
|
Eugene, OR | 11,887 | 11,887 | N/A | N/A | |||||||||
Baskin Robbins
|
Idaho Falls, ID | 1,814 | 1,814 | N/A | N/A | |||||||||
Baybrook Mall
|
Friendswood (Houston), TX | 1,244,762 | 344,153 | Dillards, Foleys, JCPenney, Mervyns, Sears | | |||||||||
Bayshore Mall(2)
|
Eureka, CA | 624,297 | 404,039 | Gottschalks, Mervyns, Sears | | |||||||||
Bayside Marketplace(2)
|
Miami, FL | 225,446 | 225,446 | N/A | N/A | |||||||||
Beachwood Place
|
Beachwood, OH | 912,105 | 332,525 | Dillards, Nordstrom, Saks Fifth Avenue | | |||||||||
Bellis Fair
|
Bellingham (Seattle), WA | 774,579 | 355,649 | JCPenney, Macys, Mervyns, Sears, Target | | |||||||||
Birchwood Mall
|
Port Huron (Detroit), MI | 793,869 | 337,640 | GKC Theaters, JCPenney, Marshall Fields, Sears, Target, Younkers | | |||||||||
Boise Plaza
|
Boise, ID | 114,404 | 114,404 | Albertsons, Fred Meyer, Burlington Coat | |
16
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Boise Towne Plaza(3)
|
Boise, ID | 116,677 | 116,677 | Circuit City, Linens N Things, Old Navy | | |||||||||
Boise Towne Square
|
Boise, ID | 1,143,302 | 474,522 | Dillards, JCPenney, Macys, Mervyns, Sears | | |||||||||
The Boulevard Mall
|
Las Vegas, NV | 1,178,595 | 390,559 | Dillards, JCPenney, Macys, Sears | | |||||||||
Burlington Town Center(3)
|
Burlington, VT | 311,092 | 164,339 | Filenes | | |||||||||
Cache Valley Mall
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Logan, UT | 322,578 | 176,746 | Dillards, Dillards Mens & Home, JCPenney | | |||||||||
Cache Valley Marketplace
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Logan, UT | 156,996 | 156,996 | Home Depot, Olive Garden, T.J. Maxx | | |||||||||
Canyon Point Village Center
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Las Vegas, NV | 65,600 | 65,600 | N/A | N/A | |||||||||
Capital Mall
|
Jefferson City, MO | 512,852 | 279,775 | Dillards, JCPenney, Sears | | |||||||||
Century Plaza
|
Birmingham, AL | 738,831 | 252,875 | JCPenney, McRaes, Sears | 1 | |||||||||
Chapel Hills Mall
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Colorado Springs, CO | 1,174,371 | 428,932 | Dillards, Foleys, JCPenney, Kmart, Mervyns, Sears | | |||||||||
Chico Mall
|
Chico, CA | 502,079 | 179,951 | Gottschalks, JCPenney, Sears | 1 | |||||||||
Coastland Center
|
Naples, FL | 933,644 | 343,254 | Dillards, JCPenney, Macys, Sears | | |||||||||
Collin Creek
|
Plano, TX | 1,113,307 | 323,224 | Dillards, Foleys, JCPenney, Mervyns, Sears | | |||||||||
Colony Square Mall
|
Zanesville, OH | 536,662 | 289,884 | Colony Square Cinema 10, Elder-Beerman, JCPenney, Sears | | |||||||||
Columbia Mall
|
Columbia, MO | 750,085 | 334,641 | Dillards, JCPenney, Sears, Target | | |||||||||
Coral Ridge Mall
|
Coralville (Iowa City), IA | 1,075,349 | 420,184 | Dillards, JCPenney, Scheels All Sports, Sears, Target, Younkers | | |||||||||
Coronado Center(2)
|
Albuquerque, NM | 1,152,708 | 378,379 | Barnes & Noble, Foleys, JCPenney, Macys, Mervyns, Sears | | |||||||||
Cottonwood Mall
|
Salt Lake City, UT | 734,018 | 354,510 | JCPenney, Meier & Frank | | |||||||||
Cottonwood Square(2)
|
Salt Lake City, UT | 77,079 | 77,079 | | 1 | |||||||||
Country Hills Plaza
|
Ogden, UT | 140,097 | 140,097 | McKay-Dee Hospital Center, Smiths Food King | | |||||||||
The Crossroads
|
Portage (Kalamazoo), MI | 769,339 | 266,379 | JCPenney, Marshall Fields, Mervyns, Sears | | |||||||||
Crossroads Center
|
St. Cloud, MN | 897,330 | 291,650 | JCPenney, Marshall Fields, Scheels All Sports, Sears, Target | | |||||||||
Cumberland Mall
|
Atlanta, GA | 816,964 | 316,389 | Macys, Sears | | |||||||||
Division Crossing
|
Portland, OR | 100,760 | 100,760 | Rite Aid, Safeway | | |||||||||
Eagle Ridge Mall
|
Lake Wales (Orlando), FL | 646,730 | 251,275 | Dillards, JCPenney, Recreation Station, Regal Cinemas, Sears | | |||||||||
Eastridge Mall
|
Casper, WY | 568,810 | 279,014 | JCPenney, Macys, Sears, Target | | |||||||||
Eden Prairie Center
|
Eden Prairie (Minneapolis), MN | 988,788 | 309,207 | AMC Theatres, Kohls, Sears, Target, Von Maur | |
17
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Fallbrook Center
|
West Hills (Los Angeles), CA | 904,125 | 269,126 | DSW Shoe Warehouse, Home Depot, Kohls, Laemmle Theatres, Linens N Things, Mervyns, Ross Dress for Less, Sport Chalet, Target | | |||||||||
Faneuil Hall Marketplace(2)
|
Boston, MA | 203,313 | 203,313 | N/A | N/A | |||||||||
Fashion Place(2)
|
Murray, UT | 876,472 | 310,499 | Dillards, Nordstrom, Sears | | |||||||||
Fashion Show
|
Las Vegas, NV | 1,896,194 | 536,303 | Bloomingdales Home, Dillards, Macys, Neiman Marcus, Nordstrom, Robinsons-May, Saks Fifth Avenue | 1 | |||||||||
Foothills Mall
|
Fort Collins, CO | 802,431 | 462,334 | Foleys, JCPenney, Mervyns, Sears | | |||||||||
Fort Union(2)
|
Midvale (Salt Lake City), UT |
32,968 | 32,968 | N/A | N/A | |||||||||
Four Seasons Town Centre
|
Greensboro, NC | 1,141,375 | 499,359 | Belk, Dillards, JCPenney | | |||||||||
Fox River Mall
|
Appleton, WI | 1,219,006 | 530,369 | Cost Plus World Market, Davids Bridal, DSW Shoe Warehouse, Factory Card Outlet, JCPenney, Linens N-Things, Marshall Fields, Scheels All Sports, Sears | ||||||||||
Fremont Plaza(2)
|
Las Vegas, NV | 102,991 | 102,991 | Sav-On Drugs | 1 | |||||||||
The Gallery at Harborplace(2)
|
Baltimore, MD | 130,158 | 130,158 | N/A | N/A | |||||||||
Gateway Crossing Shopping Center
|
Bountiful (Salt Lake City), UT |
183,526 | 183,526 | All A Dollar, Barnes & Noble, T.J. Maxx | | |||||||||
Gateway Mall
|
Springfield, OR | 725,764 | 342,558 | 24 Hour Fitness, Movies 12, Ross Dress for Less, Sears, Target, Kohls | 1 | |||||||||
Glenbrook Square
|
Fort Wayne, IN | 1,213,456 | 436,586 | JCPenney, L.S. Ayres, Sears | 1 | |||||||||
Governors Square(2)
|
Tallahassee, FL | 1,023,031 | 331,426 | Dillards, JCPenney, Macys, Sears | | |||||||||
The Grand Canal Shoppes
|
Las Vegas, NV | 509,443 | 509,443 | N/A | N/A | |||||||||
Grand Teton Mall
|
Idaho Falls, ID | 542,539 | 218,614 | Dillards, JCPenney, Macys, Sears | | |||||||||
Grand Teton Plaza
|
Idaho Falls, ID | 93,274 | 93,274 | Best Buy, Linens N Things, Petsmart, Ross Dress For Less | | |||||||||
Grand Traverse Mall
|
Traverse City, MI | 593,708 | 280,317 | GKC Theaters, JCPenney, Marshall Fields, Target | | |||||||||
Greenwood Mall
|
Bowling Green, KY | 851,381 | 422,328 | Dillards, Famous Barr, JCPenney, Sears | | |||||||||
Halsey Crossing(2)
|
Gresham (Portland), OR | 99,438 | 99,438 | Safeway | | |||||||||
Harborplace(2)
|
Baltimore, MD | 143,928 | 143,928 | N/A | N/A | |||||||||
Hulen Mall
|
Fort Worth, TX | 940,324 | 343,754 | Dillards, Foleys, Sears | | |||||||||
Jordan Creek Town Center
|
West Des Moines, IA | 1,345,111 | 803,412 | Century Theatres, Dillards, Scheels All Sports, Younkers | | |||||||||
Knollwood Mall
|
St. Louis Park (Minneapolis), MN | 465,533 | 169,310 | Cub Foods, Kohls, T.J. Maxx | 1 |
18
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Lakeside Mall
|
Sterling Heights, MI | 1,505,619 | 483,021 | JCPenney, Lord & Taylor, Marshall Fields, Marshall Fields Mens & Home, Sears | | |||||||||
Lakeview Square
|
Battle Creek, MI | 545,654 | 254,061 | JCPenney, Marshall Fields, Sears | | |||||||||
Landmark Mall(2)
|
Alexandria (Washington, D.C.), VA | 885,551 | 326,614 | Hechts, Lord & Taylor, Sears | | |||||||||
Lansing Mall(2)
|
Lansing, MI | 834,025 | 442,855 | JCPenney, Marshall Fields, Mervyns, Younkers | | |||||||||
Lincolnshire Commons
|
Lincolnshire (Chicago), IL | 44,002 | 44,002 | N/A | N/A | |||||||||
Lockport Mall
|
Lockport, NY | 336,070 | 122,989 | The Bon Ton | 2 | |||||||||
Lynnhaven Mall
|
Virginia Beach, VA | 1,298,577 | 463,130 | AMC Theatres, Dicks Sporting Goods, Dillards, Hechts, JCPenney, Steve & Barrys University Sportswear | 1 | |||||||||
The Maine Mall
|
South Portland, ME | 1,018,867 | 345,933 | Best Buy, Chuck E Cheese, Filenes, Filenes Home Store, JCPenney, Linens N Things, Macys, Sears, Sports Authority | | |||||||||
Mall at Sierra Vista
|
Sierra Vista, AZ | 342,262 | 110,992 | Cinemark, Dillards, Sears | | |||||||||
The Mall in Columbia
|
Columbia, MD | 1,392,967 | 592,799 | Hechts, JCPenney, Lord & Taylor, Nordstrom, Sears | | |||||||||
Mall of Louisiana
|
Baton Rouge, LA | 1,240,035 | 432,553 | Foleys, JCPenney, McRaes, Sears | | |||||||||
Mall of the Bluffs
|
Council Bluffs (Omaha, NE), IA | 701,418 | 375,196 | Dillards, Hy-Vee, JCPenney, Sears, Target | | |||||||||
Mall St. Matthews
|
Louisville, KY | 1,107,046 | 391,341 | Dillards, Dillards Mens & Home, JCPenney | 1 | |||||||||
Mall St. Vincent(2)
|
Shreveport, LA | 538,506 | 190,506 | Dillards, Sears | | |||||||||
Market Place Shopping Center
|
Champaign, IL | 1,045,487 | 509,741 | Bergners, Famous Barr, JCPenney, Sears | | |||||||||
Mayfair
|
Wauwatosa (Milwaukee), WI | 1,112,283 | 492,899 | AMC Theatres, Barnes & Noble, Boston Store, Marshall Fields | | |||||||||
Meadows Mall
|
Las Vegas, NV | 956,479 | 319,626 | Dillards, JCPenney, Macys, Sears | | |||||||||
Metro Plaza
|
Baltimore, MD | 95,108 | 95,108 | N/A | N/A | |||||||||
Mondawmin Mall
|
Baltimore, MD | 294,841 | 294,841 | N/A | N/A | |||||||||
North Plains Mall
|
Clovis, NM | 303,613 | 109,532 | Bealls, Dillards, JCPenney, Sears | | |||||||||
North Star Mall
|
San Antonio, TX | 1,257,095 | 430,270 | Dillards, Foleys, Macys, Mervyns, Saks Fifth Avenue | | |||||||||
North Temple Shops
|
Salt Lake City, UT | 10,078 | 10,078 | N/A | N/A | |||||||||
North Town Mall
|
Spokane, WA | 1,046,534 | 415,040 | Bumpers, Inc., JCPenney, Macys, Mervyns, Regal Cinemas, Sears | 1 | |||||||||
Northgate Mall
|
Chattanooga, TN | 822,656 | 357,336 | JCPenney, Proffitts, Proffitts Home Store, Sears, T.J. Maxx | |
19
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Northridge Fashion Center
|
Northridge (Los Angeles), CA | 1,440,151 | 564,708 | JCPenney, Macys, Pacific Theatres, Robinsons-May, Sears | | |||||||||
Oak View Mall
|
Omaha, NE | 865,829 | 261,569 | Dillards, JCPenney, Sears, Younkers | | |||||||||
Oakwood Center
|
Gretna, LA | 944,659 | 346,312 | Dillards, JCPenney, Mervyns, Sears | | |||||||||
Oakwood Mall
|
Eau Claire, WI | 821,518 | 336,442 | JCPenney, Marshall Fields, Scheels All Sports, Sears, Younkers | | |||||||||
Oglethorpe Mall
|
Savannah, GA | 946,334 | 366,186 | Belk, JCPenney, Macys, Macys Junior Department, Sears, Stein Mart | | |||||||||
Orem Plaza Center Street
|
Orem, UT | 85,221 | 85,221 | Chuck E Cheese | | |||||||||
Orem Plaza State Street
|
Orem, UT | 27,557 | 27,557 | N/A | N/A | |||||||||
Oviedo Marketplace
|
Oviedo, FL | 951,473 | 333,589 | Dillards, Macys, Regal Cinemas, Sears | | |||||||||
Owings Mills Mall
|
Owing Mills, MD | 1,083,447 | 436,410 | Hechts, JCPenney, Macys | 1 | |||||||||
Oxmoor Center
|
Louisville, KY | 930,704 | 283,494 | Dicks Sporting Goods, Macys, Sears, Von Maur | | |||||||||
Paramus Park
|
Paramus, NJ | 769,856 | 310,799 | Macys, Sears | | |||||||||
Park City Center
|
Lancaster (Philadelphia), PA | 1,375,762 | 512,573 | The Bon Ton, Boscovs, JCPenney, Kohls, Sears | | |||||||||
Park Place
|
Tucson, AZ | 1,047,177 | 392,440 | Century Theatres, Dillards, Macys, Sears | | |||||||||
Peachtree Mall
|
Columbus, GA | 819,916 | 311,301 | Dillards, JCPenney, Macys, Parisian | | |||||||||
Pecanland Mall
|
Monroe, LA | 944,992 | 329,556 | Dillards, JCPenney, McRaes, Mervyns, Sears | | |||||||||
Piedmont Mall
|
Danville, VA | 726,933 | 176,607 | Belk, Belk Mens, Boscovs, JCPenney, Sears | | |||||||||
Pierre Bossier Mall
|
Bossier City (Shreveport), LA | 607,688 | 214,390 | Dillards, JCPenney, Sears, Stage | 1 | |||||||||
Pine Ridge Mall(2)
|
Pocatello, ID | 641,782 | 203,795 | Dillards, JCPenney, Macys, Sears, ShopKo | | |||||||||
The Pines
|
Pine Bluff, AR | 631,758 | 262,049 | Dillards, Holiday Inn Express, JCPenney, Sears | 1 | |||||||||
Pioneer Place(2)
|
Portland, OR | 368,070 | 287,070 | Saks Fifth Avenue | | |||||||||
Plaza 800(2)
|
Sparks (Reno), NV | 176,431 | 176,431 | Albertsons | 1 | |||||||||
Plaza 9400(2)
|
Sandy (Salt Lake City), UT |
228,661 | 228,661 | Albertsons, Deseret Industries | 1 | |||||||||
Prince Kuhio Plaza(2)
|
Hilo, HI | 506,321 | 273,699 | Macys, Sears | 1 | |||||||||
Providence Place(2)
|
Providence, RI | 1,275,818 | 638,229 | Filenes, National Amusements Cinema 16, Nordstrom, JCPenney | | |||||||||
Provo Towne Centre(3)
|
Provo, UT | 801,014 | 230,945 | Cinemark, Dillards, JCPenney, Sears | | |||||||||
Red Cliffs Mall
|
St. George, UT | 385,610 | 108,553 | Dillards, JCPenney, Sears | 1 | |||||||||
Red Cliffs Plaza
|
St George, UT | 57,304 | 57,304 | Golds Gym, Sears | | |||||||||
Redlands Mall
|
Redlands, CA | 173,997 | 78,938 | Gottschalks | |
20
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Regency Square Mall
|
Jacksonville, FL | 1,445,681 | 529,175 | Belk, Champs Sports/World Foot Locker, Dillards, JCPenney, Sears | 1 | |||||||||
Ridgedale Center
|
Minnetonka, MN | 1,021,910 | 319,530 | JCPenney, Marshall Fields Mens & Home, Marshall Fields Womens, Sears | | |||||||||
Rio West Mall(2)(3)
|
Gallup, NM | 514,856 | 333,723 | Bealls, JCPenney | 1 | |||||||||
River Falls Mall
|
Clarksville, IN | 729,945 | 198,179 | Bass Pro Shops Outdoor World, Toys R Us | 2 | |||||||||
River Hills Mall
|
Mankato, MN | 696,888 | 256,694 | Herbergers, JCPenney, Scheels All Sports, Sears, Target | | |||||||||
River Pointe Plaza
|
West Jordan (Salt Lake City), UT |
224,252 | 224,252 | Albertsons, ShopKo | | |||||||||
Riverlands Shopping Center
|
LaPlace (New Orleans), LA | 184,093 | 184,093 | Burkes Outlet, Citi Trends, Stage | 1 | |||||||||
Riverside Plaza
|
Provo, UT | 175,417 | 175,417 | Big Lots, Maceys, Rite Aid | | |||||||||
Rivertown Crossings
|
Grandville (Grand Rapids), MI | 1,270,942 | 421,884 | Dicks Sporting Goods, JCPenney, Kohls, Marshall Fields, Old Navy, Rivertown Cinemas, Sears, Younkers | | |||||||||
Riverwalk Marketplace(2)
|
New Orleans, LA | 186,415 | 186,415 | N/A | N/A | |||||||||
Rogue Valley Mall
|
Medford (Portland), OR | 639,867 | 252,429 | JCPenney, Linens N Things, Meier & Frank, Meier & Frank Home Store, Mervyns | | |||||||||
Saint Louis Galleria
|
St. Louis, MO | 1,160,740 | 471,060 | Dillards, Famous Barr, Lord & Taylor | | |||||||||
Salem Center(2)
|
Salem, OR | 650,132 | 212,132 | JCPenney, Meier & Frank, Mervyns, Nordstrom | | |||||||||
The Shops at La Cantera(3)
|
San Antonio, TX | 1,010,977 | 381,977 | Dillards, Foleys, Neiman Marcus, Nordstrom | | |||||||||
Sikes Senter
|
Wichita Falls, TX | 667,561 | 262,037 | Dillards, JCPenney, Sears, Sikes Ten Theatres | | |||||||||
Silver Lake Mall
|
Coeur d Alene, ID | 326,709 | 110,345 | JCPenney, Macys, Sears | 1 | |||||||||
Sooner Mall
|
Norman, OK | 509,271 | 169,199 | Dillards, JCPenney, Old Navy, Sears, Stein Mart | | |||||||||
South Street Seaport(2)
|
New York, NY | 285,012 | 285,012 | N/A | N/A | |||||||||
Southlake Mall
|
Morrow (Atlanta), GA | 1,015,515 | 275,263 | JCPenney, Macys, Sears | 1 | |||||||||
Southland Center
|
Taylor, MI | 875,681 | 292,644 | JCPenney, Marshall Fields, Mervyns | | |||||||||
Southland Mall
|
Hayward, CA | 1,259,938 | 519,674 | JCPenney, Macys, Mervyns, Sears | | |||||||||
Southshore Mall(2)
|
Aberdeen, WA | 291,644 | 157,869 | JCPenney, Sears | | |||||||||
Southwest Plaza
|
Littleton (Denver), CO | 1,313,065 | 675,888 | Dillards, Foleys, JCPenney, Sears | | |||||||||
Spokane Valley Mall(3)
|
Spokane, WA | 737,854 | 318,770 | JCPenney, Macys, Regal ACT III, Sears | | |||||||||
Spokane Valley Plaza(3)
|
Spokane, WA | 132,048 | 132,048 | Linens N Things, Old Navy, Sportsmans Warehouse, T.J. Maxx | |
21
GLA | ||||||||||||||
Mall and | Anchor | |||||||||||||
Name of Center | Location(1) | Total | Freestanding | Anchors/Significant Tenants | Vacancies | |||||||||
Spring Hill Mall
|
West Dundee (Chicago), IL | 1,177,489 | 444,694 | Carson Pirie Scott, JCPenney, Kohls, Marshall Fields, Sears, Steve & Barrys University Sportswear | | |||||||||
Staten Island Mall
|
Staten Island, NY | 1,282,205 | 611,116 | Macys, Macys Home Store, Sears, JCPenney | | |||||||||
Stonestown
|
San Francisco, CA | 862,142 | 433,849 | Macys, Nordstrom | | |||||||||
The Streets at Southpoint
|
Durham, NC | 1,327,165 | 580,244 | Hechts, Hudson Belk, JCPenney, Nordstrom, Sears | | |||||||||
Three Rivers Mall
|
Kelso, WA | 430,111 | 236,878 | JCPenney, Macys, Sears | 1 | |||||||||
Town East Mall
|
Mesquite (Dallas), TX | 1,218,261 | 408,875 | Dillards, Foleys, JCPenney, Sears | | |||||||||
Tucson Mall(2)
|
Tucson, AZ | 1,302,740 | 444,476 | Dillards, JCPenney, Macys, Mervyns, Robinsons-May, Sears | | |||||||||
Twin Falls Crossing
|
Twin Falls, ID | 37,680 | 37,680 | Kalik Investors | | |||||||||
University Crossing
|
Orem, UT | 206,035 | 206,035 | Barnes & Noble, CompUSA, Fred Meyer Burlington Coat, OfficeMax, Pier 1 Imports | | |||||||||
Valley Hills Mall
|
Hickory, NC | 906,183 | 294,667 | Belk, Dillards, JCPenney, Sears | | |||||||||
Valley Plaza Mall
|
Bakersfield, CA | 1,185,530 | 458,841 | Gottschalks, JCPenney, Macys, Robinsons-May, Sears | | |||||||||
Village of Cross Keys Retail
|
Baltimore, MD | 73,982 | 73,982 | N/A | N/A | |||||||||
Visalia Mall
|
Visalia, CA | 440,978 | 183,978 | Gottschalks, JCPenney | | |||||||||
Ward Centers
|
Honolulu, HI | 712,170 | 595,089 | Borders Books & Music, Dave & Busters, Sports Authority | | |||||||||
West Valley Mall
|
Tracy (San Francisco), CA | 834,201 | 453,252 | Gottschalks, JCPenney, Movies 14, Sears, Target | | |||||||||
Westlake Center(2)
|
Seattle, WA | 104,631 | 104,631 | N/A | N/A | |||||||||
Westwood Mall
|
Jackson, MI | 508,199 | 136,511 | Elder-Beerman, JCPenney, Wal-Mart | | |||||||||
White Marsh Mall
|
Baltimore, MD | 1,151,331 | 366,736 | Hechts, JCPenney, Macys, Sears | 1 | |||||||||
White Mountain Mall
|
Rock Springs, WY | 329,713 | 175,253 | Flaming Gorge Harley Davidson, Herbergers, JCPenney, State of Wyoming | | |||||||||
Willowbrook
|
Wayne, NJ | 1,523,691 | 495,691 | Bloomingdales, Lord & Taylor, Macys, Sears | | |||||||||
Woodbridge Center
|
Woodbridge, NJ | 1,634,126 | 549,091 | Dicks Sporting Goods, Fortunoff, JCPenney, Lord & Taylor, Macys, Sears | | |||||||||
Woodlands Village
|
Flagstaff, AZ | 91,810 | 91,810 | | | |||||||||
Yellowstone Square
|
Idaho Falls, ID | 222,017 | 222,017 | Yellowstone Warehouse | 1 | |||||||||
116,137,651 | 49,238,511 | |||||||||||||
22
(1) | In certain cases, where a centers location is part of a larger metropolitan area, the metropolitan area is identified in parenthesis. |
(2) | A portion of the property is subject to ground lease. |
(3) | Owned in a joint venture with independent, non-controlling minority investors. |
GLA | ||||||||||||||||||||||
Ownership | Mall and | Anchor | ||||||||||||||||||||
Name of Center | Location(1) | Interest | Total | Freestanding | Anchors/Significant Tenants | Vacancies | ||||||||||||||||
Alderwood Mall
|
Lynnwood (Seattle), WA | 50 | % | 1,272,449 | 501,898 | JCPenney, Loews Cineplex, Macys, Nordstrom, Sears | | |||||||||||||||
Altamonte Mall
|
Altamonte Springs (Orlando), FL | 50 | 1,148,557 | 470,009 | Dillards, JCPenney, Macys, Sears | | ||||||||||||||||
Arrowhead Towne Center
|
Glendale, AZ | 16.7 | 1,129,857 | 345,320 | AMC Theatres, Dillards, JCPenney, Mervyns, Robinsons- May, Sears | | ||||||||||||||||
Bay City Mall
|
Bay City, MI | 50 | 525,251 | 209,600 | JCPenney, Sears, Target, Younkers | | ||||||||||||||||
Brass Mill Center and Commons
|
Waterbury, CT | 50 | 1,184,182 | 526,843 | Burlington Coat Factory, Filenes, JCPenney, Regal Cinemas, Sears, Steve & Barrys University Sportswear | | ||||||||||||||||
Bridgewater Commons
|
Bridgewater, NJ | 35 | 880,787 | 344,898 | AMC Theatres, Bloomingdales, Lord & Taylor, Macys | | ||||||||||||||||
Carolina Place
|
Pineville (Charlotte), NC |
50 | 1,102,008 | 328,506 | Belk, Dillards, Hechts, JCPenney, Sears | | ||||||||||||||||
Centerpointe Village Center
|
Summerlin, NV | 50 | 144,635 | 144,635 | Albertsons, Sav-On Drug Store | | ||||||||||||||||
Christiana Mall
|
Newark, DE | 50 | 1,083,587 | 312,183 | JCPenney, Lord & Taylor, Macys, Strawbridges | | ||||||||||||||||
Chula Vista Center
|
Chula Vista (San Diego), CA | 50 | 876,354 | 288,217 | JCPenney, Macys, Mervyns, Sears, Ultrastar Theaters | | ||||||||||||||||
Clackamas Town Center
|
Portland, OR | 50 | 1,236,215 | 357,526 | Barnes & Noble, Century Theatres, JCPenney, Meier & Frank, Meier & Frank Home Store, Nordstrom, Sears | | ||||||||||||||||
Columbiana Centre
|
Columbia, SC | 50 | 824,127 | 265,150 | Belk, Dillards, Parisian, Sears | | ||||||||||||||||
Deerbrook Mall
|
Humble (Houston), TX | 50 | 1,206,160 | 365,608 | AMC Theatres, Dillards, Foleys, JCPenney, Mervyns, Sears | | ||||||||||||||||
Eastridge Mall
|
San Jose, CA | 51 | 1,252,836 | 505,575 | AMC 15, JCPenney, Macys, Sears | | ||||||||||||||||
First Colony Mall
|
Sugar Land (Houston), TX | 50 | 1,017,355 | 398,307 | Dillards, Foleys, JCPenney, Mervyns | | ||||||||||||||||
Florence Mall
|
Florence (Cincinnati, OH), KY | 50 | 930,171 | 377,764 | JCPenney, Macys, Macys Home Store, Sears | | ||||||||||||||||
Galleria At Tyler(2)
|
Riverside, CA | 50 | 1,060,163 | 438,455 | JCPenney, Macys, Nordstrom, Robinsons-May | | ||||||||||||||||
Glendale Galleria(2)
|
Glendale, CA | 50 | 1,319,348 | 514,348 | JCPenney, Macys, Mervyns, Nordstrom, Robinsons-May | | ||||||||||||||||
Highland Mall(2)
|
Austin, TX | 50 | 1,104,179 | 385,438 | Dillards, Dillards Mens, Foleys, JCPenney | | ||||||||||||||||
Kenwood Towne Centre(2)
|
Cincinnati, OH | 50 | 1,134,733 | 533,141 | Dillards, Macys, Parisian | | ||||||||||||||||
Lake Mead & Buffalo Partners Village Center
|
Summerlin, NV | 50 | 150,948 | 150,948 | Hollywood Video, Wells Fargo Bank | |
23
GLA | ||||||||||||||||||||||
Ownership | Mall and | Anchor | ||||||||||||||||||||
Name of Center | Location(1) | Interest | Total | Freestanding | Anchors/Significant Tenants | Vacancies | ||||||||||||||||
Lakeland Square Mall
|
Lakeland (Orlando), FL | 50 | 898,502 | 288,464 | Dillards, Dillards Mens & Home, JCPenney, Macys, Sears | 1 | ||||||||||||||||
Mizner Park(2)
|
Boca Raton, FL | 50 | 236,599 | 125,777 | Mizner Park Cinema, Robb & Stucky | | ||||||||||||||||
Montclair Plaza
|
Montclair (San Bernadino), CA | 50 | 1,349,642 | 546,627 | Circuit City, Ethan Allen, JCPenney, Linens N Things, Macys, Nordstrom, Robinsons- May, Sears | | ||||||||||||||||
Moreno Valley Mall
|
Moreno Valley (Riverside), CA | 50 | 1,092,062 | 322,871 | Gottschalks, Harkins Theatre, JCPenney, Limited, Robinsons- May, Sears | | ||||||||||||||||
Natick Mall
|
Natick (Boston), MA | 50 | 1,154,026 | 427,364 | Filenes, Lord & Taylor, Macys, Sears | | ||||||||||||||||
Neshaminy Mall
|
Bensalem, PA | 25 | 1,019,629 | 325,037 | AMC Theatres, Boscovs, Sears, Strawbridges | | ||||||||||||||||
Newgate Mall
|
Ogden (Salt Lake City), UT | 50 | 725,947 | 253,813 | Dillards, Gart Sports, Mervyns, Sears, Tinsel Town | | ||||||||||||||||
NewPark Mall
|
Newark (San Francisco), CA | 50 | 1,138,354 | 394,890 | JCPenney, Macys, Mervyns, Sears, Target | | ||||||||||||||||
North Point Mall
|
Alpharetta (Atlanta), GA | 50 | 1,371,441 | 405,154 | Dillards, JCPenney, Macys, Parisian, Sears | 1 | ||||||||||||||||
Northbrook Court
|
Northbrook (Chicago), IL | 50 | 1,011,221 | 395,302 | AMC Theatres, Lord & Taylor, Marshall Fields, Neiman Marcus | | ||||||||||||||||
Oakbrook Center
|
Oakbrook (Chicago), IL | 50 | 2,119,809 | 834,829 | Bloomingdales Home, Crate & Barrel, Lord & Taylor, Marshall Fields, Neiman Marcus, Nordstrom, Sears | | ||||||||||||||||
The Oaks Mall
|
Gainesville, FL | 51 | 906,392 | 348,525 | Belk, Dillards, JCPenney, Macys, Sears | | ||||||||||||||||
The Parks at Arlington
|
Arlington (Dallas), TX | 50 | 1,518,300 | 432,040 | AMC Theatres, Circuit City, Dicks Sporting Goods, Dillards, Foleys, JCPenney, Mervyns, Sears, Steve & Barrys University Sportswear | | ||||||||||||||||
Park Meadows
|
Littleton, CO | 35 | 1,630,538 | 607,538 | Dillards, Foleys, JCPenney, Nordstrom | 1 | ||||||||||||||||
Pembroke Lakes Mall
|
Pembroke Pines (Fort Lauderdale), FL | 50 | 1,067,074 | 355,799 | Dillards, Dillards Mens & Home, JCPenney, Macys, Sears | | ||||||||||||||||
Perimeter Mall
|
Atlanta, GA | 50 | 1,561,219 | 507,945 | Bloomingdales, Dillards, Macys, Nordstrom | | ||||||||||||||||
Quail Springs Mall
|
Oklahoma City, OK | 50 | 1,134,623 | 349,823 | AMC Theatres, Dillards, Foleys, JCPenney, Sears | | ||||||||||||||||
Riverchase Galleria
|
Hoover (Birmingham), AL | 50 | 1,562,460 | 513,553 | Comp USA, JCPenney, Macys, Parisian, Proffitts, Sears | 1 | ||||||||||||||||
The Shoppes at Buckland Hills
|
Manchester, CT | 50 | 978,117 | 429,944 | Filenes, Filenes Home & Mens Store, JCPenney, Sears | 1 | ||||||||||||||||
Shopping Center Iguatemi Bahia
|
Salvador, Bahia (Brazil) | 35 | 685,310 | 426,846 | Bompreco, C&A, Lojas Americanas, Cinema Multiplex, Playland, Riachuelo | | ||||||||||||||||
Shopping Center Taboao da Serra
|
Taboao da Serra, Sao Paulo (Brazil) | 35 | 418,660 | 188,172 | Beshi, C&A, Carrefour, Lojas Americanas, Riachuelo, Telha Norte | |
24
GLA | ||||||||||||||||||||||
Ownership | Mall and | Anchor | ||||||||||||||||||||
Name of Center | Location(1) | Interest | Total | Freestanding | Anchors/Significant Tenants | Vacancies | ||||||||||||||||
Silver City Galleria
|
Taunton (Boston), MA | 50 | 1,039,278 | 412,102 | Dicks Sporting Goods, Filenes, JCPenney, Sears, Silver City Cinemas, Steve & Barrys University Sportswear | | ||||||||||||||||
Steeplegate Mall
|
Concord, NH | 50 | 481,041 | 224,694 | The Bon Ton, JCPenney, Sears | | ||||||||||||||||
Stonebriar Centre
|
Frisco (Dallas), TX | 50 | 1,652,556 | 527,523 | AMC Theatres, Barnes & Noble, Dave & Busters, Dicks Sporting Goods, Foleys, JCPenney, Macys, Nordstrom, Sears | | ||||||||||||||||
Superstition Springs Center(2)
|
East Mesa (Phoenix), AZ | 16.7 | 1,056,253 | 319,099 | Dillards, JCPenney, JCPenney Home Store, Mervyns, Robinsons-May, Sears | | ||||||||||||||||
Towson Town Center
|
Towson, MD | 35 | 939,255 | 520,126 | Hechts, Nordstrom, Nordstrom Rack | | ||||||||||||||||
Trails Village Partners
|
Summerlin, NV | 50 | 174,660 | 174,660 | Longs Drug Store, Vons Grocery Store | | ||||||||||||||||
Tysons Galleria
|
McLean (Washington, D.C.), VA | 50 | 821,744 | 309,811 | Macys, Neiman Marcus, Saks Fifth Avenue | | ||||||||||||||||
Via Parque
|
Rio de Janeiro, Rio de Janeiro (Brazil) | 50 | 564,032 | 241,271 | Kalunga, Leaders, Lojas Americanas, Marisa, Cine Via Parque, Claro Hall, Magic Games, C&C Casa e Construcao | | ||||||||||||||||
Village of Merrick Park(2)
|
Coral Gables, FL | 40 | 742,914 | 412,914 | Neiman Marcus, Nordstrom | | ||||||||||||||||
Vista Ridge Mall
|
Lewisville (Dallas), TX | 50 | 1,103,078 | 336,486 | Cinemark, Dillards, Foleys, JCPenney, Movies 12, Sears | | ||||||||||||||||
Washington Park Mall
|
Bartlesville, OK | 50 | 357,346 | 163,050 | Dillards, JCPenney, Sears | | ||||||||||||||||
Water Tower Place
|
Chicago, IL | 52 | 712,798 | 285,755 | Lord & Taylor, Marshall Fields | | ||||||||||||||||
West Oaks Mall
|
Ocoee (Orlando), FL | 50 | 1,168,566 | 371,816 | AMC Theatres, Dillards, JCPenney, McRaes, Sears | 1 | ||||||||||||||||
Westroads Mall
|
Omaha, NE | 51 | 1,138,923 | 314,863 | Dicks Sporting Goods, JCPenney, Tilt, Von Maur, Younkers | 1 | ||||||||||||||||
Whalers Village
|
Lahaina, HI | 50 | 105,715 | 105,715 | N/A | N/A | ||||||||||||||||
Willowbrook Mall
|
Houston, TX | 50 | 1,511,885 | 405,301 | Dillards, Foleys, JCPenney, Sears | 1 | ||||||||||||||||
The Woodlands Mall
|
The Woodlands (Houston), TX | 50 | 1,332,854 | 487,625 | Dillards, Foleys, Foleys Children Store, JCPenney, Mervyns, Sears | | ||||||||||||||||
59,066,725 | 21,857,493 | |||||||||||||||||||||
(1) | In certain cases, where a centers location is part of a larger metropolitan area, the metropolitan area is identified in parenthesis. |
(2) | A portion of the property is subject to ground lease. |
25
Consolidated* | Unconsolidated* | |||||||||||||||||||||||
Square | Rent per | Square | Rate per | |||||||||||||||||||||
Base Rent | Footage | Square Foot | Base Rent | Footage | Square Foot | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
2006
|
$ | 103,983 | 3,448 | $ | 30.16 | $ | 29,594 | 881 | $ | 33.59 | ||||||||||||||
2007
|
99,456 | 3,241 | 30.69 | 24,988 | 722 | 34.61 | ||||||||||||||||||
2008
|
104,657 | 3,262 | 32.08 | 25,514 | 714 | 35.73 | ||||||||||||||||||
2009
|
112,595 | 2,958 | 38.06 | 23,908 | 560 | 42.69 | ||||||||||||||||||
2010
|
123,085 | 3,366 | 36.57 | 27,506 | 654 | 42.06 | ||||||||||||||||||
Total
|
$ | 543,776 | 16,275 | $ | 33.41 | $ | 131,510 | 3,531 | $ | 37.24 | ||||||||||||||
* | Excludes Anchors, community centers and tenants paying overage rent in lieu of base minimum rent. Unconsolidated amounts reflected at our ownership share. |
26
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||
Total | Square Feet | Total | Square Feet | Total | Square Feet | |||||||||||||||||||||
Stores | (000s) | Stores | (000s) | Stores | (000s) | |||||||||||||||||||||
Federated Department Stores, Inc.(1)
|
||||||||||||||||||||||||||
Bloomingdales
|
1 | 260 | 2 | 373 | 3 | 633 | ||||||||||||||||||||
Bloomingdales Home
|
1 | 100 | 1 | 92 | 2 | 192 | ||||||||||||||||||||
Davids Bridal
|
1 | 10 | | | 1 | 10 | ||||||||||||||||||||
Famous Barr
|
3 | 534 | | | 3 | 534 | ||||||||||||||||||||
Filenes
|
2 | 325 | 5 | 812 | 7 | 1,137 | ||||||||||||||||||||
Filenes Home & Mens Store
|
| | 1 | 103 | 1 | 103 | ||||||||||||||||||||
Filenes Home Store
|
1 | 41 | | | 1 | 41 | ||||||||||||||||||||
Foleys
|
12 | 1,893 | 12 | 2,288 | 24 | 4,181 | ||||||||||||||||||||
Foleys Childrens Store
|
| | 1 | 17 | 1 | 17 | ||||||||||||||||||||
Hechts
|
7 | 1,173 | 2 | 341 | 9 | 1,514 | ||||||||||||||||||||
L.S. Ayres
|
1 | 242 | | | 1 | 242 | ||||||||||||||||||||
Lord & Taylor
|
6 | 758 | 6 | 799 | 12 | 1,557 | ||||||||||||||||||||
Macys
|
40 | 6,614 | 21 | 4,026 | 61 | 10,640 | ||||||||||||||||||||
Macys Home Store
|
2 | 202 | 1 | 112 | 3 | 314 | ||||||||||||||||||||
Marshall Fields
|
14 | 2,135 | 5 | 945 | 19 | 3,080 | ||||||||||||||||||||
Marshall Fields Mens & Home
|
2 | 239 | | | 2 | 239 | ||||||||||||||||||||
Marshall Fields Womens
|
1 | 202 | | | 1 | 202 | ||||||||||||||||||||
Meier & Frank
|
3 | 502 | 1 | 199 | 4 | 701 | ||||||||||||||||||||
Meier & Frank Home Store
|
1 | 84 | 1 | 166 | 2 | 250 | ||||||||||||||||||||
Robinsons-May
|
4 | 650 | 4 | 676 | 8 | 1,326 | ||||||||||||||||||||
Strawbridges
|
| | 2 | 426 | 2 | 426 | ||||||||||||||||||||
Total Federated Department Stores, Inc.
|
102 | 15,964 | 65 | 11,375 | 167 | 27,339 | ||||||||||||||||||||
Sears Holdings Corporation
|
||||||||||||||||||||||||||
Sears
|
94 | 13,260 | 34 | 5,416 | 128 | 18,676 | ||||||||||||||||||||
Kmart
|
1 | 88 | | | 1 | 88 | ||||||||||||||||||||
Total Sears Holdings Corporation
|
95 | 13,348 | 34 | 5,416 | 129 | 18,764 | ||||||||||||||||||||
JCPenney Company, Inc.
|
||||||||||||||||||||||||||
JCPenney
|
93 | 10,565 | 36 | 5,017 | 129 | 15,582 | ||||||||||||||||||||
Total JCPenney Company, Inc.
|
93 | 10,565 | 36 | 5,017 | 129 | 15,582 | ||||||||||||||||||||
Dillards Inc.
|
||||||||||||||||||||||||||
Dillards
|
52 | 8,482 | 22 | 4,207 | 74 | 12,689 | ||||||||||||||||||||
Dillards Mens
|
| | 1 | 80 | 1 | 80 | ||||||||||||||||||||
Dillards Mens & Home
|
2 | 257 | 2 | 157 | 4 | 414 | ||||||||||||||||||||
Total Dillards Inc.
|
54 | 8,739 | 25 | 4,444 | 79 | 13,183 | ||||||||||||||||||||
27
Consolidated | Unconsolidated | Total | ||||||||||||||||||||||||
Total | Square Feet | Total | Square Feet | Total | Square Feet | |||||||||||||||||||||
Stores | (000s) | Stores | (000s) | Stores | (000s) | |||||||||||||||||||||
Saks Holdings, Inc.
|
||||||||||||||||||||||||||
Bergners
|
1 | 154 | | | 1 | 154 | ||||||||||||||||||||
Boston Store
|
1 | 211 | | | 1 | 211 | ||||||||||||||||||||
Carson Pirie Scott
|
1 | 138 | | | 1 | 138 | ||||||||||||||||||||
Herbergers
|
3 | 187 | | | 3 | 187 | ||||||||||||||||||||
Parisian
|
1 | 86 | 5 | 518 | 6 | 604 | ||||||||||||||||||||
Saks Fifth Avenue
|
7 | 478 | 1 | 120 | 8 | 598 | ||||||||||||||||||||
Younkers
|
8 | 940 | 2 | 244 | 10 | 1,184 | ||||||||||||||||||||
Total Saks Holdings, Inc.
|
22 | 2,194 | 8 | 882 | 30 | 3,076 | ||||||||||||||||||||
MDS Texas Realty I (d.b.a. Mervyns)(2)
|
20 | 1,645 | 8 | 674 | 28 | 2,319 | ||||||||||||||||||||
Nordstrom, Inc.
|
||||||||||||||||||||||||||
Nordstrom
|
8 | 1,255 | 12 | 2,046 | 20 | 3,301 | ||||||||||||||||||||
Total Nordstrom, Inc.
|
8 | 1,255 | 12 | 2,046 | 20 | 3,301 | ||||||||||||||||||||
Belk, Inc.
|
||||||||||||||||||||||||||
Belk
|
5 | 848 | 3 | 454 | 8 | 1,302 | ||||||||||||||||||||
Belk Mens
|
1 | 34 | | | 1 | 34 | ||||||||||||||||||||
Hudson Belk
|
1 | 180 | | | 1 | 180 | ||||||||||||||||||||
McRaes
|
4 | 410 | 1 | 213 | 5 | 623 | ||||||||||||||||||||
Proffitts
|
1 | 90 | 1 | 230 | 2 | 320 | ||||||||||||||||||||
Proffitts Home Store
|
1 | 23 | | | 1 | 23 | ||||||||||||||||||||
Total Belk, Inc.
|
13 | 1,585 | 5 | 897 | 18 | 2,482 | ||||||||||||||||||||
Target Corporation
|
||||||||||||||||||||||||||
Target
|
14 | 1,543 | 2 | 300 | 16 | 1,843 | ||||||||||||||||||||
Total Target Corporation
|
14 | 1,543 | 2 | 300 | 16 | 1,843 | ||||||||||||||||||||
Others
|
107 | 7,255 | 46 | 3,558 | 153 | 10,814 | ||||||||||||||||||||
Grand Total
|
528 | 64,093 | 241 | 34,609 | 769 | 98,703 | ||||||||||||||||||||
(1) | In August 2005, Federated Department Stores, Inc. completed its merger with May Department Stores Company. In July and October, Federated announced planned store closings which included 15 of our Anchor stores. We may purchase some of these stores. |
(2) | In 2006, we acquired six Mervyns anchor locations for an aggregate purchase price of approximately $76 million. |
Item 3. | Legal Proceedings |
28
Item 4. | Submission of Matters to a Vote of Security Holders |
Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Stock Price | ||||||||
Quarter Ended | High | Low | ||||||
2005
|
||||||||
December 31
|
$ | 48.27 | $ | 39.60 | ||||
September 30
|
47.48 | 40.82 | ||||||
June 30
|
42.08 | 33.40 | ||||||
March 31
|
37.75 | 31.38 | ||||||
2004
|
||||||||
December 31
|
$ | 36.90 | $ | 30.90 | ||||
September 30
|
32.12 | 28.41 | ||||||
June 30
|
35.30 | 24.31 | ||||||
March 31
|
35.15 | 27.25 | ||||||
2003
|
||||||||
December 31
|
$ | 28.03 | $ | 23.91 | ||||
September 30
|
24.03 | 20.77 | ||||||
June 30
|
21.06 | 17.83 | ||||||
March 31
|
18.40 | 15.90 |
29
Declaration Date | Record Date | Payment Date | Amount | |||||||||
January 6, 2006
|
January 17, 2006 | January 31, 2006 | $ | .41 | ||||||||
October 6, 2005
|
October 18, 2005 | October 31, 2005 | .41 | |||||||||
July 5, 2005
|
July 15, 2005 | July 29, 2005 | .36 | |||||||||
April 4, 2005
|
April 15, 2005 | April 29, 2005 | .36 | |||||||||
January 7, 2005
|
January 17, 2005 | January 31, 2005 | .36 | |||||||||
August 20, 2004
|
October 15, 2004 | October 29, 2004 | .36 | |||||||||
July 2, 2004
|
July 15, 2004 | July 30, 2004 | .30 | |||||||||
April 5, 2004
|
April 15, 2004 | April 30, 2004 | .30 | |||||||||
January 5, 2004
|
January 15, 2004 | January 30, 2004 | .30 | |||||||||
October 1, 2003
|
October 15, 2003 | October 31, 2003 | .30 | |||||||||
June 9, 2003
|
July 7, 2003 | July 31, 2003 | .24 | |||||||||
March 14, 2003
|
April 3, 2003 | April 30, 2003 | .24 |
30
Item 6. Selected Financial Data |
2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
Operating Data
|
|||||||||||||||||||||
Revenues
|
$ | 3,073,416 | $ | 1,799,881 | $ | 1,262,791 | $ | 973,440 | $ | 799,365 | |||||||||||
Depreciation and amortization
|
(672,914 | ) | (364,854 | ) | (230,195 | ) | (179,036 | ) | (144,863 | ) | |||||||||||
Other operating expenses
|
(1,342,161 | ) | (693,735 | ) | (484,196 | ) | (366,806 | ) | (293,565 | ) | |||||||||||
Interest expense, net
|
(1,020,825 | ) | (468,958 | ) | (276,235 | ) | (215,340 | ) | (220,402 | ) | |||||||||||
Provision for income taxes
|
(50,646 | ) | (2,383 | ) | (98 | ) | (119 | ) | (160 | ) | |||||||||||
Income allocated to minority interests
|
(43,989 | ) | (105,274 | ) | (110,984 | ) | (86,213 | ) | (40,288 | ) | |||||||||||
Equity in income of unconsolidated affiliates
|
120,986 | 88,191 | 94,480 | 80,825 | 60,195 | ||||||||||||||||
Network discontinuance costs
|
| | | | (66,000 | ) | |||||||||||||||
Income from continuing operations
|
63,867 | 252,868 | 255,563 | 206,751 | 94,282 | ||||||||||||||||
Income from discontinued operations, net
|
11,686 | 14,984 | 7,848 | 2,507 | 1,362 | ||||||||||||||||
Income before cumulative effect of accounting change
|
75,553 | 267,852 | 263,411 | 209,258 | 95,644 | ||||||||||||||||
Cumulative effect of accounting change
|
| | | | (3,334 | ) | |||||||||||||||
Net income
|
75,553 | 267,852 | 263,411 | 209,258 | 92,310 | ||||||||||||||||
Convertible preferred stock dividends
|
| | (13,030 | ) | (24,467 | ) | (24,467 | ) | |||||||||||||
Net income available to common stockholders
|
$ | 75,553 | $ | 267,852 | $ | 250,381 | $ | 184,791 | $ | 67,843 | |||||||||||
Basic earnings per share:
|
|||||||||||||||||||||
Continuing operations
|
$ | 0.27 | $ | 1.15 | $ | 1.21 | $ | 0.98 | $ | 0.44 | |||||||||||
Discontinued operations
|
0.05 | 0.07 | 0.04 | 0.01 | 0.01 | ||||||||||||||||
Cumulative effect of accounting
change |
| | | | (0.02 | ) | |||||||||||||||
$ | 0.32 | $ | 1.22 | $ | 1.25 | $ | 0.99 | $ | 0.43 | ||||||||||||
Diluted earnings per share:
|
|||||||||||||||||||||
Continuing operations
|
$ | 0.27 | $ | 1.15 | $ | 1.19 | $ | 0.97 | $ | 0.44 | |||||||||||
Discontinued operations
|
0.05 | 0.06 | 0.03 | 0.01 | 0.01 | ||||||||||||||||
Cumulative effect of accounting
change |
| | | | (0.02 | ) | |||||||||||||||
$ | 0.32 | $ | 1.21 | $ | 1.22 | $ | 0.98 | $ | 0.43 | ||||||||||||
Distributions declared per share
|
$ | 1.49 | $ | 1.26 | $ | 0.78 | $ | 0.92 | $ | 0.80 | |||||||||||
31
2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||||
Balance Sheet Data
|
||||||||||||||||||||
Investment in real estate assets cost
|
$ | 25,401,633 | $ | 25,254,333 | $ | 10,307,961 | $ | 7,724,515 | $ | 5,707,967 | ||||||||||
Total assets
|
25,307,019 | 25,718,625 | 9,582,897 | 7,280,822 | 5,646,807 | |||||||||||||||
Total debt
|
20,418,875 | 20,310,947 | 6,649,490 | 4,592,311 | 3,398,207 | |||||||||||||||
Preferred minority interests
|
205,944 | 403,161 | 495,211 | 468,201 | 175,000 | |||||||||||||||
Common minority interests
|
430,292 | 551,282 | 408,613 | 377,746 | 380,359 | |||||||||||||||
Convertible preferred stock
|
| | | 337,500 | 337,500 | |||||||||||||||
Stockholders equity
|
1,932,918 | 2,143,150 | 1,670,409 | 1,196,525 | 1,183,386 | |||||||||||||||
Cash Flow Data
|
||||||||||||||||||||
Operating activities
|
$ | 841,978 | $ | 719,376 | $ | 585,735 | $ | 460,495 | $ | 207,125 | ||||||||||
Investing activities
|
(159,565 | ) | (9,021,509 | ) | (1,753,426 | ) | (949,411 | ) | (367,366 | ) | ||||||||||
Financing activities
|
(619,203 | ) | 8,331,037 | 1,124,728 | 381,801 | 293,767 | ||||||||||||||
Funds From Operations(1)
|
||||||||||||||||||||
Operating Partnership
|
$ | 896,005 | $ | 766,164 | $ | 618,561 | $ | 485,304 | $ | 296,777 | ||||||||||
Less: Allocation to Operating Partnership unitholders
|
(166,003 | ) | (154,347 | ) | (138,568 | ) | (116,170 | ) | (80,215 | ) | ||||||||||
General Growth stockholders
|
$ | 730,002 | $ | 611,817 | $ | 479,993 | $ | 369,134 | $ | 216,562 | ||||||||||
(1) | Funds From Operations (FFO as defined below) does not represent cash flow from operations as defined by Generally Accepted Accounting Principles (GAAP). |
32
2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
FFO:
|
|||||||||||||||||||||
General Growth stockholders
|
$ | 730,002 | $ | 611,817 | $ | 479,993 | $ | 369,134 | $ | 216,562 | |||||||||||
Operating Partnership unitholders
|
166,003 | 154,347 | 138,568 | 116,170 | 80,215 | ||||||||||||||||
Operating Partnership
|
896,005 | 766,164 | 618,561 | 485,304 | 296,777 | ||||||||||||||||
Depreciation and amortization of capitalized real estate costs
|
(799,337 | ) | (440,108 | ) | (299,711 | ) | (241,393 | ) | (200,123 | ) | |||||||||||
FFO of discontinued operations
|
(13,548 | ) | (6,235 | ) | (6,299 | ) | (4,263 | ) | (2,215 | ) | |||||||||||
Allocations to Operating Partnership unitholders
|
(19,253 | ) | (66,953 | ) | (56,988 | ) | (32,897 | ) | (157 | ) | |||||||||||
Income from continuing operations
|
63,867 | 252,868 | 255,563 | 206,751 | 94,282 | ||||||||||||||||
Income from discontinued operations, net of minority interest
|
11,686 | 14,984 | 7,848 | 2,507 | 1,362 | ||||||||||||||||
Income before cumulative effect of accounting change and
convertible preferred stock dividends
|
75,553 | 267,852 | 263,411 | 209,258 | 95,644 | ||||||||||||||||
Cumulative effect of accounting change
|
| | | | (3,334 | ) | |||||||||||||||
Convertible preferred stock dividends
|
| | (13,030 | ) | (24,467 | ) | (24,467 | ) | |||||||||||||
Net income available to common stockholders
|
$ | 75,553 | $ | 267,852 | $ | 250,381 | $ | 184,791 | $ | 67,843 | |||||||||||
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
33
| Renewing expiring leases and re-leasing existing space at rates higher than expiring or existing rates. The average annual new/renewal lease rate for our Consolidated Retail Properties for 2005 was $37.72 per square foot which was $4.43 per square foot higher than the average annualized in place rent per square foot, as detailed in the table immediately below. |
| Increasing occupancy at the properties so that more space is generating rent. The occupancy percentage at properties which are not under redevelopment in our Retail Company Portfolio was 92.5 percent at December 31, 2005, compared to 92.1 percent at December 31, 2004. |
| Increased tenant sales in which we participate through overage rents. In 2005, tenant sales per square foot in our Retail Company Portfolio increased 6.4 percent over 2004 to $437 per square foot. |
Consolidated | Unconsolidated | Retail | ||||||||||
Retail | Retail | Company | ||||||||||
Properties | Properties | Portfolio | ||||||||||
Operating Statistics(a)
|
||||||||||||
Occupancy
|
92.1 | % | 93.5 | % | 92.5 | % | ||||||
Trailing 12 month total tenant sales per sq. ft.(b)
|
$ | 428 | $ | 455 | $ | 437 | ||||||
% change in total sales(b)
|
5.9 | % | 7.2 | % | 6.4 | % | ||||||
% change in comparable sales(b)
|
3.3 | 3.9 | 3.5 | |||||||||
Mall and freestanding GLA excluding space under redevelopment
(in sq. ft.)
|
40,354,823 | 19,176,851 | 59,531,674 | |||||||||
Certain Financial Information
|
||||||||||||
Average annualized in place rent per sq. ft.
|
$ | 33.29 | $ | 36.25 | ||||||||
Average rent per sq. ft. for new/renewal leases
|
37.72 | 40.48 | ||||||||||
Average rent per sq. ft. for leases expiring in 2005
|
29.63 | 32.31 |
(a) | Excludes properties currently being redeveloped and/or remerchandised and miscellaneous (non-mall) properties. | |
(b) | Due to tenant sales reporting timelines, data presented is as of November. |
34
| Lincolnshire Commons in Lincolnshire (Chicago), Illinois |
| Otay Ranch Town Center in Chula Vista (San Diego), California |
| Gateway Overlook in Benson, Maryland |
| Natick West in Natick, Massachusetts |
| The Shops at Fallen Timbers, Maumee (Toledo), Ohio |
| Pinnacle Hills Promenade in Rogers, Arkansas |
35
36
37
Gross | ||||||||||||
Purchase | New or | |||||||||||
Acquisition Date | Price | Assumed Debt(1) | ||||||||||
(In millions) | ||||||||||||
2005
|
||||||||||||
20% ownership interest in Shopping Leblon (under development)
(through Cencom, S.A. (Brazil))
|
August 3 | $ | 13.4 | | ||||||||
50% ownership interest in Pinnacle Hills Promenade, a
development in progress, (through Rogers Retail L.L.C.)
|
September 30 | 18.5 | | |||||||||
50% interest in Circle T Power Center, a development in
progress, (through 170 Retail Associates, LTD)
|
October 31 | 14.8 | | |||||||||
50% interest in Whalers Village (through GGP/ Teachers)
|
November 1 | 85.0 | $ | 67.5 | ||||||||
$ | 131.7 | $ | 67.5 | |||||||||
2004
|
||||||||||||
50% ownership interest in Burlington Town Center
|
January 7 | $ | 10.25 | | ||||||||
Redlands Mall
|
January 16 | 14.25 | | |||||||||
The remaining 50% ownership interest in Town East Mall
|
March 1 | 44.5 | | |||||||||
Four Seasons Town Centre
|
March 5 | 161.0 | $ | 134.4 | ||||||||
331/3
% ownership interest in GGP/ Sambil Costa Rica
|
April 30 | 9.7 | (1) | | ||||||||
50% ownership interest in Riverchase Galleria
|
May 11 | 166.0 | 100.0 | |||||||||
Mall of Louisiana
|
May 12 | 265.0 | 185.0 | |||||||||
The Grand Canal Shoppes
|
May 17 | 766.0 | 766.0 | |||||||||
50% ownership interest in GGP/ NIG Brazil
|
July 30 | 7.0 | (2) | | ||||||||
Stonestown Galleria
|
August 13 | 312.0 | 220.0 | |||||||||
The Rouse Company
|
November 12 | 14,327.5 | (3) | 5,137.8 | ||||||||
$ | 16,083.2 | $ | 6,543.2 | |||||||||
38
Gross | ||||||||||||
Purchase | New or | |||||||||||
Acquisition Date | Price | Assumed Debt(1) | ||||||||||
(In millions) | ||||||||||||
2003
|
||||||||||||
Peachtree Mall
|
April 30 | $ | 87.6 | $ | 53.0 | |||||||
Saint Louis Galleria
|
June 11 | 235.0 | 176.0 | |||||||||
Coronado Center
|
June 11 | 175.0 | 131.0 | |||||||||
The remaining 49% ownership interest in GGP Ivanhoe III
|
July 1 | 459.0 | 268.0 | |||||||||
Lynnhaven Mall
|
August 27 | 256.5 | 180.0 | |||||||||
Sikes Senter
|
October 14 | 61.0 | 41.5 | |||||||||
The Maine Mall
|
October 29 | 270.0 | 202.5 | |||||||||
Glenbrook Square
|
October 31 | 219.0 | 164.3 | |||||||||
Foothills Mall
|
December 5 | 100.5 | 45.7 | |||||||||
Chico Mall
|
December 23 | 62.4 | 30.6 | |||||||||
Rogue Valley Mall
|
December 23 | 57.5 | 28.0 | |||||||||
$ | 1,983.5 | $ | 1,320.6 | |||||||||
(1) | Additional funding, including for those acquisitions for which a specific and separate loan was not obtained, was paid from cash on hand or proceeds from borrowings under our credit facilities. |
(2) | Total commitment of approximately $32.0 million, all of which has been funded at December 31, 2005. |
(3) | Excludes approximately $130 million of purchase price adjustments which were recorded in 2005. |
39
2005 | 2004 | $ Increase | % Increase | ||||||||||||||
(In thousands) | |||||||||||||||||
Property revenues:
|
|||||||||||||||||
Minimum rents
|
$ | 2,064,127 | $ | 1,351,907 | $ | 712,220 | 52.7 | % | |||||||||
Tenant recoveries
|
936,029 | 607,811 | 328,218 | 54.0 | |||||||||||||
Overage rents
|
83,713 | 65,065 | 18,648 | 28.7 | |||||||||||||
Other
|
178,257 | 86,380 | 91,877 | 106.4 | |||||||||||||
Total property revenues
|
3,262,126 | 2,111,163 | 1,150,963 | 54.5 | |||||||||||||
Property operating expenses:
|
|||||||||||||||||
Real estate taxes
|
261,331 | 167,660 | 93,671 | 55.9 | |||||||||||||
Repairs and maintenance
|
238,605 | 156,401 | 82,204 | 52.6 | |||||||||||||
Marketing
|
78,227 | 61,571 | 16,656 | 27.1 | |||||||||||||
Other property operating costs
|
510,542 | 282,498 | 228,044 | 80.7 | |||||||||||||
Provision for doubtful accounts
|
18,725 | 13,141 | 5,584 | 42.5 | |||||||||||||
Total property operating expenses
|
1,107,430 | 681,271 | 426,159 | 62.6 | |||||||||||||
Real estate property net operating income
|
$ | 2,154,696 | $ | 1,429,892 | $ | 724,804 | 50.7 | % | |||||||||
2004 | 2003 | $ Increase | % Increase | |||||||||||||||
(In thousands) | ||||||||||||||||||
Property revenues:
|
||||||||||||||||||
Minimum rents
|
$ | 1,351,907 | $ | 1,061,772 | $ | 290,135 | 27.3 | % | ||||||||||
Tenant recoveries
|
607,811 | 472,471 | 135,340 | 28.6 | ||||||||||||||
Overage rents
|
65,065 | 43,552 | 21,513 | 49.4 | ||||||||||||||
Other
|
86,380 | 49,456 | 36,924 | 74.7 | ||||||||||||||
Total property revenues
|
2,111,163 | 1,627,251 | 483,912 | 29.7 | ||||||||||||||
Property operating expenses:
|
||||||||||||||||||
Real estate taxes
|
167,660 | 128,332 | 39,328 | 30.6 | ||||||||||||||
Repairs and maintenance
|
156,401 | 115,149 | 41,252 | 35.8 | ||||||||||||||
Marketing
|
61,571 | 49,934 | 11,637 | 23.3 | ||||||||||||||
Other property operating costs
|
282,498 | 214,181 | 68,317 | 31.9 | ||||||||||||||
Provision for doubtful accounts
|
13,141 | 8,705 | 4,436 | 51.0 | ||||||||||||||
Total property operating expenses
|
681,271 | 516,301 | 164,970 | 32.0 | ||||||||||||||
Real estate property net operating income
|
$ | 1,429,892 | $ | 1,110,950 | $ | 318,942 | 28.7 | % | ||||||||||
40
2005 | 2004 | $ Increase | % Increase | |||||||||||||
(In thousands) | ||||||||||||||||
Tenant rents
|
$ | 2,494,851 | $ | 1,585,087 | $ | 909,764 | 57.4 | % | ||||||||
Land sales
|
385,205 | 68,643 | 316,562 | 461.2 | ||||||||||||
Property operating expenses
|
868,894 | 517,869 | 351,025 | 67.8 | ||||||||||||
Land sales operations
|
311,815 | 66,100 | 245,715 | 371.7 | ||||||||||||
Management and other fees
|
91,734 | 82,896 | 8,838 | 10.7 | ||||||||||||
Property management and other costs
|
148,399 | 100,267 | 48,132 | 48.0 | ||||||||||||
Depreciation and amortization
|
672,914 | 364,854 | 308,060 | 84.4 | ||||||||||||
Interest expense
|
1,031,241 | 472,185 | 559,056 | 118.4 | ||||||||||||
Provision for income taxes
|
50,646 | 2,383 | 48,263 | 2,025.3 |
41
$ Increase | % Increase | |||||||||||||||
2004 | 2003 | (Decrease) | (Decrease) | |||||||||||||
(In thousands) | ||||||||||||||||
Tenant rents
|
$ | 1,585,087 | $ | 1,142,385 | 442,702 | 38.8 | % | |||||||||
Land sales
|
68,643 | | 68,643 | 100.0 | ||||||||||||
Property operating expenses
|
517,869 | 365,917 | 151,952 | 41.5 | ||||||||||||
Land sales operations
|
66,100 | | 66,100 | 100.0 | ||||||||||||
Management and other fees
|
82,896 | 84,138 | (1,242 | ) | (1.5 | ) | ||||||||||
Property management and other costs
|
100,267 | 109,746 | (9,479 | ) | (8.6 | ) | ||||||||||
Depreciation and amortization
|
364,854 | 230,195 | 134,659 | 58.5 | ||||||||||||
Interest expense
|
472,185 | 278,543 | 193,642 | 69.5 | ||||||||||||
Provision for income taxes
|
2,383 | 98 | 2,285 | 2,331.6 |
42
Uses | Sources | |
Short-term liquidity and capital needs such as:
|
||
Tenant construction allowances Minor improvements made to individual properties that are not recoverable through common area maintenance charges to tenants Dividend payments Debt repayment requirements, including both principal and interest Stock repurchases Corporate and administrative expenses |
Operating cash flow, including the distributions of
our share of cash flow produced by our Unconsolidated Real
Estate Affiliates Land sales from the Master Planned Communities segment Borrowings under revolving credit facilities |
|
Longer-term liquidity needs such as:
|
||
Acquisitions New development, including our master planned communities Major redevelopment, renovation or expansion programs at individual properties Debt repayment requirements, including both principal and interest Purchase of Anchor stores available as a result of consolidations, including the Federated/ May merger* Income tax liabilities |
Secured loans collateralized by individual
properties Unsecured loans at either a venture or company level Construction loans Mini-permanent loans Long-term project financing Joint venture financing with institutional partners Equity securities Asset sales, including the sale of certain office and industrial property acquired in the TRC Merger |
* | In August 2005, Federated Department Stores, Inc. completed its merger with May Department Stores Company. In July and October, Federated announced planned store closings which included 15 of our Anchor stores. We may purchase some of these stores. In addition, in 2006, we acquired six Mervyns anchor locations for an aggregate purchase price of approximately $76 million. |
43
December 31, | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
(In millions) | ||||||||||||||
Consolidated:
|
||||||||||||||
Fixed-rate debt
|
$ | 14,789 | $ | 11,860 | $ | 4,552 | ||||||||
Variable-rate debt:
|
||||||||||||||
2004 Credit Facility:
|
||||||||||||||
Six-month bridge loan
|
| 750 | | |||||||||||
Three-year term loan
|
2,715 | 3,300 | | |||||||||||
Four-year term loan
|
1,980 | 2,000 | | |||||||||||
Revolving credit facility
|
180 | 150 | | |||||||||||
Total 2004 Credit Facility
|
4,875 | 6,200 | | |||||||||||
Other variable-rate debt
|
755 | 2,251 | 2,097 | |||||||||||
Total variable-rate debt
|
5,630 | 8,451 | 2,097 | |||||||||||
Total consolidated
|
$ | 20,419 | $ | 20,311 | $ | 6,649 | ||||||||
Weighted-average interest rate
|
5.64 | % | 5.16 | % | 4.74 | % | ||||||||
Unconsolidated:
|
||||||||||||||
Fixed-rate debt
|
$ | 2,788 | $ | 2,112 | $ | 709 | ||||||||
Variable-rate debt
|
455 | 723 | 1,198 | |||||||||||
Total Unconsolidated Real Estate Affiliates
|
$ | 3,243 | $ | 2,835 | $ | 1,907 | ||||||||
Weighted-average interest rate
|
5.56 | % | 5.16 | % | 4.53 | % |
44
45
2006 | 2007 | 2008 | 2009 | 2010 | Subsequent | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Long-term debt-principal(1)
|
$ | 1,870,317 | $ | 2,378,676 | $ | 3,779,819 | $ | 5,072,581 | $ | 3,543,137 | $ | 3,627,430 | $ | 20,271,960 | ||||||||||||||
Retained debt-principal
|
50,928 | 88,365 | 2,367 | 2,524 | 120,019 | 38,516 | 302,719 | |||||||||||||||||||||
Ground lease payments(1)
|
8,248 | 8,372 | 8,395 | 8,419 | 8,428 | 352,535 | 394,397 | |||||||||||||||||||||
Committed real estate acquisition contracts(2)
|
| 250,000 | | | | | 250,000 | |||||||||||||||||||||
Purchase obligations(3)
|
68,725 | | | | | | 68,725 | |||||||||||||||||||||
Interest expense
|
1,302,225 | 1,229,903 | 1,093,402 | 725,186 | 370,508 | 126,960 | 4,848,184 | |||||||||||||||||||||
Other long-term liabilities(4)
|
| | | | | | | |||||||||||||||||||||
Total
|
$ | 3,300,443 | $ | 3,955,316 | $ | 4,883,983 | $ | 5,808,710 | $ | 4,042,092 | $ | 4,145,441 | $ | 26,135,985 | ||||||||||||||
(1) | Excludes non-cash purchase accounting adjustments. |
(2) | Reflects $250 million minimum purchase price of the Palazzo (Note 3). We currently expect the actual purchase price to be approximately $600 million. |
(3) | Reflects accrued and incurred construction costs payable. Routine trade payables have been excluded. We expect development and redevelopment expenditures of $450 to $800 million per year for the years 2006 to 2009. |
(4) | Other long-term liabilities related to ongoing real estate taxes have not been included in the table as such amounts depend upon future applicable real estate tax rates. Real estate tax expense was $206.2 million in 2005, $128.3 million in 2004 and $88.3 million in 2003. |
46
| Scheduled increases in base rents of existing leases |
| Changes in minimum base rents and/or overage rents attributable to replacement of existing leases with new or renewal leases |
| Changes in occupancy rates at existing centers and procurement of leases for newly developed centers |
| Necessary capital improvement expenditures or debt repayments at existing properties |
| Our share of distributions of operating cash flow generated by the Unconsolidated Real Estate Affiliates, less management costs and debt service on additional loans that have been or will be incurred |
| Anticipated proceeds from sales in our Master Planned Communities segment |
47
| Projections of our revenues, income, earnings per share, Funds From Operations, capital expenditures, dividends, capital structure or other financial items | |
| Descriptions of plans or objectives of our management for future operations, including pending acquisitions | |
| Forecasts of our future economic performance | |
| Descriptions of assumptions underlying or relating to any of the foregoing |
| Future repayment of debt, including the ratio of variable to fixed-rate debt in our portfolio | |
| Future interest rates |
48
49
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk |
Item 8. | Financial Statements and Supplementary Data |
50
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
| the Company did not maintain effective controls at the Companys subsidiary over the process of identifying, communicating, recording and tracking various items that create current and deferred income taxes; and |
| the Company had insufficient personnel resources with technical accounting expertise to enable it to conduct a timely and accurate financial close process. |
| Reviewing the documentation for the income tax closing process and documentation procedures to determine if changes are appropriate to more clearly set forth the quarterly and annual income tax closing process requirements; |
| Educating and training Company employees about accounting and reporting for income tax; |
51
| Hiring employees to fill tax-related positions that were vacant at December 31, 2005; |
| Creating additional positions to review and coordinate the implementation and maintenance of internal controls over accounting for income tax; |
| Hiring additional accounting staff with requisite technical accounting expertise; |
| Adhering to the Companys closing process, including monitoring controls and documentation procedures with the assistance and oversight of additional Company employees; |
52
As of December 31, 2005, the Company did not maintain effective controls at the Companys The Rouse Company LP subsidiary over the process of identifying, communicating and tracking various items that create current and deferred income taxes. Specifically, the current portion of the tax provision was not accurately determined and the Company did not adequately review the differences between the income tax basis and financial reporting basis of assets and liabilities and reconcile the differences to recorded deferred income tax assets and liabilities. In addition, the tax department was not appropriately staffed to |
53
conduct a timely and accurate review of the tax provision. The consolidated financial statements were adjusted prior to the Company filing this Annual Report on Form 10-K to properly reflect several financial statement line items, including current and deferred taxes, as well as goodwill. | |
As of December 31, 2005, the Companys controls over the financial close process did not operate effectively. There are insufficient personnel resources with technical accounting expertise to conduct a timely and accurate financial close. The consolidated financial statements were corrected prior to the Company filing this Annual Report on Form 10-K. These error corrections affected various items within the consolidated statement of cash flows and a number of financial statement line items, including buildings and equipment, goodwill, investment in unconsolidated real estate affiliates, accounts payable and accrued expenses, equity in net income of unconsolidated affiliates and interest expense. |
54
Item 9B. | Other Information |
Item 10. | Directors and Executive Officers of the Registrant |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
55
(c) | ||||||||||||
Number of Securities | ||||||||||||
(a) | (b) | Remaining Available for | ||||||||||
Number of Securities | Weighted-Average | Future Issuance Under | ||||||||||
to be Issued upon | Exercise Price of | Equity Compensation | ||||||||||
Exercise of | Outstanding | Plans (Excluding | ||||||||||
Outstanding Options, | Options, Warrants | Securities Reflected in | ||||||||||
Plan Category | Warrants and Rights | and Rights | Column (a)) | |||||||||
Equity compensation plans approved by security holders(1)
|
3,649,316 | $ | 30.42 | 12,207,735 | (2) | |||||||
Equity compensation plans not approved by security holders(3)
|
N/A | N/A | 284,339 | |||||||||
Total
|
3,649,316 | $ | 30.42 | 12,492,074 | ||||||||
(1) | Includes shares of common stock under the 1993 Stock Incentive Plan (which terminated on April 4, 2003), the 1998 Incentive Stock Plan and the 2003 Incentive Stock Plan. |
(2) | Includes 6,645,500 shares of common stock available for issuance under the 2003 Incentive Stock Plan and 5,562,235 shares of common stock available for issuance under the 1998 Incentive Stock Plan. |
(3) | Represents shares of common stock under our Employee Stock Purchase Plan, which was adopted by the Board of Directors in November 1998. Under the Employee Stock Purchase Plan, eligible employees make payroll deductions over a six-month period, at which time the amounts withheld are used to purchase shares of common stock at a purchase price equal to 85% of the lesser of the closing price of a share of common stock on the first or last trading day of the purchase period. Purchases of common stock under the Employee Stock Purchase Plan are made on the first business day of the next month after the close of the purchase period. Under New York Stock Exchange rules then in effect, stockholder approval was not required for the Employee Stock Purchase Plan because it is a broad-based plan available generally to all employees. |
Item 13. | Certain Relationships and Related Transactions |
Item 14. | Principal Accounting Fees and Services |
56
Item 15. | Exhibits and Financial Statement Schedules |
The consolidated financial statements and schedule listed in the accompanying Index to Consolidated Financial Statements and Consolidated Financial Statement Schedule are filed as part of this Annual Report. |
See Exhibit Index on page S-1. |
Not applicable. |
57
General Growth Properties, Inc. |
By: | /s/ John Bucksbaum |
|
|
John Bucksbaum | |
Chief Executive Officer |
Signature | Title | Date | ||||
/s/ Matthew Bucksbaum Matthew Bucksbaum |
Chairman of the Board | March 31, 2006 | ||||
/s/ John Bucksbaum John Bucksbaum |
Director and Chief Executive Officer (Principal Executive Officer) |
March 31, 2006 | ||||
/s/ Robert Michaels Robert Michaels |
Director, President and Chief Operating Officer |
March 31, 2006 | ||||
/s/ Bernard Freibaum Bernard Freibaum |
Director, Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
March 31, 2006 | ||||
/s/ Alan Cohen Alan Cohen |
Director | March 31, 2006 | ||||
/s/ Anthony Downs Anthony Downs |
Director | March 31, 2006 | ||||
/s/ Adam Metz Adam Metz |
Director | March 31, 2006 | ||||
/s/ Thomas Nolan Thomas Nolan |
Director | March 31, 2006 | ||||
/s/ John Riordan John Riordan |
Director | March 31, 2006 | ||||
/s/ Beth Stewart Beth Stewart |
Director | March 31, 2006 |
58
Page | |||||
Consolidated Financial Statements
|
|||||
F-2 | |||||
F-3 | |||||
F-4 | |||||
F-5 | |||||
F-6 | |||||
F-7 | |||||
F-8 | |||||
F-9 | |||||
F-10 | |||||
Consolidated Financial Statement Schedule
|
|||||
F-55 | |||||
F-56 |
F-1
F-2
F-3
F-4
F-5
December 31, | ||||||||||
2005 | 2004 | |||||||||
(Dollars in thousands) | ||||||||||
Assets | ||||||||||
Investment in real estate:
|
||||||||||
Land
|
$ | 2,826,766 | $ | 2,859,552 | ||||||
Buildings and equipment
|
18,739,445 | 18,251,258 | ||||||||
Less accumulated depreciation
|
(2,104,956 | ) | (1,453,488 | ) | ||||||
Developments in progress
|
366,262 | 559,969 | ||||||||
Net property and equipment
|
19,827,517 | 20,217,291 | ||||||||
Investment in and loans to/from Unconsolidated Real Estate
Affiliates
|
1,818,097 | 1,945,541 | ||||||||
Investment land and land held for development and sale
|
1,651,063 | 1,638,013 | ||||||||
Net investment in real estate
|
23,296,677 | 23,800,845 | ||||||||
Cash and cash equivalents
|
102,791 | 39,581 | ||||||||
Accounts and notes receivable, net
|
293,351 | 242,425 | ||||||||
Insurance recovery receivable
|
63,382 | | ||||||||
Goodwill
|
420,624 | 356,796 | ||||||||
Deferred expenses, net
|
209,825 | 153,231 | ||||||||
Prepaid expenses and other assets
|
920,369 | 1,125,747 | ||||||||
Total assets
|
$ | 25,307,019 | $ | 25,718,625 | ||||||
Liabilities and Stockholders Equity | ||||||||||
Mortgage notes and other property debt payable
|
$ | 20,418,875 | $ | 20,310,947 | ||||||
Deferred tax liabilities
|
1,286,576 | 1,414,565 | ||||||||
Accounts payable and accrued expenses
|
1,032,414 | 895,520 | ||||||||
Total liabilities
|
22,737,865 | 22,621,032 | ||||||||
Minority interests:
|
||||||||||
Preferred
|
205,944 | 403,161 | ||||||||
Common
|
430,292 | 551,282 | ||||||||
Total minority interests
|
636,236 | 954,443 | ||||||||
Commitments and contingencies
|
| | ||||||||
Preferred Stock: $100 par value; 5,000,000 shares authorized;
none issued and outstanding
|
| | ||||||||
Stockholders Equity:
|
||||||||||
Common stock: $.01 par value; 875,000,000 shares authorized,
239,865,045 and 234,724,082 shares issued as of
December 31, 2005 and 2004, respectively
|
2,399 | 2,347 | ||||||||
Additional paid-in capital
|
2,469,262 | 2,378,237 | ||||||||
Retained earnings (accumulated deficit)
|
(518,555 | ) | (227,511 | ) | ||||||
Notes receivable-common stock purchase
|
| (5,178 | ) | |||||||
Unearned compensation-restricted stock
|
(280 | ) | (1,060 | ) | ||||||
Accumulated other comprehensive income (loss)
|
10,454 | (3,685 | ) | |||||||
Less common stock in treasury, 668,396 shares at
December 31, 2005, at cost
|
(30,362 | ) | | |||||||
Total stockholders equity
|
1,932,918 | 2,143,150 | ||||||||
Total liabilities and stockholders equity
|
$ | 25,307,019 | $ | 25,718,625 | ||||||
F-6
Years Ended December 31, | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
(Dollars in thousands, except for per | ||||||||||||||
share amounts) | ||||||||||||||
Revenues:
|
||||||||||||||
Minimum rents
|
$ | 1,670,387 | $ | 1,058,732 | $ | 775,320 | ||||||||
Tenant recoveries
|
754,836 | 472,250 | 332,137 | |||||||||||
Overage rents
|
69,628 | 54,105 | 34,928 | |||||||||||
Land sales
|
385,205 | 68,643 | | |||||||||||
Management and other fees
|
91,734 | 82,896 | 84,138 | |||||||||||
Other
|
101,626 | 63,255 | 36,268 | |||||||||||
Total revenues
|
3,073,416 | 1,799,881 | 1,262,791 | |||||||||||
Expenses:
|
||||||||||||||
Real estate taxes
|
206,193 | 128,114 | 88,276 | |||||||||||
Repairs and maintenance
|
195,292 | 123,251 | 81,433 | |||||||||||
Marketing
|
63,522 | 48,220 | 35,797 | |||||||||||
Other property operating costs
|
390,019 | 207,909 | 153,370 | |||||||||||
Land sales operations
|
311,815 | 66,100 | | |||||||||||
Provision for doubtful accounts
|
13,868 | 10,375 | 7,041 | |||||||||||
Property management and other costs
|
148,399 | 100,267 | 109,746 | |||||||||||
General and administrative
|
13,053 | 9,499 | 8,533 | |||||||||||
Depreciation and amortization
|
672,914 | 364,854 | 230,195 | |||||||||||
Total expenses
|
2,015,075 | 1,058,589 | 714,391 | |||||||||||
Operating income
|
1,058,341 | 741,292 | 548,400 | |||||||||||
Interest income
|
10,416 | 3,227 | 2,308 | |||||||||||
Interest expense
|
(1,031,241 | ) | (472,185 | ) | (278,543 | ) | ||||||||
Income before income taxes and allocations to minority interests
and from unconsolidated affiliates
|
37,516 | 272,334 | 272,165 | |||||||||||
Provision for income taxes
|
(50,646 | ) | (2,383 | ) | (98 | ) | ||||||||
Income allocated to minority interests
|
(43,989 | ) | (105,274 | ) | (110,984 | ) | ||||||||
Equity in income of unconsolidated affiliates
|
120,986 | 88,191 | 94,480 | |||||||||||
Income from continuing operations
|
63,867 | 252,868 | 255,563 | |||||||||||
Discontinued operations, net of minority interests:
|
||||||||||||||
Income from operations
|
6,568 | 3,813 | 4,128 | |||||||||||
Gain on disposition
|
5,118 | 11,171 | 3,720 | |||||||||||
11,686 | 14,984 | 7,848 | ||||||||||||
Net income
|
$ | 75,553 | $ | 267,852 | $ | 263,411 | ||||||||
Convertible preferred stock dividends
|
| | (13,030 | ) | ||||||||||
Net income available to common stockholders
|
$ | 75,553 | $ | 267,852 | $ | 250,381 | ||||||||
Basic Earnings Per Share:
|
||||||||||||||
Continuing operations
|
$ | 0.27 | $ | 1.15 | $ | 1.21 | ||||||||
Discontinued operations
|
0.05 | 0.07 | 0.04 | |||||||||||
Total basic earnings per share
|
$ | 0.32 | $ | 1.22 | $ | 1.25 | ||||||||
Diluted Earnings Per Share:
|
||||||||||||||
Continuing operations
|
$ | 0.27 | $ | 1.15 | $ | 1.19 | ||||||||
Discontinued operations
|
0.05 | 0.06 | 0.03 | |||||||||||
Total diluted earnings per share
|
$ | 0.32 | $ | 1.21 | $ | 1.22 | ||||||||
Comprehensive Income, Net:
|
||||||||||||||
Net income
|
$ | 75,553 | $ | 267,852 | $ | 263,411 | ||||||||
Other comprehensive income, net of minority interest:
|
||||||||||||||
Net unrealized gains on financial instruments
|
9,554 | 10,992 | 12,542 | |||||||||||
Minimum pension liability adjustment
|
(374 | ) | 102 | 308 | ||||||||||
Foreign currency translation
|
4,920 | 1,590 | | |||||||||||
Unrealized gains (losses) on available-for-sale securities
|
39 | (94 | ) | | ||||||||||
Total other comprehensive income, net of minority interest
|
14,139 | 12,590 | 12,850 | |||||||||||
Comprehensive income, net
|
$ | 89,692 | $ | 280,442 | $ | 276,261 | ||||||||
F-7
Notes | Accumulated | |||||||||||||||||||||||||||||||
Retained | Receivable- | Unearned | Other | |||||||||||||||||||||||||||||
Additional | Earnings | Common | Compensation | Comprehensive | Total | |||||||||||||||||||||||||||
Common | Paid-In | (Accumulated | Stock | Restricted | Income | Treasury | Stockholders | |||||||||||||||||||||||||
Stock | Capital | Deficit) | Purchase | Stock | (Loss) | Stock | Equity | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance, December 31, 2002
|
$ | 1,872 | $ | 1,549,642 | $ | (315,844 | ) | $ | (7,772 | ) | $ | (2,248 | ) | $ | (29,125 | ) | $ | | $ | 1,196,525 | ||||||||||||
Net income
|
263,411 | 263,411 | ||||||||||||||||||||||||||||||
Cash distributions declared ($0.78 per share)
|
(155,049 | ) | (155,049 | ) | ||||||||||||||||||||||||||||
Convertible Preferred Stock dividends
|
(13,030 | ) | (13,030 | ) | ||||||||||||||||||||||||||||
PIERS redemption and conversion, net (25,503,543 common shares)
|
255 | 337,837 | 338,092 | |||||||||||||||||||||||||||||
Conversion of operating partnership units to common stock
(2,956,491 common shares)
|
30 | 22,134 | 22,164 | |||||||||||||||||||||||||||||
Issuance of common stock, net of employee stock option
loan/repayments (1,642,687 common shares)
|
16 | 30,108 | 1,297 | 31,421 | ||||||||||||||||||||||||||||
Restricted stock grant, net of compensation expense
|
299 | 299 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
12,850 | 12,850 | ||||||||||||||||||||||||||||||
Adjustment for minority interest in operating partnership
|
(26,274 | ) | (26,274 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2003
|
$ | 2,173 | $ | 1,913,447 | $ | (220,512 | ) | $ | (6,475 | ) | $ | (1,949 | ) | $ | (16,275 | ) | $ | | $ | 1,670,409 | ||||||||||||
Net income
|
267,852 | 267,852 | ||||||||||||||||||||||||||||||
Cash distributions declared ($1.26 per share)
|
(274,851 | ) | (274,851 | ) | ||||||||||||||||||||||||||||
Conversion of operating partnership units to common stock
(179,987 common shares)
|
2 | 1,371 | 1,373 | |||||||||||||||||||||||||||||
Conversion of convertible preferred units to common stock
(456,463 common shares)
|
4 | 9,297 | 9,301 | |||||||||||||||||||||||||||||
Issuance of common stock, net of employee stock option
loan/repayments (16,793,656 common shares)
|
168 | 530,920 | 1,297 | 532,385 | ||||||||||||||||||||||||||||
Restricted stock grant, net of compensation expense
|
889 | 889 | ||||||||||||||||||||||||||||||
Other comprehensive income
|
12,590 | 12,590 | ||||||||||||||||||||||||||||||
Adjustment for minority interest in operating partnership
|
(76,798 | ) | (76,798 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2004
|
$ | 2,347 | $ | 2,378,237 | $ | (227,511 | ) | $ | (5,178 | ) | $ | (1,060 | ) | $ | (3,685 | ) | $ | | 2,143,150 | |||||||||||||
Net income
|
75,553 | 75,553 | ||||||||||||||||||||||||||||||
Cash distributions declared ($1.49 per share)
|
(353,665 | ) | (353,665 | ) | ||||||||||||||||||||||||||||
Conversion of operating partnership units to common stock
(2,470,368 common shares)
|
25 | 23,907 | 23,932 | |||||||||||||||||||||||||||||
Conversion of convertible preferred units to common stock
(729,890 common shares)
|
7 | 14,330 | 14,337 | |||||||||||||||||||||||||||||
Issuance of common stock, net of employee stock option
loan/repayments (1,322,720 common shares) (545,204 treasury
shares)
|
13 | 40,135 | (7,892 | ) | 5,178 | 24,522 | 61,956 | |||||||||||||||||||||||||
Tax benefit from stock option exercises
|
3,328 | 3,328 | ||||||||||||||||||||||||||||||
Shares issued pursuant to CSA (551,985 common shares) (1,000,400
treasury shares)
|
6 | 19,393 | (5,040 | ) | 44,696 | 59,055 | ||||||||||||||||||||||||||
Restricted stock grant, net of compensation expense (66,000
common shares)
|
1 | 2,336 | 780 | 3,117 | ||||||||||||||||||||||||||||
Purchase of treasury stock (2,214,000 treasury shares)
|
(99,580 | ) | (99,580 | ) | ||||||||||||||||||||||||||||
Other comprehensive income
|
14,139 | 14,139 | ||||||||||||||||||||||||||||||
Adjustment for minority interest in operating partnership
|
(12,404 | ) | (12,404 | ) | ||||||||||||||||||||||||||||
Balance, December 31, 2005
|
$ | 2,399 | $ | 2,469,262 | $ | (518,555 | ) | $ | | $ | (280 | ) | $ | 10,454 | $ | (30,362 | ) | $ | 1,932,918 | |||||||||||||
F-8
Years Ended December 31, | ||||||||||||||||
2005 | 2004 | 2003 | ||||||||||||||
(In thousands) | ||||||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||
Net income
|
$ | 75,553 | $ | 267,852 | $ | 263,411 | ||||||||||
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||||||||||
Minority interests, including discontinued operations
|
45,488 | 106,233 | 113,289 | |||||||||||||
Equity in income of unconsolidated affiliates
|
(120,986 | ) | (88,191 | ) | (94,480 | ) | ||||||||||
Provision for doubtful accounts, including discontinued
operations
|
13,876 | 10,393 | 7,009 | |||||||||||||
Distributions received from unconsolidated affiliates
|
119,602 | 87,906 | 91,613 | |||||||||||||
Depreciation, including discontinued operations
|
657,358 | 348,303 | 205,385 | |||||||||||||
Amortization, including discontinued operations
|
30,536 | 28,753 | 34,849 | |||||||||||||
Amortization of debt market rate adjustment
|
(46,993 | ) | (1,026 | ) | (723 | ) | ||||||||||
Gain on disposition
|
(5,118 | ) | (11,172 | ) | (4,831 | ) | ||||||||||
Participation expense pursuant to Contingent Stock Agreement
|
106,285 | 8,513 | | |||||||||||||
Land development and acquisitions expenditures
|
(140,823 | ) | (27,563 | ) | | |||||||||||
Cost of land sales
|
181,301 | 51,659 | | |||||||||||||
Debt assumed by purchasers of land
|
(11,371 | ) | (318 | ) | | |||||||||||
Deferred income taxes
|
28,596 | 1,993 | | |||||||||||||
Proceeds from the sale of marketable securities, including
defined contribution plan assets
|
27,740 | 7,954 | | |||||||||||||
Net changes:
|
||||||||||||||||
Accounts and notes receivable
|
(85,125 | ) | (21,177 | ) | (29,304 | ) | ||||||||||
Prepaid expenses and other assets
|
(32,701 | ) | 21,463 | 16,269 | ||||||||||||
Deferred expenses
|
(73,048 | ) | (43,485 | ) | (54,535 | ) | ||||||||||
Accounts payable and accrued expenses
|
61,909 | (44,614 | ) | 34,683 | ||||||||||||
Other, net
|
9,899 | 15,900 | 3,100 | |||||||||||||
Net cash provided by operating activities
|
841,978 | 719,376 | 585,735 | |||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||
Acquisition/development of real estate and property
additions/improvements
|
(497,977 | ) | (9,000,108 | ) | (1,732,358 | ) | ||||||||||
Proceeds from sale of investment property
|
143,543 | 65,268 | 14,978 | |||||||||||||
Increase in investments in unconsolidated affiliates
|
(195,642 | ) | (211,247 | ) | (26,418 | ) | ||||||||||
Increase in restricted cash
|
(22,950 | ) | (1,951 | ) | (7,971 | ) | ||||||||||
Insurance recoveries
|
5,000 | | | |||||||||||||
Distributions received from unconsolidated affiliates in excess
of income
|
260,639 | 134,116 | 90,925 | |||||||||||||
Loans (to) from unconsolidated affiliates, net
|
126,500 | (8,884 | ) | (94,355 | ) | |||||||||||
Other, net
|
21,322 | 1,297 | 1,773 | |||||||||||||
Net cash used in investing activities
|
(159,565 | ) | (9,021,509 | ) | (1,753,426 | ) | ||||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||
Cash distributions paid to common stockholders
|
(353,665 | ) | (274,851 | ) | (199,986 | ) | ||||||||||
Cash distributions paid to holders of Common Units
|
(80,885 | ) | (70,412 | ) | (59,815 | ) | ||||||||||
Cash distributions paid to holders of perpetual and convertible
preferred units
|
(27,329 | ) | (37,152 | ) | (40,257 | ) | ||||||||||
Payment of dividends on PIERS
|
| | (19,145 | ) | ||||||||||||
Proceeds from issuance of common stock, including from common
stock plans
|
45,208 | 531,976 | 31,308 | |||||||||||||
Purchase of treasury stock
|
(98,939 | ) | | | ||||||||||||
Redemption of preferred minority interests
|
(183,000 | ) | (107,923 | ) | | |||||||||||
Proceeds from issuance of mortgage notes and other property debt
payable
|
3,907,254 | 12,733,339 | 3,140,750 | |||||||||||||
Principal payments on mortgage notes and other property debt
payable
|
(3,791,978 | ) | (4,430,532 | ) | (1,715,029 | ) | ||||||||||
Other, net
|
(35,869 | ) | (13,408 | ) | (13,098 | ) | ||||||||||
Net cash (used in) provided by financing activities
|
(619,203 | ) | 8,331,037 | 1,124,728 | ||||||||||||
Net change in cash and cash equivalents
|
63,210 | 28,904 | (42,963 | ) | ||||||||||||
Cash and cash equivalents at beginning of period
|
39,581 | 10,677 | 53,640 | |||||||||||||
Cash and cash equivalents at end of period
|
$ | 102,791 | $ | 39,581 | $ | 10,677 | ||||||||||
Supplemental Disclosure of Cash Flow Information:
|
||||||||||||||||
Interest paid
|
$ | 1,074,874 | $ | 424,380 | $ | 258,395 | ||||||||||
Interest capitalized
|
54,260 | 11,272 | 5,679 | |||||||||||||
Income taxes paid
|
8,170 | 390 | 98 | |||||||||||||
Non-Cash Investing and Financing Activities:
|
||||||||||||||||
Common stock issued in exchange for PIERS
|
$ | | $ | | $ | 337,483 | ||||||||||
Common stock issued in exchange for Operating Partnership Units
|
23,932 | 1,373 | 22,134 | |||||||||||||
Common stock issued in exchange for convertible preferred units
|
14,337 | 9,301 | | |||||||||||||
Assumption of debt in conjunction with acquisition of property
|
| 134,902 | 552,174 | |||||||||||||
Common stock issued pursuant to Contingent Stock Agreement
|
59,055 | | | |||||||||||||
Operating Partnership Units issued as consideration for purchase
of real estate
|
| 25,132 | 26,637 | |||||||||||||
TRC Merger:
|
||||||||||||||||
Fair value of assets acquired
|
(134,166 | ) | 14,327,519 | | ||||||||||||
Cash paid
|
| (7,150,844 | ) | | ||||||||||||
Liabilities assumed
|
(125,925 | ) | 7,176,675 | |
F-9
General |
82 | % | General Growth, as sole general partner | ||
16 | Limited partners that indirectly include family members of the original stockholders of the Company. Represented by common units of limited partnership interest (the Common Units) | |||
2 | Limited partners that include subsequent contributors of properties to the Operating Partnership which are also represented by Common Units. | |||
100 | % | |||
| GGPLP L.L.C., a Delaware limited liability company (the LLC), has ownership interests in the majority of our properties (other than those acquired in The Rouse Company merger (the TRC Merger, Note 3)). |
| The Rouse Company LP (TRCLP), successor to The Rouse Company (TRC), which includes both REIT and taxable REIT subsidiaries (TRSs), has ownership interests in Consolidated Properties and Unconsolidated Properties (each as defined below). |
| General Growth Management, Inc. (GGMI), a TRS, manages, leases, and performs various other services for some of our Unconsolidated Real Estate Affiliates (as defined below) and approximately 30 properties owned by unaffiliated third parties. |
Shareholder Rights Plan |
F-10
Dividend Reinvestment and Stock Purchase Plan |
Note 2 | Summary of Significant Accounting Policies |
Principles of Consolidation |
Properties |
F-11
Years | ||||
Buildings and improvements
|
40-45 | |||
Equipment, tenant improvements and fixtures
|
5-10 |
Acquisitions of Operating Properties |
F-12
Investments in Unconsolidated Real Estate Affiliates |
Cash and Cash Equivalents and Investments in Marketable Securities |
Leases |
Deferred Expenses |
F-13
Minority Interests Common (Note 12) |
Treasury Stock |
Revenue Recognition and Related Matters |
2005 | 2004 | 2003 | ||||||||||
(In thousands) | ||||||||||||
Lease termination fees
|
$ | 14,534 | $ | 7,942 | $ | 9,694 | ||||||
Above and below-market tenant lease accretion
|
34,692 | 27,591 | 16,551 |
F-14
Income Taxes (Note 7) |
Earnings Per Share (EPS) |
F-15
Years Ended December 31, | |||||||||||||||||||||||||
2005 | 2004 | 2003 | |||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Numerators:
|
|||||||||||||||||||||||||
Income from continuing operations
|
$ | 63,867 | $ | 63,867 | $ | 252,868 | $ | 252,868 | $ | 255,563 | $ | 255,563 | |||||||||||||
Convertible preferred stock dividends
|
| | | | (13,030 | )* | | ||||||||||||||||||
Income from continuing operations available to common
stockholders
|
63,867 | 63,867 | 252,868 | 252,868 | 242,533 | 255,563 | |||||||||||||||||||
Discontinued operations, net of minority interest
|
11,686 | 11,686 | 14,984 | 14,984 | 7,848 | 7,848 | |||||||||||||||||||
Net income available to common stockholders
|
$ | 75,553 | $ | 75,553 | $ | 267,852 | $ | 267,852 | $ | 250,381 | $ | 263,411 | |||||||||||||
Denominators:
|
|||||||||||||||||||||||||
Weighted average number of common shares outstanding
basic
|
237,673 | 237,673 | 220,149 | 220,149 | 200,875 | 200,875 | |||||||||||||||||||
Effect of dilutive securities options (and PIERS in
2003*)
|
| 796 | | 680 | | 14,204 | |||||||||||||||||||
Weighted average number of common shares outstanding
|
237,673 | 238,469 | 220,149 | 220,829 | 200,875 | 215,079 | |||||||||||||||||||
* | For the year ended December 31, 2003, the effect of the issuance of the PIERS is dilutive and, therefore, no adjustment of net income is made as the PIERS dilution is reflected in the denominator of the diluted EPS calculation. |
F-16
2005 | 2004 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
(In millions) | ||||||||||||||||
Fixed-rate debt
|
$ | 13,906 | $ | 13,960 | $ | 11,120 | $ | 11,368 | ||||||||
Variable-rate debt
|
6,513 | 6,430 | 9,191 | 9,187 | ||||||||||||
$ | 20,419 | $ | 20,390 | $ | 20,311 | $ | 20,555 | |||||||||
Stock Options (Note 10) |
F-17
Foreign Currency Translation |
Use of Estimates |
Reclassifications |
Note 3 | Acquisitions and Intangibles |
The Rouse Company |
F-18
Revisions/ | |||||||||||||
Initial Estimate | Reclassifications | Final Valuation | |||||||||||
November 12, 2004 | Non-Cash | November 12, 2005 | |||||||||||
(In thousands) | |||||||||||||
Land
|
$ | 1,314,711 | $ | (2,720 | ) | $ | 1,311,991 | ||||||
Buildings and equipment
|
8,206,370 | (24,808 | ) | 8,181,562 | |||||||||
Developments in progress
|
383,996 | (52,904 | ) | 331,092 | |||||||||
Investment in and loans to Unconsolidated Real Estate Affiliates
|
1,236,299 | 49,203 | 1,285,502 | ||||||||||
Investment land and land held for development and sale
|
1,645,700 | 54,079 | 1,699,779 | ||||||||||
Cash and cash equivalents
|
29,077 | | 29,077 | ||||||||||
Accounts and notes receivables
|
84,424 | (2,470 | ) | 81,954 | |||||||||
Prepaid expenses and other assets:
|
|||||||||||||
Below-market ground leases
|
382,328 | (23,804 | ) | 358,524 | |||||||||
Above-market tenant leases
|
141,048 | (32,830 | ) | 108,218 | |||||||||
Deferred tax assets
|
145,243 | (143,004 | ) | 2,239 | |||||||||
Other
|
401,527 | (18,736 | ) | 382,791 | |||||||||
Goodwill
|
356,796 | 63,828 | 420,624 | ||||||||||
Total purchase price
|
$ | 14,327,519 | $ | (134,166 | ) | $ | 14,193,353 | ||||||
Acquisition Date | ||||
20% ownership interest in Zaratustra Mall
(through Cencom, S.A. (Brazil)) |
August 3 | |||
50% ownership interest in Pinnacle Hills Promenade
(through Rogers Retail L.L.C.) |
September 30 | |||
50% ownership interest in Circle T Power Center
(through 170 Retail Associates, LTD) |
October 31 | |||
50% ownership interest in Whalers Village
(through GGP-TRS, L.L.C.) |
November 1 |
F-19
Gross | ||||||||
Acquisition | Purchase | |||||||
Date | Price | |||||||
(In millions) | ||||||||
50% ownership interest in Burlington Town Center
|
January 7 | $ | 10.25 | |||||
Redlands Mall
|
January 16 | 14.25 | ||||||
The remaining 50% ownership interest in Town East Mall
|
March 1 | 44.5 | ||||||
Four Seasons Town Centre
|
March 5 | 161.0 | ||||||
50% ownership interest in GSG de Costa Rica SRL
|
April 30 | 9.7 | ||||||
50% ownership interest in Riverchase Galleria
|
May 11 | 166.0 | ||||||
Mall of Louisiana
|
May 12 | 265.0 | ||||||
Grand Canal Shoppes
|
May 17 | 766.0 | ||||||
50% ownership interest in GGP/ NIG Brazil
|
July 30 | 7.0 | ||||||
Stonestown Galleria
|
August 13 | 312.0 |
F-20
Gross Asset | Accumulated | Net Carrying | |||||||||||
(Liability) | Amortization | Amount | |||||||||||
(In thousands) | |||||||||||||
December 31, 2005
|
|||||||||||||
Tenant leases:
|
|||||||||||||
In-place value
|
$ | 664,444 | $ | 176,190 | $ | 488,254 | |||||||
Above-market
|
106,117 | 29,023 | 77,094 | ||||||||||
Below-market
|
(293,967 | ) | (111,697 | ) | (182,270 | ) | |||||||
Ground leases:
|
|||||||||||||
Above-market
|
(16,968 | ) | (535 | ) | (16,433 | ) | |||||||
Below-market
|
358,524 | 8,736 | 349,788 | ||||||||||
Real estate tax stabilization agreement
|
91,879 | 4,691 | 87,188 | ||||||||||
December 31, 2004
|
|||||||||||||
Tenant leases:
|
|||||||||||||
In-place value
|
$ | 595,162 | $ | 29,495 | $ | 565,667 | |||||||
Above-market
|
141,701 | 2,883 | 138,818 | ||||||||||
Below-market
|
(303,427 | ) | (51,444 | ) | (251,983 | ) | |||||||
Ground leases:
|
|||||||||||||
Above-market
|
(17,077 | ) | (66 | ) | (17,011 | ) | |||||||
Below-market
|
398,510 | 1,125 | 397,385 | ||||||||||
Real estate tax stabilization agreement
|
94,168 | 654 | 93,514 |
Note 4 | Discontinued Operations and Gains on Dispositions of Interests in Operating Properties |
F-21
(In thousands) | ||||
Land
|
$ | 57,132 | ||
Buildings and equipment, net
|
102,691 | |||
Other assets
|
4,459 | |||
Mortgage notes payable
|
(21,963 | ) | ||
Accounts payable and accrued expenses
|
(1,499 | ) | ||
Net
|
$ | 140,820 | ||
Years Ended December 31, | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
(In thousands) | ||||||||||||||
Revenues:
|
||||||||||||||
Hunt Valley/ Rutherford
|
$ | 24,275 | $ | 2,813 | $ | | ||||||||
JP Realty commercial/business properties
|
| 6,118 | 7,937 | |||||||||||
McCreless
|
| | 859 | |||||||||||
Total
|
$ | 24,275 | $ | 8,931 | $ | 8,796 | ||||||||
Net income:
|
||||||||||||||
Hunt Valley/Rutherford
|
$ | 8,067 | $ | 983 | $ | | ||||||||
JP Realty commercial/business properties
|
| 3,801 | 5,030 | |||||||||||
McCreless
|
| | 292 | |||||||||||
Total
|
$ | 8,067 | $ | 4,784 | $ | 5,322 | ||||||||
Note 5 | Unconsolidated Real Estate Affiliates |
F-22
Condensed Combined Financial Information of Unconsolidated Real Estate Affiliates |
December 31, | |||||||||||
2005 | 2004 | ||||||||||
(In thousands) | |||||||||||
Condensed Combined Balance Sheets Unconsolidated Real Estate Affiliates | |||||||||||
Assets:
|
|||||||||||
Land
|
$ | 919,532 | $ | 852,137 | |||||||
Buildings and equipment
|
7,658,896 | 7,398,555 | |||||||||
Less accumulated depreciation
|
(1,304,226 | ) | (982,616 | ) | |||||||
Developments in progress
|
425,057 | 220,486 | |||||||||
Net property and equipment
|
7,699,259 | 7,488,562 | |||||||||
Investment in unconsolidated joint ventures
|
89,430 | 56,362 | |||||||||
Investment land and land held for sale and development
|
259,386 | 257,555 | |||||||||
Net investment in real estate
|
8,048,075 | 7,802,479 | |||||||||
Cash and cash equivalents
|
194,494 | 134,399 | |||||||||
Accounts and notes receivable, net
|
161,218 | 119,444 | |||||||||
Deferred expenses, net
|
148,561 | 175,447 | |||||||||
Prepaid expenses and other assets
|
259,480 | 261,463 | |||||||||
Total assets
|
$ | 8,811,828 | $ | 8,493,232 | |||||||
Liabilities and Owners Equity:
|
|||||||||||
Mortgage notes and other property debt payable
|
$ | 6,325,118 | $ | 5,601,137 | |||||||
Accounts payable and accrued expenses
|
455,596 | 417,324 | |||||||||
Owners equity
|
2,031,114 | 2,474,771 | |||||||||
Total liabilities and owners equity
|
$ | 8,811,828 | $ | 8,493,232 | |||||||
F-23
December 31, | ||||||||
2005 | 2004 | |||||||
(In thousands) | ||||||||
Investment In and Loans To/ From Unconsolidated Real Estate
Affiliates
|
||||||||
Owners equity
|
$ | 2,031,114 | $ | 2,474,771 | ||||
Less joint venture partners equity
|
(1,188,150 | ) | (1,258,133 | ) | ||||
Capital or basis differences and loans
|
975,133 | 728,903 | ||||||
Investment in and loans to/from Unconsolidated Real Estate
Affiliates
|
$ | 1,818,097 | $ | 1,945,541 | ||||
Years Ended December 31, | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
(In thousands) | ||||||||||||||
Condensed Combined Statements of Operations
Unconsolidated Real Estate Affiliates
|
||||||||||||||
Revenues:
|
||||||||||||||
Minimum rents
|
$ | 792,708 | $ | 569,347 | $ | 559,060 | ||||||||
Tenant recoveries
|
364,645 | 264,907 | 272,537 | |||||||||||
Overage rents
|
28,592 | 21,421 | 15,593 | |||||||||||
Land sales
|
158,181 | 38,681 | | |||||||||||
Other
|
126,503 | 35,082 | 15,414 | |||||||||||
Total revenues
|
1,470,629 | 929,438 | 862,604 | |||||||||||
Expenses:
|
||||||||||||||
Real estate taxes
|
112,010 | 77,513 | 78,449 | |||||||||||
Repairs and maintenance
|
87,449 | 59,051 | 64,864 | |||||||||||
Marketing
|
29,563 | 25,859 | 27,504 | |||||||||||
Other property operating costs
|
239,404 | 144,894 | 117,387 | |||||||||||
Land sales operations
|
89,560 | 18,101 | | |||||||||||
Provision for doubtful accounts
|
10,071 | 5,389 | 3,197 | |||||||||||
Property management and other costs
|
59,423 | 47,042 | 48,807 | |||||||||||
General and administrative
|
3,267 | 7,759 | 2,099 | |||||||||||
Depreciation and amortization
|
254,542 | 170,530 | 157,776 | |||||||||||
Total expenses
|
885,289 | 556,138 | 500,083 | |||||||||||
Operating income
|
585,340 | 373,300 | 362,521 | |||||||||||
Interest income
|
14,430 | 3,779 | 5,757 | |||||||||||
Interest expense
|
(303,447 | ) | (179,807 | ) | (174,862 | ) | ||||||||
Equity in income of unconsolidated joint ventures
|
5,384 | 4,337 | 3,933 | |||||||||||
Net income
|
$ | 301,707 | $ | 201,609 | $ | 197,349 | ||||||||
F-24
Years Ended December 31, | ||||||||||||
2005 | 2004 | 2003 | ||||||||||
(In thousands) | ||||||||||||
Equity In Income of Unconsolidated Real Estate Affiliates
|
||||||||||||
Net income of Unconsolidated Real Estate Affiliates
|
$ | 301,707 | $ | 201,609 | $ | 197,349 | ||||||
Joint venture partners share of income of Unconsolidated
Real Estate Affiliates
|
(157,152 | ) | (103,768 | ) | (98,226 | ) | ||||||
Amortization of capital or basis differences
|
(22,998 | ) | (9,633 | ) | (3,263 | ) | ||||||
Elimination of Unconsolidated Real Estate Affiliates loan
interest
|
(571 | ) | (17 | ) | (1,380 | ) | ||||||
Equity in income of Unconsolidated Real Estate Affiliates
|
$ | 120,986 | $ | 88,191 | $ | 94,480 | ||||||
F-25
GGP/Homart | ||||||||||
December 31, | December 31, | |||||||||
2005 | 2004 | |||||||||
(In thousands) | ||||||||||
Assets:
|
||||||||||
Land
|
$ | 146,527 | $ | 146,777 | ||||||
Buildings and equipment
|
1,796,336 | 1,765,800 | ||||||||
Less accumulated depreciation
|
(452,809 | ) | (389,682 | ) | ||||||
Developments in progress
|
30,009 | 8,586 | ||||||||
Investment in unconsolidated joint ventures
|
8,788 | 10,898 | ||||||||
Net investment in real estate
|
1,528,851 | 1,542,379 | ||||||||
Cash and cash equivalents
|
65,612 | 20,319 | ||||||||
Accounts receivable, net
|
48,137 | 39,252 | ||||||||
Deferred expenses, net
|
46,709 | 48,970 | ||||||||
Prepaid expenses and other assets
|
18,333 | 56,482 | ||||||||
Total assets
|
$ | 1,707,642 | $ | 1,707,402 | ||||||
Liabilities and Stockholders Equity:
|
||||||||||
Mortgage notes and other property debt payable
|
$ | 1,579,717 | $ | 1,469,938 | ||||||
Accounts payable and accrued expenses
|
58,710 | 63,559 | ||||||||
Stockholders equity
|
69,215 | 173,905 | ||||||||
Total liabilities and stockholders equity
|
$ | 1,707,642 | $ | 1,707,402 | ||||||
GGP/Homart II | ||||||||||
December 31, | December 31, | |||||||||
2005 | 2004 | |||||||||
(In thousands) | ||||||||||
Assets:
|
||||||||||
Land
|
$ | 190,787 | $ | 190,707 | ||||||
Buildings and equipment
|
2,014,151 | 1,957,969 | ||||||||
Less accumulated depreciation
|
(264,434 | ) | (205,637 | ) | ||||||
Developments in progress
|
148,453 | 63,970 | ||||||||
Net investment in real estate
|
2,088,957 | 2,007,009 | ||||||||
Cash and cash equivalents
|
47,781 | 23,149 | ||||||||
Accounts receivable, net
|
32,644 | 32,265 | ||||||||
Deferred expenses, net
|
56,223 | 59,102 | ||||||||
Prepaid expenses and other assets
|
116,234 | 36,236 | ||||||||
Total assets
|
$ | 2,341,839 | $ | 2,157,761 | ||||||
Liabilities and Members Capital:
|
||||||||||
Mortgage notes and other property debt payable
|
$ | 1,666,979 | $ | 1,331,301 | ||||||
Accounts payable and accrued expenses
|
81,064 | 81,691 | ||||||||
Members capital
|
593,796 | 744,769 | ||||||||
Total liabilities and members capital
|
$ | 2,341,839 | $ | 2,157,761 | ||||||
F-26
GGP/Teachers | ||||||||||
December 31, | December 31, | |||||||||
2005 | 2004 | |||||||||
(In thousands) | ||||||||||
Assets:
|
||||||||||
Land
|
$ | 176,761 | $ | 125,378 | ||||||
Buildings and equipment
|
879,828 | 703,700 | ||||||||
Less accumulated depreciation
|
(64,795 | ) | (44,147 | ) | ||||||
Developments in progress
|
18,431 | 20,847 | ||||||||
Net investment in real estate
|
1,010,225 | 805,778 | ||||||||
Cash and cash equivalents
|
16,531 | 19,658 | ||||||||
Accounts receivable, net
|
9,725 | 7,990 | ||||||||
Deferred expenses, net
|
13,220 | 8,423 | ||||||||
Prepaid expenses and other assets
|
3,968 | 3,267 | ||||||||
Total assets
|
$ | 1,053,669 | $ | 845,116 | ||||||
Liabilities and Members Capital:
|
||||||||||
Mortgage notes and other property debt payable
|
$ | 786,025 | $ | 466,580 | ||||||
Accounts payable and accrued expenses
|
82,574 | 67,017 | ||||||||
Members capital
|
185,070 | 311,519 | ||||||||
Total liabilities and members capital
|
$ | 1,053,669 | $ | 845,116 | ||||||
F-27
GGP/Homart | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
Years ended December 31, | ||||||||||||||
(In thousands) | ||||||||||||||
Revenues:
|
||||||||||||||
Minimum rents
|
$ | 226,936 | $ | 214,448 | $ | 208,685 | ||||||||
Tenant recoveries
|
95,752 | 91,867 | 91,476 | |||||||||||
Overage rents
|
9,312 | 8,266 | 6,241 | |||||||||||
Other
|
10,660 | 7,469 | 6,388 | |||||||||||
Total revenues
|
342,660 | 322,050 | 312,790 | |||||||||||
Expenses:
|
||||||||||||||
Real estate taxes
|
29,745 | 27,845 | 26,852 | |||||||||||
Repairs and maintenance
|
26,748 | 25,890 | 25,482 | |||||||||||
Marketing
|
9,294 | 9,683 | 9,576 | |||||||||||
Other property operating costs
|
36,590 | 41,975 | 41,468 | |||||||||||
Provision for doubtful accounts
|
1,088 | 1,487 | 1,040 | |||||||||||
Property management and other costs
|
20,835 | 19,355 | 18,846 | |||||||||||
General and administrative
|
434 | 2,756 | 755 | |||||||||||
Depreciation and amortization
|
68,578 | 66,430 | 61,778 | |||||||||||
Total expenses
|
193,312 | 195,421 | 185,797 | |||||||||||
Operating income
|
149,348 | 126,629 | 126,993 | |||||||||||
Interest income
|
4,588 | 1,817 | 1,185 | |||||||||||
Interest expense
|
(84,684 | ) | (81,120 | ) | (74,813 | ) | ||||||||
Equity in income of unconsolidated joint ventures
|
5,384 | 4,337 | 3,933 | |||||||||||
Net income
|
$ | 74,636 | $ | 51,663 | $ | 57,298 | ||||||||
F-28
GGP/Homart II | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
Years ended December 31, | ||||||||||||||
(In thousands) | ||||||||||||||
Revenues:
|
||||||||||||||
Minimum rents
|
$ | 194,938 | $ | 184,418 | $ | 177,752 | ||||||||
Tenant recoveries
|
92,862 | 90,958 | 85,194 | |||||||||||
Overage rents
|
6,432 | 5,530 | 5,552 | |||||||||||
Other
|
8,543 | 5,352 | 5,823 | |||||||||||
Total revenues
|
302,775 | 286,258 | 274,321 | |||||||||||
Expenses:
|
||||||||||||||
Real estate taxes
|
27,132 | 27,030 | 24,493 | |||||||||||
Repairs and maintenance
|
19,671 | 18,734 | 18,454 | |||||||||||
Marketing
|
8,726 | 9,504 | 9,271 | |||||||||||
Other property operating costs
|
29,518 | 34,268 | 34,496 | |||||||||||
Provision for doubtful accounts
|
3,125 | 1,591 | 1,733 | |||||||||||
Property management and other costs
|
17,468 | 16,176 | 15,892 | |||||||||||
General and administrative
|
1,913 | 4,282 | 577 | |||||||||||
Depreciation and amortization
|
61,923 | 56,394 | 53,243 | |||||||||||
Total expenses
|
169,476 | 167,979 | 158,159 | |||||||||||
Operating income
|
133,299 | 118,279 | 116,162 | |||||||||||
Interest income
|
7,358 | 1,492 | 4,188 | |||||||||||
Interest expense
|
(77,285 | ) | (55,780 | ) | (60,491 | ) | ||||||||
Net income
|
$ | 63,372 | $ | 63,991 | $ | 59,859 | ||||||||
F-29
GGP/Teachers | ||||||||||||||
2005 | 2004 | 2003 | ||||||||||||
Years ended December 31, | ||||||||||||||
(In thousands) | ||||||||||||||
Revenues:
|
||||||||||||||
Minimum rents
|
$ | 87,014 | $ | 83,464 | $ | 78,252 | ||||||||
Tenant recoveries
|
40,033 | 38,473 | 39,329 | |||||||||||
Overage rents
|
2,888 | 2,736 | 1,844 | |||||||||||
Other
|
2,378 | 1,831 | 1,132 | |||||||||||
Total revenues
|
132,313 | 126,504 | 120,557 | |||||||||||
Expenses:
|
||||||||||||||
Real estate taxes
|
11,130 | 10,868 | 11,756 | |||||||||||
Repairs and maintenance
|
7,405 | 7,472 | 8,321 | |||||||||||
Marketing
|
3,610 | 3,424 | 3,383 | |||||||||||
Other property operating costs
|
13,551 | 16,538 | 16,235 | |||||||||||
Provision for doubtful accounts
|
440 | 445 | 250 | |||||||||||
Property management and other costs
|
7,424 | 6,716 | 6,383 | |||||||||||
General and administrative
|
875 | 302 | 711 | |||||||||||
Depreciation and amortization
|
21,385 | 20,578 | 17,399 | |||||||||||
Total expenses
|
65,820 | 66,343 | 64,438 | |||||||||||
Operating income
|
66,493 | 60,161 | 56,119 | |||||||||||
Interest income
|
723 | 287 | 274 | |||||||||||
Interest expense
|
(27,030 | ) | (15,499 | ) | (14,939 | ) | ||||||||
Net income
|
$ | 40,186 | $ | 44,949 | $ | 41,454 | ||||||||
F-30
December 31, | |||||||||
2005 | 2004 | ||||||||
(In thousands) | |||||||||
Fixed-rate debt:
|
|||||||||
Commercial mortgage-backed securities
|
$ | 1,181,895 | $ | 1,201,291 | |||||
Other collateralized mortgage notes and other property debt
payable
|
11,092,544 | 8,167,894 | |||||||
Corporate and other unsecured term loans
|
1,631,257 | 1,750,882 | |||||||
Total fixed-rate debt
|
13,905,696 | 11,120,067 | |||||||
Variable-rate debt:
|
|||||||||
Commercial mortgage-backed securities
|
306,270 | 361,239 | |||||||
Other collateralized mortgage notes and other property debt
payable
|
888,842 | 2,189,059 | |||||||
Credit facilities
|
180,500 | 150,000 | |||||||
Corporate and other unsecured term loans
|
5,137,567 | 6,490,582 | |||||||
Total variable-rate debt
|
6,513,179 | 9,190,880 | |||||||
Total
|
$ | 20,418,875 | $ | 20,310,947 | |||||
F-31
Outstanding Balance | Number of Collateralized Properties | |||||||||||||||||
Consolidated | Unconsolidated | Consolidated | Unconsolidated | |||||||||||||||
(Dollars in millions) | ||||||||||||||||||
GGP MPTC
|
$ | 619.4 | $ | 291.4 | 4 | 5 | ||||||||||||
CMBS 13
|
868.8 | 138.6 | 11 | 2 |
December 31, | ||||||||||||
Initial | ||||||||||||
Capacity | 2005 | 2004 | ||||||||||
(In millions) | ||||||||||||
Six-month bridge loan
|
$ | 1,145.0 | $ | | $ | 749.9 | ||||||
Three-year term loan
|
3,650.0 | 3,064.9 | 3,650.0 | |||||||||
Four-year term loan
|
2,000.0 | 1,980.0 | 2,000.0 | |||||||||
Revolving credit facility
|
500.0 | 180.5 | 150.0 | |||||||||
$ | 7,295.0 | $ | 5,225.4 | $ | 6,549.9 | |||||||
F-32
Unsecured Term Loans |
F-33
Interest Rate Swaps |
2004 Credit | ||||||||||||
GGP MPTC | Agreement | Property Specific | ||||||||||
Total notional amount (in millions)
|
$ | 125.0 | $ | 350.0 | $ | 408.1 | ||||||
Average fixed effective rate (pay rate)
|
4.59 | % | 3.43 | % | 5.62 | % | ||||||
Average variable interest rate of related debt (receive rate)
|
LIBOR + .92 | % | LIBOR + 1.75 | % | LIBOR + 1.60 | % |
Letters of Credit and Surety Bonds |
F-34
2005 | 2004 | |||||||
(In thousands) | ||||||||
Current
|
$ | 22,050 | $ | 390 | ||||
Deferred
|
28,596 | 1,993 | ||||||
Total
|
$ | 50,646 | $ | 2,383 | ||||
2005 | 2004 | |||||||
(In thousands) | ||||||||
Tax at statutory rate on earnings from continuing operations
before income taxes
|
$ | 40,080 | $ | 89,481 | ||||
Decrease in valuation allowances, net
|
(5,114 | ) | (2,110 | ) | ||||
State income taxes, net of federal income tax benefit
|
343 | 115 | ||||||
Tax at statutory rate on (earnings) loss not subject to federal
income taxes and other permanent differences
|
15,337 | (85,103 | ) | |||||
Income tax expense
|
$ | 50,646 | $ | 2,383 | ||||
F-35
2005 | 2004 | ||||||||
(In thousands) | |||||||||
Total deferred tax assets
|
$ | 12,457 | $ | 180,374 | |||||
Valuation allowance
|
| (29,998 | ) | ||||||
Net deferred tax assets
|
12,457 | 150,376 | |||||||
Total deferred tax liabilities
|
(1,286,576 | ) | (1,414,565 | ) | |||||
Net deferred tax assets (liabilities)
|
$ | (1,274,119 | ) | $ | (1,264,189 | ) | |||
2005 | 2004 | |||||||
(In thousands) | ||||||||
Property, primarily differences in depreciation and
amortization, the tax basis of land assets and certain other
costs
|
$ | (1,266,660 | ) | $ | (1,329,676 | ) | ||
Deferred income
|
(236,167 | ) | (146,182 | ) | ||||
Interest deduction carryforwards
|
163,193 | 154,523 | ||||||
Operating loss and tax credit carryforwards
|
65,515 | 57,146 | ||||||
Net deferred tax assets (liabilities)
|
$ | (1,274,119 | ) | $ | (1,264,189 | ) | ||
F-36
2005 | 2004 | 2003 | ||||||||||
Common shares
|
||||||||||||
Ordinary income
|
$ | 0.993 | $ | 1.260 | $ | 1.003 | ||||||
Return of capital
|
0.497 | | | |||||||||
Unrecaptured Section 1250 capital gains
|
| | 0.017 | |||||||||
Distributions per share
|
$ | 1.490 | $ | 1.260 | $ | 1.020 | ||||||
Preferred shares*
|
||||||||||||
Ordinary income
|
$ | | $ | | $ | 1.403 | ||||||
Unrecaptured Section 1250 capital gains
|
| | 0.028 | |||||||||
Distributions per share
|
$ | | $ | | $ | 1.431 | ||||||
Year | Amount | |||
(In thousands) | ||||
2006
|
$ | 1,308,641 | ||
2007
|
1,219,607 | |||
2008
|
1,096,938 | |||
2009
|
959,978 | |||
2010
|
804,762 | |||
Subsequent
|
2,817,353 |
Note 9 | Transactions with Affiliates |
Property Management and Other Fees |
F-37
Notes Receivable Officers |
2004 | ||||
(In thousands) | ||||
Income tax withholdings reported in Prepaid and Other Assets
|
$ | 623 | ||
Reported as a reduction to Stockholders Equity
|
5,178 | |||
$ | 5,801 | |||
Other |
Note 10 | Employee Benefit and Stock Plans |
Incentive Stock Plans |
F-38
2005 | 2004 | 2003 | ||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Shares | Price | Shares | Price | Shares | Price | |||||||||||||||||||
Outstanding at beginning of year
|
1,875,687 | $ | 22.17 | 1,482,087 | $ | 14.86 | 1,590,309 | $ | 12.45 | |||||||||||||||
Granted
|
1,352,500 | 36.13 | 922,500 | 30.80 | 760,500 | 16.96 | ||||||||||||||||||
Exercised
|
(610,213 | ) | 21.00 | (521,100 | ) | 16.83 | (845,922 | ) | 12.28 | |||||||||||||||
Forfeited
|
(71,800 | ) | 32.90 | (7,800 | ) | 11.26 | (22,800 | ) | 11.76 | |||||||||||||||
Outstanding at end of year
|
2,546,174 | $ | 29.57 | 1,875,687 | $ | 22.17 | 1,482,087 | $ | 14.86 | |||||||||||||||
Exercisable at end of year
|
607,174 | $ | 25.85 | 369,687 | $ | 19.49 | 234,087 | $ | 13.67 | |||||||||||||||
Shares available for future grants
|
6,645,500 | 7,994,000 | 8,971,500 | |||||||||||||||||||||
Weighted average per share fair value of options granted during
the year
|
$ | 4.82 | $ | 2.97 | $ | 1.33 |
Options Outstanding | Options Exercisable | |||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
Number | Average Remaining | Average | Options | Average | ||||||||||||||||
Range of Exercise Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||||||||||||
$9.45 - $14.18
|
139,900 | 5.1 years | $ | 13.03 | 109,900 | $ | 12.89 | |||||||||||||
$14.18 - $18.90
|
517,111 | 6.9 years | 16.74 | 139,111 | 16.73 | |||||||||||||||
$28.35 - $33.08
|
685,000 | 3.1 years | 30.94 | 184,000 | 30.94 | |||||||||||||||
$33.08 - $37.80
|
1,121,663 | 3.9 years | 35.58 | 161,663 | 35.40 | |||||||||||||||
$37.80 - $42.53
|
7,500 | 4.8 years | 40.55 | 7,500 | 40.55 | |||||||||||||||
$42.53 - $47.26
|
75,000 | 4.8 years | 45.27 | 5,000 | 46.63 | |||||||||||||||
Total
|
2,546,174 | 4.8 years | $ | 29.57 | 607,174 | $ | 25.85 | |||||||||||||
Threshold-Vesting Stock Options |
F-39
TSO Grant Year | |||||||||||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||
Exercise price
|
$ | 35.41 | $ | 30.94 | $ | 16.77 | $ | 13.58 | $ | 11.58 | 9.99 | ||||||||||||||
Threshold Vesting Stock Price
|
49.66 | 43.39 | 23.52 | 19.04 | 16.23 | 14.01 | |||||||||||||||||||
Vesting date
|
n/a | 9/07/2005 | 10/24/2003 | 6/03/2003 | 9/13/2002 | 3/22/2002 | |||||||||||||||||||
Fair value of options on grant date
|
3.77 | 1.59 | 1.31 | 1.13 | 0.74 | 0.50 | |||||||||||||||||||
Shares:
|
|||||||||||||||||||||||||
Original Grant
|
1,000,000 | 1,031,480 | 900,000 | 779,025 | 989,988 | 753,090 | |||||||||||||||||||
Forfeited
|
(55,723 | ) | (114,919 | ) | (62,727 | ) | (121,452 | ) | (152,178 | ) | (168,726 | ) | |||||||||||||
Vested and exchanged for cash
|
| | (549,594 | ) | (495,693 | ) | (610,011 | ) | (438,288 | ) | |||||||||||||||
Vested and exercised
|
| (916,561 | ) | (215,502 | ) | (126,348 | ) | (181,419 | ) | (141,000 | ) | ||||||||||||||
Outstanding
|
944,277 | | 72,177 | 35,532 | 46,380 | 5,076 | |||||||||||||||||||
2005 | 2004 | 2003 | ||||||||||
Risk-free interest rate
|
3.40 | % | 3.44 | % | 4.28 | % | ||||||
Dividend yield
|
4.00 | 6.09 | 6.21 | |||||||||
Expected volatility
|
21.61 | 20.10 | 16.95 | |||||||||
Expected life
|
5.0 years | 5.2 years | 9.9 years |
Number of | Vesting Period | |||||||
Date | Shares | (In Years) | ||||||
February 2005
|
66,000 | 1 | ||||||
February 2004
|
55,000 | 1 | ||||||
February 2003
|
60,000 | N/A | (1) | |||||
February 2003
|
45,000 | 3 | ||||||
September 2002
|
150,000 | 3 |
F-40
Management Savings Plan |
TRC Plan |
F-41
Note 11 | Other Assets & Liabilities |
December 31, | ||||||||
2005 | 2004 | |||||||
Below-market ground leases
|
$ | 349,788 | $ | 397,385 | ||||
Deferred tax assets
|
12,457 | 150,376 | ||||||
Above-market tenant leases
|
77,094 | 138,818 | ||||||
Real estate tax stabilization agreement
|
87,188 | 93,514 | ||||||
Receivables, finance leases and bonds
|
136,410 | 87,497 | ||||||
Special Improvement District receivable
|
66,206 | 48,586 | ||||||
Security and escrow deposits
|
87,126 | 24,490 | ||||||
Funded defined contribution plan assets
|
20,156 | 50,724 | ||||||
Prepaid expenses
|
29,884 | 19,486 | ||||||
Other
|
54,060 | 114,871 | ||||||
$ | 920,369 | $ | 1,125,747 | |||||
December 31, | ||||||||
2005 | 2004 | |||||||
Below-market tenant leases
|
$ | 182,270 | $ | 251,983 | ||||
Accounts payable deposits and accrued expenses
|
594,876 | 376,826 | ||||||
Deferred gains/income
|
38,736 | 73,100 | ||||||
Hughes participation payable
|
61,783 | 35,019 | ||||||
Pension and retirement benefit liabilities
|
| 15,881 | ||||||
Capital lease obligations
|
19,206 | 22,487 | ||||||
Insurance reserves
|
31,852 | 18,046 | ||||||
Other
|
103,691 | 102,178 | ||||||
$ | 1,032,414 | $ | 895,520 | |||||
F-42
Note 12 | Minority Interests |
Common |
December 31, 2002
|
58,668,741 | ||||
Exchanges for General Growth common stock
|
(2,956,491 | ) | |||
December 31, 2003
|
55,712,250 | ||||
Exchanges for General Growth common stock
|
(179,987 | ) | |||
December 31, 2004
|
55,532,263 | ||||
Conversion of Preferred Units into Common Units
|
729,890 | ||||
Exchanges for General Growth common stock
|
(3,200,258 | ) | |||
December 31, 2005
|
53,061,895 | ||||
F-43
Preferred |
Number | ||||||||||||||||||||||||
of Units | ||||||||||||||||||||||||
as of | Per Unit | Carrying Amount | ||||||||||||||||||||||
Coupon | Issuing | December | Liquidation | |||||||||||||||||||||
Security Type | Rate | Entity | 31, 2005 | Preference | 2005 | 2004 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Perpetual Preferred Units
|
||||||||||||||||||||||||
Redeemable Preferred Units (RPUs)
|
8.95 | % | LLC | 240,000 | $ | 250 | $ | 60,000 | $ | 235,000 | (1) | |||||||||||||
Cumulative Preferred Units (CPUs)
|
8.25 | % | LLC | 20,000 | 250 | 5,000 | 5,000 | |||||||||||||||||
Price Development Company (PDC) Series C
|
8.75 | % | PDC | | 25 | | 8,000 | |||||||||||||||||
65,000 | 248,000 | |||||||||||||||||||||||
Convertible Preferred Units
|
||||||||||||||||||||||||
Series BJP Realty
|
8.50 | % | GGPLP | 1,362,571 | 50 | 68,129 | 70,975 | |||||||||||||||||
Series CGlendale Galleria
|
7.00 | % | GGPLP | 413,676 | 50 | 20,685 | 32,176 | |||||||||||||||||
Series DFoothills Mall
|
6.50 | % | GGPLP | 532,750 | 50 | 26,637 | 26,637 | |||||||||||||||||
Series EFour Seasons Town Centre
|
7.00 | % | GGPLP | 502,658 | 50 | 25,132 | 25,132 | |||||||||||||||||
140,583 | 154,920 | |||||||||||||||||||||||
Other preferred stock of consolidated subsidiaries
|
N/A | various | 361 | 1,000 | 361 | 241 | ||||||||||||||||||
Total Minority Interest-Preferred
|
$ | 205,944 | $ | 403,161 | ||||||||||||||||||||
(1) | Includes $175 million which was redeemed in May 2005 as permitted under the terms of the applicable RPUs. |
Number of Common | ||||
Units for each | ||||
Preferred Unit | ||||
Series B JP Realty
|
3.000 | |||
Series C Glendale Galleria
|
2.433 | |||
Series D Foothills Mall
|
1.508 | |||
Series E Four Seasons Town Center
|
1.298 |
F-44
2005 | 2004 | |||||||
(In thousands) | ||||||||
Net unrealized gains (losses) on financial instruments
|
$ | 4,702 | $ | (4,852 | ) | |||
Minimum pension liability adjustment
|
(703 | ) | (329 | ) | ||||
Foreign currency translation
|
6,510 | 1,590 | ||||||
Unrealized losses on available-for-sale securities
|
(55 | ) | (94 | ) | ||||
$ | 10,454 | $ | (3,685 | ) | ||||
F-45
2006 | 2007 | 2008 | 2009 | 2010 | Subsequent | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Long-term debt-principal
|
$ | 1,905,410 | $ | 2,407,092 | $ | 3,798,168 | $ | 5,086,955 | $ | 3,555,162 | $ | 3,666,088 | $ | 20,418,875 | ||||||||||||||
Retained debt-principal
|
50,928 | 88,365 | 2,367 | 2,524 | 120,019 | 38,516 | 302,719 | |||||||||||||||||||||
Ground lease payments
|
15,327 | 15,451 | 15,474 | 15,497 | 15,506 | 650,523 | 727,778 | |||||||||||||||||||||
Total
|
$ | 1,971,665 | $ | 2,510,908 | $ | 3,816,009 | $ | 5,104,976 | $ | 3,690,687 | $ | 4,355,127 | $ | 21,449,372 | ||||||||||||||
F-46
| A change in method of depreciating or amortizing a long-lived nonfinancial asset be accounted for as a change in estimate (prospectively) that was effected by a change in accounting principle, and |
| Correction of errors in previously issued financial statements should be termed a restatement. |
F-47
| Retail and Other includes the operation, development and management of regional shopping centers, office and industrial properties, downtown specialty marketplaces, the retail and non-retail rental components of mixed-use projects and community retail centers |
F-48
| Master Planned Communities includes the development and sale of land, primarily in large-scale, long-term community development projects in and around Columbia, Maryland; Summerlin, Nevada; and Houston, Texas |
Year Ended December 31, 2005 | |||||||||||||||
Consolidated | Unconsolidated | Segment | |||||||||||||
Properties | Properties | Basis | |||||||||||||
(In thousands) | |||||||||||||||
Retail and Other
|
|||||||||||||||
Property revenues:
|
|||||||||||||||
Minimum rents
|
$ | 1,670,387 | $ | 393,740 | $ | 2,064,127 | |||||||||
Tenant recoveries
|
754,836 | 181,193 | 936,029 | ||||||||||||
Overage rents
|
69,628 | 14,085 | 83,713 | ||||||||||||
Other, including net discontinued operations
|
113,454 | 64,803 | 178,257 | ||||||||||||
Total property revenues
|
2,608,305 | 653,821 | 3,262,126 | ||||||||||||
Property operating expenses:
|
|||||||||||||||
Real estate taxes
|
206,193 | 55,138 | 261,331 | ||||||||||||
Repairs and maintenance
|
195,292 | 43,313 | 238,605 | ||||||||||||
Marketing
|
63,522 | 14,705 | 78,227 | ||||||||||||
Other property operating costs
|
390,019 | 120,523 | 510,542 | ||||||||||||
Provision for doubtful accounts
|
13,868 | 4,857 | 18,725 | ||||||||||||
Total property operating expenses
|
868,894 | 238,536 | 1,107,430 | ||||||||||||
Retail and other net operating income
|
1,739,411 | 415,285 | 2,154,696 | ||||||||||||
Master Planned Communities
|
|||||||||||||||
Land sales
|
385,205 | 83,089 | 468,294 | ||||||||||||
Land sales operations
|
(311,815 | ) | (60,826 | ) | (372,641 | ) | |||||||||
Master Planned Communities net operating income
|
73,390 | 22,263 | 95,653 | ||||||||||||
Real estate property net operating income
|
$ | 1,812,801 | $ | 437,548 | $ | 2,250,349 | |||||||||
F-49
Year Ended December 31, 2004 | |||||||||||||||
Consolidated | Unconsolidated | Segment | |||||||||||||
Properties | Properties | Basis | |||||||||||||
(In thousands) | |||||||||||||||
Retail and Other
|
|||||||||||||||
Property revenues:
|
|||||||||||||||
Minimum rents
|
$ | 1,058,732 | $ | 293,175 | $ | 1,351,907 | |||||||||
Tenant recoveries
|
472,250 | 135,561 | 607,811 | ||||||||||||
Overage rents
|
54,105 | 10,960 | 65,065 | ||||||||||||
Other, including net discontinued operations
|
67,686 | 18,694 | 86,380 | ||||||||||||
Total property revenues
|
1,652,773 | 458,390 | 2,111,163 | ||||||||||||
Property operating expenses:
|
|||||||||||||||
Real estate taxes
|
128,114 | 39,546 | 167,660 | ||||||||||||
Repairs and maintenance
|
123,251 | 33,150 | 156,401 | ||||||||||||
Marketing
|
48,220 | 13,351 | 61,571 | ||||||||||||
Other property operating costs
|
207,909 | 74,589 | 282,498 | ||||||||||||
Provision for doubtful accounts
|
10,375 | 2,766 | 13,141 | ||||||||||||
Total property operating expenses
|
517,869 | 163,402 | 681,271 | ||||||||||||
Retail and other net operating income
|
1,134,904 | 294,988 | 1,429,892 | ||||||||||||
Master Planned Communities
|
|||||||||||||||
Land sales
|
68,643 | 37,170 | 105,813 | ||||||||||||
Land sales operations
|
(66,100 | ) | (37,225 | ) | (103,325 | ) | |||||||||
Master Planned Communities net operating income
|
2,543 | (55 | ) | 2,488 | |||||||||||
Real estate property net operating income
|
$ | 1,137,447 | $ | 294,933 | $ | 1,432,380 | |||||||||
F-50
Year Ended December 31, 2003 | ||||||||||||||
Consolidated | Unconsolidated | Segment | ||||||||||||
Properties | Properties | Basis | ||||||||||||
(In thousands) | ||||||||||||||
Retail and Other
|
||||||||||||||
Property revenues:
|
||||||||||||||
Minimum rents
|
$ | 775,320 | $ | 286,452 | $ | 1,061,772 | ||||||||
Tenant recoveries
|
332,137 | 140,334 | 472,471 | |||||||||||
Overage rents
|
34,928 | 8,624 | 43,552 | |||||||||||
Other, including net discontinued operations
|
41,378 | 8,078 | 49,456 | |||||||||||
Total property revenues
|
1,183,763 | 443,488 | 1,627,251 | |||||||||||
Property operating expenses:
|
||||||||||||||
Real estate taxes
|
88,276 | 40,056 | 128,332 | |||||||||||
Repairs and maintenance
|
81,433 | 33,716 | 115,149 | |||||||||||
Marketing
|
35,797 | 14,137 | 49,934 | |||||||||||
Other property operating costs
|
153,370 | 60,811 | 214,181 | |||||||||||
Provision for doubtful accounts
|
7,041 | 1,664 | 8,705 | |||||||||||
Total property operating expenses
|
365,917 | 150,384 | 516,301 | |||||||||||
Real estate property net operating income
|
$ | 817,846 | $ | 293,104 | $ | 1,110,950 | ||||||||
2005 | 2004 | 2003 | |||||||||||
(In thousands) | |||||||||||||
Real estate property net operating income
|
$ | 2,250,349 | $ | 1,432,380 | $ | 1,110,950 | |||||||
Unconsolidated net operating income
|
(437,548 | ) | (294,933 | ) | (293,104 | ) | |||||||
Consolidated Properties real estate property net operating income
|
1,812,801 | 1,137,447 | 817,846 | ||||||||||
Management and other fees
|
91,734 | 82,896 | 84,138 | ||||||||||
Property management and other costs
|
(148,399 | ) | (100,267 | ) | (109,746 | ) | |||||||
General and administrative
|
(13,053 | ) | (9,499 | ) | (8,533 | ) | |||||||
Depreciation and amortization
|
(672,914 | ) | (364,854 | ) | (230,195 | ) | |||||||
Discontinued operations and minority interest in consolidated NOI
|
(11,828 | ) | (4,431 | ) | (5,110 | ) | |||||||
Operating income
|
$ | 1,058,341 | $ | 741,292 | $ | 548,400 | |||||||
Interest income
|
10,416 | 3,227 | 2,308 | ||||||||||
Interest expense
|
(1,031,241 | ) | (472,185 | ) | (278,543 | ) | |||||||
Provision for income taxes
|
(50,646 | ) | (2,383 | ) | (98 | ) | |||||||
Income allocated to minority interests
|
(43,989 | ) | (105,274 | ) | (110,984 | ) | |||||||
Equity in income of unconsolidated affiliates
|
120,986 | 88,191 | 94,480 | ||||||||||
Income from continuing operations
|
$ | 63,867 | $ | 252,868 | $ | 255,563 | |||||||
F-51
2005 | 2004 | 2003 | ||||||||||
(In thousands) | ||||||||||||
Total property revenues
|
$ | 3,262,126 | $ | 2,111,163 | $ | 1,627,251 | ||||||
Unconsolidated segment revenues
|
(653,821 | ) | (458,390 | ) | (443,488 | ) | ||||||
Land sales
|
385,205 | 68,643 | | |||||||||
Management and other fees
|
91,734 | 82,896 | 84,138 | |||||||||
Income from discontinued operations
net of minority interest |
(11,828 | ) | (4,431 | ) | (5,110 | ) | ||||||
Total revenues
|
$ | 3,073,416 | $ | 1,799,881 | $ | 1,262,791 | ||||||
2005 | 2004 | |||||||
(In thousands) | ||||||||
Retail and Other
|
$ | 25,523,426 | $ | 25,630,362 | ||||
Master Planned Communities
|
2,116,588 | 1,818,660 | ||||||
Total segment assets
|
27,640,014 | 27,449,022 | ||||||
Unconsolidated Properties
|
(4,308,854 | ) | (3,918,661 | ) | ||||
Corporate and other
|
1,975,859 | 2,188,264 | ||||||
Total assets
|
$ | 25,307,019 | $ | 25,718,625 | ||||
F-52
2005 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands except for share and per share amounts) | |||||||||||||||||
Total revenues
|
$ | 707,168 | (b) | $ | 758,230 | (b) | $ | 745,842 | (b) | $ | 862,176 | ||||||
Operating income
|
233,716 | (b) | 222,473 | (b) | 279,777 | (b) | 322,375 | ||||||||||
Income (loss) from continuing operations
|
11,536 | (b) | 885 | (b) | (8,521 | )(b) | 59,967 | ||||||||||
Income from discontinued operations
|
1,529 | (b) | 1,767 | (b) | 1,687 | (b) | 6,703 | ||||||||||
Net income (loss) available to common shareholders
|
13,065 | 2,652 | (6,834 | ) | 66,670 | ||||||||||||
Earnings (loss) from continuing operations:
|
|||||||||||||||||
Basic(a)
|
0.05 | (b) | | (b) | (0.04 | )(b) | 0.25 | ||||||||||
Diluted(a)
|
0.05 | (b) | | (b) | (0.04 | )(b) | 0.25 | ||||||||||
Earnings from discontinued operations:
|
|||||||||||||||||
Basic(a)
|
0.01 | (b) | 0.01 | (b) | 0.01 | (b) | 0.03 | ||||||||||
Diluted(a)
|
0.01 | (b) | 0.01 | (b) | 0.01 | (b) | 0.03 | ||||||||||
Earnings (loss) per share:
|
|||||||||||||||||
Basic
|
0.06 | 0.01 | (0.03 | ) | 0.28 | ||||||||||||
Diluted
|
0.06 | 0.01 | (0.03 | ) | 0.28 | ||||||||||||
Distributions declared per share
|
0.36 | 0.36 | 0.36 | 0.41 | |||||||||||||
Weighted-average shares outstanding:
|
|||||||||||||||||
Basic
|
235,812 | 237,854 | 238,218 | 238,784 | |||||||||||||
Diluted
|
236,588 | 238,922 | 238,218 | 239,736 |
(a) | Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the issuance of additional common stock during the year. |
(b) | Amounts reported herein differ from previously reported amounts as a result of reclassification of results of operations of sold properties to discontinued operations. Total revenues also reflect changes to conform to current period presentation. |
F-53
2004 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands except for share and per share amounts) | |||||||||||||||||
Total revenues
|
$ | 359,936 | (b) | $ | 374,526 | (b) | $ | 396,669 | (b) | $ | 668,750 | (b) | |||||
Operating income
|
152,522 | 145,469 | 168,291 | 275,010 | (b) | ||||||||||||
Income from continuing operations
|
58,336 | 50,247 | 62,973 | 81,312 | (b) | ||||||||||||
Income from discontinued operations
|
787 | 901 | 1,000 | 12,296 | (b) | ||||||||||||
Net income available to common shareholders
|
59,122 | 51,148 | 63,973 | 93,609 | (b) | ||||||||||||
Earnings from continuing operations:
|
|||||||||||||||||
Basic
|
0.27 | 0.23 | 0.29 | 0.36 | (b) | ||||||||||||
Diluted(a)
|
0.27 | 0.22 | 0.29 | 0.36 | (b) | ||||||||||||
Earnings from discontinued operations:
|
|||||||||||||||||
Basic
|
| 0.01 | | 0.05 | (b) | ||||||||||||
Diluted(a)
|
| 0.01 | | 0.05 | (b) | ||||||||||||
Earnings per share:
|
|||||||||||||||||
Basic(a)
|
0.27 | 0.24 | 0.29 | 0.41 | |||||||||||||
Diluted(a)
|
0.27 | 0.23 | 0.29 | 0.41 | |||||||||||||
Distributions declared per share
|
0.30 | 0.30 | 0.66 | | |||||||||||||
Weighted-average shares outstanding:
|
|||||||||||||||||
Basic
|
217,553 | 218,075 | 218,605 | 226,312 | |||||||||||||
Diluted
|
218,479 | 218,882 | 219,298 | 227,200 |
(a) | Earnings (loss) per share for the quarters do not add up to the annual earnings per share due to the issuance of additional common stock during the year. |
(b) | Amounts reported herein differ from previously reported amounts as a result of reclassification of results of operations of sold properties to discontinued operations. Total revenues also reflect changes to conform to current period presentation. |
F-54
F-55
Col. A | Col. B | Col. C | Col. D | Col. E | Col. F | Col. G | Col. H | Col. I | ||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts at Which | ||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Net Land, | Carried at Close of Period | Life Upon Which | |||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Latest Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Equipment | Carrying | Buildings and | Accumulated | Date of | Date | Statement is | |||||||||||||||||||||||||||||||||||||||||||
Name of Center | Location | Encumbrances(a) | Land | Equipment(b) | Improvements | Costs(c) | Land | Equipment | Total(d) | Depreciation(e) | Construction | Acquired | Computed | |||||||||||||||||||||||||||||||||||||
Ala Moana Center
|
Honolulu, HI | $ | 547,606,276 | $ | 336,229,260 | $ | 473,770,740 | $ | 91,369,123 | $ | 8,508,742 | $ | 336,229,497 | $ | 573,648,368 | $ | 909,877,865 | $ | 108,697,433 | 1999 | (e | ) | ||||||||||||||||||||||||||||
Alameda Plaza
|
Pocatello, ID | | 740,000 | 2,060,000 | 3,854 | | 740,040 | 2,063,814 | 2,803,854 | 179,381 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Anaheim Crossing
|
Anaheim, CA | | | 2,058,000 | (72,470 | ) | | | 1,985,530 | 1,985,530 | 174,188 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Animas Valley Mall
|
Farmington, NM | 26,286,347 | 10,783,000 | 30,165,000 | 5,499,666 | 28,481 | 6,464,479 | 40,011,668 | 46,476,146 | 3,750,310 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Apache Mall
|
Rochester, MN | 52,547,597 | 8,110,292 | 72,992,628 | 21,514,664 | 219,692 | 8,110,292 | 94,726,984 | 102,837,276 | 17,524,188 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Arizona Center
|
Phoenix, AZ | 12,194,147 | | 132,157,784 | 362,807 | | | 132,520,591 | 132,520,591 | 8,601,491 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Augusta Mall
|
Augusta, GA | 49,498,033 | | 162,272,311 | 657,790 | | | 162,930,101 | 162,930,101 | 7,412,706 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Austin Bluffs Plaza
|
Colorado Springs, CO | 2,515,548 | 1,080,000 | 3,007,000 | 120,158 | | 1,080,183 | 3,126,975 | 4,207,158 | 271,802 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Bailey Hills Village
|
Eugene, OR | | 290,000 | 806,000 | 35,152 | | 290,168 | 840,984 | 1,131,152 | 71,439 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Baybrook Mall
|
Friendswood, TX | 155,811,808 | 13,300,000 | 117,162,546 | 21,048,691 | 238,870 | 19,375,344 | 132,374,763 | 151,750,107 | 22,549,289 | 1999 | (e | ) | |||||||||||||||||||||||||||||||||||||
Bayshore Mall
|
Eureka, CA | 32,673,241 | 3,004,345 | 27,398,907 | 31,172,700 | 2,913,529 | 3,005,039 | 61,484,443 | 64,489,482 | 26,715,141 | 1986-1987 | (e | ) | |||||||||||||||||||||||||||||||||||||
Bayside Marketplace
|
Miami, FL | 68,638,674 | | 155,340,061 | 24,811,873 | | | 180,151,934 | 180,151,934 | 10,104,303 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Beachwood Place
|
Cleveland, OH | 220,024,207 | 18,500,000 | 319,683,761 | 634,666 | | 18,500,000 | 320,318,427 | 338,818,427 | 11,012,639 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Bellis Fair Mall
|
Bellingham, WA | 67,077,780 | 7,616,458 | 47,040,131 | 15,331,007 | 6,169,776 | 7,485,224 | 68,672,147 | 76,157,372 | 33,760,873 | 1987-1988 | (e | ) | |||||||||||||||||||||||||||||||||||||
Birchwood Mall
|
Port Huron, MI | 40,758,905 | 1,768,935 | 34,574,635 | 18,540,088 | 1,980,603 | 3,042,616 | 53,821,645 | 56,864,261 | 23,707,471 | 1989-1990 | (e | ) | |||||||||||||||||||||||||||||||||||||
Boise Plaza
|
Boise, ID | | 465,000 | 1,293,000 | (309,382 | ) | | 374,355 | 1,074,263 | 1,448,618 | 97,388 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Boise Towne Plaza
|
Boise, ID | 11,632,900 | 3,988,000 | 11,101,000 | 59,803 | | 3,987,857 | 11,160,946 | 15,148,803 | 976,989 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Boise Towne Square
|
Boise, ID | 77,739,613 | 36,452,000 | 101,853,000 | 21,613,690 | | 23,448,775 | 136,469,916 | 159,918,690 | 12,769,867 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Boulevard Mall
|
Las Vegas, NV | 115,187,007 | 16,490,343 | 148,413,086 | 6,807,416 | | 15,355,557 | 156,355,289 | 171,710,846 | 30,685,532 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Burlington Town Center
|
Burlington, VT | 31,500,000 | 1,637,035 | 32,797,783 | 1,451,144 | | 1,637,035 | 34,248,927 | 35,885,962 | 6,682,649 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Cache Valley Mall
|
Logan, UT | | 6,451,000 | 18,422,000 | 9,524,440 | 196,926 | 3,874,744 | 30,719,621 | 34,594,365 | 2,451,329 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Cache Valley Marketplace
|
Logan, UT | | 1,500,000 | 1,583,000 | 3,672,671 | 42,847 | 3,139,246 | 3,659,273 | 6,798,519 | 205,614 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Capital Mall
|
Jefferson City, MO | 21,268,870 | 4,200,000 | 14,201,000 | 9,809,831 | | 3,912,935 | 24,297,896 | 28,210,831 | 9,341,048 | 1993 | (e | ) | |||||||||||||||||||||||||||||||||||||
Century Mall
|
Birmingham, AL | | 3,164,000 | 28,513,908 | 5,840,164 | | 3,164,000 | 34,354,072 | 37,518,072 | 8,458,893 | 1997 | (e | ) | |||||||||||||||||||||||||||||||||||||
Chapel Hills Mall
|
Colorado Springs, CO | 121,725,238 | 4,300,000 | 34,017,000 | 62,766,467 | 36,805 | 4,300,000 | 96,820,272 | 101,120,272 | 29,803,676 | 1993 | (e | ) | |||||||||||||||||||||||||||||||||||||
Chico Mall
|
Chico, CA | 60,241,026 | 8,110,390 | 54,093,129 | 868,688 | | 16,957,589 | 46,114,618 | 63,072,207 | 2,809,552 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Coastland Center
|
Naples, FL | 102,671,265 | 11,450,000 | 103,050,200 | 10,750,253 | | 11,450,000 | 113,800,453 | 125,250,453 | 21,878,524 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Collin Creek
|
Plano, TX | 76,323,136 | 26,250,000 | 122,990,879 | 1,263,702 | | 26,250,000 | 124,254,580 | 150,504,580 | 8,151,227 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Colony Square Mall
|
Zanesville, OH | 41,083,300 | 1,000,000 | 24,500,000 | 18,006,575 | 25,000 | 1,243,184 | 42,288,390 | 43,531,575 | 20,780,178 | 1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
Columbia Mall
|
Columbia, MO | 89,225,600 | 5,383,208 | 19,663,231 | 27,115,191 | 1,422,994 | 5,383,208 | 48,201,416 | 53,584,624 | 21,453,802 | 1984-1985 | (e | ) | |||||||||||||||||||||||||||||||||||||
Coral Ridge Mall
|
Coralville, IA | 104,631,227 | 3,363,602 | 64,217,772 | 13,448,543 | 4,575,166 | 3,412,857 | 82,192,225 | 85,605,082 | 20,670,399 | 1998-1999 | (e | ) | |||||||||||||||||||||||||||||||||||||
Coronado Center
|
Albuquerque, NM | 177,790,284 | 33,072,272 | 148,799,184 | 1,396,791 | | 33,072,272 | 150,195,975 | 183,268,247 | 12,927,321 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Cottonwood Mall
|
Salt Lake City, UT | | 12,616,000 | 35,697,000 | 1,957,070 | | 7,613,427 | 42,656,642 | 50,270,070 | 3,963,329 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Cottonwood Square
|
Salt Lake City, UT | | 1,558,000 | 4,339,000 | 85,129 | | 1,558,221 | 4,423,908 | 5,982,129 | 381,914 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Country Hills Plaza
|
Ogden, UT | 5,102,778 | 3,620,000 | 9,080,000 | 454,460 | | 3,620,000 | 9,534,460 | 13,154,460 | 810,357 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Crossroads
|
Portage, MI | 42,004,654 | 6,800,000 | 61,200,000 | 21,345,129 | 298,449 | 6,800,000 | 82,843,578 | 89,643,578 | 14,079,593 | 1999 | (e | ) | |||||||||||||||||||||||||||||||||||||
Crossroads Center
|
St. Cloud, MN | 117,770,375 | 10,812,523 | 72,202,847 | 35,175,709 | 1,758,651 | 13,206,441 | 106,743,289 | 119,949,731 | 12,877,270 | 2000 | (e | ) | |||||||||||||||||||||||||||||||||||||
Cumberland Mall
|
Atlanta, GA | 93,218,199 | 15,198,568 | 136,787,110 | 11,968,905 | 286,334 | 16,749,496 | 147,491,421 | 164,240,917 | 28,032,141 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Division Crossing
|
Portland, OR | 5,797,108 | 1,773,000 | 4,935,000 | 249,993 | | 1,772,915 | 5,185,078 | 6,957,993 | 446,425 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Eagle Ridge Mall
|
Lake Wales, FL | 49,895,997 | 7,619,865 | 49,560,538 | 11,652,741 | 5,719,079 | 7,619,865 | 66,932,358 | 74,552,223 | 20,405,217 | 1995-1996 | (e | ) | |||||||||||||||||||||||||||||||||||||
Eastridge Mall
|
Casper, WY | 41,320,674 | 9,902,000 | 27,596,000 | 5,443,446 | | 6,092,453 | 36,848,993 | 42,941,446 | 3,454,066 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Eden Prairie Mall
|
Eden Prairie, MN | 84,798,741 | 465,063 | 19,024,047 | 115,895,501 | 9,506,545 | 492,585 | 144,398,570 | 144,891,155 | 22,842,532 | 1997 | (e | ) | |||||||||||||||||||||||||||||||||||||
Fallbrook Mall
|
West Hills, CA | 74,957,000 | 6,117,338 | 10,076,520 | 92,202,805 | 6,445,196 | 6,127,138 | 108,714,721 | 114,841,859 | 40,509,300 | 1984 | (e | ) | |||||||||||||||||||||||||||||||||||||
Faneuil Hall Marketplace
|
Boston, MA | | | 111,407,941 | 11,282,432 | | | 122,690,373 | 122,690,373 | 6,452,728 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Fashion Place
|
Murray, UT | 151,676,392 | | 206,483,936 | 2,711,868 | | | 209,195,804 | 209,195,804 | 7,373,458 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Fashion Show
|
Las Vegas, NV | 373,266,363 | 523,650,100 | 602,288,273 | 17,433,528 | | 523,650,100 | 619,721,801 | 1,143,371,901 | 30,278,938 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Foothills Mall
|
Fort Collins, CO | 44,188,376 | 10,052,653 | 90,495,739 | 6,078,508 | | 9,263,802 | 97,363,098 | 106,626,900 | 6,213,078 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Fort Union
|
Midvale, UT | 3,026,223 | 141,000 | 3,701,000 | 22,828 | | | 3,864,828 | 3,864,828 | 343,041 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Four Seasons Town Centre
|
Greensboro, NC | 108,399,091 | 24,976,933 | 136,636,477 | 9,959,664 | | 27,231,494 | 144,341,581 | 171,573,074 | 8,022,166 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Fox River Mall
|
Appleton, WI | 195,222,700 | 2,700,566 | 18,291,067 | 61,356,993 | 2,350,805 | 4,787,291 | 79,912,140 | 84,699,431 | 30,792,596 | 1983-1984 | (e | ) | |||||||||||||||||||||||||||||||||||||
Fremont Plaza
|
Las Vegas, NV | | | 3,956,000 | 255,373 | | | 4,211,373 | 4,211,373 | 349,802 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Gallery at Harborplace
|
Baltimore, MD | 107,653,394 | | 174,410,487 | 1,037,616 | | | 175,448,104 | 175,448,104 | 7,173,157 | 2004 | (e | ) |
F-56
GENERAL GROWTH PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | Col. F | Col. G | Col. H | Col. I | ||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts at Which | ||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Net Land, | Carried at Close of Period | Life Upon Which | |||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Latest Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Equipment | Carrying | Buildings and | Accumulated | Date of | Date | Statement is | |||||||||||||||||||||||||||||||||||||||||||
Name of Center | Location | Encumbrances(a) | Land | Equipment(b) | Improvements | Costs(c) | Land | Equipment | Total(d) | Depreciation(e) | Construction | Acquired | Computed | |||||||||||||||||||||||||||||||||||||
Gateway Crossing Shopping Center
|
Bountiful, UT | 16,226,355 | 4,104,000 | 11,422,000 | 393,777 | | 4,103,858 | 11,815,918 | 15,919,777 | 1,085,023 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Gateway Mall
|
Springfield, OR | 41,683,120 | 8,728,263 | 34,707,170 | 23,110,830 | 7,698,614 | 8,728,263 | 65,516,614 | 74,244,877 | 28,959,368 | 1989-1990 | (e | ) | |||||||||||||||||||||||||||||||||||||
Glenbrook Square
|
Fort Wayne, IN | 186,920,722 | 30,414,372 | 195,896,270 | 2,780,898 | | 30,462,800 | 198,628,740 | 229,091,540 | 11,928,681 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Governors Square
|
Tallahassee, FL | 69,206,771 | | 121,481,516 | 2,149,594 | | | 123,631,110 | 123,631,110 | 5,602,227 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Grand Canal Shoppes
|
Las Vegas, NV | 417,515,088 | | 766,232,339 | 11,852,879 | | | 778,085,218 | 778,085,218 | 33,602,942 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Grand Teton Mall
|
Idaho Falls, ID | 28,163,980 | 13,104,000 | 36,813,000 | 19,716,520 | 149,495 | 9,322,131 | 60,460,884 | 69,783,015 | 4,508,002 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Grand Traverse Mall
|
Traverse City, MI | 89,796,495 | 3,529,966 | 20,775,772 | 25,231,342 | 3,643,793 | 3,533,746 | 49,647,128 | 53,180,873 | 22,576,476 | 1990-1991 | (e | ) | |||||||||||||||||||||||||||||||||||||
Greenwood Mall
|
Bowling Green, KY | 46,798,195 | 3,200,000 | 40,202,000 | 32,115,832 | 109,478 | 3,387,160 | 72,240,150 | 75,627,310 | 27,436,716 | 1993 | (e | ) | |||||||||||||||||||||||||||||||||||||
Halsey Crossing
|
Gresham, OR | 2,837,084 | | 4,363,000 | 109,033 | | | 4,472,033 | 4,472,033 | 391,918 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Harborplace
|
Baltimore, MD | 31,221,300 | | 54,308,359 | 395,065 | | | 54,703,423 | 54,703,423 | 3,569,367 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Hulen Mall
|
Fort Worth, TX | 119,310,165 | 8,910,000 | 153,893,780 | 361,189 | | 8,910,000 | 154,254,969 | 163,164,969 | 6,097,816 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Jordan Creek Town Center
|
West Des Moines, IA | 196,938,756 | 18,141,510 | 166,142,669 | | 5,974,300 | 18,141,510 | 172,116,969 | 190,258,479 | 9,592,537 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Knollwood Mall
|
St. Louis Park, MN | 41,911,510 | | 9,748,047 | 43,380,965 | 3,965,615 | 7,025,606 | 50,069,021 | 57,094,627 | 20,728,542 | 1978 | (e | ) | |||||||||||||||||||||||||||||||||||||
Lakeside Mall
|
Sterling Heights, MI | 191,846,869 | 35,860,000 | 369,638,516 | 1,559,260 | | 35,860,000 | 371,197,776 | 407,057,776 | 11,549,149 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Lakeview Square
|
Battle Creek, MI | 22,185,129 | 3,578,619 | 32,209,980 | 16,843,239 | 375,998 | 3,578,619 | 49,429,217 | 53,007,836 | 12,597,240 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||||
Landmark Mall
|
Alexandria, VA | 25,373,841 | 28,395,945 | 67,234,703 | (1,646,925 | ) | 1,087,044 | 28,395,945 | 66,674,821 | 95,070,766 | 13,969,535 | 2003 | (e | ) | ||||||||||||||||||||||||||||||||||||
Lansing Mall
|
Lansing, MI | 67,320,015 | 6,977,798 | 62,800,179 | 45,141,358 | 768,954 | 11,496,394 | 104,191,896 | 115,688,290 | 23,138,756 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||||
Lincolnshire Commons
|
Lincolnshire, IL | | | | 19,379,544 | | 10,784,309 | 8,595,235 | 19,379,544 | 55,938 | 2005 | (e | ) | |||||||||||||||||||||||||||||||||||||
Lockport Mall
|
Lockport, NY | | 800,000 | 10,000,000 | 4,272,423 | 53,912 | 800,000 | 14,326,335 | 15,126,335 | 7,381,548 | 1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
Lynnhaven Mall
|
Virginia Beach, VA | 249,599,982 | 39,225,630 | 222,321,434 | 6,422,890 | 2,747 | 33,697,604 | 234,275,097 | 267,972,701 | 15,213,383 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Maine Mall
|
South Portland, ME | 228,366,913 | 41,373,998 | 238,457,053 | 2,272,302 | | 41,102,158 | 241,001,195 | 282,103,353 | 13,466,762 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mall at Sierra Vista
|
Sierra Vista, AZ | | 4,550,000 | 18,658,000 | 1,431,119 | | 3,651,670 | 20,987,450 | 24,639,119 | 2,023,693 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mall in Columbia
|
Columbia, MD | 194,355,258 | 34,650,000 | 522,362,592 | 6,600,282 | | 34,650,000 | 528,962,875 | 563,612,875 | 19,303,030 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mall of Louisiana
|
Baton Rouge, LA | 185,000,000 | 24,590,822 | 246,452,070 | 5,337,444 | | 24,590,822 | 251,789,514 | 276,380,336 | 11,016,309 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mall of the Bluffs
|
Council Bluffs, IA | 40,758,905 | 1,860,116 | 24,016,343 | 21,410,525 | 2,585,988 | 1,895,220 | 47,977,752 | 49,872,972 | 22,044,635 | 1985-1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mall St. Matthews
|
Louisville, KY | 153,328,236 | | 176,582,596 | 3,113,734 | | | 179,696,331 | 179,696,331 | 7,888,235 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mall St. Vincent
|
Shreveport, LA | 17,556,345 | 2,640,000 | 23,760,000 | 9,176,076 | 1,439 | 2,640,000 | 32,937,516 | 35,577,516 | 7,536,193 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Market Place Shopping Center
|
Champaign, IL | 106,737,300 | 7,000,000 | 63,972,357 | 49,907,982 | 617,066 | 7,000,000 | 114,497,404 | 121,497,404 | 25,356,601 | 1997 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mayfair
|
Wauwatosa, WI | 190,113,202 | 14,706,639 | 224,846,565 | 29,483,921 | 1,398,925 | 14,706,639 | 255,729,411 | 270,436,051 | 41,595,105 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Meadows Mall
|
Las Vegas, NV | 108,548,278 | 24,633,921 | 104,088,306 | 16,850,436 | 70,247 | 24,894,746 | 120,748,164 | 145,642,910 | 20,292,851 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Metro Plaza
|
Baltimore, MD | | 1,050,000 | 10,340,484 | 195,399 | | 1,050,000 | 10,535,883 | 11,585,883 | 1,008,483 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Mondawmin Mall
|
Baltimore, MD | 17,429,874 | 10,800,000 | 47,531,227 | 1,372,628 | | 10,800,000 | 48,903,855 | 59,703,855 | 3,332,954 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
North Plains Mall
|
Clovis, NM | | 4,676,000 | 13,033,000 | 2,771,226 | 2,347 | 2,722,314 | 17,760,259 | 20,482,573 | 1,629,889 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
North Star Mall
|
San Antonio, TX | 247,056,464 | 29,230,000 | 467,960,754 | 4,854,489 | | 29,230,000 | 472,815,243 | 502,045,243 | 17,283,534 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
North Temple Shops
|
Salt Lake City, UT | | 168,000 | 468,000 | 5,431 | | 167,987 | 473,444 | 641,431 | 41,171 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
North Town Mall
|
Spokane, WA | 78,673,605 | 38,445,000 | 107,330,000 | 4,943,491 | | 22,407,494 | 128,310,997 | 150,718,491 | 11,919,251 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Northgate Mall
|
Chattanooga, TN | 20,715,038 | 2,524,869 | 43,943,539 | 2,377,497 | 4,540 | 2,524,869 | 46,325,577 | 48,850,446 | 9,189,266 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Northridge Fashion Center
|
Northridge, CA | 133,039,062 | 16,618,095 | 149,562,583 | 31,020,669 | 3,540,766 | 16,866,397 | 183,875,717 | 200,742,113 | 36,047,190 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Oak View Mall
|
Omaha, NE | 77,427,333 | 12,056,062 | 113,041,871 | 3,180,889 | | 12,056,062 | 116,222,760 | 128,278,823 | 16,740,985 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Oakwood Center
|
Gretna, LA | | 2,830,000 | 137,574,069 | (49,345,210 | ) | | 2,830,000 | 88,228,859 | 91,058,859 | 7,383,399 | 2004 | (e | ) | ||||||||||||||||||||||||||||||||||||
Oakwood Mall
|
Eau Claire, WI | 54,345,208 | 3,266,669 | 18,281,160 | 24,958,511 | 1,723,991 | 3,266,669 | 44,963,662 | 48,230,331 | 22,222,877 | 1985-1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
Oglethorpe Mall
|
Savannah, GA | 149,134,768 | 16,036,395 | 92,977,582 | 5,802,825 | 177,709 | 16,036,395 | 98,958,116 | 114,994,511 | 17,593,691 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Orem Plaza Center Street
|
Orem, UT | 2,704,687 | 1,069,000 | 2,974,000 | 22,311 | | 1,068,592 | 2,996,719 | 4,065,311 | 260,348 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Orem Plaza State Street
|
Orem, UT | 1,673,880 | 592,000 | 1,649,000 | 47,476 | | 592,396 | 1,696,080 | 2,288,476 | 145,587 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Oviedo Marketplace
|
Orlando, FL | 54,572,965 | 24,016,700 | 23,958,404 | 545,012 | | 24,016,700 | 24,503,416 | 48,520,116 | 3,206,138 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Owings Mills Mall
|
Owing Mills, MD | 41,970,049 | 26,986,250 | 173,896,354 | 13,372,343 | 109,008 | 26,735,000 | 187,628,955 | 214,363,955 | 11,209,785 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Oxmoor Center
|
Louisville, KY | 65,076,155 | | 124,487,000 | 7,393,632 | | | 131,880,632 | 131,880,632 | 4,074,322 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Paramus Park
|
Paramus, NJ | 109,743,317 | 47,660,000 | 182,124,280 | 819,125 | | 47,660,000 | 182,943,405 | 230,603,405 | 7,455,501 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Park City Center
|
Lancaster, PA | 158,046,874 | 8,465,148 | 177,191,205 | 9,379,326 | 19,681 | 8,465,148 | 186,590,213 | 195,055,361 | 32,811,166 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Park Place
|
Tucson, AZ | 186,316,855 | 4,996,024 | 44,993,177 | 97,826,284 | 13,523,774 | 4,715,836 | 156,623,424 | 161,339,260 | 28,903,088 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||||
Peachtree Mall
|
Columbus, GA | 94,358,571 | 22,051,603 | 67,678,571 | 3,812,549 | | 22,051,603 | 71,491,120 | 93,542,723 | 6,326,978 | 2003 | (e | ) |
F-57
GENERAL GROWTH PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | Col. F | Col. G | Col. H | Col. I | ||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts at Which | ||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Net Land, | Carried at Close of Period | Life Upon Which | |||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Latest Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Equipment | Carrying | Buildings and | Accumulated | Date of | Date | Statement is | |||||||||||||||||||||||||||||||||||||||||||
Name of Center | Location | Encumbrances(a) | Land | Equipment(b) | Improvements | Costs(c) | Land | Equipment | Total(d) | Depreciation(e) | Construction | Acquired | Computed | |||||||||||||||||||||||||||||||||||||
Pecanland Mall
|
Monroe, LA | 63,395,960 | 7,190,000 | 64,710,000 | 14,465,965 | | 10,101,102 | 76,264,863 | 86,365,965 | 7,888,333 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Piedmont Mall
|
Danville, VA | 25,704,859 | 2,000,000 | 38,000,000 | 10,145,999 | 186,190 | 2,000,000 | 48,332,189 | 50,332,189 | 13,596,687 | 1995 | (e | ) | |||||||||||||||||||||||||||||||||||||
Pierre Bossier Mall
|
Bossier City, LA | 37,874,365 | 4,363,832 | 35,352,736 | 9,452,004 | 2,260 | 4,367,095 | 44,803,737 | 49,170,832 | 9,635,972 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
The Pines
|
Pine Bluff, AR | | 1,488,928 | 17,627,258 | 15,495,891 | 1,365,091 | 1,247,414 | 34,729,754 | 35,977,167 | 16,537,315 | 1985-1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
Pine Ridge Mall
|
Pocatello, ID | 27,859,405 | 8,375,000 | 23,337,000 | 5,787,850 | 26,316 | 4,905,207 | 32,620,959 | 37,526,167 | 2,696,306 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Pioneer Place
|
Portland, OR | 181,354,305 | | 209,964,809 | 1,187,909 | | | 211,152,718 | 211,152,718 | 9,946,853 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Plaza 800
|
Sparks, NV | | 1,435,000 | 3,995,000 | 11,889 | | | 5,441,889 | 5,441,889 | 412,244 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Plaza 9400
|
Sandy, UT | | | 9,114,000 | 181,084 | | | 9,295,084 | 9,295,084 | 815,533 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Prince Kuhio Plaza
|
Hilo, HI | 40,665,957 | | 42,028,685 | 2,187,811 | 10,737 | 9,082 | 44,218,151 | 44,227,233 | 8,255,704 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Providence Place
|
Providence, RI | 437,228,921 | | 502,808,680 | 1,545,621 | | | 504,354,301 | 504,354,301 | 20,595,215 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Provo Towne Centre
|
Provo, UT | 51,651,718 | 21,767,302 | 68,296,000 | (815,581 | ) | 72,352 | 13,485,901 | 75,834,172 | 89,320,073 | 7,267,812 | 2002 | (e | ) | ||||||||||||||||||||||||||||||||||||
Red Cliffs Mall
|
St. George, UT | 26,478,762 | 7,019,000 | 19,644,000 | 8,253,485 | | 5,116,379 | 29,800,106 | 34,916,485 | 2,814,483 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Red Cliffs Plaza
|
St. George, UT | | | 2,366,000 | 533,826 | | | 2,899,826 | 2,899,826 | 239,639 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Regency Square Mall
|
Jacksonville, FL | 101,188,176 | 16,497,552 | 148,477,968 | 18,197,746 | 118,881 | 17,884,037 | 165,408,111 | 183,292,148 | 31,070,977 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Ridgedale Center
|
Minneapolis, MN | 188,202,904 | 10,710,000 | 272,607,123 | 2,294,390 | | 10,710,000 | 274,901,513 | 285,611,513 | 10,290,165 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Rio West Mall
|
Gallup, NM | 22,844,000 | | 19,500,000 | 6,686,714 | | | 26,186,714 | 26,186,714 | 12,514,815 | 1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
River Falls Mall
|
Clarksville, IN | | 3,177,688 | 54,610,421 | 58,074,458 | 5,980,635 | 5,237,478 | 116,605,725 | 121,843,202 | 33,247,744 | 1989-1990 | (e | ) | |||||||||||||||||||||||||||||||||||||
River Hills Mall
|
Mankato, MN | 83,017,800 | 3,713,529 | 29,013,757 | 23,084,360 | 2,678,428 | 4,707,482 | 53,782,593 | 58,490,074 | 23,191,607 | 1990-1991 | (e | ) | |||||||||||||||||||||||||||||||||||||
River Pointe Plaza
|
West Jordan, UT | 4,189,427 | 1,302,000 | 3,623,000 | 183,043 | | 1,301,531 | 3,806,512 | 5,108,043 | 327,917 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Riverlands Shopping Center
|
LaPlace, LA | | 500,000 | 4,500,000 | 4,266,413 | 44,678 | 1,100,950 | 8,210,142 | 9,311,092 | 1,214,313 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Riverside Plaza
|
Provo, UT | 5,995,704 | 2,475,000 | 6,890,000 | 1,833,570 | 6,877 | 2,475,227 | 8,730,220 | 11,205,447 | 745,442 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Rivertown Crossings
|
Grandville, MI | 123,966,076 | 10,972,923 | 97,141,738 | 32,560,125 | 13,280,645 | 7,226,462 | 146,728,970 | 153,955,431 | 29,643,506 | 1998-1999 | (e | ) | |||||||||||||||||||||||||||||||||||||
Riverwalk Marketplace
|
New Orleans, LA | 42,896,180 | | 94,512,710 | 800,535 | | | 95,313,245 | 95,313,245 | 5,083,485 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Rogue Valley Mall
|
Medford, OR | 27,508,542 | 5,728,225 | 51,564,598 | 3,718,569 | 10,129 | 21,913,520 | 39,108,001 | 61,021,521 | 2,908,831 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Saint Louis Galleria
|
St. Louis, MO | 250,535,285 | 36,773,639 | 184,645,237 | 11,298,066 | 30,390 | 36,773,639 | 195,973,693 | 232,747,332 | 13,290,255 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Salem Center
|
Salem, OR | 27,225,164 | 11,885,000 | 33,253,000 | 2,013,173 | | 6,966,434 | 40,184,739 | 47,151,173 | 3,767,126 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Shops at La Cantera
|
San Antonio, TX | 179,605,926 | 11,152,323 | 205,835,831 | 32,124,000 | 461,225 | 11,152,323 | 238,421,057 | 249,573,380 | 2,095,429 | 2005 | (e | ) | |||||||||||||||||||||||||||||||||||||
Sikes Senter
|
Wichita Falls, TX | 64,571,968 | 12,758,642 | 50,566,596 | 1,951,864 | | 12,758,642 | 52,518,460 | 65,277,102 | 4,789,268 | 2003 | (e | ) | |||||||||||||||||||||||||||||||||||||
Silver Lake Mall
|
Coeur dAlene, ID | | 7,704,000 | 21,472,000 | 809,046 | | 4,447,556 | 25,537,490 | 29,985,046 | 2,330,050 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Sooner Mall
|
Norman, OK | 59,205,800 | 2,700,000 | 24,300,000 | 18,018,192 | | 2,580,578 | 42,437,614 | 45,018,192 | 10,612,860 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||||
South Street Seaport
|
New York, NY | 54,850,000 | | 10,871,602 | 1,286,789 | | | 12,158,391 | 12,158,391 | 3,731,372 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Southlake Mall
|
Morrow, GA | 105,996,100 | 6,700,000 | 60,406,902 | 13,074,709 | 192,535 | 6,700,000 | 73,674,146 | 80,374,146 | 17,220,115 | 1997 | (e | ) | |||||||||||||||||||||||||||||||||||||
Southland Center
|
Taylor, MI | 114,799,344 | 7,690,000 | 99,375,730 | 1,407,166 | | 7,690,000 | 100,782,895 | 108,472,895 | 6,080,286 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Southland Mall
|
Hayward, CA | 87,227,876 | 8,904,277 | 80,142,961 | 7,804,986 | | 14,120,774 | 82,731,450 | 96,852,224 | 7,230,262 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Southshore Mall
|
Aberdeen, WA | | 650,000 | 15,350,000 | 5,606,694 | | 650,000 | 20,956,694 | 21,606,694 | 10,993,637 | 1986 | (e | ) | |||||||||||||||||||||||||||||||||||||
Southwest Plaza
|
Littleton, CO | 77,674,866 | 9,000,000 | 103,983,673 | 28,463,084 | 973,804 | 9,000,000 | 133,420,561 | 142,420,561 | 26,366,210 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Spokane Valley Mall
|
Spokane, WA | 40,231,327 | 19,297,000 | 54,970,000 | 3,855,101 | | 11,455,446 | 66,666,655 | 78,122,101 | 6,202,512 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Spokane Valley Plaza
|
Spokane, WA | | 3,558,000 | 10,150,000 | 2,653 | | 3,557,601 | 10,153,052 | 13,710,653 | 880,709 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Spring Hill Mall
|
West Dundee, IL | 83,061,497 | 12,400,000 | 111,643,525 | 17,854,728 | 107,027 | 12,400,000 | 129,605,280 | 142,005,280 | 24,475,172 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Staten Island Mall
|
Staten Island, NY | 173,482,164 | 222,710,000 | 318,042,341 | 22,763,949 | | 222,710,000 | 340,806,289 | 563,516,289 | 14,655,196 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Stonestown
|
San Francisco, CA | 220,000,000 | 67,000,000 | 246,272,110 | 6,968,044 | | 67,000,000 | 253,240,154 | 320,240,154 | 9,465,697 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Streets at Southpoint
|
Durham, NC | 252,819,709 | 16,070,268 | 406,265,828 | 22,430,362 | | 15,940,000 | 428,826,458 | 444,766,458 | 13,724,336 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Three Rivers Mall
|
Kelso, WA | 22,681,993 | 7,068,000 | 19,917,000 | 1,982,549 | | 4,312,238 | 24,655,311 | 28,967,549 | 2,271,817 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Town East Mall
|
Mesquite, TX | 113,292,401 | 9,528,518 | 141,627,727 | 20,457,971 | 147,675 | 7,710,985 | 164,050,907 | 171,761,891 | 18,752,406 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Tucson Mall
|
Tucson, AZ | 125,329,659 | | 181,424,484 | 21,422,131 | 405,608 | | 203,252,222 | 203,252,222 | 21,757,512 | 2001 | (e | ) | |||||||||||||||||||||||||||||||||||||
Twin Falls Crossing
|
Twin Falls, ID | | 275,000 | 767,000 | 373 | | 275,499 | 766,874 | 1,042,373 | 66,708 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
University Crossing
|
Orem, UT | 12,114,394 | 3,420,000 | 9,526,000 | 557,580 | | 3,419,812 | 10,083,768 | 13,503,580 | 874,160 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Valley Hills Mall
|
Hickory, NC | 60,372,674 | 3,443,594 | 31,025,471 | 41,591,496 | 1,699,275 | 5,656,275 | 72,103,562 | 77,759,836 | 15,519,428 | 1997 | (e | ) | |||||||||||||||||||||||||||||||||||||
Valley Plaza Mall
|
Bakersfield, CA | 102,402,961 | 12,685,151 | 114,166,356 | 16,691,647 | 234,101 | 12,685,151 | 131,092,105 | 143,777,256 | 23,729,222 | 1998 | (e | ) | |||||||||||||||||||||||||||||||||||||
Village of Cross Keys
|
Baltimore, MD | 860,998 | 18,070,000 | 57,284,799 | 1,594,290 | | 18,070,000 | 58,879,089 | 76,949,089 | 3,204,181 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Visalia Mall
|
Visalia, CA | 46,090,053 | 16,466,000 | 47,699,000 | 9,858,504 | | 11,052,128 | 62,971,376 | 74,023,504 | 5,798,715 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Ward Centers
|
Honolulu, HI | 153,991,076 | 164,006,531 | 89,320,759 | 21,313,186 | 155,398 | 165,590,722 | 109,205,151 | 274,795,874 | 13,355,656 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
West Valley Mall
|
Tracy, CA | 62,821,841 | 9,295,045 | 47,789,310 | 27,677,980 | 8,072,671 | 10,885,507 | 81,949,498 | 92,835,006 | 24,037,456 | 1995 | (e | ) | |||||||||||||||||||||||||||||||||||||
Westlake Center
|
Seattle, WA | 76,492,021 | | 117,002,720 | 314,580 | | | 117,317,301 | 117,317,301 | 7,740,948 | 2004 | (e | ) *** |
F-58
GENERAL GROWTH PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | Col. F | Col. G | Col. H | Col. I | ||||||||||||||||||||||||||||||||||||||||||
Costs Capitalized | ||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts at Which | ||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Net Land, | Carried at Close of Period | Life Upon Which | |||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Latest Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and | Equipment | Carrying | Buildings and | Accumulated | Date of | Date | Statement is | |||||||||||||||||||||||||||||||||||||||||||
Name of Center | Location | Encumbrances(a) | Land | Equipment(b) | Improvements | Costs(c) | Land | Equipment | Total(d) | Depreciation(e) | Construction | Acquired | Computed | |||||||||||||||||||||||||||||||||||||
Westwood Mall
|
Jackson, MI | 37,110,400 | 2,658,208 | 23,923,869 | 6,704,728 | 546 | 3,571,208 | 29,716,144 | 33,287,352 | 7,759,777 | 1996 | (e | ) | |||||||||||||||||||||||||||||||||||||
White Marsh Mall
|
Baltimore, MD | 76,255,823 | 24,760,000 | 239,687,702 | 4,806,094 | | 24,760,000 | 244,493,796 | 269,253,796 | 10,203,429 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
White Mountain Mall
|
Rock Springs, WY | | 2,335,000 | 6,520,000 | 5,900,360 | 4,495 | 1,362,805 | 13,397,050 | 14,759,855 | 1,377,249 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Willowbrook
|
Wayne, NJ | 181,285,437 | 56,819 | 444,762,007 | 34,274,307 | | 28,809,987 | 450,283,146 | 479,093,133 | 16,792,134 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Woodbridge Center
|
Woodbridge, NJ | 221,336,704 | 27,032 | 420,703,497 | 52,309,222 | | 50,737,355 | 422,302,396 | 473,039,751 | 16,852,804 | 2004 | (e | ) | |||||||||||||||||||||||||||||||||||||
Woodlands Village
|
Flagstaff, AZ | 7,660,126 | 2,689,000 | 7,484,000 | 24,123 | | 2,688,652 | 7,508,472 | 10,197,123 | 651,726 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Yellowstone Square
|
Idaho Falls, ID | | 1,057,000 | 2,943,000 | 52,705 | | 1,057,200 | 2,995,505 | 4,052,705 | 259,188 | 2002 | (e | ) | |||||||||||||||||||||||||||||||||||||
Other, including corporate and developments in progress | 7,337,204,380 | 265,082,941 | 490,726,930 | 96,045,413 | 4,331,915 | 232,032,167 | 624,155,031 | 856,187,199 | 86,327,802 | |||||||||||||||||||||||||||||||||||||||||
Total Retail and Other
|
20,287,467,642 | 2,949,809,129 | 16,664,084,984 | 2,177,640,418 | 140,929,804 | 2,974,863,931 | 18,957,600,404 | 21,932,464,335 | 2,104,955,640 | |||||||||||||||||||||||||||||||||||||||||
Master Planned Communities (h)
|
Summerlin, NV | 60,533,143 | 990,179,000 | | (33,568,499 | ) | | 956,601,854 | 8,647 | 956,610,501 | | 2004 | N/A | |||||||||||||||||||||||||||||||||||||
Summerlin
|
Houston, TX | 48,519,429 | 257,222,000 | | 46,842,220 | | 304,064,220 | | 304,064,220 | | 2004 | N/A | ||||||||||||||||||||||||||||||||||||||
The Bridgelands
|
Howard County, | | 315,944,000 | | (57,657,810 | ) | | 258,286,190 | | 258,286,190 | | 2004 | N/A | |||||||||||||||||||||||||||||||||||||
Columbia and Emerson
|
MD Prince Georges | | 136,434,000 | | (21,474,430 | ) | | 114,959,570 | | 114,959,570 | | 2004 | N/A | |||||||||||||||||||||||||||||||||||||
Fairwood
|
County, MD | 22,354,640 | | | 17,151,242 | | 17,151,242 | | 17,151,242 | | 2004 | N/A | ||||||||||||||||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Total Master Planned Communities
|
131,407,211 $ |
20,418,874,853 | 1,699,779,000 $ |
4,649,588,129 | $ |
16,664,084,984 | (48,707,277 | ) $2,128,933,141 |
$ |
140,929,804 | 1,651,063,076 $ |
4,625,927,007 | 8,647 $ |
18,957,609,051 | 1,651,071,723 $ |
23,583,536,058 | $ |
2,104,955,640 | ||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||||||||||||||||
F-59
(a) | See description of mortgage notes and other debt payable in Note 6 of Notes to Consolidated Financial Statements. | |
(b) | Initial cost for constructed malls is cost at end of first complete calendar year subsequent to opening. | |
(c) | Carrying costs consist of capitalized construction-period interest and taxes. | |
(d) | The aggregate cost of land, buildings and equipment for federal income tax purposes is approximately $15,704,085. |
2005 | 2004 | 2003 | ||||||||||
Balance at beginning of year
|
$ | 23,308,792 | $ | 9,677,348 | $ | 6,957,996 | ||||||
Acquisitions
|
| 11,235,608 | 2,474,222 | |||||||||
Change in Investment land and land held for development and sale
|
5,363 | 1,645,700 | | |||||||||
Additions
|
496,362 | 804,556 | 257,372 | |||||||||
Hurricane property damage provisions(f)
|
(53,022 | ) | | | ||||||||
Dispositions
|
(173,959 | ) | (54,420 | ) | (12,242 | ) | ||||||
Balance at end of year
|
$ | 23,583,536 | $ | 23,308,792 | $ | 9,677,348 | ||||||
2005 | 2004 | 2003 | ||||||||||
Balance at beginning of year
|
$ | 1,453,488 | $ | 1,101,235 | $ | 798,431 | ||||||
Depreciation expense
|
652,109 | 354,560 | 205,780 | |||||||||
Other(g)
|
(641 | ) | (2,307 | ) | 97,024 | |||||||
Balance at end of year
|
$ | 2,104,956 | $ | 1,453,488 | $ | 1,101,235 | ||||||
(e) | Depreciation is computed based upon the following estimated lives: |
Years | ||||
Buildings, improvements and carrying costs
|
40-45 | |||
Equipment, tenant improvements and fixtures
|
5-10 |
(f) | Carrying costs reduced for hurricane property damage (Note 14) | |
(g) | Primarily dispositions in 2005 and 2004 and purchase of interest in GGP Ivanhoe III in 2003. | |
(h) | Decrease in Costs Capitalized Subsequent to Acquisition is primarily attributable to land sales in these Master Planned Communities. |
F-60
3 | .1 | Restated Certificate of Incorporation of General Growth Properties, Inc. filed with the Delaware Secretary of State on February 10, 2006 (filed herewith). | ||
3 | .2 | Bylaws of General Growth Properties, Inc., as amended (filed herewith). | ||
4 | .1 | Form of Common Stock Certificate (filed herewith). | ||
4 | .2 | Rights Agreement dated July 27, 1993, between General Growth Properties, Inc. and certain other parties named therein (filed herewith). | ||
4 | .3 | Amendment to Rights Agreement dated as of February 1, 2000, between General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 10.11 to the Annual Report on Form 10-K for the year ended December 31, 2003, incorporated herein by reference). | ||
4 | .4 | Redemption Rights Agreement dated July 13, 1995, by and among GGP Limited Partnership (the Operating Partnership), General Growth Properties, Inc. and the persons listed on the signature pages thereof (filed herewith). | ||
4 | .5 | Redemption Rights Agreement dated December 6, 1996, among the Operating Partnership, Forbes/ Cohen Properties, Lakeview Square Associates, and Jackson Properties (filed herewith). | ||
4 | .6 | Redemption Rights Agreement dated June 19, 1997, among the Operating Partnership, General Growth Properties, Inc., and CA Southlake Investors, Ltd. (filed herewith). | ||
4 | .7 | Redemption Rights Agreement dated October 23, 1997, among General Growth Properties, Inc., the Operating Partnership and Peter Leibowits (filed herewith). | ||
4 | .8 | Redemption Rights Agreement dated April 2, 1998, among the Operating Partnership, General Growth Properties, Inc. and Southwest Properties Venture (filed herewith). | ||
4 | .9 | Redemption Rights Agreement dated July 21, 1998, among the Operating Partnership, General Growth Properties, Inc., Nashland Associates, and HRE Altamonte, Inc. (filed herewith). | ||
4 | .10 | Redemption Rights Agreement dated October 21, 1998, among the Operating Partnership, General Growth Properties, Inc. and the persons on the signature pages thereof (filed herewith). | ||
4 | .11 | Redemption Rights Agreement (PDC Common Units) dated July 10, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 10.6 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
4 | .12 | Redemption Rights Agreement (PDC Series B Preferred Units) dated July 10, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and the persons listed on the signature pages thereof (previously filed as Exhibit 10.7 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
4 | .13 | Redemption Rights Agreement (Series C Preferred Units) dated November 27, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously filed as Exhibit 10(LLL) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
4 | .14 | Redemption Rights Agreement (PDC Common Units) dated November 27, 2002, by and among the Operating Partnership, General Growth Properties, Inc. and JSG, LLC (previously filed as Exhibit 10(MMM) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
4 | .15 | Redemption Rights Agreement dated December 11, 2003, by and among the Operating Partnership, General Growth Properties, Inc. and Everitt Enterprises, Inc. (previously filed as Exhibit 10.44 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). | ||
4 | .16 | Form of Registration Rights Agreement dated April 15, 1993, between General Growth Properties, Inc., Martin Bucksbaum, Matthew Bucksbaum and the other parties named therein (filed herewith). | ||
4 | .17 | Amendment to Registration Rights Agreement dated February 1, 2000, among General Growth Properties, Inc. and certain other parties named therein (previously filed as Exhibit 10.16 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). |
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4 | .18 | Registration Rights Agreement dated April 17, 2002, between General Growth Properties, Inc. and GSEP 2002 Realty Corp. (previously filed as Exhibit 10.3 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference). | ||
4 | .19 | Rights Agreement dated November 18, 1998, between General Growth Properties, Inc. and Norwest Bank Minnesota, N.A., as Rights Agent (including the Form of Certificate of Designation of Series A Junior Participating Preferred Stock attached thereto as Exhibit A, the Form of Right Certificate attached thereto as Exhibit B and the Summary of Rights to Purchase Preferred Shares attached thereto as Exhibit C) (filed herewith). | ||
4 | .20 | First Amendment to Rights Agreement dated as of November 10, 1999, between General Growth Properties, Inc. and Norwest Bank Minnesota, N.A. (filed herewith). | ||
4 | .21 | Second Amendment to Rights Agreement dated as of December 31, 2001, between General Growth Properties, Inc. and Mellon Investor Services, LLC, successor to Norwest Bank Minnesota, N.A. (previously filed as Exhibit 4.13 to the Registration Statement on Form S-3 (No. 333-82134) dated February 4, 2002 which was filed with the SEC on February 5, 2002, incorporated herein by reference). | ||
4 | .22 | Letter Agreement concerning Rights Agreement dated November 10, 1999, between the Operating Partnership and NYSCRF (filed herewith). | ||
4 | .23 | The Rouse Company and The First National Bank of Chicago (Trustee) Indenture dated as of February 24, 1995 (previously filed as Exhibit 4.23 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference). | ||
4 | .24 | Second Amended and Restated Credit Agreement dated as of February 24, 2006 among General Growth Properties, Inc., Operating Partnership and GGPLP L.L.C., as Borrowers; the several lenders from time to time parties thereto; Banc of America Securities LLC, Eurohypo AG, New York Branch (Eurohypo) and Wachovia Capital Markets, LLC, as Arrangers; Eurohypo, as Administrative Agent; Bank of America, N.A., and Wachovia Bank, National Association, as Syndication Agents; and Lehman Commercial Paper, Inc., as Documentation Agent (previously filed as Exhibit 4.1 to the Current Report on Form 8-K dated February 24, 2006 which was filed with the SEC on March 2, 2006, incorporated herein by reference). | ||
10 | .1 | Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated April 1, 1998 (the LP Agreement) (filed herewith). | ||
10 | .2 | First Amendment to the LP Agreement dated as of June 10, 1998 (previously filed as Exhibit 10(B) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .3 | Second Amendment to the LP Agreement dated as of June 29, 1998 (previously filed as Exhibit 10(C) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .4 | Third Amendment to the LP Agreement dated as of February 15, 2002 (previously filed as Exhibit 10.3 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
10 | .5 | Amendment to the LP Agreement dated as of April 24, 2002 (previously filed as Exhibit 10.4 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
10 | .6 | Fourth Amendment to the LP Agreement dated as of July 10, 2002 (previously filed as Exhibit 10.5 to the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002, incorporated herein by reference). | ||
10 | .7 | Amendment to the LP Agreement dated as of November 27, 2002 (previously filed as Exhibit 10(G) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .8 | Sixth Amendment to the LP Agreement and Exhibit A to the Amendment dated as of November 20, 2003 (previously filed as Exhibit 10.8 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). |
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10 | .9 | Amendment to the LP Agreement and Exhibit A to the Amendment dated as of December 11, 2003 (previously filed as an Exhibit 10.9 to the Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004, incorporated herein by reference). | ||
10 | .10 | Amendment to the LP Agreement dated November 12, 2004 (previously filed as Exhibit 10.3 to the Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004, incorporated herein by reference). | ||
10 | .11 | Second Amended and Restated Operating Agreement of GGPLP L.L.C. dated April 17, 2002 (the LLC Agreement) (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference). | ||
10 | .12 | First Amendment to the LLC Agreement dated April 23, 2002 (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002 which was filed with the SEC on May 13, 2002, incorporated herein by reference). | ||
10 | .13 | Second Amendment to the LLC Agreement dated May 13, 2002 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2002 which was filed with the SEC on August 13, 2002, incorporated herein by reference). | ||
10 | .14 | Third Amendment to the LLC Agreement dated October 30, 2002 (previously filed as Exhibit 10(Y) to the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003, incorporated herein by reference). | ||
10 | .15 | Fourth Amendment to the LLC Agreement dated April 7, 2003 (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 which was filed with the SEC on May 9, 2003, incorporated herein by reference). | ||
10 | .16 | Fifth Amendment to the LLC Agreement dated April 11, 2003 (previously filed as Exhibit 10.2 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2003 which was filed with the SEC on May 9, 2003, incorporated herein by reference). | ||
10 | .17 | Sixth Amendment to the LLC Agreement dated November 12, 2004 (previously filed as Exhibit 10.2 to the Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004, incorporated herein by reference). | ||
10 | .18 | Stockholders Agreement dated December 20, 1995, among GGP/ Homart, Inc., Operating Partnership, The Comptroller of the State of New York, As Trustee of the Common Retirement Fund (NYSCRF), Equitable Life Insurance Company of Iowa, USG Annuity & Life Company, Trustees of the University of Pennsylvania and General Growth Properties (filed herewith). | ||
10 | .19 | First Amendment to Stockholders Agreement dated September 10, 1996 (filed herewith). | ||
10 | .20 | Operating Agreement dated November 10, 1999, between the Operating Partnership, NYSCRF, and GGP/Homart II L.L.C. (filed herewith). | ||
10 | .21 | Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated November 22, 2002 (filed herewith). | ||
10 | .22 | Letter Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003 (filed herewith). | ||
10 | .23 | Second Amendment to the Operating Agreement of GGP/Homart II L.L.C. dated January 31, 2003 (filed herewith). | ||
10 | .24 | Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated August 26, 2002, between the Operating Partnership, Teachers Retirement System of the State of Illinois and GGP-TRS L.L.C. (filed herewith). | ||
10 | .25 | First Amendment to Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated December 19, 2002 (filed herewith). | ||
10 | .26 | Second Amendment to Amended and Restated Operating Agreement of GGP-TRS L.L.C. dated November 1, 2005 (filed herewith). | ||
10 | .27* | General Growth Properties, Inc. 1998 Incentive Stock Plan, as amended (previously filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 which was filed with the SEC on August 8, 2005, incorporated herein by reference). |
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10 | .28* | Form of Option Agreement pursuant to 1998 Incentive Stock Plan (previously filed as Exhibit 10.47 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference). | ||
10 | .29* | General Growth Properties, Inc. 2003 Incentive Stock Plan (previously filed as Exhibit 4.1 to the Registration Statement (333-105882) on Form S-8 dated June 5, 2003 which was filed with the SEC on June 6, 2003, incorporated herein by reference). | ||
10 | .30* | Form of Option Agreement pursuant to 2003 Incentive Stock Plan (previously filed as Exhibit 10.48 to the Annual Report on Form 10-K for the year ended December 31, 2004 which was filed with the SEC on March 22, 2005, incorporated herein by reference). | ||
10 | .31* | Form of Restricted Stock Agreement pursuant to 2003 Incentive Stock Plan (filed herewith). | ||
10 | .32* | Summary of Non-Employee Director Compensation Program (previously filed as Exhibit 10.1 to the Current Report on Form 8-K dated July 26, 2005 which was filed with the SEC on July 28, 2005, incorporated herein by reference). | ||
10 | .33 | Form of Contingent Stock Agreement, effective January 1, 1996, by The Rouse Company and in favor of and for the benefit of the Holders and the Representatives (as defined therein) (previously filed as Exhibit 99.1 to the Registration Statement on Form S-3/A (No. 333-120373) which was filed with the SEC on December 23, 2004, incorporated herein by reference). | ||
10 | .34 | Assumption Agreement dated October 19, 2004 by General Growth Properties, Inc. and The Rouse Company in favor of and for the benefit of the Holders and the Representatives (as defined therein) (previously filed as Exhibit 99.2 to the Registration Statement on Form S-3/A (No. 333-120373) which was filed with the SEC on December 23, 2004, incorporated herein by reference). | ||
10 | .35 | Agreement and Plan of Merger by and Among The Rouse Company, General Growth Properties, Inc. and Red Acquisition, LLC dated as of August 19, 2004 (previously filed as Exhibit 2.1 to our Current Report on Form 8-K/A dated August 20, 2004 which was filed with the SEC on August 24, 2004, incorporated herein by reference). | ||
21 | List of Subsidiaries (filed herewith). | |||
23 | .1 | Consent of Deloitte & Touche LLP (filed herewith). | ||
23 | .2 | Consent of KPMG LLP (filed herewith). | ||
31 | .1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
31 | .2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
32 | .1 | Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
32 | .2 | Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
(*) | A compensatory plan or arrangement required to be filed. |
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